|
|
|
Delaware
(State or other jurisdiction
of incorporation or organization)
|
|
59-2712887
(I.R.S. Employer Identification No.)
|
555 West 18th Street, New York, New York
(Address of Registrant's principal executive offices)
|
|
10011
(Zip Code)
|
Title of each class
|
|
Name of exchange on which registered
|
Common Stock, par value $0.001
|
|
The Nasdaq Stock Market LLC
(Nasdaq Select Global Market)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller
reporting company)
|
|
Smaller reporting company
o
|
Common Stock
|
|
76,427,289
|
|
Class B Common Stock
|
|
5,789,499
|
|
Total
|
|
82,216,788
|
|
|
|
Page
Number
|
•
|
Websites, including Ask.com, About.com, Dictionary.com and Citysearch.com (among other properties), through which we provide search services and content; and
|
•
|
Applications, including our direct to consumer downloadable applications operations (“B2C”) and our partnership operations (“B2B”).
|
•
|
Ask.com, which provides general search services, as well as question and answer services that provide direct answers to natural‑language questions;
|
•
|
About.com, which provides detailed information and content written by independent, freelance subject matter experts across hundreds of vertical categories;
|
•
|
Dictionary.com, which provides online dictionary, reference, educational and learning services; and
|
•
|
Citysearch.com, InsiderPages.com and Urbanspoon.com, through which consumers can access local merchant information and reviews online.
|
•
|
the size and diversity of our registered member and subscriber bases relative to those of our competitors;
|
•
|
the functionality of our websites and mobile applications and the attractiveness of their features and our services and offerings generally to consumers relative to those of our competitors;
|
•
|
how quickly we can enhance our existing technology and services and/or develop new features and services in response to:
|
•
|
new, emerging and rapidly changing technologies;
|
•
|
the introduction of product and service offerings by our competitors;
|
•
|
evolving industry standards; and
|
•
|
changes in consumer requirements and trends in the single community relative to our competitors;
|
•
|
our ability to engage in cost-effective marketing efforts, including by way of maintaining relationships with third parties with which we have entered into alliances; and
|
•
|
the recognition and strength of our various brands relative to those of our competitors.
|
•
|
the size, quality (as determined, in part, by reference to our pre-screening efforts and customer ratings and reviews), diversity and stability of our network of home services professionals and the quality of the services provided by such professionals;
|
•
|
our continued ability to deliver service requests that convert into revenue for our network of home services professionals in a cost-effective manner;
|
•
|
whether our subscription products resonate with (and provide value to) our home services professionals;
|
•
|
the functionality of our websites and mobile applications and the attractiveness of their features and our services generally to consumers and home services professionals, as well as our ability to introduce new products and services that resonate with consumers and home services professionals; and
|
•
|
our ability to build and maintain awareness of, and loyalty to, the HomeAdvisor brand among consumers.
|
•
|
successfully integrate the operations, as well as the accounting, financial controls, management information, technology, human resources and other administrative systems, of acquired businesses with our existing operations and systems;
|
•
|
successfully identify and realize potential synergies among acquired and existing businesses;
|
•
|
retain or hire senior management and other key personnel at acquired businesses; and
|
•
|
successfully manage acquisition‑related strain on the management, operations and financial resources of IAC and its businesses and/or acquired businesses.
|
|
High
|
|
Low
|
||||
Year Ended December 31, 2013
|
|
|
|
||||
Fourth Quarter
|
$
|
70.44
|
|
|
$
|
50.14
|
|
Third Quarter
|
54.71
|
|
|
46.48
|
|
||
Second Quarter
|
52.27
|
|
|
43.30
|
|
||
First Quarter
|
48.73
|
|
|
38.20
|
|
||
Year Ended December 31, 2012
|
|
|
|
||||
Fourth Quarter
|
$
|
55.57
|
|
|
$
|
41.85
|
|
Third Quarter
|
55.00
|
|
|
45.10
|
|
||
Second Quarter
|
52.78
|
|
|
43.00
|
|
||
First Quarter
|
51.05
|
|
|
40.87
|
|
Period
|
(a)
Total
Number of Shares
Purchased
|
|
(b)
Average
Price Paid
Per Share
|
|
(c)
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs
(1)
|
|
(d)
Maximum
Number of
Shares that
May Yet Be
Purchased
Under Publicly
Announced
Plans or
Programs
|
|||||
October 2013
|
—
|
|
|
—
|
|
|
—
|
|
|
10,207,606
|
|
|
November 2013
|
744,536
|
|
|
$
|
56.36
|
|
|
744,536
|
|
|
9,463,070
|
|
December 2013
|
900,900
|
|
|
$
|
59.80
|
|
|
900,900
|
|
|
8,562,170
(2)
|
|
Total
|
1,645,436
|
|
|
$
|
58.25
|
|
|
1,645,436
|
|
|
8,562,170
(2)
|
|
(1)
|
Reflects repurchases made pursuant to repurchase authorizations previously announced in May 2012 and April 2013.
|
(2)
|
Represents the total number of shares of common stock that remained available for repurchase as of December 31, 2013 pursuant to the April 2013 repurchase authorization. IAC may purchase shares pursuant to this repurchase authorization over an indefinite period of time in the open market and/or privately negotiated transactions, depending on those factors IAC management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
3,022,987
|
|
|
$
|
2,800,933
|
|
|
$
|
2,059,444
|
|
|
$
|
1,636,815
|
|
|
$
|
1,346,695
|
|
Earnings (loss) from continuing operations
(2)
|
281,799
|
|
|
169,847
|
|
|
175,569
|
|
|
(9,393
|
)
|
|
(956,473
|
)
|
|||||
Earnings (loss) per common share from continuing operations attributable to IAC shareholders:
|
|
|
|
|
|||||||||||||||
Basic
|
$
|
3.40
|
|
|
$
|
1.95
|
|
|
$
|
2.05
|
|
|
$
|
(0.04
|
)
|
|
$
|
(6.89
|
)
|
Diluted
|
$
|
3.27
|
|
|
$
|
1.81
|
|
|
$
|
1.89
|
|
|
$
|
(0.04
|
)
|
|
$
|
(6.89
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per share
|
$
|
0.96
|
|
|
$
|
0.72
|
|
|
$
|
0.12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,234,684
|
|
|
$
|
3,805,828
|
|
|
$
|
3,409,865
|
|
|
$
|
3,329,079
|
|
|
$
|
3,913,597
|
|
Long-term debt, including current maturities
|
1,080,000
|
|
|
595,844
|
|
|
95,844
|
|
|
95,844
|
|
|
95,844
|
|
(1)
|
We recognized items that affected the comparability of results for the years 2013, 2012 and 2011, see "Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations."
|
(2)
|
Included in 2009 is $1.0 billion in impairment charges at the Search & Applications segment (formerly the Search segment) related to the write-down of its goodwill and intangible assets.
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Search & Applications
|
$
|
1,604,950
|
|
|
$
|
139,155
|
|
|
9
|
%
|
|
$
|
1,465,795
|
|
|
$
|
425,288
|
|
|
41
|
%
|
|
$
|
1,040,507
|
|
Match
|
788,197
|
|
|
74,748
|
|
|
10
|
%
|
|
713,449
|
|
|
195,422
|
|
|
38
|
%
|
|
518,027
|
|
|||||
Local
|
277,466
|
|
|
(45,161
|
)
|
|
(14
|
)%
|
|
322,627
|
|
|
19,209
|
|
|
6
|
%
|
|
303,418
|
|
|||||
Media
|
193,734
|
|
|
28,910
|
|
|
18
|
%
|
|
164,824
|
|
|
94,660
|
|
|
135
|
%
|
|
70,164
|
|
|||||
Other
|
159,493
|
|
|
24,938
|
|
|
19
|
%
|
|
134,555
|
|
|
6,490
|
|
|
5
|
%
|
|
128,065
|
|
|||||
Inter-segment elimination
|
(853
|
)
|
|
(536
|
)
|
|
(170
|
)%
|
|
(317
|
)
|
|
420
|
|
|
57
|
%
|
|
(737
|
)
|
|||||
Total
|
$
|
3,022,987
|
|
|
$
|
222,054
|
|
|
8
|
%
|
|
$
|
2,800,933
|
|
|
$
|
741,489
|
|
|
36
|
%
|
|
$
|
2,059,444
|
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Cost of revenue
|
$1,000,101
|
|
$9,304
|
|
1%
|
|
$990,797
|
|
$236,908
|
|
31%
|
|
$753,889
|
As a percentage of revenue
|
33%
|
|
|
|
|
|
35%
|
|
|
|
|
|
37%
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Selling and marketing expense
|
$964,131
|
|
$69,586
|
|
8%
|
|
$894,545
|
|
$277,347
|
|
45%
|
|
$617,198
|
As a percentage of revenue
|
32%
|
|
|
|
|
|
32%
|
|
|
|
|
|
30%
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
General and administrative expense
|
$372,470
|
|
$(13,618)
|
|
(4)%
|
|
$386,088
|
|
$65,026
|
|
20%
|
|
$321,062
|
As a percentage of revenue
|
12%
|
|
|
|
|
|
14%
|
|
|
|
|
|
16%
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Product development expense
|
$141,330
|
|
$23,647
|
|
20%
|
|
$117,683
|
|
$26,926
|
|
30%
|
|
$90,757
|
As a percentage of revenue
|
5%
|
|
|
|
|
|
4%
|
|
|
|
|
|
4%
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Depreciation
|
$58,909
|
|
$6,428
|
|
12%
|
|
$52,481
|
|
$(4,238)
|
|
(7)%
|
|
$56,719
|
As a percentage of revenue
|
2%
|
|
|
|
|
|
2%
|
|
|
|
|
|
3%
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Search & Applications
|
$
|
367,674
|
|
|
$
|
54,528
|
|
|
17
|
%
|
|
$
|
313,146
|
|
|
$
|
108,166
|
|
|
53
|
%
|
|
$
|
204,980
|
|
Match
|
262,159
|
|
|
36,394
|
|
|
16
|
%
|
|
225,765
|
|
|
69,491
|
|
|
44
|
%
|
|
156,274
|
|
|||||
Local
|
13,023
|
|
|
(11,909
|
)
|
|
(48
|
)%
|
|
24,932
|
|
|
(3,352
|
)
|
|
(12
|
)%
|
|
28,284
|
|
|||||
Media
|
(28,157
|
)
|
|
16,670
|
|
|
37
|
%
|
|
(44,827
|
)
|
|
(28,982
|
)
|
|
(183
|
)%
|
|
(15,845
|
)
|
|||||
Other
|
(6,138
|
)
|
|
(43
|
)
|
|
(1
|
)%
|
|
(6,095
|
)
|
|
(3,596
|
)
|
|
(144
|
)%
|
|
(2,499
|
)
|
|||||
Corporate
|
(69,167
|
)
|
|
(1,210
|
)
|
|
(2
|
)%
|
|
(67,957
|
)
|
|
(5,170
|
)
|
|
(8
|
)%
|
|
(62,787
|
)
|
|||||
Total
|
$
|
539,394
|
|
|
$
|
94,430
|
|
|
21
|
%
|
|
$
|
444,964
|
|
|
$
|
136,557
|
|
|
44
|
%
|
|
$
|
308,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As a percentage of revenue
|
18%
|
|
|
|
|
|
16%
|
|
|
|
|
|
15%
|
|
Years Ended December 31,
|
||||||||||||||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Search & Applications
|
$
|
340,117
|
|
|
$
|
34,473
|
|
|
11
|
%
|
|
$
|
305,644
|
|
|
$
|
101,638
|
|
|
50
|
%
|
|
$
|
204,006
|
|
Match
|
245,556
|
|
|
40,064
|
|
|
19
|
%
|
|
205,492
|
|
|
67,937
|
|
|
49
|
%
|
|
137,555
|
|
|||||
Local
|
(392
|
)
|
|
(22,127
|
)
|
|
NM
|
|
|
21,735
|
|
|
(3,798
|
)
|
|
(15
|
)%
|
|
25,533
|
|
|||||
Media
|
(29,860
|
)
|
|
21,916
|
|
|
42
|
%
|
|
(51,776
|
)
|
|
(35,501
|
)
|
|
(218
|
)%
|
|
(16,275
|
)
|
|||||
Other
|
(8,837
|
)
|
|
(1,148
|
)
|
|
(15
|
)%
|
|
(7,689
|
)
|
|
(3,793
|
)
|
|
(97
|
)%
|
|
(3,896
|
)
|
|||||
Corporate
|
(120,381
|
)
|
|
29,457
|
|
|
20
|
%
|
|
(149,838
|
)
|
|
(677
|
)
|
|
—
|
%
|
|
(149,161
|
)
|
|||||
Total
|
$
|
426,203
|
|
|
$
|
102,635
|
|
|
32
|
%
|
|
$
|
323,568
|
|
|
$
|
125,806
|
|
|
64
|
%
|
|
$
|
197,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As a percentage of revenue
|
14%
|
|
|
|
|
|
12%
|
|
|
|
|
|
10%
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Equity in losses of unconsolidated affiliates
|
$(6,615)
|
|
$18,730
|
|
74%
|
|
$(25,345)
|
|
$10,955
|
|
30%
|
|
$(36,300)
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Interest expense
|
$(33,596)
|
|
$(27,447)
|
|
(446)%
|
|
$(6,149)
|
|
$(719)
|
|
(13)%
|
|
$(5,430)
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Other income (expense), net
|
$30,309
|
|
$33,321
|
|
NM
|
|
$(3,012)
|
|
$(18,502)
|
|
NM
|
|
$15,490
|
|
Years Ended December 31,
|
||||||||||||
|
2013
|
|
$ Change
|
|
% Change
|
|
2012
|
|
$ Change
|
|
% Change
|
|
2011
|
|
(Dollars in thousands)
|
||||||||||||
Income tax (provision) benefit
|
$(134,502)
|
|
NM
|
|
NM
|
|
$(119,215)
|
|
NM
|
|
NM
|
|
$4,047
|
|
December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Net cash provided by operating activities
|
$
|
410,961
|
|
|
$
|
354,527
|
|
|
$
|
372,386
|
|
Net cash used in investing activities
|
(80,017
|
)
|
|
(352,088
|
)
|
|
(25,186
|
)
|
|||
Net cash provided by (used in) financing activities
|
17,922
|
|
|
44,301
|
|
|
(372,233
|
)
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
(a)
|
Less Than
1 Year
|
|
1–3
Years
|
|
3–5
Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Long-term debt
(b)
|
$
|
53,141
|
|
|
$
|
104,250
|
|
|
$
|
604,250
|
|
|
$
|
743,000
|
|
|
$
|
1,504,641
|
|
Operating leases
|
26,295
|
|
|
51,637
|
|
|
42,403
|
|
|
197,846
|
|
|
318,181
|
|
|||||
Purchase obligations
(c)
|
8,534
|
|
|
3,009
|
|
|
—
|
|
|
—
|
|
|
11,543
|
|
|||||
Total contractual cash obligations
|
$
|
87,970
|
|
|
$
|
158,896
|
|
|
$
|
646,653
|
|
|
$
|
940,846
|
|
|
$
|
1,834,365
|
|
(a)
|
The Company has excluded $294.7 million in unrecognized tax benefits and related interest from the table above as we are unable to make a reasonably reliable estimate of the period in which these liabilities might be paid. For additional information on income taxes, see Note 4 to the consolidated financial statements.
|
(b)
|
Represents contractual amounts due including interest.
|
(c)
|
The purchase obligations primarily include advertising commitments, which commitments are reducible or terminable such that these commitments can never exceed associated revenue by a meaningful amount. Purchase obligations also include minimum payments due under telecommunication contracts related to data transmission lines.
|
|
Amount of Commitment Expiration Per Period
|
||||||||||
Other Commercial Commitments
(d)
|
Less Than
1 Year
|
|
1–3
Years
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Letters of credit and surety bonds
|
$
|
2,937
|
|
|
$
|
69
|
|
|
$
|
3,006
|
|
(d)
|
Commercial commitments are funding commitments that could potentially require registrant performance in the event of demands by third parties or contingent events.
