IAC Inc (IAC) 2023 Q1 法說會逐字稿

Good morning, and welcome to the IAC and Angi First Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到 IAC 和 Angi 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Christopher Halpin, CFO and COO of IAC. Please go ahead.

我現在想將會議轉交給 IAC 的首席財務官兼首席運營官 Christopher Halpin。請繼續。

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC and Angi Inc.'s First Quarter Earnings Call. Joining me today is Joey Levin, CEO of IAC and CEO and Chairman of Angi Inc.

謝謝。大家，早安。 Christopher Halpin，歡迎來到 IAC 和 Angi Inc. 的第一季度財報電話會議。今天和我一起的是 IAC 首席執行官兼 Angi Inc. 首席執行官兼董事長喬伊·萊文 (Joey Levin)。

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. We will then open it up to Q&A.

與上一季度類似，作為對我們季度收益發布的補充，IAC 還發布了其季度股東信函，目前可在 IAC 網站的投資者關係部分獲取。我們不會在這次電話會議上閱讀股東信。我很快會將電話轉給喬伊，讓他做一些簡短的介紹性發言。然後我們將開放它進行問答。

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. 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 releases in our respective filings with the SEC. We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, and which we'll refer to today as EBITDA for simplicity during the call. I'll also refer you to our releases, the IAC shareholder letter 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.

在我們開始之前，我想提醒您，在本次演講中，我們可能會討論我們的前景和未來的表現。這些前瞻性陳述通常可能以我們預期、我們相信、我們預期或類似的陳述開頭。這些前瞻性觀點受風險和不確定因素的影響，我們的實際結果可能與今天表達的觀點存在重大差異。 IAC 和 Angi Inc. 在我們各自提交給美國證券交易委員會的文件中發布的第一季度報告中闡述了其中一些風險。我們還將討論某些非 GAAP 指標，作為提醒，其中包括調整後的 EBITDA，為了簡單起見，我們今天將其稱為 EBITDA。我還將向您推薦我們的新聞稿、IAC 股東信，並再次參考我們各自網站的投資者關係部分，了解所有可比的 GAAP 措施和所有重要非 GAAP 措施的完整對賬。

Now let's jump right into it, Joey.

現在讓我們開始吧，喬伊。

Thank you, Chris. Welcome, everybody. Thanks for joining us this morning.

謝謝你，克里斯。歡迎大家。感謝您今天早上加入我們。

Feels good to be playing a bit of offense again here. I think we've meaningfully turned a corner on earnings. I think the back to basic theme is working here. We have really focused internally for the last quarter or several quarters, and I think that's starting to show up in our numbers, and that's allowed us to focus on allocating capital again, too. You saw we put a lot of capital to work this quarter and really all of it focused internally on the things you know really well. I think that's consistent with our back to basic theme and consistent with what we're seeing in our business which is -- we're getting things working. We're getting things working in terms of profitability. We're getting things working in terms of customer experience and we're getting things working in terms of preparing for the future and starting to win competitively and that feels really good to be on that team. I know there's a lot of things we did this quarter that people are interested to hear about.

在這裡再次進攻感覺很好。我認為我們已經有意義地扭轉了收益。我認為回歸基本主題在這裡起作用。我們在上個季度或幾個季度真正關注內部，我認為這開始體現在我們的數字中，這讓我們也能夠再次專注於資本配置。你看到我們在本季度投入了大量資金，實際上所有資金都集中在內部你真正了解的事情上。我認為這與我們回歸基本主題一致，也與我們在業務中看到的一致——我們正在讓事情運轉起來。我們正在使事情在盈利能力方面發揮作用。我們正在讓事情在客戶體驗方面發揮作用，我們正在讓事情在為未來做準備和開始贏得競爭方面發揮作用，加入這個團隊感覺真的很好。我知道本季度我們做了很多人們有興趣了解的事情。

So let's get to questions quickly. Thanks, operator.

因此，讓我們快速回答問題。謝謝，運營商。

(Operator Instructions) Our first question comes from Ross Sandler from Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Yes, I just had 2 questions. First on the buyback and then second on Dotdash Meredith. So on the buyback, I think everybody on the call is curious as to the why now. We see the math on the course of being negative and obviously, Angi's in DDM or turning the corner here in the first quarter or first half. So just could you walk us through the thinking on what goes into that decision and what we should expect going forward?

是的，我只有兩個問題。首先是回購，然後是 Dotdash Meredith。因此，在回購時，我認為電話中的每個人都對現在的原因感到好奇。我們看到數學是消極的，顯然，安吉在 DDM 中，或者在第一節或上半場在這裡扭轉局面。那麼，您能否帶領我們思考一下該決定的內容以及我們對未來的期望？

And then on Dotdash Meredith, it looks like the progression here is happening according to plan with the January negative 20% going to like June positive. Any surprises or anything you would flag in terms of areas of weakness or strength within that business?

然後在 Dotdash Meredith 上，看起來這裡的進展正在按計劃進行，1 月的負 20% 將像 6 月的正數一樣。就該業務的弱點或優勢領域而言，您會感到驚訝或有什麼要標記的嗎？

Sure. Ross. I appreciate the question on share buybacks. I think in a sense, you've answered it a little bit in the question, it is the things that you said. One is it's the negative implied value, and we think that's a compelling investment thesis. Two, it's the state of the business is. So we feel more comfortable buying back shares when we're generating cash and when we're growing earnings, those are important milestones for us. And it is the overall environment that we're in and kind of how we feel as a business. But we are -- when we look at what we have in aggregate, that is a compelling combination of things for us. As far as where it goes from here, we never really can or would answer that question. I would say the usual, which is we consider it regularly, we will continue to consider it regularly. And when we see opportunities, we'll prioritize share repurchases over other things. And we'll -- the bar for something other than a share repurchase is a very high bar right now.

當然。羅斯。我很欣賞關於股票回購的問題。我認為從某種意義上說，你在問題中已經回答了一點，就是你所說的。一是它的隱含價值為負，我們認為這是一個令人信服的投資論點。第二，它的業務狀況。因此，當我們產生現金和增加收益時，我們更願意回購股票，這些對我們來說是重要的里程碑。這是我們所處的整體環境以及我們作為一家企業的感受。但是我們是——當我們總體上看我們擁有的東西時，這對我們來說是一個引人注目的組合。至於它從這裡走向何方，我們永遠無法或不會回答這個問題。我會說通常，也就是我們定期考慮，我們將繼續定期考慮。當我們看到機會時，我們會優先考慮股票回購。而且我們會 - 除了股票回購之外的其他東西的門檻現在是一個非常高的門檻。

But we're with our capital. We're always looking at lots of things and we'll continue to look at lots of things. And when we see opportunities, we will seize them. But right now, that opportunity in the first quarter, I think, was very compelling, and we seized that there, and it was more compelling than it's been in a very long time.

但我們有我們的資本。我們一直在關注很多事情，我們將繼續關注很多事情。當我們看到機會時，我們將抓住它們。但現在，我認為第一季度的機會非常引人注目，我們在那裡抓住了它，而且它比很長一段時間以來都更具吸引力。

Yes. Thanks, Ross. And then on Dotdash Meredith, as a reminder, the Dotdash playbook that we are running on Meredith is about bringing the sites over, speeding them up, cutting out both old content as well as Ad clutter and driving traffic and performance. As we highlighted in the shareholder letter, broadly across the key Meredith titles, we feel very good. A lot of green on the page, and we're now 7 to 12 months into migration. And we're seeing that not only on an absolute basis, but also strength in similar categories between Meredith titles versus Dotdash titles that would be similar state -- that would be steady state.

是的。謝謝，羅斯。然後在 Dotdash Meredith 上，作為提醒，我們在 Meredith 上運行的 Dotdash 劇本是關於將網站帶過來，加速它們，減少舊內容和廣告混亂以及推動流量和性能。正如我們在股東信中強調的那樣，在梅雷迪思的主要頭銜中，我們感覺非常好。頁面上有很多綠色，我們現在已經進行了 7 到 12 個月的遷移。我們不僅在絕對基礎上看到了這一點，而且在 Meredith 頭銜與 Dotdash 頭銜之間的相似類別中也看到了類似狀態的實力——這將是穩定狀態。

We get the question, so I'll take them head on. People is yellow, that is nothing about the migration. That's purely because last April, May. There was the Oscar swap as well as the Johnny Depp trial. So traffic has been tougher there recently, but we had an excellent first quarter, once we lap the Johnny Depp verdict, we expect to return to strong growth there. Feel very good about that property.

我們得到了問題，所以我會直面他們。人是黃色的，這與遷移無關。那純粹是因為去年四月，五月。有奧斯卡交換以及約翰尼德普審判。因此，最近那裡的交通更加艱難，但我們第一季度表現出色，一旦我們對約翰尼·德普 (Johnny Depp) 做出了裁決，我們預計那裡會恢復強勁增長。對該物業感覺非常好。

InStyle has been challenged since we bought it, but we feel good about the game plan there and really getting rid of a lot of low-calorie impressions. Parents who we're working on. We have a game plan there, and shape is very small. The rest are very strong. That's on traffic.

自我們購買 InStyle 以來，它一直受到挑戰，但我們對那裡的遊戲計劃感覺良好，真正擺脫了很多低熱量的印象。我們正在研究的父母。我們在那裡有一個遊戲計劃，而且形狀很小。其餘的都很強。那是在交通上。

The other key part of the thesis is performance marketing and e-commerce, and that continues to be excellent. The whole thesis of taking the Dotdash e-commerce and performance marketing assets to the narrative sites and driving them through the Meredith brands is playing out very well. We highlighted -- we were up in performance marketing across the board in March for the first time in a while, and we just expect to continue to move from strength to strength across the portfolio. So feel good there.

