IAC Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
PPLI$43.79+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Financial Statements and Supplementary Data
To the Shareholders and the Board of Directors of IAC Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of IAC Inc. and subsidiaries (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive operations, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 29, 2024 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
| Quantitative Impairment Assessment for Goodwill and Indefinite-lived Intangible Assets | |
|---|---|
| Description of the Matter | As of December 31, 2023, the Company’s goodwill and indefinite-lived intangible asset balances were $3.0 billion and $544.2 million, respectively. As disclosed in Note 2 to the consolidated financial statements, goodwill and indefinite-lived intangible assets are assessed annually for impairment using either a qualitative or quantitative approach as of October 1, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Auditing management’s quantitative impairment test for goodwill and indefinite-lived intangible assets was challenging given the inherent judgements and estimates involved. Management’s quantitative impairment tests were complex and judgmental due to the measurement uncertainty in estimating the fair value of the reporting unit for goodwill and the fair value of indefinite-lived intangible assets. Specifically, the fair value estimate of the Company’s Mosaic, Dotdash Meredith Digital and Care.com reporting units were sensitive to assumptions such as the discount rate, revenue growth rates and projected margin. The fair value estimates for Meredith’s indefinite-lived intangible assets were sensitive to assumptions such as discount rates, revenue growth rates and royalty rates. These assumptions are affected by factors such as expected future industry or economic conditions. |
| How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over its goodwill and indefinite-lived intangible assets impairment review process. For example, we tested controls over management’s review of the significant assumptions used to estimate the fair values of the reporting units for goodwill and the indefinite-lived intangible assets, including projected financial information.To test the estimated fair values of the Mosaic, Dotdash Meredith Digital and Care.com reporting units and Meredith's indefinite-lived intangible assets, our audit procedures included, among others, assessing the methodologies and testing the significant assumptions and underlying data used by the Company. We evaluated the Company’s underlying forecast and budget information by comparing the significant assumptions to historical results, forecasted information included in analyst reports and the Company's guideline companies in the same industry and current economic trends. For example, we evaluated management’s forecasted revenue to identify, understand and evaluate changes as compared to historical results. We performed sensitivity analyses of significant assumptions to evaluate the change in the estimated fair value of the Mosaic, Dotdash Meredith Digital and Care.com reporting units for goodwill and Meredith’s indefinite-lived intangible assets resulting from changes in the assumptions. In addition, we involved an internal valuation specialist to assist in evaluating the methodologies and significant assumptions applied in developing the fair value estimates. |
| Revenue Processed By Highly Automated Proprietary Systems - Leads and Services | |
|---|---|
| Description of the Matter | As more fully described in Note 2 to the consolidated financial statements, Angi Inc.’s revenue includes domestic Ads and Leads revenue as well as Services revenue. Ads revenue is primarily derived from service professionals under contract for advertising. Leads revenue includes consumer connection revenue for consumer matches as well as membership subscription revenue from service professionals. Services revenue primarily reflects domestic revenue from pre-priced offerings by which the consumer requests services through a Company platform and the Company connects them with a service professional to perform the service.In aggregate, Leads and Services Revenue was approximately $1.0 billion, as disclosed in Note 10 for the year ended December 31, 2023. The Company’s Leads and Services Revenue is based on contractual terms with the Company’s customers and is comprised of a significant volume of low-dollar transactions. The processing and recording of Leads and Services revenue is highly automated within the Company’s information technology (“IT”) systems that are principally proprietary. Given the complexity of the IT systems involved, auditing Leads and Services Revenue required a significant extent of effort and increased involvement of professionals with expertise in IT to identify, test, and evaluate the Company’s relevant systems and automated controls utilized to process and record these transactions. |
| How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls related to the recording and accounting for Leads and Services Revenue. With the involvement of IT professionals, we identified the relevant systems used by the Company to process, calculate, and record revenue and the related deferred revenue. Where applicable, we tested the IT general controls over those systems, including testing of user access controls, change management controls, and IT operations controls as well as certain automated application controls related to the recording of revenue and the related deferred revenue at period end. We also tested the Company’s controls to address the completeness and accuracy of transaction data.Our audit procedures related to the Company’s Leads and Services Revenue also included reconciling revenue recorded to cash received, testing the details for a sample of specific cash receipts to third-party banking information and evidence of the related customer arrangement, testing the calculations of revenue and the related deferred revenue performed within the Company’s systems to the amount recorded in the general ledger, and testing revenue transactions occurring near year-end. |
/s/Ernst & Young LLP
We have served as the Company’s auditor since 2019.
