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Table of Contents
As filed with the Securities and Exchange Commission on August 8, 2023

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2023
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________                            
Commission File No. 001-39356
https://cdn.kscope.io/750bfb82f61c5093e274695fe26dcc0c-IAC JPG - No Boarder.jpg
IAC Inc.
(Exact name of registrant as specified in its charter)
Delaware84-3727412
 (State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
555 West 18th Street, New York, New York 10011
(Address of registrant's principal executive offices)
(212314-7300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, par value $0.0001IACThe Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ☒
As of August 4, 2023, the following shares of the registrant's common stock were outstanding:
Common Stock80,056,471 
Class B common stock5,789,499 
Total 85,845,970 




TABLE OF CONTENTS
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Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, 2023December 31, 2022
(In thousands, except par value amounts)
ASSETS  
Cash and cash equivalents$1,326,988 $1,417,390 
Marketable securities115,559 239,373 
Accounts receivable, net521,666 607,809 
Other current assets234,194 296,563 
Total current assets2,198,407 2,561,135 
Capitalized software, equipment, buildings, land and leasehold improvements, net494,627 510,614 
Goodwill3,033,112 3,030,168 
Intangible assets, net of accumulated amortization1,061,868 1,170,041 
Investment in MGM Resorts International2,842,661 2,170,182 
Long-term investments431,777 325,721 
Other non-current assets486,638 625,774 
TOTAL ASSETS$10,549,090 $10,393,635 
LIABILITIES AND SHAREHOLDERS' EQUITY  
LIABILITIES:  
Current portion of long-term debt$30,000 $30,000 
Accounts payable, trade127,667 133,105 
Deferred revenue160,827 157,124 
Accrued expenses and other current liabilities715,700 759,759 
Total current liabilities1,034,194 1,079,988 
Long-term debt, net2,006,456 2,019,759 
Deferred income taxes178,295 76,276 
Other long-term liabilities517,865 617,843 
Redeemable noncontrolling interests34,778 27,235 
Commitments and contingencies
SHAREHOLDERS' EQUITY: 
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,360 and 84,184 shares issued and 80,010 and 83,083 shares outstanding at June 30, 2023 and December 31, 2022, respectively
8 8 
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at June 30, 2023 and December 31, 2022
1 1 
Additional paid-in-capital6,312,394 6,295,080 
Retained earnings (accumulated deficit)63,711 (265,019)
Accumulated other comprehensive loss(6,904)(13,133)
Treasury stock, 4,350 and 1,101 shares at June 30, 2023 and December 31, 2022, respectively
(252,502)(85,323)
Total IAC shareholders' equity6,116,708 5,931,614 
Noncontrolling interests660,794 640,920 
Total shareholders' equity6,777,502 6,572,534 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$10,549,090 $10,393,635 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
 (In thousands, except per share data)
Revenue$1,111,589 $1,362,581 $2,195,860 $2,687,926 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)353,078 509,570 696,007 1,044,110 
Selling and marketing expense413,954 508,376 817,251 995,937 
General and administrative expense218,166 253,986 491,242 498,330 
Product development expense86,398 84,908 171,185 165,196 
Depreciation41,283 29,052 102,455 59,288 
Amortization of intangibles54,183 56,081 108,789 113,271 
Goodwill impairment 86,748  86,748 
Total operating costs and expenses1,167,062 1,528,721 2,386,929 2,962,880 
Operating loss(55,473)(166,140)(191,069)(274,954)
Interest expense(39,077)(23,517)(77,249)(45,429)
Unrealized (loss) gain on investment in MGM Resorts International(32,362)(825,305)672,478 (1,012,635)
Other income (expense), net10,985 (89,425)34,734 (82,726)
(Loss) earnings before income taxes(115,927)(1,104,387)438,894 (1,415,744)
Income tax benefit (provision)24,297 228,988 (115,205)299,452 
Net (loss) earnings(91,630)(875,399)323,689 (1,116,292)
Net loss attributable to noncontrolling interests2,585 6,269 5,041 11,364 
Net (loss) earnings attributable to IAC shareholders$(89,045)$(869,130)$328,730 $(1,104,928)
Per share information attributable to IAC common stock and Class B common stock shareholders:
Basic (loss) earnings per share$(1.07)$(10.02)$3.77 $(12.73)
Diluted (loss) earnings per share$(1.07)$(10.02)$3.64 $(12.73)
Stock-based compensation expense by function:
Cost of revenue$533 $49 $552 $54 
Selling and marketing expense2,198 2,441 3,941 3,949 
General and administrative expense24,040 24,560 46,884 49,931 
Product development expense3,422 4,606 7,757 7,409 
Total stock-based compensation expense$30,193 $31,656 $59,134 $61,343 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
 (In thousands)
Net (loss) earnings$(91,630)$(875,399)$323,689 $(1,116,292)
Other comprehensive income (loss), net of income taxes:
Change in foreign currency translation adjustment 2,486 (14,392)3,405 (18,093)
Change in unrealized gains and losses on available-for-sale marketable debt securities(11) (37) 
Change in net unrealized gains on interest rate swaps5,639  3,352  
Total other comprehensive income (loss), net of income taxes8,114 (14,392)6,720 (18,093)
Comprehensive (loss) income, net of income taxes(83,516)(889,791)330,409 (1,134,385)
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests2,585 6,269 5,041 11,364 
Change in foreign currency translation adjustment attributable to noncontrolling interests(377)776 (493)843 
Comprehensive loss attributable to noncontrolling interests2,208 7,045 4,548 12,207 
Comprehensive (loss) income attributable to IAC shareholders$(81,308)$(882,746)$334,957 $(1,122,178)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and six months ended June 30, 2023
(Unaudited)

