Date of Report Date of earliest event reported: Exact name of registrant as specified in charter. State or other jurisdiction. Address of principal executive offices. Former name or former address, if changed since last report. Emerging growth company o. Pursuant to the requirements of the Securities Exchange Act of , the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
General Counsel and Secretary. IAC released its third quarter results today. Tinder average paid member count exceeded 2. Please refer to the Match Group Q3 earnings release and the related investor presentation referenced therein for further detail and reconciliations. Consumer growth was driven by growth at Apalon higher advertising and subscription revenue and SlimWare higher subscription revenue , partially offset by declines at the B2C desktop applications business due to lower revenue per query.
Interest expense decreased due to lower average debt balances and lower average interest rates versus the prior year. The Q3 effective income tax rate was higher than at Q3 due primarily to the nondeductible foreign exchange losses in the current period and both the Q3 and Q3 effective rates were lower than the statutory rate due primarily to foreign income taxed at lower rates.
IAC may purchase shares over an indefinite period on the open market and in privately negotiated transactions, depending on those factors IAC management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
Direct Revenue in millions a. Total Direct Revenue a. Average PMC in thousands d. Marketplace formerly HomeAdvisor Domestic f. Marketplace Service Requests f i. Marketplace Paying Service Professionals f j. See notes on following page. Vimeo Ending Subscribers l. PMC as of any given time represents the number of users with a paid membership at that time. It excludes other North America operating subsidiaries within the segment. IAC has various tranches of dilutive securities.
IAC options are exercised on a gross basis with the number of shares issued equal to the number of options exercised and the Company receiving proceeds based upon the number and strike price of the options exercised.
IAC RSUs and subsidiary denominated equity awards, upon vesting or exercise, respectively, are settled on a net basis such that the award holder receives IAC common shares equal to the intrinsic value of the award, less, in each case, the amount required to cover the withholding taxes, which are remitted to the government in cash by the Company on behalf of the award holder.
The table below details these securities as well as potential dilution at various stock prices shares in millions; rounding differences may occur. Non-publicly traded subsidiary denominated equity awards.
Total Diluted Shares Outstanding a. The call options are anti-dilutive and would never be included in GAAP dilution. The dilution table above will reflect dilution related to the warrants once they are in the money and the dilution from the notes will be assumed to be entirely offset by the purchased call options.
The dilutive securities calculation in the above table is based on the following assumptions: However, there will be some delay in the timing of the realization of the cash benefit of the income tax deduction because it will be dependent upon the amount and timing of future taxable income and the timing of estimated tax payments. This presentation differs from the GAAP treasury stock method used for calculating fully diluted earnings per share, which is described below: The tandem awards may be exercised on a gross or net basis at the election of the award holder.
In connection with the net settlement of the tandem awards, during the third quarter of , the Company issued 1. The dilutive securities calculation in the table above assumes the tandem awards are settled in shares of Match Group common stock; therefore, no dilution from these awards is included in the table above. The dilutive securities calculation in the table above assumes the SARs are settled in shares of ANGI Homeservices common stock; therefore, no dilution from these awards is included in the table above.
The live audiocast will be open to the public at www. Operating costs and expenses: Cost of revenue exclusive of depreciation shown separately below. Selling and marketing expense. General and administrative expense. Total operating costs and expenses. Other expense income, net.
Loss earnings before income taxes. Income tax benefit provision. Net earnings attributable to noncontrolling interests. Net earnings loss attributable to IAC shareholders. Per share information attributable to IAC shareholders: Basic earnings loss per share. Diluted earnings loss per share. Stock-based compensation expense by function: Total stock-based compensation expense. Cash and cash equivalents. Property and equipment, net. Current portion of long-term debt.
Accrued expenses and other current liabilities. Long-term debt, net of current portion. Accumulated other comprehensive loss. Cash flows from operating activities: Adjustments to reconcile net earnings loss to net cash provided by operating activities: Acquisition-related contingent consideration fair value adjustments. Gain from the sale of businesses and investments, net.
Impairment of long-term investments. Acquisition-related contingent consideration payment. Changes in assets and liabilities, net of effects of acquisitions and dispositions: Accounts payable and other current liabilities.
Income taxes payable and receivable. Net cash provided by operating activities. Cash flows from investing activities: Acquisitions, net of cash acquired.
Investments in time deposits. Proceeds from maturities of time deposits. Proceeds from maturities and sales of marketable debt securities. Purchases of marketable debt securities. Net proceeds from the sale of businesses and investments. Net cash provided by used in investing activities. Cash flows from financing activities: Purchase of IAC treasury stock. Proceeds from Match Group 6. Proceeds from Match Group Term Loan. Principal payment on Match Group Term Loan. Proceeds from the exercise of IAC stock options.
Withholding taxes paid on behalf of IAC net settled stock-based awards. Proceeds from the exercise of Match Group stock options. Cash payments to purchase fully vested equity awards and pay withholding taxes on behalf of Match Group employees on net settled stock-based awards. Purchase of noncontrolling interests. Acquisition-related contingent consideration payments. Funds returned from escrow for MyHammer tender offer. Decrease in restricted cash related to bond redemptions. Net cash used in financing activities.
Effect of exchange rate changes on cash and cash equivalents. Net decrease in cash and cash equivalents. Cash and cash equivalents at beginning of period. Cash and cash equivalents at end of period.
Impact of income taxes and noncontrolling interests.More...