Please wait
                                                                        
The tables below reflect IAC on a continuing operations basis, updated to reflect (i) the reclassification of the digital portion of a legacy agency business between the Print and Digital segments of People Inc. and (ii) Care.com as discontinued operations for periods prior to its sale on March 16, 2026 as described in Item 7.01 of this Form 8-K. The information presented below should be read in conjunction with IAC Inc.'s historical consolidated financial statements and notes thereto found on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
202320242025
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3Q4FYE 12/31
(Unaudited; in thousands)
Revenue
People Inc.
Digital$939,865 $220,672 $253,751 $266,923 $345,021 $1,086,367 $234,520 $273,999 $283,167 $370,200 $1,161,886 
Print776,017 174,552 175,994 178,023 183,067 711,636 163,270 158,263 152,594 148,178 622,305 
Intersegment eliminations(20,989)(4,684)(4,584)(5,483)(6,023)(20,774)(4,719)(4,892)(5,934)(6,573)(22,118)
Total People Inc.1,694,893 390,540 425,161 439,463 522,065 1,777,229 393,071 427,370 429,827 511,805 1,762,073 
Search629,038 108,473 101,756 88,284 89,186 387,699 70,329 61,690 51,892 28,972 212,883 
Emerging & Other229,461 34,014 19,886 18,565 16,563 89,028 18,287 15,877 17,288 19,551 71,003 
Intersegment eliminations(8,804)(1,204)(2)(2)(10)(1,218)(1)— — (1)(2)
Total revenue$2,544,588 $531,823 $546,801 $546,310 $627,804 $2,252,738 $481,686 $504,937 $499,007 $560,327 $2,045,957 
Operating (loss) income
People Inc.
Digital(a)
$(18,270)$(1,266)$25,762 $33,061 $96,810 $154,367 $17,876 $38,371 $38,434 $113,305 $207,986 
Print(b)
(1,886)(4,035)5,798 5,213 10,083 17,059 8,744 10,905 1,016 6,769 27,434 
Other(c)(d)(e)
(130,582)(15,528)(13,222)(16,213)(19,589)(64,552)16,587 (14,497)(10,917)(14,034)(22,861)
Total People Inc.(150,738)(20,829)18,338 22,061 87,304 106,874 43,207 34,779 28,533 106,040 212,559 
Search44,198 4,356 4,624 2,389 6,037 17,406 3,009 5,101 1,880 231 10,221 
Emerging & Other(f)
(22,784)(21,081)(6,773)(2,618)(7,223)(37,695)(4,886)(9,221)(20,797)2,552 (32,352)
Corporate(151,285)(37,466)(36,674)(28,659)(41,444)(144,243)(17,206)(33,041)(34,959)(31,062)(116,268)
Total operating (loss) income$(280,609)$(75,020)$(20,485)$(6,827)$44,674 $(57,658)$24,124 $(2,382)$(25,343)$77,761 $74,160 
Stock-based compensation expense
People Inc.
Digital$(8,159)$(2,200)$(3,436)$(2,149)$(2,312)$(10,097)$(1,855)$(3,034)$(3,211)$(3,464)$(11,564)
Print(1,381)(446)(723)(516)(360)(2,045)(450)(442)(451)(430)(1,773)
Other(c)
(13,961)(4,703)(2,521)(3,167)(3,292)(13,683)(3,188)(3,727)(4,060)(4,102)(15,077)
Total People Inc.(23,501)(7,349)(6,680)(5,832)(5,964)(25,825)(5,493)(7,203)(7,722)(7,996)(28,414)
Search— — — — — — — — — — — 
Emerging & Other(1,600)(410)(253)(478)(485)(1,626)(345)(2,874)(743)(602)(4,564)
Corporate(43,961)(10,327)(12,202)(11,183)(11,996)(45,708)27,228 (8,233)(7,412)(6,509)5,074 
Total stock-based compensation expense$(69,062)$(18,086)$(19,135)$(17,493)$(18,445)$(73,159)$21,390 $(18,310)$(15,877)$(15,107)$(27,904)
1


