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IAC/InterActiveCorp's CEO Discusses Q2 2012 Results - Earnings Call Transcript





IAC/InterActiveCorp (IACI)

Q2 2012 Earnings Call

July 25, 2012 11:00 am ET



Executives



Barry Diller – Chairman and Senior Executive

Gregory R. Blatt – Chief Executive Officer

Jeffrey W. Kip – Executive Vice President and Chief Financial Officer

Analysts



Mark Mahaney – Citigroup

Michael Graham – Canaccord Genuity

Jason Helfstein – Oppenheimer & Company

Nat Schindler – Banc of America Merrill Lynch

Kerry Rice – Needham & Company

Heath Terry – Goldman Sachs & Co

Mark May – Barclays

Peter Stabler- Wells Fargo Securities

Gene Munster – Piper Jaffray

Victor Anthony – Topeka Capital

Presentation

Barry Diller

(Call started abruptly) We’re aware that this change leaves us now unfortunately with three labels searching Applications, Websites and Applications, but we thought it necessary for clarity. Our queries in revenue come primarily from Search-based applications. So it is difficult to pull apart search from applications for those metrics, but they are either come as a result of someone having downloaded an application or from someone having gone to a website without the involvement of an application. So we believe that showing the relative breakdown between the two sources is helpful.

Revenue from Websites grew 44% in the quarter. Websites queries are up 6% year-on-year, driven by our marketing efforts domestically and internationally. Overall revenue for Websites is growing more slowly than queries however, because first last year’s numbers include revenue from the direct sponsored listings business we sold in the fourth quarter of 2011.

And secondly, revenue of Pronto was flat year-over-year, revenue of the Dictionary Website grow only modestly versus the prior year, and we exclude both Pronto and Dictionary from our queries metric. Applications queries grew 26%, while monetization also improved versus the prior year, with revenue for the quarter up 49%.

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