ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2016 | |
Or | |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from__________to__________ |
Delaware (State or other jurisdiction of incorporation or organization) | 59-2712887 (I.R.S. Employer Identification No.) | |
555 West 18th Street, New York, New York 10011 (Address of registrant's principal executive offices) | ||
(212) 314-7300 (Registrant's telephone number, including area code) |
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Common Stock | 73,500,407 | |
Class B Common Stock | 5,789,499 | |
Total outstanding Common Stock | 79,289,906 |
Page Number | ||
September 30, 2016 | December 31, 2015 | ||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 1,189,784 | $ | 1,481,447 | |||
Marketable securities | 177,862 | 39,200 | |||||
Accounts receivable, net of allowance of $16,650 and $16,528, respectively | 199,328 | 250,077 | |||||
Other current assets | 232,556 | 174,286 | |||||
Total current assets | 1,799,530 | 1,945,010 | |||||
Property and equipment, net of accumulated depreciation and amortization of $319,804 and $284,494, respectively | 317,277 | 302,817 | |||||
Goodwill | 1,942,556 | 2,245,364 | |||||
Intangible assets, net | 382,296 | 440,828 | |||||
Long-term investments | 126,855 | 137,386 | |||||
Other non-current assets | 102,646 | 117,286 | |||||
TOTAL ASSETS | $ | 4,671,160 | $ | 5,188,691 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
LIABILITIES: | |||||||
Current portion of long-term debt | $ | — | $ | 40,000 | |||
Accounts payable, trade | 72,268 | 86,883 | |||||
Deferred revenue | 284,227 | 258,412 | |||||
Accrued expenses and other current liabilities | 346,094 | 383,251 | |||||
Total current liabilities | 702,589 | 768,546 | |||||
Long-term debt, net of current portion | 1,641,285 | 1,726,954 | |||||
Income taxes payable | 35,800 | 33,692 | |||||
Deferred income taxes | 250,883 | 348,773 | |||||
Other long-term liabilities | 39,244 | 64,510 | |||||
Redeemable noncontrolling interests | 31,160 | 30,391 | |||||
Commitments and contingencies | |||||||
SHAREHOLDERS' EQUITY: | |||||||
Common stock $.001 par value; authorized 1,600,000,000 shares; issued 255,496,433 and 254,014,976 shares, respectively and outstanding 73,442,278 and 77,245,709 shares, respectively | 255 | 254 | |||||
Class B convertible common stock $.001 par value; authorized 400,000,000 shares; issued 16,157,499 shares and outstanding 5,789,499 shares | 16 | 16 | |||||
Additional paid-in capital | 11,906,822 | 11,486,315 | |||||
Retained earnings | 188,063 | 331,394 | |||||
Accumulated other comprehensive loss | (122,684 | ) | (152,103 | ) | |||
Treasury stock 192,422,155 and 187,137,267 shares, respectively | (10,108,606 | ) | (9,861,350 | ) | |||
Total IAC shareholders' equity | 1,863,866 | 1,804,526 | |||||
Noncontrolling interests | 106,333 | 411,299 | |||||
Total shareholders' equity | 1,970,199 | 2,215,825 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 4,671,160 | $ | 5,188,691 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Revenue | $ | 764,102 | $ | 838,561 | $ | 2,328,720 | $ | 2,382,205 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 179,131 | 199,377 | 543,262 | 564,077 | |||||||||||
Selling and marketing expense | 292,393 | 343,110 | 970,259 | 1,030,302 | |||||||||||
General and administrative expense | 128,829 | 134,122 | 417,206 | 378,265 | |||||||||||
Product development expense | 45,947 | 46,859 | 151,688 | 138,546 | |||||||||||
Depreciation | 17,951 | 15,625 | 51,321 | 46,693 | |||||||||||
Amortization of intangibles | 14,267 | 12,338 | 65,062 | 39,304 | |||||||||||
Goodwill impairment | — | — | 275,367 | — | |||||||||||
Total operating costs and expenses | 678,518 | 751,431 | 2,474,165 | 2,197,187 | |||||||||||
Operating income (loss) | 85,584 | 87,130 | (145,445 | ) | 185,018 | ||||||||||
Interest expense | (27,118 | ) | (15,992 | ) | (82,622 | ) | (45,270 | ) | |||||||
Other income, net | 11,700 | 34,398 | 20,405 | 39,748 | |||||||||||
Earnings (loss) from continuing operations before income taxes | 70,166 | 105,536 | (207,662 | ) | 179,496 | ||||||||||
Income tax (provision) benefit | (17,826 | ) | (40,510 | ) | 77,394 | (34,722 | ) | ||||||||
Earnings (loss) from continuing operations | 52,340 | 65,026 | (130,268 | ) | 144,774 | ||||||||||
Earnings (loss) from discontinued operations, net of tax | — | 17 | — | (11 | ) | ||||||||||
Net earnings (loss) | 52,340 | 65,043 | (130,268 | ) | 144,763 | ||||||||||
Net (earnings) loss attributable to noncontrolling interests | (9,178 | ) | 568 | (13,063 | ) | 6,558 | |||||||||
Net earnings (loss) attributable to IAC shareholders | $ | 43,162 | $ | 65,611 | $ | (143,331 | ) | $ | 151,321 | ||||||
Per share information attributable to IAC shareholders: | |||||||||||||||
Basic earnings (loss) per share from continuing operations | $ | 0.54 | $ | 0.79 | $ | (1.78 | ) | $ | 1.82 | ||||||
Diluted earnings (loss) per share from continuing operations | $ | 0.49 | $ | 0.74 | $ | (1.78 | ) | $ | 1.71 | ||||||
Basic earnings (loss) per share | $ | 0.54 | $ | 0.79 | $ | (1.78 | ) | $ | 1.82 | ||||||
Diluted earnings (loss) per share | $ | 0.49 | $ | 0.74 | $ | (1.78 | ) | $ | 1.71 | ||||||
Dividends declared per share | $ | — | $ | 0.34 | $ | — | $ | 1.02 | |||||||
Stock-based compensation expense by function: | |||||||||||||||
Cost of revenue | $ | 597 | $ | 307 | $ | 1,904 | $ | 846 | |||||||
Selling and marketing expense | 1,465 | 2,442 | 5,026 | 7,284 | |||||||||||
General and administrative expense | 18,248 | 21,683 | 59,957 | 56,320 | |||||||||||
Product development expense | 3,351 | 2,577 | 15,723 | 7,419 | |||||||||||
Total stock-based compensation expense | $ | 23,661 | $ | 27,009 | $ | 82,610 | $ | 71,869 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Net earnings (loss) | $ | 52,340 | $ | 65,043 | $ | (130,268 | ) | $ | 144,763 | ||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Change in foreign currency translation adjustment (a) | (4,808 | ) | (10,603 | ) | 7,596 | (58,604 | ) | ||||||||
Change in unrealized gains and losses of available-for-sale securities (net of tax benefits of $85 and $868 for the three and nine months ended September 30, 2016, respectively, and net of tax benefits of $277 and $95 for the three and nine months ended September 30, 2015, respectively) (b) | (145 | ) | (3,617 | ) | 1,510 | 632 | |||||||||
Total other comprehensive (loss) income, net of tax | (4,953 | ) | (14,220 | ) | 9,106 | (57,972 | ) | ||||||||
Comprehensive income (loss) | 47,387 | 50,823 | (121,162 | ) | 86,791 | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (9,502 | ) | 595 | (13,881 | ) | 7,742 | |||||||||
Comprehensive income (loss) attributable to IAC shareholders | $ | 37,885 | $ | 51,418 | $ | (135,043 | ) | $ | 94,533 |
IAC Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Class B Convertible Common Stock $.001 Par Value | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock $.001 Par Value | ||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Total IAC Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Noncontrolling Interests | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
$ | Shares | $ | Shares | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 30,391 | $ | 254 | 254,015 | $ | 16 | 16,157 | $ | 11,486,315 | $ | 331,394 | $ | (152,103 | ) | $ | (9,861,350 | ) | $ | 1,804,526 | $ | 411,299 | $ | 2,215,825 | ||||||||||||||||||||||
Net (loss) earnings | (3,091 | ) | — | — | — | — | — | (143,331 | ) | — | — | (143,331 | ) | 16,154 | (127,177 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 86 | — | — | — | — | — | — | 8,288 | — | 8,288 | 732 | 9,020 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 1,224 | — | — | — | — | 40,046 | — | — | — | 40,046 | 35,281 | 75,327 | ||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | 1 | 1,481 | — | — | (7,024 | ) | — | — | — | (7,023 | ) | — | (7,023 | ) | |||||||||||||||||||||||||||||||
Income tax benefit related to stock-based awards | — | — | — | — | — | 44,768 | — | — | — | 44,768 | — | 44,768 | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | (247,256 | ) | (247,256 | ) | — | (247,256 | ) | |||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interests | (2,529 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to fair value | 6,282 | — | — | — | — | (5,921 | ) | — | — | — | (5,921 | ) | — | (5,921 | ) | |||||||||||||||||||||||||||||||
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes | — | — | — | — | — | — | — | — | — | — | 804 | 804 | ||||||||||||||||||||||||||||||||||
Reallocation of shareholders' equity balances related to the noncontrolling interests created in the Match Group initial public offering | — | — | — | — | — | 342,507 | — | 21,131 | — | 363,638 | (363,638 | ) | — | |||||||||||||||||||||||||||||||||
Changes in noncontrolling interests of Match Group due to the issuance of its common stock | — | — | — | — | — | (6,061 | ) | — | — | — | (6,061 | ) | 6,061 | — | ||||||||||||||||||||||||||||||||
Noncontrolling interests created in a recent acquisition | — | — | — | — | — | 12,222 | — | — | — | 12,222 | — | 12,222 | ||||||||||||||||||||||||||||||||||
Other | (1,203 | ) | — | — | — | — | (30 | ) | — | — | — | (30 | ) | (360 | ) | (390 | ) | |||||||||||||||||||||||||||||
Balance at September 30, 2016 | $ | 31,160 | $ | 255 | 255,496 | $ | 16 | 16,157 | $ | 11,906,822 | $ | 188,063 | $ | (122,684 | ) | $ | (10,108,606 | ) | $ | 1,863,866 | $ | 106,333 | $ | 1,970,199 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Cash flows from operating activities attributable to continuing operations: | |||||||
(Loss) earnings from continuing operations | $ | (130,268 | ) | $ | 144,774 | ||
Adjustments to reconcile (loss) earnings from continuing operations to net cash provided by operating activities attributable to continuing operations: | |||||||
Stock-based compensation expense | 82,610 | 71,869 | |||||
Depreciation | 51,321 | 46,693 | |||||
Amortization of intangibles | 65,062 | 39,304 | |||||
Goodwill impairment | 275,367 | — | |||||
Excess tax benefits from stock-based awards | (43,131 | ) | (49,147 | ) | |||
Deferred income taxes | (99,955 | ) | (7,851 | ) | |||
Equity in losses of unconsolidated affiliates | 340 | 78 | |||||
Acquisition-related contingent consideration fair value adjustments | 7,993 | (17,906 | ) | ||||
Gains on sale of businesses and investments, net | (13,416 | ) | (523 | ) | |||
Gain on real estate transaction | — | (33,586 | ) | ||||
Other adjustments, net | 21,882 | 15,679 | |||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||
Accounts receivable | 32,950 | (25,822 | ) | ||||
Other assets | (19,775 | ) | (13,746 | ) | |||
Accounts payable and other current liabilities | (63,669 | ) | (17,635 | ) | |||
Income taxes payable | (37,081 | ) | (13,748 | ) | |||
Deferred revenue | 31,352 | 45,674 | |||||
Net cash provided by operating activities attributable to continuing operations | 161,582 | 184,107 | |||||
Cash flows from investing activities attributable to continuing operations: | |||||||
Acquisitions, net of cash acquired | (2,524 | ) | (43,286 | ) | |||
Capital expenditures | (62,739 | ) | (44,558 | ) | |||
Investments in time deposits | (87,500 | ) | — | ||||
Proceeds from maturities of time deposits | 87,500 | — | |||||
Proceeds from maturities and sales of marketable debt securities | 79,210 | 192,928 | |||||
Purchases of marketable debt securities | (229,246 | ) | (93,134 | ) | |||
Purchases of investments | (7,211 | ) | (25,073 | ) | |||
Net proceeds from the sale of businesses and investments | 110,536 | 8,551 | |||||
Other, net | 5,562 | (4,095 | ) | ||||
Net cash used in investing activities attributable to continuing operations | (106,412 | ) | (8,667 | ) | |||
Cash flows from financing activities attributable to continuing operations: | |||||||
Purchase of treasury stock | (247,256 | ) | (200,000 | ) | |||
Proceeds from Match Group 2016 Senior Notes offering | 400,000 | — | |||||
Principal payments on Match Group Term Loan | (410,000 | ) | — | ||||
Principal payment on Liberty Bonds | — | (80,000 | ) | ||||
Debt issuance costs | (5,048 | ) | — | ||||
Redemption and repurchase of Senior Notes | (126,271 | ) | — | ||||
Dividends | — | (84,947 | ) | ||||
Issuance of IAC common stock pursuant to stock-based awards, net of withholding taxes | (7,148 | ) | (40,197 | ) | |||
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes | 467 | — | |||||
Excess tax benefits from stock-based awards | 43,131 | 49,147 | |||||
Purchase of noncontrolling interests | (2,529 | ) | (29,899 | ) | |||
Acquisition-related contingent consideration payments | (2,180 | ) | (5,712 | ) | |||
Decrease in restricted cash related to bond redemptions | 20,000 | — | |||||
Other, net | (766 | ) | 512 | ||||
Net cash used in financing activities attributable to continuing operations | (337,600 | ) | (391,096 | ) | |||
Total cash used in continuing operations | (282,430 | ) | (215,656 | ) | |||
Total cash used in discontinued operations | — | (190 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (9,233 | ) | (8,111 | ) | |||
Net decrease in cash and cash equivalents | (291,663 | ) | (223,957 | ) | |||
Cash and cash equivalents at beginning of period | 1,481,447 | 990,405 | |||||
Cash and cash equivalents at end of period | $ | 1,189,784 | $ | 766,448 |
Excess tax benefit (deficiency) of equity awards to employees upon exercise of stock options and the vesting of restricted stock units: | Accounting under current GAAP: | Accounting following adoption of ASU 2016-09: | ||
Statement of operations | Treated as an increase (or decrease) to additional paid-in capital when realized (i.e., reduction of income taxes payable) | Included in the determination of the income tax provision or benefit upon option exercise or share vesting | ||
Statement of cash flows | Treated as a financing cash flow | Treated as an operating cash flow | ||
Calculation of fully diluted shares for the determination of earnings per share | Included as a component of the assumed proceeds in applying the treasury stock method | Excluded from the assumed proceeds in applying the treasury stock method |
Reported results under current GAAP | Pro forma results assuming ASU 2016-09 had been in effect on January 1, 2016 | |||||||
(In thousands, except per share data) | ||||||||
Net loss | $ | (130,268 | ) | $ | (85,500 | ) | ||
Net earnings attributable to noncontrolling interests | 13,063 | 13,063 | ||||||
Net loss attributable to IAC shareholders | (143,331 | ) | (98,563 | ) | ||||
Cash flows provided by operating activities attributable to continuing operations | 161,582 | 204,713 | ||||||
Cash flows used in financing activities attributable to continuing operations | (337,600 | ) | (380,731 | ) | ||||
Basic loss per share from continuing operations | $ | (1.78 | ) | $ | (1.23 | ) | ||
Fully diluted loss per share from continuing operations | $ | (1.78 | ) | $ | (1.23 | ) |
(In thousands) | |||
Cash and cash equivalents | $ | 4,626 | |
Other current assets | 4,460 | ||
Computer and other equipment | 2,990 | ||
Goodwill | 488,644 | ||
Intangible assets | 84,100 | ||
Other non-current assets | 1,073 | ||
Total assets | 585,893 | ||
Current liabilities | (6,418 | ) | |
Other long-term liabilities | (5,325 | ) | |
Net assets acquired | $ | 574,150 |
(In thousands) | Weighted-Average Useful Life (Years) | ||||
Indefinite-lived trade name | $ | 66,300 | Indefinite | ||
Customer relationships | 10,100 | Less than 1 | |||
New registrants | 3,100 | Less than 1 | |||
Non-compete agreement | 3,000 | 5 | |||
Developed technology | 1,600 | 2 | |||
Total intangible assets acquired | $ | 84,100 |
Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2015 | ||||||
(In thousands, except per share data) | |||||||
Revenue | $ | 860,320 | $ | 2,435,475 | |||
Net earnings attributable to IAC shareholders | $ | 70,803 | $ | 160,750 | |||
Basic earnings per share attributable to IAC shareholders | $ | 0.85 | $ | 1.94 | |||
Diluted earnings per share attributable to IAC shareholders | $ | 0.80 | $ | 1.82 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Goodwill | $ | 1,942,556 | $ | 2,245,364 | |||
Intangible assets with indefinite lives | 337,429 | 380,137 | |||||
Intangible assets with definite lives, net | 44,867 | 60,691 | |||||
Total goodwill and intangible assets, net | $ | 2,324,852 | $ | 2,686,192 |
Balance at December 31, 2015 | Additions | Deductions | Impairment | Foreign Exchange Translation | Balance at September 30, 2016 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Match Group | $ | 1,293,109 | $ | 603 | $ | (2,983 | ) | $ | — | $ | 21,232 | $ | 1,311,961 | ||||||||||
HomeAdvisor | 150,251 | — | — | — | 200 | 150,451 | |||||||||||||||||
Video | 15,590 | 9,649 | — | — | — | 25,239 | |||||||||||||||||
Applications | 447,242 | — | — | — | — | 447,242 | |||||||||||||||||
Publishing | 277,192 | — | (1,968 | ) | (275,367 | ) | 143 | — | |||||||||||||||
Other | 61,980 | — | (55,117 | ) | — | 800 | 7,663 | ||||||||||||||||
Total | $ | 2,245,364 | $ | 10,252 | $ | (60,068 | ) | $ | (275,367 | ) | $ | 22,375 | $ | 1,942,556 |
September 30, 2016 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Weighted-Average Useful Life (Years) | ||||||||||
(In thousands) | |||||||||||||
Trade names | $ | 65,107 | $ | (47,093 | ) | $ | 18,014 | 3.2 | |||||
Content | 62,082 | (55,374 | ) | 6,708 | 4.1 | ||||||||
Technology | 56,109 | (41,974 | ) | 14,135 | 3.3 | ||||||||
Customer lists | 28,470 | (26,050 | ) | 2,420 | 2.2 | ||||||||
Advertiser and supplier relationships and other | 7,506 | (3,916 | ) | 3,590 | 4.0 | ||||||||
Total | $ | 219,274 | $ | (174,407 | ) | $ | 44,867 | 3.4 |
December 31, 2015 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Weighted-Average Useful Life (Years) | ||||||||||
(In thousands) | |||||||||||||
Content | $ | 62,082 | $ | (48,937 | ) | $ | 13,145 | 4.1 | |||||
Technology | 55,487 | (37,012 | ) | 18,475 | 3.2 | ||||||||
Trade names | 32,123 | (26,268 | ) | 5,855 | 2.5 | ||||||||