|
|
|
|
|
/s/ ERNST & YOUNG LLP
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,100,444
|
|
|
$
|
749,977
|
|
Marketable securities
|
6,004
|
|
|
20,604
|
|
||
Accounts receivable, net of allowance of $8,540 and $11,088, respectively
|
207,408
|
|
|
229,830
|
|
||
Other current assets
|
161,530
|
|
|
156,339
|
|
||
Total current assets
|
1,475,386
|
|
|
1,156,750
|
|
||
Property and equipment, net
|
293,964
|
|
|
270,512
|
|
||
Goodwill
|
1,675,323
|
|
|
1,616,154
|
|
||
Intangible assets, net
|
445,336
|
|
|
482,904
|
|
||
Long-term investments
|
179,990
|
|
|
161,278
|
|
||
Other non-current assets
|
164,685
|
|
|
118,230
|
|
||
TOTAL ASSETS
|
$
|
4,234,684
|
|
|
$
|
3,805,828
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
—
|
|
|
$
|
15,844
|
|
Accounts payable, trade
|
77,653
|
|
|
98,314
|
|
||
Deferred revenue
|
158,206
|
|
|
155,499
|
|
||
Accrued expenses and other current liabilities
|
351,038
|
|
|
355,232
|
|
||
Total current liabilities
|
586,897
|
|
|
624,889
|
|
||
Long-term debt, net of current maturities
|
1,080,000
|
|
|
580,000
|
|
||
Income taxes payable
|
416,384
|
|
|
479,945
|
|
||
Deferred income taxes
|
320,748
|
|
|
323,403
|
|
||
Other long-term liabilities
|
58,393
|
|
|
31,830
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interests
|
42,861
|
|
|
58,126
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
|
|
|
|
||||
SHAREHOLDERS' EQUITY:
|
|
|
|
||||
Common stock $.001 par value; authorized 1,600,000,000 shares; issued 250,982,079 shares and outstanding 76,404,552 and 78,471,784 shares, respectively
|
251
|
|
|
251
|
|
||
Class B convertible common stock $.001 par value; authorized 400,000,000 shares; issued 16,157,499 shares and outstanding 5,789,499 shares
|
16
|
|
|
16
|
|
||
Additional paid-in capital
|
11,562,567
|
|
|
11,607,367
|
|
||
Accumulated deficit
|
(32,735
|
)
|
|
(318,519
|
)
|
||
Accumulated other comprehensive loss
|
(13,046
|
)
|
|
(32,169
|
)
|
||
Treasury stock 184,945,527 and 182,878,295 shares, respectively
|
(9,830,317
|
)
|
|
(9,601,218
|
)
|
||
Total IAC shareholders' equity
|
1,686,736
|
|
|
1,655,728
|
|
||
Noncontrolling interests
|
42,665
|
|
|
51,907
|
|
||
Total shareholders' equity
|
1,729,401
|
|
|
1,707,635
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
4,234,684
|
|
|
$
|
3,805,828
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Revenue
|
$
|
3,022,987
|
|
|
$
|
2,800,933
|
|
|
$
|
2,059,444
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of revenue (exclusive of depreciation shown separately below)
|
1,000,101
|
|
|
990,797
|
|
|
753,889
|
|
|||
Selling and marketing expense
|
964,131
|
|
|
894,545
|
|
|
617,198
|
|
|||
General and administrative expense
|
372,470
|
|
|
386,088
|
|
|
321,062
|
|
|||
Product development expense
|
141,330
|
|
|
117,683
|
|
|
90,757
|
|
|||
Depreciation
|
58,909
|
|
|
52,481
|
|
|
56,719
|
|
|||
Amortization of intangibles
|
59,843
|
|
|
35,771
|
|
|
22,057
|
|
|||
Total costs and expenses
|
2,596,784
|
|
|
2,477,365
|
|
|
1,861,682
|
|
|||
Operating income
|
426,203
|
|
|
323,568
|
|
|
197,762
|
|
|||
Equity in losses of unconsolidated affiliates
|
(6,615
|
)
|
|
(25,345
|
)
|
|
(36,300
|
)
|
|||
Interest expense
|
(33,596
|
)
|
|
(6,149
|
)
|
|
(5,430
|
)
|
|||
Other income (expense), net
|
30,309
|
|
|
(3,012
|
)
|
|
15,490
|
|
|||
Earnings from continuing operations before income taxes
|
416,301
|
|
|
289,062
|
|
|
171,522
|
|
|||
Income tax (provision) benefit
|
(134,502
|
)
|
|
(119,215
|
)
|
|
4,047
|
|
|||
Earnings from continuing operations
|
281,799
|
|
|
169,847
|
|
|
175,569
|
|
|||
Earnings (loss) from discontinued operations, net of tax
|
1,926
|
|
|
(9,051
|
)
|
|
(3,992
|
)
|
|||
Net earnings
|
283,725
|
|
|
160,796
|
|
|
171,577
|
|
|||
Net loss (earnings) attributable to noncontrolling interests
|
2,059
|
|
|
(1,530
|
)
|
|
2,656
|
|
|||
Net earnings attributable to IAC shareholders
|
$
|
285,784
|
|
|
$
|
159,266
|
|
|
$
|
174,233
|
|
|
|
|
|
|
|
||||||
Per share information attributable to IAC shareholders:
|
|
|
|
|
|
||||||
Basic earnings per share from continuing operations
|
$
|
3.40
|
|
|
$
|
1.95
|
|
|
$
|
2.05
|
|
Diluted earnings per share from continuing operations
|
$
|
3.27
|
|
|
$
|
1.81
|
|
|
$
|
1.89
|
|
Basic earnings per share
|
$
|
3.42
|
|
|
$
|
1.85
|
|
|
$
|
2.01
|
|
Diluted earnings per share
|
$
|
3.29
|
|
|
$
|
1.71
|
|
|
$
|
1.85
|
|
|
|
|
|
|
|
||||||
Dividends declared per share
|
$
|
0.96
|
|
|
$
|
0.72
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
||||||
Non-cash compensation expense by function:
|
|
|
|
|
|
||||||
Cost of revenue
|
$
|
2,863
|
|
|
$
|
6,219
|
|
|
$
|
5,359
|
|
Selling and marketing expense
|
2,813
|
|
|
4,760
|
|
|
4,807
|
|
|||
General and administrative expense
|
42,487
|
|
|
68,640
|
|
|
70,894
|
|
|||
Product development expense
|
4,842
|
|
|
6,006
|
|
|
7,528
|
|
|||
Total non-cash compensation expense
|
$
|
53,005
|
|
|
$
|
85,625
|
|
|
$
|
88,588
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Net earnings
|
$
|
283,725
|
|
|
$
|
160,796
|
|
|
$
|
171,577
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Change in foreign currency translation adjustment
|
7,353
|
|
|
712
|
|
|
(49,438
|
)
|
|||
Change in net unrealized gains (losses) on available-for-sale securities
(net of tax benefits of $3,050 in 2013 and $3,981 in 2012 and tax provision of $5,460 in 2011)
|
15,442
|
|
|
(19,827
|
)
|
|
11,212
|
|
|||
Total other comprehensive income (loss)
|
22,795
|
|
|
(19,115
|
)
|
|
(38,226
|
)
|
|||
Comprehensive income
|
306,520
|
|
|
141,681
|
|
|
133,351
|
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(1,613
|
)
|
|
(2,141
|
)
|
|
10,893
|
|
|||
Comprehensive income attributable to IAC shareholders
|
$
|
304,907
|
|
|
$
|
139,540
|
|
|
$
|
144,244
|
|
|
|
|
|
IAC Shareholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Common Stock $.001 Par Value
|
|
Class B Convertible Common Stock $.001 Par Value
|
|
Additional
Paid-in
Capital
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury
Stock
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Redeemable
Noncontrolling
Interests
|
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
|
Accumulated Deficit
|
|
|
|
Total IAC
Shareholders'
Equity
|
|
Noncontrolling
Interests
|
|
Total
Shareholders'
Equity
|
|||||||||||||||||||||||||||
|
|
|
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2010
|
$
|
59,869
|
|
|
|
$
|
226
|
|
|
225,874
|
|
|
$
|
16
|
|
|
16,157
|
|
|
$
|
11,047,884
|
|
|
$
|
(652,018
|
)
|
|
$
|
17,546
|
|
|
$
|
(8,363,586
|
)
|
|
$
|
2,050,068
|
|
|
$
|
—
|
|
|
$
|
2,050,068
|
|
||
Net (loss) earnings for the year ended December 31, 2011
|
(239
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,233
|
|
|
—
|
|
|
—
|
|
|
174,233
|
|
|
(2,417
|
)
|
|
171,816
|
|
||||||||||||
Other comprehensive loss, net of tax
|
(2,968
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,989
|
)
|
|
—
|
|
|
(29,989
|
)
|
|
(5,269
|
)
|
|
(35,258
|
)
|
||||||||||||
Noncontrolling interests related to acquisition of Meetic S.A.
|
36,656
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,831
|
|
|
64,831
|
|
||||||||||||
Decrease in redeemable noncontrolling interests in a consolidated Latin American venture resulting from the acquisition of Meetic
|
(37,917
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Non-cash compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,725
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,725
|
|
|
1,049
|
|
|
87,774
|
|
||||||||||||
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes
|
—
|
|
|
|
5
|
|
|
5,010
|
|
|
—
|
|
|
—
|
|
|
56,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,736
|
|
|
—
|
|
|
56,736
|
|
||||||||||||
Income tax benefit related to the exercise of stock options, vesting of restricted stock units and other
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,363
|
|
|
—
|
|
|
28,363
|
|
||||||||||||
Issuance of common stock upon the exercise of warrants
|
—
|
|
|
|
3
|
|
|
3,217
|
|
|
—
|
|
|
—
|
|
|
76,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,042
|
|
|
—
|
|
|
76,042
|
|
||||||||||||
Dividends
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,296
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,296
|
)
|
|
(3,103
|
)
|
|
(14,399
|
)
|
||||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(518,637
|
)
|
|
(518,637
|
)
|
|
—
|
|
|
(518,637
|
)
|
||||||||||||
Purchase of noncontrolling interests
|
(5,779
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Adjustment of redeemable noncontrolling interests to fair value
|
4,273
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,273
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,273
|
)
|
|
—
|
|
|
(4,273
|
)
|
||||||||||||
Other
|
(3,546
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,923
|
)
|
|
(2,923
|
)
|
|
—
|
|
|
(2,923
|
)
|
||||||||||||
Balance as of December 31, 2011
|
$
|
50,349
|
|
|
|
$
|
234
|
|
|
234,101
|
|
|
$
|
16
|
|
|
16,157
|
|
|
$
|
11,280,173
|
|
|
$
|
(477,785
|
)
|
|
$
|
(12,443
|
)
|
|
$
|
(8,885,146
|
)
|
|
$
|
1,905,049
|
|
|
$
|
55,091
|
|
|
$
|
1,960,140
|
|
||
Net (loss) earnings for the year ended December 31, 2012
|
(1,118
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
159,266
|
|
|
—
|
|
|
—
|
|
|
159,266
|
|
|
2,648
|
|
|
161,914
|
|
||||||||||||
Other comprehensive income (loss), net of tax
|
207
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,726
|
)
|
|
—
|
|
|
(19,726
|
)
|
|
404
|
|
|
(19,322
|
)
|
||||||||||||
Non-cash compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,807
|
|
|
2,818
|
|
|
85,625
|
|
||||||||||||
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes
|
—
|
|
|
|
5
|
|
|
5,153
|
|
|
—
|
|
|
—
|
|
|
(16,503
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,498
|
)
|
|
—
|
|
|
(16,498
|
)
|
||||||||||||
Income tax benefit related to the exercise of stock options, vesting of restricted stock units and other
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,967
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,967
|
|
|
—
|
|
|
49,967
|
|
||||||||||||
Issuance of common stock upon the exercise of warrants
|
—
|
|
|
|
12
|
|
|
11,728
|
|
|
—
|
|
|
—
|
|
|
284,099
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284,111
|
|
|
—
|
|
|
284,111
|
|
||||||||||||
Dividends
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(68,901
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(68,901
|
)
|
|
—
|
|
|
(68,901
|
)
|
||||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(716,072
|
)
|
|
(716,072
|
)
|
|
—
|
|
|
(716,072
|
)
|
||||||||||||
Purchase of redeemable noncontrolling interests
|
(2,955
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Adjustment of redeemable noncontrolling interests to fair value
|
4,275
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,275
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,275
|
)
|
|
—
|
|
|
(4,275
|
)
|
||||||||||||
Transfer from noncontrolling interests to redeemable noncontrolling interests
|
10,049
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,049
|
)
|
|
(10,049
|
)
|
||||||||||||
Other
|
(2,681
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
995
|
|
|
995
|
|
||||||||||||
Balance as of December 31, 2012
|
$
|
58,126
|
|
|
|
$
|
251
|
|
|
250,982
|
|
|
$
|
16
|
|
|
16,157
|
|
|
$
|
11,607,367
|
|
|
$
|
(318,519
|
)
|
|
$
|
(32,169
|
)
|
|
$
|
(9,601,218
|
)
|
|
$
|
1,655,728
|
|
|
$
|
51,907
|
|
|
$
|
1,707,635
|
|
|
|
|
|
IAC Shareholders' Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Common Stock $.001 Par Value
|
|
Class B Convertible Common Stock $.001 Par Value
|
|
Additional
Paid-in
Capital
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury
Stock
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Redeemable
Noncontrolling
Interests
|
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
|
Accumulated Deficit
|
|
|
|
Total IAC
Shareholders'
Equity
|
|
Noncontrolling
Interests
|
|
Total
Shareholders'
Equity
|
|||||||||||||||||||||||||||
|
|
|
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
Net (loss) earnings for the year ended ended December 31, 2013
|
(3,264
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285,784
|
|
|
—
|
|
|
—
|
|
|
285,784
|
|
|
1,205
|
|
|
286,989
|
|
||||||||||||
Other comprehensive income, net of tax
|
2,305
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,123
|
|
|
—
|
|
|
19,123
|
|
|
1,367
|
|
|
20,490
|
|
||||||||||||
Non-cash compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,883
|
|
|
1,122
|
|
|
53,005
|
|
||||||||||||
Issuance of common stock upon exercise of stock options, vesting of restricted stock units and other, net of withholding taxes
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,899
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(9,897
|
)
|
|
—
|
|
|
(9,897
|
)
|
||||||||||||
Income tax benefit related to the exercise of stock options, vesting of restricted stock units and other
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,986
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,986
|
|
|
—
|
|
|
30,986
|
|
||||||||||||
Dividends
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77,830
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77,830
|
)
|
|
—
|
|
|
(77,830
|
)
|
||||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,101
|
)
|
|
(229,101
|
)
|
|
—
|
|
|
(229,101
|
)
|
||||||||||||
Purchase of redeemable noncontrolling interests
|
(55,576
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Purchase of noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,371
|
)
|
—
|
|
(12,371
|
)
|
||||||||||
Adjustment of redeemable noncontrolling interests and noncontrolling interests to fair value
|
40,638
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,947
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,947
|
)
|
|
2,309
|
|
|
(40,638
|
)
|
||||||||||||
Transfer from noncontrolling interests to redeemable noncontrolling interests
|
2,874
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,874
|
)
|
|
(2,874
|
)
|
||||||||||||
Other
|
(2,242
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,007
|
|
|
—
|
|
|
3,007
|
|
||||||||||||
Balance as of December 31, 2013
|
$
|
42,861
|
|
|
|
$
|
251
|
|
|
250,982
|
|
|
$
|
16
|
|
|
16,157
|
|
|
$
|
11,562,567
|
|
|
$
|
(32,735
|
)
|
|
$
|
(13,046
|
)
|
|
$
|
(9,830,317
|
)
|
|
$
|
1,686,736
|
|
|
$
|
42,665
|
|
|
$
|
1,729,401
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities attributable to continuing operations:
|
|
|
|
|
|
||||||
Net earnings
|
$
|
283,725
|
|
|
$
|
160,796
|
|
|
$
|
171,577
|
|
Less: earnings (loss) from discontinued operations, net of tax
|
1,926
|
|
|
(9,051
|
)
|
|
(3,992
|
)
|
|||
Earnings from continuing operations
|
281,799
|
|
|
169,847
|
|
|
175,569
|
|
|||
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities attributable to continuing operations:
|
|
|
|
|
|
||||||
Non-cash compensation expense
|
53,005
|
|
|
85,625
|
|
|
88,588
|
|
|||
Depreciation
|
58,909
|
|
|
52,481
|
|
|
56,719
|
|
|||
Amortization of intangibles
|
59,843
|
|
|
35,771
|
|
|
22,057
|
|
|||
Impairment of long-term investments
|
5,268
|
|
|
8,685
|
|
|
—
|
|
|||
Excess tax benefits from stock-based awards
|
(32,891
|
)
|
|
(57,101
|
)
|
|
(22,166
|
)
|
|||
Deferred income taxes
|
(9,096
|
)
|
|
37,076
|
|
|
(35,483
|
)
|
|||
Equity in losses of unconsolidated affiliates
|
6,615
|
|
|
25,345
|
|
|
36,300
|
|
|||
Acquisition-related contingent consideration fair value adjustments
|
343
|
|
|
—
|
|
|
—
|
|
|||
Gain on sales of long-term investments
|
(35,856
|
)
|
|
(3,326
|
)
|
|
(1,974
|
)
|
|||
Gain on sales of assets
|
(14,752
|
)
|
|
(250
|
)
|
|
(1,338
|
)
|
|||
Changes in assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
||||||
Accounts receivable
|
10,421
|
|
|
(30,991
|
)
|
|
(58,314
|
)
|
|||
Other assets
|
(34,632
|
)
|
|
(22,991
|
)
|
|
1,287
|
|
|||
Accounts payable and other current liabilities
|
(766
|
)
|
|
(14,384
|
)
|
|
57,228
|
|
|||
Income taxes payable
|
49,191
|
|
|
47,010
|
|
|
(7,048
|
)
|
|||
Deferred revenue
|
(5,841
|
)
|
|
1,864
|
|
|
48,950
|
|
|||
Other, net
|
19,401
|
|
|
19,866
|
|
|
12,011
|
|
|||
Net cash provided by operating activities attributable to continuing operations
|
410,961
|
|
|
354,527
|
|
|
372,386
|
|
|||
Cash flows from investing activities attributable to continuing operations:
|
|
|
|
|
|
||||||
Acquisitions, net of cash acquired
|
(40,690
|
)
|
|
(411,035
|
)
|
|
(278,469
|
)
|
|||
Capital expenditures
|
(80,311
|
)
|
|
(51,201
|
)
|
|
(39,954
|
)
|
|||
Proceeds from maturities and sales of marketable debt securities
|
12,502
|
|
|
195,501
|
|
|
584,935
|
|
|||
Purchases of marketable debt securities
|
—
|
|
|
(53,952
|
)
|
|
(203,970
|
)
|
|||
Proceeds from sales of long-term investments
|
69,968
|
|
|
14,194
|
|
|
15,214
|
|
|||
Purchases of long-term investments
|
(51,080
|
)
|
|
(36,094
|
)
|
|
(90,245
|
)
|
|||
Other, net
|
9,594
|
|
|
(9,501
|
)
|
|
(12,697
|
)
|
|||
Net cash used in investing activities attributable to continuing operations
|
(80,017
|
)
|
|
(352,088
|
)
|
|
(25,186
|
)
|
|||
Cash flows from financing activities attributable to continuing operations:
|
|
|
|
|
|
||||||
Proceeds from issuance of long-term debt
|
500,000
|
|
|
500,000
|
|
|
—
|
|
|||
Principal payments on long-term debt
|
(15,844
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of treasury stock
|
(264,214
|
)
|
|
(691,830
|
)
|
|
(507,765
|
)
|
|||
Dividends
|
(79,189
|
)
|
|
(68,163
|
)
|
|
(10,668
|
)
|
|||
Issuance of common stock, net of withholding taxes
|
(5,077
|
)
|
|
262,841
|
|
|
132,785
|
|
|||
Excess tax benefits from stock-based awards
|
32,891
|
|
|
57,101
|
|
|
22,166
|
|
|||
Purchase of noncontrolling interests
|
(67,947
|
)
|
|
(4,891
|
)
|
|
(3,843
|
)
|
|||
Funds transferred to escrow for Meetic tender offer
|
(71,512
|
)
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
(7,399
|
)
|
|
(11,001
|
)
|
|
—
|
|
|||
Other, net
|
(3,787
|
)
|
|
244
|
|
|
(4,908
|
)
|
|||
Net cash provided by (used in) financing activities attributable to continuing operations
|
17,922
|
|
|
44,301
|
|
|
(372,233
|
)
|
|||
Total cash provided by (used in) continuing operations
|
348,866
|
|
|
46,740
|
|
|
(25,033
|
)
|
|||
Total cash used in discontinued operations
|
(1,877
|
)
|
|
(3,472
|
)
|
|
(8,417
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
3,478
|
|
|
2,556
|
|
|
(4,496
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
350,467
|
|
|
45,824
|
|
|
(37,946
|
)
|
|||
Cash and cash equivalents at beginning of period
|
749,977
|
|
|
704,153
|
|
|
742,099
|
|
|||
Cash and cash equivalents at end of period
|
$
|
1,100,444
|
|
|
$
|
749,977
|
|
|
$
|
704,153
|
|
Asset Category
|
Estimated
Useful Lives
|
Buildings and leasehold improvements
|
3 to 39 Years
|
Computer equipment and capitalized software
|
2 to 3 Years
|
Furniture and other equipment
|
3 to 10 Years
|
Operating Segment
and
Reporting Unit
|
|
Reportable
Segment
|
Search & Applications
|
|
Search & Applications
|
Match
|
|
Match
|
HomeAdvisor
|
|
Local
|
Felix
|
|
Local
|
Connected Ventures
|
|
Media
|
DailyBurn
|
|
Media
|
Shoebuy
|
|
Other
|
Tutor
|
|
Other
|
•
|
Level 1: Observable inputs obtained from independent sources, such as quoted prices for identical assets and liabilities in active markets.
