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Table of Contents
As filed with the Securities and Exchange Commission on August 8, 2019


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________                            
Commission File No. 0-20570
 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13052587&doc=13
IAC/INTERACTIVECORP
(Exact name of registrant as specified in its charter)
Delaware
 
59-2712887
 (State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
555 West 18th Street, New York, New York 10011
(Address of registrant's principal executive offices)
(212314-7300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of exchange on which registered
Common Stock, par value $0.001
 
IAC
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of August 2, 2019, the following shares of the registrant's common stock were outstanding:
Common Stock
78,509,401

Class B Common Stock
5,789,499

Total outstanding Common Stock
84,298,900




TABLE OF CONTENTS
 
 
Page
Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
June 30, 2019
 
December 31, 2018
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
3,151,959

 
$
2,131,632

Marketable securities
161,749

 
123,665

Accounts receivable, net of allowance and reserves of $24,699 and $18,860, respectively
365,495

 
279,189

Other current assets
234,884

 
228,253

Total current assets
3,914,087

 
2,762,739

 
 
 
 
Right-of-use assets
180,290

 

Property and equipment, net of accumulated depreciation and amortization of $298,113 and $286,798, respectively
361,550

 
318,800

Goodwill
2,892,962

 
2,726,859

Intangible assets, net of accumulated amortization of $175,570 and $136,405, respectively
628,418

 
631,422

Long-term investments
101,958

 
235,055

Deferred income taxes
115,988

 
64,786

Other non-current assets
103,852

 
134,924

TOTAL ASSETS
$
8,299,105

 
$
6,874,585

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
LIABILITIES:
 
 
 
Current portion of long-term debt
$
13,750

 
$
13,750

Accounts payable, trade
104,392

 
74,907

Deferred revenue
402,218

 
360,015

Accrued expenses and other current liabilities
433,102

 
434,886

Total current liabilities
953,462

 
883,558

 
 
 
 
Long-term debt, net
3,138,531

 
2,245,548

Income taxes payable
36,533

 
37,584

Deferred income taxes
23,010

 
23,600

Other long-term liabilities
223,470

 
66,807

 
 
 
 
Redeemable noncontrolling interests
80,502

 
65,687

 
 
 
 
Commitments and contingencies

 

 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Common stock $.001 par value; authorized 1,600,000 shares; issued 262,789 and 262,303 shares, respectively, and outstanding 78,449 and 77,963 shares, respectively
263

 
262

Class B convertible common stock $.001 par value; authorized 400,000 shares; issued 16,157 shares and outstanding 5,789 shares
16

 
16

Additional paid-in capital
11,957,543

 
12,022,387

Retained earnings
1,460,956

 
1,258,794

Accumulated other comprehensive loss
(125,705
)
 
(128,722
)
Treasury stock 194,708 shares
(10,309,612
)
 
(10,309,612
)
Total IAC shareholders' equity
2,983,461

 
2,843,125

Noncontrolling interests
860,136

 
708,676

Total shareholders' equity
3,843,597

 
3,551,801

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
8,299,105

 
$
6,874,585


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3

Table of Contents


IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
Revenue
$
1,186,658

 
$
1,059,122

 
$
2,292,501

 
$
2,054,197

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
276,389

 
218,224

 
536,460

 
420,186

Selling and marketing expense
411,102

 
369,660

 
832,962

 
772,492

General and administrative expense
225,514

 
188,363

 
439,130

 
372,547

Product development expense
78,614

 
75,445

 
167,314

 
152,382

Depreciation
21,091

 
18,805

 
40,062

 
38,062

Amortization of intangibles
19,638

 
20,188

 
42,390

 
40,141

Total operating costs and expenses
1,032,348

 
890,685

 
2,058,318

 
1,795,810

Operating income
154,310

 
168,437

 
234,183

 
258,387

Interest expense
(37,206
)
 
(27,356
)
 
(68,349
)
 
(53,861
)
Other income, net
45,972

 
171,141

 
46,623

 
166,522

Earnings before income taxes
163,076

 
312,222

 
212,457

 
371,048

Income tax (provision) benefit
(16,285
)
 
(31,368
)
 
47,319

 
(2,355
)
Net earnings
146,791

 
280,854

 
259,776

 
368,693

Net earnings attributable to noncontrolling interests
(33,324
)
 
(62,501
)
 
(57,614
)
 
(79,258
)
Net earnings attributable to IAC shareholders
$
113,467

 
$
218,353

 
$
202,162

 
$
289,435

 
 
 
 
 
 
 
 
Earnings per share attributable to IAC shareholders:
 
 
 
 
 
 
Basic earnings per share
$
1.35

 
$
2.61

 
$
2.41

 
$
3.47

Diluted earnings per share
$
1.19

 
$
2.32

 
$
2.10

 
$
3.05

 
 
 
 
 
 
 
 
Stock-based compensation expense by function:
 
 
 
 
 
 
 
Cost of revenue
$
695

 
$
715

 
$
1,984

 
$
1,425

Selling and marketing expense
2,760

 
2,077

 
5,477

 
3,842

General and administrative expense
49,949

 
44,875

 
94,959

 
90,501

Product development expense
9,021

 
9,894

 
27,449

 
20,875

Total stock-based compensation expense
$
62,425

 
$
57,561

 
$
129,869

 
$
116,643

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4

Table of Contents


IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net earnings
$
146,791

 
$
280,854

 
$
259,776

 
$
368,693

Other comprehensive income (loss), net of income taxes:
 
