Match Group, Inc.

Previous 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.

Current wording

•Selling and marketing expense consists primarily of cost of acquisition expense and employee compensation expense and stock-based compensation expense for personnel engaged in selling and marketing, sales support, and public relations functions.

Previous 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.

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 service offerings and related technology.

Previous wording

•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes due June 15, 2026 issued by Match Group FinanceCo 2, Inc., a subsidiary of the Company, which are exchangeable into shares of the Company's common stock. Interest is payable each June 15 and December 15. As of June 30, 2025, $575 million aggregate principal amount was outstanding and is presented as a current liability.

Current wording

•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes due June 15, 2026 issued by Match Group FinanceCo 2, Inc., a subsidiary of the Company, which are exchangeable into shares of the Company's common stock. Interest is payable each June 15 and December 15. On September 8, 2025, we repurchased $76.4 million of 2026 Exchangeable Notes. As of September 30, 2025, $499 million aggregate principal amount was outstanding and is presented as a current liability.

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 operating income to Adjusted Operating Income.

Current wording

•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)- is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. to Adjusted EBITDA.

Previous wording

Results of Operations for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Current wording

Results of Operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024

Previous wording

Tinder Direct Revenue declined $18.8 million, or 4%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 7% decrease in Payers, partially offset by a 3% increase in RPP, which was positively impacted by the weakening of the U.S. dollar compared to the Euro, British Pound, and Japanese Yen. On a consistent foreign exchange rate basis, the decline in revenue was $25.0 million, or 5%, in 2025 compared to 2024.

Current wording

Tinder Direct Revenue declined $12.6 million, or 3%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 7% decrease in Payers, partially offset by a 5% increase in RPP, which was positively impacted by the weakening of the U.S. dollar compared to the Euro and British Pound. On a consistent foreign exchange rate basis, the decline in revenue was $20.8 million, or 4%, in 2025 compared to 2024.

Previous wording

Hinge Direct Revenue grew $33.9 million, or 25%, 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 18% compared to 2024, and RPP increased 6% over 2024, which was positively impacted by the weakening of the U.S. dollar compared to the British Pound.

Current wording

Hinge Direct Revenue grew $39.2 million, or 27%, in 2025 versus 2024. Revenue growth was driven by both growth in the U.S. and other English-speaking markets as well as continued expansion efforts in certain European markets. Payers increased 17% compared to 2024, and RPP increased 9% over 2024, which was positively impacted by the weakening of the U.S. dollar compared to the Euro.

Previous wording

E&E Direct Revenue declined 10% in 2025 versus 2024. The overall decline at E&E was driven by a decline in Payers of 15% compared to 2024, partially offset by increased RPP of 6%. The decline is also partially due to our decision to terminate certain live streaming services in the second half of 2024.

Current wording

E&E Direct Revenue declined 4% in 2025 versus 2024. The overall decline at E&E was driven by a decline in Payers of 13% compared to 2024, partially offset by increased RPP of 10%. The Direct Revenue decline was driven by the Evergreen brands.

Previous wording

MG Asia Direct Revenue declined $4.8 million, or 6%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue increased $2.1 million, or 3%. RPP decreased 12% compared to 2024, partially offset by a 6% increase in Payers compared to 2024. RPP was negatively impacted by the shut down of the Hakuna app in 2024 due to the high RPP associated with those Payers. Additionally, revenue was positively impacted by a weakening of the U.S. dollar compared to the Japanese Yen.

Current wording

MG Asia Direct Revenue declined $3.0 million, or 4%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue remained flat compared to 2024. RPP decreased 10% from 2024, partially offset by a 6% increase in Payers compared to 2024. RPP was negatively impacted by the shut down of the Hakuna app in 2024 due to the high RPP associated with those Payers.

Previous wording

Indirect Revenue increased due to higher ad impressions compared to 2024, driven by continued strength in the advertising business, as well as Tinder’s partnership with World ID.

Current wording

Indirect Revenue increased due to higher ad impressions compared to 2024, driven by continued strength in the advertising business.

Previous wording

Tinder Direct Revenue declined $52.9 million, or 5%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 7% decrease in Payers, partially offset by a 1% increase in RPP. Additionally, revenue was negatively impacted by the strength of the U.S. dollar compared to the Brazilian Real, Argentine Peso, and Turkish Lira. On a consistent foreign exchange rate basis, the decline was $46.2 million or 5%.

