People Incorporated (PPLI) 2024 Q1 法說會逐字稿

Good day and welcome to the IAC, Angi First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, CFO and COO of IAC. Please go ahead.

各位好，歡迎參加 IAC、Angi 2024 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。我現在想將會議交給 IAC 的財務長兼營運長 Christopher Halpin。請開始。

Thank you. Good morning, everyone, Christopher Halpin here and welcome to the IAC and Angi Inc. First Quarter Earnings Call. Joining me today is Joey Levin, CEO of IAC and Chairman of Angi Inc., and Jeff Kip, CEO of Angi Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter, which is currently available on the Investor Relations section of IAC's website. We will not be reading the shareholder letter on this call.

謝謝。各位早安，我是 Christopher Halpin，歡迎參加 IAC 與 Angi Inc. 第一季財報電話會議。今天與我一同出席的有 IAC 執行長、Angi Inc. 董事長 Joey Levin，以及 Angi Inc. 執行長 Jeff Kip。與上一季類似，作為季度財報新聞稿的補充，IAC 也已發布季度股東信，目前可於 IAC 官網的投資人關係（Investor Relations）專區取得。我們不會在本次電話會議中朗讀股東信。

I will shortly turn the call over to Joey to make a few brief introductory remarks and then we will open it up for Q&A. Before we get to that, I'd like to remind you that during this presentation, we may discuss our outlook and future performance. These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate or similar statements. These forward-looking views are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in IAC's and Angi Inc.'s first quarter earnings releases in our respective filings with the SEC.

我將很快把電話交給 Joey 做幾句簡短的開場，之後我們將開放問答。在此之前，我想提醒各位，在本次簡報中，我們可能會討論我們的展望與未來表現。這些前瞻性陳述通常會以「我們預期」、「我們相信」、「我們預估」或類似措辭作為開頭。這些前瞻性觀點受風險與不確定性影響，我們的實際結果可能與今日所表達的觀點有重大差異。部分風險已載明於 IAC 與 Angi Inc. 第一季財報新聞稿，以及我們各自向美國證券交易委員會（SEC）提交的文件中。

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

我們也會討論某些非 GAAP 指標；提醒各位，其中包括調整後 EBITDA，我們在本次電話會議中為求簡便將其稱為 EBITDA。我也請各位參閱我們的財報新聞稿、IAC 股東信、向 SEC 提交的公開文件，以及我們各自網站的投資人關係專區，以取得所有可比的 GAAP 指標與所有重大非 GAAP 指標的完整調節表。

Now I will turn it over to Joey.

現在我把電話交給 Joey。

Thank you. Good morning, everybody. Thank you for spending some time with us this morning. I won't repeat the numbers you've seen posted. I think we had a great quarter with real progress on growing profit and free cash flow. And that puts us in a solid position for deploying capital from here.

謝謝。各位早安。感謝各位今天早上撥冗與我們交流。我不會重複各位已看到的數字。我認為我們本季表現非常出色，在提升獲利與自由現金流方面取得了實質進展。這也讓我們在接下來進行資本部署時處於穩健的位置。

Biggest news in the quarter was we've -- we're starting to participate now in the new AI ecosystem in a tangible, financial way. We announced the deal yesterday with OpenAI, where we'll be compensated for enhancing ChatGPT experience. We'll start to hopefully get some incremental users to our properties from ChatGPT and we are going to collaborate on D/Cipher, which is a product inside of Dotdash Meredith that we think is the future of advertising on the OpenWeb and where we've been growing nicely and we think generally taking share on the OpenWeb. And hopefully, that agreement is just the beginning of other opportunities for us in that AI ecosystem.

本季最大的消息是，我們——我們現在開始以具體且具財務意義的方式參與新的 AI 生態系。我們昨天宣布與 OpenAI 的交易，我們將因提升 ChatGPT 體驗而獲得報酬。我們希望能從 ChatGPT 為我們的各項資產帶來一些增量使用者；同時我們也將在 D/Cipher 上展開合作，這是 Dotdash Meredith 內部的一項產品，我們認為它代表 OpenWeb 廣告的未來；我們在該領域成長良好，整體而言也正在 OpenWeb 上取得市占。希望這項協議只是我們在 AI 生態系中其他機會的起點。

And we're incredibly grateful to OpenAI who, from the very beginning here, has been a leader in the category, including with their first product which really opened the dam for everybody competing in this area. And hopefully, they'll still similarly act as a leader as they have done in the agreement with us in starting the -- opening the floodgates towards new opportunities for us in that area.

我們也非常感謝 OpenAI，因為從一開始他們就是該類別的領導者，包括他們的第一個產品，確實為所有在這個領域競爭的人打開了閘門。也希望他們能一如既往地扮演領導者角色；正如他們與我們的協議所展現的那樣，開始——為我們在該領域開啟更多新機會的洪流。

I also want to welcome back Mr. Kip. He actually used to be on this call 8 years ago and is back in new capacity as CEO of Angi. I'm not just thrilled about that because it lightens my load at Angi. I'm thrilled about that because I think Jeff has been -- already know, Jeff has been involved in this business in a meaningful way for a very long time, going all the way back to his role as CFO of IAC many years ago where he spent an enormous amount of time getting deep with what was the predecessor to Angi Inc., HomeAdvisor and then spent 8 years very much in the details of the business, in running the international business for Angi.

我也想歡迎 Kip 先生回歸。他其實在 8 年前就曾參與這通電話會議，如今以 Angi 的執行長新身分回來。我不僅因為這能減輕我在 Angi 的負擔而感到非常高興；更重要的是，我很高興是因為我認為 Jeff——各位也已經知道，Jeff 長期以來一直以非常重要的方式參與這項業務，最早可追溯到多年前他擔任 IAC 財務長時，投入大量時間深入研究 Angi Inc. 的前身 HomeAdvisor；之後他又有 8 年時間非常深入地參與業務細節，負責 Angi 的國際業務營運。

And you've seen, as we've reported tremendous progress in that business. And I'm really excited now that Jeff has the entire Angi business and he's very focused on the key to succeeding in that business, which is delivering jobs done well and I expect the job done well out of Mr. Kip. So welcome, Jeff.

各位也看到我們所報告的，該業務已取得巨大進展。我現在非常期待 Jeff 全面負責整個 Angi 業務，而且他非常聚焦於在這項業務中成功的關鍵——也就是把工作做好（delivering jobs done well）。我也期待 Kip 先生把工作做好。所以，歡迎你，Jeff。

Let's get to questions. Operator, first question please.

我們開始提問。接線員，請進行第一個問題。

(Operator Instructions) Our first question comes from John Blackledge with Cowen.

（接線員指示）我們的第一個問題來自 Cowen 的 John Blackledge。

Two questions. First, for DDM, overall revenue growth beat our forecast. Could you just unpack the growth within DDM digital revenue across advertising performance and licensing? And maybe how should that trend going forward? And then I have a follow-up on the OpenAI deal.

兩個問題。第一個，針對 DDM，整體營收成長優於我們的預測。你能否拆解一下 DDM 數位營收中，廣告、績效（performance）以及授權（licensing）各自的成長情況？以及未來這個趨勢應如何看待？接著我還有一個關於 OpenAI 交易的追問。

Sure. So we felt great about the performance of Dotdash Meredith digital in Q1. Overall, Digital revenue grew 13%, led by 19% growth in Digital advertising. And that's due to the combination we've talked about before, 8% core session growth and then improved monetization across both premium and programmatic.

