0001800227-22-000027 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39356
Entity Registrant Name	IAC/INTERACTIVECORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3727412
Entity Address, Address Line One	555 West 18th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	212
Local Phone Number	314-7300
Title of 12(b) Security	Common stock, par value $0.0001
Trading Symbol	IAC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001800227
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		83,398,933
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,789,499

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 1,796,202	$ 2,118,730
Marketable securities	30,315	19,788
Accounts receivable, net of reserves	633,323	693,208
Other current assets	278,650	242,188
Total current assets	2,738,490	3,073,914
Buildings, capitalized software, leasehold improvements, equipment and land, net	586,356	570,525
Goodwill	3,099,075	3,226,610
Intangible assets, net of accumulated amortization	1,302,075	1,414,892
Investment in MGM Resorts International	1,839,306	2,649,442
Long-term investments	301,373	327,838
Other non-current assets	882,466	1,037,067
TOTAL ASSETS	10,749,141	12,300,288
LIABILITIES:
Current portion of long-term debt	30,000	30,000
Accounts payable, trade	154,333	203,173
Deferred revenue	170,207	165,451
Accrued expenses and other current liabilities	959,292	980,574
Total current liabilities	1,313,832	1,379,198
Long-term debt, net	2,033,038	2,046,237
Deferred income taxes	82,471	385,890
Other long-term liabilities	667,229	721,262
Redeemable noncontrolling interests	27,408	18,741
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in-capital	6,261,929	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)	0
Total IAC shareholders' equity	5,990,230	7,175,226
Noncontrolling interests	634,933	573,734
Total shareholders' equity	6,625,163	7,748,960
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	10,749,141	12,300,288
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
SHAREHOLDERS' EQUITY:
Common stock, value	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
SHAREHOLDERS' EQUITY:
Common stock, value	$ 1	$ 1

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Treasury stock (in shares)	735,000
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
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,600,000,000	1,600,000,000
Common stock issued (in shares)	84,132,000	83,922,000
Common stock outstanding (in shares)	83,397,000	83,922,000
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
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	5,789,000	5,789,000
Common stock outstanding (in shares)	5,789,000	5,789,000

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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 expense	510,886	341,035	1,001,374	653,573
General and administrative expense	252,318	174,711	490,673	337,871
Product development expense	84,284	52,233	165,071	105,316
Depreciation	29,052	17,112	59,288	36,298
Amortization of intangibles	56,081	13,636	113,271	30,475
Goodwill impairment	86,748	0	86,748	0
Total operating costs and expenses	1,528,721	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	0	(11,787)	0	(1,831)
Net (loss) earnings	(875,399)	191,538	(1,116,292)	520,439
Net loss attributable to noncontrolling interests	6,269	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 (USD per share)	$ (10.02)	$ 2.31	$ (12.73)	$ 5.91
Diluted (loss) earnings per share (USD 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 (USD per share)	(10.02)	2.18	(12.73)	5.88
Diluted (loss) earnings per share (USD per share)	$ (10.02)	$ 2.02	$ (12.73)	$ 5.47
Stock-based compensation expense by function:
Stock-based compensation expense	$ 31,656	$ 24,051	$ 61,343	$ 42,366
Cost of revenue
Stock-based compensation expense by function:
Stock-based compensation expense	1,013	22	1,038	34
Selling and marketing expense
Stock-based compensation expense by function:
Stock-based compensation expense	2,441	1,101	3,949	2,317
General and administrative expense
Stock-based compensation expense by function:
Stock-based compensation expense	24,560	21,189	49,931	36,933
Product development expense
Stock-based compensation expense by function:
Stock-based compensation expense	$ 3,642	$ 1,739	$ 6,425	$ 3,082

CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
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	0	0	0	(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 interests	6,269	3,219	11,364	3,446
Change in foreign currency translation adjustment attributable to noncontrolling interests	776	(260)	843	(951)
Comprehensive loss attributable to noncontrolling interests	7,045	2,959	12,207	2,495
Comprehensive (loss) income attributable to IAC shareholders	$ (882,746)	$ 196,300	$ (1,122,178)	$ 535,752

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Angi Inc.	IAC	Vivian Health	Vimeo	Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Vivian Health	Redeemable Noncontrolling Interests Vimeo	Total IAC Shareholders' Equity	Total IAC Shareholders' Equity Angi Inc.	Total IAC Shareholders' Equity IAC	Total IAC Shareholders' Equity Vivian Health	Total IAC Shareholders' Equity Vimeo	Common Stock Common Stock, $0.0001 par value	Common Stock Class B common stock, $0.0001 par value	Common Stock Common Stock, $0.001 par value	Common Stock Class B common stock, $0.001 par value	Additional Paid-in-Capital	Additional Paid-in-Capital Angi Inc.	Additional Paid-in-Capital Vivian Health	Additional Paid-in-Capital Vimeo	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Angi Inc.	Treasury Stock	Treasury Stock IAC	Noncontrolling Interests	Noncontrolling Interests Angi Inc.
Balance at beginning of period at Dec. 31, 2020						$ 231,992
Increase (Decrease) in Redeemable Noncontrolling Interests
Net earnings (loss)						709
Other comprehensive income, net of income taxes						589
Issuance, creation of noncontrolling interest								$ 40,785
Distribution to and purchase of noncontrolling interests						(24,085)
Adjustment of noncontrolling interests to fair value						776,531
Elimination of Vimeo noncontrolling interest						(1,002,324)
Other						(4)
Balance at end of period at Jun. 30, 2021						24,193
Balance at beginning of period at Dec. 31, 2020	$ 7,150,928								$ 6,597,575					$ 0	$ 0	$ 83	$ 6	$ 5,909,614				$ 694,042	$ (6,170)				$ 553,353
Balance at beginning of period (shares) at Dec. 31, 2020														0	0	82,976	5,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	519,730								523,885													523,885					(4,155)
Other comprehensive loss	12,191								11,829														11,829				362
Stock-based compensation expense	53,308								39,288									39,288									14,020
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(29,074)	$ (54,741)							(29,074)	$ (57,458)								(29,074)	$ (57,447)					$ (11)				$ 2,717
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)														86		382
Purchase of Angi Inc. treasury stock		(5,637)								(5,637)									(5,637)
Adjustment of noncontrolling interests to fair value	(776,531)								(776,531)									(776,531)
Issuance, creation of noncontrolling interest					$ 258,965								$ 258,965								$ 258,965
Recapitalization of IAC upon Vimeo spin-off														$ 8	$ 1	$ (83)	$ (6)	80
Recapitalization of IAC upon Vimeo spin-off (shares)														83,358	5,789	(83,358)	(5,789)
Spin-off of IAC's investment in Vimeo	(386,438)								(386,438)									(38)				(386,438)	38
Elimination of Vimeo noncontrolling interest	1,002,324								1,002,324									1,002,324
Other	123								123									123
Balance at end of period at Jun. 30, 2021	7,745,148								7,178,851					$ 8	$ 1	$ 0	$ 0	6,341,667				831,489	5,686				566,297
Balance at end of period (shares) at Jun. 30, 2021														83,444	5,789	0	0
Balance at beginning of period at Mar. 31, 2021						702,841
Increase (Decrease) in Redeemable Noncontrolling Interests
Net earnings (loss)						1,382
Other comprehensive income, net of income taxes						9
Distribution to and purchase of noncontrolling interests						(1,147)
Adjustment of noncontrolling interests to fair value						323,432
Elimination of Vimeo noncontrolling interest						(1,002,324)
Other						0
Balance at end of period at Jun. 30, 2021						24,193
Balance at beginning of period at Mar. 31, 2021	7,246,020								6,688,138					$ 0	$ 0	$ 83	$ 6	5,660,730				1,023,170	4,149				557,882
Balance at beginning of period (shares) at Mar. 31, 2021														0	0	83,342	5,789
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	190,156								194,757													194,757					(4,601)
Other comprehensive loss	1,756								1,505														1,505				251
Stock-based compensation expense	30,098								18,620									18,620									11,478
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(7,939)	(6,690)							(7,939)	(7,977)								(7,939)	(7,971)					(6)				1,287
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)														86		16
Purchase of Angi Inc. treasury stock		(721)								(721)									(721)
Adjustment of noncontrolling interests to fair value	(323,432)								(323,432)									(323,432)
Recapitalization of IAC upon Vimeo spin-off														$ 8	$ 1	$ (83)	$ (6)	80
Recapitalization of IAC upon Vimeo spin-off (shares)														83,358	5,789	(83,358)	(5,789)
Spin-off of IAC's investment in Vimeo	(386,438)								(386,438)									(38)				(386,438)	38
Elimination of Vimeo noncontrolling interest	1,002,324								1,002,324									1,002,324
Other	14								14									14
Balance at end of period at Jun. 30, 2021	7,745,148								7,178,851					$ 8	$ 1	$ 0	$ 0	6,341,667				831,489	5,686				566,297
Balance at end of period (shares) at Jun. 30, 2021														83,444	5,789	0	0
Balance at beginning of period at Dec. 31, 2021	18,741					18,741
Increase (Decrease) in Redeemable Noncontrolling Interests
Net earnings (loss)						(2,387)
Issuance, creation of noncontrolling interest							$ (11,782)
Distribution to and purchase of noncontrolling interests						(1,179)
Adjustment of noncontrolling interests to fair value						24,041
Other						(26)
Balance at end of period at Jun. 30, 2022	27,408					27,408
Balance at beginning of period at Dec. 31, 2021	7,748,960								7,175,226					$ 8	$ 1	$ 0	$ 0	6,265,669				905,151	4,397		$ 0		573,734
Balance at beginning of period (shares) at Dec. 31, 2021														83,922	5,789	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(1,113,905)								(1,104,928)													(1,104,928)					(8,977)
Other comprehensive loss	(18,093)								(17,250)														(17,250)				(843)
Stock-based compensation expense	62,608								34,941									34,941									27,667
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(14,810)	(3,923)							(14,810)	(4,101)								(14,810)	(4,102)					1				178
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)														210
Purchase of Angi Inc. treasury stock		(8,144)	$ (59,079)							(8,144)	$ (59,079)								(8,144)							$ (59,079)
Adjustment of noncontrolling interests to fair value	(24,041)								(24,041)									(24,041)
Issuance, creation of noncontrolling interest				$ 54,700								$ 11,526								$ 11,526							43,174
Other	890								890									890
Balance at end of period at Jun. 30, 2022	6,625,163								5,990,230					$ 8	$ 1	$ 0	$ 0	6,261,929				(199,777)	(12,852)		(59,079)		634,933
Balance at end of period (shares) at Jun. 30, 2022														84,132	5,789	0	0
Balance at beginning of period at Mar. 31, 2022						27,817
Increase (Decrease) in Redeemable Noncontrolling Interests
Net earnings (loss)						(2,353)
Issuance, creation of noncontrolling interest							$ (11,782)
Distribution to and purchase of noncontrolling interests						(1,179)
Adjustment of noncontrolling interests to fair value						14,905
Other						0
Balance at end of period at Jun. 30, 2022	27,408					$ 27,408
Balance at beginning of period at Mar. 31, 2022	7,500,917								6,919,455					$ 8	$ 1	$ 0	$ 0	6,249,328				669,353	765		0		581,462
Balance at beginning of period (shares) at Mar. 31, 2022														84,075	5,789	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(873,046)								(869,130)													(869,130)					(3,916)
Other comprehensive loss	(14,392)								(13,616)														(13,616)				(776)
Stock-based compensation expense	32,350								18,239									18,239									14,111
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(798)	$ (1,450)							(798)	$ (2,328)								(798)	$ (2,327)					$ (1)				$ 878
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares)														57
Purchase of Angi Inc. treasury stock			$ (59,079)								$ (59,079)															$ (59,079)
Adjustment of noncontrolling interests to fair value	(14,905)								(14,905)									(14,905)
Issuance, creation of noncontrolling interest				$ 54,700								$ 11,526								$ 11,526							43,174
Other	866								866									866
Balance at end of period at Jun. 30, 2022	$ 6,625,163								$ 5,990,230					$ 8	$ 1	$ 0	$ 0	$ 6,261,929				$ (199,777)	$ (12,852)		$ (59,079)		$ 634,933
Balance at end of period (shares) at Jun. 30, 2022														84,132	5,789	0	0

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
Common Stock, $0.0001 par value
Common stock, par value (USD per share)	$ 0.0001
Common Stock, $0.0001 par value \| Common Stock
Common stock, par value (USD per share)	0.0001	$ 0.0001
Class B common stock, $0.0001 par value
Common stock, par value (USD per share)	0.0001
Class B common stock, $0.0001 par value \| Common Stock
Common stock, par value (USD per share)	0.0001	0.0001
Common Stock, $0.001 par value \| Common Stock
Common stock, par value (USD per share)	0.001	0.001
Class B common stock, $0.001 par value \| Common Stock
Common stock, par value (USD per share)	$ 0.001	$ 0.001

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities attributable to continuing operations:
Net (loss) earnings	$ (1,116,292)	$ 520,439
Less: Loss from discontinued operations, net of tax	0	(1,831)
Net (loss) earnings from continuing operations	(1,116,292)	522,270
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities attributable to continuing operations:
Stock-based compensation expense	61,343	42,366
Amortization of intangibles	113,271	30,475
Depreciation	59,288	36,298
Provision for credit losses	51,710	42,710
Goodwill impairment	86,748	0
Deferred income taxes	(306,428)	143,646
Unrealized (loss) gain on investment in MGM Resorts International	1,012,635	(657,638)
Losses (gains) on investments in equity securities, net	16,258	(12,167)
Unrealized increase in the estimated fair value of a warrant	(12,851)	(55,256)
Non-cash lease expense (including right-of-use asset impairments)	28,802	18,960
Pension and postretirement benefit expense	79,080	0
Other adjustments, net	14,747	23,838
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable	(888)	(40,671)
Other assets	2,532	27,631
Operating lease liabilities	(32,059)	(13,453)
Accounts payable and other liabilities	(75,814)	61,250
Income taxes payable and receivable	(32)	(8,550)
Deferred revenue	10,045	15,276
Net cash (used in) provided by operating activities attributable to continuing operations	(7,905)	176,985
Cash flows from investing activities attributable to continuing operations:
Capital expenditures	(73,641)	(39,425)
Proceeds from maturities of marketable debt securities	0	225,000
Cash distribution related to the spin-off of IAC's investment in Vimeo	0	(333,184)
Net proceeds from the sale of businesses and investments	27,871	2,151
Purchases of investment in MGM Resorts International	(202,500)	0
Purchases of investments	(1,036)	(7,179)
Decrease in notes receivable	19,111	0
Other, net	4,930	(1,283)
Net cash used in investing activities attributable to continuing operations	(225,265)	(153,920)
Cash flows from financing activities attributable to continuing operations:
Principal payments on Dotdash Meredith Term Loans	(15,000)	0
Principal payments on ANGI Group Term Loan	0	(220,000)
Debt issuance costs	(785)	0
Proceeds from the issuance of Vivian Health preferred shares, net of fees	34,700	0
Proceeds from the exercise of IAC stock options	0	1,496
Purchase of noncontrolling interests	(1,179)	(24,085)
Other, net	5,160	(317)
Net cash used in financing activities attributable to continuing operations	(63,792)	(329,415)
Total cash used in continuing operations	(296,962)	(306,350)
Net cash provided by operating activities attributable to discontinued operations	0	18,053
Net cash provided by investing activities attributable to discontinued operations	0	7,602
Net cash provided by financing activities attributable to discontinued operations	0	293,577
Total cash provided by discontinued operations	0	319,232
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(4,201)	648
Net (decrease) increase in cash and cash equivalents and restricted cash	(301,163)	13,530
Cash and cash equivalents and restricted cash at beginning of period	2,121,864	3,477,110
Cash and cash equivalents and restricted cash at end of period	1,820,701	3,490,640
IAC
Cash flows from financing activities attributable to continuing operations:
Purchase of treasury stock	(59,079)	0
Angi Inc.
Cash flows from financing activities attributable to continuing operations:
Purchase of treasury stock	(8,144)	(5,637)
IAC employees
Cash flows from financing activities attributable to continuing operations:
Withholding taxes paid on behalf of employees on net settled stock-based awards	(15,952)	(26,276)
Angi Inc. employees
Cash flows from financing activities attributable to continuing operations:
Withholding taxes paid on behalf of employees on net settled stock-based awards	$ (3,513)	$ (54,596)

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Acquisition of Meredith

On December 1, 2021, Dotdash Media Inc. (formerly known as About Inc., and referred to herein as "Dotdash"), a wholly-owned subsidiary of IAC/InterActiveCorp ("IAC"), completed the acquisition of Meredith Holdings Corporation ("Meredith"), which holds Meredith Corporation's national media business, consisting of its digital and magazine businesses, and its corporate operations. The parent of the combined entity is Dotdash Meredith, Inc. ("Dotdash Meredith"). See “Note 4—Business Combination” for a description of the acquisition of Meredith.

Vimeo Spin-off

On May 25, 2021, IAC completed the spin-off of its full stake in Vimeo, Inc. (formerly Vimeo Holdings, Inc. ("Vimeo")) to IAC shareholders (which we refer to as the “Spin-off”). Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within IAC's financial statements for all periods prior to May 25, 2021. See “Note 3—Discontinued Operations” for additional details.

Nature of Operations

IAC today is comprised of Dotdash Meredith, Angi Inc. and Care.com, as well as a number of other businesses ranging from early stage to established.

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).

Basis of Presentation

The Company prepares its consolidated financial statements (collectively referred to herein as "financial statements") in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). The 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. All intercompany transactions and balances between and amongst the Company and its subsidiaries have been eliminated.

The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

COVID-19 Update

The impact on the Company from the COVID-19 pandemic and the measures designed to contain its spread has been varied and volatile. The impact on our two largest businesses is described below.

Angi Inc.

As previously disclosed, the impact of COVID-19 on the businesses in IAC's Angi Inc. segment initially resulted in a decline in demand for service requests, driven primarily by decreases in demand in certain categories of jobs (particularly discretionary indoor projects). While these businesses experienced a rebound in service requests from mid-2020 through early 2021, service requests started to decline in May 2021 and have continued to decline in the first half of 2022 due to the launch of Angi Inc.'s brand integration in March 2021 and the Omicron variant surge in late 2021 and early 2022. Angi Inc.'s ability to monetize service requests rebounded modestly in the second half of 2021, continued to increase in the first half of 2022, and is approaching levels experienced pre-COVID-19. No assurances can be provided that Angi Inc. will continue to be able to improve monetization, or that service professionals’ businesses and, as a consequence, our revenue and profitability will not continue to be adversely impacted by COVID-19 in the future.

Dotdash Meredith

In addition, in the first half of 2022, revenue at Dotdash, excluding Meredith, declined compared to the first half of 2021 due to lower traffic to its sites compared to prior year COVID-19 traffic highs, impacting performance marketing revenue.

Future Outlook

The extent to which developments related to the COVID-19 pandemic 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 continuing spread of COVID-19, the severity of resurgences of COVID-19 caused by variant strains of the virus, the effectiveness of vaccines and attitudes toward receiving them, materials and supply chain constraints, labor shortages, the scope of governmental and other restrictions on travel, discretionary services and other activity, and public reactions to these developments.

Accounting Estimates

Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its 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 assets and liabilities. Actual results could differ from these estimates.

