IAC Inc (IAC) 2025 Q4 法說會逐字稿

Welcome to the IAC fourth quarter 2025 earnings conference call. (Operator Instructions) This event is being recorded. I would now like to turn the conference over to Christopher Halpin, COO and CFO. Please go ahead.

歡迎參加IAC 2025年第四季財報電話會議。（操作員說明）此事件正在記錄。現在我將把會議交給營運長兼財務長克里斯托弗·哈爾平。請繼續。

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC fourth quarter earnings call. Joining me today are Barry Diller, the Chairman and Senior Executive of IAC; and Neil Vogel, CEO of People Inc. IAC has published a presentation on the Investor Relations section of our website today entitled Q4 Earnings Presentation.

謝謝。各位早安。我是克里斯多福·哈爾平，歡迎參加IAC第四季財報電話會議。今天與我一同出席的有IAC董事長兼高級執行官巴里·迪勒，以及People Inc.首席執行官尼爾·沃格爾。 IAC今天在其網站的投資者關係版塊發布了一份題為「第四季度收益報告」的簡報。

On this call, Barry, Neil and I will provide some introductory remarks referencing that presentation and then open it up to Q&A. Before we get to that, I'd like to remind you that during this presentation, we may make certain statements that are considered forward-looking under the federal securities laws. These forward-looking statements may include statements related to our outlook, strategy and future performance and are based on current expectations and on information currently available to us. Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent annual report on Form 10-K and in the subsequent reports we filed with the SEC. The information provided on this conference call should be considered in light of such risks.

在本次電話會議上，Barry、Neil 和我將就該簡報作一些介紹性發言，然後進行問答環節。在深入探討這個問題之前，我想提醒各位，在本次演講中，我們可能會做出一些根據聯邦證券法被視為前瞻性陳述的聲明。這些前瞻性聲明可能包括與我們的展望、策略和未來業績相關的聲明，並且是基於我們目前的預期和我們目前可獲得的資訊。由於存在許多風險和不確定性，實際結果可能與這些聲明中明示或暗示的未來結果存在重大差異，包括我們在最新的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的報告中所包含的風險和不確定性。應結合這些風險來考慮本次電話會議中提供的資訊。

We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to today as EBITDA for simplicity during the call. I'll also refer you to our earnings releases, investor presentations, our public filings with the SEC and again, to the Investor Relations section of our website for all comparable GAAP measures and full reconciliations for material non-GAAP measures.

我們還將討論一些非GAAP指標，提醒一下，其中包括調整後的EBITDA，為了簡單起見，今天在電話會議中我們將簡稱為EBITDA。我也會請您參考我們的收益報告、投資者簡報、我們向美國證券交易委員會提交的公開文件，以及我們網站的投資者關係部分，其中包含所有可比較的 GAAP 指標和重大非 GAAP 指標的完整調節表。

And now I will hand it over to Barry.

現在我把它交給巴里。

Good morning, everyone. We had a solid fourth quarter at the company. It was a confident finish to a year that was defined by focus and execution. People grew digital revenue by 14%, defying the expectations of all the digital publishing doubters. People's financial performance amid increasing AI disruption speaks really loudly.

各位早安。公司第四季業績穩健。這是一個令人振奮的收官之年，這一年以專注和執行力為標誌。People的數位收入成長了14%，出乎所有對數位出版持懷疑態度的人的意料。在人工智慧帶來的顛覆性影響日益加劇的情況下，人們的財務表現能夠充分說明問題。

AI overviews are now appearing on most of our queries, and we're delivering record results. As I've said before, People has prepared for this disruption for years and with brands able to travel where the audiences are, not just our sites and apps but across all social media, news platforms, video, events. We're expanding with the surge of new products and experiences wherever audiences engage. But at its core, our strategy at People is not to rely on the daily grind of conventional digital publishing to propel our future. As I talked about last time that I was on this call, we're in the process of inverting these iconic traditional content businesses into entirely new consumer businesses.

現在，我們的大多數查詢中都出現了人工智慧概覽，而且我們取得了創紀錄的成果。正如我之前所說，《人物》雜誌多年來一直在為這種變革做準備，品牌能夠觸及受眾，不僅包括我們的網站和應用程序，還包括所有社交媒體、新聞平台、影片和活動。隨著新產品和新體驗的不斷湧現，我們在各個受眾參與的領域中不斷擴張。但從本質上講，《人物》雜誌的策略並不是依靠傳統數位出版的日常運作來推動我們的未來。正如我上次在這個電話會議上談到的那樣，我們正在將這些標誌性的傳統內容業務轉變為全新的消費者業務。

Products that stand on their own and revenue streams with stronger immunity against disintermediation. This isn't hypothetical. We're on our way right now working through several concepts. At Southern Tea, this iconically wonderful magazine that is beloved by its audience and has a product -- not a product, but often describes the experience of Southern Tea, a particular kind of tea that you only get in the South, we're going to do introduce Southern Tea's Southern Tea as a product that we will own and then distribute. At Food & Wine, we're going to do a project with best chefs.

能夠獨立運作且收入來源穩定的產品，對去中介化的抵抗力更強。這不是假設。我們現在正在研究幾個概念。在《南方茶》這本深受讀者喜愛、極具標誌性的精彩雜誌中，我們將推出《南方茶》的「南方茶」產品，我們將擁有並分銷該產品。在《美食與美酒》雜誌，我們將與頂尖廚師合作一個計畫。

We know the best chefs every place in the world. And we're going to organize those chefs in a way no one has done before and create a product line through that. At Travel & Leisure, we're going to do our own White Lotus. After all, we know every great destination in the world. We have the most beautiful pictures of everything that the White Lotus creators would have creamed over if they had access to that in creating different places.

我們認識世界各地最好的廚師。我們將以前所未有的方式組織這些廚師，並以此為基礎打造一條產品線。在《旅遊與休閒》雜誌，我們將打造我們自己的「白蓮花」計畫。畢竟，我們對世界上每個著名的旅遊勝地都瞭如指掌。我們擁有最美的圖片，展現了白蓮教的創作者們如果能夠擁有這些素材，在創作不同場景時會多麼心滿意足。

So we're going to do that. We're going to -- every single one of our books has opportunities for us to essentially invert the process and come up with products and services that we can brand and then we can promote through our -- how many books do we distribute, Neil, a year, like 350 million?

所以我們要這麼做。我們將會－我們的每一本書都為我們提供了機會，讓我們能夠從根本上顛覆這個過程，創造出我們可以打造品牌的產品和服務，然後透過我們的－尼爾，我們一年發行多少本書？約 3.5 億冊？

Yes, in the neighborhood, yes.

是的，就在附近。

In the neighborhood, why did I get this wrong?

在街區裡，我為什麼會搞錯？

No, that's right. That's exactly right. Yes.

沒錯。完全正確。是的。

So we -- not only do we have that, so we have these books. Adding a page, two pages, three pages costs virtually nothing. So we can sell through in unique ways almost anything that no one else can do. And we've got -- that's just for -- we want to do stand-alone page ads but we also can do editorial about these products of ours. So if we get -- it seems inconceivable to me that we can't take these books that know more about their domains than anybody else anywhere until ChatGPT knows everything and if it does out of it long before, we will have figured out new business lines, which can't disintermediate by AI.

所以我們──不只如此，我們還有這些書。增加一頁、兩頁、三頁幾乎不需要任何成本。因此，我們可以用獨特的方式銷售幾乎任何其他公司無法銷售的產品。我們不僅想投放獨立頁面廣告，還可以發布關於我們產品的社論。所以，如果我們得到——在我看來，這簡直不可思議，我們不能把這些比任何人都更了解各自領域的書籍帶到任何地方，直到 ChatGPT 了解一切；如果它很早就了解了，我們將找到新的業務線，而這些業務線是人工智慧無法取代的。

But what I'm saying is we know so much about all these domains, and we can use that creatively to say, all right, what is possible for us to do out of that knowledge that we can create a new product or service. I think that is the gold mine of people in the ensuing years. The other pillar is MGM. And as we had said, we increased our ownership in MGM. We repurchased more IAC in the quarter.

但我想說的是，我們對所有這些領域都非常了解，我們可以創造性地利用這些知識來思考，我們可以利用這些知識做什麼，從而創造出新的產品或服務。我認為這將是未來幾年人才的寶庫。另一大支柱是米高梅。正如我們之前所說，我們增加了在米高梅的持股比例。本季我們回購了更多IAC股票。

We bought about 1%, I think it is of MGM. So we could get to 25%, which is an important actual accounting milestone for us. We've bought stock back of $337 million in '26. We're going to continue to evaluate buybacks as we always do, opportunistically. And we are ever mindful of this huge discount in the value of IAC.

我們買了大約1%的股份，我想應該是米高梅的。這樣我們就能達到 25% 的目標，這對我們來說是一個重要的實際會計里程碑。我們在 2026 年回購了價值 3.37 億美元的股票。我們將繼續像以往一樣，抓住機會評估股票回購的可能性。我們始終牢記IAC價值的這項巨大折扣。

We really do have a formative -- I really do believe -- deeply believe we have a real growth engine in People. We are outcompeting anyone else in digital publishing. And with all the headwinds and all the things that are going to happen to digital publishing and publishing in general that are downsides for us, every one of them seem to be upside. That's our different distinction. Anyway, if anything obvious, I am bullish on what '26 has in store.

我確實相信——我真的深信——我們擁有真正的成長引擎，那就是人才。我們在數位出版領域遙遙領先其他所有競爭對手。儘管數位出版和整個出版業面臨許多不利因素，但每項不利因素似乎都蘊藏著機會。這就是我們之間的差別。總之，顯而易見的是，我對2026年的發展前景非常看好。

And with that, I'm anxious to get to your questions, and I hope Chris will be relatively brief in his remarks.

那麼，我迫不及待地想回答你們的問題，也希望克里斯的發言能盡量簡短。

Thank you, BD. I'll start talking on page 5 of the presentation about People's financial performance. It was a strong quarter across the board with the business delivering 14% Digital revenue growth, driven by solid execution across all three revenue categories: Advertising; Performance Marketing and Licensing. Advertising grew 9% in the quarter, returning to growth and doing so despite a 13% decline in core sessions. Neil will go in more depth on this front but this highlights the success of the off-platform strategy and the strength of People's brands amidst AI headwinds.

謝謝你，BD。我將從簡報的第 5 頁開始談論 People 的財務表現。本季整體表現強勁，數位業務收入成長 14%，這得益於廣告、成效行銷和授權這三大收入類別的穩健執行。本季廣告收入成長了 9%，恢復了成長，儘管核心會話量下降了 13%。Neil 將會更深入地探討這方面，但這凸顯了平台外策略的成功以及 People 品牌在人工智慧逆風下的強大實力。

Performance Marketing grew 17% in the quarter over the important holiday period, reflecting both excellent execution by Neil's team and the strength of the consumer. Finally, Licensing grew 36%, driven by robust engagement with our content across Apple News and content syndication partners and the new AI content partnership with Meta contributed a little bit to growth as well. The Print segment declined 23% as expected, due partly to $20 million of revenue in the prior period from political advertising, which we flagged previously, and partly to the continued sectoral decline in print. Adjusted EBITDA was solid in the quarter, growing 9% in Digital when you adjust for severance expense a year ago and with incremental Digital margins at 26%. Print produced $13 million of adjusted EBITDA in the quarter, down from a year ago for the reasons stated earlier but more than enough to offset $9 million of corporate expenses.

在重要的假期期間，效果行銷在本季度成長了 17%，這不僅反映了尼爾團隊的出色執行力，也反映了消費者的強勁需求。最後，授權業務成長了 36%，這主要得益於 Apple News 和內容分發合作夥伴對我們內容的強勁參與，而與 Meta 建立的新的 AI 內容合作關係也對成長做出了一些貢獻。正如預期的那樣，印刷業務下降了 23%，部分原因是上一時期政治廣告收入為 2000 萬美元（我們之前已經指出過），部分原因是印刷業持續下滑。本季調整後的 EBITDA 表現穩健，數位業務成長 9%（扣除去年同期的遣散費支出），數位業務增量利潤率為 26%。本季印刷業務的調整後 EBITDA 為 1,300 萬美元，雖然由於前面提到的原因，比去年同期有所下降，但足以抵消 900 萬美元的公司支出。

So the fourth quarter capped a solid year, $1.8 billion of revenue, $1.1 billion of that Digital revenue growing 10%. Aggregate adjusted EBITDA was $331 million for the year, reflecting the exclusion of the $41 million in gains from lease buyouts and the $15 million in third quarter severance. And Digital full year EBITDA margins were essentially flat year over year at 28%.

第四季為穩健的一年畫上了圓滿的句號，營收達 18 億美元，其中數字營收達 11 億美元，成長了 10%。經調整後的年度 EBITDA 總額為 3.31 億美元，反映出不包括 4,100 萬美元的租賃收購收益和 1,500 萬美元的第三季遣散費。數位業務全年 EBITDA 利潤率與上年基本持平，為 28%。

With that, I will hand it to Neil to go deeper into people, strategy and performance.

接下來，我將把話題交給尼爾，讓他更深入探討人員、策略和績效方面的問題。

Thanks, Chris. Thanks, Barry. I too will go against my nature and be as brief as I can and hit the highlights here. We had a really strong quarter. As you guys all know, the Publishing and Web ecosystem has been changing dramatically, and we've been working hard to change along with it.

謝謝你，克里斯。謝謝你，巴里。我也會違背自己的本性，盡量言簡意賅，只講重點。我們本季業績非常出色。如大家所知，出版和網路生態系統發生了翻天覆地的變化，我們也一直在努力適應這種變化。

The strategies we've outlined to you and have been talking about, they're working. As Chris and Barry said, we had 14% digital revenue growth in the quarter. It's a testament to the strength of the brands, truly the strength of the brands and our team's execution. Key is the diversity of our revenue models and the breadth of the industry sectors in which we compete is also a real strength. And I think importantly, in Q4, alongside our growth, we continue to invest heavily in a raft of new products and services some of which you can see here on this slide, which I believe is page 6 in your deck.

我們向你們概述並一直在討論的策略，正在奏效。正如克里斯和巴里所說，我們本季的數位收入成長了 14%。這充分證明了品牌的實力，真正體現了品牌的實力以及我們團隊的執行力。關鍵在於我們收入模式的多樣性，以及我們所競爭的產業領域的廣泛性，這也是我們的一大優勢。我認為很重要的一點是，在第四季度，隨著我們的成長，我們繼續大力投資一系列新產品和服務，其中一些您可以在這張投影片上看到，我相信這是您簡報的第 6 頁。

The new Food and Wine classic control in exceeded our expectations. We had our most successful media cycle in the history of the rejuvenated sexiest franchise, a very important franchise for people. And in styles popular, the interim social video franchise has become a real blueprint for what we're able to do our platform. And we made solid progress, which I'm sure we'll get to in Q&A on initiatives we discussed like Decipher, and my recipes and the People app, and there's a lot more to come, as BD said, We are energized. We feel really good about where we are.

新推出的《美食與美酒》經典系列產品超出了我們的預期。我們迎來了重振旗鼓、重獲新生的最性感品牌歷史上最成功的媒體宣傳週期，這是一個對人們來說非常重要的品牌。而從流行的風格來看，過渡性社交影片系列已經成為我們平台功能的真正藍圖。我們取得了實質進展，我相信我們會在問答環節中談到我們討論過的各項舉措，例如 Decipher、我的食譜和 People 應用，而且未來還有更多，正如 BD 所說，我們充滿活力。我們對目前的狀況非常滿意。

And we did this in the face of a lot of disruption. Let's go to the next slide, and we can talk through that. We delivered this quarter in despite of a very challenging environment to core web sessions, looking at the core sessions, we're down 13% year over year in the quarter. The biggest contributor to that is a 50% drop in Google search referrals over the last two years.

而且我們是在面臨諸多幹擾的情況下完成這項工作的。我們來看下一張投影片，然後一起討論一下。儘管本季核心網路會話面臨非常嚴峻的挑戰，但我們仍然完成了交付。從核心會話來看，本季我們比去年同期下降了 13%。造成這種情況的最大原因是過去兩年谷歌搜尋引薦流量下降了 50%。

This quarter, we also saw a little softness in nonsearch traffic sources, mainly driven by declines in Google Discover, which is their version of Apple News, which had been a contributor to nonsearch growth earlier in the year. However, Offsetting the effects of Corcept's decline is a continued rapid growth in our off-platform and distributed audiences. You can see off-platform views have nearly doubled in the last two years and grew 43% last quarter year over year. There's real momentum here. This is a continuation of a pronounced shift in our business.

本季度，非搜尋流量來源也略有疲軟，這主要是由於 Google Discover（相當於蘋果新聞）的下滑所致，而 Google Discover 在今年稍早一直是推動非搜尋流量成長的因素之一。然而，Corcept 的衰落所帶來的影響被我們平台外和分散式受眾的持續快速成長所抵消。可以看到，在過去兩年裡，平台外觀看量幾乎翻了一番，上個季度年增了 43%。這裡勢頭正盛。這是我們業務顯著轉變的延續。

We are aligning our efforts and resources to connect with audiences where they are now. We are going where the people are. Our brands have great momentum across everything from Instagram to Apple News to Tik-Tok to YouTube as well as real cultural cloud in our tentpole events and our operated properties. And the nonsession-based growth is underpinning our financial story.

我們正在調整工作重點和資源，以便在受眾現在所在的地方與他們建立聯繫。我們要去人多的地方。從 Instagram 到 Apple News，從 TikTok 到 YouTube，我們的品牌在各個領域都擁有強勁的發展勢頭，並且在我們的旗艦活動和自營資產中也形成了真正的文化影響力。非交易時段成長支撐著我們的財務表現。

And the next slide really gets some color on that. If you go to slide 8, the IC deck, this slide clearly shows that our non-session-based revenue sources are now the fastest-growing part of our business. Again, non session-based revenue, revenue not based on web sessions now comprises about 38% of total digital revenue, and it grew 37% year over year in Q4. This growth is led by Decipher, our events businesses, creator and social models, including the fee feed acquisition, our deep partnership with Apple News and our AI licensing deals. At the same time, Sessions based revenue was 62% of total revenue and grew at 4% year over year.

