Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

188d7f990c27e1889e03670309c3471ee8d5893b6709cf1ee353261bfffb0ebd

0fc56aa98a1764bcd7fa1ada780a05ec444a989f4b87c7b3857bf87508a4aa12

e669f123a8c37951ea5d673e4716f21394a7cb5ebe2388d8c8ef94f4b6814af7

| Metric (Unit: USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Tinder Direct Revenue      | N/A     | **441.1**  **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]**  | **474.7**  **[0000891103-23-000096_mtch8-k20230801ex991.htm:12]**  | **508.5**  **[0000891103-23-000109_mtch8-k20231031ex991.htm:0]** **[0000891103-23-000109_mtch8-k20231031ex991.htm:14]**  | **493.2**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **481.5**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **479.9**  **[0000891103-24-000095_mtch-20240630.htm:9]**  | **503.2**  **[0000891103-24-000111_mtch8-k20241106ex991.htm:4]**  |
| Hinge Direct Revenue       | N/A     | **82.8**  **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]**   | **90.3**  **[0000891103-23-000096_mtch8-k20230801ex991.htm:12]**   | **107.3**  **[0000891103-23-000109_mtch8-k20231031ex991.htm:0]** **[0000891103-23-000109_mtch8-k20231031ex991.htm:14]**  | **116.1**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **123.8**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **133.6**  **[0000891103-24-000095_mtch-20240630.htm:9]**  | **145.4**  **[0000891103-24-000111_mtch8-k20241106ex991.htm:4]**  |
| MG Asia Direct Revenue     | N/A     | **75.7**  **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]**   | **76.6**  **[0000891103-23-000096_mtch8-k20230801ex991.htm:12]**   | **76.8**  **[0000891103-23-000109_mtch8-k20231031ex991.htm:0]** **[0000891103-23-000109_mtch8-k20231031ex991.htm:14]**   | **73.6**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**   | **71.5**  **[0000891103-24-000057_mtch-20240331.htm:22]**   | **73.7**  **[0000891103-24-000095_mtch-20240630.htm:9]**   | **72.2**  **[0000891103-24-000111_mtch8-k20241106ex991.htm:4]**   |
| Evergreen & Emerging Direct Revenue | N/A | **174.9**  **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]**  | **174.5**  **[0000891103-23-000096_mtch8-k20230801ex991.htm:12]**  | **174.2**  **[0000891103-23-000109_mtch8-k20231031ex991.htm:0]** **[0000891103-23-000109_mtch8-k20231031ex991.htm:14]**  | **167.8**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **168.6**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **160.9**  **[0000891103-24-000095_mtch-20240630.htm:9]**  | **158.4**  **[0000891103-24-000111_mtch8-k20241106ex991.htm:4]**  |
| Total Direct Revenue       | **771.1**  **[0000891103-23-000005_mtch8-k20230131ex991.htm:11]**  | **774.4**  **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]**  | **816.1**  **[0000891103-23-000096_mtch8-k20230801ex991.htm:12]**  | **866.8**  **[0000891103-23-000109_mtch8-k20231031ex991.htm:0]** **[0000891103-23-000109_mtch8-k20231031ex991.htm:14]**  | **850.8**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **845.3**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **848.1**  **[0000891103-24-000095_mtch-20240630.htm:9]**  | **879.2**  **[0000891103-24-000111_mtch8-k20241106ex991.htm:4]**  |

f3f309c9556d6df792c695ebc86c7ae85d19deb6c265a001c817aeb7a8a99c9c

| Metric (in millions USD) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|
| Americas Direct Revenue  | **406.6**  **[0000891103-23-000005_mtch8-k20230131ex991.htm:13]**  | **405.9**  **[0000891103-23-000047_mtch-20230331.htm:26]** **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]** **[0000891103-23-000047_mtch-20230331.htm:21]**  | **429.9**  **[0000891103-23-000099_mtch-20230630.htm:32]** **[0000891103-23-000096_mtch8-k20230801ex991.htm:5]**  | **455.2**  **[0000891103-23-000114_mtch-20230930.htm:33]**  | **453.5**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **450.247**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **450.5**  **[0000891103-24-000095_mtch-20240630.htm:9]**  |
| Europe Direct Revenue    | **210.3**  **[0000891103-23-000005_mtch8-k20230131ex991.htm:13]**  | **212.5**  **[0000891103-23-000047_mtch-20230331.htm:26]** **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]** **[0000891103-23-000047_mtch-20230331.htm:21]**  | **227.7**  **[0000891103-23-000099_mtch-20230630.htm:32]** **[0000891103-23-000096_mtch8-k20230801ex991.htm:5]**  | **252.0**  **[0000891103-23-000114_mtch-20230930.htm:33]**  | **241.2**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **239.359**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **240.2**  **[0000891103-24-000095_mtch-20240630.htm:9]**  |
| APAC and Other Direct Revenue | **154.2**  **[0000891103-23-000005_mtch8-k20230131ex991.htm:13]**  | **156.0**  **[0000891103-23-000047_mtch-20230331.htm:26]** **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]** **[0000891103-23-000047_mtch-20230331.htm:21]**  | **158.5**  **[0000891103-23-000099_mtch-20230630.htm:32]** **[0000891103-23-000096_mtch8-k20230801ex991.htm:5]**  | **159.6**  **[0000891103-23-000114_mtch-20230930.htm:33]**  | **156.1**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **155.693**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **157.4**  **[0000891103-24-000095_mtch-20240630.htm:9]**  |
| Total Direct Revenue     | **771.1**  **[0000891103-23-000005_mtch8-k20230131ex991.htm:13]**  | **774.4**  **[0000891103-23-000047_mtch-20230331.htm:26]** **[0000891103-23-000044_mtch8-k20230502ex991.htm:12]** **[0000891103-23-000047_mtch-20230331.htm:21]**  | **816.1**  **[0000891103-23-000099_mtch-20230630.htm:32]** **[0000891103-23-000096_mtch8-k20230801ex991.htm:5]**  | **866.8**  **[0000891103-23-000114_mtch-20230930.htm:9]**  | **850.8**  **[0000891103-24-000005_mtch8-k20240130ex991.htm:14]**  | **845.299**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **848.1**  **[0000891103-24-000095_mtch-20240630.htm:9]**  |

