NEW YORK, Feb. 13, 2024 /PRNewswire/ -- IAC (NASDAQ: IAC) posted its fourth quarter financial results and a letter to shareholders on the investor relations section of its website at https://ir.iac.com/quarterly-results. As announced previously, IAC and Angi Inc. will host a conference call to discuss both companies' respective fourth quarter results and to answer questions. The call will be held on Wednesday, February 14, 2024, at 8:30 a.m. ET. Joey Levin, CEO of IAC and CEO and Chairman of Angi Inc., and ...

Looking for some tech stocks to sell?2023 was a banner year for tech stocks, with the NASDAQ 100 reaching a new all-time high (and the S&P 500 reached its all-time high on January 3, 2024). While there’s still potential for another rally in 2024, analysts and market pundits are already preaching caution. The tech industry, they say, might already be trading at inflated numbers compared to previous years. And since many investors, including myself, fared very well in the 2023 tech rally, some of you might be ...

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- After the close of market trading on Tuesday, February 13, 2024, IAC (NASDAQ: IAC) will post its fourth quarter results and simultaneously IAC CEO Joey Levin will publish a letter to shareholders, which may include certain forward-looking information, at https://ir.iac.com/quarterly-results. On Wednesday, February 14, 2024, at 8:30 a.m. ET, IAC and Angi Inc. will host a conference call to answer questions regarding the companies' respective fourth quarter results. The ...

AUSTIN, Texas--(BUSINESS WIRE)--Care.com’s 2024 Cost of Care Report, released today, found that on average, parents who responded spend 24% of their household income on childcare with nearly half (47%) spending more than $18,000 in 2023. While this represents a slight drop from 27% in last year’s report, it remains more than three times the 7% deemed affordable by the U.S. Department of Health and Human Services. Additionally, and meaningfully, household income is not the only source of funding parents are ...

NEW YORK, Jan. 11, 2024 /PRNewswire/ -- Robotexts increased by 37% but robocalls dropped by 25% in December, more proof that scammers believe SMS is the best way to target consumers, especially around the holidays. Holiday shopping season is prime time for scammersAs the year comes to a close, scammers tend to capitalize on timely trends like delivery messages, which increased by 6% from November. Spammers like to take advantage of the fact people are expecting deliveries and trick them into clicking fraudu ...

Financial Data and Key Metrics Changes - The company reported a decline in premium advertising revenue by 12%, which was slightly worse than the industry average, but overall performance marketing revenue accelerated to 22% growth year-over-year in Q3 [118][126]. - The revenue per monetized transaction for Angi declined about 11% year-over-year to approximately $40, while marketing costs decreased more modestly by 8% to about 27.5% [58][136]. Business Line Data and Key Metrics Changes - Core properties represented just under 80% of total sessions in the latest quarter, up from 67% in Q3 2022, indicating continued growth in core sites [6]. - The services business is currently viewed as healthy, with no further paring down expected, and the company is satisfied with its current state [44][55]. Market Data and Key Metrics Changes - The advertising market is experiencing softness, particularly in October, but trends have improved in November, suggesting a cautious optimism for the holiday season [25][105]. - The company is monitoring consumer spending patterns closely, noting that consumers are becoming more deal-oriented and waiting for promotions [25][57]. Company Strategy and Development Direction - The shift from lead generation to a marketplace model is a key strategic focus for Angi, aiming to enhance customer interactions and build brand loyalty [30][31]. - The company is prioritizing customer experience optimization, which aligns with profitability goals, as better matches on the platform lead to increased transaction value [66][75]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the holiday season, noting that while there are macroeconomic concerns, they are not seeing specific signs of a slowdown [25][105]. - The company is confident in its proactive actions to improve lead quality, which may have short-term impacts but are expected to yield long-term benefits [99][102]. Other Important Information - The company is actively working on improving the service provider and homeowner experiences, with significant improvements noted in retention and lifetime value of service professionals [10][20]. - The roofing business has been sold, and this will be classified as a discontinued operation starting next quarter for Angi, but will not impact IAC's financials [55][56]. Q&A Session Summary Question: Can you elaborate on the guide for the full year and its relation to revenue and margin? - Management indicated that the guidance is primarily driven by revenue softness due to proactive actions taken to improve lead quality, with no significant margin degradation expected [77][80]. Question: How is the advertising market performing, particularly for Dotdash Meredith? - Management noted a reversal in advertising demand in October but expressed optimism for November and the holiday season, expecting a mildly better macro environment for advertising [81][105]. Question: What is the rationale behind the buyback strategy for Angi versus IAC? - The buyback for Angi is aimed at offsetting potential dilution and is viewed as attractive under current conditions [108]. Question: What are the expectations for the services business and its growth? - Management believes the services business is in a healthy state and is not planning further reductions, with a focus on improving customer experience and engagement [44][54]. Question: How does the company view the impact of macroeconomic factors on Angi? - Management stated that the current challenges are more related to internal actions rather than external market conditions, and they are optimistic about future improvements [99][100].

