Table of Contents As filed with the Securities and Exchange Commission on May 9, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC Inc. (Exact name of registr ...

Table of Contents As filed with the Securities and Exchange Commission on March 1, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC Inc. (Exact name of registrant ...

IAC Inc. (NASDAQ:IAC) Q4 2022 Earnings Conference Call February 14, 2023 8:30 AM ET Company Participants Christopher Halpin - EVP, CFO and COO Joseph Levin - CEO, IAC Inc., CEO and Chairman, Angi, Inc. Conference Call Participants Jason Helfstein - Oppenheimer Cory Carpenter - JPMorgan John Blackledge - Cowen Ross Sandler - Barclays Brian Fitzgerald - Wells Fargo Dan Kurnos - The Benchmark Company Youssef Squali - Truist Securities Tom Champion - Piper Sandler Operator Welcome to the IAC and Angi Fourth Q ...

PART I - FINANCIAL INFORMATION [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for IAC Inc. and its subsidiaries for the period ended September 30, 2022, including the Balance Sheet, Statement of Operations, Statement of Comprehensive Operations, Statement of Shareholders' Equity, and Statement of Cash Flows, with detailed notes on accounting policies and financial details [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2022, IAC's total assets decreased to **$10.44 billion** from **$12.30 billion** at year-end 2021, driven by a decline in the MGM investment and cash, with liabilities and equity also decreasing Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$10,441,573** | **$12,300,288** | | Cash and cash equivalents | $1,607,384 | $2,118,730 | | Goodwill | $3,008,244 | $3,226,610 | | Investment in MGM Resorts International | $1,923,585 | $2,649,442 | | **Total Liabilities** | **$3,903,470** | **$4,432,587** | | Long-term debt, net | $2,026,404 | $2,046,237 | | **Total Shareholders' Equity** | **$6,538,103** | **$7,748,960** | [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) Q3 2022 revenue rose to **$1.30 billion** due to the Meredith acquisition, but the company reported an operating loss of **$124.7 million** and a net loss of **$63.8 million**, with a nine-month net loss of **$1.17 billion** primarily from an MGM investment unrealized loss Q3 2022 vs Q3 2021 Performance (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Revenue | $1,300,901 | $924,068 | | Operating Loss | $(124,680) | $(32,067) | | Net (Loss) Earnings Attributable to IAC Shareholders | $(63,823) | $60,690 | | Diluted (Loss) Earnings Per Share | $(0.74) | $0.65 | Nine Months Ended Sep 30, 2022 vs 2021 Performance (in thousands, except per share data) | Metric | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | | Revenue | $3,988,827 | $2,540,185 | | Operating Loss | $(399,634) | $(67,717) | | Unrealized (Loss) Gain on MGM Investment | $(970,112) | $687,155 | | Net (Loss) Earnings Attributable to IAC Shareholders | $(1,168,751) | $584,575 | | Diluted (Loss) Earnings Per Share | $(13.51) | $6.14 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the nine months ended September 30, 2022, net cash used in operating activities was **$101.5 million**, a shift from prior-year cash provided, with increased cash used in investing for MGM stock and in financing for treasury stock purchases Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(101,493) | $209,629 | | Net Cash Used in Investing Activities | $(294,148) | $(216,553) | | Net Cash Used in Financing Activities | $(101,239) | $(369,105) | | **Net Decrease in Cash** | **$(504,793)** | **$(56,953)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies and events, including the Meredith acquisition, Vimeo spin-off, Google revenue concentration, goodwill impairment, restructuring charges, financial instruments like the MGM investment, and segment performance - The company completed the acquisition of Meredith on December 1, 2021, which is now part of the Dotdash Meredith segment[26](index=26&type=chunk) - The spin-off of Vimeo was completed on May 25, 2021, and Vimeo's historical results are presented as discontinued operations[27](index=27&type=chunk) - Revenue from Google represented **12%** and **13%** of total company revenue for the three and nine months ended September 30, 2022, respectively[48](index=48&type=chunk) - A goodwill impairment charge of **$86.7 million** was recorded in Q2 2022 related to the Mosaic Group reporting unit within the Emerging & Other segment[70](index=70&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=47&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, key business trends, and strategic initiatives, covering segment results, Meredith integration, Angi Inc. performance, Search segment challenges due to Google policy changes, and overall liquidity and capital resources [Results of Operations](index=54&type=section&id=Results%20of%20Operations) IAC's Q3 2022 revenue grew **41%** to **$1.3 billion** due to the Meredith acquisition, with Dotdash Meredith surging **617%** and Angi Inc. growing **8%**, while the Search