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As filed with the Securities and Exchange Commission on May 7, 2024
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 March 31, 2024
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
IAC JPG - No Boarder.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 May 3, 2024, the following shares of the registrant's common stock were outstanding:
Common Stock80,304,683 
Class B common stock5,789,499 
Total 86,094,182 




TABLE OF CONTENTS
  Page
Number


PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
IAC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
March 31, 2024December 31, 2023
(In thousands, except par value amounts)
ASSETS  
Cash and cash equivalents$1,506,988 $1,297,445 
Marketable securities136,459 148,998 
Accounts receivable, net463,785 536,650 
Other current assets203,924 257,499 
Total current assets2,311,156 2,240,592 
Capitalized software, buildings, land, equipment and leasehold improvements, net424,534 455,281 
Goodwill2,878,872 3,024,266 
Intangible assets, net of accumulated amortization830,263 874,705 
Investment in MGM Resorts International3,055,601 2,891,850 
Long-term investments402,085 411,216 
Other non-current assets457,099 473,267 
TOTAL ASSETS$10,359,610 $10,371,177 
LIABILITIES AND SHAREHOLDERS' EQUITY  
LIABILITIES:  
Current portion of long-term debt$34,375 $30,000 
Accounts payable, trade83,842 105,514 
Deferred revenue128,246 143,449 
Accrued expenses and other current liabilities608,998 671,527 
Total current liabilities855,461 950,490 
Long-term debt, net1,982,128 1,993,154 
Deferred income taxes210,727 164,612 
Other long-term liabilities461,830 474,540 
Redeemable noncontrolling interests32,622 33,378 
Commitments and contingencies
SHAREHOLDERS' EQUITY: 
Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,638 and 84,465 shares issued and 80,288 and 80,115 shares outstanding at March 31, 2024 and December 31, 2023, respectively
8 8 
Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at March 31, 2024 and December 31, 2023
1 1 
Additional paid-in-capital6,346,106 6,340,312 
Retained earnings45,954 923 
Accumulated other comprehensive loss(6,893)(10,942)
Treasury stock, 4,350 shares at March 31, 2024 and December 31, 2023
(252,441)(252,441)
Total IAC shareholders' equity6,132,735 6,077,861 
Noncontrolling interests684,107 677,142 
Total shareholders' equity6,816,842 6,755,003 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$10,359,610 $10,371,177 
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 March 31,
 20242023
 (In thousands, except per share data)
Revenue$929,680 $1,084,271 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)271,964 342,929 
Selling and marketing expense343,925 403,297 
General and administrative expense212,669 273,076 
Product development expense86,999 84,787 
Depreciation36,573 61,172 
Amortization of intangibles36,728 54,606 
Total operating costs and expenses988,858 1,219,867 
Operating loss(59,178)(135,596)
Interest expense(39,718)(38,172)
Unrealized gain on investment in MGM Resorts International163,751 704,840 
Other income, net34,805 23,749 
Earnings before income taxes99,660 554,821 
Income tax provision(54,688)(139,502)
Net earnings44,972 415,319 
Net loss attributable to noncontrolling interests59 2,456 
Net earnings attributable to IAC shareholders$45,031 $417,775 
Per share information attributable to IAC common stock and Class B common stock shareholders:
Basic earnings per share$0.52 $4.72 
Diluted earnings per share$0.51 $4.57 
Stock-based compensation expense by function:
Cost of revenue$493 $19 
Selling and marketing expense1,641 1,743 
General and administrative expense24,954 22,844 
Product development expense1,819 4,335 
Total stock-based compensation expense$28,907 $28,941 
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 March 31,
 20242023
 (In thousands)
Net earnings$44,972 $415,319 
Other comprehensive income (loss), net of income taxes:
Change in foreign currency translation adjustment 218 919 
Change in net unrealized gains (losses) on interest rate swaps3,697 (2,287)
Change in unrealized gains and losses on available-for-sale marketable debt securities(22)(26)
Total other comprehensive income (loss), net of income taxes3,893 (1,394)
Comprehensive income, net of income taxes48,865 413,925 
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests59 2,456 
Change in foreign currency translation adjustment attributable to noncontrolling interests154 (116)
Comprehensive loss attributable to noncontrolling interests213 2,340 
Comprehensive income attributable to IAC shareholders$49,078 $416,265 
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 Months Ended March 31, 2024 and 2023
(Unaudited)
 Redeemable Noncontrolling Interests
Common Stock,
$0.0001 par value
Class B common stock,
$0.0001 par value
Additional Paid-in-CapitalRetained Earnings (Accumulated Deficit)Accumulated
Other
Comprehensive
(Loss) Income
Treasury StockTotal IAC
Shareholders' Equity
Noncontrolling
Interests
Total Shareholders' Equity
 $Shares$Shares
 (In thousands)
Balance at December 31, 2023$33,378 $8 84,465 $1 5,789 $6,340,312 $923 $(10,942)$(252,441)$6,077,861 $677,142 $6,755,003 
Net (loss) earnings (9)— — — — — 45,031 — — 45,031 (50)44,981 
Other comprehensive income (loss), net of income taxes— — — — — — — 4,047 — 4,047 (154)3,893 
Stock-based compensation expense— — — — — 19,510 — — — 19,510 11,019 30,529 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 173 — — (8,123)— — — (8,123)— (8,123)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes— — — — — (1,858)— 2 — (1,856)(1,408)(3,264)
Purchase of Angi Inc. treasury stock— — — — — (6,700)— — — (6,700)— (6,700)
Adjustment of noncontrolling interests to redemption amount(505)— — — — 505 — — — 505 — 505 
Adjustment to the liquidation value of Vivian Health preferred shares— — — — — 2,442 — — — 2,442 (2,442) 
Other(242)— — — — 18 — — — 18 18 
Balance at March 31, 2024$32,622 $8 84,638 $1 5,789 $6,346,106 $45,954 $(6,893)$(252,441)$6,132,735 $684,107 $6,816,842 
Balance at December 31, 2022$27,235 $8 $84,184 $1 $5,789 $6,295,080 $(265,019)$(13,133)$(85,323)$5,931,614 $640,920 $6,572,534 
Net (loss) earnings(254)— — — — — 417,775 — — 417,775 (2,202)415,573 
Other comprehensive (loss) income, net of income taxes— — — — — — — (1,510)— (1,510)116 (1,394)
Stock-based compensation expense— — — — — 16,063 — — — 16,063 13,870 29,933 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 73 — — (1,850)— — — (1,850)— (1,850)
Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes
— — — — — (4,699)— 2 — (4,697)2,287 (2,410)
Purchase of IAC treasury stock— — — — — — — — (91,729)(91,729)— (91,729)
Adjustment of noncontrolling interests to redemption amount208 — — — — (208)— — — (208)— (208)
Adjustment to the liquidation value of Vivian Health preferred shares— — — — — 1,812 — — — 1,812 (1,812) 
Other— — — — — 31 — — — 31 — 31 
Balance at March 31, 2023$27,189 $8 $84,257 $1 $5,789 $6,306,229 $152,756 $(14,641)$(177,052)$6,267,301 $653,179 $6,920,480 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
6

