1,2

See reconciliations of GAAP to non-GAAP measures starting on page 20.

1 On a trade date basis.

2 Operating Income in Q3’24 includes $37 million of impairments of intangible assets and other charges related to the shutdown of Hakuna and other of our live streaming services.

Match Group delivered Total Revenue consistent with our outlook and Adjusted Operating Income (“AOI”) that exceeded our expectations in the third quarter.

In Q3, Tinder Payer trends improved on a year-over-year basis (“Y/Y”), declining 4% Y/Y versus down 8% Y/Y in Q2, and on a sequential basis, with 311,000 sequential Payer additions. Tinder Direct Revenue was slightly below our expectations, driven by modestly lower RPP. Tinder monthly active users (“MAU”) remained down 9% Y/Y and we opted to delay à la carte (“ALC”) initiatives for further iteration as they were impacting subscription revenue more than we had anticipated, which we expect will have some downstream impacts in Q4.

We remain encouraged by Tinder’s progress on product initiatives to transform the brand. We expect to see tangible markers of improvement as Tinder’s new features roll out over the coming quarters.

Hinge Direct Revenue grew 36% Y/Y and reached an all-time high in downloads in the quarter. It was the second most downloaded3 dating app in aggregate across its English-speaking and European expansion markets, where it widened its lead over its next largest competitor throughout the quarter. In October, Hinge leap-frogged to become the second most downloaded dating app in the U.S. for the first time ever, took the number one spot in France, and further strengthened its number one position in several other markets.

At Match Group Asia (“MG Asia”), live video chat app Azar has solid momentum in Europe, and U.S. expansion is underway. In the Japanese dating market, we’re seeing signs of stabilization in user trends. At Evergreen and Emerging (“E&E”), consolidation efforts are progressing as planned, with BLK and Chispa fully migrated to the shared platform in the quarter, and the Emerging brands continue to grow and present opportunities for further expansion.

Throughout 2024, we’ve taken meaningful steps to put the portfolio on better financial footing, including exiting Hakuna and other of our live streaming services, and making progress on our consolidation efforts at E&E. These actions are helping to drive improved margins and cash flow. We’re focused on appropriately managing the differing growth stages of our brands, leveraging the strength of our category-leading portfolio, and driving efficiencies. Simultaneously, we remain committed to our innovation efforts, including AI-driven initiatives, which we believe will improve the user experience, accelerate growth at our existing brands, and may support the launch of exciting new brands as well.

We look forward to sharing more on our long-term plans, product roadmaps, and strategies to drive shareholder value at our Investor Day on December 11, 2024.

3 Source: Sensor Tower. Combined downloads across Apple App Store and Google Play Store. Among all dating apps, as defined by Match Group.

Beginning this quarter, we will present our business units as four operating segments: Tinder®, Hinge®, MG Asia, and E&E. Providing greater detail about these business units offers better insight into the company’s overall performance. As a result of these changes, we will no longer report revenue by geography because we believe it is less relevant to understanding the drivers of our performance.

In Q3, Tinder Direct Revenue was $503 million, down 1% (up 1% FXN) from the prior year quarter. Tinder Payers declined 4% Y/Y in Q3, an improvement from an 8% Y/Y decline in Q2, and sequential net additions were 311,000, the most since Q3 2022. RPP was up 4% Y/Y to $16.87.

Tinder began testing several ALC initiatives in Q3, including Passport ALC, Likes You ALC, and a new feature called First Impressions. These initiatives were well received by users but more cannibalistic to subscription revenue than expected and will require further iteration and testing before being fully rolled out. While this had only a modest impact on Q3 Direct Revenue, we do expect a more significant revenue impact in Q4.

Tinder MAU was down 9% Y/Y in Q3, which was the same rate of decline as in Q2, falling short of our expectations for continued improvement in Y/Y trends. From mid-September through October, we saw more pressure on new users (registrations and reactivations) than we expected, which has led to pressure on MAU.

Tinder’s primary focus remains driving its product transformation efforts forward to improve ecosystem health and user outcomes, which we believe are necessary for durable improvements in user, Payer, and revenue trends.

