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iac:plaintiff iac:lawsuit
As filed with the Securities and Exchange Commission on May 8, 2020


 
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 March 31, 2020
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/05d2525fbcaa8b80304c147dddd4755e-iaclogo2019331a09.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 May 1, 2020, the following shares of the registrant's common stock were outstanding:
Common Stock
79,175,691

Class B Common Stock
5,789,499

Total outstanding Common Stock
84,965,190




TABLE OF CONTENTS
 
 
Page
Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
March 31, 2020
 
December 31, 2019
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
2,822,729

 
$
3,139,295

Short-term investments
20,000

 

Marketable securities
49,912

 
19,993

Accounts receivable, net of allowance and reserves of $28,669 and $24,726, respectively
375,854

 
298,334

Other current assets
267,814

 
249,367

Total current assets
3,536,309

 
3,706,989

 
 
 
 
Property, capitalized software and equipment, net of accumulated depreciation and amortization
373,561

 
371,353

Goodwill
3,042,139

 
2,854,462

Intangible assets, net of accumulated amortization
671,467

 
578,474

Long-term investments
301,592

 
353,052

Deferred income taxes
190,849

 
167,054

Other non-current assets
318,832

 
301,441

TOTAL ASSETS
$
8,434,749

 
$
8,332,825

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

 
$
13,750

Accounts payable, trade
102,367

 
94,356

Deferred revenue
433,728

 
397,490

Accrued expenses and other current liabilities
514,571

 
502,003

Total current liabilities
1,064,416

 
1,007,599

 
 
 
 
Long-term debt, net
3,625,008

 
3,121,572

Income taxes payable
18,398

 
36,489

Deferred income taxes
19,398

 
21,388

Other long-term liabilities
210,274

 
202,932

 
 
 
 
Redeemable noncontrolling interests
42,431

 
44,527

 
 
 
 
Commitments and contingencies

 

 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Common stock $.001 par value; authorized 1,600,000 shares; issued 263,502 and 263,230 shares, respectively, and outstanding 79,162 and 78,890 shares, respectively
264

 
263

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
11,412,142

 
11,683,799

Retained earnings
1,478,885

 
1,689,925

Accumulated other comprehensive loss
(157,285
)
 
(136,349
)
Treasury stock 194,708 shares
(10,309,612
)
 
(10,309,612
)
Total IAC shareholders' equity
2,424,410

 
2,928,042

Noncontrolling interests
1,030,414

 
970,276

Total shareholders' equity
3,454,824

 
3,898,318

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
8,434,749

 
$
8,332,825


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

3



IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands, except per share data)
Revenue
$
1,228,765

 
$
1,105,843

Operating costs and expenses:
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
323,221

 
260,071

Selling and marketing expense
432,697

 
421,860

General and administrative expense
256,021

 
213,616

Product development expense
105,733

 
88,700

Depreciation
24,738

 
18,971

Amortization of intangibles
52,162

 
22,752

Goodwill impairment
211,973

 

Total operating costs and expenses
1,406,545

 
1,025,970

Operating (loss) income
(177,780
)
 
79,873

Interest expense
(44,866
)
 
(31,143
)
Other (expense) income, net
(49,893
)
 
651

(Loss) earnings before income taxes
(272,539
)
 
49,381

Income tax benefit
89,896

 
63,604

Net (loss) earnings
(182,643
)
 
112,985

Net earnings attributable to noncontrolling interests
(28,397
)
 
(24,290
)
Net (loss) earnings attributable to IAC shareholders
$
(211,040
)
 
$
88,695

 
 
 
 
Per share information attributable to IAC shareholders:
 
 
Basic (loss) earnings per share
$
(2.49
)
 
$
1.06

Diluted (loss) earnings per share
$
(2.49
)
 
$
0.91

 
 
 
 
Stock-based compensation expense by function:
 
 
 
Cost of revenue
$
1,185

 
$
1,289

Selling and marketing expense
2,424

 
2,717

General and administrative expense
44,637

 
45,010

Product development expense
10,218

 
18,428

Total stock-based compensation expense
$
58,464

 
$
67,444

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

4



IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Net (loss) earnings
$
(182,643
)
 
