Match Group Inc
For the period ended Mar 31, 2025. Filed May 8, 2025.
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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.
Mar 31, 2025 · Filed May 8, 2025
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 2024-09-30; filed 2024-11-12.
0000891103-24-000114
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000891103-25-000076
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 125 previous paragraphs and 118 current paragraphs.
64 unchanged; 30 reworded; 19 added; 31 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 28 previous and 16 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 (19)
Current report
•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent, energy, and bandwidth costs associated with data centers.
Current report
We manage our portfolio of brands in four business units: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia.
Current report
Tinder Direct Revenue declined $34.1 million, or 7%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 6% decrease in Payers and a 1% decrease in RPP. Additionally, revenue was negatively impacted by the strength of the U.S. dollar compared to the Euro, Brazilian Real, and Argentine Peso. On a consistent foreign exchange rate basis, the decline was $21.1 million or 4%.
Current report
Hinge Direct Revenue grew $28.5 million, or 23%, in 2025 versus 2024. Revenue growth was driven by both growth in the U.S. market as well as continued expansion efforts in certain European markets. Payers increased 19% compared to 2024, and RPP increased 3% over 2024 as a result of pricing optimizations.
Current report
E&E Direct Revenue declined 12% in 2025 versus 2024. Within E&E, Evergreen brands declined 15% partially due to our decision to terminate certain live streaming services in the second half of 2024, while Emerging brands grew 3%. The overall decline at E&E was driven by a decline in Payers of 16% compared to 2024, partially offset by increased RPP of 5%.
Current report
MG Asia Direct Revenue declined $7.8 million, or 11%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue declined $1.2 million, or 2%. Revenue was also negatively impacted by the strength of the U.S. dollar compared to the Turkish Lira and Japanese Yen.
Current report
Indirect Revenue increased primarily due to higher rates per ad impression in addition to higher ad impressions compared to 2024 driven by increased spend by our larger advertiser customers.
Current report
Cost of revenue decreased 8% primarily due to a decrease in Variable Expenses of $9.2 million predominately at E&E and MG Asia as a result of the termination of certain of our live streaming services and the Hakuna app in the second half of 2024 as well as a decrease in in-app purchase fees of $8.0 million.
Current report
Selling and marketing expense decreased 5% primarily due to lower cost of acquisition expense of $9.3 million predominately at Tinder and MG Asia.
Current report
General and administrative expense increased primarily due to an increase in employee compensation of $5.0 million predominately related to severance and other employee compensation related costs in 2025 and increases at Hinge due to increased payroll taxes associated with stock-based compensation. Additionally, stock-based compensation increased $2.8 million mainly as a result of the CEO transition and higher stock-based awards granted in the current year at Hinge, partially offset by decreases at E&E and MG Asia. Partially offsetting these net increases was a decrease in non-income taxes of $2.7 million at MG Asia.
Current report
Product development expense increased primarily due to an increase in stock-based compensation expense of $3.8 million primarily at Tinder and Hinge, partially offset by decreases at MG Asia.
Current report
Amortization of intangibles
Current report
Interest expense decreased primarily due to the decrease in the outstanding balance of the Term Loan which was repaid in full in January 2025.
Current report
In 2024, the income tax provision of $30.6 million represents an effective tax rate of 20%. The effective tax
Current report
partially offset by state income taxes, nondeductible stock compensation and unfavorable tax adjustments due
Current report
upon the vesting of certain stock-based awards due to a lower stock price on the date the awards vested
Current report
compared to the grant date fair value of such awards.
Current report
On January 21, 2025, the Company repaid the Term Loan in full utilizing cash on hand.
Current report
The Company currently settles substantially all equity awards on a net basis. Assuming all equity awards outstanding on April 30, 2025 were net settled at the closing price on that date, we would issue 10.5 million shares of common stock (of which 0.4 million are related to vested awards and 10.1 million are related to unvested awards) and, assuming a 50% withholding rate, would remit $314.0 million in cash for withholding taxes (of which $13.2 million is related to vested awards and $300.8 million is related to unvested awards). If we did not settle awards on a net basis and instead issued a sufficient number of shares to cover the $314.0 million employee withholding tax obligation, 10.5 million additional shares would be issued by the Company.
