Iac Inc. · NASDAQ:IAC
Iac — Q3 2025 Earnings Presentation
21 slides from Iac's earnings presentation, Nov 3, 2025
Slide 1: Q3 Investor Presentation
Q3 Investor Presentation November 3, 2025
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
NON-GAAP FINANCIAL MEASURES This presentation contains references to non-GAAP measures. Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-rela
Slide 3: Our Game Plan: Continued Progress
Our Game Plan: Continued Progress Core Business Execution Capital Allocation Catalysts Capital Return Spins • Industry-leading digital publisher $100M in Q3 buybacks • 9% Digital revenue growth Angi spin-off completed; IAC’s • Steady delevering $300M / 8% of equity 10th fully independent company rep
Slide 4: We Are Trading at a Substantial Discount
We Are Trading at a Substantial Discount $1.1B Digital Revenue $332M of Adj. EBITDA4 $355M of Revenue $36M of Adj. EBITDA6 $1.2B Net Debt <4x Leverage5 Market Value as of (10/31/2025) IAC Share Price $32.22 Shares Outstanding¹ (M): 78.8 Equity Value $2.5B Less: MGM Stake (@ $32.03/sh)2 ($2.1)B Less:
Slide 5: MGM: Market Leader Trading at a Discount
MGM: Market Leader Trading at a Discount Digital Opportunity Direct Relationship Large Share of Unique International Gaming with Consumers Market in Las Vegas Osaka, Japan Over 50 million MGM Reward members Dubai Brazil Venture Increasingly the center of entertainment and sports Undervalued Capital
Slide 6: Delivering Results
Delivering Results 1 Digital Revenue Digital Adj EBITDA ($M) ($M) excl Certain Items $300 ’23-’25 CAGR $80 ’23-’25 CAGR $250 13% $70 18% ▪ Iconic Brands $60 $200 $50 ▪ Scaled Audiences ▪ Superior Execution $150 $40 $269 $72 $246 $66 $30 $100 $212 $52 $20 $50 $10 $0 $0 Q3'23 Q3'24 Q3'25 Q3'23 Q3'24 Q
Slide 7: Iconic Brands
Iconic Brands 176M U.S. Online Monthly Viewers ENTERTAINMENT FOOD HOME BEAUTY & STYLE HEALTH TRAVEL FINANCE 126M MAUs 76M MAUs 47M MAUs 40M MAUs 28M MAUs 21M MAUs 9M MAUs #1 #1 #1 #1 #3 #2 TOP 15 % of Q3’25 Digital 25% 19% 19% 8% 9% 7% 3% Revenue 1 Source: Comscore Multi-Platform Total Digital Audie
Slide 8: We Are Where Audiences Are
We Are Where Audiences Are Owned Sites, Branded Products & Experiences Off Platform Audiences Addressable Audiences 9B+ Sessions Annually 1 70B+ Views Annually 2 4-5x Addressable Market Owned Sites MyRecipes Email Print Apple News YouTube TikTok Premium Open Web + CTV PEOPLE App Brand Licensing Even
Slide 9: Audience Trends
Audience Trends Google Search & AI Overview Trends Core Sessions Off-Platform Views 3 (M) (M) (M) ‘23-’25 ‘23-’25 CAGR 2,500 CAGR 2,297 +43% 2,168 20,000 19,392 +3% 2,024 18,000 2,000 775 513 -31% 16,000 34% 24% 34% 14,000 1,500 1,088 11,701 12,000 10,000 9,508 1,000 54% 8,000 1,522 1,655 +33% 6,000
Slide 10: Superior Execution
Superior Execution Direct-to- Consumer Strategy Key Investments & Growth Initiatives Off Platform Growth & Distribution M&A AI Licensing ▪ $15M of severance expense recognized in Q3 related to RIF impacting approximately 6% of employees Cost Efficiencies ▪ Delivering $65M of run rate savings to be i
Slide 11: Q3 Financial Performance
Q3 Financial Performance ($ in M) Q3 2024 Q3 2025 Growth Q3 Highlights: Revenue Advertising $166 $161 (3%) • 9% Digital revenue growth driven by Performance marketing 52 72 38% Performance marketing and Licensing Licensing and other 29 35 24% • Excluding Certain Items, Digital Adjusted Total Digital
Slide 12: IAC Q3 Financial Performance
IAC Q3 Financial Performance ($ in M) Q3 2024 Q3 2025 Growth Q3 Highlights: Revenue People Inc. $439 $430 (2%) • $100 million in share buybacks Care.com 96 91 (5%) Search 88 52 (41%) Emerging & Other 19 17 (7%) Intersegment eliminations (0) (0) 45% • Care.com - Consumer revenue down 4% (improving fr
Slide 13: 2025 Guidance
2025 Guidance Additional Q4/FY 2025 Observations ($ in M) FY 2025 Outlook1,2 Adjusted EBITDA • People Inc. – In Q4, we expect Digital revenue growth of 7%-10% and we expect Print revenue to decline 20%-25% People Inc.3 $325-$340 as Q4 2024 included non-recurring revenue from a legacy agency business
Slide 14: Repurchased 8% of Our Shares Since the Beginning of 2025
Repurchased 8% of Our Shares Since the Beginning of 2025 Reducing the number of shares outstanding from 85M to 79M 90M Shares Outstanding 80M $300M $200M $179M 70M Q4'24 Q1'25 Q2'25 Q3'25 Cumulative spend on share repurchases 14
Slide 15: Appendix
Appendix 15
Slide 16: GAAP to Non-GAAP Reconciliation: IAC
GAAP to Non-GAAP Reconciliation: IAC Three Months Ended September 30, 2025 Operating Adjusted Income (Loss) S tock-based EBITDA Operating excluding Compensation Amortization of excluding ($ in M, rounding differences may occur) Income (Loss) Certain Items 1 certain items Expense Depreciation Intangi
Slide 17: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. Trailing Twelve Months Ended September 30, 2025 ($ in M, rounding differences may occur) Digital Print Other Total Operating Income (Loss) $185 $38 ($28) $194 Stock-based compensation expense 10 2 14 26 Depreciation 14 6 7 27 Amortization of intangibles 8
Slide 18: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. ($ in M, rounding differences may occur) September 30, 2025 Cash and cash equivalents1 $280 Total principal balance of long-term debt 1,446 Net Debt $1,165 1 Includes $55M of cash that had been contributed to People Inc. by IAC in September 2025 that was
Slide 19: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. Three Months Ended September 30 ($ in M, rounding differences may occur) 2025 2024 2023 Digital Revenue $269 $246 $212 Digital Operating Income 38 31 1 Digital Operating Income margin 14% 12% 1% Certain Items1 8 - - Digital Operating Income excluding Cert
Slide 20: People Inc. FY 2025 Outlook
People Inc. FY 2025 Outlook ($ in M, rounding differences may occur) FY 2025 Outlook Operating income $180-$200 Stock-based compensation expense 30-25 Depreciation 25 Amortization of intangibles 90 Adjusted EBITDA1 $325-$340 1 Excludes approximately $41M net gain from amendments of a lease to surren
Slide 21: GAAP to Non-GAAP Reconciliation: Care
GAAP to Non-GAAP Reconciliation: Care ($ in M, rounding differences may occur) 2021 2022 2023 2024 LTM Q3'25 Operating (Loss) Income ($1) $28 $41 $29 $23 Stock-based compensation expense 3 3 5 5 4 Depreciation 1 2 3 6 4 Amortization of intangibles 31 14 8 5 4 Adjusted EBITDA $34 $47 $56 $45 $36 21