Core Insights - ControlMonkey has announced support for VMware's workloads, integrating its Infrastructure as Code (IaC) automation platform to unify public cloud and on-prem VMware environments, providing a single set of controls and audit trails [2][3][6] Company Overview - ControlMonkey is positioned as the industry's first end-to-end IaC automation platform, combining AI with enterprise-grade automation to offer comprehensive cloud control, from provisioning to governance and disaster recovery [7] Product Features - The integration allows enterprises to automatically generate IaC code for VMware resources, making on-premises management as efficient as cloud management [8] - Daily backups of VMware resources are facilitated as IaC, ensuring rapid recovery from deletions or misconfigurations [8] - The platform enforces approvals, guardrails, and audit trails across both VMware and cloud environments, providing a single source of truth for risk committees [8] - ControlMonkey enables detection of drift and unmanaged resources in VMware, similar to existing capabilities in AWS, Azure, or GCP [8] - The solution supports migrations with consistent visibility and backup as workloads transition in and out of VMware [8] Market Context - The hybrid cloud model is increasingly prevalent, with enterprises requiring governance and visibility across both public cloud and VMware environments [6]

Core Insights - The company achieved an operating margin exceeding 8% in Q3 2025, indicating strong strategic execution and performance across all business segments [3][4][6] - Organic sales growth was 4% for the first nine months of 2025, driven primarily by security services in North America, while growth in Europe was affected by active portfolio management [4][6] - The company is focused on improving profitability and cash generation, with a net debt to EBITDA ratio of 2.2, down from 2.7 [4][6][7] Financial Performance - Total sales for Q3 2025 were MSEK 38,521, down from MSEK 40,229 in the same period last year, with organic sales growth at 3% compared to 5% previously [4][6] - Operating income before amortization for Q3 2025 was MSEK 3,107, with an operating margin of 8.1%, up from 7.5% year-over-year [4][6] - Earnings per share for Q3 2025 were SEK 1.09, down from SEK 2.03, while earnings per share before items affecting comparability were SEK 3.34, up from SEK 3.05 [4][6] Strategic Initiatives - The company is in the process of closing down its government business within SCIS, which is expected to positively impact long-term profitability and cash generation [6][7] - A disciplined approach to managing underperforming security services contracts is being implemented, with expectations to complete this work across Europe by the first half of 2026 [6][7] - The ongoing business optimization program has been executed successfully, contributing to margin improvements and targeted annualized savings of MSEK 200 [6][7] Long-term Outlook - The company aims for an operating margin of 8% by the end of 2025, with a long-term ambition of over 10% [12] - The focus on technology and digital capabilities is yielding results, with 19 consecutive quarters of operating margin improvement [7][12] - The company is well-positioned to generate long-term value for shareholders, with a resilient business model that adapts to global uncertainties [5][7]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing [16][31] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with 27% margins, and overall adjusted EBITDA reached $75 million, exceeding previous guidance [31][32] - The company has a cash balance exceeding $1 billion, which will be enhanced by the sale of non-core assets [14][32] Business Line Data and Key Metrics Changes - People Inc. achieved a 9% growth in digital revenue, driven by its iconic brands and diversified revenue sources [16][31] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [32] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [24] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands dropped from 54% two years ago to 24% in the latest quarter, but overall audience scale was maintained [22] - Ad revenue declined by 3% due to volume-related issues, with expectations for recovery in Q4 [23] Company Strategy and Development Direction - IAC aims to streamline its assets, focusing on People Inc. and MGM, while divesting non-core holdings [5][7] - The strategy includes reimagining People Inc. from a defensive to an offensive position, leveraging its brands to create new business opportunities [6][9] - MGM is viewed as a hedge against disintermediation, with a strong position in Las Vegas and plans to increase ownership [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong performance in digital revenue and audience engagement [16][29] - The macroeconomic environment is stable for higher-end consumers, while pressures exist in the lower-end market [66] - Management expects continued growth in digital revenue and profitability despite challenges from Google [23][32] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments [29] - IAC has entered into a partnership with Microsoft for a publisher content marketplace, indicating a proactive approach to monetizing content in the AI landscape [25][26] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes owning MGM through IAC offers additional value and optionality, despite the current market discount [39][44] Question: Update on one-time expenses - Management indicated that significant one-time expenses have been cleaned up, with a clear path forward for profitability [40][45] Question: State of the business and Google litigation update - Management expressed confidence in the business's future, highlighting the importance of recent deals and the potential for significant damages from the Google litigation [52][58] Question: Macro environment