8-K

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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): November 11, 2003

INTERACTIVECORP
(Exact name of Registrant as specified in charter)

Delaware	0-20570	59-2712887
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
152 West 57th Street, New York, NY		10019
(Address of principal executive offices)		(Zip Code)

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

ITEM 9. REGULATION FD DISCLOSURE

        On November 11, 2003, the Registrant held its IAC Investor Day 2003. A copy of the Registrant's financial presentations and reconciliations, appearing in Exhibits 99.1, 99.2 and 99.3 hereto, are being furnished pursuant to Regulation FD.

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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 thereunto duly authorized.

	INTERACTIVECORP
	By:	/s/  DARA KHOSROWSHAHI
		Name:	Dara Khosrowshahi
		Title:	Executive Vice President and Chief Financial Officer
Date: November 11, 2003

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Financial Presentation dated November 11, 2003.
99.2	Financial Presentation dated November 11, 2003.
99.3	Appendix: Reconciliation.

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ITEM 9. REGULATION FD DISCLOSURE

SIGNATURES
EXHIBIT INDEX

EX-99.1

EXHIBIT 99.1

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Recent Financial

Results

Dara Khosrowshahi

Executive Vice President & CFO

Gross Transaction Value

[CHART]

IAC/InterActiveCorp

Revenue

[CHART]

Includes results from continuing operations. 2002 is pro forma for Expedia.

OIBA

[CHART]

Includes results from continuing operations. 2002 is pro forma for Expedia.

Q3 P&L Summary

$ in millions, except per share data	Q3 03		Q3 02			GROWTH %
Revenue	$	1,610	$	1,185		36	%
OIBA	192		96			100	%
Net Income	19		(37		)	nm
Diluted EPS	$	0.02	$	(0.07	)	nm
Adjusted Net Income	$	130	$	47		173	%
Adjusted Shares Outstanding	786		688			14	%
Adjusted EPS	$	0.17	$	0.07		153	%

Includes results from continuing operations.

Q3 Charges

$ in millions, except per share data	Q3 03		Q3 02		GROWTH %
OIBA after Charges	192		96		100	%
CHARGES:
Hotels.com	4		—
TVTS Satellite Contract	5		—
PRC Real Estate & Software	2		—
HSN Italy Write-Off	—		31
Total Charges/OIBA Impact	$	11	$	31
OIBA before Charges	$	203	$	127	60	%
Adjusted Net Income before Charges	$	141	$	79	79	%

Q3 Segment Financials

$ in millions	REVENUE								OIBA
	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
Teleservices	75			76			1	%	1			2			99	%
Corporate & Other	(2		)	(5		)	nm		(21		)	(23		)	nm
Total	$	1,185		$	1,610		36	%	$	96		$	192		100	%

Leverage

SELLING & MARKETING as % OF REVENUE

[CHART]

Sources: IAC public filings. YTD 2003 OIBA margin is before “unusual” charges in Q3 03 as discussed on Q3 earnings release.

Free Cash Flow

[CHART]

Travel Working Capital

(Expedia & Hotels. com)

$ in millions	2002			2003E
Increase in Gross Bookings	$	2,834		$	3,000+
Increase in Working Capital	$	220		$	310 - $360
Increase in Working Capital as % of Gross Bookings Increase	~8		%	~10		%

YTD Cash Deployment

[CHART]

Acquisitions include Hotwire and Anyway. com (transactions pending). Repurchases include stock, bonds and warrants.

Current Capitalization

[CHART]

Proforma for acquisitions of Hotwire and Anyway. com (transaction pending).

Cash Cushion

$ in millions
Pro Forma 9/30/03 Cash Balance	$3,790
Stock Repurchases (50m Shares @ $35)	$(1,750	)
Available Cash	$2,040
Cash Cushion (working capital, growth, acquisitions)	$(1,500) - $(2,000	)
Excess Cash	$40 - $540
VUE Securities	$2,200
Cash & Securities Available	$2,240 - $2,740

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
• International	• Customer Service	• Upgrade of Core Technology	New products
• Corporate Travel	• Fulfillment capabilities	• International Rebuild	• Advanced Search
• New Products		• New products	• Community
			• Quizlets
			• Events
IAC/Local Services	IAC/Financial Services & Real Estate		Interactive Development
• Online product	• Real Estate		• New ideas
• Registered card	• New technology
• Pay for Performance

