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8-K Filing
Match (MTCH) 8-KRegulation FD Disclosure
Filed: 5 Nov 03, 12:00am
IAC/InterActiveCorp
Q3 2003 Earnings
Supplemental Financial Information and Metrics
As filed with the Securities and Exchange Commission on November 5, 2003
| Page(s) | ||
---|---|---|---|
Financial Information: | |||
Segment Results | 1 - 5 | ||
Operating Metrics: | |||
Gross Transaction Value | 6 | ||
IAC Travel | 7 | ||
Electronic Retailing | 8 | ||
Ticketing and Personals | 9 | ||
Financial Services & Real Estate | 10 |
IAC/InterActiveCorp
Segment Results
$ in millions, rounding differences may exist
| Q1 2003 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments | Operating Income | |||||||||||||||||||||
IAC Travel | 545.1 | (432.0 | ) | (9.4 | ) | — | 103.7 | (31.8 | ) | (2.0 | ) | — | 69.9 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 415.0 | (354.2 | ) | (11.7 | ) | (14.0 | ) | 35.1 | (12.2 | ) | — | — | 22.9 | |||||||||||||||||
HSN International | 115.2 | (97.5 | ) | (2.8 | ) | — | 15.0 | (0.4 | ) | — | — | 14.6 | ||||||||||||||||||
Total Electronic Retailing | 530.2 | (451.7 | ) | (14.5 | ) | (14.0 | ) | 50.1 | (12.5 | ) | — | — | 37.6 | |||||||||||||||||
Ticketing | 195.1 | (146.0 | ) | (7.7 | ) | — | 41.4 | (7.0 | ) | (0.1 | ) | — | 34.3 | |||||||||||||||||
Personals | 40.9 | (36.1 | ) | (2.1 | ) | — | 2.7 | (2.1 | ) | — | — | 0.6 | ||||||||||||||||||
Local Services | 8.4 | (14.1 | ) | (1.1 | ) | — | (6.8 | ) | (12.6 | ) | — | — | (19.4 | ) | ||||||||||||||||
Teleservices | 70.8 | (63.4 | ) | (5.5 | ) | — | 1.9 | — | — | — | 1.9 | |||||||||||||||||||
Interactive Development | — | (1.1 | ) | 0.0 | — | (1.1 | ) | (1.1 | ) | — | — | (2.1 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (11.5 | ) | (1.8 | ) | — | (13.3 | ) | (5.7 | ) | — | — | (19.0 | ) | ||||||||||||||||
Disengagement expenses(c) | — | (4.5 | ) | — | — | (4.5 | ) | — | — | — | (4.5 | ) | ||||||||||||||||||
Intersegment Elimination | (3.7 | ) | 3.4 | — | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||||
TOTAL | $ | 1,386.7 | $ | (1,156.7 | ) | $ | (42.2 | ) | $ | (14.0 | ) | $ | 173.9 | $ | (72.9 | ) | $ | — | $ | — | $ | 99.0 | ||||||||
Other income, net | (229.6 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | (130.6 | ) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 54.2 | |||||||||||||||||||||||||||||
Minority interest | (25.7 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | (102.2 | ) | ||||||||||||||||||||||||||||
Discontinued operations | (4.6 | ) | ||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | (106.8 | ) | ||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (110.1 | ) | |||||||||||||||||||||||||||
| Q2 2003 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments | Operating Income | |||||||||||||||||||||
IAC Travel | 653.4 | (511.3 | ) | (9.6 | ) | — | 132.5 | (35.3 | ) | (8.4 | ) | — | 88.7 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 404.4 | (333.6 | ) | (11.2 | ) | (14.8 | ) | 44.7 | (12.2 | ) | — | — | 32.6 | |||||||||||||||||
HSN International | 122.8 | (113.2 | ) | (2.8 | ) | — | 6.8 | (0.3 | ) | — | — | 6.5 | ||||||||||||||||||
Total Electronic Retailing | 527.1 | (446.8 | ) | (14.0 | ) | (14.8 | ) | 51.5 | (12.5 | ) | — | — | 39.0 | |||||||||||||||||
Ticketing | 187.5 | (144.1 | ) | (7.3 | ) | — | 36.1 | (7.9 | ) | — | — | 28.2 | ||||||||||||||||||
Personals | 48.2 | (35.1 | ) | (2.9 | ) | — | 10.2 | (2.6 | ) | — | — | 7.6 | ||||||||||||||||||