Customer lists | 28,836 | (13,078 | ) | 15,758 | 2.1 | ||||||||
Advertiser and supplier relationships and other | 15,709 | (8,251 | ) | 7,458 | 4.2 | ||||||||
Total | $ | 194,237 | $ | (133,546 | ) | $ | 60,691 | 3.3 |
For the twelve months ending September 30, | (In thousands) | ||
2017 | $ | 22,800 | |
2018 | 12,527 | ||
2019 | 6,310 | ||
2020 | 3,180 | ||
2021 | 50 | ||
Total | $ | 44,867 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Corporate debt securities | $ | 15,408 | $ | 2 | $ | (8 | ) | $ | 15,402 | ||||||
Treasury discount notes | 162,423 | 37 | — | 162,460 | |||||||||||
Total debt securities | 177,831 | 39 | (8 | ) | 177,862 | ||||||||||
Total marketable securities | $ | 177,831 | $ | 39 | $ | (8 | ) | $ | 177,862 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Corporate debt securities | $ | 27,765 | $ | — | $ | (187 | ) | $ | 27,578 | ||||||
Equity security | 8,659 | 2,963 | — | 11,622 | |||||||||||
Total marketable securities | $ | 36,424 | $ | 2,963 | $ | (187 | ) | $ | 39,200 |
Amortized Cost | Fair Value | ||||||
(In thousands) | |||||||
Due in one year or less | $ | 177,831 | $ | 177,862 | |||
Total | $ | 177,831 | $ | 177,862 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ | 52,110 | $ | 178,315 | $ | 106,326 | $ | 192,928 | |||||||
Gross realized gains | 412 | 17 | 3,537 | 22 |
• | Level 1: Observable inputs obtained from independent sources, such as quoted prices for identical assets and liabilities in active markets. |
• | Level 2: Other inputs, which are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair 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 below for a discussion of fair value measurements made using Level 3 inputs. |
September 30, 2016 | |||||||||||||||
Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value Measurements | ||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 582,508 | $ | — | $ | — | $ | 582,508 | |||||||
Time deposits | — | 75,000 | — | 75,000 | |||||||||||
Treasury discount notes | 12,497 | — | — | 12,497 | |||||||||||
Commercial paper | — | 86,953 | — | 86,953 | |||||||||||
Marketable securities: | |||||||||||||||
Corporate debt securities | — | 15,402 | — | 15,402 | |||||||||||
Treasury discount notes | 162,460 | — | — | 162,460 | |||||||||||
Total | $ | 757,465 | $ | 177,355 | $ | — | $ | 934,820 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (43,352 | ) | $ | (43,352 | ) |
December 31, 2015 | |||||||||||||||
Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value Measurements | ||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 601,848 | $ | — | $ | — | $ | 601,848 | |||||||
Time deposits | — | 125,038 | — | 125,038 | |||||||||||
Commercial paper | — | 302,418 | — | 302,418 | |||||||||||
Marketable securities: | |||||||||||||||
Corporate debt securities | — | 27,578 | — | 27,578 | |||||||||||
Equity security | 11,622 | — | — | 11,622 | |||||||||||
Long-term investments: | |||||||||||||||
Auction rate security | — | — | 4,050 | 4,050 | |||||||||||
Marketable equity security | 7,542 | — | — | 7,542 | |||||||||||
Total | $ | 621,012 | $ | 455,034 | $ | 4,050 | $ | 1,080,096 | |||||||
Liabilities: | |||||||||||||||
Contingent consideration arrangements | $ | — | $ | — | $ | (33,873 | ) | $ | (33,873 | ) |
Three Months Ended September 30, | |||||||||||
2016 | 2015 | ||||||||||
Contingent Consideration Arrangements | Auction Rate Security | Contingent Consideration Arrangements | |||||||||
(In thousands) | |||||||||||
Balance at July 1 | $ | (45,526 | ) | $ | 6,630 | $ | (31,858 | ) | |||
Total net gains (losses): | |||||||||||
Included in earnings: | |||||||||||
Fair value adjustments | 2,477 | — | 960 | ||||||||
Included in other comprehensive loss | (333 | ) | (1,620 | ) | (579 | ) | |||||
Settlements | 30 | — | 7 | ||||||||
Balance at September 30 | $ | (43,352 | ) | $ | 5,010 | $ | (31,470 | ) |
Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Auction Rate Security | Contingent Consideration Arrangements | Auction Rate Security | Contingent Consideration Arrangements | ||||||||||||
(In thousands) | |||||||||||||||
Balance at January 1 | $ | 4,050 | $ | (33,873 | ) | $ | 6,070 | $ | (30,140 | ) | |||||
Total net gains (losses): | |||||||||||||||
Included in earnings: | |||||||||||||||
Fair value adjustments | — | (7,993 | ) | — | 17,906 | ||||||||||
Foreign currency exchange gains | — | — | — | 626 | |||||||||||
Included in other comprehensive income (loss) | 5,950 | (5,614 | ) | (1,060 | ) | 1,538 | |||||||||
Fair value at date of acquisition | — | 1,948 | — | (27,112 | ) | ||||||||||
Settlements | — | 2,180 | — | 5,712 | |||||||||||
Proceeds from sale | (10,000 | ) | — | — | — | ||||||||||
Balance at September 30 | $ | — | $ | (43,352 | ) | $ | 5,010 | $ | (31,470 | ) |
September 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Current portion of long-term debt | $ | — | $ | — | $ | (40,000 | ) | $ | (39,850 | ) | |||||
Long-term debt, net of current portion | (1,641,285 | ) | (1,741,800 | ) | (1,726,954 | ) | (1,761,601 | ) |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Match Group Debt: | |||||||
6.375% Senior Notes due June 1, 2024 (the "2016 Match Group Senior Notes"); interest payable each June 1 and December 1, which commences December 1, 2016 | $ | 400,000 | $ | — | |||
6.75% Senior Notes due December 15, 2022 (the "2015 Match Group Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2016 | 445,172 | 445,172 | |||||
Match Group Term Loan due November 16, 2022 (a) | 390,000 | 800,000 | |||||
Total Match Group long-term debt | 1,235,172 | 1,245,172 | |||||
Less: Current maturities of Match Group long-term debt | — | 40,000 | |||||
Less: Unamortized original issue discount and original issue premium, net | 5,100 | 11,691 | |||||
Less: Unamortized debt issuance costs | 14,526 | 16,610 | |||||
Total Match Group debt, net of current maturities | 1,215,546 | 1,176,871 | |||||
IAC Debt: | |||||||
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30 and November 30, which commenced May 30, 2014 | 390,214 | 500,000 | |||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2013 | 38,247 | 54,732 | |||||
Total IAC long-term debt | 428,461 | 554,732 | |||||
Less: Unamortized debt issuance costs | 2,722 | 4,649 | |||||
Total IAC debt, net of current portion | 425,739 | 550,083 | |||||
Total long-term debt, net of current portion | $ | 1,641,285 | $ | 1,726,954 |
Year | Percentage | ||
2019 | 104.781 | % | |
2020 | 103.188 | % | |
2021 | 101.594 | % | |
2022 and thereafter | 100.000 | % |
Three Months Ended September 30, 2016 | |||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | |||||||||
(In thousands) | |||||||||||
Balance as of July 1 | $ | (121,612 | ) | $ | 4,205 | $ | (117,407 | ) | |||
Other comprehensive (loss) income before reclassifications, net of tax provision of $0.1 million related to unrealized losses on available-for-sale securities | (5,132 | ) | 114 | (5,018 | ) | ||||||
Amounts reclassified to earnings | — | (259 | ) | (a) | (259 | ) | |||||
Net current period other comprehensive loss | (5,132 | ) | (145 | ) | (5,277 | ) | |||||
Balance as of September 30 | $ | (126,744 | ) | $ | 4,060 | $ | (122,684 | ) |
Three Months Ended September 30, 2015 | |||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | |||||||||
(In thousands) | |||||||||||
Balance as of July 1 | $ | (133,895 | ) | $ | 3,600 | $ | (130,295 | ) | |||
Other comprehensive loss, net of tax benefit of $0.1 million related to unrealized losses on available-for-sale securities | (8,420 | ) | (3,501 | ) | (11,921 | ) | |||||
Amounts reclassified to earnings | (2,191 | ) | (81 | ) | (b) | (2,272 | ) | ||||
Net current period other comprehensive loss | (10,611 | ) | (3,582 | ) | (14,193 | ) | |||||
Balance as of September 30 | $ | (144,506 | ) | $ | 18 | $ | (144,488 | ) |
Nine Months Ended September 30, 2016 | |||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains On Available-For-Sale Securities | Accumulated Other Comprehensive (Loss) Income | |||||||||
(In thousands) | |||||||||||
Balance as of January 1 | $ | (154,645 | ) | $ | 2,542 | $ | (152,103 | ) | |||
Other comprehensive (loss) income before reclassifications, net of tax benefit of $0.7 million related to unrealized losses on available-for-sale securities | (3,538 | ) | 4,868 | 1,330 | |||||||
Amounts reclassified to earnings | 9,850 | (2,892 | ) | (c) | 6,958 | ||||||
Net current period other comprehensive income | 6,312 | 1,976 | 8,288 | ||||||||
Reallocation of accumulated other comprehensive loss (income) related to the noncontrolling interests created in the Match Group initial public offering | 21,589 | (458 | ) | 21,131 | |||||||
Balance as of September 30 | $ | (126,744 | ) | $ | 4,060 | $ | (122,684 | ) |
Nine Months Ended September 30, 2015 | |||||||||||
Foreign Currency Translation Adjustment | Unrealized (Losses) Gains On Available-For-Sale Securities | Accumulated Other Comprehensive Loss | |||||||||
(In thousands) | |||||||||||
Balance as of January 1 | $ | (86,848 | ) | $ | (852 | ) | $ | (87,700 | ) | ||
Other comprehensive (loss) income, net of tax benefit of $0.3 million related to unrealized losses on available-for-sale securities | (55,467 | ) | 788 | (54,679 | ) | ||||||
Amounts reclassified to earnings | (2,191 | ) | 82 | (d) | (2,109 | ) | |||||
Net current period other comprehensive (loss) income | (57,658 | ) | 870 | (56,788 | ) | ||||||
Balance as of September 30 | $ | (144,506 | ) | $ | 18 | $ | (144,488 | ) |
Three Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Numerator: | |||||||||||||||
Earnings from continuing operations | $ | 52,340 | $ | 52,340 | $ | 65,026 | $ | 65,026 | |||||||
Net (earnings) loss attributable to noncontrolling interests | (9,178 | ) | (9,178 | ) | 568 | 568 | |||||||||
Impact from Match Group's dilutive securities(a)(b) | — | (3,473 | ) | — | — | ||||||||||
Earnings from continuing operations attributable to IAC shareholders | 43,162 | 39,689 | 65,594 | 65,594 | |||||||||||
Earnings from discontinued operations attributable to IAC shareholders | — | — | 17 | 17 | |||||||||||
Net earnings attributable to IAC shareholders | $ | 43,162 | $ | 39,689 | $ | 65,611 | $ | 65,611 | |||||||
Denominator: | |||||||||||||||
Weighted average basic shares outstanding | 79,532 | 79,532 | 82,910 | 82,910 | |||||||||||
Dilutive securities including subsidiary denominated equity, stock options and RSUs(c)(d) | — | 2,087 | — | 5,990 | |||||||||||
Denominator for earnings per share—weighted average shares(c)(d) | 79,532 | 81,619 | 82,910 | 88,900 | |||||||||||
Earnings per share attributable to IAC shareholders: | |||||||||||||||
Earnings per share from continuing operations | $ | 0.54 | $ | 0.49 | $ | 0.79 | $ | 0.74 | |||||||
Discontinued operations | — | — | — | — | |||||||||||
Earnings per share | $ | 0.54 | $ | 0.49 | $ | 0.79 | $ | 0.74 |
Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Numerator: | |||||||||||||||
(Loss) earnings from continuing operations | $ | (130,268 | ) | $ | (130,268 | ) | $ | 144,774 | $ | 144,774 | |||||
Net (earnings) loss attributable to noncontrolling interests | (13,063 | ) | (13,063 | ) | 6,558 | 6,558 | |||||||||
Impact from Match Group's dilutive securities(a)(b) | — | — | — | — | |||||||||||
(Loss) earnings from continuing operations attributable to IAC shareholders | (143,331 | ) | (143,331 | ) | 151,332 | 151,332 | |||||||||
Loss from discontinued operations attributable to IAC shareholders | — | — | (11 | ) | (11 | ) | |||||||||
Net (loss) earnings attributable to IAC shareholders | $ | (143,331 | ) | $ | (143,331 | ) | $ | 151,321 | $ | 151,321 | |||||
Denominator: | |||||||||||||||
Weighted average basic shares outstanding | 80,357 | 80,357 | 82,924 | 82,924 | |||||||||||
Dilutive securities including subsidiary denominated equity, stock options and RSUs(c)(d)(e) | — | — | — | 5,323 | |||||||||||
Denominator for earnings per share—weighted average shares(c)(d)(e) | 80,357 | 80,357 | 82,924 | 88,247 | |||||||||||
(Loss) earnings per share attributable to IAC shareholders: | |||||||||||||||
(Loss) earnings per share from continuing operations | $ | (1.78 | ) | $ | (1.78 | ) | $ | 1.82 | $ | 1.71 | |||||
Discontinued operations | — | — | — | — | |||||||||||
(Loss) earnings per share | $ | (1.78 | ) | $ | (1.78 | ) | $ | 1.82 | $ | 1.71 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Revenue: | |||||||||||||||
Match Group | $ | 316,447 | $ | 268,971 | $ | 902,849 | $ | 752,857 | |||||||
HomeAdvisor | 133,560 | 99,435 | 375,222 | 269,429 | |||||||||||
Video | 59,955 | 60,125 | 162,361 | 147,317 | |||||||||||
Applications | 142,782 | 193,278 | 445,735 | 581,546 | |||||||||||
Publishing | 74,902 | 178,701 | 326,195 | 512,173 | |||||||||||
Other | 36,598 | 38,173 | 116,714 | 119,344 | |||||||||||
Inter-segment eliminations | (142 | ) | (122 | ) | (356 | ) | (461 | ) | |||||||
Total | $ | 764,102 | $ | 838,561 | $ | 2,328,720 | $ | 2,382,205 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Operating Income (Loss): | |||||||||||||||
Match Group | $ | 91,754 | $ | 58,356 | $ | 194,610 | $ | 125,918 | |||||||
HomeAdvisor | 12,805 | 6,095 | 26,629 | 3,687 | |||||||||||
Video | (2,663 | ) | (5,655 | ) | (25,187 | ) | (36,581 | ) | |||||||
Applications | 29,240 | 46,539 | 75,839 | 138,076 | |||||||||||
Publishing | (14,562 | ) | 14,149 | (324,720 | ) | 43,685 | |||||||||
Other | (1,511 | ) | 195 | (3,299 | ) | (745 | ) | ||||||||
Corporate | (29,479 | ) | (32,549 | ) | (89,317 | ) | (89,022 | ) | |||||||
Total | $ | 85,584 | $ | 87,130 | $ | (145,445 | ) | $ | 185,018 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Adjusted EBITDA:(a) | |||||||||||||||
Match Group | $ | 110,708 | $ | 82,657 | $ | 275,414 | $ | 179,355 | |||||||
HomeAdvisor | 15,965 | 8,904 | 35,947 | 12,768 | |||||||||||
Video | (894 | ) | (5,141 | ) | (21,770 | ) | (36,982 | ) | |||||||
Applications | 34,575 | 47,901 | 94,715 | 142,545 | |||||||||||
Publishing | (6,208 | ) | 21,075 | (6,639 | ) | 65,065 | |||||||||
Other | (824 | ) | 1,596 | (709 | ) | 3,196 | |||||||||
Corporate | (14,336 | ) | (15,850 | ) | (40,050 | ) | (40,969 | ) | |||||||
Total | $ | 138,986 | $ | 141,142 | $ | 336,908 | $ | 324,978 |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Segment Assets:(b) | |||||||
Match Group | $ | 482,899 | $ | 329,269 | |||
HomeAdvisor | 53,930 | 32,112 | |||||
Video | 126,034 | 90,671 | |||||
Applications | 97,899 | 108,997 | |||||
Publishing | 464,233 | 390,951 | |||||
Other | 28,076 | 64,550 | |||||
Corporate | 1,093,237 | 1,485,949 | |||||
Total | $ | 2,346,308 | $ | 2,502,499 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Revenue: | |||||||||||||||
United States | $ | 567,132 | $ | 619,297 | $ | 1,721,348 | $ | 1,755,534 | |||||||
All other countries | 196,970 | 219,264 | 607,372 | 626,671 | |||||||||||
Total | $ | 764,102 | $ | 838,561 | $ | 2,328,720 | $ | 2,382,205 |
September 30, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Long-lived assets (excluding goodwill and intangible assets): | |||||||
United States | $ | 292,586 | $ | 279,913 | |||
All other countries | 24,691 | 22,904 | |||||
Total | $ | 317,277 | $ | 302,817 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Operating Income (Loss) | Stock-Based Compensation Expense | Depreciation | Amortization of Intangibles | Acquisition-related Contingent Consideration Fair Value Adjustments | Adjusted EBITDA | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Match Group | $ | 91,754 | $ | 11,145 | $ | 8,032 | $ | 4,906 | $ | (5,129 | ) | $ | 110,708 | ||||||||||
HomeAdvisor | 12,805 | 408 | 2,026 | 726 | — | 15,965 | |||||||||||||||||
Video | (2,663 | ) | 640 | 438 | 691 | — | (894 | ) | |||||||||||||||
Applications | 29,240 | — | 1,073 | 1,519 | 2,743 | 34,575 | |||||||||||||||||
Publishing | (14,562 | ) | — | 2,029 | 6,325 | — | (6,208 | ) | |||||||||||||||
Other | (1,511 | ) | — | 678 | 100 | (91 | ) | (824 | ) | ||||||||||||||
Corporate | (29,479 | ) | 11,468 | 3,675 | — | — | (14,336 | ) | |||||||||||||||
Total | 85,584 | $ | 23,661 | $ | 17,951 | $ | 14,267 | $ | (2,477 | ) | $ | 138,986 | |||||||||||
Interest expense | (27,118 | ) | |||||||||||||||||||||
Other income, net | 11,700 | ||||||||||||||||||||||
Earnings from continuing operations before income taxes | 70,166 | ||||||||||||||||||||||
Income tax provision | (17,826 | ) | |||||||||||||||||||||
Earnings from continuing operations | 52,340 | ||||||||||||||||||||||
Earnings from discontinued operations, net of tax | — | ||||||||||||||||||||||
Net earnings | 52,340 | ||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (9,178 | ) | |||||||||||||||||||||
Net earnings attributable to IAC shareholders | $ | 43,162 |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||
Operating Income (Loss) | Stock-Based Compensation Expense | Depreciation | Amortization of Intangibles | Acquisition-related Contingent Consideration Fair Value Adjustments | Adjusted EBITDA | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Match Group | $ | 58,356 | $ | 13,057 | $ | 6,137 | $ | 4,352 | $ | 755 | $ | 82,657 | |||||||||||
HomeAdvisor | 6,095 | 410 | 1,627 | 772 | — | 8,904 | |||||||||||||||||
Video | (5,655 | ) | 50 | 289 | 377 | (202 | ) | (5,141 | ) | ||||||||||||||
Applications | 46,539 | — | 1,302 | 1,573 | (1,513 | ) | 47,901 | ||||||||||||||||
Publishing | 14,149 | — | 2,363 | 4,563 | — | 21,075 | |||||||||||||||||
Other | 195 | — | 700 | 701 | — | 1,596 | |||||||||||||||||
Corporate | (32,549 | ) | 13,492 | 3,207 | — | — | (15,850 | ) | |||||||||||||||
Total | 87,130 | $ | 27,009 | $ | 15,625 | $ | 12,338 | $ | (960 | ) | $ | 141,142 | |||||||||||
Interest expense | (15,992 | ) | |||||||||||||||||||||
Other income, net | 34,398 | ||||||||||||||||||||||
Earnings from continuing operations before income taxes | 105,536 | ||||||||||||||||||||||
Income tax provision | (40,510 | ) | |||||||||||||||||||||
Earnings from continuing operations | 65,026 | ||||||||||||||||||||||
Earnings from discontinued operations, net of tax | 17 | ||||||||||||||||||||||
Net earnings | 65,043 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 568 | ||||||||||||||||||||||
