10-Q 1 mtch-20220930.htm 10-Q mtch-20220930
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As filed with the Securities and Exchange Commission on November 4, 2022
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 EndedSeptember 30, 2022
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
mtch-20220930_g1.jpg
Match Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware59-2712887
(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)
(214576-9352
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.001MTCHThe 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 October 28, 2022, there were 279,306,106 shares of common stock outstanding.



TABLE OF CONTENTS
  Page
Number


2

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (Unaudited)
 September 30, 2022December 31, 2021
(In thousands, except share data)
ASSETS  
Cash and cash equivalents$390,641 $815,384 
Short-term investments7,678 11,818 
Accounts receivable, net of allowance of $478 and $281, respectively
174,446 188,482 
Other current assets132,782 202,568 
Total current assets705,547 1,218,252 
Property and equipment, net of accumulated depreciation and amortization of $186,797 and $181,742, respectively
172,192 163,256 
Goodwill2,190,088 2,411,996 
Intangible assets, net of accumulated amortization of $61,052 and $35,674, respectively
439,068 771,697 
Deferred income taxes268,875 334,937 
Other non-current assets138,779 163,150 
TOTAL ASSETS$3,914,549 $5,063,288 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
LIABILITIES  
Current maturities of long-term debt, net$44,273 $99,927 
Accounts payable14,774 37,871 
Deferred revenue256,180 262,131 
Accrued expenses and other current liabilities286,509 768,366 
Total current liabilities601,736 1,168,295 
Long-term debt, net3,834,125 3,829,421 
Income taxes payable13,383 13,842 
Deferred income taxes55,602 130,261 
Other long-term liabilities108,171 116,051 
Redeemable noncontrolling interests 1,260 
Commitments and contingencies
SHAREHOLDERS’ EQUITY  
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 286,469,250 and 283,470,334 shares issued; and 279,277,239 and 283,470,334 outstanding at September 30, 2022 and December 31, 2021, respectively
286 283 
Additional paid-in capital8,216,165 8,164,216 
Retained deficit(7,867,143)(8,144,514)
Accumulated other comprehensive loss(566,601)(223,754)
Treasury stock; 7,192,011 and 0 shares, respectively
(482,049) 
Total Match Group, Inc. shareholders’ equity
(699,342)(203,769)
Noncontrolling interests874 7,927 
Total shareholders’ equity
(698,468)(195,842)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $3,914,549 $5,063,288 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (In thousands, except per share data)
Revenue$809,546 $801,835 $2,402,690 $2,177,207 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
246,962 232,211 724,038 604,765 
Selling and marketing expense129,615 153,388 407,182 427,294 
General and administrative expense114,169 103,502 325,512 304,560 
Product development expense87,880 66,974 253,084 174,683 
Depreciation10,679 10,104 32,664 30,622 
Impairment and amortization of intangibles9,606 15,066 251,838 15,521 
Total operating costs and expenses598,911 581,245 1,994,318 1,557,445 
Operating income
210,635 220,590 408,372 619,762 
Interest expense(36,814)(31,850)(107,333)(95,907)
Other income (expense), net
2,326 (39,212)8,435 (40,886)
Earnings from continuing operations, before tax
176,147 149,528 309,474 482,969 
Income tax provision
(47,881)(18,627)(32,966)(38,200)
Net earnings from continuing operations
128,266 130,901 276,508 444,769 
Earnings from discontinued operations, net of tax
   509 
Net earnings128,266 130,901 276,508 445,278 
Net loss attributable to noncontrolling interests
430 309 863 1,077 
Net earnings attributable to Match Group, Inc. shareholders
$128,696 $131,210 $277,371 $446,355 
Net earnings per share from continuing operations:
     Basic$0.46 $0.47 $0.98 $1.64 
     Diluted$0.44 $0.43 $0.94 $1.46 
Net earnings per share attributable to Match Group, Inc. shareholders:
     Basic$0.46 $0.47 $0.98 $1.64 
     Diluted$0.44 $0.43 $0.94 $1.46 
Stock-based compensation expense by function:
Cost of revenue$1,440 $1,960 $4,547 $3,961 
Selling and marketing expense2,011 1,760 5,830 6,112 
General and administrative expense26,154 19,709 80,085 65,769 
Product development expense23,657 16,140 59,862 36,239 
Total stock-based compensation expense$53,262 $39,569 $150,324 $112,081 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In thousands)
Net earnings
$128,266 $130,901 $276,508 $445,278 
Other comprehensive loss, net of tax
Change in foreign currency translation adjustment
(158,806)(99,321)(343,855)(122,066)
Total other comprehensive loss
(158,806)(99,321)(343,855)(122,066)
Comprehensive (loss) income
(30,540)31,580 (67,347)323,212 
Components of comprehensive loss attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests
430 309 863 1,077 
Change in foreign currency translation adjustment attributable to noncontrolling interests
42 13 1,008 123 
Comprehensive loss attributable to noncontrolling interests
472 322 1,871 1,200 
Comprehensive (loss) income attributable to Match Group, Inc. shareholders
$(30,068)$31,902 $(65,476)$324,412 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30, 2022
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained Deficit
 Accumulated Other Comprehensive Loss
Treasury StockTotal Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of June 30, 2022
$ $286 286,102 $8,165,983 $(7,995,839)$(407,837)$(215,538)$(452,945)$844 $(452,101)
Net (loss) earnings for the three months ended September 30, 2022
(502)— — — 128,696 — — 128,696 72 128,768 
Other comprehensive loss, net of tax
— — — — — (158,764)— (158,764)(42)(158,806)
Stock-based compensation expense— — — 55,962 — — — 55,962 — 55,962 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— — 367 (5,262)— — — (5,262)— (5,262)
Adjustment of redeemable noncontrolling interests to fair value502 — — (503)— — — (503)— (503)
Purchase of treasury stock— — — — — — (266,511)(266,511)— (266,511)
Other— — — (15)— — — (15)— (15)
Balance as of September 30, 2022
$ $286 286,469 $8,216,165 $(7,867,143)$(566,601)$(482,049)$(699,342)$874 $(698,468)
6

