<ul>
<li>4 个金叉，未来有两位数的上涨空间</li>
</ul>
<p>IAC NASDAQ: IAC 正在从一家控股公司转型为 People Incorporated，管理层将这一转变描述为今年早些时候提出的战略的延续，该战略包括资产出售、成本削减以及更加专注于 People Inc. 和 MGM Resorts International。</p>
<p>在摩根大通的投资者活动上，Chris 表示 IAC 将其企业运营整合到 People Inc. 反映了公司在 Angi 分拆、Care 出售和搜索业务关闭后，运营结构的缩减。</p>
<p>“当你只剩下一个核心运营业务时，关键的一步就是在三月份出售 Care 并关闭它，以及逐步停止我们的搜索业务和其他简化公司负担的事情，” Chris 说。“对于一个运营业务，加上我们的 MGM 股权和一些小股权，拥有两个层级的公司结构是没有意义的。”</p>
<h2>People Inc. 成为核心运营业务</h2>
<p>People Incorporated 的首席财务官 Tim Quinn 表示，People Inc. 是 “美国最大的出版商，几乎可以用任何标准来衡量”，是由 Dotdash、Time Inc. 和 Meredith 的组合而成。该公司拥有包括 People、Better Homes &amp; Gardens、Food &amp; Wine、Travel + Leisure、Southern Living 和 Allrecipes 在内的品牌。</p>
<p>Quinn 表示，People Inc. 70% 的收入现在来自数字媒体，而 90% 的盈利来自数字媒体。杂志业务依然存在，但他将其描述为整体公司中较小的一部分，因为品牌现在在网站、印刷、社交平台和 Apple News 上运营。</p>
<p>尽管面临来自 AI 概述的流量阻力，People Inc. 仍在继续增长，Quinn 说。公司开始准备减少对 Google 流量的依赖，内部称之为 “Google Zero”，询问如果没有来自 Google 的流量，品牌将在哪里生存。</p>
<p>“在过去的 10 年里，它一直是一个数字点 com 业务，我们认为接下来的 10 年将完全围绕品牌展开，” Quinn 说。</p>
<h2>非会话收入推动增长</h2>
<p>Quinn 强调了 “非会话基础” 收入的增长，这意味着与 People Inc. 自有和运营的网站访问无关的收入。他表示，41% 的收入现在是非会话基础的，该部分在第一季度增长了 24%。与网站访问相关的其余 60% 的收入持平，导致该季度整体收入增长 8%。</p>
<p>非会话收入的关键组成部分包括：</p>
<ul>
<li>通过 Apple News 等平台进行内容分发和联合发行；</li>
<li>在社交和其他平台外渠道的广告扩展；</li>
<li>D/Cipher，公司专有的广告定位能力；</li>
<li>活动、赞助和其他广告解决方案；</li>
<li>AI 许可协议。</li>
</ul>
<p>Quinn 表示，D/Cipher 使用 People Inc. 的第一方数据和 AI 工具，将广告效果扩展到公司自有网站之外。他表示，名为 D/Cipher Plus 的平台外应用仍处于早期阶段，但预计将在下半年为增长增加 2 到 3 个百分点。</p>
<h2>AI 许可被视为机会</h2>
<p>Quinn 表示，People Inc. 与 OpenAI 签署了一项 “无限量” 风格的许可协议，允许该 AI 公司训练、展示和使用 People Inc. 的内容。他表示，People Inc. 大约一年前开始阻止没有协议的公司的 AI 爬虫，使用 Cloudflare 和其他内容交付网络。</p>
<p>这一举措改变了谈判动态，Quinn 说，因为对内容的实时访问对 AI 公司和基于 AI 模型构建的应用变得更加重要。</p>
<p>Quinn 表示，第二种模式正在围绕按使用付费的许可出现，引用了微软去年底与 People Inc. 和其他出版商的公告。他表示，目前的讨论越来越集中在定价上，而不是公司是否会为内容付费。</p>
<p>“我们认为，从这一点开始，AI 对我们的业务来说更多的是机会而非威胁，” Quinn 说。</p>
<h2>资本配置聚焦于股票、MGM 和 People M&amp;A</h2>
<p>Chris 表示，IAC 的资本配置战略现在更加清晰，专注于三个优先事项：回购 IAC 股票、增加对 MGM 股票的投资以及通过 People Inc. 进行战略收购。</p>
<p>他说，IAC 在过去 15 个月内回购了 13% 的公司股份，花费超过 4 亿美元。他还表示，IAC 在过去两个季度中每个季度购买了约 100 万股 MGM 股票，现在拥有 MGM 的 26% 股权。</p>
<p>关于 MGM，Chris 表示 IAC 仍然相信该公司，并认为公共市场低估了这一资产。他提到潜在的价值驱动因素，包括拉斯维加斯的趋势、BetMGM 从现金流亏损转向现金流生成、MGM 的国际数字资产、MGM 中国和公司的日本项目。</p>
<p>当被问及什么可能导致 IAC 剥离 MGM 时，Chris 表示这一决定将由董事长 Barry Diller 和董事会决定。他指出，Diller 曾称 MGM 为 “永恒资产”，同时也表示，除了 “也许《每日野兽》”，没有任何东西是 IAC 永远拥有的。</p>
<h2>People Inc. 关注直接消费者关系</h2>
<p>Quinn 表示，People Inc. 的收购兴趣集中在帮助建立与消费者的直接关系的资产上。他表示，公司会考虑 “A+ 品牌”、与消费者或广告商的直接连接，以及可能的一些广告技术，尽管没有任何事情是迫在眉睫的。</p>
<p>Quinn 还讨论了公司的 “反转” 战略，他将其描述为围绕 People Inc. 的品牌建立持久商业模式的努力，而不是仅仅依赖流量或许可。一个例子是 MyRecipes，这是一款数字食谱产品，在第一年内注册了超过 300 万名客户。</p>
<p>“我们如何创造新的、可持续的、持久的商业模式，而不被 Google、AI 或其他任何人所取代？” Quinn 说。“这就是我们现在正在努力的方向。”</p>
<p>奎因表示，People Inc. 已连续增长了 10 个季度，扩大了利润率，并且表现优于竞争对手，他表示他专注于将投资者的叙述超越对人工智能流量逆风的担忧。</p>
<h2>关于 IAC NASDAQ: IAC</h2>
<p>IAC NASDAQ: IAC 是一家总部位于纽约市的上市控股公司，专注于构建和投资以消费者为中心的互联网业务。通过其数字媒体品牌、在线市场和订阅服务组合，IAC 在生活方式、金融、家庭服务和个人护理等多个领域提供内容和连接。公司的业务遍及北美和部分欧洲，其品牌每月吸引数百万访客。</p>
