Match Group Inc (MTCH) 2020 Q1 法說會逐字稿

Good day, and welcome to the ANGI Homeservices reports Q1 2020 results conference call.

美好的一天，歡迎來到 ANGI Homeservices 報告 2020 年第一季度業績電話會議。

At this time, I would like to turn the conference over to Glenn Schiffman, Chief Financial Officer of IAC.

在這個時候，我想把會議交給 IAC 首席財務官 Glenn Schiffman。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線員。

Good morning, everyone, and hope you all are safe.

大家早上好，希望大家都平安。

Glenn Schiffman here, and welcome to the ANGI Homeservices first quarter earnings call.

Glenn Schiffman 在這裡，歡迎參加 ANGI Homeservices 第一季度財報電話會議。

Joining me today is Joey Levin, Chairman of ANGI Homeservices and CEO of IAC; and Brandon Ridenour, CEO of ANGI Homeservices.

今天加入我的是 ANGI Homeservices 董事長兼 IAC 首席執行官 Joey Levin；和 ANGI Homeservices 的首席執行官 Brandon Ridenour。

Joey and I will also address any questions you may have on IAC's first quarter results.

Joey 和我還將回答您對 IAC 第一季度業績可能存在的任何問題。

Similar to last quarter, supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter.

與上一季度類似，作為我們季度收益發布的補充，IAC 還發布了季度股東信函。

We will not be reading the shareholder letter on this call.

我們不會在這次電話會議上閱讀股東信。

It is currently available on the Investor Relations section of our website.

它目前可在我們網站的投資者關係部分找到。

I will shortly turn the call over to Joey to make a few brief introductory remarks, and then we will open it up to Q&A.

我很快將把電話轉給 Joey 做一些簡短的介紹性發言，然後我們將打開問答環節。

Before we get to that, I'd like to remind you that during this call, we may discuss our outlook and future performance.

在我們開始之前，我想提醒你，在這次電話會議中，我們可能會討論我們的前景和未來表現。

These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate or similar such statements.

這些前瞻性陳述之前通常可能會出現我們預期、我們相信、我們預期或類似的此類陳述。

These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

這些前瞻性觀點存在風險和不確定性，我們的實際結果可能與今天表達的觀點存在重大差異。

Some of these risks have been set forth in both IAC and ANGI Homeservices' first quarter press releases and our reports filed with the SEC.

其中一些風險已在 IAC 和 ANGI Homeservices 的第一季度新聞稿和我們向 SEC 提交的報告中提出。

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

我們還將討論某些非 GAAP 措施，提醒一下，其中包括調整後的 EBITDA，為簡單起見，我們今天將其稱為 EBITDA。

I'll also refer you to our press releases, the IAC shareholder letter and, again, to the Investor Relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

我還將向您推薦我們的新聞稿、IAC 股東信函，以及我們網站的投資者關係部分，以了解所有可比較的 GAAP 措施以及所有重大非 GAAP 措施的全面對賬。

Now let's jump right into.

現在讓我們直接進入。

Joey?

喬伊？

Thanks, Glenn.

謝謝，格倫。

Welcome, everybody.

歡迎大家。

Glenn and I are sitting here in New York City, 6 feet apart.

格倫和我坐在紐約市，相距 6 英尺。

We've got Mr. Ridenour on video in Colorado, where we're exchanging hand signals to manage the call.

我們在科羅拉多州的視頻中找到了 Ridenour 先生，我們正在交換手勢來管理通話。

But other than that, the earnings ritual is not much different.

但除此之外，收入儀式並沒有太大的不同。

We always do this with everybody remote, and so hopefully that goes smoothly today.

我們總是對每個遠程的人都這樣做，所以希望今天進展順利。

Normally, I'd like to thank our employees in the quarter when we're doing great work and getting good results.

通常，當我們工作出色並取得好成績時，我想感謝我們的員工。

I actually want to thank a different group today, which is our employees have the benefit right now of working from home with only minor inconveniences.

實際上，我今天要感謝另一個小組，我們的員工現在可以在家工作，只帶來輕微的不便。

And the only reason we're all able to operate from the safety of our own homes is because there's a lot of people and a lot of other companies who are putting themselves in harm's way doing the -- they're doing the work on the frontlines.

我們都能夠在自己家中安全運營的唯一原因是，有很多人和很多其他公司正在將自己置於危險之中——他們正在做前線。

And I just want to say that on behalf of all 9,000 IAC employees, we're incredibly grateful to that group of people for making what we do and a lot of other people do possible.

我只想代表所有 9,000 名 IAC 員工說，我們非常感謝這群人使我們所做的事情和許多其他人所做的事情成為可能。

Back to IAC.

回到 IAC。

The -- we're really pleased with how the quarter turned out given the overall environment.

鑑於整體環境，我們對本季度的結果感到非常滿意。

And we're cautiously optimistic on where things go from here.

我們對事情的發展方向持謹慎樂觀的態度。

We have a meeting with the CEOs every Monday afternoon, which we've been doing since we started working from home and sheltering in place.

我們每週一下午與 CEO 開會，自從我們開始在家工作和就地避難以來，我們一直在這樣做。

And it's really interesting to see the tone of the business has evolved over that with the first couple of weeks was a little bit of confusion and the next few weeks were a little bit of disappointment, and the 2 weeks after that, it seems like a lot of optimism among our businesses.

看到業務的基調發生了變化真的很有趣，前幾周有點混亂，接下來的幾周有點失望，在那之後的兩週，似乎我們的企業非常樂觀。

And it's tougher being -- to be a part of IAC right now where we can see the benefit of a multi-business business and be able to communicate with each other on what's going on and how we're managing through changes in the business.

現在成為 IAC 的一員更加困難，我們可以看到多業務業務的好處，並能夠就正在發生的事情以及我們如何通過業務變化進行管理進行溝通。

And it's great to see how our leadership is handling that.

很高興看到我們的領導層如何處理這個問題。

So we've posted all the numbers.

所以我們已經公佈了所有的數字。

You've got all the numbers.

你有所有的數字。

You could see the results.

你可以看到結果。

You've seen the -- our numbers now through April, and I'm sure that raises some questions, which I'll turn it to the operator to get the first question, which we can now start answering.

你已經看到了我們現在到 4 月的數字，我相信這會引發一些問題，我將把它交給接線員來獲取第一個問題，我們現在可以開始回答了。

Thank you.

謝謝你。

(Operator Instructions) And we'll take our first question from John Blackledge with Cowen.

（操作員說明）我們將回答 John Blackledge 和 Cowen 的第一個問題。

Broadly, for Joey, Glenn and Brandon, the April trending data across many of the businesses looks better than expected.

總的來說，對於喬伊、格倫和布蘭登來說，許多企業的 4 月份趨勢數據看起來好於預期。

Just given the uncertainty around the pandemic, it would be really helpful if you could walk through kind of the puts and takes on the trajectories for each business as we head through 2Q and into the second half '20.

考慮到大流行的不確定性，如果您能在我們進入第二季度和 20 年下半年的過程中，了解每項業務的看跌和發展軌跡，那將非常有幫助。

Sure, John.

當然，約翰。

Let's -- maybe I'll just look at what the table is we published in the letter and walk you through that.

讓我們 - 也許我會看看我們在信中發布的表格，然後引導您完成。

Match, I guess, hopefully, a lot of you heard the call yesterday, with Shar and Gary, where I thought they did an excellent job talking about Match and what's happening and what the outlook looks like.

Match，我想，希望你們中的很多人昨天都聽到了電話，Shar 和 Gary，我認為他們在談論 Match 以及正在發生的事情以及前景如何方面做得很好。

But you can see business is still growing, and we expect that business to continue to grow.

但是您可以看到業務仍在增長，我們預計業務將繼續增長。

And some of the dynamics inside of Match are pretty interesting.

Match 內部的一些動態非常有趣。

I think there's -- seeing the female engagement on that platform grow so nicely.

我認為有 - 看到該平台上的女性參與度增長得如此之好。

Some of the trends that you see in that business kind of underlying the financial metrics are things that we've really tried hard with product over many years to get going.

您在該業務類型中看到的作為財務指標基礎的一些趨勢是我們多年來在產品上真正努力實現的目標。

And certainly, no one would ever wish this pandemic on anybody, but one silver lining there: Match is seeing some of those metrics that really can support the business and the product experience start to move in the right direction, notwithstanding some changes in first-time subs and things like that.

當然，沒有人會希望這種流行病發生在任何人身上，但那裡有一線希望：Match 看到一些真正可以支持業務和產品體驗的指標開始朝著正確的方向發展，儘管首先發生了一些變化——時間潛艇之類的東西。

So we're optimistic about Match and the future there, although it won't likely be part of IAC much longer.

因此，我們對 Match 和那裡的未來持樂觀態度，儘管它不太可能成為 IAC 的一部分。

At ANGI, it's been really interesting to watch.

在ANGI，觀看真的很有趣。

We saw demand come down in the second half of March and the beginning of April.

我們看到需求在 3 月下半月和 4 月初有所下降。

And then we've seen a lot of that demand come back since then.

從那時起，我們看到很多這種需求又回來了。

We don't know if that's permanent.

我們不知道這是否是永久性的。

We don't know if a bunch of pent-up demand that didn't come through or jobs that didn't come through in March and early April as people were sheltering in place suddenly came through later in April and start of May.

我們不知道是否在 4 月下旬和 5 月初突然出現了由於人們在原地避難而在 3 月和 4 月初沒有出現的一堆被壓抑的需求，或者沒有出現的工作。

It's possibly some of that.

這可能是其中的一部分。

It's possibly that the weather improved at the same time as things were starting to feel a little bit better.

可能是在天氣開始好轉的同時天氣好轉。

But it also could be that as people are spending time in their homes and spending less money on other things like vacations and restaurants and bars and things like that, they're putting that money into their homes.

但也可能是因為人們花時間在家裡，在度假、餐館和酒吧等其他事情上花的錢更少，他們把錢花在了家裡。

And it's possible that, that demand comes into our platform in a really interesting way.

有可能，這種需求以一種非常有趣的方式進入我們的平台。

It's really hard to make predictions in this business right now.

現在真的很難在這個行業做出預測。

We've got, I think, in the -- within 43 days, we had both the seasonally adjusted kind of an all-time high and a 3-year low.

我認為，在 43 天內，我們有季節性調整後的歷史高點和 3 年低點。

And when you get that kind of volatility in a business in a short period of time, you just -- it's hard to make any kind of predictions.

當您在短時間內在業務中遇到這種波動時，您只是 - 很難做出任何類型的預測。

But we're cautiously optimistic on ANGI right now.

但我們現在對 ANGI 持謹慎樂觀的態度。

I mean I feel we'll spend some more time and Brandon will spend some time going through some of the puts and takes around there.

