IAC Inc. (NASDAQ:IAC) Q1 2024 Earnings Call Transcript May 8, 2024

IAC Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day. And welcome to the IAC, Angi First Quarter 2024 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please also note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, CFO and COO of IAC. Please go ahead.

Christopher Halpin: Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC and Angi Inc., first quarter earnings call. Joining me today is Joey Levin CEO of IAC, and Chairman of Angi Inc. and Jeff Kipp , CEO of Angi Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter, which is currently available on the Investor Relations section of IAC's website. We will not be reading the shareholder letter on this call. I'll shortly turn the call over to Joey to make a few brief introductory remarks, and we'll then open it up to Q&A. Before we get to that, I'd like to remind you that during this presentation we may discuss our outlook and future performance.

These forward-looking statements typically may be preceded by words such as, we expect, we believe, we anticipate or similar statements. These forward-looking views are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in IAC's and Angi Inc.'s first quarter earnings releases and our respective filings with the SEC. We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to as EBITDA for simplicity during the call. I'll also refer you to our earnings release, the IAC shareholder letter, our public filings with the SEC and again to the Investor Relations section of our respective websites for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

Now, I'll turn it over to Joey.

Joey Levin: Thank you. Good morning, everybody. Thank you for spending some time with us this morning. I won't repeat the numbers you've seen posted. I think we had a great quarter with real progress on growing profit and free cash flow and that puts us in a solid position for deploying capital from here. Biggest news in the quarter was we were starting to participate now in the new AI ecosystem in a tangible financial way. We announced a deal yesterday with OpenAI where we'll be compensated for enhancing the ChatGPT experience. We'll start to hopefully get some incremental users to our properties from ChatGPT and we are going to collaborate on D/Cipher which is a product inside of Dotdash Meredith that we think is the future of advertising on the open web and where we've been growing nicely and we think generally taking share on the open web.