GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Guarantor and Nonguarantor Financial Statements [Abstract] |
|
| Schedule of condensed balance sheet |
Balance sheet at June 30, 2015: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Cash and cash equivalents | $ | 431,731 |
| | $ | 4,121 |
| | $ | 220,557 |
| | $ | — |
| | $ | 656,409 |
| Marketable securities | 232,917 |
| | — |
| | 606 |
| | — |
| | 233,523 |
| Accounts receivable, net | 4 |
| | 132,223 |
| | 90,879 |
| | — |
| | 223,106 |
| Other current assets | 47,233 |
| | 97,670 |
| | 69,692 |
| | (4,871 | ) | | 209,724 |
| Intercompany receivables | — |
| | 1,635,189 |
| | 942,583 |
| | (2,577,772 | ) | | — |
| Property and equipment, net | 4,867 |
| | 228,061 |
| | 64,230 |
| | — |
| | 297,158 |
| Goodwill | — |
| | 1,250,801 |
| | 528,029 |
| | — |
| | 1,778,830 |
| Intangible assets, net | — |
| | 313,275 |
| | 158,807 |
| | — |
| | 472,082 |
| Investment in subsidiaries | 4,971,322 |
| | 932,210 |
| | — |
| | (5,903,532 | ) | | — |
| Other non-current assets | 69,644 |
| | 20,715 |
| | 115,405 |
| | (1,538 | ) | | 204,226 |
| Total assets | $ | 5,757,718 |
| | $ | 4,614,265 |
| | $ | 2,190,788 |
| | $ | (8,487,713 | ) | | $ | 4,075,058 |
| | | | | | | | | | | Current portion of long-term debt | $ | — |
| | $ | 80,000 |
| | $ | — |
| | $ | — |
| | $ | 80,000 |
| Accounts payable, trade | 3,078 |
| | 57,265 |
| | 19,091 |
| | — |
| | 79,434 |
| Other current liabilities | 32,661 |
| | 320,261 |
| | 203,239 |
| | (738 | ) | | 555,423 |
| Long-term debt, net of current portion | 1,000,000 |
| | — |
| | — |
| | — |
| | 1,000,000 |
| Income taxes payable | 892 |
| | 4,829 |
| | 19,047 |
| | — |
| | 24,768 |
| Intercompany liabilities | 2,577,772 |
| | — |
| | — |
| | (2,577,772 | ) | | — |
| Other long-term liabilities | 327,929 |
| | 100,370 |
| | 69,242 |
| | (5,671 | ) | | 491,870 |
| Redeemable noncontrolling interests | — |
| | — |
| | 28,177 |
| | — |
| | 28,177 |
| IAC shareholders' equity | 1,815,386 |
| | 4,051,540 |
| | 1,851,992 |
| | (5,903,532 | ) | | 1,815,386 |
| Total liabilities and shareholders' equity | $ | 5,757,718 |
| | $ | 4,614,265 |
| | $ | 2,190,788 |
| | $ | (8,487,713 | ) | | $ | 4,075,058 |
|
Balance sheet at December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Cash and cash equivalents | $ | 766,076 |
| | $ | 1,021 |
| | $ | 223,308 |
| | $ | — |
| | $ | 990,405 |
| Marketable securities | 159,197 |
| | — |
| | 1,451 |
| | — |
| | 160,648 |
| Accounts receivable, net | 13 |
| | 155,262 |
| | 80,811 |
| | — |
| | 236,086 |
| Other current assets | 23,923 |
| | 91,105 |
| | 57,487 |
| | (5,773 | ) | | 166,742 |
| Intercompany receivables | — |
| | 1,688,403 |
| | 970,810 |
| | (2,659,213 | ) | | — |
| Property and equipment, net | 4,950 |
| | 232,819 |
| | 64,690 |
| | — |
| | 302,459 |
| Goodwill | — |
| | 1,249,807 |
| | 505,119 |
| | — |
| | 1,754,926 |
| Intangible assets, net | — |
| | 325,771 |
| | 166,165 |
| | — |
| | 491,936 |
| Investment in subsidiaries | 5,035,304 |
| | 930,443 |