2004 Growth Initiatives

[CHART]

OIBA Growth Estimate

[CHART]

Perspective

            •   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

EX-99.2

EXHIBIT 99.2

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Long Term

Goals

Victor Kaufman

Vice Chairman

IAC/Travel

	LTM		2006		2008
Revenue	$	2,412	$	6,200	$	9,600
OIBA	445		1,200		2,000

[CHART]                               [CHART]

IAC/Electronic Retailing

	LTM		2006		2008
Revenue	$	2,149	$	3,100	$	3,800
OIBA	204		380		550

[CHART]                               [CHART]

IAC/Ticketing

	LTM		2006		2008
Revenue	$	725	$	900	$	1,100
OIBA	133		200		280

[CHART]                               [CHART]

IAC/Personals

	LTM		2006		2008
Revenue	$	175	$	370	$	450
OIBA	33		80		100

[CHART]                               [CHART]

IAC/Financial Services & Real Estate

	2003		2006		2008
Revenue	$	164	$	290	$	420
OIBA	29		90		130

[CHART]                               [CHART]

IAC/Local Services

	LTM		2006		2008
Revenue	$	256	$	450	$	730
OIBA	24		90		150

[CHART]                               [CHART]

LTM pro forma for EPI acquisition.

Strong Cash Flow Generation

[CHART]

IAC/InterActiveCorp

Long Term Goal - Revenue

$ in millions	LTM			2006			2008			‘03 - ‘08 CAGR %
IAC Travel	$	2,412		$	6,200		$	9,600		30	%
Electronic Retailing	2,149			3,100			3,800			11	%
Ticketing	725			900			1,100			9	%
Personals	175			370			450			19	%
Local Services	256			450			730			26	%
Financial Services & Real Estate	24			290			420			47	%
Teleservices	294			360			440			9	%
Inter-segment Eliminations	(16		)	(40		)	(50		)	nm
Total Revenue	$	6,018		$	11,600		$	16,500		21	%

Local services is pro forma for EPI.

Long Term Goal - OIBA

$ in millions	LTM			2006			2008			‘03 - ‘08 CAGR%
IAC Travel	$	445		$	1,200		$	2,000		32	%
Electronic Retailing	204			380			550			20	%
Ticketing	133			200			280			16	%
Personals	33			80			100			28	%
Local Services	24			90			150			49	%
Financial Services & Real Estate	3			90			130			82	%
Teleservices	10			25			35			35	%
Corporate & Other	(97		)	(160		)	(210		)	nm
Total OIBA	$	755		$	1,900		$	3,000		30	%

Local services is pro forma for EPI.

P&L Impact

$ in billions, except per share data	2006		2008		‘03 to ‘08 CAGR%
Revenue	$	11.6	$	16.5	~20	%
Operating Income	1.6		2.8		~85	%
OIBA	1.9		3.0		~30	%
GAAP Diluted EPS	$	1.40	$	2.55	nm
Adjusted EPS	$	1.70	$	2.65	~30	%

The ‘Value’ of Growth Companies

[CHART]

Beta represents 5-Year Beta. Source of EPS Growth rates: FirstCall consensus estimates, except IAC.

Q&A

Safe Harbor Statement Under The Private Securities Litigation

Reform Act of 1995

This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to IAC’s anticipated financial performance, business prospects, new developments, and similar matters, and/ or statements preceded by, followed by or that include the words “believes,” “could,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “seeks,” or similar expressions. These forward-looking statements are necessarily estimates reflecting the best judgment of IAC’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions that could have a material adverse effect on IAC’s business, financial condition or results of operations. You should understand that the following important factors could affect IAC’s future results and could cause those results to differ materially from those expressed in the forward-looking statements: (1) the risk that IAC’s businesses will not be integrated successfully; (2) material adverse changes in economic conditions generally or in such conditions affecting IAC’s markets or industries; (3) future regulatory and legislative actions and conditions affecting IAC’s operating areas; (4) competition from others; (5) successful integration of our businesses’ management structures; (6) product demand and market acceptance; (7) the ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; (8) the ability to maintain the integrity of IAC’s systems and infrastructure; (9) the ability to expand into and successfully operate in foreign markets; (10) obtaining and retaining skilled workers and key executives, (11) acts of terrorism; and (12) war or political instability. In addition, investors should consider the other information contained in or incorporated by reference into IAC’s filings with the U. S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended 2002, especially in the Risk Factors and the Management’s Discussion and Analysis sections, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Other unknown or unpredictable factors also could have material adverse effects on IAC’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. These forward-looking statements should not be regarded as an indication that IAC considers them to be a reliable prediction of future events. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation.