a943f9115cea53af33af427208570f6e7679b45b413bc8761dbaadc3f36d31ac

Match Group, Inc. is a leading provider of digital technologies that facilitate meaningful connections through a diverse portfolio of dating brands, including Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, and BLK, among others **[0000891103-24-000114_mtch-20240930.htm:26]** **[0000891103-24-000057_mtch-20240331.htm:21]** **[0000891103-24-000014_mtch-20231231.htm:52]**. These brands cater to various user preferences and are accessible in over 40 languages worldwide **[0000891103-24-000114_mtch-20240930.htm:26]** **[0000891103-24-000057_mtch-20240331.htm:21]**. The company's revenue primarily comes from direct user payments for subscriptions and à la carte features, with additional income from online advertising **[0000891103-24-000014_mtch-20231231.htm:53]**. Match Group is organized into four operating segments: Tinder, Hinge, Match Group Asia (MG Asia), and Evergreen & Emerging Brands (E&E), focusing on product innovation and AI-driven initiatives to enhance user experience and drive growth **[0000891103-24-000114_mtch-20240930.htm:24]** **[0000891103-24-000111_mtch8-k20241106ex991.htm:1]** **[0000891103-24-000054_mtch8-k20240507ex991.htm:2]**.

1. **Tinder** - Operates as the largest brand within Match Group, offering a popular dating app that connects users globally.
2. **Hinge** - Provides a dating app designed to be deleted, focusing on fostering long-term relationships.
3. **Match Group Asia (MG Asia)** - Manages the company's operations and brand presence in the Asian market, adapting to regional preferences.
4. **Evergreen & Emerging Brands (E&E)** - Encompasses a variety of established and new dating brands, each tailored to specific user demographics and interests.

224200ffa9aeb50f5b77387b8fa45f33822bc47c4c0f653f6dade1e6e7ebf4c3

| Metric (USD) | Q1 2023 | Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------|---------|---------|---------|---------|---------|---------|
| RPP          | **$16.26**  **[0000891103-23-000047_mtch-20230331.htm:21]**  | **$17.41**  **[0000891103-23-000099_mtch-20230630.htm:24]**  | **$18.39**  **[0000891103-23-000114_mtch-20230930.htm:24]**  | **$18.87**  **[0000891103-24-000057_mtch-20240331.htm:22]**  | **$19.05**  **[0000891103-24-000095_mtch-20240630.htm:26]**  | **$19.26**  **[0000891103-24-000114_mtch-20240930.htm:27]**  |

fd65ee0ec0b49fe1dfdc2f932716dc4fda0606d81e585857bb2b482891b477ae

1. Given **Tinder's recent step back in MAU growth starting in mid-September** and the potential causes such as **iOS 18** and **trust and safety enhancements**  **[MTCH_3406519_8]** , how confident are you that these issues are temporary, and what specific measures are you implementing to reverse this trend?
2. With new **a la carte features at Tinder** experiencing **cannibalization of existing subscriptions** and requiring extended testing  **[MTCH_3406519_9]** , how do you plan to mitigate cannibalization while driving revenue growth through these features, and what is the timeline for broader rollout?
3. Despite **significant investments** in product and marketing at Tinder, the **revenue improvements have not met expectations**  **[MTCH_3406519_8]** ; how are you evaluating the return on these investments, and what changes are you making to ensure they lead to sustainable growth?
4. You mentioned that **gains in revenue at emerging brands are coming close to offsetting declines in evergreen brands**, aiming for a **crossover point in 2025**  **[MTCH_3406519_15]** ; what gives you confidence in this trajectory, and what risks could delay reaching this crossover?
5. Considering the recent **exit from live streaming services** and new **disclosures on business unit profitability**  **[MTCH_3406519_17]** , are you reconsidering your portfolio strategy, and is **divestiture of underperforming assets** or additional strategic actions under active consideration?

85885b9c54e2592b848167851c9e793a91d0230b540e2b249c376d581b390ffc

- **Facebook**: Offers a dating feature on its platform, which has grown dramatically in size supported by Facebook's massive worldwide user footprint  **[0000891103-24-000014_mtch-20231231.htm:21]** .

acf39bbcb50e1deae2b1e357f978acc1c41e8e2ac0763a2db491072854ca3b9b

ee95cb8b03ca952860e7109480317526e3f53c12d6d05468fe6ba8568c2fb3b2

b8dc6e666a1c3caa5ef4207e41ef78d0f12c00bbfe03fe810d2f2eee83ff82dd

e38cd27161a2988e63a6a8a82fa2827fe78091f709e53cb52e47a34a315decf7

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024

**Guidance for Q4 2024:**
1. **Total Revenue**: $865 million to $875 million, flat year-over-year.
2. **Tinder Direct Revenue**: $480 million to $485 million, down 2% to 3% year-over-year.
3. **Tinder Payers**: Decline mid-single digits year-over-year.
4. **Other Brands Direct Revenue**: $370 million to $375 million, up 3% to 5% year-over-year.
5. **Hinge Direct Revenue**: Approximately $145 million, 25% year-over-year growth.
6. **AOI (Adjusted Operating Income)**: $335 million to $340 million.
7. **Margins**: 39% at the midpoint.
8. **Marketing Spend**: Lower than the prior year quarter.

**Guidance for FY 2024:**
1. **Total Revenue Growth**: Approximately 4%, 5% FX neutral.
2. **Tinder Direct Revenue Growth**: 1% to 2%, 3% FX neutral.
3. **AOI Margins**: At least 36%.
4. **Free Cash Flow**: Approximately $1 billion  **[MTCH_3406519_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024

**Guidance for Q3 2024:**
1. **Total Revenue**: $895 million to $905 million, up 2% to 3% year-over-year.
2. **Tinder Direct Revenue**: $505 million to $510 million, roughly flat year-over-year.
3. **Other Brands Direct Revenue**: $375 million to $380 million, up 5% to 6% year-over-year.
4. **Hinge Direct Revenue**: Approximately $145 million, 35% year-over-year growth.
5. **AOI (Adjusted Operating Income)**: $335 million to $340 million.
6. **Marketing Spend**: Up about 6% year-over-year.
7. **Tinder Payers**: Decline around 5% year-over-year.
8. **Full Year 2024 Revenue Growth**: Approximately 5%.
9. **Full Year 2024 AOI Margin**: Target of 36%  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024

**Guidance for Q2 2024:**
1. **Total Revenue**: $850 million to $860 million, 2% to 4% year-over-year increase.
2. **Tinder Direct Revenue**: $475 million to $480 million, flat to up 1% year-over-year.
3. **Other Brands Direct Revenue**: $360 million to $365 million, up 5% to 7% year-over-year.
4. **Hinge Direct Revenue**: $125 million to $130 million, 38% to 44% year-over-year growth.