New York, New York
February 29, 2024
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands, except par value amounts) | ||
| ASSETS | ||
| Cash and cash equivalents | $1,297,445 | $1,417,390 |
| Marketable securities | 148,998 | 239,373 |
| Accounts receivable, net | 536,650 | 607,809 |
| Other current assets | 257,499 | 296,563 |
| Total current assets | 2,240,592 | 2,561,135 |
| Capitalized software, equipment, buildings, land and leasehold improvements, net | 455,281 | 510,614 |
| Goodwill | 3,024,266 | 3,030,168 |
| Intangible assets, net of accumulated amortization | 874,705 | 1,170,041 |
| Investment in MGM Resorts International | 2,891,850 | 2,170,182 |
| Long-term investments | 411,216 | 325,721 |
| Other non-current assets | 473,267 | 625,774 |
| TOTAL ASSETS | $10,371,177 | $10,393,635 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| LIABILITIES: | ||
| Current portion of long-term debt | $30,000 | $30,000 |
| Accounts payable, trade | 105,514 | 133,105 |
| Deferred revenue | 143,449 | 157,124 |
| Accrued expenses and other current liabilities | 671,527 | 759,759 |
| Total current liabilities | 950,490 | 1,079,988 |
| Long-term debt, net | 1,993,154 | 2,019,759 |
| Deferred income taxes | 164,612 | 76,276 |
| Other long-term liabilities | 474,540 | 617,843 |
| Redeemable noncontrolling interests | 33,378 | 27,235 |
| Commitments and contingencies | ||
| SHAREHOLDERS' EQUITY: | ||
| Common Stock, $0.0001 par value; authorized 1,600,000 shares; 84,465 and 84,184 shares issued and 80,115 and 83,083 shares outstanding at December 31, 2023 and 2022, respectively | 8 | 8 |
| Class B common stock, $0.0001 par value; authorized 400,000 shares; 5,789 shares issued and outstanding at December 31, 2023 and 2022 | 1 | 1 |
| Additional paid-in capital | 6,340,312 | 6,295,080 |
| Retained earnings (accumulated deficit) | 923 | (265,019) |
| Accumulated other comprehensive loss | (10,942) | (13,133) |
| Treasury stock, 4,350 and 1,101 shares at December 31, 2023 and 2022, respectively | (252,441) | (85,323) |
| Total IAC shareholders' equity | 6,077,861 | 5,931,614 |
| Noncontrolling interests | 677,142 | 640,920 |
| Total shareholders' equity | 6,755,003 | 6,572,534 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $10,371,177 | $10,393,635 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands, except per share data) | |||
| Revenue | $4,365,235 | $5,235,280 | $3,699,627 |
| Operating costs and expenses: | |||
| Cost of revenue (exclusive of depreciation shown separately below) | 1,343,254 | 1,933,705 | 1,296,282 |
| Selling and marketing expense | 1,576,229 | 1,914,878 | 1,362,300 |
| General and administrative expense | 891,958 | 991,983 | 797,448 |
| Product development expense | 334,491 | 318,028 | 230,810 |
| Depreciation | 175,096 | 130,986 | 75,015 |
| Amortization of intangibles | 295,970 | 307,718 | 74,839 |
| Goodwill impairment | 9,000 | 112,753 | — |
| Total operating costs and expenses | 4,625,998 | 5,710,051 | 3,836,694 |
| Operating loss | (260,763) | (474,771) | (137,067) |
| Interest expense | (157,632) | (110,165) | (34,264) |
| Unrealized gain (loss) on investment in MGM Resorts International | 721,668 | (723,515) | 789,283 |
| Other income (expense), net | 63,862 | (217,785) | 111,854 |
| Earnings (loss) from continuing operations before income taxes | 367,135 | (1,526,236) | 729,806 |
| Income tax (provision) benefit | (108,818) | 331,087 | (138,990) |
| Net earnings (loss) from continuing operations | 258,317 | (1,195,149) | 590,816 |
| Earnings (loss) from discontinued operations, net of taxes | — | 2,694 | (1,831) |
| Net earnings (loss) | 258,317 | (1,192,455) | 588,985 |
| Net loss attributable to noncontrolling interests | 7,625 | 22,285 | 8,562 |
| Net earnings (loss) attributable to IAC shareholders | $265,942 | $(1,170,170) | $597,547 |
| Per share information from continuing operations: | |||
| Basic earnings (loss) per share | $3.07 | $(13.58) | $6.72 |
| Diluted earnings (loss) per share | $2.97 | $(13.58) | $6.33 |
| Per share information attributable to IAC Common Stock and Class B common stock shareholders: | |||
