Cory Carpenter
JPMorgan Chase & Co, Research Division

All right. Good afternoon, everyone. Thanks for joining. Cory Carpenter, Internet Analyst at JPMorgan. Pleased to have IAC, soon to be People Inc. with us today. Chris and Tim, thanks for joining.

Christopher Halpin
Executive VP, CFO & COO

Glad to be here.

Tim Quinn
CFO & Head of Strategy

Soon to be People Incorporated.

Cory Carpenter
JPMorgan Chase & Co, Research Division

So Chris, maybe we'll start with you. So I see in the midst of a significant transformation. You're going from a holdco to People Incorporated. Maybe just to start, walk us through the changes you're making and why now?

Christopher Halpin
Executive VP, CFO & COO

Certainly. So we announced the consolidation of corporate and a number of actions we'll talk about, but it really is the continuation of the strategy that we publicly articulated since end of year '24 earnings, so February '25, where Barry was on the call and talked about, we were spinning Angi and our CEO, Joey Levin, went with it as Chairman.

We said we were going to continue to sell noncore assets. We were going to rationalize corporate costs. And we cut them down significantly to get to a run rate of mid- to low 80s. And then we disclosed this quarter that we were fully consolidating IAC corporate at the holdco into the corporate operations of People Inc., where Tim has been CFO; and Neil and Tim are CFO. And as we said on the earnings call, when you're down