|
•
|
Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted 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 value 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. See Note 9 for a discussion of fair value measurements made using Level 3 inputs.
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Other current assets:
|
|
|
|
||||
Deferred income taxes
|
$
|
34,381
|
|
|
$
|
20,343
|
|
Prepaid expenses
|
23,942
|
|
|
22,877
|
|
||
Capitalized downloadable search toolbar costs, net
|
21,171
|
|
|
22,205
|
|
||
Production costs
|
17,717
|
|
|
20,099
|
|
||
Income taxes receivable
|
12,242
|
|
|
27,437
|
|
||
Other
|
52,077
|
|
|
43,378
|
|
||
Other current assets
|
$
|
161,530
|
|
|
$
|
156,339
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Property and equipment, net:
|
|
|
|
||||
Buildings and leasehold improvements
|
$
|
246,283
|
|
|
$
|
238,652
|
|
Computer equipment and capitalized software
|
214,762
|
|
|
197,402
|
|
||
Furniture and other equipment
|
78,451
|
|
|
42,949
|
|
||
Projects in progress
|
14,649
|
|
|
19,303
|
|
||
Land
|
5,117
|
|
|
5,117
|
|
||
|
559,262
|
|
|
503,423
|
|
||
Accumulated depreciation and amortization
|
(265,298
|
)
|
|
(232,911
|
)
|
||
Property and equipment, net
|
$
|
293,964
|
|
|
$
|
270,512
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Other non-current assets:
|
|
|
|
||||
Restricted cash - funds held in escrow for Meetic tender offer
|
$
|
71,512
|
|
|
$
|
—
|
|
Production costs
|
22,423
|
|
|
—
|
|
||
Income taxes receivable
|
19,217
|
|
|
79,130
|
|
||
Other
|
51,533
|
|
|
39,100
|
|
||
Other non-current assets
|
$
|
164,685
|
|
|
$
|
118,230
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Accrued expenses and other current liabilities:
|
|
|
|
||||
Accrued employee compensation and benefits
|
$
|
85,006
|
|
|
$
|
51,537
|
|
Accrued revenue share expense
|
72,274
|
|
|
78,196
|
|
||
Accrued advertising expense
|
63,406
|
|
|
73,381
|
|
||
Income taxes payable
|
16,159
|
|
|
17,679
|
|
||
Unsettled treasury stock purchases
|
—
|
|
|
35,113
|
|
||
Other
|
114,193
|
|
|
99,326
|
|
||
Accrued expenses and other current liabilities
|
$
|
351,038
|
|
|
$
|
355,232
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Revenue:
|
|
|
|
|
|
||||||
Service revenue
|
$
|
2,869,822
|
|
|
$
|
2,639,409
|
|
|
$
|
1,932,289
|
|
Product revenue
|
153,165
|
|
|
161,524
|
|
|
127,155
|
|
|||
Revenue
|
$
|
3,022,987
|
|
|
$
|
2,800,933
|
|
|
$
|
2,059,444
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Cost of revenue:
|
|
|
|
|
|
||||||
Cost of service revenue
|
$
|
883,730
|
|
|
$
|
835,440
|
|
|
$
|
659,069
|
|
Cost of product revenue
|
116,371
|
|
|
155,357
|
|
|
94,820
|
|
|||
Cost of revenue
|
$
|
1,000,101
|
|
|
$
|
990,797
|
|
|
$
|
753,889
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Other income (expense), net:
|
|
|
|
|
|
||||||
Gain on sales of long-term investments
|
$
|
35,856
|
|
|
$
|
3,326
|
|
|
$
|
1,974
|
|
Interest income
|
2,608
|
|
|
3,462
|
|
|
5,205
|
|
|||
Foreign currency exchange (losses) gains, net
|
(2,883
|
)
|
|
(1,050
|
)
|
|
3,660
|
|
|||
Impairment of long-term investments
|
(5,268
|
)
|
|
(8,685
|
)
|
|
—
|
|
|||
Non-income tax refunds related to Match Europe, which was sold in 2009
|
—
|
|
|
—
|
|
|
4,630
|
|
|||
Other
|
(4
|
)
|
|
(65
|
)
|
|
21
|
|
|||
Other income (expense), net
|
$
|
30,309
|
|
|
$
|
(3,012
|
)
|
|
$
|
15,490
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
U.S.
|
$
|
331,520
|
|
|
$
|
214,675
|
|
|
$
|
142,623
|
|
Foreign
|
84,781
|
|
|
74,387
|
|
|
28,899
|
|
|||
Total
|
$
|
416,301
|
|
|
$
|
289,062
|
|
|
$
|
171,522
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Current income tax provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
$
|
115,250
|
|
|
$
|
56,439
|
|
|
$
|
49,450
|
|
State
|
13,946
|
|
|
9,204
|
|
|
(26,510
|
)
|
|||
Foreign
|
14,402
|
|
|
16,496
|
|
|
8,496
|
|
|||
Current income tax provision
|
143,598
|
|
|
82,139
|
|
|
31,436
|
|
|||
Deferred income tax (benefit) provision:
|
|
|
|
|
|
||||||
Federal
|
(821
|
)
|
|
40,414
|
|
|
(23,293
|
)
|
|||
State
|
(2,117
|
)
|
|
1,978
|
|
|
639
|
|
|||
Foreign
|
(6,158
|
)
|
|
(5,316
|
)
|
|
(12,829
|
)
|
|||
Deferred income tax (benefit) provision
|
(9,096
|
)
|
|
37,076
|
|
|
(35,483
|
)
|
|||
Income tax provision (benefit)
|
$
|
134,502
|
|
|
$
|
119,215
|
|
|
$
|
(4,047
|
)
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Income taxes (payable) receivable:
|
|
|
|
||||
Other current assets
|
$
|
12,242
|
|
|
$
|
27,437
|
|
Other non-current assets
|
19,217
|
|
|
79,130
|
|
||
Accrued expenses and other current liabilities
|
(16,159
|
)
|
|
(17,679
|
)
|
||
Income taxes payable
|
(416,384
|
)
|
|
(479,945
|
)
|
||
Net income taxes payable
|
$
|
(401,084
|
)
|
|
$
|
(391,057
|
)
|
|
|
|
|
||||
Deferred tax (liabilities) assets:
|
|
|
|
||||
Other current assets
|
$
|
34,381
|
|
|
$
|
20,343
|
|
Other non-current assets
|
26
|
|
|
85
|
|
||
Accrued expenses and other current liabilities
|
(255
|
)
|
|
—
|
|
||
Deferred income taxes
|
(320,748
|
)
|
|
(323,403
|
)
|
||
Net deferred tax liabilities
|
$
|
(286,596
|
)
|
|
$
|
(302,975
|
)
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Accrued expenses
|
$
|
28,005
|
|
|
$
|
13,708
|
|
Net operating loss carryforwards
|
52,336
|
|
|
27,177
|
|
||
Tax credit carryforwards
|
6,138
|
|
|
5,095
|
|
||
Stock-based compensation
|
69,101
|
|
|
66,962
|
|
||
Income tax reserves, including related interest
|
62,852
|
|
|
60,596
|
|
||
Fair value investments
|
1,151
|
|
|
12,189
|
|
||
Equity method investments
|
13,584
|
|
|
13,809
|
|
||
Other
|
11,444
|
|
|
13,374
|
|
||
Total deferred tax assets
|
244,611
|
|
|
212,910
|
|
||
Less valuation allowance
|
(62,353
|
)
|
|
(60,783
|
)
|
||
Net deferred tax assets
|
182,258
|
|
|
152,127
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Property and equipment
|
(1,743
|
)
|
|
(6,018
|
)
|
||
Investment in subsidiaries
|
(377,483
|
)
|
|
(373,652
|
)
|
||
Intangible and other assets
|
(69,530
|
)
|
|
(60,830
|
)
|
||
Other
|
(20,098
|
)
|
|
(14,602
|
)
|
||
Total deferred tax liabilities
|
(468,854
|
)
|
|
(455,102
|
)
|
||
Net deferred tax liability
|
$
|
(286,596
|
)
|
|
$
|
(302,975
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Income tax provision at the federal statutory rate of 35%
|
$
|
145,705
|
|
|
$
|
101,172
|
|
|
$
|
60,033
|
|
Reversal of deferred tax liability associated with investment in Meetic
|
—
|
|
|
—
|
|
|
(43,696
|
)
|
|||
Change in tax reserves, net
|
1,791
|
|
|
17,703
|
|
|
(15,493
|
)
|
|||
Foreign income taxed at a different statutory tax rate
|
(17,428
|
)
|
|
(16,240
|
)
|
|
(11,774
|
)
|
|||
Net adjustment related to the reconciliation of income tax provision accruals to tax returns
|
(5,237
|
)
|
|
(3,876
|
)
|
|
(7,298
|
)
|
|||
Federal valuation allowance on equity method investments
|
214
|
|
|
979
|
|
|
4,595
|
|
|||
State income taxes, net of effect of federal tax benefit
|
7,469
|
|
|
7,650
|
|
|
5,592
|
|
|||
Other, net
|
1,988
|
|
|
11,827
|
|
|
3,994
|
|
|||
Income tax provision (benefit)
|
$
|
134,502
|
|
|
$
|
119,215
|
|
|
$
|
(4,047
|
)
|
|
December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Balance at January 1
|
$
|
379,281
|
|
|
$
|
351,561
|
|
|
$
|
389,909
|
|
Additions based on tax positions related to the current year
|
2,887
|
|
|
6,278
|
|
|
1,749
|
|
|||
Additions for tax positions of prior years
|
3,189
|
|
|
45,287
|
|
|
9,560
|
|
|||
Reductions for tax positions of prior years
|
(17,116
|
)
|
|
(17,545
|
)
|
|
(26,595
|
)
|
|||
Settlements
|
(78,954
|
)
|
|
(5,349
|
)
|
|
(16,810
|
)
|
|||
Expiration of applicable statute of limitations
|
(13,474
|
)
|
|
(951
|
)
|
|
(6,252
|
)
|
|||
Balance at December 31
|
$
|
275,813
|
|
|
$
|
379,281
|
|
|
$
|
351,561
|
|
|
|
Year Ended December 31, 2012
|
||
|
|
(In thousands, except per share data)
|
||
Revenue
|
|
$
|
2,875,903
|
|
Net earnings attributable to IAC shareholders
|
|
166,869
|
|
|
Basic earnings per share attributable to IAC shareholders
|
|
1.93
|
|
|
Diluted earnings per share attributable to IAC shareholders
|
|
1.79
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Goodwill
|
$
|
1,675,323
|
|
|
$
|
1,616,154
|
|
Intangible assets with indefinite lives
|
376,329
|
|
|
378,964
|
|
||
Intangible assets with definite lives, net
|
69,007
|
|
|
103,940
|
|
||
Total goodwill and intangible assets, net
|
$
|
2,120,659
|
|
|
$
|
2,099,058
|
|
|
Balance at
December 31, 2012 |
|
Additions
|
|
(Deductions)
|
|
Transfers In/(Out)
|
|
Foreign
Exchange Translation |
|
Balance at
December 31, 2013 |
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Search & Applications
|
$
|
723,650
|
|
|
$
|
—
|
|
|
$
|
(160
|
)
|
|
$
|
14,572
|
|
|
$
|
—
|
|
|
$
|
738,062
|
|
Match
|
683,935
|
|
|
62,419
|
|
|
—
|
|
|
—
|
|
|
4,878
|
|
|
751,232
|
|
||||||
HomeAdvisor
|
111,658
|
|
|
5,317
|
|
|
—
|
|
|
—
|
|
|
524
|
|
|
117,499
|
|
||||||
Felix
|
—
|
|
|
—
|
|
|
—
|
|
|
14,373
|
|
|
—
|
|
|
14,373
|
|
||||||
CityGrid Media
|
32,124
|
|
|
—
|
|
|
(3,179
|
)
|
|
(28,945
|
)
|
|
—
|
|
|
—
|
|
||||||
Local
|
143,782
|
|
|
5,317
|
|
|
(3,179
|
)
|
|
(14,572
|
)
|
|
524
|
|
|
131,872
|
|
||||||
Connected Ventures
|
8,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,267
|
|
||||||
DailyBurn
|
7,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,323
|
|
||||||
Media
|
15,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,590
|
|
||||||
Shoebuy
|
21,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,719
|
|
||||||
Tutor
|
27,478
|
|
|
45
|
|
|
(10,675
|
)
|
|
—
|
|
|
—
|
|
|
16,848
|
|
||||||
Other
|
49,197
|
|
|
45
|
|
|
(10,675
|
)
|
|
—
|
|
|
—
|
|
|
38,567
|
|
||||||
Total
|
$
|
1,616,154
|
|
|
$
|
67,781
|
|
|
$
|
(14,014
|
)
|
|
$
|
—
|
|
|
$
|
5,402
|
|
|
$
|
1,675,323
|
|
|
Balance at
December 31, 2011
|
|
Additions
|
|
(Deductions)
|
|
Foreign
Exchange
Translation
|
|
Balance at
December 31, 2012
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Search & Applications
|
$
|
526,444
|
|
|
$
|
197,458
|
|
|
$
|
(252
|
)
|
|
$
|
—
|
|
|
$
|
723,650
|
|
Match
|
667,073
|
|
|
23,250
|
|
|
(555
|
)
|
|
(5,833
|
)
|
|
683,935
|
|
|||||
HomeAdvisor
|
109,947
|
|
|
1,880
|
|
|
—
|
|
|
(169
|
)
|
|
111,658
|
|
|||||
CityGrid Media
|
17,751
|
|
|
14,373
|
|
|
—
|
|
|
—
|
|
|
32,124
|
|
|||||
Local
|
127,698
|
|
|
16,253
|
|
|
—
|
|
|
(169
|
)
|
|
143,782
|
|
|||||
Connected Ventures
|
8,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,267
|
|
|||||
DailyBurn
|
7,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,323
|
|
|||||
Media
|
15,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,590
|
|
|||||
Shoebuy
|
21,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,719
|
|
|||||
Tutor
|
—
|
|
|
27,478
|
|
|
—
|
|
|
—
|
|
|
27,478
|
|
|||||
Other
|
21,719
|
|
|
27,478
|
|
|
—
|
|
|
—
|
|
|
49,197
|
|
|||||
Total
|
$
|
1,358,524
|
|
|
$
|
264,439
|
|
|
$
|
(807
|
)
|
|
$
|
(6,002
|
)
|
|
$
|
1,616,154
|
|
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
|
|
Weighted-Average
Useful Life (Years) |
||||||
|
(In thousands)
|
|
|
||||||||||
Content
|
$
|
47,800
|
|
|
$
|
(22,373
|
)
|
|
$
|
25,427
|
|
|
4.0
|
Technology
|
41,694
|
|
|
(25,324
|
)
|
|
16,370
|
|
|
2.9
|
|||
Trade names
|
29,283
|
|
|
(16,427
|
)
|
|
12,856
|
|
|
3.0
|
|||
Customer lists
|
22,584
|
|
|
(13,116
|
)
|
|
9,468
|
|
|
2.5
|
|||
Advertiser and supplier relationships
|
10,956
|
|
|
(6,070
|
)
|
|
4,886
|
|
|
2.9
|
|||
Total
|
$
|
152,317
|
|
|
$
|
(83,310
|
)
|
|
$
|
69,007
|
|
|
3.2
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Weighted-Average
Useful Life
(Years)
|
||||||
|
(In thousands)
|
|
|
||||||||||
Content
|
$
|
47,800
|
|
|
$
|
(4,733
|
)
|
|
$
|
43,067
|
|
|
4.0
|
Technology
|
37,545
|
|
|
(11,663
|
)
|
|
25,882
|
|
|
2.9
|
|||
Trade names
|
22,742
|
|
|
(7,044
|
)
|
|
15,698
|
|
|
3.6
|
|||
Advertiser and supplier relationships
|
16,446
|
|
|
(7,676
|
)
|
|
8,770
|
|
|
4.4
|
|||
Customer lists
|
11,800
|
|
|
(1,277
|
)
|
|
10,523
|
|
|
3.7
|
|||
Total
|
$
|
136,333
|
|
|
$
|
(32,393
|
)
|
|
$
|
103,940
|
|
|
3.7
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
||||||||
|
(In thousands)
|
||||||||||||||
Corporate debt security
|
$
|
1,004
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
1,008
|
|
Total debt security
|
1,004
|
|
|
4
|
|
|
—
|
|
|
1,008
|
|
||||
Equity securities
|
216
|
|
|
4,780
|
|
|
—
|
|
|
4,996
|
|
||||
Total marketable securities
|
$
|
1,220
|
|
|
$
|
4,784
|
|
|
$
|
—
|
|
|
$
|
6,004
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Corporate debt securities
|
$
|
13,608
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
13,627
|
|
Total debt securities
|
13,608
|
|
|
19
|
|
|
—
|
|
|
13,627
|
|
||||
Equity security
|
—
|
|
|
6,977
|
|
|
—
|
|
|
6,977
|
|
||||
Total marketable securities
|
$
|
13,608
|
|
|
$
|
6,996
|
|
|
$
|
—
|
|
|
$
|
20,604
|
|
|
December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities
|
$
|
82,160
|
|
|
$
|
205,944
|
|
|
$
|
600,149
|
|
Gross realized gains
|
35,692
|
|
|
4,075
|
|
|
2,482
|
|
|||
Gross realized losses
|
—
|
|
|
(5
|
)
|
|
(41
|
)
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Cost method investments
|
$
|
137,286
|
|
|
$
|
113,830
|
|
Equity method investments
|
22,073
|
|
|
8,104
|
|
||
Long-term marketable equity securities
|
11,711
|
|
|
31,244
|
|
||
Auction rate security
|
8,920
|
|
|
8,100
|
|
||
Total long-term investments
|
$
|
179,990
|
|
|
$
|
161,278
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Balance sheet data
(a)
:
|
|
|
|
||||
Current assets
|
$
|
17,163
|
|
|
$
|
10,603
|
|
Non-current assets
|
24,535
|
|
|
25,472
|
|
||
Current liabilities
|
(24,487
|
)
|
|
(20,227
|
)
|
||
Non-current liabilities
|
(14,119
|
)
|
|
(5,962
|
)
|
(a)
|
Summarized financial information for the Company's equity method investments is presented for the periods during which the Company holds or held an equity ownership interest. The summarized financial information for certain equity method investments is presented on a one quarter lag.