Local Services | 45.2 | (48.4 | ) | (1.1 | ) | — | (4.3 | ) | (14.9 | ) | — | — | (19.2 | ) | ||||||||||||||||
Teleservices | 69.5 | (62.2 | ) | (5.6 | ) | — | 1.7 | — | — | — | 1.7 | |||||||||||||||||||
Interactive Development | — | (1.2 | ) | (0.0 | ) | — | (1.2 | ) | (1.1 | ) | — | — | (2.2 | ) | ||||||||||||||||
Corporate expense and other adjustments | — | (17.1 | ) | (1.1 | ) | — | (18.2 | ) | (8.4 | ) | — | — | (26.6 | ) | ||||||||||||||||
Disengagement expenses(c) | — | (4.9 | ) | — | — | (4.9 | ) | — | — | — | (4.9 | ) | ||||||||||||||||||
Intersegment Elimination | (4.4 | ) | 4.0 | — | — | (0.5 | ) | — | — | — | (0.5 | ) | ||||||||||||||||||
TOTAL | $ | 1,526.5 | $ | (1,267.1 | ) | $ | (41.7 | ) | $ | (14.8 | ) | $ | 202.9 | $ | (82.7 | ) | $ | (8.4 | ) | $ | — | $ | 111.8 | |||||||
Other income, net | 26.3 | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 138.0 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | (51.7 | ) | ||||||||||||||||||||||||||||
Minority interest | (28.4 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | 57.9 | |||||||||||||||||||||||||||||
Discontinued operations | 38.3 | |||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | 96.2 | |||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 92.9 | ||||||||||||||||||||||||||||
Please see page 5 for footnote explanations
2
IAC/InterActiveCorp
Segment Results
$ in millions, rounding differences may exist
| Q3 2003 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments | Operating Income | |||||||||||||||||||||
IAC Travel | 734.3 | (581.3 | ) | (15.5 | ) | — | 137.5 | (56.5 | ) | (0.9 | ) | — | 80.1 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 423.0 | (349.8 | ) | (10.9 | ) | (16.7 | ) | 45.6 | (13.2 | ) | — | — | 32.4 | |||||||||||||||||
HSN International | 103.0 | (98.3 | ) | (2.7 | ) | (0.1 | ) | 1.9 | (0.3 | ) | — | — | 1.6 | |||||||||||||||||
Total Electronic Retailing | 526.0 | (448.2 | ) | (13.6 | ) | (16.7 | ) | 47.5 | (13.6 | ) | — | — | 34.0 | |||||||||||||||||
Ticketing | 177.6 | (138.0 | ) | (7.2 | ) | — | 32.3 | (7.7 | ) | — | — | 24.7 | ||||||||||||||||||
Personals | 48.3 | (34.8 | ) | (3.7 | ) | — | 9.8 | (5.4 | ) | — | — | 4.4 | ||||||||||||||||||
Local Services | 29.2 | (44.9 | ) | (1.7 | ) | — | (17.5 | ) | (13.8 | ) | — | — | (31.3 | ) | ||||||||||||||||
Financial Services & Real Estate | 24.4 | (21.1 | ) | (0.4 | ) | — | 2.9 | (7.8 | ) | — | — | (4.9 | ) | |||||||||||||||||
Teleservices | 75.8 | (66.3 | ) | (7.2 | ) | — | 2.3 | — | — | — | 2.3 | |||||||||||||||||||
Interactive Development | — | (0.8 | ) | (0.0 | ) | — | (0.8 | ) | — | — | — | (0.8 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (16.4 | ) | (1.2 | ) | — | (17.6 | ) | (75.2 | ) | — | — | (92.8 | ) | ||||||||||||||||
Disengagement expenses (c) | — | (4.8 | ) | — | — | (4.8 | ) | — | — | — | (4.8 | ) | ||||||||||||||||||
Intersegment Elimination | (5.2 | ) | 5.2 | — | — | — | — | — | — | |||||||||||||||||||||
TOTAL | $ | 1,610.3 | $ | (1,351.3 | ) | $ | (50.5 | ) | $ | (16.7 | ) | $ | 191.7 | $ | (179.9 | ) | $ | (0.9 | ) | $ | — | $ | 10.9 | |||||||
Other income, net | 32.8 | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 43.7 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | (13.1 | ) | ||||||||||||||||||||||||||||
Minority interest | (8.3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | 22.3 | |||||||||||||||||||||||||||||
Discontinued operations | (0.3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | 22.0 | |||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 18.7 | ||||||||||||||||||||||||||||
