IAC INC. IAC
Q3 2023 Earnings
Supplemental Financial Information and Operating Metrics
Table of Contents | |||
Page(s) | |||
Financial Information: | |||
Financial Results and Reconciliations | 2-3 | ||
Operating Metrics: | |||
Dotdash Meredith | 4 | ||
Angi Inc. | 5 | ||
Search | 6 | ||
Emerging & Other | 7 |
On November 1, 2023, Angi Inc. completed the sale of 100% of its wholly-owned subsidiary Total Home Roofing, LLC ("THR") and will reflect it as a discontinued operation in Q4 2023 in its standalone financial statements. THR does not meet the threshold to be reflected as a discontinued operation at the IAC level. IAC will move THR to its Emerging & Other segment from the Angi Inc. segment in Q4 2023. As a result, Angi Inc.'s revenue, operating loss and Adjusted EBITDA in IAC's financial results will conform to the corresponding amounts in Angi Inc.'s standalone financial statements.
This supplemental financial information has been revised to reflect THR in the
Emerging & Other segment for all prior periods in the consolidated financial information
of IAC.
IAC
Financial Results and Reconciliations (Unaudited)
($ in millions, except per share amounts; rounding differences may occur)
2021 | ||
FYE 12/31 | ||
Revenue | ||
Dotdash Meredith | $ | 456.3 |
Angi Inc. | 1,619.3 | |
Search | 873.3 | |
Emerging & Other | 753.2 | |
Inter-segment eliminations | (2.5) | |
Total revenue | $ | 3,699.6 |
Operating income (loss) | ||
Dotdash Meredith (a) (b) | $ | 7.2 |
Angi Inc. | (67.9) | |
Search | 108.3 | |
Emerging & Other | (31.3) | |
Corporate | (153.3) | |
Total operating loss | $ | (137.1) |
Stock-based compensation expense | ||
Dotdash Meredith | $ | (1.4) |
Angi Inc. | (28.2) | |
Search | - | |
Emerging & Other | (0.6) | |
Corporate | (49.2) | |
Total stock-based compensation expense | $ | (79.5) |
Depreciation | ||
Dotdash Meredith (b) | $ | (6.2) |
Angi Inc. | (59.0) | |
Search | - | |
Emerging & Other | (1.7) | |
Corporate | (8.1) | |
Total depreciation | $ | (75.0) |
Amortization of intangibles | ||
Dotdash Meredith | $ | (18.9) |
Angi Inc. | (16.1) | |
Search | - | |
Emerging & Other | (39.9) | |
Corporate | - | |
Total amortization of intangibles | $ | (74.8) |
Acquisition-related contingent consideration fair value adjustments | ||
Dotdash Meredith | $ | - |
Angi Inc. | - | |
Search | - | |
Emerging & Other | (15.0) | |
Corporate | - | |
Total acquisition-related contingent consideration fair value adjustments | $ | (15.0) |
Goodwill impairment | ||
Dotdash Meredith | $ | - |
Angi Inc. | - | |
Search | - | |
Emerging & Other | - | |
Corporate | - | |
Total goodwill impairment | $ | - |
See notes on page 3
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||||
$ | 500.5 | $ | 489.5 | $ | 467.1 | $ | 477.6 | $ | 1,934.7 | ||||
401.1 | 475.1 | 474.9 | 413.3 | 1,764.4 | |||||||||
223.4 | 198.2 | 156.7 | 153.1 | 731.4 | |||||||||
203.7 | 203.7 | 206.8 | 209.2 | 823.5 | |||||||||
(3.3) | (4.0) | (4.6) | (6.8) | (18.7) | |||||||||
$ | 1,325.3 | $ | 1,362.6 | $ | 1,300.9 | $ | 1,246.5 | $ | 5,235.3 | ||||
$ | (56.2) | $ | (27.5) | $ | (95.5) | $ | (8.8) | $ | (188.1) | ||||
(27.8) | (17.1) | (2.5) | (28.2) | (75.6) | |||||||||
25.1 | 26.3 | 19.1 | 12.9 | 83.4 | |||||||||
