Angi Inc (ANGI) 2024 Q2 法說會逐字稿

Good day and welcome to the IAC and Angi second quarter 2024 earnings conference. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 IAC 和 Angi 2024 年第二季財報會議。（操作員說明）請注意此事件正在被記錄。

I would now like to hand the call to Christopher Halpin, Chief Financial Officer and COO of AIC. Please go ahead.

現在我想將電話轉給 AIC 財務長兼營運長 Christopher Halpin。請繼續。

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.

謝謝。大家早安，Christopher Halpin 歡迎參加 IAC 和 Angi Inc. 第二季財報電話會議。今天和我一起的還有 IAC 執行長兼 Angi Inc. 董事長 Joey Levin 和 Angi Inc. 執行長 Jeff Kip。

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.

與我們季度收益發布的上季補充類似。IAC 也發布了季度股東信函，目前可在 IAC 網站的投資者關係部分查看。我們不會在這次電話會議上閱讀股東信。我很快就會把電話轉給喬伊，做一些簡短的介紹發言，然後我們將進行問答。

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.

在我們開始之前，我想提醒您，在這次演講中，我們可能會討論我們的前景和未來的表現。這些前瞻性陳述之前通常可能會出現「我們期望」、「我們相信」、「我們預期」或類似陳述等字眼。

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 IACs and Angi Inc's second quarter earnings releases and our respective filings with the SEC.

這些前瞻性觀點存在風險和不確定性，我們的實際結果可能與今天表達的觀點有重大差異。其中一些風險已在 IAC 和 Angi Inc 的第二季財報以及我們各自向 SEC 提交的文件中闡述。

We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA or EBITDA, which we'll refer to today as EBITDA for simplicity during the call. I'll also refer you to our earnings releases, 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.

我們還將討論某些非 GAAP 指標，提醒一下，其中包括調整後 EBITDA 或 EBITDA，為了簡單起見，我們今天在電話會議中將其稱為 EBITDA。我也會向您推薦我們的收益發布、IAC 股東信函、我們向SEC 提交的公開文件，並再次推薦您訪問我們各自網站的投資者關係部分，以了解所有可比較的GAAP 衡量標準以及所有重大非GAAP衡量標準的全面對帳。

And with that, I will now turn it over to Joe.

現在，我將把它交給喬。

Thank you all for joining us this morning. A special thank you again, as always, to the incredibly brilliant and resilient, IAC team any of you who are on this call today we are incredibly grateful for the work that everyone has been doing here. This is a team of fighters, grinders, builders and that's what we saw come through, not just really this quarter but for the last 18 months is the team that figures out how to make things work and deliver for our customers.

感謝大家今天早上加入我們。一如既往，再次特別感謝 IAC 團隊的出色表現和韌性，今天參加這次電話會議的所有人都非常感謝大家在這裡所做的工作。這是一支由鬥士、磨練者、建設者組成的團隊，這就是我們所看到的，不僅是在本季度，而且在過去18 個月裡，這支團隊致力於找出如何讓事情發揮作用並為我們的客戶提供服務。

At DDM, we've been incredibly focused on delivering for viewers to give them a compelling customer experience and converting for advertisers and we have not been distracted from those focuses and now that's really working and helping to gain share and we really have the same story at Angi, the focus on job done well there to make pros and homeowners happy has been the focus.

在 DDM，我們非常專注於為觀眾提供引人入勝的客戶體驗並為廣告商進行轉化，我們並沒有從這些焦點上分心，現在這確實有效並有助於獲得份額，我們確實有同樣的故事在Angi ，重點是做好工作，讓專業人士和房主滿意。

And a overtime that's going to show through in a business that can grow and win share its category and same true for businesses that we are minority owners of Bill Hornbuckle at MGM and Andre Haddad at Turo are totally customer obsessed, and we're incredibly grateful to be associated with those businesses right now.

加班將在一個可以成長並贏得分享其類別的企業中體現出來，對於我們作為米高梅的比爾·霍恩巴克和圖羅的安德烈·哈達德的少數股東的企業來說也是如此，他們完全以客戶為中心，我們非常感激現在就與這些企業建立聯繫。

I see ahead, I think, a great quarter this past quarter and we're feeling some good momentum looking forward. And so we'd love to talk about that with all of you and let's get your questions.

我認為，上個季度是一個很棒的季度，我們感覺未來有一些良好的勢頭。因此，我們很樂意與大家討論這個問題，並回答你們的問題。

Operator, first question, please.

接線員，第一個問題。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Hey, guys. Just maybe starting with Dotdash Meredith, so the letter says you could grow 15% or better in 3Q. That looks great relative to what we've heard broadly from the digital advertising landscape thus far in earnings season. So what are you seeing right now in terms of macro trends that are allowing you to accelerate while others are kind of fading here?

嘿，夥計們。也許從 Dotdash Meredith 開始，所以信中說你可以在第三季成長 15% 或更好。與我們在財報季迄今為止從數位廣告領域廣泛聽到的情況相比，這看起來很棒。那麼，您現在在宏觀趨勢方面看到了什麼，這些趨勢使您能夠加速發展，而其他趨勢卻在逐漸減弱？

And then the DDM licensing line picked up a little bit quarter on quarter and year on year. So how much of a contributor to that was recent AI licensing deals? And how should we think about that going forward? Thanks a lot.

然後，DDM 許可線逐季度和逐年略有上升。那麼最近的人工智慧授權交易對此做出了多大貢獻？我們該如何思考未來的發展？多謝。

Thanks, Ross. I'll take the first one and Chris can take the second one. Obviously, digital revenue is traffic and monetization, and let's do those one at a time. Traffic side has been going very well for DDM. And that's a lot of things obviously, it starts with investing in content and investing in the best content, but it's also figuring out distribution.

謝謝，羅斯。我會選擇第一個，克里斯可以選擇第二個。顯然，數位收入就是流量和貨幣化，讓我們一次只做這兩個。DDM 的流量方面一直進展順利。顯然，這涉及很多事情，首先是投資內容並投資最好的內容，但它也在弄清楚分發。

I think DDM has done a really great job in holding core within the Google and search ecosystem, notwithstanding a lot of things that are happening and changing that system, but also diversifying from their e-mail has been great, social media we've now lapped the sort of Facebook turning off publishers event and we now see growth in social media our opportunities for growth and social media going forward.

我認為 DDM 在保持 Google 和搜尋生態系統的核心方面做得非常出色，儘管正在發生很多事情並改變了該系統，但他們的電子郵件多元化也很棒，我們現在已經有了社交媒體經歷了Facebook關閉出版商的事件，我們現在看到社群媒體的成長，我們的成長機會和社群媒體的未來發展。

Big platforms, Apple News, Google has a similar concept called Google Discover, video all these things are areas where we have started to or see real upside in continuing to grow traffic. And so that's been a help in the business and that's where what led to the acceleration in the second quarter and what we think is continued acceleration and what we're seeing as we sit here in August.

大平台、Apple News、Google 有一個類似的概念，稱為 Google Discover、視頻，所有這些都是我們已經開始或看到流量持續增長的真正優勢的領域。因此，這對業務有幫助，這就是導致第二季度加速的原因，我們認為持續加速，以及我們在八月坐在這裡看到的情況。

On the monetization side, that's both direct premium sales, and that's also programmatic. And I think it's important to understand is that we obviously, we've been, as I say, growing inventory, but a solid base of inventory has always been there or been there for a while.

在貨幣化方面，這既是直接溢價銷售，也是程序化銷售。我認為重要的是要理解，正如我所說，我們顯然一直在增加庫存，但堅實的庫存基礎已經存在或已經存在了一段時間。

And the performance and the performance intent and the measurement of that performance intent has always been there. What's happening right now is we're getting the demand of advertisers to come in and start to more efficiently price it. And that's why you saw the programmatic ad rates up substantially and we think more than the market and if you look at domestic up even more, that is a product of advertisers coming in realizing the value of that inventory and pricing it up to the point where it continues to drive performance for them.

