Slide 1: Q2 2025 Earnings Call Presentation
Q2 2025 Earnings Call Presentation August 4, 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: Q2: Refreshed brands, new energy, and continued focus on strategic objectives
Q2: Refreshed brands, new energy, and continued focus on strategic objectives DDM becomes People Inc., with Digital revenue growth accelerating to 9% MGM benefits from diversified gaming portfolio, including strong BetMGM performance “Our appetite to put our cash to work is as strong Care.com kicks
Slide 4: People Inc.
People Inc. ESSENTIAL BRANDS. UNDENIABLE IMPACT.
Slide 5: Diversified Brands and Scaled Audiences
Diversified Brands and Scaled Audiences Owned & Operated Sites & Experiences Off-Platform Audiences2 Addressable Audiences 1 1 10B+ 60B+ 4-5x Sessions Views O&O Annually Annually Avails Events Premium Open Web + CTV 60+ Annually Owned Sites Print Target: Chronic migraine sufferers 12M+ Subs “vegetar
Slide 6: Engaging & Monetizing Audiences Where They Are
Engaging & Monetizing Audiences Where They Are Core Sessions Off-Platform Views2 Digital Revenue (M) (M) ‘23-’25 ($ M) ‘23-’25 ‘23-’25 CAGR CAGR CAGR 16,000 2,500 14,699 +24% $300 2,165 2,202 +5% 14,000 $260 +11% 1,989 $238 2,000 12,000 $250 608 -23% $212 844 28% 9,490 9,718 10,000 $200 39% 1,500 1,
Slide 7: Diversified Digital Monetization
Diversified Digital Monetization Advertising Performance Marketing 62% of Digital Revenue; +5% Y/Y 23% of Digital Revenue; +14% Y/Y • Ad solutions executed across owned audiences and 3rd party • Branded reviews and platforms recommendations driving transactions to retail partners • D/Cipher+ expands
Slide 8: Digital Revenue and Margins
Digital Revenue and Margins Q1’25 ($M) Q2’25 ($M) Q3’25 Guide +9% Y/Y $250 +7% Y/Y $250 Digital Revenue Growth 7-9% $200 $200 $150 $150 $260 Digital Adjusted EBITDA $68-$73M $224 $238 $100 $209 $100 27% 24% 18% 19% Margin Margin Margin Margin Digital Adjusted EBITDA Margins 25%-28% $50 $50 $63 $63 $
Slide 9: Market Leader Serving Families through Two Channels: Consumer & Enterprise
Market Leader Serving Families through Two Channels: Consumer & Enterprise • Online consumer marketplace directly serves both • Care for Business offers employers a full suite of care seekers and caregivers throughout the US, with a solutions designed to support and retain workforces. variety of sub
Slide 10: June 2025: Modernized product and fresh campaign to unlock new consumers
June 2025: Modernized product and fresh campaign to unlock new consumers and drive repeat usage Better Product Experience Stronger Brand Identity & New Integrated Campaign Care.com has the quality care you need New brand and messaging behind new product Now find it – more easily than ever Driving hi
Slide 11: Financial Overview
Financial Overview Revenue by Business Line Adjusted EBITDA1 ($ M) ($ M) 3% CAGR 9% CAGR $363 $375 $370 $360 $56 $328 $47 $45 $46 $145 $165 $178 $133 $178 $34 $197 $218 $210 $191 $182 2021 2022 2023 2024 LTM Q2'25 2021 2022 2023 2024 LTM Q2'25 Consumer Enterprise Primed for growth and margin expansi
Slide 12: We Are Trading at a Substantial Discount
We Are Trading at a Substantial Discount $1B Digital Revenue $312M of Adj. EBITDA4 $360M of Revenue $46M of Adj. EBITDA4 $1.2B Net Debt <4x Leverage5 Market Value as of (8/1/2025) IAC Share Price $38.83 Shares Outstanding¹ (M): 81.5 Equity Value $3.2B Less: MGM Stake (@ $35.75/sh)2 ($2.3)B Less: IAC
Slide 13: Our Game Plan
Our Game Plan Business Execution Capital Allocation Catalysts Capital Return M&A Angi spin-off completed; 4.5%/$200M IAC’s 10th fully Strategic add-ons repurchase YTD independent company Build new New 10M share platforms authorization Core leadership in place Opportunistic Divestitures Corporate cos
Slide 14: 2025 Guidance
2025 Guidance Additional Q3/FY 2025 Observations ($ M) FY 2025 Outlook1,2 ▪ People Inc. – In Q3 we expect Digital revenue growth of Adjusted EBITDA 7%-9% and total Adjusted EBITDA between $68-$73 People Inc.3 $330-$340 million. For FY 2025, we expect Digital revenue growth between 7%-10% given the o
Slide 15: Appendix
Appendix 15
Slide 16: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. Q1'24 Q2'24 Q1'25 Q2'25 Q3'25 ($ in M, rounding differences may occur) Guidance Digital Revenue $209 $238 $224 $260 $264-$269 Digital Operating (Loss) Income ($0) $26 $19 $38 $43-$48 Digital Operating Loss (Income) Margin (0%) 11% 8% 15% 16%-18% Stock-bas
Slide 17: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. 1Represents a gain of $36M related to the termination of a lease for certain unoccupied office space, which otherwise would have expired in 2032. 17
Slide 18: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. 1The People Inc. cash balance includes $80 million of cash that had been contributed to People Inc. by IAC in June 2025 that was subsequently distributed to IAC by People Inc. in July 2025. . 18
Slide 19: GAAP to Non-GAAP Reconciliation: Care.com
GAAP to Non-GAAP Reconciliation: Care.com ($ in M, rounding differences may occur) 2021 2022 2023 2024 LTM Q2'25 Operating (Loss) Income ($1) $28 $41 $29 $33 Stock-based compensation expense 3 3 5 5 4 Depreciation 1 2 3 6 5 Amortization of intangibles 31 14 8 5 5 Adjusted EBITDA $34 $47 $56 $45 $46
Slide 20: IAC Q3 2025 Outlook
IAC Q3 2025 Outlook Emerging ($ in M, rounding differences may occur) People Inc. Care.com Search & Other Operating income (loss) $31-$41 $3-$7 $3-$4 ($11-$6) Stock-based compensation expense 7 1 - 1 Depreciation 5 1 - - Amortization of intangibles 25-20 1 - - Adjusted EBITDA $68-$73 $6-$10 $3-$4 ($