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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents revenue by reportable segment:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Revenue
Dotdash Meredith
Digital			$	211,972					$	234,510					$	396,769					$	450,675
Print			206,771						260,307						413,787						550,285
Intersegment eliminations(a)			(4,745)						(5,293)						(8,976)						(10,965)
Total Dotdash Meredith			413,998						489,524						801,580						989,995
Angi Inc.
Domestic:
Ads and Leads			292,487						341,862						585,993						636,608
Services			29,867						108,232						61,926						184,682
Roofing			24,482						42,650						62,854						79,337
Domestic intersegment eliminations(b)			(1,001)						(1,950)						(2,463)						(3,627)
Total Domestic			345,835						490,794						708,310						897,000
International			29,233						24,988						59,165						54,941
Total Angi Inc.			375,068						515,782						767,475						951,941
Search			177,036						198,183						329,511						421,568
Emerging & Other			147,903						161,089						301,934						328,083
Intersegment eliminations			(2,416)						(1,997)						(4,640)						(3,661)
Total			$	1,111,589					$	1,362,581					$	2,195,860					$	2,687,926

The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Operating income (loss):
Dotdash Meredith
Digital			$	6,059					$	11,096					$	(11,828)					$	9,228
Print			(944)						(20,099)						(6,700)						(58,434)
Other(c)(d)			(22,935)						(18,504)						(110,526)						(34,546)
Total Dotdash Meredith(e)			(17,820)						(27,507)						(129,054)						(83,752)
Angi Inc.
Ads and Leads			4,791						23,292						18,271						38,778
Services			(5,175)						(21,051)						(17,627)						(46,801)
Roofing			(1,302)						(3,789)						(891)						(9,939)
Other(c)			(16,568)						(18,091)						(31,507)						(31,113)
International			1,571						(1,247)						4,601						(5,768)
Total Angi Inc.			(16,683)						(20,886)						(27,153)						(54,843)
Search			13,961						26,297						24,731						51,376
Emerging & Other			3,353						(107,781)						14,798						(112,825)
Corporate			(38,284)						(36,263)						(74,391)						(74,910)
Total			$	(55,473)					$	(166,140)					$	(191,069)					$	(274,954)

_____________________

(c)    Other comprises unallocated corporate expenses.

(d)    Includes write-off of certain leasehold improvements and furniture and equipment of $4.2 million for the three and six months ended June 30, 2023 and impairment charges of $70.0 million related to unoccupied leased office space for the six months ended June 30, 2023, of which $4.2 million and $29.6 million is included in "Depreciation" in the statement of operations for the three and six months ended June 30, 2023, respectively. See "Note 3—Financial Instruments and Fair Value Measurements" for additional information on the impairment charges.

(e)    Dotdash Meredith incurred restructuring charges of $13.7 million and $36.1 million and transaction-related expenses of $1.2 million and $5.2 million in connection with the acquisition of Meredith in the three and six months ended June 30, 2022, respectively. See "Note 2—Dotdash Meredith Restructuring Charges and Transaction-Related Expenses" for additional information.

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Adjusted EBITDA(f):
Dotdash Meredith(e)
Digital			$	50,834					$	51,316					$	75,237					$	86,116
Print			$	17,410					$	6,265					$	28,744					$	(4,215)
Other(c)(g)			$	(14,152)					$	(18,414)					$	(73,006)					$	(34,200)
Angi Inc.
Ads and Leads			$	28,155					$	42,164					$	68,006					$	76,489
Services			$	1,700					$	(13,913)					$	(468)					$	(32,480)
Roofing			$	(1,294)					$	(3,090)					$	(473)					$	(8,116)
Other(c)			$	(13,109)					$	(15,102)					$	(25,463)					$	(25,552)
International			$	2,837					$	(370)					$	7,191					$	(3,821)
Search			$	13,982					$	26,317					$	24,773					$	51,417
Emerging & Other			$	6,309					$	(17,060)					$	21,087					$	(16,144)
Corporate			$	(22,486)					$	(20,716)					$	(46,319)					$	(44,410)

_____________________

(f)     The Company's primary financial measure and GAAP segment 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.

(g)     Includes impairment charges of $44.7 million related to unoccupied leased office space for the six months ended June 30, 2023. See "Note 3—Financial Instruments and Fair Value Measurements" for additional information.

