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Form 10-Q Match Group, Inc. For: Jun 30

August 5, 2022 4:02 PM EDT

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As filed with the Securities and Exchange Commission on August 5, 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 EndedJune 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-20220630_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 July 29, 2022, there were 282,986,452 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)
 June 30, 2022December 31, 2021
(In thousands, except share data)
ASSETS  
Cash and cash equivalents$463,686 $815,384 
Short-term investments9,240 11,818 
Accounts receivable, net of allowance of $477 and $281, respectively
182,320 188,482 
Other current assets149,567 202,568 
Total current assets804,813 1,218,252 
Property and equipment, net of accumulated depreciation and amortization of $181,831 and $181,742, respectively
168,761 163,256 
Goodwill2,281,606 2,411,996 
Intangible assets, net of accumulated amortization of $56,754 and $35,674, respectively
479,389 771,697 
Deferred income taxes310,073 334,937 
Other non-current assets149,136 163,150 
TOTAL ASSETS$4,193,778 $5,063,288 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
LIABILITIES  
Current maturities of long-term debt, net$58,782 $99,927 
Accounts payable15,200 37,871 
Deferred revenue259,149 262,131 
Accrued expenses and other current liabilities294,555 768,366 
Total current liabilities627,686 1,168,295 
Long-term debt, net3,832,534 3,829,421 
Income taxes payable12,273 13,842 
Deferred income taxes63,572 130,261 
Other long-term liabilities109,814 116,051 
Redeemable noncontrolling interests 1,260 
Commitments and contingencies
SHAREHOLDERS’ EQUITY  
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 286,102,332 and 283,470,334 shares issued; and 283,161,791 and 283,470,334 outstanding at June 30, 2022 and December 31, 2021, respectively
286 283 
Additional paid-in capital8,165,983 8,164,216 
Retained deficit(7,995,839)(8,144,514)
Accumulated other comprehensive loss(407,837)(223,754)
Treasury stock; 2,940,541 and 0 shares, respectively
(215,538) 
Total Match Group, Inc. shareholders’ equity
(452,945)(203,769)
Noncontrolling interests844 7,927 
Total shareholders’ equity
(452,101)(195,842)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $4,193,778 $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 June 30,Six Months Ended June 30,
 2022202120222021
 (In thousands, except per share data)
Revenue$794,513 $707,760 $1,593,144 $1,375,372 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
240,840 193,099 477,076 372,554 
Selling and marketing expense125,679 128,918 277,567 273,906 
General and administrative expense110,638 113,393 211,343 201,058 
Product development expense86,410 52,133 165,204 107,709 
Depreciation11,488 10,061 21,985 20,518 
Impairment and amortization of intangibles229,539 242 242,232 455 
Total operating costs and expenses804,594 497,846 1,395,407 976,200 
Operating (loss) income
(10,081)209,914 197,737 399,172 
Interest expense(35,623)(32,219)(70,519)(64,057)
Other income (expense), net
5,291 (355)6,109 (1,674)
(Loss) earnings from continuing operations, before tax
(40,413)177,340 133,327 333,441 
Income tax benefit (provision)
8,048 (37,320)14,915 (19,573)
Net (loss) earnings from continuing operations
(32,365)140,020 148,242 313,868 
Earnings from discontinued operations, net of tax
 509  509 
Net (loss) earnings(32,365)140,529 148,242 314,377 
Net loss attributable to noncontrolling interests
507 366 433 768 
Net (loss) earnings attributable to Match Group, Inc. shareholders
$(31,858)$140,895 $148,675 $315,145 
Net (loss) earnings per share from continuing operations:
     Basic$(0.11)$0.52 $0.52 $1.17 
     Diluted$(0.11)$0.46 $0.50 $1.04 
Net (loss) earnings per share attributable to Match Group, Inc. shareholders:
     Basic$(0.11)$0.52 $0.52 $1.17 
     Diluted$(0.11)$0.46 $0.50 $1.04 
Stock-based compensation expense by function:
Cost of revenue$1,558 $1,012 $3,107 $2,001 
Selling and marketing expense2,166 3,087 3,819 4,352 
General and administrative expense30,032 27,580 53,931 46,060 
Product development expense21,011 10,717 36,205 20,099 
Total stock-based compensation expense$54,767 $42,396 $97,062 $72,512 
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 June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net (loss) earnings
$(32,365)$140,529 $148,242 $314,377 
Other comprehensive loss, net of tax
Change in foreign currency translation adjustment
(139,201)(2,136)(185,049)(22,745)
Total other comprehensive loss
(139,201)(2,136)(185,049)(22,745)
Comprehensive (loss) income
(171,566)138,393 (36,807)291,632 
Components of comprehensive loss attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests
507 366 433 768 
Change in foreign currency translation adjustment attributable to noncontrolling interests
581 77 966 110 
Comprehensive loss attributable to noncontrolling interests
1,088 443 1,399 878 
Comprehensive (loss) income attributable to Match Group, Inc. shareholders
$(170,478)$138,836 $(35,408)$292,510 
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 June 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 March 31, 2022
$ $286 285,506 $8,110,463 $(7,963,981)$(269,217)$ $(122,449)$675 $(121,774)
Net (loss) earnings for the three months ended June 30, 2022
(508)— — — (31,858)— — (31,858)1 (31,857)
Other comprehensive loss, net of tax
— — — — — (138,620)— (138,620)(581)(139,201)
Stock-based compensation expense— — — 58,015 — — — 58,015 — 58,015 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— — 596 6,158 — — — 6,158 — 6,158 
Adjustment of redeemable noncontrolling interests to fair value508 — — (508)— — — (508)— (508)
Purchase of noncontrolling interest— — — — — — — — (225)(225)
Purchase of treasury stock— — — — — — (215,538)(215,538)— (215,538)
Adjustment of noncontrolling interests to fair value— — — (130)— — — (130)130  
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— — — (55)— — — (55)— (55)
Balance as of June 30, 2022
$ $286 286,102 $8,165,983 $(7,995,839)$(407,837)$(215,538)$(452,945)$844 $(452,101)
6