Net earnings attributable to IAC shareholders | $ | 65,611 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Operating Income (Loss) | Stock-Based Compensation Expense | Depreciation | Amortization of Intangibles | Acquisition-related Contingent Consideration Fair Value Adjustments | Goodwill Impairment | Adjusted EBITDA | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Match Group | $ | 194,610 | $ | 41,341 | $ | 22,609 | $ | 19,577 | $ | (2,723 | ) | $ | — | $ | 275,414 | ||||||||||||
HomeAdvisor | 26,629 | 1,223 | 5,824 | 2,271 | — | — | 35,947 | ||||||||||||||||||||
Video | (25,187 | ) | 640 | 1,313 | 1,656 | (192 | ) | — | (21,770 | ) | |||||||||||||||||
Applications | 75,839 | — | 3,304 | 4,573 | 10,999 | — | 94,715 | ||||||||||||||||||||
Publishing | (324,720 | ) | — | 6,366 | 36,348 | — | 275,367 | (6,639 | ) | ||||||||||||||||||
Other | (3,299 | ) | — | 2,044 | 637 | (91 | ) | — | (709 | ) | |||||||||||||||||
Corporate | (89,317 | ) | 39,406 | 9,861 | — | — | — | (40,050 | ) | ||||||||||||||||||
Total | (145,445 | ) | $ | 82,610 | $ | 51,321 | $ | 65,062 | $ | 7,993 | $ | 275,367 | $ | 336,908 | |||||||||||||
Interest expense | (82,622 | ) | |||||||||||||||||||||||||
Other income, net | 20,405 | ||||||||||||||||||||||||||
Loss from continuing operations before income taxes | (207,662 | ) | |||||||||||||||||||||||||
Income tax benefit | 77,394 | ||||||||||||||||||||||||||
Loss from continuing operations | (130,268 | ) | |||||||||||||||||||||||||
Earnings from discontinued operations, net of tax | — | ||||||||||||||||||||||||||
Net loss | (130,268 | ) | |||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (13,063 | ) | |||||||||||||||||||||||||
Net loss attributable to IAC shareholders | $ | (143,331 | ) |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Operating Income (Loss) | Stock-Based Compensation Expense | Depreciation | Amortization of Intangibles | Acquisition-related Contingent Consideration Fair Value Adjustments | Adjusted EBITDA | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Match Group | $ | 125,918 | $ | 30,982 | $ | 19,804 | $ | 14,130 | $ | (11,479 | ) | $ | 179,355 | ||||||||||
HomeAdvisor | 3,687 | 1,250 | 4,767 | 3,064 | — | 12,768 | |||||||||||||||||
Video | (36,581 | ) | 344 | 713 | 1,179 | (2,637 | ) | (36,982 | ) | ||||||||||||||
Applications | 138,076 | — | 3,532 | 4,727 | (3,790 | ) | 142,545 | ||||||||||||||||
Publishing | 43,685 | — | 7,293 | 14,087 | — | 65,065 | |||||||||||||||||
Other | (745 | ) | — | 1,824 | 2,117 | — | 3,196 | ||||||||||||||||
Corporate | (89,022 | ) | 39,293 | 8,760 | — | — | (40,969 | ) | |||||||||||||||
Total | 185,018 | $ | 71,869 | $ | 46,693 | $ | 39,304 | $ | (17,906 | ) | $ | 324,978 | |||||||||||
Interest expense | (45,270 | ) | |||||||||||||||||||||
Other income, net | 39,748 | ||||||||||||||||||||||
Earnings from continuing operations before income taxes | 179,496 | ||||||||||||||||||||||
Income tax provision | (34,722 | ) | |||||||||||||||||||||
Earnings from continuing operations | 144,774 | ||||||||||||||||||||||
Loss from discontinued operations, net of tax | (11 | ) | |||||||||||||||||||||
Net earnings | 144,763 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 6,558 | ||||||||||||||||||||||
Net earnings attributable to IAC shareholders | $ | 151,321 |
September 30, 2016 | |||||||||||||||||||
Segment Assets | Goodwill | Indefinite-Lived Intangible Assets | Definite-Lived Intangible Assets | Total Assets | |||||||||||||||
(In thousands) | |||||||||||||||||||
Match Group | $ | 482,899 | $ | 1,311,961 | $ | 248,244 | $ | 13,280 | $ | 2,056,384 | |||||||||
HomeAdvisor | 53,930 | 150,451 | 600 | 3,472 | 208,453 | ||||||||||||||
Video | 126,034 | 25,239 | 1,800 | 6,687 | 159,760 | ||||||||||||||
Applications | 97,899 | 447,242 | 60,600 | 3,392 | 609,133 | ||||||||||||||
Publishing | 464,233 | — | 15,005 | 18,036 | 497,274 | ||||||||||||||
Other | 28,076 | 7,663 | 11,180 | — | 46,919 | ||||||||||||||
Corporate(a) | 1,093,237 | — | — | — | 1,093,237 | ||||||||||||||
Total | $ | 2,346,308 | $ | 1,942,556 | $ | 337,429 | $ | 44,867 | $ | 4,671,160 |
December 31, 2015 | |||||||||||||||||||
Segment Assets | Goodwill | Indefinite-Lived Intangible Assets | Definite-Lived Intangible Assets | Total Assets | |||||||||||||||
(In thousands) | |||||||||||||||||||
Match Group | $ | 329,269 | $ | 1,293,109 | $ | 243,697 | $ | 32,711 | $ | 1,898,786 | |||||||||
HomeAdvisor | 32,112 | 150,251 | 600 | 5,727 | 188,690 | ||||||||||||||
Video | 90,671 | 15,590 | 1,800 | 3,343 | 111,404 | ||||||||||||||
Applications | 108,997 | 447,242 | 60,600 | 7,964 | 624,803 | ||||||||||||||
Publishing | 390,951 | 277,192 | 59,805 | 7,849 | 735,797 | ||||||||||||||
Other | 64,550 | 61,980 | 13,635 | 3,097 | 143,262 | ||||||||||||||
Corporate(a) | 1,485,949 | — | — | — | 1,485,949 | ||||||||||||||
Total | $ | 2,502,499 | $ | 2,245,364 | $ | 380,137 | $ | 60,691 | $ | 5,188,691 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Foreign currency exchange gains | $ | 10,898 | $ | 314 | $ | 24,037 | $ | 4,851 | |||||||
Gains on sale of businesses and investments, net | 279 | 379 | 13,416 | (a) | 523 | ||||||||||
Interest income | 1,051 | 990 | 3,813 | 3,463 | |||||||||||
Gain on real estate transaction | — | 33,586 | — | 33,586 | |||||||||||
Loss on partial extinguishment of Match Group Term Loan | — | — | (11,056 | ) | — | ||||||||||
Impairment on long-term investments | (2,192 | ) | (804 | ) | (4,894 | ) | (1,304 | ) | |||||||
Loss on redemption and repurchase of IAC Senior Notes | (69 | ) | — | (3,182 | ) | — | |||||||||
Other | 1,733 | (67 | ) | (1,729 | ) | (1,371 | ) | ||||||||
Total | $ | 11,700 | $ | 34,398 | $ | 20,405 | $ | 39,748 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Cash and cash equivalents | $ | 521,042 | $ | — | $ | 668,742 | $ | — | $ | 1,189,784 | |||||||||
Marketable securities | 177,862 | — | — | — | 177,862 | ||||||||||||||
Accounts receivable, net | — | 89,703 | 109,625 | — | 199,328 | ||||||||||||||
Other current assets | 82,397 | 44,116 | 106,043 | — | 232,556 | ||||||||||||||
Intercompany receivables | — | 683,232 | 1,048,330 | (1,731,562 | ) | — | |||||||||||||
Property and equipment, net | 4,733 | 191,689 | 120,855 | — | 317,277 | ||||||||||||||
Goodwill | — | 529,403 | 1,413,153 | — | 1,942,556 | ||||||||||||||
Intangible assets, net | — | 100,634 | 281,662 | — | 382,296 | ||||||||||||||
Investment in subsidiaries | 3,547,903 | 574,711 | — | (4,122,614 | ) | — | |||||||||||||
Other non-current assets | 51,325 | 103,727 | 185,497 | (111,048 | ) | 229,501 | |||||||||||||
Total assets | $ | 4,385,262 | $ | 2,317,215 | $ | 3,933,907 | $ | (5,965,224 | ) | $ | 4,671,160 | ||||||||
Accounts payable, trade | $ | 2,737 | $ | 38,397 | $ | 31,134 | $ | — | $ | 72,268 | |||||||||
Other current liabilities | 34,583 | 114,630 | 481,108 | — | 630,321 | ||||||||||||||
Long-term debt, net of current portion | 425,739 | — | 1,215,546 | — | 1,641,285 | ||||||||||||||
Income taxes payable | 109 | 3,381 | 32,310 | — | 35,800 | ||||||||||||||
Intercompany liabilities | 1,731,562 | — | — | (1,731,562 | ) | — | |||||||||||||
Other long-term liabilities | 326,666 | 19,138 | 55,371 | (111,048 | ) | 290,127 | |||||||||||||
Redeemable noncontrolling interests | — | — | 31,160 | — | 31,160 | ||||||||||||||
IAC shareholders' equity | 1,863,866 | 2,141,669 | 1,980,945 | (4,122,614 | ) | 1,863,866 | |||||||||||||
Noncontrolling interests | — | — | 106,333 | — | 106,333 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 4,385,262 | $ | 2,317,215 | $ | 3,933,907 | $ | (5,965,224 | ) | $ | 4,671,160 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Cash and cash equivalents | $ | 1,073,053 | $ | — | $ | 408,394 | $ | — | $ | 1,481,447 | |||||||||
Marketable securities | 27,578 | — | 11,622 | — | 39,200 | ||||||||||||||
Accounts receivable, net | 33 | 115,280 | 134,764 | — | 250,077 | ||||||||||||||
Other current assets | 30,813 | 46,128 | 97,345 | — | 174,286 | ||||||||||||||
Intercompany receivables | — | 637,324 | 963,146 | (1,600,470 | ) | — | |||||||||||||
Property and equipment, net | 4,432 | 198,890 | 99,495 | — | 302,817 | ||||||||||||||
Goodwill | — | 776,569 | 1,468,795 | — | 2,245,364 | ||||||||||||||
Intangible assets, net | — | 135,817 | 305,011 | — | 440,828 | ||||||||||||||
Investment in subsidiaries | 3,128,765 | 466,601 | — | (3,595,366 | ) | — | |||||||||||||
Other non-current assets | 84,368 | 11,258 | 174,038 | (14,992 | ) | 254,672 | |||||||||||||
Total assets | $ | 4,349,042 | $ | 2,387,867 | $ | 3,662,610 | $ | (5,210,828 | ) | $ | 5,188,691 | ||||||||
Current portion of long-term debt | $ | — | $ | — | $ | 40,000 | $ | — | $ | 40,000 | |||||||||
Accounts payable, trade | 4,711 | 42,104 | 40,068 | — | 86,883 | ||||||||||||||
Other current liabilities | 62,833 | 140,077 | 438,753 | — | 641,663 | ||||||||||||||
Long-term debt, net of current portion | 550,083 | — | 1,176,871 | — | 1,726,954 | ||||||||||||||
Income taxes payable | 152 | 3,435 | 30,105 | — | 33,692 | ||||||||||||||
Intercompany liabilities | 1,600,470 | — | — | (1,600,470 | ) | — | |||||||||||||
Other long-term liabilities | 326,267 | 18,160 | 83,848 | (14,992 | ) | 413,283 | |||||||||||||
Redeemable noncontrolling interests | — | — | 30,391 | — | 30,391 | ||||||||||||||
IAC shareholders' equity | 1,804,526 | 2,184,091 | 1,411,275 | (3,595,366 | ) | 1,804,526 | |||||||||||||
Noncontrolling interests | — | — | 411,299 | — | 411,299 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 4,349,042 | $ | 2,387,867 | $ | 3,662,610 | $ | (5,210,828 | ) | $ | 5,188,691 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Revenue | $ | — | $ | 320,860 | $ | 446,691 | $ | (3,449 | ) | $ | 764,102 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 219 | 64,470 | 113,420 | 1,022 | 179,131 | ||||||||||||||
Selling and marketing expense | 546 | 160,370 | 136,053 | (4,576 | ) | 292,393 | |||||||||||||
General and administrative expense | 22,375 | 40,436 | 65,913 | 105 | 128,829 | ||||||||||||||
Product development expense | 1,009 | 19,661 | 25,277 | — | 45,947 | ||||||||||||||
Depreciation | 422 | 7,693 | 9,836 | — | 17,951 | ||||||||||||||
Amortization of intangibles | — | 6,100 | 8,167 | — | 14,267 | ||||||||||||||
Total operating costs and expenses | 24,571 | 298,730 | 358,666 | (3,449 | ) | 678,518 | |||||||||||||
Operating (loss) income | (24,571 | ) | 22,130 | 88,025 | — | 85,584 | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 71,553 | (22,569 | ) | — | (48,984 | ) | — | ||||||||||||
Interest expense | (6,362 | ) | — | (20,756 | ) | — | (27,118 | ) | |||||||||||
Other (expense) income, net | (6,334 | ) | 4,948 | 13,086 | — | 11,700 | |||||||||||||
Earnings from continuing operations before income taxes | 34,286 | 4,509 | 80,355 | (48,984 | ) | 70,166 | |||||||||||||
Income tax benefit (provision) | 8,876 | (10,104 | ) | (16,598 | ) | — | (17,826 | ) | |||||||||||
Earnings (loss) from continuing operations | 43,162 | (5,595 | ) | 63,757 | (48,984 | ) | 52,340 | ||||||||||||
Earnings from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||
Net earnings (loss) | 43,162 | (5,595 | ) | 63,757 | (48,984 | ) | 52,340 | ||||||||||||
Net earnings attributable to noncontrolling interests | — | — | (9,178 | ) | — | (9,178 | ) | ||||||||||||
Net earnings (loss) attributable to IAC shareholders | $ | 43,162 | $ | (5,595 | ) | $ | 54,579 | $ | (48,984 | ) | $ | 43,162 | |||||||
Comprehensive income (loss) attributable to IAC shareholders | $ | 37,885 | $ | (5,551 | ) | $ | 49,708 | $ | (44,157 | ) | $ | 37,885 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Revenue | $ | — | $ | 410,048 | $ | 430,921 | $ | (2,408 | ) | $ | 838,561 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 307 | 77,080 | 122,256 | (266 | ) | 199,377 | |||||||||||||
Selling and marketing expense | 1,250 | 218,693 | 125,318 | (2,151 | ) | 343,110 | |||||||||||||
General and administrative expense | 37,186 | 42,830 | 54,097 | 9 | 134,122 | ||||||||||||||
Product development expense | 2,408 | 20,682 | 23,769 | — | 46,859 | ||||||||||||||
Depreciation | 613 | 6,973 | 8,039 | — | 15,625 | ||||||||||||||
Amortization of intangibles | — | 4,202 | 8,136 | — | 12,338 | ||||||||||||||
Total operating costs and expenses | 41,764 | 370,460 | 341,615 | (2,408 | ) | 751,431 | |||||||||||||
Operating (loss) income | (41,764 | ) | 39,588 | 89,306 | — | 87,130 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 90,703 | 26,515 | — | (117,218 | ) | — | |||||||||||||
Interest expense | (12,995 | ) | (2,929 | ) | (68 | ) | — | (15,992 | ) | ||||||||||
Other income, net | 24,590 | 1,049 | 8,759 | — | 34,398 | ||||||||||||||
Earnings from continuing operations before income taxes | 60,534 | 64,223 | 97,997 | (117,218 | ) | 105,536 | |||||||||||||
Income tax benefit (provision) | 5,060 | (13,779 | ) | (31,791 | ) | — | (40,510 | ) | |||||||||||
Earnings from continuing operations | 65,594 | 50,444 | 66,206 | (117,218 | ) | 65,026 | |||||||||||||
Earnings (loss) from discontinued operations, net of tax | 17 | — | (1 | ) | 1 | 17 | |||||||||||||
Net earnings | 65,611 | 50,444 | 66,205 | (117,217 | ) | 65,043 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 568 | — | 568 | ||||||||||||||
Net earnings attributable to IAC shareholders | $ | 65,611 | $ | 50,444 | $ | 66,773 | $ | (117,217 | ) | $ | 65,611 | ||||||||
Comprehensive income attributable to IAC shareholders | $ | 51,418 | $ | 51,180 | $ | 56,972 | $ | (108,152 | ) | $ | 51,418 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Revenue | $ | — | $ | 1,028,339 | $ | 1,310,593 | $ | (10,212 | ) | $ | 2,328,720 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 811 | 206,661 | 336,011 | (221 | ) | 543,262 | |||||||||||||
Selling and marketing expense | 2,306 | 531,976 | 446,089 | (10,112 | ) | 970,259 | |||||||||||||
General and administrative expense | 66,208 | 124,150 | 226,727 | 121 | 417,206 | ||||||||||||||
Product development expense | 4,127 | 64,177 | 83,384 | — | 151,688 | ||||||||||||||
Depreciation | 1,274 | 21,881 | 28,166 | — | 51,321 | ||||||||||||||
Amortization of intangibles | — | 35,183 | 29,879 | — | 65,062 | ||||||||||||||
Goodwill impairment | — | 253,245 | 22,122 | — | 275,367 | ||||||||||||||
Total operating costs and expenses | 74,726 | 1,237,273 | 1,172,378 | (10,212 | ) | 2,474,165 | |||||||||||||
Operating (loss) income | (74,726 | ) | (208,934 | ) | 138,215 | — | (145,445 | ) | |||||||||||
Equity in losses of unconsolidated affiliates | (45,114 | ) | (33,530 | ) | — | 78,644 | — | ||||||||||||
Interest expense | (20,776 | ) | — | (61,846 | ) | — | (82,622 | ) | |||||||||||
Other (expense) income, net | (35,306 | ) | 10,926 | 44,785 | — | 20,405 | |||||||||||||
(Loss) earnings from continuing operations before income taxes | (175,922 | ) | (231,538 | ) | 121,154 | 78,644 | (207,662 | ) | |||||||||||
Income tax benefit (provision) | 32,591 | 70,073 | (25,270 | ) | — | 77,394 | |||||||||||||
(Loss) earnings from continuing operations | (143,331 | ) | (161,465 | ) | 95,884 | 78,644 | (130,268 | ) | |||||||||||
Earnings from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||
Net (loss) earnings | (143,331 | ) | (161,465 | ) | 95,884 | 78,644 | (130,268 | ) | |||||||||||
Net earnings attributable to noncontrolling interests | — | — | (13,063 | ) | — | (13,063 | ) | ||||||||||||
Net (loss) earnings attributable to IAC shareholders | $ | (143,331 | ) | $ | (161,465 | ) | $ | 82,821 | $ | 78,644 | $ | (143,331 | ) | ||||||
Comprehensive (loss) income attributable to IAC shareholders | $ | (135,043 | ) | $ | (142,528 | ) | $ | 87,367 | $ | 55,161 | $ | (135,043 | ) |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | IAC Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Revenue | $ | — | $ | 1,222,403 | $ | 1,167,429 | $ | (7,627 | ) | $ | 2,382,205 | ||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 846 | 243,867 | 320,070 | (706 | ) | 564,077 | |||||||||||||
Selling and marketing expense | 3,315 | 636,849 | 397,082 | (6,944 | ) | 1,030,302 | |||||||||||||
General and administrative expense | 95,192 | 116,913 | 166,137 | 23 | 378,265 | ||||||||||||||
Product development expense | 6,915 | 62,254 | 69,377 | — | 138,546 | ||||||||||||||
Depreciation | 1,440 | 20,353 | 24,900 | — | 46,693 | ||||||||||||||
Amortization of intangibles | — | 12,565 | 26,739 | — | 39,304 | ||||||||||||||
Total operating costs and expenses | 107,708 | 1,092,801 | 1,004,305 | (7,627 | ) | 2,197,187 | |||||||||||||
Operating (loss) income | (107,708 | ) | 129,602 | 163,124 | — | 185,018 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 228,634 | 29,383 | — | (258,017 | ) | — | |||||||||||||
Interest expense | (38,977 | ) | (6,127 | ) | (166 | ) | — | (45,270 | ) | ||||||||||
Other income, net | 7,731 | 26,682 | 5,335 | — | 39,748 | ||||||||||||||
Earnings from continuing operations before income taxes | 89,680 | 179,540 | 168,293 | (258,017 | ) | 179,496 | |||||||||||||
Income tax benefit (provision) | 61,652 | (58,154 | ) | (38,220 | ) | — | (34,722 | ) | |||||||||||
Earnings from continuing operations | 151,332 | 121,386 | 130,073 | (258,017 | ) | 144,774 | |||||||||||||
(Loss) earnings from discontinued operations, net of tax | (11 | ) | — | 2 | (2 | ) | (11 | ) | |||||||||||
Net earnings | 151,321 | 121,386 | 130,075 | (258,019 | ) | 144,763 | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | 6,558 | — | 6,558 | ||||||||||||||
Net earnings attributable to IAC shareholders | $ | 151,321 | $ | 121,386 | $ | 136,633 | $ | (258,019 | ) | $ | 151,321 | ||||||||
Comprehensive income attributable to IAC shareholders | $ | 94,533 | $ | 117,637 | $ | 79,144 | $ | (196,781 | ) | $ | 94,533 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | ||||||||||||
(In thousands) | |||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (77,595 | ) | $ | 130,121 | $ | 109,056 | $ | 161,582 | ||||||
Cash flows from investing activities attributable to continuing operations: | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (2,524 | ) | (2,524 | ) | |||||||||
