Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 10, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-39356 | ||
Entity Registrant Name | IAC Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-3727412 | ||
Entity Address, Address Line One | 555 West 18th Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10011 | ||
City Area Code | 212 | ||
Local Phone Number | 314-7300 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 | ||
Trading Symbol | IAC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,996,916,064 | ||
Documents Incorporated by Reference | Portions of the Registrant's proxy statement for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III herein. | ||
Entity Central Index Key | 0001800227 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 83,082,172 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,789,499 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,417,390 | $ 2,118,730 |
Marketable securities | 239,373 | 19,788 |
Accounts receivable, net | 607,809 | 695,513 |
Other current assets | 296,563 | 242,188 |
Total current assets | 2,561,135 | 3,076,219 |
Capitalized software, equipment, leasehold improvements, buildings and land, net | 510,614 | 570,525 |
Goodwill | 3,030,168 | 3,226,610 |
Intangible assets, net of accumulated amortization | 1,170,041 | 1,414,892 |
Investment in MGM Resorts International | 2,170,182 | 2,649,442 |
Long-term investments | 325,721 | 327,838 |
Other non-current assets | 625,774 | 1,037,067 |
TOTAL ASSETS | 10,393,635 | 12,302,593 |
LIABILITIES: | ||
Current portion of long-term debt | 30,000 | 30,000 |
Accounts payable, trade | 133,105 | 203,173 |
Deferred revenue | 157,124 | 165,451 |
Accrued expenses and other current liabilities | 759,759 | 982,879 |
Total current liabilities | 1,079,988 | 1,381,503 |
Long-term debt, net | 2,019,760 | 2,046,237 |
Deferred income taxes | 76,276 | 385,890 |
Other long-term liabilities | 617,842 | 721,262 |
Redeemable noncontrolling interests | 27,235 | 18,741 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Additional paid-in capital | 6,295,080 | 6,265,669 |
(Accumulated deficit) retained earnings | (265,019) | 905,151 |
Accumulated other comprehensive (loss) income | (13,133) | 4,397 |
Treasury stock, 1,101 shares at December 31, 2022 | (85,323) | 0 |
Total IAC shareholders' equity | 5,931,614 | 7,175,226 |
Noncontrolling interests | 640,920 | 573,734 |
Total shareholders' equity | 6,572,534 | 7,748,960 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 10,393,635 | 12,302,593 |
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,184 and 83,922 shares issued and 83,083 and 83,922 shares outstanding at December 31, 2022 and 2021, respectively | ||
SHAREHOLDERS' EQUITY: | ||
Common stock, value | 8 | 8 |
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at December 31, 2022 and 2021, respectively | ||
SHAREHOLDERS' EQUITY: | ||
Common stock, value | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Treasury stock (in shares) | 1,101,000 | |
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,184 and 83,922 shares issued and 83,083 and 83,922 shares outstanding at December 31, 2022 and 2021, respectively | ||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 1,600,000,000 | 1,600,000,000 |
Common stock issued (in shares) | 84,184,000 | 83,922,000 |
Common stock outstanding (in shares) | 83,083,000 | 83,922,000 |
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at December 31, 2022 and 2021, respectively | ||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock issued (in shares) | 5,789,000 | 5,789,000 |
Common stock outstanding (in shares) | 5,789,000 | 5,789,000 |
CONSOLIDATED AND COMBINED STATE
CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 5,235,280 | $ 3,699,627 | $ 2,764,536 |
Operating costs and expenses: | |||
Cost of revenue (exclusive of depreciation shown separately below) | 1,922,697 | 1,296,282 | 745,365 |
Selling and marketing expense | 1,925,750 | 1,362,300 | 1,165,456 |
General and administrative expense | 977,274 | 797,448 | 745,235 |
Product development expense | 332,873 | 230,810 | 185,335 |
Depreciation | 130,986 | 75,015 | 68,823 |
Amortization of intangibles | 307,718 | 74,839 | 126,839 |
Goodwill impairment | 112,753 | 0 | 265,146 |
Total operating costs and expenses | 5,710,051 | 3,836,694 | 3,302,199 |
Operating loss | (474,771) | (137,067) | (537,663) |
Interest expense | (110,165) | (34,264) | (16,166) |
Unrealized (loss) gain on investment in MGM Resorts International | (723,515) | 789,283 | 840,550 |
Other (expense) income, net | (217,785) | 111,854 | (42,561) |
(Loss) earnings from continuing operations before income taxes | (1,526,236) | 729,806 | 244,160 |
Income tax benefit (provision) | 331,087 | (138,990) | 45,707 |
Net (loss) earnings from continuing operations | (1,195,149) | 590,816 | 289,867 |
Earnings (loss) from discontinued operations, net of taxes | 2,694 | (1,831) | (21,281) |
Net (loss) earnings | (1,192,455) | 588,985 | 268,586 |
Net loss attributable to noncontrolling interests | 22,285 | 8,562 | 1,140 |
Net (loss) earnings attributable to IAC shareholders | $ (1,170,170) | $ 597,547 | $ 269,726 |
Per share information from continuing operations: | |||
Basic (loss) earnings per share (USD per share) | $ (13.58) | $ 6.72 | $ 3.40 |
Diluted (loss) earnings per share (USD per share) | (13.58) | 6.33 | 3.20 |
Per share information attributable to IAC Common Stock and Class B common stock shareholders: | |||
Basic (loss) earnings per share (USD per share) | (13.55) | 6.70 | 3.16 |
Diluted (loss) earnings per share (USD per share) | $ (13.55) | $ 6.31 | $ 2.97 |
Stock-based compensation expense by function: | |||
Stock-based compensation expense | $ 123,476 | $ 79,487 | $ 188,995 |
Cost of revenue | |||
Stock-based compensation expense by function: | |||
Stock-based compensation expense | 47 | 57 | 118 |
Selling and marketing expense | |||
Stock-based compensation expense by function: | |||
Stock-based compensation expense | 8,293 | 5,009 | 5,265 |
General and administrative expense | |||
Stock-based compensation expense by function: | |||
Stock-based compensation expense | 99,993 | 67,664 | 177,451 |
Product development expense | |||
Stock-based compensation expense by function: | |||
Stock-based compensation expense | $ 15,143 | $ 6,757 | $ 6,161 |
CONSOLIDATED AND COMBINED STA_2
CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) earnings | $ (1,192,455) | $ 588,985 | $ 268,586 |
Other comprehensive (loss) income, net of income taxes: | |||
Change in foreign currency translation adjustment | (18,829) | 10,466 | 7,810 |
Change in unrealized gains and losses on available-for-sale marketable debt securities | 53 | (2) | 2 |
Total other comprehensive (loss) income, net of income taxes | (18,776) | 10,464 | 7,812 |
Comprehensive (loss) income, net of income taxes | (1,211,231) | 599,449 | 276,398 |
Components of comprehensive loss (income) attributable to noncontrolling interests: | |||
Net loss attributable to noncontrolling interests | 22,285 | 8,562 | 1,140 |
Change in foreign currency translation adjustment attributable to noncontrolling interests | 1,235 | 93 | (1,718) |
Comprehensive loss (income) attributable to noncontrolling interests | 23,520 | 8,655 | (578) |
Comprehensive (loss) income attributable to IAC shareholders | $ (1,187,711) | $ 608,104 | $ 275,820 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Angi Inc. | IAC | Vivian Health | Old IAC | Vimeo | Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Vivian Health | Redeemable Noncontrolling Interests Vimeo | Total IAC Shareholders' Equity | Total IAC Shareholders' Equity Angi Inc. | Total IAC Shareholders' Equity IAC | Total IAC Shareholders' Equity Vivian Health | Total IAC Shareholders' Equity Old IAC | Total IAC Shareholders' Equity Vimeo | Common Stock Common Stock, $0.0001 par value | Common Stock Class B Common Stock, $0.0001 par value | Common Stock Common Stock, $0.001 par value | Common Stock Class B Common Stock, $0.001 par value | Additional Paid-in Capital | Additional Paid-in Capital Angi Inc. | Additional Paid-in Capital Vivian Health | Additional Paid-in Capital Old IAC | Additional Paid-in Capital Vimeo | Retained Earnings (Accumulated Deficit) | Invested Capital | Invested Capital Angi Inc. | Invested Capital Old IAC | Invested Capital Vimeo | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Angi Inc. | Treasury Stock | Treasury Stock IAC | Noncontrolling Interests | Noncontrolling Interests Angi Inc. |
Balance at beginning of period at Dec. 31, 2019 | $ 43,818 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | (1,434) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | 439 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 15 | ||||||||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | (3,515) | ||||||||||||||||||||||||||||||||||
Noncontrolling interest created in an acquisition | 1,121 | ||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | 183,315 | ||||||||||||||||||||||||||||||||||
Issuance of Vimeo common stock and creation of noncontrolling interest, net of fees | 8,299 | ||||||||||||||||||||||||||||||||||
Other | (66) | ||||||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2020 | 231,992 | ||||||||||||||||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 3,005,146 | $ 2,535,025 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,547,251 | $ (12,226) | $ 470,121 | ||||||||||||||||||||||||||
Balance at beginning of period (shares) at Dec. 31, 2019 | 0 | 0 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | 270,020 | 269,726 | 694,042 | (424,316) | 294 | ||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | 7,373 | 6,094 | 6,094 | 1,279 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 199,028 | 113,761 | 40,870 | 72,891 | 85,267 | ||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (83,382) | $ (64,142) | (83,382) | $ (60,959) | $ 1 | (83,383) | $ (62,169) | $ 1,248 | $ (38) | $ (3,183) | |||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 633 | ||||||||||||||||||||||||||||||||||
Purchase of Angi Inc. treasury stock | (64,132) | (64,132) | (9,273) | (54,859) | |||||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | (1,115) | (1,115) | |||||||||||||||||||||||||||||||||
Proceeds from the sale of Old IAC Class M common stock from New Match | $ 1,408,298 | $ 1,408,298 | $ 1,408,298 | ||||||||||||||||||||||||||||||||
Net increase in Old IAC's investment in the Company prior to the MTCH Separation | 1,685,995 | 1,685,995 | $ 1,685,995 | ||||||||||||||||||||||||||||||||
Cash merger consideration paid by Old IAC | $ 837,913 | $ 837,913 | $ 837,913 | ||||||||||||||||||||||||||||||||
Capitalization as a result of the MTCH Separation | 0 | $ 79 | $ 6 | 4,661,231 | (4,661,316) | ||||||||||||||||||||||||||||||
Capitalization as a result of the MTCH Separation (shares) | 79,343 | 5,789 | |||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | (183,315) | (183,315) | (178,508) | (4,807) | |||||||||||||||||||||||||||||||
Issuance, creation of noncontrolling interest | $ 141,301 | $ 141,301 | $ 141,301 | $ 0 | |||||||||||||||||||||||||||||||
Issuance of restricted stock | 0 | $ 3 | (3) | ||||||||||||||||||||||||||||||||
Issuance of restricted stock (shares) | 3,000 | ||||||||||||||||||||||||||||||||||
Adjustment to the capitalization of tax accounts as a result of the MTCH Separation | (8,259) | (8,259) | (8,259) | ||||||||||||||||||||||||||||||||
Other | 199 | (491) | (491) | 690 | |||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2020 | 7,150,928 | 6,597,575 | $ 83 | $ 6 | 5,909,614 | 694,042 | 0 | (6,170) | 553,353 | ||||||||||||||||||||||||||
Balance at end of period (shares) at Dec. 31, 2020 | 82,976 | 5,789 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | 1,732 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | 515 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | ||||||||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | (29,769) | ||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | 777,688 | ||||||||||||||||||||||||||||||||||
Issuance of Vimeo common stock and creation of noncontrolling interest, net of fees | $ 40,785 | ||||||||||||||||||||||||||||||||||
Elimination of Vimeo's noncontrolling interests | (1,002,324) | ||||||||||||||||||||||||||||||||||
Other | (1,878) | ||||||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2021 | 18,741 | 18,741 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | 587,253 | 597,547 | 597,547 | (10,294) | |||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | 9,911 | 10,519 | 10,519 | (608) | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 92,340 | 59,283 | 59,283 | 33,057 | |||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (98,691) | (61,223) | (98,691) | (59,609) | $ 0 | (98,691) | (59,619) | 0 | 10 | (1,614) | |||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 564 | 382 | |||||||||||||||||||||||||||||||||
Purchase of Angi Inc. treasury stock | (35,959) | (35,959) | (35,959) | $ 0 | |||||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | (570) | 0 | (570) | ||||||||||||||||||||||||||||||||
Net increase in Old IAC's investment in the Company prior to the MTCH Separation | (777,688) | (777,688) | (777,688) | 0 | |||||||||||||||||||||||||||||||
Issuance, creation of noncontrolling interest | $ 258,965 | $ 258,965 | $ 258,965 | ||||||||||||||||||||||||||||||||
Recapitalization of IAC upon Vimeo spin-off | 0 | $ 8 | $ 1 | $ (83) | $ (6) | 80 | |||||||||||||||||||||||||||||
Recapitalization of IAC upon Vimeo spin-off (shares) | 83,358 | 5,789 | (83,358) | (5,789) | |||||||||||||||||||||||||||||||
Spin-off IAC's investment in Vimeo | (386,438) | (386,438) | (38) | (386,438) | 38 | ||||||||||||||||||||||||||||||
Elimination of Vimeo's noncontrolling interests | 1,002,324 | 1,002,324 | 1,002,324 | ||||||||||||||||||||||||||||||||
Change in the MTCH Separation tax account distribution | 7,640 | 7,640 | 7,640 | ||||||||||||||||||||||||||||||||
Other | 168 | (242) | (242) | 410 | |||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2021 | 7,748,960 | 7,175,226 | $ 8 | $ 1 | $ 0 | $ 0 | 6,265,669 | 905,151 | $ 0 | 4,397 | $ 0 | 573,734 | |||||||||||||||||||||||
Balance at end of period (shares) at Dec. 31, 2021 | 83,922 | 5,789 | 0 | 0 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | (2,130) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | 0 | ||||||||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | (1,179) | ||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | 24,229 | ||||||||||||||||||||||||||||||||||
Issuance of Vimeo common stock and creation of noncontrolling interest, net of fees | $ (11,782) | ||||||||||||||||||||||||||||||||||
Other | (644) | ||||||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2022 | 27,235 | $ 27,235 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Net (loss) earnings | (1,190,325) | (1,170,170) | (1,170,170) | (20,155) | |||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | (18,776) | (17,541) | (17,541) | (1,235) | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 126,699 | 70,808 | 70,808 | 55,891 | |||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (16,905) | (8,627) | (16,905) | (12,265) | (16,905) | (12,276) | $ 11 | $ 3,638 | |||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 262 | ||||||||||||||||||||||||||||||||||
Purchase of Angi Inc. treasury stock | (85,300) | $ (8,144) | $ (85,323) | $ (8,144) | $ (85,323) | $ (8,144) | $ (85,323) | ||||||||||||||||||||||||||||
Distribution to and purchase of noncontrolling interests | 0 | 0 | |||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | (24,229) | (24,229) | (24,229) | ||||||||||||||||||||||||||||||||
Issuance, creation of noncontrolling interest | $ 54,700 | $ 17,818 | $ 17,818 | 36,882 | |||||||||||||||||||||||||||||||
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary | (255) | 7,580 | 7,580 | (7,835) | |||||||||||||||||||||||||||||||
Other | (5,241) | (5,241) | (5,241) | 0 | |||||||||||||||||||||||||||||||
Balance at end of period at Dec. 31, 2022 | $ 6,572,534 | $ 5,931,614 | $ 8 | $ 1 | $ 6,295,080 | $ (265,019) | $ (13,133) | $ (85,323) | $ 640,920 | ||||||||||||||||||||||||||
Balance at end of period (shares) at Dec. 31, 2022 | 84,184 | 5,789 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, $0.0001 par value | |||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 | |
Class B Common Stock, $0.0001 par value | |||
Common stock, par value (USD per share) | 0.0001 | 0.0001 | |
Common Stock | Common Stock, $0.0001 par value | |||
Common stock, par value (USD per share) | 0.0001 | ||
Common Stock | Class B Common Stock, $0.0001 par value | |||
Common stock, par value (USD per share) | $ 0.0001 | ||
Common Stock | Common Stock, $0.001 par value | |||
Common stock, par value (USD per share) | 0.001 | $ 0.001 | |
Common Stock | Class B Common Stock, $0.001 par value | |||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
CONSOLIDATED AND COMBINED STA_3
CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities attributable to continuing operations: | |||
Net (loss) earnings | $ (1,192,455) | $ 588,985 | $ 268,586 |
Less: Earnings (loss) from discontinued operations, net of tax | 2,694 | (1,831) | (21,281) |
Net (loss) earnings from continuing operations | (1,195,149) | 590,816 | 289,867 |
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities attributable to continuing operations: | |||
Stock-based compensation expense | 123,476 | 79,487 | 188,995 |
Amortization of intangibles | 307,718 | 74,839 | 126,839 |
Depreciation | 130,986 | 75,015 | 68,823 |
Provision for credit losses | 116,553 | 89,893 | 78,931 |
Goodwill impairment | 112,753 | 0 | 265,146 |
Deferred income taxes | (337,758) | 133,377 | (18,356) |
Unrealized (loss) gain on investment in MGM Resorts International | 723,515 | (789,283) | (840,550) |
(Gains) losses on sales of businesses and investments in equity securities, net | (38,956) | (44,835) | 40,051 |
Unrealized decrease (increase) in the estimated fair value of a warrant | 62,495 | (104,018) | 3,219 |
Non-cash lease expense (including right-of-use asset impairments) | 70,922 | 35,737 | 30,026 |
Pension and postretirement benefit expense | 209,991 | 18,212 | 0 |
Other adjustments, net | 17,963 | 45,302 | 6,214 |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable | (66,706) | (154,887) | (128,600) |
Other assets | 8,920 | 4,185 | (23,367) |
Operating lease liabilities | (63,843) | (30,995) | (29,841) |
Accounts payable and other liabilities | (247,912) | 90,265 | 42,422 |
Income taxes payable and receivable | (6,739) | (2,506) | (11,580) |
Deferred revenue | (11,020) | 8,296 | 25,140 |
Net cash (used in) provided by operating activities attributable to continuing operations | (82,791) | 118,900 | 113,379 |
Cash flows from investing activities attributable to continuing operations: | |||
Acquisitions, net of cash acquired | 0 | (2,699,643) | (685,216) |
Capital expenditures | (139,753) | (90,210) | (60,726) |
Proceeds from maturities of marketable debt securities | 0 | 225,000 | 475,000 |
Purchases of marketable debt securities | (233,928) | 0 | (649,828) |
Cash distribution related to the spin-off of IAC's investment in Vimeo | 0 | (333,184) | 0 |
Net proceeds from the sale of businesses and investments | 90,767 | 16,451 | 26,055 |
Purchases of investment in MGM Resorts International | (244,256) | 0 | (1,019,608) |
Purchases of investments | (3,036) | (24,290) | (1,152) |
Decrease in notes receivable | 19,497 | 0 | 0 |
Decrease in notes receivable—related party | 0 | 0 | 54,828 |
Other, net | 15,901 | (1,627) | (11,536) |
Net cash used in investing activities attributable to continuing operations | (494,808) | (2,907,503) | (1,872,183) |
Cash flows from financing activities attributable to continuing operations: | |||
Principal payments on Dotdash Meredith Term Loans | (30,000) | 0 | 0 |
Proceeds from the issuance of Dotdash Meredith Term Loans | 0 | 1,600,000 | 0 |
Proceeds from the issuance of ANGI Group Senior Notes | 0 | 0 | 500,000 |
Principal payments on ANGI Group Term Loan | 0 | (220,000) | (27,500) |
Debt issuance costs | (785) | (23,548) | (6,484) |
Proceeds from the issuance of Vivian Health preferred shares, net of fees | 34,700 | 0 | 0 |
Proceeds from the exercise of IAC stock options | 0 | 1,496 | 0 |
Purchase of noncontrolling interests | (1,179) | (30,339) | (4,280) |
Cash merger consideration paid by Old IAC in connection with the MTCH Separation | 0 | 0 | 837,913 |
Transfers from Old IAC for periods prior to the MTCH Separation | 0 | 0 | 1,706,479 |
Proceeds from the sale of Old IAC Class M common stock | 0 | 0 | 1,408,298 |
Other, net | 4,975 | (18,578) | 1,095 |
Net cash (used in) provided by financing activities attributable to continuing operations | (112,651) | 1,115,737 | 4,202,665 |
Total cash (used in) provided by continuing operations | (690,250) | (1,672,866) | 2,443,861 |
Net cash provided by operating activities attributable to discontinued operations | 0 | 18,053 | 41,202 |
Net cash provided by investing activities attributable to discontinued operations | 0 | 7,602 | 42 |
Net cash provided by financing activities attributable to discontinued operations | 0 | 293,577 | 149,254 |
Total cash provided by discontinued operations | 0 | 319,232 | 190,498 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (5,545) | (1,612) | 2,019 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (695,795) | (1,355,246) | 2,636,378 |
Cash and cash equivalents and restricted cash at beginning of period | 2,121,864 | 3,477,110 | 840,732 |
Cash and cash equivalents and restricted cash at end of period | 1,426,069 | 2,121,864 | 3,477,110 |
IAC | |||
Cash flows from financing activities attributable to continuing operations: | |||
Purchase of treasury stock | (85,323) | 0 | 0 |
Angi Inc. | |||
Cash flows from financing activities attributable to continuing operations: | |||
Purchase of treasury stock | (8,144) | (35,403) | (63,674) |
IAC employees | |||
Cash flows from financing activities attributable to continuing operations: | |||
Withholding taxes paid on behalf of employees on net settled stock-based awards | (18,068) | (95,983) | (85,103) |
Angi Inc. employees | |||
Cash flows from financing activities attributable to continuing operations: | |||
Withholding taxes paid on behalf of employees on net settled stock-based awards | $ (8,827) | $ (61,908) | $ (64,079) |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Company overview IAC today is comprised of category leading businesses, including Dotdash Meredith, Angi Inc. and Care.com, as well as others ranging from early stage to established businesses. As used herein, “IAC,” the “Company,” “we,” “our,” “us” and other similar terms refer to IAC Inc. (formerly known as IAC/InterActiveCorp) and its subsidiaries (unless the context requires otherwise). Dotdash Meredith On December 1, 2021, Dotdash Media Inc. (formerly known as About Inc., and referred to herein as "Dotdash"), a wholly-owned subsidiary of IAC, completed the acquisition of Meredith Holdings Corporation ("Meredith"), the former subsidiary of Meredith Corporation, comprising its digital and magazine businesses and its corporate operations. The parent of the combined entity is Dotdash Meredith, Inc. ("Dotdash Meredith"). See “ Note 3—Business Combinations ” for a description of the acquisition of Meredith. Dotdash Meredith is one of the largest digital and print publishers in America. From mobile to magazines, nearly 200 million people trust us to help them make decisions, take action, and find inspiration. Dotdash Meredith's over 40 iconic brands include PEOPLE, Better Homes & Gardens, Verywell, FOOD & WINE, The Spruce, Allrecipes, Byrdie, REAL SIMPLE, Investopedia, and Southern Living. Dotdash Meredith has two operating segments: (i) Digital, which includes its digital, mobile and licensing operations; and (ii) Print, which includes its magazine subscription and newsstand operations. Angi Inc. Angi Inc., formerly ANGI Homeservices Inc., is a publicly traded company that connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. During the year ended December 31, 2022, over 220,000 domestic service professionals actively sought consumer leads, completed jobs, or advertised work through Angi Inc. platforms. Additionally, consumers turned to at least one Angi Inc. business to find a service professional for approximately 29 million projects during the year ended December 31, 2022. At December 31, 2022, IAC’s economic interest and voting interest in Angi Inc. were 84.1% and 98.1%, respectively. In the fourth quarter of 2022, the Angi Inc. segment presentation was changed to reflect its four operating segments, which now include (i) Ads and Leads, (ii) Services, (iii) Roofing and (iv) International (includes Europe and Canada), and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing and Angi Roofing. Angi Inc.'s financial information for prior periods has been recast to conform to the current period presentation. Roofing, includes the business Angi Inc. acquired on July 1, 2021 known as Total Home Roofing. Ads and Leads provides service professionals the capability to engage with potential customers, including quoting, invoicing and payment services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi Inc. platform and Angi Inc. fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC business. Search The Search segment consists of Ask Media Group and the Desktop business. Ask Media Group is a collection of websites providing general search services and information. The Desktop business includes our direct-to-consumer downloadable desktop applications and our business-to-business partnership operations. Ask Media Group’s websites include, among others: Ask.com , a search site with a variety of fresh and contemporary content (celebrities, culture, entertainment, travel and general knowledge); Reference.com , a search and general knowledge content site that provides content across select vertical categories (history, business and finance and geography, among other verticals); Consumersearch.com , a search and content website that provides content designed to simplify the product research process; and Shopping.net , a vertical shopping search site, each of which contains a mix of search services and/or content targeted to various user or segment demographics. Emerging & Other Our Emerging & Other segment primarily includes: • Care.com, a leading online destination for families to connect with caregivers for their children, aging parents, pets and homes and for caregivers to connect with families seeking care services. Care.com’s brands include Care For Business , Care.com offerings to enterprises, and HomePay . Care.com acquired Lifecare, a leading provider of family care benefits, on October 27, 2020; • Mosaic Group, a leading developer and provider of global subscription mobile applications. Mosaic Group has a portfolio of some of the largest and most popular applications in the following verticals: Communications ( RoboKiller , TapeACall, Trapcall ), Language ( iTranslate , Speak & Translate ), Weather ( Clime: NOAA Weather Radar Live, Weather Live ), Business ( PDF Hero , Scan Hero ) and Lifestyle ( Blossom , Pixomatic ); and, for periods prior to its sale on July 12, 2022, Daily Burn; • Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities; • The Daily Beast, a website dedicated to news, commentary, culture and entertainment that publishes original reporting and opinion from its roster of full-time journalists and contributors; • IAC Films, a provider of production and producer services for feature films, primarily for initial sale and distribution through theatrical releases and video-on-demand services in the United States ("U.S.") and internationally; • Newco, IAC’s incubator platform, which currently spans healthcare, social gaming, home services and consumer marketplaces; and • Bluecrew, a technology driven staffing platform exclusively for flexible W-2 work, which was sold on November 9, 2022. Vimeo Spin-off: On May 25, 2021, IAC completed the spin-off of its full stake in Vimeo, Inc. (formerly Vimeo Holdings, Inc. ("Vimeo")) to IAC shareholders (which we refer to as the “Spin-off”). Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within the Company's financial statements for all periods. See “ Note 16—Discontinued Operations ” for additional details. MTCH Separation: |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepares its consolidated and combined financial statements (collectively referred to herein as "financial statements") in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company's financial statements were prepared on a consolidated basis beginning June 30, 2020 and on a combined basis for periods prior thereto. The difference in presentation is due to the fact that the final steps of the legal reorganization, including the contribution to New IAC of all the entities that comprise the Company following the MTCH Separation, were not completed until June 30, 2020. The preparation of the financial statements on a combined basis for periods prior to June 30, 2020 allows for the financial statements to be presented on a consistent basis for all periods presented. The historical combined financial statements of the Company have been derived from the historical accounting records of Old IAC. The combined financial statements reflect the historical financial position, results of operations and cash flows of the entities comprising the Company since their respective dates of acquisition by Old IAC and the allocation to the Company of certain Old IAC corporate expenses based on the historical accounting records of Old IAC through June 30, 2020. The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. For the purpose of the combined financial statements, income taxes have been computed as if the entities comprising the Company filed tax returns on a standalone, separate basis for periods prior to the MTCH Separation. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated. All intercompany transactions between (i) the Company and (ii) Old IAC and its subsidiaries for periods prior to the MTCH Separation were considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these intercompany transactions is reflected in the statement of cash flows as a financing activity and in the statement of parent's equity as “Invested capital.” In management's opinion, the assumptions underlying the historical financial statements of the Company, including the basis on which the expenses have been allocated from Old IAC, are reasonable. However, the allocations may not reflect the expenses that the Company would have incurred as an independent, stand-alone company for the periods presented. COVID-19 Update The COVID-19 pandemic and the various responses to it created significant volatility, uncertainty and economic disruption. Recently there has been a return to normal societal interactions, including the way the Company operates its businesses. Angi Inc. As previously disclosed, the impact of COVID-19 initially resulted in a decline in demand for service requests, driven primarily by decreases in demand in certain categories of jobs (particularly discretionary indoor projects). While Angi Inc. experienced a rebound in service requests from mid-2020 through early 2021, service requests started to decline in May 2021 and have continued to decline during 2022 due, in part, to COVID-19 measures that were more widely in place in prior periods. Angi Inc.'s ability to monetize service requests rebounded modestly in the second half of 2021 and the first half of 2022; however, that improved monetization plateaued in the third quarter of 2022 and is now in line with monetization rates experienced pre-COVID-19. Dotdash Meredith Digital advertising and performance marketing revenue at Dotdash, excluding Meredith, declined in 2022, compared to 2021 due in part to lower traffic to its sites compared to prior year COVID-19 traffic highs. Post-acquisition, Meredith has experienced a similar impact to its digital advertising revenue. Search In the quarter ended March 31, 2020, the Company determined that the effects of COVID-19 were a contributing indicator of possible impairment for certain of its assets and identified impairments at the Desktop reporting unit of $212.0 million and $21.4 million related to goodwill and certain indefinite-lived intangible assets, respectively. In the quarter ended September 30, 2020, the Company recorded additional impairments of $53.2 million and $10.8 million related to the goodwill and intangible assets, respectively, of the Desktop reporting unit. These impairments were due, in part, to the effects of COVID-19 on monetization. Refer to "Services Agreement with Google (the "Services Agreement")" below for additional information. Other In addition to the impairments at Search, in the quarter ended March 31, 2020, the Company identified impairments of $51.5 million of certain equity securities without readily determinable fair values, and $7.5 million of a note receivable and a warrant related to certain investees as a result of the effects of COVID-19. Future Outlook The extent to which developments related to the COVID-19 pandemic and measures designed to curb its spread continue to impact the Company’s business, financial condition and results of operations will depend on future developments, all of which are highly uncertain and many of which are beyond the Company’s control, including the continuing spread of COVID-19, the severity of resurgences of COVID-19 caused by variant strains of the virus, the effectiveness of vaccines and attitudes toward receiving them, materials and supply chain constraints, labor shortages, the scope of governmental and other restrictions on travel, discretionary services and other activity, and public reactions to these developments. Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those related to: the fair values of cash equivalents and marketable debt and equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of capitalized software, equipment, leasehold improvements and buildings and definite-lived intangible assets; the fair value of assets acquired and liabilities assumed as a result of acquisitions and the allocation of purchase price thereto; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; the valuation allowance for deferred income tax assets; pension and postretirement benefit expenses, including actuarial assumptions regarding discount rates, expected returns on plan assets, inflation and healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant. Revenue Recognition The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to the Company’s customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods. The Company's disaggregated revenue disclosures are presented in " Note 11—Segment Information ." Transaction Price The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services or goods, including amounts that are variable. Contracts may include sales incentives, such as volume discounts or rebates, which are accounted for as variable consideration when estimating the transaction price. The Company also maintains a liability for potential future refunds and customer credits, which is recorded as a reduction of revenue. All estimates of variable consideration are based upon historical experience and customer trends. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers, which are directly observable or an estimate if not directly observable. Practical Expedients and Exemptions For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , applicable to such contracts and does not consider the time value of money. In addition, as permitted under the practical expedient available under ASU No. 2014-09, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is tied to sales-based or usage-based royalties, allocated entirely to unsatisfied performance obligations, or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. Costs to Obtain a Contract with a Customer The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. Commissions Paid to Employees Pursuant to Sales Incentive Programs The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period and are included in "Selling and marketing expense" in the statement of operations. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data. For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred. Effective October 1, 2022, the Ads business, within Angi Inc., elected to expense commissions upon review of the duration of the related customer relationship periods which have been determined to be less than a year. App Store Fees The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. The amortization of mobile app store fees is included in "Cost of revenue" in the statement of operations. The following table presents the capitalized costs to obtain a contract with a customer for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Sales Commissions App Store Fees Total Sales Commissions App Store Fees Total (In thousands) Current $ 39,590 $ 8,266 $ 47,856 $ 39,669 $ 9,023 $ 48,692 Non-current 5,667 — 5,667 6,086 — 6,086 Total $ 45,257 $ 8,266 $ 53,523 $ 45,755 $ 9,023 $ 54,778 During the years ended December 31, 2022, 2021 and 2020, the Company recognized expense of $95.5 million, $125.9 million and $101.3 million, respectively, related to the amortization of capitalized costs to obtain a contract with a customer. The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet. Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions Dotdash Meredith uses third-party agents to obtain certain subscribers. The agents are paid a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Accordingly, these commissions do not qualify for capitalization because there is no contract with a customer until a copy is served to a customer; therefore, these costs are expensed when the publication is sent to the customer. Dotdash Meredith recognizes a liability to the extent the commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to agents (such as per subscriber bounties) to acquire subscribers as incurred. Expenses related to third-party agent sales of magazine subscriptions are included in "Selling and marketing expense" in the statement of operations. Dotdash Meredith Dotdash Meredith revenue consists of digital and print revenue. Digital revenue consists principally of advertising, performance marketing and licensing and other revenue. Print revenue consists principally of subscription, advertising, projects and other, newsstand, and performance marketing revenue. Digital Advertising Advertising revenue is generated primarily through digital advertisements sold by Dotdash Meredith's sales team directly to the advertisers or through advertising agencies and through programmatic advertising networks. Performance obligations consist of delivering advertisements with a promised number of actions related to the ads, such as impressions or clicks, or displaying advertisements for an agreed upon amount of time. The price is determined by an agreed-upon pricing model such as CPM (cost-per-1,000 impressions), CPC (cost-per-click) or flat fees. The Company recognizes revenue over time as performance obligations are satisfied. Revenue is recognized using an output method based on actions delivered or time elapsed depending on the nature of the performance obligation. The Company considers the right to receive consideration from a customer to correspond directly with the value to the customer of our performance completed to date. The customer is invoiced in the month following the month that the advertisements are delivered. Performance Marketing Performance marketing revenue includes commissions generated through affiliate commerce, affinity marketing and performance marketing channels. Affiliate commerce and performance marketing commission revenue is generated when Dotdash Meredith brands refer consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing and affiliate commerce partners are invoiced monthly. Affinity marketing programs are arrangements where Dotdash Meredith acts as an agent for both Dotdash Meredith and third-party publishers to market and place magazine subscriptions online. Commissions are earned when a subscriber name has been provided to the publisher and any free trial period is completed. Dotdash Meredith net settles with the third-party publishers monthly. Licensing and Other Revenue Licensing revenue includes symbolic licenses, which include direct-to-retail product partnerships based on Dotdash Meredith's brands, and functional licenses, which consist of certain content licensing agreements. Revenues from symbolic licenses are in the form of a royalty based on the sale or usage of the branded product, which is recognized over time when the sale or use occurs. Generally, revenues are accrued based on estimated sales and adjusted as actual sales are reported by partners. These adjustments are typically recorded within three months of the initial estimates and have not been material. Minimum guarantees, if applicable, are generally recognized as revenue over the term of the applicable contract. Revenue from functional licenses is recognized as Dotdash Meredith's content is delivered or access to the content is granted. Revenue from functional licenses is recognized at a point-in-time when access to the completed content is granted to the partner. Print Subscription Revenue Subscription revenue relates to the sale of Dotdash Meredith print magazines. Subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Most of the Dotdash Meredith’s subscription sales are prepaid at the time of order and may be canceled at any time for a refund of the pro rata portion of the initial subscription. Accordingly, amounts received from prepaid subscriptions are recorded as a customer deposit liability rather than as deferred revenue. The delivery of each issue is determined to be a distinct performance obligation that is satisfied; revenue is recognized when the publication is sent to the customer. Advertising Advertising revenue relates to the sale of advertising in magazines directly to advertisers or through advertising agencies. Revenue is recognized on the magazine issue’s on-sale date, which is the date the magazine is published. The customer is invoiced, net of agency commissions, once the advertisements are published under normal industry trade terms. Project and Other Revenue Project and other revenue relates to other revenue streams that are primarily project based and may relate to any one or combination of the following activities: audience targeted advertising, custom publishing, content strategy and development, email marketing, social media, database marketing and search engine optimization. Depending on the contractual arrangement, revenue is recognized either as the purchased advertising is run on third-party platforms, or over the contractual period as the products do not have an alternate use to the Company or its other clients. Payment terms vary based on the nature of the contract. Newsstand Revenue Newsstand revenue is related to single copy magazines or bundles of single copy magazines sold to wholesalers for resale on newsstands. Publications sold to magazine wholesalers are sold with the right to receive credit from Dotdash Meredith for magazines returned to the wholesaler by retailers. Revenue is recognized on the issue's on-sale date as the date aligns most closely with the date that control is transferred to the customer. Wholesalers are invoiced a percentage of estimated final sales the month after the issue’s initial on-sale date. Generally, the previously estimated revenue is adjusted based upon the final sales, which occur when the final amounts are settled under normal industry terms. Performance Marketing Performance marketing principally consists of affinity marketing revenue through which Dotdash Meredith places magazine subscriptions for third-party publishers. Dotdash Meredith net settles with these third parties monthly. Angi Inc. Ads and Leads Revenue Primarily reflects domestic ads and leads revenue, including consumer connection revenue for consumer matches, revenue from service professionals under contract for advertising and membership subscription revenue from service professionals and consumers. Consumer connection revenue varies based upon several factors, including the service requested, product experience offered, and geographic location of service. Consumer connection revenue is generally billed one week following a consumer match, with payment due upon receipt of invoice. Angi Inc. maintains a liability for potential credits issued to services providers. Revenue is also derived from (i) sales of time-based website, mobile and call center advertising to service professionals, (ii) service professional membership subscription fees, (iii) membership subscription fees from consumers and (iv) other services. Angi Inc. service professionals generally pay for advertisements in advance on a monthly or annual basis at the option of the service professional, with the average advertising contract term being approximately one year. Angi website, mobile and call center advertising revenue is recognized ratably over the contract term. Revenue from the sale of advertising in the Angie’s List Magazine is recognized in the period in which the publication is distributed. Service professional membership subscription revenue is initially deferred upon receipt of payment and is recognized using the straight-line method over the applicable subscription period, which is typically one year. Angi Inc. prepaid consumer membership subscription fees are recognized as revenue using the straight-line method over the term of the applicable subscription period, which is typically one year. Services Revenue Primarily reflects domestic revenue from pre-priced offerings by which the consumer requests services through Services platforms and Angi Inc. engages a service professional to perform the service. Consumers are billed when a job is scheduled through the Services platform. Billing practices are governed by the contract terms of each project as negotiated with the consumer. Billings do not necessarily correlate with revenue recognized over time as this is based on the timing of when the consumer receives the promised services. From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and Angi Inc.'s performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires net revenue accounting treatment effective January 1, 2023. There is no impact to operating income or Adjusted EBITDA. Roofing Revenue Primarily reflects revenue from the roof replacement business offering by which the consumer purchases services directly from the Roofing business and Angi Inc. then engages a service professional to perform the service. Consumers typically pay when a job is completed and revenue is recognized based on the Company's progress in satisfying the roofing service. International Revenue Primarily reflects revenue generated within the International segment (comprised of businesses in Europe and Canada), including consumer connection revenue for consumer matches and membership subscription revenue from service professionals and consumers. Search Ask Media Group revenue consists primarily of advertising revenue generated principally through the display of paid listings in response to search queries, as well as from display advertisements appearing alongside content on its various websites and, to a lesser extent, affiliate commerce commission revenue. Paid listings are advertisements displayed on search results pages that generally contain a link to advertiser websites. The majority of the paid listings displayed by Ask Media Group is supplied to us by Google Inc. (“Google”) pursuant to our services agreement with Google. Pursuant to this agreement, Ask Media Group businesses transmit search queries to Google, which in turn transmits a set of relevant and responsive paid listings back to these businesses for display in search results. This ad-serving process occurs independently of, but concurrently with, the generation of algorithmic search results for the same search queries. Google paid listings are displayed separately from algorithmic search results and are identified as sponsored listings on search results pages. Paid listings are priced on a price-per-click basis and when a user submits a search query through an Ask Media Group business and then clicks on a Google paid listing displayed in response to the query, Google bills the advertiser that purchased the paid listing and shares a portion of the fee charged to the advertiser with the Ask Media Group business. The Company recognizes paid listing revenue from Google when it delivers the user’s click. In cases where the user’s click is generated due to the efforts of a third-party distributor, we recognize the amount due from Google as revenue and record a revenue share or other payment obligation to the third-party distributor as traffic acquisition costs. Revenue from display advertising is generated through advertisements sold through programmatic advertising networks. Affiliate commerce commission revenue is generated when an Ask Media Group property refers users to commerce partner websites resulting in a purchase or transaction. Desktop revenue largely consists of advertising revenue generated principally through the display of paid listings in response to search queries. The majority of the paid listings displayed are supplied to us by Google in the manner, and pursuant to the services agreement with Google, described above. Fees related to display advertisements are recognized when an advertisement is displayed. To a lesser extent, Desktop revenue also includes fees paid by subscribers for downloadable desktop applications as well as display advertisements. Fees for subscription downloadable desktop applications are generally recognized over the term of the applicable subscription period, which is primarily monthly. Emerging & Other Care.com generates revenue primarily through subscription fees from families and caregivers for its suite of products and services, as well as through annual contracts with employers who provide access to Care.com’s suite of products and services as an employee benefit and through contracts with businesses that recruit employees through its platform. Mosaic Group revenue consists primarily of fees paid by subscribers for downloadable mobile applications distributed through the Apple App Store and Google Play Store and fees received directly from consumers, as well as display advertisements. Fees related to subscription downloadable mobile applications are initially deferred and generally recognized either over the term of the subscription period, which is up to one year, for those applications that must be connected to our servers to function, or at the time of the sale when the software license is delivered. Fees related to display advertisements are recognized when an advertisement is displayed. Vivian Health revenue consists of subscription revenue, which is generated through recruiting agencies that seek access to qualified healthcare professionals and is recognized at the earlier of the full delivery of the promised services or over the length of the subscription period. The Daily Beast revenue consists of advertising revenue, which is generated primarily through display advertisements (sold directly and through programmatic advertising networks), and to a lesser extent, subscription revenue and affiliate commerce commission revenue. The performance obligations, timing of customer payments, and methods of revenue recognition are generally consistent with action-based advertising and time-based advertising revenue, as described above. Revenue of IAC Films is generated primarily through media production and distribution. Production revenue is recognized when control is transferred to the customer to broadcast or exhibit. Sold on November 9, 2022, Bluecrew revenue consisted of service revenue, which was generated through staffing workers and recognized as control of the promised services was transferred to our customers. Accounts Receivables, Net of the Allowance for Credit Losses Accounts receivable include amounts billed and currently due from customers. The allowance for credit losses is based upon a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the specific customer’s ability to pay its obligation and any other forward-looking data regarding customers' ability to pay that is available. Customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date, with the exception of invoices at Dotdash Meredith, which vary by revenue stream as described above. Deferred Revenue Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances were $157.1 million and $0.2 million, respectively, at December 31, 2022, and $165.5 million and $0.4 million, respectively, at December 31, 2021. Included in the current deferred revenue balance at December 31, 2021 is $22.9 million related to Meredith, acquired December 1, 2021. During the year ended December 31, 2022, the Company recognized $152.0 million of revenue that was included in the deferred revenue balance at December 31, 2021. In addition to the revenue recognized, $7.3 million of the December 31, 2021 deferred revenue balance was reclassified to other balance sheet accounts and $1.1 million related to a business that was sold in 2022. During the year ended December 31, 2021, the Company recognized $132.2 million of revenue that was included in the deferred revenue balance at December 31, 2020. The current and non-current deferred revenue balances were $137.7 million and $0.7 million, respectively, at December 31, 2020. Non-current deferred revenue is included in “Other long-term liabilities” in the balance sheet. Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments, with maturities of less than 91 days from the date of purchase. Domestically, cash equivalents primarily consist of AAA rated government money market funds and treasury discount notes. Internationally, cash equivalents primarily consist of AAA rated government money market funds and time deposits. Accounting for Investments in Debt Securities At times the Company invests in marketable debt securities with active secondary or resale markets to ensure portfolio liquidity to fund current operations or satisfy other cash requirements as needed. Marketable debt securities are adjusted to fair value each quarter, and the unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (loss) as a separate component of shareholders’ equity. The specific-identification method is used to determine the cost of debt securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income (loss) into earnings. The |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Dotdash Meredith On December 1, 2021, Dotdash acquired Meredith under the terms of an agreement (the "Merger Agreement") dated as of October 6, 2021. At the effective time of the merger, each outstanding share of common stock of Meredith (other than certain excluded shares) was converted into the right to receive $42.18 in cash. Pursuant to the Merger Agreement, Meredith equity awards were cancelled, and in exchange each holder received such holder’s portion of the merger consideration as set forth in the Merger Agreement, less the per share exercise price in the case of stock options. The Company accounted for this acquisition as a business combination under the acquisition method of accounting. The Company completed the purchase accounting for the Meredith acquisition during the fourth quarter of 2022. The total purchase price was calculated and allocated as follows: Meredith (In thousands) Common stock of Meredith $ 1,931,376 Cash payment used to settle a portion of Meredith debt 625,000 Cash settlement of all outstanding vested equity awards and deferred compensation 130,089 Total purchase price $ 2,686,465 The table below summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: Meredith (In thousands) Cash and cash equivalents $ 12,436 Accounts receivable 334,891 Other current assets 123,081 Leasehold improvements, equipment, buildings, land and capitalized software 258,197 Goodwill 1,513,824 Intangible assets 1,175,459 Other non-current assets 676,777 Total assets 4,094,665 Customer deposit liability (144,136) Other current liabilities (435,268) Deferred income taxes (268,999) Other non-current liabilities (559,797) Net assets acquired $ 2,686,465 The Company acquired Meredith because it is complementary to Dotdash. The purchase was based on the expected future financial performance of Meredith under Dotdash leadership, not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. The purchase price attributed to goodwill is not tax deductible. The fair values of the identifiable intangible assets acquired at the date of acquisition are as follows: Meredith (In thousands) Useful Life Indefinite-lived trade names and trademarks $ 388,550 Indefinite-lived Advertiser relationships 297,000 5 Licensee relationships 171,000 3-6 Digital content 96,200 2-3 Trade name and trademarks 80,500 1-29 (a) Subscriber relationships 76,009 1-2 Developed technology 66,200 2-3 Total identifiable intangible assets acquired $ 1,175,459 _____________________ (a) Approximately $19 million of the total trade names and trademarks represents digital trade names and trademarks that Dotdash Meredith has the contractual right to use for 29 years. The remaining definite-lived trade names and trademarks have an estimated useful life that range from 1 to 5 years. Accounts receivable, other current assets, leasehold improvements, equipment, buildings, land and capitalized software, other non-current assets, customer deposit liability, other current liabilities, and other non-current liabilities of Meredith were reviewed and adjusted to their fair values at the date of acquisition, as necessary. Accounts receivable was adjusted for $3.4 million of gross contractual amounts that were not collected. Contingencies, including indemnification liabilities related to pre-acquisition income tax and non-income tax liabilities, of $60.0 million are included in net assets acquired. The fair value of contingencies represents an estimate of amounts to be paid and an assessment of probability. The fair values of trade names and trademarks were determined using an income approach that utilized a relief from royalty methodology. The fair values of advertiser, licensee and subscriber relationships were determined using an income approach that utilized an excess earnings methodology. The fair values of digital content and developed technology were determined using a cost to replace methodology. The valuations of these intangible assets incorporate significant unobservable inputs and require significant judgment and estimates, including the amount and timing of future cash flows and the determination of royalty and discount rates. Care.com On February 11, 2020, the Company acquired Care.com, a leading online destination for families to easily connect with caregivers, for a total purchase price of $626.9 million, which includes cash consideration of $587.0 million paid by the Company and the settlement of all outstanding vested employee equity awards for $40.0 million paid by Care.com prior to the completion of the acquisition. The Company completed the purchase accounting for the Care.com acquisition during the first quarter of 2021. Unaudited pro forma financial information The unaudited pro forma financial information in the table below presents the results of the Company, Meredith, and Care.com, as if these acquisitions had occurred on January 1, 2020 and January 1, 2019, respectively. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had these acquisitions occurred on the aforementioned dates. For the years ended December 31, 2021 and 2020, pro forma adjustments include an increase in amortization expense of $135.9 million and $149.5 million, respectively, related to intangible asset adjustments in purchase accounting. To present transaction-related costs in the beginning of the earliest comparative period presented, pro forma adjustments include a reduction in transaction-related costs of $130.8 million for the year ended December 31, 2021. Years Ended December 31, 2021 2020 (In thousands, except per share data) Revenue $ 5,599,334 $ 4,840,324 Net earnings (loss) from continuing operations $ 650,189 $ (85,372) Basic earnings (loss) per share from continuing operations $ 7.39 $ (0.99) Diluted earnings (loss) per share from continuing operations $ 6.95 $ (0.99) Net earnings (loss) attributable to IAC shareholders $ 656,920 $ (100,847) Basic earnings (loss) per share attributable to IAC shareholders $ 7.36 $ (1.18) Diluted earnings (loss) per share attributable to IAC shareholders $ 6.93 $ (1.18) |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets, net are as follows: December 31, 2022 2021 (In thousands) Goodwill $ 3,030,168 $ 3,226,610 Intangible assets with indefinite lives 631,097 679,149 Intangible assets with definite lives, net of accumulated amortization 538,944 735,743 Total goodwill and intangible assets, net $ 4,200,209 $ 4,641,502 The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2022: Balance at December 31, 2021 Deductions Reporting Unit Allocation Adjustment Impairment Foreign Exchange Translation Balance at December 31, 2022 (In thousands) Dotdash Meredith Digital $ 1,567,843 $ (70,201) — — $ — $ 1,497,642 Total Dotdash Meredith 1,567,843 (70,201) — — — 1,497,642 Angi Inc. Angi Inc. 916,375 (816) (903,469) — (12,090) — Ads and Leads — — 761,571 — — 761,571 Services — — 51,095 — — 51,095 Roofing — — 26,005 (26,005) — — International — — 64,798 — 5,821 70,619 Total Angi Inc. 916,375 (816) — (26,005) (6,269) 883,285 Emerging & Other 742,392 (6,403) — (86,748) — 649,241 Total $ 3,226,610 $ (77,420) $ — $ (112,753) $ (6,269) $ 3,030,168 Deductions at Dotdash Meredith are primarily due to adjustments to the fair values of certain assets acquired and liabilities assumed related to Meredith, acquired by Dotdash on December 1, 2021, and the sale of a business at Dotdash Meredith. Deductions at Angi Inc. are due to working capital adjustments recorded in the second quarter of 2022 related to Total Home Roofing (“Roofing”), acquired on July 1, 2021. Deductions at the Emerging & Other segment are due to the sales of Bluecrew and the Daily Burn business at Mosaic Group. In the fourth quarter of 2022, the Angi Inc. segment presentation was changed to reflect its four new operating segments, which now include (i) Ads and Leads, (ii) Services, (iii) Roofing and (iv) International (includes Europe and Canada). Goodwill was allocated to reflect the new segment presentation. The allocation of goodwill to Roofing and Canada reflects their respective historical carrying values because of the lack of operational integration with Angi North America; the allocation of the remaining goodwill to Ads and Leads and Services was based upon their relative fair values as of October 1, 2022. As required, the goodwill of Angi Inc. reporting units was tested before and after the change in reporting units; this test resulted in an impairment of $26.0 million due to Roofing exiting certain markets and a projected reduction in future profits from the business, which reduced its fair value. In the second quarter of 2022, the Company reassessed the fair value of the Mosaic Group reporting unit (included in the Emerging & Other segment) and recorded an impairment of $86.7 million as a result of the projected reduction in future revenue and profits from the business and lower trading multiples of a selected peer group of companies. See “ Note 2—Summary of Significant Accounting Policies ” for further discussion of the Company’s assessments of impairment of goodwill and indefinite-lived intangible assets. The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2021 : Balance at December 31, 2020 Additions Deductions Foreign Exchange Translation Balance at December 31, 2021 (In thousands) Dotdash Meredith Digital $ — $ 1,567,843 $ — $ — $ 1,567,843 Total Dotdash Meredith — 1,567,843 — — 1,567,843 Angi Inc. 892,133 26,822 — (2,580) 916,375 Emerging & Other 767,969 — (25,376) (201) 742,392 Total $ 1,660,102 $ 1,594,665 $ (25,376) $ (2,781) $ 3,226,610 Additions relate to the acquisitions of Meredith at Dotdash Meredith and Roofing at Angi Inc. Deductions are primarily related to the allocation of acquired attributes related to the acquisition of Care.com (included in the Emerging & Other segment). The December 31, 2022 and 2021 goodwill balance reflects accumulated impairment losses of $981.3 million and $198.3 million at Search and Dotdash Meredith, respectively. The December 31, 2022 goodwill balance also reflects an impairment loss of $86.7 million at Mosaic Group (included in the Emerging & Other segment) and $26.0 million at Angi Inc. As a result of impairments recorded in 2020, the Search reportable segment has no goodwill. At December 31, 2022 and 2021, intangible assets with definite lives are as follows: December 31, 2022 Gross Accumulated Net Weighted-Average (In thousands) (Years) Advertiser relationships $ 297,000 $ (87,199) $ 209,801 5.0 Technology 198,224 (171,660) 26,564 3.5 Licensee relationships 171,000 (45,152) 125,848 4.9 Trade names 120,711 (37,677) 83,034 9.2 Content 106,639 (61,407) 45,232 2.9 Service professional relationships 97,658 (97,537) 121 3.0 Customer lists and user base 68,575 (41,868) 26,707 6.4 Subscriber relationships 61,200 (39,563) 21,637 1.9 Total $ 1,121,007 $ (582,063) $ 538,944 4.7 December 31, 2021 Gross Accumulated Net Weighted-Average (In thousands) (Years) Advertiser relationships $ 334,000 $ (6,386) $ 327,614 5.2 Technology 133,318 (106,415) 26,903 4.2 Licensee relationships 150,000 (2,923) 147,077 4.9 Trade names 145,598 (18,224) 127,374 5.1 Content 10,439 (10,439) — 3.4 Service professional relationships 98,789 (97,877) 912 3.0 Customer lists and user base 68,730 (32,606) 36,124 6.4 Subscriber relationships 73,700 (3,961) 69,739 2.0 Total $ 1,014,574 $ (278,831) $ 735,743 4.6 At December 31, 2022, amortization of intangible assets with definite lives for each of the next five years and thereafter is estimated to be as follows: Years Ending December 31, (In thousands) 2023 $ 208,245 2024 133,884 2025 84,476 2026 69,057 2027 15,142 Thereafter 28,140 Total $ 538,944 |
DOTDASH MEREDITH RESTRUCTURING
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS | DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS Restructuring Charges In the first quarter of 2022, Dotdash Meredith announced its plans to discontinue certain print publications and the shutdown of PeopleTV to focus the portfolio and further enable investments toward digital growth. Dotdash Meredith also announced a voluntary retirement program in the first quarter of 2022 for employees who met certain age and service requirements. In addition, actions were taken to improve efficiencies in 2022 following the Meredith acquisition, including vacating leased office space. In December 2022, Dotdash Meredith management committed to a reduction in force plan to better align its cost structure given the difficult market and current economic uncertainty. Dotdash Meredith announced the plan in late January 2023, which resulted in $17.5 million of expense for the year ended December 31, 2022 ; the related accrual is reflected in the December 31, 2022 balance sheet . For the year ended December 31, 2022 , the Com pany incurred a total of $80.2 million of restructuring charges, including $55.9 million of severance and related costs. The restructuring charges for the year ended December 31, 2022 include $21.3 million of impairment charges related to the consolidation of certain leased spaces following the Meredith acquisition, consisting of impairments of $14.3 million and $7.0 million of a ROU asset and related leasehold improvements and furniture and equipment, respectively, which are included in "General and administrative expense" and "Depreciation," respectively, in the statement of operations. The costs are allocated as follows in the statement of operations: December 31, 2022 (In thousands) Cost of revenue $ 24,527 Selling and marketing expense 17,174 General and administrative expense 28,096 Product development expense 3,435 Depreciation 7,006 Total $ 80,238 A summary of the costs incurred and payments made during the year ended December 31, 2022 and related accruals as of December 31, 2022 are presented below: December 31, 2022 Digital Print Other (a) Total (In thousands) Restructuring charges Costs incurred $ 39,225 $ 33,432 $ 7,581 $ 80,238 Payments (6,966) (20,952) (3,192) (31,110) Non-cash (b) (21,309) (425) — (21,734) Restructuring accruals as of December 31, 2022 $ 10,950 $ 12,055 $ 4,389 $ 27,394 _____________________ (a) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments. (b) Includes $21.3 million impairment of ROU assets, leasehold improvements and furniture and equipment and $0.4 million related to the write-off of inventory. Dotdash Meredith anticipates the estimated remaining costs associated with the 2022 restructuring events will be approximately $0.3 million, which primarily relate to unallocated corporate overhead, and together with the $27.4 million accrued as of December 31, 2022, will be paid by December 31, 2023 from existing cash on hand. The remaining costs are related to the voluntary retirement program. Transaction-Related Expenses For the years ended December 31, 2022 and 2021 , Dotdash Meredith incu rred $7.1 million and $30.2 million, respectively, of transaction-related expenses related to the acquisition of Meredith, other than costs related to change-in-control payments. Change-in-Control Payments In December 2021, Dotdash Meredith recorded $60.1 million in change-in-control payments, which were triggered by the acquisition and the terms of certain form er executives’ contracts. On July 1, 2022, Dotdash Meredith made $83.1 million in change-in-control payments, which included amounts accrued in December 2021, as well as amounts previously accrued that became payable following the change-in-control. On October 3, 2022, Dotdash Meredith made the final $4.3 million in change-in-control payments. |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Marketable Securities At December 31, 2022 and 2021, the fair value of marketable securities are as follows: December 31, 2022 2021 (In thousands) Marketable equity securities $ 4,317 $ 19,788 Available for sale marketable debt securities 235,056 — Total marketable securities $ 239,373 $ 19,788 At December 31, 2022, the Company has two investments in marketable equity securities, other than the investment in MGM Resorts International ("MGM"). The Company had one investment in a marketable equity security at December 31, 2021. These marketable equity securities are carried at fair value following the investees’ initial public offerings ("IPO"). Prior to the IPOs, these investments were accounted for as equity securities without readily determinable fair values. The Company recorded net unrealized pre-tax losses of $20.3 million for these investments during the year ended December 31, 2022. For the investment held at the end of 2021 the Company recorded an unrealized pre-tax gain of $18.8 million for the year ended December 31, 2021. The Company sold its shares in another marketable equity security in the third quarter of 2021 and recorded a realized gain of $7.2 million on the sale. The unrealized and realized pre-tax losses and gains related to these investments are included in "Other (expense) income, net" in the statement of operations. At December 31, 2022, current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Treasury discount notes $ 234,987 $ 75 $ (6) $ 235,056 Total available-for-sale marketable debt securities $ 234,987 $ 75 $ (6) $ 235,056 The contractual maturities of debt securities classified as current available-for-sale at December 31, 2022 were within one year. There were no investments in available-for-sale marketable debt securities that had been in a continuous unrealized loss position for longer than twelve months at December 31, 2022. Investment in MGM Resorts International December 31, 2022 2021 (In thousands) Investment in MGM Resorts International $ 2,170,182 $ 2,649,442 In 2020, the Company purchased 59.0 million shares of MGM for $1.0 billion and, in the first and third quarters of 2022, the Company purchased additional shares totaling 5.7 million for $244.3 million. Following these purchases, the Company owns 64.7 million shares, representing a 17.1% ownership interest in MGM as of December 31, 2022. The fair value of the investment in MGM is remeasured each reporting period based upon MGM's closing stock price on the New York Stock Exchange on the last trading day in the reporting period and any unrealized gains or losses are included in the statement of operations. For the years ended December 31, 2022, 2021 and 2020, the Company recorded an unrealized pre-tax loss of $723.5 million and unrealized pre-tax gains of $789.3 million and $840.5 million, respectively, on its investment in MGM. The cumulative unrealized net pre-tax gain through December 31, 2022 is $906.3 million. A $2.00 increase or decrease in the share price of MGM would result in an unrealized gain or loss, respectively, of $129.4 million. At February 10, 2023, the carrying value of the Company's investment in MGM was $2.8 billion. Long-term Investments Long-term investments consist of: December 31, 2022 2021 (In thousands) Equity securities without readily determinable fair values $ 323,530 $ 324,649 Equity method investment 2,191 3,189 Total long-term investments $ 325,721 $ 327,838 Equity Securities without Readily Determinable Fair Values The following table presents a summary of unrealized pre-tax gains and losses recorded in "Other (expense) income, net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at December 31, 2022 and 2021. Years Ended December 31, 2022 2021 (In thousands) Upward adjustments (gross unrealized pre-tax gains) $ 8,245 $ 8,992 Downward adjustments including impairments (gross unrealized pre-tax losses) (97,382) (100) Total $ (89,137) $ 8,892 The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at December 31, 2022 were $36.9 million and $136.0 million, respectively. Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the years ended December 31, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Realized pre-tax gains, net, for equity securities sold $ 12,434 $ 5,773 $ 1,873 Unrealized pre-tax (losses) gains, net, on equity securities held (89,137) 8,892 797,565 Total pre-tax (losses) gains, net recognized $ (76,703) $ 14,665 $ 799,438 All pre-tax gains and losses on equity securities without readily determinable fair values, realized and unrealized, are recognized in "Other (expense) income, net" in the statement of operations. Equity Method Investment The Company owns common shares of Turo Inc. ("Turo"), a peer-to-peer car sharing marketplace. This investment is accounted for under the equity method of accounting given the Company's ownership interest at December 31, 2022 of approximately 26.6% on a fully diluted basis in the form of preferred shares, which are not common stock equivalents. The Company accounts for the equity earnings (losses) for this investment on a one quarter lag. These equity earnings (losses) were immaterial. Fair Value Measurements The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: December 31, 2022 Quoted Market Prices for Identical Assets in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (In thousands) Assets: Cash equivalents: Money market funds $ 862,829 $ — $ — $ 862,829 Treasury discount notes — 137,219 — 137,219 Time deposits — 16,018 — 16,018 Marketable securities: Marketable equity securities 4,317 — — 4,317 Treasury discount notes — 235,056 — 235,056 Investment in MGM 2,170,182 — — 2,170,182 Other non-current assets: Warrant — — 46,799 46,799 Total $ 3,037,328 $ 388,293 $ 46,799 $ 3,472,420 ` December 31, 2021 Quoted Market Prices for Identical Assets in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (In thousands) Assets: Cash equivalents: Money market funds $ 1,660,921 $ — $ — $ 1,660,921 Time deposits — 6,057 — 6,057 Marketable equity security 19,788 — — 19,788 Investment in MGM 2,649,442 — — 2,649,442 Other non-current assets: Warrant — — 109,294 109,294 Total $ 4,330,151 $ 6,057 $ 109,294 $ 4,445,502 Liabilities: Contingent consideration arrangements $ — $ — $ (612) $ (612) The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended December 31, 2022 2021 Warrant Contingent Warrant Contingent (In thousands) Balance at January 1 $ 109,294 $ (612) $ 5,276 $ — Fair value at date of acquisition — — — (620) Total net (losses) gains: Fair value adjustments included in earnings (62,495) 612 104,018 (14,992) Settlements — — — 15,000 Balance at December 31 $ 46,799 $ — $ 109,294 $ (612) Warrant As part of the Company's investment in Turo preferred shares, the Company received a warrant that is recorded at fair value each reporting period with any change included in "Other (expense) income, net" in the statement of operations. The warrant is measured using significant unobservable inputs and is classified in the fair value hierarchy table as Level 3. The warrant is included in "Other non-current assets" in the balance sheet. Contingent Consideration Arrangements At December 31, 2022, the Company has no remaining contingent consideration arrangements outstanding. At December 31, 2021, the Company had two outstanding contingent consideration arrangements related to prior business combinations. During the third quarter of 2021, the Company recorded a $15.0 million loss related to one contingent consideration arrangement, which was subsequently paid during the fourth quarter of 2021. In connection with the Meredith acquisition on December 1, 2021, the Company assumed a contingent consideration arrangement liability of $0.6 million, which was written off during the first quarter of 2022 due to a change in estimate of the liability related to this arrangement. The contingent consideration arrangement liability at December 31, 2021 is included in "Accrued expenses and other current liabilities" in the balance sheet. Financial instruments measured at fair value only for disclosure purposes The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (In thousands) Current portion of long-term debt $ (30,000) $ (26,700) $ (30,000) $ (29,550) Long-term debt, net (a) $ (2,019,760) $ (1,708,413) $ (2,046,237) $ (2,061,450) _____________________ (a) At December 31, 2022 and 2021, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $20.2 million and $23.8 million, respectively . |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases office space, land, data center facilities and equipment used in connection with its operations under various operating leases, the majority of which contain escalation clauses. ROU assets represent the Company’s right to use the underlying assets for the lease term and lease liabilities represent the present value of the Company’s obligation to make payments arising from these leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term using the Company's and certain of its subsidiaries' respective incremental borrowing rates on the lease commencement date, January 1, 2019 for leases that commenced prior to that date, or, in the case of acquisitions subsequent to January 1, 2019, the date of acquisition. The Company combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the Company will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of the lease. As permitted by ASC 842, leases with an initial term of twelve months or less ("short-term leases") are not recorded on the balance sheet. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table presents the balances of ROU assets and lease liabilities within the balance sheet: December 31, Leases Balance Sheet Classification 2022 2021 (In thousands) Assets: ROU assets (a) Other non-current assets $ 428,160 $ 498,337 Liabilities: Current lease liabilities Accrued expenses and other current liabilities $ 67,192 $ 63,521 Long-term lease liabilities Other long-term liabilities 518,851 578,272 Total lease liabilities (a) $ 586,043 $ 641,793 _____________________ (a) The December 31, 2022 balances include ROU assets and lease liabilities of $323.3 million and $408.7 million, respectively, related to the acquisition of Meredith, which reflect $4.3 million downward and $7.1 million upward purchase accounting adjustments, respectively, that were completed during 2022. The December 31, 2021 balances include provisional ROU assets and lease liabilities of $358.6 million and $434.8 million, respectively, related to the acquisition of Meredith. The following table presents the net lease expense within the statement of operations: Years Ended December 31, Lease Expense Statement of Operations Classification 2022 2021 2020 (In thousands) Fixed lease expense Cost of revenue $ 1,283 $ 1,707 $ 2,183 Fixed lease expense Selling and marketing expense 6,229 9,443 12,591 Fixed lease expense General and administrative expense 61,886 31,165 22,221 Fixed lease expense Product development expense 999 1,756 3,016 Total fixed lease expense (b) 70,397 44,071 40,011 Variable lease expense Selling and marketing expense 199 1,087 2,314 Variable lease expense General and administrative expense 16,406 8,176 7,314 Variable lease expense Product development expense 89 639 934 Total variable lease expense 16,694 9,902 10,562 Net lease expense $ 87,091 $ 53,973 $ 50,573 _____________________ (b) Includes (i) short-term lease expense of $4.0 million, $1.4 million and $2.5 million, (ii) lease impairment charges of $2.3 million, $10.5 million and $5.8 million, (iii) sublease income of $17.1 million, $6.7 million and $5.3 million and (iv) gains (losses) on termination of leases of $3.3 million, $(0.1) million and $(1.3) million for the years ended December 31, 2022, 2021 and 2020, respectively. During the year ended December 31, 2022, the Company recorded $14.3 million of impairment charges related to the consolidation of certain leased spaces following the Meredith acquisition, which is included in "General and administrative expense" in the statement of operations as a restructuring charge. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. Maturities of lease liabilities at December 31, 2022 (c) are summarized below: Years Ended December 31, In thousands 2023 $ 94,270 2024 92,476 2025 87,409 2026 82,927 2027 68,637 Thereafter 405,633 Total 831,352 Less: Interest 245,309 Present value of lease liabilities $ 586,043 _____________________ (c) Lease payments exclude $4.8 million of legally binding minimum lease payments for leases signed but not yet commenced. The following are the weighted average assumptions used for lease term and discount rate: December 31, 2022 2021 Remaining lease term 11.4 years 11.8 years Discount rate 5.22 % 5.54 % The following is the supplemental cash flow information: December 31, 2022 2021 2020 (In thousands) Other Information: ROU assets obtained in exchange for lease liabilities (d) $ 16,716 $ 442,205 $ 80,314 Cash paid for amounts included in the measurement of lease liabilities $ 93,864 $ 44,659 $ 41,377 _____________________ (d) December 31, 2021 includes $437.7 million related to Meredith as of the date of its acquisition, which was adjusted upward by $7.1 million for purchase accounting adjustments during 2022. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of: December 31, 2022 2021 (In thousands) Dotdash Meredith Debt Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026 $ 332,500 $ 350,000 Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028 1,237,500 1,250,000 Total Dotdash Meredith long-term debt 1,570,000 1,600,000 Less: current portion of Dotdash Meredith long-term debt 30,000 30,000 Less: original issue discount 5,310 6,176 Less: unamortized debt issuance costs 10,215 12,139 Total Dotdash Meredith long-term debt, net 1,524,475 1,551,685 ANGI Group Debt 3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15 500,000 500,000 Less: unamortized debt issuance costs 4,715 5,448 Total ANGI Group long-term debt, net 495,285 494,552 Total long-term debt, net $ 2,019,760 $ 2,046,237 Dotdash Meredith Term Loans and Dotdash Meredith Revolving Facility On December 1, 2021, Dotdash Meredith entered into a credit agreement ("Dotdash Meredith Credit Agreement"), which provides for (i) the five-year $350 million Dotdash Meredith Term Loan A, (ii) the seven-year $1.25 billion Dotdash Meredith Term Loan B (and together with Dotdash Meredith Term Loan A, the "Dotdash Meredith Term Loans") and (iii) a five-year $150 million revolving credit facility ("Dotdash Meredith Revolving Facility"). The proceeds of the Dotdash Meredith Term Loans were used to fund a portion of the purchase price for the acquisition of Meredith and pay related fees and expenses. The Dotdash Meredith Term Loan A bears interest at an adjusted term secured overnight financing rate ("Adjusted Term SOFR") as defined in the Dotdash Meredith Credit Agreement plus an applicable margin depending on Dotdash Meredith's most recently reported consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement. At December 31, 2022 and 2021, the Dotdash Meredith Term Loan A bore interest at Adjusted Term SOFR plus 2.25% and 2.00%, or 5.91% and 2.15%, respectively, and the Dotdash Meredith Term Loan B bore interest at Adjusted Term SOFR, subject to a minimum of 0.50% plus 4.00%, or 8.22% and 4.50%, respectively. Interest payments are due at least quarterly through the terms of the Dotdash Meredith Term Loans. The Dotdash Meredith Term Loan A requires quarterly principal payments of approximately $4.4 million through December 31, 2024, $8.8 million through December 31, 2025 and approximately $13.1 million thereafter through maturity. The Dotdash Meredith Term Loan B requires quarterly payments of $3.1 million through maturity. Commencing with the delivery of the financial statements for the period ended December 31, 2022, the Dotdash Meredith Term Loan B may require additional annual principal payments as part of an excess cash flow sweep provision, the amount of which, in part, is governed by the applicable net leverage ratio. No such payment is currently expected related to the period ended December 31, 2022. There were no outstanding borrowings under the Dotdash Meredith Revolving Facility at December 31, 2022 and 2021. The annual commitment fee on undrawn funds is based on Dotdash Meredith's consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement, most recently reported and was 40 and 35 basis points at December 31, 2022 and 2021, respectively. Any borrowings under the Dotdash Meredith Revolving Facility would bear interest, at Dotdash Meredith's option, at either a base rate or term benchmark rate, plus an applicable margin, which is based on Dotdash Meredith's consolidated net leverage ratio. As of the last day of any calendar quarter, if either (i) $1.00 or more of loans under the Dotdash Meredith Revolving Facility or Dotdash Meredith Term Loan A are outstanding, or (ii) the outstanding face amount of undrawn letters of credit, other than cash collateralized letters of credit at 102% of face value, exceeds $25 million, subject to certain increases for qualifying material acquisitions, then Dotdash Meredith will not permit the consolidated net leverage ratio, which ratio permits netting of up to $250 million in cash and cash equivalents, as of the last day of such quarter to exceed 5.5 to 1.0. The Dotdash Meredith Credit Agreement also contains covenants that would limit Dotdash Meredith’s ability to pay dividends, incur incremental secured indebtedness, or make distributions or certain investments in the event a default has occurred or if Dotdash Meredith’s consolidated net leverage ratio exceeds 4.0 to 1.0, subject to certain available amounts as defined in the Dotdash Meredith Credit Agreement. This ratio was exceeded for the test period ended December 31, 2022. The Dotdash Meredith Credit Agreement also permits the Company to contribute, and the Company may contribute, cash to Dotdash Meredith to provide additional liquidity, including to ensure that Dotdash Meredith does not exceed certain Consolidated Net Leverage Ratios for any test period, as further defined in the Dotdash Meredith Credit Agreement. In connection with the capital contributions, Dotdash Meredith may make distributions to IAC in amounts not more than any such capital contributions, provided that no default has occurred and is continuing. Such capital contributions and subsequent distributions, if made, would impact the Consolidated Net Leverage Ratios of Dotdash Meredith. The obligations under the Dotdash Meredith Credit Agreement are guaranteed by certain of Dotdash Meredith's wholly-owned subsidiaries, and are secured by substantially all of the assets of Dotdash Meredith and certain of its subsidiaries. ANGI Group Debt The ANGI Group Senior Notes were issued on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 15 of the years indicated below: Year Percentage 2023 101.938 % 2024 100.969 % 2025 and thereafter 100.000 % The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0 provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At December 31, 2022, there were no limitations pursuant thereto. The $250 million ANGI Group Revolving Facility, which otherwise would have expired on November 5, 2023, was terminated effective August 3, 2021. No amounts were ever drawn under the ANGI Group Revolving Facility prior to its termination. During 2021, ANGI Group prepaid the remaining balance of $220.0 million of the ANGI Group Term Loan principal, which otherwise would have matured on November 5, 2023. Long-term Debt Maturities: Long-term debt maturities at December 31, 2022 are summarized in the table below: Years Ending December 31, (In thousands) 2023 $ 30,000 2024 30,000 2025 47,500 2026 275,000 2027 12,500 2028 1,675,000 Total 2,070,000 Less: current portion of long-term debt 30,000 Less: unamortized original issue discount 5,310 Less: unamortized debt issuance costs 14,930 Total long-term debt, net $ 2,019,760 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Description of Common Stock and Class B Convertible Common Stock Except as described herein, shares of IAC common stock and IAC Class B common stock are identical. The holders of shares of IAC common stock and IAC Class B common stock vote together as a single class with respect to matters that may be submitted to a vote or for the consent of IAC's shareholders generally, including the election of directors. In connection with any such vote, each holder of IAC common stock is entitled to one vote for each share of IAC common stock held and each holder of IAC Class B common stock is entitled to ten votes for each share of IAC Class B common stock held. Notwithstanding the foregoing, the holders of shares of IAC common stock, acting as a single class, are entitled to elect 25% of the total number of IAC's directors, and, in the event that 25% of the total number of directors shall result in a fraction of a director, then the holders of shares of IAC common stock, acting as a single class, are entitled to elect the next higher whole number of IAC's directors. In addition, Delaware law requires that certain matters be approved by the holders of shares of IAC common stock or holders of IAC Class B common stock voting as a separate class. Shares of IAC Class B common stock are convertible into shares of IAC common stock at the option of the holder thereof, at any time, on a share-for-share basis. Such conversion ratio will in all events be equitably preserved in the event of any recapitalization of IAC by means of a stock dividend on, or a stock split or combination of, outstanding shares of IAC common stock or IAC Class B common stock, or in the event of any merger, consolidation or other reorganization of IAC with another corporation. Upon the conversion of shares of IAC Class B common stock into shares of IAC common stock, those shares of IAC Class B common stock will be retired and will not be subject to reissue. Shares of IAC common stock are not convertible into shares of IAC Class B common stock. The holders of shares of IAC common stock and the holders of shares of IAC Class B common stock are entitled to receive, share for share, such dividends as may be declared by IAC's Board of Directors out of funds legally available therefor. In the event of a liquidation, dissolution, distribution of assets or winding-up of IAC, the holders of shares of IAC common stock and the holders of shares of IAC Class B common stock are entitled to receive, share for share, all the assets of IAC available for distribution to its stockholders, after the rights of the holders of any IAC preferred stock have been satisfied. Equity Transactions related to the Spin-Off In connection with the Spin-Off, IAC amended its certificate of incorporation to provide for the following: • the reclassification of each share of IAC par value $0.001 common stock into (i) one share of IAC par value $0.0001 common stock and (ii) 1/100th of a share of IAC par value $0.01 Series 1 mandatorily exchangeable preferred stock that was automatically exchanged for 1.6235 shares of Vimeo common stock and then immediately retired; and • the reclassification of each share of IAC par value $0.001 Class B common stock into (i) one share of IAC par value $0.0001 Class B common stock and (ii) 1/100th of a share of IAC par value $0.01 Series 2 mandatorily exchangeable preferred stock that was automatically exchanged for 1.6235 shares of Vimeo Class B common stock and then immediately retired. Common Stock Repurchases On June 30, 2020, the Board of Directors of the Company authorized repurchases up to 8.0 million sh ares of common stock. During the year ended December 31, 2022, IAC repurchased 1.1 million of its common stock, on a trade date basis, at an average price of $77.44 per share, or $85.3 million in aggregate. At December 31, 2022, the Company has 6.9 million shares remaining in its share repurchase authorization. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive (loss) income into earnings: Year Ended December 31, 2022 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive Income (Loss) (In thousands) Balance at January 1 $ 4,397 $ — $ 4,397 Other comprehensive (loss) income before reclassifications (17,636) 53 (17,583) Amounts reclassified to earnings 42 — 42 Net current period other comprehensive (loss) income (17,594) 53 (17,541) Accumulated other comprehensive loss allocated to noncontrolling interests during the period 11 — 11 Balance at December 31 $ (13,186) $ 53 $ (13,133) Year Ended December 31, 2021 Foreign Currency Translation Adjustment Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (6,172) $ 2 $ (6,170) Other comprehensive income (loss) before reclassifications 527 (2) 525 Amounts reclassified to earnings 10,032 — 10,032 Net current period other comprehensive income (loss) 10,559 (2) 10,557 Accumulated other comprehensive loss allocated to noncontrolling interests during the period 10 — 10 Balance at December 31 $ 4,397 $ — $ 4,397 Year Ended December 31, 2020 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (12,226) $ — $ (12,226) Other comprehensive income before reclassifications 6,236 2 6,238 Amounts reclassified to earnings (144) — (144) Net current period other comprehensive income 6,092 2 6,094 Accumulated other comprehensive income allocated to noncontrolling interests during the period (38) — (38) Balance at December 31 $ (6,172) $ 2 $ (6,170) The amounts reclassified out of foreign currency translation adjustment into earnings for the years ended December 31, 2022, 2021 and 2020 relate to the substantial liquidation of certain international subsidiaries. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATIONThe overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with the chief operating decision maker's view of the businesses. In addition, we consider how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, such as the Search segment, which principally relate to the similarity of their economic characteristics, or, in the case of the Emerging & Other reportable segment, do not meet the quantitative thresholds that require presentation as separate reportable segments. The following table presents revenue by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Revenue: Dotdash Meredith Digital $ 931,482 $ 367,134 $ 213,753 Print 1,026,128 92,002 — Intersegment eliminations (a) (22,911) (2,863) — Total Dotdash Meredith 1,934,699 456,273 213,753 Angi Inc. Domestic Ads and Leads 1,282,061 1,227,074 1,218,755 Services 381,256 289,948 162,539 Roofing 137,509 68,028 — Intersegment eliminations (b) (10,340) (1,907) — Total Domestic 1,790,486 1,583,143 1,381,294 International 101,038 102,295 86,631 Total Angi Inc. 1,891,524 1,685,438 1,467,925 Search 731,431 873,346 613,274 Emerging & Other 685,956 685,175 469,759 Intersegment eliminations (8,330) (605) (175) Total $ 5,235,280 $ 3,699,627 $ 2,764,536 The following table presents the revenue of the Company's segments disaggregated by type of service: Years Ended December 31, 2022 2021 2020 (In thousands) Dotdash Meredith Digital: Advertising revenue $ 621,714 $ 236,660 $ 137,455 Performance marketing revenue 198,441 116,195 76,298 Licensing and other revenue 111,327 14,279 — Total digital revenue 931,482 367,134 213,753 Print: Subscription revenue 422,700 34,634 — Advertising revenue 260,282 13,678 — Project and other revenue 154,807 16,414 — Newsstand revenue 132,855 19,183 — Performance marketing revenue 55,484 8,093 — Total print revenue 1,026,128 92,002 — Intersegment eliminations (a) (22,911) (2,863) — Total Dotdash Meredith revenue $ 1,934,699 $ 456,273 $ 213,753 Years Ended December 31, 2022 2021 2020 (In thousands) (a) Intersegment eliminations primarily related to Digital performance marketing commissions earned for the placement of magazine subscriptions for Print. Angi Inc. Domestic Ads and Leads: Consumer connection revenue $ 954,735 $ 898,422 $ 899,175 Advertising revenue 265,466 252,206 226,505 Membership subscription revenue 60,411 68,062 74,073 Other revenue 1,449 8,384 19,002 Total Ads and Leads revenue 1,282,061 1,227,074 1,218,755 Services revenue 381,256 289,948 162,539 Roofing revenue 137,509 68,028 — Intersegment eliminations (b) (10,340) (1,907) — Total Domestic revenue 1,790,486 1,583,143 1,381,294 International Consumer connection revenue 71,851 68,686 57,692 Service professional membership subscription revenue 28,192 32,367 27,225 Advertising and other revenue 995 1,242 1,714 Total International revenue 101,038 102,295 86,631 Total Angi Inc. revenue $ 1,891,524 $ 1,685,438 $ 1,467,925 (b) Intersegment eliminations related to Ads and Leads revenue earned from the sale of leads to Roofing. Search Advertising revenue: Google advertising revenue $ 525,987 $ 675,892 $ 506,077 Non-Google advertising revenue 200,435 183,427 90,286 Total advertising revenue 726,422 859,319 596,363 Other revenue 5,009 14,027 16,911 Total Search revenue $ 731,431 $ 873,346 $ 613,274 Emerging & Other Subscription revenue $ 368,401 $ 367,159 $ 303,482 Marketplace revenue 261,314 243,970 138,863 Media production and distribution revenue 31,555 44,517 3,585 Advertising revenue: Non-Google advertising revenue 16,057 19,047 16,236 Google advertising revenue 2,192 2,981 3,130 Total advertising revenue 18,249 22,028 19,366 Service and other revenue 6,437 7,501 4,463 Total Emerging & Other revenue $ 685,956 $ 685,175 $ 469,759 Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: Years Ended December 31, 2022 2021 2020 (In thousands) Revenue: United States $ 4,837,367 $ 3,184,653 $ 2,309,504 All other countries 397,913 514,974 455,032 Total $ 5,235,280 $ 3,699,627 $ 2,764,536 December 31, 2022 2021 (In thousands) Long-lived assets (excluding goodwill, intangible assets and ROU assets): United States $ 502,977 $ 562,628 All other countries 7,637 7,897 Total $ 510,614 $ 570,525 The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Operating (loss) income: Dotdash Meredith Digital $ (66,629) $ 73,980 $ 50,241 Print (54,448) (6,527) — Other (c) (67,014) (60,277) — Total Dotdash Meredith (d) (188,091) 7,176 50,241 Angi Inc. Ads and Leads 85,593 65,485 133,365 Services (95,166) (63,984) (44,592) Roofing (50,685) (8,596) — Other (c) (61,794) (56,196) (84,674) International (4,253) (13,222) (10,467) Total Angi Inc. (126,305) (76,513) (6,368) Search 83,398 108,334 (248,711) Emerging & Other (106,154) (22,738) (70,896) Corporate (137,619) (153,326) (261,929) Total $ (474,771) $ (137,067) $ (537,663) _____________________ (c) Other comprises unallocated corporate expenses. (d) Dotdash Meredith includes restructuring charges of $80.2 million for the year ended December 31, 2022, which include $7.0 million of impairment charges included in "Depreciation" in the statement of operations. The years ended December 31, 2022 and 2021 also include transaction-related expenses of $7.1 million and $30.2 million, respectively, related to the acquisition of Meredith. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. Years Ended December 31, 2022 2021 2020 (In thousands) Adjusted EBITDA: (e) Dotdash Meredith (f) Digital $ 186,696 $ 91,179 $ 66,206 Print $ 31,135 $ 2,639 $ — Other (c) $ (65,682) $ (60,196) $ — Angi Inc. Ads and Leads $ 168,952 $ 136,260 $ 230,797 Services $ (52,126) $ (48,203) $ (29,253) Roofing $ (21,400) $ (7,511) $ — Other (c) $ (49,866) $ (46,066) $ (23,870) International $ (481) $ (6,615) $ (4,870) Search $ 83,486 $ 108,381 $ 51,344 Emerging & Other $ (1,643) $ 33,383 $ (37,699) Corporate $ (79,521) $ (95,985) $ (147,433) _____________________ (e) The Company's primary financial measure and GAAP segment measure is Adjusted EBITDA, which is defined as operating income: excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. (f) Dotdash Meredith includes restructuring charges of $73.2 million for the year ended December 31, 2022. The years ended December 31, 2022 and 2021 also include transaction-related expenses of $7.1 million and $30.2 million, respectively, related to the acquisition of Meredith. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. The following tables reconcile operating (loss) income for the Company's reportable segments and net earnings attributable to IAC shareholders to Adjusted EBITDA: Year Ended December 31, 2022 Operating (Loss) Income (d) Stock-Based Depreciation (g) Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (e)(f) (In thousands) Dotdash Meredith Digital $ (66,629) $ 20,596 $ 27,569 $ 205,772 $ (612) $ — $ 186,696 Print (54,448) $ 1,023 $ 12,620 $ 71,940 $ — $ — $ 31,135 Other (c) (67,014) $ 136 $ 1,196 $ — $ — $ — $ (65,682) Angi Inc. Ads and Leads 85,593 $ 19,972 $ 52,737 $ 10,650 $ — $ — $ 168,952 Services (95,166) $ 18,012 $ 21,904 $ 3,124 $ — $ — $ (52,126) Roofing (50,685) $ 1,866 $ 747 $ 667 $ — $ 26,005 $ (21,400) Other (c) (61,794) $ 11,928 $ — $ — $ — $ — $ (49,866) International (4,253) $ 890 $ 2,882 $ — $ — $ — $ (481) Search 83,398 $ — $ 88 $ — $ — $ — $ 83,486 Emerging & Other (106,154) $ 507 $ 1,691 $ 15,565 $ — $ 86,748 $ (1,643) Corporate (g) (137,619) $ 48,546 $ 9,552 $ — $ — $ — $ (79,521) Total (474,771) Interest expense (110,165) Unrealized loss on investment in MGM (723,515) Other expense, net (217,785) Loss from continuing operations before income taxes (1,526,236) Income tax benefit 331,087 Net loss from continuing operations (1,195,149) Earnings from discontinued operations, net of tax 2,694 Net loss (1,192,455) Net loss attributable to noncontrolling interests 22,285 Net loss attributable to IAC shareholders $ (1,170,170) _____________________ (g) Includes stock-based compensation expense for stock-based awards granted to employees of Corporate, Search and all Emerging & Other businesses other than Vivian Health. Year Ended December 31, 2021 Operating Income (Loss) (d) Stock-Based Compensation Expense Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Arrangements Adjusted EBITDA (e) (In thousands) Dotdash Meredith Digital $ 73,980 $ 1,438 $ 4,257 $ 11,512 $ (8) $ 91,179 Print (6,527) $ — $ 1,827 $ 7,339 $ — $ 2,639 Other (c) (60,277) $ — $ 81 $ — $ — $ (60,196) Angi Inc. Ads and Leads 65,485 $ 12,722 $ 46,025 $ 12,028 $ — $ 136,260 Services (63,984) $ 4,672 $ 7,049 $ 4,060 $ — $ (48,203) Roofing (8,596) $ 531 $ 221 $ 333 $ — $ (7,511) Other (c) (56,196) $ 10,121 $ — $ 9 $ — $ (46,066) International (13,222) $ 656 $ 5,951 $ — $ — $ (6,615) Search 108,334 $ — $ 47 $ — $ — $ 108,381 Emerging & Other (22,738) $ 101 $ 1,462 $ 39,558 $ 15,000 $ 33,383 Corporate (g) (153,326) $ 49,246 $ 8,095 $ — $ — $ (95,985) Total (137,067) Interest expense (34,264) Unrealized gain on investment in MGM 789,283 Other income, net 111,854 Earnings from continuing operations before income taxes 729,806 Income tax provision (138,990) Net earnings from continuing operations 590,816 Loss from discontinued operations, net of tax (1,831) Net earnings 588,985 Net loss attributable to noncontrolling interests 8,562 Net earnings attributable to IAC shareholders $ 597,547 Year Ended December 31, 2020 Operating Stock-Based Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (e) (In thousands) Dotdash Meredith $ 50,241 $ — $ 1,794 $ 14,171 $ — $ — $ 66,206 Angi Inc. Ads and Leads 133,365 $ 14,241 $ 44,748 $ 38,443 $ — $ — $ 230,797 Services (44,592) $ 7,601 $ 3,638 $ 4,100 $ — $ — $ (29,253) Roofing — $ — $ — $ — $ — $ — $ — Other (c) (84,674) $ 60,752 $ — $ 52 $ — $ — $ (23,870) International (10,467) $ 1,055 $ 4,235 $ 307 $ — $ — $ (4,870) Search (248,711) $ — $ 2,709 $ 32,200 $ — $ 265,146 $ 51,344 Emerging & Other (70,896) $ 100 $ 2,449 $ 37,566 $ (6,918) $ — $ (37,699) Corporate (g) (261,929) $ 105,246 $ 9,250 $ — $ — $ — $ (147,433) Total (537,663) Interest expense (16,166) Unrealized gain on investment in MGM 840,550 Other expense, net (42,561) Earnings from continuing operations before income taxes 244,160 Income tax benefit 45,707 Net earnings from continuing operations 289,867 Loss from discontinued operations, net of tax (21,281) Net earnings 268,586 Net earnings attributable to noncontrolling interests 1,140 Net earnings attributable to IAC shareholders $ 269,726 The following table presents capital expenditures by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Capital expenditures: Dotdash Meredith $ 12,885 $ 4,823 $ 5,445 Angi Inc. 116,352 70,215 52,488 Search 17 178 47 Emerging & Other 10,109 894 1,363 Corporate 390 14,100 1,383 Total $ 139,753 $ 90,210 $ 60,726 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION IAC currently has one active plan (the "Plan") under which stock-based awards denominated in shares of or stock-based awards settleable in IAC common stock have been and may be granted. This Plan was an Old IAC plan and was adopted by the Company and became effective upon the consummation of the MTCH Separation. The Plan has a stated term of ten years. The Plan does not specify grant dates or vesting schedules of awards as those determinations have been delegated to the Compensation and Human Resources Committee of IAC's Board of Directors (the "Committee"). Each grant agreement reflects the vesting schedule for that grant as determined by the Committee. There are also outstanding stock-based awards that were granted under older plans that have since expired or been discontinued. The Plan provides for grants of stock options to acquire shares of IAC common stock (the exercise price of stock options granted will not be less than the market price of the Company's common stock on the grant date), RSUs denominated in shares of IAC common stock, including those that may be linked to the achievement of the Company's stock price, known as market-based awards ("MSUs") and those that may be linked to the achievement of a performance target, known as performance-based awards ("PSUs"), restricted stock, as well as other equity awards, including those denominated or settleable in IAC shares. The Plan authorizes the Company to grant awards to its employees, officers, directors and consultants. At December 31, 2022, there are 31.4 million IAC common shares of stock reserved for future issuance under this plan. IAC Denominated Stock-based Awards IAC Restricted Common Stock On November 5, 2020, the Company entered into a new, ten-year employment agreement and a Restricted Stock Agreement ("RSA Agreement") with Joseph Levin, IAC's Chief Executive Officer ("CEO"). The RSA Agreement provides for a grant of 3,000,000 shares of IAC restricted common stock that cliff vest on the ten-year anniversary of the grant date based on satisfaction of IAC's stock price targets and Mr. Levin's continued employment through the vesting date. Mr. Levin may request an extension of the measurement and vesting period from 10 to 12 years and IAC will consider the request in light of the circumstances. Mr. Levin may elect to accelerate vesting of the IAC restricted shares, effective on the 6 th , 7 th , 8 th , or 9 th anniversary of the grant date, in which case performance will be measured through such date, and Mr. Levin will receive a pro-rated portion of the award (based on the years elapsed from the grant date) and any remaining shares will be forfeited. The applicable stock price goals are proportionately lower on the earlier vesting dates. The value of the restricted common stock grant was estimated using a lattice model that incorporates a Monte Carlo simulation of IAC's stock price. The fair value of the restricted common stock grant on November 5, 2020 was $61.06 per share . The total grant date fair value of the award was $183.2 million. In connection with the Spin-off, pursuant to the RSA Agreement, the stock price targets of the IAC restricted stock award were adjusted to reflect the effect of the Spin-off and Vimeo entered into a separate restricted stock agreement granting Mr. Levin shares of Vimeo common stock subject to the same terms and conditions of the RSA Agreement except for the stock price targets for each respective award. The total fair value of the modified IAC restricted stock award and the new Vimeo restricted stock award was $228.3 million, of which $141.1 million was allocated to the IAC restricted stock award and $87.3 million was allocated to the Vimeo restricted stock award. Both awards were estimated using a lattice model that incorporated a Monte Carlo simulation of IAC's and Vimeo's stock price on the modification date. In connection with the modified IAC restricted stock award, $10.1 million of expense had previously been recorded prior to the Spin-off and $131.0 million of expense is to be recognized over the remaining vesting period. At December 31, 2022, there is $108.7 million of unrecognized compensation cost that is left to be recognized related to this award. IAC Restricted Stock Units RSU awards currently outstanding generally cliff-vest after a five-year period from the grant date. There are no MSU or PSU awards outstanding at December 31, 2022 and 2021. RSUs are awards in the form of phantom shares or units denominated in a hypothetical equivalent number of shares of IAC common stock and with the value of each RSU equal to the fair value of IAC common stock at the date of grant. Each RSU grant is subject to service-based vesting, where a specific period of continued employment must pass before an award vests. The expense is measured at the grant date as the fair value of IAC common stock and expensed as stock-based compensation over the vesting term. Unvested RSUs outstanding at December 31, 2022 and changes during the period ended December 31, 2022 are as follows: RSUs Number Weighted (Shares in thousands) Unvested at January 1 1,546 $ 80.38 Granted 280 114.27 Vested (284) 44.87 Forfeited (84) 77.27 Unvested at December 31 1,458 $ 93.29 RSU awards are settled on a net basis, with the award holder entitled to receive IAC shares equal to the number of RSUs vesting less a number of shares with a value equal to the required cash tax withholding payment, which will be paid by the Company. The number of IAC common shares that would be required to net settle RSUs outstanding at February 10, 2023 is 0.7 million s hares. In addition, withholding taxes, which will be paid by the Company on behalf of the employees upon vesting, would have b een $35.9 million at February 10, 2023, assuming a 50% withholding rate. The weighted average fair value of RSUs granted for the years ended December 31, 2022 and 2021 and for the period from the MTCH Separation through December 31, 2020, based on market prices of IAC's common stock on the grant date, was $114.27, $171.53 and $128.82, respectively. The total fair value of RSUs that vested for the years ended December 31, 2022 and 2021 and for the period from the MTCH Separation through December 31, 2020 was $12.7 million, $15.9 million and $3.8 million, respectively. During 2020, all outstanding MSUs vested. The total fair value of MSUs that vested for the period from the MTCH Separation through December 31, 2020 was $43.6 million. IAC Stock Options All outstanding stock options are fully vested. Stock options outstanding at December 31, 2022 and changes during the period ended December 31, 2022 are as follows: December 31, 2022 Shares Weighted Weighted Aggregate (Shares and intrinsic value in thousands) Options Outstanding at January 1 2,896 $ 13.98 Granted — — Exercised (74) 11.51 Forfeited — — Expired — — Options Outstanding at December 31 2,822 $ 14.05 2.7 $ 85,661 Options exercisable 2,822 $ 14.05 2.7 $ 85,661 The aggregate intrinsic value in the table above represents the difference between IAC's closing stock price on the last trading day of 2022 and the exercise price, multiplied by the number of in-the-money options that would have been exercised had all option holders exercised their options on December 31, 2022. The total intrinsic value of IAC stock options exercised during the years ended December 31, 2022 and 2021 and for the period from the MTCH Separation through December 31, 2020 was $3.4 million, $135.1 million and $74.8 million, respectively. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at December 31, 2022 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price Exercisable at December 31, 2022 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price (Shares in thousands) Less than $10.00 529 2.7 $ 8.54 529 2.7 $ 8.54 $10.01 to $15.00 691 2.2 13.62 691 2.2 13.62 $15.01 to $20.00 1,598 2.9 16.04 1,598 2.9 16.04 Greater than $20.01 4 4.6 21.17 4 4.6 21.17 2,822 2.7 $ 14.05 2,822 2.7 $ 14.05 The fair value of stock option awards, with the exception of market-based awards, is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates various assumptions, including expected volatility, risk-free interest rate and expected term. The Company has the discretion to settle IAC stock options net of withholding tax and exercise price or require the award holder to pay its share of the withholding tax, which he or she may do so by selling IAC common shares. The aggregate intrinsic value of IAC's stock options outstanding as of February 10, 2023, i s $105.7 million. Assuming all stock options outstanding on February 10, 2023 were net settled on that date, the Company would have issue d 1.0 million common shares and would have remitt ed $52.9 million in cash for withholding taxes (assuming a 50% withholding rate). Assuming all stock options outstanding on February 10, 2023 were settled through the issuance of a number of IAC common shares equal to the number of stock options exercised, the Company would have issu ed 2.8 million co mmon shares and would have recei ved $39.3 million in cash proceeds. Stock-based Awards Denominated in the Shares of Certain Subsidiaries Non-publicly traded Subsidiaries The following description excludes awards denominated in Angi Inc. shares. The Company has granted stock settled stock appreciation rights to employees and management that are denominated in the equity of certain non-publicly traded subsidiaries of the Company. These equity awards vest over a period of years or upon the occurrence of certain prescribed events. The value of the stock settled stock appreciation rights is tied to the value of the common stock of these subsidiaries. Accordingly, these interests only have value to the extent the relevant business appreciates in value above the initial value utilized to determine the exercise price. These interests can have significant value in the event of significant appreciation. The fair value of these interest is generally determined by the Board of Directors of the applicable subsidiary, which will occur at various dates through 2029. These equity awards are settled on a net basis, with the award holder entitled to receive a payment in IAC common shares equal to the intrinsic value of the award at exercise less an amount equal to the required cash tax withholding payment, which will be paid by the Company. The number of IAC common shares ultimately needed to settle these awards may vary significantly from the estimated number below as a result of both movements in our stock price and a determination of fair value of the relevant subsidiary that is different than our estimate. The expense associated with these equity awards is initially measured at fair value at the grant date and is expensed as stock-based compensation over the vesting term. The number of IAC common shares that would be required to settle these interests at current estimated fair values, including vested and unvested interests, at February 10, 2023 is 0.3 million s hares. Withholding taxes, which will be paid by the Company on behalf of the employees upon exercise, would have bee n $16.5 million at February 10, 2023 , assuming a 50% wit hholding rate. Angi Inc. Angi Inc. currently settles all of its equity awards on a net basis. Certain Angi Inc. stock appreciation rights issued prior to the transaction resulting in formation of Angi Inc. in 2017 (the "Combination") are settleable in either shares of Angi Inc. common stock or shares of IAC common stock at IAC's option. If settled in IAC common stock, Angi Inc. reimburses IAC in shares of its common stock. The aggregate intrinsic value of these awards outstanding at February 10, 2023 is $0.1 million; assuming these awards were net settled on that date, the withholding taxes that would be payable by Angi Inc. are less than $0.1 million , assuming a 50% withholding rate, and Angi Inc. would have issued less than 0.1 million shares. Certain equity awards denominated in shares of Angi Inc.'s subsidiaries may be settled in either shares of Angi Inc. common stock or IAC common stock at IAC's option. To the extent shares of IAC common stock are issued in settlement of these awards, Angi Inc. is obligated to reimburse IAC for the cost of those shares by issuing shares of Angi Inc. common stock. The aggregate intrinsic value of all other Angi Inc. equity awards, including stock options, RSUs and subsidiary denominated equity at February 10, 2023 is $59.0 million; assuming these awards were net settled on that date, the withholding taxes that would be payable by Angi Inc. on behalf of the employees are $28.9 million, assuming a 50% withholding rate, and Angi Inc. would have iss ued 10.4 million shares of its common stock. Modification of awards During 2020, the Company modified certain equity awards in connection with the MTCH Separation and recognized a modification charge of $56.6 million, of which $55.7 million was recognized as stock-based compensation expense in the year ended December 31, 2020 and the remaining charge related to the modified awards was recognized over 2021 and 2022. In addition, certain other equity awards were modified during 2020 resulting in modification charges of $20.5 million in the aggregate, all of which was recorded in 2020 and $14.1 million of which was recorded by Angi Inc. In connection with the Combination, the previously issued HomeAdvisor (US) stock appreciation rights were converted into Angi Inc. equity awards resulting in a modification charge of $217.7 million of which $0.9 million and $21.1 million were recognized as stock-based compensation expense in the years ended December 31, 2021 and 2020, respectively. Forfeitures and Unrecognized Compensation Cost The amount of stock-based compensation expense recognized in the statement of operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest. At December 31, 2022, ther e is $322.4 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 4.5 y ears. Tax Benefits The total income tax benefit recognized in the statement of operations for the years ended December 31, 2022, 2021 and 2020 related to all stock-based compensation expense is $20.0 million, $101.8 million and $198.3 million, respectively. The aggregate income tax benefit recognized related to the exercise of stock options for the years ended December 31, 2022, 2021 and 2020, is $1.7 million, $81.0 million, and $165.8 million, respectively. There may be some delay in the timing of the realization of the cash benefit of the income tax deductions related to stock-based compensation because it will be dependent upon the amount and timing of future taxable income and the timing of estimated income tax payments. |
PENSION AND POSTRETIREMENT BENE
PENSION AND POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
PENSION AND POSTRETIREMENT BENEFIT PLANS | PENSION AND POSTRETIREMENT BENEFIT PLANS Pension and Postretirement Plans In connection with the acquisition of Meredith, the Company assumed the obligations under Meredith’s various pension plans. The plans include U.S. noncontributory pension plans that cover substantially all employees who were employed by Meredith prior to January 1, 2018. There are two international pension plans in the U.K., including the IPC Pension Scheme ("IPC Plan"); the international plans have no active participants. The two U.S. and two U.K. plans consist of a qualified (funded) plan and a nonqualified (unfunded) plan in each country. These plans provide participants with retirement benefits in accordance with benefit provision formulas. The nonqualified pension plans provide retirement benefits to certain highly compensated employees. The Company also assumed Meredith's defined healthcare and life insurance plans that provide benefits to eligible employees upon their retirement. On July 28, 2022, following approval by the trustees of the IPC Plan, the IPC Plan entered into an annuity contract with a private limited life insurance company covering all IPC Plan participants who were not covered by an annuity contract entered into in May 2020. The annuity contracts are designed to provide payments equal to all future designated contractual benefit payments to covered participants until the annuity contracts are settled. The value of the annuity contracts and the liabilities with respect to participants are expected to match (i.e., the full benefits have been annuitized). The Company remains responsible for paying pension benefits to the IPC Pension Scheme participants. While the Company currently does not expect to be required to make additional contributions to the IPC Pension Scheme, this may change based upon future events or as additional information becomes available. On September 13, 2022, the board of directors of Meredith voted unanimously to freeze and terminate the U.S. funded pension plan effective December 31, 2022. All participants in this plan on the termination date continue as participants in the plan with respect to their accrued benefits until their accrued benefits are distributed to them or their beneficiaries. In addition, the participant's covered compensation was frozen effective December 31, 2022. Participants will no longer receive a benefit credit under the plan, but participants will continue to receive interest credits pursuant to the terms of the plan. The Company does not expect to have to make any contributions to the plan in the future due to its termination and overfunded status. Obligations and Funded Status Change in Net Assets/Liabilities The following tables present changes in, and components of, the Company's net assets/liabilities for pension and other postretirement benefits: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Change in benefit obligation Benefit obligation, beginning of year $ 166,800 $ 790,663 $ 10,808 $ — $ — $ — Acquisition and related fair value adjustments (a) 23,345 — — 154,920 850,774 10,923 Service cost 3,562 — 7 368 — 1 Interest cost 4,372 15,014 262 224 981 22 Net actuarial gain (7,262) (210,284) (3,717) (158) (54,660) (132) Benefits paid (including lump sums) (9,105) (15,521) 150 (339) (1,529) (6) Settlements (96,100) (34,374) (3,037) — (9,361) — Curtailment gain (3,060) — — — — — Contractual termination benefits — — — 11,785 — — Plan transfer (b) (9,564) — — — — — Foreign currency exchange rate impact — (77,669) — — 4,458 — Benefit obligation, end of year $ 72,988 $ 467,829 $ 4,473 $ 166,800 $ 790,663 $ 10,808 Change in plan assets Fair value of plan assets, beginning of year $ 132,326 $ 1,015,274 $ — $ — $ — $ — Acquisition and related fair value adjustments (a) 18,596 — — 129,765 1,053,902 — Actual return on plan assets (12,657) (397,417) — 2,886 (62,744) — Employer contributions 44,221 122 — 14 29,229 6 Benefits paid (including lump sums) (9,105) (15,521) — (339) (1,529) (6) Settlements (95,182) (34,374) — — (9,361) — Foreign currency exchange rate impact — (100,193) — — 5,777 — Fair value of plan assets, end of year $ 78,199 $ 467,891 $ — $ 132,326 $ 1,015,274 $ — Over (under) funded status, end of year $ 5,211 $ 62 $ (4,473) $ (34,474) $ 224,611 $ (10,808) _____________________ (a) All pension and postretirement plans were acquired with the acquisition of Meredith on December 1, 2021. The purchase accounting for the acquisition of Meredith was completed in the fourth quarter of 2022. (b) Obligations and assets associated with certain former Meredith Corporation employees were transferred during 2022 to the third-party that purchased the entity on December 1, 2021. Benefits paid directly from Dotdash Meredith assets are included both in employer contributions and benefits paid. Domestic Plans The acquisition of Meredith triggered settlement of the entire benefit obligation of one of the two unfunded plans. This plan was paid out in its entirety as was a substantial portion of the benefit obligations of the other unfunded plan. These payments are included in the $96.1 million of settlements in the table above and resulted in the overall increase in the funded status of the domestic pension plans. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information on the change-in-control payments. For the funded plan, higher interest rates and losses on equity securities led to a decrease in plan assets; and the higher interest rates reduced plan obligations. The gains realized on the plan's obligation did not offset the loss on assets, resulting in an overall loss for the year ended December 31, 2022. Additionally, the funded plan realized a curtailment gain as a result of the benefit freeze of the plan discussed above, but this gain was nearly offset by a loss realized for the measurement of the plan on a termination basis. The net actuarial gain included in the change in benefit obligation for the domestic postretirement plans for the year ended December 31, 2022 is the result of demographic shifts in the covered participants. International Plans The international pension plans primarily consist of the IPC Plan. The overall decline in the funded status of the plan during the year was due to the impact of higher interest rates with the decline in the value of assets exceeding the benefit of the reduction in the plan obligation, resulting in an overall loss for the year ended December 31, 2022. The net actuarial gain included in the change in benefit obligation for the international pension plans for the year ended December 31, 2021, is primarily a result of the increase in the discount rate used at December 31, 2021, as compared to December 1, 2021, as well as a slight decrease in the inflation assumptions over the same period, partially offset by experience losses due to certain plan participants electing a full settlement of their benefit obligation under an ongoing enhanced transfer value exercise. Balance Sheet Classification The following amounts are recognized in the December 31, 2022 and 2021 balance sheet, respectively: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Other non-current assets Prepaid benefit cost $ 9,561 $ 4,358 $ — $ 24,318 $ 231,791 $ — Accrued expenses and other current liabilities Accrued benefit liability (698) (127) (475) (52,523) — (1,146) Other long-term liabilities Accrued benefit liability (3,652) (4,169) (3,998) (6,269) (7,180) (9,662) Net amount recognized $ 5,211 $ 62 $ (4,473) $ (34,474) $ 224,611 $ (10,808) The accumulated benefit obligation for the domestic defined benefit pension plans was $72.5 million and $159.2 million at December 31, 2022 and 2021, respectively. The accumulated benefit obligation for the international defined benefit pension plans was $467.8 million and $790.7 million at December 31, 2022 and 2021, respectively. Accumulated and Projected Benefit Obligations The following table provides information about pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets: Year Ended December 31, 2022 Year Ended December 31, 2021 Domestic International Domestic International (In thousands) Projected benefit obligation $ 4,350 $ 4,296 $ 58,789 $ 7,179 Accumulated benefit obligation $ 3,831 $ 4,296 $ 57,669 $ 7,179 Fair value of plan assets $ — $ — $ — $ — Costs The components of net periodic benefit cost (credit) recognized in the statement of operations were as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Service cost $ 3,562 $ — $ 7 $ 368 $ — $ 1 Interest cost 4,372 15,014 262 224 981 22 Expected return on plan assets (2,748) (16,857) — (564) (1,640) — Actuarial loss (gain) recognition 8,154 208,957 (3,717) (2,480) 9,724 (132) Settlement (918) — (3,037) — — — Contractual termination benefits — — — 11,785 — — Curtailment gain (3,060) — — — — — Net periodic benefit cost (credit) $ 9,362 $ 207,114 $ (6,485) $ 9,333 $ 9,065 $ (109) The actuarial loss recognition on the international plans is the result of the decrease in the net asset position due to higher interest rates described above. The curtailment gain and settlement loss on the domestic pension and postretirement plans were triggered by the freeze and termination events described above. The contractual termination benefit charges for the domestic plans in 2021 were related to change-in-control agreements for six executives. The change-in-control payments were triggered by IAC's acquisition of Meredith. The employment agreements for the covered executives provided for immediate vesting in any unvested benefits, as well as an additional three years of continued service, age and pay credit in each of the pension plans in which they were participants. These payments are further discussed in " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments ." The components of net periodic benefit cost (credit), other than the service cost component, are included in "Other (expense) income, net" in the statement of operations. Assumptions Benefit obligations were determined using the following weighted average assumptions: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic Weighted average assumptions Discount rate 5.41 % 4.13 % 5.46 % 2.04 % 1.67 % 2.61 % Rate of compensation increase 2.99 % N/A 3.50 % 2.95 % N/A 3.50 % Cash balance interest rate credit 2.39 % N/A N/A 2.13 % N/A N/A Net periodic benefit cost (credit) were determined using the following weighted average assumptions: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic Weighted average assumptions Discount rate 3.28 % 1.67 % 2.61 % 2.02 % 1.40 % 2.52 % Expected return on plan assets 2.80 % 1.90 % N/A 6.00 % 1.90 % N/A Rate of compensation increase 2.95 % N/A 3.50 % 2.90 % N/A 3.50 % Cash balance interest credit rate 3.65 % N/A N/A 2.04 % N/A N/A The assumed healthcare trend rates used to measure the expected cost of benefits were as follows: Postretirement 2022 2021 Assumed healthcare cost trend rate Rate of increase in healthcare cost levels Initial level 6.25 % 6.50 % Ultimate level 5.00 % 5.00 % Years to ultimate level 5 6 Since the Company utilizes the mark-to-market approach to account for pension and postretirement benefits, the expected long-term rate of return on assets has no effect on the overall amount of net periodic benefit cost (credit) recorded for the year. For 2023, the expectation for the U.K. annuity contracts represents the implied yields for those contracts, while for the domestic plan it represents the expected yield on the short-term fixed income securities held. The value (market-related value) of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is fair value. Plan Assets The targeted and weighted average asset allocations by asset category for investments held by the Company’s pension plans are as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Domestic Allocation International Allocation Domestic Allocation International Allocation Target Actual Target Actual Target Actual Target Actual Equity securities —% —% —% —% 62% 63% 1% 2% Fixed income securities —% —% —% —% 38% 36% 63% 63% Other securities (b) 100% 100% 100% 100% —% 1% 36% 35% Total 100% 100% 100% 100% 100% 100% 100% 100% _____________________ (b) Other primarily includes cash and cash equivalents in the U.S. and insurance annuity contracts in the U.K. Due to the decision to freeze and terminate the U.S. funded pension plan, the plan fiduciaries shifted the investment strategy to seek to preserve capital to protect the strong funded status, manage liquidity to align with potential benefit commencements and optimize yield to take advantage of the rising interest rate environment. The plan adopted a fixed income ladder investment strategy through which most of the plan assets are invested in U.S. Treasury securities of various maturities and a money market fund that invests mostly in U.S. Treasury securities. The objectives of the investment strategy are to minimize default and price risk of the plan assets, and liquidity risk of the plan. Prior to the determination to freeze and terminate the plan, the Company’s investment policy was to seek to maximize investment returns while balancing the Company’s tolerance for risk. The plan fiduciaries of the U.S. funded pension plan oversaw the investment allocation process by selecting investment managers, setting long-term strategic targets and monitoring asset allocations. The investment portfolio contained a diversified blend of equity and fixed-income investments, and equity investments were diversified across domestic and international stocks and between growth and value stocks and small and large capitalizations. Prior to the purchase of the second annuity contract in the third quarter of 2022, the trustees of the IPC Pension Scheme defined benefit pension plan in the U.K delegated the day-to-day investment decisions of the IPC Plan to a large international fiduciary manager and utilized a separate investment consultant to monitor and evaluate the investment performance of the fiduciary manager. The investment objective of the IPC Plan was to invest the assets prudently to fully fund the IPC Plan over time. As a result of the insurance annuity transaction almost all of the remaining plan assets were converted into the insurance annuity and the trustees no longer required the fiduciary manager to make investment decisions. Fair value measurements for the U.S. funded pension plan assets were as follows: December 31, 2022 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 78,199 $ — $ — $ 78,199 December 31, 2021 Quoted Market Significant Significant Total (In thousands) Investments in registered investment companies Equity $ 65,982 $ 17,866 $ — $ 83,848 Fixed income 7,442 39,148 — 46,590 Pooled separate accounts — 1,888 — 1,888 Total assets at fair value $ 73,424 $ 58,902 $ — $ 132,326 Equity securities did not include any IAC common stock at December 31, 2021. Fair value measurements for the international pension plan assets were as follows: December 31, 2022 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 7,613 $ — $ — $ 7,613 Insurance annuity contracts — — 460,278 460,278 Total assets at fair value $ 7,613 $ — $ 460,278 $ 467,891 December 31, 2021 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 63,245 $ — $ — $ 63,245 Pooled investments Equity 1,154 9,728 — 10,882 Fixed income 6,276 45,362 — 51,638 Other — 576,414 — 576,414 Insurance annuity contracts — — 313,095 313,095 Total assets at fair value $ 70,675 $ 631,504 $ 313,095 $ 1,015,274 At December 31, 2021, the international pension plans held investments in liability matching funds whose objective was to provide leveraged returns equal to that of the liabilities. In order to do so, these funds invested in U.K. Treasury Gilt bonds, Gilt Total Return Swaps, Repurchase Transactions, and cash or money markets to provide liquidity to meet payment obligations or post as collateral in the derivative transactions they entered. These liability matching funds were included in Other pooled investments in the table above for December 31, 2021. The annuity contracts held by the IPC Plan are valued using significant observable inputs. Refer to " Note 2—Summary of Significant Accounting Policies " for a discussion of the three levels in the hierarchy of fair values. The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): December 31, 2022 2021 (In thousands) Balance at beginning of year $ 313,095 $ — Acquisition — 327,722 Purchases 440,606 — Settlements (13,206) (1,040) Change in fair value (237,248) (15,326) Foreign currency translation (42,969) 1,739 Balance at end of year $ 460,278 $ 313,095 There were no transfers in or out of Level 3 investments for the years ended December 31, 2022 and 2021. Cash Flows The Company does not have a minimum funding requirement for the qualified domestic pension plan in 2023 and does not expect to have to make any contributions to the plan in the future due to its termination. While the Company currently does not expect to be required to make any additional contributions to the IPC Plan, the Company has deposited amounts into an escrow account for the benefit of the IPC Plan that total £5.5 million at December 31, 2022. The following benefit payments, which will primarily be made from the funded plans, are expected to be paid: Pension Benefits Postretirement Benefits Domestic International Domestic Years Ended December 31, (In thousands) 2023 $ 17,532 $ 14,237 $ 487 2024 56,178 15,035 451 2025 497 15,811 426 2026 294 16,636 394 2027 344 17,594 373 Thereafter 2,188 101,449 1,672 Net amount recognized, end of year $ 77,033 $ 180,762 $ 3,803 Defined Contribution Plans IAC/InterActiveCorp Retirement Savings Plan IAC employees in the U.S., including employees of Dotdash hired before January 1, 2023, can elect to participate in a retirement savings program, the IAC/InterActiveCorp Retirement Savings Plan (renamed the IAC Inc. Retirement Savings Plan, effective January 1, 2023; the "IAC Plan"), that qualifies under Section 401(k) of the Internal Revenue Code. Under the IAC Plan, participating employees may contribute up to 50% of their pre-tax earnings, but not more than statutory limits. The Company matches 100% of the first 10% of an employee's eligible compensation, subject to IRS limits on the Company's matching contribution maximum, that a participant contributes to the IAC Plan, except for Angi Inc., which matches fifty cents for each dollar a participant contributes in the IAC Plan, with a maximum contribution of 3% of a participant's eligible earnings. The IAC Plan limits Company matching contributions to $10,000 per participant on an annual basis. Matching contributions to the IAC Plan for the years ended December 31, 2022, 2021 and 2020 were $25.6 million, $22.0 million and $16.9 million, respectively. Matching contributions are invested in the same manner as each participant's voluntary contributions in the investment options provided under the IAC Plan. An investment option in the IAC Plan is IAC common stock, but neither participant nor matching contributions are required to be invested in IAC common stock. The increase in matching contributions in 2022 is due primarily to an increase in employee contributions. The increase in matching contributions in 2021 is due primarily to an increase in headcount and employee contributions. IAC also has or participates in various benefit plans, principally defined contribution plans, for its international employees. IAC's contributions to these plans for the years ended December 31, 2022, 2021 and 2020 were $1.1 million, $0.9 million and $0.7 million, respectively. Meredith Savings and Investment Plan In connection with the acquisition of Meredith, the Company assumed its U.S. defined contribution saving plan the Meredith Savings and Investment Plan (the "Meredith Plan"). Eligible employees may participate in the Meredith Plan, which allows eligible employees to contribute a percentage of their salary, commissions, and bonuses in accordance with plan limitations and provisions of Section 401(k) of the Internal Revenue Code and the Company makes matching contributions to the plan subject to the limits of the Meredith Plan. For period after the acquisition through December 31, 2022, the Company matched 100% of the first 4% and 50% of the next 1% of employee contributions for employees eligible for the Company’s pension benefits and 100% of the first 5% for employees ineligible for the Company’s pension benefits. Matching contributions to the Meredith Plan for the years ended December 31, 2022 and 2021 were $10.4 million and $0.8 million, respectively. Effective January 1, 2023, Dotdash Meredith, as permitted by the relevant IAC Plan documents, merged the Meredith Plan into the IAC Plan. Participants that were previously covered under the Meredith Plan, or hired after January 1, 2023, are eligible for a company match of 100% of the first 5% of employee contributions. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES U.S. and foreign (loss) earnings before income taxes and noncontrolling interests are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) U.S. $ (1,320,332) $ 758,538 $ 234,345 Foreign (205,904) (28,732) 9,815 Total $ (1,526,236) $ 729,806 $ 244,160 The components of the income tax (benefit) provision are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Current income tax provision (benefit): Federal $ 777 $ (5,818) $ (29,181) State 4,712 4,751 2,326 Foreign 1,182 6,680 (496) Current income tax provision (benefit) 6,671 5,613 (27,351) Deferred income tax (benefit) provision: Federal (252,022) 111,755 (8,097) State (44,335) 18,063 (6,126) Foreign (41,401) 3,559 (4,133) Deferred income tax (benefit) provision (337,758) 133,377 (18,356) Income tax (benefit) provision $ (331,087) $ 138,990 $ (45,707) The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized. December 31, 2022 2021 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 458,603 $ 557,329 Long-term lease liabilities 137,869 157,504 Capitalized research & development expenditures 74,179 — Tax credit carryforwards 64,903 48,081 Accrued expenses 58,697 47,754 Customer deposit liability 22,361 56,194 Other 82,587 78,740 Total deferred tax assets 899,199 945,602 Less: valuation allowance (124,012) (112,640) Net deferred tax assets 775,187 832,962 Deferred tax liabilities: Investment in subsidiaries (225,375) (227,632) Investment in MGM Resorts International (212,390) (385,818) Intangible assets, net of accumulated amortization (219,856) (271,629) Right-of-use assets (100,643) (122,095) Capitalized software, equipment, leasehold improvements, buildings and land, net (46,740) (70,959) Other (44,922) (138,029) Total deferred tax liabilities (849,926) (1,216,162) Net deferred tax liabilities $ (74,739) $ (383,200) At December 31, 2022, the Company had federal and state net operating losses ("NOLs") of $1.5 billion and $1.1 billion, respectively, available to offset future income. Federal NOLs of $1.3 billion can be carried forward indefinitely and $0.2 billion, if not utilized, will expire at various times between 2031 and 2036. State NOLs of $0.1 billion can be carried forward indefinitely and $1.0 billion, if not utilized, will expire at various times between 2023 and 2042. Federal and state NOLs of $1.3 billion and $0.7 billion, respectively, can be used against future taxable income without restriction and the remaining NOLs will be subject to limitations under Section 382 of the Internal Revenue Code, separate return limitations, and applicable law. At December 31, 2022, the Company had foreign NOLs of $416.2 million available to offset future income. Of these foreign NOLs, $402.7 million can be carried forward indefinitely and $13.5 million, if not utilized, will expire at various times between 2025 and 2042. During 2022, the Company recognized tax benefits related to NOLs of $4.0 million. Included in this amount is $1.7 million of tax benefits of acquired attributes, which was recorded as a reduction to goodwill. At December 31, 2022, the Company had tax credit carryforwards of $81.4 million. Of this amount, $67.2 million relates to credits for research activities, $12.2 million relates to credits for foreign taxes, and $2.0 million relates to various other credits. Of these credit carryforwards, $13.6 million can be carried forward indefinitely and $67.8 million, if not utilized, will expire between 2023 and 2042. During 2022, the Company's valuation allowance increased by $11.4 million primarily due to a change in judgement on the realizability of foreign NOLs related to Meredith, acquired by Dotdash on December 1, 2021, and an increase in unbenefited capital losses, partially offset by a decrease in federal NOLs. At December 31, 2022, the Company had a valuation allowance of $124.0 million related to the portion of tax loss carryforwards, foreign tax credits and other items for which it is more likely than not that the tax benefit will not be realized. A reconciliation of the income tax provision (benefit) to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Income tax (benefit) provision at the federal statutory rate of 21% $ (320,510) $ 153,259 $ 51,274 State income taxes, net of effect of federal tax benefit (26,708) 24,289 16,995 Research credit (19,041) (5,094) (6,078) Non-deductible goodwill impairment 15,764 — 53,012 Non-deductible executive compensation 12,359 22,358 14,219 Change in valuation allowance on capital losses 10,940 754 11,385 Deferred tax adjustment for enacted changes in tax laws and rates (7,152) 4,049 (14,508) Change in judgement on beginning of the year valuation allowance 3,523 20,248 (3,544) Non-deductible expenses 3,105 4,328 5,947 Stock-based compensation (2,155) (91,729) (163,633) Amortizable tax basis related to intercompany transaction — — (7,044) Other, net (1,212) 6,528 (3,732) Income tax (benefit) provision $ (331,087) $ 138,990 $ (45,707) A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows: December 31, 2022 2021 2020 (In thousands) Balance at January 1 $ 17,449 $ 18,233 $ 16,585 Additions for tax positions related to the current year 5,557 2,855 3,419 Settlements (7,100) (1,427) (3,733) Additions for tax positions of prior years 1,715 3,420 2,313 Reductions for tax positions of prior years (1,608) (1,116) — Expiration of applicable statutes of limitations — (4,516) (351) Balance at December 31 $ 16,013 $ 17,449 $ 18,233 The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax as a result of previously filed separate company and consolidated tax returns with Old IAC and for its tax returns filed on a standalone basis following the MTCH Separation. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. The Internal Revenue Service ("IRS") has completed its audit of Old IAC’s federal income tax returns for the years ended December 31, 2013 through 2019, which include the operations of the Company. The settlement of these tax years has been submitted to the Joint Committee of Taxation for approval. The statute of limitations for the years 2013 through 2019 has been extended to December 31, 2023. Returns filed in various other jurisdictions are open to examination for tax years beginning with 2014. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from the examination of prior year tax returns. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. At December 31, 2022 and 2021, accruals for interest and penalties are not material. At December 31, 2022 and 2021, unrecognized tax benefits, including interest and penalties, were $16.6 million and $18.0 million, respectively. Unrecognized tax benefits, including interest and penalties, at December 31, 2022 decreased by $1.4 million due primarily to a reduction in foreign reserves, partially offset by research credits. If unrecognized tax benefits at December 31, 2022 are subsequently recognized, $15.4 million, net of related deferred tax assets and interest, would reduce income tax expense. The comparable amount at December 31, 2021 was $16.7 million. The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $0.9 million by December 31, 2023 due to expected settlements of which $0.8 million would reduce the income tax provision. As a result of the Vimeo Spin-Off, the Company’s net deferred tax liability was adjusted for tax attributes from our federal and consolidated state income tax filings that were allocated between the Company and Vimeo. The allocation of tax attributes that was recorded as of December 31, 2021 was preliminary. Following the filing of income tax returns for the year ended December 31, 2021, the allocation was finalized and an adjustment of $2.7 million was recorded to net earnings from discontinued operations in the year ended December 31, 2022. The Company was included within Old IAC’s tax group for purposes of federal and consolidated state income tax return filings through June 30, 2020, the date of the MTCH Separation. For periods prior thereto, the income tax benefit and/or provision were computed for the Company on an as if standalone, separate return basis and payments to and refunds from Old IAC for the Company’s share of Old IAC’s consolidated federal and state tax return liabilities/receivables calculated on this basis have been reflected within "Cash flows from operating activities attributed to continuing operations" in the statement of cash flows. |
