IAC, the parent company of Match Group and a number of other internet-based businesses, has published its latest financial report for the first quarter of 2020.
Overall, it was a positive period for IAC despite growth being considerably slowed in the second half of the quarter due to restrictions caused by the COVID-19 outbreak.
Total revenue was up by 11% from the previous year quarter to $1.23 billion, while adjusted EBITDA decreased by 14% to $163.3 million.
This is likely to be the company’s penultimate financial report that includes Match Group, as the proposed separation is due to be completed by the end of the second quarter.
Match Group and IAC will be holding respective stockholder meetings on 25th June to have the final vote on the uncoupling. Depending on the results of the votes, the transaction is expected to be closed and finalised very soon after.
IAC’s CEO Joey Levin noted in an accompanying letter to shareholders: “When the transaction closes and the dust settles, we’ll have a vastly shrunken and nimble New IAC – as we’ve said before, familiar territory.”
IAC shareholders are still expected to receive approximately 2.1-2.4 Match Group shares per IAC share as part of the deal. However, this could fluctuate depending on the stock price and the size of the potential equity sale.
Find the full financial results here.