績效、績效意圖以及績效意圖的衡量標準始終存在。現在發生的事情是，我們正在滿足廣告商的需求，並開始更有效地定價。這就是為什麼你看到程序化廣告費率大幅上升，我們比市場思考得更多，如果你更關注國內，這是廣告商意識到該庫存的價值並將其定價到這樣的程度的產物。

That lifting of that programmatic pricing and the lifting of the premium also feed each other because you start to have less inventory available, which means that the best stuff starts to get higher prices over time. The licensing business also did well, I'll let Chris answer that part of the question. But we are starting to have the open AI money in there and other licensing partners that are paying us that grew healthy. And we still see upside in each of those things as we look forward from here.

程序化定價的提高和溢價的提高也會相互促進，因為可用庫存開始減少，這意味著隨著時間的推移，最好的東西開始獲得更高的價格。授權業務也做得很好，我會讓克里斯回答這部分問題。但我們開始擁有開放的人工智慧資金，以及其他向我們支付費用的授權合作夥伴，這些資金都在健康發展。當我們展望未來時，我們仍然看到這些事情的好處。

Thanks, Joey. Ross, with respect to the large language model licensing deal we've announced. If you look at the digital licensing line, revenue grew 19% in the quarter or $4.9 million of dollar growth. If you look at the prior quarter, the existing licensing business grew about 9%.

謝謝，喬伊。羅斯，關於我們宣布的大型語言模型許可協議。如果你看看數位授權系列，你會發現本季營收成長了 19%，成長了 490 萬美元。如果你看看上一季度，現有的授權業務成長了約 9%。

So it's fair to assume about [half of the dollar] growth to get you to get you up to 19% came from our open AI license. And we note that represents revenue earned since the partnership started in early May within the quarter.

因此，可以公平地假設，讓您達到 19% 的成長（一半）來自我們的開放 AI 許可證。我們注意到，這代表了自五月初開始合作以來本季獲得的收入。

So there's only about 60% of a quarter of revenue captured in the second quarter and will be full going forward. So think about [half the dollar growth] and gross it up. You have insight on the fixed portion of our fee. Thanks, Ross. Operator, next question?

因此，第二季僅獲得了四分之一收入的約 60%，並且未來將全部實現。因此，考慮一下[美元增長的一半]並將其總計起來。您對我們費用的固定部分有深入的了解。謝謝，羅斯。接線員，下一個問題？

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Good morning. I had two on Angi. Just you and Joey have been focused on improving the customer experience and profits at the expense of monetization for a while now. So my question is what inning would you say we're in? What do you think you still need to do to feel like you're in a position for revenue trends to turn?

早安.我在安吉上有兩個。一段時間以來，只有您和 Joey 一直專注於改善客戶體驗和利潤，但以犧牲貨幣化為代價。所以我的問題是你認為我們現在處於第幾局？您認為您還需要做些什麼才能讓收入趨勢轉變？

And then Chris, for you on Angi financials, could you talk about what drove the profit upside in the quarter and the outlook maybe expand a bit on your revenue expectations in the back half? Thank you.

然後，Chris，對於 Angi 財務方面的您，您能否談談是什麼推動了本季度利潤的增長，以及您下半年收入預期的前景可能會有所擴大？謝謝。

So I'll start if I'm going to answer your baseball analogy, I think I'm going to take the bottom of the fourth with the home team and we're on offense. I think, as you know, what Joey has been focused on and what the company continues to be focused on is getting more jobs done well.

所以，如果我要回答你的棒球類比，我會開始，我想我將與主隊一起拿下第四節的下半場，我們正在進攻。我認為，如您所知，喬伊一直關注的重點以及公司繼續關注的重點是更好地完成更多工作。

Just for reference, we define that as jobs where a homeowner who missed a job on the platform hires a pro, pays for that lead on the platform effectively and the job gets done with a 4 or 5 rating. So we're completely focused there and driving the product and customer experience to give us long-term repeat and retention required to give us long-term revenue and profit growth.

僅供參考，我們將其定義為這樣的工作：在平台上錯過工作的房主僱用了專業人士，有效地為平台上的領先地位支付了費用，並且以 4 或 5 的評級完成了工作。因此，我們完全專注於此，推動產品和客戶體驗，為我們提供長期的重複和保留，從而為我們帶來長期的收入和利潤成長。

If you want to get into the tactical elements there's some pieces to this on the homeowner side. As I think everybody knows, our SEO has been in a downward path for a while losing a significant amount of ground at once had. We see that as currently getting to a stable place and turning, that's a big job and a huge opportunity for us given the amount of ground we've seeded that there to be reclaimed.

如果您想了解戰術要素，可以從房主方面了解一些內容。我想每個人都知道，我們的 SEO 一段時間以來一直處於下滑狀態，一度失去了大量的基礎。我們認為，隨著目前達到一個穩定的位置並發生轉變，這對我們來說是一項艱鉅的任務，也是一個巨大的機會，因為我們已經播種了許多需要開墾的土地。

We've been systematically improving our SEM and really been significantly driving the SEM contribution growth. We think we still have work to do. We're still in the middle innings there in terms of being able to reclaim ground and grow those jobs

我們一直在系統地改進我們的 SEM，並確實顯著推動了 SEM 貢獻的成長。我們認為我們還有工作要做。就能夠收復失地並增加這些就業機會而言，我們仍處於中期階段

Finally, the other area is really third party where there have been the most questions around the quality of what's happening there. We think it's a little lower quality. We are continuing to do some work there to make sure that all of our customers have a great experience, which leads to the final category, which is really repeat, which has been consistently growing over the last couple of quarters, driven by the better experience and more jobs done well.

最後，另一個領域實際上是第三方領域，那裡發生的事情的品質問題最多。我們認為它的品質有點低。我們正在繼續在那裡做一些工作，以確保我們所有的客戶都有良好的體驗，這導致了最後一個類別，這是真正的重複，在過去幾個季度中，在更好的體驗的推動下，該類別一直在持續成長還有更多的工作做得很好。

On the pro side, I think you've seen really remarkable increases in retention year over year the last couple of quarters. That's also being driven by the focus on jobs done well, we think we still have some territory to gain there, which will contribute to long-term growth. We have significantly optimized our sales force and see that work is stabilizing and turning back to growth in the near term.

從正面的角度來看，我認為在過去的幾個季度中，您已經看到了留存率逐年顯著的成長。這也是由於對做好工作的關注所推動的，我們認為我們仍然有一些領域可以實現，這將有助於長期成長。我們顯著優化了我們的銷售隊伍，並看到工作正在穩定並在短期內恢復成長。

And then finally, we're working on getting online and roll up and out in the United States. It's been an incredibly successful tool for us in Europe and we believe it's going to contribute. So we are going to put all the bricks in place.

最後，我們正在努力在美國上線並推出。對我們在歐洲來說，這是一個非常成功的工具，我們相信它將做出貢獻。所以我們要把所有的磚塊都放在適當的位置。

The honest truth is we will be growing revenue again, it will come when we have the experience and the product in a place that we think is great. It's not going to come immediately, but we are continuing to work on that and right now what we are doing is growing value long term for the business and our customers and our shareholders.

誠實的事實是，當我們在我們認為很棒的地方擁有經驗和產品時，我們的收入將會再次成長。這不會立即實現，但我們正在繼續努力，現在我們正在做的是為企業、我們的客戶和我們的股東增加長期價值。

And thanks, Corey. With respect to Angi profitability and financial outlook, in the second quarter the growth and profit both on a year over year and sequential basis reflects the greater efficiency that we've been driving at Angi for some time.

謝謝，科里。就 Angi 的盈利能力和財務前景而言，第二季度的同比和環比增長和利潤反映了我們一段時間以來 Angi 一直在推動的更高效率。

Joey started it and Jeff is continuing it. As Jeff said, we've improved marketing efficiency by stripping out lower value revenue streams and what in our view was wasted paid marketing. We've also improved matching and monetization through technology, again, improving efficiency and that's a core theme in Jeff's strategy, you heard.

喬伊開始了，傑夫正在繼續。正如傑夫所說，我們透過剔除低價值收入流以及我們認為浪費的付費行銷來提高行銷效率。我們也透過科技改進了配對和貨幣化，再次提高了效率，這是傑夫策略的核心主題，你聽到了。

And then moreover, we've worked for some time to target higher quality professionals and that enables us to reduce our service professional acquisition spend while also improving retention and bad debt and we definitely seen both manifest themselves.