IAC does not make any representations to any person regarding the ultimate performance of IAC compared to the information contained in this presentation and IAC is not under any obligation and does not intend, except as specifically stated, to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflect circumstances existing after the date hereof or to reflect the occurrence of future events even if experience or future events make it clear that any or all of the assumptions underlying the information contained herein are shown to be in error or any expected results expressed or implied by those forward-looking statements will not be realized.

EX-99.3

EXHIBIT 99.3

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Appendix: Reconciliation

Definitions

Operating Income Before Amortization (“OIBA”) is defined as operating income plus: (1) amortization of non-cash distribution, marketing and compensation expense, (2) amortization of intangibles and goodwill impairment, if applicable, (3) pro forma adjustments for significant acquisitions and (4) one-time items.  See below for explanations of these adjustments.

Adjusted Net Income generally captures all income statement items that have been, or ultimately will be, settled in cash and is defined as net income available to common shareholders plus: (1) amortization of non-cash distribution, marketing and compensation expense, (2) amortization of intangibles and goodwill impairment, if applicable, (3) pro forma adjustments for significant acquisitions, (4) equity income or loss from IAC’s5.44% interest in VUE, and (5) one-time items, net of related tax and minority interest.

Adjusted EPS is defined as Adjusted Net Income divided by weighted fully diluted shares outstanding for Adjusted EPS purposes.  We include dilution from options and warrants per thetreasury stock method and include all shares relating to restricted stock/share units (“RSU”) in shares outstanding for Adjusted EPS.  This differs from the GAAP method for including RSUs, which treats them on a treasury method basis.  Shares outstanding for Adjusted EPS purposes are therefore higher than shares outstanding for GAAP EPS purposes.

Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures, investments to fund HSN International unconsolidated operations and preferred dividends paid.  Free Cash Flow includes cash dividends received and tax related payments with respect to the VUE securities.

Index to Reconciliations

Certain non-GAAP measures that appear in the IAC presentation have previously been provided publicly, and reconciliations of these non-GAAP measures to the most comparable GAAP measure are available in  the Form 8-K filed by IAC with the Securities and Exchange Commission on November 5, 2003.  See below for a list of such non-GAAP items and the location in our SEC filings of the existing reconciliation.

Section/Slide Title	Metric	Location of Existing Reconciliation
Section: Electronic Retailing
Electronic Retailing Today	OIBA for HSN US 2003	Schedule 1
	OIBA for HSN Int’l 2003	Schedule 2
HSN U.S. Financial Summary	HSN US OIBA—1999 to 2003E	Schedule 1
HSN U.S. Significant Competitive Opportunity	HSN EBITDA for Last Twelve Months	Schedule 3
International Consolidated Summary	HSN Int'l OIBA—1999 to 2003E	Schedule 2
Section: Ticketing
Results have been strong	OIBA—2001, 2002 and LTM	Schedule 4, Schedule 10
5 year Growth build-up	OIBA—LTM and 2008E	Schedule 10

Index to Reconciliations

Section/Slide Title	Metric	Location of Existing Reconciliation
Section: LendingTree
Historical Performance	OIBA for 2000 to 2003 YTD	Schedule 5
Long Range Plans	OIBA for 2004E to 2008E	Schedule 6

Index to Reconciliations

Section/Slide Title	Metric	Location of Existing Reconciliation
Section: Recent Financial Results
OIBA	OIBA—FY 2002	Filed as part of exhibit 99.2 to IAC’s Form 8-K filed on November 5, 2003.
	OIBA—YTD 2003	Filed as part of exhibit 99.1 to IAC’s Form 8-K filed on November 5, 2003.
Q3 P&L Summary	OIBA—Q3 2003 and Q3 2002	Filed as part of exhibit 99.1 to IAC’s Form 8-K filed on November 5, 2003.
	Adjusted net income—Q3 2003 and Q3 2002	Filed as part of exhibit 99.1 to IAC’s Form 8-K filed on November 5, 2003.
	Adjusted EPS—Q3 2003 and Q3 2002	Filed as part of exhibit 99.1 to IAC’s Form 8-K filed on November 5, 2003.
Q3 Segment Financials	OIBA by Segment—Q3 2003 and Q3 2002	Filed as part of exhibit 99.1 to IAC’s Form 8-K filed on November 5, 2003.
Free Cash Flow	Free Cash Flow—FY 2002 and YTD 2003	Schedule 7
OIBA Growth Estimate	OIBA—2003 E	Schedule 8
	OIBA—2004 E	Filed as part of exhibit 99.3 to IAC’s Form 8-K filed on November 5, 2003.

