IAC

IAC Inc. Report on Form 10-K
for the Fiscal Year
ended December 31, 2024

As filed with the Securities and Exchange Commission on February 28, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File No. 001-39356
IAC Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation or organization)
84-3727412
(I.R.S. Employer Identification No.)
555 West 18th Street, New York, New York 10011
(Address of registrant’s principal executive offices)
(212) 314-7300
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, par value $0.0001
IAC
The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. Yes ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). Yes ☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
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. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public
accounting firm that prepared or issues its audit report ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☒
As of February 7, 2025, the following shares of the registrant’s Common Stock were outstanding:
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77,493,837
Class B Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,789,499
Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,283,336
The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2024 was $3,558,323,640.
For the purpose of the foregoing calculation only, all directors and executive officers of the registrant are assumed to be affiliates of the
registrant.
Documents Incorporated By Reference:
Portions of the registrant’s proxy statement for its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III herein.

TABLE OF CONTENTS
Page
Number
PART I
Item 1.
Business
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Item 1A.
Risk Factors
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Item 1B.
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Item 1C.
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Item 2.
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
Item 3.
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
Item 4.
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
PART II
Item 5.
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Item 6.
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
. . . . . . . . . . . . . . . . . .
90
Item 8.
Financial Statements and Supplementary Data
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
92
Note 1 – Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101
Note 2 – Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . .
102
Note 3 – Financial Instruments and Fair Value Measurements . . . . . . . . . . . . . . . . . .
120
Note 4 – Goodwill and Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124
Note 5 – Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126
Note 6 – Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
Note 7 – Shareholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132
Note 8 – Accumulated Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . .
133
Note 9 – Segment Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
134
Note 10 – Stock-Based Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
141
Note 11 – Pension and Post-Retirement Benefit Plans . . . . . . . . . . . . . . . . . . . . . . . .
145
Note 12 – Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
153
Note 13 – (Loss) Earnings Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
156
Note 14 – Financial Statement Details
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
Note 15 – Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
161
Note 16 – Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
161
Note 17 – Dotdash Meredith Restructuring Charges, Transaction-Related Expenses
and Change-in-Control Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
163
Note 18 – Subsequent Event . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
165
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
166
Item 9A.
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
166
Item 9B.
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
168
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . .
168
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Page
Number
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
. . . . . . . . . . . . . . . . . . . . .
169
Item 11.
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
169
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
169
Item 13.
Certain Relationships and Related Transactions, and Director Independence . . . . . . . .
169
Item 14.
Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
170
PART IV
Item 15.
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
170
Item 16.
Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
175
2

PART I
Item 1.
Business
OVERVIEW
Who We Are
IAC is today comprised of category leading businesses, including Dotdash Meredith Inc., Angi Inc.
and Care.com, as well as others ranging from early stage to established businesses. IAC also holds strategic
equity positions in businesses across several industries, including in MGM Resorts International and Turo
Inc.
As used herein, “IAC,” the “Company,” “we,” “our,” “us” and other similar terms refer to IAC Inc. and
its subsidiaries (unless the context requires otherwise).
Our History
IAC began as a hybrid media/electronic retailing company over twenty-five years ago. Since then, IAC
(directly and through predecessor entities) has transformed itself into a leading Internet company through
the development, building, acquisition and distribution to its stockholders of a number of businesses and
continues to build companies and invest opportunistically.
From and after the late 1990s, we acquired a number of e-commerce companies, including Ticketmaster
Group (later renamed Ticketmaster), Hotel Reservations Network (later renamed Hotels.com), Expedia.com,
Match.com, LendingTree (later renamed Tree.com, Inc.), TripAdvisor, HomeAdvisor and Ask Jeeves, as
well as Interval International (later renamed Interval Leisure Group, Inc.).
In 2005, we completed the separation of our travel and travel-related businesses and investments into
an independent public company, Expedia, Inc. (now known as Expedia Group, Inc.). In 2008, we separated
into five independent public companies: IAC (then IAC/InterActiveCorp), HSN, Inc. (now part of Qurate
Retail, Inc.), Interval Leisure Group, Inc. (now part of Marriott Vacations Worldwide Corporation),
Ticketmaster (now known as Live Nation Entertainment, Inc.) and Tree.com, Inc. (now known as
LendingTree, Inc.). Following this transaction, we continued to invest in and acquire e-commerce companies,
including About.com (later renamed Dotdash) and a number of online dating companies in the United
States and various jurisdictions abroad.
In 2017, we completed the combination of the businesses in our former HomeAdvisor financial
reporting segment with those of Angie’s List, Inc. under a new public company, ANGI Homeservices Inc.
(now known as Angi Inc.), that we control. And in 2018, through this entity we acquired Handy Technologies,
Inc., a leading platform in the United States for connecting consumers looking for household services with
top-quality, pre-screened independent home professionals.
In February 2020, we acquired Care.com, a leading online destination for families to connect with
caregivers for their children, aging parents, pets and homes, and for caregivers to connect with families
seeking care services. In June 2020, we completed the separation of our online dating businesses into an
independent public company, Match Group, Inc.
In May 2021, we completed the spin-off of our full stake in our Vimeo business, after which Vimeo,
Inc. (formerly Vimeo Holdings, Inc. (“Vimeo”)) became an independent public company. In December 2021,
through Dotdash Media Inc., we completed the acquisition of Meredith Holdings Corp., owner of a
portfolio of publishing brands. Following this acquisition, we refer to the combined entity, which operates
the brands and businesses of our former Dotdash financial reporting segment and those of Meredith Holdings
Corp., as Dotdash Meredith Inc. (“Dotdash Meredith”).
In November 2022, we completed the sale of Bluecrew, a technology driven staffing platform exclusively
for flexible W-2 work. On February 15, 2024, we completed the sale of assets of Mosaic Group, a leading
developer and provider of global subscription mobile applications, for approximately $160 million.
3

Lastly, we hold meaningful minority stakes in MGM Resorts International, a leader in gaming,
hospitality and leisure, and Turo Inc., a car sharing marketplace, as well as a controlling interest in Vivian
Health, a platform to efficiently connect healthcare professionals with job opportunities.
On January 13, 2025, IAC announced that its board of directors approved a plan to spin off its full
stake in Angi Inc. (“Angi”) to IAC stockholders. The Company intends to effect the spin-off through a
dividend to the holders of its common stock and Class B common stock of all of the common stock of Angi
owned by the Company (the “Distribution”). Prior to the effective time of the Distribution, the Company
intends to voluntarily convert all of the shares of Class B common stock of Angi that it owns to shares of
Class A common stock of Angi. The completion of the Distribution remains subject to customary conditions
and to the final approval of IAC’s board of directors and may not be completed, on the anticipated terms
or at all. IAC expects to complete the Distribution as soon as March 31, 2025.
4

EQUITY OWNERSHIP AND VOTE
IAC has outstanding shares of common stock, with one vote per share, and shares of Class B common
stock, with ten votes per share and which are convertible into shares of common stock on a one-for-one basis.
As of the date of this report, Barry Diller, IAC’s Chairman and Senior Executive, his spouse (Diane von
Furstenberg) and his stepson (Alexander von Furstenberg), collectively hold (directly and through certain
trusts) 5,789,499 shares of Class B common stock, representing 100% of the outstanding shares of Class B
common stock. Together with shares of common stock held as of the date of this report by Mr. Diller
(172,708), Mr. von Furstenberg (81,348), a trust for the benefit of certain members of Mr. Diller’s family
(136,711) and a family foundation (1,711), these holdings collectively represent approximately 43% of the
total outstanding voting power of IAC (based on the number of shares of IAC common and Class B common
stock outstanding on February 7, 2025). As of the date of this report, Mr. Diller also holds 1,000,000
vested options to purchase shares of IAC common stock.
Pursuant to an amended and restated governance agreement between IAC and Mr. Diller, for so long
as Mr. Diller serves as IAC’s Chairman and Senior Executive and he beneficially owns (within the meaning
of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) at least 5,000,000 shares of Class B
common stock and/or common stock in which he has a pecuniary interest (including IAC securities
beneficially owned by him directly and indirectly through trusts for the benefit of certain members of his
family), he generally has the right to consent to certain limited matters specified in the governance agreement
in the event that IAC’s ratio of total debt to EBITDA (as defined in the governance agreement) equals or
exceeds four to one over a continuous twelve-month period.
As a result of the IAC securities held by Mr. Diller and certain members of his family, Mr. Diller and
these family members are, collectively, as of the date of this report, in a position to influence (subject to
IAC’s organizational documents and Delaware law) the composition of IAC’s board of directors and the
outcome of corporate actions requiring stockholder approval (such as mergers, business combinations and
dispositions of assets, among other corporate transactions).
5

DESCRIPTION OF IAC BUSINESSES
Dotdash Meredith
Overview
Our Dotdash Meredith segment consists of its Digital and Print businesses. Through these businesses,
we are one of the largest digital and print publishers in America, with a portfolio of publishing brands that
collectively provide inspiring, informative, entertaining and empowering content to millions of consumers
each month.
These Digital and Print businesses engage consumers across multiple media platforms and formats, as
well as through licensing arrangements and magazines. Dotdash Meredith’s portfolio of publishing brands
(by vertical, brand and format) is as follows:
• Entertainment:
PEOPLE (digital and print), Entertainment Weekly (digital) and People en Español
(digital);
• Lifestyle:
allrecipes (digital and print), Better Homes & Gardens (digital and print), Southern
Living (digital and print), TRAVEL + LEISURE (digital and print), FOOD & WINE (digital and
print), REAL SIMPLE (digital and print), InStyle (digital), EatingWell (digital and print), The Spruce
(digital), Simply Recipes (digital), The Spruce Eats (digital), Martha Stewart (digital), Serious Eats
(digital), Lifewire (digital), MAGNOLIA JOURNAL (print), BYRDIE (digital), Liquor.com (digital),
Shape (digital), The Spruce Pets (digital), ThoughtCo (digital), Midwest Living (digital and print),
Brides (digital), Daily Paws (digital), The Spruce Crafts (digital), TripSavvy (digital), Treehugger
(digital), Life.com (digital), MyDomaine (digital), CookingLight (print), COASTAL LIVING (print),
Hello Giggles (digital), Successful Farming (digital and print), American Patchwork & Quilting
(digital and print), WOOD (digital and print) and TRADITIONAL HOME (print); and
• Health & Finance (all digital):
Verywell Health, Investopedia, Health, Parents, Verywell Mind,
Verywell Fit and The Balance.
Digital
The Digital business delivers digital content through a portfolio of brands that have leadership in those
subject areas that Dotdash Meredith believes matter most to consumer audiences (including entertainment,
food, home, beauty, travel, health, family, luxury and fashion). The Digital business provides original and
engaging digital content in a variety of formats, including articles, illustrations, videos and images, working
with hundreds of experts in their respective fields (including doctors, chefs and certified financial advisors,
among others) to create and produce thousands of pieces of original content that we publish across our
portfolio of brands.
Through the Digital business, we offer a variety of digital advertising products and services, from
traditional digital display advertisements and performance marketing arrangements to new advertising
products and services developed in response to evolving digital advertising trends, such as D/Cipher. Our
D/Cipher product allows advertisers to target users based on intent. For example, when users visit one of
Dotdash Meredith’s digital brands, D/Cipher predicts what advertising marketing segments are relevant to the
reader, based on their intent, in real time. D/Cipher reaches users on all devices, including Apple (iOS)
audiences and can be accessed through premium direct and programmatic ad channels.
Print
Through the Print business, we are a leading magazine publisher in the United States. The Print
business published 18 magazines as of December 31, 2024, as well as approximately 370 special interest
publications during the year ended December 31, 2024.
Print editorial teams create premium content covering subjects that Dotdash Meredith believes matter
most to consumer audiences in a format that it believes consumers enjoy for its convenience and thoughtful
editorial curation. The majority of the publishing brands and content within the Print business (for
6

example, PEOPLE, Better Homes & Gardens and Southern Living) is focused on interests related to
women and lifestyle. In addition, special interest publications provide in-depth information, education and
entertainment on single topics and trends that Dotdash Meredith believes are timely and relevant to consumer
audiences (including food, home, entertainment and health and wellness). Most special interest publications
have a high ratio of editorial to advertising content and are premium priced (for consumers) relative to
subscription titles.
The Print business distributes print magazines on a subscription basis (both direct and via agency
partners) and through newsstands, with the majority of distribution occurring on a subscription basis. The
Print business had approximately 16.1 million active subscriptions as of December 31, 2024. The majority of
Dotdash Meredith subscription publications are issued between four and twelve times annually, with
PEOPLE issued weekly. Single copies of subscription and special interest publications are sold through
newsstands.
Revenue
Dotdash Meredith revenue consists of digital and print revenue. Digital revenue consists principally of
advertising, performance marketing and licensing and other revenue. Print revenue consists principally of
subscription, advertising, project and other, newsstand and performance marketing revenue.
Digital.
Advertising revenue is generated primarily through digital advertisements sold by Dotdash
Meredith’s sales team directly to advertisers or through advertising agencies and programmatic advertising
networks. Performance marketing revenue includes commissions generated through affiliate commerce,
affinity marketing channels and performance marketing. Affiliate commerce commission revenue is generated
when Dotdash Meredith’s branded content refers consumers to commerce partner websites resulting in a
purchase or transaction. Affinity marketing programs are arrangements where Dotdash Meredith acts as an
agent for both Dotdash Meredith and third-party publishers to market and place magazine subscriptions
online. Licensing and other revenue include symbolic licenses, which include direct-to-retail product
partnerships based on Dotdash Meredith’s brands, and functional licenses, which consist of content use and
distribution relationships, including utilization in large-language models and other artificial intelligence-
related activities.
Print.
Subscription revenue relates to the sale of Dotdash Meredith magazine subscriptions, including
digital editions. Dotdash Meredith sells both print and digital subscriptions through online retailers, direct
mail advertising, other online advertising and third-party agents. Print advertising revenue relates to the sale
of advertising in magazines directly to advertisers or through advertising agencies. Project and other
revenue relates to other revenue streams that are primarily project based and may relate to any one or
combination of the following activities: audience targeting advertising, custom publishing, content strategy
and development, email marketing, social media, database marketing and search engine optimization.
Newsstand revenue is related to single copy print magazines or bundles of single copy magazines sold to
wholesalers for resale on newsstands. Performance marketing principally consists of affinity marketing
revenue, in connection with which Dotdash Meredith partners with traditional customer facing channels
(such as brick and mortar retailers and call centers) to place print magazine subscriptions for third-party
publishers.
Marketing
The Digital business markets its digital content through a full suite of digital distribution channels, as
well as via direct navigation to its various branded websites. The Print business markets its content through
a variety of channels, including direct mail, search engines, social media, email, websites, affiliate links
and third-party partnerships. Dotdash Meredith prefers a subscription-focused distribution approach for
print publications because it believes that this approach fosters long-term, direct relationships with consumers
and creates greater monetization opportunities.
Competition
The Digital business is characterized by ever evolving technology, frequent product evolution and
changing preferences of consumers, advertisers and marketers. Digital media is intensely competitive,
7

particularly for consumer attention (both attracting and retaining), driving traffic to various Dotdash
Meredith Digital brands through search engines (and the display of information from such brands and links
to websites offering Dotdash Meredith content within search engine results) and spending from advertisers
and marketers. In the case of the Digital business, competitors primarily include diversified multi-platform
media companies, other online publishers and destination websites with brands in similar vertical content
categories, news aggregators, search engines, social media platforms and generative artificial intelligence
(“GAI”) services. Some of these competitors may have longer operating histories, greater brand recognition,
larger user bases and/or greater financial, technical or marketing resources than Dotdash Meredith does.
As a result, these competitors may have the ability to devote comparatively greater resources to the
development and promotion of their digital content, which could result in greater market acceptance of
their digital content relative to Dotdash Meredith digital content.
Print publishing is a highly competitive business. Dotdash Meredith Print magazines and related
publishing products and services compete primarily with other print magazine publishers, as well as other
mass media (online and offline) and many other leisure-time activities. While competition is strong for
established print magazine brands, gaining readership and advertising support for new print magazines is
especially competitive and a launch would require significant investment over a multi-year endeavor.
We believe that the ability of the Digital and Print businesses to compete successfully will depend
primarily upon the following factors:
• the ability to maintain and grow their large reach to American consumers across existing, as well as
new and emerging, platforms;
• the quality of the content and editorial features in digital content, print magazines and special
interest publications;
• the ability to continue to maintain and build recognized expertise and authority in the vertical
subject areas that Dotdash Meredith believes matter most to consumer audiences, and to continue to
create content and experiences that are useful, relevant and entertaining to consumer audiences and
reflect their evolving preferences;
• the ability to continue to attract (and increase) traffic to Digital publishing brands through search
engines, including the ability to ensure that information from such brands and related links are
displayed prominently in search engine results, as well as the ability to respond to changes in the
usage and functioning of search engines and the introduction of new means for consumers to obtain
information powered by generative artificial intelligence;
• the ability to continue to build and maintain brand recognition, trust and loyalty across the Dotdash
Meredith portfolio of publishing brands;
• the performance and visibility of the Dotdash Meredith portfolio of publishing brands (primarily
across digital platforms) relative to those of its competitors;
• the ability to continue to grow and diversify monetization solutions, including advertising, e-commerce
and affiliate relationships, performance marketing, licensing arrangements and other solutions;
• the ability to leverage existing proprietary platforms and data to provide consumer audiences with
performant and relevant sites and experiences that are respectful (with targeted, limited ads) and
privacy and search engine policy compliant;
• the ability to maintain and grow relationships with advertisers, which will depend on:
• the rates charged for Digital and Print advertising;
• the breadth of demographic reach in terms of traffic to our Digital brands and subscriptions
and readership in terms of our Print publications;
• the ability to consistently provide advertisers and marketers across the Dotdash Meredith
portfolio of digital brands and our Print publications with a compelling return on their
investments;
8

• in the case of the Digital business only, the continued ability to target audiences (including
based on intent, among other ways), including through the continued development of new (and
the enhancement of existing) digital advertising products and services in response to evolving
digital advertising trends; and
• in the case of the Print business only, the circulation levels of print magazines and the profit
derived from such circulation;
• the ability to grow e-commerce related content and experiences and leverage the Dotdash Meredith
portfolio of publishing brands and expertise to result in purchases and transactions and to continue to
maintain good relationships with third parties upon which we depend in connection these efforts;
and
• in the case of the Print business only:
• the ability to retain existing subscribers and successfully drive new subscribers to print magazines
in a cost-effective manner;
• the ability to maintain print advertising rates and the number of pages sold by brand and issue;
• the prices charged for print magazines; and
• the ability to provide quality customer service to advertisers, marketers and subscribers.
Angi
Overview
Angi is a publicly traded company that connects quality home professionals with consumers across
more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping.
Approximately 168,000 transacting professionals actively sought consumer matches, completed jobs or
advertised work through Angi platforms during the three months ended December 31, 2024. Additionally,
consumers turned to at least one of Angi’s businesses to find a professional for approximately 17 million
projects during the twelve months ended December 31, 2024. At December 31, 2024, IAC’s economic
interest and voting interest in Angi were 85.3% and 98.3%, respectively.
Following the sale of Total Home Roofing, LLC (“Roofing”) on November 1, 2023, our Angi segment
has three operating segments: (i) Ads and Leads, (ii) Services and (iii) International (Europe and Canada),
with the various businesses within those segments operating under multiple brands and the historical results
of Roofing reflected in Emerging & Other.
In the United States, Angi, through several differentiated experiences, provides consumers with tools
and resources to help them find local, pre-screened and customer-rated professionals, refers consumers to
independently established home professionals engaged in a trade, occupation and/or businesses that
customarily provides such services and provides consumers with tools to communicate with professionals
and pay for related services. Consumers are generally presented with a combination of Ads, Leads and/or
Services professionals depending on the nature of the service request and the path through which it was
submitted. Professionals are presented to consumers by way of Angi’s proprietary algorithm, based on
several factors (including the type of services desired, location, job date and time, and/or the number of
professionals available to fulfill the request).
In the case of:
• Ads and Leads, professionals pay for connections to consumers; and
• Services, consumers make payment through the Angi platform for a specific job and professionals
accept and complete the job and receive a portion of the job fee.
Domestic
In the United States, the Company, through several differentiated experiences, provides consumers with
tools and resources to help them find local, pre-screened and customer-rated professionals, refers consumers
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to independently established home professionals engaged in a trade, occupation and/or businesses that
customarily provides such services and provides consumers with tools to communicate with professionals
and pay for related services. Consumers are generally presented with a combination of Ads, Leads and/or
Services professionals depending on the nature of the service request and the path through which it was
submitted. Professionals are presented to consumers by way of our proprietary algorithm, based on
several factors (including the type of services desired, location, job date and time, and/or the number of
professionals available to fulfill the request).
In the case of:
• Ads and Leads, professionals pay for connections to consumers; and
• Services, consumers make payment through the Angi platform for a specific job and professionals
accept and complete the job and receive a portion of the job fee.
Consumers
Consumers can connect with professionals across more than 500 service categories in our nationwide
network through our digital marketplace and certain third-party affiliate platforms. In some cases, consumers
can pay directly on the Angi platform for requested home services as well as select third-party retail
partners (online and in store, where available) for assembly, installation and other related services to be
fulfilled by professionals referred by Angi. Consumers can access our network and related basic tools and
services, free of charge upon registration, as well as by way of purchased membership packages. This includes
consumers access to our online True Cost Guide, which provides project cost information for hundreds of
project types nationwide, ratings, reviews, and certain promotions, as well as a library of home services-
related content consisting primarily of articles about home improvement, repair and maintenance, tools to
assist consumers with the research, planning and management of their projects, and general advice for
working with professionals.
In each of Ads, Leads and Services, professionals may contact consumers who have selected them, and
consumers can generally review profiles, ratings and reviews of presented professionals and select the
professional whom they believe best meets their specific needs. Consumers are under no obligation to work
with any professional(s) referred by or found through any of our branded or third-party affiliate platforms.
Consumers can rate professionals on a one to five star rating scale based on a variety of criteria, including,
but not limited to, overall experience, availability, price, quality, responsiveness, punctuality and
professionalism, depending on the type of service provided. Ratings on each applicable criterion are
weighted across all reviews submitted for a given professional to produce such professional’s overall rating.
Consumers can also provide a detailed description of their experiences with professionals. Ratings and reviews
cannot be submitted anonymously and there are processes in place to prevent professionals from reporting
on themselves or their competitors, as well as to detect fraudulent or otherwise problematic reviews.
Professionals
In order to become an approved professional in the Angi network, professionals must satisfy certain
criteria. Generally, professionals with an average consumer rating below a “3” are not eligible for an approved
status. In addition to retaining the requisite member rating, the owners or principals of businesses affiliated
with professionals must pass certain criminal background checks and attest to applicable state and local
licensure requirements. If an approved professional fails to meet any eligibility criteria during the applicable
contract term, refuses to participate in our complaint resolution process, and/or engages in what we
determine to be prohibited behavior through any of our platforms, existing service and access to the platform
will be subject to termination.
Once eligibility criteria are satisfied, professionals are approved and can purchase service and be
referred to consumers utilizing our proprietary algorithm. Services professionals pay fees for such referrals,
however, there is no charge to enroll and no charge to view and select a requested service once enrolled. Our
Ads and Leads business sells memberships, term-based website, mobile, and magazine advertising and,
beginning in 2024, subscriptions to approved professionals through our salesforce and online, as well as
provides them with a variety of services. The membership package includes membership in our digital
marketplace, as well as access to consumer referrals (for which additional fees are generally paid) and a listing
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in our online directory and certain other affiliated directories. Basic annual membership also includes a
business profile page on HomeAdvisor.com and Angi.com, a mobile application and access to various online
tools designed to help professionals more effectively market to, manage and connect with, consumers to
whom they have been referred. In 2025, it is expected that Ads and Leads professionals will only be able to
participate in the following three types of offerings: full-priced leads within a monthly budget, access to
discounted leads in a subscription package, and/or double opt-in leads on an a-la-carte basis.
International (Europe and Canada)
Through the International (Europe and Canada) segment, Angi also owns and operates the following
international businesses that connect consumers with professionals, including: (i) HomeStars, MyBuilder,
MyHammer, Travaux and Werkspot, leading home services marketplaces in Canada, the United Kingdom,
Germany, France and the Netherlands, respectively, (ii) the Austrian operations of MyHammer and
(iii) the Italian operations of Werkspot. The business models of these businesses differ in certain respects
from the business models of Angi’s various domestic businesses.
Revenue
Ads and Leads revenue includes consumer connection revenue, which comprises fees paid by
professionals for consumer matches (regardless of whether the professional ultimately provides the requested
service), revenue from professionals under contract for advertising, membership subscription revenue from
professionals and consumers and revenue from other services. Consumer connection revenue varies based
upon several factors, including the service requested, product experience offered and geographic location
of service. Services revenue primarily reflects domestic revenue from pre-priced offerings by which the
consumer requests services through an Angi platform and Angi engages a professional to perform the service.
International revenue primarily comprises consumer connection revenue for matches between consumers
and professionals and membership subscription revenue from professionals.
Marketing
Angi markets its various products and services to consumers primarily through digital marketing
(primarily paid and free search engine marketing, display advertising and third-party affiliate agreements),
as well as through traditional offline marketing (national television and radio campaigns) and email. Pursuant
to third-party affiliate agreements, third parties agree to advertise and promote Angi’s various products
and services (and those of its various professionals) on their platforms. In exchange for these efforts, these
third parties are paid a fee when visitors from their platforms click through and submit a valid service request
through Angi platforms or when visitors submit a valid service request on an affiliate platform and the
relevant affiliate transmits the service request to Angi. Angi also markets its various products and services
to consumers through relationships with select third-party retail partners and, to a lesser extent, through
partnerships with other contextually related websites and direct mail.
Angi markets term-based advertising and related products, as well as matching services and digital
marketplace membership subscriptions, to professionals primarily through its sales force. These products
and services are also marketed, together with pre-priced offerings and various directories, through paid search
engine marketing, digital media advertising and direct relationships with trade associations and
manufacturers.
Angi has made (and we expect that it will continue to make) substantial investments in digital and
traditional offline marketing to consumers and professionals to promote its various products and services
and drive visitors to Angi platforms and professionals.
Competition
The home services industry is highly competitive and fragmented, and in many important respects,
local in nature. In the case of Angi, competitors primarily include: (i) search engines and online directories,
(ii) home and/or local services-related platforms, (iii) providers of consumer ratings, reviews and referrals and
(iv) various forms of traditional offline advertising (primarily local in nature), including radio, direct
marketing campaigns, yellow pages, newspapers and other offline directories. These businesses also compete
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with local and national retailers of home improvement products that offer or promote installation services.
We believe Angi’s biggest competition comes from the traditional methods most people currently use to find
professionals, which are by word-of-mouth and through referrals.
We believe that the ability of Angi to compete successfully will depend primarily upon the following
factors:
• the ability to continue to successfully build and maintain awareness of, and trust and loyalty to, the
Angi brand;
• the functionality of Angi websites and mobile applications and the attractiveness of their features
and Angi Inc. products and services generally to consumers and professionals, as well as the continued
ability to introduce new products and services that resonate with consumers and professionals
generally;
• the ability to expand pre-priced offerings, while balancing the overall mix of service requests and
directory services on Angi platforms generally;
• the size, quality, diversity and stability of the network of professionals and the breadth of online
directory listings;
• the ability to consistently generate service requests and pre-priced bookings through Angi platforms
that convert into revenue for professionals in a cost-effective manner;
• the ability to continue to attract (and increase) traffic to Angi brands and platforms through search
engines, including the ability to ensure that information from such brands and platforms and related
links are displayed prominently in free search engine results and that paid search marketing efforts
are cost-effective, as well as the ability to respond to changes in the usage and functioning of search
engines and the introduction of new technology;
• the ability to increasingly engage with consumers directly through Angi platforms, including various
mobile applications (rather than through search engine marketing or via free search engine
referrals); and
• the quality and consistency of professional pre-screening processes and ongoing quality control
efforts, as well as the reliability, depth and timeliness of customer ratings and reviews.
Care.com
Overview
Care.com is a leading online destination for families to connect with caregivers for their children, aging
parents, pets and homes and for caregivers to connect with families seeking care services. Care.com’s brands
include Care For Business, Care.com offerings to enterprises and HomePay.
Services
Care.com primarily provides online consumer matching and, in some cases, consumer payment
solutions for families searching for care, as well as enterprise solutions for employers seeking to provide care-
related benefits to their employees.
Consumer matching solutions.
Through free and paid memberships, Care.com offers a variety of
resources designed to help families match with suitable care solutions. A free basic membership provides
families with the ability to set up an account, post a job, search and review caregiver profiles and receive
applications from background-checked caregivers. To engage with caregivers, families must upgrade to a paid
premium membership, which includes all basic membership features, plus the ability to contact caregivers
to schedule interviews, purchase additional background checks, reply to applications and messages from
caregivers and access certain promotions and discounts. In addition, where available, families can book
caregivers for certain care services directly through the platform for a fee and make electronic payments to
caregivers through a related payment solution.
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Through consumer matching services, families can match with caregivers (in-home and out-of-home)
who meet their diverse and evolving care needs (full-time, part-time, long-term, short-term and occasional
at irregular intervals). Matching is facilitated by algorithms designed to highlight relevant caregivers (based on
certain job requirements and caregiver activity patterns). In-home caregivers create and post detailed
Care.com profiles that may include photos, bios, work histories, ratings and reviews, the type of care they
primarily provide, their experience, certifications and qualifications, and their availability, hourly rate and
payment details, among other information. Before caregivers can communicate directly with families seeking
care, they must complete a background check (conducted by a third-party consumer reporting agency).
Care.com also offers families and caregivers the ability to purchase multiple levels of additional background
check options through a third-party consumer reporting agency. While Care.com strongly believes that
CareCheck and the additional background checks are good safety measures, they have limitations and cannot
guarantee the future behavior of any caregiver affiliated with Care.com.
Care.com also maintains a Safety Center that provides resources and information designed to help
families and caregivers make safer and more informed hiring and job selection decisions, including
recommendations for screening, interviewing and the ongoing monitoring of caregivers, as well as
recommendations to caregivers for avoiding scams. Care.com also encourages members and caregivers to
contact Care.com if they believe another member or caregiver may have violated Care.com’s community
guidelines.
Out-of-home care-related businesses (such as daycare centers, senior care communities, tutoring
companies, camps and activities providers) can also market their services through Care.com.
Consumer tax and payment solutions.
Through Care.com, we also offer our HomePay service, a
leading tax and payroll product for families who employ nannies, housekeepers or other domestic employees.
HomePay is a technology-based, turnkey service that provides household employer-related tax filings at
the federal, state and local levels for families who are required to treat their caregivers as household employees
and such caregivers’ wages exceed the annual reportable threshold amount that would require them to
make tax filings. Facilitating household employer-related tax filings helps to ensure that families are able to
avail themselves of certain tax credits and savings, which can help mitigate care-related costs. The services also
include automated payroll processing ancillary to those tax services. Similarly, caregivers who are paid
legally can more easily access a variety of benefits, including unemployment insurance and social security
benefits (among others). HomePay is available to anyone (not just Care.com members) for a fee.
Enterprise solutions.
Care.com also offers a comprehensive suite of family caregiving benefits and
related services that employers can offer as an employee benefit. Currently, employers can choose from a
number of services, including:
• consumer matching solutions;
• back-up care services (in-home and in-center) for employees who need alternative care arrangements
for their child or senior when their regular caregiver is not available (for example, due to a school
closure or caregiver illness);
• on-demand tutoring and college admissions counseling (Care for College);
• access to consultation and referral services to support a wide array of work-life challenges faced by
employees, such as senior care planning services to help employees find the most suitable care option
for aging family members, access to mental health experts and resources, tutoring and college prep
assistance, lactation support, relocation services and financial guidance and legal services (among
other services); and
• access to proprietary, members-only discounts on certain nationally recognized brand-name
products and services.
Employers generally pay for enterprise solutions on a per-employee, per-year basis. These solutions
also provide employers with features that allow them to manage employee access and track aggregate usage.
Depending on the suite of services selected and employer preferences, employers may subsidize all, a
portion or none of the cost of these solutions for employees. Additionally, employers may add services
during the term of their contract on an as-needed basis to enhance the support they provide to their
employees.
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Revenue
Care.com revenue consists of consumer and enterprise revenue. Consumer revenue is primarily
generated through subscription fees from families and caregivers, both domestically and internationally, for
Care.com’s suite of products and services. Consumer revenue also includes revenue generated through
Care.com’s comprehensive household payroll and tax support services (HomePay), as well as through
contracts with businesses that advertise through Care.com platforms. Enterprise revenue is primarily generated
through annual contracts with businesses (employers or re-sellers) that provide access to Care.com’s suite
of products and services as an employee benefit.
Marketing
Care.com markets its various products and services to families and caregivers through a diverse mix of
free and paid offline and online marketing. Care.com believes that most families and caregivers currently
find Care.com through unpaid marketing channels (primarily through word-of-mouth, referrals and online
communities and forums), as well as through search engine marketing (free and paid) and repeat users. Paid
direct marketing efforts include offline channels, such as network and cable TV, OTT channels and direct
mail, as well as through paid search engine marketing, social media advertising, influencer marketing, display
advertising, third-party affiliate agreements and select paid job board sites. In addition, Care.com markets
its employee-benefit product offerings directly to enterprises through brokers and its own sales team.
Competition
In the case of consumer matching solutions, Care.com primarily competes with traditional offline
consumer resources for finding caregivers, as well as online job boards and other online care marketplaces,
and online care-related platforms in vertical categories. We believe Care.com’s biggest competition comes
from the traditional offline methods, such as word-of-mouth, referrals and online communities and
forums. In the case of HomePay, Care.com primarily competes with similar products offered by providers
of online and offline payroll services. In the case of its enterprise solutions business, Care.com primarily
competes with other providers of employer-sponsored care services and employee benefit products,
particularly those that provide back-up child and senior care services.
We believe that Care.com’s ability to compete successfully will depend primarily upon the following
factors:
• the volume, quality, diversity and stability of the families and caregivers on Care.com platforms;
• the functionality and reliability of Care.com websites and mobile applications and the attractiveness
of their features (and Care.com’s various products and services) generally to families and caregivers;
• the ability to increase the frequency of family and caregiver use of Care.com products and services
generally;
• the continued ability to innovate and introduce new products and services that resonate with families
and caregivers;
• the quality, completeness and consistency of caregiver profiles and job postings;
• the reliability of background checks and other safety measures designed to prevent safety incidents;
• the ability to continue to build and maintain awareness of, trust in, and loyalty to, the Care.com
brand;
• the ability to continue to expand the enterprise solutions business; and
• the ability to continue to attract (and increase) traffic to Care.com platforms through search engines,
including the ability to ensure that links to Care.com platforms are displayed prominently in free
search engine results and that paid search marketing efforts are cost-effective, as well as the ability to
respond to changes in the usage and functioning of search engines and the introduction of new
technology.
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Search
Overview
Our Search segment consists of Ask Media Group, a collection of websites providing general search
services and information, and a Desktop business, which includes business-to-business partnership
operations and the remaining installed base of our legacy direct-to-consumer downloadable desktop
applications. Ask Media Group’s websites include, among others: Ask.com, a search site with a variety of
fresh and contemporary content (celebrities, culture, entertainment, travel and general knowledge);
Reference.com, a search and general knowledge content site that provides content across select vertical
categories (history, business and finance and geography, among other verticals); Consumersearch.com, a
search and content website that provides content designed to simplify the product research process; and
Shopping.net, a vertical shopping search site, each of which contains a mix of search services and/or content
targeted to various user or segment demographics.
Products, Services and Content
Through Ask Media Group, we provide search services that generally involve the generation and
display on a search results page of a set of hyperlinks to web pages deemed relevant to search queries
entered by users. In addition to these algorithmic search results, paid listings are also generally displayed in
response to search queries. Paid listings are advertisements displayed on search results pages that generally
contain a link to an advertiser’s website. Paid listings are generally displayed based on keywords selected
by the advertiser and relevancy to the search query. Through certain of Ask Media Group’s various websites,
digital content in a variety of formats, primarily articles with images, is also provided in addition to
general search services. Display advertisements and/or native advertising (advertising that matches the look,
feel and function of the content alongside which it appears) generally appear alongside digital content.
The Desktop business primarily owns and/or operates a portfolio of legacy (meaning they are no
longer actively marketed and distributed to new users) consumer desktop browser applications and
websites, as well as certain actively marketed business-to-business partnership operations, that provide users
with access to a wide variety of online content, tools and services, including new tab search services and
the option of default browser search services.
Revenue
Ask Media Group revenue consists principally of advertising revenue generated 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. The
majority of the paid listings displayed by Ask Media Group is supplied to us by Google Inc. (“Google”)
pursuant to our services agreement with Google (the “Services Agreement”). Pursuant to the Services
Agreement, Ask Media Group businesses transmit search queries to Google, which in turn transmits a set of
relevant and responsive paid listings back to these businesses for display in search results. This ad-serving
process occurs independently of, but concurrently with, the generation of algorithmic search results for the
same search queries. Paid listings are displayed separately from algorithmic search results and are identified as
sponsored listings on search results pages. Paid listings are priced on a price-per-click basis and when a
user submits a search query through an Ask Media Group business and then clicks on a paid listing displayed
in response to the query, Google bills the advertiser that purchased the paid listing and shares a portion of
the fee charged to the advertiser with the Ask Media Group business. Ask Media Group recognizes paid
listing revenue when it delivers the user’s click. In cases where the user’s click is generated due to the
efforts of a third-party distributor, we recognize the amount due from Google as revenue and record a
payment obligation to the third-party distributor as traffic acquisition costs. See “Item 1A — Risk
Factors — Risk Factors — Risks Relating to Our Business, Operations and Ownership — Certain of our
businesses depend upon arrangements with Google.”
Revenue from our Desktop business principally consists of advertising revenue generated principally
through the display of paid listings in response to search queries. The majority of the paid listings displayed
are supplied to us by Google in the manner, and pursuant to the Services Agreement, as described above.
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Marketing
Ask Media Group’s various properties are marketed primarily through the acquisition of traffic from
major search engines and their syndication networks, which involves the purchase of keyword-based
sponsored listings that link to search results pages of Ask Media Group properties, and other types of display
media (primarily banner advertisements).
Ask Media Group content is also marketed through a variety of digital distribution channels, including
search engines, social media platforms, display advertising networks and native advertising networks, as well
as a number of advertising agencies that acquire traffic via these channels for certain Ask Media Group
properties.
Certain search powered desktop applications are marketed to users through the relevant business-to-
business partnership.
Competition
In the case of general search services, Ask Media Group’s competitors include major search engines
and other destination search websites and search-centric portals that engage in marketing efforts similar to
those of Ask Media Group. In the case of content, Ask Media Group’s competitors primarily include online
publishers and destination websites with brands in similar vertical content categories and social channels.
We believe that Ask Media Group’s ability to compete successfully will depend primarily upon:
• the continued ability to monetize search traffic via paid search listings;
• the continued ability to market Ask Media Group search websites in a cost-effective manner, which
depends, in part, on the ability to continue to obtain quality traffic from valid sources (from real users
with genuine interest) in a cost- effective manner;
• the relevance and authority of search results, answers and other content displayed on Ask Media
Group various properties;
• the continued ability to differentiate Ask Media Group search websites (which depends primarily
upon its continued ability to deliver quality, authoritative and trustworthy content to users), as well
as the ability to attract advertisers to these websites;
• the ability to successfully create or acquire content (or the rights thereto) for marketing purposes in a
cost-effective manner; and
• the ability to monetize content pages with display and other forms of digital advertising.
Emerging & Other
Overview
Emerging & Other primarily includes:
• Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities;
• The Daily Beast, a website dedicated to news, commentary, culture and entertainment that publishes
original reporting and opinion from its roster of full-time journalists and contributors;
• IAC Films, a provider of producer services for feature films, primarily for initial sale and distribution
through theatrical releases and video-on-demand services in the United States and internationally;
• Mosaic Group, a former developer and provider of global subscription mobile applications, for
periods prior to the sale of its assets on February 15, 2024, which was accounted for as a sale of a
business, for approximately $160 million;
• Roofing, a provider of roof replacement and repair services, for periods prior to its sale on
November 1, 2023; and
• Bluecrew, a technology driven staffing platform, for periods prior to its sale on November 9, 2022.
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Intellectual Property
We rely heavily upon our trademarks, service marks and related domain names and logos to market
our brands and to build and maintain brand loyalty and recognition, as well as upon trade secrets, and
regard this intellectual property as critical to our success. We also rely, to a lesser extent upon patented and
patent-pending proprietary technologies with expiration dates ranging from various dates in late 2025 to 2035.
We have generally registered and continue to apply to register and renew (or secure by contract where
appropriate) trademarks and service marks as they are developed and used, and reserve, register and renew
domain names as we deem appropriate. We also generally seek to apply for patents or for other similar statutory
protections (as and if we deem appropriate) based on then current facts and circumstances and intend to
continue to do so in the future.
In addition, in the case of our Digital and Print publishing brands, to build and maintain these brands,
we rely heavily on copyright protections for original content that we produce and publish.
We rely on a combination of internal and external controls, including applicable laws, rules and
regulations and restrictions with employees, customers, suppliers, affiliates and others, as well as legal
action, to establish, protect and otherwise control our various intellectual property rights.
Government Regulation
We are subject to a variety of domestic and foreign laws and regulations in the U.S. and various
jurisdictions abroad involving matters that are important to (or may otherwise impact) our various
businesses, such as (among others) broadband internet access, online commerce, privacy and data security,
advertising, intermediary liability, consumer protection, taxation, worker classification and securities
compliance. These domestic and foreign laws and regulations, which in some cases can be enforced by private
parties in addition to government entities, are continually evolving and can be subject to significant
change. As a result, the application, interpretation and enforcement of these laws and regulations (and any
amended, proposed or new laws and regulations) are often uncertain, particularly in the Internet industry, and
may vary from jurisdiction to jurisdiction and over time, which could result in conflicts with our current
policies and practices and those of our various businesses.
Because we conduct substantially all of our business on the Internet, we are particularly sensitive to
laws and regulations that could adversely impact the popularity or growth in use of the Internet and/or
online products and services generally, restrict or otherwise unfavorably impact whether or how we may
provide our products and services, regulate the practices of third parties upon which we rely to provide our
products and services and/or undermine an open and neutrally administered Internet access.
For example, Section 230 of the Communications Decency Act of 1996 (“Section 230”), which
generally provides immunity for website publishers from liability for third-party content appearing on their
platforms and the good faith removal of third-party content from their platforms that they may deem obscene
or offensive (even if constitutionally protected speech), since its adoption has been (and continues to be)
subject to challenges. The immunities conferred by Section 230 could also be narrowed or eliminated through
amendment, regulatory action, judicial interpretation or legislative efforts. Any future adverse changes to
Section 230 could result in additional compliance costs for us and/or exposure to additional liabilities. In
addition, the European Union’s Digital Services Act, which was fully implemented in February 2024, enhances
the moderation obligations and potential liabilities of digital platforms. Further, in late 2023, the United
Kingdom enacted the Online Safety Bill, which significantly increased responsibilities of online platforms
to control illegal or harmful activity and granted broad authority to the communications regulator in the
United Kingdom to enforce its provisions.
Because we receive, store and use a substantial amount of information received from or generated by
our users and subscribers, we are also impacted by laws and regulations governing privacy, the collection,
storage, sharing, use, processing, disclosure and protection of personal data and data security. Examples of
comprehensive regulatory initiatives in the area of privacy and data security include a comprehensive
European Union privacy and data protection reform, the General Data Protection Regulation (the “GDPR”),
which became effective in May 2018. The GDPR, which applies to certain companies that are organized in
the European Union or otherwise provide services to (or monitor) consumers who reside in the European
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Union, imposes significant penalties (monetary and otherwise) for non-compliance, as well as provides a
private right of action for individual claimants. The GDPR will continue to be interpreted by European
Union data protection regulators, which may require us to make changes to our business practices and could
generate additional risks and liabilities. In addition, enforcement actions brought by data protection
regulators in European Union member states continue to rise. Furthermore, the GDPR has been influential
in the development of comprehensive privacy laws globally, with major trading nations such a Brazil,
China, India and the United Kingdom adopting national privacy laws modeled, to an extent, after the GDPR,
and raising similar compliance challenges.
In addition, in July 2023, the European Union, the United Kingdom and Switzerland established
certain frameworks to facilitate the transfer of personal data by way of new mechanisms to the U.S. While
these frameworks are consistent with applicable local laws, rules and regulations, they and other frameworks
for cross-border data transfers continue to face legal challenges. As privacy regulation generally and related
legal challenges continue to evolve, we may need to devote more resources towards compliance and/or make
changes to our business practices to ensure compliance, which could be costly.
Moreover, while multiple legislative proposals concerning privacy and the protection of user information
are being considered at the federal and state level in the U.S., many U.S. state legislatures have already enacted
privacy legislation, one of the strictest and most comprehensive of which is the California Consumer
Privacy Act of 2018, which became effective on January 1, 2020 (the “CCPA”). The CCPA provides data
privacy rights for California consumers and restricts the ability of certain of our businesses to use personal
California user and subscriber information in connection with their various products, services and operations.
The CCPA also provides consumers with a private right of action for security breaches, as well as provides
for statutory damages. In addition, in November 2020, California voters approved Proposition 24 (the
“California Privacy Rights Act of 2020”), which amended certain provisions of the CCPA and became fully
enforceable on July 1, 2023. The California Privacy Rights Act of 2020 further restricts the ability of
certain of our businesses to use personal California user and subscriber information in connection with
their various products and services and/or could impose additional operational requirements on such
businesses. Many other U.S. states have passed comprehensive privacy legislation that became effective in
2024 or are expected to become effective in 2025, some of which are similar to the CCPA, as amended by the
California Privacy Rights Act of 2020. In addition to these comprehensive laws, new state laws and
regulations focused on specific privacy issues, such as biometric privacy, children’s privacy and the use of
artificial intelligence, further complicate privacy compliance.
As privacy regulation and related legal challenges continue to evolve, we may need to devote increased
resources in connection with compliance efforts generally and/or make changes to our business practices,
which could be costly. Furthermore, privacy litigation claims related to the use of standard website
technologies that assist in generating revenue from advertising, such as cookies and pixels, and the sharing
of personal information with third parties in connection with advertising efforts are becoming increasingly
prevalent and could adversely impact our business, financial condition and results of operations. Lastly,
the U.S. Federal Trade Commission (the “FTC”) continues to increase its focus on privacy, data sharing and
data security practices and we anticipate this focus to continue. If so, we could be subject to various
private and governmental claims and actions in this area. See “Item 1A — Risk Factors — Risk Factors —
General Risk Factors — The processing, storage, use and disclosure of personal data could give rise to
liabilities and increased costs.”
As a provider of certain subscription-based products and services, we are also impacted by laws or
regulations affecting whether and how our businesses may periodically charge users for membership or
subscription renewals. For example, in November 2024, the FTC amended its Negative Option Rule to impose
additional requirements on the marketing and sale of subscription-based products and services, including
separate opt-in requirements for subscription sign-ups, clear and conspicuous disclosure of material
subscription terms immediately adjacent to where consumers enrolled for a given subscription and ensuring
the consumer can cancel a given subscription by way of the same means through which they enrolled (the
“Amended Negative Option Rule”). The Amended Negative Option Rule also prohibits misrepresentations
in connection with the advertising or offering of a product or service with a negative option feature, which
may significantly increase the risk associated with the offering of subscription-based products or services
and related advertising. While the Amended Negative Option Rule is being challenged in federal court, its core
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provisions are expected to become effective in May 2025 and may require changes to the manner in which
our businesses market subscription-based products and services. Compliance with the Amended Negative
Option Rule could be costly and related changes to our platforms and marketing efforts could adversely affect
consumer conversion and renewal rates. The Amended Negative Option Rule also expands the ability of
the FTC to seek civil penalties and consumer redress for violations, including for product misrepresentations.
In addition, the European Union Payment Services Directive, which became effective in 2018, could
impact the ability of certain of our businesses to efficiently process auto-renewal payments for, as well as
offer promotional or differentiated pricing to, users who reside in the European Union. Similar laws exist in
the U.S., including the federal Restore Online Shoppers’ Confidence Act and various U.S. state laws, and
legislative and regulatory enactments or amendments are under consideration and being adopted in a number
of U.S. states. The adoption of the Amended Negative Option Rule and/or any other law that adversely
affects revenue from subscription-based products and services and/or the manner in which we market and
sell such products and services could adversely affect our business, financial condition and results of
operations, particularly in the case of our Dotdash Meredith, Angi and Care.com businesses.
We are also subject to laws, rules and regulations governing the marketing and advertising activities of
our various businesses conducted by or through telephone, email, mobile digital devices and the Internet,
including the Telephone Consumer Protection Act of 1991 (the “TCPA”), the Telemarketing Sales Rule, the
CAN-SPAM act and similar state laws, rules and regulations, as well as local laws, rules and regulations
and relevant agency guidelines governing background screening. See “Item 1A — Risk Factors — Risk
Factors — Risks Related to Our Business and Industry — Changes to certain requirements applicable to
certain communications with consumers may adversely impact our ability to generate leads for professionals.”
In addition, we also are subject to various other federal, state, and local laws, rules and regulations
focused on consumer protection. These laws, rules and regulations are enforced by governmental entities
such as the FTC and state Attorneys General offices and may confer private rights of action on consumers
as well. Changes in these laws, or a proceeding of this nature, could have an adverse effect on us due to legal
costs, impacts on business operations, diversion of management resources, negative publicity, and other
factors.
We are also sensitive to the adoption of new tax laws. The European Commission and several European
countries have adopted (or intend to adopt) proposals that impact various aspects of the current tax
framework under which certain of our European businesses are taxed, including new types of non-income
taxes (including digital services taxes in the United Kingdom and Italy, which are based on a percentage of
revenue and tied to where consumers are located). Certain of our businesses are subject to digital services
taxes in one or more of the jurisdictions listed above and similar proposed tax laws could adversely affect our
business, financial condition and results of operations. In addition, certain U.S. states have adopted or are
considering the adoption of similar laws applicable to revenue attributable to digital advertising and other
forms of digital commerce.
In addition, primarily in the case of certain businesses within our Angi segment, we are sensitive to the
adoption of worker classification laws, specifically, laws that could effectively require us to change the
classification of certain professionals from independent contractors to employees. The Angi businesses
sensitive to these laws continue to monitor such laws to ensure compliance and if they are required to
reclassify professionals from independent contractors to employees and/or the classification of professionals
as independent contractors is challenged for any reason, we could be exposed to various liabilities and
additional costs for prior and future periods, including exposure under federal, state and local tax laws,
workers’ compensation and unemployment benefits, minimum and overtime wage laws and other labor and
employment laws, as well as potential liability for penalties and interest. If the amounts related to such
liabilities and additional costs are significant, our business, financial condition and results of operations
could be adversely affected. See “Item 8 — Financial Statements and Supplementary Data — Note 15 —
Contingencies.”
We are also subject to new laws and regulations being considered and adopted by various state
legislatures and federal agencies that regulate the use and disclosure of artificial intelligence (“AI”). Such
laws and regulations could adversely impact our ability to effectively incorporate AI into our products and
services and/or make it more difficult to transparently market such products and services that incorporate AI.
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In addition, we may become subject to various climate disclosure regimes regulating the disclosure of
greenhouse gas emissions and related information, such as the European Union’s Corporate Sustainability
Reporting Directive and California’s Climate Corporate Data Accountability Act and Climate Related
Financial Risk Act. The interpretation and enforcement of such climate disclosure regimes remains uncertain,
and compliance may require the investment of significant resources, increase our costs, disrupt our
business operations and pose reputational and other risks.
Lastly, as a company based in the U.S. with foreign offices in various jurisdictions worldwide, we are
subject to a variety of foreign laws governing the foreign operations of its various businesses, as well as U.S.
laws that restrict trade and certain practices, such as the Foreign Corrupt Practices Act.
Human Capital
Overview
IAC’s future success depends upon our continued ability to identify, hire, develop, motivate and retain
a highly skilled and diverse workforce across our various businesses worldwide. While policies and practices
related to the identification, hiring, development, motivation and retention of employees vary across IAC
and our various businesses, at their core, such policies and practices are generally designed to: (i) increase
long-term IAC stockholder value by attracting, retaining, motivating and rewarding employees with the
competence, character, experience, diversity of perspective and ambition necessary to enable the Company
to meet its growth objectives, (ii) encourage and support the professional development of, and engender
loyalty among, employees who have demonstrated the strength, vision and determination necessary to
overcome obstacles and unlock their true professional potential by providing them with appropriate
opportunities within IAC and our businesses and (iii) help foster a diverse, inclusive and entrepreneurial
culture across our various businesses.
In order to achieve these objectives, we believe that we must continue to provide competitive
compensation packages and otherwise incentivize employees in unique and attractive ways, as well as
develop and promote talent from within and remain committed to building inclusive workplaces and
workforces that reflect the diversity of the global population using our products and services each day.
As of December 31, 2024, IAC had approximately 8,300 employees, substantially all of whom were full-
time employees and the substantial majority of whom were based in the United States.
Compensation and Benefits
We believe that we must continue to provide competitive compensation packages and other benefits to
our workforce. While compensation packages vary across IAC and our various businesses, compensation
packages generally consist of base salary (plus commissions in the case of sales and other similar positions)
and, on a discretionary basis, annual cash bonuses (and in certain cases, equity or equity-based awards).
We also provide comprehensive health, welfare and retirement benefits. Healthcare benefits are
significantly subsidized by the Company and the coverage provided reflects our commitment to inclusivity
and the physical and mental well-being of all employees.
In the case of welfare benefits, we maintain generous paid time off and paid leave policies across our
businesses and offer subsidized backup child and elder care for our employees. We believe in giving back to
the causes and charities that are important to our employees and match charitable contributions made by our
employees to qualifying charities on a dollar-for-dollar basis, subject to an annual cap per employee. We
also encourage our employees to support the communities in which they live and work and provide our
employees with paid time off each year to volunteer for charitable and community service projects.
In the case of retirement benefits, in the U.S. we offer our employees a 401(k) retirement savings program
with generous employer matching contributions, subject to an annual cap per employee. We believe that we
have a responsibility to encourage (and contribute to) the retirement readiness of each of our employees and
believe that this generous 401(k) retirement savings program matching contribution is a meaningful
commitment to the long-term welfare and security of our workforce.
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Talent Development
We generally aim to develop talent from within and supplement with external hires. As a result, senior
management across the Company and our businesses generally possesses a great depth of knowledge and
experience regarding the Company, with external hires providing a fresh perspective. The human resources
teams across the Company and our businesses use internal and external resources to recruit highly skilled,
talented and diverse employees, and employee referrals for open positions are encouraged.
In addition, we actively seek to identify the next generation of leaders in technology early through the
IAC Fellows program, a first-of-its-kind program connecting students from under-served and under-
resourced backgrounds with academic and leadership opportunities. IAC Fellows join the program as early
as high school and stay for up to six years, rotating across a diverse set of IAC businesses during that time
in the form of competitively paid internships that put IAC Fellows in the trenches, testing their skills in real
world scenarios. Through these experiences, IAC Fellows gain exposure to different business models,
functions and roles within IAC, as well as access to IAC senior leadership as mentors and coaches. IAC
Fellows also receive an academic stipend following the completion of each paid internship. For those IAC
Fellows hired by IAC or any of its businesses following the completion of their paid internships and who stay
for a period of three years, IAC will pay off the entirety of their school loans.
To be eligible for the IAC Fellows program, applicants must be high-achieving students from historically
and systematically underrepresented communities, with first-generation college students being given priority
consideration. Students must be citizens or permanent residents of the U.S. and possess the following
personal attributes: (i) leadership abilities, (ii) a strong interest in science, technology, computer science
and/or math, (iii) demonstrated intellectual curiosity and devotion to study, (iv) a hunger to learn and achieve
academically and (v) ethics, integrity and strength of character.
Lastly, through our charitable foundation, we award scholarships to high-achieving students who have
a demonstrable need for financial assistance. Recipients can use scholarships for various college-related
expenses, such as tuition, course-related fees, books, supplies and equipment.
Additional Information
Company Website and Public Filings
The Company maintains a website at www.iac.com. Neither the information on the Company’s website,
nor the information on the website of any IAC business, is incorporated by reference into this annual report,
or into any other filings with, or into any other information furnished or submitted to, the U.S. Securities
and Exchange Commission (the “SEC”).
The Company makes available, free of charge through its website, its annual reports on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K (including related amendments) as soon
as reasonably practicable after they have been electronically filed with (or furnished to) the SEC. These reports
(including related amendments) are also available at the SEC’s website, www.sec.gov.
Code of Business Conduct and Ethics
The Company’s Code of Business Conduct and Ethics applies to all of our employees (including IAC’s
principal executive officers, principal financial officer and principal accounting officer) and directors and is
posted on the Investor Relations section of the Company’s website at ir.iac.com under the “Code of Conduct”
tab. This code complies with Item 406 of Regulation S-K and the rules of The Nasdaq Stock Market LLC.
Any changes to this code that affect the provisions required by Item 406 of Regulation S-K (and any waivers
of such provisions for IAC’s principal executive officers, principal financial officer, principal accounting
officer and directors) will also be disclosed on IAC’s website.
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Item 1A.
Risk Factors
Cautionary Statement Regarding Forward-Looking Information
This annual report on Form 10-K contains “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”and “believes,”among others, generally identify forward-looking statements. These forward-
looking statements include, among others, statements relating to: IAC’s future financial performance,
IAC’s business prospects and strategy, anticipated trends and prospects in the industries in which IAC’s
businesses operate and other similar matters. These forward-looking statements are based on IAC
management’s expectations and assumptions about future events as of the date of this annual report, which
are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict.
Actual results could differ materially from those contained in these forward-looking statements for a
variety of reasons, including, among others, the risk factors set forth below. 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. In light of these risks and uncertainties, the forward-looking statements discussed
in this annual report may not prove to be accurate. Accordingly, you should not place undue reliance on these
forward-looking statements, which only reflect the views of IAC management as of the date of this annual
report. IAC does not undertake to update these forward-looking statements.
Risk Factors
Summary of Risk Factors
Our business is subject to numerous risks and uncertainties, including those described in this Item 1A.
These risks include, but are not limited to the following:
• Marketing efforts designed to drive visitors to our various brands and businesses may not be
successful or cost-effective.
• We rely on search engines to drive traffic to our various properties.
• Certain of our businesses depend upon arrangements with Google.
• Changes in the usage and functioning of search engines related to GAI technology, related disruption
to marketing technologies and platforms and use of our content by GAI chatbots could adversely
impact our business, financial condition and results of operations.
• Our success depends, in part, on our continued ability to develop and monetize versions of our
products and services for mobile and other digital devices.
• Our success depends, in part, on the ability of our Digital business to successfully expand the digital
reach of our portfolio of publishing brands.
• Our success depends, in part, on the ability of Angi and Care.com to establish and maintain
relationships with quality and trustworthy professionals and caregivers.
• Our success depends, in part, on the ability of Angi to balance their various offerings to professionals
across the Angi platforms.
• Changes to certain requirements applicable to certain communications with consumers may
adversely impact the ability of our Angi businesses to generate leads for professionals.
• Our success depends, in part, on our ability to access, collect and use personal data about our users
and subscribers.
• Our ability to engage directly with our users, subscribers, consumers, professionals and caregivers on
a timely basis is critical to our success.
• Mr. Diller and certain members of his family are able to exercise significant influence over the
composition of IAC’s board of directors, matters subject to stockholder approval and IAC’s
operations.
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• Current and future indebtedness could affect our ability to operate our business, which could have a
material adverse effect on our business, financial condition and results of operations.
• We may not be able to generate sufficient cash to service all of our indebtedness.
• We may not be able to freely access the cash of Dotdash Meredith and/or Angi and their respective
subsidiaries.
• IAC and Angi may be unable to achieve some or all of the benefits that they expect to achieve as a
result of the Distribution.
• Following the Distribution, IAC will be a smaller, less diversified company than IAC prior to the
Distribution.
• If the Distribution fails to qualify as a transaction that is generally tax-free for U.S. federal income
tax purposes, IAC, Angi and their respective stockholders could suffer material adverse consequences.
• The aggregate value of the IAC and Angi securities that current holders of IAC capital stock will
hold after the Distribution could be less than the value of the IAC securities they held before the
Distribution.
• Our businesses operate in especially competitive and evolving industries.
• We are sensitive to general economic events and trends, particularly those that adversely impact
consumer confidence and spending behavior, as well as general geopolitical risks.
• We may not be able to protect our systems, technology and infrastructure from cybersecurity
incidents or cybersecurity incidents experienced by third parties could adversely affect us.
• If personal, confidential or sensitive user information is breached or otherwise accessed by
unauthorized persons, it may be costly to mitigate and our reputation could be harmed.
• Our success depends, in part, on the integrity, quality, efficiency and scalability of our systems,
technology and infrastructure, and those of third parties.
• We depend on our key personnel.
The summary risk factors described above should be read together with the text of the full risk factors
below and the other information set forth in this annual report, including our consolidated financial
statements and the related notes, as well as in other documents that we file with the SEC. The risks summarized
above or described in full below are not the only risks that we face. Additional risks and uncertainties not
precisely known to us or that we currently deem to be immaterial may also materially adversely affect our
business, financial condition, results of operations and future growth prospects.
Risk Factors Related to Our Business, Operations and Ownership
Marketing efforts designed to drive visitors to our various brands and businesses may not be successful or
cost-effective.
Traffic building and conversion initiatives involve considerable expenditures for online and offline
advertising and marketing. We have made, and expect to continue to make, significant expenditures for
search engine marketing (primarily in the form of the purchase of keywords, which we purchase primarily
through Google and, to a lesser extent, Microsoft and Yahoo!), social media advertising and other online
display advertising and traditional offline advertising (including television and radio campaigns) in
connection with these initiatives, which may not be successful or cost-effective. Also, to continue to reach
consumers and users, we will need to continue to identify and devote more of our overall marketing
expenditures to newer digital advertising channels (such as online video, social media, streaming, OTT and
other digital platforms), as well as target consumers and users via these channels in a cost-effective manner. As
these channels continue to evolve relative to traditional channels (such as television), it could continue to
be difficult to assess returns on related marketing investments. Historically, we have had to increase advertising
and marketing expenditures over time to attract and convert consumers, retain users of our various
products and services and sustain our growth.
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Our ability to market our brands and businesses on any given property or channel is generally subject
to the policies of the relevant third-party seller, publisher (including search engines, web browsers and social
media platforms with extraordinarily high levels of traffic and numbers of users) or marketing affiliate. As
a result, we cannot be certain that these parties will not limit or prohibit us or our affiliate marketing partners
from purchasing certain types of advertising (including the purchase by us of advertising with preferential
placement or for certain of our products and services) or using one or more current or prospective marketing
channels in the future. If a significant marketing channel took such an action generally, for a significant
period of time or on a recurring basis, our business, financial condition and results of operations could be
adversely affected. In addition, if we fail to comply with the policies of third-party sellers, publishers and
marketing affiliates, our advertisements could be removed without notice or our accounts could be
suspended or terminated, any of which could adversely affect our business, financial condition and results
of operations. In addition, any phasing out (or blocking) of third-party cookies by web browsers could
adversely affect our business, financial condition and results of operations.
We rely heavily on free search engine marketing to drive traffic to our properties. The display, including
rankings, of search results can be affected by a number of factors, many of which are not in our direct control,
and may change frequently. Search engines have made changes in the past to their ranking algorithms,
methodologies and design layouts that have reduced the prominence of links to websites offering our products
and services and negatively impacted traffic to such websites, and we expect that search engines will
continue to make such changes from time to time in the future. However, we may not know how (or otherwise
be in a position) to influence actions of this nature taken by search engines. With respect to search results
in particular, even when search engines announce the details of their methodologies, their parameters may
change from time to time, be poorly defined or be inconsistently interpreted. In addition, changes in the usage
and functioning of search engines or decreases in consumer use of search engines could negatively impact
IAC’s ability to drive traffic to its properties. For example, as a result of the continued development of AI
technology, search engines now have the ability to create customized search engine results pages that display
AI-generated answers for users, which could result in our products and services not being displayed
prominently, or at all.
Our failure to respond successfully to rapid and frequent changes in the operating and pricing dynamics
of search engines, as well as changing policies and guidelines applicable to keyword advertising and content
quality (which may be unilaterally updated by search engines without advance notice) and any other
changes in the usage and functioning of search engines (including decreased consumer use of search engines),
could adversely affect our paid and free search engine marketing efforts. Specifically, such changes could
adversely affect paid listings (both their placement and pricing), as well as the ranking or appearance of links
to websites offering our products and services within search results, any or all of which could increase our
marketing costs (particularly if free traffic is replaced with paid traffic) and adversely affect the effectiveness
of our marketing efforts overall. In addition, the failure to respond successfully to the phasing out (or
blocking) of third-party cookies by web browsers, as well as consumers increasingly choosing to use browsers
that do not support third-party cookies, could also adversely affect the effectiveness of our marketing
efforts at those of our businesses that rely on cookies as a meaningful part of their overall marketing strategy.
Lastly, in connection with the acquisition of traffic and leads directly from third parties, certain of our
businesses also enter into various arrangements with such parties (including advertising and marketing firms)
to drive traffic to their various brands and businesses and generate leads, which arrangements are generally
more cost-effective than traditional marketing efforts. If these businesses are unable to renew existing (and
enter into new) arrangements of this nature, or such arrangements are no longer as beneficial due to
developments in AI technology such as the ability to customize a search engine, sales and marketing costs as
a percentage of revenue would increase over the long-term, which could adversely affect our business,
financial condition and results of operations. In addition, recent regulatory developments may make it more
difficult for these businesses, particularly those within our Angi segment, to obtain traffic and leads by
way of third-party affiliate relationships. See “— Changes to certain requirements applicable to certain
communications with consumers may adversely impact our ability to generate leads for professionals.” Lastly,
in the case of traffic and leads acquired directly and generated through third-party affiliates, the quality,
validity (from real users with genuine interest and, if applicable, otherwise acquired in a manner that complies
with contractual obligations in place with paid listings providers or advertisers) and convertibility of such
traffic and leads are dependent on many factors, most of which are generally outside of our control. If the
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quality, validity or convertibility of traffic and leads we acquire directly and/or via third-party affiliates do
not meet the expectations of the users of our various products and services, our paid listings providers or
advertisers (as well any third parties who may acquire such traffic or leads from our paid listings providers
or advertisers), as applicable, our business, financial condition and results of operations could be adversely
affected.
We rely on search engines to drive traffic to our various properties. Certain search engine operators offer
products and services that compete directly with our products and services. If links to websites offering our
products and services are not displayed prominently in search results, traffic to our properties could decline and
our business could be adversely affected.
As discussed above, the amount of traffic we attract through search engines is due in large part to how
and where websites offering our products and services (and related information and links to those properties)
are displayed on search engine results pages. Certain search engine operators offer products and services
that compete directly with our products and services and may change their displays or rankings in order to
promote their products or services or the products or services of one or more of our competitors, or to retain
users on their sites for longer periods of use. Any such action could negatively impact the search rankings
of links to websites offering our products and services, or the prominence with which such links appear in
search results. Our success depends on the ability of links to websites offering our products and services to
maintain a prominent position in search results, and in the event operators of search engines promote
their own competing products in the future in a manner that has the effect of reducing the prominence or
ranking of links to websites offering our products and services, our business, financial condition and results
of operations could be adversely affected.
Certain of our businesses depend upon arrangements with Google.
A portion of our consolidated revenue (and a portion of our net cash from operations that we can
freely access) is attributable to the Services Agreement. Pursuant to the Services Agreement, we display and
syndicate paid listings provided by Google in response to search queries generated through the businesses
within our Search segment. In exchange for making our search traffic available to Google, we receive a share
of the revenue generated by the paid listings supplied to us, as well as certain other search related services.
The Services Agreement expires on March 31, 2026, with an automatic renewal for an additional one-year
period absent a notice of non-renewal from either party on or before December 31, 2025.
The amount of revenue we receive from Google depends on a number of factors outside of our
control, including the amount Google charges for advertisements, the efficiency of Google’s system in
attracting advertisers and serving up paid listings in response to search queries and parameters established
by Google regarding the number and placement of paid listings displayed in response to search queries. In
addition, Google makes judgments about the relative attractiveness (to advertisers) of clicks on paid
listings from searches performed on our properties and these judgments factor into the amount of revenue
we receive. Google also makes judgments about the relative attractiveness (to users) of paid listings from
searches performed on our properties and these judgments factor into the number of advertisements that
we can purchase. Changes to the amount Google charges advertisers, the efficiency of Google’s paid listings
network and the quality of related traffic, Google’s judgment about the relative attractiveness to advertisers
of clicks on paid listings from our properties or to the parameters applicable to the display of paid listings
generally could result in a decrease in the amount of revenue we receive from Google and could adversely
affect our business, financial condition and results of operations. Such changes could come about for a
number of reasons, including general market conditions, competition or policy and operating decisions made
by Google.
The Services Agreement also requires that we comply with certain guidelines for the use of Google
brands and services, including the Chrome browser and Chrome Web Store. These guidelines govern which
of our products and applications may access Google services or be distributed through its Chrome Web Store,
and the manner in which Google’s paid listings are displayed within search results across various third-party
platforms and products (including our properties). The Services Agreement also requires that we establish
guidelines to govern certain activities of third parties to whom we syndicate paid listings, including the
manner in which these parties drive search traffic to their websites and display paid listings. Google may
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unilaterally update its policies and guidelines without advance notice, whether under the Services Agreement
or otherwise, which could in turn require modifications to, or prohibit and/or render obsolete certain of
our products, services and/or business practices, which could be costly to address or otherwise adversely affect
our business, financial condition and results of operations. Noncompliance with Google’s guidelines by us
or the third parties to whom we are permitted to syndicate paid listings or through which we secure distribution
arrangements for the businesses within our Search financial reporting segment could result in the suspension
of some or all Google services to us (or the websites of our third-party partners) and/or the termination
of the Services Agreement by Google. Google has, in the past, made policy changes generally and under the
Services Agreement, which had a negative impact on the historical and expected future results of operations
of our Desktop business, as well as suspended services with respect to some of our Desktop products, and
may take continued or further action with respect to our products and businesses in the future.
The termination of the Services Agreement by Google (including the non-renewal of the agreement
upon its expiration), the curtailment or worsening of our rights under the Services Agreement, including
less favorable economic terms, the failure to allow our products to access Google services (whether pursuant
to the terms thereof or otherwise), and/or the failure of Google to perform its obligations under the
Services Agreement and/or policy changes implemented by Google under the Services Agreement or
otherwise would have an adverse effect on our business, financial condition and results of operations. For
example, changes to certain of the economic terms of the Services Agreement that become effective April 1,
2025 could negatively impact Search revenue.
If any of these events were to occur, and as a result, we needed to find an alternate provider of paid
listings, we may not be able to find another suitable provider (or if an alternate provider were found, the
economic and other terms of the agreement and the quality of paid listings may be inferior relative to our
arrangements with (and the paid listings supplied by) Google) or otherwise replace the lost revenues, which
could have an adverse effect on our business, financial condition and results of operations.
Changes in the usage and functioning of search engines related to GAI technology, related disruption to
marketing technologies and platforms and use of our content by GAI chatbots could adversely impact our
business, financial condition and results of operations.
GAI-powered chatbots and other tools are changing the way people access and consume information,
and if they supplant traffic to the websites of our businesses (in particular, the Digital business within our
Dotdash Meredith segment), we could experience decreased traffic and advertising revenues, which could
adversely impact our business, financial condition and results of operations. In addition, GAI has the potential
to generate digital content and information and develop digital products and services at a much greater
scale and in a more cost-effective manner relative to traditional efforts, which could result in increased
competition.
The regulatory landscape surrounding GAI is evolving rapidly. Several jurisdictions worldwide have
proposed or enacted laws, rules and regulations governing GAI, and could impose new compliance
requirements or restrictions in the future, and compliance with such laws, rules and regulations could be
costly. To the extent GAI chatbots misappropriate or misuse our copyrighted content, the value of this
content will be diminished and our ability to invest in new content will be adversely impacted, which could
adversely affect our business, financial condition and results of operations.
In addition, the failure to adopt or otherwise adapt to evolving GAI capabilities could adversely affect
our ability to compete generally, which could adversely affect our business, financial condition and results
of operations. Further, our competitors or other third parties may incorporate GAI into their business,
services and products more rapidly or more successfully than we do, which could adversely affect our ability to
compete effectively. Lastly, the use of GAI could lead to unintended consequences, including the generation
of content that appears correct but is factually inaccurate, misleading or otherwise flawed. Implementing
the use of GAI successfully and ethically will be costly and could adversely affect IAC’s business, financial
condition and results of operations.
Our success depends, in part, upon the continued migration of certain markets and industries online and the
continued growth and acceptance of online products and services as effective alternatives to traditional offline
products and services.
Through our various businesses, we provide a variety of online products and services that continue to
compete with their traditional offline counterparts. We believe that the continued growth and acceptance of
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online products and services generally will depend, to a large extent, on the continued growth in commercial
use of the Internet (particularly abroad) and the continued migration of traditional offline markets and
industries online.
For example, the success of our Angi and Care.com businesses depends, in substantial part, on the
continued migration of the home services and care-related services markets, respectively, online. If for any
reason these markets do not migrate online as quickly as (or at lower levels than) we expect and consumers
and professionals (and subscribers and caregivers) continue, in large part, to rely on traditional offline efforts
to connect with one another, our business, financial condition and results of operations could be adversely
affected.
Lastly, the success of our advertising-supported businesses also depends, in part, on their ability to
compete for a share of available advertising expenditures as more traditional offline and emerging media
companies continue to enter the online advertising market, the continued growth and acceptance of online
advertising generally and their ability to successfully adapt to changes in the overall digital advertising
landscape (for example, in response to the phasing out (or blocking) of third-party cookies by web browsers
and consumers increasingly choosing to use browsers that do not support third-party cookies). Any lack
of growth in the market for online advertising and/or our inability to successfully adapt to changes in the
overall digital advertising landscape could adversely affect our business, financial condition and results of
operations. See also “— Our success depends, in part, on the ability of our Digital business to successfully
expand the digital reach of our portfolio of publishing brands.”
Our success depends, in part, on our continued ability to develop and monetize versions of our products and
services for mobile and other digital devices.
As consumers increasingly access our products and services through mobile and other digital devices,
we will need to continue to devote significant time and resources to ensure that our products and services
are accessible across these platforms (and multiple platforms generally). If we do not keep pace with evolving
online, market and industry trends (including the introduction of new and enhanced digital devices and
changes in the preferences and needs of consumers generally), offer new and/or enhanced products and
services in response to such trends that resonate with consumers, monetize products and services for mobile
and other digital devices as effectively as traditional products and services and/or maintain related systems,
technology and infrastructure in an efficient and cost-effective manner, our business, financial condition and
results of operations could be adversely affected.
In addition, the success of our mobile and other digital products and services depends on their
interoperability with various third-party operating systems, technology, infrastructure and standards, over
which we have no control. Any changes to any of these things that compromise the quality or functionality of
our mobile and digital products and services could adversely affect their usage levels and/or our ability to
attract consumers and advertisers, which could adversely affect our business, financial condition and results
of operations.
Advertising revenue represents a significant portion of our consolidated revenue. Accordingly, we are sensitive
to general economic events and trends that adversely impact advertising spending levels.
A significant portion of our consolidated revenue is attributable to digital and other advertising,
primarily revenue from the businesses within our Dotdash Meredith and Search segments. Accordingly,
events and trends that put economic pressure on advertisers and consumers could continue to result in
decreased advertising expenditures and related revenues generally, which would continue to adversely affect
our business, financial condition and results of operations. For example, demand for advertising is highly
dependent upon the strength of the economy in the United States, so any general economic downturn,
social or political instability, recessionary concerns, rising interest rates and increased inflation, as well as
any sudden disruption in business conditions, could adversely affect demand for advertising and consumer
confidence, and in turn, our business, financial condition and results of operations. Also, as alternative forms
of media and entertainment continue to grow (relative to traditional forms of media), competition for
advertising will continue to increase, which could adversely affect demand for (and the effectiveness of)
advertising through our various platforms, which in turn could adversely affect our business, financial
condition and results of operations. Significant shifts in advertiser demand preferences and allocation of
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budgets across various forms and channels of advertising (such as search, social, display and retail media
networks) could also have a negative impact on our ability to grow digital advertising revenue. In addition,
the phasing out (or blocking) of third-party cookies by web browsers, as well as consumers increasingly
choosing to use browsers that do not support third-party cookies, could also adversely affect our ability to
sell advertising and the effectiveness of our marketing efforts at those of our businesses that rely on cookies
as a meaningful part of their overall marketing strategy.
While our Dotdash Meredith business has developed an advertising product that allows advertisers to
target consumers based on intent instead of utilizing cookies, there can be no guarantee that advertisers will
find this or any other alternative solution to be effective, and the perception that this or any other solution
is not effective could cause advertisers to shift more spend away from the open Internet and towards closed
platforms or ecosystems, which rely less on cookies given that they are able to use logged-in user data for
targeting and tracking purposes.
Our success depends, in part, on the ability of our Digital business to successfully expand the digital reach of
our portfolio of publishing brands.
We intend to continue to focus on digital content, advertising and other means of monetization across
its portfolio of publishing brands, including growing audiences and products across the digital lifestyle brands
at Dotdash Meredith. As a result, we intend to continue to increase our investment in our Digital business.
If this focus and increased investment does not generate increased revenue from our Digital business and/or if
we otherwise do not successfully execute this strategy generally and/or in a cost-effective manner, our
business, financial condition and results of operations will be adversely affected.
Our success depends, in substantial part, on our continued ability to market, distribute and monetize our
products and services through search engines, digital app stores, advertising networks and social media platforms.
The marketing, distribution and monetization of our products and services depends on our ability to
cultivate and maintain cost-effective and otherwise satisfactory relationships with search engines, digital app
stores, advertising networks and social media platforms, in particular, those operated by Apple, Google,
Microsoft, Facebook and Amazon. These platforms could decide not to market and distribute some or all
of our products and services, change their terms and conditions of use or advertising policies at any time (and
without notice), favor their own products and services over our products and services and/or significantly
increase their fees. While we expect to maintain cost-effective and otherwise satisfactory relationships with
these platforms, no assurances can be provided that we will be able to do so and our inability to do so in the
case of one or more of these platforms could have a material adverse effect on our business, financial
condition and results of operations.
In particular, as consumers increasingly access our products and services through applications, we
increasingly depend upon the Apple App Store, Google Play Store, Google’s Chrome Web Store, Microsoft
Store and Amazon App Store to distribute our mobile applications. The operators of these stores have
broad discretion to change their respective terms and conditions applicable to the distribution of our
applications, including those relating to privacy and data collection, the amount of (and requirement to pay)
certain fees associated with purchases facilitated by such stores through our applications, their ability to
interpret their respective terms and conditions in ways that may limit, eliminate or otherwise interfere with
our ability to distribute our applications through such stores, the features we may provide in our products and
services, our ability to access information about our subscribers and users that they collect and the manner
in which we market in-app products. The operators of these stores could also make changes to their operating
systems or payment services that could negatively affect us. No assurances can be provided that the
operators of these stores will not interpret their respective terms and conditions in the manner described
above and to the extent any of them do so, our business, financial condition and results of operations could
be adversely affected.
Revenue from our Print business is declining.
Our Print business generates revenue from various channels, the largest of which are the sale of print
magazine subscriptions to consumers and magazine advertising, followed by newsstand sales. The profitability
of our print magazine publications (and in turn, our Print business) depends, in substantial part, on our
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ability to both maintain a profitable audience and sell advertising based on that audience. The industry in
which our Print business operates is extremely competitive and such business will continue to face increasing
competition from alternative forms of media and entertainment (primarily digital channels). As a result,
we have implemented certain restructuring actions that eliminated the print component in the case of certain
of our publishing brands and reduced the circulation of others. In addition, the Print segment is dependent
on certain audience targeted advertising revenues that are tied to cyclical events, such as political advertising
campaigns. These actions, together with other continuing trends in the print magazine industry, have negatively
impacted, and continue to negatively impact, our Print revenue. We continue to expect Print revenue from
print magazine subscriptions, advertisers and newsstand sales to decline over the next few years. If we do not
offset the decrease in Print magazine subscriptions by increasing subscription prices, our revenue may
decline. As a result of this continuing decline, during the fourth quarter of 2024, we implemented a reduction
in force, primarily in the case of our Print business, in an attempt to improve efficiencies and better align
our cost structure. If we do not offset future reductions in revenue with additional cost-cutting measures and
continue to proactively manage this decline, our business, financial condition and results of operations
could be adversely affected.
Increases in paper and postage prices are difficult to predict and control.
In the case of our Print business, paper and postage represent a significant component of costs. Paper
is a commodity and its price can be subject to significant volatility, particularly in times of macroeconomic
uncertainty. Paper prices reached all time-highs in early 2023. We rely on multiple third parties to supply us
with paper for our print magazines, the largest of which are located in the European Union. Our paper
supply contracts currently provide for price adjustments based on prevailing market prices and historically,
we have been able to realize favorable paper pricing through volume discounts. Our paper suppliers and/or the
paper mills upon which they rely for inventory may experience events outside of their and our control that
result in supply chain disruptions (for example, labor force disruptions (strikes and union negotiations) and
weather, among other events). The United States Postal Service (the “USPS”) distributes substantially all
our subscription magazines and many of our marketing materials. Postal rates are dependent on the operating
efficiency of the USPS and on legislative mandates imposed upon the USPS. Although we work with
others in the industry and through trade organizations to encourage the USPS to implement efficiencies
that will minimize postal rate increases, we have no control over such matters. The USPS is currently committed
to increasing postal rates, which combined with the impact of volatility in paper prices and paper supply
chain disruptions, could adversely affect our business, financial condition and results of operations.
We rely on a single supplier to print our magazines and primarily rely on two wholesalers to distribute our
magazines through newsstands.
In the case of our Print business, we produce print magazines in the United States and rely on one
supplier (the only one capable of producing such print magazines) to do so. We also rely primarily on two
wholesalers, each of which is the only distributor of scale in its respective geographical regions, to distribute
the substantial majority of our print magazines to newsstands in the United States. If for any reason, our
one supplier fails to deliver our print magazines and/or one or both of the two wholesalers cannot distribute
our print magazines to newsstands, our business, financial condition and results of operations could be
adversely affected. In this case, we may not be able to move the printing of our print magazines to an
alternative supplier and/or the distribution of our print magazines to alternative wholesalers, particularly
given the contracting nature of the print magazine market generally (and shrinking wholesaler options). And
even if we were to find alternative vendors, the economic and other terms of the arrangements and the
quality of the services provided could be inferior relative to the arrangements with our current vendors and/or
we may not be able to replace lost revenues. Any transitions in this regard would be costly and time
consuming and could adversely affect our business, financial condition and results of operations.
Our pension plan obligations could increase.
In connection with the acquisition of Meredith Holdings Corp. in December 2021, our Dotdash
Meredith business assumed certain pension plan obligations. The two largest of these pension plans were
funded plans in the United Kingdom and the United States.
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The funded pension plan in the United Kingdom relates to a business that was sold by Meredith
Corporation prior to December 2021, and as of the date of this report, there are no active participants in
such plan accruing benefits. This plan has entered into two annuity contracts designed to provide payments
equal to all future designated contractual benefit payments to covered participants. The value of these
annuity contracts and the liabilities with respect to participants are expected to match. While the Company
does not expect to have to make any contributions to the funded United Kingdom plan, that could change
based upon future events.
The funded pension plan in the United States was terminated effective December 31, 2022, and from
and after such date, no participants accrued additional service credits under that plan. Participant benefits
were fully satisfied under such plan in the third quarter of 2024, with each plan participant receiving either a
lump sum cash payment or an annuity purchased on the relevant participant’s behalf. As of December 31,
2024, there are no assets or liabilities under the United States funded plan and no future contributions will be
required to this plan.
Our success depends, in part, on the ability of Angi and Care.com to establish and maintain relationships with
quality and trustworthy professionals and caregivers.
We must continue to attract, retain and grow the number of skilled and reliable professionals who can
provide services across Angi platforms and caregivers who can provide care-related services through the
Care.com platform. If we do not offer innovative products and services that resonate with consumers,
professionals, subscribers and caregivers generally, as well as provide professionals and caregivers with an
attractive return on their marketing and advertising investments, the number of professionals and caregivers
affiliated with Angi and Care.com platforms, respectively, would decrease. Any such decreases would result
in smaller and less diverse networks and directories of professionals and caregivers, and in turn, decreases in
service requests, pre-priced bookings and directory searches, as well as subscriber requests for caregivers,
which could adversely impact our business, financial condition and results of operations.
In addition to valuing the skill and reliability of professionals and caregivers, consumers and families
want to work with professionals and caregivers whom they trust to work in their homes and with their family
members and with whom they feel safe. Similarly, in order to continue to attract, retain and grow the
number of professionals and caregivers, professionals and caregivers need to feel safe in their work
environment. While there are screening processes and certain other safety-related measures in place at these
businesses (which generally include certain limited background checks) intended to prevent unsuitable
participants, including professionals, caregivers and consumers or subscribers, from joining and remaining
on these platforms, these processes have limitations and, even with these safety measures, no assurances can
be provided regarding the future behavior of any professional or caregiver affiliated with, or consumer or
subscriber utilizing, these platforms. Inappropriate and/or unlawful professional and/or caregiver behavior
generally (particularly behavior that compromises their trustworthiness and/or of the safety of consumers
and families) could result in decreases in service requests for professionals and subscriber requests for
caregivers and related care services, bad publicity and related damage to our reputation, brands and brand-
building efforts and/or actions by governmental and regulatory authorities, criminal proceedings and/or
litigation. Similarly, inappropriate and/or unlawful behavior towards professionals or caregivers by consumers
or subscribers (particularly behavior that compromises their safety) could result in a reduction in the
number of professionals or caregivers willing to provide services through the Angi platform or the Care.com
platform, as applicable, bad publicity and related damage to our reputation, brands and brand-building
efforts and/or actions by governmental and regulatory authorities, criminal proceedings and/or litigation.
The occurrence or any of these events could, in turn, adversely affect our business, financial condition and
results of operations.
Our success depends, in part, on the ability of Angi to balance their various offerings to professionals across
the Angi platforms.
The Services business within our Angi segment provides a pre-priced offering, pursuant to which
consumers can request services through the Angi and Handy platforms and pay for such services on the
applicable platform directly. These service requests are then fulfilled by independently established home
services providers engaged in a trade, occupation and/or business that customarily provide such services.
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Increased participation in pre-priced offerings could reduce the levels of professional participation at Angi’s
other businesses, and in turn, adversely affect our business, financial condition and results of operations.
Changes to certain requirements applicable to certain communications with consumers may adversely impact the
ability of our Angi businesses to generate leads for professionals.
In connection with the marketing of our products and services and efforts to generate leads for
professionals, the businesses within our Angi segment have historically relied on their ability (and the ability
of professionals) to communicate with consumers via phone and text message, in some cases, using
automated technology, as have third-party affiliates through which Angi businesses market their products
and services. In an effort to reduce robocalls and robotexts, there has been an increased effort by U.S.
regulatory authorities and telecommunications carriers to ensure that consumers opt in to receiving certain
marketing calls and text messages from businesses. To the extent that any regulatory restrictions are
implemented, such restrictions could adversely impact consumer engagement levels and consumer conversion
in the case of Angi’s products and services, which would decrease leads generated on Angi platforms, as
well as Angi’s ability to obtain leads through its third party affiliate relationships, which, in turn, could
adversely affect our business, financial condition and results of operations. Additionally, phone carriers
increasingly dictate rules for obtaining consent from consumers to receive text messages. This may reduce the
number of consumers who opt in to receiving both marketing and transactional text messages from Angi
businesses and professionals, which could further adversely impact the ability of Angi businesses to generate
leads for professionals and, in turn, our business, financial condition and results of operations.
Our success depends, in part, on our ability to access, collect and use personal data about our users and
subscribers.
We depend on search engines, digital app stores and social media platforms, in particular, those
operated by Google, Apple and Facebook, to market, distribute and monetize our products and services.
Our users and subscribers engage with these platforms directly, and in the case of digital app stores, are
generally subject to requirements regarding the use of their payment systems for various transactions. As a
result, these platforms generally receive personal data about our users and subscribers that we would otherwise
receive if we transacted with our users and subscribers directly. Certain of these platforms have restricted
(and continue to restrict) our access to personal data about our users and subscribers obtained through their
platforms. In addition, the privacy and data collection policies of certain platforms require users to opt-in
to sharing their devices’ unique identifiers with our businesses, which allow them to recognize a given device
and track related activity across applications and websites, primarily for marketing purposes. If these
platforms continue to limit, eliminate or otherwise interfere with our ability to access, collect and use personal
data about our users and subscribers, our ability to identify, communicate with and market to a meaningful
portion of our user and subscriber bases may be adversely impacted. If so, our customer relationship
management efforts, our ability to identify, target and reach new segments of our user and subscriber bases
and the population generally, the efficiency of our paid marketing efforts, the rates we are able to charge
advertisers seeking to reach users and subscribers of our various properties and our ability to develop and
implement safety features, policies and procedures for certain of our products and services could be adversely
affected. We cannot assure you that the search engines, digital app stores and social media platforms upon
which we rely will not continue to (or continue to increasingly) limit, eliminate or otherwise interfere with our
ability to access, collect and use personal data about our users and subscribers or that any future platforms
upon which we may rely will not do the same. To the extent that any or all of them do so, our business,
financial condition and results of operations could be adversely affected.
Our ability to engage directly with our users, subscribers, consumers, professionals and caregivers on a timely
basis is critical to our success.
As consumers increasingly communicate via mobile and other digital devices and messaging and social
media apps, email usage (particularly among younger consumers) has declined, and we expect this trend to
continue. In addition, deliverability and other restrictions could limit or prevent our ability to send emails to
users, subscribers, consumers, professionals and caregivers.
The laws and regulations governing the use of email for marketing purposes continue to evolve, and
changes in technology, the marketplace or consumer preferences may lead to the adoption of additional
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laws or regulations or changes in interpretation of existing laws or regulations. If new laws or regulations
are adopted, or existing laws and regulations are interpreted or enforced, to impose additional restrictions on
our ability to send emails to users, subscribers, consumers, professionals and caregivers, we may not be
able to communicate with them in a cost-effective manner. In addition, Internet service providers, email
service providers and others attempt to block the transmission of unsolicited email, commonly known as
“spam.” For example, in early 2024, email providers tightened their spam thresholds. Exceeding these more
stringent spam thresholds could result in some or all of the emails from our various businesses being
delayed or blocked, and therefore less likely to be opened. We cannot assure you that any alternative means
of communication (for example, push notifications and text messaging) will be as effective as email has been
historically.
Further, consumers also increasingly screen their incoming emails, telephone calls and text messages,
including via screening tools and warnings, and, therefore, our users, subscribers, consumers, professionals
and caregivers may not reliably receive communications from our various businesses. A continued and
significant erosion in our ability to engage with users, subscribers, consumers, professionals and caregivers
via email or alternative means of communication a result of legislation, blockage, screening technologies or
otherwise, could adversely impact the user experience, engagement levels and conversion rates, which
could adversely affect our business, financial condition and results of operations.
Mr. Diller and certain members of his family are able to exercise significant influence over the composition of
IAC’s board of directors, matters subject to stockholder approval and IAC’s operations.
As of February 7, 2025, Mr. Diller, his spouse (Diane von Furstenberg) and his stepson (Alexander
von Furstenberg) collectively held (directly and through certain trusts) shares of Class B common stock and
common stock that represented approximately 43% of the total outstanding voting power of IAC (based
on the number of shares of Class B and common stock outstanding on February 7, 2025).
As a result of the IAC securities held by these individuals, as of the date of this report, such individuals
are (and are expected to continue to be), collectively, in a position to influence (subject to IAC’s organizational
documents and Delaware law) the composition of IAC’s board of directors and the outcome of corporate
actions requiring stockholder approval (such as mergers, business combinations and dispositions of assets,
among other corporate transactions). This concentration of investment and voting power could discourage
others from initiating a potential merger, takeover or other change of control transaction that may otherwise
be beneficial to IAC and its stockholders, which could adversely affect the market price of IAC securities.
In addition, all or a portion of the shares of Class B common stock collectively held by Mr. Diller, his
spouse and stepson could be sold to a third party, which could result in the purchaser obtaining significant
influence over IAC, the composition of IAC’s board of directors, matters subject to stockholder approval and
IAC’s operations, without consideration being paid to holders of shares of our common stock, and
without holders of shares of our common stock having a right to consent to the identity of such purchaser.
Risk Factors Related to Our Liquidity, Indebtedness and Dilution
Current and future indebtedness could affect our ability to operate our business, which could have a material
adverse effect on our business, financial condition and results of operations.
On December 1, 2021, Dotdash Meredith, Inc. entered into the Dotdash Meredith Credit Agreement,
which provides for: (i) a five year $350 million Dotdash Meredith Term Loan A, (ii) a seven-year Dotdash
Meredith $1.25 billion Term Loan B and (iii) a five year $150 million Dotdash Meredith Revolving Facility.
On November 26, 2024, Dotdash Meredith Inc. entered into an amendment to the Dotdash Meredith
Credit Agreement (as amended, the “Amended Dotdash Meredith Credit Agreement”), which governs both
the existing Dotdash Meredith Term Loan A and the Dotdash Meredith Revolving Facility, and replaced
$1.18 billion of then outstanding Dotdash Meredith Term Loan B principal with an equal amount of Dotdash
Meredith Term Loan B-1 principal. As of December 31, 2024, we had total debt outstanding of
approximately $2.0 billion, consisting of $297.5 million and $1.18 billion under Dotdash Meredith Term
Loan A and Dotdash Meredith Term Loan B, respectively, and $500.0 million of ANGI Group Senior Notes.
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The Amended Dotdash Meredith Credit Agreement contains a number of covenants that restrict the
ability of Dotdash Meredith and certain of its subsidiaries to take specified actions, including, among other
things (and subject to certain exceptions): (i) creating liens, (ii) incurring indebtedness, (iii) making
investments and acquisitions, (iv) engaging in mergers, dissolutions and other fundamental changes,
(v) making dispositions, (vi) making restricted payments (including dividends and certain prepayments of
junior debt, if any), (vii) consummating transactions with affiliates, (viii) entering into sale-leaseback
transactions, (ix) placing restrictions on distributions from subsidiaries, and (x) changing its fiscal year. The
Amended Dotdash Meredith Credit Agreement also contains customary affirmative covenants and events
of default. For a description of certain restrictions in effect following the test period ended December 31,
2024, see “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of
Operations — Financial Position, Liquidity and Capital Resources — Liquidity and Capital Resources —
Liquidity Assessment.”
The obligations under the Amended Dotdash Meredith Credit Agreement are guaranteed by certain of
Dotdash Meredith’s wholly-owned subsidiaries and are secured by substantially all of the assets of Dotdash
Meredith and certain of its subsidiaries. Neither we nor any of our subsidiaries (other than Dotdash
Meredith and its subsidiaries in the case of obligations under the Amended Dotdash Meredith Credit
Agreement) guarantee any indebtedness of Dotdash Meredith nor are they subject to any of the covenants
related to such indebtedness.
The terms of the Dotdash Meredith indebtedness could:
• limit our ability to obtain financings and the ability Dotdash Meredith to obtain additional financings
to fund working capital needs, acquisitions, capital expenditures or debt service requirements or for
other purposes;
• limit our ability to use operating cash flow in other areas of our businesses in the event that we need
to dedicate a substantial portion of these funds to service Dotdash Meredith indebtedness;
• limit our ability and the ability of Dotdash Meredith to compete with other companies who are not
as highly leveraged;
• restrict us or Dotdash Meredith from making strategic acquisitions, developing properties or
exploiting business opportunities;
• restrict the way in which we or Dotdash Meredith conduct business;
• expose us to potential events of default, which if not cured or waived, could have a material adverse
effect on our business, financial condition and operating results and that of Dotdash Meredith;
• increase our and Dotdash Meredith’s vulnerability to a downturn in general economic conditions or
in pricing of our various products and services; and
• limit our ability and the ability of Dotdash Meredith to react to changing market conditions in the
various industries in which we do business.
We may incur, and subject to restrictions in the Amended Dotdash Meredith Credit Agreement,
Dotdash Meredith may incur, additional, indebtedness. Any additional indebtedness incurred by us (or
Dotdash Meredith in compliance with applicable restrictions) that is significant could increase the risks
described above.
For additional information regarding the Amended Dotdash Meredith Credit Agreement and
indebtedness outstanding thereunder, see “Item 7 — Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Financial Position, Liquidity and Capital Resources.”
We may not be able to generate sufficient cash to service all of our indebtedness.
The ability of Dotdash Meredith and Angi to satisfy scheduled debt obligations under their respective
debt agreements will depend upon, among other things:
• their future financial and operating performance, which will be affected by prevailing economic
conditions and financial, business, regulatory and other factors, many of which are beyond our
control;
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• their future ability to incur indebtedness; and
• in the case of Dotdash Meredith only, the future ability to borrow under the Dotdash Meredith
Revolving Facility, which will depend on, among other things, the ability of Dotdash Meredith to
comply with the covenants governing its current indebtedness.
Neither Dotdash Meredith nor Angi may be able to generate sufficient cash flow from their respective
operations (and/or, in the case of Dotdash Meredith only, borrow under the Dotdash Meredith Revolving
Facility) in amounts sufficient to meet their respective scheduled debt obligations. See also “— We may not
freely access the cash of Dotdash Meredith and Angi Inc. and its subsidiaries” below. If so, they could be
forced to reduce or delay capital expenditures, sell assets or seek additional capital (in the case of Dotdash
Meredith only, in a manner that complies with the terms (including certain restrictions and limitations) of the
Amended Dotdash Meredith Credit Agreement). If these efforts do not generate sufficient funds to meet
scheduled debt obligations, they would need to seek additional financing and/or negotiate with lenders to
restructure or refinance their respective outstanding indebtedness. Their ability to do so would depend on the
condition of the capital markets and their respective financial condition at such time. Any such financing,
restructuring or refinancing could be on less favorable terms than those of their current respective indebtedness
(and if Dotdash Meredith is the borrower, would need to comply with the terms (including certain
restrictions and limitations) of such agreement).
Variable rate indebtedness and interest rate swaps subject us to interest rate risk and counterparty risk,
respectively.
As of December 31, 2024, we had total debt outstanding of approximately $2.0 billion, consisting of
$297.5 million and $1.18 billion under Dotdash Meredith Term Loan A and Dotdash Meredith Term
Loan B-1, respectively, which bear interest at variable rates, and $500.0 million in aggregate principal amount
of ANGI Group Senior Notes, which bear interest at a fixed rate. As of that date, we had borrowing
availability of $150 million under the Dotdash Meredith Revolving Facility. Borrowings under Dotdash
Meredith Term Loans A and B-1 are, and any borrowings under the Dotdash Meredith Revolving Facility
will be, at variable interest rates, which exposes us to interest rate risk. To hedge a portion of the interest rate
risk in respect of this indebtedness, Dotdash Meredith has entered into interest rate swaps in the case of
the Dotdash Meredith Term Loan B-1) for a total notional amount of $350 million with a maturity date of
April 1, 2027. These interest rate swaps expose Dotdash Meredith to counterparty credit risk based on the
potential default of one or more counterparties.
For details regarding: (i) the variable interest rates applicable to indebtedness outstanding under the
Amended Dotdash Meredith Credit Agreement as of December 31, 2024 and how certain increases and
decreases in those rates would affect related interest expense as of December 31, 2024 and generally, (ii) the
interest rate swaps on Dotdash Meredith Term Loan B-1 and (iii) the fixed interest rates applicable to the
ANGI Group Senior Notes and how certain increases and decreases in market rates relative to those rates
would affect the fair value of this indebtedness, see “Item 7A — Quantitative and Qualitative Disclosures
About Market Risk.”
We may not be able to freely access the cash of Dotdash Meredith and/or Angi and their respective subsidiaries.
Our potential sources of cash include our available cash balances, net cash from the operating activities
of certain of our subsidiaries and proceeds from asset sales, including marketable securities. While the ability
of our operating subsidiaries to pay dividends or make other payments or advances to us depends on their
individual operating results and applicable statutory, regulatory or contractual restrictions generally, in the
case of Dotdash Meredith, the terms of the Amended Dotdash Meredith Credit Agreement limit the
ability of Dotdash Meredith to pay dividends or make distributions, loans or advances to stockholders
(including IAC) in certain circumstances. See “Item 8 — Financial Statements and Supplementary
Data — Note 6 — Long-Term Debt.” In addition, because Angi is a separate and distinct publicly traded
legal entity, Angi has no obligation to provide us with funds.
You may experience dilution with respect to your investment in IAC, and IAC may experience dilution with
respect to its investment in Angi, as a result of compensatory equity awards.
IAC has issued various compensatory equity awards, including stock options, restricted stock units and
stock appreciation rights denominated in shares of IAC common stock, as well as in equity of certain of its
consolidated subsidiaries, including Angi and certain of its subsidiaries.
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The issuance of shares of IAC common stock in settlement of these equity awards could dilute your
ownership interest in IAC. Angi compensatory equity awards that are settled in shares of Class A common
stock of Angi could dilute IAC’s ownership interest in Angi. The dilution of IAC’s ownership stake in Angi
could impact its ability, among other things, to maintain Angi as part of its consolidated tax group for
U.S. federal income tax purposes, to effect a tax-free distribution of its Angi stake to its stockholders or to
maintain control of Angi. As IAC generally has the right to maintain its levels of ownership in Angi to the
extent Angi issues additional shares of its capital stock in the future pursuant to an investor rights
agreement, IAC does not currently intend to allow any of the foregoing to occur. With respect to awards
denominated in shares of IAC’s non-publicly traded subsidiaries, IAC estimates the dilutive impact of those
awards based on the estimated fair value of those subsidiaries. Those estimates may change from time to
time, and the fair value determined in connection with vesting and liquidity events could lead to more or less
dilution than reflected in IAC’s diluted earnings per share calculation.
Risks Relating to the Distribution
IAC and Angi may be unable to achieve some or all of the benefits that they expect to achieve as a result of the
Distribution.
IAC and Angi may be unable to achieve the full strategic and financial benefits they expect to achieve
as a result of the Distribution, or such benefits may be delayed or may never occur at all. The Distribution
is expected to provide the following benefits, among others:
• enabling each of IAC and Angi to adopt a capital structure and make investments best suited for its
own objectives and needs;
• facilitating capital raising and strategic acquisitions by each company;
• the potential increase in the aggregate equity value of the two companies, including by way of
attracting new investors to Angi post-Distribution; and
• increased transparency at IAC through the simplification of IAC’s corporate structure.
The parties may not achieve these or other anticipated benefits for a variety of reasons, including,
among others: (i) the possibility that the Distribution will be abandoned prior to completion, or will
otherwise not be completed, (ii) the possibility that IAC’s non-Angi businesses will not be successful, and
that IAC will not succeed in identifying new profitable acquisitions or other opportunities, (iii) the fact that
the prices of IAC and Angi securities may be more susceptible to market fluctuations and other adverse
events following the consummation of the Distribution, (iv) the risk of litigation, injunctions or other legal
proceedings relating to the Distribution, and (v) the Distribution will require significant amounts of
management time and effort, which may divert management attention from operating and growing the
respective businesses of IAC and Angi. If IAC and Angi fail to achieve some or all of the benefits they
expected to achieve as a result of the Distribution, or if such benefits are delayed, the business, financial
condition and results of operations of IAC and/or Angi could be materially and adversely affected.
Following the Distribution, IAC will be a smaller, less diversified company than IAC prior to the Distribution.
Following the Distribution, IAC will be a smaller, less diversified company with fewer businesses. As a
result, IAC may be more vulnerable to changing market conditions, which could have a material adverse
effect on its business, financial condition and results of operations and may subject the price of its common
stock to increased volatility.
If the Distribution fails to qualify as a transaction that is generally tax-free for U.S. federal income tax
purposes, IAC, Angi and their respective stockholders could suffer material adverse consequences.
It is a condition to the completion of the Distribution that IAC receive an opinion of outside counsel,
among other things, to the effect that the Distribution will qualify as a transaction that is generally tax-free
for U.S. federal income tax purposes under Section 355(a) of the Internal Revenue Code (the “Code”). This
opinion will be based upon and rely on, among other things, various facts and assumptions, as well as
certain representations, statements and undertakings of IAC and Angi, including those relating to the past
35