論文的另一個關鍵部分是績效營銷和電子商務，並且仍然很出色。將 Dotdash 電子商務和績效營銷資產帶到敘事網站並通過 Meredith 品牌推動它們的整個論點正在發揮得非常好。我們強調 - 我們在 3 月份首次全面提升績效營銷，我們只是希望繼續在整個投資組合中不斷壯大。所以在那裡感覺很好。

Next question comes from Cory Carpenter from JPMorgan.

下一個問題來自摩根大通的 Cory Carpenter。

I had 2 on Angi. Joey, could you just talk about where you're seeing the greater efficiencies that led you to raise the [prop and guide] ? And then how much more room you can still have on the cost side?

我有 2 個安吉。喬伊，你能談談你在哪裡看到更高的效率導致你提高 [prop and guide] 嗎？那麼在成本方面您還有多少空間？

And then on revenue, the letter talked a lot about focus on quality and sort of cleaning up the platform. How long do you expect it to take to work through this? Does it change your expectations at all for growth this year? I think previously you talked about kind of flattish growth in '23.

然後在收入方面，這封信談到了很多關於關注質量和清理平台的事情。您預計需要多長時間才能解決這個問題？它是否完全改變了您對今年增長的預期？我想你之前談到過 23 年的增長持平。

Sure. On profit and on the cost side, I don't expect we're cutting further costs from here. I think we did a lot on that, and I think that, that's worked very well, not just in terms of generating more profit, but in terms of operating more efficiently. I think with fewer people, we're actually getting more done faster, and that's good. So I think we're in a good place there. We've talked about areas where we'll start to reinvest like marketing, in particular, television marketing on the cost side, but that has gone very well, and we're pleased with where we are there.

當然。在利潤和成本方面，我不認為我們會從這裡進一步削減成本。我認為我們在這方面做了很多，而且我認為，這非常有效，不僅在產生更多利潤方面，而且在提高運營效率方面。我認為用更少的人，我們實際上可以更快地完成更多工作，這很好。所以我認為我們處在一個很好的位置。我們已經討論了我們將開始重新投資的領域，例如營銷，特別是成本方面的電視營銷，但進展非常順利，我們對我們所處的位置感到滿意。

The quality things that we're doing are going to play out over the course of this year and probably to think about where we'll continue to invest really is more on the revenue side. So what I mean when I say invest on the revenue side is get out of certain revenue that we're doing. I alluded to some of these things in the letter, get out of certain revenue that we're generating that I don't think is long term good for our ecosystem. I think that leads to probably little declines over the course of 2023 in revenue. I'll let Chris take you through the numbers there.

我們正在做的高質量的事情將在今年發揮作用，並且可能會考慮我們將繼續投資的地方更多地是在收入方面。因此，當我說在收入方面進行投資時，我的意思是擺脫我們正在做的某些收入。我在信中提到了其中一些事情，從我們產生的某些收入中退出，我認為這對我們的生態系統沒有長期好處。我認為這可能會導致 2023 年收入略有下降。我會讓克里斯帶你了解那裡的數字。

But I think we'll invest more of the revenue or reinvest more of the revenue and the customer experience. That's things like sending fewer e-mails, moving away from certain marketing channels, doing less of certain kinds of sales or allowing service professionals to buy fewer products so that they can retain longer and have a better experience and generate a better ROI on our platform. Those -- we have a lot of those changes happening throughout the organization that we put in place over the course of Q4 and Q1, and that will continue to come into place over the rest of the year. And I view that all that investment happening really over the course of 2023 to grow in 2024.

但我認為我們將投資更多的收入或再投資更多的收入和客戶體驗。這就是發送更少的電子郵件、遠離某些營銷渠道、減少某些類型的銷售或允許服務專業人員購買更少的產品，以便他們可以保留更長時間並獲得更好的體驗並在我們的平台上產生更好的投資回報率.那些——我們在第四季度和第一季度實施的整個組織中發生了很多變化，並將在今年剩餘時間繼續實施。我認為所有這些投資實際上在 2023 年期間發生，並在 2024 年增長。

The -- most of the cost cuts we did on sales are also complete. That also -- and we've changed our offer mix. And so that also has an impact on what we do in revenue, but again, driving more retention and pros to spend more over their lifetime with us. Again, we get the benefit of that in 2024, but that hurts us over the course of 2023.

我們在銷售方面所做的大部分成本削減也已經完成。這也是 - 我們已經改變了我們的報價組合。因此，這也會對我們的收入產生影響，但同樣會推動更多的保留和專業人士在他們的一生中與我們一起度過更多的時光。同樣，我們在 2024 年從中受益，但這在 2023 年對我們造成了傷害。

Sure. And thanks, Cory. In terms of outlook on revenue and profitability, what we're expecting is that aggregate revenue across all service lines, on a net basis. So treating -- looking at 2022 as if services was booked net for the full year. We expect revenue to be down 5% to 10% each quarter for the remainder of '23. That decline will be most pronounced in Q2 as we had a number of lower -- a sort of a spike in lower-value revenues during that period last year and stripping that or that push towards quality. And then we would expect revenue in Q3 and Q4 to be at the -- down less in that 5% to 10% range on a year-over-year basis.

當然。謝謝，科里。就收入和盈利能力前景而言，我們期望的是所有服務線的總收入淨額。因此，將 2022 年視為全年淨預訂服務。我們預計在 23 年剩餘時間裡，每個季度的收入將下降 5% 至 10%。這種下降將在第二季度最為明顯，因為我們有一些較低的 - 去年同期低價值收入的一種飆升，並剝奪了這種或那種對質量的推動。然後我們預計第三季度和第四季度的收入將同比下降 5% 至 10%。

On a profitability perspective, we expect Q2 on an adjusted EBITDA basis to be similar to Q1 in terms of whole dollars. We tend to spend more marketing in Q2 on things like TV. So margins are a little lower, even though seasonally, revenue was higher in Q2 and Q3, we expect a little bit of lower margins on immediate marketing spend and then we expect margins to be solid in Q3 and Q4 and drive profitability and free cash flow there.

從盈利能力的角度來看，我們預計第二季度在調整後的 EBITDA 基礎上與第一季度的整體美元相似。我們傾向於在第二季度在電視等方面花費更多的營銷費用。因此利潤率略低，儘管季節性收入在第二季度和第三季度較高，我們預計即時營銷支出的利潤率會略微降低，然後我們預計第三季度和第四季度的利潤率將保持穩定並推動盈利能力和自由現金流那裡。

So as we're getting rid of a lot of these lower quality revenues, expect declining revenues in the second half of the year -- the last 2 quarters of the year and really setting us up for growth in '24, but we can still have good performance on margins despite that revenue headwind.

因此，隨著我們擺脫大量這些低質量的收入，預計今年下半年的收入會下降——今年的最後兩個季度，這確實為我們在 24 年的增長做好了準備，但我們仍然可以儘管收入逆風，但利潤率表現良好。

Yes. The only thing I'd just add further to that is the way we're talking about internally, the folks on the Angi team is, I've said to everybody, I want to turn off revenue that is not going to be good for our customer experience and long-term customer relationships. If we're building lifelong customers, let's build the lifelong customers and make that healthy. We've got room on profit to do that. And I want to prioritize the customer experience over revenue right now. And we've got plenty of profit in there to work with. And that's been our priority, and that will be our priority over the course of 2023 to go and grow from there. But I think it's -- I view it as a very healthy thing, and I view it as us being in a very healthy place as a business with those decisions.

是的。我要進一步補充的唯一一件事是我們在內部討論的方式，Angi 團隊的成員，我已經對每個人說過，我想關閉對公司不利的收入我們的客戶體驗和長期客戶關係。如果我們要建立終身客戶，那就讓我們建立終身客戶並使其健康。我們有足夠的利潤空間來做到這一點。我現在想優先考慮客戶體驗而不是收入。我們在那裡有很多利潤可以使用。這一直是我們的首要任務，這將是我們在 2023 年的首要任務，即從那裡開始發展。但我認為這是——我認為這是一件非常健康的事情，我認為我們作為一個做出這些決定的企業處於一個非常健康的狀態。

Next question comes from Brian Fitzgerald from Wells Fargo.

下一個問題來自富國銀行的 Brian Fitzgerald。

Thanks, Joey. Thanks for your thoughts on AI in the letter. We wanted to ask if you could highlight some of the key opportunities you see for the use of AI in your businesses? And if you could share any thoughts on how you can differentiate and also defend your content and IP from generative AI competitors? That's the first one.

謝謝，喬伊。感謝您在信中提出對 AI 的看法。我們想問您是否可以強調您看到的在您的企業中使用 AI 的一些關鍵機會？如果你能分享任何關於如何區分和保護你的內容和知識產權免受生成人工智能競爭對手的想法？這是第一個。

And then second one was just on Dotdash Meredith on the new intent-driven cookies product. Are you looking to drive monetization lift on your general interest sites using insights gained elsewhere within the network? Or is there an audience extension opportunity across the Internet as well?

