Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Entity Registrant Name | IAC/INTERACTIVECORP | |
Entity Central Index Key | 891103 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $5,469,956,006 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 76,278,660 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 5,789,499 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $671,597 | $990,405 |
Marketable securities | 205,621 | 160,648 |
Accounts receivable, net of allowance of $13,128 and $12,437, respectively | 232,464 | 236,086 |
Other current assets | 184,261 | 166,742 |
Total current assets | 1,293,943 | 1,553,881 |
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 297,956 | 302,459 |
Goodwill | 1,720,901 | 1,754,926 |
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 469,552 | 491,936 |
Long-term investments | 123,679 | 114,983 |
Other non-current assets | 52,074 | 56,693 |
TOTAL ASSETS | 3,958,105 | 4,274,878 |
LIABILITIES: | ||
Accounts payable, trade | 83,446 | 81,163 |
Deferred revenue | 214,476 | 194,988 |
Accrued expenses and other current liabilities | 327,830 | 397,803 |
Total current liabilities | 625,752 | 673,954 |
Long-term debt | 1,080,000 | 1,080,000 |
Income taxes payable | 29,300 | 32,635 |
Deferred income taxes | 407,784 | 409,529 |
Other long-term liabilities | 34,260 | 45,191 |
Redeemable noncontrolling interests | 28,295 | 40,427 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Additional paid-in capital | 11,434,220 | 11,415,617 |
Retained earnings | 322,848 | 325,118 |
Accumulated other comprehensive loss | -143,273 | -87,700 |
Treasury stock 187,137,267 and 184,182,001 shares, respectively | -9,861,350 | -9,661,350 |
Total IAC shareholders' equity | 1,752,714 | 1,991,953 |
Noncontrolling interests | 0 | 1,189 |
Total shareholders' equity | 1,752,714 | 1,993,142 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,958,105 | 4,274,878 |
Common Stock | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 253 | 252 |
Class B Convertible Common Stock | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | $16 | $16 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance (in dollars) | $13,128 | $12,437 |
Accumulated Depreciation and Amortization, Property and Equipment (in dollars) | 291,091 | 279,534 |
Accumulated Amortization (in dollars) | $102,995 | $98,937 |
Treasury stock, shares | 187,137,267 | 184,182,001 |
Common Stock | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 1,600,000,000 | 1,600,000,000 |
Common stock, issued shares | 252,899,453 | 252,170,058 |
Common stock, outstanding shares | 76,130,186 | 78,356,057 |
Class B Convertible Common Stock | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, authorized shares | 400,000,000 | 400,000,000 |
Common stock, issued shares | 16,157,499 | 16,157,499 |
Common stock, outstanding shares | 5,789,499 | 5,789,499 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | $772,512 | $740,247 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 191,553 | 209,234 |
Selling and marketing expense | 357,666 | 298,599 |
General and administrative expense | 114,794 | 95,089 |
Product development expense | 45,257 | 38,816 |
Depreciation | 15,568 | 14,818 |
Amortization of intangibles | 12,555 | 11,979 |
Total operating costs and expenses | 737,393 | 668,535 |
Operating income | 35,119 | 71,712 |
Interest expense | -14,064 | -14,064 |
Other income (expense), net | 6,988 | -1,958 |
Earnings from continuing operations before income taxes | 28,043 | 55,690 |
Income tax provision | -6,180 | -21,385 |
Earnings from continuing operations | 21,863 | 34,305 |
Earnings (loss) from discontinued operations, net of tax | 125 | -814 |
Net earnings | 21,988 | 33,491 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Net earnings attributable to IAC shareholders | 26,405 | 35,885 |
Per share information attributable to IAC shareholders: | ||
Basic earnings per share from continuing operations (in dollars per share) | $0.31 | $0.44 |
Diluted earnings per share from continuing operations (in dollars per share) | $0.30 | $0.42 |
Basic earnings per share (in dollars per share) | $0.32 | $0.44 |
Diluted earnings per share (in dollars per share) | $0.30 | $0.41 |
Dividends declared per share (in dollars per share) | $0.34 | $0.24 |
Stock-based compensation expense by function: | ||
Total non-cash compensation expense | 18,911 | 9,613 |
Cost of revenue | ||
Stock-based compensation expense by function: | ||
Total non-cash compensation expense | 245 | -8 |
Selling and marketing expense | ||
Stock-based compensation expense by function: | ||
Total non-cash compensation expense | 1,723 | 196 |
General and administrative expense | ||
Stock-based compensation expense by function: | ||
Total non-cash compensation expense | 14,598 | 7,952 |
Product development expense | ||
Stock-based compensation expense by function: | ||
Total non-cash compensation expense | $2,345 | $1,473 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $21,988 | $33,491 |
Other comprehensive (loss) income, net of tax: | ||
Change in foreign currency translation adjustment | -56,614 | 5,377 |
Change in unrealized gains and losses of available-for-sale securities (net of tax benefits of $56 of 2015 and $573 in 2014) | 634 | -111 |
Net current period other comprehensive loss | -55,980 | 5,266 |
Comprehensive (loss) income | -33,992 | 38,757 |
Comprehensive loss attributable to noncontrolling interests | 4,824 | 2,477 |
Comprehensive (loss) income attributable to IAC shareholders | ($29,168) | $41,234 |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Tax benefit of change in unrealized gains and losses of available-for-sale securities | $56 | $573 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | IAC | Common Stock | Common Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Redeemable Noncontrolling Interests |
In Thousands, unless otherwise specified | Class B Convertible Common Stock | |||||||||
Redeemable noncontrolling interests, balance at Dec. 31, 2014 | $40,427 | $40,427 | ||||||||
Balance at Dec. 31, 2014 | 1,993,142 | 1,991,953 | 252 | 16 | 11,415,617 | 325,118 | -87,700 | -9,661,350 | 1,189 | |
Balance (in shares) at Dec. 31, 2014 | 252,170 | 16,157 | ||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net (loss) earnings for the three months ended March 31, 2015 | 26,405 | 26,405 | 26,405 | 0 | ||||||
Redeemable noncontrolling interests, net loss for the three months ended March 31, 2015 | -4,417 | |||||||||
Other comprehensive loss, net of tax | -55,573 | -55,573 | -55,573 | 0 | ||||||
Redeemable noncontrolling interests, other comprehensive loss, net of tax | -407 | |||||||||
Stock-based compensation expense | 17,878 | 17,878 | 17,878 | 0 | 1,033 | |||||
Stock Issued During Period, Shares, New Issues | 729 | |||||||||
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes | -10,387 | -10,387 | 1 | -10,388 | ||||||
Income tax benefit related to the exercise of stock options, vesting of restricted stock units and other | 16,838 | 16,838 | 16,838 | |||||||
Dividends | -28,675 | -28,675 | 0 | -28,675 | ||||||
Purchase of treasury stock | -200,000 | -200,000 | -200,000 | |||||||
Purchase of redeemable noncontrolling interests | -15,338 | |||||||||
Adjustment of redeemable noncontrolling interests to fair value | -5,725 | -5,725 | -5,725 | 0 | 5,725 | |||||
Noncontrolling Interest, Transfer to Redeemable Noncontrolling Interest | -1,189 | -1,189 | 1,189 | |||||||
Redeemable noncontrolling interests, other | -83 | |||||||||
Redeemable noncontrolling interests, balance at Mar. 31, 2015 | 28,295 | 28,295 | ||||||||
Balance at Mar. 31, 2015 | $1,752,714 | $1,752,714 | $253 | $16 | $11,434,220 | $322,848 | ($143,273) | ($9,861,350) | $0 | |
Balance (in shares) at Mar. 31, 2015 | 252,899 | 16,157 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities attributable to continuing operations: | ||
Net earnings | $21,988 | $33,491 |
Earnings (loss) from discontinued operations, net of tax | 125 | -814 |
Earnings from continuing operations | 21,863 | 34,305 |
Adjustments to reconcile earnings from continuing operations to net cash (used in) provided by operating activities attributable to continuing operations: | ||
Stock-based compensation expense | 18,911 | 9,613 |
Depreciation | 15,568 | 14,818 |
Amortization of intangibles | 12,555 | 11,979 |
Excess Tax Benefits from stock-based awards | -16,846 | -24,203 |
Deferred income taxes | 867 | 3,799 |
Equity in losses of unconsolidated affiliates | 283 | 1,935 |
Acquisition-related contingent consideration fair value adjustments | -6,996 | -27 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | -3,847 | -20,387 |
Other assets | 6,775 | -4,100 |
Accounts payable and other current liabilities | -33,420 | -11,655 |
Income taxes payable | -41,359 | 6,697 |
Deferred revenue | 23,001 | 16,917 |
Other Operating Activities, Cash Flow Statement | -689 | -1,035 |
Other changes in assets and liabilities, net | -476 | 3,985 |
Net cash (used in) provided by operating activities attributable to continuing operations | -3,810 | 42,641 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | -5,709 | -77,981 |
Capital expenditures | -12,876 | -9,721 |
Proceeds from maturities and sales of marketable debt securities | 6,050 | 0 |
Purchases of marketable debt securities | -47,930 | -32,848 |
Purchases of long-term investments | -8,345 | -7,861 |
Other, net | 2,843 | -157 |
Net cash used in investing activities attributable to continuing operations | -65,967 | -128,568 |
Cash flows from financing activities attributable to continuing operations: | ||
Purchase of treasury stock | -200,000 | 0 |
Dividends | -28,675 | -20,004 |
Issuance of common stock, net of withholding taxes | -10,339 | 920 |
Excess tax benefits from stock-based awards | 16,846 | 24,203 |
Purchase of noncontrolling interests | -15,338 | -30,000 |
Funds returned from escrow for Meetic tender offer | 0 | 12,354 |
Acquisition-related contingent consideration payment | -180 | 0 |
Other, net | 110 | -295 |
Net cash used in financing activities attributable to continuing operations | -237,576 | -12,822 |
Total cash used in continuing operations | -307,353 | -98,749 |
Effect of exchange rate changes on cash and cash equivalents | -11,455 | 1,616 |
Net decrease in cash and cash equivalents | -318,808 | -97,133 |
Cash and cash equivalents at beginning of period | 990,405 | 1,100,444 |
Cash and cash equivalents at end of period | $671,597 | $1,003,311 |
THE_COMPANY_AND_SUMMARY_OF_SIG
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations | |
IAC is a leading media and Internet company. The Company is organized into four segments: The Match Group, which consists of dating, education and fitness businesses with brands such as Match, OkCupid, Tinder, The Princeton Review and DailyBurn; Search & Applications, which includes brands such as About.com, Ask.com, Dictionary.com and Investopedia; Media, which includes businesses such as Vimeo, Electus, The Daily Beast and CollegeHumor; and eCommerce, which includes HomeAdvisor and ShoeBuy. IAC's brands and products are among the most recognized in the world, reaching users in over 200 countries. | |
All references to "IAC," the "Company," "we," "our" or "us" in this report are to IAC/InterActiveCorp. | |
Basis of Presentation | |
The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). | |
Basis of Consolidation and Accounting for Investments | |
The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. Intercompany transactions and accounts have been eliminated. | |
Investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. | |
Accounting Estimates | |
The preparation of consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recovery of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts and revenue reserves; the fair value of acquisition-related contingent consideration; the liabilities for uncertain tax positions; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. | |
Certain Risks and Concentrations | |
A substantial portion of the Company's revenue is derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in advertising spending behavior or in customer buying behavior could adversely affect our operating results. Most of the Company's online advertising revenue is attributable to a services agreement with Google Inc. ("Google"), which expires on March 31, 2016. Our services agreement requires that we comply with certain guidelines promulgated by Google. Subject to certain limitations, Google may unilaterally update its policies and guidelines, which could require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our business, financial condition and results of operations. For the three months ended March 31, 2015 and 2014, revenue earned from Google is $339.6 million and $355.6 million, respectively. This revenue is earned by the businesses comprising the Search & Applications segment. Accounts receivable related to revenue earned from Google totaled $111.7 million and $118.7 million at March 31, 2015 and December 31, 2014, respectively. | |
Recent Accounting Pronouncement | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common standard for all industries. The new guidance is effective for reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or cumulative effect approach to adopt ASU No. 2014-09. In April 2015, the FASB announced a proposal to defer the effective date by one year, with early adoption on the original effective date permitted. The Company is currently evaluating the new guidance and has not yet determined whether the adoption of the new standard will have a material impact on its consolidated financial statements or the method and timing of adoption. | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES |
At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or the liabilities for uncertain tax positions is recognized in the interim period in which the change occurs. | |
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or our tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs. | |
For the three months ended March 31, 2015, the Company recorded an income tax provision for continuing operations of $6.2 million, which represents an effective income tax rate of 22%. The effective rate for the three months ended March 31, 2015 is lower than the statutory rate of 35% due principally to the non-taxable gain on contingent consideration fair value adjustments in the current year period and a reduction in tax reserves and related interest due to the expiration of statutes of limitations. For the three months ended March 31, 2014, the Company recorded an income tax provision for continuing operations of $21.4 million, which represents an effective income tax rate of 38%. The effective rate for the three months ended March 31, 2014 is higher than the statutory rate of 35% due primarily to interest on reserves for income tax contingencies and state taxes, partially offset by foreign income taxed at lower rates. | |
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Included in the income tax provision for continuing operations for the three months ended March 31, 2015 and 2014, is a $0.1 million benefit and a $1.6 million provision, respectively, net of related deferred taxes, for interest on unrecognized tax benefits. At March 31, 2015 and December 31, 2014, the Company has accrued $2.5 million and $2.8 million, respectively, for the payment of interest. At March 31, 2015 and December 31, 2014, the Company has accrued $2.3 million and $2.9 million, respectively, for penalties. | |
The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. The Internal Revenue Service is currently auditing the Company’s federal income tax returns for the years ended December 31, 2010 through 2012. Various other jurisdictions are open to examination for various tax years beginning with 2009. Income taxes payable include reserves considered sufficient to pay assessments that may result from examination of prior year tax returns. Changes to reserves from period to period and differences between amounts paid, if any, upon resolution of audits and amounts previously provided may be material. Differences between the reserves for uncertain tax positions and the amounts owed by the Company are recorded in the period they become known. | |
At March 31, 2015 and December 31, 2014, unrecognized tax benefits, including interest, are $30.4 million and $33.2 million, respectively. If unrecognized tax benefits at March 31, 2015 are subsequently recognized, $28.1 million, net of related deferred tax assets and interest, would reduce income tax provision for continuing operations. The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $7.8 million within twelve months of March 31, 2015 primarily due to expirations of statutes of limitations; $7.4 million of which would reduce the income tax provision for continuing operations. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES | |||||||||||||||
At March 31, 2015, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 204,450 | $ | 310 | $ | (60 | ) | $ | 204,700 | |||||||
Equity security | 98 | 823 | — | 921 | ||||||||||||
Total marketable securities | $ | 204,548 | $ | 1,133 | $ | (60 | ) | $ | 205,621 | |||||||
All of the Company’s marketable debt securities are rated investment grade. The gross unrealized losses on the marketable debt securities relate principally to changes in interest rates. Because the Company does not intend to sell any marketable debt securities and it is not more likely than not that the Company will be required to sell any marketable debt securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider any of its marketable debt securities to be other-than-temporarily impaired at March 31, 2015. | ||||||||||||||||
At December 31, 2014, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 159,418 | $ | 34 | $ | (255 | ) | $ | 159,197 | |||||||
Equity security | 98 | 1,353 | — | 1,451 | ||||||||||||
Total marketable securities | $ | 159,516 | $ | 1,387 | $ | (255 | ) | $ | 160,648 | |||||||
The unrealized gains and losses in the tables above are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. | ||||||||||||||||
The contractual maturities of debt securities classified as current available-for-sale at March 31, 2015 are as follows: | ||||||||||||||||
Amortized | Fair | |||||||||||||||
Cost | Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Due in one year or less | $ | 69,218 | $ | 69,220 | ||||||||||||
Due after one year through five years | 135,232 | 135,480 | ||||||||||||||
Total | $ | 204,450 | $ | 204,700 | ||||||||||||
The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ | 6,050 | $ | — | ||||||||||||
There were no gross realized gains or losses from the maturities and sales of available-for-sale marketable securities for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
The specific-identification method is used to determine the cost of securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income into earnings. |
FAIR_VALUE_MEASUREMENTS_AND_FI
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | |||||||||||||||
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: | ||||||||||||||||
• | Level 1: Observable inputs obtained from independent sources, such as quoted prices for identical assets and liabilities in active markets. | |||||||||||||||
• | Level 2: Other inputs, which are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. | |||||||||||||||
• | Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. See below for a discussion of fair value measurements made using Level 3 inputs. | |||||||||||||||
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 107,661 | $ | — | $ | — | $ | 107,661 | ||||||||
Commercial paper | — | 204,236 | — | 204,236 | ||||||||||||
Time deposits | — | 34,004 | — | 34,004 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 204,700 | — | 204,700 | ||||||||||||
Equity security | 921 | — | — | 921 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 6,190 | 6,190 | ||||||||||||
Marketable equity security | 7,924 | — | — | 7,924 | ||||||||||||
Total | $ | 116,506 | $ | 442,940 | $ | 6,190 | $ | 565,636 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (20,964 | ) | $ | (20,964 | ) | ||||||
December 31, 2014 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 174,720 | $ | — | $ | — | $ | 174,720 | ||||||||
Commercial paper | — | 388,801 | — | 388,801 | ||||||||||||
Time deposits | — | 42,914 | — | 42,914 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 159,197 | — | 159,197 | ||||||||||||
Equity security | 1,451 | — | — | 1,451 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 6,070 | 6,070 | ||||||||||||
Marketable equity security | 7,410 | — | — | 7,410 | ||||||||||||
Total | $ | 183,581 | $ | 590,912 | $ | 6,070 | $ | 780,563 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (30,140 | ) | $ | (30,140 | ) | ||||||
The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | Contingent | |||||||||||||
Security | Consideration | Security | Consideration | |||||||||||||
Arrangements | Arrangements | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1 | $ | 6,070 | $ | (30,140 | ) | $ | 8,920 | $ | (45,828 | ) | ||||||
Total net gains (losses): | ||||||||||||||||
Included in earnings | — | 7,626 | — | 27 | ||||||||||||
Included in other comprehensive income (loss) | 120 | 1,733 | 230 | (363 | ) | |||||||||||
Fair value at date of acquisition | — | (363 | ) | — | (2,835 | ) | ||||||||||
Settlements | — | 180 | — | 241 | ||||||||||||
Balance at March 31 | $ | 6,190 | $ | (20,964 | ) | $ | 9,150 | $ | (48,758 | ) | ||||||
Auction rate security | ||||||||||||||||
The Company's auction rate security is valued by discounting the estimated future cash flow streams of the security over the life of the security. Credit spreads and other risk factors are also considered in establishing fair value. The cost basis of the auction rate security is $10.0 million, with gross unrealized losses of $3.8 million and $3.9 million at March 31, 2015 and December 31, 2014, respectively. The unrealized losses are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. At March 31, 2015, the auction rate security is rated BBB- and matures in 2035. The Company does not consider the auction rate security to be other-than-temporarily impaired at March 31, 2015, due to its credit rating and because the Company does not intend to sell this security, and it is not more likely than not that the Company will be required to sell this security, before the recovery of its amortized cost basis, which may be maturity. | ||||||||||||||||
Contingent Consideration Arrangements | ||||||||||||||||
As of March 31, 2015, there are nine contingent consideration arrangements related to business acquisitions. Eight of the contingent consideration arrangements have limits as to the maximum amount that can be paid; the maximum contingent payments related to these arrangements is $189.0 million and the fair value of these arrangements at March 31, 2015 is $20.5 million. The fair value of the one contingent consideration arrangement without a limit on the maximum amount is $0.5 million at March 31, 2015. The contingent consideration arrangements are generally based upon earnings performance and/or operating metrics such as monthly average users. The Company typically determines the fair value of the contingent consideration arrangements by using a probability-weighted analysis to determine the amount of the gross liability, and, if the arrangement is long-term in nature, applying a discount rate that captures the risks associated with the obligation. The number of scenarios in the probability-weighted analyses can vary; generally, more scenarios are prepared for longer duration and more complex arrangements. The contingent consideration arrangements fair values at March 31, 2015 reflect discount rates ranging from 15-25%. | ||||||||||||||||
The fair values of the contingent consideration arrangements are sensitive to changes in the forecasts of earnings and/or the relevant operating metrics and changes in discount rates. The Company remeasures the fair value of the contingent consideration arrangements each reporting period, and changes are recognized in “General and administrative expense” in the accompanying consolidated statement of operations. The contingent consideration arrangement liability at March 31, 2015 includes a current portion of $11.7 million and non-current portion of $9.2 million, which are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the accompanying consolidated balance sheet. | ||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||
The Company's non-financial assets, such as goodwill, intangible assets and property and equipment, as well as equity and cost method investments, are adjusted to fair value only when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs. | ||||||||||||||||
Cost method investments | ||||||||||||||||
At March 31, 2015 and December 31, 2014, the carrying values of the Company's investments accounted for under the cost method totaled $99.3 million and $90.9 million, respectively, and are included in "Long-term investments" in the accompanying consolidated balance sheet. The Company evaluates each cost method investment for impairment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of a cost method investment, then the fair value of such cost method investment is not estimated, as it is impracticable to do so. | ||||||||||||||||
Long-term marketable equity securities | ||||||||||||||||
The cost basis of the Company's long-term marketable equity security at March 31, 2015 and December 31, 2014 is $8.7 million, with gross unrealized losses of $0.7 million and $1.2 million, respectively. The gross unrealized losses at March 31, 2015 and December 31, 2014 are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. | ||||||||||||||||
Financial instruments measured at fair value only for disclosure purposes | ||||||||||||||||
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | $ | (1,080,000 | ) | $ | (1,100,002 | ) | $ | (1,080,000 | ) | $ | (1,099,813 | ) | ||||
The fair value of long-term debt is estimated using market prices or indices for similar liabilities and taking into consideration other factors such as credit quality and maturity, which are Level 3 inputs. |
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
LONG-TERM DEBT | LONG-TERM DEBT | |||||||
Long-term debt consists of: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(In thousands) | ||||||||
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30 and November 30, which commenced May 30, 2014 | $ | 500,000 | $ | 500,000 | ||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2013 | 500,000 | 500,000 | ||||||
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035; interest payable each March 1 and September 1, which commenced March 1, 2006 | 80,000 | 80,000 | ||||||
Total long-term debt | $ | 1,080,000 | $ | 1,080,000 | ||||
The 2013 and 2012 Senior Notes were issued on November 15, 2013 and December 21, 2012, respectively. On December 21, 2012, the Company entered into a $300 million revolving credit facility, which expires on December 21, 2017. The annual fee to maintain the revolving credit facility is 30 basis points. At March 31, 2015 and December 31, 2014, there are no outstanding borrowings under the revolving credit facility. | ||||||||