Table of Contents As filed with the Securities and Exchange Commission on November 7, 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 September 30, 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 o ...

Financial Data and Key Metrics Changes - The company reported a significant revenue decline in Angi, attributed to a strategic shift towards optimizing customer experience over short-term revenue [15][16] - Year-to-date, Angi generated $55 million in cash flow, indicating a $110 million increase compared to the previous year [94] Business Line Data and Key Metrics Changes - Dotdash Meredith achieved 1% digital growth in June, driven by strong performance marketing, and reached stability in sessions and traffic [20][21] - The company expects flat to slightly negative revenue growth in Q3 for Dotdash Meredith, with a strong outlook for Q4 [22][23] Market Data and Key Metrics Changes - The advertising market remains soft, with a noted improvement in programmatic market conditions compared to earlier in the year [48] - Categories showing strength include retail, beauty, style, travel, and auto, while finance and telecom continue to struggle [50] Company Strategy and Development Direction - The company is focused on building exceptional products that enhance customer experience and drive long-term retention [10][12] - Angi is restructuring demand channels to improve customer experience and retention of service professionals [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the changes made in Q2, expecting benefits in the coming quarters [17] - The company is preparing for a more offensive strategy in 2024, focusing on product innovation and improving the homeowner experience [59][94] Other Important Information - The company is leveraging generative AI to enhance content creation and improve user personalization [102][104] - There is an ongoing focus on protecting intellectual property rights in the context of generative AI and LLM training [105][106] Q&A Session Summary Question: What drove the larger-than-expected revenue decline in Angi in Q2? - Management indicated that the decline was due to a strategic shift towards optimizing customer experience, which involved restructuring demand channels [15][16] Question: What are the revenue trends at Dotdash Meredith exiting Q2? - Management reported 1% digital growth in June and expects flat to slightly negative revenue growth in Q3, with a strong outlook for Q4 [20][22] Question: How does the company view competition from social media platforms? - Management acknowledged competition for attention but sees it as an opportunity to enhance their own social media presence and video content [45][47] Question: What is the outlook for Angi's growth? - Management believes Angi can return to growth in 2024, focusing on improving retention and conversion rates [94][96] Question: How is the company utilizing generative AI? - The company is using generative AI to improve content production efficiency and enhance user personalization [102][104] Question: What is the company's stance on protecting its content in the context of AI? - Management emphasized the importance of protecting intellectual property rights and engaging in productive conversations within the ecosystem [105][106]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents IAC's unaudited consolidated financial statements for Q2 2023, including key financial statements and detailed notes on accounting policies and segment data [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) Consolidated Balance Sheet Summary (as of June 30, 2023) | Balance Sheet Item | June 30, 2023 (In thousands) | December 31, 2022 (In thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,326,988 | $1,417,390 | | Investment in MGM Resorts International | $2,842,661 | $2,170,182 | | Total current assets | $2,198,407 | $2,561,135 | | Total assets | $10,549,090 | $10,393,635 | | **Liabilities & Equity** | | | | Total current liabilities | $1,034,194 | $1,079,988 | | Long-term debt, net | $2,006,456 | $2,019,759 | | Total IAC shareholders' equity | $6,116,708 | $5,931,614 | | Total liabilities and shareholders' equity | $10,549,090 | $10,393,635 | [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) Consolidated Statement of Operations Summary | Metric (In thousands, except per share) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,111,589 | $1,362,581 | $2,195,860 | $2,687,926 | | Operating loss | $(55,473) | $(166,140) | $(191,069) | $(274,954) | | Unrealized (loss) gain on MGM investment | $(32,362) | $(825,305) | $672,478 | $(1,012,635) | | Net (loss) earnings attributable to IAC | $(89,045) | $(869,130) | $328,730 | $(1,104,928) | | Diluted (loss) earnings per share | $(1.07) | $(10.02) | $3.64 | $(12.73) | [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Consolidated Statement of Cash Flows Summary (Six Months Ended June 30) | Cash Flow Activity (In thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $128,254 | $(7,905) | | Net cash used in investing activities | $(27,200) | $(225,265) | | Net cash used in financing activities | $(193,352) | $(63,792) | | Net decrease in cash and cash equivalents | $(90,574) | $(301,163) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide critical details supporting financial statements, including revenue concentration, restructuring charges, MGM investment valuation, long-term debt composition, and segment performance - Revenue from Google represented **18%** of total revenue for the three months and **17%** for the six months ended June 30, 2023[38](index=38&type=chunk) - Dotdash Meredith incurred net restructuring charges of **$0.2 million** for both the three and six months ended June 30, 2023, a significant reduction from **$13.7 million** and **$36.1 million** in the respective prior-year periods[162](index=162&type=chunk) - The company's investment in MGM Resorts International had a fair value of **$2.84 billion** as of June 30, 2023, representing **18.3%** ownership. A significant unrealized pre-tax gain of **$672.5 million** was recognized in the first six months of 2023, compared to a loss of **$1.0 billion** in the same period of 2022[55](index=55&type=chunk) - Total long-term debt stood at **$2.01 billion** as of June 30, 2023, primarily consisting of Dotdash Meredith Term Loans (**$1.56 billion**) and ANGI Group Senior Notes (**$500 million**)[75](index=75&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance, liquidity, and capital resources, highlighting a Q2 2023 revenue decline but improved operating loss and Adjusted EBITDA due to specific segment performance and prior-year adjustments [Results of Operations](index=41&type=section&id=Results%20of%20Operations) This section analyzes Q2 2023 operational results, showing an **18%** revenue decrease driven by Dotdash Meredith and Angi Inc., but an improved operating loss and **88%** increase in Adjusted EBITDA Q2 2023 vs Q2 2022 Revenue by Segment (In thousands) | Segment | Q2 2023 Revenue | Q2 2022 Revenue | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Dotdash Meredith | $413,998 | $489,524 | $(75,526) | (15)% | | Angi Inc. | $375,068 | $515,782 | $(140,714) | (27)% | | Search | $177,036 | $198,183 | $(21,147) | (11)% | | Emerging & Other | $147,903 | $161,089 | $(13,186) | (8)% | | **Total** | **$1,111,589** | **$1,362,581** | **$(250,992)** | **(18)%** | - The **27%** revenue decline at Angi Inc. was driven by a **72%** decrease in Services revenue, partly due to a change to net revenue reporting, and a **14%** decline in Ads and Leads revenue from fewer monetized transactions[168](index=168&type=chunk) Q2 2023 vs Q2 2022 Adjusted EBITDA by Segment (In thousands) | Segment | Q2 2023 Adj. EBITDA | Q2 2022 Adj. EBITDA | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Dotdash Meredith | $54,092 | $39,167 | $14,925 | 38% | | Angi Inc. | $18,289 | $9,689 | $8,600 | 89% | | Search | $13,982 | $26,317 | $(12,335) | (47)% | | Emerging & Other | $6,309 | $(17,060) | $23,369 | NM | | **Total** | **$70,186** | **$37,397** | **$32,789** | **88%** | - Operating loss improved by **$110.7 million** to a loss of **$55.5 million** in Q2 2023, primarily due to the absence of an **$86.7 million** goodwill impairment at Mosaic Group that was recorded in Q2 2022[189](index=189&type=chunk) [Financial Position, Liquidity and Capital Resources](index=58&type=section&id=FINANCIAL%20POSITION,%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2023, IAC maintained strong liquidity with **$1.4 billion** in cash and marketable securities, generating **$128.3 million** from operations and engaging in share repurchases and strategic investments Financial Position Summary (as of June 30, 2023) | Item (In