People Incorporated (PPLI) Investor presentation summary

Strategic vision and business model

• Focus on building enduring companies and long-term shareholder value through disciplined opportunism and empowering emerging leaders.

• History of spinning off and graduating businesses into independent public companies, creating significant value over 30 years.

• Recent strategic pause led to a renewed focus on execution, cost reduction, and quality revenue, resulting in improved financial performance.

Portfolio overview and key assets

• Operates leading businesses in publishing (People Inc.), holistic family care (Care.com), car sharing (Turo), and holds a significant stake in MGM Resorts.

• Maintains a diversified portfolio across industries and business stages, with $0.9B in cash and real estate assets.

• Investors are acquiring private holdings at a substantial discount, with market value underpinned by stakes in MGM and Turo.

Financial performance and guidance

• 2024 Adjusted EBITDA reached $295M for People Inc. and $43M for Care.com, with IAC ex-Angi Adjusted EBITDA at $277M LTM Q1'25.

• 2025 guidance projects Adjusted EBITDA of $330–$350M for People Inc., $45–$55M for Care.com, and $240–$295M for IAC overall.

• Six consecutive quarters of digital revenue growth at People Inc., with digital revenue expected to grow 7–10% in 2025.