| | — |
| | (5,965,747 | ) | | — |
| Other non-current assets | 44,610 |
| | 20,682 |
| | 109,372 |
| | (2,988 | ) | | 171,676 |
| Total assets | $ | 6,034,073 |
| | $ | 4,695,313 |
| | $ | 2,179,213 |
| | $ | (8,633,721 | ) | | $ | 4,274,878 |
| | | | | | | | | | | Accounts payable, trade | $ | 3,059 |
| | $ | 55,320 |
| | $ | 22,784 |
| | $ | — |
| | $ | 81,163 |
| Other current liabilities | 73,491 |
| | 328,920 |
| | 191,197 |
| | (817 | ) | | 592,791 |
| Long-term debt | 1,000,000 |
| | 80,000 |
| | — |
| | — |
| | 1,080,000 |
| Income taxes payable | 2,240 |
| | 4,771 |
| | 25,624 |
| | — |
| | 32,635 |
| Intercompany liabilities | 2,659,213 |
| | — |
| | — |
| | (2,659,213 | ) | | — |
| Other long-term liabilities | 304,117 |
| | 104,219 |
| | 54,328 |
| | (7,944 | ) | | 454,720 |
| Redeemable noncontrolling interests | — |
| | — |
| | 40,427 |
| | — |
| | 40,427 |
| IAC shareholders' equity | 1,991,953 |
| | 4,122,083 |
| | 1,843,664 |
| | (5,965,747 | ) | | 1,991,953 |
| Noncontrolling interests | — |
| | — |
| | 1,189 |
| | — |
| | 1,189 |
| Total liabilities and shareholders' equity | $ | 6,034,073 |
| | $ | 4,695,313 |
| | $ | 2,179,213 |
| | $ | (8,633,721 | ) | | $ | 4,274,878 |
|
|
| Schedule of condensed income statement |
Statement of operations for the three months ended June 30, 2015: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 586,067 |
| | $ | 188,460 |
| | $ | (3,395 | ) | | $ | 771,132 |
| Operating costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 294 |
| | 117,383 |
| | 65,792 |
| | (193 | ) | | 183,276 |
| Selling and marketing expense | 1,010 |
| | 264,647 |
| | 56,949 |
| | (3,209 | ) | | 319,397 |
| General and administrative expense | 33,942 |
| | 66,336 |
| | 29,064 |
| | 7 |
| | 129,349 |
| Product development expense | 2,330 |
| | 30,996 |
| | 13,104 |
| | — |
| | 46,430 |
| Depreciation | 426 |
| | 11,110 |
| | 3,964 |
| | — |
| | 15,500 |
| Amortization of intangibles | — |
| | 6,226 |
| | 8,185 |
| | — |
| | 14,411 |
| Total operating costs and expenses | 38,002 |
| | 496,698 |
| | 177,058 |
| | (3,395 | ) | | 708,363 |
| Operating (loss) income | (38,002 | ) | | 89,369 |
| | 11,402 |
| | — |
| | 62,769 |
| Equity in earnings of unconsolidated affiliates | 70,523 |
| | 13,353 |
| | — |
| | (83,876 | ) | | — |
| Interest expense | (12,992 | ) | | (2,211 | ) | | (11 | ) | | — |
| | (15,214 | ) | Other (expense) income, net | (7,506 | ) | | 17,787 |
| | (11,919 | ) | | — |
| | (1,638 | ) | Earnings (loss) from continuing operations before income taxes | 12,023 |
| | 118,298 |
| | (528 | ) | | (83,876 | ) | | 45,917 |
| Income tax benefit (provision) | 47,435 |
| | (40,470 | ) | | 5,003 |
| | — |
| | 11,968 |
| Earnings from continuing operations | 59,458 |
| | 77,828 |
| | 4,475 |
| | (83,876 | ) | | 57,885 |
| (Loss) earnings from discontinued operations, net of tax | (153 | ) | | — |
| | 3 |
| | (3 | ) | | (153 | ) | Net earnings | 59,305 |
| | 77,828 |
| | 4,478 |
| | (83,879 | ) | | 57,732 |
| Net loss attributable to noncontrolling interests | — |