The 2013 and 2012 Senior Notes are unconditionally guaranteed by certain domestic subsidiaries, which are designated as guarantor subsidiaries. The guarantor subsidiaries are the same for the 2013 and 2012 Senior Notes and IAC's obligation under the revolving credit facility; IAC's obligation under the revolving credit facility is also secured by the stock of certain of our domestic and foreign subsidiaries. See Note 10 for guarantor and non-guarantor financial information. | ||||||||
The indentures governing the 2013 and 2012 Senior Notes restrict our ability to incur additional indebtedness in the event we are not in compliance with the maximum leverage ratio of 3.0 to 1.0. In addition, the terms of the revolving credit facility require that we maintain a leverage ratio of not more than 3.0 to 1.0 and restrict our ability to incur additional indebtedness. As of March 31, 2015, the Company was in compliance with all of these covenants. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||
The following tables present the components of accumulated other comprehensive (loss) income. There have been no amounts reclassified out of accumulated other comprehensive loss into earnings for the three months ended March 31, 2015 and 2014. | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized (Losses) Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 31 | $ | (86,848 | ) | $ | (852 | ) | $ | (87,700 | ) | |||
Other comprehensive (loss) income, net of tax provision of $0.1 million related to unrealized gains on available-for-sale securities | (56,334 | ) | 761 | (55,573 | ) | |||||||
Balance as of March 31 | $ | (143,182 | ) | $ | (91 | ) | $ | (143,273 | ) | |||
Three Months Ended March 31, 2014 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive (Loss) Income | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 31 | $ | (20,352 | ) | $ | 7,306 | $ | (13,046 | ) | ||||
Other comprehensive income, net of tax provision of $0.6 million related to unrealized gains on available-for-sale securities | 5,220 | 129 | 5,349 | |||||||||
Balance as of March 31 | $ | (15,132 | ) | $ | 7,435 | $ | (7,697 | ) | ||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share attributable to IAC shareholders. | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 21,863 | $ | 21,863 | $ | 34,305 | $ | 34,305 | ||||||||
Net loss attributable to noncontrolling interests | 4,417 | 4,417 | 2,394 | 2,394 | ||||||||||||
Earnings from continuing operations attributable to IAC shareholders | 26,280 | 26,280 | 36,699 | 36,699 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 125 | 125 | (814 | ) | (814 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 26,405 | $ | 26,405 | $ | 35,885 | $ | 35,885 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,453 | 83,453 | 82,484 | 82,484 | ||||||||||||
Dilutive securities including stock options and RSUs(a) | — | 5,305 | — | 4,720 | ||||||||||||
Denominator for earnings per share—weighted average shares(a) | 83,453 | 88,758 | 82,484 | 87,204 | ||||||||||||
Earnings per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 0.31 | $ | 0.3 | $ | 0.44 | $ | 0.42 | ||||||||
Discontinued operations | 0.01 | — | — | (0.01 | ) | |||||||||||
Earnings per share | $ | 0.32 | $ | 0.3 | $ | 0.44 | $ | 0.41 | ||||||||
_________________________________________ | ||||||||||||||||
(a) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and vesting of restricted stock units ("RSUs"). For the three months ended March 31, 2015 approximately 2.0 million shares related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2014, there are no securities that are excluded from the calculation of diluted earnings per share. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||||||||||
The overall concept that IAC employs in determining its operating segments is to present the financial information in a manner consistent with how the chief operating decision maker views the businesses, how the businesses are organized as to segment management, and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics or, in the case of the eCommerce reportable segment, do not meet the quantitative thresholds that require presentation as separate operating segments. | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Search & Applications | $ | 382,898 | $ | 398,035 | ||||||||||||||||||||
The Match Group | 239,211 | 211,187 | ||||||||||||||||||||||
Media | 43,612 | 36,355 | ||||||||||||||||||||||
eCommerce | 107,010 | 94,842 | ||||||||||||||||||||||
Inter-segment elimination | (219 | ) | (172 | ) | ||||||||||||||||||||
Total | $ | 772,512 | $ | 740,247 | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||||||
Search & Applications | $ | 64,300 | $ | 70,337 | ||||||||||||||||||||
The Match Group | 25,312 | 39,803 | ||||||||||||||||||||||
Media | (15,352 | ) | (8,566 | ) | ||||||||||||||||||||
eCommerce | (6,854 | ) | (1,561 | ) | ||||||||||||||||||||
Corporate | (32,287 | ) | (28,301 | ) | ||||||||||||||||||||
Total | $ | 35,119 | $ | 71,712 | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||
Search & Applications | $ | 78,901 | $ | 82,071 | ||||||||||||||||||||
The Match Group | 25,856 | 47,430 | ||||||||||||||||||||||
Media | (14,583 | ) | (7,864 | ) | ||||||||||||||||||||
eCommerce | (3,137 | ) | 2,804 | |||||||||||||||||||||
Corporate | (11,880 | ) | (16,346 | ) | ||||||||||||||||||||
Total | $ | 75,157 | $ | 108,095 | ||||||||||||||||||||
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
United States | $ | 570,013 | $ | 504,403 | ||||||||||||||||||||
All other countries | 202,499 | 235,844 | ||||||||||||||||||||||
Total | $ | 772,512 | $ | 740,247 | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Long-lived assets (excluding goodwill and intangible assets): | ||||||||||||||||||||||||
United States | $ | 279,606 | $ | 281,879 | ||||||||||||||||||||
All other countries | 18,350 | 20,580 | ||||||||||||||||||||||
Total | $ | 297,956 | $ | 302,459 | ||||||||||||||||||||
The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and goodwill and intangible asset impairments and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses. | ||||||||||||||||||||||||
The following tables reconcile Adjusted EBITDA to operating income (loss) for the Company's reportable segments: | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Adjusted | Stock-Based | Depreciation | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | |||||||||||||||||||
EBITDA | Compensation | of Intangibles | Income | |||||||||||||||||||||
Expense | (Loss) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Search & Applications | $ | 78,901 | $ | — | $ | (3,616 | ) | $ | (6,965 | ) | $ | (4,020 | ) | $ | 64,300 | |||||||||
The Match Group | 25,856 | (613 | ) | (7,065 | ) | (3,877 | ) | 11,011 | 25,312 | |||||||||||||||
Media | (14,583 | ) | (147 | ) | (204 | ) | (423 | ) | 5 | (15,352 | ) | |||||||||||||
eCommerce | (3,137 | ) | (420 | ) | (2,007 | ) | (1,290 | ) | — | (6,854 | ) | |||||||||||||
Corporate | (11,880 | ) | (17,731 | ) | (2,676 | ) | — | — | (32,287 | ) | ||||||||||||||
Total | $ | 75,157 | $ | (18,911 | ) | $ | (15,568 | ) | $ | (12,555 | ) | $ | 6,996 | $ | 35,119 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Adjusted | Stock-Based | Depreciation | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | |||||||||||||||||||
EBITDA | Compensation | of Intangibles | Income | |||||||||||||||||||||
Expense | (Loss) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Search & Applications | $ | 82,071 | $ | — | $ | (4,465 | ) | $ | (7,269 | ) | $ | — | $ | 70,337 | ||||||||||
The Match Group | 47,430 | (17 | ) | (5,800 | ) | (1,837 | ) | 27 | 39,803 | |||||||||||||||
Media | (7,864 | ) | (164 | ) | (282 | ) | (256 | ) | — | (8,566 | ) | |||||||||||||
eCommerce | 2,804 | — | (1,748 | ) | (2,617 | ) | — | (1,561 | ) | |||||||||||||||
Corporate | (16,346 | ) | (9,432 | ) | (2,523 | ) | — | — | (28,301 | ) | ||||||||||||||
Total | $ | 108,095 | $ | (9,613 | ) | $ | (14,818 | ) | $ | (11,979 | ) | $ | 27 | $ | 71,712 | |||||||||
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | CONTINGENCIES |
In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See Note 2 for additional information related to income tax contingencies. |
GUARANTOR_AND_NONGUARANTOR_FIN
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | ||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||
The 2013 and 2012 Senior Notes are unconditionally guaranteed, jointly and severally, by certain domestic subsidiaries which are 100% owned by the Company. The following tables present condensed consolidating financial information at March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 for: IAC, on a stand-alone basis; the combined guarantor subsidiaries of IAC; the combined non-guarantor subsidiaries of IAC; and IAC on a consolidated basis. | ||||||||||||||||||||
Balance sheet at March 31, 2015: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 468,857 | $ | — | $ | 202,740 | $ | — | $ | 671,597 | ||||||||||
Marketable securities | 204,700 | — | 921 | — | 205,621 | |||||||||||||||
Accounts receivable, net | 17 | 156,409 | 76,038 | — | 232,464 | |||||||||||||||
Other current assets | 41,743 | 93,861 | 54,186 | (5,529 | ) | 184,261 | ||||||||||||||
Intercompany receivables | — | 1,732,085 | 982,713 | (2,714,798 | ) | — | ||||||||||||||
Property and equipment, net | 5,511 | 229,513 | 62,932 | — | 297,956 | |||||||||||||||
Goodwill | — | 1,250,200 | 470,701 | — | 1,720,901 | |||||||||||||||
Intangible assets, net | — | 319,502 | 150,050 | — | 469,552 | |||||||||||||||
Investment in subsidiaries | 5,056,128 | 916,116 | — | (5,972,244 | ) | — | ||||||||||||||
Other non-current assets | 44,460 | 21,042 | 112,382 | (2,131 | ) | 175,753 | ||||||||||||||
Total assets | $ | 5,821,416 | $ | 4,718,728 | $ | 2,112,663 | $ | (8,694,702 | ) | $ | 3,958,105 | |||||||||
Accounts payable, trade | $ | 3,954 | $ | 56,934 | $ | 22,558 | $ | — | $ | 83,446 | ||||||||||
Other current liabilities | 44,152 | 318,375 | 180,402 | (623 | ) | 542,306 | ||||||||||||||
Long-term debt | 1,000,000 | 80,000 | — | — | 1,080,000 | |||||||||||||||
Income taxes payable | 909 | 4,777 | 23,614 | — | 29,300 | |||||||||||||||
Intercompany liabilities | 2,714,798 | — | — | (2,714,798 | ) | — | ||||||||||||||
Other long-term liabilities | 304,889 | 104,257 | 39,935 | (7,037 | ) | 442,044 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 28,295 | — | 28,295 | |||||||||||||||
IAC shareholders' equity | 1,752,714 | 4,154,385 | 1,817,859 | (5,972,244 | ) | 1,752,714 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 5,821,416 | $ | 4,718,728 | $ | 2,112,663 | $ | (8,694,702 | ) | $ | 3,958,105 | |||||||||
Balance sheet at December 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 766,076 | $ | 1,021 | $ | 223,308 | $ | — | $ | 990,405 | ||||||||||
Marketable securities | 159,197 | — | 1,451 | — | 160,648 | |||||||||||||||
Accounts receivable, net | 13 | 155,262 | 80,811 | — | 236,086 | |||||||||||||||
Other current assets | 23,923 | 91,105 | 57,487 | (5,773 | ) | 166,742 | ||||||||||||||
Intercompany receivables | — | 1,688,403 | 970,810 | (2,659,213 | ) | — | ||||||||||||||
Property and equipment, net | 4,950 | 232,819 | 64,690 | — | 302,459 | |||||||||||||||
Goodwill | — | 1,249,807 | 505,119 | — | 1,754,926 | |||||||||||||||
Intangible assets, net | — | 325,771 | 166,165 | — | 491,936 | |||||||||||||||
Investment in subsidiaries | 5,035,304 | 930,443 | — | (5,965,747 | ) | — | ||||||||||||||
Other non-current assets | 44,610 | 20,682 | 109,372 | (2,988 | ) | 171,676 | ||||||||||||||
Total assets | $ | 6,034,073 | $ | 4,695,313 | $ | 2,179,213 | $ | (8,633,721 | ) | $ | 4,274,878 | |||||||||
Accounts payable, trade | $ | 3,059 | $ | 55,320 | $ | 22,784 | $ | — | $ | 81,163 | ||||||||||
Other current liabilities | 73,491 | 328,920 | 191,197 | (817 | ) | 592,791 | ||||||||||||||
Long-term debt | 1,000,000 | 80,000 | — | — | 1,080,000 | |||||||||||||||
Income taxes payable | 2,240 | 4,771 | 25,624 | — | 32,635 | |||||||||||||||
Intercompany liabilities | 2,659,213 | — | — | (2,659,213 | ) | — | ||||||||||||||
Other long-term liabilities | 304,117 | 104,219 | 54,328 | (7,944 | ) | 454,720 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 40,427 | — | 40,427 | |||||||||||||||
IAC shareholders' equity | 1,991,953 | 4,122,083 | 1,843,664 | (5,965,747 | ) | 1,991,953 | ||||||||||||||
Noncontrolling interests | — | — | 1,189 | — | 1,189 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 6,034,073 | $ | 4,695,313 | $ | 2,179,213 | $ | (8,633,721 | ) | $ | 4,274,878 | |||||||||
Statement of operations for the three months ended March 31, 2015: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 594,801 | $ | 180,360 | $ | (2,649 | ) | $ | 772,512 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 245 | 119,741 | 71,764 | (197 | ) | 191,553 | ||||||||||||||
Selling and marketing expense | 1,055 | 288,625 | 70,396 | (2,410 | ) | 357,666 | ||||||||||||||
General and administrative expense | 24,064 | 65,753 | 25,019 | (42 | ) | 114,794 | ||||||||||||||
Product development expense | 2,177 | 31,134 | 11,946 | — | 45,257 | |||||||||||||||
Depreciation | 401 | 11,580 | 3,587 | — | 15,568 | |||||||||||||||
Amortization of intangibles | — | 6,270 | 6,285 | — | 12,555 | |||||||||||||||
Total operating costs and expenses | 27,942 | 523,103 | 188,997 | (2,649 | ) | 737,393 | ||||||||||||||
Operating (loss) income | (27,942 | ) | 71,698 | (8,637 | ) | — | 35,119 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 54,124 | 3,696 | — | (57,820 | ) | — | ||||||||||||||
Interest expense | (12,990 | ) | (1,046 | ) | (28 | ) | — | (14,064 | ) | |||||||||||
Other (expense) income, net | (9,353 | ) | 11,392 | 4,949 | — | 6,988 | ||||||||||||||