**Guidance for Full Year 2024:**
1. **Total Company Revenue Growth**: Near the lower end of 6% to 9% year-over-year.
2. **AOI Margin**: At least 36%.
3. **Free Cash Flow**: Nearly $1.1 billion  **[MTCH_3387696_6]** **[MTCH_3387696_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024 and FY 2024

**Guidance for Q1 2024:**
1. **Total Revenue**: $850 million to $860 million, up 8% to 9% year-over-year.
2. **Tinder Direct Revenue**: $480 million to $485 million, up 9% to 10% year-over-year.
3. **Other Brands Direct Revenue**: $355 million to $360 million, up 7% to 8% year-over-year.
4. **Hinge Direct Revenue**: Approximately $120 million, 45% year-over-year growth.
5. **Match Group AOI**: $270 million to $275 million.

**Guidance for FY 2024:**
1. **Total Revenue**: $3.565 billion to $3.665 billion, 6% to 9% year-over-year growth.
2. **Tinder Direct Revenue**: $2.025 billion to $2.075 billion, 6% to 8% growth.
3. **Other Brands Direct Revenue**: $1.480 billion to $1.530 billion, 6% to 10% growth.
4. **Hinge Direct Revenue**: $535 million to $545 million, 35% to 38% growth.
5. **Indirect Revenue**: Approximately $60 million, up 8% year-over-year.
6. **FX Impact**: 2-point headwind in Q1, 1.5-point headwind for the full year.
7. **AOI Margins**: At least 36%.
8. **Marketing Spend**: Increase by $30 million year-over-year.
9. **Incremental Expenses**: Various increases in product innovation and marketing.
10. **App Store Fee Changes**: $20 million annualized benefit  **[MTCH_3371468_5]** **[MTCH_3371468_6]** .

4b3e6f9778bd1c22d066ecccd3f80c5f3130bbe3562ab0c650451097bf0aba89

| Name              | Position                        | Start Date       | Short Bio                                                                                                                                                                                                 |
|-------------------|---------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bernard Kim       | Chief Executive Officer         | May 2022         | Bernard Kim has served as the CEO and a director of Match Group since May 2022. Previously, he was President of Publishing at Zynga Inc. and held senior roles at Electronic Arts Inc. and The Walt Disney Company  **[0000891103-23-000039_mtch-20230501.htm:13]** **[0000891103-24-000049_mtch-20240429.htm:12]** .                      |
| Gary Swidler      | President and Chief Financial Officer | January 2023     | Gary Swidler has been President and CFO of Match Group since January 2023. He was previously COO and CFO from March 2020 and CFO from September 2015. Before Match Group, he was a Managing Director at Bank of America Merrill Lynch  **[0000891103-24-000049_mtch-20240429.htm:39]** **[0000891103-23-000039_mtch-20230501.htm:28]** . |
| Philip D. Eigenmann | Chief Accounting Officer       | November 2017    | Philip D. Eigenmann has been Match Group's CAO since November 2017. He has been with the company since May 2006, holding various finance roles. He started his career at Ernst & Young and is a CPA in Texas  **[0000891103-24-000049_mtch-20240429.htm:39]** **[0000891103-23-000039_mtch-20230501.htm:28]** .                             |
| Jeanette Teckman  | Interim Chief Legal Officer     | March 2024       | Jeanette Teckman has served as Interim Chief Legal Officer since March 2024. She was previously SVP, Associate General Counsel at Match Group and held roles at TRT Holdings, Gardere Wynne Sewell LLP, and Verizon  **[0000891103-24-000049_mtch-20240429.htm:39]** .                        |
| Laura Jones       | Board Member                    | March 2024       | Laura Jones has been a director of Match Group since March 2024. She is the Chief Marketing Officer of Instacart and has held senior marketing roles at Uber, Google, and Visa. She holds degrees from Dartmouth College and Stanford University  **[0000891103-24-000049_mtch-20240429.htm:14]** . |
| Spencer Rascoff   | Board Member                    | March 2024       | Spencer Rascoff has been a director of Match Group since March 2024. He is a co-founder of 75 & Sunny Ventures and Pacaso, and was a co-founder and CEO of Zillow. He is also a visiting professor at Harvard University  **[0000891103-24-000049_mtch-20240429.htm:9]** .                    |

2b84451921231ea0f2161334a3e52e6ffa7684d4b72826d7321ffe2992ce25a3

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | January 30, 2024  **[0000891103-24-000114_mtch-20240930.htm:40]**  |
| End Date/Duration        | No specific end date  **[0000891103-24-000114_mtch-20240930.htm:40]**  |
| Total additional amount  | **$1.0 billion**  **[0000891103-24-000114_mtch-20240930.htm:40]**  |
| Remaining authorization  | **$252.3 million** as of November 1, 2024  **[0000891103-24-000114_mtch-20240930.htm:40]**  |
| Details                  | The program may be commenced, suspended, or discontinued at any time. It replaces the previous 2023 Share Repurchase Program.  **[0000891103-24-000114_mtch-20240930.htm:40]** **[0000891103-24-000014_mtch-20231231.htm:66]** **[0000891103-24-000014_mtch-20231231.htm:102]** **[0000891103-24-000014_mtch-20231231.htm:50]**  |

d6a63619f7c59a6b4e086419bb2e1cc5112e8a3e66325b61aa848ceed005509a

Americas

Europe

APAC and Other

- United States

- All Other Countries

North America

International

Indirect Revenue

Total Revenue

dec4da7702068f18b691eaa8e94d1076a3abb07a72acaf81251ada0e5f721b5b

**Quarterly guidance for Q4 2024:**
- **Total Revenue**: $865M to $875M  **[MTCH_3406519_6]**  (lowered from $895M to $905M  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Tinder Direct Revenue**: $480M to $485M  **[MTCH_3406519_6]**  (lowered from $505M to $510M  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Tinder Payers**: Decline mid-single digits year-over-year  **[MTCH_3406519_6]**  (no change from decline around 5% year-over-year  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Other Brands Direct Revenue**: $370M to $375M  **[MTCH_3406519_6]**  (lowered from $375M to $380M  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Hinge Direct Revenue**: $145M (25% growth)  **[MTCH_3406519_6]**  (lowered from $145M (35% growth)  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **AOI**: $335M to $340M  **[MTCH_3406519_6]**  (no change from $335M to $340M  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Margins**: 39% at the midpoint  **[MTCH_3406519_6]**  (no prior guidance)  
- **Marketing Spend**: Lower than the prior year quarter  **[MTCH_3406519_6]**  (lowered from up about 6% year-over-year  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  