此外，一段時間以來，我們一直致力於瞄準更高素質的專業人士，這使我們能夠減少服務專業人才的採購支出，同時也提高保留率和壞賬，我們確實看到了這兩點。

So the investments in experience and efficiency for the business have led to our revenue declines which you referenced, but also helped to significantly improve both revenue quality and margins.

因此，對業務經驗和效率的投資導致了您提到的收入下降，但也有助於顯著提高收入品質和利潤率。

Q2, in particular, there was some also a benefit of some expenses that shifted from Q2 to Q3 this year. So a little bit of flattery margins there. But big picture, we feel good about the margins we feel good about the profitability and expect that to continue.

特別是第二季度，今年從第二季度轉移到第三季度的一些費用也帶來了一些好處。所以有一點奉承的空間。但從大局來看，我們對利潤率感覺良好，對獲利能力感覺良好，並預計這種情況將持續下去。

Looking forward, we've said we expect revenue declines in Q3 to be back down about 15% that's higher than the second quarter, but is more in line with the first quarter than the end of last year. It's really due to two factors, the second quarter last year was a particularly easy comp as it's when we experienced the most pronoun impacts from shutting down certain demand channels that were producing lower quality leads.

展望未來，我們表示預計第三季營收降幅將回落約 15%，降幅高於第二季度，但與去年年底相比更符合第一季的情況。這其實是由於兩個因素造成的，去年第二季的業績特別容易，因為當時我們經歷了關閉某些產生較低品質潛在客戶的需求管道所帶來的最顯著的影響。

And then secondly, a number of the actions that have been taken to improve consumer experience really started in the second half of last year and early this year. So we're continuing to feel the impact there. As far as profitability in the third quarter, we're guiding to north of $30 million of adjusted EBITDA. That's lower than our profit in second quarter due partly to the shift of expenses I mentioned before. But also targeted investments we're making in customer experience to set us up for future growth.

其次，一些改善消費者體驗的行動其實是從去年下半年和今年年初開始的。所以我們繼續感受到那裡的影響。就第三季的獲利能力而言，我們預計調整後 EBITDA 將超過 3,000 萬美元。這低於我們第二季的利潤，部分原因是我之前提到的費用轉移。我們也在客戶體驗方面進行了有針對性的投資，為我們未來的成長做好準備。

And I would add to what Jeff and Chris said, all of which I agree with I think it was very well said. Going back to your original question, Corey, Jeff said bottom of the core, we still have work to do here. We still have work to drive the customer experience and the both on the homeowners side and the growth side to what we think is possible in the category and what we think is a long-term winner and we're going to do all that work overtime.

我想補充傑夫和克里斯所說的，我同意所有這些，我認為他們說得很好。回到你最初的問題，科里，傑夫說，最核心的是，我們還有工作要做。我們仍然有工作來推動客戶體驗，以及房主方面和成長方面，以達到我們認為在該類別中可能實現的目標以及我們認為是長期贏家的目標，我們將加班加點地完成所有這些工作。

Thanks, Corey. Operator, next question?

謝謝，科里。接線員，下一個問題？

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. Wanted to come back to the themes you talked about in the shareholder letter. First, Joey there was discussion in there about putting your cash to work in a smart patient manner going forward as well as the theme of shrinking the discount that existed equity of IAC today.

非常感謝您提出問題。我想回到您在股東信中談到的主題。首先，Joey 在那裡討論瞭如何以聰明耐心的方式將現金用於未來的工作，以及縮小 IAC 今天存在的股權折扣的主題。

Wondering if you could expand upon that statement and how it sort of dovetails back to thinking about capital allocation more broadly. And the second part of that would be you also highlighted the stakes you have in MGM and Turo, they continue to rise and Turo's percent ownership there.

想知道您是否可以擴展該聲明以及它如何與更廣泛的資本配置思考相吻合。第二部分是你也強調了你在米高梅和 Turo 的股份，它們持續增加，以及 Turo 在那裡的所有權百分比。

Any color you can give us on pathway either owning more of those equities over time or the path to creating or crystallizing value around those stakes? Thanks so much.

對於隨著時間的推移擁有更多這些股票或圍繞這些股份創造或具體化價值的路徑，您能給我們什麼建議嗎？非常感謝。

yeah, thanks, Eric. Those questions are certainly all of closely intertwined. There's three things that shrink the discount that have always been true. And I think that we've always done, but to varying degrees over time.

是的，謝謝，艾瑞克。這些問題當然都是緊密相連的。一直以來，有三件事會縮小折扣。我認為我們一直都是這樣做的，但隨著時間的推移，程度有所不同。

Execution in the company's smart capital allocation and crystallizing value. All those things are certainly focus all those things are certainly on the table and there will be a mix of all of them as we shrink the discount or there will need to be a mix of all of them as we tried to shrink the discount.

執行於公司明智的資本配置和價值結晶。所有這些事情肯定都是焦點，所有這些事情肯定都擺在桌面上，當我們縮小折扣時，所有這些事情都會混合在一起，或者當我們試圖縮小折扣時，需要將所有這些東西混合在一起。

We've lived with the discount in our past, and we've shrunk the discount in our past. And generally, the discount is widest when the gap relative to our last crystallization event is longest. And so I understand, now to us, that doesn't reduce the option value of any of those crystallization events. They still exist they still have value, but I understand that value may not be appreciated until some of those options are exercised so to speak.

我們過去一直享受折扣，也曾經縮減過折扣。一般來說，當相對於我們上次結晶事件的差距最長時，折扣最大。所以我明白，現在對我們來說，這不會減少任何這些結晶事件的選擇價值。它們仍然存在，仍然具有價值，但我知道，在其中一些選擇被行使之前，價值可能不會被升值。

We talked a lot already about execution in our companies and in the letter and obviously that will continue. The other two capital allocation and crystallizing value are certainly the harder ones to discuss because we haven't done either one of them in a little bit.

我們已經在公司和信中談論了很多關於執行的問題，顯然這種情況將會繼續下去。另外兩個資本配置和價值結晶肯定是更難討論的，因為我們還沒有稍微做過其中任何一個。

Our view is we are definitely looking for new opportunities in M&A. It's been the lifeblood of IAC for its entire history. It's been a great source of growth and shareholder returns and opportunity and we are looking there. We as always, we have to be disciplined there and we have to find things that we believe are screaming indisputable opportunities, and we haven't found those yet and when we do, you'll certainly know about it.

我們的觀點是，我們肯定會在併購中尋找新的機會。在 IAC 的整個歷史中，它一直是其命脈。它是成長、股東回報和機會的重要來源，我們正在尋找那裡。我們一如既往，我們必須在那裡遵守紀律，我們必須找到我們認為無可爭議的機會的東西，我們還沒有找到那些，當我們找到時，你肯定會知道的。

On the crystallizing value side, there's a lot of ways to do that. I mean, if Turo does go public, that's a -- we'll see what the value is there. There are assets that we could consider selling it and optimizing the portfolio, whether it's spins or sales or whatever are things that remain on the table and will be considered to shrink that discount over time.

在價值結晶方面，有很多方法可以做到這一點。我的意思是，如果 Turo 確實上市，我們就會看到它的價值。我們可以考慮出售某些資產並優化投資組合，無論是旋轉還是銷售，或任何留在桌面上的東西，並且隨著時間的推移，我們將考慮縮小折扣。

Execution had for basically two years was the lion share of our focus now that we've got execution in a place that we feel much better about. I think the other two are getting a lot more attention. As it relates to MGM and Turo, we are very happy with the path that we're on in both of those businesses, which is we get to both hold onto our capital and accrete more ownership in the businesses.

基本上兩年來，執行一直是我們關注的重點，現在我們已經在一個我們感覺更好的地方執行了。我認為另外兩個得到了更多的關注。就米高梅和 Turo 而言，我們對這兩項業務所走的道路感到非常滿意，即我們既可以保留我們的資本，又可以在業務中積累更多所有權。

And we -- that was evident in the last quarter, and we hope that to continue and hope both those businesses continue to execute as well as they have.

我們——這在上個季度就很明顯，我們希望這種情況能夠繼續下去，並希望這些業務能夠繼續保持良好狀態。

And just building on that was in the letter, but for those who follow, we executed our warrant in Turo on a net basis and increased our ownership to 32% without putting any incremental expending on incremental cash. Thank you, Erich. Operator, next question.