Index to Reconciliations

Section/Slide Title	Metric	Location of Existing Reconciliation
Section: Long Term Goals
IAC Financial Services & Real Estate	OIBA—2003 E	Schedule 5
Strong Cash Flow Generation	Cumulative Free Cash Flow—2003E to 2008E	Schedule 9
Long Term Goal—OIBA	OIBA by Segment—LTM, 2006E and 2008E	Schedule 10, Schedule 11
P&L Impact	OIBA—2006E and 2008E	Schedule 11
	Adjusted EPS—2006E and 2008E	Schedule 11
	Adjusted EPS Shares Outstanding— 2006E and 2008E	Schedule 12

Reconciliations

Schedule 1 - HSN US OIBA to Operating Income

	Pro Forma
	1999			2000			2001			2002			2003E
OIBA	$	161		$	158		$	121		$	163		$	189
Amortization	(30		)	(32		)	(34		)	(33		)	(51		)
Operating income	$	131		$	125		$	87		$	130		$	139

Schedule 2 - HSN Int’l OIBA to Operating Income

	Pro Forma
	1999		2000			2001			2002			2003E
OIBA	$	8	$	10		$	(26	)	$	(62	)	$	31
Amortization	—		(1		)	(1		)	(1		)	(1		)
Operating income	$	8	$	9		$	(26	)	$	(62	)	$	30

Reconciliations

($ in millions)

Schedule 3 - HSN EBITDA to Operating Income

	LTM
EBITDA	$	288
Depreciation	(48		)
Amortization of Cable Fees	(60		)
Amortization of intangibles	(45		)
Operating income	$	135

Schedule 4 - Ticketing Reconciliations from OIBA to Operating Income

	2001			2002
OIBA	$	74		$	108
Amortization	(58		)	(11		)
Operating income	$	16		$	97

Reconciliations

Schedule 5 - LendingTree Reconciliations from OIBA to Operating Income ($ in millions)

	2000													2001
	Q1				Q2			Q3			Q4			Q1			Q2			Q3			Q4
Operating Income Before Amortization	$	(19		)	$	(18	)	$	(13	)	$	(11	)	$	(7	)	$	(6	)	$	(3	)	$	(2	)
Total Amortization	(1			)	(1		)	(2		)	(2		)	(3		)	(5		)	0			(2		)
Operating Income	$	(20		)	$	(19	)	$	(15	)	$	(13	)	$	(10	)	$	(11	)	$	(3	)	$	(4	)
	2002													2003 E
	Q1				Q2			Q3			Q4			Q1			Q2			Q3			Q4 E			FY
Operating Income Before Amortization	$		1		$	1		$	5		$	8		$	6		$	9		$	9		$	5		$	29
Total Amortization	(1			)	(2		)	(1		)	(1		)	(1		)	(1		)	(8		)	(11		)	(20		)
Operating Income	$		(1	)	$	(1	)	$	4		$	6		$	6		$	8		$	1		$	(6	)	$	9

Reconciliations

Schedule 6 - LendingTree Reconciliations from OIBA to Operating Income

	FY			FY			FY			FY			FY
	2004E			2005E			2006E			2007E			2008E
Operating Income Before Amortization	$	29		$	60		$	90		$	115		$	130
Total Amortization	(27		)	(21		)	(20		)	(16		)	(8		)
Operating Income	$	1		$	39		$	70		$	104		$	122

Reconciliations

($ in millions)