Please see page 5 for footnote explanations
3
IAC/InterActive Corp
Segment Results
$ in millions, rounding differences may exist
| Q1 2002 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments (d) | Operating Income | |||||||||||||||||||||
IAC Travel | 281.7 | (221.4 | ) | (4.7 | ) | — | 55.7 | (16.3 | ) | — | (7.7 | ) | 31.6 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 395.4 | (338.7 | ) | (12.0 | ) | (12.3 | ) | 32.5 | (0.1 | ) | — | — | 32.4 | |||||||||||||||||
HSN International | 64.9 | (68.7 | ) | (1.0 | ) | (0.7 | ) | (5.5 | ) | — | — | — | (5.5 | ) | ||||||||||||||||
Total Electronic Retailing | 460.3 | (407.3 | ) | (13.0 | ) | (13.0 | ) | 27.0 | (0.1 | ) | — | — | 26.9 | |||||||||||||||||
Ticketing | 153.4 | (122.1 | ) | (7.3 | ) | — | 24.0 | (2.5 | ) | — | — | 21.5 | ||||||||||||||||||
Personals | 25.4 | (18.5 | ) | (1.2 | ) | — | 5.6 | (2.7 | ) | — | — | 2.9 | ||||||||||||||||||
Local Services | 7.3 | (15.2 | ) | (2.5 | ) | — | (10.4 | ) | (12.1 | ) | — | — | (22.5 | ) | ||||||||||||||||
Teleservices | 69.2 | (62.6 | ) | (8.7 | ) | — | (2.0 | ) | — | — | — | (2.0 | ) | |||||||||||||||||
Interactive Development | — | (0.3 | ) | — | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||||
Corporate expense and otheradjustments | — | (9.0 | ) | (1.3 | ) | — | (10.2 | ) | (2.1 | ) | — | — | (12.3 | ) | ||||||||||||||||
Disengagement expenses (c) | — | (11.5 | ) | — | — | (11.5 | ) | — | — | — | (11.5 | ) | ||||||||||||||||||
Intersegment Elimination | (3.2 | ) | 2.2 | — | — | (0.9 | ) | 4.1 | — | — | 3.1 | |||||||||||||||||||
TOTAL | $ | 994.1 | $ | (865.7 | ) | $ | (38.6 | ) | $ | (13.0 | ) | $ | 76.8 | $ | (31.8 | ) | $ | — | $ | (7.7 | ) | $ | 37.3 | |||||||
Other income, net | (16.8 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 20.6 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | (17.8 | ) | ||||||||||||||||||||||||||||
Minority interest | 3.2 | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before cumulative effect of accounting change | 5.9 | |||||||||||||||||||||||||||||
Discontinued operations | 20.0 | |||||||||||||||||||||||||||||
Earnings (loss) before cumulative effect of accounting change | 25.9 | |||||||||||||||||||||||||||||
Cumulative effect of accounting change | (461.4 | ) | ||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | (435.5 | ) | ||||||||||||||||||||||||||||
Preferred dividend | (2.0 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (437.5 | ) | |||||||||||||||||||||||||||
4
| Q2 2002 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments (d) | Operating Income | |||||||||||||||||||||
IAC Travel | 379.1 | (304.1 | ) | (5.9 | ) | — | 69.2 | (24.9 | ) | — | — | 44.2 | ||||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 375.3 | (313.4 | ) | (13.6 | ) | (12.5 | ) | 35.8 | (0.1 | ) | — | — | 35.7 | |||||||||||||||||
HSN International (e) | 70.9 | (92.7 | ) | (1.5 | ) | (0.6 | ) | (23.8 | ) | (0.0 | ) | — | — | (23.8 | ) | |||||||||||||||
Total Electronic Retailing | 446.3 | (406.1 | ) | (15.1 | ) | (13.1 | ) | 12.0 | (0.1 | ) | — | — | 11.8 | |||||||||||||||||
Ticketing | 175.4 | (134.2 | ) | (6.6 | ) | — | 34.7 | (2.9 | ) | — | — | 31.7 | ||||||||||||||||||
Personals | 29.7 | (20.0 | ) | (2.0 | ) | — | 7.7 | (1.0 | ) | — | — | 6.7 | ||||||||||||||||||
Local Services | 7.6 | (13.3 | ) | (1.7 | ) | — | (7.4 | ) | (12.1 | ) | — | — | (19.5 | ) | ||||||||||||||||
Teleservices (f) | 71.8 | (70.5 | ) | (8.4 | ) | — | (7.0 | ) | (22.2 | ) | — | — | (29.3 | ) | ||||||||||||||||
