纪要涉及的行业和公司 - **行业**：互联网、数字出版、博彩、宠物护理、在线零售、医疗保健人员配置、汽车共享、搜索 - **公司**：IAC、ANGI、Dotdash Meredith（DDM）、MGM Resorts International、Care.com、Turo、Vivien、The Daily Beast、Chewy 纪要提到的核心观点和论据 IAC - **公司业务组合**：拥有全资合并公司、少数股权和其他资产，包括数字和印刷出版商Dotdash Meredith（数字收入超10亿美元，调整后EBITDA达3亿美元）、MGM Resorts International 23%的股份、Care.com、Turo 32%的股份、医疗保健人员配置平台Vivien、搜索业务、The Daily Beast以及9亿美元现金 [3][4] - **管理结构调整**：3月分拆ANGI后，CEO Joey Levin过渡到ANGI担任执行董事长，IAC目前没有CEO，董事长Barry Diller积极参与公司事务，有三名直接报告人，COO和CFO负责日常运营 [5][6] - **公司优先事项**：缩小估值折扣，实现资产价值，包括业务执行（推动各业务营收增长、产生自由现金流、降低杠杆和成本）、资本配置（股票回购、并购和战略剥离）和寻找催化剂（如分拆ANGI） [9][10][12] - **宏观环境影响**：宏观环境不明朗，存在经济放缓担忧，但各业务表现不一。DDM的优质广告业务表现良好，算法定价增速放缓，绩效营销消费者支出强劲；MGM对全年表现有信心；Care难以察觉业务疲软模式；预计Q2和Q3业务会有一定放缓，但Q4情况良好 [14][15][17] Dotdash Meredith（DDM） - **业务现状**：在数字和出版领域具有独特优势，规模大、品牌领先、内容生产能力强、广告技术和网站技术栈优秀，印刷业务表现超预期，有助于抵消公司成本 [20][22] - **Decipher影响及计划**：利用专有数据、分析和AI实现无cookie广告定位，已在超半数优质交易中使用，用户支出显著高于非用户，将通过Decipher Plus扩展到第三方库存，有望推动2026年及以后的增长 [23][24][26] - **直接面向消费者战略**：自收购以来一直是重点，通过品牌力量、直接关系和新产品增强消费者参与度，如推出People app和My Recipes，未来将继续推出新产品以推动重复参与 [27][29][31] - **AI风险及应对**：关注AI对出版商流量的风险，谷歌AI概述出现频率约35%，点击量有一定下降但不显著，DDM品牌受信任，内容深度有优势，将通过多元化和建立其他渠道应对 [33][34][36] - **长期增长信心**：预计核心会话算法将实现一定增长，优质和程序化广告的货币化将持续改善，通过Decipher和其他渠道实现平台外增长，有望实现10%以上的数字收入增长 [39][40] MGM Resorts International - **投资理由**：董事长认为是“永久资产”，公司相信其股权的内在价值，股票交易价格被低估，拥有拉斯维加斯的优质资产、表现良好的BetMGM和国际数字业务，数字、设施和现场体验的结合以及国际机会具有吸引力 [41][42][43] Care.com - **业务板块表现**：企业端在疫情后获得巨大推动，目前增长强劲，有机会获取新客户；消费者端在疫情后期受益，但产品存在核心缺陷，2023年底引入新管理团队进行改进 [44][46] - **未来优先事项**：产品消息传递、匹配和履行，改进营销，调整定价和包装，预计业务将实现10%以上的增长，去年EBITDA达4500万美元，营收约3.7亿美元 [47][48] Turo - **业务情况**：是汽车共享领域的领导者，疫情后获得巨大推动力，目前收入超9亿美元，平台两端具有流动性，最大限制是营销，未受辅助认知度为18%，将专注于扩大用户体验和推动业务发展 [49][50][51] Chewy - **公司概况**：美国最大的纯在线宠物零售商，拥有超2000万活跃客户，预计2025财年净销售额超12亿美元，超80%的收入来自订阅式自动发货客户，约85%来自非 discretionary 类别，盈利能力持续改善 [64] - **CFO离职原因及观察**：CFO David Reeder因回到半导体行业担任CEO而离职，他认为Chewy的优势在于高效的履行中心网络和强大的宠物生态系统，能够实现规模增长和客户信任 [67][68][70] - **宠物行业数字化渗透**：美国宠物行业规模约150亿美元，线上市场份额从30%增长，Chewy将在市场线上化过程中获得更多份额 [71][72] - **宏观经济影响**：宠物行业具有较强的抗衰退能力，Chewy约85%的业务为消费品，具有一定的收入可预测性 [73][74] - **关税暴露**：关税暴露在高个位数到低两位数百万美元之间，大部分业务为消费品，有国内和本地供应源，供应链团队通过战略库存缓解了小部分对中国的暴露 [76][79] - **活跃客户增长**：2025财年活跃客户实现低个位数同比增长，得益于公司在基础系统重建、客户定位、数字店面和应用程序更新等方面的努力，增加了新客户、重新激活了流失客户并降低了客户流失率 [80][82][86] - **业务增长驱动因素**：收入增长由定价（相对平稳）、活跃客户增长（低个位数）和Nest Pack（中低个位数增长）驱动 [92][93][94] - **硬商品增长**：硬商品市场对宏观经济更敏感，Chewy通过更新产品组合和个性化展示取得了一定进展 [96][97] - **Nest Pack增长**：通过向客户引入更多类别，如硬商品、药房和自有品牌，巩固客户钱包份额，目前只有20%的活跃客户使用药房服务，有较大增长空间 [99][100][101] - **医疗保健业务**：健康和保健类别是长期顺风，占收入约30%，毛利率高1000个基点，药房业务增长显著快于核心业务，公司通过投资复合制药、提供兽医服务等构建宠物生态系统 [103][105][107] - **兽医诊所业务**：已开设8家兽医诊所，计划今年再增加8 - 10家，不仅服务现有客户，还吸引了大量新客户，超半数新客户在30天内到Chewy.com下单，有助于客户增长和留存 [108][110] - **Chewy Plus会员计划**：是一项年度会员计划，提供免费送货、5%返现和特别优惠，测试结果显示用户参与度、订单频率和平均订单金额增加，加速了钱包份额的巩固，目前处于早期阶段 [115][117][118] - **盈利能力提升**：预计今年调整后EBITDA利润率扩大60 - 90个基点，约60%来自毛利率改善，驱动因素包括赞助广告扩展、产品组合向高附加值类别转移和固定成本杠杆，OpEx杠杆通过第一方系统和自动化实现 [120][122][123] - **赞助广告增长**：目前赞助广告占销售额约1%，2025年将通过执行第一方系统实现增长，目标是达到净销售额的2% - 3% [126][128] - **自动化进展**：履行中心网络自动化可提高30%的每平方英尺产出，目前网络利用率约为四分之三，还有提升空间，公司在其他领域也有AI计划，可提高运营效率 [129][130][132] - **资本配置**：EBITDA质量高，超80%可转化为自由现金流，去年向股东返还约9.5亿美元，未来有多种资本部署选择 [135][136] 其他重要但是可能被忽略的内容 - IAC有8亿美元的净运营亏损（NOLs）可用于抵消MGM等的收益 [9] - DDM的Decipher有40多个案例研究表明其表现优于cookie广告和iOS等无cookie平台 [24] - Chewy是美国第三大直接面向消费者的发货商 [68] - 美国约有3万多家兽医诊所，Chewy通过实践子平台与超1.5万家诊所集成 [108][109] - 成熟兽医诊所的平均收入超200万美元，四壁EBITDA约20%，建设资本支出在100 - 150万美元之间 [112][113]

