UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
On October 11, 2022, the Registrant announced that it had posted preliminary monthly trends for its various financial reporting segments through September 30, 2022 on the investor relations section of its website (https://ir.iac.com/quarterly-results). These monthly trends, together with related commentary, are set forth immediately below. Please note that the results of Angi Inc. reflect the impact of Hurricane Ian towards the end of September 2022, particularly at its Services business. The Registrant will provide further commentary on these results when it reports earnings for the quarter ended September 30, 2022 in November 2022.
| 3/2022 | 4/2022 | 5/2022 | 6/2022 | 7/2022 | 8/2022 | 9/2022(1) | ||||||||||||||||||||||
| Dotdash Meredith | ||||||||||||||||||||||||||||
| Digital Revenue | 219 | % | 227 | % | 225 | % | 207 | % | 243 | % | 236 | % | 236 | % | ||||||||||||||
| Print Revenue | NM | NM | NM | NM | NM | NM | NM | |||||||||||||||||||||
| Total Revenue | 634 | % | 618 | % | 582 | % | 504 | % | 575 | % | 677 | % | 588 | % | ||||||||||||||
| Pro Forma Digital Revenue | -8 | % | 0 | % | -3 | % | -18 | % | -12 | % | -11 | % | -15 | % | ||||||||||||||
| Pro Forma Print Revenue | -5 | % | -25 | % | -16 | % | -36 | % | -27 | % | -17 | % | -31 | % | ||||||||||||||
| Total Pro Forma Revenue (2) | -6 | % | -16 | % | -10 | % | -28 | % | -20 | % | -15 | % | -24 | % | ||||||||||||||
| Angi Inc. | ||||||||||||||||||||||||||||
| Angi Ads and Leads (3) | -7 | % | -2 | % | 8 | % | 11 | % | 7 | % | 6 | % | 6 | % | ||||||||||||||
| Angi Services (4) | 102 | % | 111 | % | 108 | % | 103 | % | 18 | % | 14 | % | 5 | % | ||||||||||||||
| Total North America Revenue | 10 | % | 17 | % | 26 | % | 29 | % | 10 | % | 8 | % | 6 | % | ||||||||||||||
| Europe Revenue | -8 | % | -7 | % | -6 | % | -1 | % | 6 | % | 3 | % | -2 | % | ||||||||||||||
| Total Revenue (3) | 9 | % | 16 | % | 24 | % | 27 | % | 10 | % | 8 | % | 6 | % | ||||||||||||||
| Angi Service Requests | -20 | % | -14 | % | -7 | % | -8 | % | -9 | % | -8 | % | -16 | % | ||||||||||||||
| Angi Monetized Transactions | -14 | % | -8 | % | -3 | % | -5 | % | -8 | % | -8 | % | -15 | % | ||||||||||||||
| Angi Transacting Service Professionals | -4 | % | -4 | % | -3 | % | -2 | % | -3 | % | -6 | % | -10 | % | ||||||||||||||
| Angi Advertising Service Professionals | -11 | % | -7 | % | -7 | % | -8 | % | -7 | % | -6 | % | -5 | % | ||||||||||||||
| Search | ||||||||||||||||||||||||||||
| Ask Media Group Revenue | 22 | % | 8 | % | 25 | % | 9 | % | -6 | % | -29 | % | -48 | % | ||||||||||||||
| Desktop Revenue | -22 | % | -13 | % | -17 | % | -30 | % | -34 | % | -41 | % | -38 | % | ||||||||||||||
| Total Revenue | 14 | % | 5 | % | 17 | % | 2 | % | -11 | % | -31 | % | -46 | % | ||||||||||||||
| Emerging & Other (5) | ||||||||||||||||||||||||||||
| Total Revenue | 13 | % | 12 | % | 4 | % | 3 | % | 7 | % | 16 | % | -2 | % | ||||||||||||||
| (1) | As of the date of this report, the Registrant has not yet completed its financial close process for the quarter ended September 30, 2022. As a result, the information set forth above is preliminary and based upon information available to the Registrant as of the date of this report. During the course of the Registrant’s financial close process for the quarter ended September 30, 2022, it may identify items that would require adjustments to the information set forth above, which may impact growth rates and may be material to the information set forth above. |
| (2) | Pro Forma reflects the inclusion of Meredith revenue for all periods prior to the Meredith acquisition on December 1, 2021. Meredith’s programmatic advertising revenue has been presented on a net basis to conform to IAC’s accounting policies. |
| (3) | Angi revenue for August 2022 reflects an unfavorable adjustment related to revenue recognized in prior periods, primarily August 2021. Excluding these amounts from both periods, Angi’s August 2022 Ads and Leads revenue growth would have been 9% and total revenue growth would have been 10%. |
| (4) | Includes revenue from Angi Roofing, which was acquired on July 1, 2021. |
| (5) | February and May 2021 and August 2022 include revenue from IAC Films projects recognized during the month. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IAC Inc. | ||
| By: | /s/ Kendall Handler | |
| Name: | Kendall Handler | |
| Title: | Chief Legal Officer | |
Date: October 11, 2022
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