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As filed with the Securities and Exchange Commission on November 5, 2021
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, 2021
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. 001-39356
IAC/INTERACTIVECORP
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 84-3727412 |
(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)
(212) 314-7300
(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 $0.0001 | | IAC | | The Nasdaq Stock Market LLC |
Securities registered pursuant to Section 12(g) of the Act:
None
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 October 29, 2021, the following shares of the registrant's common stock were outstanding:
| | | | | |
Common Stock | 83,777,441 | |
Class B common stock | 5,789,499 | |
Total | 89,566,940 | |
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1. Consolidated and Combined Financial Statements
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
| | | | | | | | | | | |
| September 30, 2021 | | December 31, 2020 |
| (In thousands, except par value amounts) |
ASSETS | | | |
Cash and cash equivalents | $ | 3,404,913 | | | $ | 3,366,176 | |
| | | |
Marketable securities | 26,794 | | | 224,979 | |
Accounts receivable, net | 322,757 | | | 257,668 | |
| | | |
Other current assets | 158,164 | | | 140,022 | |
Current assets of discontinued operations | — | | | 130,477 | |
Total current assets | 3,912,628 | | | 4,119,322 | |
| | | |
Building, capitalized software, leasehold improvements and equipment, net | 289,794 | | | 274,930 | |
Goodwill | 1,659,808 | | | 1,660,102 | |
Intangible assets, net | 350,105 | | | 394,986 | |
Investment in MGM Resorts International | 2,547,313 | | | 1,860,158 | |
Long-term investments | 328,090 | | | 297,643 | |
Other non-current assets | 339,987 | | | 288,021 | |
Non-current assets of discontinued operations | — | | | 266,547 | |
TOTAL ASSETS | $ | 9,427,725 | | | $ | 9,161,709 | |
| | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
LIABILITIES: | | | |
| | | |
Accounts payable, trade | $ | 117,892 | | | $ | 88,849 | |
Deferred revenue | 172,683 | | | 137,658 | |
Accrued expenses and other current liabilities | 458,061 | | | 340,406 | |
Current liabilities of discontinued operations | — | | | 183,988 | |
Total current liabilities | 748,636 | | | 750,901 | |
| | | |
Long-term debt, net | 494,373 | | | 712,277 | |
Income taxes payable | 292 | | | 6,444 | |
Deferred income taxes | 178,388 | | | 78,789 | |
Other long-term liabilities | 203,809 | | | 227,406 | |
Non-current liabilities of discontinued operations | — | | | 2,972 | |
| | | |
Redeemable noncontrolling interests | 26,084 | | | 231,992 | |
| | | |
Commitments and contingencies | | | |
| | | |
SHAREHOLDERS' EQUITY: | | | |
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 8,352 issued and outstanding at September 30, 2021 | 8 | | | — | |
Class B common stock, $0.0001 par value; authorized 400,000 shares; 579 issued and outstanding at September 30, 2021 | 1 | | | — | |
Common Stock, $0.001 par value; authorized 1,600,000 shares; 82,976 shares issued and outstanding at December 31, 2020 | — | | | 83 | |
Class B common stock, $0.001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at December 31, 2020 | — | | | 6 | |
Additional paid-in-capital | 6,312,370 | | | 5,909,614 | |
Retained earnings | 892,179 | | | 694,042 | |
Accumulated other comprehensive income (loss) | 4,627 | | | (6,170) | |
Total IAC shareholders' equity | 7,209,185 | | | 6,597,575 | |
Noncontrolling interests | 566,958 | | | 553,353 | |
Total shareholders' equity | 7,776,143 | | | 7,150,928 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,427,725 | | | $ | 9,161,709 | |
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| (In thousands, except per share data) |
Revenue | $ | 924,068 | | | $ | 713,248 | | | $ | 2,540,185 | | | $ | 1,999,491 | |
Operating costs and expenses: | | | | | | | |
