Slide 1: Investor Presentation May 2025
Investor Presentation May 2025
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
NON-GAAP FINANCIAL MEASURES This presentation contains references to certain 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) acquisit
Slide 3: Our Mission: Build Enduring Companies and Long-Term Shareholder Value
3 Our Mission: Build Enduring Companies and Long-Term Shareholder Value We pair innovation and ambition with the rational patience of permanent capital. We invest in opportunity, empower emerging leaders, and ultimately endeavor to graduate our businesses into a life on their own, directly in the ha
Slide 4: Our History: From ~$250M Market Cap to $49B of Value Today
Our History From ~$250M Market Cap to the Creation of $49B of Value Today 4 1995 2000 2005 2010 2015 2020 2025 Acquisition Acquisition Joint Venture Acquisition Acquisition Acquisitions Acquisition Acquisition Acquisition Launch Minority Investment Acquisitions Minority Investment Acquisition Mosaic
Slide 5: How We Build and Rebuild to Create Long Term Value
Adjusted EBITDA 5 How we Build…and Rebuild… to Create Long Term Value $0.5B $0.8B $0.1B $1.0B $0.2B Pre-Spin Post-Spin Pre-Spin Post-Spin Post -Spin / Separation ? $1.1B Inception 202X $0.4B Pre-SpinPre - Spin / Separation $0.2B Post-Spin $18M Barry Diller named Chairman and CEO of Silver King in 19
Slide 6: A Recent Pause: Getting Back to Basics
A Recent Pause: Getting Back to Basics 6 “We spent those 2 years turning around businesses, which is why I froze everything.” – Barry Diller, February 12, 2025, IAC Earnings Call Rapid deterioration due to flawed strategy: Rebranding and Services overinvestment2021 2024 Material improvements in user
Slide 7: IAC Today: Four Leaders in Large & Growing Consumer Categories
IAC Today: Four Leaders in Large & Growing Consumer Categories 7 IAC spans diverse industries and business stages—from small seeds to category leaders— and includes real estate assets and cash ready to deploy Cash on Hand 2 $0.9B Publishing #1 digital & print publisher in America Global Entertainmen
Slide 8: We Are Trading at a Substantial Discount
8 We Are Trading at a Substantial Discount Today’s Market Value IAC Share Price $35.31 Shares Outstanding¹ (M): 80.8 Equity Value $2.9B Less: MGM Stake (@ $31.97/sh)2 ($2.1)B Less: IAC Cash3 ($0.9)B Enterprise Value: ($0.1)B 1 Fully Diluted Shares Outstanding as of 5/2/25 2 IAC has approximately $80
Slide 9: IAC Knows How to Unlock Value by Going on Offense
Spin 9 IAC Knows How to Unlock Value by Going on Offense... Case Study: Creating Shareholder Value from 2015 to 2021 2015 2016 2017 2018 2019 2020 2021 1 CAGRs are calculated as the Total Return from 11/2/2015 to 12/31/2019 and from 11/2/2015 to 5/25/2021; Total Return includes value of Match Group
Slide 10: ...And We Are Doing It Again
…And We Are Doing It Again 10 Management changes at IAC, Care & Daily Beast Corporate cost rationalization FCF generation/de- levering Strategic add-ons Build new platforms Capital Return 4.5%/$200M repurchase New 10M share authorization Opportunistic Divestitures Bluecrew Angi spin-off completed; I
Slide 11: Back to Building in 2025: Our M&A Philosophy
Back to Building in 2025: Our M&A Philosophy 11 Our DNA Our Core Interests Our Advantages Barry Diller-led culture of curiosity, creativity & ambition Deep, seasoned leadership bench Track record of scaling digital consumer businesses Operational excellence Strategic, transformative M&A Leisure Ente
