IAC/InterActiveCorp (NASDAQ:IAC) Q3 2017 Earnings Conference Call - Preliminary Transcript

Nov 09, 2017 • 08:30 am ET


IAC/InterActiveCorp (NASDAQ:IAC) Q3 2017 Earnings Conference Call - Preliminary Transcript


Loading Event

Loading Transcript


Good day and welcome to the IAC and Angie Home Services Q3 2017 Results Conference Call. At this time, I would like to turn the conference over to Mr. Glenn Schiffman, CFO. Please go ahead, sir.

Glenn Schiffman

Thank you, operator. Good morning, everyone. Glenn Schiffman here and welcome to our third quarter earnings call. Joining me today is Joey Levin, our CEO and Chris Terrill, CEO of Angie Home Services. Match Group held their third quarter earnings call yesterday morning, this will be a combined call to discuss the results of both IAC and Angie Home Services. Similar to last quarter's supplementals or earnings release, we've also published our quarterly shareholder letter. We will not be reading our shareholder letter on this call. It is currently available on the IR section of our website. I will shortly turn the call over to Joey to make a few brief introductory remarks and then we'll open it up for Q&A.

Before we get to that, I'd like to remind you that during this call, 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 both IAC and Angie Home Services third quarter press release and our reports filed with the SEC.

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

I'll also referred you to our press releases and again to the Investor Relations section of our websites for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

Now let's jump right into it. Joe?

Joey Levin

Thanks, Glenn. We had great quarter and we have a great outlook, and right now I just want to thank the 1,600 employees from IAC and IAC subsidiaries around the world because it's a pretty rare thing for all the businesses at IAC to really be working, and that's what we saw this quarter and that's what the outlook looks like from here.

So we should enjoy that and we should celebrate that for a second or two. And okay, celebration over. Let's turn it over to questions.

Question-and-Answer Session


We will take our first question from John Blackledge with Cowen. Please go ahead. Your line is open.

John Blackledge

So if you look at the three synergy buckets when the NGTO announced, it sounds like you are on track or perhaps ahead of schedule after reading the letter. Maybe could you title the commentary in the letter with how the three synergy buckets are progressing? $50 million to $75 million in cost savings do you realize within 12 months of close? Second one be the $50 million to $100 million revenue synergies monetizing Angie's audience against HomeAdvisor's SPs and perhaps up to $75