信中的內容只是在此基礎上進行的，但對於那些關注的人來說，我們在淨額基礎上執行了Turo 的認股權證，並將我們的所有權增加到32%，而沒有對增量現金進行任何增量支出。謝謝你，埃里希。接線員，下一個問題。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

Great. Thanks. Two questions on the macro. Joey, just with renewed fears of macro softness, just curious if you're seeing any signals of macro softness across any of IACs on different business segments. And then secondly on Dotdash Meredith, could you discuss the key drivers of expected accelerating DDM digital revenue growth in 3Q?

偉大的。謝謝。關於宏觀的兩個問題。Joey，只是對宏觀經濟疲軟再次感到擔憂，只是好奇您是否在不同業務領域的任何 IAC 中看到任何宏觀疲軟的信號。其次，關於 Dotdash Meredith，您能否討論一下預計第三季 DDM 數​​位營收成長加速的關鍵驅動因素？

And then on the margins on incremental margins were better in 2Q. Can you talk about that outperformance and discuss the strong 3Q DDM digital EBITDA guide, both of which I think kind of led to raising a total DDM EBITDA range for fiscal '24? Thank you.

然後，第二季的增量利潤率會更好。您能否談談這種出色的表現並討論強勁的第三季度 DDM 數​​位 EBITDA 指南，我認為這兩者都導致了 24 財年 DDM EBITDA 總範圍的提高？謝謝。

Yeah, John. I'll let Chris do the second. I'll do the first. In our caveat the macro by saying two things. Number one, we're so small, we do have a view, but I don't know how much it indicates the entire world. Number two, I do think our view skews towards higher, maybe mid income just the nature of our businesses and brands are skewed more in that direction. The answer to your question is we're not seeing that weakness.

是的，約翰。我會讓克里斯做第二件事。我先做第一個。在我們對宏觀的警告中，我們說了兩件事。第一，我們這麼小，我們確實有一個觀點，但我不知道它在多大程度上代表了整個世界。第二，我確實認為我們的觀點偏向更高的收入，也許是中等收入，只是我們的業務和品牌的本質更偏向這個方向。你的問題的答案是我們沒有看到這種弱點。

We are -- we had a really solid Prime Day last month at Dotdash Meredith on the commerce side. We've talked a lot about our view of how advertising -- our advertisers are viewing DDM and spend there in terms of both pipeline and booked looks very good right now.

上個月，在商務方面，我們在 Dotdash Meredith 度過了一個非常充實的 Prime Day。我們已經討論了很多關於廣告的看法——我們的廣告商正在查看 DDM，並在頻道和預訂方面進行支出，目前看起來非常好。

So we're those look healthy. We look by business, I think care, we've talked about this a little bit. Those families we may be seeing a little bit in the sense of families favoring daycare over individual care, nanny care and so.

所以我們是那些看起來很健康的人。我們按業務來看待，我認為很關心，我們已經對此進行了一些討論。我們所看到的這些家庭可能有點偏愛日托而不是個人護理、保姆護理等。

But that trend, I wouldn't say became more pronounced in the last month. That's been true for the last year or maybe even a little bit more. Same is actually true on the Turo side, I mean Turo and MGM, but Turo specifically demand for travel as far as we can see, has held strong.

但我不認為這種趨勢在上個月變得更加明顯。去年甚至更久的情況就是如此。Turo 方面實際上也是如此，我指的是 Turo 和米高梅，但據我們所知，Turo 特別對旅行的需求一直保持強勁。

The one trend we have seen, which is there, which has been again true for a little while, is a mix shift towards cheaper cars. And although we haven't seen that, that sort of mix shift happening at MGM yet. And so in aggregate, it does feel healthy to us, but like I say, we're relatively small. And so, I don't know, we're indicative of the whole world and our slice of the world.

我們看到的一個趨勢是向更便宜的汽車的混合轉變，這一趨勢已經存在了一段時間了。儘管我們還沒有看到這種情況，但米高梅已經發生了這種混合轉變。所以總的來說，我們確實感覺很健康，但就像我說的，我們相對較小。所以，我不知道，我們代表了整個世界和我們的世界的一部分。

And then John, on DDM, I'll take Q2 margins first. Just to do it sort of chronologically. Incremental margins, did it exceed our expectations in Q2, combination of a little more traffic growth than maybe we conservatively forecast for.

然後約翰，關於 DDM，我將首先考慮第二季的利潤。只是按時間順序進行。增量利潤，是否超出了我們第二季度的預期，加上流量成長可能比我們保守預測的要多一些。

And then also, monetization was better Joey talked about strength in programmatic and also momentum in premium, and that really drops to the bottom line. Looking forward, as Joey talked about before, really traffic and monetization are strong. We're seeing solid traffic growth across the portfolio of titles that in and an acceleration so far this quarter.

然後，貨幣化更好了，喬伊談到了程序化的實力以及溢價的勢頭，這確實下降到了底線。展望未來，正如 Joey 之前談到的，流量和變現確實很強勁。我們看到本季迄今為止所有遊戲的流量都在穩步增長，而且還在加速增長。

Entertainment strong as we're lapping strikes, but also doing a good job of targeted content and also driving traffic from new distribution sources as Joey said. Food has been very strong and the team has done a great job re-energizing our recipes and other key properties there and we see more opportunity.

正如喬伊所說，我們正在罷工，娛樂業也很強勁，但也做好了有針對性的內容，並從新的發行來源吸引了流量。食物非常強勁，團隊在重新激活我們的食譜和其他關鍵特性方面做得非常出色，我們看到了更多的機會。

On monetization, it's continues to be very solid across premium and programmatic, the recovery/momentum in the broader advertising market is solid and feels to be broadening. It's definitely not a booming advertising market, but it is solid and key categories for us like health, pharma, retail, beauty remains strong.

在貨幣化方面，溢價和程序化業務仍然非常穩健，更廣泛的廣告市場的復甦/勢頭很強勁，並且感覺正在擴大。這絕對不是一個蓬勃發展的廣告市場，但它是堅實的，對我們來說，健康、製藥、零售、美容等關鍵類別仍然強勁。

And then we've seen some stability/recovery in categories that we've said previously have been weak food and beverage, home and technology. So those patterns and then continued improvement in programmatic monetization where we really feel like our advertising tech stack and our programmatic relationships are differentiated as well as our inventory led us to guide to 15% or more revenue growth on digital in Q3 and 25%-plus EBITDA growth.

然後我們看到我們之前所說的疲軟的食品和飲料、家居和技術類別出現了一些穩定/復甦。因此，這些模式以及程序化貨幣化的持續改進，我們確實覺得我們的廣告技術堆疊和程序化關係以及我們的庫存都與眾不同，導致我們在第三季度實現了15% 或更多的數位收入成長，甚至超過25% EBITDA 成長。

Obviously, our financial plan is back-end weighted. We've said before, roughly two-thirds of our profit comes in the second half of the year. But we see momentum we expect performance marketing to return to growth in the second half and licensing continues to be strong. So we're heads down executing.

顯然，我們的財務計劃是後端加權的。我們之前說過，我們大約三分之二的利潤來自下半年。但我們看到了勢頭，預計效果行銷將在下半年恢復成長，並且授權繼續強勁。所以我們正在埋頭執行。

Thank you. Operator, next question?

謝謝。接線員，下一個問題？

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thanks for taking the questions. Really more two follow up on Eric's questions. First, given the improvement that DDM Angi this quarter, your positive outlook and comments in the last letter on the discount versus some of the parts, I would assume the only reason IAC did not repurchase stock was that the company was restricted due to M&A talks, the presses obviously reported that you were interested in Paramount that's true or not. Maybe comment on this.

感謝您提出問題。確實還有兩個人跟進埃里克的問題。首先，考慮到 DDM Angi 本季度的改善、您在上一封信中對某些零件的折扣的積極展望和評論，我認為 IAC 沒有回購股票的唯一原因是該公司因併購談判而受到限制，媒體顯然報道說你對派拉蒙感興趣，無論真實與否。也許對此發表評論。

And if you can talk about specific areas you find most attractive for M&A right now? That's question one. And question two on Turo, you reminded us you're the largest shareholder. It's probably the next large catalyst unlock catalyst for IAC.

