Match Group Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
MTCH$39.03-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0000891103-24-000095
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000891103-24-000114
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 125 current paragraphs.
68 unchanged; 39 reworded; 17 added; 20 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 25 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Beginning with this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, Match Group will present our business units as four operating segments consisting of Tinder, Hinge, Match Group Asia, and Evergreen & Emerging. We believe providing additional information about these business units will provide investors more insight into how we manage our portfolio of brands to drive value at the Match Group level. Additionally, we will include a “Corporate and unallocated costs” category for expenses, the components of which are defined below. As a result of these changes, we will no longer report revenue by geography as we believe it is less insightful following the shift to multiple business units.
Current report
•Tinder consists of the world-wide activity of the brand Tinder®.
Current report
•Hinge consists of the world-wide activity of the brand Hinge®.
Current report
•Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, and board of directors and public company listing fees), 2) portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain centrally managed services and technology that have not been allocated to the individual business segments (such as central trust and safety operations and certain shared software).
Current report
General and administrative expense decreased primarily due to a decrease in legal and other professional fees of $5.8 million, partially offset by an increase in employee compensation.
Current report
Product development expense increased primarily due to an increase in compensation expense of $8.0 million related to higher headcount at Tinder and lower capitalized labor costs at Tinder and higher software and hardware costs.
Current report
Impairments and amortization of intangibles
Current report
Impairments and amortization of intangibles increased primarily due to impairments of intangible assets of $30.6 million at E&E and MG Asia as a result of the termination of our live streaming services and Hakuna brand in 2024.
Current report
Amortization of intangibles increased primarily due to the factors described above in the three-month discussion.
Current report
NM = Not meaningful
Current report
Interest expense remained relatively flat as compared to the prior year.
Current report
Interest expense remained relatively flat as compared to the prior year.
Current report
Other income, net in 2024 includes interest income of $11.3 million, partially offset by $4.0 million in net foreign currency losses.
Current report
Other income, net in 2023 includes interest income of $7.8 million, partially offset by $0.7 million in net foreign currency losses.
Current report
Other income, net in 2024 includes interest income of $31.7 million, partially offset by $4.7 million in net foreign currency losses.
Current report
Other income, net in 2023 includes interest income of $18.8 million, partially offset by $4.8 million in net foreign currency losses.
Current report
The following tables reconcile operating income (loss) to Adjusted Operating Income (Loss) for the Company’s reportable segments and at a consolidated level:
Removed paragraphs (20)
Previous report
•Americas includes North America, Central America, South America, and the Caribbean islands.
Previous report
•Europe includes continental Europe, the British Isles, Iceland, Greenland, and Russia (ceased operations in June 2023), but excludes Turkey (which is included in APAC and Other).
Previous report
•APAC and Other includes Asia, Australia, the Pacific islands, the Middle East, and Africa.
Previous report
Americas Direct Revenue grew $20.6 million, or 5%, in 2024 versus 2023, driven by 20% growth in RPP, partially offset by a 13% decrease in Payers. RPP growth was driven by increased subscription revenue at Tinder and Hinge primarily due to the trailing effects of pricing optimizations, partially offset by decreased à la carte revenue at Tinder. The decrease in Payers was primarily driven by decreases at Tinder, as well as at Match and Plenty Of Fish, partially offset by increases at Hinge.
Previous report
Europe Direct Revenue grew $12.5 million, or 5%, in 2024 versus 2023, driven by 4% growth in RPP and a 2% increase in Payers. RPP growth was driven by higher subscription revenue at Tinder and Hinge primarily due to the trailing effects of pricing optimizations; partially offset by decreased à la carte revenue at Tinder. The increase in Payers was primarily due to increases at Hinge and Azar, partially offset by decreases at Meetic and Tinder.
