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Financial Results and Reconciliations 2-3

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Financial Results and Reconciliations 2-3 IAC Q1 2020 Earnings Supplemental Financial Information and Operating Metrics Table of Contents Page(s) Financial Information: Financial Results and Reconciliations 2-3 Operating Metrics: Match Group 4 ANGI Homeservices 5 Vimeo 6 Dotdash 7 Applications 8 IAC Financial Results and Reconciliations ($ in millions, except per share amounts; rounding differences may occur) 2018 2019 2020 FYE 12/31 Q1 Q2 Q3 Q4 FYE 12/31 Q1 Q2 Q3 Q4 FYE 12/31 Revenue Match Group $ 1,729.9 $ 464.6 $ 498.0 $ 541.5 $ 547.2 $ 2,051.3 $ 544.6 ANGI Homeservices 1,132.2 303.4 343.9 357.4 321.5 1,326.2 343.6 Vimeo 159.6 43.6 45.7 52.1 54.6 196.0 57.0 Dotdash 131.0 34.0 37.7 40.3 55.6 167.6 44.1 Applications 582.3 143.5 132.9 126.1 116.9 519.5 104.1 Emerging & Other 528.3 116.7 128.5 129.6 122.0 496.8 135.3 Inter-segment eliminations (0.4) (0.1) (0.1) (0.1) (0.1) (0.3) (0.1) Total revenue $ 4,262.9 $ 1,105.8 $ 1,186.7 $ 1,246.9 $ 1,217.7 $ 4,757.1 $ 1,228.8 Operating income (loss) Match Group $ 553.3 $ 118.8 $ 172.9 $ 176.6 $ 180.2 $ 648.5 $ 134.7 ANGI Homeservices (a)(b) 63.9 (3.6) 11.4 24.7 6.2 38.6 (16.3) Vimeo (35.6) (17.8) (11.6) (11.2) (11.4) (51.9) (14.6) Dotdash 18.8 3.0 7.0 3.7 15.3 29.0 2.4 Applications 94.8 25.4 21.0 39.1 28.1 113.6 (218.6) Emerging & Other 30.0 (2.5) (1.8) (1.8) (6.9) (13.0) (19.8) Corporate (160.0) (43.4) (44.6) (45.3) (50.2) (183.5) (45.6) Total operating income (loss) $ 565.1 $ 79.9 $ 154.3 $ 185.9 $ 161.3 $ 581.3 $ (177.8) Stock-based compensation expense Match Group $ (66.0) $ (28.0) $ (22.0) $ (20.8) $ (18.9) $ (89.7) $ (21.2) ANGI Homeservices (a)(b) (97.1) (19.3) (17.5) (8.8) (22.7) (68.3) (25.6) Vimeo - - - - - - - Dotdash - - - - - - - Applications - - - - - - - Emerging & Other (0.9) - - - - - - Corporate (74.4) (20.2) (22.9) (20.5) (19.3) (82.8) (11.7) Total stock-based compensation expense $ (238.4) $ (67.4) $ (62.4) $ (50.1) $ (60.9) $ (240.8) $ (58.5) Depreciation Match Group $ (33.0) $ (7.8) $ (8.2) $ (8.1) $ (8.3) $ (32.5) $ (9.2) ANGI Homeservices (24.3) (7.0) (8.8) (11.2) (12.9) (39.9) (12.1) Vimeo (1.2) (0.2) (0.1) - (0.1) (0.5) (0.1) Dotdash (1.0) (0.2) (0.2) (0.2) (0.3) (1.0) (0.2) Applications (2.6) (0.4) (0.4) (0.3) (0.3) (1.4) (0.2) Emerging & Other (1.7) (0.3) (0.3) (0.3) (0.2) (1.1) (0.4) Corporate (11.6) (3.0) (3.1) (2.9) (3.0) (12.1) (2.5) Total depreciation $ (75.4) $ (19.0) $ (21.1) $ (23.1) $ (25.2) $ (88.4) $ (24.7) Amortization of intangibles Match Group $ (1.3) $ (0.4) $ (0.4) $ (0.6) $ (7.3) $ (8.7) $ (6.4) ANGI Homeservices (62.2) (14.5) (13.7) (14.2) (13.1) (55.5) (13.0) Vimeo (6.3) (1.4) (2.0) (3.1) (3.1) (9.7) (3.1) Dotdash (1.6) (3.9) (1.1) (3.1) (1.5) (9.6) (4.4) Applications (33.3) (2.4) (2.3) (2.1) (1.4) (8.3) (22.8) Emerging & Other (3.6) (0.2) - - (0.7) (0.9) (2.5) Corporate - - - - - - - Total amortization of intangibles $ (108.4) $ (22.8) $ (19.6) $ (23.2) $ (27.0) $ (92.6) $ (52.2) See notes on page 3 2 IAC Financial Results and Reconciliations ($ in millions, except per share amounts; rounding differences may occur) 2018 2019 2020 FYE 12/31 Q1 Q2 Q3 Q4 FYE 12/31 Q1 Q2 Q3 Q4 FYE 12/31 Acquisition-related contingent consideration fair value adjustments Match Group $ (0.3) $ - $ - $ - $ - $ - $ - ANGI Homeservices - - - - - - - Vimeo - - - - - - - Dotdash - - - - - - - Applications (1.1) (1.5) (1.6) 16.1 6.7 19.7 6.3 Emerging & Other - - - - - - - Corporate - - - - - - - Total acquisition-related contingent consideration fair value adjustments $ (1.5) $ (1.5) $ (1.6) $ 16.1 $ 6.7 $ 19.7 $ 6.3 Goodwill impairment Match Group $ - $ - $ - $ - $ - $ - $ - ANGI Homeservices - - - - - - - Vimeo - - - - - - - Dotdash - - - - - - - Applications - - - - - - (212.0) Emerging & Other - - - - (3.3) (3.3) - Corporate - - - - - - - Total goodwill impairment $ - $ - $ - $ - $ (3.3) $ (3.3) $ (212.0) Adjusted EBITDA (c) Match Group $ 653.9 $ 155.1 $ 203.5 $ 206.1 $ 214.7 $ 779.4 $ 171.5 ANGI Homeservices (a)(b) 247.5 37.2 51.4 58.9 54.8 202.3 34.4 Vimeo (28.0) (16.2) (9.5) (8.0) (8.1) (41.8) (11.4) Dotdash 21.4 7.1 8.4 7.0 17.1 39.6 7.0 Applications 131.8 29.7 25.3 25.4 23.1 103.6 10.2 Emerging & Other 36.2 (2.1) (1.5) (1.5) (2.6) (7.8) (17.0) Corporate (74.0) (20.2) (18.6) (21.9) (27.9) (88.6) (31.4) Total Adjusted EBITDA $ 988.8 $ 190.6 $ 259.1 $ 266.0 $ 271.0 $ 986.7 $ 163.3 Net earnings (loss) attributable to IAC shareholders $ 627.0 $ 88.7 $ 113.5 $ 128.5 $ 100.4 $ 431.1 $ (211.0) Add back: Net earnings attributable to noncontrolling interests 130.8 24.3 33.3 31.2 23.8 112.7 28.4 Income tax provision (benefit) 3.8 (63.6) 16.3 (14.8) 12.8 (49.3) (89.9) Other (income) expense, net (305.7) (0.7) (46.0) (1.2) (18.9) (66.7) 49.9 Interest expense 109.3 31.1 37.2 42.1 43.1 153.6 44.9 Operating income (loss) 565.1 79.9 154.3 185.9 161.3 581.3 (177.8) Stock-based compensation expense 238.4 67.4 62.4 50.1 60.9 240.8 58.5 Depreciation 75.4 19.0 21.1 23.1 25.2 88.4 24.7 Amortization of intangibles 108.4 22.8 19.6 23.2 27.0 92.6 52.2 Acquisition-related contingent consideration fair value adjustments 1.5 1.5 1.6 (16.1) (6.7) (19.7) (6.3) Goodwill impairment - - - - 3.3 3.3 212.0 AdjustedOperating EBITDAIncome Before Amortization is defined as operating income plus: (1) amortization of non-cash distribution, marketing $ 988.8 $ 190.6 $ 259.1 $ 266.0 $ 271.0 $ 986.7 $ 163.3 Operating Income Before Amortization is defined as operating income plus: (1) amortization of non-cash distribution, marketing Impact from public subsidiaries' dilutive securities (d) $ (25.2) $ (6.7) $ (6.1) $ (7.3) $ (5.9) $ (26.1) $ - GAAP dilutedOperating weightedIncome averageBefore Amortization shares outstandingis defined as operating income plus: (1) amortization of non-cash distribution, marketing 91.3 90.3 90.1 89.5 90.3 90.0 84.8 GAAP diluted earnings (loss) per share (e) $ 6.59 $ 0.91 $ 1.19 $ 1.35 $ 1.05 $ 4.50 $ (2.49) (a) OperatingFYE 2018Income operatingBefore incomeAmortization of $63.9is milliondefined atas ANGIoperating Homeservicesincome plus includes: (1) amortization $70.6 millionof non in-cash stock-baseddistribution, compensationmarketing expense related primarily to: (i) a modification charge related to previously issued and unvested HomeAdvisor equity awards and the expense related to the conversion of previously issued and unvested Angie's List equity awards, both in connection with the combination of HomeAdvisor and Angie’s List on September 29, 2017 (the “Combination”), and (ii) expense related to the acceleration of converted ANGI Homeservices equity awards held by Angie's List employees upon the termination of their employment in connection with the Combination, as well as $9.0 million in costs related to the Combination (including $5.4 million of deferred revenue write-offs). (b) FY 2018 operating income of $63.9 million at ANGI Homeservices includes $3.7 million in transaction-related items (including $0.4 million of deferred revenue write-offs) in connection with the acquisition of Handy on October 19, 2018. FY 2018 was further impacted by $1.9 million in stock-based compensation expense. (c) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") 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. We believe 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. (d) OperatingRepresentsIncome the reductionBefore Amortization in Match Group'sis defined andas ANGIoperating Homeservices'income plus earnings: (1) amortization attributableof non to -IACcash fromdistribution, the assumedmarketing exercise of Match Group and ANGI Homeservices dilutive securities under the if-converted method. Quarterly amounts may not add to the related annual amount based on the outcome of the if-converted method calculation for each respective period. (e) Quarterly per share amounts may not add to the related annual per share amount due to differences in the average common shares outstanding during each period.
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