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained Deficit
Accumulated Other Comprehensive Loss
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of June 30, 2021
$1,240 $277 276,653 $8,068,659 $(8,107,092)$(104,089)$(142,245)$7,157 $(135,088)
Net (loss) earnings for the three months ended September 30, 2021
(550)— — — 131,210 — 131,210 241 131,451 
Other comprehensive loss, net of tax
— — — — — (99,308)(99,308)(13)(99,321)
Stock-based compensation expense— — — 41,648 — — 41,648 — 41,648 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes—  626 4,201 — — 4,201 — 4,201 
Adjustment of redeemable noncontrolling interests to fair value650 — — (650)— — (650)— (650)
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — — — — — 151 151 
Unwind of notes hedges and warrants— — — 198,365 — — 198,365 — 198,365 
Exchangeable note obligation— — — (201,824)— — (201,824)— (201,824)
Other— — — 251 — — 251 — 251 
Balance as of September 30, 2021
$1,340 $277 277,279 $8,110,650 $(7,975,882)$(203,397)$(68,352)$7,536 $(60,816)
7

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Nine Months Ended September 30, 2022
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional
Paid-in
Capital
Retained Deficit
Accumulated Other Comprehensive Loss
Treasury StockTotal Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of December 31, 2021$1,260 $283 283,470 $8,164,216 $(8,144,514)$(223,754)$ $(203,769)$7,927 $(195,842)
Net (loss) earnings for the nine months ended September 30, 2022
(1,452)— — — 277,371 — — 277,371 589 277,960 
Other comprehensive loss, net of tax
— — — — — (342,847)— (342,847)(1,008)(343,855)
Stock-based compensation expense
— — — 159,082 — — — 159,082 — 159,082 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 3 2,999 (89,772)— — — (89,769)— (89,769)
Adjustment of redeemable noncontrolling interests to fair value
192 — — (192)— — — (192)— (192)
Purchase of noncontrolling interest— 6,672 — — — 6,672 (23,693)(17,021)
Purchase of treasury stock— — — — — — (482,049)(482,049)— (482,049)
Adjustment of noncontrolling interests to fair value— — — (16,215)— — — (16,215)16,215  
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — (844)— — — (844)844  
Settlement of notes warrants— — — (7,116)— — (7,116)— (7,116)
Other— — — 334 — — — 334 — 334 
Balance as of September 30, 2022$ $286 286,469 $8,216,165 $(7,867,143)$(566,601)$(482,049)$(699,342)$874 $(698,468)


