SEC 8-K filings with transcript text
Aug 3, 2026
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•People Inc. drove its 11th consecutive quarter of Digital growth with Q2 Digital revenue increasing 6% to $290 million; People Inc. total operating income of $34 million and Adjusted EBITDA of $73 million with expanding Digital margins
•Board of Directors approved an authorization to repurchase an additional 10 million shares of People Incorporated’s (“the Company”) common stock
•The Company entered into agreement to sell its Limited Partner stake in a third party fund for approximately $189 million in aggregate
•The Company revised its definition of Adjusted EBITDA in Q2 2026 with prior periods recast for conformity
•The Company to complete leadership transition, appointing Neil Vogel as Chief Executive Officer and Timothy Quinn as Chief Financial Officer, effective August 5, 2026; Barry Diller continues as Chairman and Senior Executive
•The Company’s consolidation of its corporate functions with People Inc. remains on track with estimated Corporate annual run-rate operating expense of approximately $45 million and annual stock-based compensation expense of approximately $30 million following consolidation completion in Q1 2027
•The Company’s Q2 2026 operating loss was $14 million and Adjusted EBITDA increased 15% to $56 million
NEW YORK— August 3, 2026—People Incorporated (NASDAQ: PPLI) released its second quarter results today and separately posted a Q2 2026 earnings presentation. These materials can be found in the Financials section of its website at ir.people-incorporated.com.
($ in millions except per share amounts)
Q2 2026Q2 2025Growth
Revenue$436.7 $443.2 -1 %
Operating loss(14.3)(7.5)-91 %
Unrealized gain on investment in MGM Resorts International721.7 307.4 135 %
Net earnings506.9 211.5 140 %
Diluted earnings per share6.68 2.57 160 %
Adjusted EBITDA55.9 48.7 15 %
See reconciliations of GAAP to non-GAAP measures beginning on page 15.
•On June 4, 2026, the Company, formerly IAC Inc. (NASDAQ: IAC), completed its legal name change and commenced trading under the ticker symbol PPLI.
•The Company will complete its leadership transition effective August 5, 2026 with Barry Diller continuing as Chairman, Neil Vogel serving as Chief Executive Officer and Timothy Quinn as Chief Financial Officer. Former IAC officers Christopher Halpin, Executive Vice President, Chief Operating Officer and Chief Financial Officer, and Kendall Handler, Executive Vice President, Chief Legal Officer and Secretary, will transition to advisor roles through the end of March 2027.
•Beginning in Q2 2026, the Company revised its definition of Adjusted EBITDA to exclude certain items that are not indicative of core ongoing operating performance and certain items that affect comparability between periods. As a result of this change, previously reported Adjusted EBITDA for prior periods has been recast to conform to the current period presentation.
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•People Inc.
◦Q2 2026 Digital revenue increased 6% to $290 million driven by 16% Non-sessions-based revenue growth (23% Licensing and other growth, growth in Non-sessions-based performance marketing and advertising, including the ramp of D/Cipher+).
◦Q2 2026 Digital operating income increased 27% to $49 million and Adjusted EBITDA increased 18% to $74 million with Adjusted EBITDA margins expanding nearly 300bps to 26%.
◦Q2 2026 Total People Inc. operating income was $34 million and Adjusted EBITDA was $73 million.
◦For the six months ended June 30, 2026, People Inc. net cash from operations increased $88 million to $98 million and Free Cash Flow increased $76 million to $79 million.
•Capital Allocation
◦On June 16, 2026, the Board of Directors approved an authorization for the Company to repurchase an additional 10 million shares of its common stock. As of July 31, 2026, the Company had 12.5 million shares remaining under its share repurchase authorization.
◦The Company entered into agreement to sell its Limited Partner stake in a third party fund to a group of private investors for approximately $189 million in aggregate. We expect the transaction to close in Q3.
◦For the six months ended June 30, 2026, the Company’s net cash from operations attributable to continuing operations increased $90 million to $56 million and Free Cash Flow increased $79 million to $36 million.
◦As of June 30, 2026, the Company had $1.1 billion in cash and cash equivalents, of which $330 million was held at People Inc.
•Emerging Other
◦Q2 2026 revenue increased 26% to $20 million due to 53% growth at The Daily Beast (accelerating from 36% in Q1 2026) and 12% growth at Vivian Health (accelerating from 8% in Q1 2026).