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(LOSS) EARNINGS PER SHARE | (LOSS) EARNINGS PER SHARE The Company treats its common stock and Class B common stock as one class of stock for EPS purposes as both classes of stock participate in earnings, dividends and other distributions on the same basis. The restricted stock award ("the CEO award") granted to our CEO on November 5, 2020 is a participating security and the Company calculates basic EPS using the two-class method since those restricted shares are unvested and have a non-forfeitable dividend right in the event the Company declares a cash dividend on common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Diluted EPS is calculated, on the most dilutive basis, which excludes awards that would be anti-dilutive, including the CEO award. Undistributed earnings allocated to the participating security is subtracted from earnings in determining earnings attributable to holders of IAC common stock and Class B common stock for basic EPS. Basic EPS is computed by dividing net (loss) earnings attributable to holders of IAC common stock and Class B common stock by the weighted-average number of shares of common stock and Class B common stock outstanding during the period. For the calculation of diluted EPS, net (loss) earnings attributable to holders of IAC common stock and Class B common stock is adjusted for the impact from our public subsidiary's dilutive securities, if applicable, and the reallocation of undistributed earnings allocated to the participating security by the weighted-average number of common stock and Class B common stock outstanding plus dilutive securities during the period. The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows: Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Basic EPS: Numerator: Net (loss) earnings from continuing operations $ (1,195,149) $ 590,816 $ 289,867 Net loss attributable to noncontrolling interests of continuing operations 22,285 8,748 726 Net earnings attributed to unvested participating security — (20,160) — Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (1,172,864) 579,404 290,593 Earnings (loss) from discontinued operations, net of taxes 2,694 (1,831) (21,281) Net (earnings) loss attributable to noncontrolling interests of discontinued operations — (186) 414 Net loss attributed to unvested participating security — 68 — Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders 2,694 (1,949) (20,867) Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders $ (1,170,170) $ 577,455 $ 269,726 Denominator: Weighted average basic IAC Common Stock and Class B common stock shares outstanding (a) 86,350 86,222 85,355 (Loss) earnings per share: (Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders $ (13.58) $ 6.72 $ 3.40 Earnings (loss) per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders 0.03 (0.02) (0.24) (Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders $ (13.55) $ 6.70 $ 3.16 Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Diluted EPS: Numerator: Net (loss) earnings from continuing operations $ (1,195,149) $ 590,816 $ 289,867 Net loss attributable to noncontrolling interests of continuing operations 22,285 8,748 726 Net earnings attributed to unvested participating security — (18,981) — Impact from public subsidiaries' dilutive securities (b) — 406 71 Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (1,172,864) 580,989 290,664 Earnings (loss) from discontinued operations, net of taxes 2,694 (1,831) (21,281) Net (earnings) loss attributable to noncontrolling interests of discontinued operations — (186) 414 Net loss attributed to unvested participating security — 64 — Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders 2,694 (1,953) (20,867) Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders $ (1,170,170) $ 579,036 $ 269,797 Denominator: Weighted average basic IAC Common Stock and Class B common stock shares outstanding (a) 86,350 86,222 85,355 Dilutive securities (b)(c)(d)(e) — 5,606 5,593 Denominator for earnings per share—weighted average shares (b)(c)(d)(e) 86,350 91,828 90,948 (Loss) earnings per share: (Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders $ (13.58) $ 6.33 $ 3.20 Earnings (loss) per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders 0.03 (0.02) (0.23) (Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders $ (13.55) $ 6.31 $ 2.97 _____________________ (a) On November 5, 2020, IAC's CEO was granted a stock-based award in the form of 3.0 million shares of restricted common stock. The number of shares that ultimately vests is subject to the satisfaction of growth targets in IAC's stock price over the 10-year service condition of the award. These restricted shares have a non-forfeitable dividend right in the event the Company declares a cash dividend on its common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Accordingly, the two-class method of calculating EPS is used. While the restricted shares are presented as outstanding shares in the balance sheet, these shares are excluded from the weighted average shares outstanding in calculating basic EPS and the allocable portion of net earnings are also excluded. Fully diluted EPS reflects the impact on earnings and fully diluted shares in the manner that is most dilutive. (b) IAC has the option to settle certain Angi Inc. stock-based awards in its shares. For the year ended December 31, 2022, the Company had a loss from continuing operations and as a result these awards were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. For the years ended December 31, 2021 and 2020 it was more dilutive for IAC to settle these Angi Inc. equity awards. The impact on net earnings relates to the settlement of Angi Inc.'s dilutive securities in IAC common shares. (c) For the year ended December 31, 2022, the Company had a loss from continuing operations and, as a result, approximately 7.9 million potentially dilutive securities were excluded from computing diluted EPS because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute the EPS amounts for the year ended December 31, 2022. (d) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted common stock, restricted stock units ("RSUs") and market-based awards ("MSUs"). For the years ended December 31, 2021 and 2020, 3.0 million and 3.1 million, respectively, of potentially dilutive securities were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. (e) See " Note 12—Stock-Based Compensation " for additional information on the grant of IAC restricted common stock to its CEO and equity instruments denominated in the shares of certain subsidiaries. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On May 25, 2021, IAC completed the Spin-off. Following the Spin-off, Vimeo became an independent, separately traded public company. Therefore, Vimeo is presented as a discontinued operation within the Company's financial statements for all periods. During the fourth quarter of 2022, the Company allocated to Vimeo certain federal and state net operating losses based on the filing of its 2021 tax returns. The Company recorded a $2.7 million tax benefit through discontinued operations and deferred taxes to reflect this allocation. The components of the loss from discontinued operations for the period January 1, 2021 through May 25, 2021 and the year ended December 31, 2020 in the statement of operations consisted of the following: January 1 through May 25, Year Ended December 31, 2021 2020 (In thousands) Revenue $ 145,514 $ 283,146 Operating costs and expenses: Cost of revenue (exclusive of depreciation shown separately below) 39,995 88,589 Selling and marketing expense 54,774 104,216 General and administrative expense 23,343 47,019 Product development expense 35,651 62,803 Depreciation 182 460 Amortization of intangibles 2,983 14,745 Total operating costs and expenses 156,928 317,832 Operating loss from discontinued operations (11,414) (34,686) Interest expense (140) — Other income, net 10,172 93 Loss from discontinued operations before taxes (1,382) (34,593) Income tax (provision) benefit (449) 13,312 Loss from discontinued operations, net of taxes $ (1,831) $ (21,281) |
FINANCIAL STATEMENT DETAILS
FINANCIAL STATEMENT DETAILS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL STATEMENT DETAILS | FINANCIAL STATEMENT DETAILS Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows: December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 1,417,390 $ 2,118,730 $ 3,366,176 $ 837,916 Restricted cash included in other current assets 1,165 1,941 448 503 Restricted cash included in other non-current assets 7,514 1,193 449 409 Cash, cash equivalents, and restricted cash included in current assets of discontinued operations — — 110,037 1,904 Total cash and cash equivalents and restricted cash as shown on the statement of cash flows $ 1,426,069 $ 2,121,864 $ 3,477,110 $ 840,732 Restricted cash included in "Other current assets" in the balance sheet at December 31, 2022 primarily consists of cash held related to insurance programs at Care.com. Restricted cash included in "Other current assets" in the balance sheet at December 31, 2021 primarily consists of cash held in escrow related to the IPC Pension Scheme. Restricted cash included in "Other current assets" in the balance sheet at December 31, 2020 primarily consists of funds collected from service providers for payments in dispute, which are not settled as of the period end, and cash reserved to fund insurance claims at Angi Inc. Restricted cash included in "Other current assets" in the balance sheet at December 31, 2019 primarily consists of a deposit related to corporate credit cards at Angi Inc. Restricted cash included in "Other non-current assets" in the balance sheet at December 31, 2022 primarily consists of cash held in escrow related to the IPC Pension Scheme as well as deposits related to leases and an endorsement guarantee related to insurance at Roofing. Restricted cash included in "Other non-current assets" in the balance sheet at December 31, 2021 consists of deposits related to leases and an endorsement guarantee related to insurance at Roofing. Restricted cash included in "Other non-current assets" in the balance sheet for all other periods presented consists of deposits related to leases. At December 31, 2022, all of the Company's international cash can be repatriated without significant tax consequences. Credit Losses The following table presents the changes in the allowance for credit losses for the years ended December 31, 2022 and 2021, respectively: 2022 2021 (In thousands) Balance at January 1 $ 36,637 $ 27,178 Current period provision for credit losses 116,553 89,893 Write-offs charged against the allowance (107,188) (82,998) Recoveries collected 5,367 2,441 Other (398) 123 Balance at December 31 $ 50,971 $ 36,637 Other current assets December 31, 2022 2021 (In thousands) Prepaid expenses $ 80,039 $ 73,483 Other 216,524 168,705 Other current assets $ 296,563 $ 242,188 Capitalized software, equipment, leasehold improvements, buildings and land, net December 31, 2022 2021 (In thousands) Buildings and leasehold improvements $ 305,304 $ 418,249 Capitalized software and computer equipment 291,600 386,421 Furniture and other equipment 137,570 181,605 Land 20,234 33,919 Projects in progress 30,379 47,218 Total gross carrying amount 785,087 1,067,412 Accumulated depreciation and amortization (274,473) (496,887) Capitalized software, equipment, leasehold improvements, buildings and land, net $ 510,614 $ 570,525 Accrued expenses and other current liabilities December 31, 2022 2021 (In thousands) Accrued employee compensation and benefits $ 169,227 $ 278,418 Customer deposit liability 125,441 146,282 Accrued advertising expense 78,601 67,986 Accrued traffic acquisition costs 50,720 77,913 Other 335,770 412,280 Accrued expenses and other current liabilities $ 759,759 $ 982,879 Other (expense) income, net Years Ended December 31, 2022 2021 2020 (In thousands) Net periodic pension benefit costs, other than the service cost component (a) $ (206,422) $ (17,858) $ — Unrealized (decrease) increase in the estimated fair value of a warrant (62,495) 104,018 (1,213) Unrealized (loss) gain related to marketable equity securities (20,342) 18,788 — Foreign exchange (losses) gains, net (b) (8,503) (13,636) 674 Net realized gain (loss) on sales of businesses, investments and upward (downward) adjustments to the carrying value of equity securities without readily determinable fair values (c)(d) 59,299 18,874 (40,050) Interest income 24,916 1,351 7,177 Realized gain on the sale of a marketable equity security — 7,174 — Loss on extinguishment of debt (e) — (1,110) — COVID-19 related impairments on a note receivable and a warrant related to certain investees — — (7,517) Other (4,238) (5,747) (1,632) Other (expense) income, net $ (217,785) $ 111,854 $ (42,561) _____________________ (a) Includes net pre-tax actuarial losses of $213.4 million and $7.1 million for the years ended December 31, 2022 and 2021, respectively, related to Meredith's IPC Pension Scheme and plans in the U.S. See " Note 13—Pension and Postretirement Benefit Plans " for additional information. (b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the year ended December 31, 2021. (c) Includes a gain of approximately $132.2 million on the sale of BlueCrew in the year ended December 31, 2022. On November 9, 2022, the Company completed the sale of BlueCrew, which was included in the Emerging & Other segment, to EmployBridge, a provider of light industrial staffing solutions, for cash and stock with the Company becoming a minority shareholder in the combined company. (d) Includes upward and downward adjustments to the carrying value of equity securities without readily determinable fair values. For the years ended December 31, 2022, 2021 and 2020, the Company recorded net (downward) and upward adjustments of $(89.1) million, $8.9 million and $(51.5) million, respectively. Downward adjustments for the year ended December 31, 2020 related to impairments due to COVID-19. (e) Represents the write-off of deferred debt issuance costs related to the ANGI Group Term Loan, which was repaid in its entirety during the second quarter of 2021. Supplemental Disclosure of Cash Flow Information: Years Ended December 31, 2022 2021 2020 (In thousands) Cash paid (received) during the year for: Interest $ 98,150 $ 21,702 $ 6,524 Income tax payments $ 16,407 $ 9,880 $ 5,974 Income tax refunds $ (3,004) $ (1,762) $ (2,010) |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes accruals for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where the Company believes an unfavorable outcome is not probable and, therefore, no accrual is established. Although management currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including uncertain income tax positions and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See " Note 14—Income Taxes " for information related to uncertain income tax positions. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS IAC and Angi Inc. Allocation of CEO Compensation and Certain Expenses Effective October 10, 2022, Joseph Levin, CEO of IAC and Chairman of Angi Inc., was appointed CEO of Angi Inc. Mr. Levin serves as both CEO of IAC and Angi Inc. following his appointment. For the period from October 10, 2022 to December 31, 2022, IAC allocated $2.1 million in costs to Angi Inc. (including salary, benefits, stock-based compensation and costs related to the CEO’s office). These costs were allocated from IAC based upon time spent on Angi Inc. by Mr. Levin. Management considers the allocation method to be reasonable. The allocated costs include costs directly attributable to Angi Inc. that were initially paid for by IAC and billed by IAC to Angi Inc. The Combination and Related Agreements The Company and Angi Inc., in connection with the transaction resulting in the formation of Angi Inc. in 2017, which is referred to as the "Combination", entered into a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement. During the year ended December 31, 2022, there have been no IAC equity awards held by Angi Inc. employees exercised or vested, and no exercises and settlements of Angi Inc. stock appreciation rights, that would require, pursuant to the employee matters agreement, reimbursement to IAC in Angi Inc. Class A and Class B common stock. For the year ended December 31, 2021, 2.6 million shares of Angi Inc. Class A common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for IAC common stock issued in connection with the exercise and settlement of certain Angi Inc. stock appreciation rights. There were no shares of Angi Inc. Class A common stock issued to IAC during the year ended December 31, 2020. For the year ended December 31, 2021, 0.2 million shares of Angi Inc. Class B common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by Angi Inc. employees. For the year ended December 31, 2020, 0.3 million shares of Angi Inc. Class B common stock were issued to a subsidiary of the Company pursuant to the employee matters agreement as reimbursement for shares of IAC common stock, issued for periods after the MTCH Separation, and Old IAC common stock, issued for periods prior to the MTCH Separation, in connection with the exercise and vesting of IAC and Old IAC equity awards held by Angi Inc. employees. IAC and Vimeo Following the Spin-off, the relationship between IAC and Vimeo is governed by a number of agreements. These agreements include a separation agreement; a tax matters agreement; a transition services agreement; an employee matters agreement; and office lease agreements. The Company and Vimeo are related parties because Mr. Diller is the beneficial owner of more than 10% of the voting interests in both IAC and Vimeo. Vimeo has an outstanding payable due to the Company of $0.8 million at both December 31, 2022 and 2021, pursuant to the separation agreement. For the year ended December 31, 2022 and the period following the Spin-off of May 25, 2021 through December 31, 2021, Vimeo was charged $0.3 million and $0.9 million, respectively, by IAC for services rendered pursuant to the transition services agreement. At December 31, 2022 and December 31, 2021, there we re no ou tstanding receivables or payables pursuant to the transition services agreement. Vimeo had an outstanding payable due to the Company of $6.4 million at December 31, 2021 related primarily to reimbursements due to the Company for the exercise of Vimeo equity awards held by employees of the Company and Vimeo’s participation in the Company’s employee benefit plans. This amount was included in “Other current assets" in the balance sheet at December 31, 2021 and was paid in full in January 2022. For the year ended December 31, 2022 and the period following the Spin-off of May 25, 2021 through December 31, 2021, Vimeo was charged $4.6 million and $2.6 million, respectively, of rent pursuant to the lease agreements. At December 31, 2022 and December 31, 2021, there were no outstanding receivables due from Vimeo pursuant to the lease agreements. Relationship with Old IAC prior to the MTCH Separation The Company’s statement of operations for the year ended December 31, 2020 includes allocations of costs, including stock-based compensation expense, related to Old IAC’s accounting, treasury, legal, tax, corporate support and internal audit functions prior to the MTCH Separation. Old IAC historically allocated costs related to its accounting, treasury, legal, tax, corporate support and internal audit functions that were incurred at the Old IAC legal entity level to its publicly traded subsidiaries, Old MTCH and Angi Inc., for any services provided under the applicable services agreements. The remaining unallocated expenses of Old IAC related to its accounting, treasury, legal, tax, corporate support and internal audit functions were allocated to the Company. Allocated costs, inclusive of stock-based compensation e xpense, in 2020 prior to the MTCH Separation, were $85.5 million . It is not practicable to determine the actual expenses that would have been incurred for these services had the Company operated as a standalone entity during the period presented. Management considers the allocation method to be reasonable. The portion of interest income reflected in the statement of operations that is related party in nature was $0.1 million in 2020 prior to the MTCH Separation, and is included in ‘‘Interest income, net’’ in the table below. The following table summarizes the components of the net increase in Old IAC’s investment in the Company for the period prior to the MTCH Separation: Six Months Ended June 30, 2020, the date of the MTCH Separation (In thousands) Cash transfers from Old IAC related to its centrally managed U.S. treasury management function, acquisitions and cash expenses paid by Old IAC on behalf of the Company, net $ (1,742,854) Contribution of buildings to Match Group 34,973 Taxes 34,436 Allocation of costs from Old IAC (12,652) Interest income, net 102 Net increase in Old IAC's investment in the Company prior to the MTCH Separation $ (1,685,995) Notes Receivable—Related Party During 2019, the Company, through two subsidiaries, entered into loan agreements with Old IAC for cash transfers to Old IAC under its centrally managed U.S. treasury function. During the first quarter of 2020, the outstanding balance, which was $55.3 million at December 31, 2019, was repaid. On February 11, 2020, the Company, through a subsidiary, entered into a loan agreement with Old IAC for cash transfers to Old IAC under its centrally managed U.S. treasury function. During the second quarter of 2020, the outstanding balance, which was $27.2 million at March 31, 2020, was repaid. IAC and Old MTCH Prior to the MTCH Separation, for the six months ended June 30, 2020, the date of the MTCH Separation, Old MTCH incurred rent expense of $1.4 million for leasing office space for certain of its businesses at properties owned by the Company. The amount was paid in full by Old MTCH at the date of the MTCH Separation. After the MTCH Separation, Match Group is no longer a related party. On January 31, 2020, Old IAC contributed two office buildings in Los Angeles to Old MTCH, which are primarily occupied and were previously leased from the Company by Tinder. In connection with this contribution, the Company entered into a lease with Old MTCH for office space in one of the buildings and for the six months ended June 30, 2020, the date of the MTCH Separation, the Company paid Old MTCH less than $0.1 million under the lease. Old MTCH issued 1.4 million shares of Old MTCH common stock to Old IAC for the buildings. IAC and Expedia At December 31, 2022, the Company and Expedia each had a 50% ownership interest in two aircraft that may be used by both companies. One of these aircraft was delivered in the third quarter of 2021; IAC and Expedia each made the payments to acquire their respective interest in this aircraft directly to third parties. In the fourth quarter of 2022, the Company and Expedia sold a corporate aircraft that was jointly owned for total proceeds of $19.0 million (sales price net of related costs), with each company receiving 50% of the proceeds. Members of the aircraft flight crews are employed by an entity in which the Company and Expedia each have a 50% ownership interest. The Company and Expedia have agreed to share costs relating to flight crew compensation and benefits pro-rata according to each company’s respective usage of the aircraft, for which they are separately billed by the entity described above. The Company and Expedia are related parties because Mr. Diller serves as Chairman and Senior Executive of both IAC and Expedia. For each of the years in the period ended December 31, 2022, the payments made to this entity by the Company were not material. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II IAC INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charges to Charges to Deductions Balance at (In thousands) 2022 Allowance for credit losses $ 36,637 $ 116,553 (a) $ 109 $ (102,328) (b) $ 50,971 Deferred tax valuation allowance $ 112,640 $ (4,497) (c) $ 15,869 (d) $ — $ 124,012 Other reserves $ 2,530 $ 1,880 2021 Allowance for credit losses $ 27,178 $ 89,893 (a) $ 123 $ (80,557) (b) $ 36,637 Deferred tax valuation allowance $ 111,691 $ (1,620) (e) $ 2,569 (f) $ — $ 112,640 Other reserves $ — $ 2,530 2020 Allowance for credit losses $ 19,984 $ 78,931 (a) $ (152) $ (71,585) (b) $ 27,178 Deferred tax valuation allowance $ 91,180 $ 11,443 (g) $ 9,068 (h) $ — $ 111,691 _________________________________________________________ (a) Additions to the allowance for credit losses are charged to expense. (b) Amount is primarily write-offs of fully reserved accounts receivable, net of recoveries. (c) Amount is primarily related to a decrease in federal net operating losses ("NOLs"), partially offset by a net increase in unbenefited capital losses. (d) Amount is primarily related to a change in judgement on the realizability of foreign NOLs related to Meredith, acquired by Dotdash on December 1, 2021, partially offset by currency translation adjustments on foreign NOLs. (e) Amount is primarily related to a decrease in both foreign NOLs and unbenefited capital losses, partially offset by an increase in federal NOLs. (f) Amount is primarily related to acquired foreign and state NOLs, partially offset by currency translation adjustments on foreign NOLs. (g) Amount is primarily related to impairments of certain equity securities without readily determinable fair values. (h) Amount is primarily related to currency translation adjustments on foreign NOLs. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepares its consolidated and combined financial statements (collectively referred to herein as "financial statements") in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company's financial statements were prepared on a consolidated basis beginning June 30, 2020 and on a combined basis for periods prior thereto. The difference in presentation is due to the fact that the final steps of the legal reorganization, including the contribution to New IAC of all the entities that comprise the Company following the MTCH Separation, were not completed until June 30, 2020. The preparation of the financial statements on a combined basis for periods prior to June 30, 2020 allows for the financial statements to be presented on a consistent basis for all periods presented. The historical combined financial statements of the Company have been derived from the historical accounting records of Old IAC. The combined financial statements reflect the historical financial position, results of operations and cash flows of the entities comprising the Company since their respective dates of acquisition by Old IAC and the allocation to the Company of certain Old IAC corporate expenses based on the historical accounting records of Old IAC through June 30, 2020. The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. For the purpose of the combined financial statements, income taxes have been computed as if the entities comprising the Company filed tax returns on a standalone, separate basis for periods prior to the MTCH Separation. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated. All intercompany transactions between (i) the Company and (ii) Old IAC and its subsidiaries for periods prior to the MTCH Separation were considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these intercompany transactions is reflected in the statement of cash flows as a financing activity and in the statement of parent's equity as “Invested capital.” In management's opinion, the assumptions underlying the historical financial statements of the Company, including the basis on which the expenses have been allocated from Old IAC, are reasonable. However, the allocations may not reflect the expenses that the Company would have incurred as an independent, stand-alone company for the periods presented. |
Accounting Estimates | Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to the Company’s customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods. The Company's disaggregated revenue disclosures are presented in " Note 11—Segment Information ." Transaction Price The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services or goods, including amounts that are variable. Contracts may include sales incentives, such as volume discounts or rebates, which are accounted for as variable consideration when estimating the transaction price. The Company also maintains a liability for potential future refunds and customer credits, which is recorded as a reduction of revenue. All estimates of variable consideration are based upon historical experience and customer trends. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers, which are directly observable or an estimate if not directly observable. Practical Expedients and Exemptions For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , applicable to such contracts and does not consider the time value of money. In addition, as permitted under the practical expedient available under ASU No. 2014-09, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is tied to sales-based or usage-based royalties, allocated entirely to unsatisfied performance obligations, or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed. Costs to Obtain a Contract with a Customer The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. Commissions Paid to Employees Pursuant to Sales Incentive Programs The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period and are included in "Selling and marketing expense" in the statement of operations. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data. For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred. Effective October 1, 2022, the Ads business, within Angi Inc., elected to expense commissions upon review of the duration of the related customer relationship periods which have been determined to be less than a year. App Store Fees The Company pays fees to the Apple App Store and the Google Play Store for the distribution of our paid mobile apps. The Company capitalizes and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. The amortization of mobile app store fees is included in "Cost of revenue" in the statement of operations. The following table presents the capitalized costs to obtain a contract with a customer for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Sales Commissions App Store Fees Total Sales Commissions App Store Fees Total (In thousands) Current $ 39,590 $ 8,266 $ 47,856 $ 39,669 $ 9,023 $ 48,692 Non-current 5,667 — 5,667 6,086 — 6,086 Total $ 45,257 $ 8,266 $ 53,523 $ 45,755 $ 9,023 $ 54,778 During the years ended December 31, 2022, 2021 and 2020, the Company recognized expense of $95.5 million, $125.9 million and $101.3 million, respectively, related to the amortization of capitalized costs to obtain a contract with a customer. The current and non-current capitalized costs to obtain a contract with a customer are included in "Other current assets" and "Other non-current assets," respectively, in the balance sheet. Commissions Paid to Third-Party Agent Sales of Magazine Subscriptions Dotdash Meredith uses third-party agents to obtain certain subscribers. The agents are paid a commission, which can be as much as the subscription price charged to the subscriber. Dotdash Meredith subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Accordingly, these commissions do not qualify for capitalization because there is no contract with a customer until a copy is served to a customer; therefore, these costs are expensed when the publication is sent to the customer. Dotdash Meredith recognizes a liability to the extent the commission is refundable to the third-party agent. Dotdash Meredith expenses additional amounts paid to agents (such as per subscriber bounties) to acquire subscribers as incurred. Expenses related to third-party agent sales of magazine subscriptions are included in "Selling and marketing expense" in the statement of operations. Dotdash Meredith Dotdash Meredith revenue consists of digital and print revenue. Digital revenue consists principally of advertising, performance marketing and licensing and other revenue. Print revenue consists principally of subscription, advertising, projects and other, newsstand, and performance marketing revenue. Digital Advertising Advertising revenue is generated primarily through digital advertisements sold by Dotdash Meredith's sales team directly to the advertisers or through advertising agencies and through programmatic advertising networks. Performance obligations consist of delivering advertisements with a promised number of actions related to the ads, such as impressions or clicks, or displaying advertisements for an agreed upon amount of time. The price is determined by an agreed-upon pricing model such as CPM (cost-per-1,000 impressions), CPC (cost-per-click) or flat fees. The Company recognizes revenue over time as performance obligations are satisfied. Revenue is recognized using an output method based on actions delivered or time elapsed depending on the nature of the performance obligation. The Company considers the right to receive consideration from a customer to correspond directly with the value to the customer of our performance completed to date. The customer is invoiced in the month following the month that the advertisements are delivered. Performance Marketing Performance marketing revenue includes commissions generated through affiliate commerce, affinity marketing and performance marketing channels. Affiliate commerce and performance marketing commission revenue is generated when Dotdash Meredith brands refer consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing and affiliate commerce partners are invoiced monthly. Affinity marketing programs are arrangements where Dotdash Meredith acts as an agent for both Dotdash Meredith and third-party publishers to market and place magazine subscriptions online. Commissions are earned when a subscriber name has been provided to the publisher and any free trial period is completed. Dotdash Meredith net settles with the third-party publishers monthly. Licensing and Other Revenue Licensing revenue includes symbolic licenses, which include direct-to-retail product partnerships based on Dotdash Meredith's brands, and functional licenses, which consist of certain content licensing agreements. Revenues from symbolic licenses are in the form of a royalty based on the sale or usage of the branded product, which is recognized over time when the sale or use occurs. Generally, revenues are accrued based on estimated sales and adjusted as actual sales are reported by partners. These adjustments are typically recorded within three months of the initial estimates and have not been material. Minimum guarantees, if applicable, are generally recognized as revenue over the term of the applicable contract. Revenue from functional licenses is recognized as Dotdash Meredith's content is delivered or access to the content is granted. Revenue from functional licenses is recognized at a point-in-time when access to the completed content is granted to the partner. Print Subscription Revenue Subscription revenue relates to the sale of Dotdash Meredith print magazines. Subscriptions do not have substantive termination penalties; therefore, the contract term is determined on an issue-by-issue basis. Most of the Dotdash Meredith’s subscription sales are prepaid at the time of order and may be canceled at any time for a refund of the pro rata portion of the initial subscription. Accordingly, amounts received from prepaid subscriptions are recorded as a customer deposit liability rather than as deferred revenue. The delivery of each issue is determined to be a distinct performance obligation that is satisfied; revenue is recognized when the publication is sent to the customer. Advertising Advertising revenue relates to the sale of advertising in magazines directly to advertisers or through advertising agencies. Revenue is recognized on the magazine issue’s on-sale date, which is the date the magazine is published. The customer is invoiced, net of agency commissions, once the advertisements are published under normal industry trade terms. Project and Other Revenue Project and other revenue relates to other revenue streams that are primarily project based and may relate to any one or combination of the following activities: audience targeted advertising, custom publishing, content strategy and development, email marketing, social media, database marketing and search engine optimization. Depending on the contractual arrangement, revenue is recognized either as the purchased advertising is run on third-party platforms, or over the contractual period as the products do not have an alternate use to the Company or its other clients. Payment terms vary based on the nature of the contract. Newsstand Revenue Newsstand revenue is related to single copy magazines or bundles of single copy magazines sold to wholesalers for resale on newsstands. Publications sold to magazine wholesalers are sold with the right to receive credit from Dotdash Meredith for magazines returned to the wholesaler by retailers. Revenue is recognized on the issue's on-sale date as the date aligns most closely with the date that control is transferred to the customer. Wholesalers are invoiced a percentage of estimated final sales the month after the issue’s initial on-sale date. Generally, the previously estimated revenue is adjusted based upon the final sales, which occur when the final amounts are settled under normal industry terms. Performance Marketing Performance marketing principally consists of affinity marketing revenue through which Dotdash Meredith places magazine subscriptions for third-party publishers. Dotdash Meredith net settles with these third parties monthly. Angi Inc. Ads and Leads Revenue Primarily reflects domestic ads and leads revenue, including consumer connection revenue for consumer matches, revenue from service professionals under contract for advertising and membership subscription revenue from service professionals and consumers. Consumer connection revenue varies based upon several factors, including the service requested, product experience offered, and geographic location of service. Consumer connection revenue is generally billed one week following a consumer match, with payment due upon receipt of invoice. Angi Inc. maintains a liability for potential credits issued to services providers. Revenue is also derived from (i) sales of time-based website, mobile and call center advertising to service professionals, (ii) service professional membership subscription fees, (iii) membership subscription fees from consumers and (iv) other services. Angi Inc. service professionals generally pay for advertisements in advance on a monthly or annual basis at the option of the service professional, with the average advertising contract term being approximately one year. Angi website, mobile and call center advertising revenue is recognized ratably over the contract term. Revenue from the sale of advertising in the Angie’s List Magazine is recognized in the period in which the publication is distributed. Service professional membership subscription revenue is initially deferred upon receipt of payment and is recognized using the straight-line method over the applicable subscription period, which is typically one year. Angi Inc. prepaid consumer membership subscription fees are recognized as revenue using the straight-line method over the term of the applicable subscription period, which is typically one year. Services Revenue Primarily reflects domestic revenue from pre-priced offerings by which the consumer requests services through Services platforms and Angi Inc. engages a service professional to perform the service. Consumers are billed when a job is scheduled through the Services platform. Billing practices are governed by the contract terms of each project as negotiated with the consumer. Billings do not necessarily correlate with revenue recognized over time as this is based on the timing of when the consumer receives the promised services. From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and Angi Inc.'s performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires net revenue accounting treatment effective January 1, 2023. There is no impact to operating income or Adjusted EBITDA. Roofing Revenue Primarily reflects revenue from the roof replacement business offering by which the consumer purchases services directly from the Roofing business and Angi Inc. then engages a service professional to perform the service. Consumers typically pay when a job is completed and revenue is recognized based on the Company's progress in satisfying the roofing service. International Revenue Primarily reflects revenue generated within the International segment (comprised of businesses in Europe and Canada), including consumer connection revenue for consumer matches and membership subscription revenue from service professionals and consumers. Search Ask Media Group revenue consists primarily of advertising revenue generated principally through the display of paid listings in response to search queries, as well as from display advertisements appearing alongside content on its various websites and, to a lesser extent, affiliate commerce commission revenue. Paid listings are advertisements displayed on search results pages that generally contain a link to advertiser websites. The majority of the paid listings displayed by Ask Media Group is supplied to us by Google Inc. (“Google”) pursuant to our services agreement with Google. Pursuant to this agreement, Ask Media Group businesses transmit search queries to Google, which in turn transmits a set of relevant and responsive paid listings back to these businesses for display in search results. This ad-serving process occurs independently of, but concurrently with, the generation of algorithmic search results for the same search queries. Google paid listings are displayed separately from algorithmic search results and are identified as sponsored listings on search results pages. Paid listings are priced on a price-per-click basis and when a user submits a search query through an Ask Media Group business and then clicks on a Google paid listing displayed in response to the query, Google bills the advertiser that purchased the paid listing and shares a portion of the fee charged to the advertiser with the Ask Media Group business. The Company recognizes paid listing revenue from Google when it delivers the user’s click. In cases where the user’s click is generated due to the efforts of a third-party distributor, we recognize the amount due from Google as revenue and record a revenue share or other payment obligation to the third-party distributor as traffic acquisition costs. Revenue from display advertising is generated through advertisements sold through programmatic advertising networks. Affiliate commerce commission revenue is generated when an Ask Media Group property refers users to commerce partner websites resulting in a purchase or transaction. Desktop revenue largely consists of advertising revenue generated principally through the display of paid listings in response to search queries. The majority of the paid listings displayed are supplied to us by Google in the manner, and pursuant to the services agreement with Google, described above. Fees related to display advertisements are recognized when an advertisement is displayed. To a lesser extent, Desktop revenue also includes fees paid by subscribers for downloadable desktop applications as well as display advertisements. Fees for subscription downloadable desktop applications are generally recognized over the term of the applicable subscription period, which is primarily monthly. Emerging & Other Care.com generates revenue primarily through subscription fees from families and caregivers for its suite of products and services, as well as through annual contracts with employers who provide access to Care.com’s suite of products and services as an employee benefit and through contracts with businesses that recruit employees through its platform. Mosaic Group revenue consists primarily of fees paid by subscribers for downloadable mobile applications distributed through the Apple App Store and Google Play Store and fees received directly from consumers, as well as display advertisements. Fees related to subscription downloadable mobile applications are initially deferred and generally recognized either over the term of the subscription period, which is up to one year, for those applications that must be connected to our servers to function, or at the time of the sale when the software license is delivered. Fees related to display advertisements are recognized when an advertisement is displayed. Vivian Health revenue consists of subscription revenue, which is generated through recruiting agencies that seek access to qualified healthcare professionals and is recognized at the earlier of the full delivery of the promised services or over the length of the subscription period. The Daily Beast revenue consists of advertising revenue, which is generated primarily through display advertisements (sold directly and through programmatic advertising networks), and to a lesser extent, subscription revenue and affiliate commerce commission revenue. The performance obligations, timing of customer payments, and methods of revenue recognition are generally consistent with action-based advertising and time-based advertising revenue, as described above. Revenue of IAC Films is generated primarily through media production and distribution. Production revenue is recognized when control is transferred to the customer to broadcast or exhibit. Sold on November 9, 2022, Bluecrew revenue consisted of service revenue, which was generated through staffing workers and recognized as control of the promised services was transferred to our customers. Accounts Receivables, Net of the Allowance for Credit Losses Accounts receivable include amounts billed and currently due from customers. The allowance for credit losses is based upon a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the specific customer’s ability to pay its obligation and any other forward-looking data regarding customers' ability to pay that is available. Customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date, with the exception of invoices at Dotdash Meredith, which vary by revenue stream as described above. Deferred Revenue Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances were $157.1 million and $0.2 million, respectively, at December 31, 2022, and $165.5 million and $0.4 million, respectively, at December 31, 2021. Included in the current deferred revenue balance at December 31, 2021 is $22.9 million related to Meredith, acquired December 1, 2021. During the year ended December 31, 2022, the Company recognized $152.0 million of revenue that was included in the deferred revenue balance at December 31, 2021. In addition to the revenue recognized, $7.3 million of the December 31, 2021 deferred revenue balance was reclassified to other balance sheet accounts and $1.1 million related to a business that was sold in 2022. During the year ended December 31, 2021, the Company recognized $132.2 million of revenue that was included in the deferred revenue balance at December 31, 2020. The current and non-current deferred revenue balances were $137.7 million and $0.7 million, respectively, at December 31, 2020. Non-current deferred revenue is included in “Other long-term liabilities” in the balance sheet. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments, with maturities of less than 91 days from the date of purchase. Domestically, cash equivalents primarily consist of AAA rated government money market funds and treasury discount notes. Internationally, cash equivalents primarily consist of AAA rated government money market funds and time deposits. |
