IAC beat analysts' estimate for fourth-quarter revenue on Tuesday, thanks to continued growth at its biggest business, sending the internet holding company's shares up more than 3% in extended trading.
IAC is looking to invest more in Dotdash Meredith, and is bullish on its big stake in casino company MGM Resorts.
STOCKHOLM , Feb. 6, 2025 /PRNewswire/ -- October–December 2024 Total sales MSEK 41 794 (39 542) Organic sales growth 4 percent (6) Real sales growth within technology and solutions 6 percent (6) Operating income before amortization MSEK 3 036 (2 683) Operating margin 7.3 percent (6.8) Earnings per share, SEK 2.86 (2.11) Earnings per share before IAC, SEK 3.05 (2.44) Cash flow from operating activities 153 percent (166) January–December 2024 Total sales MSEK 161 921 (157 249) Organic sales growth 5 percent (9) Real sales growth within technology and solutions 6 percent (34) Operating income before amortization MSEK 11 200 (10 247) Operating margin 6.9 percent (6.5) Earnings per share, SEK 9.01 (2.24) Earnings per share before IAC, SEK 10.81 (9.59) Net debt/EBITDA ratio 2.5 (2.7) Cash flow from operating activities 84 percent (80) Proposed dividend for 2024 of SEK 4.50 (3.80) per share, distributed in two equal installments Comments from the President and CEO "Strong strategic execution and performance in 2024" "We concluded 2024 with an operating margin of 7.3 percent (6.8) in the fourth quarter. The improvement was mainly driven by the security services business in Europe.
IAC confirms the spin-off of Angi, despite mixed feelings from the equity research community, though appeal to the minority Angi float. Angi's shift to a consumer-stated choice model should improve US margins and mitigate FCC consent rule impacts, but parity with international margins may be optimistic. Turo's profitability and Vivian Health's valuations can be confirmed by more recent precedents for the SotP.
Warner Bros. Discovery has named Twitter's former chief operating officer and Wall Street banker Anthony Noto to its board of directors, along with Joey Levin, the CEO of Barry Diller's IAC. The appointments come as WBD increases the size of its board to 13 directors.
Angi CEO Jeff Kip will continue to head the company as IAC's 10th fully independent company, IAC said.
IAC said on Monday longtime boss Joey Levin will step down as CEO after the spinoff of its majority stake in home services marketplace Angi as the media and internet company looks to focus on Dotdash Meredith, its largest business.
Current CEO Joey Levin will step down to become executive chairman at IAC spinoff Angi.
IAC on Monday announced that its board approved the spinoff of Angi, the home improvement marketplace it acquired in 2017. The holding company said it expects the spinoff to close in the second quarter of the year.
IAC saw an improving ad market despite the issues of being an advertiser in a distracting election cycle. The sum of the parts analysis could be more emphasized by a lower tax burden, depending on election outcomes in other branches, and also by the Angi spin-off. Angi restructuring seems to be working, although markets did not appreciate the spin-off announcement, which might have been interpreted as a lack of confidence.