您能否談談您認為目前對併購最具吸引力的具體領域？這是問題一。關於Turo的第二個問題，你提醒我們你是最大的股東。它可能是 IAC 的下一個解鎖催化劑。

Why not an IPO now as travel demand has been strong. Are there milestones in the business you are looking which ease or further expand geographic use cases like New York or other urban cities where there's higher risk to the shared cars? Thanks.

既然旅行需求一直強勁，為什麼不現在就進行首次公開發行呢？您正在尋找的業務中是否存在里程碑，可以緩解或進一步擴展地理用例，例如紐約或其他共享汽車風險較高的城市？謝謝。

Thanks, Jason. I'll do them in reverse order. Turo management is still very focused on getting public. I think there's not a milestone that the advanced into the Board, I think is as a threshold to that happening. I think it's more the market's, meaning the banks always like to offer someone a discount to buy into an IPO.

謝謝，傑森。我會按照相反的順序做。Turo 管理階層仍然非常注重上市。我認為，進入董事會並沒有一個里程碑，我認為這是實現這一目標的門檻。我認為這更多的是市場的，這意味著銀行總是喜歡為某人購買首次公開募股（IPO）提供折扣。

And I think that the discount has given the market volatility that discount is looked to be very wide. And Turo being in a very healthy position as a business with a very healthy balance sheet doesn't need to accomplish that with too wide a discount.

我認為折扣造成了市場波動，折扣看起來非常大。Turo 作為一家擁有非常健康的資產負債表的企業，處於非常健康的地位，不需要透過太大的折扣來實現這一目標。

So they're waiting for a favorable environment to do that. Whether it ultimately happens, I don't know when it ultimately happens, I don't know, but there is not a to answer your specific question, there's not a business milestone that needs to be hit in order to accomplish that.

因此，他們正在等待有利的環境來做到這一點。它是否最終會發生，我不知道它最終何時發生，我不知道，但沒有一個可以回答你的具體問題，也沒有需要達到的業務里程碑才能實現這一目標。

I think Turo does have the scale to be a public company, I've said all along and continue to say we're relatively indifferent to whether it's a public company or a private company. We're much more focused on how it operates as a company. And I'm not sure that the IPO has a meaningful impact on that one direction or the other. But the main thing is just the market environment and getting it into a healthy start with the markets.

我認為 Turo 確實具備成為上市公司的規模，我一直在說，並將繼續說，我們對它是上市公司還是私人公司相對漠不關心。我們更關注它作為一家公司的運作方式。我不確定 IPO 是否會對這一方向或另一個方向產生有意義的影響。但最重要的是市場環境以及讓它在市場上有一個健康的開始。

On your other question, there's a lot in there. Paramount, we did look at that, our Chairman, as you know, has a great history with that asset it's an iconic asset. And in a way, it is similar to our feeling about DDM, which is content is enormously valuable.

關於你的另一個問題，裡面有很多內容。派拉蒙，我們確實考慮過這一點，正如你所知，我們的主席在該資產方面有著悠久的歷史，它是一項標誌性資產。在某種程度上，它類似於我們對DDM的感覺，即內容非常有價值。

And the people who invest in and own the best content, the best IP are in a good position and in a better position as distribution diversifies. And we think DDM, you can see now is a beneficiary of that notwithstanding the sort of prevailing narrative in markets.

投資並擁有最好的內容、最好的IP的人處於有利的地位，並且隨著發行的多元化而處於更好的地位。我們認為 DDM，你現在可以看到，是受益者，儘管市場上盛行這種說法。

And so we like that, that concept the reality is that deal didn't work for us financially. And I think the elephants have put together a deal that's very hard to be.

所以我們喜歡這個概念，現實是這筆交易在財務上對我們不起作用。我認為大像已經達成了一項很難達成的協議。

On M&A and share repurchases, I'll start with that there's lots of things that can happen in quarters and restrict or complicate our ability to accomplish share repurchases. But we do generally reject the notion that share repurchase is an essential baseline requiring explanation every 90 days I know it is it does. We have explained it every 90 days for many, many years.

關於併購和股票回購，我首先會說，幾個季度可能會發生很多事情，限制我們完成股票回購的能力或使其複雜化。但我們確實普遍拒絕這樣一種觀點，即股票回購是一項重要的基準，需要每 90 天進行一次解釋，我知道確實如此。很多很多年以來，我們每 90 天就會解釋一次。

But it is a thing that is important is the thing that we have not been averse to historically. We've up a huge amounts of shares in our history and we don't have an institutional opposition generally to share repurchases.

但這是一件重要的事情，我們在歷史上並不反對。我們歷史上已經增持過大量股票，而且一般來說我們沒有機構反對股票回購。

The only thing we're averse to is the notion of share repurchases for signaling, which is we think a truly foolish game and that's something that we've ever done. And just to make one more on that, but certainly Monday this week felt like a nice day to look at our treasury and see a heavy stockpile.

我們唯一反對的是透過股票回購來發出訊號，我們認為這是一個真正愚蠢的遊戲，而這正是我們曾經做過的事情。就這一點再多說一句，但毫無疑問，本周星期一是查看我們的國庫並看到大量庫存的好日子。

All that said, Chris and I believe we are outrageously cheap. We would use some cash to buy the things we know so well attractively. And we think we have the ability to afford both share repurchases and M&A. This is the subject of significant internal debate.

話雖如此，克里斯和我相信我們的成本低得離譜。我們會用一些現金來購買我們熟悉的有吸引力的東西。我們認為我們有能力承擔股票回購和併購的費用。這是內部重大爭論的主題。

And the reality is our chairman wants to put pressure on all of us for pursuing M&A. And to look for those new avenues for IAC that have always been an important source of growth for us and are something that we expect to be an important source of growth for us in the future.

事實上，我們的董事長希望向我們所有人施加壓力，要求他們進行併購。並為 IAC 尋找新的途徑，這些途徑一直是我們重要的成長來源，並且我們預計將成為我們未來的重要成長來源。

And so we're sort of keeping that pressure on the organization before we allocate to repurchases. That doesn't mean that we can't or won't or won't soon or won't ever. It just means that we are very focused on M&A right now.

因此，在分配回購資金之前，我們會對組織施加壓力。這並不意味著我們不能、不會、不會很快或永遠不會。這只是意味著我們現在非常專注於併購。

And our Chairman doesn't think we have enough capital for both or maybe said differently, wants to cash as wide a birth as possible for the next opportunity and certainly more capital opens up a wider array of opportunities. So that's where we are right now.

我們的主席認為我們沒有足夠的資本來滿足這兩者，或者換句話說，他希望為下一個機會提供盡可能廣泛的誕生，當然更多的資本會帶來更廣泛的機會。這就是我們現在的處境。

Again, I think it still, as always has been and will be true. Anything is possible as it relates to share repurchases. But that's the way that we're thinking about it. And there are room to answer your last bit. There are real opportunities in M&A right now. I think we're familiar with it in our own cases.

我再次認為，一如既往，過去如此，將來也將如此。與股票回購有關，一切皆有可能。但這就是我們思考的方式。還有空間可以回答你的最後一點。目前併購領域存在真正的機會。我認為我們在自己的案例中對此很熟悉。

There are lots of companies that continue to look to deliver better and better results with the same or shrinking share prices, which means multiples, if you're not an AI are generally shrinking. And I think as far as public companies, there's a lot of opportunities that we believe are attractively priced and the longer that trend goes, the more businesses are open to transact at reasonable premiums to those numbers.

有很多公司繼續尋求以相同或不斷下跌的股價提供越來越好的業績，這意味著，如果你不是人工智慧，那麼市盈率通常會下降。我認為，就上市公司而言，我們認為有很多價格具有吸引力的機會，而且這種趨勢持續的時間越長，就越多的企業願意以合理的溢價進行交易。

So that's an interesting area, but we're certainly not restricted to just the public markets. We talked to opportunities in the private markets and unique opportunities, and we'll continue to look at all of those, I think are generally our sweet spot has been in the $300 million to $700 million range. Generally, we're focused on acquisitions of controlled or complete acquisitions, but we look at a very wide range, and we'll continue to look at a wide range.