然後第二個是關於 Dotdash Meredith 的新的意圖驅動的 cookie 產品。您是否希望利用網絡中其他地方獲得的洞察力來推動您的一般興趣網站的貨幣化提升？或者是否也有通過 Internet 擴展受眾群體的機會？

Yes. I'll do the Dotdash one first, and then I'll come to the AI one. The -- we're not so focused on audience extension there. We're focused on proving and showing intent in the product that we have. It has the key features that advertisers are looking for today, which is anonymity or you don't need PII, you don't need cookies and you have one of the hardest things to come across, which is intent while not having those other 2 things. And the fact that we can deliver that, we're branding that, we're organizing around that. I think it's very helpful towards sales. But the focus on that is internally. Obviously, there is -- there are opportunities for audience expansion and there are components where that can happen. But I think that we have a lot of inventory that we can sell across our sites, and that's going to be the your priority and focus of that today, but not to say that those things aren't possible. And that comes out, I think, in the next few weeks, and so that will be exciting. We'll see how that goes.

是的。我會先做 Dotdash，然後再做 AI。 - 我們並沒有那麼專注於那裡的受眾群體擴展。我們專注於證明和展示我們擁有的產品的意圖。它具有當今廣告商正在尋找的關鍵功能，即匿名或您不需要 PII，您不需要 cookie，並且您遇到了最困難的事情之一，這是有意而沒有其他 2事物。事實上，我們可以做到這一點，我們正在打造品牌，我們正在圍繞它進行組織。我認為這對銷售很有幫助。但重點是在內部。顯然，有 - 有擴大受眾的機會，並且有可能發生的組件。但我認為我們有很多庫存可以在我們的網站上銷售，這將是你今天的首要任務和重點，但並不是說這些事情是不可能的。我認為，這將在接下來的幾週內公佈，這將是令人興奮的。我們將看看情況如何。

In terms of using AI in the businesses, there's a bunch of places where we're using -- probably where it's happening fastest and most robustly right now is in code. Meaning people writing code and using pieces of code that they can get through these systems or helping them write code faster that -- if you talk to pretty much any developer in any company, they are using it and they're getting real value from that really quickly, which leads to efficiencies there.

就在企業中使用 AI 而言，我們在很多地方都在使用——可能它現在發生得最快、最穩健的地方就是代碼。這意味著人們編寫代碼並使用他們可以通過這些系統獲得的代碼片段，或者幫助他們更快地編寫代碼——如果你與任何公司的幾乎任何開發人員交談，他們都會使用它並且從中獲得真正的價值真的很快，這導致那裡的效率。

There are other areas like customer support, where we have ideas or we're experimenting, but they haven't quite gone live with those things yet. And then just organizing processes around content creation. We're certainly not having the AI radar content, but you can start to organize and outline things and figure out how to prioritize things or use AI to learn what kind of content works, what kind of content works better than other content and analyze data, which is a data analysis project at significant scale, and that's working -- starting to work for us.

還有其他領域，如客戶支持，我們有想法或正在試驗，但他們還沒有完全接受這些東西。然後只是圍繞內容創建組織流程。我們當然沒有 AI 雷達內容，但你可以開始組織和概述事物並弄清楚如何確定事物的優先級或使用 AI 來了解什麼樣的內容有效，什麼樣的內容比其他內容更有效並分析數據，這是一個大規模的數據分析項目，並且正在發揮作用——開始為我們工作。

When I think about -- I alluded to this in the letter, the marketplace business is, this is, I think, maybe one of the most exciting things, although we have nothing live here yet. But one of the most exciting things is to use these models to learn our proprietary supply database and learn from our demand, the demand that's coming in and figure out how to make better matches. Anytime you figure out how to make better matches that has significant yield for the business and making better matches is a data analysis problem. And these models are built for big scale data analysis. And I think that, that will be -- could be very valuable.

當我想到——我在信中提到了這一點，市場業務，我認為，這可能是最令人興奮的事情之一，儘管我們還沒有住在這裡。但最令人興奮的事情之一是使用這些模型來學習我們專有的供應數據庫並從我們的需求中學習，即將到來的需求並弄清楚如何做出更好的匹配。任何時候你想出如何做出更好的匹配，這對業務有顯著的收益，而做出更好的匹配是一個數據分析問題。這些模型是為大規模數據分析而構建的。我認為那將是非常有價值的。

The other thing that I alluded to in the letter, I think is really important is take Angi, for example, we have what we call a service request path. On the service request path for Angi, people come in, we ask them a question, there's Zip code, then we ask them what kind of job it is, and we ask him some details about that job, and that is a multi-step process. It is hard to get a user anywhere through a multistep process. What the chat bots are doing right now is they're creating this natural conversational UI where users are getting comfortable with those things, which is like a gift from heaven for us to be able to get people to use that UI more comfortably and to have that be smarter and more interactive.

我在信中提到的另一件事，我認為非常重要的是以 Angi 為例，我們有所謂的服務請求路徑。在 Angi 的服務請求路徑上，人們進來，我們問他們一個問題，有郵政編碼，然後我們問他們這是什麼工作，我們問他關於那個工作的一些細節，這是一個多步驟過程。很難通過多步驟流程讓用戶到達任何地方。聊天機器人現在正在做的是他們正在創建這種自然的對話用戶界面，讓用戶對這些東西感到舒服，這就像是來自天堂的禮物，讓我們能夠讓人們更舒適地使用該用戶界面，並擁有更智能，更具互動性。

So we've actually built on already at Angi. It's not live yet, but we've built that. We're putting more work into building that to get something really exciting there, and that will be fun. But using that conversational UI to get better data from the homeowner on what they need done, and then, therefore, match them better on the service professional side. And you can make the same thing on the care side and on Vivian and at Turo that same thing works. And I think that, that could be a lot of fun and really impactful for the business.

所以我們實際上已經在 Angi 建立了。它還沒有上線，但我們已經建立了它。我們正在投入更多的工作來構建它，以獲得真正令人興奮的東西，這將很有趣。但是使用該對話式 UI 可以從房主那裡獲得更好的數據，了解他們需要做什麼，然後在專業服務方面更好地匹配他們。你可以在護理方面做同樣的事情，在 Vivian 和 Turo 做同樣的事情。而且我認為，這可能會很有趣並且對業務產生真正的影響。

Next question comes from John Blackledge from Cowen.

下一個問題來自 Cowen 的 John Blackledge。

Great. On DDM, any way to frame the DDM EBITDA margin trajectory in the second quarter and then into the second half and could you clarify the lease impairment charge in 1Q? And then just also on the land purchase, what was the kind of rationale there?

偉大的。在 DDM 上，有什麼方法可以確定第二季度和下半年的 DDM EBITDA 利潤率軌跡，您能否澄清第一季度的租賃減值費用？然後就土地購買而言，那裡的理由是什麼？

Sure. Thanks, John. So I'll start with the lease impairment. That relates -- it's a onetime noncash charge that relates to 2 floors in Meredith's office space in New York that when we bought the business were shuttered. They're not used for any purposes right now and have been on the sublease market. We had -- at the time of the acquisition in purchase accounting, we had fair valued those floors and made a sublease assumption. All the cost -- or the cost associated with those floors flows through our existing P&L. We have came to the conclusion we needed to take a further impairment on that space given the substantial step down in the commercial rental market in Lower Manhattan. And so $44 million -- $70 million total charge, $44 million of it is above the adjusted EBITDA line with the rest is depreciation. That's -- we will still look to sublease that space but no real impact on the business.

當然。謝謝，約翰。所以我將從租賃減值開始。這與 - 這是一項一次性非現金費用，涉及 Meredith 在紐約辦公空間的 2 層樓，當我們購買該業務時，該辦公室已關閉。它們現在沒有用於任何目的，一直在轉租市場上。我們 - 在採購會計中進行收購時，我們對這些樓層進行了公允估值並做出了轉租假設。所有成本——或與這些地板相關的成本都流經我們現有的損益表。鑑於曼哈頓下城的商業租賃市場大幅下滑，我們得出的結論是，我們需要對該空間進行進一步減值。所以 4400 萬美元 - 7000 萬美元的總費用，其中 4400 萬美元高於調整後的 EBITDA 線，其餘為折舊。那就是——我們仍將尋求轉租該空間，但不會對業務產生實際影響。

When you think -- when we look forward to our reaffirming our adjusted EBITDA guidance for the year at DDM of $250 million to $300 million, that is excluding or adding back that lease impairment, especially since it's noncash. We don't expect significant other onetime charges this year unlike last year where we were going through the integration.

當你想到 - 當我們期待我們重申我們調整後的 EBITDA 指引時，DDM 為 2.5 億至 3 億美元，這不包括或增加租賃減值，特別是因為它是非現金的。與去年我們進行整合的情況不同，我們預計今年不會有其他重大的一次性費用。

On a forward basis on EBITDA margins. One thing to always remember is Q1 is the lowest activity revenue quarter of the year as well as the lowest margin quarter of the year and Q4 is consistently the largest. What we looking forward, and we talked about the phasing in the letter, but we expect Q2 to be pretty consistent with Q2 of last year on an adjusted EBITDA basis, adding back onetime expenses and the like. We expect to have some good scale both in margins and profitability in Q3. Last year in Q3, we were going through the integrations. We had a lot of inefficiencies on our ad stack and cost structure. And then Q4, given where we're headed in the growth in e-commerce and our expectations of both traffic and revenue growth, assuming the Ad market just stays as it is. We're not anticipating improvement, we expect to have strong profitability there, and our goal is to get to 35% plus digital adjusted EBITDA margins. So that's how we think about the year.