Testing features to improve Tinder’s ecosystem. In Q3, Tinder began testing mandating face photos on a user's profile in several markets. This requirement prevents a user from sending likes without uploading a face photo. Initial tests have been positive. Tinder also began testing, in a small market, technology that further helps verify the authenticity of a profile, another critical step toward improving the perception of realness on the platform. Tinder is carefully assessing the impacts of these two features on the ecosystem and user experience before launching more broadly.

Improving user outcomes, especially for women. In August, Tinder began testing a new feature called Spotlight Drops, which highlights a set of profiles with common interests. Tinder also recently started testing a revamped Explore tab which includes new tiles that allow users to find others with similar interests and intents, leading to better engagement trends. We believe Spotlight Drops and the new Explore tab are foundational steps toward improving user outcomes, especially for women, and creating a more dynamic discovery experience.

Efforts targeting college-aged users and improving brand perception. Tinder returned to college campuses in September with updates to Tinder U, including simplified onboarding, college-specific profile elements, and student pricing. These product initiatives, complemented by robust marketing, helped drive the highest ever single day enrollment since Tinder U launched five years ago.

Tinder also introduced its fourth College Swipe Off, a nationwide contest for college students. The college with the highest Swipe® activity, Temple University, will receive a free on-campus concert featuring Grammy-nominated artists Gunna and GloRilla. Across ambassador schools, College Swipe Off garnered approximately 52 million Swipes.

Tinder’s ongoing global It Starts with a Swipe™ campaign continues to drive improvements in users’ perception of Tinder’s “hookup stigma”4, which has improved 7 points in the U.S. from March 2023 to September 2024.

4 Source: Internal Tinder survey of U.S. market.

Hinge achieved exceptional results in the quarter, with 36% Y/Y Direct Revenue growth driven by 21% Payer, 12% RPP, and 20% MAU growth Y/Y. Hinge continues to drive extraordinary user momentum in both core English-speaking and European expansion markets.

In Q3, Hinge’s global downloads reached an all-time high, ranking it as the second most downloaded5 dating app in aggregate across its core English-speaking and European expansion markets. Hinge’s share of downloads widened throughout the quarter in the European markets compared to the next most-downloaded app. Downloads increased by more than 20% Y/Y across the Nordic and DACH regions, and more than 40% in France in September.

Remaining true to its brand narrative as the app that’s Designed to be Deleted® Hinge launched Your Turn Limits globally in September. The feature directly combats ghosting—a known user pain point—by increasing a user’s focus on current matches, and ultimately helps get users out on great dates faster. Tests of Your Turn Limits showed a ~20% increase in user responsiveness to their matches.

Hinge also launched two new marketing campaigns in August, including No Ordinary Love, a digital and printed anthology of six real, authentic, and unfiltered Hinge dating journeys in the U.S. and UK; and “The Moment I Knew” across European markets, which celebrates the ‘aha’ moments when Hinge daters knew they’ve met their person on the app.

5 Source: Sensor Tower. Combined downloads across Apple App Store and Google Play Store. Among all dating apps as defined by Match Group. MAU based on internal data.

In Q3, MG Asia Direct Revenue declined 6% Y/Y (down 1% FXN). Excluding Hakuna from the prior year quarter, MG Asia Direct Revenue declined 2% Y/Y.

Azar’s personalized AI technology, which provides users with a safer community-based video chat environment, is clearly resonating. Total MAU rose 14% Y/Y globally in Q3. Similarly, Azar’s expansion into Europe continues to be well-received, with MAU growing 27% Y/Y across the region. In October, Azar began its initial push into the U.S. We believe Azar can attract users, especially Gen Z, looking for a more spontaneous and casual experience.

At Pairs™, ongoing marketing initiatives and product refinements have led to stabilizing user trends, including 4% Y/Y growth in Q3 downloads6. This positive trend is reflective of Japanese dating market trends overall, where downloads across the category reached their highest level since late 2022.

In Q3, E&E Direct Revenue declined 9% Y/Y, driven by a 14% Y/Y decline in Evergreen brands’ Direct Revenue, partially offset by a 14% Y/Y increase in Emerging brands’ Direct Revenue. Excluding our live streaming services, E&E Direct Revenue was down 4% Y/Y.

