EXHIBIT 99.1
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Results
Dara Khosrowshahi
Executive Vice President & CFO
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IAC/InterActiveCorp
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Includes results from continuing operations. 2002 is pro forma for Expedia.
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Includes results from continuing operations. 2002 is pro forma for Expedia.
$ in millions, except per share data |
| Q3 03 |
| Q3 02 |
| GROWTH % |
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Revenue |
| $ | 1,610 |
| $ | 1,185 |
| 36 | % |
OIBA |
| 192 |
| 96 |
| 100 | % | ||
Net Income |
| 19 |
| (37 | ) | nm |
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Diluted EPS |
| $ | 0.02 |
| $ | (0.07 | ) | nm |
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Adjusted Net Income |
| $ | 130 |
| $ | 47 |
| 173 | % |
Adjusted Shares Outstanding |
| 786 |
| 688 |
| 14 | % | ||
Adjusted EPS |
| $ | 0.17 |
| $ | 0.07 |
| 153 | % |
Includes results from continuing operations.
$ in millions, except per share data |
| Q3 03 |
| Q3 02 |
| GROWTH % |
| ||
OIBA after Charges |
| 192 |
| 96 |
| 100 | % | ||
CHARGES: |
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Hotels.com |
| 4 |
| — |
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TVTS Satellite Contract |
| 5 |
| — |
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PRC Real Estate & Software |
| 2 |
| — |
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HSN Italy Write-Off |
| — |
| 31 |
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Total Charges/OIBA Impact |
| $ | 11 |
| $ | 31 |
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OIBA before Charges |
| $ | 203 |
| $ | 127 |
| 60 | % |
Adjusted Net Income before Charges |
| $ | 141 |
| $ | 79 |
| 79 | % |
$ in millions |
| REVENUE |
| OIBA |
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| 2002 |
| 2003 |
| GROWTH % |
| 2002 |
| 2003 |
| GROWTH % |
| ||||
IAC Travel |
| $ | 459 |
| $ | 734 |
| 60 | % | $ | 84 |
| $ | 138 |
| 64 | % |
Electronic Retailing |
| 450 |
| 526 |
| 17 | % | 8 |
| 48 |
| 515 | % | ||||
Ticketing |
| 162 |
| 178 |
| 10 | % | 26 |
| 32 |
| 25 | % | ||||
Personals |
| 34 |
| 48 |
| 44 | % | 5 |
| 10 |
| 107 | % | ||||
Local Services |
| 8 |
| 29 |
| 283 | % | (7 | ) | (18 | ) | 159 | % | ||||
Financial Services & Real Estate |
| — |
| 24 |
| nm |
| — |
| 3 |
| nm |
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Teleservices |
| 75 |
| 76 |
| 1 | % | 1 |
| 2 |
| 99 | % | ||||
Corporate & Other |
| (2 | ) | (5 | ) | nm |
| (21 | ) | (23 | ) | nm |
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Total |
| $ | 1,185 |
| $ | 1,610 |
| 36 | % | $ | 96 |
| $ | 192 |
| 100 | % |
SELLING & MARKETING as % OF REVENUE
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Sources: IAC public filings. YTD 2003 OIBA margin is before “unusual” charges in Q3 03 as discussed on Q3 earnings release.
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(Expedia & Hotels. com)
$ in millions |
| 2002 |
| 2003E |
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Increase in Gross Bookings |
| $ | 2,834 |
| $ | 3,000+ |
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Increase in Working Capital |
| $ | 220 |
| $ | 310 - $360 |
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Increase in Working Capital as % of Gross Bookings Increase |
| ~8 | % | ~10 | % | ||
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Acquisitions include Hotwire and Anyway. com (transactions pending). Repurchases include stock, bonds and warrants.
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Proforma for acquisitions of Hotwire and Anyway. com (transaction pending).
$ in millions |
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Pro Forma 9/30/03 Cash Balance |
| $3,790 |
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Stock Repurchases (50m Shares @ $35) |
| $(1,750 | ) |
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Available Cash |
| $2,040 |
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Cash Cushion (working capital, growth, acquisitions) |
| $(1,500) - $(2,000 | ) |
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Excess Cash |
| $40 - $540 |
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VUE Securities |
| $2,200 |
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Cash & Securities Available |
| $2,240 - $2,740 |
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9/30/03 cash balance pro forma for acquisitions of Hotwire and Anyway.com (transaction pending).
2004 Growth Initiatives
IAC/Travel |
| IAC/Electronic Retailing |
| IAC/Ticketing |
| IAC/Personals |
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• International |
| • Customer Service |
| • Upgrade of Core Technology |
| New products |
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• Corporate Travel |
| • Fulfillment capabilities |
| • International Rebuild |
| • Advanced Search |
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• New Products |
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| • New products |
| • Community |
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| • Quizlets |
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| • Events |
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IAC/Local Services |
| IAC/Financial Services & Real Estate |
| Interactive Development |
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• Online product |
| • Real Estate |
| • New ideas |
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• Registered card |
| • New technology |
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• Pay for Performance |
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2004 Growth Initiatives
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• Focus on near term and long term financial performance
• Significant free cash flow generation
• Strong balance sheet
• Use business leverage to invest in growth initiatives