People Inc
For the period ended Mar 31, 2025. Filed May 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
PPLI$42.08+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001800227-24-000046
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPrinciples of Financial ReportingCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001800227-25-000028
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsPrinciples of Financial ReportingThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 209 previous paragraphs and 153 current paragraphs.
41 unchanged; 64 reworded; 47 added; 102 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
Angi Inc. Spin-Off
Current report
On March 31, 2025, IAC completed the spin-off of Angi Inc. (“Angi”) 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. On November 1, 2023, Angi completed the sale of Total Home Roofing, LLC (“Roofing”) and reflected it as a discontinued operation in its standalone financial statements. At the time of its sale, Roofing did not meet the threshold to be reflected as a discontinued operation at the IAC level, therefore, IAC moved Roofing to Emerging & Other. As a result of the Distribution, the operations of Angi, which include Roofing, are presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to March 31, 2025.
Current report
•Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities;
Current report
•The Daily Beast and IAC Films; and
Current report
DDM
Current report
◦Advertising revenue - primarily includes revenue generated from digital advertisements and intent-based advertising targeting capabilities sold directly to advertisers or through advertising agencies and programmatic advertising networks.
Current report
Care.com
Current report
•Consumer Revenue - consists of revenue primarily generated through subscription fees from families and caregivers, both domestically and internationally, for its 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 its platform.
Current report
•Enterprise Revenue - consists of revenue primarily generated through annual contracts with businesses (employers or re-sellers) who provide access to Care.com’s suite of products and services as an employee benefit.
Current report
Services Agreement with Google
Current report
On January 20, 2025, the Company entered into a further amendment to its Services Agreement (the “Amendment”), with the amended terms 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 notice of non-renewal from either party on or before December 31, 2025.
Current report
•DDM revenue increased 1% to $393.1 million due to an increase of $14.9 million, or 7%, from Digital, partially offset by a decrease of $12.1 million, or 7%, from Print.
Current report
•Care.com revenue decreased 4% to $88.9 million due primarily to a decrease of $4.8 million, or 9%, in Consumer Revenue, partially offset by an increase of $1.1 million, or 3%, in Enterprise Revenue. The decrease in Consumer Revenue was driven by a lower number of subscriptions on the Care.com platform. The increase in Enterprise Revenue was primarily due to an increase in backup care usage.
Current report
Selling and marketing expense in 2025 decreased from 2024 due to decreasesof$9.4 million from Emerging & Other, $2.6 million from Care.com and $1.0 million from DDM, partially offset by an increase of $5.6 million from Search.
Current report
•The Emerging & Other decrease was due primarily to the inclusion in the prior year of$7.9 million of expense from Mosaic Group, the assets of which were sold on February 15, 2024.
Current report
•The Care.com decrease was due primarily to a decrease of $2.0 million in online marketing spend.
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•The DDM decrease was due primarily to a decrease of$5.1 million from Print, partially offset by an increase of$4.1 million from Digital.
Current report
◦The Print decrease was due primarily to decreases of $2.7 million in compensation expense and $1.7 million in offline marketing spend. The decrease in compensation expense was primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives. The decrease in offline marketing spend was due primarily to the promotion of branded events in the prior year period.
Current report
◦The Digital increase was due primarily to increases in compensation expense and online marketing spend of $2.3 million and $1.8 million, respectively. The increase in compensation expense was primarily related to higher headcount and commissions. The increase in online marketing spend was due primarily to an increase in paid affiliate commerce.
Current report
•The Search increase was due primarily to an increase of $6.5 million in online marketing spend due to higher traffic volume.
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General and administrative expense in 2025 decreased from 2024 due primarily to decreases of$39.3 million from DDM,$19.1 million from Corporateand$5.1 million from Emerging & Other.
Current report
•The DDM decrease was due primarily to the inclusion in 2025 of a gain of $36.2 million from the termination of a lease for certain unoccupied office space at Other (unallocated corporate costs).