|
|
December 31, 2013
|
||||||||||||||
|
Quoted Market
Prices in Active Markets for Identical Assets (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
|
$
|
698,307
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
698,307
|
|
Commercial paper
|
—
|
|
|
12,000
|
|
|
—
|
|
|
12,000
|
|
||||
Time deposits
|
—
|
|
|
32,325
|
|
|
—
|
|
|
32,325
|
|
||||
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Corporate debt security
|
—
|
|
|
1,008
|
|
|
—
|
|
|
1,008
|
|
||||
Equity securities
|
4,996
|
|
|
—
|
|
|
—
|
|
|
4,996
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Auction rate security
|
—
|
|
|
—
|
|
|
8,920
|
|
|
8,920
|
|
||||
Marketable equity securities
|
11,711
|
|
|
—
|
|
|
—
|
|
|
11,711
|
|
||||
Total
|
$
|
715,014
|
|
|
$
|
45,333
|
|
|
$
|
8,920
|
|
|
$
|
769,267
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Contingent consideration arrangement
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(43,625
|
)
|
|
$
|
(43,625
|
)
|
|
December 31, 2012
|
||||||||||||||
|
Quoted Market
Prices in Active
Markets for
Identical Assets
(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
|
$
|
545,290
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
545,290
|
|
Time deposits
|
—
|
|
|
11,994
|
|
|
—
|
|
|
11,994
|
|
||||
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
13,627
|
|
|
—
|
|
|
13,627
|
|
||||
Equity security
|
6,977
|
|
|
—
|
|
|
—
|
|
|
6,977
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Auction rate security
|
—
|
|
|
—
|
|
|
8,100
|
|
|
8,100
|
|
||||
Marketable equity securities
|
31,244
|
|
|
—
|
|
|
—
|
|
|
31,244
|
|
||||
Total
|
$
|
583,511
|
|
|
$
|
25,621
|
|
|
$
|
8,100
|
|
|
$
|
617,232
|
|
|
For the Year Ended
|
|||||||||||||||
|
December 31, 2013
|
|
December 31, 2012
|
|||||||||||||
|
Auction Rate
Security
|
|
Contingent
Consideration
Arrangement
|
|
Auction Rate
Security
|
|
Contingent
Consideration
Arrangement
|
|||||||||
|
(In thousands)
|
|||||||||||||||
Balance at January 1
|
$
|
8,100
|
|
|
$
|
—
|
|
|
$
|
5,870
|
|
|
$
|
(10,000
|
)
|
|
Total net gains (losses):
|
|
|
|
|
|
|
|
|||||||||
Included in earnings (unrealized)
|
—
|
|
|
(343
|
)
|
|
—
|
|
—
|
|
—
|
|
||||
Included in other comprehensive income (loss)
|
820
|
|
|
(2,445
|
)
|
|
2,230
|
|
|
—
|
|
|||||
Fair value at date of acquisition
|
—
|
|
|
(40,837
|
)
|
|
—
|
|
|
—
|
|
|||||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|||||
Balance at December 31
|
$
|
8,920
|
|
|
$
|
(43,625
|
)
|
|
$
|
8,100
|
|
|
$
|
—
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||
|
Carrying
Value |
|
Fair
Value |
|
Carrying
Value |
|
Fair
Value |
||||||||
|
(In thousands)
|
||||||||||||||
Current maturities of long-term debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(15,844
|
)
|
|
$
|
(15,875
|
)
|
Long-term debt, net of current maturities
|
(1,080,000
|
)
|
|
(1,058,396
|
)
|
|
(580,000
|
)
|
|
(581,994
|
)
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
7.00% Senior Notes due January 15, 2013 (the "2002 Senior Notes"); interest payable each January 15 and July 15, which commenced July 15, 2003
|
$
|
—
|
|
|
$
|
15,844
|
|
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30 and November 30, which commences May 30, 2014
|
500,000
|
|
|
—
|
|
||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2013
|
500,000
|
|
|
500,000
|
|
||
5% New York City Industrial Development Agency Liberty Bonds due September 1, 2035 (the "Liberty Bonds"); interest payable each March 1 and September 1, which commenced March 1, 2006
|
80,000
|
|
|
80,000
|
|
||
Total long-term debt
|
1,080,000
|
|
|
595,844
|
|
||
Less current maturities
|
—
|
|
|
(15,844
|
)
|
||
Long-term debt, net of current maturities
|
$
|
1,080,000
|
|
|
$
|
580,000
|
|
Year
|
|
Percentage
|
|
2014
|
|
104.875
|
%
|
2015
|
|
103.250
|
%
|
2016
|
|
101.625
|
%
|
2017 and thereafter
|
|
100.000
|
%
|
Year
|
|
Percentage
|
|
2017
|
|
102.375
|
%
|
2018
|
|
101.583
|
%
|
2019
|
|
100.792
|
%
|
2020 and thereafter
|
|
100.000
|
%
|
Years Ending December 31,
|
(In thousands)
|
||
2018
|
$
|
500,000
|
|
2022
|
500,000
|
|
|
2035
|
80,000
|
|
|
Total
|
$
|
1,080,000
|
|
|
Year Ended December 31, 2013
|
||||||||||
|
Foreign Currency Translation Adjustment
|
|
Unrealized (Losses) Gains On Available-For-Sale Securities
|
|
Accumulated Other Comprehensive Loss
|
||||||
|
(In thousands)
|
||||||||||
Balance at January 1
|
$
|
(25,073
|
)
|
|
$
|
(7,096
|
)
|
|
$
|
(32,169
|
)
|
Other comprehensive income before reclassifications, net of tax provision of $3.9 million related to unrealized gains
|
4,721
|
|
|
43,235
|
|
|
47,956
|
|
|||
Amounts reclassified from accumulated other comprehensive loss, net of tax provision of $6.9 million related to unrealized gains
|
—
|
|
|
(28,833
|
)
|
|
(28,833
|
)
|
|||
Net current period other comprehensive income
|
4,721
|
|
|
14,402
|
|
|
19,123
|
|
|||
Balance at December 31
|
$
|
(20,352
|
)
|
|
$
|
7,306
|
|
|
$
|
(13,046
|
)
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings from continuing operations
|
$
|
281,799
|
|
|
$
|
281,799
|
|
|
$
|
169,847
|
|
|
$
|
169,847
|
|
|
$
|
175,569
|
|
|
$
|
175,569
|
|
Net loss (earnings) attributable to noncontrolling interests
|
2,059
|
|
|
2,059
|
|
|
(1,530
|
)
|
|
(1,530
|
)
|
|
2,656
|
|
|
2,656
|
|
||||||
Earnings from continuing operations attributable to IAC shareholders
|
283,858
|
|
|
283,858
|
|
|
168,317
|
|
|
168,317
|
|
|
178,225
|
|
|
178,225
|
|
||||||
Earnings (loss) from discontinued operations attributable to IAC shareholders
|
1,926
|
|
|
1,926
|
|
|
(9,051
|
)
|
|
(9,051
|
)
|
|
(3,992
|
)
|
|
(3,992
|
)
|
||||||
Net earnings attributable to IAC shareholders
|
$
|
285,784
|
|
|
$
|
285,784
|
|
|
$
|
159,266
|
|
|
$
|
159,266
|
|
|
$
|
174,233
|
|
|
$
|
174,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average basic shares outstanding
|
83,480
|
|
|
83,480
|
|
|
86,247
|
|
|
86,247
|
|
|
86,755
|
|
|
86,755
|
|
||||||
Dilutive securities including stock options, warrants and RSUs
(a)(b)
|
—
|
|
|
3,262
|
|
|
—
|
|
|
6,842
|
|
|
—
|
|
|
7,566
|
|
||||||
Denominator for earnings per share—weighted average shares
(a)(b)
|
83,480
|
|
|
86,742
|
|
|
86,247
|
|
|
93,089
|
|
|
86,755
|
|
|
94,321
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings (loss) per share attributable to IAC shareholders:
|
|||||||||||||||||||||||
Earnings per share from continuing operations
|
$
|
3.40
|
|
|
$
|
3.27
|
|
|
$
|
1.95
|
|
|
$
|
1.81
|
|
|
$
|
2.05
|
|
|
$
|
1.89
|
|
Discontinued operations
|
0.02
|
|
|
0.02
|
|
|
(0.10
|
)
|
|
(0.10
|
)
|
|
(0.04
|
)
|
|
(0.04
|
)
|
||||||
Earnings per share
|
$
|
3.42
|
|
|
$
|
3.29
|
|
|
$
|
1.85
|
|
|
$
|
1.71
|
|
|
$
|
2.01
|
|
|
$
|
1.85
|
|
(a)
|
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 warrants and vesting of restricted stock units ("RSUs"). As of May 8, 2012, there are no warrants outstanding. For the years ended
December 31, 2013
,
2012
and
2011
approximately
0.4 million
,
0.8 million
and
1.0 million
shares, respectively, related to potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
|
(b)
|
Performance-based stock units ("PSUs") are included in the denominator for earnings per share if (i) the applicable performance condition(s) has been met and (ii) the inclusion of the PSUs is dilutive for the respective reporting periods. For the year ended
December 31, 2013
, all PSUs that were considered to be probable of vesting are included in the calculation of diluted earnings per share as their performance conditions had been met. For the years ended
December 31, 2012
and
2011
approximately
0.1 million
and
3.1 million
PSUs, respectively, that were probable of vesting were excluded from the calculation of diluted earnings per share because the performance conditions had not been met.
|
|
December 31, 2013
|
|||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
|
(Shares and intrinsic value in thousands)
|
|||||||||||
Outstanding at January 1, 2013
|
10,460
|
|
|
$
|
33.68
|
|
|
|
|
|
|
|
Granted
|
693
|
|
|
47.33
|
|
|
|
|
|
|
||
Exercised
|
(2,246
|
)
|
|
23.17
|
|
|
|
|
|
|
||
Forfeited
|
(783
|
)
|
|
41.87
|
|
|
|
|
|
|
||
Expired
|
(50
|
)
|
|
33.91
|
|
|
|
|
|
|
||
Outstanding at December 31, 2013
|
8,074
|
|
|
$
|
36.98
|
|
|
6.8
|
|
$
|
255,671
|
|
Options exercisable
|
3,740
|
|
|
$
|
30.34
|
|
|
5.3
|
|
$
|
143,307
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||
Range of Exercise Prices
|
Outstanding at
December 31,
2013
|
|
Weighted-
Average
Remaining
Contractual
Life in Years
|
|
Weighted-
Average
Exercise
Price
|
|
Exercisable at
December 31,
2013
|
|
Weighted-
Average
Remaining
Contractual
Life
|
|
Weighted-
Average
Exercise
Price
|
||||||
|
(Shares in thousands)
|
||||||||||||||||
$0.01 to $10.00
|
2
|
|
|
0.3
|
|
$
|
6.98
|
|
|
2
|
|
|
0.3
|
|
$
|
6.98
|
|
$10.01 to $20.00
|
559
|
|
|
5.4
|
|
17.55
|
|
|
559
|
|
|
5.4
|
|
17.55
|
|
||
$20.01 to $30.00
|
1,277
|
|
|
5.0
|
|
22.14
|
|
|
1,031
|
|
|
4.8
|
|
22.24
|
|
||
$30.01 to $40.00
|
2,068
|
|
|
7.2
|
|
32.03
|
|
|
1,081
|
|
|
7.1
|
|
31.84
|
|
||
$40.01 to $50.00
|
3,786
|
|
|
7.2
|
|
45.42
|
|
|
1,047
|
|
|
3.7
|
|
43.12
|
|
||
$50.01 to $60.00
|
382
|
|
|
8.4
|
|
58.51
|
|
|
20
|
|
|
8.2
|
|
56.50
|
|
||
|
8,074
|
|
|
6.8
|
|
$
|
36.98
|
|
|
3,740
|
|
|
5.3
|
|
$
|
30.34
|
|
|
Years Ended December 31,
|
|||||||
|
2013
|
|
2012
|
|
2011
|
|||
Expected volatility
|
29
|
%
|
|
31
|
%
|
|
30
|
%
|
Risk-free interest rate
|
1.0
|
%
|
|
0.6
|
%
|
|
2.3
|
%
|
Expected term
|
6.2 years
|
|
|
4.4 years
|
|
|
6.1 years
|
|
Dividend yield
|
2.0
|
%
|
|
1.2
|
%
|
|
—
|
|
|
RSUs
|
|
PSUs
|
||||||||||
|
Number
of shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Number
of shares
(a)
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
|
(Shares in thousands)
|
||||||||||||
Nonvested at January 1, 2013
|
370
|
|
|
$
|
39.94
|
|
|
1,270
|
|
|
$
|
29.39
|
|
Granted
|
552
|
|
|
42.32
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(230
|
)
|
|
33.50
|
|
|
(53
|
)
|
|
29.39
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
(895
|
)
|
|
28.71
|
|
||
Nonvested at December 31, 2013
|
692
|
|
|
$
|
43.50
|
|
|
322
|
|
|
$
|
31.27
|
|
(a)
|
Included in the table are PSUs which vest at the end of
two
or
three
years in varying amounts depending upon certain performance conditions. The PSU table above includes these awards at their maximum potential payout.
