NEW YORK, May 23, 2024 /PRNewswire/ -- IAC (NASDAQ: IAC) will participate in the 52nd Annual TD Cowen Technology, Media and Telecom Conference on Thursday, May 30, 2024. Christopher Halpin, Executive Vice President, CFO and COO of IAC will participate in a fireside chat at 11:25 a.m. ET. Both a live audio webcast and replay of the fireside chat will be available to the public in the IR section of IAC's website at https://ir.iac.com/events-and-presentations. About IAC IAC (NASDAQ: IAC) builds companies. We a ...

NEW YORK, May 14, 2024 /PRNewswire/ -- IAC (NASDAQ: IAC) will participate in the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 22, 2024. Joey Levin, CEO of IAC and Chairman of Angi Inc., will participate in a fireside chat at 10:00 a.m. ET. Both a live audio webcast and replay of the fireside chat will be available to the public in the IR section of IAC's website at https://ir.iac.com/events-and-presentations. About IAC IAC (NASDAQ: IAC) builds companies. W ...

IAC (IAC) reported $929.68 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 14.3%. EPS of -$0.93 for the same period compares to -$2.06 a year ago.The reported revenue represents a surprise of -0.85% over the Zacks Consensus Estimate of $937.68 million. With the consensus EPS estimate being -$1.14, the EPS surprise was +18.42%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

IAC (IAC) came out with a quarterly loss of $0.93 per share versus the Zacks Consensus Estimate of a loss of $1.14. This compares to loss of $2.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 18.42%. A quarter ago, it was expected that this Y would post a loss of $0.20 per share when it actually produced a loss of $0.73, delivering a surprise of -265%.Over the last four quarters, the company has surpassed consensus EPS esti ...