Schedule of Disaggregation of Segment Revenue

The following table presents the revenue of the Company's segments disaggregated by type of service:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Dotdash Meredith
Digital:
Advertising revenue			$	132,247					$	157,551					$	244,064					$	294,641
Performance marketing revenue			53,510						47,933						103,565						98,038
Licensing and other revenue			26,215						29,026						49,140						57,996
Total digital revenue			211,972						234,510						396,769						450,675
Print:
Subscription revenue			76,032						107,679						161,669						238,263
Advertising revenue			57,487						71,266						105,337						143,953

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Project and other revenue			35,566						42,254						63,675						75,279
Newsstand revenue			27,174						35,596						59,420						66,835
Performance marketing revenue			10,512						3,512						23,686						25,955
Total print revenue			206,771						260,307						413,787						550,285
Intersegment eliminations(a)			(4,745)						(5,293)						(8,976)						(10,965)
Total Dotdash Meredith revenue			$	413,998					$	489,524					$	801,580					$	989,995
(a) Intersegment eliminations primarily related to Digital performance marketing commissions earned for the placement of magazine subscriptions for Print.
Angi Inc.
Domestic:
Ads and Leads:
Consumer connection revenue			$	209,013					$	260,896					$	421,948					$	475,243
Advertising revenue			70,047						65,189						137,228						129,091
Membership subscription revenue			13,231						15,554						26,430						31,791
Other revenue			196						223						387						483
Total Ads and Leads revenue			292,487						341,862						585,993						636,608
Services revenue			29,867						108,232						61,926						184,682
Roofing revenue			24,482						42,650						62,854						79,337
Domestic intersegment eliminations(b)			(1,001)						(1,950)						(2,463)						(3,627)
Total Domestic revenue			345,835						490,794						708,310						897,000
International:
Consumer connection revenue			23,371						16,941						48,116						38,744
Service professional membership subscription revenue			5,753						7,758						10,811						15,614
Advertising and other revenue			109						289						238						583
Total International revenue			29,233						24,988						59,165						54,941
Total Angi Inc. revenue			$	375,068					$	515,782					$	767,475					$	951,941
(b) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing.
Search
Advertising revenue:
Google advertising revenue			$	166,285					$	124,846					$	307,019					$	274,498
Non-Google advertising revenue			10,097						72,088						21,070						144,077
Total advertising revenue			176,382						196,934						328,089						418,575
Other revenue			654						1,249						1,422						2,993
Total Search revenue			$	177,036					$	198,183					$	329,511					$	421,568
Emerging & Other
Subscription revenue			$	85,919					$	92,770					$	172,319					$	187,317
Marketplace revenue			50,248						62,617						108,667						128,734
Media production and distribution revenue			7,110						58						10,725						604
Advertising revenue:
Non-Google advertising revenue			3,458						3,940						6,357						7,663
Google advertising revenue			272						516						535						1,124

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Total advertising revenue			3,730						4,456						6,892						8,787
Service and other revenue			896						1,188						3,331						2,641
Total Emerging & Other revenue			$	147,903					$	161,089					$	301,934					$	328,083

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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Revenue:
United States			$	991,677					$	1,270,088					$	1,966,105					$	2,474,436
All other countries			119,912						92,493						229,755						213,490
Total			$	1,111,589					$	1,362,581					$	2,195,860					$	2,687,926

			June 30, 2023						December 31, 2022
			(In thousands)
Long-lived assets (excluding goodwill, intangible assets and ROU assets):
United States			$	488,722					$	502,977
All other countries			5,905						7,637
Total			$	494,627					$	510,614

Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss)

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 June 30, 2023
			Operating Income (Loss)(d)						Stock-based Compensation Expense						Depreciation(d)						Amortization of Intangibles																		Adjusted EBITDA(f)
			(In thousands)
Dotdash Meredith
Digital			$	6,059					$	2,092					$	7,332					$	35,351																	$	50,834
Print			(944)						$	376					$	3,855					$	14,123																	$	17,410
Other(c)			(22,935)						$	3,102					$	5,681					$	—																	$	(14,152)
Angi Inc.
Ads and Leads			4,791						$	5,307					$	15,394					$	2,663																	$	28,155
Services			(5,175)						$	1,192					$	5,683					$	—																	$	1,700
Roofing			(1,302)						$	(167)					$	175					$	—																	$	(1,294)
Other(c)			(16,568)						$	3,459					$	—					$	—																	$	(13,109)
International			1,571						$	339					$	927					$	—																	$	2,837
Search			13,961						$	—					$	21					$	—																	$	13,982
Emerging & Other			3,353						$	355					$	555					$	2,046																	$	6,309
Corporate(h)			(38,284)						$	14,138					$	1,660					$	—																	$	(22,486)
Total			(55,473)
Interest expense			(39,077)
Unrealized loss on investment in MGM Resorts International			(32,362)
Other income, net			10,985
Loss before income taxes			(115,927)
Income tax benefit			24,297
Net loss			(91,630)
Net loss attributable to noncontrolling interests			2,585
Net loss attributable to IAC shareholders			$	(89,045)

_____________________

(h)    Includes stock-based compensation expense for stock-based awards granted to employees of Corporate, Search and all Emerging & Other businesses other than Vivian Health.