(11.2) | (111.6) | (10.1) | (24.0) | (156.8) | |||||||||
(38.6) | (36.3) | (35.6) | (27.1) | (137.6) | |||||||||
$ | (108.8) | $ | (166.1) | $ | (124.7) | $ | (75.1) | $ | (474.8) | ||||
$ | (4.3) | $ | (5.1) | $ | (6.3) | $ | (6.1) | $ | (21.8) | ||||
(12.2) | (13.0) | (12.2) | (13.4) | (50.8) | |||||||||
- | - | - | - | - | |||||||||
(0.9) | (0.5) | (0.4) | (0.7) | (2.4) | |||||||||
(12.4) | (13.0) | (12.3) | (10.8) | (48.5) | |||||||||
$ | (29.7) | $ | (31.7) | $ | (31.1) | $ | (31.0) | $ | (123.5) | ||||
$ | (13.3) | $ | (12.9) | $ | (7.0) | $ | (8.2) | $ | (41.4) | ||||
(13.9) | (13.2) | (17.4) | (33.0) | (77.5) | |||||||||
- | - | - | - | (0.1) | |||||||||
(0.5) | (0.4) | (0.6) | (0.9) | (2.4) | |||||||||
(2.5) | (2.5) | (2.5) | (2.0) | (9.6) | |||||||||
$ | (30.2) | $ | (29.1) | $ | (27.6) | $ | (44.1) | $ | (131.0) | ||||
$ | (47.9) | $ | (48.7) | $ | (113.5) | $ | (67.7) | $ | (277.7) | ||||
(3.6) | (3.6) | (3.6) | (2.9) | (13.8) | |||||||||
- | - | - | - | - | |||||||||
(5.7) | (3.8) | (3.7) | (3.1) | (16.2) | |||||||||
- | - | - | - | - | |||||||||
$ | (57.2) | $ | (56.1) | $ | (120.8) | $ | (73.7) | $ | (307.7) | ||||
$ | 0.6 | $ | - | $ | - | $ | - | $ | 0.6 | ||||
- | - | - | - | - | |||||||||
- | - | - | - | - | |||||||||
- | - | - | - | - | |||||||||
- | - | - | - | - | |||||||||
$ | 0.6 | $ | - | $ | - | $ | - | $ | 0.6 | ||||
$ | - | $ | - | $ | - | $ | - | $ | - | ||||
- | - | - | - | - | |||||||||
- | - | - | - | - | |||||||||
- | (86.7) | - | (26.0) | (112.8) | |||||||||
- | - | - | - | - | |||||||||
$ | - | $ | (86.7) | $ | - | $ | (26.0) | $ | (112.8) | ||||
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||
$ | 387.6 | $ | 414.0 | $ | 417.5 | ||||||
355.5 | 351.6 | 351.2 | |||||||||
152.5 | 177.0 | 166.1 | |||||||||
192.4 | 172.4 | 179.8 | |||||||||
(3.7) | (3.4) | (3.2) | |||||||||
$ | 1,084.3 | $ | 1,111.6 | $ | 1,111.3 | ||||||
$ | (111.2) | $ | (17.8) | $ | (3.6) | ||||||
(10.9) | (15.4) | (7.9) | |||||||||
10.8 | 14.0 | 12.0 | |||||||||
11.9 | 2.1 | 0.6 | |||||||||
(36.1) | (38.3) | (33.9) | |||||||||
$ | (135.6) | $ | (55.5) | $ | (32.7) | ||||||
$ | (5.1) | $ | (5.6) | $ | (6.4) | ||||||
(12.7) | (10.3) | (10.6) | |||||||||
- | - | - | |||||||||
(0.5) | (0.2) | (0.6) | |||||||||
(10.6) | (14.1) | (11.4) | |||||||||
$ | (28.9) | $ | (30.2) | $ | (29.0) | ||||||
$ | (33.4) | $ | (16.9) | $ | (8.7) | ||||||
(25.2) | (22.0) | (22.5) | |||||||||
- | - | - | |||||||||
(0.9) | (0.7) | (0.7) | |||||||||
(1.7) | (1.7) | (1.8) | |||||||||
$ | (61.2) | $ | (41.3) | $ | (33.8) | ||||||
$ | (49.7) | $ | (49.5) | $ | (56.7) | ||||||
(2.7) | (2.7) | (2.6) | |||||||||
- | - | - | |||||||||
(2.3) | (2.0) | (2.0) | |||||||||
- | - | - | |||||||||
$ | (54.6) | $ | (54.2) | $ | (61.4) | ||||||
$ | - | $ | - | $ | - | ||||||
- | - | - | |||||||||
- | - | - | |||||||||
- | - | - | |||||||||
- | - | - | |||||||||
$ | - | $ | - | $ | - | ||||||
$ | - | $ | - | $ | - | ||||||
- | - | - | |||||||||
- | - | - | |||||||||
- | - | (9.0) | |||||||||
- | - | - | |||||||||
$ | - | $ | - | $ | (9.0) | ||||||
2
IAC
Financial Results and Reconciliations (Unaudited)
($ in millions, except per share amounts; rounding differences may occur)
Adjusted EBITDA (c)
Dotdash Meredith (a)
Angi Inc.
