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Table of Contents
As filed with the Securities and Exchange Commission on August 9, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2022
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/b7ecd6ea68660b9b2067d1a8869154d5-iaci-20220630_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 August 5, 2022, the following shares of the registrant's common stock were outstanding:
Common Stock83,398,933 
Class B common stock5,789,499 
Total 89,188,432 



TABLE OF CONTENTS
  Page
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Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, 2022December 31, 2021
(In thousands, except par value amounts)
ASSETS  
Cash and cash equivalents$1,796,202 $2,118,730 
Marketable securities30,315 19,788 
Accounts receivable, net of reserves633,323 693,208 
Other current assets278,650 242,188 
Total current assets2,738,490 3,073,914 
Buildings, capitalized software, leasehold improvements, equipment and land, net586,356 570,525 
Goodwill3,099,075 3,226,610 
Intangible assets, net of accumulated amortization1,302,075 1,414,892 
Investment in MGM Resorts International1,839,306 2,649,442 
Long-term investments301,373 327,838 
Other non-current assets882,466 1,037,067 
TOTAL ASSETS$10,749,141 $12,300,288 
LIABILITIES AND SHAREHOLDERS' EQUITY  
LIABILITIES:  
Current portion of long-term debt$30,000 $30,000 
Accounts payable, trade154,333 203,173 
Deferred revenue170,207 165,451 
Accrued expenses and other current liabilities959,292 980,574 
Total current liabilities1,313,832 1,379,198 
Long-term debt, net2,033,038 2,046,237 
Deferred income taxes82,471 385,890 
Other long-term liabilities667,229 721,262 
Redeemable noncontrolling interests27,408 18,741 
Commitments and contingencies
SHAREHOLDERS' EQUITY: 
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,132 and 83,922 shares issued and 83,397 and 83,922 shares outstanding at June 30, 2022 and December 31, 2021, respectively
8 8 
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at June 30, 2022 and December 31, 2021
1 1 
Additional paid-in-capital6,261,929 6,265,669 
(Accumulated deficit) retained earnings(199,777)905,151 
Accumulated other comprehensive (loss) income(12,852)4,397 
Treasury stock, 735 shares at June 30, 2022
(59,079) 
Total IAC shareholders' equity5,990,230 7,175,226 
Noncontrolling interests634,933 573,734 
Total shareholders' equity6,625,163 7,748,960 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$10,749,141 $12,300,288 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

Table of Contents

IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In thousands, except per share data)
Revenue$1,362,581 $829,547 $2,687,926 $1,616,117 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)509,352 259,240 1,046,455 488,234 
Selling and marketing expense510,886 341,035 1,001,374 653,573 
General and administrative expense252,318 174,711 490,673 337,871 
Product development expense84,284 52,233 165,071 105,316 
Depreciation29,052 17,112 59,288 36,298 
Amortization of intangibles56,081 13,636 113,271 30,475 
Goodwill impairment86,748  86,748  
Total operating costs and expenses1,528,721 857,967 2,962,880 1,651,767 
Operating loss(166,140)(28,420)(274,954)(35,650)
Interest expense(23,517)(5,814)(45,429)(12,431)
Unrealized (loss) gain on investment in MGM Resorts International(825,305)275,098 (1,012,635)657,638 
Other (expense) income, net(89,425)50,286 (82,726)53,849 
(Loss) earnings from continuing operations before income taxes(1,104,387)291,150 (1,415,744)663,406 
Income tax benefit (provision)228,988 (87,825)299,452 (141,136)
Net (loss) earnings from continuing operations(875,399)203,325 (1,116,292)522,270 
Loss from discontinued operations, net of tax (11,787) (1,831)
Net (loss) earnings(875,399)191,538 (1,116,292)520,439 
Net loss attributable to noncontrolling interests6,269 3,219 11,364 3,446 
Net (loss) earnings attributable to IAC shareholders$(869,130)$194,757 $(1,104,928)$523,885 
Per share information from continuing operations:
Basic (loss) earnings per share$(10.02)$2.31 $(12.73)$5.91 
Diluted (loss) earnings per share$(10.02)$2.14 $(12.73)$5.49 
Per share information attributable to IAC Common Stock and Class B common stock shareholders:
Basic (loss) earnings per share$(10.02)$2.18 $(12.73)$5.88 
Diluted (loss) earnings per share$(10.02)$2.02 $(12.73)$5.47 
Stock-based compensation expense by function:
Cost of revenue$1,013 $22 $1,038 $34 
Selling and marketing expense2,441 1,101 3,949 2,317 
General and administrative expense24,560 21,189 49,931 36,933 
Product development expense3,642 1,739 6,425 3,082 
Total stock-based compensation expense$31,656 $24,051 $61,343 $42,366 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4

