Good morning, everyone. I'm John Blackledge, Internet Analyst here at TD Cowen. We're happy to have Chris Halpin, Executive Vice President, Chief Operating Officer, and Chief Financial Officer at IAC. Chris is going to walk through an investor presentation, which is available on IAC's Investor Relations website. Time permitting, there'll be questions for the audience. Chris, thanks. Thanks Thanks for doing this. Absolutely. Thanks, John. Yeah, so we're trying something different today. We put the new investor presentation on the website as of earnings. We had a short few slides from it that we went through on the earnings call, but this is the more in-depth. We really want to give investors, especially those who are newer to IAC, a foundation in the story, our assets, where we are, and where we're headed. I'll refer to page numbers for those on the phone or listening through streaming. Page three, this is just the core mission of IAC. There are a few terms that we really focus on. One is financially disciplined opportunism. That's been throughout our history. We are at our core, cash flow, owners, investors. We look for value creation. We are also opportunistic. The second is rational patience of permanent capital. We are generally a closed system and have recycled money over the years and put it to work in a variety of different environments. The third is exceptional shareholder returns and spends. We have done that throughout our history. Page four is just, you guys have seen it. It evidences throughout IAC the different forms we have taken and also the proactive approaches we take to generate shareholder returns, buys, spends, startups, consolidations, mergers, et cetera. As we look at our current portfolio, we will talk about it today. We are going to continue to do that. The last slide on page five is just, we have reinvented ourselves multiple times. Where are we going next? That is the topic today. Barry talked about this. Barry Diller, our Chairman, talked about this two earnings calls ago, where we really had a rough spot coming out of 2021. In many ways, the pandemic froth led us to be in a position where we had a couple of assets that were in challenging spots. One was Angi, the flawed strategy of the heavy investment in services, as well as the rebranding, really destroyed a lot of value. We focused on that and pivoting it. The second was our business, Dotdash, acquired Meredith in late 2021 off extremely high pandemic consumption engagement numbers, put out very aggressive targets. The integration there was harder than thought. We also had the unhelpful ad recession start in about Q2 of 2022. I joined in 2022. We really went in a laser-focused way on execution. Angi, which we spun on March 31, we got into a far better spot. Joey Levin, our then CEO, went in as CEO of Angi. We cut out a lot of wasted spend. As we called them, low-calorie revenue dollars, got them to a much better spot, free cash flow positive. Jeff Kip moved from running Europe to running all of Angi as CEO. We spun them and think they're off to a great start as a standalone public company. Dotdash, in many ways, the industrial logic of combining the two businesses, we'll talk a lot about Dotdash today, rang true. It was more getting through the challenges of the integration, the step down in pandemic traffic, and the ad recession. Where we are now, we feel great about over $300 million of EBITDA, continued digital revenue growth, continued total top-line growth, and a lot of opportunity. Because of that, as Barry said, we are in a much different mindset today when it comes to capital allocation, when it comes back to buying our own stock. We bought back $200 million in the first half of the year. We are glad to be through that era. Page seven are the core assets that define IAC today. Dotdash, we will talk a lot about that, the number one digital and print publisher in America. MGM Resorts, our 23%+ stake there, and active involvement in that company. Care.com, where we own 100%, the leading home care marketplace in the world. Turo, the leading car-sharing marketplace, where we have 32% ownership. Ask, our long-time search business that continues to survive and chug along. Our smaller businesses, Vivian and Daily Beast, and then our headquarters that we own, unencumbered in Chelsea. There is $900 million of cash at the holdco on hand. When you look at those assets and also the progress we made, we realize the reality is if you net out our MGM stake at its public value, and we have $800 million of NOLs to offset the gain there, and our cash, which is free and clear apparent, our equity, the rest of our company, which comprises the assets on the right, is trading at zero value. We recognize that discount, and we are actively focused on shrinking it. How are we going to do that? We've done it before. Throughout its history, IAC has traded at a discount of various levels. This is one of the biggest to the perceived value of our private assets, times at a premium, but predominantly at a discount. We are at a high level right now. We have a game plan that we have done in the past and that we plan to do on a forward basis to realize and unlock that discount. First, a simple