<p>在数字出版领域，IAC 的 Dotdash Meredith 部门在十多个专业网站上开发原创内容和数据驱动的新闻报道。</p>
<p><em>此即时新闻提醒由叙述科学技术和来自 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com.</em></p>
<h2>你现在应该投资 1,000 美元在 IAC 吗？</h2>
<p>在你考虑 IAC 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 IAC 并不在名单上。</p>
<p>虽然 IAC 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

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<p>IAC 正在转型为 People Incorporated，专注于资产出售和成本削减。首席财务官 Tim Quinn 强调，70% 的收入现在来自数字媒体，非会话型收入也在增长。People Inc. 已与 OpenAI 签署了一项许可协议，将人工智能视为一个机会。IAC 的资本配置策略优先考虑股票回购、MGM 股票和战略收购，已回购 13% 的股票，并将其在 MGM 的持股比例提高至 26%</p>

<ul>
<li>4 Golden Crosses With Double-Digit Upside Ahead</li>
</ul>
<div class="lb-trans"><ul>
<li>4 个金叉，未来有两位数的上涨空间</li>
</ul>
</div><p>IAC NASDAQ: IAC is continuing its transformation from a holding company into People Incorporated, with executives describing the shift as a continuation of a strategy outlined earlier this year that includes asset sales, cost reductions and a sharper focus on People Inc. and MGM Resorts International.</p>
<div class="lb-trans"><p>IAC NASDAQ: IAC 正在从一家控股公司转型为 People Incorporated，管理层将这一转变描述为今年早些时候提出的战略的延续，该战略包括资产出售、成本削减以及更加专注于 People Inc. 和 MGM Resorts International。</p>
</div><p>Speaking at a J.P. Morgan investor event, Chris said IAC’s consolidation of its corporate operations into People Inc. reflects the company’s narrowed operating structure after the spin of Angi, the sale of Care and the wind-down of its search business.</p>
<div class="lb-trans"><p>在摩根大通的投资者活动上，Chris 表示 IAC 将其企业运营整合到 People Inc. 反映了公司在 Angi 分拆、Care 出售和搜索业务关闭后，运营结构的缩减。</p>
</div><p>“When you're down to one core operating business, a key step in this was selling Care and closing that in March, as well as winding down our search business and other things that simplified the drains on corporate,” Chris said. “It made no sense to have two levels of corporate for one operating business, plus our MGM stake, plus some smaller stakes.”</p>
<div class="lb-trans"><p>“当你只剩下一个核心运营业务时，关键的一步就是在三月份出售 Care 并关闭它，以及逐步停止我们的搜索业务和其他简化公司负担的事情，” Chris 说。“对于一个运营业务，加上我们的 MGM 股权和一些小股权，拥有两个层级的公司结构是没有意义的。”</p>
</div><h2>People Inc. Becomes the Core Operating Business</h2>
<div class="lb-trans"><h2>People Inc. 成为核心运营业务</h2>
</div><p>Tim Quinn, CFO of People Incorporated, said People Inc. is “America’s largest publisher by pretty much any measure,” built from the combination of Dotdash, Time Inc. and Meredith. The company owns brands including People, Better Homes &amp; Gardens, Food &amp; Wine, Travel + Leisure, Southern Living and Allrecipes.</p>
<div class="lb-trans"><p>People Incorporated 的首席财务官 Tim Quinn 表示，People Inc. 是 “美国最大的出版商，几乎可以用任何标准来衡量”，是由 Dotdash、Time Inc. 和 Meredith 的组合而成。该公司拥有包括 People、Better Homes &amp; Gardens、Food &amp; Wine、Travel + Leisure、Southern Living 和 Allrecipes 在内的品牌。</p>
</div><p>Quinn said 70% of People Inc.’s revenue is now digital media, while 90% of profitability comes from digital media. The magazine business remains, but he described it as a smaller portion of the overall company as brands now operate across websites, print, social platforms and Apple News.</p>
