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OFFON

IAC/INTERACTIVECORP

(IAC)
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IAC/InterActiveCorp : IAC Grids and Metrics Q1 2021 (updated to reflect Vimeo as a discontinued operation)

06/03/2021 | 01:57pm EDT

IAC/InterActiveCorp

Supplemental Financial Information

On May 25, 2021, IAC/InterActiveCorp (the "Company" or "IAC") completed the separation of

IAC's Vimeo business from the remaining businesses of the Company through a series of

transactions that resulted in the transfer of IAC's 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 (the "Spin-off").

This supplemental financial information has been revised to reflect Vimeo as a discontinued operation, retrospectively for all periods presented, in the consolidated financial information of IAC. For additional information see the Current Report on Form 8-K filed with the Securities Exchange Commission on June 1, 2021.

IAC

Financial Results and Reconciliations (Unaudited)

($ in millions, except per share amounts; rounding differences may occur)

2019

2020

2021

FYE 12/31

Q1

Q2

Q3

Q4

FYE 12/31

Q1

Q2

Q3

Q4

FYE 12/31

Revenue

Angi Inc.

$

1,326.2

$

343.6

$

375.1

$

389.9

$

359.3

$

1,467.9

$

387.0

Dotdash

167.6

44.1

44.6

50.8

74.2

213.8

65.4

Search

742.2

154.4

131.3

145.2

182.4

613.3

181.0

Emerging & Other

274.1

85.0

108.1

127.4

149.2

469.8

153.2

Inter-segment eliminations

(0.1)

(0.0)

(0.0)

(0.1)

(0.0)

(0.2)

(0.1)

Total revenue

$

2,510.0

$

627.2

$

659.0

$

713.2

$

765.0

$

2,764.5

$

786.6

Operating income (loss)

Angi Inc.

$

38.6

$

(16.3)

$

17.6

$

(3.0)

$

(4.7)

$

(6.4)

$

0.1

Dotdash

29.0

2.4

7.7

11.8

28.4

50.2

18.1

Search

122.3

(220.6)

8.8

(53.0)

16.0

(248.7)

18.4

Emerging & Other

(21.8)

(17.9)

(9.0)

(35.1)

(8.9)

(70.9)

1.0

Corporate (a)

(162.5)

(43.6)

(122.6)

(42.9)

(52.9)

(261.9)

(44.8)

Total operating income (loss)

$

5.7

$

(295.9)

$

(97.4)

$

(122.2)

$

(22.1)

$

(537.7)

$

(7.2)

Stock-based compensation expense

Angi Inc.

$

(68.3)

$

(25.6)

$

(14.8)

$

(14.7)

$

(28.6)

$

(83.6)

$

(2.0)

Dotdash

-

-

-

-

-

-

-

Search

-

-

-

-

-

-

-

Emerging & Other

-

-

-

-

-

(0.1)

-

Corporate (a)

(62.0)

(9.8)

(63.1)

(13.9)

(18.5)

(105.2)

(16.3)

Total stock-based compensation expense

$

(130.2)

$

(35.4)

$

(77.9)

$

(28.6)

$

(47.1)

$

(189.0)

$

(18.3)

Depreciation

Angi Inc.

$

(39.9)

$

(12.1)

$

(12.6)

$

(13.9)

$

(14.0)

$

(52.6)

$

(16.0)

Dotdash

(1.0)

(0.2)

(0.6)

(0.7)

(0.2)

(1.8)

(0.5)

Search

(1.8)

(0.3)

(0.7)

(0.9)

(0.8)

(2.7)

-

Emerging & Other

(0.7)

(0.3)

(0.4)

(0.9)

(0.9)

(2.4)

(0.4)

Corporate

(12.1)

(2.5)

(2.3)

(2.3)

(2.2)

(9.2)

(2.2)

Total depreciation

$

(55.5)

$

(15.4)

$

(16.5)

$

(18.6)

$

(18.2)

$

(68.8)

$

(19.2)

Amortization of intangibles

Angi Inc.

$

(55.5)

$

(13.0)

$

(13.0)

$

(12.9)

$

(4.1)

$

(42.9)

$

(5.1)

Dotdash

(9.6)

(4.4)

(3.8)

(3.7)

(2.3)

(14.2)

(1.2)

Search

-

(21.4)

-

(10.8)

-

(32.2)

-

Emerging & Other

(9.1)

(3.9)

(6.6)

(26.2)

(0.9)

(37.6)

(10.5)

Corporate

-

-

-

-

-

-

-

Total amortization of intangibles

$

(74.2)

$

(42.6)

$

(23.4)

$

(53.5)

$

(7.3)

$

(126.8)

$

(16.8)

Acquisition-related contingent consideration fair value adjustments

Angi Inc.

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Dotdash

-

-

-

-

-

-

-

Search

-

-

-

-

-

-

-

Emerging & Other

19.7

6.3

0.6

-

-

6.9

-

Corporate

-

-

-

-

-

-

-

Total acquisition-related contingent consideration fair value adjustments

$

19.7

$

6.3

$

0.6

$

-

$

-

$

6.9

$

-

Goodwill impairment

Angi Inc.