On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those related to: the fair values of cash equivalents and marketable equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses and the determination of revenue reserves; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of buildings, capitalized software, leasehold improvements and equipment and definite-lived intangible assets; the fair value of assets acquired and liabilities assumed as a result of an acquisition and the allocation of purchase price thereto; 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; pension and postretirement benefit expenses, including actuarial assumptions regarding discount rates, expected returns on plan assets, inflation and healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant.

Accounting for Investments in Equity Securities

Investments in equity securities, other than those of the Company's consolidated subsidiaries and those accounted for under the equity method 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 Liabilities, with any changes to fair value recognized in "Other (expense) income, net" in the statement of operations 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; fair 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 accounts for 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, using the equity method. At June 30, 2022 and December 31, 2021, the Company has one investment accounted for using the equity method, which is included in "Long-term investments" in the balance sheet.

See "Note 6—Financial Instruments and Fair Value Measurements" for additional information on investments in equity securities.

General Revenue Recognition

Revenue is recognized when control of the promised services or goods is transferred to the Company's customers and in an 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 10—Segment Information."

Deferred Revenue

Deferred revenue consists of payments that are received or are contractually due in advance of the Company's performance obligation. 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 remaining term of the applicable subscription period or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances are $165.5 million and $0.4 million, respectively, at December 31, 2021, and $137.7 million and $0.7 million, respectively, at December 31, 2020. During the six months ended June 30, 2022, the Company recognized $125.2 million of revenue that was included in the deferred revenue balance at December 31, 2021. During the six months ended June 30, 2021, the Company recognized $105.3 million of revenue that was included in the deferred revenue balance at December 31, 2020. The current and non-current deferred revenue balances are $170.2 million and $0.4 million, at June 30, 2022, respectively. Non-current deferred revenue is included in "Other long-term liabilities" in the 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 tied to sales-based or usage-based royalties, 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 it has the right to invoice for services performed.

Costs to Obtain a Contract with a Customer

The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset for these costs if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract.

Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions

Dotdash Meredith uses third-party agents to obtain certain subscribers. The agents are paid a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Accordingly, these costs do not qualify for capitalization because there is no contract with a customer until a copy is served to a customer; therefore these costs are expensed when the publication is sent to the customer. Dotdash Meredith recognizes a liability to the extent the commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to agents (such as per subscriber bounties) to acquire subscribers as incurred. Expenses related to third-party agent sales of magazine subscriptions are included in "Selling and marketing expense" in the statement of operations.

Commissions Paid to Employees Pursuant to Sales Incentive Programs

The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period and are included in "Selling and marketing expense" in the statement of operations. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data.

For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred.

App Store Fees

The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. The amortization of mobile app store fees is included in "Cost of revenue" in the statement of operations.

The following table presents the capitalized costs to obtain a contract with a customer at June 30, 2022 and December 31, 2021, respectively:


	June 30, 2022						December 31, 2021
	Sales Commissions		App Store Fees		Total		Sales Commissions		App Store Fees		Total
	(In thousands)
Current	$	49,772	$	8,382	$	58,154	$	39,669	$	9,023	$	48,692
Non-current	5,116		—		5,116		6,086		—		6,086
Total	$	54,888	$	8,382	$	63,270	$	45,755	$	9,023	$	54,778

The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet.

Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")

A portion of the Company's revenue (and a substantial portion of IAC's net cash from operating activities attributable to continuing operations that it can freely access) is attributable to 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 and six months ended June 30, 2022, total revenue earned from Google was $169.3 million and $362.7 million, respectively, representing 12% and 13%, respectively, of the Company's revenue. For the three and six months ended June 30, 2021, total revenue earned from Google was $169.6 million and $341.4 million, respectively, representing 20% and 21%, respectively, of the Company's revenue. The related accounts receivable totaled $56.4 million and $89.1 million at June 30, 2022 and December 31, 2021, respectively.

The total revenue earned from the Services Agreement for the three and six months ended June 30, 2022 was $122.1 million and $269.3 million, respectively, representing 9% and 10%, respectively, of the Company's total revenue. The total revenue earned from the Services Agreement for the three and six months ended June 30, 2021 was $150.8 million and $303.3 million, respectively, representing 18% and 19%, respectively, of the Company's total revenue.

The revenue attributable to the Services Agreement is earned by Ask Media Group and the Desktop business, both within the Search segment. For the three and six months ended June 30, 2022, revenue earned from the Services Agreement was $97.6 million and $218.1 million, respectively, within Ask Media Group and $24.5 million and $51.2 million, respectively, within the Desktop business. For the three and six months ended June 30, 2021, revenue earned from the Services Agreement was $123.2 million and $244.6 million, respectively, within Ask Media Group and $27.6 million and $58.7 million, respectively, within the Desktop business.

The Company and Google are parties to an amended Services Agreement, which expires on March 31, 2024 and provides for an automatic renewal for an additional one year period absent a notice of non-renewal from either party on or before March 31, 2023. 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 have in the past and could in the future require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which have been and could be costly to address or negatively impact revenue and have had and in the future could have an adverse effect on our financial condition and results of operations. As described below, 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-to-consumer ("B2C") business. Google may make changes in the future that could impact the revenue earned from Google, including under the Services Agreement.

Certain industry-wide policy changes became effective on August 27, 2020. These industry-wide changes, combined with increased enforcement of policies under the Services Agreement, have had a negative impact on the results of operations of the B2C business. During the fourth quarter of 2020, Google suspended services with respect to some B2C's products and may do so with respect to other products in the future. As a result, the B2C business elected to modify certain marketing strategies in early January 2021. Subsequently, Google informed us of another policy change in the first quarter of 2021 that became effective on May 10, 2021. We anticipated that this Google policy change would eliminate our ability to successfully introduce and market new B2C products that would be profitable. Therefore, we undertook cost reduction measures and effectively eliminated all marketing of B2C products beginning in March 2021. This elimination of marketing positively impacted profitability starting in the second quarter of 2021 because revenue from B2C products is earned over multiple periods beyond just the period in which the initial marketing is incurred. Following the cessation of the introduction of new products in March 2021, the B2C revenue stream relates solely to the then existing installed base of products. In 2022 and beyond, we expect the revenue and profits of the B2C business to decline significantly.

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted by IAC

There are no recently issued accounting pronouncements that have not yet been adopted that are expected to have a material effect on the results of operations, financial condition or cash flows of the Company.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	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 or benefit in the quarter in which the change occurs. For the three and six months ended June 30, 2022, the Company recorded an income tax benefit of $229.0 million and $299.5 million, respectively, which represents an effective income tax rate of 21% for both periods. For the three months ended June 30, 2022, the effective income tax rate was the same as the statutory rate of 21% due primarily to state taxes offset by the non-deductible portion of the Mosaic Group goodwill impairment charge. For the six months ended June 30, 2022, the effective income tax rate was the same as the statutory rate of 21% due primarily to state taxes, offset by the non-deductible portion of the Mosaic goodwill impairment charge and non-deductible stock-based compensation expense. For the three and six months ended June 30, 2021, the Company recorded an income tax provision of $87.8 million and $141.1 million, which represents an effective income tax rate of 30% and 21%, respectively. For the three months ended June 30, 2021, the effective tax rate was higher than the statutory rate of 21% due primarily to an increase in the valuation allowance on beginning-of-the-year deferred tax assets related to the Spin-off and state taxes, partially offset by excess tax benefits generated by the exercise and vesting of stock-based awards. For the six months ended June 30, 2021, the effective income tax rate was the same as the statutory rate of 21% due to excess tax benefits generated by the exercise and vesting of stock-based awards, offset by an increase in the valuation allowance on beginning-of-the-year deferred tax assets related to the Spin-off and state taxes. 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. On December 19, 2019, IAC/InterActiveCorp ("Old IAC") entered into a transaction agreement with Match Group, Inc. ("Old MTCH"), IAC Holdings, Inc. ("New IAC" or the "Company"), a direct wholly-owned subsidiary of Old IAC, and Valentine Merger Sub LLC, an indirect wholly-owned subsidiary of Old IAC. On June 30, 2020, the businesses of Old MTCH were separated from the remaining businesses of Old IAC through a series of transactions that resulted in the pre-transaction stockholders of Old IAC owning shares in two, separate public companies—(1) Old IAC, which was renamed Match Group, Inc. ("New Match") and which owns the businesses of Old MTCH and certain Old IAC financing subsidiaries, and (2) New IAC, which was renamed IAC/InterActiveCorp, and which owns Old IAC's other businesses—and the pre-transaction stockholders of Old MTCH (other than Old IAC) owning shares in New Match. This transaction is referred to as the "MTCH Separation." The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax as a result of previously filed separate company and consolidated tax returns with Old IAC and for its tax returns filed on a standalone basis following the MTCH Separation. 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 Old IAC’s federal income tax returns for the years ended December 31, 2013 through 2019, which include the operations of the Company. The statute of limitations for the years 2013 through 2019 has been extended to December 31, 2023. Returns filed in various other jurisdictions are open to examination for tax years beginning with 2014. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from the 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 June 30, 2022 and December 31, 2021, unrecognized tax benefits, including interest and penalties, are $17.4 million and $18.0 million, respectively. Unrecognized tax benefits, including interest and penalties, at June 30, 2022 decreased by $0.6 million due primarily to a reduction in foreign reserves, partially offset by research credits. If unrecognized tax benefits at June 30, 2022 are subsequently recognized, $16.3 million, net of related deferred tax assets and interest, would reduce income tax expense. The comparable amount at December 31, 2021 was $16.7 million. The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $1.3 million by June 30, 2023 due to expected settlements of which $1.1 million would reduce the income tax provision. The Company regularly assesses the realizability of deferred tax assets considering all available evidence including, to the extent applicable, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, tax filing status, the duration of statutory carryforward periods, available tax planning and historical experience. At June 30, 2022, the Company has a U.S. gross deferred tax asset of $864.9 million that the Company expects to fully utilize on a more likely than not basis. Of this amount, $770.9 million will be utilized upon the future reversal of deferred tax liabilities and the remaining net deferred tax asset of $94.0 million will be utilized based on forecasts of future taxable income. The Company’s most significant net deferred tax asset that could expire relates to U.S. federal net operating loss (“NOL”) carryforwards of $91.2 million. The Company expects to generate sufficient future taxable income of at least $434.1 million prior to the expiration of these NOLs, the majority of which expire between 2029 and 2036, to fully realize this deferred tax asset.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 3—DISCONTINUED OPERATIONS

On May 25, 2021, IAC completed the Spin-off. Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within IAC's financial statements for all periods prior to May 25, 2021.

The components of the loss from discontinued operations for the three and six months ended June 30, 2021 in the statement of operations consisted of the following:


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In thousands)
Revenue	$	56,096	$	145,514
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	15,039		39,995
Selling and marketing expense	22,721		54,774
General and administrative expense	9,815		23,343
Product development expense	14,176		35,651
Depreciation	68		182
Amortization of intangibles	1,096		2,983
Total operating costs and expenses	62,915		156,928
Operating loss from discontinued operations	(6,819)		(11,414)
Interest expense	(76)		(140)
Other income, net	87		10,172
Loss from discontinued operations before tax	(6,808)		(1,382)
Income tax expense	(4,979)		(449)
Loss from discontinued operations, net of tax	$	(11,787)	$	(1,831)

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION

NOTE 4—BUSINESS COMBINATION

On December 1, 2021, Dotdash acquired Meredith under the terms of an agreement (the "Merger Agreement") dated as of October 6, 2021. At the effective time of the merger, each outstanding share of common stock of Meredith (other than certain excluded shares) was converted into the right to receive $42.18 in cash. Pursuant to the Merger Agreement, Meredith equity awards were cancelled, and in exchange each holder received such holder’s portion of the merger consideration as set forth in the Merger Agreement, less the per share exercise price in the case of stock options. The Company accounted for this acquisition as a business combination under the acquisition method of accounting.

The total purchase price was calculated and allocated as follows:



	(In thousands)
Common stock of Meredith	$	1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total purchase price	$	2,686,465

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:



	(In thousands)
Cash and cash equivalents	$	12,436
Accounts receivable	369,665
Other current assets	91,891
Property and equipment	283,319
Goodwill	1,549,326
Intangible assets	1,110,309
Other non-current assets	677,521
Total assets	4,094,467
Customer deposit liability	(140,690)
Other current liabilities	(444,028)
Deferred income taxes	(237,220)
Other non-current liabilities	(586,064)
Net assets acquired	$	2,686,465

The Company acquired Meredith because it is complementary to Dotdash. The purchase was based on the expected future financial performance of Meredith under Dotdash leadership, not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. The purchase price attributed to goodwill is not tax deductible.

The preliminary fair values of the identifiable intangible assets acquired at the date of acquisition are as follows:



	(In thousands)		Useful Life (Years)
Indefinite-lived trade names and trademarks	$	432,800	Indefinite-lived
Advertiser relationships	334,000		5-7
Licensee relationships	150,000		3-6
Trade name and trademarks	105,000		2-5
Subscriber relationships	88,509		1-2
Total identifiable intangible assets acquired	$	1,110,309

The allocation of the purchase price to certain assets acquired and liabilities assumed is provisional and is subject to review and revision during the measurement period, which the Company expects to extend through the fourth quarter of 2022. In addition, the Company is still in the process of identifying acquired assets and assumed liabilities, which may also result in an adjustment of the provisional amounts recorded. The subsequent adjustment of the provisional amounts may be material.

The provisional amounts for assets acquired and liabilities assumed include the fair value of:

1.accounts receivable and other receivables, which has been adjusted for an estimated $10.1 million of gross contractual amounts not expected to be collected, may be subject to adjustment for reassessment of collectability as of the date of acquisition, collections and other adjustments subsequent to the acquisition;

2.prepaid expenses and other current and noncurrent assets, which will be subject to adjustment based upon a review of recoverability and consideration of other factors;

3.inventory;

4.property, plant and equipment, for which the preliminary estimates are subject to revision for:

a.identification of assets acquired;

b.finalization of preliminary appraisals; and

c.determination of useful lives;

5.right of use assets and lease liabilities, which will be subject to adjustment upon completion of the review of the inputs, including sublease assumptions, for the calculations;

6.accounts payable and accrued expenses, which will be subject to adjustment based upon subsequent payment and assessment of other factors;

7.indemnification liabilities, which include pre-acquisition income tax and non-income tax liabilities, will be subject to adjustment for:

a.the reconciliation of the income tax return to the income tax provision for Meredith Corporation's fiscal year ended June 30, 2021 and the short period return from July 1, 2021 through the date of acquisition;

b.the assessment of the amounts of liabilities that existed at the date of acquisition based upon ongoing audits;

c.the assessment of applicable tax rates and other factors; and

d.the identification of other liabilities;

8.contingencies, the initial estimated recorded liability for which is approximately $100 million, including indemnification liabilities, will be subject to adjustment for additional items that are identified and for additional information obtained that will assist in the determination of liabilities as of the date of acquisition;

9.definite and indefinite-lived intangible assets acquired will be subject to adjustment as additional assets are identified, estimates and forecasts are refined and disaggregated, useful lives are finalized, and other factors deemed relevant are considered;

10.deferred income taxes will be subject to adjustment based upon the completion of the review of the book and tax bases of assets acquired and liabilities assumed, applicable tax rates and the impact of the revisions of estimates for the items described above;

11.goodwill will be subject to adjustment for the impact of the revisions of estimates for the items described above; and

12.the allocation of goodwill to reporting units will be subject to revision based upon the items described above and the finalization of the determination of fair value of the reporting units, which has not yet been completed.

Unaudited pro forma financial information

The unaudited pro forma financial information in the table below presents the results of the Company and Meredith as if the Meredith acquisition had occurred on January 1, 2020. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had this acquisition occurred on January 1, 2020. For the three and six months ended June 30, 2021, pro forma adjustments include an increase in amortization expense of $30.1 million and $53.9 million, respectively, related to intangible asset adjustments in purchase accounting.


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In thousands, except per share data)
Revenue	$	1,355,075	$	2,609,646
Net earnings from continuing operations	$	198,081	$	569,817
Basic earnings per share from continuing operations	$	2.25	$	6.44
Diluted earnings per share from continuing operations	$	2.08	$	5.99
Net earnings attributable to IAC shareholders	$	189,513	$	571,432
Basic earnings per share attributable to IAC shareholders	$	2.12	$	6.42
Diluted earnings per share attributable to IAC shareholders	$	1.96	$	5.97

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 5—GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets, net are as follows:


	June 30, 2022		December 31, 2021
	(In thousands)
Goodwill	$	3,099,075	$	3,226,610
Intangible assets with definite lives, net of accumulated amortization	623,970		735,743
Intangible assets with indefinite lives	678,105		679,149
Total goodwill and intangible assets, net	$	4,401,150	$	4,641,502

The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the six months ended June 30, 2022:


	Balance at December 31, 2021		Deductions		Impairment		Foreign Exchange Translation		Balance at June 30, 2022
	(In thousands)
Dotdash Meredith	$	1,567,843	$	(34,711)	$	—	$	—	$	1,533,132
Angi Inc.	916,375		(816)		—		(5,260)		910,299
Emerging & Other	742,392		—		(86,748)		—		655,644
Total	$	3,226,610	$	(35,527)	$	(86,748)	$	(5,260)	$	3,099,075

Deductions at Dotdash Meredith are primarily due to adjustments to the fair values of certain assets acquired and liabilities assumed related to the Meredith acquisition, acquired by Dotdash on December 1, 2021, and the sale of a business at Dotdash Meredith. Deductions at Angi are due to working capital adjustments related to the Total Home Roofing (“Angi Roofing”) acquisition, acquired on July 1, 2021.

In the quarter ended June 30, 2022, the Company reassessed the fair value of the Mosaic Group reporting unit (included in the Emerging & Other segment) and recorded an impairment of $86.7 million as a result of the projected reduction in future revenue and profits from the business and lower trading multiples of a selected peer group of companies. The fair value of the Mosaic Group reporting unit 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 forecast for Mosaic Group. For years beyond the forecast period, the Mosaic Group estimates was based, in part, on forecasted growth rates. The discount rate used in the DCF analyses was 16.0%, and was intended to reflect the risks inherent in the expected future cash flows of the Mosaic Group reporting unit. 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 Mosaic Group reporting unit. To determine a peer group of companies for the Mosaic Group reporting unit, the Company considered companies relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand strength operating in their respective markets. At June 30, 2022, Mosaic Group has goodwill of $156.3 million and the carrying value of this reporting unit approximates its fair value. Any subsequent declines in the fair value of Mosaic Group will result in additional goodwill impairment charges to the extent the carrying value exceeds the fair value. There are no other IAC reporting units where 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%.

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, 2021:


	Balance at December 31, 2020		Additions		Deductions		Foreign Exchange Translation		Balance at December 31, 2021
	(In thousands)
Dotdash Meredith	$	—	$	1,567,843	$	—	$	—	$	1,567,843
Angi Inc.	892,133		26,822		—		(2,580)		916,375
Emerging & Other	767,969		—		(25,376)		(201)		742,392
Total	$	1,660,102	$	1,594,665	$	(25,376)	$	(2,781)	$	3,226,610

Additions relate to the acquisitions of Meredith at Dotdash Meredith and Angi Roofing at Angi. Deductions are primarily related to the allocation of acquired attributes related to the acquisition of Care.com (included in the Emerging & Other segment).

The June 30, 2022 and December 31, 2021 goodwill balances reflect accumulated impairment losses of $981.3 million and $198.3 million at Search and Dotdash Meredith, respectively. The June 30, 2022 goodwill balance also reflects an impairment loss of $86.7 million related to the impairment at Mosaic Group reporting unit (included in the Emerging & Other segment). As a result of impairments recorded in 2020, the Search reportable segment has no goodwill.