IAC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
 20242023
 (In thousands)
Cash flows from operating activities:  
Net earnings$44,972 $415,319 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
Unrealized gain on investment in MGM Resorts International(163,751)(704,840)
(Gains) losses on sales of businesses and investments in equity securities (including downward adjustments), net(25,941)2,451 
Deferred income taxes44,975 127,154 
Amortization of intangibles36,728 54,606 
Depreciation36,573 61,172 
Stock-based compensation expense28,907 28,941 
Provision for credit losses16,139 24,826 
Non-cash lease expense (including right-of-use asset impairments)14,794 58,656 
Unrealized decrease (increase) in the estimated fair value of a warrant10,231 (5,940)
Other adjustments, net(6)(4,076)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable56,084 43,023 
Other assets44,493 26,978 
Operating lease liabilities(17,338)(19,723)
Accounts payable and other liabilities(89,548)(107,356)
Income taxes payable and receivable8,800 8,610 
Deferred revenue17,942 15,366 
Net cash provided by operating activities64,054 25,167 
Cash flows from investing activities:
Capital expenditures(15,712)(21,863)
Net proceeds from the sales of businesses and investments159,678 1,179 
Net proceeds from sales of assets12,660 29,388 
Proceeds from maturities of marketable debt securities137,500 137,500 
Purchases of marketable debt securities(123,104)(98,520)
Other, net1,199 4,290 
Net cash provided by investing activities172,221 51,974 
Cash flows from financing activities:
Principal payments on Dotdash Meredith Term Loans(7,500)(7,500)
Withholding taxes paid on behalf of IAC employees on net settled stock-based awards(8,248)(2,236)
Withholding taxes paid on behalf of Angi Inc. employees on net settled stock-based awards(3,214)(1,379)
Purchases of Angi Inc. treasury stock(6,860) 
Purchases of IAC treasury stock (84,720)
Other, net(152)(140)
Net cash used in financing activities(25,974)(95,975)
Total cash provided (used)210,301 (18,834)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(741)322 
Net increase (decrease) in cash and cash equivalents and restricted cash209,560 (18,512)
Cash and cash equivalents and restricted cash at beginning of period1,306,241 1,426,069 
Cash and cash equivalents and restricted cash at end of period$1,515,801 $1,407,557 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
7