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Revenue:
|
|
|
|
|
|
||||||
Search & Applications
|
$
|
1,604,950
|
|
|
$
|
1,465,795
|
|
|
$
|
1,040,507
|
|
Match
|
788,197
|
|
|
713,449
|
|
|
518,027
|
|
|||
Local
|
277,466
|
|
|
322,627
|
|
|
303,418
|
|
|||
Media
|
193,734
|
|
|
164,824
|
|
|
70,164
|
|
|||
Other
|
159,493
|
|
|
134,555
|
|
|
128,065
|
|
|||
Inter-segment elimination
|
(853
|
)
|
|
(317
|
)
|
|
(737
|
)
|
|||
Total
|
$
|
3,022,987
|
|
|
$
|
2,800,933
|
|
|
$
|
2,059,444
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Operating Income (Loss):
|
|
|
|
|
|
||||||
Search & Applications
|
$
|
340,117
|
|
|
$
|
305,644
|
|
|
$
|
204,006
|
|
Match
|
245,556
|
|
|
205,492
|
|
|
137,555
|
|
|||
Local
|
(392
|
)
|
|
21,735
|
|
|
25,533
|
|
|||
Media
|
(29,860
|
)
|
|
(51,776
|
)
|
|
(16,275
|
)
|
|||
Other
|
(8,837
|
)
|
|
(7,689
|
)
|
|
(3,896
|
)
|
|||
Corporate
|
(120,381
|
)
|
|
(149,838
|
)
|
|
(149,161
|
)
|
|||
Total
|
$
|
426,203
|
|
|
$
|
323,568
|
|
|
$
|
197,762
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Operating Income Before Amortization
(a)
:
|
|
|
|
|
|
||||||
Search & Applications
|
$
|
367,674
|
|
|
$
|
313,146
|
|
|
$
|
204,980
|
|
Match
|
262,159
|
|
|
225,765
|
|
|
156,274
|
|
|||
Local
|
13,023
|
|
|
24,932
|
|
|
28,284
|
|
|||
Media
|
(28,157
|
)
|
|
(44,827
|
)
|
|
(15,845
|
)
|
|||
Other
|
(6,138
|
)
|
|
(6,095
|
)
|
|
(2,499
|
)
|
|||
Corporate
|
(69,167
|
)
|
|
(67,957
|
)
|
|
(62,787
|
)
|
|||
Total
|
$
|
539,394
|
|
|
$
|
444,964
|
|
|
$
|
308,407
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Segment Assets
(b)
:
|
|
|
|
||||
Search & Applications
|
$
|
409,116
|
|
|
$
|
355,159
|
|
Match
|
325,939
|
|
|
225,781
|
|
||
Local
|
25,522
|
|
|
46,842
|
|
||
Media
|
93,074
|
|
|
71,495
|
|
||
Other
|
45,340
|
|
|
28,842
|
|
||
Corporate
|
1,215,034
|
|
|
978,651
|
|
||
Total
|
$
|
2,114,025
|
|
|
$
|
1,706,770
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Depreciation:
|
|
|
|
|
|
||||||
Search & Applications
|
$
|
18,177
|
|
|
$
|
14,995
|
|
|
$
|
25,484
|
|
Match
|
19,991
|
|
|
16,339
|
|
|
10,780
|
|
|||
Local
|
7,657
|
|
|
10,136
|
|
|
10,388
|
|
|||
Media
|
2,124
|
|
|
1,398
|
|
|
703
|
|
|||
Other
|
1,442
|
|
|
1,074
|
|
|
851
|
|
|||
Corporate
|
9,518
|
|
|
8,539
|
|
|
8,513
|
|
|||
Total
|
$
|
58,909
|
|
|
$
|
52,481
|
|
|
$
|
56,719
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Search & Applications
|
$
|
22,215
|
|
|
$
|
15,320
|
|
|
$
|
8,698
|
|
Match
|
19,587
|
|
|
19,853
|
|
|
17,447
|
|
|||
Local
|
7,016
|
|
|
6,666
|
|
|
9,299
|
|
|||
Media
|
1,386
|
|
|
1,178
|
|
|
905
|
|
|||
Other
|
2,126
|
|
|
1,819
|
|
|
970
|
|
|||
Corporate
|
27,981
|
|
|
6,365
|
|
|
2,635
|
|
|||
Total
|
$
|
80,311
|
|
|
$
|
51,201
|
|
|
$
|
39,954
|
|
(a)
|
The Company's primary metric is Operating Income Before Amortization, which is defined as operating income excluding, if applicable: (1) non-cash compensation expense, (2) amortization and impairment of intangibles, (3) goodwill impairment, (4) acquisition-related contingent consideration fair value adjustments and (5) one-time items. The Company believes this measure is useful to investors because it represents the consolidated operating results from IAC's segments, taking into account depreciation, which it believes is an ongoing cost of doing business, but excluding the effects of any other non-cash expenses. Operating Income Before Amortization has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses, including non-cash compensation and acquisition-related accounting. IAC endeavors to compensate for the limitations of the non-U.S. GAAP measure presented by providing the comparable U.S. GAAP measure with equal or greater prominence, financial statements prepared in accordance with U.S. GAAP, and descriptions of the reconciling items, including quantifying such items, to derive the non-U.S. GAAP measure.
|
(b)
|
Consistent with the Company's primary metric (described in (a) above), the Company excludes, if applicable, goodwill and intangible assets from the measure of segment assets presented above.
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Revenue
|
|
|
|
|
|
||||||
United States
|
$
|
2,081,485
|
|
|
$
|
1,966,383
|
|
|
$
|
1,583,322
|
|
All other countries
|
941,502
|
|
|
834,550
|
|
|
476,122
|
|
|||
Total
|
$
|
3,022,987
|
|
|
$
|
2,800,933
|
|
|
$
|
2,059,444
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands)
|
||||||
Long-lived assets (excluding goodwill and intangible assets)
|
|
|
|
||||
United States
|
$
|
271,916
|
|
|
$
|
251,379
|
|
All other countries
|
22,048
|
|
|
19,133
|
|
||
Total
|
$
|
293,964
|
|
|
$
|
270,512
|
|
|
Year Ended December 31, 2013
|
||||||||||||||||||
|
Operating
Income Before Amortization |
|
Non-Cash
Compensation Expense |
|
Amortization
of Intangibles |
|
Acquisition-related Contingent Consideration Fair Value Adjustments
|
|
Operating
Income (Loss) |
||||||||||
|
(In thousands)
|
||||||||||||||||||
Search & Applications
|
$
|
367,674
|
|
|
$
|
(3
|
)
|
|
$
|
(27,554
|
)
|
|
$
|
—
|
|
|
$
|
340,117
|
|
Match
|
262,159
|
|
|
(1,122
|
)
|
|
(15,138
|
)
|
|
(343
|
)
|
|
245,556
|
|
|||||
Local
|
13,023
|
|
|
—
|
|
|
(13,415
|
)
|
|
—
|
|
|
(392
|
)
|
|||||
Media
|
(28,157
|
)
|
|
(633
|
)
|
|
(1,070
|
)
|
|
—
|
|
|
(29,860
|
)
|
|||||
Other
|
(6,138
|
)
|
|
(33
|
)
|
|
(2,666
|
)
|
|
—
|
|
|
(8,837
|
)
|
|||||
Corporate
|
(69,167
|
)
|
|
(51,214
|
)
|
|
—
|
|
|
—
|
|
|
(120,381
|
)
|
|||||
Total
|
$
|
539,394
|
|
|
$
|
(53,005
|
)
|
|
$
|
(59,843
|
)
|
|
$
|
(343
|
)
|
|
$
|
426,203
|
|
|
Year Ended December 31, 2012
|
||||||||||||||
|
Operating
Income
Before
Amortization
|
|
Non-Cash
Compensation
Expense
|
|
Amortization
of Intangibles
|
|
Operating
Income
(Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
Search & Applications
|
$
|
313,146
|
|
|
$
|
(34
|
)
|
|
$
|
(7,468
|
)
|
|
$
|
305,644
|
|
Match
|
225,765
|
|
|
(2,818
|
)
|
|
(17,455
|
)
|
|
205,492
|
|
||||
Local
|
24,932
|
|
|
—
|
|
|
(3,197
|
)
|
|
21,735
|
|
||||
Media
|
(44,827
|
)
|
|
(770
|
)
|
|
(6,179
|
)
|
|
(51,776
|
)
|
||||
Other
|
(6,095
|
)
|
|
(122
|
)
|
|
(1,472
|
)
|
|
(7,689
|
)
|
||||
Corporate
|
(67,957
|
)
|
|
(81,881
|
)
|
|
—
|
|
|
(149,838
|
)
|
||||
Total
|
$
|
444,964
|
|
|
$
|
(85,625
|
)
|
|
$
|
(35,771
|
)
|
|
$
|
323,568
|
|
|
Year Ended December 31, 2011
|
||||||||||||||
|
Operating
Income
Before
Amortization
|
|
Non-Cash
Compensation
Expense
|
|
Amortization
of Intangibles
|
|
Operating
Income
(Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
Search & Applications
|
$
|
204,980
|
|
|
$
|
202
|
|
|
$
|
(1,176
|
)
|
|
$
|
204,006
|
|
Match
|
156,274
|
|
|
(1,642
|
)
|
|
(17,077
|
)
|
|
137,555
|
|
||||
Local
|
28,284
|
|
|
—
|
|
|
(2,751
|
)
|
|
25,533
|
|
||||
Media
|
(15,845
|
)
|
|
(427
|
)
|
|
(3
|
)
|
|
(16,275
|
)
|
||||
Other
|
(2,499
|
)
|
|
(347
|
)
|
|
(1,050
|
)
|
|
(3,896
|
)
|
||||
Corporate
|
(62,787
|
)
|
|
(86,374
|
)
|
|
—
|
|
|
(149,161
|
)
|
||||
Total
|
$
|
308,407
|
|
|
$
|
(88,588
|
)
|
|
$
|
(22,057
|
)
|
|
$
|
197,762
|
|
|
December 31, 2013
|
||||||||||||||||||
|
Segment Assets
|
|
Goodwill
|
|
Indefinite-Lived
Intangible Assets |
|
Definite-Lived
Intangible Assets |
|
Total Assets
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Search & Applications
|
$
|
409,116
|
|
|
$
|
738,062
|
|
|
$
|
195,805
|
|
|
$
|
40,550
|
|
|
$
|
1,383,533
|
|
Match
|
325,939
|
|
|
751,232
|
|
|
162,344
|
|
|
5,405
|
|
|
1,244,920
|
|
|||||
Local
|
25,522
|
|
|
131,872
|
|
|
—
|
|
|
14,027
|
|
|
171,421
|
|
|||||
Media
|
93,074
|
|
|
15,590
|
|
|
1,800
|
|
|
944
|
|
|
111,408
|
|
|||||
Other
|
45,340
|
|
|
38,567
|
|
|
16,380
|
|
|
8,081
|
|
|
108,368
|
|
|||||
Corporate
(c)
|
1,215,034
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,215,034
|
|
|||||
Total
|
$
|
2,114,025
|
|
|
$
|
1,675,323
|
|
|
$
|
376,329
|
|
|
$
|
69,007
|
|
|
$
|
4,234,684
|
|
|
December 31, 2012
|
||||||||||||||||||
|
Segment Assets
|
|
Goodwill
|
|
Indefinite-Lived
Intangible Assets
|
|
Definite-Lived
Intangible Assets
|
|
Total Assets
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Search & Applications
|
$
|
355,159
|
|
|
$
|
723,650
|
|
|
$
|
197,304
|
|
|
$
|
64,457
|
|
|
$
|
1,340,570
|
|
Match
|
225,781
|
|
|
683,935
|
|
|
158,098
|
|
|
5,612
|
|
|
1,073,426
|
|
|||||
Local
|
46,842
|
|
|
143,782
|
|
|
5,382
|
|
|
21,104
|
|
|
217,110
|
|
|||||
Media
|
71,495
|
|
|
15,590
|
|
|
1,800
|
|
|
2,020
|
|
|
90,905
|
|
|||||
Other
|
28,842
|
|
|
49,197
|
|
|
16,380
|
|
|
10,747
|
|
|
105,166
|
|
|||||
Corporate
(c)
|
978,651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
978,651
|
|
|||||
Total
|
$
|
1,706,770
|
|
|
$
|
1,616,154
|
|
|
$
|
378,964
|
|
|
$
|
103,940
|
|
|
$
|
3,805,828
|
|
(c)
|
Corporate assets consist primarily of cash and cash equivalents, marketable securities and IAC's headquarters building.
|
Years Ending December 31,
|
(In thousands)
|
||
2014
|
$
|
26,295
|
|
2015
|
26,213
|
|
|
2016
|
25,424
|
|
|
2017
|
22,354
|
|
|
2018
|
20,049
|
|
|
Thereafter
|
197,846
|
|
|
Total
|
$
|
318,181
|
|
|
Amount of Commitment Expiration Per Period
|
||||||||||
|
Less Than
1 Year
|
|
1-3
Years
|
|
Total
Amounts
Committed
|
||||||
|
(In thousands)
|
||||||||||
Purchase obligations
|
$
|
8,534
|
|
|
$
|
3,009
|
|
|
$
|
11,543
|
|
Letters of credit and surety bonds
|
2,937
|
|
|
69
|
|
|
3,006
|
|
|||
Total commercial commitments
|
$
|
11,471
|
|
|
$
|
3,078
|
|
|
$
|
14,549
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(In thousands)
|
||||||||||
Cash paid (received) during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
28,705
|
|
|
$
|
5,214
|
|
|
$
|
5,128
|
|
Income tax payments
|
112,087
|
|
|
43,316
|
|
|
42,094
|
|
|||
Income tax refunds
|
(17,683
|
)
|
|
(8,187
|
)
|
|
(3,609
|
)
|
|
Quarter Ended
March 31
(a)
|
|
Quarter Ended
June 30
|
|
Quarter
Ended
September 30
|
|
Quarter Ended
December 31
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
742,249
|
|
|
$
|
799,411
|
|
|
$
|
756,872
|
|
|
$
|
724,455
|
|
Cost of revenue
|
255,849
|
|
|
272,822
|
|
|
248,856
|
|
|
222,574
|
|
||||
Operating income
|
84,551
|
|
|
106,696
|
|
|
122,004
|
|
|
112,952
|
|
||||
Earnings from continuing operations
|
52,709
|
|
|
58,540
|
|
|
91,721
|
|
|
78,829
|
|
||||
(Loss) earnings from discontinued operations, net of tax
|
(944
|
)
|
|
(1,068
|
)
|
|
3,914
|
|
|
24
|
|
||||
Net earnings
|
51,765
|
|
|
57,472
|
|
|
95,635
|
|
|
78,853
|
|
||||
Net earnings attributable to IAC shareholders
|
53,637
|
|
|
58,290
|
|
|
96,940
|
|
|
76,917
|
|
||||
Per share information attributable to IAC shareholders:
|
|||||||||||||||
Basic earnings per share from continuing operations
(c)
|
$
|
0.65
|
|
|
$
|
0.71
|
|
|
$
|
1.12
|
|
|
$
|
0.93
|
|
Diluted earnings per share from continuing operations
(c)
|
$
|
0.62
|
|
|
$
|
0.69
|
|
|
$
|
1.08
|
|
|
$
|
0.88
|
|
Basic earnings per share
(c)
|
$
|
0.64
|
|
|
$
|
0.70
|
|
|
$
|
1.17
|
|
|
$
|
0.93
|
|
Diluted earnings per share
(c)
|
$
|
0.61
|
|
|
$
|
0.67
|
|
|
$
|
1.13
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended
March 31
(a)
|
|
Quarter Ended
June 30
(a)(b)
|
|
Quarter
Ended September 30
(a)
|
|
Quarter Ended
December 31
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
640,600
|
|
|
$
|
680,612
|
|
|
$
|
714,470
|
|
|
$
|
765,251
|
|
Cost of revenue
|
223,300
|
|
|
237,304
|
|
|
262,275
|
|
|
267,918
|
|
||||
Operating income
|
62,765
|
|
|
97,476
|
|
|
78,033
|
|
|
85,294
|
|
||||
Earnings from continuing operations
|
31,153
|
|
|
48,101
|
|
|
46,185
|
|
|
44,408
|
|
||||
Earnings (loss) from discontinued operations, net of tax
|
3,684
|
|
|
(4,641
|
)
|
|
(5,624
|
)
|
|
(2,470
|
)
|
||||
Net earnings
|
34,837
|
|
|
43,460
|
|
|
40,561
|
|
|
41,938
|
|
||||
Net earnings attributable to IAC shareholders
|
34,478
|
|
|
43,332
|
|
|
40,717
|
|
|
40,739
|
|
||||
Per share information attributable to IAC shareholders:
|
|||||||||||||||
Basic earnings per share from continuing operations
(c)
|
$
|
0.37
|
|
|
$
|
0.56
|
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
Diluted earnings per share from continuing operations
(c)
|
$
|
0.34
|
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
|
$
|
0.46
|
|
Basic earnings per share
(c)
|
$
|
0.42
|
|
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
Diluted earnings per share
(c)
|
$
|
0.38
|
|
|
$
|
0.47
|
|
|
$
|
0.43
|
|
|
$
|
0.43
|
|
(a)
|
During the second quarter of 2013, certain expenses were reclassified between cost of revenue, selling and marketing expense, general and administrative expense and product development expense. Accordingly, cost of revenue presented above for periods prior to the second quarter of 2013 differs from the amounts reflected in the Company’s quarterly reports on Form 10-Q for the first quarter of 2013 and the second and third quarters of 2012.
|
(b)
|
The second quarter of 2012 includes an after-tax non-cash charge of
$16.2 million
related to the re-measurement of the carrying value of our equity method investment in News_Beast to fair value in connection with our acquisition of a controlling interest in June 2012.
|
(c)
|
Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period.
