|
|
|
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the Quarterly Period Ended
|
June 30, 2019
|
|
Or
|
||
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from__________to__________
|
|
Delaware
|
|
26-4278917
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Securities registered pursuant to Section 12(b) of the Act:
|
||||
Title of each class
|
|
Trading Symbol
|
|
Name of exchange on which registered
|
Common Stock, par value $0.001
|
|
MTCH
|
|
The Nasdaq Stock Market LLC
|
|
|
|
|
(Nasdaq Global Select Market)
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
Emerging growth company
|
☐
|
|
|
Page
Number
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
266,374
|
|
|
$
|
186,947
|
|
Accounts receivable, net of allowance of $904 and $724, respectively
|
160,622
|
|
|
99,052
|
|
||
Other current assets
|
78,115
|
|
|
57,766
|
|
||
Total current assets
|
505,111
|
|
|
343,765
|
|
||
Right-of-use assets
|
46,879
|
|
|
—
|
|
||
Property and equipment, net of accumulated depreciation and amortization of $118,643 and $113,025, respectively
|
63,941
|
|
|
58,351
|
|
||
Goodwill
|
1,251,693
|
|
|
1,244,758
|
|
||
Intangible assets, net of accumulated amortization of $12,656 and $11,843, respectively
|
237,005
|
|
|
237,640
|
|
||
Deferred income taxes
|
149,574
|
|
|
134,347
|
|
||
Long-term investments
|
9,076
|
|
|
9,076
|
|
||
Other non-current assets
|
22,492
|
|
|
25,124
|
|
||
TOTAL ASSETS
|
$
|
2,285,771
|
|
|
$
|
2,053,061
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
Accounts payable
|
$
|
13,798
|
|
|
$
|
9,528
|
|
Deferred revenue
|
225,657
|
|
|
209,935
|
|
||
Accrued expenses and other current liabilities
|
143,902
|
|
|
135,971
|
|
||
Total current liabilities
|
383,357
|
|
|
355,434
|
|
||
Long-term debt, net
|
1,602,607
|
|
|
1,515,911
|
|
||
Income taxes payable
|
12,845
|
|
|
13,918
|
|
||
Deferred income taxes
|
20,285
|
|
|
20,174
|
|
||
Other long-term liabilities
|
55,726
|
|
|
21,760
|
|
||
Redeemable noncontrolling interests
|
1,035
|
|
|
—
|
|
||
Commitments and contingencies
|
|
|
|
||||
SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Common stock; $0.001 par value; authorized 1,500,000,000 shares; 75,584,202 and 71,513,087 shares issued; and 71,244,933 and 68,460,563 shares outstanding at June 30, 2019 and December 31, 2018, respectively
|
76
|
|
|
72
|
|
||
Class B convertible common stock; $0.001 par value; authorized 1,500,000,000 shares; 209,919,402 shares issued and outstanding
|
210
|
|
|
210
|
|
||
Class C common stock; $0.001 par value; authorized 1,500,000,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Preferred stock; $0.001 par value; authorized 500,000,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
(146,116
|
)
|
|
(57,575
|
)
|
||
Retained earnings
|
704,785
|
|
|
453,778
|
|
||
Accumulated other comprehensive loss
|
(134,906
|
)
|
|
(137,166
|
)
|
||
Treasury stock; 4,339,269 and 3,052,524 shares, respectively
|
(214,312
|
)
|
|
(133,455
|
)
|
||
Total Match Group, Inc. shareholders’ equity
|
209,737
|
|
|
125,864
|
|
||
Noncontrolling interests
|
179
|
|
|
—
|
|
||
Total shareholders’ equity
|
209,916
|
|
|
125,864
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
2,285,771
|
|
|
$
|
2,053,061
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Revenue
|
$
|
497,973
|
|
|
$
|
421,196
|
|
|
$
|
962,598
|
|
|
$
|
828,563
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue (exclusive of depreciation shown separately below)
|
126,665
|
|
|
97,334
|
|
|
246,889
|
|
|
191,278
|
|
||||
Selling and marketing expense
|
94,888
|
|
|
90,261
|
|
|
213,551
|
|
|
208,432
|
|
||||
General and administrative expense
|
62,233
|
|
|
42,165
|
|
|
116,627
|
|
|
84,926
|
|
||||
Product development expense
|
32,680
|
|
|
32,635
|
|
|
76,954
|
|
|
64,504
|
|
||||
Depreciation
|
8,197
|
|
|
8,399
|
|
|
16,028
|
|
|
16,546
|
|
||||
Amortization of intangibles
|
412
|
|
|
237
|
|
|
823
|
|
|
479
|
|
||||
Total operating costs and expenses
|
325,075
|
|
|
271,031
|
|
|
670,872
|
|
|
566,165
|
|
||||
Operating income
|
172,898
|
|
|
150,165
|
|
|
291,726
|
|
|
262,398
|
|
||||
Interest expense
|
(23,817
|
)
|
|
(18,276
|
)
|
|
(45,903
|
)
|
|
(36,082
|
)
|
||||
Other income, net
|
2,538
|
|
|
11,004
|
|
|
1,050
|
|
|
3,783
|
|
||||
Earnings before income taxes
|
151,619
|
|
|
142,893
|
|
|
246,873
|
|
|
230,099
|
|
||||
Income tax (provision) benefit
|
(23,651
|
)
|
|
(11,535
|
)
|
|
4,129
|
|
|
937
|
|
||||
Net earnings
|
127,968
|
|
|
131,358
|
|
|
251,002
|
|
|
231,036
|
|
||||
Net loss attributable to noncontrolling interests
|
5
|
|
|
1,142
|
|
|
5
|
|
|
1,200
|
|
||||
Net earnings attributable to Match Group, Inc. shareholders
|
$
|
127,973
|
|
|
$
|
132,500
|
|
|
$
|
251,007
|
|
|
$
|
232,236
|
|
|
|
|
|
|
|
|
|
||||||||
Net earnings per share attributable to Match Group, Inc. shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.46
|
|
|
$
|
0.48
|
|
|
$
|
0.90
|
|
|
$
|
0.84
|
|
Diluted
|
$
|
0.43
|
|
|
$
|
0.45
|
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense by function:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
$
|
676
|
|
|
$
|
642
|
|
|
$
|
1,941
|
|
|
$
|
1,275
|
|
Selling and marketing expense
|
1,330
|
|
|
889
|
|
|
2,726
|
|
|
1,781
|
|
||||
General and administrative expense
|
13,290
|
|
|
7,590
|
|
|
23,061
|
|
|
15,250
|
|
||||
Product development expense
|
6,719
|
|
|
7,585
|
|
|
22,284
|
|
|
15,363
|
|
||||
Total stock-based compensation expense
|
$
|
22,015
|
|
|
$
|
16,706
|
|
|
$
|
50,012
|
|
|
$
|
33,669
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Net earnings
|
$
|
127,968
|
|
|
$
|
131,358