segment declined **31%** and the operating loss widened to **$124.7 million** Q3 2022 Revenue by Segment (in thousands) | Segment | Q3 2022 Revenue | % Change YoY | | :--- | :--- | :--- | | Dotdash Meredith | $467,085 | 617% | | Angi Inc. | $498,036 | 8% | | Search | $156,719 | (31)% | | Emerging & Other | $180,820 | 7% | | **Total** | **$1,300,901** | **41%** | Q3 2022 Adjusted EBITDA by Segment (in thousands) | Segment | Q3 2022 Adj. EBITDA | % Change YoY | | :--- | :--- | :--- | | Dotdash Meredith | $31,193 | 280% | | Angi Inc. | $22,882 | 85% | | Search | $19,111 | (36)% | | Emerging & Other | $2,425 | (11)% | | Corporate | $(20,830) | 10% | | **Total** | **$54,781** | **81%** | - The Search segment's revenue decline was driven by a reduction in marketing from affiliate partners at Ask Media Group and the impact of prior-year Google policy changes on the Desktop business[219](index=219&type=chunk) [Financial Position, Liquidity and Capital Resources](index=67&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) As of September 30, 2022, IAC held **$1.62 billion** in cash and marketable securities with **$2.03 billion** in long-term debt, using **$101.5 million** in cash from operations, primarily for MGM share purchases and stock repurchases Financial Position as of Sep 30, 2022 (in thousands) | Item | Amount | | :--- | :--- | | Total cash and cash equivalents and marketable securities | $1,623,727 | | Total long-term debt, net | $2,026,404 | - During the nine months ended Sep 30, 2022, IAC repurchased **1.1 million** shares of its common stock for **$85.3 million**[278](index=278&type=chunk) - The company's ability to access cash from Angi Inc. is limited, and covenants on Dotdash Meredith's debt could restrict its ability to pay dividends to the parent company[289](index=289&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are equity price risk from its **$1.9 billion** MGM investment and interest rate risk from **$1.58 billion** in variable-rate debt, exposing it to market volatility and interest rate fluctuations - The investment in MGM was valued at **$1.9 billion** as of September 30, 2022, representing approximately **18%** of IAC's consolidated total assets[295](index=295&type=chunk) - A **$2.00** change in MGM's share price would result in an unrealized pre-tax gain or loss of **$129.4 million**[295](index=295&type=chunk) - The company has **$1.58 billion** in variable-rate debt through the Dotdash Meredith Term Loans, where a **100-basis point (1%)** change in the Adjusted Term SOFR would impact annual interest expense by **$15.8 million**[296](index=296&type=chunk)[297](index=297&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting occurring during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[301](index=301&type=chunk) - There were no material changes to internal controls over financial reporting during the third quarter of 2022[302](index=302&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing litigation, specifically a shareholder class action related to the 2020 MTCH Separation, which was dismissed by the Delaware Chancery Court but is now under appeal - A shareholder lawsuit concerning the MTCH Separation was dismissed with prejudice by the Delaware Chancery Court on September 1, 2022[306](index=306&type=chunk) - Plaintiffs in the MTCH Separation lawsuit filed a notice of appeal to the Delaware Supreme Court on October 3, 2022[306](index=306&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) This section provides a cautionary statement on forward-looking information, directing investors to the 2021 Form 10-K for detailed risks, including those related to Google relationships, advertising spending, the Print business, competition, and cybersecurity - The company's performance is subject to numerous risks, including its relationship with Google, changes in advertising spending, and its ability to monetize products on mobile devices[309](index=309&type=chunk) - Investors are directed to the more comprehensive risk factor discussion in the company's 2021 Form 10-K[311](index=311&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2022, IAC did not issue unregistered equity securities but repurchased **366,732** shares of its common stock for approximately **$26.2 million** under its buyback program Issuer Purchases of Equity Securities (Q3 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2022 | — | — | | August 2022 | 366,732 | $71.56 | | September 2022 | — | — | | **Total** | **366,732** | **$71.56** | - As of September 30, 2022, **6,934,494** shares remained available for repurchase under the company's authorization[314](index=314&type=chunk) [Exhibits](index=78&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including executive officer certifications and Inline XBRL data files

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 As filed with the Securities and Exchange Commission on August 9, 2022 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC/INTERACTIVECORP (Exact na ...

