Attached files
| file | filename |
|---|---|
| 8-K - 8-K - IAC/InterActiveCorp | coveritemsandsignature.htm |
Exhibit 99.1
The tables below reflect the realignment of the Company's reportable segments described in Item 7.01 of this Form 8-K.
2018 | 2019 | 2020 | |||||||||||||||||||||||||
FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||||||||||||||||
(Unaudited; in thousands) | |||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 1,132,241 | $ | 303,443 | $ | 343,896 | $ | 357,358 | $ | 321,508 | $ | 1,326,205 | $ | 343,650 | |||||||||||||
Vimeo | 159,641 | 43,581 | 45,713 | 52,145 | 54,576 | 196,015 | 56,968 | ||||||||||||||||||||
Dotdash | 130,991 | 33,961 | 37,728 | 40,285 | 55,620 | 167,594 | 44,120 | ||||||||||||||||||||
Search | 823,950 | 196,044 | 193,900 | 185,664 | 166,576 | 742,184 | 154,419 | ||||||||||||||||||||
Emerging & Other | 286,586 | 64,253 | 67,579 | 69,988 | 72,287 | 274,107 | 85,042 | ||||||||||||||||||||
Inter-segment eliminations | (361 | ) | (62 | ) | (131 | ) | (58 | ) | (53 | ) | (304 | ) | (75 | ) | |||||||||||||
Total | $ | 2,533,048 | $ | 641,220 | $ | 688,685 | $ | 705,382 | $ | 670,514 | $ | 2,705,801 | $ | 684,124 | |||||||||||||
Operating Income (Loss): | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 63,906 | $ | (3,641 | ) | $ | 11,403 | $ | 24,726 | $ | 6,157 | $ | 38,645 | $ | (16,296 | ) | |||||||||||
Vimeo | (35,594 | ) | (17,784 | ) | (11,616 | ) | (11,155 | ) | (11,366 | ) | (51,921 | ) | (14,589 | ) | |||||||||||||
Dotdash | 18,778 | 3,047 | 7,010 | 3,695 | 15,269 | 29,021 | 2,411 | ||||||||||||||||||||
Search | 151,425 | 40,088 | 31,705 | 28,758 | 21,796 | 122,347 | (220,563 | ) | |||||||||||||||||||
Emerging & Other | (26,627 | ) | (17,252 | ) | (12,527 | ) | 8,520 | (531 | ) | (21,790 | ) | (17,870 | ) | ||||||||||||||
Corporate | (136,053 | ) | (38,641 | ) | (39,745 | ) | (40,632 | ) | (47,733 | ) | (166,751 | ) | (45,431 | ) | |||||||||||||
Total | $ | 35,835 | $ | (34,183 | ) | $ | (13,770 | ) | $ | 13,912 | $ | (16,408 | ) | $ | (50,449 | ) | $ | (312,338 | ) | ||||||||
Stock-based compensation expense: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 97,078 | $ | 19,282 | $ | 17,520 | $ | 8,784 | $ | 22,669 | $ | 68,255 | $ | 25,575 | |||||||||||||
Vimeo | — | — | — | — | — | — | — | ||||||||||||||||||||
Dotdash | — | — | — | — | — | — | — | ||||||||||||||||||||
Search | — | — | — | — | — | — | — | ||||||||||||||||||||
Emerging & Other | 919 | — | — | — | — | — | 25 | ||||||||||||||||||||
Corporate | 50,408 | 15,393 | 18,087 | 15,801 | 16,802 | 66,083 | 11,581 | ||||||||||||||||||||
Total | $ | 148,405 | $ | 34,675 | $ | 35,607 | $ | 24,585 | $ | 39,471 | $ | 134,338 | $ | 37,181 | |||||||||||||
2018 | 2019 | 2020 | |||||||||||||||||||||||||
FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||||||||||||||||
(Unaudited; in thousands) | |||||||||||||||||||||||||||
Depreciation: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 24,310 | $ | 6,999 | $ | 8,796 | $ | 11,244 | $ | 12,876 | $ | 39,915 | $ | 12,138 | |||||||||||||
Vimeo | 1,200 | 193 | 132 | 39 | 114 | 478 | 58 | ||||||||||||||||||||
Dotdash | 969 | 226 | 218 | 216 | 314 | 974 | 210 | ||||||||||||||||||||
Search | 3,311 | 526 | 486 | 419 | 385 | 1,816 | 320 | ||||||||||||||||||||
Emerging & Other | 969 | 168 | 175 | 203 | 169 | 715 | 302 | ||||||||||||||||||||
Corporate | 11,634 | 3,028 | 3,086 | 2,888 | 3,049 | 12,051 | 2,464 | ||||||||||||||||||||
Total | $ | 42,393 | $ | 11,140 | $ | 12,893 | $ | 15,009 | $ | 16,907 | $ | 55,949 | $ | 15,492 | |||||||||||||
Amortization of intangibles: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 62,212 | $ | 14,539 | $ | 13,713 | $ | 14,169 | $ | 13,061 | $ | 55,482 | $ | 12,980 | |||||||||||||
Vimeo | 6,349 | 1,391 | 2,020 | 3,119 | 3,123 | 9,653 | 3,123 | ||||||||||||||||||||
Dotdash | 1,637 | 3,877 | 1,147 | 3,115 | 1,467 | 9,606 | 4,390 | ||||||||||||||||||||
Search | 28,169 | — | — | — | — | — | 21,400 | ||||||||||||||||||||
Emerging & Other | 8,714 | 2,534 | 2,346 | 2,142 | 2,105 | 9,127 | 3,866 | ||||||||||||||||||||
Corporate | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 107,081 | $ | 22,341 | $ | 19,226 | $ | 22,545 | $ | 19,756 | $ | 83,868 | $ | 45,759 | |||||||||||||
