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Dan Karnos

Managing Director and Senior Equity Research Analyst at The Benchmark Company

Daniel Kurnos is a Managing Director and Senior Equity Research Analyst at The Benchmark Company, specializing in Internet, Broadcasting, and Media sectors with a focus on digital commerce, streaming, and advertising-driven platforms. He covers companies such as Netflix, Vivid Seats, Paramount Skydance, Porch Group, eBay, and Zillow, and has achieved a success rate of approximately 48% with an average return per rating of 5.9% on TipRanks, including standout recommendations such as an 800% return on Porch Group. Kurnos began his career at UBS Financial Services, later establishing the equity research department at MSC Financial Advisors, working at Stanford Group, and then joining Benchmark Company more than a decade ago. He holds dual Bachelor of Arts degrees in Economics and Music from Cornell University, is a CFA Charterholder, and brings a strong background in wealth management and institutional research.

Dan Karnos's questions to IAC (IAC) leadership

Question · Q3 2025

Dan Karnos from The Benchmark Company asked Christopher Halpin about the run rate savings from the recent Reduction in Force (RIF), specifically how much is expected to be reinvested versus flowing through to the bottom line. He then asked Neil Vogel about strategies to accelerate off-platform interactivity and explore new distribution channels for People Inc., emphasizing the value of their unique content.

Answer

Christopher Halpin, COO and CFO of IAC, stated that of the $60 million run rate savings from the RIF, about half is expected to flow through to profitability and margins, with the other half reinvested in high ROI digital activities like D/Cipher+, My Recipes, and People app. Neil Vogel, CEO of People Inc., explained that they are focused on pouring 'gas' on off-platform initiatives, leveraging their brands' unique permission and authenticity on social platforms like Jimmy Fallon's show for Sexiest Man Alive and InStyle's 'The Intern' series, which garners millions of views among Gen Z females.

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Question · Q3 2025

Dan Karnos asked about the run rate savings from the RIF, how much will be reinvested versus flowing to the bottom line. He also inquired about strategies to accelerate off-platform interactivity and explore new distribution channels for People Inc.'s properties.

Answer

Christopher Halpin, COO and CFO of IAC, stated that about half of the $60 million run rate savings from the RIF would flow to profitability, with the other half reinvested in high ROI digital activities. Neil Vogel, CEO of People Inc., discussed pouring 'gas on the fire' for off-platform interactivity, emphasizing the unique permission of their brands on social media, citing examples like the 'Sexiest Man Alive' announcement and InStyle's 'The Intern' series, and confirming a pivot of resources to where audiences are.

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