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SEGMENT INFORMATION (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Segment Reporting [Abstract] |
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| Schedule of reconciliation of revenues from segments to consolidated |
| | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (In thousands) | Revenue: | | | | | | Search & Applications | $ | 1,604,950 |
| | $ | 1,465,795 |
| | $ | 1,040,507 |
| The Match Group | 805,390 |
| | 714,222 |
| | 519,195 |
| Media | 191,434 |
| | 164,051 |
| | 68,996 |
| eCommerce | 422,066 |
| | 457,182 |
| | 431,483 |
| Inter-segment elimination | (853 | ) | | (317 | ) | | (737 | ) | Total | $ | 3,022,987 |
| | $ | 2,800,933 |
| | $ | 2,059,444 |
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| Schedule of reconciliation of operating income from segments to consolidated |
| | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (In thousands) | Operating Income (Loss): | | | | | | Search & Applications | $ | 340,117 |
| | $ | 305,644 |
| | $ | 204,006 |
| The Match Group | 228,155 |
| | 200,166 |
| | 134,486 |
| Media | (20,803 | ) | | (46,902 | ) | | (13,206 | ) | eCommerce | (61 | ) | | 15,323 |
| | 22,674 |
| Corporate | (121,205 | ) | | (150,663 | ) | | (150,198 | ) | Total | $ | 426,203 |
| | $ | 323,568 |
| | $ | 197,762 |
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| Reconciliation of Adjusted EBITDA from Segments to Consolidated |
| | (a) | The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) non-cash compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and goodwill and intangible asset impairments 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. IAC endeavors to compensate for the limitations of the non-GAAP measure presented by providing the comparable U.S. GAAP measure with equal or greater prominence, financial statements prepared in accordance with U.S. GAAP, and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measure. |
| | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (In thousands) | Adjusted EBITDA(a): | | | | | | Search & Applications | $ | 385,851 |
| | $ | 328,141 |
| | $ | 230,464 |
| The Match Group | 266,949 |
| | 236,778 |
| | 163,985 |
| Media | (16,976 | ) | | (38,555 | ) | | (12,073 | ) | eCommerce | 22,890 |
| | 31,200 |
| | 37,936 |
| Corporate | (60,411 | ) | | (60,119 | ) | | (55,186 | ) | Total | $ | 598,303 |
| | $ | 497,445 |
| | $ | 365,126 |
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| Schedule of reconciliation of segment assets to consolidated assets |
| | | | | | | | | | December 31, | | 2013 | | 2012 | | (In thousands) | Segment Assets(b): | | | | Search & Applications | $ | 409,116 |
| | $ | 355,159 |
| The Match Group | 341,377 |
| | 227,755 |
| Media | 92,500 |
| | 71,340 |
| eCommerce | 41,827 |
| | 61,922 |
| Corporate | 1,229,205 |
| | 990,594 |
| Total | $ | 2,114,025 |
| | $ | 1,706,770 |
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| | (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. |
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| Schedule of reconciliation of capital expenditures from segments to consolidated |
| | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (In thousands) | Capital expenditures: | | | | | | Search & Applications | $ | 22,215 |
| | $ | 15,320 |
| | $ | 8,698 |
| The Match Group | 19,997 |
| | 19,853 |
| | 17,447 |
| Media | 1,197 |
| | 1,178 |
| | 905 |
| eCommerce | 8,921 |
| | 8,485 |
| | 10,269 |
| Corporate | 27,981 |
| | 6,365 |
| | 2,635 |
| Total | $ | 80,311 |
| | $ | 51,201 |
| | $ | 39,954 |
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| Schedule of revenue and long-lived assets, excluding goodwill and intangible assets, by geographical segments |
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: | | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (In thousands) | Revenue | | | | | | United States | $ | 2,081,485 |
| | $ | 1,966,383 |
| | $ | 1,583,322 |
| All other countries | 941,502 |
| | 834,550 |
| | 476,122 |
| Total | $ | 3,022,987 |
| | $ | 2,800,933 |
| | $ | 2,059,444 |
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| | | | | | | | | | December 31, | | 2013 | | 2012 | | (In thousands) | Long-lived assets (excluding goodwill and intangible assets) | | | | United States | $ | 271,916 |
| | $ | 251,379 |
| All other countries | 22,048 |
| | 19,133 |
| Total | $ | 293,964 |
| | $ | 270,512 |
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| Schedule of reconciliation of Adjusted EBITDA to operating income |