Capital expenditures | (343 | ) | (16,134 | ) | (46,262 | ) | (62,739 | ) | |||||||
Investments in time deposits | — | — | (87,500 | ) | (87,500 | ) | |||||||||
Proceeds from maturities of time deposits | — | — | 87,500 | 87,500 | |||||||||||
Proceeds from maturities and sales of marketable debt securities | 79,210 | — | — | 79,210 | |||||||||||
Purchases of marketable debt securities | (229,246 | ) | — | — | (229,246 | ) | |||||||||
Purchases of investments | — | — | (7,211 | ) | (7,211 | ) | |||||||||
Net proceeds from the sale of businesses and investments | 15,401 | 1,779 | 93,356 | 110,536 | |||||||||||
Other, net | — | 158 | 5,404 | 5,562 | |||||||||||
Net cash (used in) provided by investing activities attributable to continuing operations | (134,978 | ) | (14,197 | ) | 42,763 | (106,412 | ) | ||||||||
Cash flows from financing activities attributable to continuing operations: | |||||||||||||||
Purchase of treasury stock | (247,256 | ) | — | — | (247,256 | ) | |||||||||
Proceeds from Match Group 2016 Senior Notes offering | — | — | 400,000 | 400,000 | |||||||||||
Principal payments on Match Group Term Loan | — | — | (410,000 | ) | (410,000 | ) | |||||||||
Debt issuance costs | — | — | (5,048 | ) | (5,048 | ) | |||||||||
Redemption and repurchase of Senior Notes | (126,271 | ) | — | — | (126,271 | ) | |||||||||
Issuance of IAC common stock pursuant to stock-based awards, net of withholding taxes | (7,148 | ) | — | — | (7,148 | ) | |||||||||
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes | — | — | 467 | 467 | |||||||||||
Excess tax benefits from stock-based awards | 17,202 | — | 25,929 | 43,131 | |||||||||||
Purchase of noncontrolling interests | (1,400 | ) | — | (1,129 | ) | (2,529 | ) | ||||||||
Acquisition-related contingent consideration payments | — | (351 | ) | (1,829 | ) | (2,180 | ) | ||||||||
Decrease in restricted cash related to bond redemptions | 20,000 | — | — | 20,000 | |||||||||||
Intercompany | 5,435 | (115,573 | ) | 110,138 | — | ||||||||||
Other, net | — | — | (766 | ) | (766 | ) | |||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (339,438 | ) | (115,924 | ) | 117,762 | (337,600 | ) | ||||||||
Total cash (used in) provided by continuing operations | (552,011 | ) | — | 269,581 | (282,430 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (9,233 | ) | (9,233 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | (552,011 | ) | — | 260,348 | (291,663 | ) | |||||||||
Cash and cash equivalents at beginning of period | 1,073,053 | — | 408,394 | 1,481,447 | |||||||||||
Cash and cash equivalents at end of period | $ | 521,042 | $ | — | $ | 668,742 | $ | 1,189,784 |
IAC | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | IAC Consolidated | ||||||||||||
(In thousands) | |||||||||||||||
Net cash (used in) provided by operating activities attributable to continuing operations | $ | (114,559 | ) | $ | 151,626 | $ | 147,040 | $ | 184,107 | ||||||
Cash flows from investing activities attributable to continuing operations: | |||||||||||||||
Acquisitions, net of cash acquired | — | (2,574 | ) | (40,712 | ) | (43,286 | ) | ||||||||
Capital expenditures | (1,051 | ) | (16,978 | ) | (26,529 | ) | (44,558 | ) | |||||||
Proceeds from maturities and sales of marketable debt securities | 192,928 | — | — | 192,928 | |||||||||||
Purchases of marketable debt securities | (93,134 | ) | — | — | (93,134 | ) | |||||||||
Purchases of investments | — | — | (25,073 | ) | (25,073 | ) | |||||||||
Net proceeds from the sale of businesses and investments | 1,277 | — | 7,274 | 8,551 | |||||||||||
Other, net | 3,613 | 48 | (7,756 | ) | (4,095 | ) | |||||||||
Net cash provided by (used in) investing activities attributable to continuing operations | 103,633 | (19,504 | ) | (92,796 | ) | (8,667 | ) | ||||||||
Cash flows from financing activities attributable to continuing operations: | |||||||||||||||
Purchase of treasury stock | (200,000 | ) | — | — | (200,000 | ) | |||||||||
Principal payment on Liberty Bonds | — | (80,000 | ) | — | (80,000 | ) | |||||||||
Dividends | (84,947 | ) | — | — | (84,947 | ) | |||||||||
Issuance of IAC common stock pursuant to stock-based awards, net of withholding taxes | (40,197 | ) | — | — | (40,197 | ) | |||||||||
Excess tax benefits from stock-based awards | 17,862 | — | 31,285 | 49,147 | |||||||||||
Purchase of noncontrolling interests | — | — | (29,899 | ) | (29,899 | ) | |||||||||
Acquisition-related contingent consideration payments | — | (202 | ) | (5,510 | ) | (5,712 | ) | ||||||||
Intercompany | (86,407 | ) | (51,920 | ) | 138,327 | — | |||||||||
Other, net | 166 | — | 346 | 512 | |||||||||||
Net cash (used in) provided by financing activities attributable to continuing operations | (393,523 | ) | (132,122 | ) | 134,549 | (391,096 | ) | ||||||||
Total cash (used in) provided by continuing operations | (404,449 | ) | — | 188,793 | (215,656 | ) | |||||||||
Total cash (used in) provided by discontinued operations | (192 | ) | — | 2 | (190 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8,111 | ) | (8,111 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | (404,641 | ) | — | 180,684 | (223,957 | ) | |||||||||
Cash and cash equivalents at beginning of period | 762,231 | — | 228,174 | 990,405 | |||||||||||
Cash and cash equivalents at end of period | $ | 357,590 | $ | — | $ | 408,858 | $ | 766,448 |
• | Reportable Segments |
◦ | Match Group - consists of Dating, which includes all Dating businesses globally, and Non-dating, which consists of The Princeton Review. |
◦ | HomeAdvisor - is a leading nationwide home services digital marketplace that helps connect consumers with home professionals. |
◦ | Video - consists primarily of Vimeo and Daily Burn, as well as Electus, IAC Films, CollegeHumor and Notional. |
◦ | Applications - consists of Consumer, which includes our direct-to-consumer downloadable desktop applications, including SlimWare, and Apalon, which houses our mobile operations; and Partnerships, which includes our business-to-business partnership operations. |
◦ | Publishing - consists of Premium Brands, which includes About.com, Dictionary.com, Investopedia and The Daily Beast; and Ask & Other, which includes Ask.com, CityGrid and, for periods prior to its sale on June 30, 2016, ASKfm. |
◦ | Other - consists of ShoeBuy and, for periods prior to its sale on March 18, 2016, PriceRunner. |
• | Dating North America - consists of the financial results of the Dating businesses for customers located in the United States and Canada. |
• | Dating International - consists of the financial results of the Dating businesses for customers located outside of the United States and Canada. |
• | Direct Revenue - is revenue that is directly received by Match Group from an end user of its products. |
• | Average PMC - is calculated by summing the number of paid subscribers, or paid member count ("PMC"), at the end of each day in the relevant measurement period and dividing it by the number of calendar days in that period. PMC as of any given time represents the number of users with a paid membership at that time. |
• | Average Revenue per Paying User ("ARPPU") - is Direct Revenue in the relevant measurement period divided by the Average PMC in such period divided by the number of calendar days in such period. |
• | Service Requests - are fully completed and submitted customer service requests on HomeAdvisor. |
• | Paying Service Professionals ("Paying SPs") - are the number of service professionals that had an active membership or paid for leads in the last month of the period. |
• | Cost of revenue - consists primarily of traffic acquisition costs and includes payments made to partners who distribute our Partnerships customized browser-based applications, integrate our paid listings into their websites and fees related to the distribution and the facilitation of in-app purchase of product features. These payments include amounts based on revenue share and other arrangements. Cost of revenue also includes ShoeBuy's cost of products sold and shipping and handling costs, production costs related to media produced by Electus and other businesses within our Video segment, expenses associated with the operation of the Company's data centers, including compensation (including stock-based compensation) and other employee-related costs, hosting fees, credit card processing fees, content acquisition costs and rent. |
• | Selling and marketing expense - consists primarily of advertising expenditures and compensation (including stock-based compensation) and other employee-related costs for personnel engaged in selling and marketing, sales support and customer service functions. Advertising expenditures include online marketing, including fees paid to search engines and third parties that distribute our Consumer downloadable desktop applications, offline marketing, which is primarily television advertising, and partner-related payments to those who direct traffic to the Match Group brands. |
• | General and administrative expense - consists primarily of compensation (including stock-based compensation) and other employee-related costs for personnel engaged in executive management, finance, legal, tax and human resources, acquisition-related contingent consideration fair value adjustments (described below), fees for professional services and facilities costs. |
• | Product development expense - consists primarily of compensation (including stock-based compensation) and other employee-related costs that are not capitalized for personnel engaged in the design, development, testing and enhancement of product offerings and related technology. |
• | Acquisition-related contingent consideration fair value adjustments - relate to the portion of the purchase price (of certain acquisitions) that is contingent upon the future operating performance of the acquired company. The amounts ultimately paid are generally dependent upon earnings performance and/or operating metrics as stipulated in the relevant share purchase agreements. A liability is estimated at the date of acquisition and adjusted each reporting period until the liability is settled. If the payment date of the liability is longer than one year, the amount is initially recorded net of a discount, which is amortized as an expense each period. In a period where the acquired company is expected to perform better than the previous estimate, the liability will be increased resulting in additional expense; and in a period when the acquired company is expected to perform worse than the previous estimate, the liability will be decreased resulting in income. The year-over-year impact can be significant if there is income in one period and expense in the other period. |
• | 2012 Senior Notes - IAC's 4.75% Senior Notes due December 15, 2022, with interest payable each June 15 and December 15, which commenced June 15, 2013, a portion of which were exchanged for the 2015 Match Group Senior Notes (described below) on November 16, 2015. |
• | 2013 Senior Notes - IAC's 4.875% Senior Notes due November 30, 2018, with interest payable each May 30 and November 30, which commenced May 30, 2014. |
• | Match Exchange Offer - Match Group exchanged $445 million of 2015 Match Group Senior Notes for a substantially like amount of 2012 Senior Notes on November 16, 2015. |
• | 2015 Match Group Senior Notes - Match Group's 6.75% Senior Notes due December 15, 2022, with interest payable each June 15 and December 15, which were issued in exchange for 2012 Senior Notes on November 16, 2015. |
• | Match Group Term Loan - an $800 million, seven-year term loan entered into by Match Group on November 16, 2015. On March 31, 2016, a $10 million principal payment was made. On June 1, 2016, Match Group issued $400 million of 6.375% Senior Notes (described below). The proceeds from the offering were used to repay a portion of the $790 million of indebtedness outstanding under the Match Group Term Loan. At September 30, 2016, a balance of $390 million is outstanding. |
• | 2016 Match Group Senior Notes - Match Group's 6.375% Senior Notes due June 1, 2024, with interest payable each June 1 and December 1, commencing on December 1, 2016, which were issued on June 1, 2016. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2016 | $ Change | % Change | 2015 | 2016 | $ Change | % Change | 2015 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Match Group | $ | 316,447 | $ | 47,476 | 18 | % | $ | 268,971 | $ | 902,849 | $ | 149,992 | 20 | % | $ | 752,857 | |||||||||||||
HomeAdvisor | 133,560 | 34,125 | 34 | % | 99,435 | 375,222 | 105,793 | 39 | % | 269,429 | |||||||||||||||||||
Video | 59,955 | (170 | ) | — | % | 60,125 | 162,361 | 15,044 | 10 | % | 147,317 | ||||||||||||||||||
Applications | 142,782 | (50,496 | ) | (26 | )% | 193,278 | 445,735 | (135,811 | ) | (23 | )% | 581,546 | |||||||||||||||||
Publishing | 74,902 | (103,799 | ) | (58 | )% | 178,701 | 326,195 | (185,978 | ) | (36 | )% | 512,173 | |||||||||||||||||
Other | 36,598 | (1,575 | ) | (4 | )% | 38,173 | 116,714 | (2,630 | ) | (2 | )% | 119,344 | |||||||||||||||||
Inter-segment eliminations | (142 | ) | (20 | ) | (18 | )% | (122 | ) | (356 | ) | 105 | 23 | % | (461 | ) | ||||||||||||||
Total | $ | 764,102 | $ | (74,459 | ) | (9 | )% | $ | 838,561 | $ | 2,328,720 | $ | (53,485 | ) | (2 | )% | $ | 2,382,205 |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Cost of revenue (exclusive of depreciation shown separately below) | $179,131 | $(20,246) | (10)% | $199,377 | |||
As a percentage of revenue | 23% | 24% |
• | The Publishing decrease was due primarily to a reduction of $16.8 million in traffic acquisition costs driven by a decline in revenue at Ask.com and certain legacy businesses. |
• | The Applications decrease was due primarily to a reduction of $13.3 million in traffic acquisition costs driven by a decline in revenue at Partnerships. |
• | The Match Group increase was due primarily to a significant increase in in-app purchase fees across multiple brands, including Tinder, and the acquisition of PlentyOfFish (acquired October 2015). |
• | The Other increase was due primarily to an increase in cost of products sold at ShoeBuy due to increased sales, partially offset by the sale of PriceRunner. |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Cost of revenue (exclusive of depreciation shown separately below) | $543,262 | $(20,815) | (4)% | $564,077 | |||
As a percentage of revenue | 23% | 24% |
• | The Applications and Publishing decreases and the Match Group and Other increases were due primarily to the factors described above in the three-month discussion. |
• | The Match Group was further impacted by the acquisition of Eureka. |
• | The Video increase was due primarily to a net increase in production costs at our media and video businesses and an increase in hosting fees related to Vimeo's subscription growth, increased video plays and expanded On Demand catalog. |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Selling and marketing expense | $292,393 | $(50,717) | (15)% | $343,110 | |||
As a percentage of revenue | 38% | 41% |
• | The Publishing decrease was due primarily to a reduction of $49.7 million in online marketing, resulting from a decline in revenue. |
• | The Applications decrease was due primarily to a decline of $17.5 million in online marketing, principally related to lower anticipated search revenue from our downloadable desktop applications at Consumer. |
• | The Video decrease was due primarily to a reduction of $2.8 million in online marketing driven primarily by Vimeo. |
• | The HomeAdvisor increase was due primarily to higher online and offline marketing of $13.9 million and $5.1 million in compensation due primarily to an increase in the sales force at HomeAdvisor domestic. |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Selling and marketing expense | $970,259 | $(60,043) | (6)% | $1,030,302 | |||
As a percentage of revenue | 42% | 43% |
• | The Publishing, Applications and Video decreases and the HomeAdvisor increase were due primarily to the factors described above in the three-month discussion. |
• | Publishing was further impacted by $2.7 million in restructuring costs in the current year period. |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
General and administrative expense | $128,829 | $(5,293) | (4)% | $134,122 | |||
As a percentage of revenue | 17% | 16% |
• | The Match Group decrease was due primarily to a change of $5.9 million in acquisition-related contingent consideration fair value adjustments, a favorable resolution of a non-income tax related matter and a decrease in consulting expenses at Non-dating, partially offset by an increase of $2.0 million in compensation. The change in the acquisition-related contingent consideration fair value adjustments was due to income of $5.1 million in the current year period compared to expense of $0.8 million in the prior year period. The increase in compensation is driven by increased headcount from recent acquisitions, partially offset by a decrease in stock-based compensation expense due to the inclusion in 2015 of a modification charge related to certain equity awards, partially offset by the issuance of new equity awards since the prior year. |
• | The Corporate decrease was due primarily to lower stock-based compensation expense in the current year period and the inclusion in the prior year period of certain transaction-related costs. |
• | The Publishing decrease was due primarily to the sale of ASKfm. |
• | The HomeAdvisor increase was due primarily to higher compensation due, in part, to increased headcount, $1.1 million in transaction-related costs in the current year period and an increase in bad debt expense. |
• | The Applications increase was due primarily to a change of $4.3 million in acquisition-related contingent consideration fair value adjustments, which was due to expense of $2.7 million in the current year period versus income of $1.5 million in the prior year period, partially offset by a decrease in compensation due, in part, to a decrease in headcount related to a reduction in workforce that took place in the first half of 2016. |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
