XML 39 R25.htm IDEA: XBRL DOCUMENT v3.20.2
EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share The following tables set forth the computation of the basic and diluted earnings per share attributable to Match Group shareholders:
Three Months Ended September 30,
20202019
BasicDilutedBasicDiluted
(In thousands, except per share data)
Numerator
Net earnings from continuing operations
$131,487 $131,487 $137,791 $137,791 
Net loss (earnings) attributable to noncontrolling interests
586 586 (29,317)(29,317)
Impact from subsidiaries’ dilutive securities of continuing operations(a)
— (395)— (7,334)
Net earnings from continuing operations attributable to Match Group, Inc. shareholders
$132,073 $131,678 $108,474 $101,140 
Earnings from discontinued operations, net of tax
$508 $508 $21,981 $21,981 
Net earnings attributable to noncontrolling interests of discontinued operations
— — (1,911)(1,911)
Impact from subsidiaries’ dilutive securities of discontinued operations(a)
— — — (8)
Net earnings from discontinued operations attributable to shareholders
$508 $508 $20,070 $20,062 
Net earnings attributable to Match Group, Inc. shareholders
$132,581 $132,186 $128,544 $121,202 
Denominator
Weighted average basic shares outstanding260,744 260,744 182,154 182,154 
Dilutive securities(a)(b)(c)(d)
— 29,206 — 10,997 
Denominator for earnings per share—weighted average shares(a)(b)(c)(d)
260,744 289,950 182,154 193,151 
Earnings per share:
Earnings per share from continuing operations$0.51 $0.45 $0.60 $0.52 
Earnings per share from discontinued operations, net of tax$— $— $0.11 $0.10 
Earnings per share attributable to Match Group, Inc. shareholders$0.51 $0.46 $0.71 $0.63 
Nine Months Ended September 30,
20202019
BasicDilutedBasicDiluted
(In thousands, except per share data)
Numerator
Net earnings from continuing operations$413,732 $413,732 $374,699 $374,699 
Net earnings attributable to noncontrolling interests(59,999)(59,999)(78,124)(78,124)
Impact from subsidiaries’ dilutive securities of continuing operations(a)
— (9,823)— (20,107)
Net earnings from continuing operations attributable to Match Group, Inc. shareholders
$353,733 $343,910 $296,575 $276,468 
(Loss) earnings from discontinued operations, net of tax$(366,070)$(366,070)$44,849 $44,849 
Net loss (earnings) attributable to noncontrolling interests of discontinued operations
319 319 (10,718)(10,718)
Impact from subsidiaries’ dilutive securities of discontinued operations(a)
$— $(240)$— $(67)
Net (loss) earnings from discontinued operations attributable to shareholders
(365,751)(365,991)34,131 34,064 
Net (loss) earnings attributable to Match Group, Inc. shareholders
$(12,018)$(22,081)$330,706 $310,532 
Denominator
Weighted average basic shares outstanding209,113 209,113 181,624 181,624 
Dilutive securities(a)(b)(c)(d)
— 16,286 — 12,516 
Denominator for earnings per share—weighted average shares(a)(b)(c)(d)
209,113 225,399 181,624 194,140 
Earnings per share:
Earnings per share from continuing operations
$1.69 $1.53 $1.63 $1.42 
(Loss) earnings per share from discontinued operations, net of tax
$(1.75)$(1.62)$0.19 $0.18 
(Loss) earnings per share attributable to Match Group, Inc. shareholders
$(0.06)$(0.10)$1.82 $1.60 
______________________
(a)Former IAC had the option to settle certain Former Match Group and ANGI Homeservices (“ANGI”) stock-based awards with Former IAC shares. For the nine months ended September 30, 2020 and the three and nine months ended September 30, 2019, it was more dilutive for Former Match Group to settle certain Former Match Group equity awards and ANGI to settle certain ANGI equity awards.
(b)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, warrants, and subsidiary denominated equity; exchange of the Company's Exchangeable Notes; and vesting of restricted stock units. For both the three and nine months ended September 30, 2020, 13.4 million potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2019, 16.7 million and 24.2 million, respectively, potentially dilutive securities are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
(c)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 the three and nine months ended September 30, 2020, 0.3 million shares underlying market-based awards, PSOs, and PSUs, and for both the three and nine months ended September 30, 2019, 0.7 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.
(d)It is the Company's intention to settle the Exchangeable Notes through a combination of cash, equal to the face amount of the notes, and shares; therefore, the Exchangeable Notes are only dilutive for periods after the Separation during which the average price of Match Group’s common stock exceeded the approximate $43.99, $87.52 and $84.22 per share exchange price per $1,000 principal amount of the 2022 Exchangeable Notes, the 2026 Exchangeable Notes, and the 2030 Exchangeable Notes, respectively. The average price of Match Group’s common stock was $105.90 for the three months ended September 30, 2020 and the dilutive impact of the 2022 Exchangeable Notes, 2026 Exchangeable Notes, and 2030 Exchangeable Notes was 6.9 million, 1.1 million, and 1.4 million shares, respectively. As a result of the Separation, the dilutive impact for the nine months ended September 30, 2020 was determined by calculating the dilutive impact for the period prior to the Separation using the Former IAC average price and for the period after the Separation using the Match Group average price. The resulting dilutive impact for each period was then weighted proportionally. For periods prior to the Separation, the Company determined the dilutive impact of the Exchangeable Notes when the average price of Former IAC common stock exceeded the approximately $152.18, $302.77 and $291.35 per share exchange price per $1,000 principal amount of the 2022 Exchangeable Notes, the 2026 Exchangeable Notes, and the 2030 Exchangeable Notes, respectively. The average price of Former IAC’s common stock was $235.09 for the six months ended June 30, 2020. For the nine months ended September 30, 2020, weighting the respective periods on a quarterly basis, the dilutive impact for the 2022 Exchangeable Notes, 2026 Exchangeable Notes, and 2030 Exchangeable Notes was 4.0 million, 0.4 million, and 0.5 million shares, respectively.