|
|
|
$
|
251,002
|
|
|
$
|
231,036
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Change in foreign currency translation adjustment
|
3,046
|
|
|
(39,346
|
)
|
|
2,264
|
|
|
(8,745
|
)
|
||||
Total other comprehensive income (loss)
|
3,046
|
|
|
(39,346
|
)
|
|
2,264
|
|
|
(8,745
|
)
|
||||
Comprehensive income
|
131,014
|
|
|
92,012
|
|
|
253,266
|
|
|
222,291
|
|
||||
Comprehensive loss attributable to noncontrolling interests
|
1
|
|
|
1,413
|
|
|
1
|
|
|
1,267
|
|
||||
Comprehensive income attributable to Match Group, Inc. shareholders
|
$
|
131,015
|
|
|
$
|
93,425
|
|
|
$
|
253,267
|
|
|
$
|
223,558
|
|
|
|
|
|
Match Group Shareholders’ Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
Common Stock
$0.001
Par Value
|
|
Class B Convertible Common Stock $0.001
Par Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Redeemable
Noncontrolling Interests |
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other Comprehensive (Loss) Income |
|
Treasury Stock
|
|
Total Match Group Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total
Shareholders’ Equity |
||||||||||||||||||||||
|
|
|
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019
|
$
|
—
|
|
|
|
$
|
75
|
|
|
74,768
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(136,151
|
)
|
|
$
|
576,812
|
|
|
$
|
(137,948
|
)
|
|
$
|
(158,761
|
)
|
|
$
|
144,237
|
|
|
$
|
—
|
|
|
$
|
144,237
|
|
Net (loss) earnings for the three months ended June 30, 2019
|
(7
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127,973
|
|
|
—
|
|
|
—
|
|
|
127,973
|
|
|
2
|
|
|
127,975
|
|
||||||||||
Other comprehensive income, net of tax
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,042
|
|
|
—
|
|
|
3,042
|
|
|
4
|
|
|
3,046
|
|
||||||||||
Stock-based compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,009
|
|
|
—
|
|
|
22,009
|
|
||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes
|
—
|
|
|
|
1
|
|
|
665
|
|
|
—
|
|
|
—
|
|
|
(31,801
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,800
|
)
|
|
—
|
|
|
(31,800
|
)
|
||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement
|
—
|
|
|
|
—
|
|
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,551
|
)
|
|
(55,551
|
)
|
|
—
|
|
|
(55,551
|
)
|
||||||||||
Noncontrolling interests created in an acquisition
|
1,042
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Noncontrolling interest created by the exercise of subsidiary denominated equity award
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
173
|
|
|
—
|
|
||||||||||
Balance as of June 30, 2019
|
$
|
1,035
|
|
|
|
$
|
76
|
|
|
75,584
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(146,116
|
)
|
|
$
|
704,785
|
|
|
$
|
(134,906
|
)
|
|
$
|
(214,312
|
)
|
|
$
|
209,737
|
|
|
$
|
179
|
|
|
$
|
209,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance as of March 31, 2018
|
$
|
6,202
|
|
|
|
$
|
68
|
|
|
67,512
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
25,938
|
|
|
$
|
631,947
|
|
|
$
|
(81,921
|
)
|
|
$
|
(37,937
|
)
|
|
$
|
538,305
|
|
|
$
|
—
|
|
|
$
|
538,305
|
|
Net earnings (loss) for the three months ended June 30, 2018
|
133
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132,500
|
|
|
—
|
|
|
—
|
|
|
132,500
|
|
|
(1,275
|
)
|
|
131,225
|
|
||||||||||
Other comprehensive loss, net of tax
|
(271
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,075
|
)
|
|
—
|
|
|
(39,075
|
)
|
|
—
|
|
|
(39,075
|
)
|
||||||||||
Stock-based compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,680
|
|
|
26
|
|
|
16,706
|
|
||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes
|
—
|
|
|
|
—
|
|
|
240
|
|
|
—
|
|
|
—
|
|
|
(43,185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,185
|
)
|
|
—
|
|
|
(43,185
|
)
|
||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement
|
—
|
|
|
|
1
|
|
|
1,185
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,869
|
)
|
|
(41,869
|
)
|
|
—
|
|
|
(41,869
|
)
|
||||||||||
Noncontrolling interests created in an acquisition
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,246
|
|
|
14,246
|
|
||||||||||
Balance as of June 30, 2018
|
$
|
6,064
|
|
|
|
$
|
69
|
|
|
68,937
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(568
|
)
|
|
$
|
764,447
|
|
|
$
|
(120,996
|
)
|
|
$
|
(79,806
|
)
|
|
$
|
563,356
|
|
|
$
|
12,997
|
|
|
$
|
576,353
|
|
|
|
|
|
Match Group Shareholders’ Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
Common Stock
$0.001 Par Value |
|
Class B Convertible Common Stock $0.001
Par Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Redeemable
Noncontrolling Interests |
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other Comprehensive (Loss) Income |
|
Treasury Stock
|
|
Total Match Group Shareholders’ Equity
|
|
Noncontrolling Interests
|
|
Total
Shareholders’ Equity |
||||||||||||||||||||||
|
|
|
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
$
|
—
|
|
|
|
$
|
72
|
|
|
71,513
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(57,575
|
)
|
|
$
|
453,778
|
|
|
$
|
(137,166
|
)
|
|
$
|
(133,455
|
)
|
|
$
|
125,864
|
|
|
$
|
—
|
|
|
$
|
125,864
|
|
Net (loss) earnings for the six months ended June 30, 2019
|
(7
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
251,007
|
|
|
—
|
|
|
—
|
|
|
251,007
|
|
|
2
|
|
|
251,009
|
|
||||||||||
Other comprehensive income, net of tax
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,260
|
|
|
—
|
|
|
2,260
|
|
|
4
|
|
|
2,264
|
|
||||||||||
Stock-based compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,006
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,006
|
|
|
—
|
|
|
50,006
|
|
||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes
|
—
|
|
|
|
4
|
|
|