202320242025
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3Q4FYE 12/31
(Unaudited; in thousands)
Depreciation
People Inc.
Digital$(24,797)$(4,864)$(3,688)$(3,637)$(3,754)$(15,943)$(3,074)$(3,167)$(4,428)$(3,933)$(14,602)
Print(13,277)(2,530)(1,861)(1,405)(1,462)(7,258)(1,393)(1,403)(1,237)(1,104)(5,137)
Other(c)(e)
(32,183)(1,161)(469)(672)(801)(3,103)(4,706)(651)(525)(1,274)(7,156)
Total People Inc.(70,257)(8,555)(6,018)(5,714)(6,017)(26,304)(9,173)(5,221)(6,190)(6,311)(26,895)
Search(85)(21)(21)(62)— (104)— — — — — 
Emerging & Other(203)(23)(13)(19)(10)(65)(23)(9)(8)(9)(49)
Corporate(7,154)(2,315)(2,027)(2,024)(2,042)(8,408)(2,045)(2,038)(2,037)(1,935)(8,055)
Total depreciation$(77,699)$(10,914)$(8,079)$(7,819)$(8,069)$(34,881)$(11,241)$(7,268)$(8,235)$(8,255)$(34,999)
Amortization of intangibles
People Inc.
Digital$(226,694)$(30,082)$(30,304)$(29,949)$(26,207)$(116,542)$(18,724)$(18,723)$(18,826)$(18,235)$(74,508)
Print(53,043)(5,085)(5,084)(5,085)(4,621)(19,875)(3,694)(3,695)(3,695)(3,617)(14,701)
Other(c)
— — — — — — — — — — — 
Total People Inc.(279,737)(35,167)(35,388)(35,034)(30,828)(136,417)(22,418)(22,418)(22,521)(21,852)(89,209)
Search— — — — — — — — — — — 
Emerging & Other(512)(9)— — — (9)— — — — — 
Corporate— — — — — — — — — — — 
Total amortization of intangibles$(280,249)$(35,176)$(35,388)$(35,034)$(30,828)$(136,426)$(22,418)$(22,418)$(22,521)$(21,852)$(89,209)
Goodwill impairment
People Inc.
Digital$— $— $— $— $— $— $— $— $— $— $— 
Print— — — — — — — — — — — 
Other(c)
— — — — — — — — — — — 
Total People Inc.— — — — — — — — — — — 
Search— — — — — — — — — — — 
Emerging & Other(9,000)— — — — — — — — — — 
Corporate— — — — — — — — — — — 
Total goodwill impairment$(9,000)$— $— $— $— $— $— $— $— $— $— 
2


