People Incorporated

Good day and welcome to the People Incorporated second quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After introductory remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Christopher Halpin, Executive Vice President, Chief Operating Officer, and Chief Financial Officer of People Incorporated. Please go ahead. Thank you.

Good morning, everyone. Christopher Halpin here, and welcome to the People Incorporated second quarter earnings call. Joining me today are Barry Diller, chairman and senior executive of People Incorporated, Neil Vogel, and Tim Quinn. After close of business today, we will complete our leadership transition, making this my last call with you all. Then I will pass the torch in this new chapter to Neil, who will be CEO of People Incorporated, and Tim, who will be CFO of People Incorporated. People Incorporated has published a presentation on the investor relations section of our website today entitled Q2 Earnings Presentation. On this call, Barry, Neil, Tim, and I will provide some introductory remarks referencing that presentation and then opening it up to Q&A. Before we get to that, I'd like to remind you that during this presentation, we may make certain statements that are considered forward-looking under the federal securities laws. These forward-looking statements may include statements related to our outlook, Strategy and Future Performance, and are based on current expectations and on information currently available to us. Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent annual report on Form 10-K and in the subsequent reports we filed with the SEC. The information provided on this conference call should be considered in light of such risks. We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to today as EBITDA for simplicity during the call. I'll also refer you to our earnings release, investor presentations, our public filings with the SEC, and again, to the investor relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures. And now I will hand it over to Barry.

Thanks, Chris. You know, about six months ago, somewhere around then, we began to chart a new course for the company. We decided that just being in the general acquisition business was not going to produce results as it had for the past couple of decades. We just didn't think there were opportunities. But what we did have were two assets, People Inc. and our investment in MGM. We then determined to slim down our corporate operations and sell non-core assets and we've mostly completed that. and today before you is the management of People Incorporated or People Inc. or probably eventually we'll just refer to it as People. I really do want to thank Chris Halpin and Kendall Handler, our outgoing senior executives, and I'd like you all to give an official gentle welcome to Neil Vogel and Tim Quinn. who are gonna be conducting these calls today and in the future. About MGM and our proposal to buy out many of the public shareholders holders, I got no news. We and our representatives and the special committee and their representatives, we've been and we continue to be in discussions. Whether it works or not is speculative. But what isn't speculative is our very long-term belief in the management and in the business of MGM. And we're going to increase our ownership in MGM either in one swoop or slowly. And either is really just fine with us. So I can't comment any more about it. I mean, unless there's some specific question I could comment on, which I doubt. And I can't tell you the timing of all this, but I would say certainly within the next 60 days, I would say probably at the I really think in the next 60 days we'll come to a resolution. So with that, let's proceed with the call. Chris, are you next with this?