當然。我們對 Dotdash Meredith 第一季的數位業務表現感到非常滿意。整體而言，數位營收成長 13%，其中數位廣告成長 19% 是主要帶動因素。這來自我們先前談過的組合：核心 session 成長 8%，以及在高端（premium）與程式化（programmatic）兩方面的變現能力提升。

Advertiser spending is firming up. It's not a hot market or on fire but it's better and it's strengthening and that drives our premium sales. And then on programmatic, we believe we're outperforming and improving market and that we're doing better because of our superior tech stack and performance.

廣告主支出正在回穩。市場並不是特別火熱或爆發，但確實更好了、也在走強，這帶動了我們的高端銷售。至於程式化方面，我們認為我們的表現優於市場並持續改善；我們之所以做得更好，是因為我們更優異的技術堆疊（tech stack）與成效表現。

Performance marketing only grew 3% in the quarter and that was really pulled down by a 30% decline in services such as -- which is overwhelmingly financial products such as brokerage accounts and insurance. Performance marketing for e-commerce or goods, as we highlighted, grew 18%. So we recognize we've got to continue to invest and innovate in performance marketing, particularly on the services side but we're confident that we'll get back to strong growth there.

本季績效行銷僅成長 3%，主要是被「服務類」下滑 30% 所拖累——該類別幾乎都是金融產品，例如券商帳戶與保險。正如我們所強調的，電商或商品類的績效行銷成長 18%。因此我們也認知到必須持續在績效行銷上投資與創新，特別是在服務類；但我們有信心能回到強勁成長。

And then a real bright spot was licensing, which returned to growth at 9%, led by a strong performance at Apple News and syndication partners. That area has been a -- had been a headwind really since we closed the Meredith acquisition but we now feel it will be a tailwind and OpenAI will be a further element there.

另一個非常亮眼的部分是授權業務，回到 9% 的成長，主要由 Apple News 與內容聯播（syndication）合作夥伴的強勁表現帶動。自我們完成 Meredith 收購以來，這個領域一直——一直是逆風，但我們現在認為它將轉為順風，而 OpenAI 也會是其中的另一個推動因素。

Looking forward, we continue to see 10% plus revenue growth in Digital each quarter and for the year, with solid execution across all 3 line items. Advertising will clearly lead the way as we see session growth and improve monetization. And what's your second question, John?

展望未來，我們持續預期每一季數位營收都能維持 10% 以上的成長，全年亦然，並在三個項目上都有扎實的執行。隨著 session 成長與變現改善，廣告將明顯領先。John，你的第二個問題是什麼？

Yes. Second question, could you talk about the DDM, OpenAI deal at a high level, including key terms of the deal? And can we expect similar deals with other LLMs, like Google, Anthropic, Meta, et cetera? And if you don't strike a deal with those companies, are they precluded from training their models on DDM content?

是的，第二個問題，你能否從高層次談談 DDM 與 OpenAI 的交易，包括交易的關鍵條款？以及我們是否可以期待與其他 LLM（大型語言模型）業者達成類似交易，例如 Google、Anthropic、Meta 等等？如果你們沒有與那些公司達成協議，他們是否就被排除、不能用 DDM 內容來訓練他們的模型？

Yes. So the deal, we obviously can't get into the very specific terms but at a high level, there are 3 elements to the OpenAI deal. There's displaying content and links attributed to DDM in the relevant ChatGPT responses. There's using the historical and ongoing DDM content to enhance their model's performance. And then there's partnering with DDM and OpenAI on building out the D/Cipher cookie-less, intent-based targeting ad solution. That's a first of its kind partnership and we think that really enhances the future -- has the potential to enhance the future of privacy-protected advertising and we're excited to collaborate with them on that.

好的。關於這筆交易，我們顯然無法談到非常具體的條款，但從高層次來看，與 OpenAI 的交易包含三個要素：第一，在 ChatGPT 相關回覆中展示並附上歸屬於 DDM 的內容與連結；第二，使用 DDM 的歷史與持續更新內容來提升其模型的表現；第三，DDM 與 OpenAI 將合作建置 D/Cipher 這套無 Cookie、以意圖為基礎（intent-based）的定向廣告解決方案。這是一種首創的合作夥伴關係，我們認為它確實提升了未來——有潛力提升未來隱私保護廣告的發展，我們也很期待與他們在此方面合作。

It's a multiyear deal and it involves both -- all the elements we said and that includes financial compensation. And we're really excited about that deal.

這是一項多年期協議，涵蓋我們所提到的——所有要素，並且包含財務補償。我們對這筆交易感到非常振奮。

In terms of others, I think -- look, as I said in my opening remarks, OpenAI led the way in showing the world the possibilities of GenAI and -- a sort of chat interface. And I think that they -- I'm hoping that they will again demonstrate to have led the way in dealing with publishers and journalism and content. And I do expect that others will follow. That may take time and some may sort of go through various stages of resisting that but I do expect that others will follow over time.

至於其他方面，我認為——你看，正如我在開場致詞中所說，OpenAI 在向世界展示生成式 AI（GenAI）以及——某種聊天介面之可能性方面走在最前面。我也希望他們能再次證明自己在與出版商、新聞業與內容合作與處理方面同樣領先。我確實預期其他人會跟進。這可能需要時間，有些人可能會經歷各種階段的抗拒，但我確實預期隨著時間推移，其他人會跟進。

And the deal is not exclusive, which means that we certainly have the opportunity to do a lot more there and we really are grateful to OpenAI for figuring out how to get this done. And I think really from the beginning, them -- and under Sam Altman's leadership, have had the right tone in thinking about a healthy Internet ecosystem and making sure that OpenAI but AI generally is a force of good for the world and they've continued to demonstrate that so far.

而且這項合作不是獨家，這表示我們當然有機會在那裡做更多，我們也非常感謝 OpenAI 想出如何把這件事做成。我認為從一開始，他們——在 Sam Altman 的領導下——在思考健康的網際網路生態系方面就有正確的基調，並確保 OpenAI、乃至整體 AI，都是對世界有益的力量；到目前為止，他們也持續展現了這一點。

And congrats, Jeff.

恭喜你，Jeff。

Thank you.

謝謝。

Your next question comes from Cory Carpenter with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Cory Carpenter。

On the Angi CEO transition, Joey, why was now the right time? And Jeff, it'd be great to hear your vision and strategic priorities as CEO? And then I have a follow-up but I'll let you answer that one first.

關於 Angi 的 CEO 交接，Joey，為什麼現在是合適的時機？另外，Jeff，也很希望聽聽你作為 CEO 的願景與策略優先事項？我還有一個追問，但我先讓你們回答這個。

Sure. Thanks, Cory. First of all, just having a full-time CEO is obviously better. And so as soon as we could do that, we were -- I was especially excited to do that. And one of the things that -- besides sort of improving the business' fitness and customer centricity over the time I was there, I wanted to understand in-depth the issues and the opportunities. And one of the things that became very clear in my time there was what had been accomplished in the international business and what continues to be accomplished there. And that was a product of Jeff and an incredible leadership team in the international business that goes deeper than Jeff and realizing that both we had the talent there and the depth there created the opportunity to elevate Jeff to run the whole business. And I think he's going to do a fantastic job but I'll let him comment on it.