$
112,985

Other comprehensive (loss) income, net of income taxes:
 
 
 
Change in foreign currency translation adjustment
(26,093
)
 
1,309

Change in unrealized gains and losses on available-for-sale debt securities
(12
)
 
1

Total other comprehensive (loss) income, net of income taxes
(26,105
)
 
1,310

Comprehensive (loss) income, net of income taxes
(208,748
)
 
114,295

Components of comprehensive (income) loss attributable to noncontrolling interests:
 
 
 
Net income attributable to noncontrolling interests
(28,397
)
 
(24,290
)
Change in foreign currency translation adjustment attributable to noncontrolling interests
4,766

 
(316
)
Change in unrealized gains and losses of available-for-sale debt securities attributable to noncontrolling interests

 
1

Comprehensive income attributable to noncontrolling interests
(23,631
)
 
(24,605
)
Comprehensive (loss) income attributable to IAC shareholders
$
(232,379
)
 
$
89,690




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

5



IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three Months Ended March 31, 2020 and 2019
(Unaudited)
 
 
 
 
IAC Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
Class B
Convertible
Common
Stock $.001
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common
Stock $.001
Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive
(Loss) Income
 
 
 
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 as of December 31, 2019
$
44,527

 
 
$
263

 
263,230

 
$
16

 
16,157

 
$
11,683,799

 
$
1,689,925

 
$
(136,349
)
 
$
(10,309,612
)
 
$
2,928,042

 
$
970,276

 
$
3,898,318

Net (loss) earnings
(1,462
)
 
 

 

 

 

 

 
(211,040
)
 

 

 
(211,040
)
 
29,859

 
(181,181
)
Other comprehensive income (loss), net of income taxes
99

 
 

 

 

 

 

 

 
(21,339
)
 

 
(21,339
)
 
(4,865
)
 
(26,204
)
Stock-based compensation expense
15

 
 

 

 

 

 
11,499

 

 

 

 
11,499

 
44,586

 
56,085

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

 
 
1

 
272

 

 

 
(20,516
)
 

 

 

 
(20,515
)
 

 
(20,515
)
Purchase of redeemable noncontrolling interests
(3,165
)
 
 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
2,418

 
 

 

 

 

 
(2,418
)
 

 

 

 
(2,418
)
 

 
(2,418
)
Issuance of Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes

 
 

 

 

 

 
(139,565
)
 

 
403

 

 
(139,162
)
 
(9,442
)
 
(148,604
)
Purchase of Match Group and ANGI Homeservices treasury stock

 
 

 

 

 

 
(120,658
)
 

 

 

 
(120,658
)
 

 
(120,658
)
Other
(1
)
 
 

 

 

 

 
1

 

 

 

 
1

 

 
1

Balance as of March 31, 2020
$
42,431

 
 
$
264

 
263,502

 
$
16

 
16,157

 
$
11,412,142

 
$
1,478,885

 
$
(157,285
)
 
$
(10,309,612
)
 
$
2,424,410

 
$
1,030,414

 
$
3,454,824

 
 
 
 
 
 
 
Balance as of December 31, 2018
$
65,687

 
 
$
262

 
262,303

 
$
16

 
16,157

 
$
12,022,387

 
$
1,258,794

 
$
(128,722
)
 
$
(10,309,612
)
 
$
2,843,125

 
$
708,676

 
$
3,551,801

Net (loss) earnings
(1,051
)
 
 

 

 

 

 

 
88,695

 

 

 
88,695

 
25,341

 
114,036

Other comprehensive income, net of income taxes
186

 
 

 

 

 

 

 

 
995

 

 
995

 
129

 
1,124

Stock-based compensation expense
42

 
 

 

 

 

 
20,165

 

 

 

 
20,165

 
47,237

 
67,402

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

 
 
1

 
326

 

 

 
(4,911
)
 

 

 

 
(4,910
)
 

 
(4,910
)
Purchase of redeemable noncontrolling interests
(3,182
)
 