execution seems like a platitude, but that is the reality. We have been doing it the last few years. Dotdash, MGM, Care, other businesses. We have made management changes at IAC with Barry coming much more actively involved as CEO. I as COO and CFO report to Barry, as does our General Counsel. Neil Vogel, who is CEO of Dotdash Meredith. All the other company CEOs report to me. We have also brought in a new management team at Care, we will talk about. The Daily Beast, we brought in a new team who is really reinvigorated. We have been focused on corporate cost rationalization, particularly with the Angi spend and smaller footprint. We will continue to narrow that down. This year's numbers are skewed by some large one-time events. We are focused on free cash flow and continuing to delever Dotdash Meredith. Capital allocation is key. We talked about the about 5% of the company we bought back in the first half of the year. We will continue to look at buybacks. We still view our stock as underpriced. We increased our share authorization to another 10 million shares in the first quarter. We are looking at M&A, both strategic add-ons for our existing holdings, DDM, others, as well as new platforms. We will talk about that in a second. Opportunistic divestitures are also being considered. We have sold two businesses where we thought the cash would be better served within IAC, whether it is buying our own stock or other purposes. We said a couple of quarters ago, MGM and DDM are core. Then really everything else for the right strategic acquirer, we would contemplate a transaction. We think those businesses have strong strategic fits. We're not going to necessarily run out and sell them tomorrow. Freeing up that cash to do other things with is a key, continues to be a key priority. The last step is catalysts. We view those as spends. We spun Angi when we felt they could be standalone. We are not going to sit passively by relative to large catalysts, given the size of our discount and how undervalued we think we are. That's the playbook and one that's worked in the past and one we are heads down executing. On M&A, we included this slide just to give you a sense of where we're looking. It really is across all stages of companies. We're looking at some early-stage things, some mid and later stage. We are interested in companies that are around the leisure space, entertainment, media, travel, hospitality, engagement, things that are not disintermediable, especially with less large tech platform dependence, or as Barry Diller calls them, the tech overlords that are out there. More one-to-one relationships. We've seen great things from MGM, from digital gaming in MGM, and live experiences. We are actively looking, led by Russel Farscht, our Head of Strategy in M&A. We are, while also contemplating buybacks, seeing if there are interesting investment opportunities. Moving to the companies, Dotdash Meredith, we formed this in late 2021 through the combination of our business, Dotdash, and the much larger Meredith, where we are today, number one digital and print publisher, over $1.8 billion, and majority digital revenue. We really benefit from three key assets, which are three key strategic elements, which are at the bottom. One are our brands. The learning of the last few years is even with the platforms, with AI, everything, having top brands that consumers trust, that you can drive repeat traffic to, combined with best-in-class technology, which is what Dotdash brought to Meredith, you will win. We have seen that in our core traffic increasing and also in how strong we are at direct sales to advertisers and brands. The second, which we will talk about more, is D/Cipher. That is the predictive analytics, AI-driven ad targeting solution that we have developed. We really think we are the only ones who can develop using intent rather than cookies. We have had great success rolling that out direct to advertisers on our inventory. We'll talk about expanding that to the broader open web. The last is the diversity of our revenue. We'll talk about that in a bit. We are diversified across industries, health, home, CPG, travel, food, beauty, on down the list. We are also diversified. We've got advertising. We've also got an incredibly strong performance marketing business, where we are a top partner for Amazon, Walmart, Target, others. We've got our licensing business and our events business. We'll talk more about those revenue streams. This is page 14, our properties. You can see that all of these are really intent-driven, special interest categories. We are the number one player in food, entertainment, and home. We also can segment, and Neil Vogel, our CEO, has talked about this. We can really segment users across so many of these, where we have young, old, urban, rural, rich, middle, lower income, et cetera. That scale is differentiated for advertisers as they're seeking different groups or trying to get the whole market. Real strength and beauty and style. We have adapted that business as we have gone to the changing nature and where consumers are going. Health, excellent property, and doing very well for us. Finance and travel. This next page is just a sense of