Q3 2025 IAC Reports Results

IAC REPORTS Q3 2025

Repurchased 2.8 million shares since Q2 2025 earnings for an aggregate of $100 million People Inc. Q3 Digital revenue growth of 9%; signs AI licensing deal with Microsoft

People Inc. FY 2025 Operating Income guidance of $180-$200 million and Adjusted EBITDA guidance of $325-$340 million

NEW YORK- November 3, 2025-IAC (NASDAQ: IAC) released its third quarter results today and separately posted a Q3 2025 earnings presentation on the Investor Relations section of its website at ir.iac.com.

"IAC's third quarter was solid as we focus on the heart of our future: People Inc., the largest digital and print publisher in the U.S., and our investment in MGM, a leader in global entertainment and gaming. Both possess unlimited potential with scale and cultural resonance," said Barry Diller, Chairman and Senior Executive, IAC.

"People Inc. continues to outperform with eight consecutive quarters of Digital growth, a new Microsoft AI licensing deal, and its recent Feedfeed acquisition. MGM is demonstrating strong digital and international growth while positioning itself for rebound in its exceptional Las Vegas assets. Reflecting our confidence in these businesses and our strategy, we once again bought back shares in IAC this quarter, allocating capital to the companies we know best."

• Between August 6, 2025 and October 31, 2025, the Company repurchased 2.8 million common shares for an aggregate of $100 million. Year-to-date through October 31, 2025, the Company repurchased 7.3 million common shares for an aggregate of $300 million.

• Total IAC Q3 2025 operating loss and Adjusted EBITDA includes the following items. Excluding these items, total IAC Q3 2025 operating income would have been $14 million and Adjusted EBITDA would have been $64 million.

  • People Inc. - $15 million of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities, partially offset by a $5 million net gain from an amendment of a lease to surrender certain office space early.

  • Care.com - a $3 million lease impairment and $1 million in severance-related costs.

  • Emerging & Other - $21 million of legal fees and settlement expenses for litigation that concluded in Q3 related to a legacy business.

• People Inc.

  • Digital revenue increased 9% to $269 million driven by Performance marketing and Licensing growth.

  • Total operating income was $29 million and Adjusted EBITDA was $65 million, both reflecting the above-mentioned severance-related costs and the net gain related to a lease amendment.

  • Excluding these items (as applicable):

    • Operating income would have been $38 million and Adjusted EBITDA would have been $75 million.

    • Digital operating income would have been $46 million and Adjusted EBITDA would have been

      $72 million with Adjusted EBITDA margins of 27% and incremental Adjusted EBITDA margins of 26%.

  • People Inc. has signed a deal with Microsoft to partner as one of a select group of premier publishers to build Microsoft's Publisher Content Marketplace (PCM), a two-sided content marketplace envisioned to compensate publishers for use of their content by AI players and products. Microsoft's AI Copilot assistant will be the first buyer.

  • On October 1, 2025, People Inc. acquired Feedfeed, a social-first food media publisher and influencer network, further expanding and diversifying People Inc.'s social food audience and advertising capabilities and providing a proven social model to expand into categories such as Entertainment, Home and Beauty.

• Care.com

  • Revenue was $91 million reflecting Consumer revenue of $44 million, down 4% though improving from

    9% declines in Q2 2025.

  • Operating income was $5 million and Adjusted EBITDA was $8 million, including the above-mentioned lease impairment and severance-related costs.

• Emerging Other

  • Q3 operating loss and Adjusted EBITDA included the above-mentioned $21 million of legal fees and settlement expenses for litigation that concluded in Q3 related to a legacy business.

  • Total year-to-date legal expenses through September 30, 2025 related to this legal matter were $34 million, with prospective costs expected to be negligible.

• Corporate items

  • On October 29, 2025, MGM Resorts International ("MGM") released its Q3 2025 earnings. IAC holds

    64.7 million shares of MGM, which represents a 24% stake in MGM based on 273.5 million shares outstanding reported by MGM as of October 27, 2025.