下一張投影片會對此進行更詳細的描述。如果你翻到第 8 張投影片（IC 簡報），這張投影片清楚地表明，我們非基於會話的收入來源現在是我們業務成長最快的部分。再次強調，非會話收入（即不基於網路會話的收入）目前約佔數位總收入的 38%，且第四季同比增長了 37%。這一成長主要由 Decipher、我們的活動業務、創作者和社交模式（包括付費資訊流獲取）、我們與 Apple News 的深度合作以及我們的 AI 授權協議所引領。同時，基於會話的收入佔總收入的 62%，較去年同期成長 4%。

We absorbed the declines in Google referral traffic by delivering great premium sales quarter across our brands and showed continued strength in our performance marketing business. The brands are still super strong, and advertisers and marketers are really interested in these brands, both in the new environments and the traditional environments.

我們透過旗下各品牌的優質銷售季度業績彌補了Google引薦流量的下滑，並在效果行銷業務方面展現了持續的強勁勢頭。這些品牌依然非常強大，無論是在新興市場還是傳統市場，廣告商和行銷人員都對這些品牌非常感興趣。

Look, this is the model for our future. Strong growth from nonsession-based revenue streams led by growth in all platform audiences and Decipher and executing against our session-based businesses while absorbing continued declines in referral traffic from Google and other platforms. We're super proud of this quarter. We have a solid model as BD talked about. We got a lot of seeds planted, and we're excited and we got a clear path in front of us.

你看，這就是我們未來的模式。非會話收入來源強勁成長，這主要得益於所有平台受眾和 Decipher 的成長，以及我們在會話業務方面的出色表現，同時還要應對 Google 和其他平台的推薦流量持續下降的情況。我們對本季的業績感到非常自豪。正如BD所說，我們有一個可靠的模型。我們已經播下了許多種子，我們感到興奮，而且我們面前的道路也清晰可見。

We've got a ton to do, but we got the teams, and we think we have a real strategy to succeed. So with that, I will kick it back to Chris.

我們有很多事情要做，但我們有團隊，我們認為我們有真正成功的策略。那麼，我就把話題轉回給克里斯了。

Thanks, Neil. Moving to page 10, let's talk through performance at our other consolidated businesses. Care saw 9% revenue declines in the quarter, driven by softness in enterprise, which we highlighted last quarter. Consumer revenue declined 4%, steady with last quarter, and we continue to see the benefits of Care's product improvements, marketing investment and add-on offerings bearing fruit. On the enterprise side, as employers have tightened their benefit spend, many have adjusted their existing programs, leading to a 13% enterprise revenue decline for the quarter.

謝謝你，尼爾。接下來翻到第 10 頁，讓我們來談談我們其他合併業務的表現。本季護理業務收入下降了 9%，主要原因是企業業務疲軟，我們上個季度已經重點提到了這一點。消費者收入下降了 4%，與上一季持平，我們繼續看到 Care 的產品改進、行銷投資和附加產品帶來的益處正在取得成效。在企業方面，由於雇主收緊了福利支出，許多雇主調整了現有的福利計劃，導致本季企業收入下降了 13%。

This decline is exacerbated by some particularly robust client usage and out-of-period client true-ups in Q4 '24.

2024 年第四季度，由於部分客戶使用量特別強勁以及非當期客戶結算，這種下滑趨勢進一步加劇。

We believe both consumer and total care revenue in aggregate will return to growth by midyear. Care adjusted EBITDA was excellent at $19 million for the quarter, generating 22% EBITDA margins, normalized on a year-over-year basis, profitability was essentially flat as Care incurred $9 million in legal charges and $2.5 million in severance in the fourth quarter last year. Emerging and Other revenue grew 18% and flipped to profitability with $3 million in adjusted EBITDA. The revenue growth was the output of strong performance at the Daily Beast, where revenues grew 50% and at Vivian, which grew in the fourth quarter for the first time since Q3 '24 and has regained its momentum.

我們相信，到年中，消費者和整體護理收入都將恢復成長。Care 調整後的 EBITDA 本季表現優異，達到 1,900 萬美元，EBITDA 利潤率為 22%。按年計算，由於 Care 在去年第四季產生了 900 萬美元的法律費用和 250 萬美元的遣散費，獲利能力基本上持平。新興市場及其他業務收入成長 18%，扭虧為盈，調整後 EBITDA 為 300 萬美元。營收成長主要得益於 Daily Beast 的強勁表​​現，其營收成長了 50%；此外，Vivian 的營收在第四季度實現了自 2024 年第三季以來的首次成長，並重新獲得了成長勢頭。

Both businesses were profitable in the quarter and the year-over-year picture further improved due to the resolution of the legacy legal matter we mentioned on our last earnings call. Finally, corporate adjusted EBITDA was $23 million, down from a year ago and last quarter as we continue to reduce our overhead and get back into the mid-$80 million range on an annualized basis. Turning to the next page, we'll talk about guidance. IAC has always managed our businesses for the long term, not on a quarterly basis. At a high level, we will stop providing quarterly guidance as we do not believe it's productive for our businesses to focus on short-term results, particularly people as it navigates fundamental shifts in its industry.

兩家公司本季均實現盈利，並且由於我們在上次財報電話會議上提到的遺留法律問題得到解決，同比情況進一步改善。最後，公司調整後的 EBITDA 為 2,300 萬美元，低於去年同期和上一季的水平，因為我們繼續削減開支，並力爭使年化 EBITDA 恢復到約 8,000 萬美元的水平。接下來，我們將翻到下一頁，討論指導問題。IAC 一直以來都以長遠眼光管理我們的業務，而不是按季度管理。從宏觀層面來說，我們將停止提供季度業績指引，因為我們認為，在公司應對行業根本性轉變之際，專注於短期業績對我們的業務，尤其是對員工而言，是無益的。

We want our businesses to remain focused on execution and long-term value creation and this change also reflects proactive feedback from some investors.

我們希望我們的業務繼續專注於執行和長期價值創造，而這項變更也反映了部分投資者的正面回饋。

As in the past, we make changes to our guidance based on what we believe is best for the businesses and our shareholders. We will, however, continue to provide annual guidance as summarized on page 11. For People Inc., we expect both digital revenue and digital adjusted EBITDA to grow mid- to high-single digits for the year. We are forecasting approximately $15 million in litigation expenses this year related to our Google Ad Tech litigation, which will result in corporate expense exceeding print adjusted EBITDA by that amount. Absent litigation expense, we would expect them to offset.

與以往一樣，我們會根據我們認為對公司和股東最有利的因素來調整我們的績效指引。不過，我們將繼續提供第 11 頁概述的年度業績指引。對於 People Inc.，我們預計今年的數位收入和數位調整後 EBITDA 都將實現中高個位數成長。我們預計今年與Google廣告科技訴訟相關的訴訟費用約為 1500 萬美元，這將導致公司支出超過印刷調整後的 EBITDA 1500 萬美元。如果沒有訴訟費用，我們預計它們會相互抵消。

When rolled up, that produces our guidance range of $310 million to $340 million of total adjusted EBITDA for People Inc. I would note this range implies digital adjusted EBITDA of $325 million to $355 million for the year compared to $315 million in 2025.

綜合來看，我們對 People Inc. 的調整後 EBITDA 總額的預期範圍為 3.1 億美元至 3.4 億美元。需要指出的是，這一範圍意味著今年的數位化調整後 EBITDA 為 3.25 億美元至 3.55 億美元，而 2025 年的預期為 3.15 億美元。

We are expecting Care adjusted EBITDA of $45 million to $55 million, with consumer returning to top line growth by the middle of the year. Our Search segment, which comprises Ask Media or AMG, a search monetization business has innovated while navigating a complex and challenging search ecosystem for more than a decade. A reminder that our search segment is managed for margin, not growth and has not been an area of strategic focus at IAC for a long time as it is steadily shrunk in size and materiality. As disclosed in our recent 8-K, we are in negotiations with Google, which supplies paid listings to AMG to extend our relationship and the outcome of those negotiations will likely determine the future of the business. At present, we are guiding to a range of negative $5 million to positive $10 million of adjusted EBITDA, and we expect to know a lot more over the next 90 days.

