IAC Reported Mixed 4Q Results; Further Reinvestment in ANGI Homeservices Expected; Raising FVE
IAC’s fourth-quarter results beat our expectations and consensus on revenue but came in a bit short on operating income as sales and marketing expenses increased more than expected. Management’s full-year operating income and EBITDA guidance was below our expectations as the firm plans to increase investments in ANGI Homeservices, which we think will pay off in the long run. We do think that a network effect economic moat source for this business, similar to Match, is possible. We raised our fai...IAC/InterActiveCorp is a media and Internet company. The company has majority ownership of both Match Group, Inc. (Match Group or MTCH), which includes Tinder, Match, PlentyOfFish and OkCupid, and ANGI Homeservices Inc. (ANGI Homeservices or ANGI), which includes HomeAdvisor, Angie's List and Handy, and also operates Vimeo, Dotdash and The Daily Beast, among many other online businesses. The company's operating segments are MTCH, ANGI, Vimeo, Dotdash and Applications, which are also reportable segments, and within its Emerging & Other reportable segment, Ask Media Group, BlueCrew, The Daily Beast, College Humor Media and IAC Films.
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