Financial Performance - IAC's total revenue for Q3 2025 was $642 million, a decrease of 8% compared to Q3 2024[3]. - The operating loss for IAC in Q3 2025 was $20.4 million, compared to an operating income of $8.1 million in Q3 2024[3]. - Adjusted EBITDA for IAC decreased by 59% to $29.1 million in Q3 2025[3]. - Total revenue for Q3 2025 was $429.8 million, a decline of 2% from $439.5 million in Q3 2024[29]. - Digital revenue increased by 9% to $269.0 million in Q3 2025, compared to $246.4 million in Q3 2024[29]. - Advertising revenue decreased by 3% to $161.2 million in Q3 2025, while performance marketing revenue increased by 38% to $72.4 million[29]. - The net loss attributable to IAC shareholders for the nine months ended September 30, 2025, was $27.2 million, compared to a loss of $340.9 million for the same period in 2024[35]. - The company reported a total operating loss of $20.4 million for Q3 2025, primarily due to corporate expenses[47]. - Total adjusted EBITDA for the nine months ended September 30, 2025, was $131.4 million, compared to $121.9 million for the same period in 2024[46]. Cash Flow and Debt - For the nine months ended September 30, 2025, net cash provided by operating activities was $27.5 million, a decrease of $96.8 million compared to $124.2 million for the same period in 2024[21]. - Free Cash Flow decreased by $101.0 million to $13.5 million, primarily due to unfavorable working capital and higher capital expenditures[20]. - As of September 30, 2025, IAC had $1.0 billion in cash and cash equivalents, with $725 million held by IAC and $280 million by People Inc.[27]. - Long-term debt stood at $1.45 billion, with a weighted average maturity of 6.2 years and a borrowing cost of 7.4%[27]. - The company recorded a net cash used in financing activities attributable to continuing operations of $419,134 thousand for the nine months ended September 30, 2025[39]. Share Repurchase and Equity - IAC repurchased 2.8 million shares for an aggregate of $100 million between August 6, 2025, and October 31, 2025[4]. - As of October 31, 2025, IAC had 6.4 million shares remaining in its share repurchase authorization[26]. - Total shareholders' equity decreased from $6,278,973 thousand to $4,818,414 thousand, a decline of about 23.3%[38]. Business Segments and Performance - People Inc. reported a 9% increase in digital revenue to $269 million, driven by performance marketing and licensing growth[6]. - People Inc. achieved an operating income of $29 million and Adjusted EBITDA of $65 million, reflecting severance-related costs[6]. - Care.com revenue decreased by 5% to $90.8 million, with a 67% drop in operating income to $5 million[13]. - MGM Resorts International, in which IAC holds a 24% stake, reported strong digital and international growth[3]. - IAC's unrealized loss on investment in MGM was $346.3 million in Q3 2025[3]. - Care.com generated $28.2 million in adjusted EBITDA for the nine months ended September 30, 2025, compared to $37.2 million in the same period of 2024[46]. Future Outlook - The company provided FY 2025 operating income guidance of $180-$200 million and Adjusted EBITDA guidance of $325-$340 million[1]. - The full year 2025 outlook for total adjusted EBITDA is projected to be between $234 million and $258 million[40]. - People Inc. is expected to generate adjusted EBITDA of $325 million to $340 million in FY 2025[44]. - Care.com anticipates revenue declines of 7%-9% in Q4 2025, reflecting enterprise headwinds[42]. - Search segment revenue is expected to be between $35 million and $45 million in Q4 2025[42]. Strategic Focus and Risks - IAC generates revenue primarily from advertising, including paid listings and display advertisements on its websites[65]. - The company has strategic equity positions in MGM Resorts International and Turo Inc.[68]. - IAC's business model emphasizes financially-disciplined opportunism, evolving while maintaining core principles[68]. - The company faces risks from competition with generative AI technology and unstable market conditions affecting advertising spending[67]. - IAC's future financial performance is uncertain due to various factors, including changes in relationships with Google and market migration to online services[67]. - The company is focused on expanding its digital reach and monetizing products across various platforms[67]. - IAC's Print business is experiencing declining revenue and increased costs, which poses additional risks[67]. - The company emphasizes the importance of protecting user data and maintaining relationships with caregivers[67]. - IAC's leadership transitions and changes in capital deployment strategy could impact its operations[67].