3,697
|
|
|
—
|
|
|
—
|
|
|
(138,333
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138,329
|
)
|
|
—
|
|
|
(138,329
|
)
|
||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement
|
—
|
|
|
|
—
|
|
|
374
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80,857
|
)
|
|
(80,857
|
)
|
|
—
|
|
|
(80,857
|
)
|
||||||||||
Noncontrolling interests created in an acquisition
|
1,042
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Noncontrolling interest created by the exercise of subsidiary denominated equity award
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
173
|
|
|
—
|
|
||||||||||
Balance as of June 30, 2019
|
$
|
1,035
|
|
|
|
$
|
76
|
|
|
75,584
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(146,116
|
)
|
|
$
|
704,785
|
|
|
$
|
(134,906
|
)
|
|
$
|
(214,312
|
)
|
|
$
|
209,737
|
|
|
$
|
179
|
|
|
$
|
209,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance as of December 31, 2017
|
$
|
6,056
|
|
|
|
$
|
64
|
|
|
64,370
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
81,082
|
|
|
$
|
532,211
|
|
|
$
|
(112,318
|
)
|
|
$
|
—
|
|
|
$
|
501,249
|
|
|
$
|
—
|
|
|
$
|
501,249
|
|
Net earnings (loss) for the six months ended June 30, 2018
|
75
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,236
|
|
|
—
|
|
|
—
|
|
|
232,236
|
|
|
(1,275
|
)
|
|
230,961
|
|
||||||||||
Other comprehensive loss, net of tax
|
(67
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,678
|
)
|
|
—
|
|
|
(8,678
|
)
|
|
—
|
|
|
(8,678
|
)
|
||||||||||
Stock-based compensation expense
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,643
|
|
|
26
|
|
|
33,669
|
|
||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes
|
—
|
|
|
|
3
|
|
|
2,272
|
|
|
—
|
|
|
—
|
|
|
(115,291
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115,288
|
)
|
|
—
|
|
|
(115,288
|
)
|
||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement
|
—
|
|
|
|
2
|
|
|
2,295
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Purchase of treasury stock
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,806
|
)
|
|
(79,806
|
)
|
|
—
|
|
|
(79,806
|
)
|
||||||||||
Noncontrolling interests created in an acquisition
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,246
|
|
|
14,246
|
|
||||||||||
Balance as of June 30, 2018
|
$
|
6,064
|
|
|
|
$
|
69
|
|
|
68,937
|
|
|
$
|
210
|
|
|
209,919
|
|
|
$
|
(568
|
)
|
|
$
|
764,447
|
|
|
$
|
(120,996
|
)
|
|
$
|
(79,806
|
)
|
|
$
|
563,356
|
|
|
$
|
12,997
|
|
|
$
|
576,353
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
251,002
|
|
|
$
|
231,036
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Stock-based compensation expense
|
50,012
|
|
|
33,669
|
|
||
Depreciation
|
16,028
|
|
|
16,546
|
|
||
Amortization of intangibles
|
823
|
|
|
479
|
|
||
Deferred income taxes
|
(15,227
|
)
|
|
(13,812
|
)
|
||
Acquisition-related contingent consideration fair value adjustments
|
—
|
|
|
210
|
|
||
Other adjustments, net
|
2,468
|
|
|
(622
|
)
|
||
Changes in assets and liabilities
|
|
|
|
||||
Accounts receivable
|
(61,414
|
)
|
|
(9,154
|
)
|
||
Other assets
|
(13,742
|
)
|
|
(26,099
|
)
|
||
Accounts payable and other liabilities
|
(6,441
|
)
|
|
(8,982
|
)
|
||
Income taxes payable and receivable
|
(6,374
|
)
|
|
5,485
|
|
||
Deferred revenue
|
15,483
|
|
|
14,732
|
|
||
Net cash provided by operating activities
|
232,618
|
|
|
243,488
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Net cash (used) acquired in business combinations
|
(3,759
|
)
|
|
1,136
|
|
||
Capital expenditures
|
(20,720
|
)
|
|
(14,785
|
)
|
||
Purchases of investments
|
—
|
|
|
(3,000
|
)
|
||
Other, net
|
1,118
|
|
|
38
|
|
||
Net cash used in investing activities
|
(23,361
|
)
|
|
(16,611
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under the Credit Facility
|
40,000
|
|
|
—
|
|
||
Proceeds from Senior Notes offering
|
350,000
|
|
|
—
|
|
||
Principal payments on Credit Facility
|
(300,000
|
)
|
|
—
|
|
||
Debt issuance costs
|
(5,593
|
)
|
|
—
|
|
||
Withholding taxes paid on behalf of employees on net settled stock-based awards
|
(138,465
|
)
|
|
(115,288
|
)
|
||
Purchase of treasury stock
|
(76,086
|
)
|
|
(73,943
|
)
|
||
Acquisition-related contingent consideration payments
|
—
|
|
|
(185
|
)
|
||
Other, net
|
27
|
|
|
(616
|
)
|
||
Net cash used in financing activities
|
(130,117
|
)
|
|
(190,032
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
|
224
|
|
|
289
|
|
||
Net increase in cash, cash equivalents, and restricted cash
|
79,364
|
|
|
37,134
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
187,140
|
|
|
272,761
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
266,504
|
|
|
$
|
309,895
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Direct Revenue:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
251,499
|
|
|
$
|
222,163
|
|
|
$
|
489,272
|
|
|
$
|
433,520
|
|
International
|
235,801
|
|
|
185,564
|
|
|
451,990
|
|
|
366,944
|
|
||||
Total Direct Revenue
|
487,300
|
|
|
407,727
|
|
|
941,262
|
|
|
800,464
|
|
||||
Indirect Revenue (principally advertising revenue)
|
10,673
|
|
|
13,469
|
|
|
21,336
|
|
|
28,099
|
|
||||
Total Revenue
|
$
|
497,973
|
|
|
$
|
421,196
|
|
|
$
|
962,598
|
|
|
$
|
828,563
|
|
Leases
|
|
Balance Sheet Classification
|
|
June 30, 2019
|
||
|
|
|
|
(In thousands)
|
||
Assets:
|
|
|
|
|
||
Right-of-use assets
|
|
Right-of-use assets
|
|
$
|
46,879
|
|
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Current lease liabilities
|
|
Accrued expenses and other current liabilities
|
|
$
|
14,010
|
|
Long-term lease liabilities
|
|
Other long-term liabilities
|
|
36,910
|
|
|
Total lease liabilities
|
|
|
|
$
|
50,920
|
|