基於 EBITDA 利潤率的遠期計算。要永遠記住的一件事是，第一季度是一年中活動收入最低的季度，也是一年中利潤率最低的季度，而第四季度一直是最高的。我們期待什麼，我們在信中談到了分階段，但我們預計第二季度在調整後的 EBITDA 基礎上與去年第二季度相當一致，加上一次性費用等。我們預計第三季度的利潤率和盈利能力都會有一定的規模。去年第三季度，我們進行了整合。我們的廣告堆棧和成本結構效率低下。然後是第四季度，考慮到我們在電子商務增長方面的發展方向以及我們對流量和收入增長的預期，假設廣告市場保持原樣。我們預計不會有所改善，我們希望在那裡有強勁的盈利能力，我們的目標是達到 35% 以上的數字調整後 EBITDA 利潤率。這就是我們對這一年的看法。

With respect to the land purchase, related in Blackstone don't need to be worried. IAC is not going into the real estate market. This was a specific situation when the headquarters was built just under 20 years ago, it is on a 75-year ground lease to a parcel of land that was owned by a New York property firm. That -- the ground lease payment that we make there has been fixed at a low level since opening in the mid-2000s and we were headed towards a large step-up in fair market value. Even though the broader commercial real estate market is soft right now. You can imagine, since in the last nearly 20 years, there have been some significant increases in commercial real estate values. That step-up would have -- at the fair market value would have flowed directly through our P&L. So first off, for us, we could buy the land and avoid a significant increase in our ground rent.

在土地收購方面，黑石相關人士無需擔心。 IAC 不會進入房地產市場。這是一個特殊的情況，當時總部剛剛建成不到 20 年，它以 75 年的土地租約租給紐約一家房地產公司擁有的一塊土地。自 2000 年代中期開業以來，我們在那裡支付的地面租賃費一直固定在較低水平，我們正朝著公平市場價值的大幅提升邁進。儘管目前更廣泛的商業房地產市場疲軟。你可以想像，在過去的近 20 年裡，商業地產的價值出現了一些顯著增長。這種提升將 - 以公平的市場價值直接通過我們的損益表流動。所以首先，對我們來說，我們可以購買土地並避免地租大幅增加。

Secondly, combining the building with the land increases our optionality around realizing the value when it's just a building on a ground lease, it's hard to do much in the form of either a mortgage or other transactions to extract value from the property. And it just gives us greater flexibility and optionality around assets on our balance sheet.

其次，將建築物與土地結合起來增加了我們在實現價值方面的選擇權，當它只是一棟土地租賃的建築物時，很難以抵押或其他交易的形式從財產中提取價值。它只是為我們資產負債表上的資產提供了更大的靈活性和可選性。

And then finally, it was a disrupted market due to rising interest rates and broader tough capital markets for real estate. And I think the market knew we were the best buyer. So we felt good on an opportunistic basis. But that is the context, and we think it will create value for our shareholders.

最後，由於利率上升和更廣泛的房地產資本市場艱難，這是一個混亂的市場。而且我認為市場知道我們是最好的買家。所以我們在機會主義的基礎上感覺很好。但這就是背景，我們認為這將為我們的股東創造價值。

Next question comes from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Joey, on Emerging & Other, could you dive a little deeper into Care, and it looks like there was profitability in that segment just understanding what's going on there? And then the question around why more Turo at this point?

喬伊，在新興市場和其他領域，你能否更深入地了解護理領域，看起來該領域有盈利能力，只是了解那裡發生了什麼？然後是關於為什麼此時更多 Turo 的問題？

Sure. I'll do Turo first and a bit on Care and I'll ask Chris to add in on Care.

當然。我會先做 Turo，再做一些 Care，我會請 Chris 加入 Care。

Turo is a perfect business for IT. It is a marketplace business with disaggregated supply and disaggregated demand that is delivering a great customer experience in between. It is a -- and the question in that was when we first invested is it an economic model that works because between insurance and other things and trust, can you make that equation work. And to prove they can make the equation work. And you can see it in the financials they filed with their S-1. It is a -- and it is one of these businesses where scale improves the product, not just the price. So the more people that get on there, the better it is for host and the more hosts that get on there, of course, the better it is for guests.

Turo 是一項完美的 IT 業務。這是一個具有分類供應和分類需求的市場業務，可在兩者之間提供出色的客戶體驗。這是一個——問題是我們第一次投資的時候，它是一個有效的經濟模型，因為在保險和其他事物以及信任之間，你能讓這個等式起作用嗎？並證明他們可以使方程式起作用。您可以在他們隨 S-1 提交的財務報表中看到這一點。這是一個 - 它是這些業務之一，規模可以改善產品，而不僅僅是價格。因此，上去的人越多，對主人來說就越好，當然，上去的主人越多，對客人就越好。

And I really -- they're a significant category leader, and I expect that lead to continue to expand and when you see a business with those kinds of dynamics and you have the opportunity to know more and you know the good and the bad, we took that opportunity. I am -- when I look at the size of the market that they play in and their market share and the way that they gained market share, I think that's really attractive. And I think that they have the potential to play in some other markets that could also be really attractive. And so that's a business we want to own more of.

而且我真的 - 他們是一個重要的類別領導者，我希望這種領先優勢會繼續擴大，當你看到一家具有這種活力的企業並且你有機會了解更多並且你知道好與壞時，我們抓住了這個機會。我是——當我看到他們所參與的市場規模、市場份額以及他們獲得市場份額的方式時，我認為這真的很有吸引力。而且我認為他們有潛力在其他一些也很有吸引力的市場上發揮作用。因此，這是我們想要擁有更多的業務。

And just lastly, it's an exceptional management team. I mean, Andre Haddad, the CEO of that business is a product person to the bone and is an avid user guest host of the product and constantly trying to improve the customer experience. And when we see that, that also gets pretty excited. It gets pretty exciting. And he's someone who wants to continue to do that for a very long time, and that adds to the story for us. So it sort of had every feature that we look for in a business. And when we saw the opportunity to own more, we took that opportunity.

最後，這是一支出色的管理團隊。我的意思是，該公司的首席執行官安德烈·哈達德 (Andre Haddad) 是徹頭徹尾的產品人，並且是產品的狂熱用戶來賓，並不斷努力改善客戶體驗。當我們看到它時，它也會變得非常興奮。它變得非常令人興奮。他是一個想在很長一段時間內繼續這樣做的人，這為我們的故事增添了色彩。因此，它具有我們在企業中尋找的所有功能。當我們看到擁有更多股票的機會時，我們就抓住了這個機會。

In terms of Care, Care is very much a back to basic story. It's doing the incremental work on cost and on revenue to get a little bit better every quarter. It's also a category leader. It's also a marketplace business and just moving the small things is what's happening there. We haven't had yet a huge breakthrough on the product. We haven't needed -- and we would like a huge breakthrough on product. We haven't needed a huge breakthrough on product, though, because there's been lots of basic work. A new product -- the new product is starting to roll out a little bit or some upgrades in terms of the user experience are starting to roll out, and then we'll keep innovating from there.

在 Care 方面，Care 非常回歸基本故事。它正在對成本和收入進行增量工作，以便每個季度都變得更好一點。它也是類別領導者。這也是一個市場業務，只是移動小東西就是那裡發生的事情。我們還沒有在產品上取得巨大突破。我們不需要——我們希望在產品上取得巨大突破。不過，我們不需要在產品上取得巨大突破，因為已經做了很多基礎工作。一個新產品——新產品開始推出一點點，或者在用戶體驗方面的一些升級開始推出，然後我們會從那裡繼續創新。

Yes. And thanks, Brent. Just relative to profitability, you should think of an Emerging & Other as care of the lion's share of profit there. Also Mosaic is profitable. And then you've got some smaller businesses that are in investment mode.

是的。謝謝，布倫特。就盈利能力而言，您應該將新興市場和其他市場視為那裡最大的利潤份額。馬賽克也是有利可圖的。然後你有一些處於投資模式的小型企業。

In the first quarter, as Joey said, some good execution and some good cost management on a year-over-year basis. There were a number of initiatives that had overproliferated in '22 that we phased out during the year and really focused on back to basic big value drivers. On a go-forward basis, you should just bear in mind, Q2 tends to be a lower quarter of profitability for Care and Emerging & Other as a result, as we invest in marketing, TV, others going into the summer season and into ahead of back-to-school. And that's also some elements in Q1 related to employee -- household employee tax income that leads Q1 to be profitable.

正如喬伊所說，在第一季度，與去年同期相比，一些良好的執行和一些良好的成本管理。我們在這一年中逐步淘汰了 22 年過度激增的許多舉措，真正專注於回歸基本的大價值驅動因素。在前進的基礎上，你應該記住，第二季度往往是護理和新興及其他的盈利能力較低的季度，因為我們投資於營銷、電視和其他進入夏季和未來的行業返校。這也是第一季度與員工相關的一些因素——導致第一季度盈利的家庭僱員稅收收入。

So Q2 will be lower, and then we -- we see real strength in Q3 and Q4 there. We like the state of the business, good gross margins, continued margin scale that we can drive. On a revenue basis, Enterprise has been solid, even in what is a tight corporate spending environment, return to office is a tailwind to utilization of the service of the enterprise backup care service. And then consumer has been slower growth, top of funnels been challenging. And we see some marketing opportunities to improve our marketing and conversion. But we love the business long term as a grower, industry leader with a huge opportunity to convert off-line to online, and we expect to keep pushing forward there, including through innovating the product and improving the marketing as Joey said. So we feel good. We just got to put our head down and keep executing.

所以第二季度會更低，然後我們——我們看到第三季度和第四季度的真正實力。我們喜歡我們可以推動的業務狀況、良好的毛利率和持續的利潤規模。在收入基礎上，企業一直穩固，即使在企業支出緊張的環境下，重返辦公室也是利用企業後備護理服務的順風。然後消費者增長放緩，漏斗頂部充滿挑戰。我們看到了一些營銷機會來改善我們的營銷和轉化。但我們長期熱愛這項業務，作為一個種植者、行業領導者，擁有將線下轉化為線上的巨大機會，我們希望繼續推進這一領域，包括通過創新產品和改善營銷，正如喬伊所說。所以我們感覺很好。我們只需要低下頭繼續執行。

Next question comes from Jason Helfstein from Oppenheimer.

