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 Performance & Guidance - IAC's consolidated Adjusted EBITDA grew by 15% [8] - Full-year 2025 Adjusted EBITDA guidance is between $247 million and $285 million [8] - People Inc expects Q3 2025 Digital revenue growth of 7%-9% and total Adjusted EBITDA between $68 million and $73 million [54] - For FY 2025, People Inc expects Digital revenue growth between 7%-10% [54] People Inc (Formerly Dotdash Meredith) - Digital revenue growth accelerated to 9% [8] - Digital Adjusted EBITDA margin was 24% in Q2 2025 [32] - People Inc's Digital revenue for Q2 2025 was $260 million [32] - People Inc's Digital Adjusted EBITDA for Q2 2025 was $63 million [32] Care.com - Care.com's revenue for the last twelve months ending June 30, 2025, was $360 million [46] - Care.com's Adjusted EBITDA for the last twelve months ending June 30, 2025, was $46 million [46] - Care.com expects revenue declines of 4%-7% in Q3 [54]