			Three Months Ended June 30, 2022
			Operating Income (Loss)(e)						Stock-based Compensation Expense						Depreciation						Amortization of Intangibles												Goodwill Impairment						Adjusted EBITDA(e)(f)
			(In thousands)
Dotdash Meredith
Digital			$	11,096					$	4,879					$	8,203					$	27,138											$	—					$	51,316
Print			(20,099)						$	204					$	4,632					$	21,528											$	—					$	6,265
Other(c)			(18,504)						$	27					$	63					$	—											$	—					$	(18,414)
Angi Inc.
Ads and Leads			23,292						$	5,404					$	10,805					$	2,663											$	—					$	42,164
Services			(21,051)						$	4,513					$	1,650					$	975											$	—					$	(13,913)
Roofing			(3,789)						$	385					$	148					$	166											$	—					$	(3,090)
Other(c)			(18,091)						$	2,989					$	—					$	—											$	—					$	(15,102)
International			(1,247)						$	126					$	751					$	—											$	—					$	(370)
Search			26,297						$	—					$	20					$	—											$	—					$	26,317
Emerging & Other			(107,781)						$	83					$	279					$	3,611											$	86,748					$	(17,060)
Corporate(h)			(36,263)						$	13,046					$	2,501					$	—											$	—					$	(20,716)
Total			(166,140)
Interest expense			(23,517)
Unrealized loss on investment in MGM Resorts International			(825,305)
Other expense, net			(89,425)
Loss before income taxes			(1,104,387)
Income tax benefit			228,988
Net loss			(875,399)
Net loss attributable to noncontrolling interests			6,269
Net loss attributable to IAC shareholders			$	(869,130)

			Six Months Ended June 30, 2023
			Operating (Loss) Income(d)						Stock-based Compensation Expense						Depreciation(d)						Amortization of Intangibles																		Adjusted EBITDA(f)(g)
			(In thousands)
Dotdash Meredith
Digital			$	(11,828)					$	3,787					$	12,576					$	70,702																	$	75,237
Print			(6,700)						$	522					$	6,490					$	28,432																	$	28,744
Other(c)			(110,526)						$	6,352					$	31,168					$	—																	$	(73,006)
Angi Inc.
Ads and Leads			18,271						$	10,798					$	33,612					$	5,325																	$	68,006
Services			(17,627)						$	5,401					$	11,758					$	—																	$	(468)
Roofing			(891)						$	(2)					$	420					$	—																	$	(473)
Other(c)			(31,507)						$	6,044					$	—					$	—																	$	(25,463)
International			4,601						$	766					$	1,824					$	—																	$	7,191
Search			24,731						$	—					$	42					$	—																	$	24,773
Emerging & Other			14,798						$	707					$	1,252					$	4,330																	$	21,087
Corporate(h)			(74,391)						$	24,759					$	3,313					$	—																	$	(46,319)
Total			(191,069)
Interest expense			(77,249)
Unrealized gain on investment in MGM Resorts International			672,478
Other income, net			34,734
Earnings before income taxes			438,894
Income tax provision			(115,205)
Net earnings			323,689
Net loss attributable to noncontrolling interests			5,041
Net earnings attributable to IAC shareholders			$	328,730

			Six Months Ended June 30, 2022
			Operating Income (Loss)(e)						Stock-based Compensation Expense						Depreciation						Amortization of Intangibles						Acquisition-related Contingent Consideration Fair Value Adjustments						Goodwill Impairment						Adjusted EBITDA(e)(f)
			(In thousands)
Dotdash Meredith
Digital			$	9,228					$	9,075					$	15,692					$	52,733					$	(612)					$	—					$	86,116
Print			(58,434)						$	268					$	10,164					$	43,787					$	—					$	—					$	(4,215)
Other(c)			(34,546)						$	39					$	307					$	—					$	—					$	—					$	(34,200)
Angi Inc.
Ads and Leads			38,778						$	10,324					$	22,062					$	5,325					$	—					$	—					$	76,489
Services			(46,801)						$	9,053					$	3,318					$	1,950					$	—					$	—					$	(32,480)
Roofing			(9,939)						$	1,215					$	275					$	333					$	—					$	—					$	(8,116)
Other(c)			(31,113)						$	5,561					$	—					$	—					$	—					$	—					$	(25,552)
International			(5,768)						$	249					$	1,698					$	—					$	—					$	—					$	(3,821)
Search			51,376						$	—					$	41					$	—					$	—					$	—					$	51,417
Emerging & Other			(112,825)						$	108					$	682					$	9,143					$	—					$	86,748					$	(16,144)
Corporate(h)			(74,910)						$	25,451					$	5,049					$	—					$	—					$	—					$	(44,410)
Total			(274,954)
Interest expense			(45,429)
Unrealized loss on investment in MGM Resorts International			(1,012,635)
Other expense, net			(82,726)
Loss before income taxes			(1,415,744)
Income tax benefit			299,452
Net loss			(1,116,292)
Net loss attributable to noncontrolling interests			11,364
Net loss attributable to IAC shareholders			$	(1,104,928)

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