Q2 2024 IAC and Angi Inc Joint Earnings Call Transcript
Key Points
- IAC Inc (IAC) reported strong digital revenue growth for Dotdash Meredith (DDM), with expectations to grow 15% or better in Q3.
- Programmatic ad rates for DDM were up 36% in the quarter, significantly outperforming the market.
- The company has seen improved marketing efficiency and higher quality revenue streams at Angi, leading to better profitability.
- IAC Inc (IAC) has active discussions for additional AI licensing deals, indicating potential for future revenue growth.
- The company is focused on smart capital allocation and exploring M&A opportunities to enhance shareholder value.
- Angi's revenue is expected to decline by about 15% in Q3, reflecting ongoing challenges in the business.
- SEO performance at Angi has been on a downward path, requiring significant efforts to stabilize and improve.
- The macroeconomic environment remains uncertain, which could impact various segments of IAC Inc (IAC)'s business.
- Despite improvements, Angi is still in the early stages of enhancing customer experience and job matching.
- The company faces challenges in executing share repurchases due to ongoing M&A discussions and other strategic considerations.
Good day and welcome to the IAC and Angi second quarter 2024 earnings conference. (Operator Instructions) Please note this event is being recorded.
I would now like to hand the call to Christopher Halpin, Chief Financial Officer and COO of AIC. Please go ahead.
Thank you. Good morning, everyone, Christopher Halpin here and welcome to the IAC and Angi Inc. second 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 is 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 we'll then open it up to Q&A.
Before we get to that, I'd like to remind you that during this
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