Current report
•The Corporate decrease was due primarily to a decrease in compensation expense of $21.6 million, partially offset by $4.8 million intransaction-related costs related to the Distribution. The decrease in compensation expense was due primarily to a decrease of $37.9 million in stock-based compensation expense due primarily to the reversal of $49.8 million of previously recognized expense related to the forfeiture of our former Chief Executive Officer’s (“CEO”), Joseph Levin, restricted stock award pursuant to an employment transition agreement (the “Employment Transition Agreement”) entered into on January 13, 2025, partially offset by $14.9 million of stock-based compensation expense related to the transfer of 5.0 million Class B shares of Angi held by the Company, prior to the Distribution, to Mr. Levin, pursuant to the Employment Transition Agreement. Partially offsetting this decrease in stock-based compensation is $14.5 million in separation benefits to our former CEO under the Employment Transition Agreement and $1.8 million in severance and related expenses driven by other headcount reductions.
Current report
•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $7.9 million of expense from Mosaic Group, the assets of which were sold on February 15, 2024, partially offset by an increase of $3.3 million in legal fees.
Current report
Product development expense in 2025 decreased from 2024 due primarily to decreases of $9.0 million from Emerging & Other and $4.8 million from DDM.
Current report
•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of$8.0 million of expense from Mosaic Group, the assets of which were sold on February 15, 2024.
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•The DDM decrease was due primarily to a decrease of $3.7 million from Digital resulting from decreases in compensation expense related to headcount reductions and outsourced personnel costs.
Current report
Depreciation in 2025 decreased from 2024 due primarily to a decrease of $1.1 million at Care.com, partially offset by an increase of $0.6 million at DDM. The decrease at Care.com was due primarily to certain capitalized software being fully depreciated. The increase at DDM was due primarily to accelerated depreciation expense recognized in 2025 on certain leasehold improvements in connection with the termination of a lease for certain unoccupied office space, partially offset by certain assets being fully depreciated in the fourth quarter of 2024 and accelerated depreciation expense recognized in 2024 on certain leasehold improvements in connection with the termination of a lease.
Current report
Amortization of Intangibles
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Amortization of intangibles in 2025 decreased from 2024 due primarily to lower expense at DDM due to certain intangible assets that became fully amortized in the prior year.
Current report
Operating income in 2025 increased $99.2 million to $35.8 million from a loss of $63.4 million in 2024 due primarily to an increase of $45.3 million in Adjusted EBITDA, described below, a decrease of $39.9 million in stock-based compensation expense and decreases of $13.2 million in amortization of intangibles and $0.8 million in depreciation, both described above. The decrease in stock-based compensation expense was due primarily to a reversal of expense resulting from an increase in awards being forfeited in the current year, as described above in the general and administrative expense discussion, partially offset by new awards granted in 2024.
Current report
•DDM Adjusted EBITDA increased 166% to $80.3 million due to increases in Adjusted EBITDA of $34.1 million from Other (unallocated corporate costs), $10.5 million from Print and $5.4 million from Digital.
Current report
◦The Other (unallocated corporate costs) Adjusted EBITDA increase was due primarily to the inclusion in 2025 of a gain of $36.2 million from the termination of a lease for certain unoccupied office space.
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•Care.com Adjusted EBITDA decreased 12% to $14.5 million due primarily to lower revenue and higher compensation costs, partially offset by lower selling and marketing expense.
Current report
•Corporate Adjusted EBITDA loss increased 71% to $42.4 milliondue primarily to$14.5 million in separation benefits to our former CEO under the Employment Transition Agreement, $4.8 million intransaction-related costs related to the Distribution and$1.8 million in severance and related expenses driven by other headcount reductions.
Current report
Interest expense in 2025 decreased from 2024 due primarily to decreases in interest rates and the amount of debt outstanding under the DDM Term Loans. For further details, see “Note 3—Long-term debt” in the accompanying notes to the financial statements included in “Item 1. Consolidated Financial Statements.”
