IAC Reports FY 2024 Financial Results Excluding Angi Following Completed Spin-Off


NEW YORK — IAC Inc. (NASDAQ: IAC) has released updated supplemental financial information on a continuing operations basis following the March 31, 2025, spin-off of Angi Inc., which is now reflected as discontinued operations in all prior periods. The report outlines segment performance through fiscal year-end December 31, 2024.

Full-Year 2024 Financial Highlights (Continuing Operations)
Total Revenue: $2.62 billion, down from $2.92 billion in 2023.

Adjusted EBITDA: $231.8 million, up from $213.7 million in 2023.

Operating Loss: $(28.7) million, narrowing from $(237.8) million in 2023.

Segment-Level Performance
Dotdash Meredith
2024 Revenue: $1.78 billion (↑5% YoY)

Operating Income: $106.9 million (vs. $(150.7) million in 2023)

Adjusted EBITDA: $295.4 million (↑33% YoY)

The Dotdash Meredith segment posted a strong recovery driven by cost optimization and improving ad market trends. The company noted notable growth in Q4 performance, achieving $87.3 million in operating income and $130.1 million in adjusted EBITDA.

Care.com
2024 Revenue: $369.6 million (slightly ↓ YoY)

Operating Income: $33.7 million

Adjusted EBITDA: $45.2 million

Care.com maintained stable operations with consistent quarterly performance across the year.

Search
2024 Revenue: $387.7 million (↓38% YoY)

Operating Income: $17.4 million

Adjusted EBITDA: $17.5 million

The search segment continued to experience a contraction in both traffic and monetization, contributing to lower topline and earnings.

Emerging & Other
2024 Revenue: $89.0 million (↓61% YoY)

Operating Loss: $(37.7) million

Adjusted EBITDA: $(36.0) million

Emerging businesses remained a drag on profitability, though the segment’s scale shrank significantly following the reclassification of Angi and Roofing as discontinued operations.

Corporate
Operating Loss: $(149.0) million

Adjusted EBITDA: $(90.3) million

Corporate-level expenses remained consistent year over year.

Spin-Off of Angi Completed
As of March 31, 2025, IAC completed the spin-off of Angi, including its Roofing business, through a special dividend to shareholders. Angi is now an independent public company, and its historical financials are no longer included in IAC’s ongoing operating segments.

Non-Cash Charges and Adjustments
Goodwill Impairment: None recorded in 2024.

Amortization of Intangibles: $141.9 million in 2024.

Stock-Based Compensation: $77.7 million.

Depreciation: $40.8 million.

Outlook and Strategy
IAC emphasized its focus on scaling profitable segments, including Dotdash Meredith and Care.com, while continuing to streamline operations within Emerging & Other. Management highlighted the improved cash flow trajectory and EBITDA margin expansion as key priorities for 2025.

**IAC to spin off Angi Inc. to shareholders on March 31, 2025**

IAC Inc. has confirmed that it will complete the previously announced spin-off of Angi Inc. on March 31, 2025. The company will distribute all shares of Angi capital stock held by IAC to IAC common and Class B stockholders as of the close of business on the record date, March 25, 2025.

Each IAC share outstanding on the record date will entitle its holder to receive 0.5251 shares of Angi Class A common stock. Before the distribution, IAC will convert its 41.7 million Angi Class B shares into Class A shares, bringing the total number of shares to be distributed to over 42 million. Fractional shares will not be distributed; instead, shareholders will receive a cash payment in lieu.

Trading activity ahead of the distribution includes:
- Angi Class A shares trading both regular way (ANGI) and when-issued (ANGIV)
- IAC common stock trading regular way (IAC) with dividend rights and when-issued (IACVV) without dividend rights

IAC also noted that the ex-dividend date for its stock will be April 1, 2025.

Once the distribution is completed, IAC will no longer own any shares in Angi Inc., which will operate as a fully independent company.

The spin-off is part of IAC’s ongoing strategy to streamline its business structure and unlock value for shareholders.

IAC Announces Temporary Blackout Period for Retirement Plan Transactions Amid Angi Spin-Off
New York, NY – March 17, 2025 – IAC Inc. (Nasdaq: IAC) has announced a temporary blackout period for participants in its Retirement Savings Plan due to the upcoming spin-off of Angi Inc.

The blackout period will begin at 4:00 PM ET on March 31, 2025, and is expected to end no later than 9:30 AM ET on April 3, 2025. During this time, plan participants will be temporarily unable to execute transactions involving their balances in the IAC stock fund, including investment transactions, plan loans, and withdrawals.

This suspension is necessary to establish a new Angi Inc. stock fund that will hold Angi shares allocated to plan participant accounts in connection with the spin-off. IAC has notified its executive officers and directors in compliance with the Sarbanes-Oxley Act and SEC regulations.

IAC Inc. has announced an increase in its share repurchase program, authorizing the repurchase of an additional 10 million shares. This brings the total number of shares available for repurchase under the program to approximately 10.2 million.

The timing and volume of these repurchases will be determined based on various factors, including business capital needs, share price, trading volumes, and overall market conditions. The company will conduct these repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. Repurchases may occur on the open market, through privately negotiated transactions, or under trading plans established in accordance with Rule 10b5-1(c).

IAC announced that its Board of Directors approved the planned spin-off of Angi Inc. and declared a special dividend distributing all shares of Angi capital stock held by IAC to its stockholders. The distribution will be completed on March 31, 2025, with IAC stockholders of record as of March 25, 2025, receiving approximately 0.5178 shares of Angi Class A common stock per share of IAC stock held, subject to final adjustments. No fractional shares will be issued, and stockholders will receive cash for any fractional entitlements. After the spin-off, IAC will no longer own any shares of Angi.