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As filed with the Securities and Exchange Commission on November 9, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________                            
Commission File No. 001-39356
iaci-20220930_g1.jpg
IAC INC.
(Exact name of registrant as specified in its charter)
Delaware84-3727412
 (State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
555 West 18th Street, New York, New York 10011
(Address of registrant's principal executive offices)
(212314-7300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, par value $0.0001IACThe Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ☒
As of November 4, 2022, the following shares of the registrant's common stock were outstanding:
Common Stock83,066,878 
Class B common stock5,789,499 
Total 88,856,377 



TABLE OF CONTENTS
  Page
Number


PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2022December 31, 2021
(In thousands, except par value amounts)
ASSETS  
Cash and cash equivalents$1,607,384 $2,118,730 
Marketable securities16,343 19,788 
Accounts receivable, net of reserves587,567 693,208 
Other current assets269,869 242,188 
Total current assets2,481,163 3,073,914 
Capitalized software, equipment, buildings, leasehold improvements and land, net583,888 570,525 
Goodwill3,008,244 3,226,610 
Intangible assets, net of accumulated amortization1,282,503 1,414,892 
Investment in MGM Resorts International1,923,585 2,649,442 
Long-term investments311,291 327,838 
Other non-current assets850,899 1,037,067 
TOTAL ASSETS$10,441,573 $12,300,288 
LIABILITIES AND SHAREHOLDERS' EQUITY  
LIABILITIES:  
Current portion of long-term debt$30,000 $30,000 
Accounts payable, trade158,110 203,173 
Deferred revenue158,767 165,451 
Accrued expenses and other current liabilities738,371 980,574 
Total current liabilities1,085,248 1,379,198 
Long-term debt, net2,026,404 2,046,237 
Deferred income taxes108,638 385,890 
Other long-term liabilities650,795 721,262 
Redeemable noncontrolling interests32,385 18,741 
Commitments and contingencies
SHAREHOLDERS' EQUITY: 
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,155 and 83,922 shares issued and 83,054 and 83,922 shares outstanding at September 30, 2022 and December 31, 2021, respectively
8 8 
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at September 30, 2022 and December 31, 2021
1 1 
Additional paid-in-capital6,282,690 6,265,669 
(Accumulated deficit) retained earnings(263,600)905,151 
Accumulated other comprehensive (loss) income(29,960)4,397 
Treasury stock, 1,101 shares at September 30, 2022
(85,323) 
Total IAC shareholders' equity5,903,816 7,175,226 
Noncontrolling interests634,287 573,734 
Total shareholders' equity6,538,103 7,748,960 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$10,441,573 $12,300,288 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (In thousands, except per share data)
Revenue$1,300,901 $924,068 $3,988,827 $2,540,185 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)453,513 340,510 1,499,968 828,744 
Selling and marketing expense489,573 348,187 1,490,947 1,001,760 
General and administrative expense260,073 183,299 750,746 521,170 
Product development expense74,078 52,277 239,149 157,593 
Depreciation27,567 17,795 86,855 54,093 
Amortization of intangibles120,777 14,067 234,048 44,542 
Goodwill impairment  86,748  
Total operating costs and expenses1,425,581 956,135 4,388,461 2,607,902 
Operating loss(124,680)(32,067)(399,634)(67,717)
Interest expense(29,433)(6,032)(74,862)(18,463)
Unrealized gain (loss) on investment in MGM Resorts International42,523 29,517 (970,112)687,155 
Other income (expense), net19,678 79,539 (63,048)133,388 
(Loss) earnings from continuing operations before income taxes(91,912)70,957 (1,507,656)734,363 
Income tax benefit (provision)26,065 (9,910)325,517 (151,046)
Net (loss) earnings from continuing operations(65,847)61,047 (1,182,139)583,317 
Loss from discontinued operations, net of tax   (1,831)
Net (loss) earnings(65,847)61,047 (1,182,139)581,486 
Net loss (earnings) attributable to noncontrolling interests2,024 (357)13,388 3,089 
Net (loss) earnings attributable to IAC shareholders$(63,823)$60,690 $(1,168,751)$584,575 
Per share information from continuing operations:
Basic (loss) earnings per share$(0.74)$0.68 $(13.51)$6.58 
Diluted (loss) earnings per share$(0.74)$0.65 $(13.51)$6.16 
Per share information attributable to IAC Common Stock and Class B common stock shareholders:
Basic (loss) earnings per share$(0.74)$0.68 $(13.51)$6.56 
Diluted (loss) earnings per share$(0.74)$0.65 $(13.51)$6.14 
Stock-based compensation expense by function:
Cost of revenue$1,071 $18 $2,109 $52 