Current report
The Company accounts for its investment in MGM under the equity method of accounting and has elected to account for this investment pursuant to the fair value option. 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.
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Income tax benefit (provision)
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The following tables reconcile operating income (loss) to Adjusted EBITDA for the Company’s reportable segments and net (loss) earnings attributable to IAC shareholders:
Current report
(a) Corporate reflects the reversal of $49.8 million of previously recognized stock-based compensation expense related to the forfeiture of our former CEO’s restricted stock award pursuant to the Employment Transition Agreement, partially offset by $14.9 million of stock-based compensation expense related to the transfer of 5.0 million Class B shares of Angi held by the Company, prior to the Distribution, to Mr. Levin, pursuant to the Employment Transition Agreement.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (102)
Previous report
•Angi Inc. ("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 does 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 and prior period financial information has been recast to conform to this presentation. Following IAC's move of Roofing to Emerging & Other, Angi has three operating segments: (i) Ads and Leads, (ii) Services and (iii) International (includes Europe and Canada). At September 30, 2024, the Company’s economic interest and voting interest in Angi were 85.3% and 98.3%, respect ively;
Previous report
•Roofing (previously included within the Angi segment), a provider of roof replacement and repair services, for periods prior to its sale on November 1, 2023; and
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•Vivian Health, IAC Films and The Daily Beast.
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Dotdash Meredith
Previous report
◦Advertising revenue - primarily includes revenue generated from display advertisements sold both directly through our sales team and via programmatic exchanges.
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Angi
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•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.
Previous report
•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.
Previous report
•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 and consumers.
Previous report
•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.
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•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.
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•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.
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•ANGI Group Senior Notes - on August 20, 2020, ANGI Group, LLC ("ANGI Group"), a direct wholly-owned subsidiary of Angi, issued $500 million of its 3.875% Senior Notes due August 15, 2028, with interest payable February 15 and August 15 of each year.
Previous report
Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")
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•Dotdash Meredith revenue increased 5% to $439.5 million due to an increase of $34.4 million, or 16%, from Digital, partially offset by a decrease of $12.7 million, or 6%, from Print.
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•Angi revenue decreased 16% to $296.7 million driven by decreases of $50.8 million, or 17%, from Ads and Leads and $6.3 million, or 21%, from Services, partially offset by an increase of $2.5 million, or 9% from International.
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◦The Ads and Leads decrease was due primarily to decreases of $51.7 million, or 25%, in consumer connection revenue and $2.7 million, or 21%, in membership subscription revenue, partially offset by an increase of $3.7 million, or 5%, 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.
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◦The Services decrease was due primarily to a lower amount of Service Requests as a result of certain efforts described in Ads and Leads above.
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◦The International increase was driven by a larger professional network and higher revenue per professional.
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•Dotdash Meredith revenue increased 3% to $1.3 billion due to an increase of $85.0 million, or 14%, from Digital, partially offset by a decrease of $49.0 million, or 8%, from Print.
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◦The Digital increase was due primarily to increases of $76.6 million, or 20%, in Advertising Revenue and $11.0 million, or 15%, in Licensing and Other Revenue, partially offset by a decrease of $2.6 million, or 2%, 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 Home/Consumer Packaged Goods, Retail and Technology categories, as well as higher programmatic revenue as a result of an increase in programmatic rates and an 10% increase in Core Sessions. The increase in Licensing and Other Revenue was due primarily to factors described above in the three-month discussion. The decrease in Performance Marketing Revenue was due primarily to a decrease in Performance Marketing revenue in the Finance and Food and Beverage categories, partially offset by affiliate commerce commission revenue growth.
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◦The Print decrease was due primarily to decreases of $23.7 million, or 15%, in advertising revenue, $13.0 million, or 15%, in newsstand revenue and $12.6 million, or 5%, in subscription revenue. The decreases in advertising revenue, newsstand revenue and subscription revenue are all due to the factors described above in the three-month discussion.