下一個問題來自奧本海默的 Jason Helfstein。

So you talked -- 2 questions. You talked about SEM conversion improving in Angi, how do you think about this impacting revenue? And just maybe your thoughts about leaning into SEM with obviously paid marketing as this is working better? Just how are you thinking about that in timing?

所以你談到了 - 2 個問題。你談到了 Angi 中 SEM 轉化率的提高，你如何看待這對收入的影響？也許您認為通過明顯的付費營銷來使用 SEM 效果更好？你是如何考慮時機的？

And then the second question, you highlighted performance marketing improving in Dotdash. How are you thinking about convincing brand advertisers, that historical Meredith brand advertiser to act more like a performance advertiser which, to some extent, they're already doing in retail media, right, on other properties. Is this just a tough time to convince them in a lower Ad market to do that? When you're thinking that's more of a 2024 catalyst. So broad thoughts on how you kind of effectively get what's now kind of retail media budgets coming into the new Meredith Dotdash?

然後是第二個問題，您強調了 Dotdash 中績效營銷的改進。你是如何考慮說服品牌廣告商的，那個歷史悠久的梅雷迪思品牌廣告商更像是一個績效廣告商，在某種程度上，他們已經在零售媒體上做了，對，在其他財產上。在較低的廣告市場中說服他們這樣做是否只是一個艱難的時期？當您認為這更像是 2024 年的催化劑時。關於如何有效地將現在的零售媒體預算納入新的 Meredith Dotdash 的廣泛想法？

Yes. One thing on that, Jason, I'll cover both, and again, Chris add in. But the great thing about performance marketing is you really don't have to convince folks on that because it performs. The harder one is the brand marketing where the line between spend and return, it requires a lot more machinations. The performance marketing is very straightforward. So you really just have to get people to sample of spend and then they can scale as much or as little as it works. And generally, it works because of the intent of the audience. So that's pretty straightforward. We really just -- the big thing there is just getting it up on the sites and getting the units there and things like that.

是的。關於這一點，Jason，我會涵蓋這兩個方面，Chris 再次補充。但是績效營銷的好處在於，你真的不必說服人們相信它，因為它確實有效。更難的是品牌營銷，花費和回報之間的界限，它需要更多的陰謀。績效營銷非常簡單。所以你真的只需要讓人們對支出進行抽樣調查，然後他們就可以根據實際情況調整規模。通常，它之所以有效，是因為觀眾的意圖。所以這很簡單。我們真的只是——那裡最重要的事情就是把它放在網站上，然後把單位放在那裡，諸如此類。

On SEM conversion at Angi, this is really important. So I mean one of the things that I got in there focused on was seeing the conversion having been on a relatively steady decline for close to 2 years and now reversing that decline. But one of the components of doing that -- so we've now stemmed and reversed that decline in conversion. But one -- the first thing we do when we did that is start to capture the margin and make sure that we can capture the margin. So now we've proven that. The next step is the scale. And we want to scale carefully and smartly and there's a couple of components scaling. One is making sure that you can find the spend at the same efficiency, which I'm reasonably confident -- highly confident, I should say we can do across the search engines. And the second is to make sure that you have the supply side and the rest of the Angi ecosystem working to absorb that and we got to get all that working in concert. And the third piece is making sure that as you do all the spend that you're prioritizing the spend channels that have the best customer experience and have the best margin, so that you're not trading off the same.

在 Angi 的 SEM 轉換中，這非常重要。所以我的意思是，我在那里關注的其中一件事是看到轉換率在近 2 年內一直處於相對穩定的下降狀態，現在正在扭轉這種下降趨勢。但這樣做的一個組成部分 - 所以我們現在已經阻止並扭轉了轉化率的下降。但是，當我們這樣做時，我們做的第一件事就是開始獲取利潤並確保我們能夠獲取利潤。所以現在我們已經證明了這一點。下一步是規模。我們希望仔細而巧妙地進行縮放，並且有幾個組件縮放。一是確保你能以同樣的效率找到支出，我相當有信心——非常有信心，我應該說我們可以跨搜索引擎做到這一點。第二是確保你有供應方和 Angi 生態系統的其他部分努力吸收它，我們必須讓所有這些協同工作。第三部分是確保在你進行所有支出時，你會優先考慮具有最佳客戶體驗和最佳利潤率的支出渠道，這樣你就不會以相同的方式進行權衡。

You can sell -- if a service professional wants to buy one Lead, do you want to sell them that best Lead rather than a worse Lead. So the things that we're doing surrounding or this are building the technology or deploying the technology or making sure the technology works so that we can get all of that optimized together. That is a lot to optimize, and we want to make sure that we get that right when we -- as we scale this and that will happen over the course of this year.

您可以出售——如果服務專業人員想要購買一條線索，您是否想將最好的線索而不是更差的線索賣給他們。因此，我們圍繞或正在做的事情是構建技術或部署技術或確保技術有效，以便我們可以將所有這些優化在一起。這有很多需要優化的地方，我們希望確保在我們擴大規模時做到這一點，這將在今年發生。

So again, margin first. I think we've proven that now we look toward to scale and that will begin to happen over the course of this year.

同樣，保證金第一。我認為我們已經證明，現在我們期待擴大規模，這將在今年開始實現。

Do you want to add anything on?

你想添加什麼嗎？

I just think on -- Joey said it well in broader Ad market trends, this ties to the new product that Joey talked about that Dotdash Meredith is launching where if you have a campaign management program that can target the segments you're looking for give you real return path data and performance metrics, that's much easier to sell than a broad brand campaign and that's in the Dotdash DNA. And now through the integration, we can run it across all the Meredith properties and Dotdash together and take advantage of massive scale in our categories.

我只是想 - Joey 在更廣泛的廣告市場趨勢中說得很好，這與 Joey 談到的 Dotdash Meredith 正在推出的新產品有關，如果你有一個可以針對你正在尋找的細分市場的活動管理程序你真正的返迴路徑數據和性能指標，這比廣泛的品牌活動更容易銷售，並且在 Dotdash DNA 中。現在通過集成，我們可以在所有 Meredith 屬性和 Dotdash 中一起運行它，並利用我們類別中的大規模。

In terms of the overall Ad market, which was a bit in your question, it continues to be a story of different sectors or verticals finding strength or weakness as different times due to a lot of macro factors. So Health/Pharma is excellent, Beauty and Style, has really come back. Travel is good. Retail is even pretty solid, and we expect the comps to get easier in a number of these as you go.

就整體廣告市場而言，這在您的問題中有點，由於許多宏觀因素，它仍然是不同行業或垂直行業在不同時期發現優勢或劣勢的故事。所以 Health/Pharma 非常棒，Beauty and Style 真的回來了。旅行很好。零售業甚至相當穩固，我們希望隨著您的發展，其中許多方面的競爭會變得更容易。

And then you've got real weakness in finance on a year-over-year basis, media, technology, streaming those areas. And home may show signs of life but has been soft. So we'll continue to kind of manage through what's a choppy market, but we feel very good about our portfolio and where our offerings sit.

然後你在金融、媒體、技術、流媒體這些領域的同比基礎上出現了真正的弱點。和家可能會出現生命跡象但一直很柔軟。因此，我們將繼續在動蕩的市場中進行管理，但我們對我們的投資組合和我們的產品所處的位置感到非常滿意。

Next question comes from Eric Sheridan from Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Two, if I could. First, going back to the capital allocation section of the letter, Joey, I'd love to get a little bit deeper on your perspective of capitalizing on what might be short duration mismatches around asset prices or opportunities that present themselves and how you think about prioritizing, capitalizing on those opportunities versus striking the right balance of continuing to invest long duration against some of your larger sort of addressable market goals in some of the businesses and striking the right balance from a capital allocation policy standpoint?

兩個，如果可以的話。首先，回到這封信的資本配置部分，喬伊，我想更深入地了解你對利用圍繞資產價格或出現的機會的短期不匹配的看法，以及你如何看待優先考慮，利用這些機會與繼續長期投資與某些業務中的一些更大的可尋址市場目標取得適當的平衡，並從資本配置政策的角度取得適當的平衡？

And then maybe number 2 is a follow-up. We've talked a lot about the 4 priorities you laid out for Angi going forward. As you pivot from the second of the 4 services and cash flow towards the first 2 customer experience and SEM/SEO. Can you frame up how much of that are areas where you need to invest either at sustained higher levels or incrementally versus you think the dynamic of moving towards those first 2 initiatives is more about execution going forward than putting capital behind the problem?

然後，也許第 2 條是跟進。我們已經談了很多關於您為 Angi 制定的 4 個優先事項。當您從 4 項服務和現金流中的第二項轉向前兩項客戶體驗和 SEM/SEO 時。您能否確定其中有多少是您需要在持續更高水平或增量投資的領域，而您認為朝著前兩個計劃邁進的動力更多是關於執行而不是將資金用於解決問題？

Thanks, Eric. On asset prices, I don't -- I don't know the answer to that question. We're -- I would say that it's not like we're trying to buy or trade securities. So that's not really in our wheelhouse.

謝謝，埃里克。關於資產價格，我不知道——我不知道這個問題的答案。我們 - 我會說這不像我們試圖購買或交易證券。所以這不是我們的駕駛室。

Chris talked about the land purchase and that's something that sort of we do for a cleanup -- for a very long time and, I guess, some events made that possible. You could call that asset prices, interest rates, a bunch of other things made that possible in a way that was much more attractive than it would have been a year or 2 years or 4 years ago, frankly. And so that was helpful for us and we think unlocks the value for us, things like that.

