Q1 2024 Angi Inc and IAC Inc Joint Earnings Call Transcript
Key Points
- Angi Inc. (ANGI) demonstrated strong profitability in Q1 despite declining revenues, indicating effective cost management and removal of low-value revenues.
- The company has a solid partnership with OpenAI, which includes displaying DDM content in ChatGPT responses and collaborating on D/Cipher for intent-based advertising solutions.
- Angi Inc. (ANGI) is seeing opportunities for cost reductions and margin improvements, maintaining confidence in their adjusted EBITDA forecast.
- The return of Jeffrey W. Kip as CEO is seen positively due to his deep understanding and historical involvement with Angi Inc. (ANGI), expected to drive focused improvements.
- Angi Inc. (ANGI) is making strategic investments in areas like content and performance marketing to position Dotdash Meredith for long-term growth.
- Angi Inc. (ANGI) is experiencing revenue declines, with similar percentage declines expected in the upcoming quarter.
- The company is facing challenges in performance marketing, particularly in services like financial products which saw a significant decline.
- Traffic from Facebook to Dotdash Meredith properties has significantly decreased, impacting overall session growth.
- Angi Inc. (ANGI) had to shutter an unprofitable acquisition, CraftJack, indicating past investment inefficiencies.
- Despite strong EBITDA, there is a need for ongoing investment to improve both the consumer and professional experience at Angi Inc. (ANGI).
Good day and welcome to the IAC, Angi First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please 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.
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 Kip, 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 will shortly turn the call over to Joey to make a few brief introductory remarks and then we will open it up for 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.
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