Lease Cost
|
|
Income Statement Classification
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
|
|
|
|
(In thousands)
|
||||||
Fixed lease cost
|
|
Cost of revenue
|
|
$
|
987
|
|
|
$
|
1,819
|
|
Fixed lease cost
|
|
General and administrative expense
|
|
3,851
|
|
|
7,616
|
|
||
Total fixed lease cost(a)
|
|
|
|
4,838
|
|
|
9,435
|
|
||
|
|
|
|
|
|
|
||||
Variable lease cost
|
|
Cost of revenue
|
|
91
|
|
|
182
|
|
||
Variable lease cost
|
|
General and administrative expense
|
|
883
|
|
|
1,591
|
|
||
Total variable lease cost
|
|
|
|
974
|
|
|
1,773
|
|
||
Net lease cost
|
|
|
|
$
|
5,812
|
|
|
$
|
11,208
|
|
(a)
|
Includes approximately $0.9 million and $1.6 million of short-term lease cost, and $0.1 million and $0.2 million of sublease income, for the three and six months ended June 30, 2019, respectively.
|
Remaining lease term
|
|
4.4 years
|
|
Discount rate
|
|
5.06
|
%
|
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
|
|
(In thousands)
|
||||||
Other information:
|
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease liabilities
|
|
$
|
584
|
|
|
$
|
620
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
$
|
4,106
|
|
|
$
|
8,956
|
|
•
|
Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
|
•
|
Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.
|
•
|
Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
|
|
June 30, 2019
|
||||||||||||||
|
Quoted Market
Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total
Fair Value Measurements |
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
50,002
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,002
|
|
Time deposits
|
—
|
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
||||
Total
|
$
|
50,002
|
|
|
$
|
40,000
|
|
|
$
|
—
|
|
|
$
|
90,002
|
|
|
December 31, 2018
|
||||||||||||||
|
Quoted Market
Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
Fair Value
Measurements
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
72,546
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72,546
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Contingent consideration arrangement
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,974
|
)
|
|
$
|
(1,974
|
)
|
|
Three Months Ended June 30,
|
||
|
2018
|
||
|
(In thousands)
|
||
Balance at April 1
|
$
|
(1,965
|
)
|
Total net losses:
|
|
||
Fair value adjustments
|
(54
|
)
|
|
Included in other comprehensive income
|
109
|
|
|
Balance at June 30
|
$
|
(1,910
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Balance at January 1
|
$
|
(1,974
|
)
|
|
$
|
(2,647
|
)
|
Total net losses:
|
|
|
|
||||
Fair value adjustments
|
—
|
|
|
(210
|
)
|
||
Included in other comprehensive loss
|
(14
|
)
|
|
(1
|
)
|
||
Settlements
|
1,988
|
|
|
948
|
|
||
Balance at June 30
|
$
|
—
|
|
|
$
|
(1,910
|
)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Long-term debt, net (a)
|
$
|
(1,602,607
|
)
|
|
$
|
(1,686,058
|
)
|
|
$
|
(1,515,911
|
)
|
|
$
|
(1,513,683
|
)
|
(a)
|
At June 30, 2019 and December 31, 2018, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $22.4 million and $19.1 million, respectively.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Credit Facility due December 7, 2023
|
$
|
—
|
|
|
$
|
260,000
|
|
Term Loan due November 16, 2022 (the “Term Loan”)
|
425,000
|
|
|
425,000
|
|
||
6.375% Senior Notes due June 1, 2024 (the “6.375% Senior Notes”); interest payable each June 1 and December 1
|
400,000
|
|
|
400,000
|
|
||
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15
|
450,000
|
|
|
450,000
|
|
||
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15, commencing August 15, 2019
|
350,000
|
|
|
—
|
|
||
Total debt
|
1,625,000
|
|
|
1,535,000
|
|
||
Less: Unamortized original issue discount
|
6,695
|
|
|
7,352
|
|
||
Less: Unamortized debt issuance costs
|
15,698
|
|
|
11,737
|
|
||
Total long-term debt, net
|
$
|
1,602,607
|
|
|
$
|
1,515,911
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Balance at April 1
|
$
|
(137,948
|
)
|
|
$
|
(81,921
|
)
|
Other comprehensive income (loss)
|
3,042
|
|
|
(39,075
|
)
|
||
Balance at June 30
|
$
|
(134,906
|
)
|
|
$
|
(120,996
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Balance at January 1
|
$
|
(137,166
|
)
|
|
$
|
(112,318
|
)
|
Other comprehensive income (loss)
|
2,260
|
|
|
(8,678
|
)
|
||
Balance at June 30
|
$
|
(134,906
|
)
|
|
$
|
(120,996
|
)
|
|
Three Months Ended June 30,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
127,968
|
|
|
$
|
127,968
|
|
|
$
|
131,358
|
|
|
$
|
131,358
|
|
Net loss attributable to noncontrolling interests
|
5
|
|
|
5
|
|
|
1,142
|
|
|
1,142
|
|
||||
Impact from subsidiaries' dilutive securities
|
—
|
|
|
(133
|
)
|
|
—
|
|
|
—
|
|
||||
Net earnings attributable to Match Group, Inc. shareholders
|
$
|
127,973
|
|
|
$
|
127,840
|
|
|
$
|
132,500
|
|
|
$
|
132,500
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
281,244
|
|
|
281,244
|
|
|
277,115
|
|
|
277,115
|
|
||||
Dilutive securities(a)(b)
|
—
|
|
|
14,640
|
|
|
—
|
|
|
19,881
|
|
||||
Dilutive weighted average common shares outstanding
|
281,244
|
|
|
295,884
|
|
|
277,115
|
|
|
296,996
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Match Group, Inc. shareholders
|
$
|
0.46
|
|
|
$
|
0.43
|
|
|
$
|
0.48
|
|
|
$
|
0.45
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
251,002
|
|
|
$
|
251,002
|
|
|
$
|
231,036
|
|
|
$
|
231,036
|
|
Net loss attributable to noncontrolling interests
|
5
|
|
|
5
|
|
|
1,200
|
|
|
1,200
|
|
||||
Impact from subsidiaries' dilutive securities
|
—
|
|
|
(218
|
)
|
|
—
|
|
|
—
|
|
||||
Net earnings attributable to Match Group, Inc. shareholders
|
$
|
251,007
|
|
|
$
