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].

Core Insights - IAC missed Wall Street expectations for quarterly revenue due to a decline in visitors to its ad-supported search and content websites, attributed to the rise of AI-generated summaries [1] Company Performance - IAC's quarterly revenue fell short of analyst forecasts, indicating potential challenges in maintaining user engagement on its platforms [1] Industry Trends - The increase in AI-generated summaries is impacting traditional ad-supported content models, leading to fewer visitors on IAC's websites [1]

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories - **User Experience** - Enabling Javascript and cookies is crucial for seamless browsing [1] - Ad-blockers can hinder access to certain content, suggesting a need for users to disable them [1]

Core Insights - Vivian Health and Hallmark Health Care Solutions have formed a strategic partnership to enhance the connection between healthcare agencies and clinicians, utilizing AI technology for improved hiring processes [2][4] - The integration of Vivian's AI-enabled hiring technology into Hallmark's platform aims to streamline the submission of clinician candidates, including travel nurses and allied health professionals [2][3] Company Overview - Vivian Health is the largest online marketplace for healthcare talent, serving over 2.5 million clinicians and offering more than 250,000 job opportunities [2][6] - Hallmark Health Care Solutions is a leader in workforce intelligence and enablement, managing over $10 billion in physician compensation annually and supporting more than 100,000 users daily [9][10] Technology and Efficiency - The integration allows for intelligent screening, automated profile generation, and one-click submissions, which enhances recruiter efficiency and improves conversion rates [3][4] - Vivian's AI Assistant is designed to help healthcare systems and agencies fill critical roles faster and more efficiently [7] Strategic Goals - The partnership aims to optimize the hiring process, reduce labor expenses, and maintain high-quality care in health systems [4][5] - Both companies are committed to advancing workforce solutions in the healthcare industry, focusing on better matching labor supply with demand [5][9]

Core Points - IAC will release its third quarter results after market close on November 3, 2025, and will host a conference call on November 4, 2025, at 8:30 a.m. ET to discuss these results [1] - The conference call will feature key executives including Barry Diller, Christopher Halpin, and Neil Vogel [1] - The live audiocast and replay of the conference call will be accessible to the public through IAC's investor relations website [2] Company Overview - IAC is a company that builds and acquires businesses, driven by curiosity and a desire to innovate [2] - Over nearly three decades, IAC has evolved into 10 independent, publicly-traded companies and has developed a strong leadership team [2] - IAC's current portfolio includes category-leading businesses such as People Inc. and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2]

Core Insights - IAC has been actively participating in industry conferences, showcasing its commitment to investor relations and transparency [1] Company Overview - Christopher Halpin serves as the Executive Vice President, Chief Operating Officer, and Chief Financial Officer of IAC, overseeing various functions including Corporate Finance, Accounting, M&A, and Investor Relations [4] - The company emphasizes the importance of its day-to-day operations and execution across its business segments [4] Financial Disclosures - Discussions may include forward-looking statements that reflect the company's current views and expectations, with actual outcomes potentially differing due to various risks and uncertainties [2] - The company may reference non-GAAP measures such as adjusted EBITDA, with reconciliations available in its earnings materials and SEC filings [3]

IAC Conference Call Summary Company Overview - **Company**: IAC (NasdaqGS:IAC) - **Date**: September 09, 2025 - **Key Speaker**: Christopher Halpin, CFO Key Points Company Structure and Financial Position - IAC is a holding company with five consolidated businesses: People Inc. (formerly Dotdash Meredith), Care.com, Vivian (healthcare staffing marketplace), a search business, and The Daily Beast [9] - IAC holds significant minority stakes: 24% in MGM Resorts and 32% in Turo [9] - The company has approximately $830 million in cash at the parent level with no debt, indicating strong financial flexibility [9] Capital Allocation Strategy - IAC is focused on balancing capital return to shareholders and pursuing M&A opportunities [11] - The company repurchased $200 million worth of shares, approximately 4.5% of its total shares, between February and April 2025 [12] - IAC is disciplined in its M&A approach, seeking opportunities that will create equity value [15][16] Market Environment and M&A Considerations - The current public market is at all-time highs, and private market valuations are elevated, impacting M&A activity [15] - IAC is cautious about the pricing environment for acquisitions, emphasizing the need for clear economic visibility [16] Rebranding Strategy - The rebranding from Dotdash Meredith to People Inc. aims to strengthen the brand's presence in the media landscape, leveraging the established People brand [20][21] Search Business and Traffic Diversification - IAC has reduced its dependence on Google Search, which accounted for 65% of traffic at the time of the Meredith and Dotdash merger, down to 28% [23][24] - The company is focusing on diversifying traffic sources, including direct relationships with consumers and off-platform views through aggregators like Apple News [24][25] Digital Revenue and Growth Projections - Digital revenue is projected to grow by 7% to 9% in Q3 2025 and 7% to 10% for the full year, with digital adjusted EBITDA margins expected to be between 25% and 28% [32][33] - The company is experiencing challenges with on-platform traffic but expects off-platform engagement and performance marketing to drive growth [33] Consumer Behavior Insights - There is a notable disparity in consumer behavior across income levels, with high-income consumers performing well while low-income consumers face challenges [35] - The advertising landscape shows strength in sectors like pharma and tech, while retail and beauty are experiencing softness [37] Care.com Turnaround Efforts - Care.com is undergoing a turnaround with improvements in product and consumer experience, leading to increased signups and retention [39][40] Non-Control Stakes in MGM and Turo - IAC views its 24% stake in MGM as undervalued, with strong market positioning and growth potential in digital and international markets [42] - Turo, with a 32% stake, is positioned as a market leader in car sharing, focusing on increasing brand awareness and user engagement [44] AI Integration Strategy - IAC is actively exploring AI applications across its businesses to enhance productivity and customer experience [46][49] - The company is leveraging AI for customer service and operational efficiencies, with positive results in conversion rates [49] Strategic Priorities - IAC's strategic priorities include executing across its businesses, driving revenue growth, maintaining unit economics, and exploring capital allocation opportunities [51] Conclusion - IAC is focused on unlocking value through disciplined capital allocation, strategic M&A, and leveraging its diverse portfolio to navigate the current market environment while enhancing its digital presence and operational efficiencies.