Interactive Development | — | (0.5 | ) | — | — | (0.5 | ) | (0.7 | ) | — | — | (1.2 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (10.3 | ) | (1.0 | ) | — | (11.3 | ) | (1.5 | ) | — | — | (12.8 | ) | ||||||||||||||||
Disengagement expenses (c) | — | (6.2 | ) | — | — | (6.2 | ) | — | — | — | (6.2 | ) | ||||||||||||||||||
Intersegment Elimination | (2.8 | ) | 2.2 | — | — | (0.5 | ) | 0.0 | — | — | (0.5 | ) | ||||||||||||||||||
TOTAL | $ | 1,107.1 | $ | (962.9 | ) | $ | (40.6 | ) | $ | (13.1 | ) | $ | 90.5 | $ | (65.6 | ) | $ | — | $ | — | $ | 24.9 | ||||||||
Other income, net | (85.2 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | (60.3 | ) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | (21.6 | ) | ||||||||||||||||||||||||||||
Minority interest | (15.3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | (97.2 | ) | ||||||||||||||||||||||||||||
Gain on VUE transaction | 2,378.3 | |||||||||||||||||||||||||||||
Discontinued operations | (7.3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | 2,273.8 | |||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 2,270.6 | ||||||||||||||||||||||||||||
Please see page 5 for footnote explanations
5
IAC/InterActiveCorp
Segment Results
$ in millions, rounding differences may exist
| Q3 2002 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs(a) | Pro Forma Adjustments(d) | Operating Income | |||||||||||||||||||||
IAC Travel | 459.3 | (369.4 | ) | (5.9 | ) | — | 83.9 | (29.7 | ) | (1.6 | ) | — | 52.7 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S.(b) | 370.9 | (304.2 | ) | (13.6 | ) | (12.6 | ) | 40.4 | (25.1 | ) | — | — | 15.3 | |||||||||||||||||
HSN International(g) | 78.7 | (108.9 | ) | (2.6 | ) | — | (32.7 | ) | (2.8 | ) | — | — | (35.5 | ) | ||||||||||||||||
Total Electronic Retailing | 449.6 | (413.1 | ) | (16.2 | ) | (12.6 | ) | 7.7 | (27.9 | ) | — | — | (20.2 | ) | ||||||||||||||||
Ticketing | 162.2 | (128.6 | ) | (7.6 | ) | — | 25.9 | (3.0 | ) | — | — | 22.9 | ||||||||||||||||||
Personals | 33.5 | (26.6 | ) | (2.2 | ) | — | 4.8 | (1.0 | ) | — | — | 3.7 | ||||||||||||||||||
Local Services | 7.6 | (12.7 | ) | (1.7 | ) | — | (6.8 | ) | (12.1 | ) | (1.4 | ) | — | (20.3 | ) | |||||||||||||||
Teleservices | 75.3 | (64.5 | ) | (9.6 | ) | — | 1.2 | — | — | — | 1.2 | |||||||||||||||||||
Interactive Development | — | (0.6 | ) | — | — | (0.6 | ) | (1.1 | ) | — | — | (1.7 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (11.8 | ) | (3.4 | ) | — | (15.2 | ) | (1.5 | ) | — | — | (16.7 | ) | ||||||||||||||||
Disengagement expenses(c) | — | (4.7 | ) | — | — | (4.7 | ) | — | — | — | (4.7 | ) | ||||||||||||||||||
Intersegment Elimination | (2.3 | ) | 2.0 | — | — | (0.3 | ) | (0.0 | ) | — | — | (0.3 | ) | |||||||||||||||||
TOTAL | $ | 1,185.2 | $ | (1,030.0 | ) | $ | (46.7 | ) | $ | (12.6 | ) | $ | 95.9 | $ | (76.3 | ) | $ | (3.0 | ) | $ | — | $ | 16.6 | |||||||
Other income, net | 10.0 | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 26.6 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | (36.1 | ) | ||||||||||||||||||||||||||||
Minority interest | (17.2 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | (26.6 | ) | ||||||||||||||||||||||||||||
Discontinued operations | (6.7 | ) | ||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | (33.4 | ) | ||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (36.6 | ) | |||||||||||||||||||||||||||
| Q4 2002 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs(a) | Pro Forma Adjustments(d) | Operating Income | |||||||||||||||||||||