 
 
 
 
 
 
Change in foreign currency translation adjustment
1,097

 
(46,576
)
 
2,406

 
(11,183
)
Change in unrealized gains and losses of available-for-sale debt securities (a)
(6
)
 
13

 
(5
)
 
13

Total other comprehensive income (loss), net of income taxes
1,091

 
(46,563
)
 
2,401

 
(11,170
)
Comprehensive income, net of income taxes
147,882

 
234,291

 
262,177

 
357,523

Components of comprehensive income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Net earnings attributable to noncontrolling interests
(33,324
)
 
(62,501
)
 
(57,614
)
 
(79,258
)
Change in foreign currency translation adjustment attributable to noncontrolling interests

 
9,119

 
(316
)
 
2,083

Change in unrealized gains and losses of available-for-sale debt securities attributable to noncontrolling interests

 

 
1

 

Comprehensive income attributable to noncontrolling interests
(33,324
)
 
(53,382
)
 
(57,929
)
 
(77,175
)
Comprehensive income attributable to IAC shareholders
$
114,558

 
$
180,909

 
$
204,248

 
$
280,348

_____________________
(a) 
Net of income tax provision of $4 for both the three and six months ended June 30, 2018.



The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5

Table of Contents


IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three Months Ended June 30, 2019 and 2018
(Unaudited)
 
 
 
 
IAC Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
Class B
Convertible
Common
Stock $.001
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common
Stock $.001
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive
Loss
 
 
 
Total IAC
Shareholders'
Equity
 
 
 
 
 
Redeemable
Noncontrolling
Interests
 
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
Total
Shareholders'
Equity
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
(In thousands)
 
 
Balance at March 31, 2019
$
71,914

 
 
$
263

 
262,629

 
$
16

 
16,157

 
$
11,868,424

 
$
1,347,489

 
$
(126,719
)
 
$
(10,309,612
)
 
$
2,779,861

 
$
791,475

 
$
3,571,336

Net earnings
6,946

 
 

 

 

 

 

 
113,467

 

 

 
113,467

 
26,378

 
139,845

Other comprehensive (loss) income, net of income taxes
(335
)
 
 

 

 

 

 

 

 
1,091

 

 
1,091

 
335

 
1,426

Stock-based compensation expense
35

 
 

 

 

 

 
22,890

 

 

 

 
22,890

 
39,494

 
62,384

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 

 
160

 

 

 
(18,112
)
 

 

 

 
(18,112
)
 

 
(18,112
)
Purchase of redeemable noncontrolling interests
(2,939
)
 
 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
(104
)
 
 

 

 

 

 
104

 

 

 

 
104

 

 
104

Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes, and treasury stock repurchases

 
 

 

 

 

 
(87,169
)
 

 
(79
)
 

 
(87,248
)
 
(103
)
 
(87,351
)
Issuance of ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes

 
 

 

 

 

 
(12,642
)
 

 
2

 

 
(12,640
)
 
2,384

 
(10,256
)
Noncontrolling interests created in acquisitions
5,009

 
 

 

 

 

 

 

 

 

 

 

 

Purchase of exchangeable note hedges

 
 

 

 

 

 
(303,428
)
 

 

 

 
(303,428
)
 

 
(303,428
)
Equity component of exchangeable senior notes, net of deferred financing costs and deferred tax liabilities

 
 

 

 

 

 
321,128

 

 

 

 
321,128

 

 
321,128

Issuance of warrants

 
 

 

 

 

 
166,520

 

 

 

 
166,520

 

 
166,520

Other
(24
)
 
 

 

 

 

 
(172
)
 

 

 

 
(172
)
 
173

 
1

Balance at June 30, 2019
$
80,502

 
 
$
263

 
262,789

 
$
16

 
16,157

 
$
11,957,543

 
$
1,460,956

 
$
(125,705
)
 
$
(10,309,612
)
 
$
2,983,461

 
$
860,136

 
$
3,843,597

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
$
47,099

 
 
$
261

 
261,396

 
$
16

 
16,157

 
$
12,093,006

 
$
702,915

 
$
(74,950
)
 
$
(10,226,721
)
 
$
2,494,527

 
$
587,864

 
$
3,082,391

Net earnings
35,715

 
 

 

 

 

 

 
218,353

 

 

 
218,353

 
26,786

 
245,139

Other comprehensive loss, net of income taxes
(865
)
 
 

 

 

 

 

 

 
(37,444
)
 

 
(37,444
)
 
(8,254
)
 
(45,698
)
Stock-based compensation expense
390

 
 

 

 

 

 
18,801

 

 

 

 
18,801

 
38,370

 
57,171

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 
1

 
361

 

 

 
615

 

 

 

 
616

 

 
616

Purchase of treasury stock

 
 

 

 

 

 

 

 

 
(14,713
)
 
(14,713
)
 

 
(14,713
)
Purchase of redeemable noncontrolling interests
(59
)
 
 

 

 

 

 

 

 

 

 

 

 

Purchase of noncontrolling interests

 
 

 

 

 

 

 

 

 

 

 
(549
)
 
(549
)
Adjustment of redeemable noncontrolling interests to fair value
(1,554
)