iaci-20250115
0001800227FALSE00018002272025-01-152025-01-15


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 2025
IAC Inc.
(Exact name of registrant as specified in charter)
Delaware001-3935684-3727412
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
555 West 18th Street,New York,NY10011
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (212) 314-7300

(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, par value $0.0001IACThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01. Regulation FD Disclosure.
On January 15, 2025, IAC Inc. (the "Company") posted supplemental financial information reflecting Care.com as a separate reportable segment on its website (http://ir.iac.com/quarterly-results).

In connection with the release of its results for the quarter ended September 30, 2024, the Company announced its decision to report Care.com (historically included in Emerging & Other) as a separate reportable segment beginning with the quarter ended December 31, 2024.

Other than the changes described above, there are no other changes to the Company's reportable segments reflected in the supplemental financial information, a copy of which is furnished herewith as Exhibit 99.1.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01. Financial Statements and Exhibits
Exhibits.
Exhibit
Number		Description
Supplemental financial information
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IAC Inc.
By:/s/ KENDALL HANDLER
Name:Kendall Handler
Title:Executive Vice President, Chief Legal Officer & Secretary
Date: January 15, 2025
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                                                                        Exhibit 99.1
The tables below reflect the break-out of Care.com as a new reportable segment described in Item 7.01 of this Form 8-K. The information presented below should be read in conjunction with IAC Inc.'s historical consolidated financial statements and notes thereto found on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
202220232024
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3
(Unaudited; in thousands)
Revenue
Dotdash Meredith$1,934,699 $387,582 $413,998 $417,457 $475,856 $1,694,893 $390,540 $425,161 $439,463 
Angi Inc.1,764,355 355,497 351,587 351,231 300,433 1,358,748 305,390 315,134 296,719 
Care.com362,570 94,547 87,620 101,558 91,314 375,039 92,527 87,650 95,746 
Search731,431 152,475 177,036 166,068 133,459 629,038 108,473 101,756 88,284 
Emerging & Other460,895 97,856 84,765 78,267 59,130 320,018 34,014 19,886 18,565 
Inter-segment eliminations(18,670)(3,686)(3,417)(3,240)(2,158)(12,501)(1,264)(60)(58)
Total revenue$5,235,280 $1,084,271 $1,111,589 $1,111,341 $1,058,034 $4,365,235 $929,680 $949,527 $938,719 
Operating (loss) income
Dotdash Meredith(a)(b)
$(188,091)$(111,234)$(17,820)$(3,573)$(18,111)$(150,738)$(20,829)$18,338 $22,061 
Angi Inc.(75,620)(10,881)(15,381)(7,862)7,626 (26,498)2,716 9,187 7,817 
Care.com31,189 17,546 5,836 16,489 5,333 45,204 13,071 328 15,732 
Search83,398 10,770 13,961 12,011 7,456 44,198 4,356 4,624 2,389 
Emerging & Other(188,028)(5,690)(3,785)(15,883)(1,083)(26,441)(21,081)(6,773)(2,618)
Corporate(137,619)(36,107)(38,284)(33,919)(38,178)(146,488)(37,411)(37,703)(29,055)
Total operating (loss) income$(474,771)$(135,596)$(55,473)$(32,737)$(36,957)$(260,763)$(59,178)$(11,999)$16,326 
Stock-based compensation expense
Dotdash Meredith$(21,755)$(5,091)$(5,570)$(6,411)$(6,429)$(23,501)$(7,349)$(6,680)$(5,832)
Angi Inc.(50,802)(12,712)(10,297)(10,581)(9,824)(43,414)(9,397)(8,672)(10,024)
Care.com— — — — — — — — — 
Search— — — — — — — — — 
Emerging & Other(2,373)(517)(188)(596)(504)(1,805)(410)(253)(478)
Corporate(48,546)(10,621)(14,138)(11,374)(12,328)(48,461)(11,751)(13,494)(11,897)
Total stock-based compensation expense$(123,476)$(28,941)$(30,193)$(28,962)$(29,085)$(117,181)$(28,907)$(29,099)$(28,231)
Depreciation
Dotdash Meredith(b)
$(41,385)$(33,366)$(16,868)$(8,728)$(11,295)$(70,257)$(8,555)$(6,018)$(5,714)
Angi Inc.(77,523)(25,190)(22,004)(22,493)(23,917)(93,604)(23,849)(24,324)(17,568)
Care.com(1,609)(674)(531)(618)(1,415)(3,238)(1,810)(1,045)(1,058)
Search(88)(21)(21)(22)(21)(85)(21)(21)(62)
Emerging & Other(829)(268)(199)(124)(167)(758)(23)(13)(19)
Corporate(9,552)(1,653)(1,660)(1,791)(2,050)(7,154)(2,315)(2,027)(2,024)
Total depreciation$(130,986)$(61,172)$(41,283)$(33,776)$(38,865)$(175,096)$(36,573)$(33,448)$(26,445)