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
IAC today is comprised of category leading businesses, including Dotdash Meredith, Angi Inc. and Care.com, as well as others ranging from early stage to established businesses.
As used herein, “IAC,” the “Company,” “we,” “our,” “us” and other similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise).
Total Home Roofing, LLC Sale
On November 1, 2023, Angi Inc. completed the sale of 100% of its wholly-owned subsidiary, Total Home Roofing, LLC ("Roofing"), and has reflected it as a discontinued operation in its standalone financial statements. Roofing does not meet the threshold to be reflected as a discontinued operation at the IAC level. During the fourth quarter of 2023, IAC moved Roofing to Emerging & Other and prior period financial information has been recast to conform to this presentation. Following IAC's move of Roofing to Emerging & Other, Angi Inc. has three operating segments: (i) Ads and Leads, (ii) Services and (iii) International (includes Europe and Canada).
Basis of Presentation
The Company prepares its consolidated financial statements (referred to herein as "financial statements") in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). The financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated.
The unaudited interim financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited interim financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates.
On an ongoing basis, the Company evaluates its estimates, judgments and assumptions, including those related to: the fair values of cash equivalents and marketable debt and equity securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of right-of-use assets ("ROU assets"); the useful lives and recoverability of capitalized software, buildings, equipment and leasehold improvements and definite-lived intangible assets; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; the fair value of interest rate swaps; contingencies; unrecognized tax benefits; the liability for potential refunds and customer credits; the valuation allowance for deferred income tax assets; pension and postretirement benefit expenses, including actuarial assumptions regarding discount rates, expected returns on plan assets, inflation and healthcare costs; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant.
8

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Interest Rate Swaps
In March 2023, Dotdash Meredith entered into interest rate swaps for a total notional amount of $350 million, which synthetically converted a portion of the Dotdash Meredith Term Loan B from a variable rate to a fixed rate to manage interest rate risk exposure, beginning on April 3, 2023. Dotdash Meredith designated the interest rate swaps as cash flow hedges and applies hedge accounting to these contracts in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging. As cash flow hedges, the interest rate swaps are recognized at fair value on the balance sheet as either assets or liabilities, with the changes in fair value recorded in "Accumulated other comprehensive loss" in the balance sheet and reclassified into “Interest expense” in the statement of operations in the periods in which the interest rate swaps affect earnings. Dotdash Meredith assessed hedge effectiveness at the time of entering into these agreements and determined these interest rate swaps are expected to be highly effective. Dotdash Meredith evaluates the hedge effectiveness of the interest rate swaps quarterly, or more frequently, if necessary, by verifying (i) that the critical terms of the interest rate swaps continue to match the critical terms of the hedged interest payments and (ii) that it is probable the counterparties will not default. If the two requirements are met, the interest rate swaps are determined to be effective and all changes in the fair value of the interest rate swaps are recorded in "Accumulated other comprehensive loss." The cash flows related to interest settlements of the hedged monthly interest payments are classified as operating activities in the statement of cash flows, consistent with the interest expense on the related Dotdash Meredith Term Loan B. See "Note 3—Long-term Debt" for additional information.
General Revenue Recognition
The Company accounts for a contract with a customer when it has approval and commitment from all authorized parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to the Company's customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.
The Company's disaggregated revenue disclosures are presented in "Note 5—Segment Information."
Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of the Company's performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances were $128.2 million and $0.2 million, respectively, at March 31, 2024, and $143.4 million and $0.1 million, respectively, at December 31, 2023. During the three months ended March 31, 2024, the Company recognized $79.2 million of revenue that was included in the deferred revenue balance at December 31, 2023. The deferred revenue balance at March 31, 2024 also reflects the reduction of $33.2 million related to the sale of Mosaic Group in the first quarter of 2024. During the three months ended March 31, 2023, the Company recognized $95.6 million of revenue that was included in the deferred revenue balance at December 31, 2022. The current and non-current deferred revenue balances were $157.1 million and $0.2 million, respectively, at December 31, 2022. Non-current deferred revenue is included in "Other long-term liabilities" in the balance sheet.
Practical Expedients and Exemptions
For contracts that have an original duration of one year or less, the Company uses the practical expedient available under ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), applicable to such contracts and does not consider the time value of money.
In addition, as permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is tied to sales-based or usage-based royalties, allocated entirely to unsatisfied performance obligations, or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.
9

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The Company also applies the practical expedient to expense sales commissions as incurred where the anticipated customer relationship period is one year or less.

