John Blackledge
TD Cowen, Research Division

Good afternoon, everyone. Thanks for joining. We're happy to have Chris Halpin, COO and CFO of IAC and Tim Quinn, CFO of People Inc., here for a fireside chat. I'll leave a little bit of time at the end for if people have questions. But to kick off, Chris, maybe and Tim, if you could talk about the recent corporate actions, the consolidation, the rebrand and the management transition, maybe a good place to start.

Christopher Halpin
Executive VP, CFO & COO

Yes, certainly, and thanks for having us, John. So we announced in late April headed into Q2 -- Q1 earnings, I should say, a corporate consolidation, which was really a continuation of what we've been doing to simplify IAC to distill down value in the portfolio and shrink what we perceive as a large discount in our share price. It continues what we've talked about previously of noncore asset divestitures. Most notably, we sold Care.com, which we talked about previously, but we closed that in the first quarter, raising about $300 million of cash.

And we continue -- we have a game plan to continue to liquidate assets. And we've said we'd prioritize the capital allocation out of the $1 billion of cash now on our balance sheet and what we hope to build and also the cash flow that People Inc. generates, as Tim will talk about, we'll prioritize that to IAC stock, and we bought back 13% of the company over the last 5 quarters to MGM stock. We bought 1 million shares