• See the FY 2025 outlook detail and Q4 2025 outlook commentary on page 15.

  DISCUSSION OF FINANCIAL AND OPERATING RESULTS

  ($ in millions, rounding differences may occur)	Q3 2025	Q3 2024	Growth
  Revenue
  People Inc.	$ 429.8	$ 439.5	-2%
  Care.com	90.8	95.7	-5%
  Search	51.9	88.3	-41%
  Emerging & Other	17.3	18.6	-7%
  Intersegment eliminations	(0.0)	(0.1)	45%
  Total Revenue	$ 589.8	$ 642.0	-8%
  Operating income (loss)
  People Inc.	$ 28.5	$ 22.1	29%
  Care.com	5.0	15.0	-67%
  Search	1.9	2.4	-21%
  Emerging & Other	(20.8)	(2.6)	NM
  Corporate	(35.0)	(28.7)	-22%
  Total Operating (loss) income	$ (20.4)	$ 8.1	NM
  Adjusted EBITDA
  People Inc.	$ 65.0	$ 68.6	-5%
  Care.com	7.8	18.1	-57%
  Search	1.9	2.5	-23%
  Emerging & Other	(20.0)	(2.1)	NM
  Corporate	(25.5)	(15.5)	-65%
  Total Adjusted EBITDA	$ 29.1	$ 71.6	-59%

  People Inc.

  Revenue

  ($ in millions, rounding differences may occur)	Q3 2025	Q3 2024	Growth
  Revenue
  Digital	$ 269.0	$ 246.4	9%
  Print	169.0	198.5	-15%
  Intersegment eliminations	(8.2)	(5.5)	-49%
  Total	$ 429.8	$ 439.5	-2%

• Revenue of $429.8 million decreased 2% year-over-year reflecting:

  • 9% Digital revenue growth driven by:

    • Performance marketing revenue increased 38%, accelerating from 14% growth in Q2 2025, driven by 56% affiliate commerce growth resulting from a combination of higher transaction volumes and the timing of volume-related retailer incentive programs, partially offset by revenue declines from services, concentrated primarily in the Finance category

    • Licensing and other revenue increased 24% due primarily to improved performance from Apple News+ and content syndication partners

    • Advertising revenue decreased 3% reflecting:

      • Lower programmatic advertising revenue due to lower impression volumes driven by 6% declines in Core Sessions, due primarily to the impact of the increasing prominence of Google AI Overviews on Google search sessions, and an increased portion of impression volume consumed by premium advertising, partially offset by higher rates

      • Higher premium advertising revenue due primarily to the Travel, Technology and Finance categories as well as increasing contribution from D/Cipher+

  • 15% Print revenue declines driven by the ongoing portfolio optimization and the continued migration of audience and advertising spend from print to digital

    Operating Income (Loss) and Adjusted EBITDA

    ($ in millions, rounding differences may occur)	Q3 2025	Q3 2024	Growth
    Operating income (loss)
    Digital	$ 37.5	$ 30.7	22%
    Print	1.9	7.6	-74%
    Other	(10.9)	(16.2)	33%
    Total	$ 28.5	$ 22.1	29%
    Adjusted EBITDA
    Digital	$ 64.0	$ 66.4	-4%
    Print	7.3	14.6	-50%
    Other	(6.3)	(12.4)	49%
    Total	$ 65.0	$ 68.6	-5%

• Operating income of $28.5 million increased 29% reflecting:

  • Digital operating income increased 22% to $37.5 million reflecting:

    • $11.1 million lower amortization of intangibles due to certain definite-lived intangible assets that became fully amortized in 2024

    • Adjusted EBITDA declined 4% to $64.0 million due primarily to $8.3 million of severance-related costs, higher online marketing spend, and investments in Q3 2025 related to D/Cipher+ and product (including the PEOPLE app), partially offset by higher revenue