Current wording

Tinder Direct Revenue declined $65.5 million, or 4%, in 2025 versus 2024. The decrease in Direct Revenue was driven by a 7% decrease in Payers, partially offset by a 2% increase in RPP. Additionally, revenue was positively impacted by the weakening of the U.S. dollar compared to the Euro and British Pound, partially offset by the strength of the U.S. dollar compared to the Argentine Peso. On a consistent foreign exchange rate basis, the decline was $67.0 million or 5%.

Previous wording

Hinge Direct Revenue grew $62.4 million, or 24%, 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 18% compared to 2024, and RPP increased 5% over 2024, as a result of pricing optimizations.

Current wording

Hinge Direct Revenue grew $101.7 million, or 25%, in 2025 versus 2024. Revenue growth was driven by both growth in the U.S. and other English-speaking markets as well as continued expansion efforts in certain European markets. Payers increased 18% compared to 2024, and RPP increased 6% over 2024, as a result of pricing optimizations.

Previous wording

MG Asia Direct Revenue declined $12.6 million, or 9%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue increased $0.9 million, or 1%. Revenue was also negatively impacted by the strength of the U.S. dollar compared to the Turkish Lira, partially offset by weakness to the Japanese Yen.

Current wording

MG Asia Direct Revenue declined $15.6 million, or 7%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue increased $0.7 million. Revenue was also negatively impacted by the strength of the U.S. dollar compared to the Turkish Lira, partially offset by weakness to the Japanese Yen.

Previous wording

Cost of revenue decreased primarily due to a decrease in Variable Expenses of $12.6 million predominantly at MG Asia and E&E as a result of the termination of the Hakuna app and certain of our live streaming services in the second half of 2024, partially offset by an increase in in-app purchase fees of $9.2 million primarily at Hinge.

Current wording

Cost of revenue decreased primarily due to a $4.0 million decrease in Variable Expenses predominantly at Tinder driven by lower web hosting fees, and at MG Asia, due to a decrease in partner fees as a result of the termination of the Hakuna app and certain of our live streaming services in the second half of 2024. These declines were partially offset by an increase in in-app purchase fees of $2.8 million primarily at Hinge as revenue continues to grow.

Previous wording

Cost of revenue decreased 5% primarily due to a decrease in Variable Expenses of $21.8 million predominately at E&E and MG Asia as a result of the termination of certain of our live streaming services and the shut down of the Hakuna app in the second half of 2024.

Current wording

Cost of revenue decreased 4% primarily due to a decrease in Variable Expenses of $25.9 million predominately at E&E and MG Asia as a result of the termination of certain of our live streaming services and the shut down of the Hakuna app in the second half of 2024.

Previous wording

Selling and marketing expense decreased 5% primarily due to lower cost of acquisition expense of $18.2 million predominantly at Tinder and MG Asia.

Current wording

Selling and marketing expense increased 8% primarily due to higher cost of acquisition expense of $13.9 million predominately at Hinge, Tinder, and MG Asia, partially offset by decreases at E&E.

Previous wording

General and administrative expense increased primarily due to (i) a preliminary settlement with the FTC in the amount of $14.0 million relating to E&E applications, (ii) an increase in legal and other professional fees of $11.2 million primarily within Corporate and Unallocated Costs and E&E, and (iii) severance expense of $7.8 million primarily within Corporate and Unallocated Costs and E&E. Partially offsetting these increases was a decrease of $8.1 million as the 2024 amount includes Canada’s implementation of a digital sales tax in June 2024 retroactive to 2022.

Current wording

General and administrative expense increased primarily due to (i) a legal settlement at Tinder in the amount of $60.5 million, (ii) a settlement with the FTC in the amount of $14.0 million related to certain E&E applications, and (iii) severance expense of $11.7 million primarily within Corporate and Unallocated Costs and E&E. Partially offsetting these increases was a decrease in non-cash compensation of $7.1 million primarily within E&E related to adjustments for certain performance award estimates and reductions in headcount.

Previous wording

Product development expense remained relatively flat as compared to the prior period with severance in the 2025 period of $6.5 million primarily at Tinder and E&E offset by decreases in other employee compensation expense and stock-based compensation at Tinder.

Current wording

Product development expense remained relatively flat as compared to the prior period due to an increase of $2.9 million in stock-based compensation expense mainly at Hinge, partially offset by decreases in employee compensation at Tinder and MG Asia due to decreased headcount.

Previous wording

Product development expense increased primarily due to severance expense of $7.9 million in 2025 primarily at Tinder and E&E, and an increase in other operating expenses related to increases in web services primarily at Tinder.