Removed paragraphs (31)
Previous 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.
Previous report
Company Updates
Previous report
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 report
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 report
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 report
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 report
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 report
Indirect Revenue increased due to a higher price per impression received and higher ad impressions.
Previous report
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 report
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 report
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 report
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 report
Indirect Revenue increased due to the factors described above in the three-month discussion.
Previous report
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 report
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 report
Selling and marketing expense increased primarily due to higher marketing spend at Hinge, Tinder, and certain Emerging brands.
Previous report
Selling and marketing expense increased primarily due to the factors described above in the three-month discussion.
Previous 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.
Previous report
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 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.
Previous report
Product development expense increased primarily due to the factors described above in the three-month discussion.
Previous report
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 report
Impairments and amortization of intangibles
Previous 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.
Previous report
Amortization of intangibles increased primarily due to the factors described above in the three-month discussion.
Previous report
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 report
Interest expense remained relatively flat as compared to the prior year.
Previous report
Other income, net in 2024 includes interest income of $11.3 million, partially offset by $4.0 million in net foreign currency losses.
Previous report
Other income, net in 2023 includes interest income of $7.8 million, partially offset by $0.7 million in net foreign currency losses.
Previous report
Other income, net in 2024 includes interest income of $31.7 million, partially offset by $4.7 million in net foreign currency losses.
Previous report
Other income, net in 2023 includes interest income of $18.8 million, partially offset by $4.8 million in net foreign currency losses.
Reworded paragraphs (30)
Previous 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.
Current wording
•Evergreen & Emerging (“E&E”)consists of the world-wide activity of our Evergreen brands, which include Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and our Emerging brands, which include BLK®, Chispa™, The League®, Archer®, Upward®, Yuzu™, and other smaller brands.
Previous 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®.
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®, which has expanded into Europe and the U.S.
Previous wording
•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 wording
•Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, 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).
Previous wording
•Selling and marketing expense -consists primarily of advertising expenditures and compensation expense (including stock-based compensation expense) and other employee-related costs for personnel engaged in selling and marketing, and sales support functions. Advertising expenditures include online marketing, including fees paid to search engines and social media sites, offline marketing, and production of advertising content.
Current wording
•Selling and marketing expense consists primarily of cost of acquisition expense, employee compensation expense, and stock-based compensation expense for personnel engaged in selling and marketing, sales support, and public relations functions.
Previous wording
•General and administrative expense -consists primarily of compensation expense (including stock-based compensation expense) and other employee-related costs for personnel engaged in executive management, finance, legal, tax, and human resources, fees for professional services (including transaction-related costs for acquisitions), and facilities costs.
Current wording
•General and administrative expense consists primarily of employee compensation expense and stock-based compensation expense for personnel engaged in executive management, finance, accounting, legal, tax, and human resources, fees for professional services (including transaction-related costs for acquisitions), and facilities costs.
Previous wording
•Product development expense -consists primarily of compensation expense (including stock-based compensation expense) and other employee-related costs that are not capitalized for personnel engaged in the design, development, testing, and enhancement of product offerings and related technology.
Current wording
•Product development expense consists primarily of employee compensation expense and stock-based compensation expense that are not capitalized for personnel engaged in the design, development, testing, and enhancement of product offerings and related technology.
Previous wording
•Cost of revenue -consists primarily of the amortization of in-app purchase fees, hosting fees, compensation expense (including stock-based compensation expense) and other employee-related costs for personnel engaged in data center and customer care functions, live video costs, credit card processing fees, and data center rent, energy, and bandwidth costs. In-app purchase fees are monies paid to Apple and Google in connection with the processing of in-app purchases of subscriptions and service features through the in-app payment systems provided by Apple and Google.
Current wording
•In-app purchase fees consists of the amortization of in-app purchase fees, which are monies paid to Apple and Google in connection with the processing of in-app purchases of subscriptions and service features through the in-app payment systems provided by Apple and Google.