    • Excluding the severance-related costs, operating income would have been $45.8 million and Adjusted EBITDA would have been $72.2 million with Adjusted EBITDA margins of 27% and incremental Adjusted EBITDA margins of 26%

  • Print operating income decreased 74% to $1.9 million reflecting:

    • Adjusted EBITDA declined 50% to $7.3 million due primarily to $5.8 million of severance-related costs and lower revenue, partially offset by lower operating expenses resulting from continued cost rationalization

    • $1.4 million lower amortization of intangibles and $0.2 million lower depreciation

    • Excluding the severance-related costs, operating income would have been $7.8 million and Adjusted EBITDA would have been $13.2 million

  • Other operating loss decreased 33% to $10.9 million due primarily to 49% lower Adjusted EBITDA losses reflecting:

    • A $5.2 million gain from an amendment of a lease to surrender certain office space early

    • $1.0 million of severance-related costs

• Revenue decreased 5% to $90.8 million reflecting:

  • 4% decrease in Consumer revenue driven by lower subscriptions on the Care.com platform, an improvement from a 9% decline in Q2 2025

  • 6% decrease in Enterprise revenue primarily driven by lower overall product utilization

• Operating income decreased 67% to $5.0 million due primarily to Adjusted EBITDA declining 57% to $7.8 million reflecting:

  • Lower revenue

  • Higher selling and marketing expense due in part to the rebrand in June 2025

  • $2.5 million lease impairment

  • $1.0 million in severance-related costs

    Search

• Revenue decreased 41% to $51.9 million reflecting:

  • 41% decrease at Ask Media Group due to frequent changes to Google's algorithm and policy updates, resulting in a reduction in marketing through affiliate channels, which drove fewer visitors to our ad-supported search and content websites

  • 42% decrease at Desktop (legacy desktop search software business)

• Operating income decreased 21% to $1.9 million reflecting Adjusted EBITDA decreasing 23% to $1.9 million due to lower revenue, partially offset by lower traffic acquisition costs and online marketing as well as lower compensation costs

  Emerging & Other

• Revenue decreased 7% to $17.3 million reflecting:

  • 6% lower Vivian Health revenue

  • 6% lower The Daily Beast revenue

• Operating loss increased $18.2 million to $20.8 million reflecting:

  • $17.9 million higher Adjusted EBITDA losses to $20.0 million reflecting:

    • $18.2 million higher legal fees and settlement expenses for litigation that concluded in Q3 related to a legacy business. Prospective related costs are expected to be negligible.

    • Losses at The Daily Beast as compared to profits in Q3 2024 and lower IAC Films profits

    • Partially offset by higher Vivian Health profits

  • $0.3 million higher stock-based compensation expense

    Corporate

• Operating loss increased $6.3 million to $35.0 million reflecting:

  • $10.0 million higher Adjusted EBITDA losses primarily due to the inclusion in Q3 2024 of a $10.0 million favorable legal settlement, higher professional fees and lower allocations due to the Angi Inc. spin-off, partially offset by lower compensation costs

  • $3.8 million lower stock-based compensation expense due primarily to inclusion of expense in Q3 2024 related to the former IAC CEO's restricted stock award which was forfeited on January 13, 2025

    Investment in MGM

    IAC holds 64.7 million shares of MGM, which were purchased for $1.3 billion, and were valued at $2.1 billion as of October 31, 2025. Net earnings (loss) and diluted earnings (loss) per share reflect changes in MGM's share price as unrealized gains and losses and, as a result, can be very volatile, which reduces their ability to be effective measures to assess operating performance.

    Other expense, net

    Q3 2025 Other expense, net includes $32.6 million due to an adverse jury verdict on October 24, 2025 related to a gain recorded in 2015 associated with a real estate transaction. A $34.3 million non-operating gain was initially recorded in Other income (expense), net and the proceeds have been held in escrow since the transaction occurred in 2015.