Certain Risks and Concentrations—Services Agreement with Google (the "Services Agreement")
The Company and Google are parties to an amended Services Agreement, which automatically renewed effective March 31, 2023 and now expires on March 31, 2025. The Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. A meaningful portion of the Company’s net cash from operating activities that it can freely access is attributable to revenue earned pursuant to the Services Agreement and other revenue earned from Google.
For the three months ended March 31, 2024 and 2023, total revenue earned from Google was $131.4 million and $172.9 million, respectively, representing 14% and 16%, respectively, of the Company's revenue. The total revenue earned from the Services Agreement for the three months ended March 31, 2024 and 2023 was $102.9 million and $138.8 million, respectively, representing 11% and 13%, respectively, of the Company's total revenue. The related accounts receivable totaled $45.7 million and $52.2 million at March 31, 2024 and December 31, 2023, respectively.
The revenue attributable to the Services Agreement is earned by Ask Media Group and the Desktop business, which comprise the Search segment. For the three months ended March 31, 2024 and 2023, revenue earned from the Services Agreement was $85.4 million and $120.3 million, respectively, within Ask Media Group and $17.4 million and $18.5 million, respectively, within the Desktop business.
The Services Agreement requires that the Company comply with certain guidelines promulgated by Google. Google may generally unilaterally update its policies and guidelines without advance notice. These updates may be specific to the Services Agreement or could be more general and thereby impact the Company as well as other companies. These policy and guideline updates have in the past and could in the future require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which have been and could be costly to address or negatively impact revenue and have had and in the future could have an adverse effect on our financial condition and results of operations.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted by the Company
There were no recently issued accounting pronouncements adopted by the Company during the three months ended March 31, 2024.
Recent Accounting Pronouncements Not Yet Adopted by the Company
Accounting Standards Update ("ASU") 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, which is intended to provide users of financial statements with more decision-useful information about reportable segments of a public business entity, primarily through enhanced disclosures of significant segment expenses. This ASU requires annual and interim disclosures of significant expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss and an amount and description of its composition of other segment items. The provisions of this ASU also require entities to include all annual disclosures required by Topic 280 in the interim periods and permits entities to include multiple measures of a segment's profit or loss if such measures are used by the CODM to assess segment performance and determine allocation of resources, provided that at least one of those measures is determined in a way that is consistent with the measurement principles under GAAP. The amendments in ASU 2023-07 apply retrospectively and are effective for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. The Company does not plan to early adopt and is currently assessing the impact of adopting the updated guidance on the financial statements.
10

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, which establishes required categories and a quantitative threshold to the annual tabular rate reconciliation disclosure and disaggregated jurisdictional disclosures of income taxes paid. The guidance's annual requirements are effective for the Company beginning with the December 31, 2025 reporting period. Early adoption is permitted and prospective disclosure should be applied, however, retrospective disclosure is permitted. The Company is currently assessing the pronouncement and its impact on its income tax disclosures, but it does not impact the Company's results of operations, financial condition or cash flows.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Marketable Securities
At March 31, 2024 and December 31, 2023, the fair value of marketable securities are as follows:
March 31, 2024December 31, 2023
(In thousands)
Available-for-sale marketable debt securities$136,459 $148,998 
     Total marketable securities$136,459 $148,998 
Marketable securities are carried at fair value. The Company has no investments in marketable equity securities, following the change in classification of its investment in MGM Resorts International ("MGM") to an equity method investment in the fourth quarter of 2023, described below. At March 31, 2023, the Company had two investments in marketable equity securities, other than its investment in MGM, including one investment that was fully impaired in the first quarter of 2023 due to the investee declaring bankruptcy and another investment that was sold in the third quarter of 2023. The Company recorded net unrealized pre-tax losses for these investments of $1.2 million during the three months ended March 31, 2023. The unrealized pre-tax losses related to these investments are included in "Other income, net" in the statement of operations.
At March 31, 2024 and December 31, 2023, current available-for-sale marketable debt securities are as follows:
March 31, 2024December 31, 2023
Amortized costGross Unrealized GainsGross Unrealized LossesFair ValueAmortized costGross Unrealized GainsGross Unrealized LossesFair Value
(In thousands)
Treasury discount notes$136,460 $1 $(2)$136,459 $148,971 $27 $ $148,998 
Total available-for-sale marketable debt securities$136,460 $1 $(2)$136,459 $148,971 $27 $ $148,998 
The contractual maturities of debt securities classified as current available-for-sale at March 31, 2024 and December 31, 2023 were within one year. There were no investments in available-for-sale marketable debt securities that had been in a continuous unrealized loss position for longer than twelve months at March 31, 2024 and December 31, 2023.
Investment in MGM Resorts International
 March 31, 2024December 31, 2023
 (In thousands)
Investment in MGM$3,055,601 $2,891,850 
11