我的意思是我覺得我們會花更多的時間，布蘭登會花一些時間來處理一些看跌期權。

In Vimeo, we've had great increase in demand for Vimeo.

在 Vimeo 中，我們對 Vimeo 的需求大幅增加。

And you saw that in the bookings numbers we shared.

你在我們分享的預訂數量中看到了這一點。

You can see that in the revenue acceleration through April.

您可以在 4 月份的收入加速增長中看到這一點。

On one hand, it's really nice to see those numbers come through, and you worry though, is this temporary.

一方面，很高興看到這些數字通過，但你擔心，這是暫時的。

The reality is this is a trend that we've been expecting for a very long time.

現實情況是，這是我們期待已久的趨勢。

We certainly didn't expect it to come this quickly and this sharply, but this is a trend we've been expecting for some time, which is we've been saying to every small business, every enterprise, every entity that they ought to be using video to communicate.

我們當然沒想到它會來得這麼快這麼猛，但這是我們期待已久的趨勢，我們一直在對每一個小企業、每一個企業、每一個實體說他們應該這樣做正在使用視頻進行交流。

And that was when they still had a physical presence to communicate as well.

那是他們仍然有實體存在進行交流的時候。

Now that the physical presence is temporarily disabled for a lot of businesses, the video presence is the primary presence, and so you see a lot of people adopting.

現在很多企業暫時禁用了實體存在，視頻存在是主要存在，所以你看到很多人採用。

But our hope is that as people adopt these tools and as people realize these tools are effective tools for communication, that many of those stick and this becomes a trend, aiding what we thought should happen for a while.

但我們的希望是，隨著人們採用這些工具並意識到這些工具是有效的溝通工具，其中許多工具會堅持下去，這會成為一種趨勢，幫助我們認為應該在一段時間內發生的事情。

Meaning you -- even when physical presences return, you still have audiences that you may want to reach that aren't physically in your geographic reach or aren't physically able to reach your fitness studio or your kid's class or things like that.

意思是你——即使實體店回歸，你仍然有你可能想要接觸的受眾，這些受眾不在你的地理範圍內，或者在物理上無法接觸到你的健身室或你孩子的班級或類似的東西。

I mean video would be a very natural extension of those things.

我的意思是視頻將是這些東西的一個非常自然的延伸。

So we're hoping that, that sticks, although I'm not sure it will stick at the elevated levels we've got right now, given the lack of physical presence for so many businesses.

因此，我們希望能夠堅持下去，儘管鑑於如此多的企業缺乏實體存在，我不確定它是否會保持在我們現在所擁有的較高水平。

At Dotdash, we've been pleasantly surprised by how well Dotdash is holding up here.

在 Dotdash，我們對 Dotdash 在這裡的表現感到驚喜。

The traffic is not surprising.

流量不足為奇。

We've seen a big surge in traffic and -- as everybody has as more people are spending more time on devices.

我們已經看到了流量的大幅增長，而且隨著越來越多的人在設備上花費的時間越來越多，每個人都有。

But the advertising revenue has held up, in particular the performance revenue.

但廣告收入保持穩定，尤其是演出收入。

And one of the differences we were talking about internally, and I was talking about this with Neil Vogel the other day, who runs Dotdash, is we've seen lots of business with traffic up 40%, and our traffic is up in that same neighborhood.

我們在內部討論的差異之一，前幾天我和運營 Dotdash 的 Neil Vogel 討論過這個問題，我們看到很多業務的流量增長了 40%，而我們的流量也在增長鄰里。

And when I first heard the 40%, I was really excited about it.

當我第一次聽到 40% 時，我真的很興奮。

When I heard everybody is up 40%, I thought, okay, well, maybe we're not taking share.

當我聽說每個人都上漲了 40% 時，我想，好吧，好吧，也許我們沒有分享。

But the difference, as Neil pointed out to me, and this is why we see our revenue holding up so well, is that our traffic is growing in areas with intent.

但正如 Neil 向我指出的那樣，不同之處在於，我們的收入保持如此良好的原因在於，我們的流量在有意增長的區域內增長。

The fundamental thing of Dotdash is our traffic is about intent.

Dotdash 的基礎是我們的流量與意圖有關。

Our audience is trying to get something very specific done on our properties.

我們的觀眾正試圖在我們的房產上做一些非常具體的事情。

So whereas a lot of folks are seeing traffic that is just sort of general entertainment or traffic that is sort of general news, things like that, our traffic is people trying to get very specific things done, like learning to cook new things or what to stock in the pantry or things that you could imagine that demonstrate a level of intent that advertisers would want to reach in a moment like this.

因此，雖然很多人看到的流量只是一般娛樂或一般新聞的流量，諸如此類，我們的流量是人們試圖完成非常具體的事情，比如學習烹飪新事物或做什麼食品儲藏室中的庫存或您可以想像的東西，這些東西表明廣告商希望在這樣的時刻達到某種程度的意圖。

And then you can see that playing out even more in the Performance Marketing where that advertising revenue is specifically related to performance, so a user taking a specific action and the advertiser paying only when that specific action happens.

然後你可以看到在效果營銷中發揮得更多，其中廣告收入與效果特別相關，因此用戶採取特定行動而廣告商僅在該特定行動發生時付費。

And obviously, that's doing really well right now.

顯然，這現在做得很好。

The last bit, Applications, look, the Desktop revenue business is very disappointing for us.

最後一點，應用程序，看，桌面收入業務對我們來說非常令人失望。

That continues to decline.

這繼續下降。

I think -- yes, I know the business is still profitable.

我認為 - 是的，我知道這項業務仍然有利可圖。

And I think the business adds some -- will continue to be profitable but at a lower level than it's been historically.

而且我認為該業務增加了一些 - 將繼續盈利，但低於歷史水平。

That was happening way before the pandemic, and the pandemic certainly didn't help that business.

那是在大流行之前發生的事情，而大流行當然沒有幫助該業務。

But our mobile application business, which is Mosaic, is doing really nicely.

但我們的移動應用業務，即 Mosaic，做得非常好。

It's holding up in revenue and growth and subscribers.

它在收入、增長和用戶方面保持穩定。

And we hope and expect that, that would continue from here.

我們希望並期待，這將從這裡繼續。

So that's a very long answer to your question, John, but hopefully helpful as you think about these businesses and kind of the monthly trends.

所以這是對你問題的一個很長的回答，約翰，但希望對你思考這些業務和每月趨勢有所幫助。

And John, I'll go into a little more detail to help you navigate through the year.

還有約翰，我會更詳細地介紹一下，以幫助您度過這一年。

And look, given the uncertainty, the dispersion of outcomes in financial performance is going to be pretty wide this year.

而且，鑑於不確定性，今年財務業績結果的差異將相當廣泛。

So I caution everyone not to run rate the March or April performance.

所以我提醒大家不要對3月或4月的表現進行評分。

Obviously, we don't know the length of the quarantine.

顯然，我們不知道隔離期的長度。

We don't know consumer behavior thereafter.

我們不知道此後的消費者行為。

And we don't know the depth of or the length of the recession that we expect to come in the back half of the year.

而且我們不知道我們預計在今年下半年出現的衰退的深度或長度。

But jumping into some of the details to help you, just a couple of flash points here.

但是跳到一些細節來幫助你，這裡只是幾個閃光點。

ANGI Homeservices, you see demand down in April, 8% for service requests, 11% for monetized transactions.

ANGI Homeservices，您看到 4 月份的需求下降，服務請求下降 8%，貨幣化交易下降 11%。

We expect demand to be down all year.

我們預計全年需求將下降。

We do expect our ability to monetize that demand to be up.

我們確實希望我們將這種需求貨幣化的能力會提高。

And you saw a little bit of that in March, you saw a little bit of that in April, where revenue per monetized transaction in the first quarter was up 17%.

你在 3 月份看到了一點點，在 4 月份也看到了一點點，第一季度每筆貨幣化交易的收入增長了 17%。

And where those lines cross, that demand down and our ability to monetize that demand, where those lines cross will determine if we grow for the year.

這些線交叉的地方，需求下降以及我們將需求貨幣化的能力，這些線交叉的地方將決定我們今年是否增長。

And we have scenarios, obviously, where we're growing, and we have scenarios where we're not growing in that business.

顯然，我們有一些場景，我們正在成長，我們也有一些場景，我們沒有在該業務中成長。

As Brandon will talk about, among the certain things we know in that business is we'll continue to innovate, and we think we'll continue to take share.

正如布蘭登將談到的那樣，我們在該業務中所知道的某些事情是我們將繼續創新，我們認為我們將繼續分享。

As you think about EBITDA for the business, we came into the year thinking we're going to create incremental margin, but that margin was going to be eaten up by that $30 million to $50 million of discretionary investments that we are planning on making.

當您考慮業務的 EBITDA 時，我們進入這一年時認為我們將創造增量利潤，但該利潤將被我們計劃進行的 3000 萬至 5000 萬美元的可自由支配投資所吞噬。

We still are planning on making and are currently making those $30 million to $50 million discretionary investments that's in international, that's in our fixed price initiative.

我們仍在計劃進行並且目前正在進行那些在國際上的 3000 萬至 5000 萬美元的可自由支配投資，這是我們的固定價格計劃。

But we, in all likelihood, given the revenue profile of the business this year, we won't create incremental margin.

但是，鑑於今年業務的收入狀況，我們很可能不會創造增量利潤。

We'll have decremental margin.

我們將有遞減的保證金。

And then again, you got to layer on that $30 million to $50 million.

再說一次，你必須在 3000 萬到 5000 萬美元上疊加。

In terms of Vimeo, there is a lot of noise in the print here.

就 Vimeo 而言，這裡的印刷品有很多噪音。

Recall, the first quarter of '19, we sold the hardware business.

回想一下，19 年第一季度，我們出售了硬件業務。

So we had that in the numbers.

所以我們在數字上看到了這一點。

And I think it was about $2.3 million of revenue in Q1 '19.

我認為 19 年第一季度的收入約為 230 萬美元。

And then in Q2, in May, we bought the Magisto business.

然後在第二季度，也就是 5 月，我們收購了 Magisto 業務。

So you have that in our numbers.

所以你在我們的數字中有這個。

I think the best way to look at Vimeo is if you strip out the acquisition and look at the true organic growth rate.

我認為查看 Vimeo 的最佳方式是剝離收購併查看真正的有機增長率。

And there, you see in some of our disclosure, we said subs, ex Magisto, grew 10%, accelerating from 8% last quarter; and ARPU, average revenue per user, grew 11%, that also accelerated.

在那裡，你在我們的一些披露中看到，我們說，前 Magisto 的潛艇增長了 10%，比上一季度的 8% 有所加速； ARPU（每用戶平均收入）增長了 11%，這也加速了。

That created 22% organic growth for the quarter.