At June 30, 2022 and December 31, 2021, intangible assets with definite lives are as follows:


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted-Average Useful Life (Years)
	(In thousands)
Advertiser relationships	$	334,000	$	(44,705)	$	289,295	5.2
Licensee relationships	150,000		(20,459)		129,541		4.9
Trade names	145,503		(34,069)		111,434		5.1
Technology	132,493		(116,374)		16,119		4.3
Service professional relationships	97,720		(97,211)		509		3.0
Subscriber relationships	73,700		(27,726)		45,974		2.0
Customer lists and user base	68,561		(37,463)		31,098		6.4
Other	10,439		(10,439)		—		3.4
Total	$	1,012,416	$	(388,446)	$	623,970	4.6


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted-Average Useful Life (Years)
	(In thousands)
Advertiser relationships	$	334,000	$	(6,386)	$	327,614	5.2
Licensee relationships	150,000		(2,923)		147,077		4.9
Trade names	145,598		(18,224)		127,374		5.1
Technology	133,318		(106,415)		26,903		4.2
Service professional relationships	98,789		(97,877)		912		3.0
Subscriber relationships	73,700		(3,961)		69,739		2.0
Customer lists and user base	68,730		(32,606)		36,124		6.4
Other	10,439		(10,439)		—		3.4
Total	$	1,014,574	$	(278,831)	$	735,743	4.6

At June 30, 2022, amortization of intangible assets with definite lives is estimated to be as follows:


	(In thousands)
Remainder of 2022	$	104,927
2023	176,215
2024	129,738
2025	98,864
2026	81,736
Thereafter	32,490
Total	$	623,970

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

NOTE 6—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Marketable Securities

At June 30, 2022 and December 31, 2021, the fair value of marketable securities are as follows:


	June 30, 2022		December 31, 2021
	(In thousands)
Marketable equity securities	$	30,315	$	19,788

Total marketable securities	$	30,315	$	19,788

The Company has two investments in marketable equity securities, other than the investment in MGM, at June 30, 2022, which are both carried at fair value following the investees' initial public offerings, which took place in the third quarter of 2021 and the first quarter of 2022, respectively. Prior to the respective initial public offerings, these investments were accounted for as equity securities without readily determinable fair values. The Company recorded a net unrealized pre-tax loss of $28.7 million and a net unrealized pre-tax gain of $5.7 million during the three and six months ended June 30, 2022 for these investments, respectively. For the three and six months ended June 30, 2021, the Company recorded an unrealized pre-tax gain of $10.7 million related to a marketable equity security that was sold in the third quarter of 2021. The net unrealized pre-tax loss and gain related to these investments is included in "Other (expense) income, net" in the statement of operations.

Investment in MGM Resorts International


	June 30, 2022		December 31, 2021
	(In thousands)
Investment in MGM Resorts International ("MGM")	$	1,839,306	$	2,649,442

On February 16, 2022, the Company purchased an additional 4.5 million shares of MGM for $202.5 million. Following this purchase, the Company owns approximately 63.5 million shares, representing a 16.2% ownership interest in MGM as of August 1, 2022. The fair value of the investment in MGM is remeasured each reporting period based upon MGM's closing stock price on the New York Stock Exchange on the last trading day in the reporting period and any unrealized gains or losses are included in the statement of operations. For the three and six months ended June 30, 2022, the Company recorded unrealized pre-tax losses on its investment in MGM of $825.3 million and $1.0 billion, respectively. For the three and six months ended June 30, 2021, the Company recorded unrealized pre-tax gains on its investment in MGM of $275.1 million and $657.6 million, respectively. The cumulative unrealized net pre-tax gain through June 30, 2022 is $617.2 million.

Long-term Investments

Long-term investments consist of:


	June 30, 2022		December 31, 2021
	(In thousands)
Equity securities without readily determinable fair values	$	297,352	$	324,649
Equity method investment	4,021		3,189
Total long-term investments	$	301,373	$	327,838

Equity Securities without Readily Determinable Fair Values

The following table presents a summary of unrealized pre-tax losses and gains recorded in "Other (expense) income, net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at June 30, 2022 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Upward adjustments (gross unrealized pre-tax gains)	$	—	$	—	$	—	$	1,376
Downward adjustments including impairments (gross unrealized losses)	(22,376)		—		(22,376)		—
Total	$	(22,376)	$	—	$	(22,376)	$	1,376

The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at June 30, 2022 were $28.7 million and $61.0 million, respectively.

Realized and unrealized pre-tax losses and gains for the Company's investments without readily determinable fair values for the three and six months ended June 30, 2022 and 2021 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Realized pre-tax (losses) gains, net, for equity securities	$	(6)	$	—	$	462	$	81
Unrealized pre-tax (losses) gains, net, on equity securities held	(22,376)		—		(22,376)		1,376
Total pre-tax (losses) gains, net recognized	$	(22,382)	$	—	$	(21,914)	$	1,457

All pre-tax losses and gains on equity securities without readily determinable fair values, realized and unrealized, are recognized in "Other (expense) income, net" in the statement of operations.

Equity Method Investment

The Company owns common shares of Turo Inc. ("Turo"), a peer-to-peer car sharing marketplace. This investment is accounted for under the equity method of accounting given the Company's ownership interest at June 30, 2022 of approximately 26.8% on a fully diluted basis in the form of preferred shares, which are not common stock equivalents. The Company accounts for the equity losses for this investment on a one quarter lag. These equity losses were immaterial.

Fair Value Measurements

The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:

•Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.

•Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.

The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:


	June 30, 2022
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,262,284	$	—	$	—	$	1,262,284

Time deposits	—		11,080		—		11,080
Marketable equity securities	30,315		—		—		30,315
Investment in MGM	1,839,306		—		—		1,839,306
Other non-current assets:
Warrant	—		—		122,145		122,145
Total	$	3,131,905	$	11,080	$	122,145	$	3,265,130


	December 31, 2021
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,660,921	$	—	$	—	$	1,660,921

Time deposits	—		6,057		—		6,057
Marketable equity security	19,788		—		—		19,788
Investment in MGM	2,649,442		—		—		2,649,442
Other non-current assets:
Warrant	—		—		109,294		109,294
Total	$	4,330,151	$	6,057	$	109,294	$	4,445,502

Liabilities:
Contingent consideration arrangements					$	(612)	$	(612)

The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30,
	2022		2021
	Warrant			Warrant
	(In thousands)
Balance at April 1	$	117,279		$	18,051

Total net gains:
Fair value adjustments included in earnings	4,866			42,481

Balance at June 30	$	122,145		$	60,532


	Six Months Ended June 30,
	2022				2021
	Warrant		Contingent Consideration Arrangements		Warrant
	(In thousands)
Balance at January 1	$	109,294	$	(612)	$	5,276

Total net gains:
Fair value adjustments included in earnings	12,851		612		55,256

Balance at June 30	$	122,145	$	—	$	60,532

Warrant

As part of the Company's investment in Turo preferred shares, the Company received a warrant that is recorded at fair value each reporting period with any change included in "Other (expense) income, net" in the statement of operations. The warrant is measured using significant unobservable inputs and is classified in the fair value hierarchy table as Level 3. The warrant is included in "Other non-current assets" in the balance sheet.

Contingent Consideration Arrangements

At June 30, 2022, the Company has two outstanding contingent consideration arrangements related to business combinations. The maximum contingent payments related to these arrangements is $7.0 million, however, as of June 30, 2022 the Company does not expect to make any further payments on these arrangements.

Assets measured at fair value on a nonrecurring basis

The Company's non-financial assets, such as goodwill, intangible assets, ROU assets and buildings, capitalized software, leasehold improvements and equipment, are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. See "Note 5—Goodwill And Intangible Assets" for a detailed description of the Mosaic Group goodwill impairment recorded in the second quarter of 2022.

Financial instruments measured at fair value only for disclosure purposes

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:


	June 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Current portion of long-term debt	$	(30,000)	$	(28,050)	$	(30,000)	$	(29,550)
Long-term debt, net(a)	$	(2,033,038)	$	(1,845,303)	$	(2,046,237)	$	(2,061,450)

_____________________

(a) At June 30, 2022 and December 31, 2021, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $22.0 million and $23.8 million, respectively.

At June 30, 2022 and December 31, 2021, the fair value of long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 7—LONG-TERM DEBT

Long-term debt consists of:


	June 30, 2022		December 31, 2021
	(In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026	$	341,250	$	350,000
Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028	1,243,750		1,250,000
Total Dotdash Meredith long-term debt	1,585,000		1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000		30,000
Less: original issue discount	5,733		6,176
Less: unamortized debt issuance costs	11,142		12,139
Total Dotdash Meredith long-term debt, net	1,538,125		1,551,685

ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15, which commenced February 15, 2021	500,000		500,000


Less: unamortized debt issuance costs	5,087		5,448
Total ANGI Group long-term debt, net	494,913		494,552

Total long-term debt, net	$	2,033,038	$	2,046,237

Dotdash Meredith Term Loans and Dotdash Meredith Revolving Facility

On December 1, 2021, Dotdash Meredith entered into a credit agreement ("Dotdash Meredith Credit Agreement"), which provides for (i) the five-year $350 million Dotdash Meredith Term Loan A, (ii) the seven-year $1.25 billion Dotdash Meredith Term Loan B (and together with Dotdash Meredith Term Loan A, the "Dotdash Meredith Term Loans") and (iii) a five-year $150 million revolving credit facility ("Dotdash Meredith Revolving Facility"). The proceeds of the Dotdash Meredith Term Loans were used to fund a portion of the purchase price for the acquisition of Meredith and pay related fees and expenses. The Dotdash Meredith Term Loan A bears interest at an adjusted term secured overnight financing rate ("Adjusted Term SOFR") as defined in the Dotdash Meredith Credit Agreement plus an applicable margin depending on Dotdash Meredith's most recently reported consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement. At June 30, 2022 and December 31, 2021, the Dotdash Meredith Term Loan A bore interest at Adjusted Term SOFR plus 2.00%, or approximately 3.15% and 2.15%, respectively, and the Dotdash Meredith Term Loan B bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or approximately 5.15% and 4.50%, respectively. Interest payments are due at least quarterly through the terms of the Dotdash Meredith Term Loans.

The outstanding balances of the Dotdash Meredith Term Loan A and Dotdash Meredith Term Loan B were $341.3 million and $1.24 billion at June 30, 2022, respectively, and $350.0 million and $1.25 billion at December 31, 2021, respectively. The Dotdash Meredith Term Loan A requires quarterly principal payments of approximately $4.4 million through December 31, 2024, $8.8 million through December 31, 2025 and approximately $13.1 million thereafter through maturity. The Dotdash Meredith Term Loan B requires quarterly payments of $3.1 million through maturity. Commencing with the delivery of financial statements for the period ending December 31, 2022, pursuant to the Dotdash Meredith Credit Agreement, the Dotdash Meredith Term Loan B may require additional annual principal payments as part of an excess cash flow sweep provision, the amount of which, in part, is governed by Dotdash Meredith's net leverage ratio.

There were no outstanding borrowings under the Dotdash Meredith Revolving Facility at June 30, 2022 and December 31, 2021. The annual commitment fee on undrawn funds is based on the consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement, most recently reported and was 35 basis points at both June 30, 2022 and December 31, 2021. Any borrowings under the Dotdash Meredith Revolving Facility would bear interest, at Dotdash Meredith's option, at either a base rate or term benchmark rate, plus an applicable margin, which is based on Dotdash Meredith's net leverage ratio.

As of the last day of any calendar quarter, if either (i) $1.00 or more of loans under the Dotdash Meredith Revolving Facility or Dotdash Meredith Term Loan A are outstanding, or (ii) the outstanding face amount of undrawn letters of credit, other than cash collateralized letters of credit at 102% of face value, exceeds $25 million, subject to certain increases for qualifying material acquisitions, then Dotdash Meredith will not permit the consolidated net leverage ratio as of the last day of such quarter to exceed 5.5 to 1.0. The Dotdash Meredith Credit Agreement also contains covenants that would limit Dotdash Meredith’s ability to pay dividends, incur incremental secured indebtedness, or make distributions or certain investments in the event a default has occurred or if Dotdash Meredith’s consolidated net leverage ratio exceeds 4.0 to 1.0. There were no such limitations at June 30, 2022.

The obligations under the Dotdash Meredith Credit Agreement are guaranteed by certain of Dotdash Meredith's wholly-owned subsidiaries, and are secured by substantially all of the assets of Dotdash Meredith and certain of its subsidiaries.

ANGI Group Debt

The ANGI Group Senior Notes were issued on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices set forth in the indenture governing the notes, plus accrued and unpaid interest thereon, if any, to the applicable redemption date.

The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0, provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At June 30, 2022 there were no limitations pursuant thereto.

The $250 million ANGI Group Revolving Facility, which otherwise would have expired on November 5, 2023, was terminated effective August 3, 2021. No amounts were ever drawn under the ANGI Group Revolving Facility prior to its termination.

During the six months ended June 30, 2021, ANGI Group prepaid the remaining balance of $220.0 million of the ANGI Group Term Loan principal, which otherwise would have matured on November 5, 2023.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

NOTE 8—ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive (loss) income into earnings:


	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income
	(In thousands)
Balance at April 1	$	765	$	765	$	4,149	$	4,149
Other comprehensive (loss) income before reclassifications	(13,616)		(13,616)		1,543		1,543
Amounts reclassified to earnings	—		—		—		—
Net current period other comprehensive (loss) income	(13,616)		(13,616)		1,543		1,543
Accumulated other comprehensive income allocated to noncontrolling interests during the period	(1)		(1)		(6)		(6)
Balance as of June 30	$	(12,852)	$	(12,852)	$	5,686	$	5,686


	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities		Accumulated Other Comprehensive (Loss) Income
	(In thousands)
Balance at January 1	$	4,397	$	4,397	$	(6,172)	$	2	$	(6,170)
Other comprehensive (loss) income before reclassifications	(17,250)		(17,250)		1,837		(2)		1,835
Amounts reclassified to earnings	—		—		10,032		—		10,032
Net current period other comprehensive (loss) income	(17,250)		(17,250)		11,869		(2)		11,867
Accumulated other comprehensive loss (income) allocated to noncontrolling interests during the period	1		1		(11)		—		(11)
Balance as of June 30	$	(12,852)	$	(12,852)	$	5,686	$	—	$	5,686

The amounts reclassified out of foreign currency translation adjustment into earnings for the six months ended June 30, 2021 related to the substantial liquidation of certain international subsidiaries.

At both June 30, 2022 and 2021, there was no income tax benefit or provision on the accumulated other comprehensive (loss) income.

(LOSS) EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

NOTE 9—(LOSS) EARNINGS PER SHARE

The Company treats its common stock and Class B common stock as one class of stock for net (loss) earnings per share ("EPS") purposes as both classes of stock participate in earnings, dividends and other distributions on the same basis. The restricted stock award ("the CEO award") granted to our Chief Executive Officer ("CEO") on November 5, 2020 is a participating security and the Company calculates basic EPS using the two-class method since those restricted shares are unvested and have a non-forfeitable dividend right in the event the Company declares a cash dividend on common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Diluted EPS is calculated, on the most dilutive basis, which excludes awards that would be anti-dilutive, including the CEO award.

Undistributed earnings allocated to the participating security is subtracted from earnings in determining earnings attributable to holders of IAC common stock and Class B common stock for basic EPS. Basic EPS is computed by dividing net (loss) earnings attributable to holders of IAC common stock and Class B common stock by the weighted-average number of shares of common stock and Class B common stock outstanding during the period.

For the calculation of diluted EPS, net (loss) earnings attributable to holders of IAC common stock and Class B common stock is adjusted for the impact from our public subsidiary's dilutive securities, if applicable, and the reallocation of undistributed earnings allocated to the participating security by the weighted-average number of common stock and Class B common stock outstanding plus dilutive securities during the period.

The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
Basic EPS:
Numerator:
Net (loss) earnings from continuing operations	$	(875,399)	$	203,325	$	(1,116,292)	$	522,270
Net loss attributable to noncontrolling interests of continuing operations	6,269		2,596		11,364		3,632
Net earnings attributed to unvested participating security	—		(6,929)		—		(17,721)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	198,992	$	(1,104,928)	$	508,181

Net loss from discontinued operations, net of tax	$	—	$	(11,787)	$	—	$	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations	—		623		—		(186)
Net loss attributed to unvested participating security	—		376		—		68
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(10,788)	$	—	$	(1,949)

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	188,204	$	(1,104,928)	$	506,232

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)	86,748		86,157		86,766		86,029

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.31	$	(12.73)	$	5.91
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(0.13)	$	—	$	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.18	$	(12.73)	$	5.88


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
Diluted EPS:
Numerator:
Net (loss) earnings from continuing operations	$	(875,399)	$	203,325	$	(1,116,292)	$	522,270
Net loss attributable to noncontrolling interests of continuing operations	6,269		2,596		11,364		3,632
Net earnings attributed to unvested participating security	—		(6,416)		—		(16,482)
Impact from public subsidiaries' dilutive securities(b)	—		172		—		155
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	199,677	$	(1,104,928)	$	509,575

Net loss from discontinued operations, net of tax	$	—	$	(11,787)	$	—	$	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations	—		623		—		(186)
Net loss attributed to unvested participating security	—		348		—		63
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(10,816)	$	—	$	(1,954)

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	188,861	$	(1,104,928)	$	507,621

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)	86,748		86,157		86,766		86,029
Dilutive securities(b)(c)(d)	—		7,210		—		6,724
Denominator for earnings per share—weighted average shares(b)(c)(d)	86,748		93,367		86,766		92,753

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.14	$	(12.73)	$	5.49
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(0.12)	$	—	$	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.02	$	(12.73)	$	5.47

_____________________

(a) On November 5, 2020, IAC's CEO was granted a stock-based award in the form of 3.0 million shares of restricted common stock. The number of shares that ultimately vests is subject to the satisfaction of growth targets in IAC's stock price over the 10-year service condition of the award. These restricted shares have a non-forfeitable dividend right in the event the Company declares a cash dividend on its common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Accordingly, the two-class method of calculating EPS is used. While the restricted shares are presented as outstanding shares in the balance sheet, these shares are excluded from the weighted average shares outstanding in calculating basic EPS and the allocable portion of net earnings are also excluded. Fully diluted EPS reflects the impact on earnings and fully diluted shares in the manner that is most dilutive.

(b) IAC has the option to settle certain Angi Inc. stock-based awards in its shares. For the three and six months ended June 30, 2022, the Company had a loss from continuing operations and as a result these awards were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. For the three and six months ended June 30, 2021 it was more dilutive for IAC to settle these Angi Inc. equity awards. The impact on net earnings relates to the settlement of Angi Inc.'s dilutive securities in IAC common shares.

(c) For the three and six months ended June 30, 2022, the Company had a loss from continuing operations and, as a result, approximately 8.1 million potentially dilutive securities were excluded from computing diluted EPS because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute the EPS amounts for the three and six months ended June 30, 2022.

(d) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted common stock, restricted stock units ("RSUs") and market-based awards ("MSUs"). For both the three and six months ended June 30, 2021, 3.0 million potentially dilutive securities related to the CEO award were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 10—SEGMENT INFORMATION

The overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with the chief operating decision maker's view of the businesses. In addition, we consider how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics, or, in the case of the Emerging & Other reportable segment, do not meet the quantitative thresholds that require presentation as separate reportable segments.