and future conduct of IAC and Angi. If any of these representations, statements or undertakings is, or
becomes, inaccurate or incomplete, or if any of the representations or covenants contained in any of the
Distribution-related agreements and documents or in any document relating to the opinion of counsel are
inaccurate or not complied with by IAC, Angi or any of their respective subsidiaries, such opinion may be
invalid and the conclusions reached therein could be jeopardized.
Notwithstanding the receipt of an opinion of counsel regarding the Distribution, the U.S. Internal
Revenue Service (the “IRS”) could determine that the Distribution should be treated as a taxable transaction
for U.S. federal income tax purposes if it determines that any of the representations, assumptions or
undertakings upon which such opinion was based are inaccurate or have not been complied with. This
opinion will represent the judgment of IAC’s outside counsel and will not be binding on the IRS or any
court, and the IRS or a court may disagree with the conclusions in such opinion. Accordingly, notwithstanding
the receipt of such opinion by IAC, there can be no assurance that the IRS will not assert that the
Distribution does not qualify for tax-free treatment for U.S. federal income tax purposes or that a court
would not sustain such a challenge. In the event the IRS were to prevail with such a challenge, IAC and Angi
and their respective stockholders could suffer material adverse consequences.
If the Distribution fails to qualify as a transaction that is generally tax-free for U.S. federal income tax
purposes under Section 355 of the Code, in general, for U.S. federal income tax purposes, IAC would
recognize a taxable gain as if it had sold the Angi capital stock to be distributed to its stockholders in the
Distribution in a taxable sale for its fair market value. In such circumstance, holders of IAC common stock
who received Angi Class A common stock in the Distribution would be subject to tax as if they had received
a taxable distribution equal to the fair market value of such shares. Even if the Distribution were otherwise
to qualify as a tax-free transaction under Section 355(a) of the Code, the Distribution may result in
taxable gain to IAC, but not its stockholders, under Section 355(e) of the Code if the Distribution were
deemed to be part of a plan (or series of related transactions) pursuant to which one or more persons acquire,
directly or indirectly, shares representing a 50 percent or greater interest (by vote or value) in IAC or Angi.
For this purpose, any acquisitions of IAC or Angi capital stock within the period beginning two years before
(and ending two years after) the Distribution are presumed to be part of such a plan, although IAC or
Angi may be able to rebut that presumption (including by qualifying for one or more safe harbors under
applicable Treasury Regulations).
Under the existing tax sharing agreement between IAC and Angi, Angi is generally required to
indemnify IAC for any taxes resulting from the failure of the Distribution to qualify for the intended
tax-free treatment (and related amounts) to the extent that any such failure to so qualify is attributable to:
(i) an acquisition of all or a portion of the equity securities or assets of Angi, whether by merger or otherwise
(and regardless of whether Angi participated in or otherwise facilitated the acquisition), (ii) other actions
or failures to act on the part of Angi or (iii) any of the representations or undertakings made by Angi in any
of the documents relating to the opinion of counsel discussed above being incorrect or violated. Any such
indemnity obligations could be material to Angi.
Angi may not be able to engage in desirable capital-raising or strategic transactions following the Distribution
due to restrictions under its tax sharing agreement with IAC.
Under current U.S. federal income tax law, a distribution that otherwise qualifies for tax-free treatment
can be rendered taxable to the distributing corporation and its stockholders as a result of certain post-
distribution transactions, including certain acquisitions of shares or assets of the corporation the stock of
which is distributed. To preserve the tax-free treatment of the Distribution, the existing tax sharing agreement
between IAC and Angi entered into in 2017 imposes certain restrictions on Angi and its subsidiaries
during the two-year period following the Distribution (including restrictions on share issuances, business
combinations, sales of assets and similar transactions). The tax sharing agreement also prohibits Angi from
taking or failing to take any action that would prevent the Distribution from qualifying as a transaction
that is generally tax-free for U.S. federal income tax purposes under Section 355 of the Code. These restrictions
may limit the ability of Angi to pursue certain equity issuances, strategic transactions, repurchases or
other transactions that it may otherwise believe to be in the best interests of its stockholders or that might
increase the value of its business.
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After the Distribution, actual or potential conflicts of interest may develop between the management and
directors of IAC, on the one hand, and the management and directors of Angi, on the other hand, or between
management and directors of either entity and the management and directors of Expedia Group, Match Group
or Vimeo, Inc.
After the completion of the Distribution, the management and directors of IAC and Angi may own
both IAC capital stock and Angi capital stock. This overlap could create (or appear to create) potential
conflicts of interest when directors and executive officers of IAC and Angi face decisions that could have
different implications for IAC and Angi. For example, potential conflicts of interest could arise in connection
with the resolution of any dispute between IAC and Angi regarding the post-Distribution relationship
between IAC and Angi, including any commercial agreements between the parties or their affiliates. Potential
conflicts of interest could also arise if IAC and Angi enter into any commercial arrangements in the
future.
The Distribution is subject to certain closing conditions that, if not satisfied or waived, will result in the
Distribution not being completed. If the Distribution is not completed, the market price of IAC and Angi
securities may decline.
The IAC board of directors may abandon the Distribution at any time prior to completion. In
addition, the completion of the Distribution is subject to the satisfaction (or waiver) of a number of
conditions, including the final approval of the IAC board of directors. Some of the conditions to the
completion of the Distribution are outside of the control of IAC and Angi. If any condition to the closing
of the Distribution is not satisfied or waived, or if the IAC board of directors otherwise determines to abandon
the Distribution, the Distribution will not be completed.
If IAC does not complete the Distribution, the price of IAC and Angi securities may fluctuate to the
extent that the current prices of those shares reflect a market assumption that the Distribution will be
completed and could decline. IAC and Angi will also be obligated to pay certain legal and accounting fees
and related expenses in connection with the Distribution, whether or not it is completed. In addition, each of
IAC and Angi has expended and will continue to expend, significant management resources in an effort to
complete the Distribution.
IAC or Angi may fail to perform their obligations pursuant to certain agreements between them.
IAC and Angi are party to a number of agreements that either include obligations relating to the
Distribution and/or will survive the completion of the Distribution. Each party will rely on the other to
satisfy its obligations pursuant to these agreements. If either party is unable to satisfy its obligations pursuant
to these agreements, including indemnification obligations, such non-compliance could have a material
adverse effect on the other party’s business, financial condition and results of operations.
Risks Relating to IAC and Angi Securities Following the Distribution
The aggregate value of the IAC and Angi securities that current holders of IAC capital stock will hold after
the Distribution could be less than the value of the IAC securities they held before the Distribution.
If IAC completes the Distribution, holders of IAC capital stock as of immediately prior to the
Distribution will receive shares of Angi Class A common stock capital stock. We cannot predict the prices
at which shares of IAC common stock and/or Angi Class A common stock will trade at post-Distribution.
Additionally, the value of IAC common stock and/or Angi Class A common stock may be negatively
impacted by a number of factors after the completion of the Distribution. Some of these factors are described
in these risk factors, others may or may not have be identified by IAC or Angi prior to the completion of
the Distribution and many of them are not within the control of IAC or Angi. Should any adverse
circumstances, facts, changes or effects come to pass, the aggregate value of the IAC and Angi securities
that current holders of IAC capital stock will hold after the Distribution could be less than the value of the
IAC securities they held before the Distribution.
37

The market price and trading volume of IAC common stock and/or Angi Class A common stock could be
volatile and face negative pressure.
IAC cannot accurately predict how investors in IAC common stock and/or Angi Class A common
stock will behave after the Distribution. The market price for IAC common stock and/or Angi Class A
common stock following the Distribution could be more volatile than the market price of IAC and Angi
securities before the Distribution. The market price of IAC common stock and Angi Class A common stock
could fluctuate significantly for many reasons, including the risks identified in this annual report or
reasons unrelated to each company’s performance. Among the factors that could affect each company’s
stock price are:
• actual or anticipated fluctuations in operating results;
• changes in earnings estimates or in either company’s ability to meet those estimates;
• the operating and stock price performance of comparable companies;
• changes to the regulatory and legal environments under which IAC and Angi operate;
• changes in relationships with significant customers; and
• domestic and worldwide economic conditions.
These factors, among others, may result in short- or long-term negative pressure on the value of IAC
common stock and/or Angi Class A common stock.
Substantial sales of IAC common stock following the Distribution, or the perception that such sales might
occur, could depress the market price of IAC common stock, which is already expected to be lower than the pre-
Distribution market price of IAC common stock due to IAC no longer having any ownership interest in Angi.
The post-Distribution market price of IAC common stock is expected to be lower than the pre-
Distribution market price of IAC common stock, as IAC will no longer have an ownership interest in Angi.
In addition, the smaller size and different investment characteristics of IAC post-Distribution may not
appeal to the current investor base of IAC and/or could result in less equity analyst coverage, which could
result in sales of substantial amounts of IAC common stock in the public market following the Distribution,
or the perception that such sales might occur. There is no assurance that there will be sufficient buying
interest to offset any such sales, and, accordingly, the price of IAC common stock may be depressed by those
sales and have periods of volatility.
Substantial sales of Angi Class A common stock following the Distribution, or the perception that such sales
might occur, could depress the market price of Angi Class A common stock.
Holders of IAC capital stock may not wish to continue to hold the shares of Angi Class A common
stock that they will receive as a result of the Distribution, which may lead to the disposition of a substantial
number of shares of Angi Class A common stock following the Distribution. There is no assurance that
there will be sufficient buying interest to offset any such sales, and, accordingly, the price of Angi Class A
common stock may be depressed by those sales, or by the perception that such sales may occur, and have
periods of volatility.
After the Distribution, financial institutions may remove IAC common stock from investment indices and Angi
Class A common stock may not qualify for those investment indices. In addition, IAC common stock and/or
Angi Class A common stock may fail to meet the investment guidelines of institutional investors. In either case,
these factors may negatively impact the price of IAC common stock and/or Angi Class A common stock and
may impair the ability of IAC and/or Angi to raise capital through the sale of securities.
Some of the holders of IAC common stock are index funds tied to Nasdaq or other stock or investment
indices, or are institutional investors bound by various investment guidelines. Companies are generally
selected for investment indices, and in some cases selected by institutional investors, based on factors such as
market capitalization, industry, trading liquidity and financial condition. The Distribution will reduce
IAC’s market capitalization. As a result, one or more investment indices may remove IAC common stock
from their indices and Angi Class A common stock may not qualify for those investment indices. In addition,
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shares of Angi Class A common stock received in the Distribution may not meet the investment guidelines
of some institutional investors. Consequently, these index funds and institutional investors may have to sell
some or all of the shares of Angi Class A common stock they receive in the Distribution, and the prices of
IAC common stock and/or Angi Class A common stock may fall as a result. Any such decline could impair
the ability of IAC or Angi to raise capital through future sales of their capital stock.
If securities or industry analysts do not publish research or publish unfavorable research about IAC or Angi,
the applicable company’s stock price and trading volume could decline.
The trading market for IAC common stock and Angi Class A common stock is, and will continue to
be, influenced by the research and reports that industry or securities analysts publish about IAC or Angi,
respectively, and their respective businesses. If one or more of these analysts ceases coverage or fails to publish
reports about the applicable company regularly, IAC or Angi, as applicable, could lose visibility in the
financial markets, which in turn could cause its stock price and/or trading volume to decline. Moreover, if
IAC’s or Angi’s operating results do not meet the expectations of the investor community, one or more of the
analysts who cover such company may change their recommendations regarding such company, and the
applicable stock price could decline.
General Risk Factors
Our businesses operate in especially competitive and evolving industries.
The industries in which our brands and businesses operate are competitive, with a consistent and
growing stream of new products and entrants. Some of our competitors may enjoy better competitive
positions in certain geographical areas, user demographics and/or other key areas that we currently serve or
may serve in the future. Generally, our brands and businesses compete with search engine providers and
online marketplaces that can market their products and services online in a more prominent and cost-effective
manner than we can. We also generally compete with social media platforms with access to large existing
pools of potential users and their personal information, which means these platforms can drive visitors to
their products and services, as well as better tailor products and service to individual users, at little to no cost
relative to those involved with our efforts. Any of these advantages could enable our competitors to offer
products and services that are more appealing to consumers than our products and services, respond more
quickly and/or cost effectively than we do to evolving market opportunities and trends and/or display their
own integrated or related products and services in a more prominent manner than our products and
services in search results, any or all of which could adversely affect our business, financial condition and
results of operations.
In addition, costs to switch among products and services are generally low to non-existent given that
consumers generally have a propensity to try new products and services (and use multiple products and
services simultaneously). As a result, we expect the continued emergence of new products and services,
competitors and business models in the various industries in which our brands and businesses operate. Our
inability to continue to innovate and compete effectively against new products and services, competitors and
business models could result in decreases in the size and levels of engagement of our various user and
subscriber bases, which could adversely affect our business, financial condition and results of operations.
We are sensitive to general economic events and trends, particularly those that adversely impact consumer
confidence and spending behavior, as well as general geopolitical risks.
Events and trends that result in decreased levels of consumer confidence and discretionary spending
(for example, a general economic downturn, recessionary concerns, high interest rates and increased inflation,
as well as any sudden disruption in business conditions) could adversely affect our business, financial
condition and results of operations. The businesses in our Angi segment are sensitive to events and trends
that could result in consumers delaying or foregoing home services projects (including difficulties obtaining
supplies for and financing such projects) and professionals being less likely to pay for Angi’s various
products and services. Similarly, our Care.com business is particularly sensitive to events and trends that
could adversely impact the ability of families to pay for caregiver services. Any such events or trends could
adversely impact the number and quality of professionals and caregivers affiliated with these businesses and/or
39

could adversely impact the reach of (and breadth of services offered through) these businesses, any or all of
which could adversely affect our business, financial condition and results of operations. Lastly, given the
adverse financial and operational impact we experienced as a result of the coronavirus and measures designed
to contain its spread, any future outbreak of a widespread health epidemic or pandemic could adversely
impact our ability to conduct ordinary course business activities and employee productivity and increase
operating costs.
Our success depends, in part, on our ability to build, maintain and/or enhance our various brands.
Through our various businesses, we own and operate a number of widely known consumer brands
with strong brand appeal and recognition within their respective markets and industries, as well as emerging
brands that we are in the process of building. We believe that our success depends, in large part, on our
continued ability to maintain and enhance our established brands, as well as build awareness of (and loyalty
to) our emerging brands. Events that could adversely impact our brands and brand-building efforts
include (among others): product and service quality concerns, consumer complaints or lawsuits, lack of
awareness of the policies of our various businesses and/or how they are applied in practice, our failure to
respond to consumer, user, service professional and caregiver feedback, ineffective advertising, inappropriate
and/or unlawful actions taken by consumers, users, professionals and caregivers, actions taken by
governmental or regulatory authorities, data protection and security breaches and related bad publicity. The
occurrence or any of these events could, in turn, adversely affect our business, financial condition and
results of operations.
We may not be able to protect our systems, technology and infrastructure from cybersecurity incidents or
cybersecurity incidents experienced by third parties could adversely affect us.
We are regularly subjected to attacks by threat actors through the use of botnets, malware or other
destructive or disruptive software, distributed denial of service attacks, phishing and attempts to
misappropriate user information and account login credentials and intercept payments intended for legitimate
third parties, among other similar malicious activities. The incidence of events of this nature (or any
combination thereof) is on the rise worldwide. Our efforts to develop and maintain systems, processes and
procedures designed to detect and prevent events of this nature from impacting our systems, technology,
infrastructure, products, services, payment processes and procedures and users are costly and require ongoing
monitoring and updating as technologies change and efforts to overcome preventative security measures
become more sophisticated. There can be no assurance that the systems we have designed to prevent or limit
the effects of cybersecurity incidents will be sufficient to prevent or detect material consequences arising
from such incidents, which could have a material adverse effect on our systems if such incidents do occur.
Despite these efforts, we could experience significant or material cybersecurity incidents in the future, which
could adversely affect our business, financial condition and results of operations.
Any cybersecurity incident or other similar event that we experience could damage our systems,
technology and infrastructure or those of our users, prevent us from providing our products and services,
compromise the integrity of our products and services, damage our reputation, erode our brands or be costly
to remedy, as well as subject us to investigations by regulatory authorities, fines or litigation that could
result in liability to third parties. Even if we do not experience such events directly, the impact of any such
events experienced by third parties upon which we rely and with which we contract for various products and
services could have a similar effect. Cybersecurity incidents or other similar events experienced by
third-party service providers could adversely affect our business, financial condition and results of operations.
While we maintain a cyber insurance policy to help manage, in part, costs associated with significant
cybersecurity incidents that may occur, it may not be adequate to compensate for losses resulting from any
such events or we may not be able to secure such coverage on commercially reasonable terms in the future. If
we (or any third party with which we do business or on which we otherwise rely upon) experience(s) an
event of this nature, our business, financial condition and results of operations could be adversely affected.
If personal, confidential or sensitive user information is breached or otherwise accessed by unauthorized persons,
it may be costly to mitigate and our reputation could be harmed.
We receive, process, store and transmit a significant amount of personal, confidential or sensitive user
and subscriber information and, in the case of certain of our products and services, enable users and
40

