Exhibit 99.2
The tables below reflect the realignment of the Company's reportable segments described in Item 7.01 of this Form 8-K.
 
2015
 
2014
 
2013
 
Q1
 
Q2
 
Q3
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
 
YTD
 
(Unaudited; in thousands)
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
235,069

 
$
248,817

 
$
268,971

 
$
209,785

 
$
211,906

 
$
227,581

 
$
238,996

 
$
888,268

 
$
803,089

HomeAdvisor
75,844

 
94,150

 
99,435

 
61,033

 
74,693

 
75,405

 
72,410

 
283,541

 
239,471

Publishing
179,025

 
154,447

 
178,701

 
192,957

 
193,583

 
198,294

 
206,715

 
791,549

 
803,141

Applications
197,467

 
190,801

 
193,278

 
198,395

 
194,559

 
189,621

 
194,132

 
776,707

 
834,636

Video
46,472

 
40,720

 
60,125

 
36,222

 
37,609

 
50,412

 
58,211

 
182,454

 
161,457

Other
38,853

 
42,318

 
38,173

 
41,959

 
44,228

 
41,163

 
60,484

 
187,834

 
182,615

Inter-segment elimination
(218
)
 
(121
)
 
(122
)
 
(104
)
 
(263
)
 
(245
)
 
(194
)
 
(806
)
 
(1,422
)
Total
$
772,512

 
$
771,132

 
$
838,561

 
$
740,247

 
$
756,315

 
$
782,231

 
$
830,754

 
$
3,109,547

 
$
3,022,987

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
27,040

 
$
40,522

 
$
58,356

 
$
40,696

 
$
57,465

 
$
62,868

 
$
67,538

 
$
228,567

 
$
221,333

HomeAdvisor
(3,997
)
 
1,589

 
6,095

 
81

 
1,185

 
(41
)
 
(164
)
 
1,061

 
284

Publishing
19,376

 
10,160

 
14,149

 
25,531

 
26,100

 
26,702

 
32,190

 
110,523

 
119,484

Applications
38,906

 
52,631

 
46,539

 
39,640

 
45,313

 
48,789

 
45,218

 
178,960

 
214,916

Video
(20,469
)
 
(10,457
)
 
(5,655
)
 
(12,925
)
 
(9,919
)
 
(8,784
)
 
(11,718
)
 
(43,346
)
 
(24,144
)
Other
(541
)
 
(399
)
 
195

 
632

 
2,016

 
(96
)
 
5,556

 
8,108

 
(344
)
Corporate
(25,196
)
 
(31,277
)
 
(32,549
)
 
(21,943
)
 
(26,470
)
 
(28,485
)
 
(28,248
)
 
(105,146
)
 
(105,326
)
Total
$
35,119

 
$
62,769

 
$
87,130

 
$
71,712

 
$
95,690

 
$
100,953

 
$
110,372

 
$
378,727

 
$
426,203

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
6,299

 
$
11,626

 
$
13,057

 
$
4,997

 
$
5,809

 
$
5,804

 
$
4,241

 
$
20,851

 
$
12,228

HomeAdvisor
420

 
420

 
410

 
—

 
—

 
138

 
420

 
558

 
—

Publishing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

Applications
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

Video
147

 
147

 
50

 
164

 
161

 
161

 
161

 
647

 
633

Other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(29
)
Corporate
12,045

 
13,756

 
13,492

 
4,452

 
10,582

 
11,229

 
11,315

 
37,578

 
40,171

Total
$
18,911

 
$
25,949

 
$
27,009

 
$
9,613

 
$
16,552

 
$
17,332

 
$
16,137

 
$
59,634

 
$
53,005

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
2015
 
2014
 
2013
 
Q1
 
Q2
 
Q3
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
 
YTD
 
(Unaudited; in thousands)
Depreciation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
7,045

