I believe that IAC's latest quarterly report was designed to minimize profits as much as possible.It's clear that management is on one of the biggest stock repurchase programs ever. They are retiring stock like mad....source:http://files.shareholder.com/downloads/IACI/904541736x0x369536/d74b27a8-0fb4-4b3c-a933-236bffec3111/Gridsand_MetricsQ12010.pdfhighlights:Total Shares outstanding gap diluted(in millions):q1 2009: 147.8q2 2009: 148.1q3 2009: 134.9q4 2009: 127.7q1 2010: 116.4 March 31,2010: 110.8Cash and marketable securites 3/31/10: 1.5 billion with 95.8 million in debtIAC purchase program still authorized to purchase 19.2 million more shares in the program.I believe that IAC intends to repurchase the entire program over the next 6-12 months. Once the repurchase program is ended, we'll see a change in the quarterly reports to emphasize earnings.In the interim, I am analyzing revenue growth. IAC trades at a significant price to sales discount to its peers.long
Do reports minimize profits, or does PERFORMANCE?
Interesting analysis. They wrote down ASK.com big time as well. So you see them maximizing profits at some time in the future once the buyback is complete?