Previous report
APAC and Other Direct Revenue decreased $1.1 million, or 1%, in 2024 versus 2023, primarily due to the strength of the U.S. dollar compared to the Turkish Lira and Japanese Yen, partially offset by a 3% increase in Payers. The increase in Payers was primarily driven by Azar with contributions from Tinder and Hinge, partially offset by decreases at Plenty Of Fish.
Previous report
Indirect Revenue increased primarily due to a higher number of impressions.
Previous report
Americas Direct Revenue grew $64.9 million, or 8%, in 2024 versus 2023, driven by 24% growth in RPP, partially offset by a 13% decrease in Payers, primarily due to the factors described above in the three-month discussion.
Previous report
Europe Direct Revenue increased $39.3 million, or 9%, in 2024 versus 2023, driven by 7% growth in RPP and a 2% increase in Payers, primarily due to the factors described above in the three-month discussion.
Previous report
APAC and Other Direct Revenue decreased $1.4 million in 2024 versus 2023, driven by the factors described above in the three-month discussion.
Previous report
Amortization of intangibles
Previous report
Amortization of intangibles decreased primarily due to certain definite-lived intangible assets having been fully amortized in the prior year.
Previous report
Amortization of intangibles decreased primarily due to the factors described above in the three-month discussion.
Previous report
Interest expense increased primarily due to a higher interest rate on the Term Loan in the current period.
Previous report
Interest expense increased primarily due to the factors described above in the three-month discussion.
Previous report
Other income, net in 2024 includes interest income of $10.4 million.
Previous report
Other income, net in 2023 includes interest income of $6.4 million, partially offset by $3.0 million in net foreign currency losses.
Previous report
Other income, net in 2024 includes interest income of $20.4 million, partially offset by $0.6 million in net foreign currency losses.
Previous report
Other income, net in 2023 includes interest income of $10.9 million, partially offset by $4.1 million in net foreign currency losses.
Previous report
The following table reconciles net earnings attributable to Match Group, Inc. shareholders to operating income and Adjusted Operating Income:
Reworded paragraphs (39)
Previous wording
•Match Group Asia (“MG Asia”) consists of the brands primarily focused on Asia and the Middle East, including Pairs™ and Azar®.
Current wording
•Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands primarily focused on Asia and the Middle East, including Pairs™ and Azar®.
Previous wording
•Evergreen & Emerging (“E&E”)consists primarily of the brands Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands.
Current wording
•Evergreen & Emerging (“E&E”)consists of the world-wide activity primarily of the brands Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands.
Previous wording
•Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio.
Current wording
•Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio.
Previous wording
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. On March 20, 2024, we entered into an amendment to reduce the borrowing availability under the Credit Facility from $750 million to $500 million and extend the maturity date of the Credit Facility. As of June 30, 2024, there was $0.4 million outstanding in letters of credit and $499.6 million of availability under the Credit Facility. As of December 31, 2023, there was $0.4 million outstanding in letters of credit and $749.6 million of availability under the Credit Facility.
Current wording
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. On March 20, 2024, we entered into an amendment to reduce the borrowing availability under the Credit Facility from $750 million to $500 million and extend the maturity date of the Credit Facility. As of September 30, 2024, there was $0.6 million outstanding in letters of credit and $499.4 million of availability under the Credit Facility. As of December 31, 2023, there was $0.4 million outstanding in letters of credit and $749.6 million of availability under the Credit Facility.
Previous wording
•Term Loan- The term loan facility under the credit agreement of MG Holdings II. At December 31, 2023, the Term Loan bore interest at a term secured overnight financing rate plus an applicable adjustment (“Adjusted Term SOFR”) plus 1.75% and the then applicable rate was 7.27%. As of June 30, 2024, the applicable rate was 7.24% and $425 million was outstanding.
Current wording
•Term Loan- The term loan facility under the credit agreement of MG Holdings II. At December 31, 2023, the Term Loan bore interest at a term secured overnight financing rate plus an applicable adjustment (“Adjusted Term SOFR”) plus 1.75% and the then applicable rate was 7.27%. As of September 30, 2024, the applicable rate was 6.71% and $425 million was outstanding.