    Income Taxes

    The Company recorded an income tax benefit of $27.3 million in Q3 2025 for an effective tax rate of 56%, which was higher than the statutory rate due primarily to a change in the estimated income tax rate, excess tax benefits generated by the exercise of stock-based awards, non-deductible compensation expense and state taxes. In Q3 2024, the Company recorded an income tax benefit of $86.2 million for an effective tax rate of 24%, which was higher than the statutory rate due primarily to state taxes.

    Free Cash Flow

    For the nine months ended September 30, 2025, net cash provided by operating activities attributable to continuing operations was $27.5 million, a $96.8 million decrease from net cash provided by operating activities attributable to continuing operations for the nine months ended September 30, 2024. Free Cash Flow decreased $101.0 million to

    $13.5 million due primarily to unfavorable working capital (including $47.4 million of payments at People Inc. related to amendments of a lease to early surrender certain office space) and higher capital expenditures, partially offset by higher Adjusted EBITDA.

    ($ in millions, rounding differences may occur) 2025		2024
    Net cash provided by operating activities attributable to continuing $	27.5	$	124.2
    Capital expenditures	(14.0)		(9.8)
    Free cash flow $	13.5	$	114.5

    Nine Months Ended September 30,

    operations

    CONFERENCE CALL

    IAC will host a conference call to answer questions regarding its third quarter results on Tuesday, November 4, 2025, at 8:30

    a.m. Eastern Time. This conference call will include the disclosure of certain information, including forward-looking information, which may be material to an investor's understanding of IAC's business. The conference call will be accessible to the public at ir.iac.comalong with the Q3 2025 earnings presentation and a subsequent recording of the webcast.

    LIQUIDITY AND CAPITAL RESOURCES

    As of September 30, 2025:

• IAC had 77.4 million shares of common stock and Class B common stock outstanding.

• The Company had $1.0 billion in cash and cash equivalents of which IAC held $725 million and People Inc. held $280 million. The People Inc. cash balance includes $55 million of cash that had been contributed to People Inc. by the Company in September 2025 that was subsequently distributed back to IAC by People Inc. in October 2025.

• The Company had $1.45 billion in long-term debt, which is the obligation of People Inc.

  • As of September 30, 2025, People Inc. had a weighted average maturity of 6.2 years and weighted average borrowing cost of 7.4%.

  • As of September 30, 2025, People Inc.'s net consolidated leverage ratio defined in its credit

agreement remained below 4.0x, providing IAC with increased financial flexibility.

• IAC owned 64.7 million shares of MGM.

Between August 6, 2025 and October 31, 2025, the Company repurchased 2.8 million common shares for an aggregate of $100.0 million.

As of October 31, 2025, IAC had 6.4 million shares remaining in its share repurchase authorization.

Share repurchases can be made over an indefinite period of time in the open market and in privately negotiated transactions, depending on those factors management deems relevant at any particular time, including, without limitation, market conditions, price and future outlook.

($ in millions; rounding differences may occur)

‌DILUTIVE SECURITIES

IAC has various dilutive securities. The table below details these securities as well as potential dilution at various stock prices (shares in millions; rounding differences may occur).

Shares

Avg Exercise Price

As of

10/31/25 Dilution at:

The dilutive securities presentation is calculated using the methods and assumptions described below, which are different from those used for GAAP dilution, which is calculated based on the treasury stock method.

The Company currently settles all equity awards on a net basis; therefore, the dilutive effect is presented as the net number of shares expected to be issued upon vesting or exercise, and in the case of options, assuming no proceeds are received by the Company. Any required withholding taxes are paid in cash by the Company on behalf of the employees. In addition, the estimated income tax benefit from the tax deduction received upon the vesting or exercise of these awards is assumed to be used to repurchase IAC shares. Assuming all awards were exercised or vested on October 31, 2025, withholding taxes payable by the Company on behalf of the employees upon net settlement would have been $59.1 million (of which approximately 50% would be payable for awards currently vested and those vesting on or before September 30, 2026), assuming a stock price of

$32.22 and a 50% withholding rate. The table above assumes no change in the fair value estimate of the non-publicly traded subsidiary denominated equity awards from the values used at September 30, 2025. The number of shares ultimately needed to settle these awards and the cash withholding tax obligation may vary significantly as a result of the determination of the fair value of the relevant subsidiary. In addition, the number of shares required to settle these awards will be impacted by movement in the stock price of IAC.