這為本季度創造了 22% 的有機增長。

You may recall, I said 19% organic growth at the end of last quarter.

你可能還記得，我在上個季度末說過 19% 的有機增長。

And while you saw in the press release, 59% bookings growth, that included Magisto; ex Magisto, 41% organic bookings growth.

雖然您在新聞稿中看到了 59% 的預訂量增長，其中包括 Magisto；前 Magisto，41% 的有機預訂增長。

Bookings -- revenue, of course, trails bookings by several quarters.

預訂——當然，收入比預訂少了幾個季度。

So we expect that 22% to inch up -- that organic growth rate to inch up but not grow dramatically.

因此，我們預計 22% 會小幅增長——有機增長率會小幅增長，但不會大幅增長。

In terms of Dotdash, I would point you to that Performance Marketing revenue line item of 115%.

就 Dotdash 而言，我會向您指出 115% 的績效營銷收入項目。

And I think that just speaks to the diversity of the business.

我認為這只是說明了業務的多樣性。

And again, a little bit like ANGI Homeservices, we think the performance-based marketing business, which includes e-commerce and other areas where we're paid for action not for impression, we think that's going to grow all year.

再一次，有點像 ANGI Homeservices，我們認為基於績效的營銷業務，包括電子商務和其他我們為行動而不是印象付費的領域，我們認為這將全年增長。

We think display will likely shrink all year.

我們認為顯示器可能會全年萎縮。

And I think the 7% is going to get worse as we, of course, work through the backlog this quarter.

我認為這 7% 會變得更糟，因為我們當然會處理本季度的積壓工作。

And where those lines cross will determine if we grow this year.

這些線交叉的地方將決定我們今年是否增長。

I think, as Joey said, we're optimistic around Dotdash.

我認為，正如喬伊所說，我們對 Dotdash 持樂觀態度。

But we're still in Dotdash going to make investments in content and make investments to continue to capture share against the bigger brands in which we compete and the bigger brands in which we do well -- against which we do well.

但我們仍在 Dotdash 中，將在內容上進行投資，並進行投資以繼續與我們競爭的大品牌和我們做得好的大品牌競爭——我們做得很好。

Desktop.

桌面。

We said it last quarter -- sorry, Applications, we said last quarter will probably hit a low within the second quarter.

我們上個季度說過——對不起，應用程序，我們說過上個季度可能會在第二季度內達到低點。

We still believe that, but the low will be a little lower than we expected given some of the issues that we're working through in the Desktop business.

我們仍然相信這一點，但考慮到我們在桌面業務中解決的一些問題，低點將比我們預期的要低一些。

And Mosaic, as Joey said, will be resilient.

正如喬伊所說，馬賽克將具有彈性。

If you're bored at home, if you're working at home, if you're working out at home or you're doing homework at home, we have an app for that.

如果您在家無聊，在家工作，在家鍛煉或在家做作業，我們有一個應用程序可以解決這個問題。

And those apps, of course, are doing well.

當然，這些應用程序運行良好。

The apps that are related to travel are doing less well.

與旅行相關的應用表現不佳。

And then Emerging & Other, the step-up in growth in February, that's the acquisition of Care.

然後是 Emerging & Other，即 2 月份增長的加速，即對 Care 的收購。

So you have a bunch of inorganic growth there.

所以你有一堆無機增長。

If you strip out Care, we'll shrink year-over-year -- or we shrank year-over-year in February, March and April, and we'll shrink year-over-year throughout the rest of the year.

如果剔除 Care，我們將同比萎縮——或者我們在 2 月、3 月和 4 月同比萎縮，並且在今年剩餘時間裡我們將同比萎縮。

So that's kind of a trip around the horn, if you will.

所以如果你願意的話，這就是一次繞角之旅。

I would highlight the way I started the answer, which is uncertainty reigns here.

我會強調我開始回答的方式，這裡是不確定性。

But again, as we'll talk about, hopefully, throughout this call, we're certain that we'll keep innovating in every business.

但是，正如我們將要談到的，希望在整個電話會議期間，我們確信我們將在每項業務中不斷創新。

We're certain we have a flexible expense base, and we're certain we will continue to penetrate the large addressable markets in which we compete.

我們確信我們有一個靈活的費用基礎，我們確信我們將繼續滲透我們競爭的大型潛在市場。

We'll take our next question from Brad Erickson with Needham & Company.

我們將接受來自 Needham & Company 的 Brad Erickson 的下一個問題。

Just a couple.

只是一對。

One for ANGI.

一個給安吉。

Maybe just talk about what you're seeing ROI-wise at this stage in the Performance Marketing channels in particular and just kind of how you balance things between what I guess is a slight drop in demand relative to what I think is probably been a less competitive advertising environment.

也許只是談談你在這個階段在績效營銷渠道中看到的投資回報率，以及你如何平衡我認為的需求略有下降相對於我認為可能較少的需求競爭激烈的廣告環境。

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

This is Brandon.

這是布蘭登。

Thanks for the questions.

感謝您的提問。

We have seen costs come down across -- as you guys are all aware, across just about every channel.

我們已經看到成本下降了——正如你們都知道的那樣，幾乎在每個渠道。

And that's been to our benefit.

這對我們有利。

I think we find ourselves in a very fortunate position as really the only marketplace at scale focused solely on home services.

我認為我們發現自己處於一個非常幸運的位置，因為它確實是唯一一個專注於家庭服務的大規模市場。

We are -- we have several thousand employees that wake up every single day with a singular focus, which is how do we improve the experience for homeowners and provide best-in-class tools for small businesses to reach those homeowners.

我們是——我們有數千名員工每天醒來時都專注於一個單一的焦點，這就是我們如何改善房主的體驗並為小型企業提供一流的工具來接觸這些房主。

And we saw, as you can imagine, a stress test of our business models unlike anything that we would have ever wanted to see, but nevertheless, got to see the results.

正如您可以想像的那樣，我們看到了對我們商業模式的壓力測試，這與我們曾經想看到的任何事情都不同，但無論如何，我們還是看到了結果。

And as demand declined sharply in the back half of March, we saw a couple of things.

隨著 3 月下半月需求急劇下降，我們看到了一些情況。

One, obviously, directly to your question, we saw costs come down across nearly every marketing channel that we use to acquire both service providers and homeowners.

一個，顯然，直接針對您的問題，我們發現幾乎所有我們用來收購服務提供商和房主的營銷渠道的成本都下降了。

But we also saw the resiliency of our business model at Angie's List, which was only modestly affected.

但我們在 Angie's List 也看到了我們商業模式的彈性，它只受到了輕微的影響。

And then in HomeAdvisor and in our Marketplace segment more broadly, of course, we do see the immediate effect of lower transactions.

當然，在 HomeAdvisor 和更廣泛的市場部分，我們確實看到了交易減少的直接影響。

But we saw dramatic engagement from service providers, both those that already use our platform, who engaged more, but also the attraction and entrance of new service providers who are coming for the benefits of what we believe is the -- far and away, the best ROI toolset to reach homeowners that exists today.

但是我們看到了服務提供商的巨大參與，包括那些已經使用我們平台的服務提供商，他們參與得更多，還有新服務提供商的吸引力和進入，他們的到來是為了我們認為的好處——遠在天邊，當今存在的可觸及房主的最佳投資回報率工具集。

April for us was an incredibly strong month from an SP sales standpoint.

從 SP 銷售的角度來看，4 月對我們來說是一個非常強勁的月份。

We were able to bring on more SPs in April than we ever have in the history of the company while also seeing improvements in engagement from the SPs that were already part of our network.

我們能夠在 4 月份引入比公司歷史上任何時候都多的 SP，同時還看到已經成為我們網絡一部分的 SP 的參與度有所提高。

That served to substantially cushion the dramatic declines in demand.

這大大緩解了需求的急劇下降。

From an overall ROI perspective, the landscape is certainly favorable at the moment.

從整體投資回報率的角度來看，目前的形勢肯定是有利的。

And we haven't really seen that change even though, as you can see from our April results, we have seen a pretty strong recovery in overall consumer demand.

而且我們還沒有真正看到這種變化，儘管正如您從我們 4 月份的結果中看到的那樣，我們已經看到整體消費者需求出現了相當強勁的複蘇。

We're still seeing relatively favorable dynamics from an ad rate standpoint.

從廣告費率的角度來看，我們仍然看到相對有利的動態。

Got it.

知道了。

That's great.

那太棒了。

And then just any quick update on fixed price, any milestones you can share?

然後只是固定價格的任何快速更新，您可以分享任何里程碑嗎？

And just talk about any changes or maybe accelerated expansion on the rollout of that as a function of COVID.

並且只是談論作為 COVID 功能推出的任何變化或可能加速擴展。

Yes.

是的。

So there are 2 things with fixed price: First, we are still investing, as we said we would, and are on a pace that we plan to be on.

所以有兩件事是固定價格的：首先，我們仍在投資，正如我們所說的那樣，並且按照我們計劃的步伐進行。

Without a doubt, when you reduce the top of the funnel 40% or 50%, that's going to have an impact.

毫無疑問，當您將漏斗頂部減少 40% 或 50% 時，就會產生影響。

But that proved relatively temporary.

但這被證明是相對暫時的。

And in April, we are back on track and saw the biggest weeks in the history of fixed price from a bookings and a revenue perspective.

在 4 月，我們重回正軌，從預訂和收入的角度來看，這是固定價格歷史上最大的幾週。

So we're very happy with the trajectory and growth that we're seeing there, which is in line or maybe a bit ahead of our expectations.

因此，我們對我們在那裡看到的軌跡和增長感到非常滿意，這符合我們的預期，或者可能有點超出我們的預期。

I think, perhaps more importantly, we have expanded into a number of different project categories where the projects are higher value and more complex.

我認為，也許更重要的是，我們已經擴展到了許多不同的項目類別，這些項目的價值更高、更複雜。

And what we've been able to prove out with certainty is that there is demand from a consumer and a homeowner standpoint and willingness to engage with and purchase these projects digitally.

我們能夠確定地證明，消費者和房主的需求以及以數字方式參與和購買這些項目的意願。

And obviously, that's the starting point.

顯然，這就是起點。

You have to know that there's a market for these things, and we've been able to prove that out and are very certain that we can scale a business in these complex, high-value projects.

你必須知道這些東西是有市場的，我們已經能夠證明這一點，並且非常確定我們可以在這些複雜的高價值項目中擴展業務。

Our work ahead of us here is to master, if you will, the fulfillment and logistics around actually completing these projects.

如果您願意的話，我們擺在我們面前的工作是掌握圍繞實際完成這些項目的履行和後勤工作。

They are more complex.

它們更複雜。

And by virtue of that, there's more work to be done to be able to do this at scale in every market, in every one of the 400 markets we serve nationwide.