IAC Travel | 479.3 | (400.3 | ) | (7.9 | ) | — | 71.0 | (20.9 | ) | (0.7 | ) | — | 49.4 | |||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S.(b) | 471.6 | (388.4 | ) | (13.8 | ) | (15.0 | ) | 54.4 | (7.2 | ) | — | — | 47.2 | |||||||||||||||||
HSN International | 94.4 | (91.6 | ) | (2.4 | ) | — | 0.5 | 2.1 | — | — | 2.6 | |||||||||||||||||||
Total Electronic Retailing | 566.0 | (480.0 | ) | (16.2 | ) | (15.0 | ) | 54.8 | (5.1 | ) | — | — | 49.7 | |||||||||||||||||
Ticketing | 164.3 | (133.3 | ) | (7.6 | ) | — | 23.5 | (2.7 | ) | — | — | 20.8 | ||||||||||||||||||
Personals | 37.2 | (24.7 | ) | (2.2 | ) | — | 10.3 | (1.0 | ) | — | — | 9.3 | ||||||||||||||||||
Local Services | 8.3 | (14.3 | ) | (1.7 | ) | — | (7.7 | ) | (12.1 | ) | (4.2 | ) | — | (24.0 | ) | |||||||||||||||
Teleservices(h) | 77.9 | (64.8 | ) | (9.3 | ) | — | 3.8 | — | — | — | 3.8 | |||||||||||||||||||
Interactive Development | — | (1.1 | ) | — | — | (1.1 | ) | (1.1 | ) | — | — | (2.2 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (17.4 | ) | (1.4 | ) | — | (18.7 | ) | (4.4 | ) | — | — | (23.1 | ) | ||||||||||||||||
Disengagement expenses(c) | — | (9.3 | ) | — | — | (9.3 | ) | — | — | — | (9.3 | ) | ||||||||||||||||||
Intersegment Elimination | (3.0 | ) | 2.4 | — | — | (0.6 | ) | — | — | — | (0.6 | ) | ||||||||||||||||||
TOTAL | $ | 1,330.0 | $ | (1,142.8 | ) | $ | (46.4 | ) | $ | (15.0 | ) | $ | 125.9 | $ | (47.2 | ) | $ | (4.9 | ) | $ | — | $ | 73.7 | |||||||
Other income | 52.6 | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 126.3 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | 10.4 | |||||||||||||||||||||||||||||
Minority interest | (16.8 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | 119.9 | |||||||||||||||||||||||||||||
Discontinued operations | 28.2 | |||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | 148.1 | |||||||||||||||||||||||||||||
Preferred dividend | (3.3 | ) | ||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 144.9 | ||||||||||||||||||||||||||||
Please see page 5 for footnote explanations
6
| FY 2002 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Operating Expenses, excl. D&A & merger costs | Depreciation | Cable distribution fees | Operating Income before Amortization | Amortization of non-cash items | Merger costs (a) | Pro Forma Adjustments | Operating Income | |||||||||||||||||||||
IAC Travel | 1,599.4 | (1,295.2 | ) | (24.4 | ) | — | 279.8 | (91.9 | ) | (2.3 | ) | (7.7 | ) | 177.9 | ||||||||||||||||
Electronic Retailing: | ||||||||||||||||||||||||||||||
HSN U.S. (b) | 1,613.2 | (1,344.7 | ) | (53.0 | ) | (52.4 | ) | 163.1 | (32.6 | ) | — | — | 130.5 | |||||||||||||||||
HSN International | 309.0 | (361.8 | ) | (7.5 | ) | (1.3 | ) | (61.6 | ) | (0.7 | ) | — | — | (62.3 | ) | |||||||||||||||
Total Electronic Retailing | 1,922.2 | (1,706.5 | ) | (60.5 | ) | (53.7 | ) | 101.5 | (33.3 | ) | — | — | 68.2 | |||||||||||||||||
Ticketing | 655.3 | (518.1 | ) | (29.1 | ) | — | 108.1 | (11.1 | ) | — | — | 96.9 | ||||||||||||||||||
Personals | 125.8 | (89.7 | ) | (7.7 | ) | — | 28.4 | (5.8 | ) | — | — | 22.6 | ||||||||||||||||||
Local Services | 30.8 | (55.5 | ) | (7.6 | ) | — | (32.3 | ) | (48.3 | ) | (5.6 | ) | — | (86.3 | ) | |||||||||||||||
Teleservices | 294.1 | (262.4 | ) | (35.9 | ) | — | (4.1 | ) | (22.2 | ) | — | — | (26.4 | ) | ||||||||||||||||
Interactive Development | — | (2.6 | ) | — | — | (2.6 | ) | (2.9 | ) | — | — | (5.4 | ) | |||||||||||||||||
Corporate expense and other adjustments | — | (48.5 | ) | (7.0 | ) | — | (55.5 | ) | (9.4 | ) | — | — | (64.9 | ) | ||||||||||||||||