Search
Emerging & Other
Corporate
Total Adjusted EBITDA
Net earnings (loss) attributable to IAC shareholders
Add back:
Net loss attributable to noncontrolling interests
Loss (earnings) from discontinued operations, net of tax (d) Income tax provision (benefit)
Other (income) expense, net
Unrealized (gain) loss on investment in MGM Resorts International Interest expense
Operating loss
Add back:
Stock-based compensation expense Depreciation
Amortization of intangibles
Acquisition-related contingent consideration fair value adjustments Goodwill impairment
Adjusted EBITDA
Diluted weighted average shares outstanding
Diluted earnings (loss) per share from continuing operations (e) Diluted (loss) earnings per share from discontinued operations (d)(e) Diluted earnings (loss) per share attributable to IAC shareholders (e)
2021
FYE 12/31
$ | 33.6 |
35.4 | |
108.4 | |
25.9 | |
(96.0) | |
$ | 107.3 |
$ | 597.5 |
(8.6) | |
1.8 | |
139.0 | |
(111.9) | |
(789.3) | |
34.3 | |
(137.1) | |
79.5 | |
75.0 | |
74.8 | |
15.0 | |
- | |
$ | 107.3 |
91.8 | |
$ | 6.33 |
$ | (0.02) |
$ | 6.31 |
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||||
$ | 8.5 | $ | 39.2 | $ | 31.2 | $ | 73.3 | $ | 152.1 | ||||
1.9 | 12.8 | 30.8 | 21.1 | 66.5 | |||||||||
25.1 | 26.3 | 19.1 | 13.0 | 83.5 | |||||||||
(4.1) | (20.1) | (5.4) | 6.7 | (23.0) | |||||||||
(23.7) | (20.7) | (20.8) | (14.3) | (79.5) | |||||||||
$ | 7.7 | $ | 37.4 | $ | 54.8 | $ | 99.7 | $ | 199.6 | ||||
$ | (235.8) | $ | (869.1) | $ | (63.8) | $ | (1.4) | $ | (1,170.2) | ||||
(5.1) | (6.3) | (2.0) | (8.9) | (22.3) | |||||||||
- | - | - | (2.7) | (2.7) | |||||||||
(70.5) | (229.0) | (26.1) | (5.6) | (331.1) | |||||||||
(6.7) | 89.4 | (19.7) | 154.7 | 217.8 | |||||||||
187.3 | 825.3 | (42.5) | (246.6) | 723.5 | |||||||||
21.9 | 23.5 | 29.4 | 35.3 | 110.2 | |||||||||
(108.8) | (166.1) | (124.7) | (75.1) | (474.8) | |||||||||
29.7 | 31.7 | 31.1 | 31.0 | 123.5 | |||||||||
30.2 | 29.1 | 27.6 | 44.1 | 131.0 | |||||||||
57.2 | 56.1 | 120.8 | 73.7 | 307.7 | |||||||||
(0.6) | - | - | - | (0.6) | |||||||||
- | 86.7 | - | 26.0 | 112.8 | |||||||||
$ | 7.7 | $ | 37.4 | $ | 54.8 | $ | 99.7 | $ | 199.6 | ||||
86.8 | 86.7 | 86.0 | 85.9 | 86.4 | |||||||||
$ | (2.72) | $ | (10.02) | $ | (0.74) | $ | (0.05) | $ | (13.58) | ||||
$ | - | $ | - | $ | - | $ | 0.03 | $ | 0.03 | ||||
$ | (2.72) | $ | (10.02) | $ | (0.74) | $ | (0.02) | $ | (13.55) | ||||
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||
$ | (23.1) | $ | 54.1 | $ | 68.3 | ||||||
29.7 | 19.6 | 27.8 | |||||||||
10.8 | 14.0 | 12.0 | |||||||||
15.6 | 5.0 | 13.0 | |||||||||
(23.8) | (22.5) | (20.8) | |||||||||
$ | 9.1 | $ | 70.2 | $ | 100.4 | ||||||
$ | 417.8 | $ | (89.0) | $ | (390.5) | ||||||
(2.5) | (2.6) | (1.5) | |||||||||
- | - | - | |||||||||
139.5 | (24.3) | (118.8) | |||||||||
(23.7) | (11.0) | (25.5) | |||||||||
(704.8) | 32.4 | 463.4 | |||||||||
38.2 | 39.1 | 40.2 | |||||||||
(135.6) | (55.5) | (32.7) | |||||||||
28.9 | 30.2 | 29.0 | |||||||||
61.2 | 41.3 | 33.8 | |||||||||
54.6 | 54.2 | 61.4 | |||||||||
- | - | - | |||||||||
- | - | 9.0 | |||||||||