subscribers to share their personal information with each other. Our efforts to develop and maintain
systems designed to protect the security, integrity and confidentiality of this information may not prevent
inadvertent or unauthorized use or disclosure, and third parties may gain unauthorized access to this
information. When such events occur, we may not be able to remedy them, we may be required by law to
notify regulators and impacted individuals and it may be costly to mitigate the impact of such events and to
develop and implement protections to prevent future events of this nature from occurring. When breaches
of security (ours or that of any third party that we engage to store such information) occur, we could face
governmental enforcement actions, significant fines, litigation (including consumer class actions) and the
reputation of our brands and business could be harmed, any or all of which could adversely affect our
business, financial condition and results of operations. While we maintain a cyber insurance policy to help
manage, in part, costs associated with significant cybersecurity incidents that may occur, it may not be
adequate to compensate for losses resulting from any such events or we may not be able to secure such
coverage on commercially reasonable terms in the future. In addition, if any of the search engines, digital
app stores or social media platforms through which we market, distribute and monetize our products and
services were to experience a breach, third parties could gain unauthorized access to personal data about our
users and subscribers, which could indirectly harm the reputation of our brands and business and, in turn,
adversely affect our business, financial condition and results of operations.
The processing, storage, use and disclosure of personal data could give rise to liabilities and increased costs.
We receive, transmit and store a large volume of personal information and other user and subscriber
data in connection with the processing of search queries, the provision of online products and services
generally and the display of advertising on our various properties. The manner in which we share, store, use,
disclose and protect this information is determined by the respective privacy and data security policies of
our various businesses, as well as federal, state and foreign laws and regulations and evolving industry
standards and practices, which are changing, and in some cases, inconsistent and conflicting and subject to
differing interpretations. In addition, new laws, regulations and industry standards and practices of this
nature are proposed and adopted from time to time. For a description of laws, regulations and rules concerning
the processing, storage and use of disclosure of personal data, see “Item 1 — Business — Description of
IAC Businesses — Government Regulation.”
We may be subject to claims of non-compliance with applicable privacy and data protection laws and
regulations that we may not be able to successfully defend or that may result in significant fines and penalties.
Moreover, any non-compliance or perceived non-compliance by us (or any third party we engage) or any
compromise of security that results in unauthorized access to (or use or transmission of) personal information
could result in a variety of claims against us, including governmental enforcement actions, significant
fines, litigation (including consumer class actions), claims of breach of contract and indemnity by third
parties and adverse publicity. When such events occur, our reputation could be harmed and the competitive
positions of our various brands and businesses could be diminished, which could adversely affect our
business, financial condition and results of operations. Additionally, to the extent multiple U.S. state (and/or
European Union member-state) laws continue to be introduced with inconsistent or conflicting standards
and there is no federal or European Union regulation to preempt such laws, compliance could be even more
difficult to achieve and our potential exposure to the risks discussed above could increase.
Lastly, ongoing compliance with existing (and compliance with future) privacy and data protection
laws worldwide is (and we expect that it will continue to be) costly. The devotion of significant expenditures
to compliance (versus to the development of products and services) could result in delays in the
development of new products and services, us ceasing to provide problematic products and services in
existing jurisdictions and us being prevented from introducing products and services in new and existing
jurisdictions, any or all of which could adversely affect our business, financial condition and results of
operations.
Our success depends, in part, on the integrity, quality, efficiency and scalability of our systems, technology and
infrastructure, and those of third parties.
We rely on our systems, technology and infrastructure to perform well on a consistent basis. From time
to time in the past, we have experienced (and in the future we may experience) occasional interruptions that
41

make some or all of this framework and related information unavailable or that prevent us from providing
products and services; any such interruption could arise for any number of reasons. We also rely on third-party
data center service providers and cloud-based, hosted web service providers, as well as third-party computer
systems and a variety of communications systems and service providers in connection with the provision
of our products and services generally, as well as to facilitate and process certain payment and other
transactions with users. We have no control over any of these third parties or their operations and the
interruption of any of the services provided by these parties could prevent us from accessing user and
subscriber information and providing our products and services. If any third parties upon which we rely
cannot adequately or appropriately provide their services or perform their duties and responsibilities due to
a cybersecurity incident or other interruption, we may be subject to business disruptions. Any business
disruptions could adversely affect us and be costly to remediate, as well as result in user and customer
dissatisfaction, reputational damage and/or legal or regulatory proceedings (among other adverse
consequences), which could have an adverse effect on our business, financial condition and results of
operations. While we may be entitled to damages if third parties fail to satisfy their data privacy or security-
related obligations to us, any award may be insufficient to cover our damages, or we may be unable to
recover such award.
Our systems, technology and infrastructure could be damaged or interrupted at any time due to
cybersecurity incidents, fire, power loss, telecommunications failure, natural disasters, acts of war or
terrorism, acts of God and other similar events or disruptions. Any event of this nature could prevent us
from providing our products and services at all (or result in the provision of our products and services on a
delayed or interrupted basis) or result in the loss of critical data. Businesses that we acquire may employ
cybersecurity controls or information security policies less robust than ours, which may require us to
expend additional resources to integrate acquired systems into our own, and which could expose us to
heightened risk. The backup systems that we and the third parties upon whom we rely have in place for certain
aspects of our and their respective frameworks may be insufficient for all recovery eventualities. In addition,
we may not have adequate insurance coverage to compensate for losses from a major interruption. When
such damages, interruptions or outages occur, our reputation could be harmed and the competitive positions
of our various brands and businesses could be diminished, any or all of which could adversely affect our
business, financial condition and results of operations.
We also continually work to expand and enhance the efficiency and scalability of our systems, technology
and infrastructure to improve the consumer and user experience, accommodate substantial increases in the
number of visitors to our various platforms, ensure acceptable load times for our various products and services
and keep up with changes in user and subscriber preferences. If we do not continue to do so in a timely
and cost-effective manner, user and subscriber experiences and demand across our brands and businesses
could be adversely affected, which would adversely affect our business, financial condition and results of
operations.
We depend on our key personnel.
Our future success will depend upon our continued ability to identify, hire, develop, motivate and
retain highly skilled, diverse and talented individuals worldwide, particularly in the case of senior leadership.
Competition for well-qualified employees across IAC and its various businesses has been (and is expected
to continue to be) intense, particularly in the case of senior leadership and technology roles, and we must
continue to attract new (and retain existing) employees to compete effectively. While we have established
programs to attract new (and retain existing) key and other employees, we may not be able to do so in the
future. If we fail to retain key and other employees, this could result in the loss of institutional knowledge and
the disruption of our day-to-day operations, which could adversely impact the effectiveness of our internal
control framework and the ability of IAC and its various businesses to successfully execute long term strategic
initiatives and other goals. If we do not ensure the effective transfer of knowledge to successors and
smooth transitions (particularly in the case of senior leadership) by way of tailored succession plans across
IAC and its various businesses, our business, financial condition and results of operations could be adversely
affected.
For example, on January 13, 2025, we announced that Joseph Levin will cease to serve as our Chief
Executive Officer and as a member of the IAC board of directors, effective upon the first to occur of the
42

completion of the Distribution and May 31, 2025. Following Mr. Levin’s transition, we do not intend to
appoint a new Chief Executive Officer. This leadership change increases our dependency on the remaining
members of our management team and the failure to successfully manage this transition or retain such
executives could adversely impact our business, financial condition and results of operations.
Item 1B.
Unresolved Staff Comments
Not applicable.
Item 1C.
Cybersecurity
Overview
We recognize that the safety and security of our systems, technology and infrastructure (and those of
key third-party service providers upon which we rely), as well as our content and confidential or sensitive
user and employee information, is critical to maintaining the trust and confidence of our users and subscribers,
consumers, advertisers and investors (among other stakeholders). As a result, Company management has
established programs and related processes designed to manage cybersecurity issues, including the assessment,
identification and management of cybersecurity risks, together with related mitigation and recovery
efforts. Our board of directors, directly and through our audit committee, oversees Company management
in the execution of its cybersecurity responsibilities, including the assessment of the Company’s approach to
cybersecurity risk management.
Cybersecurity Risk Management and Strategy
Overview.
Our cybersecurity programs and related processes generally consist of the following key
elements: (i) risk assessment and management efforts, (ii) technical safeguards and incident response and
recovery efforts, (iii) third-party risk management efforts, (iv) education, training and preparedness efforts
and (v) governance efforts.
Risk assessment and management efforts.
We assess, identify and manage cybersecurity risks as part of
a comprehensive information security program that is intended to be aligned with standard industry
frameworks, such as International Standard for Organization (ISO) 27000 and the National Institute of
Standards and Technology (NIST) Cyber Security Framework.
As part of the ongoing refinement of our information security program, we engage (as appropriate)
various third-party risk management services to assist with the identification of potential cybersecurity
issues, such as those involving software vulnerabilities, configuration errors, data exposure and credential
theft (among others), as well as consult with external legal counsel, third-party experts and other advisors to
assist with incident response and recovery efforts, forensic investigations, extortion negotiations and crisis
management or readiness for the same. We also maintain a cyber insurance policy to help manage, in part,
costs associated with significant cybersecurity incidents that may occur.
In addition, as discussed in more detail below under the caption “Cybersecurity Governance,” the
assessment, identification and management of cybersecurity risks have been integrated into our overall
enterprise risk management (“ERM”) efforts.
Technical safeguards and incident response and recovery efforts.
As part of our information security
program, we have implemented a number of tools and procedures designed to identify and remediate
vulnerabilities and misconfigurations in our applications and infrastructure, as well as manage access and
identities throughout their lifecycles. These tools and procedures are intended to be consistent with ISO and
NIST frameworks, In addition, we have implemented an incident response policy that outlines established
processes for addressing cybersecurity issues that leverages a cross-functional cybersecurity incident response
team and outside advisors intended to allow the Company to take action in a timely and decisive manner
in compliance with applicable laws, rules and regulations during the response, investigation and remediation
of a given cybersecurity incident.
Third-party risk management efforts.
In addition to the assessment, identification and management of
our own cybersecurity related risks, we also consider and evaluate cybersecurity risks associated with certain
43

third-party service providers upon which we rely for a wide variety of technical and business functions. Our
efforts in this regard consist of (among other efforts): (i) security assessments to determine whether key
third-party service provider information security procedures meet our expectations, (ii) the use of a monitoring
service that detects evidence of the compromise of key third-party provider systems, technology and
infrastructure, (iii) assessments designed to identify business and technical risks to our systems, technology
and infrastructure posed by key third-party service providers and (iv) the development of strategies to
determine the potential adverse impact of, and develop mitigation strategies for, any cybersecurity incidents
experienced by key third-party service providers on our business, financial condition and results of
operations.
Education, training and preparedness efforts.
Education, training and preparedness are an important
part of our information security program. In connection with our education and training efforts, we have
developed and implemented a set of Company-wide policies and procedures regarding cybersecurity matters
that impose responsibility on our employees through the course of their work to: (i) protect our systems,
technology, infrastructure and data from cybersecurity threats, (ii) quickly report known or suspected
cybersecurity incidents or other suspicious activity through designated channels and respond effectively to
such events and (iii) use Company and personal information technology in a secure manner. In addition, we
generally mandate information security training for our employees and our software developers generally
receive additional technical training, each on an annual basis. In connection with our preparedness efforts, we
periodically conduct tabletop exercises with the goal of helping management effectively respond to
cybersecurity incidents that may occur. We also maintain documented incident response policies to help
ensure that our response activities are consistent and appropriate.
Governance.
See the disclosure under the caption “Cybersecurity Governance” below.
Cybersecurity Governance
Our board of directors is responsible for overseeing Company management’s execution of its
cybersecurity responsibilities, including our approach to cybersecurity risk management. Our board of
directors executes this oversight in coordination with our audit committee, which pursuant to its charter,
assists the board of directors with risk assessment and risk management policies as they relate to cybersecurity
risk exposure (among other risk exposures), as well as part of its regularly scheduled meetings and through
discussions with Company management on an as needed basis.
In addition, the assessment, identification and management of cybersecurity risks has been integrated
into our ERM efforts. As part of that annual process, cybersecurity risks across our businesses are included
in the risk universe that our Executive Risk Committee (consisting of members of Company senior
management) evaluates to identify our top enterprise risks and develop related mitigation plans. The
cybersecurity and other risks are reviewed during the year through our ERM process and discussed with
our audit committee at least semi-annually and with our board of directors at least annually.
Our Chief Information Security Officer (“CISO”) is responsible for the development and implementation
of our information security program on a Company-wide basis, together with a dedicated team of experienced,
Company-wide information security analysts. Our CISO has over twenty-five years of experience leading
the development, implementation and oversight of information security programs and members of the
information security team have relevant certifications, educational and industry experience.
Our CISO is also responsible for reporting on the status of our information security program and
related efforts and processes to Company senior management periodically, and to the audit committee on a
quarterly basis. In addition, our CISO reports cybersecurity matters to Company senior management and the
audit committee on an as-needed basis. At each regularly scheduled meeting of our board of directors, the
Chair of our audit committee provides quarterly updates regarding significant matters discussed, reviewed,
considered and approved by the committee since the last regularly scheduled board meeting (including
cybersecurity matters, as and if applicable), as well as timely updates outside of quarterly updates on an as
needed basis. Lastly, our CISO promptly informs Company management and our audit committee of
cybersecurity incidents that meet established reporting thresholds or when otherwise determined appropriate,
as well as provides ongoing updates regarding such incidents until they have been resolved.
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Cybersecurity Risks
As discussed above and under “Item 1A — Risk Factors — Risk Factors — General Risk Factors,” we
face a number of cybersecurity risks across our various businesses, and from time to time we have experienced
threats to and unauthorized intrusions of our systems, technology and infrastructure. Despite our efforts,
we cannot eliminate all risks from cybersecurity threats or incidents, or provide assurances that we have not
experienced an undetected cybersecurity incident. While we have implemented a risk management process
designed to mitigate cybersecurity risks that arise from utilizing third-party service providers, suppliers, and
vendors, our control over and ability to monitor the security posture of third parties with whom we do
business remains limited and there can be no assurance that we can prevent, mitigate, or remediate the risk
of any compromise or failure in the security infrastructure owned or controlled by such third parties.
Additionally, any contractual protections with such third parties, including our right to indemnification, if
any at all, may be limited or insufficient to prevent a negative impact on our business from such compromise
or failure.
Item 2.
Properties
IAC believes that the facilities for its management and operations are generally adequate for its current
and near-term future needs. IAC’s facilities, most of which are leased by IAC’s businesses in various cities
and locations in the United States and various jurisdictions abroad, generally consist of executive and
administrative offices, operations centers, data centers and sales offices.
IAC believes that its principal properties, whether owned or leased, are currently adequate for the
purposes for which they are used and are suitably maintained for these purposes. IAC does not anticipate
any future problems renewing or obtaining suitable leases on commercially reasonable terms for any of its
principal businesses. IAC’s nearly 200,000 square foot corporate headquarters in New York, New York houses
offices for IAC corporate and various IAC businesses within Angi and Emerging & Other. In addition,
through our Dotdash Meredith financial reporting segment, we own a building in Des Moines, Iowa with
approximately 208,000 in square footage that primarily houses offices and production facilities for certain
Dotdash Meredith employees.
Item 3.
Legal Proceedings
Overview
In the ordinary course of business, IAC and its subsidiaries are (or may become) parties to litigation
involving property, personal injury, contract, intellectual property and other claims, as well as shareholder
derivative actions, class action lawsuits and other matters. The amounts that may be recovered in such matters
may be subject to insurance coverage. The litigation matter described below involves issues or claims that
may be of particular interest to IAC’s stockholders, regardless of whether such matter may be material to
IAC’s financial position or operations based upon the standard set forth in the rules of the SEC.
Shareholder Litigation Arising Out of the MTCH Separation
On June 24, 2020, a shareholder class action and derivative lawsuit was filed in Delaware state court
against then IAC/InterActiveCorp (now Match Group, Inc.), then IAC Holdings, Inc. (subsequently renamed
IAC/InterActiveCorp and now known as IAC Inc.), IAC’s Chairman and Senior Executive, Barry Diller,
former Match Group (as a nominal defendant only), and the ten members of former Match Group’s board
of directors at the time of the separation of the Match Group business from then IAC/InterActiveCorp (the
“MTCH Separation”), challenging, on behalf of a putative class of then Match Group public shareholders,
the agreed-upon terms of the MTCH Separation. See David Newman v. IAC/InterActiveCorp et al.,
No. 2020-0505 (Delaware Chancery Court). The gravamen of the complaint was that the terms of the
MTCH Separation were unfair to former Match Group public shareholders and unduly beneficial to IAC
as a result of undue influence by IAC and Mr. Diller over the then Match Group directors who unanimously
approved the transaction. The complaint asserted direct and derivative claims for: (i) breach of fiduciary
duty against IAC and Mr. Diller as alleged former controlling shareholders of Match Group, (ii) breach of
fiduciary duty against the Match Group directors who unanimously approved the MTCH Separation,
(iii) breach of contract (i.e., a provision of former Match Group’s charter), (iv) breach of the implied covenant
45

of good faith and fair dealing, and (v) tortious interference with contract against IAC. The complaint
sought various declarations and damages in an unspecified amount.
On September 24, 2020, the defendants filed motions to dismiss the complaint. On January 8, 2021,
instead of responding to the motions to dismiss, the plaintiff, joined by another plaintiff, Boilermakers
National Annuity Trust, filed an amended complaint. In addition, on January 7, 2021, another complaint
challenging the MTCH Separation was filed against substantially the same defendants in the same court. See
Construction Industry & Laborers Joint Pension Trust for Southern Nevada Plan A v. IAC/InterActiveCorp
et al. (Delaware Chancery Court). The two cases were consolidated under the caption In re Match Group, Inc.
Derivative Litigation, No. 2020-0505. On March 15, 2021, the court issued an order appointing Construction
Industry and Laborers Joint Pension Trust for Southern Nevada Plan A (“Southern Nevada”) as lead
plaintiff in the litigation and directing it to file a consolidated complaint by April 14, 2021, and on that date
Southern Nevada filed the consolidated complaint.
On June 22, 2021, the defendants filed motions to dismiss the consolidated complaint. On September 3,
2021, instead of responding to the motions, the plaintiffs filed motions to add City of Hallandale Beach Police
Officers’ and Firefighters’ Personnel Retirement Trust (“Hallandale”) as a co-lead plaintiff and to amend
and supplement the consolidated complaint, which latter motion the defendants opposed. On October 27,
2021, the court issued an order granting the motions. On November 2, 2021, the plaintiffs filed an amended
and supplemented consolidated complaint.
On December 10, 2021, the defendants filed motions to dismiss the amended and supplemented
consolidated complaint, which the plaintiffs opposed. On September 1, 2022, the court, applying the business-
judgment standard of review, issued an opinion and order granting the defendants’ motions to dismiss the
complaint with prejudice. On October 3, 2022, the plaintiffs filed a notice of appeal to the Delaware Supreme
Court from the Chancery Court’s order of dismissal. On May 3, 2023, the Delaware Supreme Court heard
oral argument on the plaintiffs’ appeal. On May 30, 2023, the court issued an order directing the parties to
submit supplemental briefing on the correct legal standard governing judicial review of the MTCH
Separation, namely whether review under the more deferential business-judgment rule is triggered when
such a transaction has been approved by either a committee of independent directors or a majority vote of
the minority stockholders. Supplemental briefing was completed on September 29, 2023. On December 13,
2023, the court heard further oral argument from the parties.
On April 4, 2024, the Delaware Supreme Court issued its decision, holding: (i) that in order to be
subject to review under the more deferential business-judgment rule, rather than “entire fairness” review, the
MTCH Separation transaction must have been approved by both a committee of independent directors
and a majority vote of the Match Group minority shareholders, (ii) that the Chancery Court correctly ruled
that the plaintiffs had pleaded sufficient facts to call into question the independence of one of the three
members of the special committee that had negotiated and approved the transaction, (iii) that the Chancery
Court had incorrectly ruled that the plaintiffs had nevertheless failed to call into question the independence
of the special committee as a whole, because all members of the committee must be independent in order for
the committee as a whole to be independent, and (iv) that the Chancery Court had correctly dismissed the
plaintiffs’ derivative claims for lack of standing, thereby leaving only their direct claims for adjudication and
Hallandale as the sole lead plaintiff. The Delaware Supreme Court remanded the case to the Chancery
Court for further proceedings under the “entire fairness” standard of review, and the case is now in discovery.
On October 2, 2024, the Chancery Court issued a decision and order dismissing the plaintiff’s claim
against Mr. Diller on the principal grounds that he was not a controlling stockholder of Match Group.
Trial is scheduled for February 9, 2026. IAC believes that the allegations in this litigation are without
merit and will continue to defend vigorously against them.
Item 4.
Mine Safety Disclosures
Not applicable.
46

PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Market for Registrant’s Common Equity and Related Stockholder Matters
IAC common stock is quoted on the Nasdaq Global Select Market (“NASDAQ”) under the ticker
symbol “IAC.” There is no established public trading market for IAC Class B common stock.
As of February 7, 2025, there were 737 holders of record of IAC common stock and four holders of
record of IAC Class B common stock. Because the substantial majority of the outstanding shares of IAC
common stock are held by brokers and other institutions on behalf of shareholders, IAC is not able to
estimate the total number of beneficial holders represented by these record holders.
Dividends
Other than the Distribution, we do not currently expect that any cash or other dividends will be paid to
holders of IAC common stock or Class B common stock in the near future. Any future cash dividend or other
dividend declarations are subject to the determination of IAC’s board of directors.
Unregistered Sales of Equity Securities
During the quarter ended December 31, 2024, the Company did not issue or sell any shares of IAC
common stock or other equity securities pursuant to unregistered transactions.
Issuer Purchases of Equity Securities
We did not purchase any shares of IAC common stock during the quarter ended December 31, 2024.
As of that date, 3,686,692 shares of IAC common stock remained available for repurchase under our
previously announced June 2020 repurchase authorization. We may repurchase shares of IAC common stock
pursuant to this repurchase authorization over an indefinite period of time in the open market and in
privately negotiated transactions, depending on those factors IAC management deems relevant at any
particular time, including (without limitation) market conditions, share price and future outlook.
Item 6.
Reserved
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Proposed Angi Inc. Spin-off
On January 13, 2025, IAC announced that its Board of Directors approved a plan to spin off its full
stake in Angi Inc. (“Angi”) to IAC shareholders. The Company intends to effect the spin-off through a
dividend to the holders of its common stock and Class B common stock of all of the common stock of Angi
owned by the Company (the “Distribution”). Prior to the effective time of the Distribution, the Company
intends to voluntarily convert all of the shares of Class B common stock of Angi that it owns to shares of
Class A common stock of Angi. The completion of the Distribution remains subject to customary conditions
and to the final approval of the Company’s Board of Directors and may not be completed, on the anticipated
terms or at all. The Company expects to complete the Distribution as soon as March 31, 2025.
47

Defined Terms and Operating Metrics:
Unless otherwise indicated or as the context otherwise requires, certain terms used in this annual
report, which include the principal operating metrics we use in managing our business, are defined below:
IAC Businesses (for additional information see “Note 9 — Segment Information” to the accompanying
notes to the financial statements included in “Item 8 — Financial Statements and Supplementary Data”):
• Dotdash Meredith — one of the largest digital and print publishers in America. Nearly 200 million
people trust Dotdash Meredith each month to help them make decisions, take action, and find
inspiration. Dotdash Meredith’s over 40 iconic brands include People, Better Homes & Gardens,
Verywell, FOOD & WINE, The Spruce, allrecipes, BYRDIE, REAL SIMPLE, Investopedia, and
Southern Living. Dotdash Meredith has two operating segments: (i) Digital, which includes its digital,
mobile and licensing operations; and (ii) Print, which includes its magazine subscription and
newsstand operations;
• Angi — a publicly traded company that connects quality home professionals with consumers across
more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping.
On November 1, 2023, Angi completed the sale of 100% of its wholly-owned subsidiary, 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 the fourth quarter of 2023, IAC moved Roofing to Emerging & Other.
Following the sale of Roofing, Angi has three operating segments: (i) Ads and Leads, (ii) Services
and (iii) International (includes Europe and Canada). At December 31, 2024, the Company’s economic
interest and voting interest in Angi were 85.3% and 98.3%, respectively;
• Care.com, a leading online destination for families to connect with caregivers for their children,
aging parents, pets and homes and for caregivers to connect with families seeking care services.
Care.com’s brands include Care For Business, Care.com’s offerings to enterprises, and HomePay;
• Search — consists of Ask Media Group, a collection of websites providing general search services
and information, and Desktop, which includes our business-to-business partnership operations and
the remaining installed base of our legacy direct-to-consumer downloadable desktop applications; and
• Emerging & Other — consists of:
• Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities;
• Mosaic Group, a former developer and provider of global subscription mobile applications, for
periods prior to the sale of its assets on February 15, 2024, which was accounted for as a sale of a
business, for approximately $160 million;
• Roofing, a provider of roof replacement and repair services, for periods prior to its sale on
November 1, 2023; and
• The Daily Beast, IAC Films and, for periods prior to its sale on November 9, 2022, Bluecrew.
Dotdash Meredith
• Digital Revenue — 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.
48

• Licensing and Other revenue — primarily includes revenue generated through brand and content
licensing and similar 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 use and distribution relationships, including utilization in large-language models and
other artificial intelligence-related activities.
• Print Revenue — primarily includes subscription, advertising, newsstand and performance marketing
revenue.
• Total Sessions — represents unique visits to all sites that are part of Dotdash Meredith’s network
and is sourced from Google Analytics.
• Core Sessions — represents a subset of Total Sessions that comprises unique visits to Dotdash
Meredith’s most significant (in terms of investment) owned and operated sites as follows:
People
InStyle
Simply Recipes
allrecipes
FOOD & WINE
Serious Eats
Investopedia
Martha Stewart
EatingWell
Better Homes & Gardens
BYRDIE
Parents
Verywell Health
REAL SIMPLE
Verywell Mind
The Spruce
Southern Living
Health
TRAVEL + LEISURE
Angi
• Ads and Leads Revenue — primarily comprises domestic revenue from consumer connection revenue
for consumer matches, revenue from professionals under contract for advertising and membership
subscription revenue from professionals and consumers.
• Services Revenue — primarily comprises domestic revenue from pre-priced offerings by which the
consumer requests services through an Angi platform and Angi connects them with a professional to
perform the service.
• International Revenue — primarily comprises 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 professionals.
• Service Requests — are (i) fully completed and submitted domestic service requests for connections
with Ads and Leads professionals, (ii) contacts to Ads and Leads professionals generated via the
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.
• Monetized Transactions — are (i) Service Requests that are matched to a paying Ads and Leads
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.
• Transacting Professionals (“Transacting Pros” formerly known as Transacting Service Professionals
or “Transacting SPs”) — are the number of (i) Ads and Leads professionals that paid for consumer
matches or advertising and (ii) Services professionals that performed a Services job, during the
most recent quarter.
Operating Costs and Expenses:
• Cost of revenue (exclusive of depreciation) — consists primarily of traffic acquisition costs, which
include (i) payments made to partners who direct traffic to our Ask Media Group websites and who
distribute our business-to-business customized browser-based applications and (ii) the amortization
of fees paid to Apple and Google related to the distribution of apps and the facilitation of in-app
49

purchases. Traffic acquisition costs include payment of amounts based on revenue share and other
arrangements. Cost of revenue also includes production, distribution and editorial costs at Dotdash
Meredith, compensation expense (including stock-based compensation expense) and other employee-
related costs, content costs, roofing material and third-party contactor costs associated with
Roofing arrangements for periods prior to its sale on November 1, 2023, hosting fees, credit card
processing fees, payments made to independent third-party professionals who performed work
contracted under Services arrangements that were entered into prior to January 1, 2023 and the change
to net revenue reporting described below and payments made to care providers for Care For Business.
• Selling and marketing expense — consists primarily of advertising expenditures, which include online
marketing expenditures, including fees paid to search engines, social media sites and other online
marketing platforms, app platforms and partner-related payments to those who direct traffic to the
brands within our Angi segment, offline marketing expenditures, which primarily consists of costs
related to television, streaming and radio advertising within our Angi and Care.com segments,
compensation expense (including stock-based compensation expense) and other employee-related
costs for sales force and marketing personnel, subscription acquisition costs related to Dotdash
Meredith, outsourced personnel and consulting costs and service guarantee expense at Angi.
• General and administrative expense — consists primarily of compensation expense (including stock-
based compensation expense) and other employee-related costs for personnel engaged in executive
management, finance, legal, tax, human resources and customer service functions, rent expense
and facilities cost (including impairments of right-of-use assets or “ROU assets”), fees for professional
services (including transaction-related costs related to the Distribution and acquisitions), provision
for credit losses, software license and maintenance costs and acquisition-related contingent
consideration fair value adjustments (described below). The customer service function at Angi and
Care.com includes personnel who provide support to its professionals and caregivers, respectively, and
consumers.
• Product development expense — consists primarily of compensation expense (including stock-based
compensation expense) and other employee-related costs and third-party contractor costs that are not
capitalized for personnel engaged in the design, development, testing and enhancement of product
offerings and related technology and software license and maintenance costs.
• Acquisition-related contingent consideration fair value adjustments — relate to the portion of the
purchase price of certain acquisitions that is contingent upon the financial performance and/or
operating metric targets of the acquired company. Changes in the estimated fair value of the contingent
consideration arrangements, if applicable, are recognized during each reporting period in “General
and administrative expense” in the statement of operations.
Long-term debt (for additional information see “Note 6 — Long-term Debt” in the accompanying
notes to the financial statements included in “Item 8 — Financial Statements and Supplementary Data”):
• Dotdash Meredith Term Loan A — due December 1, 2026. At December 31, 2024 and 2023, the
outstanding balance of Dotdash Meredith Term Loan A was $297.5 million and $315.0 million,
respectively, and bore interest at an adjusted term secured overnight financing rate (“Adjusted Term
SOFR”) plus 2.25%, or 6.94% and 7.69%, respectively. Dotdash Meredith Term Loan A has quarterly
principal payments.
• Dotdash Meredith Term Loan B-1 (replaced Dotdash Meredith Term Loan B) — due December 1,
2028. On November 26, 2024, Dotdash Meredith entered into Amendment No. 1 to the Dotdash
Meredith Credit Agreement (the “Amended Dotdash Meredith Credit Agreement”), which governs
both the existing Dotdash Meredith Term Loan A and the Dotdash Meredith Revolving Facility, and
replaced $1.18 billion of then outstanding Dotdash Meredith Term Loan B principal with an equal
amount of the Dotdash Meredith Term Loan B-1 (together with Dotdash Meredith Term Loan A,
these loans are collectively referred to as “Dotdash Meredith Term Loans”). At December 31,
2024, the outstanding balance of Dotdash Meredith Term Loan B-1 was $1.18 billion and bore
interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 3.50%, or 8.05%. At
December 31, 2023, the outstanding balance of Dotdash Meredith Term Loan B was $1.23 billion
and bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or 9.44%.
Dotdash Meredith Term Loan B-1 has quarterly principal payments.
50

• Dotdash Meredith Revolving Facility — Dotdash Meredith’s $150 million revolving credit facility
expires on December 1, 2026. At December 31, 2024 and 2023, there were no outstanding borrowings
under the Dotdash Meredith Revolving Facility.
• ANGI Group Senior Notes — on August 20, 2020, ANGI Group, LLC (“ANGI Group”), a direct
wholly-owned subsidiary of Angi, issued $500.0 million of its 3.875% Senior Notes due August 15,
2028, with interest payable February 15 and August 15 of each year.
Non-GAAP financial measure:
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) — is
a non-GAAP financial measure. See “Principles of Financial Reporting”for the definition of Adjusted
EBITDA and required non-GAAP reconciliations.
51

MANAGEMENT OVERVIEW
For a more complete description of the Company’s operating businesses, see “Description of IAC
Businesses” included in “Item 1 — Business.”
As used herein, “IAC,” the “Company,” “we,” “our” or “us” and similar terms refer to IAC Inc. and its
subsidiaries (unless the context requires otherwise).
Sources of Revenue
Dotdash Meredith
Dotdash Meredith revenue consists of digital and print revenue. Digital revenue consists principally of
advertising, performance marketing and licensing and other revenue. Print revenue consists principally of
subscription, advertising, project and other, newsstand and performance marketing revenue.
Digital
Advertising revenue is generated primarily through digital advertisements sold by Dotdash Meredith’s
sales team directly to advertisers or through advertising agencies and programmatic advertising networks.
Performance marketing revenue includes commissions generated through affiliate commerce, affinity
marketing channels and performance marketing. Affiliate commerce commission revenue is generated when
Dotdash Meredith’s branded content refers consumers to commerce partner websites resulting in a
purchase or transaction. Affinity marketing programs market and place magazine subscriptions online 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 and similar agreements.
Print
Subscription revenue relates to the sale of Dotdash Meredith’s magazines, including digital editions.
Most of Dotdash Meredith’s subscription sales are prepaid at the time of order and may be canceled at any
time for a refund of the pro rata portion of the initial subscription. Advertising revenue relates to the sale
of advertising in magazines directly to advertisers or through advertising agencies. Revenue is recognized on
the magazine issue’s on-sale date, which is the date the magazine is published. Project and other revenue
include other revenue streams that are primarily project based and may relate to any one or combination of
the following activities: audience targeted advertising, custom publishing, content strategy and development,
email marketing, social media, database marketing and search engine optimization. Newsstand revenue is
related to single copy magazines or bundles of single copy magazines sold to wholesalers for resale on
newsstands. Publications sold to magazine wholesalers are sold with the right to receive credit from Dotdash
Meredith for magazines returned to the wholesaler by retailers. Performance marketing revenue principally
consists of affinity marketing revenue through which Dotdash Meredith places magazine subscriptions for
third-party publishers.
Angi
Ads and Leads revenue includes consumer connection revenue, which comprises fees paid by
professionals for consumer matches (regardless of whether the professional ultimately provides the requested
service), revenue from professionals under contract for advertising, membership subscription revenue from
professionals and consumers and revenue from other services. Consumer connection revenue varies based
upon several factors including the service requested, product experience offered, and geographic location
of service. Services revenue primarily reflects domestic revenue from pre-priced offerings by which the
consumer requests services through an Angi platform and Angi engages a professional to perform the service.
International revenue primarily comprises consumer connection revenue for consumer matches and
membership subscription revenue from professionals.
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis.
Effective January 1, 2023, Angi modified the Services terms and conditions so that the professional, rather
52

than Angi, has the contractual relationship with the consumer to deliver the service and Angi’s performance
obligation to the consumer is to connect them with the 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 professional providing the service effective for all arrangements entered into after
December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue
recognition. For the year ended December 31, 2022, if Services revenue were recorded on a net basis,
revenue would have been reduced by $242.6 million.
Care.com
Care.com consists of consumer and enterprise revenue. Consumer revenue is primarily generated
through subscription fees from families and caregivers, both domestically and internationally, for Care.com’s
suite of products and services. Consumer also includes revenue generated through Care.com’s comprehensive
household payroll and tax support services (HomePay), as well as through contracts with businesses that
advertise through Care.com’s platform. Enterprise revenue is primarily generated through annual contracts
with businesses (employers or re-sellers) that provide access to Care.com’s suite of products and services as an
employee benefit. Fees from enterprise contracts include subscription revenue and backup care (including
child, senior and pet) for employees.
Search
The Search segment consists of Ask Media Group and the Desktop business. Ask Media Group and
Desktop revenue consist principally of advertising revenue, which is generated primarily through the display
of paid listings in response to search queries. The majority of the paid listings displayed are supplied to us
by Google Inc. (“Google”) pursuant to our services agreement with Google, dated as of October 26, 2015 and
as subsequently amended (the “Services Agreement”), described in more detail in “Note 2 — Summary of
Significant Accounting Policies” to the financial statements included in “Item 8 — Financial Statements and
Supplementary Data.”
Emerging & Other
Included within Emerging & Other is Vivian Health and, prior to their sales on each of February 15,
2024 and November 1, 2023, respectively, Mosaic Group and Roofing. Vivian Health revenue consists of
subscription and usage revenue, which is generated through recruiting agencies and other employers that seek
access to qualified healthcare professionals. Mosaic Group revenue primarily consisted of fees paid by
subscribers for downloadable mobile applications distributed through the Apple App Store and Google
Play Store and fees received directly from consumers, as well as display advertisements. Roofing revenue
primarily consisted of revenue from the roof replacement business offering by which the consumer purchased
services directly from the Roofing business and Roofing then engaged a professional to perform the
service. Revenue for the remaining businesses within Emerging & Other is generated primarily through
subscriptions, media production and distribution and advertising.
Services Agreement with Google
On January 20, 2025, the Company entered into a further amendment to its Services Agreement (the
“Amendment”), with the amended terms to be effective on April 1, 2025. Following the execution of the
Amendment, the expiration date of the Services Agreement was extended from March 31, 2025 to March 31,
2026, with an automatic renewal for an additional one-year period absent a notice of non-renewal from
either party on or before December 31, 2025.
Google has made changes to the policies under the Services Agreement and has also made industry-
wide changes that have in the past (and could in the future) require modifications to, or prohibit and/or
render obsolete certain of our products, services and/or business practices, which have negatively impacted
revenue and been costly to address (and could in the future), which have had and could have an adverse effect
on our business, financial condition and results of operations. Further, changes to certain of the economic
terms of the Services Agreement will become effective April 1, 2025 and the Company expects this could
negatively impact Search revenue. See “Note 2 — Summary of Significant Accounting Policies” to the
53

financial statements included in “Item 8 — Financial Statements and Supplementary Data” for additional
information on the Services Agreement with Google.
Dotdash Meredith Restructuring and Other Charges
Restructuring Charges
During 2022, Dotdash Meredith management committed to several actions to improve efficiencies and
better align its cost structure following the acquisition of Meredith on December 1, 2021, which included:
(i) the discontinuation of certain print publications and the shutdown of PeopleTV, for which the related
expense was primarily reflected in the first quarter of 2022, (ii) a voluntary retirement program, for which the
related expense was primarily reflected in the first half of 2022, (iii) the consolidation of certain leased
office space, for which the related expense was reflected in the third quarter of 2022 and (iv) a reduction in
force plan, which was announced in the first quarter of 2022. These actions resulted in $80.2 million of
restructuring charges incurred for the year ended December 31, 2022.
For the year ended December 31, 2022, restructuring charges included impairment charges of
$21.3 million related to the consolidation of certain leased spaces following the Meredith acquisition,
consisting of impairments of $14.3 million and $7.0 million of an ROU asset and related leasehold
improvements, furniture and equipment, respectively, which are included in “General and administrative
expense” and “Depreciation,” respectively, in the statement of operations.
Other Charges
During the first quarter of 2023, due to the continued decline in the commercial real estate market,
Dotdash Meredith recorded impairment charges of $70.0 million related to certain unoccupied leased office
space consisting of impairments of $44.7 million and $25.3 million of an ROU asset and related leasehold
improvements, furniture and equipment, respectively, which are included in “General and administrative
expense” and “Depreciation,” respectively, in the statement of operations.
See “Note 2 — Summary of Significant Accounting Policies” and “Note 17 — Dotdash Meredith
Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments” to the financial
statements included in “Item 8. Financial Statements and Supplementary Data” for additional information
on impairment and restructuring charges, respectively.
Distribution, Marketing and Advertiser Relationships
We pay traffic acquisition costs, which consist of payments made to partners who direct traffic to our
Ask Media Group websites and who distribute our business-to-business customized browser-based
applications, and fees paid to Apple and Google related to the distribution of apps and the facilitation of in-
app purchases. We also pay to market and distribute our services on third-party distribution channels, such
as Google and other search engines and social media websites such as Facebook. We also incur certain costs at
Dotdash Meredith Print, including subscription acquisition costs, which represent commission payments
to third-party agents to sell magazine subscriptions, and fulfillment and distribution costs, which represents
costs to distribute magazines to subscribers and newsstands. In addition, some of our businesses manage
affiliate programs, pursuant to which we pay commissions and fees to third parties based on revenue earned.
These distribution channels might also offer their own services and products, as well as those of other
third parties, which compete with those we offer.
We market and offer our services and products to consumers through branded websites, allowing
consumers to transact directly with us in a convenient manner. We have made, and expect to continue to
make, substantial investments in online and offline advertising to build our brands and drive traffic to our
websites and consumers and advertisers to our businesses.
54

Results of Operations for the Years Ended December 31, 2024, 2023 and 2022
The following discussion should be read in conjunction with “Item 8 — Financial Statements and
Supplementary Data.”
Revenue
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . $1,004,417 $ 892,426 $ 931,482
$ 111,991
13%
$ (39,056)
(4)%
Print . . . . . . . . . . . . . .
794,045
823,456
1,026,128
(29,411)
(4)%
(202,672)
(20)%
Intersegment
eliminations . . . . . . .
(21,233)
(20,989)
(22,911)
(244)
(1)%
1,922
8%
Total Dotdash
Meredith . . . . . . . . . . .
1,777,229
1,694,893
1,934,699
82,336
5%
(239,806)
(12)%
Angi
Domestic
Ads and Leads . . . . . . .
962,601
1,124,908
1,282,061
(162,307)
(14)%
(157,153)
(12)%
Services
. . . . . . . . . . .
93,521
118,033
381,256
(24,512)
(21)%
(263,223)
(69)%
Total Domestic . . . . .
1,056,122
1,242,941
1,663,317
(186,819)
(15)%
(420,376)
(25)%
International . . . . . . . .
128,990
115,807
101,038
13,183
11%
14,769
15%
Total Angi . . . . . . . . . . .
1,185,112
1,358,748
1,764,355
(173,636)
(13)%
(405,607)
(23)%
Care.com . . . . . . . . . . . .
369,620
375,039
362,570
(5,419)
(1)%
12,469
3%
Search . . . . . . . . . . . . . .
387,699
629,038
731,431
(241,339)
(38)%
(102,393)
(14)%
Emerging & Other . . . . . .
89,028
320,018
460,895
(230,990)
(72)%
(140,877)
(31)%
Intersegment
eliminations . . . . . . . . .
(1,455)
(12,501)
(18,670)
11,046
88%
6,169
33%
Total . . . . . . . . . . . . $3,807,233 $4,365,235 $5,235,280
$(558,002)
(13)% $(870,045)
(17)%
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
Change
% Change
Change
% Change
Operating metrics:
Dotdash Meredith
Digital
Total Sessions (in millions)
. . . . .
10,664
10,813
11,947
(149)
(1)%
(1,134)
(9)%
Core Sessions (in millions) . . . . . .
9,062
8,370
8,186
692
8%
184
2%
Angi
Service Requests (in thousands) . . . .
17,184
23,255
29,459
(6,071)
(26)%
(6,204)
(21)%
Monetized Transactions
(in thousands) . . . . . . . . . . . . . .
24,381
27,111
28,938
(2,730)
(10)%
(1,827)
(6)%
Transacting Pros (in thousands) . . . .
168
196
220
(28)
(14)%
(24)
(11)%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
• Dotdash Meredith revenue increased 5% to $1.8 billion due to an increase of $112.0 million, or 13%,
from Digital, partially offset by a decrease of $29.4 million, or 4%, from Print.
55

• The Digital increase was due primarily to increases of $82.9 million, or 15%, in Advertising
Revenue, $16.2 million, or 16%, in Licensing and Other Revenue and $12.8 million, or 6%, in
Performance Marketing Revenue. The increase in Advertising Revenue was driven primarily by
an increase in premium advertising sold through the Dotdash Meredith sales team in the
Technology, Home/Consumer Packaged Goods and Pharmaceuticals categories, as well as
higher programmatic revenue as a result of an increase in programmatic rates and an 8% increase
in Core Sessions. The increase in Licensing and Other Revenue was due primarily to the
addition of the OpenAI partnership, which began in May 2024, and improved performance of
content syndication partners including Apple News+, partially offset by a decrease in brand
licensing revenue due to lower royalties. The increase in Performance Marketing Revenue was
due primarily to an increase in affiliate commerce commission revenue, partially offset by a
decrease in Performance Marketing revenue in the Finance and Food and Beverage categories.
• The Print decrease was due primarily to decreases of $28.3 million, or 14%, in advertising
revenue, $15.2 million, or 13%, in newsstand revenue and $10.3 million, or 23%, in performance
marketing revenue, partially offset by an increase of $26.7 million, or 21%, in project and
other revenue. The decreases in advertising revenue, newsstand revenue and performance
marketing revenue are all due, in part, to a reduction in the number of issues sold in the current
year compared to the prior year and the ongoing migration of audience from print to digital
platforms. The increase in project and other revenue was due primarily to higher revenue from a
legacy agency business due to political advertising spend on third-party publisher platforms.
• Angi revenue decreased 13% to $1.2 billion driven by decreases of $162.3 million, or 14%, from Ads
and Leads and $24.5 million, or 21%, from Services, partially offset by an increase of $13.2 million,
or 11% from International.
• The Ads and Leads decrease was due primarily to decreases of $174.5 million, or 22%, in
consumer connection revenue and $9.2 million, or 18%, in membership subscription revenue,
partially offset by an increase of $21.5 million, or 7%, in advertising revenue. The decrease in
consumer connection revenue was driven by ongoing user-experience enhancements as well as
lower sales and marketing spend, resulting in both lower Service Requests and lower acquisition
of new professionals. The decrease in membership subscription revenue was due primarily to a
decrease in professionals in the Angi network. The increase in advertising revenue was primarily
due to an increase in advertising sold through Angi’s sales force.
• The Services decrease was due primarily to fewer Service Requests as a result of certain efforts
described in Ads and Leads above. In addition, the decrease in revenue reflects the residual impact
from contracts entered into prior to January 1, 2023 and recognized as gross revenue in the
first quarter of 2023. Effective January 1, 2023, Angi modified the Services terms and conditions
resulting in net revenue reporting.
• The International increase was driven by a larger professional network and higher revenue per
professional.
• Care.com revenue decreased 1% to $369.6 million due primarily to a decrease of $19.2 million, or
9%, in consumer revenue, partially offset by an increase of $13.8 million, or 8%, in enterprise revenue.
The decrease in consumer revenue was driven by lower subscriptions on the Care.com platform.
The increase in enterprise revenue was primarily due to an increase in backup care usage.
• Search revenue decreased 38% to $387.7 million due primarily to a decrease of $230.2 million, or
42%, from Ask Media Group resulting from a reduction in marketing from affiliate partners that drove
fewer visitors to our ad supported search and content websites.
• Emerging & Other revenue decreased 72% to $89.0 million due primarily to a decrease of
$137.8 million in revenue ($17.8 million in 2024 compared to $155.7 million in 2023) from Mosaic
Group, the assets of which were sold on February 15, 2024, the inclusion of $90.6 million in revenue
from Roofing in the prior year period, which was sold on November 1, 2023 and a decrease of
$8.0 million in revenue from IAC Films, partially offset by an increase of $6.0 million in revenue
from The Daily Beast.
56

For the year ended December 31, 2023 compared to the year ended December 31, 2022
• Dotdash Meredith revenue decreased 12% to $1.7 billion due primarily to decreases of $202.7 million,
or 20%, from Print and $39.1 million, or 4%, from Digital.
• The decrease from Print was due to the planned reduction in circulation of certain publications
and the discontinuation of others in the first quarter of 2022.
• The decrease from Digital was due primarily to decreases of $60.9 million and $10.8 million, or
10% each, in Advertising Revenue and Licensing and Other Revenue, respectively, partially
offset by an increase of $32.6 million, or 16% in Performance Marketing Revenue. The decrease
in Advertising Revenue resulted primarily from lower programmatic revenue as a result of a
9% decline in Total Sessions and declines in premium advertising sold through the Dotdash
Meredith sales team. Despite the increase in Core Sessions, Total Sessions was impacted by traffic
declines in the first quarter of 2023 due to COVID-19 supported traffic levels in early 2022 and
traffic declines in the second and third quarters of 2023 driven primarily by the Entertainment
category and certain partner sites. The decrease in Licensing and Other Revenue was due
primarily to lower royalties earned from retail partners. The increase in Performance Marketing
Revenue was due primarily to an increase in affiliate commerce commission revenue, partially
offset by a decrease in Performance Marketing revenue in the Finance and Health categories.
• Angi revenue decreased 23% to $1.4 billion driven by decreases of $263.2 million, or 69%, from
Services and $157.2 million, or 12%, from Ads and Leads, partially offset by an increase of
$14.8 million, or 15%, from International.
• The Services decrease was due primarily to the change to net revenue reporting described above
under “Sources of Revenue — Angi” and a decrease of $92.4 million due primarily to the
continued shift away from complex and less profitable offerings, and lower Service Requests as a
result of certain efforts described in Ads and Leads below.
• The Ads and Leads decrease was due primarily to decreases of $173.6 million, or 18%, in
consumer connection revenue and $8.1 million, or 13%, in membership subscription revenue,
partially offset by an increase of $25.3 million, or 10%, in advertising revenue. The decrease in
consumer connection revenue was due primarily to declines in Monetized Transactions as a result
of an effort to rationalize sales to professionals that are unprofitable as well as efforts to
increase lead quality, including changes to certain demand channels, to enhance the user
experience for both homeowners and professionals. The decrease in membership subscription
revenue was due primarily to a decline in professionals in the Angi network. The increase in
advertising revenue was due primarily to continued growth in sales and improved retention.
• The International increase was driven by a larger professional network and higher revenue per
professional.
• Care.com revenue increased 3% to $375.0 million due to an increase of $19.7 million, or 14%, in
enterprise revenue, partially offset by a decrease of $7.2 million, or 3%, in consumer revenue. The
increase in enterprise revenue was primarily due to an increase in backup care usage. The decrease in
consumer revenue was primarily due to lower subscriptions on the Care.com platform.
• Search revenue decreased 14% to $629.0 million due to decreases of $81.1 million, or 13%, from Ask
Media Group and $21.3 million, or 21%, from Desktop. The decrease from Ask Media Group was
due to a reduction in marketing by affiliate partners driving fewer visitors to ad supported search and
content websites. The decrease from Desktop was due primarily to certain Google policy changes
and the subsequent discontinuation of new products effective March 2021.
• Emerging & Other revenue decreased 31% to $320.0 million due primarily to the inclusion of
Bluecrew in the prior year period, which was sold on November 9, 2022, a decrease at Roofing due
to a decline in projects and a strategic shift in operations to select markets prior to its sale on
November 1, 2023, and decreases in revenue at Mosaic Group and IAC Films, partially offset by
growth of 40% at Vivian Health.
57

Cost of revenue (exclusive of depreciation shown separately below)
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Cost of revenue
(exclusive of
depreciation
shown separately
below)
. . . . . . .
$1,059,990
$1,343,254
$1,933,705
$(283,264)
(21)%
$(590,451)
(31)%
As a percentage of
revenue . . . . . . .
28%
31%
37%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Cost of revenue in 2024 decreased from 2023 due primarily to decreases of $168.5 million from Search,
$102.6 million from Emerging & Other and $5.0 million from Angi, partially offset by an increase of
$5.2 million from Dotdash Meredith.
• The Search decrease was due primarily to a decrease in traffic acquisition costs of $166.1 million
following a decrease in revenue and the proportion of revenue earned from affiliate partners who direct
traffic to our websites.
• The Emerging & Other decrease was due primarily to the inclusion in the prior year period of
$61.5 million in expense from Roofing, which was sold on November 1, 2023, and a decrease in
expense of $34.4 million from Mosaic Group, the assets of which were sold on February 15, 2024.
• The Angi decrease was due primarily to a decrease of $9.3 million from Services, partially offset by
an increase of $3.3 million from Ads and Leads.
• The Services decrease was due primarily to decreases in payments to third-party professionals of
$7.9 million primarily reflecting the residual impact from contracts entered into prior to
January 1, 2023 and recognized as gross revenue in the first quarter of 2023 and credit card
processing fees of $1.2 million.
• The Ads and Leads increase was due primarily to higher hosting fees of $6.2 million attributable,
in part, to the migration of data to a third-party computing platform, partially offset by a
decrease in credit card processing fees of $2.9 million.
• The Dotdash Meredith increase was due primarily to an increase of $31.7 million from Digital,
partially offset by a decrease of $26.1 million from Print.
• The Digital increase was due primarily to increases of $19.7 million in compensation expense,
$7.5 million in traffic acquisition costs and $2.7 million in content costs. The increase in
compensation expense was due primarily to an increase in headcount. The increase in traffic
acquisition costs was due primarily to a new contractual relationship to increase programmatic
rates. The increase in content costs was due primarily to an investment in video production.
• The Print decrease was due primarily to a decrease of $48.3 million in production and distribution
costs (postage, printing, paper and content) resulting from a planned reduction in the number
of printed copies of certain publications and decreases in paper costs and freight surcharges,
partially offset by increases of $17.9 million in third-party costs in connection with certain project-
related revenue, including audience targeted advertising and $3.0 million in compensation
expense due, in part, to $2.1 million in severance expense incurred in the fourth quarter of 2024
primarily related to headcount reductions intended to better align resources with strategic
initiatives.
58

For the year ended December 31, 2023 compared to the year ended December 31, 2022
Cost of revenue in 2023 decreased from 2022 due primarily to decreases of $274.8 million from Angi,
$178.8 million from Dotdash Meredith, $110.4 million from Emerging & Other and $29.2 million from
Search.
• The Angi decrease was due to a decrease of $274.8 million from Services due primarily to a
$248.8 million decrease in payments to third-party professional service providers due primarily to
the change to net revenue reporting effective January 1, 2023, described above. Additionally, payments
to third-party professional service providers decreased as a result of the shift away from complex
and less profitable offerings.
• The Dotdash Meredith decrease was due primarily to decreases of $112.2 million from Print and
$67.0 million from Digital.
• The decrease from Print was due primarily to decreases of $69.5 million in production and
distribution costs (postage, paper, printing and content) due to the discontinuation of several
publications in the first quarter of 2022 and the planned reduction in circulation of others. Print
was further impacted by decreases of $24.2 million in compensation expense due to the
voluntary retirement program in the first quarter of 2022 and the reduction in force described
above under “Dotdash Meredith Restructuring and Other Charges” and $13.4 million in
third-party advertising campaign fulfillment costs due to lower project-related revenue.
• The decrease from Digital was due primarily to decreases of $35.9 million in traffic acquisition
costs, $14.0 million in compensation expense and $13.9 million in content creation costs. The
decreases in traffic acquisition costs and content creation costs were due primarily to lower
revenue. The decrease in compensation expense was due primarily to lower headcount due to
the aforementioned voluntary retirement program in the first quarter of 2022 and the reduction
in force.
• The Emerging & Other decrease was due primarily to the inclusion in the prior year period of
$51.0 million in expense from Bluecrew, which was sold on November 9, 2022, a decrease in expense
of $39.2 million from Roofing due primarily to a decline roofing materials and third-party
contractor costs prior to its sale on November 1, 2023, and decreases of $11.6 million in production
costs and third-party participation payments at IAC Films due primarily to Everything, Everywhere All
at Once and $6.9 million in traffic acquisition costs at Mosaic Group.
• The Search decrease was due primarily to a decrease in traffic acquisition costs of $28.0 million due
primarily to a decrease in the proportion of revenue earned from affiliate partners who direct traffic to
our websites.
Selling and marketing expense
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Selling and
marketing
expense . . . . . . .
$1,338,732
$1,576,229
$1,914,878
$(237,497)
(15)%
$(338,649)
(18)%
As a percentage of
revenue . . . . . . .
35%
36%
37%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Selling and marketing expense in 2024 decreased from 2023 due primarily to decreases of $163.6 million
from Angi, $70.0 million from Emerging & Other and $46.5 million from Search, partially offset by an
increase of $41.0 million from Dotdash Meredith.
59

• The Angi decrease was due primarily to a decrease of $169.0 million from Ads and Leads due
primarily to decreases of $129.9 million in advertising expense and $34.1 million in compensation
expense. The decrease in advertising expense was due primarily to improved marketing efficiencies,
including optimizations to matching and online bidding that resulted in fewer Service Requests but
increased Monetized Transactions per Service Request, and a decrease in offline media spend. The
decrease in compensation expense was due primarily to a reduction in headcount.
• The Emerging & Other decrease was due primarily to a decrease in expense of $50.2 million from
Mosaic Group, the assets of which were sold on February 15, 2024, and the inclusion in the prior year
period of $17.7 million in expense from Roofing, which was sold on November 1, 2023.
• The Search decrease was due primarily to decreases of $41.4 million in online marketing spend and
$4.4 million in compensation expense. The decrease in online marketing was primarily due to the
discontinuation of certain products and lower traffic volume. The decrease in compensation
expense was due primarily to reductions in headcount.
• The Dotdash Meredith increase was due primarily to increases of $29.9 million from Digital and
$10.9 million from Print.
• The Digital increase was due primarily to increases of $15.1 million in online marketing spend
and $9.5 million in compensation expense. The increase in online marketing spend was due
primarily to an increase in paid affiliate commerce. The increase in compensation expense was
due primarily to increases in salary, commissions and employee benefits.
• The Print increase was due primarily to increases of $8.6 million in subscription acquisition
costs and $7.0 million in compensation expense. The increase in subscription acquisition costs
resulted from an increase in the use of agents to source subscribers. The increase in compensation
expense was due primarily to increases of $3.5 million in severance expense incurred in the
fourth quarter of 2024 primarily related to headcount reductions intended to better align
resources with strategic initiatives and $3.1 million in sales commissions resulting primarily from
an increase in sales from a legacy agency business due to political advertising sold on third-party
publisher platforms.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
Selling and marketing expense in 2023 decreased from 2022 due primarily to decreases of $125.1 million
from Angi, $124.7 million from Dotdash Meredith, $59.7 million from Emerging & Other and $33.6 million
from Search.
• The Angi decrease was due primarily to decreases of $81.8 million from Ads and Leads, $34.8 million
from Services and $5.8 million from International.
• The Ads and Leads decrease was due primarily to a decrease of $82.0 million in advertising
expense, following a decrease of $107.5 million in online marketing spend due to increased
efficiency, partially offset by an increase of $25.3 million in television spend primarily due to
efforts to build awareness of the Angi brand.
• The Services decrease was due primarily to decreases of $20.4 million in consulting fees and
outsourced personnel costs, $19.1 million in compensation expense and $7.1 million in advertising
expense, partially offset by an increase of $14.9 million in service guarantee expense. The
decreases in consulting fees and outsourced personnel costs were due to $12.7 million less phone-
based sales wages primarily resulting from increased reliance on more profitable digital
conversion channels and $6.1 million less due to streamlined fulfillment operations, partially
offset by fewer complex services. The decrease in compensation expense was due primarily to
lower headcount. The decrease in advertising expense was due primarily to a decrease of
$4.7 million in professional marketing spend. The increase in service guarantee expense is due to
the aforementioned change in contractual terms and conditions resulting in the change to net
revenue reporting such that this expense is no longer a component of cost of revenue, which is
where the expense was recorded prior to January 1, 2023.
60

• The International decrease was due primarily to a decrease of $10.2 million in advertising
expense due primarily to decreases of $6.3 million and $4.2 million in online marketing spend
and television spend, respectively, partially offset by an increase of $3.4 million in compensation
expense due to higher headcount.
• The Dotdash Meredith decrease was due primarily to a decrease of $121.7 million from Print due
primarily to decreases of $78.9 million in subscription acquisition costs and $28.7 million in
compensation expense. The decrease in subscription acquisition costs was driven by lower commission
payments made to third-party agents that sell magazine subscriptions due to the planned reduction
in the circulation of certain publications and the discontinuation of several publications in the first
quarter of 2022. The decrease in compensation expense was due primarily to the voluntary
retirement program in the first quarter of 2022 and the reduction in force described above under
“Dotdash Meredith Restructuring and Other Charges.”
• The Emerging & Other decrease was due primarily to decreases of $21.9 million and $4.5 million in
online marketing spend and television spend, respectively, at Mosaic Group, a decrease in expense of
$15.4 million from Roofing due primarily to a decrease in compensation expense due to a reduction
in headcount and a strategic shift in operations to select markets prior to its sale on November 1, 2023,
the inclusion in the prior year period of $13.4 million in expense from Bluecrew, which was sold on
November 9, 2022, and a decrease of $2.4 million in offline marketing spend at IAC Films.
• The Search decrease was due primarily to a decrease of $32.6 million in online marketing spend.
General and administrative expense
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
General and
administrative
expense . . . . . . . . . . .
$817,658
$891,958
$991,983
$(74,300)
(8)%
$(100,025)
(10)%
As a percentage of
revenue
. . . . . . . . . . .
21%
20%
19%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
General and administrative expense in 2024 decreased from 2023 due primarily to decreases of
$42.6 million from Dotdash Meredith, $39.4 million from Angi and $24.9 million from Emerging & Other,
partially offset by an increase of $30.3 million from Care.com.
• The Dotdash Meredith decrease was due primarily to the inclusion in 2023 of an impairment charge
of $44.7 million of an ROU asset related to unoccupied lease space at Other (unallocated corporate
costs), as described above under “Dotdash Meredith Restructuring and Other Charges.”
• The Angi decrease was due primarily to decreases of $31.7 million from Ads and Leads and
$13.2 million from Services, partially offset by an increase of $3.0 million from International.
• The Ads and Leads decrease was due primarily to decreases of $22.9 million in the provision for
credit losses, $7.5 million in software license and maintenance costs and $3.8 million in
third-party wages, partially offset by an increase in lease expense of $3.2 million. The decrease
in the provision for credit losses was primarily due to lower revenue and improved collection rates.
The decreases in software license and maintenance costs and third-party wages were due
primarily to reduced costs related to customer support services. The increase in lease expense
was primarily due to impairment charges of $6.8 million recognized in 2024 of ROU assets,
partially offset by a gain on lease termination of $2.0 million in the second half of 2024 both
related to Angi reducing its real estate footprint.
61