General and administrative expense | $417,206 | $38,941 | 10% | $378,265 | |||
As a percentage of revenue | 18% | 16% |
• | The Match Group increase was due primarily to a change of $8.8 million in acquisition-related contingent consideration fair value adjustments, an increase of $8.7 million in compensation and an increase of $3.0 million in office rent as they continue to grow and expand their operations, partially offset by a favorable resolution of a non-income tax related matter and a decrease in consulting expenses at Non-dating. The change in the acquisition-related contingent consideration fair value adjustments was due to income of $2.7 million in the current year period compared to income of $11.5 million in the prior year period. The increase in compensation is due to an increase in headcount from recent acquisitions and a $4.5 million increase in stock-based compensation expense due primarily to the issuance of new equity awards since the prior year, partially offset by the inclusion in 2015 of a modification charge related to certain equity awards. |
• | The HomeAdvisor and Applications increases and the Publishing decrease were due primarily to the factors described above in the three-month discussion. |
• | The Publishing decrease was further impacted by a reduction in bad debt expense. |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Product development expense | $45,947 | $(912) | (2)% | $46,859 | |||
As a percentage of revenue | 6% | 6% |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Product development expense | $151,688 | $13,142 | 9% | $138,546 | |||
As a percentage of revenue | 7% | 6% |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Depreciation | $17,951 | $2,326 | 15% | $15,625 | |||
As a percentage of revenue | 2% | 2% |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Depreciation | $51,321 | $4,628 | 10% | $46,693 | |||
As a percentage of revenue | 2% | 2% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2016 | $ Change | % Change | 2015 | 2016 | $ Change | % Change | 2015 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Match Group | $ | 91,754 | $ | 33,398 | 57% | $ | 58,356 | $ | 194,610 | $ | 68,692 | 55% | $ | 125,918 | |||||||||||||
HomeAdvisor | 12,805 | 6,710 | 110% | 6,095 | 26,629 | 22,942 | 622% | 3,687 | |||||||||||||||||||
Video | (2,663 | ) | 2,992 | 53% | (5,655 | ) | (25,187 | ) | 11,394 | 31% | (36,581 | ) | |||||||||||||||
Applications | 29,240 | (17,299 | ) | (37)% | 46,539 | 75,839 | (62,237 | ) | (45)% | 138,076 | |||||||||||||||||
Publishing | (14,562 | ) | (28,711 | ) | NM | 14,149 | (324,720 | ) | (368,405 | ) | NM | 43,685 | |||||||||||||||
Other | (1,511 | ) | (1,706 | ) | NM | 195 | (3,299 | ) | (2,554 | ) | (342)% | (745 | ) | ||||||||||||||
Corporate | (29,479 | ) | 3,070 | 9% | (32,549 | ) | (89,317 | ) | (295 | ) | —% | (89,022 | ) | ||||||||||||||
Total | $ | 85,584 | $ | (1,546 | ) | (2)% | $ | 87,130 | $ | (145,445 | ) | $ | (330,463 | ) | NM | $ | 185,018 | ||||||||||
As a percentage of revenue | 11% | 10% | NM | 8% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2016 | $ Change | % Change | 2015 | 2016 | $ Change | % Change | 2015 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Match Group | $ | 110,708 | $ | 28,051 | 34% | $ | 82,657 | $ | 275,414 | $ | 96,059 | 54% | $ | 179,355 | |||||||||||||
HomeAdvisor | 15,965 | 7,061 | 79% | 8,904 | 35,947 | 23,179 | 182% | 12,768 | |||||||||||||||||||
Video | (894 | ) | 4,247 | 83% | (5,141 | ) | (21,770 | ) | 15,212 | 41% | (36,982 | ) | |||||||||||||||
Applications | 34,575 | (13,326 | ) | (28)% | 47,901 | 94,715 | (47,830 | ) | (34)% | 142,545 | |||||||||||||||||
Publishing | (6,208 | ) | (27,283 | ) | NM | 21,075 | (6,639 | ) | (71,704 | ) | NM | 65,065 | |||||||||||||||
Other | (824 | ) | (2,420 | ) | NM | 1,596 | (709 | ) | (3,905 | ) | NM | 3,196 | |||||||||||||||
Corporate | (14,336 | ) | 1,514 | 10% | (15,850 | ) | (40,050 | ) | 919 | 2% | (40,969 | ) | |||||||||||||||
Total | $ | 138,986 | $ | (2,156 | ) | (2)% | $ | 141,142 | $ | 336,908 | $ | 11,930 | 4% | $ | 324,978 | ||||||||||||
As a percentage of revenue | 18% | 17% | 14% | 14% |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Interest expense | $(27,118) | $11,126 | 70% | $(15,992) |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Interest expense | $(82,622) | $37,352 | 83% | $(45,270) |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Other income, net | $11,700 | $(22,698) | (66)% | $34,398 |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Other income, net | $20,405 | $(19,343) | (49)% | $39,748 |
Three Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Income tax provision | $(17,826) | NM | NM | $(40,510) | |||
Effective income tax rate | 25% | 38% |
Nine Months Ended September 30, | |||||||
2016 | $ Change | % Change | 2015 | ||||
(Dollars in thousands) | |||||||
Income tax benefit (provision) | $77,394 | NM | NM | $(34,722) | |||
Effective income tax rate | 37% | 19% |
September 30, 2016 | December 31, 2015 | |||||||
(In thousands) | ||||||||
Cash and cash equivalents: | ||||||||
United States (1) | $ | 656,337 | $ | 1,109,331 | ||||
All other countries (2) (3) | 533,447 | 372,116 | ||||||
Total cash and cash equivalents | 1,189,784 | 1,481,447 | ||||||
Marketable securities (United States) (4) | 177,862 | 39,200 | ||||||
Total cash and cash equivalents and marketable securities (5) | $ | 1,367,646 | $ | 1,520,647 |
Match Group Debt: | ||||||||
6.375% Senior Notes due June 1, 2024 (the "2016 Match Group Senior Notes"); interest payable each June 1 and December 1, which commences December 1, 2016 | $ | 400,000 | $ | — | ||||
6.75% Senior Notes due December 15, 2022 (the "2015 Match Group Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2016 | 445,172 | 445,172 | ||||||
Match Group Term Loan due November 16, 2022 (6) (7) | 390,000 | 800,000 | ||||||
Total Match Group long-term debt | 1,235,172 | 1,245,172 | ||||||
Less: Current maturities of Match Group long-term debt | — | 40,000 | ||||||
Less: Unamortized original issue discount and original issue premium, net | 5,100 | 11,691 | ||||||
Less: Unamortized debt issuance costs | 14,526 | 16,610 | ||||||
Total Match Group debt, net of current maturities | 1,215,546 | 1,176,871 | ||||||
IAC Debt: | ||||||||
4.875% Senior Notes due November 30, 2018 (the "2013 Senior Notes"); interest payable each May 30 and November 30, which commenced May 30, 2014 | 390,214 | 500,000 | ||||||
4.75% Senior Notes due December 15, 2022 (the "2012 Senior Notes"); interest payable each June 15 and December 15, which commenced June 15, 2013 | 38,247 | 54,732 | ||||||
Total IAC long-term debt | 428,461 | 554,732 | ||||||
Less: Unamortized debt issuance costs | 2,722 | 4,649 | ||||||
Total IAC debt, net of current portion | 425,739 | 550,083 | ||||||
Total long-term debt, net of current portion | $ | 1,641,285 | $ | 1,726,954 |
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
(In thousands) | ||||||||
Net cash provided by operating activities | $ | 161,582 | $ | 184,107 | ||||
Net cash used in investing activities | (106,412 | ) | (8,667 | ) | ||||
Net cash used in financing activities | (337,600 | ) | (391,096 | ) |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | (d) Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans or Programs(2) | |||||||||||
July 2016 | — | $ | — | — | 10,873,182 | ||||||||||
August 2016 | 55,101 | $ | 57.60 | 55,101 | 10,818,081 | ||||||||||
September 2016 | 496,065 | $ | 59.36 | 496,065 | 10,322,016 | ||||||||||
Total | 551,166 | $ | 59.19 | 551,166 | 10,322,016 |
(1) | Reflects repurchases made pursuant to the repurchase authorization previously announced in April 2013. |
(2) | Represents the total number of shares of common stock that remained available for repurchase as of September 30, 2016 pursuant to the April 2013 and/or May 2016 repurchase authorizations, as applicable. IAC may purchase shares pursuant to these repurchase authorizations over an indefinite period of time in the open market and in privately negotiated transactions, depending on those factors IAC management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook. |
Exhibit Number | Description | Location | |
3.1 | Restated Certificate of Incorporation of IAC/InterActiveCorp. | Exhibit 3.1 to the Registrant's Registration Statement on Form 8-A/A, filed on August 12, 2005. | |
3.2 | Certificate of Amendment of the Restated Certificate of Incorporation of IAC/InterActiveCorp. | Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on August 22, 2008. | |
3.3 | Amended and Restated By-Laws of IAC/InterActiveCorp. | Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on December 6, 2010. | |
31.1 | Certification of the Chairman and Senior Executive pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.(1) | ||
31.2 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.(1) | ||
31.3 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.(1) | ||
32.1 | Certification of the Chairman and Senior Executive pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.(2) | ||
32.2 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.(2) | ||
32.3 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.(2) | ||
101.INS | XBRL Instance | ||
101.SCH | XBRL Taxonomy Extension Schema | ||
101.CAL | XBRL Taxonomy Extension Calculation | ||
101.DEF | XBRL Taxonomy Extension Definition | ||
101.LAB | XBRL Taxonomy Extension Labels | ||
101.PRE | XBRL Taxonomy Extension Presentation |
(1) | Filed herewith. |
(2) | Furnished herewith. |
Dated: | November 9, 2016 | |||
IAC/INTERACTIVECORP | ||||
By: | /s/ GLENN H. SCHIFFMAN | |||
Glenn H. Schiffman | ||||
Executive Vice President and Chief Financial Officer |
Signature | Title | Date | |
/s/ GLENN H. SCHIFFMAN | Executive Vice President and Chief Financial Officer | November 9, 2016 | |
Glenn H. Schiffman |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2016 of IAC/InterActiveCorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | November 9, 2016 | /s/ BARRY DILLER | |
Barry Diller Chairman and Senior Executive |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2016 of IAC/InterActiveCorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | November 9, 2016 | /s/ JOSEPH LEVIN | |
Joseph Levin Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2016 of IAC/InterActiveCorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | November 9, 2016 | /s/ GLENN H. SCHIFFMAN | |
Glenn H. Schiffman Executive Vice President & Chief Financial Officer |
(1) | the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 of IAC/InterActiveCorp (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of IAC/InterActiveCorp. |
Dated: | November 9, 2016 | /s/ BARRY DILLER | |
Barry Diller Chairman and Senior Executive |
(1) | the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 of IAC/InterActiveCorp (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of IAC/InterActiveCorp. |
Dated: | November 9, 2016 | /s/ JOSEPH LEVIN | |
Joseph Levin Chief Executive Officer |
(1) | the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 of IAC/InterActiveCorp (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of IAC/InterActiveCorp. |
Dated: | November 9, 2016 | /s/ GLENN H. SCHIFFMAN | |
Glenn H. Schiffman Executive Vice President & Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 28, 2016 |
|
Entity Registrant Name | IAC/INTERACTIVECORP | |
Entity Central Index Key | 0000891103 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 73,500,407 | |
Class B Convertible Common Stock | ||
Entity Common Stock, Shares Outstanding | 5,789,499 |
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts receivable, allowance | $ 16,650 | $ 16,528 |
Accumulated depreciation and amortization, property and equipment | $ 319,804 | $ 284,494 |
Treasury stock, shares (in shares) | 192,422,155 | 187,137,267 |
Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 1,600,000,000 | 1,600,000,000 |
Common stock, issued shares (in shares) | 255,496,433 | 254,014,976 |
Common stock, outstanding shares (in shares) | 73,442,278 | 77,245,709 |
Class B Convertible Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common stock, issued shares (in shares) | 16,157,499 | 16,157,499 |
Common stock, outstanding shares (in shares) | 5,789,499 | 5,789,499 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Statement of Comprehensive Income [Abstract] | |||||||||
Net earnings (loss) | $ 52,340 | $ 65,043 | $ (130,268) | $ 144,763 | |||||
Other comprehensive (loss) income, net of tax: | |||||||||
Change in foreign currency translation adjustment | [1] | (4,808) | (10,603) | 7,596 | (58,604) | ||||
Change in unrealized gains and losses of available-for-sale securities (net of tax benefits of $85 and $868 for the three and nine months ended September 30, 2016, respectively, and net of tax benefits of $277 and $95 for the three and nine months ended September 30, 2015, respectively) | [2] | (145) | (3,617) | 1,510 | 632 | ||||
Total other comprehensive (loss) income, net of tax | (4,953) | (14,220) | 9,106 | (57,972) | |||||
Comprehensive income (loss) | 47,387 | 50,823 | (121,162) | 86,791 | |||||
Comprehensive (income) loss attributable to noncontrolling interests | (9,502) | 595 | (13,881) | 7,742 | |||||
Comprehensive income (loss) attributable to IAC shareholders | $ 37,885 | $ 51,418 | $ (135,043) | $ 94,533 | |||||
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit of change in unrealized gains and losses of available-for-sale securities | $ 85 | $ 277 | $ 868 | $ 95 |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations IAC is a leading media and Internet company comprised of widely known consumer brands such as HomeAdvisor, Vimeo, About.com, Dictionary.com, The Daily Beast, Investopedia, and Match Group's online dating portfolio, which includes Match, OkCupid, Tinder and PlentyOfFish. All references to "IAC," the "Company," "we," "our" or "us" in this report are to IAC/InterActiveCorp. Basis of Presentation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Basis of Consolidation and Accounting for Investments 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. Intercompany transactions and accounts have been eliminated. Investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated 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 contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recoverability of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts; the determination of revenue reserves; the fair value of acquisition-related contingent consideration arrangements; the liabilities for uncertain tax positions; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. Certain Risks and Concentrations A significant portion of the Company's revenue is derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in advertising spending behavior or in customer buying behavior could adversely affect our operating results. Most of the Company's online advertising revenue is attributable to a services agreement with Google Inc. ("Google"). The Company's service agreement became effective on April 1, 2016, following the expiration of the previous services agreement. The services agreement expires on March 31, 2020; the Company may choose to terminate the agreement effective March 31, 2019. The services agreement requires that we comply with certain guidelines promulgated by Google. Google may generally unilaterally update its own policies and guidelines without advance notice, which could in turn require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our business, financial condition and results of operations. For the three and nine months ended September 30, 2016, revenue earned from Google was $172.0 million and $638.2 million, respectively. For the three and nine months ended September 30, 2015, revenue earned from Google was $332.0 million and $979.8 million, respectively. This revenue is earned by the businesses comprising the Publishing and Applications segments. For the three and nine months ended September 30, 2016, revenue earned from Google represents 66% and 76% of Publishing revenue and 85% and 87% of Applications revenue, respectively. For the three and nine months ended September 30, 2015, revenue earned from Google represents 85% and 84% of Publishing revenue and 93% and 94% of Applications revenue, respectively. Accounts receivable related to revenue earned from Google totaled $59.2 million and $97.2 million at September 30, 2016 and December 31, 2015, respectively. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which makes clarifications to how cash receipts and cash payments in certain transactions are presented and classified on the statement of cash flows. The provisions of ASU 2016-15 are effective for reporting periods beginning after December 15, 2017, including interim periods, and will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable; early adoption is permitted. The Company does not expect the adoption of this standard update to have a material impact on its consolidated financial statements; and is currently evaluating the method and timing of adoption. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payments Accounting (Topic 718). The update is intended to simplify existing guidance on various aspects of the accounting and presentation of employee share-based payments in financial statements including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for reporting periods beginning after December 15, 2016; early adoption is permitted. The primary effects of the adoption of ASU 2016-09 on the Company’s results of operations, cash flows and earnings per share will be due to the change in the treatment of the excess tax benefit (deficiency) related to equity awards to employees upon exercise of stock options and the vesting of restricted stock units. The table below illustrates this effect.