| | — |
| | 1,573 |
| | — |
| | 1,573 |
| Net earnings attributable to IAC shareholders | $ | 59,305 |
| | $ | 77,828 |
| | $ | 6,051 |
| | $ | (83,879 | ) | | $ | 59,305 |
| Comprehensive income attributable to IAC shareholders | $ | 72,283 |
| | $ | 79,129 |
| | $ | 15,106 |
| | $ | (94,235 | ) | | $ | 72,283 |
|
Statement of operations for the three months ended June 30, 2014: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 556,162 |
| | $ | 203,497 |
| | $ | (3,344 | ) | | $ | 756,315 |
| Operating costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 383 |
| | 126,162 |
| | 84,872 |
| | (687 | ) | | 210,730 |
| Selling and marketing expense | 619 |
| | 220,152 |
| | 54,158 |
| | (2,439 | ) | | 272,490 |
| General and administrative expense | 26,609 |
| | 48,459 |
| | 34,816 |
| | 13 |
| | 109,897 |
| Product development expense | 1,705 |
| | 26,305 |
| | 11,066 |
| | (231 | ) | | 38,845 |
| Depreciation | 312 |
| | 9,224 |
| | 5,721 |
| | — |
| | 15,257 |
| Amortization of intangibles | — |
| | 9,659 |
| | 3,747 |
| | — |
| | 13,406 |
| Total operating costs and expenses | 29,628 |
| | 439,961 |
| | 194,380 |
| | (3,344 | ) | | 660,625 |
| Operating (loss) income | (29,628 | ) | | 116,201 |
| | 9,117 |
| | — |
| | 95,690 |
| Equity in earnings of unconsolidated affiliates | 8,264 |
| | 5,297 |
| | — |
| | (13,561 | ) | | — |
| Interest expense | (12,985 | ) | | (1,052 | ) | | (9 | ) | | — |
| | (14,046 | ) | Other income (expense), net | 6,537 |
| | (13,834 | ) | | (62,453 | ) | | — |
| | (69,750 | ) | (Loss) earnings from continuing operations before income taxes | (27,812 | ) | | 106,612 |
| | (53,345 | ) | | (13,561 | ) | | 11,894 |
| Income tax benefit (provision) | 10,684 |
| | (39,785 | ) | | (788 | ) | | — |
| | (29,889 | ) | (Loss) earnings from continuing operations | (17,128 | ) | | 66,827 |
| | (54,133 | ) | | (13,561 | ) | | (17,995 | ) | Loss from discontinued operations, net of tax | (868 | ) | | — |
| | (27 | ) | | 27 |
| | (868 | ) | Net (loss) earnings | (17,996 | ) | | 66,827 |
| | (54,160 | ) | | (13,534 | ) | | (18,863 | ) | Net loss attributable to noncontrolling interests | — |
| | — |
| | 867 |
| | — |
| | 867 |
| Net (loss) earnings attributable to IAC shareholders | $ | (17,996 | ) | | $ | 66,827 |
| | $ | (53,293 | ) | | $ | (13,534 | ) | | $ | (17,996 | ) | Comprehensive (loss) income attributable to IAC shareholders | $ | (20,205 | ) | | $ | 66,163 |
| | $ | (55,879 | ) | | $ | (10,284 | ) | | $ | (20,205 | ) |
Statement of operations for the six months ended June 30, 2015: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 1,180,868 |
| | $ | 368,820 |
| | $ | (6,044 | ) | | $ | 1,543,644 |
| Operating costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 539 |
| | 237,124 |
| | 137,556 |
| | (390 | ) | | 374,829 |
| Selling and marketing expense | 2,065 |
| | 553,272 |
| | 127,345 |
| | (5,619 | ) | | 677,063 |
| General and administrative expense | 58,006 |
| | 132,089 |
| | 54,083 |
| | (35 | ) | | 244,143 |
| Product development expense | 4,507 |