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•Angi revenue decreased 13% to $917.2 million driven by decreases of $129.9 million, or 15%, from Ads and Leads and $23.1 million, or 25%, from Services, partially offset by an increase of $11.9 million, or 13% from International.
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◦The Ads and Leads decrease was due primarily to decreases of $145.5 million, or 23%, in consumer connection revenue and $6.1 million, or 15%, in membership subscription revenue, partially offset by an increase of $21.9 million, or 10%, in advertising revenue. The decreases in consumer connection revenue and membership subscription revenue and the increase in advertising revenue were due primarily to thefactors described above in the three-month discussion.
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◦The Services decrease was due primarily to lower Service Requests resulting from the factors described above in the three-month discussion. 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.
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◦The International increase was due primarily to thefactors described above in the three-month discussion.
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•Search revenue decreased 40% to $298.5 million due to a decrease of $190.3 million, or 44%, from Ask Media Group due primarily to thefactor described above in the three-month discussion.
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•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $15.1 million in expense from Roofing, which was sold on November 1, 2023, a decrease in expense of $10.7 million from Mosaic Group, the assets of which were sold on February 15, 2024, and a decrease in compensation expense of $2.7 million at Care.com due to a reduction in headcount.
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Cost of revenue in 2024 decreased from 2023 due primarily to decreases of $127.6 million from Search, $96.7 million from Emerging & Other and $12.8 million from Dotdash Meredith.
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•The Search decrease was due primarily to a decrease in traffic acquisition costs of $125.4 million at Ask Media Group due primarily to thefactor described above in the three-month discussion.
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•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $57.1 million in expense from Roofing, which was sold on November 1, 2023, a decrease in expense of $24.5 million from Mosaic Group, the assets of which were sold on February 15, 2024, and decreases in compensation expense of $8.3 million at Care.com due to a reduction in headcount and production costs of $1.7 million at IAC Films.
Previous report
Selling and marketing expense in 2024 decreased from 2023 due to decreasesof$44.7 million from Angi,$25.3 million from Emerging & Other and $12.6 million from Search, partially offset by an increase of $10.9 million from Dotdash Meredith.
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•The Angi decrease was due primarily to a decrease of $46.4 million from Ads and Leads which was primarily the result of decreases of $40.1 million and $6.9 million in advertising expense and compensation expense, respectively. The decrease in advertising expense was due primarily to improved marketing efficiencies including optimizations to matching and online bidding that resulted in increased Monetized Transactions per Service Request as well as a decrease in offline media spend. The decrease in compensation expense was due primarily to a reduction in headcount.
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•The Emerging & Other decrease was due primarily to a decrease in expense of$16.7 million from Mosaic Group, assets of which were sold on February 15, 2024, the inclusion in the prior year period of$4.7 million in expense from Roofing, which was sold on November 1, 2023, and a decrease of $1.7 million in advertising expense at Care.com due primarily to lower television advertising spend.
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•The Search decrease was due primarily to a decrease of $11.2 million in online marketing spend at Ask Media Group.
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•The Dotdash Meredith increase was due primarily to increases of$6.8 million from Digital and$3.7 million from Print.
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◦The Digital increase was due primarily to increases of $2.1 million in compensation expense and $2.0 in online marketing spend. The increase in compensation expense was due primarily to increases in salary, commissions and employee benefits.
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◦The Print increase was due primarily to an increase of $3.3 million in offline marketing spend primarily as a result of expense related to the promotion of Dotdash Meredith's inaugural Food & Wine Charleston event in September 2024.
Previous report
Selling and marketing expense in 2024 decreased from 2023 due to decreasesof $137.8 million from Angi, $59.5 million from Emerging & Other and$44.9 million from Search, partially offset by an increase of$27.3 million from Dotdash Meredith.
Previous report
•The Angi decrease was due primarily to decreases of$135.2 million from Ads and Leads and$5.0 million from Services, partially offset by an increase of$3.7 million from International.