我們預計 Care 業務調整後的 EBITDA 為 4,500 萬美元至 5,500 萬美元，消費者業務將在年中恢復營收成長。我們的搜尋業務部門，包括 Ask Media 或 AMG，是一家搜尋變現業務公司，十多年來一直在複雜且充滿挑戰的搜尋生態系統中不斷創新。需要提醒的是，我們的搜尋業務板塊是以利潤為導向，而不是以成長為導向，而且由於其規模和重要性不斷萎縮，長期以來一直不是 IAC 的戰略重點領域。正如我們在最近的 8-K 文件中所揭露的那樣，我們正在與向 AMG 提供付費清單的 Google 進行談判，以延長我們的合作關係，而這些談判的結果可能會決定公司的未來。目前，我們預計調整後 EBITDA 為負 500 萬美元至正 1000 萬美元，我們預計在接下來的 90 天內會了解更多資訊。

Emerging and other should continue to grow top line, thanks to Vivian and the Daily Beast, and we are expecting $0 to $10 million of EBITDA there. And finally, corporate expense is expected to be $80 million to $90 million, and we will continue to work to come in at the bottom of that range. Finally, page 12 summarizes our continued buyback activities, as Barry mentioned, with our purchases since last door earnings, we have bought back $337 million of our shares over the past 12 months and reduced our share count by 10%. With that, let's go to questions. Operator, first question.

新興市場和其他業務的營收應該會繼續成長，這要歸功於 Vivian 和 Daily Beast，我們預計這些業務的 EBITDA 將達到 000 到 1000 萬美元。最後，公司支出預計為 8,000 萬美元至 9,000 萬美元，我們將繼續努力使支出低於該範圍。最後，第 12 頁總結了我們持續的股票回購活動，正如 Barry 所提到的，自上次財報發布以來，我們在過去 12 個月中回購了價值 3.37 億美元的股票，減少了 10% 的股票數量。接下來，我們進入問答環節。操作員，第一個問題。

(Operator Instructions) Ross Sandler, Barclays.

（操作說明）羅斯·桑德勒，巴克萊銀行。

Neil, could we go back to slide 8 and the nonsecsion-based revenue growing 37%. Could you just elaborate on like what are the key drivers of that line? And how do we feel about that in 2026 in the context of the mid- to high-single growth rate for people overall.

Neil，我們能回到第 8 張投影片，看看非證券收入成長 37% 的情況嗎？能否詳細說明這條生產線的關鍵驅動因素是什麼？那麼，在2026年，考慮到人口整體成長率處於中高水平，我們對此有何感想呢？

Wait, wait, wait, wait, Neil, before you do, I just want to say one thing about the growth in people for next year. Yes, we're conservative. And when we come out with guidance, a silly process that why all of us engage in it, I do not know. But nevertheless, there we are. I would be very disappointed if people did not exceed that number.

等等，等等，等等，尼爾，在你開口之前，我只想說一句關於明年人口成長的事情。是的，我們是保守派。而當我們提出指導意見時，這是一個愚蠢的過程，我不知道為什麼我們所有人都要參與其中。但不管怎樣，我們還是身處其中。如果實際人數沒有超過這個數字，我會非常失望。

People has momentum. It is getting -- these areas that we're developing are going to take time to develop. But that machine is so well run and I think it's going to produce more than you are saying in your guidance. So I know you'll all get mad at me, but that is what life is for.

人們勢頭正盛。情況正在改變——我們正在開發的這些領域需要時間才能發展起來。但是那台機器運作得非常好，我認為它的產量會比你在指導中預測的要高。我知道你們都會生我的氣，但人生就是這樣。

It's a we --

這是一個我們--

And look, the truth is we want expectations. Expectations are good. And Rob, to go back to your question, what is fueling that is -- from a high level, we're going where the audiences are. And if you look back like five years ago, this is going to be probably longer than you wanted, we were like 70% of our traffic from Google Search. Now it's like 30%, right?

其實，我們想要的就是期望。期望值很高。羅布，回到你的問題，是什麼在推動這一切？從宏觀層面來說，我們正朝著觀眾所在的地方發展。如果你回顧五年前，這可能比你預想的要長，當時我們大約 70% 的流量來自谷歌搜尋。現在大概是30%吧？

People would look at the Internet that we compete in, and they would say, oh, my God, you guys are too much Google. How can this you're not diversified enough? We would look at the market and say, we started at Google, we're bad at this. Like we're not good enough at 70%, we should be better. And what that did was it gave us a really tight and close view into Google. And we instrumented our business to work with Google, which at the time was the dominant source.

人們會看看我們所處的網路環境，然後說，哦，我的天哪，你們太像谷歌了。你怎麼能說你投資組合不夠多元化？我們會審視市場，然後說，我們是從谷歌起家的，我們並不擅長這件事。70% 的成績還不夠好，我們應該做得更好。這樣做讓我們對谷歌有了非常深入、近距離的了解。我們調整了業務模式，以便與當時佔據主導地位的Google合作。

Now that gave us two skills. One, we realized very, very quickly when Google started to change, and that wasn't going to be the best source, and two, we were very early on it. So what we were able to do 2, 2.5 years ago is we were jumping up and down and saying Google zero internally. And what it gave us to do is we developed all of these new skills and the payoff of these new skills is now. We developed all these new distribution channels for our content for our audiences, whether it's -- whether it's social, whether it's reaching people through events, whether it's reaching people through things like Decipher, we had a sense of where the market was going and we're going with it.

現在我們掌握了兩項技能。第一，當谷歌開始改變時，我們很快就意識到它不再是最好的資訊來源；第二，我們很早就意識到了這一點。所以，2年前到2.5年前，我們能夠做到的是，我們在內部歡呼雀躍，高喊「Google零」。它讓我們有機會發展出所有這些新技能，而這些新技能的回報現在就顯現出來了。我們為受眾開發了所有這些新的內容分發管道，無論是社交媒體、透過活動接觸人們，還是透過像 Decipher 這樣的平台接觸人們，我們都了解市場的發展方向，並且我們正在順應市場的發展方向。

The audiences are going in that direction and the advertisers are going in that direction, and we're going in that direction. And we feel like we've put together a really, really interesting pool of assets. It's different for every brand to address this -- and again, the proof is in the numbers, and we feel really good about what we've done. So that would be my answer.

觀眾朝著那個方向發展，廣告商朝著那個方向發展，我們也朝著那個方向發展。我們感覺我們已經匯集了一批非常非常有趣的資產。每個品牌解決這個問題的方式都不一樣——而且，數據也證明了這一點，我們對自己的工作感到非常滿意。這就是我的答案。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Just two questions for Barry. First, on M&A, without being specific, but maybe in generalities, what are the types of assets that IAC is interested in? And obviously, we've all read about speculation of your potential interest in CNN and that -- if that was something, would that be done through IAC or outside of IAC, but just generally talk about M&A aspirations. And then just secondly, maybe, Barry, just review your investment thesis on MGM and why it felt that was a good deployment of capital right now as opposed to saving the capital for buybacks or M&A?

我只想問巴里兩個問題。首先，關於併購，不具體說明，但可以概括地說，IAC 對哪些類型的資產感興趣？顯然，我們都讀到過關於您可能對 CNN 感興趣的猜測，如果真有此事，您會透過 IAC 還是在 IAC 之外進行？總之，請談談您的併購意願。其次，巴里，或許你可以回顧一下你對米高梅的投資邏輯，以及為什麼你認為現在投資米高梅是比把資金留作回購或併購更好的選擇？

I'll start with MGM. It's kind of self-evident. We bought stock at what dollar level, Chris?

我先從米高梅說起。這幾乎是不言而喻的。克里斯，我們買入股票時的美元價格是多少？

$40 million.

4000萬美元。

No, our total purchase of MGM stock. Our total equity in MGM how much.

不，是我們買米高梅股票的總額。我們在米高梅的總股權是多少？

We bought $1.3 billion.

我們購買了價值13億美元的商品。

And it's valued at?

它的價值是多少？

$2.2 billion.

22億美元。

So that's the answer to that. That's not the full answer. Yes, we've done very well. We bought it at the right time. We recognized it as something that we had interest in.

這就是答案。那不是全部答案。是的，我們做得非常好。我們買的時機正好。我們意識到這是我們感興趣的東西。

But since we bought it, and we bought more since that initial purchase, I have become absolutely convinced that this collection of extraordinary properties, 40% of Las Vegas is owned by MGM. The infrastructure of Las Vegas can never be duplicated. Every piece of what they do is something that you can iterate on, that you can improve, that you can innovate without huge, huge amounts of capital and give people the experience that somewhat actually been hurt in the last couple of years but by its own hand, I think. Las Vegas always said to people, you come here and there is value here. We've all heard of inexpensive hotel rooms, et cetera.

但自從我們買下它，並且自那次最初購買以來又買了更多，我完全確信，這批非凡的房產，佔拉斯維加斯 40% 的份額，都屬於米高梅集團。拉斯維加斯的基礎設施是無法複製的。他們所做的每一件事都可以反覆迭代、不斷改進、不斷創新，而無需投入巨額資金，就能為人們帶來某種體驗。這種體驗在過去幾年裡實際上受到了一定程度的損害，但我認為這是他們自己造成的。拉斯維加斯總是告訴人們，來到這裡，你會發現這裡物有所值。我們都聽說過價格低廉的飯店房間等等。

There are some inexpensive. But I think the town really overplay gouge in certain areas. And I'm pretty sure that pretty sure that that's going to turn. Value will come back at the value area of part of the business. We are very much in the luxury part of the business, and that has done well.