當然。謝謝你，Cory。首先，擁有一位全職 CEO 顯然更好。所以我們一旦能做到——我們就——我尤其很期待能做到。還有一件事——除了在我任內提升業務體質與以客戶為中心之外——我想深入理解問題與機會。其中一個在我任內變得非常清楚的點，是國際業務已經完成的成果，以及仍在持續達成的成果。那是 Jeff 與國際業務一支非常出色的領導團隊的成果，而且不僅僅是 Jeff；當我們意識到那裡既有人才也有深度，就創造了把 Jeff 提升來負責整個業務的機會。我認為他會做得非常出色，但我讓他自己來評論。

I don't think that there is really a change in strategic vision. I think Joey has rightly put the customer at the center of what we're doing at Angi and we're really focused on delivering a better experience online and then most importantly, delivering jobs done well on both sides of the marketplace.

我不認為策略願景真的有改變。我認為 Joey 很正確地把客戶放在我們在 Angi 所做一切的中心，而我們也非常專注於在線上提供更好的體驗，然後最重要的是，在市場兩端都能把工作做好、把案子做好。

And so the work he's done with removing, let's call it, empty calories and moving the business forward in terms of being customer first is what I hope to continue. I hope we deliver more jobs done well each year from here on out. We plan to and there's no real change.

因此，他所做的工作——移除所謂的「空熱量」並推動業務在「客戶優先」方面向前——是我希望延續的方向。我希望從現在開始，我們每一年都能把更多工作做好。我們計畫如此，而且沒有真正的改變。

Cory, you had another one?

Cory，你還有另一個問題嗎？

Yes, maybe perhaps for Chris, just could you give us an update on your Angi revenue expectations this year? And if you think you'll need to reinvest ultimately to return the business back to growth?

有的，也許是給 Chris：你能否更新一下你們今年對 Angi 營收的預期？以及你是否認為最終需要再投資，才能讓業務回到成長？

Sure. Thanks, Cory. Well, second part first. We definitely don't think we need to invest more incrementally in the business at Angi to get revenue stabilized and back to growth. And in fact, Jeff can talk to it and continuing a lot of the work that Joey has done. We continue to see opportunities on the cost side and is why we're confident in our adjusted EBITDA forecast and continued margin improvements even with the revenue declines.

當然。謝謝你，Cory。我先回答第二部分。我們確實不認為需要在 Angi 的業務上額外增加投資，才能讓營收穩定並回到成長。事實上，Jeff 也可以談談，並延續 Joey 已做的許多工作。我們仍持續看到成本端的機會，這也是為什麼即使營收下滑，我們仍對調整後 EBITDA 的預測以及持續的利潤率改善有信心。

On a revenue outlook basis, for the next quarter, second quarter, we guide towards similar percentage revenue declines for total revenue at Angi, in and around what we've seen in the last 2 quarters, sort of that mid-teens level. I'd note we took further actions to eliminate low-value revenues at Angi this quarter. One specific action we'd highlighted was to shutter an acquisition that was done 11 years ago called CraftJack. That had its own small pro network that was -- that ran alongside the Angi network.

就營收展望而言，對下一季、也就是第二季，我們的指引是 Angi 總營收將出現類似幅度的百分比下滑，大致與過去兩季所見相近，約在十幾個百分點的中段。我也要指出，本季我們採取了進一步行動，以消除 Angi 的低價值營收。其中一項我們特別提到的行動，是關閉 11 年前收購的一個名為 CraftJack 的業務。它有自己小型的專業人士（pro）網路——與 Angi 網路並行運作。

We thought it would be a nice add-on but as Joey and Jeff and [Rusty] dug in there, we realized it was not profitable and essentially was a drag on the business. So we'll see some incremental loss of revenue and most notably for our external metrics with respect to service professionals, you should expect a decline of about 5,000 pros there but we expect to recapture many of the leads generated through CraftJack previously directly and view it as a margin-accretive shutdown.

我們原本認為這會是個不錯的加值項目，但當 Joey、Jeff 和 [Rusty] 深入研究後，我們發現它並不獲利，基本上對業務造成拖累。因此我們會看到一些額外的營收流失；而且最值得注意的是，就我們對外的指標、關於服務專業人士（service professionals）而言，你應該預期會減少約 5,000 名專業人士，但我們預期能直接重新取得先前透過 CraftJack 產生的許多潛在客戶名單（leads），並將其視為一項能提升利潤率的關閉措施。

As far as total revenue outlook, looking beyond next quarter, we want to allow Jeff to continue to develop his own view of the forward path of the business. He talked about how the strategy continues but the specific application of that and what revenue opportunities as well as cost opportunities he identifies. All in though, we'd say this is in the confidence that we have in our -- or in the context of the confidence we have in our guidance of $120 million to $150 million of adjusted EBITDA for the year and similar improving margins to the first quarter throughout.

至於總營收展望，放眼下一季之後，我們希望讓 Jeff 能持續形成他自己對業務未來路徑的看法。他談到策略會延續，但在具體落地應用上，以及他所辨識的營收機會與成本機會會是什麼。總體而言，我們會說，這是在我們對全年調整後 EBITDA 指引 1.2 億至 1.5 億美元的信心之下——或是在這個信心的脈絡中——並且預期利潤率將在全年其餘期間維持與第一季相近的改善趨勢。

The next question comes from Jason Helfstein with Oppenheimer.

下一個問題來自 Oppenheimer 的 Jason Helfstein。

Two questions. The first, given the stronger first quarter EBITDA at both Dotdash and Angi, why not raise the full year guide? Are you seeing anything in your outlook that has given you pause?

兩個問題。第一，鑑於 Dotdash 與 Angi 第一季 EBITDA 都更強，為什麼不調高全年指引？你們在展望中看到什麼讓你們有所顧慮嗎？

And then second and this will be multiyear repetitive, you talked in the letter about being frustrated with the stock price. What's the takeaway? Are you implying that you'll lean into buybacks if the stock does not start to improve? And just do you think about like the MGM stake as a source of capital or leverage if you need it? And welcome back, Jeff.

第二個，而且這會是多年來反覆的問題：你們在信中提到對股價感到挫折。重點是什麼？你是在暗示如果股價沒有開始改善，你們會更積極進行庫藏股回購嗎？另外，你們是否把 MGM 的持股視為資金來源或在需要時可用的槓桿？以及，歡迎回來，Jeff。

Thank you.

謝謝。

Chris, do you want to do the first one and I'll do the second?

Chris，你要不要回答第一個，我來回答第二個？

Perfect. On full year guidance, on Dotdash, we feel confident in the momentum and outlook for the business between the revenue growth we are seeing, the OpenAI partnership and visibility on margins. Given the seasonality of the business, however, the full year is always heavily weighted towards the second half. So we thought it prudent at this point to get deeper into the year before revising guidance. That's why we're reaffirming our $280 million to $300 million of adjusted EBITDA for the year, while making targeted investments in areas like content, D/Cipher and performance marketing. But we would say we are -- we feel confident about being in the higher end of that range and we'll continue to update the market as the year progresses based on what we're seeing.

太好了。關於全年指引，在 Dotdash 方面，我們對業務的動能與展望有信心，這來自我們看到的營收成長、與 OpenAI 的合作，以及對利潤率的能見度。不過，考量到業務的季節性，全年表現一向高度集中在下半年。因此我們認為在此時點，先更深入走到年度中後段再修正指引會更審慎。這也是為什麼我們重申全年調整後 EBITDA 2.8 億至 3 億美元的指引，同時在內容、D/Cipher 與績效行銷等領域進行有針對性的投資。但我們會說——我們有信心落在該區間的較高端，並會隨著年度推進、依據我們所看到的情況持續向市場更新。

On Angi, we produced strong profitability in the first quarter despite declining revenues. To us, that demonstrates that many of the revenues that we've removed from the business truly produced limited profitability and value. There's still more work to do in improving both the consumer and professional experience. That's a key priority. So we want to continue to remain flexibility, to build the best business for the future. We'd say we feel good about $30-plus million a quarter of adjusted EBITDA for the remainder of the year. So we're keeping the guidance at $120 million to $150 million. Do you want to take...