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Reworded paragraphs (64)
Previous wording
IAC today is comprised of category leading businesses, including Dotdash Meredith, Angi Inc. and Care.com, as well as others ranging from early stage to established businesses.
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IAC today is comprised of category leading businesses, including Dotdash Meredith (“DDM”) and Care.com among others and holds strategic equity positions in MGM Resorts International (“MGM”) and Turo Inc. (“Turo”).
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IAC Businesses(for additional information see "Note 5—Segment Information" to the financial statements included in "Item 1—Consolidated Financial Statements"):
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IAC Businesses(for additional information see “Note 5—Segment Information” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements”):
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•Dotdash Meredith - one of the largest digital and print publishers in America. Nearly 200 million people trust Dotdash Meredith 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;
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•DDM - one of the largest digital and print publishers in America. More than 150 million people trust DDM each month to help them make decisions, take action, and find inspiration. DDM’s over 40 iconic brands include People, Better Homes & Gardens, Verywell, FOOD & WINE, The Spruce, allrecipes, BYRDIE, REAL SIMPLE, Investopedia, and Southern Living. DDM 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;
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•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;
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•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;
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•Search - consists of Ask Media Group, a collection of websites providing general search services and information, and Desktop, which includes our direct-to-consumer downloadable desktop applications and our business-to-business partnership operations; and
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•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
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•Mosaic Group, a leading 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;
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•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.
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◦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.
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◦Performance marketing revenue - primarily includes commissions generated through affiliate commerce, performance marketing services and affinity marketing channels. Affiliate commerce commission revenue is generated when DDM’s branded content refers consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing services commission revenue is generated on a cost-per-click or cost-per-action basis. Affinity marketing programs are arrangements where DDM acts as an agent for both DDM and third-party publishers to market and place magazine subscriptions online for which commission revenue is earned when a subscriber name has been provided to the publisher.
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◦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.
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◦Licensing and Other revenue - primarily includes revenue generated through brand and content licensing and similar agreements. Brand licensing generates royalties from 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.
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•Print Revenue - primarily includes subscription, advertising, newsstand and performance marketing revenue.
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•Print Revenue - primarily includes subscription, advertising, newsstand, project and other, and performance marketing revenue.
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•Total Sessions - represents unique visits to all sites that are part of Dotdash Meredith's network and sourced from Google Analytics.
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•Total Sessions - represents unique visits to all sites that are part of DDM’s network.
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•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:
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•Core Sessions - represents a subset of Total Sessions that comprises unique visits to DDM’s most significant (in terms of investment) owned and operated sites as follows:
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•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 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, and payments made to care providers for Care For Business.
Current wording
•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 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 DDM, compensation expense (including stock-based compensation expense) and other employee-related costs, content costs, hosting fees, credit card processing fees and payments made to care providers for Care For Business.
Previous wording
•Selling and marketing expense -consists primarily of advertising expenditures, which include online marketing expenditures, including fees paid to search engines, social media sites, 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 advertising, 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.
Current wording
•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, offline marketing expenditures, which primarily consists of costs related to television, streaming and radio advertising within our Care.com segment, compensation expense (including stock-based compensation expense) and other employee-related costs for sales force and marketing personnel and subscription acquisition costs related to DDM.
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•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, provision for credit losses and software license and maintenance costs. The customer service function at Angi and Care.com includes personnel who provide support to its professionals and caregivers, respectively, and consumers.
Current wording
•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 and software license and maintenance costs. The customer service function at Care.com includes personnel who support its caregivers and consumers.
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Long-term debt(for additional information see "Note 3—Long-term Debt" to the financial statements included in "Item 1—Consolidated Financial Statements"):
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Long-term debt(for additional information see “Note 3—Long-term Debt” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements”):
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•Dotdash Meredith Term Loan A - due December 1, 2026. At September 30, 2024 and December 31, 2023, the outstanding balance of the Dotdash Meredith Term Loan A was $301.9 million and $315.0 million, respectively, and bore interest at an adjusted term secured overnight financing rate ("Adjusted Term SOFR") plus 2.25%, or 7.68% and 7.69%, respectively. The Dotdash Meredith Term Loan A has quarterly principal payments.
