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IAC/InterActiveCorp (IACI)

Q2 2008 Earnings Call Transcript

July 30, 2008 11:00 am ET


Tom McInerney – EVP and CFO

Barry Diller – Chairman and CEO

Mindy Grossman – CEO, HSN

Sean Moriarty – CEO, Ticketmaster

Doug Lebda – Chairman and CEO,

Craig Nash – Chairman and CEO, Interval


Jeetil Patel – Deutsche Bank

Mark Mahaney – Citigroup

Imran Khan – JPMorgan

Brian Pitz – Banc of America Securities

Justin Post – Merrill Lynch

Jennifer Watson – Goldman Sachs

Jeffrey Lindsay – Sanford Bernstein

Doug Anmuth – Lehman Brothers

Alan Gould – Natixis Bleichroeder

Scott Kessler – Standard & Poor's

Colin Gillis – Canaccord Adams



Good morning my name is Cynthia and I will be your conference operator today. At this time, I would like to welcome everyone to the IAC second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. (Operator instructions)

I would now like to turn today's call over to Tom McInerney, Executive Vice President and Chief Financial Officer. Please go ahead, sir.

Tom McInerney

Thank you operator and thank you everyone for joining us this morning. The format of the call will be a little different than usual given the impending spinoffs. On the call with me is IAC Chairman and CEO, Barry Diller; HSN CEO, Mindy Grossman; Ticketmaster CEO, Sean Moriarty; Chairman and CEO, Doug Lebda; and Interval Chairman and CEO, Craig Nash. I believe each of their CFOs are with us as well.

Barry is going to make some brief remarks, and then for expediency, I will summarize the Q2 results for all five companies, although all of my colleagues will be available to take questions.

I'll remind you that during this call, we may discuss our outlooks 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. Our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our Q2 2008 press release and our periodic reports filed with the SEC.

We will also discuss certain non-GAAP measures. I refer you to our press release and [Author ID1: at Mon Aug 25 15:43:00 2008

]in[Author ID1: at Mon Aug 25 15:43:00 2008

] [Author ID1: at Mon Aug 25 15:43:00 2008

]the investor relations sections of our website for all comparable GAAP measures and full reconciliations.

And with that preamble, Barry?

Barry Diller

Thank you Tom. I think this is probably the first and most definitely the last time that on a single conference call, there are five pro forma separate companies talking to you, so we should enjoy the great history of this moment. We're almost there on the spins, I think you all know. We'll begin when it should traded [ph].

Talking about the old IAC,[Author ID1: at Mon Aug 25 15:44:00 2008

] doesn't make very much sense to me. I think – I can't imagine it would be very productive to you given that all the noise, pop[Author ID1: at Mon Aug 25 15:44:00 2008

]t[Author ID1: at Mon Aug 25 15:44:00 2008

]s and pans that are thrown [Author ID1: at Mon Aug 25 15:44:00 2008

](inaudible)[Author ID1: at Mon Aug 25 15:44:00 2008

] into this last consolidated quarter. It is a ton of information to absorb and I think that is probably a real underlying absolute truth to why we are doing this which is it'[Author ID1: at Mon Aug 25 15:45:00 2008

]s just too much complexity and information and lack of single focus which I think you get a sense of. Hopefully, during this call with your questions about each of the individual companies but most productively when you can talk to each of them on their very own. Some of that has already be gone[Author ID1: at Mon Aug 25 15:45:00 2008

]begun[Author ID1: at Mon Aug 25 15:45:00 2008

]. I think we have had [Author ID1: at Mon Aug 25 15:45:00 2008

]130 meetings or so with 400 investors in the last week or so and today they are all with us. So what we really want to do is spend the most amount of time with questions and we know they will be all over the place and soon they will be each in their rightful places.

On new IAC, I am really excited about the new IAC company. It is, I think, perfectly focused. It has got all internet brands, about 32 of them. They vary from established brands like Match and Citysearch to ones in the midstage like Evite and Gifts and Pronto and about 15 emerging businesses during various stages. And the thing I think that pay attention about this company is – is that it starts with this mix of these 32 various stage businesses with excellent overall growth and earnings. And obviously, it starts with a lot of capital, and that combination plus the expertise that we have gained in what I would call the new order of marketing and distribution of the internet across how to monetize sites, how to distribute them, how to market them in internet ways that are – it gives us a really competitive edge against[Author ID1: at Mon Aug 25 15:47:00 2008

],[Author ID1: at Mon Aug 25 15:47:00 2008

] I think, any other player who is in the area of developing let us say new businesses or are just generating the growth on the existing businesses.[Author ID1: at Mon Aug 25 15:47:00 2008

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