克里斯談到了土地購買，這是我們為清理所做的事情——很長一段時間，我想，有些事件使這成為可能。坦率地說，你可以稱資產價格、利率和一系列其他因素使這一切成為可能，這種方式比一年、兩年或四年前更具吸引力。所以這對我們很有幫助，我們認為可以為我們釋放價值，諸如此類。

But we're not looking at, I don't think, trading securities. When we look at companies, and we think there are many companies that are -- or have recently been attractively priced. The counter to that, in particular around public companies, as we talk to some, is that there's not like probably transactions to be done at reasonable premiums to those companies right now. We haven't seen that happening. We haven't seen much appetite for that. So even though the public prices are lower, I don't think that -- I still don't think that people have gotten comfortable selling to what would have been the historical reasonable premiums to those things. I think people are looking for much, much more aggressive premium and then it gets to be a relatively less attractive asset. I mean one of the things with buying our own stock or buying Turo's stock or MGM buying its own stock is those things don't require premiums, and you can sort of take advantage of what we think is where things trade is relatively attractive. So I hope that answers the first question, although I'm not sure whether it does.

但我們沒有考慮，我不認為，交易證券。當我們審視公司時，我們認為有許多公司的價格——或最近的價格很有吸引力。與此相反，特別是在上市公司周圍，正如我們與一些人交談的那樣，現在不可能以合理的溢價對這些公司進行交易。我們還沒有看到這種情況發生。我們對此沒有太大興趣。因此，即使公開價格較低，我也不認為 - 我仍然不認為人們已經習慣於以這些東西的歷史合理溢價出售。我認為人們正在尋找更具侵略性的溢價，然後它就會成為一種相對不那麼有吸引力的資產。我的意思是購買我們自己的股票或購買 Turo 的股票或 MGM 購買自己的股票的其中一件事是這些東西不需要溢價，你可以利用我們認為交易相對有吸引力的地方。所以我希望這能回答第一個問題，儘管我不確定是否如此。

As far as the second question. The investment in customer experience and SEO and SEM is I don't think there's more we need to do on the cost side. I do think there is more we can do on the revenue side in investing in those things and that's what we're going to be doing over the course of the rest of the year, and it most certainly is execution. We have the product team right now that we think can build what we need to build and improve what we need to improve. Can't really do all that at once. And just adding more people to it, I don't think it speed us up. So the things that we're doing right now is just trying to get things tested and launched as quickly as possible and improve that customer experience. But again, a component of that is going to be turning off certain elements of revenue that we think will Lead to happier homeowners and happier service professionals over time, spending more with us and staying longer with us over time. And we'll do those wherever we think they're good for the ecosystem.

至於第二個問題。在客戶體驗、搜索引擎優化和搜索引擎營銷方面的投資是我認為在成本方面我們不需要做更多的事情。我確實認為我們可以在收入方面做更多的事情來投資這些東西，這就是我們在今年剩餘時間裡要做的事情，而且肯定是執行。我們現在擁有我們認為可以構建我們需要構建的產品並改進我們需要改進的產品團隊。真的不能一次完成所有這些。只是增加更多的人，我不認為它會加快我們的速度。因此，我們現在正在做的事情只是試圖盡快測試和推出產品，並改善客戶體驗。但同樣，其中的一個組成部分將關閉我們認為隨著時間的推移會導致更快樂的房主和更快樂的服務專業人士的某些收入要素，隨著時間的推移，我們會花更多的錢，和我們在一起的時間會更長。我們會在我們認為對生態系統有益的任何地方做這些。

Next question comes from Stephen Ju from Credit Suisse.

下一個問題來自瑞士信貸的Stephen Ju。

So Joey, I wanted to follow up on the services line for Angi. So taking a step back, even before the pandemic, I think there was always a thought process around how difficult it is going to be for the business to scale for certain categories and geographies. And now that we come through the supply and demand and valances of the pandemic and now that you've also spent some more time on the operations on a day-to-day basis, do you think the overall opportunity here is smaller? And conversely, are there certain product advancements you were able to achieve that now make what you thought was impossible previously are now possible?

所以 Joey，我想跟進 Angi 的服務熱線。因此，退一步說，甚至在大流行之前，我認為一直有一個思考過程，即企業在某些類別和地區進行擴展會有多困難。現在我們已經了解了大流行病的供求關係和價錢，現在您也花了更多時間在日常運營上，您認為這裡的整體機會是否更小？相反，您是否能夠實現某些產品進步，使您以前認為不可能的事情現在成為可能？

Yes. Thanks for the question, Stephen. It is a -- I absolutely believe in the services business as a critical component of Angi's future. And -- is it bigger or smaller than previously? I guess it depends who thought and which parts of it or when. But it is, I'll just say, a big part of Angi's future. And that's for a few reasons. One, where we can deliver the services well. And I think in the areas where we're focused today, which is the lower consideration areas, where we can deliver the service as well, it is a great customer experience. And it's not just the revenue that we generate in that customer experience, but one of the things that we're thinking about for Angi in aggregate is the whole customer journey and offering services on our platform is actually good for the entire ecosystem of Angi, meaning Ads and Leads to.

是的。謝謝你的問題，斯蒂芬。這是——我絕對相信服務業務是 Angi 未來的重要組成部分。而且——它比以前更大還是更小？我想這取決於誰想到了它的哪些部分或何時。但我只想說，這是 Angi 未來的重要組成部分。這是有幾個原因的。第一，我們可以很好地提供服務。而且我認為在我們今天關注的領域，這是較低的考慮領域，我們也可以提供服務，這是一個很好的客戶體驗。這不僅僅是我們在客戶體驗中產生的收入，而且我們為 Angi 總體考慮的事情之一是整個客戶旅程，在我們的平台上提供服務實際上有利於 Angi 的整個生態系統，意思是廣告和線索。

So a homeowner who comes to our platform now who can see services and get a lot of information that's very helpful to them, which is when they can get a job done, a price at which they can get a job done and doing that part of the journey is actually helpful regardless of whether they transact via services in that moment. They may come back and transact again later. They may come back and find a service professional to do the job through Ads and Leads. They may -- there's a number of things that they can do in that, but us offering that service on our platform, I think, is very important to the aggregate customer experience.

因此，現在來到我們平台的房主可以看到服務並獲得很多對他們非常有幫助的信息，這是他們可以完成工作的時間，他們可以完成工作並完成那部分工作的價格無論他們在那一刻是否通過服務進行交易，這段旅程實際上是有幫助的。他們可能稍後會回來再次進行交易。他們可能會回來並通過 Ads and Leads 找到服務專業人員來完成這項工作。他們可能 - 他們可以做很多事情，但我認為我們在我們的平台上提供該服務對於總體客戶體驗非常重要。

What we'd like to do is start to grow it again, but to grow it again smartly sort of one category at a time where we think we can deliver that customer experience which we need, which means price to service remotely and have a very high confidence level that we can fill it with a very high customer satisfaction rate. And when we can do those things, we'll expand into other categories, and we'll do that economically and rationally.

我們想做的是再次開始發展它，但是一次巧妙地再次發展一個類別，我們認為我們可以提供我們需要的客戶體驗，這意味著遠程服務的價格和非常高信心水平，我們可以用非常高的客戶滿意度來填充它。當我們可以做這些事情時，我們將擴展到其他類別，我們將以經濟和合理的方式做到這一點。

The current state of services, which is smaller is a result of coming out of some categories that weren't working for us and where we couldn't deliver the economics experience and the customer experience that we wanted to do and getting back to the one that does. But now that we have that, I think services have a very bright future. Again, in services, less focus on growth, 2023, over 2022, 2023 was a meaningful pullback relative to 2022. So we're not going to see growth in that business, we'll see declines in that business over the course of 2023 but getting to a healthy base that we can grow from, I think, is essential.

目前的服務狀態較小，是由於某些類別對我們不起作用，我們無法提供我們想要做的經濟體驗和客戶體驗，然後又回到原來的狀態確實如此。但現在我們有了，我認為服務有一個非常光明的未來。同樣，在服務領域，2023 年與 2022 年相比，不太關注增長，2023 年相對於 2022 年是一個有意義的回調。因此我們不會看到該業務的增長，我們將看到該業務在 2023 年期間出現下滑但我認為，建立一個我們可以從中成長的健康基礎是必不可少的。

The other piece I'll say is we've reduced exposure of the services business over recent history to our customers, and we are now experimenting with ways where we can increase that exposure but again, in ways which you think are overall more compelling for the ecosystem, and we'll see how those go over the course of this year.

我要說的另一點是，在最近的歷史中，我們已經減少了服務業務對客戶的曝光率，我們現在正在嘗試增加曝光率的方法，但同樣，您認為總體上更有吸引力的方式生態系統，我們將看到這些在今年的過程中是如何進行的。

Next question comes from Ygal Arounian from Citigroup.

下一個問題來自花旗集團的 Ygal Arounian。

Joey, on the MGM and in the letter, you talked about nearly $3 billion of liquid shares there. And as we kind of think about where you are here? And just maybe refresh also on how you're thinking about the MGM opportunity, the plans there, the potential source of cash or assets to get to something else, if it's not a longer-term strategic fit? And then on Dotdash Meredith, the strength in e-commerce, really great, interesting to see, given still some weakness around the consumer and consumer spending. Can you just spend a little bit more time talking about what's been working there? Is that a result of the integration with Meredith? Or is the integration -- or the benefits from the integration more still to come?