Summary of IAC FY Conference Call - August 13, 2025 Company Overview - **Company**: IAC (InterActiveCorp) - **Key Businesses**: - People Inc (formerly Dotdash Meredith) - Care.com - Vivien Health (healthcare staffing) - The Daily Beast - Search business - **Financial Position**: $900 million in cash at the parent level with no debt at the parent level, although there is debt at People Inc which was refinanced attractively in June [10][11][12] Rebranding and Digital Transition - **Rebranding**: Transition from Dotdash Meredith to People Inc aimed at simplifying the brand for better recognition and marketability [5][6][13][15] - **Digital Focus**: The company is transitioning from print to digital, with a significant reduction in print publications from 12-13 to 7 over three years. The print business is maintained for branding and cash flow purposes [18][19][20] - **Digital Revenue**: 64% of the company's digital revenue comes from owned and operated (O&O) websites, with a focus on diversifying traffic sources beyond Google [25][28] Growth and Future Opportunities - **Long-term Goals**: Targeting 10% digital growth, with potential upside through new brands and leveraging consumer data [31][33] - **Decipher Tool**: An ad targeting tool that utilizes first-party data to enhance advertising effectiveness, potentially increasing the total addressable market (TAM) for ad sales [33][82] - **Care.com Growth**: Aiming for 10-20% growth in the consumer segment by improving product offerings and marketing strategies [94][97] Advertising Market Insights - **Market Conditions**: The advertising market is described as "good, not great," with sector-specific performance. Health and pharma are solid, while CPG and food and beverage sectors are facing challenges [68][71] - **Programmatic Advertising**: Programmatic revenue accounts for about 25-30% of total digital revenue, with recent improvements noted in pricing and demand [75][77] Strategic Partnerships and Licensing - **LLM Licensing**: The company is exploring licensing deals with LLM (Large Language Model) providers, emphasizing the need for high-quality content and potential economic arrangements [39][41] - **Cloudflare Partnership**: A partnership aimed at blocking LLM crawlers, except for OpenAI, has led to increased discussions with other LLM providers about accessing content [40] Financial Management and Shareholder Value - **Share Repurchases**: The company has been cautious with share buybacks, having repurchased $200 million worth of stock earlier in the year, while also considering M&A opportunities [58][59] - **Corporate Overhead**: Targeting a reduction in corporate overhead expenses, aiming for a run rate of $80-90 million by year-end [63][65] Key Business Segments - **Vivien Health**: Positioned as a strategic asset in healthcare staffing with a marketplace model connecting nurses and healthcare systems, currently generating mid-eight figures in revenue [99][100] - **Care.com**: Focused on stabilizing and growing the consumer segment after a decline in subscribers, with a new CEO implementing product improvements [96][97] Conclusion - The company is optimistic about its future growth prospects, leveraging its strong brand portfolio and digital capabilities to navigate the evolving media landscape [36][56]

Group 1 - IAC will participate in the Oppenheimer 28th Annual Technology, Internet & Communications Conference on August 13, 2025, featuring a fireside chat with key executives [1] - Christopher Halpin, Executive Vice President, COO and CFO of IAC, and Neil Vogel, CEO of People Inc., will be the speakers at the event [1] - The fireside chat will be available for live webcast and replay on IAC's investor relations website [1] Group 2 - IAC is a company that builds and evolves businesses, guided by curiosity and a desire to innovate or acquire new products and brands [2] - The company has developed into 10 independent, publicly-traded companies and has a history of financially-disciplined opportunism [2] - IAC's current portfolio includes category-leading businesses such as People Inc. and Care.com, along with strategic equity positions in MGM Resorts International and Turo Inc. [2]