有些價格便宜。但我認為鎮上在某些方面對宰客現象描述得過於誇張了。我非常肯定，這種情況將會改變。價值將在企業某部分的價值領域中體現。我們主要專注於奢侈品領域，而且這方面做得很好。

And as we begin this period, I think, of innovation, I think we're going to turn the town on in a way it has not been turned on at least in the most exciting way other than the wonderful sphere that has been planted here. So my belief in Las Vegas in that no one is going to get between the excitement and entertainment of Las Vegas by any technical means of AI unless we are all in a simulation and nothing else matters. So that's Las Vegas. Then we are developing a resort in Osaka in Japan, only gaming resort of huge, huge $12 billion scale that it's long dated. It won't come into play until '29, '30.

我認為，隨著我們開啟這段創新時期，我們將以一種前所未有的方式，至少以一種令人興奮的方式，讓這座城鎮煥發生機，而這種令人興奮的方式，除了這裡已經建立的美好理念之外。所以我相信，除非我們都生活在一個模擬世界裡，其他一切都不重要，否則沒有任何技術手段，包括人工智慧，能夠阻止拉斯維加斯的刺激和娛樂。這就是拉斯維加斯。然後，我們正在日本大阪開發一個度假村，這是唯一一個規模龐大、耗資 120 億美元的博彩度假村，而且開發時間很長。到 2029 年、30 年才會發揮作用。

But when it does, it's going to be one of those golden assets. So I am -- I can't -- if I look around and you say, what would interest me in M&A would be to find another opportunity like this one. By the way, I haven't found it. I don't think it's on the horizon, by the way. I don't really think that right now is the time for us to be, I wouldn't -- we never squander around but putting like bets down on things that are not -- that do not have -- it's kind of a bromide, you never want to do it if you don't have potential.

但一旦實現，它將成為一項極具價值的資產。所以，如果我環顧四周，你說，我對併購感興趣的地方就是找到另一個像這樣的機會，那我絕對不會同意。對了，我還沒找到。順便說一句，我認為它近期內不會發生。我真的不認為現在是我們該這麼做的時候，我不會——我們從不浪費錢，但把賭注押在沒有潛力的事情上——這有點像老生常談，如果你沒有潛力，就永遠不要這麼做。

But right now, I really don't see anything at a price that would be rational to pay. And I don't see anything that's really particularly exciting. We've got a company that's got People, which I can only overdue, so I'll not do more than I did before in what I think of the potential of People. And we've got MGM, and we've got cash to continue to increase our ownership in both of those. And yes, an opportunity may come along.

但就目前而言，我真的沒看到任何價格合理的商品。我沒看到任何特別令人興奮的事。我們公司擁有人才，但我只能拖延，所以我不會比以前多談人才的潛力。我們擁有米高梅，而且我們有足夠的現金繼續增持這兩家公司的股份。是的，機會或許會到來。

But I like the hand we have right now. So that's a long-winded answer. Did I answer the first part of your question? Oh, Well, you asked about CNN. I've been interested in CNN for years.

但我很滿意我們目前所擁有的局面。回答有點囉嗦。我回答了你問題的第一部分嗎？哦，你問的是CNN。我對CNN感興趣已經很多年了。

I think it's less than 50-50. I'll get the opportunity but the hand could play that way. We'll know in the next months as the Paramount Skydance, Warner Discovery, Netflix diorama plays out. I suspect that if it happened, it would be on the personal side, not through IAC but that's really unpredictable at the moment. I think that's the rather fulsome answer to your question.

我認為可能性不到五五開。我會得到機會，但牌局也可能朝著那個方向發展。在接下來的幾個月裡，隨著派拉蒙天空之舞傳媒、華納探索頻道和Netflix聯合打造的這齣大戲逐漸展開，我們就會知道結果了。我懷疑如果真發生了，那也是私人恩怨，而不是透過IAC，但目前這真的很難預測。我認為這就是對你問題的相當全面的回答。

Thank you, BD. Yes, just one point I'd add for investors, great results released by BetMGM today, reflecting the performance there and solidity. So another leg to the MGM.

謝謝你，BD。是的，我只想補充一點給投資者：BetMGM今天公佈了非常好的業績，反映了該公司的良好表現和穩健實力。所以，又一站通往米高梅。

What I don't get is how you all people -- I'm not all God here. I sound like that person God forbid. What I don't understand of the entire investment community is here you have a situation where we invested -- not a huge amount but we invested hundreds of millions of dollars in BetMGM. BetMGM lost and people were critical of it for several years. And it took us -- of course, it took us some time to get it together.

我不明白的是，你們這些人──我又不是上帝。天哪，我聽起來像那種人。我不理解整個投資界的一點是，我們投資了——雖然金額不大，但我們確實在 BetMGM 投資了數億美元。BetMGM 虧損了，此後幾年人們一直批評它。當然，我們花了一些時間才把它整理好。

We go from like $170 million -- or you can correct me with the exact figures or loss or a $200 million loss in one year to $170 million profit the next year. Why hasn't everybody say, oh my friggin God, that is a turn. And this year's projections, are much higher than that. Nobody pays attention to it. I truly don't get it. But eventually, truth speaks.

我們一年虧損 1.7 億美元——或者你可以糾正我確切的數字——或者虧損 2 億美元，第二年獲利 1.7 億美元。為什麼大家還沒說：“我的天哪，這真是個轉折！”而今年的預測數字要高得多。沒人注意這件事。我真的不明白。但最終，真相總會水落石出。

What I am assuming nationally.

我假設的是全國範圍內的情況。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. You clearly excited about a lot of these transformations going on at people. How scalable are some of these new curated experiences, how do you think that changes your relationships with audiences and monetization opportunities? And how should we think about just the investment levels to support this transformation in the AI era. And then separately, just one on Vivian.

偉大的。你顯然對人們正在經歷的這些變革感到興奮。這些新推出的精選體驗的可擴展性如何？您認為這將如何改變您與受眾的關係以及獲利機會？那麼，我們該如何考慮在人工智慧時代支持這種轉型所需的投資水準呢？然後，單獨地，只寫了一篇關於薇薇安的文章。

Bill Colin was recently named CEO. Could you talk about some of these top priorities in that role?

比爾·科林最近被任命為首席執行官。您能否談談該職位的一些首要任務？

Yes. I'll go first and Chris will go second. So what I would say is the key to our business is we need direct relationships with our audiences and direct relationships with our advertisers. And the things we are most excited about in the business is the things that you highlight, the new things that we've launched. And look, we're the roots of our company are 100 years old.

是的。我先來，克里斯後來。所以我認為，我們業務的關鍵在於我們需要與受眾建立直接關係，以及與廣告商建立直接關係。而我們公司最興奮的事情，正是您重點提到的那些，我們推出的新產品。而且，我們公司的根基已經有100年的歷史了。

So it was not a given, we would be great at these things and launching new things. But so far, so good. We feel very good about the momentum we have at some of the headline things we've talked to you about. So first, let's just go through a couple of them. My recipes, which we launched a little bit less than a year ago, which is a recipe locker or place to store recipes.

所以，我們並非理所當然地擅長這些事情，也並非理所當然地會推出新產品。但目前為止，一切順利。我們對之前和大家談到的一些重點事項的進展勢頭感到非常滿意。那麼首先，我們先來看其中幾個例子。My recipes 是我們不到一年前推出的，它是一個食譜庫或食譜儲存平台。

. I think most of you guys know, we are, by far, the largest player in food and recipes on the Internet. We have -- in under a year with very little to no outside marketing, we've got 3 million registered users who saved 24 million recipes. And we're perfecting that experience. This is an audience that advertisers love.

。我想你們大多數人都知道，就網路上的美食和食譜領域而言，我們是迄今為止最大的參與者。在不到一年的時間裡，幾乎沒有進行任何外部行銷，我們就擁有了 300 萬註冊用戶，他們保存了 2400 萬個食譜。我們正在不斷完善這種體驗。這是廣告商最喜歡的受眾。

It's a service that people love and there is no Google between us and these audiences. It's really, really effective, and it's teaching us a skill set, and this has an incredibly bright future. It's got a great team running it also. We've talked a little bit about the people at with you guys. The People app for us, I think, and I'm not sure if BD ever propped up before, the people app can eventually be the hub of the entire People brand.

這是一項深受用戶喜愛的服務，而且我們與這些用戶之間沒有任何谷歌的介入。它真的非常有效，而且教會了我們一系列技能，它有著非常光明的未來。它的營運團隊也非常出色。我們剛才和你們聊了聊我們公司的人。我認為，對我們來說，People 應用程式（我不確定 BD 以前是否支援過）最終可以成為整個 People 品牌的中心。

And what we've really focused on with our investment dollars is getting that experience right.

我們真正投入資金的重點，就是確保這種體驗是正確的。

So we're -- we launched it again a little less than a year ago. We've got about 300,000 downloads. Our expenditure has not been on getting downloads made, but 300,000 is a pretty good number. What we're really focused on is engagement and how can we change people's relationship, lower case P with upper case people? And here's the key stat that's interesting.

