mtch-20240331

As filed with the Securities and Exchange Commission on May 8, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended		March 31, 2024
Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________

Commission File No. 001-34148

Match Group and related brands image.jpg

Match Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware						59-2712887
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

8750 North Central Expressway, Suite 1400, Dallas, Texas 75231

(Address of registrant’s principal executive offices)

(214) 576-9352

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.001

MTCH

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 3, 2024, there were 265,668,115 shares of common stock outstanding.

TABLE OF CONTENTS


		Page Number

PART I
Item 1.	Consolidated Financial Statements	3
	Consolidated Balance Sheet	3
	Consolidated Statement of Operations	4
	Consolidated Statement of Comprehensive Operations	5
	Consolidated Statement of Shareholders’ Equity	6
	Consolidated Statement of Cash Flows	8
	Note 1—The Company and Summary of Significant Accounting Policies	9

	Note 2 —Income Taxes	12


	Note 3—Financial Instruments	13
	Note 4—Long-term Debt, net	15
	Note 5—Accumulated Other Comprehensive Loss	19
	Note 6—Earnings per Share	20
	Note 7—Consolidated Financial Statement Details	21
	Note 8—Contingencies	21


Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38
Item 4.	Controls and Procedures	38
PART II
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	41
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 5	Other Information	42
Item 6.	Exhibits	43
	Signatures	44

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)


	March 31, 2024		December 31, 2023

	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	914,929	$	862,440
Short-term investments	5,938		6,200
Accounts receivable, net of allowance of $603 and $603, respectively	225,129		298,648


Other current assets	103,879		104,023

Total current assets	1,249,875		1,271,311

Property and equipment, net of accumulated depreciation and amortization of $262,841 and $249,223, respectively	187,749		194,525
Goodwill	2,286,283		2,342,612
Intangible assets, net of accumulated amortization of $127,200 and $121,489, respectively	287,527		305,746
Deferred income taxes	249,660		259,803

Other non-current assets	142,359		133,889

TOTAL ASSETS	$	4,403,453	$	4,507,886
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES

Accounts payable	$	21,193	$	13,187
Deferred revenue	198,543		211,282


Accrued expenses and other current liabilities	299,154		307,299

Total current liabilities	518,890		531,768
Long-term debt, net	3,843,901		3,842,242
Income taxes payable	24,658		24,860
Deferred income taxes	22,072		26,302


Other long-term liabilities	101,604		101,787




Commitments and contingencies

SHAREHOLDERS’ EQUITY
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 291,894,753 and 289,631,352 shares issued; and 265,536,852 and 268,890,470 outstanding at March 31, 2024 and December 31, 2023, respectively	292		290




Additional paid-in capital	8,585,987		8,529,200
Retained deficit	(7,007,831)		(7,131,029)
Accumulated other comprehensive loss	(454,933)		(385,471)
Treasury stock; 26,357,901 and 20,740,882 shares, respectively	(1,231,325)		(1,032,538)
Total Match Group, Inc. shareholders’ equity	(107,810)		(19,548)
Noncontrolling interests	138		475
Total shareholders’ equity	(107,672)		(19,073)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,403,453	$	4,507,886

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)


	Three Months Ended March 31,
		2024		2023

		(In thousands, except per share data)
Revenue		$	859,647	$	787,124
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)		256,742		240,010
Selling and marketing expense		165,301		137,359
General and administrative expense		106,241		90,611
Product development expense		115,737		98,186
Depreciation		20,521		10,552
Amortization of intangibles		10,367		12,117
Total operating costs and expenses		674,909		588,835
Operating income		184,738		198,289
Interest expense

SEC Form 10-Q filed by Match Group Inc.