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IAC (NASDAQ: IAC) updates results as Search, Angi and Care.com move to discontinued ops

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8-K

Rhea-AI Filing Summary

IAC Inc., which is being renamed People Incorporated, updated its financial reporting after the expiration of its Google Services Agreement and the shutdown of its Search segment. The Google agreement, originally signed in 2015, was not renewed, was temporarily extended to April 30, 2026, and then expired, at which point Search operations ceased.

The company has now classified the Search segment as discontinued operations for all periods before April 30, 2026, consistent with ASC 205. It also presents Angi and Care.com as discontinued operations following the March 31, 2025 spin-off of Angi and the March 16, 2026 sale of Care.com. Supplemental tables on continuing operations revenue, operating income, depreciation, amortization, and Adjusted EBITDA have been posted on IAC’s investor website and furnished as an exhibit, with no other changes to reportable segments.

Positive

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Insights

IAC restates segment data to carve out three discontinued businesses.

IAC separates its former Search segment, Angi, and Care.com as discontinued operations, giving a clearer view of ongoing businesses branded as People Inc. Digital, Print, Emerging & Other, and Corporate. This reframes historical trends without changing underlying cash flows.

For 2024, continuing operations generated $1,865,039k of revenue and Adjusted EBITDA of $169,257k, while 2025 showed revenue of $1,833,074k and Adjusted EBITDA of $216,004k. The reclassification mainly affects presentation and segment comparability.

Investors examining IAC’s trajectory will likely focus on People Inc. Digital’s Adjusted EBITDA of $308,660k in 2025 and Q1 2026 Adjusted EBITDA of $10,950k for the consolidated continuing operations, using these updated baselines for future quarters.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenue 2024 (continuing ops) $1,865,039 thousand FYE 12/31 2024 continuing operations revenue
Total revenue 2025 (continuing ops) $1,833,074 thousand FYE 12/31 2025 continuing operations revenue
Adjusted EBITDA 2024 $169,257 thousand FYE 12/31 2024 total Adjusted EBITDA continuing ops
Adjusted EBITDA 2025 $216,004 thousand FYE 12/31 2025 total Adjusted EBITDA continuing ops
Q1 2026 revenue $405,797 thousand Q1 2026 total revenue continuing operations
Q1 2026 Adjusted EBITDA $10,950 thousand Q1 2026 total Adjusted EBITDA continuing operations
Net loss attributable 2024 $(539,897) thousand FYE 12/31 2024 net loss attributable to IAC shareholders
People Inc. Digital Adjusted EBITDA 2025 $308,660 thousand FYE 12/31 2025 Adjusted EBITDA for People Inc. Digital
discontinued operations financial
"the Search segment as discontinued operations for all periods prior to the expiration"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
ASC 205 financial
"in accordance with ASC 205, “Presentation of Financial Statements,” within IAC’s consolidated"
Adjusted EBITDA financial
"Adjusted EBITDA (g) | | | | | | | | |"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
special dividend financial
"by means of a special dividend (the "Distribution") of all shares of Angi"
A special dividend is a one-time payment made by a company to its shareholders, usually when it has accumulated excess profits or cash. It is like a bonus or a reward for investors, often signaling that the company has extra funds available. This type of dividend matters because it can indicate a company's financial health or a significant change in its cash situation.
spin-off financial
"On March 31, 2025, IAC completed the spin-off of Angi"
A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.
non-renewal financial
"received a notice of non-renewal (the “Notice”) from Google of the services agreement"
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0001800227FALSE00018002272026-06-022026-06-02


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 2, 2026
IAC Inc.
(Exact name of registrant as specified in charter)
Delaware001-3935684-3727412
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
555 West 18th Street,New York,NY10011
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (212) 314-7300