◦Q2 2026 operating income increased $12 million to $3 million driven by the elimination of costs related to a legacy business legal matter settled in Q3 2025 and $3 million higher Adjusted E
May 4, 2026
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•IAC streamlining structure ahead of People Incorporated transition, realigning around core assets People Inc. and its investment in MGM Resorts International in a plan expected to generate approximately $40 million in annual run-rate operating expense savings and approximately $20-$25 million in reduced stock-based compensation expense
•People Inc. drove Q1 Digital revenue growth of 8% to $253 million; People Inc. total operating income of $10 million and Adjusted EBITDA of $44 million
•IAC returned capital through share repurchases of 2.9 million for $111 million since Q4 2025 earnings; purchased an additional 1 million shares of MGM for $37 million
•Completed the sale of Care.com with net proceeds of $296 million; Care.com reflected as discontinued operations in Q1 2026 results
NEW YORK— May 4, 2026—IAC (NASDAQ: IAC) released its first quarter results today and separately posted a Q1 2026 earnings presentation. A letter to shareholders from Chairman and Senior Executive Barry Diller was also published on April 28, 2026. All of these materials can be found on the Investor Relations section of its website at ir.iac.com.
“As we transition to a new simplified structure, as outlined in my Shareholder letter, I want to thank our many loyal employees who have made IAC’s success possible through the years”, said Barry Diller, Chairman and Senior Executive of IAC. “In particular, IAC officers Christopher Halpin and Kendall Handler, whose leadership has been instrumental in shaping and executing this plan to transition from our holding company roots to IAC’s next chapter as People Incorporated, both of whom I am certain will find continued success following their departures in August.”
($ in millions except per share amounts)
Q1 2026Q1 2025Growth
Revenue$422.9 $481.7 -12 %
Operating (loss) income(40.1)24.1 NM
Unrealized gain (loss) on investment in MGM Resorts International34.0 (324.3)NM
Net loss(71.9)(216.8)67 %
Diluted loss per share(0.94)(2.64)64 %
Adjusted EBITDA2.7 36.4 -93 %
See reconciliations of GAAP to non-GAAP measures beginning on page 16.
•IAC previously announced it will change its name to People Incorporated and is expected to trade under the ticker (NASDAQ: PPLI) on or before Q2 2026 earnings. Given the Company’s narrowed focus on core assets People Inc. and its investment in MGM, IAC is consolidating its corporate functions with those of its People Inc. business through a reduction in workforce, technology integration, and other cost-saving measures over the coming quarters that are expected to generate annual run-rate operating expense savings of $40 million and approximately $20-$25 million in reduced stock-based compensation expense.
•IAC expects to incur $14 million in severance and related expenses ($10 million recognized in Q1 2026), $48 million in stock-based compensation expense and $0.5 million to $1 million in other costs.
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•As part of the transition away from a holding company structure, IAC officers Christopher Halpin (Executive Vice President, Chief Operating Officer and Chief Financial Officer) and Kendall Handler (Executive Vice President and Chief Legal Officer) will depart the company in August, following a transition period and will serve as advisors to People Incorporated through March 2027.
•Barry Diller will continue as Chairman and following Q2 2026 earnings, Neil Vogel is expected to become Chief Executive Officer and Tim Quinn Chief Financial Officer of the simplified entity that will be People Incorporated.
•People Inc.
◦Q1 2026 Digital revenue increased 8% to $253 million reflecting 1% Advertising growth, 15% Performance marketing growth and 26% Licensing and other growth.
▪Q1 2026 Digital revenue reflects the reclassification of the digital portion of a legacy agency business between the Print and Digital segments due to a change in the internal management reporting structure to better align and support People Inc.’s D/Cipher advertising capabilities. All prior periods have been recast to conform to the current presentation.
◦Q1 2026 Digital operating income increased 56% to $28 million and Adjusted EBITDA increased 20% to $50 million.
◦Q1 2026 Total People Inc. operating income was $10 million and Adjusted EBITDA was $44 million.
◦Q1 2026 People Inc. net cash from operations increased $39 million to $56 million and Free Cash Flow increased $35 million to $48 million.
•Capital Allocation
◦Between February 3, 2026 and May 1, 2026, IAC repurchased 2.9 million of its common shares for $111 million in aggregate.