The following table presents revenue by reportable segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue
Dotdash Meredith
Digital	$	234,510	$	73,333	$	450,675	$	138,754
Print	260,307		—		550,285		—
Intersegment eliminations(a)	(5,293)		—		(10,965)		—
Total Dotdash Meredith	489,524		73,333		989,995		138,754
Angi Inc.	515,782		420,988		951,941		808,017
Search	198,183		183,607		421,568		364,641
Emerging & Other	161,089		151,656		328,083		304,812
Intersegment eliminations	(1,997)		(37)		(3,661)		(107)
Total	$	1,362,581	$	829,547	$	2,687,926	$	1,616,117

The following table presents the revenue of the Company's segments disaggregated by type of service:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Dotdash Meredith
Digital:
Display advertising revenue	$	157,551	$	44,932	$	294,641	$	82,103
Performance marketing revenue	47,933		27,958		98,038		55,551
Licensing and other revenue	29,026		443		57,996		1,100
Total digital revenue	234,510		73,333		450,675		138,754
Print:
Subscription revenue	109,296		—		241,903		—
Advertising revenue	71,266		—		143,953		—
Project and other revenue	42,254		—		75,279		—
Newsstand revenue	35,596		—		66,835		—
Performance marketing revenue	1,895		—		22,315		—


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Total print revenue	260,307		—		550,285		—
Intersegment eliminations(a)	(5,293)		—		(10,965)		—
Total Dotdash Meredith revenue	$	489,524	$	73,333	$	989,995	$	138,754

(a) Includes inter-segment eliminations related to digital performance marketing revenue of $5.2 million and $10.8 million for the three and six months ended June 30, 2022.

Angi Inc.
North America
Angi Ads and Leads:
Consumer connection revenue(b)	$	259,037	$	240,016	$	471,833	$	461,446
Advertising revenue(c)	65,085		62,608		128,861		123,355
Membership subscription revenue(d)	15,554		17,065		31,791		33,947
Other revenue	5,243		7,431		10,469		14,709
Total Angi Ads and Leads revenue	344,919		327,120		642,954		633,457
Angi Services revenue(e)	150,895		72,825		264,032		127,529
Total North America revenue	495,814		399,945		906,986		760,986
Europe
Consumer connection revenue(f)	16,941		17,345		38,744		39,696
Service professional membership subscription revenue	2,738		3,331		5,628		6,659
Advertising and other revenue	289		367		583		676
Total Europe revenue	19,968		21,043		44,955		47,031
Total Angi Inc. revenue	$	515,782	$	420,988	$	951,941	$	808,017

(b) Includes fees paid by service professionals for consumer matches through Angi Ads and Leads platforms.
(c) Includes revenue from service professionals under contract for advertising.
(d) Includes membership subscription revenue from service professionals and consumers.
(e) Includes revenue from pre-priced offerings and revenue from Angi Roofing.
(f) Includes fees paid by service professionals for consumer matches.

Search
Advertising revenue
Google advertising revenue:	$	124,846	$	153,517	$	274,498	$	308,935
Non-Google advertising revenue	72,088		26,200		144,077		47,734
Total advertising revenue	196,934		179,717		418,575		356,669
Other revenue	1,249		3,890		2,993		7,972
Total Search revenue	$	198,183	$	183,607	$	421,568	$	364,641

Emerging & Other
Subscription revenue	$	92,770	$	88,664	$	187,317	$	172,230
Marketplace revenue	62,590		53,888		128,671		110,159
Media production and distribution revenue	58		2,624		604		10,412
Advertising revenue:
Non-Google advertising revenue	3,940		3,919		7,663		7,312
Google advertising revenue	516		550		1,124		1,121
Total advertising revenue	4,456		4,469		8,787		8,433
Service and other revenue	1,215		2,011		2,704		3,578


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Total Emerging & Other revenue	$	161,089	$	151,656	$	328,083	$	304,812

Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue:
United States	$	1,270,088	$	704,218	$	2,474,436	$	1,359,253
All other countries	92,493		125,329		213,490		256,864
Total	$	1,362,581	$	829,547	$	2,687,926	$	1,616,117


	June 30, 2022		December 31, 2021
	(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States	$	578,693	$	562,628
All other countries	7,663		7,897
Total	$	586,356	$	570,525

The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Operating income (loss):
Dotdash Meredith
Digital	$	10,865	$	19,174	$	8,921	$	37,301
Print	(19,895)		—		(58,166)		—
Other(g)	(18,477)		—		(34,507)		—
Total Dotdash Meredith(h)	(27,507)		19,174		(83,752)		37,301
Angi Inc.	(20,886)		(32,731)		(54,843)		(32,622)
Search	26,297		25,662		51,376		44,048
Emerging & Other	(107,781)		(2,701)		(112,825)		(1,707)
Corporate	(36,263)		(37,824)		(74,910)		(82,670)
Total	$	(166,140)	$	(28,420)	$	(274,954)	$	(35,650)

_____________________

(g) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments.

(h) Dotdash Meredith includes restructuring charges of $13.7 million and $36.1 million and transaction-related expenses of $1.2 million and $5.2 million related to the acquisition of Meredith for the three and six months ended June 30, 2022, respectively. See "Note 15—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments" for additional information.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Adjusted EBITDA(h)(i):
Dotdash Meredith
Digital	$	51,316	$	20,549	$	86,116	$	40,471
Print	$	6,265	$	—	$	(4,215)	$	—
Other(g)	$	(18,414)	$	—	$	(34,200)	$	—
Angi Inc.	$	9,689	$	(4,442)	$	6,520	$	18,744
Search	$	26,317	$	25,670	$	51,417	$	44,056
Emerging & Other	$	(17,060)	$	6,891	$	(16,144)	$	18,855
Corporate	$	(20,716)	$	(22,289)	$	(44,410)	$	(48,637)

_____________________

(i) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements.

The following tables reconcile operating income (loss) for the Company's reportable segments and net (loss) earnings attributable to IAC shareholders to Adjusted EBITDA:


	Three Months Ended June 30, 2022
	Operating Income (Loss)(h)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Goodwill Impairment		Adjusted EBITDA(h)
	(In thousands)
Dotdash Meredith
Digital	$	10,865	$	5,110	$	8,203	$	27,138	$	—	$	51,316
Print	(19,895)		$	—	$	4,632	$	21,528	$	—	$	6,265
Other(g)	(18,477)		$	—	$	63	$	—	$	—	$	(18,414)
Angi Inc.	(20,886)		$	13,417	$	13,354	$	3,804	$	—	$	9,689
Search	26,297		$	—	$	20	$	—	$	—	$	26,317
Emerging & Other	(107,781)		$	83	$	279	$	3,611	$	86,748	$	(17,060)
Corporate(j)	(36,263)		$	13,046	$	2,501	$	—	$	—	$	(20,716)
Total	(166,140)
Interest expense	(23,517)
Unrealized loss on investment in MGM Resorts International	(825,305)
Other expense, net	(89,425)
Loss before income taxes	(1,104,387)
Income tax benefit	228,988
Net loss	(875,399)
Net loss attributable to noncontrolling interests	6,269
Net loss attributable to IAC shareholders	$	(869,130)


	Three Months Ended June 30, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	19,174	$	—	$	630	$	745	$	20,549
Angi Inc.	(32,731)		$	9,543	$	15,058	$	3,688	$	(4,442)
Search	25,662		$	—	$	8	$	—	$	25,670
Emerging & Other	(2,701)		$	25	$	364	$	9,203	$	6,891
Corporate(j)	(37,824)		$	14,483	$	1,052	$	—	$	(22,289)
Total	(28,420)
Interest expense	(5,814)
Unrealized gain on investment in MGM Resorts International	275,098
Other income, net	50,286
Earnings from continued operations before income taxes	291,150
Income tax provision	(87,825)
Net earnings from continuing operations	203,325
Loss from discontinued operations, net of tax	(11,787)
Net earnings	191,538
Net loss attributable to noncontrolling interests	3,219
Net earnings attributable to IAC shareholders	$	194,757


	Six Months Ended June 30, 2022
	Operating Income (Loss)(h)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Acquisition-related Contingent Consideration Fair Value Adjustments		Goodwill Impairment		Adjusted EBITDA(h)
	(In thousands)
Dotdash Meredith
Digital	$	8,921	$	9,382	$	15,692	$	52,733	$	(612)	$	—	$	86,116
Print	(58,166)		$	—	$	10,164	$	43,787	$	—	$	—	$	(4,215)
Other(g)	(34,507)		$	—	$	307	$	—	$	—	$	—	$	(34,200)
Angi Inc.	(54,843)		$	26,402	$	27,353	$	7,608	$	—	$	—	$	6,520
Search	51,376		$	—	$	41	$	—	$	—	$	—	$	51,417
Emerging & Other	(112,825)		$	108	$	682	$	9,143	$	—	$	86,748	$	(16,144)
Corporate(j)	(74,910)		$	25,451	$	5,049	$	—	$	—	$	—	$	(44,410)
Total	(274,954)
Interest expense	(45,429)
Unrealized loss on investment in MGM Resorts International	(1,012,635)
Other expense, net	(82,726)
Loss before income taxes	(1,415,744)
Income tax benefit	299,452
Net loss	(1,116,292)
Net loss attributable to noncontrolling interests	11,364
Net loss attributable to IAC shareholders	$	(1,104,928)


	Six Months Ended June 30, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	37,301	$	—	$	1,179	$	1,991	$	40,471
Angi Inc.	(32,622)		$	11,577	$	31,027	$	8,762	$	18,744
Search	44,048		$	—	$	8	$	—	$	44,056
Emerging & Other	(1,707)		$	50	$	790	$	19,722	$	18,855
Corporate(j)	(82,670)		$	30,739	$	3,294	$	—	$	(48,637)
Total	(35,650)
Interest expense	(12,431)
Unrealized gain on investment in MGM Resorts International	657,638
Other income, net	53,849
Earnings from continuing operations before income taxes	663,406
Income tax provision	(141,136)
Net earnings from continuing operations	522,270
Loss from discontinued operations, net of tax	(1,831)
Net earnings	520,439
Net loss attributable to noncontrolling interests	3,446
Net earnings attributable to IAC shareholders	$	523,885

_____________________

(j) Includes stock-based compensation expense for awards denominated in the shares of certain subsidiaries of the Company.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

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+ Details

FINANCIAL STATEMENT DETAILS

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

FINANCIAL STATEMENT DETAILS

NOTE 11—FINANCIAL STATEMENT DETAILS

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	June 30, 2022		December 31, 2021		June 30, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,796,202	$	2,118,730	$	3,476,071	$	3,366,176
Restricted cash included in other current assets	16,882		1,941		13,839		448
Restricted cash included in other non-current assets	7,617		1,193		730		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		—		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,820,701	$	2,121,864	$	3,490,640	$	3,477,110

Restricted cash included in "Other current assets" in the balance sheet at June 30, 2022 and June 30, 2021 primarily consists of cash received from customers at Care.com’s payment solutions business, representing funds collected for payroll and related taxes, which were not remitted as of the period end.

Restricted cash included in "Other current assets" in the balance sheet at December 31, 2021, primarily consists of cash held in escrow related to the IPC Pension Scheme the Company assumed in connection with the acquisition of Meredith.

Restricted cash included in "Other current assets" in the balance sheet at December 31, 2020 primarily consists of funds collected from service providers for payments in dispute, which are not settled as of the period end, and cash reserved to fund insurance claims at Angi Inc.

Restricted cash included in "Other non-current assets" in the balance sheet at June 30, 2022 and December 31, 2021 consisted of deposits related to leases and an endorsement guarantee related to insurance at Angi Roofing. Restricted cash included in "Other non-current assets" in the balance sheet at June 30, 2022 also included cash held in escrow related to the IPC Pension Scheme the Company assumed in connection with the acquisition of Meredith. Restricted cash included in "Other non-current assets" in the balance sheet for all other periods presented consists of deposits related to leases.

Credit Losses

The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively:



	2022		2021
	(In thousands)
Balance at January 1	$	36,637	$	27,178
Current period provision for credit losses	51,710		42,710
Write-offs charged against the allowance	(41,542)		(37,181)
Recoveries collected	2,710		1,351
Balance at June 30	$	49,515	$	34,058

Accumulated Amortization and Depreciation

The following table provides the accumulated amortization and depreciation within the balance sheet:


Asset Category	June 30, 2022		December 31, 2021
	(In thousands)
Right-of-use assets included in other non-current assets	$	115,973	$	87,089
Buildings, capitalized software, leasehold improvements and equipment	$	536,736	$	496,887
Intangible assets	$	388,446	$	278,831

Other (expense) income, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Net periodic pension benefit costs, other than the service cost component(a)	$	(41,829)	$	—	$	(77,188)	$	—
Unrealized (loss) gain related to investments following initial public offerings	(28,696)		10,710		5,656		10,710
(Downward) upward adjustments to the carrying value of equity securities without readily determinable fair values	(22,376)		—		(22,376)		1,376
Unrealized increase in the estimated fair value of a warrant	4,866		42,481		12,851		55,256
Foreign exchange (losses) gains, net(b)	(4,655)		514		(6,229)		(11,118)
Interest Income	2,442		279		3,140		716
Loss on the extinguishment of debt(c)	—		(1,110)		—		(1,110)
Other	823		(2,588)		1,420		(1,981)
Other (expense) income, net	$	(89,425)	$	50,286	$	(82,726)	$	53,849

_____________________

(a) Includes pre-tax actuarial losses of $41.2 million and $78.7 million for the three and six months ended June 30, 2022, respectively, in total related to Meredith's funded pension plans in the United Kingdom ("U.K."), consisting of the IPC Pension Scheme, and the U.S. See "Note 14—Pension and Postretirement Benefit Plans" for additional information.

(b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the three months ended March 31, 2021.

(c) Represents the write-off of deferred debt issuance costs related to the ANGI Group Term Loan, which was repaid in its entirety during the second quarter of 2021.

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 12—CONTINGENCIES In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where the Company believes an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, 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. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See "Note 2—Income Taxes" for additional information related to income tax contingencies.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 13—RELATED PARTY TRANSACTIONS IAC and Angi Inc. The Company and Angi Inc., in connection with the transaction resulting in the formation of Angi Inc. in 2017, entered into a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement. There were no shares of Angi Inc. Class A or Class B common stock issued to IAC during the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, less than 0.1 million and 2.6 million shares, respectively, of Angi Inc. Class A common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for IAC common stock issued in connection with the exercise and settlement of certain Angi Inc. stock appreciation rights. For the three and six months ended June 30, 2021, less than 0.1 million and 0.1 million shares, respectively, of Angi Inc. Class B common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by Angi Inc. employees. IAC and Vimeo Following the Spin-off, the relationship between IAC and Vimeo is governed by a number of agreements. These agreements include a separation agreement; a tax matters agreement; a transition services agreement; an employee matters agreement; and an office lease agreement. The Company and Vimeo are related parties because Mr. Diller is the beneficial owner of more than 10% of the voting interests in both IAC and Vimeo. At June 30, 2022 and December 31, 2021, Vimeo had no outstanding payables or receivables due to or due from the Company pursuant to the tax sharing agreement. There were no payments to or refunds from Vimeo pursuant to this agreement for the three and six months ended June 30, 2022 and for the period following the Spin-off of May 25, 2021 through June 30, 2021. For the three and six months ended June 30, 2022, Vimeo was charged less than $0.1 million and $0.2 million, respectively, by IAC for services rendered pursuant to the transition services agreement. For the period following the Spin-off of May 25, 2021 through June 30, 2021, Vimeo was charged $0.2 million by IAC for services rendered pursuant to the transition service agreement. At June 30, 2022 and December 31, 2021, there were no outstanding receivables or payables pursuant to the transition services agreement. Vimeo has an outstanding payable due to the Company of $0.3 million at June 30, 2022 related primarily to reimbursements due to the Company for the exercise of IAC equity awards held by employees of Vimeo. Vimeo had an outstanding payable due to the Company of $6.4 million at December 31, 2021 related primarily to reimbursements due to the Company for the exercise of Vimeo equity awards held by employees of the Company and Vimeo's participation in the Company's employee benefit plans. These amounts are included in “Other current assets" in the balance sheet at June 30, 2022 and December 31, 2021, respectively. The respective amounts were paid in full in July 2022 and January 2022, respectively. For the three and six months ended June 30, 2022, Vimeo was charged $1.4 million and $2.9 million, respectively, of rent pursuant to the lease agreement. For the period following the Spin-off of May 25, 2021 through June 30, 2021, Vimeo was charged $0.4 million of rent pursuant to the lease agreement. At June 30, 2022 and December 31, 2021, there were no outstanding receivables due from Vimeo pursuant to the lease agreement. IAC and Expedia The Company and Expedia each have a 50% ownership interest in three aircraft that may be used by both companies. Members of the aircraft flight crews are employed by an entity in which the Company and Expedia each have a 50% ownership interest. The Company and Expedia have agreed to share costs relating to flight crew compensation and benefits pro-rata according to each company’s respective usage of the aircraft, for which they are separately billed by the entity described above. The Company and Expedia are related parties because Mr. Diller serves as Chairman and Senior Executive of both IAC and Expedia. For the three and six months ended June 30, 2022 and 2021, total payments made to this entity by the Company were not material. In addition, in December 2021, the Company and Expedia entered into agreements pursuant to which Expedia may use additional aircraft owned by a subsidiary of the Company on a cost basis. For the three and six months ended June 30, 2022, total payments made by Expedia to the Company pursuant to this arrangement were not material.

PENSION AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

NOTE 14—PENSION AND POSTRETIREMENT BENEFIT PLANS

The following table presents the components of net periodic benefit costs for the pension and postretirement benefit plans the Company assumed in connection with the acquisition of Meredith:


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	Pension				Postretirement		Pension				Postretirement
	Domestic		International		Domestic		Domestic		International		Domestic
	(In thousands)
Service cost	$	907	$	—	$	1	$	1,889	$	—	$	3
Interest cost	1,188		3,799		67		1,887		7,074		134
Expected return on plan assets	(598)		(3,792)		—		(2,176)		(8,416)		—
Actuarial (gain) loss recognition	(2,399)		43,564		—		10,133		68,552		—
Net periodic benefit (credit) costs	$	(902)	$	43,571	$	68	$	11,733	$	67,210	$	137

Settlements during the three and six months ended June 30, 2022 triggered remeasurements of Meredith's funded pension plans in the U.K., consisting of the IPC Pension Scheme, and U.S. The IPC Pension Scheme's actuarial loss of $43.6 million and $68.6 million for the three and six months ended June 30, 2022, respectively, primarily relates to the decline in the fair value of the IPC Pension Scheme's assets exceeding the decline in the plan liabilities, in each case due to higher interest rates. The U.S. actuarial gain of $2.4 million for the three months ended June 30, 2022 primarily relates to the revaluation of an annuity contract, partially offset by a loss due to the decline in the fair value of the U.S. pension plan's assets exceeding the decline in the plan liabilities. The U.S. actuarial loss of $10.1 million for the six months ended June 30, 2022 primarily relates to the decline in the fair value of the U.S. pension plan's assets exceeding the decline in the plan liabilities.

The following table summarizes the weighted average expected return on plan assets used to determine the net periodic benefit costs at June 30, 2022, following the remeasurements during the six months ended June 30, 2022, and December 31, 2021, respectively:


	June 30, 2022				December 31, 2021
	Pension
	Domestic		International			Domestic		International
Expected return on plan assets	3.85	%	1.90	%		6.00	%	1.90	%

The components of net periodic benefit costs, other than the service cost component, are included in "Other (expense) income, net" in the statement of operations.

