InterActiveCorp (IACI) swung to a net profit for the quarter ended Jun. 30, 2015. The company has made a net profit of $59.30 million, or $ 0.68 a share in the quarter, against a net loss of $18 million, or $0.22 a share in the last year period.
Revenue during the quarter went up marginally by 1.96 percent to $771.13 million from $756.32 million in the previous year period. Gross margin for the quarter expanded 410 basis points over the previous year period to 76.23 percent. Total expenses were 91.86 percent of quarterly revenues, up from 87.35 percent for the same period last year. That has resulted in a contraction of 451 basis points in operating margin to 8.14 percent.
Operating income for the quarter was $62.77 million, compared with $95.69 million in the previous year period.
Operating cash flow drops significantly
InterActiveCorp has generated cash of $85.78 million from operating activities during the first half, down 42.34 percent or $62.99 million, when compared with the last year period.
The company has spent $152.86 million cash to meet investing activities during the first six months as against cash outgo of $219.83 million in the last year period.
The company has spent $261.53 million cash to carry out financing activities during the first six months as against cash outgo of $46.44 million in the last year period.
Cash and cash equivalents stood at $656.41 million as on Jun. 30, 2015, down 33.52 percent or $330.92 million from $987.33 million on Jun. 30, 2014.
Working capital drops significantly
InterActiveCorp has witnessed a decline in the working capital over the last year. It stood at $607.90 million as at Jun. 30, 2015, down 31.67 percent or $281.80 million from $889.70 million on Jun. 30, 2014. Current ratio was at 1.85 as on Jun. 30, 2015, down from 2.51 on Jun. 30, 2014.
Days sales outstanding went down to 27 days for the quarter compared with 28 days for the same period last year.
At the same time, days payable outstanding went up to 40 days for the quarter from 27 for the same period last year.
Debt remains stable
Total debt remained stable at $1,080 million as on Jun. 30, 2015, when compared with the last year. Short-term debt stood at $80 million as on Jun. 30, 2015. Total debt was 26.50 percent of total assets as on Jun. 30, 2015, compared with 25.91 percent on Jun. 30, 2014. Debt to equity ratio was at 0.59 as on Jun. 30, 2015, down from 0.64 as on Jun. 30, 2014. Interest coverage ratio deteriorated to 4.13 for the quarter from 6.81 for the same period last year.
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