Revenue Performance - Dotdash Meredith's Digital revenue increased by 13% to $209.3 million, while Print revenue decreased by 10% to $185.9 million, resulting in a total revenue of $390.5 million, a 1% increase year-over-year [147]. - Angi Inc.'s total revenue decreased by 14% to $305.4 million, with Domestic Ads and Leads revenue down 15% to $249.6 million and Services revenue down 36% to $20.5 million [147]. - Total revenue for IAC decreased by 14% to $929.7 million compared to $1.08 billion in the same quarter last year [147]. - Dotdash Meredith revenue increased by 1% to $390.5 million, driven by a $24.5 million, or 13%, increase in Digital revenue, while Print revenue decreased by $21.1 million, or 10% [149]. - Angi Inc. revenue decreased by 14% to $305.4 million, with Ads and Leads down by $43.9 million, or 15%, and Services down by $11.6 million, or 36% [149]. Operational Metrics - Dotdash Meredith's Total Sessions decreased by 3% to 2.75 billion, while Core Sessions increased by 8% to 2.27 billion [147]. - Angi Inc. reported a 31% decrease in Service Requests to 4.1 million and a 15% decrease in Monetized Transactions to 5.5 million [147]. - The decrease in consumer connection revenue for Angi Inc. was primarily due to a $52.4 million, or 25%, decline in Monetized Transactions, reflecting fewer Transacting Service Professionals [149]. Expenses and Cost Management - Cost of revenue decreased by $70.965 million, or 21%, from $342.929 million in 2023 to $271.964 million in 2024, representing 29% of revenue compared to 32% in the prior year [149]. - Selling and marketing expenses decreased by $59.372 million, or 15%, from $403.297 million in 2023 to $343.925 million in 2024, maintaining 37% of revenue [151]. - General and administrative expenses decreased by $60.407 million, or 22%, from $273.076 million in 2023 to $212.669 million in 2024, representing 23% of revenue compared to 25% in the prior year [155]. - Product development expenses increased by $2.212 million, or 3%, from $84.787 million in 2023 to $86.999 million in 2024, accounting for 9% of revenue [156]. - Depreciation expenses decreased by $24.599 million, or 40%, from $36.573 million in 2023 to $61.172 million in 2024, representing 4% of revenue compared to 6% in the prior year [157]. Profitability and EBITDA - Operating loss decreased by $76.418 million, or 56%, from $135.596 million in 2023 to $59.178 million in 2024, with an increase in Adjusted EBITDA of $33.9 million [159]. - Dotdash Meredith's Adjusted EBITDA increased by $53.4 million to $30.2 million from a loss of $23.1 million, driven by a $12.6 million increase in Digital and a $49.2 million decrease in losses from Other [162]. - Angi Inc.'s Adjusted EBITDA rose by $6.3 million to $36.0 million, with contributions of $2.3 million from International, $2.2 million from Services, and $1.4 million from Ads and Leads [166]. - The Print segment's Adjusted EBITDA decreased by $8.4 million, primarily due to revenue declines [166]. - The Emerging & Other segment's Adjusted EBITDA loss increased by $19.8 million to a loss of $4.2 million, impacted by severance expenses and transaction-related costs [166]. Cash and Debt Management - As of March 31, 2024, Angi Inc. has cash and cash equivalents totaling $363.3 million, a slight decrease from $364.0 million on December 31, 2023 [181]. - Dotdash Meredith's cash and cash equivalents increased to $268.7 million from $261.6 million during the same period [181]. - IAC's total cash and cash equivalents and marketable securities reached $1.64 billion, up from $1.45 billion at the end of 2023 [181]. - IAC's long-term debt, net, stood at $1.98 billion as of March 31, 2024, a slight decrease from $1.99 billion at the end of 2023 [181]. - The Company's consolidated debt amounts to approximately $2.03 billion, with $1.53 billion in Dotdash Meredith Term Loans and $500 million in ANGI Group Senior Notes [203]. Investments and Future Outlook - The sale of Mosaic Group was completed for approximately $160 million on February 15, 2024 [133]. - The Services Agreement with Google is set to expire on March 31, 2025, which may impact future revenue [144]. - Angi Inc. completed the sale of its subsidiary Total Home Roofing on November 1, 2023, reflecting a strategic shift in its operations [133]. - The company anticipates a 40% to 50% reduction in capital expenditures for 2024 compared to $141.4 million in 2023, primarily due to prior land acquisition costs [196]. - The Company may need to raise additional capital through future debt or equity financing to make acquisitions and investments [200]. Tax and Other Financial Metrics - The income tax provision improved by $84.8 million to a provision of $54.7 million, with an effective income tax rate of 55% compared to 25% in the previous year [168]. - Interest expense decreased by $1.5 million to $38.2 million, primarily due to an increase in interest rates from 8.77% to 9.43% on Term Loan B and from 6.94% to 7.68% on Term Loan A [164]. - Other income, net increased by $11.1 million to $34.8 million, including a pre-tax gain of $29.2 million on the sale of assets of Mosaic Group [167]. - The unrealized gain on investment in MGM Resorts International decreased by $541.1 million to $704.8 million, reflecting changes in MGM's stock price [165]. - During the three months ended March 31, 2024, the Company recognized an unrealized gain of $163.8 million on its investment in MGM, compared to $704.8 million for the same period in 2023 [201].