Current wording

Product development expense increased primarily due to severance expense of $9.4 million in 2025 primarily at Tinder and E&E, and an increase in other operating expenses related to increases in software subscriptions primarily at Tinder and Hinge.

Previous wording

Depreciation was lower in 2025 compared to 2024 primarily due to a decrease in depreciation of internally developed software at Tinder as certain assets became fully depreciated during the period.

Current wording

Depreciation was lower in 2025 compared to 2024 primarily due to (i) a decrease in depreciation of internally developed software at Tinder as certain assets became fully depreciated during the period and (ii) the write off of internally developed software associated with our live streaming services in 2024.

Previous wording

Depreciation was lower in 2025 compared to 2024 primarily due to a decrease in internally developed software at Tinder as certain assets became fully depreciated during the period, partially offset by increases in internally developed software at E&E.

Current wording

Depreciation was lower in 2025 compared to 2024 primarily due to (i) a decrease in internally developed software at Tinder as certain assets became fully depreciated during the period and (ii) the write off of internally developed software associated with our live streaming services in 2024. These decreases were partially offset by increases in internally developed software at E&E.

Previous wording

Operating income and Adjusted Operating Income

Current wording

Net Income, Operating income, and Adjusted EBITDA

Previous wording

For a reconciliation of operating income to Adjusted Operating Income, see “Non-GAAP Financial Measures.”

Current wording

For a reconciliation of operating income to Adjusted EBITDA for each reportable segment, see “Non-GAAP Financial Measures.”

Previous wording

•Tinder’s operating income was $217.0 million, down 1%, and Adjusted Operating Income was $246.2 million, down 2%, primarily due to the decrease in revenue and costs associated with restructuring operations.

Current wording

•Tinder’s operating income was $183.7 million, down 22%, and Adjusted EBITDA was $203.8 million, down 23%, primarily due to costs associated with legal settlements and the decrease in revenue.

Previous wording

•Hinge’s operating income was $38.9 million, an increase of 29%, and Adjusted Operating Income was $53.8 million, an increase of 27%, primarily due to continued Payer growth across all markets.

Current wording

•Hinge’s operating income was $46.3 million, an increase of 10%, and Adjusted EBITDA was $62.6 million, an increase of 22%, primarily due to continued Payer growth across all markets.

Previous wording

•MG Asia’s operating loss was $0.3 million, an improvement over the prior year of $5.1 million, and Adjusted Operating Income was $16.0 million, an increase of 16%, primarily due to the shut down of the Hakuna app in the second half of 2024.

Current wording

•MG Asia’s operating income was $0.8 million, an improvement over the prior year operating loss of $18.9 million, and Adjusted EBITDA was $15.3 million. The improvement of operating income is related to impairments and amortization of intangible assets in the prior year as a result of the shut down of the Hakuna app in the second half of 2024.

Previous wording

•Hinge’s operating income was $67.6 million, an increase of 39%, and Adjusted Operating Income was $96.4 million, an increase of 35%, primarily due to continued Payer growth across all markets.

Current wording

•Hinge’s operating income was $113.9 million, an increase of 25%, and Adjusted EBITDA was $159.0 million, an increase of 30%, primarily due to continued Payer growth across all markets.

Previous wording

•MG Asia’s operating income was $3.2 million, an improvement over the prior year of $16.2 million, and Adjusted Operating Income was $34.9 million, an increase of 29%, primarily due to the shut down of the Hakuna app in the second half of 2024.

Current wording

•MG Asia’s operating income was $4.0 million, an improvement over the prior year of $35.9 million, and Adjusted EBITDA was $50.2 million. The change in operating income is primarily due to the decrease in impairments and amortization of intangible assets as a result of impairments in the prior year related to the shut down of the Hakuna app in the second half of 2024.

Previous wording

At June 30, 2025, there was $441.8 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, 2025, there was $365.4 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 2.0 years.

Previous wording

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 wording

Interest expense decreased primarily due to the decrease in the outstanding balance of the Term Loan which was repaid in full in January 2025, partially offset by the issuance of the 6.125% Senior Notes in August 2025.

Previous wording

In 2025, the effective rate of 20% is lower than the statutory rate primarily due to the lower tax rate on U.S. income derived from foreign sources. This decrease was partially offset by state taxes, nondeductible stock-based compensation, and foreign income taxed at higher rates.

Current wording

In 2024, the effective tax rate of 23% was 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

In 2025, the effective tax rate of 18% is lower than the statutory rate primarily due to the lower tax rate on U.S. income derived from foreign sources, excess tax benefits generated by the exercise and vesting of stock-based awards, and research credits. These effects were partially offset by nondeductible stock-based compensation, state income taxes, and foreign income taxed at higher rates.