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 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.
Current wording
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As of March 31, 2025 and December 31, 2024, there was $0.6 million outstanding in letters of credit and $499.4 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 September 30, 2024, the applicable rate was 6.71% and $425 million was outstanding.
Current wording
•Term Loan- The former term loan facility under the credit agreement of MG Holdings II. At December 31, 2024, 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 6.22%. On January 21, 2025, we repaid the $425 million Term Loan in full utilizing cash on hand.
Previous 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
Current wording
Results of Operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024
Previous wording
Depreciation was higher in 2024 compared to 2023 primarily due to the factors described above in the three-month discussion.
Current wording
Depreciation was higher in 2025 compared to 2024 primarily due to internally developed software at E&E and Tinder, partially offset by decreases at MG Asia primarily related to the shutdown of the Hakuna app in 2024.
Previous wording
Interest expense remained relatively flat as compared to the prior year.
Current wording
Amortization of intangibles was flat as compared to the prior year.
Previous 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.
Current wording
Operating income decreased 7% and Adjusted Operating Income decreased 2%. Operating income and Adjusted Operating Income each were impacted by (i) the decrease in revenue of $28.5 million, which was driven by decreases at Tinder, E&E, and MG Asia, partially offset by an increase at Hinge, and (ii) the increase in general and administrative expense due to severance and other employee compensation related costs. These impacts were partially offset by the decreases in (i) cost of revenue due to reduced Variable Expenses as a result of the termination of certain live streaming services and the Hakuna app and lower in-app purchase fees and (ii) selling and marketing expense due to decreased cost of acquisition expense. Operating income was further impacted by an increase in stock-based compensation expense, primarily as result of higher stock-based awards granted in the current year, and higher depreciation expense due to an increase in internally developed software placed in service.
Previous 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.
Current wording
At March 31, 2025, there was $539.7 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 2.3 years.
Previous 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.
Current wording
In 2025, the effective tax rate of 16% is lower than the statutory rate primarily due to excess tax benefits generated by the exercise and vesting of stock-based awards, U.S. income derived from foreign sources, and research credits. These effects were partially offset by nondeductible stock-based compensation and state income taxes.
Previous wording
In 2024 and 2023, the effective tax rates of 22% and 24%, respectively, were higher than the statutory rate primarily due to the factors described above in the three-month discussion. The 2024 period also includes a tax benefit realized upon the conclusion of certain state income tax audits.
Current wording
sources and a benefit realized upon the conclusion of certain state income tax audits. These decreases were
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 determined it does not have a material impact to the income tax provision. The Company is continuing to monitor future developments.
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 continues to analyze the Pillar II model rules. The full implementation of the model rules may have a material impact on the Company’s consolidated financial statements in the future.
Previous wording
Stock-based compensation expense consists principally of expense associated with the grants of stock options, restricted stock units (“RSUs”), performance-based RSUs and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts from current funds.
Current wording
Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts from current funds.
Previous 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:
Current wording
The following tables present the impact of foreign exchange effects on total revenue and Direct Revenue by segment for the three months ended March 31, 2025, compared to the three months ended March 31, 2024:
Previous wording
(a)The maturity date of the Credit Facility is the earlier of (x) March 20, 2029 and (y) the date that is 91 days prior to the maturity date of the Term Loan or the existing senior notes due 2027, 2028, or 2029, or any new indebtedness used to refinance the Term Loan or such senior notes that matures prior to the date that is 91 days after March 20, 2029, in each case if and only if at least $250 million in aggregate principal amount of such debt is outstanding on such date.
Current wording
(a)The maturity date of the Credit Facility is the earlier of (x) March 20, 2029 and (y) the date that is 91 days prior to the maturity date of the existing senior notes due 2027, 2028, or 2029, or any new indebtedness used to refinance such senior notes that matures prior to the date that is 91 days after March 20, 2029, in each case if and only if at least $250 million in aggregate principal amount of such debt is outstanding on such date.
