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IAC Inc. (IAC-1.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $938.7 million from $1.11 billion in the same quarter the previous year. The decrease is attributed to declines in revenue from Angi and Search segments.
Dotdash Meredith's revenue increased by 5% to $439.5 million, driven by a 16% increase in Digital revenue, while Print revenue decreased by 6%.
Angi's revenue decreased by 16% to $296.7 million, with significant declines in Ads and Leads and Services revenue, partially offset by growth in International revenue.
Search revenue declined by 47% to $88.3 million due to reduced marketing efforts and fewer visitors to ad-supported search and content websites.
Emerging & Other revenue fell by 36% to $114.3 million, impacted by the prior year's inclusion of revenue from Mosaic Group and Roofing, which were sold in early 2024 and late 2023, respectively.
Operating income for the quarter was $16.3 million, compared to a loss of $32.7 million in the previous year, primarily due to reduced amortization of intangibles and a prior year goodwill impairment.
Net loss attributable to IAC shareholders was $243.7 million, compared to a net loss of $390.5 million in the previous year. The improvement is partly due to a $117.1 million reduction in unrealized losses on the investment in MGM Resorts International (MGM-0.85%).
Cash provided by operating activities was $244.4 million, while cash used in investing and financing activities was $264.6 million and $84.7 million, respectively.
IAC had a total of $1.74 billion in cash, cash equivalents, and marketable securities as of September 30, 2024. The company continues to assess its liquidity and capital resources to support ongoing operations and potential investments.
The filing also discusses various financial agreements, including Dotdash Meredith's credit facilities and Angi's senior notes, highlighting their impact on the company's financial position.
IAC is considering a spin-off of its ownership stake in Angi to its shareholders, as announced on November 11, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IAC Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.