IAC CONSOLIDATED STATEMENT OF OPERATIONS

($ in thousands except per share data)

Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024

Total stock-based compensation expense $ 16,992 $ 18,207 $ 16,067 $ 58,144

IAC CONSOLIDATED BALANCE SHEET

($ in thousands)

September 30, 2025 December 31, 2024

IAC CONSOLIDATED STATEMENT OF CASH FLOWS

($ in thousands)

Nine Months Ended September 30,

‌FULL YEAR 2025 OUTLOOK

Please find below our full year 2025 outlook. As stewards of shareholder capital, we continually evaluate investment opportunities and are prepared to diverge from our stated outlook when we identify compelling prospects that we believe will create long-term value, even if they may impact short-term results. We also acknowledge that, at times, our expectations about the future may not materialize as anticipated. With that caution in mind, here's our current outlook:

1. Guidance assumes no future expenses such as severance, transactions costs or non-cash lease impairments.

2. Excludes approximately $41 million net gains from amendments of a lease to surrender certain office space early in Q1 2025 and Q3 2025 and $15 million in severance-related costs in Q3 2025.

3. FY 2025 stock-based compensation expense reflects the net reduction in Q1 2025 of approximately $35 million of stock-based compensation expense related to the departure of IAC's former CEO.

   Additional Q4/FY 2025 Observations

   • People Inc. - In Q4, we expect Digital revenue growth of 7%-10% and we expect Print revenue to decline 20%-25% as Q4 2024 included non-recurring revenue from a legacy agency business due to political advertising spend on third party publisher platforms as well as the timing of shipments related to certain annual publications.

   • Care.com - In Q4, we expect revenue declines of 7%-9%, worsening sequentially reflecting Enterprise headwinds with Consumer stability. FY 2025 Adjusted EBITDA guidance reflects the $3.5 million of Certain Items in Q3 2025 results.

   • Search - In Q4, we expect revenue of $35-$45 million.

   • Emerging & Other - In Q4, we expect revenue around $16 million. Legal fees and settlement expenses for litigation that concluded in Q3 related to a legacy business totaling $34 million through September 30, 2025 are reflected in the FY 2025 outlook and are expected to be negligible prospectively.

   • Corporate - FY 2025 Adjusted EBITDA losses reflects severance and related expenses due to headcount reductions and several non-recurring expenses including costs related to the departure of IAC's former CEO and the Angi Inc. spin-off. Most of these expenses were recorded in Q1 2025.

(b) Excludes approximately $41 million net gains from amendments of a lease to surrender certain office space early in Q1 2025 and Q3 2025 and $15 million in severance-related costs in Q3 2025.

($ in millions; rounding differences may occur)

IAC RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

For the three months ended September 30, 2025

Operating Income (Loss)

Stock-based Compensation

Expense Depreciation

Amortization of Intangibles

Adjusted EBITDA

People Inc.

Digital $ 37.5 $ 3.2 $ 4.4 $ 18.8 $ 64.0

65.0

22.5

6.2

7.7

28.5

Total People Inc.

Other (10.9) 4.1 0.5 - (6.3)

Care.com 5.0 1.1 0.8 1.0 7.8

Corporate (35.0) 7.4 2.0 - (25.5)

Emerging & Other (20.8) 0.7 - - (20.0)

Total $ (20.4) $ 17.0 $ 9.0 $ 23.5 $ 29.1

For the three months ended September 30, 2024

Operating Stock-based

For the nine months ended September 30, 2025

For the nine months ended September 30, 2024

For the three months ended September 30, 2025

1. Consists of:

   • People Inc. - $15.2 million of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities, partially offset by a $5.2 million net gain from an amendment of a lease to surrender certain office space early.