Earnings (loss) from continuing operations before income taxes | 3,839 | 85,740 | (3,716 | ) | (57,820 | ) | 28,043 | |||||||||||||
Income tax benefit (provision) | 22,441 | (31,796 | ) | 3,175 | — | (6,180 | ) | |||||||||||||
Earnings (loss) from continuing operations | 26,280 | 53,944 | (541 | ) | (57,820 | ) | 21,863 | |||||||||||||
Earnings from discontinued operations, net of tax | 125 | — | — | — | 125 | |||||||||||||||
Net earnings (loss) | 26,405 | 53,944 | (541 | ) | (57,820 | ) | 21,988 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 4,417 | — | 4,417 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 26,405 | $ | 53,944 | $ | 3,876 | $ | (57,820 | ) | $ | 26,405 | |||||||||
Comprehensive (loss) income attributable to IAC shareholders | $ | (29,168 | ) | $ | 48,159 | $ | (52,868 | ) | $ | 4,709 | $ | (29,168 | ) | |||||||
Statement of operations for the three months ended March 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 546,326 | $ | 196,907 | $ | (2,986 | ) | $ | 740,247 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | (28 | ) | 129,301 | 80,921 | (960 | ) | 209,234 | |||||||||||||
Selling and marketing expense | 192 | 236,341 | 63,764 | (1,698 | ) | 298,599 | ||||||||||||||
General and administrative expense | 22,446 | 45,675 | 26,955 | 13 | 95,089 | |||||||||||||||
Product development expense | 1,471 | 27,096 | 10,590 | (341 | ) | 38,816 | ||||||||||||||
Depreciation | 329 | 9,561 | 4,928 | — | 14,818 | |||||||||||||||
Amortization of intangibles | — | 9,001 | 2,978 | — | 11,979 | |||||||||||||||
Total operating costs and expenses | 24,410 | 456,975 | 190,136 | (2,986 | ) | 668,535 | ||||||||||||||
Operating (loss) income | (24,410 | ) | 89,351 | 6,771 | — | 71,712 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 54,297 | 932 | — | (55,229 | ) | — | ||||||||||||||
Interest expense | (12,985 | ) | (1,042 | ) | (37 | ) | — | (14,064 | ) | |||||||||||
Other income (expense), net | 9,685 | (10,527 | ) | (1,116 | ) | — | (1,958 | ) | ||||||||||||
Earnings from continuing operations before income taxes | 26,587 | 78,714 | 5,618 | (55,229 | ) | 55,690 | ||||||||||||||
Income tax benefit (provision) | 10,112 | (29,944 | ) | (1,553 | ) | — | (21,385 | ) | ||||||||||||
Earnings from continuing operations | 36,699 | 48,770 | 4,065 | (55,229 | ) | 34,305 | ||||||||||||||
Loss from discontinued operations, net of tax | (814 | ) | — | (13 | ) | 13 | (814 | ) | ||||||||||||
Net earnings | 35,885 | 48,770 | 4,052 | (55,216 | ) | 33,491 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 2,394 | — | 2,394 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 35,885 | $ | 48,770 | $ | 6,446 | $ | (55,216 | ) | $ | 35,885 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 41,234 | $ | 49,153 | $ | 10,115 | $ | (59,268 | ) | $ | 41,234 | |||||||||
Statement of cash flows for the three months ended March 31, 2015: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (53,803 | ) | $ | 87,776 | $ | (37,783 | ) | $ | (3,810 | ) | |||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (3,002 | ) | (2,707 | ) | (5,709 | ) | |||||||||||||
Capital expenditures | (935 | ) | (8,530 | ) | (3,411 | ) | (12,876 | ) | ||||||||||||
Proceeds from maturities and sales of marketable debt securities | 6,050 | — | — | 6,050 | ||||||||||||||||
Purchases of marketable debt securities | (47,930 | ) | — | — | (47,930 | ) | ||||||||||||||
Purchases of long-term investments | — | — | (8,345 | ) | (8,345 | ) | ||||||||||||||
Other, net | 3,615 | (356 | ) | (416 | ) | 2,843 | ||||||||||||||
Net cash used in investing activities attributable to continuing operations | (39,200 | ) | (11,888 | ) | (14,879 | ) | (65,967 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (200,000 | ) | — | — | (200,000 | ) | ||||||||||||||
Dividends | (28,675 | ) | — | — | (28,675 | ) | ||||||||||||||
Issuance of common stock, net of withholding taxes | (10,339 | ) | — | — | (10,339 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 16,715 | — | 131 | 16,846 | ||||||||||||||||
Purchase of noncontrolling interests | — | — | (15,338 | ) | (15,338 | ) | ||||||||||||||
Acquisition-related contingent consideration payment | — | (180 | ) | — | (180 | ) | ||||||||||||||
Intercompany | 18,083 | (76,739 | ) | 58,656 | — | |||||||||||||||
Other, net | — | — | 110 | 110 | ||||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (204,216 | ) | (76,919 | ) | 43,559 | (237,576 | ) | |||||||||||||
Total cash used in continuing operations | (297,219 | ) | (1,031 | ) | (9,103 | ) | (307,353 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 10 | (11,465 | ) | (11,455 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (297,219 | ) | (1,021 | ) | (20,568 | ) | (318,808 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 766,076 | 1,021 | 223,308 | 990,405 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 468,857 | $ | — | $ | 202,740 | $ | 671,597 | ||||||||||||
Statement of cash flows for the three months ended March 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (29,300 | ) | $ | 72,253 | $ | (312 | ) | $ | 42,641 | ||||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (54,483 | ) | (23,498 | ) | (77,981 | ) | |||||||||||||
Capital expenditures | (985 | ) | (5,931 | ) | (2,805 | ) | (9,721 | ) | ||||||||||||
Purchases of marketable debt securities | (32,848 | ) | — | — | (32,848 | ) | ||||||||||||||
Purchases of long-term investments | (3,000 | ) | (3,286 | ) | (1,575 | ) | (7,861 | ) | ||||||||||||
Other, net | 2 | — | (159 | ) | (157 | ) | ||||||||||||||
Net cash used in investing activities attributable to continuing operations | (36,831 | ) | (63,700 | ) | (28,037 | ) | (128,568 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Dividends | (20,004 | ) | — | — | (20,004 | ) | ||||||||||||||
Issuance of common stock, net of withholding taxes | 920 | — | — | 920 | ||||||||||||||||
Excess tax benefits from stock-based awards | 15,610 | — | 8,593 | 24,203 | ||||||||||||||||
Purchase of noncontrolling interests | — | (30,000 | ) | — | (30,000 | ) | ||||||||||||||
Funds returned from escrow for Meetic tender offer | — | — | 12,354 | 12,354 | ||||||||||||||||
Intercompany | (41,436 | ) | 21,448 | 19,988 | — | |||||||||||||||
Other, net | (374 | ) | — | 79 | (295 | ) | ||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (45,284 | ) | (8,552 | ) | 41,014 | (12,822 | ) | |||||||||||||
Total cash (used in) provided by continuing operations | (111,415 | ) | 1 | 12,665 | (98,749 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1 | ) | 1,617 | 1,616 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (111,415 | ) | — | 14,282 | (97,133 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 782,022 | — | 318,422 | 1,100,444 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 670,607 | $ | — | $ | 332,704 | $ | 1,003,311 | ||||||||||||
THE_COMPANY_AND_SUMMARY_OF_SIG1
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Estimates | Accounting Estimates |
The preparation of consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. | |
On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recovery of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts and revenue reserves; the fair value of acquisition-related contingent consideration; the liabilities for uncertain tax positions; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||
Schedule of current available-for-sale marketable securities | At March 31, 2015, current available-for-sale marketable securities are as follows: | |||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 204,450 | $ | 310 | $ | (60 | ) | $ | 204,700 | |||||||
Equity security | 98 | 823 | — | 921 | ||||||||||||
Total marketable securities | $ | 204,548 | $ | 1,133 | $ | (60 | ) | $ | 205,621 | |||||||
All of the Company’s marketable debt securities are rated investment grade. The gross unrealized losses on the marketable debt securities relate principally to changes in interest rates. Because the Company does not intend to sell any marketable debt securities and it is not more likely than not that the Company will be required to sell any marketable debt securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider any of its marketable debt securities to be other-than-temporarily impaired at March 31, 2015. | ||||||||||||||||
At December 31, 2014, current available-for-sale marketable securities are as follows: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate debt securities | $ | 159,418 | $ | 34 | $ | (255 | ) | $ | 159,197 | |||||||
Equity security | 98 | 1,353 | — | 1,451 | ||||||||||||
Total marketable securities | $ | 159,516 | $ | 1,387 | $ | (255 | ) | $ | 160,648 | |||||||
Schedule of contractual maturities of debt securities classified as available-for-sale | The contractual maturities of debt securities classified as current available-for-sale at March 31, 2015 are as follows: | |||||||||||||||
Amortized | Fair | |||||||||||||||
Cost | Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Due in one year or less | $ | 69,218 | $ | 69,220 | ||||||||||||
Due after one year through five years | 135,232 | 135,480 | ||||||||||||||
Total | $ | 204,450 | $ | 204,700 | ||||||||||||
Schedule of proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains and losses | The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ | 6,050 | $ | — | ||||||||||||
FAIR_VALUE_MEASUREMENTS_AND_FI1
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: | |||||||||||||||
March 31, 2015 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 107,661 | $ | — | $ | — | $ | 107,661 | ||||||||
Commercial paper | — | 204,236 | — | 204,236 | ||||||||||||
Time deposits | — | 34,004 | — | 34,004 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 204,700 | — | 204,700 | ||||||||||||
Equity security | 921 | — | — | 921 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 6,190 | 6,190 | ||||||||||||
Marketable equity security | 7,924 | — | — | 7,924 | ||||||||||||
Total | $ | 116,506 | $ | 442,940 | $ | 6,190 | $ | 565,636 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (20,964 | ) | $ | (20,964 | ) | ||||||
December 31, 2014 | ||||||||||||||||
Quoted Market | Significant | Significant | Total | |||||||||||||
Prices in Active | Other | Unobservable | Fair Value | |||||||||||||
Markets for | Observable | Inputs | Measurements | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 174,720 | $ | — | $ | — | $ | 174,720 | ||||||||
Commercial paper | — | 388,801 | — | 388,801 | ||||||||||||
Time deposits | — | 42,914 | — | 42,914 | ||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | — | 159,197 | — | 159,197 | ||||||||||||
Equity security | 1,451 | — | — | 1,451 | ||||||||||||
Long-term investments: | ||||||||||||||||
Auction rate security | — | — | 6,070 | 6,070 | ||||||||||||
Marketable equity security | 7,410 | — | — | 7,410 | ||||||||||||
Total | $ | 183,581 | $ | 590,912 | $ | 6,070 | $ | 780,563 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (30,140 | ) | $ | (30,140 | ) | ||||||
Schedule of changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Auction Rate | Contingent | Auction Rate | Contingent | |||||||||||||
Security | Consideration | Security | Consideration | |||||||||||||
Arrangements | Arrangements | |||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1 | $ | 6,070 | $ | (30,140 | ) | $ | 8,920 | $ | (45,828 | ) | ||||||
Total net gains (losses): | ||||||||||||||||
Included in earnings | — | 7,626 | — | 27 | ||||||||||||
Included in other comprehensive income (loss) | 120 | 1,733 | 230 | (363 | ) | |||||||||||
Fair value at date of acquisition | — | (363 | ) | — | (2,835 | ) | ||||||||||
Settlements | — | 180 | — | 241 | ||||||||||||
Balance at March 31 | $ | 6,190 | $ | (20,964 | ) | $ | 9,150 | $ | (48,758 | ) | ||||||
Fair Value, by Balance Sheet Grouping | The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | $ | (1,080,000 | ) | $ | (1,100,002 | ) | $ | (1,080,000 | ) | $ | (1,099,813 | ) |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments | Long-term debt consists of: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
(In thousands) | ||||||||
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30 and November 30, which commenced May 30, 2014 | $ | 500,000 | $ | 500,000 | ||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2013 | 500,000 | 500,000 | ||||||
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035; interest payable each March 1 and September 1, which commenced March 1, 2006 | 80,000 | 80,000 | ||||||
Total long-term debt | $ | 1,080,000 | $ | 1,080,000 | ||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of accumulated other comprehensive loss | The following tables present the components of accumulated other comprehensive (loss) income. There have been no amounts reclassified out of accumulated other comprehensive loss into earnings for the three months ended March 31, 2015 and 2014. | |||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized (Losses) Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 31 | $ | (86,848 | ) | $ | (852 | ) | $ | (87,700 | ) | |||
Other comprehensive (loss) income, net of tax provision of $0.1 million related to unrealized gains on available-for-sale securities | (56,334 | ) | 761 | (55,573 | ) | |||||||
Balance as of March 31 | $ | (143,182 | ) | $ | (91 | ) | $ | (143,273 | ) | |||
Three Months Ended March 31, 2014 | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive (Loss) Income | ||||||||||
(In thousands) | ||||||||||||
Balance as of December 31 | $ | (20,352 | ) | $ | 7,306 | $ | (13,046 | ) | ||||
Other comprehensive income, net of tax provision of $0.6 million related to unrealized gains on available-for-sale securities | 5,220 | 129 | 5,349 | |||||||||