$ | 9.1 | $ | 70.2 | $ | 100.4 | ||||||
88.4 | 83.1 | 82.8 | |||||||||
$ | 4.57 | $ | (1.07) | $ | (4.72) | ||||||
$ | - | $ | - | $ | - | ||||||
$ | 4.57 | $ | (1.07) | $ | (4.72) | ||||||
- The 2021 operating income of $7.2 million and Adjusted EBITDA of $33.6 million at Dotdash Meredith include $78.5 million of transaction-related costs, including charges related to double-triggerchange-in-control payments, associated with the acquisition of Meredith Holding Corporation ("Meredith"). Q1 2022 operating loss of $56.2 million and Adjusted EBITDA of $8.5 million at Dotdash Meredith include $22.4 million of restructuring costs related to the discontinuation of certain print publications, the shutdown of PeopleTV, and the voluntary retirement program announced in the first quarter of 2022, and $4.0 million of transaction-related costs associated with the acquisition of Meredith. Q2 2022 operating loss of $27.5 million and Adjusted EBITDA of $39.2 million at Dotdash Meredith include $13.7 million of restructuring costs primarily related to the activities announced in the first quarter of 2022 and actions taken to improve efficiencies following the Meredith acquisition, and $1.2 million of transaction-related costs associated with the acquisition of Meredith. Q3 2022 operating loss of $95.5 million and Adjusted EBITDA of $31.2 million at Dotdash Meredith include $17.7 million of restructuring costs primarily related to the impairment of a right-of-use asset ("ROU") related to the consolidation of certain leased spaces following the Meredith acquisition, and $0.8 million of transaction-related costs associated with the acquisition of Meredith. Q4 2022 operating loss of $8.8 million and Adjusted EBITDA of $73.3 million at Dotdash Meredith include $19.4 million of restructuring costs primarily related to the reduction in force plan announced in January 2023 and $1.1 million of transaction-related costs associated with the acquisition of Meredith. Q1 2023 operating loss of $111.2 million and Adjusted EBITDA loss of $23.1 million at Dotdash Meredith include $44.7 million of impairment charges of a ROU asset related to unoccupied leased office space.
- Q3 2022 operating loss of $95.5 million and depreciation of $7.0 million at Dotdash Meredith include $7.0 million of restructuring costs primarily related to the impairment of leasehold improvements and furniture and equipment related to the consolidation of certain leased spaces following the Meredith acquisition. Q1 2023 operating loss of $111.2 million and depreciation of $33.4 million at Dotdash Meredith include $25.3 million of impairment charges related to leasehold improvements and furniture and equipment related to unoccupied leased office space. Q2 2023 operating loss of $17.8 million and depreciation of $16.9 million at Dotdash Meredith include a $4.2 million write-off of certain leasehold improvements and furniture and equipment.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") 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. 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.