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
At March 31, 2024, the Company owns 64.7 million common shares of MGM which represents 20.6% of MGM's common shares outstanding. During the fourth quarter of 2023, due to MGM's ongoing share repurchase program, which increased the Company's ownership interest passively, the Company determined that the equity method of accounting applied and elected to account for its investment in MGM pursuant to the fair value option. Prior to the fourth quarter of 2023, the Company's investment in MGM was accounted for as an equity security with a readily determinable fair value, with changes in fair value recognized through income each period. Since the Company has always marked its investment in MGM to fair value through income each period the election of the fair value option results in no change from its historical accounting for this investment. The fair value of the investment in MGM is remeasured each reporting period based upon MGM's closing stock price on the New York Stock Exchange on the last trading day in the reporting period and any unrealized pre-tax gains or losses are included in the statement of operations. For the three months ended March 31, 2024 and 2023, the Company recognized an unrealized pre-tax gain of $163.8 million and $704.8 million, respectively, on its investment in MGM. The cumulative unrealized net pre-tax gain through March 31, 2024 is $1.8 billion. A $2.00 increase or decrease in the share price of MGM would result in an unrealized gain or loss, respectively, of $129.4 million. At May 3, 2024, the fair value of the Company's investment in MGM was $2.66 billion.
The following table presents MGM's summarized financial information for the three months ended March 31, 2024. As noted above, the Company has elected to account for its investment in MGM pursuant to the fair value option. By electing the fair value option, the Company’s investment in MGM is remeasured each reporting period with any changes recognized through income based on MGM’s closing stock price. As a result, the value of our investment and the financial impacts in any given period are not necessarily correlated with the income statement information presented below.
Three Months Ended March 31, 2024
(In thousands)
Revenues$4,383,470 
Expenses$3,899,968 
Net income$299,726 
Net income attributable to MGM$217,476 
Long-term Investments
Long-term investments consist of:
March 31, 2024December 31, 2023
(In thousands)
Equity securities without readily determinable fair values$396,981 $404,848 
Other5,104 6,368 
Total long-term investments$402,085 $411,216 

Equity Securities without Readily Determinable Fair Values
The following table presents a summary of unrealized pre-tax gains and losses recorded in "Other income, net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at March 31, 2024 and 2023.
Three Months Ended March 31,
20242023
(In thousands)
Downward adjustments including impairments (gross unrealized pre-tax losses)$(7,867)$(822)
Total$(7,867)$(822)
12

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at March 31, 2024 were $37.8 million and $133.8 million, respectively.
Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the three months ended March 31, 2024 and 2023 are as follows:
Three Months Ended March 31,
20242023
(In thousands)
Realized pre-tax gains, net, for equity securities sold$4,434 $7 
Unrealized pre-tax losses, net, on equity securities held(7,867)(822)
Total pre-tax losses, net recognized$(3,433)$(815)
All pre-tax gains and losses on equity securities without readily determinable fair values, realized and unrealized, are recognized in "Other income, net" in the statement of operations.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:
Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.
Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
13

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
 March 31, 2024
 Level 1Level 2Level 3Total Fair Value
Measurements
 (In thousands)
Assets:
Cash equivalents:
Money market funds$901,889 $ $ $901,889 
Treasury discount notes 273,747  273,747 
Time deposits 19,288  19,288 
Marketable securities:
Treasury discount notes 136,459  136,459 
Investment in MGM 3,055,601   3,055,601 
Other non-current assets:
Warrant  39,400 39,400 
Interest rate swaps(a)
 3,914  3,914 
Total$3,957,490 $433,408 $39,400 $4,430,298 
_____________________
(a)    Interest rate swaps relate to the $350 million notional amount entered into to hedge Dotdash Meredith's Term Loan B. The related asset at March 31, 2024 and liability at December 31, 2023 are included in "Other non-current assets" and "Other long-term liabilities," respectively, in the balance sheet. See "Note 1—The Company and Summary of Significant Accounting Policies" and "Note 3—Long-term Debt" for additional information. The fair value of interest rate swaps was determined using discounted cash flows derived from observable market prices, including swap curves, which are Level 2 inputs.
 December 31, 2023
 Level 1Level 2Level 3Total Fair Value
Measurements
 (In thousands)
Assets: 
Cash equivalents: 
Money market funds$910,849 $ $ $910,849 
Treasury discount notes 87,251  87,251 
Time deposits 19,497  19,497 
Marketable securities:
Treasury discount notes 148,998  148,998 
Investment in MGM2,891,851   2,891,851 
Other non-current assets:
Warrant  49,631 49,631 
Total$3,802,700 $255,746 $49,631 $4,108,077 
Liabilities:
Other long-term liabilities
Interest rate swaps(a)
$ $(907)$ $(907)
14

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 Three Months Ended March 31,
 20242023
WarrantWarrant
 (In thousands)
Balance at January 1$49,631 $46,799 
Total net (losses) gains:
Fair value adjustments included in earnings(10,231)5,940 
Balance at March 31$39,400 $52,739 
Warrant
The Company owns preferred shares of Turo Inc. ("Turo"), a peer-to-peer car sharing marketplace, which is accounted for as an equity security without a readily determinable fair value, as the preferred shares are not common stock equivalents. As part of the Company's original investment in Turo preferred shares, the Company received a warrant that is recorded at fair value each reporting period using an option pricing model with any change in fair value included in "Other income, net" in the statement of operations. The warrant is measured using significant unobservable inputs and is classified in the fair value hierarchy table as Level 3. The warrant is included in "Other non-current assets" in the balance sheet.
Assets measured at fair value on a nonrecurring basis
The Company's non-financial assets, such as goodwill, intangible assets, ROU assets, capitalized software, buildings, equipment and leasehold improvements, are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes for similar or identical securities are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
ROU Assets and Related Leasehold Improvements, Furniture and Equipment
During the first quarter of 2023, Dotdash Meredith recorded impairment charges of $70.0 million related to certain unoccupied leased office space due to the continued decline in the commercial real estate market consisting of impairments of $44.7 million and $25.3 million of an ROU asset and related leasehold improvements, furniture and equipment, respectively.
The impairment charges related to ROU assets are included in "General and administrative expense" and the impairment charges related to leasehold improvements, furniture and equipment are included in "Depreciation" in the statement of operations. The impairment charges represent the amount by which the carrying value of the asset group exceeded its estimated fair value, calculated using a discounted cash flow approach using sublease market assumptions of the expected cash flows and discount rate. The impairment charges were allocated between the ROU assets and related leasehold improvements, furniture and equipment of the asset group based on their relative carrying values.
Financial instruments measured at fair value only for disclosure purposes
The total fair value of the outstanding long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs, and was approximately $1.95 billion at both March 31, 2024 and December 31, 2023.
15

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
 March 31, 2024December 31, 2023
 (In thousands)
Dotdash Meredith Debt
Dotdash Meredith Term Loan A ("Dotdash Meredith Term Loan A") due December 1, 2026
$310,625 $315,000 
Dotdash Meredith Term Loan B ("Dotdash Meredith Term Loan B") due December 1, 20281,221,875 1,225,000 
Total Dotdash Meredith long-term debt1,532,500 1,540,000 
Less: current portion of Dotdash Meredith long-term debt34,375 30,000 
Less: original issue discount4,259 4,470 
Less: unamortized debt issuance costs7,979 8,423 
Total Dotdash Meredith long-term debt, net1,485,887 1,497,107 
ANGI Group Debt
3.875% ANGI Group Senior Notes due August 15, 2028 ("ANGI Group Senior Notes"); interest payable each February 15 and August 15
500,000 500,000 
Less: unamortized debt issuance costs3,759 3,953 
Total ANGI Group long-term debt, net496,241 496,047 
Total long-term debt, net$1,982,128 $1,993,154 
Dotdash Meredith Term Loans and Dotdash Meredith Revolving Facility
On December 1, 2021, Dotdash Meredith entered into a credit agreement ("Dotdash Meredith Credit Agreement"), which provides for (i) the five-year $350 million Dotdash Meredith Term Loan A, (ii) the seven-year $1.25 billion Dotdash Meredith Term Loan B (and together with the Dotdash Meredith Term Loan A, the "Dotdash Meredith Term Loans") and (iii) a five-year $150 million revolving credit facility ("Dotdash Meredith Revolving Facility"). The Dotdash Meredith Term Loan A bears interest at an adjusted term secured overnight financing rate ("Adjusted Term SOFR") as defined in the Dotdash Meredith Credit Agreement plus an applicable margin depending on Dotdash Meredith's most recently reported consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement. The adjustment to the secured overnight financing rate is fixed at 0.10% for the Dotdash Meredith Term Loan A. The Dotdash Meredith Term Loan B has a varying adjustment of 0.10%, 0.15% or 0.25% based upon the duration of the borrowing period. At March 31, 2024 and December 31, 2023, the Dotdash Meredith Term Loan A bore interest at Adjusted Term SOFR plus 2.25%, or 7.68% and 7.69%, respectively, and the Dotdash Meredith Term Loan B bore interest at Adjusted Term SOFR, subject to a minimum of 0.50%, plus 4.00%, or 9.43% and 9.44%, respectively. Interest payments are due at least quarterly through the terms of the Dotdash Meredith Term Loans.
In March 2023, Dotdash Meredith entered into interest rate swaps on the Dotdash Meredith Term Loan B for a total notional amount of $350 million with a maturity date of April 1, 2027. The interest rate swaps synthetically converted $350 million of the Dotdash Meredith Term Loan B for the duration of the interest rate swaps from a variable rate to a fixed rate of approximately 7.92% ((i) the weighted average fixed interest rate of approximately 3.82% on the interest rate swaps plus (ii) the adjustment to the secured overnight financing rate of 0.10% plus (iii) the base rate of 4.00%), beginning on April 3, 2023.
The interest rate swaps are expected to be highly effective. See "Note 4—Accumulated Other Comprehensive Loss" for the net unrealized gains and losses before reclassifications in "Accumulated other comprehensive loss" and realized gains reclassified into "Interest expense" for the three months ended March 31, 2024 and 2023. At March 31, 2024, approximately $3.9 million is expected to be reclassified into interest expense within the next twelve months as realized gains. The related asset of $3.9 million and liability of $0.9 million are included in "Other non-current assets" and “Other long-term liabilities” in the balance sheet at March 31, 2024 and December 31, 2023, respectively.
16