• The Services decrease was due primarily to decreases of $9.2 million in compensation expense
and $3.3 million in third-party wages. The decrease in compensation expense was due primarily
to a reduction in headcount. The decrease in third-party wages was due primarily to reduced
costs related to customer support services.
• The International increase was due primarily to increases of $3.0 million in the provision for
credit losses, $1.8 million in non-payroll taxes and $1.6 million in professional fees, partially offset
by a decrease of $2.2 million in compensation expense. The increase in the provision for credit
losses was due primarily to reduced collection rates and higher revenue. The increase in non-
payroll taxes was primarily due to digital services tax. The increase in professional fees was
due to an increase of $1.4 million in consulting costs. The decrease in compensation expense
was due primarily to a reduction in headcount.
• The Emerging & Other decrease was due primarily to the inclusion in the prior year period of
$14.5 million of expense from Roofing, which was sold on November 1, 2023, a decrease in expense
of $8.2 million from Mosaic Group, the assets of which were sold on February 15, 2024, and decreases
of $4.4 million in compensation expense at Newco (IAC’s former incubator company), due primarily
to a reduction in headcount, and $3.0 million in consulting costs at IAC Films, partially offset by
an increase of $8.1 million in legal fees.
• The Care.com increase was due primarily to an increase of $18.7 million related to the resolution of
certain legal matters and an increase in compensation expense due, in part, to an increase in headcount.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
General and administrative expense in 2023 decreased from 2022 due primarily to decreases of
$87.8 million from Angi, $21.0 million from Emerging & Other and $5.4 million from Dotdash Meredith,
partially offset by increases of $12.5 million from Corporate and $3.0 million from Care.com.
• The Angi decrease was due primarily to decreases of $69.9 million from Ads and Leads and
$22.7 million from Services.
• The Ads and Leads decrease was due primarily to decreases of $24.5 million in the provision of
credit losses, $20.6 million in legal expense, $15.7 million in compensation expense and
$6.0 million in outsourced personnel costs. The decrease in the provision for credit losses was
due primarily to lower revenue and improved collection rates. The decrease in legal expense was
due, in part, to a $10.9 million benefit in 2023 related to insurance coverage for previously
incurred legal fees. The decreases in compensation expense and outsourced personnel costs were
due primarily to lower headcount and a reduction in third-party providers, respectively.
• The Services decrease was due primarily to decreases of $11.3 million in compensation expense,
$9.5 million in legal expense and $4.8 million in the provision for credit losses. The decrease in
compensation expense was due primarily to lower headcount. The decrease in the provision for
credit losses was due primarily to lower revenue and improved collection rates.
• The Emerging & Other decrease was due primarily to a decrease in expense of $12.5 million from
Roofing due, in part, to a decrease in compensation expense resulting from a reduction in headcount
prior to its sale on November 1, 2023, and the inclusion in the prior year period of $6.8 million in
expense from Bluecrew, which was sold on November 9, 2022.
• The Dotdash Meredith decrease was due primarily to the inclusion in 2022 of $28.1 million in
restructuring costs related to activities described above under “Dotdash Meredith Restructuring and
Other Charges” and the inclusion of $6.8 million in 2022 of transaction-related costs related to the
2021 acquisition of Meredith, a decrease in expense in 2023 of $8.0 million due to the reversal of
certain pre-acquisition indemnification liabilities related to the 2021 Meredith acquisition and a
decrease of $4.8 million in legal fees, partially offset by the inclusion in the first quarter of 2023 of
$44.7 million related to an impairment charge of an ROU asset related to unoccupied lease space.
• The Corporate increase was due primarily to an increase of $13.0 million in compensation expense.
• The Care.com increase was due primarily to the inclusion in the prior year period of a $3.2 million
gain related to the termination of a lease and $2.3 million in impairment charges related to ROU assets
62

in 2023, partially offset by a decrease of $1.6 million in non-payroll related taxes primarily related to
a sales tax refund received in 2023.
Product development expense
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Product development
expense . . . . . . . . . . . . .
$323,687
$334,491
$318,028
$(10,804)
(3)%
$16,463
5%
As a percentage of
revenue . . . . . . . . . . . . .
9%
8%
6%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Product development expense in 2024 decreased from 2023 due primarily to decreases of $12.1 million
from Emerging & Other, $3.7 million from Care.com and $2.3 million from Search, partially offset by an
increase of $8.4 million from Dotdash Meredith.
• The Emerging & Other decrease was due primarily to decreases of $8.8 million in expense from
Mosaic Group, the assets of which were sold on February 15, 2024, and $2.6 million in compensation
expense at Vivian Health due primarily to a reduction in headcount.
• The Care.com decrease was due primarily to a decrease of $5.1 million in outsourced personnel costs
resulting from the completion of certain projects in 2023, partially offset by an increase of
$1.6 million in consulting costs resulting from investment in a specific project in 2024.
• The Search decrease was due primarily to a decrease in outsourced personnel costs of $1.9 million.
• The Dotdash Meredith increase was due primarily to an increase of $9.1 million from Digital due
primarily to an increase of $14.2 million in compensation expense, partially offset by decreases of
$3.5 million in outsourced personnel costs and $2.4 million in software license and maintenance costs.
The increase in compensation expense is due to an increase in headcount, which was partially offset
by a reduction in outsourced personnel costs due to a reduction in the use of third-party contractors.
The decrease in software license and maintenance costs was due primarily to a reduction in software
contract renewals.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
Product development expense in 2023 increased from 2022 due primarily to an increase of $22.8 million
from Angi, partially offset by decreases of $5.8 million from Emerging & Other and $2.0 million from
Care.com.
• The Angi increase was due primarily to an increase of $20.0 million from Ads and Leads due
primarily to an increase of $21.8 million in compensation expense resulting from a decrease in
capitalized projects in 2023 as compared to 2022.
• The Emerging & Other decrease was due primarily to the inclusion in the prior year period of
$8.8 million of expense at Bluecrew, which was sold on November 9, 2022 and decreases of
$2.2 million and $1.2 million in compensation expense at Mosaic Group and Newco (IAC’s former
incubator company), respectively, due to reductions in headcount, partially offset by an increase of
$4.7 million in compensation expense at Vivian Health. The increase in compensation expense at
Vivian Health was due primarily to a $7.1 million increase in payroll-related expenses due to higher
headcount, partially offset by a $2.4 million charge related to the sale of equity interests held by certain
members of its management and the settlement of certain employee stock-based awards in
conjunction with an equity raise in the second quarter of 2022.
63

• The Care.com decrease was due primarily to a decrease of $2.7 million in outsourced personnel costs
resulting from the completion of certain projects in 2022, partially offset by an increase of
$1.2 million in software license and maintenance costs resulting from improvements to Care.com’s
online platform.
Depreciation
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Depreciation . . . . . . . . . . .
$126,890
$175,096
$130,986
$(48,206)
(28)%
$44,110
34%
As a percentage of
revenue . . . . . . . . . . . . .
3%
4%
3%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Depreciation in 2024 decreased from 2023 due primarily to decreases of $44.0 million at Dotdash
Meredith and $7.6 million at Angi. The decrease at Dotdash Meredith was due primarily to the inclusion of
an impairment charge of $25.3 million recognized in 2023 related to leasehold improvements and furniture
and equipment resulting from unoccupied leased space, a $4.2 million write-off of certain leasehold
improvements and furniture and equipment during 2023 and a decrease in expense related to the acceleration
of depreciation on certain assets in 2023. The decrease at Angi was due primarily to the reduction in
depreciation of capitalized software as a result of certain assets being fully depreciated, partially offset by
the impairment of certain leasehold improvements and furniture and equipment in connection with the
reduction of Angi’s real estate footprint in 2024.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
Depreciation in 2023 increased from 2022 due primarily to increases of $28.9 million at Dotdash
Meredith and $16.1 million at Angi. The increase at Dotdash Meredith was due primarily to an impairment
of leasehold improvements and furniture and equipment of $25.3 million in the first quarter of 2023
related to unoccupied leased space and a $4.2 million write-off of certain leasehold improvements and
furniture and equipment during the second quarter of 2023, partially offset by the inclusion of a $7.0 million
impairment recorded in the third quarter of 2022 of leasehold improvements and furniture and equipment
related to the consolidation of certain leased spaces, as described above under “Dotdash Meredith
Restructuring and Other Charges.” The increase at Angi was due primarily to an increase in capitalized
software projects placed in service and investments in capitalized software.
Amortization of Intangibles
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Amortization of
intangibles . . . . . . . . .
$144,506
$295,970
$307,718
$(151,464)
(51)%
$(11,748)
(4)%
As a percentage of
revenue
. . . . . . . . . . .
4%
7%
6%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Amortization of intangibles in 2024 decreased from 2023 due primarily to decreases of $143.3 million
at Dotdash Meredith and $5.4 million at Angi. The decrease at Dotdash Meredith was due primarily to the
inclusion in 2023 of indefinite-lived intangible asset impairments totaling $87.5 million at the Dotdash
64

Meredith Digital segment and certain intangible assets becoming fully amortized, partially offset by an
increase of $8.3 million in expense as a result of a change in classification of certain Dotdash Meredith
Digital trade name indefinite-lived intangible assets to definite-lived intangible assets, effective January 1,
2024. The decrease at Angi was due primarily to all definite-lived intangible assets becoming fully amortized,
partially offset by an indefinite-lived intangible asset impairment of $2.6 million at the Angi Services
segment in the fourth quarter of 2024.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
Amortization of intangibles in 2023 decreased from 2022 due primarily to decreases of $6.3 million at
Care.com and $5.8 million at Angi, partially offset by an increase of $2.0 million at Dotdash Meredith. The
decreases at both Care.com and Angi were due primarily to certain intangible assets becoming fully
amortized. The increase at Dotdash Meredith was due primarily to $79.9 million and $7.6 million indefinite-
lived intangible asset impairments at the Dotdash Meredith Digital segment in the fourth and third
quarters of 2023, respectively, partially offset by higher expense in 2022 resulting from fair value adjustments
recorded during the measurement period to identifiable intangible assets in connection with the completion
of purchase accounting related to the 2021 acquisition of Meredith.
See “Note 2 — Summary of Significant Accounting Policies” in the accompanying notes to the
financial statements included in “Item 8 — Financial Statements and Supplementary Data” for further
discussion of the Company’s assessment of impairment of indefinite-lived intangible assets.
Goodwill Impairment
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Goodwill Impairment . . . . . . . . .
$—
$9,000
$112,753
$(9,000)
NM
$(103,753)
(92)%
As a percentage of revenue . . . . . .
—%
0%
2%
NM = Not meaningful.
For the years ended December 31, 2024, 2023 and 2022
There were no goodwill impairments recorded in 2024.
The Company recorded a goodwill impairment in 2023 of $9.0 million at Mosaic Group as a result of
the projected reduction in future revenue and profits from the business and lower trading multiples of a
selected peer group of companies.
The Company recorded goodwill impairments in 2022 of $86.7 million and $26.0 million at Mosaic
Group and Roofing, respectively. The goodwill impairment at Mosaic Group was a result of the projected
reduction in future revenue and profits from the business and lower trading multiples of a selected peer group
of companies. The goodwill impairment at Roofing was due to the business exiting certain markets and
the projected reduction in future profits.
See “Note 2 — Summary of Significant Accounting Policies” in the accompanying notes to the
financial statements included in “Item 8 — Financial Statements and Supplementary Data” for further
discussion of the Company’s assessment of impairment of goodwill.
65

Operating income (loss)
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Dotdash Meredith
Digital . . . . . . . . . . .
$ 146,838
$ (16,656)
$ (66,629)
$163,494
NM
$ 49,973
75%
Print . . . . . . . . . . . .
24,588
(3,500)
(54,448)
28,088
NM
50,948
94%
Other . . . . . . . . . . .
(64,552)
(130,582)
(67,014)
66,030
51%
(63,568)
(95)%
Total Dotdash
Meredith . . . . . . . . .
106,874
(150,738)
(188,091)
257,612
NM
37,353
20%
Angi
Domestic
Ads and Leads . . . . .
94,428
50,043
85,593
44,385
89%
(35,550)
(42)%
Services . . . . . . . . . .
(19,440)
(23,450)
(95,166)
4,010
17%
71,716
75%
Other . . . . . . . . . . .
(64,845)
(61,377)
(61,794)
(3,468)
(6)%
417
1%
Total Domestic . . . . .
10,143
(34,784)
(71,367)
44,927
NM
36,583
51%
International . . . . . .
11,742
8,286
(4,253)
3,456
42%
12,539
NM
Total Angi . . . . . . . . . .
21,885
(26,498)
(75,620)
48,383
NM
49,122
65%
Care.com . . . . . . . . . .
33,744
45,204
31,189
(11,460)
(25)%
14,015
45%
Search . . . . . . . . . . . .
17,406
44,198
83,398
(26,792)
(61)%
(39,200)
(47)%
Emerging & Other . . . .
(37,695)
(26,441)
(188,028)
(11,254)
(43)%
161,587
86%
Corporate . . . . . . . . . .
(146,444)
(146,488)
(137,619)
44
—%
(8,869)
(6)%
Total . . . . . . . . . . . .
$
(4,230)
$(260,763)
$(474,771)
$256,533
98%
$214,008
45%
As a percentage of
revenue
. . . . . . . .
—%
(6)%
(9)%
For the year ended December 31, 2024 compared to the year ended December 31, 2023
Operating loss decreased $256.5 million, or 98%, due primarily to a decrease of $151.5 million in
amortization of intangibles, described above, an increase of $43.2 million in Adjusted EBITDA, described
below, decreases of $48.2 million in depreciation and $9.0 million in goodwill impairment, both described
above, and a decrease of $4.7 million in stock-based compensation expense. The decrease in stock-based
compensation expense was due primarily to a reduction in headcount at Angi and an increase in awards being
forfeited in the current year, partially offset by new awards granted in 2024.
At December 31, 2024, there was $206.8 million of unrecognized compensation cost, net of estimated
forfeitures, related to all equity-based awards, including Angi, which is expected to be recognized over a
weighted average period of approximately 3.6 years. Included in the aforementioned unrecognized
compensation costs at December 31, 2024 is $81.0 million of unrecognized compensation costs related to
Mr. Levin’s restricted stock award that was forfeited in January 2025 in connection with his Employment
Transition Agreement. Excluding Mr. Levin’s restricted stock award, there was $125.8 million of unrecognized
compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be
recognized over a weighted average period of approximately 2.1 years. The amount of unrecognized
compensation cost, net of estimated forfeitures, at December 31, 2024 related to Angi is $36.5 million.
See “Note 10 — Stock-Based Compensation” in the accompanying notes to the financial statements
included in “Item 8 — Financial Statements and Supplementary Data” for further discussion of Mr. Levin’s
restricted stock award.
66

For the year ended December 31, 2023 compared to the year ended December 31, 2022
Operating loss decreased $214.0 million, or 45%, due primarily to an increase of $136.9 million in
Adjusted EBITDA, described below, decreases of $103.8 million in goodwill impairments, $11.7 million in
amortization of intangibles and $6.3 million in stock-based compensation expense, partially offset by an
increase of $44.1 million in depreciation and income of $0.6 million in 2022 related to an acquisition-
related contingent consideration fair value adjustment. For the decreases in goodwill impairments and
amortization of intangibles and for the increase in depreciation refer to the discussions above. The decrease
in stock-based compensation expense was due primarily to lower expense at Angi’s Services segment due
to a reduction in headcount as a result of the shift away from complex and less profitable offerings.
Adjusted EBITDA
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . .
$289,393
$242,969
$186,696
$ 46,424
19%
$ 56,273
30%
Print . . . . . . . . . . . . . .
53,793
64,226
31,135
(10,433)
(16)%
33,091
106%
Other . . . . . . . . . . . . .
(47,766)
(84,438)
(65,682)
36,672
43%
(18,756)
(29)%
Total Dotdash Meredith . .
295,420
222,757
152,149
72,663
33%
70,608
46%
Angi
Domestic
Ads and Leads . . . . . . .
180,334
147,357
168,952
32,977
22%
(21,595)
(13)%
Services . . . . . . . . . . . .
4,469
8,123
(52,126)
(3,654)
(45)%
60,249
NM
Other . . . . . . . . . . . . .
(55,441)
(50,076)
(49,866)
(5,365)
(11)%
(210)
—%
Total Domestic . . . . . . .
129,362
105,404
66,960
23,958
23%
38,444
57%
International . . . . . . . .
15,953
13,074
(481)
2,879
22%
13,555
NM
Total Angi . . . . . . . . . . . .
145,315
118,478
66,479
26,837
23%
51,999
78%
Care.com . . . . . . . . . . . .
45,181
56,205
46,899
(11,024)
(20)%
9,306
20%
Search . . . . . . . . . . . . . .
17,510
44,283
83,486
(26,773)
(60)%
(39,203)
(47)%
Emerging & Other . . . . . .
(35,995)
(14,366)
(69,942)
(21,629)
(151)%
55,576
79%
Corporate . . . . . . . . . . . .
(87,742)
(90,873)
(79,521)
3,131
3%
(11,352)
(14)%
Total . . . . . . . . . . . . . .
$379,689
$336,484
$199,550
$ 43,205
13%
$136,934
69%
As a percentage of
revenue . . . . . . . . . .
10%
8%
4%
See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and required non-
GAAP reconciliations.
For the year ended December 31, 2024 compared to the year ended December 31, 2023
• Dotdash Meredith Adjusted EBITDA increased 33% to $295.4 million due to an increase in
Adjusted EBITDA of $46.4 million from Digital and a decrease in Adjusted EBITDA losses of
$36.7 million from Other (unallocated corporate costs), partially offset by a decrease in Adjusted
EBITDA of $10.4 million from Print.
• The Digital Adjusted EBITDA increase was due primarily to higher revenue, partially offset by
higher compensation expense and online marketing spend. The increase in compensation expense
is due, in part, to $4.0 million in severance expense in the fourth quarter of 2024 primarily
related to headcount reductions intended to better align resources with strategic initiatives.
67

• The Other (unallocated corporate costs) Adjusted EBITDA loss decrease was due primarily to
the inclusion in the first quarter of 2023 of an impairment charge of $44.7 million of an ROU
asset related to unoccupied lease space and the inclusion in the first quarter of 2024 of a
$2.3 million gain recognized on the sale of an aircraft, partially offset by an increase in
compensation expense and a decrease in expense in 2023 of $8.0 million due to the reversal of
certain pre-acquisition indemnification liabilities related to the 2021 Meredith acquisition. The
increase in compensation expense is due, in part, to $2.5 million in severance expense in the fourth
quarter of 2024 primarily related to headcount reductions intended to better align resources
with strategic initiatives.
• The Print Adjusted EBITDA decrease was due primarily to revenue declines and $6.4 million in
severance expense in the fourth quarter of 2024 primarily related to headcount reductions
intended to better align resources with strategic initiatives.
• Angi Adjusted EBITDA increased 23% to $145.3 million due to an increase in Adjusted EBITDA of
$33.0 million from Ads and Leads, partially offset by an increase in Adjusted EBITDA losses of
$5.4 million from Other (corporate unallocated costs).
• The Ads and Leads Adjusted EBITDA increase was due primarily to lower selling and marketing
expense due to improved marketing efficiency and lower general administrative expense due
primarily to decreases in the provision for credit losses, software license and maintenance costs
and third-party wages, partially offset by impairment charges of $6.8 million recognized in 2024
of ROU assets related to Angi reducing its real estate footprint.
• The Other (corporate unallocated costs) Adjusted EBITDA losses increase was due primarily to
an increase in compensation expense.
• Care.com Adjusted EBITDA decreased 20% to $45.2 million due primarily to an increase of
$18.7 million related to the resolution of certain legal matters.
• Search Adjusted EBITDA decreased 60% to $17.5 million due primarily to lower revenue, partially
offset by lower traffic acquisition costs and selling and marketing expense.
• Emerging & Other Adjusted EBITDA losses increased 151% to $36.0 million due primarily to
$16.5 million in severance expense and transaction-related costs related to the sale of assets of Mosaic
Group on February 15, 2024 and an increase of $8.1 million in legal fees, partially off by reduced
losses at Newco (IAC’s former incubator company), The Daily Beast and Vivian Health, and the
inclusion in the prior year period of $2.9 million of losses from Roofing, which was sold on
November 1, 2023.
• Corporate Adjusted EBITDA loss decreased 3% to $87.7 million due primarily to a $10.0 million
benefit in 2024 related to a favorable settlement of a legal matter, partially offset by $3.3 million of
transaction-related costs related to the proposed Distribution.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
• Dotdash Meredith Adjusted EBITDA increased $70.6 million to $222.8 million due to increases in
Adjusted EBITDA of $56.3 million and $33.1 million from Digital and Print, respectively, partially
offset by an increase in Adjusted EBITDA losses of $18.8 million from Other (unallocated corporate
costs).
• The Digital Adjusted EBITDA increase was due primarily to decreases in traffic acquisition
costs, compensation expense and the inclusion in 2022 of $33.3 million of restructuring charges
and transaction-related expenses, including a $14.3 million impairment of an ROU asset
related to the consolidation of certain leased spaces following the Meredith acquisition.
• The Print Adjusted EBITDA increase was due primarily to the inclusion in 2022 of $34.8 million
of restructuring charges and transaction-related expenses.
• The Other (unallocated corporate costs) Adjusted EBITDA loss increase was due primarily to
an impairment charge of $44.7 million of an ROU asset related to unoccupied lease space
recognized in the first quarter of 2023, partially offset by the inclusion in 2022 of $12.3 million
68

of restructuring charges and transaction-related expenses and a decrease in expense in 2023 of
$8.0 million due to the reversal of certain pre-acquisition indemnification liabilities related to the
2021 Meredith acquisition.
See “Note 2 — Summary of Significant Accounting Policies” and “Note 17 — Dotdash Meredith
Restructuring Charges, Transaction-Related Expenses and Change-In-Control Payments”to the financial
statements included in “Item 8. Financial Statements and Supplementary Data” for additional
information on impairment and restructuring charges, respectively.
• Angi Adjusted EBITDA increased $52.0 million to $118.5 million due primarily to increases in
Adjusted EBITDA of $60.2 million and $13.6 million from Services and International, respectively,
partially offset by a decrease in Adjusted EBITDA of $21.6 million from Ads and Leads.
• The Services Adjusted EBITDA increase was due primarily to pricing and fulfillment
optimization efforts over the past year and lower operating expenses due to a reduced overall
cost base as a result of a shift away from complex and less profitable offerings.
• The International Adjusted EBITDA increase was due primarily to an increase in revenue and
lower selling and marketing expense due to more efficient marketing spend.
• The Ads and Leads Adjusted EBITDA decrease was due primarily to lower revenue, partially
offset by lower general and administrative expense due to a decrease in the provision for credit
losses, a decrease in legal expense due, in part, to a $10.9 million benefit in 2023 related to insurance
coverage for previously incurred legal fees, and a decrease in compensation expense and lower
selling and marketing expense due to improved marketing efficiency.
• Care.com Adjusted EBITDA increased $9.3 million to $56.2 million due primarily to higher revenue
and lower product development expense resulting from lower outsourced personnel costs and
software license and maintenance expense, partially offset by an increase in general administrative
expense due primarily to the inclusion in the prior year period of a $3.2 million gain related to the
termination of a lease and $2.3 million in impairment charges related to ROU assets in 2023, partially
offset by a decrease of $1.6 million in non-payroll related taxes related to a sales tax refund received
in 2023.
• Search Adjusted EBITDA decreased 47% to $44.3 million due primarily to lower revenue resulting
from a reduction in marketing by affiliate partners driving fewer visitors to ad supported search and
content websites and the wind-down of the B2C business.
• Emerging & Other Adjusted EBITDA loss decreased $55.6 million to a loss of $14.4 million due
primarily to the sale of Bluecrew, which had Adjusted EBITDA losses of $23.1 million in the prior
year period, reduced losses of $18.5 million at Roofing due primarily to a strategic shift of operations
to select markets prior to its sale on November 1, 2023, higher profits at Mosaic Group, the inclusion
in the second quarter of 2022 of a $9.8 million charge at Vivian Health related to the sale of
equity interests held by certain members of its management and the settlement of certain employee
stock-based awards in conjunction with an equity raise in the second quarter of 2022 and lower losses
at Newco (IAC’s former incubator company).
• Corporate Adjusted EBITDA loss increased $11.4 million to $90.9 million due primarily to increased
compensation expense.
Interest expense
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Interest expense . . . . . . . . .
$155,888
$157,632
$110,165
$(1,744)
(1)%
$47,467
43%
69

For the year ended December 31, 2024 compared to the year ended December 31, 2023
Interest expense in 2024 decreased from 2023 due primarily to a decrease in the amount of debt
outstanding under the Dotdash Meredith Term Loans.
For the year ended December 31, 2023 compared to the year ended December 31, 2022
Interest expense in 2023 increased from 2022 due primarily to an increase in average interest rates on
the Dotdash Meredith Term Loans.
Unrealized (loss) gain on investment in MGM Resorts International (“MGM”)
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Unrealized (loss)
gain on
investment in
MGM Resorts
International . . . .
$(649,178)
$721,668
$(723,515)
$(1,370,846)
NM
$1,445,183
NM
In the fourth quarter of 2023, MGM’s ongoing share repurchase program passively increased the
Company’s ownership interest in MGM and the Company determined that the equity method of accounting
applied and elected to account for its investment in MGM pursuant to the fair value option. Prior to the
fourth quarter of 2023, the Company’s investment in MGM was accounted for as an equity security with a
readily determinable fair value, with changes in fair value recognized through income each period. Since the
Company has always marked its investment in MGM to fair value through income each period, the
election of the fair value option resulted in no change to the accounting for its investment in MGM.
The unrealized pre-tax (losses) and gains from the Company’s investment in MGM were due to changes
in the stock price of MGM’s common stock as reported on the New York Stock Exchange. Based on the
number of MGM common shares outstanding at December 31, 2024, the Company owns approximately
22.0% of MGM.
Other income (expense), net
Year Ended December 31,
2024
2023
2022
(Dollars in thousands)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 86,495
$ 71,114
$
24,916
Unrealized increase (decrease) in the estimated fair value of a
warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,393
2,832
(62,495)
Net realized gain (loss) on sales of businesses and investments and
(downward) upward adjustments to the carrying value of equity
securities without readily determinable fair values(a)(b)(c) . . . . . . . . .
10,373
(19,201)
59,299
Net periodic pension benefit credit (costs), other than the service cost
component(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,656
139
(206,422)
Unrealized gain (loss) related to marketable equity securities . . . . . . . .
121
(145)
(20,342)
Dotdash Meredith Credit Agreement amendment fees(e) . . . . . . . . . . .
(3,453)
—
—
Foreign exchange (losses) gains, net . . . . . . . . . . . . . . . . . . . . . . . . .
(2,588)
1,528
(8,503)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(100)
7,595
(4,238)
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$116,897
$ 63,862
$(217,785)
$ Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 53,035
$281,647
% Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83%
NM
70

(a)
Includes downward and upward adjustments to the carrying value of equity securities without readily determinable
fair values. For the years ended December 31, 2024, 2023 and 2022, the Company recorded net downward
adjustments of $32.3 million, $20.2 million and $89.1 million, respectively.
(b)
Includes a pre-tax gain of $29.2 million on the sale of assets of Mosaic Group, which was included within
Emerging & Other, and was accounted for as a sale of a business, in the year ended December 31, 2024.
(c)
Includes a gain of approximately $132.2 million on the sale of Bluecrew in the year ended December 31, 2022. On
November 9, 2022, the Company completed the sale of Bluecrew, which was included within Emerging & Other, to
EmployBridge, a provider of light industrial staffing solutions, for cash and stock with the Company becoming a
minority shareholder in the combined company.
(d)
Includes pre-tax actuarial gains (losses) of $6.0 million, $1.7 million and $(213.4) million for the years ended
December 31, 2024, 2023 and 2022, respectively, related to the pension plans in the U.S and U.K. See “Note 11 —
Pension and Post-Retirement Benefit Plans” in the accompanying notes to the financial statements included in
“Item 8 — Financial Statements and Supplementary Data” for additional information.
(e)
Relates to third-party fees in connection with the Amended Dotdash Meredith Credit Agreement entered into on
November 26, 2024. See “Note 6 — Long-term debt” for additional information.
Income tax benefit (provision)
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Income tax benefit
(provision) . . . . . . . .
$159,069
$(108,818)
$331,087
$267,887
NM
$(439,905)
NM
Effective income tax
rate . . . . . . . . . . . . .
23%
30%
22%
For further details of income tax matters, see “Note 12 — Income Taxes” in the accompanying notes
to the financial statements included in “Item 8 — Financial Statements and Supplementary Data.”
In 2024, the effective income tax rate is higher than the statutory rate of 21% due primarily to the
valuation allowance release for foreign net operating losses (as described below), state taxes, research credits
and the realization of capital losses, partially offset by the nondeductible portion of goodwill in the sale of
Mosaic Group and nondeductible compensation expense. Following the purchase of the remaining
noncontrolling interests of a foreign subsidiary, we reorganized the related business operations, which
resulted in the release of a valuation allowance for foreign net operating losses in the amount of $31.1 million
as a discrete item in the third quarter, because we are now forecasting the utilization of the net operating
losses within the foreseeable future.
In 2023, the effective income tax rate is higher than the statutory rate of 21% due primarily to state
taxes and nondeductible compensation expense, partially offset by research credits.
In 2022, the effective income tax rate is higher than the statutory rate of 21% due primarily to state
taxes and research credits, partially offset by the non-deductible portion of the Mosaic Group goodwill
impairment charge.
Net (earnings) loss attributable to noncontrolling interests
Year Ended December 31,
2024
2023
2022
2024 Change
2023 Change
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
Net (earnings) loss attributable
to noncontrolling interests . . .
$(6,567)
$7,625
$22,285
$(14,192)
NM
$(14,660)
(66)%
71

Net (earnings) loss attributable to noncontrolling interests in 2024, 2023 and 2022 primarily represents
the publicly-held interest in Angi’s earnings and losses.
Net loss attributable to noncontrolling interests in 2022 also included noncontrolling interest in a
subsidiary that primarily held investments in equity securities. The subsidiary recorded net unrealized losses
in 2022.
72

PRINCIPLES OF FINANCIAL REPORTING
The Company reports Adjusted EBITDA as a supplemental measure to U.S. generally accepted
accounting principles (“GAAP”). This measure is considered our primary segment measure of profitability
and one of 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. This non-
GAAP measure 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. The Company endeavors to compensate
for the limitations of the non-GAAP measure presented by providing the comparable GAAP measure with
equal or greater prominence and descriptions of the reconciling items, including quantifying such items,
to derive the non-GAAP measure. We encourage investors to examine the reconciling adjustments between
the GAAP and non-GAAP measure, which we discuss below.
Definition of Non-GAAP Measure
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.
Non-Cash Expenses That Are Excluded from Our Non-GAAP Measure
Stock-based compensation expense consists of expense associated with awards that were granted under
various IAC stock and annual incentive plans and expense related to awards issued by 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; we also include the related shares in our fully diluted shares outstanding
for GAAP earnings per share using the treasury stock method. The Company is currently settling all stock-
based awards on a net basis; IAC remits the required tax-withholding amounts for net-settled awards from its
current funds.
Depreciation is a non-cash expense relating to our buildings, capitalized software, equipment and
leasehold improvements 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 an acquisition, the identifiable definite-lived
intangible assets of the acquired company, such as advertiser relationships, technology, licensee relationships,
trade names, content, customer lists and user base, and professional relationships, 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.
73

The following tables reconcile operating income (loss) to Adjusted EBITDA for the Company’s
reportable segments and net (loss) earnings attributable to IAC shareholders:
Year Ended December 31, 2024
Operating
Income
(Loss)
Stock-Based
Compensation
Expense
Depreciation
Amortization
of Intangibles
Adjusted
EBITDA
(In thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . . . . . . . . . . . .
$ 146,838
$ 10,097
$ 15,916
$116,542
$289,393
Print . . . . . . . . . . . . . . . . . . . . . . . . .
24,588
2,045
7,285
19,875
53,793
Other(a) . . . . . . . . . . . . . . . . . . . . . . .
(64,552)
13,683
3,103
—
(47,766)
Total Dotdash Meredith . . . . . . . . . . . . .
106,874
25,825
26,304
136,417
295,420
Angi
Ads and Leads . . . . . . . . . . . . . . . . . .
94,428
20,415
65,491
—
180,334
Services . . . . . . . . . . . . . . . . . . . . . . .
(19,440)
3,835
17,474
2,600
4,469
Other(a) . . . . . . . . . . . . . . . . . . . . . . .
(64,845)
9,404
—
—
(55,441)
International . . . . . . . . . . . . . . . . . . .
11,742
1,124
3,087
—
15,953
Total Angi . . . . . . . . . . . . . . . . . . . . . .
21,885
34,778
86,052
2,600
145,315
Care.com . . . . . . . . . . . . . . . . . . . . . . .
33,744
—
5,957
5,480
45,181
Search . . . . . . . . . . . . . . . . . . . . . . . . .
17,406
—
104
—
17,510
Emerging & Other . . . . . . . . . . . . . . . . .
(37,695)
1,626
65
9
(35,995)
Corporate(b) . . . . . . . . . . . . . . . . . . . . .
(146,444)
50,294
8,408
—
(87,742)
Total . . . . . . . . . . . . . . . . . . . . . . . . .
(4,230)
$112,523
$126,890
$144,506
$379,689
Interest expense . . . . . . . . . . . . . . . . . . .
(155,888)
Unrealized loss on investment in MGM
Resorts International . . . . . . . . . . . . .
(649,178)
Other income, net . . . . . . . . . . . . . . . . .
116,897
Loss before income taxes . . . . . . . . . . . .
(692,399)
Income tax benefit . . . . . . . . . . . . . . . . .
159,069
Net loss . . . . . . . . . . . . . . . . . . . . . . . .
(533,330)
Net earnings attributable to
noncontrolling interests
. . . . . . . . . . .
(6,567)
Net loss attributable to IAC
shareholders . . . . . . . . . . . . . . . . . . .
$(539,897)
(a)
Other comprises unallocated corporate expenses.
(b)
Includes stock-based compensation expense for stock-based awards granted to employees of Corporate, Care.com,
Search and all Emerging & Other businesses other than Vivian Health for the years ended December 31, 2024,
2023 and 2022. The years ended December 31, 2023 and 2022 also exclude stock-based compensation granted to
employees of Roofing within Emerging & Other, which was sold on November 1, 2023.
74

Year Ended December 31, 2023
Operating
(Loss)
Income
Stock-Based
Compensation
Expense
Depreciation
Amortization
of Intangibles
Goodwill
Impairment
Adjusted
EBITDA
(In thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . . . .
$ (16,656)
$
8,159
$ 24,772
$226,694
$
—
$242,969
Print . . . . . . . . . . . . . . . .
(3,500)
1,381
13,302
53,043
—
64,226
Other(a)(c) . . . . . . . . . . . . .
(130,582)
13,961
32,183
—
—
(84,438)
Total Dotdash Meredith . . . .
(150,738)
23,501
70,257
279,737
—
222,757
Angi
Ads and Leads . . . . . . . . .
50,043
23,145
66,211
7,958
—
147,357
Services . . . . . . . . . . . . . .
(23,450)
7,586
23,987
—
—
8,123
Other(a) . . . . . . . . . . . . . .
(61,377)
11,301
—
—
—
(50,076)
International
. . . . . . . . . .
8,286
1,382
3,406
—
—
13,074
Total Angi . . . . . . . . . . . . . .
(26,498)
43,414
93,604
7,958
—
118,478
Care.com . . . . . . . . . . . . . . .
45,204
—
3,238
7,763
—
56,205
Search . . . . . . . . . . . . . . . . .
44,198
—
85
—
—
44,283
Emerging & Other . . . . . . . .
(26,441)
1,805
758
512
9,000
(14,366)
Corporate(b) . . . . . . . . . . . . .
(146,488)
48,461
7,154
—
—
(90,873)
Total . . . . . . . . . . . . . . . .
(260,763)
$117,181
$175,096
$295,970
$9,000
$336,484
Interest expense . . . . . . . . . .
(157,632)
Unrealized gain on investment
in MGM Resorts
International
. . . . . . . . . .
721,668
Other income, net . . . . . . . . .
63,862
Earnings before income taxes .
367,135
Income tax provision
. . . . . .
(108,818)
Net earnings . . . . . . . . . . . .
258,317
Net loss attributable to
noncontrolling interests . . .
7,625
Net earnings attributable to
IAC shareholders . . . . . . .
$ 265,942
(c)
Operating loss includes impairment charges of $70.0 million related to unoccupied leased office space and
write-offs of certain leasehold improvements and furniture and equipment of $4.2 million, of which $29.6 million
is presented in “Depreciation” in the statement of operations and, therefore, is excluded from Adjusted EBITDA.
Impairment charges related to unoccupied leased office space included in Adjusted EBITDA are $44.7 million.
See “Note 2 — Summary of Significant Accounting Policies” in the accompanying notes to the financial statements
included in “Item 8 — Financial Statements and Supplementary Data” for additional information on the
impairment charges.
75

Year Ended December 31, 2022
Operating
(Loss)
Income
Stock-Based
Compensation
Expense
Depreciation
Amortization
of Intangibles
Acquisition-
related
Contingent
Consideration
Fair Value
Adjustments
Goodwill
Impairment
Adjusted
EBITDA
(In thousands)
Dotdash Meredith
Digital(d)
. . . . . . . . . . . . . . . .
$
(66,629)
$ 20,596
$ 27,569
$205,772
$(612)
$
—
$186,696
Print(e) . . . . . . . . . . . . . . . . . .
(54,448)
1,023
12,620
71,940
—
—
31,135
Other(a)(f) . . . . . . . . . . . . . . . .
(67,014)
136
1,196
—
—
—
(65,682)
Total Dotdash Meredith . . . . . . .
(188,091)
21,755
41,385
277,712
(612)
—
152,149
Angi
Ads and Leads . . . . . . . . . . . .
85,593
19,972
52,737
10,650
—
—
168,952
Services . . . . . . . . . . . . . . . . .
(95,166)
18,012
21,904
3,124
—
—
(52,126)
Other(a) . . . . . . . . . . . . . . . . .
(61,794)
11,928
—
—
—
—
(49,866)
International . . . . . . . . . . . . . .
(4,253)
890
2,882
—
—
—
(481)
Total Angi . . . . . . . . . . . . . . . . .
(75,620)
50,802
77,523
13,774
—
—
66,479
Care.com . . . . . . . . . . . . . . . . . .
31,189
—
1,609
14,101
—
—
46,899
Search . . . . . . . . . . . . . . . . . . . .
83,398
—
88
—
—
—
83,486
Emerging & Other
. . . . . . . . . . .
(188,028)
2,373
829
2,131
—
112,753
(69,942)
Corporate(b) . . . . . . . . . . . . . . . .
(137,619)
48,546
9,552
—
—
—
(79,521)
Total . . . . . . . . . . . . . . . . . . .
(474,771)
$123,476
$130,986
$307,718
$(612)
$112,753
$199,550
Interest expense . . . . . . . . . . . . .
(110,165)
Unrealized loss on investment in
MGM Resorts International . . .
(723,515)
Other expense, net . . . . . . . . . . . .
(217,785)
Loss from continuing operations
before income taxes . . . . . . . . .
(1,526,236)
Income tax benefit . . . . . . . . . . .
331,087
Net loss from continuing
operations
. . . . . . . . . . . . . . .
(1,195,149)
Earnings from discontinued
operations, net of tax . . . . . . . .
2,694
Net loss . . . . . . . . . . . . . . . . . . .
(1,192,455)
Net loss attributable to
noncontrolling interests . . . . . .
22,285
Net loss attributable to IAC
shareholders . . . . . . . . . . . . . .
$(1,170,170)
(d)
Operating loss includes $39.2 million of restructuring charges, of which a $7.0 million impairment charge is
presented in “Depreciation” in the statement of operations and, therefore, is excluded from Adjusted EBITDA.
Restructuring charges included in Adjusted EBITDA are $32.2 million. Operating loss also includes transaction-
related expenses in connection with the 2021 acquisition of Meredith of $1.1 million. See “Note 2 — Summary of
76

Significant Accounting Policies” and “Note 17 — Dotdash Meredith Restructuring Charges, Transaction-Related
Expenses and Change-in-Control Payments” in the accompanying notes to the financial statements included in
“Item 8 — Financial Statements and Supplementary Data” for additional information on impairment and
restructuring charges, respectively.
(e)
Operating loss includes $33.4 million of restructuring charges and $1.4 million of transaction-related expenses in
connection with the 2021 acquisition of Meredith. See “Note 17 — Dotdash Meredith Restructuring Charges,
Transaction-Related Expenses and Change-in-Control Payments” in the accompanying notes to the financial
statements included in “Item 8 — Financial Statements and Supplementary Data” for additional information.
(f)
Operating loss includes restructuring charges of $7.6 million and transaction-related expenses in connection with
the 2021 acquisition of Meredith of $4.7 million. See “Note 17 — Dotdash Meredith Restructuring Charges,
Transaction-Related Expenses and Change-in-Control Payments” in the accompanying notes to the financial
statements included in “Item 8 — Financial Statements and Supplementary Data” for additional information.
77

FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Position
December 31,
2024
2023
(In thousands)
Angi cash and cash equivalents:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 411,298
$ 354,341
All other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,136
9,703
Total Angi cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
416,434
364,044
Dotdash Meredith cash and cash equivalents:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
230,436
243,801
All other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,491
17,779
Total Dotdash Meredith cash and cash equivalents . . . . . . . . . . . . . . . . . . .
249,927
261,580
IAC (excluding Angi and Dotdash Meredith) cash and cash equivalents and
marketable securities:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,093,675
642,613
All other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,134
29,208
Total cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,131,809
671,821
Marketable securities (United States) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
148,998
Total IAC (excluding Angi and Dotdash Meredith) cash and cash equivalents
and marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,131,809
820,819
Total cash and cash equivalents and marketable securities . . . . . . . . . . . . . . . . .
$1,798,170
$1,446,443
Dotdash Meredith Debt:
Dotdash Meredith Term Loan A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 297,500
$ 315,000
Dotdash Meredith Term Loan B-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,182,500
—
Dotdash Meredith Term Loan B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
1,225,000
Total Dotdash Meredith long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,480,000
1,540,000
Less: current portion of Dotdash Meredith long-term debt . . . . . . . . . . . .
35,000
30,000
Less: original issue discount
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,512
4,470
Less: unamortized debt issuance costs
. . . . . . . . . . . . . . . . . . . . . . . . . .
6,481
8,423
Total Dotdash Meredith long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . .
1,435,007
1,497,107
ANGI Group Debt:
ANGI Group Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
500,000
500,000
Less: unamortized debt issuance costs
. . . . . . . . . . . . . . . . . . . . . . . . . .
3,160
3,953
Total ANGI Group long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
496,840
496,047
Total long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,931,847
$1,993,154
The Company’s international cash can be repatriated without significant tax consequences. During the
year ended December 31, 2024, international cash repatriated to the U.S. was not material.
For a detailed description of long-term debt and interest rate swaps, see “Note 2 — Summary of
Significant Accounting Policies” and “Note 6 — Long-term Debt” in the accompanying notes to the
financial statements included in “Item 8 — Financial Statements and Supplementary Data.”
78

Cash Flow Information
In summary, IAC’s cash flows are as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
Net cash provided by (used in):
Operating activities attributable to continuing operations . . . . . . .
$ 354,518
$ 189,528
$ (82,791)
Investing activities attributable to continuing operations . . . . . . . .
$ 276,825
$ (87,467)
$(494,808)
Financing activities attributable to continuing operations . . . . . . .
$(129,099)
$(223,013)
$(112,651)
Net cash provided by operating activities attributable to continuing operations consists of net earnings
adjusted for non-cash items and the effect of changes in working capital. Non-cash adjustments include the
unrealized losses (gains) on the investment in MGM, deferred income taxes, amortization of intangibles,
pension and post-retirement benefit (credit) cost, depreciation, stock-based compensation expense, provision
for credit losses, goodwill impairment, non-cash lease expense (including ROU asset impairments),
unrealized (increase) decrease in the estimated fair value of a warrant and net (gains) losses on sales of
businesses and investments in equity securities (including downward and upward adjustments).
2024
Adjustments to net earnings consist primarily of an unrealized loss on the investment in MGM of
$649.2 million, amortization of intangibles of $144.5 million, depreciation of $126.9 million, stock-based
compensation expense of $112.5 million, provision of credit losses of $61.9 million and non-cash lease
expense of $54.1 million, partially offset by deferred income taxes of $181.0 million, an unrealized increase in
the estimated fair value of a warrant of $20.4 million, net gains on sales of businesses and investments in
equity securities (including downward and upward adjustments) of $10.5 million, including $29.2 million
gain on the sale of assets of Mosaic Group in February 2024, and pension and post-retirement benefit credit
of $5.5 million. The decrease from changes in working capital include a decrease in operating lease liabilities
of $69.8 million, an increase in accounts receivable of $51.8 million and decreases in deferred revenue of
$12.5 million and accounts payable and other liabilities of $9.3 million, partially offset by a decrease in other
assets of $103.9 million. The decrease in operating lease liabilities is due to cash payments on leases net of
interest accretion. The increase in accounts receivable is due primarily to an increase at Angi due primarily to
timing of cash receipts and an increase at Dotdash Meredith in revenue in the fourth quarter of 2024
relative to 2023, partially offset by a decrease at Mosaic Group due to cash receipts prior to the sale of its
assets and a decrease in revenue at Search in the fourth quarter of 2024 relative to 2023. The decrease in
deferred revenue is due primarily to lower annual memberships at Angi, primarily at Ads and Leads, and a
decrease at Care.com primarily due to the timing of the utilization of services provided through Care for
Business and lower subscriptions on the Care.com platform. The decrease in accounts payable and other
liabilities is due primarily to timing of payments and a decrease at Search in accrued traffic acquisition costs
and related payables, partially offset by an increase in accrued employee compensation, due primarily to an
increase in accrued severance related to headcount reductions at Dotdash Meredith and an increase in accrued
bonuses, an increase in accrued professional fees at Corporate and Angi due, in part, to the Distribution
and an increase in an accrual at Care.com related to the resolution of certain legal matters. The decrease in
other assets is due primarily to a decrease in prepaid hosting services at Corporate, Dotdash Meredith and
Angi, receipt of pre-acquisition income tax refunds at Dotdash Meredith, the liquidation of the domestic
funded pension plan at Dotdash Meredith in connection with the termination of the plan, lower capitalized
sales commissions at Angi due, in part, to a reduction in headcount and payment received at Angi related
to insurance coverage for previously incurred legal fees.
Net cash provided in investing activities includes maturities of marketable debt securities of
$375.0 million, net proceeds from the sales of businesses and investments of $177.2 million, including
$155 million from the sale of assets of Mosaic Group, net proceeds from the sales of assets of $12.8 million
principally from the sale of an aircraft at Dotdash Meredith and collections of notes receivable of
$11.8 million. partially offset by $221.8 million for the purchases of marketable debt securities, capital
79

expenditures of $65.5 million, primarily related to investments of $49.5 million in capitalized software at
Angi to support its products and services, and the purchase of a retirement investment fund of $16.0 million
at Dotdash Meredith in connection with the termination of the domestic funded pension plan and transfer
of the remaining assets to the IAC Inc. Retirement Savings Plan.
Net cash used in financing activities includes payments on the Dotdash Meredith Term Loans of
$68.0 million, including a $30.0 million principal prepayment and $8.0 million of additional principal
payments made to certain Dotdash Meredith Term Loan B lenders; the $8.0 million in additional principal
payments were offset by additional borrowings from new and existing lenders under Dotdash Meredith Term
Loan B-1 of $8.0 million. Net cash used in financing activities also includes $28.6 million for the repurchase
of 12.6 million shares of Angi Class A common stock, on a settlement date basis, at an average price of
$2.27 per share, the purchase of the remaining noncontrolling interests of a foreign subsidiary at Angi of
$16.0 million, withholding taxes paid on behalf of IAC employees, excluding Angi, for stock-based awards
that were net settled of $15.0 million and withholding taxes paid on behalf of Angi employees for stock-
based awards that were net settled of $7.6 million.
2023
Adjustments to net earnings consist primarily of amortization of intangibles of $296.0 million,
depreciation of $175.1 million, stock-based compensation expense of $117.2 million, non-cash lease
expense of $101.7 million, deferred income taxes of $88.8 million, provision of credit losses of $87.7 million,
net losses on investments in equity securities (including downward and upward adjustments) and sales of
businesses of $19.3 million and goodwill impairment of $9.0 million, partially offset by an unrealized gain
on the investment in MGM of $721.7 million and an unrealized increase in the estimated fair value of a
warrant of $2.8 million. The decrease from changes in working capital include a decrease in accounts
payable and other liabilities of $120.3 million, a decrease in operating lease liabilities of $74.3 million and
an increase in accounts receivable of $37.3 million. The decrease in accounts payable and other liabilities is
due, in part, to a decrease in accrued traffic acquisition costs and related payables at Search and Dotdash
Meredith, a decrease in accrued advertising at Angi and Search and a decrease in accrued employee
compensation, due primarily to restructuring related severance payments at Dotdash Meredith. The decrease
in operating lease liabilities is due to cash payments on leases net of interest accretion. The increase in
accounts receivable is due primarily to timing of cash receipts at Angi and an increase in revenue relative to
the fourth quarter of 2022 at Dotdash Meredith Digital, partially offset by a decrease in revenue relative
to the fourth quarter of 2022 at Search.
Net cash used in investing activities includes $455.4 million for the purchase of marketable debt
securities, capital expenditures of $141.4 million, primarily related to payment of approximately $80 million
for the acquisition of the formerly leased land under IAC’s New York City headquarters building as well
as investments of $45.2 million in capitalized software at Angi to support its products and services, and
$103.6 million for the purchase of additional preferred shares of Turo, partially offset by maturities of
marketable debt securities of $550.0 million, net proceeds from the sales of assets of $29.8 million, including
$28.2 million related to the sale of a building at Dotdash Meredith, net proceeds from the sales of businesses
and investments of $11.9 million and net collections of notes receivable of $11.3 million.
Net cash used in financing activities includes the repurchase of 3.2 million shares of IAC common
stock, on a settlement date basis, for $165.6 million at an average price of $51.00 per share, principal
payments on the Dotdash Meredith Term Loans of $30.0 million, the repurchase of 4.4 million shares of
Angi Class A common stock, on a settlement date basis, for $10.9 million at an average price of $2.50 per
share, withholding taxes paid on behalf of IAC employees, excluding Angi, for stock-based awards that were
net settled of $10.6 million and withholding taxes paid on behalf of Angi employees for stock-based
awards that were net settled of $6.0 million.
2022
Adjustments to net loss attributable to continuing operations consist primarily of an unrealized loss on
the investment in MGM of $723.5 million, amortization of intangibles of $307.7 million, pension and post-
retirement benefit cost of $210.0 million, depreciation of $131.0 million, stock-based compensation
expense of $123.5 million, provision of credit losses of $116.6 million, goodwill impairment of $112.8 million,
80

non-cash lease expense (including ROU asset impairments) of $70.9 million and an unrealized decrease in
the estimated fair value of a warrant of $62.5 million, partially offset by deferred income taxes of
$337.8 million and net gains on sales of businesses and investments in equity securities (including downward
and upward adjustments) of $39.0 million. The decrease from changes in working capital include a
decrease in accounts payable and other liabilities of $247.9 million, an increase in accounts receivable of
$66.7 million, a decrease in operating lease liabilities of $63.8 million and a decrease in deferred revenue of
$11.0 million. The decrease in accounts payable and other liabilities is due primarily to (i) a decrease in accrued
employee compensation due, in part, to change-in-control payments, partially offset by an increase in
restructuring charges, at Dotdash Meredith, (ii) a decrease in accrued traffic acquisition costs and related
payables at Search, (iii) a decrease in accounts payable at Dotdash Meredith due primarily to timing of
payments and lower spend due to the discontinuation of certain print publications, (iv) a payment of pre-
acquisition income tax indemnification liabilities at Dotdash Meredith and (v) a decrease in customer
deposit liabilities at Dotdash Meredith due, in part, to the discontinuation of certain print publications. The
increase in accounts receivable is due primarily to revenue growth at Angi, primarily attributable to
Services, and an increase in revenue related to various production deals at IAC Films, partially offset by a
decrease in revenue at Search and a decrease at Dotdash Meredith primarily due to the discontinuation of
certain publications, reduced circulation of other publications and continued secular declines at Print and
decreases in performance marketing and advertising revenue at Digital. The decrease in operating lease
liabilities is due to cash payments on leases net of interest accretion. The decrease in deferred revenue is due
primarily to timing of the utilization of services provided through Care for Business at Care.com, lower
annual memberships at Angi, primarily at Ads and Leads, and a decrease in Digital licensing contracts at
Dotdash Meredith.
Net cash used in investing activities attributable to continuing operations includes $244.3 million for
the purchase of 5.7 million additional shares of MGM, $233.9 million for the purchase of marketable debt
securities and capital expenditures of $139.8 million primarily related to investments in capitalized software at
Angi, Care.com and Dotdash Meredith, partially offset by net proceeds from the sale of certain businesses
and investments of $90.8 million and collections of notes receivable of $19.5 million.
Net cash used in financing activities attributable to continuing operations includes the repurchase of
1.1 million shares of IAC common stock, on a settlement date basis, for $85.3 million at an average price of
$77.44 per share, principal payments on the Dotdash Meredith Terms of $30.0 million, withholding taxes
paid on behalf of IAC employees, excluding Angi, for stock-based awards that were net settled of
$18.1 million, withholding taxes paid on behalf of Angi employees for stock-based awards that were net
settled of $8.8 million and the repurchase of 1.0 million shares of Angi Class A common stock, on a
settlement date basis, for $8.1 million at an average price of $7.80 per share, partially offset by proceeds from
the issuance of Vivian Health preferred shares, net of fees of $34.7 million.
Liquidity and Capital Resources
Financing Arrangements
On November 26, 2024, the Company entered into the Amended Dotdash Meredith Credit Agreement,
which governs both the existing Dotdash Meredith Term Loan A and the Dotdash Meredith Revolving
Facility. Prior to the effectiveness of the Amended Dotdash Meredith Credit Agreement, Dotdash Meredith
Term Loan B bore an interest rate of Adjusted Term SOFR plus 4.00%, plus a varying adjustment of
0.10%, 0.15% or 0.25% based upon the duration of the borrowing period. The Amended Dotdash Meredith
Credit Agreement reset the interest rate on Dotdash Meredith Term Loan B-1 to Adjusted Term SOFR
plus 3.50% and removed the varying adjustment. At December 31, 2024, Dotdash Meredith Term Loan B-1
bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 3.50%, or 8.05%. Immediately
prior to the effectiveness of the Amended Dotdash Meredith Credit Agreement, the Company prepaid
$30 million in aggregate principal of Dotdash Meredith Term Loan B.
For a detailed description of long-term debt, see “Note 6 — Long-term Debt” in the accompanying
notes to the financial statements included in “Item 8 — Financial Statements and Supplementary Data.”
81

Investment in MGM
At December 31, 2024, the Company owns 64.7 million common shares of MGM. Based on the
number of MGM common shares outstanding at December 31, 2024, the Company owns 22.0% of MGM.
Investment in Turo
The Company net settled its Turo warrant on July 23, 2024 (the warrant expiration date) for 4.5 million
shares of Series E-2 preferred stock, bringing IAC’s ownership percentage in Turo to approximately 32% at
December 31, 2024.
Share Repurchase Authorizations and Activity
At February 7, 2025, IAC had 3.7 million shares remaining in its share repurchase authorization.
There were no repurchases of IAC common stock in 2024.
During the year ended December 31, 2024, Angi repurchased 12.5 million shares of its Class A
common stock, on a trade date basis, at an average price of $2.27 per share, or $28.4 million in aggregate.
During the fourth quarter of 2023, Angi announced its intent to repurchase the 14.0 million shares remaining
in its stock repurchase authorization from March 2020 (the “2020 Share Authorization”). On August 2,
2024, the board of directors of Angi approved a new stock repurchase authorization of 25 million shares
(the “2024 Share Authorization”). As of August 19, 2024, Angi had no shares remaining under the 2020
Authorization. As of February 7, 2025, Angi had 23.1 million shares remaining in its 2024 Share
Authorization.
IAC and Angi may repurchase shares pursuant to their repurchase authorizations 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.
Contractual Obligations
The Company enters into various contractual arrangements as a part of its continued operations.
Material contractual obligations as of December 31, 2024 are described in the accompanying notes to the
financial statements within “Item 8 — Financial Statements and Supplementary Data”; these include
operating leases as described in “Note 5 — Leases,” principal and interest payments on long-term debt as
described in “Note 6 — Long-Term Debt” and pension and post-retirement benefits as described in
“Note 11 — Pension and Post-Retirement Benefit Plans.” On January 28, 2025, the Company entered into
an agreement to terminate its lease for unoccupied office space that otherwise would have expired in 2032 for
total payments of $43.1 million, of which $21.6 million was paid in January 2025 and the remaining
balance will be paid in April 2025. The gain on the lease termination of $36.2 million will be recognized in
the first quarter of 2025. The termination of this lease reduces future fixed lease payments by $101.7 million.
The Company has material purchase obligations, which represent legally binding agreements to
purchase goods and services that specify all significant terms. Future payments under these agreements at
December 31, 2024 are as follows:
Amount of Commitment Expiration Per Period
Less Than
1 Year
1 – 3
Years
3 – 5
Years
More Than
5 Years
Total
Amounts
Committed
(In thousands)
Purchase obligations . . . . . . . . . . . . . . . . . . . . . . . .
$74,667
$20,032
$—
$—
$94,699
Purchase obligations include future payments of (i) $32.6 million related to cloud computing
arrangements, (ii) $12.6 million related to email marketing services, (iii) $12.0 million related to advertisement
placement services in 2025, (iv) $8.8 million related to research tools and (v) $6.4 million related to office
productivity and email tools.
82

Capital Expenditures
The Company anticipates that it will need to make capital expenditures in connection with the
development and expansion of its operations. The Company’s 2025 capital expenditures are expected to be
higher than its 2024 capital expenditures of $65.5 million by approximately 20% to 30%, due primarily to an
increase in capitalized software at Angi and Dotdash Meredith.
Liquidity Assessment
On a consolidated basis, the Company generated positive cash flows from operating activities of
$354.5 million for the year ended December 31, 2024; excluding the positive cash flows from operating
activities of $162.3 million and $155.9 million generated by Dotdash Meredith and Angi, respectively, the
Company generated positive cash flows from operating activities of $36.3 million.
At December 31, 2024, the Company’s consolidated cash and cash equivalents were $1.8 billion, of
which $416.4 million and $249.9 million was held by Angi and Dotdash Meredith, respectively. The
Company’s consolidated debt consists of $1.5 billion, which is the liability of Dotdash Meredith, Inc., and
$500.0 million, which is the liability of ANGI Group, a subsidiary of Angi.
The Amended Dotdash Meredith Credit Agreement contains covenants that would limit Dotdash
Meredith’s ability to pay dividends, incur incremental secured indebtedness, or make distributions or certain
investments in the event a default has occurred or if Dotdash Meredith’s consolidated net leverage ratio
exceeds 4.0 to 1.0, subject to certain available amounts as defined in the Amended Dotdash Meredith Credit
Agreement. Dotdash Meredith did not exceed this ratio for the test period ended December 31, 2024. The
Amended Dotdash Meredith Credit Agreement also permits IAC to, among other things, contribute cash to
Dotdash Meredith which will provide additional liquidity to ensure that Dotdash Meredith does not
exceed certain consolidated net leverage ratios for any test period, as further defined in the Amended Dotdash
Meredith Credit Agreement. In connection with these capital contributions, Dotdash Meredith may make
distributions to IAC in amounts not more than any such capital contributions, provided that no default has
occurred and is continuing. Such capital contributions and subsequent distributions impact the consolidated
net leverage ratios of Dotdash Meredith. During the year ended December 31, 2024, the Company contributed
$125 million to Dotdash Meredith, following which Dotdash Meredith distributed $230 million back to
the Company, including $105 million in January 2024 related to the Company’s contribution in
December 2023. The contributions ceased in September 2024, which Dotdash Meredith distributed back to
the Company in October 2024 and, therefore, there are no contributions or distributions outstanding as
of December 31, 2024. See “Note 6 — Long-Term Debt” to the financial statements included in
“Item 8 — Financial Statements and Supplementary Data” for additional information.
Angi is an independent public company with its own public shareholders and board of directors and
has no obligation to provide the Company with funds. As a result, the Company cannot freely access the
cash of Angi and its subsidiaries.
The Company’s liquidity could be negatively affected by a decrease in demand for its products and
services due to economic or other factors.
The Company believes Angi’s and Dotdash Meredith’s existing cash, cash equivalents and expected
positive cash flows from operations, and the Company’s existing cash and cash equivalents and expected
positive cash flows from operations, excluding Angi and Dotdash Meredith, will be sufficient to fund their
respective normal operating requirements, including capital expenditures, debt service, the payment of
withholding taxes paid on behalf of employees for net-settled stock-based awards and investing and other
commitments for the next twelve months. The Company may need to raise additional capital through future
debt or equity financing to make acquisitions and investments. Additional financing may not be available
on terms favorable to the Company, or at all, and may also be impacted by any disruptions in the financial
markets. The indebtedness at Dotdash Meredith and Angi could further limit the Company’s ability to raise
additional financing.
83