- On May 25, 2021, the Company completed the separation of its Vimeo business from the remaining businesses of the Company through a series of transactions that resulted in the transfer of its Vimeo business to Vimeo, Inc., (formerly named Vimeo Holdings, Inc., "Vimeo"), and Vimeo becoming an independent, separately traded public company through a spin-off from IAC. Vimeo is presented as discontinued operations within IAC's consolidated financial statements for all periods prior to May 25, 2021. Q4 2022 includes $2.7 million of income tax benefit related to the Company's allocation of certain federal and state net operating losses to Vimeo based on the filing of its 2021 tax returns.
- Quarterly per share amounts may not add up to the related annual per share amount due to differences in the number of average common shares outstanding during each period.
3
IAC
Dotdash Meredith
($ in millions; rounding differences may occur)
Dotdash Meredith
Revenue as Reported
Advertising revenue
Performance marketing revenue
Licensing and other revenue
Total Digital Revenue (a)
Print Revenue (b)
Intersegment eliminations
Total Dotdash Meredith Revenue
Meredith Revenue for Periods Prior to its Acquisition (c)
Digital Revenue
Print Revenue
Intersegment eliminations
Total
Pro Forma Revenue (d)
Pro Forma Digital Revenue
Pro Forma Print Revenue
Pro Forma Intersegment eliminations
Total Pro Forma Dotdash Meredith Revenue
Metrics (in thousands)
Total Sessions (e)
Core Sessions (f)
2021
FYE 12/31
$ 236.7 116.2 14.3
$ 367.1 92.0 (2.9)
$ 456.3
$ 664.6 1,257.2 (22.1)
$ 1,899.7
$ 1,031.8 1,349.2 (25.0)
$ 2,356.0
12,341
8,344
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||||
$ | 137.1 | $ | 157.6 | $ | 148.3 | $ | 178.8 | $ | 621.7 | ||||
50.1 | 47.9 | 46.1 | 54.3 | 198.4 | |||||||||
29.0 | 29.0 | 26.4 | 27.0 | 111.3 | |||||||||
$ | 216.2 | $ | 234.5 | $ | 220.7 | $ | 260.1 | $ | 931.5 | ||||
290.0 | 260.3 | 251.5 | 224.4 | 1,026.1 | |||||||||
(5.7) | (5.3) | (5.1) | (6.8) | (22.9) | |||||||||
$ | 500.5 | $ | 489.5 | $ | 467.1 | $ | 477.6 | $ | 1,934.7 | ||||
$ | - | $ | - | $ | - | $ | - | $ | - | ||||
- | - | - | - | - | |||||||||
- | - | - | - | - | |||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | ||||
$ | 216.2 | $ | 234.5 | $ | 220.7 | $ | 260.1 | $ | 931.5 | ||||
290.0 | 260.3 | 251.5 | 224.4 | 1,026.1 | |||||||||
(5.7) | (5.3) | (5.1) | (6.8) | (22.9) | |||||||||
$ | 500.5 | $ | 489.5 | $ | 467.1 | $ | 477.6 | $ | 1,934.7 | ||||
3,178 | 3,040 | 2,883 | 2,847 | 11,947 | |||||||||
2,171 | 2,036 | 1,922 | 2,056 | 8,186 |
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||
$ | 111.8 | $ | 132.2 | $ | 131.2 | ||||||
50.1 | 53.5 | 56.4 | |||||||||
22.9 | 26.2 | 24.4 | |||||||||
$ | 184.8 | $ | 212.0 | $ | 212.1 | ||||||
207.0 | 206.8 | 211.3 | |||||||||
(4.2) | (4.7) | (5.9) | |||||||||
$ | 387.6 | $ | 414.0 | $ | 417.5 | ||||||
$ | - | $ | - | $ | - | ||||||
- | - | - | |||||||||
- | - | - | |||||||||
$ | - | $ | - | $ | - | ||||||
$ | 184.8 | $ | 212.0 | $ | 212.1 | ||||||
207.0 | 206.8 | 211.3 | |||||||||
(4.2) | (4.7) | (5.9) | |||||||||
$ | 387.6 | $ | 414.0 | $ | 417.5 | ||||||
2,842 | 2,607 | 2,575 | |||||||||
2,102 | 1,989 | 2,024 |
- Includes Advertising revenue, Performance Marketing revenue and Licensing and Other revenue.