 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
10,242

 
 

 

 

 

 
(10,242
)
 

 

 

 
(10,242
)
 

 
(10,242
)
Issuance of Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes

 
 

 

 

 

 
(158,958
)
 

 
1,008

 

 
(157,950
)
 
10,092

 
(147,858
)
Other
(10
)
 
 

 

 

 

 
(17
)
 

 

 

 
(17
)
 

 
(17
)
Balance as of 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


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




6



IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net (loss) earnings
$
(182,643
)
 
$
112,985

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Stock-based compensation expense
58,464

 
67,444

Amortization of intangibles
52,162

 
22,752

Depreciation
24,738

 
18,971

Bad debt expense
19,931

 
15,005

Goodwill impairment
211,973

 

Deferred income taxes
(59,166
)
 
(65,107
)
Losses on equity securities, net
51,473

 
44

Other adjustments, net
20,690

 
18,697

Changes in assets and liabilities, net of effects of acquisitions and dispositions:


 
 
Accounts receivable
(79,799
)
 
(88,367
)
Other assets
10,172

 
6,730

Accounts payable and other liabilities
(24,720
)
 
(26,829
)
Income taxes payable and receivable
(47,787
)
 
(6,154
)
Deferred revenue
25,487

 
26,770

Net cash provided by operating activities
80,975

 
102,941

Cash flows from investing activities:
 
 
 
Acquisitions, net of cash acquired
(532,857
)
 
(21,555
)
Capital expenditures
(24,591
)
 
(25,855
)
Proceeds from maturities of marketable debt securities
20,000

 
123,500

Purchases of marketable debt securities
(49,806
)
 
(39,740
)
Net proceeds from the sale of businesses and investments
1,476

 
20,472

Purchases of investments
(25
)
 

Other, net
(203
)
 
(1,215
)
Net cash (used in) provided by investing activities
(586,006
)
 
55,607

Cash flows from financing activities:
 
 
 
Proceeds from issuance of Match Group debt
500,000

 
350,000

Borrowings under Match Group Credit Facility

 
40,000

Principal payments on Match Group Credit Facility

 
(300,000
)
Principal payments on ANGI Homeservices Term Loan
(3,438
)
 
(3,438
)
Debt issuance costs
(8,977
)
 
(5,542
)
Purchase of Match Group and ANGI Homeservices treasury stock
(120,198
)
 
(24,186
)
Proceeds from the exercise of IAC stock options
412

 
9,298

Proceeds from the exercise of Match Group and ANGI Homeservices stock options

 
573

Withholding taxes paid on behalf of IAC employees on net settled stock-based awards
(20,927
)
 
(14,062
)
Withholding taxes paid on behalf of Match Group and ANGI Homeservices employees on net settled stock-based awards
(148,580
)
 
(123,148
)
Purchase of noncontrolling interests
(3,165
)
 
(3,182
)
Other, net
(464
)
 
27

Net cash provided by (used in) financing activities
194,663

 
(73,660
)
Total cash (used) provided
(310,368
)
 
84,888

Effect of exchange rate changes on cash and cash equivalents and restricted cash
(5,996
)
 
815

Net (decrease) increase in cash and cash equivalents and restricted cash
(316,364
)
 