 
$
6,622

 
$
6,137

 
$
5,778

 
$
5,570

 
$
5,774

 
$
8,425

 
$
25,547

 
$
20,202

HomeAdvisor
1,551

 
1,589

 
1,627

 
1,401

 
1,545

 
1,591

 
1,983

 
6,520

 
5,174

Publishing
2,507

 
2,423

 
2,363

 
3,130

 
3,823

 
2,417

 
2,486

 
11,856

 
14,822

Applications
1,042

 
1,188

 
1,302

 
1,292

 
1,213

 
1,093

 
787

 
4,385

 
4,346

Video
198

 
226

 
289

 
277

 
215

 
218

 
189

 
899

 
1,133

Other
549

 
575

 
700

 
417

 
425

 
485

 
497

 
1,824

 
3,714

Corporate
2,676

 
2,877

 
3,207

 
2,523

 
2,466

 
2,555

 
2,581

 
10,125

 
9,518

Total
$
15,568

 
$
15,500

 
$
15,625

 
$
14,818

 
$
15,257

 
$
14,133

 
$
16,948

 
$
61,156

 
$
58,909

Amortization of intangibles:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
3,877

 
$
5,901

 
$
4,352

 
$
1,837

 
$
1,684

 
$
3,320

 
$
4,554

 
$
11,395

 
$
17,125

HomeAdvisor
1,190

 
1,102

 
772

 
2,465

 
2,468

 
3,197

 
1,432

 
9,562

 
9,915

Publishing
4,770

 
4,754

 
4,563

 
6,698

 
6,977

 
7,830

 
7,076

 
28,581

 
27,643

Applications
1,581

 
1,573

 
1,573

 
—

 
787

 
400

 
1,334

 
2,521

 
—

Video
423

 
379

 
377

 
256

 
698

 
635

 
510

 
2,099

 
981

Other
714

 
702

 
701

 
723

 
792

 
1,069

 
1,184

 
3,768

 
4,179

Corporate
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
12,555

 
$
14,411

 
$
12,338

 
$
11,979

 
$
13,406

 
$
16,451

 
$
16,090

 
$
57,926

 
$
59,843

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration fair value adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
(11,011
)
 
$
(1,223
)
 
$
755

 
$
(27
)
 
$
727

 
$
(14,281
)
 
$
669

 
$
(12,912
)
 
$
343

HomeAdvisor
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Publishing
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Applications
4,020

 
(6,297
)
 
(1,513
)
 
—

 
—

 
—

 
326

 
326

 
—

Video
(5
)
 
(2,430
)
 
(202
)
 
—

 
(200
)
 
—

 
(15
)
 
(215
)
 
—

Other
—

 
—

 
—

 
—

 
—

 
—

 
(566
)
 
(566
)
 
—

Corporate
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
(6,996
)
 
$
(9,950
)
 
$
(960
)
 
$
(27
)
 
$
527

 
$
(14,281
)
 
$
414

 
$
(13,367
)
 
$
343

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Match Group
$
33,250

 
$
63,448

 
$
82,657

 
$
53,281

 
$
71,255

 
$
63,485

 
$
85,427

 
$
273,448

 
$
271,231

HomeAdvisor
(836
)
 
4,700

 
8,904

 
3,947

 
5,198

 
4,885

 
3,671

 
17,701

 
15,373

Publishing
26,653

 
17,337

 
21,075

 
35,359

 
36,900

 
36,949

 
41,752

 
150,960

 
161,950

Applications
45,549

 
49,095

 
47,901

 
40,932

 
47,313

 
50,282

 
47,665

 
186,192

 
219,263

Video
(19,706
)
 
(12,135
)
 
(5,141
)
 
(12,228
)
 
(9,045
)
 
(7,770
)
 
(10,873
)
 
(39,916
)
 
(21,397
)
Other
722

 
878

 
1,596

 
1,772

 
3,233

 
1,458

 
6,671

 
13,134

 
7,520

Corporate
(10,475
)
 