6 Source: Sensor Tower. Combined downloads across Apple App Store and Google Play Store. Includes all dating apps in the online dating category in Japan as defined by Match Group.

The Evergreen brands consist of longstanding brands, including Match®, Meetic®, Plenty of Fish®, and OkCupid®, that maintain meaningful user bases and revenue, with improving profitability as a result of recent consolidation efforts. Our Emerging brands consist of brands tailored for specific demographic groups, including Latinx singles (Chispa™), Black singles (BLK®), gay men (Archer®), Muslims (Salams®), Christians (Upward®) and East Asians (Yuzu™). We can offer all these demographically tailored brands because they leverage a common platform and team, enabling us to serve specific groups well and cost effectively. Over the coming years, we expect to fill in our portfolio to serve other demographic groups who are currently underserved by our existing Emerging brands. Collectively, our Emerging Brands reached three million MAU in Q3 from zero in 2018 when we began to incubate these brands.

7

Efforts to eliminate redundancies and consolidate platforms at E&E are ongoing, with the successful migration of BLK and Chispa to the new combined E&E platform completed in Q3. E&E’s platform consolidation efforts are expected to lead to substantial operational efficiency improvements and cost savings, which we continue to expect to realize partially in 2025 and fully in 2026. The operational efficiencies include dramatically improving time-to-market for product features and enhanced user experiences by enabling each E&E brand to offer the best-in-class features from across the E&E portfolio.

7 Source: Sensor Tower. Combined downloads across Apple App Store and Google Play Store. Among all dating apps, as defined by Match Group U.S. only.

For Q4, we expect Match Group Total Revenue of $865 million to $875 million, essentially flat Y/Y. When excluding revenue from the now-exited Hakuna and other of our live streaming services from the prior year quarter, we expect Match Group Total Revenue to be up 2% to 3% Y/Y.

For Tinder, we expect Direct Revenue of $480 to $485 million, down 2% to 3% Y/Y, given the MAU headwinds and ALC initiative delays. We expect mid-single-digit Y/Y declines in Payers, partially offset by modest improvements in RPP.

Across our other brands, we expect Direct Revenue to be $370 to $375 million, representing 3% to 5% Y/Y growth. Within our other brands, we expect Hinge Direct Revenue of approximately $145 million, representing ~25% Y/Y growth. We expect Indirect Revenue to be approximately $15 million in the quarter.

We expect Q4 Match Group AOI to be $335 to $340 million, including approximately $7 million in employee severance and similar charges and the Canada Digital Services Tax. We expect AOI to be down 6% to 7% Y/Y, but up 4% to 6% Y/Y excluding the $40 million escrow refund as a result of the settlement of the Google litigation in Q4’23. We expect Q4 Match Group AOI margin of 39% at the midpoints of the ranges.

8 Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, and board of director and public company listing fees), 2) portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain centrally managed services and technology that have not been allocated to the individual business segments (such as central trust and safety operations and certain shared software).

During the nine months ended September 30, 2024, we generated operating cash flow of $678 million and Free Cash Flow of $635 million.

During the quarter ended September 30, 2024, we repurchased 7.1 million shares of our common stock for $241 million on a trade date basis at an average price of $34.07. Between October 1, 2024 and November 1, 2024, we repurchased an additional 3.0 million shares of our common stock for $112 million on a trade date basis. As of November 1, 2024, $252 million in aggregate value of shares of Match Group stock remains available under our previously announced share repurchase program.

As of September 30, 2024, we had $861 million in cash and 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 September 30, 2024. Match Group’s trailing twelve-month leverage9 as of September 30, 2024 is 3.0x on a gross basis and 2.3x on a net basis.

We recorded an income tax provision of $41 million in the third quarter of 2024, which equated to an effective tax rate of 23%. In the third quarter of 2023, the income tax provision was $47 million, which equated to an effective tax rate of 22%.

9 Leverage is calculated utilizing the non-GAAP measure Adjusted Operating Income as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 22.

The following table sets forth the computation of the basic and diluted earnings per share attributable to Match Group shareholders: