Core Insights - Vivian Health, Inc. has appointed Bill Kong as CEO to lead the company into its next growth phase, focusing on AI-driven innovation and product development [1][2] - Co-founder Parth Bhakta transitions to Executive Chairman, collaborating closely with Kong and the executive team to shape long-term strategy [2][4] - Vivian Health has achieved over 50x revenue growth since its acquisition by IAC, now supporting 2.7 million clinicians and facilitating over $1.5 billion in annual healthcare labor spend [3][4] Leadership Changes - Bill Kong succeeds Parth Bhakta as CEO, while Bhakta will focus on long-term strategy as Executive Chairman [2][7] - Adam Greenberg expands his role to President & CFO, overseeing financial strategy and operations [2] - Kong brings over 20 years of experience in management and marketing, having previously served as Chief Marketing Officer at Rover and Chief Digital Marketing Officer at Sears [5][6] Company Performance - Vivian Health has grown into the leading healthcare talent marketplace since its founding in 2017, with millions of job listings available [4][8] - The company is now profitable and positioned at the forefront of healthcare staffing transformation in the AI era [4][5] - The platform features intelligent matching and transparent salary information, catering to over 2.7 million healthcare professionals [8]

Company Overview - Vimeo is undergoing staff reductions, confirmed by its owner Bending Spoons, following its acquisition for approximately $1.38 billion in November [1] - This marks Vimeo's second round of layoffs since September, when it cut 10% of its full-time workforce to enhance focus and efficiency [2] Parent Company Activities - Bending Spoons, based in Milan, owns several software companies and has actively pursued mergers and acquisitions, including the recent purchase of Vimeo and an announced acquisition of AOL for $1.5 billion [3] - The company raised $4 billion in debt financing in 2025 to support its AOL acquisition and future M&A activities [3] Historical Context - Bending Spoons has a track record of significant job cuts post-acquisition, exemplified by a 75% reduction in WeTransfer's staff after its purchase [4] - Vimeo has been positioning itself as a premium video hosting platform since its founding in 2004, aiming to be an alternative to YouTube, and has expanded its offerings to include software solutions beyond video hosting [5] Industry Trends - Vimeo is not alone in its workforce reductions; other tech companies like Meta and TikTok have also laid off employees as part of restructuring efforts or to achieve cost efficiencies [6]

Core Viewpoint - IAC is set to release its fourth quarter results on February 3, 2026, followed by a conference call on February 4, 2026, to discuss the results with key executives participating [1][2]. Group 1: Company Overview - IAC is a company that builds and acquires new products and brands, evolving from its origins nearly three decades ago into 10 independent, publicly-traded companies [3]. - The company operates with principles of financially-disciplined opportunism and is headquartered in New York City [3]. - IAC includes category-leading businesses such as People Inc. and Care.com, and holds strategic equity positions in MGM Resorts International and Turo Inc. [3].

Core Viewpoint - IAC Inc. is considered deeply undervalued, with a significant gap between its market capitalization and its intrinsic value based on its stake [1] Group 1: Company Analysis - The current price of IAC Inc. presents a strong buying opportunity due to its undervaluation [1] - The analysis is supported by the company's financial modeling and valuation expertise [1] Group 2: Analyst Background - The analyst has a Master's in Banking & Finance and 10 years of experience in corporate finance, M&A, and investment analysis [1] - The focus areas include real estate, renewable energy, and equity markets, indicating a diverse investment background [1]

Core Viewpoint - IAC Inc. is considered deeply undervalued, with a significant gap between its market capitalization and its intrinsic value based on its stake [1] Group 1: Company Analysis - The current price of IAC Inc. presents a strong buying opportunity due to its undervaluation [1] - The analysis is supported by the company's financial modeling and valuation expertise [1] Group 2: Analyst Background - The analyst has a Master's in Banking & Finance and 10 years of experience in corporate finance, M&A, and investment analysis [1] - The focus areas include real estate, renewable energy, and equity markets, indicating a diverse investment background [1]

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]