See "Note 16—Subsequent Events" for a discussion of the purchase of an annuity contract by the IPC Pension Scheme on July 28, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS

NOTE 15—DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS

Restructuring Charges

In 2022, Dotdash Meredith announced its plans to discontinue certain print publications and the shutdown of PeopleTV to focus the portfolio and further enable investments toward digital growth. The discontinued print publications consist of Entertainment Weekly, InStyle, EatingWell, Health, Parents, and People en Español, with the April 2022 issues of these publications being their final print editions, and Martha Stewart Living, with the May 2022 issue being its final print edition. Dotdash Meredith also announced a voluntary retirement program in the first quarter of 2022 to its employees who met certain age and service requirements. In addition, actions were taken to improve efficiencies following the Meredith acquisition.

For the three and six months ended June 30, 2022, the Company incurred $13.7 million and $36.1 million, respectively, of related restructuring charges, including $12.6 million and $33.1 million, respectively, of severance and related costs.

A summary of the costs incurred, payments made and related accruals for the six months ended June 30, 2022 is presented below:


	June 30, 2022
	Digital		Print		Other		Total
	(In thousands)
Restructuring charge accruals
Charges incurred (a)	$	7,181	$	23,935	$	4,548	$	35,664
Payments	(2,972)		(10,457)		(780)		(14,209)
Restructuring accrual as of June 30, 2022	$	4,209	$	13,478	$	3,768	$	21,455

_____________________

(a) Excludes $0.4 million related to the write-off of inventory.

The costs are allocated as follows in the statement of operations:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	(In thousands)
Cost of revenue	$	4,420	$	16,601
Selling and marketing expense	4,016		9,615
General and administrative expense	4,544		8,858
Product development expense	672		1,015
Total	$	13,652	$	36,089

Dotdash Meredith anticipates the estimated remaining costs will approximate $2.3 million and will be paid by December 31, 2023 from existing cash on hand. A summary of the remaining costs is presented below:


	As of June 30, 2022
	Digital		Print		Other		Total
	(In thousands)
Remaining estimated restructuring costs	$	1,269	$	929	$	150	$	2,348

Transaction-Related Expenses

For the three and six months ended June 30, 2022, Dotdash Meredith incurred $1.2 million and $5.2 million, respectively, of transaction-related expenses related to the acquisition of Meredith.

Change-in-Control Payments

In December 2021, Dotdash Meredith recorded $60.1 million in change in control payments, which were triggered by the acquisition and the terms of certain former executives’ contracts. On July 1, 2022, Dotdash Meredith made $83.1 million in change in control payments. An additional payment of approximately $4.3 million will be made in the fourth quarter of 2022

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS On July 28, 2022, following approval by the trustees of the Dotdash Meredith IPC Pension Scheme, the IPC Pension Scheme entered into an insurance buy-in contract with a private limited life insurance company to insure the remaining portion of the IPC Pension Scheme covering all IPC Pension Scheme participants who were not covered by the insurance buy-in contract entered into in May 2020. The insurance contract is designed to provide payments equal all future designated contractual benefit payments to covered participants. The benefit obligation was not transferred to the insurer, and Dotdash Meredith remains responsible for paying pension benefits to the IPC Pension Scheme participants. As a result of this transaction, the IPC Pension Scheme incurred an actuarial loss of approximately £110 million, or $134 million based on the July 28, 2022 exchange rate. The actuarial loss will reduce the value of the net assets of the IPC Pension Scheme, which are included in other non-current assets on the balance sheet and at June 30, 2022 was $147.4 million. We are assessing whether this actuarial loss will be recorded in the quarter ending September 30, 2022 or December 31, 2022 as an expense within "Other (expense) income, net" in the statement of operations. In addition, we will be refining the estimate of the actuarial loss. Following this transaction, the IPC Pension Scheme owns two insurance contracts that are intended to insure 100% of the future designated contractual benefit payments to all covered participants. The value of the annuity contracts and the liabilities with respect to insured participants are expected to match (i.e., the full benefits have been insured). As mentioned above, the benefit obligation was not transferred to the insurer, and Dotdash Meredith remains responsible for paying IPC Pension Scheme pension benefits. While the Company currently does not expect to be required to make additional contributions to the IPC Pension Scheme, this may change based upon future events or as additional information becomes available. At August 5, 2022, the Company’s investment in MGM is worth $2.2 billion. This reflects an unrealized pre-tax gain of $367.2 million subsequent to June 30, 2022.

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations IAC today is comprised of Dotdash Meredith, Angi Inc. and Care.com, as well as a number of other businesses ranging from early stage to established. 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).
Basis of Presentation	Basis of Presentation The Company prepares its consolidated financial statements (collectively referred to herein as "financial statements") in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). The 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. All intercompany transactions and balances between and amongst the Company and its subsidiaries have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Accounting Estimates	Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its 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 assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those related to: the fair values of cash equivalents and marketable equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses and the determination of revenue reserves; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of buildings, capitalized software, leasehold improvements and equipment and definite-lived intangible assets; the fair value of assets acquired and liabilities assumed as a result of an acquisition and the allocation of purchase price thereto; 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; pension and postretirement benefit expenses, including actuarial assumptions regarding discount rates, expected returns on plan assets, inflation and healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant.
Accounting for Investments in Equity Securities	Accounting for Investments in Equity Securities Investments in equity securities, other than those of the Company's consolidated subsidiaries and those accounted for under the equity method 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 Liabilities, with any changes to fair value recognized in "Other (expense) income, net" in the statement of operations 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; fair 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.
General Revenue Recognition	General Revenue Recognition Revenue is recognized when control of the promised services or goods is transferred to the Company's customers and in an 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 10—Segment Information." Deferred Revenue Deferred revenue consists of payments that are received or are contractually due in advance of the Company's performance obligation. 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 remaining term of the applicable subscription period or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances are $165.5 million and $0.4 million, respectively, at December 31, 2021, and $137.7 million and $0.7 million, respectively, at December 31, 2020. During the six months ended June 30, 2022, the Company recognized $125.2 million of revenue that was included in the deferred revenue balance at December 31, 2021. During the six months ended June 30, 2021, the Company recognized $105.3 million of revenue that was included in the deferred revenue balance at December 31, 2020. The current and non-current deferred revenue balances are $170.2 million and $0.4 million, at June 30, 2022, respectively. Non-current deferred revenue is included in "Other long-term liabilities" in the 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 tied to sales-based or usage-based royalties, 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 it has the right to invoice for services performed. Costs to Obtain a Contract with a Customer The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset for these costs if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions Dotdash Meredith uses third-party agents to obtain certain subscribers. The agents are paid a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Accordingly, these costs do not qualify for capitalization because there is no contract with a customer until a copy is served to a customer; therefore these costs are expensed when the publication is sent to the customer. Dotdash Meredith recognizes a liability to the extent the commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to agents (such as per subscriber bounties) to acquire subscribers as incurred. Expenses related to third-party agent sales of magazine subscriptions are included in "Selling and marketing expense" in the statement of operations. Commissions Paid to Employees Pursuant to Sales Incentive Programs The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period and are included in "Selling and marketing expense" in the statement of operations. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data. For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred. App Store Fees The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. The amortization of mobile app store fees is included in "Cost of revenue" in the statement of operations. The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet.
Certain Risks and Concentrations - Services Agreement with Google (the "Services Agreement")	Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")A portion of the Company's revenue (and a substantial portion of IAC's net cash from operating activities attributable to continuing operations that it can freely access) is attributable to the Services Agreement. In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted by IAC There are no recently issued accounting pronouncements that have not yet been adopted that are expected to have a material effect on the results of operations, financial condition or cash flows of the Company.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Capitalized Costs to Obtain a Contract with a Customer

The following table presents the capitalized costs to obtain a contract with a customer at June 30, 2022 and December 31, 2021, respectively:


	June 30, 2022						December 31, 2021
	Sales Commissions		App Store Fees		Total		Sales Commissions		App Store Fees		Total
	(In thousands)
Current	$	49,772	$	8,382	$	58,154	$	39,669	$	9,023	$	48,692
Non-current	5,116		—		5,116		6,086		—		6,086
Total	$	54,888	$	8,382	$	63,270	$	45,755	$	9,023	$	54,778

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The components of the loss from discontinued operations for the three and six months ended June 30, 2021 in the statement of operations consisted of the following:


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In thousands)
Revenue	$	56,096	$	145,514
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	15,039		39,995
Selling and marketing expense	22,721		54,774
General and administrative expense	9,815		23,343
Product development expense	14,176		35,651
Depreciation	68		182
Amortization of intangibles	1,096		2,983
Total operating costs and expenses	62,915		156,928
Operating loss from discontinued operations	(6,819)		(11,414)
Interest expense	(76)		(140)
Other income, net	87		10,172
Loss from discontinued operations before tax	(6,808)		(1,382)
Income tax expense	(4,979)		(449)
Loss from discontinued operations, net of tax	$	(11,787)	$	(1,831)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The total purchase price was calculated and allocated as follows:



	(In thousands)
Common stock of Meredith	$	1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total purchase price	$	2,686,465

Schedule of Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:



	(In thousands)
Cash and cash equivalents	$	12,436
Accounts receivable	369,665
Other current assets	91,891
Property and equipment	283,319
Goodwill	1,549,326
Intangible assets	1,110,309
Other non-current assets	677,521
Total assets	4,094,467
Customer deposit liability	(140,690)
Other current liabilities	(444,028)
Deferred income taxes	(237,220)
Other non-current liabilities	(586,064)
Net assets acquired	$	2,686,465

Schedule of Fair Value of Intangible Assets Acquired

The preliminary fair values of the identifiable intangible assets acquired at the date of acquisition are as follows:



	(In thousands)		Useful Life (Years)
Indefinite-lived trade names and trademarks	$	432,800	Indefinite-lived
Advertiser relationships	334,000		5-7
Licensee relationships	150,000		3-6
Trade name and trademarks	105,000		2-5
Subscriber relationships	88,509		1-2
Total identifiable intangible assets acquired	$	1,110,309

Schedule of Pro Forma Financial Information


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In thousands, except per share data)
Revenue	$	1,355,075	$	2,609,646
Net earnings from continuing operations	$	198,081	$	569,817
Basic earnings per share from continuing operations	$	2.25	$	6.44
Diluted earnings per share from continuing operations	$	2.08	$	5.99
Net earnings attributable to IAC shareholders	$	189,513	$	571,432
Basic earnings per share attributable to IAC shareholders	$	2.12	$	6.42
Diluted earnings per share attributable to IAC shareholders	$	1.96	$	5.97

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets, Net

Goodwill and intangible assets, net are as follows:


	June 30, 2022		December 31, 2021
	(In thousands)
Goodwill	$	3,099,075	$	3,226,610
Intangible assets with definite lives, net of accumulated amortization	623,970		735,743
Intangible assets with indefinite lives	678,105		679,149
Total goodwill and intangible assets, net	$	4,401,150	$	4,641,502

Schedule of Goodwill by Reportable Segment

The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the six months ended June 30, 2022:


	Balance at December 31, 2021		Deductions		Impairment		Foreign Exchange Translation		Balance at June 30, 2022
	(In thousands)
Dotdash Meredith	$	1,567,843	$	(34,711)	$	—	$	—	$	1,533,132
Angi Inc.	916,375		(816)		—		(5,260)		910,299
Emerging & Other	742,392		—		(86,748)		—		655,644
Total	$	3,226,610	$	(35,527)	$	(86,748)	$	(5,260)	$	3,099,075

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, 2021:


	Balance at December 31, 2020		Additions		Deductions		Foreign Exchange Translation		Balance at December 31, 2021
	(In thousands)
Dotdash Meredith	$	—	$	1,567,843	$	—	$	—	$	1,567,843
Angi Inc.	892,133		26,822		—		(2,580)		916,375
Emerging & Other	767,969		—		(25,376)		(201)		742,392
Total	$	1,660,102	$	1,594,665	$	(25,376)	$	(2,781)	$	3,226,610

Schedule of Intangible Assets with Definite Lives

At June 30, 2022 and December 31, 2021, intangible assets with definite lives are as follows:


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted-Average Useful Life (Years)
	(In thousands)
Advertiser relationships	$	334,000	$	(44,705)	$	289,295	5.2
Licensee relationships	150,000		(20,459)		129,541		4.9
Trade names	145,503		(34,069)		111,434		5.1
Technology	132,493		(116,374)		16,119		4.3
Service professional relationships	97,720		(97,211)		509		3.0
Subscriber relationships	73,700		(27,726)		45,974		2.0
Customer lists and user base	68,561		(37,463)		31,098		6.4
Other	10,439		(10,439)		—		3.4
Total	$	1,012,416	$	(388,446)	$	623,970	4.6


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted-Average Useful Life (Years)
	(In thousands)
Advertiser relationships	$	334,000	$	(6,386)	$	327,614	5.2
Licensee relationships	150,000		(2,923)		147,077		4.9
Trade names	145,598		(18,224)		127,374		5.1
Technology	133,318		(106,415)		26,903		4.2
Service professional relationships	98,789		(97,877)		912		3.0
Subscriber relationships	73,700		(3,961)		69,739		2.0
Customer lists and user base	68,730		(32,606)		36,124		6.4
Other	10,439		(10,439)		—		3.4
Total	$	1,014,574	$	(278,831)	$	735,743	4.6

Schedule of Expected Amortization of Intangible Assets

At June 30, 2022, amortization of intangible assets with definite lives is estimated to be as follows:


	(In thousands)
Remainder of 2022	$	104,927
2023	176,215
2024	129,738
2025	98,864
2026	81,736
Thereafter	32,490
Total	$	623,970

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Marketable Securities

At June 30, 2022 and December 31, 2021, the fair value of marketable securities are as follows:


	June 30, 2022		December 31, 2021
	(In thousands)
Marketable equity securities	$	30,315	$	19,788

Total marketable securities	$	30,315	$	19,788

Schedule of Investment in MGM Resorts International

Investment in MGM Resorts International


	June 30, 2022		December 31, 2021
	(In thousands)
Investment in MGM Resorts International ("MGM")	$	1,839,306	$	2,649,442

Schedule of Long-term Investments

Long-term investments consist of:


	June 30, 2022		December 31, 2021
	(In thousands)
Equity securities without readily determinable fair values	$	297,352	$	324,649
Equity method investment	4,021		3,189
Total long-term investments	$	301,373	$	327,838

Schedule of Realized and Unrealized Gains and Losses


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Upward adjustments (gross unrealized pre-tax gains)	$	—	$	—	$	—	$	1,376
Downward adjustments including impairments (gross unrealized losses)	(22,376)		—		(22,376)		—
Total	$	(22,376)	$	—	$	(22,376)	$	1,376

Realized and unrealized pre-tax losses and gains for the Company's investments without readily determinable fair values for the three and six months ended June 30, 2022 and 2021 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Realized pre-tax (losses) gains, net, for equity securities	$	(6)	$	—	$	462	$	81
Unrealized pre-tax (losses) gains, net, on equity securities held	(22,376)		—		(22,376)		1,376
Total pre-tax (losses) gains, net recognized	$	(22,382)	$	—	$	(21,914)	$	1,457

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:


	June 30, 2022
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,262,284	$	—	$	—	$	1,262,284

Time deposits	—		11,080		—		11,080
Marketable equity securities	30,315		—		—		30,315
Investment in MGM	1,839,306		—		—		1,839,306
Other non-current assets:
Warrant	—		—		122,145		122,145
Total	$	3,131,905	$	11,080	$	122,145	$	3,265,130


	December 31, 2021
	Quoted Market Prices for Identical Assets in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(In thousands)
Assets:
Cash equivalents:
Money market funds	$	1,660,921	$	—	$	—	$	1,660,921

Time deposits	—		6,057		—		6,057
Marketable equity security	19,788		—		—		19,788
Investment in MGM	2,649,442		—		—		2,649,442
Other non-current assets:
Warrant	—		—		109,294		109,294
Total	$	4,330,151	$	6,057	$	109,294	$	4,445,502

Liabilities:
Contingent consideration arrangements					$	(612)	$	(612)

Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30,
	2022		2021
	Warrant			Warrant
	(In thousands)
Balance at April 1	$	117,279		$	18,051

Total net gains:
Fair value adjustments included in earnings	4,866			42,481

Balance at June 30	$	122,145		$	60,532


	Six Months Ended June 30,
	2022				2021
	Warrant		Contingent Consideration Arrangements		Warrant
	(In thousands)
Balance at January 1	$	109,294	$	(612)	$	5,276

Total net gains:
Fair value adjustments included in earnings	12,851		612		55,256

Balance at June 30	$	122,145	$	—	$	60,532

Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes

The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:


	June 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Current portion of long-term debt	$	(30,000)	$	(28,050)	$	(30,000)	$	(29,550)
Long-term debt, net(a)	$	(2,033,038)	$	(1,845,303)	$	(2,046,237)	$	(2,061,450)

_____________________

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of:


	June 30, 2022		December 31, 2021
	(In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026	$	341,250	$	350,000
Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028	1,243,750		1,250,000
Total Dotdash Meredith long-term debt	1,585,000		1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000		30,000
Less: original issue discount	5,733		6,176
Less: unamortized debt issuance costs	11,142		12,139
Total Dotdash Meredith long-term debt, net	1,538,125		1,551,685

ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15, which commenced February 15, 2021	500,000		500,000


Less: unamortized debt issuance costs	5,087		5,448
Total ANGI Group long-term debt, net	494,913		494,552

Total long-term debt, net	$	2,033,038	$	2,046,237

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive (loss) income into earnings:


	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income
	(In thousands)
Balance at April 1	$	765	$	765	$	4,149	$	4,149
Other comprehensive (loss) income before reclassifications	(13,616)		(13,616)		1,543		1,543
Amounts reclassified to earnings	—		—		—		—
Net current period other comprehensive (loss) income	(13,616)		(13,616)		1,543		1,543
Accumulated other comprehensive income allocated to noncontrolling interests during the period	(1)		(1)		(6)		(6)
Balance as of June 30	$	(12,852)	$	(12,852)	$	5,686	$	5,686


	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
	Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)		Foreign Currency Translation Adjustment		Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities		Accumulated Other Comprehensive (Loss) Income
	(In thousands)
Balance at January 1	$	4,397	$	4,397	$	(6,172)	$	2	$	(6,170)
Other comprehensive (loss) income before reclassifications	(17,250)		(17,250)		1,837		(2)		1,835
Amounts reclassified to earnings	—		—		10,032		—		10,032
Net current period other comprehensive (loss) income	(17,250)		(17,250)		11,869		(2)		11,867
Accumulated other comprehensive loss (income) allocated to noncontrolling interests during the period	1		1		(11)		—		(11)
Balance as of June 30	$	(12,852)	$	(12,852)	$	5,686	$	—	$	5,686

(LOSS) EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share

The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
Basic EPS:
Numerator:
Net (loss) earnings from continuing operations	$	(875,399)	$	203,325	$	(1,116,292)	$	522,270
Net loss attributable to noncontrolling interests of continuing operations	6,269		2,596		11,364		3,632
Net earnings attributed to unvested participating security	—		(6,929)		—		(17,721)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	198,992	$	(1,104,928)	$	508,181

Net loss from discontinued operations, net of tax	$	—	$	(11,787)	$	—	$	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations	—		623		—		(186)
Net loss attributed to unvested participating security	—		376		—		68
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(10,788)	$	—	$	(1,949)

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	188,204	$	(1,104,928)	$	506,232

