IAC Reports Q1 2022 Results

Q1 2022 HIGHLIGHTS

  • Dotdash Meredith revenue increased 665% year-over-year to $500 million, benefitting from the Meredith acquisition.
    o Digital revenue was $216 million and Print revenue was $290 million.
    o Operating loss of $56 million and Adjusted EBITDA of $9 million reflect $26.5 million of restructuring charges incurred and transaction-related items associated with the acquisition of Meredith incurred in Q1 2022.
  • Angi Inc. revenue increased 13% year-over-year to $436 million, the 6th consecutive quarter of double-digit growth.
    o Angi Services revenue was $113 million, increasing 107% year-over-year and up over 100% for the 4th straight quarter. Trailing twelve months Angi Services revenue was $416 million, up 126% period-over-period.
    o Monetized Transactions were nearly 4 million and Transacting Service Professionals were 204,000.
  • Emerging & Other revenue increased 9% to $167 million reflecting:
    o $90 million from Care.com, up 17% year-over-year.
    o 84% year-over-year growth from Bluecrew and Vivian Health on a combined basis.
    o On April 26, 2022, Vivian Health completed a $60 million primary and secondary equity raise led by Thoma Bravo with participation from IAC and Collaborative Fund.
  • IAC holds 63.5 million shares of MGM Resorts International (“MGM”). IAC’s Net (loss) earnings and Diluted (loss) earnings per share reflect decreases or increases in MGM’s share price in the quarter as unrealized losses and gains. As a result, Net (loss) earnings and Diluted (loss) earnings per share can be very volatile, which reduces their ability to be effective measures to assess operating performance. IAC’s stake in MGM was purchased for $1.2 billion in 2020 and Q1 2022 and is worth $2.4 billion as of May 6, 2022.
    details at: https://ir.iac.com/static-files/6fd52f81-cb1c-47d9-be34-158cfade41e1
Related Posts

Authors Spearhead Hurricane Relief

In the aftermath of Hurricane Harvey, members of the children’s book community—including teachers and literacy activists—have rallied in support of students and educators. A number of authors have also organized efforts to provide books, clothes, and other basic-needs items to children and families affected by the storm. Back in 2012, author Kate Messner launched KidLit Cares, an online talent auction of children’s book art and other items, in response to Hurricane Sandy. The first auction brought in more than $35,000. Messner recently reprised the initiative when she learned of the devastation caused by Harvey. “Like so many people, I watched the news about Hurricane Harvey and its aftermath and was absolutely heartbroken to see so many families in crisis. The scope of that storm was devastating, and it hit vulnerable populations the hardest. I wanted to do something and knew that I wasn’t alone,” she said. Click Read More below for more of the story.

Patagonia reinvents itself again: ‘We’re making Earth our only shareholder’ (fastcompany.com)

Since Patagonia’s founding in 1973, Yvon Chouinard and his family have been its owners. Now, almost 50 years later, the company is announcing that the Chouinards are transferring all ownership to two newly created entities in an effort both to cement the company’s values in its operating structure and step up its fight against the climate crisis. All voting stock (about 2% of the total) is now controlled by the Patagonia Purpose Trust, while the other 98% is under what’s called the Holdfast Collective. The goal behind the Patagonia Purpose Trust is to create a permanent legal structure to enshrine the company’s purpose and values, so that there is never deviation from Chouinard’s intent—and to make sure the company continues to demonstrate that capitalism can work for the planet. Meanwhile, the company says that all annual profits that are not reinvested back into the business—which they estimate to be about $100 million per year—will be distributed by Patagonia as a dividend to the Holdfast Collective (which is designated as a 501(c)(4) organization) to fund grassroots environmental organizations, invest in businesses, and support political candidates that all work to protect nature and biodiversity, support thriving communities, and fight the climate crisis.

Canadian Book Sales Down in 2017

Unit sales of print books fell 4% in 2017 compared to 2016 in Canada, while dollar sales dropped 3%, according to figures compiled by BookNet Canada’s sales tracking service. BookNet reported that the Canadian book industry sold approximately 51.5 million copies in 2017, for just over C$1 billion. Figures are based on a group of retailers that provide sales data to BookNet annually and account for about 85% of print sales. Click Read More below for additional information.
Back To Top
×Close search
Search