Table of Contents

IAC/INTERACTIVECORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In thousands)
Net (loss) earnings$(875,399)$191,538 $(1,116,292)$520,439 
Other comprehensive (loss) income, net of income taxes:
Change in foreign currency translation adjustment(14,392)1,803 (18,093)12,820 
Change in unrealized gains and losses on available-for-sale marketable debt securities   (2)
Total other comprehensive (loss) income, net of income taxes(14,392)1,803 (18,093)12,818 
Comprehensive (loss) income, net of income taxes(889,791)193,341 (1,134,385)533,257 
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests6,269 3,219 11,364 3,446 
Change in foreign currency translation adjustment attributable to noncontrolling interests776 (260)843 (951)
Comprehensive loss attributable to noncontrolling interests7,045 2,959 12,207 2,495 
Comprehensive (loss) income attributable to IAC shareholders$(882,746)$196,300 $(1,122,178)$535,752 
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 and six months ended June 30, 2022
(Unaudited)
 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 Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares$Shares$Shares
 (In thousands)
Balance at March 31, 2022$27,817 $8 84,075 $1 5,789 $  $  $6,249,328 $669,353 $765 $ $6,919,455 $581,462 $7,500,917 
Net loss(2,353)— — — — — — — (869,130)— — (869,130)(3,916)(873,046)
Other comprehensive loss— — — — — — — — — (13,616)— (13,616)(776)(14,392)
Stock-based compensation expense— — — — — — — 18,239 — — — 18,239 14,111 32,350 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 57 — — — — (798)— — — (798)— (798)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (2,327)— (1)— (2,328)878 (1,450)
Purchase of IAC treasury stock— — — — — — — — — — (59,079)(59,079)— (59,079)
Distribution to and purchase of noncontrolling interests(1,179)— — — — — — — — — — — — — — — 
Adjustment of noncontrolling interests to fair value14,905 — — — — — — — — (14,905)— — — (14,905)— (14,905)
Issuance of Vivian Health preferred shares, net of fees, and the reclassification and creation of noncontrolling interest(11,782)— — — — — — — — 11,526 — — — 11,526 43,174 54,700 
Other — — — — — — — — 866 — — — 866 — 866 
Balance at June 30, 2022$27,408 $8 84,132 $1 5,789 $  $  $6,261,929 $(199,777)$(12,852)$(59,079)$5,990,230 $634,933 $6,625,163 
Balance at December 31, 2021$18,741 $8 83,922 $1 5,789 $  $  $6,265,669 $905,151 $4,397 $ $7,175,226 $573,734 $7,748,960 
Net loss(2,387)— — — — — — — (1,104,928)— — (1,104,928)(8,977)(1,113,905)
Other comprehensive loss— — — — — — — — — (17,250)— (17,250)(843)(18,093)
Stock-based compensation expense— — — — — — — 34,941 — — — 34,941 27,667 62,608 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 210 — — — — (14,810)— — — (14,810)— (14,810)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (4,102)— 1 — (4,101)178 (3,923)
Purchase of IAC treasury stock— — — — — — — — — — (59,079)(59,079)— (59,079)
Purchase of Angi Inc. treasury stock— — — — — — — (8,144)— — — (8,144)— (8,144)
Distribution to and purchase of noncontrolling interests(1,179)— — — — — — — — — — — — — 
Adjustment of noncontrolling interests to fair value24,041 — — — — — — — — (24,041)— — — (24,041)— (24,041)
Issuance of Vivian Health preferred shares, net of fees, and the reclassification and creation of noncontrolling interest(11,782)— — — — — — — — 11,526 — — — 11,526 43,174 54,700 
Other(26)— — — — — — — — 890 — — — 890 — 890 
Balance at June 30, 2022$27,408 $8 84,132 $1 5,789 $  $  $6,261,929 $(199,777)$(12,852)$(59,079)$5,990,230 $634,933 $6,625,163 
The accompanying Notes to Consolidated 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 six months ended June 30, 2021
(Unaudited)
 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 at March 31, 2021$702,841 $  $  $83 83,342 $6 5,789 $5,660,730 $1,023,170 $4,149 $6,688,138 $557,882 $7,246,020 
Net earnings (loss)1,382