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Who We Are IAC today is comprised of category leading businesses, including People Inc. and Care.com, among others, and holds strategic equity positions in MGM Resorts International and Turo Inc. As used herein, IAC, the Company, we, our, us and other similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise).
The business is unprofitable at the operating level (-4.07% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.7% YoY. Margins deteriorated 3.0pp alongside, both lines moving the wrong way.
Free cash flow declined 87% versus the prior year, cash generation momentum has weakened. Net debt of $666M represents 14.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.33B
▼ -8.7% YoY
Net Income (TTM)
$41M
▲ +80.7% YoY
Op. Margin
-6.92%
▼ -3.0pp YoY
ROIC
-2.05%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$78M
▼ -86.8% YoY
Op. Cash Flow (TTM)
$101M
▼ -81.9% YoY
Net Debt
$308M
Cash & Equiv.
$1.11B
5Y CAGR: -2.8%
5Y CAGR: -13.7%
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