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The following disclosure is provided to supplement the descriptions of IAC’s accounting policies
contained in “Note 2 — Summary of Significant Accounting Policies” in the accompanying notes to the
financial statements included in “Item 8 — Financial Statements and Supplementary Data” in regard to
significant areas of judgment. Management of the Company is required to make certain estimates, judgments
and assumptions during the preparation of its financial statements in accordance with U.S. generally
accepted accounting principles (“GAAP”). These estimates, judgments and assumptions affect the amounts
and disclosures reported in the financial statements and accompanying notes. Actual results could differ
from these estimates. Because of the size of the financial statement elements to which they relate, some of
our accounting policies and estimates have a more significant impact on our financial statements than others.
What follows is a discussion of some of our more significant accounting policies and estimates.
Business Combinations
Acquisitions, which are generally referred to in GAAP as business combinations, are an important part
of the Company’s growth strategy. The purchase price of an acquisition is attributed to the assets acquired
and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible
assets that either arise from a contractual or legal right or are separable from goodwill.
Management makes two critical determinations at the time of an acquisition: (1) the reporting unit(s)
that will benefit from the acquisition and to which goodwill will be assigned and (2) the allocation of the
purchase price of the acquired business to the assets acquired and the liabilities assumed based upon their
fair values. The reporting unit determination is important beyond the initial allocation of purchase price
because future impairment assessments of goodwill, as described below, are performed at the reporting
unit level. Historically, when the Company’s acquisitions have been complementary to existing reporting units,
the goodwill is allocated to an existing reporting unit. Acquisitions within Emerging & Other usually result
in the creation of a new reporting unit because it is a standalone business with unique product offerings,
management or target markets. There have been no acquisitions made since the 2021 acquisition of
Meredith, for which the allocation of purchase price to the assets acquired and liabilities assumed, the
determination of the reporting units and the allocation of goodwill to the reporting units were finalized
during the fourth quarter of 2022.
The allocation of purchase price to the assets acquired and liabilities assumed is based upon their fair
values and is complex because of the judgments involved in determining these values. The determination of
purchase price and the fair value of monetary assets acquired and liabilities assumed is typically the least
complex aspect of the Company’s accounting for business combinations due to management’s experience
and/or the inherently lower level of judgment required. Due to the higher degree of complexity associated
with the valuation of acquired intangible assets, the Company usually obtains the assistance of outside
valuation experts in the allocation of purchase price to the identifiable intangible assets acquired, which can
be both definite-lived, such as advertiser relationships, technology, licensee relationships, trade names,
content, customer lists and user base, and professional relationships, or indefinite lived, such as trade names
and trademarks. While outside valuation experts may be used, management has the ultimate responsibility
for the valuation methods, models and inputs used and the resulting purchase price allocation. The excess
purchase price over the value of net tangible and identifiable intangible assets acquired is recorded as
goodwill and is assigned to the reporting unit(s) expected to benefit from the business combination as of the
acquisition date.
Recoverability of Goodwill and Indefinite-Lived Intangible Assets
The carrying value of goodwill is $2.9 billion and $3.0 billion at December 31, 2024 and 2023,
respectively. Indefinite-lived intangible assets, which consist of the Company’s acquired trade names and
trademarks, have a carrying value of $513.1 million and $544.2 million at December 31, 2024 and 2023,
respectively.
Goodwill and indefinite-lived intangible assets are assessed annually for impairment as of October 1 or
more frequently if an event occurs or circumstances change that would indicate that it is more likely than
not that the fair value of a reporting unit or the fair value of an indefinite-lived intangible asset has declined
84

below its carrying value. In performing its annual goodwill impairment assessment, the Company has the
option under GAAP to qualitatively assess whether it is more likely than not that the fair value of a reporting
unit is less than its carrying value; if the conclusion of the qualitative assessment is that there are no
indicators of impairment, the Company does not perform a quantitative test, which would require a valuation
of the reporting unit, as of October 1. GAAP provides a not all-inclusive set of examples of macroeconomic,
industry, market and company specific factors for entities to consider in performing the qualitative
assessment described above; management considers the factors it deems relevant in making its more-likely-
than-not assessments. While the Company has the option under GAAP to qualitatively assess whether it is
more likely than not that the fair values of its indefinite-lived intangible assets are less than their carrying
values, the Company’s policy is to determine the fair value of each of its indefinite-lived intangible assets
annually as of October 1, in part, because the level of effort required to perform the quantitative and qualitative
assessments is essentially equivalent.
If the conclusion of our qualitative assessment is that there are indicators of impairment and a
quantitative test is required, the annual or interim quantitative test of the recovery of goodwill involves a
comparison of the estimated fair value of the Company’s reporting unit that is being tested to its carrying
value. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit
is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, a goodwill
impairment equal to the excess is recorded.
The Company’s annual assessment of the recovery of goodwill begins with management’s reassessment
of its operating segments and reporting units. A reporting unit is an operating segment or one level below
an operating segment, which is referred to as a component. This reassessment of reporting units is also made
each time the Company changes its operating segments to the extent that this also results in a change in
reporting units. If the goodwill of a reporting unit is allocated to newly formed reporting units, the allocation
is usually made to each reporting unit based upon their relative fair values.
For the Company’s annual goodwill test as of October 1, 2024, qualitative assessments of the goodwill
of the Dotdash Meredith Digital, Angi International and Vivian Health reporting units were performed
because the Company concluded it was more likely than not that the fair value of these reporting units was
in excess of their respective carrying values. The primary factors that the Company considered in its qualitative
assessment for each of these reporting units are described below:
• The Company considered the strong forecasted operating performance, in addition to actual
operating results in the current year of the Dotdash Meredith Digital reporting unit and, based on
the Company’s latest valuation prepared as of October 1, 2023, the excess of its estimated fair value of
the reporting unit compared to its carrying value. The Company also considered the valuations of
Dotdash Meredith as of December 31, 2023 and June 30, 2024 that were prepared in connection with
the issuance and/or settlement of equity awards that are denominated in its equity. These valuations
were prepared time proximate to, however, not as of, October 1, 2024.
• The Company prepared a valuation of the Angi International and Vivian Health reporting units
primarily in connection with the issuance and/or settlement of equity awards that are denominated
in the equity of these businesses as of June 30, 2024. These valuations were prepared time proximate
to, however, not as of, October 1, 2024. The fair value of these businesses were in excess of their
October 1, 2024 carrying values.
For the Company’s annual goodwill test at October 1, 2024, the Company quantitatively tested the
Angi Ads and Leads, Angi Services, and Care.com reporting units. The Company’s quantitative tests
resulted in no impairments. The Company’s remaining reporting units, Dotdash Meredith Print, Search,
The Daily Beast and IAC Films, have no goodwill as of October 1, 2024.
Given the decline in Angi’s and the Company’s stock prices after October 1, 2024, the Company
subsequently quantitatively tested all reporting units with goodwill as of December 31, 2024 and no
impairments were noted.
During the third quarter of 2023 and second quarter of 2022, the Company reassessed the fair value of
the Mosaic Group reporting unit (included within Emerging & Other) and recorded goodwill impairments
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of $9.0 million and $86.7 million, respectively, as a result of the projected reduction in future revenue and
profits from the business and lower trading multiples of a selected peer group of companies.
In the fourth quarter of 2022, prior to its sale in 2023, a quantitative assessment was performed on the
Roofing reporting unit; this test resulted in a full impairment of $26.0 million due to Roofing exiting certain
markets and a projected reduction in future profits from the business, which reduced its fair value.
There is no goodwill for which the most recent estimate of the excess of fair value over carrying value is
less than 20%.
The fair value of the Company’s reporting units is determined using both an income approach based
on discounted cash flows (“DCF”) and a market approach when it tests goodwill for impairment, either on
an interim basis or annual basis as of October 1 each year. The Company uses the same approach in
determining the fair value of its businesses in connection with its non-public subsidiary denominated stock-
based compensation plans, which can be a significant factor in the decision to apply the qualitative
assessment rather than a quantitative test. Determining fair value using a DCF analysis requires the exercise
of significant judgment with respect to several items, including the amount and timing of expected future
cash flows and appropriate discount rates. The expected cash flows used in the DCF analyses are based on the
Company’s most recent forecast and budget and, for years beyond the budget, the Company’s estimates,
which are based, in part, on forecasted growth rates. The discount rates used in the DCF analyses are intended
to reflect the risks inherent in the expected future cash flows of the respective reporting units. Assumptions
used in the DCF analyses, including the discount rate, are assessed based on each reporting unit’s current
results and forecasted future performance, as well as macroeconomic and industry specific factors. The
discount rates used in the quantitative tests as of December 31, 2024 for determining the fair values of the
Dotdash Meredith Digital, Angi Ads and Leads, Angi Services, Angi International, Care.com and Vivian
Health reporting units were 14.5%, 13%, 14%, 15%, 14.5% and 23%, respectively. The discount rates used
in the quantitative tests as of October 1, 2024 for determining the fair values of the Angi Ads and Leads, Angi
Services and Care.com reporting units were 12.5%, 13.5% and 14%, respectively. The discount rates used in
the quantitative tests as of October 1, 2023 for determining the fair value of the Company’s Dotdash Meredith
Digital, Care.com and Mosaic Group reporting unit were 15.5%,16% and 16%, respectively. Determining
fair value using a market approach considers multiples of financial metrics based on both acquisitions and
trading multiples of a selected peer group of companies. From the comparable companies, a representative
market multiple is determined, which is applied to financial metrics to estimate the fair value of a reporting
unit. To determine a peer group of companies for our respective reporting units, we considered companies
relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand
strength operating in their respective sectors.
The Company determines the fair value of indefinite-lived intangible assets using an avoided royalty
DCF valuation analysis. Significant judgments inherent in this analysis include the selection of appropriate
royalty and discount rates and estimating the amount and timing of expected future cash flows. The discount
rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows
generated by the respective intangible assets. The royalty rates used in the DCF analyses are based upon an
estimate of the royalty rates that a market participant would pay to license the Company’s trade names and
trademarks. The future cash flows are based on the Company’s most recent forecast and budget and,
for years beyond the budget, the Company’s estimates, which are based, in part, on forecasted growth rates.
Assumptions used in the avoided royalty DCF analyses, including the discount rate and royalty rate, are
assessed annually based on the actual and projected cash flows related to the asset, as well as macroeconomic
and industry specific factors. The discount rates used in the Company’s annual indefinite-lived impairment
assessment ranged from 12.5% to 14.5% in 2024 and 15% to 17% in 2023, and the royalty rates used ranged
from 2% to 8% in both 2024 and 2023. The October 1, 2023 annual quantitative assessment of indefinite-
lived intangible assets identified an impairment of $79.9 million related to certain other indefinite-lived trade
name intangible assets in the Dotdash Meredith Digital segment. The discount rate used to value these
trade names was 15.5% and the royalty rate was 6%.
In the fourth quarter of 2024, the Company identified an impairment charge of $2.6 million related to
a certain indefinite-lived trade name at Angi Services. The discount rate used to value this trade name was
14.0% and the royalty rate was 2.5%.
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During the first quarter of 2024, the Company determined that a projected reduction in future revenue
related to certain indefinite-lived trade name intangible assets with a carrying value of $20.7 million in the
Dotdash Meredith Digital segment resulted in a change in classification to definite-lived intangible assets to
be amortized over their respective useful lives. There was no impairment recorded in connection with the
change in classification.
During the third quarter of 2023, the Company determined that a projected reduction in future
revenue related to a certain indefinite-lived trade name intangible asset in the Dotdash Meredith Digital
segment was an indicator of possible impairment. Following the identification of the indicator, the Company
updated its calculation of the fair value of the indefinite-lived intangible asset and recorded an impairment
of $7.6 million. The discount rate used to value the trade name was 16% and the royalty rate was 8%. A
quantitative assessment of this indefinite-lived trade name intangible asset was prepared as of October 1,
2023; this test resulted in no additional impairment as its carrying value approximates its fair value.
If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, an impairment
equal to the excess is recorded. There is one indefinite-lived intangible asset at Angi Services with a value of
approximately $16.2 million for which the most recent estimate of the excess of fair value over carrying
value is less than 20%.
The impairment of indefinite-lived intangible assets are included in “Amortization of intangibles” in
the accompanying statement of operations.
Recoverability of Long-Lived Assets
We review the carrying value of all long-lived assets, other than goodwill and indefinite-lived intangible
assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an
asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum
of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the
carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which
the carrying value of the long-lived asset exceeds its fair value. The carrying value of these long-lived assets
is $857.0 million and $1.1 billion at December 31, 2024 and 2023, respectively.
During the first quarter of 2023, due to the continued decline in the commercial real estate market,
Dotdash Meredith recorded impairment charges of $70.0 million related to certain unoccupied leased office
space consisting of impairments of $44.7 million and $25.3 million of an ROU asset and related leasehold
improvements, furniture and equipment, respectively.
During the third quarter of 2022, Dotdash Meredith recorded impairment charges of $21.3 million
related to the consolidation of certain leased spaces following the Meredith acquisition consisting of
impairments of $14.3 million and $7.0 million of an ROU asset and related leasehold improvements, furniture
and equipment, respectively. See “Note 17 — Dotdash Meredith Restructuring Charges, Transaction-
Related Expenses and Change-in-Control Payments” in the accompanying notes to the financial statements
included in “Item 8 — Financial Statements and Supplementary Data” for additional information.
The impairment charges related to ROU assets are included in “General and administrative expense”
and the impairment charges related to leasehold improvements, furniture and equipment are included in
“Depreciation” in the statement of operations. The impairment charges represent the amount by which the
carrying value of the asset group exceeded its estimated fair value, calculated using a DCF approach using
sublease market assumptions of the expected cash flows and discount rate. The impairment charges were
allocated between the ROU assets and related leasehold improvements, furniture and equipment of the asset
group based on their relative carrying values.
Income Taxes
The Company accounts for income taxes under the liability method, and deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial
statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences
are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more
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likely than not that the deferred tax asset will not be realized. At December 31, 2024 and 2023, the balance
of the Company’s net deferred tax assets (liabilities) is $16.1 million and $(162.9) million, respectively.
The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition
(step one) occurs when the Company concludes that a tax position, based solely on its technical merits, is
more likely than not to be sustainable upon examination. Measurement (step two) determines the amount of
benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that
has full knowledge of all relevant information. De-recognition of a tax position that was previously recognized
would occur when the Company subsequently determines that a tax position no longer meets the more-likely-
than-not threshold of being sustained. This measurement step is inherently difficult and requires subjective
estimations of such amounts to determine the probability of various possible outcomes. At December 31,
2024 and 2023, the Company has unrecognized tax benefits, including interest and penalties, of
$23.8 million and $19.6 million, respectively. We consider many factors when evaluating and estimating our
tax positions and unrecognized tax benefits, which may require periodic adjustment and which may not
accurately anticipate actual outcomes. Although management currently believes changes to unrecognized
tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues
raised in audits and amounts previously provided will not have a material impact on the liquidity, results of
operations, or financial condition of the Company, these matters are subject to inherent uncertainties and
management’s view of these matters may change in the future.
The ultimate amount of deferred income tax assets realized and the amounts paid for deferred income
tax liabilities and unrecognized tax benefits may vary from our estimates due to future changes in income
tax law, state income tax apportionment or the outcome of any review of our tax returns by the various tax
authorities, as well as actual operating results of the Company that vary significantly from anticipated
results.
Stock-Based Compensation
Stock-based compensation at the Company is inherently complex. Our desire is to attract, retain,
incentivize and reward our management team and employees at each of our subsidiaries, including those
employed by companies we acquire, by allowing them to benefit directly from the value they help to create.
We accomplish these objectives, in part, by issuing equity awards denominated in the equity of our
non-publicly traded subsidiaries as well as in IAC and Angi. We further refine this approach by tailoring
certain equity awards to the applicable circumstances. For example, we have in the past issued certain equity
awards for which vesting is linked to the achievement of a performance target such as revenue or profits;
these awards are referred to as performance-based awards. In other cases, we link the vesting of equity awards
to the achievement of a value target for a subsidiary or IAC or Angi’s stock price, as applicable; these
awards are referred to as market-based awards. The nature and variety of these types of equity-based awards
creates complexity in our determination of stock-based compensation expense.
In addition, acquisitions are an important part of the Company’s growth strategy. These transactions
may result in the modification of equity awards, which may create additional complexity and additional stock-
based compensation expense. In addition, our spin-offs and internal reorganizations can also lead to
modifications of equity awards and may result in additional complexity and stock-based compensation
expense.
Finally, the means by which we settle our equity-based awards also introduces complexity into our
financial reporting. We provide a path to liquidity by settling the non-public subsidiary denominated
awards in IAC or Angi shares, as applicable. In addition, certain former Angi subsidiary denominated awards
and Angi stock appreciation rights can be settled in IAC or Angi awards at the Company’s election. These
features increase the complexity of our earnings per share calculations.
Stock-based compensation expense reflected in our statement of operations includes expense related to
equity awards issued by certain of our subsidiaries and awards granted to the Company’s Corporate
employees and the employees of Angi. The awards granted to the Company’s Corporate employees and the
employees of Angi have principally been in the form of restricted stock units (“RSUs”), performance-
based RSUs, market-based RSUs and restricted stock. For RSUs, the value of the instrument is measured
at the grant date as the fair value of the underlying common stock and expensed as stock-based compensation
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expense over the vesting term. For performance-based RSUs, the value of the instrument is measured at the
grant date as the fair value of the underlying common stock and expensed as stock-based compensation
over the vesting term when the performance targets are considered probable of being achieved. For
market-based RSUs, a lattice model is used to estimate the value of the awards. For IAC restricted stock, a
lattice model was used to estimate the fair value of the award which was based on the satisfaction of IAC’s
stock price targets. See “Note 10 — Stock-Based Compensation” in the accompanying notes to the
financial statements included in “Item 8 — Financial Statements and Supplementary Data” for a discussion
of the forfeiture of the IAC restricted stock award on January 13, 2025.
The principal form of equity awards to the employees and management of its non-publicly traded
subsidiaries is stock settled stock appreciation rights that are denominated in the equity of the relevant
subsidiary of the Company or Angi, in the case of its International business, which are settleable in shares
of the Company or Angi as applicable. The value of the stock settled stock appreciation rights is tied to the
value of the common stock of these subsidiaries. Accordingly, these interests only have value to the extent
the relevant business appreciates in value above the initial value utilized to determine the exercise price and
these interests can have substantial value in the event of significant appreciation. The grant date value of these
stock settled stock appreciation rights is measured at grant date, using a Black-Scholes option pricing
model and, for those with a market condition, a lattice model, at fair value and is expensed over the vesting
term.
The Company estimates the fair value of stock options upon issuance or modification using a Black-
Scholes option pricing model and, for those with a market condition, a lattice model. No stock options
were issued by the Company in the years ended December 31, 2024, 2023 and 2022, respectively.
Investments in Equity Securities
The Company’s equity securities, other than those of its consolidated subsidiaries and those accounted
for under the equity method, are accounted for at fair value under the measurement alternative in accordance
with ASC Subtopic 321, Investments — Equity Securities, with any changes to fair value recognized in
“Other income (expense), net” in the statement of operations each reporting period. Under the measurement
alternative, equity investments without readily determinable fair values are carried at cost minus impairment,
if any, plus or minus changes resulting from observable price changes in orderly transactions for identical
or similar securities of the same issuer; fair value is generally determined based on a market approach as of
the transaction date. A security will be considered identical or similar if it has identical or similar rights to the
equity securities held by the Company. The Company reviews its investments in equity securities without
readily determinable fair values for impairment each reporting period when there are qualitative factors or
events that indicate possible impairment. Factors the Company considers in making this determination include
negative changes in industry and market conditions, financial performance, business prospects, and other
relevant events and factors. When indicators of impairment exist, the Company prepares quantitative
assessments of the fair value of its investments in equity securities, which require judgment and the use of
estimates. When the Company’s assessment indicates that the fair value of the investment is below its carrying
value, the Company writes down the investment to its fair value and records the corresponding charge in
“Other income (expense), net” in the statement of operations.
The carrying value of the Company’s equity securities without readily determinable fair values is
$438.5 million and $404.8 million at December 31, 2024 and 2023, respectively, which is included in
“Long-term investments” in the balance sheet.
The Company has no investments in marketable equity securities, following the change in classification
of its investment in MGM to an equity method investment in the fourth quarter of 2023, described below.
Prior to the fourth quarter of 2023, the Company had two investments in marketable equity securities, other
than its investment in MGM, including one investment that was fully impaired in the first quarter of 2023
due to the investee declaring bankruptcy and another investment that was sold in the third quarter of 2023.
The Company recorded net unrealized pre-tax losses of $0.3 million and $20.3 million for these investments
during the years ended December 31, 2023 and 2022, respectively. The realized and unrealized pre-tax gain
and losses related to these investments are included in “Other income (expense), net” in the statement of
operations.
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At December 31, 2024, the Company owns 64.7 million common shares of MGM, which represents
22.0% of MGM’s common shares outstanding. In the fourth quarter of 2023, MGM’s ongoing share
repurchase program passively increased the Company’s ownership interest in MGM and the Company
determined that the equity method of accounting applied and elected to account for its investment in MGM
pursuant to the fair value option. Prior to the fourth quarter of 2023, the Company’s investment in MGM
was accounted for as an equity security with a readily determinable fair value, with changes in fair value
recognized through income each period. Since the Company has always marked its investment in MGM
to fair value through income each period the election of the fair value option resulted in no change to the
accounting for its investment in MGM.
The fair value of the investment in MGM is remeasured each reporting period based upon MGM’s
closing stock price on the New York Stock Exchange on the last trading day in the reporting period and any
unrealized pre-tax gains or losses are included in the statement of operations. The cumulative unrealized
net pre-tax gain through December 31, 2024 is $978.8 million. For the years ended December 31, 2024, 2023
and 2022, the Company recognized unrealized pre-tax (losses) gains of $(649.2) million, $721.7 million
and $(723.5) million, respectively from its investment in MGM. A $2.00 increase or decrease in the share
price of MGM would result in an unrealized gain or loss, respectively, of $129.4 million. At February 7, 2025,
the fair value of the Company’s investment in MGM was $2.2 billion.
Recent Accounting Pronouncements
For a discussion of recent accounting pronouncements, see “Note 2 — Summary of Significant
Accounting Policies” in the accompanying notes to the financial statements included in “Item 8 — Financial
Statements and Supplementary Data.”
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Equity Price Risk
At December 31, 2024, the Company owns 64.7 million common shares of MGM. In the fourth
quarter of 2023, MGM’s ongoing share repurchase program passively increased the Company’s ownership
interest in MGM and the Company determined that the equity method of accounting applied and elected to
account for its investment in MGM pursuant to the fair value option. Prior to the fourth quarter of 2023,
the Company’s investment in MGM was accounted for as an equity security with a readily determinable fair
value, with changes in fair value recognized through income each period. Since the Company has always
marked its investment in MGM to fair value through income each period, the election of the fair value option
resulted in no change to the accounting for its investment in MGM. For the years ended December 31,
2024, 2023 and 2022, the Company recorded unrealized pre-tax (losses) gains from its investment in MGM
in its statement of operations of $(649.2) million, $721.7 million and $(723.5) million, respectively.
The cumulative unrealized net pre-tax gain at December 31, 2024 is $978.8 million. At December 31,
2024 and 2023, the carrying value of the Company’s investment in MGM, which includes the cumulative
unrealized pre-tax gains, was $2.2 billion and $2.9 billion, or approximately 23% and 28% of the Company’s
consolidated total assets, respectively. A $2.00 increase or decrease in the share price of MGM would
result in an unrealized gain or loss, respectively, of $129.4 million. At February 7, 2025, the fair value of the
Company’s investment in MGM was $2.2 billion. The Company’s results of operations and financial
condition have in the past been and may in the future be materially impacted by increases or decreases in
the price of MGM common shares, which are traded on the New York Stock Exchange.
Interest Rate Risk
At December 31, 2024, the principal amount of the Company’s outstanding debt totals $1.98 billion, of
which $1.48 billion at Dotdash Meredith bears interest at a variable rate, and $500.0 million is the ANGI
Group Senior Notes, which bear interest at a fixed rate.
Dotdash Meredith entered into interest rate swaps for a total notional amount of $350 million in
March 2023 on Dotdash Meredith Term Loan B due December 1, 2028 or, following the effectiveness of
Amendment No. 1 to the Dotdash Meredith Credit Agreement on November 26, 2024 (the “Amended
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Dotdash Meredith Credit Agreement”), Dotdash Meredith Term Loan B-1. The interest rate swaps
synthetically converted a portion of this loan from a variable rate to a fixed rate to manage interest rate
exposure for the period commencing April 3, 2023 and ending April 1, 2027, and Dotdash Meredith applies
hedge accounting to these contracts. See “Note 2 — Summary of Significant Accounting Policies” and
“Note 6 — Long-term Debt” to the financial statements included in “Item 8 — Financial Statements and
Supplementary Data” for more information. The fair value of the interest rate swaps is determined using
discounted cash flows derived from observable market prices, including swap curves, and represents what
Dotdash Meredith would pay or receive to terminate the swap agreements. Dotdash Meredith intends to
continue to meet the conditions for hedge accounting, however, if these interest rate swaps were not highly
effective in offsetting cash flows attributable to the hedged risk, the changes in the fair value of the interest rate
swaps used as hedges could have a significant impact on future results of operations.
Prior to the effectiveness of the Amended Dotdash Meredith Credit Agreement, Dotdash Meredith
Term Loan B bore an interest rate of Adjusted Term SOFR plus 4.00%, plus a varying adjustment of
0.10%, 0.15% or 0.25% based upon the duration of the borrowing period. The Amended Dotdash Meredith
Credit Agreement reset the interest rate on Dotdash Meredith Term Loan B-1 to Adjusted Term SOFR
plus 3.50% and removed the varying adjustment. At December 31, 2024, the outstanding balance of
$1.18 billion related to the Dotdash Meredith Term Loan B-1 bore interest at Adjusted Term SOFR, subject
to a minimum of 0.50%, plus 3.50%, or 8.05%, and the outstanding balance of $297.5 million related to
Dotdash Meredith Term Loan A bore interest at Adjusted Term SOFR plus 2.25%, or 6.94%. If Adjusted
Term SOFR were to increase or decrease by 100 basis points, the annual interest expense on the Dotdash
Meredith Term Loans, net of the impact related to the $350 million in notional amount of interest rate
swaps, would increase or decrease by $11.3 million.
If market rates decline relative to interest rates on the ANGI Group Senior Notes, the Company runs
the risk that the related required interest payments will exceed those based on market rates. A 100-basis
point increase or decrease in the level of interest rates would, respectively, decrease or increase the fair value
of the fixed-rate debt by $16.1 million. Such potential increase or decrease in fair value is based on certain
simplifying assumptions, including an immediate increase or decrease in the level of interest rates with no
other subsequent changes for the remainder of the period, nor changes in the credit profile.
Foreign Currency Exchange Risk
The Company has operations in certain foreign markets, primarily in various jurisdictions within the
European Union and the United Kingdom. The Company has exposure to foreign currency exchange risk
related to its foreign subsidiaries that transact business in a functional currency other than the U.S. dollar. As
a result, as foreign currency exchange rates fluctuate, the translation of the statement of operations of the
Company’s international businesses into U.S. dollars affects year-over-year comparability of operating results.
In addition, certain of the Company’s U.S. operations have customers in international markets.
International revenue, including revenue of our operations located outside the U.S., which is measured
based upon where the customer is located, accounted for 11%, 13% and 10% for the years ended December 31,
2024, 2023 and 2022, respectively.
The Company is also exposed to foreign currency transaction gains and losses to the extent it or its
subsidiaries conduct transactions in and/or have assets and/or liabilities that are denominated in a currency
other than the entity’s functional currency. For the years ended December 31, 2024, 2023 and 2022, the
Company recorded foreign exchange (losses) gains of $(2.6) million, $1.5 million and $(8.5) million,
respectively.
The Company’s exposure to foreign currency exchange gains or losses have not been material to the
Company; therefore, the Company has not hedged its foreign currency exposures. Any growth and expansion
of our international operations increases our exposure to foreign exchange rate fluctuations. Significant
foreign exchange rate fluctuations, in the case of one currency or collectively with other currencies, could
have a significant impact on our future results of operations.
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Item 8.
Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of IAC Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of IAC Inc. and subsidiaries (the
Company) as of December 31, 2024 and 2023, the related consolidated statements of operations,
comprehensive operations, shareholders’ equity and cash flows for each of the three years in the period
ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at
Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31,
2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated
February 28, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on the Company’s financial statements based on our audits. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable
basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the
financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does
not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.
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Valuation of Goodwill
Description of the Matter
As of December 31, 2024, the Company’s goodwill was $2.9 billion. As
disclosed in Note 2 to the consolidated financial statements, goodwill is
assessed annually for impairment using either a qualitative or quantitative
approach as of October 1, or more frequently if an event occurs or
circumstances change that would more likely than not reduce the fair value of a
reporting unit below its carrying value.
Auditing management’s quantitative impairment tests for goodwill was
challenging given the inherent judgements and estimates involved in estimating
the fair value of the reporting units. Specifically, the fair value estimates of the
Company’s Angi Ads and Leads, Angi Services and Care.com reporting units
were sensitive to assumptions such as the discount rate, revenue growth rates
and future cash flows, which are affected by factors such as expected future
industry or economic conditions.
How We Addressed the
Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating
effectiveness of the Company’s controls over its goodwill impairment review
process. For example, we tested the controls over the Company’s review of the
significant assumptions in estimating the fair value of the reporting units.
To test the estimated fair values of the Angi Ads and Leads, Angi Services, and
Care.com reporting units, our audit procedures included, among others,
assessing the methodologies used to develop the estimated fair values and
testing the significant assumptions and underlying data used by the Company.
We evaluated the Company’s underlying forecast and budget information by
comparing the significant assumptions to historical results, forecasted
information included in analyst reports and the Company’s guideline
companies in the same industry and current economic trends. We performed
sensitivity analyses of significant assumptions to evaluate the changes in the
estimated fair values of the reporting units that would result from changes in
the assumptions. In addition, we involved internal valuation specialists to assist
in evaluating the methodologies and significant assumptions applied in
developing the fair value estimates.
Revenue Processed by Highly Automated Proprietary Systems — Consumer Connection Revenue
Description of the Matter
As described in Note 2 to the consolidated financial statements, the Company’s
revenue includes domestic Ads and Leads revenue. Ads and Leads revenue
includes consumer connection revenue, which comprises fees paid by service
professionals for consumer matches. Domestic consumer connection revenue
was $606.6 million, as disclosed in Note 9, for the year ended December 31,
2024. The Company’s domestic consumer connection revenue is based on
contractual terms with the Company’s customers and is comprised of a
significant volume of low-dollar transactions. The processing and recording of
domestic consumer connection revenue is highly automated within the
Company’s information technology (“IT”) systems that are principally
proprietary.
Given the complexity of the IT systems involved, auditing domestic consumer
connection revenue required a significant extent of effort and increased
involvement of professionals with expertise in IT to identify, test, and evaluate
the Company’s relevant systems and automated controls utilized to process and
record these transactions.
93

How We Addressed the
Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating
effectiveness of the Company’s controls related to the recording and accounting
for domestic consumer connection revenue. With the involvement of IT
professionals, we identified the relevant systems used by the Company to
process, calculate, and record revenue. Where applicable, we tested the IT
general controls over those systems, including testing of user access controls,
change management controls, and IT operations controls as well as certain
automated application controls related to the recording of revenue at period
end. We also tested the Company’s controls to address the completeness and
accuracy of transaction data.
Our audit procedures related to the Company’s domestic consumer connection
revenue also included reconciling revenue recorded to cash received, testing the
details for a sample of specific cash receipts to third party banking information
and evidence of the related customer arrangement, testing the calculations of
revenue performed within the Company’s systems to the amount recorded in
the general ledger, and reviewing revenue trends occurring near year-end.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2019.
New York, New York
February 28, 2025
94

IAC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31,
2024
2023
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,798,170
$ 1,297,445
Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
148,998
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
519,690
536,650
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
167,175
257,499
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,485,035
2,240,592
Buildings, land, capitalized software, equipment and leasehold
improvements, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
392,761
455,281
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,877,078
3,024,266
Intangible assets, net of accumulated amortization . . . . . . . . . . . . . . . .
722,135
874,705
Investment in MGM Resorts International . . . . . . . . . . . . . . . . . . . . .
2,242,672
2,891,850
Long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
438,534
411,216
Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
388,945
473,267
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$9,547,160
$10,371,177
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
35,000
$
30,000
Accounts payable, trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71,991
105,514
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98,568
143,449
Accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . .
680,633
671,527
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
886,192
950,490
Long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,931,847
1,993,154
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,867
164,612
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
410,866
474,540
Redeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . .
25,415
33,378
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,831
and 84,465 shares issued and 80,481 and 80,115 shares outstanding at
December 31, 2024 and 2023, respectively . . . . . . . . . . . . . . . . . . . .
8
8
Class B common stock, $0.0001 par value; authorized 400,000 shares;
5,789 shares issued and outstanding at December 31, 2024 and 2023 . .
1
1
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,380,700
6,340,312
(Accumulated deficit) retained earnings . . . . . . . . . . . . . . . . . . . . . . .
(538,974)
923
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . .
(11,396)
(10,942)
Treasury stock, 4,350 shares at December 31, 2024 and 2023 . . . . . . . . .
(252,441)
(252,441)
Total IAC shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,577,898
6,077,861
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
701,075
677,142
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,278,973
6,755,003
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY . . . . . . . .
$9,547,160
$10,371,177
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
95

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
2024
2023
2022
(In thousands, except per share data)
Revenue
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,807,233
$4,365,235
$ 5,235,280
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately
below) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,059,990
1,343,254
1,933,705
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . .
1,338,732
1,576,229
1,914,878
General and administrative expense . . . . . . . . . . . . . . . . . . . .
817,658
891,958
991,983
Product development expense . . . . . . . . . . . . . . . . . . . . . . . .
323,687
334,491
318,028
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126,890
175,096
130,986
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . .
144,506
295,970
307,718
Goodwill impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
9,000
112,753
Total operating costs and expenses . . . . . . . . . . . . . . . . . . . . . .
3,811,463
4,625,998
5,710,051
Operating loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,230)
(260,763)
(474,771)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(155,888)
(157,632)
(110,165)
Unrealized (loss) gain on investment in MGM Resorts
International
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(649,178)
721,668
(723,515)
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . .
116,897
63,862
(217,785)
(Loss) earnings from continuing operations before income taxes . . .
(692,399)
367,135
(1,526,236)
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . . . . . . .
159,069
(108,818)
331,087
Net (loss) earnings from continuing operations . . . . . . . . . . . . . . .
(533,330)
258,317
(1,195,149)
Earnings from discontinued operations, net of taxes . . . . . . . . . .
—
—
2,694
Net (loss) earnings
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(533,330)
258,317
(1,192,455)
Net (earnings) loss attributable to noncontrolling interests
. . . . .
(6,567)
7,625
22,285
Net (loss) earnings attributable to IAC shareholders . . . . . . . . . . .
$ (539,897)
$ 265,942
$(1,170,170)
Per share information from continuing operations:
Basic (loss) earnings per share
. . . . . . . . . . . . . . . . . . . . . . .
$
(6.49)
$
3.07
$
(13.58)
Diluted (loss) earnings per share . . . . . . . . . . . . . . . . . . . . . .
$
(6.49)
$
2.97
$
(13.58)
Per share information attributable to IAC common stock and
Class B common stock shareholders:
Basic (loss) earnings per share
. . . . . . . . . . . . . . . . . . . . . . .
$
(6.49)
$
3.07
$
(13.55)
Diluted (loss) earnings per share . . . . . . . . . . . . . . . . . . . . . .
$
(6.49)
$
2.97
$
(13.55)
Stock-based compensation expense by function:
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
2,219
$
1,613
$
47
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . .
7,241
8,808
8,293
General and administrative expense . . . . . . . . . . . . . . . . . . . .
93,524
93,506
99,993
Product development expense . . . . . . . . . . . . . . . . . . . . . . . .
9,539
13,254
15,143
Total stock-based compensation expense . . . . . . . . . . . . . . . . . .
$ 112,523
$ 117,181
$
123,476
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
96

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
Year Ended December 31,
2024
2023
2022
(In thousands)
Net (loss) earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(533,330)
$258,317
$(1,192,455)
Other comprehensive (loss) income, net of income taxes:
Change in foreign currency translation adjustment . . . . . . . . . . .
(2,860)
3,428
(18,829)
Change in net unrealized gains and losses on interest rate swaps . .
2,003
(696)
—
Change in unrealized gains and losses on available-for-sale
marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . .
(20)
(33)
53
Total other comprehensive (loss) income, net of income taxes
. . . . .
(877)
2,699
(18,776)
Comprehensive (loss) income, net of income taxes . . . . . . . . . . . . .
(534,207)
261,016
(1,211,231)
Components of comprehensive (income) loss attributable to
noncontrolling interests:
Net (earnings) loss attributable to noncontrolling interests . . . . . .
(6,567)
7,625
22,285
Change in foreign currency translation adjustment attributable to
noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . .
412
(513)
1,235
Comprehensive (income) loss attributable to noncontrolling
interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,155)
7,112
23,520
Comprehensive (loss) income attributable to IAC shareholders
. . . .
$(540,362)
$268,128
$(1,187,711)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
97

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
Redeemable
Noncontrolling
Interests
Common
Stock,
$.0001
par value
Class B
Common
Stock,
$.0001
par value
Additional
Paid-in
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total IAC
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$
Shares
$
Shares
(In thousands)
Balance at December 31, 2021 . . . . . . . . . . . . . . . . . . .
$ 18,741
$ 8
83,922
$ 1
5,789
$6,265,669
$
905,151
$
4,397
$
—
$ 7,175,226
$573,734
$ 7,748,960
Net loss
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,130)
—
—
—
—
—
(1,170,170)
—
—
(1,170,170)
(20,155)
(1,190,325)
Other comprehensive loss . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
(17,541)
—
(17,541)
(1,235)
(18,776)
Stock-based compensation expense . . . . . . . . . . . . . . . .
—
—
—
—
—
70,808
—
—
—
70,808
55,891
126,699
Issuance of common stock pursuant to stock-based awards, net of
withholding taxes
. . . . . . . . . . . . . . . . . . . . . . .
—
—
262
—
—
(16,905)
—
—
—
(16,905)
—
(16,905)
Issuance of Angi Inc. common stock pursuant to stock-based
awards, net of withholding taxes . . . . . . . . . . . . . . . .
—
—
—
—
—
(12,276)
—
11
—
(12,265)
3,638
(8,627)
Purchase of IAC treasury stock . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
(85,323)
(85,323)
—
(85,323)
Purchase of Angi Inc. treasury stock . . . . . . . . . . . . . . .
—
—
—
—
—
(8,144)
—
—
—
(8,144)
—
(8,144)
Purchase of noncontrolling interests
. . . . . . . . . . . . . . .
(1,179)
—
—
—
—
—
—
—
—
—
—
—
Adjustment of noncontrolling interests to redemption amount
. .
24,229
—
—
—
—
(24,229)
—
—
—
(24,229)
—
(24,229)
Issuance of Vivian Health preferred shares, net of fees, and the
reclassification and creation of noncontrolling interest and
subsequent adjustment to liquidation value . . . . . . . . . . .
(11,782)
—
—
—
—
17,818
—
—
—
17,818
36,882
54,700
Adjustment to noncontrolling interests resulting from the
reorganization of a foreign subsidiary
. . . . . . . . . . . . .
—
—
—
—
—
7,580
—
—
—
7,580
(7,835)
(255)
Other
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(644)
—
—
—
—
(5,241)
—
—
—
(5,241)
(5,241)
Balance at December 31, 2022 . . . . . . . . . . . . . . . . . . .
$ 27,235
$ 8
84,184
$ 1
5,789
$6,295,080
$ (265,019)
$(13,133)
$ (85,323)
$ 5,931,614
$640,920
$ 6,572,534
Net (loss) earnings . . . . . . . . . . . . . . . . . . . . . . . .
(1,175)
—
—
—
—
—
265,942
—
—
265,942
(6,450)
259,492
Other comprehensive income, net of income taxes . . . . . . . . .
—
—
—
—
—
—
—
2,186
—
2,186
513
2,699
Stock-based compensation expense . . . . . . . . . . . . . . . .
—
—
—
—
—
73,562
—
—
—
73,562
48,388
121,950
Issuance of common stock pursuant to stock-based awards, net of
withholding taxes
. . . . . . . . . . . . . . . . . . . . . . .
—
—
281
—
—
(9,814)
—
—
—
(9,814)
—
(9,814)
Issuance of Angi Inc. common stock pursuant to stock-based
awards, net of withholding taxes . . . . . . . . . . . . . . . .
—
—
—
—
—
(5,620)
—
5
—
(5,615)
(673)
(6,288)
Purchase of IAC treasury stock . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
—
—
(167,118)
(167,118)
—
(167,118)
Purchase of Angi Inc. treasury stock . . . . . . . . . . . . . . .
—
—
—
—
—
(11,099)
—
—
—
(11,099)
—
(11,099)
Adjustment of noncontrolling interests to redemption amount
. .
7,567
—
—
—
—
(7,567)
—
—
—
(7,567)
—
(7,567)
Adjustment to the liquidation value of Vivian Health preferred
shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
5,527
—
—
—
5,527
(5,527)
—
Other
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(249)
—
—
—
—
243
—
—
—
243
(29)
214
Balance at December 31, 2023 . . . . . . . . . . . . . . . . . . .
$ 33,378
$ 8
84,465
$ 1
5,789
$6,340,312
$
923
$(10,942)
$(252,441)
$ 6,077,861
$677,142
$ 6,755,003
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
98

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
Redeemable
Noncontrolling
Interests
Common
Stock,
$0.0001
par value
Class B
Common
Stock,
$0.0001
par value
Additional
Paid-in
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total IAC
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$
Shares
$
Shares
(In thousands)
Balance at December 31, 2023 . . . . . . . . . . . . . .
$33,378
$ 8 84,465 $ 1
5,789
$6,340,312
$
923
$(10,942)
$(252,441)
$6,077,861
$677,142
$6,755,003
Net earnings (loss)
. . . . . . . . . . . . . . . . . . . .
587
—
—
—
—
—
(539,897)
—
—
(539,897)
5,980
(533,917)
Other comprehensive loss, net of income taxes . . . . .
—
—
—
—
—
—
—
(465)
—
(465)
(412)
(877)
Stock-based compensation expense . . . . . . . . . . .
—
—
—
—
—
77,745
—
—
—
77,745
40,619
118,364
Issuance of common stock pursuant to stock-based
awards, net of withholding taxes
. . . . . . . . . . .
—
—
366
—
—
(14,845)
—
—
—
(14,845)
—
(14,845)
Issuance of Angi Inc. common stock pursuant to
stock-based awards, net of withholding taxes
. . . .
—
—
—
—
—
4,013
—
11
—
4,024
(11,377)
(7,353)
Purchase of Angi Inc. treasury stock . . . . . . . . . .
—
—
—
—
—
(28,581)
—
—
—
(28,581)
—
(28,581)
Purchase of noncontrolling interests
. . . . . . . . . .
—
—
—
—
—
(11,296)
—
—
—
(11,296)
(4,723)
(16,019)
Adjustment of noncontrolling interests to redemption
amount . . . . . . . . . . . . . . . . . . . . . . . . .
(6,970)
—
—
—
—
6,970
—
—
—
6,970
—
6,970
Adjustment to the liquidation value of Vivian Health
preferred shares . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
6,154
—
—
—
6,154
(6,154)
—
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,580)
—
—
—
—
228
—
—
—
228
—
228
Balance at December 31, 2024 . . . . . . . . . . . . . .
$25,415
$ 8 84,831 $ 1
5,789
$6,380,700
$(538,974)
$(11,396)
$(252,441)
$5,577,898
$701,075
$6,278,973
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
99

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2024
2023
2022
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net (loss) earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (533,330)
$ 258,317
$(1,192,455)
Less: Earnings from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
2,694
Net (loss) earnings attributable to continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(533,330)
258,317
(1,195,149)
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities attributable to
continuing operations:
Unrealized loss (gain) on investment in MGM Resorts International
. . . . . . . . . . . . . . . . . . . . . . . .
649,178
(721,668)
723,515
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144,506
295,970
307,718
Depreciation
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126,890
175,096
130,986
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112,523
117,181
123,476
Provision for credit losses
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61,949
87,729
116,553
Non-cash lease expense (including right-of-use asset impairments)
. . . . . . . . . . . . . . . . . . . . . . . . .
54,050
101,695
70,922
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(181,037)
88,792
(337,758)
Unrealized (increase) decrease in the estimated fair value of a warrant
. . . . . . . . . . . . . . . . . . . . . . .
(20,393)
(2,832)
62,495
(Gains) losses on sales of businesses and investments in equity securities (including downward and upward
adjustments), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,493)
19,346
(38,956)
Pension and post-retirement benefit (credit) cost
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,453)
76
209,991
Goodwill impairment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
9,000
112,753
Other adjustments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,521)
(12,315)
17,963
Changes in assets and liabilities, net of effects of dispositions:
Accounts receivable
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(51,783)
(37,296)
(66,706)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103,861
11,281
8,920
Operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(69,783)
(74,256)
(63,843)
Accounts payable and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,333)
(120,259)
(247,912)
Income taxes payable and receivable
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,780)
2,884
(6,739)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(12,533)
(9,213)
(11,020)
Net cash provided by (used in) operating activities attributable to continuing operations . . . . . . . . . . . . . . . . . .
354,518
189,528
(82,791)
Cash flows from investing activities attributable to continuing operations:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(65,506)
(141,364)
(139,753)
Net proceeds from sales of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,832
29,805
9,780
Proceeds from maturities of marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
375,000
550,000
—
Purchases of marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(221,788)
(455,413)
(233,928)
Net proceeds from the sales of businesses and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
177,163
11,861
90,767
Purchase of retirement investment fund
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(15,968)
—
—
Proceeds from the sale of retirement investment fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,326
—
—
Net collections of notes receivable
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,834
11,297
19,497
Purchases of investments
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(53)
(103,555)
(3,036)
Purchases of investment in MGM Resorts International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(244,256)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
985
9,902
6,121
Net cash provided by (used in) investing activities attributable to continuing operations . . . . . . . . . . . . . . . . . .
276,825
(87,467)
(494,808)
Cash flows from financing activities attributable to continuing operations:
Principal payments on Dotdash Meredith Term Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(67,964)
(30,000)
(30,000)
Proceeds from the issuance of Dotdash Meredith Term Loan B-1 . . . . . . . . . . . . . . . . . . . . . . . . . .
7,964
—
—
Proceeds from the exercise of IAC stock options
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
130
—
Withholding taxes paid on behalf of IAC employees on net settled stock-based awards . . . . . . . . . . . . . .
(14,976)
(10,587)
(18,068)
Withholding taxes paid on behalf of Angi Inc. employees on net settled stock-based awards . . . . . . . . . . .
(7,578)
(5,994)
(8,827)
Purchases of Angi Inc. treasury stock
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(28,605)
(10,932)
(8,144)
Purchases of IAC treasury stock
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(165,622)
(85,323)
Purchase of noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(16,019)
—
(1,179)
Proceeds from the issuance of Vivian Health preferred shares, net of fees . . . . . . . . . . . . . . . . . . . . . .
—
—
34,700
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,921)
(8)
4,190
Net cash used in financing activities attributable to continuing operations
. . . . . . . . . . . . . . . . . . . . . . . . .
(129,099)
(223,013)
(112,651)
Total cash provided by (used in) continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
502,244
(120,952)
(690,250)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
. . . . . . . . . . . . . . . . .
(1,230)
1,124
(5,545)
Net increase (decrease) in cash and cash equivalents and restricted cash
. . . . . . . . . . . . . . . . . . . . . . . . . .
501,014
(119,828)
(695,795)
Cash and cash equivalents and restricted cash at beginning of period . . . . . . . . . . . . . . . . . . . . . . . .
1,306,241
1,426,069
2,121,864
Cash and cash equivalents and restricted cash at end of period
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,807,255
$1,306,241
$ 1,426,069
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
100

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — ORGANIZATION
Company overview
IAC today is comprised of category leading businesses, including Dotdash Meredith, Angi Inc.
(“Angi”) and Care.com, as well as others ranging from early stage to established businesses. IAC also holds
strategic equity positions in businesses across several industries, including in MGM Resorts International
(“MGM”) and Turo, Inc (“Turo”).
As used herein, “IAC,” the “Company,” “we,” “our,” “us” and other similar terms refer to IAC Inc. and
its subsidiaries (unless the context requires otherwise).
Dotdash Meredith
Dotdash Meredith is one of the largest digital and print publishers in America. Nearly 200 million
people trust Dotdash Meredith each month to help them make decisions, take action, and find inspiration.
Dotdash Meredith’s over 40 iconic brands include People, Better Homes & Gardens, Verywell, FOOD &
WINE, The Spruce, allrecipes, BYRDIE, REAL SIMPLE, Investopedia, and Southern Living.
Dotdash Meredith has two operating segments: (i) Digital, which includes its digital, mobile and
licensing operations; and (ii) Print, which includes its magazine subscription and newsstand operations.
Angi
On January 13, 2025, IAC announced that its Board of Directors approved a plan to spin off its full
stake in Angi to IAC shareholders. The Company intends to effect the spin-off through a dividend to the
holders of its common stock and Class B common stock of all of the common stock of Angi owned by the
Company (the “Distribution”). Prior to the effective time of the Distribution, the Company intends to
voluntarily convert all of the shares of Class B common stock of Angi that it owns to shares of Class A
common stock of Angi. The completion of the Distribution remains subject to customary conditions and
to the final approval of the Company’s Board of Directors and may not be completed, on the anticipated
terms or at all. The Company expects to complete the Distribution as soon as March 31, 2025.
Angi is a publicly traded company that connects quality home professionals with consumers across
more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping.
Approximately 168,000 transacting professionals actively sought consumer matches, completed jobs or
advertised work through Angi platforms during the three months ended December 31, 2024. Additionally,
consumers turned to at least one Angi business to find a professional for approximately 17 million projects
during the twelve months ended December 31, 2024. At December 31, 2024, IAC’s economic interest and
voting interest in Angi were 85.3% and 98.3%, respectively.
On November 1, 2023, Angi completed the sale of 100% of its wholly-owned subsidiary, 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 the fourth quarter of 2023, IAC moved Roofing to Emerging & Other. Following the sale of Roofing,
Angi has three operating segments: (i) Ads and Leads, (ii) Services and (iii) International (includes Europe
and Canada), and operates under multiple brands including Angi, HomeAdvisor and Handy. Ads and Leads
provides professionals the capability to engage with potential customers, including quoting and invoicing
services, and provides consumers with tools and resources to help them find local, pre-screened and customer-
rated professionals nationwide for home repair, maintenance and improvement projects. Services consumers
can request household services directly through the Angi platform, and such requests are fulfilled by
independently established home services providers engaged in a trade, occupation and/or business that
customarily provides such services. Matching service, booking of pre-priced services and related tools and
directories are provided to consumers free of charge upon registration.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Care.com
Care.com, a leading online destination for families to connect with caregivers for their children, aging
parents, pets and homes and for caregivers to connect with families seeking care services. Care.com’s brands
include Care For Business, Care.com offerings to enterprises and HomePay.
Search
The Search segment consists of Ask Media Group and the Desktop business. Ask Media Group is a
collection of websites providing general search services and information. The Desktop business includes our
business-to-business partnership operations and the remaining installed base of our legacy direct-to-
consumer downloadable desktop applications. Ask Media Group’s websites include, among others: Ask.com,
a search site with a variety of fresh and contemporary content (celebrities, culture, entertainment, travel
and general knowledge); Reference.com, a search and general knowledge content site that provides content
across select vertical categories (history, business and finance and geography, among other verticals);
Consumersearch.com, a search and content website that provides content designed to simplify the product
research process; and Shopping.net, a vertical shopping search site, each of which contains a mix of search
services and/or content targeted to various user or segment demographics.
Emerging & Other
Emerging & Other primarily includes:
• Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities;
• The Daily Beast, a website dedicated to news, commentary, culture and entertainment that publishes
original reporting and opinion from its roster of full-time journalists and contributors;
• IAC Films, a provider of producer services for feature films, primarily for initial sale and distribution
through theatrical releases and video-on-demand services in the United States (“U.S.”) and
internationally;
• Mosaic Group, a former developer and provider of global subscription mobile applications, for
periods prior to the sale of its assets on February 15, 2024, which was accounted for as a sale of a
business, for approximately $160 million;
• Roofing, a provider of roof replacement and repair services, for periods prior to its sale on
November 1, 2023; and
• Bluecrew, a technology driven staffing platform, for periods prior to its sale on November 9, 2022.
Discontinued Operation
Following the spin-off of IAC’s full stake in Vimeo, Inc. (“Vimeo”) to IAC shareholders on May 25,
2021, Vimeo became an independent, separately traded public company and was presented as a discontinued
operation within the Company’s financial statements. During the fourth quarter of 2022, the Company
allocated to Vimeo certain federal and state net operating losses based on the filing of its 2021 tax returns.
The Company recorded a $2.7 million tax benefit through discontinued operations and deferred taxes to
reflect this allocation.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company prepares its consolidated financial statements (referred to herein as “financial
statements”) in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial
statements include all accounts of the Company, all entities that are wholly-owned by the Company and all
102

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
entities in which the Company has a controlling financial interest. All intercompany transactions and
balances between entities comprising the Company have been eliminated.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments and assumptions
during the preparation of its financial statements in accordance with GAAP. These estimates, judgments
and assumptions affect the amounts and disclosures reported in the financial statements and accompanying
notes. Actual results could differ from these estimates.
On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those
related to: the fair values of cash equivalents and marketable debt and equity securities; the carrying value
of accounts receivable, including the determination of the allowance for credit losses; the determination of the
customer relationship period for certain costs to obtain a contract with a customer; the recoverability of
right-of-use assets (“ROU assets”); the useful lives and recoverability of buildings, capitalized software,
equipment and leasehold improvements and definite-lived intangible assets; the recoverability of goodwill
and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair
values; the fair value of interest rate swaps; contingencies; the fair value of acquisition-related contingent
consideration arrangements; unrecognized tax benefits; the liability for potential refunds and customer
credits; the valuation allowance for deferred income tax assets; pension and post-retirement benefit expenses,
including actuarial assumptions regarding discount rates, expected returns on plan assets, inflation and
healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The
Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets
and other factors that the Company considers relevant.
General Revenue Recognition
The Company accounts for a contract with a customer when it has approval and commitment from all
authorized parties, the rights of the parties and payment terms are identified, the contract has commercial
substance and collectability of consideration is probable. Revenue is recognized when control of the promised
services or goods is transferred to the Company’s customers and in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those services or goods.
The Company’s disaggregated revenue disclosures are presented in “Note 9 — Segment Information.”
Transaction Price
The objective of determining the transaction price is to estimate the amount of consideration the
Company is due in exchange for its services or goods, including amounts that are variable. Contracts may
include sales incentives, such as volume discounts or rebates, which are accounted for as variable consideration
when estimating the transaction price. The Company also maintains a liability for potential future refunds
and customer credits, which is recorded as a reduction of revenue. All estimates of variable consideration are
based upon historical experience and customer trends. The Company determines the total transaction
price, including an estimate of any variable consideration, at contract inception and reassesses this estimate
each reporting period.
The Company excludes from the measurement of transaction price all taxes assessed by governmental
authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and
(ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or
cost of revenue.
Arrangements with Multiple Performance Obligations
The Company’s contracts with customers may include multiple performance obligations. For such
arrangements, the Company allocates revenue to each performance obligation based on its relative standalone
103

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
selling price. The Company determines standalone selling prices based on the prices charged to customers,
which are directly observable or an estimate if not directly observable.
Practical Expedients and Exemptions
For contracts that have an original duration of one year or less, the Company uses the practical
expedient available under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), applicable
to such contracts and does not consider the time value of money.
In addition, as permitted under the practical expedient available under ASC 606, the Company does
not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected
length of one year or less, (ii) contracts with variable consideration that is tied to sales-based or usage-based
royalties, allocated entirely to unsatisfied performance obligations, or to a wholly unsatisfied promise
accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at
the amount which it has the right to invoice for services performed.
The Company also applies the practical expedient to expense sales commissions as incurred where the
anticipated customer relationship period is one year or less as noted below.
Costs to Obtain a Contract with a Customer
The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to
obtain a contract with a customer. The Company recognizes an asset if we expect to recover those costs. To
the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent
with the pattern of the transfer of the services to which the asset relates. The Company has determined that
certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and
mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract.
Commissions Paid to Employees Pursuant to Sales Incentive Programs
The Company has determined that commissions paid to employees pursuant to certain sales incentive
programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a
customer. When customer renewals are expected and the renewal commission is not commensurate with the
initial commission, the average customer life includes renewal periods. Capitalized commissions paid to
employees pursuant to these sales incentive programs are amortized over the estimated customer relationship
period and are included in “Selling and marketing expense” in the statement of operations. The Company
calculates the anticipated customer relationship period as the average customer life, which is based on historical
data.
For sales incentive programs where the anticipated customer relationship period is one year or less, the
Company has elected the practical expedient to expense the commissions as incurred. Beginning October 1,
2022, commissions earned on certain transactions within the Angi Ads and Leads segment were expensed
as incurred after determining the related customer relationship was less than one year.
App Store Fees
The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our
paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions
over the term of the applicable subscription. The amortization of mobile app store fees is included in “Cost
of revenue” in the statement of operations.
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IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Summary of Costs to Obtain a Contract with a Customer
The following table presents the capitalized costs to obtain a contract with a customer at December 31,
2024 and 2023:
December 31,
2024
2023
Sales
Commissions
App Store
Fees
Total
Sales
Commissions
App Store
Fees
Total
(In thousands)
Current
. . . . . . . . . . . . . . . . . . . . .
$26,302
$865
$27,167
$36,589
$7,835
$44,424
Non-current . . . . . . . . . . . . . . . . . .
3,606
—
3,606
6,058
—
6,058
Total . . . . . . . . . . . . . . . . . . . . . . .
$29,908
$865
$30,773
$42,647
$7,835
$50,482
During the years ended December 31, 2024, 2023 and 2022, the Company recognized expense of
$62.4 million, $97.4 million and $95.5 million, respectively, related to the amortization of capitalized costs
to obtain a contract with a customer. The change in capitalized app store fees from December 31, 2023 to
December 31, 2024 reflects the reduction of $7.0 million due to the sale of assets of Mosaic Group on
February 15, 2024.
The current and non-current capitalized costs to obtain a contract with a customer are included in
“Other current assets” and “Other non-current assets,” respectively, in the balance sheet.
Commissions Paid to Third-Party Agents for the Sales of Magazine Subscriptions
Dotdash Meredith uses third-party agents to obtain certain magazine subscribers. The agents are paid
a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith
subscriptions do not have substantive termination penalties; therefore, the contract term is determined on
an issue-by-issue basis. Accordingly, these commissions do not qualify for capitalization because there is no
contract with a customer until a copy is prepared for shipment, at which point these costs are expensed.
In the event a subscriber cancels its subscription, Dotdash Meredith recognizes a liability to the extent the
commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to
agents (such as per subscriber bounties) to acquire subscribers as incurred. Expenses related to third-party
agent sales of magazine subscriptions are included in “Selling and marketing expense” in the statement of
operations.
Dotdash Meredith
Dotdash Meredith revenue consists of digital and print revenue. Digital revenue consists principally of
advertising, performance marketing and licensing and other revenue. Print revenue consists principally of
subscription, advertising, project and other, newsstand and performance marketing revenue.
Digital
Advertising
Advertising revenue is generated primarily through digital advertisements sold by Dotdash Meredith’s
sales team directly to advertisers or through advertising agencies and programmatic advertising networks.
Performance obligations consist of delivering advertisements with a promised number of actions related to
the advertisements, such as impressions or clicks, displaying advertisements for an agreed upon amount of
time or providing available advertising space. The price is determined by an agreed-upon pricing model
such as CPM (cost-per-1,000 impressions), CPC (cost-per-click) or flat fees.
The Company recognizes revenue over time as performance obligations are satisfied. Revenue is
recognized using an output method based on actions delivered or time elapsed depending on the nature of
105