所以這是一個有趣的領域，但我們當然不僅限於公開市場。我們討論了私募市場的機會和獨特的機會，我們將繼續關注所有這些機會，我認為我們的最佳時機通常在 3 億至 7 億美元範圍內。一般來說，我們關注的是受控或完全收購的收購，但我們關注的範圍非常廣泛，我們將繼續關注廣泛的範圍。

Thank you, Jason. Operator, next question?

謝謝你，傑森。接線員，下一個問題？

Youssef Squali, Truist.

尤瑟夫‧斯誇裡，真理主義者。

Great. Thank you. I have two questions. Just as a follow-up to the prior question on M&A, it seems like in the letter you are telegraphing the possibility of maybe entering a new category. Historically, you've focus on marketplaces. I'm not sure if that correct assumption or not, but if it is, how will you get investors comfortable with the risk of venturing into a new category at a time when stock discounts so high.

偉大的。謝謝。我有兩個問題。正如之前有關併購問題的後續行動一樣，您在信中似乎暗示了可能進入一個新類別的可能性。從歷史上看，您一直關注市場。我不確定這個假設是否正確，但如果是，你如何讓投資者在股票折扣如此之高的時候接受冒險進入新類別的風險。

And then second, on the data licensing deal, could you maybe share with us just broadly speaking, how is the pipeline for similar deals historically when we've seen peers do deals like that. Once open AI comes in, then you have a whole slew of others in the pipeline.

其次，關於數據許可交易，您能否從廣義上與我們分享一下，當我們看到同行進行此類交易時，歷史上類似交易的管道是怎樣的。一旦開放式人工智慧出現，就會有大量其他人工智慧正在醞釀中。

Maybe, if you can provide some either qualification or quantification of just how big is the opportunity in front of you for that? Some companies kind of in similar situations have been able to sign literally multi $100 million multi-year deals. Any reason why you guys would not be in that position? Thank you.

也許，如果你能提供一些限定或量化的信息，說明你面前的機會有多大？一些處於類似情況的公司已經能夠簽署價值數億美元的多年協議。你們有什麼理由不處於這個位置嗎？謝謝。

I'll do them in reverse order again. No reason why we would not be in that position to answer the last question, but we are in active conversations with a number of players for further licensing deals. And I expect we will have more deals. And if you multiply the open AI deal times every other LLM or similar concept, you could get to very large numbers.

我會再次以相反的順序進行操作。我們沒有理由不回答最後一個問題，但我們正在與一些玩家積極對話，以達成進一步的許可協議。我預計我們會有更多交易。如果將開放式人工智慧交易乘以其他法學碩士或類似概念，您可能會得到非常大的數字。

But we don't know how the market plays out. I do say with high confidence that there will be more and I expect that there will be many more. And I also think that one of the things that you're seeing in terms of other deals that have been announced recently are relatively tiny players doing rev share kinds of deals, which are maybe interesting.

但我們不知道市場如何發展。我確實充滿信心地說，還會有更多，而且我預計還會有更多。我還認為，在最近宣布的其他交易方面，您看到的一件事是相對較小的參與者正在進行收益分成類型的交易，這可能很有趣。

And those kinds of deals if they happen, wouldn't generate real earnings until that obviously, those businesses start to generate real revenue. And so you'll see these things play out over time. I think there will be some sort of cash deals, I think there will be some kinds of revenue share deals. But I think it is tipping in aggregate in favor of everyone realizing that content is important, content is valuable and content cannot be stolen or taken for free. And that payment will happen one way or another over time.

這類交易如果發生的話，不會產生真正的收入，直到這些業務顯然開始產生真正的收入。所以你會看到這些事情隨著時間的推移而發生。我認為將會有某種形式的現金交易，我認為將會有某種形式的收入分成交易。但我認為，總體而言，這有利於每個人認識到內容的重要性、內容的價值以及內容不能被竊取或免費取得。隨著時間的推移，這筆付款將以某種方式發生。

As it relates to new categories, Youssef, this has been true again for all of IAC's history. Every time we've gotten into something new, it's been definitionally getting into something new. Most recently probably was MGM was in a minority way and on a majority way. But and when we got into MGM in the first place, people were confused by that.

由於涉及新類別，Youssef，這在 IAC 的整個歷史中都是如此。每當我們進入新事物時，它絕對是在進入新事物。最近可能是米高梅以少數派方式和多數派方式。但是，當我們一開始進入米高梅時，人們對此感到困惑。

But we saw an opportunity we thought it was a unique opportunity and we see that with a sort of $1 billion bet. And that one worked out and I can go through a bunch of other examples that work out. The one thing, I'll say, which has also been true for our history and probably the only rule that we truly follow is we don't bet the company.

但我們看到了一個機會，我們認為這是一個獨特的機會，我們透過 10 億美元的賭注看到了這一點。這個例子成功了，我還可以看一些其他成功的例子。我要說的是，我們的歷史也是如此，而我們真正遵循的唯一規則可能就是我們不拿公司做賭注。

So we know there's risk in new opportunities, and we will never bet the company on something like that. We will take manageable risk and we'll have to have high confidence that we can deliver that over time.

所以我們知道新機會有風險，我們永遠不會把公司押在這樣的事情上。我們將承擔可控的風險，並且必須對我們能夠隨著時間的推移實現這一目標充滿信心。

The only thing I'd add on the licensing deals is there are active discussions. As we've said, each LLM and operator sort of has their own approach and philosophy but we were disciplined in our discussions and approach that led to the opening ideal.

我對許可協議唯一要補充的是正在進行積極的討論。正如我們所說，每個法學碩士和運營商都有自己的方法和理念，但我們在討論和方法中遵守紀律，從而實現了開放的理想。

And also, Joey referenced in the letter, but given some of the travails on answers that we've seen from LLMs publicly. We believe that our preeminent brands and trusted content will only increase in value for sources in generative AI answers and large language models.

而且，喬伊在信中提到，但考慮到我們從法學碩士公開看到的一些答案的艱辛。我們相信，我們卓越的品牌和值得信賴的內容只會增加產生人工智慧答案和大型語言模型來源的價值。

And that the puck is moving in that direction where it's not about the cheapest answer to get to it is about the best one, the most respected one and the most likely it to be useful to the consumer who's entering the query or users entering the query. So we think that's a positive trend and reflects the portfolio of titles and brands that we built.

冰球正在朝著這個方向移動，這不是最便宜的答案，而是最好的、最受尊敬的答案，並且最有可能對輸入查詢的消費者或輸入查詢的用戶有用。因此，我們認為這是一個積極的趨勢，反映了我們建立的遊戲和品牌組合。

It's a great point in and there aren't a lot of true broad scaled sources of truth out there. And we think we have one of the most valuable one.

這是一個很好的觀點，但那裡沒有很多真正廣泛的事實來源。我們認為我們擁有最有價值的之一。

Don't put glue in your pizza. Operator, next question, please.

不要在披薩中加入膠水。接線員，請下一個問題。

Nick Jones, Citizens JMP.

尼克瓊斯，公民 JMP。

Morning, thanks for taking the questions. I guess two on DDM. In the letter that you spoke to drive up programmatic ad rates being up around 36% in the quarter versus a prior expectation that 15% to 20%. How much more growth do you see from programmatic ad rates, I guess from here on DDM?

早上好，感謝您提出問題。我猜 DDM 上有兩個。在您所說的信中，您提到將本季度的程序化廣告費率提高了 36% 左右，而先前的預期為 15% 到 20%。我猜從 DDM 來看，程序化廣告費率會有多少成長？

And then another question off kind of the Adweek article and the case study with Pandora, it sounds like decipher guarantee went well. Can you maybe speak to how many brands are kind of easy to say, of guarantee and how the conversations are changing after Pandora's performance? Thanks.

然後是廣告週刊文章和潘朵拉案例研究的另一個問題，聽起來解密保證會進展順利。您能談談有多少品牌是容易說的、有保證的，以及潘朵拉表演後對話發生了怎樣的變化嗎？謝謝。

I'll take those and Joey definitely jump in. Programmatic has been very strong and the team has built in excellent tech stack, but also integrations to the various players in the industry and really moving from strength to strength.

我會接受這些，喬伊一定會加入。程序化非常強大，團隊建立了出色的技術堆棧，而且還與行業中的各個參與者進行了集成，並且真正不斷發展壯大。

What you referenced we said in the letter was our average programmatic rate was up 36% in the second quarter versus a broader market that from a few different data points, we'd say up is 15% to 20% on price. That premium represents both superior technology performance.

