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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The overall concept that the Company 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 Emerging & Other reportable segment, do not meet the quantitative thresholds that require presentation as separate reportable segments. The following table presents revenue by reportable segment:
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Revenue: |  |  |
Match Group | $ | 544,642 |  |  | $ | 464,625 |
ANGI Homeservices | 343,650 |  |  | 303,443 |
Vimeo | 56,968 |  |  | 43,581 |
Dotdash | 44,120 |  |  | 33,961 |
Applications | 104,148 |  |  | 143,549 |
Emerging & Other | 135,305 |  |  | 116,748 |
Inter-segment eliminations | (68 | ) |  | (64 | )
Total | $ | 1,228,765 |  |  | $ | 1,105,843 |
The following table presents the revenue of the Company's segments disaggregated by type of service:
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Match Group |  |  |
Direct revenue: |  |  |
North America | $ | 263,347 |  |  | $ | 237,773 |
International | 271,477 |  |  | 216,189 |
Total Direct revenue | 534,824 |  |  | 453,962 |
Indirect revenue (principally advertising revenue) | 9,818 |  |  | 10,663 |
Total Match Group revenue | $ | 544,642 |  |  | $ | 464,625 |
ANGI Homeservices |  |  |
Marketplace: |  |  |
Consumer connection revenue | $ | 239,830 |  |  | $ | 201,582 |
Service professional membership subscription revenue | 14,115 |  |  | 16,517 |
Other revenue | 4,831 |  |  | 2,401 |
Total Marketplace revenue | 258,776 |  |  | 220,500 |
Advertising and other revenue | 65,356 |  |  | 61,494 |
Total North America revenue | 324,132 |  |  | 281,994 |
Consumer connection revenue | 15,689 |  |  | 17,123 |
Service professional membership subscription revenue | 3,299 |  |  | 3,742 |
Advertising and other revenue | 530 |  |  | 584 |
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Total Europe revenue | 19,518 |  |  | 21,449 |
Total ANGI Homeservices revenue | $ | 343,650 |  |  | $ | 303,443 |
Vimeo |  |  |
Platform revenue | $ | 56,968 |  |  | $ | 41,302 |
Hardware revenue | — |  |  | 2,279 |
Total Vimeo revenue | $ | 56,968 |  |  | $ | 43,581 |
Dotdash |  |  |
Display advertising revenue | $ | 29,889 |  |  | $ | 26,008 |
Performance marketing revenue | 14,231 |  |  | 7,953 |
Total Dotdash revenue | $ | 44,120 |  |  | $ | 33,961 |
Applications |  |  |
Desktop: |  |  |
Advertising revenue: |  |  |
Google advertising revenue | $ | 46,091 |  |  | $ | 88,050 |
Non-Google advertising revenue | 3,223 |  |  | 3,348 |
Total advertising revenue | 49,314 |  |  | 91,398 |
Subscription and other revenue | 4,157 |  |  | 4,588 |
Total Desktop revenue | 53,471 |  |  | 95,986 |
Mosaic Group: |  |  |
Subscription and other revenue | 49,071 |  |  | 45,148 |
Advertising revenue | 1,606 |  |  | 2,415 |
Total Mosaic Group revenue | 50,677 |  |  | 47,563 |
Total Applications revenue | $ | 104,148 |  |  | $ | 143,549 |
Emerging & Other |  |  |
Advertising revenue: |  |  |
Google advertising revenue | $ | 81,968 |  |  | $ | 96,273 |
Non-Google advertising revenue | 22,261 |  |  | 7,176 |
Total advertising revenue | 104,229 |  |  | 103,449 |
Other revenue | 31,076 |  |  | 13,299 |
Total Emerging & Other revenue | $ | 135,305 |  |  | $ | 116,748 |
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Revenue: |  |  |
United States | $ | 787,340 |  |  | $ | 712,381 |
All other countries | 441,425 |  |  | 393,462 |
Total | $ | 1,228,765 |  |  | $ | 1,105,843 |
| March 31, 2020 |  | December 31, 2019
| (In thousands)
Long-lived assets (excluding goodwill, intangible assets and ROU assets): |  |  |
United States | $ | 348,146 |  |  | $ | 345,937 |
All other countries | 25,415 |  |  | 25,416 |
Total | $ | 373,561 |  |  | $ | 371,353 |
The following tables present operating income (loss) and Adjusted EBTIDA by reportable segment:
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Operating income (loss): |  |  |
Match Group | $ | 134,681 |  |  | $ | 118,828 |
ANGI Homeservices | (16,296 | ) |  | (3,641 | )
Vimeo | (14,589 | ) |  | (17,784 | )
Dotdash | 2,411 |  |  | 3,047 |
Applications | (218,588 | ) |  | 25,356 |