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
the performance obligation. The Company considers the right to receive consideration from a customer to
correspond directly with the value to the customer of our performance completed to date. The customer is
invoiced in the month following the month that the advertisements are delivered.
Performance Marketing
Performance marketing revenue includes commissions generated through affiliate commerce, affinity
marketing channels and performance marketing. Affiliate commerce commission revenue is generated when
Dotdash Meredith’s branded content refers consumers to commerce partner websites resulting in a
purchase or transaction. Performance marketing commissions are generated on a cost-per-click or cost-per-
action basis. Performance marketing and affiliate commerce partners are invoiced monthly.
Affinity marketing programs are arrangements where Dotdash Meredith acts as an agent for both
Dotdash Meredith and third-party publishers to market and place magazine subscriptions online. Dotdash
Meredith net settles with the third-party publishers monthly.
Licensing and Other
Licensing and other revenue include symbolic licenses, which include direct-to-retail product
partnerships based on Dotdash Meredith’s brands, and functional licenses, which consist of content use and
distribution relationships, including utilization in large-language models and other artificial intelligence-
related activities. Revenues from symbolic licenses are in the form of a royalty based on the sale or usage of
the branded product, which is recognized over time when the sale or use occurs. Generally, revenues are accrued
based on estimated sales and adjusted as actual sales are reported by partners. These adjustments are
typically recorded within three months of the initial estimates and have not been material. Minimum
guarantees, if applicable, are generally recognized as revenue over the term of the applicable contract.
Revenue from functional licenses is recognized as Dotdash Meredith’s content is delivered or access to the
content is granted.
Print
Subscription
Subscription revenue relates to the sale of Dotdash Meredith magazine subscriptions, including digital
editions. Subscriptions do not have substantive termination penalties; therefore, the contract term is
determined on an issue-by-issue basis. Most of Dotdash Meredith’s subscription sales are prepaid at the
time of order and may be canceled at any time for a refund of the pro rata portion of the initial subscription.
Accordingly, the amounts received from prepaid subscriptions are recorded as a customer deposit liability
rather than as deferred revenue. Each issue is a distinct performance obligation and revenue is recognized
when the publication is sent to the customer.
Advertising
Advertising revenue primarily relates to the sale of advertising in magazines directly to advertisers or
through advertising agencies. Revenue is recognized on the magazine issue’s on-sale date, which is the date
the magazine is published. The customer is invoiced, net of agency commissions, once the advertisements are
published under normal industry trade terms.
Project and Other
Project and other revenue include other revenue streams that are primarily project based and may
relate to any one or combination of the following activities: audience targeted advertising, custom publishing,
content strategy and development, email marketing, social media, database marketing and search engine
optimization. Depending on the contractual arrangement, revenue is recognized either as the purchased
advertising is run on third-party platforms, or over the contractual period when the products do not have an
alternate use to the Company or its other clients. Payment terms vary based on the nature of the contract.
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Newsstand
Newsstand revenue is related to single copy magazines or bundles of single copy magazines sold to
wholesalers for resale on newsstands. Publications sold to magazine wholesalers are sold with the right to
receive credit from Dotdash Meredith for magazines returned to the wholesaler by retailers. Revenue is
recognized on the issue’s on-sale date as the date aligns most closely with the date that control is transferred
to the customer. Wholesalers are invoiced a percentage of estimated final sales the month after the issue’s
initial on-sale date. The previously estimated revenue is adjusted based upon the final sales, which occur when
the final amounts are settled under normal industry terms.
Performance Marketing
Performance marketing revenue principally consists of affinity marketing revenue through which
Dotdash Meredith places magazine subscriptions for third-party publishers. Commissions are earned when
a subscriber name has been provided to the publisher and any free trial period is completed. Dotdash
Meredith net settles with these third parties monthly.
Angi
Ads and Leads
Ads and Leads revenue includes consumer connection revenue which comprises fees paid by
professionals for consumer matches (regardless of whether the professional ultimately provides the requested
service), revenue from professionals under contract for advertising, membership subscription revenue from
professionals and consumers and revenue from other services. Consumer connection revenue varies based
upon several factors, including the service requested, product experience offered, and geographic location
of service. Consumer connection revenue is generally billed one week following a consumer match, with
payment due upon receipt of invoice. Angi maintains a liability for potential credits issued to professionals.
Angi professionals generally pay for advertisements in advance on a monthly or annual basis at the option
of the professional, with the average advertising contract term being approximately one year. Angi website,
mobile and call center advertising revenue is recognized ratably over the contract term. Revenue from the
sale of advertising in the Angie’s List Magazine is recognized in the period in which the publication is
distributed. Professional membership subscription revenue is initially deferred upon receipt of payment and
is recognized using the straight-line method over the applicable subscription period, which is typically one
year. Angi prepaid consumer membership subscription fees are recognized as revenue using the straight-line
method over the term of the applicable subscription period, which is typically one year.
Services
Services revenue primarily reflects domestic revenue from pre-priced offerings by which the consumer
requests services through an Angi platform and Angi engages a professional to perform the service.
Consumers are billed when a job is started through the Services platform. Billing practices are governed by
the contract terms of each project as negotiated with the consumer. Billings do not necessarily correlate with
revenue recognized over time as this is based on the timing of when the consumer receives the promised
services.
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis.
Effective January 1, 2023, Angi modified the Services terms and conditions so that the professional, rather
than Angi, has the contractual relationship with the consumer to deliver the service and Angi’s performance
obligation to the consumer is to connect them with the 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 professional providing the service effective for all arrangements entered into after
December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue
recognition. For the year ended December 31, 2022, if Services revenue were recorded on a net basis,
revenue would have been reduced by $242.6 million.
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International
International revenue primarily comprises consumer connection revenue for matches between consumers
and professionals and membership subscription revenue from professionals.
Care.com
Care.com consists of consumer and enterprise revenue. Consumer revenue is primarily generated
through subscription fees from families and caregivers, both domestically and internationally, for Care.com’s
suite of products and services. Consumer also includes revenue generated through Care.com’s comprehensive
household payroll and tax support services (HomePay), as well as through contracts with businesses that
advertise through Care.com’s platform. Subscription fees for consumer services are deferred and recognized
over the applicable subscription period, which ranges from one month up to one year. Enterprise revenue
is primarily generated through annual contracts with businesses (employers or re-sellers) that provide access
to Care.com’s suite of products and services as an employee benefit. Fees from enterprise contracts
include subscription revenue, which is deferred and recognized over the applicable subscription period, and
backup care (including child, senior and pet) for employees, which is recognized upon delivery of service.
Search
Ask Media Group revenue consists primarily of advertising revenue generated 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. Paid
listings are advertisements displayed on search results pages that generally contain a link to advertiser
websites. The majority of the paid listings displayed by Ask Media Group is supplied to us by Google Inc.
(“Google”) pursuant to our services agreement with Google, dated as of October 26, 2015 and as subsequently
amended (the “Services Agreement”), described below under “Services Agreement with Google.” Pursuant
to this agreement, Ask Media Group businesses transmit search queries to Google, which in turn transmits a
set of relevant and responsive paid listings back to these businesses for display in search results. This ad-
serving process occurs independently of, but concurrently with, the generation of algorithmic search results
for the same search queries. Google paid listings are displayed separately from algorithmic search results
and are identified as sponsored listings on search results pages. Paid listings are priced on a price-per-click
basis and when a user submits a search query through an Ask Media Group business and then clicks on a
Google paid listing displayed in response to the query, Google bills the advertiser that purchased the paid
listing and shares a portion of the fee charged to the advertiser with the Ask Media Group business. The
Company recognizes paid listing revenue from Google when it delivers the user’s click. In cases where the
user’s click is generated due to the efforts of a third-party distributor, we recognize the amount due from
Google as revenue and record a revenue share or other payment obligation to the third-party distributor as
traffic acquisition costs.
Desktop revenue principally consists of advertising revenue generated principally through the display
of paid listings in response to search queries. The majority of the paid listings displayed are supplied to us
by Google in the manner, and pursuant to the services agreement with Google, described above.
Emerging & Other
Vivian Health revenue consists of subscription and usage revenue, which is generated through recruiting
agencies and other employers that seek access to qualified healthcare professionals. Subscription revenue is
recognized at the earlier of the full delivery of the promised services or over the length of the subscription
period. There is usage revenue when the usage is in excess of the allotted amount included in the
subscription; the usage revenue is recognized in the period in which services were delivered.
Revenue of IAC Films is generated primarily through media production and distribution and recognized
when control is transferred to the customer to broadcast or exhibit.
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The Daily Beast revenue consists of advertising revenue, which is generated primarily through display
advertisements (sold directly and through programmatic advertising networks), and to a lesser extent,
subscription revenue and affiliate commerce commission revenue. Fees related to display advertisements are
recognized when an advertisement is displayed.
Mosaic Group revenue for periods prior to its sale on February 14, 2024 primarily consisted of fees
paid by subscribers for downloadable mobile applications distributed through the Apple App Store and
Google Play Store and fees received directly from consumers, as well as display advertisements. Fees related
to subscription downloadable mobile applications were initially deferred and generally recognized either
over the term of the subscription period, which was up to one year or at the time of the sale when the software
license was delivered. Fees related to display advertisements were recognized when an advertisement was
displayed.
Roofing revenue for periods prior to its sale on November 1, 2023 primarily consisted of revenue from
the roof replacement business offering by which the consumer purchased services directly from the Roofing
business and Roofing then engaged a professional to perform the service. Consumers typically paid when
a job was completed and revenue was recognized based on the Company’s progress in satisfying the roofing
service.
Bluecrew revenue for periods prior to its sale on November 9, 2022 consisted of service revenue, which
was generated through staffing workers and recognized as control of the promised services was transferred
to our customers.
Accounts Receivable, Net of the Allowance for Credit Losses
Accounts receivable include amounts billed and currently due from customers. The allowance for credit
losses is based upon a number of factors, including the length of time accounts receivable are past due, the
Company’s previous loss history, the specific customer’s ability to pay its obligation and any other forward-
looking data regarding customers’ ability to pay that is available. Customer payments that are not collected
in advance of the transfer of promised services or goods are generally due no later than 30 days from the
invoice date, with the exception of invoices at Dotdash Meredith, which vary by revenue stream as described
above.
Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of the
Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract
basis at the end of each reporting period. The Company classifies deferred revenue as current when the
remaining term or expected completion of its performance obligation is one year or less. The current and non-
current deferred revenue balances were $98.6 million and $0.1 million, respectively, at December 31, 2024,
and $143.4 million and $0.1 million, respectively, at December 31, 2023. During the year ended December 31,
2024, the Company recognized $112.7 million of revenue that was included in the deferred revenue balance
at December 31, 2023. The change in the deferred revenue balance from December 31, 2023 to December 31,
2024 also reflects a further reduction of $24.5 million related to the sale of assets of Mosaic Group on
February, 15, 2024. During the year ended December 31, 2023, the Company recognized $152.7 million of
revenue that was included in the deferred revenue balance at December 31, 2022. The current and non-
current deferred revenue balances were $157.1 million and $0.2 million, respectively, at December 31,
2022. Non-current deferred revenue is included in “Other long-term liabilities” in the balance sheet.
Cash and Cash Equivalents
Cash and cash equivalents include cash and short-term investments, with maturities of less than
91 days from the date of purchase. Domestically, cash equivalents primarily consist of AAA rated government
money market funds and treasury bills. Internationally, cash equivalents primarily consist of AAA rated
government money market funds and time deposits.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Accounting for Investments in Marketable Debt Securities
At times, the Company invests in marketable debt securities with active secondary or resale markets to
ensure portfolio liquidity to fund current operations or satisfy other cash requirements as needed. Marketable
debt securities are adjusted to fair value each quarter, and the unrealized gains and losses, net of tax, are
included in accumulated other comprehensive (loss) income as a separate component of shareholders’ equity.
The specific-identification method is used to determine the cost of debt securities sold and the amount of
unrealized gains and losses reclassified out of accumulated other comprehensive (loss) income into earnings.
The Company also invests in non-marketable debt securities as part of its investment strategy. We review
our debt securities for impairment each reporting period. The Company recognizes an unrealized loss on debt
securities in net earnings when the impairment is determined to be other-than-temporary. Factors we
consider in making such a determination include the duration, severity and reason for the decline in value
and the potential recovery and our intent to sell the debt security. We also consider whether we will be required
to sell the security before recovery of its amortized cost basis and whether the amortized cost basis cannot
be recovered because of credit losses. If an impairment is considered to be other-than-temporary, the debt
security will be written down to its fair value and the loss will be recognized within “Other (expense)
income, net” in the statement of operations. At December 31, 2024 there were no marketable debt securities.
At December 31, 2023 marketable debt securities consist of treasury bills of $149.0 million.
Certain Risks and Concentrations
Services Agreement with Google
On January 20, 2025, the Company entered into a further amendment to its Services Agreement (the
“Amendment”), with the amended terms to be effective on April 1, 2025. Following the execution of the
Amendment, the expiration date of the Services Agreement was extended from March 31, 2025 to March 31,
2026, with an automatic renewal for an additional one-year period absent a notice of non-renewal from
either party on or before December 31, 2025. The Company earns certain other advertising revenue from
Google that is not attributable to the Services Agreement. A portion of the Company’s net cash from operating
activities that it can freely access is attributable to revenue earned pursuant to the Services Agreement and
other revenue earned from Google.
The Services Agreement requires that the Company comply with certain guidelines promulgated by
Google. Google may generally unilaterally update its policies and guidelines without advance notice. These
updates may be specific to the Services Agreement or could be more general and thereby impact the Company
as well as other companies. These policy and guideline updates have in the past (and could in the future)
require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business
practices, which have negatively impacted revenue and been costly to address (and could in the future),
which have had and could have an adverse effect on our business, financial condition and results of operations.
Further, changes to certain of the economic terms of the Services Agreement will become effective April 1,
2025 and the Company expects this could negatively impact Search revenue.
For the years ended December 31, 2024, 2023 and 2022, total revenue earned from Google was
$503.5 million, $715.0 million and $701.5 million, respectively, representing 13%, 16% and 13%, respectively,
of the Company’s revenue. The related accounts receivable totaled $43.7 million and $52.2 million at
December 31, 2024 and 2023, respectively. The revenue attributable to the Services Agreement is earned at
Search and, for the years ended December 31, 2024, 2023 and 2022, was $375.4 million, $574.3 million and
$514.8 million, respectively, representing 10%, 13% and 10%, respectively, of the Company’s total revenue.
Equity Price Risk
At December 31, 2024, the Company owns 64.7 million common shares of MGM, which represents
22.0% of MGM’s common shares outstanding. In the fourth quarter of 2023, MGM’s ongoing share
repurchase program passively increased the Company’s ownership interest in MGM and the Company
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determined that the equity method of accounting applied and elected to account for its investment in
MGM pursuant to the fair value option. Prior to the fourth quarter of 2023, the Company’s investment in
MGM was accounted for as an equity security with a readily determinable fair value, with changes in fair
value recognized through income each period. Since the Company has always marked its investment in
MGM to fair value through income each period, the election of the fair value option resulted in no change
to the accounting for its investment in MGM. For the years ended December 31, 2024, 2023 and 2022, the
Company recorded unrealized pre-tax (losses) gains from its investment in MGM in its statement of
operations of $(649.2) million, $721.7 million and $(723.5) million, respectively.
The cumulative unrealized net pre-tax gain at December 31, 2024 is $978.8 million. At December 31,
2024 and 2023, the carrying value of the Company’s investment in MGM, which includes the cumulative
unrealized pre-tax gains, was $2.2 billion and $2.9 billion, or approximately 23% and 28% of the Company’s
consolidated total assets, respectively. A $2.00 increase or decrease in the share price of MGM would
result in an unrealized gain or loss, respectively, of $129.4 million. At February 7, 2025, the fair value of the
Company’s investment in MGM was $2.2 billion. The Company’s results of operations and financial
condition have in the past been and may in the future be materially impacted by increases or decreases in
the price of MGM common shares, which are traded on the New York Stock Exchange.
Interest Rate Risk
At December 31, 2024, the principal amount of the Company’s outstanding debt totals $1.98 billion, of
which $1.48 billion at Dotdash Meredith bears interest at a variable rate. Dotdash Meredith entered into
interest rate swaps for a total notional amount of $350 million in March 2023. See “Interest Rate Swaps”
below and Note 6 — Long-term Debt for additional information. At December 31, 2024, the outstanding
balance of $1.18 billion related to Dotdash Meredith Term Loan B-1 due December 1, 2028 (“Dotdash
Meredith Term Loan B-1”) bore interest at an adjusted term secured overnight financing rate (“Adjusted
SOFR”), subject to a minimum of 0.50%, plus 3.50%, or 8.05%, and the outstanding balance of $297.5 million
related to Dotdash Meredith Term Loan A due December 1, 2026 (“Dotdash Meredith Term Loan A”)
bore interest at Adjusted Term SOFR plus 2.25%, or 6.94%. If Adjusted Term SOFR were to increase or
decrease by 100 basis points, the annual interest expense on Dotdash Meredith Term Loan A and Dotdash
Meredith Term Loan B-1, net of the impact related to the $350 million in notional amount of interest rate
swaps, would increase or decrease by $11.3 million.
Credit Risk
The Company has counterparty credit risk exposure to the private limited life insurance company,
which issued the annuity contracts held by the IPC Pension Scheme (“IPC Plan”), which is the funded plan
in the United Kingdom (“U.K.”), as well as certain financial institutions that are counterparties to the
interest rate swaps. In addition, cash and cash equivalents are maintained with financial institutions and are
in excess of any applicable third-party insurance limits, such as the Federal Deposit Insurance Corporation
and the Securities Investor Protection Corporation.
Other Risks
The Company is subject to certain risks and concentrations including dependence on third-party
technology providers and exposure to risks associated with online commerce security.
Buildings, Land, Capitalized Software, Equipment and Leasehold Improvements
Buildings, land, capitalized software, equipment and leasehold improvements are recorded at cost or at
fair value to the extent acquired in a business combination. Repairs and maintenance costs are expensed as
incurred. Amortization of leasehold improvements, which is included in “Depreciation” in the statement of
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operations, and depreciation are computed using the straight-line method over the estimated useful lives of
the assets, or, in the case of leasehold improvements, the lease term, if shorter.
Asset Category
Estimated
Useful Lives
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 to 39 Years
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 to 3 Years
Equipment (including furniture) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 to 12 Years
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 to 11 Years
The Company capitalizes certain internal use software costs including external direct costs utilized in
developing or obtaining the software and compensation for personnel directly associated with the development
of the software. Capitalization of such costs begins when the preliminary project stage is complete and
ceases when the project is substantially complete and ready for its intended purpose. The net book value of
capitalized internal use software is $82.8 million and $109.7 million at December 31, 2024 and 2023,
respectively.
Business Combinations
The purchase price of an acquisition is attributed to the assets acquired and liabilities assumed based
on their fair values at the date of acquisition, including identifiable intangible assets that either arise from a
contractual or legal right or are separable from goodwill. The Company usually obtains the assistance of
outside valuation experts in the allocation of purchase price to the identifiable intangible assets acquired.
While outside valuation experts may be used, management has the ultimate responsibility for the valuation
methods, models and inputs used and the resulting purchase price allocation. The excess purchase price over
the value of net tangible and identifiable intangible assets acquired is recorded as goodwill and is assigned
to the reporting unit(s) that is expected to benefit from the business combination as of the acquisition date.
There have been no acquisitions made since the 2021 acquisition of Meredith Holdings Corporation
(“Meredith”), for which the allocation of purchase price to the assets acquired and liabilities assumed, the
determination of the reporting units and the allocation of goodwill to the reporting units were finalized
during the fourth quarter of 2022.
Goodwill and Indefinite-Lived Intangible Assets
Dotdash Meredith’s operating segments and reporting units are Digital and Print. Angi’s Ads and
Leads, Services and International are separate operating segments and reporting units. Care.com and
Search are separate operating segments and reporting units. Within Emerging & Other, Mosaic Group
(prior to the sale of its assets on February 15, 2024), Roofing (prior to its sale on November 1, 2023), Vivian
Health, The Daily Beast, IAC Films, Newco (IAC’s former incubator company) and Bluecrew (prior to its
sale on November 9, 2022), are separate operating segments and reporting units. Goodwill is tested for
impairment at the reporting unit level. See “Note 9 — Segment Information” for additional information
regarding the Company’s method of determining operating and reportable segments.
The Company assesses goodwill and indefinite-lived intangible assets, which are certain trade names
and trademarks, for impairment annually at October 1 or more frequently if an event occurs or circumstances
change that would more likely than not reduce the fair value of a reporting unit or the fair value of an
indefinite-lived intangible asset below its carrying value.
When the Company elects to perform a qualitative assessment and concludes it is not more likely than
not that the fair value of the reporting unit is less than its carrying value, no further assessment of that
reporting unit’s goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value
of the reporting unit is determined. If the carrying value of the reporting unit exceeds its estimated fair value,
a goodwill impairment equal to the excess is recorded.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Company’s annual goodwill test as of October 1, 2024, qualitative assessments of the goodwill
of the Dotdash Meredith Digital, Angi International and Vivian Health reporting units were performed
because the Company concluded it was more likely than not that the fair value of these reporting units was
in excess of their respective carrying values. The primary factors that the Company considered in its qualitative
assessment for each of these reporting units are described below:
• The Company considered the strong forecasted operating performance, in addition to actual
operating results in the current year, of the Dotdash Meredith Digital reporting unit and, based on
the Company’s latest valuation prepared as of October 1, 2023, the excess of its estimated fair value of
the reporting unit compared to its carrying value. The Company also considered the valuations of
Dotdash Meredith as of December 31, 2023 and June 30, 2024 that were prepared in connection with
the issuance and/or settlement of equity awards that are denominated in its equity. These valuations
were prepared time proximate to, however, not as of, October 1, 2024.
• The Company prepared a valuation of the Angi International and Vivian Health reporting units
primarily in connection with the issuance and/or settlement of equity awards that are denominated
in the equity of these businesses as of June 30, 2024. These valuations were prepared time proximate
to, however, not as of, October 1, 2024. The fair value of these businesses were in excess of their
October 1, 2024 carrying values.
For the Company’s annual goodwill test at October 1, 2024, the Company quantitatively tested the
Angi Ads and Leads, Angi Services, and Care.com reporting units. The Company’s quantitative tests
resulted in no impairments. The Company’s remaining reporting units, Dotdash Meredith Print, Search,
The Daily Beast and IAC Films, have no goodwill as of October 1, 2024.
Given the decline in Angi’s and the Company’s stock prices after October 1, 2024, the Company
subsequently quantitatively tested all reporting units with goodwill as of December 31, 2024 and no
impairments were noted.
During the third quarter of 2023 and second quarter of 2022, the Company reassessed the fair value of
the Mosaic Group reporting unit (included within Emerging & Other) and recorded goodwill impairments
of $9.0 million and $86.7 million, respectively, as a result of the projected reduction in future revenue and
profits from the business and lower trading multiples of a selected peer group of companies.
In the fourth quarter of 2022, prior to its sale in 2023, a quantitative assessment was performed on the
Roofing reporting unit; this test resulted in a full impairment of $26.0 million due to Roofing exiting certain
markets and a projected reduction in future profits from the business, which reduced its fair value.
There is no goodwill for which the most recent estimate of the excess of fair value over carrying value is
less than 20%.
The fair value of the Company’s reporting units is determined using both an income approach based
on discounted cash flows (“DCF”) and a market approach when it tests goodwill for impairment, either on
an interim basis or annual basis as of October 1 each year. The Company uses the same approach in
determining the fair value of its businesses in connection with its non-public subsidiary denominated stock-
based compensation plans, which can be a significant factor in the decision to apply the qualitative
assessment rather than a quantitative test. Determining fair value using a DCF analysis requires the exercise
of significant judgment with respect to several items, including the amount and timing of expected future
cash flows and appropriate discount rates. The expected cash flows used in the DCF analyses are based on the
Company’s most recent forecast and budget and, for years beyond the budget, the Company’s estimates,
which are based, in part, on forecasted growth rates. The discount rates used in the DCF analyses are intended
to reflect the risks inherent in the expected future cash flows of the respective reporting units. Assumptions
used in the DCF analyses, including the discount rate, are assessed based on each reporting unit’s current
results and forecasted future performance, as well as macroeconomic and industry specific factors. The
discount rates used in the quantitative tests as of December 31, 2024 for determining the fair values of the
Dotdash Meredith Digital, Angi Ads and Leads, Angi Services, Angi International, Care.com and Vivian
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Health reporting units were 14.5%, 13%, 14%, 15%, 14.5% and 23%, respectively. The discount rates used in
the quantitative tests as of October 1, 2024 for determining the fair values of the Angi Ads and Leads,
Angi Services and Care.com reporting units were 12.5%, 13.5% and 14%, respectively. The discount rates
used in the quantitative tests as of October 1, 2023 for determining the fair value of the Company’s Dotdash
Meredith Digital, Care.com and Mosaic Group reporting unit were 15.5%, 16% and 16%, respectively.
Determining fair value using a market approach considers multiples of financial metrics based on both
acquisitions and trading multiples of a selected peer group of companies. From the comparable companies,
a representative market multiple is determined, which is applied to financial metrics to estimate the fair
value of a reporting unit. To determine a peer group of companies for our respective reporting units, we
considered companies relevant in terms of consumer use, monetization model, margin and growth
characteristics, and brand strength operating in their respective sectors.
While the Company has the option to qualitatively assess whether it is more likely than not that the fair
values of its indefinite-lived intangible assets are less than their carrying values, the Company’s policy is to
determine the fair value of each of its indefinite-lived intangible assets annually as of October 1, in part,
because the level of effort required to perform the quantitative and qualitative assessments is essentially
equivalent. The Company determines the fair value of indefinite-lived intangible assets using an avoided
royalty DCF valuation analysis. Significant judgments inherent in this analysis include the selection of
appropriate royalty and discount rates and estimating the amount and timing of expected future cash flows.
The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected
future cash flows generated by the respective intangible assets. The royalty rates used in the DCF analyses
are based upon an estimate of the royalty rates that a market participant would pay to license the Company’s
trade names and trademarks. The future cash flows are based on the Company’s most recent forecast and
budget and, for years beyond the budget, the Company’s estimates, which are based, in part, on forecasted
growth rates. Assumptions used in the avoided royalty DCF analyses, including the discount rate and royalty
rate, are assessed annually based on the actual and projected cash flows related to the asset, as well as
macroeconomic and industry specific factors. The discount rates used in the Company’s annual indefinite-
lived impairment assessment ranged from 12.5% to 14.5% in 2024 and 15% to 17% in 2023, and the royalty
rates used ranged from 2% to 8% in both 2024 and 2023.The October 1, 2023 annual quantitative
assessment of indefinite-lived intangible assets identified an impairment of $79.9 million related to certain
other indefinite-lived trade name intangible assets in the Dotdash Meredith Digital segment. The discount
rate used to value these trade names was 15.5% and the royalty rate was 6%.
In the fourth quarter of 2024, the Company identified an impairment charge of $2.6 million related to
a certain indefinite-lived trade name at Angi Services. The discount rate used to value this trade name was
14.0% and the royalty rate was 2.5%.
During the first quarter of 2024, the Company determined that a projected reduction in future revenue
related to certain indefinite-lived trade name intangible assets with a carrying value of $20.7 million in the
Dotdash Meredith Digital segment resulted in a change in classification to definite-lived intangible assets to
be amortized over their respective useful lives. There was no impairment recorded in connection with the
change in classification.
During the third quarter of 2023, the Company determined that a projected reduction in future
revenue related to a certain indefinite-lived trade name intangible asset in the Dotdash Meredith Digital
segment was an indicator of possible impairment. Following the identification of the indicator, the Company
updated its calculation of the fair value of the indefinite-lived intangible asset and recorded an impairment
of $7.6 million. The discount rate used to value the trade name was 16% and the royalty rate was 8%. A
quantitative assessment of this indefinite-lived trade name intangible asset was prepared as of October 1,
2023; this test resulted in no additional impairment as its carrying value approximates its fair value.
If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, an impairment
equal to the excess is recorded. There is one indefinite-lived intangible asset at Angi Services with a value of
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approximately $16.2 million for which the most recent estimate of the excess of fair value over carrying
value is less than 20%.
The impairment of indefinite-lived intangible assets are included in “Amortization of intangibles” in
the statement of operations.
Long-Lived Assets
Long-lived assets, other than goodwill and indefinite-lived intangible assets, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying value of an asset may not be
recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the
undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying
value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the
carrying value of the long-lived asset exceeds its fair value.
During the first quarter of 2023, due to the continued decline in the commercial real estate market,
Dotdash Meredith recorded impairment charges of $70.0 million related to certain unoccupied leased office
space consisting of impairments of $44.7 million and $25.3 million of an ROU asset and related leasehold
improvements, furniture and equipment, respectively.
During the third quarter of 2022, Dotdash Meredith recorded impairment charges of $21.3 million
related to the consolidation of certain leased spaces following the Meredith acquisition consisting of
impairments of $14.3 million and $7.0 million of an ROU asset and related leasehold improvements, furniture
and equipment, respectively. See “Note 17 — Dotdash Meredith Restructuring Charges, Transaction-
Related Expenses and Change-in-Control Payments” for additional information.
The impairment charges related to ROU assets are included in “General and administrative expense”
and the impairment charges related to leasehold improvements, furniture and equipment are included in
“Depreciation” in the statement of operations. The impairment charges represent the amount by which the
carrying value of the asset group exceeded its estimated fair value, calculated using a DCF approach using
sublease market assumptions of the expected cash flows and discount rate. The impairment charges were
allocated between the ROU assets and related leasehold improvements, furniture and equipment of the asset
group based on their relative carrying values.
Accounting for Investments in Equity Securities
The Company’s equity securities, other than those of its consolidated subsidiaries and those accounted
for under the equity method, are accounted for at fair value or under the measurement alternative in
accordance with ASC Subtopic 321, Investments — Equity Securities, with any changes to fair value
recognized in “Other income (expense), net” in the statement of operations each reporting period. Under
the measurement alternative, equity investments without readily determinable fair values are carried at cost
minus impairment, if any, plus or minus changes resulting from observable price changes in orderly
transactions for identical or similar securities of the same issuer; fair value is generally determined based on
a market approach as of the transaction date. A security will be considered identical or similar if it has
identical or similar rights to the equity securities held by the Company. The Company reviews its investments
in equity securities without readily determinable fair values for impairment each reporting period when
there are qualitative factors or events that indicate possible impairment. Factors the Company considers in
making this determination include negative changes in industry and market conditions, financial performance,
business prospects, and other relevant events and factors. When indicators of impairment exist, the
Company prepares quantitative assessments of the fair value of its investments in equity securities, which
require judgment and the use of estimates. When the Company’s assessment indicates that the fair value of the
investment is below its carrying value, the Company writes down the investment to its fair value and
records the corresponding charge in “Other income (expense), net” in the statement of operations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As described above under “Equity Price Risk”, in the fourth quarter of 2023, MGM’s ongoing share
repurchase program passively increased the Company’s ownership interest in MGM and the Company
determined that the equity method of accounting applied and the Company elected to account for its
investment in MGM pursuant to the fair value option.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy
that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy
are:
• Level 1: Observable inputs obtained from independent sources, such as quoted market prices for
identical assets and liabilities in active markets.
• Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for
similar assets or liabilities in active markets, quoted market prices for identical or similar assets or
liabilities in markets that are not active and inputs that are derived principally from or corroborated by
observable market data. The fair values of the Company’s Level 2 financial assets are primarily
obtained from observable market prices for identical underlying securities that may not be actively
traded. Certain of these securities may have different market prices from multiple market data sources,
in which case an average market price is used.
• Level 3: Unobservable inputs for which there is little or no market data and require the Company to
develop its own assumptions, based on the best information available in the circumstances, about the
assumptions market participants would use in pricing the assets or liabilities. See “Note 3 — Financial
Instruments and Fair Value Measurements” for a discussion of fair value measurements made using
Level 3 inputs.
Assets measured at fair value on a nonrecurring basis
The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, buildings,
capitalized software, equipment and leasehold improvements are adjusted to fair value only when an
impairment is recognized. The Company’s financial assets, comprising equity securities without readily
determinable fair values, are adjusted to fair value when observable price changes are identified or an
impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. Refer
to “Goodwill and Indefinite-Lived Intangible Assets” and “Long-Lived Assets” above for a description of
impairment charges.
Advertising Costs
Advertising costs are expensed in the period incurred (when the advertisement first runs for production
costs that are initially capitalized) and primarily represent online marketing, including fees paid to search
engines, social media sites and other online marketing platforms, app platform and partners who direct traffic
to the brands at Angi, offline marketing, which is primarily television, streaming and radio advertising
within our Angi and Care.com segments and direct-mail costs for magazine subscription acquisition efforts
at Dotdash Meredith. Advertising expense is $650.5 million, $858.1 million and $1.0 billion for the years
ended December 31, 2024, 2023 and 2022, respectively.
Legal Costs
Legal costs, other than certain costs incurred to obtain financing, which are generally capitalized, are
expensed as incurred.
Interest Rate Swaps
In March 2023, Dotdash Meredith entered into interest rate swaps for a total notional amount of
$350 million, which synthetically converted a portion of Dotdash Meredith Term Loan B due December 1,
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2028 (“Dotdash Meredith Term Loan B”) and, following the effectiveness of Amendment No. 1 to the
Dotdash Meredith Credit Agreement on November 26, 2024 (the “Amended Dotdash Meredith Credit
Agreement”), Dotdash Meredith Term Loan B-1, from a variable rate to a fixed rate to manage interest rate
risk exposure for the period commencing April 3, 2023 and ending April 1, 2027. Dotdash Meredith
designated the interest rate swaps as cash flow hedges and applies hedge accounting to these contracts in
accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) Topic 815, Derivatives and Hedging. As cash flow hedges, the interest rate swaps are recognized at fair
value on the balance sheet as either assets or liabilities, with the changes in fair value recorded in
“Accumulated other comprehensive loss” in the balance sheet and reclassified into “Interest expense” in the
statement of operations in the periods in which the interest rate swaps affect earnings. Dotdash Meredith
assessed hedge effectiveness at the time of entering into these agreements and determined these interest rate
swaps are expected to be highly effective. Dotdash Meredith evaluates the hedge effectiveness of the
interest rate swaps quarterly, or more frequently, if necessary, by verifying (i) that the critical terms of the
interest rate swaps continue to match the critical terms of the hedged interest payments and (ii) that it is
probable the counterparties will not default. If the two requirements are met, the interest rate swaps are
determined to be effective and all changes in the fair value of the interest rate swaps are recorded in
“Accumulated other comprehensive loss.” The cash flows related to interest settlements of the hedged
monthly interest payments are classified as operating activities in the statement of cash flows, consistent
with the interest expense on the related Dotdash Meredith Term Loan B-1 and Dotdash Meredith Term
Loan B.
Original Issue Discount, Debt Issuance Costs and Deferred Financing Costs
Costs incurred to obtain financing are deferred and amortized to “Interest expense” in the statement of
operations over the related financing period using the effective interest method. The Company records debt
issuance costs as a direct reduction of the carrying value of the related debt. Financing costs related to
the undrawn revolving credit facility are included in “Other non-current assets” in the balance sheet.
Income Taxes
The Company accounts for income taxes under the liability method, and deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial
statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences
are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more
likely than not that the deferred tax asset will not be realized. The Company records interest, net of any
applicable related income tax benefit, for uncertain tax positions as a component of income tax expense.
The Company elects to recognize the tax on Global Intangible Low-Taxed Income as a period expense in the
period the tax is incurred.
The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition
(step one) occurs when the Company concludes that a tax position, based solely on its technical merits, is
more likely than not to be sustainable upon examination. Measurement (step two) determines the amount of
benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that
has full knowledge of all relevant information. De-recognition of a tax position that was previously recognized
would occur when the Company subsequently determines that a tax position no longer meets the more-likely-
than-not threshold of being sustained.
Pensions and Post-Retirement Benefits
In connection with the acquisition of Meredith in December 2021, the Company assumed certain
pension plan obligations. The two largest of these pension plans were funded plans in the U.K. and the U.S.
The IPC Plan relates to a business that was sold by Meredith Corporation prior to December 2021.
The IPC Plan has entered into two annuity contracts designed to provide payments equal to all future
117

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
designated contractual benefit payments to covered participants. The value of these annuity contracts and
the liabilities with respect to participants are expected to match. There are no active participants in the IPC
Plan or the unfunded pension plan in the U.K. so there are no service costs. While the Company does not
expect to have to make any contributions to the IPC Plan, that could change based upon future events.
The domestic funded plan and unfunded plan were frozen with respect to new participants January 1,
2018. The domestic funded pension plan was terminated as of December 31, 2022, and therefore, has no
service costs after that date. No future contributions will be required to the domestic funded plan due to its
termination.
The domestic unfunded plan was frozen as of December 31, 2024, and therefore, will have no service
costs in the future. Pension benefits for the domestic plan are based on formulas that reflect pay credits
allocated to participants’ accounts based on years of benefit service and annual pensionable earnings.
The unfunded plan in the U.S. and the unfunded plan in the U.K. are funded as payments are made to the
plan participants, which can include the purchase of annuity contracts. In addition, the Company provides
health care benefits for certain employees in the U.S. upon their retirement. This plan is the only plan with
active participants that are accruing benefits based upon service and the expected cost of which is accrued
over the period that the employees render service; this plan is funded as claims are paid.
The Company utilizes a mark-to-market approach to account for pension and post-retirement benefits.
Under this approach, the Company recognizes changes in the fair value of plan assets and actuarial gains or
losses in the fourth quarter of each fiscal year or whenever a plan is required to be remeasured. Events
requiring a plan remeasurement are recognized in the quarter in which the remeasurement event occurs. The
remaining components of pension and other post-retirement plan net periodic benefit (credit) cost are
recorded on a quarterly basis.
The discount rate for the IPC Plan is an effective insurance settlement rate, using the estimated
discount rates inherent in the annuity contracts at each measurement date. The discount rates utilized for
the domestic plans and the unfunded U.K. plan were based on the investment yields of high-quality corporate
bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments
as of the measurement date.
See “Note 11 — Pension and Post-Retirement Benefit Plans” for additional information.
Earnings Per Share
Basic net earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) attributable to
holders of IAC common stock and Class B common stock by the weighted-average number of shares of
common stock and Class B common stock outstanding during the period. Diluted earnings per share reflects
the potential dilution that could occur if stock options and other commitments to issue common stock
were exercised or equity awards vested resulting in the issuance of common stock that could share in the
earnings of the Company. Undistributed earnings allocated to the participating security is subtracted from
earnings in determining earnings attributable to holders of IAC common stock and Class B common stock
for EPS. See “Note 13 — Earnings (Loss) Per Share” for additional information on dilutive securities.
Foreign Currency Translation and Transaction Gains and Losses
The financial position and operating results of foreign entities whose primary economic environment is
based on their local currency are consolidated using the local currency as the functional currency. These local
currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local
currency revenue and expenses of these operations are translated at average rates of exchange during the
period. Translation gains and losses are included in “Accumulated other comprehensive (loss) income” as
a component of shareholders’ equity. Transaction gains and losses resulting from assets and liabilities
denominated in a currency other than the functional currency are included in the statement of operations as
118

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
a component of “Other income (expense), net.” See “Note 14 — Financial Statement Details” for additional
information regarding foreign currency exchange gains and losses.
Translation gains and losses relating to foreign entities that are liquidated or substantially liquidated
are reclassified out of accumulated other comprehensive (loss) income into earnings. During the years
ended December 31, 2024 and 2022, losses of $1.4 million and less than $0.1 million, respectively, were
reclassified into earnings and included in “Other income (expense), net” in the statement of operations.
During the year ended December 31, 2023, no gains or losses were reclassified into earnings.
Stock-Based Compensation
Stock-based compensation is measured at the grant date based on the fair value of the award and is
generally expensed over the requisite service period. See “Note 10 — Stock-Based Compensation” for a
discussion of the Company’s stock-based compensation plans.
Redeemable Noncontrolling Interests
Noncontrolling interests in the subsidiaries of the Company are ordinarily reported on the balance
sheet within shareholders’ equity, separately from the Company’s equity. However, securities that are
redeemable at the option of the holder and not solely within the control of the issuer must be classified
outside of shareholders’ equity. Accordingly, all noncontrolling interests that are redeemable at the option
of the holder are presented outside of shareholders’ equity in the balance sheet.
In connection with the acquisition of certain subsidiaries, management of these businesses has retained
an ownership interest. The Company is party to fair value put and call arrangements with respect to these
interests. These put and call arrangements allow management of these businesses to require the Company to
purchase their interests or allow the Company to acquire such interests at fair value, respectively. The put
arrangements do not meet the definition of a derivative instrument as the put agreements do not provide for
net settlement. These put and call arrangements become exercisable by the Company and the counterparty
at various dates in the future. There were no arrangements exercised during the years ended December 31,
2024, 2023 and 2022. These put arrangements are exercisable by the counterparty outside the control of
the Company. Accordingly, to the extent that the redemption amount of these interests exceeds the value
determined by normal noncontrolling interest accounting, the value of such interests is adjusted to the
redemption amount with a corresponding adjustment to additional paid-in capital. During the years ended
December 31, 2024, 2023 and 2022, the Company recorded adjustments of $(7.0) million, $7.6 million
and $24.2 million, respectively, to (decrease) increase these interests to their redemption amounts. Adjustments
to these interests require high levels of judgment and are based on various valuation techniques, including
market comparables and discounted cash flow projections.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted by the Company
Accounting Standards Update (“ASU”) No. 2023-07 — Segment Reporting (Topic 280) — Improvements
to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, which is intended to provide users of financial
statements with more decision-useful information about reportable segments of a public business entity,
primarily through enhanced disclosures of significant segment expenses. The Company adopted
ASU No. 2023-07 effective for the fiscal year beginning January 1, 2024 and applied the new guidance
retrospectively to all prior periods presented in the financial statements. See “Note 9 — Segment Information”
for additional information on the impact to the Company.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Recent Accounting Pronouncements Not Yet Adopted by the Company
ASU No. 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, which establishes required categories and a
quantitative threshold to the annual tabular rate reconciliation disclosure and disaggregated jurisdictional
disclosures of income taxes paid. The guidance’s annual requirements are effective for the Company beginning
with the reporting period for the fiscal year ending December 31, 2025. Early adoption is permitted and
ASU No. 2023-09 may be applied either prospectively or retrospectively. The Company is currently assessing
ASU No. 2023-09, its impact on its income tax disclosures and the method of adoption. ASU No. 2023-09
does not affect the Company’s results of operations, financial condition or cash flows. The Company does not
plan to adopt ASU No. 2023-09 early.
ASU No. 2024-03 — Income Statement-Reporting Comprehensive Income — Expense Disaggregation
Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, which is intended to provide users of financial
statements with more decision-useful information about expenses of a public business entity, primarily
through enhanced disclosures of certain components of expenses commonly presented within captions on
the statement of operations, such as purchases of inventory, employee compensation, depreciation and
amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that
are not separately disaggregated quantitatively. ASU No. 2024-03 also requires disclosure of the total
amount of selling expenses and, in annual reporting periods, the definition of selling expenses.
ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods
beginning after December 15, 2027. Early adoption is permitted and ASU No. 2024-03 may be applied either
prospectively or retrospectively. The Company is currently assessing ASU No. 2024-03, its impact on its
disclosures and the timing and method of adoption. ASU No. 2024-03 does not affect the Company’s results
of operations, financial condition or cash flows.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 3 — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Marketable Securities
At December 31, 2024, the Company has no outstanding available-for-sale marketable debt securities.
At December 31, 2023, the fair value of marketable securities are as follows:
December 31, 2023
(In thousands)
Available for sale marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . .
$148,998
Total marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$148,998
Marketable securities are carried at fair value. The Company has no investments in marketable equity
securities, following the change in classification of its investment in MGM to an equity method investment
in the fourth quarter of 2023, described below. Prior to the fourth quarter of 2023, the Company had two
investments in marketable equity securities, other than its investment in MGM, including one investment
that was fully impaired in the first quarter of 2023 due to the investee declaring bankruptcy and another
investment that was sold in the third quarter of 2023. The Company recorded net unrealized pre-tax losses of
$0.3 million and $20.3 million for these investments during the years ended December 31, 2023 and 2022,
respectively. The realized and unrealized pre-tax gain and losses related to these investments are included in
“Other income (expense), net” in the statement of operations.
120

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
At December 31, 2023, current available-for-sale marketable debt securities are as follows:
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Fair Value
(In thousands)
Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$148,971
$27
$148,998
Total available-for-sale marketable debt securities . . . . . . . . . . . . . . .
$148,971
$27
$148,998
The contractual maturities of debt securities classified as current available-for-sale at December 31,
2023 were within one year. There were no investments in available-for-sale marketable debt securities that
had been in a continuous unrealized loss position for longer than twelve months at December 31, 2023.
Investment in MGM Resorts International
December 31,
2024
2023
(In thousands)
Investment in MGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,242,672
$2,891,850
In the fourth quarter of 2023, MGM’s ongoing share repurchase program passively increased the
Company’s ownership interest in MGM and the Company determined that the equity method of accounting
applied and elected to account for its investment in MGM pursuant to the fair value option. See “Note 2
— Summary of Significant Accounting Policies”for further discussion of the Company’s investment in MGM.
Long-term Investments
Long-term investments consist of:
December 31,
2024
2023
(In thousands)
Equity securities without readily determinable fair values . . . . . . . . . . . .
$438,534
$404,848
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
6,368
Total long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$438,534
$411,216
Equity Securities without Readily Determinable Fair Values
The following tables present a summary of unrealized pre-tax gains and losses recorded in “Other
income (expense), net” in the statement of operations as adjustments to the carrying value of equity
securities without readily determinable fair values held at December 31, 2024 and 2023.
Year Ended December 31,
2024
2023
(In thousands)
Upward adjustments (gross unrealized pre-tax gains)
. . . . . . . . . . . . . . .
$
1,901
$
2,227
Downward adjustments including impairments (gross unrealized pre-tax
losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(34,218)
(22,463)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(32,317)
$(20,236)
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IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The cumulative upward and downward adjustments (including impairments) to the carrying value of
equity securities without readily determinable fair values held at December 31, 2024 were $31.4 million and
$160.1 million, respectively.
Realized and unrealized pre-tax gains and losses for the Company’s investments without readily
determinable fair values for the years ended December 31, 2024, 2023 and 2022 are as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
Realized pre-tax gains, net, for equity securities sold . . . . . . . . . . . . . . .
$
8,943
$
89
$ 12,434
Unrealized pre-tax losses, net, on equity securities held . . . . . . . . . . . . .
(32,317)
(20,236)
(89,137)
Total pre-tax losses, net recognized . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(23,374)
$(20,147)
$(76,703)
All pre-tax gains and losses on equity securities without readily determinable fair values, realized and
unrealized, are recognized in “Other income (expense), net” in the statement of operations.
Fair Value Measurements
The following tables present the Company’s financial instruments that are measured at fair value on a
recurring basis:
December 31, 2024
Level 1
Level 2
Level 3
Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,476,919
$
—
$—
$1,476,919
Time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
18,098
—
18,098
Other current assets:
Retirement investment fund(a) . . . . . . . . . . . . . . . . . . . .
—
13,763
—
13,763
Investment in MGM . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,242,672
—
—
2,242,672
Other non-current assets:
Interest rate swaps(b) . . . . . . . . . . . . . . . . . . . . . . . . . .
—
1,715
—
1,715
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,719,591
$33,576
$—
$3,753,167
(a)
See “Note 11 — Pension and Post-Retirement Benefit Plans” for additional information.
(b)
Interest rate swaps relate to the $350 million notional amount entered into to hedge Dotdash Meredith’s Term
Loan B-1. See “Note 2 — Summary of Significant Accounting Policies” and “Note 6 — Long-term Debt” for
additional information. The fair value of interest rate swaps was determined using discounted cash flows derived
from observable market prices, including swap curves, which are Level 2 inputs.
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IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2023
Level 1
Level 2
Level 3
Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds . . . . . . . . . . . . . . . . . . . . . . . .
$ 910,849
$
—
$
—
$ 910,849
Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
87,251
—
87,251
Time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
19,497
—
19,497
Marketable securities:
Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
148,998
—
148,998
Investment in MGM . . . . . . . . . . . . . . . . . . . . . . . . . .
2,891,851
—
—
2,891,851
Other non-current assets:
Warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
49,631
49,631
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,802,700
$255,746
$49,631
$4,108,077
Liabilities:
Other long-term liabilities:
Interest rate swaps(b) . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
(907)
$
—
$
(907)
The following table presents the changes in the warrant, which was measured at fair value on a
recurring basis using significant unobservable inputs (Level 3):
Year Ended December 31,
2024
2023
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 49,631
$46,799
Total net gains:
Fair value adjustments included in earnings . . . . . . . . . . . . . . . . . . . .
20,393
2,832
Settlements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(70,024)
—
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$49,631
Warrant
The Company owns preferred shares of Turo, a peer-to-peer car sharing marketplace, which are
accounted for as an equity security without a readily determinable fair value, as the preferred shares are not
common stock equivalents. As part of the Company’s original investment in Turo preferred shares, the
Company received a warrant that was recorded at fair value each reporting period with any change in fair
value included in “Other income (expense), net” in the statement of operations. The warrant was measured
using significant unobservable inputs and classified in the fair value hierarchy table as Level 3. The Company
net settled its Turo warrant on July 23, 2024 (the warrant expiration date) for 4.5 million shares of Series E-2
preferred stock and the fair value of the warrant of $70.0 million was reclassified to equity securities
without readily determinable fair values. The Company had measured this warrant at fair value at June 30,
2024 using the settlement value of the shares received pursuant to its net exercise on July 23, 2024. For the
periods prior to the settlement, the warrant was included in “Other non-current assets” in the balance
sheet.
123

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Financial instruments measured at fair value only for disclosure purposes
The total fair value of the outstanding long-term debt, including the current portion, is estimated using
observable market prices or indices for similar liabilities, which are Level 2 inputs, and was approximately
$1.93 billion and $1.95 billion at December 31, 2024 and 2023, respectively.
NOTE 4 — GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets, net are as follows:
December 31,
2024
2023
(In thousands)
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,877,078 $3,024,266
Intangible assets with indefinite lives . . . . . . . . . . . . . . . . . . . . . . . . . .
513,113
544,228
Intangible assets with definite lives, net of accumulated amortization
. . .
209,022
330,477
Total goodwill and intangible assets, net . . . . . . . . . . . . . . . . . . . . . . $3,599,213 $3,898,971
The following table presents the balance of goodwill by reportable segment, including the changes in
the carrying value of goodwill and accumulated impairment losses, for the year ended December 31, 2024:
Balance at
December 31,
2023
Deductions
Foreign
Exchange
Translation
Balance at
December 31,
2024
Accumulated
Impairment
Losses at
December 31,
2024
(In thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . . . . . . . . . . . . .
$1,497,642
$
—
$
—
$1,497,642
$ (198,329)
Total Dotdash Meredith . . . . . . . . . .
1,497,642
—
—
1,497,642
(198,329)
Angi
Ads and Leads . . . . . . . . . . . . . . . . . . .
761,571
—
—
761,571
—
Services
. . . . . . . . . . . . . . . . . . . . . . .
51,095
—
—
51,095
—
International . . . . . . . . . . . . . . . . . . . .
73,717
—
(2,607)
71,110
—
Total Angi . . . . . . . . . . . . . . . . . . . .
886,383
—
(2,607)
883,776
—
Care.com . . . . . . . . . . . . . . . . . . . . . .
490,896
—
490,896
—
Search . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
(981,308)
Emerging & Other . . . . . . . . . . . . . . . .
149,345
(144,581)
—
4,764
(95,748)
Total . . . . . . . . . . . . . . . . . . . . . . . .
$3,024,266
$(144,581)
$(2,607)
$2,877,078
$(1,275,385)
Deductions at Emerging & Other are due to the sale of assets of Mosaic Group on February 15, 2024.
The accumulated impairment losses at December 31, 2024 and 2023 within Emerging & Other are attributable
to Mosaic Group. See “Note 2 — Summary of Significant Accounting Policies” for further discussion of
the Company’s assessments of impairment of goodwill. Prior to the acquisition of Meredith in 2021,
Dotdash’s previous goodwill balance of $198.3 million was fully impaired, resulting in its balance reflected
in accumulated impairment losses at both December 31, 2024 and 2023. As a result of impairments previously
recorded, the Search reportable segment has no goodwill.
The following table presents the balance of goodwill by reportable segment, including the changes in
the carrying value of goodwill and accumulated impairment losses, for the year ended December 31, 2023:
124

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Balance at
December 31,
2022
Impairment
Foreign
Exchange
Translation
Balance at
December 31,
2023
Accumulated
Impairment
Losses at
December 31,
2023
(In thousands)
Dotdash Meredith
Digital . . . . . . . . . . . . . . . . . . . . . . . . .
$1,497,642
$
—
$
—
$1,497,642
$ (198,329)
Total Dotdash Meredith . . . . . . . . . . .
1,497,642
—
—
1,497,642
(198,329)
Angi
Ads and Leads . . . . . . . . . . . . . . . . . . .
761,571
—
—
761,571
—
Services . . . . . . . . . . . . . . . . . . . . . . . .
51,095
—
—
51,095
—
International . . . . . . . . . . . . . . . . . . . .
70,619
—
3,098
73,717
—
Total Angi . . . . . . . . . . . . . . . . . . . .
883,285
—
3,098
886,383
—
Care.com . . . . . . . . . . . . . . . . . . . . . . .
490,896
—
—
490,896
—
Search . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
(981,308)
Emerging & Other . . . . . . . . . . . . . . . .
158,345
(9,000)
—
149,345
(95,748)
Total . . . . . . . . . . . . . . . . . . . . . . . .
$3,030,168
$(9,000)
$3,098
$3,024,266
$(1,275,385)
During the third quarter of 2023, the Company reassessed the fair value of the Mosaic Group
reporting unit (included within Emerging & Other prior to the sale of its assets on February 15, 2024) and
recorded a goodwill impairment of $9.0 million. See “Note 2 — Summary of Significant Accounting Policies”
for further discussion of the Company’s assessments of impairment of goodwill.
At December 31, 2024 and 2023, intangible assets with definite lives are as follows:
December 31, 2024
Gross
Carrying
Amount
Accumulated
Amortization
Net
Weighted-
Average
Useful Life
(In thousands)
(Years)
Advertiser relationships . . . . . . . . . . . . . . . . . . . . . . . . .
$297,000
$(211,694)
$ 85,306
5.0
Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174,052
(174,052)
—
3.7
Licensee relationships . . . . . . . . . . . . . . . . . . . . . . . . . .
171,000
(123,115)
47,885
4.9
Trade names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
139,419
(78,940)
60,479
8.3
Content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104,939
(104,939)
—
2.9
Customer lists and user base . . . . . . . . . . . . . . . . . . . . .
68,084
(52,732)
15,352
6.4
Professional relationships . . . . . . . . . . . . . . . . . . . . . . . .
6,298
(6,298)
—
2.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$960,792
$(751,770)
$209,022
5.1
December 31, 2023
Gross
Carrying
Amount
Accumulated
Amortization
Net
Weighted-
Average
Useful Life
(In thousands)
(Years)
Advertiser relationships . . . . . . . . . . . . . . . . . . . . . . . . .
$297,000
$(154,819)
$142,181
5.0
Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
198,344
(196,816)
1,528
3.5
Licensee relationships . . . . . . . . . . . . . . . . . . . . . . . . . .
171,000
(85,496)
85,504
4.9
125

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2023
Gross
Carrying
Amount
Accumulated
Amortization
Net
Weighted-
Average
Useful Life
(In thousands)
(Years)
Trade names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120,759
(55,541)
65,218
9.2
Content . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104,939
(88,845)
16,094
2.9
Customer lists and user base . . . . . . . . . . . . . . . . . . . . .
68,661
(48,721)
19,940
6.4
Professional relationships . . . . . . . . . . . . . . . . . . . . . . . .
6,419
(6,407)
12
2.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$967,122
$(636,645)
$330,477
5.1
At December 31, 2024, amortization of intangible assets with definite lives for each of the next
five years and thereafter is estimated to be as follows:
Year Ending December 31,
(In thousands)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 92,710
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73,030
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,142
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,519
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,359
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,262
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$209,022
NOTE 5 — LEASES
The Company primarily leases office space used in connection with its operations under various
operating leases, the majority of which contain escalation clauses.
ROU assets represent the Company’s right to use the underlying assets for the lease term and lease
liabilities represent the present value of the Company’s obligation to make payments arising from these
leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over
the lease term using the Company’s and certain of its subsidiaries’ respective incremental borrowing rates on
the lease commencement date, the date of acquisition for any leases acquired in connection with a business
combination or January 1, 2019, the date ASC Topic 842, Leases (“ASC 842”) was adopted, for leases that
commenced prior to that date. The Company combines the lease and non-lease components of lease
payments in determining ROU assets and related lease liabilities. If the lease includes one or more options
to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the
Company will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of
the lease. As permitted by ASC 842, leases with an initial term of twelve months or less (“short-term leases”)
are not recorded on the balance sheet.
Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are
not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements
do not contain any material residual value guarantees or material restrictive covenants.
126

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table presents the balances of ROU assets and lease liabilities within the balance sheet:
December 31,
Leases
Balance Sheet Classification
2024
2023
(In thousands)
Assets:
ROU assets . . . . . . . . . . . . . . . . .
Other non-current assets
$255,177
$299,597
Liabilities:
Current lease liabilities . . . . . . . . .
Accrued expenses and other current liabilities
$ 62,055
$ 68,126
Long-term lease liabilities . . . . . . .
Other long-term liabilities
344,654
401,118
Total lease liabilities . . . . . . . . .
$406,709
$469,244
The following table presents the net lease expense within the statement of operations:
Year Ended December 31,
Lease Expense
Statement of Operations Classification
2024
2023
2022
(In thousands)
Fixed lease expense . . . . . . . . . . . .
Cost of revenue
$ 1,149
$
708
$ 1,283
Fixed lease expense . . . . . . . . . . . .
Selling and marketing expense
666
2,362
6,229
Fixed lease expense . . . . . . . . . . . .
General and administrative expense
56,404
110,177
61,886
Fixed lease expense . . . . . . . . . . . .
Product development expense
1,043
658
999
Total fixed lease expense(a) . . . . .
59,262
113,905
70,397
Variable lease expense . . . . . . . . . .
Selling and marketing expense
—
79
199
Variable lease expense . . . . . . . . . .
General and administrative expense
18,728
19,610
16,406
Variable lease expense . . . . . . . . . .
Product development expense
—
157
89
Total variable lease expense . . . .
18,728
19,846
16,694
Net lease expense . . . . . . . . . . .
$77,990
$133,751
$87,091
(a)
Includes (i) lease impairment charges of $7.2 million, $48.9 million and $2.3 million, (ii) short-term lease expense
of $1.0 million, $1.6 million and $4.0 million, (iii) sublease income of $16.0 million, $15.2 million and $17.1 million
and (iv) gains (losses) on termination of leases of $2.2 million, $(0.2) million and $3.3 million for the years ended
December 31, 2024, 2023 and 2022, respectively. Impairment charges related to ROU assets are included in “General
and administrative expense” in the statement of operations. Impairment charges during the year ended
December 31, 2023 include $44.7 million related to certain unoccupied leased office space at Dotdash Meredith
due to the continued decline in the commercial real estate market. During the year ended December 31, 2022, the
Company also recorded $14.3 million of impairment charges related to the consolidation of certain leased spaces
following the Meredith acquisition, which is included in “General and administration expense” in the statement
of operations as a restructuring charge. See “Note 2 — Summary of Significant Accounting Policies” and “Note
17 — Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments”
for additional information on impairment and restructuring charges, respectively.
Maturities of lease liabilities at December 31, 2024(b) are summarized below:
Year Ending December 31,
(In thousands)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 80,861
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76,224
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65,141
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61,116
127

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ending December 31,
(In thousands)
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56,844
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142,594
Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
482,780
Less: Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76,071
Present value of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$406,709
(b)
Lease payments exclude $7.7 million of legally binding minimum lease payments for leases signed but not yet
commenced.
The following are the weighted average assumptions used for lease term and discount rate:
December 31,
2024
2023
Remaining lease term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.8 years
7.5 years
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.16%
5.07%
The following is the supplemental cash flow information:
Year Ended December 31,
2024
2023
2022
(In thousands)
ROU assets obtained in exchange for lease liabilities . . . . . . . . . . . . . . . .
$10,580
$
7,545
$ 9,608
Derecognition of ROU assets due to termination or modification . . . . . . .
$
(462)
$ (34,809)
$ (4,612)
Cash paid for amounts included in the measurement of lease liabilities . . .
$92,304
$100,328
$93,864
In addition, purchase accounting adjustments related to the 2021 acquisition of Meredith were completed
during the year ended December 31, 2022 and ROU assets were adjusted downward by $4.3 million and lease
liabilities were adjusted upward by $7.1 million.
NOTE 6 — LONG-TERM DEBT
Long-term debt consists of:
December 31,
2024
2023
(In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A due December 1, 2026 . . . . . . . . . . . . . . . . .
$ 297,500
$ 315,000
Dotdash Meredith Term Loan B-1 due December 1, 2028 . . . . . . . . . . . . . . . .
1,182,500
—
Dotdash Meredith Term Loan B due December 1, 2028 . . . . . . . . . . . . . . . . .
—
1,225,000
Total Dotdash Meredith long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,480,000
1,540,000
Less: current portion of Dotdash Meredith long-term debt . . . . . . . . . . . . .
35,000
30,000
Less: original issue discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,512
4,470
Less: unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,481
8,423
Total Dotdash Meredith long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . .
1,435,007
1,497,107
128