**Annual guidance for FY 2024:**
- **Total Revenue Growth**: ~4%  **[MTCH_3406519_6]**  (lowered from ~5%  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Tinder Direct Revenue Growth**: 1% to 2%  **[MTCH_3406519_6]**  (no prior guidance)  
- **AOI Margins**: At least 36%  **[MTCH_3406519_6]**  (raised from 36%  **[MTCH_3395568_7]** **[MTCH_3395568_5]** **[MTCH_3395568_6]** )  
- **Free Cash Flow**: ~$1B  **[MTCH_3406519_6]**  (no prior guidance)  

2f12ac2eaf21aefe1e83a2f41c0fb986e9fce8561f9d782865325a97b8421169

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1996  **[0000891103-24-000014_mtch-20231231.htm:73]**    | Present  | Current auditor   |

353777415a52c12ba3d141bcd80b1311679b2d8495705201bea84e8e1a6f28f9

3a45d82b889a4f6084587db4803a0ec02f83e681c051a212e33296a7e792e645

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $895.48 million (+2% YoY)  **[0000891103-23-000114_mtch-20230930.htm:9]** **[0000891103-24-000114_mtch-20240930.htm:21]**   
- Indirect Revenue: $16.29 million (+10% YoY)  **[0000891103-23-000114_mtch-20230930.htm:9]** **[0000891103-24-000114_mtch-20240930.htm:21]**   
- **Hinge**: $145.43 million (**+36% YoY**)  **[0000891103-23-000114_mtch-20230930.htm:9]** **[0000891103-24-000114_mtch-20240930.htm:21]**   
- MG Asia: $72.28 million (-6% YoY)  **[0000891103-23-000114_mtch-20230930.htm:9]** **[0000891103-24-000114_mtch-20240930.htm:21]**   
- Evergreen & Emerging: $161.18 million (-7% YoY)  **[0000891103-23-000114_mtch-20230930.htm:9]** **[0000891103-24-000114_mtch-20240930.htm:21]**   
- Operating Income (EBIT): $210.66 million (-14% YoY)  **[0000891103-23-000114_mtch-20230930.htm:2]** **[0000891103-24-000114_mtch-20240930.htm:2]**   
- **D&A**: $67.39 million (**+142% YoY**)  **[0000891103-23-000114_mtch-20230930.htm:2]** **[0000891103-24-000114_mtch-20240930.htm:2]**   
- **Net Income**: $136.47 million (**-17% YoY**)  **[0000891103-23-000114_mtch-20230930.htm:2]** **[0000891103-24-000114_mtch-20240930.htm:2]**   
- EPS (Diluted): $0.50 (-11% YoY)  **[0000891103-23-000114_mtch-20230930.htm:2]** **[0000891103-24-000114_mtch-20240930.htm:2]**   

9abed1960f75c6b9a2009778380950802d7bcd6654af687d823ea8c145cce632

5a99544120d5d1cf4ec165403d1f5fa190af8392db6b586c5a3cabf0a55cf534

Number of payers for Tinder (count)

Number of payers for Hinge (count)

Number of payers for Match Group Asia (count)

Number of payers for Evergreen & Emerging Brands (count)

Total number of payers (count)

Revenue Per Payer for Tinder (USD)

Revenue Per Payer for Hinge (USD)

Revenue Per Payer for Match Group Asia (USD)

Revenue Per Payer for Evergreen & Emerging Brands (USD)

Total Revenue Per Payer (USD)

Revenue excluding foreign exchange effects (Total) (USD in thousands)

Tinder direct revenue excluding foreign exchange effects (USD in thousands)

Hinge direct revenue excluding foreign exchange effects (USD in thousands)

Match Group Asia direct revenue excluding foreign exchange effects (USD in thousands)

Evergreen & Emerging Brands direct revenue excluding foreign exchange effects (USD in thousands)

Total Revenue Per Payer excluding foreign exchange effects (USD)

72bc061bbdbef8cf4b38383aa0adaa029af6e020870cb3e2bd48343ecaaffa77

| Year | Amount Due (in millions) | Debt Type                       | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2026     | 575                          | 0.875% Exchangeable Senior Notes    | 0.875                 | 14.8% = (575 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |
| 2027     | 425                          | Term Loan                           | Variable (6.71 as of 9/30/2024) | 11.0% = (425 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:15]**                                       |
| 2027     | 450                          | 5.00% Senior Notes                  | 5.00                  | 11.6% = (450 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |
| 2028     | 500                          | 4.625% Senior Notes                 | 4.625                 | 12.9% = (500 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |
| 2029     | 350                          | 5.625% Senior Notes                 | 5.625                 | 9.0% = (350 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                        |
| 2030     | 500                          | 4.125% Senior Notes                 | 4.125                 | 12.9% = (500 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |
| 2030     | 575                          | 2.00% Exchangeable Senior Notes     | 2.00                  | 14.8% = (575 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |
| 2031     | 500                          | 3.625% Senior Notes                 | 3.625                 | 12.9% = (500 / 3,875) * 100 **[0000891103-24-000114_mtch-20240930.htm:14]** **[0000891103-24-000114_mtch-20240930.htm:38]**                                       |

13f39e257436f74895d882fe091f68e5d98af53e39b991f76e79f51c2df79f4e

1. **2025 Outlook Impact**  
   **Q:** Can you give more color on the impact from the Q4 guidance on 2025 outlook?  
   **A:** Gary Swidler explained that while they have a good handle on Hinge's trajectory and other stable businesses, Tinder's performance will significantly influence the 2025 outlook. Recent developments at Tinder, including weaker momentum over the last 1.5 months, have introduced some uncertainty ( **[MTCH_3406519_14]** ). They plan to provide more details at the Investor Day and are focusing on improving Tinder's ecosystem and margins.