Previous wording
•Adjusted Operating Income- is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted Operating Income and a reconciliation of net earnings attributable to Match Group, Inc. shareholders to operating income and Adjusted Operating Income.
Current wording
•Adjusted Operating Income- is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted Operating Income and a reconciliation of operating income to Adjusted Operating Income.
Previous wording
In July 2024, we announced our decision to terminate live streaming services in our dating applications, including Plenty of Fish, and to sunset our Hakuna application, which provides live streaming primarily in Asia. Our live streaming services collectively had 2024 projected annual total revenue of approximately $60 million. We expect to incur expenses of approximately $6 million in severance and other costs related to the closure of these services. Additionally, we expect to have impairments of certain assets associated with these live streaming services.
Current wording
In July 2024, we announced our decision to terminate live streaming services in our dating applications, including Plenty of Fish, and to sunset our Hakuna application, which provided live streaming primarily in Asia. At the beginning of 2024, our live streaming services and Hakuna application collectively were projected to have 2024 annual total revenue of approximately $60 million. We incurred expenses of approximately $2.1 million in severance and other costs related to the closure of these services in the three months ended September 30, 2024. Additionally, we recognized impairments of $30.6 million of intangible assets and write-offs of $4.6 million of internally developed software assets associated with these live streaming services in the three months ended September 30, 2024.
Previous wording
Results of Operations for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023
Current wording
Results of Operations for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023
Previous wording
Tinder Direct Revenue grew 1% in 2024 versus 2023, driven by growth in subscription revenue primarily due to the trailing effects of pricing optimizations, partially offset by decreased Payers and à la carte revenue.
Current wording
Tinder Direct Revenue declined 1% in 2024 versus 2023, driven by a 4% decrease in both Payers and à la carte revenue, partially offset by growth in subscription revenue primarily due to the trailing effects of pricing optimizations.
Previous wording
Hinge Direct Revenue grew 48% in 2024 versus 2023, driven by 24% growth in Payers and 19% growth in RPP.
Current wording
Hinge Direct Revenue grew 36% in 2024 versus 2023, driven by 21% growth in Payers as Hinge continues to expand in the U.S. and European markets, and 12% growth in RPP.
Previous wording
MG Asia Direct Revenue declined 4% over the prior year quarter, primarily driven by the strengthening of the U.S. dollar compared to the Turkish Lira and Japanese Yen. Excluding these foreign exchange impacts, MG Asia Direct Revenue increased 9% over the prior year quarter primarily from Payer growth at Azar.
Current wording
MG Asia Direct Revenue declined 6% over the prior year quarter, primarily driven by the strengthening of the U.S. dollar compared to the Turkish Lira and Japanese Yen. Excluding these foreign exchange impacts, MG Asia Direct Revenue decreased 1% over the prior year quarter primarily related to Payer declines at the Pairs brand, partially offset by Payer growth at Azar.
Previous wording
E&E Direct Revenue declined 8% over the prior year quarter, as our Evergreen brands collectively declined 13%, partially offset by a collective increase at our Emerging brands of 17%.
Current wording
E&E Direct Revenue declined 9% over the prior year quarter, as our Evergreen brands collectively declined 14%, which was partially offset by a collective increase at our Emerging brands of 14%.
Previous wording
Tinder Direct Revenue grew 5% in 2024 versus 2023, driven by growth in RPP due to pricing optimizations in the U.S. market and weekly subscription offerings that were initially introduced late in the first quarter of 2023, partially offset by a decrease in Payers due to the pricing optimizations and a decrease in users.
Current wording
Tinder Direct Revenue grew 3% in 2024 versus 2023, driven by 11% growth in RPP due to pricing optimizations in the U.S. market and weekly subscription offerings that were initially introduced late in the first quarter of 2023, partially offset by a 7% decrease in Payers due to the pricing optimizations and a decrease in users.