Accounting for Investments in Debt Securities | Accounting for Investments in Debt SecuritiesAt times the Company invests in marketable debt securities with active secondary or resale markets to ensure portfolio liquidity to fund current operations or satisfy other cash requirements as needed. Marketable debt securities are adjusted to fair value each quarter, and the unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (loss) as a separate component of shareholders’ equity. The specific-identification method is used to determine the cost of debt securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income (loss) into earnings. The Company also invests in non-marketable debt securities as part of its investment strategy. We review our debt securities for impairment each reporting period. The Company recognizes an unrealized loss on debt securities in net earnings when the impairment is determined to be other-than-temporary. Factors we consider in making such determination include the duration, severity and reason for the decline in value and the potential recovery and our intent to sell the debt security. We also consider whether we will be required to sell the security before recovery of its amortized cost basis and whether the amortized cost basis cannot be recovered because of credit losses. If an impairment is considered to be other-than-temporary, the debt security will be written down to its fair value and the loss will be recognized within "Other (expense) income, net" in the statement of operations. At December 31, 2022 marketable debt securities consist of treasury discount notes of $235.1 million. There were no marketable debt securities at December 31, 2021. |
Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement") | Services Agreement with Google (the "Services Agreement") The Company and Google are parties to an amended Services Agreement which expires on March 31, 2024 and provides for an automatic renewal for an additional one-year period absent a notice of non-renewal from either party on or before March 31, 2023. The Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. A meaningful portion of the Company’s net cash from operating activities attributable to continuing operations that it can freely access is attributable to revenue earned pursuant to the Services Agreement and other revenue earned from Google. Credit Risk The Company has counterparty credit risk exposure to the private limited life insurance company, which issued the annuity contracts held by the IPC Pension Scheme. In addition, cash and cash equivalents are maintained with financial institutions and are in excess of any applicable third-party insurance limits, such as the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. Other Risks The Company is subject to certain risks and concentrations including dependence on third-party technology providers and exposure to risks associated with online commerce security. |
Buildings, Capitalized Software, Leasehold Improvements, Equipment and Land | Capitalized Software, Equipment, Leasehold Improvements, Buildings and Land Capitalized software, equipment, leasehold improvements, buildings and land are recorded at cost or at fair value to the extent acquired in a business combination. Repairs and maintenance costs are expensed as incurred. Amortization of leasehold improvements, which is included in "Depreciation" in the statement of operations, and depreciation are computed using the straight-line method over the estimated useful lives of the assets, or, in the case of leasehold improvements, the lease term, if shorter. Asset Category Estimated Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years Buildings and leasehold improvements 3 to 39 Years The Company capitalizes certain internal use software costs including external direct costs utilized in developing or obtaining the software and compensation for personnel directly associated with the development of the software. Capitalization of such costs begins when the preliminary project stage is complete and ceases when the project is substantially complete and ready for its intended purpose. The net book value of capitalized internal use software is $155.7 million and $131.6 million at December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the net book value of capitalized internal use software at Dotdash Meredith decreased $26.7 million as a result of the reclassification of acquired capitalized software to definitive intangible assets in connection with the completion of purchase accounting related to the acquisition of Meredith during the fourth quarter of 2022. See " Note 3—Business Combination " for further discussion of the purchase accounting for the Meredith acquisition. In addition, in the fourth quarter of 2022, Angi Inc. recognized a write-off of $15.5 million related to capitalized software for projects discontinued. |
Business Combinations and Contingent Consideration Arrangements | Business Combinations and Contingent Consideration Arrangements The purchase price of each acquisition is attributed to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets that either arise from a contractual or legal right or are separable from goodwill. The Company usually obtains the assistance of outside valuation experts to assist in the allocation of purchase price to the identifiable intangible assets acquired. While outside valuation experts may be used, management has ultimate responsibility for the valuation methods, models and inputs used and the resulting purchase price allocation. The excess purchase price over the value of net tangible and identifiable intangible assets acquired is recorded as goodwill and is assigned to the reporting unit(s) that is expected to benefit from the business combination as of the acquisition date. The acquisition of Meredith closed on December 1, 2021 and the allocation of purchase price to the assets acquired and liabilities assumed, the determination of the reporting units and the allocation of goodwill to the reporting units were finalized during the fourth quarter of 2022. See " Note 3—Business Combinations " for a description of the accounting for this business combination. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Dotdash Meredith's operating segments and reporting units are Digital and Print. Angi Inc.'s Ads and Leads, Services, Roofing and International are separate operating segments and reporting units. Ask Media Group and Desktop are separate reporting units within the Search reportable segment. Within the Company's Emerging & Other reportable segment, Mosaic Group, Care.com, Bluecrew, prior to its sale on November 9, 2022, Vivian Health, The Daily Beast, IAC Films, and Newco are separate operating segments and reporting units. Goodwill is tested for impairment at the reporting unit level. The Company's Dotdash Meredith Print, Ask Media Group, Desktop, The Daily Beast, IAC Films and Newco reporting units have no goodwill as of October 1, 2022. On November 9, 2022, the Company completed the sale of Bluecrew at a value in excess of its carrying amount. See " Note 11—Segment Information " for additional information regarding the Company's method of determining operating and reportable segments. The Company assesses goodwill and indefinite-lived intangible assets, which are certain trade names and trademarks, for impairment annually at October 1 or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value. When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit's goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its estimated fair value, a goodwill impairment equal to the excess is recorded. In the fourth quarter of 2022, the Angi Inc. segment presentation was changed to reflect its four new operating segments, which now include (i) Ads and Leads, (ii) Services, (iii) Roofing and (iv) International (includes Europe and Canada). Goodwill was allocated to reflect the new segment presentation. The allocation of goodwill to Roofing and Canada reflects their respective historical carrying values because of the lack of operational integration with Angi North America; the allocation of the remaining goodwill to Ads and Leads and Services was based upon their relative fair values as of October 1, 2022. As required, a quantitative assessment was performed and the goodwill of Angi Inc. reporting units was tested before and after the change in reporting units; this test resulted in an impairment of $26.0 million due to Roofing exiting certain markets and a projected reduction in future profits from the business, which reduced its fair value. For the Company's annual goodwill test at October 1, 2022, a qualitative assessment of the Dotdash Meredith Digital, Care.com and Vivian Health reporting units' goodwill was performed because the Company concluded it was more likely than not that the fair value of these reporting units was in excess of their respective carrying values. The Company prepared valuations of the Digital and Print reporting units within the Dotdash Meredith reportable segment (the Print reporting unit has no goodwill), the Care.com and the Vivian Health reporting units, which are primarily used in connection with the issuance and/or settlement of equity awards that are denominated in the equity of these businesses during the year ended December 31, 2022. The valuations were prepared time proximate to, however, not as of, October 1, 2022. The fair value of each of these businesses in these valuations was in excess of its October 1, 2022 carrying value. In the second quarter of 2022, the Company reassessed the fair value of the Mosaic Group reporting unit (included in the Emerging & Other segment) and recorded an impairment of $86.7 million as a result of the projected reduction in future revenue and profits from the business and lower trading multiples of a selected peer group of companies. The Company prepared a quantitative assessment as of October 1, 2022; this test resulted in no additional impairment as its carrying value approximates its fair value. Any subsequent declines in the fair value of Mosaic Group will result in additional goodwill impairment charges to the extent the carrying value exceeds the fair value. The aggregate carrying value of goodwill for which the most recent estimate of the excess of fair value over carrying value is less than 20% is the $153.6 million of goodwill at Mosaic Group. The fair value of the Company's reporting units is determined using both an income approach based on discounted cash flows ("DCF") and a market approach when it tests goodwill for impairment, either on an interim basis or annual basis as of October 1 each year. The Company uses the same approach in determining the fair value of its businesses in connection with its non-public subsidiary denominated stock-based compensation plans, which can be a significant factor in the decision to apply the qualitative assessment rather than a quantitative test. Determining fair value using a DCF analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the DCF analyses are based on the Company's most recent forecast and budget and, for years beyond the budget, the Company's estimates, which are based, in part, on forecasted growth rates. The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows of the respective reporting units. Assumptions used in the DCF analyses, including the discount rate, are assessed based on each reporting unit's current results and forecasted future performance, as well as macroeconomic and industry specific factors. The discount rates used in the quantitative test for determining the fair value of the Company's Mosaic Group reporting unit were 16.0% and 15.0% in 2022 and 2021, respectively. The discount rates used in the quantitative test for determining the fair value of the Ads and Leads, Services, Roofing and International reporting units in 2022 were 12.0%, 15.0%, 16.0% and 18.5%, respectively. Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of a reporting unit. To determine a peer group of companies for our respective reporting units, we considered companies relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand strength operating in their respective sectors. While the Company has the option to qualitatively assess whether it is more likely than not that the fair values of its indefinite-lived intangible assets are less than their carrying values, the Company's policy is to determine the fair value of each of its indefinite-lived intangible assets annually as of October 1, in part, because the level of effort required to perform the quantitative and qualitative assessments is essentially equivalent. The Company determines the fair value of indefinite-lived intangible assets using an avoided royalty DCF valuation analysis. Significant judgments inherent in this analysis include the selection of appropriate royalty and discount rates and estimating the amount and timing of expected future cash flows. The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows generated by the respective intangible assets. The royalty rates used in the DCF analyses are based upon an estimate of the royalty rates that a market participant would pay to license the Company's trade names and trademarks. The future cash flows are based on the Company's most recent forecast and budget and, for years beyond the budget, the Company's estimates, which are based, in part, on forecasted growth rates. Assumptions used in the avoided royalty DCF analyses, including the discount rate and royalty rate, are assessed annually based on the actual and projected cash flows related to the asset, as well as macroeconomic and industry specific factors. The discount rates used in the Company's annual indefinite-lived impairment assessment ranged from 12.0% to 18.5% in 2022 and 10.0% to 40.0% in 2021, and the royalty rates used ranged from 1.0% to 8.0% in 2022 and 1.0% to 5.0% in 2021. If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, an i mpairment equal to the excess is recorded. There is one indefinite-lived intangible asset at Dotdash Meredith Digital with a value of approximately $126.0 million for which the excess of fair value over carrying value is less than 20%. The October 1, 2022 annual assessment of goodwill and indefinite-lived intangible assets did not identify any further impairments. The October 1, 2021 annual assessment of goodwill and indefinite-lived intangible assets did not identify any impairments. In the quarter ended March 31, 2020, the Company determined that the effects of COVID-19 were an indicator of possible impairment for certain of its reporting units and indefinite-lived intangible assets and identified impairments of $212.0 million and $21.4 million related to the goodwill and certain indefinite-lived intangible assets, respectively, of the Desktop reporting unit. In the quarter ended September 30, 2020, the Company reassessed the fair values of the Desktop reporting unit and the related indefinite-lived intangible assets and recorded impairments equal to the remaining carrying value of the goodwill of $53.2 million and $10.8 million related to the intangible assets. The reduction in the Company’s fair value estimates of the Desktop business in the first and third quarters of 2020 was primarily due to lower consumer queries, increasing challenges in monetization and the reduced ability to market profitably due to policy changes implemented by Google and other browsers. The effects of COVID-19 on monetization were an additional factor. The October 1, 2020 annual assessment of goodwill and indefinite-lived intangible assets did not identify any further impairments. Impairment charges recorded on indefinite-lived intangibles are included in "Amortization of intangibles" in the accompanying statement of operations. |
Long-Lived Assets and Intangible Assets with Definite Lives | Long-Lived Assets and Intangible Assets with Definite Lives Long-lived assets, which consist of ROU assets, capitalized software, equipment, leasehold improvements and buildings and intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. During the year ended December 31, 2022, the Company recorded impairment charges of $14.3 million of an ROU asset and $7.0 million of the related leasehold improvements and furniture and equipment. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. Amortization of definite-lived intangible assets is computed either on a straight-line basis or is based on the pattern in which the economic benefits of the asset are expected to be realized. |
Accounting for Investments in Equity Securities | Accounting for Investments in Equity Securities The Company's equity securities, other than those of its consolidated subsidiaries and those accounted for under the equity method, are accounted for at fair value or under the measurement alternative of ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities , with any changes to fair value recognized in "Other income (expense), net" in the statement of operations each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; fair value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company. The Company reviews its investments in equity securities without readily determinable fair values for impairment each reporting period when there are qualitative factors or events that indicate possible impairment. Factors the Company considers in making this determination include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. When indicators of impairment exist, the Company prepares quantitative assessments of the fair value of its investments in equity securities, which require judgment and the use of estimates. When the Company's assessment indicates that the fair value of the investment is below its carrying value, the Company writes down the investment to its fair value and records the corresponding charge in "Other income (expense), net" in the statement of operations. |
Fair Value Measurements | Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: • Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets. • Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. • Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. See " Note 6—Financial Instruments and Fair Value Measurements " for a discussion of fair value measurements made using Level 3 inputs. Assets measured at fair value on a nonrecurring basis The Company's non-financial assets, such as goodwill, intangible assets, ROU assets and capitalized software, equipment, leasehold improvements and buildings, are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. Refer to "Goodwill and Indefinite-Lived Intangible Assets" for a description of the Angi Roofing and Mosaic Group goodwill impairment charges recorded in the fourth and second quarters of 2022, respectively. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period incurred (when the advertisement first runs for production costs that are initially capitalized) and represent online marketing, including fees paid to search engines, social media sites and third parties that distribute our B2C downloadable applications, which ceased beginning in March 2021, offline marketing, which is primarily television advertising, partner-related payments to those who direct traffic to the brands within our Angi Inc. segment, and direct-mail costs for magazine subscription acquisition efforts within our Dotdash Meredith segment. Advertising expense is $1.0 billion, $877.0 million and $796.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Legal Costs | Legal Costs Legal costs are expensed as incurred. Original Issue Discount, Debt Issuance Costs and Deferred Financing Costs Costs incurred to obtain financing are deferred and amortized to "Interest expense" in the statement of operations over the related financing period using the effective interest method. The Company records debt issuance costs as a direct reduction of the carrying value of the related debt. Financing costs related to the undrawn revolving credit facility are included in "Other non-current assets" in the balance sheet. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records interest, net of any applicable related income tax benefit, for uncertain tax positions as a component of income tax expense. The Company elects to recognize the tax on Global Intangible Low-Taxed Income as a period expense in the period the tax is incurred. The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition (step one) occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustainable upon examination. Measurement (step two) determines the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. De-recognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company was included within Old IAC’s tax group for purposes of federal and consolidated state income tax return filings through June 30, 2020, the date of the MTCH Separation. For periods prior thereto, the income tax benefit and/or provision was computed for the Company on an as if standalone, separate return basis and payments to and refunds from Old IAC for the Company’s share of Old IAC’s consolidated federal and state tax return liabilities/receivables calculated on this basis have been reflected within cash flows from operating activities in the statement of cash flows. |
Pensions and Postretirement Benefits Other Than Pensions | Pensions and Postretirement Benefits In connection with the acquisition of Meredith, the Company assumed the obligations under its pension plans. Pension benefits for the domestic plans are generally based on formulas that reflect pay credits allocated to participants’ accounts based on years of benefit service and annual pensionable earnings. The domestic plans are frozen with respect to new participants and the qualified plan was terminated effective December 31, 2022, and therefore, will have no future service costs. There were no active participants in the international plans so there are no future service cost for the international plans. The Company utilizes a mark-to-market approach to account for pension and postretirement benefits. Under this approach, the Company recognizes changes in the fair value of plan assets and actuarial gains or losses in the fourth quarter of each fiscal year or whenever a plan is required to be remeasured. Events requiring a plan remeasurement are recognized in the quarter in which the remeasurement event occurs. The remaining components of pension and other postretirement plan net periodic benefit costs are recorded on a quarterly basis. The discount rates utilized for the domestic plans and unqualified (unfunded) United Kingdom ("U.K.") plan was based on the investment yields of high-quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Following the annuity contract transaction in the U.K. described in " Note 13—Pension and Postretirement Benefit Plans ," the approach for setting the discount rate for the IPC Pension Scheme was changed from a high-quality corporate bond basis to an effective insurance settlement rate, using the estimated discount rates inherent in the annuity contracts at each measurement date. This approach is consistent with the determination of the discount rate under the prior annuity contract entered into in May 2020. |
Earnings Per Share | Earnings Per ShareBasic net earnings (loss) per share ("EPS") is computed by dividing net earnings (loss) attributable to holders of IAC common stock and Class B common stock by the weighted-average number of shares of common stock and Class B common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vested resulting in the issuance of common stock that could share in the earnings of the Company. Undistributed earnings allocated to the participating security is subtracted from earnings in determining earnings attributable to holders of IAC common stock and Class B common stock for EPS. |
Foreign Currency Translation and Transaction Gains and Losses | Foreign Currency Translation and Transaction Gains and Losses The financial position and operating results of foreign entities whose primary economic environment is based on their local currency are consolidated using the local currency as the functional currency. These local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenue and expenses of these operations are translated at average rates of exchange during the period. Translation gains and losses are included in accumulated other comprehensive income as a component of shareholders' and parent's equity. Transaction gains and losses resulting from assets and liabilities denominated in a currency other than the functional currency are included in the statement of operations as a component of "Other (expense) income, net". See " Note 17—Financial Statement Details " for additional information regarding foreign currency exchange gains and losses. |
Stock-Based Compensation | Stock-Based CompensationStock-based compensation is measured at the grant date based on the fair value of the award and is generally expensed over the requisite service period. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Noncontrolling interests in the subsidiaries of the Company are ordinarily reported on the balance sheet within shareholders' equity, separately from the Company's equity. However, securities that are redeemable at the option of the holder and not solely within the control of the issuer must be classified outside of shareholders' equity. Accordingly, all noncontrolling interests that are redeemable at the option of the holder are presented outside of shareholders' and parent's equity in the balance sheet. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsThere are no recently issued accounting pronouncements that are expected to have a material effect on the results of operations, financial condition or cash flows of the Company. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Capitalized Costs to Obtain a Contract with a Customer | The following table presents the capitalized costs to obtain a contract with a customer for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Sales Commissions App Store Fees Total Sales Commissions App Store Fees Total (In thousands) Current $ 39,590 $ 8,266 $ 47,856 $ 39,669 $ 9,023 $ 48,692 Non-current 5,667 — 5,667 6,086 — 6,086 Total $ 45,257 $ 8,266 $ 53,523 $ 45,755 $ 9,023 $ 54,778 |
Schedule of Estimated Useful Lives of Property and Equipment | Asset Category Estimated Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years Buildings and leasehold improvements 3 to 39 Years December 31, 2022 2021 (In thousands) Buildings and leasehold improvements $ 305,304 $ 418,249 Capitalized software and computer equipment 291,600 386,421 Furniture and other equipment 137,570 181,605 Land 20,234 33,919 Projects in progress 30,379 47,218 Total gross carrying amount 785,087 1,067,412 Accumulated depreciation and amortization (274,473) (496,887) Capitalized software, equipment, leasehold improvements, buildings and land, net $ 510,614 $ 570,525 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price | The total purchase price was calculated and allocated as follows: Meredith (In thousands) Common stock of Meredith $ 1,931,376 Cash payment used to settle a portion of Meredith debt 625,000 Cash settlement of all outstanding vested equity awards and deferred compensation 130,089 Total purchase price $ 2,686,465 |
Schedule of Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: Meredith (In thousands) Cash and cash equivalents $ 12,436 Accounts receivable 334,891 Other current assets 123,081 Leasehold improvements, equipment, buildings, land and capitalized software 258,197 Goodwill 1,513,824 Intangible assets 1,175,459 Other non-current assets 676,777 Total assets 4,094,665 Customer deposit liability (144,136) Other current liabilities (435,268) Deferred income taxes (268,999) Other non-current liabilities (559,797) Net assets acquired $ 2,686,465 |
Schedule of Fair Value of Intangible Assets Acquired | The fair values of the identifiable intangible assets acquired at the date of acquisition are as follows: Meredith (In thousands) Useful Life Indefinite-lived trade names and trademarks $ 388,550 Indefinite-lived Advertiser relationships 297,000 5 Licensee relationships 171,000 3-6 Digital content 96,200 2-3 Trade name and trademarks 80,500 1-29 (a) Subscriber relationships 76,009 1-2 Developed technology 66,200 2-3 Total identifiable intangible assets acquired $ 1,175,459 _____________________ |
Schedule of Pro Forma Financial Information | Years Ended December 31, 2021 2020 (In thousands, except per share data) Revenue $ 5,599,334 $ 4,840,324 Net earnings (loss) from continuing operations $ 650,189 $ (85,372) Basic earnings (loss) per share from continuing operations $ 7.39 $ (0.99) Diluted earnings (loss) per share from continuing operations $ 6.95 $ (0.99) Net earnings (loss) attributable to IAC shareholders $ 656,920 $ (100,847) Basic earnings (loss) per share attributable to IAC shareholders $ 7.36 $ (1.18) Diluted earnings (loss) per share attributable to IAC shareholders $ 6.93 $ (1.18) |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net are as follows: December 31, 2022 2021 (In thousands) Goodwill $ 3,030,168 $ 3,226,610 Intangible assets with indefinite lives 631,097 679,149 Intangible assets with definite lives, net of accumulated amortization 538,944 735,743 Total goodwill and intangible assets, net $ 4,200,209 $ 4,641,502 |
Schedule of Goodwill by Reporting Unit | The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2022: Balance at December 31, 2021 Deductions Reporting Unit Allocation Adjustment Impairment Foreign Exchange Translation Balance at December 31, 2022 (In thousands) Dotdash Meredith Digital $ 1,567,843 $ (70,201) — — $ — $ 1,497,642 Total Dotdash Meredith 1,567,843 (70,201) — — — 1,497,642 Angi Inc. Angi Inc. 916,375 (816) (903,469) — (12,090) — Ads and Leads — — 761,571 — — 761,571 Services — — 51,095 — — 51,095 Roofing — — 26,005 (26,005) — — International — — 64,798 — 5,821 70,619 Total Angi Inc. 916,375 (816) — (26,005) (6,269) 883,285 Emerging & Other 742,392 (6,403) — (86,748) — 649,241 Total $ 3,226,610 $ (77,420) $ — $ (112,753) $ (6,269) $ 3,030,168 The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2021 : Balance at December 31, 2020 Additions Deductions Foreign Exchange Translation Balance at December 31, 2021 (In thousands) Dotdash Meredith Digital $ — $ 1,567,843 $ — $ — $ 1,567,843 Total Dotdash Meredith — 1,567,843 — — 1,567,843 Angi Inc. 892,133 26,822 — (2,580) 916,375 Emerging & Other 767,969 — (25,376) (201) 742,392 Total $ 1,660,102 $ 1,594,665 $ (25,376) $ (2,781) $ 3,226,610 |
Schedule of Intangible Assets with Definite Lives | At December 31, 2022 and 2021, intangible assets with definite lives are as follows: December 31, 2022 Gross Accumulated Net Weighted-Average (In thousands) (Years) Advertiser relationships $ 297,000 $ (87,199) $ 209,801 5.0 Technology 198,224 (171,660) 26,564 3.5 Licensee relationships 171,000 (45,152) 125,848 4.9 Trade names 120,711 (37,677) 83,034 9.2 Content 106,639 (61,407) 45,232 2.9 Service professional relationships 97,658 (97,537) 121 3.0 Customer lists and user base 68,575 (41,868) 26,707 6.4 Subscriber relationships 61,200 (39,563) 21,637 1.9 Total $ 1,121,007 $ (582,063) $ 538,944 4.7 December 31, 2021 Gross Accumulated Net Weighted-Average (In thousands) (Years) Advertiser relationships $ 334,000 $ (6,386) $ 327,614 5.2 Technology 133,318 (106,415) 26,903 4.2 Licensee relationships 150,000 (2,923) 147,077 4.9 Trade names 145,598 (18,224) 127,374 5.1 Content 10,439 (10,439) — 3.4 Service professional relationships 98,789 (97,877) 912 3.0 Customer lists and user base 68,730 (32,606) 36,124 6.4 Subscriber relationships 73,700 (3,961) 69,739 2.0 Total $ 1,014,574 $ (278,831) $ 735,743 4.6 |
Schedule of Expected Amortization of Intangible Assets | At December 31, 2022, amortization of intangible assets with definite lives for each of the next five years and thereafter is estimated to be as follows: Years Ending December 31, (In thousands) 2023 $ 208,245 2024 133,884 2025 84,476 2026 69,057 2027 15,142 Thereafter 28,140 Total $ 538,944 |
DOTDASH MEREDITH RESTRUCTURIN_2
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Cost Allocation | The costs are allocated as follows in the statement of operations: December 31, 2022 (In thousands) Cost of revenue $ 24,527 Selling and marketing expense 17,174 General and administrative expense 28,096 Product development expense 3,435 Depreciation 7,006 Total $ 80,238 |
Schedule of Restructuring and Remaining Costs | A summary of the costs incurred and payments made during the year ended December 31, 2022 and related accruals as of December 31, 2022 are presented below: December 31, 2022 Digital Print Other (a) Total (In thousands) Restructuring charges Costs incurred $ 39,225 $ 33,432 $ 7,581 $ 80,238 Payments (6,966) (20,952) (3,192) (31,110) Non-cash (b) (21,309) (425) — (21,734) Restructuring accruals as of December 31, 2022 $ 10,950 $ 12,055 $ 4,389 $ 27,394 _____________________ (a) Other comprises unallocated corporate expenses, which are corporate overhead expenses not attributable to the Digital or Print segments. (b) Includes $21.3 million impairment of ROU assets, leasehold improvements and furniture and equipment and $0.4 million related to the write-off of inventory. |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Marketable Securities | At December 31, 2022 and 2021, the fair value of marketable securities are as follows: December 31, 2022 2021 (In thousands) Marketable equity securities $ 4,317 $ 19,788 Available for sale marketable debt securities 235,056 — Total marketable securities $ 239,373 $ 19,788 |
Schedule of Current Available-for-sale Marketable Securities | At December 31, 2022, current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Treasury discount notes $ 234,987 $ 75 $ (6) $ 235,056 Total available-for-sale marketable debt securities $ 234,987 $ 75 $ (6) $ 235,056 |
Schedule of Investment in MGM Resorts International | Investment in MGM Resorts International December 31, 2022 2021 (In thousands) Investment in MGM Resorts International $ 2,170,182 $ 2,649,442 |
Schedule of Long-term Investments | Long-term investments consist of: December 31, 2022 2021 (In thousands) Equity securities without readily determinable fair values $ 323,530 $ 324,649 Equity method investment 2,191 3,189 Total long-term investments $ 325,721 $ 327,838 |
Schedule of Realized and Unrealized Gains and Losses | The following table presents a summary of unrealized pre-tax gains and losses recorded in "Other (expense) income, net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at December 31, 2022 and 2021. Years Ended December 31, 2022 2021 (In thousands) Upward adjustments (gross unrealized pre-tax gains) $ 8,245 $ 8,992 Downward adjustments including impairments (gross unrealized pre-tax losses) (97,382) (100) Total $ (89,137) $ 8,892 Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the years ended December 31, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Realized pre-tax gains, net, for equity securities sold $ 12,434 $ 5,773 $ 1,873 Unrealized pre-tax (losses) gains, net, on equity securities held (89,137) 8,892 797,565 Total pre-tax (losses) gains, net recognized $ (76,703) $ 14,665 $ 799,438 |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: December 31, 2022 Quoted Market Prices for Identical Assets in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (In thousands) Assets: Cash equivalents: Money market funds $ 862,829 $ — $ — $ 862,829 Treasury discount notes — 137,219 — 137,219 Time deposits — 16,018 — 16,018 Marketable securities: Marketable equity securities 4,317 — — 4,317 Treasury discount notes — 235,056 — 235,056 Investment in MGM 2,170,182 — — 2,170,182 Other non-current assets: Warrant — — 46,799 46,799 Total $ 3,037,328 $ 388,293 $ 46,799 $ 3,472,420 ` December 31, 2021 Quoted Market Prices for Identical Assets in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (In thousands) Assets: Cash equivalents: Money market funds $ 1,660,921 $ — $ — $ 1,660,921 Time deposits — 6,057 — 6,057 Marketable equity security 19,788 — — 19,788 Investment in MGM 2,649,442 — — 2,649,442 Other non-current assets: Warrant — — 109,294 109,294 Total $ 4,330,151 $ 6,057 $ 109,294 $ 4,445,502 Liabilities: Contingent consideration arrangements $ — $ — $ (612) $ (612) |
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended December 31, 2022 2021 Warrant Contingent Warrant Contingent (In thousands) Balance at January 1 $ 109,294 $ (612) $ 5,276 $ — Fair value at date of acquisition — — — (620) Total net (losses) gains: Fair value adjustments included in earnings (62,495) 612 104,018 (14,992) Settlements — — — 15,000 Balance at December 31 $ 46,799 $ — $ 109,294 $ (612) |
Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes | The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair (In thousands) Current portion of long-term debt $ (30,000) $ (26,700) $ (30,000) $ (29,550) Long-term debt, net (a) $ (2,019,760) $ (1,708,413) $ (2,046,237) $ (2,061,450) _____________________ (a) At December 31, 2022 and 2021, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $20.2 million and $23.8 million, respectively . |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information of Leases | The following table presents the balances of ROU assets and lease liabilities within the balance sheet: December 31, Leases Balance Sheet Classification 2022 2021 (In thousands) Assets: ROU assets (a) Other non-current assets $ 428,160 $ 498,337 Liabilities: Current lease liabilities Accrued expenses and other current liabilities $ 67,192 $ 63,521 Long-term lease liabilities Other long-term liabilities 518,851 578,272 Total lease liabilities (a) $ 586,043 $ 641,793 _____________________ (a) The December 31, 2022 balances include ROU assets and lease liabilities of $323.3 million and $408.7 million, respectively, related to the acquisition of Meredith, which reflect $4.3 million downward and $7.1 million upward purchase accounting adjustments, respectively, that were completed during 2022. The December 31, 2021 balances include provisional ROU assets and lease liabilities of $358.6 million and $434.8 million, respectively, related to the acquisition of Meredith. |
Schedule of Lease Cost and Other Information | The following table presents the net lease expense within the statement of operations: Years Ended December 31, Lease Expense Statement of Operations Classification 2022 2021 2020 (In thousands) Fixed lease expense Cost of revenue $ 1,283 $ 1,707 $ 2,183 Fixed lease expense Selling and marketing expense 6,229 9,443 12,591 Fixed lease expense General and administrative expense 61,886 31,165 22,221 Fixed lease expense Product development expense 999 1,756 3,016 Total fixed lease expense (b) 70,397 44,071 40,011 Variable lease expense Selling and marketing expense 199 1,087 2,314 Variable lease expense General and administrative expense 16,406 8,176 7,314 Variable lease expense Product development expense 89 639 934 Total variable lease expense 16,694 9,902 10,562 Net lease expense $ 87,091 $ 53,973 $ 50,573 _____________________ (b) Includes (i) short-term lease expense of $4.0 million, $1.4 million and $2.5 million, (ii) lease impairment charges of $2.3 million, $10.5 million and $5.8 million, (iii) sublease income of $17.1 million, $6.7 million and $5.3 million and (iv) gains (losses) on termination of leases of $3.3 million, $(0.1) million and $(1.3) million for the years ended December 31, 2022, 2021 and 2020, respectively. During the year ended December 31, 2022, the Company recorded $14.3 million of impairment charges related to the consolidation of certain leased spaces following the Meredith acquisition, which is included in "General and administrative expense" in the statement of operations as a restructuring charge. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. The following is the supplemental cash flow information: December 31, 2022 2021 2020 (In thousands) Other Information: ROU assets obtained in exchange for lease liabilities (d) $ 16,716 $ 442,205 $ 80,314 Cash paid for amounts included in the measurement of lease liabilities $ 93,864 $ 44,659 $ 41,377 _____________________ (d) December 31, 2021 includes $437.7 million related to Meredith as of the date of its acquisition, which was adjusted upward by $7.1 million for purchase accounting adjustments during 2022. |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities at December 31, 2022 (c) are summarized below: Years Ended December 31, In thousands 2023 $ 94,270 2024 92,476 2025 87,409 2026 82,927 2027 68,637 Thereafter 405,633 Total 831,352 Less: Interest 245,309 Present value of lease liabilities $ 586,043 _____________________ (c) Lease payments exclude $4.8 million of legally binding minimum lease payments for leases signed but not yet commenced. |
Schedule of Weighted-Average Lease Term and Discount Rate of Leases | The following are the weighted average assumptions used for lease term and discount rate: December 31, 2022 2021 Remaining lease term 11.4 years 11.8 years Discount rate 5.22 % 5.54 % |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of: December 31, 2022 2021 (In thousands) Dotdash Meredith Debt Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026 $ 332,500 $ 350,000 Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 2028 1,237,500 1,250,000 Total Dotdash Meredith long-term debt 1,570,000 1,600,000 Less: current portion of Dotdash Meredith long-term debt 30,000 30,000 Less: original issue discount 5,310 6,176 Less: unamortized debt issuance costs 10,215 12,139 Total Dotdash Meredith long-term debt, net 1,524,475 1,551,685 ANGI Group Debt 3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15 500,000 500,000 Less: unamortized debt issuance costs 4,715 5,448 Total ANGI Group long-term debt, net 495,285 494,552 Total long-term debt, net $ 2,019,760 $ 2,046,237 |
Schedule of Debt Instrument Redemption | Thereafter, these notes may be redeemed at the redemption prices set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 15 of the years indicated below: Year Percentage 2023 101.938 % 2024 100.969 % 2025 and thereafter 100.000 % |