Cost of revenue (exclusive of depreciation shown separately below) | 331,384 | | | 184,888 | | | 802,408 | | | 501,854 | |
Selling and marketing expense | 348,187 | | | 315,220 | | | 1,001,760 | | | 881,382 | |
General and administrative expense | 183,299 | | | 158,286 | | | 521,170 | | | 551,356 | |
Product development expense | 61,403 | | | 51,725 | | | 183,929 | | | 145,175 | |
Depreciation | 17,795 | | | 18,647 | | | 54,093 | | | 50,583 | |
Amortization of intangibles | 14,067 | | | 53,538 | | | 44,542 | | | 119,562 | |
Goodwill impairment | — | | | 53,173 | | | — | | | 265,146 | |
Total operating costs and expenses | 956,135 | | | 835,477 | | | 2,607,902 | | | 2,515,058 | |
Operating loss | (32,067) | | | (122,229) | | | (67,717) | | | (515,567) | |
Interest expense | (6,032) | | | (5,807) | | | (18,463) | | | (9,579) | |
Unrealized gain on investment in MGM Resorts International | 29,517 | | | 289,097 | | | 687,155 | | | 264,379 | |
Other income (expense), net | 79,539 | | | 1,602 | | | 133,388 | | | (52,475) | |
Earnings (loss) from continuing operations before income taxes | 70,957 | | | 162,663 | | | 734,363 | | | (313,242) | |
Income tax (provision) benefit | (9,910) | | | 25,060 | | | (151,046) | | | 96,440 | |
Net earnings (loss) from continuing operations | 61,047 | | | 187,723 | | | 583,317 | | | (216,802) | |
Loss from discontinued operations, net of tax | — | | | (1,862) | | | (1,831) | | | (21,972) | |
Net earnings (loss) | 61,047 | | | 185,861 | | | 581,486 | | | (238,774) | |
Net (earnings) loss attributable to noncontrolling interests | (357) | | | (944) | | | 3,089 | | | (625) | |
Net earnings (loss) attributable to IAC shareholders | $ | 60,690 | | | $ | 184,917 | | | $ | 584,575 | | | $ | (239,399) | |
| | | | | | | |
Per share information from continuing operations: | | | | | | | |
Basic earnings (loss) per share | $ | 0.68 | | | $ | 2.19 | | | $ | 6.58 | | | $ | (2.55) | |
Diluted earnings (loss) per share | $ | 0.65 | | | $ | 2.06 | | | $ | 6.16 | | | $ | (2.55) | |
| | | | | | | |
Per share information attributable to IAC Common Stock and Class B common stock shareholders: |
Basic earnings (loss) per share | $ | 0.68 | | | $ | 2.17 | | | $ | 6.56 | | | $ | (2.81) | |
Diluted earnings (loss) per share | $ | 0.65 | | | $ | 2.04 | | | $ | 6.14 | | | $ | (2.81) | |
| | | | | | | |
Stock-based compensation expense by function: | | | | | | | |
Cost of revenue | $ | 18 | | | $ | 8 | | | $ | 52 | | | $ | 111 | |
Selling and marketing expense | 1,449 | | | 2,467 | | | 3,766 | | | 4,543 | |
General and administrative expense | 11,762 | | | 24,385 | | | 48,695 | | | 132,536 | |
Product development expense | 2,209 | | | 1,761 | | | 5,291 | | | 4,671 | |
Total stock-based compensation expense | $ | 15,438 | | | $ | 28,621 | | | $ | 57,804 | | | $ | 141,861 | |
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| (In thousands) |
Net earnings (loss) | $ | 61,047 | | | $ | 185,861 | | | $ | 581,486 | | | $ | (238,774) | |
Other comprehensive (loss) income, net of income taxes: | | | | | | | |
Change in foreign currency translation adjustment | (1,560) | | | 3,513 | | | 11,260 | | | 1,049 | |
Change in unrealized gains and losses on available-for-sale marketable debt securities | — | | | 4 | | | (2) | | | 3 | |
Total other comprehensive (loss) income, net of income taxes | (1,560) | | | 3,517 | | | 11,258 | | | 1,052 | |
Comprehensive income (loss), net of income taxes | 59,487 | | | 189,378 | | | 592,744 | | | (237,722) | |
Components of comprehensive loss (income) attributable to noncontrolling interests: | | | | | | | |
Net (earnings) loss attributable to noncontrolling interests | (357) | | | (944) | | | 3,089 | | | (625) | |
Change in foreign currency translation adjustment attributable to noncontrolling interests | 477 | | | (1,565) | | | (474) | | | (608) | |
| | | | | | | |
Comprehensive loss (income) attributable to noncontrolling interests | 120 | | | (2,509) | | | 2,615 | | | (1,233) | |