Previous wording
Hinge Direct Revenue grew 49% in 2024 versus 2023, driven by 28% growth in Payers and 17% growth in RPP due to user growth, pricing optimizations, and weekly subscription offerings at Hinge that started in the second quarter of 2023.
Current wording
Hinge Direct Revenue grew 44% in 2024 versus 2023, driven by 25% growth in Payers and 15% growth in RPP due to user growth, pricing optimizations, and weekly subscription offerings at Hinge that started in the second quarter of 2023.
Previous wording
MG Asia Direct Revenue declined 5% in 2024 versus 2023, primarily driven by the factors described above in the three-month discussion.
Current wording
MG Asia Direct Revenue declined 5% in 2024 versus 2023, primarily driven by the factors described above in the three-month discussion. Excluding foreign exchange impacts, MG Asia Direct Revenue increased 5% over the prior year quarter primarily due to Payer growth at Azar.
Previous wording
E&E Direct Revenue declined 6% in 2024 versus 2023, driven by a collective decline at our Evergreen brands of 11% partially offset by growth at our Emerging brands collectively of 20%.
Current wording
E&E Direct Revenue declined 7% in 2024 versus 2023, driven by a collective decline at our Evergreen brands of 12% partially offset by collective growth at our Emerging brands of 18%.
Previous wording
Cost of revenue decreased 2% primarily due to a decrease in in-app purchase fees of $6.2 million, which was primarily due to the Google litigation settlement implementation this year and escrow payments related to the litigation in prior year, and a decrease in live streaming costs of $3.0 million. Partially offsetting these decreases was an increase in web hosting fees of $7.5 million.
Current wording
Cost of revenue decreased 1% primarily due to a decrease in live streaming costs of $7.8 million, a decrease in credit card fees of $2.1 million, and a decrease in in-app purchase fees of $1.1 million, which was primarily due to the Google litigation settlement implementation this year and escrow payments related to the litigation in the prior year. Partially offsetting these decreases was an increase in web hosting fees of $4.4 million.
Previous wording
Cost of revenue increased 2% primarily due to an increase in in-app purchase fees of $29.8 million, partially offset by the Google litigation settlement implementation this year and escrow payments related to the litigation in prior year, and an increase in web hosting fees of $9.7 million, partially offset by a decrease in live streaming costs of $4.2 million and a decrease in credit card fees of $3.0 million.
Current wording
Cost of revenue increased 1% primarily due to an increase in web hosting fees of $14.0 million and an increase in in-app purchase fees of $12.5 million, which was partially offset by the Google litigation settlement implementation this year and escrow payments related to the litigation in the prior year. These increases were partially offset by a decrease in live streaming costs of $11.9 million and a decrease in credit card fees of $5.1 million.
Previous wording
Selling and marketing expense increased primarily due to higher marketing spend at Hinge, Tinder, and certain Emerging brands, partially offset by lower marketing spend elsewhere in the portfolio.
Current wording
Selling and marketing expense increased primarily due to higher marketing spend at Hinge, Tinder, and certain Emerging brands.
Previous wording
General and administrative expense increased primarily due to an increase in employee compensation of $13.0 million, including a stock-based compensation increase of $8.0 million as a result of new stock-based awards granted in the current year and lower forfeitures of stock-based awards in 2024 as compared to 2023, and an increase in taxes of $7.5 million due to Canada’s implementation of a digital sales tax in June 2024 retroactive to 2022.
Current wording
General and administrative expense increased primarily due to an increase in employee compensation of $15.1 million, which includes a stock-based compensation increase of $6.8 million as a result of new stock-based awards granted in the current year and lower forfeitures of stock-based awards in 2024 as compared to 2023, and an increase in taxes of $8.3 million due to Canada’s implementation of a digital sales tax in June 2024 retroactive to 2022.