你提到的我們在信中所說的是，與更廣泛的市場相比，我們第二季的平均程式化率上漲了36%，從幾個不同的數據點來看，我們認為價格上漲了15% 到20%。這種溢價代表著卓越的技術性能。

But we also think it highlights or we know it highlights how performance from DDM's inventory is that given the intent-based and a high conversion dynamics and also predictable nature of Dotdash Meredith's users. The ads will just work very well for both premium advertisers, but also for programmatic coming through.

但我們也認為它突出了或者我們知道它突出了 DDM 庫存的性能，考慮到 Dotdash Meredith 用戶的基於意圖和高轉換動態以及可預測的性質。這些廣告對於優質廣告商和程式化廣告來說都非常有效。

And we're not going to give forward guidance on programmatic, but we have confidence we can outperform the market and that aligns. Decipher is a part of that right now, decipher, as you referenced the Adweek article, and we'd encourage everyone to read it.

我們不會就程序化提供前瞻性指導，但我們有信心能跑贏市場，這也是一致的。破解現在是其中的一部分，破解，正如您引用的《廣告周刊》文章一樣，我們鼓勵每個人都閱讀它。

It is a differentiated product, as Joey said, in the letter for our direct premium sales force. It is in over half our premium deals and it aligns with a number of factors that brands and agencies are looking for better performance, better ROI, privacy friendly, non-cookie-based, and we're excited about the partnership with open AI to bring their capabilities, greater scale, greater compute integration of video and images in the targeting and in the performance forecasting.

正如喬伊在給我們直接優質銷售人員的信中所說，這是一種差異化產品。它出現在我們一半以上的優質交易中，並且符合品牌和代理商尋求更好的性能、更好的投資回報率、隱私友好、非基於 cookie 的許多因素，我們很高興與開放 AI 合作在定位和性能預測中發揮視訊和圖像的能力、更大的規模和更大的計算整合。

All of these are aligned towards where we think the puck is going which is intent driven, privacy friendly, highly performance advertising. And we appreciated our partner in Pandora allowing us to disclose that case study, we have over 27 case studies at DDM that show some decipher is depending on which metric a client chooses twice as performance as cookies.

所有這些都與我們認為的方向一致，即意圖驅動、隱私友好、高性能廣告。我們感謝 Pandora 的合作夥伴允許我們揭露該案例研究，我們在 DDM 進行了超過 27 個案例研究，這些案例研究表明一些解釋取決於客戶選擇的表現是 cookie 兩倍的指標。

And that -- metric along that line was mentioned in the Adweek article and we will look to provide more case studies to investors, but we feel very good about the product and feel very good about the product road map, including eventually integrating it into programmatic platforms. And all that gives us optimism about continued outperformance on monetization.

《廣告周刊》的文章中提到了這一點，我們將尋求為投資者提供更多案例研究，但我們對產品感覺非常好，對產品路線圖感覺非常好，包括最終將其整合到程序化平台。所有這些都讓我們對貨幣化方面的持續出色表現感到樂觀。

Thank you. Operator, next question?

謝謝。接線員，下一個問題？

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Great. Hey, guys. It's James on for Brent. Thanks for the questions. Can you just talk a little bit more about Google's latest plan to not deprecation third-party cookies and how that impacts your medium to long-term outlook for Dotdash Meredith and your ad business more broadly?

偉大的。嘿，夥計們。詹姆斯換下布倫特。感謝您的提問。您能否再多談談 Google 不棄用第三方 Cookie 的最新計劃，以及這對 Dotdash Meredith 以及更廣泛的廣告業務的中長期前景有何影響？

And then could you also just talk about some of the alternative identifiers in the market like UID and whether you're deploying those tools across your portfolio? Thank you.

然後您能否談談市場上的一些替代標識符（例如 UID）以及您是否在您的產品組合中部署這些工具？謝謝。

Sure. The punch line on the Google decision that the deprecation cookies is we think the end state is more or less the same. Maybe the timeline is different, but the end state is more or less the same, which is users or Google rather will offer users choice, users depending on how that's presented will likely choose not to continue cookies and the universe of audience that is cookie will shrink.

當然。Google 決定棄用 cookie 的妙語是我們認為最終狀態或多或少是相同的。也許時間軸不同，但最終狀態或多或少是相同的，即用戶或谷歌將為用戶提供選擇，用戶根據其呈現方式可能會選擇不繼續使用cookie，而cookie 的受眾群體將會選擇繼續使用cookie 。

By the way, the universe of audiences cookie has shrank and has been shrinking for a while. It shrank very dramatically when Apple turned out cookies and made cookies unavailable for all of iOS, which is, by the way, very valuable audience, a more valuable part of the market. And so we think that that cookies audience continues to shrink.

順便說一句，cookie 的受眾範圍已經縮小，並且已經縮小了一段時間。當蘋果推出 cookie 並讓所有 iOS 系統都無法使用 cookie 時，它的規模急劇縮小，順便說一句，iOS 系統是非常有價值的受眾，是市場中更有價值的部分。因此，我們認為餅乾受眾繼續減少。

This is one of the reasons we're so excited about DDM, what we offer advertisers is the ability to access the noncompete audience. And the ability to access that non-cookies audience with intent and with performance.

這也是我們對 DDM 如此興奮的原因之一，我們為廣告主提供的是接觸非競爭受眾的能力。以及有意圖且有成效地接觸非 cookie 受眾的能力。

And so what's been happening in the market is a cookie audience that's been shrinking that has all the infrastructure around it to target a cookie audience has had a lot of demand chasing a shrinking supply, which means price has been going up in the cookie audience and everyone's chasing the exact same customers at a higher and higher price.

因此，市場上正在發生的事情是，餅乾受眾群體一直在萎縮，而圍繞它的所有基礎設施都以餅乾受眾為目標，有大量的需求追逐著供應的萎縮，這意味著餅乾受眾的價格一直在上漲，並且每個人都在以越來越高的價格追逐完全相同的客戶。

What DDM is now offering and people are now seeing, advertisers are now saying is we can access the rest of that audience, including the especially valuable iOS audience that is being naturally more valuable audience or should be a naturally more valuable audience.

DDM 現在提供的、人們現在看到的、廣告商現在所說的是，我們可以接觸到其餘的受眾，包括特別有價值的iOS 受眾，這些受眾自然是更有價值的受眾，或者應該是自然更有價值的受眾。

If you just look at demographics, and that's really important. The way we do that is we have intent so our content, DDM brands, but we have travel and leisure we have food and wine, we have all recipes. We have products that we have brands rather that are reviewing products and recommending products based on proprietary research that we're doing on those things like within better homes and gardens.

如果你只看人口統計數據，那真的很重要。我們這樣做的方式是我們有意圖，所以我們的內容，DDM 品牌，但我們有旅行和休閒，我們有食物和酒，我們有所有食譜。我們擁有自己的品牌產品，而不是根據我們在更好的家庭和花園等方面所做的專有研究來審查產品和推薦產品。

That audience has significant intent which proves out in the case studies we do. I think we are at 27 case studies showing a 2x lift in performance for these advertisers. It is very real and it is accessing an incremental audience that they can't access.

這些受眾具有重大意圖，這在我們所做的案例研究中得到了證明。我認為我們的 27 個案例研究表明，這些廣告商的表現提升了 2 倍。這是非常真實的，並且正在接觸到他們無法接觸到的增量受眾。

And so we view what's happened with Google and what will continue to happen with cookies as long-term beneficial for Dotdash Meredith and we are seizing that opportunities.

因此，我們認為 Google 所發生的事情以及 cookie 將繼續發生的事情對 Dotdash Meredith 來說是長期有利的，我們正在抓住這個機會。

Thanks, James. Thank you. Operator, next question?

謝謝，詹姆斯。謝謝。接線員，下一個問題？

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

Hey thanks. Good morning, guys. Back to Angi and Jeff if could you just give a little bit more color on kind of what the focus is on the consumer experience improvement right now.? They're understand where in the fourth inning and you've done some and there's more to do. But what are the key areas of focus at this point.

