Net earnings (loss) (USD, thousands)

Unrealized (gain) loss on investment in MGM Resorts International (USD, thousands)

Amortization of intangibles (USD, thousands)

Depreciation (USD, thousands)

Stock-based compensation expense (USD, thousands)

Non-cash lease expense (including right-of-use asset impairments) (USD, thousands)

(Gains) losses on investments in equity securities and sales of businesses, net (USD, thousands)

Deferred income taxes (USD, thousands)

Unrealized decrease (increase) in the estimated fair value of a warrant (USD, thousands)

Other adjustments, net (USD, thousands)

Net cash provided by (used in) operating activities (USD, thousands)

Capital expenditures (USD, thousands)

Proceeds from sales of assets (USD, thousands)

Proceeds from maturities of marketable debt securities (USD, thousands)

Purchases of marketable debt securities (USD, thousands)

Net proceeds from the sales of businesses and investments (USD, thousands)

Other, net - Investing activities (USD, thousands)

Net cash used in investing activities (USD, thousands)

Principal payments on Dotdash Meredith Term Loans (USD, thousands)

Other, net - Financing activities (USD, thousands)

Net cash used in financing activities (USD, thousands)

Total cash (used in) provided by continuing operations (USD, thousands)

Effect of exchange rate changes on cash and cash equivalents and restricted cash (USD, thousands)

Net decrease in cash and cash equivalents and restricted cash (USD, thousands)

Cash and cash equivalents and restricted cash at beginning of period (USD, thousands)

Cash and cash equivalents and restricted cash at end of period (USD, thousands)

623fe1d4d1626e5c24c218d90f935283386972338903e71737bdf00112370231

IAC's Q1 2024 revenue decline was driven by **multiple factors**. The revenue dropped by **14% overall compared to Q1 2023**. Significant segment-specific declines played a central role, with **Angi Inc.** revenue falling by **14%**, **Search** revenue decreasing by **29%** (including a **32% drop** at Ask Media Group), and **Emerging & Other** revenue declining by **34%** due to factors such as the sale of Roofing assets, a drop in Mosaic Group revenue, and a **2% decline** in Care.com revenue. Additionally, geographic revenue dynamics showed a **15% decrease** in U.S. revenue and a **6% decline** in international revenue, even as slight **offsets in Dotdash Meredith** revenue (up **1%** driven by a **13% growth** in Digital revenue) helped mitigate the losses.  **[0001800227-24-000022_ex_991q12024iac-pressrelea.htm:0]** **[0001800227-24-000022_ex_991q12024iac-pressrelea.htm:1]** **[0001800227-24-000024_iaci-20240331.htm:18]** 

What drove the revenue decline in Q1 2024?

The turnaround in **operating income** for **Q3 2024** was driven by several factors. **Lower amortization of intangibles** played a role, with a decrease of **$25,018 thousand** due to certain assets becoming fully amortized and the absence of a **$7,600 thousand** impairment seen in the previous period. Additionally, there was no **$9,000 thousand goodwill impairment** in Q3 2024 that had negatively impacted Q3 2023. **Lower depreciation expenses** by **$7,331 thousand**, reflecting the write-off of certain leasehold improvements and fully depreciated assets, further contributed. An increase in **adjusted EBITDA** by **$7,000 thousand** and a reduction in **stock-based compensation** by **$731 thousand** also positively influenced the operating income turnaround.  **[0001800227-24-000046_iaci-20240930.htm:54]** 

What contributed to the turnaround in operating income in Q3 2024?

The sharp improvement in **Basic EPS in Q4 2023** was driven by several factors. **Most notably, IAC experienced a substantial increase in its unrealized gain on its investment in MGM Resorts International**, which surged from **$246.6 million** in Q4 2022 to **$512.6 million** in Q4 2023—an increase of **108%**—providing a significant boost to its earnings.  **[0001104659-24-019912_tm246046d1_ex99-1.htm:1]**  Additionally, the company saw an **improvement in its operating loss by $38 million** (resulting in an operating loss of **$37 million** in Q4 2023) and turned around its net earnings to **$327.8 million** from a loss of **$1.4 million** in Q4 2022, all of which contributed to the marked improvement in Basic EPS.  **[0001104659-24-019912_tm246046d1_ex99-1.htm:0]** **[0001104659-24-019912_tm246046d1_ex99-1.htm:7]** 

Why did Basic EPS sharply improve in Q4 2023?

The net earnings turnaround in Q4 2023 was driven by several factors. **First, an unrealized gain on the MGM investment increased significantly—from **$246.6 million** in Q4 2022 to **$512.6 million** in Q4 2023, marking a **108% increase**.** Additionally, **the operating loss improved by 51%, falling from **$75.1 million** to **$37.0 million** thanks to better cost management and operational efficiencies.** Moreover, **adjusted EBITDA grew by 57% from **$99.7 million** to **$156.8 million**, reflecting improved profitability across key business segments.** Although there was a **15% decline in revenue** (from **$1,246.5 million** to **$1,058.0 million**), this was more than offset by the gains in the other areas, collectively leading to the turnaround from a net loss in Q4 2022 to net earnings in Q4 2023.  **[0001104659-24-019912_tm246046d1_ex99-1.htm:1]** 

What factors led to the net earnings turnaround in Q4 2023?

