IAC/InterActiveCorp (NASDAQ:IAC) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 08:30 am ET


IAC/InterActiveCorp (NASDAQ:IAC) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen. Good day and welcome to the ANGI Homeservices Report's Quarter Three 2019 Results Call. At this time, I would like to turn the conference over to Mr Glenn Schiffman, the CFO of IAC. Please go ahead, sir.

Glenn Schiffman

Thank you, operator. Good morning, everyone. Glenn Schiffman here and welcome to the ANGI Homeservices Third Quarter Earnings Call. Joining me today is Joey Levin Chairman of ANGI Homeservices and CEO of IAC, and Brandon Ridenour, our CEO of ANGI Homeservices. Joey and I will also address any questions you may have on IAC's third quarter results.

Similar to last quarter supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter. We will not be reading the shareholder letter on this call. It is currently available on the Investor Relations 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 to 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 such 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 ANGI Homeservices' third quarter press releases and our reports filed with the SEC.

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

Now let's jump right into it. Joey?

Joey Levin

Thanks, Glen. Thanks everybody for joining. We entered this year with plans to accelerate revenue growth and really invest through our P&L in the form of higher margins, which is something we're doing for the first time in a really long time to accomplish that. And we did that for a few reasons, we saw opportunities and continue to see big opportunities in our addressable markets, we have fantastic leaders in fantastic categories and we wanted to press those competitive leads and we really like the price of internal investment more and the price of external investment opportunities. And as we're nearing the end of the year, we feel very good about that decision.

We're seeing the accelerating revenue growth, we are looking for. We like our position as we end the year -- start to end the year going into next year and we have high confidence in the business including at ANGI where we had a bit of a bumpy quarter last quarter and we're feeling good about our outlook now from here. I would say we're on the --