2. **Tinder MAU Trends and Margins**  
   **Q:** What's happening with Tinder's top-of-funnel trends and is the 52% operating margin appropriate long-term?  
   **A:** Bernard Kim noted a step back in Tinder's MAU growth starting mid-September due to possible causes like iOS 18 introduction and trust and safety enhancements, but doesn't see it as a long-term shift ( **[MTCH_3406519_8]** ). Gary Swidler mentioned that Tinder's margins have declined slightly due to increased investments in marketing and product development, and they will proceed carefully on margins until they see real product transformations ( **[MTCH_3406519_8]** ).

3. **Tinder Payer Trends**  
   **Q:** Is lower Q4 payer number due to pull-forward or other issues like MAU and iOS?  
   **A:** Gary Swidler indicated that weaker MAU momentum starting in late Q3 and into Q4, combined with iOS issues affecting higher-value users, is making it more difficult on the payer front in Q4 ( **[MTCH_3406519_10]** ). They are targeting a mid-single-digit year-over-year payer decline and are working to improve the MAU situation.

4. **Hinge Revenue Growth**  
   **Q:** Can you provide color on Hinge's revenue growth deceleration in Q4?  
   **A:** Gary Swidler explained that the deceleration is due to tough comparisons against last year's Q4, when Hinge rolled out weekly subscription packages leading to a significant revenue jump ( **[MTCH_3406519_11]** ). Despite this, they are pleased with Hinge's strong user growth and expect continued robust revenue additions in 2025 similar to 2024.

5. **Tinder Product Delays**  
   **Q:** What's contributing to delays in a la carte features and unbundling at Tinder?  
   **A:** Bernard Kim stated that careful testing is essential to understand the impact on revenue and the ecosystem, which sometimes leads to more rounds of iteration ( **[MTCH_3406519_9]** ). They are refining features like Passport and Like You due to cannibalization effects on subscriptions and are optimistic about rolling out the first three features broadly in the coming months.

6. **Emerging Brands Offsetting Declines**  
   **Q:** How close are emerging brands to offsetting Evergreen declines?  
   **A:** Gary Swidler mentioned that gains in revenue at emerging brands are coming close to offsetting declines in Evergreen brands ( **[MTCH_3406519_15]** ). They expect to cross the threshold where emerging growth exceeds Evergreen declines sometime in 2025 and see significant margin improvement in the E&E business, aiming for margins north of **30%** by 2026.

7. **Managing Margins and Investments**  
   **Q:** How do you ensure appropriate investment levels across the business while maintaining margins?  
   **A:** Gary Swidler explained that they carefully balance investments, focusing on making the right trade-offs among brands at different stages of growth ( **[MTCH_3406519_16]** ). They've invested in Tinder and expanded Hinge internationally, while offsetting costs by actions like exiting live streaming and redeploying funds to higher-return areas.

8. **Consideration of Divestitures**  
   **Q:** Are you and the Board considering divestitures?  
   **A:** Gary Swidler stated that they are open to any actions that drive shareholder value and constantly evaluate their portfolio and investments ( **[MTCH_3406519_17]** ). However, the enhanced disclosure this quarter was not driven by considerations of divestitures but to provide investors with deeper insights into each business unit.

9. **Advertising Pullback and Marketing Shift**  
   **Q:** Why is there an advertiser pullback during the holidays and a shift in marketing spend into Q4?  
   **A:** Gary Swidler noted that some large advertisers plan to spend less in Q4 due to the crowded holiday market, resuming spending in Q1 ( **[MTCH_3406519_19]** ). They are being cautious with Tinder's marketing, focusing on product improvements first, while increasing marketing spend for Hinge due to its strong performance.

10. **Tinder Brand Perception and New CFO**  
    **Q:** How is Tinder's brand perception trending and what's the reason for appointing Steve Bailey as CFO now?  
    **A:** Bernard Kim stated that focus remains on Gen Z and women, with product initiatives rolling out to address their needs and reinforce brand perception without increasing marketing spend as a percentage of revenue ( **[MTCH_3406519_18]** ). Regarding Steve Bailey, he has deep knowledge from over **12 years** at Match Group, and the transition has been in the works for quite a while ( **[MTCH_3406519_18]** ).

11. **Hinge's 'Your Turn Limits' Feature**  
    **Q:** Has the 'Your Turn Limits' feature at Hinge impacted user growth or churn?  
    **A:** Bernard Kim mentioned that the feature has received positive global response, addressing the ghosting problem in dating apps, but it's tough to link product launches directly to user growth immediately ( **[MTCH_3406519_12]** ). The timing of Hinge's strong Q3 and early Q4 performance aligns with this feature's launch.

12. **Tinder Product Developments**  
    **Q:** What impact are you seeing from Tinder's new products like Spotlight Drops and the expanded Explore tab?  
    **A:** Bernard Kim reported that these features are helping users find more people they are genuinely interested in, with early promising results ( **[MTCH_3406519_13]** ). They are gathering valuable insights to shape future innovations planned for 2025, focusing on improving ecosystem health and user outcomes.