Core Insights - IAC missed Wall Street expectations for quarterly revenue due to a decline in visitors to its ad-supported search and content websites, attributed to the rise of AI-generated summaries [1] Company Performance - IAC's quarterly revenue fell short of analyst forecasts, indicating potential challenges in maintaining user engagement on its platforms [1] Industry Trends - The increase in AI-generated summaries is impacting traditional ad-supported content models, leading to fewer visitors on IAC's websites [1]

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories - **User Experience** - Enabling Javascript and cookies is crucial for seamless browsing [1] - Ad-blockers can hinder access to certain content, suggesting a need for users to disable them [1]

Core Insights - Vivian Health and Hallmark Health Care Solutions have formed a strategic partnership to enhance the connection between healthcare agencies and clinicians, utilizing AI technology for improved hiring processes [2][4] - The integration of Vivian's AI-enabled hiring technology into Hallmark's platform aims to streamline the submission of clinician candidates, including travel nurses and allied health professionals [2][3] Company Overview - Vivian Health is the largest online marketplace for healthcare talent, serving over 2.5 million clinicians and offering more than 250,000 job opportunities [2][6] - Hallmark Health Care Solutions is a leader in workforce intelligence and enablement, managing over $10 billion in physician compensation annually and supporting more than 100,000 users daily [9][10] Technology and Efficiency - The integration allows for intelligent screening, automated profile generation, and one-click submissions, which enhances recruiter efficiency and improves conversion rates [3][4] - Vivian's AI Assistant is designed to help healthcare systems and agencies fill critical roles faster and more efficiently [7] Strategic Goals - The partnership aims to optimize the hiring process, reduce labor expenses, and maintain high-quality care in health systems [4][5] - Both companies are committed to advancing workforce solutions in the healthcare industry, focusing on better matching labor supply with demand [5][9]

Core Points - IAC will release its third quarter results after market close on November 3, 2025, and will host a conference call on November 4, 2025, at 8:30 a.m. ET to discuss these results [1] - The conference call will feature key executives including Barry Diller, Christopher Halpin, and Neil Vogel [1] - The live audiocast and replay of the conference call will be accessible to the public through IAC's investor relations website [2] Company Overview - IAC is a company that builds and acquires businesses, driven by curiosity and a desire to innovate [2] - Over nearly three decades, IAC has evolved into 10 independent, publicly-traded companies and has developed a strong leadership team [2] - IAC's current portfolio includes category-leading businesses such as People Inc. and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2]

Core Insights - IAC has been actively participating in industry conferences, showcasing its commitment to investor relations and transparency [1] Company Overview - Christopher Halpin serves as the Executive Vice President, Chief Operating Officer, and Chief Financial Officer of IAC, overseeing various functions including Corporate Finance, Accounting, M&A, and Investor Relations [4] - The company emphasizes the importance of its day-to-day operations and execution across its business segments [4] Financial Disclosures - Discussions may include forward-looking statements that reflect the company's current views and expectations, with actual outcomes potentially differing due to various risks and uncertainties [2] - The company may reference non-GAAP measures such as adjusted EBITDA, with reconciliations available in its earnings materials and SEC filings [3]