 Redeemable Noncontrolling Interests
Common Stock,
$0.0001 par value
Class B common stock,
$0.0001 par value
Additional Paid-in-CapitalRetained Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
Loss
Treasury StockTotal IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares
 (In thousands)
Balance at March 31, 2023$27,189 $8 84,257 $1 5,789 $6,306,229 $152,756 $(14,641)$(177,052)$6,267,301 $653,179 $6,920,480 
Net loss(288)— — — — — (89,045)— — (89,045)(2,297)(91,342)
Other comprehensive income, net of income taxes— — — — — — — 7,737 — 7,737 377 8,114 
Stock-based compensation expense— — — — — 20,064 — — — 20,064 11,268 31,332 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 103 — — (2,725)— — — (2,725)— (2,725)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — (1,875)— — — (1,875)172 (1,703)
Purchase of IAC treasury stock— — — — — — — — (75,450)(75,450)— (75,450)
Purchase of Angi Inc. treasury stock— — — — — (3,397)— — — (3,397)— (3,397)
Adjustment of noncontrolling interests to fair value7,881 — — — — (7,881)— — — (7,881)— (7,881)
Adjustment to the liquidation value of Vivian Health preferred shares— — — — — 1,877 — — — 1,877 (1,877) 
Other(4)— — — — 102 — — — 102 (28)74 
Balance at June 30, 2023$34,778 $8 84,360 $1 5,789 $6,312,394 $63,711 $(6,904)$(252,502)$6,116,708 $660,794 $6,777,502 
Balance at December 31, 2022$27,235 $8 84,184 $1 5,789 $6,295,080 $(265,019)$(13,133)$(85,323)$5,931,614 $640,920 $6,572,534 
Net (loss) earnings (542)— — — — — 328,730 — — 328,730 (4,499)324,231 
Other comprehensive income, net of income taxes— — — — — — — 6,227 — 6,227 493 6,720 
Stock-based compensation expense— — — — — 36,127 — — — 36,127 25,138 61,265 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 176 — — (4,575)— — — (4,575)— (4,575)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — (6,574)— 2 — (6,572)2,459 (4,113)
Purchase of IAC treasury stock— — — — — — — — (167,179)(167,179)— (167,179)
Purchase of Angi Inc. treasury stock— — — — — (3,397)— — — (3,397)— (3,397)
Adjustment of noncontrolling interests to fair value8,089 — — — — (8,089)— — — (8,089)— (8,089)
Adjustment to the liquidation value of Vivian Health preferred shares— — — — — 3,689 — — — 3,689 (3,689) 
Other(4)— — — — 133 — — — 133 (28)105 
Balance at June 30, 2023$34,778 $8 84,360 $1 5,789 $6,312,394 $63,711 $(6,904)$(252,502)$6,116,708 $660,794 $6,777,502 



