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Table of Contents
As filed with the Securities and Exchange Commission on November 7, 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 September 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
 
https://cdn.kscope.io/b62993786a6374682a933fc4e9ea3a8e-iaclogo2019331a07.jpg
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 November 1, 2019, the following shares of the registrant's common stock were outstanding:
Common Stock
78,800,508

Class B Common Stock
5,789,499

Total outstanding Common Stock
84,590,007




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)
 
September 30, 2019
 
December 31, 2018
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
2,946,180

 
$
2,131,632

Marketable securities
157,174

 
123,665

Accounts receivable, net of allowance and reserves of $25,003 and $18,860, respectively
355,924

 
279,189

Other current assets
225,016

 
228,253

Total current assets
3,684,294

 
2,762,739

 
 
 
 
Right-of-use assets
177,797

 

Property and equipment, net of accumulated depreciation and amortization of $308,987 and $286,798, respectively
361,664

 
318,800

Goodwill
2,852,986

 
2,726,859

Intangible assets, net of accumulated amortization of $196,563 and $136,405, respectively
603,702

 
631,422

Long-term investments
333,980

 
235,055

Deferred income taxes
170,299

 
64,786

Other non-current assets
120,069

 
134,924

TOTAL ASSETS
$
8,304,791

 
$
6,874,585

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

 
$
13,750

Accounts payable, trade
100,858

 
74,907

Deferred revenue
414,325

 
360,015

Accrued expenses and other current liabilities
507,348

 
434,886

Total current liabilities
1,036,281

 
883,558

 
 
 
 
Long-term debt, net
3,111,882

 
2,245,548

Income taxes payable
36,297

 
37,584

Deferred income taxes
21,657

 
23,600

Other long-term liabilities
215,611

 
66,807

 
 
 
 
Redeemable noncontrolling interests
77,302

 
65,687

 
 
 
 
Commitments and contingencies

 

 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Common stock $.001 par value; authorized 1,600,000 shares; issued 263,110 and 262,303 shares, respectively, and outstanding 78,770 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
11,761,711

 
12,022,387

Retained earnings
1,589,500

 
1,258,794

Accumulated other comprehensive loss
(144,604
)
 
(128,722
)
Treasury stock 194,708 shares
(10,309,612
)
 
(10,309,612
)
Total IAC shareholders' equity
2,897,274

 
2,843,125

Noncontrolling interests
908,487

 
708,676

Total shareholders' equity
3,805,761

 
3,551,801

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
8,304,791

 
$
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
Revenue
$
1,246,874

 
$
1,104,592

 
$
3,539,375

 
$
3,158,789

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
296,385

 
237,238

 
832,845

 
657,424

Selling and marketing expense
423,881

 
386,802

 
1,256,843

 
1,159,294

General and administrative expense
207,880

 
190,903

 
647,010

 
563,450

Product development expense
86,600

 
77,740

 
253,914

 
230,122

Depreciation
23,090

 
18,925

 
63,152

 
56,987

Amortization of intangibles
23,186

 
20,152

 
65,576

 
60,293

Total operating costs and expenses
1,061,022

 
931,760

 
3,119,340

 
2,727,570

Operating income
185,852

 
172,832

 
420,035

 
431,219

Interest expense
(42,132
)
 
(27,610
)
 
(110,481
)
 
(81,471
)
Other income, net
1,229

 
8,113

 
47,852

 
174,635

Earnings before income taxes
144,949

 
153,335

 
357,406

 
524,383

Income tax benefit
14,823

 
18,242

 
62,142

 
15,887

Net earnings
159,772

 
171,577

 
419,548

 
540,270

Net earnings attributable to noncontrolling interests
(31,228
)
 
(25,803
)
 
(88,842
)
 
(105,061
)
Net earnings attributable to IAC shareholders
$
128,544

 
$
145,774

 
$
330,706

 
$
435,209

 
 
 
 
 
 
 
 
Earnings per share attributable to IAC shareholders:
 
 
 
 
 
 
Basic earnings per share
$
1.52

 
$
1.75

 
$
3.93

 
$
5.22

Diluted earnings per share
$
1.35

 
$
1.49

 
$
3.45

 
$
4.55

 
 
 
 
 
 
 
 
Stock-based compensation expense by function:
 
 
 
 
 
 
 
Cost of revenue
$
935

 
$
512

 
$
2,919

 
$
1,937

Selling and marketing expense
2,338

 
1,837

 
7,815

 
5,679

General and administrative expense
36,883

 
44,242

 
131,842

 
134,743

Product development expense
9,897

 
8,772

 
37,346

 
29,647

Total stock-based compensation expense
$
50,053

 
$
55,363

 
$
179,922

 
$
172,006

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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net earnings
$
159,772

 
$
171,577

 
$
419,548

 
$
540,270

Other comprehensive loss, net of income taxes:
 
 
 
 
 
 
 
Change in foreign currency translation adjustment
(23,053
)
 