| Basic earnings (loss) per share | $3.07 | $(13.55) | $6.70 |
| Diluted earnings (loss) per share | $2.97 | $(13.55) | $6.31 |
| Stock-based compensation expense by function: | |||
| Cost of revenue | $1,613 | $47 | $57 |
| Selling and marketing expense | 8,808 | 8,293 | 5,009 |
| General and administrative expense | 93,506 | 99,993 | 67,664 |
| Product development expense | 13,254 | 15,143 | 6,757 |
| Total stock-based compensation expense | $117,181 | $123,476 | $79,487 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Net earnings (loss) | $258,317 | $(1,192,455) | $588,985 |
| Other comprehensive income (loss), net of income taxes: | |||
| Change in foreign currency translation adjustment | 3,428 | (18,829) | 10,466 |
| Change in net unrealized losses on interest rate swaps | (696) | — | — |
| Change in unrealized gains and losses on available-for-sale marketable debt securities | (33) | 53 | (2) |
| Total other comprehensive income (loss), net of income taxes | 2,699 | (18,776) | 10,464 |
| Comprehensive income (loss), net of income taxes | 261,016 | (1,211,231) | 599,449 |
| Components of comprehensive loss (income) attributable to noncontrolling interests: | |||
| Net loss attributable to noncontrolling interests | 7,625 | 22,285 | 8,562 |
| Change in foreign currency translation adjustment attributable to noncontrolling interests | (513) | 1,235 | 93 |
| Comprehensive loss attributable to noncontrolling interests | 7,112 | 23,520 | 8,655 |
| Comprehensive income (loss) attributable to IAC shareholders | $268,128 | $(1,187,711) | $608,104 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Year Ended December 31, 2023
| RedeemableNoncontrollingInterests · Common Stock, $0.0001 par value · Class B Common Stock, $0.0001 par value · AdditionalPaid-inCapital · (Accumulated Deficit) Retained Earnings · AccumulatedOtherComprehensiveLoss · Treasury Stock · Total IACShareholders'Equity · NoncontrollingInterests · Total Shareholders'Equity | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $ · Shares · $ · Shares | ||||||||||||
| (In thousands) | ||||||||||||
| 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 | (1,175) | — | — | — | — | — | 265,942 | — | — | 265,942 | (6,450) | 259,492 |
| Other comprehensive income, net of income taxes | — | — | — | — | — | — | — | 2,186 | — | 2,186 | 513 | 2,699 |
| Stock-based compensation expense | — | — | — | — | — | 73,562 | — | — | — | 73,562 | 48,388 | 121,950 |
| Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | — | 281 | — | — | (9,814) | — | — | — | (9,814) | — | (9,814) |
| Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | — | — | — | — | (5,620) | — | 5 | — | (5,615) | (673) | (6,288) |
| Purchase of IAC treasury stock, net of excise tax on share issuances | — | — | — | — | — | — | — | — | (167,118) | (167,118) | — | (167,118) |
| Purchase of Angi Inc. treasury stock, net of excise tax on share issuances | — | — | — | — | — | (11,099) | — | — | — | (11,099) | — | (11,099) |
| Adjustment of noncontrolling interests to redemption amount | 7,567 | — | — | — | — | (7,567) | — | — | — | (7,567) | — | (7,567) |
| Adjustment to the liquidation value of Vivian Health preferred shares | — | — | — | — | — | 5,527 | — | — | — | 5,527 | (5,527) | — |
| Other | (249) | — | — | — | — | 243 | — | — | — | 243 | (29) | 214 |
| 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 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Years Ended December 31, 2022 and 2021
| RedeemableNoncontrollingInterests · Common Stock, $.0001 par value · Class B Common Stock, $.0001 par value · Common Stock,$0.001 par value · Class B Common Stock,$0.001 par value · Additional Paid-in Capital · Retained Earnings (Accumulated Deficit) · AccumulatedOtherComprehensive(Loss) Income · Treasury Stock · Total IAC Shareholders' Equity · NoncontrollingInterests · Total Shareholders' Equity | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $ · Shares · $ · Shares · $ · Shares · $ · Shares | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Balance at December 31, 2020 | $231,992 | $— | — | $— | — | $83 | 82,976 | $6 | 5,789 | $5,909,614 | $694,042 | $(6,170) | $— | $6,597,575 | $553,353 | $7,150,928 |