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31,
2024
2023
(In thousands)
ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior
Notes”); interest payable each February 15 and August 15 . . . . . . . . . . . . . .
500,000
500,000
Less: unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,160
3,953
Total ANGI Group long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
496,840
496,047
Total long-term debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,931,847
$1,993,154
Dotdash Meredith Term Loans and Dotdash Meredith Revolving Facility
On December 1, 2021, Dotdash Meredith entered into a credit agreement (“Dotdash Meredith Credit
Agreement”), which provided for (i) the five-year $350 million Dotdash Meredith Term Loan A, (ii) the seven-
year $1.25 billion Dotdash Meredith Term Loan B and (iii) a five-year $150 million revolving credit
facility (“Dotdash Meredith Revolving Facility”). On November 26, 2024, Dotdash Meredith entered into
the Amended Dotdash Meredith Credit Agreement, which governs both the existing Dotdash Meredith Term
Loan A and the Dotdash Meredith Revolving Facility, and replaced $1.18 billion of then outstanding
Dotdash Meredith Term Loan B principal with an equal amount of Dotdash Meredith Term Loan B-1
(together with Dotdash Meredith Term Loan A, these loans are collectively referred to as “Dotdash Meredith
Term Loans”).
Dotdash Meredith Term Loan A bears interest at an Adjusted Term SOFR, as defined in the Amended
Dotdash Meredith Credit Agreement, plus an applicable margin depending on Dotdash Meredith’s most
recently reported consolidated net leverage ratio, as defined in the Amended Dotdash Meredith Credit
Agreement. The adjustment to the secured overnight financing rate is fixed at 0.10% for Dotdash Meredith
Term Loan A. At December 31, 2024 and 2023, Dotdash Meredith Term Loan A bore interest at Adjusted
Term SOFR plus 2.25%, or 6.94% and 7.69%, respectively. Prior to the effectiveness of the Amended Dotdash
Meredith Credit Agreement, Dotdash Meredith Term Loan B bore an interest rate of Adjusted Term
SOFR plus 4.00%, plus a varying adjustment of 0.10%, 0.15% or 0.25% based upon the duration of the
borrowing period. The Amended Dotdash Meredith Credit Agreement reset the interest rate on Dotdash
Meredith Term Loan B-1 to Adjusted Term SOFR plus 3.50% and removed the varying adjustment. At
December 31, 2024, Dotdash Meredith Term Loan B-1 bore interest at Adjusted Term SOFR, subject to a
minimum of 0.50%, plus 3.50%, or 8.05%. At December 31, 2023, Dotdash Meredith Term Loan B bore
interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or 9.44%. Interest payments
are due at least quarterly through the respective maturity dates of the Dotdash Meredith Term Loans.
Immediately prior to the effectiveness of the Amended Dotdash Meredith Credit Agreement, the
Company prepaid $30 million in aggregate principal of Dotdash Meredith Term Loan B. This prepayment
and the reset of the interest rate of Dotdash Meredith Term Loan B-1 were evaluated on a creditor-by-
creditor basis to determine whether the transaction should be accounted for as a modification or
extinguishment of debt. As a result of this evaluation, a portion of the transaction was determined to be an
extinguishment of debt and, therefore, the Company recorded a debt extinguishment loss of $0.3 million
in the fourth quarter of 2024 to write off a pro-rata amount of unamortized issuance costs and original issue
discount, and less than $0.1 million was capitalized as debt issuance costs. The extinguishment loss is
recorded in “Interest expense” in the statement of operations. Third-party fees in connection with the
Amended Dotdash Meredith Credit Agreement of $3.5 million are recorded in “Other income (expense),
net” in the statement of operations.
The interest rate swaps entered into in March 2023, with a maturity date of April 1, 2027, synthetically
converted $350 million of Dotdash Meredith Term Loan B and, following the effectiveness of the Amended
Dotdash Meredith Credit Agreement, Dotdash Meredith Term Loan B-1, from a variable rate to a fixed
129

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
rate. Following the effectiveness of the Amended Dotdash Meredith Credit Agreement, should Adjusted
Term SOFR continue to equal or exceed 0.50%, then the fixed rate for Dotdash Meredith Term Loan B-1 will
be approximately 7.32% ((i) the weighted average fixed interest rate of approximately 3.82% on the interest
rate swaps and (ii) the base rate of 3.50%). In the event Adjusted Term SOFR becomes less than 0.50%, then
the interest rate swaps would be fixed in a range from approximately 7.32% to 7.42% as determined by the
governing agreements. Prior to the effectiveness of the Amended Dotdash Meredith Credit Agreement, the
fixed rate for Dotdash Meredith Term Loan B was approximately 7.92% ((i) the weighted average fixed
interest rate of approximately 3.82% on the interest rate swaps, (ii) the base rate of 4.00% and (iii) the
adjustment to the secured overnight financing rate of 0.10%).
The interest rate swaps are expected to be highly effective. See “Note 8 — Accumulated Other
Comprehensive (Loss) Income” for the net unrealized gains and losses before reclassifications in
“Accumulated other comprehensive loss” and realized gains reclassified into “Interest expense” for the years
ended December 31, 2024 and 2023. At December 31, 2024, approximately $1.1 million is expected to be
reclassified into interest expense within the next twelve months as net realized gains.
Dotdash Meredith Term Loan A requires quarterly principal payments of approximately $8.8 million
through December 31, 2025 and approximately $13.1 million thereafter through maturity. Prior to the
effectiveness of the Amended Dotdash Meredith Credit Agreement, Dotdash Meredith Term Loan B
required quarterly payments of $3.1 million. Following the effectiveness of the Amended Dotdash Meredith
Credit Agreement, Dotdash Meredith Term Loan B-1 now requires quarterly payments of $3.0 million
commencing March 31, 2026 through maturity. Dotdash Meredith Term Loan B and Dotdash Meredith
Term Loan B-1 may require additional annual principal payments as part of an excess cash flow sweep
provision, the amount of which, in part, is governed by the applicable net leverage ratio and further subject
to the excess cash flow exceeding certain thresholds as defined in the Dotdash Meredith Credit Agreement
and Amended Dotdash Meredith Credit Agreement, respectively. No such payment is currently expected
related to the period ended December 31, 2024 and no such payment was required related to the period
ended December 31, 2023.
There were no outstanding borrowings under the Dotdash Meredith Revolving Facility at both
December 31, 2024 and 2023. The annual commitment fee on undrawn funds is based on the most recently
reported Dotdash Meredith’s consolidated net leverage ratio, as defined in the governing agreements, was 40
basis points at both December 31, 2024 and 2023. Any borrowings under the Dotdash Meredith Revolving
Facility would bear interest, at Dotdash Meredith’s option, at either a base rate or Adjusted Term SOFR, plus
an applicable margin, which is based on Dotdash Meredith’s consolidated net leverage ratio.
As of the last day of any calendar quarter, subject to certain exemptions and increases for qualifying
material acquisitions, Dotdash Meredith will not permit the consolidated net leverage ratio as of the last
day of such quarter to exceed 5.5 to 1.0, all as defined in the governing agreements. This ratio was not
exceeded for both test periods ended December 31, 2024 and 2023. The Amended Dotdash Meredith Credit
Agreement also contains covenants, which are consistent with the Dotdash Meredith Credit Agreement,
that would limit Dotdash Meredith’s ability to pay dividends, incur incremental secured indebtedness, or make
distributions or certain investments in the event a default has occurred or if Dotdash Meredith’s
consolidated net leverage ratio exceeds 4.0 to 1.0, subject to certain available amounts as defined in the
governing agreements. Dotdash Meredith did not exceed this ratio for the test period ended December 31,
2024, but this ratio was exceeded for the test period ended December 31, 2023.
The Dotdash Meredith Credit Agreement and the Amended Dotdash Meredith Credit Agreement
permit the Company to, among other things, contribute cash to Dotdash Meredith which will provide
additional liquidity to ensure that Dotdash Meredith does not exceed certain consolidated net leverage ratios
for any test period, as further defined in the governing agreements. In connection with these capital
contributions, Dotdash Meredith may make distributions to the Company in amounts not more than any
such capital contributions, provided that no default has occurred and is continuing. Such capital contributions
and subsequent distributions impact the consolidated net leverage ratios of Dotdash Meredith, however,
130

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
absent these contributions, Dotdash Meredith’s consolidated net leverage ratio would not have exceeded
5.5 to 1.0 for the years ended December 31, 2024 or 2023. During the year ended December 31, 2024, the
Company contributed $125 million to Dotdash Meredith, following which Dotdash Meredith distributed
$230 million back to the Company, including $105 million in January 2024 related to the Company’s
contribution in December 2023. The contributions ceased in September 2024, which Dotdash Meredith
distributed back to the Company in October 2024 and, therefore, there are no contributions or distributions
outstanding as of December 31, 2024. During the year ended December 31, 2023, the Company contributed
$510 million to Dotdash Meredith, following which Dotdash Meredith distributed $405 million back to the
Company.
The obligations under the Amended Dotdash Meredith Credit Agreement are guaranteed by certain of
Dotdash Meredith’s wholly-owned subsidiaries and are secured by substantially all of the assets of Dotdash
Meredith and certain of its subsidiaries.
ANGI Group Debt
ANGI Group, LLC (“ANGI Group”) a direct wholly-owned subsidiary of Angi, issued the ANGI
Group Senior Notes on August 20, 2020. These notes may be redeemed at the redemption prices set forth
below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during
the twelve-month period beginning on August 15 of the years indicated below:
Year
Percentage
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.969%
2025 and thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.000%
The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI
Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s
secured leverage ratio exceeds 3.75 to 1.0 provided that ANGI Group is permitted to incur such liens under
certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture.
At December 31, 2024 and 2023, there were no limitations pursuant thereto.
Long-term Debt Maturities:
Long-term debt maturities at December 31, 2024 are summarized in the table below:
Year Ending December 31,
(In thousands)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
35,000
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
274,325
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,825
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,658,850
Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,980,000
Less: current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35,000
Less: unamortized original issue discount . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,512
Less: unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,641
Total long-term debt, net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,931,847
131

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 7 — SHAREHOLDERS’ EQUITY
Description of Common Stock and Class B Convertible Common Stock
Except as described herein, shares of IAC common stock and IAC Class B common stock are identical.
The holders of shares of IAC common stock and IAC Class B common stock vote together as a
single class with respect to matters that may be submitted to a vote or for the consent of IAC’s shareholders
generally, including the election of directors. In connection with any such vote, each holder of IAC common
stock is entitled to one vote for each share of IAC common stock held and each holder of IAC Class B
common stock is entitled to ten votes for each share of IAC Class B common stock held. Notwithstanding
the foregoing, the holders of shares of IAC common stock, acting as a single class, are entitled to elect 25% of
the total number of IAC’s directors, and, in the event that 25% of the total number of directors shall result
in a fraction of a director, then the holders of shares of IAC common stock, acting as a single class, are
entitled to elect the next higher whole number of IAC’s directors. In addition, Delaware law requires that
certain matters be approved by the holders of shares of IAC common stock or holders of IAC Class B
common stock voting as a separate class.
Shares of IAC Class B common stock are convertible into shares of IAC common stock at the option
of the holder thereof, at any time, on a share-for-share basis. Such conversion ratio will in all events be
equitably preserved in the event of any recapitalization of IAC by means of a stock dividend on, or a stock
split or combination of, outstanding shares of IAC common stock or IAC Class B common stock, or in the
event of any merger, consolidation or other reorganization of IAC with another corporation. Upon the
conversion of shares of IAC Class B common stock into shares of IAC common stock, those shares of IAC
Class B common stock will be retired and will not be subject to reissue. Shares of IAC common stock are
not convertible into shares of IAC Class B common stock.
The holders of shares of IAC common stock and the holders of shares of IAC Class B common stock
are entitled to receive, share for share, such dividends as may be declared by IAC’s Board of Directors out
of funds legally available therefor. In the event of a liquidation, dissolution, distribution of assets or
winding-up of IAC, the holders of shares of IAC common stock and the holders of shares of IAC Class B
common stock are entitled to receive, share for share, all the assets of IAC available for distribution to its
stockholders, after the rights of the holders of any IAC preferred stock have been satisfied.
Common Stock Repurchases
On June 30, 2020, the Board of Directors of the Company authorized repurchases up to 8.0 million
shares of common stock. The Company did not repurchase any of its common stock during the year ended
December 31, 2024. During the years ended December 31, 2023 and 2022, IAC repurchased 3.2 million
and 1.1 million shares of its common stock, on a trade date basis, at an average price of $51.00 and $77.44
per share, or $165.6 million and $85.3 million in aggregate, respectively. At December 31, 2024, the Company
has 3.7 million shares remaining in its share repurchase authorization.
132

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables present the components of accumulated other comprehensive loss, net of income
tax.
Year Ended December 31, 2024
Foreign
Currency
Translation
Adjustment
Unrealized
(Losses)
Gains On
Interest
Rate Swaps
Unrealized Gains
(Losses) On
Available-For-
Sale Marketable
Debt Securities
Accumulated
Other
Comprehensive
(Loss) Income
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . .
$(10,266)
$ (696)
$ 20
$(10,942)
Other comprehensive (loss) income before
reclassifications
. . . . . . . . . . . . . . . . . . . . . .
(3,875)
6,785
(20)
2,890
Amounts reclassified to earnings . . . . . . . . . . . .
1,427
(4,782)
—
(3,355)
Net current period other comprehensive (loss)
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,448)
2,003
(20)
(465)
Accumulated other comprehensive loss allocated to
noncontrolling interests during the period . . . . . .
11
—
—
11
Balance at December 31 . . . . . . . . . . . . . . . . . . . .
$(12,703)
$ 1,307
$ —
$(11,396)
Year Ended December 31, 2023
Foreign
Currency
Translation
Adjustment
Unrealized
Losses On
Interest
Rate Swaps
Unrealized Gains
(Losses) On
Available-For-
Sale Marketable
Debt Securities
Accumulated
Other
Comprehensive
(Loss) Income
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . .
$(13,186)
$
—
$ 53
$(13,133)
Other comprehensive income (loss) before
reclassifications
. . . . . . . . . . . . . . . . . . . . . .
2,915
2,958
(33)
5,840
Amounts reclassified to earnings . . . . . . . . . . . .
—
(3,654)
—
(3,654)
Net current period other comprehensive income
(loss)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,915
(696)
(33)
2,186
Accumulated other comprehensive loss allocated to
noncontrolling interests during the period . . . . . .
5
—
—
5
Balance at December 31 . . . . . . . . . . . . . . . . . . . .
$(10,266)
$ (696)
$ 20
$(10,942)
Year Ended December 31, 2022
Foreign
Currency
Translation
Adjustment
Unrealized Gains
On Available-
For- Sale
Marketable
Debt Securities
Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
4,397
$—
$
4,397
Other comprehensive (loss) income before reclassifications . . .
(17,636)
53
(17,583)
Amounts reclassified to earnings . . . . . . . . . . . . . . . . . . . . .
42
—
42
Net current period other comprehensive (loss) income
. . . . . . .
(17,594)
53
(17,541)
133

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31, 2022
Foreign
Currency
Translation
Adjustment
Unrealized Gains
On Available-
For- Sale
Marketable
Debt Securities
Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)
Accumulated other comprehensive loss allocated to
noncontrolling interests during the period . . . . . . . . . . . . . .
11
—
11
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(13,186)
$53
$(13,133)
The amounts reclassified out of foreign currency translation adjustment into earnings for the years
ended December 31, 2024 and 2022 relate to the substantial liquidation of certain international subsidiaries.
At December 31, 2024 and 2023, there was a deferred income tax provision of $0.4 million and a
deferred income tax benefit of $0.2 million, respectively, related to unrealized gains and losses, respectively,
on interest rate swaps. At December 31, 2023, and 2022, there was a deferred income tax provision of less than
$0.1 million related to net unrealized gains on available-for-sale marketable debt securities.
NOTE 9 — SEGMENT INFORMATION
The overall concept that the Company employs in determining its operating segments is to present the
financial information in a manner consistent with the chief operating decision maker’s (“CODM”) view of
the businesses. The Office of the Chairman, which is comprised of certain executives and members of the
board of directors, is the CODM of the Company. We consider how the businesses are organized as to
segment management and the focus of the businesses with regards to the types of services or products offered
or the target market. Operating segments are combined for reporting purposes in the case of Emerging &
Other because they do not meet the quantitative thresholds that require presentation as separate reportable
segments.
Disaggregated Revenue
The following table presents revenue by reportable segment:
Year Ended December 31,
2024
2023
2022
(In thousands)
Revenue
Dotdash Meredith
Digital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,004,417
$ 892,426
$ 931,482
Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
794,045
823,456
1,026,128
Intersegment eliminations(a)
. . . . . . . . . . . . . . . . . . . . . . . . .
(21,233)
(20,989)
(22,911)
Total Dotdash Meredith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,777,229
1,694,893
1,934,699
Angi
Domestic:
Ads and Leads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
962,601
1,124,908
1,282,061
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,521
118,033
381,256
Total Domestic
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,056,122
1,242,941
1,663,317
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128,990
115,807
101,038
Total Angi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,185,112
1,358,748
1,764,355
134

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands)
Care.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
369,620
375,039
362,570
Search . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
387,699
629,038
731,431
Emerging & Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89,028
320,018
460,895
Intersegment eliminations(b) . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,455)
(12,501)
(18,670)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,807,233
$4,365,235
$5,235,280
(a)
Intersegment eliminations primarily relate to Dotdash Meredith Digital performance marketing commissions
earned for the placement of magazine subscriptions for Dotdash Meredith Print.
(b)
Intersegment eliminations primarily relate to advertising sold by Dotdash Meredith to other IAC owned businesses
and Ads and Leads revenue earned from sales to Roofing prior to its sale.
The following table presents the revenue of the Company’s segments disaggregated by type of service:
Year Ended December 31,
2024
2023
2022
(In thousands)
Dotdash Meredith
Digital:
Advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 643,725
$ 560,786
$ 621,714
Performance marketing revenue . . . . . . . . . . . . . . . . . . . . . . .
243,895
231,087
198,441
Licensing and other revenue . . . . . . . . . . . . . . . . . . . . . . . . .
116,797
100,553
111,327
Total Digital revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,004,417
892,426
931,482
Print:
Subscription revenue
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
327,079
329,357
422,700
Advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
174,889
203,210
260,282
Project and other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . .
155,090
128,354
154,807
Newsstand revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102,096
117,316
132,855
Performance marketing revenue . . . . . . . . . . . . . . . . . . . . . . .
34,891
45,219
55,484
Total Print revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
794,045
823,456
1,026,128
Intersegment eliminations(a) . . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,233)
(20,989)
(22,911)
Total Dotdash Meredith revenue . . . . . . . . . . . . . . . . . . .
$1,777,229
$1,694,893
$1,934,699
Angi
Domestic:
Ads and Leads:
Consumer connection revenue . . . . . . . . . . . . . . . . . . . . . .
$ 606,560
$ 781,089
$ 954,735
Advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
312,281
290,799
265,466
Membership subscription revenue . . . . . . . . . . . . . . . . . . . .
43,076
52,305
60,411
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
684
715
1,449
Total Ads and Leads revenue . . . . . . . . . . . . . . . . . . . . . . . . .
962,601
1,124,908
1,282,061
Services revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93,521
118,033
381,256
135

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands)
Total Domestic revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,056,122
1,242,941
1,663,317
International:
Consumer connection revenue . . . . . . . . . . . . . . . . . . . . . . . .
106,324
92,635
71,851
Membership subscription revenue . . . . . . . . . . . . . . . . . . . . .
21,709
22,548
28,192
Advertising and other revenue . . . . . . . . . . . . . . . . . . . . . . . .
957
624
995
Total International revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128,990
115,807
101,038
Total Angi revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,185,112
$1,358,748
$1,764,355
Care.com
Consumer revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 191,274
$ 210,455
$ 217,691
Enterprise revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
178,346
164,584
144,879
Total Care.com revenue . . . . . . . . . . . . . . . . . . . . . . . . .
$ 369,620
$ 375,039
$ 362,570
Search
Advertising revenue:
Google advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 376,970
$ 582,481
$ 525,987
Non-Google advertising revenue . . . . . . . . . . . . . . . . . . . . . .
9,280
44,068
200,435
Total advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
386,250
626,549
726,422
Other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,449
2,489
5,009
Total Search revenue . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 387,699
$ 629,038
$ 731,431
Emerging & Other
Subscription revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
52,207
$ 180,940
$ 196,965
Marketplace revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,509
14,172
70,180
Media production and distribution revenue
. . . . . . . . . . . . . . . .
7,819
15,847
31,555
Roofing revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
90,557
137,509
Advertising revenue:
Non-Google advertising revenue . . . . . . . . . . . . . . . . . . . . . .
7,367
12,568
16,057
Google advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . .
955
946
2,192
Total advertising revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,322
13,514
18,249
Service and other revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,171
4,988
6,437
Total Emerging & Other revenue . . . . . . . . . . . . . . . . . . .
$
89,028
$ 320,018
$ 460,895
136

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Segment Expenses
The following table presents the significant expenses included in the Company’s segment reporting
performance measure, Segment Adjusted EBITDA, that are regularly provided to the CODM by the
Company’s reportable segments:
Year Ended December 31,
2024
2023
2022
(In thousands)
Segment Expenses:
Dotdash Meredith
Digital:
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 272,225
$ 240,985
$ 309,100
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . . .
221,862
192,204
196,696
General and administrative expense . . . . . . . . . . . . . . . . . . . .
97,932
102,751
127,671
Product development expense . . . . . . . . . . . . . . . . . . . . . . . .
123,005
113,517
111,319
Total Digital expenses
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
715,024
649,457
744,786
Print:
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
389,089
415,354
527,858
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . . .
290,709
280,302
402,564
General and administrative expense . . . . . . . . . . . . . . . . . . . .
49,898
52,335
54,082
Product development expense . . . . . . . . . . . . . . . . . . . . . . . .
10,556
11,239
10,489
Total Print expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
740,252
759,230
994,993
Other:
Other(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47,766
84,438
65,682
Intersegment eliminations . . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,233)
(20,989)
(22,911)
Total Dotdash Meredith expenses(d) . . . . . . . . . . . . . . . . . .
$1,481,809
$1,472,136
$1,782,550
Angi
Domestic(e):
Consumer marketing expense(f) . . . . . . . . . . . . . . . . . . . . . . .
$ 309,139
$ 435,620
$ 520,744
Professional acquisition expense(g) . . . . . . . . . . . . . . . . . . . . .
233,645
274,209
296,374
Fixed expense(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
206,687
212,837
226,030
Variable expense(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
124,150
155,776
218,644
Cost of revenue(j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,139
59,095
334,565
Total Domestic expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
926,760
1,137,537
1,596,357
International:
Fixed expense(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51,393
48,422
46,064
Other segment items(k) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61,644
54,311
55,455
Total International expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .
113,037
102,733
101,519
Total Angi expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,039,797
$1,240,270
$1,697,876
Care.com
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
79,167
$
91,494
$
88,806
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . . .
99,612
108,320
108,840
137

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands)
General and administrative expense . . . . . . . . . . . . . . . . . . . .
91,146
60,826
57,788
Product development expense . . . . . . . . . . . . . . . . . . . . . . . .
54,514
58,194
60,237
Total Care.com expenses . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 324,439
$ 318,834
$ 315,671
Search
Traffic acquisition costs and online marketing(l) . . . . . . . . . . . .
$ 328,573
$ 536,099
$ 596,080
Other segment items(m) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,616
48,656
51,865
Total Search expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 370,189
$ 584,755
$ 647,945
(c)
Other comprises unallocated corporate expenses.
(d)
Includes certain lease impairment and restructuring charges for the years ended December 31, 2023 and 2022. See
“Segment Reporting Performance Measure and Reconciliations” below for additional information.
(e)
Angi Domestic expenses are provided in total to the CODM rather than at the segment level.
(f)
Consumer marketing expense includes (i) advertising expenditures to promote the brand to consumers with
(a) online marketing, including fees paid to search engines and other online marketing platforms, partners who
direct traffic to the brands within the Angi segment, and app platforms, and (b) offline marketing, which is primarily
television, streaming and radio advertising, (ii) compensation expense, excluding stock-based compensation, and
other employee-related costs for consumer marketing personnel and (iii) outsourced personnel costs.
(g)
Professional acquisition expense includes (i) advertising expenditures to promote the brand to professionals with
(a) online marketing, including fees paid to search engines and other online marketing platforms, partners who direct
traffic to the brands within the Angi segment, and app platforms, and (b) offline marketing, which is primarily
television, streaming and radio advertising and (ii) compensation expense, excluding stock-based compensation,
and other employee-related costs for professional acquisition sales and marketing personnel.
(h)
Fixed expense includes (i) compensation expense, excluding stock-based compensation, and other employee-
related costs for personnel engaged in (a) the design, development, testing, and enhancement of product offerings
and related technology and (b) executive management, finance, legal, tax, marketing and human resources functions,
(ii) software license and maintenance costs, (iii) rent expense and facilities costs (including impairments of ROU
assets), (iv) fees for professional services and (iv) outsourced personnel costs for personnel engaged in product
development.
(i)
Variable expense includes (i) compensation expense, excluding stock-based compensation, and other employee-
related costs for personnel engaged in customer service functions, (ii) provision for credit losses, (iii) outsourced
personnel costs for personnel engaged in assisting in customer service functions and (iv) service guarantee expense.
(j)
Cost of revenue consists primarily of (i) credit card processing fees, (ii) hosting fees and (iii) payments made to
independent third-party professionals who perform work.
(k)
Angi International other segment items include cost of revenue, consumer marketing expense, professional
marketing expense, provision for credit losses and other operating expenses.
(l)
Traffic acquisition costs include (i) payments made to partners who direct traffic to our Ask Media Group
websites and who distribute our business-to-business customized browser-based applications and (ii) the amortization
of fees paid to Apple and Google related to the distribution of apps and the facilitation of in-app purchases and
online marketing includes fees paid to search engines and other online marketing platforms.
(m) Search other segment items include compensation expense, excluding stock-based compensation, and other
operating expenses.
Segment Reporting Performance Measure and Reconciliations
Adjusted EBITDA is the Company’s primary financial and GAAP segment measure. Adjusted
EBITDA is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation;
138

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
and (3) acquisition-related items consisting of, if applicable, (i) amortization of intangible assets and
impairments of goodwill and intangible assets and (ii) gains and losses recognized on changes in the fair
value of contingent consideration arrangements. Adjusted EBITDA is the segment reporting performance
measure used by the CODM as one of the metrics by which we evaluate the performance of our businesses
and our internal budgets are based and may impact management compensation. The following table
presents a summary of Segment Adjusted EBITDA:
Year Ended December 31,
2024
2023
2022
(In thousands)
Segment Adjusted EBITDA:
Dotdash Meredith
Digital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$289,393
$242,969
$186,696
Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53,793
64,226
31,135
Other(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(47,766)
(84,438)
(65,682)
Total Dotdash Meredith(n)(o) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
295,420
222,757
152,149
Angi
Domestic:
Ads and Leads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
180,334
147,357
168,952
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,469
8,123
(52,126)
Other(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(55,441)
(50,076)
(49,866)
Total Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129,362
105,404
66,960
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,953
13,074
(481)
Total Angi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
145,315
118,478
66,479
Care.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45,181
56,205
46,899
Search . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,510
44,283
83,486
Emerging & Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(35,995)
(14,366)
(69,942)
Total Segment Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . .
$467,431
$427,357
$279,071
(n)
The year ended December 31, 2023 includes impairment charges of $44.7 million related to unoccupied leased
office space at Dotdash Meredith Other. See “Note 2 — Summary of Significant Accounting Policies”for additional
information.
(o)
The year ended December 31, 2022 includes $32.2 million, $33.4 million and $7.6 million of restructuring charges
and $1.1 million, $1.4 million and $4.7 million of transaction-related expenses in connection with the 2021 acquisition
of Meredith at Dotdash Meredith Digital, Print and Other, respectively. See “Note 17 — Dotdash Meredith
Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments”for additional information.
The following table reconciles total Segment Adjusted EBITDA to (loss) earnings from continuing
operations before income taxes:
Year Ended December 31,
2024
2023
2022
(In thousands)
Total Segment Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 467,431 $ 427,357 $
279,071
Corporate Adjusted EBITDA loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
(87,742)
(90,873)
(79,521)
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . .
(112,523) (117,181)
(123,476)
139

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands)
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(126,890) (175,096)
(130,986)
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(144,506) (295,970)
(307,718)
Acquisition-related contingent consideration fair value adjustments . . .
—
—
612
Goodwill impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(9,000)
(112,753)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(155,888) (157,632)
(110,165)
Unrealized (loss) gain on investment in MGM Resorts International . . .
(649,178)
721,668
(723,515)
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
116,897
63,862
(217,785)
(Loss) earnings from continuing operations before income taxes . . . . $(692,399) $ 367,135 $(1,526,236)
Capital Expenditures
The following table presents capital expenditures as viewed by the CODM:
Year Ended December 31,
2024
2023
2022
(In thousands)
Capital expenditures:
Dotdash Meredith
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$14,293
$ 10,370
$ 12,885
Angi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50,492
47,780
115,479
Care.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
510
2,039
9,911
Search . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
17
Emerging & Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
7
1,071
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
211
81,168
390
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$65,506
$141,364
$139,753
Asset information is not provided to the Company’s CODM as that information is not used in the
allocation of resources or in assessing the performance of the Company’s segments.
Geographic Information
Geographic information about revenue and long-lived assets is presented below. Revenue by geography
is based on where the customer is located.
Year Ended December 31,
2024
2023
2022
(In thousands)
Revenue:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,374,726
$3,798,229
$4,720,504
All other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
432,507
567,006
514,776
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,807,233
$4,365,235
$5,235,280
140

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31,
2024
2023
(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$639,898
$743,914
All other countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,040
10,964
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$647,938
$754,878
NOTE 10 — STOCK-BASED COMPENSATION
IAC currently has one active plan (the “Plan”) under which stock-based awards denominated in shares
of or stock-based awards settleable in IAC common stock have been and may be granted. The Plan has a
stated term of ten years. The Plan does not specify grant dates or vesting schedules of awards as those
determinations have been delegated to the Compensation and Human Resources Committee of IAC’s Board
of Directors (the “Committee”). Each grant agreement reflects the vesting schedule for that grant as
determined by the Committee. There are also outstanding stock-based awards that were granted under
older plans that have since expired or been discontinued. The Plan provides for grants of stock options to
acquire shares of IAC common stock (the exercise price of stock options granted will not be less than the
market price of the Company’s common stock on the grant date), RSUs denominated in shares of IAC
common stock, including those that may be linked to the achievement of the Company’s stock price,
known as market-based awards (“MSUs”) and those that may be linked to the achievement of a performance
target, known as performance-based awards (“PSUs”), restricted stock, as well as other equity awards,
including those denominated or settleable in IAC shares. The Plan authorizes the Company to grant awards
to its employees, officers, directors and consultants. At December 31, 2024, there are 29.9 million IAC
common shares of stock reserved for future issuance under this plan.
IAC Denominated Stock-based Awards
IAC Restricted Common Stock
On November 5, 2020, the Company entered into a ten-year employment agreement and a Restricted
Stock Agreement (the “RSA Agreement”) with Joseph Levin, IAC’s Chief Executive Officer (“CEO”). The
RSA Agreement provided for a grant of 3.0 million shares of IAC restricted common stock.
On January 13, 2025, the Company and Mr. Levin entered into an Employment Transition Agreement
(the “Agreement”) pursuant to which the Employment Agreement, by and between Mr. Levin and the
Company, dated November 5, 2020 (“Employment Agreement”), and the Amended and Restated RSA, dated
June 7, 2021 were terminated, except as provided in Section 6 of the RSA Agreement. As a result, the
3.0 million shares of IAC restricted stock granted to Mr. Levin pursuant to the RSA Agreement were forfeited
by Mr. Levin. Accordingly, the cumulative previously recognized stock-based compensation expense of
$60.0 million recognized by the Company with respect to the restricted stock will be reversed in the quarter
ending March 31, 2025. Of the $60.0 million of stock-based compensation expense that will be reversed,
$10.2 million was recognized by Angi as it was attributable to the period from October 10, 2022 through
April 8, 2024 when Mr. Levin served as CEO of Angi.
Pursuant to the Agreement, the Company transferred 5.0 million shares of Angi held by the Company
to Mr. Levin and paid $9.3 million to satisfy applicable tax withholding obligations.
The Company will record $14.9 million of stock-based compensation expense with respect to the
transfer of shares of Angi to Mr. Levin and $0.1 million of stock-based compensation expense with respect
to the extension of the exercise period of certain IAC stock options in the quarter ending March 31, 2025
as provided in the Agreement.
141

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
IAC Restricted Stock Units
Broad based RSU awards issued through December 31, 2024 generally cliff-vest after a five-year period
or vest over a four-year period from the grant date. There are no MSU or PSU awards outstanding at
December 31, 2024 and 2023.
RSUs are awards in the form of phantom shares or units denominated in a hypothetical equivalent
number of shares of IAC common stock and with the value of each RSU equal to the fair value of IAC
common stock at the date of grant. Each RSU grant is subject to service-based vesting, where a specific
period of continued employment must pass before an award vests. The expense is measured at the grant date
as the fair value of IAC common stock and expensed as stock-based compensation over the vesting term.
Unvested RSUs outstanding at December 31, 2024 and changes during the period ended December 31,
2024 are as follows:
RSUs
Number
of Shares
Weighted
Average
Grant Date
Fair Value
(Shares in thousands)
Unvested at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,822
$82.28
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
351
51.29
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(360)
74.45
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(105)
74.27
Unvested at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,708
$78.06
The Company currently settles RSU awards on a net basis, with the award holder entitled to receive
IAC shares equal to the number of RSUs vesting less a number of shares with a value equal to the required
cash tax withholding payment, which will be paid by the Company. The number of IAC common shares
that would be required to net settle RSUs outstanding at February 7, 2025 is 0.9 million shares. In addition,
withholding taxes, which will be paid by the Company on behalf of the employees upon vesting, would
have been $34.0 million at February 7, 2025, assuming a 50% withholding rate.
The weighted average fair value of RSUs granted for the years ended December 31, 2024, 2023 and
2022, based on market prices of IAC’s common stock on the grant date, was $51.29, $53.41 and $114.27,
respectively.
The total fair value of RSUs that vested for the years ended December 31, 2024, 2023 and 2022 was
$26.8 million, $8.3 million and $12.7 million, respectively.
IAC Stock Options
All outstanding stock options are fully vested.
142

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Stock options outstanding at December 31, 2024 and changes during the period ended December 31,
2024 are as follows:
December 31, 2024
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term in Years
Aggregate
Intrinsic
Value
(Shares and intrinsic value in thousands)
Options Outstanding at January 1 . . . . . . . . . . . . . . . . . . . . .
2,570
$14.23
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Exercised
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(121)
13.74
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Options Outstanding at December 31 . . . . . . . . . . . . . . . . . . .
2,449
$14.25
0.9
$70,756
Options exercisable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,449
$14.25
0.9
$70,756
The aggregate intrinsic value in the table above represents the difference between IAC’s closing stock
price on the last trading day of 2024 and the exercise price, multiplied by the number of in-the-money
options that would have been exercised had all option holders exercised their options on December 31, 2024.
The total intrinsic value of IAC stock options exercised during the years ended December 31, 2024, 2023
and 2022 was $5.1 million, $11.3 million and $3.4 million, respectively.
The following table summarizes the information about stock options outstanding and exercisable at
December 31, 2024:
Options Outstanding
Options Exercisable
Range of Exercise Prices
Outstanding at
December 31,
2024
Weighted-
Average
Remaining
Contractual
Life in Years
Weighted-
Average
Exercise
Price
Exercisable at
December 31,
2024
Weighted-
Average
Remaining
Contractual
Life in Years
Weighted-
Average
Exercise
Price
(Shares in thousands)
Less than $10.00 . . . . . . . . . .
426
1.2
$ 8.61
426
1.2
$ 8.61
$10.01 to $15.00
. . . . . . . . . .
552
0.3
13.71
552
0.3
13.71
$15.01 to $20.00
. . . . . . . . . .
1,471
1.0
16.09
1,471
1.0
16.09
2,449
0.9
$14.25
2,449
0.9
$14.25
The fair value of stock option awards, with the exception of market-based awards, is estimated on the
grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates
various assumptions, including expected volatility, risk-free interest rate and expected term.
The Company has the discretion to settle IAC stock options net of withholding tax and exercise price
or require the award holder to pay its share of the withholding tax, which he or she may do so by selling
IAC common shares. The aggregate intrinsic value of IAC’s stock options outstanding as of February 7, 2025,
is $66.7 million. Assuming all stock options outstanding on February 7, 2025 were net settled on that date,
the Company would have issued 0.8 million common shares and would have remitted $33.4 million in cash for
withholding taxes (assuming a 50% withholding rate). Assuming all stock options outstanding on
February 7, 2025 were settled through the issuance of a number of IAC common shares equal to the
number of stock options exercised, the Company would have issued 2.4 million common shares and would
have received $34.8 million in cash proceeds.
143

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Stock-based Awards Denominated in the Shares of Certain Subsidiaries
Non-publicly traded Subsidiaries
The following description excludes awards denominated in Angi shares.
The Company has granted stock settled stock appreciation rights to employees and management that
are denominated in the equity of certain non-publicly traded subsidiaries of the Company. These equity
awards vest over a period of years or upon the occurrence of certain prescribed events. The value of the stock
settled stock appreciation rights is tied to the value of the common stock of these subsidiaries. Accordingly,
these interests only have value to the extent the relevant business appreciates in value above the initial
value utilized to determine the exercise price. These interests can have significant value in the event of
significant appreciation. The fair value of these interest is generally determined by the Board of Directors
of the applicable subsidiary, which will occur at various dates through 2030. These equity awards are settled
on a net basis, with the award holder entitled to receive a payment in IAC common shares equal to the
intrinsic value of the award at exercise less an amount equal to the required cash tax withholding payment,
which will be paid by the Company. The number of IAC common shares ultimately needed to settle these
awards may vary significantly from the estimated number below as a result of both movements in our
stock price and a determination of fair value of the relevant subsidiary that is different than our estimate.
The expense associated with these equity awards is initially measured at fair value at the grant date and is
expensed as stock-based compensation over the vesting term. The number of IAC common shares that would
be required to settle these interests at current estimated fair values, including vested and unvested interests,
at February 7, 2025 is 0.6 million shares. Withholding taxes, which will be paid by the Company on behalf of
the employees upon exercise, would have been $25.8 million at February 7, 2025, assuming a 50%
withholding rate.
Angi
Angi currently settles all of its equity awards on a net basis. Certain Angi stock appreciation rights
issued prior to the transaction resulting in formation of Angi in 2017 (the “Combination”) are settleable in
either shares of Angi common stock or shares of IAC common stock at IAC’s option. If settled in IAC
common stock, Angi reimburses IAC in shares of its common stock. At February 7, 2025 these awards are
out of the money and have no intrinsic value. Certain equity awards denominated in shares of an Angi
subsidiary may be settled in either shares of Angi common stock or IAC common stock at IAC’s option.
The aggregate intrinsic value of the subsidiary denominated equity awards at February 7, 2025 is $5.6 million
($4.4 million for awards currently vested and $1.2 million for awards currently unvested); assuming these
awards were net settled on that date, the withholding taxes that would be payable by Angi on behalf of the
employees are $2.8 million, assuming a 50% withholding rate, and Angi would have issued 1.6 million shares
of its common stock. If IAC elects to settle the vested subsidiary denominated equity awards outstanding
IAC would have issued 0.1 million shares of its common stock. To the extent shares of IAC common stock
are issued in settlement of these awards, Angi is obligated to reimburse IAC for the cost of those shares by
issuing shares of Angi common stock. The aggregate intrinsic value of all other Angi equity awards,
including stock options and RSUs at February 7, 2025 is $41.3 million; assuming these awards were net
settled on that date, the withholding taxes that would be payable by Angi on behalf of the employees are
$19.2 million, assuming a 50% withholding rate, and Angi would have issued 12.5 million shares of its
common stock.
Forfeitures and Unrecognized Compensation Cost
The amount of stock-based compensation expense recognized in the statement of operations is net of
estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and
revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense
ultimately recorded is for the awards that vest. At December 31, 2024, there is $206.8 million of unrecognized
compensation cost, net of estimated forfeitures, related to all equity-based awards, including Angi, which
144

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
is expected to be recognized over a weighted average period of approximately 3.6 years. Included in the
aforementioned unrecognized compensation costs at December 31, 2024 is $81.0 million of unrecognized
compensation costs related to Mr. Levin’s restricted stock award that was forfeited in January 2025 in
connection with his Employment Transition Agreement. Excluding Mr. Levin’s restricted stock award, there
was $125.8 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-
based awards, which is expected to be recognized over a weighted average period of approximately 2.1 years.
The amount of unrecognized compensation cost, net of estimated forfeitures, at December 31, 2024
related to Angi is $36.5 million.
Tax Benefits
The total income tax benefit recognized in the statement of operations for the years ended December 31,
2024, 2023 and 2022 related to all stock-based compensation expense is $13.6 million, $17.2 million and
$20.0 million, respectively.
The aggregate income tax benefit recognized related to the exercise of stock options for the years
ended December 31, 2024, 2023 and 2022, is $2.0 million, $4.0 million and $1.7 million, respectively. There
may be some delay in the timing of the realization of the cash benefit of the income tax deductions related to
stock-based compensation because it will be dependent upon the amount and timing of future taxable
income and the timing of estimated income tax payments.
NOTE 11 — PENSION AND POST-RETIREMENT BENEFIT PLANS
Pension and Post-Retirement Plans
In connection with the 2021 acquisition of Meredith, the Company assumed the obligations under
Meredith’s various pension plans. The plans include U.S. noncontributory pension plans that cover
substantially all employees who were employed by Meredith prior to January 1, 2018. There are two
international pension plans in the U.K., including the IPC Plan. The international plans have no active
participants. The two U.S. and two U.K. plans consist of a qualified (funded) plan and a nonqualified
(unfunded) plan in each country. These plans provide participants with retirement benefits in accordance with
benefit provision formulas. The unfunded pension plans provide retirement benefits to certain highly
compensated employees. The Company also assumed Meredith’s defined healthcare and life insurance plans
that provide benefits to eligible employees upon their retirement.
U.S. Pension Plans and Post-Retirement Plan
On December 28, 2024, Dotdash Meredith amended the domestic unfunded pension plan to freeze
active participation as of December 31, 2024. All plan participants will continue as participants in this plan
with respect to their accrued benefits until their accrued benefits are distributed to them or their
beneficiaries. The plan was closed to new participants as of December 31, 2022, and participant’s covered
compensation was frozen effective December 31, 2024. Participants continue to receive interest accumulation
pursuant to the terms of the plan. Because the plan is unfunded, Dotdash Meredith will make benefit
payments to the participants once they reach their benefit eligibility date.
Dotdash Meredith froze and terminated the domestic funded pension plan as of December 31, 2022.
The last of the required customary regulatory approvals of the termination of this plan was received in
February 2024. In connection with the termination of this plan, the liabilities were settled through a
combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the
purchase of annuity contracts for participants who either did not elect lump sums or were already receiving
benefits. During 2024, the domestic funded pension plan’s remaining assets of $16.0 million were
transferred to a suspense account in the trust for the IAC Inc. Retirement Savings Plan (the “IAC Plan”), a
qualified retirement plan (“QRP”). In accordance with Internal Revenue Service (“IRS”) requirements, assets
in the suspense account are to be allocated to active Dotdash Meredith participants in the IAC Plan no
145

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
less than ratably over a period not to exceed seven years, which may be accelerated. During the third quarter
of 2024, Dotdash Meredith made its first asset allocation under the IRS requirements, in the amount of
$2.3 million, and expects to allocate the remaining funds in 2025. The assets transferred to the QRP are
restricted in nature and considered to be a Level 2 investment in the fair value hierarchy. The remaining assets
in the QRP are reflected as a retirement investment fund in “Other current assets” in the balance sheet as
of December 31, 2024.
In addition, Dotdash Meredith provides health care benefits for certain employees in the U.S. upon
their retirement. This plan is the only plan with active participants that are accruing benefits based upon
service and the expected cost of which is accrued over the period that the employees render services; this plan
is funded as claims are paid.
U.K. Pension Plans
The IPC plan and the unfunded international plan relate to certain Meredith operations that were sold
prior to the Company’s 2021 acquisition of Meredith; Meredith retained the pension obligations related to
these operations. On July 28, 2022, following approval by the trustees of the IPC Plan, the IPC Plan entered
into an annuity contract with a private limited life insurance company covering all IPC Plan participants
who were not covered by an annuity contract entered into in May 2020. The annuity contracts are designed
to provide payments equal to all future designated contractual benefit payments. The value of the annuity
contracts and the liabilities with respect to participants are expected to match. Dotdash Meredith remains
responsible for paying pension benefits to the IPC Plan participants. While Dotdash Meredith currently does
not expect to be required to make additional contributions to the IPC Plan, this may change based upon
future events or as additional information becomes available.
146

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Obligations and Funded Status
Change in Net Assets/Liabilities
The following tables present changes in, and components of, Dotdash Meredith’s net assets/liabilities
for pension and other post-retirement benefits:
Year Ended December 31, 2024
Year Ended December 31, 2023
Pension
Post-Retirement
Pension
Post-Retirement
Domestic
International
Domestic
Domestic
International
Domestic
(In thousands)
Change in benefit obligation
Benefit obligation, beginning of
year
. . . . . . . . . . . . . . . . . . . . $ 56,722
$488,269
$ 4,248
$ 72,988
$467,829
$ 4,473
Service cost . . . . . . . . . . . . . . . . .
202
—
1
211
—
4
Interest cost . . . . . . . . . . . . . . . . .
1,816
19,288
206
3,140
19,610
231
Net actuarial gain
. . . . . . . . . . . .
(7,357)
(62,955)
(370)
(49)
(6,420)
(496)
Benefits paid (including lump
sums) . . . . . . . . . . . . . . . . . . .
(496)
(18,822)
(43)
(19,568)
(17,796)
36
Settlements . . . . . . . . . . . . . . . . .
(46,856)
—
—
—
—
—
Curtailment gain . . . . . . . . . . . . .
(399)
—
—
—
—
—
Foreign currency exchange rate
impact . . . . . . . . . . . . . . . . . . .
—
(5,154)
—
—
25,046
—
Benefit obligation, end of year . . . . $
3,632
$420,626
$ 4,042
$ 56,722
$488,269
$ 4,248
Change in plan assets
Fair value of plan assets, beginning
of year
. . . . . . . . . . . . . . . . . . $ 62,008
$488,701
$
—
$ 78,199
$467,891
$
—
Actual return on plan assets
. . . . .
823
(45,117)
—
2,765
13,728
—
Employer contributions . . . . . . . .
489
172
—
612
163
—
Benefits paid (including lump
sums) . . . . . . . . . . . . . . . . . . .
(496)
(18,822)
—
(19,568)
(17,796)
—
Settlements . . . . . . . . . . . . . . . . .
(46,856)
—
—
—
—
—
Transfer to QRP . . . . . . . . . . . . .
(15,968)
—
—
—
—
—
Foreign currency exchange rate
impact . . . . . . . . . . . . . . . . . . .
—
(4,971)
—
—
24,715
—
Fair value of plan assets, end of
year
. . . . . . . . . . . . . . . . . . . . $
—
$419,963
$
—
$ 62,008
$488,701
$
—
(Under) over funded status, end of
year
. . . . . . . . . . . . . . . . . . . . $ (3,632) $
(663)
$(4,042)
$
5,286
$
432
$(4,248)
Benefits paid directly from Dotdash Meredith assets for the unfunded domestic and international plans
and the post-retirement plan are included both in employer contributions and benefits paid.
Domestic Plans
The over funded status as of December 31, 2023 was the result of the decision to freeze and terminate
the funded plan, which shifted the investment strategy of the plan until the eventual distribution to the plan
participants in 2024 discussed above.
International Plans
The international pension plans primarily consist of the IPC Plan. All IPC Plan participants are
covered by the annuity contracts referenced above, which are held with a private limited life insurance
147

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
company. As described above, the full benefits under the plan have been annuitized, which resulted in the
limited change in the (under) over funded status of the international plans during the years ended
December 31, 2024 and 2023.
Balance Sheet Classification
The following amounts are recognized in the December 31, 2024 and 2023 balance sheet, respectively:
December 31,
2024
2023
Pension
Post-Retirement
Pension
Post-Retirement
Domestic
International
Domestic
Domestic
International
Domestic
(In thousands)
Other current assets
Prepaid benefit cost
. . . . . .
$
—
$ 3,275
$
—
$
—
$ 4,850
$
—
Other non-current assets
Prepaid benefit cost
. . . . . .
—
—
—
10,225
—
—
Accrued expenses and other
current liabilities
Accrued benefit liability . . . .
(1,619)
(186)
(432)
(1,430)
(4,418)
(433)
Other long-term liabilities
Accrued benefit liability . . . .
(2,013)
(3,752)
(3,610)
(3,509)
—
(3,815)
Net amount recognized . . . .
$(3,632)
$ (663)
$(4,042)
$ 5,286
$
432
$(4,248)
The accumulated benefit obligation for the domestic defined benefit pension plans was $3.6 million
and $56.1 million at December 31, 2024 and 2023, respectively. The accumulated benefit obligation for the
international defined benefit pension plans was $420.6 million and $488.3 million at December 31, 2024 and
2023, respectively.
Accumulated and Projected Benefit Obligations
The following table provides information about pension plans with projected benefit obligations and
accumulated benefit obligations in excess of plan assets:
December 31,
2024
2023
Domestic
International
Domestic
International
(In thousands)
Projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . .
$3,632
$3,938
$4,939
$4,419
Accumulated benefit obligation
. . . . . . . . . . . . . . . . . . . .
$3,632
$3,938
$4,290
$4,419
Fair value of plan assets . . . . . . . . . . . . . . . . . . . . . . . . . .
$
—
$
—
$
—
$
—
Costs
The components of net periodic benefit (credit) cost recognized in the statement of operations were as
follows:
148

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Pension
Post-Retirement
Pension
Post-Retirement
Pension
Post-Retirement
Domestic International
Domestic
Domestic International
Domestic
Domestic International
Domestic
(In thousands)
Service cost . . . . . . . . . . $
202
$
—
$
1
$
211
$
—
$
4
$ 3,562 $
—
$
7
Interest cost . . . . . . . . .
1,816
19,288
206
3,140
19,610
231
4,372
15,014
262
Expected return on plan
assets . . . . . . . . . . . .
(1,293)
(19,289)
—
(1,881)
(19,586)
—
(2,748)
(16,857)
—
Actuarial (gain) loss
recognition . . . . . . . .
(6,887)
1,272
(370)
(932)
(225)
(496)
8,154
208,957
(3,717)
Settlement . . . . . . . . . . .
—
—
—
—
—
—
(918)
—
(3,037)
Curtailment gain . . . . . .
(399)
—
—
—
—
—
(3,060)
—
—
Net periodic benefit
(credit) cost . . . . . . . . $(6,561) $
1,271
$(163)
$
538
$
(201)
$(261)
$ 9,362 $207,114
$(6,485)
The domestic pension plans actuarial gain for the year ended December 31, 2024 primarily relates to
the final annuity contract pricing and lump sum payments for the funded plan, partially offset by investment
performance and plan expenses. The curtailment gain was triggered by the freeze of the unfunded plan
discussed above. For the domestic pension and post-retirement plans, the curtailment and settlement gains
during the year ended December 31, 2022 were triggered by the freeze and termination events described above,
as well as the discontinuation of a life insurance plan.
The international pension plans actuarial loss for the year ended December 31, 2022 is the result of
higher interest rates with the decline in the value of plan assets exceeding the benefit of the reduction in the
plan obligation.
The components of net periodic benefit (credit) cost, other than the service cost component, are
included in “Other income (expense), net” in the statement of operations.
Assumptions
Benefit obligations were determined using the following weighted average assumptions:
Year Ended December 31, 2024
Year Ended December 31, 2023
Pension
Post-Retirement
Pension
Post-Retirement
Domestic
International
Domestic
Domestic
International
Domestic
Discount rate . . . . . . . . . . .
5.27%
4.99%
5.55%
5.19%
4.06%
5.11%
Rate of compensation
increase
. . . . . . . . . . . . .
2.96%
N/A
3.50%
2.90%
N/A
3.50%
Cash balance interest credit
rate . . . . . . . . . . . . . . . .
2.39%
N/A
N/A
2.39%
N/A
N/A
Net periodic benefit (credit) cost were determined using the following weighted average assumptions:
149

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31, 2024
Year Ended December 31, 2023
Year Ended December 31, 2022
Pension
Post-Retirement
Pension
Post-Retirement
Pension
Post-Retirement
Domestic International
Domestic
Domestic International
Domestic
Domestic International
Domestic
Discount rate . . . . . . . .
5.36%
4.06%
5.11%
5.48%
4.13%
5.46%
3.28%
1.67%
2.61%
Expected return on plan
assets . . . . . . . . . . . .
5.22%
4.06%
N/A
4.48%
4.12%
N/A
2.80%
1.90%
N/A
Rate of compensation
increase . . . . . . . . . . .
2.90%
N/A
3.50%
2.99%
N/A
3.50%
2.95%
N/A
3.50%
Cash balance interest
credit rate . . . . . . . . .
2.39%
N/A
N/A
2.39%
N/A
N/A
3.65%
N/A
N/A
The assumed healthcare trend rates used to measure the expected cost of benefits for the post-
retirement plan were as follows:
December 31,
2024
2023
2022
Initial level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.50% 6.00% 6.25%
Ultimate level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.00% 5.00% 5.00%
Years to ultimate level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
4
5
Since Dotdash Meredith utilizes the mark-to-market approach to account for pension and post-
retirement benefits, the expected long-term rate of return on assets has no effect on the overall amount of
net periodic benefit (credit) cost recorded for the year. The expectation for the U.K. annuity contracts
represents the implied yields for those contracts.
The market-related value of plan assets is multiplied by the expected long-term rate of return on assets
to compute the expected return on plan assets, a component of net periodic benefit (credit) cost. The market-
related value of plan assets is fair value.
Plan Assets
Due to the decision to freeze and terminate the domestic funded pension plan in 2022, the plan
fiduciaries shifted the investment strategy to seek to preserve capital to protect the strong funded status,
manage liquidity to align with potential benefit commencements and optimize yield to take advantage of the
rising interest rate environment. The plan initially adopted a fixed income ladder investment strategy
through which most of the plan assets were invested in U.S. Treasury securities of various maturities and a
money market fund that invests mostly in U.S. Treasury securities. During 2023, principally all of the plan
assets were reinvested in the money market fund as the U.S. Treasury securities matured in an effort to
increase liquidity. These cash and cash equivalents that represent the investment balance in the U.S. represented
Level 1 fair value measurements during 2023 and up until they were fully paid out during 2024. Refer to
“Note 2 — Summary of Significant Accounting Policies” for a discussion of the three levels in the hierarchy
of fair values.
The investments of the IPC Plan as of December 31, 2024 and 2023 primarily include insurance
annuity contracts and cash and cash equivalents. Refer to further discussion of the insurance annuity
contracts above.
Fair value measurements for the international pension plan assets were as follows:
150

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2024
Level 1
Level 2
Level 3
Total
Fair Value
Measurements
(In thousands)
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . .
$6,384
$ —
$
—
$
6,384
Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
332
332
Insurance annuity contracts . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
413,247
413,247
Total assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$6,384
$ —
$413,579
$419,963
December 31, 2023
Level 1
Level 2
Level 3
Total
Fair Value
Measurements
(In thousands)
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,199
$ —
$
—
$
8,199
Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
399
399
Insurance annuity contracts . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
480,103
480,103
Total assets at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8,199
$ —
$480,502
$488,701
The annuity contracts held by the IPC Plan are valued using significant unobservable inputs.
The following table provides a reconciliation of the beginning and ending balances of assets measured
at fair value on a recurring basis using significant unobservable inputs (Level 3):
Year Ended December 31,
2024
2023
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$480,502
$460,278
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(18,899)
(17,378)
Change in fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(44,238)
12,915
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,786)
24,253
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
434
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$413,579
$480,502
There were no transfers in or out of Level 3 investments for the years ended December 31, 2024 and
2023.
Cash Flows
While Dotdash Meredith currently does not expect to be required to make any additional contributions
to the IPC Plan, Dotdash Meredith has deposited amounts into an escrow account for the benefit of the IPC
Plan that total £5.7 million at December 31, 2024.
The following benefit payments, which will primarily be made from funded plans internationally, are
expected to be paid:
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IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Pension Benefits
Post-Retirement
Benefits
Year Ending December 31,
Domestic
International
Domestic
(In thousands)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,662
$ 16,067
$ 444
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
303
16,886
415
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
269
17,798
395
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
439
18,669
378
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
238
19,568
365
2030 – 2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
922
112,082
1,544
Net amount recognized, end of year . . . . . . . . . . . . . . . .
$3,833
$201,070
$3,541
Defined Contribution Plans
IAC Inc. Retirement Savings Plan
IAC employees in the U.S. can elect to participate in a retirement savings program, the IAC Plan, that
qualifies under Section 401(k) of the Internal Revenue Code. Under the IAC Plan, participating employees
may contribute up to 50% of their eligible compensation, but not more than statutory limits. The Company
matches 100% of the first 10% of an employee’s pre-tax or Roth contribution, subject to IRS limits on the
Company’s matching contribution maximum, that a participant contributes to the IAC Plan, with certain
exceptions at Dotdash Meredith and Angi. Dotdash Meredith matches 100% of the first 5% of pre-tax or
Roth contributions for employees who were previously under the Meredith Savings and Investment Plan (the
“Meredith Plan”), described below, and any U.S. Dotdash Meredith employees hired after January 1, 2023.
Angi matches fifty cents for each dollar a participant contributes in the IAC Plan, with a maximum
contribution of 3% of a participant’s eligible compensation. The IAC Plan generally limits Company
matching contributions to a maximum of $10,000 per participant on an annual basis. Matching contributions
to the IAC Plan for the years ended December 31, 2024, 2023 and 2022 were $36.6 million, $36.1 million
and $25.6 million, respectively. Matching contributions are invested in the same manner as each participant’s
voluntary contributions in the investment options provided under the IAC Plan. An investment option in
the IAC Plan is IAC common stock, but neither participant nor matching contributions are required to be
invested in IAC common stock. The increase in matching contributions in 2023 is the result of the Meredith
Plan merger with additional employees covered by the IAC Plan. The IAC Plan also provides for a
discretionary matching contribution and/or a discretionary profit-sharing contribution, each of which is
made on an annual basis and is subject to a last day of the plan year allocation requirement (with exceptions
for retirement, death, or disability). There was no such discretionary matching contribution or discretionary
profit-sharing contribution for the years ended December 31, 2024, 2023 and 2022.
IAC also has or participates in various benefit plans, principally defined contribution plans, for its
international employees. IAC’s contributions to these plans for the years ended December 31, 2024, 2023
and 2022 were $1.5 million, $1.4 million and $1.1 million, respectively.
Meredith Savings and Investment Plan
In connection with the 2021 acquisition of Meredith, the Company assumed the Meredith Plan, its
U.S. defined contribution savings plan, which allowed eligible employees to contribute a percentage of their
salary, commissions and bonuses in accordance with plan limitations and provisions of Section 401(k) of
the Internal Revenue Code. Dotdash Meredith made matching contributions to the Meredith plan subject to
the plan limits. Effective January 1, 2023, Dotdash Meredith, as permitted by the relevant IAC Plan
documents, merged the Meredith Plan into the IAC Plan.
152

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Under the Meredith Plan, prior to the merge of plans effective January 1, 2023, Dotdash
Meredith matched 100% of the first 4% and 50% of the next 1% of employee contributions for employees
eligible for Dotdash Meredith’s pension benefits and 100% of the first 5% for employees ineligible for the
Company’s pension benefits. Matching contributions to the Meredith Plan for the year ended December 31,
2022 was $10.4 million.
NOTE 12 — INCOME TAXES
U.S. and foreign (loss) earnings before income taxes and noncontrolling interests are as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(719,791)
$353,188
$(1,320,332)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,392
13,947
(205,904)
Total
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(692,399)
$367,135
$(1,526,236)
The components of the income tax provision (benefit) are as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
Current income tax provision:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
1,888
$
1,474
$
777
State
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,498
8,998
4,712
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,582
9,554
1,182
Current income tax provision . . . . . . . . . . . . . . . . . . . . .
21,968
20,026
6,671
Deferred income tax (benefit) provision:
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(128,443)
79,941
(252,022)
State
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(21,255)
9,153
(44,335)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(31,339)
(302)
(41,401)
Deferred income tax (benefit) provision
. . . . . . . . . . . . .
(181,037)
88,792
(337,758)
Income tax (benefit) provision . . . . . . . . . . . . . . . . . . . .
$(159,069)
$108,818
$(331,087)
A reconciliation of the income tax provision (benefit) to the amounts computed by applying the
statutory federal income tax rate to earnings before income taxes is shown as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
Income tax (benefit) provision at the federal statutory rate of 21% . . .
$(145,404)
$ 77,098
$(320,510)
State income taxes, net of effect of federal tax benefit . . . . . . . . . . . .
(14,341)
12,542
(26,708)
Change in judgement on beginning of the year valuation allowance . . .
(34,769)
(240)
3,523
Non-deductible portion of goodwill in the sale of Mosaic . . . . . . . . .
23,839
—
—
Non-deductible executive compensation
. . . . . . . . . . . . . . . . . . . . .
10,941
10,383
12,359
Research credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10,897)
(11,973)
(19,041)
Change in valuation allowance on capital losses . . . . . . . . . . . . . . . .
(8,720)
774
10,010
153