Balance as of March 31 | $ | (15,132 | ) | $ | 7,435 | $ | (7,697 | ) | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share attributable to IAC shareholders. | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Earnings from continuing operations | $ | 21,863 | $ | 21,863 | $ | 34,305 | $ | 34,305 | ||||||||
Net loss attributable to noncontrolling interests | 4,417 | 4,417 | 2,394 | 2,394 | ||||||||||||
Earnings from continuing operations attributable to IAC shareholders | 26,280 | 26,280 | 36,699 | 36,699 | ||||||||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders | 125 | 125 | (814 | ) | (814 | ) | ||||||||||
Net earnings attributable to IAC shareholders | $ | 26,405 | $ | 26,405 | $ | 35,885 | $ | 35,885 | ||||||||
Denominator: | ||||||||||||||||
Weighted average basic shares outstanding | 83,453 | 83,453 | 82,484 | 82,484 | ||||||||||||
Dilutive securities including stock options and RSUs(a) | — | 5,305 | — | 4,720 | ||||||||||||
Denominator for earnings per share—weighted average shares(a) | 83,453 | 88,758 | 82,484 | 87,204 | ||||||||||||
Earnings per share attributable to IAC shareholders: | ||||||||||||||||
Earnings per share from continuing operations | $ | 0.31 | $ | 0.3 | $ | 0.44 | $ | 0.42 | ||||||||
Discontinued operations | 0.01 | — | — | (0.01 | ) | |||||||||||
Earnings per share | $ | 0.32 | $ | 0.3 | $ | 0.44 | $ | 0.41 | ||||||||
_________________________________________ | ||||||||||||||||
(a) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and vesting of restricted stock units ("RSUs"). For the three months ended March 31, 2015 approximately 2.0 million shares related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2014, there are no securities that are excluded from the calculation of diluted earnings per share. |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of reconciliation of revenues from segments to consolidated | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Search & Applications | $ | 382,898 | $ | 398,035 | ||||||||||||||||||||
The Match Group | 239,211 | 211,187 | ||||||||||||||||||||||
Media | 43,612 | 36,355 | ||||||||||||||||||||||
eCommerce | 107,010 | 94,842 | ||||||||||||||||||||||
Inter-segment elimination | (219 | ) | (172 | ) | ||||||||||||||||||||
Total | $ | 772,512 | $ | 740,247 | ||||||||||||||||||||
Schedule of reconciliation of operating income (loss) from segments to consolidated | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||||||
Search & Applications | $ | 64,300 | $ | 70,337 | ||||||||||||||||||||
The Match Group | 25,312 | 39,803 | ||||||||||||||||||||||
Media | (15,352 | ) | (8,566 | ) | ||||||||||||||||||||
eCommerce | (6,854 | ) | (1,561 | ) | ||||||||||||||||||||
Corporate | (32,287 | ) | (28,301 | ) | ||||||||||||||||||||
Total | $ | 35,119 | $ | 71,712 | ||||||||||||||||||||
Schedule of reconciliation of Adjusted EBITDA from segments to consolidated | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||
Search & Applications | $ | 78,901 | $ | 82,071 | ||||||||||||||||||||
The Match Group | 25,856 | 47,430 | ||||||||||||||||||||||
Media | (14,583 | ) | (7,864 | ) | ||||||||||||||||||||
eCommerce | (3,137 | ) | 2,804 | |||||||||||||||||||||
Corporate | (11,880 | ) | (16,346 | ) | ||||||||||||||||||||
Total | $ | 75,157 | $ | 108,095 | ||||||||||||||||||||
Schedule of revenue and long-lived assets, excluding goodwill and intangible assets, by geography | Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: | |||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
United States | $ | 570,013 | $ | 504,403 | ||||||||||||||||||||
All other countries | 202,499 | 235,844 | ||||||||||||||||||||||
Total | $ | 772,512 | $ | 740,247 | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Long-lived assets (excluding goodwill and intangible assets): | ||||||||||||||||||||||||
United States | $ | 279,606 | $ | 281,879 | ||||||||||||||||||||
All other countries | 18,350 | 20,580 | ||||||||||||||||||||||
Total | $ | 297,956 | $ | 302,459 | ||||||||||||||||||||
Schedule of reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | The following tables reconcile Adjusted EBITDA to operating income (loss) for the Company's reportable segments: | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Adjusted | Stock-Based | Depreciation | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | |||||||||||||||||||
EBITDA | Compensation | of Intangibles | Income | |||||||||||||||||||||
Expense | (Loss) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Search & Applications | $ | 78,901 | $ | — | $ | (3,616 | ) | $ | (6,965 | ) | $ | (4,020 | ) | $ | 64,300 | |||||||||
The Match Group | 25,856 | (613 | ) | (7,065 | ) | (3,877 | ) | 11,011 | 25,312 | |||||||||||||||
Media | (14,583 | ) | (147 | ) | (204 | ) | (423 | ) | 5 | (15,352 | ) | |||||||||||||
eCommerce | (3,137 | ) | (420 | ) | (2,007 | ) | (1,290 | ) | — | (6,854 | ) | |||||||||||||
Corporate | (11,880 | ) | (17,731 | ) | (2,676 | ) | — | — | (32,287 | ) | ||||||||||||||
Total | $ | 75,157 | $ | (18,911 | ) | $ | (15,568 | ) | $ | (12,555 | ) | $ | 6,996 | $ | 35,119 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Adjusted | Stock-Based | Depreciation | Amortization | Acquisition-related Contingent Consideration Fair Value Adjustments | Operating | |||||||||||||||||||
EBITDA | Compensation | of Intangibles | Income | |||||||||||||||||||||
Expense | (Loss) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Search & Applications | $ | 82,071 | $ | — | $ | (4,465 | ) | $ | (7,269 | ) | $ | — | $ | 70,337 | ||||||||||
The Match Group | 47,430 | (17 | ) | (5,800 | ) | (1,837 | ) | 27 | 39,803 | |||||||||||||||
Media | (7,864 | ) | (164 | ) | (282 | ) | (256 | ) | — | (8,566 | ) | |||||||||||||
eCommerce | 2,804 | — | (1,748 | ) | (2,617 | ) | — | (1,561 | ) | |||||||||||||||
Corporate | (16,346 | ) | (9,432 | ) | (2,523 | ) | — | — | (28,301 | ) | ||||||||||||||
Total | $ | 108,095 | $ | (9,613 | ) | $ | (14,818 | ) | $ | (11,979 | ) | $ | 27 | $ | 71,712 | |||||||||
GUARANTOR_AND_NONGUARANTOR_FIN1
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | ||||||||||||||||||||
Schedule of condensed balance sheet | Balance sheet at March 31, 2015: | |||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 468,857 | $ | — | $ | 202,740 | $ | — | $ | 671,597 | ||||||||||
Marketable securities | 204,700 | — | 921 | — | 205,621 | |||||||||||||||
Accounts receivable, net | 17 | 156,409 | 76,038 | — | 232,464 | |||||||||||||||
Other current assets | 41,743 | 93,861 | 54,186 | (5,529 | ) | 184,261 | ||||||||||||||
Intercompany receivables | — | 1,732,085 | 982,713 | (2,714,798 | ) | — | ||||||||||||||
Property and equipment, net | 5,511 | 229,513 | 62,932 | — | 297,956 | |||||||||||||||
Goodwill | — | 1,250,200 | 470,701 | — | 1,720,901 | |||||||||||||||
Intangible assets, net | — | 319,502 | 150,050 | — | 469,552 | |||||||||||||||
Investment in subsidiaries | 5,056,128 | 916,116 | — | (5,972,244 | ) | — | ||||||||||||||
Other non-current assets | 44,460 | 21,042 | 112,382 | (2,131 | ) | 175,753 | ||||||||||||||
Total assets | $ | 5,821,416 | $ | 4,718,728 | $ | 2,112,663 | $ | (8,694,702 | ) | $ | 3,958,105 | |||||||||
Accounts payable, trade | $ | 3,954 | $ | 56,934 | $ | 22,558 | $ | — | $ | 83,446 | ||||||||||
Other current liabilities | 44,152 | 318,375 | 180,402 | (623 | ) | 542,306 | ||||||||||||||
Long-term debt | 1,000,000 | 80,000 | — | — | 1,080,000 | |||||||||||||||
Income taxes payable | 909 | 4,777 | 23,614 | — | 29,300 | |||||||||||||||
Intercompany liabilities | 2,714,798 | — | — | (2,714,798 | ) | — | ||||||||||||||
Other long-term liabilities | 304,889 | 104,257 | 39,935 | (7,037 | ) | 442,044 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 28,295 | — | 28,295 | |||||||||||||||
IAC shareholders' equity | 1,752,714 | 4,154,385 | 1,817,859 | (5,972,244 | ) | 1,752,714 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 5,821,416 | $ | 4,718,728 | $ | 2,112,663 | $ | (8,694,702 | ) | $ | 3,958,105 | |||||||||
Balance sheet at December 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 766,076 | $ | 1,021 | $ | 223,308 | $ | — | $ | 990,405 | ||||||||||
Marketable securities | 159,197 | — | 1,451 | — | 160,648 | |||||||||||||||
Accounts receivable, net | 13 | 155,262 | 80,811 | — | 236,086 | |||||||||||||||
Other current assets | 23,923 | 91,105 | 57,487 | (5,773 | ) | 166,742 | ||||||||||||||
Intercompany receivables | — | 1,688,403 | 970,810 | (2,659,213 | ) | — | ||||||||||||||
Property and equipment, net | 4,950 | 232,819 | 64,690 | — | 302,459 | |||||||||||||||
Goodwill | — | 1,249,807 | 505,119 | — | 1,754,926 | |||||||||||||||
Intangible assets, net | — | 325,771 | 166,165 | — | 491,936 | |||||||||||||||
Investment in subsidiaries | 5,035,304 | 930,443 | — | (5,965,747 | ) | — | ||||||||||||||
Other non-current assets | 44,610 | 20,682 | 109,372 | (2,988 | ) | 171,676 | ||||||||||||||
Total assets | $ | 6,034,073 | $ | 4,695,313 | $ | 2,179,213 | $ | (8,633,721 | ) | $ | 4,274,878 | |||||||||
Accounts payable, trade | $ | 3,059 | $ | 55,320 | $ | 22,784 | $ | — | $ | 81,163 | ||||||||||
Other current liabilities | 73,491 | 328,920 | 191,197 | (817 | ) | 592,791 | ||||||||||||||
Long-term debt | 1,000,000 | 80,000 | — | — | 1,080,000 | |||||||||||||||
Income taxes payable | 2,240 | 4,771 | 25,624 | — | 32,635 | |||||||||||||||
Intercompany liabilities | 2,659,213 | — | — | (2,659,213 | ) | — | ||||||||||||||
Other long-term liabilities | 304,117 | 104,219 | 54,328 | (7,944 | ) | 454,720 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 40,427 | — | 40,427 | |||||||||||||||
IAC shareholders' equity | 1,991,953 | 4,122,083 | 1,843,664 | (5,965,747 | ) | 1,991,953 | ||||||||||||||
Noncontrolling interests | — | — | 1,189 | — | 1,189 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 6,034,073 | $ | 4,695,313 | $ | 2,179,213 | $ | (8,633,721 | ) | $ | 4,274,878 | |||||||||
Schedule of condensed income statement | Statement of operations for the three months ended March 31, 2015: | |||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 594,801 | $ | 180,360 | $ | (2,649 | ) | $ | 772,512 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 245 | 119,741 | 71,764 | (197 | ) | 191,553 | ||||||||||||||
Selling and marketing expense | 1,055 | 288,625 | 70,396 | (2,410 | ) | 357,666 | ||||||||||||||
General and administrative expense | 24,064 | 65,753 | 25,019 | (42 | ) | 114,794 | ||||||||||||||
Product development expense | 2,177 | 31,134 | 11,946 | — | 45,257 | |||||||||||||||
Depreciation | 401 | 11,580 | 3,587 | — | 15,568 | |||||||||||||||
Amortization of intangibles | — | 6,270 | 6,285 | — | 12,555 | |||||||||||||||
Total operating costs and expenses | 27,942 | 523,103 | 188,997 | (2,649 | ) | 737,393 | ||||||||||||||
Operating (loss) income | (27,942 | ) | 71,698 | (8,637 | ) | — | 35,119 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 54,124 | 3,696 | — | (57,820 | ) | — | ||||||||||||||
Interest expense | (12,990 | ) | (1,046 | ) | (28 | ) | — | (14,064 | ) | |||||||||||
Other (expense) income, net | (9,353 | ) | 11,392 | 4,949 | — | 6,988 | ||||||||||||||
Earnings (loss) from continuing operations before income taxes | 3,839 | 85,740 | (3,716 | ) | (57,820 | ) | 28,043 | |||||||||||||
Income tax benefit (provision) | 22,441 | (31,796 | ) | 3,175 | — | (6,180 | ) | |||||||||||||
Earnings (loss) from continuing operations | 26,280 | 53,944 | (541 | ) | (57,820 | ) | 21,863 | |||||||||||||
Earnings from discontinued operations, net of tax | 125 | — | — | — | 125 | |||||||||||||||
Net earnings (loss) | 26,405 | 53,944 | (541 | ) | (57,820 | ) | 21,988 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 4,417 | — | 4,417 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 26,405 | $ | 53,944 | $ | 3,876 | $ | (57,820 | ) | $ | 26,405 | |||||||||
Comprehensive (loss) income attributable to IAC shareholders | $ | (29,168 | ) | $ | 48,159 | $ | (52,868 | ) | $ | 4,709 | $ | (29,168 | ) | |||||||
Statement of operations for the three months ended March 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Total Eliminations | IAC Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenue | $ | — | $ | 546,326 | $ | 196,907 | $ | (2,986 | ) | $ | 740,247 | |||||||||
Operating costs and expenses: | ||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | (28 | ) | 129,301 | 80,921 | (960 | ) | 209,234 | |||||||||||||
Selling and marketing expense | 192 | 236,341 | 63,764 | (1,698 | ) | 298,599 | ||||||||||||||
General and administrative expense | 22,446 | 45,675 | 26,955 | 13 | 95,089 | |||||||||||||||
Product development expense | 1,471 | 27,096 | 10,590 | (341 | ) | 38,816 | ||||||||||||||
Depreciation | 329 | 9,561 | 4,928 | — | 14,818 | |||||||||||||||
Amortization of intangibles | — | 9,001 | 2,978 | — | 11,979 | |||||||||||||||
Total operating costs and expenses | 24,410 | 456,975 | 190,136 | (2,986 | ) | 668,535 | ||||||||||||||
Operating (loss) income | (24,410 | ) | 89,351 | 6,771 | — | 71,712 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | 54,297 | 932 | — | (55,229 | ) | — | ||||||||||||||
Interest expense | (12,985 | ) | (1,042 | ) | (37 | ) | — | (14,064 | ) | |||||||||||
Other income (expense), net | 9,685 | (10,527 | ) | (1,116 | ) | — | (1,958 | ) | ||||||||||||
Earnings from continuing operations before income taxes | 26,587 | 78,714 | 5,618 | (55,229 | ) | 55,690 | ||||||||||||||
Income tax benefit (provision) | 10,112 | (29,944 | ) | (1,553 | ) | — | (21,385 | ) | ||||||||||||
Earnings from continuing operations | 36,699 | 48,770 | 4,065 | (55,229 | ) | 34,305 | ||||||||||||||
Loss from discontinued operations, net of tax | (814 | ) | — | (13 | ) | 13 | (814 | ) | ||||||||||||