scale versus other publishers. In some ways, we think we're getting, or we know we're starting to encroach on the platforms in our scale and in our reach. This is page 16, an important strategic element. We have really two main ways to engage with consumers, forgive me. One is on our owned and operated sites, which are the consumption data you just saw. The other is off-platform, which we've gotten better and better at and we think is a real strength. On our own properties, we've obviously got our sites. Key element here was taking the Meredith sites and moving them to the best-in-class Dotdash platform, building a whole new ad performance stack. We have had a great experience of driving repeat traffic, market share, et cetera, through top brands, better and continued refresh content, and best platforms. We've got our PEOPLE app that we launched, as well as our My Recipes locker. These are two new digital products launched this year, which now that we've got the company in the right spot, technically, we can launch these product extensions, drive greater repeat traffic, drive greater engagement, and have differentiated content. You will see more of these types of products. You can see ratings and reviews. This is a real strength. Because of the infrastructure we have, we actually test products. We test experiences. We can then market them. That heavily helps drive our e-commerce platform. Email sounds old. This is a tremendous channel. I get it from certain things like New York Times, others. It is a very good re-engagement platform or channel, I should say, to bring people back to your site. We have gotten better. It also helps us in building our database and has been a nice source of direct traffic. Events, these are premium experiences, also very helpful with advertisers. Food & Wine is a great platform for this. We have others. Brand licensing, about $100 million of revenue, different channels there. Then print, which has really outperformed expectations since we bought. We very much slimmed it down when we bought it to what we call the Magnificent Seven titles. They all exist on their own two legs. We will continue to manage that business to offset corporate. 10 billion sessions annually on O&O digitally. We have these off-platform audiences. Apple News is a tremendous partner, continuing to drive traffic. None of that shows up in our sessions. You can see social media. We have really grown our video on YouTube over the last couple of years. 50+ billion views annually off-platform. Diversified monetization, direct advertising is digital advertising is 63% of our digital revenue. That is roughly 2/3 direct premium sold, 1/3 programmatic. Performance marketing, 24%. We think we are best in class at this, both because we test the products, can recommend them, and also our integrations and tactics there. Licensing, that includes Apple News and our OpenAI partnership, as well as some product licenses we have with Walmart and others. Print revenue. You can see the makeup there. We are over half digital revenue, and that'll keep growing. Decipher is an important one. This was developed because of the intent-driven nature of our sites. We got so much signal that you'll never get from cookies. Running that through AI, machine learning, and all of our performance testing online, we can pick the best ad to serve relative to a consumer. If they're looking at painting a nursery, it means they have recently had a child. You can obviously recommend paint, but you can also represent a host of others. We have scored all those elements on our sites. That drives D/Cipher, which is a we guarantee performance. We beat cookies in all of our tests for the metric that our advertisers are looking at. We can now also roll this out. OpenAI has been a key partner for us in this across the open web. We can then guarantee performance by programmatically on third-party sites that have the same signal as ours, same categories, et cetera, and monetize and generate an attractive margin. We rolled this out in Q1. We think this can be a really meaningful part of our business. We are actively scaling that up this year. Quarterly digital growth, you can see up top, we consistently grew across last year, grew 7% in the first quarter. We knew it was going to be a tough comp for a few factors, some spikes at People the year before, the leap year, and also Easter, which matters to us shifting into Q2. A little bit of headwinds with the fires and entertainment, but 7% digital growth there. We've guided 7%-9% for Q2 and 7%-10% for the year. Financially, top line overall growing, led by digital. We've scaled up adjusted EBITDA. We were doing $309 million on a trailing basis, guided $330 million-$350 million for the full year. There is strong free cash flow conversion off this. We have a minor amount of CapEx, working capital. We have a $1.2 billion net, $1.4 billion credit facility that we were very happy to delever, which was our stated goal, below 4x leverage as of 12/31. With that, being below 12/31, sorry, being below 4x leverage, we can then dividend cash up to IAC parent. We have further flexibility in what is our cash flow machine. MGM Resorts, we originally invested in 2020 