8

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Nine Months Ended September 30, 2021
Match Group Shareholders’ Equity
Common Stock $0.001 Par Value
Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained Deficit
Accumulated Other Comprehensive Loss
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
(In thousands)
Balance as of December 31, 2020$640 $267 267,329 $7,089,007 $(8,422,237)$(81,454)$(1,414,417)$1,042 $(1,413,375)
Net (loss) earnings for the nine months ended September 30, 2021
(1,485)— — — 446,355 — 446,355 408 446,763 
Other comprehensive loss, net of tax
— — — — — (121,943)(121,943)(123)(122,066)
Stock-based compensation expense— — — 117,735 — — 117,735 — 117,735 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 4 4,021 30,175 — — 30,179 — 30,179 
Issuance of common stock for the acquisition of Hyperconnect— 6 5,929 890,845 — — 890,851 — 890,851 
Adjustment of redeemable noncontrolling interests to fair value2,185 — — (2,185)— — (2,185)— (2,185)
Purchase of noncontrolling interest— — — 943 — — 943 (2,571)(1,628)
Adjustment of noncontrolling interests to fair value— — — (1,835)— — (1,835)1,835  
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — (7,102)— — (7,102)7,253 151 
Unwind of notes hedges and warrants— — — 198,365 — — 198,365 — 198,365 
Exchangeable note obligation— — — (201,824)— — (201,824)— (201,824)
Other— — — (3,474)— — (3,474)(308)(3,782)
Balance as of September 30, 2021$1,340 $277 277,279 $8,110,650 $(7,975,882)$(203,397)$(68,352)$7,536 $(60,816)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
9

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
 Nine Months Ended September 30,
 20222021
 (In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings$276,508 $445,278 
Add back: earnings from discontinued operations, net of tax (509)
Net earnings from continuing operations$276,508 $444,769 
Adjustments to reconcile net earnings from continuing operations to net cash provided by operating activities attributable to continuing operations:
Stock-based compensation expense150,324 112,081 
Depreciation32,664 30,622 
Impairment and amortization of intangibles251,838 15,521 
Deferred income taxes6,517 (21,749)
Other adjustments, net1,362 49,761 
Changes in assets and liabilities
Accounts receivable6,985 (26,618)
Other assets53,757 17,729 
Accounts payable and other liabilities(467,343)(4,059)
Income taxes payable and receivable(11,721)18,443 
Deferred revenue(440)30,425 
Net cash provided by operating activities attributable to continuing operations300,451 666,925 
Cash flows from investing activities attributable to continuing operations:
Cash used in business combinations, net of cash acquired(25,681)(863,258)
Capital expenditures(38,373)(52,811)
Other, net2,615 26 
Net cash used in investing activities attributable to continuing operations(61,439)(916,043)
Cash flows from financing activities attributable to continuing operations:  
Payments to settle exchangeable notes(117,755) 
Proceeds from the settlement of exchangeable note hedges
61,459  
Payments to settle warrants related to exchangeable notes
(7,482) 
Debt issuance costs (851)
Proceeds from issuance of common stock pursuant to stock-based awards16,788 45,587 
Withholding taxes paid on behalf of employees on net settled stock-based awards
(106,688)(15,726)
Purchase of treasury stock
(482,049) 
Purchase of noncontrolling interests(10,554)(1,473)
Other, net10 150 
Net cash (used in) provided by financing activities attributable to continuing operations(646,271)27,687 
Total cash used in continuing operations(407,259)(221,431)
Net cash used in operating activities attributable to discontinued operations  
Net cash used in investing activities attributable to discontinued operations  
Net cash used in financing activities attributable to discontinued operations  
Total cash used in discontinued operations