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
2 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-re
Slide 3: Our Game Plan: Continued Progress
Our Game Plan: Continued Progress 3 • Market leader with multiple growth drivers • 24% ownership Capital Return $100M in Q3 buybacks $300M / 8% of equity repurchased YTD A streamlined and focused IAC with MGM stake and People Inc. as the core assets M&A Core Business Execution CatalystsCapital Alloc
Slide 4: We Are Trading at a Substantial Discount
4 We Are Trading at a Substantial Discount 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: IAC Cash3 ($0.7)B Implied Private Holdings Value: ($0.3B) 1 Fully Diluted Shares Outstanding as of 10/31/202
Slide 5: MGM: Market Leader Trading at a Discount
MGM: Market Leader Trading at a Discount 5 Compelling Equity Investment Increasingly the center of entertainment and sports Digital Opportunity Large Share of Unique Market in Las Vegas Less than 3x Implied MGM Resorts EV/Adjusted EBITDA Multiple1 Undervalued Properties Over 50 million MGM Reward me
Slide 6: Delivering Results
Delivering Results 6 Digital Adj EBITDA excl Certain Items ▪ Iconic Brands ▪ Scaled Audiences ▪ Superior Execution Eight consecutive quarters of Digital revenue growth and 13% CAGR Digital Revenue $212 $246 $269 $0 $50 $100 $150 $200 $250 $300 Q3'23 Q3'24 Q3'25 $52 $66 $72 $0 $10 $20 $30 $40 $50 $60
Slide 7: Iconic Brands
Iconic Brands 7Source: Comscore Multi-Platform Total Digital Audience (Sept 2025) 1 Excludes additional 10% of Digital revenue derived from other categories not listed or revenue not attributed to a brand 25% 19% 19% 8% 9% 7% 3% % of Q3’25 Digital Revenue 176M U.S. Online Monthly Viewers ENTERTAINME
Slide 8: We Are Where Audiences Are
We Are Where Audiences Are 8 Owned Sites, Branded Products & Experiences Off Platform Audiences Addressable Audiences Brand Licensing Events Print Premium Open Web + CTV Owned Sites MyRecipes 4-5x Addressable Market 70B+ Views Annually29B+ Sessions Annually 1 PEOPLE App Apple News YouTube TikTok Ins
Slide 9: Audience Trends
1,088 775 513 936 1,522 1,655 2,024 2,297 2,168 - 500 1,000 1,500 2,000 2,500 Q3'23 Q3'24 Q3'25 All Other Google Search +33% (M) -31% +3% ‘23-’25 CAGR 9,508 11,701 19,392 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Q3'23 Q3'24 Q3'25 Off Platform Views Audience Trends 9 Core S
Slide 10: Key Investments & Growth Initiatives
Key Investments & Growth Initiatives M&A AI Licensing Cost Efficiencies 10 Superior Execution Off Platform Growth & Distribution Direct-to- Consumer Strategy ▪$15M of severance expense recognized in Q3 related to RIF impacting approximately 6% of employees ▪Delivering $65M of run rate savings to be
Slide 11: People Inc. Q3 Financial Performance
Q3 Financial Performance 11 ($ in M) Q3 2024 Q3 2025 Growth Revenue Advertising $166 $161 (3%) Performance marketing 52 72 38% Licensing and other 29 35 24% Total Digital $246 $269 9% Print 199 169 (15%) Intersegment eliminations (5) (8) (49%) Total Revenue $439 $430 (2%) Adjusted EBITDA excl. Certa
Slide 12: IAC Q3 Financial Performance
IAC Q3 Financial Performance 12 ($ in M) Q3 2024 Q3 2025 Growth Revenue People Inc. $439 $430 (2%) Care.com 96 91 (5%) Search 88 52 (41%) Emerging & Other 19 17 (7%) Intersegment eliminations (0) (0) 45% Total Revenue $642 $590 (8%) Adjusted EBITDA People Inc. $69 $65 $10 $75 9% Care.com 18 8 4 11 (
Slide 13: 2025 Guidance
2025 Guidance 13 ($ in M) FY 2025 Outlook1,2 Adjusted EBITDA People Inc.3 $325-$340 Care.com 45-50 Search 11-13 Emerging & Other (32-30) Corporate (115) Total Adjusted EBITDA $234-$258 Stock-based compensation expense4 (30) Depreciation (35) Amortization of intangibles (95-90) Total Operating income
Slide 14: Reducing the Number of Shares Outstanding from 85M to 79M
Reducing the number of shares outstanding from 85M to 79M 14 Repurchased 8% of Our Shares Since the Beginning of 2025 $179M $200M $300M 70M 80M 90M Q4'24 Q1'25 Q2'25 Q3'25 S h a re s O u ts ta n d in g Cumulative spend on share repurchases
Slide 15: Appendix
15 Appendix
Slide 16: GAAP to Non-GAAP Reconciliation: IAC
GAAP to Non-GAAP Reconciliation: IAC 16 1 Consists of: • People Inc. - $15M of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities, partially offset by a $5M net gain from an amendment of a lease, which provided for the surrender of ce
Slide 17: GAAP to Non-GAAP Reconciliation: People Inc.
GAAP to Non-GAAP Reconciliation: People Inc. 17 1 Excludes approximately $41M net gain from amendments of a lease to surrender certain office space early in Q1 2025 and Q3 2025, $15M in severance-related costs in Q3 2025 and $13M of severance-related costs in Q4 2024. . Trailing Twelve Months Ended
Slide 18: GAAP to Non-GAAP Reconciliation: People Inc. Net Debt
GAAP to Non-GAAP Reconciliation: People Inc. 181 Includes $55M of cash that had been contributed to People Inc. by IAC in September 2025 that was subsequently distributed to IAC by People Inc. in October 2025. ($ in M, rounding differences may occur) September 30, 2025 Cash and cash equivalents 1 $2
Slide 19: GAAP to Non-GAAP Reconciliation: People Inc. Digital
GAAP to Non-GAAP Reconciliation: People Inc. 191 Consists of: $8M of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities. Three Months Ended September 30 ($ in M, rounding differences may occur) 2025 2024 2023 Digital Revenue $269 $246
Slide 20: People Inc. FY 2025 Outlook
People Inc. FY 2025 Outlook 20 1 Excludes approximately $41M net gain from amendments of a lease to surrender certain office space early in Q1 2025 and Q3 2025 and $15M in severance-related costs in Q3 2025. ($ in M, rounding differences may occur) FY 2025 Outlook Operating income $180-$200 Stock-ba
Slide 21: GAAP to Non-GAAP Reconciliation: Care
GAAP to Non-GAAP Reconciliation: Care 21 ($ 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