through a little bit of incremental purchasing. We were doing about 12%, but also the amount of buybacks they've done. We've accreted up to 23%`-24% ownership. Skipping to page 23, people ask us, what do we see in MGM? This is really the slide. You've got the digital properties, both BetMGM, which has really turned it around, put up a nice first quarter. We and Entain and MGM have all actively worked with them to get their strategy and marketing where they want it. We also have the owned and operated digital properties in MGM, Leo Vegas, Push, and then our global joint venture in Brazil. Market share in Las Vegas, premier properties, premier positioning in what is increasingly the digital entertainment core of the world. Combined, there's over 50 million MGM Rewards members. You have the international opportunities, Macau, and in the future, Japan and Dubai. We view it as grossly undervalued, trading at about 3.3x current value for the properties. They have been active rebuyers of their capital. To us, the property should be rated. The digital will continually be recognized. We think there is a lot of upside. Barry and our advisor, Joey Levin, are both on the board. We are active supporters of the company and believe MGM has real upside. Care, we bought this business in 2020, sorry. The key message here is it is the number one site for acquiring home services, care for your child, for your senior, and increasingly for your pet. The macro dynamic there is only strengthening and will only strengthen with federal spending cutbacks. We have the premier infrastructure, the largest infrastructure of background check caregivers. We've got liquidity on both sides of the market. The story in Care, and then there's two parts to the market going to the business, 27. Direct to consumer, where consumers come on and subscribe and get access to our platform and match with caregivers. And then care for business, where companies, everything from Fortune 500 to small, medium businesses, buy backup days through Care and access to our platform for their consumers should their caregiver get sick so they can come to work and have a backup caregiver or at a facility. We bought it in 2020, made significant investments in the platform, improved that, got a huge bump from COVID. For the enterprise business, it really jump-started it to a different level and made it a base benefit in most companies. Consumer had masked some of the product challenges. We brought in a new CEO in 2023, Brad Wilson, who's appointed a new management team. They're really taking Care, now that they've made the investments in the product and in the platform, back to market this year. Business has slowed down growth. Consumers have been turning around, but was declining, and really positioned to grow better platform, better matching, improved pricing and packaging, and marketing. We expect to see that. You can see the flat revenue over the last few years on 29. Good business, good margins. We think over time they can be even better, get to 20% with some revenue growth. It's really at the bottom of 29, you can see the core economics are solid on payback and retention. The key is improve the product, improve the marketing, and take advantage of the significant opportunity in front of Care. That's been a real point of focus. Turo, just going to page 33, we invested in this company in 2019, bought some more over time, and then exercised a warrant. It is the leading car-sharing market. Think of it as the Airbnb for cars, competing with rental cars and also additional use cases like long-term rentals and test-driving cars or special experiences. They had an S1 on file, which they've pulled. We were fine with that. We've always said we were indifferent to them going public. What we want them doing is executing on the opportunity, competing with the rental car companies, growing the market. Big opportunity there is marketing. The NPS, repeat experience, all that of people who get into Turo and use it is excellent. Unaided awareness is about 16%-18%. Based on the last S1, we cannot disclose information on an ongoing basis, but they had $900+ million of revenue, slightly EBITDA positive. They have plenty of cash. It really is heads down, execute, grow the business, and build a new top marketplace, and then pursue liquidity options over time. Other assets, Vivian, really one of the top healthcare staffing platforms. They are doing really interesting things with AI and a thought leader in our portfolio and also being a resource on product development, customer service, other areas. It is impressive to see. Daily Beast, our new leadership there, have done a great job of revitalizing the platform, Joanna, Ben, and Keith. We had EBITDA positive, which is a first in our ownership of the Beast over a decade plus. Ask, our search business, we just renewed the contract there, got about $10 million-$15 million of EBITDA. Our headquarters building, which we bought the land on and own free and clear of any mortgage. We talked about it, but that's our portfolio. Our plan, again, on page 35, those other businesses, as we build them up, we believe they're strategic partners. There's opportunities to realize value there. We