嘿謝謝。早安，夥計們。回到安吉和傑夫，您能否就目前消費者體驗改善的重點提供更多的資訊？他們知道在第四局你已經做了一些，還有更多的事情要做。但目前重點關注的領域是什麼？

And then on the SEO side, I think a little more color on kind of what's needed to get SEO from this kind of stabilization point to where it's actually driving improvements?

然後在 SEO 方面，我認為需要更多的色彩來讓 SEO 從這種穩定點到真正推動改進的地方？

So I'll take it and starting with the second first. On SEO, there's a range of execution things that we need to do. We have just rebuilt the infrastructure to put our content on and to do our site linking that's in place with some encouraging early indicators, but it's too early to call it.

所以我會先從第二個開始。在SEO方面，我們需要做一系列的執行工作。我們剛剛重建了基礎設施來放置我們的內容並建立我們的網站鏈接，這些鏈接已經到位，並具有一些令人鼓舞的早期指標，但現在斷言還為時過早。

I think secondly, we have to have a disciplined program of producing the right content and keeping the content refresh, which you've heard talked about with DDM over the years effectively and there's a playbook there. We believe we have the team in place, we believe we have the technology in place and we believe we have the path to execute here now it just has to be done.

我認為其次，我們必須有一個嚴格的計劃來製作正確的內容並保持內容更新，多年來您已經聽到 DDM 有效地談論過這一點，並且那裡有一個劇本。我們相信我們的團隊已經就位，我們相信我們的技術已經就位，我們相信我們有執行的路徑，現在就必須完成。

Secondly, in terms of improving the consumer or what we might call the homeowner experience. We've done a fair amount of work here already. At the core, what we've been focused on rule one over the last year and a half or so is improving matching.

其次，在改善消費者或我們所說的房主體驗方面。我們已經在這裡做了相當多的工作。從本質上講，我們在過去一年半左右的時間裡一直關注的第一條規則是改進配對。

And what we've been able to do is improve the number of homeowners who are matched and the number of matches they get significantly and that's been part of what's driven the job said well, right. What we're now working on is driving better matches.

我們能夠做的是顯著提高匹配的房主數量和他們獲得的匹配數量，這是推動這項工作的部分原因，說得很好，對吧。我們現在正在努力推動更好的比賽。

And so we've talked about improving our Q&A making it conditional. What that means is we reduced the number of questions because we only ask the questions that are necessary once you've answered the last question.

因此，我們討論了改進我們的問答，使其成為有條件的。這意味著我們減少了問題數量，因為我們只在您回答最後一個問題後才提出必要的問題。

Example would be is it painting is it interior exterior, there's different paths to go down. By doing this we can get more certain about what the job is and how to price the lead and get a better match of the right pro having the right pro mix, the higher and the job being well done much more likely. So that is really our core focus there. We're doing a number of things, obviously, but I'd just sort of stop there with that.

例如，它是內部外部的油漆，有不同的路徑可以走。透過這樣做，我們可以更確定工作是什麼以及如何對領先定價，並更好地匹配具有正確職業組合的正確職業，越高，完成工作的可能性就越大。所以這確實是我們的核心焦點。顯然，我們正在做很多事情，但我只想到此為止。

Let's do one more question.

我們再做一個問題。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Hi, good morning, guys. Joey, can you talk a little bit about engagement trends on DDM properties, peers have harnessed new formats and ML models to drive personalization and higher time spent. Is this an opportunity for DDM?

嗨，早上好，夥計們。Joey，您能談談 DDM 資產的參與趨勢嗎？這對DDM來說是一個機會嗎？

And then, Jeff, I'd just be curious to get your thoughts as the Fed cuts rates next month. Is that a tailwind for the energy business? Thank you.

然後，傑夫，我很想知道您在美聯儲下個月降息時的想法。這是能源產業的順風車嗎？謝謝。

Sure, Tom. Yes, that is an opportunity. So I'm glad you raised it on when we think about DDMs growth, there is a on the traffic side, certainly it is just volume. It is engagement and it is frequency and different properties are at different levels of frequency and engagement.

當然，湯姆。是的，這是一個機會。因此，我很高興您在我們考慮 DDM 成長時提出這個問題，流量方面有一個問題，當然只是數量。它是參與度和頻率，不同的屬性有不同的頻率和參與度。

And we have real opportunities across many of them to grow that more deeply. I mean, as you maid might imagine recipes have very deep engagements. And so I think for us, maybe the opportunity to drive frequency or scale there and something like People Magazine would have very significant scale and volume.

我們在其中許多領域都有真正的機會來更深入地發展。我的意思是，正如你可能想像的那樣，食譜有非常深入的參與。所以我認為對我們來說，也許有機會提高那裡的頻率或規模，像《人物》雜誌這樣的雜誌將具有非常顯著的規模和數量。

And the opportunity there would be to do things like driving deeper engagement. And AI is a fantastic tool for that we have been playing with that. There the main tool is figuring out what the next article to suggest is and AI is much better at that than people are. And so we're using those tools to deploy there to figure out how to drive engagement. I think we can get real wins there on the engagement side.

並且有機會做一些事情，例如推動更深入的參與。人工智慧是一個很棒的工具，我們一直在使用它。那裡的主要工具是弄清楚下一篇文章的建議是什麼，而人工智慧在這方面比人類做得更好。因此，我們正在使用這些工具進行部署，以找出如何推動參與。我認為我們可以在參與方面取得真正的勝利。

On the rate cut, Angi obviously, there's a lot of complexity in the macro environment right now and a lot of different forces by itself, a rate cut would provide homeowner demand because it would be more likely to increase the rate of home buying and thus the repairs you do to your house to sell it and the repairs you do the repairs and improvements you do the house that you plan as you're moving it.

關於降息，Angi 顯然，目前宏觀環境非常複雜，本身也有很多不同的力量，降息將提供房主需求，因為它更有可能提高購房率，從而您為出售房屋而對房屋進行的修理以及您在搬遷時計劃對房屋進行的修理和改進。

The other thing it would theoretically do is it would lower the cost of home equity lines and encourage improvements. That's in a vacuum, it's a little bit hard to predict all the forces that are going on right now. We have some evidence that people have shifted their own personal capital towards improvements, because they can't move.

理論上它會做的另一件事是降低房屋淨值額度的成本並鼓勵改進。這是在真空中，很難預測現在正在發生的所有力量。我們有一些證據表明，人們已經將自己的個人資本轉向改善，因為他們無法移動。

The rate cut would have to be material to impact all of the people out there who have 2.5% rates and make them willing to move in terms of the value trade-off they'd make. So I think there's a little more complexity to it, but by itself have a rate cut should help the consumer demand in particular and give us a tailwind there.

降息必須對所有擁有 2.5% 利率的人產生重大影響，並讓他們願意做出價值權衡。因此，我認為這有點複雜，但降息本身應該特別有助於消費者需求，並為我們帶來推動力。

And just to put some numbers around that, it is every time a home turns over on average of $15,000 of home improvement that happened. So fewer turnovers, which is what the market has seen for a while now I mean, those $15,000 events aren't happening to the same degree.

僅用一些數字來說明這一點，每次房屋翻修都會發生平均 15,000 美元的房屋裝修費用。因此，營業額減少了，這是市場一段時間以來所看到的，我的意思是，那些 15,000 美元的事件並沒有以同樣的程度發生。

So you'd like to see more home turnover. But there are some natural hedges there, as Jeff alluded to and there's also the reality that we've said for a while that I think 60% of our business is nondiscretionary. So as we always say, the locksmith, you're not going for the locksmith for rates to turn.

所以您希望看到更多的房屋營業額。但正如傑夫所提到的那樣，其中存在一些自然對沖，我們已經說過一段時間的現實是，我認為我們 60% 的業務是非全權委託的。所以，正如我們常說的，鎖匠，你不會去找鎖匠來調換費率。

I think that covers it. Thank you all for joining us. Thanks for a lot of great questions. Thanks for the support and as we continue on this journey and especially thanks to the IT folks on here who are making all this happen. Talk to you all next quarter. Thank you.

我認為這涵蓋了它。感謝大家加入我們。感謝您提出很多好問題。感謝您的支持，感謝我們繼續這趟旅程，特別感謝這裡的 IT 人員，是他們讓這一切成為現實。下個季度再和大家聊聊。謝謝。

The conference has now concluded. Thank you for attending today's presentation and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。