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

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and six months ended June 30, 2022
(Unaudited)
 Redeemable Noncontrolling Interests
Common Stock,
$0.0001 par value
Class B common stock,
$0.0001 par value
Additional Paid-in-CapitalRetained Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares
 (In thousands)
Balance at March 31, 2022$27,817 $8 84,075 $1 5,789 $6,249,328 $669,353 $765 $ $6,919,455 $581,462 $7,500,917 
Net loss(2,353)— — — — — (869,130)— — (869,130)(3,916)(873,046)
Other comprehensive loss— — — — — — — (13,616)— (13,616)(776)(14,392)
Stock-based compensation expense— — — — — 18,239 — — — 18,239 14,111 32,350 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 57 — — (798)— — — (798)— (798)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — (2,327)— (1)— (2,328)878 (1,450)
Purchase of IAC treasury stock— — — — — — — — (59,079)(59,079)— (59,079)
Distribution to and purchase of noncontrolling interests(1,179)— — — — — — — — — — — 
Adjustment of noncontrolling interests to fair value14,905 — — — — (14,905)— — — (14,905)— (14,905)
Issuance of Vivian Health preferred shares, net of fees, and the reclassification and creation of noncontrolling interest(11,782)— — — — 11,526 — — — 11,526 43,174 54,700 
Other— — — — — 866 — — — 866 — 866 
Balance at June 30, 2022$27,408 $8 84,132 $1 5,789 $6,261,929 $(199,777)$(12,852)$(59,079)$5,990,230 $634,933 $6,625,163 
Balance at December 31, 2021$18,741 $8 83,922 $1 5,789 $6,265,669 $905,151 $4,397 $ $7,175,226 $573,734 $7,748,960 
Net loss(2,387)— — — — — (1,104,928)— — (1,104,928)(8,977)(1,113,905)
Other comprehensive loss — — — — — — (17,250)— (17,250)(843)(18,093)
Stock-based compensation expense— — — — — 34,941 — — — 34,941 27,667 62,608 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 210 — — (14,810)— — — (14,810)— (14,810)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — (4,102)— 1 — (4,101)178 (3,923)
Purchase of IAC treasury stock— — — — — — — — (59,079)(59,079)— (59,079)
Purchase of Angi Inc. treasury stock— — — — — (8,144)— — — (8,144)— (8,144)
Distribution to and purchase of noncontrolling interests(1,179)— — — — — — — — — — — 
Adjustment of noncontrolling interests to fair value24,041 — — — — (24,041)— — — (24,041)— (24,041)
Issuance of Vivian Health preferred shares, net of fees, and the reclassification and creation of noncontrolling interest(11,782)— — — — 11,526 — — — 11,526 43,174 54,700 
Other(26)— — — — 890 — — — 890 — 890 
Balance at June 30, 2022$27,408 $8 84,132 $1 5,789 $6,261,929 $(199,777)$(12,852)$(59,079)$5,990,230 $634,933 $6,625,163 