202320242025
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3Q4FYE 12/31
(Unaudited; in thousands)
Adjusted EBITDA(g)
People Inc.
Digital(a)
$241,380 $35,880 $63,190 $68,796 $129,083 $296,949 $41,529 $63,295 $64,899 $138,937 $308,660 
Print(b)
65,815 4,026 13,466 12,219 16,526 46,237 14,281 16,445 6,399 11,920 49,045 
Other(c)(d)
(84,438)(9,664)(10,232)(12,374)(15,496)(47,766)24,481 (10,119)(6,332)(8,658)(628)
Total People Inc.(a)
222,757 30,242 66,424 68,641 130,113 295,420 80,291 69,621 64,966 142,199 357,077 
Search44,283 4,377 4,645 2,451 6,037 17,510 3,009 5,101 1,880 231 10,221 
Emerging & Other(f)
(11,469)(20,639)(6,507)(2,121)(6,728)(35,995)(4,518)(6,338)(20,046)3,163 (27,739)
Corporate(100,170)(24,824)(22,445)(15,452)(27,406)(90,127)(42,389)(22,770)(25,510)(22,618)(113,287)
Total Adjusted EBITDA$155,401 $(10,844)$42,117 $53,519 $102,016 $186,808 $36,393 $45,614 $21,290 $122,975 $226,272 
The following table reconciles net earnings (loss) attributable to IAC shareholders to operating (loss) income to Adjusted EBITDA:
202320242025
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1Q2Q3Q4FYE 12/31
(Unaudited; in thousands)
Net earnings (loss) attributable to IAC shareholders$265,942 $45,031 $(142,232)$(243,719)$(198,977)$(539,897)$(216,805)$211,452 $(21,879)$(76,794)$(104,026)
Add back:
Net (loss) earnings attributable to noncontrolling interest(7,625)(59)765 6,274 (413)6,567 2,237 (819)142 996 2,556 
Loss (earnings) from discontinued operations, net of tax(h)(i)
6,544 (3,470)(2,078)(52,148)(5,026)(62,722)(43,774)(22,660)(27,055)250,871 157,382 
Income tax provision (benefit)84,921 42,811 (40,691)(87,970)(62,424)(148,274)(62,481)82,708 (5,158)18,451 33,520 
Other (income) expense, net(46,218)(30,262)(50,007)(10,192)(7,768)(98,229)(7,632)(2,793)18,447 (24,146)(16,124)
Unrealized loss (gain) on investment in MGM Resorts International(721,668)(163,751)179,284 346,272 287,373 649,178 324,265 (307,437)(17,476)(118,527)(119,175)
Interest expense137,495 34,680 34,474 34,656 31,909 135,719 28,314 37,167 27,636 26,910 120,027 
Operating (loss) income(280,609)(75,020)(20,485)(6,827)44,674 (57,658)24,124 (2,382)(25,343)77,761 74,160 
Add back:
Stock-based compensation expense69,062 18,086 19,135 17,493 18,445 73,159 (21,390)18,310 15,877 15,107 27,904 
Depreciation77,699 10,914 8,079 7,819 8,069 34,881 11,241 7,268 8,235 8,255 34,999 
Amortization of intangibles280,249 35,176 35,388 35,034 30,828 136,426 22,418 22,418 22,521 21,852 89,209 
Goodwill impairment9,000 — — — — — — — — — — 
Adjusted EBITDA$155,401 $(10,844)$42,117 $53,519 $102,016 $186,808 $36,393 $45,614 $21,290 $122,975 $226,272 
(a)The third quarter of 2025 operating income of $38.4 million and Adjusted EBITDA of $64.9 million at People Inc. Digital include $8.3 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.

(b)The third quarter of 2025 operating income of $1.0 million and Adjusted EBITDA of $6.4 million at People Inc. Print include $5.8 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.

(c)Other comprises unallocated corporate costs.
3


(d)The 2023 operating loss of $130.6 million and Adjusted EBITDA loss of $84.4 million at People Inc. Other include $44.7 million of impairment charges of a right-of-use asset related to certain unoccupied leased office space. The first quarter of 2025 operating income of $16.6 million and Adjusted EBITDA of $24.5 million at People Inc. Other include a net gain of $36.2 million related to the aforementioned unoccupied office space. The third quarter of 2025 operating loss of $10.9 million and Adjusted EBITDA loss of $6.3 million at People Inc. Other include a net gain of $5.2 million related to an amendment of a lease, which provided for the surrender of certain office space early, partially offset by $1.0 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.
(e)The 2023 operating loss of $130.6 million and depreciation of $32.2 million at People Inc. Other include $25.3 million of impairment charges related to leasehold improvements and furniture and equipment related to certain unoccupied leased office space and a $4.2 million write-off of certain leasehold improvements and furniture and equipment.

(f)The third quarter of 2025 operating loss of $20.8 million and Adjusted EBITDA loss of $20.0 million at Emerging & Other include $21.4 million of legal fees and settlement expenses for litigation that concluded in Q3 2025 related to a legacy business.
(g)Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) 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.
(h)On March 31, 2025, IAC completed the spin-off of Angi, including Roofing, by means of a special dividend (the "Distribution") of all shares of Angi capital stock held by IAC to holders of its common stock and Class B common stock. As a result of the Distribution, IAC no longer owns any shares of Angi's capital stock and Angi became an independent public company. The operations of Angi, including Roofing, which Angi sold on November 1, 2023 and IAC included in Emerging & Other following its sale, are presented as discontinued operations within IAC's consolidated financial statements for all periods prior to March 31, 2025.
(i)On March 16, 2026, IAC completed the previously announced sale of Care.com. As a result of the sale, the operations of Care.com are presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to its sale.
4