正因為如此，要在每個市場、我們在全國服務的 400 個市場中的每一個市場中大規模地做到這一點，還有更多的工作要做。

So those are -- will continue to be our focus for the remainder of the year, which is to scale those, continue to scale and grow those project types that we launched last year but meaningfully master fulfillment for all of these new higher-value project types that we've launched this year.

因此，這些將繼續成為我們今年剩餘時間的重點，即擴大規模，繼續擴大和發展我們去年推出的那些項目類型，但有意義地掌握所有這些新的更高價值項目的實現我們今年推出的類型。

I think, just to draw everybody's attention back to the values we're talking about, I think the initial set of categories we launched had a TAM of something like [$50 billion.

我認為，只是為了讓大家的注意力回到我們正在談論的價值上，我認為我們最初推出的一組類別的 TAM 約為 [500 億美元。

While the next set is in the $200 billion-plus range] (corrected by company after the call).

而下一組在 2000 億美元以上的範圍內]（在電話會議後由公司更正）。

So we're unlocking a tremendous amount of additional potential GMV by expanding to these new categories, and getting the fulfillment right is both important from a financial performance standpoint but also quite clearly in terms of satisfying customers that are willing to make those purchases.

因此，我們通過擴展到這些新類別來釋放大量額外的潛在 GMV，並且從財務績效的角度來看，正確地實現履行既重要，而且在滿足願意進行這些購買的客戶方面也非常明顯。

We'll take our next question from Cory Carpenter with JPMorgan.

我們將向摩根大通的 Cory Carpenter 提出下一個問題。

Brandon, I was hoping you could provide some more color on the performance across different categories and geographies in the quarter in April.

布蘭登，我希望你能提供更多關於 4 月份季度不同類別和地區的表現的信息。

And then maybe a follow-up to the marketing question, just how you think about the right level of spend as the business starts to recover.

然後可能是對營銷問題的跟進，即隨著業務開始復蘇，您如何考慮正確的支出水平。

Yes.

是的。

That's a great question.

這是一個很好的問題。

In mid-March, and I said this before, the day they canceled the NBA season or suspended the season, the next day, sort of the bottom fell out nationwide in effectively every market and every category.

3 月中旬，我之前說過，在他們取消 NBA 賽季或暫停賽季的那天，第二天，實際上每個市場和每個類別都在全國范圍內跌入谷底。

I think people were just in shock.

我想人們只是感到震驚。

That lasted for a couple of weeks, and then we began to see a very -- we began to see a very aggressive, essentially V-shaped recovery in demand even as lockdowns were continuing to spread across the country, which I think is interesting.

這持續了幾個星期，然後我們開始看到一個非常 - 我們開始看到一個非常激進的、基本上呈 V 形的需求復蘇，儘管封鎖繼續在全國蔓延，我認為這很有趣。

As you would anticipate, there's a big difference between projects that happen indoors and projects that happen outside and projects that you have to do versus projects that are discretionary.

正如您所預料的那樣，在室內進行的項目與在室外進行的項目以及您必須做的項目與自行決定的項目之間存在很大差異。

And what I can tell you is that where we're seeing the biggest impact is in indoor discretionary projects.

我可以告訴你的是，我們看到最大影響的是室內可自由支配的項目。

These are things like cleaning services or remodeling.

這些是諸如清潔服務或改造之類的事情。

Everything else, whether it's a nondiscretionary service that's indoors or whether it's any type of outdoor project, we've seen a very strong recovery.

其他一切，無論是室內的非自由裁量服務，還是任何類型的戶外項目，我們都看到了非常強勁的複蘇。

All of these actually are recovering quite well, but certainly indoor discretionary, we continue to see hesitancy amongst consumers to take on some of those projects.

所有這些實際上都恢復得很好，但肯定是室內自由裁量權，我們繼續看到消費者對接受其中一些項目猶豫不決。

So if there's an area where we continue to see some drag, it's there.

因此，如果有一個區域我們繼續看到一些阻力，它就在那裡。

Quite frankly, we're seeing a couple of things that are really interesting.

坦率地說，我們看到了一些非常有趣的事情。

First, we've seen -- in terms of the mix of customers coming to our site, we've seen since the beginning of -- or sometime in February, we've seen a pretty significant shift in terms of mix toward new customers that we've never seen come to our marketplace before.

首先，我們已經看到 - 就訪問我們網站的客戶組合而言，我們從一開始就已經看到 - 或者在 2 月的某個時候，我們已經看到新客戶的組合發生了相當大的轉變我們以前從未見過的產品出現在我們的市場上。

And we have a 20-year history, so we have served, over that 20 years, a great deal of households.

我們有 20 年的歷史，所以在這 20 年裡，我們服務過很多家庭。

But we are seeing more people that are completely new to us as a percentage of our customers than we ever have or that we ever have of late.

但我們看到，對我們來說完全陌生的人占我們客戶的百分比比以往任何時候或最近都多。

I think it's really interesting because to me, it suggests perhaps an acceleration in terms of the shift from off-line to online.

我認為這真的很有趣，因為對我來說，這表明從離線到在線的轉變可能會加速。

And that's obviously something we're keen to lean into.

這顯然是我們熱衷的事情。

People are, as you know and are experiencing, staying at home and have fewer alternatives in terms of their time and money.

正如您所知並正在經歷的那樣，人們呆在家裡，在時間和金錢方面的選擇更少。

And if you're anything like me, you've got a list of home projects that you didn't have before that are suddenly top of mind.

如果你像我一樣，你有一個你之前沒有的家庭項目清單，突然成為你的頭等大事。

How long that secular trend lasts?

這種長期趨勢會持續多久？

I don't think any of us know, quite a lot of uncertainty around that.

我認為我們中的任何人都不知道，這方面有很多不確定性。

But for the moment, the home is top of mind, and people are spending a lot of time there.

但就目前而言，家是最重要的，人們在那裡度過了很多時間。

There's more wear and tear, there's more desire to improve.

有更多的磨損，有更多的改進慾望。

In terms of other opportunities to differentiate and sort of lean into that off-line to online transition, we believe our marketplaces have always offered an advantage over traditional word-of-mouth referrals and the way people used to do things but changing behavior is hard.

就其他區分和傾向於線下到線上過渡的機會而言，我們相信我們的市場始終比傳統的口碑推薦和人們過去的做事方式具有優勢，但改變行為很難.

In a world of social distancing that we are in at the moment, and that seems to be the case for the foreseeable future, we believe our platforms offer substantial additional value to help people get work done safely and securely and with confidence as such.

在我們目前所處的社會疏離世界中，並且在可預見的未來似乎就是這種情況，我們相信我們的平台提供了大量的附加價值，可以幫助人們安全、可靠、充滿信心地完成工作。

And so we are rapidly introducing new features.

因此，我們正在迅速推出新功能。

We've done so recently, including contactless payments, video calling, the ability for providers to indicate what precautions they take when they come into your house and so on.

我們最近已經這樣做了，包括非接觸式支付、視頻通話、提供者在進入您家時表明他們採取了哪些預防措施的能力等等。

And we have more to come.

我們還有更多的事情要做。

We think that we can meaningfully deliver value to homeowners and to SPs to help them both feel comfortable and actually be safe in getting home projects done.

我們認為，我們可以為房主和 SP 提供有意義的價值，幫助他們在完成家庭項目時感到舒適和安全。

And I think in doing so, we can help drive a recovery in helping people feel comfortable in getting those discretionary indoor projects done, and that's a big focus for us for the rest of the year.

而且我認為這樣做，我們可以幫助推動復甦，幫助人們在完成這些可自由支配的室內項目時感到自在，這是我們今年剩餘時間的重點。

In terms of channel ROI, look, this is pretty straightforward.

就渠道投資回報率而言，看，這非常簡單。

We always manage to -- a margin requirement in every channel from an ROI standpoint.

我們總是設法 - 從投資回報率的角度來看，每個渠道的保證金要求。

The favorability of rates makes it easy for us to lean in.

利率的優惠使我們很容易接受。

I think one of the areas where we have held back a bit has been in TV, but TV rates, at least for the moment, are extremely favorable.

我認為我們有所保留的領域之一是電視，但電視費率，至少目前是非常有利的。

And you'll see us lean in there over the balance of Q2 and, hopefully, the rest of the year if that holds.

你會看到我們在第二季度的餘額中傾斜，如果這種情況持續的話，希望在今年剩下的時間裡。

But otherwise, we always manage to -- an ROI target based on a margin requirement, and we continue to do so.

但除此之外，我們總是設法 - 基於保證金要求的投資回報率目標，我們將繼續這樣做。

Our next question comes from Kunal Madhukar with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kunal Madhukar。

A bigger picture question.

一個更大的問題。

In terms of looking at the portfolio that you have and how you intend to manage it for the long term, how should investors kind of look at milestones that you set?

在查看您擁有的投資組合以及您打算如何長期管理它方面，投資者應該如何看待您設定的里程碑？

How do we measure you against those milestones?

我們如何根據這些里程碑來衡量您？

Well -- just trying to understand the portfolio strategy going forward and how one should kind of evaluate things on a time-to-time basis.

好吧 - 只是試圖了解未來的投資組合策略以及人們應該如何不時地評估事物。

Thanks, Kunal.

謝謝，庫納爾。

It's a great question.

這是一個很好的問題。

The -- we still have to look at IAC or we still look at IAC in pieces, not in the sort of one aggregate revenue or one aggregate earnings.

- 我們仍然必須查看 IAC，或者我們仍然需要逐個查看 IAC，而不是一種總收入或一種總收益。

And I think that will remain true post separation from Match.

而且我認為這將在與 Match 分離後保持真實。

So we really do have to answer that question then in the pieces.

所以我們確實必須在片段中回答這個問題。

And take ANGI Homeservices.

並採取 ANGI 家庭服務。

I mean ANGI is, we still think, in the very earliest stages of its market penetration in a very large market.

我的意思是，我們仍然認為，ANGI 在一個非常大的市場中處於其市場滲透的最初階段。

The things that we're doing in product right now look like they have the potential to us to unlock a lot more of that market and bring changed consumer behavior in a way where it becomes much more naturally for consumers and -- becomes much more natural, sorry, for consumers and service professionals to transact online to get jobs done.

我們現在在產品中所做的事情看起來有可能讓我們打開更多的市場，並以一種對消費者來說變得更加自然的方式改變消費者的行為——變得更加自然，對不起，消費者和服務專業人士在線交易以完成工作。

That is a -- that's what we're looking for in ANGI Homeservices.

這就是我們在 ANGI Homeservices 中尋找的東西。

Of course, that comes through in increased demand, increased supply and ultimately increased revenue in that business.

當然，這是通過增加需求、增加供應以及最終增加該業務的收入來實現的。

But that's what we're looking for in that business.