所以我們——我們大約在一年前再次推出了它。我們已經獲得了大約 30 萬次下載。我們的支出並非用來提高下載量，但 30 萬次下載量也相當不錯了。我們真正關注的是參與度，以及我們如何改變人與人之間的關係，即小寫字母 P 與大寫字母 people 之間的關係？這裡有一個很有趣的關鍵數據。

And the thing that gets us so enthusiastic about this. On the web, when someone goes to people's sort of people.com, People's website, the average visit is two minutes wow. If you're in the app and you open the app and you start playing around the web experience, which is not anywhere near as good as it's going to get with the plans we have, that's a six-minute duration. So we are 3x the amount of time spent in the app than on the site to typical visit.

而這正是讓我們對此充滿熱情的原因。在網路上，當有人造訪類似 people.com 這樣的網站時，平均造訪時間為兩分鐘，哇！如果你在應用程式中，打開應用程序，開始體驗網頁版，而網頁版遠不如我們計劃中的版本好，那麼體驗時長為六分鐘。因此，用戶在應用程式上花費的時間是網站訪問時間的 3 倍。

Then we launched a bit ago a suite of games. We launched something called the People puzzler which was historically in the magazine, a crossroad puzzle, and we launched two new games since. These games have been a huge hit. People who are in the app and play a game have a 20-minute duration in the app. So you can see real traction, and you can see maybe subscriptions grow out of this thing.

不久前，我們推出了一系列遊戲。我們推出了一款名為「人物謎題」的遊戲，這款遊戲以前曾在雜誌上出現過，是一款十字路口謎題。此後，我們又推出了兩款新遊戲。這些遊戲非常受歡迎。在應用程式中玩遊戲的用戶，在應用程式內的使用時間為 20 分鐘。所以你可以看到真正的成長勢頭，也可以看到訂閱用戶可能會因此而成長。

Maybe a big ad business goes out of this thing. Maybe sponsorships do. I'm not sure, but delighting in audience with a great product is great. And what I would say is the two of these things building new products is not a skill every company has. We've worked very, very hard at this.

或許會有一家大型廣告公司因此退出市場。或許贊助能起到作用。我不太確定，但是用優秀的產品取悅觀眾是一件很棒的事。我想說的是，開發新產品並不是每家公司都具備的技能。我們為此付出了巨大的努力。

We've pivoted a ton of resources away from what we've done traditionally into these two projects and I'll just -- I'll highlight one more while we're at it because it's something we're really proud of. At InStyle, we've got kind of a hit on our hands, but we do a lot of social first video. And we did a social first video series we're currently doing called the intern. And it's almost -- it's very like the office, every one that appears in the intern actually works for us and works on the team, with the exception of two people who play intern s at InStyle.

我們已經將大量資源從傳統領域轉移到了這兩個項目中，而且，趁此機會，我還要重點介紹一個項目，因為我們對此感到非常自豪。在 InStyle，我們取得了一定的成功，但我們做了很多以社群媒體為先的影片。我們製作了一個名為“實習生”的社交優先影片系列，目前正在製作中。而且幾乎——非常像辦公室，出現在實習生角色中的每個人都實際上是我們團隊的員工，除了在《InStyle》雜誌扮演實習生的兩個人。

And it has captured Ziggy of sort of like the Gen Z experience in an incredible way.

它以一種令人難以置信的方式捕捉了Z世代的體驗，就像Ziggy一樣。

Neil, when we started doing the intern and we do, I don't know, six a season, and we do how many seasons -- how many of these do we do a year?

尼爾，當我們開始做實習生計畫的時候，我們每季都會做，我不知道，六個，我們一年做幾季－我們一年做多少季？

Yes. So there's -- so far last year, we've done seven seasons, but a season is episodes be fine.

是的。所以——去年到目前為止，我們已經製作了七季，但一季的集數就足夠了。

What I'm trying to do is just to educate people. So the first few they -- first, they cost nothing, but you'd made 50,000 or 80,000 or whatever. Now for -- I think it's for a given season, you're up to sponsorships at the 500,000, 700,000 level.

我只是想教育人們。所以前幾個——一開始它們都是免費的，但你卻能賺到 5 萬、8 萬或更多。現在——我認為對於一個賽季來說，贊助金額最高可達 50 萬、70 萬。

That's correct.

沒錯。

Yes. I mean when you think -- essentially, when you think about that, again, out of nothing at no real cost -- this is done in-house basically on an iPhone or it has been done on an iPhone. And they are genuinely funny and they have reached a genuine audience. That is we now have -- as what Neil has done is redeploying his forces into these new and productive areas with the brands that we have when you are doing that and you're dealing with ideation, you create new things that have nothing to do with search with the issues of digital advertising, all problems of digital advertising. They're their own products, and we are producing them at real scale now.

是的。我的意思是，當你仔細想想——本質上，當你再次想到這一點時，這一切都是憑空實現的，沒有真正的成本——這基本上是在內部用 iPhone 完成的，或者說已經用 iPhone 完成了。它們確實很有趣，也確實吸引了一群真正的觀眾。也就是說，我們現在擁有——尼爾所做的就是將他的力量重新部署到這些新的、富有成效的領域，利用我們擁有的品牌，當你這樣做並且處理創意時，你會創造出與搜索無關的新事物，與數字廣告問題、所有數字廣告問題都無關。它們是獨立的產品，我們現在正在大規模生產它們。

That's really exciting. Enough for now. Next question.

那真是太令人興奮了。就先到這裡吧。下一個問題。

Yes, let me -- and I'll just cover Vivian. Vivien is an exciting business with within Emerging and Other. We announced last week that Vivian Founder and CEO of Harthbocta has moved to Chairman; and Bill Kong, our COO, is taking over as CEO.

好的，讓我來──我來負責薇薇安。Vivien是一家令人興奮的企業，業務涵蓋新興市場和其他領域。我們上週宣布，Harthbocta 的創辦人兼執行長 Vivian 已轉任董事長；而我們的營運長 Bill Kong 將接任執行長一職。

The next question comes from --

下一個問題來自--

Operator, I'm answering the question quickly. Vivien is a marketplace that sits between 2.7 million nurses on the one side in healthcare staffing agencies and providers on the other. It is really a great moment. It is -- the business has returned to growth last quarter after facing some major sectoral headwinds. It is driving forward in taking share and its AI products, we think, are industry changing.

接線員，我快速回答您的問題。Vivien 是一個連結醫療保健人員派遣機構和醫療服務提供者的市場，一方是 270 萬名護理師。這真是個美好的時刻。確實如此——在經歷了一些重大的行業逆風之後，該業務在上個季度恢復了成長。該公司正積極拓展市場份額，我們認為其人工智慧產品正在改變產業格局。

So Bill is the ideal leader. He's grown -- he's developed across product, marketing and other channels and has really performed extremely well. Parts is excited for him to take over and it's really about driving our AI products deeper into our customers.

所以比爾是理想的領導者。他成長了很多——他在產品、行銷和其他管道上都取得了進步，而且表現非常出色。Parts 非常高興他能接任，這確實是為了將我們的 AI 產品更深入地推廣到我們的客戶群中。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD Cowen。

Maybe two for Chris. One on the People 2026 EBITDA outlook. At the midpoint, of the range. It looks like kind of flattish EBITDA. Can you impact the guide a little bit, Chris, and how we should think about drivers of EBITDA people this year?

或許克里斯會有兩個。One on the People 2026 年 EBITDA 展望。處於範圍的中點。看起來 EBITDA 成長比較平緩。克里斯，你能否對指南做一些修改，以及我們今年應該如何看待 EBITDA 驅動因素？

And then second question, just on IAC's free cash flow conversion. So you guys guided to '26 EBITDA range of $260 million to $335 million. How should we think about free cash flow conversion of EBITDA this year? .

第二個問題，是關於IAC的自由現金流轉換率。所以你們預測2026年EBITDA將在2.6億美元至3.35億美元之間。今年我們該如何看待 EBITDA 的自由現金流轉換率？。

Yes. Thanks, John. On EBITDA guidance, we definitely want to explain this in detail to investors at People. So when you compare 2025 adjusted EBITDA for people to our '26 guidance, there are two key countervailing trends you need to understand. As background, '25 adjusted EBITDA, when you remove the $41 million in lease gains and the $15 million in severance expense was $331 million.

是的。謝謝你，約翰。關於 EBITDA 指引，我們非常希望在 People 大會上向投資人詳細解釋這一點。因此，當您將 2025 年調整後人員 EBITDA 與我們的 2026 年指引值進行比較時，您需要了解兩個關鍵的相互抵銷的趨勢。作為背景，2025 年調整後的 EBITDA，扣除 4,100 萬美元的租賃收益和 1,500 萬美元的遣散費後，為 3.31 億美元。

That comprises $315 million of digital adjusted EBITDA and then an incremental $16 million deriving from the excess of print EBITDA over corporate expense. So $315 million and then a $16 million incremental. In our 2026 guidance, we are guiding to mid- to high-single-digit EBITDA growth off of the $315 million generated in 2025. And on the other hand, our guidance assumes $15 million in Google litigation expense hitting corporate. Without that litigation cost, we expect print EBITDA to equal corporate expense.