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
782,022
|
|
|
$
|
—
|
|
|
$
|
318,422
|
|
|
$
|
—
|
|
|
$
|
1,100,444
|
|
Marketable securities
|
1,007
|
|
|
—
|
|
|
4,997
|
|
|
—
|
|
|
6,004
|
|
|||||
Accounts receivable, net
|
38
|
|
|
124,693
|
|
|
82,677
|
|
|
—
|
|
|
207,408
|
|
|||||
Other current assets
|
45,111
|
|
|
73,343
|
|
|
43,890
|
|
|
(814
|
)
|
|
161,530
|
|
|||||
Intercompany receivables
|
—
|
|
|
556,370
|
|
|
860,083
|
|
|
(1,416,453
|
)
|
|
—
|
|
|||||
Property and equipment, net
|
5,316
|
|
|
220,742
|
|
|
67,906
|
|
|
—
|
|
|
293,964
|
|
|||||
Goodwill
|
—
|
|
|
1,179,317
|
|
|
496,006
|
|
|
—
|
|
|
1,675,323
|
|
|||||
Intangible assets, net
|
—
|
|
|
300,845
|
|
|
144,491
|
|
|
—
|
|
|
445,336
|
|
|||||
Investment in subsidiaries
|
3,833,751
|
|
|
599,595
|
|
|
—
|
|
|
(4,433,346
|
)
|
|
—
|
|
|||||
Other non-current assets
|
83,207
|
|
|
15,485
|
|
|
252,612
|
|
|
(6,629
|
)
|
|
344,675
|
|
|||||
Total assets
|
$
|
4,750,452
|
|
|
$
|
3,070,390
|
|
|
$
|
2,271,084
|
|
|
$
|
(5,857,242
|
)
|
|
$
|
4,234,684
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, trade
|
$
|
4,310
|
|
|
$
|
47,098
|
|
|
$
|
26,245
|
|
|
$
|
—
|
|
|
$
|
77,653
|
|
Other current liabilities
|
41,623
|
|
|
248,413
|
|
|
219,208
|
|
|
—
|
|
|
509,244
|
|
|||||
Long-term debt, net of current maturities
|
1,000,000
|
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
1,080,000
|
|
|||||
Income taxes payable
|
383,926
|
|
|
6,768
|
|
|
25,690
|
|
|
—
|
|
|
416,384
|
|
|||||
Intercompany liabilities
|
1,416,453
|
|
|
—
|
|
|
—
|
|
|
(1,416,453
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
217,404
|
|
|
96,114
|
|
|
73,066
|
|
|
(7,443
|
)
|
|
379,141
|
|
|||||
Redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
42,861
|
|
|
—
|
|
|
42,861
|
|
|||||
IAC shareholders' equity
|
1,686,736
|
|
|
2,591,997
|
|
|
1,841,349
|
|
|
(4,433,346
|
)
|
|
1,686,736
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
42,665
|
|
|
—
|
|
|
42,665
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
4,750,452
|
|
|
$
|
3,070,390
|
|
|
$
|
2,271,084
|
|
|
$
|
(5,857,242
|
)
|
|
$
|
4,234,684
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Cash and cash equivalents
|
$
|
501,075
|
|
|
$
|
—
|
|
|
$
|
248,902
|
|
|
$
|
—
|
|
|
$
|
749,977
|
|
Marketable securities
|
20,604
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,604
|
|
|||||
Accounts receivable, net
|
43
|
|
|
142,627
|
|
|
87,160
|
|
|
—
|
|
|
229,830
|
|
|||||
Other current assets
|
58,452
|
|
|
53,720
|
|
|
45,204
|
|
|
(1,037
|
)
|
|
156,339
|
|
|||||
Intercompany receivables
|
—
|
|
|
482,926
|
|
|
10,276,178
|
|
|
(10,759,104
|
)
|
|
—
|
|
|||||
Property and equipment, net
|
4,116
|
|
|
194,515
|
|
|
71,881
|
|
|
—
|
|
|
270,512
|
|
|||||
Goodwill
|
—
|
|
|
1,190,199
|
|
|
425,955
|
|
|
—
|
|
|
1,616,154
|
|
|||||
Intangible assets, net
|
—
|
|
|
340,631
|
|
|
142,273
|
|
|
—
|
|
|
482,904
|
|
|||||
Investment in subsidiaries
|
12,913,694
|
|
|
611,851
|
|
|
—
|
|
|
(13,525,545
|
)
|
|
—
|
|
|||||
Other non-current assets
|
153,155
|
|
|
16,509
|
|
|
109,912
|
|
|
(68
|
)
|
|
279,508
|
|
|||||
Total assets
|
$
|
13,651,139
|
|
|
$
|
3,032,978
|
|
|
$
|
11,407,465
|
|
|
$
|
(24,285,754
|
)
|
|
$
|
3,805,828
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, trade
|
$
|
4,366
|
|
|
$
|
64,888
|
|
|
$
|
29,060
|
|
|
$
|
—
|
|
|
$
|
98,314
|
|
Other current liabilities
|
74,214
|
|
|
216,010
|
|
|
238,003
|
|
|
(1,652
|
)
|
|
526,575
|
|
|||||
Long-term debt, net of current maturities
|
500,000
|
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
580,000
|
|
|||||
Income taxes payable
|
440,110
|
|
|
26,389
|
|
|
13,446
|
|
|
—
|
|
|
479,945
|
|
|||||
Intercompany liabilities
|
10,759,104
|
|
|
—
|
|
|
—
|
|
|
(10,759,104
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
217,617
|
|
|
91,119
|
|
|
45,950
|
|
|
547
|
|
|
355,233
|
|
|||||
Redeemable noncontrolling interests
|
—
|
|
|
1,388
|
|
|
56,738
|
|
|
—
|
|
|
58,126
|
|
|||||
IAC shareholders' equity
|
1,655,728
|
|
|
2,553,184
|
|
|
10,972,361
|
|
|
(13,525,545
|
)
|
|
1,655,728
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
51,907
|
|
|
—
|
|
|
51,907
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
13,651,139
|
|
|
$
|
3,032,978
|
|
|
$
|
11,407,465
|
|
|
$
|
(24,285,754
|
)
|
|
$
|
3,805,828
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
2,082,255
|
|
|
$
|
944,847
|
|
|
$
|
(4,115
|
)
|
|
$
|
3,022,987
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue (exclusive of depreciation shown separately below)
|
2,456
|
|
|
579,411
|
|
|
421,094
|
|
|
(2,860
|
)
|
|
1,000,101
|
|
|||||
Selling and marketing expense
|
2,563
|
|
|
707,526
|
|
|
255,175
|
|
|
(1,133
|
)
|
|
964,131
|
|
|||||
General and administrative expense
|
97,025
|
|
|
155,560
|
|
|
120,007
|
|
|
(122
|
)
|
|
372,470
|
|
|||||
Product development expense
|
4,685
|
|
|
95,074
|
|
|
41,571
|
|
|
—
|
|
|
141,330
|
|
|||||
Depreciation
|
1,386
|
|
|
37,476
|
|
|
20,047
|
|
|
—
|
|
|
58,909
|
|
|||||
Amortization of intangibles
|
—
|
|
|
39,473
|
|
|
20,370
|
|
|
—
|
|
|
59,843
|
|
|||||
Total costs and expenses
|
108,115
|
|
|
1,614,520
|
|
|
878,264
|
|
|
(4,115
|
)
|
|
2,596,784
|
|
|||||
Operating (loss) income
|
(108,115
|
)
|
|
467,735
|
|
|
66,583
|
|
|
—
|
|
|
426,203
|
|
|||||
Equity in earnings (losses) of unconsolidated affiliates
|
439,925
|
|
|
68,500
|
|
|
(303
|
)
|
|
(514,737
|
)
|
|
(6,615
|
)
|
|||||
Interest expense
|
(29,417
|
)
|
|
(3,979
|
)
|
|
(200
|
)
|
|
—
|
|
|
(33,596
|
)
|
|||||
Other (expense) income, net
|
(35,331
|
)
|
|
(36,005
|
)
|
|
101,645
|
|
|
—
|
|
|
30,309
|
|
|||||
Earnings from continuing operations before income taxes
|
267,062
|
|
|
496,251
|
|
|
167,725
|
|
|
(514,737
|
)
|
|
416,301
|
|
|||||
Income tax benefit (provision)
|
16,796
|
|
|
(154,910
|
)
|
|
3,612
|
|
|
—
|
|
|
(134,502
|
)
|
|||||
Earnings from continuing operations
|
283,858
|
|
|
341,341
|
|
|
171,337
|
|
|
(514,737
|
)
|
|
281,799
|
|
|||||
Earnings (losses) from discontinued operations, net of tax
|
1,926
|
|
|
—
|
|
|
(39
|
)
|
|
39
|
|
|
1,926
|
|
|||||
Net earnings
|
285,784
|
|
|
341,341
|
|
|
171,298
|
|
|
(514,698
|
)
|
|
283,725
|
|
|||||
Net loss attributable to noncontrolling interests
|
—
|
|
|
411
|
|
|
1,648
|
|
|
—
|
|
|
2,059
|
|
|||||
Net earnings attributable to IAC shareholders
|
$
|
285,784
|
|
|
$
|
341,752
|
|
|
$
|
172,946
|
|
|
$
|
(514,698
|
)
|
|
$
|
285,784
|
|
Comprehensive income attributable to IAC shareholders
|
$
|
304,907
|
|
|
$
|
342,616
|
|
|
$
|
183,646
|
|
|
$
|
(526,262
|
)
|
|
$
|
304,907
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenue
|
$
|
—
|
|
|
$
|
1,959,488
|
|
|
$
|
847,798
|
|
|
$
|
(6,353
|
)
|
|
$
|
2,800,933
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue (exclusive of depreciation shown separately below)
|
5,194
|
|
|
582,348
|
|
|
408,160
|
|
|
(4,905
|
)
|
|
990,797
|
|
|||||
Selling and marketing expense
|
4,081
|
|
|
663,268
|
|
|
228,661
|
|
|
(1,465
|
)
|
|
894,545
|
|
|||||
General and administrative expense
|
121,919
|
|
|
147,218
|
|
|
116,934
|
|
|
17
|
|
|
386,088
|
|
|||||
Product development expense
|
5,611
|
|
|
78,019
|
|
|
34,053
|
|
|
—
|
|
|
117,683
|
|
|||||
Depreciation
|
832
|
|
|
35,159
|
|
|
16,490
|
|
|
—
|
|
|
52,481
|
|
|||||
Amortization of intangibles
|
—
|
|
|
10,881
|
|
|
24,890
|
|
|
—
|
|
|
35,771
|
|
|||||
Total costs and expenses
|
137,637
|
|
|
1,516,893
|
|
|
829,188
|
|
|
(6,353
|
)
|
|
2,477,365
|
|
|||||
Operating (loss) income
|
(137,637
|
)
|
|
442,595
|
|
|
18,610
|
|
|
—
|
|
|
323,568
|
|
|||||
Equity in earnings (losses) of unconsolidated affiliates
|
309,639
|
|
|
37,832
|
|
|
(22,548
|
)
|
|
(350,268
|
)
|
|
(25,345
|
)
|
|||||
Interest expense
|
(1,835
|
)
|
|
(4,174
|
)
|
|
(140
|
)
|
|
—
|
|
|
(6,149
|
)
|
|||||
Other (expense) income, net
|
(82,900
|
)
|
|
(3,883
|
)
|
|
83,771
|
|
|
—
|
|
|
(3,012
|
)
|
|||||
Earnings from continuing operations before income taxes
|
87,267
|
|
|
472,370
|
|
|
79,693
|
|
|
(350,268
|
)
|
|
289,062
|
|
|||||
Income tax benefit (provision)
|
81,050
|
|
|
(148,161
|
)
|
|
(52,104
|
)
|
|
—
|
|
|
(119,215
|
)
|
|||||
Earnings from continuing operations
|
168,317
|
|
|
324,209
|
|
|
27,589
|
|
|
(350,268
|
)
|
|
169,847
|
|
|||||
(Loss) earnings from discontinued operations, net of tax
|
(9,051
|
)
|
|
—
|
|
|
842
|
|
|
(842
|
)
|
|
(9,051
|
)
|
|||||
Net earnings
|
159,266
|
|
|
324,209
|
|
|
28,431
|
|
|
(351,110
|
)
|
|
160,796
|
|
|||||
Net loss (earnings) attributable to noncontrolling interests
|
—
|
|
|
206
|
|
|
(1,736
|
)
|
|
—
|
|
|
(1,530
|
)
|
|||||
Net earnings attributable to IAC shareholders
|
$
|
159,266
|
|
|
$
|
324,415
|
|
|
$
|
26,695
|
|
|
$
|
(351,110
|
)
|
|
$
|
159,266
|
|
Comprehensive income attributable to IAC shareholders
|
$
|
139,540
|
|
|
$
|
325,188
|
|
|
$
|
26,818
|
|
|
$
|
(352,006
|
)
|
|
$
|
139,540
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenue
|
$
|
413
|
|
|
$
|
1,539,282
|
|
|
$
|
522,496
|
|
|
$
|
(2,747
|
)
|
|
$
|
2,059,444
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue (exclusive of depreciation shown separately below)
|
4,763
|
|
|
485,378
|
|
|
264,902
|
|
|
(1,154
|
)
|
|
753,889
|
|
|||||
Selling and marketing expense
|
4,385
|
|
|
496,652
|
|
|
117,776
|
|
|
(1,615
|
)
|
|
617,198
|
|
|||||
General and administrative expense
|
120,908
|
|
|
133,264
|
|
|
66,868
|
|
|
22
|
|
|
321,062
|
|
|||||
Product development expense
|
7,299
|
|
|
67,947
|
|
|
15,511
|
|
|
—
|
|
|
90,757
|
|
|||||
Depreciation
|
799
|
|
|
44,763
|
|
|
11,157
|
|
|
—
|
|
|
56,719
|
|
|||||
Amortization of intangibles
|
—
|
|
|
3,593
|
|
|
18,464
|
|
|
—
|
|
|
22,057
|
|
|||||
Total costs and expenses
|
138,154
|
|
|
1,231,597
|
|
|
494,678
|
|
|
(2,747
|
)
|
|
1,861,682
|
|
|||||
Operating (loss) income
|
(137,741
|
)
|
|
307,685
|
|
|
27,818
|
|
|
—
|
|
|
197,762
|
|
|||||
Equity in earnings (losses) of unconsolidated affiliates
|
696,250
|
|
|
29,607
|
|
|
(32,866
|
)
|
|
(729,291
|
)
|
|
(36,300
|
)
|
|||||
Interest expense
|
(1,111
|
)
|
|
(4,259
|
)
|
|
(60
|
)
|
|
—
|
|
|
(5,430
|
)
|
|||||
Other (expense) income, net
|
(732,588
|
)
|
|
3,186
|
|
|
744,892
|
|
|
—
|
|
|
15,490
|
|
|||||
(Loss) earnings from continuing operations before income taxes
|
(175,190
|
)
|
|
336,219
|
|
|
739,784
|
|
|
(729,291
|
)
|
|
171,522
|
|
|||||
Income tax benefit (provision)
|
353,415
|
|
|
(128,026
|
)
|
|
(221,342
|
)
|
|
—
|
|
|
4,047
|
|
|||||
Earnings from continuing operations
|
178,225
|
|
|
208,193
|
|
|
518,442
|
|
|
(729,291
|
)
|
|
175,569
|
|
|||||
(Loss) earnings from discontinued operations, net of tax
|
(3,992
|
)
|
|
—
|
|
|
4,877
|
|
|
(4,877
|
)
|
|
(3,992
|
)
|
|||||
Net earnings
|
174,233
|
|
|
208,193
|
|
|
523,319
|
|
|
(734,168
|
)
|
|
171,577
|
|
|||||
Net loss attributable to noncontrolling interests
|
—
|
|
|
60
|
|
|
2,596
|
|
|
—
|
|
|
2,656
|
|
|||||
Net earnings attributable to IAC shareholders
|
$
|
174,233
|
|
|
$
|
208,253
|
|
|
$
|
525,915
|
|
|
$
|
(734,168
|
)
|
|
$
|
174,233
|
|
Comprehensive income attributable to IAC shareholders
|
$
|
144,244
|
|
|
$
|
208,601
|
|
|
$
|
481,627
|
|
|
$
|
(690,228
|
)
|
|
$
|
144,244
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations
|
$
|
(95,081
|
)
|
|
$
|
520,255
|
|
|
$
|
(14,213
|
)
|
|
$
|
—
|
|
|
$
|
410,961
|
|
Cash flows from investing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
—
|
|
|
(6,138
|
)
|
|
(34,552
|
)
|
|
—
|
|
|
(40,690
|
)
|
|||||
Capital expenditures
|
(1,387
|
)
|
|
(63,224
|
)
|
|
(15,700
|
)
|
|
—
|
|
|
(80,311
|
)
|
|||||
Proceeds from maturities and sales of marketable debt securities
|
12,502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,502
|
|
|||||
Proceeds from sales of long-term investments
|
7,839
|
|
|
50,850
|
|
|
11,279
|
|
|
—
|
|
|
69,968
|
|
|||||
Purchases of long-term investments
|
(17,814
|
)
|
|
—
|
|
|
(33,266
|
)
|
|
—
|
|
|
(51,080
|
)
|
|||||
Other, net
|
—
|
|
|
(1,725
|
)
|
|
11,319
|
|
|
—
|
|
|
9,594
|
|
|||||
Net cash provided by (used in) investing activities attributable to continuing operations
|
1,140
|
|
|
(20,237
|
)
|
|
(60,920
|
)
|
|
—
|
|
|
(80,017
|
)
|
|||||
Cash flows from financing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of long-term debt
|
500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|||||
Principal payments on long-term debt
|
(15,844
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,844
|
)
|
|||||
Purchase of treasury stock
|
(264,214
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(264,214
|
)
|
|||||
Dividends
|
(79,189
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,189
|
)
|
|||||
Issuance of common stock, net of withholding taxes
|
(5,077
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,077
|
)
|
|||||
Excess tax benefits from stock-based awards
|
32,081
|
|
|
—
|
|
|
810
|
|
|
—
|
|
|
32,891
|
|
|||||
Purchase of noncontrolling interests
|
—
|
|
|
—
|
|
|
(67,947
|
)
|
|
—
|
|
|
(67,947
|
)
|
|||||
Funds transferred to escrow for Meetic tender offer
|
—
|
|
|
—
|
|
|
(71,512
|
)
|
|
—
|
|
|
(71,512
|
)
|
|||||
Debt issuance costs
|
(7,399
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,399
|
)
|
|||||
Intercompany
|
216,359
|
|
|
(498,810
|
)
|
|
282,451
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
—
|
|
|
(1,225
|
)
|
|
(2,562
|
)
|
|
—
|
|
|
(3,787
|
)
|
|||||
Net cash provided by (used in) financing activities attributable to continuing operations
|
376,717
|
|
|
(500,035
|
)
|
|
141,240
|
|
|
—
|
|
|
17,922
|
|
|||||
Total cash provided by (used in) continuing operations
|
282,776
|
|
|
(17
|
)
|
|
66,107
|
|
|
—
|
|
|
348,866
|
|
|||||
Total cash used in discontinued operations
|
(1,829
|
)
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
|
(1,877
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
17