在 Angi 方面，儘管營收下滑，我們第一季仍創造了強勁的獲利能力。對我們而言，這證明我們從業務中移除的許多營收，確實只帶來有限的獲利與價值。在改善消費者與專業人士體驗方面仍有更多工作要做，這是關鍵優先事項。因此我們希望持續保持彈性，為未來打造最好的業務。我們會說，我們對今年剩餘期間每季超過 3,000 萬美元的調整後 EBITDA 感覺良好。所以我們維持指引在 1.2 億至 1.5 億美元。你要不要接著回答……

Yes. So on buybacks, Jason, the -- maybe a few things. One, let's talk about kind of the evolution of thinking about buybacks and what goes into that. And certainly, buybacks are on the table, I guess, would be the shortest answer to your question. But the first step was really getting our operations in order and making sure we have very healthy business fitness. I think we've accomplished that. There's still other things we want to accomplish along those lines. So I think we made real progress there.

好。關於回購，Jason——也許幾點。第一，我們先談談對回購思考的演進，以及其中會考量哪些因素。當然，回購是在選項之內——我想對你問題最簡短的回答就是這個。但第一步其實是把我們的營運整理到位，並確保我們有非常健康的業務體質。我認為我們已經做到這點。沿著這條路線，我們還有其他想完成的事情。所以我認為我們在那方面確實取得了實質進展。

Second thing is having excess cash and generating incremental cash. We feel very good about where we are there. We -- obviously, a prerequisite, which you highlighted already, is having an attractive valuation and believing we'll get a good return on capital. And I think that, that box is certainly checked. It's also, of course, making sure we have no restrictions on our ability to buy back shares, which happens periodically.

第二件事是擁有多餘現金並產生額外現金。我們對目前的狀況感到非常滿意。而且——顯然，一個先決條件（你剛才也已經強調過）是要有具吸引力的估值，並且相信我們能獲得良好的資本回報。我認為這一點毫無疑問已經達成。當然，另一點也很重要，是確保我們在回購股票的能力上沒有任何限制，這種限制會不時出現。

And then the -- maybe harder one is the opportunity cost to our cash, which is, we're always evaluating a lot of things. We're evaluating new M&A for our businesses, new M&A outside of our businesses. I think the good news right now is, we have the ability to afford both and that is, to weave in your next question, a combination of the cash on our balance sheet, the incremental cash we're generating. And we do have a very, very valuable, important stake in MGM. We have no intention of getting out of that stake. But that is -- that -- if you want to think about our overall liquidity and sources of liquidity that is a liquid public currency.

然後——也許更難的一點是我們現金的機會成本，也就是說，我們一直在評估很多事情。我們在評估我們業務內的新併購（M&A）、也在評估業務之外的新併購。我認為目前的好消息是，我們有能力同時負擔兩者；而這也——呼應你下一個問題——來自於資產負債表上的現金、以及我們正在產生的新增現金。此外，我們在 MGM 擁有一個非常、非常有價值且重要的持股。我們無意退出這個持股。但那——那——如果你想從整體流動性與流動性來源來看，這是一種具流動性的公開市場「貨幣」。

And so that contributes to the overall liquidity picture of IAC. Again, that doesn't imply anything. We're very happy with MGM, how MGM is doing and the fact that we now own over 20% of MGM, thanks to MGM being very aggressive on stock buybacks, buying back more than 1/3 of the company.

因此，這也有助於 IAC 的整體流動性圖景。再次強調，這並不暗示任何事情。我們對 MGM 很滿意，對 MGM 的表現也很滿意；而且由於 MGM 在股票回購上非常積極，回購了超過公司三分之一的股份，我們現在持有 MGM 超過 20% 的股權。

So there's a lot that goes in there but the short answer to your question, Jason, is yes, that's considering buybacks as the antidote to what I raised and what you highlighted is absolutely on the table.

所以這裡面有很多因素，但對你問題的簡短回答，Jason，是的，把回購視為我提出的、以及你所強調的問題的解方，絕對在我們的考量範圍內。

The next question comes from Justin Patterson with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Actually wanted to build off of Jason's last question. Joey, now that you're full-time IAC CEO and no longer wearing 2 CEO hats, would love to hear about just how you're thinking about the evolution of IAC here. I know in the past, you talked about looking at marketplaces as your preference for M&A. We've obviously seen a lot of changes within the Internet landscape with GenAI. So would love to hear more about just how you're spending your time these days and how you're thinking about the future of IAC.

其實想延續 Jason 的上一個問題。Joey，現在你全職擔任 IAC 的 CEO，不再同時戴著兩頂 CEO 的帽子，很想聽聽你如何看待 IAC 在這裡的演進。我知道過去你談到在併購上偏好市場型（marketplaces）業務。我們也明顯看到在 GenAI 的影響下，網際網路版圖出現了很多變化。所以很想多聽聽你最近如何分配時間，以及你如何思考 IAC 的未來。

Yes. Thanks, Justin. It's a really important question. So certainly, on the spending time part of your question, very much on capital allocation, both in our existing opportunities and new opportunities. And AI is an area where we continue to try to learn and find opportunities. I think that's probably less likely from an M&A perspective. I think that while there are plenty of opportunities out there, I think that the sort of pure-play AI things are currently priced to perfection, which is a hard place to deploy capital.

是的，謝謝你，Justin。這是一個非常重要的問題。就你提到的時間分配而言，我的重心非常放在資本配置上，包含我們既有機會與新機會。而 AI 是我們持續學習並尋找機會的領域。我認為這可能較不會以併購的方式來實現。我覺得雖然外面有很多機會，但所謂純 AI 的標的目前估值幾乎已被定價到完美，這讓資本很難部署。

But many businesses, including our own, as you just saw with Dotdash Meredith, are in a position to benefit from AI. And that's certainly a factor as we think about new opportunities for IAC. I wouldn't pick a particular sector right now. We're learning and considering in a lot of different areas and we are opportunistic. We have historically done well with and like marketplace businesses. We understand those businesses but I wouldn't put that as a limiter on the things that we consider.

但許多企業——包括我們自己的企業——正如你剛看到的 Dotdash Meredith，都處於能從 AI 中受益的位置。這當然也是我們在思考 IAC 新機會時的一個因素。我現在不會鎖定某個特定產業。我們在很多不同領域學習與評估，而且我們會把握機會。我們過去在市場型業務上表現很好，也喜歡這類業務；我們理解這些業務，但我不會把它當作限制我們考慮範圍的條件。

Another area that's done very well for us historically is the travel and leisure segment, which we've talked about a bunch previously and which has sort of done -- outperformed other parts of the consumer wallet share for a very long time and we expect to continue benefiting from a lot of the technology trends that you see in the world. So that is an area -- that has been an area of some focus.