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands)
Non-deductible goodwill impairment . . . . . . . . . . . . . . . . . . . . . . .
—
1,659
15,764
Deferred tax adjustment for enacted changes in tax laws and rates . . .
389
407
(7,152)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,893
18,168
668
Income tax (benefit) provision . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(159,069)
$108,818
$(331,087)
The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and
deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it
is more likely than not that the tax benefit will not be realized.
December 31,
2024
2023
(In thousands)
Deferred tax assets:
Net operating loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 375,385
$ 435,318
Capitalized research & development expenditures . . . . . . . . . . . . . . . . .
120,456
91,550
Long-term lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97,932
112,178
Tax credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74,512
72,369
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56,800
53,551
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
85,761
101,356
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
810,846
866,322
Less: valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(94,429)
(132,058)
Total deferred tax assets, net of valuation allowance . . . . . . . . . . . . .
716,417
734,264
Deferred tax liabilities:
Investment in MGM Resorts International . . . . . . . . . . . . . . . . . . . . .
(230,499)
(383,170)
Investment in subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(223,780)
(226,898)
Intangible assets, net of accumulated amortization . . . . . . . . . . . . . . . .
(157,666)
(174,933)
Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(61,673)
(71,531)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(26,736)
(40,668)
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(700,354)
(897,200)
Net deferred tax assets (liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . .
$
16,063
$(162,936)
At December 31, 2024, the Company had both U.S. federal and state net operating losses (“NOLs”) of
$1.1 billion, available to offset future income. Federal NOLs of $1.1 billion can be carried forward indefinitely.
State NOLs of $0.1 billion can be carried forward indefinitely and $1.0 billion, if not utilized, will expire
at various times between 2025 and 2044. Federal and state NOLs of $1.0 billion and $0.8 billion, respectively,
can be used against future taxable income without restriction and the remaining NOLs are subject to
limitations under Section 382 of the Internal Revenue Code, separate return limitations, and applicable law.
At December 31, 2024, the Company had foreign NOLs of $397.1 million available to offset future
income. Of these foreign NOLs, $386.0 million can be carried forward indefinitely and $11.1 million, if not
utilized, will expire at various times between 2025 and 2044. During 2024, the Company recognized tax
benefits related to NOLs of $36.4 million.
At December 31, 2024, the Company had tax credit carryforwards of $97.9 million. Of this amount,
$90.1 million relates to credits for research activities, $5.9 million relates to credits for foreign taxes, and
154

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
$1.9 million relates to various other credits. Of these credit carryforwards, $14.4 million can be carried
forward indefinitely and $83.5 million, if not utilized, will expire between 2025 and 2044.
During 2024, the Company’s valuation allowance decreased by $37.6 million primarily due to the
valuation allowance release for foreign net operating losses (as discussed below), and the realization of
previously unbenefited capital losses, partially offset by state NOLs. At December 31, 2024, the Company
had a valuation allowance of $94.4 million related to the portion of tax loss carryforwards, tax credits and
other items for which it is more likely than not that the tax benefit will not be realized.
Following the purchase of the remaining noncontrolling interests of a foreign subsidiary, we reorganized
the related business operations, which resulted in the release of a valuation allowance for foreign net operating
losses in the amount of $31.1 million as a discrete item in the third quarter, because we are now forecasting
the utilization of these net operating losses within the foreseeable future.
A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties
but excluding interest, is as follows:
Year Ended December 31,
2024
2023
2022
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$19,002
$16,013
$17,449
Additions for tax positions related to the current year . . . . . . . . .
4,312
5,187
5,557
Settlements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(2,505)
(7,100)
Additions for tax positions of prior years
. . . . . . . . . . . . . . . . .
—
1,008
1,715
Reductions for tax positions of prior years . . . . . . . . . . . . . . . . .
(252)
(701)
(1,608)
Expiration of statutes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(33)
—
—
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$23,029
$19,002
$16,013
The Company is routinely under audit by federal, state, local and foreign authorities in the area of
income tax. These audits include questioning the timing and the amount of income and deductions and the
allocation of income and deductions among various tax jurisdictions. The Company is not currently
under audit by the Internal Revenue Services (“IRS”). Returns filed in various other jurisdictions are open
to examination for tax years beginning with 2015. Income taxes payable include unrecognized tax benefits
considered sufficient to pay assessments that may result from the examination of prior year tax returns.
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which
may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although
management currently believes changes in unrecognized tax benefits from period to period and differences
between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will
not have a material impact on the liquidity, results of operations, or financial condition of the Company,
these matters are subject to inherent uncertainties and management’s view of these matters may change in the
future.
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in
the income tax provision. At December 31, 2024 and 2023, accruals for interest and penalties are not material.
At December 31, 2024 and 2023, unrecognized tax benefits, including interest and penalties, were
$23.8 million and $19.6 million, respectively. Unrecognized tax benefits, including interest and penalties, at
December 31, 2024 increased by $4.2 million due primarily to research credits. If unrecognized tax benefits at
December 31, 2024 are subsequently recognized, $22.6 million, net of related deferred tax assets and
interest, would reduce income tax expense. The comparable amount at December 31, 2023 was $18.6 million.
The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by
$0.5 million by December 31, 2025 due to expected settlements and statute expirations, all of which would
reduce the income tax provision.
155

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 13 — (LOSS) EARNINGS PER SHARE
The Company treats its common stock and Class B common stock as one class of stock for EPS
purposes as both classes of stock participate in earnings, dividends and other distributions on the same
basis. The restricted stock award granted to our CEO on November 5, 2020 is a participating security. On
January 13, 2025, the restricted stock award was forfeited by Mr. Levin pursuant to the Agreement between
Mr. Levin and the Company. For all periods presented in these financial statements, the Company calculated
basic EPS using the two-class method since those restricted shares were unvested and had a non-forfeitable
dividend right in the event the Company declared a cash dividend on its common shares and would have
participated in all other distributions of the Company in the same manner as all other IAC common shares.
Diluted EPS is calculated on the most dilutive basis, which excludes stock-based awards that would be anti-
dilutive, including the restricted stock award granted to our CEO.
Undistributed earnings allocated to the participating security is subtracted from earnings in determining
earnings attributable to holders of IAC common stock and Class B common stock for basic EPS. Basic EPS
is computed by dividing net earnings (loss) attributable to holders of IAC common stock and Class B
common stock by the weighted-average number of shares of common stock and Class B common stock
outstanding during the period.
For the calculation of diluted EPS, net earnings (loss) attributable to holders of IAC common stock
and Class B common stock is adjusted for the impact from our public subsidiary’s dilutive securities, if
applicable, and the reallocation of undistributed earnings allocated to the participating security by the
weighted-average number of common stock and Class B common stock outstanding plus dilutive securities
during the period.
The numerator and denominator of basic and diluted EPS computations for the Company’s common
stock and Class B common stock are calculated as follows:
Year Ended December 31,
2024
2023
2022
(In thousands, except per share data)
Basic EPS:
Numerator:
Net (loss) earnings from continuing operations
. . . . . . . . . . . . . . .
$(533,330)
$258,317
$(1,195,149)
Net (earnings) loss attributable to noncontrolling interests of
continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,567)
7,625
22,285
Net earnings attributed to unvested participating security . . . . . . . .
—
(9,216)
—
Net (loss) earnings from continuing operations attributable to IAC
common stock and Class B common stock shareholders . . . . . . .
(539,897)
256,726
(1,172,864)
Earnings from discontinued operations, net of taxes . . . . . . . . . . . .
—
—
2,694
Net earnings attributable to noncontrolling interests of discontinued
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
Net earnings attributed to unvested participating security . . . . . . . .
—
—
—
Net earnings from discontinued operations attributable to IAC
common stock and Class B common stock shareholders . . . . . . .
—
—
2,694
Net (loss) earnings attributable to IAC common stock and Class B
common stock shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(539,897)
$256,726
$(1,170,170)
Denominator:
Weighted average basic IAC common stock and Class B common
stock shares outstanding(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,130
83,569
86,350
156

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands, except per share data)
(Loss) Earnings per share:
(Loss) earnings per share from continuing operations attributable to
IAC common stock and Class B common stock shareholders . . . .
$
(6.49)
$
3.07
$
(13.58)
Earnings per share from discontinued operations, net of tax,
attributable to IAC common stock and Class B common stock
shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
0.03
(Loss) earnings per share attributable to IAC common stock and
Class B common stock shareholders . . . . . . . . . . . . . . . . . . . . .
$
(6.49)
$
3.07
$
(13.55)
Year Ended December 31,
2024
2023
2022
(In thousands, except per share data)
Diluted EPS:
Numerator:
Net (loss) earnings from continuing operations
. . . . . . . . . . . . . . .
$(533,330)
$258,317
$(1,195,149)
Net (earnings) loss attributable to noncontrolling interests of
continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,567)
7,625
22,285
Net earnings attributed to unvested participating security . . . . . . . .
—
(8,918)
—
Net (loss) earnings from continuing operations attributable to IAC
common stock and Class B common stock shareholders . . . . . . .
(539,897)
257,024
(1,172,864)
Earnings from discontinued operations, net of taxes . . . . . . . . . . . .
—
—
2,694
Net earnings attributable to noncontrolling interests of discontinued
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
Net earnings attributed to unvested participating security . . . . . . . .
—
—
—
Net earnings from discontinued operations attributable to IAC
common stock and Class B common stock shareholders . . . . . . .
—
—
2,694
Net (loss) earnings attributable to IAC common stock and Class B
common stock shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(539,897)
$257,024
$(1,170,170)
Denominator:
Weighted average basic IAC common stock and Class B common
stock shares outstanding(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,130
83,569
86,350
Dilutive securities(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
2,895
—
Denominator for earnings per share – weighted average
shares(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83,130
86,464
86,350
157

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31,
2024
2023
2022
(In thousands, except per share data)
(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to
IAC common stock and Class B common stock shareholders . . . .
$(6.49)
$2.97
$(13.58)
Earnings per share from discontinued operations, net of tax,
attributable to IAC common stock and Class B common stock
shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
0.03
(Loss) earnings per share attributable to IAC common stock and
Class B common stock shareholders . . . . . . . . . . . . . . . . . . . . .
$(6.49)
$2.97
$(13.55)
(a)
On November 5, 2020, IAC’s CEO was granted a stock-based award in the form of 3.0 million shares of restricted
common stock. On January 13, 2025, the restricted stock award was forfeited by Mr. Levin pursuant to the
Agreement between Mr. Levin and the Company. See “Note 10 — Stock-Based Compensation” for additional
information. For all periods presented in these financial statements, the Company calculated EPS using the two-
class method since those restricted shares were unvested and had a non-forfeitable dividend right in the event the
Company declared a cash dividend on its common shares and would have participated in all other distributions of
the Company in the same manner as all other IAC common shares. While the restricted shares are presented as
outstanding shares in the balance sheet, these shares are excluded from the weighted average shares outstanding in
calculating basic EPS and the allocable portion of net earnings are also excluded. Fully diluted EPS reflects the
impact on earnings and fully diluted shares in the manner that is most dilutive.
(b)
IAC has the option to settle certain Angi stock-based awards in its shares. The impact on net earnings relates to
the settlement of Angi’s dilutive securities in IAC common shares. For the years ended December 31, 2024, 2023 and
2022 these Angi equity awards were anti-dilutive.
(c)
For the years ended December 31, 2024 and 2022, the Company had losses from continuing operations and, as a
result, approximately 8.5 million and 7.9 million potentially dilutive securities, respectively, were excluded from
computing diluted EPS for each of these periods because the impact would have been anti-dilutive. Accordingly, the
weighted average basic shares outstanding were used to compute the EPS amounts for the years ended
December 31, 2024 and 2022.
(d)
If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be
issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted
common stock, restricted stock units (“RSUs”) and market-based awards (“MSUs”). For the year ended
December 31, 2023, 3.6 million of potentially dilutive securities were excluded from the calculation of diluted EPS
because their inclusion would have been anti-dilutive.
NOTE 14 — FINANCIAL STATEMENT DETAILS
Cash and Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported
within the balance sheet to the total amounts shown in the statement of cash flows:
December 31,
2024
December 31,
2023
December 31,
2022
December 31,
2021
(In thousands)
Cash and cash equivalents . . . . . . . . . . . . . . . . . . .
$1,798,170
$1,297,445
$1,417,390
$2,118,730
Restricted cash included in other current assets . . . .
8,974
8,539
1,165
1,941
Restricted cash included in other non-current
assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
257
7,514
1,193
Total cash and cash equivalents and restricted cash
as shown on the statement of cash flows . . . . . .
$1,807,255
$1,306,241
$1,426,069
$2,121,864
158

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Restricted cash included in “Other current assets” in the balance sheet at December 31, 2024 and
December 31, 2023 primarily consist of cash held in escrow related to the funded pension plan in the U.K.
and cash held related to insurance programs at Care.com.
Restricted cash included in “Other current assets” in the balance sheet at December 31, 2022 primarily
consists of cash held related to insurance programs at Care.com. Restricted cash included in “Other non-
current assets” in the balance sheet at December 31, 2022 primarily consists of cash held in escrow related to
the funded pension plan in the U.K. as well as a check endorsement guarantee at Roofing within Emerging &
Other and deposits related to leases.
Restricted cash included in “Other current assets” in the balance sheet at December 31, 2021 primarily
consists of cash held in escrow related to the funded pension plan in the U.K. Restricted cash included in
“Other non-current assets”in the balance sheet at December 31, 2021 consists of deposits related to leases and
a check endorsement guarantee at Roofing within Emerging & Other.
Credit Losses
The following table presents the changes in the allowance for credit losses:
Year Ended December 31,
2024
2023
(In thousands)
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 32,379
$
50,971
Current period provision for credit losses . . . . . . . . . . . . . . . . . . . . . . .
61,949
87,729
Write-offs charged against the allowance . . . . . . . . . . . . . . . . . . . . . . . .
(73,825)
(104,764)
Recoveries collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,384
5,227
Sale of a business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(6,958)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,026
174
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 27,913
$
32,379
Other current assets
December 31,
2024
2023
(In thousands)
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 51,802
$ 91,118
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115,373
166,381
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$167,175
$257,499
Buildings, land, capitalized software, equipment and leasehold improvements, net
December 31,
2024
2023
(In thousands)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 291,165
$ 299,763
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
165,700
160,567
Equipment (including furniture) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136,881
160,991
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92,324
108,273
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86,045
86,032
159

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31,
2024
2023
(In thousands)
Projects in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,187
13,911
Total gross carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
812,302
829,537
Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . .
(419,541)
(374,256)
Buildings, land, capitalized software, equipment and leasehold
improvements, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 392,761
$ 455,281
Accrued expenses and other current liabilities
December 31,
2024
2023
(In thousands)
Accrued employee compensation and benefits . . . . . . . . . . . . . . . . . . . .
$199,398
$180,384
Customer deposit liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118,464
118,522
Accrued advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,705
56,055
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
300,066
316,566
Accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . .
$680,633
$671,527
Other income (expense), net
Year Ended December 31,
2024
2023
2022
(In thousands)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 86,495
$ 71,114
$
24,916
Unrealized increase (decrease) in the estimated fair value of a
warrant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,393
2,832
(62,495)
Net realized gain (loss) on sales of businesses and investments and
(downward) upward adjustments to the carrying value of equity
securities without readily determinable fair values(a)(b)(c) . . . . . . . . . .
10,373
(19,201)
59,299
Net periodic pension benefit credit (costs), other than the service cost
component(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,656
139
(206,422)
Unrealized gain (loss) related to marketable equity securities . . . . . . . .
121
(145)
(20,342)
Dotdash Meredith Credit Agreement amendment fees(e) . . . . . . . . . . .
(3,453)
—
—
Foreign exchange (losses) gains, net . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,588)
1,528
(8,503)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(100)
7,595
(4,238)
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$116,897
$ 63,862
$(217,785)
(a)
Includes downward and upward adjustments to the carrying value of equity securities without readily determinable
fair values. For the years ended December 31, 2024, 2023 and 2022, the Company recorded net downward
adjustments of $32.3 million, $20.2 million and $89.1 million, respectively.
(b)
Includes a pre-tax gain of $29.2 million on the sale of assets of Mosaic Group, which was included within
Emerging & Other, and was accounted for as a sale of a business, in the year ended December 31, 2024.
(c)
Includes a gain of approximately $132.2 million on the sale of Bluecrew in the year ended December 31, 2022. On
November 9, 2022, the Company completed the sale of Bluecrew, which was included within Emerging & Other, to
160

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
EmployBridge, a provider of light industrial staffing solutions, for cash and stock with the Company becoming a
minority shareholder in the combined company.
(d)
Includes pre-tax actuarial gains (losses) of $6.0 million, $1.7 million and $(213.4) million for the years ended
December 31, 2024, 2023 and 2022, respectively, related to the pension plans in the U.S. and U.K. See
“Note 11 — Pension and Post-Retirement Benefit Plans” for additional information.
(e)
Relates to third-party fees in connection with the Amended Dotdash Meredith Credit Agreement entered into on
November 26, 2024. See “Note 6 — Long-term debt” for additional information.
Supplemental Disclosure of Cash Flow Information:
Year Ended December 31,
2024
2023
2022
(In thousands)
Cash (paid) received during the year for:
Interest, net(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(150,610)
$(156,172)
$(98,150)
Income tax payments . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ (30,635)
$ (18,782)
$(16,407)
Income tax refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
5,887
$
1,667
$
3,004
(f)
Includes receipts of $5.0 million and $3.2 million related to the interest rate swaps for the years ended December 31,
2024 and 2023, respectively. See “Note 2 — Summary of Significant Accounting Policies”and “Note 6 — Long-term
Debt” for additional information.
NOTE 15 — CONTINGENCIES
In the ordinary course of business, the Company is subject to various lawsuits and other contingent
matters. The Company establishes accruals for specific legal and other matters when it determines that the
likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also
identified certain legal and other matters where it believes an unfavorable outcome is not probable and,
therefore, no accrual is established. Although management currently believes that resolving claims against
the Company, including claims where an unfavorable outcome is reasonably possible and for which the
Company cannot estimate a loss or range of loss, will not have a material impact on the liquidity, results of
operations or financial condition of the Company, these matters are subject to inherent uncertainties and
management’s view of these matters may change in the future. The Company also evaluates other contingent
matters, including unrecognized tax benefits and non-income tax contingencies, to assess the likelihood of
an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of
one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results
of operations, or financial condition of the Company. See “Note 12 — Income Taxes”for information related
to unrecognized tax benefits.
NOTE 16 — RELATED PARTY TRANSACTIONS
IAC and Angi
Allocation of CEO Compensation and Certain Expenses
Joseph Levin, CEO of IAC and Chairman of Angi, was CEO of Angi from October 10, 2022 through
April 8, 2024. As a result, IAC allocated $2.4 million, $9.4 million and $2.1 million for the years ended
December 31, 2024 and 2023 and for the period from October 10, 2022 to December 31, 2022, respectively,
in costs to Angi (including salary, benefits, stock-based compensation and costs related to the CEO’s office).
These costs were allocated from IAC based upon time spent on Angi by Mr. Levin. Management considers
the allocation method to be reasonable. The allocated costs also include costs directly attributable to Angi that
were initially paid for by IAC and billed by IAC to Angi.
161

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
On April 8, 2024, Jeffrey W. Kip, President of Angi, was appointed to succeed Joseph Levin as CEO of
Angi. Mr. Levin remains Chairman of the Angi board of directors. Further on January 13, 2025 and in
connection with the Distribution, Mr. Levin will step down from his role as CEO of IAC and become an
advisor to the Company on the earlier of the completion of the spin-off of Angi or May 31, 2025. Concurrent
with IAC’s announcement, Angi announced its appointment of Mr. Levin as Executive Chairman of
Angi, effective upon his departure from IAC. See “Note 10 — Stock-Based Compensation” and
“Note 18 — Subsequent Event” for a discussion of the impact the Agreement has on the Company.
The Combination and Related Agreements
The Company and Angi, in connection with the Combination, entered into a contribution agreement,
an investor rights agreement, a services agreement, a tax sharing agreement and an employee matters
agreement, which collectively govern the relationship between IAC and Angi.
Following the Distribution, Angi will continue to be an independent, publicly traded company and
IAC will no longer own any shares of Angi capital stock. The agreements between IAC and Angi that were
put in place in connection with the Combination will survive the Distribution in accordance with their terms,
with certain exceptions.
The services agreement currently governs services that IAC has agreed to provide to Angi through
September 29, 2025, with automatic renewal for successive one year terms, subject to IAC’s continued
ownership of a majority of the total combined voting power of Angi’s voting stock and any subsequent
extension(s) or truncation(s) agreed to by Angi and IAC. The scope, nature and extent of services may be
changed from time to time as Angi and IAC may agree. In connection with the Distribution, Angi and IAC
anticipate that they will update the schedule of services provided under the services agreement to reflect
the provision of certain services requested by Angi for an agreed period of time following the Distribution,
on terms consistent with the services agreement, including Angi’s continued participation in IAC’s U.S. health
and welfare plans, 401(k) plan and flexible benefits plan until January 1, 2026.
Pursuant to the employee matters agreement, in the event of a distribution of Angi capital stock to
IAC stockholders in a transaction intended to qualify as tax-free for U.S. federal income tax purposes, the
Compensation and Human Capital Committee of the IAC Board of Directors has the exclusive authority to
determine the treatment of outstanding IAC equity awards. Such authority includes (but is not limited to)
the ability to convert all or part of IAC equity awards outstanding immediately prior to any such distribution
into equity awards denominated in shares of Angi Class A common stock, which Angi would be obligated
to assume and which would be dilutive to Angi stockholders. Following the Distribution, solely for purposes
of determining the expiration of options with respect to shares of common stock of one company held by
employees of the other company, IAC and Angi employees will be deemed employed by both companies for
so long as they continue to be employed by whichever of the companies employs them immediately
following the Distribution. IAC expects to terminate the employee matters agreement upon the completion
of the Distribution, with Angi’s continued participation in IAC’s U.S. health and welfare plans, 401(k) plan
and flexible benefits plan to be covered under the services agreement as described above.
In connection with the Distribution, IAC and Angi anticipate that they will terminate the sub-lease
arrangements and investor rights agreement.
IAC and Vimeo
In connection with the spin-off of Vimeo from IAC, the parties entered in several agreements to govern
their relationship following the completion of the transaction, certain of which remain in effect and are as
follows: a separation agreement; a tax matters agreement and an employee matters agreement. Following the
completion of the transaction, Vimeo and IAC entered into certain commercial agreements, including
lease agreements. The Company and Vimeo are related parties because Mr. Diller is the beneficial owner of
more than ten percent of the voting interests in both IAC and Vimeo.
162

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The Company charged Vimeo rent pursuant to lease agreements of $3.5 million for both the years
ended December 31, 2024 and 2023, and $4.6 million for the year ended December 31, 2022. At December 31,
2024 and 2023, the Company had non-current rent receivable amounts of $0.4 million and $0.3 million,
respectively, due from Vimeo pursuant to the lease agreements. These amounts are included in “Other non-
current assets” in the balance sheet.
IAC and Expedia Group
At December 31, 2024, the Company and Expedia Group each have a 50% ownership interest in two
aircraft that may be used by both companies. In the fourth quarter of 2022, the Company and Expedia
Group sold a corporate aircraft that was jointly owned for total proceeds of $19.0 million (sales price net of
related costs), with each company receiving 50% of the proceeds. Members of the aircraft flight crews are
employed by an entity in which the Company and Expedia Group each have a 50% ownership interest. The
Company and Expedia Group have agreed to share costs relating to flight crew compensation and benefits
pro-rata according to each company’s respective usage of the aircraft, for which they are separately billed by
the entity described above. The Company and Expedia are related parties because Mr. Diller serves as
Chairman and Senior Executive of both IAC and Expedia Group. For each of the years in the three-year
period ended December 31, 2024, the payments made to this entity by the Company were not material.
Expedia Group may also use certain aircraft owned 100% by a subsidiary of the Company on a cost
basis. For the years ended December 31, 2024, 2023 and 2022, the payments made by Expedia Group to the
Company pursuant to this arrangement were not material.
During the second quarter of 2024, the Company and Expedia Group entered into a five-year lease
agreement, commencing October 2024, for Expedia Group to occupy office space in the Company’s New
York City headquarters building. The total payments pursuant to this lease agreement are not material.
NOTE 17 — DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED
EXPENSES AND CHANGE-IN-CONTROL PAYMENTS
Restructuring Charges
During 2022, Dotdash Meredith management committed to several actions to improve efficiencies and
better align its cost structure following the acquisition of Meredith on December 1, 2021, which included:
(i) the discontinuation of certain print publications and the shutdown of PeopleTV, for which the related
expense was primarily reflected in the first quarter of 2022, (ii) a voluntary retirement program, for which the
related expense was primarily reflected in the first half of 2022, (iii) the consolidation of certain leased
office space, for which the related expense was reflected in the third quarter of 2022 and (iv) a reduction in
force plan, which was announced in the first quarter of 2022. These actions resulted in $80.2 million of
restructuring charges incurred for the year ended December 31, 2022. During 2024 and 2023, Dotdash
Meredith recorded adjustments related to certain of these restructurings and no liability remains as of
December 31, 2024.
A summary of the charges incurred, reversals of initial costs, payments and related accruals is presented
below. As of December 31, 2024, there are no expected remaining costs associated with the 2022 restructuring
events.
Year Ended December 31, 2024
Accrued
December 31,
2023
Charges
Incurred
Reversal of
Initial Cost
Payments
Accrued
December 31,
2024
Cumulative
Charges
Incurred
(In thousands)
Digital . . . . . . . . . . . . . . . . . . . . .
$ 473
$ —
$(223)
$ (250)
$—
$38,546
Print . . . . . . . . . . . . . . . . . . . . . .
1,119
94
(108)
(1,105)
—
33,398
163

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Year Ended December 31, 2024
Accrued
December 31,
2023
Charges
Incurred
Reversal of
Initial Cost
Payments
Accrued
December 31,
2024
Cumulative
Charges
Incurred
(In thousands)
Other(a) . . . . . . . . . . . . . . . . . . . .
298
36
—
(334)
—
7,568
Total . . . . . . . . . . . . . . . . . . . . . .
$1,890
$130
$(331)
$(1,689)
$—
$79,512
(a)
Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the
Digital or Print segments.
Year Ended December 31, 2023
Accrued
December 31,
2022
Charges
Incurred
Reversal of
Initial Cost
Payments
Accrued
December 31,
2023
(In thousands)
Digital . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,950
$1,371
$(1,827)
$(10,021)
$ 473
Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,055
1,625
(1,645)
(10,916)
1,119
Other(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,389
678
(727)
(4,042)
298
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$27,394
$3,674
$(4,199)
$(24,979)
$1,890
The costs are allocated as follows in the statement of operations:
Year Ended December 31,
2024
2023
2022
(In thousands)
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(205)
$
744
$24,527
Selling and marketing expense . . . . . . . . . . . . . . . . . . . . . . . . . . .
(116)
(1,300)
17,174
General and administrative expense(b) . . . . . . . . . . . . . . . . . . . . . .
126
(282)
28,096
Product development expense
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)
313
3,435
Depreciation(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
7,006
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(201)
$ (525)
$80,238
(b)
Includes impairment charge of $14.3 million of an ROU asset for the year ended December 31, 2022. See
“Note 2 — Summary of Significant Accounting Policies” for additional information on the impairment charges.
(c)
Includes impairment charge of $7.0 million of leasehold improvements and furniture and equipment for the year
ended December 31, 2022. See “Note 2 — Summary of Significant Accounting Policies” for additional information
on the impairment charges.
Transaction-Related Expenses
For the year ended December 31, 2022, Dotdash Meredith incurred $7.1 million of transaction-related
expenses related to the 2021 acquisition of Meredith, other than costs related to change-in-control payments.
Change-in-Control Payments
During 2022, Dotdash Meredith made the final $87.4 million in change-in-control payments, which
were triggered by the acquisition and the terms of certain former executives’ contracts. These payments
included amounts accrued in December 2021, as well as amounts previously accrued that became payable
following the change-in-control.
164

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 18 — SUBSEQUENT EVENT
As described in the IAC Restricted Common Stock section of Note 10 — Stock-Based Compensation,
on January 13, 2025, the Company and Mr. Levin entered the Agreement pursuant to which the Employment
Agreement and the Amended and Restated RSA Agreement were terminated, except as provided in
Section 6 of the RSA Agreement. See “Note 10 — Stock-Based Compensation” for a discussion of the
impact the Agreement has on stock-based compensation expense.
Pursuant to the Agreement, Mr. Levin will continue to serve as IAC’s CEO until the earlier of the
completion of the spin-off of Angi or May 31, 2025. Mr. Levin received additional separation benefits
pursuant to the Agreement totaling $18.0 million payable over six years for advisory services. The Company
will record an estimated $14.5 million of expense, which reflects a discount of $3.5 million given the
amount is payable over six years. The cash payable to Mr. Levin, will be expensed over the period from
January 13, 2025 to the date of the completion of the Distribution or May 31, 2025, whichever is earlier.
165

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A.
Controls and Procedures
Conclusion Regarding the Effectiveness of the Company’s Disclosure Controls and Procedures
The Company monitors and evaluates on an ongoing basis its disclosure controls and procedures and
internal control over financial reporting in order to improve their overall effectiveness. In the course of these
evaluations, the Company modifies and refines its internal processes as conditions warrant.
As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), management, including our Chairman and Senior Executive, Chief Executive Officer (“CEO”) and
Chief Financial Officer (“CFO”), conducted an evaluation, as of the end of the period covered by this annual
report, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange
Act Rule 13a-15(e). Based on this evaluation, our Chairman and Senior Executive, CEO and CFO concluded
that the Company’s disclosure controls and procedures were effective as of the end of the period covered
by this annual report.
Management’s Report on Internal Control Over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control
over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) for the Company. The
Company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with accounting principles generally accepted in the United States. Management assessed
the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024. In
making this assessment, management used the criteria for effective internal control over financial reporting
described in “Internal Control — Integrated Framework” issued by the Committee of Sponsoring
Organizations of the Treadway Commission in 2013.
Based on this assessment, management has determined that, as of December 31, 2024, the Company’s
internal control over financial reporting is effective. The effectiveness of our internal control over financial
reporting as of December 31, 2024 has been audited by Ernst & Young LLP, an independent registered public
accounting firm, as stated in their attestation report, included herein.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Changes in Internal Control Over Financial Reporting
The Company monitors and evaluates on an ongoing basis its internal control over financial reporting
in order to improve its overall effectiveness. In the course of these evaluations, the Company modifies and
refines its internal processes as conditions warrant.
During the quarter ended December 31, 2024, there have been no changes in our internal controls over
financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s
internal controls over financial reporting. See “Item 8 — Financial Statements and Supplementary Data”
and “Report of Independent Registered Public Accounting Firm,” which report is incorporated herein by
reference.
166

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of IAC Inc.
Opinion on Internal Control Over Financial Reporting
We have audited IAC Inc. and subsidiaries’ internal control over financial reporting as of December 31,
2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our
opinion, IAC Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024
and 2023, the related consolidated statements of operations, comprehensive operations, shareholders’ equity
and cash flows for each of the three years in the period ended December 31, 2024, and the related notes
and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 28, 2025
expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting included in
the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is
to express an opinion on the Company’s internal control over financial reporting based on our audit. We
are a public accounting firm registered with the PCAOB and are required to be independent with respect to
the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether effective internal control over
financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing
the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk, and performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
New York, New York
February 28, 2025
167

Item 9B.
Other Information
Rule 10b5-1 Trading Plans
During the year ended December 31, 2024, none of the Company’s directors or officers adopted or
terminated a Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement (as such terms are defined
in Item 408(a) of Regulation S-K).
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
168

PART III
The information required by Part III (Items 10, 11, 12, 13 and 14) has been incorporated herein by
reference to IAC’s definitive proxy statement to be used in connection with IAC’s 2025 Annual Meeting of
Stockholders (the “2025 Proxy Statement”), as set forth below in accordance with General Instruction G(3)
of Form 10-K.
Item 10.
Directors, Executive Officers and Corporate Governance
The information required by Items 401 and 405 of Regulation S-K relating to directors and executive
officers of IAC and their compliance with Section 16(a) of the Exchange Act is set forth in the sections
entitled “Information Concerning Director Nominees,” “Information Concerning IAC Executive Officers
Who Are Not Directors” and “Delinquent 16(a) Reports,” respectively, in the 2025 Proxy Statement and is
incorporated herein by reference.
The information required by Item 406 of Regulation S-K relating to IAC’s Code of Business Conduct
and Ethics is set forth under the caption “Part I — Item 1 — Business — Description of IAC
Businesses — Additional Information — Code of Business Conduct and Ethics” of this annual report and
is incorporated herein by reference. The information required by subsections (c)(3), (d)(4) and (d)(5) of
Item 407 of Regulation S-K is set forth in the sections entitled “Corporate Governance” and “The Board
and Board Committees” in the 2025 Proxy Statement and is incorporated herein by reference.
We have adopted a securities trading policy governing the purchase, sale and/or other transfer of (and
certain other transactions involving) IAC securities by: (i) our directors, officers and employees (and certain
persons and entities affiliated with such persons) and (ii) any other persons (such as contractors or
consultants) who have access to material non-public information concerning IAC and its businesses from
time to time that we believe is reasonably designed to promote compliance with insider trading laws, rules and
regulations and NASDAQ listing standards. A copy of this policy is filed as Exhibit 19.1 to this annual
report.
Item 11.
Executive Compensation
The information required by Item 402 of Regulation S-K relating to executive and director compensation
and pay ratio disclosure is set forth in the sections entitled “Executive Compensation,” “Director
Compensation” and “Pay Ratio Disclosure” in the 2025 Proxy Statement and is incorporated herein by
reference. The information required by subsections (e)(4) and (e)(5) of Item 407 of Regulation S-K relating
to certain compensation committee matters is set forth in the sections entitled “The Board and Board
Committees,” “Compensation Committee Report” and “Compensation Committee Interlocks and Insider
Participation”in the 2025 Proxy Statement and is incorporated herein by reference; provided, however, that the
information set forth in the section entitled “Compensation Committee Report” shall be deemed furnished
herein and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
The information regarding ownership of IAC common stock and Class B common stock required by
Item 403 of Regulation S-K and securities authorized for issuance under IAC’s various equity compensation
plans required by Item 201(d) of Regulation S-K is set forth in the sections entitled “Security Ownership
of Certain Beneficial Owners and Management” and “Equity Compensation Plan Information,” respectively,
in the 2025 Proxy Statement and is incorporated herein by reference.
Item 13.
Certain Relationships and Related Transactions, and Director Independence
Information regarding certain relationships and related transactions involving IAC required by
Item 404 of Regulation S-K and director independence determinations required by Item 407(a) of
Regulation S-K is set forth in the sections entitled “Certain Relationships and Related Person Transactions”
and “Corporate Governance,” respectively, in the 2025 Proxy Statement and is incorporated herein by
reference.
169

Item 14.
Principal Accountant Fees and Services
Information required by Item 9(e) of Schedule 14A regarding the fees and services of IAC’s independent
registered public accounting firm and the pre-approval policies and procedures applicable to services provided
to IAC by such firm is set forth in the sections entitled “Fees Paid to Our Independent Registered Public
Accounting Firm” and “Audit and Non-Audit Services Pre-Approval Policy,” respectively, in the 2025 Proxy
Statement and is incorporated herein by reference.
PART IV
Item 15.
Exhibits and Financial Statement Schedules
(a) List of documents filed as part of this Report:
(1) Consolidated Financial Statements of IAC
Report of Independent Registered Public Accounting Firm: Ernst & Young LLP (PCAOB ID: 42).
Consolidated Balance Sheet as of December 31, 2024 and 2023.
Consolidated Statement of Operations for the Years Ended December 31, 2024, 2023 and 2022.
Consolidated Statement of Comprehensive Operations for the Years Ended December 31, 2024,
2023 and 2022.
Consolidated Statement of Shareholders’ Equity for the Years Ended December 31, 2024, 2023 and
2022.
Consolidated Statement of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022.
Notes to Consolidated Financial Statements.
(2) Consolidated Financial Statement Schedule of IAC
Schedule Number
II
Valuation and Qualifying Accounts.
All other financial statements and schedules not listed have been omitted since the required information
is either included in the Consolidated Financial Statements or the notes thereto, is not applicable or is not
required.
170

(3) Exhibits
The exhibits listed below are filed as part of, or are incorporated by reference in, this annual report.
References to “Old IAC” below refer to then IAC/InterActiveCorp under SEC File No. 000-20570. IAC/
InterActiveCorp changed its name to IAC Inc., effective August 11, 2022. ANGI Homeservices Inc. changed
its name to Angi Inc., effective March 17, 2021.
Exhibit
No.
Description
Location
2.1
Agreement and Plan of Merger, dated as of
October 6, 2021, by and among, About, Inc.,
Meredith Corporation, Meredith Holdings
Corporation and, for certain limited purposes
set forth therein, IAC/InterActiveCorp.
Filed as Exhibit 2.1 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on
October 7, 2021.
2.2
Transaction Agreement, dated as of
December 19, 2019, by and among Old IAC,
IAC/InterActiveCorp, Valentine Merger Sub
LLC and Match Group, Inc.(1)
Filed as Annex A to the joint proxy statement/
prospectus forming a part of IAC/
InterActiveCorp’s Registration Statement on
Form S-4 filed by Old IAC and IAC/
InterActiveCorp on February 13, 2020.
2.3
Amendment No. 1, dated April 28, 2020, to the
Transaction Agreement, dated as of
December 19, 2019, by and among Old IAC,
IAC/InterActiveCorp, Valentine Merger Sub
LLC and Match Group, Inc.
Filed as Exhibit 2.1 to Old IAC’s Current
Report on Form 8-K, filed on April 28, 2020.
2.4
Amendment No. 2, dated June 22, 2020, to the
Transaction Agreement, dated as of
December 19, 2019, by and among Old IAC,
IAC/InterActiveCorp, Valentine Merger Sub
LLC and Match Group, Inc.
Filed as Exhibit 2.1 to Old IAC’s Current
Report on Form 8-K, filed on June 22, 2020.
3.1
Restated Certificate of Incorporation of IAC
Inc.
Exhibit 3.1 to IAC Inc.’s Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30,
2024.
3.2
Restated Certificate of Incorporation of
IAC/InterActiveCorp (effective as of June 30,
2020).
Filed as Exhibit 3.1(c) to IAC/InterActiveCorp’s
Current Report on Form 8-K filed on July 2,
2020.
3.3
Certificate of Amendment of Restated
Certificate of Incorporation of IAC/
InterActiveCorp (effective as of May 25, 2021).
Exhibit 4.2 to the Post-Effective Amendment
No. 1 on Form S-8 to Registration Statement on
Form S-4 (File No. 333-251656), filed by
IAC/InterActiveCorp on May 26, 2021.
3.4
Certificate of Amendment of Restated
Certificate of Incorporation of IAC/
InterActiveCorp (effective August 11, 2022).
Exhibit 3.1 to IAC Inc.’s Current Report on
Form 8-K, filed on August 12, 2022.
3.5
Certificate of Amendment of Restated
Certificate of Incorporation of IAC Inc.
(effective June 12, 2024).
Exhibit 3.1 to IAC Inc.’s Current Report on
Form 8-K, filed on June 13, 2024.
3.6
Certificate of Designations of Series A
Cumulative Preferred Stock.
Filed as Exhibit 3.2 to IAC/InterActiveCorp’s
Current Report on Form 8-K filed on July 2,
2020.
3.5
Amended and Restated By-laws of IAC Inc.
Exhibit 3.1 to IAC Inc.’s Current Report on
Form 8-K, filed on September 18, 2023.
4.1
Description of IAC Inc. Capital Stock.
Filed as Exhibit 4.1 to IAC Inc.’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2022.
171

Exhibit
No.
Description
Location
4.2
Indenture, dated as of August 20, 2020, among
ANGI Group, LLC, the guarantors party
thereto and Computershare Trust Company,
N.A., as trustee.
Filed as Exhibit 4.1 to the Current Report on
Form 8-K filed by ANGI Homeservices Inc. on
August 20, 2020.
10.1
Amended and Restated Governance
Agreement, dated as of August 9, 2005, among
IAC/InterActiveCorp, Liberty Media
Corporation and Barry Diller.
Filed as Exhibit 10.1 to Old IAC’s Quarterly
Report on Form 10-Q for the fiscal quarter
ended September 30, 2005.
10.2
Letter Agreement, dated as of December 1,
2010, by and among IAC/InterActiveCorp,
Liberty Media Corporation, Liberty USA
Holdings, LLC and Barry Diller.
Filed as Exhibit 10.1 to Old IAC’s Current
Report on Form 8-K, filed on December 6,
2010.
10.3
Letter Agreement, dated as of December 1,
2010, by and between IAC/InterActiveCorp and
Barry Diller.
Filed as Exhibit 10.2 to Old IAC’s Current
Report on Form 8-K, filed on December 6,
2010.
10.4
Credit Agreement, dated as of December 1,
2021, by and among Dotdash Meredith, Inc., as
Borrower, the lenders party thereto, JPMorgan
Chase Bank, N.A., as administrative agent, and
the other parties thereto.
Filed as Exhibit 10.1 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on
December 1, 2021.
10.5
Amendment No. 1 to Credit Agreement, dated
as of November 26, 2024, by and among
Dotdash Meredith, Inc., as Borrower, the
lenders party thereto, JPMorgan Chase Bank,
N.A., as administrative agent, and the other
parties thereto.
Filed as Exhibit 10.1 to IAC’s Current Report
on Form 8-K, filed on November 26, 2024.
10.6
IAC/InterActiveCorp 2018 Stock and Annual
Incentive Plan.(2)
Filed as Exhibit 10.1 to Old IAC’s Current
Report on Form 8-K, filed on June 29, 2018.
10.7
Form of Notice and Terms and Conditions for
2020 Five-Year Restricted Stock Unit Awards.(2)
Filed as Exhibit 10.7 to IAC/InterActiveCorp’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2020.
10.8
Form of Notice and Terms and Conditions for
2023, 2024 and 2025 Restricted Stock Units.(2)(3)
10.9
IAC/InterActiveCorp 2013 Stock and Annual
Incentive Plan.(2)
Filed as Exhibit 10.1 to Old IAC’s Quarterly
Report on Form 10-Q for the fiscal quarter
ended June 30, 2013.
10.10
Form of Terms and Conditions for Stock
Options granted under the IAC/
InterActiveCorp 2013 Stock and Annual
Incentive Plan.(2)
Filed as Exhibit 10.6 to Old IAC’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2013.
10.11
IAC/InterActiveCorp 2008 Stock and Annual
Incentive Plan.(2)
Filed as Annex F to Old IAC’s Definitive Proxy
Statement, filed on July 11, 2008.
10.12
Form of Terms and Conditions for Stock
Options granted under the IAC/
InterActiveCorp 2008 Stock and Annual
Incentive Plan.(2)
Filed as Exhibit 10.7 to Old IAC’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2008.
10.13
Summary of Non-Employee Director
Compensation Arrangements.(2)
Filed as Exhibit 10.16 to IAC/InterActiveCorp’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2020.
172

Exhibit
No.
Description
Location
10.14
2011 IAC/InterActiveCorp Deferred
Compensation Plan for Non-Employee
Directors.(2)
Filed as Exhibit 10.1 to Old IAC’s Quarterly
Report on Form 10-Q for the fiscal quarter
ended March 31, 2011.
10.15
Equity and Bonus Compensation Arrangement,
dated as of August 24, 1995, between Barry
Diller and the Registrant.(2)
Filed as Exhibit 10.26 to Old IAC’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 1996.
10.16
Employment Transition Agreement between
Joseph Levin and IAC Inc., dated as of
January 13, 2025.(2)
Filed as Exhibit 10.1 to IAC Inc.’s Current
Report on Form 8-K, filed on January 13, 2025.
10.17
Second Amended and Restated Employment
Agreement between Victor A. Kaufman and
IAC/InterActiveCorp, dated as of March 15,
2012.(2)
Filed as Exhibit 10.1 to Old IAC’s Quarterly
Report on Form 10-Q for the fiscal quarter
ended March 31, 2012.
10.18
Employment Agreement between Christopher
Halpin and IAC/InterActiveCorp, dated as of
January 4, 2022.(2)
Filed as Exhibit 10.19 to IAC/InterActiveCorp’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2021.
10.19
Employment Agreement between Kendall
Handler and IAC/InterActiveCorp, dated as of
December 31, 2020.(2)
Filed as Exhibit 10.25 to IAC/InterActiveCorp’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2020.
10.20
Google Services Agreement, dated as of
October 26, 2015, between IAC/
InterActiveCorp and Google Inc.(4)
Filed as Exhibit 10.24 to IAC’s Annual Report
on Form 10-K for the fiscal year ended
December 31, 2023.
10.21
Amendment No. 3 to Google Services
Agreement, dated as of February 11, 2019 (with
an effective date of April 1, 2020), between
IAC/InterActiveCorp and Google LLC.(4)
Filed as Exhibit 10.25 to IAC’s Annual Report
on Form 10-K for the fiscal year ended
December 31, 2023.
10.22
Amendment No. 4 to Google Services
Agreement, dated as of August 23, 2021 (with
an effective date of August 1, 2021), between
IAC/InterActiveCorp and Google LLC and
certain of their respective subsidiaries.(4)
Filed as Exhibit 10.26 to IAC/InterActiveCorp’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2023.
10.23
Amendment No. 5 to Google Services
Agreement, dated as of January 20, 2025 (with
an effective date of April 1, 2025), between IAC
Inc. and Google LLC and certain of their
respective subsidiaries.(3)(4)
10.24
Employee Matters Agreement by and between
IAC/InterActiveCorp and Vimeo, Inc., dated as
of May 24, 2021.
Filed as Exhibit 10.2 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on May 28,
2021.
10.25
Tax Matters Agreement by and between
IAC/InterActiveCorp and Vimeo, Inc., dated as
of May 24, 2021.
Filed as Exhibit 10.3 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on May 28,
2021.
10.26
Amended and Restated Employee Matters
Agreement, dated as of June 30, 2020, by and
between IAC/InterActiveCorp and Match
Group, Inc.
Filed as Exhibit 10.3 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on July 2,
2020.
10.27
Tax Matters Agreement, dated as of June 30,
2020, by and between IAC/InterActiveCorp and
Match Group, Inc.
Filed as Exhibit 10.2 to IAC/InterActiveCorp’s
Current Report on Form 8-K, filed on July 2,
2020.
173

Exhibit
No.
Description
Location
10.28
Contribution Agreement, dated as of
September 29, 2017, by and between IAC/
InterActiveCorp and ANGI Homeservices Inc.
Filed as Exhibit 2.1 to Old IAC’s Current
Report on Form 8-K, filed on October 2, 2017.
10.29
Employee Matters Agreement, dated as of
September 29, 2017, by and between IAC/
InterActiveCorp and ANGI Homeservices
Inc.(1)
Filed as Exhibit 2.5 to Old IAC’s Current
Report on Form 8-K, filed on October 2, 2017.
10.30
Investor Rights Agreement, dated as of
September 29, 2017, by and between IAC/
InterActiveCorp and ANGI Homeservices Inc.
Filed as Exhibit 2.2 to Old IAC’s Current
Report on Form 8-K, filed on October 2, 2017.
10.31
Tax Sharing Agreement, dated as of
September 29, 2017, by and between IAC/
InterActiveCorp and ANGI Homeservices Inc.
Filed as Exhibit 2.4 to Old IAC’s Current
Report on Form 8-K, filed on October 2, 2017.
10.32
Services Agreement, dated as of September 29,
2017, by and between IAC/InterActiveCorp and
ANGI Homeservices Inc.(1)
Filed as Exhibit 2.3 to Old IAC’s Current
Report on Form 8-K, filed on October 2, 2017.
19.1
IAC Inc. Securities Trading Policy.(3)
21.1
Subsidiaries of the Registrant as of
December 31, 2024.(3)
23.1
Consent of Ernst & Young LLP.(3)
23.2
Consent of Deloitte & Touche LLP.(3)
31.1
Certification of the Chairman and Senior
Executive pursuant to Rule 13a-14(a) or
15d-14(a) of the Securities Exchange Act of
1934, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.(3)
31.2
Certification of the Chief Executive Officer
pursuant to Rule 13a-14(a) or 15d-14(a) of the
Securities Exchange Act of 1934, as adopted
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.(3)
31.3
Certification of the Chief Financial Officer and
Chief Operating Officer pursuant to Rule 13a-
14(a) or 15d-14(a) of the Securities Exchange
Act of 1934, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of
2002.(3)
32.1
Certification of the Chairman and Senior
Executive pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.(5)
32.2
Certification of the Chief Executive Officer
pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.(5)
32.3
Certification of the Chief Financial Officer and
Chief Operating Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002.(5)
174

Exhibit
No.
Description
Location
97.1
IAC Inc. Compensation Clawback Policy.
Filed as Exhibit 97.1 to IAC’s Annual Report
on Form 10-K for the fiscal year ended
December 31, 2023.
99.1
Consolidated Financial Statements of MGM
Resorts International, Report of Independent
Registered Public Accounting Firm thereon and
Notes to such Consolidated Financial
Statements — Incorporated by reference to
Item 8 of MGM Resorts International’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2024 (File No. 001-10362) filed
with the Securities and Exchange Commission
on February 18, 2025.
Item 8 of MGM Resorts International’s Annual
Report on Form 10-K for the fiscal year ended
December 31, 2024 (File No. 001-10362) filed
with the Securities and Exchange Commission
on February 18, 2025.
101.INS
Inline XBRL Instance (the instance document
does not appear in the Interactive Data File
because its XBRL tags are embedded within the
Inline XBRL document)(3)
101.SCH
Inline XBRL Taxonomy Extension Schema(3)
101.CAL
Inline XBRL Taxonomy Extension
Calculation(3)
101.DEF
Inline XBRL Taxonomy Extension Definition(3)
101.LAB
Inline XBRL Taxonomy Extension Labels(3)
101.PRE
XBRL Taxonomy Extension Presentation(3)
104
Cover Page Interactive Data File (formatted as
Inline XBRL and contained in Exhibit 101)
(1)
Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K.
The Registrant agrees to furnish on a supplemental basis a copy of any omitted attachment to the SEC
on a confidential basis upon request.
(2)
Reflects management contracts and management and director compensatory plans.
(3)
Filed herewith.
(4)
Certain confidential information has been omitted from this exhibit pursuant to applicable SEC rules.
(5)
Furnished herewith.
Item 16.
Form 10-K Summary
None.
175

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
February 28, 2025
IAC INC.
By:
/s/ CHRISTOPHER HALPIN
Christopher Halpin
Executive Vice President, Chief Financial
Officer and Chief Operating Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities indicated on February 28,
2025:
Signature
Title
/s/ BARRY DILLER
Barry Diller
Chairman of the Board, Senior Executive and
Director
/s/ JOSEPH LEVIN
Joseph Levin
Chief Executive Officer and Director
/s/ VICTOR A. KAUFMAN
Victor A. Kaufman
Vice Chairman and Director
/s/ CHRISTOPHER HALPIN
Christopher Halpin
Executive Vice President, Chief Financial Officer
and Chief Operating Officer
/s/ MICHAEL H. SCHWERDTMAN
Michael H. Schwerdtman
Senior Vice President and Controller (Chief
Accounting Officer)
/s/ CHELSEA CLINTON
Chelsea Clinton
Director
/s/ MICHAEL D. EISNER
Michael D. Eisner
Director
/s/ BONNIE S. HAMMER
Bonnie S. Hammer
Director
/s/ BRYAN LOURD
Bryan Lourd
Director
/s/ DAVID S. ROSENBLATT
David S. Rosenblatt
Director
176

Signature
Title
/s/ MARIA SEFERIAN
Maria Seferian
Director
/s/ ALAN G. SPOON
Alan G. Spoon
Director
/s/ ALEXANDER VON FURSTENBERG
Alexander von Furstenberg
Director
/s/ RICHARD F. ZANNINO
Richard F. Zannino
Director
177

Schedule II
IAC INC. AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
Description
Balance at
Beginning
of Period
Charges to
Earnings
Charges to
Other
Accounts
Deductions
Balance at
End of
Period
(In thousands)
2024
Allowance for credit losses . . . . . . . . . .
$ 32,379
$ 61,949(a)
$ 2,026
$ (68,441)(b) $ 27,913
Deferred tax valuation allowance . . . . .
$132,058
$ (36,199)(c)
$ (1,430)(d)
$
—
$ 94,429
Other reserves . . . . . . . . . . . . . . . . . . .
$
1,391
$
1,344
2023
Allowance for credit losses . . . . . . . . . .
$ 50,971
$ 87,729(a)
$
174
$(106,495)(b) $ 32,379
Deferred tax valuation allowance . . . . .
$124,012
$
4,373(e)
$ 3,673(d)
$
—
$132,058
Other reserves . . . . . . . . . . . . . . . . . . .
$
1,880
$
1,391
2022
Allowance for credit losses . . . . . . . . . .
$ 36,637
$116,553(a)
$
109
$(102,328)(b) $ 50,971
Deferred tax valuation allowance . . . . .
$112,640
$ (4,497)(f)
$15,869(g)
$
—
$124,012
Other reserves . . . . . . . . . . . . . . . . . . .
$
2,530
$
1,880
(a)
Additions to the allowance for credit losses are charged to expense.
(b)
Amount is primarily write-offs of fully reserved accounts receivable, net of recoveries.
(c)
Amount is primarily due to a change in judgement on the realizability of foreign net operating losses (“NOLs”)
following the purchase of the remaining noncontrolling interest of a foreign subsidiary and the realization of
previously unbenefited capital losses, partially offset by state NOLs.
(d)
Amount primarily relates to currency translation adjustments on foreign NOLs.
(e)
Amount primarily relates to a net increase in unbenefited capital losses and foreign NOLs, partially offset by
expiring foreign tax credits.
(f)
Amount primarily relates to a decrease in federal NOLs, partially offset by a net increase in unbenefited capital
losses.
(g)
Amount primarily relates to a change in judgement on the realizability of foreign NOLs related to Meredith,
acquired by Dotdash on December 1, 2021, partially offset by currency translation adjustments on foreign NOLs.
178

PERFORMANCE GRAPH
The following graph compares the cumulative total return (assuming dividend reinvestment, as
applicable) of IAC common stock, the Nasdaq Composite Index, the Russell 1000 Technology Index and
the Standard & Poor’s 500 Stock Index, in each case, based on $100.00 invested at the close of trading on
July 1, 2020 through December 31, 2024. In accordance with applicable SEC rules, IAC presents the cumulative
return of peer issuers. IAC has selected the Nasdaq Composite Index and the Russell 1000 Technology
Index as its peer issuers because they both include companies engaged in many of the same businesses as
IAC.
For purposes of the following graph, references to “IAC common stock” means: (i) common stock, par
value $0.001, of then IAC/InterActiveCorp (SEC File No. 001-39356, formerly known as IAC Holdings, Inc.),
which was issued upon the completion of the separation of Match Group, Inc. from then IAC/
InterActiveCorp (SEC File No. 000-20570) after market on June 30, 2020 (the “Match Separation”), and
commenced trading on The Nasdaq Stock Market LLC (The Global Select Market) under the ticker symbol
“IAC” on July 1, 2020, and (ii) following the spin-off of Vimeo, Inc. (the “Vimeo Spin-Off”) on May 25,
2021, common stock, par value $0.0001, of then IAC/InterActiveCorp and from and after August 11, 2022,
IAC Inc. (SEC File No. 001-9356). All historical prices for IAC common stock have been adjusted to
reflect the Vimeo Spin-Off.
7/1/20
300.00
250.00
200.00
150.00
100.00
-
50.00
12/31/20
12/31/21
12/30/22
12/31/24
12/29/23
IAC
NASDAQ-COMPOSITE
RUSSELL 1000 TECH INDEX
S&P 500 INDEX
7/1/20
12/31/20
12/31/21
12/30/22
12/29/23
12/31/24
IAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100.00
177.44
122.49
41.61
49.09
40.43
NASDAQ COMPOSITE INDEX . . . . . . . . . .
$100.00
127.45
155.76
105.12
152.11
197.12
RUSSELL 1000 TECHNOLOGY INDEX . . . .
$100.00
125.80
172.56
112.83
188.30
260.17
S&P 500 INDEX . . . . . . . . . . . . . . . . . . . . . .
$100.00
121.54
156.40
128.05
161.68
202.09
179

PERFORMANCE GRAPH
The following graph compares the cumulative total return (assuming dividend reinvestment, as
applicable) of IAC common stock, the Nasdaq Composite Index, the Russell 1000 Technology Index and
the Standard & Poor’s 500 Stock Index, in each case, based on $100.00 invested at the close of trading on
December 31, 2019 through December 31, 2024. In accordance with applicable SEC rules, IAC presents the
cumulative return of peer issuers. IAC has selected the Nasdaq Composite Index and the Russell 1000
Technology Index as its peer issuers because they both include companies engaged in many of the same
businesses as IAC.
For purposes of the following graph, references to “IAC common stock” means: (i) for periods prior to
July 1, 2020, common stock, par value $0.001, of then IAC/InterActiveCorp (SEC File No. 000-20570), which
was renamed Match Group, Inc. upon the completion of the Match Separation following the close of the
market on June 30, 2020, (ii) for periods from and after July 1, 2020 through May 24, 2021, common stock,
par value $0.001, of then IAC/InterActiveCorp (SEC File No. 001-39356, formerly known as IAC
Holdings, Inc.), which was issued upon the completion of the Match Separation after market on June 30,
2020 and commenced trading on The Nasdaq Stock Market LLC (The Global Select Market) under the ticker
symbol “IAC” on July 1, 2020, and (iii) following the Vimeo Spin-Off on May 25, 2021, common stock,
par value $0.0001, of then IAC/InterActiveCorp and from and after August 11, 2022, IAC Inc. (SEC File
No. 001-39356). All historical prices for IAC common stock have been adjusted to reflect the Match Separation
and the Vimeo Spin-Off.
350.00
12/31/19
12/31/20
12/31/21
12/30/22
12/31/24
12/29/23
IAC
NASDAQ-COMPOSITE
RUSSELL 1000 TECH INDEX
S&P 500 INDEX
300.00
250.00
200.00
150.00
100.00
50.00
12/31/19
12/31/20
12/31/21
12/30/22
12/29/23
12/31/24
IAC . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$100.00
$302.20
$313.54
$106.50
$125.65
$103.48
NASDAQ COMPOSITE INDEX . . . . . . .
$100.00
$145.05
$177.27
$119.63
$173.11
$224.34
RUSSELL 1000 TECHNOLOGY
INDEX
. . . . . . . . . . . . . . . . . . . . . . .
$100.00
$146.70
$201.23
$131.58
$219.59
$303.40
S&P 500 INDEX . . . . . . . . . . . . . . . . . . .
$100.00
$118.39
$152.34
$124.73
$157.48
$196.85
180

BOARD OF DIRECTORS
OFFICE OF THE CHAIRMAN (cont’d)
Chelsea Clinton
Vice Chair, Clinton Foundation
Barry Diller
Chairman & Senior Executive, IAC
Michael D. Eisner
Chairman
The Tornante Company, LLC
Bonnie S. Hammer
Former Vice Chairman
NBCUniversal
Victor A. Kaufman
Vice Chairman, IAC
Bryan Lourd
Partner and Managing Director
Creative Artists Agency
David Rosenblatt
Chief Executive Officer
1stdibs.com, Inc.
Maria Seferian
President and Chief Legal Officer
Hillspire, LLC
Alan G. Spoon
Former General Partner & Partner Emeritus
Polaris Partners
Alexander von Furstenberg
Founder & Chief Investment Officer
Ranger Global Advisors, LLC
Richard F. Zannino
Managing Director
CCMP Capital Advisors, LLC
OFFICE OF THE CHAIRMAN
Barry Diller
Chairman & Senior Executive
Victor A. Kaufman
Vice Chairman
Christopher Halpin
Executive Vice President, Chief Operating Officer &
Chief Financial Officer
Kendall Handler
Executive Vice President, Chief Legal Officer &
Secretary
CORPORATE INFORMATION
Corporate Headquarters
IAC Inc.
555 West 18th Street
New York, NY 10011
212.314.7300
www.iac.com
Investor Inquiries
All inquiries can be directed as follows:
212.314.7400 or ir@iac.com
Stock Market
IAC Inc. is listed on Nasdaq (ticker symbol: IAC).
Transfer Agent and Registrar
Computershare
Stockholder correspondence by mail should be sent to:
Computershare
P.O. Box 43078
Providence, RI 02940-3078
Stockholder correspondence by overnight mail should be
sent to:
Computershare
150 Royall Street
Suite 101
Canton, MA 02021
Stockholder inquiries may be made online at
Computershare’s Investor Center
(https://www-us.computershare.com/Investor/#Home)
Independent Registered Public Accountants
Ernst & Young LLP
One Manhattan West
New York, NY 10001