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)	86,748		86,157		86,766		86,029

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.31	$	(12.73)	$	5.91
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(0.13)	$	—	$	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.18	$	(12.73)	$	5.88


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
Diluted EPS:
Numerator:
Net (loss) earnings from continuing operations	$	(875,399)	$	203,325	$	(1,116,292)	$	522,270
Net loss attributable to noncontrolling interests of continuing operations	6,269		2,596		11,364		3,632
Net earnings attributed to unvested participating security	—		(6,416)		—		(16,482)
Impact from public subsidiaries' dilutive securities(b)	—		172		—		155
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	199,677	$	(1,104,928)	$	509,575

Net loss from discontinued operations, net of tax	$	—	$	(11,787)	$	—	$	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations	—		623		—		(186)
Net loss attributed to unvested participating security	—		348		—		63
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(10,816)	$	—	$	(1,954)

Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders	$	(869,130)	$	188,861	$	(1,104,928)	$	507,621

Denominator:
Weighted average basic IAC Common Stock and Class B common stock shares outstanding(a)	86,748		86,157		86,766		86,029
Dilutive securities(b)(c)(d)	—		7,210		—		6,724
Denominator for earnings per share—weighted average shares(b)(c)(d)	86,748		93,367		86,766		92,753

(Loss) earnings per share:
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.14	$	(12.73)	$	5.49
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders	$	—	$	(0.12)	$	—	$	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders	$	(10.02)	$	2.02	$	(12.73)	$	5.47

_____________________

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents revenue by reportable segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue
Dotdash Meredith
Digital	$	234,510	$	73,333	$	450,675	$	138,754
Print	260,307		—		550,285		—
Intersegment eliminations(a)	(5,293)		—		(10,965)		—
Total Dotdash Meredith	489,524		73,333		989,995		138,754
Angi Inc.	515,782		420,988		951,941		808,017
Search	198,183		183,607		421,568		364,641
Emerging & Other	161,089		151,656		328,083		304,812
Intersegment eliminations	(1,997)		(37)		(3,661)		(107)
Total	$	1,362,581	$	829,547	$	2,687,926	$	1,616,117

The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Operating income (loss):
Dotdash Meredith
Digital	$	10,865	$	19,174	$	8,921	$	37,301
Print	(19,895)		—		(58,166)		—
Other(g)	(18,477)		—		(34,507)		—
Total Dotdash Meredith(h)	(27,507)		19,174		(83,752)		37,301
Angi Inc.	(20,886)		(32,731)		(54,843)		(32,622)
Search	26,297		25,662		51,376		44,048
Emerging & Other	(107,781)		(2,701)		(112,825)		(1,707)
Corporate	(36,263)		(37,824)		(74,910)		(82,670)
Total	$	(166,140)	$	(28,420)	$	(274,954)	$	(35,650)

_____________________

(g) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Adjusted EBITDA(h)(i):
Dotdash Meredith
Digital	$	51,316	$	20,549	$	86,116	$	40,471
Print	$	6,265	$	—	$	(4,215)	$	—
Other(g)	$	(18,414)	$	—	$	(34,200)	$	—
Angi Inc.	$	9,689	$	(4,442)	$	6,520	$	18,744
Search	$	26,317	$	25,670	$	51,417	$	44,056
Emerging & Other	$	(17,060)	$	6,891	$	(16,144)	$	18,855
Corporate	$	(20,716)	$	(22,289)	$	(44,410)	$	(48,637)

_____________________

Schedule of Disaggregation of Segment Revenue

The following table presents the revenue of the Company's segments disaggregated by type of service:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Dotdash Meredith
Digital:
Display advertising revenue	$	157,551	$	44,932	$	294,641	$	82,103
Performance marketing revenue	47,933		27,958		98,038		55,551
Licensing and other revenue	29,026		443		57,996		1,100
Total digital revenue	234,510		73,333		450,675		138,754
Print:
Subscription revenue	109,296		—		241,903		—
Advertising revenue	71,266		—		143,953		—
Project and other revenue	42,254		—		75,279		—
Newsstand revenue	35,596		—		66,835		—
Performance marketing revenue	1,895		—		22,315		—


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Total print revenue	260,307		—		550,285		—
Intersegment eliminations(a)	(5,293)		—		(10,965)		—
Total Dotdash Meredith revenue	$	489,524	$	73,333	$	989,995	$	138,754

(a) Includes inter-segment eliminations related to digital performance marketing revenue of $5.2 million and $10.8 million for the three and six months ended June 30, 2022.

Angi Inc.
North America
Angi Ads and Leads:
Consumer connection revenue(b)	$	259,037	$	240,016	$	471,833	$	461,446
Advertising revenue(c)	65,085		62,608		128,861		123,355
Membership subscription revenue(d)	15,554		17,065		31,791		33,947
Other revenue	5,243		7,431		10,469		14,709
Total Angi Ads and Leads revenue	344,919		327,120		642,954		633,457
Angi Services revenue(e)	150,895		72,825		264,032		127,529
Total North America revenue	495,814		399,945		906,986		760,986
Europe
Consumer connection revenue(f)	16,941		17,345		38,744		39,696
Service professional membership subscription revenue	2,738		3,331		5,628		6,659
Advertising and other revenue	289		367		583		676
Total Europe revenue	19,968		21,043		44,955		47,031
Total Angi Inc. revenue	$	515,782	$	420,988	$	951,941	$	808,017

(b) Includes fees paid by service professionals for consumer matches through Angi Ads and Leads platforms.
(c) Includes revenue from service professionals under contract for advertising.
(d) Includes membership subscription revenue from service professionals and consumers.
(e) Includes revenue from pre-priced offerings and revenue from Angi Roofing.
(f) Includes fees paid by service professionals for consumer matches.

Search
Advertising revenue
Google advertising revenue:	$	124,846	$	153,517	$	274,498	$	308,935
Non-Google advertising revenue	72,088		26,200		144,077		47,734
Total advertising revenue	196,934		179,717		418,575		356,669
Other revenue	1,249		3,890		2,993		7,972
Total Search revenue	$	198,183	$	183,607	$	421,568	$	364,641

Emerging & Other
Subscription revenue	$	92,770	$	88,664	$	187,317	$	172,230
Marketplace revenue	62,590		53,888		128,671		110,159
Media production and distribution revenue	58		2,624		604		10,412
Advertising revenue:
Non-Google advertising revenue	3,940		3,919		7,663		7,312
Google advertising revenue	516		550		1,124		1,121
Total advertising revenue	4,456		4,469		8,787		8,433
Service and other revenue	1,215		2,011		2,704		3,578


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Total Emerging & Other revenue	$	161,089	$	151,656	$	328,083	$	304,812

Schedule of Revenue and Long-lived Assets, Excluding Goodwill and Intangible Assets, by Geography

Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue:
United States	$	1,270,088	$	704,218	$	2,474,436	$	1,359,253
All other countries	92,493		125,329		213,490		256,864
Total	$	1,362,581	$	829,547	$	2,687,926	$	1,616,117


	June 30, 2022		December 31, 2021
	(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States	$	578,693	$	562,628
All other countries	7,663		7,897
Total	$	586,356	$	570,525

Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss)

The following tables reconcile operating income (loss) for the Company's reportable segments and net (loss) earnings attributable to IAC shareholders to Adjusted EBITDA:


	Three Months Ended June 30, 2022
	Operating Income (Loss)(h)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Goodwill Impairment		Adjusted EBITDA(h)
	(In thousands)
Dotdash Meredith
Digital	$	10,865	$	5,110	$	8,203	$	27,138	$	—	$	51,316
Print	(19,895)		$	—	$	4,632	$	21,528	$	—	$	6,265
Other(g)	(18,477)		$	—	$	63	$	—	$	—	$	(18,414)
Angi Inc.	(20,886)		$	13,417	$	13,354	$	3,804	$	—	$	9,689
Search	26,297		$	—	$	20	$	—	$	—	$	26,317
Emerging & Other	(107,781)		$	83	$	279	$	3,611	$	86,748	$	(17,060)
Corporate(j)	(36,263)		$	13,046	$	2,501	$	—	$	—	$	(20,716)
Total	(166,140)
Interest expense	(23,517)
Unrealized loss on investment in MGM Resorts International	(825,305)
Other expense, net	(89,425)
Loss before income taxes	(1,104,387)
Income tax benefit	228,988
Net loss	(875,399)
Net loss attributable to noncontrolling interests	6,269
Net loss attributable to IAC shareholders	$	(869,130)


	Three Months Ended June 30, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	19,174	$	—	$	630	$	745	$	20,549
Angi Inc.	(32,731)		$	9,543	$	15,058	$	3,688	$	(4,442)
Search	25,662		$	—	$	8	$	—	$	25,670
Emerging & Other	(2,701)		$	25	$	364	$	9,203	$	6,891
Corporate(j)	(37,824)		$	14,483	$	1,052	$	—	$	(22,289)
Total	(28,420)
Interest expense	(5,814)
Unrealized gain on investment in MGM Resorts International	275,098
Other income, net	50,286
Earnings from continued operations before income taxes	291,150
Income tax provision	(87,825)
Net earnings from continuing operations	203,325
Loss from discontinued operations, net of tax	(11,787)
Net earnings	191,538
Net loss attributable to noncontrolling interests	3,219
Net earnings attributable to IAC shareholders	$	194,757


	Six Months Ended June 30, 2022
	Operating Income (Loss)(h)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Acquisition-related Contingent Consideration Fair Value Adjustments		Goodwill Impairment		Adjusted EBITDA(h)
	(In thousands)
Dotdash Meredith
Digital	$	8,921	$	9,382	$	15,692	$	52,733	$	(612)	$	—	$	86,116
Print	(58,166)		$	—	$	10,164	$	43,787	$	—	$	—	$	(4,215)
Other(g)	(34,507)		$	—	$	307	$	—	$	—	$	—	$	(34,200)
Angi Inc.	(54,843)		$	26,402	$	27,353	$	7,608	$	—	$	—	$	6,520
Search	51,376		$	—	$	41	$	—	$	—	$	—	$	51,417
Emerging & Other	(112,825)		$	108	$	682	$	9,143	$	—	$	86,748	$	(16,144)
Corporate(j)	(74,910)		$	25,451	$	5,049	$	—	$	—	$	—	$	(44,410)
Total	(274,954)
Interest expense	(45,429)
Unrealized loss on investment in MGM Resorts International	(1,012,635)
Other expense, net	(82,726)
Loss before income taxes	(1,415,744)
Income tax benefit	299,452
Net loss	(1,116,292)
Net loss attributable to noncontrolling interests	11,364
Net loss attributable to IAC shareholders	$	(1,104,928)


	Six Months Ended June 30, 2021
	Operating Income (Loss)		Stock-based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Dotdash Meredith	$	37,301	$	—	$	1,179	$	1,991	$	40,471
Angi Inc.	(32,622)		$	11,577	$	31,027	$	8,762	$	18,744
Search	44,048		$	—	$	8	$	—	$	44,056
Emerging & Other	(1,707)		$	50	$	790	$	19,722	$	18,855
Corporate(j)	(82,670)		$	30,739	$	3,294	$	—	$	(48,637)
Total	(35,650)
Interest expense	(12,431)
Unrealized gain on investment in MGM Resorts International	657,638
Other income, net	53,849
Earnings from continuing operations before income taxes	663,406
Income tax provision	(141,136)
Net earnings from continuing operations	522,270
Loss from discontinued operations, net of tax	(1,831)
Net earnings	520,439
Net loss attributable to noncontrolling interests	3,446
Net earnings attributable to IAC shareholders	$	523,885

_____________________

(j) Includes stock-based compensation expense for awards denominated in the shares of certain subsidiaries of the Company.

FINANCIAL STATEMENT DETAILS (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	June 30, 2022		December 31, 2021		June 30, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,796,202	$	2,118,730	$	3,476,071	$	3,366,176
Restricted cash included in other current assets	16,882		1,941		13,839		448
Restricted cash included in other non-current assets	7,617		1,193		730		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		—		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,820,701	$	2,121,864	$	3,490,640	$	3,477,110

Schedule of Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows:


	June 30, 2022		December 31, 2021		June 30, 2021		December 31, 2020
	(In thousands)
Cash and cash equivalents	$	1,796,202	$	2,118,730	$	3,476,071	$	3,366,176
Restricted cash included in other current assets	16,882		1,941		13,839		448
Restricted cash included in other non-current assets	7,617		1,193		730		449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	—		—		—		110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$	1,820,701	$	2,121,864	$	3,490,640	$	3,477,110

Schedule of Credit Losses

The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2022 and 2021, respectively:



	2022		2021
	(In thousands)
Balance at January 1	$	36,637	$	27,178
Current period provision for credit losses	51,710		42,710
Write-offs charged against the allowance	(41,542)		(37,181)
Recoveries collected	2,710		1,351
Balance at June 30	$	49,515	$	34,058

Schedule of Accumulated Amortization and Depreciation

The following table provides the accumulated amortization and depreciation within the balance sheet:


Asset Category	June 30, 2022		December 31, 2021
	(In thousands)
Right-of-use assets included in other non-current assets	$	115,973	$	87,089
Buildings, capitalized software, leasehold improvements and equipment	$	536,736	$	496,887
Intangible assets	$	388,446	$	278,831

Schedule of Other (Expense) Income, Net

Other (expense) income, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Net periodic pension benefit costs, other than the service cost component(a)	$	(41,829)	$	—	$	(77,188)	$	—
Unrealized (loss) gain related to investments following initial public offerings	(28,696)		10,710		5,656		10,710
(Downward) upward adjustments to the carrying value of equity securities without readily determinable fair values	(22,376)		—		(22,376)		1,376
Unrealized increase in the estimated fair value of a warrant	4,866		42,481		12,851		55,256
Foreign exchange (losses) gains, net(b)	(4,655)		514		(6,229)		(11,118)
Interest Income	2,442		279		3,140		716
Loss on the extinguishment of debt(c)	—		(1,110)		—		(1,110)
Other	823		(2,588)		1,420		(1,981)
Other (expense) income, net	$	(89,425)	$	50,286	$	(82,726)	$	53,849

_____________________

(b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the three months ended March 31, 2021.

(c) Represents the write-off of deferred debt issuance costs related to the ANGI Group Term Loan, which was repaid in its entirety during the second quarter of 2021.

PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

The following table presents the components of net periodic benefit costs for the pension and postretirement benefit plans the Company assumed in connection with the acquisition of Meredith:


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	Pension				Postretirement		Pension				Postretirement
	Domestic		International		Domestic		Domestic		International		Domestic
	(In thousands)
Service cost	$	907	$	—	$	1	$	1,889	$	—	$	3
Interest cost	1,188		3,799		67		1,887		7,074		134
Expected return on plan assets	(598)		(3,792)		—		(2,176)		(8,416)		—
Actuarial (gain) loss recognition	(2,399)		43,564		—		10,133		68,552		—
Net periodic benefit (credit) costs	$	(902)	$	43,571	$	68	$	11,733	$	67,210	$	137

Summary of the Weighted Average Expected Return on Plan Assets


	June 30, 2022				December 31, 2021
	Pension
	Domestic		International			Domestic		International
Expected return on plan assets	3.85	%	1.90	%		6.00	%	1.90	%

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Remaining Costs

A summary of the costs incurred, payments made and related accruals for the six months ended June 30, 2022 is presented below:


	June 30, 2022
	Digital		Print		Other		Total
	(In thousands)
Restructuring charge accruals
Charges incurred (a)	$	7,181	$	23,935	$	4,548	$	35,664
Payments	(2,972)		(10,457)		(780)		(14,209)
Restructuring accrual as of June 30, 2022	$	4,209	$	13,478	$	3,768	$	21,455

_____________________

(a) Excludes $0.4 million related to the write-off of inventory.

A summary of the remaining costs is presented below:


	As of June 30, 2022
	Digital		Print		Other		Total
	(In thousands)
Remaining estimated restructuring costs	$	1,269	$	929	$	150	$	2,348

Schedule of Restructuring Cost Allocation

The costs are allocated as follows in the statement of operations:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	(In thousands)
Cost of revenue	$	4,420	$	16,601
Selling and marketing expense	4,016		9,615
General and administrative expense	4,544		8,858
Product development expense	672		1,015
Total	$	13,652	$	36,089

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)
Revenue and Other [Line Items]
Number of equity method investments \| investment	1		1		1
Current deferred revenue	$ 170,207		$ 170,207		$ 165,451	$ 137,700
Non-current deferred revenue	400		400		400	$ 700
Deferred revenue recognized during period			125,200	$ 105,300
Consolidated revenue	1,362,581	$ 829,547	2,687,926	1,616,117
Customer concentration risk \| Revenue, Segment
Revenue and Other [Line Items]
Consolidated revenue	122,100	150,800	269,300	303,300
Customer concentration risk \| Revenue, Segment \| Ask Media Group \| Search
Revenue and Other [Line Items]
Consolidated revenue	97,600	123,200	218,100	244,600
Customer concentration risk \| Revenue, Segment \| Desktop \| Search
Revenue and Other [Line Items]
Consolidated revenue	24,500	27,600	51,200	58,700
Customer concentration risk \| Google Inc. \| Revenue, Segment
Revenue and Other [Line Items]
Consolidated revenue	$ 169,300	$ 169,600	$ 362,700	$ 341,400
Concentration risk (as a percent)	12.00%	20.00%	13.00%	21.00%
Customer concentration risk \| Google Inc. \| Accounts Receivable
Revenue and Other [Line Items]
Accounts receivable	$ 56,400		$ 56,400		$ 89,100
Customer concentration risk \| Services Agreement \| Revenue, Segment
Revenue and Other [Line Items]
Concentration risk (as a percent)	9.00%	18.00%	10.00%	19.00%

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Contract Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Current	$ 58,154	$ 48,692
Non-current	5,116	6,086
Total	63,270	54,778
Sales Commissions
Capitalized Contract Cost [Line Items]
Current	49,772	39,669
Non-current	5,116	6,086
Total	54,888	45,755
App Store Fees
Capitalized Contract Cost [Line Items]
Current	8,382	9,023
Non-current	0	0
Total	$ 8,382	$ 9,023

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 228,988	$ (87,825)	$ 299,452	$ (141,136)
Effective income tax rate (as a percent)	21.00%	30.00%	21.00%	21.00%
Unrecognized tax benefits, including interest and penalties	$ 17,400		$ 17,400		$ 18,000
Increase (decrease) in unrecognized tax benefits, including interest and penalties during the period			600
Unrecognized tax benefits, if subsequently recognized would reduce income tax expense	16,300		16,300		$ 16,700
Decrease in unrecognized tax benefit, reasonably possible within twelve months	1,300		1,300
Unrecognized tax benefits, reduction resulting from expected settlements			1,100
Deferred tax assets	864,900		864,900
Portion of deferred tax assets that will be utilized upon future reversal of deferred tax liabilities	770,900		770,900
Portion of deferred tax assets that will be utilized based on forecasts of future taxable income	94,000		94,000
Deferred tax assets, U.S. federal operating loss carryforwards	$ 91,200		91,200
Future taxable income			$ 434,100

DISCONTINUED OPERATIONS - Components of Earnings from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating costs and expenses:
Loss from discontinued operations, net of tax	$ 0	$ (11,787)	$ 0	$ (1,831)
Vimeo \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		56,096		145,514
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)		15,039		39,995
Selling and marketing expense		22,721		54,774
General and administrative expense		9,815		23,343
Product development expense		14,176		35,651
Depreciation		68		182
Amortization of intangibles		1,096		2,983
Total operating costs and expenses		62,915		156,928
Operating loss from discontinued operations		(6,819)		(11,414)
Interest expense		(76)		(140)
Other income, net		87		10,172
Loss from discontinued operations before tax		(6,808)		(1,382)
Income tax expense		(4,979)		(449)
Loss from discontinued operations, net of tax		$ (11,787)		$ (1,831)