Acquisition-related contingent consideration fair value adjustments: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Vimeo | — | — | — | — | — | — | — | ||||||||||||||||||||
Dotdash | — | — | — | — | — | — | — | ||||||||||||||||||||
Search | — | — | — | — | — | — | — | ||||||||||||||||||||
Emerging & Other | 1,136 | 1,529 | 1,617 | (16,139 | ) | (6,745 | ) | (19,738 | ) | (6,282 | ) | ||||||||||||||||
Corporate | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 1,136 | $ | 1,529 | $ | 1,617 | $ | (16,139 | ) | $ | (6,745 | ) | $ | (19,738 | ) | $ | (6,282 | ) | |||||||||
Goodwill impairment: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Vimeo | — | — | — | — | — | — | — | ||||||||||||||||||||
Dotdash | — | — | — | — | — | — | — | ||||||||||||||||||||
Search | — | — | — | — | — | — | 211,973 | ||||||||||||||||||||
Emerging & Other | — | — | — | — | 3,318 | 3,318 | — | ||||||||||||||||||||
Corporate | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | 3,318 | $ | 3,318 | $ | 211,973 | |||||||||||||
2018 | 2019 | 2020 | |||||||||||||||||||||||||
FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||||||||||||||||
(Unaudited; in thousands) | |||||||||||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||
ANGI Homeservices | $ | 247,506 | $ | 37,179 | $ | 51,432 | $ | 58,923 | $ | 54,763 | $ | 202,297 | $ | 34,397 | |||||||||||||
Vimeo | (28,045 | ) | (16,200 | ) | (9,464 | ) | (7,997 | ) | (8,129 | ) | (41,790 | ) | (11,408 | ) | |||||||||||||
Dotdash | 21,384 | 7,150 | 8,375 | 7,026 | 17,050 | 39,601 | 7,011 | ||||||||||||||||||||
Search | 182,905 | 40,614 | 32,191 | 29,177 | 22,181 | 124,163 | 13,130 | ||||||||||||||||||||
Emerging & Other | (14,889 | ) | (13,021 | ) | (8,389 | ) | (5,274 | ) | (1,684 | ) | (28,368 | ) | (19,959 | ) | |||||||||||||
Corporate | (74,011 | ) | (20,220 | ) | (18,572 | ) | (21,943 | ) | (27,882 | ) | (88,617 | ) | (31,386 | ) | |||||||||||||
Total | $ | 334,850 | $ | 35,502 | $ | 55,573 | $ | 59,912 | $ | 56,299 | $ | 207,286 | $ | (8,215 | ) | ||||||||||||
Reconciliation of net earnings (loss) attributable to IAC/InterActiveCorp equity in IAC Holdings, Inc. to operating income (loss) to Adjusted EBITDA:
2018 | 2019 | 2020 | |||||||||||||||||||||||||
FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||||||||||||||||
(Unaudited; in thousands) | |||||||||||||||||||||||||||
Net earnings (loss) attributable to IAC/InterActiveCorp equity in IAC Holdings, Inc. | $ | 246,772 | $ | (14,247 | ) | $ | 13,789 | $ | 16,466 | $ | 6,887 | $ | 22,895 | $ | (328,199 | ) | |||||||||||
Add back: | |||||||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | 45,599 | 574 | 8,232 | 1,912 | (1,430 | ) | 9,288 | (2,372 | ) | ||||||||||||||||||
Income tax provision (benefit) | 13,200 | (29,194 | ) | (5,046 | ) | (19,079 | ) | (7,170 | ) | (60,489 | ) | (41,432 | ) | ||||||||||||||
Other (income) expense, net | (282,795 | ) | 5,417 | (33,982 | ) | 11,715 | (17,197 | ) | (34,047 | ) | 57,448 | ||||||||||||||||
Interest expense - third party | 13,059 | 3,267 | 3,237 | 2,898 | 2,502 | 11,904 | 2,217 | ||||||||||||||||||||
Operating income (loss) | 35,835 | (34,183 | ) | (13,770 | ) | 13,912 | (16,408 | ) | (50,449 | ) | (312,338 | ) | |||||||||||||||
Stock-based compensation expense | 148,405 | 34,675 | 35,607 | 24,585 | 39,471 | 134,338 | 37,181 | ||||||||||||||||||||
Depreciation | 42,393 | 11,140 | 12,893 | 15,009 | 16,907 | 55,949 | 15,492 | ||||||||||||||||||||
Amortization of intangibles | 107,081 | 22,341 | 19,226 | 22,545 | 19,756 | 83,868 | 45,759 | ||||||||||||||||||||
Acquisition-related contingent consideration fair value adjustments | 1,136 | 1,529 | 1,617 | (16,139 | ) | (6,745 | ) | (19,738 | ) | (6,282 | ) | ||||||||||||||||
Goodwill impairment | — | — | — | — | 3,318 | 3,318 | 211,973 | ||||||||||||||||||||
Adjusted EBITDA | $ | 334,850 | $ | 35,502 | $ | 55,573 | $ | 59,912 | $ | 56,299 | $ | 207,286 | $ | (8,215 | ) | ||||||||||||
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 our performance and that of our competitors. The above items are excluded from our 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 information presented above should be read in conjunction with the Company's historical combined financial statements and notes thereto found on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.