Financial Performance - IAC reported Q1 2024 revenue of $929.7 million, a decrease of 14% from $1,084.3 million in Q1 2023[3] - Total operating loss improved by 56% to $59.2 million compared to a loss of $135.6 million in Q1 2023[3] - Adjusted EBITDA for Q1 2024 increased 372% to $43.0 million, up from $9.1 million in Q1 2023[3] - IAC reported total revenue of $929.7 million for Q1 2024, a decrease of 14.3% compared to $1.1 billion in Q1 2023[32] - IAC's net earnings attributable to shareholders decreased to $45.0 million in Q1 2024, down from $417.8 million in Q1 2023[32] - IAC's diluted earnings per share for Q1 2024 was $0.51, a significant decrease from $4.57 in Q1 2023[32] - Net earnings for Q1 2024 were $44.972 million, a significant decrease from $415.319 million in Q1 2023[34] Revenue Breakdown - Dotdash Meredith's digital revenue grew by 13% to $209 million, offsetting a 10% decline in print revenue[4] - Angi Inc. revenue decreased 14% year-over-year to $305 million, with a notable 18% growth in international markets[4] - Emerging & Other revenue fell 34% to $127 million, impacted by the sale of Roofing and Mosaic Group assets[4] - Dotdash Meredith's total digital revenue increased by 13% to $209.3 million in Q1 2024, up from $184.8 million in Q1 2023[25] - Angi Inc. total revenue decreased by 14% to $305.4 million in Q1 2024, down from $355.5 million in Q1 2023[25] - Pro Forma Angi Inc. Net Revenue for Q1 2024 was $305.4 million, down from $351.8 million in Q1 2023[37] Cash Flow and Investments - Free cash flow for Q1 2024 increased to $48.3 million, up from $3.3 million in Q1 2023[15] - IAC's cash and cash equivalents increased to $1.5 billion as of March 31, 2024, compared to $1.3 billion at the end of 2023[33] - Net cash provided by operating activities increased to $64.054 million in Q1 2024 from $25.167 million in Q1 2023[34] - Net cash provided by investing activities rose to $172.221 million in Q1 2024, compared to $51.974 million in Q1 2023[34] - Total cash provided (used) in Q1 2024 was $210.301 million, contrasting with a cash usage of $18.834 million in Q1 2023[34] - Capital expenditures in Q1 2024 were $15.712 million, a decrease from $21.863 million in Q1 2023[34] Debt and Taxation - IAC's long-term debt remained stable at $2.0 billion, with Dotdash Meredith holding $1.5 billion and Angi Group holding $500 million[23] - The company recorded an income tax provision of $54.7 million for Q1 2024, resulting in an effective tax rate of 55%[14] Investments and Market Position - IAC's unrealized gain on investment in MGM Resorts International decreased by 77% to $163.8 million[3] - IAC holds 64.7 million shares of MGM, valued at $2.7 billion as of May 3, 2024, compared to a purchase cost of $1.3 billion[4] - The unrealized gain on investment in MGM Resorts International was a loss of $163.751 million in Q1 2024, compared to a loss of $704.840 million in Q1 2023[34] Business Strategy and Market Trends - IAC's businesses, including Angi Inc. and Dotdash Meredith, are focused on expanding their digital reach and monetizing their products and services through various channels[62] - The company anticipates trends in the industries it operates in, with a focus on adapting to changes in consumer behavior and technology[62] - IAC's strategy includes maintaining financially-disciplined opportunism while evolving its portfolio of businesses[63] - The company emphasizes the importance of protecting user data and systems from cyberattacks, which is critical for maintaining consumer trust[62] - IAC's future financial performance is subject to various risks, including economic trends and competition in the digital space[62]

Agreement delivers 100 million ChatGPT users trusted content from 40+ iconic media brands including PEOPLE, Better Homes & Gardens, FOOD & WINE, Verywell, InStyle, and Investopedia Companies to collaborate on D/Cipher–Dotdash Meredith's transformative cookieless ad targeting solution—bringing AI-powered capabilities and insights to enhance performance for advertisers NEW YORK, May 7, 2024 /PRNewswire/ -- Dotdash Meredith (DDM), America's largest digital and print publisher, today announced a strategic par ...

IAC Inc. (IAC) is scheduled to release first-quarter 2024 results on May 07, after market close.The company has a lackluster earnings surprise history, having outperformed the Zacks Consensus Estimate in one of the preceding four quarters while matching in one and missing in the other two, the average beat being negative 77.8%. In the last reported quarter, it reported a loss of 73 cents per share, which missed the Zacks Consensus Estimate of a loss of 20 cents per share by 265%.Let’s see how things have sh ...

Wall Street analysts expect IAC (IAC) to post quarterly loss of $1.14 per share in its upcoming report, which indicates a year-over-year increase of 44.7%. Revenues are expected to be $937.68 million, down 13.5% from the year-ago quarter.Over the last 30 days, there has been an upward revision of 2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Before a ...

Wall Street expects a year-over-year increase in earnings on lower revenues when IAC (IAC) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other han ...