BUSINESS COMBINATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Dec. 01, 2021	Jun. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Increase in amortization expense		$ 30.1	$ 53.9
Meredith Corporation
Business Acquisition [Line Items]
Business acquisition, purchase price (in dollars per share)	$ 42.18
Adjustment accounts receivable and other receivables	$ 10.1
Contingency liability, including indemnification liabilities	$ 100.0

BUSINESS COMBINATION - Purchase Price Allocation (Details) - Meredith Corporation $ in Thousands	Dec. 01, 2021 USD ($)
Business Acquisition [Line Items]
Common stock of Meredith	$ 1,931,376
Cash payment used to settle a portion of Meredith debt	625,000
Cash settlement of all outstanding vested equity awards and deferred compensation	130,089
Total purchase price	$ 2,686,465

BUSINESS COMBINATION - Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 3,099,075	$ 3,226,610		$ 1,660,102
Meredith Corporation
Business Acquisition [Line Items]
Cash and cash equivalents			$ 12,436
Accounts receivable			369,665
Other current assets			91,891
Property and equipment			283,319
Goodwill			1,549,326
Intangible assets			1,110,309
Other non-current assets			677,521
Total assets			4,094,467
Customer deposit liability			(140,690)
Other current liabilities			(444,028)
Deferred income taxes			(237,220)
Other non-current liabilities			(586,064)
Net assets acquired			$ 2,686,465

BUSINESS COMBINATION - Preliminary Estimated Fair Value of Intangible Assets Acquired (Details) - Meredith Corporation $ in Thousands	Dec. 01, 2021 USD ($)
Acquired Intangible Assets [Line Items]
Total identifiable intangible assets acquired	$ 1,110,309
Advertiser relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 334,000
Advertiser relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	5 years
Advertiser relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	7 years
Licensee relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 150,000
Licensee relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	3 years
Licensee relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	6 years
Trade name and trademarks
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 105,000
Trade name and trademarks \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	2 years
Trade name and trademarks \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	5 years
Subscriber relationships
Acquired Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 88,509
Subscriber relationships \| Minimum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	1 year
Subscriber relationships \| Maximum
Acquired Intangible Assets [Line Items]
Weighted-Average Useful Life (Years)	2 years
Trade name and trademarks
Acquired Intangible Assets [Line Items]
Indefinite-lived trade names and trademarks	$ 432,800

BUSINESS COMBINATION - Pro-Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Business Acquisition, Pro Forma Information [Abstract]
Revenue	$ 1,355,075	$ 2,609,646
Net earnings from continuing operations	$ 198,081	$ 569,817
Basic earnings per share from continuing operations (USD per share)	$ 2.25	$ 6.44
Diluted earnings per share from continuing operations (USD per share)	$ 2.08	$ 5.99
Net earnings attributable to IAC shareholders	$ 189,513	$ 571,432
Basic earnings per share attributable to IAC shareholders (USD per share)	$ 2.12	$ 6.42
Diluted earnings per share attributable to IAC shareholders (USD per share)	$ 1.96	$ 5.97

GOODWILL AND INTANGIBLE ASSETS - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,099,075	$ 3,226,610	$ 1,660,102
Intangible assets with definite lives, net of accumulated amortization	623,970	735,743
Intangible assets with indefinite lives	678,105	679,149
Total goodwill and intangible assets, net	$ 4,401,150	$ 4,641,502

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill
Balance at beginning of period			$ 3,226,610	$ 1,660,102	$ 1,660,102
Additions					1,594,665
Deductions			(35,527)		(25,376)
Impairment	$ (86,748)	$ 0	(86,748)	0
Foreign Exchange Translation			(5,260)		(2,781)
Balance at end of period	3,099,075		3,099,075		3,226,610
Dotdash Meredith
Goodwill
Balance at beginning of period			1,567,843
Additions					1,567,843
Deductions			(34,711)		0
Impairment			0
Balance at end of period	1,533,132		1,533,132		1,567,843
Angi Inc.
Goodwill
Balance at beginning of period			916,375	892,133	892,133
Additions					26,822
Deductions			(816)		0
Impairment			0
Foreign Exchange Translation			(5,260)		(2,580)
Balance at end of period	910,299		910,299		916,375
Emerging & Other
Goodwill
Balance at beginning of period			742,392	$ 767,969	767,969
Additions					0
Deductions			0		(25,376)
Impairment			(86,748)
Foreign Exchange Translation					(201)
Balance at end of period	$ 655,644		$ 655,644		$ 742,392

- Definition

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
Goodwill impairment	$ 86,748	$ 0	$ 86,748	$ 0
Goodwill	3,099,075		3,099,075		$ 3,226,610	$ 1,660,102
Mosaic Group
Goodwill [Line Items]
Goodwill	$ 156,300		$ 156,300
Mosaic Group \| Discount Rate
Goodwill [Line Items]
Measurement input (as a percent)	0.160		0.160
Emerging & Other
Goodwill [Line Items]
Goodwill impairment			$ 86,748
Goodwill	$ 655,644		655,644		742,392	$ 767,969
Emerging & Other \| Mosaic Group
Goodwill [Line Items]
Goodwill impairment	86,700
Accumulated impairment on goodwill	86,700		86,700
Search
Goodwill [Line Items]
Accumulated impairment on goodwill	981,300		981,300		981,300
Dotdash Meredith
Goodwill [Line Items]
Goodwill impairment			0
Goodwill	1,533,132		1,533,132		1,567,843
Accumulated impairment on goodwill	$ 198,300		$ 198,300		$ 198,300

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible assets with definite lives
Gross Carrying Amount	$ 1,012,416	$ 1,014,574
Accumulated Amortization	(388,446)	(278,831)
Total	$ 623,970	$ 735,743
Weighted-Average Useful Life (Years)	4 years 7 months 6 days	4 years 7 months 6 days
Advertiser relationships
Intangible assets with definite lives
Gross Carrying Amount	$ 334,000	$ 334,000
Accumulated Amortization	(44,705)	(6,386)
Total	$ 289,295	$ 327,614
Weighted-Average Useful Life (Years)	5 years 2 months 12 days	5 years 2 months 12 days
Licensee relationships
Intangible assets with definite lives
Gross Carrying Amount	$ 150,000	$ 150,000
Accumulated Amortization	(20,459)	(2,923)
Total	$ 129,541	$ 147,077
Weighted-Average Useful Life (Years)	4 years 10 months 24 days	4 years 10 months 24 days
Trade names
Intangible assets with definite lives
Gross Carrying Amount	$ 145,503	$ 145,598
Accumulated Amortization	(34,069)	(18,224)
Total	$ 111,434	$ 127,374
Weighted-Average Useful Life (Years)	5 years 1 month 6 days	5 years 1 month 6 days
Technology
Intangible assets with definite lives
Gross Carrying Amount	$ 132,493	$ 133,318
Accumulated Amortization	(116,374)	(106,415)
Total	$ 16,119	$ 26,903
Weighted-Average Useful Life (Years)	4 years 3 months 18 days	4 years 2 months 12 days
Service professional relationships
Intangible assets with definite lives
Gross Carrying Amount	$ 97,720	$ 98,789
Accumulated Amortization	(97,211)	(97,877)
Total	$ 509	$ 912
Weighted-Average Useful Life (Years)	3 years	3 years
Subscriber relationships
Intangible assets with definite lives
Gross Carrying Amount	$ 73,700	$ 73,700
Accumulated Amortization	(27,726)	(3,961)
Total	$ 45,974	$ 69,739
Weighted-Average Useful Life (Years)	2 years	2 years
Customer lists and user base
Intangible assets with definite lives
Gross Carrying Amount	$ 68,561	$ 68,730
Accumulated Amortization	(37,463)	(32,606)
Total	$ 31,098	$ 36,124
Weighted-Average Useful Life (Years)	6 years 4 months 24 days	6 years 4 months 24 days
Other
Intangible assets with definite lives
Gross Carrying Amount	$ 10,439	$ 10,439
Accumulated Amortization	$ (10,439)	$ (10,439)
Weighted-Average Useful Life (Years)	3 years 4 months 24 days	3 years 4 months 24 days

GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 104,927
2023	176,215
2024	129,738
2025	98,864
2026	81,736
Thereafter	32,490
Total	$ 623,970	$ 735,743

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Marketable equity securities	$ 30,315	$ 19,788
Total marketable securities	$ 30,315	$ 19,788

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		6 Months Ended		27 Months Ended
	Feb. 16, 2022 USD ($) shares	Aug. 05, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Aug. 01, 2022 shares	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of investments in marketable equity securities \| investment					2
Unrealized gain (loss) on marketable equity security			$ (28,700)	$ 10,700	$ 5,700	$ 10,700
Unrealized gain (loss) on investment in MGM Resorts International			(825,305)	275,098	(1,012,635)	657,638
Total upward adjustments to equity securities without readily determinable fair value			28,700		28,700		$ 28,700
Total downward adjustments to equity securities without readily determinable fair value			61,000		61,000		61,000
Contingent consideration arrangement liability									$ 612
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration arrangement liability			7,000		7,000		7,000
MGM \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage								16.20%
MGM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of equity securities purchased (in shares) \| shares	4.5
Payments to acquire additional MGM shares	$ 202,500
Unrealized gain (loss) on investment in MGM Resorts International			$ 825,300	$ 275,100	$ 1,000,000	$ 657,600	$ 617,200
MGM \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total number of equity securities owned (in shares) \| shares								63.5
Unrealized gain (loss) on investment in MGM Resorts International		$ 367,200
Turo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest in equity method investment (as a percent)			26.80%		26.80%		26.80%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Investments in MGM Resorts International (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Investment in MGM Resorts International	$ 1,839,306	$ 2,649,442

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Long-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Equity securities without readily determinable fair values	$ 297,352	$ 324,649
Equity method investment	4,021	3,189
Long-term investments	$ 301,373	$ 327,838

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Adjustments to the Carrying Value of Equity Securities Without Readily Determinable Fair Values
Upward adjustments (gross unrealized pre-tax gains)	$ 0	$ 0	$ 0	$ 1,376
Downward adjustments including impairments (gross unrealized losses)	(22,376)	0	(22,376)	0
Total	(22,376)	0	(22,376)	1,376
Equity Securities without Readily Determinable Fair Values, Realized and Unrealized Gains (Losses)
Realized pre-tax (losses) gains, net, for equity securities	(6)	0	462	81
Unrealized pre-tax (losses) gains, net, on equity securities held	(22,376)	0	(22,376)	1,376
Total pre-tax (losses) gains, net recognized	$ (22,382)	$ 0	$ (21,914)	$ 1,457

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Investment in MGM	$ 1,839,306	$ 2,649,442
Other non-current assets	882,466	1,037,067
Total assets	3,265,130	4,445,502
Liabilities:
Contingent consideration arrangements		(612)
Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Investment in MGM	1,839,306	2,649,442
Total assets	3,131,905	4,330,151
Significant Other Observable Inputs (Level 2)
Assets:
Investment in MGM	0	0
Total assets	11,080	6,057
Significant Unobservable Inputs (Level 3)
Assets:
Investment in MGM	0	0
Total assets	122,145	109,294
Liabilities:
Contingent consideration arrangements		(612)
Money market funds
Assets:
Cash equivalents	1,262,284	1,660,921
Money market funds \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Cash equivalents	1,262,284	1,660,921
Money market funds \| Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents	0	0
Money market funds \| Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Time deposits
Assets:
Cash equivalents	11,080	6,057
Time deposits \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Cash equivalents	0	0
Time deposits \| Significant Other Observable Inputs (Level 2)
Assets:
Cash equivalents	11,080	6,057
Time deposits \| Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Marketable equity securities
Assets:
Marketable equity securities	30,315	19,788
Marketable equity securities \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Marketable equity securities	30,315	19,788
Marketable equity securities \| Significant Other Observable Inputs (Level 2)
Assets:
Marketable equity securities	0	0
Marketable equity securities \| Significant Unobservable Inputs (Level 3)
Assets:
Marketable equity securities	0	0
Warrant
Assets:
Other non-current assets	122,145	109,294
Warrant \| Quoted Market Prices for Identical Assets in Active Markets (Level 1)
Assets:
Other non-current assets	0	0
Warrant \| Significant Other Observable Inputs (Level 2)
Assets:
Other non-current assets	0	0
Warrant \| Significant Unobservable Inputs (Level 3)
Assets:
Other non-current assets	$ 122,145	$ 109,294

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Contingent Consideration Arrangement
Contingent Consideration Arrangements
Balance at beginning of period			$ (612)
Fair value adjustments included in earnings			612
Balance at end of period	$ 0		0
Warrant
Warrant
Balance at beginning of period	117,279	$ 18,051	109,294	$ 5,276
Fair value adjustments included in earnings	4,866	42,481	12,851	55,256
Balance at end of period	$ 122,145	$ 60,532	$ 122,145	$ 60,532

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	$ (30,000)	$ (30,000)
Long-term debt, net	(2,033,038)	(2,046,237)
Unamortized original issue discount and debt issuance costs	22,000	23,800
Carrying Value
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	(30,000)	(30,000)
Long-term debt, net	(2,033,038)	(2,046,237)
Fair Value
Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of long-term debt	(28,050)	(29,550)
Long-term debt, net	$ (1,845,303)	$ (2,061,450)

LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: current portion of Dotdash Meredith long-term debt	$ 30,000	$ 30,000
Long-term debt, net	$ 2,033,038	$ 2,046,237
Term Loan \| Dotdash Meredith Term loan A Facility
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)	3.15%	2.15%
Term Loan \| Dotdash Meredith Term Loan B Facility
Debt Instrument [Line Items]
Interest rate on debt instrument (as a percent)	5.15%	4.50%
Dotdash Meredith
Debt Instrument [Line Items]
Long-term debt	$ 1,585,000	$ 1,600,000
Less: current portion of Dotdash Meredith long-term debt	30,000	30,000
Less: original issue discount	5,733	6,176
Less: unamortized debt issuance costs	11,142	12,139
Long-term debt, net	1,538,125	1,551,685
Dotdash Meredith \| Term Loan \| Dotdash Meredith Term loan A Facility
Debt Instrument [Line Items]
Long-term debt	341,250	350,000
Dotdash Meredith \| Term Loan \| Dotdash Meredith Term Loan B Facility
Debt Instrument [Line Items]
Long-term debt	1,243,750	1,250,000
Angi Inc.
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	5,087	5,448
Long-term debt, net	494,913	494,552
Angi Inc. \| Senior Notes \| ANGI 3.875% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 500,000
Interest rate on debt instrument (as a percent)	3.875%

LONG-TERM DEBT - Narrative (Details)			6 Months Ended		11 Months Ended	12 Months Ended		37 Months Ended	83 Months Ended
LONG-TERM DEBT - Narrative (Details)	Jun. 30, 2022 USD ($)	Dec. 01, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 01, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 01, 2028 USD ($)	Nov. 05, 2018 USD ($)
Debt Instrument [Line Items]
Repayments of term loan			$ 0	$ 220,000,000
Dotdash Meredith Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt covenant, minimum amount needed to be drawn	$ 1.00
Debt covenant, percentage of face	1.02
Debt covenant, outstanding face amount of undrawn letters of credit, minimum	$ 25,000,000
Consolidated net leverage ratio (no greater than)	5.5
Debt covenant, net leverage ratio that would limit dividends			4.0
Dotdash Meredith Term loan A Facility \| Term Loan
Debt Instrument [Line Items]
Term of debt instrument (years)		5 years
Face amount of debt instrument		$ 350,000,000
Interest rate on debt instrument (as a percent)	3.15%		3.15%				2.15%
Dotdash Meredith Term loan A Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly repayments of principal					$ 13,100,000	$ 8,800,000		$ 4,400,000
Dotdash Meredith Term loan A Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.00%
Dotdash Meredith Term Loan B Facility \| Term Loan
Debt Instrument [Line Items]
Term of debt instrument (years)		7 years
Face amount of debt instrument		$ 1,250,000,000
Interest rate on debt instrument (as a percent)	5.15%		5.15%				4.50%
Dotdash Meredith Term Loan B Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly repayments of principal									$ 3,100,000
Dotdash Meredith Term Loan B Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.00%
Dotdash Meredith Term Loan B Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.50%
Dotdash Meredith Revolving Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Term of debt instrument (years)		5 years
Maximum borrowing capacity		$ 150,000,000
Outstanding borrowings under the credit facility	$ 0		$ 0				$ 0
Commitment fee (in basis points)			0.35%				0.35%
ANGI 3.875% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Maximum leverage ratio	3.75		3.75
ANGI Group Credit Facility
Debt Instrument [Line Items]
Repayments of term loan				$ 220,000,000
ANGI Group Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 250,000,000

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$ 7,500,917,000	$ 7,246,020,000	$ 7,748,960,000	$ 7,150,928,000
Total other comprehensive (loss) income, net of income taxes	(14,392,000)	1,803,000	(18,093,000)	12,818,000
Balance at end of period	6,625,163,000	7,745,148,000	6,625,163,000	7,745,148,000
Tax provision (benefit) on accumulated other comprehensive (loss) income	0	0	0	0
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	765,000	4,149,000	4,397,000	(6,172,000)
Balance at end of period	(12,852,000)	5,686,000	(12,852,000)	5,686,000
Foreign Currency Translation Adjustment including portion attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications	(13,616,000)	1,543,000	(17,250,000)	1,837,000
Amounts reclassified to earnings	0	0	0	10,032,000
Total other comprehensive (loss) income, net of income taxes	(13,616,000)	1,543,000	(17,250,000)	11,869,000
Foreign Currency Translation Adjustment attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes	(1,000)	(6,000)	1,000	(11,000)
Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period				2,000
Balance at end of period		0		0
Unrealized Gains (Losses) on Available-for-Sale Debt Securities including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications				(2,000)
Amounts reclassified to earnings				0
Total other comprehensive (loss) income, net of income taxes				(2,000)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes				0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	765,000	4,149,000	4,397,000	(6,170,000)
Balance at end of period	(12,852,000)	5,686,000	(12,852,000)	5,686,000
Accumulated Other Comprehensive (Loss) Income including portion attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Other comprehensive (loss) income before reclassifications	(13,616,000)	1,543,000	(17,250,000)	1,835,000
Amounts reclassified to earnings	0	0	0	10,032,000
Total other comprehensive (loss) income, net of income taxes	(13,616,000)	1,543,000	(17,250,000)	11,867,000
Accumulated Other Comprehensive (Loss) Income attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, net of income taxes	$ (1,000)	$ (6,000)	$ 1,000	$ (11,000)