|
250,789
|
|
|
$
|
232,236
|
|
|
$
|
232,236
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
280,418
|
|
|
280,418
|
|
|
276,198
|
|
|
276,198
|
|
||||
Dilutive securities(a)(b)
|
—
|
|
|
15,591
|
|
|
—
|
|
|
21,376
|
|
||||
Dilutive weighted average common shares outstanding
|
280,418
|
|
|
296,009
|
|
|
276,198
|
|
|
297,574
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to Match Group, Inc. shareholders
|
$
|
0.90
|
|
|
$
|
0.85
|
|
|
$
|
0.84
|
|
|
$
|
0.78
|
|
(a)
|
If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity or vesting of restricted stock units. For the three and six months ended June 30, 2019, less than 0.1 million and 0.2 million potentially dilutive securities, respectively, and for the three and six months ended June 30, 2018, 0.1 million and 0.3 million, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
|
(b)
|
Market-based awards and performance-based stock options (“PSOs”) and units (“PSUs”) are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards, PSOs, and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards, PSOs and PSUs is dilutive for the respective reporting periods. For both of the three and six months ended June 30, 2019, 0.8 million shares underlying market-based awards, PSOs, and PSUs, and for both of the three and six months ended June 30, 2018, 1.9 million shares underlying market-based awards, PSOs, and PSUs, were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met.
|
|
June 30, 2019
|
|
December 31, 2018
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Cash and cash equivalents
|
$
|
266,374
|
|
|
$
|
186,947
|
|
|
$
|
309,761
|
|
|
$
|
272,624
|
|
Restricted cash included in other current assets
|
130
|
|
|
193
|
|
|
134
|
|
|
137
|
|
||||
Total cash, cash equivalents and restricted cash as shown on the consolidated statement of cash flows
|
$
|
266,504
|
|
|
$
|
187,140
|
|
|
$
|
309,895
|
|
|
$
|
272,761
|
|
•
|
North America - consists of the financial results and metrics associated with users located in the United States and Canada.
|
•
|
International - consists of the financial results and metrics associated with users located outside of the United States and Canada.
|
•
|
Direct Revenue - is revenue that is received directly from end users of our products and includes both subscription and à la carte revenue.
|
•
|
Indirect Revenue - is revenue that is not received directly from an end user of our products, substantially all of which is advertising revenue.
|
•
|
Subscribers - are users who purchase a subscription to one of our products. Users who purchase only à la carte features are not included in Subscribers.
|
•
|
Average Subscribers - is the number of Subscribers at the end of each day in the relevant measurement period divided by the number of calendar days in that period.
|
•
|
Average Revenue per Subscriber (“ARPU”) - is Direct Revenue from Subscribers in the relevant measurement period (whether in the form of subscription or à la carte revenue) divided by the Average Subscribers in such period and further divided by the number of calendar days in such period. Direct Revenue from users who are not Subscribers and have purchased only à la carte features is not included in ARPU.
|
•
|
Cost of revenue - consists primarily of the amortization of in-app purchase fees, compensation expense (including stock-based compensation expense) and other employee-related costs for personnel engaged in data center and customer care functions, credit card processing fees, hosting 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 product features through the in-app payment systems provided by Apple and Google.
|
•
|
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 (such as fees paid to search engines and social media sites), offline marketing (which is primarily television advertising), and payments to partners that direct traffic to our brands.
|
•
|
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, acquisition-related contingent consideration fair value adjustments (described below), fees for professional services (including transaction-related costs for acquisitions) and facilities costs.
|
•
|
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.
|
•
|
Acquisition-related contingent consideration fair value adjustments - relate to the portion of the purchase price of certain acquisitions that is contingent upon the financial performance and/or operating metric targets of the acquired company. The fair value of the liability is estimated at the date of acquisition and adjusted each reporting period until the liability is settled. Significant changes in financial performance and/or operating metrics will result in a significantly higher or lower fair value measurement. The changes in the estimated fair value of the contingent consideration arrangements during each reporting period, including the accretion of the discount if the arrangement is longer than
|
•
|
Credit Facility - The Company’s $500 million revolving credit facility, which matures on December 7, 2023, and currently bears interest at LIBOR plus 1.50%. At June 30, 2019, $500 million is available under the Credit Facility.
|
•
|
Term Loan - The Company’s seven-year term loan due November 16, 2022. The Term Loan bears interest at LIBOR plus 2.50%. The current rate at June 30, 2019 is 4.90%. At June 30, 2019, $425 million is outstanding.
|
•
|
6.375% Senior Notes - The Company’s 6.375% Senior Notes due June 1, 2024, with interest payable each June 1 and December 1, which were issued on June 1, 2016. At June 30, 2019, $400 million aggregate principal amount is outstanding.