Disengagement expenses (c) | — | (31.8 | ) | — | — | (31.8 | ) | — | — | — | (31.8 | ) | ||||||||||||||||||
Intersegment Elimination | (11.3 | ) | 8.9 | — | — | (2.4 | ) | 4.1 | — | — | 1.7 | |||||||||||||||||||
TOTAL | $ | 4,616.4 | $ | (4,001.3 | ) | $ | (172.3 | ) | $ | (53.7 | ) | $ | 389.1 | $ | (220.9 | ) | $ | (7.9 | ) | $ | (7.7 | ) | $ | 152.6 | ||||||
Other income, net | (39.4) | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and minority interest | 113.2 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | (65.1) | |||||||||||||||||||||||||||||
Minority interest | (46.1) | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before cumulative effect of accounting change | 2.0 | |||||||||||||||||||||||||||||
Gain on VUE transaction | 2,378.3 | |||||||||||||||||||||||||||||
Discontinued operations | 34.2 | |||||||||||||||||||||||||||||
Earnings (loss) before cumulative effect of accounting change | 2,414.5 | |||||||||||||||||||||||||||||
Cumulative effect of accounting change | (461.4) | |||||||||||||||||||||||||||||
Earnings (loss) before preferred dividend | 1,953.1 | |||||||||||||||||||||||||||||
Preferred dividend | (11.8) | |||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $1,941.3 | |||||||||||||||||||||||||||||
7
these entities, and are all related to the same transaction, as IAC simultaneously announced its intention to commence in exchange offers for the companies in 2002. The majority of costs are for advisory services provided by investment bankers, and the amounts incurred in 2003 were pursuant to the same fee letters entered into by each company in 2002. Given these factors, IAC believes it is appropriate to consider these costs as one-time. Operating Income before Amortization by segment is presented before one-time items.
8
IAC/InterActiveCorp
Gross Transaction Value
$ in millions
| | | 2002 | 2003 | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FYE 12/31/00 | FYE 12/31/01 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||||||
Total Gross Transaction Value ("GTV") | $ | 4,963 | $ | 9,011 | $ | 2,818 | $ | 3,254 | $ | 3,394 | $ | 3,475 | $ | 12,942 | $ | 4,166 | $ | 4,434 | $ | 4,515 | ||||||||||||||||
Interactive GTV (a) | $ | 4,734 | $ | 6,717 | $ | 2,254 | $ | 2,667 | $ | 2,839 | $ | 2,868 | $ | 10,627 | $ | 3,568 | $ | 3,853 | $ | 3,956 | ||||||||||||||||
% of Total | 95 | % | 75 | % | 80 | % | 82 | % | 84 | % | 83 | % | 82 | % | 86 | % | 87 | % | 88 | % | �� | |||||||||||||||
Internet GTV (b) | $ | 3,100 | $ | 5,020 | $ | 1,838 | $ | 2,224 | $ | 2,337 | $ | 2,259 | $ | 8,658 | $ | 2,913 | $ | 3,211 | $ | 3,323 | ||||||||||||||||
% of Total | 62 | % | 56 | % | 65 | % | 68 | % | 69 | % | 65 | % | 67 | % | 70 | % | 72 | % | 74 | % | ||||||||||||||||
International GTV | $ | 605 | $ | 1,036 | $ | 319 | $ | 433 | $ | 526 | $ | 572 | $ | 1,851 | $ | 700 | $ | 795 | $ | 808 | ||||||||||||||||
% of Total | 14 | % | 11 | % | 11 | % | 13 | % | 16 | % | 16 | % | 14 | % | 17 | % | 18 | % | 18 | % |
9
IAC Travel
| 2002 | 2003 | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||||||||||||||
Gross Bookings(mm)(a)(b) | |||||||||||||||||||||||||||||
Domestic | $ | 1,247 | $ | 1,496 | $ | 1,629 | $ | 1,570 | $ | 5,942 | $ | 2,004 | $ | 2,257 | $ | 2,316 | |||||||||||||
International | 87 | 137 | 223 | 174 | 621 | 300 | 323 | 388 | |||||||||||||||||||||
Total | $ | 1,334 | $ | 1,633 | $ | 1,852 | $ | 1,744 | $ | 6,563 | $ | 2,304 | $ | 2,580 | $ | 2,704 | |||||||||||||
