EX-99.2 4 a2122473zex-99_2.htm EXHIBIT 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.