   • Care.com - a $2.5 million lease impairment and $1.0 million in severance-related costs.

   • Emerging & Other - $21.4 million legal fees and settlement expenses for litigation that concluded in Q3 related to a legacy business.

For the three months ended September 30,

1. Consists of: $8.3 million of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities.

   PRINCIPLES OF FINANCIAL REPORTING

   IAC reports Adjusted EBITDA and Free Cash Flow, which are supplemental measures to U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA is our primary segment measure of profitability; it and Free Cash Flow are among the metrics by which we evaluate the performance of our businesses, and our internal budgets are based and may also impact management compensation. We believe that investors should have access to, and we are obligated to provide, the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. IAC endeavors to compensate for the limitations of th e non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which are included in this release. Interim results are not necessarily indicative of the results that may be expected for a full year.

   Definitions of 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-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements, if applicable. We believe this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.

   Free Cash Flow is defined as net cash provided by operating activities attributable to continuing operations, less capital expenditures. We believe Free Cash Flow is useful to analysts and investors because it represents the cash that our operating businesses generate, before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. For example, it does not take into account stock repurchases. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows.

   Non-Cash Expenses That Are Excluded from Adjusted EBITDA

   Stock-based compensation expense consists of expense associated with awards that were granted under various IAC stock and annual incentive plans that are denominated in IAC common shares and expense related to awards denominated in the equity of certain subsidiaries of the Company. These expenses are not paid in cash, and we view the economic costs of stock-based awards to be the dilution to our share base; the related shares are included in our fully diluted shares outstanding for GAAP earnings per share using the treasury stock method. The Company currently settles all stock-based awards on a net basis; IAC remits the required tax-withholding on behalf of employees for net-settled awards from its current funds.

   Please see page 11 for a summary of our dilutive securities, including stock-based awards as of October 31, 2025, and a description of the calculation methodology.

   Depreciation is a non-cash expense relating to our buildings, equipment, leasehold improvements and capitalized software and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.

   Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of acquisition, the identifiable definite-lived intangible assets of the acquired company are valued and amortized over their estimated lives. Value is also assigned to acquired indefinite-lived intangible assets, which comprise trade names and trademarks, and goodwill that are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairments of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.

   Gains and losses recognized on changes in the fair value of contingent consideration arrangements are accounting adjustments to report liabilities for the portion of the purchase price of acquisitions, if applicable, that is contingent upon the financial performance and/or operating targets of the acquired company at fair value that are recognized in "General and administrative expense" in the statement of operations. These adjustments can be highly variable and are excluded from our assessment of performance because they are considered non-operational in nature and, therefore, are not indicative of current or future performance or the ongoing cost of doing business.

   ‌Metric Definitions

   People Inc.

   Digital Revenue - Includes Advertising revenue, Performance Marketing revenue and Licensing and Other revenue.

   1. Advertising revenue - primarily includes revenue generated from digital advertisements and intent-based advertising targeting capabilities (D/Cipher+), which are sold directly to advertisers or through advertising agencies and programmatic advertising networks.

   2. Performance Marketing revenue - includes commissions generated through affiliate commerce, performance marketing services and affinity marketing channels. Affiliate commerce commission revenue is generated when People Inc.'s branded content refers consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing services commission revenue is generated on a cost-per-click or cost-per-action basis. Affinity marketing programs are arrangements where People Inc. acts as an agent for both People Inc. and third-party publishers to market and place magazine subscriptions online for which commission revenue is earned when a subscriber name has been provided to the publisher.

   3. Licensing and Other revenue - primarily includes revenue generated through brand and content licensing and similar agreements. Brand licensing generates royalties from long-term trademark licensing agreements with retailers, manufacturers, publishers and service providers. Content licensing royalties are earned from our relationship with Apple News+ as well as other content use and distribution relationships, including utilization in large-language models and other artificial intelligence-related activities.

investment) owned and operated sites as follows:

Care.com

Enterprise Revenue - Consists of revenue primarily generated through annual contracts with businesses (Care for Business) (employers or re-sellers) who provide access to Care.com's suite of products and services as an employee benefit.