Comprehensive income (loss) attributable to IAC shareholders | $ | 59,607 | | | $ | 186,869 | | | $ | 595,359 | | | $ | (238,955) | |
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and nine months ended September 30, 2021
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | IAC Shareholders' Equity |
| Redeemable Noncontrolling Interests | | | Common Stock, $0.0001 par value | | Class B common stock, $0.0001 par value | | Common Stock, $0.001 par value | | Class B common stock, $0.001 par value | | Additional Paid-in-Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total IAC Shareholders' Equity | | Noncontrolling Interests | | Total Shareholders' Equity |
| | | $ | | Shares | | $ | | Shares | | $ | | Shares | | $ | | Shares | | | | | |
| | | | (In thousands) |
Balance as of June 30, 2021 | $ | 24,193 | | | | $ | 8 | | | 8,344 | | | $ | 1 | | | 579 | | | $ | — | | | — | | | $ | — | | | — | | | $ | 6,341,667 | | | $ | 831,489 | | | $ | 5,686 | | | $ | 7,178,851 | | | $ | 566,297 | | | $ | 7,745,148 | |
Net earnings (loss) | 2,778 | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | — | | | 60,690 | | | — | | | 60,690 | | | (2,421) | | | 58,269 | |
Other comprehensive loss, net of income taxes | (74) | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | — | | | — | | | (1,083) | | | (1,083) | | | (403) | | | (1,486) | |
Stock-based compensation expense | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | 6,626 | | | — | | | — | | | 6,626 | | | 8,816 | | | 15,442 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | | | | — | | | 8 | | | — | | | — | | | — | | | — | | — | | | — | | | (8,792) | | | — | | | — | | | (8,792) | | | — | | | (8,792) | |
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | 4,081 | | | — | | | 24 | | | 4,105 | | | (5,171) | | | (1,066) | |
Purchase of Angi Inc. treasury stock | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | (29,766) | | | — | | | — | | | (29,766) | | | — | | | (29,766) | |
Distribution to and purchase of noncontrolling interests | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | — | | | — | | | — | | | — | | | (570) | | | (570) | |
Adjustment of noncontrolling interests to fair value | 1,061 | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | (1,061) | | | — | | | — | | | (1,061) | | | — | | | (1,061) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | (1,874) | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | | — | | | (385) | | | — | | | — | | | (385) | | | 410 | | | 25 | |
Balance as of September 30, 2021 | $ | 26,084 | | | | $ | 8 | | | 8,352 | | | $ | 1 | | | 579 | | | $ | — | | | — | | | $ | — | | | — | | | $ | 6,312,370 | | | $ | 892,179 | | | $ | 4,627 | | | $ | 7,209,185 | | | $ | 566,958 | | | $ | 7,776,143 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Balance as of December 31, 2020 | $ | 231,992 | | | | $ | — | | | — | | | $ | — | | | — | | | $ | 83 | | | 82,976 | | $ | 6 | | | 5,789 | | | $ | 5,909,614 | | | $ | 694,042 | | | $ | (6,170) | | | $ | 6,597,575 | | | $ | 553,353 | | | $ | 7,150,928 | |
Net earnings (loss) | 3,487 | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | — | | | 584,575 | | | — | | | 584,575 | | | (6,576) | | | 577,999 | |
Other comprehensive income (loss), net of income taxes | 515 | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | — | | | — | | | 10,746 | | | 10,746 | | | (41) | | | 10,705 | |
Stock-based compensation expense | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | 45,914 | | | — | | | — | | | 45,914 | | | 22,836 | | | 68,750 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | | | | — | | | 16 | | | — | | | — | | | — | | | 382 | | — | | — | | | (37,866) | | | — | | | — | | | (37,866) | | | — | | | (37,866) | |
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | (53,366) | | | — | | | 13 | | | (53,353) | | | (2,454) | | | (55,807) | |
