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Here are 1-3 brief analogies for IAC:

• Like Berkshire Hathaway for internet companies, but focused on building and spinning off its successful ventures.
• A publicly traded venture capital firm that incubates and spins off internet companies into independent public entities.

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• Dotdash Meredith: Operates a large portfolio of digital and print media brands, providing content, information, and commerce opportunities across various lifestyle categories.
• Angi Inc.: Provides a digital marketplace connecting consumers with local service professionals for home repair, maintenance, and improvement projects.
• Care.com: Offers an online marketplace that helps families find and connect with caregivers for child care, senior care, pet care, and home care needs.
• Ask Media Group: Manages a portfolio of digital content and search properties, including Ask.com and Dictionary.com, offering information and reference services.
• Bluecrew: Operates a marketplace for W-2 hourly workers, connecting businesses with a flexible workforce for various operational needs.

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IAC (symbol: IAC) is a diversified internet company with a portfolio of businesses primarily in online media, home services, and care services. Its revenue streams are varied, stemming from subscriptions, advertising, lead generation, and commissions. While some of its segments do work with businesses, the company does not have any single major corporate customers that account for a significant portion of its revenue. Public filings typically state that no single customer accounts for 10% or more of consolidated revenue, indicating a broad customer base.

Therefore, IAC sells primarily to a large base of individuals, and its business model often involves connecting individuals with other individuals or with small businesses. Here are up to three categories of customers that it serves:

1. Individual Consumers (Seeking Services or Content): This category includes homeowners looking for service professionals through Angi, families seeking caregivers via Care.com, and the vast audience of readers and users engaging with content across IAC's digital publishing properties like Dotdash Meredith (e.g., Investopedia, People, Allrecipes, Better Homes & Gardens) and Ask Media Group. These individuals are the end-users driving engagement and demand for IAC's products and services.
2. Service Professionals and Caregivers: This category encompasses individuals or small businesses (e.g., plumbers, electricians, handymen, nannies, senior care providers) who utilize platforms like Angi and Care.com to find clients, generate leads, and manage their services. They subscribe to IAC's services or pay for leads to connect with individual consumers.
3. Advertisers and Brand Partners: This category consists of various companies—from large corporations to small businesses—that purchase advertising space or participate in affiliate marketing programs across IAC's extensive network of websites and digital properties (e.g., Dotdash Meredith, Ask.com). These partners seek to reach IAC's large and diverse audience of individual consumers.

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• Google (GOOGL)
• Meta Platforms (META)

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Joey Levin, Chief Executive Officer

Joey Levin has served as the CEO of IAC since June 2015, after previously leading its search & applications segment. He also took on the role of CEO of Angi Inc. in October 2022. Levin joined IAC in 2003, holding various positions including Senior Vice President, Mergers & Acquisitions and Finance, and later as CEO of Mindspark Interactive Network (now IAC Applications) and CEO of IAC Search & Applications. Before joining IAC, he worked in the Technology Mergers & Acquisitions group for Credit Suisse First Boston (now Credit Suisse). Levin is Chairman of Angi Inc. and serves on the Board of Directors of Turo and MGM Resorts International. He has also served as a Director of several publicly traded consumer technology companies, including Groupon, Inc., LendingTree, Inc., and The Active Network, which was sold to Vista Equity Partners. He has overseen significant corporate evolutions at IAC, including the spin-offs of Match Group and Vimeo.

Christopher Halpin, Executive Vice President, Chief Operating Officer and Chief Financial Officer

Christopher Halpin leads corporate finance, accounting, M&A, investor relations, and administration functions for IAC, while also overseeing the day-to-day operations of its businesses. He was appointed CFO in January 2022. Prior to IAC, Halpin spent nearly a decade in leadership roles at the National Football League (NFL), most recently as Executive Vice President, Chief Strategy & Growth Officer. In this role, he was responsible for strategic planning, data and analytics, managing the NFL's international business, and leading its legalized sports betting strategy. Before joining the NFL in June 2013, Halpin was a Partner and Managing Director at Providence Equity Partners for 13 years, where he focused on investment activities in the Media & Entertainment, Wireless/Satellite, and Business Services sectors and co-headed the firm's Hong Kong office. He began his career in the Merchant Banking Division of Goldman Sachs & Co.

Barry Diller, Chairman and Senior Executive

Barry Diller serves as the Chairman and Senior Executive of IAC and also holds these roles for Expedia Group. He was Chairman and CEO of IAC from 1995 to late 2010. Diller has a long history in media and entertainment, having served as Chairman and Chief Executive Officer of Fox, Inc. from 1984 to 1992, where he created Fox Broadcasting Company. Before Fox, he was Chairman and Chief Executive of Paramount Pictures Corporation for 10 years, and prior to that, Vice President of Prime Time Television for ABC Entertainment. Diller is recognized for his entrepreneurial vision and for being influential in the success and spin-offs of various public companies, including Expedia, TripAdvisor, and Live Nation.

