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IAC Reports Q2 Results

NEW YORK July 27, 2011

SUMMARY RESULTS

$ in millions (except per share amounts)

Q2 2011

Q2 2010

Growth

Revenue

$             485.4

$             394.2

23%

Operating Income Before Amortization

83.4

50.4

65%

Adjusted Net Income

62.9

28.0

124%

Adjusted EPS

0.62

0.24

156%

Operating Income

58.2

24.6

136%

Net Income

42.4

13.6

212%

GAAP Diluted EPS

0.44

0.12

261%

See reconciliation of GAAP to non -GAAP measures beginning on page 9.

Information Regarding the Results:

  • Q2 revenue reflects strong performance with double-digit growth across all segments.  Operating Income Before Amortization saw very strong double-digit growth, up 65% for the quarter and more than 70% year-to-date.
  • $137.8 million $157.2 million
  • April 22, 2011 July 22, 2011 $36.60 $262.6 million July 26, 2011

Principal Areas of Focus:

  • Search
  • Local:
  • Personals
  • Media:

DISCUSSION OF FINANCIAL AND OPERATING RESULTS

Q2 2011

Q2 2010

Growth

Revenue

$ in millions

Search

$           252.4

$           197.2

28%

Match

116.4

97.0

20%

ServiceMagic

56.1

49.5

13%

Media & Other

60.8

51.0

19%

Intercompany Elimination

(0.3)

(0.4)

25%

$           485.4

$           394.2

23%

Operating Income Before Amortization

Search

$             50.6

$             32.0

58%

Match

42.3

29.1

45%

ServiceMagic

8.6

6.1

41%

Media & Other

(3.1)

(2.6)

-20%

Corporate

(14.9)

(14.2)

-5%

$             83.4

$             50.4

65%

Operating Income (Loss)

Search

$             50.3

$             31.6

59%

Match

41.0

25.5

61%

ServiceMagic

8.2

5.7

43%

Media & Other

(3.2)

(3.0)

-7%

Corporate

(38.1)

(35.2)

-8%

$             58.2

$             24.6

136%

Search

Search includes Mindspark, our digital consumer products business consisting of our B2C operations, through which we develop, market and distribute downloadable applications, and our B2B operations, which provide customized browser-based applications for software and media companies; destination websites, including Ask.com and Dictionary.com, through which we provide search and additional services; and CityGrid Media, an online media company that aggregates and integrates local content and ads and distributes them to publishers across web and mobile platforms.

Search revenue reflects strong growth from Mindspark’s B2B operations as well as growth from destination websites, Mindspark’s B2C operations and CityGrid Media.  The revenue growth in B2B was driven by increased contribution from both existing and new partners. The increase in B2C revenue was driven primarily by new products launched since the year ago period.  The revenue growth in destination websites reflects increased and more efficient marketing efforts as well as improved monetization. The increase in revenue at CityGrid Media primarily reflects growth from existing resellers and the contribution from new resellers.  Profits grew faster than revenue due to operating expense leverage and lower depreciation, partially offset by higher traffic acquisition costs as a percentage of revenue.

Match

$97.6 million January 2011 $2.2 million Latin America $2.5 million

erviceMagic

$0.9 million

Media & Other

January 31, 2011

Corporate

$2.1 million

the United States

Note 2: Match Developing consists of OkCupid, Singlesnet, mobile-only products and our international operations .

OTHER ITEMS

Equity in losses of unconsolidated affiliates in Q2 2011 increased reflecting losses from our investment in The Newsweek/Daily Beast Company.

$4.6 million

The effective tax rates for continuing operations and Adjusted Net Income in Q2 2011 were 17% and 21%, respectively. The effective tax rates were lower than the statutory rate of 35% due principally to the reduction in state tax accruals resulting from income tax provision to tax return reconciliations and the expiration of statutes of limitations and foreign income taxed at lower rates, partially offset by interest on tax contingencies and state taxes.  The effective tax rates for continuing operations and Adjusted Net Income in Q2 2010 were 26% and 40%, respectively.  The effective tax rate for continuing operations was lower than the statutory rate of 35% due principally to foreign tax credits, partially offset by interest on tax contingencies and state taxes.  The effective tax rate for Adjusted Net Income was higher than the statutory rate of 35% due principally to state taxes.    

LIQUIDITY AND CAPITAL RESOURCES

$35.97 June 30, 2011

June 30, 2011 $911.9 million $95.8 million $360.6 million July 8, 2011

OPERATING METRICS

Q2 2011

Q2 2010

Growth

SEARCH

Revenue by Traffic Source (a)

Proprietary

72%

72%

Network

28%

28%

MATCH

Core – Paid Subscribers (000s)

1,616

1,388

17%

Developing – Paid Subscribers (000s)

305

329

-7%

Total Paid Subscribers (000s)

1,921

1,716

12%

SERVICEMAGIC

Domestic Service Requests (000s) (b)

1,800

1,673

8%

Domestic Accepts (000s) (c)

2,353

2,173

8%

International Service Requests (000s) (b)

192

116

65%

International Accepts (000s) (c)

227

133

71%

(a) Proprietary includes B2C operations, Ask.com and Dictionary.com. Network includes B2B

     operations, distributed search and sponsored listings.

(b) Fully completed and submitted customer requests for service on ServiceMagic.

(c) The number of times "Service Requests" are accepted by Service Professionals. A "Service

    Request" can be transmitted to and accepted by more than one Service Professional.

DILUTIVE SECURITIES

IAC has various tranches of dilutive securities.  The table below details these securities as well as potential dilution at various stock prices (shares in millions, rounding differences may occur).

Avg.

Strike /

As of

Shares

Conversion

7/22/11

Dilution at:

Share Price

$38.11

$      40.00

$      45.00

$      50.00

$      55.00

Absolute Shares as of 7/22/11

85.0

85.0

85.0

85.0

85.0

85.0

RSUs and Other

6.1

6.1

6.0

5.8

5.6

5.4

Options

12.3

$23.86

4.7

5.0

5.8

6.4

7.0

Warrants

18.3

$28.07

4.8

5.5

6.9

8.0

9.0

Total Dilution

15.6

16.4

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