Schedule 7 - IAC Reconciliations from Free Cash Flow to Cash from Operations

	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3		2003
	2002		2002		2002		2002		2002		2003		2003		2003		YTD
Net cash provided by Operating activities	$187		$251		$186		$154		$778		$476		$463		$206		$1,145
Capital expenditures	(27	)	(46	)	(34	)	(55	)	(162	)	(34	)	(53	)	(43	)	(130	)
Investments to fund unconsol subs	(1	)	(26	)	(5	)	(0	)	(32	)	—		—		—		—
Tax distributions from VUE	—		—		—		—		—		—		1		—		1
Preferred dividend paid			(4	)	(3	)	(3	)	(10	)	(3	)	(3	)	(3	)	(10	)
FCF	$160		$175		$143		$96		$575		$439		$408		$160		$1,007

Reconciliations

($ in millions)

Schedule 8 - IAC 2003 E OIBA High End Reconciliation to Operating Income

	2003 High
	Range Forecast
OIBA	$	825
Amortization	(529		)
Merger costs	(11		)
Operating income	$	284

Schedule 9 - IAC Cumulative FCF to Cumulative Net Cash from Operations

	Cumulative
	FCF
Net Cash From Operations	$	12,706
Capital Expenditures	(1,778		)
Preferred Dividend	(79		)
Free Cash Flow	$	10,849

Reconciliations

($ in millions)

Schedule 10 - IAC Reconciliations from OIBA to Operating Income

	IAC Travel									Electronic Retailing									Ticketing
	LTM			2006E			2008E			LTM			2006E			2008E			LTM			2006E			2008E
OIBA	$	445		$	1,200		$	2,000		$	204		$	380		$	550		$	133		$	200		$	280
Amortization	(144		)	(118		)	(38		)	(44		)	(26		)	(1		)	(25		)	(23		)	(12		)
Merger costs	(12		)	—			—			—			—			—			(0		)	—			—
Operating Income	$	288		$	1,082		$	1,962		$	160		$	354		$	549		$	108		$	177		$	268
	Personals									Local Services									Financial Services & Real Estate
	LTM			2006E			2008E			LTM			2006E			2008E			LTM			2006E			2008E
OIBA	$	33		$	80		$	100		$	24		$	90		$	150		$	3		$	90		$	130
Amortization	(11		)	(2		)	—			(54		)	(6		)	(5		)	(8		)	(20		)	(8		)
Merger costs	—			—			—			(4		)	—			—			—			—			—
Operating Income	$	22		$	78		$	100		$	(34	)	$	84		$	145		$	(5	)	$	70		$	122
	Teleservices									Corporate and Other									Total IAC
	LTM			2006E			2008E			LTM			2006E			2008E			LTM			2006E			2008E
OIBA	$	10		$	25		$	35		$	(97	)	$	(160	)	$	(210	)	$	755		$	1,900		$	3,000
Amortization	—			—			—			(97		)	(134		)	(111		)	(383		)	(329		)	(176		)
Merger costs	—			—			—			—			—			—			(16		)	—			—
Operating Income	$	10		$	25		$	35		$	(194	)	$	(294	)	$	(321	)	$	355		$	1,571		$	2,824

Reconciliations

Schedule 11 - IAC Reconciliations from GAAP EPS to Adjusted EPS

$ in billions except per share data	2006E			2008E
OIBA	$	1.9		$	3.0
Amortization	(0.3		)	(0.2		)
Operating Income	1.6			2.8
Interest and Other Income	0.2			0.3
Income before Taxes and Minority Interest	1.8			3.1
Income Taxes	(0.7		)	(1.2		)
Minority Interest	(0.0		)	(0.0		)
Net Income before Preferred	1.1			1.9
Preferred Dividend	—			(0.0		)
Net Income Available to Common Shareholders	1.1			1.9
GAAP Diluted Shares (in millions)	755			730
GAAP EPS	$	1.40		$	2.55
Adjusted Net Income Calculation
Net Income	1.1			1.9
Amortization of non-cash items and intangibles	0.3			0.2
Impact of income taxes and minority interest	(0.1		)	(0.1		)
Adjusted Net Income	$	1.3		$	2.0
Adjusted Outstanding Shares (in millions)	766			741
Adjusted EPS	$	1.70		$	2.65

Reconciliations

Schedule 12 - IAC Reconciliations from GAAP Diluted Shares to Adjusted EPS Shares

	2006E	2008E
Basic Shares Outstanding	668	642
Treasury method options, warrants and restricted stock	65	65
Expedia Preferred	22	23
GAAP Diluted Shares Outstanding	755	730
Additional restricted shares for calculating Adjusted EPS	11	10
Adjusted EPS shares outstanding	766	741