6fb729bf30337f992b9c14f8a830f7a1b6d8d11c6280cef33613823dee9d70d2

- **Tinder's new features**, such as "Spotlight drops" and an expanded "Explore" tab, are **showing promising early results** in enhancing user engagement, especially among **younger users and women**.  **[MTCH_3406519_13]**
- **Hinge** is **advancing its innovations** with **AI-enabled features**, like prompt suggestions, to **enrich user experiences** and facilitate **more meaningful conversations** that lead to great dates faster.  **[MTCH_3406519_2]**
- The **emerging brands** are **nearing the point** where their revenue growth will **offset the declines** from the evergreen brands, with expectations to **cross over in 2025**, indicating future overall revenue growth.  **[MTCH_3406519_15]**

02a95188f8e44c9f72cc86130636cd57e92904843af8c39c6e9e629c2635330b

1. **Tinder Payer Growth Guidance**  
   **Q:** How confident are you in the 250,000 sequential increase in Tinder payers for Q3?  
   **A:** Gary Swidler explained that Tinder has been seeing strengthening momentum in payer trends, with solid sequential payer growth month-over-month through Q2 and into July. They expect a **250,000 sequential net add** in Q3, improving the year-over-year decline in payers from **negative 8% in Q2 to negative 5% in Q3**. This confidence is based on continued improvements in user trends and marketing efforts.  **[MTCH_3395568_11]** 

2. **Tinder Growth Prospects and 2025 Outlook**  
   **Q:** Can improvements at Tinder drive high single-digit to low double-digit growth in 2025?  
   **A:** Gary Swidler indicated that while it's early to provide a 2025 outlook, they expect continued progress at Tinder, with stabilized and improving users and payers positioning them for a better 2025. They aim to get back to improving MAU and payer growth year-over-year, driven by product and marketing initiatives, leading to better performance next year.  **[MTCH_3395568_10]** 

3. **Exit from Live Streaming Business**  
   **Q:** What's the rationale and financial impact of exiting the live streaming business?  
   **A:** Gary Swidler explained that live streaming had lower margins due to revenue shares paid to streamers, with margins around **20%** compared to dating business margins of **30% or higher**. Growing live streaming faced increased competition from well-funded players like TikTok. Exiting the business, which contributed **$60 million in revenue** but was margin-dilutive, will result in a **50 basis points improvement in margins** next year. They will redeploy talent to other areas.  **[MTCH_3395568_15]** 

4. **Hinge's Growth and Path to $1 Billion**  
   **Q:** What drives Hinge's strong growth, and how likely is it to reach $1B revenue?  
   **A:** Bernard Kim stated that Hinge is on track to become a **$1 billion-plus revenue business**, driven by product innovation and global expansion. Less than **10%** of Hinge's revenue comes from Europe, indicating significant growth potential. Gary Swidler added that their confidence in Hinge is increasing due to rising user trends and Hinge's differentiated product in the market.  **[MTCH_3395568_16]** ,   

5. **Capital Allocation and Share Repurchases**  
   **Q:** How are you approaching capital returns and potential dividends?  
   **A:** Gary Swidler stated that while they have a commitment to return at least **75%** of free cash flow to shareholders, they have returned over **100%** in the first half due to share price levels. They continue to focus on share buybacks, and although they've considered dividends as part of capital return, they remain focused on buybacks at this time.  **[MTCH_3395568_17]** 

6. **Conversations with Starboard Value**  
   **Q:** Can you comment on your interactions with Starboard?  
   **A:** Bernard Kim mentioned initial interactions with Starboard were typical, and the topics raised—returning Tinder to growth, improving margins, and returning capital to shareholders—are already key areas of focus. They continue to engage with all shareholders to drive shareholder value.  **[MTCH_3395568_16]** 

7. **Tinder Product Updates and Revenue Impact**  
   **Q:** What is the impact of new Tinder features like vertical swiping?  
   **A:** Bernard Kim is excited about introducing vertical swiping to enhance profile discovery, but such significant changes require thorough testing. Gary Swidler noted that these features are being positioned for 2025 and are not expected to contribute meaningfully to 2024 revenue.  **[MTCH_3395568_13]** 

8. **Trust and Safety Improvements at Tinder**  
   **Q:** How far along are you in improving trust and safety at Tinder?  
   **A:** Bernard Kim emphasized that trust and safety efforts are ongoing and critical, with no endgame. They are making decisions focused on better user outcomes and are seeing improved brand perception among women aged 18 to 30, with a nearly **50% increase** in viewing Tinder as a place for meaningful connections and a **20% decrease** in the hookup stigma.  **[MTCH_3395568_14]** 

9. **Seasonality Trends and Q4 Expectations**  
   **Q:** Do you expect Tinder payers to grow sequentially in Q4?  
   **A:** Gary Swidler explained that due to seasonal patterns, Q4 typically sees sequential weakness after a strong Q3. While they aim for continued year-over-year improvement in payers, achieving sequential growth in Q4 would be challenging due to holiday seasonality impacts.  **[MTCH_3395568_12]** 

10. **Details on Tinder's Progress and Green Shoots**  
    **Q:** What specific improvements are you seeing at Tinder?  
    **A:** Bernard Kim noted that the turnaround at Tinder is in progress with momentum. They are making behind-the-scenes improvements like recommendation changes, increasing user engagement, and strong marketing initiatives like the Olympics campaign leading to increased swipe activity. Product and marketing integration is yielding positive results.  **[MTCH_3395568_10]** 

9e22eb72d75b695d0a808edcc7b94348a4cb3f96db2793867bb1a7e59e9d18b3

- **Match Group is focusing on significant product innovation at Tinder to better satisfy women and Gen Z**, which is expected to drive user growth, payer growth, and long-term revenue growth.  **[MTCH_3387696_11]** **[MTCH_3387696_15]** **[MTCH_3387696_16]**
- **The company is committed to maintaining strong margins of 36%** through cost management and operational efficiency, even amid a softer revenue outlook, demonstrating financial discipline.  **[MTCH_3387696_14]** **[MTCH_3387696_17]**
- **Hinge is on track to become a $1 billion revenue business**, with strong user growth and margins expected to improve as the business scales, contributing significantly to Match Group's future revenue growth.  **[MTCH_3387696_17]** **[MTCH_3387696_13]**

dd8707a46fb72d8ec1ee32d2258e3c233e913fa0db978f1231d02efbb32b3d73

- **Match Group is exiting its live streaming businesses**, including Hakuna and live streaming services within some dating apps, due to **increased competition from well-funded players like TikTok** and lower margins compared to their dating businesses. This exit will **reduce revenue by approximately $60 million next year**, creating a **1-2 percentage point revenue growth headwind**.  **[MTCH_3395568_8]**
- **Tinder's payer growth has been declining**, with a **year-over-year decline of 8% in Q2 and an expected decline of 5% in Q3**. The company admits that achieving sequential payer growth in Q4 is a **"fairly tall order"**, indicating challenges in reaccelerating growth.  **[MTCH_3395568_12]**
- Despite plans to improve margins by measures such as **reducing the workforce by approximately 6%**, Match Group is facing pressure from investors like Starboard to **return Tinder to growth, improve margins, and return more capital to shareholders**, highlighting ongoing concerns about the company's performance and shareholder value creation.  **[MTCH_3395568_15]**

