Interesting to read:
They use the word "Match" meaning "Personals: Match + Chemistry + NetClubEncuentro + Udate + PeopleMedia communities + SinglesNet + YahooPersonals + OKCupid".
"As of December 31, 2010, we collectively provided online personals services to approximately 1.6 million subscribers." at page 7
Competition: The personals business is very competitive and highly fragmented in the United States and abroad and barriers to entry are minimal at page 8.
The 27% stake in Meetic can be found on the "equity in (losses) income of unconsolidated affiliates" pages 34-35, 81-82 and 102.
The Latin America Partnership (50% stake in Parperfeito) is accounted in pages 76 and 111.
(Parperfeito operates only in Brazil and it is in decadence. Match Latam for Spanish speaking countries has little revenue)
It seems the IAC had paid USD34 million to acquire SinglesNet during 2010.
The word innovation is not mentioned in the report, not even in the "Cautionary Statement Regarding Forward-Looking Information" at page 11
Risk Factors at page 12 to 21:
* Mr. Diller owns a significant percentage of the voting power of the stock and will be able to exercise significant influence over the composition of the Board or Directors.
* "We depend on our key personnel."
* A substantial portion of the consolidated revenue is attributable to a paid listing supply agreement with Google that expires on December 31, 2012.
* General economic events or trends that reduce advertising spending.
* "Our success depends upon the continued growth and acceptance of online advertising"
* "We depend, in part, upon arrangements with third parties to drive traffic to our various websites and convert visitors into users and customers."
* Marketing efforts designed to drive traffic to our various websites may not be successful or cost-effective.
* "We may not be able to adapt quickly enough to changing industry standards."
* "We operate in certain international markets in which we have limited experience, and as a result, face additional risks. We may not be able to successfully expand into new, or further into existing, international markets."
* "A variety of new laws, or new interpretations of existing laws, could subject us to claims or otherwise harm our business."
Revenue by geography is based on where the customer is located. Geographic information about the United States and international territories at page 99. (The IAC does not exist outside the United States)