|
|
|
3,461
|
|
|
—
|
|
|
3,478
|
|
|||||
Net increase in cash and cash equivalents
|
280,947
|
|
|
—
|
|
|
69,520
|
|
|
—
|
|
|
350,467
|
|
|||||
Cash and cash equivalents at beginning of period
|
501,075
|
|
|
—
|
|
|
248,902
|
|
|
—
|
|
|
749,977
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
782,022
|
|
|
$
|
—
|
|
|
$
|
318,422
|
|
|
$
|
—
|
|
|
$
|
1,100,444
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations
|
$
|
(116,353
|
)
|
|
$
|
454,046
|
|
|
$
|
16,834
|
|
|
$
|
—
|
|
|
$
|
354,527
|
|
Cash flows from investing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
(35,159
|
)
|
|
(338,829
|
)
|
|
(37,047
|
)
|
|
—
|
|
|
(411,035
|
)
|
|||||
Capital expenditures
|
(3,969
|
)
|
|
(29,550
|
)
|
|
(17,682
|
)
|
|
—
|
|
|
(51,201
|
)
|
|||||
Proceeds from maturities and sales of marketable debt securities
|
195,501
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195,501
|
|
|||||
Purchases of marketable debt securities
|
(53,952
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,952
|
)
|
|||||
Proceeds from sales of long-term investments
|
14,194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,194
|
|
|||||
Purchases of long-term investments
|
(27,187
|
)
|
|
(724
|
)
|
|
(8,183
|
)
|
|
—
|
|
|
(36,094
|
)
|
|||||
Other, net
|
(351
|
)
|
|
117
|
|
|
(9,267
|
)
|
|
—
|
|
|
(9,501
|
)
|
|||||
Net cash provided by (used in) investing activities attributable to continuing operations
|
89,077
|
|
|
(368,986
|
)
|
|
(72,179
|
)
|
|
—
|
|
|
(352,088
|
)
|
|||||
Cash flows from financing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of long-term debt
|
500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|||||
Purchase of treasury stock
|
(691,830
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(691,830
|
)
|
|||||
Dividends
|
(68,163
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(68,163
|
)
|
|||||
Issuance of common stock, net of withholding taxes
|
262,841
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,841
|
|
|||||
Excess tax benefits from stock-based awards
|
52,209
|
|
|
4,892
|
|
|
—
|
|
|
—
|
|
|
57,101
|
|
|||||
Purchase of noncontrolling interests
|
(1,936
|
)
|
|
—
|
|
|
(2,955
|
)
|
|
—
|
|
|
(4,891
|
)
|
|||||
Debt issuance costs
|
(11,001
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,001
|
)
|
|||||
Intercompany
|
(55,020
|
)
|
|
(89,934
|
)
|
|
144,954
|
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
—
|
|
|
—
|
|
|
244
|
|
|
—
|
|
|
244
|
|
|||||
Net cash (used in) provided by financing activities attributable to continuing operations
|
(12,900
|
)
|
|
(85,042
|
)
|
|
142,243
|
|
|
—
|
|
|
44,301
|
|
|||||
Total cash (used in) provided by continuing operations
|
(40,176
|
)
|
|
18
|
|
|
86,898
|
|
|
—
|
|
|
46,740
|
|
|||||
Total cash (used in) provided by discontinued operations
|
(3,971
|
)
|
|
—
|
|
|
499
|
|
|
—
|
|
|
(3,472
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(18
|
)
|
|
2,574
|
|
|
—
|
|
|
2,556
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(44,147
|
)
|
|
—
|
|
|
89,971
|
|
|
—
|
|
|
45,824
|
|
|||||
Cash and cash equivalents at beginning of period
|
545,222
|
|
|
—
|
|
|
158,931
|
|
|
—
|
|
|
704,153
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
501,075
|
|
|
$
|
—
|
|
|
$
|
248,902
|
|
|
$
|
—
|
|
|
$
|
749,977
|
|
|
IAC
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Total Eliminations
|
|
IAC Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations
|
$
|
(75,300
|
)
|
|
$
|
366,144
|
|
|
$
|
81,542
|
|
|
$
|
—
|
|
|
$
|
372,386
|
|
Cash flows from investing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
—
|
|
|
(80,998
|
)
|
|
(197,471
|
)
|
|
—
|
|
|
(278,469
|
)
|
|||||
Capital expenditures
|
(798
|
)
|
|
(29,051
|
)
|
|
(10,105
|
)
|
|
—
|
|
|
(39,954
|
)
|
|||||
Proceeds from maturities and sales of marketable debt securities
|
267,635
|
|
|
—
|
|
|
317,300
|
|
|
—
|
|
|
584,935
|
|
|||||
Purchases of marketable debt securities
|
(74,240
|
)
|
|
—
|
|
|
(129,730
|
)
|
|
—
|
|
|
(203,970
|
)
|
|||||
Proceeds from sales of long-term investments
|
10,214
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
|
15,214
|
|
|||||
Purchases of long-term investments
|
(35,263
|
)
|
|
(51,008
|
)
|
|
(3,974
|
)
|
|
—
|
|
|
(90,245
|
)
|
|||||
Other, net
|
—
|
|
|
1,886
|
|
|
(14,583
|
)
|
|
—
|
|
|
(12,697
|
)
|
|||||
Net cash provided by (used in) investing activities attributable to continuing operations
|
167,548
|
|
|
(159,171
|
)
|
|
(33,563
|
)
|
|
—
|
|
|
(25,186
|
)
|
|||||
Cash flows from financing activities attributable to continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase of treasury stock
|
(507,765
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(507,765
|
)
|
|||||
Dividends
|
(10,668
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,668
|
)
|
|||||
Issuance of common stock, net of withholding taxes
|
132,785
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132,785
|
|
|||||
Excess tax benefits from stock-based awards
|
22,166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,166
|
|
|||||
Purchase of noncontrolling interests
|
(3,843
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,843
|
)
|
|||||
Intercompany
|
824,194
|
|
|
(206,866
|
)
|
|
(617,328
|
)
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
—
|
|
|
(249
|
)
|
|
(4,659
|
)
|
|
—
|
|
|
(4,908
|
)
|
|||||
Net cash provided by (used in) financing activities attributable to continuing operations
|
456,869
|
|
|
(207,115
|
)
|
|
(621,987
|
)
|
|
—
|
|
|
(372,233
|
)
|
|||||
Total cash provided by (used in) continuing operations
|
549,117
|
|
|
(142
|
)
|
|
(574,008
|
)
|
|
—
|
|
|
(25,033
|
)
|
|||||
Total cash used in discontinued operations
|
(7,166
|
)
|
|
—
|
|
|
(1,251
|
)
|
|
—
|
|
|
(8,417
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
3,271
|
|
|
142
|
|
|
(7,909
|
)
|
|
—
|
|
|
(4,496
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
545,222
|
|
|
—
|
|
|
(583,168
|
)
|
|
—
|
|
|
(37,946
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
—
|
|
|
—
|
|
|
742,099
|
|
|
—
|
|
|
742,099
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
545,222
|
|
|
$
|
—
|
|
|
$
|
158,931
|
|
|
$
|
—
|
|
|
$
|
704,153
|
|
|
|
|
Schedule
Number
|
|
|
II
|
|
Valuation and Qualifying Accounts.
|
Exhibit
No.
|
|
Description
|
|
Location
|
|
2.1
|
|
|
Separation and Distribution Agreement, dated as of August 20, 2008, by and among the Registrant, HSN, Inc.,
Interval Leisure Group, Inc., Ticketmaster and Tree.com, Inc.
|
|
Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on August 22, 2008.
|
3.1
|
|
|
Restated Certificate of Incorporation of IAC/InterActiveCorp.
|
|
Exhibit 3.1 to the Registrant's Registration Statement on Form 8-A/A, filed on August 12, 2005.
|
3.2
|
|
|
Certificate of Amendment of the Restated Certificate of Incorporation of IAC/InterActiveCorp.
|
|
Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on August 22, 2008.
|
3.3
|
|
|
Amended and Restated By-laws of IAC/InterActiveCorp.
|
|
Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on December 6, 2010.
|
4.1
|
|
|
Indenture for 4.75% Senior Notes due 2022, dated as of December 21, 2012, among IAC/InterActiveCorp, the Guarantors named therein and Computershare Trust Company, N.A., as Trustee.
|
|
Exhibit 4.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
|
4.2
|
|
|
Supplemental Indenture for 4.75% Senior Notes due 2022, dated as of April 11, 2013, among IAC/InterActiveCorp, the Guarantors named therein and Computershare Trust Company, N.A., as Trustee.
|
|
Exhibit 4.3 to the Registrant's Registration Statement on Form S-4, filed on May 3, 2013.
|
4.3
|
|
|
Supplemental Indenture for 4.75% Senior Notes due 2022, dated as of May 30, 2013, among IAC/InterActiveCorp, the Guarantors named therein and Computershare Trust Company, N.A., as Trustee.
|
|
Exhibit 4.4 to the Registrant's Registration Statement on Form S-4, as amended, filed on June 5, 2013.
|
4.4
|
|
|
Indenture for 4.875% Senior Notes due 2018, dated as of November 15, 2013, among IAC/InterActiveCorp, the Guarantors named therein and Computershare Trust Company, N.A., as Trustee.
|
|
Exhibit 4.1 to the Registrant's Registration Statement on Form S-4, filed on December 13, 2013.
|
4.5
|
|
|
In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, certain instruments relating to long-term obligations of the Registrant have been omitted but will be furnished to the Commission upon request.
|
|
|
10.1
|
|
|
Amended and Restated Governance Agreement, dated as of August 9, 2005, by and between the Registrant and Barry Diller.
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2005.
|
10.2
|
|
|
Letter Agreement, dated as of December 1, 2010, by and among the Registrant, Liberty Media Corporation, Liberty USA Holdings, LLC and Barry Diller.
|
|
Exhibit 10.1 to the Registrant's Current Report on Form 8-K, filed on December 6, 2010.
|
10.3
|
|
|
Letter Agreement, dated as of December 1, 2010, by and between the Registrant and Barry Diller.
|
|
Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed on December 6, 2010.
|
10.4
|
|
|
Tax Sharing Agreement, dated as of August 20, 2008, by and among the Registrant, Ticketmaster, Interval Leisure Group, Inc., HSN, Inc. and Tree.com, Inc.
|
|
Exhibit 10.2 to the Registrant's Current Report on Form 8-K, filed on August 22, 2008.
|
10.5
|
|
|
IAC/InterActiveCorp 2013 Stock and Annual Incentive Plan.(1)
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013.
|
10.6
|
|
|
Form of Terms and Conditions of Stock Options under the IAC/InterActiveCorp 2013 Stock and Annual Incentive Plan.(1)(2)
|
|
|
10.7
|
|
|
Form of Terms and Conditions of Restricted Stock Units under the IAC/InterActiveCorp 2013 Stock and Annual Incentive Plan.(1)(2)
|
|
|
10.8
|
|
|
IAC/InterActiveCorp 2008 Stock and Annual Incentive Plan.(1)
|
|
Annex F to the Registrant's Definitive Proxy Statement, filed on July 10, 2008.
|
10.9
|
|
|
Form of Terms and Conditions of Stock Options under the IAC/InterActiveCorp 2008 Stock and Annual Incentive Plan.(1)
|
|
Exhibit 10.7 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
|
10.10
|
|
|
Form of Terms and Conditions of Restricted Stock Units under the IAC/InterActiveCorp 2008 Stock and Annual Incentive Plan.(1)
|
|
Exhibit 10.7 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
|
10.11
|
|
|
IAC/InterActiveCorp 2005 Stock and Annual Incentive Plan.(1)
|
|
Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
|
10.12
|
|
|
Form of Terms and Conditions of Stock Options under the IAC/InterActiveCorp 2005 Stock and Annual Incentive Plan.(1)
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008.
|
10.13
|
|
|
Summary of Non-Employee Director Compensation Arrangements.(1)
|
|
Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009.
|
10.14
|
|
|
2011 IAC/InterActiveCorp Deferred Compensation Plan for Non-Employee Directors.(1)
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2011.
|
10.15
|
|
|
Stock Option Agreement between the Registrant and Barry Diller, dated as of June 7, 2005.(1)
|
|
Exhibit 10.8 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2005.
|
10.16
|
|
|
Match.com, Inc. Equity Program.(1)
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009.
|
10.17
|
|
|
Employment Agreement between Gregory R. Blatt and the Registrant, dated as of December 22, 2010.(1)
|
|
Exhibit 10.17 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2010.
|
10.18
|
|
|
Summary of Key Terms of Gregory R. Blatt's Employment Arrangements.(1)
|
|
Exhibit 99.1 to the Registrant's Current Report on Form 8-K, filed on December 20, 2013.
|
10.19
|
|
|
Second Amended and Restated Employment Agreement between Victor A. Kaufman and the Registrant, dated as of March 15, 2012.(1)
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012.
|
10.20
|
|
|
Employment Agreement between Jeffrey W. Kip and the Registrant, dated as of March 20, 2012.(1)
|
|
Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the fiscal year ended March 31, 2012.
|
10.21
|
|
|
Employment Agreement between Gregg Winiarski and the Registrant, dated as of February 26, 2010.(1)
|
|
Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2010.
|
10.22
|
|
|
Google Services Agreement, dated as of January 1, 2008, between the Registrant and Google Inc.
|
|
Exhibit 10.25 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
|
10.23
|
|
|
Amendment No. 4 to Google Services Agreement, dated as of April 1, 2011, between the Registrant and Google Inc.
|
|
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2011.
|
10.24
|
|
|
Credit Agreement, dated as of December 21, 2012, among IAC/InterActiveCorp, as Borrower, the Lenders party thereto, JPMorgan Chase, Bank, N.A., as Administrative Agent, and the other parties thereto.
|
|
Exhibit 10.20 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.
|
21.1
|
|
|
Subsidiaries of the Registrant as of December 31, 2013.(2)
|
|
|
23.1
|
|
|
Consent of Ernst & Young LLP.(2)
|
|
|
31.1
|
|
|
Certification of the Chairman and Senior Executive pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2)
|
|
|
31.2
|
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2)
|
|
|
32.1
|
|
|
Certification of the Chairman and Senior Executive pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(3)
|
|
|
32.2
|
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(3)
|
|
|
101.INS
|
|
|
XBRL Instance
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema
|
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation
|
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition
|
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Labels
|
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation
|
|
|
(1)
|
Reflects management contracts and management and director compensatory plans.
|
(2)
|
Filed herewith.
|
(3)
|
Furnished herewith.