另一個我們歷來表現非常好的領域是旅遊與休閒（travel and leisure）板塊。我們之前也談過很多次；而且長期以來，它在消費者錢包份額的其他部分之上呈現——表現更佳，我們預期也會持續受益於你在全球看到的許多科技趨勢。所以那是一個——一直以來相當聚焦的領域。

But we're looking pretty broadly. And I think that the priority for us in terms of M&A is certainly internal opportunities first, meaning more of what we already own, add-ons to those businesses where we can find synergies or have a unique angle on something and then new M&A. But I do expect, at some point, we will add another leg to the stool, so to speak, on new opportunities and we're actively looking for those right now.

但我們的視野相當廣。我認為就併購而言，我們的優先順序肯定是先看內部機會，也就是在我們已擁有的資產上做更多事情——對那些業務做加值型併購（add-ons），在我們能找到綜效或對某件事有獨特切入點的地方，然後才是新的併購。不過我確實預期，在某個時間點，我們會再增加「第三條腿」，換句話說，開拓新的機會；而我們現在正積極尋找。

The next question comes from Eric Sheridan with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Eric Sheridan。

Thanks for the question and all the details. Also, I'll echo, welcome back to Jeff into the new operating role as CEO of Angi. Maybe I'll follow up on Dotdash Meredith. When you think about coming out of the advertising environment of last year and sort of building some momentum in the advertising environment this year, how should we be thinking about the conversion of revenue into EBITDA and the cadence of that between now and the end of the year, measured against the potential volatility up or down on revenue against things that you believe you need to invest in to make sure Dotdash Meredith, especially on the Digital side is set up for success on the longer term?

謝謝這個問題以及所有細節。我也呼應一下：歡迎 Jeff 回來，並在 Angi 擔任 CEO 的新營運角色。也許我想追問 Dotdash Meredith。當你們從去年那樣的廣告環境走出來，並在今年的廣告環境中逐步建立一些動能時，我們應該如何看待營收轉換為 EBITDA 的情況，以及從現在到年底之間的節奏？同時也要衡量營收可能上下波動的情況，對照你們認為需要投入的事項，以確保 Dotdash Meredith——尤其是數位端——能在長期成功的布局上到位？

Thanks, Eric. So a few things on that front. First, last quarter, just to re-anchor folks, when we provided the full year guidance of $280 million to $300 million of adjusted EBITDA for 2024, we said we expect essentially all of the consolidated EBITDA to come from Digital. Print EBITDA and corporate expense should roughly offset each other this year, with corporate expense pretty consistent in each quarter, around $10 million. As we expected, Print started off the year at a low profit level, $2.9 million, due to seasonality and secular revenue declines. We expect Q2 Print EBITDA to be $9 million to $11 million and then about $13 million to $15 million a quarter in the third and fourth quarters.

謝謝你，Eric。關於這點有幾件事。首先，回到上一季，為了讓大家重新對齊：當我們提供 2024 年全年調整後 EBITDA 指引為 2.8 億至 3.0 億美元時，我們說過我們預期合併 EBITDA 基本上全部來自數位（Digital）。今年印刷（Print）的 EBITDA 與公司費用大致會互相抵消；公司費用每季相當一致，約 1,000 萬美元。正如我們預期，印刷業務在年初因季節性與結構性營收下滑而以較低的獲利水準開局，EBITDA 為 290 萬美元。我們預期第二季印刷 EBITDA 為 900 萬至 1,100 萬美元，第三與第四季每季約 1,300 萬至 1,500 萬美元。

Turning to Digital. We like seeing the profit scale this past quarter with adjusted EBITDA for Digital growing nearly 50% and increasing adjusted EBITDA margins. Looking forward on the revenue side, we continue to feel good about 10% plus revenue growth each quarter this year. And again, that's a combination, traffic growth, improved monetization for both advertising and performance marketing and licensing growth.

再看數位端。我們樂見上季獲利規模擴大：數位的調整後 EBITDA 成長近 50%，調整後 EBITDA 利潤率也提升。展望營收面，我們仍對今年每一季 10% 以上的營收成長感到樂觀。而且同樣地，這是多項因素的組合：流量成長、廣告與成效行銷（performance marketing）的變現改善，以及授權（licensing）成長。

On the cost side, we're making specific targeted investments in strategic areas. Those are clearly content that we know will perform, D/Cipher and growing the capabilities of that strategic product, and performance marketing. And we talked about our initiative to reposition performance marketing growth -- for growth and particularly in the context of services.

在成本面，我們正在策略性領域進行明確且有針對性的投資。這些投資清楚聚焦在：我們知道會有表現的內容、D/Cipher 以及擴充該策略產品的能力、以及成效行銷。我們也談過重新定位成效行銷成長——以促進成長，特別是在服務（services）的脈絡下。

And we think those investments will build on our strengths and position us to grow for years. The impact of those investments will be most felt in Q2. We're forecasting incremental adjusted EBITDA margins of 30% year-over-year in Q2. And then that will be followed by 50% plus incremental margins for the third and fourth quarter as we would expect in the ordinary course. The result is, EBITDA growth each quarter and improving margins and the first half, second half weighting for the year, which is very comparable to the 1/3, 2/3 on adjusted EBITDA that we saw last year.

我們認為這些投資將建立在我們的優勢之上，並讓我們具備多年成長的定位。這些投資的影響在第二季會最為明顯。我們預估第二季調整後 EBITDA 的增量利潤率（incremental adjusted EBITDA margins）年增為 30%。接著在第三與第四季，增量利潤率將回到我們在一般情況下所預期的水準，達到 50% 以上。結果是：每一季 EBITDA 都成長、利潤率持續改善，且全年上半年/下半年的權重分布，與去年我們看到的調整後 EBITDA 約 1/3、2/3 的分布非常相近。

The next question comes from Brian Fitzgerald with Wells Fargo.

下一個問題來自富國銀行（Wells Fargo）的 Brian Fitzgerald。

A couple from us. Maybe more broadly on AI, as we've seen Google scaling up their own Search Generative Experience, are you getting any visibility in changes, if any, in terms of referral traffic to you either as AI is integrated more deeply into traditional search?

我們有幾個問題。也許更廣泛地談 AI：隨著我們看到 Google 正在擴大其 Search Generative Experience 的規模，你們是否能看到任何變化（如果有的話），例如當 AI 更深度整合進傳統搜尋時，導流到你們這邊的推薦流量（referral traffic）是否有變化？

I'll take that one. I think it's hard to see specifically. So the short answer is, not really but I'd say long term, Google is taking more of the page and holding more traffic for themselves. That's basically been a, I don't know, multiyear, if not decade trend. And so I do expect that to continue.

我來回答這題。我覺得很難具體看出來。所以簡短答案是：沒有太多。但我會說長期來看，Google 正在占據更多頁面空間，並把更多流量留在自己那邊。這基本上已經是——我不知道——多年、甚至可能是十年的趨勢了。所以我確實預期這種情況會持續。

And I think we've done a nice job in navigating that through our history and we actually and it's -- Dotdash Meredith site continues to grow inside of Google because we have, I think, the best content where we've invested more than others and do a very nice job in addressing users' needs with the content that we've created. And so I think we're in a pretty good position there. But I expect over time that Google continues to try to keep more for themselves. But we have not seen any direct impact of that yet.

我認為我們一路走來在因應這些變化方面做得很好，而且實際上——Dotdash Meredith 的網站在 Google 內部仍持續成長，因為我們擁有我認為最好的內容；我們在內容上的投入比其他人更多，並且在用我們所創作的內容滿足使用者需求方面做得非常出色。所以我認為我們在那裡處於相當不錯的位置。但我預期隨著時間推移，Google 會持續嘗試把更多價值留給自己。不過我們目前還沒有看到任何直接影響。

Got it. And then at Angi, Jeff, we wanted to ask kind of what ideas or portions of the international playbook you expect to bring to bear at Angi as you take over there.