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202220232024
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3
(Unaudited; in thousands)
Amortization of intangibles
Dotdash Meredith$(277,712)$(49,660)$(49,474)$(56,697)$(123,906)$(279,737)$(35,167)$(35,388)$(35,034)
Angi Inc.(13,774)(2,662)(2,663)(2,633)— (7,958)— — — 
Care.com(14,101)(2,122)(1,893)(1,894)(1,854)(7,763)(1,552)(1,322)(1,321)
Search— — — — — — — — — 
Emerging & Other(2,131)(162)(153)(149)(48)(512)(9)— — 
Corporate— — — — — — — — — 
Total amortization of intangibles$(307,718)$(54,606)$(54,183)$(61,373)$(125,808)$(295,970)$(36,728)$(36,710)$(36,355)
Acquisition-related contingent consideration fair value adjustment
Dotdash Meredith$612 $— $— $— $— $— $— $— $— 
Angi Inc.— — — — — — — — — 
Care.com— — — — — — — — — 
Search— — — — — — — — — 
Emerging & Other— — — — — — — — — 
Corporate— — — — — — — — — 
Total acquisition-related contingent consideration fair value adjustment$612 $— $— $— $— $— $— $— $— 
Goodwill impairment
Dotdash Meredith$— $— $— $— $— $— $— $— $— 
Angi Inc.— — — — — — — — — 
Care.com— — — — — — — — — 
Search— — — — — — — — — 
Emerging & Other(112,753)— — (9,000)— (9,000)— — — 
Corporate— — — — — — — — — 
Total goodwill impairment$(112,753)$— $— $(9,000)$— $(9,000)$— $— $— 
Adjusted EBITDA(c)
Dotdash Meredith(a)
$152,149 $(23,117)$54,092 $68,263 $123,519 $222,757 $30,242 $66,424 $68,641 
Angi Inc.66,479 29,683 19,583 27,845 41,367 118,478 35,962 42,183 35,409 
Care.com46,899 20,342 8,260 19,001 8,602 56,205 16,433 2,695 18,111 
Search83,486 10,791 13,982 12,033 7,477 44,283 4,377 4,645 2,451 
Emerging & Other(69,942)(4,743)(3,245)(6,014)(364)(14,366)(20,639)(6,507)(2,121)
Corporate(79,521)(23,833)(22,486)(20,754)(23,800)(90,873)(23,345)(22,182)(15,134)
Total Adjusted EBITDA$199,550 $9,123 $70,186 $100,374 $156,801 $336,484 $43,030 $87,258 $107,357 



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The following table reconciles net (loss) earnings attributable to IAC shareholders to operating (loss) income to Adjusted EBITDA:
202220232024
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3
(Unaudited; in thousands)
Net (loss) earnings attributable to IAC shareholders$(1,170,170)$417,775 $(89,045)$(390,538)$327,750 $265,942 $45,031 $(142,232)$(243,719)
Add back:
Net (loss) earnings attributable to noncontrolling interest(22,285)(2,456)(2,585)(1,484)(1,100)(7,625)(59)765 6,274 
Earnings from discontinued operations, net of tax(d)
(2,694)— — — — — — — — 
Income tax (benefit) provision(331,087)139,502 (24,297)(118,838)112,451 108,818 54,688 (34,638)(115,839)
Other expense (income), net217,785 (23,749)(10,985)(25,455)(3,673)(63,862)(34,805)(54,693)(16,363)
Unrealized loss (gain) on investment in MGM Resort International723,515 (704,840)32,362 463,421 (512,611)(721,668)(163,751)179,284 346,272 
Interest expense110,165 38,172 39,077 40,157 40,226 157,632 39,718 39,515 39,701 
Operating (loss) income(474,771)(135,596)(55,473)(32,737)(36,957)(260,763)(59,178)(11,999)16,326 
Add back:
Stock-based compensation expense123,476 28,941 30,193 28,962 29,085 117,181 28,907 29,099 28,231 
Depreciation130,986 61,172 41,283 33,776 38,865 175,096 36,573 33,448 26,445 
Amortization of intangibles307,718 54,606 54,183 61,373 125,808 295,970 36,728 36,710 36,355 
Acquisition-related contingent consideration fair value adjustment(612)— — — — — — — — 
Goodwill impairment112,753 — — 9,000 — 9,000 — — — 
Adjusted EBITDA$199,550 $9,123 $70,186 $100,374 $156,801 $336,484 $43,030 $87,258 $107,357 
Note: On November 1, 2023, Angi Inc. completed the sale of Total Home Roofing, LLC ("Roofing") and has reflected it as a discontinued operation in its standalone financial statements. Roofing did not meet the threshold to be reflected as a discontinued operation at the IAC level. During Q4 2023, IAC moved Roofing to Emerging & Other and prior period financial information was recast to conform to this presentation. As a result, Angi Inc’s revenue, operating (loss) income and Adjusted EBITDA in IAC’s financial results will agree to the corresponding amounts in Angi Inc.’s standalone financial statements.
(a)The 2022 operating loss of $188.1 million and Adjusted EBITDA of $152.1 million at Dotdash Meredith include $73.2 million of restructuring costs and $7.1 million of transaction-related costs associated with the acquisition of Meredith. Restructuring costs were related to several actions to improve efficiencies and better align Dotdash Meredith's cost structure following the acquisition of Meredith on December 1, 2021, including (i) the discontinuation of certain print publications and the shutdown of PeopleTV, (ii) a voluntary retirement program, (iii) the consolidation of certain leased spaces and (iv) a reduction in force plan. 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 right-of-use asset related to unoccupied leased office space.
(b)The 2022 operating loss of $188.1 million and depreciation of $41.4 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.
(c)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, 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.
(d)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 was presented as discontinued operations within IAC's consolidated financial statements for all periods prior to May 25, 2021. Earnings from discontinued operations in 2022 include $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.
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