Below are highlights from an extended video interview that CNBC's Julia Boorstin conducted with Sud, in which the CEO weighed in on becoming a chief executive at 33, the competition across the disrupted media landscape, and her approach to getting things done as her responsibilities have grown and the stakes have gotten bigger. And her biggest life hack of all: getting enough sleep.Sud's time at Vimeo was focused on helping creators get their stories out and that continues to inform her view of where stream ...

NEW YORK, May 6, 2025 /PRNewswire/ -- IAC (NASDAQ: IAC) will participate in the 53rd Annual J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 14, 2025. Christopher Halpin, Executive Vice President, COO and CFO of IAC will present at 9:20 a.m. ET. Both a live audio webcast and replay of the presentation will be available to the public in the IR section of IAC's website at https://ir.iac.com/events-and-presentations. About IACIAC (NASDAQ: IAC) builds companies.  We are guide ...

IAC (IAC) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Christopher Halpin - Executive VP, CFO & COOJason Helfstein - Managing Director - Head of Internet ResearchNeil Vogel - CEO, Dotdash MeredithJames Heaney - SVP - Equity ResearchCory Carpenter - Internet Equity ResearchJustin Patterson - Managing DirectorTom Champion - Director & Senior Research AanalystRobert Zeller - Equity Research AssociateLuke Meindl - Equity Research AssociateYgal Arounian - Director - Internet Equity Researc ...

IAC (IAC) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Speaker0 Welcome to the IAC First Quarter twenty twenty five Earnings Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, COO and CFO. Please go ahead. Speaker1 Thank you. Good morning everyone. Christopher Halpin here and welcome to the IAC first quarter earnings call. Joining me today is Neil Vogel, CEO of Dotdash Meredith or as we will refer to it today on the call DDM. IAC ...

NEW YORK, May 5, 2025 /PRNewswire/ -- IAC (NASDAQ: IAC) posted its first quarter financial results on the investor relations section of its website at https://ir.iac.com/quarterly-results. As announced previously, IAC will host a conference call to discuss the company's first quarter results and to answer questions. The call will be held on Tuesday, May 6, 2025, at 8:30 a.m. ET. Christopher Halpin, Executive Vice President, CFO and COO of IAC and Neil Vogel, CEO of Dotdash Meredith will participate.The live ...

Table of Contents As filed with the Securities and Exchange Commission on May 5, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-39356 IAC Inc. (Exact name of registr ...

Page 1 of 20 IAC REPORTS Q1 2025 Completed the spin-off of Angi Repurchased 4.5 million shares since Q4 2024 earnings for an aggregate of $200 million Board of Directors approved a new 10 million share repurchase authorization Full year 2025 guidance reiterated for all businesses NEW YORK— May 5, 2025—IAC (NASDAQ: IAC) released its first quarter results today and separately posted an investor deck on the Investor Relations section of its website at ir.iac.com. "It was a strong quarter and we are back to wha ...

Implements Corporate Governance EnhancementsFollows Constructive Engagement with ArkhouseNEW YORK, April 29, 2025 /PRNewswire/ -- IAC (NASDAQ: IAC) today announced that it intends to add Tor R. Braham to its Board of Directors in connection with the Company's 2025 Annual Meeting of Stockholders."We look forward to welcoming Tor Braham to the Board," said Bonnie Hammer, Chair of the Board's Nominating Committee. "We believe Mr. Braham's background in technology and capital markets as well as his board servic ...

Wall Street expects a year-over-year decline in earnings on lower revenues when IAC (IAC) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand ...