Core Viewpoint - IAC has successfully completed the spin-off of Angi, making it an independent publicly traded company, allowing both entities to focus on their strategic objectives and growth opportunities [1][4][5]. Company Overview - IAC is now comprised of category-leading businesses, including Dotdash Meredith and Care.com, and holds strategic equity positions in various industries, such as MGM Resorts International and Turo Inc. [11] - Angi, which has been operational for over 25 years, assists homeowners in completing home projects and supports home professionals in growing their businesses, having helped over 150 million people [12][13]. Leadership Changes - Joey Levin transitioned from IAC CEO to Executive Chairman of Angi, collaborating with Angi CEO Jeff Kip to achieve the company's strategic goals [2][4]. - Barry Diller, Chairman and Senior Executive of IAC, emphasized the renewed focus on future opportunities for both IAC and Angi following the spin-off [3]. Transaction Details - The spin-off was approved by IAC's board on March 7, 2025, with a special dividend distributing all shares of Angi capital stock to IAC shareholders [6][7]. - The distribution occurred on March 31, 2025, with approximately 0.5251 shares of Angi Class A common stock distributed for each share of IAC stock held as of the record date [8]. Strategic Focus - Angi is expected to benefit from a simplified capital structure and an undiluted focus on its strategic priorities, including potential mergers and acquisitions, capital formation, and talent acquisition [4]. - Angi aims to return to revenue growth in 2026, having improved customer experience and profitability over the past two and a half years [5].

Consumption Trends - Consumption remains the primary driver of economic growth in China, with service consumption emerging as a new growth engine [1] - The "trade-in" policy is highlighted as a significant factor for consumption growth in 2024, driving industrial upgrades and transformation [1][2] - The trade-in program will be expanded in 2025, with broader subsidy coverage and initiatives to enhance service consumption quality [2] Challenges in Consumption - The main challenge for commodity consumption is the softer consumer purchasing power and willingness, affecting demand [3] - For service consumption, the challenge lies on the supply side, with insufficient high-quality services available [3] Company Strategies - Meituan's CEO emphasized a focus on food & grocery retail, international expansion, and technology for the next decade [4] - Alibaba's Hema is expanding its Freshippo Stores, planning to open about 100 new stores and enter dozens of new cities [4] - Alibaba's Ele.me is investing over 1 billion yuan (approximately $140 million) to support merchants through various initiatives [5] Market Expansion - Grab Holdings is acquiring the supermarket chain Everrise in Malaysia to enhance its grocery business and digitize operations [6] Technological Advancements - Alibaba has released an open-sourced inference model, QwQ-32B, achieving breakthroughs in various capabilities while reducing deployment costs [7] - Tencent has launched an open-source image-to-video model, allowing businesses and developers to apply for API access [8] - Alibaba Cloud aims to increase the number of Japanese projects utilizing its generative AI models to over 1,000 within three years [8]

Financial Data and Key Metrics Changes - In 2024, net revenue increased by 6% year over year to $1.41 billion, with net income growing by 34% year over year to $133 million and adjusted EBITDA increasing by 8% year over year to $358 million [2][3][33] - The company expanded net income margin by two percentage points and adjusted EBITDA margin by one percentage point from 2023 [3][20] - For Q4 2024, net revenue was $362 million, net income increased by 54% year over year to $42 million, and adjusted EBITDA was $101 million, representing a 28% margin [16][46] Business Line Data and Key Metrics Changes - Revenue from services increased by 11% year over year to a record $879 million, while RRNO revenue declined by 3% year over year to $470 million [4][34] - The home services category showed strong performance with annual revenue growth of approximately 15% year over year [4][34] - Advertising revenue in services increased by 11% year over year in Q4 to $225 million, while RRNO locations decreased, leading to a 4% year-over-year decline in paying advertising locations to 521,000 [17][47] Market Data and Key Metrics Changes - The company experienced a challenging operating environment in the restaurant and retail sectors, impacting overall performance [4][34] - Despite the challenges in RRNO, the services categories continued to show strength, contributing to the overall revenue growth [4][34] Company Strategy and Development Direction - The company plans to focus on three strategic initiatives in 2025: leading in services, driving advertiser value, and transforming the consumer experience, leveraging AI capabilities [10][40] - Following the acquisition of RepairPal, the company aims to accelerate growth in the auto services category and enhance its offerings for multilocation services businesses [12][41] - The company is committed to maintaining a disciplined approach to expense management while investing in high-return areas to drive profitability [19][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the services segment, noting strong performance and growth potential despite macroeconomic challenges [66][97] - The company anticipates that the trends observed in 2024 will persist into 2025, with continued pressure on RRNO and strong performance in services [25][55] - Management highlighted the importance of AI in transforming the consumer experience and enhancing operational efficiency [78][82] Other Important Information - The company acquired RepairPal for approximately $80 million, which is expected to contribute positively to the auto services category [24][120] - The company repurchased $251 million worth of shares in 2024, demonstrating a commitment to returning capital to shareholders [53] Q&A Session Summary Question: What are the abilities to invest behind demand generation in RRNO? - Management acknowledged headwinds in RRNO due to inflationary pressures but emphasized ongoing investments in services to capture future opportunities [63][64] Question: What are the key investment areas for growth in services? - Management highlighted strong growth in services, particularly home services, and the introduction of new features like the leads API to enhance service offerings [66][67] Question: What is the contribution of RepairPal to revenue guidance? - Management indicated that RepairPal's performance is integrated into overall guidance but did not provide specific figures [101][122] Question: How is the competitive landscape affecting restaurant and retail performance? - Management attributed challenges in the restaurant and retail sectors to macroeconomic factors rather than competitive pressures [131]