◦In Q1 2026, IAC purchased an additional 1.0 million shares of MGM for $37 million in aggregate and now holds 66.8 million shares of MGM.
◦Dispositions
▪IAC completed the sale of Care.com to Pacific Avenue Capital Partners with net proceeds of $296 million received on March 16, 2026. As a res
Apr 28, 2026
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Exhibit 99.1
Letter from Barry Diller to IAC Shareholders:
IAC Announces Name Change to People Incorporated
NEW YORK—April 28, 2026―IAC (NASDAQ: IAC) today announced the company is changing its name to People Incorporated as it continues to sharpen its focus on its People Inc. publishing business and its investment in MGM Resorts International. The name change is expected to occur by the company’s second quarter earnings in August.
IAC Chairman and Senior Executive Barry Diller published a letter to shareholders today, outlining the rationale for the name change. The letter in its entirety is below.
April 28, 2026
Dear Shareholders,
Today’s news is that IAC is changing its corporate name to People Incorporated.
Throughout its three decades, this company has always been opportunistic. That’s the only guidewire I’ve ever followed, and I believe today and tomorrow’s opportunities will best be held in the corpus of this new corporate name.
Some backgrounding will be helpful in explaining why.
I bought into little Silver King Communications in 1995. It had about $40 million in sales, and as it evolved over the next decades, we became HSN, then USA Networks, and finally, in 2003, IAC/InterActiveCorp, and then even more simply, IAC Inc.
Those name changes were the result of our changing business model. We began as a string of small television stations, then merged with HSN, a home shopping channel, and a few years later bought the USA Networks and Universal Television. At HSN, we gained some expertise in ecommerce and interactive models in the primitive convergence of television screens, computers, and phones. And then came the internet revolution in 1995 and out of that a unique business model—buying, building and creating interactive business. Over the years, that has resulted in our owning and operating more than 200 companies and overseeing well over 100 minority investments.
By then we were the definition of a conglomerate. As we evolved, I came to believe that operating all these disparate entities wasn’t the optimum method and began a process of spinning them out into their own independent companies. Once we felt they were of sufficient size and success I thought they’d be better off on their own and sought to become a sort of anti-conglomerate, ‘spinning out’ 11 public entities.
All this activity over these past three decades has resulted in creating over $144 billion of value at peak equity prices.
In the last few years, ecommerce and interactivity valuations soared, new opportunities became fewer, and we began to scale down our acquisition activities to concentrate on the one sector we felt had the most potential in such a fast changing environment, that of the publishing businesses we’d built and acquired over the last 14 years. It was, as usual for us, a contrarian move but as I outline below, a most successful one.
As all sorts of potential disintermediation loomed in media and ecommerce we also began to search for businesses that couldn’t be disintermediated. Out of that process we began to accumulate shares in MGM Resorts, believing that there was no technology that was going to displace a customer from going to Las Vegas or any of MGM’s other physical properties. Our original 12% stake in MGM has now grown to 26%. MGM Resorts is an extraordinary operation powered by a compelling mix of iconic resort destinations, scalable digital platforms, premium brands, an expanding global presence, and, under its CEO Bill Hornbuckle, an outstanding management team. MGM owns 40% of the Las Vegas Strip—an entertainment nucleus that simply cannot be replicated anywhere in the world. MGM’s leadership position in Macau remains the envy of the industry, and its mega resort abuilding in Japan is a giant future opportunity. Its digital businesses are growing profitably, and its stock continues to be wildly undervalued.
Our major continuing operating business is now our publishing operations. We are unlike most publishers in that we began as a native digital publisher and spent a decade developing the expertise to grow into a thriving digital business anchored online. We were leaning into digital publishing with all our might when our competitors were downsizing their operations because of that digital disruption. In late 2021, we then acquired Meredith. The earlier combination of Meredith and Time Inc. boasted 30+ brands such as the iconic PEOPLE, Food + Wine, Southern Living, and Travel & Leisure, all of which had incredible heritage but lacked digital reach. We brought our digital expertise to Meredith’s brands, aiming to modernize these iconic assets and unlock their true potential.
We are now some years into that process, and the results have been excellent. As against most publishers, we are thriving. The first quarter of 2026 represents our 10th straight quarter of digital revenue growth, our EBITDA margins remain strong, and our audiences are
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