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Table of Contents
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
https://cdn.kscope.io/4b6cee24d827fc45ffa58e1659563389-iaci-20210930_g1.jpg
IAC/INTERACTIVECORP
(Exact name of registrant as specified in its charter)
Delaware84-3727412
 (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)
(212314-7300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, par value $0.0001IACThe 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 Stock83,777,441 
Class B common stock5,789,499 
Total 89,566,940 




TABLE OF CONTENTS
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Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated and Combined Financial Statements
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2021December 31, 2020
(In thousands, except par value amounts)
ASSETS  
Cash and cash equivalents$3,404,913 $3,366,176 
Marketable securities26,794 224,979 
Accounts receivable, net322,757 257,668 
Other current assets158,164 140,022 
Current assets of discontinued operations 130,477 
Total current assets3,912,628 4,119,322 
Building, capitalized software, leasehold improvements and equipment, net289,794 274,930 
Goodwill1,659,808 1,660,102 
Intangible assets, net350,105 394,986 
Investment in MGM Resorts International2,547,313 1,860,158 
Long-term investments328,090 297,643 
Other non-current assets339,987 288,021 
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 revenue172,683 137,658 
Accrued expenses and other current liabilities458,061 340,406 
Current liabilities of discontinued operations 183,988 
Total current liabilities748,636 750,901 
Long-term debt, net494,373 712,277 
Income taxes payable292 6,444 
Deferred income taxes178,388 78,789 
Other long-term liabilities203,809 227,406 
Non-current liabilities of discontinued operations 2,972 
Redeemable noncontrolling interests26,084 231,992 
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-capital6,312,370 5,909,614 
Retained earnings892,179 694,042 
Accumulated other comprehensive income (loss)4,627 (6,170)
Total IAC shareholders' equity7,209,185 6,597,575 
Noncontrolling interests566,958 553,353 
Total shareholders' equity7,776,143 7,150,928 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$9,427,725 $9,161,709 

The accompanying Notes to Consolidated and Combined Financial Statements are an integral part of these statements.
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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (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 expense348,187 315,220 1,001,760 881,382 
General and administrative expense183,299 158,286 521,170 551,356 
Product development expense61,403 51,725 183,929 145,175 
Depreciation17,795 18,647 54,093 50,583 
Amortization of intangibles14,067 53,538 44,542 119,562 
Goodwill impairment 53,173  265,146 
Total operating costs and expenses956,135 835,477 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 International29,517 289,097 687,155 264,379 
Other income (expense), net79,539 1,602 133,388 (52,475)
Earnings (loss) from continuing operations before income taxes70,957 162,663 734,363 (313,242)
Income tax (provision) benefit(9,910)25,060 (151,046)96,440 
Net earnings (loss) from continuing operations61,047 187,723 583,317 (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 expense1,449 2,467 3,766 4,543 
General and administrative expense11,762 24,385 48,695 132,536 
Product development expense2,209 1,761 5,291 4,671 
Total stock-based compensation expense$15,438 $28,621 $57,804 $141,861 
The accompanying Notes to Consolidated and Combined Financial Statements are an integral part of these statements.
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IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (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 taxes59,487 189,378 592,744 (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 interests477 (1,565)(474)(608)
Comprehensive loss (income) attributable to noncontrolling interests120 (2,509)2,615 (1,233)
Comprehensive income (loss) attributable to IAC shareholders$59,607 $186,869 $595,359 $(238,955)


The accompanying Notes to Consolidated and Combined Financial Statements are an integral part of these statements.
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Table of Contents

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-CapitalRetained EarningsAccumulated
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 value1,061 — — — — — — — (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 taxes515 — — — — — — — — 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 fees40,785 — — — — — — 258,965 — — 258,965 — 258,965 
Distribution to and purchase of noncontrolling interests(24,085)— — — — — — — — — — (570)(570)
Adjustment of noncontrolling interests to fair value777,592 — — — — — — — — (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 
The accompanying Notes to Consolidated and Combined Financial Statements are an integral part of these statements.



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Table of Contents

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-CapitalRetained EarningsInvested CapitalAccumulated
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 taxes920 — — — — — 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 $80