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DISCONTINUED OPERATIONS
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 12—DISCONTINUED OPERATIONS

On March 31, 2025, IAC completed the Distribution. Angi is presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to March 31, 2025.
The components of assets and liabilities of discontinued operations in the balance sheet at December 31, 2024 consisted of the following:
December 31, 2024
(In thousands)
Current assets
Cash and cash equivalents$416,434 
Accounts receivable, net36,670 
Other current assets41,968 
Total current assets of discontinued operations$495,072 
Non-current assets
Capitalized software, leasehold improvements and equipment, net$79,564 
Goodwill883,776 
Intangible assets, net167,662 
Deferred income taxes169,616 
Other non-current assets35,911 
Total non-current assets of discontinued operations$1,336,529 
Current liabilities
Accounts payable, trade$18,319 
Deferred revenue42,008 
Accrued expenses and other current liabilities171,334 
Total current liabilities of discontinued operations$231,661 
Non-current liabilities
Long-term debt, net$496,840 
Deferred income taxes1,500 
Other non-current liabilities37,917 
Total non-current liabilities of discontinued operations$536,257 
The components of the earnings from discontinued operations, net of tax for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024 in the statement of operations consisted of the following:
January 1 through March 31, 2025Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Revenue$245,913 $296,719 $917,243 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)13,015 14,750 41,399 
Selling and marketing expense118,541 155,442 469,687 
General and administrative expense(a)
56,964 76,465 245,654 
Product development expense27,087 24,314 72,849 
Depreciation9,948 17,568 65,741 
Total operating costs and expenses225,555 288,539 895,330 
Operating income from discontinued operations20,358 8,180 21,913 
Interest expense(5,044)(5,045)(15,124)
Other income, net 4,828 5,979 15,033 
Earnings from discontinued operations before tax20,142 9,114 21,822 
Income tax (provision) benefit(4,829)29,670 15,715 
Earnings from discontinued operations, net of tax$15,313 $38,784 $37,537 
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(a)    On January 13, 2025, IAC and its former CEO entered into an Employment Transition Agreement. As a result, the 3.0 million shares of IAC restricted stock previously granted to our former CEO were forfeited. The nine months ended September 30, 2025 include the reversal of $10.2 million in stock-based compensation expense that was previously recognized by Angi with respect to the restricted shares. The stock-based compensation expense recognized by Angi was attributable to the period from October 10, 2023 through April 8, 2024 when our former CEO served as CEO of Angi. See “Note 11—Related Party Transactions” for additional information.