85,703

Cash and cash equivalents and restricted cash at beginning of period
3,140,358

 
2,133,685

Cash and cash equivalents and restricted cash at end of period
$
2,823,994

 
$
2,219,388


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

7

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
IAC operates Vimeo, Dotdash and Care.com, among many other online businesses, and has majority ownership of both Match Group, which includes Tinder, Match, PlentyOfFish, OkCupid and Hinge, and ANGI Homeservices, which includes HomeAdvisor, Angie’s List and Handy.
Separation
On December 19, 2019, IAC/InterActiveCorp ("IAC") entered into a Transaction Agreement (as amended as of April 28, 2020, the "Transaction Agreement") with Match Group, Inc. ("MTCH"), IAC Holdings, Inc., a direct wholly owned subsidiary of IAC ("New IAC"), and Valentine Merger Sub LLC, an indirect wholly owned subsidiary of IAC. Subject to the terms and conditions set forth in the Transaction Agreement, the businesses of MTCH will be separated from the remaining businesses of IAC through a series of transactions that will result in the pre-transaction stockholders of IAC owning shares in two, separate public companies—(1) IAC, which will be renamed Match Group, Inc. ("New Match") and which will own the businesses of MTCH and certain IAC financing subsidiaries, and (2) New IAC, which will be renamed IAC/InterActiveCorp and which will own IAC's other businesses—and the pre-transaction stockholders of MTCH (other than IAC) owning shares in New Match. Completion of the separation, which is expected to occur in the second quarter of 2020, is subject to a number of conditions, including approval by a majority of the disinterested shareholders of MTCH, approval of IAC’s shareholders and other customary conditions and approvals. This transaction is referred to as the "Separation".
As used herein, "IAC," the "Company," "we," "our" or "us" and similar terms refer to IAC/InterActiveCorp and its subsidiaries (unless the context requires otherwise).
As of March 31, 2020, IAC’s economic interest and voting interest in:
Match Group were 80.4%, and 97.4%, respectively. All references to "Match Group" or "MTCH" in this report are to Match Group, Inc.
ANGI Homeservices were 84.9%, and 98.3%, respectively. All reference to "ANGI Homeservices" or "ANGI" in this report are to ANGI Homeservices Inc.
COVID-19 Update
The Company's business could be materially and adversely affected by the outbreak of COVID-19, which has been declared a "pandemic" by the World Health Organization.
To date, the Company's ANGI Homeservices business has experienced a decline in demand for home services requests, driven primarily by decreases in demand in certain categories of jobs (particularly non-essential projects) and decreases in demand in regions most affected by the COVID-19 outbreak, which the Company attributes both to the unwillingness of consumers to interact with service professionals face-to-face or have service professionals in their homes, and to lower levels of consumer confidence and discretionary income generally. In addition, with respect to the Company's ad-supported businesses, the Company has experienced a meaningful decrease in advertising rates across the Company's various properties (as much as 30% year over year). And while the Company's Match Group business has experienced improved user and engagement metrics, it has also experienced a decline in new users and paying subscribers during the pandemic.
In connection with the first quarter close of its books, the Company determined that the effects of COVID-19 were an indicator of possible impairment for certain of its assets. The Company determined, as of March 31, 2020, the fair value for those assets for which COVID-19 was deemed to be an indicator of possible impairment and identified the following impairments:
a $212.0 million impairment related to the goodwill of the Desktop reporting unit;
a $21.4 million impairment related to certain indefinite-lived intangible assets of the Desktop reporting unit;

8

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

a $4.6 million impairment related to certain indefinite-lived intangible assets of the Match Group reporting unit;
a $51.5 million impairment of certain equity securities without readily determinable fair values; and
a $7.5 million impairment of a note receivable and a warrant related to certain investees.
The extent to which developments related to the COVID-19 outbreak and measures designed to curb its spread continue to impact the Company’s business, financial condition and results of operations will depend on future developments, all of which are highly uncertain and many of which are beyond the Company’s control, including the speed of contagion, the development and implementation of effective preventative measures and possible treatments, the scope of governmental and other restrictions on travel, non-essential services and other activity, and public reactions to these developments. For example, these developments and measures have resulted in rapid and adverse changes to the operating environment in which we do business, as well as significant uncertainty concerning the near and long term economic ramifications of the COVID-19 outbreak, which have adversely impacted our ability to forecast our results and respond in a timely and effective manner to trends related to the COVID-19 outbreak. The longer the global outbreak and measures designed to curb the spread of the virus continue to adversely affect levels of consumer confidence, discretionary spending and the willingness of consumers to interact with other consumers, vendors and service providers face-to-face (and in turn, adversely affect demand for the Company’s various products and services), the greater the adverse impact is likely to be on the Company’s business, financial condition and results of operations and the more limited will be the Company’s ability to try and make up for delayed or lost revenues.
Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP").
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.
In management's opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company's consolidated financial position, consolidated results of operations and consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments and assumptions 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 cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts; the determination of revenue reserves; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of definite-lived intangible assets and property, capitalized software and equipment; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; 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.
Accounting for Investments in Equity Securities