但這正是我們在該業務中所尋求的。

And we would be disappointed if we can't build the business multiples bigger than it is right now by executing against some of the things that we've already discussed in our product pipeline.

如果我們不能通過執行我們在產品管道中已經討論過的一些事情來建立比現在更大的業務倍數，我們會感到失望。

Vimeo, similar story.

Vimeo，類似的故事。

I think meaningfully helped in the last couple of months.

我認為在過去的幾個月裡提供了有意義的幫助。

But we believe every business needs video and we'll -- we look at subscribers and growth bookings and ultimately, both of those things flow to revenue as the drivers of that.

但我們相信每個企業都需要視頻，我們會關注訂閱者和增長預訂，最終，這兩件事都會成為收入的驅動力。

And again, if it's not multiples bigger than it is right now, I believe in Vimeo, we will -- we're on good trajectory.

再說一次，如果它不是比現在大的倍數，我相信 Vimeo，我們會——我們處於良好的軌道上。

We need to continue that trajectory.

我們需要繼續這一軌跡。

We need to continue to innovate in product there.

我們需要繼續在那裡進行產品創新。

We need to continue to make it easier to use these tools for more small businesses and entities to be able to use these tools and to self-enroll into these tools.

我們需要繼續讓更多小型企業和實體更容易使用這些工具，以便能夠使用這些工具並自行註冊這些工具。

But the current trajectory has to continue with product innovation.

但目前的軌跡必須隨著產品創新而繼續。

And if that's true, again, you could see a business multiples bigger than it is right now.

如果這是真的，那麼你可能會看到一個比現在更大的業務倍數。

Dotdash is a story where both the publisher and aggregate, I think, has done incredibly well by focusing on the right things, the right kind of content for consumers to be digestible, to be freshest, fastest, freshest content, fastest site, fewest ads.

Dotdash 是一個故事，我認為，出版商和聚合都做得非常好，他們專注於正確的事情，正確的內容，讓消費者易於消化，成為最新鮮、最快、最新鮮的內容、最快的網站、最少的廣告.

They've done a wonderful job on that.

他們在這方面做得非常出色。

But if you look even -- at Dotdash, you can look at Dotdash into pieces and say, in health care, we can be multiples bigger than we are right now.

但是，如果你看一下——在 Dotdash，你可以把 Dotdash 看成碎片，然後說，在醫療保健領域，我們可以比現在大幾倍。

In finance, with Investopedia and The Balance, we could be multiples bigger in each of those areas.

在金融領域，借助 Investopedia 和 The Balance，我們可以在這些領域中的每一個領域都做得更大。

In home, same story.

在家裡，同樣的故事。

In each of those areas, we have a much bigger competitor, and that's what we're going after to build that business.

在這些領域中的每一個領域，我們都有一個更大的競爭對手，這就是我們建立該業務所追求的目標。

And then Care.com would be the other big growth engine that's already in there.

然後 Care.com 將成為另一個已經存在的巨大增長引擎。

And there is -- Care is probably 30x bigger than the next competitor, but it's still a tiny fraction of the market of what happens off-line.

還有——Care 可能比下一個競爭對手大 30 倍，但它仍然只是離線市場的一小部分。

And we all know it will be much more convenient if you could book a reliable, high-quality, good caregiver with a click and not with a multi-interaction process.

而且我們都知道，如果您可以通過單擊而不是多交互過程預訂可靠、高質量、良好的護理人員，那將會更加方便。

And that's what we're trying to put in place.

這就是我們正在努力實現的。

That's what we put in place at Care with -- sorry, that's what we put in place at ServiceMagic a long time ago that has evolved into the business we have today, and I think that's what's possible at Care.

這就是我們在 Care 中實施的 - 抱歉，這是我們很久以前在 ServiceMagic 實施的，已經發展成為我們今天擁有的業務，我認為這在 Care 中是可能的。

So those are the big growth engines.

所以這些是巨大的增長引擎。

And I think we're really excited about each one of those.

我認為我們對其中的每一個都感到非常興奮。

Maybe we won't get all of them right, but I think they're all on the right path of the trajectory.

也許我們不會讓所有這些都正確，但我認為它們都在正確的軌道上。

And the last piece outside of those businesses, of course -- and we have other smaller businesses, of course, we've been working on.

當然，這些業務之外的最後一部分 - 當然，我們還有其他較小的業務，我們一直在努力。

Those are much earlier.

那些要早得多。

But the last piece is the cash.

但最後一塊是現金。

And we will have a large pile pro forma for the Match separation.

我們將為比賽分離準備一大堆備考。

And depending on what happens with this equity sale, we will have a substantial pile of cash.

根據此次股權出售的情況，我們將擁有大量現金。

And when we look at where the kind of world is heading right now and where the market is heading, we're hopeful that there's opportunities to deploy that cash.

當我們看到現在的世界正在走向何方以及市場正在走向何方時，我們希望有機會部署這些現金。

In the past, when we've been very well capitalized in markets that have been more challenged, we've been able to do well with that cash and putting it to work.

過去，當我們在面臨更大挑戰的市場中資本充足時，我們能夠很好地利用這些現金並將其投入使用。

And that's certainly going to be our goal through this period, and we should certainly be judged and judged harshly on how we do with that cash.

這肯定會成為我們在此期間的目標，我們當然應該就我們如何處理這筆現金而受到嚴厲的評判和評判。

We'll take our next question from Jason Helfstein with Oppenheimer.

我們將回答 Jason Helfstein 和 Oppenheimer 的下一個問題。

Two questions.

兩個問題。

One, I just want to dig a little more into ANGI and then I'll follow up on Care.

一，我只想深入了解 ANGI，然後我會跟進 Care。

So down 2% in April is very impressive given COVID has scared people from having professionals in their house.

因此，鑑於新冠疫情讓人們不敢在家中擁有專業人員，因此 4 月份下降了 2% 是非常令人印象深刻的。

And then I want to focus, to the extent that 1/3 of your GMV is coming from discretionary projects, and I imagine people are delaying that, what does that mean for the other 2/3 that we'll call necessary projects?

然後我想集中精力，就您 1/3 的 GMV 來自可自由支配的項目而言，我想人們正在推遲這一點，這對於我們稱之為必要項目的另外 2/3 意味著什麼？

I mean did that actually grow?

我的意思是它真的增長了嗎？

If you could kind of almost like cohort those 2 and how you're thinking about that.

如果您幾乎可以將這兩個放在一起，以及您對此的看法。

And then the second question, how does Care.com avoid liability during COVID?

然後是第二個問題，Care.com 如何在 COVID 期間避免責任？

Yes.

是的。

Thanks, Jason, for the question.

謝謝，傑森，這個問題。

2/3 is nondiscretionary, as we've always said, but a big chunk of the discretionary is also outside.

正如我們一直說的那樣，2/3 是非自由裁量權，但很大一部分自由裁量權也在外部。

And people seem very, very comfortable getting the outdoors work done.

人們似乎非常非常自在地完成戶外工作。

So when you boil that all down, only the indoor nondiscretionary has been impacted.

所以當你把這一切都歸結起來時，只有室內的非自由裁量權受到了影響。

And it has been impacted.

並且受到了影響。

We are seeing it recover some but not back to where it was previously.

我們看到它恢復了一些，但沒有恢復到以前的位置。

I think the short answer to your question is we entered April at a major deficit, and we exit with some strength.

我認為對您的問題的簡短回答是，我們進入 4 月時出現嚴重赤字，但我們以一定的實力退出。

Overall, as Joey said earlier, there's a lot of uncertainty around the nature of that strength.

總的來說，正如喬伊之前所說，這種力量的性質存在很多不確定性。

You can postulate that it is delayed demand or pent-up demand from the sort of period of shock in late March.

您可以假設它是 3 月下旬那種震盪時期的延遲需求或被壓抑的需求。

On the other hand, it could be the beginning of a sort of secular boom in home services from people being in their home much more than they were before and with much more focus on spending time in the home and in a world where you can't go to restaurants, having people over to dinner in their home and so on and so forth.

另一方面，這可能是家庭服務長期繁榮的開始，人們比以前更多地呆在家裡，更加專注於在家里和一個你可以的世界裡度過時間。不去餐館，讓人們在家裡吃晚飯等等。

So I think the future is very uncertain and the dispersion of outcomes is very wide.

所以我認為未來非常不確定，結果的分散非常廣泛。

What we feel confident about is certainly that we're in a pretty strong position financially.

我們確信的是，我們在財務上處於相當有利的地位。

We're -- financial performance, I think, in April is good given the situation.

我認為，鑑於這種情況，我們 4 月份的財務表現很好。

And we think we can make a real difference in the world we're living in here for the -- at least, the near and medium term in terms of accelerating people from off-line to online and providing them features that make a material difference in terms of getting them over the hump and being comfortable in getting that indoor work done.

我們認為我們可以在我們生活的世界上產生真正的改變——至少在近期和中期，加速人們從離線到在線，並為他們提供能夠產生重大影響的功能在讓他們度過難關並在完成室內工作方面感到舒適。

We believe that that indoor work done can -- indoor work can ultimately be done safely if people are following the right guidelines and have confidence in how it's being done, and that's a huge focus for us.

我們相信，室內工作可以——如果人們遵循正確的指導方針並對工作的完成方式充滿信心，那麼室內工作最終可以安全地完成，這對我們來說是一個巨大的關注點。

I think that's kind of the overview, but we're definitely seeing -- in everything but into our discretionary, we're definitely seeing a lot of focus and demand in those areas.

我認為這是一種概述，但我們肯定會看到 - 除了我們的自由裁量權之外，我們肯定會在這些領域看到很多關注和需求。

Yes.

是的。

And just our resilience, Jason, is not just discretionary/nondiscretionary.

傑森，我們的韌性不僅僅是自由裁量權/非自由裁量權。

As you know, we're in 500 different categories.

如您所知，我們有 500 個不同的類別。

As you know, we're in 400 different markets.

如您所知，我們涉足 400 個不同的市場。

And just to talk about geography for a second, obviously, we saw a bigger hit in the eye-of-the-storm areas, so Pacific Northwest, Northeast and northern part of the Midwest.

再談一談地理，很明顯，我們在風暴眼地區看到了更大的打擊，比如太平洋西北部、東北部和中西部北部。

But in other areas of the country, things played out a lot better.

但在該國其他地區，情況要好得多。

Recall in times of reduced demand, SPs need us more.

回想一下，在需求減少的時候，SP 需要我們更多。

And we're seeing that now given, as Brandon said earlier, the ROI to an SP on our platform is pretty significant and better than competing platforms.

正如布蘭登之前所說，我們現在看到，我們平台上的 SP 的投資回報率非常重要，並且比競爭平台更好。

We've talked previously for every dollar you spend, it's a 25x or 30x return on that dollar.