Current wording

In 2025, the effective tax rate of 18% is lower than the statutory rate primarily due to a lower tax rate on U.S. income derived from foreign sources and excess tax benefits generated by the exercise or vesting of stock-based awards. These effects were partially offset by nondeductible stock-based compensation and state income taxes.

Previous wording

In 2024, the effective tax rate of 22% was higher than the statutory rate primarily due to state income taxes, nondeductible stock compensation and unfavorable tax adjustments upon the vesting of certain stock-based awards due to a lower stock price on the date the awards vested compared to the grant date fair value of such awards. These increases were partially offset by the lower tax rate on U.S. income derived from foreign sources and a tax benefit realized upon the conclusion of certain state income tax audits.

Current wording

In 2024, the effective tax rate of 22% was higher than the statutory rate primarily due the effects of nondeductible stock-based compensation, state income taxes, and unfavorable tax adjustments upon the vesting of certain stock-based awards due to a higher stock price on the date such awards vested compared to the grant date fair value of such awards. These effects were partially offset by a lower tax rate on U.S. income derived from foreign sources, research credits, and a tax benefit realized upon the conclusion of certain state income tax audits.

Previous wording

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA provides changes to U.S. federal tax law, including current expensing of U.S. research expenditures, immediate expensing of eligible capital expenditures, modifications to the limitation of business interest expense, and changes to other tax provisions impacting 2025 and subsequent years. We anticipate a reduction in our U.S. federal cash taxes for the remainder of the current year and future years. There are several alternative ways of implementing the provision of the OBBBA, which we are currently evaluating. The effects of the new law are not reflected in the consolidated financial statement as of and for the period ending June 30, 2025.

Current wording

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“the Act”). The Act provides changes to U.S. federal tax law, including current expensing of U.S. research expenditures, immediate expensing of eligible capital expenditures, modifications to the limitation of business interest expense, and changes to other tax provisions in 2025 and later years. We expect the provisions of the Act to result in a reduction to our 2025 and 2026 cash tax payments. Additionally, we expect that the 2025 effective tax rate will be negatively affected by passage of the Act, primarily due to a lower deduction for U.S. income derived from foreign sources as a result of the current expensing of U.S. research expenditures. We continue to monitor interpretive guidance related to the Act. The impacts of the legislation are reflected in the consolidated financial statements as of and for the period ended September 30, 2025.

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 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.

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

Match Group reports Adjusted Operating Income and Revenue excluding foreign exchange effects, both of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). Adjusted Operating Income is among the primary metrics by which we evaluate the performance of our business, on which our internal budget is based, and by which management is compensated. Revenue excluding foreign exchange effects provides a comparable framework for assessing how our business performed without the effect of exchange rate differences when compared to prior periods. We believe that investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which we discuss below.

Current wording

Match Group reports Adjusted EBITDA and Revenue excluding foreign exchange effects, both of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA is among the primary metrics by which we evaluate the performance of our business, on which our internal budget is based, and by which management is compensated. Revenue excluding foreign exchange effects provides a comparable framework for assessing how our business performed without the effect of exchange rate differences when compared to prior periods. We believe that investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which we discuss below.

Previous wording

Adjusted Operating Incomeis defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements, as applicable. We believe this measure is useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. The above items are excluded from our Adjusted Operating Income measure because they are non-cash in nature. Adjusted Operating Income has certain limitations because it excludes the impact of certain expenses.

Current wording

Adjusted EBITDAis defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net income attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), net; (4) interest expense; (5) depreciation; (6) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; and (7) stock-based compensation expense. We believe Adjusted EBITDA is useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses. At a segment level, the closest GAAP measure is operating income (loss) as items outside operating income (loss) are not allocated to segments.

Previous wording

Non-Cash Expenses That Are Excluded From Adjusted Operating Income

Current wording

Non-Cash Expenses That Are Excluded From Adjusted EBITDA

Previous wording

The following tables reconcile operating income (loss) to Adjusted Operating Income (Loss) for the Company’s reportable segments and at a consolidated level:

Current wording

The following tables reconcile net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA for the Company’s reportable segments and at a consolidated level:

Previous wording

The following tables present the impact of foreign exchange effects on total revenue and Direct Revenue by segment for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024:

Current wording

The following tables present the impact of foreign exchange effects on total revenue and Direct Revenue by segment for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024: