ServiceMagic 2009 Annual Report Download - page 121

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Table of Contents
IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 21—QUARTERLY RESULTS (UNAUDITED) (Continued)
NOTE 22—SUBSEQUENT EVENTS (UNAUDITED)
The Company repurchased 4.5 million shares of IAC common stock from January 1, 2010 through February 5, 2010 for aggregate
consideration, on a trade date basis, of $93.6 million.
On February 26, 2010, the Company's Board of Directors authorized the repurchase of up to 20 million shares of IAC common stock. This
authorization is in addition to the 5.8 million shares remaining at February 5, 2010 from the previous authorization. IAC may purchase shares
over an indefinite period of time, depending on those factors IAC management deems relevant at any particular time, including, without
limitation, market conditions, share price and future outlook.
In accordance with ASC Topic 855, "Subsequent Events," the Company has evaluated, for potential recognition and/or disclosure, events
that have occurred after December 31, 2009 and prior to the filing of this Annual Report on Form 10-K on February 26, 2010, the date of
issuance of the Company's consolidated financial statements.
109
of ARO stock, an after-tax impairment of $2.6 million related to the Company's then remaining 1.1 million shares of ARO
stock and an after-tax loss of $25.5 million related to the write-down of the CVR.
(c) The third quarter of 2009 includes an after-tax gain of $21.6 million related to the sale of 1.8 million shares of common
stock of Open Table, Inc. and a $13.4 million increase in the after-tax gain related to the sale of Match Europe, due to a
reduction in the goodwill allocated to Match Europe upon its sale reflecting a more time proximate estimate of the fair
value of the Match reporting unit as of the date of sale.
(d) The fourth quarter of 2009 includes an after-tax impairment charge of $991.9 million related to the write-down of the
goodwill and intangible assets of IAC Search & Media and an after-tax loss of $12.1 million related to the write-down of
the CVR.
(e) The first, second and third quarters of 2008 include after-tax Spin-Off expenses of $7.9 million, $11.6 million and
$15.7 million, respectively.
(f) The second quarter of 2008 includes an after-tax impairment of $92.7 million related to the Company's shares of ARO
stock, partially offset by an after-tax gain of $18.3 million related to the sale of the Company's preferred investment in
Points.
(g) The third quarter of 2008 includes an after-tax loss of $38.3 million on the extinguishment of $734.2 million of the Senior
Notes.
(h) The fourth quarter of 2008 includes an after-tax gain of $242.5 million on the sale of the Company's investment in Jupiter
Shop, partially offset by an after-tax impairment of $26.4 million related to the Company's investment portfolio.
(i) Per share amounts for the quarters may not add to the annual amount because of differences in the average common shares
outstanding during each period.
Discontinued operations
(j) The second quarter of 2008 includes after-tax impairment charges of $262.1 million and $148.9 million related to the
write-down of the goodwill and intangible assets of HSNi and Tree.com, respectively, partially offset by an after-tax gain
of $22.5 million related to the sale of EPI.