| Net earnings (loss) | 1,732 | — | — | — | — | — | — | — | — | — | 597,547 | — | — | 597,547 | (10,294) | 587,253 |
| Other comprehensive income (loss), net of income taxes | 515 | — | — | — | — | — | — | — | — | — | — | 10,519 | — | 10,519 | (608) | 9,911 |
| Stock-based compensation expense | — | — | — | — | — | — | — | — | — | 59,283 | — | — | — | 59,283 | 33,057 | 92,340 |
| Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | — | 564 | — | — | — | 382 | — | — | (98,691) | — | — | — | (98,691) | — | (98,691) |
| Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | — | — | — | — | — | — | — | — | (59,619) | — | 10 | — | (59,609) | (1,614) | (61,223) |
| Purchase of Angi Inc. treasury stock | — | — | — | — | — | — | — | — | — | (35,959) | — | — | — | (35,959) | — | (35,959) |
| Issuance of Vimeo common stock and creation of noncontrolling interest, net of fees | 40,785 | — | — | — | — | — | — | — | — | 258,965 | — | — | — | 258,965 | — | 258,965 |
| Distribution to and purchase of noncontrolling interests | (29,769) | — | — | — | — | — | — | — | — | — | — | — | — | — | (570) | (570) |
| Adjustment of noncontrolling interests to redemption amount | 777,688 | — | — | — | — | — | — | — | — | (777,688) | — | — | — | (777,688) | — | (777,688) |
| Recapitalization of IAC upon Vimeo spin-off | — | 8 | 83,358 | 1 | 5,789 | (83) | (83,358) | (6) | (5,789) | 80 | — | — | — | — | — | — |
| Spin-off IAC's investment in Vimeo | — | — | — | — | — | — | — | — | — | (38) | (386,438) | 38 | — | (386,438) | — | (386,438) |
| Elimination of Vimeo's noncontrolling interests | (1,002,324) | — | — | — | — | — | — | — | — | 1,002,324 | — | — | — | 1,002,324 | — | 1,002,324 |
| Change in the MTCH Separation tax account distribution | — | — | — | — | — | — | — | — | — | 7,640 | — | — | — | 7,640 | — | 7,640 |
| Other | (1,878) | — | — | — | — | — | — | — | — | (242) | — | — | — | (242) | 410 | 168 |
| 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 | (2,130) | — | — | — | — | — | — | — | — | — | (1,170,170) | — | — | (1,170,170) | (20,155) | (1,190,325) |
| Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | (17,541) | — | (17,541) | (1,235) | (18,776) |
| Stock-based compensation expense | — | — | — | — | — | — | — | — | — | 70,808 | — | — | — | 70,808 | 55,891 | 126,699 |
| Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | — | 262 | — | — | — | — | — | — | (16,905) | — | — | — | (16,905) | — | (16,905) |
| Issuance of Angi Inc. common stock pursuant to stock-based awards, net of withholding taxes | — | — | — | — | — | — | — | — | — | (12,276) | — | 11 | — | (12,265) | 3,638 | (8,627) |
| 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 redemption amount | 24,229 | — | — | — | — | — | — | — | — | (24,229) | — | — | — | (24,229) | — | (24,229) |
| 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) | — | — | — | — | — | — | — | — | 17,818 | — | — | — | 17,818 | 36,882 | 54,700 |
| Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary | — | — | — | — | — | — | — | — | — | 7,580 | — | — | — | 7,580 | (7,835) | (255) |
| Other | (644) | — | — | — | — | — | — | — | — | (5,241) | — | — | — | (5,241) | — | (5,241) |
| 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 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| Cash flows from operating activities attributable to continuing operations: | |||
| Net earnings (loss) | $258,317 | $(1,192,455) | $588,985 |
| Less: Earnings (loss) from discontinued operations, net of tax | — | 2,694 | (1,831) |
| Net earnings (loss) attributable to continuing operations | 258,317 | (1,195,149) | 590,816 |
| Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities attributable to continuing operations: | |||
| Amortization of intangibles | 295,970 | 307,718 | 74,839 |
| Depreciation | 175,096 | 130,986 | 75,015 |
| Stock-based compensation expense | 117,181 | 123,476 | 79,487 |
| Non-cash lease expense (including right-of-use asset impairments) | 101,695 | 70,922 | 35,737 |
| Deferred income taxes | 88,792 | (337,758) | 133,377 |
