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IAC Reports Q4 Results

NEW YORK Feb. 2, 2011

SUMMARY RESULTS

$ in millions (except per share amounts)

Q4 2010

Q4 2009

Growth

FY 2010

FY 2009

Growth

Revenue

$            451.4

$        355.7

27%

$     1,636.8

$     1,346.7

22%

Operating Income Before Amortization

48.5

42.0

15%

189.6

121.9

56%

Adjusted Net Income

27.0

26.9

0%

93.0

84.3

10%

Adjusted EPS

0.26

0.20

27%

0.83

0.59

40%

Operating (Loss) Income

(21.4)

(1,035.6)

98%

49.8

(1,038.0)

NM

Net Income (Loss)

87.0

(1,012.9)

NM

99.4

(978.8)

NM

GAAP Diluted EPS

0.90

(7.94)

NM

0.93

(7.06)

NM

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

Information Regarding the Results:

  • $14.8 million
  • December 31, 2010 $252.5 million $340.7 million
  • December 1, 2010 $218 million
    • $140.8 million $21.5 million $1.24
    • $41.8 million $991.9 million $0.43 $7.77

Principal Areas of Focus:

  • Search
  • Local:
  • Personals
  • Media: Tony DiSanto Liz Gateley

DISCUSSION OF FINANCIAL AND OPERATING RESULTS

Q4 2010

Q4 2009

Growth

Revenue

$ in millions

   Search

$           235.9

$           182.8

29%

   Match

108.3

83.3

30%

   ServiceMagic

41.3

38.2

8%

   Media & Other

66.7

52.0

28%

   Intercompany Elimination

(0.8)

(0.5)

-55%

$           451.4

$           355.7

27%

Operating Income Before Amortization

    Search

$             32.7

$             30.8

6%

    Match

38.8

28.8

34%

    ServiceMagic

2.5

1.8

36%

    Media & Other

(4.8)

(1.6)

-196%

    Corporate

(20.7)

(17.8)

-16%

$             48.5

$             42.0

15%

Operating Income (Loss)

    Search

$             21.3

$      (1,018.9)

NM

    Match

38.0

22.6

68%

    ServiceMagic

2.1

1.4

52%

    Media & Other

(37.9)

(2.1)

-1692%

    Corporate

(45.0)

(38.6)

-17%

$           (21.4)

$      (1,035.6)

98%

Note: On December 1, 2010, IAC completed the tax-free exchange of Evite, Gifts.com and IAC Advertising Solutions with Liberty Media Corporation.  In addition, during the fourth quarter of 2010, InstantAction ceased operations.  Accordingly, the results of the aforementioned businesses are excluded from the tables above and are presented as discontinued operations.

Search

Search includes toolbars and destination websites, including Ask.com and Dictionary.com, through which we primarily provide search services; and CityGrid Media, an online media company that aggregates and integrates local ads and content and distributes them to publishers across web and mobile platforms.

Search revenue reflects growth in revenue per query and queries from distributed and proprietary toolbars, and growth in queries from destination websites.  The increase in revenue per query from distributed and proprietary toolbars is primarily attributable to higher click-through-rates.  The increase in queries from distributed toolbars was driven by growth from existing partners and the contribution from new partners while the increase in queries from proprietary toolbars and destination websites was primarily driven by increased traffic acquisition efforts.  CityGrid Media revenue increased primarily due to the contribution from new resellers and growth from existing resellers.

$9.6 million $11.0 million $1.045 billion

Match

Latin America Latin America $1.1 million $4.4 million

erviceMagic

ServiceMagic revenue benefited from growth at ServiceMagic International, an 8% increase in domestic accepted service requests and growth at Market Hardware, partially offset by lower average lead acceptance fees.  Despite a 2% decrease in service requests, domestic accepted service requests increased due, in part, to a 22% increase in service providers.  A service request can be transmitted to more than one service provider and is deemed accepted upon transmission.  Domestic service requests in the prior year benefited from higher marketing expenditures.  Lead acceptance fees were impacted by a shift in the mix of requests to lower value service requests.  Profits increased due to lower domestic marketing expenditures, reduced losses at ServiceMagic International and growth at Market Hardware.

Media & Other

$32.6 million

Corporate

$5.3 million $3.5 million

OTHER ITEMS

$7.8 million $1.5 million $6.0 million $19.9 million $3.4 million

$140.8 million $21.5 million

$5.1 million $27.6 million

LIQUIDITY AND CAPITAL RESOURCES

December 1, 2010 $218 million December 31, 2010 December 31, 2010

December 31, 2010 $1.3 billion $95.8 million

OPERATING METRICS

Q4 2010

Q4 2009

Growth

SEARCH

Revenue by traffic source (a)

    Proprietary

72%

73%

    Network

28%

27%

MATCH

    Paid Subscribers (000s)

1,789

1,377

30%

SERVICEMAGIC

    Service Requests (000s) (b)

1,226

1,251

-2%

    Accepts (000s) (c)

1,757

1,620

8%

(a) Proprietary includes proprietary toolbars, Ask.com and Dictionary.com. Network includes distributed toolbars, search and sponsored listings.

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

(c) The number of times "Service Requests" are transmitted to  domestic Service Providers. A "Service Request" can be transmitted to  more than one Service Provider and is deemed accepted upon transmission.

DILUTIVE SECURITIES

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

Avg.

Strike /

As of

Shares

Conversion

1/28/11

Dilution at:

Share Price

$28.17

$      30.00

$      35.00

$      40.00

$      45.00

Absolute Shares as of 1/28/11

88.5

88.5

88.5

88.5

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