| | 62,130 |
| | 25,050 |
| | — |
| | 91,687 |
| Depreciation | 827 |
| | 22,690 |
| | 7,551 |
| | — |
| | 31,068 |
| Amortization of intangibles | — |
| | 12,496 |
| | 14,470 |
| | — |
| | 26,966 |
| Total operating costs and expenses | 65,944 |
| | 1,019,801 |
| | 366,055 |
| | (6,044 | ) | | 1,445,756 |
| Operating (loss) income | (65,944 | ) | | 161,067 |
| | 2,765 |
| | — |
| | 97,888 |
| Equity in earnings of unconsolidated affiliates | 124,647 |
| | 17,049 |
| | — |
| | (141,696 | ) | | — |
| Interest expense | (25,982 | ) | | (3,257 | ) | | (39 | ) | | — |
| | (29,278 | ) | Other (expense) income, net | (16,859 | ) | | 29,179 |
| | (6,970 | ) | | — |
| | 5,350 |
| Earnings (loss) from continuing operations before income taxes | 15,862 |
| | 204,038 |
| | (4,244 | ) | | (141,696 | ) | | 73,960 |
| Income tax benefit (provision) | 69,876 |
| | (72,266 | ) | | 8,178 |
| | — |
| | 5,788 |
| Earnings from continuing operations | 85,738 |
| | 131,772 |
| | 3,934 |
| | (141,696 | ) | | 79,748 |
| (Loss) earnings from discontinued operations, net of tax | (28 | ) | | — |
| | 3 |
| | (3 | ) | | (28 | ) | Net earnings | 85,710 |
| | 131,772 |
| | 3,937 |
| | (141,699 | ) | | 79,720 |
| Net loss attributable to noncontrolling interests | — |
| | — |
| | 5,990 |
| | — |
| | 5,990 |
| Net earnings attributable to IAC shareholders | $ | 85,710 |
| | $ | 131,772 |
| | $ | 9,927 |
| | $ | (141,699 | ) | | $ | 85,710 |
| Comprehensive income (loss) attributable to IAC shareholders | $ | 43,115 |
| | $ | 127,288 |
| | $ | (37,762 | ) | | $ | (89,526 | ) | | $ | 43,115 |
|
Statement of operations for the six months ended June 30, 2014: | | | | | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Total Eliminations | | IAC Consolidated | | (In thousands) | Revenue | $ | — |
| | $ | 1,102,488 |
| | $ | 400,404 |
| | $ | (6,330 | ) | | $ | 1,496,562 |
| Operating costs and expenses: | | | | | | | | | | Cost of revenue (exclusive of depreciation shown separately below) | 355 |
| | 255,463 |
| | 165,793 |
| | (1,647 | ) | | 419,964 |
| Selling and marketing expense | 811 |
| | 456,493 |
| | 117,922 |
| | (4,137 | ) | | 571,089 |
| General and administrative expense | 49,055 |
| | 94,134 |
| | 61,771 |
| | 26 |
| | 204,986 |
| Product development expense | 3,176 |
| | 53,401 |
| | 21,656 |
| | (572 | ) | | 77,661 |
| Depreciation | 641 |
| | 18,785 |
| | 10,649 |
| | — |
| | 30,075 |
| Amortization of intangibles | — |
| | 18,660 |
| | 6,725 |
| | — |
| | 25,385 |
| Total operating costs and expenses | 54,038 |
| | 896,936 |
| | 384,516 |
| | (6,330 | ) | | 1,329,160 |
| Operating (loss) income | (54,038 | ) | | 205,552 |
| | 15,888 |
| | — |
| | 167,402 |
| Equity in earnings of unconsolidated affiliates | 62,561 |
| | 5,541 |
| | — |
| | (68,102 | ) | | — |
| Interest expense | (25,970 | ) | | (2,094 | ) | | (46 | ) | | — |
| | (28,110 | ) | Other income (expense), net | 16,222 |
| | (24,361 | ) | | (63,569 | ) | | — |
| | (71,708 | ) | (Loss) earnings from continuing operations before income taxes | (1,225 | ) | | 184,638 |