thousands) | Amount | | :--- | :--- | | Total cash and cash equivalents and marketable securities | $1,442,547 | | Total long-term debt, net | $2,006,456 | - For the first six months of 2023, IAC repurchased **3.2 million** shares of its common stock for **$165.6 million**[226](index=226&type=chunk)[234](index=234&type=chunk) - In April 2023, the company invested an additional **$103.6 million** in Turo, a peer-to-peer car sharing marketplace[225](index=225&type=chunk)[233](index=233&type=chunk) - IAC contributed a total of **$280 million** to Dotdash Meredith in H1 2023 to ensure compliance with debt covenants, with most of the funds subsequently distributed back to IAC[243](index=243&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines IAC's primary market risks, including equity price risk from its MGM investment and interest rate risk from variable-rate debt, with mitigation strategies discussed - The investment in MGM was valued at **$2.8 billion** at quarter-end, constituting approximately **27%** of the company's total assets. A **$2.00** change in MGM's share price would impact IAC's pre-tax earnings by **$129.4 million**[248](index=248&type=chunk) - IAC has **$1.6 billion** in variable-rate debt at Dotdash Meredith. A **100 basis point** change in the interest rate would alter annual interest expense by **$12.1 million**, net of the impact from interest rate swaps[249](index=249&type=chunk)[251](index=251&type=chunk) - In March 2023, Dotdash Meredith entered into interest rate swaps on a notional amount of **$350 million** to convert a portion of its variable-rate Term Loan B to a fixed rate, mitigating exposure to rising interest rates[250](index=250&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - The company's management concluded that its disclosure controls and procedures were effective as of the end of the period covered by the report[254](index=254&type=chunk) - There were no changes during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[255](index=255&type=chunk) [PART II - OTHER INFORMATION](index=64&type=section&id=PART%20II) [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) This section updates on ongoing shareholder litigation concerning the 2020 Match Group separation, currently under appeal, which the company vigorously defends - The company provides an update on the ongoing shareholder litigation concerning the Match Group separation. Following an appeal of the case's dismissal, the Delaware Supreme Court has requested supplemental briefing from the parties[259](index=259&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) This section refers to detailed risk factors from prior filings, cautioning that these and other unknown risks could materially impact the company's business and financial condition - The report incorporates by reference the risk factors previously disclosed in its 2022 Form 10-K and Q1 2023 Form 10-Q, advising that these could materially impact the company's business and financial condition[263](index=263&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2023, IAC repurchased **1.47 million** shares for **$75.4 million**, with **3.69 million** shares remaining available under its repurchase plan Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2023 | 999,402 | $49.81 | | May 2023 | 472,400 | $52.88 | | June 2023 | 0 | $0.00 | | **Total** | **1,471,802** | **$50.80** | [Item 5. Other Information](index=66&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans or non-Rule 10b5-1 arrangements during Q2 2023 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2023[267](index=267&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including executive certifications and interactive data files - A list of documents filed as exhibits to the report is provided, including officer certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[270](index=270&type=chunk)

IAC Inc. (NASDAQ:IAC) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Christopher Halpin - Chief Financial Officer and COO Joey Levin - Chief Executive Officer, IAC and Chief Executive Officer and Chairman, Angi Inc. Conference Call Participants Ross Sandler - Barclays Cory Carpenter - JPMorgan Brian Fitzgerald - Wells Fargo John Blackledge - Cowen Brent Thill - Jefferies Jason Helfstein - Oppenheimer Eric Sheridan - Goldman Sachs Stephen Ju - Credit Suisse Ygal Arounian - Citi ...