| Schedule of quarterly results |
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Quarter Ended
March 31 |
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Quarter Ended
June 30 |
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Quarter Ended
September 30(a) |
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Quarter Ended
December 31 |
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(In thousands, except per share data)
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Year Ended December 31, 2011 |
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Revenue |
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$ |
460,213 |
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$ |
485,404 |
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$ |
516,884 |
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$ |
596,943 |
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Cost of revenue |
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172,718 |
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181,472 |
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188,642 |
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218,412 |
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Operating income |
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37,336 |
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58,231 |
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46,740 |
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55,455 |
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Earnings from continuing operations |
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20,168 |
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45,630 |
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67,973 |
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41,798 |
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(Loss) earnings from discontinued operations, net of tax |
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(1,948 |
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(2,488 |
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(3,922 |
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4,366 |
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Net earnings |
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18,220 |
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43,142 |
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64,051 |
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46,164 |
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Net earnings attributable to IAC shareholders |
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18,070 |
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42,424 |
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64,973 |
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48,766 |
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Per share information attributable to IAC shareholders: |
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Basic earnings per share from continuing operations(d) |
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$ |
0.22 |
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$ |
0.50 |
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$ |
0.81 |
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$ |
0.53 |
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Diluted earnings per share from continuing operations(d) |
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$ |
0.21 |
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$ |
0.46 |
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$ |
0.73 |
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$ |
0.48 |
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Basic earnings per share(d) |
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$ |
0.20 |
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$ |
0.47 |
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$ |
0.77 |
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$ |
0.58 |
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Diluted earnings per share(d) |
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$ |
0.19 |
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$ |
0.44 |
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$ |
0.69 |
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$ |
0.53 |
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Quarter Ended
March 31(b) |
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Quarter Ended
June 30 |
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Quarter Ended
September 30 |
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Quarter Ended
December 31(c)(e) |
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(In thousands, except per share data)
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Year Ended December 31, 2010 |
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Revenue |
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$ |
378,178 |
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$ |
394,244 |
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$ |
412,966 |
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$ |
451,427 |
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Cost of revenue |
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131,149 |
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140,638 |
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147,933 |
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174,096 |
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Operating income (loss) |
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8,925 |
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24,633 |
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37,684 |
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(21,447 |
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(Loss) earnings from continuing operations |
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(14,597 |
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15,421 |
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22,440 |
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(32,657 |
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(Loss) earnings from discontinued operations, net of tax |
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(4,727 |
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(2,586 |
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(4,795 |
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115,853 |
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Net (loss) earnings |
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(19,324 |
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12,835 |
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17,645 |
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83,196 |
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Net (loss) earnings attributable to IAC shareholders |
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(18,705 |
) |
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13,591 |
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17,509 |
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86,964 |
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Per share information attributable to IAC shareholders: |
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Basic (loss) earnings per share from continuing operations(d) |
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$ |
(0.12 |
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$ |
0.15 |
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$ |
0.22 |
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$ |
(0.30 |
) |
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Diluted (loss) earnings per share from continuing operations(d) |
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$ |
(0.12 |
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$ |
0.14 |
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$ |
0.21 |
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$ |
(0.30 |
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Basic (loss) earnings per share(d) |
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$ |
(0.16 |
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$ |
0.12 |
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$ |
0.17 |
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$ |
(0.90 |
) |
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Diluted (loss) earnings per share(d) |
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$ |
(0.16 |
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$ |
0.12 |
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$ |
0.16 |
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$ |
(0.90 |
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- (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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