Match Group Announces Fourth Quarter and Full-Year Results

DALLAS, Feb. 4, 2025

Total Company Full Year 2024 Financial Highlights

• Total Revenue of $3.5 billion grew 3% year-over-year ("Y/Y"), up 6% on a foreign exchange ("FX") neutral basis ("FXN"), driven by an 8% Y/Y increase in RPP to $19.12, partially offset by a 5% Y/Y decline in Payers to 14.9 million.
  • Excluding Hakuna and other of our live streaming services, Total Revenue was up 5% Y/Y, up 7% Y/Y FXN.
• Operating Income of $823 million declined 10% Y/Y, representing an Operating Income Margin of 24%.
• Adjusted Operating Income of $1.3 billion was flat Y/Y, representing an Adjusted Operating Income Margin of 36%.
• Operating Cash Flow and Free Cash Flow were $933 million and $882 million, respectively, for the year ended December 31, 2024. We deployed 85% of our free cash flow during the year for share repurchases. The last Apple payment of 2024, which we had expected in December, was received in early January 2025.
• The Company repurchased $753 million of stock in the year representing 22.2 million shares. As of February 4, 2025, $1.75 billion remained available for repurchase under the current repurchase programs.
• Diluted shares outstanding¹ were 260.0 million as of January 31, 2025, a decrease of 7%, since January 26, 2024.

Total Company Q4 2024 Financial Highlights

• Total Revenue of $860 million declined 1% Y/Y, up 1% FXN, driven by a 4% Y/Y decline in Payers to 14.6 million, partially offset by a 3% Y/Y increase in RPP to $19.29.
  • Excluding Hakuna and other of our live streaming services, Total Revenue was up 1% Y/Y, up 3% Y/Y FXN.
• Operating Income of $223 million declined 14% Y/Y, representing an Operating Income Margin of 26%.
• Adjusted Operating Income of $324 million declined 10% Y/Y, representing an Adjusted Operating Income Margin of 38%.
• The Company repurchased $117 million of stock in the quarter, 3.1 million shares, at an average price of $37.38 per share.

The following table summarizes total company consolidated financial results for the three months ended and the years ended December 31, 2024 and 2023.

A webcast of our fourth quarter 2024 results will be available at https://ir.mtch.com, along with our Executive Commentary and Supplemental Financial Materials. The webcast will begin on February 5, 2025 at 8:30 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site. 

Business Unit Performance

Tinder Full Year 2024 Financial Highlights

• Direct Revenue of $1.9 billion grew 1% Y/Y, up 4% FXN, driven by an 8% Y/Y increase in RPP to $16.68, largely offset by a 7% Y/Y decline in Payers to 9.7 million.
• Operating Income of $889 million declined 7% Y/Y, representing an Operating Income Margin of 45%.
• Adjusted Operating Income of $1.0 billion declined 3% Y/Y, representing an Adjusted Operating Income Margin of 51%.

Tinder Q4 2024 Financial Highlights

• Direct Revenue of $476 million declined 3% Y/Y, down 1% FXN, driven by a 5% decline in Payers to 9.5 million, partially offset by a 1% Y/Y increase in RPP to $16.72.
• Operating Income of $226 million declined 5% Y/Y, representing an Operating Income Margin of 46%.
• Adjusted Operating Income of $259 million declined 2% Y/Y, representing an Adjusted Operating Income Margin of 53%.

Tinder Operational Highlights

• Solid Peak Season New User Trends: Dating peak season new user trends have been solid in both the U.S. and international markets.
• Fostering a Clean Ecosystem: Tinder plans to continue its efforts to improve its ecosystem, including expansion of its face photo requirement and the use of biometrics to validate users. Early tests have shown a reduction in interactions with bad actors, as well as improvements in users' perception of authenticity.
• Improving User Outcomes: In Q1 2025, Tinder intends to test AI-curated recommendations to deliver more personalized and engaging matches and broaden the availability of the new Friends in Common feature.
• Bringing the Fun Back to Dating: In Q2 2025, Tinder plans to begin testing its double-dating feature for users to match with other pairs of friends, which we expect to appeal especially to women and Gen Z seeking safer, lower-pressure ways to date. Tinder also intends to test an AI-enabled discovery experience, which we expect to enhance the matching experience for Tinder users.

The following table summarizes Tinder's financial results for the three months ended and the years ended December 31, 2024 and 2023.