- Advertising revenue - primarily includes revenue generated from display advertisements sold both directly through our sales team and via programmatic exchanges.
- Performance Marketing revenue - primarily includes revenue generated through affiliate commerce, affinity marketing channels, and performance marketing commissions. Affiliate commerce commission revenue is generated when Dotdash
Meredith refers users to commerce partner websites resulting in a purchase or transaction. Affinity marketing programs market and place magazine subscriptions for both Dotdash Meredith and third-party publisher titles. Performance marketing commissions are generated on a cost-per-click or cost-per-action basis.
- Licensing and Other revenue - primarily includes revenue generated through brand and content licensing agreements. Brand licensing generates royalties from multiple 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 distribution relationships.
- Primarily includes subscription, advertising, newsstand and performance marketing revenue.
- Reflects programmatic advertising revenue on a net basis.
- Reflects the inclusion of Meredith revenue for all periods prior to the Meredith acquisition. Meredith's programmatic advertising revenue has been presented on a net basis to conform to IAC's accounting policies.
- Represents unique visits to all sites that are part of the Dotdash Meredith network and sourced from Google Analytics.
- A subset of Total Sessions that comprises unique visits to Dotdash Meredith's 19 largest owned and operated branded sites including (but not limited to) PEOPLE, Allrecipes, Investopedia, Verywell Health and The Spruce.
4
IAC
Angi Inc.
(rounding differences may occur)
Angi Inc.
Revenue ($ in millions)
Ads and Leads (a)
Services (b)
Total Domestic
International (c)
Total Angi Inc. Revenue
Reported to Pro Forma Net Revenue Reconciliations (d)
Services (e)
Reported Revenue
Impact of net revenue reporting (d)
Pro Forma Services Net Revenue
Total Angi Inc. (f)
Reported Revenue
Impact of Services net revenue reporting (d)
Pro Forma Angi Inc. Net Revenue
Metrics
Service Requests (in thousands) (g) Monetized Transactions (in thousands) (h) Transacting Service Professionals (in thousands) (i)
2021
FYE 12/31
$ 1,227.1 289.9
1,517.0
102.3
$ 1,619.3
$ 289.9 (180.7)
$ 109.3
$ 1,619.3 (180.7)
$ 1,438.7
33,513
31,510
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 294.7 | $ | 341.9 | $ | 345.5 | $ | 299.9 | $ | 1,282.1 | ||||
76.4 | 108.2 | 105.9 | 90.7 | 381.3 | |||||||||
371.2 | 450.1 | 451.4 | 390.6 | 1,663.3 | |||||||||
30.0 | 25.0 | 23.4 | 22.6 | 101.0 | |||||||||
$ | 401.1 | $ | 475.1 | $ | 474.9 | $ | 413.3 | $ | 1,764.4 | ||||
$ | 76.4 | $ | 108.2 | $ | 105.9 | $ | 90.7 | $ | 381.3 |
(51.7) | (71.1) | (64.8) | (55.1) | (242.6) | |||||
$ | 24.8 | $ | 37.1 | $ | 41.1 | $ | 35.6 | $ | 138.7 |
$ | 401.1 | $ | 475.1 | $ | 474.9 | $ | 413.3 | $ | 1,764.4 |
(51.7) | (71.1) | (64.8) | (55.1) | (242.6) | |||||
$ | 349.5 | $ | 404.0 | $ | 410.1 | $ | 358.2 | $ | 1,521.8 |
6,818 | 8,631 | 7,901 | 6,109 | 29,459 |
6,799 | 8,303 | 7,779 | 6,057 | 28,938 |
249 | 264 | 245 | 220 |
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 293.5 | $ | 292.5 | $ | 292.0 | ||
32.1 | 29.9 | 30.0 | |||||
325.6 | 322.4 | 322.0 | |||||
29.9 | 29.2 | 29.3 | |||||
$ | 355.5 | $ | 351.6 | $ | 351.2 | ||
$ | 32.1 | $ | 29.9 | $ | 30.0 |
(3.7) | 0.5 | - | |||
$ | 28.4 | $ | 30.4 | $ | 30.0 |
$ | 355.5 | $ | 351.6 | $ | 351.2 |
(3.7) | 0.5 | - | |||
$ | 351.8 | $ | 352.1 | $ | 351.2 |
6,004 | 6,862 | 6,065 |
6,451 | 7,805 | 7,355 |
206 | 207 | 202 |
- Reflects domestic consumer connection revenue for consumer matches, revenue from service professionals under contract for advertising and membership subscription revenue from service professionals and consumers.