Packages Revenue(mm)(a) | $ | 26 | $ | 42 | $ | 50 | $ | 47 | $ | 164 | $ | 60 | $ | 77 | $ | 88 | |||||||||||||
Number of Transactions(mm)(a)(c) | 3.5 | 4.4 | 5.2 | 4.8 | 18.0 | 5.6 | 6.7 | 7.3 | |||||||||||||||||||||
Interval(d) | |||||||||||||||||||||||||||||
Members (000s) | N/A | N/A | 1,471 | 1,500 | N/A | 1,522 | 1,547 | 1,578 | |||||||||||||||||||||
Exchange Confirmations (000s) | N/A | N/A | 167 | 151 | N/A | 225 | 202 | 190 | |||||||||||||||||||||
Share of communications online | N/A | N/A | 9.6 | % | 10.3 | % | N/A | 13.2 | % | 12.3 | % | 15.7 | % |
10
IAC/InterActiveCorp
Electronic Retailing
In millions except per unit
| | | 2002 | 2003 | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FYE 12/31/00(a) | FYE 12/31/01(a) | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||||||
HSN- U.S. | ||||||||||||||||||||||||||||||||||||
Units shipped (b) | 36.4 | 39.8 | 9.8 | 9.5 | 9.3 | 11.1 | 39.7 | 10.4 | 9.9 | 9.8 | ||||||||||||||||||||||||||
Gross profit % | 34.9 | % | 34.0 | % | 35.4 | % | 38.4 | % | 38.1 | % | 36.8 | % | 37.1 | % | 36.5 | % | 38.6 | % | 37.7 | % | ||||||||||||||||
Return rate | 19.5 | % | 18.8 | % | 18.9 | % | 18.7 | % | 18.4 | % | 18.1 | % | 18.5 | % | 18.0 | % | 18.3 | % | 17.5 | % | ||||||||||||||||
Product mix (c): | ||||||||||||||||||||||||||||||||||||
Home Hard Goods | N/A | 28 | % | 28 | % | 22 | % | 23 | % | 30 | % | 26 | % | 24 | % | 24 | % | 26 | % | |||||||||||||||||
Home Fashions | N/A | 11 | % | 12 | % | 13 | % | 15 | % | 13 | % | 13 | % | 15 | % | 12 | % | 16 | % | |||||||||||||||||
Jewelry | N/A | 25 | % | 24 | % | 26 | % | 25 | % | 25 | % | 25 | % | 22 | % | 24 | % | 23 | % | |||||||||||||||||
Health/Beauty | N/A | 20 | % | 23 | % | 23 | % | 22 | % | 22 | % | 22 | % | 27 | % | 28 | % | 26 | % | |||||||||||||||||
Apparel/Accessories | N/A | 16 | % | 13 | % | 16 | % | 15 | % | 12 | % | 14 | % | 12 | % | 12 | % | 9 | % | |||||||||||||||||
Average Price Point | $ | 47.50 | $ | 46.54 | $ | 44.62 | $ | 43.38 | $ | 43.65 | $ | 46.79 | $ | 44.71 | $ | 43.98 | $ | 45.15 | $ | 47.50 | ||||||||||||||||
HSN total homes (end of period) (d) | 77.1 | 83.0 | 74.9 | 77.1 | 77.8 | 78.8 | 78.8 | 79.5 | 79.2 | 79.7 | ||||||||||||||||||||||||||
HSN FTEs (end of period) (d)(e) | 62.9 | 68.5 | 65.6 | 67.7 | 67.8 | 68.7 | 68.7 | 69.8 | 69.8 | 70.2 | ||||||||||||||||||||||||||
America's Store FTE's (end of period) | 8.6 | 12.3 | 10.2 | 11.1 | 8.7 | 9.0 | 9.0 | 9.6 | 8.8 | 13.9 | ||||||||||||||||||||||||||
HSN.com % of Sales | 3 | % | 8 | % | 11 | % | 11 | % | 11 | % | 13 | % | 12 | % | 14 | % | 14 | % | 14 | % | ||||||||||||||||
HSN International(Households as of end of period)(ownership % as of 9/30/03 in parentheses) | ||||||||||||||||||||||||||||||||||||
HSE Germany (includes Austria and Switzerland) (90%) | 29.3 | 29.7 | 29.8 | 30.2 | 30.4 | 30.8 | 30.8 | 30.9 | 31.4 | 31.9 | ||||||||||||||||||||||||||
TVSN (China) (21%) | N/A | 64.0 | 80.0 | 80.0 | 64.0 | 64.0 | 64.0 | 64.0 | 64.0 | 64.0 | ||||||||||||||||||||||||||
Shop Channel (Japan) (30%) | 9.2 | 11.6 | 11.9 | 13.1 | 13.6 | 14.4 | 14.4 | 14.9 | 15.5 | 15.9 | ||||||||||||||||||||||||||
Euvia: | ||||||||||||||||||||||||||||||||||||
Euvia Travel (49%) | N/A | 28.8 | 26.3 | 27.5 | 27.5 | 28.3 | 28.3 | 29.4 | 29.6 | 26.1 | ||||||||||||||||||||||||||
Neun Live (49%) | N/A | 28.8 | 26.3 | 26.1 | 26.1 | 26.9 | 26.9 | 27.7 | 27.6 | 27.6 |
All HSN-U.S. metrics have been restated to include results from IDL in HSN-U.S. which had previously been included in HSN International & Other.