Hinge Full Year 2024 Financial Highlights

• Direct Revenue of $550 million grew 39% Y/Y, driven by a 23% Y/Y increase in Payers to 1.5 million and a 13% Y/Y increase in RPP to $29.94.
• Operating Income of $121 million increased 64% Y/Y, representing an Operating Income Margin of 22%.
• Adjusted Operating Income of $166 million, increased 55% Y/Y, representing an Adjusted Operating Income Margin of 30%.

Hinge Q4 2024 Financial Highlights

• Direct Revenue of $148 million grew 27% Y/Y, driven by a 19% Y/Y increase in Payers to 1.6 million and a 7% Y/Y increase in RPP to $30.42.
• Operating Income of $31 million increased 14% Y/Y, representing an Operating Income Margin of 21%.
• Adjusted Operating Income of $44 million increased 10% Y/Y, representing an Adjusted Operating Income Margin of 30%.

Hinge Operational Highlights

• New Campaign Helping Drive U.S. New User Outperformance: Hinge's new U.S. marketing campaign, "It's Funny We Met on Hinge," has helped drive strong peak season new user trends since its introduction, with particular strength among women.
• Upcoming Global Rollout of New Algorithm: Hinge's revamped recommendation algorithm aims to improve match quality by leveraging nuanced user data. Initial tests showed double-digit improvements in new matches per user. A global launch is planned for March 2025.
• AI-Powered User Coaching: Prompt Feedback, which launched in January 2025, has improved user profiles and prompt quality. This feature, as well as Photo Finder, are expected to be included in the onboarding process in H1.
• Additional International Expansion: Hinge plans to expand into Mexico and Brazil in the second half of 2025.

The following table summarizes Hinge's financial results for the three months ended and the years ended December 31, 2024 and 2023.

Evergreen & Emerging ("E&E") Full Year 2024 Financial Highlights

• Direct Revenue of $643 million declined 7% Y/Y driven by a 13% Y/Y decline in Payers to 2.7 million, partially offset by a 7% Y/Y increase in RPP to $20.10.
  • Excluding live streaming services, which we shut down in mid-2024, Direct Revenue was down 3% Y/Y, down 3% Y/Y FXN.
• Operating Income of $66 million decreased 20% Y/Y, representing an Operating Income Margin of 10%.
• Adjusted Operating Income of $170 million increased 4% Y/Y, representing an Adjusted Operating Income Margin of 26%.

E&E Q4 2024 Financial Highlights

• Direct Revenue of $155 million, declined 8% Y/Y, driven by a 14% Y/Y decrease in Payers to 2.5 million, partially offset by a 7% Y/Y increase in RPP to $20.80.
  • Excluding live streaming services, Direct Revenue was down 3% Y/Y, down 3% Y/Y FXN.
• Operating Income of $26 million increased 107% Y/Y, representing an Operating Income Margin of 16%.
• Adjusted Operating Income of $48 million increased 29% Y/Y, representing an Adjusted Operating Income Margin of 31%.

E&E Operational Highlights

• Platform Consolidation and Efficiencies: Salams, Plenty of Fish, and Meetic are on track to migrate to the shared tech platform by 2025 year-end, which is expected to continue unlocking efficiencies and operational benefits across E&E brands.
• Growth Inflection Point: Emerging brands' revenue growth is expected to increasingly offset Evergreen brands' revenue declines throughout 2025.
• Driving Engagement and Innovation: Social mode, first introduced on Yuzu, is now being tested on Chispa and BLK. The feature is showing higher engagement among women and offering us new insights into social features in dating apps.

The following table summarizes Evergreen and Emerging's financial results for the three months ended and the years ended December 31, 2024 and 2023.

Match Group Asia ("MG Asia") Full Year 2024 Financial Highlights

• Direct Revenue of $284 million declined 6% Y/Y, up 2% Y/Y FXN, driven by a 14% Y/Y decline in RPP to $23.56, partially offset by a 9% Y/Y increase in Payers to 1.0 million.
  • Excluding Hakuna, which we shut down in mid-2024, Direct Revenue was down 3% Y/Y, up 6% Y/Y FXN.
• Operating Loss of $32 million increased 273% Y/Y, representing an Operating Loss Margin of 11%.
• Adjusted Operating Income of $61 million declined 2% Y/Y, representing an Adjusted Operating Income Margin of 21%.