insights - The macro environment is stable for higher-end consumers, with some pressures noted in the corporate benefit sector [66] Question: Capital allocation strategy - Management emphasized a focus on opportunistic stock buybacks rather than pursuing high-priced acquisitions [72][74]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth [16][31] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with margins at 27% [31][32] - The company expects digital revenue growth in the range of 7%-10% for Q4 and adjusted EBITDA guidance for the year has been slightly lowered to $325 million-$340 million [32][33] Business Line Data and Key Metrics Changes - People Inc. achieved a 9% growth in digital revenue, driven by strong performance in licensing and performance marketing [16][31] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [31] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [24] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands decreased from 54% two years ago to 24% in the latest quarter, indicating a shift in traffic sources [22] - Despite challenges from Google, overall audience growth has been maintained, with other traffic sources increasing [22][23] Company Strategy and Development Direction - IAC aims to focus on People Inc. and MGM, divesting non-core assets and reducing overhead [5][6] - The strategy includes reimagining People Inc. from a defensive to an offensive position, leveraging its strong brand portfolio [7][8] - MGM is viewed as a hedge against disintermediation, with a strong position in the Las Vegas market [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong audience engagement and the potential for new business ventures [16][29] - The macroeconomic environment is seen as stable for higher-end consumers, while pressures exist in lower-end markets [66][67] - Management is cautious about asset pricing and intends to focus on share repurchases rather than high-priced acquisitions [15][75] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments [29] - IAC has a cash balance of over $1 billion, which will be enhanced by selling non-core assets [14] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes owning MGM through IAC offers a better value proposition than buying MGM directly, highlighting the combined potential of both assets [39][44] Question: Update on one-time expenses - Management indicated that significant one-time expenses have been cleaned up, and they do not expect further large one-time charges going forward [40][45] Question: State of the business and future outlook - Management expressed confidence in the business's future, citing the Microsoft AI deal and the Feedfeed acquisition as positive indicators [52][56] Question: Macro environment insights - The macro environment is stable for higher-end consumers, with some pressures noted in the corporate benefit sector [66][67] Question: Capital allocation strategy - Management emphasized a focus on opportunistic share buybacks rather than pursuing high-priced acquisitions [75]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3 2025, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing offsetting a decline in advertising revenue [23][44] - Digital adjusted EBITDA grew 9% to $72 million, with margins at 27% and incremental margins at 26% [24][46] - The company expects digital revenue growth in the range of 7% to 10% for Q4 2025, with adjusted EBITDA guidance for the year slightly lowered to $325 million to $340 million [47] Business Line Data and Key Metrics Changes - People Inc. is the core asset, with a focus on diversifying revenue sources and audience growth, achieving significant traction in off-platform audience growth, which accelerated by 66% year-over-year [35][24] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [46] - The emerging and other segments reported a negative $20 million EBITDA due to legal expenses, but the rest of the segment remains profitable [49] Market Data and Key Metrics Changes - Google search traffic as a source for core brands decreased from 54% two years ago to 24% in the latest quarter, but overall audience scale has been maintained [32] - Ad revenue declined by 3% in Q3, primarily due to volume-related issues rather than rate-related [33] - Off-platform revenue, which is the fastest-growing revenue stream, accounted for over a third of the quarter's revenue [35] Company Strategy and Development Direction - The company aims to streamline its assets and reduce overhead, focusing on People Inc. and MGM as core components of its strategy [6][5] - IAC plans to divest non-core holdings and increase share repurchases, with a total of $300 million in shares bought back year-to-date [20][50] - The management is optimistic about evolving People Inc. into a more proactive business model, leveraging its iconic brands and exploring new business opportunities [13][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by Google and the broader market, emphasizing a strong relationship with audiences and advertisers [70][72] - The macroeconomic environment is perceived as stable for middle and upper segments, while some pressures exist in lower segments, particularly in corporate spending [80][81] - The company is optimistic about future growth, particularly in off-platform revenue and new initiatives like the Microsoft AI deal [68][39] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments and maintain profitability goals [42] - IAC's cash balances exceed $1 billion, which will be enhanced by selling non-core assets [20] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes that owning MGM through IAC offers a cheaper entry point and that the combined assets provide additional value [53][60] Question: Onetime expense cleanup in Q3 - Management indicated that significant cleanup has occurred, with no expectation of large one-time charges continuing in the future [60][61] Question: Update on People Inc. and Google litigation - Management expressed confidence in the future of People Inc. and highlighted the ongoing litigation against Google, seeking significant damages [73][75] Question: Macro environment and capital allocation - The macro environment is stable, with a focus on stock buybacks and cautious approach to acquisitions due to high prices [80][87] Question: Corporate costs trajectory - Corporate costs are expected to decrease as the company continues to rationalize its operations [113]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing [13][14] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with 27% margins, and the company expects digital revenue growth in the 7%-10% range for Q4 [30][31] - The company has a cash balance exceeding $1 billion, which will be enhanced by selling non-core assets [11][12] Business Line Data and Key Metrics Changes - People Inc. achieved a digital revenue growth of 9% in Q3, driven by its iconic portfolio of brands and strong audience engagement [14][15] - The print division saw a 15% revenue decline, but adjusted EBITDA only declined by 10%, indicating effective cost management [30] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [22] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands dropped from 54% two years ago to 24% in the latest quarter, but overall audience scale has been maintained [19][20] - Ad revenue declined by 3% in Q3, primarily due to volume-related issues rather than rate-related [21] - The macro environment appears solid for middle and upper-end consumers, while pressures are noted in the lower-end market [46][47] Company Strategy and Development Direction - IAC aims to streamline its assets, focusing on People and MGM, while divesting non-core holdings and reducing overhead [4][5] - The company is reimagining People Inc. to transition from a defensive to an offensive strategy, leveraging its brands to create new business opportunities [5][6] - MGM is viewed as a hedge against disintermediation, with a strong position in Las Vegas and a focus on digital opportunities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of People Inc. and MGM, highlighting the potential for growth despite current challenges [13][41] - The company is optimistic about upcoming AI-related deals and the value of its content in the evolving digital landscape [23][24] - Management acknowledged the impact of Google litigation costs but views the spending as worthwhile given the potential for significant damages [40][45] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments and maintain profitability goals [27] - IAC has repurchased $300 million worth of shares year-to-date, representing about 8% of its outstanding shares [33] Q&A Session All Questions and Answers Question: Current thinking on MGM's valuation and why invest through IAC - Management believes that investing in MGM through IAC offers a cheaper entry point and provides additional value from IAC's other assets [34][38] Question: One-time expense cleanup in Q3 - Management indicated that significant one-time expenses have been cleaned up and do not expect similar charges in the future [39] Question: Update on the state of the business and Google litigation - Management expressed confidence in the business's future, citing the Microsoft AI deal and the Feedfeed acquisition as positive indicators [41][42][45] Question: Macro environment observations - The macro environment is solid for middle and upper-end consumers, with some pressures noted in the lower-end market [46][47] Question: Capital allocation strategy moving forward - Management emphasized a focus on opportunistic share buybacks rather than pursuing high-priced acquisitions [49]

Core Insights - U.S. stock futures are down, with Dow futures dropping over 300 points [1] - Insperity Inc reported disappointing third-quarter results, leading to a significant drop in its stock price [1][2] Company Performance - Insperity reported a quarterly loss of $0.20 per share, missing the analyst consensus estimate of $0.22 per share [2] - Quarterly sales for Insperity were $1.623 billion, falling short of the analyst consensus estimate of $1.632 billion [2] - Insperity's shares fell 31.3% to $31.00 in pre-market trading following the earnings report [2] Other Companies Impacted - Sarepta Therapeutics Inc saw a 38.7% drop to $14.98 after reporting third-quarter results and failing to achieve statistical significance in its ESSENCE study [4] - Jeld-Wen Holding Inc's shares fell 28.1% to $3.02 after reporting worse-than-expected third-quarter results and cutting FY25 guidance [4] - Ichor Holdings Ltd's shares dipped 26.2% to $16.77 after mixed third-quarter results and below-estimate fourth-quarter guidance [4] - Atlas Energy Solutions Inc's shares decreased by 17.8% to $10.40 after disappointing third-quarter results [4] - Navitas Semiconductor Corp fell 15.7% to $10.32 following its third-quarter results [4] - Uniqure NV's shares dipped 11.6% to $30.30 after a significant drop of 49% on Monday due to FDA concerns regarding its AMT-130 data [4] - Other companies like Ardelyx Inc, Genius Sports Limited, IAC Inc, and Archer-Daniels-Midland Company also experienced declines in pre-market trading due to poor financial results or lowered guidance [4]

Financial Performance & Valuation - IAC's equity value is $2.5 billion[11] - IAC repurchased $100 million in shares in Q3, and $300 million, representing 8% of equity, year-to-date[9] - People Inc's digital revenue is $1.1 billion and adjusted EBITDA is $332 million[12] - People Inc's net debt is $1.2 billion, with leverage less than 4x[12] - IAC expects FY 2025 Adjusted EBITDA of $234 million to $258 million[52] Digital Segment Performance (People Inc.) - Digital revenue grew by 9% in Q3 2025, reaching $269 million[43] - Digital Adjusted EBITDA excl Certain Items grew by 9% to $72 million in Q3 2025[43] - Digital revenue has shown an 13% compound annual growth rate (CAGR) from 2023 to 2025[17] - Off-Platform Views increased with a 43% CAGR from Q3 2023 to Q3 2025[38] Strategic & Operational Initiatives - The company recognized $15 million of severance expense in Q3 related to a reduction in force (RIF) impacting approximately 6% of employees[41] - The company is delivering $65 million of run rate savings to be invested in new growth initiatives and enhance profitability[41]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $589.8 million, a decrease of 8% compared to $642.0 million in the same period of 2024[171]. - Digital revenue for People Inc. increased by 9% to $269.0 million in Q3 2025, up from $246.4 million in Q3 2024[171]. - Print revenue for People Inc. decreased by 15% to $169.0 million in Q3 2025, down from $198.5 million in Q3 2024[171]. - Care.com revenue decreased by 5% to $90.8 million in Q3 2025, compared to $95.7 million in Q3 2024[171]. - Search revenue decreased significantly by 41% to $51.9 million in Q3 2025, down from $88.3 million in Q3 2024[171]. - Total revenue for the nine months ended September 30, 2025, was $1.747 billion, an 8% decrease from $1.901 billion in the same period of 2024[171]. - People Inc. revenue decreased by $9.6 million, or 2%, to $429.8 million, with a 15% decline in Print revenue offset by an 8% increase in Digital revenue[172]. - Emerging & Other revenue decreased by $21.0 million, or 29%, to $51.5 million, impacted by the sale of Mosaic Group assets and declines from IAC Films and Vivian Health[174]. Expense and Cost Management - Cost of revenue for the nine months ended September 30, 2025, decreased by $141.2 million, or 19%, compared to the prior year, with a 15% decrease in cost of revenue for the three months ended September 30, 2025[173]. - Selling and marketing expenses increased by $5.6 million, or 3%, to $188.4 million for the three months ended September 30, 2025, driven by increased spending in Search and Care.com[177]. - General and administrative expenses for Q3 2025 were $132.4 million, an increase of $23.6 million (22%) compared to Q3 2024, and represented 22% of revenue[182]. - For the nine months ended September 30, 2025, general and administrative expenses decreased by $49.7 million (14%) to $362.3 million compared to the same period in 2024[182]. - Product development expenses for Q3 2025 were $49.5 million, a decrease of $4.5 million (8%) from Q3 2024, and represented 8% of revenue[186]. - For the nine months ended September 30, 2025, product development expenses decreased by $21.0 million (12%) to $170.6 million compared to the same period in 2024[186]. Profitability and Income - Operating income for Q3 2025 was a loss of $20.4 million, a decrease of $28.5 million compared to an operating income of $8.1 million in Q3 2024[194]. - Total operating income for People Inc. was $106,519,000, with adjusted EBITDA of $214,878,000 for the nine months ended September 30, 2025[224]. - Adjusted EBITDA for People Inc. decreased 5% to $65.0 million for the three months ended September 30, 2025, driven by declines in Print and Digital segments, while Adjusted EBITDA for the nine months increased 30% to $214.9 million[200][198]. - Care.com Adjusted EBITDA decreased 57% to $7.8 million for the three months ended September 30, 2025, primarily due to lower revenue and an impairment charge[200]. - The Corporate segment reported an operating loss of $35.0 million for Q3 2025, an increase of $6.3 million (22%) compared to Q3 2024[194]. Cash Flow and Debt Management - Cash and cash equivalents for People Inc. increased to $280,370,000 from $249,927,000 as of December 31, 2024[228]. - Total long-term debt decreased slightly to $1,445,625,000 from $1,480,000,000[228]. - Net cash provided by operating activities attributable to continuing operations was $27,457,000, a decrease from $124,225,000 in the prior year[229]. - Net cash used in investing activities was $371,161,000, primarily related to the Distribution and capital expenditures[232]. - Net cash used in financing activities totaled $419,134,000, including principal payments on Term Loans of $1.4 billion[233]. - The Company recorded positive cash flows from operating activities of $27.5 million for the nine months ended September 30, 2025, but generated negative cash flows of $29.6 million excluding People Inc.[244]. Taxation and Earnings - The effective income tax rate for Q3 2025 was 56%, significantly higher than the statutory rate of 21%, primarily due to non-deductible compensation expenses and state taxes[210]. - For the nine months ended September 30, 2025, the effective income tax rate was also elevated at 51%, influenced by non-taxable stock-based compensation and state taxes[210]. - The income tax benefit for Q3 2025 was $27,259 thousand, a decrease of 68% from $86,169 thousand in Q3 2024[210][222]. - Net loss attributable to IAC shareholders for Q3 2025 was $(21,879) thousand, compared to a net loss of $(243,719) thousand in Q3 2024[222][223]. Investments and Future Outlook - The company reported an unrealized loss on investment in MGM of $346.3 million for the three months ended September 30, 2025, compared to a gain of $363.7 million in the same period of 2024[203]. - The Company owns approximately 23.8% of MGM based on the number of common shares outstanding as of September 30, 2025[205]. - The Company expects to need additional capital through future debt or equity financing to refinance its existing capital structure and make acquisitions[248]. - The Company anticipates capital expenditures for 2025 to be approximately 55% to 60% higher than the $15.0 million spent in 2024, driven by increased capitalized software and leasehold improvements[243].

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].