Jerry Capital Posted August 8, 2019 Share Posted August 8, 2019 Angi had a bad quarter Link to comment Share on other sites More sharing options...
walkie518 Posted August 10, 2019 Share Posted August 10, 2019 certainly some buzz about distribution of existing interests or outright sales... I think I'd prefer MTCH shs and an ANGI sale Link to comment Share on other sites More sharing options...
Liberty Posted October 17, 2019 Share Posted October 17, 2019 12-min interview with Barry Diller: https://finance.yahoo.com/video/media-mogul-barry-diller-match-121451284.html h/t Jerry Capital Link to comment Share on other sites More sharing options...
Liberty Posted February 18, 2020 Share Posted February 18, 2020 Presentation on MTCH by Trevor Scott (Tidefall Capital): Link to comment Share on other sites More sharing options...
Homestead31 Posted April 16, 2020 Share Posted April 16, 2020 no thoughts on the spin/arb here? Link to comment Share on other sites More sharing options...
Liberty Posted April 16, 2020 Share Posted April 16, 2020 Diller interview: Link to comment Share on other sites More sharing options...
Liberty Posted August 10, 2020 Share Posted August 10, 2020 MGM investment. Interview with David Faber: Link to comment Share on other sites More sharing options...
bskptkl Posted August 10, 2020 Share Posted August 10, 2020 MGM investment. Interview with David Faber: Makes me feel better about my stranded 99 shares of MGM (times a bunch of accounts) from that busted tender! Thanks for posting. Link to comment Share on other sites More sharing options...
Xerxes Posted August 10, 2020 Share Posted August 10, 2020 LOL i bought IAC just about a week ago and glad to see them deploying the proceeds on Match spin-offs. IAC has been an amazing laboratory of value creation. I recommend folks to listen to the 3 hours long (you can fast forward) of the investor call in July. Its products are low key (Vimeo vs. YouTube), so you can buy the whole at good value vs. sum of parts. Link to comment Share on other sites More sharing options...
villainx Posted August 16, 2020 Share Posted August 16, 2020 Can anyone share thoughts on IAC? I only casually looked at IAC previously, because ... didn't really their business, per se, so it kind of biased my level of focus. But I come to realization that I like capital allocator, compounder type investments (ROP, Constellation, DHR, etc), and seems like IAC is one of those. Is the general idea that IAC has capable leadership in Levin (he seems like a good dude), under valued on SOTP, and are shareholder friendly? MGM sounds atypical, but seems workable. By the way, Liberty's Highlights. Link to comment Share on other sites More sharing options...
Spekulatius Posted August 16, 2020 Share Posted August 16, 2020 There is also a great interview with Ridenour (ANGI CEO) in thr Boyar podcast series that explains how they think about their business going forward. ANGI is still core to the IAC’s thesis: https://podcasts.apple.com/us/podcast/the-world-according-to-boyar/id1374552755?i=1000487503656 Link to comment Share on other sites More sharing options...
Xerxes Posted August 17, 2020 Share Posted August 17, 2020 Can anyone share thoughts on IAC? I only casually looked at IAC previously, because ... didn't really their business, per se, so it kind of biased my level of focus. But I come to realization that I like capital allocator, compounder type investments (ROP, Constellation, DHR, etc), and seems like IAC is one of those. Is the general idea that IAC has capable leadership in Levin (he seems like a good dude), under valued on SOTP, and are shareholder friendly? MGM sounds atypical, but seems workable. By the way, Liberty's Highlights. villainx, I won't bore you with all the talks about market value vs. sum of parts and what you get for free with IAC. All that stuff that usually gets talked about on Barron's. What I would say is that the spread between market value and sum-of-parts, needs to have a "trigger". Most conglomerates ran by self-proclaimed capital allocators have that spread. I am thinking Fairfax and Berkshire on the top of the list. However they do not have the "trigger" because the founder is an empire-builder and an asset-collector. Softbank is also another example of an empire-builder where market value and sum-of-parts spread existed. However, unlike Fairfax and Berkshire, Softbank found its "trigger" when a major activist took over and also Son being humbled by WeWork and the rest of Vision Fund's poor performance. I held Softbank from the week they bought Arm Holdings in 2016, thinking they had some revolutionary plan in mind, and sold it all a week before Uber's IPO last year. Bagged 40%. Then the whole thing unravelled with WeWork and Covid-19. So to me it is AMAZING how Softbank has bounced back and its above my selling price, fuelled by a share price that was rapidly coverging toward the sum of the parts