Slide 12: Dotdash Meredith
234 Dotdash meredith FAC 12
Slide 13: Dotdash Meredith Is a Publishing Powerhouse
Dotdash Meredith (DDM) Is a Publishing Powerhouse 13 $1.8B revenue in 2024 including ~$1B Digital revenue $135B TAM 159M U.S. online consumers reached each month #1 Digital & Print Publisher in the U.S. ▪ Intent-driven audiences ▪ Unparalleled performance ▪ Strong client retention ▪ On and off-platf
Slide 14: World-Class Brand Portfolio with Platform-Level Reach
World-Class Brand Portfolio with Platform-Level Reach 14 Market-leading digital audiences across core consumer categories Source: ComScore Media Metrix, Multi-Platform (Dec 2024) 1 Includes other categories and revenue not attributed to a brand TRAVEL 12M MAUs 21% 25% 17% 7% 11% 19%1% of Digital Rev
Slide 15: Platform-Level Digital Audience Scale
Platform-Level Digital Audience Scale 15Source: ComScore Media Metrix, Multi-Platform (Dec 2024) 240M 237M 159M 147M 132M 109M 93M 87M 71M 66M Monthly Unique Users
Slide 16: Reaching Intent-Focused Audiences Where They Consume Media
Reaching Intent-Focused Audiences Where They Consume Media 16 Owned & Operated Sites & Experiences 10B+ Sessions Annually 1 1 Reflects both annual sessions for owned and operated properties and off-platform view data for the twelve-month period ended March 31, 2025 Print Email MyRecipes PEOPLE App R
Slide 17: Diversified Monetization Models
Diversified Monetization Models 17 ▪ Magazine Ads: selling DDM magazine ad inventory directly to advertisers ▪ Consumer Subs, Newsstand: revenue earned from DDM magazine subscribers and newsstand sales ▪ Performance Marketing, Project and Other: custom publishing services, affinity marketing related
Slide 18: D/Cipher: Driving Superior Advertiser Performance
D/Cipher: Driving Superior Advertiser Performance On and Off DDM Brands 18 “outdoor allergens” “vegetarian diets” “chronic migraine” “vegetarian diets” “outdoor allergens” “stress” Target: Chronic migraine sufferers “vegetarian diets” “outdoor allergens” “Pilates” “chronic migraine” We collect billi
Slide 19: Driving Digital Growth
Driving Digital Growth 19 $112 $132 $131 $186 $133 $153 $166 $192 $135 $50 $54 $56 $71 $52 $54 $52 $86 $57 $23 $26 $24 $27 $25 $31 $29 $32 $32 $185 $212 $212 $284 $209 $238 $246 $311 $224 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Advertising Performance Marketing Licensing & Other YoY Gr
Slide 20: Financial Overview
Financial Overview 20 $220 $243 $289 $295 $13 $24 $6 $15 2022 2023 2024 LTM Q1'25 Digital Print + Corporate $931 $892 $1,004 $1,019 $1,026 $823 $794 $782 2022 2023 2024 LTM Q1'25 Digital Print 29% Margin 17% Margin 12% Margin Revenue1 ($M) Adjusted EBITDA2 ($M) -12% ‘22-’24 CAGR -4% +4% $1,695 $1,93
Slide 21: MGM Resorts International
ee ©) MGM RESORTS INTERNATIONAL®
Slide 22: MGM Resorts: Premier Brands, Growing Global Presence
Operate 18 properties in the United States and Macau Development underway with an integrated resort in Japan and resort in Dubai Sports betting and iGaming brand in 29 North American jurisdictions Online sports betting and iGaming operator in 11 jurisdictions in Europe, Canada, and Southern America
Slide 23: MGM: Exceptional Assets Undervalued by the Market
MGM: Exceptional Assets Undervalued by the Market 23 Barry Diller and IAC Advisor Joey Levin are active members of the MGM Board, bringing extensive digital experience and focus on disciplined capital allocation Compelling Equity Investment Increasingly the center of entertainment and sports Digital