| Provision for credit losses | 87,729 | 116,553 | 89,893 |
| Losses (gains) on investments in equity securities and sales of businesses, net | 19,346 | (38,956) | (44,835) |
| Goodwill impairment | 9,000 | 112,753 | — |
| Pension and postretirement benefit cost | 76 | 209,991 | 18,212 |
| Unrealized (gain) loss on investment in MGM Resorts International | (721,668) | 723,515 | (789,283) |
| Unrealized (increase) decrease in the estimated fair value of a warrant | (2,832) | 62,495 | (104,018) |
| Other adjustments, net | (12,315) | 17,963 | 45,302 |
| Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Accounts receivable | (37,296) | (66,706) | (154,887) |
| Other assets | 11,281 | 8,920 | 4,185 |
| Operating lease liabilities | (74,256) | (63,843) | (30,995) |
| Accounts payable and other liabilities | (120,259) | (247,912) | 90,265 |
| Income taxes payable and receivable | 2,884 | (6,739) | (2,506) |
| Deferred revenue | (9,213) | (11,020) | 8,296 |
| Net cash provided by (used in) operating activities attributable to continuing operations | 189,528 | (82,791) | 118,900 |
| Cash flows from investing activities attributable to continuing operations: | |||
| Capital expenditures | (141,364) | (139,753) | (90,210) |
| Net proceeds from sales of assets | 29,805 | 9,780 | 1,221 |
| Proceeds from maturities of marketable debt securities | 550,000 | — | 225,000 |
| Purchases of marketable debt securities | (455,413) | (233,928) | — |
| Purchases of investments | (103,555) | (3,036) | (24,290) |
| Net proceeds from the sales of businesses and investments | 11,861 | 90,767 | 16,451 |
| Purchases of investment in MGM Resorts International | — | (244,256) | — |
| Net collections of notes receivable | 11,297 | 19,497 | — |
| Acquisitions, net of cash acquired | — | — | (2,699,643) |
| Cash distribution related to the spin-off of IAC's investment in Vimeo | — | — | (333,184) |
| Other, net | 9,902 | 6,121 | (2,848) |
| Net cash used in investing activities attributable to continuing operations | (87,467) | (494,808) | (2,907,503) |
| Cash flows from financing activities attributable to continuing operations: | |||
| Principal payments on Dotdash Meredith Term Loans | (30,000) | (30,000) | — |
| Proceeds from the issuance of Dotdash Meredith Term Loans | — | — | 1,600,000 |
| Principal payments on ANGI Group Term Loan | — | — | (220,000) |
| Debt issuance costs | — | (785) | (23,548) |
| Proceeds from the exercise of IAC stock options | 130 | — | 1,496 |
| Withholding taxes paid on behalf of IAC employees on net settled stock-based awards | (10,587) | (18,068) | (95,983) |
| Withholding taxes paid on behalf of Angi Inc. employees on net settled stock-based awards | (5,994) | (8,827) | (61,908) |
| Purchases of IAC treasury stock | (165,622) | (85,323) | — |
| Purchases of Angi Inc. treasury stock | (10,932) | (8,144) | (35,403) |
| Proceeds from the issuance of Vivian Health preferred shares, net of fees | — | 34,700 | — |
| Purchase of noncontrolling interests | — | (1,179) | (30,339) |
| Other, net | (8) | 4,975 | (18,578) |
| Net cash (used in) provided by financing activities attributable to continuing operations | (223,013) | (112,651) | 1,115,737 |
| Total cash used in continuing operations | (120,952) | (690,250) | (1,672,866) |
| Net cash provided by operating activities attributable to discontinued operations | — | — | 18,053 |
| Net cash provided by investing activities attributable to discontinued operations | — | — | 7,602 |
| Net cash provided by financing activities attributable to discontinued operations | — | — | 293,577 |
| Total cash provided by discontinued operations | — | — | 319,232 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1,124 | (5,545) | (1,612) |
| Net decrease in cash and cash equivalents and restricted cash | (119,828) | (695,795) | (1,355,246) |
| Cash and cash equivalents and restricted cash at beginning of period | 1,426,069 | 2,121,864 | 3,477,110 |
| Cash and cash equivalents and restricted cash at end of period | $1,306,241 | $1,426,069 | $2,121,864 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.