28971ca4fca35b8fc28e798e3f107dad5569cf8200ea5c6492f820d571f770e4

1. **Tinder User Growth and EBITDA Guidance**  
   **Q:** Why was Tinder user growth negative despite marketing spend, and what's behind the lower Q1 EBITDA guidance?  
   **A:** In 2023, despite increased marketing efforts, Tinder saw negative user growth due to the time it takes for a new brand narrative to translate into user growth. In the first half of 2023, there was good progress, but trends reverted in the second half, with user counts down mid-single digits year-over-year.  **[MTCH_3371468_9]**  The lower Q1 EBITDA guidance, about **$25 million below the Street** expectations, is mainly due to heavy marketing spend planned for Q1 to drive users back to the app post-refresh and some user softness in Q4 leading to revenue softness.  **[MTCH_3371468_9]** 

2. **Tinder Net Adds and Payer Growth Outlook**  
   **Q:** What is your confidence level in Tinder net adds turning positive in Q3 and payer growth in Q4?  
   **A:** Management is highly confident that Tinder will see sequential improvement in net adds by Q3 and modest year-over-year payer growth by Q4.  **[MTCH_3371468_8]**  This confidence comes from a combination of product and marketing initiatives put in place during '23 and into '24, which are expected to drive the necessary growth.  **[MTCH_3371468_8]** 

3. **App Store Fees and DMA Impact**  
   **Q:** How do recent App Store fee changes under the DMA affect your financial outlook?  
   **A:** The company anticipates a **$20 million annualized benefit** from Apple's policy changes in the EU due to the DMA, with about **$15 million** likely accruing in 2024.  **[MTCH_3371468_16]**  This positively impacts margin targets and may allow exceeding them as the year progresses.  **[MTCH_3371468_16]**  However, there's still uncertainty, and decisions on opting into these changes are pending.  **[MTCH_3371468_18]** 

4. **AI Investment and Expected Impact**  
   **Q:** How will AI contribute to your expectations for 2024, and will it drive payers or RPP?  
   **A:** The company is investing **$20 million to $30 million** in AI innovation in 2024  **[MTCH_3371468_14]** , aiming to enhance user experiences across the portfolio.  **[MTCH_3371468_14]**  While there's high expectation for these AI-driven products and features, no notable revenue from AI efforts is included in the 2024 outlook yet.  **[MTCH_3371468_15]**  The expectation is that AI will benefit RPP by providing better experiences that users will value.  **[MTCH_3371468_15]** 

5. **Cost Savings from Platform Consolidation**  
   **Q:** What cost savings or margin impact do you expect from consolidating brands onto a single tech platform?  
   **A:** By reducing redundancies and centralizing teams in the Emerging and Evergreen businesses, the company anticipates significant cost savings.  **[MTCH_3371468_17]**  The consolidation is a multi-year process, with real benefits accruing fully by 2026, potentially improving margins by **10 percentage points** in the E&E business  **[MTCH_3371468_17]** , enabling reinvestment into growth businesses like Tinder and Hinge.  **[MTCH_3371468_17]** 

6. **Hinge Seasonality and Performance**  
   **Q:** What caused Hinge's slowdown in December, and how did it recover?  
   **A:** Hinge experienced typical seasonality, with users pulling back during the holiday season in November and December.  **[MTCH_3371468_11]**  This was the first time Hinge showed such seasonality, now that it's at a reasonable scale in core markets.  **[MTCH_3371468_11]**  The brand saw a strong rebound starting January, with strength across geographies and demographics, indicating positive performance expected for 2024.  **[MTCH_3371468_11]** 

7. **Tinder Product Roadmap for Payer Growth**  
   **Q:** What in the Tinder product roadmap could drive payer turnaround in the second half?  
   **A:** The company plans to enhance the visibility and value of paid packages, dynamically present the right offers to users, and experiment with unbundling premium features.  **[MTCH_3371468_16]**  These initiatives, along with marketing efforts, are expected to turn Tinder payers positive on a sequential basis by Q3.  **[MTCH_3371468_16]** 

8. **New Leadership at Tinder**  
   **Q:** With new leadership, what changes should we expect in Tinder's strategy?  
   **A:** Faye is now CEO of Tinder, bringing passion and deep knowledge of the business.  **[MTCH_3371468_13]**  She is pushing forward with modernizing the product, boosting development speed, and focusing on enhancing women's experiences and ecosystem health.  **[MTCH_3371468_13]**  Continued momentum and clarity on goals are emphasized.  **[MTCH_3371468_13]** 

9. **À la Carte Offerings at Tinder**  
   **Q:** Can you provide details on new à la carte products planned for Tinder?  
   **A:** While specifics are withheld for competitive reasons, the company is exploring new à la carte features beyond Super Like and Boost.  **[MTCH_3371468_12]**  A new offering is expected in the second half of the year, aimed at bringing more value to users and potentially driving monetization.  **[MTCH_3371468_12]** 

10. **Alternative Pricing Strategies for Tinder**  
    **Q:** Would you consider alternative pricing to regain payers, given the impact of pricing optimizations?  
    **A:** The focus remains on increasing revenue rather than adjusting pricing solely to move key metrics.  **[MTCH_3371468_19]**  Management believes they have enough in the roadmap to achieve payer growth by prioritizing revenue and expect a better balance between payer growth and RPP over the year.  **[MTCH_3371468_19]** 

4d7fccdaf959ac2d7b4b6335491980a06bcd8695b3ca812453b289369f38f9a0

1. **Tinder Payer Growth**  
   **Q:** What gives confidence Tinder's net adds will grow in Q3?  
   **A:** Management expects **sequential payer improvement in Q3** due to product initiatives aimed at improving MAU and conversion, despite current declines in payers and MAU. They believe that smoothing out recent noise in payer counts and leveraging new weekly subscription packages will lead to growth.  **[MTCH_3387696_7]** 

