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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | 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 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 |
Schedule of Disaggregation of Revenue | 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 |
Schedule of Revenue and Long-lived Assets, Excluding Goodwill and Intangible Assets, by Geography | 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 |
Schedule of Reconciliation of Operating Income to Adjusted EBITDA | 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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