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

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
 20232022
 (In thousands)
Cash flows from operating activities:  
Net earnings (loss)$323,689 $(1,116,292)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: 
Unrealized (gain) loss on investment in MGM Resorts International(672,478)1,012,635 
(Gains) losses on investments in equity securities and sales of businesses, net(1,460)14,440 
Amortization of intangibles108,789 113,271 
Depreciation102,455 59,288 
Deferred income taxes101,451 (306,428)
Non-cash lease expense (including right-of-use asset impairments)72,506 28,802 
Stock-based compensation expense59,134 61,343 
Provision for credit losses48,608 51,710 
Unrealized decrease (increase) in the estimated fair value of a warrant7,731 (12,851)
Pension and postretirement benefit expense636 79,080 
Goodwill impairment 86,748 
Other adjustments, net(7,838)13,016 
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable30,325 (195)
Other assets45,688 2,532 
Operating lease liabilities(39,576)(32,059)
Accounts payable and other liabilities(57,504)(72,958)
Income taxes payable and receivable2,453 (32)
Deferred revenue3,645 10,045 
Net cash provided by (used in) operating activities128,254 (7,905)
Cash flows from investing activities:
Capital expenditures(108,107)(73,641)
Proceeds from sales of assets28,890 164 
Proceeds from maturities of marketable debt securities325,000  
Purchases of marketable debt securities(197,017) 
Purchases of investments(103,555)(1,036)
Net proceeds from the sales of businesses and investments3,491 27,871 
Purchases of investment in MGM Resorts International (202,500)
Decrease in notes receivable14,197 19,111 
Other, net9,901 4,766 
Net cash used in investing activities(27,200)(225,265)
Cash flows from financing activities:
Principal payments on Dotdash Meredith Term Loans(15,000)(15,000)
Debt issuance costs (785)
Withholding taxes paid on behalf of IAC employees on net settled stock-based awards(5,250)(15,952)
Withholding taxes paid on behalf of Angi Inc. employees on net settled stock-based awards(4,124)(3,513)
Purchases of IAC treasury stock(165,622)(59,079)
Purchases of Angi Inc. treasury stock(3,397)(8,144)
Proceeds from the issuance of Vivian Health preferred shares, net of fees 34,700 
Purchase of noncontrolling interests (1,179)
Other, net41 5,160 
Net cash used in financing activities(193,352)(63,792)
Total cash used(92,298)(296,962)
Effect of exchange rate changes on cash and cash equivalents and restricted cash1,724 (4,201)
Net decrease in cash and cash equivalents and restricted cash(90,574)(301,163)
Cash and cash equivalents and restricted cash at beginning of period1,426,069 2,121,864 
Cash and cash equivalents and restricted cash at end of period$1,335,495 $1,820,701 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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Table of Contents
IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
IAC today consists of category leading businesses, including Dotdash Meredith, Angi Inc. and Care.com, among others ranging from early stage to established businesses.
As used herein, "IAC," the "Company," "we," "our," "us" and other similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise).
Basis of Presentation
The Company prepares its consolidated financial statements (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 among the Company and its subsidiaries have been eliminated.
The unaudited interim 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 interim 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, 2022.
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 debt and equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of right-of-use assets ("ROU assets"); the useful lives and recoverability of capitalized software, equipment, buildings and leasehold improvements and definite-lived intangible assets; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; the fair value of interest rate swaps; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; the liability for potential refunds and customer credits; 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.
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Table of Contents
IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Interest Rate Swaps
In March 2023, Dotdash Meredith entered into interest rate swaps for a total notional amount of $350 million, which synthetically converted a portion of the Dotdash Meredith Term Loan B from floating rate to fixed rate to manage interest rate risk exposure beginning on April 3, 2023. Dotdash Meredith designated the interest rate swaps as cash flow hedges and applies hedge accounting to these contracts in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification 815, Derivatives and Hedging. As cash flow hedges, the interest rate swaps are recognized at fair value on the balance sheet as either assets or liabilities, with the changes in fair value recorded in "Accumulated other comprehensive loss" in the balance sheet and reclassified into “Interest expense” in the statement of operations in the periods in which the interest rate swaps affect earnings. Dotdash Meredith assessed hedge effectiveness at the time of entering into these agreements and determined these interest rate swaps are expected to be highly effective. Dotdash Meredith evaluates the hedge effectiveness of the interest rate swaps quarterly, or more frequently, if necessary, by verifying (i) that the critical terms of the interest rate swaps continue to match the critical terms of the hedged interest payments and (ii) that it is probable the counterparties will not default. If the two requirements are met, the interest rate swaps are determined to be effective and all changes in the fair value of the interest rate swaps are recorded in "Accumulated other comprehensive loss." The cash flows related to interest settlements of the hedged monthly interest payments are classified as operating activities in the statement of cash flows, consistent with the interest expense on the related Dotdash Meredith Term Loan B. See "Note 4—Long-term Debt" for additional information.
General Revenue Recognition
The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 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.
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and Angi Inc.'s performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue recognition. For the three and six months ended June 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $71.1 million and $122.8 million, respectively.
The Company's disaggregated revenue disclosures are presented in "Note 6—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 or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances were $160.8 million and $0.1 million, respectively, at June 30, 2023, and $157.1 million and $0.2 million, respectively, at December 31, 2022. During the six months ended June 30, 2023, the Company recognized $127.3 million of revenue that was included in the deferred revenue balance at December 31, 2022. 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. The current and non-current deferred revenue balances were $165.5 million and $0.4 million, respectively, at December 31, 2021. Non-current deferred revenue is included in "Other long-term liabilities" in the balance sheet.
10