(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, par value $0.0001IACThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01. Regulation FD Disclosure.
On December 10, 2025, IAC Inc. (“IAC” or the “Company”), which is in the process of being renamed “People Incorporated,” received a notice of non-renewal (the “Notice”) from Google of the services agreement, dated October 26, 2015 and subsequently amended (the “Services Agreement”). As a result of the Notice, the Services Agreement was due to expire on March 31, 2026; the Services Agreement was extended through April 30, 2026, at which point the Services Agreement expired. In connection with the expiration of the Services Agreement, the Company ceased operations of its Search segment.
On June 2, 2026, the Company posted supplemental financial information to reflect the Search segment as discontinued operations for all periods prior to the expiration of the Services Agreement on April 30, 2026 in accordance with ASC 205, “Presentation of Financial Statements,” within IAC’s consolidated financial statements on its website (http://ir.iac.com/quarterly-results).
Other than the changes described above, there are no other changes to the Company's reportable segments reflected in the supplemental financial information, a copy of which is furnished herewith as Exhibit 99.1.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01. Financial Statements and Exhibits
Exhibits.
Exhibit
Number		Description
99.1
Supplemental financial information
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IAC Inc.
By:/s/ KENDALL HANDLER
Name:Kendall Handler
Title:Executive Vice President, Chief Legal Officer & Secretary
Date: June 2, 2026
4
                                                                        
Exhibit 99.1
The tables below reflect IAC on a continuing operations basis, updated to reflect the Search segment as discontinued operations for periods prior to operations ceasing in connection with the expiration of the Google Services Agreement on April 30, 2026 as described in Item 7.01 of this Form 8-K. The information presented below should be read in conjunction with IAC Inc.'s historical consolidated financial statements and notes thereto found on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.
202420252026
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1
(Unaudited; in thousands)
Revenue
People Inc.
Digital$1,086,367 $234,520 $273,999 $283,167 $370,200 $1,161,886 $253,223 
Print711,636 163,270 158,263 152,594 148,178 622,305 137,837 
Intersegment eliminations(20,774)(4,719)(4,892)(5,934)(6,573)(22,118)(5,331)
Total People Inc.1,777,229 393,071 427,370 429,827 511,805 1,762,073 385,729 
Emerging & Other89,028 18,287 15,877 17,288 19,551 71,003 20,078 
Intersegment eliminations(1,218)(1)— — (1)(2)(10)
Total revenue$1,865,039 $411,357 $443,247 $447,115 $531,355 $1,833,074 $405,797 
Operating income (loss)
People Inc.
Digital(a)
$154,367 $17,876 $38,371 $38,434 $113,305 $207,986 $27,827 
Print(b)
17,059 8,744 10,905 1,016 6,769 27,434 1,744 
Other(c)(d)
(64,552)16,587 (14,497)(10,917)(14,034)(22,861)(19,166)
Total People Inc.106,874 43,207 34,779 28,533 106,040 212,559 10,405 
Emerging & Other(e)
(37,695)(4,886)(9,221)(20,797)2,552 (32,352)2,871 
Corporate(f)
(144,284)(17,218)(33,050)(34,981)(31,066)(116,315)(45,092)
Total operating (loss) income$(75,105)$21,103 $(7,492)$(27,245)$77,526 $63,892 $(31,816)
Stock-based compensation expense
People Inc.
Digital$(10,097)$(1,855)$(3,034)$(3,211)$(3,464)$(11,564)$(2,922)
Print(2,045)(450)(442)(451)(430)(1,773)(238)
Other(c)
(13,683)(3,188)(3,727)(4,060)(4,102)(15,077)(5,530)
Total People Inc.(25,825)(5,493)(7,203)(7,722)(7,996)(28,414)(8,690)
Emerging & Other(1,626)(345)(2,874)(743)(602)(4,564)(1,335)
Corporate(45,708)27,228 (8,233)(7,412)(6,509)5,074 (6,387)
Total stock-based compensation expense$(73,159)$21,390 $(18,310)$(15,877)$(15,107)$(27,904)$(16,412)
1