我們之前已經討論過，你花的每一美元，都是 25 倍或 30 倍的回報。

And then additionally, as you know, I think we talked about this in our -- in the last letter, our fixed cost base here is quite low and our variable cost base is 70% to 80% of the total, so we can adjust our expense base if we so choose.

另外，如你所知，我想我們在上一封信中談到了這一點，我們這裡的固定成本基數非常低，我們的可變成本基數佔總成本的 70% 到 80%，所以我們可以調整如果我們願意，我們的費用基礎。

And this year, we may not, but we could adjust our cost base with reduced demand.

今年，我們可能不會，但我們可以通過減少需求來調整我們的成本基礎。

On Care.com, Jason, the -- a lot of you are probably seeing that the liability landscape of COVID-related things is certainly evolving.

在 Care.com 上，Jason，你們中的很多人可能已經看到，與 COVID 相關的事情的責任格局肯定在不斷發展。

It's a regulatory question.

這是一個監管問題。

It's a policy question, and we just don't know yet how that's going to shake out.

這是一個政策問題，我們只是還不知道這將如何解決。

What I can tell you is that one of the benefits of using this platform is that the interactions are more limited.

我可以告訴你的是，使用這個平台的好處之一是交互更加有限。

So you can find somebody, you can find somebody reliable and your sort of field of exposure is effectively 1:1.

所以你可以找到一個人，你可以找到一個可靠的人，你的曝光領域實際上是 1:1。

As soon as there's systems, of course, that everybody in the world is looking for, which is whether you can verify that somebody is safe or has antibodies or has been tested or get instant tests and things like that, we'll try to avail ourselves of all of those tools.

當然，一旦有了世界上每個人都在尋找的系統，即您是否可以驗證某人是否安全、是否有抗體、是否已經過測試或獲得即時測試之類的東西，我們會盡力利用我們自己擁有所有這些工具。

But until those things become available, one, if we -- somewhat beneficial thing here is limited interactions, limited interactions with bigger groups, which means it's a smaller field of exposure there.

但是在這些東西變得可用之前，如果我們在這裡有些有益的事情是有限的互動，與更大的群體的有限互動，這意味著它是一個較小的暴露領域。

But we'll have to see how that landscape evolves.

但我們必須看看這種情況是如何演變的。

At some point, there is responsibility between people making decisions of what exposures they are comfortable with and what exposures they're not comfortable with, and a lot of that is going to be informed by, of course, the regulatory environment and government recommendations.

在某些時候，人們之間有責任決定他們對哪些風險感到滿意以及他們對哪些風險不滿意，當然，其中很多都將受到監管環境和政府建議的影響。

We'll take our next question from Dan Salmon with BMO Capital Markets.

我們將向 BMO Capital Markets 的 Dan Salmon 提出下一個問題。

Maybe first for Joey and maybe both Glenn and Brandon as well.

也許首先是喬伊，也許還有格倫和布蘭登。

Yesterday, Shar talked about more use of video tools, more female engagement and it seems like that's an opportunity for sort of specific product development for Match that has emerged due to COVID.

昨天，Shar 談到更多地使用視頻工具，更多的女性參與，這似乎是一個針對由於 COVID 而出現的特定產品開發的機會。

You've already both spoken a little bit about accelerated shifts of behavior change.

你們都已經談到了行為改變的加速轉變。

But can you point to maybe some areas where you already see specific product opportunities for ANGI or across the IAC businesses?

但是，您能否指出一些您已經看到 ANGI 或整個 IAC 業務的特定產品機會的領域？

Joey, Vimeo seems like an obvious one, but any others that you'd highlight would be great to hear.

喬伊，Vimeo 似乎是一個顯而易見的人，但你要強調的任何其他人都會很高興聽到。

And then just the second for Glenn.

然後是格倫的第二個。

You've activated the option to sell up to $1.5 billion of Match stock.

您已激活出售高達 15 億美元的 Match 股票的選項。

Can you elaborate on your thinking and the timing for that?

你能詳細說明你的想法和時間嗎？

What sort of disclosures we can expect going forward?

我們可以期待什麼樣的披露？

And any other context, that would be great.

在任何其他情況下，那將是很棒的。

Sure.

當然。

Brandon, why don't you go first on ANGI and video, and then I'll hit the IAC part and the business part.

Brandon，你為什麼不先談 ANGI 和視頻，然後我再談 IAC 部分和業務部分。

Yes.

是的。

So let me give you just 2 examples that we're excited about.

所以讓我給你舉兩個我們很興奮的例子。

First, we introduced contactless payments just in this last quarter.

首先，我們僅在上個季度推出了非接觸式支付。

Contactless payment means that any project that is submitted across the entire HomeAdvisor marketplace, not just fixed price but any project, can now be paid for -- from the consumer to the SP through the HomeAdvisor app.

非接觸式支付意味著在整個 HomeAdvisor 市場上提交的任何項目，不僅僅是固定價格，而是任何項目，現在都可以通過 HomeAdvisor 應用程序從消費者到 SP 進行支付。

And obviously, that offers a level of convenience that is attractive to people anyway.

顯然，這提供了一定程度的便利，無論如何都對人們有吸引力。

But in a time of social distancing and the situation we're in, nobody wants to exchange a check or cash or have to frankly interact in person if they can avoid it.

但是在社會疏遠和我們所處的情況下，沒有人願意交換支票或現金，或者如果可以避免的話，就必須坦率地親自互動。

The timing for introducing contactless payment is obviously perfect.

引入非接觸式支付的時機顯然是完美的。

And if you think about the potential impact of that, if we can close the loop on a significant number of the projects that get completed in our marketplace, remember, we're -- our GMV for the entire marketplace is north of $10 billion.

如果你考慮一下它的潛在影響，如果我們可以關閉在我們市場上完成的大量項目的循環，請記住，我們 - 我們整個市場的 GMV 超過 100 億美元。

If we can close the loop from a transactional standpoint, the opportunity to test different business models, to introduce things like the opportunity for financing, and maybe in a more basic way, simply drive deeper engagement and convenience to our customers to drive more loyalty and ultimately more -- a longer lifetime and longer lifetime value is really significant.

如果我們能夠從交易的角度關閉循環，就有機會測試不同的商業模式，引入融資機會等東西，也許以更基本的方式，簡單地推動我們的客戶更深入的參與和便利，從而提高忠誠度和最終更多——更長的生命週期和更長的生命週期價值真的很重要。

So I don't think we could be any more excited about a feature than we are about contactless payment.

因此，我認為沒有什麼比非接觸式支付更讓我們興奮的了。

We also introduced video calling.

我們還介紹了視頻通話。

This was very specific to the situation and enables the consumer and SP to talk via video through our app.

這是非常具體的情況，使消費者和 SP 可以通過我們的應用程序通過視頻進行交談。

The consumers obviously appreciate this for reasons that are obvious in terms of social distancing.

消費者顯然很欣賞這一點，原因在社交距離方面是顯而易見的。

SPs appreciate it for the same reason, but they actually are attracted to it for a different reason, which is if they can save a trip across town, it saves time and expense and makes -- enables them to run their business much more efficiently.

SP 出於同樣的原因欣賞它，但他們實際上被它吸引是出於不同的原因，即如果他們可以節省穿越城鎮的旅行，它可以節省時間和費用，並使他們能夠更有效地開展業務。

We're seeing real affinity for this feature from our service providers.

我們從我們的服務提供商那裡看到了對這個功能的真正親和力。

And the thing that's interesting about all this is these features were always there, and the benefits could have always been derived when you think about running your business efficiently.

所有這一切的有趣之處在於，這些功能始終存在，當您考慮有效地開展業務時，這些好處總是可以得到的。

But what people need is something to get them over the hump of making that behavioral change in terms of how they operate their business, and this situation is forcing that.

但人們需要的是讓他們克服在經營業務方面做出這種行為改變的困難，而這種情況正在迫使他們這樣做。

But by -- as it's happening, these folks are learning and understanding the benefits.

但是，隨著它的發生，這些人正在學習和理解其中的好處。

And when the situation resolves itself, which we all know it will, the behavior isn't going to change.

當情況自行解決時，我們都知道它會自行解決，行為不會改變。

They're not going to go back.

他們不會回去的。

So we are seeing behavioral change driving people toward these digital features, and we expect those to be lasting changes in terms of how people conduct business.

因此，我們看到行為變化促使人們轉向這些數字功能，我們預計這些變化將在人們開展業務的方式方面產生持久的變化。

Yes.

是的。

I agree with that and you can expand that to other businesses.

我同意這一點，您可以將其擴展到其他業務。

But just going to Vimeo, we've seen just, as a couple of examples, kid's channels.

但是只是去 Vimeo，我們已經看到了一些例子，兒童頻道。

That's a big user of Vimeo's tools.

那是 Vimeo 工具的大用戶。

We've seen 15x increase in sign-ups in kids' channels.

我們已經看到兒童頻道的註冊人數增加了 15 倍。

We don't monetize that.

我們不會將其貨幣化。

But the point is that the people who run those kid channels see that benefit in there in reaching this kind of audience.

但關鍵是，經營這些兒童頻道的人看到了接觸這類觀眾的好處。

Similar with personal trainers, gyms, fitness experts, these are individuals who are putting up their own channels and seeing something like 5x increase in demand.

與私人教練、健身房、健身專家類似，這些人正在建立自己的頻道並看到需求增長了 5 倍。

And of course, that's bringing more channels onto our platform, which is important for our business.

當然，這為我們的平台帶來了更多渠道，這對我們的業務很重要。

So you could see it throughout Vimeo and all the places that Vimeo touches of the economy and all the kinds of different businesses that Vimeo touches.

因此，您可以在 Vimeo 以及 Vimeo 觸及的所有經濟領域以及 Vimeo 觸及的各種不同業務中看到它。

I think that's probably, besides what you mentioned in Match and what Brandon just talked about at ANGI, I think that's the main areas where video impacts us.

我認為這可能是除了你在 Match 中提到的以及 Brandon 剛剛在 ANGI 談到的之外，我認為這就是視頻影響我們的主要領域。

I mean Dotdash uses video as a tool to communicate and will continue to use video as a tool.

我的意思是 Dotdash 使用視頻作為交流工具，並將繼續使用視頻作為工具。

But that's not like, I don't think, a fundamental change in user behavior like you're seeing now, where people who previously would only communicate or use text or pictures as a tool now use video as a tool and where it can replace or supplement, and I think long term, supplement is really important, physical presence.

但這不像，我不認為，像你現在看到的那樣，用戶行為發生根本性變化，以前只會交流或使用文本或圖片作為工具的人們現在使用視頻作為工具，並且可以取代或者補充，我認為從長遠來看，補充真的很重要，身體存在。

Regarding the $1.5 billion, I like your choice of words, activate the option.