11
IAC/InterActiveCorp
Ticketing
In millions
| | | 2002 | 2003 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FYE 12/31/00 | FYE 12/31/01 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||||
Number of tickets sold | 83.0 | 86.8 | 23.9 | 24.3 | 22.8 | 24.1 | 95.1 | 27.1 | 24.1 | 23.8 | ||||||||||||||||||||||||
Gross value of tickets sold | $ | 3,256 | $ | 3,611 | $ | 997 | $ | 1,144 | $ | 1,041 | $ | 1,106 | $ | 4,288 | $ | 1,265 | $ | 1,199 | $ | 1,148 | ||||||||||||||
Personals (a) (in 000's) | ||||||||||||||||||||||||||||||||||
Paid subscribers | 156.9 | 382.2 | 527.7 | 604.2 | 653.2 | 724.8 | 724.8 | 766.6 | 857.5 | 909.9 |
The financial, statistical and other information contained herein is unaudited.
As filed with the Securities and Exchange Commission on November 5, 2003.
12
IAC/InterActiveCorp
Financial Services & Real Estate
| | 2002 | 2003 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FYE 12/31/01 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||||
Volume | |||||||||||||||||||||||||||||||||
Loan/Real Estate Requests transmitted: | |||||||||||||||||||||||||||||||||
Number (000s) | 1,472.4 | 402.0 | 384.4 | 570.6 | 553.7 | 1,910.6 | 696.1 | 733.6 | 621.3 | ||||||||||||||||||||||||
Volume of Requests (bn) | $ | 127.9 | $ | 33.6 | $ | 37.7 | $ | 60.6 | $ | 57.2 | $ | 189.1 | $ | 72.6 | $ | 78.9 | $ | 56.1 | |||||||||||||||
Transactions closed in Quarter | |||||||||||||||||||||||||||||||||
Number (000s) | 293.1 | 57.8 | 70.4 | 90.6 | 70.9 | 289.7 | 74.2 | 83.9 | 90.7 | ||||||||||||||||||||||||
Volume of Transactions Closed (bn) | $ | 12.6 | $ | 4.1 | $ | 4.6 | $ | 6.1 | $ | 8.1 | $ | 22.9 | $ | 8.6 | $ | 10.2 | $ | 10.6 | |||||||||||||||
Transmit Rate | 49.6 | % | 58.0 | % | 59.5 | % | 62.0 | % | 63.5 | % | 61.0 | % | 64.7 | % | 65.4 | % | 63.6 | % | |||||||||||||||
Static Pool Close Rate (a) | 11.6 | % | 11.4 | % | 14.0 | % | 16.1 | % | 14.6 | % | 14.2 | % | 12.7 | % | 14.2 | % | 14.0 | % | |||||||||||||||
Number of Lenders | 145 | 163 | 178 | 189 | 197 | 197 | 206 | 212 | 223 | ||||||||||||||||||||||||
Number of Realty Agencies | N/A | 665 | 660 | 647 | 645 | 645 | 665 | 659 | 675 | ||||||||||||||||||||||||
Note: The acquisition of LendingTree closed on August 8, 2002. |
The financial, statistical and other information contained herein is unaudited.
As filed with the Securities and Exchange Commission on November 5, 2003.
13