Emerging & Other | (19,845 | ) |  | (2,520 | )
Corporate | (45,554 | ) |  | (43,413 | )
Total | $ | (177,780 | ) |  | $ | 79,873 |
| Three Months Ended March 31,
| 2020 |  | 2019
| (In thousands)
Adjusted EBITDA (a): |  |  |
Match Group | $ | 171,502 |  |  | $ | 155,067 |
ANGI Homeservices | $ | 34,397 |  |  | $ | 37,179 |
Vimeo | $ | (11,408 | ) |  | $ | (16,200 | )
Dotdash | $ | 7,011 |  |  | $ | 7,150 |
Applications | $ | 10,151 |  |  | $ | 29,688 |
Emerging & Other | $ | (16,980 | ) |  | $ | (2,095 | )
Corporate | $ | (31,398 | ) |  | $ | (20,220 | )
_____________________
(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 the Company's performance and that of its competitors. The above items are excluded from the Company's Adjusted EBITDA measure because these items are non-cash in nature. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
The following tables reconcile operating income (loss) for the Company's reportable segments and net (loss) earnings attributable to IAC shareholders to Adjusted EBITDA:
| Three Months Ended March 31, 2020
| 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 | $ | 134,681 |  |  | $ | 21,172 |  |  | $ | 9,246 |  |  | $ | 6,403 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,502 |
ANGI Homeservices | (16,296 | ) |  | $ | 25,575 |  |  | $ | 12,138 |  |  | $ | 12,980 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,397 |
Vimeo | (14,589 | ) |  | $ | — |  |  | $ | 58 |  |  | $ | 3,123 |  |  | $ | — |  |  | $ | — |  |  | $ | (11,408 | )
Dotdash | 2,411 |  |  | $ | — |  |  | $ | 210 |  |  | $ | 4,390 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,011 |
Applications | (218,588 | ) |  | $ | — |  |  | $ | 237 |  |  | $ | 22,811 |  |  | $ | (6,282 | ) |  | $ | 211,973 |  |  | $ | 10,151 |
Emerging & Other | (19,845 | ) |  | $ | 25 |  |  | $ | 385 |  |  | $ | 2,455 |  |  | $ | — |  |  | $ | — |  |  | $ | (16,980 | )
Corporate | (45,554 | ) |  | $ | 11,692 |  |  | $ | 2,464 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (31,398 | )
Total | (177,780 | ) |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (44,866 | ) |  |  |  |  |  |  |  |  |  |  |  |
Other expense, net | (49,893 | ) |  |  |  |  |  |  |  |  |  |  |  |
Loss before income taxes | (272,539 | ) |  |  |  |  |  |  |  |  |  |  |  |
Income tax benefit | 89,896 |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss | (182,643 | ) |  |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (28,397 | ) |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to IAC shareholders | $ | (211,040 | ) |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2019
| Operating Income (Loss) |  | Stock-Based Compensation Expense |  | Depreciation |  | Amortization of Intangibles |  | Acquisition-related Contingent Consideration Fair Value Adjustments |  | Adjusted EBITDA
| (In thousands)
Match Group | $ | 118,828 |  |  | $ | 27,997 |  |  | $ | 7,831 |  |  | $ | 411 |  |  | $ | — |  |  | $ | 155,067 |
ANGI Homeservices | (3,641 | ) |  | $ | 19,282 |  |  | $ | 6,999 |  |  | $ | 14,539 |  |  | $ | — |  |  | $ | 37,179 |
Vimeo | (17,784 | ) |  | $ | — |  |  | $ | 193 |  |  | $ | 1,391 |  |  | $ | — |  |  | $ | (16,200 | )
Dotdash | 3,047 |  |  | $ | — |  |  | $ | 226 |  |  | $ | 3,877 |  |  | $ | — |  |  | $ | 7,150 |
Applications | 25,356 |  |  | $ | — |  |  | $ | 419 |  |  | $ | 2,384 |  |  | $ | 1,529 |  |  | $ | 29,688 |
Emerging & Other | (2,520 | ) |  | $ | — |  |  | $ | 275 |  |  | $ | 150 |  |  | $ | — |  |  | $ | (2,095 | )
Corporate | (43,413 | ) |  | $ | 20,165 |  |  | $ | 3,028 |  |  | $ | — |  |  | $ | — |  |  | $ | (20,220 | )
Total | 79,873 |  |  |  |  |  |  |  |  |  |  |
Interest expense | (31,143 | ) |  |  |  |  |  |  |  |  |  |
Other income, net | 651 |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes | 49,381 |  |  |  |  |  |  |  |  |  |  |
Income tax benefit | 63,604 |  |  |  |  |  |  |  |  |  |  |
Net earnings | 112,985 |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (24,290 | ) |  |  |  |  |  |  |  |  |  |
Net earnings attributable to IAC shareholders | $ | 88,695 |  |  |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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