了解。接著在 Angi 這邊，Jeff，我們想請教一下，當你接手那邊之後，你預期會把國際化作戰手冊中的哪些想法或部分運用到 Angi？

So just stepping back, if you just go back a few years, 5 years ago, we had market leadership position in Europe. It was put together through the acquisition of 4 different companies, 4 different platforms, where we were losing $10 million, we had 4 different products, 4 different business models and again, the 4 different technologies.

所以先退一步看，如果回到幾年前，5 年前我們在歐洲擁有市場領導地位。那是透過收購 4 家不同公司、4 個不同平台整合而來；當時我們虧損 1,000 萬美元，有 4 種不同產品、4 種不同商業模式，而且同樣有 4 套不同技術。

We went through a process where the first thing we did was we pivoted our product to really be focused on homeowner choice and pro online enroll. I think the second thing we did was, we restructured in particular, our performing marketing and our unit economics, both operationally in terms of technology and we executed there.

我們走過一個流程，第一件事是把產品策略轉向，真正聚焦在屋主選擇（homeowner choice）以及專業人士線上註冊（pro online enroll）。我認為第二件事是，我們進行重整，特別是在績效行銷（performance marketing）與單位經濟（unit economics）上，無論是技術層面的營運或執行面，我們都把它做好了。

Thirdly, we looked at the foundation of business. We refactored, rebuilt, migrated the core technology. Today, we just finished migrating the fourth business in the U.K. We've improved each time we've done one of these and we're on a single platform with a single organization that's much more efficient. And we've been able to really put our focus on the core experience, which is really the offline experience, which is when a homeowner who places a job on the platform hires a skilled pro on the platform and gets the job done well.

第三，我們檢視了業務的基礎。我們重構、重建並遷移核心技術。今天，我們剛完成把英國的第四個業務遷移上來。每做一次我們都持續改善，而現在我們在單一平台、單一組織上運作，效率高得多。我們也得以真正把重心放在核心體驗上，也就是線下體驗：當屋主在平台上發布需求、在平台上聘用熟練的專業人士，並把工作做好。

Effectively, I would say, 1.5 years ago, Joey, probably took a more difficult hand actually in the United States, in some ways. There was more empty calorie revenue that was both low-quality experience and low -- or negative profitability in there and he's had to pull some of that out. But he and the team have done a big part of this lift for me, so I'm lucky to come in now.

實際上我會說，大約 1.5 年前，Joey 在美國接手的牌可能在某些方面更難。當時有更多「空熱量」營收，既是低品質體驗，也帶來低——甚至負的獲利能力，他必須把其中一些剔除。但他和團隊已經替我完成了這項提升中的很大一部分，所以我很幸運能在現在進來。

Obviously, the market's a little different but it's also a lot bigger and the brand and share is stronger here. So I've got a little more to work with. But in any case, we need to follow the same path, Joey and the team have been on. I think, basically, the key elements, the key ideas or components of what we did in Europe are in play in the right way in the United States and we need to finish the job.

顯然市場有些不同，但規模也大得多，而且這裡的品牌與市占更強，所以我手上可運用的資源更多。不過無論如何，我們需要沿著 Joey 和團隊正在走的同一條路前進。我認為基本上，我們在歐洲做過的關鍵要素、關鍵想法或組成部分，在美國也以正確方式在發揮作用，我們需要把這件事做完。

And I would just add a note, which is by 2022, we turned the business north and finally growing profit after a few years of flop -- finally growing revenue after a few years of flatness. We now have the business at close to 20% revenue growth in the first quarter and close to 20% EBITDA margins and God willing and the creek don't rise, we're going to do the same thing in the United States in good time.

我再補充一點：到 2022 年，我們讓業務轉正，並在經歷幾年表現不佳之後——在經歷幾年持平之後——終於讓營收恢復成長。現在第一季我們的營收成長接近 20%，EBITDA 利潤率也接近 20%。如果一切順利、風平浪靜，我們也會在適當時間於美國做到同樣的事。

Your next question comes from Dan Kurnos with the Benchmark Company.

下一題來自 Benchmark Company 的 Dan Kurnos。

Welcome back, Jeff. Joey, a little in the weeds for you, maybe but just on the D/Cipher benefits around the algo from the AI partnership. Just thoughts on incremental data signals, a shift to incrementally more probabilistic and what that kind of means in terms of driving outperformance relative to sort of the publishing peer group with that asset? And then maybe just an update on Care would be helpful.

歡迎回來，Jeff。Joey，問題可能有點深入細節：關於與 AI 合作夥伴關係帶來的演算法層面，D/Cipher 的效益。你對新增的數據訊號、是否會轉向更偏機率式（probabilistic）的做法有何看法？以及這對於憑藉該資產、相對於出版同業群體帶來超額表現意味著什麼？另外，如果能更新一下 Care 的狀況也會很有幫助。

Sure. I'm not sure I totally followed the question but let me try the first question. This is -- was your question about D/Cipher, the D/Cipher's average? Okay.

好的。我不確定我是否完全理解這個問題，但我先試著回答第一部分。這是——你的問題是關於 D/Cipher、D/Cipher 的平均值嗎？好。

I think it would be D/Cipher, yes.

我想是 D/Cipher，對。

Yes. Okay. So right now, one of the things that we've done with Dotdash Meredith, with D/Cipher is, we basically mapped intent across a subset of the Internet, not just on our properties but other publishing properties to understand where intent exists and measure that performance relative to what we've seen very closely on our own properties. And I think what the collaboration with OpenAI will enable us to do is, scale that towards a much bigger portion of the Internet, have that mapping and have those intent signals so that we can use them, bring them back and sell that to advertisers.

是的。好。所以目前我們在 Dotdash Meredith 這邊，透過 D/Cipher 做的一件事是：我們基本上在網際網路的一個子集合上做了意圖（intent）映射，不只是在我們自有資產上，也包含其他出版資產，以了解意圖存在於何處，並把那個表現與我們在自家資產上非常貼近地觀察到的情況做對照衡量。我認為與 OpenAI 的合作將使我們能把這件事擴展到更大範圍的網際網路，完成那個映射並取得那些意圖訊號，讓我們可以把它們帶回來並賣給廣告主。

Again, very much all with the view of cookie-less, privacy protected and focusing on the intent of the content, not the individual user or the privacy of the user. And so what we look for there is significantly more scale. So accessing significantly more scaled inventory with the same -- with good data for intent-based targeting. And if we can pull that off, we think that's potentially a real accelerant to the business. And it is -- as we said, it's already working well so far. So we view this as -- there's only upside in that area.

同樣地，整體都是以無 Cookie、隱私受保護為前提，並聚焦在內容的意圖，而不是個別使用者或使用者的隱私。因此我們在那裡追求的是顯著更大的規模——也就是在具備良好意圖導向定向（intent-based targeting）數據的前提下，取得顯著更大規模的庫存（inventory）。如果我們能做到，我們認為這可能會成為業務真正的加速器。而且——如我們所說——到目前為止它已經運作得很好。所以我們看待這件事是——在那個領域只有上行空間。

Yes. And just incremental area that excites us, which OpenAI is able to bring to D/Cipher that we don't have the scale to do would be additional media. So beyond just text, image and video and those things that are part of a user's experience being able to draw intent-driven linkages and monetize against them and drive performance. And we expect to have a number of those flowers bloom as the 2 teams work together.