Previous wording
Depreciation was higher in 2024 compared to 2023 primarily due to an increase in internally developed software placed in service.
Current wording
Depreciation was higher in 2024 compared to 2023 primarily due the write off of internally developed software associated with our live streaming services of $4.6 million, and an increase in internally developed software placed in service.
Previous wording
For a reconciliation of net earnings attributable to Match Group, Inc. shareholders to Adjusted Operating Income, see “Non-GAAP Financial Measures.”
Current wording
For a reconciliation of operating income to Adjusted Operating Income, see “Non-GAAP Financial Measures.”
Previous wording
Operating income decreased 5% and Adjusted Operating Income increased 2%. Operating income and Adjusted Operating Income each benefited from the increase in revenue of $34.5 million which was driven by growth at Hinge, and a decrease in cost of revenue due to lower in-app purchase fees, which was primarily related to an escrow payment related to litigation regarding fees paid to the Google Play store in the prior year quarter. The benefit was partially offset by an increase in selling and marketing expense, an increase in general and administrative expense mainly due to increases in digital sales taxes, and an increase in product development expenses related to employee compensation due to increases in headcount at Tinder. Operating income was further impacted by increases in stock-based compensation expense, primarily due to an increase in headcount and because forfeitures of stock-based awards were lower in 2024 than in 2023, and in depreciation expense due to increases in internally developed software placed in service.
Current wording
Operating income decreased 14% and Adjusted Operating Income increased 3%. Operating income and Adjusted Operating Income each benefited from the increase in revenue of $13.9 million which was driven by growth at Hinge, and a decrease in cost of revenue due to lower live streaming costs related to the termination of live streaming services in 2024. These benefits were partially offset by an increase in product development expenses related to employee compensation due to increases in headcount at Tinder and an increase in selling and marketing expense, primarily at Tinder and Hinge. Operating income was further impacted by (i) impairments of intangible assets at E&E and MG Asia in 2024 as a result of the termination of our live streaming services and Hakuna brand, (ii) increased depreciation expense due to increases in internally developed software placed in service, and (iii) increases in stock-based compensation expense, primarily as result of new stock-based awards granted in the current year.
Previous wording
Operating income decreased 6% and Adjusted Operating Income increased 4%, primarily due to the factors described above in the three-month discussion.
Current wording
Operating income decreased 9% and Adjusted Operating Income increased 4%, primarily due to the factors described above in the three-month discussion. Operating income and Adjusted Operating Income were further impacted by increases in cost of revenue related to increases in web hosting fees and in-app purchase fees, and increases in general and administrative expense mainly due to increases in employee compensation and increases in digital sales taxes.
Previous wording
At June 30, 2024, there was $466.1 million of unrecognized compensation cost, net of estimated forfeitures, related to stock-based awards, which is expected to be recognized over a weighted average period of approximately 2.1 years.
Current wording
At September 30, 2024, there was $400.1 million of unrecognized compensation cost, net of estimated forfeitures, related to stock-based awards, which is expected to be recognized over a weighted average period of approximately 1.9 years.
Previous wording
In 2024 and 2023, the effective tax rates of 24% and 23%, respectively, were higher than the statutory rate primarily due to state income taxes, nondeductible stock-based compensation, and unfavorable tax adjustments upon the vesting of certain stock-based awards due to a lower stock price on the date such awards vested compared to the grant date fair value of such awards. These increases in the statutory rate were partially offset by a lower tax rate on U.S. income derived from foreign sources.
Current wording
In 2024 and 2023, the effective tax rates of 23% and 22%, respectively, were higher than the statutory rate primarily due to the effects of nondeductible stock-based compensation, state income taxes, and foreign income taxed at higher rates. These effects were partially offset by a lower tax rate on U.S. income derived from foreign sources and research credits.
Previous wording
A number of countries have enacted or are actively drafting legislation to implement the Organization for Economic Cooperation and Development's ("OECD") international tax framework, including the Pillar II minimum tax regime. The Company analyzed the impact of enacted legislation and is continuing to monitor future developments. The enacted legislation does not have a material impact to the income tax provision.