IAC Conference Call Summary Company Overview - **Company**: IAC (NasdaqGS:IAC) - **Date**: September 09, 2025 - **Key Speaker**: Christopher Halpin, CFO Key Points Company Structure and Financial Position - IAC is a holding company with five consolidated businesses: People Inc. (formerly Dotdash Meredith), Care.com, Vivian (healthcare staffing marketplace), a search business, and The Daily Beast [9] - IAC holds significant minority stakes: 24% in MGM Resorts and 32% in Turo [9] - The company has approximately $830 million in cash at the parent level with no debt, indicating strong financial flexibility [9] Capital Allocation Strategy - IAC is focused on balancing capital return to shareholders and pursuing M&A opportunities [11] - The company repurchased $200 million worth of shares, approximately 4.5% of its total shares, between February and April 2025 [12] - IAC is disciplined in its M&A approach, seeking opportunities that will create equity value [15][16] Market Environment and M&A Considerations - The current public market is at all-time highs, and private market valuations are elevated, impacting M&A activity [15] - IAC is cautious about the pricing environment for acquisitions, emphasizing the need for clear economic visibility [16] Rebranding Strategy - The rebranding from Dotdash Meredith to People Inc. aims to strengthen the brand's presence in the media landscape, leveraging the established People brand [20][21] Search Business and Traffic Diversification - IAC has reduced its dependence on Google Search, which accounted for 65% of traffic at the time of the Meredith and Dotdash merger, down to 28% [23][24] - The company is focusing on diversifying traffic sources, including direct relationships with consumers and off-platform views through aggregators like Apple News [24][25] Digital Revenue and Growth Projections - Digital revenue is projected to grow by 7% to 9% in Q3 2025 and 7% to 10% for the full year, with digital adjusted EBITDA margins expected to be between 25% and 28% [32][33] - The company is experiencing challenges with on-platform traffic but expects off-platform engagement and performance marketing to drive growth [33] Consumer Behavior Insights - There is a notable disparity in consumer behavior across income levels, with high-income consumers performing well while low-income consumers face challenges [35] - The advertising landscape shows strength in sectors like pharma and tech, while retail and beauty are experiencing softness [37] Care.com Turnaround Efforts - Care.com is undergoing a turnaround with improvements in product and consumer experience, leading to increased signups and retention [39][40] Non-Control Stakes in MGM and Turo - IAC views its 24% stake in MGM as undervalued, with strong market positioning and growth potential in digital and international markets [42] - Turo, with a 32% stake, is positioned as a market leader in car sharing, focusing on increasing brand awareness and user engagement [44] AI Integration Strategy - IAC is actively exploring AI applications across its businesses to enhance productivity and customer experience [46][49] - The company is leveraging AI for customer service and operational efficiencies, with positive results in conversion rates [49] Strategic Priorities - IAC's strategic priorities include executing across its businesses, driving revenue growth, maintaining unit economics, and exploring capital allocation opportunities [51] Conclusion - IAC is focused on unlocking value through disciplined capital allocation, strategic M&A, and leveraging its diverse portfolio to navigate the current market environment while enhancing its digital presence and operational efficiencies.

Summary of IAC FY Conference Call - August 13, 2025 Company Overview - **Company**: IAC (InterActiveCorp) - **Key Businesses**: - People Inc (formerly Dotdash Meredith) - Care.com - Vivien Health (healthcare staffing) - The Daily Beast - Search business - **Financial Position**: $900 million in cash at the parent level with no debt at the parent level, although there is debt at People Inc which was refinanced attractively in June [10][11][12] Rebranding and Digital Transition - **Rebranding**: Transition from Dotdash Meredith to People Inc aimed at simplifying the brand for better recognition and marketability [5][6][13][15] - **Digital Focus**: The company is transitioning from print to digital, with a significant reduction in print publications from 12-13 to 7 over three years. The print business is maintained for branding and cash flow purposes [18][19][20] - **Digital Revenue**: 64% of the company's digital revenue comes from owned and operated (O&O) websites, with a focus on diversifying traffic sources beyond Google [25][28] Growth and Future Opportunities - **Long-term Goals**: Targeting 10% digital growth, with potential upside through new brands and leveraging consumer data [31][33] - **Decipher Tool**: An ad targeting tool that utilizes first-party data to enhance advertising effectiveness, potentially increasing the total addressable market (TAM) for ad sales [33][82] - **Care.com Growth**: Aiming for 10-20% growth in the consumer segment by improving product offerings and marketing strategies [94][97] Advertising Market Insights - **Market Conditions**: The advertising market is described as "good, not great," with sector-specific performance. Health and pharma are solid, while CPG and food and beverage sectors are facing challenges [68][71] - **Programmatic Advertising**: Programmatic revenue accounts for about 25-30% of total digital revenue, with recent improvements noted in pricing and demand [75][77] Strategic Partnerships and Licensing - **LLM Licensing**: The company is exploring licensing deals with LLM (Large Language Model) providers, emphasizing the need for high-quality content and potential economic arrangements [39][41] - **Cloudflare Partnership**: A partnership aimed at blocking LLM crawlers, except for OpenAI, has led to increased discussions with other LLM providers about accessing content [40] Financial Management and Shareholder Value - **Share Repurchases**: The company has been cautious with share buybacks, having repurchased $200 million worth of stock earlier in the year, while also considering M&A opportunities [58][59] - **Corporate Overhead**: Targeting a reduction in corporate overhead expenses, aiming for a run rate of $80-90 million by year-end [63][65] Key Business Segments - **Vivien Health**: Positioned as a strategic asset in healthcare staffing with a marketplace model connecting nurses and healthcare systems, currently generating mid-eight figures in revenue [99][100] - **Care.com**: Focused on stabilizing and growing the consumer segment after a decline in subscribers, with a new CEO implementing product improvements [96][97] Conclusion - The company is optimistic about its future growth prospects, leveraging its strong brand portfolio and digital capabilities to navigate the evolving media landscape [36][56]