喬伊，在米高梅和信中，你談到那裡有近 30 億美元的流動股票。當我們考慮您在這裡的位置時？如果這不是長期戰略契合，也許還可以刷新您對米高梅機會的看法，那裡的計劃，現金或資產的潛在來源以獲得其他東西？然後在 Dotdash Meredith 上，電子商務的實力真的很棒，很有趣，因為消費者和消費者支出仍然存在一些疲軟。你能多花一點時間談談那裡的工作嗎？這是與梅雷迪思整合的結果嗎？還是整合——或者整合帶來的好處還在後頭？

Yes. Thanks, Ygal. I think the second question was most -- it was hard to hear but e-commerce at DDM, which I hope what Chris said.

是的。謝謝，伊加爾。我認為第二個問題是最多的——很難聽到 DDM 的電子商務，我希望 Chris 說的是什麼。

In terms of MGM. Look, obviously, we're very happy with that investment and how that's worked out over time. It's a phenomenal business. It's a category leader, it has phenomenal management team that's winning competitively in a phenomenal market, which is primarily Las Vegas, where it's -- it's the entertainment capital of the world and it's growing. It's getting every major sport there. It's getting all kinds of new fun things to happen there. And MGM is a very clear leader participating in all of that.

在米高梅方面。看，很明顯，我們對這項投資以及隨著時間的推移如何取得成功感到非常滿意。這是一項非凡的業務。它是一個類別的領導者，它擁有非凡的管理團隊，在一個非凡的市場中贏得競爭，這主要是拉斯維加斯，它是世界娛樂之都，而且它正在增長。它讓每一項主要運動都在那裡。那裡正在發生各種有趣的新事物。米高梅是參與所有這一切的非常明確的領導者。

The other great thing is the business has a ton of cash right now, the OpCo/PropCo thing they generated all the -- where they put a lot of cash on the balance sheet has worked out very well in terms of share repurchases. And we're happy to see our ownership stake increase, but also to see the business with such a healthy balance sheet right now and continuing to generate great free cash flow. And they're using that free cash flow on some smart capital projects and some share repurchases, which also improves the yield for a shareholder like us.

另一件好事是，該公司現在擁有大量現金，他們產生的所有 OpCo/PropCo 東西——他們在資產負債表上投入了大量現金，在股票回購方面效果很好。我們很高興看到我們的所有權股份增加，但也很高興看到該業務現在擁有如此健康的資產負債表並繼續產生巨大的自由現金流。他們將自由現金流用於一些明智的資本項目和一些股票回購，這也提高了像我們這樣的股東的收益。

I also think the business is still fundamentally undervalued. You can look at it in terms of the -- what you get in free cash flow as a shareholder, but you can also look at it in terms of all the things on the horizon for MGM, which I think aren't really reflected, number one, digital. MGM is a 1 of 3 meaningful players in digital are has a 50% interest in 1 of 3 meaningful players in digital and that continues to go well, both in terms of revenue growth and in terms of a pipeline to profitability. There's Macau that has come back and come back in a meaningful way, you add more people with more money sort of held back for longer when you look at what's happening in Las Vegas or in the U.S. or when you look at what's happened in travel in the U.S., that sort of pent-up demand is now just completely unleashing. And I think in a more powerful way in Macau, which is really exciting there.

我還認為該業務從根本上仍被低估。你可以從你作為股東獲得的自由現金流的角度來看待它，但你也可以從米高梅即將出現的所有事情的角度來看待它，我認為這並沒有真正反映出來，第一，數字。米高梅是數字領域 3 個重要參與者中的 1 個，在數字領域 3 個重要參與者中的 1 個擁有 50% 的權益，並且在收入增長和盈利渠道方面繼續保持良好勢頭。澳門已經以一種有意義的方式回歸，當你看看拉斯維加斯或美國正在發生的事情，或者當你看看在旅行中發生的事情時，你會增加更多的人和更多的錢，這些人會被拖延更長時間。在美國，這種被壓抑的需求現在正在完全釋放。我在澳門以一種更強大的方式思考，那裡真的很令人興奮。

You have Japan where MGM is really going to be -- looks like the only player in that market or at least the only player for a while in that market, and that could be a very attractive market. And the -- and you have New York opening, you have a pretty wide potential to open, a pretty wide range of things that can unlock real value at MGM. And so we're still excited to be a part of that business. And excited about everything the team is doing to capitalize on the opportunity in front of them.

你有米高梅真正要成為的日本 - 看起來像是該市場中唯一的參與者，或者至少是該市場中一段時間內唯一的參與者，這可能是一個非常有吸引力的市場。而且 - 你在紐約開業，你有很大的潛力可以開放，可以在米高梅釋放真正價值的範圍很廣。因此，我們仍然很高興能成為該業務的一部分。並對團隊為利用眼前的機會所做的一切感到興奮。

Thanks, Joey. And on performance marketing at Dotdash Meredith, there are 2 key elements. We talked about this in the last few letters. One is e-commerce for goods and the other is performance marketing for services. So take a step back, Dotdash has always been excellent at integrating performance marketing or partners, goods and services really natively into the content or in context. So it's a review of kitchen items having links right there or having the relevant product in a Investopedia article have quick links to a variety of savings accounts or money market funds when someone's already searching for that information.

謝謝，喬伊。在 Dotdash Meredith 的績效營銷中，有兩個關鍵要素。我們在最近幾封信中談到了這一點。一是商品電商，二是服務績效營銷。所以退一步說，Dotdash 一直擅長將績效營銷或合作夥伴、商品和服務真正原生地整合到內容或上下文中。因此，當有人已經在搜索該信息時，它是對廚房用品的評論，鏈接就在那裡，或者 Investopedia 文章中的相關產品具有指向各種儲蓄賬戶或貨幣市場基金的快速鏈接。

The key part of the combination of the companies was bringing those tools to the Meredith sites that have tremendous brands and a lot of content, but a, having more highly germane integrations of links to execute e-commerce and services activities, but also increasing the amount of content that is produced on the Meredith sites related to those commerce opportunities. We call that the evergreen commerce content and management has been actively building those across the sites.

兩家公司合併的關鍵部分是將這些工具帶到擁有巨大品牌和大量內容的 Meredith 網站，但是，具有更密切相關的鏈接集成以執行電子商務和服務活動，同時也增加了在 Meredith 網站上製作的與這些商業機會相關的內容量。我們稱常青商業內容和管理一直在跨站點積極構建這些內容和管理。

So we said e-commerce for goods across the DDM portfolio was up over 30% in Q1 and really increased every month sequentially on a year-over-year basis, and we expect to have just continued momentum there. E-commerce performance marketing for services is predominantly for financial services, which was, as we've said, brokerage, crypto, insurance heavy a year ago. Those markets are struggling. But the good news is they declined steadily across '22, so they will be -- the comps only get easier there. And we are cautiously optimistic products -- interest rate products will drive some growth. But we are very bullish on continuing to grow that performance marketing line, and it really is bringing the Dotdash approach to a lot of the Meredith's side.

因此，我們說 DDM 產品組合中的商品電子商務在第一季度增長了 30% 以上，並且實際上每個月都在同比增長，我們預計那裡的勢頭會繼續保持下去。服務的電子商務績效營銷主要針對金融服務，正如我們所說，一年前經紀、加密貨幣和保險很重要。這些市場正在苦苦掙扎。但好消息是，他們在整個 22 年穩步下降，所以他們將會——那裡的比賽只會變得更容易。我們對產品持謹慎樂觀態度——利率產品將推動一些增長。但我們非常看好繼續發展績效營銷線，它確實將 Dotdash 方法帶到了 Meredith 的很多方面。

Next question comes from Youssef Squali from Truist.

下一個問題來自 Truist 的 Youssef Squali。

A couple of questions. Going back, Joey, going back to Angi. So over the last 2 to 3 plus years, we've made a few pivots from a business model perspective. Now to refocus on maybe LTV. Going through the letter, it seems like you guys have thought through it pretty well, but it seems very intuitive to us what you're doing. But I guess, practically, what gives you the confidence that doing less is more that acquired fewer customers sending them fewer e-mails will ultimately drive revenues? Just trying to get a sense of whether you can share maybe some proof points with that, some AB testing that maybe you guys have done that could give investors more confidence.

幾個問題。回去吧，喬伊，回到安吉身邊。因此，在過去 2 到 3 年多的時間裡，我們從商業模式的角度進行了一些調整。現在重新關注 LTV。仔細閱讀這封信，你們似乎已經很好地考慮過了，但對我們來說，你們所做的事情似乎非常直觀。但我想，實際上，是什麼讓你相信少做就是多，獲得更少的客戶，發送更少的電子郵件，最終會增加收入？只是想了解一下你們是否可以分享一些證據，你們可能做過的一些 AB 測試可以給投資者更多信心。

And then Chris, on roofing, looks like that business turned profitable. Can you speak to the sustainability of profitability in that segment going forward?

然後克里斯，在屋頂上，看起來這項業務已經盈利。您能否談談該領域未來盈利能力的可持續性？

Was the second -- Youssef, was the question on Roofing. Yes. Okay. I'll do both.

第二個-- Youssef，是關於屋頂的問題。是的。好的。我會做兩個。

Yes, turned the quarter on profitability in roofing, whether it's sustainable, I don't know. It's a very small business. I think it is. We've learned a lot in the roofing process. Happy we've learned a lot, but it probably wasn't the smartest move we ever made, and we got to figure out what to do with that from here. So I wouldn't -- it's not a huge area of focus in terms of what that does. I think it is breakeven, give or take, a little bit in every quarter. I'm confident in that. I'm confident we're not losing money like we did last year in that business. But we -- I think we got to figure out what the plan is for that business. But it will not, I can say with very high confidence, it will not be a meaningful needle mover in any direction from here.