|
•
|
5.00% Senior Notes - The Company’s 5.00% Senior Notes due December 15, 2027, with interest payable each June 15 and December 15, which were issued on December 4, 2017. At June 30, 2019, $450 million aggregate principal amount is outstanding.
|
•
|
5.625% Senior Notes - The Company’s 5.625% Senior Notes due February 15, 2029, with interest payable each February 15 and August 15, commencing on August 15, 2019, which were issued on February 15, 2019. At June 30, 2019, $350 million aggregate principal amount is outstanding.
|
•
|
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) - is a Non-GAAP financial measure. See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and a reconciliation of net earnings attributable to Match Group, Inc. shareholders to operating income and Adjusted EBITDA.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||||||||
|
(In thousands, except ARPU)
|
||||||||||||||||||||||||||
Direct Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North America
|
$
|
251,499
|
|
|
$
|
29,336
|
|
|
13%
|
|
$
|
222,163
|
|
|
$
|
489,272
|
|
|
$
|
55,752
|
|
|
13%
|
|
$
|
433,520
|
|
International
|
235,801
|
|
|
50,237
|
|
|
27%
|
|
185,564
|
|
|
451,990
|
|
|
85,046
|
|
|
23%
|
|
366,944
|
|
||||||
Total Direct Revenue
|
487,300
|
|
|
79,573
|
|
|
20%
|
|
407,727
|
|
|
941,262
|
|
|
140,798
|
|
|
18%
|
|
800,464
|
|
||||||
Indirect Revenue
|
10,673
|
|
|
(2,796
|
)
|
|
(21)%
|
|
13,469
|
|
|
21,336
|
|
|
(6,763
|
)
|
|
(24)%
|
|
28,099
|
|
||||||
Total Revenue
|
$
|
497,973
|
|
|
$
|
76,777
|
|
|
18%
|
|
$
|
421,196
|
|
|
$
|
962,598
|
|
|
$
|
134,035
|
|
|
16%
|
|
$
|
828,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Percentage of Total Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Direct Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North America
|
51%
|
|
|
|
|
|
53%
|
|
51%
|
|
|
|
|
|
53%
|
||||||||||||
International
|
47%
|
|
|
|
|
|
44%
|
|
47%
|
|
|
|
|
|
44%
|
||||||||||||
Total Direct Revenue
|
98%
|
|
|
|
|
|
97%
|
|
98%
|
|
|
|
|
|
97%
|
||||||||||||
Indirect Revenue
|
2%
|
|
|
|
|
|
3%
|
|
2%
|
|
|
|
|
|
3%
|
||||||||||||
Total Revenue
|
100%
|
|
|
|
|
|
100%
|
|
100%
|
|
|
|
|
|
100%
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average Subscribers:
|
|
|
|
|
|
|
|||||||||||||||||||||
North America
|
4,518
|
|
|
387
|
|
|
9%
|
|
4,131
|
|
|
4,440
|
|
|
386
|
|
|
10%
|
|
4,054
|
|
||||||
International
|
4,562
|
|
|
970
|
|
|
27%
|
|
3,592
|
|
|
4,408
|
|
|
883
|
|
|
25%
|
|
3,525
|
|
||||||
Total
|
9,080
|
|
|
1,357
|
|
|
18%
|
|
7,723
|
|
|
8,848
|
|
|
1,269
|
|
|
17%
|
|
7,579
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Change calculated using non-rounded numbers)
|
|||||||||||||||||||||||||||
ARPU:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North America
|
$
|
0.60
|
|
|
|
|
4%
|
|
$
|
0.58
|
|
|
$
|
0.60
|
|
|
|
|
3%
|
|
$
|
0.58
|
|
||||
International
|
$
|
0.56
|
|
|
|
|
1%
|
|
$
|
0.56
|
|
|
$
|
0.56
|
|
|
|
|
(1)%
|
|
$
|
0.56
|
|
||||
Total
|
$
|
0.58
|
|
|
$
|
0.01
|
|
|
2%
|
|
$
|
0.57
|
|
|
$
|
0.58
|
|
|
$
|
0.01
|
|
|
1%
|
|
$
|
0.57
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Cost of revenue
|
$
|
126,665
|
|
|
$
|
29,331
|
|
|
30%
|
|
$
|
97,334
|
|
Percentage of revenue
|
25%
|
|
|
|
|
|
23%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Cost of revenue
|
$
|
246,889
|
|
|
$
|
55,611
|
|
|
29%
|
|
$
|
191,278
|
|
Percentage of revenue
|
26%
|
|
|
|
|
|
23%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Selling and marketing expense
|
$
|
94,888
|
|
|
$
|
4,627
|
|
|
5%
|
|
$
|
90,261
|
|
Percentage of revenue
|
19%
|
|
|
|
|
|
21%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Selling and marketing expense
|
$
|
213,551
|
|
|
$
|
5,119
|
|
|
2%
|
|
$
|
208,432
|
|
Percentage of revenue
|
22%
|
|
|
|
|
|
25%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
General and administrative expense
|
$
|
62,233
|
|
|
$
|
20,068
|
|
|
48%
|
|
$
|
42,165
|
|
Percentage of revenue
|
12%
|
|
|
|
|
|
10%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
General and administrative expense
|
$
|
116,627
|
|
|
$
|
31,701
|
|
|
37%
|
|
$
|
84,926
|
|
Percentage of revenue
|
12%
|
|
|
|
|
|
10%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Product development expense
|
$
|
32,680
|
|
|
$
|
45
|
|
|
—%
|
|
$
|
32,635
|
|
Percentage of revenue
|
7%
|
|
|
|
|
|
8%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Product development expense
|
$
|
76,954
|
|
|
$
|
12,450
|
|
|
19%
|
|
$
|
64,504
|
|
Percentage of revenue
|
8%
|
|
|
|
|
|
8%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Depreciation
|
$
|
8,197
|
|
|
$
|
(202
|
)
|
|
(2)%
|
|
$
|
8,399
|
|
Percentage of revenue
|
2%
|
|
|
|
|
|
2%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Depreciation
|
$
|
16,028
|
|
|
$
|
(518
|
)
|
|
(3)%
|
|
$
|
16,546
|
|
Percentage of revenue
|
2%
|
|
|
|
|
|
2%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Operating income
|
$172,898
|
|
$22,733
|
|
15%
|
|
$150,165
|
|
$
|
291,726
|
|
|
$
|
29,328
|
|
|
11%
|
|
$
|
262,398
|
|
Percentage of revenue
|
35%
|
|
|
|
|
|
36%
|
|
30%
|
|
|
|
|
|
32%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA
|
$203,522
|
|
$27,961
|
|
16%
|
|
$175,561
|
|
$
|
358,589
|
|
|
$
|
45,287
|
|
|
14%
|
|
$
|
313,302
|
|
Percentage of revenue
|
41%
|
|
|
|
|
|
42%
|
|
37%
|
|
|
|
|
|
38%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Interest expense
|
$
|
23,817
|
|
|
$
|
5,541
|
|
|
30%
|
|
$
|
18,276
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Interest expense
|
$
|
45,903
|
|
|
$
|
9,821
|
|
|
27%
|
|
$
|
36,082
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Other income, net
|
$
|
2,538
|
|
|
$
|
(8,466
|
)
|
|
(77)%
|
|
$
|
11,004