202420252026
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1
(Unaudited; in thousands)
Depreciation
People Inc.
Digital$(15,943)$(3,074)$(3,167)$(4,428)$(3,933)$(14,602)$(3,587)
Print(7,258)(1,393)(1,403)(1,237)(1,104)(5,137)(927)
Other(c)
(3,103)(4,706)(651)(525)(1,274)(7,156)(854)
Total People Inc.(26,304)(9,173)(5,221)(6,190)(6,311)(26,895)(5,368)
Emerging & Other(65)(23)(9)(8)(9)(49)(8)
Corporate(8,408)(2,045)(2,038)(2,037)(1,935)(8,055)(1,938)
Total depreciation$(34,777)$(11,241)$(7,268)$(8,235)$(8,255)$(34,999)$(7,314)
Amortization of intangibles
People Inc.
Digital$(116,542)$(18,724)$(18,723)$(18,826)$(18,235)$(74,508)$(15,576)
Print(19,875)(3,694)(3,695)(3,695)(3,617)(14,701)(3,464)
Other(c)
— — — — — — — 
Total People Inc.(136,417)(22,418)(22,418)(22,521)(21,852)(89,209)(19,040)
Emerging & Other(9)— — — — — — 
Corporate— — — — — — — 
Total amortization of intangibles$(136,426)$(22,418)$(22,418)$(22,521)$(21,852)$(89,209)$(19,040)
Adjusted EBITDA(g)
People Inc.
Digital(a)
$296,949 $41,529 $63,295 $64,899 $138,937 $308,660 $49,912 
Print(b)
46,237 14,281 16,445 6,399 11,920 49,045 6,373 
Other(c)(d)
(47,766)24,481 (10,119)(6,332)(8,658)(628)(12,782)
Total People Inc.295,420 80,291 69,621 64,966 142,199 357,077 43,503 
Emerging & Other(e)
(35,995)(4,518)(6,338)(20,046)3,163 (27,739)4,214 
Corporate(f)
(90,168)(42,401)(22,779)(25,532)(22,622)(113,334)(36,767)
Total Adjusted EBITDA$169,257 $33,372 $40,504 $19,388 $122,740 $216,004 $10,950 
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The following table reconciles net (loss) earnings attributable to IAC shareholders to operating (loss) income to Adjusted EBITDA:
202420252026
FYE 12/31Q1Q2Q3Q4FYE 12/31Q1
(Unaudited; in thousands)
Net (loss) earnings attributable to IAC shareholders$(539,897)$(216,805)$211,452 $(21,879)$(76,794)$(104,026)$(71,882)
Add back:
Net earnings (loss) attributable to noncontrolling interest6,567 2,237 (819)142 996 2,556 1,212 
(Earnings) loss from discontinued operations, net of income taxes(h)(i)(j)
(78,504)(34,509)(19,419)(31,007)237,502 152,567 (4,455)
Loss on sale of Care.com, net of income taxes— — — — — — 75,643 
Income tax (benefit) provision(149,941)(74,767)74,360 (3,108)31,594 28,079 (10,109)
Other (income) expense, net(98,227)(7,632)(2,796)18,447 (24,155)(16,136)(14,078)
Unrealized loss (gain) on investment in MGM Resorts International649,178 324,265 (307,437)(17,476)(118,527)(119,175)(34,005)
Interest expense135,719 28,314 37,167 27,636 26,910 120,027 25,858 
Operating (loss) income(75,105)21,103 (7,492)(27,245)77,526 63,892 (31,816)
Add back:
Stock-based compensation expense73,159 (21,390)18,310 15,877 15,107 27,904 16,412 
Depreciation34,777 11,241 7,268 8,235 8,255 34,999 7,314 
Amortization of intangibles136,426 22,418 22,418 22,521 21,852 89,209 19,040 
Adjusted EBITDA$169,257 $33,372 $40,504 $19,388 $122,740 $216,004 $10,950 
(a)The third quarter of 2025 operating income of $38.4 million and Adjusted EBITDA of $64.9 million at People Inc. Digital include $8.3 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.

(b)The third quarter of 2025 operating income of $1.0 million and Adjusted EBITDA of $6.4 million at People Inc. Print include $5.8 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.