| | (47,727 | ) | | (68,102 | ) | | 67,584 |
| Income tax benefit (provision) | 20,796 |
| | (69,729 | ) | | (2,341 | ) | | — |
| | (51,274 | ) | Earnings (loss) from continuing operations | 19,571 |
| | 114,909 |
| | (50,068 | ) | | (68,102 | ) | | 16,310 |
| Loss from discontinued operations, net of tax | (1,682 | ) | | — |
| | (40 | ) | | 40 |
| | (1,682 | ) | Net earnings (loss) | 17,889 |
| | 114,909 |
| | (50,108 | ) | | (68,062 | ) | | 14,628 |
| Net loss attributable to noncontrolling interests | — |
| | — |
| | 3,261 |
| | — |
| | 3,261 |
| Net earnings (loss) attributable to IAC shareholders | $ | 17,889 |
| | $ | 114,909 |
| | $ | (46,847 | ) | | $ | (68,062 | ) | | $ | 17,889 |
| Comprehensive income (loss) attributable to IAC shareholders | $ | 21,029 |
| | $ | 114,629 |
| | $ | (45,764 | ) | | $ | (68,865 | ) | | $ | 21,029 |
|
|
| Schedule of condensed cash flow statement |
Statement of cash flows for the six months ended June 30, 2015: | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | IAC Consolidated | | (In thousands) | Net cash (used in) provided by operating activities attributable to continuing operations | $ | (124,420 | ) | | $ | 232,853 |
| | $ | (22,654 | ) | | $ | 85,779 |
| Cash flows from investing activities attributable to continuing operations: | | | | | | | | Acquisitions, net of cash acquired | — |
| | (3,675 | ) | | (39,611 | ) | | (43,286 | ) | Capital expenditures | (988 | ) | | (18,242 | ) | | (7,586 | ) | | (26,816 | ) | Proceeds from maturities and sales of marketable debt securities | 14,613 |
| | — |
| | — |
| | 14,613 |
| Purchases of marketable debt securities | (93,134 | ) | | — |
| | — |
| | (93,134 | ) | Purchases of long-term investments | — |
| | — |
| | (12,840 | ) | | (12,840 | ) | Other, net | 3,613 |
| | (1,086 | ) | | 6,072 |
| | 8,599 |
| Net cash used in investing activities attributable to continuing operations | (75,896 | ) | | (23,003 | ) | | (53,965 | ) | | (152,864 | ) | Cash flows from financing activities attributable to continuing operations: | | | | | | | | Purchase of treasury stock | (200,000 | ) | | — |
| | — |
| | (200,000 | ) | Dividends | (56,729 | ) | | — |
| | — |
| | (56,729 | ) | Issuance of common stock, net of withholding taxes | (20,656 | ) | | — |
| | — |
| | (20,656 | ) | Excess tax benefits from stock-based awards | 36,334 |
| | — |
| | 131 |
| | 36,465 |
| Purchase of noncontrolling interests | — |
| | — |
| | (15,338 | ) | | (15,338 | ) | Acquisition-related contingent consideration payments | — |
| | (195 | ) | | (5,510 | ) | | (5,705 | ) | Intercompany | 107,102 |
| | (206,557 | ) | | 99,455 |
| | — |
| Other, net | 166 |
| | — |
| | 264 |
| | 430 |
| Net cash (used in) provided by financing activities attributable to continuing operations | (133,783 | ) | | (206,752 | ) | | 79,002 |
| | (261,533 | ) | Total cash (used in) provided by continuing operations | (334,099 | ) | | 3,098 |
| | 2,383 |
| | (328,618 | ) | Total cash (used in) provided by discontinued operations | (246 | ) | | — |