Search

OTHER INFORMATION

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release and the IAC conference call, which will be held at 8:30 a.m. Eastern Time on Tuesday, November 4, 2025, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "anticipates," "estimates," "expects," "plans," "guidance" and "believes," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: the future financial performance of IAC and its businesses, business prospects and strategy, anticipated trends and prospects in the industries in which IAC's businesses operate and other similar matters. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: (i) our ability to compete with generative artificial intelligence ("AI") technology and the disruption across marketing and publishing driven by AI-enabled search features, including Google AI Overviews, (ii) unstable market and economic conditions (particularly those that adversely impact advertising spending levels and consumer confidence and spending behavior), either generally and/or in any of the markets in which our businesses operate, as well as geopolitical conflicts, (iii) our ability to market our products and services in a successful and cost-effective manner, (iv) the display prominence of links to websites offering our products and services in search results, (v) changes in our relationship with (or policies implemented by) Google, (vi) the failure or delay of the markets and industries in which our businesses operate to migrate online and the continued growth and acceptance of online products and services as effective alternatives to traditional products and services,

(vii) our continued ability to develop and monetize versions of our products and services for mobile and other digital devices, (viii) the ability of our Digital business to successfully expand the digital reach of our portfolio of publishing brands, (ix) our continued ability to market, distribute and monetize our products and services through search engines, digital app stores, advertising networks and social media platforms,

(x) risks related to our Print business including declining revenue, increases in paper and postage costs, reliance on a single supplier to print our magazines and potential increases in pension plan obligations, (xi) our ability to establish and maintain relationships with quality and trustworthy caregivers, (xii) our ability to access, collect, use and protect the personal data of our users and subscribers, (xiii) our ability to engage directly with users, subscribers, consumers and caregivers on a timely basis, (xiv) the ability of our Chairman and Senior Executive and certain members of his family to exercise significant influence over the composition of our board of directors, matters subject to stockholder approval and our operations, (xv) risks related to our liquidity and indebtedness (the impact of our indebtedness on our ability to operate our business, our ability to generate sufficient cash to service our indebtedness and interest rate risk), (xvi) our inability to freely access the cash of People Inc. and its subsidiaries, (xvii) dilution with respect to investments in IAC, (xviii) our ability to compete, (xix) our ability to build, maintain and/or enhance our various brands, (xx) our ability to protect our systems, technology and infrastructure from cyberattacks (including cyberattacks experienced by third parties with whom we do business), (xxi) the occurrence of data security breaches and/or fraud, (xxii) increased liabilities and costs related to the processing, storage, use and disclosure of personal and confidential user information, (xxiii) the integrity, quality, efficiency and scalability of our systems, technology and infrastructure (and those of third parties with whom we do business), (xxiv) changes in key personnel and risks related to leadership transitions and (xxv) changes to our capital deployment strategy. Certain of these and other risks and uncertainties are described in IAC's filings with the Securities and Exchange Commission (the "SEC"), including the most recent Annual Report on Form 10-K filed with the SEC on February 28, 2025, and subsequent reports that IAC files with the SEC. Other unknown or unpredictable factors that could also adversely affect IAC's business, financial condition and results of operations may arise from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward-looking statements we may make. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

About IAC

IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC nearly three decades ago have emerged 10 independent, public-traded companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially-disciplined opportunism will never change. IAC is today comprised of category-leading businesses People Inc. and Care.com among others and holds strategic equity positions in MGM Resorts International and Turo Inc. IAC is headquartered in New York City.

Contact Us

IAC Investor Relations

Mark Schneider

(212) 314-7400

IAC Corporate Communications

Valerie Combs

(212) 314-7251

IAC

555 West 18th Street, New York, NY 10011 (212) 314-7300 https://http://iac.com