<div class="lb-trans"><p>Quinn 表示，People Inc. 70% 的收入现在来自数字媒体，而 90% 的盈利来自数字媒体。杂志业务依然存在，但他将其描述为整体公司中较小的一部分，因为品牌现在在网站、印刷、社交平台和 Apple News 上运营。</p>
</div><p>People Inc. has continued to grow despite traffic headwinds from AI Overviews, Quinn said. He said the company began preparing for reduced reliance on Google traffic under an internal phrase called “Google Zero,” which asked where its brands would live if no traffic came from Google.</p>
<div class="lb-trans"><p>尽管面临来自 AI 概述的流量阻力，People Inc. 仍在继续增长，Quinn 说。公司开始准备减少对 Google 流量的依赖，内部称之为 “Google Zero”，询问如果没有来自 Google 的流量，品牌将在哪里生存。</p>
</div><p>“For the last 10 years, it's been a digital dotcom business, and we think the next 10 years are gonna be all about the brands,” Quinn said.</p>
<div class="lb-trans"><p>“在过去的 10 年里，它一直是一个数字点 com 业务，我们认为接下来的 10 年将完全围绕品牌展开，” Quinn 说。</p>
</div><h2>Non-Session Revenue Drives Growth</h2>
<div class="lb-trans"><h2>非会话收入推动增长</h2>
</div><p>Quinn highlighted growth in “non-session-based” revenue, meaning revenue not tied to visits to People Inc.’s owned and operated websites. He said 41% of revenue is now non-session-based and that segment grew 24% in the first quarter. The remaining 60% of revenue, tied to website visits, was flat, producing 8% overall revenue growth in the quarter.</p>
<div class="lb-trans"><p>Quinn 强调了 “非会话基础” 收入的增长，这意味着与 People Inc. 自有和运营的网站访问无关的收入。他表示，41% 的收入现在是非会话基础的，该部分在第一季度增长了 24%。与网站访问相关的其余 60% 的收入持平，导致该季度整体收入增长 8%。</p>
</div><p>Key components of non-session revenue include:</p>
<div class="lb-trans"><p>非会话收入的关键组成部分包括：</p>
</div><ul>
<li>Content distribution and syndication through platforms such as Apple News;</li>
<li>Advertising extensions across social and other off-platform channels;</li>
<li>D/Cipher, the company’s proprietary ad targeting capability;</li>
<li>Events, sponsorships and other advertiser solutions;</li>
<li>AI licensing agreements.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过 Apple News 等平台进行内容分发和联合发行；</li>
<li>在社交和其他平台外渠道的广告扩展；</li>
<li>D/Cipher，公司专有的广告定位能力；</li>
<li>活动、赞助和其他广告解决方案；</li>
<li>AI 许可协议。</li>
</ul>
</div><p>Quinn said D/Cipher uses People Inc.’s first-party data and AI tools to extend advertising performance beyond the company’s owned sites. He said the off-platform application, called D/Cipher Plus, remains early but is expected to add 2 to 3 percentage points to growth in the back half of the year.</p>
<div class="lb-trans"><p>Quinn 表示，D/Cipher 使用 People Inc. 的第一方数据和 AI 工具，将广告效果扩展到公司自有网站之外。他表示，名为 D/Cipher Plus 的平台外应用仍处于早期阶段，但预计将在下半年为增长增加 2 到 3 个百分点。</p>
</div><h2>AI Licensing Seen as Opportunity</h2>
<div class="lb-trans"><h2>AI 许可被视为机会</h2>
</div><p>Quinn said People Inc. has signed an “all you can eat” style licensing deal with OpenAI that allows the AI company to train on, display and use People Inc. content. He said People Inc. began blocking AI crawlers from companies without agreements about a year ago, using Cloudflare and other content delivery networks.</p>