2. **Revenue Outlook**  
   **Q:** What's changed driving lower revenue growth expectations?  
   **A:** Since February, increased **ALC weakness** due to macroeconomic factors and underperformance of monetization initiatives have led to revenue growth expectations dropping to **low to mid-single digits** from prior **6%–8%**.  **[MTCH_3387696_10]** 

3. **Maintaining Margins**  
   **Q:** How will you maintain 36% margins despite softer revenue?  
   **A:** The company plans to maintain **36% margins** by adjusting corporate overhead, marketing spend, and potentially innovation investments if needed, though they prefer to improve trends rather than cut costs.  **[MTCH_3387696_14]** 

4. **Hinge Margin Potential**  
   **Q:** Will Hinge's margins improve as it scales to $1B revenue?  
   **A:** Hinge's margins are expected to be in the **high 20% range** this year, affected by investments in marketing and people. As Hinge scales toward **$1 billion** in revenue, margins should improve and may approach company levels, though likely remaining below Tinder's margins.  **[MTCH_3387696_13]** 

5. **AI Initiatives**  
   **Q:** What's the impact of AI, like the photo selector, on apps?  
   **A:** The **AI Photo Selector**, launching this summer, helps users create better profiles by selecting photos from their library, enhancing user experience and potentially increasing matches and conversations. Management plans to expand AI throughout the dating journey.  **[MTCH_3387696_12]** 

6. **Marketing Spend**  
   **Q:** Why not invest more in marketing to boost Tinder growth?  
   **A:** Management believes that improving the **product experience** is more critical for growth than increasing marketing spend. Marketing focuses on brand narrative rather than driving short-term payer growth, and they don't see a compelling reason to increase it solely to hit quarterly numbers.  **[MTCH_3387696_9]** 

7. **Product Innovation**  
   **Q:** How are you reigniting user growth at Tinder?  
   **A:** By implementing **big and bold product changes** inspired by internal case studies (e.g., Hinge's redesign), focusing on genuine product innovation to appeal to women and Gen Z, rather than small tweaks, to drive significant impacts on user experience and growth.  **[MTCH_3387696_8]** ,  **[MTCH_3387696_11]** 

8. **Emerging Brands Growth**  
   **Q:** What's driving growth in Emerging brands like Archer?  
   **A:** **Archer** is seeing strong **user growth** and plans to monetize as the user base grows. The company is offsetting declines in Evergreen brands by stacking revenue from multiple demographically focused apps in the Emerging brands portfolio.  **[MTCH_3387696_16]** 

9. **User Experience for Women**  
   **Q:** What are the bold product changes for women and Gen Z?  
   **A:** Initiatives include requiring **face photos** to increase authenticity and improve matches, despite potential MAU impact. Aggressive removal of bad actors and updating community guidelines aim to enhance the experience for women and Gen Z users.  **[MTCH_3387696_15]** 

10. **ALC Cannibalization Risk**  
    **Q:** Is there a risk of ALC products cannibalizing subscriptions?  
    **A:** There is potential risk, but management carefully tests and manages each new a la carte feature to ensure overall revenue is **accretive**. A balance is maintained to mitigate cannibalization while introducing more affordable ALC offerings.  **[MTCH_3387696_18]** 

20196ba3374556ebadf3084702ff2333ebf11c8ced453d1a95bc8c0a70d948ad

- **Tinder is experiencing significant payer declines**, with payers not expected to turn positive until Q3 2024 and only modest payer growth anticipated by Q4, indicating challenges in user growth and retention at Match Group's largest brand.  **[MTCH_3371468_8]** **[MTCH_3371468_16]** **[MTCH_3371468_19]**
- **The company is investing $20–$30 million in AI initiatives and significant resources into Tinder's product innovation and marketing**, which may impact margins and carry execution risk if these investments do not yield expected returns.  **[MTCH_3371468_1]** **[MTCH_3371468_14]**
- **The consolidation of technology platforms across brands is a complex and risky multiyear process**, with full benefits not expected until 2026, introducing potential execution risks and delays in realizing cost savings.  **[MTCH_3371468_17]**

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- **Delays in rolling out new monetization features at Tinder due to cannibalization concerns and mixed test results could impact revenue growth.** Bernard Kim mentioned that features like **"Like You" showed cannibalistic effects on Gold subscriptions**, necessitating careful testing and refinement, which slows down revenue-enhancing feature rollouts.  **[MTCH_3406519_9]**
- **Revenue declines in Evergreen brands are not fully offset by growth in emerging brands, with the crossover point where growth exceeds declines not expected until 2025.** Gary Swidler indicated that direct revenue from Evergreen and Emerging brands declined **9% year-over-year**, and the company is **"very close"** but has not yet reached the point where emerging brands compensate for declines.  **[MTCH_3406519_15]**
- **Expectations of reduced advertising revenue in Q4 due to advertisers pulling back, leading to a slight guide down on ad revenue.** Gary Swidler noted that some advertisers plan to **spend less in Q4**, affecting the company's advertising revenue outlook.  **[MTCH_3406519_19]**

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- **Tinder's user base and retention are stabilizing and improving**, driven by a combination of product initiatives and strong marketing efforts, leading to better user outcomes and increased user engagement. Ongoing trust and safety enhancements have significantly improved brand perception among key demographics, with a nearly 50% increase in women aged 18-30 perceiving Tinder as a place to find meaningful connections and a 20% reduction in the hookup stigma.  **[MTCH_3395568_8]** **[MTCH_3395568_14]** **[MTCH_3395568_18]** **[MTCH_3395568_10]**
- **Hinge is experiencing remarkable growth and is on track to become a $1 billion-plus revenue business**, with continued investment in product innovation, marketing, and global expansion. The app is moving up in rankings across various countries, and with less than 10% of its revenue from European markets, there is significant opportunity for future growth as they integrate AI to enhance user experiences.  **[MTCH_3395568_16]** **[MTCH_3395568_18]**
- **Match Group is improving margins and returning significant capital to shareholders**, by exiting non-strategic and margin-dilutive businesses like live streaming, expecting at least a 50 basis points margin improvement next year. They have aggressively repurchased over 100% of free cash flow in the first half of the year, believing their stock represents a terrific long-term investment at current price levels.  **[MTCH_3395568_17]** **[MTCH_3395568_15]**

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Match Group Inc (MTCH)

Financials