MG Asia Q4 2024 Financial Highlights

• Direct Revenue of $67 million declined 9% Y/Y, down 5% Y/Y FXN, driven by a 13% Y/Y decline in RPP to $21.95, partially offset by a 4% Y/Y increase in Payers to 1.0 million.
  • Excluding Hakuna, Direct Revenue was down 1% Y/Y, up 4% Y/Y FXN.
• Operating Loss of $0.4 million declined 94% Y/Y, representing an Operating Loss Margin of 1%.
• Adjusted Operating Income of $16 million increased 24% Y/Y, representing an Adjusted Operating Income Margin of 24%.

MG Asia Operational Highlights

• Azar Market Expansion: Azar's 2025 strategy focuses on expanding in European markets and the U.S., given that its 1:1 video chat experience is particularly resonating with Gen Z users looking for a fun, lower pressure way to connect.
• Pairs' Growth Strategy: Pairs is focused on driving growth through product-focused marketing, boosting Payers and RPP through monetization initiatives, and expanding the app in Asia, with a planned Korea launch in Q1 2025.

The following table summarizes MG Asia's financial results for the three months ended and the years ended December 31, 2024 and 2023.

Dividend Declaration

Match Group's Board of Directors has declared a cash dividend of $0.19 per share of the company's common stock. The dividend is payable on April 17, 2025 to stockholders of record as of April 3, 2025.

Financial Outlook

For Q1 2025 and Full year 2025, Match Group expects:

Q1 2025

• Total Revenue of $820 to $830 million, down 3% to 5% Y/Y.
  • On an FXN basis and excluding Hakuna and other of our live streaming services, Total Revenue to be flat to up 1% Y/Y.
  • FX to be a three-point Y/Y headwind and the exit of Hakuna and other of our live streaming services to be just under a two-point Y/Y headwind. The extra day in Q1'24 because of leap year is an additional one-point Y/Y headwind.
• Adjusted Operating Income of $260 to $265 million, down 5% to 7% Y/Y.
• Adjusted Operating Income Margin of 32% at the mid-point of the ranges.

Full Year 2025 

• Total Revenue of $3,375 to $3,500 million, down 3% to up 1% Y/Y.
  • On an FXN basis and excluding Hakuna and other of our live streaming services, Total Revenue to be flat to up 4% Y/Y.
  • FX to be a slightly more than two-point Y/Y headwind and the exit of Hakuna and other of our live streaming services to be an additional one-point Y/Y headwind.
• Adjusted Operating Income of $1,232 to $1,278 million, or roughly flat AOI Y/Y at the midpoint of the range.
• Adjusted Operating Income Margin of at least 36.5%.
• Stock-based compensation expense of $305 to $315 million.
• Capital expenditures of $45 to $55 million.
• FCF of $1,000 million to $1,030 million, representing ~81% FCF conversion of AOI at the mid-point of the ranges.
• Effective income tax rate in the low-20%s.
• Use of at least 75% of FCF for share repurchases and to target returning at least 100% of FCF to shareholders through dividends and share repurchases.
• Reduction of diluted shares outstanding by 5% to 7% over the course of 2025.

Financial Results

Consolidated Operating Costs and Expenses

Liquidity and Capital Resources

During the year ended December 31, 2024, we generated operating cash flow of $933 million and Free Cash Flow of $882 million.

During the quarter ended December 31, 2024, we repurchased 3.1 million shares of our common stock for $117 million on a trade date basis at an average price of $37.38. For the full year 2024, we repurchased 22.2 million shares of our common stock for $753 million at an average price of $33.86.

On December 10, 2024, our board of directors authorized a new repurchase program of up to $1.5 billion in aggregate value of shares of Match Group common stock which will take effect when the $247 million available under the previous share repurchase program authorization is exhausted. In total, we have $1.75 billion in aggregate value of shares of Match Group stock available under our share repurchase programs as of February 4, 2025.

As of December 31, 2024, we had $971 million in cash, cash equivalents, and short-term investments and $3.9 billion of long-term debt, $3.5 billion of which is fixed rate debt, including $1.2 billion of Exchangeable Senior Notes. Our $500 million revolving credit facility was undrawn as of December 31, 2024. Match Group's trailing twelve-month leverage[2] as of December 31, 2024 was 3.1x on a gross basis and 2.3x on a net basis.

On January 21, 2025, we paid a dividend of $0.19 per share to holders of record on January 6, 2025. The total cash payout was $48 million.

On January 21, 2025, we repaid the outstanding $425 million balance on our Term Loan with cash on hand.

GAAP Financial Statements

Consolidated Statement of Operations

Consolidated Balance Sheet

Consolidated Statement of Cash Flows

Reconciliations of GAAP to Non-GAAP Measures

Reconciliation of Operating Income (Loss) to Adjusted Operating Income

Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Continued)