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

The Dotdash Meredith Term Loan A requires quarterly principal payments of approximately $4.4 million through December 31, 2024, $8.8 million through December 31, 2025 and approximately $13.1 million thereafter through maturity. The Dotdash Meredith Term Loan B requires quarterly payments of $3.1 million through maturity. The Dotdash Meredith Term Loan B may require additional annual principal payments as part of an excess cash flow sweep provision, the amount of which, in part, is governed by the applicable net leverage ratio and further subject to the excess cash flow exceeding $80 million as defined in the Dotdash Meredith Credit Agreement. No such payment was required related to the period ended December 31, 2023.
There were no outstanding borrowings under the Dotdash Meredith Revolving Facility at March 31, 2024 and December 31, 2023. The annual commitment fee on undrawn funds is based on Dotdash Meredith's consolidated net leverage ratio, as defined in the Dotdash Meredith Credit Agreement, most recently reported and was 40 basis points at both March 31, 2024 and December 31, 2023. Any borrowings under the Dotdash Meredith Revolving Facility would bear interest, at Dotdash Meredith's option, at either a base rate or Adjusted Term SOFR, plus an applicable margin, which is based on Dotdash Meredith's consolidated net leverage ratio.
As of the last day of any calendar quarter, if either (i) $1.00 or more of loans under the Dotdash Meredith Revolving Facility or Dotdash Meredith Term Loan A are outstanding, or (ii) the outstanding face amount of undrawn letters of credit, other than cash collateralized letters of credit at 102% of face value, exceeds $25 million, subject to certain increases for qualifying material acquisitions, then Dotdash Meredith will not permit the consolidated net leverage ratio, which permits netting of up to $250 million in cash and cash equivalents, as of the last day of such quarter to exceed 5.5 to 1.0. The Dotdash Meredith Credit Agreement also contains covenants that would limit Dotdash Meredith’s ability to pay dividends, incur incremental secured indebtedness, or make distributions or certain investments in the event a default has occurred or if Dotdash Meredith’s consolidated net leverage ratio exceeds 4.0 to 1.0, subject to certain available amounts as defined in the Dotdash Meredith Credit Agreement. This ratio was exceeded for both test periods ended March 31, 2024 and December 31, 2023. The Dotdash Meredith Credit Agreement also permits the Company to, among other things, contribute cash to Dotdash Meredith which will provide additional liquidity to ensure that Dotdash Meredith does not exceed certain consolidated net leverage ratios for any test period, as further defined in the Dotdash Meredith Credit Agreement. In connection with these capital contributions, Dotdash Meredith may make distributions to the Company in amounts not more than any such capital contributions, provided that no default has occurred and is continuing. Such capital contributions and subsequent distributions impact the consolidated net leverage ratios of Dotdash Meredith. In March 2024 and 2023, the Company contributed $55 million and $135 million, respectively, to Dotdash Meredith, which Dotdash Meredith subsequently distributed back to the Company in April 2024 and 2023, respectively. In addition, Dotdash Meredith distributed $105 million back to the Company in January 2024 related to the Company's contribution in December 2023.
The obligations under the Dotdash Meredith Credit Agreement are guaranteed by certain of Dotdash Meredith's wholly-owned subsidiaries and are secured by substantially all of the assets of Dotdash Meredith and certain of its subsidiaries.
ANGI Group Debt
ANGI Group, LLC ("ANGI Group"), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. These notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, as set forth in the indenture governing the notes.
The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0 provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At March 31, 2024, there were no limitations pursuant thereto.
17

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 4—ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables present the components of accumulated other comprehensive loss, net of income tax.
Three Months Ended March 31, 2024
Foreign Currency Translation AdjustmentUnrealized (Losses) Gains On Interest Rate SwapsUnrealized Gains (Losses) On Available-For-Sale
Marketable Debt Securities
Accumulated Other Comprehensive (Loss) Income
(In thousands)
Balance at January 1$(10,266)$(696)$20 $(10,942)
Other comprehensive (loss) income before reclassifications(1,064)5,040 (22)3,954 
Amounts reclassified to earnings1,436 (1,343) 93 
Net current period other comprehensive income (loss)372 3,697 (22)4,047 
Accumulated other comprehensive loss allocated to noncontrolling interests during the period2   2 
Balance at March 31$(9,892)$3,001 $(2)$(6,893)
Three Months Ended March 31, 2023
Foreign Currency Translation AdjustmentUnrealized Losses On Interest Rate SwapsUnrealized Gains (Losses) On Available-For-Sale
Marketable Debt Securities
Accumulated Other Comprehensive Loss
(In thousands)
Balance at January 1$(13,186)$ $53 $(13,133)
Other comprehensive income (loss)803 (2,287)(26)(1,510)
Net current period other comprehensive income (loss)803 (2,287)(26)(1,510)
Accumulated other comprehensive loss allocated to noncontrolling interests during the period2   2 
Balance at March 31$(12,381)$(2,287)$27 $(14,641)
The amounts reclassified out of foreign currency translation adjustment into earnings for the three months ended March 31, 2024 relate to the substantial liquidation of an international subsidiary.
At March 31, 2024 and 2023, there was $0.9 million of deferred income tax provision and $0.7 million of deferred income tax benefit, respectively, related to unrealized gains and losses on interest rate swaps. At March 31, 2024, there was no deferred income tax provision or benefit related to net unrealized gains and losses on available-for-sale marketable debt securities and less than $0.1 million of deferred income tax provision at March 31, 2023.
NOTE 5—SEGMENT INFORMATION
Our reportable segments currently consist of Dotdash Meredith (Print and Digital), Angi Inc. (Ads and Leads, Services and International) and Search. Our CODM regularly reviews certain financial information by operating segment to determine allocation of resources and assess its performance. Segment profitability is determined by and presented on an Adjusted EBITDA basis consistent with the CODM’s view of profitability of its businesses, which excludes certain expenses that are required in accordance with GAAP. While not considered a reportable segment, Emerging & Other comprises various operating segments that do not meet the quantitative thresholds that require presentation as separate reportable segments.

18

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table presents revenue by reportable segment:
Three Months Ended March 31,
 20242023
 (In thousands)
Revenue  
Dotdash Meredith
Digital$209,324 $184,797 
Print185,900 207,016 
Intersegment eliminations(a)
(4,684)(4,231)
Total Dotdash Meredith390,540 387,582 
Angi Inc.
Domestic:
Ads and Leads249,585 293,506 
Services20,451 32,059 
Total Domestic270,036 325,565 
International35,354 29,932 
Total Angi Inc.305,390 355,497 
Search108,473 152,475 
Emerging & Other126,541 192,403 
Intersegment eliminations(b)
(1,264)(3,686)
Total$929,680 $1,084,271 
_____________________
(a)    Intersegment eliminations primarily relates to Digital performance marketing commissions earned for the placement of magazine subscriptions for Print.
(b)    Intersegment eliminations primarily relates to advertising sold by Dotdash Meredith to other IAC owned businesses and Ads and Leads revenue earned from sales to Roofing within Emerging & Other, prior to its sale on November 1, 2023.
The following table presents the revenue of the Company's reportable segments disaggregated by type of service:
Three Months Ended March 31,
 20242023
 (In thousands)
Dotdash Meredith
Digital:
Advertising revenue$132,899 $111,817 
Performance marketing revenue51,544 50,055 
Licensing and other revenue24,881 22,925 
Total Digital revenue209,324 184,797 
Print:
Subscription revenue77,991 85,637 
Advertising revenue42,473 47,850 
Project and other revenue28,554 28,109 
Newsstand revenue26,286 32,246 
Performance marketing revenue10,596 13,174 
Total Print revenue185,900 207,016 
19

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended March 31,
 20242023
 (In thousands)
Intersegment eliminations(a)
(4,684)(4,231)
Total Dotdash Meredith revenue$390,540 $387,582 
Angi Inc.
Domestic:
Ads and Leads:
Consumer connection revenue$160,531 $212,935 
Advertising revenue77,137 67,181 
Membership subscription revenue
11,778 13,199 
Other revenue139 191 
Total Ads and Leads revenue249,585 293,506 
Services revenue20,451 32,059 
Total Domestic revenue270,036 325,565 
International:
Consumer connection revenue29,669 24,745 
Service professional membership subscription revenue5,382 5,058 
Advertising and other revenue303 129 
Total International revenue35,354 29,932 
Total Angi Inc. revenue$305,390 $355,497 
Search
Advertising revenue:
Google advertising revenue$103,519 $140,734 
Non-Google advertising revenue4,442 10,973 
Total advertising revenue107,961 151,707 
Other revenue512 768 
 Total Search revenue
$108,473 $152,475 
Emerging & Other
Subscription revenue$64,187 $86,400 
Marketplace revenue57,592 58,419 
Roofing revenue 38,372 
Media production and distribution revenue1,539 3,615 
Advertising revenue:
Non-Google advertising revenue2,717 2,899 
Google advertising revenue258 263 
Total advertising revenue2,975 3,162 
Service and other revenue248 2,435 
 Total Emerging & Other revenue$126,541 $192,403 
20

IAC INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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,
 20242023
 (In thousands)
Revenue:
United States$806,159 $952,672 
All other countries123,521 131,599 
Total$929,680 $1,084,271 
March 31,
2024
December 31,
2023
 (In thousands)
Long-lived assets (excluding goodwill and intangible assets):  
United States$706,900 $743,914 
All other countries9,367 10,964 
   Total$716,267 $754,878 
The following tables present operating (loss) income and Adjusted EBITDA by reportable segment:
Three Months Ended March 31,
 20242023
 (In thousands)
Operating (loss) income
Dotdash Meredith
Digital $(180)$(17,887)
Print(5,121)(5,756)
Other(c)(d)
(15,528)(87,591)
Total Dotdash Meredith(20,829)(111,234)
Angi Inc.
Ads and Leads19,821 13,480 
Services(7,501)(12,452)
Other(c)
(15,117)