(1,050
)
 
(20,647
)
 
(12,233
)
Change in unrealized gains and losses on available-for-sale securities (a)

 
(28
)
 
(5
)
 
(15
)
Total other comprehensive loss, net of income taxes
(23,053
)
 
(1,078
)
 
(20,652
)
 
(12,248
)
Comprehensive income, net of income taxes
136,719

 
170,499

 
398,896

 
528,022

Components of comprehensive income attributable to noncontrolling interests:
 
 
 
 
 
 
 
Net earnings attributable to noncontrolling interests
(31,228
)
 
(25,803
)
 
(88,842
)
 
(105,061
)
Change in foreign currency translation adjustment attributable to noncontrolling interests
4,664

 
549

 
4,348

 
2,632

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

 

 
1

 

Comprehensive income attributable to noncontrolling interests
(26,564
)
 
(25,254
)
 
(84,493
)
 
(102,429
)
Comprehensive income attributable to IAC shareholders
$
110,155

 
$
145,245

 
$
314,403

 
$
425,593

_____________________
(a) 
Net of income tax benefit of $4 for the three months ended September 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 September 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 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

Net (loss) earnings
(1,270
)
 
 

 

 

 

 

 
128,544

 

 

 
128,544

 
32,498

 
161,042

Other comprehensive loss, net of income taxes
(365
)
 
 

 

 

 

 

 

 
(18,389
)
 

 
(18,389
)
 
(4,299
)
 
(22,688
)
Stock-based compensation expense
36

 
 

 

 

 

 
20,332

 

 

 

 
20,332

 
29,521

 
49,853

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

 
 

 
321

 

 

 
(55,036
)
 

 

 

 
(55,036
)
 

 
(55,036
)
Purchase of redeemable noncontrolling interests
(71
)
 
 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
(1,531
)
 
 

 

 

 

 
1,531

 

 

 

 
1,531

 

 
1,531

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

 
 

 

 

 

 
(22,749
)
 

 
(510
)
 

 
(23,259
)
 
(9,369
)
 
(32,628
)
Purchase of Match Group and ANGI Homeservices treasury stock

 
 

 

 

 

 
(139,779
)
 

 

 

 
(139,779
)
 

 
(139,779
)
Equity component of exchangeable senior notes, net of deferred financing costs and deferred tax liabilities

 
 

 

 

 

 
(130
)
 

 

 

 
(130
)
 

 
(130
)
Other
1

 
 

 

 

 

 
(1
)
 

 

 

 
(1
)
 

 
(1
)
Balance at September 30, 2019
$
77,302

 
 
$
263

 
263,110

 
$
16

 
16,157

 
$
11,761,711

 
$
1,589,500

 
$
(144,604
)
 
$
(10,309,612
)
 
$
2,897,274

 
$
908,487

 
$
3,805,761

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
$
75,719

 
 
$
262

 
261,757

 
$
16

 
16,157

 
$
12,008,684

 
$
921,268

 
$
(112,717
)
 
$
(10,241,434
)
 
$
2,576,079

 
$
660,869

 
$
3,236,948

Net (loss) earnings
(275
)
 
 

 

 

 

 

 
145,774

 

 

 
145,774

 
26,078

 
171,852

Other comprehensive loss, net of income taxes
(424
)
 
 

 

 

 

 

 

 
(529
)
 

 
(529
)
 
(125
)
 
(654
)
Stock-based compensation expense
284

 
 

 

 

 

 
16,748

 

 

 

 
16,748

 
38,331

 
55,079

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

 
 

 
283

 

 

 
9,012

 

 

 

 
9,012

 

 
9,012

Purchase of IAC treasury stock

 
 

 

 

 

 

 

 

 
(68,178
)
 
(68,178
)
 

 
(68,178
)
Purchase of redeemable noncontrolling interests
59

 
 

 

 

 

 

 

 

 

 

 

 

Purchase of noncontrolling interests
(3,562
)
 
 

 

 

 

 

 

 

 

 

 
(418
)
 
(418
)
Adjustment of redeemable noncontrolling interests to fair value
(2,221
)
 
 

 

 

 

 
2,221

 

 

 

 
2,221

 

 
2,221

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

 
 

 

 

 

 
(74,480
)
 

 
391

 

 
(74,089
)
 
3,251

 
(70,838
)
Purchase of Match Group treasury stock

 
 

 

 

 

 
(6,433
)
 

 

 

 
(6,433
)
 

 
(6,433
)
Other
(50
)
 
 

 

 

 

 
(123
)
 

 

 

 
(123
)
 
124

 
1

Balance at September 30, 2018
$
69,530

 
 
$
262

 
262,040

 
$
16

 
16,157

 
$
11,955,629

 
$
1,067,042

 
$
(112,855
)
 
$
(10,309,612
)
 
$
2,600,482

 
$
728,110

 
$
3,328,592


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





6

Table of Contents


IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Nine Months Ended September 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 December 31, 2018
$