(14,644
)
 
(15,850
)
 
(14,968
)
 
(13,422
)
 
(14,701
)
 
(14,352
)
 
(57,443
)
 
(55,637
)
Total
$
75,157

 
$
108,679

 
$
141,142

 
$
108,095

 
$
141,432

 
$
134,588

 
$
159,961

 
$
544,076

 
$
598,303







Reconciliation of Adjusted EBITDA to operating income to net earnings (loss) attributable to IAC shareholders:
 
2015
 
2014
 
2013
 
Q1
 
Q2
 
Q3
 
Q1
 
Q2
 
Q3
 
Q4
 
YTD
 
YTD
 
(Unaudited; in thousands)
Adjusted EBITDA
$
75,157

 
$
108,679

 
$
141,142

 
$
108,095

 
$
141,432

 
$
134,588

 
$
159,961

 
$
544,076

 
$
598,303

Stock-based compensation expense
(18,911
)
 
(25,949
)
 
(27,009
)
 
(9,613
)
 
(16,552
)
 
(17,332
)
 
(16,137
)
 
(59,634
)
 
(53,005
)
Depreciation
(15,568
)
 
(15,500
)
 
(15,625
)
 
(14,818
)
 
(15,257
)
 
(14,133
)
 
(16,948
)
 
(61,156
)
 
(58,909
)
Amortization of intangibles
(12,555
)
 
(14,411
)
 
(12,338
)
 
(11,979
)
 
(13,406
)
 
(16,451
)
 
(16,090
)
 
(57,926
)
 
(59,843
)
Acquisition-related contingent consideration fair value adjustments
6,996

 
9,950

 
960

 
27

 
(527
)
 
14,281

 
(414
)
 
13,367

 
(343
)
Operating income
35,119

 
62,769

 
87,130

 
71,712

 
95,690

 
100,953

 
110,372

 
378,727

 
426,203

Equity in (losses) income of unconsolidated affiliates
(283
)
 
(193
)
 
398

 
(1,935
)
 
(6,850
)
 
(612
)
 
(300
)
 
(9,697
)
 
(6,615
)
Interest expense
(14,064
)
 
(15,214
)
 
(15,992
)
 
(14,064
)
 
(14,046
)
 
(14,009
)
 
(14,195
)
 
(56,314
)
 
(33,596
)
Other income (expense), net
7,271

 
(1,445
)
 
34,000

 
(23
)
 
(62,900
)
 
4,113

 
16,023

 
(42,787
)
 
30,309

Earnings from continuing operations before income taxes
28,043

 
45,917

 
105,536

 
55,690

 
11,894

 
90,445

 
111,900

 
269,929

 
416,301

Income tax (provision) benefit
(6,180
)
 
11,968

 
(40,510
)
 
(21,385
)
 
(29,889
)
 
59,816

 
(43,914
)
 
(35,372
)
 
(134,502
)
Earnings (loss) from continuing operations
21,863

 
57,885

 
65,026

 
34,305

 
(17,995
)
 
150,261

 
67,986

 
234,557

 
281,799

Earnings (loss) from discontinued operations, net of tax
125

 
(153
)
 
17

 
(814
)
 
(868
)
 
175,730

 
625

 
174,673

 
1,926

Net earnings (loss)
21,988

 
57,732

 
65,043

 
33,491

 
(18,863
)
 
325,991

 
68,611

 
409,230

 
283,725

Net loss attributable to noncontrolling interests
4,417

 
1,573

 
568

 
2,394

 
867

 
821

 
1,561

 
5,643

 
2,059

Net earnings (loss) attributable to IAC shareholders
$
26,405

 
$
59,305

 
$
65,611

 
$
35,885

 
$
(17,996
)
 
$
326,812

 
$
70,172

 
$
414,873

 
$
285,784


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 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. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses. The information presented above should be read in conjunction with IAC's historical consolidated financial statements and notes thereto found on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.