Previous 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.
Current wording
Net cash provided by operating activities in 2025 includes adjustments to earnings of $70.4 million of stock-based compensation expense, $21.7 million of depreciation, and $10.5 million of impairments and amortization of intangibles. The decrease in cash from changes in working capital primarily consists of a decrease in accounts payable and other liabilities of $49.3 million, primarily related to the timing of payments and a decrease in deferred revenue of $8.6 million primarily related to the decrease in revenue, partially offset by a decrease in other assets of $15.2 million and the increase in income taxes payable and receivable of $11.5 million due to timing of payments and receipts.
Previous 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.
Current wording
Net cash used in investing activities in 2025 consists primarily of capital expenditures of $15.4 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 $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.
Current wording
Net cash used in financing activities in 2025 is primarily due to the repayment of the Term Loan of $425.0 million, purchases of treasury stock of $188.7 million, payments of $78.7 million of withholding taxes paid on behalf of employees for net-settled stock-based awards, and dividends paid of $47.8 million.
Previous 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.
Current wording
Net cash provided by operating activities in 2024 includes adjustments to earnings of $63.8 million of stock-based compensation expense, $20.5 million of depreciation, and $10.4 million of amortization of intangibles. The increase in cash from changes in working capital primarily consists of a decrease in accounts receivable of $71.7 million primarily related to the timing of cash receipts and an increase in taxes payable and receivable of $11.1 million primarily related to the timing of tax payments. These changes were partially offset by a decrease in accounts payable and other liabilities of $22.5 million due to the timing of payments and a decrease in deferred revenue of $11.5 million.
Previous 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.
Current wording
Net cash used in investing activities in 2024 consists primarily of capital expenditures of $17.2 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 $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.
Current wording
Net cash used in financing activities in 2024 is primarily due to purchases of treasury stock of $188.6 million and payments of $9.6 million of withholding taxes paid on behalf of employees for net-settled equity awards.
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 $50 million and $55 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 2025 cash capital expenditures will be between $45 million and $55 million, flat to 2024 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 $105.6 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 $43.3 million for 2025, $7.5 million for 2026, $9.8 million for 2027, and $9.0 million for 2028.
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 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.
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 (the “January 2024 Share Repurchase Program”). On December 10, 2024, the Board of Directors authorized a new repurchase program of up to $1.5 billion in aggregate value of shares of Match Group common stock (the “December 2024 Share Repurchase Program”). The December 2024 Share Repurchase Program took effect when the January 2024 Share Repurchase Program was exhausted, which occurred in April 2025. Under the December 2024 Share Repurchase Program, $1.45 billion in aggregate value of shares of Match Group common stock remains available as of April 30, 2025. Under the December 2024 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 December 2024 Share Repurchase Program may be commenced, suspended or discontinued at any time. During the three months ended March 31, 2025, we repurchased 6.1 million shares for $194.7 million on a trade date basis under the January 2024 Share Repurchase Program. Between April 1 and April 30, 2025, we repurchased 3.5 million shares for $100.0 million on a trade date basis under the January and December 2024 Share Repurchase Programs.
Previous 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.
Current wording
During the three months ended March 31, 2025, 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, 2024.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
•Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable Expenses (defined below), and employee compensation expense and stock-based compensation expense for personnel engaged in data center and customer care functions.
Current report — wording carried from elsewhere
•Cost of acquisition consists primarily of advertising expenditures, including online marketing (fees paid to search engines and social media sites), offline marketing, including television and print advertising, and production of advertising content.
Current report — wording carried from elsewhere
•Employee compensation expense consists primarily of compensation expense (excluding stock-based compensation expense) and other employee-related costs that are not capitalized.
Current report — wording carried from elsewhere
•Stock-based compensation expense consists principally of expense, that is not otherwise capitalized, associated with awards of restricted stock units (“RSUs”), performance-based RSUs, and market-based awards. These expenses are not paid in cash.
Current report — wording carried from elsewhere
rate was lower than the statutory rate primarily due to the lower tax rate on U.S. income derived from foreign