Current wording
A number of countries have enacted or are actively drafting legislation to implement the Organization for Economic Cooperation and Development's ("OECD") international tax framework, including the Pillar II minimum tax regime. The Company analyzed the impact of enacted legislation and determined it does not have a material impact to the income tax provision. The Company is continuing to monitor future developments.
Previous wording
The following tables present the impact of foreign exchange effects on total revenue and Direct Revenue by geographic region, and RPP on a total basis and by geographic region, for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023:
Current wording
The following tables present the impact of foreign exchange effects on total revenue and Direct Revenue by business unit, and RPP on a total basis, for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:
Previous wording
Net cash provided by operating activities in 2024 includes adjustments to earnings of $133.7 million of stock-based compensation expense, $41.6 million of depreciation, and $21.3 million of amortization of intangibles. The decrease in cash from changes in working capital primarily consists of an increase in accounts receivable of $28.7 million primarily related to the timing of cash receipts, a decrease in deferred revenue of $22.1 million, and a decrease in taxes payable and receivable of $11.7 million due to the timing of tax payments.
Current wording
Net cash provided by operating activities in 2024 includes adjustments to earnings of $198.2 million of stock-based compensation expense, $66.9 million of depreciation, and $63.4 million of impairments and amortization of intangibles. The decrease in cash from changes in working capital primarily consists of an increase in accounts receivable of $41.4 million primarily related to the timing of cash receipts and a decrease in deferred revenue of $29.6 million, partially offset by an increase in taxes payable and receivable of $11.4 million due to the timing of tax payments.
Previous wording
Net cash used in investing activities in 2024 consists primarily of capital expenditures of $29.9 million primarily related to internal development of software and purchases of computer hardware.
Current wording
Net cash used in investing activities in 2024 consists primarily of capital expenditures of $43.0 million primarily related to internal development of software and purchases of computer hardware.
Previous wording
Net cash used in financing activities in 2024 is primarily due to purchases of treasury stock of $387.4 million and payments of $10.1 million of withholding taxes paid on behalf of employees for net-settled stock awards.
Current wording
Net cash used in financing activities in 2024 is primarily due to purchases of treasury stock of $630.6 million and payments of $11.4 million of withholding taxes paid on behalf of employees for net-settled stock-based awards. These uses of cash were partially offset by $9.4 million of proceeds from the issuance of common stock pursuant to stock-based awards.
Previous wording
Net cash provided by operating activities in 2023 includes adjustments to earnings of $102.2 million of stock-based compensation expense, $25.1 million of depreciation, and $23.4 million of amortization of intangibles. The decrease in cash from changes in working capital primarily consists of an increase in accounts receivable of $83.1 million primarily related to the timing of cash receipts, and a decrease in accounts payable and other liabilities of $28.0 million due to the timing of payments. These changes were partially offset by an increase in income taxes payable of $4.0 million primarily related to the timing of tax payments.
Current wording
Net cash provided by operating activities in 2023 includes adjustments to earnings of $163.9 million of stock-based compensation expense, $42.4 million of depreciation, $33.9 million of amortization of intangibles, and deferred income taxes of $44.8 million. The decrease in cash from changes in working capital primarily consists of an increase in accounts receivable of $100.1 million primarily related to the timing of cash receipts, and a decrease in deferred revenue of $23.7 million. These changes were partially offset by an increase in accounts payable and other liabilities of $15.7 million due to the timing of payments and an increase to working capital from taxes payable and receivable of $7.8 million primarily related to the timing of tax payments and receipt of tax refunds.
Previous wording
Net cash used in investing activities in 2023 consists primarily of capital expenditures of $37.5 million primarily related to internal development of software and purchases of computer hardware.