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Dotdash

-

-

-

-

-

-

-

Search

-

(212.0)

-

(53.2)

-

(265.1)

-

Emerging & Other

(3.3)

-

-

-

-

-

-

Corporate

-

-

-

-

-

-

-

Total goodwill impairment

$

(3.3)

$

(212.0)

$

-

$

(53.2)

$

-

$

(265.1)

$

-

See notes on page 3

2

IAC

Financial Results and Reconciliations (Unaudited)

($ in millions, except per share amounts; rounding differences may occur)

2019

2020

2021

Adjusted EBITDA (b)

FYE 12/31

Q1

Q2

Q3

Q4

FYE 12/31

Q1

Q2

Q3

Q4

FYE 12/31

Angi Inc.

$

202.3

$

34.4

$

57.9

$

38.5

$

42.0

$

172.8

$

23.2

Dotdash

39.6

7.0

12.1

16.2

30.9

66.2

19.9

Search

124.2

13.1

9.4

11.9

16.9

51.3

18.4

Emerging & Other

(28.4)

(20.0)

(2.6)

(8.1)

(7.1)

(37.7)

12.0

Corporate (a)

(88.5)

(31.3)

(57.2)

(26.7)

(32.2)

(147.4)

(26.3)

Total Adjusted EBITDA

$

249.2

$

3.2

$

19.7

$

31.8

$

50.6

$

105.2

$

47.1

Net earnings (loss) attributable to IAC shareholders

$

22.9

$

(328.2)

$

(96.1)

$

184.9

$

509.1

$

269.7

$

329.1

Add back:

Net earnings (loss) attributable to noncontrolling interests

9.3

(2.4)

2.1

0.9

(1.8)

(1.1)

(0.2)

Loss (earnings) from discontinued operations, net of tax (c)

49.5

12.1

8.1

1.9

(0.7)

21.3

(10.0)

Income tax (benefit) provision

(47.3)

(37.0)

(34.4)

(25.1)

50.7

(45.7)

53.3

Other (income) expense, net

(40.5)

57.4

(3.3)

(1.6)

(9.9)

42.6

(3.6)

Unrealized loss (gain) on investment in MGM Resorts International

-

-

24.7

(289.1)

(576.2)

(840.5)

(382.5)

Interest expense

11.9

2.2

1.6

5.8

6.6

16.2

6.6

Operating income (loss)

5.7

(295.9)

(97.4)

(122.2)

(22.1)

(537.7)

(7.2)

Add back:

Stock-based compensation expense

130.2

35.4

77.9

28.6

47.1

189.0

18.3

Depreciation

55.5

15.4

16.5

18.6

18.2

68.8

19.2

Amortization of intangibles

74.2

42.6

23.4

53.5

7.3

126.8

16.8

Acquisition-related contingent consideration fair value adjustments

(19.7)

(6.3)

(0.6)

-

-

(6.9)

-

Goodwill impairment

3.3

212.0

-

53.2

-

265.1

-

Adjusted EBITDA

$

249.2

$

3.2

$

19.7

$

31.8

$

50.6

$

105.2

$

47.1

Diluted weighted average shares outstanding (d)

85.1

85.1

85.1

90.5

91.2

90.9

92.1

Diluted earnings (loss) per share from continuing operations (e)

$

0.84

$

(3.72)

$

(1.04)

$

2.06

$

5.58

$

3.20

$

3.36

Diluted (loss) earnings per share from discontinued operations (c)(e)

$

(0.57)

$

(0.14)

$

(0.09)

$

(0.02)

$

0.01

$

(0.23)

$

0.10

Diluted earnings (loss) per share attributable to IAC shareholders (e)

$

0.27

$

(3.86)

$

(1.13)

$

2.04

$

5.59

$

2.97

$

3.46

  1. Q1 2020 operating loss of $43.6 million and Adjusted EBITDA loss of $31.3 million at Corporate includes $7.6 million in costs related to the Match Separation. Q2 2020 operating loss of $122.6 million and Adjusted EBITDA loss of $57.2 million at Corporate includes $25.0 million in costs related to the IAC Fellows endowment and $11.2 million in costs related to the Match Separation. Q2 2020 operating loss at Corporate was further impacted by $52.2 million in stock-based compensation expense due to a modification charge related to the Match Separation.
  2. 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. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
  3. 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 and combined financial statements for all periods prior to May 25, 2021.
  4. The Company computed diluted earnings per share for periods prior to the Match Separation using the shares issued on June 30, 2020 in connection with the Match Separation.
  5. Quarterly per share amounts for 2020 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

Disclaimer

IAC/InterActiveCorp published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 17:56:02 UTC.


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Financials (USD)
Sales 2021 3 337 M - -
Net income 2021 197 M - -
Net cash 2021 3 198 M - -
P/E ratio 2021 63,0x
Yield 2021 -
Capitalization 11 900 M 11 900 M -
EV / Sales 2021 2,61x
EV / Sales 2022 2,21x
Nbr of Employees 8 200
Free-Float 82,0%
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Duration : Period :
IAC/InterActiveCorp Technical Analysis Chart | IAC | US44891N2080 | MarketScreener
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TrendsBearishBearishNeutral
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Consensus
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Buy
Mean consensus BUY
Number of Analysts 17
Last Close Price 133,59 $
Average target price 211,44 $
Spread / Average Target 58,3%
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Joseph M. Levin Chief Executive Officer & Director
Glenn H. Schiffman Chief Financial Officer & Executive Vice President
Barry Charles Diller Chairman
Chelsea Clinton Independent Director
Michael D. Eisner Independent Director
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