Current wording
•DDM Term Loan A - due December 1, 2026. At March 31, 2025 and December 31, 2024, the outstanding balance of DDM Term Loan A was $288.8 million and $297.5 million, respectively, and bore interest at an adjusted term secured overnight financing rate (“Adjusted Term SOFR”) plus 2.25%, or 6.66% and 6.94%, respectively. DDM Term Loan A has quarterly principal payments.
Previous wording
•Dotdash Meredith Term Loan B - due December 1, 2028. At September 30, 2024 and December 31, 2023, the outstanding balance of the Dotdash Meredith Term Loan B was $1.22 billion and $1.23 billion, respectively, and bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or 9.30% and 9.44%, respectively. The Dotdash Meredith Term Loan B has quarterly principal payments.
Current wording
•DDM Term Loan B-1 (replaced DDM Term Loan B) - due December 1, 2028. On November 26, 2024, DDM entered into Amendment No. 1 to the DDM Credit Agreement (the “Amended DDM Credit Agreement”), which governs both the existing DDM Term Loan A and the DDM Revolving Facility, and replaced $1.18 billion of then outstanding DDM Term Loan B principal with an equal amount of DDM Term Loan B-1 (together with DDM Term Loan A, these loans are collectively referred to as “DDM Term Loans”). At both March 31, 2025 and December 31, 2024, the outstanding balance of DDM Term Loan B-1 was $1.18 billion, respectively, and bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 3.50%, or 7.82% and 8.05%, respectively. DDM Term Loan B-1 has quarterly principal payments.
Previous wording
•Dotdash Meredith Revolving Facility - Dotdash Meredith's $150 million revolving credit facility expires on December 1, 2026. At September 30, 2024 and December 31, 2023, there were no outstanding borrowings under the Dotdash Meredith Revolving Facility.
Current wording
•DDM Revolving Facility - DDM’s $150 million revolving credit facility expires on December 1, 2026. At March 31, 2025 and December 31, 2024, there were no outstanding borrowings under the DDM Revolving Facility.
Previous wording
•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 a reconciliation of net loss attributable to IAC shareholders to operating income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023.
Current wording
•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.
Previous wording
The Company and Google are parties to an amended Services Agreement, which automatically renewed effective March 31, 2023 and expires on March 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.
Current wording
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 became effective April 1, 2025 and could impact Search revenue. See “Note 1—The Company and Summary of Significant Accounting Policies” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements” for additional information on the Services Agreement with Google.
Previous wording
Results of Operations for the Three and Nine Months Ended September 30, 2024 Compared to the Three and Nine Months Ended September 30, 2023
Current wording
Results of Operations for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
Previous wording
◦The Digital increase was due primarily to increases of $34.4 million, or 26%, in Advertising Revenue and $4.1 million, or 17%, in Licensing and Other Revenue, partially offset by a decrease of $4.1 million, or 7%, 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 Beauty, Technology, Pharmaceuticals and Retail categories, as well as higher programmatic revenue as a result of an increase in programmatic rates and a 14% 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 in the case of content syndication partners including Apple News+. The decrease in Performance Marketing Revenue was due primarily to declines primarily in the Finance category, partially offset by affiliate commerce commission revenue growth.
Current wording
◦The Digital increase was due primarily to increases of $7.5 million, or 30%, in Licensing and Other revenue, $5.7 million, or 11%, in Performance marketing revenue and $1.7 million, or 1%, in Advertising revenue. 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+. 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 service revenue in the Finance category. The increase in Advertising revenue was driven primarily by an increase in premium advertising sold through the DDM sales team in the Technology, Retail and Beauty & Style categories, partially offset by lower programmatic revenue as a result of lower impression volumes driven by a 3% decrease in Core Sessions, partially offset by higher programmatic rates.