Net earnings | 35,885 | 48,770 | 4,052 | (55,216 | ) | 33,491 | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | 2,394 | — | 2,394 | |||||||||||||||
Net earnings attributable to IAC shareholders | $ | 35,885 | $ | 48,770 | $ | 6,446 | $ | (55,216 | ) | $ | 35,885 | |||||||||
Comprehensive income attributable to IAC shareholders | $ | 41,234 | $ | 49,153 | $ | 10,115 | $ | (59,268 | ) | $ | 41,234 | |||||||||
Schedule of condensed cash flow statement | Statement of cash flows for the three months ended March 31, 2015: | |||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (53,803 | ) | $ | 87,776 | $ | (37,783 | ) | $ | (3,810 | ) | |||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (3,002 | ) | (2,707 | ) | (5,709 | ) | |||||||||||||
Capital expenditures | (935 | ) | (8,530 | ) | (3,411 | ) | (12,876 | ) | ||||||||||||
Proceeds from maturities and sales of marketable debt securities | 6,050 | — | — | 6,050 | ||||||||||||||||
Purchases of marketable debt securities | (47,930 | ) | — | — | (47,930 | ) | ||||||||||||||
Purchases of long-term investments | — | — | (8,345 | ) | (8,345 | ) | ||||||||||||||
Other, net | 3,615 | (356 | ) | (416 | ) | 2,843 | ||||||||||||||
Net cash used in investing activities attributable to continuing operations | (39,200 | ) | (11,888 | ) | (14,879 | ) | (65,967 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Purchase of treasury stock | (200,000 | ) | — | — | (200,000 | ) | ||||||||||||||
Dividends | (28,675 | ) | — | — | (28,675 | ) | ||||||||||||||
Issuance of common stock, net of withholding taxes | (10,339 | ) | — | — | (10,339 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 16,715 | — | 131 | 16,846 | ||||||||||||||||
Purchase of noncontrolling interests | — | — | (15,338 | ) | (15,338 | ) | ||||||||||||||
Acquisition-related contingent consideration payment | — | (180 | ) | — | (180 | ) | ||||||||||||||
Intercompany | 18,083 | (76,739 | ) | 58,656 | — | |||||||||||||||
Other, net | — | — | 110 | 110 | ||||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (204,216 | ) | (76,919 | ) | 43,559 | (237,576 | ) | |||||||||||||
Total cash used in continuing operations | (297,219 | ) | (1,031 | ) | (9,103 | ) | (307,353 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 10 | (11,465 | ) | (11,455 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (297,219 | ) | (1,021 | ) | (20,568 | ) | (318,808 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 766,076 | 1,021 | 223,308 | 990,405 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 468,857 | $ | — | $ | 202,740 | $ | 671,597 | ||||||||||||
Statement of cash flows for the three months ended March 31, 2014: | ||||||||||||||||||||
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (29,300 | ) | $ | 72,253 | $ | (312 | ) | $ | 42,641 | ||||||||||
Cash flows from investing activities attributable to continuing operations: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | (54,483 | ) | (23,498 | ) | (77,981 | ) | |||||||||||||
Capital expenditures | (985 | ) | (5,931 | ) | (2,805 | ) | (9,721 | ) | ||||||||||||
Purchases of marketable debt securities | (32,848 | ) | — | — | (32,848 | ) | ||||||||||||||
Purchases of long-term investments | (3,000 | ) | (3,286 | ) | (1,575 | ) | (7,861 | ) | ||||||||||||
Other, net | 2 | — | (159 | ) | (157 | ) | ||||||||||||||
Net cash used in investing activities attributable to continuing operations | (36,831 | ) | (63,700 | ) | (28,037 | ) | (128,568 | ) | ||||||||||||
Cash flows from financing activities attributable to continuing operations: | ||||||||||||||||||||
Dividends | (20,004 | ) | — | — | (20,004 | ) | ||||||||||||||
Issuance of common stock, net of withholding taxes | 920 | — | — | 920 | ||||||||||||||||
Excess tax benefits from stock-based awards | 15,610 | — | 8,593 | 24,203 | ||||||||||||||||
Purchase of noncontrolling interests | — | (30,000 | ) | — | (30,000 | ) | ||||||||||||||
Funds returned from escrow for Meetic tender offer | — | — | 12,354 | 12,354 | ||||||||||||||||
Intercompany | (41,436 | ) | 21,448 | 19,988 | — | |||||||||||||||
Other, net | (374 | ) | — | 79 | (295 | ) | ||||||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (45,284 | ) | (8,552 | ) | 41,014 | (12,822 | ) | |||||||||||||
Total cash (used in) provided by continuing operations | (111,415 | ) | 1 | 12,665 | (98,749 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (1 | ) | 1,617 | 1,616 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (111,415 | ) | — | 14,282 | (97,133 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 782,022 | — | 318,422 | 1,100,444 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 670,607 | $ | — | $ | 332,704 | $ | 1,003,311 | ||||||||||||
THE_COMPANY_AND_SUMMARY_OF_SIG2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenue from major customers | |||
Number of countries where brands and products reach users | 200 | ||
Revenue | $772,512 | $740,247 | |
Accounts receivable, net of allowance of $13,128 and $12,437, respectively | 232,464 | 236,086 | |
Google Inc. | |||
Revenue from major customers | |||
Revenue | 339,600 | 355,600 | |
Accounts receivable, net of allowance of $13,128 and $12,437, respectively | $111,700 | $118,700 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income taxes (payable) receivable and deferred tax (liabilities) assets include in the Balance Sheet captions [Line Items] | |||
Income tax provision | ($6,180,000) | ($21,385,000) | |
Effective tax rate (as a percent) | 22.00% | 38.00% | |
Federal statutory rate (as a percent) | 35.00% | 35.00% | |
Accrued interest on unrecognized tax benefits | 2,500,000 | 2,800,000 | |
Accrued penalties on unrecognized tax benefits | 2,300,000 | 2,900,000 | |
Total unrecognized tax benefits including interest | 30,400,000 | 33,200,000 | |
Unrecognized tax benefit, if recognized would reduce income tax expense for continuing operations | 28,100,000 | ||
Change In Unrecognized Tax Benefits Unrelated To The Federal Income Taxes Statute Of Limitations Expiring Reasonably Possible Within Twelve Months Of The Current Reporting Period | 7,800,000 | ||
Change In Unrecognized Tax Benefits Unrelated To The Federal Income Taxes Statute Of Limitations Expiring Reasonably Possible Within Twelve Months Of The Current Reporting Period, Income Tax Provision | 7,400,000 | ||
Continuing Operations [Member] | |||
Income taxes (payable) receivable and deferred tax (liabilities) assets include in the Balance Sheet captions [Line Items] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $100,000 | ($1,600,000) |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current available-for-sale marketable securities | ||
Amortized Cost | $204,548 | $159,516 |
Gross Unrealized Gains | 1,133 | 1,387 |
Gross unrealized losses | -60 | -255 |
Marketable securities | 205,621 | 160,648 |
Contractual maturities of debt securities classified as available-for-sale | ||
Due in one year or less, amortized cost | 69,218 | |
Due after one year through five years, amortized cost | 135,232 | |
Total Amortized Cost | 204,450 | |
Due in one year or less, fair value | 69,220 | |
Due after one year through five years, fair value | 135,480 | |
Total, Estimated Fair Value | 204,700 | |
Corporate debt securities | ||
Current available-for-sale marketable securities | ||
Amortized Cost | 204,450 | 159,418 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before tax | 310 | 34 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 60 | 255 |
Marketable securities | 204,700 | 159,197 |
Equity security | ||
Current available-for-sale marketable securities | ||
Amortized Cost | 98 | 98 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 823 | 1,353 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Marketable securities | $921 | $1,451 |
MARKETABLE_SECURITIES_Details_
MARKETABLE SECURITIES (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Marketable securities | $205,621 | $160,648 | |
Proceeds from maturities and sales of current and non-current available-for-sale marketable securities and related gross realized gains and losses | |||
Proceeds from maturities and sales of available-for-sale marketable securities | 6,050 | 0 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Marketable securities | $204,700 | $159,197 |
FAIR_VALUE_MEASUREMENTS_AND_FI2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Marketable securities | $205,621 | $160,648 |
Fair value on a recurring basis | ||
Assets: | ||
Total Assets | 565,636 | 780,563 |
Liabilities: | ||
Contingent consideration arrangement | -20,964 | -30,140 |
Fair value on a recurring basis | Money market funds | ||
Assets: | ||
Cash equivalents: | 107,661 | 174,720 |
Fair value on a recurring basis | Commercial paper | ||
Assets: | ||
Cash equivalents: | 204,236 | 388,801 |
Fair value on a recurring basis | Time deposits | ||
Assets: | ||
Cash equivalents: | 34,004 | 42,914 |
Fair value on a recurring basis | Corporate debt securities | ||
Assets: | ||
Marketable securities | 204,700 | 159,197 |
Fair value on a recurring basis | Equity security | ||
Assets: | ||
Marketable securities | 921 | 1,451 |
Long-term investments: | 7,924 | 7,410 |
Fair value on a recurring basis | Auction rate security | ||
Assets: | ||
Long-term investments: | 6,190 | 6,070 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total Assets | 116,506 | 183,581 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Assets: | ||
Cash equivalents: | 107,661 | 174,720 |
Fair value on a recurring basis | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Equity security | ||
Assets: | ||
Marketable securities | 921 | 1,451 |
Long-term investments: | 7,924 | 7,410 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total Assets | 442,940 | 590,912 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Commercial paper | ||
Assets: | ||
Cash equivalents: | 204,236 | 388,801 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Time deposits | ||
Assets: | ||
Cash equivalents: | 34,004 | 42,914 |
Fair value on a recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Assets: | ||
Marketable securities | 204,700 | 159,197 |
Fair value on a recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total Assets | 6,190 | 6,070 |
Liabilities: | ||
Contingent consideration arrangement | -20,964 | -30,140 |
Fair value on a recurring basis | Significant Unobservable Inputs (Level 3) | Auction rate security | ||
Assets: | ||
Long-term investments: | $6,190 | $6,070 |
FAIR_VALUE_MEASUREMENTS_AND_FI3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 1) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Auction rate securities | |||
Cost basis | $204,450,000 | ||
Gross unrealized losses | 60,000 | 255,000 | |
Contingent Consideration Arrangements | |||
Number of Contingent Consideration Arrangements Related to Business Acquisitions | 9 | ||
Number of Contingent Consideration Arrangements with Payment Limit | 8 | ||
Number of Contingent Consideration Arrangements Without Payment Limit | 1 | ||
Business Acquisition Contingent Consideration Maximum Amount At Balance Sheet date | 189,000,000 | ||
Business Acquisition Contingent Consideration Fair Value at Balance Sheet Date With A Maximum Limit | 20,500,000 | ||
Business Acquisition Contingent Consideration Fair value at Balance Sheet Date Without a Limit | 500,000 | ||
Business Acquisition, Contingent Consideration, at Fair Value, Current | 11,700,000 | ||
Business Acquisition, Contingent Consideration, at Fair Value, Noncurrent | 9,200,000 | ||
Assets measured at fair value on a nonrecurring basis | |||
Cost Method Investments | 99,300,000 | 90,900,000 | |
Auction rate security | |||
Changes in assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | |||
Balance at the beginning of the period, assets | 6,070,000 | 8,920,000 | |
Total net gains (losses) included in other comprehensive income (loss), Asset | 120,000 | 230,000 | |
Balance at the end of the period, assets | 6,190,000 | 9,150,000 | |
Auction rate securities | |||
Cost basis | 10,000,000 | 10,000,000 | |
Gross unrealized losses | 3,800,000 | 3,900,000 | |
Contingent Consideration Arrangement | |||
Changes in liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | |||
Balance at the beginning of the period | -30,140,000 | -45,828,000 | |
Total net gains (losses) included in earnings (unrealized), Liability | 7,626,000 | 27,000 | |
Total net gains (losses) included in other comprehensive income (loss), Liability | 1,733,000 | -363,000 | |
Fair value at date of acquisition | 363,000 | 2,835,000 | |
Settlements | 180,000 | 241,000 | |
Balance at the end of the period | -20,964,000 | -48,758,000 | |
Equity security | |||
Long-term marketable equity security | |||
Cost Basis | 8,700,000 | ||
Gross Unrealized Losses | $700,000 | $1,200,000 | |
Minimum [Member] | Contingent Consideration Arrangement | |||
Contingent Consideration Arrangements | |||
Contingent Consideration Discount Rates | 15.00% | ||
Maximum [Member] | Contingent Consideration Arrangement | |||
Contingent Consideration Arrangements | |||
Contingent Consideration Discount Rates | 25.00% |
FAIR_VALUE_MEASUREMENTS_AND_FI4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Long-term Debt, Fair Value | ($1,100,002) | ($1,099,813) |
Long-term debt | -1,080,000 | -1,080,000 |
Reported Value Measurement [Member] | ||
Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Long-term debt | ($1,080,000) | ($1,080,000) |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Nov. 15, 2013 | Dec. 21, 2012 | |
Debt Instrument [Line Items] | ||||
Total long-term debt | $1,080,000,000 | $1,080,000,000 | ||
Senior Notes | 4.875% Senior Notes due November 30, 2018 | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 500,000,000 | 500,000,000 | ||
