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QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2011
QUARTERLY RESULTS (UNAUDITED) |
QUARTERLY RESULTS (UNAUDITED) |
NOTE 21—QUARTERLY RESULTS (UNAUDITED)
|  | Quarter Ended March 31 |  | Quarter Ended June 30 |  | Quarter Ended September 30(a) |  | Quarter Ended December 31 |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (In thousands, except per share data) |
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 460,213 |  | $ | 485,404 |  | $ | 516,884 |  | $ | 596,943 |
Cost of revenue |  |  | 172,718 |  |  | 181,472 |  |  | 188,642 |  |  | 218,412 |
Operating income |  |  | 37,336 |  |  | 58,231 |  |  | 46,740 |  |  | 55,455 |
Earnings from continuing operations |  |  | 20,168 |  |  | 45,630 |  |  | 67,973 |  |  | 41,798 |
(Loss) earnings from discontinued operations, net of tax |  |  | (1,948 | ) |  | (2,488 | ) |  | (3,922 | ) |  | 4,366 |
Net earnings |  |  | 18,220 |  |  | 43,142 |  |  | 64,051 |  |  | 46,164 |
Net earnings attributable to IAC shareholders |  |  | 18,070 |  |  | 42,424 |  |  | 64,973 |  |  | 48,766 |
Per share information attributable to IAC shareholders: |
Basic earnings per share from continuing operations(d) |  | $ | 0.22 |  | $ | 0.50 |  | $ | 0.81 |  | $ | 0.53 |
Diluted earnings per share from continuing operations(d) |  | $ | 0.21 |  | $ | 0.46 |  | $ | 0.73 |  | $ | 0.48 |
Basic earnings per share(d) |  | $ | 0.20 |  | $ | 0.47 |  | $ | 0.77 |  | $ | 0.58 |
Diluted earnings per share(d) |  | $ | 0.19 |  | $ | 0.44 |  | $ | 0.69 |  | $ | 0.53 |
|  | Quarter Ended March 31(b) |  | Quarter Ended June 30 |  | Quarter Ended September 30 |  | Quarter Ended December 31(c)(e) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (In thousands, except per share data) |
Year Ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 378,178 |  | $ | 394,244 |  | $ | 412,966 |  | $ | 451,427 |
Cost of revenue |  |  | 131,149 |  |  | 140,638 |  |  | 147,933 |  |  | 174,096 |
Operating income (loss) |  |  | 8,925 |  |  | 24,633 |  |  | 37,684 |  |  | (21,447 | )
(Loss) earnings from continuing operations |  |  | (14,597 | ) |  | 15,421 |  |  | 22,440 |  |  | (32,657 | )
(Loss) earnings from discontinued operations, net of tax |  |  | (4,727 | ) |  | (2,586 | ) |  | (4,795 | ) |  | 115,853 |
Net (loss) earnings |  |  | (19,324 | ) |  | 12,835 |  |  | 17,645 |  |  | 83,196 |
Net (loss) earnings attributable to IAC shareholders |  |  | (18,705 | ) |  | 13,591 |  |  | 17,509 |  |  | 86,964 |
Per share information attributable to IAC shareholders: |
Basic (loss) earnings per share from continuing operations(d) |  | $ | (0.12 | ) | $ | 0.15 |  | $ | 0.22 |  | $ | (0.30 | )
Diluted (loss) earnings per share from continuing operations(d) |  | $ | (0.12 | ) | $ | 0.14 |  | $ | 0.21 |  | $ | (0.30 | )
Basic (loss) earnings per share(d) |  | $ | (0.16 | ) | $ | 0.12 |  | $ | 0.17 |  | $ | (0.90 | )
Diluted (loss) earnings per share(d) |  | $ | (0.16 | ) | $ | 0.12 |  | $ | 0.16 |  | $ | (0.90 | )
(a) The third quarter of 2011 includes an after-tax loss of $11.7 million related to marking down the carrying value of Match's 27% equity method investment in Meetic to fair value (i.e., the tender offer price of €15.00 per share) upon achieving control. The third quarter of 2011 also includes the release of a previously established deferred tax liability of $43.6 million in connection with the acquisition of Meetic. (b) The first quarter of 2010 includes an after-tax impairment charge of $18.3 million related to the write-down of one of the Company's equity method investments to fair value. (c) The fourth quarter of 2010 includes after-tax impairment charges of $30.8 million related to the write-down of the goodwill and intangible assets of Shoebuy and $11.0 million related to the write-down of an indefinite-lived intangible asset of IAC Search & Media and an after-tax impairment charge of $4.6 million related to the write-down of one of the Company's cost method investments to fair value. (d) Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period. Discontinued operations (e) The fourth quarter of 2010 includes a gain of $140.8 million related to the tax-free exchange of Evite, Gifts.com and IAC Advertising Solutions to Liberty, and an after-tax impairment charge of $31.6 million related to the write-down of the goodwill of InstantAction.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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