Previous wording
◦The Print decrease was due primarily to decreases of $6.0 million, or 11%, in advertising revenue, $5.0 million, or 6%, in subscription revenue and $4.0 million, or 13%, in newsstand revenue. The decreases in advertising revenue, subscription revenue and newsstand 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 format and platforms.
Current wording
◦The Print decrease was due primarily to decreases of $5.2 million, or 12%, in advertising revenue, $3.6 million, or 5% in subscription revenue, $2.6 million, or 9%, in project and other revenue and $2.4 million, or 23%, in performance marketing revenue. The decreases in advertising revenue, subscription revenue and performance marketing revenue are all due, in part, to ongoing portfolio optimization changes that resulted in a reduction in the number of issues sold in the current quarter compared to the prior year quarter and the ongoing migration of audience from print to digital platforms. The decrease in project and other revenue was due primarily to political advertising spend from a legacy agency business in 2024 on third-party publisher platforms.
Previous wording
•Search revenue decreased 47% to $88.3 million due to a decrease of $74.8 million, or 51%, 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.
Current wording
•Search revenue decreased 35% to $70.3 million due to decreases of $32.3 million, or 36%, 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 and $5.9 million, or 32%, from Desktop due primarily to a decline in search queries from our legacy business-to-business partnership operations.
Previous wording
•Emerging & Other revenue decreased 36% to $114.3 million due primarily to the inclusion in the prior year period of $38.7 million in revenue from Mosaic Group, the assets of which were sold on February 15, 2024, and $21.4 million in revenue from Roofing, which was sold on November 1, 2023, and a decrease in revenue of $5.8 million from Care.com.
Current wording
•Emerging & Other revenue decreased 46% to $18.3 million due primarily to the inclusion in the prior year period of $17.9 million in revenue from Mosaic Group, the assets of which were sold on February 15, 2024, partially offset by an increase in revenue of $2.6 million, or 72%, from The Daily Beast.
Previous wording
Cost of revenue in 2024 decreased from 2023 due primarily to decreases of $56.0 million from Search and $32.3 million from Emerging & Other.
Current wording
Cost of revenue in 2025 decreased from 2024 due primarily to decreases of $40.2 million from Search, $8.4 million from Emerging & Other and $4.2 million from DDM.
Previous wording
•The Search decrease was due primarily to a decrease in traffic acquisition costs of $54.0 million at Ask Media Group due primarily to a decrease in the proportion of revenue earned from affiliate partners who direct traffic to our websites.
Current wording
•The Search decrease was due primarily to a decrease in traffic acquisition costs of $39.3 million following a decrease in revenue and the proportion of revenue earned from affiliate partners who direct traffic to our websites.
Previous wording
•Emerging & Other revenue decreased 36% to $348.4 million due primarily to a decrease of $100.3 million in revenue ($17.8 million in 2024 compared to$118.2 million in 2023) from Mosaic Group, the assets of which were sold on February 15, 2024, the inclusion of $84.3 million in revenue from Roofing in the prior year period, which was sold on November 1, 2023, and a decrease of $7.8 million in revenue from Care.com.
Current wording
•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $7.8 million in expense from Mosaic Group, the assets of which were sold on February 15, 2024.
Previous wording
•The Dotdash Meredith decrease was due primarily to a decrease of $30.5 million from Print, partially offset by an increase of $17.7 million from Digital.
Current wording
•The DDM decrease was due primarily to a decrease of $13.5 million from Print, partially offset by an increase of $9.4 million from Digital.
Previous wording
◦The Print decrease was due primarily to a decrease of $38.5 million in production and distribution costs (postage, printing, paper and content) resulting from a planned reduction in printed copies of certain publications and decreases in paper costs and freight surcharges, partially offset by an increase of $6.4 million in third-party costs in connection with certain project-related revenue, including audience targeted advertising.