Stated rate | 4.88% | 4.88% | ||
Line of Credit Facility [Abstract] | ||||
Maximum leverage ratio | 3 | |||
Senior Notes | 4.75% Senior Notes Due December 2022 | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 500,000,000 | 500,000,000 | ||
Stated rate | 4.75% | 4.75% | ||
Line of Credit Facility [Abstract] | ||||
Maximum leverage ratio | 3 | |||
Bonds | 5% New York City Industrial Development Agency Bonds due September 2035 | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 80,000,000 | 80,000,000 | ||
Stated rate | 5.00% | 5.00% | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Abstract] | ||||
Line of credit, maximum borrowing capacity | 300,000,000 | |||
Line of credit, amount outstanding | $0 | $0 | ||
Line of credit, commitment fee percentage | 0.30% | 0.25% | ||
Maximum leverage ratio | 3 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | ($87,700) | |
Ending Balance | -143,273 | |
Tax effect of other comprehensive loss before reclassifications related to unrealized losses on available-for-sale securities | 100 | 600 |
Foreign Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -86,848 | -20,352 |
Other comprehensive income before reclassifications, net of tax provision related to unrealized gains on available-for-sale securities | -56,334 | 5,220 |
Ending Balance | -143,182 | -15,132 |
Unrealized (Losses) Gains On Available-For-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -852 | 7,306 |
Other comprehensive income before reclassifications, net of tax provision related to unrealized gains on available-for-sale securities | 761 | 129 |
Ending Balance | -91 | 7,435 |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | -87,700 | -13,046 |
Other comprehensive income before reclassifications, net of tax provision related to unrealized gains on available-for-sale securities | -55,573 | 5,349 |
Ending Balance | ($143,273) | ($7,697) |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: Basic | ||
Earnings from continuing operations | $21,863 | $34,305 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Earnings from continuing operations attributable to IAC shareholders | 26,280 | 36,699 |
Earnings from discontinued operations attributable to IAC shareholders | 125 | -814 |
Net earnings attributable to IAC shareholders | 26,405 | 35,885 |
Numerator: Diluted | ||
Earnings from continuing operations | 21,863 | 34,305 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Earnings from continuing operations attributable to IAC shareholders | 26,280 | 36,699 |
Earnings from discontinued operations attributable to IAC shareholders | 125 | -814 |
Net earnings attributable to IAC shareholders | $26,405 | $35,885 |
Denominator: Basic | ||
Weighted average basic shares outstanding | 83,453 | 82,484 |
Denominator: Diluted | ||
Weighted average basic shares outstanding | 83,453 | 82,484 |
Dilutive securities including stock options and RSUs (in shares) | 5,305 | 4,720 |
Denominator for earnings per share-weighted average shares (in shares) | 88,758 | 87,204 |
Earnings (loss) per share attributable to IAC shareholders: Basic | ||
Earnings per share from continuing operations (in dollars per share) | $0.31 | $0.44 |
Discontinued operations (in dollars per share) | $0.01 | $0 |
Earnings per share (in dollars per share) | $0.32 | $0.44 |
Earnings (loss) per share attributable to IAC shareholders: Diluted | ||
Earnings per share from continuing operations (in dollars per share) | $0.30 | $0.42 |
Discontinued operations (in dollars per share) | $0 | ($0.01) |
Earnings per share (in dollars per share) | $0.30 | $0.41 |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) (RSUs) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
RSUs | |
Anti-dilutive weighted average common shares | |
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 2 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment reporting information | ||
Revenue | $772,512 | $740,247 |
Operating income | 35,119 | 71,712 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | 75,157 | 108,095 |
Stock-Based Compensation Expense | -18,911 | -9,613 |
Depreciation | -15,568 | -14,818 |
Amortization of Intangibles | -12,555 | -11,979 |
Acquisition-related contingent consideration fair value adjustments | 6,996 | 27 |
Operating income | 35,119 | 71,712 |
Search & Applications | ||
Segment reporting information | ||
Revenue | 382,898 | 398,035 |
Operating income | 64,300 | 70,337 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | 78,901 | 82,071 |
Stock-Based Compensation Expense | 0 | 0 |
Depreciation | -3,616 | -4,465 |
Amortization of Intangibles | -6,965 | -7,269 |
Acquisition-related contingent consideration fair value adjustments | -4,020 | 0 |
Operating income | 64,300 | 70,337 |
The Match Group | ||
Segment reporting information | ||
Revenue | 239,211 | 211,187 |
Operating income | 25,312 | 39,803 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | 25,856 | 47,430 |
Stock-Based Compensation Expense | -613 | -17 |
Depreciation | -7,065 | -5,800 |
Amortization of Intangibles | -3,877 | -1,837 |
Acquisition-related contingent consideration fair value adjustments | 11,011 | 27 |
Operating income | 25,312 | 39,803 |
Media | ||
Segment reporting information | ||
Revenue | 43,612 | 36,355 |
Operating income | -15,352 | -8,566 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | -14,583 | -7,864 |
Stock-Based Compensation Expense | -147 | -164 |
Depreciation | -204 | -282 |
Amortization of Intangibles | -423 | -256 |
Acquisition-related contingent consideration fair value adjustments | 5 | 0 |
Operating income | -15,352 | -8,566 |
eCommerce | ||
Segment reporting information | ||
Revenue | 107,010 | 94,842 |
Operating income | -6,854 | -1,561 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | -3,137 | 2,804 |
Stock-Based Compensation Expense | -420 | 0 |
Depreciation | -2,007 | -1,748 |
Amortization of Intangibles | -1,290 | -2,617 |
Acquisition-related contingent consideration fair value adjustments | 0 | 0 |
Operating income | -6,854 | -1,561 |
Corporate | ||
Segment reporting information | ||
Operating income | -32,287 | -28,301 |
Reconciliation of Adjusted EBITDA to operating income (loss) for the entity's reportable segments | ||
Adjusted EBITDA | -11,880 | -16,346 |
Stock-Based Compensation Expense | -17,731 | -9,432 |
Depreciation | -2,676 | -2,523 |
Amortization of Intangibles | 0 | 0 |
Acquisition-related contingent consideration fair value adjustments | 0 | |
Operating income | -32,287 | -28,301 |
Total Eliminations | ||
Segment reporting information | ||
Revenue | ($219) | ($172) |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenue and long-lived assets by geography | |||
Revenue | $772,512 | $740,247 | |
Long-lived assets (excluding goodwill and intangible assets) | 297,956 | 302,459 | |
United States | |||
Revenue and long-lived assets by geography | |||
Revenue | 570,013 | 504,403 | |
Long-lived assets (excluding goodwill and intangible assets) | 279,606 | 281,879 | |
All Other Countries [Member] | |||
Revenue and long-lived assets by geography | |||
Revenue | 202,499 | 235,844 | |
Long-lived assets (excluding goodwill and intangible assets) | $18,350 | $20,580 |
CONTINGENCIES_Details
CONTINGENCIES (Details) | 3 Months Ended |
Mar. 31, 2015 | |
lawsuit | |
Loss Contingency [Abstract] | |
Minimum number of lawsuits that could have material impact on the liquidity, results of operations, or financial condition | 1 |
GUARANTOR_AND_NONGUARANTOR_FIN2
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $671,597 | $990,405 | $1,003,311 | $1,100,444 |
Marketable securities | 205,621 | 160,648 | ||
Accounts receivable, net | 232,464 | 236,086 | ||
Other current assets | 184,261 | 166,742 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 297,956 | 302,459 | ||
Goodwill | 1,720,901 | 1,754,926 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 469,552 | 491,936 | ||
Other non-current assets | 52,074 | 56,693 | ||
TOTAL ASSETS | 3,958,105 | 4,274,878 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 83,446 | 81,163 | ||
Long-term debt | 1,080,000 | 1,080,000 | ||
Income taxes payable | 29,300 | 32,635 | ||
Other long-term liabilities | 34,260 | 45,191 | ||
Redeemable noncontrolling interests | 28,295 | 40,427 | ||
IAC shareholders' equity | 1,752,714 | 1,991,953 | ||
Noncontrolling interests | 0 | 1,189 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 3,958,105 | 4,274,878 | ||
IAC | ||||
ASSETS | ||||
Cash and cash equivalents | 468,857 | 766,076 | 670,607 | 782,022 |
Marketable securities | 204,700 | 159,197 | ||
Accounts receivable, net | 17 | 13 | ||
Other current assets | 41,743 | 23,923 | ||
Intercompany receivables | 0 | 0 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 5,511 | 4,950 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 0 | 0 | ||
Investment in subsidiaries | 5,056,128 | 5,035,304 | ||
Other non-current assets | 44,460 | 44,610 | ||
TOTAL ASSETS | 5,821,416 | 6,034,073 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 3,954 | 3,059 | ||
Other current liabilities | 44,152 | 73,491 | ||
Long-term debt | 1,000,000 | 1,000,000 | ||
Income taxes payable | 909 | 2,240 | ||
Intercompany liabilities | 2,714,798 | 2,659,213 | ||
Other long-term liabilities | 304,889 | 304,117 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
IAC shareholders' equity | 1,752,714 | 1,991,953 | ||
Noncontrolling interests | 0 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,821,416 | 6,034,073 | ||
Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 1,021 | 0 | 0 |
Marketable securities | 0 | 0 | ||
Accounts receivable, net | 156,409 | 155,262 | ||
Other current assets | 93,861 | 91,105 | ||
Intercompany receivables | 1,732,085 | 1,688,403 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 229,513 | 232,819 | ||
Goodwill | 1,250,200 | 1,249,807 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 319,502 | 325,771 | ||
Investment in subsidiaries | 916,116 | 930,443 | ||
Other non-current assets | 21,042 | 20,682 | ||
TOTAL ASSETS | 4,718,728 | 4,695,313 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 56,934 | 55,320 | ||
Other current liabilities | 318,375 | 328,920 | ||
Long-term debt | 80,000 | 80,000 | ||
Income taxes payable | 4,777 | 4,771 | ||
Intercompany liabilities | 0 | 0 | ||
Other long-term liabilities | 104,257 | 104,219 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
IAC shareholders' equity | 4,154,385 | 4,122,083 | ||
Noncontrolling interests | 0 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,718,728 | 4,695,313 | ||
Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 202,740 | 223,308 | 332,704 | 318,422 |
Marketable securities | 921 | 1,451 | ||
Accounts receivable, net | 76,038 | 80,811 | ||
Other current assets | 54,186 | 57,487 | ||
Intercompany receivables | 982,713 | 970,810 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 62,932 | 64,690 | ||
Goodwill | 470,701 | 505,119 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 150,050 | 166,165 | ||
Investment in subsidiaries | 0 | 0 | ||
Other non-current assets | 112,382 | 109,372 | ||
TOTAL ASSETS | 2,112,663 | 2,179,213 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 22,558 | 22,784 | ||
Other current liabilities | 180,402 | 191,197 | ||
Long-term debt | 0 | 0 | ||
Income taxes payable | 23,614 | 25,624 | ||
Intercompany liabilities | 0 | 0 | ||
Other long-term liabilities | 39,935 | 54,328 | ||
Redeemable noncontrolling interests | 28,295 | 40,427 | ||
IAC shareholders' equity | 1,817,859 | 1,843,664 | ||
Noncontrolling interests | 1,189 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,112,663 | 2,179,213 | ||
Total Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Other current assets | -5,529 | -5,773 | ||
Intercompany receivables | -2,714,798 | -2,659,213 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 0 | 0 | ||
Investment in subsidiaries | -5,972,244 | -5,965,747 | ||
Other non-current assets | -2,131 | -2,988 | ||
TOTAL ASSETS | -8,694,702 | -8,633,721 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 0 | 0 | ||
Other current liabilities | -623 | -817 | ||
Long-term debt | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Intercompany liabilities | -2,714,798 | -2,659,213 | ||
Other long-term liabilities | -7,037 | -7,944 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
IAC shareholders' equity | -5,972,244 | -5,965,747 | ||
Noncontrolling interests | 0 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | -8,694,702 | -8,633,721 | ||
IAC Consolidated | ||||
ASSETS | ||||
Cash and cash equivalents | 671,597 | 990,405 | 1,003,311 | 1,100,444 |
Marketable securities | 205,621 | 160,648 | ||
Accounts receivable, net | 232,464 | 236,086 | ||
Other current assets | 184,261 | 166,742 | ||
Intercompany receivables | 0 | 0 | ||
Property and equipment, net of accumulated depreciation and amortization of $291,091 and $279,534, respectively | 297,956 | 302,459 | ||
Goodwill | 1,720,901 | 1,754,926 | ||
Intangible assets, net of accumulated amortization of $102,995 and $98,937, respectively | 469,552 | 491,936 | ||
Investment in subsidiaries | 0 | 0 | ||
Other non-current assets | 175,753 | 171,676 | ||
TOTAL ASSETS | 3,958,105 | 4,274,878 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable, trade | 83,446 | 81,163 | ||
Other current liabilities | 542,306 | 592,791 | ||
Long-term debt | 1,080,000 | 1,080,000 | ||
Income taxes payable | 29,300 | 32,635 | ||
Intercompany liabilities | 0 | 0 | ||
Other long-term liabilities | 442,044 | 454,720 | ||
Redeemable noncontrolling interests | 28,295 | 40,427 | ||
IAC shareholders' equity | 1,752,714 | 1,991,953 | ||