關於 15 億美元，我喜歡你的選擇，激活選項。

We -- that's well said.

我們——說得好。

We filed the S-3.

我們提交了 S-3。

That was done to register the $1.5 billion shares we may sell, and those shares will become shares of Match common stock in the separation.

這樣做是為了登記我們可能出售的 15 億美元股票，這些股票將成為分拆時 Match 普通股的股票。

People may have been a little confused by that as those shares were called Class M, and that's simply due to the mechanics of the transaction.

人們可能對此感到有些困惑，因為這些股票被稱為 M 類，而這僅僅是由於交易的機制。

There's a lot of technicals that go into that.

這裡面涉及到很多技術。

But given the shares will not be delivered to the buyers until closing, those shares will not be entitled to the $3 per share cash distribution.

但鑑於股票在收盤前不會交付給買家，這些股票將無權獲得每股 3 美元的現金分配。

This filing gives us the option, not the obligation, to sell those shares, which, depending on market conditions, as Joey said in the letter, we may, in fact, do.

該文件為我們提供了出售這些股票的選擇權，而不是義務，正如喬伊在信中所說，根據市場情況，我們實際上可能會這樣做。

And the sale of the shares will not happen until the transaction closes, which we expect to be shortly after the shareholder vote on June 25.

並且在交易完成之前不會出售股票，我們預計將在 6 月 25 日股東投票後不久。

But we can enter into transactions and agreements to sell the shares with potential buyers prior to.

但我們可以事先與潛在買家簽訂交易和協議以出售股份。

And Dan, I just thought of one more example, which is a tiny one, but a fun one.

還有丹，我又想到了一個例子，它很小，但很有趣。

This is in Bluecrew where we're matching employers with employees in the light industrial temp labor space, we're able to bring employees on through video interviews.

這是在 Bluecrew，我們將雇主與輕工業臨時勞動力空間的員工進行匹配，我們能夠通過視頻採訪讓員工參與進來。

And actually, the same is true in Care.com.

實際上，Care.com 也是如此。

We talked about this in the letter where you can hire people over video.

我們在信中談到了這一點，您可以在其中通過視頻僱用人員。

And that makes things -- again, it reduces contact, but also it makes things a lot more convenient for the person doing the hiring and allows us to build the tools that enable other people to scale, how to be able to scale their systems to drive conversion.

這使得事情——再次，它減少了聯繫，但它也讓招聘的人更方便，並允許我們構建使其他人能夠擴展的工具，如何能夠擴展他們的系統以適應驅動轉換。

Essentially, a family can scale by doing a lot more by being able to meet with caregivers or employer meet with workers by doing these things over video and being able to improve and optimize those things over time.

從本質上講，一個家庭可以通過做更多事情來擴大規模，方法是通過視頻與看護人會面或雇主與工人會面，並能夠隨著時間的推移改進和優化這些事情。

Next question comes from Eric Sheridan with UBS.

下一個問題來自瑞銀的 Eric Sheridan。

I want to know, could we double back first to your comments on Dotdash and the level of success you're seeing in direct response and e-commerce?

我想知道，我們能否先回顧一下您對 Dotdash 的評論以及您在直接響應和電子商務中看到的成功程度？

I wanted to get a little more granularity on what you were seeing and what that might mean in terms of how you align that sort of engagement and monetization inside that part of the company for the long term.

我想更詳細地了解您所看到的內容，以及這可能意味著您如何在公司該部分長期內協調這種參與和貨幣化。

And then I know we're not giving guidance for the full year, but there are a couple of moving pieces this year that we just want to make sure we have clarified things on spin costs, the Care.com acquisition costs, the endowment piece that you've called out before, just so we make sure where some of those individual pieces might fall as you look through the fiscal year.

然後我知道我們沒有提供全年的指導，但今年有幾個變動的部分，我們只是想確保我們已經澄清了旋轉成本、Care.com 收購成本、捐贈部分您之前已經調用過，只是為了確保在您查看整個財政年度時，其中一些單獨的部分可能會落在哪裡。

I'll let Glenn do the second part.

我會讓格倫做第二部分。

In terms of the performance marketing piece of Dotdash, it is -- so first of all, there's really hundreds of advertisers using those tools on our platform.

就 Dotdash 的績效營銷而言，首先，我們平台上確實有數百名廣告商在使用這些工具。

And so it's starting to scale really nicely and starting to diversify.

所以它開始非常好地擴展並開始多樣化。

The key in there -- I mean you talk about engagement and monetization, the key in there then is having content that's actionable.

那裡的關鍵——我的意思是你談論參與和貨幣化，那裡的關鍵是擁有可操作的內容。

So for example, finding a brokerage account.

例如，尋找一個經紀賬戶。

Number one, like, why do I need a brokerage account?

第一，為什麼我需要一個經紀賬戶？

What do I do with a brokerage account?

我如何處理經紀賬戶？

How do I do certain things around there?

我如何在附近做某些事情？

That's the kind of content that would be existing in Investopedia and The Balance.

這就是 Investopedia 和 The Balance 中存在的內容。

But also within there is, okay, where should I open a brokerage account?

但也有，好吧，我應該在哪裡開一個經紀賬戶？

What are the rates of one versus the other?

一個與另一個的比率是多少？

And what are the rates that matter?

重要的費率是多少？

What are the rates that are likely to be something that affects me and my kind of account as against somebody else and their kind of account?

與其他人和他們的賬戶相比，可能會影響我和我的賬戶類型的費率是多少？

And us building those tools, building those tools completely impartially, the great thing about what we're doing is we're coming here from scratch, so we don't need to protect any revenue.

我們構建這些工具，完全公正地構建這些工具，我們所做的偉大事情是我們從零開始，所以我們不需要保護任何收入。

We don't need to protect anybody's revenue here.

我們不需要在這裡保護任何人的收入。

Our goal is just to deliver for the consumer.

我們的目標只是為消費者提供服務。

And so long as we're just delivering for the consumer the best, impartial, fastest, freshest information, then sometimes they click-through to the advertisers and that's where that gets monetized.

只要我們只是為消費者提供最好的、公正的、最快的、最新鮮的信息，有時他們就會點擊進入廣告商，這就是貨幣化的地方。

Well, that's our goal.

嗯，這就是我們的目標。

Our goal is just to make that content in areas where it's intent-driven but to deliver that impartial content for users.

我們的目標只是在意圖驅動的領域製作內容，但為用戶提供公正的內容。

And so long as we continue to do that across a very wide range of categories, I think we'll be able to monetize it because the users are coming to us with the intent.

只要我們繼續在非常廣泛的類別中做到這一點，我認為我們將能夠通過它獲利，因為用戶是帶著意圖來找我們的。

We don't need to guess what they're doing.

我們不需要猜測他們在做什麼。

We don't need to cookie them.

我們不需要對它們進行 cookie。

We don't need to understand their demographic information.

我們不需要了解他們的人口統計信息。

We don't need to understand their personally identifiable information.

我們不需要了解他們的個人身份信息。

We know somebody looking for a brokerage account is looking for a brokerage account, and that's what matters to the sort of folks on the other side of that advertising equation.

我們知道尋找經紀賬戶的人正在尋找經紀賬戶，這對廣告等式另一端的人來說很重要。

Yes.

是的。

In terms of our one-off costs related to the separation and the acquisition, Care.com costs were about $40 million, half of which are -- is going to be deferred revenue.

就我們與分離和收購相關的一次性成本而言，Care.com 的成本約為 4000 萬美元，其中一半將是遞延收入。

You saw $13 million of that already in the first quarter.

您在第一季度已經看到了其中的 1300 萬美元。

We think there'll be a similar amount in the second quarter.

我們認為第二季度會有類似的數額。

And then the balance will be split roughly equally in the third and the fourth quarter, maybe a little weighted to the third.

然後餘額將在第三季度和第四季度大致平均分配，可能會稍微加權到第三季度。

That's Care.

那是關心。

In terms of the spin costs, we estimate that about $20 million, $8 million of which was in the first quarter.

就旋轉成本而言，我們估計約為 2000 萬美元，其中 800 萬美元是在第一季度。

The rest of it will be in the second quarter.

其餘的將在第二季度進行。

That will be in the corporate line.

那將在公司範圍內。

The Care costs, sorry, will be in the Emerging & Other line.

抱歉，護理費用將在新興和其他行中。

And then the third cost, as you said, was the funding of the endowment, the IAC Fellows endowment in celebration of IAC's 25th year.

然後，正如您所說，第三個成本是捐贈基金的資金，即 IAC Fellows 捐贈基金，以慶祝 IAC 成立 25 週年。

That will be $25 million, and that will hit in the corporate line in the second quarter.

這將是 2500 萬美元，這將在第二季度進入公司業務。

The next question comes from Ross Sandler with Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

Barry was on TV a couple of weeks ago and mentioned that you're looking at large deals.

巴里幾週前在電視上提到你正在尋找大筆交易。

So given how the environment for private company financing has changed since the last 6 months, how are you thinking about large versus small deal size versus buyback?

因此，鑑於過去 6 個月以來私營公司融資環境發生了怎樣的變化，您如何看待大宗交易、小宗交易和回購？

And what kinds of companies do you think you're most interested in?

你認為你最感興趣的公司是什麼類型的？

Is it still kind of 2-sided marketplaces?

它仍然是一種雙面市場嗎？

And then second question is just spin mechanics.

然後第二個問題只是旋轉力學。

So I mean you guys have said the vote should be completed on June 25, and then we go when-issued.

所以我的意思是你們說應該在 6 月 25 日完成投票，然後我們就在何時發布。

Will the new shares be trading by the end of the second quarter before June 30?

新股是否會在 6 月 30 日之前的第二季度末上市交易？

Any color on what happens after June 25?

6 月 25 日之後會發生什麼？

Sure.

當然。

On deal size, Ross, we're looking at everything, small to big, share repurchases would also definitely be in the mix.

關於交易規模，羅斯，我們正在考慮從小到大的一切，股票回購也肯定會參與其中。

The -- I guess the one thing that has perhaps changed is that some big deals have gotten smaller recently and so -- or may get smaller soon, and that may create some opportunity.

- 我想可能改變的一件事是最近一些大交易變得更小，所以 - 或者可能很快就會變小，這可能會創造一些機會。

I don't think that there's a fundamental shift in how we think about capital or how we think about deploying capital or our willingness to bet the company, which we haven't historically been willing to do, and I don't think we'll do going forward.

我不認為我們對資本的看法或我們如何考慮部署資本或我們對公司下注的意願發生根本性轉變，這是我們歷史上不願意做的，我認為我們不會我會繼續前進。

But there are opportunities that may become available in an environment with a lot of dislocation, and we would certainly look at those and give it a fair shot.

但是在一個錯位很多的環境中可能會出現一些機會，我們當然會考慮這些機會並給予公平的機會。

So that's, I think, really it on deal size.