|
February 26, 2014
|
|
IAC/INTERACTIVECORP
|
||
|
|
By:
|
|
/s/ JEFFREY W. KIP
|
|
|
|
|
Jeffrey W. Kip
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
Signature
|
|
Title
|
|
|
|
/s/ BARRY DILLER
|
|
Chairman of the Board, Senior Executive and Director
|
Barry Diller
|
|
|
|
|
|
/s/ VICTOR A. KAUFMAN
|
|
Vice Chairman and Director
|
Victor A. Kaufman
|
|
|
|
|
|
/s/ JEFFREY W. KIP
|
|
Executive Vice President and Chief Financial Officer
|
Jeffrey W. Kip
|
|
|
|
|
|
/s/ MICHAEL H. SCHWERDTMAN
|
|
Senior Vice President and Controller (Chief Accounting Officer)
|
Michael H. Schwerdtman
|
|
|
|
|
|
/s/ EDGAR BRONFMAN, JR.
|
|
Director
|
Edgar Bronfman, Jr.
|
|
|
|
|
|
/s/ CHELSEA CLINTON
|
|
Director
|
Chelsea Clinton
|
|
|
|
|
|
/s/ SONALI DE RYCKER
|
|
Director
|
Sonali De Rycker
|
|
|
|
|
|
/s/ MICHAEL D. EISNER
|
|
Director
|
Michael D. Eisner
|
|
|
|
|
|
/s/ DONALD R. KEOUGH
|
|
Director
|
Donald R. Keough
|
|
|
|
|
|
/s/ BRYAN LOURD
|
|
Director
|
Bryan Lourd
|
|
|
|
|
|
/s/ ARTHUR C. MARTINEZ
|
|
Director
|
Arthur C. Martinez
|
|
|
|
|
|
/s/ DAVID S. ROSENBLATT
|
|
Director
|
David S. Rosenblatt
|
|
|
|
|
|
/s/ ALAN G. SPOON
|
|
Director
|
Alan. G. Spoon
|
|
|
|
|
|
/s/ ALEXANDER VON FURSTENBERG
|
|
Director
|
Alexander von Furstenberg
|
|
|
|
|
|
/s/ RICHARD F. ZANNINO
|
|
Director
|
Richard F. Zannino
|
|
|
Description
|
Balance at
Beginning
of Period
|
|
Charges to
Earnings
|
|
Charges to
Other Accounts
|
|
Deductions
|
|
Balance at
End of Period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts and revenue reserves
|
$
|
8,775
|
|
|
$
|
12,275
|
|
(1)
|
$
|
564
|
|
|
$
|
(13,074
|
)
|
(5)
|
$
|
8,540
|
|
Magazine publishing allowance for newsstand returns
|
2,313
|
|
|
164
|
|
(2)
|
45
|
|
|
(2,522
|
)
|
(6)
|
—
|
|
|||||
Sales returns accrual
|
1,244
|
|
|
19,176
|
|
|
—
|
|
|
(19,212
|
)
|
|
1,208
|
|
|||||
Deferred tax valuation allowance
|
60,783
|
|
|
8,864
|
|
(3)
|
(7,294
|
)
|
(4)
|
—
|
|
|
62,353
|
|
|||||
Other reserves
|
1,925
|
|
|
|
|
|
|
|
|
2,518
|
|
||||||||
2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts and revenue reserves
|
$
|
7,309
|
|
|
$
|
12,237
|
|
(1)
|
$
|
654
|
|
|
$
|
(11,425
|
)
|
(5)
|
$
|
8,775
|
|
Magazine publishing allowance for newsstand returns
|
—
|
|
|
10,426
|
|
(2)
|
33
|
|
|
(8,146
|
)
|
(6)
|
2,313
|
|
|||||
Sales returns accrual
|
1,020
|
|
|
17,728
|
|
|
—
|
|
|
(17,504
|
)
|
|
1,244
|
|
|||||
Deferred tax valuation allowance
|
45,084
|
|
|
9,320
|
|
(7)
|
6,379
|
|
(8)
|
—
|
|
|
60,783
|
|
|||||
Other reserves
|
2,119
|
|
|
|
|
|
|
|
|
1,925
|
|
||||||||
2011
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts and revenue reserves
|
$
|
8,848
|
|
|
$
|
8,898
|
|
(1)
|
$
|
(329
|
)
|
|
$
|
(10,108
|
)
|
(5)
|
$
|
7,309
|
|
Sales returns accrual
|
913
|
|
|
16,573
|
|
|
—
|
|
|
(16,466
|
)
|
|
1,020
|
|
|||||
Deferred tax valuation allowance
|
40,266
|
|
|
5,732
|
|
(9)
|
(914
|
)
|
(10)
|
—
|
|
|
45,084
|
|
|||||
Other reserves
|
1,555
|
|
|
|
|
|
|
|
|
|
|
|
2,119
|
|
(1)
|
Additions to the allowance for doubtful accounts are charged to expense. Additions to the revenue reserves are charged against revenue.
|
(2)
|
Additions to the magazine publishing allowance for newsstand returns are related to magazine publishing at Newsweek and are charged against revenue. The Newsweek print business was transitioned to a digital only publication in December 2012 (and was subsequently sold in August 2013).
|
(3)
|
Amount is primarily related to foreign and federal net operating losses, partially offset by a decrease in deferred tax assets for investments in subsidiaries and available-for-sale securities.
|
(4)
|
Amount is primary related to the release of a valuation allowance on unrealized gains on available-for-sale securities included in accumulated other comprehensive income
|
(5)
|
Write-off of fully reserved accounts receivable.
|
(6)
|
Amount represents returns of magazines at Newsweek. The Newsweek print business was transitioned to a digital only publication in December 2012 (and was subsequently sold in August 2013).
|
(7)
|
Amount is primarily related to an unbenefited other-than-temporary impairment charge related to a long-term marketable equity security, an increase in deferred tax assets for investments in subsidiaries and an increase in federal net operating losses.
|
(8)
|
Amount is primary related to unbenefited unrealized losses on available-for-sale securities included in accumulated other comprehensive income.
|
(9)
|
Amount is primarily related to losses from equity method investments.
|
(10)
|
Amount is primary related to the net release of the valuation allowance on net benefited losses for 2011 unrealized gains on available-for-sale securities included in accumulated other comprehensive income.
|
Entity
|
|
Jurisdiction of Formation
|
8831-8833 Sunset, LLC
|
|
Delaware
|
About Information Technology (Beijing) Co., Ltd.
|
|
People’s Republic of China
|
About International
|
|
Cayman Islands
|
About, Inc.
|
|
Delaware
|
Alpha411 Agency Services, LLC
|
|
Delaware
|
APN, LLC
|
|
Delaware
|
ApplianceAppointment.com, LLC
|
|
Delaware
|
Aqua Acquisition Holdings LLC
|
|
Delaware
|
Ask Applications, Inc.
|
|
Delaware
|
AutoGlassSearch.com, LLC
|
|
Delaware
|
AutoRepairLocal, LLC
|
|
Delaware
|
Buzz Technologies, Inc.
|
|
Washington
|
CH Pacific, LLC
|
|
Delaware
|
ChiroAppointment.com, LLC
|
|
Delaware
|
CityGrid Media, LLC
|
|
Delaware
|
CollegeHumor Press LLC
|
|
Maryland
|
Comedy News Ventures, Inc.
|
|
Delaware
|
Connect, LLC
|
|
Delaware
|
Connected Ventures, LLC
|
|
Delaware
|
ConsumerSearch, Inc.
|
|
Delaware
|
CraftJack Inc.
|
|
Illinois
|
CV Acquisition Corp.
|
|
Delaware
|
Daily Burn, Inc.
|
|
Delaware
|
DatingDirect.com Limited
|
|
United Kingdom
|
Delightful.com, LLC
|
|
Delaware
|
Diamant Production Services, LLC
|
|
Delaware
|
Dictionary.com, LLC
|
|
California
|
ECS Sports Fulfillment LLC
|
|
Delaware
|
Electus Productions, LLC
|
|
California
|
Electus, LLC
|
|
Delaware
|
Elicia Acquisition Corp.
|
|
Delaware
|
ES1 Productions, LLC
|
|
Delaware
|
ES2 Productions, LLC
|
|
Delaware
|
Failure to Appear Productions, LLC
|
|
Delaware
|
Falcon Holdings II, LLC
|
|
Delaware
|
FC & Co
|
|
France
|
Felix Calls, LLC
|
|
Delaware
|
Five Star Matchmaking Information Technology (Beijing) Co., Ltd.
|
|
People’s Republic of China
|
Gym Interactive, LLC
|
|
New York
|
Hatch Labs, Inc.
|
|
Delaware
|
High Line Venture Partners Follow On Fund GP, LLC
|
|
Delaware
|
Entity
|
|
Jurisdiction of Formation
|
High Line Venture Partners Follow On Fund, L.P.
|
|
Delaware
|
High Line Venture Partners GP II, LLC
|
|
Delaware
|
High Line Venture Partners GP, LLC
|
|
Delaware
|
High Line Venture Partners II, L.P.
|
|
Delaware
|
High Line Venture Partners, L.P.
|
|
Delaware
|
Home Industry Leadership Board
|
|
Colorado
|
HomeAdvisor B.V.
|
|
Netherlands
|
HomeAdvisor, Inc.
|
|
Delaware
|
HSN Capital LLC
|
|
Delaware
|
HSN Home Shopping Network GmbH
|
|
Germany
|
HSN, LLC
|
|
Delaware
|
HTRF Ventures, LLC
|
|
Delaware
|
Humor Rainbow, Inc.
|
|
New York
|
IAC 19
th
St. Holdings, LLC
|
|
Delaware
|
IAC Falcon Holdings, LLC
|
|
Delaware
|
IAC Family Foundation, Inc.
|
|
Delaware
|
IAC Search & Media (Canada) Inc.
|
|
Canada
|
IAC Search & Media B.V.
|
|
Netherlands
|
IAC Search & Media Deutschland GmbH
|
|
Germany
|
IAC Search & Media Europe Limited
|
|
Ireland
|
IAC Search & Media Hong Kong, Limited
|
|
Hong Kong
|
IAC Search & Media International, Inc.
|
|
Delaware
|
IAC Search & Media Massachusetts, Inc.
|
|
Massachusetts
|
IAC Search & Media Technologies Limited
|
|
Ireland
|
IAC Search & Media UK Limited
|
|
United Kingdom
|
IAC Search & Media Washington, LLC
|
|
Washington
|
IAC Search & Media, Inc.
|
|
Delaware
|
IAC Search, LLC
|
|
Delaware
|
IAC Shopping International, Inc.
|
|
Delaware
|
ImproveNet, Inc.
|
|
Delaware
|
Insider Pages, Inc.
|
|
Delaware
|
InstantAction, LLC
|
|
Delaware
|
InterActiveCorp Films, Inc.
|
|
Delaware
|
InterActiveCorp Films, LLC
|
|
Delaware
|
InterCaptiveCorp, Ltd.
|
|
Bermuda
|
Internet Shopping Network LLC
|
|
Delaware
|
iWon Points LLC
|
|
New York
|
La Centrale des Marchés Privés S.à r.l.
|
|
France
|
Life123, Inc.
|
|
Delaware
|
LocalEyeCare.com, LLC
|
|
Delaware
|
LocalPodiatry.com, LLC
|
|
Delaware
|
LocalVets.com, LLC
|
|
Delaware
|
Lucky Morning Productions, LLC
|
|
Delaware
|
M8 Singlesnet LLC
|
|
Delaware
|
Magnusville Limited
|
|
Cayman Islands
|
Maker Shack, LLC
|
|
California
|
Massive Media Europe NV
|
|
Belgium
|
Massive Media Limited
|
|
United Kingdom
|
Massive Media Match NV
|
|
Belgium
|
Entity
|
|
Jurisdiction of Formation
|
Match ProfilePro, LLC
|
|
Delaware
|
Match.com Canada Ltd.
|
|
Canada
|
Match.com Europe Limited
|
|
United Kingdom
|
Match.com Events LLC
|
|
Delaware
|
Match.com France Ltd.
|
|
France
|
Match.com Global Investments SARL
|
|
Luxembourg
|
Match.com Global Services Limited
|
|
United Kingdom
|
Match.com HK Limited
|
|
Hong Kong
|
Match.com International Holdings, Inc.
|
|
Delaware
|
Match.com International Ltd.
|
|
United Kingdom
|
Match.com Investments, Inc.
|
|
Cayman Island
|
Match.com Japan KK
|
|
Japan
|
Match.com Japan Networks GK
|
|
Japan
|
Match.com LatAm Ltd.
|
|
United Kingdom
|
Match.com Nordic AB
|
|
Sweden
|
Match.com Offshore Holdings, Ltd
|
|
Mauritius
|
Match.com Pegasus Limited
|
|
United Kingdom
|
Match.com, Inc.
|
|
Delaware
|
Match.com, L.L.C.
|
|
Delaware
|
Matvin, LLC
|
|
Delaware
|
Meetic Espana, SLU
|
|
Spain
|
Meetic Italia SRL
|
|
Italy
|
Meetic Netherlands BV
|
|
Netherlands
|
Meetic SA
|
|
France
|
Mile High Insights, LLC
|
|
Delaware
|
Mindspark Interactive Network, Inc.
|
|
Delaware
|
MM LatAm, LLC
|
|
Delaware
|
Mojo Acquisition Corp.
|
|
Delaware
|
Neu.de GmbH
|
|
Germany
|
Newsweek Philippines Inc.
|
|
Philippines
|
Nexus Dating Limited
|
|
United Kingdom
|
Notional, LLC
|
|
Delaware
|
NRelate LLC
|
|
Delaware
|
Parperfeito Comunicacao SA
|
|
Brazil
|
People Media, Inc.
|
|
Delaware
|
People Media, LLC
|
|
Arizona
|
Performance Vertical Marketing LLC
|
|
Delaware
|
Picnic, LLC
|
|
Delaware
|
Pronto, LLC
|
|
Delaware
|
Rebel Entertainment, Inc.
|
|
Delaware
|
Rio Bravo Productions, LLC
|
|
Delaware
|
Riviere Productions
|
|
California
|
Search Floor, Inc.
|
|
California
|
ServiceMagic Canada Inc.
|
|
Canada
|
ServiceMagic Europe S.à r.l.
|
|
Luxembourg
|
ServiceMagic GmbH
|
|
Germany
|
ServiceMagic International S.à r.l.
|
|
Luxembourg
|
ServiceMagic IP Ireland Limited
|
|
Ireland
|
ServiceMagic Limited
|
|
United Kingdom
|
Entity
|
|
Jurisdiction of Formation
|
Shoebuy.com Europe Limited
|
|
England and Wales
|
Shoebuy.com, Inc.
|
|
Delaware
|
Shoptouch, Inc.
|
|
Delaware
|
Soulmates Limited
|
|
New Zealand
|
Soulmates Technology Pty Ltd.
|
|
New South Wales Australia
|
SpeedDate.com, LLC
|
|
Delaware
|
Starnet Interactive Ltd.
|
|
Israel
|
Starnet Interactive, Inc.
|
|
Delaware
|
StorageReserve.com, LLC
|
|
Delaware
|
Styleclick Chicago, Inc.
|
|
Delaware
|
Styleclick, Inc.
|
|
Delaware
|
Styleclick.com Enterprises Inc.
|
|
California
|
TanningNearYou.com, LLC
|
|
Delaware
|
Targeted Media Solutions LLC
|
|
Delaware
|
TDB Holdings, Inc.
|
|
Delaware
|
The Daily Beast Company LLC
|
|
Delaware
|
The IAC Foundation, Inc.
|
|
Delaware
|
Tinder, Inc.
|
|
Delaware
|
TMC Realty, L.L.C.
|
|
Delaware
|
Triple Threat Marketing, LLC
|
|
Delaware
|
Tutor.com, Inc.
|
|
Delaware
|
TVRepairMan.com, LLC
|
|
Delaware
|
uDate.com Ltd.
|
|
United Kingdom
|
USA Electronic Commerce Solutions LLC
|
|
Delaware
|
USA Video Distribution LLC
|
|
Delaware
|
USANi LLC
|
|
Delaware
|
USANi Sub LLC
|
|
Delaware
|
VenuesNearYou.com, LLC
|
|
Delaware
|
Vimeo, LLC
|
|
Delaware
|
Wanderspot LLC
|
|
Washington
|
Werkspot BV
|
|
Netherlands
|
Yext Advertising, LLC
|
|
Delaware
|
Yext Countertops, LLC
|
|
Delaware
|
Yext Voice, LLC
|
|
Delaware
|
|
/s/ ERNST & YOUNG LLP
|
|
1.
|
I have reviewed this report on Form 10-K for the fiscal year ended December 31, 2013 of IAC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: February 26, 2014
|
|
/s/ BARRY DILLER
|
|
|
Barry Diller
Chairman and Senior Executive
|
1.
|
I have reviewed this report on Form 10-K for the fiscal year ended December 31, 2013 of IAC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: February 26, 2014
|
|
/s/ JEFFREY W. KIP
|
|
|
Jeffrey W. Kip
Executive Vice President and Chief Financial Officer
|
(1)
|
the Annual Report on Form 10-K for the fiscal year ended December 31, 2013 of IAC/InterActiveCorp (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of IAC/InterActiveCorp.
|
Dated: February 26, 2014
|
|
/s/ BARRY DILLER
|
|
|
Barry Diller
Chairman and Senior Executive
|
(1)
|
the Annual Report on Form 10-K for the fiscal year ended December 31, 2013 of IAC/InterActiveCorp (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of IAC/InterActiveCorp.
|
Dated: February 26, 2014
|
|
/s/ JEFFREY W. KIP
|
|
|
Jeffrey W. Kip
Executive Vice President and Chief Financial Officer
|