Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| So, we have a lot of confidence in D/Cipher's ability to deliver for our customers |
| You can see that core sessions, which is over 80% of traffic grew 10% and continued to accelerate |
| And I think we've done a real good job executing against that, and it's shown up a lot over the course of 2023 |
| And so Vivian, I think, is very well positioned there |
| And I think that's like 150 clients and the folks who are buying it are, as far as we can tell, very happy so far |
| We didn't talk about Vivian at all, but Vivian is a good growing product and business |
| I think that these businesses did a phenomenal job, very smartly raising enough capital to be able to wait out markets |
| Europe is -- I don't know that we'll hold on to 20% exactly, but double-digit growth is very real in Europe, has been real for a while and that's a product of, I think, a better customer experience |
| It's a win for the partner where their data combined with our data delivers better, more spend |
| Clearly having it greater than one is good because that's a better consumer experience |
| And one of the things that's been happening certainly over the course of the last year is, we've been both improving the mix shift and improving the quality of those SRs to help drive the win rate and that's something that we hope to continue |
| So they're all separate factors, but we feel good about the pace and executing on those this year forward to drive growth |
| Those things improve our margins on the unit economics of any transaction |
| We know what drives homeowner satisfaction and homeowner repeat rate, and that's better matching with service professionals and a better chance of getting a job done well |
| Neil and the team are exceptional performance marketers and you can see the acceleration quarter-to-quarter across the portfolio |
| But the execution so far has been really tremendous in a fun small business |
| The other thing is the margins in our paid marketing, and we've been expanding the margins in our paid marketing through, I think, a combination of smarter spend and some conversion improvements and obviously that's good for margins |
| Programmatic, the team has done a great job with our ad stack and continuing to optimize and improve the performance of our ads and our monetization |
| And performance marketing, which has been a real source of strength throughout the year is, continues to do well |
| So that's, I think, a good thing for Angi's margins |
| In terms of outlook for '24, we expect the revenue trend to improve over the course of the year from the declines you saw in Q4 |
| That's a credit to, again, performance of our product, but also the combined sales force just working well together and programmatic was excellent |
| We've said we expect 50% to 60% incremental digital adjusted EBITDA margins in this business and we may be able to do better, but we also want to keep the growth momentum going |
| So we feel pretty good about our ability to continue to manage our cost structure and feel good about incremental margins |
| We're, and I'll also just point out and I think we said this in the letter, monetized transactions are doing better than, than the trend line and service request because we are doing a better job with stuff that monetize as well and matching that better with service professionals |
| But we are, as I say, if we want to talk about a region confident, Europe did that, and Europe has had real success |
| First, on Dotdash DDM digital, the ad revenue growth acceleration was better than expected |
| And then for the year, digital revenue should continue, as we said, at 10 plus growth, you'll see that margin scale, the incremental margins and the seasonal uplift, and we feel good about the momentum trend across the business |
| Premium sales is about two-thirds of our ad revenue and that was solid really, for the first time since the ad recession started in Q2 of '22 |
| And you can see that we've been delivering that through better -- through smaller sales force better targeted |
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| Conversely, print revenues declined 12% in Q4 of '23, and we'd expect similar declines next year, especially in the first half |
| Premium, it's been a tough market for us since we acquired DDM, since we acquired Meredith, really starting in May of '22, when the ad market fell out of bed |
| On search, the business definitely experienced a tougher market environment at the end of last year |
| Jason Helfstein And then just [Multiple Speakers] for Chris, the search and emerging and other were both weaker as far as I think the '24 outlook versus the street |
| And while there's been some near term volatility in that market, with the pandemic and the need for nurses in hospitals and facilities, the supply demand imbalance is still enormous |
| Q1 will be the most challenging |
| I think the service request decline was one of the steepest we've seen, since you've been prioritizing quality and profitability |
| May slow down a bit in terms of decline in the second half |
| When you roll all that up, adjusted EBITDA in aggregate will grow in Q1, but strong digital growth will be masked by declines in print |
| So, previously the algorithm for how a homeowner would match to historically ads pros and leads pros was complicated and I'd say somewhat illogical |
| And while the valuations were down a lot to your point, the expected premiums were up a lot, and we couldn't quite get there on those things |
| But we're not forecasting return to revenue growth this year |
| It's been a major point of focus by Joey, to all of us and we expect our conversion to only improve in '24 due to a couple of factors |
| So that service request decline, while steep is not as steep to the business as it appears |
| We expect year-over-year revenue declines throughout '24, but expect that percentage to narrow as we lap the easier comps and also the fruits of some of the actions that Joey talked about and we're taking on demand side begin to show |
| And a lot of that, as you've seen in our revenue is modifying those experiences to reduce some revenue |
| Related to that is, things like bad debt |
| What does that mean in Q1, we'd expect the decline in revenue year-over-year to be roughly the same rate as we experienced in aggregate in Q4 of '23, up maybe a little bit better in Q1 |
| The private market, I think is still totally irrational |
| We're focused on higher commitment offers that we've known this for a long time, but I think there was a period where we deviated from it that we really have to give pros a chance to succeed |
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