(c)Other comprises unallocated corporate costs.
(d)The first quarter of 2025 operating income of $16.6 million and Adjusted EBITDA of $24.5 million at People Inc. Other include a net gain of $36.2 million related to certain unoccupied office space. The third quarter of 2025 operating loss of $10.9 million and Adjusted EBITDA loss of $6.3 million at People Inc. Other include a net gain of $5.2 million related to an amendment of a lease, which provided for the surrender of certain office space early, partially offset by $1.0 million of severance-related costs driven by headcount reductions to better align the business with strategic growth opportunities.
(e)The third quarter of 2025 operating loss of $20.8 million and Adjusted EBITDA loss of $20.0 million at Emerging & Other include $21.4 million of legal fees and settlement expenses for litigation that concluded in the third quarter of 2025 related to a legacy business.

(f)The first quarter of 2026 operating loss of $45.1 million and Adjusted EBITDA loss of $36.8 million at Corporate include $10.3 million of severance-related costs driven by a reduction in workforce as IAC Corporate consolidates its corporate functions with those of People Inc.
(g)Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements, if applicable. We believe this measure is useful for investors and analysts as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
(h)On March 31, 2025, IAC completed the spin-off of Angi, including Roofing, by means of a special dividend (the "Distribution") of all shares of Angi capital stock held by IAC to holders of its common stock and Class B common stock. As a result of the Distribution, IAC no longer owns any shares of Angi's capital stock and Angi became an independent public company. The operations of Angi are presented as discontinued operations within IAC's consolidated financial statements for all periods prior to March 31, 2025.
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(i)On March 16, 2026, IAC completed the sale of Care.com. As a result of the sale, the operations of Care.com are presented as discontinued operations within IAC’s consolidated financial statements for all periods presented above.
(j)The operations of the Search segment are presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to operations ceasing in connection with the expiration of the Google Services Agreement on April 30, 2026.
4

Source: View Original Filing on SEC EDGAR

FAQ

What did IAC (IAC) announce about its Google Services Agreement and Search segment?

IAC disclosed that Google delivered a non-renewal notice for their Services Agreement, which was extended to April 30, 2026 and then expired. When the agreement ended, IAC ceased operations of its Search segment and now reports that segment as discontinued operations for all earlier periods.

How is IAC (IAC) changing its financial reporting for the Search segment?

IAC now classifies the Search segment as discontinued operations for all periods before April 30, 2026. This means historical consolidated financial statements are recast so Search results appear in discontinued operations, while continuing operations focus on People Inc., Emerging & Other, and Corporate activity.

How did IAC’s continuing operations perform in 2024 and 2025 after these reclassifications?

For 2024, continuing operations generated revenue of $1,865,039 thousand and Adjusted EBITDA of $169,257 thousand. For 2025, continuing operations revenue was $1,833,074 thousand with Adjusted EBITDA of $216,004 thousand, based on the updated segment presentation excluding Search, Angi, and Care.com.

What are IAC’s key continuing business segments after removing discontinued operations?

IAC’s continuing operations are organized into People Inc. (Digital, Print and Other), Emerging & Other, and Corporate. The supplemental tables show revenue, operating income, depreciation, amortization, stock-based compensation, and Adjusted EBITDA for each, giving a cleaner view of the ongoing businesses.

How were Angi and Care.com treated in IAC’s updated financial information?

Angi’s operations are presented as discontinued operations for all periods before its March 31, 2025 spin-off via special dividend. Care.com’s operations are presented as discontinued operations for all periods shown, following its sale on March 16, 2026. These classifications remove both from continuing segment results.

Where can investors find IAC’s supplemental financial tables on continuing operations?

IAC posted supplemental financial information on its investor relations website at http://ir.iac.com/quarterly-results. The same information, reflecting Search, Angi, and Care.com as discontinued operations, is also furnished as Exhibit 99.1 to the report, covering revenue and Adjusted EBITDA by segment.

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