Q4 2011 Earnings Call
February 1, 2012 11:00 a.m. ET
Barry Diller - Chairman and Senior Executive
Greg Blatt – CEO
Thomas McInerney - EVP and CFO
Jeetil Patel - Deutsche Bank
Mark Mahaney – Citigroup
Ross Sandler - RBC Capital Markets
Brian Fitzgerald – UBS
Jason Helfstein – Oppenheimer
Matt Schindler - Bank of America
Kerry Rice - Needham & Company
John Blackledge - Credit Suisse
Michael Graham – Canaccord
Previous Statements by IACI
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Thank you, operator and thank you everyone for joining us this morning for our Q4 2011 earnings call. Barry and Greg will make some brief remarks, after which I come back, and then we'll go to Q&A.
But first, I'll remind you that during this call, we may discuss our outlook for future performance. These forward-looking statements typically are preceded by words, such as we expect, we believe, we anticipate or similar statements. These forward-looking statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our Q4 2011 press release and our periodic reports filed with the SEC. We will also discuss certain non-GAAP measures, and I refer you to our press release and the Investor Relations section of our website for all comparable GAAP measures and full reconciliations.
With that, I'll turn it over to Barry.
Thank you, Tom. Good morning everybody. They say that pride is a dangerous thing. But I really am very proud of the consistent performance of the company and particularly the work that Greg Blatt, our CEO who has been here just now a year and a month or two.
I’ve been here meeting, been in his new position. The amount of attention and aggression and smart that has been brought to the company over this last year has been great. And we all feel that our ability to be consistent over now is eight quarters in terms of growth, is, I think, attributable to a group of extremely talented managers.
Now the earnings of the company predominantly in Search and in Personals which are big engines but under the hood of the company, there are a great many initiatives, investments, businesses that we started, or acquired and are building that I think over the next years are going to come through. Certainly not all of them but more than one, I would say, and as you look, I am not going to talk individually about these. But whether it’s Vimeo with its 15 million a month audios, or Urbanspoon or Daily Beast traffic hitting its highest ever this month with 11 million plus uniques where a year ago, year and a half ago it was, I think, 3 million. Or our initiatives with Daily Burn and making a kind of tech-enabled workout system for people is internet and savvy. Or Electus which is, I think it’s almost two years, I think that has made incredible progress, dozens of projects. It’s a first primetime series, Fashion Star debuts on NBC in February, or College Humor making its first movie.
There are a lot of initiatives and the initiatives do take investments. And yet we are able to invest and continue to grow substantially. And I think that’s going to be rewarding.
So with that, Tom or Greg?
Well, thank you for the unjustifiably kind words. With respect to the quarter, obviously the strong quarter speaks for itself. And Barry mentioned, our results are primarily driven by the performance at the Match and the Search businesses. I feel really good about the outlook for each of them. I think our focus on execution and on near term management has been very solid as reflected in our results. And I think that as we hit that rhythm I think we have been able to focus on some long term initiatives and mix those in, in a way that should really fuel continued growth and hopefully over time expand the definition of these businesses. And I am really excited about the balance that we have been able to achieve there and think it will help to deliver shareholder value well into the future.
Also as Barry mentioned, we’ve got a lot of these smaller initiatives. I like to call them unvalued options with in IAC. I think that my own personal focus for the next year is going to be more on those than they have been. I think that there is going to be value there. We are going to be able to unlock it and I won’t predict which one it will come from or how many. But there will be value I believe that will come out some of these things that we don’t really talk about. So I think that’s going to be a real focus.
And I think the great thing about, what I see is that, so we start lot of things, we do lots of things, we’ve also been successfully shutting down the things that don’t work. And I think that one of our main roles here in this room is sort of matching resources to opportunity making sure that we are going fast enough on the things that matter and that we are not putting resources against things that don’t have promise. And we are going to continue to try and do that more and do it better. But I think it will be a major contributor at some point to our returns.