<div class="lb-trans"><p>Quinn 表示，People Inc. 与 OpenAI 签署了一项 “无限量” 风格的许可协议，允许该 AI 公司训练、展示和使用 People Inc. 的内容。他表示，People Inc. 大约一年前开始阻止没有协议的公司的 AI 爬虫，使用 Cloudflare 和其他内容交付网络。</p>
</div><p>That move changed the negotiating dynamic, Quinn said, as real-time access to content became more important for AI companies and applications built on top of AI models.</p>
<div class="lb-trans"><p>这一举措改变了谈判动态，Quinn 说，因为对内容的实时访问对 AI 公司和基于 AI 模型构建的应用变得更加重要。</p>
</div><p>Quinn said a second model is emerging around pay-per-use licensing, citing Microsoft’s announcement with People Inc. and other publishers late last year. He said current discussions are increasingly focused on pricing rather than whether companies will pay for content.</p>
<div class="lb-trans"><p>Quinn 表示，第二种模式正在围绕按使用付费的许可出现，引用了微软去年底与 People Inc. 和其他出版商的公告。他表示，目前的讨论越来越集中在定价上，而不是公司是否会为内容付费。</p>
</div><p>“We think that the AI, at this point, from this point forward, is more of an opportunity than a threat for our business,” Quinn said.</p>
<div class="lb-trans"><p>“我们认为，从这一点开始，AI 对我们的业务来说更多的是机会而非威胁，” Quinn 说。</p>
</div><h2>Capital Allocation Narrows to Stock, MGM and People M&amp;A</h2>
<div class="lb-trans"><h2>资本配置聚焦于股票、MGM 和 People M&amp;A</h2>
</div><p>Chris said IAC’s capital allocation strategy is now clearer and focused on three priorities: buying back IAC stock, increasing exposure to MGM shares and pursuing strategic acquisitions through People Inc.</p>
<div class="lb-trans"><p>Chris 表示，IAC 的资本配置战略现在更加清晰，专注于三个优先事项：回购 IAC 股票、增加对 MGM 股票的投资以及通过 People Inc. 进行战略收购。</p>
</div><p>He said IAC has repurchased 13% of the company over the past 15 months for more than $400 million. He also said IAC bought about 1 million MGM shares in each of the last two quarters and now owns 26% of MGM.</p>
<div class="lb-trans"><p>他说，IAC 在过去 15 个月内回购了 13% 的公司股份，花费超过 4 亿美元。他还表示，IAC 在过去两个季度中每个季度购买了约 100 万股 MGM 股票，现在拥有 MGM 的 26% 股权。</p>
</div><p>On MGM, Chris said IAC remains a believer in the company and sees public markets undervaluing the asset. He cited potential value drivers including Las Vegas trends, BetMGM’s move from cash flow losses to cash flow generation, MGM’s international digital assets, MGM China and the company’s Japan project.</p>
<div class="lb-trans"><p>关于 MGM，Chris 表示 IAC 仍然相信该公司，并认为公共市场低估了这一资产。他提到潜在的价值驱动因素，包括拉斯维加斯的趋势、BetMGM 从现金流亏损转向现金流生成、MGM 的国际数字资产、MGM 中国和公司的日本项目。</p>
</div><p>Asked what could lead IAC to divest MGM, Chris said that decision would be up to Chairman Barry Diller and the board. He noted that Diller has called MGM a “forever asset,” while also saying nothing has been part of IAC forever except “maybe The Daily Beast.”</p>
<div class="lb-trans"><p>当被问及什么可能导致 IAC 剥离 MGM 时，Chris 表示这一决定将由董事长 Barry Diller 和董事会决定。他指出，Diller 曾称 MGM 为 “永恒资产”，同时也表示，除了 “也许《每日野兽》”，没有任何东西是 IAC 永远拥有的。</p>
</div><h2>People Inc. Eyes Direct Consumer Relationships</h2>
<div class="lb-trans"><h2>People Inc. 关注直接消费者关系</h2>