The following tables reconcile Adjusted EBITDA to operating income (loss) for the Company's reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | | Adjusted EBITDA | | Non-Cash
Compensation
Expense | | Depreciation | | Amortization
of Intangibles | | Acquisition-related Contingent Consideration Fair Value Adjustments | | Operating
Income
(Loss) | | (In thousands) | Search & Applications | $ | 385,851 |
| | $ | (3 | ) | | $ | (18,177 | ) | | $ | (27,554 | ) | | $ | — |
| | $ | 340,117 |
| The Match Group | 266,949 |
| | (1,122 | ) | | (20,203 | ) | | (17,126 | ) | | (343 | ) | | 228,155 |
| Media | (16,976 | ) | | (633 | ) | | (2,124 | ) | | (1,070 | ) | | — |
| | (20,803 | ) | eCommerce | 22,890 |
| | 29 |
| | (8,887 | ) | | (14,093 | ) | | — |
| | (61 | ) | Corporate | (60,411 | ) | | (51,276 | ) | | (9,518 | ) | | — |
| | — |
| | (121,205 | ) | Total | $ | 598,303 |
| | $ | (53,005 | ) | | $ | (58,909 | ) | | $ | (59,843 | ) | | $ | (343 | ) | | $ | 426,203 |
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| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | |
Adjusted EBITDA | | Non-Cash Compensation Expense | | Depreciation | | Amortization of Intangibles | | Operating Income (Loss) | | (In thousands) | Search & Applications | $ | 328,141 |
| | $ | (34 | ) | | $ | (14,995 | ) | | $ | (7,468 | ) | | $ | 305,644 |
| The Match Group | 236,778 |
| | (2,818 | ) | | (16,339 | ) | | (17,455 | ) | | 200,166 |
| Media | (38,555 | ) | | (770 | ) | | (1,398 | ) | | (6,179 | ) | | (46,902 | ) | eCommerce | 31,200 |
| | 2 |
| | (11,210 | ) | | (4,669 | ) | | 15,323 |
| Corporate | (60,119 | ) | | (82,005 | ) | | (8,539 | ) | | — |
| | (150,663 | ) | Total | $ | 497,445 |
| | $ | (85,625 | ) | | $ | (52,481 | ) | | $ | (35,771 | ) | | $ | 323,568 |
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| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2011 | |
Adjusted EBITDA | | Non-Cash Compensation Expense | | Depreciation | | Amortization of Intangibles | | Operating Income (Loss) | | (In thousands) | Search & Applications | $ | 230,464 |
| | $ | 202 |
| | $ | (25,484 | ) | | $ | (1,176 | ) | | $ | 204,006 |
| The Match Group | 163,985 |
| | (1,642 | ) | | (10,780 | ) | | (17,077 | ) | | 134,486 |
| Media | (12,073 | ) | | (427 | ) | | (703 | ) | | (3 | ) | | (13,206 | ) | eCommerce | 37,936 |
| | (222 | ) | | (11,239 | ) | | (3,801 | ) | | 22,674 |
| Corporate | (55,186 | ) | | (86,499 | ) | | (8,513 | ) | | — |
| | (150,198 | ) | Total | $ | 365,126 |
| | $ | (88,588 | ) | | $ | (56,719 | ) | | $ | (22,057 | ) | | $ | 197,762 |
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| Schedule of reconciliation of segment assets to total assets |
The following tables reconcile segment assets to total assets: | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | Segment Assets | | Goodwill | | Indefinite-Lived
Intangible Assets | | Definite-Lived
Intangible Assets | | Total Assets | | (In thousands) | Search & Applications | $ | 409,116 |
| | $ | 738,062 |
| | $ | 195,805 |
| | $ | 40,550 |
| | $ | 1,383,533 |
| The Match Group | 341,377 |
| | 775,403 |
| | 167,544 |
| | 11,818 |
| | 1,296,142 |
| Media | 92,500 |
| | 8,267 |
| | 1,800 |
| | 944 |
| | 103,511 |
| eCommerce | 41,827 |
| | 153,591 |
| | 11,180 |
| | 15,695 |
| | 222,293 |
| Corporate(c) | 1,229,205 |
| | — |
| | — |
| | — |
| | 1,229,205 |
| Total | $ | 2,114,025 |
| | $ | 1,675,323 |
| | $ | 376,329 |
| | $ | 69,007 |
| | $ | 4,234,684 |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | Segment Assets | | Goodwill | | Indefinite-Lived Intangible Assets | | Definite-Lived Intangible Assets | | Total Assets | | (In thousands) | Search & Applications | $ | 355,159 |
| | $ | 723,650 |
| | $ | 197,304 |
| | $ | 64,457 |
| | $ | 1,340,570 |
| The Match Group | 227,755 |
| | 718,736 |
| | 163,298 |
| | 14,012 |
| | 1,123,801 |
| Media | 71,340 |
| | 8,267 |
| | 1,800 |
| | 2,020 |
| | 83,427 |
| eCommerce | 61,922 |
| | 165,501 |
| | 16,562 |
| | 23,451 |
| | 267,436 |
| Corporate(c) | 990,594 |
| | — |
| | — |
| | — |
| | 990,594 |
| Total | $ | 1,706,770 |
| | $ | 1,616,154 |
| | $ | 378,964 |
| | $ | 103,940 |
| | $ | 3,805,828 |
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_____________________________________ | | (c) | Corporate assets consist primarily of cash and cash equivalents, marketable securities and IAC's headquarters building. |
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