People Incorporated (PPLI) Truist Securities Virtual Internet Growth Summit summary

Strategic portfolio overview

• Portfolio includes leading digital assets in publishing, home services, care, car sharing, and hospitality.

• Recent focus on simplifying the portfolio, including divestitures and exploring a spin-off of Angie.

• Dotdash Meredith and MGM identified as core holdings.

• No asset is considered permanent; open to finding better homes for businesses.

• Execution and right-sizing have been priorities post-pandemic.

Angie spin-off and operational update

• Angie has improved profitability despite revenue declines, targeting $140-$145M adjusted EBITDA this year.

• Strong cash position with $400M cash and $500M in low-cost bonds.

• Spin-off aims to provide Angie with strategic independence and liquidity for investors.

• Revenue stability and growth expected by 2026, with ongoing cost optimization and platform consolidation.

• FCC rule changes (TCPA) impact lead acquisition, but guidance incorporates conservative estimates.

Dotdash Meredith (DDM) performance and innovation

• DDM outpaces digital ad market growth, driven by traffic and monetization improvements.

• Two-thirds of ad revenue is direct/premium, with strong investments in ad tech and programmatic.

• D/Cipher, a proprietary targeting tool, is driving 25% growth in related campaigns and expanding off-platform.

• Licensing revenue grows via Apple News and AI partnerships, including OpenAI.

• Minimal impact from GenAI on search traffic, but ongoing vigilance and IP protection remain priorities.