The expected effect of the adoption of ASU 2016-09 for the Company will be to increase reported net earnings (or reduce reported net loss) and increase operating cash flow and basic earnings per share (or reduce reported net loss per share). The number of shares used in the calculation of fully diluted earnings per share will also increase due to the reduction in assumed proceeds under the treasury stock method. The actual effect on fully diluted earnings per share could be an increase or a decrease in any period, which will depend upon the increase in reported earnings and the increase in the number of shares included in the fully diluted earnings per share calculation. The Company will adopt the change in treatment of excess tax benefit (deficiency) as of January 1, 2017 using the modified retrospective approach with the cumulative effect recognized as of the date of initial adoption and will apply the provisions of ASU 2016-09 related to the presentation on the statement of cash flows using the prospective approach. To illustrate the effect of ASU 2016-09 on the Company’s results for the nine months ended September 30, 2016, the table below illustrates the change in the Company’s reported results after giving pro forma effect to ASU 2016-09 as if it had been in effect on January 1, 2016.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in "Leases (Topic 840)" and generally requires all leases to be recognized in the statement of financial position. The provisions of ASU 2016-02 are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. The Company is currently evaluating the impact the adoption of this standard update will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and in August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Together, this guidance requires that deferred debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, while debt issuance costs related to line-of-credit arrangements may still continue to be classified as assets. The Company adopted the provisions of ASU 2015-03 and ASU 2015-15 in the first quarter of 2016 and applied the provisions retrospectively, resulting in $21.3 million of deferred debt issuance costs being reclassified from other non-current assets to long-term debt, net of current portion, in the accompanying December 31, 2015 consolidated balance sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common standard for all industries. In July 2015, the FASB decided to defer the effective date for annual reporting periods beginning after December 15, 2017. In March, April and May 2016, the FASB issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, respectively, which provide further revenue recognition guidance related to principal versus agent considerations, performance obligations and licensing, and narrow-scope improvements and practical expedients. Early adoption is permitted beginning on the original effective date of December 15, 2016. Upon adoption, ASU 2014-09 may either be applied retrospectively to each prior period presented or using the modified retrospective approach with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact the adoption of this standard update will have on its consolidated financial statements. The Company will adopt this standard using the modified retrospective approach effective January 1, 2018. Reallocation of Noncontrolling Interests During the quarter ended March 31, 2016, the Company reallocated amounts within the accounts comprising shareholders' equity to correct the amount of noncontrolling interests that was initially recorded following the initial public offering ("IPO") of Match Group, which occurred on November 24, 2015. The noncontrolling interests should have been recorded using the net book value of Match Group rather than the net IPO proceeds. In addition, the adjustment allocates the proportionate share of the accumulated other comprehensive loss to the noncontrolling interests balance. The reallocation has no effect on net income or earnings per share. Based on our assessment of both qualitative and quantitative factors, the reallocation was not considered material to the consolidated financial statements of the Company as of and for: (i) the year ended December 31, 2015, (ii) the three months ended March 31, 2016; (iii) the six months ended June 30, 2016; and (iv) the nine months ended September 30, 2016. Therefore, the adjustment was initially reflected in the consolidated financial statements of the Company as of and for the three months ended March 31, 2016 and will, therefore, also be reflected in the year-to-date consolidated financial statements of each subsequent interim period in 2016 and the annual consolidated financial statements for the year ending December 31, 2016. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
INCOME TAXES |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or the liabilities for uncertain tax positions is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or our tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs. For the three and nine months ended September 30, 2016, the Company recorded an income tax provision for continuing operations of $17.8 million and an income tax benefit for continuing operations of $77.4 million, respectively, which represents effective income tax rates of 25% and 37%, respectively. The effective tax rate for the three months ended September 30, 2016 is lower than the statutory rate of 35% due primarily to foreign income taxed at lower rates. The effective tax rate for the nine months ended September 30, 2016 is higher than the statutory rate of 35% due primarily to foreign income taxed at lower rates, state taxes and the non-taxable gain on the sale of PriceRunner, partially offset by the non-deductible portion of the goodwill impairment at the Publishing segment. For the three and nine months ended September 30, 2015, the Company recorded an income tax provision for continuing operations of $40.5 million and $34.7 million, respectively, which represents effective income tax rates of 38% and 19%, respectively. The effective tax rate for the three months ended September 30, 2015 is higher than the statutory rate of 35% due primarily to state taxes, partially offset by foreign income taxed at lower rates. The effective tax rate for the nine months ended September 30, 2015 is lower than the statutory rate of 35% due primarily to the realization of certain deferred tax assets, a reduction in tax reserves and related interest due to the expiration of statutes of limitations and the non-taxable gain on contingent consideration fair value adjustments. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. At September 30, 2016 and December 31, 2015, the Company has accrued $2.8 million and $2.5 million, respectively, for the payment of interest. At September 30, 2016 and December 31, 2015, the Company has accrued $1.8 million and $2.2 million, respectively, for penalties. The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax. 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 is currently auditing the Company’s federal income tax returns for the years ended December 31, 2010 through 2012. The statute of limitations for the years 2010 through 2012 has been extended to March 31, 2017. Various other jurisdictions are open to examination for tax years beginning with 2009. Income taxes payable include reserves considered sufficient to pay assessments that may result from examination of prior year tax returns. Changes to reserves from period to period and differences between amounts paid, if any, upon resolution of audits and amounts previously provided may be material. Differences between the reserves for income tax contingencies and the amounts owed by the Company are recorded in the period they become known. At September 30, 2016 and December 31, 2015, unrecognized tax benefits, including interest, are $41.3 million and $43.4 million, respectively. If unrecognized tax benefits at September 30, 2016 are subsequently recognized, $38.2 million, net of related deferred tax assets and interest, would reduce the income tax provision for continuing operations. The comparable amount as of December 31, 2015 was $41.0 million. The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $14.4 million within twelve months of September 30, 2016 due to expirations of statutes of limitations; $14.0 million of which would reduce the income tax provision for continuing operations. |
BUSINESS COMBINATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATION | BUSINESS COMBINATION On October 28, 2015, Match Group completed the purchase of all the outstanding shares of Plentyoffish Media Inc. ("PlentyOfFish"), a leading provider of subscription-based and ad-supported online personals servicing North America, Europe, Latin America and Australia. Services are provided through websites and mobile applications that PlentyOfFish owns and operates. The purchase price was $574.1 million in cash and is net of a $0.9 million working capital adjustment paid to Match Group in the second quarter of 2016. The financial results of PlentyOfFish are included in the Company's consolidated financial statements, within the Match Group segment, beginning October 28, 2015. The table below summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:
The purchase price was based on the expected financial performance of PlentyOfFish, not on the value of the net identifiable assets at the time of acquisition, which resulted in a significant portion of the purchase price being attributed to goodwill. The expected financial performance of PlentyOfFish reflects that it is complementary and synergistic to the existing Match Group dating businesses. Intangible assets are as follows:
PlentyOfFish's other current assets, property and equipment, other non-current assets, current liabilities and other long-term liabilities were reviewed and adjusted to their fair values at the date of acquisition, as necessary. The fair values of trade names, customer relationships and the non-compete agreement were determined using variations of the income approach; specifically, in respective order, the relief from royalty, excess earnings and with or without methodologies. The fair values of new registrants and developed technology were determined using a cost approach that utilized the cost to replace methodology. The valuations of the 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. The amount attributed to goodwill is not tax deductible. Pro forma Financial Information The unaudited pro forma financial information in the table below presents the combined results of the Company and PlentyOfFish as if the acquisition of PlentyOfFish had occurred on January 1, 2015. The 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 the acquisition actually occurred on January 1, 2015. For the three and nine months ended September 30, 2015, pro forma adjustments reflected below include decreases to revenue of $0.6 million and $9.0 million, respectively, related to the write-off of deferred revenue at the date of acquisition and increases of $3.7 million and $12.7 million, respectively, in amortization of intangible assets.
|
GOODWILL AND INTANGIBLE ASSETS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets, net are as follows:
The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the nine months ended September 30, 2016:
The September 30, 2016 goodwill balance reflects accumulated impairment losses of $598.0 million, $529.1 million, $42.1 million and $11.6 million at Publishing, Applications, ShoeBuy (included in the Other segment), and Connected Ventures (included in the Video segment), respectively. The additions primarily relate to the acquisition of VHX (included in the Video segment). The deductions primarily relate to the sale of PriceRunner (included in the Other segment). The Company performs its annual impairment assessment of goodwill and indefinite-lived intangible assets as of October 1. In each reporting period, the Company assesses whether any events have occurred or circumstances have changed that would make it more likely than not that the fair values of its reporting units and indefinite-lived intangible assets are below their respective carrying values. If the Company so concludes, the Company updates its estimate of the fair value of the applicable reporting unit and/or indefinite-lived intangible asset. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. If the carrying value of a reporting unit exceeds its estimated fair value, then the second step of the goodwill impairment test must be performed. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with its carrying value to measure the amount of impairment, if any. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. In other words, the estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment is recognized in an amount equal to the excess. Similarly, if the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment is recorded equal to the excess. The Company concluded that it was more likely than not that the carrying value of the Publishing reporting unit and its indefinite-lived intangible assets were in excess of their respective fair values as of June 30, 2016 and, therefore, updated its estimated fair values of these assets as of that date. This conclusion was based upon the impact of the new Google contract, traffic trends and monetization challenges and the anticipated corresponding impact on our estimate of fair value. In performing the first step of the goodwill impairment assessment, the Company determined the fair value of the Publishing reporting unit using both an income approach based on discounted cash flows ("DCF") and a market approach. Determining fair value using a DCF analysis requires the exercise of significant judgment with respect to several items, including judgment about the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the Publishing DCF analysis were based on the Company's most recent forecast for the second half of 2016 and each of the years in the forecast period, which were updated to include the effects of the new Google contract, traffic trends and monetization challenges and the cost savings from our restructuring efforts. For years beyond the forecast period, the Company's estimated cash flows were based on forecasted growth rates. The discount rate used in the DCF analysis reflects the risks inherent in the expected future cash flows of the Publishing reporting unit. Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple was determined which was applied to financial metrics to estimate the fair value of the Publishing reporting unit. To determine a peer group of companies for Publishing, we considered companies relevant in terms of business model, revenue profile, margin and growth characteristics and brand strength. The second step of the impairment calculation is to determine the fair value of the goodwill of the Publishing reporting unit. The estimated fair value of the Publishing reporting unit was allocated to all of its assets and liabilities (which included unrecognized intangible assets) as if the Publishing reporting unit had been acquired in a business combination on June 30, 2016 and the fair value of the reporting unit was the purchase price paid. Publishing's other current assets, property and equipment, other non-current assets, current liabilities and other long-term liabilities were reviewed and adjusted to their fair values at June 30, 2016 as necessary. The fair values of trade names, advertiser relationships, and certain existing content at About.com were determined using variations of the income approach; specifically, in respective order, the relief from royalty, with or without and excess earnings methodologies. The fair values of developed technology and certain existing content at Investopedia were determined using a cost approach that utilized the cost to replace methodology. The valuations of the 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. The fair value of the goodwill of the Publishing reporting unit was determined to be zero and an impairment of the entire goodwill balance of $275.4 million was recognized in the second quarter of 2016. The Company also recorded impairments of $11.6 million of certain trade names and trademarks in the second quarter of 2016. The impairments were due to reduced level of revenue and profits, which, in turn, also led to a reduction in the assumed royalty rates for these assets. The royalty rates used to value the trade names that were impaired ranged from 2% to 6% and the discount rate that was used reflects the risks inherent in the expected future cash flows of the trade names and trademarks. The impairment charge is included in "Amortization of intangibles" in the accompanying consolidated statement of operations. Intangible assets with indefinite lives are trade names and trademarks acquired in various acquisitions. During the second quarter of 2016, the Company changed the classification of certain intangibles from indefinite-lived to definite-lived at Publishing. At September 30, 2016 and December 31, 2015, intangible assets with definite lives are as follows:
At September 30, 2016, amortization of intangible assets with definite lives for each of the next five years is estimated to be as follows:
|
MARKETABLE SECURITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES At September 30, 2016, current available-for-sale marketable securities are as follows:
At December 31, 2015, current available-for-sale marketable securities are as follows:
The unrealized gains and losses in the tables above are included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. The gross unrealized losses on the marketable debt securities relate primarily to changes in interest rates. The Company does not consider the gross unrealized losses to be other-than-temporary because the Company does not intend to sell the marketable debt securities that generated the gross unrealized losses at September 30, 2016, and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be maturity. The aggregate fair value of available-for-sale marketable debt securities with unrealized losses is $7.6 million as of September 30, 2016. There are no investments in current available-for-sale marketable debt securities that have been in a continuous unrealized loss position for longer than twelve months as of September 30, 2016. The contractual maturities of debt securities classified as current available-for-sale at September 30, 2016 are as follows:
The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains:
There were no gross realized losses from the maturities and sales of available-for-sale marketable securities for the three and nine months ended September 30, 2016 and 2015. Gross realized gains from the maturities and sales of available-for-sale marketable securities and losses that were deemed to be other-than-temporary are included in "Other income, net" in the accompanying consolidated statement of operations. The specific-identification method is used to determine the cost of securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income (loss) into earnings. |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS 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:
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Contingent Consideration Arrangements As of September 30, 2016, there are seven contingent consideration arrangements related to business acquisitions. The maximum contingent payments related to these seven arrangements are $142.6 million and the fair value of these arrangements at September 30, 2016 is $43.4 million. The contingent consideration arrangements are generally based upon earnings performance and/or operating metrics such as monthly active users. The Company determines the fair value of the contingent consideration arrangements by using probability-weighted analyses to determine the amounts of the gross liability, and, if the arrangement is long-term in nature, applying a discount rate that appropriately captures the risks associated with the obligation to determine the net amount reflected in the consolidated financial statements. The number of scenarios in the probability-weighted analyses can vary; generally, more scenarios are prepared for longer duration and more complex arrangements. The fair values of the contingent consideration arrangements at September 30, 2016 and December 31, 2015 reflect discount rates ranging from 12% to 25%. The fair values of the contingent consideration arrangements are sensitive to changes in the forecasts of earnings and/or the relevant operating metrics and changes in discount rates. The Company remeasures the fair value of the contingent consideration arrangements each reporting period, including the accretion of the discount, if applicable, and changes are recognized in “General and administrative expense” in the accompanying consolidated statement of operations. The contingent consideration arrangement liability at September 30, 2016 and December 31, 2015 includes a current portion of $43.2 million and $2.6 million, respectively, and a non-current portion of $0.2 million and $31.2 million, respectively, which are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the accompanying consolidated balance sheet. Marketable equity security The cost basis of the Company's long-term marketable equity security at December 31, 2015 was $5.0 million, with a gross unrealized gain of $2.6 million. The gross unrealized gain at December 31, 2015 was included in "Accumulated other comprehensive loss" in the accompanying consolidated balance sheet. During the second quarter of 2016 this marketable equity security was classified as short-term due to the Company's decision to sell this security. During the third quarter of 2016, the security has been sold. Assets measured at fair value on a nonrecurring basis The Company's non-financial assets, such as goodwill, intangible assets and property and equipment, as well as equity and cost method investments, are adjusted to fair value only when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs. See Note 4 for additional information on the Publishing goodwill and indefinite-lived intangible asset impairment charges. Cost method investments At September 30, 2016 and December 31, 2015, the carrying values of the Company's investments accounted for under the cost method totaled $116.3 million and $114.5 million, respectively, and are included in "Long-term investments" in the accompanying consolidated balance sheet. The Company evaluates each cost method investment for impairment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of a cost method investment, then the fair value of such cost method investment is not estimated, as it is impracticable to do so. 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:
The fair value of long-term debt, including the current portion, is estimated using market prices or indices for similar liabilities and takes into consideration other factors such as credit quality and maturity, which are Level 3 inputs. |
LONG-TERM DEBT |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of:
________________________ (a) The Match Group Term Loan matures on November 16, 2022; provided that, if any of the 2015 Match Group Senior Notes remain outstanding on the date that is 91 days prior to the maturity date of the 2015 Match Group Senior Notes, the Match Group Term Loan maturity date shall be the date that is 91 days prior to the maturity date of the 2015 Match Group Senior Notes. Match Group Senior Notes: The 2016 Match Group Senior Notes were issued on June 1, 2016. The proceeds of $400 million were used to repay a portion of indebtedness outstanding under the Match Group Term Loan. At any time prior to June 1, 2019, 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, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below:
The 2015 Match Group Senior Notes were issued on November 16, 2015, in exchange for a portion of the IAC 2012 Senior Notes (the "Match Exchange Offer"). Promptly following the closing of the Match Exchange Offer, Match Group and its subsidiaries were designated as unrestricted subsidiaries of IAC for purposes of the indentures governing the 2013 and 2012 Senior Notes and the IAC Credit Facility. Following the designation, neither Match Group nor any of its subsidiaries guaranteed any debt of IAC, or are subject to any of the covenants related to such debt. The indentures governing the 2016 and 2015 Match Group Senior Notes contain covenants that would limit Match Group's ability to pay dividends or to make distributions and repurchase or redeem Match Group stock in the event a default has occurred or Match Group's leverage ratio (as defined in the indentures) exceeds 5.0 to 1.0. At September 30, 2016, there were no limitations pursuant thereto. There are additional covenants that limit Match Group's ability and the ability of its subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event Match Group is not in compliance with the financial ratio set forth in the indenture, and (ii) incur liens, enter into agreements restricting Match Group subsidiaries' ability to pay dividends, enter into transactions with affiliates and consolidate, merge or sell substantially all of their assets. Match Group Term Loan and Match Group Credit Facility: On November 16, 2015, under a credit agreement (the "Match Group Credit Agreement"), Match Group borrowed $800 million in the form of a term loan (the "Match Group Term Loan"). On March 31, 2016, Match Group made a $10 million principal payment on the Match Group Term Loan. In addition, on June 1, 2016, the $400 million in proceeds from the 2016 Match Group Senior Notes were used to repay a portion of the Match Group Term Loan. The remaining principal balance at September 30, 2016 of $390 million is due at maturity. The Match Group Term Loan provides for additional annual principal payments as part of an excess cash flow sweep provision, the amount of which, if any, is governed by the secured net leverage ratio contained in the Match Group Credit Agreement. The Match Group Term Loan bears interest, at Match Group's option, at a base rate or LIBOR, plus 3.50% or 4.50%, respectively, and in the case of LIBOR, a floor of 1.00%. Interest payments are due at least semi-annually through the term of the loan. Match Group has a $500 million revolving credit facility (the "Match Group Credit Facility") that expires on October 7, 2020. At September 30, 2016 and December 31, 2015, there were no outstanding borrowings under the Match Group Credit Facility. The annual commitment fee on undrawn funds based on the current leverage ratio is 30 basis points. Borrowings under the Match Group Credit Facility bear interest, at Match Group's option, at a base rate or LIBOR, in each case plus an applicable margin, which is determined by reference to a pricing grid based on Match Group's consolidated net leverage ratio. The terms of the Match Group Credit Facility require Match Group to maintain a consolidated net leverage ratio of not more than 5.0 to 1.0 and a minimum interest coverage ratio of not less than 2.5 to 1.0 (in each case as defined in the agreement). There are additional covenants under the Match Group Credit Facility and the Match Group Term Loan that limit the ability of Match Group and its subsidiaries to, among other things, incur indebtedness, pay dividends or make distributions. While the Match Group Term Loan remains outstanding, these same covenants under the Match Group Credit Agreement are more restrictive than the covenants that are applicable to the Match Group Credit Facility. Obligations under the Match Group Credit Facility and Match Group Term Loan are unconditionally guaranteed by certain Match Group wholly-owned domestic subsidiaries, and are also secured by the stock of certain Match Group domestic and foreign subsidiaries. The Match Group Term Loan and outstanding borrowings, if any, under the Match Group Credit Facility rank equally with each other, and have priority over the 2016 and 2015 Match Group Senior Notes to the extent of the value of the assets securing the borrowings under the Match Group Credit Agreement. IAC Senior Notes: The 2013 and 2012 Senior Notes were issued by IAC on November 15, 2013 and December 21, 2012, respectively. The 2013 and 2012 Senior Notes are unconditionally guaranteed by certain wholly-owned domestic subsidiaries, which are designated as guarantor subsidiaries. The guarantor subsidiaries are the same for the 2013 and 2012 Senior Notes. See Note 14 for guarantor and non-guarantor financial information. During the first nine months of 2016, the Company redeemed and repurchased $109.8 million of its 2013 Senior Notes and repurchased $16.5 million of its 2012 Senior Notes. The indenture governing the 2013 Senior Notes contains covenants that would limit our ability to pay dividends or to make distributions and repurchase or redeem our stock in the event a default has occurred or our leverage ratio (as defined in the indenture) exceeds 3.0 to 1.0. At September 30, 2016, there were no limitations pursuant thereto. There are additional covenants that limit the Company's ability and the ability of its restricted subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event we are not in compliance with the financial ratio set forth in the indenture, and (ii) incur liens, enter into agreements limiting our restricted subsidiaries' ability to pay dividends, enter into transactions with affiliates and consolidate, merge or sell substantially all of our assets. The indenture governing the 2012 Senior Notes was amended to eliminate substantially all of the restrictive covenants contained therein in connection with the Match Exchange Offer. IAC Credit Facility: IAC has a $300 million revolving credit facility (the "IAC Credit Facility") that expires October 7, 2020. At September 30, 2016 and December 31, 2015, there were no outstanding borrowings under the IAC Credit Facility. The annual commitment fee on undrawn funds is currently 35 basis points, and is based on the leverage ratio most recently reported. Borrowings under the IAC Credit Facility bear interest, at the Company's option, at a base rate or LIBOR, in each case, plus an applicable margin, which is determined by reference to a pricing grid based on the Company's leverage ratio. The terms of the IAC Credit Facility require that the Company maintains a leverage ratio (as defined in the agreement) of not more than 3.25 to 1.0 and restrict our ability to incur additional indebtedness. Borrowings under the IAC Credit Facility are unconditionally guaranteed by the same domestic subsidiaries that guarantee the 2013 and 2012 Senior Notes and are also secured by the stock of certain of our domestic and foreign subsidiaries. The 2013 and 2012 Senior Notes rank equally with each other, and are subordinate to outstanding borrowings under the IAC Credit Facility to extent of the value of the assets securing such borrowings. |
ACCUMULATED OTHER COMPREHENSIVE LOSS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive loss into earnings:
________________________ (a) Amount is net of a tax provision of $0.2 million.
________________________ (b) Amount is net of a tax provision of $0.1 million.
________________________ (c) Amount is net of a tax provision of $0.2 million.
________________________ (d) Amount is net of a tax benefit of $0.1 million. |
EARNINGS (LOSS) PER SHARE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The following tables set forth the computation of basic and diluted earnings (loss) per share attributable to IAC shareholders.
________________________ (a) Represents the impact on earnings related to Match Group's dilutive securities under the if-converted method. (b) The impact on earnings of Match Group's dilutive securities is not applicable for the three and nine months ended September 30, 2015 as it was a wholly-owned subsidiary of the Company until its IPO on November 24, 2015. For the nine months ended September 30, 2016, the impact on earnings related to Match Group's dilutive securities under the if-converted method are excluded as the impact is anti-dilutive. (c) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of subsidiary denominated equity, stock options and vesting of restricted stock units ("RSUs"). For the three months ended September 30, 2016 and for the three and nine months ended September 30, 2015, 3.3 million, 1.0 million and 1.3 million potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. (d) For the nine months ended September 30, 2016, the Company had a loss from continuing operations and as a result, approximately 9.8 million potentially dilutive securities were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. (e) Market-based awards and performance-based stock units (“PSUs”) are considered contingently issuable shares. Market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based award and PSUs are dilutive for the respective reporting periods. For the three months ended September 30, 2016, 0.3 million market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. For the three and nine months ended September 30, 2015, 0.5 million market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. |
SEGMENT INFORMATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The overall concept that IAC employs in determining its operating segments is to present the financial information in a manner consistent with: how the chief operating decision maker views the businesses; how the businesses are organized as to segment management; and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics or, in the case of the Other reportable segment, do not meet the quantitative thresholds that require presentation as separate operating segments.
________________________ (a) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses. (b) Consistent with the Company's primary metric (described in (a) above), the Company excludes, if applicable, goodwill and intangible assets from the measure of segment assets presented above. Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:
The following tables reconcile operating income (loss) for the Company's reportable segments and net earnings (loss) attributable to IAC shareholders to Adjusted EBITDA:
The following tables reconcile segment assets to total assets:
________________________ (a) Corporate assets consist primarily of cash and cash equivalents, marketable securities and IAC's headquarters building. |
CONSOLIDATED FINANCIAL STATEMENT DETAILS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL STATEMENT DETAILS | CONSOLIDATED FINANCIAL STATEMENT DETAILS Other income, net consists of:
________________________ (a) Includes a gain of $12.0 million related to PriceRunner, which was sold on March 18, 2016, and a loss of $3.8 million related to ASKfm, which was sold on June 30, 2016. PriceRunner's full year 2015 revenue, operating income and Adjusted EBITDA were $32.3 million, $9.7 million and $13.0 million, respectively. Included in PriceRunner's operating income were $0.4 million of depreciation and $2.9 million of amortization of intangibles. ASKfm's full year 2015 revenue, operating loss and Adjusted EBITDA loss were $10.9 million, $9.1 million and $6.1 million, respectively. Included in ASKfm's operating loss were $2.0 million of amortization of intangibles and $1.1 million of depreciation. |
SUPPLEMENTAL CASH FLOW INFORMATION |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental Disclosure of Non-Cash Transactions: The Company recorded acquisition-related contingent consideration liabilities of $27.1 million during the nine months ended September 30, 2015. See Note 6 for additional information on contingent consideration arrangements. |
CONTINGENCIES |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | CONTINGENCIES In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See Note 2 for additional information related to income tax contingencies. |
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION | GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION The 2013 and 2012 Senior Notes are unconditionally guaranteed, jointly and severally, by certain domestic subsidiaries, which are 100% owned by the Company. The following tables present condensed consolidating financial information at September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 for: IAC, on a stand-alone basis; the combined guarantor subsidiaries of IAC; the combined non-guarantor subsidiaries of IAC; and IAC on a consolidated basis. Balance sheet at September 30, 2016:
Balance sheet at December 31, 2015:
Statement of operations for the three months ended September 30, 2016:
Statement of operations for the three months ended September 30, 2015:
Statement of operations for the nine months ended September 30, 2016:
Statement of operations for the nine months ended September 30, 2015:
Statement of cash flows for the nine months ended September 30, 2016:
Statement of cash flows for the nine months ended September 30, 2015:
|
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). |
||||||||||||||||||||||||||||||
Basis of Consolidation and Accounting for Investments | Basis of Consolidation and Accounting for Investments 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. Intercompany transactions and accounts have been eliminated. Investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. |
||||||||||||||||||||||||||||||
Accounting Estimates | Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated 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 contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the fair values of marketable securities and other investments; the recoverability of goodwill and indefinite-lived intangible assets; the useful lives and recoverability of definite-lived intangible assets and property and equipment; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts; the determination of revenue reserves; the fair value of acquisition-related contingent consideration arrangements; the liabilities for uncertain tax positions; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. |
||||||||||||||||||||||||||||||
Certain Risks and Concentrations | Certain Risks and Concentrations A significant portion of the Company's revenue is derived from online advertising, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in advertising spending behavior or in customer buying behavior could adversely affect our operating results. Most of the Company's online advertising revenue is attributable to a services agreement with Google Inc. ("Google"). The Company's service agreement became effective on April 1, 2016, following the expiration of the previous services agreement. The services agreement expires on March 31, 2020; the Company may choose to terminate the agreement effective March 31, 2019. The services agreement requires that we comply with certain guidelines promulgated by Google. Google may generally unilaterally update its own policies and guidelines without advance notice, which could in turn require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our business, financial condition and results of operations. |
||||||||||||||||||||||||||||||
Recent Accounting Pronouncement | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which makes clarifications to how cash receipts and cash payments in certain transactions are presented and classified on the statement of cash flows. The provisions of ASU 2016-15 are effective for reporting periods beginning after December 15, 2017, including interim periods, and will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable; early adoption is permitted. The Company does not expect the adoption of this standard update to have a material impact on its consolidated financial statements; and is currently evaluating the method and timing of adoption. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payments Accounting (Topic 718). The update is intended to simplify existing guidance on various aspects of the accounting and presentation of employee share-based payments in financial statements including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for reporting periods beginning after December 15, 2016; early adoption is permitted. The primary effects of the adoption of ASU 2016-09 on the Company’s results of operations, cash flows and earnings per share will be due to the change in the treatment of the excess tax benefit (deficiency) related to equity awards to employees upon exercise of stock options and the vesting of restricted stock units. The table below illustrates this effect.
The expected effect of the adoption of ASU 2016-09 for the Company will be to increase reported net earnings (or reduce reported net loss) and increase operating cash flow and basic earnings per share (or reduce reported net loss per share). The number of shares used in the calculation of fully diluted earnings per share will also increase due to the reduction in assumed proceeds under the treasury stock method. The actual effect on fully diluted earnings per share could be an increase or a decrease in any period, which will depend upon the increase in reported earnings and the increase in the number of shares included in the fully diluted earnings per share calculation. The Company will adopt the change in treatment of excess tax benefit (deficiency) as of January 1, 2017 using the modified retrospective approach with the cumulative effect recognized as of the date of initial adoption and will apply the provisions of ASU 2016-09 related to the presentation on the statement of cash flows using the prospective approach. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases in "Leases (Topic 840)" and generally requires all leases to be recognized in the statement of financial position. The provisions of ASU 2016-02 are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach. The Company is currently evaluating the impact the adoption of this standard update will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and in August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Together, this guidance requires that deferred debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, while debt issuance costs related to line-of-credit arrangements may still continue to be classified as assets. The Company adopted the provisions of ASU 2015-03 and ASU 2015-15 in the first quarter of 2016 and applied the provisions retrospectively, resulting in $21.3 million of deferred debt issuance costs being reclassified from other non-current assets to long-term debt, net of current portion, in the accompanying December 31, 2015 consolidated balance sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which clarifies the principles for recognizing revenue and develops a common standard for all industries. In July 2015, the FASB decided to defer the effective date for annual reporting periods beginning after December 15, 2017. In March, April and May 2016, the FASB issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, respectively, which provide further revenue recognition guidance related to principal versus agent considerations, performance obligations and licensing, and narrow-scope improvements and practical expedients. Early adoption is permitted beginning on the original effective date of December 15, 2016. Upon adoption, ASU 2014-09 may either be applied retrospectively to each prior period presented or using the modified retrospective approach with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact the adoption of this standard update will have on its consolidated financial statements. The Company will adopt this standard using the modified retrospective approach effective January 1, 2018. |
||||||||||||||||||||||||||||||
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in the Company’s Reported Results after Giving Pro Forma Effect to ASU 2016-09 | To illustrate the effect of ASU 2016-09 on the Company’s results for the nine months ended September 30, 2016, the table below illustrates the change in the Company’s reported results after giving pro forma effect to ASU 2016-09 as if it had been in effect on January 1, 2016.
|
BUSINESS COMBINATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Fair Values 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Acquired as Part of Business Combination | Intangible assets are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unaudited Pro Forma Financial Information | The unaudited pro forma financial information in the table below presents the combined results of the Company and PlentyOfFish as if the acquisition of PlentyOfFish had occurred on January 1, 2015. The 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 the acquisition actually occurred on January 1, 2015. For the three and nine months ended September 30, 2015, pro forma adjustments reflected below include decreases to revenue of $0.6 million and $9.0 million, respectively, related to the write-off of deferred revenue at the date of acquisition and increases of $3.7 million and $12.7 million, respectively, in amortization of intangible assets.
|
GOODWILL AND INTANGIBLE ASSETS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill by Reportable Segment | The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the nine months ended September 30, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets with Definite Lives | At September 30, 2016 and December 31, 2015, intangible assets with definite lives are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Amortization of Intangible Assets | At September 30, 2016, amortization of intangible assets with definite lives for each of the next five years is estimated to be as follows:
|
MARKETABLE SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Available-for-Sale Marketable Securities | At September 30, 2016, current available-for-sale marketable securities are as follows:
At December 31, 2015, current available-for-sale marketable securities are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Maturities of Debt Securities Classified as Available-for-Sale | The contractual maturities of debt securities classified as current available-for-sale at September 30, 2016 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Proceeds From Maturities and Sales of Current and Non-current Available-for-Sale Marketable Securities and the Related Gross Realized Gains and Losses | The following table presents the proceeds from maturities and sales of current and non-current available-for-sale marketable securities and the related gross realized gains:
|
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables present the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
LONG-TERM DEBT (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of:
________________________ (a) The Match Group Term Loan matures on November 16, 2022; provided that, if any of the 2015 Match Group Senior Notes remain outstanding on the date that is 91 days prior to the maturity date of the 2015 Match Group Senior Notes, the Match Group Term Loan maturity date shall be the date that is 91 days prior to the maturity date of the 2015 Match Group Senior Notes. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption | Thereafter, these notes may be redeemed at the redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below:
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive loss into earnings:
________________________ (a) Amount is net of a tax provision of $0.2 million.
________________________ (b) Amount is net of a tax provision of $0.1 million.
________________________ (c) Amount is net of a tax provision of $0.2 million.
________________________ (d) Amount is net of a tax benefit of $0.1 million. |
EARNINGS (LOSS) PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings (Loss) Per Share | The following tables set forth the computation of basic and diluted earnings (loss) per share attributable to IAC shareholders.
