{"id":81864,"date":"2023-11-07T19:36:37","date_gmt":"2023-11-08T00:36:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/iac-sees-turnaround-coming-at-angi-and-dotdash-meredith\/"},"modified":"2023-11-07T19:36:41","modified_gmt":"2023-11-08T00:36:41","slug":"iac-sees-turnaround-coming-at-angi-and-dotdash-meredith","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81864","title":{"rendered":"IAC Sees Turnaround Coming at Angi and Dotdash Meredith"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

There\u2019s light at the end of the tunnel for
\n IAC.<\/span>
\n The internet and media holding company is gaining traction on turnaround plans for its two largest business units, the home services provider
\n Angi
\n and niche print and web publisher Dotdash Meredith. But there is still more work to be done.<\/p>\n

In late trading, IAC shares were 3.7% lower at $43.20.<\/p>\n

\n

For the third quarter, IAC (ticker: IAC) posted revenue of $1.11 billion, down 15% from a year ago, and about in line with Wall Street consensus as tracked by FactSet. Adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, was $100.4 million, up 83% from a year ago, and above the Street consensus at $83 million.\u00a0<\/p>\n

The company posted a net loss for the quarter of $390.5 million, or $4.72 a share, mostly reflecting a noncash $463 million loss to mark-to-market the company\u2019s stake in the casino gaming company
\n MGM Resorts International
\n (MGM).\u00a0<\/p>\n

Revenue for Dotdash Meredith, which includes publications like People, Food & Wine, and Investopedia, were $418 million, off 11% but a touch above consensus estimates. Search revenue was up 6% to $166 million, ahead of Street estimates. Revenue from \u201cemerging and other\u201d was $158 million, off 12%.<\/p>\n

\n Angi
\n (ANGI), which is publicly traded but majority-owned by IAC, had revenue of $372 million in the quarter, down 25%, and slightly below consensus at $374 million. <\/p>\n

\u201cA year ago, we made some big changes: I stepped in as CEO of Angi and we reset our expectations at Dotdash Meredith to reflect the challenges of a large integration and a slowing market for advertising,\u201d IAC CEO Joey Levin said in a letter to shareholders. \u201cThese were tough but necessary adjustments at our two largest businesses, but since then, we\u2019ve generally delivered what we said.\u201d<\/p>\n

On Angi, he sees continued risk\u2014and potentially rich rewards.\u00a0<\/p>\n

\u201cAt Angi, the highest risk-to-reward bet in the IAC portfolio, we grew adjusted Ebitda 13% this quarter\u2026and are deep in the process of evolving the business from a lead generator to a category-leading marketplace.\u201d <\/p>\n

He noted that Angi plans to buy back 14 million shares. <\/p>\n

\u201cWe view repurchases as the right decision given the progress we\u2019re seeing and the current trading prices,\u201d Levin said.<\/p>\n

Levin also noted that Dotdash Meredith grew adjusted Ebitda 37% in the quarter, excluding some one-time charges in the year-earlier period. <\/p>\n

\u201cWe\u2019ve stopped the slide\u201d in the company\u2019s digital business, he wrote, adding that he didn\u2019t expect any additional declines.<\/p>\n

\u201cTwo quarters ago, I wrote that we saw light at the end of the tunnel for Dotdash Meredith after a long journey through the integration,\u201d he wrote Tuesday. \u201d The value of the merger with Meredith is now coming to life.\u201d<\/p>\n

IAC now sees full-year adjusted Ebitda, excluding certain items, between $330 million and $370 million, narrowing from a previous range of $320 million to $440 million. The company now sees a full-year operating loss of between $170 million and $240 million, narrowing from a previous forecast loss range of $80 million to $260 million.<\/p>\n

IAC shares are up less than 1% for the year to date. Angi is off 27%.<\/p>\n

Write to Eric J. Savitz at eric.savitz@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s light at the end of the tunnel for IAC. The internet and media holding company is gaining traction on turnaround plans for its two largest business units, the home services provider Angi and niche print and web publisher Dotdash Meredith. But there is still more work to be done. In late trading, IAC shares […]<\/p>\n","protected":false},"author":1,"featured_media":81865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-81864","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nIAC Sees Turnaround Coming at Angi and Dotdash Meredith | iFintechWorld<\/title>\n<meta name=\"description\" content=\"There\u2019s light at the end of the tunnel for IAC. 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