所以，我認為，這真的是交易規模。

Glenn, do you want to do the other question?

格倫，你想做另一個問題嗎？

Yes.

是的。

On the mechanics, as you said, the shareholder vote is the 25th.

正如你所說，在機制上，股東投票是第 25 次。

We expect the, transaction to be done by the end of the quarter, so call it in and around June 30.

我們預計交易將在本季度末完成，因此請在 6 月 30 日前後進行。

And then post then, the 2 stocks will trade separately.

然後發布，這兩隻股票將分開交易。

Obviously, there's a lot of complexity in that.

顯然，其中有很多複雜性。

But to simplify it, I think we have an example in the previous letter, a little bit updated for this letter.

但為了簡化起見，我認為我們在上一封信中有一個例子，為這封信做了一點更新。

An IAC shareholder who owns 1 share of IAC, come July, will own that same share of IAC.

擁有 1 股 IAC 股份的 IAC 股東將在 7 月擁有相同的 IAC 股份。

And then based on stock prices, I think last night, will get 2.38 shares of Match.

然後根據股價，我認為昨晚會得到2.38股Match。

And if we avail ourselves of the option to sell the $1.5 billion, we'll get 2.18 or 2.17 shares of Match.

如果我們選擇出售這 15 億美元，我們將獲得 2.18 或 2.17 股 Match。

And all that obviously will depend on the stock prices prior to -- the stock prices at the time.

而這一切顯然將取決於之前的股價——當時的股價。

But it's -- the mechanics are simple, and I refer you back to the deck we presented in December, which I think did a really nice job of demystifying what, yes, is a complicated transaction.

但它是——機制很簡單，我建議你回到我們在 12 月展示的套牌，我認為它在揭開復雜交易的神秘面紗方面做得非常好。

We'll take our next question from Nick Jones with Citi.

我們將向花旗的尼克瓊斯提出下一個問題。

I guess just on Care.com, in the shareholder letter, you detailed quite the opportunity.

我想就在 Care.com 上，在股東信中，你詳細說明了這個機會。

You called out rapid bookings, video interviews, improved matching.

你呼籲快速預訂、視頻採訪、改進匹配。

Can you maybe expand on the opportunity and maybe what the use case is today?

您能否擴大機會以及今天的用例是什麼？

It sounds like it's more kind of long-term care.

聽起來更像是一種長期護理。

And what you see the use case is in the future?

您認為未來的用例是什麼？

Sure.

當然。

I do think long-term care is still very much going to be a focus of Care forever.

我確實認為長期護理仍將永遠成為護理的重點。

What we're trying to do is also open up the 78 million babysitting and short-term-duration child care jobs.

我們正在努力做的也是開放 7800 萬個保姆和短期托兒工作。

And what that does besides being a new revenue opportunity, Nick, is it hopefully drives frequency.

除了成為新的收入機會之外，尼克還有什麼作用，它有望推動頻率。

So if it's a platform where it's easy every week is when you need care for an elder or for a child, you can go on, press a button and get it done, then I think people will also turn to us for the long-term care and other kinds of care in their home.

因此，如果它是一個每週都很容易的平台，當您需要照顧老人或孩子時，您可以繼續，按一個按鈕並完成它，那麼我認為人們也會長期轉向我們家中的護理和其他類型的護理。

That's the goal on that.

這就是目標。

The market is quite large.

市場相當大。

Most families need care at some point, and families in a certain age range need care very frequently over the course of the year.

大多數家庭在某個時候需要照顧，而某個年齡段的家庭在一年中需要非常頻繁的照顧。

And obviously, things happening with schools being available and day care centers being available right now certainly changes a lot of the dynamics but hopefully in ways where we can satisfy incremental consumer demand.

顯然，現在學校可用和日託中心可用肯定會改變很多動態，但希望以我們能夠滿足增量消費者需求的方式。

So that's the opportunity, I think, a very large one.

所以我認為這是一個非常大的機會。

The business was growing when we bought it.

當我們購買它時，業務正在增長。

And I think that there are lots of opportunities to optimize some of the tools inside of there to make them work more efficiently, to drive conversion, to allow easier enrollment.

而且我認為有很多機會可以優化其中的一些工具，使它們更有效地工作，推動轉換，讓註冊更容易。

And if we could just get some of that blocking and tackling done, I think even before creating wildly new, innovative tools, we can drive real growth there.

如果我們能夠完成一些阻止和解決問題，我認為甚至在創造出全新的創新工具之前，我們就可以在那裡推動真正的增長。

We'll take our next question from Ygal Arounian with Wedbush Securities.

我們將接受來自 Wedbush Securities 的 Ygal Arounian 的下一個問題。

So I want to ask, if I could squeeze in 2. Just back on the M&A question and not focusing on deal size, but how your outlook on target type of companies may have changed in the current environment.

所以我想問一下，我是否可以擠進去 2。回到併購問題，而不是關注交易規模，而是你對目標公司類型的看法在當前環境下可能發生了怎樣的變化。

Like for example, e-commerce has really grown to kind of shine through in this kind of environment and maybe other businesses that are more exposed to local, maybe having more challenges.

例如，在這種環境下，電子商務確實已經成長為大放異彩，也許其他更受當地影響的企業，可能面臨更多挑戰。

So any change in the kind of target companies that you might be interested in pursuing?

那麼，您可能有興趣追求的目標公司類型有什麼變化嗎？

And then on ANGI, just as you talk about the sales channel being really productive and ROI SPs are getting, maybe just similar to everybody else, a little bit surprised in some of the resiliency in that business.

然後在 ANGI 上，正如您談到銷售渠道非常高效並且 ROI SP 正在獲得，可能與其他所有人一樣，對該業務的一些彈性感到有點驚訝。

Can you help maybe give some color on what the discussions are like with SPs?

你能幫忙說明一下與 SP 的討論是什麼樣的嗎？

Are ROIs higher or lower today?

今天的投資回報率是更高還是更低？

Are you giving kind of incremental offers to get people onto the platform?

您是否正在提供某種增量優惠以吸引人們進入平台？

Just a little bit of insight on what those discussions are like.

對這些討論的內容有一點了解。

Brandon, why don't you do the ANGI one first, and I'll close out with the other question.

布蘭登，你為什麼不先做一個 ANGI，然後我會結束另一個問題。

Yes.

是的。

So the nature of the business model, particularly in our Marketplace segment, is very resilient.

因此，商業模式的性質，特別是在我們的市場部分，是非常有彈性的。

The less consumer demand there is, the more obviously providers need us.

消費者需求越少，供應商就越需要我們。

And as you guys know, we've had an excess of consumer demand for a long time.

正如你們所知，我們長期以來一直有過剩的消費者需求。

So even as demand goes down, we still have a lot of it, and we see SPs engage more, make themselves active and available more.

因此，即使需求下降，我們仍然有很多需求，而且我們看到 SP 參與得更多，讓自己更加活躍和可用。

In terms of bringing new SPs on, in April, I said it was our highest all-time sales month in the history of the company.

在引入新的 SP 方面，4 月份我說這是我們公司歷史上最高的銷售月份。

To put some more perspective around that, we were up 38% versus last April, and that's on a sales force that's roughly the same size.

為了更深入地了解這一點，我們與去年 4 月相比增長了 38%，而且銷售隊伍的規模大致相同。

So it gives you a sense of the absolute productivity of our sales force.

因此，它讓您了解我們銷售人員的絕對生產力。

Part of it is need and just having best-in-class tools in terms of helping these small businesses get customers.

在幫助這些小型企業獲得客戶方面，其中一部分是需要並且只是擁有一流的工具。

But another part of it is that we've become far more sophisticated over the course of the last year in being able to tailor our offering to the right customer in the right way at the right time.

但另一方面，我們在過去一年中變得更加成熟，能夠在正確的時間以正確的方式為正確的客戶量身定制我們的產品。

I think in our 20-year experience up to this point, we've always approached it in a one-size-fits-all way.

我認為，在我們迄今為止 20 年的經驗中，我們總是以一種萬能的方式來處理它。

But the reality is a handyman or a maid is very different than somebody who does kitchen remodels.

但現實是勤雜工或女傭與改造廚房的人大不相同。

And in the same way, a company that is 1 or 2 people is very different than a business that might have 100 techs.

同樣，只有 1 或 2 人的公司與可能擁有 100 名技術人員的企業有很大不同。

And so we have come up with a range of offerings and product configurations that are tailored to unique situations and segments that we simply found have opened up our ability to bring on more SPs because of the appeal of those configurations.

因此，我們提出了一系列針對獨特情況和細分市場量身定制的產品和產品配置，我們只是發現，由於這些配置的吸引力，我們有能力吸引更多的 SP。

We think we've got a long way to go there in terms of a lot of runway and being able to get even better at that, considering we just started over the course of the last, let's call it, 9 months.

我們認為我們在很多跑道方面還有很長的路要走，並且能夠在這方面做得更好，考慮到我們剛剛開始的最後一個過程，我們稱之為 9 個月。

But we're seeing very early positive impacts from that segmentation and customization.

但是我們看到了這種細分和定制的早期積極影響。

In terms of kind of companies we're looking at, and Ross asked this question, I forgot to answer this part of Ross' question, too, so thanks for raising it.

就我們正在研究的公司類型而言，羅斯問了這個問題，我也忘了回答羅斯的這部分問題，所以謝謝你提出這個問題。

It is -- I don't think e-commerce is likely something for us.

它是——我認為電子商務對我們來說不太可能。

I mean anything is possible.

我的意思是一切皆有可能。

We don't rule anything out.

我們不排除任何可能。

But I think those kinds of inventory businesses are not typically where we've historically done well.

但我認為這類庫存業務通常不是我們歷來做得好的地方。

I think certainly, we feel like marketplace businesses, and we'll always be looking for marketplace businesses.

我認為當然，我們感覺像是市場業務，我們將一直在尋找市場業務。

But really, what we're looking for is category leaders in very big categories where we think there's significant room to run.

但實際上，我們正在尋找的是我們認為有很大發展空間的非常大類別的類別領導者。

And that could be really anywhere.

這可能真的在任何地方。

But I suppose if you picked one, e-commerce.

但我想如果你選擇一個，電子商務。

I think it's probably less likely to be e-commerce but more likely to be, we think, good brands in big categories with big potential.

我認為它可能不太可能是電子商務，但我們認為更有可能是具有巨大潛力的大品類的好品牌。

And with that, we will wrap it up.

有了這個，我們將把它包起來。

Thank you all for joining us.

感謝大家加入我們。

Everyone, stay safe, stay healthy, and we will speak to you next quarter.

每個人，保持安全，保持健康，我們將在下個季度與您交談。

Thank you.

謝謝你。

And that does conclude today's conference.

這確實結束了今天的會議。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。