這包括 3.15 億美元的數位調整 EBITDA，以及印刷 EBITDA 超過公司費用後產生的 1,600 萬美元增量。所以是 3.15 億美元，然後又追加了 1,600 萬美元。在我們對 2026 年的業績展望中，我們預期 EBITDA 將實現中高個位數成長，高於 2025 年的 3.15 億美元。另一方面，我們的指導意見假設Google訴訟費用將導致公司損失 1500 萬美元。除去訴訟成本，我們預期印刷業務的 EBITDA 將等於公司支出。

So with the litigation, what you're seeing is a $31 million net swing from '25 actuals to '26 guidance in the relationship between print and corporate. It's that swing that leads the guidance to be in the $310 million to $340 million range and to look flattish year over year. At our most important line item in our mind is digital revenue and that is growing solidly. And as we said before, if you adjust for the Google litigation expense, we are guiding to $325 million to $355 million on digital EBITDA. Going to IAC adjusted free cash flow, simply, there are four line items between EBITDA and free cash flow that you should think about in your models.

因此，由於訴訟，你看到的是印刷業務與公司業務之間的關係，從 2025 年的實際業績到 2026 年的預期業績，淨波動幅度為 3,100 萬美元。正是這種波動導致業績預期在 3.1 億美元至 3.4 億美元之間，並且與去年同期相比基本持平。我們最關注的指標是數位收入，而這部分收入正在穩定成長。正如我們之前所說，如果將Google的訴訟費用考慮在內，我們預計數位業務的 EBITDA 將在 3.25 億美元至 3.55 億美元之間。要計算 IAC 調整後的自由現金流，簡單來說，在 EBITDA 和自由現金流之間有四個項目需要在你的模型中考慮。

CapEx, change in working capital, net interest expense taxes. CapEx for IAC is minor. It was $20 million last year, probably $20 million to $30 million in the '26 range.

資本支出、營運資本變動、淨利息支出及稅項。IAC的資本支出很小。去年是 2,000 萬美元，2026 年可能在 2,000 萬到 3,000 萬美元之間。

Net cash interest expense is the difference between the interest expense and the people debt and the interest income we make on our cash balances. Last year, it was $64 million of net interest expense. We would expect net interest expense to be around that same number, assuming flat yields on cash. Cash taxes are minimal due to our NOLs. So that leaves working capital, that was a major use of cash last year due to two items.

淨現金利息支出是指利息支出與借款債務之間的差額，以及我們從現金餘額中獲得的利息收入。去年，淨利息支出為 6,400 萬美元。假設現金收益率保持不變，我們預期淨利息支出將與此數字大致相同。由於我們有淨經營虧損，現金稅費極低。所以剩下的就是營運資金了，這是去年現金使用的主要部分，原因有二。

One were the lease buyouts that we talked about north of $40 million as well as some unfavorable timing this past year of vendor payments and receivables. Looking ahead, we don't expect any similar large outflows like the lease buyouts and then working capital should normalize. So when you roll that up, we'd guide to 50% plus EBITDA to free cash flow conversion across IAC in 2026.

其中之一是我們之前討論過的超過 4000 萬美元的租賃買斷，以及去年供應商付款和應收帳款的一些不利時機。展望未來，我們預期不會出現類似租賃買斷這樣的大規模資金外流，營運資本應該會恢復正常。因此，綜合來看，我們預計到 2026 年 IAC 的 EBITDA 到自由現金流轉換率將超過 50%。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

I wanted to ask, you called out a $15 million spend on the Google litigation. Maybe just update us on where you're at with that and kind of how you're thinking about the range of outcomes. And then Barry, I think last quarter, you talked about also the simplification of IAC. So maybe if you could just give us an update on how you're thinking about that and any progress you've made.

我想問一下，你曾提到在Google訴訟案中花了 1500 萬美元。或許你可以告訴我們你在這方面的進展，以及你對各種可能結果的看法。然後，Barry，我想上個季度你也談到了 IAC 的簡化。所以，您能否向我們介紹一下您對此事的想法以及您取得的任何進展？

I'll do the litigation thing quickly, and then I'll kick to BD. So again, just to refresh everybody, the lawsuit builds on the government's antitrust case against Google, where Google was found to monopolize the ad server and ad exchange markets, right? Two major publishers, Gannett Daily Mal already sued -- and in their cases, the court ruled that they don't need to again prove what the government proved. We expect to rely on that ruling. Again, the costs are about $50 million.

我會盡快處理訴訟事宜，然後把事情交給BD處理。所以，再為大家回顧一下，這起訴訟是建立在政府對谷歌的反壟斷案件之上的，該案件認定谷歌壟斷了廣告伺服器和廣告交易市場，對吧？兩家大型出版商 Gannett Daily Malmon 已經提起訴訟——在他們的案件中，法院裁定他們無需再次證明政府已經證明的事情。我們預期會依據該裁決行事。同樣，成本約為 5000 萬美元。

Chris has gone in great detail about that. damages will be proved in this litigation in this phase. We seek to recover hundreds of millions of dollars and damages. Again, it all depends on where this lands. But we look at this as an investment.

克里斯已經對此進行了非常詳細的闡述。本階段的訴訟將證明損失情形。我們尋求追回數億美元的損失和賠償。再說一遍，這一切都取決於它最終落在哪裡。但我們將其視為一項投資。

They've already been found to be sort of, again, I don't know the legal term in violation of these laws, so we'll see where it lands.

他們已經被發現有點……我不知道用什麼法律術語來形容，違反了這些法律，所以我們看看最終結果如何。

It has potential to land very big. So as far as simplification, we've been doing this for the -- really the last couple of years as we've cleaned up many, many things inside IAC closed, transferred, et cetera. We're going to continue to do it. We're bringing down our overhead, which we should. Our overhead was large because we had so many businesses that we are responsible for and so much infrastructure.

它有可能落地後留下非常大的痕跡。就簡化而言，我們在過去幾年裡一直在這樣做，因為我們清理了 IAC 內部的許多很多東西，包括關閉、轉移等等。我們將繼續這樣做。我們正在降低營運成本，這是我們應該做的。我們的營運成本很高，因為我們負責的業務很多，基礎設施也很多。

We're now really down to a couple of key businesses. So you're going to see simplification for it throughout the year.

我們現在真正只剩下幾個關鍵業務了。所以你會看到它在今年不斷簡化。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe two, if I could. First, with respect to the ad business, any mark-to-market views in terms of the overall macro environment, either verticals or the way in which advertisers are spending their money brand versus direct response in terms of how that's impacting the business right now. And then I wanted to revisit the comments you made about the forward guidance in your prepared remarks in terms of maybe going a little bit deeper on what you think it might do to impact the operations, freeing people up to think a little more medium to longer term and whether the investment community could also expect some sort of at least qualitative commentary mark-to-market on a quarter-to-quarter basis.

如果可以的話，也許兩個。首先，就廣告業務而言，任何按市值計價的觀點，無論是從整體宏觀環境來看，還是從垂直領域來看，或者從廣告商的支出方式來看，品牌與直接響應，這些都會對當前業務產生影響。然後，我想重新審視一下您在準備好的發言稿中對前瞻性指引的評論，或許可以更深入地探討一下您認為這可能會對運營產生哪些影響，讓人們能夠更多地思考中長期問題，以及投資界是否也可以期待按季度進行一些至少定性的評論和市值分析。

Sure, I'll do the ad market first and then I'll kick to Chris. So I think we do this a lot around here. I think we put the market at a 6 out of 10 where it is now. it's healthy, remain generally favorable in Q4. It's pretty solid for us.

當然，我會先做廣告市場推廣，然後再把事情交給克里斯。所以我覺得我們這裡常常這樣做。我認為目前市場狀況良好，評級為6分（滿分10分）。市場整體健康，預計第四季仍將保持樂觀。對我們來說，這相當可靠。

I think particular to us, we have some real advantages right? Brands matter in an AI world, where everything is uncertain and everything is a platform and everything is UGC. The strength of brands really resonate. We're in a lot of markets. That helps.

我認為就我們而言，我們確實有一些真正的優勢，對吧？在人工智慧時代，品牌至關重要，因為一切都充滿不確定性，一切都是平台，一切都是用戶生成內容。品牌的力量確實能引起共鳴。我們涉足很多市場。那很有幫助。

Our programs really perform both the traditional on-platform and off platform. Our ad relationships are good, and we're very much which some of the new things we're doing. We're in the ad side cut. Not only do we have like the real nuts and bolts to deliver, but we've got the cool stuff, too. And it's really helped us.

我們的程式確實能夠同時在傳統的平台內和平台外發揮作用。我們的廣告合作關係很好，我們對正在做的一些新事情也感到非常滿意。我們在廣告側邊欄裡。我們不僅擁有真正需要的硬體設備，而且還有很酷的東西。這確實對我們很有幫助。

And I think the strongest sectors, and again, I can only really speak to us, but some of this does trickle out to the broader market. Health and pharma has been good for us, travel, tech, some of the weaker sections for us or some of the stuff you're seeing macro exposed, like food and beverage, in a large way has been very challenged. I'm sure you guys have heard about that. That's really our take. Look, we -- the market right now is good enough for us to execute, and that's our main concern.