will pursue opportunistic divestitures. We are looking at M&A. We also believe there's a big value in our own stock. We will pursue catalysts. Just finally, on guidance, we reaffirm guidance at DDM. Our overall approach to guidance, given tariffs, and today is a new day or a further development in the tariff cycle. We are looking at our existing businesses. DDM, premium advertising was solid, hanging in there. Programmatic was softer, which you'd attribute to some concern by advertisers. Consumers were still spending strongly on performance marketing, maybe tariff pull forward, maybe real strength. The overall approach we took was to expect some softness, macro, Q2 and Q3, relative strength in Q4, and no big recession. Based on that, you can see our guidance. We reaffirmed $330 million-$350 million for DDM, $45 million-$55 million for Care, $10 million-$15 million. You can see all those numbers. In the corporate, we would highlight we had about $43 million of corporate expense in Q1. We had CEO separation costs, spin costs, as well as severance at IAC Corporate and some other things. The run rate, we expect to leave the year at about $80 million-$90 million, but it is inflated. We will continue to look at how to rationalize that and chip away, but it is inflated by the Q1 spending. You can see the rest of the guidance. With that, I will stop there and welcome any questions. John. Yeah, maybe two questions. First, on the macro, probably with the tariffs, just can you walk through, was there a pause early in Q2, and then as the tariff narrative is cooling down, what are you seeing in terms of spending, or is it maybe still a wait-and-see environment? Yeah, what we saw was, if you go to April 2nd, there was real strength March 31st. That now seems a long time ago, given the volatility since then. What we saw afterwards, we were expecting a shoe to drop just given how negative the news flow was. Premium direct, which we said is just over 2/3 of our advertising revenue, has stayed strong, solid. That strength in areas like health and beauty and even tech, which is coming off really low numbers, is being offset by some definite weakness or pause in food and bev, CPG, parts of retail. Overall, direct premium has been fine. Programmatic, that's the more spot immediate. That reset, we were up 15%-20% on programmatic prices year over year. That quickly compressed to flat to up a few percent. That is where you see it. The question is which way we go. As I said, on our performance marketing, consumers spending strongly March, April, and continue to. We do not have enough insight to say what will be the long-term winner between or which will be right between what the direct market is doing and what the programmatic market is doing. It is hanging in there. Where you see concern is advertisers and, sorry, retailers and CPG companies not knowing what their inventory will be June, July, August, September based on ships not coming in. If you can have resolution of some of these tariff issues, I think you can set up for a solid position going into September thereafter. Maybe one or two more. On Turo, is there a path for IAC to take a controlling stake in the company at some point? I do not think that would be a priority. We have 32%, $380 million invested. We really want to work with them to execute on the opportunities that they have in front of them and get the marketing going and drive value there. Maybe another one on, you have the OpenAI relationship, but then there is Google out there, Anthropic, a number of other players. I'm just curious, are you having discussions with them? Yeah, we've had a number of discussions with large language model developers, builders, that we're in various stages. I think OpenAI was the farthest along, some might say in the five stages of grief, that they need a license to train an LLM on copyrighted content. And OpenAI has been a great partner, including on D/Cipher. The others have progressed at different rates. A lot of that kind of froze with DeepSeek. Right now, all these guys are looking at the administration, hoping they come out with something that would enable LLM training. We think even if they do, the Copyright Act and Fair Use is actual legislation and protects our IP. I think those licenses are on hold while people figure out what the administration's position is going to be. That's not a great history of public companies getting credit for minority stakes in other companies. Maybe even 80%. If you have a majority stake, it's easier. Over the fullness of time, how do you see IAC getting credit for MGM? Yeah, I mean, it's clearly been a negative in certain settings lately, and we're cognizant of that when we look at some other peers. I think right now, the performance, given where MGM's trading, there's enough upside in just performance bucking the negativity around the outlook in Las Vegas and then proving out the digital strategy that we can drive value there. Relative to discount longer term, it's something we're going to have to think about. We do highlight some people tax-affect it, our gain, and we do highlight, given our NOLs, we can use that to offset our gain there. I think that. That's it. Thank you all.