and away from the opaque structure it had. What "trigger" that was monetization of portion of Alibaba stake, off loading of Sprint-T-Mobile entity, i believe more equity sale of its once wholly owned cash cow, Softbank Mobile etc. and now a portion of ARM it seems ! Now on InterActive Corp. My view is that it is another conglomerate it has a market value and sum-of-parts spread narrative. BUT the beauty of IAC is that it has a "built-in" trigger. The sole reason why IAC exists is to create and enhance internet companies and offload them to the market. That is what they do and certainly showed that in spades with Expedia and Match.com. So it will always look to off load as it matures one its properties. Therefore, I think, in my opinion, the market value and sum-of-parts spread narrative has a lot more potential into it for IAC when compared to Berkshire or Fairfax and many other asset-collectors. The last two are great for other reasons. Not really related to the Cold War, but it reminds of a book i was reading few years ago that was covering the arms race in the 1970-80s between the two superpowers. The book was explaining that leading to the late 80s and early 90s, while both sides were great in churning out great dooms days weapons layered on top of each other, when it came to pulling down the Iron Curtain, neither side had any clue, process and understanding about to how unroll the monstrosity they have created. They only knew how to build-up ... only one way ... On MGM, while i don't know the segment very well, i think it is bit smart. Think about it, they bought 10% of the company hoping that the target cooperates with them and uses the cash on hand to build their internet business. Of course the target company could ignore all that and start a buy back program. But that would just increase the size of the position of IAC thereby its influence. Far better for the two sides think about best ways to create value. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 I don't understand why people think IAC is undervalued on SOTP. IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B So what do they hold that is worth another 5B? ::) Link to comment Share on other sites More sharing options...
formthirteen Posted August 17, 2020 Share Posted August 17, 2020 I don't understand why people think IAC is undervalued on SOTP. IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B So what do they hold that is worth another 5B? ::) Maybe not 5B, but there is more: MGM: 12% of ~11B Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 Angi: Revenue $375.1M (up 9%) Q2, 2020 If I remember correctly the CEO has said that the stub perenially sells for zero USD... Link to comment Share on other sites More sharing options...
Xerxes Posted August 17, 2020 Share Posted August 17, 2020 Also cash Pre-MGM they had $4 billion in cash. Now they have $3 billion cash as they deployed $1 billion into MGM Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 I don't understand why people think IAC is undervalued on SOTP. IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B So what do they hold that is worth another 5B? ::) Maybe not 5B, but there is more: MGM: 12% of ~11B Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 Angi: Revenue $375.1M (up 9%) Q2, 2020 If I remember correctly the CEO has said that the stub perenially sells for zero USD... "stub perenially sells for zero USD" - maybe that was true before MTCH spinoff, but it's not true now. And yeah, I know about all these, but they are not 5B. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 Also cash Pre-MGM they had $4 billion in cash. Now they have $3 billion cash as they deployed $1 billion into MGM That's not true: https://www.sec.gov/ix?doc=/Archives/edgar/data/1800227/000180022720000012/iac-2020630x10q.htm Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 So to update: IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B MGM holding ~1.2B Cash/etc ~2B Total: 8.7B Odds&ends: Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 are valued at ~1.7B. I'd say that's high valuation. Link to comment Share on other sites More sharing options...
villainx Posted August 17, 2020 Share Posted August 17, 2020 Cash at 2.9B. That brings stub to under 1B? So to update: IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B MGM holding ~1.2B Cash/etc ~2B Total: 8.7B Odds&ends: Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 are valued at ~1.7B. I'd say that's high valuation. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 Cash at 2.9B. That brings stub to under 1B? So to update: IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B MGM holding ~1.2B Cash/etc ~2B Total: 8.7B Odds&ends: Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 are valued at ~1.7B. I'd say that's high valuation. No, cash was at 2.9B pre MGM investment. Not after it. Link to comment Share on other sites More sharing options...