(LOSS) EARNINGS PER SHARE - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 05, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator: Basic
Net (loss) earnings from continuing operations		$ (875,399)	$ 203,325	$ (1,116,292)	$ 522,270
Net loss attributable to noncontrolling interests of continuing operations		6,269	2,596	11,364	3,632
Net earnings attributed to unvested participating security		0	(6,929)	0	(17,721)
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		(869,130)	198,992	(1,104,928)	508,181
Net loss from discontinued operations, net of tax		0	(11,787)	0	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations		0	623	0	(186)
Net loss attributed to unvested participating security		0	376	0	68
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		0	(10,788)	0	(1,949)
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$ (869,130)	$ 188,204	$ (1,104,928)	$ 506,232
Denominator: Basic
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (shares)		86,748,000	86,157,000	86,766,000	86,029,000
Earnings (loss) per share: Basic
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (10.02)	$ 2.31	$ (12.73)	$ 5.91
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		0	(0.13)	0	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (10.02)	$ 2.18	$ (12.73)	$ 5.88
Numerator: Diluted
Net (loss) earnings from continuing operations		$ (875,399)	$ 203,325	$ (1,116,292)	$ 522,270
Net loss attributable to noncontrolling interests of continuing operations		6,269	2,596	11,364	3,632
Net earnings attributed to unvested participating security		0	(6,416)	0	(16,482)
Impact from public subsidiaries' dilutive securities		0	172	0	155
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders		(869,130)	199,677	(1,104,928)	509,575
Net loss from discontinued operations, net of tax		0	(11,787)	0	(1,831)
Net loss (earnings) attributable to noncontrolling interests of discontinued operations		0	623	0	(186)
Net loss attributed to unvested participating security		0	348	0	63
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders		0	(10,816)	0	(1,954)
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders		$ (869,130)	$ 188,861	$ (1,104,928)	$ 507,621
Denominator: Diluted
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (shares)		86,748,000	86,157,000	86,766,000	86,029,000
Dilutive securities (shares)		0	7,210,000	0	6,724,000
Denominator for earnings per share - weighted average shares (shares)		86,748,000	93,367,000	86,766,000	92,753,000
Earnings (loss) per share: Diluted
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (10.02)	$ 2.14	$ (12.73)	$ 5.49
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		0	(0.12)	0	(0.02)
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders (USD per share)		$ (10.02)	$ 2.02	$ (12.73)	$ 5.47
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares)		8,100,000	3,000,000	8,100,000	3,000,000
Chief Executive Officer \| Restricted Stock Awards \| RSA Agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares authorized for issuance (in shares)	3,000,000
Term of employment agreement and restricted stock agreement (in years)	10 years

SEGMENT INFORMATION - Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,362,581	$ 829,547	$ 2,687,926	$ 1,616,117
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	489,524	73,333	989,995	138,754
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	234,510	73,333	450,675	138,754
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	260,307	0	550,285	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	515,782	420,988	951,941	808,017
Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	198,183	183,607	421,568	364,641
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	161,089	151,656	328,083	304,812
Inter-segment eliminations
Segment Reporting Information [Line Items]
Revenue	(1,997)	(37)	(3,661)	(107)
Inter-segment eliminations \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	$ (5,293)	0	$ (10,965)	0
Inter-segment eliminations \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue		$ 0		$ 0

SEGMENT INFORMATION - Revenue Disaggregated by Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,362,581	$ 829,547	$ 2,687,926	$ 1,616,117
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	489,524	73,333	989,995	138,754
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	234,510	73,333	450,675	138,754
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	260,307	0	550,285	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	515,782	420,988	951,941	808,017
Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	198,183	183,607	421,568	364,641
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	161,089	151,656	328,083	304,812
Inter-segment eliminations
Segment Reporting Information [Line Items]
Revenue	(1,997)	(37)	(3,661)	(107)
Inter-segment eliminations \| Dotdash Meredith
Segment Reporting Information [Line Items]
Revenue	(5,293)	0	(10,965)	0
Inter-segment eliminations \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue		0		0
North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	495,814	399,945	906,986	760,986
Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	19,968	21,043	44,955	47,031
Display advertising \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	157,551	44,932	294,641	82,103
Performance marketing \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	47,933	27,958	98,038	55,551
Performance marketing \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	1,895	0	22,315	0
Performance marketing \| Inter-segment eliminations \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	(5,200)		(10,800)
Licensing and other \| Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Revenue	29,026	443	57,996	1,100
Subscription \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	109,296	0	241,903	0
Advertising \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	71,266	0	143,953	0
Advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	196,934	179,717	418,575	356,669
Advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	4,456	4,469	8,787	8,433
Google advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	124,846	153,517	274,498	308,935
Google advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	516	550	1,124	1,121
Non-Google advertising \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	72,088	26,200	144,077	47,734
Non-Google advertising \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	3,940	3,919	7,663	7,312
Project and Other Print \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	42,254	0	75,279	0
Newsstand \| Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Revenue	35,596	0	66,835	0
Ads and Leads \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	344,919	327,120	642,954	633,457
Consumer connection \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	259,037	240,016	471,833	461,446
Consumer connection \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	16,941	17,345	38,744	39,696
Advertising \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	65,085	62,608	128,861	123,355
Membership subscription \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	15,554	17,065	31,791	33,947
Other \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	5,243	7,431	10,469	14,709
Angi Services \| North America \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	150,895	72,825	264,032	127,529
Service professional membership subscription \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	2,738	3,331	5,628	6,659
Advertising and other \| Europe \| Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Revenue	289	367	583	676
Other \| Operating Segments \| Search
Segment Reporting Information [Line Items]
Revenue	1,249	3,890	2,993	7,972
Subscription \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	92,770	88,664	187,317	172,230
Marketplace \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	62,590	53,888	128,671	110,159
Media production and distribution \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	58	2,624	604	10,412
Service and other \| Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Revenue	$ 1,215	$ 2,011	$ 2,704	$ 3,578

SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue and Long-lived Assets by Geography
Revenue	$ 1,362,581	$ 829,547	$ 2,687,926	$ 1,616,117
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	586,356		586,356		$ 570,525
United States
Revenue and Long-lived Assets by Geography
Revenue	1,270,088	704,218	2,474,436	1,359,253
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	578,693		578,693		562,628
All other countries
Revenue and Long-lived Assets by Geography
Revenue	92,493	$ 125,329	213,490	$ 256,864
Long-lived assets (excluding goodwill, intangible assets and ROU assets)	$ 7,663		$ 7,663		$ 7,897

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 220
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-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

SEGMENT INFORMATION - Operating Income (Loss) and Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (166,140)	$ (28,420)	$ (274,954)	$ (35,650)
Charges incurred	13,700		36,100
Meredith Corporation
Segment Reporting Information [Line Items]
Transaction-related costs	1,200		5,200
Operating Segments \| Dotdash Meredith
Segment Reporting Information [Line Items]
Operating Income (Loss)	(27,507)	19,174	(83,752)	37,301
Adjusted EBITDA		20,549		40,471
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting Information [Line Items]
Operating Income (Loss)	10,865	19,174	8,921	37,301
Adjusted EBITDA	51,316	20,549	86,116	40,471
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting Information [Line Items]
Operating Income (Loss)	(19,895)		(58,166)
Adjusted EBITDA	6,265	0	(4,215)	0
Operating Segments \| Dotdash Meredith \| Other
Segment Reporting Information [Line Items]
Operating Income (Loss)	(18,477)		(34,507)
Adjusted EBITDA	(18,414)	0	(34,200)	0
Operating Segments \| Angi Inc.
Segment Reporting Information [Line Items]
Operating Income (Loss)	(20,886)	(32,731)	(54,843)	(32,622)
Adjusted EBITDA	9,689	(4,442)	6,520	18,744
Operating Segments \| Search
Segment Reporting Information [Line Items]
Operating Income (Loss)	26,297	25,662	51,376	44,048
Adjusted EBITDA	26,317	25,670	51,417	44,056
Operating Segments \| Emerging & Other
Segment Reporting Information [Line Items]
Operating Income (Loss)	(107,781)	(2,701)	(112,825)	(1,707)
Adjusted EBITDA	(17,060)	6,891	(16,144)	18,855
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(36,263)	(37,824)	(74,910)	(82,670)
Adjusted EBITDA	$ (20,716)	$ (22,289)	$ (44,410)	$ (48,637)

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	$ (166,140)	$ (28,420)	$ (274,954)	$ (35,650)
Stock-based compensation expense	31,656	24,051	61,343	42,366
Depreciation			59,288	36,298
Amortization of intangibles	56,081	13,636	113,271	30,475
Depreciation	29,052	17,112	59,288	36,298
Goodwill impairment	86,748	0	86,748	0
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	0	(11,787)	0	(1,831)
Net (loss) earnings	(875,399)	191,538	(1,116,292)	520,439
Net loss attributable to noncontrolling interests	6,269	3,219	11,364	3,446
Net (loss) earnings attributable to IAC shareholders	(869,130)	194,757	(1,104,928)	523,885
Dotdash Meredith
Segment Reporting, Other Significant Reconciling Item
Goodwill impairment			0
Angi Inc.
Segment Reporting, Other Significant Reconciling Item
Goodwill impairment			0
Emerging & Other
Segment Reporting, Other Significant Reconciling Item
Goodwill impairment			86,748
Operating Segments \| Dotdash Meredith
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(27,507)	19,174	(83,752)	37,301
Stock-based compensation expense		0		0
Depreciation		630		1,179
Amortization of intangibles		745		1,991
Adjusted EBITDA		20,549		40,471
Operating Segments \| Dotdash Meredith \| Digital
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	10,865	19,174	8,921	37,301
Stock-based compensation expense	5,110		9,382
Depreciation	8,203		15,692
Amortization of intangibles	27,138		52,733
Acquisition-related Contingent Consideration Fair Value Adjustments			(612)
Adjusted EBITDA	51,316	20,549	86,116	40,471
Operating Segments \| Dotdash Meredith \| Print
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(19,895)		(58,166)
Stock-based compensation expense	0		0
Depreciation	4,632		10,164
Amortization of intangibles	21,528		43,787
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Adjusted EBITDA	6,265	0	(4,215)	0
Operating Segments \| Dotdash Meredith \| Other
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(18,477)		(34,507)
Stock-based compensation expense	0		0
Depreciation	63		307
Amortization of intangibles	0		0
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Adjusted EBITDA	(18,414)	0	(34,200)	0
Operating Segments \| Angi Inc.
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(20,886)	(32,731)	(54,843)	(32,622)
Stock-based compensation expense	13,417	9,543	26,402	11,577
Depreciation		15,058	27,353	31,027
Amortization of intangibles	3,804	3,688	7,608	8,762
Depreciation	13,354
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Goodwill impairment	0		0
Adjusted EBITDA	9,689	(4,442)	6,520	18,744
Operating Segments \| Search
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	26,297	25,662	51,376	44,048
Stock-based compensation expense	0	0	0	0
Depreciation		8	41	8
Amortization of intangibles	0	0	0	0
Depreciation	20
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Goodwill impairment	0		0
Adjusted EBITDA	26,317	25,670	51,417	44,056
Operating Segments \| Emerging & Other
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(107,781)	(2,701)	(112,825)	(1,707)
Stock-based compensation expense	83	25	108	50
Depreciation		364	682	790
Amortization of intangibles	3,611	9,203	9,143	19,722
Depreciation	279
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Goodwill impairment	86,748		86,748
Adjusted EBITDA	(17,060)	6,891	(16,144)	18,855
Corporate
Segment Reporting, Other Significant Reconciling Item
Operating Income (Loss)	(36,263)	(37,824)	(74,910)	(82,670)
Stock-based compensation expense	13,046	14,483	25,451	30,739
Depreciation		1,052	5,049	3,294
Amortization of intangibles	0	0	0	0
Depreciation	2,501
Acquisition-related Contingent Consideration Fair Value Adjustments			0
Goodwill impairment	0		0
Adjusted EBITDA	$ (20,716)	$ (22,289)	$ (44,410)	$ (48,637)

FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,796,202	$ 2,118,730	$ 3,476,071	$ 3,366,176
Restricted cash included in other current assets	16,882	1,941	13,839	448
Restricted cash included in other non-current assets	7,617	1,193	730	449
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations	0	0	0	110,037
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows	$ 1,820,701	$ 2,121,864	$ 3,490,640	$ 3,477,110

FINANCIAL STATEMENT DETAILS - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1	$ 36,637	$ 27,178
Current period provision for credit losses	51,710	42,710
Write-offs charged against the allowance	(41,542)	(37,181)
Recoveries collected	2,710	1,351
Balance at June 30	$ 49,515	$ 34,058

FINANCIAL STATEMENT DETAILS - Accumulated Amortization and Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Depreciation, Depletion and Amortization [Abstract]
Right-of-use assets included in other non-current assets	$ 115,973	$ 87,089
Buildings, capitalized software, leasehold improvements and equipment	536,736	496,887
Intangible assets	$ 388,446	$ 278,831

FINANCIAL STATEMENT DETAILS - Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension benefit costs, other than the service cost component	$ (41,829)	$ 0		$ (77,188)	$ 0
Unrealized (loss) gain related to investments following initial public offerings	(28,696)	10,710		5,656	10,710
(Downward) upward adjustments to the carrying value of equity securities without readily determinable fair values	(22,376)	0		(22,376)	1,376
Unrealized increase in the estimated fair value of a warrant	4,866	42,481		12,851	55,256
Foreign exchange (losses) gains, net	(4,655)	514		(6,229)	(11,118)
Interest Income	2,442	279		3,140	716
Loss on the extinguishment of debt	0	(1,110)		0	(1,110)
Other	823	(2,588)		1,420	(1,981)
Other (expense) income, net	(89,425)	$ 50,286		(82,726)	$ 53,849
Foreign exchange losses due to substantial liquidation of certain foreign subsidiaries			$ 10,000
Pension
Defined Benefit Plan Disclosure [Line Items]
Loss on plan assets related to a decline in fair value	$ 41,200			$ 78,700

RELATED PARTY TRANSACTIONS - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 shares	Jun. 30, 2022 USD ($) plane shares	Jun. 30, 2021 shares	Dec. 31, 2021 USD ($)
Expedia \| Corporate Aircraft Purchase Agreement
Related Party Transaction [Line Items]
Proportion of ownership interest held each by entity and by related party in aircraft employing flight crew (as a percent)		50.00%		50.00%
Number of aircraft operated \| plane				3
Proportion of ownership interest held each by entity and by related party in another entity employing flight crew (as a percent)		50.00%		50.00%
Angi Inc. \| Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares				0
Angi Inc. \| Common Stock \| Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares			100,000		2,600,000
Angi Inc. \| Class B common stock \| Angi, Inc. \| Employee Matters Agreement
Related Party Transaction [Line Items]
Stock received from related party (shares) \| shares			100,000		100,000
IAC and Vimeo \| Mr. Diller
Related Party Transaction [Line Items]
Voting interests		0.10		0.10
Vimeo \| Vimeo \| Tax Sharing Agreement
Related Party Transaction [Line Items]
Due from (to) related party		$ 0		$ 0		$ 0
Expenses from transactions with related party (less than in Vimeo Transition Services Agreement three months ended June 30, 2022)		0		0
Vimeo \| Vimeo \| Transition Services Agreement
Related Party Transaction [Line Items]
Due from (to) related party		0		0		0
Expenses from transactions with related party (less than in Vimeo Transition Services Agreement three months ended June 30, 2022)	$ 200,000	100,000		200,000
Vimeo \| Vimeo \| Employee Benefit Plans Participation
Related Party Transaction [Line Items]
Due from related party		300,000		300,000		6,400,000
Vimeo \| Vimeo \| Lease Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party (less than in Vimeo Transition Services Agreement three months ended June 30, 2022)	$ 400,000	1,400,000		2,900,000
Due from related party		$ 0		$ 0		$ 0

PENSION AND POSTRETIREMENT BENEFIT PLANS - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Pension
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gain) loss recognition	$ 43,564
Loss on plan assets related to a decline in fair value	41,200	$ 78,700
Pension \| United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	907	1,889
Interest cost	1,188	1,887
Expected return on plan assets	(598)	(2,176)
Actuarial (gain) loss recognition	(2,399)	10,133
Net periodic benefit (credit) costs	(902)	11,733
Loss on plan assets related to a decline in fair value	(2,400)	10,100
Pension \| International
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	3,799	7,074
Expected return on plan assets	(3,792)	(8,416)
Actuarial (gain) loss recognition		68,552
Net periodic benefit (credit) costs	43,571	67,210
Loss on plan assets related to a decline in fair value	43,600	68,600
Postretirement \| United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	3
Interest cost	67	134
Expected return on plan assets	0	0
Actuarial (gain) loss recognition	0	0
Net periodic benefit (credit) costs	$ 68	$ 137

PENSION AND POSTRETIREMENT BENEFIT PLANS - Expected Return on Plan Assets (Details) - Pension	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	3.85%	6.00%
International
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	1.90%	1.90%

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended	18 Months Ended
	Jul. 01, 2022	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Charges incurred				$ 13,700	$ 36,100
Severance costs				12,600	33,100
Payments					14,209
Meredith Corporation
Restructuring Cost and Reserve [Line Items]
Transaction-related costs				$ 1,200	$ 5,200
Forecast
Restructuring Cost and Reserve [Line Items]
Payments						$ 2,300
Dotdash Meredith
Restructuring Cost and Reserve [Line Items]
Payments made for change in control		$ 60,100
Dotdash Meredith \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Payments made for change in control	$ 83,100
Dotdash Meredith \| Forecast
Restructuring Cost and Reserve [Line Items]
Payments made for change in control			$ 4,300

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Restructuring Accrual and Related Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Restructuring charge accruals
Charges incurred	$ 35,664
Payments	(14,209)
Restructuring accrual as of June 30, 2022	21,455
Inventory write-off	400
Digital
Restructuring charge accruals
Charges incurred	7,181
Payments	(2,972)
Restructuring accrual as of June 30, 2022	4,209
Print
Restructuring charge accruals
Charges incurred	23,935
Payments	(10,457)
Restructuring accrual as of June 30, 2022	13,478
Other
Restructuring charge accruals
Charges incurred	4,548
Payments	(780)
Restructuring accrual as of June 30, 2022	$ 3,768

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Allocation of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 13,652	$ 36,089
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4,420	16,601
Selling and marketing expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4,016	9,615
General and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4,544	8,858
Product development expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 672	$ 1,015

DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Remaining Estimated Restructuring Costs (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	$ 2,348
Digital
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	1,269
Print
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	929
Other
Restructuring Cost and Reserve [Line Items]
Remaining estimated restructuring costs	$ 150

SUBSEQUENT EVENTS (Details) $ in Thousands, £ in Millions			1 Months Ended	3 Months Ended		6 Months Ended		27 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands, £ in Millions	Jul. 28, 2022 USD ($) contract	Jul. 28, 2022 GBP (£) contract	Aug. 05, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Investment in MGM Resorts International				$ 1,839,306		$ 1,839,306		$ 1,839,306	$ 2,649,442
Unrealized (loss) gain on investment in MGM Resorts International				(825,305)	$ 275,098	(1,012,635)	$ 657,638
MGM
Subsequent Event [Line Items]
Unrealized (loss) gain on investment in MGM Resorts International				825,300	$ 275,100	1,000,000	$ 657,600	617,200
Pension
Subsequent Event [Line Items]
Loss on plan assets related to a decline in fair value				41,200		78,700
Pension \| International
Subsequent Event [Line Items]
Loss on plan assets related to a decline in fair value				43,600		68,600
Net assets offset against				$ 147,400		$ 147,400		$ 147,400
Subsequent Event \| MGM
Subsequent Event [Line Items]
Investment in MGM Resorts International			$ 2,200,000
Unrealized (loss) gain on investment in MGM Resorts International			$ 367,200
Subsequent Event \| Pension \| International
Subsequent Event [Line Items]
Loss on plan assets related to a decline in fair value	$ 134,000	£ 110.0
Number of insurance contracts owned \| contract	2	2
Percentage of future designated contractual payments to covered participants	100.00%	100.00%