Current wording
Net cash used in investing activities in 2023 consists primarily of capital expenditures of $50.0 million primarily related to internal development of software and purchases of computer hardware.
Previous wording
Net cash used in financing activities in 2023 is primarily due to purchases of treasury stock of $145.1 million, payments of $2.6 million of withholding taxes paid on behalf of employees for net-settled stock awards, and purchases of non-controlling interests for $1.9 million. These uses of cash were partially offset by $15.8 million of proceeds from the issuance of common stock pursuant to stock-based awards.
Current wording
Net cash used in financing activities in 2023 is primarily due to purchases of treasury stock of $445.1 million, payments of $5.9 million of withholding taxes paid on behalf of employees for net-settled stock-based awards, and purchases of non-controlling interests for $1.9 million. These uses of cash were partially offset by $16.4 million of proceeds from the issuance of common stock pursuant to stock-based awards.
Previous wording
The Company’s principal sources of liquidity are its cash and cash equivalents as well as cash flows generated from operations. As of June 30, 2024, $499.6 million was available under the Credit Facility.
Current wording
The Company’s principal sources of liquidity are its cash and cash equivalents as well as cash flows generated from operations. As of September 30, 2024, $499.4 million was available under the Credit Facility.
Previous wording
The Company anticipates that it will need to make capital and other expenditures in connection with the development and expansion of its operations. The Company expects that 2024 cash capital expenditures will be between $55 million and $65 million, relatively flat to 2023 cash capital expenditures.
Current wording
The Company anticipates that it will need to make capital and other expenditures in connection with the development and expansion of its operations. The Company expects that 2024 cash capital expenditures will be between $50 million and $55 million, relatively flat to 2023 cash capital expenditures.
Previous wording
We have entered into various purchase commitments, primarily consisting of web hosting services. Our obligations under these various purchase commitments are $45.3 million for the remainder of 2024, $85.0 million for 2025, and $14.2 million for 2026.
Current wording
We have entered into various purchase commitments, primarily consisting of web hosting services. Our obligations under these various purchase commitments are $105.6 million for 2025, and $14.2 million for 2026.
Previous wording
On January 30, 2024, the Board of Directors of the Company approved a share repurchase program for the repurchase of up to $1.0 billion in aggregate value of shares of Match Group stock. Under the share repurchase program, shares of our common stock may be purchased on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. The share repurchase program may be commenced, suspended or discontinued at any time. During the six months ended June 30, 2024, we repurchased 12.0 million shares for $394.9 million on a trade date basis under the share repurchase program. As of July 26, 2024, $527.7 million in aggregate value of shares of Match Group stock remains available under the share repurchase program.
Current wording
On January 30, 2024, the Board of Directors of the Company approved a share repurchase program for the repurchase of up to $1.0 billion in aggregate value of shares of Match Group stock. Under the share repurchase program, shares of our common stock may be purchased on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. The share repurchase program may be commenced, suspended or discontinued at any time. During the nine months ended September 30, 2024, we repurchased 19.1 million shares for $635.6 million on a trade date basis under the share repurchase program. Between October 1 and November 1, 2024, we repurchased 3.0 million shares for $112.1 million. As of November 1, 2024, $252.3 million in aggregate value of shares of Match Group stock remains available under the share repurchase program.
Previous wording
During the six months ended June 30, 2024, there were no material changes to the Company’s critical accounting policies and estimates since the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2023.
Current wording
During the nine months ended September 30, 2024, there were no material changes to the Company’s critical accounting policies and estimates since the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2023.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Indirect Revenue increased due to the factors described above in the three-month discussion.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
General and administrative expense increased primarily due to an increase in taxes of $7.5 million due to Canada’s implementation of a digital sales tax in June 2024 retroactive to 2022.
Previous report — wording carried elsewhere
Product development expense increased primarily due to an increase in compensation expense of $17.5 million related to higher headcount at Tinder and an increase in stock-based compensation as a result of new stock-based awards granted in the current year.