Purchase of Angi Inc. treasury stock | — | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | (35,403) | | | — | | | — | | | (35,403) | | | — | | | (35,403) | |
Issuance of Vimeo common stock and creation of noncontrolling interests, net of fees | 40,785 | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | 258,965 | | | — | | | — | | | 258,965 | | | — | | | 258,965 | |
Distribution to and purchase of noncontrolling interests | (24,085) | | | | — | | | — | | | — | | | — | | | — | | | — | | — | | — | | | — | | | — | | | — | | | — | | | (570) | | | (570) | |
Adjustment of noncontrolling interests to fair value | 777,592 | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (777,592) | | | — | | | — | | | (777,592) | | | — | | | (777,592) | |
Recapitalization of IAC upon Vimeo spin-off | — | | | | 8 | | | 8,336 | | | 1 | | | 579 | | | (83) | | | (83,358) | | | (6) | | | (5,789) | | | 80 | | | — | | | — | | | — | | | — | | | — | |
Spin-off of IAC's investment in Vimeo | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (38) | | | (386,438) | | | 38 | | | (386,438) | | | — | | | (386,438) | |
Elimination of Vimeo noncontrolling interest | (1,002,324) | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,002,324 | | | — | | | — | | | 1,002,324 | | | — | | | 1,002,324 | |
Other | (1,878) | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (262) | | | — | | | — | | | (262) | | | 410 | | | 148 | |
Balance as of September 30, 2021 | $ | 26,084 | | | | $ | 8 | | | 8,352 | | | $ | 1 | | | 579 | | | $ | — | | | — | | | $ | — | | | — | | | $ | 6,312,370 | | | $ | 892,179 | | | $ | 4,627 | | | $ | 7,209,185 | | | $ | 566,958 | | | $ | 7,776,143 | |
IAC/INTERACTIVECORP AND SUBSIDIARIES
COMBINED STATEMENT OF PARENT'S EQUITY AND CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and nine months ended September 30, 2020
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | IAC Shareholders' Equity | | | | |
| Redeemable Noncontrolling Interests | | | Common Stock $0.001 par value | | Class B common stock, $0.001 par value | | Additional Paid-in-Capital | | Retained Earnings | | Invested Capital | | Accumulated Other Comprehensive Loss | | Total IAC Invested Equity and Shareholders' Equity | | Noncontrolling Interests | | Total Shareholders' Equity |
| | | $ | | Shares | | $ | | Shares | | | | | | |
| | | | (In thousands) | | |
Balance as of June 30, 2020 | $ | 43,583 | | | | $ | 79 | | | 79,343 | | $ | 6 | | | 5,789 | | | $ | 4,661,231 | | | $ | — | | | $ | — | | | $ | (13,781) | | | $ | 4,647,535 | | | $ | 498,792 | | | $ | 5,146,327 | |
Net (loss) earnings | (30) | | | | — | | | — | | — | | — | | | — | | | 184,917 | | | — | | | — | | | 184,917 | | | 974 | | | 185,891 | |
Other comprehensive income, net of income taxes | 920 | | | | — | | | — | | — | | — | | | — | | | — | | | — | | | 1,952 | | | 1,952 | | | 645 | | | 2,597 | |
Stock-based compensation expense | — | | | | — | | | — | | — | | — | | | 20,865 | | | — | | | — | | | — | | | 20,865 | | | 13,846 | | | 34,711 | |
Adjustment of redeemable noncontrolling interests to fair value | (243) | | | | — | | | — | | — | | — | | | 243 | | | — | | | — | | | — | | | 243 | | | — | | | 243 | |
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | | | | — | | | — | | — | | — | | | (46,336) | | | — | | | — | | | 11 | | | (46,325) | | | 7,855 | | | (38,470) | |
Proceeds from the sale of Old IAC Class M common stock | — | | | | — | | | — | | — | | — | | | 1,408,298 | | | — | | | — | | | — | | | 1,408,298 | | | — | | | 1,408,298 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | | | | 1 | | | 206 | | — | | — | | | (22,654) | | | — | | | — | | | — | | | (22,653) | | | — | | | (22,653) | |
Purchase of noncontrolling interests | — | | | | — | | | — | | — | | — | | | — | | | — | | | — | | | — | | | — | | | (1,115) | | | (1,115) | |
Other | (66) | | | | — | | | — | | | — | | | — | | | (602) | | | — | | | — | | | — | | | (602) | | | 690 | | | 88 | |
Balance as of September 30, 2020 | $ | 44,164 | | | |