Slide 24: Care.com
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Slide 25: Meet Care.com: Leader in a $375B+ Market for Family Care
Meet Care.com: Leader in a $375B+ Market for Family Care1 +31M Lives Covered ~700k Active Caregivers +700 Enterprise Clients 5 Verticals Holistic support for all care needs: child, senior, adult, pet, housekeeping Largest online marketplace of background-checked caregivers in the US 1st in industry
Slide 26: Care Crisis Growing Worse for American Families
Care Crisis Growing Worse for American Families – We Can Help 26 22% of HH income spent on child care costs, on average1 90% of parents have lost sleep due to stresses of finding & managing care1 11M Americans in “Sandwich Generation” caring for both children and aging parents2 52% of parents report
Slide 27: Two Ways to Support Families: Consumer and Enterprise
Two Ways to Support Families: Consumer and Enterprise 27 • Care for Business offers employers a full suite of care solutions designed to support and retain workforces • Employers pay on an annual subscription or minimum basis for the following services for their employees • Online consumer marketpla
Slide 28: Evolution of Care.com
Evolution of Care.com 28 We are making it easier than ever to find & hire quality caregivers for the entire family… ⊲ Richer caregiver profiles with better showcasing ⊲ Enhanced Messaging ⊲ Improved Search & Match capabilities …and tailoring the user experience to align with customer intent and driv
Slide 29: Care.com Financial Overview
92% Enterprise Client Retention 61% Organic, direct load visitors Financial Overview 29 1 2024 Adjusted EBITDA includes $18.7 million related to the resolution of certain legal matters $197 $218 $210 $191 $186 $133 $145 $165 $178 $179 $328 $363 $375 $370 $366 2021 2022 2023 2024 LTM Q1'25 Consumer E
Slide 30: Turo
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Slide 31: Turo: The World's Largest Car-Sharing Marketplace
Company Mission: To put the world’s 1.5B cars to better use Turo: The World’s Largest Car-Sharing Marketplace 31 2010 2012 2016 2018 2013 2022 2023 Launched nationwide in the US Launched in Boston & San Francisco First International expansion to Canada Expanded to France (through OuiCar) and Austral
Slide 32: Book the Perfect Vehicle From a Trusted Turo Host
Wherever You Are, Book the Perfect Vehicle for Your Next Adventure From a Trusted Turo Host 32 Turo’s peer-to-peer platform connects hosts and guests through its marketplace and is designed to enable guests to book the perfect vehicle for any occasion from its trusted community of hosts Host Product
Slide 33: Turo by the Numbers
Accelerating entrepreneurship with scalable business opportunities $4.8B+ host earnings since inception ~350K active vehicles 1,600+ makes and models 16,000+ cities Elevating everyday necessity with extraordinary experiences 8.6B+ miles driven since inception ~3.5M active guests 77 net promoter scor
Slide 34: Other Assets
34 Other Assets Leading Marketplace for Healthcare Jobs 2M+ Healthcare professionals on platform and 300+ Unique Employers hiring 77% Revenue CAGR from 2020 to 2024 Independent News from Around the World New Leadership and Minority Owners in April 2024 2024 Revenue growth of 41% General Search Servi
Slide 35: Our Game Plan