Selling and marketing expense2,315 1,449 6,264 3,766 
General and administrative expense24,860 11,762 74,791 48,695 
Product development expense2,871 2,209 9,296 5,291 
Total stock-based compensation expense$31,117 $15,438 $92,460 $57,804 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (In thousands)
Net (loss) earnings$(65,847)$61,047 $(1,182,139)$581,486 
Other comprehensive (loss) income, net of income taxes:
Change in foreign currency translation adjustment(18,173)(1,560)(36,266)11,260 
Change in unrealized gains and losses on available-for-sale marketable debt securities   (2)
Total other comprehensive (loss) income, net of income taxes(18,173)(1,560)(36,266)11,258 
Comprehensive (loss) income, net of income taxes(84,020)59,487 (1,218,405)592,744 
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss (earnings) attributable to noncontrolling interests2,024 (357)13,388 3,089 
Change in foreign currency translation adjustment attributable to noncontrolling interests1,061 477 1,904 (474)
Comprehensive loss attributable to noncontrolling interests3,085 120 15,292 2,615 
Comprehensive (loss) income attributable to IAC shareholders$(80,935)$59,607 $(1,203,113)$595,359 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and nine months ended September 30, 2022
(Unaudited)
 Redeemable Noncontrolling Interests
Common Stock,
$0.0001 par value
Class B common stock,
$0.0001 par value
Common Stock,
$0.001 par value
Class B common stock,
$0.001 par value
Additional Paid-in-Capital(Accumulated Deficit) Retained Earnings Accumulated
Other
Comprehensive
(Loss) Income
Treasury StockTotal IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares$Shares$Shares
 (In thousands)
Balance at June 30, 2022$27,408 $8 84,132 $1 5,789 $  $  $6,261,929 $(199,777)$(12,852)$(59,079)$5,990,230 $634,933 $6,625,163 
Net income (loss)740 — — — — — — — (63,823)— — (63,823)(2,764)(66,587)
Other comprehensive loss— — — — — — — — — (17,112)— (17,112)(1,061)(18,173)
Stock-based compensation expense— — — — — — — 18,741 — — — 18,741 13,304 32,045 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 23 — — — — (1,155)— — — (1,155)— (1,155)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (3,690)— 4 — (3,686)1,566 (2,120)
Purchase of IAC treasury stock— — — — — — — — — — (26,244)(26,244)— (26,244)
Adjustment of noncontrolling interests to fair value4,856 — — — — — — — — (4,856)— — — (4,856)— (4,856)
Adjustment to Vivian Health preferred shares to liquidation value— — — — — — — — — 3,854 — — — 3,854 (3,854) 
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary— — — — — — — — — 7,835 — — — 7,835 (7,835) 
Other(619)— — — — — — — — 32 — — — 32 (2)30 
Balance at September 30, 2022$32,385 $8 84,155 $1 5,789 $  $  $6,282,690 $(263,600)$(29,960)$(85,323)$5,903,816 $634,287 $6,538,103 
Balance at December 31, 2021$18,741 $8 83,922 $1 5,789 $  $  $6,265,669 $905,151 $4,397 $ $7,175,226 $573,734 $7,748,960 
Net loss(1,647)— — — — — — — (1,168,751)— — (1,168,751)(11,741)(1,180,492)
Other comprehensive loss— — — — — — — — — (34,362)— (34,362)(1,904)(36,266)
Stock-based compensation expense— — — — — — — 53,682 — — — 53,682 40,971 94,653 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 233 — — — — (15,965)— — — (15,965)— (15,965)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (7,792)— 5 — (7,787)1,744 (6,043)
Purchase of IAC treasury stock— — — — — — — — — — (85,323)(85,323)— (85,323)
Purchase of Angi Inc. treasury stock— — — — — — — (8,144)— — — (8,144)— (8,144)
Distribution to and purchase of noncontrolling interests(1,179)— — — — — — — — — — — — — 
Adjustment of noncontrolling interests to fair value28,897 — — — — — — — — (28,897)— — — (28,897)— (28,897)
Issuance of Vivian Health preferred shares, net of fees, and the reclassification and creation of noncontrolling interest and subsequent adjustment to liquidation value.(11,782)— — — — — — — — 15,380 — — — 15,380 39,320 54,700 
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary— — — — — — — — — 7,835 — — — 7,835 (7,835) 
Other(645)— — — — — — — — 922 — — — 922 (2)920 
Balance at September 30, 2022$32,385 $8 84,155 $1 5,789 $  $  $6,282,690 $(263,600)$(29,960)$(85,323)$5,903,816 $634,287 $6,538,103 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
6

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and nine months ended September 30, 2021
(Unaudited)
 Redeemable Noncontrolling Interests
Common Stock,
$0.0001 par value
Class B common stock,
$0.0001 par value
Common Stock,
$0.001 par value
Class B common stock,
$0.001 par value
Additional Paid-in-CapitalRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares$Shares$Shares
 (In thousands)
Balance at June 30, 2021$24,193 $8 83,444 $