8748682c1598cc8a9c31766d89ced59dbc4f4f7f7b027c5b9fb913d27bb01905

The rise in **cash** in Q3 2024 was driven by a combination of factors. **IAC** experienced improved **net cash provided by operating activities**, reflecting a boost in their operational cash flow, alongside a significant turnaround in **net cash from investing activities**—shifting from a cash outflow to a cash inflow—and a reduction in **net cash used in financing activities**. These combined factors contributed to the overall improvement in cash and cash equivalents during the period.  **[0001800227-24-000044_ex_991q32024iac-pressrelea.htm:0]** **[0001800227-24-000046_iaci-20240930.htm:61]** 

What drove the rise in cash in Q3 2024?

The decrease in total assets for Q3 2024 is attributed to reductions in several key asset categories. Specifically, **Goodwill** declined by **$142,549**, **intangible assets** decreased by **$116,928**, and the **investment in MGM Resorts International** fell by **$361,805**. In addition, **other non-current assets** and **marketable securities** saw significant drops, and there was also a decline in **buildings, capitalized software, land, equipment, and leasehold improvements**. These decreases outweighed the increase in **cash and cash equivalents** by **$422,322**, leading to the overall lower total assets in Q3 2024.  **[0001800227-24-000044_ex_991q32024iac-pressrelea.htm:6]** **[0001800227-24-000046_iaci-20240930.htm:2]** **[0001800227-24-000044_ex_991q32024iac-pressrelea.htm:0]** 

Why are total assets lower in Q3 2024?

The **current portion of long-term debt** increased in Q3 2024 primarily because the company reclassified a portion of its long-term debt that is due within the next 12 months. This reclassification reflects the scheduled repayments of **Term Loan A** and **Term Loan B** according to fixed repayment schedules.  **[0001800227-24-000044_ex_991q32024iac-pressrelea.htm:6]** **[0001800227-24-000046_iaci-20240930.htm:2]** **[0001800227-24-000048_q32024dotdashmeredithfinan.htm:10]** 

Why did the current portion of long-term debt increase in Q3 2024?

The sharp drop in marketable securities in Q3 2024 was primarily caused by the **reclassification of IAC's investment in MGM Resorts International**. In Q4 2023, this investment was included as marketable equity securities, but it was later reclassified to an **equity method investment**, which meant it was no longer counted among marketable securities.  **[0001800227-24-000046_iaci-20240930.htm:14]** 

What caused the sharp drop in marketable securities in Q3 2024?

c4d47a9e2f8f7299f0d7f72deaa05aed351a61a328a8a814dc9586e481fb6359

e820cc8563bda5b737d6777183e130a498f57c74599a8934c3b56b41cd8cb288

Revenue (USD, thousands)

Selling and Marketing Expense (USD, thousands)

General and Administrative Expense (USD, thousands)

Product Development Expense (USD, thousands)

Amortization of Intangibles (USD, thousands)

Total Operating Costs and Expenses (USD, thousands)

Operating Income (Loss) (USD, thousands)

Interest Expense (USD, thousands)

Unrealized (Loss) Gain on Investment in MGM Resorts International (USD, thousands)

Other Income (Expense), Net (USD, thousands)

Income Tax (Provision) Benefit (USD, thousands)

Net Loss (Earnings) (USD, thousands)

Net (Earnings) Loss Attributable to Noncontrolling Interests (USD, thousands)

Net Loss (Earnings) Attributable to IAC Shareholders (USD, thousands)

Basic Loss (Earnings) per Share (USD)

Diluted Loss (Earnings) per Share (USD)

Stock-Based Compensation Expense - Cost of Revenue (USD, thousands)

Stock-Based Compensation Expense - Selling and Marketing (USD, thousands)

Stock-Based Compensation Expense - General and Administrative (USD, thousands)

Stock-Based Compensation Expense - Product Development (USD, thousands)

Total Stock-Based Compensation Expense (USD, thousands)

473c665ba86aaf6e66924a0a4339a166f97023b232a4b9bbebea5a6877faf4d3

Total Sessions for Dotdash Meredith Digital (millions)

Core Sessions for Dotdash Meredith Digital (millions)

Service Requests for Angi (thousands)

Monetized Transactions for Angi (thousands)

Transacting Professionals for Angi (thousands)

61ed27f6e447b7998a37cf338b3c190b224e204cf6ae5412342f099583f12e51

Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

306f27c3df73a32423901f606628e592b65ac8380e0b4078722cef0bcc678286

United States

All Other Countries

Total Revenue

c224b3348e504d6c5b91751bfa9cbc632807130d543c5b90d64f28430408b64c

a845b44565176212c10fc68d1cf05c32a46f78da8016eeaa920dc1f901d02ef2

Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

SG&A (USD, thousands)

R&D (USD, thousands)

D&A (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

EPS - Basic (USD)

EPS - Diluted (USD)

601e897db431587d821bd6810eb3b9261fbdb6704ffecdb30609ebba83c7db8f

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

b1c469f8a0a45bbce99f99d7d3f995716b31547f3d93a739bad1356c494e347a

IAC (IAC)

Financials