</div><p>Quinn said People Inc.’s acquisition interests are focused on assets that help create direct relationships with consumers. He said the company would consider “A-plus brands,” direct connections to consumers or advertisers, and possibly some ad tech, though nothing is imminent.</p>
<div class="lb-trans"><p>Quinn 表示，People Inc. 的收购兴趣集中在帮助建立与消费者的直接关系的资产上。他表示，公司会考虑 “A+ 品牌”、与消费者或广告商的直接连接，以及可能的一些广告技术，尽管没有任何事情是迫在眉睫的。</p>
</div><p>Quinn also discussed the company’s “inversion” strategy, which he described as an effort to build durable business models around People Inc.’s brands rather than relying solely on traffic or licensing. One example is MyRecipes, a digital cookbook product that has signed up more than 3 million registered customers in its first year.</p>
<div class="lb-trans"><p>Quinn 还讨论了公司的 “反转” 战略，他将其描述为围绕 People Inc. 的品牌建立持久商业模式的努力，而不是仅仅依赖流量或许可。一个例子是 MyRecipes，这是一款数字食谱产品，在第一年内注册了超过 300 万名客户。</p>
</div><p>“How do we create new, sustainable, durable business models that are not disintermediatable by Google or AI or anyone else?” Quinn said. “That's what we're working on now.”</p>
<div class="lb-trans"><p>“我们如何创造新的、可持续的、持久的商业模式，而不被 Google、AI 或其他任何人所取代？” Quinn 说。“这就是我们现在正在努力的方向。”</p>
</div><p>Quinn said People Inc. has grown for 10 straight quarters, expanded margins and outperformed competitors, and he said he is focused on moving the investor narrative beyond concerns about AI traffic headwinds.</p>
<div class="lb-trans"><p>奎因表示，People Inc. 已连续增长了 10 个季度，扩大了利润率，并且表现优于竞争对手，他表示他专注于将投资者的叙述超越对人工智能流量逆风的担忧。</p>
</div><h2>About IAC NASDAQ: IAC</h2>
<div class="lb-trans"><h2>关于 IAC NASDAQ: IAC</h2>
</div><p>IAC NASDAQ: IAC is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company's operations span North America and parts of Europe, where its brands reach millions of visitors each month.</p>
<div class="lb-trans"><p>IAC NASDAQ: IAC 是一家总部位于纽约市的上市控股公司，专注于构建和投资以消费者为中心的互联网业务。通过其数字媒体品牌、在线市场和订阅服务组合，IAC 在生活方式、金融、家庭服务和个人护理等多个领域提供内容和连接。公司的业务遍及北美和部分欧洲，其品牌每月吸引数百万访客。</p>
</div><p>In the digital publishing space, IAC's Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.</p>
<div class="lb-trans"><p>在数字出版领域，IAC 的 Dotdash Meredith 部门在十多个专业网站上开发原创内容和数据驱动的新闻报道。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙述科学技术和来自 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com.</em></p>
</div><h2>Should You Invest $1,000 in IAC Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 IAC 吗？</h2>
</div><p>Before you consider IAC, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑 IAC 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IAC wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 IAC 并不在名单上。</p>
</div><p>While IAC currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 IAC 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

IAC Conference Highlights People Inc. Pivot, AI Licensing Upside and MGM Bet

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IAC 会议重点突出了 People Inc.的战略转型、人工智能许可的潜在增长以及对美高梅国际酒店的投资