是的，這個季度的盈利能力取決於屋頂，我不知道它是否可持續。這是一個非常小的企業。我覺得是這樣的。我們在蓋屋頂的過程中學到了很多東西。很高興我們學到了很多東西，但這可能不是我們做過的最明智的舉動，我們必須從這裡弄清楚如何處理它。所以我不會——就它的作用而言，這不是一個很大的關注領域。我認為這是盈虧平衡，給予或接受，每個季度都有一點。我對此很有信心。我相信我們不會像去年那樣在該業務中虧損。但是我們 - 我認為我們必須弄清楚該業務的計劃是什麼。但它不會，我可以非常有信心地說，它不會從這裡向任何方向產生有意義的推動作用。

As it relates to the rest on Angi, Youssef, it's totally the right question and one that we ask ourselves every day, and I'll give you some of the things that we look at. One, just like a really fast one is bad debt raise and credit rates among service professionals. Like when we are delivering a better experience with a better ROI for service professionals, we see lower bad debt and we see lower credit rates. And when I talk about each of these things, I'm talking about kind of where we are relative to the worst, which was probably Q2, Q3 of 2022. All that has improved meaningfully sequentially from there.

因為它與 Angi 上的其他人有關，Youssef，這是完全正確的問題，我們每天都會問自己一個問題，我會給你一些我們正在看的東西。一，就像一個非常快的是服務專業人士的壞賬增加和信貸利率。就像當我們為服務專業人員提供更好的體驗和更高的投資回報率時，我們看到壞賬減少，我們看到信貸利率降低。當我談論這些事情時，我說的是我們相對於最糟糕的情況，可能是 2022 年第二季度、第三季度。所有這些都從那裡開始有了有意義的連續改善。

We look at retention and we look at retention by cohort. So we look at pros who have been with us 28 days, 56 days, 91 days, 180 days, and we look at that relative to the Ads product. We look at that relative to the Leads product, and we've been steadily improving those and across those lines really across all of that in March and then again in April after generally heading in the right direction for a little while.

我們著眼於留存率，我們著眼於按隊列劃分的留存率。因此，我們會查看與我們在一起 28 天、56 天、91 天、180 天的專業人士，然後我們將其與廣告產品相關聯。我們著眼於與 Leads 產品相關的問題，我們一直在穩步改進這些產品，並在 3 月份真正跨越所有這些領域，然後在 4 月份再次朝著正確的方向前進了一段時間。

Now these things do take time. So like we're talking about very small increments in this, but the key for us has been changing the direction of the slope and that's really important. So we've seen that.

現在這些事情確實需要時間。所以就像我們談論的是非常小的增量，但對我們來說關鍵是改變斜坡的方向，這非常重要。所以我們已經看到了。

The other thing is repeat rates. Repeat rate on the homeowner is one of the toughest, most stubborn things that exist in the business. We had that declining, and we now have that -- we've arrested that decline. And so the question is, can we get it to growth? And that remains to be proven. I think that some of the other things we've done are first of all, arresting the decline and other things we've done in other areas, intuitively, treating the customer well leads to better outcomes but we have to see that one prove out over time.

另一件事是重複率。房主的重複率是業務中最棘手、最頑固的事情之一。我們曾經有過這種下降，現在我們有這種下降——我們已經阻止了這種下降。所以問題是，我們能否實現增長？這還有待證明。我認為我們所做的其他一些事情首先是遏制衰退和我們在其他領域所做的其他事情，直覺上，善待客戶會帶來更好的結果，但我們必須看到這一點被證明隨著時間的推移。

And I generally have the belief that this is no leap of faith that you deliver a better customer experience, you have better customers and they stay with you longer, you have a better business. There is a question in there, which is, well, can you -- can that work economically? And the answer, I think we've proven that, that can work economically. And so now it's continuing to get those things better to continue to turn those metrics. And those are a handful of them. There are more. I'll give you one more, which is price. So one of the things that we're doing on price is we've generally been more reducing price for pros. But what we've seen is that pros are actually spending in aggregate generally the same. So we were -- we sort of had a double whammy of injuring ourselves, which is we were charging more, which is burning the pros out faster, which are leading to worse matches over time between homeowners and pros.

而且我總體上相信，這不是信仰的飛躍，你提供了更好的客戶體驗，你有更好的客戶，他們和你在一起的時間更長，你有更好的業務。那裡有一個問題，那就是，你能——這在經濟上行得通嗎？答案是，我認為我們已經證明，這可以在經濟上起作用。所以現在它正在繼續讓這些事情變得更好，以繼續改變這些指標。這些只是其中的一小部分。還有更多。我再給你一個，就是價格。因此，我們在價格方面所做的其中一件事是，我們通常會為專業人士降低更多價格。但我們所看到的是，專業人士的總支出實際上大致相同。所以我們 - 我們有點傷害自己的雙重打擊，這是我們收取更多費用，這讓專業人士更快地精疲力竭，這導致房主和專業人士之間的比賽隨著時間的推移變得更糟。

So now we can charge less. The pros spends the same. The Pro gets more out of that spend. They match it more homeowners and the homeowner gets more out of that spend because the homeowner matches with more eager pros. And that's like a great thing for the flywheel and a great thing for the ecosystem, and we're just looking for things like that and generally finding things like that, that are overall improving the system.

所以現在我們可以少收費。專業人士花費相同。 Pro 從這筆支出中獲得更多收益。他們匹配更多的房主，房主從這筆支出中獲得更多，因為房主匹配更多熱切的專業人士。這對飛輪來說是一件好事，對生態系統來說也是一件好事，我們只是在尋找這樣的東西，並且通常會找到這樣的東西，它們正在全面改進系統。

So I do have a lot of confidence in what we're doing, and I do have absolute confidence that doing the right thing for your customers is going to yield good things for the business over time.

因此，我確實對我們正在做的事情充滿信心，而且我絕對相信，為您的客戶做正確的事情會隨著時間的推移為企業帶來好處。

Next question comes from Justin Patterson from KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Perhaps to build on just the final point around Angi. Could you talk a little bit just around how SP satisfaction has changed with this new versus old cohort? And then perhaps just comment on some of the spending and retention differences you're seeing with them?

也許只是建立在圍繞 Angi 的最後一點上。您能否談談 SP 對這個新舊隊列的滿意度有何變化？然後也許只是評論您看到的一些支出和保留差異？

Sure. So again, one big indicator of satisfaction is bad debt rates and credit rates, which have been improving steadily and meaningfully relative to where we were in Q3 and in terms of retention, I guess, important to think about -- I'll focus on the Lead side for a second. About 60% of the pros have been with us greater than a year. That's a fantastic stat, I think. And those pros with systems, they figure out how to make the system work for their business. And we've figured out how to make this system work for our business, and that's working. I think that we're -- we've seen the most change is in the other 40%, so which break down some been with us a month, some been with us 3 months, et cetera.

當然。因此，滿意度的一個重要指標是壞賬率和信貸率，相對於我們在第三季度的水平，它們一直在穩步且有意義地改善，而且在保留方面，我想，重要的是要考慮 - 我將專注於領先側一秒鐘。大約 60% 的專業人士已在我們這里工作超過一年。我認為這是一個了不起的數據。而那些擁有系統的專業人士，他們會弄清楚如何讓系統為他們的業務服務。我們已經弄清楚如何讓這個系統為我們的業務服務，而且它正在發揮作用。我認為我們 - 我們已經看到最大的變化是在其他 40% 中，所以其中一些已經和我們在一起一個月，一些和我們在一起 3 個月，等等。

And what -- that where we've had most of the -- that's where we've had most of the volatility, and that's where most of the challenges and what we've done throughout the business have shown up. And what we're starting to see in that area is the younger pros are retaining better. And we measure that just on -- sorry, you can measure retention, but you have to measure the cash collected in the first 28 days or 56 days or 90 days and those things improving. And when you see those things improving, those folks will make up a bigger portion of that, call that 40% that's not the greater than a year. And the other folks -- and will build over time and the other folks will make up a smaller portion of that. And we get to an overall healthier ecosystem of service professionals in the network.

什麼——我們擁有最多的地方——那是我們經歷最多波動的地方，也是大多數挑戰和我們在整個業務中所做的事情出現的地方。我們在該領域開始看到的是，年輕的職業選手留存率更高。我們衡量的只是——抱歉，你可以衡量留存率，但你必須衡量前 28 天或 56 天或 90 天收集的現金以及這些情況的改善。當你看到這些事情有所改善時，這些人將佔其中的更大一部分，稱之為不超過一年的 40%。和其他人 - 並且會隨著時間的推移而建立，而其他人將佔其中的一小部分。我們在網絡中建立了一個整體更健康的服務專業人員生態系統。

I'm not going to go through specific churn numbers or specific retention numbers, but they are generally in that area heading in the right direction. And the better young ones -- new ones, I should say, are replacing the more challenged older ones.

我不會通過特定的流失數字或特定的保留數字，但它們通常在該區域朝著正確的方向前進。更好的年輕人——我應該說是新人，正在取代更具挑戰性的年長者。

Thank you. Well, we will wrap up the earnings call now. We thank all of you for joining, and wish you a good day. Thank you.

謝謝。好吧，我們現在將結束財報電話會議。我們感謝你們所有人的加入，祝你們有美好的一天。謝謝。

Thanks, everybody.

謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。