Our Game Plan 35 Management changes at IAC, Care & Daily Beast Corporate cost rationalization FCF generation/de- levering Strategic add-ons Build new platforms Capital Return 4.5%/$200M repurchase New 10M share authorization Opportunistic Divestitures Bluecrew Angi spin-off completed; IAC’s 10th ful
Slide 36: 2025 Guidance
2025 Guidance 36 ($ in M) FY 2025 Outlook1 Adjusted EBITDA DDM2 $330-$350 Care.com 45-55 Search 10-15 Emerging & Other (25-15) Corporate (120-110) Total $240-$295 Stock-based compensation expense3 (30-25) Depreciation (35-30) Amortization of intangibles (100-90) Total Operating income $75-$150 1 As
Slide 37: Appendix
37 Appendix
Slide 38: IAC Historical Financials
IAC Historical Financials 38 2022 2023 2024 LTM Q1'25 2022 2023 2024 LTM Q1'25 DDM $1,935 $1,695 $1,777 $1,780 $152 $223 $295 $345 Care.com 363 375 370 366 47 56 45 43 Search 731 629 388 350 83 44 18 16 Emerging & Other 323 229 89 73 (49) (11) (36) (20) Eliminations /Corporate (8) (9) (1) (0) (86) (
Slide 39: GAAP to Non-GAAP Reconciliation: DDM
GAAP to Non-GAAP Reconciliation: DDM 39 1Includes restructuring charges of $32M, $33M and $8M at Digital, Print and Corporate, respectively. Includes transaction-related expenses in connection with the 2021 Meredith acquisition of $1M, $1M and $5M at Digital, Print and Corporate, respectively. 2Incl
Slide 40: GAAP to Non-GAAP Reconciliation: Care
GAAP to Non-GAAP Reconciliation: Care 40 ($ in M, rounding differences may occur) 2021 2022 2023 2024 LTM Q1'25 Operating Income (Loss) ($1) $28 $41 $29 $29 Stock -based compensation 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 $43
Slide 41: GAAP to Non-GAAP Reconciliation: Search
GAAP to Non-GAAP Reconciliation: Search 41 ($ in M, rounding differences may occur) 2022 2023 2024 LTM Q1'25 Operating Income $83 $44 $17 $16 Depreciation 0 0 0 0 Adjusted EBITDA $83 $44 $18 $16
Slide 42: GAAP to Non-GAAP Reconciliation: Emerging & Other
GAAP to Non-GAAP Reconciliation: Emerging & Other 42 ($ in M, rounding differences may occur) 2022 2023 2024 LTM Q1'25 Operating Loss ($137) ($23) ($38) ($22) Stock -based compensation 1 2 2 2 Depreciation 0 0 0 0 Amortization of intangibles 1 1 - - Goodwill impairment 87 9 - - Adjusted EBITDA ($49)
Slide 43: GAAP to Non-GAAP Reconciliation: Corporate
GAAP to Non-GAAP Reconciliation: Corporate 43 ($ in M, rounding differences may occur) 2022 2023 2024 LTM Q1'25 Operating Loss ($141) ($149) ($144) ($124) Stock -based compensation 46 44 46 8 Depreciation 10 7 8 8 Adjusted EBITDA ($86) ($98) ($90) ($108)
Slide 44: GAAP to Non-GAAP Reconciliation: Angi
GAAP to Non-GAAP Reconciliation: Angi 44 Twelve Months Ended December 31, ($ in M, rounding differences may occur) 2024 Net cash provided by operating activities attributable to continuing operations 156$ Capital expenditures (50) Free cash flow 105$ Twelve Months Ended December 31, ($ in M, roundin
Slide 45: GAAP to Non-GAAP Reconciliation: DDM Digital Revenue
GAAP to Non-GAAP Reconciliation: DDM Digital Revenue 45 Twelve Months Ended December 31, ($ in M, rounding differences may occur) 2021 2022 % change y/y Digital Revenue as Reported $367 $931 154% Meredith Revenue for Periods Prior to its Acquisition 665 - n/a Pro Forma Digital Revenue $1,032 $931 (1
Slide 46: IAC Q2 2025 Outlook
IAC Q2 2025 Outlook 46 Emerging ($ in M, rounding differences may occur) DDM Care.com Search & Other Operating income (loss) $30-$41 $0-$2 $4-$5 ($11-$6) Depreciation 5 1 - - Stock-based compensation expense 7 1 - 1 Amortization of intangibles 25-20 1 - - Adjusted EBITDA $67-$73 $3-$5 $4-$5 ($10-$5)