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended June 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained (Deficit) Earnings
Accumulated Other Comprehensive Loss
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of March 31, 2021
$1,040 $270 270,082 $7,135,823 $(8,247,987)$(102,030)$(1,213,924)$1,017 $(1,212,907)
Net (loss) earnings for the three months ended June 30, 2021
(525)— — — 140,895 — 140,895 159 141,054 
Other comprehensive loss, net of tax
— — — — — (2,059)(2,059)(77)(2,136)
Stock-based compensation expense— — — 44,656 — — 44,656 — 44,656 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 1 642 6,552 — — 6,553 — 6,553 
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 value725 — — (725)— — (725)— (725)
Purchase of noncontrolling interest— — — 943 — — 943 (2,571)(1,628)
Adjustment of noncontrolling interests to business acquisition— — — (1,835)— — (1,835)1,835  
Noncontrolling interest created by the exercise of subsidiary denominated equity award— — — (7,102)— — (7,102)7,102  
Other— — — (498)— — (498)(308)(806)
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)
7

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Six Months Ended June 30, 2022
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional
Paid-in
Capital
Retained (Deficit) Earnings
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 $(195,842)
Net (loss) earnings for the six months ended June 30, 2022
(950)— — — 148,675 — — 148,675 517 149,192 
Other comprehensive loss, net of tax
— — — — — (184,083)— (184,083)(966)(185,049)
Stock-based compensation expense
— — — 103,120 — — — 103,120 — 103,120 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 3 2,632 (84,510)— — — (84,507)— (84,507)
Adjustment of redeemable noncontrolling interests to fair value
(310)— — 310 — — — 310 — 310 
Purchase of noncontrolling interest— 6,672 — — — 6,672 (23,693)(17,021)
Purchase of treasury stock— — — — — — (215,538)(215,538)— (215,538)
Adjustment of noncontrolling interests to fair value— — — (16,215)— — — (16,215)16,215  
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — (844)— — — (844)844  
Settlement of notes warrants— — — (7,116)— — (7,116)— (7,116)
Other— — — 350 — — — 350 — 350 
Balance as of June 30, 2022$ $286 286,102 $8,165,983 $(7,995,839)$(407,837)$(215,538)$(452,945)$844 $(452,101)


8

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Six Months Ended June 30, 2021
Match Group Shareholders’ Equity
Common Stock $0.001 Par Value
Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained (Deficit) Earnings
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 six months ended June 30, 2021
(935)— — — 315,145 — 315,145 167 315,312 
Other comprehensive loss, net of tax
— — — — — (22,635)(22,635)(110)(22,745)
Stock-based compensation expense— — — 76,087 — — 76,087 — 76,087 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 4 3,395 25,974 — — 25,978 — 25,978 
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 value1,535 — — (1,535)— — (1,535)— (1,535)
Purchase of noncontrolling interest— — — 943 — — 943 (2,571)(1,628)
Adjustment of noncontrolling interests to business acquisition— — — (1,835)— — (1,835)1,835  
Noncontrolling interest created by the exercise of subsidiary denominated equity award— — — (7,102)— — (7,102)7,102  
Other— — — (3,725)— — (3,725)(308)(4,033)
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)
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)
 Six Months Ended June 30,
 20222021
 (In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings$148,242 $314,377 
Add back: earnings from discontinued operations, net of tax (509)
Net earnings from continuing operations$148,242 $313,868 
Adjustments to reconcile net earnings from continuing operations to net cash provided by operating activities attributable to continuing operations:
Stock-based compensation expense97,062 72,512 
Depreciation21,985 20,518 
Impairment and amortization of intangibles242,232 455 
Deferred income taxes(32,663)(20,731)
Other adjustments, net1,693 7,407 
Changes in assets and liabilities
Accounts receivable934 (103,127)
Other assets30,562 32,622 
Accounts payable and other liabilities(476,056)(17,320)
Income taxes payable and receivable(15,089)18,899 
Deferred revenue1,062 25,712 
Net cash provided by operating activities attributable to continuing operations19,964 350,815 
Cash flows from investing activities attributable to continuing operations:
Acquisitions, net of cash (840,869)
Capital expenditures(27,305)(32,392)
Other, net1,787 (