Kendall Handler, Executive Vice President, Chief Legal Officer

Kendall Handler holds the position of Executive Vice President, Chief Legal Officer at IAC.

Mark Schneider, Senior Vice President, Finance and Investor Relations

Mark Schneider is the Senior Vice President of Finance and Investor Relations at IAC.

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The key risks to IAC's business include the non-renewal of its Google Services Agreement, concerns regarding its liquidity and indebtedness, and the significant influence of its Chairman and Senior Executive, Barry Diller.

1. Non-renewal of Google Services Agreement: IAC has received notice from Google LLC that their Google Services Agreement will not be renewed and is set to expire on March 31, 2026. This agreement provides paid listings from Google to IAC and contributes to the revenue of IAC's Search segment, which reported $183.9 million in revenue for the nine-month period ended September 30, 2025. The non-renewal could materially impact the Search segment's future revenue and profitability.

2. Liquidity and Indebtedness: IAC carries a substantial amount of debt, totaling US$2.03 billion as of September 2023. While the company has cash reserves, its net debt stands at approximately US$603.9 million. Furthermore, IAC's total liabilities, amounting to US$3.57 billion (US$1.02 billion due within 12 months and US$2.55 billion due beyond 12 months), exceed its current cash and short-term receivables by US$1.63 billion. The company also reported a negative earnings before interest and tax (EBIT) of US$437 million, raising concerns about its overall financial health and ability to manage its debt obligations.

3. Influence of Barry Diller: Barry Diller, IAC's Chairman and Senior Executive, along with certain family members, possesses significant voting power, representing approximately 42.8% of the total outstanding voting power as of February 1, 2019. This concentration allows them to influence the composition of IAC's Board of Directors and the outcome of corporate actions requiring shareholder approval. Analysts have also voiced concerns regarding Mr. Diller's perceived unwillingness to liquidate or redeploy the company's stake in MGM Resorts, which some view as impacting shareholder value.

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• The rise of generative AI models (e.g., ChatGPT, Google's Gemini) and their integration into search engines (e.g., Google's Search Generative Experience) poses a significant threat to Dotdash Meredith. These AI tools can directly answer user queries, summarize information, and generate content, potentially reducing organic traffic to traditional publisher websites, impacting advertising revenue and affiliate commissions.
• Google's continued expansion and prioritization of its own "Local Services Ads" directly competes with Angi's home services marketplace. By featuring screened and Google-guaranteed professionals at the top of search results, Google disintermediates third-party marketplaces, potentially siphoning off customer leads and service providers from Angi.

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For the public company IAC, the addressable markets for its main products and services are as follows:

• Angi Inc. (Home Services): The total addressable market for home services in the U.S. was estimated to be $657 billion in 2022.
• Vimeo (Video Software and Hosting): Vimeo estimates its total addressable market to be approximately $40 billion globally in 2021, with a projected growth to $70 billion globally in 2024.
• Dotdash Meredith (Digital Publishing and Content): null
• Ask Media Group (Search and Content Sites): null
• The Motley Fool (Financial Content and Investing Advice): null

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IAC's future revenue growth over the next 2-3 years is expected to be driven by several key initiatives and areas of focus:

1. Continued Digital Revenue Growth and Off-Platform Expansion: IAC's People Inc. and Dotdash Meredith segments are anticipated to sustain digital revenue growth through various strategies. This includes growth in digital advertising, increasing off-platform audience engagement, and leveraging content licensing partnerships, such as those with OpenAI and Apple News. Additionally, the company is focused on implementing innovative advertising solutions to boost revenue.
2. Angi's Turnaround and Product-led Growth: Angi is targeting a return to revenue growth by 2026. This is expected to be achieved through significant product enhancements and the strategic shift to a single pro product platform, which aims to improve efficiency and increase revenue per transaction.
3. Strategic Partnerships and Monetization of AI-driven Content: A new avenue for revenue generation is IAC's focus on strategic partnerships, including a collaboration with Microsoft for an AI content marketplace. These deals signify a move towards monetizing AI-driven content and expanding its digital footprint.
4. Strategic Capital Allocation and Opportunistic M&A: Management has indicated a strategy of "slimming down IAC's assets" and pursuing opportunistic mergers and acquisitions. This approach, along with unlocking value from its investment in MGM, is expected to lead to both organic and inorganic earnings upside, indirectly contributing to future revenue growth by focusing on and acquiring high-growth assets.

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