Noncontrolling interests | 1,189 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $3,958,105 | $4,274,878 |
GUARANTOR_AND_NONGUARANTOR_FIN3
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | $772,512 | $740,247 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 191,553 | 209,234 |
Selling and marketing expense | 357,666 | 298,599 |
General and administrative expense | 114,794 | 95,089 |
Product development expense | 45,257 | 38,816 |
Depreciation | 15,568 | 14,818 |
Amortization of intangibles | 12,555 | 11,979 |
Total operating costs and expenses | 737,393 | 668,535 |
Operating income | 35,119 | 71,712 |
Equity in earnings of unconsolidated affiliates | 283 | 1,935 |
Interest expense | -14,064 | -14,064 |
Other income (expense), net | 6,988 | -1,958 |
Earnings from continuing operations before income taxes | 28,043 | 55,690 |
Income tax benefit (provision) | -6,180 | -21,385 |
Earnings from continuing operations | 21,863 | 34,305 |
Earnings (loss) from discontinued operations, net of tax | 125 | -814 |
Net earnings | 21,988 | 33,491 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Net earnings attributable to IAC shareholders | 26,405 | 35,885 |
Comprehensive income attributable to IAC shareholders | -29,168 | 41,234 |
IAC | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 0 | 0 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 245 | -28 |
Selling and marketing expense | 1,055 | 192 |
General and administrative expense | 24,064 | 22,446 |
Product development expense | 2,177 | 1,471 |
Depreciation | 401 | 329 |
Amortization of intangibles | 0 | 0 |
Total operating costs and expenses | 27,942 | 24,410 |
Operating income | -27,942 | -24,410 |
Equity in earnings of unconsolidated affiliates | 54,124 | 54,297 |
Interest expense | -12,990 | -12,985 |
Other income (expense), net | -9,353 | 9,685 |
Earnings from continuing operations before income taxes | 3,839 | 26,587 |
Income tax benefit (provision) | 22,441 | 10,112 |
Earnings from continuing operations | 26,280 | 36,699 |
Earnings (loss) from discontinued operations, net of tax | 125 | -814 |
Net earnings | 26,405 | 35,885 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to IAC shareholders | 26,405 | 35,885 |
Comprehensive income attributable to IAC shareholders | -29,168 | 41,234 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 594,801 | 546,326 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 119,741 | 129,301 |
Selling and marketing expense | 288,625 | 236,341 |
General and administrative expense | 65,753 | 45,675 |
Product development expense | 31,134 | 27,096 |
Depreciation | 11,580 | 9,561 |
Amortization of intangibles | 6,270 | 9,001 |
Total operating costs and expenses | 523,103 | 456,975 |
Operating income | 71,698 | 89,351 |
Equity in earnings of unconsolidated affiliates | 3,696 | 932 |
Interest expense | -1,046 | -1,042 |
Other income (expense), net | 11,392 | -10,527 |
Earnings from continuing operations before income taxes | 85,740 | 78,714 |
Income tax benefit (provision) | -31,796 | -29,944 |
Earnings from continuing operations | 53,944 | 48,770 |
Earnings (loss) from discontinued operations, net of tax | 0 | 0 |
Net earnings | 53,944 | 48,770 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to IAC shareholders | 53,944 | 48,770 |
Comprehensive income attributable to IAC shareholders | 48,159 | 49,153 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 180,360 | 196,907 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 71,764 | 80,921 |
Selling and marketing expense | 70,396 | 63,764 |
General and administrative expense | 25,019 | 26,955 |
Product development expense | 11,946 | 10,590 |
Depreciation | 3,587 | 4,928 |
Amortization of intangibles | 6,285 | 2,978 |
Total operating costs and expenses | 188,997 | 190,136 |
Operating income | -8,637 | 6,771 |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Interest expense | -28 | -37 |
Other income (expense), net | 4,949 | -1,116 |
Earnings from continuing operations before income taxes | -3,716 | 5,618 |
Income tax benefit (provision) | 3,175 | -1,553 |
Earnings from continuing operations | -541 | 4,065 |
Earnings (loss) from discontinued operations, net of tax | 0 | -13 |
Net earnings | -541 | 4,052 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Net earnings attributable to IAC shareholders | 3,876 | 6,446 |
Comprehensive income attributable to IAC shareholders | -52,868 | 10,115 |
Total Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | -2,649 | -2,986 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | -197 | -960 |
Selling and marketing expense | -2,410 | -1,698 |
General and administrative expense | -42 | 13 |
Product development expense | 0 | -341 |
Depreciation | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Total operating costs and expenses | -2,649 | -2,986 |
Operating income | 0 | 0 |
Equity in earnings of unconsolidated affiliates | -57,820 | -55,229 |
Interest expense | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings from continuing operations before income taxes | -57,820 | -55,229 |
Income tax benefit (provision) | 0 | 0 |
Earnings from continuing operations | -57,820 | -55,229 |
Earnings (loss) from discontinued operations, net of tax | 0 | 13 |
Net earnings | -57,820 | -55,216 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net earnings attributable to IAC shareholders | -57,820 | -55,216 |
Comprehensive income attributable to IAC shareholders | 4,709 | -59,268 |
IAC Consolidated | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue | 772,512 | 740,247 |
Operating costs and expenses: | ||
Cost of revenue (exclusive of depreciation shown separately below) | 191,553 | 209,234 |
Selling and marketing expense | 357,666 | 298,599 |
General and administrative expense | 114,794 | 95,089 |
Product development expense | 45,257 | 38,816 |
Depreciation | 15,568 | 14,818 |
Amortization of intangibles | 12,555 | 11,979 |
Total operating costs and expenses | 737,393 | 668,535 |
Operating income | 35,119 | 71,712 |
Equity in earnings of unconsolidated affiliates | 0 | 0 |
Interest expense | -14,064 | -14,064 |
Other income (expense), net | 6,988 | -1,958 |
Earnings from continuing operations before income taxes | 28,043 | 55,690 |
Income tax benefit (provision) | -6,180 | -21,385 |
Earnings from continuing operations | 21,863 | 34,305 |
Earnings (loss) from discontinued operations, net of tax | 125 | -814 |
Net earnings | 21,988 | 33,491 |
Net loss attributable to noncontrolling interests | 4,417 | 2,394 |
Net earnings attributable to IAC shareholders | 26,405 | 35,885 |
Comprehensive income attributable to IAC shareholders | ($29,168) | $41,234 |
GUARANTOR_AND_NONGUARANTOR_FIN4
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Details3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities attributable to continuing operations | ($3,810) | $42,641 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | -5,709 | -77,981 |
Capital expenditures | -12,876 | -9,721 |
Proceeds from maturities and sales of marketable debt securities | 6,050 | 0 |
Purchases of marketable debt securities | -47,930 | -32,848 |
Purchases of long-term investments | -8,345 | -7,861 |
Other, net | 2,843 | -157 |
Net cash used in investing activities attributable to continuing operations | -65,967 | -128,568 |
Cash flows from financing activities attributable to continuing operations: | ||
Purchase of treasury stock | -200,000 | 0 |
Dividends | -28,675 | -20,004 |
Issuance of common stock, net of withholding taxes | -10,339 | 920 |
Excess tax benefits from stock-based awards | 16,846 | 24,203 |
Purchase of noncontrolling interests | -15,338 | -30,000 |
Funds returned from escrow for Meetic tender offer | 0 | 12,354 |
Acquisition-related contingent consideration payment | -180 | 0 |
Other, net | 110 | -295 |
Net cash used in financing activities attributable to continuing operations | -237,576 | -12,822 |
Net Cash Provided by (Used in) Continuing Operations | -307,353 | -98,749 |
Effect of exchange rate changes on cash and cash equivalents | -11,455 | 1,616 |
Net decrease in cash and cash equivalents | -318,808 | -97,133 |
Cash and cash equivalents at beginning of period | 990,405 | 1,100,444 |
Cash and cash equivalents at end of period | 671,597 | 1,003,311 |
IAC | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities attributable to continuing operations | -53,803 | -29,300 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | -935 | -985 |
Proceeds from maturities and sales of marketable debt securities | 6,050 | |
Purchases of marketable debt securities | -47,930 | 32,848 |
Purchases of long-term investments | 0 | -3,000 |
Other, net | 3,615 | 2 |
Net cash used in investing activities attributable to continuing operations | -39,200 | -36,831 |
Cash flows from financing activities attributable to continuing operations: | ||
Purchase of treasury stock | -200,000 | |
Dividends | -28,675 | -20,004 |
Issuance of common stock, net of withholding taxes | -10,339 | 920 |
Excess tax benefits from stock-based awards | 16,715 | 15,610 |
Purchase of noncontrolling interests | 0 | 0 |
Acquisition-related contingent consideration payment | 0 | |
Intercompany Financing Activites | 18,083 | -41,436 |
Other, net | -374 | |
Net cash used in financing activities attributable to continuing operations | -204,216 | -45,284 |
Net Cash Provided by (Used in) Continuing Operations | -297,219 | -111,415 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | -297,219 | -111,415 |
Cash and cash equivalents at beginning of period | 766,076 | 782,022 |
Cash and cash equivalents at end of period | 468,857 | 670,607 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities attributable to continuing operations | 87,776 | 72,253 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | -3,002 | -54,483 |
Capital expenditures | -8,530 | -5,931 |
Proceeds from maturities and sales of marketable debt securities | 0 | |
Purchases of marketable debt securities | 0 | 0 |
Purchases of long-term investments | 0 | -3,286 |
Other, net | -356 | 0 |
Net cash used in investing activities attributable to continuing operations | -11,888 | -63,700 |
Cash flows from financing activities attributable to continuing operations: | ||
Purchase of noncontrolling interests | 0 | -30,000 |
Acquisition-related contingent consideration payment | -180 | |
Intercompany Financing Activites | -76,739 | 21,448 |
Net cash used in financing activities attributable to continuing operations | -76,919 | -8,552 |
Net Cash Provided by (Used in) Continuing Operations | -1,031 | 1 |
Effect of exchange rate changes on cash and cash equivalents | 10 | -1 |
Net decrease in cash and cash equivalents | -1,021 | 0 |
Cash and cash equivalents at beginning of period | 1,021 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities attributable to continuing operations | -37,783 | -312 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | -2,707 | -23,498 |
Capital expenditures | -3,411 | -2,805 |
Proceeds from maturities and sales of marketable debt securities | 0 | |
Purchases of marketable debt securities | 0 | 0 |
Purchases of long-term investments | -8,345 | -1,575 |
Other, net | -416 | -159 |
Net cash used in investing activities attributable to continuing operations | -14,879 | -28,037 |
Cash flows from financing activities attributable to continuing operations: | ||
Excess tax benefits from stock-based awards | 131 | 8,593 |
Purchase of noncontrolling interests | -15,338 | 0 |
Funds returned from escrow for Meetic tender offer | 12,354 | |
Acquisition-related contingent consideration payment | 0 | |
Intercompany Financing Activites | 58,656 | 19,988 |
Other, net | 110 | 79 |
Net cash used in financing activities attributable to continuing operations | 43,559 | 41,014 |
Net Cash Provided by (Used in) Continuing Operations | -9,103 | 12,665 |
Effect of exchange rate changes on cash and cash equivalents | -11,465 | 1,617 |
Net decrease in cash and cash equivalents | -20,568 | 14,282 |
Cash and cash equivalents at beginning of period | 223,308 | 318,422 |
Cash and cash equivalents at end of period | 202,740 | 332,704 |
IAC Consolidated | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities attributable to continuing operations | -3,810 | 42,641 |
Cash flows from investing activities attributable to continuing operations: | ||
Acquisitions, net of cash acquired | -5,709 | -77,981 |
Capital expenditures | -12,876 | -9,721 |
Proceeds from maturities and sales of marketable debt securities | 6,050 | |
Purchases of marketable debt securities | -47,930 | 32,848 |
Purchases of long-term investments | -8,345 | -7,861 |
Other, net | 2,843 | -157 |
Net cash used in investing activities attributable to continuing operations | -65,967 | -128,568 |
Cash flows from financing activities attributable to continuing operations: | ||
Purchase of treasury stock | -200,000 | |
Dividends | -28,675 | -20,004 |
Issuance of common stock, net of withholding taxes | -10,339 | 920 |
Excess tax benefits from stock-based awards | 16,846 | 24,203 |
Purchase of noncontrolling interests | -15,338 | -30,000 |
Funds returned from escrow for Meetic tender offer | 12,354 | |
Acquisition-related contingent consideration payment | -180 | |
Intercompany Financing Activites | 0 | 0 |
Other, net | 110 | -295 |
Net cash used in financing activities attributable to continuing operations | -237,576 | -12,822 |
Net Cash Provided by (Used in) Continuing Operations | -307,353 | -98,749 |
Effect of exchange rate changes on cash and cash equivalents | -11,455 | 1,616 |
Net decrease in cash and cash equivalents | -318,808 | -97,133 |
Cash and cash equivalents at beginning of period | 990,405 | 1,100,444 |
Cash and cash equivalents at end of period | $671,597 | $1,003,311 |