9

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Investments in equity securities, other than those of the Company's consolidated subsidiaries and those accounted for under the equity method, if applicable, are accounted for at fair value or under the measurement alternative of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, following its adoption on January 1, 2018, with any changes to fair value recognized within other income (expense), net each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company. The Company reviews its investments in equity securities without readily determinable fair values for impairment each reporting period when there are qualitative factors or events that indicate possible impairment. Factors the Company considers in making this determination include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. When indicators of impairment exist, the Company prepares quantitative assessments of the fair value of the its investments in equity securities, which require judgment and the use of estimates. When the Company's assessment indicates that the fair value of the investment is below its carrying value, the Company writes down the investment to its fair value and records the corresponding charge within other income (expense), net. See "Note 4—Financial Instruments and Fair Value Measurements" for additional information on the impairments of certain equity securities without readily determinable fair values recorded in the quarter ended March 31, 2020.
In the event the Company has 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. At March 31, 2020 and December 31, 2019, the Company did not have any investments accounted for using the equity method.
General Revenue Recognition
Revenue is recognized when control of the promised services or goods is transferred to the Company's customers and in the amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.
The Company's disaggregated revenue disclosures are presented in "Note 8—Segment Information."
Prior to January 1, 2020, ANGI's Handy business recorded revenue on a net basis. Effective January 1, 2020, the Company modified the Handy terms and conditions so that Handy, rather than the service professional, has the contractual relationship with the consumer to deliver the service and Handy, rather than the consumer, has the contractual relationship with the service professional. Consumers request services and pay for such services directly through the Handy platform and then Handy fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. This change in contractual terms requires gross revenue accounting treatment effective January 1, 2020. Also, in the case of certain tasks, HomeAdvisor provides a pre-priced product offering, pursuant to which consumers can request services through a HomeAdvisor platform and pay HomeAdvisor for the services directly. HomeAdvisor then fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. Revenue from HomeAdvisor’s pre-priced product offering is also recorded on a gross basis effective January 1, 2020. In addition to changing the presentation of revenue to gross from net, the timing of revenue recognition will change for pre-priced jobs and will be later than the timing of existing consumer connection revenue for HomeAdvisor because the Company will not be able to record revenue, generally, until the service professional completes the job on the Company's behalf. The change to gross revenue reporting for Handy and HomeAdvisor’s pre-priced product offering, effective January 1, 2020, resulted in an increase in revenue of $15.2 million during the three months ended March 31, 2020.
Deferred Revenue
Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of the Company's performance obligation is one year or less. The current and non-current deferred revenue balances at December 31, 2019 are $397.5 million and $1.3 million, respectively. During the three months ended March 31, 2020, the

