NEW YORK – IAC Corporation (NASDAQ:IAC), a leading computer programming and data processing services company, has announced a major change to its executive team. Eric Bradbury, the Company's Senior Vice President and Controller, as well as its Chief Accounting Officer, has announced his resignation, effective August 9, 2024, to pursue a new opportunity.
The departure, as revealed by the company on Thursday, was not due to any disagreements with the company's operations, policies or practices, Bradbury said. IAC has confirmed that a search is underway for a new Chief Accountant to ensure a smooth transition.
Bradbury's resignation comes as the company continues to navigate the competitive technology services landscape. His tenure with IAC was marked by his role overseeing financial reporting and compliance as chief accounting officer.
IAC, formerly known as IAC/InterActiveCorp (NASDAQ:) and IAC Holdings, Inc., has been a significant player in the technology industry, with a history of evolving through its strategic decisions. Founded in Delaware and headquartered at 555 West 18th Street, New York, the company has been at the forefront of innovative, diversified services in the industry.
Investors and stakeholders at IAC Inc. are watching developments closely, as the company's financial leadership plays a critical role in its growth and stability. The shift in leadership of the finance division is a significant event for the company listed on the Nasdaq Global Select Market.
This report is based on a press release, and further details regarding the new appointment will be closely monitored by the market.
The IAC has not yet provided any additional comments regarding potential candidates or the expected timeline for filling the vacancy left by Bradbury. Market observers expect the new hire to be someone capable of maintaining the financial integrity and strategic direction that IAC has maintained in recent years.
In other recent news, IAC/InterActiveCorp continues to attract positive attention from analysts. TD Cowen reaffirmed a Buy rating on IAC with a price target of $78, following a conversation with IAC's CFO and COO, Chris Halpin. Key topics of conversation included Dotdash Meredith's (NYSE:) revenue trajectory, impacts of the new OpenAI partnership, Dotdash Meredith's profitability, and expectations from ANGI's new CEO.
In another development, Wells Fargo raised its price target on IAC from $82 to $84, while maintaining an Overweight rating. A positive company revision reflects a positive view of the company's performance and future prospects. Meanwhile, KeyBanc also raised its price target on IAC stock to $67 from $64 previously, highlighting Dotdash Meredith's performance as a key factor in IAC's ongoing turnaround.
ANGI, a subsidiary of IAC, reported a 13% year-over-year revenue decline, but company EBITDA was reported at $36 million, representing a 21% year-over-year increase, beating Wall Street expectations. By 16%. IAC maintained full-year 2024 EBITDA guidance in the range of $120-150 million. These latest developments highlight the ongoing strategic and financial dynamics at play for IAC.
InvestingPro Insights
As investors watch the executive transition at IAC Inc. (NASDAQ:IAC), it is important to consider the company's financial health and market position. According to InvestingPro data, IAC's market cap is about $4.28 billion and its trailing-twelve-month P/B ratio as of Q1 2024 is just 0.7, suggesting the stock may be undervalued relative to its assets. Despite the challenges, the company maintains a strong gross profit margin of 69.8%, reflecting efficient operations.
InvestingPro's advice highlights that IAC is trading at low revenue valuation multiples and has liquid assets that exceed short-term liabilities, which could provide some near-term financial flexibility. Furthermore, while analysts expect sales and net income to decline for the current year, they also expect the company to return to profitability. These insights underscore the importance of incoming financial leadership to navigate expected changes in performance.
For investors looking for a more in-depth analysis, there are additional InvestingPro tips available, which can be accessed by visiting https://www.investing.com/pro/IAC. Interested readers can also take advantage of the special offer by using a coupon code ProNews24 For an additional 10% discount on your Pro and Pro+ subscription annually or biennially, unlocking more valuable insights that can inform investment decisions.
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