| | 3 |
| | (243 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | 2 |
| | (5,137 | ) | | (5,135 | ) | Net (decrease) increase in cash and cash equivalents | (334,345 | ) | | 3,100 |
| | (2,751 | ) | | (333,996 | ) | Cash and cash equivalents at beginning of period | 766,076 |
| | 1,021 |
| | 223,308 |
| | 990,405 |
| Cash and cash equivalents at end of period | $ | 431,731 |
| | $ | 4,121 |
| | $ | 220,557 |
| | $ | 656,409 |
|
Statement of cash flows for the six months ended June 30, 2014: | | | | | | | | | | | | | | | | | | IAC | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | IAC Consolidated | | (In thousands) | Net cash (used in) provided by operating activities attributable to continuing operations | $ | (38,576 | ) | | $ | 193,388 |
| | $ | (6,041 | ) | | $ | 148,771 |
| Cash flows from investing activities attributable to continuing operations: | | | | | | | | Acquisitions, net of cash acquired | — |
| | (88,205 | ) | | (15,175 | ) | | (103,380 | ) | Capital expenditures | (2,390 | ) | | (16,477 | ) | | (7,690 | ) | | (26,557 | ) | Proceeds from maturities and sales of marketable debt securities | 998 |
| | — |
| | — |
| | 998 |
| Purchases of marketable debt securities | (78,380 | ) | | — |
| | — |
| | (78,380 | ) | Purchases of long-term investments | (3,000 | ) | | (6,761 | ) | | (4,940 | ) | | (14,701 | ) | Other, net | — |
| | 11 |
| | 2,176 |
| | 2,187 |
| Net cash used in investing activities attributable to continuing operations | (82,772 | ) | | (111,432 | ) | | (25,629 | ) | | (219,833 | ) | Cash flows from financing activities attributable to continuing operations: | | | | | | | | Dividends | (40,086 | ) | | — |
| | — |
| | (40,086 | ) | Issuance of common stock, net of withholding taxes | (13,823 | ) | | — |
| | — |
| | (13,823 | ) | Excess tax benefits from stock-based awards | 22,116 |
| | — |
| | 10,773 |
| | 32,889 |
| Purchase of noncontrolling interests | — |
| | (30,000 | ) | | — |
| | (30,000 | ) | Funds returned from escrow for Meetic tender offer | — |
| | — |
| | 12,354 |
| | 12,354 |
| Acquisition-related contingent consideration payments | — |
| | (257 | ) | | (7,373 | ) | | (7,630 | ) | Intercompany | 104,410 |
| | (51,723 | ) | | (52,687 | ) | | — |
| Other, net | (383 | ) | | — |
| | 242 |
| | (141 | ) | Net cash provided by (used in) financing activities attributable to continuing operations | 72,234 |
| | (81,980 | ) | | (36,691 | ) | | (46,437 | ) | Total cash used in continuing operations | (49,114 | ) | | (24 | ) | | (68,361 | ) | | (117,499 | ) | Total cash used in discontinued operations | (116 | ) | | — |
| | (41 | ) | | (157 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | 24 |
| | 4,514 |
| | 4,538 |
| Net decrease in cash and cash equivalents | (49,230 | ) | | — |
| | (63,888 | ) | | (113,118 | ) | Cash and cash equivalents at beginning of period | 782,022 |
| | — |
| | 318,422 |
| | 1,100,444 |
| Cash and cash equivalents at end of period | $ | 732,792 |
| | $ | — |
| | $ | 254,534 |
| | $ | 987,326 |
|
|