Group 1 - IAC will participate in the Oppenheimer 28th Annual Technology, Internet & Communications Conference on August 13, 2025, featuring a fireside chat with key executives [1] - Christopher Halpin, Executive Vice President, COO and CFO of IAC, and Neil Vogel, CEO of People Inc., will be the speakers at the event [1] - The fireside chat will be available for live webcast and replay on IAC's investor relations website [1] Group 2 - IAC is a company that builds and evolves businesses, guided by curiosity and a desire to innovate or acquire new products and brands [2] - The company has developed into 10 independent, publicly-traded companies and has a history of financially-disciplined opportunism [2] - IAC's current portfolio includes category-leading businesses such as People Inc. and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2]

Financial Data and Key Metrics Changes - People Inc achieved a 9% digital revenue growth in Q2, up from 7% in Q1, marking a return to core sessions growth [6][9] - Consolidated IAC adjusted EBITDA increased by 15% in the quarter, with guidance for full-year EBITDA set between $247 million and $285 million [9][45] - The refinancing of $1.4 billion in debt at People Inc was completed, replacing the original acquisition capital structure with new bank debt and bonds [6] Business Line Data and Key Metrics Changes - MGM reported a 36% net revenue growth in Q2, with increased guidance for the full year to at least $2.7 billion in revenue and at least $150 million in EBITDA [8] - Care.com has seen a divergence in performance, with enterprise business growing solidly while consumer revenue has declined from pandemic highs [41][42] - Digital margins for People Inc reached just under 29% in FY 2024, with Q2 digital EBITDA flat year-over-year at $63 million despite a 9% revenue growth [37][38] Market Data and Key Metrics Changes - The percentage of traffic from Google has decreased from 52% to 28%, while non-Google search sessions have increased at a 29% CAGR [32][33] - Approximately 36% of digital revenue now comes from off-platform sources, indicating a shift in revenue generation strategies [30][31] Company Strategy and Development Direction - The rebranding to People Inc aims to reflect the company's focus on premium content created by people for people, emphasizing the importance of human expertise [11][14] - The company is actively pursuing M&A opportunities and exploring strategic divestitures to bolster cash balances [10][69] - A focus on diversifying audience sources and reducing reliance on Google traffic is central to the company's strategy, with investments in email, events, and syndication businesses [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue goals despite challenges posed by AI and changes in Google's search algorithms [21][32] - The company anticipates continued growth in off-platform audiences and improved monetization, guiding for 7% to 9% digital revenue growth in Q3 [58] - Management acknowledged the need to optimize the matching process on Care.com to drive growth in both consumer and enterprise segments [90][91] Other Important Information - The company has maintained guidance for Care.com at $45 million to $55 million, while corporate run rate costs have been reduced to $110 million to $115 million [46] - The company is exploring new pricing and packaging strategies to better meet consumer needs in the care marketplace [90] Q&A Session Summary Question: Can you elaborate on the trajectory of sessions, including Google Search and off-platform views? - Management expects O&O sessions to be slightly down in Q3 due to tough comps but anticipates flat to slightly up growth going forward, with off-platform growth continuing [50][51] Question: Can you provide insights on the 2Q PeopleLink digital revenue? - Digital advertising grew 5% in Q2, with strong performance in performance marketing and licensing, while core sessions growth was 2% [55][56] Question: Why is the new brand name People Inc the right choice? - The name reflects the company's goal of achieving platform scale with premium branded environments, resonating well with clients and employees [64][66] Question: What is the current state of the M&A landscape? - The company is actively pursuing both small and large acquisition opportunities, focusing on creative and defensible businesses [69][70] Question: What factors need to change for Care.com to grow faster? - The company needs to drive consumer demand and improve the matching process between care seekers and providers, while expanding into senior and pet care markets [90][91]