是的。另外一個讓我們興奮的增量領域是，OpenAI 能為 D/Cipher 帶來我們自身無法做到的規模，也就是更多媒體型態。也就是不只文字，還包括圖片與影片，以及那些構成使用者體驗的一切，能夠建立由意圖驅動的關聯並加以變現、帶動成效。我們預期隨著兩個團隊合作，會有不少成果陸續開花結果。

Dan, does that answer your question?

Dan，這樣有回答到你的問題嗎？

It does. And then just update on Care?

有的。那 Care 的更新呢？

Yes. Look, Care is very healthy right now from a profit perspective. I think the enterprise business is growing nicely. We're really focused now on driving growth in the consumer part of the business. And the -- we have a number of good projects in the works there, both on just optimizing some fundamentals around marketing but also on the new product side in terms of improving access to instant booking and improving the customer experience in instant booking. And so we've got optimism for where we think Care can go from here.

有。你看，Care 目前從獲利角度來看非常健康。我認為企業端業務成長得不錯。我們現在真正聚焦的是推動消費者端業務的成長。而且——我們在那裡有一些很好的專案正在進行中，一方面是優化行銷等基本功，另一方面是在新產品面，提升即時預訂（instant booking）的可用性，並改善即時預訂的客戶體驗。所以我們對 Care 從這裡往後的發展抱持樂觀。

And in addition to both consumer and enterprise, there's also the other segments of Care, which are right now doing nicely. So senior care and pet care, we think are opportunities for growth from here. And we're starting to see some green shoots in those businesses, too. Do you want to add to that?

此外，除了消費者端與企業端之外，Care 還有其他區隔，目前表現也不錯。所以我們認為高齡照護（senior care）與寵物照護（pet care）是接下來的成長機會。我們也開始在這些業務看到一些初步的正向跡象。你要補充嗎？

Yes. I think we've seen -- on the consumer side, we've seen a slowdown for a while. We needed -- we know -- we said in prior quarters, we know we needed to improve our marketing and improve our products. Under new management, we feel like we have the road map there and have a new Chief Technology Officer, Chief Product Officer, Chief Marketing Officer.

是的。我認為我們看到——在消費者端，我們一段時間以來看到成長放緩。我們需要——我們知道——我們在前幾季也說過，我們知道需要改善行銷並改善產品。在新的管理團隊之下，我們覺得已經有了路線圖，也有新的技術長（Chief Technology Officer）、產品長（Chief Product Officer）、行銷長（Chief Marketing Officer）。

There's some macro. We never want to blame macro but there's definitely some macro on childcare versus daycare going on right now and some childcare down a little or babysitting, day care up and senior care and pet care, where we're growing up. But we'll lap that and it's really specific to us on the blocking and tackling on marketing and product and we feel very good about the opportunity.

也有一些總體因素。我們從不想怪罪總體環境，但目前在托育（childcare）相對於日托（daycare）之間確實有一些總體面的變化：托育略有下滑或保母服務（babysitting）下滑、日托上升；而高齡照護與寵物照護則在成長。但我們會度過這個比較基期（lap that），而且對我們來說更具體的是行銷與產品的基本功（blocking and tackling），我們對這個機會感到非常有信心。

The next question comes from Brent Thill with Jefferies.

下一題來自 Jefferies 的 Brent Thill。

Joey, in the past, you've talked about the M&A environment being somewhat irrational on multiples. I'm curious if you could just update us kind of what you're seeing now? Have some of these expectations come back to earth? Or are you still seeing the similar environment?

Joey，過去你曾談到併購（M&A）環境在估值倍數上有些不理性。我想請你更新一下你現在看到的情況：這些預期是否已經回到比較合理的水準？還是你仍看到類似的環境？

Brent, I think there's opportunities now. I think there's -- we've gone through periods where things are -- everything is priced to perfection and things are insane from our perspective or we've gone through periods where everything is priced for failure and there's big opportunities from our perspective, that was probably the era where we bought into MGM.

Brent，我認為現在有機會。我覺得——我們經歷過一些時期，從我們的角度看，事情——所有東西都被定價到完美、而且很瘋狂；也經歷過一些時期，所有東西都被定價為失敗、從我們的角度看有很大的機會，那大概就是我們買進 MGM 的那個年代。

But right now, I think it's a balance. I think there are areas that are probably overheated like AI. All of these AI companies are not going to be a multibillion dollar companies. Some will but certainly not all of them. And there are plenty of areas of rational opportunity, and that's where we're focused. So I'd say it feels pretty balanced, in the middle right now. You could say that's maybe a harder time to deploy capital because it's not obvious that you should be in or out. But we think we'll find some opportunities here.

但現在，我認為是比較平衡的。我覺得有些領域可能過熱，例如 AI。這些 AI 公司不可能全部都成為數十億美元規模的公司。有些會，但肯定不是全部。而且也有很多理性且有機會的領域，那就是我們聚焦的地方。所以我會說，現在感覺相當平衡、處於中間。你也可以說，這可能是更難部署資本的時候，因為不明顯你應該進場或退場。但我們認為我們會在這裡找到一些機會。

Okay. Great. And then just a quick follow-up on the emerging business. Anything else to call out that you're really energized by in terms of what you're seeing in the momentum, in the other parts of the portfolio?

好的。很好。接著就新興業務再快速追問一下：就你在動能上看到的情況而言，在投資組合的其他部分，還有沒有什麼你特別振奮、值得特別提出的？

The one I'd highlight in that -- we talked about Care already, which is, I think, a category leader and a great business with solid fundamentals. The other one in there -- actually, I'll talk about two. One is Vivian, which has a very good product for the market that it's in, which is matching the health care professionals, primarily travel nurses, which is where it started and has the greatest share, but matching health care professionals with employment. I think that's a category that long term has really nothing but tailwinds given a supply/demand imbalance of nurses but health care professionals generally. And Vivian has done a very nice job in matching that with very healthy revenue growth and not really consuming much capital at this point.

我想在那裡特別強調的一個——我們已經談過 Care，我認為它是類別領導者，基本面穩健，是很棒的業務。那裡的另一個——其實我會談兩個。一個是 Vivian，它在其所處市場有非常好的產品，主要是媒合醫療照護專業人士，尤其是旅遊護理師（travel nurses）——這也是它起步的地方、且市占最高——把醫療照護專業人士與工作機會做媒合。我認為這個類別長期來看幾乎只有順風，因為護理師以及更廣泛的醫療專業人員存在供需失衡。Vivian 在這方面做得非常好，帶來非常健康的營收成長，而且目前幾乎不怎麼消耗資本。

And Vivian's also done, by the way, a very nice job in deploying AI tools to get the -- to enhance the chat experience between the health care professional and the employer. We're seeing some fun things on engagement there.

另外順帶一提，Vivian 也很出色地部署了 AI 工具，用來——提升醫療專業人士與雇主之間的聊天體驗。我們在那裡的互動參與度看到一些很有趣的成果。

And then the other one, which is very, very small for IAC but as media things do, they make a lot more noise than the size of their business. We've got great real leadership with incredible experience at Daily Beast now, with Ben Sherwood and Joanna Coles. They're making the changes at the business. They're bringing a ton of energy to the business and who knows where they go with that. But I'd say that there's a exciting reboot happening there and we'll be interested to see how that turns out.