- Reflects domestic revenue from pre-priced offerings by which the consumer requests services through an Angi Inc. platform and Angi Inc. connects them with a service professional to perform the service.
- Reflects revenue generated within the International segment (consisting of businesses in Europe and Canada), including consumer connection revenue for consumer matches and membership subscription revenue from service professionals and consumers.
- From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating (loss) income or Adjusted EBITDA from the change in revenue recognition.
- Reflects Services revenue on a net basis for all periods presented.
- Reflects Services revenue on a net basis for all periods presented and as reported revenue for the other segments, none of which had changes to their revenue recognition reporting.
- Reflects (i) fully completed and submitted domestic service requests for connections with Ads and Leads service professionals, (ii) contacts to Ads and Leads service professionals generated via the service professional directory from unique users in unique categories (such that multiple contacts from the same user in the same category in the same day are counted as one Service Request) and (iii) requests to book Services jobs in the period.
- Reflects (i) Service Requests that are matched to a paying Ads and Leads service professional in the period and (ii) completed and in-process Services jobs in the period; a single Service Request can result in multiple monetized transactions.
- The number of (i) Ads and Leads service professionals that paid for consumer matches or advertising and (ii) Services service professionals that performed a Services job, during the most recent quarter.
5
IAC
Search
(rounding differences may occur)
2021 | ||
FYE 12/31 | ||
Search | ||
Revenue ($ in millions) | ||
Ask Media Group (a) | $ | 733.6 |
Desktop (b) | 139.7 | |
Total Search Revenue | $ | 873.3 |
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 193.9 | $ | 171.6 | $ | 134.7 | $ | 132.0 | $ | 632.2 | ||||
29.5 | 26.6 | 22.0 | 21.2 | 99.3 | |||||||||
$ | 223.4 | $ | 198.2 | $ | 156.7 | $ | 153.1 | $ | 731.4 | ||||
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 132.4 | $ | 157.3 | $ | 147.4 | ||
20.0 | 19.7 | 18.7 | |||||
$ | 152.5 | $ | 177.0 | $ | 166.1 | ||
- Ask Media consists of revenue generated from advertising principally through the display of paid listings in response to search queries, as well as from display advertisements appearing alongside content on its various websites, and, to a lesser extent, affiliate commerce commission revenue.
- Desktop consists of revenue generated by applications distributed through both direct-to-consumer marketing and business-to-business partnerships.
6
IAC
Emerging & Other
(rounding differences may occur)
2021
FYE 12/31
Emerging & Other
Revenue ($ in millions)
Care.com revenue (a) | $ | 328.3 |
2022
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 90.1 | $ | 86.0 | $ | 97.2 | $ | 89.3 | $ | 362.6 |
2023
Q1 | Q2 | Q3 | Q4 | FYE 12/31 |
$ | 94.5 | $ | 87.6 | $ | 101.6 |
- Care.com consists of revenue primarily through subscription fees from families and caregivers for its suite of product and services, as well as through annual contracts with employers who provide access to Care.com's suite of products and services as an employee benefit through contracts with businesses that recruit employees through its platform.
7
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IAC Inc. published this content on 13 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2023 14:31:30 UTC.