我認為最強勁的行業，而且我只能談談我們自己的情況，但其中一些確實會逐漸擴散到更廣泛的市場。醫療和醫藥行業對我們有利，而旅遊、科技等一些我們較為薄弱的領域，或者一些你看到的宏觀暴露的領域，例如食品和飲料，在很大程度上受到了很大的挑戰。我相信你們都聽過這件事。這確實是我們的看法。你看，我們——目前的市場狀況足以讓我們執行計劃，這是我們最關心的問題。

Perfectly -- and then .

完美——然後。

And then on guidance, look, the -- it's a few things. One, there are a lot of -- especially in People Inc, which is our biggest business. There is a lot of volatility in the underlying market. Neil has talked about everything they're doing to guide the ship successfully through the choppy waters and they're proving that out in the data. but stressing about quarter-to-quarter metrics on sessions individual revenue line items, et cetera, we thought -- we came to the conclusion, it's a long walk for a short drink, and that doesn't necessarily mean downside.

至於指導方面，你看，有幾點要注意。第一，有許多——尤其是在我們最大的業務部門——People Inc.。基礎市場波動性很大。尼爾已經談到了他們為帶領公司順利渡過難關所做的一切，而數據也證明了這一點。但是，我們過於關注季度間的各項指標，例如單次交易量、收入明細等等，最終得出結論——我們覺得，走這麼遠的路，喝這麼點東西，未必會有什麼好結果。

We surprised to the upside last quarter with very strong revenue. It's really around head down execution to drive the strongest, best digital businesses, and we'll do that on with an annual basis and tell you what we're working towards. And then to your point, we will talk -- to your second question, we will give guidance qualitatively, not guidance. We'll give views qualitatively of what's happening in the markets. what's happening in the dynamics and our strategy.

上個季度我們的營收表現非常強勁，超乎預期。關鍵在於腳踏實地執行，打造最強大、最優秀的數位業務，我們將每年都這樣做，並告訴大家我們正在努力的方向。至於你提到的第二點，我們會進行討論──對於你的第二個問題，我們會給予定性的指導，而不是具體的指導。我們將對市場現狀、市場動態以及我們的策略進行定性分析。

Dan Kurnos, StoneX.

Dan Kurnos，StoneX。

Yes. Maybe first for Neil, any directional way to think about sizing or helping us think about the Cipher Plus this year? And should we think of any announcements coming, the way that Roku use Nielsen ACR is a data and conversion layer with Amazon DSP are there any ways that we could think about major partnerships? And then I guess for Chris, just on care, maybe just unpack the growth a little bit, how you think it could trend over the course of the year and then more longer -- and then longer term, just what are the aspirations for growth at PetCare?

是的。或許首先，對於 Neil 來說，有沒有什麼方向性的方法可以幫助我們思考今年的 Cipher Plus 的尺寸設計？如果我們認為未來會有任何公告發布，Roku 使用 Nielsen ACR 作為資料和轉換層，並與 Amazon DSP 結合，我們是否可以考慮建立重要的合作夥伴關係？然後我想問克里斯，關於寵物護理，也許可以稍微分析一下增長情況，你認為它在今年以及更長的時間裡會如何發展——從長遠來看，寵物護理的增長目標是什麼？

First with Decipher. So we're obviously very excited about Decipher. It's our fastest-growing off-platform business, in terms of headcount, in terms of revenue. It's going to be a big driver for us again. It opens up a lot of TAM for us, right?

首先是 Decipher。所以，我們對 Decipher 的前景感到非常興奮。無論從員工人數或收入來看，這都是我們成長最快的非平台業務。這將再次成為我們前進的重要動力。這為我們開拓了很大的潛在市場，對吧？

We can do CTV. We can basically target using our data, which is fantastic, the open web. I think to dimension it for you guys, I think we'd say of the growth, the mid- to high-single-digit growth, 2 to 3 points of that this year will be Decipher Plus. It's got real momentum. And I think we're at a place now where Jim Lawson, who I believe I know that you know has really found his footing.

我們可以做連網電視。我們基本上可以利用我們的數據（這太棒了，開放的網路）來進行精準定位。為了向你們說明情況，我認為我們可以說，成長幅度在個位數中高段位，今年 Decipher Plus 將貢獻 2 到 3 個百分點。它勢頭正勁。我認為我們現在的情況是，吉姆·勞森（我相信你也認識他）已經真正站穩了腳跟。

We have a real team behind this, and this is it's go time on this business. And I think you're going to see real results in it this year. We're very, very excited about it. Again, it's all about our strategy. We're going where the people are.

我們背後有一個真正的團隊，現在是這項業務大展拳腳的時候了。我認為今年你會看到實實在在的成果。我們對此感到非常非常興奮。歸根結底，一切都取決於我們的策略。我們要去人多的地方。

They're -- and we're bringing advertisers with us. We're bringing our content with us, and this is a really big part of it. And Jim is doing a great job. There's a lot of energy around this. And then I'll punt to Chris for the rest of it.

他們是——而且我們還會帶廣告商一起來。我們會把我們的內容帶過來，而這正是其中非常重要的一環。吉姆做得非常好。這件事引起了很大的關注。然後剩下的就交給克里斯了。

Yes. And on care, the consumer business really was in a multiyear slowdown post partly driven by post pandemic dynamics and then also driven by challenges or underperformance on the product and in our marketing. We've taken steps and Brad Wilson and the team have taken steps on a number of those in this consumer platform starting second quarter last year that we talked before about. We're seeing the stability in sign-ups. We know our comps, we start to get back to more normalized levels and lap some easier comps starting in Q2, so as we've talked about, we expect to get back to consumer growth midyear revenue and then drive on from there.

是的。而就護理業務而言，消費者業務在疫情後確實經歷了多年的放緩，部分原因是疫情後的動態，部分原因是產品和行銷方面的挑戰或表現不佳。我們已經採取了一些措施，布拉德威爾森和他的團隊也從去年第二季開始，在這個消費者平台上採取了一些措施，我們之前也談到過這些措施。我們看到註冊用戶數量保持穩定。我們知道我們的同店銷售額，從第二季開始，我們將逐步恢復到更正常的水平，並超越一些更容易比較的同店銷售額。正如我們之前討論過的，我們預計年中消費者收入將恢復成長，然後以此為基礎繼續發展。

And then enterprise, we're working through some macro challenges as employers cut back.

此外，在企業方面，由於雇主縮減開支，我們正在應對一些宏觀挑戰。

But there's also opportunities to grow employers and new entrants -- or new customers that can come in. So -- our goal is to get back to revenue growth next -- this coming year. We believe we're going to get there and have line of sight. Margins, we feel good about and the underlying profitability on an ongoing basis, care should be growing 15% to 20%, given its market position, given the opportunities in both its segments and just the ever-increasing need for care, both for consumers who are really struggling with it across child, senior adult, pet and also employers who are increasingly view it as a base benefit.

但同時也存在著發展雇主和吸引新企業（或新客戶）的機會。所以——我們的目標是明年恢復營收成長。我們相信我們能夠到達那裡並看到目標。鑑於其市場地位、兩個細分市場的機會以及不斷增長的護理需求（無論是消費者在兒童、老年人、寵物等方面的護理方面遇到的困難，還是雇主越來越將其視為一項基本福利），我們對利潤率和持續的潛在盈利能力感到滿意，護理行業應該增長 15% 到 20%。

Let's do the last question, please.

請回答最後一個問題。

James Heaney, Jefferies.

James Heaney，傑富瑞集團。

Yes. Great. Any comping dynamics that you'd call out driving that? Or is that more of an organic slowdown? Just anything on that?

是的。偉大的。您認為有哪些競爭因素在推動這現象？或者這更多是一種自然而然的放緩？關於這方面還有什麼要說的嗎？

And if you can talk about phasing, I know you're not thinking of it on a quarterly basis, but anything we should think about for the year?

如果您能談談分階段實施的問題，我知道您不會按季度考慮，但我們今年應該考慮些什麼？

Certainly. If you look broadly across '25, digital revenue grew 10%. Our guidance of mid- to high-single digits reflects some conservatism as we continue to navigate broader search disruptions. As Barry and Neil have said we feel good about our positioning. We feel great about the robustness of our monetization and the off-platform strategy and the scale of and freshness of our content.

當然。如果縱觀 2025 年，數位收入成長了 10%。我們給出的中高個位數成長預期反映了我們較保守的立場，因為我們仍在應對更廣泛的搜尋業務中斷。正如巴里和尼爾所說，我們對目前的市場定位感到滿意。我們對自身獲利模式的穩健性、平台外策略以及內容的規模和新鮮度感到非常滿意。

But we always want to be thoughtful at the beginning of the year on our outlook. So that would be the background.

但我們總希望在年初認真思考我們的展望。這就是背景。

Thank you all. Nice to be with you. Thank you, operator. We can conclude the call.

謝謝大家。很高興和你在一起。謝謝接線生。通話可以結束了。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。