Schedule of Aggregate Contractual Maturities of Long-term Debt | Long-term debt maturities at December 31, 2022 are summarized in the table below: Years Ending December 31, (In thousands) 2023 $ 30,000 2024 30,000 2025 47,500 2026 275,000 2027 12,500 2028 1,675,000 Total 2,070,000 Less: current portion of long-term debt 30,000 Less: unamortized original issue discount 5,310 Less: unamortized debt issuance costs 14,930 Total long-term debt, net $ 2,019,760 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive (loss) income into earnings: Year Ended December 31, 2022 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive Income (Loss) (In thousands) Balance at January 1 $ 4,397 $ — $ 4,397 Other comprehensive (loss) income before reclassifications (17,636) 53 (17,583) Amounts reclassified to earnings 42 — 42 Net current period other comprehensive (loss) income (17,594) 53 (17,541) Accumulated other comprehensive loss allocated to noncontrolling interests during the period 11 — 11 Balance at December 31 $ (13,186) $ 53 $ (13,133) Year Ended December 31, 2021 Foreign Currency Translation Adjustment Unrealized Gains (Losses) On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (6,172) $ 2 $ (6,170) Other comprehensive income (loss) before reclassifications 527 (2) 525 Amounts reclassified to earnings 10,032 — 10,032 Net current period other comprehensive income (loss) 10,559 (2) 10,557 Accumulated other comprehensive loss allocated to noncontrolling interests during the period 10 — 10 Balance at December 31 $ 4,397 $ — $ 4,397 Year Ended December 31, 2020 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Marketable Debt Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (12,226) $ — $ (12,226) Other comprehensive income before reclassifications 6,236 2 6,238 Amounts reclassified to earnings (144) — (144) Net current period other comprehensive income 6,092 2 6,094 Accumulated other comprehensive income allocated to noncontrolling interests during the period (38) — (38) Balance at December 31 $ (6,172) $ 2 $ (6,170) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents revenue by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Revenue: Dotdash Meredith Digital $ 931,482 $ 367,134 $ 213,753 Print 1,026,128 92,002 — Intersegment eliminations (a) (22,911) (2,863) — Total Dotdash Meredith 1,934,699 456,273 213,753 Angi Inc. Domestic Ads and Leads 1,282,061 1,227,074 1,218,755 Services 381,256 289,948 162,539 Roofing 137,509 68,028 — Intersegment eliminations (b) (10,340) (1,907) — Total Domestic 1,790,486 1,583,143 1,381,294 International 101,038 102,295 86,631 Total Angi Inc. 1,891,524 1,685,438 1,467,925 Search 731,431 873,346 613,274 Emerging & Other 685,956 685,175 469,759 Intersegment eliminations (8,330) (605) (175) Total $ 5,235,280 $ 3,699,627 $ 2,764,536 The following table presents the revenue of the Company's segments disaggregated by type of service: Years Ended December 31, 2022 2021 2020 (In thousands) Dotdash Meredith Digital: Advertising revenue $ 621,714 $ 236,660 $ 137,455 Performance marketing revenue 198,441 116,195 76,298 Licensing and other revenue 111,327 14,279 — Total digital revenue 931,482 367,134 213,753 Print: Subscription revenue 422,700 34,634 — Advertising revenue 260,282 13,678 — Project and other revenue 154,807 16,414 — Newsstand revenue 132,855 19,183 — Performance marketing revenue 55,484 8,093 — Total print revenue 1,026,128 92,002 — Intersegment eliminations (a) (22,911) (2,863) — Total Dotdash Meredith revenue $ 1,934,699 $ 456,273 $ 213,753 Years Ended December 31, 2022 2021 2020 (In thousands) (a) Intersegment eliminations primarily related to Digital performance marketing commissions earned for the placement of magazine subscriptions for Print. Angi Inc. Domestic Ads and Leads: Consumer connection revenue $ 954,735 $ 898,422 $ 899,175 Advertising revenue 265,466 252,206 226,505 Membership subscription revenue 60,411 68,062 74,073 Other revenue 1,449 8,384 19,002 Total Ads and Leads revenue 1,282,061 1,227,074 1,218,755 Services revenue 381,256 289,948 162,539 Roofing revenue 137,509 68,028 — Intersegment eliminations (b) (10,340) (1,907) — Total Domestic revenue 1,790,486 1,583,143 1,381,294 International Consumer connection revenue 71,851 68,686 57,692 Service professional membership subscription revenue 28,192 32,367 27,225 Advertising and other revenue 995 1,242 1,714 Total International revenue 101,038 102,295 86,631 Total Angi Inc. revenue $ 1,891,524 $ 1,685,438 $ 1,467,925 (b) Intersegment eliminations related to Ads and Leads revenue earned from the sale of leads to Roofing. Search Advertising revenue: Google advertising revenue $ 525,987 $ 675,892 $ 506,077 Non-Google advertising revenue 200,435 183,427 90,286 Total advertising revenue 726,422 859,319 596,363 Other revenue 5,009 14,027 16,911 Total Search revenue $ 731,431 $ 873,346 $ 613,274 Emerging & Other Subscription revenue $ 368,401 $ 367,159 $ 303,482 Marketplace revenue 261,314 243,970 138,863 Media production and distribution revenue 31,555 44,517 3,585 Advertising revenue: Non-Google advertising revenue 16,057 19,047 16,236 Google advertising revenue 2,192 2,981 3,130 Total advertising revenue 18,249 22,028 19,366 Service and other revenue 6,437 7,501 4,463 Total Emerging & Other revenue $ 685,956 $ 685,175 $ 469,759 |
Schedule of Revenue and Long-lived Assets, Excluding Goodwill and Intangible Assets, by Geography | Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: Years Ended December 31, 2022 2021 2020 (In thousands) Revenue: United States $ 4,837,367 $ 3,184,653 $ 2,309,504 All other countries 397,913 514,974 455,032 Total $ 5,235,280 $ 3,699,627 $ 2,764,536 December 31, 2022 2021 (In thousands) Long-lived assets (excluding goodwill, intangible assets and ROU assets): United States $ 502,977 $ 562,628 All other countries 7,637 7,897 Total $ 510,614 $ 570,525 |
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) | The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Operating (loss) income: Dotdash Meredith Digital $ (66,629) $ 73,980 $ 50,241 Print (54,448) (6,527) — Other (c) (67,014) (60,277) — Total Dotdash Meredith (d) (188,091) 7,176 50,241 Angi Inc. Ads and Leads 85,593 65,485 133,365 Services (95,166) (63,984) (44,592) Roofing (50,685) (8,596) — Other (c) (61,794) (56,196) (84,674) International (4,253) (13,222) (10,467) Total Angi Inc. (126,305) (76,513) (6,368) Search 83,398 108,334 (248,711) Emerging & Other (106,154) (22,738) (70,896) Corporate (137,619) (153,326) (261,929) Total $ (474,771) $ (137,067) $ (537,663) _____________________ (c) Other comprises unallocated corporate expenses. (d) Dotdash Meredith includes restructuring charges of $80.2 million for the year ended December 31, 2022, which include $7.0 million of impairment charges included in "Depreciation" in the statement of operations. The years ended December 31, 2022 and 2021 also include transaction-related expenses of $7.1 million and $30.2 million, respectively, related to the acquisition of Meredith. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. Years Ended December 31, 2022 2021 2020 (In thousands) Adjusted EBITDA: (e) Dotdash Meredith (f) Digital $ 186,696 $ 91,179 $ 66,206 Print $ 31,135 $ 2,639 $ — Other (c) $ (65,682) $ (60,196) $ — Angi Inc. Ads and Leads $ 168,952 $ 136,260 $ 230,797 Services $ (52,126) $ (48,203) $ (29,253) Roofing $ (21,400) $ (7,511) $ — Other (c) $ (49,866) $ (46,066) $ (23,870) International $ (481) $ (6,615) $ (4,870) Search $ 83,486 $ 108,381 $ 51,344 Emerging & Other $ (1,643) $ 33,383 $ (37,699) Corporate $ (79,521) $ (95,985) $ (147,433) _____________________ (e) The Company's primary financial measure and GAAP segment measure is Adjusted EBITDA, which is defined as operating income: excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. (f) Dotdash Meredith includes restructuring charges of $73.2 million for the year ended December 31, 2022. The years ended December 31, 2022 and 2021 also include transaction-related expenses of $7.1 million and $30.2 million, respectively, related to the acquisition of Meredith. See " Note 5—Dotdash Meredith Restructuring Charges, Transaction-Related Expenses and Change-in-Control Payments " for additional information. The following tables reconcile operating (loss) income for the Company's reportable segments and net earnings attributable to IAC shareholders to Adjusted EBITDA: Year Ended December 31, 2022 Operating (Loss) Income (d) Stock-Based Depreciation (g) Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (e)(f) (In thousands) Dotdash Meredith Digital $ (66,629) $ 20,596 $ 27,569 $ 205,772 $ (612) $ — $ 186,696 Print (54,448) $ 1,023 $ 12,620 $ 71,940 $ — $ — $ 31,135 Other (c) (67,014) $ 136 $ 1,196 $ — $ — $ — $ (65,682) Angi Inc. Ads and Leads 85,593 $ 19,972 $ 52,737 $ 10,650 $ — $ — $ 168,952 Services (95,166) $ 18,012 $ 21,904 $ 3,124 $ — $ — $ (52,126) Roofing (50,685) $ 1,866 $ 747 $ 667 $ — $ 26,005 $ (21,400) Other (c) (61,794) $ 11,928 $ — $ — $ — $ — $ (49,866) International (4,253) $ 890 $ 2,882 $ — $ — $ — $ (481) Search 83,398 $ — $ 88 $ — $ — $ — $ 83,486 Emerging & Other (106,154) $ 507 $ 1,691 $ 15,565 $ — $ 86,748 $ (1,643) Corporate (g) (137,619) $ 48,546 $ 9,552 $ — $ — $ — $ (79,521) Total (474,771) Interest expense (110,165) Unrealized loss on investment in MGM (723,515) Other expense, net (217,785) Loss from continuing operations before income taxes (1,526,236) Income tax benefit 331,087 Net loss from continuing operations (1,195,149) Earnings from discontinued operations, net of tax 2,694 Net loss (1,192,455) Net loss attributable to noncontrolling interests 22,285 Net loss attributable to IAC shareholders $ (1,170,170) _____________________ (g) Includes stock-based compensation expense for stock-based awards granted to employees of Corporate, Search and all Emerging & Other businesses other than Vivian Health. Year Ended December 31, 2021 Operating Income (Loss) (d) Stock-Based Compensation Expense Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Arrangements Adjusted EBITDA (e) (In thousands) Dotdash Meredith Digital $ 73,980 $ 1,438 $ 4,257 $ 11,512 $ (8) $ 91,179 Print (6,527) $ — $ 1,827 $ 7,339 $ — $ 2,639 Other (c) (60,277) $ — $ 81 $ — $ — $ (60,196) Angi Inc. Ads and Leads 65,485 $ 12,722 $ 46,025 $ 12,028 $ — $ 136,260 Services (63,984) $ 4,672 $ 7,049 $ 4,060 $ — $ (48,203) Roofing (8,596) $ 531 $ 221 $ 333 $ — $ (7,511) Other (c) (56,196) $ 10,121 $ — $ 9 $ — $ (46,066) International (13,222) $ 656 $ 5,951 $ — $ — $ (6,615) Search 108,334 $ — $ 47 $ — $ — $ 108,381 Emerging & Other (22,738) $ 101 $ 1,462 $ 39,558 $ 15,000 $ 33,383 Corporate (g) (153,326) $ 49,246 $ 8,095 $ — $ — $ (95,985) Total (137,067) Interest expense (34,264) Unrealized gain on investment in MGM 789,283 Other income, net 111,854 Earnings from continuing operations before income taxes 729,806 Income tax provision (138,990) Net earnings from continuing operations 590,816 Loss from discontinued operations, net of tax (1,831) Net earnings 588,985 Net loss attributable to noncontrolling interests 8,562 Net earnings attributable to IAC shareholders $ 597,547 Year Ended December 31, 2020 Operating Stock-Based Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (e) (In thousands) Dotdash Meredith $ 50,241 $ — $ 1,794 $ 14,171 $ — $ — $ 66,206 Angi Inc. Ads and Leads 133,365 $ 14,241 $ 44,748 $ 38,443 $ — $ — $ 230,797 Services (44,592) $ 7,601 $ 3,638 $ 4,100 $ — $ — $ (29,253) Roofing — $ — $ — $ — $ — $ — $ — Other (c) (84,674) $ 60,752 $ — $ 52 $ — $ — $ (23,870) International (10,467) $ 1,055 $ 4,235 $ 307 $ — $ — $ (4,870) Search (248,711) $ — $ 2,709 $ 32,200 $ — $ 265,146 $ 51,344 Emerging & Other (70,896) $ 100 $ 2,449 $ 37,566 $ (6,918) $ — $ (37,699) Corporate (g) (261,929) $ 105,246 $ 9,250 $ — $ — $ — $ (147,433) Total (537,663) Interest expense (16,166) Unrealized gain on investment in MGM 840,550 Other expense, net (42,561) Earnings from continuing operations before income taxes 244,160 Income tax benefit 45,707 Net earnings from continuing operations 289,867 Loss from discontinued operations, net of tax (21,281) Net earnings 268,586 Net earnings attributable to noncontrolling interests 1,140 Net earnings attributable to IAC shareholders $ 269,726 |
Schedule of Capital Expenditures by Segment | The following table presents capital expenditures by reportable segment: Years Ended December 31, 2022 2021 2020 (In thousands) Capital expenditures: Dotdash Meredith $ 12,885 $ 4,823 $ 5,445 Angi Inc. 116,352 70,215 52,488 Search 17 178 47 Emerging & Other 10,109 894 1,363 Corporate 390 14,100 1,383 Total $ 139,753 $ 90,210 $ 60,726 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Unvested RSUs Activity | Unvested RSUs outstanding at December 31, 2022 and changes during the period ended December 31, 2022 are as follows: RSUs Number Weighted (Shares in thousands) Unvested at January 1 1,546 $ 80.38 Granted 280 114.27 Vested (284) 44.87 Forfeited (84) 77.27 Unvested at December 31 1,458 $ 93.29 |
Schedule of Stock Options Outstanding | Stock options outstanding at December 31, 2022 and changes during the period ended December 31, 2022 are as follows: December 31, 2022 Shares Weighted Weighted Aggregate (Shares and intrinsic value in thousands) Options Outstanding at January 1 2,896 $ 13.98 Granted — — Exercised (74) 11.51 Forfeited — — Expired — — Options Outstanding at December 31 2,822 $ 14.05 2.7 $ 85,661 Options exercisable 2,822 $ 14.05 2.7 $ 85,661 |
Schedule of Information for Stock Options Outstanding and Exercisable | The following table summarizes the information about stock options outstanding and exercisable at December 31, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at December 31, 2022 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price Exercisable at December 31, 2022 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price (Shares in thousands) Less than $10.00 529 2.7 $ 8.54 529 2.7 $ 8.54 $10.01 to $15.00 691 2.2 13.62 691 2.2 13.62 $15.01 to $20.00 1,598 2.9 16.04 1,598 2.9 16.04 Greater than $20.01 4 4.6 21.17 4 4.6 21.17 2,822 2.7 $ 14.05 2,822 2.7 $ 14.05 |
PENSION AND POSTRETIREMENT BE_2
PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations and Change in Plan Assets | The following tables present changes in, and components of, the Company's net assets/liabilities for pension and other postretirement benefits: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Change in benefit obligation Benefit obligation, beginning of year $ 166,800 $ 790,663 $ 10,808 $ — $ — $ — Acquisition and related fair value adjustments (a) 23,345 — — 154,920 850,774 10,923 Service cost 3,562 — 7 368 — 1 Interest cost 4,372 15,014 262 224 981 22 Net actuarial gain (7,262) (210,284) (3,717) (158) (54,660) (132) Benefits paid (including lump sums) (9,105) (15,521) 150 (339) (1,529) (6) Settlements (96,100) (34,374) (3,037) — (9,361) — Curtailment gain (3,060) — — — — — Contractual termination benefits — — — 11,785 — — Plan transfer (b) (9,564) — — — — — Foreign currency exchange rate impact — (77,669) — — 4,458 — Benefit obligation, end of year $ 72,988 $ 467,829 $ 4,473 $ 166,800 $ 790,663 $ 10,808 Change in plan assets Fair value of plan assets, beginning of year $ 132,326 $ 1,015,274 $ — $ — $ — $ — Acquisition and related fair value adjustments (a) 18,596 — — 129,765 1,053,902 — Actual return on plan assets (12,657) (397,417) — 2,886 (62,744) — Employer contributions 44,221 122 — 14 29,229 6 Benefits paid (including lump sums) (9,105) (15,521) — (339) (1,529) (6) Settlements (95,182) (34,374) — — (9,361) — Foreign currency exchange rate impact — (100,193) — — 5,777 — Fair value of plan assets, end of year $ 78,199 $ 467,891 $ — $ 132,326 $ 1,015,274 $ — Over (under) funded status, end of year $ 5,211 $ 62 $ (4,473) $ (34,474) $ 224,611 $ (10,808) _____________________ (a) All pension and postretirement plans were acquired with the acquisition of Meredith on December 1, 2021. The purchase accounting for the acquisition of Meredith was completed in the fourth quarter of 2022. |
Schedule of Amounts Recognized in Balance Sheet | The following amounts are recognized in the December 31, 2022 and 2021 balance sheet, respectively: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Other non-current assets Prepaid benefit cost $ 9,561 $ 4,358 $ — $ 24,318 $ 231,791 $ — Accrued expenses and other current liabilities Accrued benefit liability (698) (127) (475) (52,523) — (1,146) Other long-term liabilities Accrued benefit liability (3,652) (4,169) (3,998) (6,269) (7,180) (9,662) Net amount recognized $ 5,211 $ 62 $ (4,473) $ (34,474) $ 224,611 $ (10,808) |
Schedule of Plan with Projected Benefit Obligation and Accumulated Benefit Obligations in Excess of Plan Assets | The following table provides information about pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets: Year Ended December 31, 2022 Year Ended December 31, 2021 Domestic International Domestic International (In thousands) Projected benefit obligation $ 4,350 $ 4,296 $ 58,789 $ 7,179 Accumulated benefit obligation $ 3,831 $ 4,296 $ 57,669 $ 7,179 Fair value of plan assets $ — $ — $ — $ — |
Schedule of Net Benefit Costs | The components of net periodic benefit cost (credit) recognized in the statement of operations were as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic (In thousands) Service cost $ 3,562 $ — $ 7 $ 368 $ — $ 1 Interest cost 4,372 15,014 262 224 981 22 Expected return on plan assets (2,748) (16,857) — (564) (1,640) — Actuarial loss (gain) recognition 8,154 208,957 (3,717) (2,480) 9,724 (132) Settlement (918) — (3,037) — — — Contractual termination benefits — — — 11,785 — — Curtailment gain (3,060) — — — — — Net periodic benefit cost (credit) $ 9,362 $ 207,114 $ (6,485) $ 9,333 $ 9,065 $ (109) |
Schedule of Defined Benefit Plans Disclosures | |
Schedule of Assumptions | Benefit obligations were determined using the following weighted average assumptions: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic Weighted average assumptions Discount rate 5.41 % 4.13 % 5.46 % 2.04 % 1.67 % 2.61 % Rate of compensation increase 2.99 % N/A 3.50 % 2.95 % N/A 3.50 % Cash balance interest rate credit 2.39 % N/A N/A 2.13 % N/A N/A Net periodic benefit cost (credit) were determined using the following weighted average assumptions: Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Postretirement Pension Postretirement Domestic International Domestic Domestic International Domestic Weighted average assumptions Discount rate 3.28 % 1.67 % 2.61 % 2.02 % 1.40 % 2.52 % Expected return on plan assets 2.80 % 1.90 % N/A 6.00 % 1.90 % N/A Rate of compensation increase 2.95 % N/A 3.50 % 2.90 % N/A 3.50 % Cash balance interest credit rate 3.65 % N/A N/A 2.04 % N/A N/A The assumed healthcare trend rates used to measure the expected cost of benefits were as follows: Postretirement 2022 2021 Assumed healthcare cost trend rate Rate of increase in healthcare cost levels Initial level 6.25 % 6.50 % Ultimate level 5.00 % 5.00 % Years to ultimate level 5 6 |
Schedule of Allocation of Plan Assets | The targeted and weighted average asset allocations by asset category for investments held by the Company’s pension plans are as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Domestic Allocation International Allocation Domestic Allocation International Allocation Target Actual Target Actual Target Actual Target Actual Equity securities —% —% —% —% 62% 63% 1% 2% Fixed income securities —% —% —% —% 38% 36% 63% 63% Other securities (b) 100% 100% 100% 100% —% 1% 36% 35% Total 100% 100% 100% 100% 100% 100% 100% 100% _____________________ (b) Other primarily includes cash and cash equivalents in the U.S. and insurance annuity contracts in the U.K. |
Schedule of Fair Value Measurements | Fair value measurements for the U.S. funded pension plan assets were as follows: December 31, 2022 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 78,199 $ — $ — $ 78,199 December 31, 2021 Quoted Market Significant Significant Total (In thousands) Investments in registered investment companies Equity $ 65,982 $ 17,866 $ — $ 83,848 Fixed income 7,442 39,148 — 46,590 Pooled separate accounts — 1,888 — 1,888 Total assets at fair value $ 73,424 $ 58,902 $ — $ 132,326 Fair value measurements for the international pension plan assets were as follows: December 31, 2022 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 7,613 $ — $ — $ 7,613 Insurance annuity contracts — — 460,278 460,278 Total assets at fair value $ 7,613 $ — $ 460,278 $ 467,891 December 31, 2021 Quoted Market Significant Significant Total (In thousands) Cash and cash equivalents $ 63,245 $ — $ — $ 63,245 Pooled investments Equity 1,154 9,728 — 10,882 Fixed income 6,276 45,362 — 51,638 Other — 576,414 — 576,414 Insurance annuity contracts — — 313,095 313,095 Total assets at fair value $ 70,675 $ 631,504 $ 313,095 $ 1,015,274 |
Schedule of Changes in Fair Value of Plan Assets | The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): December 31, 2022 2021 (In thousands) Balance at beginning of year $ 313,095 $ — Acquisition — 327,722 Purchases 440,606 — Settlements (13,206) (1,040) Change in fair value (237,248) (15,326) Foreign currency translation (42,969) 1,739 Balance at end of year $ 460,278 $ 313,095 |
Schedule of Expected Benefit Payments | The following benefit payments, which will primarily be made from the funded plans, are expected to be paid: Pension Benefits Postretirement Benefits Domestic International Domestic Years Ended December 31, (In thousands) 2023 $ 17,532 $ 14,237 $ 487 2024 56,178 15,035 451 2025 497 15,811 426 2026 294 16,636 394 2027 344 17,594 373 Thereafter 2,188 101,449 1,672 Net amount recognized, end of year $ 77,033 $ 180,762 $ 3,803 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes | U.S. and foreign (loss) earnings before income taxes and noncontrolling interests are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) U.S. $ (1,320,332) $ 758,538 $ 234,345 Foreign (205,904) (28,732) 9,815 Total $ (1,526,236) $ 729,806 $ 244,160 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax (benefit) provision are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Current income tax provision (benefit): Federal $ 777 $ (5,818) $ (29,181) State 4,712 4,751 2,326 Foreign 1,182 6,680 (496) Current income tax provision (benefit) 6,671 5,613 (27,351) Deferred income tax (benefit) provision: Federal (252,022) 111,755 (8,097) State (44,335) 18,063 (6,126) Foreign (41,401) 3,559 (4,133) Deferred income tax (benefit) provision (337,758) 133,377 (18,356) Income tax (benefit) provision $ (331,087) $ 138,990 $ (45,707) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized. December 31, 2022 2021 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 458,603 $ 557,329 Long-term lease liabilities 137,869 157,504 Capitalized research & development expenditures 74,179 — Tax credit carryforwards 64,903 48,081 Accrued expenses 58,697 47,754 Customer deposit liability 22,361 56,194 Other 82,587 78,740 Total deferred tax assets 899,199 945,602 Less: valuation allowance (124,012) (112,640) Net deferred tax assets 775,187 832,962 Deferred tax liabilities: Investment in subsidiaries (225,375) (227,632) Investment in MGM Resorts International (212,390) (385,818) Intangible assets, net of accumulated amortization (219,856) (271,629) Right-of-use assets (100,643) (122,095) Capitalized software, equipment, leasehold improvements, buildings and land, net (46,740) (70,959) Other (44,922) (138,029) Total deferred tax liabilities (849,926) (1,216,162) Net deferred tax liabilities $ (74,739) $ (383,200) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax provision (benefit) to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Income tax (benefit) provision at the federal statutory rate of 21% $ (320,510) $ 153,259 $ 51,274 State income taxes, net of effect of federal tax benefit (26,708) 24,289 16,995 Research credit (19,041) (5,094) (6,078) Non-deductible goodwill impairment 15,764 — 53,012 Non-deductible executive compensation 12,359 22,358 14,219 Change in valuation allowance on capital losses 10,940 754 11,385 Deferred tax adjustment for enacted changes in tax laws and rates (7,152) 4,049 (14,508) Change in judgement on beginning of the year valuation allowance 3,523 20,248 (3,544) Non-deductible expenses 3,105 4,328 5,947 Stock-based compensation (2,155) (91,729) (163,633) Amortizable tax basis related to intercompany transaction — — (7,044) Other, net (1,212) 6,528 (3,732) Income tax (benefit) provision $ (331,087) $ 138,990 $ (45,707) |
Schedule of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows: December 31, 2022 2021 2020 (In thousands) Balance at January 1 $ 17,449 $ 18,233 $ 16,585 Additions for tax positions related to the current year 5,557 2,855 3,419 Settlements (7,100) (1,427) (3,733) Additions for tax positions of prior years 1,715 3,420 2,313 Reductions for tax positions of prior years (1,608) (1,116) — Expiration of applicable statutes of limitations — (4,516) (351) Balance at December 31 $ 16,013 $ 17,449 $ 18,233 |
(LOSS) EARNINGS PER SHARE (Tabl
(LOSS) EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The numerator and denominator of basic and diluted EPS computations for the Company’s common stock and Class B common stock are calculated as follows: Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Basic EPS: Numerator: Net (loss) earnings from continuing operations $ (1,195,149) $ 590,816 $ 289,867 Net loss attributable to noncontrolling interests of continuing operations 22,285 8,748 726 Net earnings attributed to unvested participating security — (20,160) — Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (1,172,864) 579,404 290,593 Earnings (loss) from discontinued operations, net of taxes 2,694 (1,831) (21,281) Net (earnings) loss attributable to noncontrolling interests of discontinued operations — (186) 414 Net loss attributed to unvested participating security — 68 — Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders 2,694 (1,949) (20,867) Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders $ (1,170,170) $ 577,455 $ 269,726 Denominator: Weighted average basic IAC Common Stock and Class B common stock shares outstanding (a) 86,350 86,222 85,355 (Loss) earnings per share: (Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders $ (13.58) $ 6.72 $ 3.40 Earnings (loss) per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders 0.03 (0.02) (0.24) (Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders $ (13.55) $ 6.70 $ 3.16 Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Diluted EPS: Numerator: Net (loss) earnings from continuing operations $ (1,195,149) $ 590,816 $ 289,867 Net loss attributable to noncontrolling interests of continuing operations 22,285 8,748 726 Net earnings attributed to unvested participating security — (18,981) — Impact from public subsidiaries' dilutive securities (b) — 406 71 Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (1,172,864) 580,989 290,664 Earnings (loss) from discontinued operations, net of taxes 2,694 (1,831) (21,281) Net (earnings) loss attributable to noncontrolling interests of discontinued operations — (186) 414 Net loss attributed to unvested participating security — 64 — Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders 2,694 (1,953) (20,867) Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders $ (1,170,170) $ 579,036 $ 269,797 Denominator: Weighted average basic IAC Common Stock and Class B common stock shares outstanding (a) 86,350 86,222 85,355 Dilutive securities (b)(c)(d)(e) — 5,606 5,593 Denominator for earnings per share—weighted average shares (b)(c)(d)(e) 86,350 91,828 90,948 (Loss) earnings per share: (Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders $ (13.58) $ 6.33 $ 3.20 Earnings (loss) per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders 0.03 (0.02) (0.23) (Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders $ (13.55) $ 6.31 $ 2.97 _____________________ (a) On November 5, 2020, IAC's CEO was granted a stock-based award in the form of 3.0 million shares of restricted common stock. The number of shares that ultimately vests is subject to the satisfaction of growth targets in IAC's stock price over the 10-year service condition of the award. These restricted shares have a non-forfeitable dividend right in the event the Company declares a cash dividend on its common shares and participate in all other distributions of the Company in the same manner as all other IAC common shares. Accordingly, the two-class method of calculating EPS is used. While the restricted shares are presented as outstanding shares in the balance sheet, these shares are excluded from the weighted average shares outstanding in calculating basic EPS and the allocable portion of net earnings are also excluded. Fully diluted EPS reflects the impact on earnings and fully diluted shares in the manner that is most dilutive. (b) IAC has the option to settle certain Angi Inc. stock-based awards in its shares. For the year ended December 31, 2022, the Company had a loss from continuing operations and as a result these awards were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. For the years ended December 31, 2021 and 2020 it was more dilutive for IAC to settle these Angi Inc. equity awards. The impact on net earnings relates to the settlement of Angi Inc.'s dilutive securities in IAC common shares. (c) For the year ended December 31, 2022, the Company had a loss from continuing operations and, as a result, approximately 7.9 million potentially dilutive securities were excluded from computing diluted EPS because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute the EPS amounts for the year ended December 31, 2022. (d) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted common stock, restricted stock units ("RSUs") and market-based awards ("MSUs"). For the years ended December 31, 2021 and 2020, 3.0 million and 3.1 million, respectively, of potentially dilutive securities were excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. (e) See " Note 12—Stock-Based Compensation " for additional information on the grant of IAC restricted common stock to its CEO and equity instruments denominated in the shares of certain subsidiaries. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The components of the loss from discontinued operations for the period January 1, 2021 through May 25, 2021 and the year ended December 31, 2020 in the statement of operations consisted of the following: January 1 through May 25, Year Ended December 31, 2021 2020 (In thousands) Revenue $ 145,514 $ 283,146 Operating costs and expenses: Cost of revenue (exclusive of depreciation shown separately below) 39,995 88,589 Selling and marketing expense 54,774 104,216 General and administrative expense 23,343 47,019 Product development expense 35,651 62,803 Depreciation 182 460 Amortization of intangibles 2,983 14,745 Total operating costs and expenses 156,928 317,832 Operating loss from discontinued operations (11,414) (34,686) Interest expense (140) — Other income, net 10,172 93 Loss from discontinued operations before taxes (1,382) (34,593) Income tax (provision) benefit (449) 13,312 Loss from discontinued operations, net of taxes $ (1,831) $ (21,281) |
FINANCIAL STATEMENT DETAILS (Ta
FINANCIAL STATEMENT DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows: December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 1,417,390 $ 2,118,730 $ 3,366,176 $ 837,916 Restricted cash included in other current assets 1,165 1,941 448 503 Restricted cash included in other non-current assets 7,514 1,193 449 409 Cash, cash equivalents, and restricted cash included in current assets of discontinued operations — — 110,037 1,904 Total cash and cash equivalents and restricted cash as shown on the statement of cash flows $ 1,426,069 $ 2,121,864 $ 3,477,110 $ 840,732 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows: December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 1,417,390 $ 2,118,730 $ 3,366,176 $ 837,916 Restricted cash included in other current assets 1,165 1,941 448 503 Restricted cash included in other non-current assets 7,514 1,193 449 409 Cash, cash equivalents, and restricted cash included in current assets of discontinued operations — — 110,037 1,904 Total cash and cash equivalents and restricted cash as shown on the statement of cash flows $ 1,426,069 $ 2,121,864 $ 3,477,110 $ 840,732 |
Schedule of Changes in the Allowance for Credit Losses | The following table presents the changes in the allowance for credit losses for the years ended December 31, 2022 and 2021, respectively: 2022 2021 (In thousands) Balance at January 1 $ 36,637 $ 27,178 Current period provision for credit losses 116,553 89,893 Write-offs charged against the allowance (107,188) (82,998) Recoveries collected 5,367 2,441 Other (398) 123 Balance at December 31 $ 50,971 $ 36,637 |
Schedule of Other Current Assets | December 31, 2022 2021 (In thousands) Prepaid expenses $ 80,039 $ 73,483 Other 216,524 168,705 Other current assets $ 296,563 $ 242,188 |
Schedule of Property and Equipment, Net | Asset Category Estimated Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years Buildings and leasehold improvements 3 to 39 Years December 31, 2022 2021 (In thousands) Buildings and leasehold improvements $ 305,304 $ 418,249 Capitalized software and computer equipment 291,600 386,421 Furniture and other equipment 137,570 181,605 Land 20,234 33,919 Projects in progress 30,379 47,218 Total gross carrying amount 785,087 1,067,412 Accumulated depreciation and amortization (274,473) (496,887) Capitalized software, equipment, leasehold improvements, buildings and land, net $ 510,614 $ 570,525 |
Schedule of Accrued Expenses and Other Current Liabilities | December 31, 2022 2021 (In thousands) Accrued employee compensation and benefits $ 169,227 $ 278,418 Customer deposit liability 125,441 146,282 Accrued advertising expense 78,601 67,986 Accrued traffic acquisition costs 50,720 77,913 Other 335,770 412,280 Accrued expenses and other current liabilities $ 759,759 $ 982,879 |
Schedule of Other (Expense) Income, Net | Years Ended December 31, 2022 2021 2020 (In thousands) Net periodic pension benefit costs, other than the service cost component (a) $ (206,422) $ (17,858) $ — Unrealized (decrease) increase in the estimated fair value of a warrant (62,495) 104,018 (1,213) Unrealized (loss) gain related to marketable equity securities (20,342) 18,788 — Foreign exchange (losses) gains, net (b) (8,503) (13,636) 674 Net realized gain (loss) on sales of businesses, investments and upward (downward) adjustments to the carrying value of equity securities without readily determinable fair values (c)(d) 59,299 18,874 (40,050) Interest income 24,916 1,351 7,177 Realized gain on the sale of a marketable equity security — 7,174 — Loss on extinguishment of debt (e) — (1,110) — COVID-19 related impairments on a note receivable and a warrant related to certain investees — — (7,517) Other (4,238) (5,747) (1,632) Other (expense) income, net $ (217,785) $ 111,854 $ (42,561) _____________________ (a) Includes net pre-tax actuarial losses of $213.4 million and $7.1 million for the years ended December 31, 2022 and 2021, respectively, related to Meredith's IPC Pension Scheme and plans in the U.S. See " Note 13—Pension and Postretirement Benefit Plans " for additional information. (b) Includes $10.0 million in foreign exchange losses primarily related to the substantial liquidation of certain foreign subsidiaries in the year ended December 31, 2021. (c) Includes a gain of approximately $132.2 million on the sale of BlueCrew in the year ended December 31, 2022. On November 9, 2022, the Company completed the sale of BlueCrew, which was included in the Emerging & Other segment, to EmployBridge, a provider of light industrial staffing solutions, for cash and stock with the Company becoming a minority shareholder in the combined company. (d) Includes upward and downward adjustments to the carrying value of equity securities without readily determinable fair values. For the years ended December 31, 2022, 2021 and 2020, the Company recorded net (downward) and upward adjustments of $(89.1) million, $8.9 million and $(51.5) million, respectively. Downward adjustments for the year ended December 31, 2020 related to impairments due to COVID-19. (e) Represents the write-off of deferred debt issuance costs related to the ANGI Group Term Loan, which was repaid in its entirety during the second quarter of 2021. |
Schedule of Supplemental Disclosure of Cash Flow Information | Years Ended December 31, 2022 2021 2020 (In thousands) Cash paid (received) during the year for: Interest $ 98,150 $ 21,702 $ 6,524 Income tax payments $ 16,407 $ 9,880 $ 5,974 Income tax refunds $ (3,004) $ (1,762) $ (2,010) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the components of the net increase in Old IAC’s investment in the Company for the period prior to the MTCH Separation: Six Months Ended June 30, 2020, the date of the MTCH Separation (In thousands) Cash transfers from Old IAC related to its centrally managed U.S. treasury management function, acquisitions and cash expenses paid by Old IAC on behalf of the Company, net $ (1,742,854) Contribution of buildings to Match Group 34,973 Taxes 34,436 Allocation of costs from Old IAC (12,652) Interest income, net 102 Net increase in Old IAC's investment in the Company prior to the MTCH Separation $ (1,685,995) |
ORGANIZATION - Narrative (Detai
ORGANIZATION - Narrative (Details) professional in Thousands, project in Millions, people in Millions | 12 Months Ended |
Dec. 31, 2022 segment category brand project people professional | |
Angi Inc. | |
Business Acquisition [Line Items] | |
Ownership interest (as a percent) | 84.10% |
Voting interest (as a percent) | 98.10% |
Dotdash Meredith | |
Business Acquisition [Line Items] | |
Number of product users (nearly) | people | 200 |
Number of iconic brands (over) | brand | 40 |
Number of operating segments | 2 |
Angi Inc. | |
Business Acquisition [Line Items] | |
Number of operating segments | 4 |
Number of service categories (more than) | category | 500 |
Number of service professionals (over) | professional | 220 |
Number of projects | project | 29 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Covid-19 Update (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 112,753 | $ 0 | $ 265,146 | ||
Impairment of equity securities without readily determinable fair value | $ 51,500 | ||||
Impairment of note receivable and warrant | 7,500 | ||||
Search | Desktop | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | $ 53,200 | 212,000 | 265,100 | ||
Impairment charges on indefinite-lived intangible assets | $ 10,800 | $ 21,400 | $ 32,200 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Contract Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Capitalized Contract Cost [Line Items] | ||
Current | $ 47,856 | $ 48,692 |
Non-current | 5,667 | 6,086 |
Total | 53,523 | 54,778 |
Sales Commissions | ||
Capitalized Contract Cost [Line Items] | ||
Current | 39,590 | 39,669 |
Non-current | 5,667 | 6,086 |
Total | 45,257 | 45,755 |
App Store Fees | ||
Capitalized Contract Cost [Line Items] | ||
Current | 8,266 | 9,023 |
Non-current | 0 | 0 |
Total | $ 8,266 | $ 9,023 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Line Items] | |||
Amortization of capitalized contract costs | $ 95,500 | $ 125,900 | $ 101,300 |
Revenue | $ 5,235,280 | 3,699,627 | 2,764,536 |
Period of payment due from customers for accounts receivable | 30 days | ||
Current deferred revenue | $ 157,124 | 165,451 | 137,700 |
Non-current deferred revenue | 200 | 400 | $ 700 |
Deferred revenue recognized during period | 152,000 | 132,200 | |
Deferred revenue reclassified | 7,300 | ||
Deferred revenue related to business sold | $ 1,100 | ||
Dotdash Meredith | |||
Capitalized Contract Cost [Line Items] | |||
Current deferred revenue | $ 22,900 | ||
Angi Inc. | |||
Capitalized Contract Cost [Line Items] | |||
Period of membership subscription | 1 year |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Investments in Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Maturity period at purchase (less than) | 91 days | |
Available for sale marketable debt securities | $ 235,056 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Certain Risks and Concentrations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||||
Revenue | $ 5,235,280 | $ 3,699,627 | $ 2,764,536 | ||
Impairment Of Intangible Asset Indefinite Lived, Excluding Goodwill, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | intangible asset impairments | ||||
Goodwill impairment | 112,753 | 0 | $ 265,146 | ||
Search | Desktop | |||||
Concentration Risk [Line Items] | |||||
Goodwill impairment | $ 53,200 | $ 212,000 | 265,100 | ||
Impairment charges on indefinite-lived intangible assets | $ 10,800 | $ 21,400 | 32,200 | ||
Revenue | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Revenue | 514,800 | 661,300 | 498,300 | ||
Revenue | Customer Concentration Risk | Search | Ask Media Group | |||||
Concentration Risk [Line Items] | |||||
Revenue | 424,300 | 542,100 | 344,800 | ||
Revenue | Customer Concentration Risk | Search | Desktop | |||||
Concentration Risk [Line Items] | |||||
Revenue | 90,500 | 119,100 | 153,500 | ||
Google Inc. | Revenue | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 701,500 | $ 755,100 | $ 556,100 | ||
Concentration risk (as a percent) | 13% | 20% | 20% | ||
Google Inc. | Accounts Receivable | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | $ 74,100 | $ 89,100 | |||
Services Agreement | Revenue | Customer Concentration Risk | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (as a percent) | 10% | 18% | 18% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capitalized Software, Equipment, Buildings, Leasehold Improvements and Land (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Impairment, Long-Lived Asset, Held-For-Use, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | write-off | |
Capitalized software, equipment, leasehold improvements, buildings and land, net | $ 510,614 | $ 570,525 |
Capitalized software and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Write-off | $ 15,500 | |
Capitalized software and computer equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 2 years | |
Capitalized software and computer equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Furniture and other equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Furniture and other equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 12 years | |
Buildings and leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Buildings and leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives (in years) | 39 years | |
Software and software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized software, equipment, leasehold improvements, buildings and land, net | $ 155,700 | $ 131,600 |
Purchase accounting adjustment, decrease | $ 26,700 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Indefinite-Lived Intangible Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 USD ($) | Sep. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 112,753 | $ 0 | $ 265,146 | |||
Carrying amount of indefinite-lived intangible assets for which excess of fair value over carrying value is less than 20% | $ 126,000 | |||||
Discount Rate | Minimum | Indefinite-lived Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Indefinite-lived impairment measurement input (as a percent) | 12% | 10% | ||||
Discount Rate | Maximum | Indefinite-lived Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Indefinite-lived impairment measurement input (as a percent) | 18.50% | 40% | ||||
Royalty Rate | Minimum | Indefinite-lived Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Measurement input (as a percent) | 0.010 | 0.010 | ||||
Royalty Rate | Maximum | Indefinite-lived Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Measurement input (as a percent) | 0.080 | 0.050 | ||||
Roofing | Discount Rate | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input (as a percent) | 16% | |||||
Mosaic Group | ||||||
Goodwill [Line Items] | ||||||
Carrying amount of goodwill for which excess of fair value over carrying value is less than 20% | $ 153,600 | |||||
Mosaic Group | Discount Rate | ||||||
Goodwill [Line Items] | ||||||
Measurement input (as a percent) | 0.160 | 0.150 | ||||
Ads and Leads | Discount Rate | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input (as a percent) | 12% | |||||
Services | Discount Rate | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input (as a percent) | 15% | |||||
International | Discount Rate | ||||||
Goodwill [Line Items] | ||||||
Goodwill measurement input (as a percent) | 18.50% | |||||
Angi Inc. | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 26,005 | |||||
Angi Inc. | Roofing | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | 26,005 | |||||
Angi Inc. | Ads and Leads | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | 0 | |||||
Angi Inc. | Services | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | 0 | |||||
Angi Inc. | International | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | 0 | |||||
Emerging & Other | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 86,748 | |||||
Emerging & Other | Mosaic Group | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 86,700 | |||||
Search | Desktop | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 53,200 | $ 212,000 | 265,100 | |||
Impairment charges on indefinite-lived intangible assets | $ 10,800 | $ 21,400 | $ 32,200 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-Lived Assets and Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets with definite lives | |||
Non-cash lease expense (including right-of-use asset impairments) | $ 2.3 | $ 10.5 | $ 5.8 |
Impairment of leasehold improvements | 7 | ||
Meredith Corporation | |||
Intangible assets with definite lives | |||
Non-cash lease expense (including right-of-use asset impairments) | 14.3 | ||
Impairment of leasehold improvements | $ 7 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 1,000 | $ 877 | $ 796.7 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation and Transaction Gains and Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other (Expense) Income, Net | Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) | |||
Gains (losses) reclassified to earnings | $ (0.1) | $ (10) | $ 0.1 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) arrangement | Dec. 31, 2020 USD ($) arrangement | |
Noncontrolling Interest [Line Items] | |||
Put and call arrangements exercised | arrangement | 2 | 1 | |
Redeemable Noncontrolling Interest | |||
Noncontrolling Interest [Line Items] | |||
Purchase of noncontrolling interests | $ 24.2 | $ 777.7 | $ 183.3 |
Redeemable Noncontrolling Interest | Vimeo | |||
Noncontrolling Interest [Line Items] | |||
Purchase of noncontrolling interests | $ 777.3 | $ 171 |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 01, 2021 | Feb. 11, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Increase in amortization expense | $ 135,900 | $ 149,500 | ||
Reduction in transaction-related costs | $ 130,800 | |||
Meredith Corporation | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price (in dollars per share) | $ 42.18 | |||
Adjustment accounts receivable and other receivables | $ 3,400 | |||
Contingency liability, including indemnification liabilities | 60,000 | |||
Total purchase price | 2,686,465 | |||
Consideration transferred for settlement of outstanding vested employee equity awards | $ 1,931,376 | |||
Care.com | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 626,900 | |||
Cash consideration paid | 587,000 | |||
Consideration transferred for settlement of outstanding vested employee equity awards | $ 40,000 |
BUSINESS COMBINATIONS - Purchas
BUSINESS COMBINATIONS - Purchase Price Allocation (Details) - Meredith Corporation $ in Thousands | Dec. 01, 2021 USD ($) |
Business Acquisition [Line Items] | |
Common stock of Meredith | $ 1,931,376 |
Cash payment used to settle a portion of Meredith debt | 625,000 |
Cash settlement of all outstanding vested equity awards and deferred compensation | 130,089 |
Total purchase price | $ 2,686,465 |
BUSINESS COMBINATIONS - Prelimi
BUSINESS COMBINATIONS - Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 01, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,030,168 | $ 3,226,610 | $ 1,660,102 | |
Meredith Corporation | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 12,436 | |||
Accounts receivable | 334,891 | |||
Other current assets | 123,081 | |||
Leasehold improvements, equipment, buildings, land and capitalized software | 258,197 | |||
Goodwill | 1,513,824 | |||
Intangible assets | 1,175,459 | |||
Other non-current assets | 676,777 | |||
Total assets | 4,094,665 | |||
Customer deposit liability | (144,136) | |||
Other current liabilities | (435,268) | |||
Deferred income taxes | (268,999) | |||
Other non-current liabilities | (559,797) | |||
Net assets acquired | $ 2,686,465 |
BUSINESS COMBINATIONS - Preli_2
BUSINESS COMBINATIONS - Preliminary Estimated Fair Value of Intangible Assets Acquired (Details) - Meredith Corporation $ in Thousands | Dec. 01, 2021 USD ($) |
Acquired Intangible Assets [Line Items] | |
Total identifiable intangible assets acquired | $ 1,175,459 |
Advertiser relationships | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 297,000 |
Useful Life (Years) | 5 years |
Licensee relationships | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 171,000 |
Licensee relationships | Minimum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 3 years |
Licensee relationships | Maximum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 6 years |
Digital content | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 96,200 |
Digital content | Minimum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 2 years |
Digital content | Maximum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 3 years |
Trade name and trademarks | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 80,500 |
Trade name and trademarks | Minimum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 1 year |
Remaining useful life | 1 year |
Trade name and trademarks | Maximum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 29 years |
Remaining useful life | 5 years |
Subscriber relationships | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 76,009 |
Subscriber relationships | Minimum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 1 year |
Subscriber relationships | Maximum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 2 years |
Developed technology | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 66,200 |
Developed technology | Minimum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 2 years |
Developed technology | Maximum | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 3 years |
Trade names | |
Acquired Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 19,000 |
Trade names | Dotdash Meredith | |
Acquired Intangible Assets [Line Items] | |
Useful Life (Years) | 29 years |
Trade name and trademarks | |
Acquired Intangible Assets [Line Items] | |
Indefinite-lived intangible assets acquired | $ 388,550 |
BUSINESS COMBINATIONS - Pro-For
BUSINESS COMBINATIONS - Pro-Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenue | $ 5,599,334 | $ 4,840,324 |
Net earnings (loss) from continuing operations | $ 650,189 | $ (85,372) |
Basic earnings (loss) per share from continuing operations (USD per share) | $ 7.39 | $ (0.99) |
Diluted earnings (loss) per share from continuing operations (USD per share) | $ 6.95 | $ (0.99) |
Net earnings (loss) attributable to IAC shareholders | $ 656,920 | $ (100,847) |
Basic earnings (loss) per share attributable to IAC shareholders (USD per share) | $ 7.36 | $ (1.18) |
Diluted earnings (loss) per share attributable to IAC shareholders (USD per share) | $ 6.93 | $ (1.18) |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 3,030,168 | $ 3,226,610 | $ 1,660,102 |
Intangible assets with indefinite lives | 631,097 | 679,149 | |
Intangible assets with definite lives, net of accumulated amortization | 538,944 | 735,743 | |
Total goodwill and intangible assets, net | $ 4,200,209 | $ 4,641,502 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Goodwill by Reporting Unit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | |||
Balance at beginning of period | $ 3,226,610 | $ 1,660,102 | |
Additions | 1,594,665 | ||
Deductions | (77,420) | (25,376) | |
Impairment | (112,753) | 0 | $ (265,146) |
Foreign Exchange Translation | (6,269) | (2,781) | |
Balance at end of period | 3,030,168 | 3,226,610 | 1,660,102 |
Dotdash Meredith | |||
Goodwill | |||
Balance at beginning of period | 1,567,843 | ||
Additions | 1,567,843 | ||
Deductions | (70,201) | 0 | |
Impairment | 0 | ||
Balance at end of period | 1,497,642 | 1,567,843 | |
Dotdash Meredith | Digital | |||
Goodwill | |||
Balance at beginning of period | 1,567,843 | ||
Additions | 1,567,843 | ||
Deductions | (70,201) | 0 | |
Impairment | 0 | ||
Balance at end of period | 1,497,642 | 1,567,843 | |
Angi Inc. | |||
Goodwill | |||
Balance at beginning of period | 916,375 | 892,133 | |
Additions | 26,822 | ||
Deductions | (816) | 0 | |
Impairment | (26,005) | ||
Foreign Exchange Translation | (6,269) | (2,580) | |
Balance at end of period | 883,285 | 916,375 | 892,133 |
Angi Inc. | Angi Inc. | |||
Goodwill | |||
Balance at beginning of period | 916,375 | ||
Deductions | (816) | ||
Reporting Unit Allocation Adjustment | (903,469) | ||
Impairment | 0 | ||
Foreign Exchange Translation | (12,090) | ||
Balance at end of period | 916,375 | ||
Angi Inc. | Ads and Leads | |||
Goodwill | |||
Deductions | 0 | ||
Reporting Unit Allocation Adjustment | 761,571 | ||
Impairment | 0 | ||
Balance at end of period | 761,571 | ||
Angi Inc. | Services | |||
Goodwill | |||
Deductions | 0 | ||
Reporting Unit Allocation Adjustment | 51,095 | ||
Impairment | 0 | ||
Balance at end of period | 51,095 | ||
Angi Inc. | Roofing | |||
Goodwill | |||
Deductions | 0 | ||
Reporting Unit Allocation Adjustment | 26,005 | ||
Impairment | (26,005) | ||
Angi Inc. | International | |||
Goodwill | |||
Deductions | 0 | ||
Reporting Unit Allocation Adjustment | 64,798 | ||
Impairment | 0 | ||
Foreign Exchange Translation | 5,821 | ||
Balance at end of period | 70,619 | ||
Emerging & Other | |||
Goodwill | |||
Balance at beginning of period | 742,392 | 767,969 | |
Additions | 0 | ||
Deductions | (6,403) | (25,376) | |
Impairment | (86,748) | ||
Foreign Exchange Translation | (201) | ||
Balance at end of period | $ 649,241 | $ 742,392 | $ 767,969 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill impairment | $ 112,753,000 | $ 0 | $ 265,146,000 | |
Goodwill | 3,030,168,000 | 3,226,610,000 | 1,660,102,000 | |
Angi Inc. | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | 26,005,000 | |||
Goodwill | 883,285,000 | 916,375,000 | 892,133,000 | |
Angi Inc. | Roofing | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | 26,005,000 | |||
Mosaic Group | ||||
Goodwill [Line Items] | ||||
Goodwill, impaired, accumulated impairment loss | 86,700,000 | |||
Dotdash Meredith | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | 0 | |||
Goodwill, impaired, accumulated impairment loss | 198,300,000 | 198,300,000 | ||
Goodwill | 1,497,642,000 | 1,567,843,000 | ||
Emerging & Other | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | 86,748,000 | |||
Goodwill, impaired, accumulated impairment loss | 26,000,000 | |||
Goodwill | 649,241,000 | 742,392,000 | $ 767,969,000 | |
Emerging & Other | Mosaic Group | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $ 86,700,000 | |||
Search | ||||
Goodwill [Line Items] | ||||
Goodwill, impaired, accumulated impairment loss | 981,300,000 | $ 981,300,000 | ||
Goodwill | $ 0 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 1,121,007 | $ 1,014,574 |
Accumulated Amortization | (582,063) | (278,831) |
Total | $ 538,944 | $ 735,743 |
Weighted-Average Useful Life | 4 years 8 months 12 days | 4 years 7 months 6 days |
Advertiser relationships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 297,000 | $ 334,000 |
Accumulated Amortization | (87,199) | (6,386) |
Total | $ 209,801 | $ 327,614 |
Weighted-Average Useful Life | 5 years | 5 years 2 months 12 days |
Technology | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 198,224 | $ 133,318 |
Accumulated Amortization | (171,660) | (106,415) |
Total | $ 26,564 | $ 26,903 |
Weighted-Average Useful Life | 3 years 6 months | 4 years 2 months 12 days |
Licensee relationships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 171,000 | $ 150,000 |
Accumulated Amortization | (45,152) | (2,923) |
Total | $ 125,848 | $ 147,077 |
Weighted-Average Useful Life | 4 years 10 months 24 days | 4 years 10 months 24 days |
Trade names | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 120,711 | $ 145,598 |
Accumulated Amortization | (37,677) | (18,224) |
Total | $ 83,034 | $ 127,374 |
Weighted-Average Useful Life | 9 years 2 months 12 days | 5 years 1 month 6 days |
Content | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 106,639 | $ 10,439 |
Accumulated Amortization | (61,407) | $ (10,439) |
Total | $ 45,232 | |
Weighted-Average Useful Life | 2 years 10 months 24 days | 3 years 4 months 24 days |
Service professional relationships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 97,658 | $ 98,789 |
Accumulated Amortization | (97,537) | (97,877) |
Total | $ 121 | $ 912 |
Weighted-Average Useful Life | 3 years | 3 years |
Customer lists and user base | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 68,575 | $ 68,730 |
Accumulated Amortization | (41,868) | (32,606) |
Total | $ 26,707 | $ 36,124 |
Weighted-Average Useful Life | 6 years 4 months 24 days | 6 years 4 months 24 days |
Subscriber relationships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 61,200 | $ 73,700 |
Accumulated Amortization | (39,563) | (3,961) |
Total | $ 21,637 | $ 69,739 |
Weighted-Average Useful Life | 1 year 10 months 24 days | 2 years |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 208,245 | |
2024 | 133,884 | |
2025 | 84,476 | |
2026 | 69,057 | |
2027 | 15,142 | |
Thereafter | 28,140 | |
Total | $ 538,944 | $ 735,743 |
DOTDASH MEREDITH RESTRUCTURIN_3
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Oct. 03, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Charges incurred | $ 73,200 | ||||||
Restructuring charges and impairment | 80,200 | ||||||
Severance costs | 55,900 | ||||||
Impairment charges | 21,300 | ||||||
Operating lease impairment charges | 2,300 | $ 10,500 | $ 5,800 | ||||
Impairment of leasehold improvements | 7,000 | ||||||
Payments | 31,110 | ||||||
Restructuring accruals | 27,394 | ||||||
Forecast | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments | $ 300 | ||||||
Dotdash Meredith | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments made for change in control | $ 4,300 | $ 83,100 | $ 60,100 | ||||
Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments | 3,192 | ||||||
Restructuring accruals | 4,389 | ||||||
Transaction-related costs | 7,100 | $ 30,200 | |||||
Meredith Corporation | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Operating lease impairment charges | 14,300 | ||||||
Impairment of leasehold improvements | 7,000 | ||||||
Reduction In Force Plan | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges incurred | $ 17,500 |
DOTDASH MEREDITH RESTRUCTURIN_4
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Allocation of Restructuring Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | $ 80,238 |
Cost of revenue | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | 24,527 |
Selling and marketing expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | 17,174 |
General and administrative expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | 28,096 |
Product development expense | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | 3,435 |
Depreciation | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs | $ 7,006 |
DOTDASH MEREDITH RESTRUCTURIN_5
DOTDASH MEREDITH RESTRUCTURING CHARGES, TRANSACTION-RELATED EXPENSES AND CHANGE-IN-CONTROL PAYMENTS - Restructuring Accrual and Related Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restructuring charges | |
Costs incurred | $ 80,238 |
Payments | (31,110) |
Non-cash | (21,734) |
Restructuring accruals as of December 31, 2022 | 27,394 |
Impairment charges | 21,300 |
Inventory write-off | 400 |
Digital | |
Restructuring charges | |
Costs incurred | 39,225 |
Payments | (6,966) |
Non-cash | (21,309) |
Restructuring accruals as of December 31, 2022 | 10,950 |
Restructuring charges | |
Costs incurred | 33,432 |
Payments | (20,952) |
Non-cash | (425) |
Restructuring accruals as of December 31, 2022 | 12,055 |
Other | |
Restructuring charges | |
Costs incurred | 7,581 |
Payments | (3,192) |
Non-cash | 0 |
Restructuring accruals as of December 31, 2022 | $ 4,389 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Marketable equity securities | $ 4,317 | $ 19,788 |
Available for sale marketable debt securities | 235,056 | 0 |
Total marketable securities | $ 239,373 | $ 19,788 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) shares | Sep. 30, 2020 USD ($) shares | Dec. 31, 2022 USD ($) investment | Dec. 31, 2021 USD ($) investment | Dec. 31, 2020 USD ($) | Feb. 23, 2023 shares | Feb. 10, 2023 USD ($) | Dec. 01, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Number of investments in marketable equity securities | investment | 2 | 1 | |||||||
Unrealized gain on marketable equity security | $ 20,300,000 | $ 18,800,000 | |||||||
Realized (loss) gain on the sale of a marketable equity security | $ 7,200,000 | 0 | 7,174,000 | $ 0 | |||||
Available-for-sale marketable debt securities in a continuous unrealized loss position for longer than twelve months | 0 | ||||||||
Unrealized gain (loss) on investment | (723,515,000) | 789,283,000 | 840,550,000 | ||||||
Investment in MGM Resorts International | 2,170,182,000 | 2,649,442,000 | |||||||
Total upward adjustments to equity securities without readily determinable fair value | 36,900,000 | ||||||||
Total downward adjustments to equity securities without readily determinable fair value | $ 136,000,000 | ||||||||
Acquisition-related contingent consideration fair value adjustments | $ 15,000,000 | ||||||||
Contingent consideration arrangement liability | 612,000 | ||||||||
Meredith Corporation | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Contingent consideration arrangement liability | $ 600,000 | ||||||||
Subsequent Event | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Investment in MGM Resorts International | $ 2,800,000,000 | ||||||||
MGM | Subsequent Event | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Ownership interest (as a percent) | 17.10% | ||||||||
Turo | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Ownership interest (as a percent) | 26.60% | ||||||||
MGM | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Number of equity securities purchased (in shares) | shares | 5.7 | 59 | |||||||
Payments to acquire additional MGM shares | $ 244,300,000 | $ 1,000,000,000 | |||||||
Unrealized gain (loss) on investment | $ (723,500,000) | $ 789,300,000 | $ 840,500,000 | ||||||
Cumulative unrealized net pre-tax gain | 906,300,000 | ||||||||
Unrealized gain (loss), impact in $2.00 change in share price | $ 129,400,000 | ||||||||
MGM | Subsequent Event | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Total number of equity securities owned (in shares) | shares | 64.7 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Current Available-for-Sale Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule of Available-for-sale Marketable Securities | |
Amortized Cost | $ 234,987 |
Gross Unrealized Gains | 75 |
Gross Unrealized Losses | (6) |
Fair Value | 235,056 |
Treasury discount notes | |
Schedule of Available-for-sale Marketable Securities | |
Amortized Cost | 234,987 |
Gross Unrealized Gains | 75 |
Gross Unrealized Losses | (6) |
Fair Value | $ 235,056 |
FINANCIAL INSTRUMENTS AND FAI_6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Investments in MGM Resorts International (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Investment in MGM Resorts International | $ 2,170,182 | $ 2,649,442 |
FINANCIAL INSTRUMENTS AND FAI_7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Long-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Equity securities without readily determinable fair values | $ 323,530 | $ 324,649 |
Equity method investment | 2,191 | 3,189 |
Long-term investments | $ 325,721 | $ 327,838 |
FINANCIAL INSTRUMENTS AND FAI_8
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Adjustments to the Carrying Value of Equity Securities Without Readily Determinable Fair Values | |||
Upward adjustments (gross unrealized pre-tax gains) | $ 8,245 | $ 8,992 | |
Downward adjustments including impairments (gross unrealized pre-tax losses) | (97,382) | (100) | |
Total | (89,137) | 8,892 | |
Equity Securities without Readily Determinable Fair Values, Realized and Unrealized Gains (Losses) | |||
Realized pre-tax gains, net, for equity securities sold | 12,434 | 5,773 | $ 1,873 |
Unrealized pre-tax (losses) gains, net, on equity securities held | (89,137) | 8,892 | 797,565 |
Total pre-tax (losses) gains, net recognized | $ (76,703) | $ 14,665 | $ 799,438 |
FINANCIAL INSTRUMENTS AND FAI_9
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Feb. 10, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | |||
Marketable equity securities | $ 4,317 | $ 19,788 | |
Treasury discount notes | 235,056 | ||
Investment in MGM | 2,170,182 | 2,649,442 | |
Other non-current assets | 625,774 | 1,037,067 | |
Total assets | 3,472,420 | 4,445,502 | |
Liabilities: | |||
Contingent consideration arrangement | (612) | ||
Subsequent Event | |||
Assets: | |||
Investment in MGM | $ 2,800,000 | ||
Quoted Market Prices for Identical Assets in Active Markets (Level 1) | |||
Assets: | |||
Marketable equity securities | 4,317 | 19,788 | |
Treasury discount notes | 0 | ||
Investment in MGM | 2,170,182 | 2,649,442 | |
Total assets | 3,037,328 | 4,330,151 | |
Liabilities: | |||
Contingent consideration arrangement | 0 | ||
Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Marketable equity securities | 0 | 0 | |
Treasury discount notes | 235,056 | ||
Investment in MGM | 0 | 0 | |
Total assets | 388,293 | 6,057 | |
Liabilities: | |||
Contingent consideration arrangement | 0 | ||
Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Marketable equity securities | 0 | 0 | |
Treasury discount notes | 0 | ||
Investment in MGM | 0 | 0 | |
Total assets | 46,799 | 109,294 | |
Liabilities: | |||
Contingent consideration arrangement | (612) | ||
Money market funds | |||
Assets: | |||
Cash equivalents | 862,829 | 1,660,921 | |
Money market funds | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | |||
Assets: | |||
Cash equivalents | 862,829 | 1,660,921 | |
Money market funds | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Money market funds | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Treasury discount notes | |||
Assets: | |||
Cash equivalents | 137,219 | ||
Treasury discount notes | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | |||
Assets: | |||
Cash equivalents | 0 | ||
Treasury discount notes | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Cash equivalents | 137,219 | ||
Treasury discount notes | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Cash equivalents | 0 | ||
Time deposits | |||
Assets: | |||
Cash equivalents | 16,018 | 6,057 | |
Time deposits | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Time deposits | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Cash equivalents | 16,018 | 6,057 | |
Time deposits | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Cash equivalents | 0 | 0 | |
Warrant | |||
Assets: | |||
Other non-current assets | 46,799 | 109,294 | |
Warrant | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | |||
Assets: | |||
Other non-current assets | 0 | 0 | |
Warrant | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Other non-current assets | 0 | 0 | |
Warrant | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Other non-current assets | $ 46,799 | $ 109,294 |
FINANCIAL INSTRUMENTS AND FA_10
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contingent Consideration Arrangements | ||
Contingent Consideration Arrangements | ||
Balance at beginning of period | $ (612) | $ 0 |
Fair value at date of acquisition | 0 | (620) |
Fair value adjustments included in earnings | 612 | (14,992) |
Settlements | 0 | 15,000 |
Balance at end of period | 0 | (612) |
Warrant | ||
Warrant | ||
Balance at beginning of period | 109,294 | 5,276 |
Fair value at date of acquisition | 0 | 0 |
Fair value adjustments included in earnings | (62,495) | 104,018 |
Settlements | 0 | 0 |
Balance at end of period | $ 46,799 | $ 109,294 |
FINANCIAL INSTRUMENTS AND FA_11
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | $ (30,000) | $ (30,000) |
Long-term debt, net | (2,019,760) | (2,046,237) |
Unamortized original issue discount and debt issuance costs | 20,200 | 23,800 |
Carrying Value | ||
Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | (30,000) | (30,000) |
Long-term debt, net | (2,019,760) | (2,046,237) |
Fair Value | ||
Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | (26,700) | (29,550) |
Long-term debt, net | $ (1,708,413) | $ (2,061,450) |
LEASES - Balance Sheet Informat
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | ||
Other non-current assets | $ 428,160 | $ 498,337 |
Liabilities: | ||
Current lease liabilities | 67,192 | 63,521 |
Long-term lease liabilities | 518,851 | 578,272 |
Total lease liabilities | $ 586,043 | $ 641,793 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other non-current assets | Other non-current assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Dotdash Meredith | ||
Liabilities: | ||
Increase in ROU assets due to acquisition | $ 323,300 | $ 358,600 |
Increase in lease liability due to acquisition | 408,700 | $ 434,800 |
Downward purchase accounting adjustment | 4,300 | |
Upward purchase accounting adjustment | $ 7,100 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Fixed lease expense | $ 70,397 | $ 44,071 | $ 40,011 |
Variable lease expense | 16,694 | 9,902 | 10,562 |
Net lease expense | 87,091 | 53,973 | 50,573 |
Short-term lease cost | 4,000 | 1,400 | 2,500 |
Operating lease impairment charges | 2,300 | 10,500 | 5,800 |
Sublease income | 17,100 | 6,700 | 5,300 |
Gains (losses) on termination of leases | 3,300 | (100) | (1,300) |
Meredith Corporation | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease impairment charges | 14,300 | ||
Cost of revenue | |||
Lessee, Lease, Description [Line Items] | |||
Fixed lease expense | 1,283 | 1,707 | 2,183 |
Selling and marketing expense | |||
Lessee, Lease, Description [Line Items] | |||
Fixed lease expense | 6,229 | 9,443 | 12,591 |
Variable lease expense | 199 | 1,087 | 2,314 |
General and administrative expense | |||
Lessee, Lease, Description [Line Items] | |||
Fixed lease expense | 61,886 | 31,165 | 22,221 |
Variable lease expense | 16,406 | 8,176 | 7,314 |
Product development expense | |||
Lessee, Lease, Description [Line Items] | |||
Fixed lease expense | 999 | 1,756 | 3,016 |
Variable lease expense | $ 89 | $ 639 | $ 934 |
LEASES - Operating Lease Liabil
LEASES - Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 94,270 | |
2024 | 92,476 | |
2025 | 87,409 | |
2026 | 82,927 | |
2027 | 68,637 | |
Thereafter | 405,633 | |
Total | 831,352 | |
Less: Interest | 245,309 | |
Present value of lease liabilities | 586,043 | $ 641,793 |
Lease payments for leases signed but not yet commenced | $ 4,800 |
LEASES - Weighted-Average Remai
LEASES - Weighted-Average Remaining Term and Discount Rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remaining lease term (in years) | 11 years 4 months 24 days | 11 years 9 months 18 days |
Discount rate (as a percent) | 5.22% | 5.54% |
LEASES - Other Information (Det
LEASES - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets obtained in exchange for lease liabilities | $ 16,716 | $ 442,205 | $ 80,314 |
Cash paid for amounts included in the measurement of lease liabilities | 93,864 | 44,659 | $ 41,377 |
Meredith Corporation | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets obtained in exchange for lease liabilities | $ 437,700 | ||
Dotdash Meredith | |||
Lessee, Lease, Description [Line Items] | |||
Upward purchase accounting adjustment | $ 7,100 |
LONG-TERM DEBT - Summary (Detai
LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less: current portion of Dotdash Meredith long-term debt | $ 30,000 | $ 30,000 |
Less: original issue discount | 5,310 | |
Less: unamortized debt issuance costs | 14,930 | |
Long-term debt, net | 2,019,760 | 2,046,237 |
Dotdash Meredith | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,570,000 | 1,600,000 |
Less: current portion of Dotdash Meredith long-term debt | 30,000 | 30,000 |
Less: original issue discount | 5,310 | 6,176 |
Less: unamortized debt issuance costs | 10,215 | 12,139 |
Long-term debt, net | 1,524,475 | 1,551,685 |
Angi Inc. | ||
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | 4,715 | 5,448 |
Long-term debt, net | $ 495,285 | $ 494,552 |
Term Loan | Dotdash Meredith Term Loan A | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 5.91% | 2.15% |
Term Loan | Dotdash Meredith Term Loan A | Dotdash Meredith | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 332,500 | $ 350,000 |
Term Loan | Dotdash Meredith Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 8.22% | 4.50% |
Term Loan | Dotdash Meredith Term Loan B Facility | Dotdash Meredith | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,237,500 | $ 1,250,000 |
Senior Notes | ANGI 3.875% Senior Notes | Angi Inc. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500,000 | $ 500,000 |
Stated interest rate (as a percent) | 3.875% |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | 11 Months Ended | 12 Months Ended | 37 Months Ended | 83 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 01, 2021 USD ($) | Dec. 01, 2026 USD ($) | Dec. 31, 2025 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2024 USD ($) | Dec. 01, 2028 USD ($) | Aug. 02, 2021 USD ($) | |
Dotdash Meredith Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt covenant, net leverage ratio amount, maximum | $ 250,000,000 | ||||||||
Dotdash Meredith Credit Agreement | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt covenant, minimum amount needed to be drawn | $ 1 | ||||||||
Debt covenant, percentage of face | 1.02 | ||||||||
Debt covenant, outstanding face amount of undrawn letters of credit, minimum | $ 25,000,000 | ||||||||
Consolidated net leverage ratio (no greater than) | 5.5 | ||||||||
Debt covenant, net leverage ratio that would limit dividends | 4 | ||||||||
Dotdash Meredith Term Loan A | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Term of debt instrument (years) | 5 years | ||||||||
Face amount of debt instrument | $ 350,000,000 | ||||||||
Stated interest rate (as a percent) | 5.91% | 5.91% | 2.15% | ||||||
Dotdash Meredith Term Loan A | Term Loan | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly repayments of principal | $ 13,100,000 | $ 8,800,000 | $ 4,400,000 | ||||||
Dotdash Meredith Term Loan A | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.25% | 2% | |||||||
Dotdash Meredith Term Loan B Facility | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Term of debt instrument (years) | 7 years | ||||||||
Face amount of debt instrument | $ 1,250,000,000 | ||||||||
Stated interest rate (as a percent) | 8.22% | 8.22% | 4.50% | ||||||
Dotdash Meredith Term Loan B Facility | Term Loan | Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly repayments of principal | $ 3,100,000 | ||||||||
Dotdash Meredith Term Loan B Facility | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 4% | ||||||||
Dotdash Meredith Term Loan B Facility | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 0.50% | ||||||||
Dotdash Meredith Revolving Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Term of debt instrument (years) | 5 years | ||||||||
Maximum borrowing capacity | $ 150,000,000 | ||||||||
Outstanding borrowings under the credit facility | $ 0 | $ 0 | $ 0 | ||||||
Commitment fee (in basis points) | 0.40% | 0.35% | |||||||
ANGI 3.875% Senior Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Secured leverage ratio, maximum | 3.75 | 3.75 | |||||||
ANGI Group Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal payments on ANGI Group Term Loan | $ 220,000,000 | ||||||||
ANGI Group Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 250,000,000 |
LONG-TERM DEBT - Debt Instrumen
LONG-TERM DEBT - Debt Instrument Redemption (Details) - Senior Notes - ANGI 3.875% Senior Notes | Aug. 20, 2020 |
Period One | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 101.938% |
Period Two | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.969% |
Period Three | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100% |
LONG-TERM DEBT - Aggregate Cont
LONG-TERM DEBT - Aggregate Contractual Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 30,000 | |
2024 | 30,000 | |
2025 | 47,500 | |
2026 | 275,000 | |
2027 | 12,500 | |
2028 | 1,675,000 | |
Total | 2,070,000 | |
Current portion of long-term debt | 30,000 | $ 30,000 |
Less: original issue discount | 5,310 | |
Less: unamortized debt issuance costs | 14,930 | |
Long-term debt, net | $ 2,019,760 | $ 2,046,237 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) vote $ / shares shares | Dec. 31, 2021 $ / shares | May 25, 2021 $ / shares shares | May 24, 2021 $ / shares | Jun. 30, 2020 shares | |
Class of Stock | |||||
Directors elected (as a percent) | 25% | ||||
Stock authorized for repurchase (in shares) | 6,900,000 | 8,000,000 | |||
Stock repurchased (shares) | 1,100,000 | ||||
Stock repurchased (USD per share) | $ / shares | $ 77.44 | ||||
Value of stock repurchased | $ | $ 85.3 | ||||
Common Stock | |||||
Class of Stock | |||||
Number of votes | vote | 1 | ||||
Common stock, par value (USD per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.001 | |
Common Stock | Vimeo | |||||
Class of Stock | |||||
Number of shares issued upon Spin-off per preferred stock exchanged (in shares) | 1.6235 | ||||
Series 1 Mandatorily Exchangeable Preferred Stock | |||||
Class of Stock | |||||
Number of preferred stock issued upon reclassification of common stock (in shares) | 0.01 | ||||
Preferred stock, par value (USD per share) | $ / shares | $ 0.01 | ||||
Class B Common Stock | |||||
Class of Stock | |||||
Number of votes | vote | 10 | ||||
Common stock, par value (USD per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.001 | |
Class B Common Stock | Vimeo | |||||
Class of Stock | |||||
Number of shares issued upon Spin-off per preferred stock exchanged (in shares) | 1.6235 | ||||
Series 2 Mandatorily Exchangeable Preferred Stock | |||||
Class of Stock | |||||
Number of preferred stock issued upon reclassification of common stock (in shares) | 0.01 | ||||
Preferred stock, par value (USD per share) | $ / shares | $ 0.01 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) | |||
Balance at beginning of period | $ 7,748,960,000 | $ 7,150,928,000 | $ 3,005,146,000 |
Total other comprehensive (loss) income, net of income taxes | (18,776,000) | 10,464,000 | 7,812,000 |
Balance at end of period | 6,572,534,000 | 7,748,960,000 | 7,150,928,000 |
Tax provision (benefit) on accumulated other comprehensive loss | 100,000 | 0 | 0 |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at beginning of period | 4,397,000 | (6,172,000) | (12,226,000) |
Balance at end of period | (13,186,000) | 4,397,000 | (6,172,000) |
Foreign Currency Translation Adjustment including portion attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive (loss) income before reclassifications | (17,636,000) | 527,000 | 6,236,000 |
Amounts reclassified to earnings | 42,000 | 10,032,000 | (144,000) |
Total other comprehensive (loss) income, net of income taxes | (17,594,000) | 10,559,000 | 6,092,000 |
Foreign Currency Translation Adjustment attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Total other comprehensive (loss) income, net of income taxes | 11,000 | 10,000 | (38,000) |
Unrealized Gains On Available-For-Sale Marketable Debt Securities | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at beginning of period | 0 | 2,000 | 0 |
Balance at end of period | 53,000 | 0 | 2,000 |
Unrealized Gains on Available-for-Sale Debt Securities including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive (loss) income before reclassifications | 53,000 | (2,000) | 2,000 |
Amounts reclassified to earnings | 0 | 0 | 0 |
Total other comprehensive (loss) income, net of income taxes | 53,000 | (2,000) | 2,000 |
Unrealized Gains on Available-for-Sale Debt Securities attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Total other comprehensive (loss) income, net of income taxes | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) | |||
Balance at beginning of period | 4,397,000 | (6,170,000) | (12,226,000) |
Balance at end of period | (13,133,000) | 4,397,000 | (6,170,000) |
Accumulated Other Comprehensive Income (Loss) including portion attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive (loss) income before reclassifications | (17,583,000) | 525,000 | 6,238,000 |
Amounts reclassified to earnings | 42,000 | 10,032,000 | (144,000) |
Total other comprehensive (loss) income, net of income taxes | (17,541,000) | 10,557,000 | 6,094,000 |
Accumulated Other Comprehensive Income (Loss) attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Total other comprehensive (loss) income, net of income taxes | $ 11,000 | $ 10,000 | $ (38,000) |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Reportable Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 5,235,280 | $ 3,699,627 | $ 2,764,536 |
Angi Inc. | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,790,486 | 1,583,143 | 1,381,294 |
Operating Segments | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,934,699 | 456,273 | 213,753 |
Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Revenue | 931,482 | 367,134 | 213,753 |
Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,026,128 | 92,002 | 0 |
Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,891,524 | 1,685,438 | 1,467,925 |
Operating Segments | Angi Inc. | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,790,486 | 1,583,143 | 1,381,294 |
Operating Segments | Angi Inc. | Ads and Leads | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,282,061 | 1,227,074 | 1,218,755 |
Operating Segments | Angi Inc. | Services | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 381,256 | 289,948 | 162,539 |
Operating Segments | Angi Inc. | Roofing | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 137,509 | 68,028 | 0 |
Operating Segments | Angi Inc. | International | |||
Segment Reporting Information [Line Items] | |||
Revenue | 101,038 | 102,295 | 86,631 |
Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 731,431 | 873,346 | 613,274 |
Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 685,956 | 685,175 | 469,759 |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (8,330) | (605) | (175) |
Intersegment eliminations | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Revenue | (22,911) | (2,863) | 0 |
Intersegment eliminations | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | (2,863) | 0 | |
Intersegment eliminations | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,891,524 | 1,685,438 | 1,467,925 |
Intersegment eliminations | Angi Inc. | United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (10,340) | $ (1,907) | $ 0 |
SEGMENT INFORMATION - Revenue D
SEGMENT INFORMATION - Revenue Disaggregated by Service (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 5,235,280 | $ 3,699,627 | $ 2,764,536 |
Operating Segments | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,934,699 | 456,273 | 213,753 |
Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Revenue | 931,482 | 367,134 | 213,753 |
Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,026,128 | 92,002 | 0 |
Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,891,524 | 1,685,438 | 1,467,925 |
Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 731,431 | 873,346 | 613,274 |
Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 685,956 | 685,175 | 469,759 |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (8,330) | (605) | (175) |
Intersegment eliminations | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Revenue | (22,911) | (2,863) | 0 |
Intersegment eliminations | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | (2,863) | 0 | |
Intersegment eliminations | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,891,524 | 1,685,438 | 1,467,925 |
United States | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,790,486 | 1,583,143 | 1,381,294 |
United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,790,486 | 1,583,143 | 1,381,294 |
United States | Operating Segments | Angi Inc. | Services | |||
Segment Reporting Information [Line Items] | |||
Revenue | 381,256 | 289,948 | 162,539 |
United States | Operating Segments | Angi Inc. | Roofing | |||
Segment Reporting Information [Line Items] | |||
Revenue | 137,509 | 68,028 | 0 |
United States | Intersegment eliminations | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | (10,340) | (1,907) | 0 |
International | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 101,038 | 102,295 | 86,631 |
Display advertising | Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Revenue | 621,714 | 236,660 | 137,455 |
Performance marketing | Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Revenue | 198,441 | 116,195 | 76,298 |
Performance marketing | Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 55,484 | 8,093 | 0 |
Licensing and other | Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Revenue | 111,327 | 14,279 | 0 |
Subscription | Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 422,700 | 34,634 | 0 |
Advertising | Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 260,282 | 13,678 | 0 |
Advertising | Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 726,422 | 859,319 | 596,363 |
Advertising | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 18,249 | 22,028 | 19,366 |
Google advertising | Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 525,987 | 675,892 | 506,077 |
Google advertising | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,192 | 2,981 | 3,130 |
Non-Google advertising | Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 200,435 | 183,427 | 90,286 |
Non-Google advertising | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 16,057 | 19,047 | 16,236 |
Project and Other Print | Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 154,807 | 16,414 | 0 |
Newsstand | Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Revenue | 132,855 | 19,183 | 0 |
Ads and Leads | United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,282,061 | 1,227,074 | 1,218,755 |
Consumer connection | United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 954,735 | 898,422 | 899,175 |
Consumer connection | International | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 71,851 | 68,686 | 57,692 |
Advertising | United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 265,466 | 252,206 | 226,505 |
Membership subscription | United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 60,411 | 68,062 | 74,073 |
Other | United States | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,449 | 8,384 | 19,002 |
Service professional membership subscription | International | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 28,192 | 32,367 | 27,225 |
Advertising and other | International | Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 995 | 1,242 | 1,714 |
Other | Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Revenue | 5,009 | 14,027 | 16,911 |
Subscription | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 368,401 | 367,159 | 303,482 |
Marketplace | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 261,314 | 243,970 | 138,863 |
Media production and distribution | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 31,555 | 44,517 | 3,585 |
Service and other | Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 6,437 | $ 7,501 | $ 4,463 |
SEGMENT INFORMATION - Revenue a
SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue and Long-lived Assets by Geography | |||
Revenue | $ 5,235,280 | $ 3,699,627 | $ 2,764,536 |
Long-lived assets (excluding goodwill, intangible assets and ROU assets) | 510,614 | 570,525 | |
United States | |||
Revenue and Long-lived Assets by Geography | |||
Revenue | 4,837,367 | 3,184,653 | 2,309,504 |
Long-lived assets (excluding goodwill, intangible assets and ROU assets) | 502,977 | 562,628 | |
All other countries | |||
Revenue and Long-lived Assets by Geography | |||
Revenue | 397,913 | 514,974 | $ 455,032 |
Long-lived assets (excluding goodwill, intangible assets and ROU assets) | $ 7,637 | $ 7,897 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Income (Loss) and Adjusted EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | $ (474,771) | $ (137,067) | $ (537,663) |
Restructuring charges and impairment | 80,200 | ||
Charges incurred | 73,200 | ||
Impairment of leasehold improvements | 7,000 | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Transaction-related costs | 7,100 | 30,200 | |
Operating Segments | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (188,091) | 7,176 | 50,241 |
Adjusted EBITDA | 66,206 | ||
Operating Segments | Dotdash Meredith | Digital | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (66,629) | 73,980 | 50,241 |
Adjusted EBITDA | 186,696 | 91,179 | 66,206 |
Operating Segments | Dotdash Meredith | Print | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (54,448) | (6,527) | |
Adjusted EBITDA | 31,135 | 2,639 | 0 |
Operating Segments | Dotdash Meredith | Other | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (67,014) | (60,277) | |
Adjusted EBITDA | (65,682) | (60,196) | 0 |
Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (126,305) | (76,513) | (6,368) |
Operating Segments | Angi Inc. | Other | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (61,794) | (56,196) | (84,674) |
Adjusted EBITDA | (49,866) | (46,066) | (23,870) |
Operating Segments | Angi Inc. | Ads and Leads | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 85,593 | 65,485 | 133,365 |
Adjusted EBITDA | 168,952 | 136,260 | 230,797 |
Operating Segments | Angi Inc. | Services | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (95,166) | (63,984) | (44,592) |
Adjusted EBITDA | (52,126) | (48,203) | (29,253) |
Operating Segments | Angi Inc. | Roofing | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (50,685) | (8,596) | |
Adjusted EBITDA | (21,400) | (7,511) | 0 |
Operating Segments | Angi Inc. | International | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (4,253) | (13,222) | (10,467) |
Adjusted EBITDA | (481) | (6,615) | (4,870) |
Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 83,398 | 108,334 | (248,711) |
Adjusted EBITDA | 83,486 | 108,381 | 51,344 |
Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (106,154) | (22,738) | (70,896) |
Adjusted EBITDA | (1,643) | 33,383 | (37,699) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (137,619) | (153,326) | (261,929) |
Adjusted EBITDA | $ (79,521) | $ (95,985) | $ (147,433) |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | $ (474,771) | $ (137,067) | $ (537,663) | |
Stock-based compensation expense | 123,476 | 79,487 | 188,995 | |
Depreciation | 130,986 | 75,015 | 68,823 | |
Amortization of intangibles | 307,718 | 74,839 | 126,839 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | $ (15,000) | |||
Goodwill Impairment | 112,753 | 0 | 265,146 | |
Interest expense | (110,165) | (34,264) | (16,166) | |
Unrealized (loss) gain on investment in MGM Resorts International | (723,515) | 789,283 | 840,550 | |
Other (expense) income, net | (217,785) | 111,854 | (42,561) | |
(Loss) earnings from continuing operations before income taxes | (1,526,236) | 729,806 | 244,160 | |
Income tax benefit (provision) | 331,087 | (138,990) | 45,707 | |
Net (loss) earnings from continuing operations | (1,195,149) | 590,816 | 289,867 | |
Earnings (loss) from discontinued operations, net of taxes | 2,694 | (1,831) | (21,281) | |
Net (loss) earnings | (1,192,455) | 588,985 | 268,586 | |
Net loss attributable to noncontrolling interests | 22,285 | 8,562 | 1,140 | |
Net (loss) earnings attributable to IAC shareholders | (1,170,170) | 597,547 | 269,726 | |
Dotdash Meredith | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 0 | |||
Dotdash Meredith | Digital | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 0 | |||
Angi Inc. | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 26,005 | |||
Angi Inc. | Ads and Leads | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 0 | |||
Angi Inc. | Services | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 0 | |||
Angi Inc. | Roofing | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 26,005 | |||
Angi Inc. | International | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 0 | |||
Emerging & Other | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Goodwill Impairment | 86,748 | |||
Operating Segments | Dotdash Meredith | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (188,091) | 7,176 | 50,241 | |
Stock-based compensation expense | 0 | |||
Depreciation | 1,794 | |||
Amortization of intangibles | 14,171 | |||
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | |||
Goodwill Impairment | 0 | |||
Adjusted EBITDA | 66,206 | |||
Operating Segments | Dotdash Meredith | Digital | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (66,629) | 73,980 | 50,241 | |
Stock-based compensation expense | 20,596 | 1,438 | ||
Depreciation | 27,569 | 4,257 | ||
Amortization of intangibles | 205,772 | 11,512 | ||
Acquisition-related Contingent Consideration Fair Value Arrangements | (612) | (8) | ||
Adjusted EBITDA | 186,696 | 91,179 | 66,206 | |
Operating Segments | Dotdash Meredith | Print | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (54,448) | (6,527) | ||
Stock-based compensation expense | 1,023 | 0 | ||
Depreciation | 12,620 | 1,827 | ||
Amortization of intangibles | 71,940 | 7,339 | ||
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | ||
Adjusted EBITDA | 31,135 | 2,639 | 0 | |
Operating Segments | Dotdash Meredith | Other | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (67,014) | (60,277) | ||
Stock-based compensation expense | 136 | 0 | ||
Depreciation | 1,196 | 81 | ||
Amortization of intangibles | 0 | 0 | ||
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | ||
Adjusted EBITDA | (65,682) | (60,196) | 0 | |
Operating Segments | Angi Inc. | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (126,305) | (76,513) | (6,368) | |
Operating Segments | Angi Inc. | Other | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (61,794) | (56,196) | (84,674) | |
Stock-based compensation expense | 11,928 | 10,121 | 60,752 | |
Depreciation | 0 | 0 | 0 | |
Amortization of intangibles | 0 | 9 | 52 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 0 | ||
Adjusted EBITDA | (49,866) | (46,066) | (23,870) | |
Operating Segments | Angi Inc. | Ads and Leads | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | 85,593 | 65,485 | 133,365 | |
Stock-based compensation expense | 19,972 | 12,722 | 14,241 | |
Depreciation | 52,737 | 46,025 | 44,748 | |
Amortization of intangibles | 10,650 | 12,028 | 38,443 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 0 | ||
Adjusted EBITDA | 168,952 | 136,260 | 230,797 | |
Operating Segments | Angi Inc. | Services | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (95,166) | (63,984) | (44,592) | |
Stock-based compensation expense | 18,012 | 4,672 | 7,601 | |
Depreciation | 21,904 | 7,049 | 3,638 | |
Amortization of intangibles | 3,124 | 4,060 | 4,100 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 0 | ||
Adjusted EBITDA | (52,126) | (48,203) | (29,253) | |
Operating Segments | Angi Inc. | Roofing | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (50,685) | (8,596) | ||
Stock-based compensation expense | 1,866 | 531 | 0 | |
Depreciation | 747 | 221 | 0 | |
Amortization of intangibles | 667 | 333 | 0 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 26,005 | 0 | ||
Adjusted EBITDA | (21,400) | (7,511) | 0 | |
Operating Segments | Angi Inc. | International | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (4,253) | (13,222) | (10,467) | |
Stock-based compensation expense | 890 | 656 | 1,055 | |
Depreciation | 2,882 | 5,951 | 4,235 | |
Amortization of intangibles | 0 | 0 | 307 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 0 | ||
Adjusted EBITDA | (481) | (6,615) | (4,870) | |
Operating Segments | Search | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | 83,398 | 108,334 | (248,711) | |
Stock-based compensation expense | 0 | 0 | 0 | |
Depreciation | 88 | 47 | 2,709 | |
Amortization of intangibles | 0 | 0 | 32,200 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 265,146 | ||
Adjusted EBITDA | 83,486 | 108,381 | 51,344 | |
Operating Segments | Emerging & Other | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (106,154) | (22,738) | (70,896) | |
Stock-based compensation expense | 507 | 101 | 100 | |
Depreciation | 1,691 | 1,462 | 2,449 | |
Amortization of intangibles | 15,565 | 39,558 | 37,566 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 15,000 | (6,918) | |
Goodwill Impairment | 86,748 | 0 | ||
Adjusted EBITDA | (1,643) | 33,383 | (37,699) | |
Corporate | ||||
Segment Reporting, Other Significant Reconciling Item | ||||
Operating Income (Loss) | (137,619) | (153,326) | (261,929) | |
Stock-based compensation expense | 48,546 | 49,246 | 105,246 | |
Depreciation | 9,552 | 8,095 | 9,250 | |
Amortization of intangibles | 0 | 0 | 0 | |
Acquisition-related Contingent Consideration Fair Value Arrangements | 0 | 0 | 0 | |
Goodwill Impairment | 0 | 0 | ||
Adjusted EBITDA | $ (79,521) | $ (95,985) | $ (147,433) |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 139,753 | $ 90,210 | $ 60,726 |
Operating Segments | Dotdash Meredith | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 12,885 | 4,823 | 5,445 |
Operating Segments | Angi Inc. | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 116,352 | 70,215 | 52,488 |
Operating Segments | Search | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 17 | 178 | 47 |
Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 10,109 | 894 | 1,363 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 390 | $ 14,100 | $ 1,383 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Feb. 10, 2023 USD ($) shares | May 25, 2021 USD ($) | Nov. 05, 2020 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2022 USD ($) plan $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of active stock-based compensation plans | plan | 1 | ||||||
Shares available for grant (shares) | shares | 31,400,000 | ||||||
Incremental compensation cost | $ 20,500 | ||||||
Intrinsic value of stock options exercised | $ 74,800 | $ 3,400 | $ 135,100 | ||||
Options outstanding, aggregate intrinsic value | 85,661 | ||||||
Proceeds from the exercise of IAC stock options | 0 | 1,496 | 0 | ||||
Unrecognized compensation cost, net of estimated forfeitures | $ 322,400 | ||||||
Weighted-average period over which cost is expected to be recognized (in years) | 4 years 6 months | ||||||
Tax benefit recognized related to stock-based compensation | $ 20,000 | 101,800 | 198,300 | ||||
Tax benefit recognized related to the exercise of stock options | $ 1,700 | $ 81,000 | 165,800 | ||||
Angi Inc. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Incremental compensation cost | 14,100 | ||||||
Angi Inc. | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Grant date fair value of award | $ 59,000 | ||||||
Withholding rate (as a percent) | 50% | ||||||
Cash withholding obligation equivalent (shares) | shares | 10,400,000 | ||||||
Cash required to settle vested and unvested interests at fair value | $ 28,900 | ||||||
Match Group | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Incremental compensation cost | 56,600 | ||||||
Incremental compensation cost from modification recognized in year of modification | 55,700 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Weighted average grant date fair value of restricted common stock granted (USD per share) | $ / shares | $ 128.82 | $ 114.27 | $ 171.53 | ||||
Vesting period (in years) | 5 years | ||||||
Equity instruments other than options, outstanding (in shares) | shares | 1,458,000 | 1,546,000 | |||||
Fair value of RSUs that vested during the period | $ 3,800 | $ 12,700 | $ 15,900 | ||||
Restricted Stock Units (RSUs) | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares required to settle vested and unvested interests at fair value (shares) | shares | 700,000 | ||||||
Cash withholding obligation | $ 35,900 | ||||||
Withholding rate (as a percent) | 50% | ||||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Equity instruments other than options, outstanding (in shares) | shares | 0 | 0 | |||||
Market-Based Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Equity instruments other than options, outstanding (in shares) | shares | 0 | 0 | |||||
Fair value of RSUs that vested during the period | $ 43,600 | ||||||
Stock Options | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares required to settle vested and unvested interests at fair value (shares) | shares | 2,800,000 | ||||||
Cash withholding obligation | $ 52,900 | ||||||
Withholding rate (as a percent) | 50% | ||||||
Options outstanding, aggregate intrinsic value | $ 105,700 | ||||||
Cash withholding obligation equivalent (shares) | shares | 1,000,000 | ||||||
Proceeds from the exercise of IAC stock options | $ 39,300 | ||||||
Stock Appreciation Rights (SARs) | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares required to settle vested and unvested interests at fair value (shares) | shares | 300,000 | ||||||
Withholding rate (as a percent) | 50% | ||||||
Cash required to settle vested and unvested interests at fair value | $ 16,500 | ||||||
Stock Appreciation Rights (SARs) | Angi Inc. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Incremental compensation cost | 217,700 | ||||||
Incremental compensation cost from modification recognized in year of modification | $ 900 | $ 21,100 | |||||
Stock Appreciation Rights (SARs) | Angi Inc. | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Grant date fair value of award | $ 100 | ||||||
Cash withholding obligation equivalent (shares) | shares | 100,000 | ||||||
Cash required to settle vested and unvested interests at fair value | $ 100 | ||||||
Old IAC Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Stated term (in years) | 10 years | ||||||
RSA Agreement | Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Weighted average grant date fair value of restricted common stock granted (USD per share) | $ / shares | $ 61.06 | ||||||
Grant date fair value of award | $ 183,200 | ||||||
Incremental compensation cost | $ 228,300 | ||||||
Incremental compensation cost from modification recognized in year of modification | 10,100 | ||||||
Incremental compensation cost, to be recognized over the remaining vesting period | 131,000 | $ 108,700 | |||||
RSA Agreement | Restricted Stock Awards | IAC | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Incremental compensation cost | 141,100 | ||||||
RSA Agreement | Restricted Stock Awards | Vimeo | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Incremental compensation cost | $ 87,300 | ||||||
RSA Agreement | Restricted Stock Awards | Chief Executive Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Term of employment agreement and restricted stock agreement (in years) | 10 years | ||||||
Vesting period (in years) | 10 years | ||||||
Shares authorized for issuance (in shares) | shares | 3,000,000 | ||||||
RSA Agreement | Restricted Stock Awards | Chief Executive Officer | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Vesting period (in years) | 10 years | ||||||
RSA Agreement | Restricted Stock Awards | Chief Executive Officer | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Vesting period (in years) | 12 years |
STOCK-BASED COMPENSATION - Unve
STOCK-BASED COMPENSATION - Unvested RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 1,546 | ||
Granted (in shares) | 280 | ||
Vested (in shares) | (284) | ||
Forfeited (in shares) | (84) | ||
Balance at end of the period (in shares) | 1,458 | 1,546 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of the period (USD per share) | $ 80.38 | ||
Granted (USD per share) | $ 128.82 | 114.27 | $ 171.53 |
Vested (USD per share) | 44.87 | ||
Forfeited (USD per share) | 77.27 | ||
Balance at end of the period (USD per share) | $ 93.29 | $ 80.38 |
STOCK-BASED COMPENSATION - Chan
STOCK-BASED COMPENSATION - Changes in Outstanding Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Shares | |
Balance at beginning of period (in shares) | shares | 2,896 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (74) |
Forfeited (in shares) | shares | 0 |
Expired (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 2,822 |
Weighted Average Exercise Price | |
Balance at beginning of period (USD per share) | $ / shares | $ 13.98 |
Granted (USD per share) | $ / shares | 0 |
Exercised (USD per share) | $ / shares | 11.51 |
Forfeited (USD per share) | $ / shares | 0 |
Expired (USD per share) | $ / shares | 0 |
Balance at end of period (USD per share) | $ / shares | $ 14.05 |
Options Additional Disclosures | |
Remaining term at end of period | 2 years 8 months 12 days |
Options outstanding, aggregate intrinsic value | $ | $ 85,661 |
Options exercisable (in shares) | shares | 2,822 |
Options exercisable (USD per share) | $ / shares | $ 14.05 |
Term of options exercisable | 2 years 8 months 12 days |
Options exercisable, aggregate intrinsic value | $ | $ 85,661 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Options Outstanding | |
Options outstanding (shares) | shares | 2,822 |
Weighted- Average Remaining Contractual Life in Years | 2 years 8 months 12 days |
Weighted-average exercise price (USD per share) | $ 14.05 |
Options Exercisable | |
Options exercisable (shares) | shares | 2,822 |
Weighted- Average Remaining Contractual Life in Years | 2 years 8 months 12 days |
Weighted-average exercise price (USD per share) | $ 14.05 |
Less than $10.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | |
Exercise price range, upper limit (USD per share) | $ 10 |
Options Outstanding | |
Options outstanding (shares) | shares | 529 |
Weighted- Average Remaining Contractual Life in Years | 2 years 8 months 12 days |
Weighted-average exercise price (USD per share) | $ 8.54 |
Options Exercisable | |
Options exercisable (shares) | shares | 529 |
Weighted- Average Remaining Contractual Life in Years | 2 years 8 months 12 days |
Weighted-average exercise price (USD per share) | $ 8.54 |
$10.01 to $15.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | |
Exercise price range, lower limit (USD per share) | 10.01 |
Exercise price range, upper limit (USD per share) | $ 15 |
Options Outstanding | |
Options outstanding (shares) | shares | 691 |
Weighted- Average Remaining Contractual Life in Years | 2 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 13.62 |
Options Exercisable | |
Options exercisable (shares) | shares | 691 |
Weighted- Average Remaining Contractual Life in Years | 2 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 13.62 |
$15.01 to $20.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | |
Exercise price range, lower limit (USD per share) | 15.01 |
Exercise price range, upper limit (USD per share) | $ 20 |
Options Outstanding | |
Options outstanding (shares) | shares | 1,598 |
Weighted- Average Remaining Contractual Life in Years | 2 years 10 months 24 days |
Weighted-average exercise price (USD per share) | $ 16.04 |
Options Exercisable | |
Options exercisable (shares) | shares | 1,598 |
Weighted- Average Remaining Contractual Life in Years | 2 years 10 months 24 days |
Weighted-average exercise price (USD per share) | $ 16.04 |
Greater than $20.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | |
Exercise price range, lower limit (USD per share) | $ 20.01 |
Options Outstanding | |
Options outstanding (shares) | shares | 4 |
Weighted- Average Remaining Contractual Life in Years | 4 years 7 months 6 days |
Weighted-average exercise price (USD per share) | $ 21.17 |
Options Exercisable | |
Options exercisable (shares) | shares | 4 |
Weighted- Average Remaining Contractual Life in Years | 4 years 7 months 6 days |
Weighted-average exercise price (USD per share) | $ 21.17 |
PENSION AND POSTRETIREMENT BE_3
PENSION AND POSTRETIREMENT BENEFIT PLANS - Changes in Benefit Obligation and Changes in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States | ||
Change in plan assets | ||
Fair value of plan assets, beginning of year | $ 132,326 | |
Fair value of plan assets, end of year | $ 132,326 | |
International | ||
Change in plan assets | ||
Fair value of plan assets, beginning of year | 1,015,274 | |
Fair value of plan assets, end of year | 467,891 | 1,015,274 |
Pension | United States | ||
Change in benefit obligation | ||
Benefit obligation, beginning of year | 166,800 | 0 |
Acquisitions and related fair value adjustments | 23,345 | 154,920 |
Service cost | 3,562 | 368 |
Interest cost | 4,372 | 224 |
Net actuarial gain | (7,262) | (158) |
Benefits paid (including lump sums) | (9,105) | (339) |
Settlements | (96,100) | 0 |
Curtailment gain | (3,060) | 0 |
Contractual termination benefits | 0 | 11,785 |
Plan transfer | (9,564) | 0 |
Foreign currency exchange rate impact | 0 | 0 |
Benefit obligation, end of year | 72,988 | 166,800 |
Change in plan assets | ||
Fair value of plan assets, beginning of year | 132,326 | 0 |
Acquisitions | 18,596 | 129,765 |
Actual return on plan assets | (12,657) | 2,886 |
Employer contributions | 44,221 | 14 |
Benefits paid (including lump sums) | (9,105) | (339) |
Settlements | (95,182) | 0 |
Foreign currency exchange rate impact | 0 | 0 |
Fair value of plan assets, end of year | 78,199 | 132,326 |
Over (under) funded status, end of year | 5,211 | (34,474) |
Pension | International | ||
Change in benefit obligation | ||
Benefit obligation, beginning of year | 790,663 | 0 |
Acquisitions and related fair value adjustments | 0 | 850,774 |
Service cost | 0 | 0 |
Interest cost | 15,014 | 981 |
Net actuarial gain | (210,284) | (54,660) |
Benefits paid (including lump sums) | (15,521) | (1,529) |
Settlements | (34,374) | (9,361) |
Curtailment gain | 0 | 0 |
Contractual termination benefits | 0 | 0 |
Plan transfer | 0 | 0 |
Foreign currency exchange rate impact | (77,669) | 4,458 |
Benefit obligation, end of year | 467,829 | 790,663 |
Change in plan assets | ||
Fair value of plan assets, beginning of year | 1,015,274 | 0 |
Acquisitions | 0 | 1,053,902 |
Actual return on plan assets | (397,417) | (62,744) |
Employer contributions | 122 | 29,229 |
Benefits paid (including lump sums) | (15,521) | (1,529) |
Settlements | (34,374) | (9,361) |
Foreign currency exchange rate impact | (100,193) | 5,777 |
Fair value of plan assets, end of year | 467,891 | 1,015,274 |
Over (under) funded status, end of year | 62 | 224,611 |
Postretirement | United States | ||
Change in benefit obligation | ||
Benefit obligation, beginning of year | 10,808 | 0 |
Acquisitions and related fair value adjustments | 0 | 10,923 |
Service cost | 7 | 1 |
Interest cost | 262 | 22 |
Net actuarial gain | (3,717) | (132) |
Benefits paid (including lump sums) | 150 | (6) |
Settlements | (3,037) | 0 |
Curtailment gain | 0 | 0 |
Contractual termination benefits | 0 | 0 |
Plan transfer | 0 | 0 |
Foreign currency exchange rate impact | 0 | 0 |
Benefit obligation, end of year | 4,473 | 10,808 |
Change in plan assets | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Acquisitions | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 0 | 6 |
Benefits paid (including lump sums) | 0 | (6) |
Settlements | 0 | 0 |
Foreign currency exchange rate impact | 0 | 0 |
Fair value of plan assets, end of year | 0 | 0 |
Over (under) funded status, end of year | $ (4,473) | $ (10,808) |
PENSION AND POSTRETIREMENT BE_4
PENSION AND POSTRETIREMENT BENEFIT PLANS - Narrative (Details) £ in Millions | 12 Months Ended | 30 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 USD ($) | |
IPC Plan | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contributions | £ | £ 5.5 | |||||
IAC/InterActiveCorp Retirement Savings Plan | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employee contribution limit per calendar year (up to) (as a percent of pre-tax earnings) | 50% | 50% | ||||
Employer contribution per dollar employee contributes up to contribution limit | 100% | |||||
Employer contribution limit per calendar year (as a percent of compensation) | 10% | |||||
Meredith Savings and investment Plan | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Defined contribution plan contributions | $ 10,400,000 | $ 800,000 | ||||
Meredith Savings and investment Plan | Subsequent Event | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contribution per dollar employee contributes up to contribution limit | 100% | |||||
Employer contribution limit per calendar year (as a percent of compensation) | 5% | |||||
Meredith Savings and investment Plan | Eligible Employees | First Contribution | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contribution per dollar employee contributes up to contribution limit | 100% | 100% | ||||
Employer contribution limit per calendar year (as a percent of compensation) | 4% | 4% | ||||
Meredith Savings and investment Plan | Eligible Employees | Second Contribution | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contribution per dollar employee contributes up to contribution limit | 50% | 50% | ||||
Employer contribution limit per calendar year (as a percent of compensation) | 1% | 1% | ||||
Meredith Savings and investment Plan | Ineligible Employees | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contribution per dollar employee contributes up to contribution limit | 100% | 100% | ||||
Employer contribution limit per calendar year (as a percent of compensation) | 5% | 5% | ||||
United States | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Defined benefit plan, accumulated benefit obligation | $ 72,500,000 | 159,200,000 | $ 159,200,000 | |||
United States | IAC/InterActiveCorp Retirement Savings Plan | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Employer contribution limit per calendar year, amount | 10,000 | |||||
Defined contribution plan contributions | 25,600,000 | 22,000,000 | $ 16,900,000 | |||
United States | Pension | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Settlements | (96,100,000) | 0 | ||||
Employer contributions | 44,221,000 | 14,000 | ||||
United States | Postretirement | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Settlements | (3,037,000) | 0 | ||||
Employer contributions | 0 | 6,000 | ||||
International | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Defined benefit plan, accumulated benefit obligation | 467,800,000 | 790,700,000 | $ 790,700,000 | |||
International | IAC/InterActiveCorp Retirement Savings Plan | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Defined contribution plan contributions | 1,100,000 | 900,000 | $ 700,000 | |||
International | Pension | ||||||
Defined Benefit Plan and Defined Contribution Plan Disclosures | ||||||
Settlements | (34,374,000) | (9,361,000) | ||||
Employer contributions | $ 122,000 | $ 29,229,000 |
PENSION AND POSTRETIREMENT BE_5
PENSION AND POSTRETIREMENT BENEFIT PLANS - Amount Recognized in the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
United States | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other non-current assets | $ 9,561 | $ 24,318 |
Accrued expenses and other current liabilities | (698) | (52,523) |
Other long-term liabilities | (3,652) | (6,269) |
Net amount recognized | 5,211 | (34,474) |
United States | Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other non-current assets | 0 | 0 |
Accrued expenses and other current liabilities | (475) | (1,146) |
Other long-term liabilities | (3,998) | (9,662) |
Net amount recognized | (4,473) | (10,808) |
International | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other non-current assets | 4,358 | 231,791 |
Accrued expenses and other current liabilities | (127) | 0 |
Other long-term liabilities | (4,169) | (7,180) |
Net amount recognized | $ 62 | $ 224,611 |
PENSION AND POSTRETIREMENT BE_6
PENSION AND POSTRETIREMENT BENEFIT PLANS - Pension Plans with Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 4,350 | $ 58,789 |
Accumulated benefit obligation | 3,831 | 57,669 |
Fair value of plan assets | 0 | 0 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 4,296 | 7,179 |
Accumulated benefit obligation | 4,296 | 7,179 |
Fair value of plan assets | $ 0 | $ 0 |
PENSION AND POSTRETIREMENT BE_7
PENSION AND POSTRETIREMENT BENEFIT PLANS - Net Periodic Benefit Costs (Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial loss (gain) recognition | $ 213,400 | $ 7,100 |
United States | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3,562 | 368 |
Interest cost | 4,372 | 224 |
Expected return on plan assets | (2,748) | (564) |
Actuarial loss (gain) recognition | 8,154 | (2,480) |
Settlement | (918) | 0 |
Contractual termination benefits | 0 | 11,785 |
Curtailment gain | (3,060) | 0 |
Net periodic benefit cost (credit) | 9,362 | 9,333 |
United States | Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 1 |
Interest cost | 262 | 22 |
Expected return on plan assets | 0 | 0 |
Actuarial loss (gain) recognition | (3,717) | (132) |
Settlement | (3,037) | 0 |
Contractual termination benefits | 0 | 0 |
Curtailment gain | 0 | 0 |
Net periodic benefit cost (credit) | (6,485) | (109) |
International | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 15,014 | 981 |
Expected return on plan assets | (16,857) | (1,640) |
Actuarial loss (gain) recognition | 208,957 | 9,724 |
Settlement | 0 | 0 |
Contractual termination benefits | 0 | 0 |
Curtailment gain | 0 | 0 |
Net periodic benefit cost (credit) | $ 207,114 | $ 9,065 |
PENSION AND POSTRETIREMENT BE_8
PENSION AND POSTRETIREMENT BENEFIT PLANS - Weighted Average Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | ||
Cash balance interest rate credit | 3.65% | 2.04% |
United States | Pension | ||
Weighted Average Assumptions Used in Calculating Benefit Obligation | ||
Discount rate | 5.41% | 2.04% |
Rate of compensation increase | 2.99% | 2.95% |
Cash balance interest rate credit | 2.39% | 2.13% |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | ||
Discount rate | 3.28% | 2.02% |
Expected return on plan assets | 2.80% | 6% |
Rate of compensation increase | 2.95% | 2.90% |
United States | Postretirement | ||
Weighted Average Assumptions Used in Calculating Benefit Obligation | ||
Discount rate | 5.46% | 2.61% |
Rate of compensation increase | 3.50% | 3.50% |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | ||
Discount rate | 2.61% | 2.52% |
Rate of compensation increase | 3.50% | 3.50% |
Assumed healthcare cost trend rate | ||
Initial level | 6.25% | 6.50% |
Ultimate level | 5% | 5% |
Years to ultimate level | 5 years | 6 years |
International | Pension | ||
Weighted Average Assumptions Used in Calculating Benefit Obligation | ||
Discount rate | 4.13% | 1.67% |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | ||
Discount rate | 1.67% | 1.40% |
Expected return on plan assets | 1.90% | 1.90% |
PENSION AND POSTRETIREMENT BE_9
PENSION AND POSTRETIREMENT BENEFIT PLANS - Plan Assets Allocations (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
United States | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 100% | 100% |
Actual | 100% | 100% |
United States | Equity | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 0% | 62% |
Actual | 0% | 63% |
United States | Fixed income | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 0% | 38% |
Actual | 0% | 36% |
United States | Other | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 100% | 0% |
Actual | 100% | 1% |
International | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 100% | 100% |
Actual | 100% | 100% |
International | Equity | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 0% | 1% |
Actual | 0% | 2% |
International | Fixed income | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 0% | 63% |
Actual | 0% | 63% |
International | Other | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Target | 100% | 36% |
Actual | 100% | 35% |
PENSION AND POSTRETIREMENT B_10
PENSION AND POSTRETIREMENT BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
United States | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | $ 132,326 | |
United States | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 73,424 | |
United States | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 58,902 | |
United States | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | $ 467,891 | 1,015,274 |
International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 7,613 | 70,675 |
International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | 631,504 |
International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 460,278 | 313,095 |
Cash and cash equivalents | United States | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 78,199 | |
Cash and cash equivalents | United States | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 78,199 | |
Cash and cash equivalents | United States | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Cash and cash equivalents | United States | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Cash and cash equivalents | International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 7,613 | 63,245 |
Cash and cash equivalents | International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 7,613 | 63,245 |
Cash and cash equivalents | International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | 0 |
Cash and cash equivalents | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | 0 |
Equity | United States | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 83,848 | |
Equity | United States | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 65,982 | |
Equity | United States | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 17,866 | |
Equity | United States | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Equity | International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 10,882 | |
Equity | International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 1,154 | |
Equity | International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 9,728 | |
Equity | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Fixed income | United States | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 46,590 | |
Fixed income | United States | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 7,442 | |
Fixed income | United States | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 39,148 | |
Fixed income | United States | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Fixed income | International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 51,638 | |
Fixed income | International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 6,276 | |
Fixed income | International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 45,362 | |
Fixed income | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Other | International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 576,414 | |
Other | International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Other | International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 576,414 | |
Other | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Pooled separate accounts | United States | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 1,888 | |
Pooled separate accounts | United States | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Pooled separate accounts | United States | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 1,888 | |
Pooled separate accounts | United States | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | |
Insurance annuity contracts | International | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 460,278 | 313,095 |
Insurance annuity contracts | International | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | 0 |
Insurance annuity contracts | International | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | 0 | 0 |
Insurance annuity contracts | International | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Total assets at fair value | $ 460,278 | $ 313,095 |
PENSION AND POSTRETIREMENT B_11
PENSION AND POSTRETIREMENT BENEFIT PLANS - Level 3 Reconciliation of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 132,326 | |
Fair value of plan assets, end of year | $ 132,326 | |
Significant Unobservable Inputs (Level 3) | United States | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets, beginning of year | 0 | |
Fair value of plan assets, end of year | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets, beginning of year | 313,095 | 0 |
Acquisition | 0 | 327,722 |
Purchases | 440,606 | 0 |
Settlements | (13,206) | (1,040) |
Change in fair value | (237,248) | (15,326) |
Foreign currency translation | (42,969) | 1,739 |
Fair value of plan assets, end of year | $ 460,278 | $ 313,095 |
PENSION AND POSTRETIREMENT B_12
PENSION AND POSTRETIREMENT BENEFIT PLANS - Expected Future Benefit Payment (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
United States | Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 17,532 |
2024 | 56,178 |
2025 | 497 |
2026 | 294 |
2027 | 344 |
Thereafter | 2,188 |
Net amount recognized, end of year | 77,033 |
United States | Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 487 |
2024 | 451 |
2025 | 426 |
2026 | 394 |
2027 | 373 |
Thereafter | 1,672 |
Net amount recognized, end of year | 3,803 |
International | Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 14,237 |
2024 | 15,035 |
2025 | 15,811 |
2026 | 16,636 |
2027 | 17,594 |
Thereafter | 101,449 |
Net amount recognized, end of year | $ 180,762 |
INCOME TAXES - Income before In
INCOME TAXES - Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (1,320,332) | $ 758,538 | $ 234,345 |
Foreign | (205,904) | (28,732) | 9,815 |
(Loss) earnings from continuing operations before income taxes | $ (1,526,236) | $ 729,806 | $ 244,160 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax provision (benefit): | |||
Federal | $ 777 | $ (5,818) | $ (29,181) |
State | 4,712 | 4,751 | 2,326 |
Foreign | 1,182 | 6,680 | (496) |
Current income tax provision (benefit) | 6,671 | 5,613 | (27,351) |
Deferred income tax (benefit) provision: | |||
Federal | (252,022) | 111,755 | (8,097) |
State | (44,335) | 18,063 | (6,126) |
Foreign | (41,401) | 3,559 | (4,133) |
Deferred income tax (benefit) provision | (337,758) | 133,377 | (18,356) |
Income tax (benefit) provision | $ (331,087) | $ 138,990 | $ (45,707) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 458,603 | $ 557,329 |
Long-term lease liabilities | 137,869 | 157,504 |
Capitalized research & development expenditures | 74,179 | 0 |
Tax credit carryforwards | 64,903 | 48,081 |
Accrued expenses | 58,697 | 47,754 |
Customer deposit liability | 22,361 | 56,194 |
Other | 82,587 | 78,740 |
Total deferred tax assets | 899,199 | 945,602 |
Less: valuation allowance | (124,012) | (112,640) |
Net deferred tax assets | 775,187 | 832,962 |
Deferred tax liabilities: | ||
Investment in subsidiaries | (225,375) | (227,632) |
Investment in MGM Resorts International | (212,390) | (385,818) |
Intangible assets, net of accumulated amortization | (219,856) | (271,629) |
Right-of-use assets | (100,643) | (122,095) |
Capitalized software, equipment, leasehold improvements, buildings and land, net | (46,740) | (70,959) |
Other | (44,922) | (138,029) |
Total deferred tax liabilities | (849,926) | (1,216,162) |
Net deferred tax liabilities | $ (74,739) | $ (383,200) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Income tax benefit related to net operating loss carryforwards | $ 4,000 | ||
Income tax benefit related to operating loss carryforwards recorded as reduction to goodwill | 1,700 | ||
Tax credit carryforwards | 81,400 | ||
Tax credit carryforwards that can be carried forward indefinitely | 13,600 | ||
Tax credit carryforwards expiring primarily between 2023 and 2042 | 67,800 | ||
Decrease in valuation allowance | 11,400 | ||
Valuation allowance at end of period | 124,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 16,600 | $ 18,000 | |
Unrecognized tax benefits, decrease primarily due to research credits | 1,400 | ||
Tax positions for which the ultimate deductibility is highly certain but timing is uncertain | 15,400 | 16,700 | |
Decrease in unrecognized tax benefits is reasonably possible | 900 | ||
Tax benefits that would impact the income tax provision | 800 | ||
Earnings (loss) from discontinued operations, net of taxes | 2,694 | $ (1,831) | $ (21,281) |
Federal Tax Authority | |||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Net operating loss carryforwards | 1,500,000 | ||
Net operating loss carryforwards not subject to expiration | 1,300,000 | ||
Net operating loss carryforwards subject to expiration within 20 years | 200,000 | ||
Net operating loss carryforwards without restrictions | 1,300,000 | ||
State Tax Authority | |||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Net operating loss carryforwards | 1,100,000 | ||
Net operating loss carryforwards not subject to expiration | 100,000 | ||
Net operating loss carryforwards subject to expiration within 20 years | 1,000,000 | ||
Net operating loss carryforwards without restrictions | 700,000 | ||
Tax credit carryforwards | 2,000 | ||
Foreign Tax Authority | |||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Net operating loss carryforwards | 416,200 | ||
Net operating loss carryforwards not subject to expiration | 402,700 | ||
Net operating loss carryforwards subject to expiration within 20 years | 13,500 | ||
Tax credit carryforwards | 12,200 | ||
Tax credit carryforwards related to research and development | $ 67,200 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) provision at the federal statutory rate of 21% | $ (320,510) | $ 153,259 | $ 51,274 |
State income taxes, net of effect of federal tax benefit | (26,708) | 24,289 | 16,995 |
Research credit | (19,041) | (5,094) | (6,078) |
Non-deductible goodwill impairment | 15,764 | 0 | 53,012 |
Non-deductible executive compensation | 12,359 | 22,358 | 14,219 |
Change in valuation allowance on capital losses | 10,940 | 754 | 11,385 |
Deferred tax adjustment for enacted changes in tax laws and rates | (7,152) | 4,049 | (14,508) |
Change in judgement on beginning of the year valuation allowance | 3,523 | 20,248 | (3,544) |
Non-deductible expenses | 3,105 | 4,328 | 5,947 |
Stock-based compensation | (2,155) | (91,729) | (163,633) |
Amortizable tax basis related to intercompany transaction | 0 | 0 | (7,044) |
Other, net | (1,212) | 6,528 | (3,732) |
Income tax (benefit) provision | $ (331,087) | $ 138,990 | $ (45,707) |
INCOME TAXES - Income Tax Conti
INCOME TAXES - Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of the period | $ 17,449 | $ 18,233 | $ 16,585 |
Additions for tax positions related to the current year | 5,557 | 2,855 | 3,419 |
Settlements | (7,100) | (1,427) | (3,733) |
Additions for tax positions of prior years | 1,715 | 3,420 | 2,313 |
Reductions for tax positions of prior years | (1,608) | (1,116) | 0 |
Expiration of applicable statutes of limitations | (4,516) | (351) | |
Balance at end of the period | $ 16,013 | $ 17,449 | $ 18,233 |
(LOSS) EARNINGS PER SHARE - Sum
(LOSS) EARNINGS PER SHARE - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Nov. 05, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: Basic | ||||
Net (loss) earnings from continuing operations | $ (1,195,149) | $ 590,816 | $ 289,867 | |
Net loss attributable to noncontrolling interests of continuing operations | 22,285 | 8,748 | 726 | |
Net earnings attributed to unvested participating security | 0 | (20,160) | 0 | |
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders | (1,172,864) | 579,404 | 290,593 | |
Earnings (loss) from discontinued operations, net of taxes | 2,694 | (1,831) | (21,281) | |
Net (earnings) loss attributable to noncontrolling interests of discontinued operations | 0 | (186) | 414 | |
Net loss attributed to unvested participating security | 0 | 68 | 0 | |
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders | 2,694 | (1,949) | (20,867) | |
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders | $ (1,170,170) | $ 577,455 | $ 269,726 | |
Denominator: Basic | ||||
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (in shares) | 86,350,000 | 86,222,000 | 85,355,000 | |
Earnings (loss) per share: Basic | ||||
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | $ (13.58) | $ 6.72 | $ 3.40 | |
Loss per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | 0.03 | (0.02) | (0.24) | |
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | $ (13.55) | $ 6.70 | $ 3.16 | |
Numerator: Diluted | ||||
Net (loss) earnings from continuing operations | $ (1,195,149) | $ 590,816 | $ 289,867 | |
Net loss attributable to noncontrolling interests of continuing operations | 22,285 | 8,748 | 726 | |
Net earnings attributed to unvested participating security | 0 | (18,981) | 0 | |
Impact from public subsidiaries' dilutive securities | 0 | 406 | 71 | |
Net (loss) earnings from continuing operations attributable to IAC Common Stock and Class B common stock shareholders | (1,172,864) | 580,989 | 290,664 | |
Earnings (loss) from discontinued operations, net of taxes | 2,694 | (1,831) | (21,281) | |
Net (earnings) loss attributable to noncontrolling interests of discontinued operations | 0 | (186) | 414 | |
Net loss attributed to unvested participating security | 0 | 64 | 0 | |
Net loss from discontinued operations attributable to IAC Common Stock and Class B common stock shareholders | 2,694 | (1,953) | (20,867) | |
Net (loss) earnings attributable to IAC Common Stock and Class B common stock shareholders | $ (1,170,170) | $ 579,036 | $ 269,797 | |
Denominator: Diluted | ||||
Weighted average basic IAC Common Stock and Class B common stock shares outstanding (in shares) | 86,350,000 | 86,222,000 | 85,355,000 | |
Dilutive securities (in shares) | 0 | 5,606,000 | 5,593,000 | |
Denominator for earnings per share - weighted average shares (in shares) | 86,350,000 | 91,828,000 | 90,948,000 | |
Earnings (loss) per share: Diluted | ||||
(Loss) earnings per share from continuing operations attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | $ (13.58) | $ 6.33 | $ 3.20 | |
Earnings (loss) per share from discontinued operations, net of tax, attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | 0.03 | (0.02) | (0.23) | |
(Loss) earnings per share attributable to IAC Common Stock and Class B common stock shareholders (USD per share) | $ (13.55) | $ 6.31 | $ 2.97 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (less than or equal to) (shares) | 7,900,000 | 3,000,000 | 3,100,000 | |
Chief Executive Officer | Restricted Stock Awards | RSA Agreement | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares authorized for issuance (in shares) | 3,000,000 | |||
Term of employment agreement and restricted stock agreement (in years) | 10 years |
DISCONTINUED OPERATIONS - Compo
DISCONTINUED OPERATIONS - Components of Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | May 25, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating costs and expenses: | |||||
Loss from discontinued operations, net of taxes | $ 2,694 | $ (1,831) | $ (21,281) | ||
Vimeo | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | $ 145,514 | 283,146 | |||
Operating costs and expenses: | |||||
Cost of revenue (exclusive of depreciation shown separately below) | 39,995 | 88,589 | |||
Selling and marketing expense | 54,774 | 104,216 | |||
General and administrative expense | 23,343 | 47,019 | |||
Product development expense | 35,651 | 62,803 | |||
Depreciation | 182 | 460 | |||
Amortization of intangibles | 2,983 | 14,745 | |||
Total operating costs and expenses | 156,928 | 317,832 | |||
Operating loss from discontinued operations | (11,414) | (34,686) | |||
Interest expense | (140) | 0 | |||
Other income, net | 10,172 | 93 | |||
Loss from discontinued operations before taxes | (1,382) | (34,593) | |||
Income tax (provision) benefit | (449) | 13,312 | |||
Loss from discontinued operations, net of taxes | $ (2,700) | $ (1,831) | $ (21,281) |
FINANCIAL STATEMENT DETAILS - C
FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 1,417,390 | $ 2,118,730 | $ 3,366,176 | $ 837,916 |
Restricted cash included in other current assets | 1,165 | 1,941 | 448 | 503 |
Restricted cash included in other non-current assets | 7,514 | 1,193 | 449 | 409 |
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations | 0 | 0 | 110,037 | 1,904 |
Total cash and cash equivalents and restricted cash as shown on the statement of cash flows | $ 1,426,069 | $ 2,121,864 | $ 3,477,110 | $ 840,732 |
FINANCIAL STATEMENT DETAILS -_2
FINANCIAL STATEMENT DETAILS - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at January 1 | $ 36,637 | $ 27,178 |
Current period provision for credit losses | 116,553 | 89,893 |
Write-offs charged against the allowance | (107,188) | (82,998) |
Recoveries collected | 5,367 | 2,441 |
Other | (398) | 123 |
Balance at December 31 | $ 50,971 | $ 36,637 |
FINANCIAL STATEMENT DETAILS - O
FINANCIAL STATEMENT DETAILS - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 80,039 | $ 73,483 |
Other | 216,524 | 168,705 |
Other current assets | $ 296,563 | $ 242,188 |
FINANCIAL STATEMENT DETAILS - P
FINANCIAL STATEMENT DETAILS - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | $ 785,087 | $ 1,067,412 |
Accumulated depreciation and amortization | (274,473) | (496,887) |
Capitalized software, equipment, leasehold improvements, buildings and land, net | 510,614 | 570,525 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | 305,304 | 418,249 |
Capitalized software and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | 291,600 | 386,421 |
Furniture and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | 137,570 | 181,605 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | 20,234 | 33,919 |
Projects in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total gross carrying amount | $ 30,379 | $ 47,218 |
FINANCIAL STATEMENT DETAILS - A
FINANCIAL STATEMENT DETAILS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued employee compensation and benefits | $ 169,227 | $ 278,418 |
Customer deposit liability | 125,441 | 146,282 |
Accrued advertising expense | 78,601 | 67,986 |
Accrued traffic acquisition costs | 50,720 | 77,913 |
Other | 335,770 | 412,280 |
Accrued expenses and other current liabilities | $ 759,759 | $ 982,879 |
FINANCIAL STATEMENT DETAILS -_3
FINANCIAL STATEMENT DETAILS - Other (Expense) Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension benefit credits (costs), other than the service cost component | $ (206,422) | $ (17,858) | $ 0 | |
Unrealized (decrease) increase in the estimated fair value of a warrant | (62,495) | 104,018 | (1,213) | |
Unrealized (loss) gain related to marketable equity securities | (20,342) | 18,788 | 0 | |
Foreign exchange (losses) gains, net | (8,503) | (13,636) | 674 | |
Net realized gain (loss) on sales of businesses, investments and upward (downward) adjustments to the carrying value of equity securities without readily determinable fair values | 59,299 | 18,874 | (40,050) | |
Interest income | 24,916 | 1,351 | 7,177 | |
Realized gain on the sale of a marketable equity security | $ 7,200 | 0 | 7,174 | 0 |
Loss on the extinguishment of debt | 0 | (1,110) | 0 | |
COVID-19 related impairments on a note receivable and a warrant related to certain investees | 0 | 0 | (7,517) | |
Other | (4,238) | (5,747) | (1,632) | |
Other (expense) income, net | (217,785) | 111,854 | (42,561) | |
Actuarial loss (gain) recognition | 213,400 | 7,100 | ||
Foreign exchange losses due to substantial liquidation of certain foreign subsidiaries | 10,000 | |||
Upward (downward) adjustments to the carrying value of equity securities without readily determinable fair values | (89,100) | $ 8,900 | $ (51,500) | |
BlueCrew | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Gain on sale of business | $ 132,200 |
FINANCIAL STATEMENT DETAILS - S
FINANCIAL STATEMENT DETAILS - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid (received) during the year for: | |||
Interest | $ 98,150 | $ 21,702 | $ 6,524 |
Income tax payments | 16,407 | 9,880 | 5,974 |
Income tax refunds | $ (3,004) | $ (1,762) | $ (2,010) |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020 building | Dec. 31, 2022 USD ($) | Jun. 30, 2020 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) plane | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) | |
Chief Executive Officer | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | $ 2,100,000 | |||||||
Angi, Inc. | Common Stock | Angi Inc. | Employee Matters Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock received from related party (shares) | shares | 2,600,000 | 0 | ||||||
Angi, Inc. | Class B Common Stock | Angi Inc. | Employee Matters Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock received from related party (shares) | shares | 200,000 | 300,000 | ||||||
Mr. Diller | IAC and Vimeo | ||||||||
Related Party Transaction [Line Items] | ||||||||
Voting interests | 0.10 | 0.10 | ||||||
Vimeo | Vimeo | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from (to) related party | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | ||||
Vimeo | Vimeo | Transition Services Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 900,000 | 300,000 | ||||||
Due from (to) related party | $ 0 | 0 | 0 | 0 | ||||
Vimeo | Vimeo | Employee Benefit Plans Participation | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related party | 6,400,000 | 6,400,000 | ||||||
Vimeo | Vimeo | Lease Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 2,600,000 | $ 4,600,000 | ||||||
Due from related party | $ 0 | $ 0 | ||||||
Old IAC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | $ 12,652,000 | |||||||
Allocated costs from related party | 85,500,000 | |||||||
Interest income from related party | 100,000 | |||||||
Notes receivable from related parties | $ 27,200,000 | $ 55,300,000 | ||||||
Old MTCH | Sublease Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | 1,400,000 | |||||||
Old MTCH | Sold Office Space | ||||||||
Related Party Transaction [Line Items] | ||||||||
Expenses from transactions with related party | $ 100,000 | |||||||
Number of office buildings transferred to related party | building | 2 | |||||||
Old MTCH | Common Stock | Sold Office Space | ||||||||
Related Party Transaction [Line Items] | ||||||||
Noncash financial or equity instrument consideration (in shares) | shares | 1,400,000 | |||||||
Expedia | Corporate Aircraft Purchase Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proportion of ownership interest held each by entity and by related party in aircraft employing flight crew (as a percent) | 50% | 50% | ||||||
Number of aircraft operated | plane | 2 | |||||||
Proportion of total sales price proceeds received in related party transaction (as a percent) | 50% | |||||||
Proportion of ownership interest held each by entity and by related party in another entity employing flight crew (as a percent) | 50% | 50% | ||||||
Percentage of ownership interest in aircraft by subsidiary | 100% | 100% | ||||||
Expedia | IAC and Expedia | Corporate Aircraft Purchase Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from transaction with related party | $ 19,000,000 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Components of Net Increase (Decrease) in IAC Investment in IAC Holdings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Taxes | $ 331,087 | $ (138,990) | $ 45,707 | |
Old IAC | ||||
Related Party Transaction [Line Items] | ||||
Cash transfers from Old IAC related to its centrally managed U.S. treasury management function, acquisitions and cash expenses paid by Old IAC on behalf of the Company, net | $ (1,742,854) | |||
Contribution of buildings to Match Group | 34,973 | |||
Taxes | 34,436 | |||
Allocation of costs from Old IAC | (12,652) | |||
Interest income, net | 102 | |||
Net increase in Old IAC's investment in the Company prior to the MTCH Separation | $ (1,685,995) |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for credit losses | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | $ 36,637 | $ 27,178 | $ 19,984 |
Charges to Earnings | 116,553 | 89,893 | 78,931 |
Charges to Other Accounts | 109 | 123 | (152) |
Deductions | (102,328) | (80,557) | (71,585) |
Balance at end of period | 50,971 | 36,637 | 27,178 |
Deferred tax valuation allowance | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 112,640 | 111,691 | 91,180 |
Charges to Earnings | (4,497) | (1,620) | 11,443 |
Charges to Other Accounts | 15,869 | 2,569 | 9,068 |
Deductions | 0 | 0 | 0 |
Balance at end of period | 124,012 | 112,640 | 111,691 |
Other reserves | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 2,530 | 0 | |
Balance at end of period | $ 1,880 | $ 2,530 | $ 0 |