然後另一個，對 IAC 來說規模非常、非常小，但媒體類業務往往會比其業務規模更受關注、聲量更大。我們現在在 Daily Beast 有很強的實質領導團隊，具備令人驚豔的經驗，包括 Ben Sherwood 和 Joanna Coles。他們正在推動業務變革，為公司帶來大量能量，至於他們會把它帶到哪裡，誰也說不準。但我會說，那裡正在發生一個令人興奮的重啟，我們也很期待看看結果如何。

The last question comes from Tom Champion with Piper Sandler.

最後一個問題來自 Piper Sandler 的 Tom Champion。

Maybe just 2 quick ones on DDM, maybe for Chris. Just looking at Core Sessions growth of 8%. Certainly solid and consistent with the fourth quarter but there was an extra day in the quarter. All else, fairly easy comp year-over-year. Just curious if there was any onetime or a headwind or anything else that we should think about that in the context of a trend that was previously improving sequentially? And then just any comments on the Amazon partnership? Would love to hear about that.

關於 DDM 可能有兩個快速問題，或許給 Chris。看 Core Sessions 成長 8%，確實不錯，也與第四季一致，但本季多了一天。其他方面，同比基期也相對容易。想請教是否有任何一次性因素、逆風或其他我們需要納入考量的事情——尤其是放在先前趨勢逐季改善的背景下？另外，關於與 Amazon 的合作夥伴關係，有沒有任何評論？很想聽聽。

Yes, definitely, Tom. Thanks for the question. We actually did want to talk about Core Sessions trends. So the decline from 10% core growth in Q4 of last year to 8% growth this quarter is entirely driven by declines in traffic to our properties coming from Facebook. This has been a significant trend across the publisher ecosystem since middle of last year. It hit the whole industry hard. Thankfully, for us, it's a small part of our growth, which is why we can keep growing. But they really ramped it up again from what we can see mid-quarter.

是的，當然，Tom。謝謝你的問題。我們其實也想談談 Core Sessions 的趨勢。所以，從去年第四季核心成長 10% 降到本季 8% 的成長，完全是因為來自 Facebook 導流到我們資產的流量下滑所致。自去年年中以來，這已成為整個出版商生態系的顯著趨勢，對整個產業造成很大衝擊。幸好對我們而言，它只占我們成長的一小部分，所以我們仍能持續成長。但就我們所見，他們在本季中段又再次加大了力度。

For the first quarter, our Facebook traffic was down 50% year-over-year in the first quarter as they aggressively keep to -- seek more audience on their own platform. Again, thankfully, Facebook only represents about 4% of our traffic today, down from 7% a year ago. So we felt that this quarter, it will continue to attrit. And we feel great about how everything else is growing and the ability to keep growing sessions.

第一季，我們的 Facebook 流量同比下滑 50%，因為他們積極地——持續把更多受眾留在他們自己的平台上。同樣地，幸好 Facebook 目前只約占我們流量的 4%，低於一年前的 7%。所以我們在本季感受到了這點，而且預期它會持續流失。我們對其他所有項目的成長，以及持續提升 sessions 的能力，都感到非常有信心。

We also note we are seeing excellent growth at Apple News, which does not show up in our sessions numbers because that consumption happens on their platform, instead, it shows up in our licensing line. So it's a bit of movement from 1 plat -- not exactly but we've got declines in 1 platform that's pretty small at this point and then grows in another where we see a lot of opportunity. I'd say in some, we feel great about session growth across the portfolio. And also when you talk about comps, we're optimistic for our entertainment properties as we move further into the year, given we'll be lapping the strikes.

我們也注意到 Apple News 的成長非常亮眼，但這不會反映在我們的 sessions 數字中，因為那個消費行為發生在他們的平台上；相對地，它會反映在我們的授權（licensing）項目中。所以這有點像從一個平台——不完全是，但我們在一個目前已相當小的平台看到下滑，同時在另一個我們看到很多機會的平台看到成長。總的來說，我們對整個投資組合的 session 成長感到非常好。另外談到同比基期，我們對娛樂類資產在今年後續的表現也更樂觀，因為我們將逐步跨過罷工的比較基期。

I just want to add one thing on that, which is, whether 8% versus 10% or 1 more day in the quarter or whatever, 8% growth in Core Sessions is excellent, where primarily U.S. businesses, generally, the Internet is not growing right now in terms of users. And so what you're seeing happen is the folks who invested in content and we've invested an enormous amount in content and continue to invest an enormous amount in content, are being rewarded with increasing share of audience and we feel very good about that. And again, whether it's 8% or 10% or whatever, growing in that environment and growing healthily in that environment is a real testament to a winning product.

我想再補充一點：不論是 8% 對 10%，或是本季多一天之類的，Core Sessions 成長 8% 都非常出色，因為以美國業務為主的情況下，整體網際網路在使用者數量上目前普遍並沒有成長。所以你看到的是，那些投資內容的人——而我們在內容上投入了非常大量的資源，並且持續投入非常大量的資源——正在因為受眾市占提升而獲得回報，我們對此感到非常好。再說一次，不管是 8% 或 10% 或其他，在那樣的環境下仍能成長、而且健康地成長，確實證明這是一個勝出的產品。

And then, Tom, question on Amazon's and the demand side integrations for D/Cipher. Look, I think it's credit to Neil and team that they've positioned us to be in the spot we are with D/Cipher, given the industry trends. The data science there, the technology that underlies it are very strong. And we know whether it's Amazon as a brand or the brand that it represents through its retail media network or when you look across the whole brand ecosystem, companies are focused on privacy-friendly solutions and getting to -- away from -- getting to cookie-less platforms whenever that rolls out.

然後，Tom，關於 Amazon 以及 D/Cipher 的需求端整合問題。你看，我認為這要歸功於 Neil 和團隊，他們在產業趨勢之下，讓我們在 D/Cipher 上能處於目前的位置。那裡的資料科學與底層技術都非常強。我們也知道，不論是 Amazon 這個品牌本身，或是它透過零售媒體網路所代表的品牌，或是放眼整個品牌生態系，企業都在聚焦於更友善隱私的解決方案，並且朝向——遠離——朝向無 Cookie（cookie-less）平台前進，無論那何時全面推出。

We continue to have productive conversations with other large demand-side platforms and creating the capabilities in their infrastructure to utilize D/Cipher and offer cookie-less-based targeting. It's -- we also think the integration of generative AI will be a positive in the perception of investors. And it's just, head down, blocking and tackling, executing the integrations and explaining the story but we are very bullish on the dynamics.

我們也持續與其他大型需求方平台進行富有成效的對話，並在他們的基礎設施中建立能力，以便使用 D/Cipher 並提供以無 Cookie 為基礎的定向投放。這——我們也認為，生成式 AI 的整合將對投資人的觀感帶來正面影響。而我們就是埋頭苦幹、把基本功做好，執行各項整合並把故事講清楚；但我們對這些動態非常看多。

Yes. This integration of generative AI just meant advertisers, not investors, although perhaps both.

是的。這個生成式 AI 的整合指的是廣告主，不是投資人，雖然也許兩者都是。

Of yes, sorry, advertisers. I have investors on my mind, but I meant advertisers.

對，是的，抱歉，是廣告主。我腦中一直在想投資人，但我指的是廣告主。

Advertisers. Thank you all very much for joining us. I know it's a busy morning and appreciate the questions and support and we'll talk to you next quarter.

廣告主。非常感謝各位加入。我知道今天早上很忙，感謝大家的提問與支持，我們下個季度再聊。

Thanks all.

謝謝各位。

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

本次電話會議現已結束。感謝您參加今天的簡報。您現在可以中斷連線。