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Other income, net
|
$
|
1,050
|
|
|
$
|
(2,733
|
)
|
|
(72)%
|
|
$
|
3,783
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Income tax provision
|
$
|
(23,651
|
)
|
|
$
|
(12,116
|
)
|
|
105%
|
|
$
|
(11,535
|
)
|
Effective income tax rate
|
16%
|
|
|
|
|
|
8%
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Income tax benefit
|
$
|
4,129
|
|
|
$
|
3,192
|
|
|
341%
|
|
$
|
937
|
|
Effective income tax rate
|
NM
|
|
|
|
|
|
NM
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In thousands)
|
||||||||||||||
Net earnings attributable to Match Group, Inc. shareholders
|
$
|
127,973
|
|
|
$
|
132,500
|
|
|
$
|
251,007
|
|
|
$
|
232,236
|
|
Add back:
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to noncontrolling interests
|
(5
|
)
|
|
(1,142
|
)
|
|
(5
|
)
|
|
(1,200
|
)
|
||||
Income tax provision (benefit)
|
23,651
|
|
|
11,535
|
|
|
(4,129
|
)
|
|
(937
|
)
|
||||
Other income, net
|
(2,538
|
)
|
|
(11,004
|
)
|
|
(1,050
|
)
|
|
(3,783
|
)
|
||||
Interest expense
|
23,817
|
|
|
18,276
|
|
|
45,903
|
|
|
36,082
|
|
||||
Operating Income
|
172,898
|
|
|
150,165
|
|
|
291,726
|
|
|
262,398
|
|
||||
Stock-based compensation expense
|
22,015
|
|
|
16,706
|
|
|
50,012
|
|
|
33,669
|
|
||||
Depreciation
|
8,197
|
|
|
8,399
|
|
|
16,028
|
|
|
16,546
|
|
||||
Amortization of intangibles
|
412
|
|
|
237
|
|
|
823
|
|
|
479
|
|
||||
Acquisition-related contingent consideration fair value adjustments
|
—
|
|
|
54
|
|
|
—
|
|
|
210
|
|
||||
Adjusted EBITDA
|
$
|
203,522
|
|
|
$
|
175,561
|
|
|
$
|
358,589
|
|
|
$
|
313,302
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands, except ARPU)
|
||||||||||||
Revenue, as reported
|
$
|
497,973
|
|
|
$
|
76,777
|
|
|
18%
|
|
$
|
421,196
|
|
Foreign exchange effects
|
15,783
|
|
|
|
|
|
|
|
|||||
Revenue excluding foreign exchange effects
|
$
|
513,756
|
|
|
$
|
92,560
|
|
|
22%
|
|
$
|
421,196
|
|
|
|
|
|
|
|
|
|
||||||
(Percentage change calculated using non-rounded numbers)
|
|
|
|
|
|
|
|
||||||
ARPU, as reported
|
$
|
0.58
|
|
|
|
|
2%
|
|
$
|
0.57
|
|
||
Foreign exchange effects
|
0.02
|
|
|
|
|
|
|
|
|||||
ARPU, excluding foreign exchange effects
|
$
|
0.60
|
|
|
|
|
5%
|
|
$
|
0.57
|
|
||
|
|
|
|
|
|
|
|
||||||
International ARPU, as reported
|
$
|
0.56
|
|
|
|
|
1%
|
|
$
|
0.56
|
|
||
Foreign exchange effects
|
0.04
|
|
|
|
|
|
|
|
|||||
International ARPU, excluding foreign exchange effects
|
$
|
0.60
|
|
|
|
|
7%
|
|
$
|
0.56
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
$ Change
|
|
% Change
|
|
2018
|
||||||
|
(Dollars in thousands, except ARPU)
|
||||||||||||
Revenue, as reported
|
$
|
962,598
|
|
|
$
|
134,035
|
|
|
16%
|
|
$
|
828,563
|
|
Foreign exchange effects
|
33,792
|
|
|
|
|
|
|
|
|||||
Revenue excluding foreign exchange effects
|
$
|
996,390
|
|
|
$
|
167,827
|
|
|
20%
|
|
$
|
828,563
|
|
|
|
|
|
|
|
|
|
||||||
(Percentage change calculated using non-rounded numbers)
|
|
|
|
|
|
|
|
||||||
ARPU, as reported
|
$
|
0.58
|
|
|
|
|
1%
|
|
$
|
0.57
|
|
||
Foreign exchange effects
|
0.02
|
|
|
|
|
|
|
|
|||||
ARPU, excluding foreign exchange effects
|
$
|
0.60
|
|
|
|
|
5%
|
|
$
|
0.57
|
|
||
|
|
|
|
|
|
|
|
||||||
International ARPU, as reported
|
$
|
0.56
|
|
|
|
|
(1)%
|
|
$
|
0.56
|
|
||
Foreign exchange effects
|
0.04
|
|
|
|
|
|
|
|
|||||
International ARPU, excluding foreign exchange effects
|
$
|
0.60
|
|
|
|
|
6%
|
|
$
|
0.56
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(In thousands)
|
||||||
Cash and cash equivalents:
|
|
|
|
||||
United States
|
$
|
142,123
|
|
|
$
|
83,851
|
|
All other countries
|
124,251
|
|
|
103,096
|
|
||
Total cash and cash equivalents
|
$
|
266,374
|
|
|
$
|
186,947
|
|
|
|
|
|
||||
Long-term debt:
|
|
|
|
||||
Credit Facility due December 7, 2023
|
$
|
—
|
|
|
$
|
260,000
|
|
Term Loan due November 16, 2022
|
425,000
|
|
|
425,000
|
|
||
6.375% Senior Notes
|
400,000
|
|
|
400,000
|
|
||
5.00% Senior Notes
|
450,000
|
|
|
450,000
|
|
||
5.625% Senior Notes
|
350,000
|
|
|
—
|
|
||
Total long-term debt
|
1,625,000
|
|
|
1,535,000
|
|
||
Less: Unamortized original issue discount
|
6,695
|
|
|
7,352
|
|
||
Less: Unamortized debt issuance costs
|
15,698
|
|
|
11,737
|
|
||
Total long-term debt, net
|
$
|
1,602,607
|
|
|
$
|
1,515,911
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
$
|
232,618
|
|
|
$
|
243,488
|
|
Net cash used in investing activities
|
(23,361
|
)
|
|
(16,611
|
)
|
||
Net cash used in financing activities
|
(130,117
|
)
|
|
(190,032
|
)
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations(a)
|
Less Than
1 Year
|
|
1–3
Years
|
|
3–5
Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Long-term debt(b)
|
$
|
85,072
|
|
|
$
|
176,913
|
|
|
$
|
972,118
|
|
|
$
|
977,188
|
|
|
$
|
2,211,291
|
|
Operating leases(c)
|
16,154
|
|
|
25,653
|
|
|
8,480
|
|
|
7,185
|
|
|
57,472
|
|
|||||
Purchase obligation(d)
|
23,732
|
|
|
1,785
|
|
|
—
|
|
|
—
|
|
|
25,517
|
|
|||||
Total contractual obligations
|
$
|
124,958
|
|
|
$
|
204,351
|
|
|
$
|
980,598
|
|
|
$
|
984,373
|
|
|
$
|
2,294,280
|
|
(a)
|
The Company has excluded $34.9 million in unrecognized tax benefits and related interest from the table above as we are unable to make a reasonably reliable estimate of the period in which these liabilities might be paid. For additional information on income taxes, see “Note 4—Income Taxes” to the consolidated financial statements included in “Item 1—Consolidated Financial Statements.”
|
(b)
|