________________________ (a) Represents the impact on earnings related to Match Group's dilutive securities under the if-converted method. (b) The impact on earnings of Match Group's dilutive securities is not applicable for the three and nine months ended September 30, 2015 as it was a wholly-owned subsidiary of the Company until its IPO on November 24, 2015. For the nine months ended September 30, 2016, the impact on earnings related to Match Group's dilutive securities under the if-converted method are excluded as the impact is anti-dilutive. (c) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of subsidiary denominated equity, stock options and vesting of restricted stock units ("RSUs"). For the three months ended September 30, 2016 and for the three and nine months ended September 30, 2015, 3.3 million, 1.0 million and 1.3 million potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. (d) For the nine months ended September 30, 2016, the Company had a loss from continuing operations and as a result, approximately 9.8 million potentially dilutive securities were excluded from computing dilutive earnings per share because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. (e) Market-based awards and performance-based stock units (“PSUs”) are considered contingently issuable shares. Market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based award and PSUs are dilutive for the respective reporting periods. For the three months ended September 30, 2016, 0.3 million market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. For the three and nine months ended September 30, 2015, 0.5 million market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. |
SEGMENT INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information |
________________________ (a) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses. (b) Consistent with the Company's primary metric (described in (a) above), the Company excludes, if applicable, goodwill and intangible assets from the measure of segment assets presented above. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue and Long-lived Assets, Excluding Goodwill and Intangible Assets, by Geography | Geographic information about revenue and long-lived assets is presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Operating Income (Loss) to Adjusted EBITDA | The following tables reconcile operating income (loss) for the Company's reportable segments and net earnings (loss) attributable to IAC shareholders to Adjusted EBITDA:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Segment Assets to Total Assets | The following tables reconcile segment assets to total assets:
________________________ (a) Corporate assets consist primarily of cash and cash equivalents, marketable securities and IAC's headquarters building. |
CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income, Net | Other income, net consists of:
________________________ (a) Includes a gain of $12.0 million related to PriceRunner, which was sold on March 18, 2016, and a loss of $3.8 million related to ASKfm, which was sold on June 30, 2016. PriceRunner's full year 2015 revenue, operating income and Adjusted EBITDA were $32.3 million, $9.7 million and $13.0 million, respectively. Included in PriceRunner's operating income were $0.4 million of depreciation and $2.9 million of amortization of intangibles. ASKfm's full year 2015 revenue, operating loss and Adjusted EBITDA loss were $10.9 million, $9.1 million and $6.1 million, respectively. Included in ASKfm's operating loss were $2.0 million of amortization of intangibles and $1.1 million of depreciation. |
GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Nonguarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Balance sheet at September 30, 2016:
Balance sheet at December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement | Statement of operations for the three months ended September 30, 2016:
Statement of operations for the three months ended September 30, 2015:
Statement of operations for the nine months ended September 30, 2016:
Statement of operations for the nine months ended September 30, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | Statement of cash flows for the nine months ended September 30, 2016:
Statement of cash flows for the nine months ended September 30, 2015:
|
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax provision (benefit) | $ 17,826 | $ 40,510 | $ (77,394) | $ 34,722 | |
Effective tax rate (as a percent) | 25.00% | 38.00% | 37.00% | 19.00% | |
Federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% | |
Accrued interest on unrecognized tax benefits | $ 2,800 | $ 2,800 | $ 2,500 | ||
Accrued penalties on unrecognized tax benefits | 1,800 | 1,800 | 2,200 | ||
Total unrecognized tax benefits including interest | 41,300 | 41,300 | 43,400 | ||
Unrecognized tax benefit, if recognized would reduce income tax expense for continuing operations | 38,200 | 38,200 | $ 41,000 | ||
Decrease in unrecognized tax benefit | 14,400 | 14,400 | |||
Change in unrecognized tax benefit which would reduce the income tax provision for continuing operations | $ 14,000 | $ 14,000 |
BUSINESS COMBINATION (Details) - PlentyOfFish - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Oct. 28, 2015 |
Jun. 30, 2016 |
|
Business Acquisition [Line Items] | ||
Cash acquisition price | $ 574.1 | |
Working capital adjustment | $ 0.9 |
BUSINESS COMBINATION - ESTIMATED FAIR VALUE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Oct. 28, 2015 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 1,942,556 | $ 2,245,364 | |
PlentyOfFish | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 4,626 | ||
Other current assets | 4,460 | ||
Computer and other equipment | 2,990 | ||
Goodwill | 488,644 | ||
Intangible assets | 84,100 | ||
Other non-current assets | 1,073 | ||
Total assets | 585,893 | ||
Current liabilities | (6,418) | ||
Other long-term liabilities | (5,325) | ||
Net assets acquired | $ 574,150 |
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,942,556 | $ 2,245,364 |
Intangible assets with indefinite lives | 337,429 | 380,137 |
Intangible assets with definite lives, net | 44,867 | 60,691 |
Total goodwill and intangible assets, net | $ 2,324,852 | $ 2,686,192 |
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | $ 275,400,000 | $ 0 | $ 275,367,000 | $ 0 |
Trade names | |||||
Goodwill [Line Items] | |||||
Impairment charge on certain indefinite-lived intangible assets | $ 11,600,000 | ||||
Trade names | Minimum | |||||
Goodwill [Line Items] | |||||
Royalty rates | 2.00% | ||||
Trade names | Maximum | |||||
Goodwill [Line Items] | |||||
Royalty rates | 6.00% | ||||
Publishing | |||||
Goodwill [Line Items] | |||||
Accumulated goodwill impairment loss | 598,000,000 | 598,000,000 | |||
Fair value of goodwill | $ 0 | ||||
Applications | |||||
Goodwill [Line Items] | |||||
Accumulated goodwill impairment loss | 529,100,000 | 529,100,000 | |||
Video | Connected Ventures | |||||
Goodwill [Line Items] | |||||
Accumulated goodwill impairment loss | 11,600,000 | 11,600,000 | |||
Other | ShoeBuy | |||||
Goodwill [Line Items] | |||||
Accumulated goodwill impairment loss | $ 42,100,000 | $ 42,100,000 |
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF EXPECTED AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2017 | $ 22,800 | |
2018 | 12,527 | |
2019 | 6,310 | |
2020 | 3,180 | |
2021 | 50 | |
Total | $ 44,867 | $ 60,691 |
MARKETABLE SECURITIES (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Marketable Securities [Abstract] | ||||
Gross realized losses | $ 0 | $ 0 | $ 0 | $ 0 |
Aggregate fair value of available-for-sale securities with unrealized losses | $ 7,600,000 | $ 7,600,000 |
MARKETABLE SECURITIES - SCHEDULE OF CONTRACTUAL MATURITIES OF DEBT SECURITIES CLASSIFIED AS CURRENT AVAILABLE-FOR-SALE (Details 2) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Amortized Cost | |
Due in one year or less | $ 177,831 |
Total | 177,831 |
Fair Value | |
Due in one year or less | 177,862 |
Total | $ 177,862 |
MARKETABLE SECURITIES - SCHEDULE OF PROCEEDS FROM MATURITIES AND SALES OF CURRENT AVAILABLE-FOR-SALE-MARKETABLE SECURITIES (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Marketable Securities [Abstract] | ||||
Proceeds from maturities and sales of available-for-sale marketable securities | $ 52,110 | $ 178,315 | $ 106,326 | $ 192,928 |
Gross realized gains | $ 412 | $ 17 | $ 3,537 | $ 22 |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - SCHEDULE OF CHANGES IN LEVEL 3 ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Contingent Consideration Arrangements | ||||
Contingent Consideration Arrangements | ||||
Balance at beginning of period | $ (45,526) | $ (31,858) | $ (33,873) | $ (30,140) |
Fair value adjustments | 2,477 | 960 | (7,993) | 17,906 |
Foreign currency exchange gains | 0 | 626 | ||
Included in other comprehensive loss | (333) | (579) | (5,614) | 1,538 |
Fair value at date of acquisition | 1,948 | (27,112) | ||
Settlements | 30 | 7 | 2,180 | 5,712 |
Proceeds from sale | 0 | 0 | ||
Balance at end of period | (43,352) | (31,470) | (43,352) | (31,470) |
Auction rate security | ||||
Auction Rate Security | ||||
Balance at beginning of period | 6,630 | 4,050 | 6,070 | |
Fair value adjustments | 0 | 0 | 0 | |
Foreign currency exchange gains | 0 | 0 | ||
Included in other comprehensive loss | (1,620) | 5,950 | (1,060) | |
Fair value at date of acquisition | 0 | 0 | ||
Settlements | 0 | 0 | 0 | |
Proceeds from sale | (10,000) | 0 | ||
Balance at end of period | $ 0 | $ 5,010 | $ 0 | $ 5,010 |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - CARRYING VALUE AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Current portion of long-term debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 0 | $ (40,000) |
Current portion of long-term debt | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | (39,850) |
Long-term debt, net of current portion | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | (1,641,285) | (1,726,954) |
Long-term debt, net of current portion | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ (1,741,800) | $ (1,761,601) |
LONG-TERM DEBT - SCHEDULE OF DEBT INSTRUMENT REDEMPTION (Details) - Senior Notes - 6.375% Senior Notes due June 1, 2024 (the 2016 Match Group Senior Notes); interest payable each June 1 and December 1, which commences December 1, 2016 |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
2019 | |
Debt Instrument [Line Items] | |
Redemption percentage | 104.781% |
2020 | |
Debt Instrument [Line Items] | |
Redemption percentage | 103.188% |
2021 | |
Debt Instrument [Line Items] | |
Redemption percentage | 101.594% |
2022 and thereafter | |
Debt Instrument [Line Items] | |
Redemption percentage | 100.00% |
EARNINGS (LOSS) PER SHARE (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Anti-dilutive weighted average common shares | ||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 9.8 | |||
Stock Options and RSUs | ||||
Anti-dilutive weighted average common shares | ||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 3.3 | 1.0 | 1.3 | |
Market-based awards and PSUs | ||||
Anti-dilutive weighted average common shares | ||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (in shares) | 0.3 | 0.5 | 0.5 |
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Segment Reporting Information [Line Items] | |||||
Revenue | $ 764,102 | $ 838,561 | $ 2,328,720 | $ 2,382,205 | |
Operating income (loss) | 85,584 | 87,130 | (145,445) | 185,018 | |
Adjusted EBITDA | 138,986 | 141,142 | 336,908 | 324,978 | |
Segment Assets | 2,346,308 | 2,346,308 | $ 2,502,499 | ||
Operating segments | Match Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 316,447 | 268,971 | 902,849 | 752,857 | |
Operating income (loss) | 91,754 | 58,356 | 194,610 | 125,918 | |
Adjusted EBITDA | 110,708 | 82,657 | 275,414 | 179,355 | |
Segment Assets | 482,899 | 482,899 | 329,269 | ||
Operating segments | HomeAdvisor | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 133,560 | 99,435 | 375,222 | 269,429 | |
Operating income (loss) | 12,805 | 6,095 | 26,629 | 3,687 | |
Adjusted EBITDA | 15,965 | 8,904 | 35,947 | 12,768 | |
Segment Assets | 53,930 | 53,930 | 32,112 | ||
Operating segments | Video | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 59,955 | 60,125 | 162,361 | 147,317 | |
Operating income (loss) | (2,663) | (5,655) | (25,187) | (36,581) | |
Adjusted EBITDA | (894) | (5,141) | (21,770) | (36,982) | |
Segment Assets | 126,034 | 126,034 | 90,671 | ||
Operating segments | Applications | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 142,782 | 193,278 | 445,735 | 581,546 | |
Operating income (loss) | 29,240 | 46,539 | 75,839 | 138,076 | |
Adjusted EBITDA | 34,575 | 47,901 | 94,715 | 142,545 | |
Segment Assets | 97,899 | 97,899 | 108,997 | ||
Operating segments | Publishing | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 74,902 | 178,701 | 326,195 | 512,173 | |
Operating income (loss) | (14,562) | 14,149 | (324,720) | 43,685 | |
Adjusted EBITDA | (6,208) | 21,075 | (6,639) | 65,065 | |
Segment Assets | 464,233 | 464,233 | 390,951 | ||
Operating segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 36,598 | 38,173 | 116,714 | 119,344 | |
Operating income (loss) | (1,511) | 195 | (3,299) | (745) | |
Adjusted EBITDA | (824) | 1,596 | (709) | 3,196 | |
Segment Assets | 28,076 | 28,076 | 64,550 | ||
Inter-segment eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (142) | (122) | (356) | (461) | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (29,479) | (32,549) | (89,317) | (89,022) | |
Adjusted EBITDA | (14,336) | $ (15,850) | (40,050) | $ (40,969) | |
Segment Assets | $ 1,093,237 | $ 1,093,237 | $ 1,485,949 |
SEGMENT INFORMATION - SCHEDULE OF GEOGRAPHIC INFORMATION ABOUT REVENUE AND LONG-LIVED ASSETS (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Revenue and long-lived assets by geography | |||||
Revenue | $ 764,102 | $ 838,561 | $ 2,328,720 | $ 2,382,205 | |
Long-lived assets (excluding goodwill and intangible assets) | 317,277 | 317,277 | $ 302,817 | ||
Reportable Geographical Components | United States | |||||
Revenue and long-lived assets by geography | |||||
Revenue | 567,132 | 619,297 | 1,721,348 | 1,755,534 | |
Long-lived assets (excluding goodwill and intangible assets) | 292,586 | 292,586 | 279,913 | ||
Reportable Geographical Components | All Other Countries | |||||
Revenue and long-lived assets by geography | |||||
Revenue | 196,970 | $ 219,264 | 607,372 | $ 626,671 | |
Long-lived assets (excluding goodwill and intangible assets) | $ 24,691 | $ 24,691 | $ 22,904 |
SUPPLEMENTAL CASH FLOW INFORMATION (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2015
USD ($)
| |
Supplemental Cash Flow Elements [Abstract] | |
Acquisition-related contingent consideration liabilities | $ 27.1 |
CONTINGENCIES (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
lawsuit
| |
Loss Contingency [Abstract] | |
Minimum number of lawsuits that could have material impact on the liquidity, results of operations, or financial condition | 1 |
V'.1J=;\D#L2?\IS[..WM@/*FY5*[TS5_J^L*?ZE7/%=#[H16=2ZGM\ZM3L
MJDPST6TQW&Q#1_'N>5%/_Q;ROU!+ P04 " #(@6E)&^@XCY\$ #+%@
M& 'AL+W=O /?>'DP@3P9>5B 19+1.3PA-,00WG(Y&00F@;%0W <%$Y9S,Y9UYEF
M; +CSY0W+0SSRA"P)B^#T&C"/!8LC!V^,-ILX0/,PO*E0N'P@U, 0SG PL5.
M E]XO'!XXC@%<)0"3%JXG0( NS8Z+/_4$L#!!0 ( ,B!:4G[H$51O $
M +4$ 9 >&PO=V]R:W-H965T_JCN;3!C04^MKM^^IT]OO1#NW\+F<_V]<_S=7N8
MKJ?S/\%,Y-8^UZU0X$1I/C[-Q$?JR$)[
M\Z2"%I*E#QDT9*7NQT!K'THD\D$E?%")%U1*
O3IE=PA>\G_SNJ7W;Z9/%9M6Y7]*[CG
MJFIS.Z3X9OW>YMGF_*7(G]ON,K'7]>D%[^E+6QW>WU>?7YK/_P=02P,$%
M @ R(%I28]SG#,T!@ <"$ !@ !X;"]W;W)K
S2>JQ/-H@104/K((,)VA0=0*A*%Q#\G
MSL^4$;@\W]@?4[5!_44X>$#U0U:^#6(S2BJH1:_\&PY/,)6PCX0E*I=64O;.
MH[Y!*-'B8]RE2?LPWNRS";8.X!. SX"O"<#&1$GF-^%%D5LZ"4!>\UX)GNYQ=(]$49?6OP!4$L#!!0 ( ,B!:4DL64SR
MGP$ +$# 9 >&PO=V]R:W-H965T
^^L'67YI
M^0M02P,$% @ R(%I25%6*W.@ 0 L0, !D !X;"]W;W)K
$7+]4Q27T*P*&T7H&ZX0(/
MP+D7JAG4:7:2QC>"O:RVE 9M*?&=/M;7/S;+@4!LWS>Q<31TX+8SL
M;^_)\J@5'U!+ P04 " #(@6E)*R M6[$! 6! &0 'AL+W=O
JY U.DKDH3\T9OG+V\EK4NL2@M;\G/ ;Z)&JTKV&^ :1]J^\5S
&ULE5;1CILP$/P5Q <<> F0G))(S555^U#I= _MLY,X 1W@
M%#OA^O>U#4ES82PE+V";V=D=\)B==[)]5X40.OBHJT8MPD+KPW,4J4TA:JZ>
MY$$TYLE.MC779MKN(W5H!=^ZH+J**(ZSJ.9E$R[G;NVU7<[E45=E(U[;0!WK
MFK=_5Z*2W2)DX7GAK=P7VBY$RWETB=N6M6A4*9N@%;M%^(4]KVAF(0[QJQ2=
MNAH'MOBUE.]V\F.["&-;@ZC$1EL*;FXG\2*JRC*9S'\&TO\Y;>#U^,S^S