villainx Posted August 17, 2020 Share Posted August 17, 2020 I just went with there recent conference call: Brandon Ridenour And then just some of the housekeeping items. We own 59 million shares. We paid $1.018 billion for that. So our basis is about $17.25 or so. And we're left after that investment with $2.9 billion of cash. So don't forget to put that 59 million in your stuff -- 59 million shares in your some of the parks. And then also from a housekeeping perspective, you saw in our balance sheet that was in marketable securities. In this quarter going forward, it'll be in long-term investments given our posture. And it'll be on a quarterly basis mark to market. So you'll see the ebb and flow of that investment going through the other income foreign expense line in the income statement. Though I would say filings should be more definitive. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 I just went with there recent conference call: Brandon Ridenour And then just some of the housekeeping items. We own 59 million shares. We paid $1.018 billion for that. So our basis is about $17.25 or so. And we're left after that investment with $2.9 billion of cash. So don't forget to put that 59 million in your stuff -- 59 million shares in your some of the parks. And then also from a housekeeping perspective, you saw in our balance sheet that was in marketable securities. In this quarter going forward, it'll be in long-term investments given our posture. And it'll be on a quarterly basis mark to market. So you'll see the ebb and flow of that investment going through the other income foreign expense line in the income statement. Though I would say filings should be more definitive. OK. ::) I don't see where they got extra $1B from, we'll have to see the fillings. Maybe they borrowed? Link to comment Share on other sites More sharing options...
villainx Posted August 17, 2020 Share Posted August 17, 2020 From earning press release As of June 30, 2020: IAC had 85.1 million common and Class B common shares outstanding. On a consolidated basis, including approximately $1.4 billion from the sale of Class M shares that were received by IAC in early July, the Company had $4.3 billion in cash and cash equivalents, short-term investments and marketable securities, of which IAC held $3.9 billion and ANGI Homeservices held $421.0 million. On a consolidated basis, the Company had $240.6 million in long-term debt, all of which was held at ANGI Homeservices. IAC’s economic interest in ANGI Homeservices was 85.1% and IAC’s voting interest was 98.3%. IAC held 421.8 million shares of ANGI Homeservices. As of August 7, 2020, IAC had approximately $2.9 billion of cash and cash equivalents, short-term investments and marketable debt securities, excluding cash held at ANGI Homeservices and excluding 59 million shares of MGM Resorts International. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 From earning press release As of June 30, 2020: IAC had 85.1 million common and Class B common shares outstanding. On a consolidated basis, including approximately $1.4 billion from the sale of Class M shares that were received by IAC in early July, the Company had $4.3 billion in cash and cash equivalents, short-term investments and marketable securities, of which IAC held $3.9 billion and ANGI Homeservices held $421.0 million. On a consolidated basis, the Company had $240.6 million in long-term debt, all of which was held at ANGI Homeservices. IAC’s economic interest in ANGI Homeservices was 85.1% and IAC’s voting interest was 98.3%. IAC held 421.8 million shares of ANGI Homeservices. As of August 7, 2020, IAC had approximately $2.9 billion of cash and cash equivalents, short-term investments and marketable debt securities, excluding cash held at ANGI Homeservices and excluding 59 million shares of MGM Resorts International. OK. Thanks. You are right then. 10Q is weird then - where the heck they had the class M shares (or cash equivalents) on it... ::) Anyway, does not matter. Thanks for digging it up. I'll adjust above. Link to comment Share on other sites More sharing options...
Jurgis Posted August 17, 2020 Share Posted August 17, 2020 With cash adjusted: IAC market cap is ~10.5B Their holdings of ANGI is ~5.5B MGM holding ~1.2B Cash/etc ~2.9B Total: 9.6B Odds&ends: Vimeo: Revenue $67.3M (up 47%) Q2, 2020 Care.com: IAC paid $500 million for $200 million of revenue and $20 million of EBITDA Dotdash: $108.1M (up 60%) Q2, 2020 Search: Revenue $131.3M (down 32%) Q2, 2020 "Emerging and other": $108.1M (up 60%) Q2, 2020 are valued at ~0.9B. OK, this is harder to value now. I'd still won't say that IAC is undervalued on SOTP, but possibly it's fairly valued. Link to comment Share on other sites More sharing options...
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