Current wording
◦The Print decrease was due primarily to a decrease of $10.9 million in production and distribution costs (postage, printing, paper and content) resulting from the planned reduction in the number of printed copies of certain publications and a decrease in paper costs and a decrease of $2.1 million in compensation expense primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives.
Previous wording
◦The Digital increase was due primarily to increases of $11.6 million in compensation expense, $2.7 million in traffic acquisition costs and $1.7 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.
Current wording
◦The Digital increase was due primarily to increases of $5.6 million in compensation expense and $2.0 million in both traffic acquisition costs and content costs. The increase in compensation expense was due primarily to an increase in headcount to better align resources with strategic initiatives. The increase in traffic acquisition costs was due primarily to a new contractual relationship entered into in the prior year to increase programmatic revenue rates. The increase in content costs was due primarily to increased demand for custom content campaigns within premium advertising revenue.
Previous wording
At September 30, 2024, there was $227.1 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 3.7 years.
Current wording
At March 31, 2025, there was $96.6 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 2.2 years.
Previous wording
◦The Print Adjusted EBITDA decrease was due primarily to revenue declines, partially offset by lower operating expenses.
Current wording
◦The Print Adjusted EBITDA increase was due primarily to lower operating expenses from continued cost rationalization efforts, including lower cost of revenue, partially offset by lower revenue.
Previous wording
◦The Digital Adjusted EBITDA increase was due primarily to higher revenue and continued operating expense leverage.
Current wording
◦The Digital Adjusted EBITDA increase was due primarily to higher revenue, partially offset by higher cost of revenue and an increase in online marketing.
Previous wording
•Search Adjusted EBITDA decreased 80% to $2.5 million due primarily to lower revenue, partially offset by lower traffic acquisition costs and selling and marketing expense.
Current wording
•Search Adjusted EBITDA decreased 31% to $3.0 million due primarily to lower revenue and higher selling and marketing expense, partially offset by lower traffic acquisition costs.
Previous wording
•Emerging & Other Adjusted EBITDA decreased 76% to $8.0 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 lower profits at Care.com due to an increase in expense of $11.1 million in legal expense primarily related to the resolution of certain legal matters.
Current wording
•Emerging & Other Adjusted EBITDA loss decreased 78% to $4.5 million due primarily to the inclusion in the prior year period of $16.5 million in severance expense and transaction-related costs related to the sale of assets of Mosaic Group on February 15, 2024, and profits at The Daily Beast and Vivian Health compared to losses in the prior year period, partially offset by an increase of $3.3 million in legal fees.
Previous wording
Unrealized (loss) gain on investment in MGM Resorts International ("MGM")
Current wording
Unrealized (loss) gain on investment in MGM
Previous wording
The unrealized pre-tax (losses) and gains on 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 September 30, 2024, the Company owns approximately 21.8% of MGM.
Current wording
Based on the number of MGM common shares outstanding at March 31, 2025, the Company owns approximately 23.1% of MGM.
Previous wording
(a) Includes a pre-tax gain of $29.2 million on the sale of assets of Mosaic Group (within Emerging & Other), which was accounted for as a sale of a business, in the nine months ended September 30, 2024.
Current wording
(a) 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 three months ended March 31, 2024.
Previous wording
For further details of income tax matters, see "Note 7—Income Taxes" to the financial statements included in "Item 1. Consolidated Financial Statements."
Current wording
For further details of income tax matters, see “Note 7—Income Taxes” in the accompanying notes to the financial statements included in “Item 1. Consolidated Financial Statements.”
Showing the first 40 of 64 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and required non-GAAP reconciliations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
See "Note 1—The Company and Summary of Significant Accounting Policies" to the financial statements included in "Item 1—Consolidated Financial Statements" for additional information on the Services Agreement with Google.
Previous report — wording carried elsewhere
At November 8, 2024, IAC has 3.7 million shares remaining in its share repurchase authorization.