10

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Company recognized $258.2 million of revenue that was included in the deferred revenue balance as of December 31, 2019. During the three months ended March 31, 2019, the Company recognized $234.8 million of revenue that was included in the deferred revenue balance as of December 31, 2018. The current and non-current deferred revenue balances at March 31, 2020 are $433.7 million and $1.3 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the accompanying consolidated balance sheet.
Practical Expedients and Exemptions
As permitted under the practical expedient available under ASU No. 2014-09, Revenue from Contracts with Customers, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which the Company has the right to invoice for services performed.
For sales incentive programs where the customer relationship period is one year or less, the Company has elected the practical expedient to expense the costs as incurred. The amount of capitalized sales commissions where the customer relationship period is greater than one year is $47.5 million and $42.4 million at March 31, 2020 and December 31, 2019, respectively.
Certain Risks and Concentrations—Services Agreement with Google
A meaningful portion of the Company's revenue is attributable to a services agreement with Google (the "Services Agreement"). In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. For the three months ended March 31, 2020 and 2019, consolidated revenue earned from Google was $138.9 million and $195.8 million, representing 11% and 18%, respectively, of the Company's consolidated revenue. Accounts receivable related to revenue earned from Google totaled $48.7 million and $53.0 million at March 31, 2020 and December 31, 2019, respectively.
Revenue attributable to the Services Agreement is earned by the Desktop business within the Applications segment and Ask Media Group within the Emerging & Other segment. For the three months ended March 31, 2020 and 2019, revenue earned from the Services Agreement was $46.1 million and $88.1 million, respectively, within the Applications segment and $80.5 million and $94.8 million, respectively, within the Emerging & Other segment.
The Services Agreement was scheduled to expire on March 31, 2020. On February 11, 2019, the Company and Google amended the Services Agreement, effective as of April 1, 2020. The amendment extends the expiration date of the agreement to March 31, 2023; provided that during September 2020 and during each September thereafter, either party may, after discussion with the other party, terminate the Services Agreement, effective on September 30 of the year following the year such notice is given. The Company believes that the amended agreement, taken as a whole, is comparable to the pre-amendment agreement with Google. The Services Agreement requires that the Company comply with certain guidelines promulgated by Google. Google may generally unilaterally update its policies and guidelines without advance notice. These updates may be specific to the Services Agreement or could be more general and thereby impact the Company as well as other companies. These policy and guideline updates could in turn require modifications to, or prohibit and/or render obsolete certain of the Company's products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on the Company's consolidated financial condition and results of operations, particularly the Desktop business and Ask Media Group. From time to time, Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have negatively impacted the Desktop business and may do so in the future.
Adoption of ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
The Company adopted ASU No. 2019-12 effective January 1, 2020, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted ASU No. 2019-12 on January 1, 2020 using the modified retrospective basis for those amendments that are not applied on a

11

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

prospective basis. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s consolidated financial statements.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2—INCOME TAXES
At the end of each interim period, the Company estimates 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 unrecognized tax benefits 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 the Company's 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.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees. Based on the Company's preliminary analysis of the CARES Act, IAC expects to avail itself of the following:
a refund of federal income taxes due to a five-year carryback of net operating loss incurred in 2019;
accelerated depreciation deductions;
a relaxation of interest expense deduction limitations for income tax purposes; and
a deferral of 2020 employer social security payroll taxes.

The Company continues to review and consider worldwide government programs related to the COVID-19 pandemic; however, the Company does not expect the impact of these programs to be material. 
For the three months ended March 31, 2020, the Company recorded an income tax benefit of $89.9 million due primarily to excess tax benefits generated by the exercise and vesting of stock-based awards and a revaluation of net operating loss deferred taxes due to the CARES Act, partially offset by the non-deductible portion of the Desktop goodwill impairment charge and unbenefited losses related to other investment impairments. For the three months ended March 31, 2019, the Company recorded an income tax benefit, despite pre-tax income, of $63.6 million, due primarily to excess tax benefits generated by the exercise and vesting of stock-based awards.
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Accruals for interest and penalties are not material.
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 ("IRS") has substantially completed its audit of the Company’s federal income tax returns for the years ended December 31, 2010 through 2016, resulting in reductions to the manufacturing tax deduction and research credits claimed. The IRS is expected to begin an audit of the year ended December 31, 2017 in the second quarter. The statute of limitations for the years 2010 through 2012 has been extended to November 30, 2020 and the statute of limitations for the years 2013 through 2016 has been extended to March 31, 2021. Returns filed in various other jurisdictions are open to examination for tax years beginning with 2009. Income taxes payable include unrecognized tax

12

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

benefits considered sufficient to pay assessments that may result from examination of prior year tax returns. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided 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.
At March 31, 2020 and December 31, 2019, unrecognized tax benefits, including interest and penalties, are $56.2 million and $74.4 million, respectively. Unrecognized tax benefits, including interest and penalties, at March 31, 2020 decreased by $18.2 million due primarily to the effective settlement of certain prior year tax positions with the IRS relating to the manufacturing tax deduction and research credits. If unrecognized tax benefits at March 31, 2020 are subsequently recognized, $51.1 million, net of related deferred tax assets and interest, would reduce income tax expense. The comparable amount as of December 31, 2019 was $69.2 million. The Company believes it is reasonably possible that its unrecognized tax benefits could decrease by $9.9 million by March 31, 2021, due primarily to expirations of statutes of limitations and other settlements, $9.7 million of which would reduce the income tax provision.
NOTE 3—GOODWILL AND INTANGIBLE ASSETS
Goodwill and intangible assets, net are as follows:
 
March 31,
 
December 31,
 
2020
 
2019
 
(In thousands)
Goodwill
$
3,042,139

 
$
2,854,462

Intangible assets with indefinite lives
473,208

 
446,495

Intangible assets with definite lives, net of accumulated amortization
198,259

 
131,979

Total goodwill and intangible assets, net
$
3,713,606

 
$
3,432,936


The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended March 31, 2020:
 
Balance at
December 31, 2019
 
Additions
 
(Deductions)
 
Impairment
 
Foreign
Exchange
Translation
 
Balance at
March 31, 2020
 
(In thousands)
Match Group
$
1,239,840

 
$

 
$

 
$

 
$
(12,108
)
 
$
1,227,732

ANGI Homeservices
882,051

 

 

 

 
(4,867
)
 
877,184

Vimeo
219,374

 

 
(38
)
 

 

 
219,336

Applications:
 
 
 
 
 
 
 
 
 
 
 
     Desktop
265,146

 

 

 
(211,973
)
 

 
53,173

     Mosaic Group
239,602

 

 

 

 
(134
)
 
239,468

Total Applications
504,748

 

 

 
(211,973
)
 
(134
)
 
292,641

Emerging & Other
8,449

 
416,797

 

 

 

 
425,246

Total
$
2,854,462

 
$
416,797

 
$
(38
)
 
$
(211,973
)
 
$
(17,109
)
 
$
3,042,139


Additions are related to the acquisition of Care.com (included in Emerging & Other Segment).
In connection with the first quarter close of its books, the Company determined that the effects of COVID-19 were an indicator of possible impairment for certain of its reporting units and indefinite-lived intangible assets. The Company

13

IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

determined the fair value of these reporting units and indefinite-lived intangible assets as of March 31, 2020 and identified the following impairments:
a $212.0 million impairment related to the goodwill of the Desktop reporting unit;
a $21.4 million impairment related to certain indefinite-lived intangible assets of the Desktop reporting unit; and
a $4.6 million impairment related to certain indefinite-lived intangible assets of the Match Group reporting unit.
In addition, the updated valuation of the Mosaic Group reporting unit indicates that the fair value of this reporting unit approximates its carrying value. The goodwill of the Desktop and Mosaic Group reporting units is $53.2 million and $239.5 million, respectively, as of March 31, 2020. To the extent there is a decline in the fair value of these reporting units, a goodwill impairment would be recorded to the extent the carrying value exceeds the fair value.
The fair value of the Desktop and Mosaic Group reporting units was determined using both an income approach based on discounted cash flows ("DCF") and a market approach. Determining fair value using a DCF analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the DCF analyses were based on the most recent forecasts for Desktop and Mosaic Group for 2020 and each of the years in the forecast period, which were updated in light of COVID-19. For years beyond the forecast period, Desktop and Mosaic Group estimates were based, in part, on forecasted growth rates. The discount rates used in the DCF analyses were intended to reflect the risks inherent in the expected future cash flows of the Desktop and Mosaic Group reporting units. The discount rate used for determining the fair value of both the Desktop and Mosaic Group reporting units was 15.0%. Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the Desktop and Mosaic Group reporting units. To determine a peer group of companies for Desktop and Mosaic Group, the Company considered companies relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand strength operating in their respective sectors. The aggregate carrying value of goodwill for which the most recent estimate of the excess of fair value over carrying value is less than 20% is approximately $709.4 million.
The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2019:
 
Balance at
December 31, 2018
 
Additions
 
(Deductions)
 
Impairment
 
Foreign
Exchange
Translation
 
Balance at
December 31, 2019
 
(In thousands)
Match Group
$