Barry Diller’s IAC has played some of its best cards, but it still has a potential winner in its hand. DoubleLJSquared explains. WSJWhatsNow
. That strategy has left the company with a lot of cash, which investors hope will be deployed toward share repurchases or another big bet. Until then, shareholders are looking at a portfolio of assets that have either historically underperformed or are still very small.
That doesn’t mean there isn’t hidden value. Take the home-services business Angi , which is now IAC’s largest remaining asset, accounting for 44% of its total revenue in the first quarter. Angi is a company in transition, trying to bring home-services bookings on demand to your phone. Having rebranded from the name Angie’s List, the home-services website is trying to evolve in consumers’ minds from a listing resource to a transaction-based destination.
It isn’t there yet. After increasing revenue an average of 20% from a year earlier in the first two months of last year, Angi said it grew an average of just 3.5% in the same period this year, as Covid-19 fears tempered interest in home visits. As a publicly traded company in which IAC still holds a majority stake, Angi has been somewhat rangebound since last July, as shareholders wait and see if growth can sustainably accelerate beyond performing well against easy Covid-19 comparisons.
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