Represents contractual amounts due including interest on both fixed and variable rate instruments. Long-term debt at June 30, 2019 consists of the 6.375%, 5.00%, and 5.625% Senior Notes of $400 million, $450 million, and $350 million, respectively, which bear interest at fixed rates, and the Term Loan balance of $425 million which bears interest at a variable rate. The Term Loan bears interest at LIBOR plus 2.50%, or 4.90% at June 30, 2019. The amount of interest ultimately paid on the Term Loan may differ based on changes in interest rates and outstanding balances. For additional information on long-term debt, see “Note 6—Long-term Debt, net” to the consolidated financial statements included in “Item 1—Consolidated Financial Statements.”
|
(c)
|
The Company leases office space, data center facilities and equipment used in connection with its operations under various operating leases, many of which contain escalation clauses. The Company is also committed to pay a portion of the related operating expenses under certain lease agreements. These operating expenses are not included in the table above. For additional information on operating leases, see “Note 3—Leases” to the consolidated financial statements included in “Item 1—Consolidated Financial Statements.”
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(d)
|
The purchase obligations consist primarily of a web hosting commitment.
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(1)
|
Reflects repurchases made pursuant to the 6 million share repurchase authorization previously announced in May 2017, which has no expiration.
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(2)
|
Represents the total number of shares of common stock that remained available for repurchase pursuant to the May 2017 repurchase authorization. The timing and actual number of any shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The Company is not obligated to purchase any shares under the repurchase
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Incorporated by Reference
|
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Filed (†) or
Furnished (‡)
Herewith
(as indicated)
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||||||
Exhibit
No.
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Exhibit Description
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Form
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SEC
File No.
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Exhibit
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Filing
Date
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†
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||
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†
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‡
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||
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‡
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||
101.INS
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Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH
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Inline XBRL Taxonomy Extension Schema Document
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†
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101.CAL
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Inline XBRL Taxonomy Extension Calculation Linkbase Document
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†
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101.DEF
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Inline XBRL Taxonomy Extension Definition Linkbase Document
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†
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101.LAB
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Inline XBRL Taxonomy Extension Label Linkbase Document
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†
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101.PRE
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Inline XBRL Taxonomy Extension Presentation Linkbase Document
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†
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104
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
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August 8, 2019
|
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MATCH GROUP, INC.
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||
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By:
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/s/ GARY SWIDLER
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Gary Swidler
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Chief Financial Officer
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Signature
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Title
|
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Date
|
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|
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/s/ GARY SWIDLER
|
Chief Financial Officer
|
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August 8, 2019
|
Gary Swidler
|
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2019 of Match Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated:
|
August 8, 2019
|
|
/s/ AMANDA W. GINSBERG
|
|
|
|
Amanda W. Ginsberg
Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2019 of Match Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated:
|
August 8, 2019
|
|
/s/ GARY SWIDLER
|
|
|
|
Gary Swidler
Chief Financial Officer
|
(1)
|
the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019 of Match Group, Inc. (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Match Group, Inc.
|
Dated:
|
August 8, 2019
|
|
/s/ AMANDA W. GINSBERG
|
|
|
|
Amanda W. Ginsberg
Chief Executive Officer
|
(1)
|
the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019 of Match Group, Inc. (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Match Group, Inc.
|
Dated:
|
August 8, 2019
|
|
/s/ GARY SWIDLER
|
|
|
|
Gary Swidler
Chief Financial Officer
|