IAC HOLDINGS, INC. LEGAL ENTITY FINANCIAL STATEMENTS In connection with the Separation, IAC Holdings, Inc. was incorporated as a Delaware corporation in November 2019 and as of December 31, 2019 did not hold any material assets or liabilities. In contemplation of the Separation: (1) effective January 1, 2020, all employees of the IAC/InterActiveCorp legal entity became employees of the IAC Holdings, Inc. legal entity and (2) during the first quarter of 2020, IAC contributed $1.1 billion in cash to IAC Holdings, Inc. in connection with the transfer of the centrally-managed U.S. treasury function from January 1, 2020 to IAC Holdings, Inc. The assets and liabilities of IAC Holdings. Inc. as of March 31, 2020 and the results of operations for the three months then ended are included within the New IAC combined financial statements.
The following tables present IAC Holdings, Inc. legal entity financial statements at March 31, 2020 and for the three months ended March 31, 2020 :
IAC HOLDINGS, INC. BALANCE SHEET (UNAUDITED)
March 31, 2020
(In thousands, except par value and share data)
ASSETS
Cash and cash equivalents
$
1,171,264
Marketable securities
49,912
Prepaid expenses
23
Other current assets
100
Total current assets
1,221,299
Other non-current assets
111
TOTAL ASSETS
$
1,221,410
LIABILITIES AND SHAREHOLDER EQUITY
LIABILITIES:
Accrued expenses
$
16,604
Total current liabilities
16,604
Other long-term liabilities
111
SHAREHOLDER EQUITY:
Common stock, par value $0.01; authorized, issued and outstanding 1,000 shares
—
Additional paid-in capital
1,222,344
Accumulated deficit
(17,637
)
Accumulated other comprehensive loss
(12
)
Total shareholder equity
1,204,695
TOTAL LIABILITIES AND SHAREHOLDER EQUITY
$
1,221,410
IAC HOLDINGS, INC. STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ending March 31,
2020
(in thousands)
Revenue
$
—
Operating costs and expenses:
General and administrative expense
19,224
Total operating costs and expenses
19,224
Operating loss
(19,224
)
Other income
1,587
Loss before income taxes
(17,637
)
Income tax benefit
—
Net loss
$
(17,637
)
IAC HOLDINGS, INC. STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED)
Three Months Ended March 31,
2020
(In thousands)
Net loss
$
(17,637
)
Other comprehensive loss:
Change in unrealized losses on available-for-sale marketable debt securities
(12
)
Total other comprehensive loss
(12
)
Comprehensive loss
$
(17,649
)
IAC HOLDINGS, INC. STATEMENT OF SHAREHOLDER EQUITY (UNAUDITED)
Three Months Ending March 31, 2020
Common Stock, $.01 Par Value
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Shareholder Equity
$
Shares
(in thousands, except par value and share data)
Balance as of December 31, 2019
$
—
1,000
$
—
$
—
$
—
$
—
Net loss
—
—
—
(17,637
)
—
(17,637
)
Other comprehensive loss
—
—
—
—
(12
)
(12
)
Stock-based compensation expense
—
—
5,949
—
—
5,949
IAC's contribution of assets and liabilities in connection with the transfer of employees and the centrally-managed U.S. treasury function to IAC Holdings, Inc.
—
—
1,216,395
—
—
1,216,395
Balance as of March 31, 2020
$
—
1,000
$
1,222,344
$
(17,637
)
$
(12
)
$
1,204,695
IAC HOLDINGS, INC. STATEMENT OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
2020
(In thousands)
Cash flows from operating activities:
Net loss
$
(17,637
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense
5,949
Accretion of marketable securities
(66
)
Changes in assets and liabilities:
Other assets
104
Accounts payable and other liabilities
(10,640
)
Net cash used in operating activities
(22,290
)
Cash flows from financing activities:
IAC's contribution of assets and liabilities in connection with the transfer of the centrally-managed U.S. treasury function to IAC Holdings, Inc
Free historical financial statements for IAC/InterActiveCorp.
See how revenue, income, cash flow, and balance sheet financials have changed over 19 quarters since 2020. Compare with IAC stock chart to see long term trends.
Data imported from IAC/InterActiveCorp SEC filings. Check original filings before making any investment decision.