Table of Contents As filed with the Securities and Exchange Commission on May 10, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC/INTERACTIVECORP (Exact nam ...

Table of Contents As filed with the Securities and Exchange Commission on March 1, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC/INTERACTIVECORP (Exact name of ...

IAC/InterActiveCorp (NASDAQ:IAC) Q3 2021 Earnings Conference Call November 5, 2021 10:00 AM ET Company Participants Mark Schneider - Senior Vice President, Finance & IR, IAC Joey Levin - CEO, IAC & Chairman, Angi Inc. Oisin Hanrahan - CEO of Angi Neil Vogel - CEO of Dotdash Conference Call Participants Cory Carpenter - JPMorgan Ross Sandler - Barclays John Blackledge - Cowen Brian Fitzgerald - Wells Fargo Jason Helfstein - Oppenheimer Dan Salmon - BMO Michael Ng - Goldman Sachs Nick Jones - Citi Justin Patt ...

Table of Contents As filed with the Securities and Exchange Commission on November 5, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 IAC/INTERACTIVECORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 555 West 18th Street, New York, New York 10011 (Address of re ...

Financial Data and Key Metrics Changes - The company reported a significant growth in Angi Services, with a 127% increase in revenue to $73 million for Q2 [53] - The overall revenue growth for Angi was expected to be around 7% to 10% in the foreseeable future, influenced by the brand transition and macroeconomic conditions [81][82] Business Line Data and Key Metrics Changes - The Angi Services segment experienced a growth rate of 120% year-over-year in Q2, with July showing an even higher growth rate of 160% [25] - The Total Home Roofing acquisition contributed positively to Angi Services growth, indicating a strategic focus on expanding service offerings in the roofing category [25][26] Market Data and Key Metrics Changes - The company noted a significant contraction in pro supply due to COVID-19, which affected the business model where professionals pay to access customers [22] - The macro environment remains volatile, impacting both the lead generation and service segments of the business [85] Company Strategy and Development Direction - The company is focused on brand consolidation, transitioning from HomeAdvisor to Angi to create a more sticky and recognizable brand [12][14] - There is a strong emphasis on verticalization within Angi Services, aiming to deepen engagement in specific categories like roofing and fencing [57][60] - The long-term vision includes creating a seamless customer experience through integrated services and payment solutions [66][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of Angi Services despite current challenges, emphasizing the importance of building the right products for both homeowners and professionals [86][92] - The company is committed to investing in content and technology to enhance its competitive advantage in the publishing segment, particularly Dotdash [43][48] Other Important Information - The CFO search is ongoing, with a strong pipeline of candidates, and the company is focused on finding the right fit to add value to the executive team [34] - Care.com is performing well, particularly in the Enterprise segment, which is benefiting from increased employer responsibility for childcare [36][37] Q&A Session Summary Question: Impact of brand transition on Angi and HomeAdvisor - Management acknowledged that the brand transition has led to a temporary decline in audience and EBITDA, but they believe the long-term benefits will outweigh the short-term challenges [12][21] Question: Sustainability of recent growth in Angi Services - Management indicated that the growth in Angi Services is driven by strong product market fit and ongoing investments in customer experience and engagement [53][56] Question: Updates on Care.com and its long-term potential - Management highlighted that Care.com is growing rapidly, particularly in the Enterprise segment, and they see potential for further development and eventual separation as a standalone business [36][41] Question: Long-term growth expectations for Dotdash - Management expects Dotdash to maintain a growth rate of over 20% in the long term, driven by content investment and improved advertising performance [48][49] Question: Capital allocation priorities - The company will prioritize existing businesses for M&A opportunities and consider share repurchases if it makes sense, focusing on scalable and cash-generating acquisitions [73][75]