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As filed with the Securities and Exchange Commission on August 5, 2021
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period EndedJune 30, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________                            
Commission File No. 001-34148
mtch-20210630_g1.jpg
Match Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware59-2712887
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
8750 North Central Expressway, Suite 1400, Dallas, Texas 75231
(Address of registrant’s principal executive offices)
(214576-9352
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.001MTCHThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ☑
As of July 30, 2021, there were 276,810,727 shares of common stock outstanding.



TABLE OF CONTENTS
  Page
Number


2

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (Unaudited)
 June 30, 2021December 31, 2020
(In thousands, except share data)
ASSETS  
Cash and cash equivalents$236,460 $739,164 
Short-term investments12,453  
Accounts receivable, net of allowance of $307 and $286, respectively
259,325 137,023 
Other current assets126,238 144,025 
Total current assets634,476 1,020,212 
Property and equipment, net of accumulated depreciation and amortization of $182,592 and $169,321, respectively
129,916 107,799 
Goodwill2,973,121 1,270,532 
Intangible assets, net of accumulated amortization of $15,795 and $15,551, respectively
227,045 230,900 
Deferred income taxes314,029 293,487 
Other non-current assets155,346 123,524 
TOTAL ASSETS$4,433,933 $3,046,454 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
LIABILITIES  
Accounts payable$57,937 $29,200 
Deferred revenue262,968 239,088 
Accrued expenses and other current liabilities257,062 231,748 
Total current liabilities577,967 500,036 
Long-term debt, net3,845,555 3,840,930 
Income taxes payable13,061 14,582 
Deferred income taxes16,415 17,213 
Other long-term liabilities114,783 86,428 
Redeemable noncontrolling interests1,240 640 
Commitments and contingencies
SHAREHOLDERS’ EQUITY  
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 276,652,519 and 267,329,284 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
277 267 
Additional paid-in capital8,068,659 7,089,007 
Retained deficit(8,107,092)(8,422,237)
Accumulated other comprehensive loss(104,089)(81,454)
Total Match Group, Inc. shareholders’ equity
(142,245)(1,414,417)
Noncontrolling interests7,157 1,042 
Total shareholders’ equity
(135,088)(1,413,375)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $4,433,933 $3,046,454 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 (In thousands, except per share data)
Revenue$707,760 $555,450 $1,375,372 $1,100,092 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
193,099 148,853 372,554 292,747 
Selling and marketing expense128,918 90,801 273,906 215,291 
General and administrative expense113,393 68,204 201,058 147,523 
Product development expense52,133 41,929 107,709 85,699 
Depreciation10,061 9,669 20,518 19,063 
Amortization of intangibles242 400 455 6,803 
Total operating costs and expenses497,846 359,856 976,200 767,126 
Operating income209,914 195,594 399,172 332,966 
Interest expense(32,219)(34,751)(64,057)(66,645)
Other (expense) income, net
(355)17,410 (1,674)21,264 
Earnings from continuing operations, before tax
177,340 178,253 333,441 287,585 
Income tax (provision) benefit
(37,320)(36,856)(19,573)11,346 
Net earnings from continuing operations
140,020 141,397 313,868 298,931 
Earnings (loss) from discontinued operations, net of tax
509 (34,611)509 (366,578)
Net earnings (loss)140,529 106,786 314,377 (67,647)
Net loss (earnings) attributable to noncontrolling interests
366 (31,869)768 (60,266)
Net earnings (loss) attributable to Match Group, Inc. shareholders
$140,895 $74,917 $315,145 $(127,913)
Net earnings per share from continuing operations:
     Basic$0.52 $0.61 $1.17 $1.30 
     Diluted$0.46 $0.54 $1.04 $1.15 
Net earnings (loss) per share attributable to Match Group, Inc. shareholders:
     Basic$0.52 $0.41 $1.17 $(0.70)
     Diluted$0.46 $0.36 $1.04 $(0.63)
Stock-based compensation expense by function:
Cost of revenue$1,012 $969 $2,001 $2,136 
Selling and marketing expense3,087 1,295 4,352 2,442 
General and administrative expense27,580 10,634 46,060 21,515 
Product development expense10,717 9,242 20,099 17,219 
Total stock-based compensation expense$42,396 $22,140 $72,512 $43,312 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
4

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(In thousands)
Net earnings (loss)
$140,529 $106,786 $314,377 $(67,647)
Other comprehensive (loss) income, net of tax
Change in foreign currency translation adjustment
(2,136)22,633 (22,745)(3,460)
Change in unrealized losses on available-for-sale securities
 11  (1)
Total other comprehensive (loss) income
(2,136)22,644 (22,745)(3,461)
Comprehensive income (loss)
138,393 129,430 291,632 (71,108)
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss (earnings) attributable to noncontrolling interests366 (31,869)768 (60,266)
Change in foreign currency translation adjustment attributable to noncontrolling interests
77 (3,677)110 1,089 
Comprehensive loss (income) attributable to noncontrolling interests443 (35,546)878 (59,177)
Comprehensive income (loss) attributable to Match Group, Inc. shareholders
$138,836 $93,884 $292,510 $(130,285)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
5

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)
Three Months Ended June 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained Earnings Accumulated
Other
Comprehensive
(Loss) Income
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of March 31, 2021$1,040 $270 270,082 $7,135,823 $(8,247,987)$(102,030)$(1,213,924)$1,017 $(1,212,907)
Net (loss) earnings for the three months ended June 30, 2021
(525)— — — 140,895 — 140,895 159 141,054 
Other comprehensive loss, net of tax
— — — — — (2,059)(2,059)(77)(2,136)
Stock-based compensation expense— — — 44,656 — — 44,656 — 44,656 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 1 642 6,552 — — 6,553 — 6,553 
Issuance of common stock for the acquisition of Hyperconnect— 6 5,929 890,845 — — 890,851 — 890,851 
Adjustment of redeemable noncontrolling interests to fair value725 — — (725)— — (725)— (725)
Purchase of noncontrolling interest— — — 943 — — 943 (2,571)(1,628)
Adjustment of noncontrolling interests to fair value— — — (1,835)— — (1,835)1,835  
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — (7,102)— — (7,102)7,102  
Other— — — (498)— — (498)(308)(4,033)
Balance as of June 30, 2021$1,240 $277 276,653 $8,068,659 $(8,107,092)$(104,089)$(142,245)$7,157 $(135,088)
6

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Three Months Ended June 30, 2020
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
Former IAC
Common Stock
$0.001
  Par Value
Former IAC
Class B Convertible Common Stock $0.001
Par Value
 
 Redeemable
Noncontrolling
Interests
$Shares$Shares$SharesAdditional Paid-in CapitalRetained Earnings Accumulated
Other
Comprehensive
Loss
Treasury StockTotal Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of March 31, 2020
$42,431 $  $264 263,502 $16 16,157 $11,106,503 $1,522,216 $(157,285)$(10,309,612)$2,162,102 $1,030,414 $3,192,516 
Net (loss) earnings for the three months ended June 30, 2020
(608)— — — — — — — 74,917 — — 74,917 32,477 107,394 
Other comprehensive (loss) income, net of tax
(785)— — — — — — — — 18,967 — 18,967 4,462 23,429 
Stock-based compensation expense— — — — — — — 61,560 — — — 61,560 41,777 103,337 
Issuance of Former IAC common stock pursuant to stock-based awards, net of withholding taxes— — — — 181 — — (14,002)— — — (14,002)— (14,002)
Issuance of Former Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (72,705)— 225 — (72,480)(1,963)(74,443)
Adjustment of redeemable noncontrolling interests to fair value2,389 — — — — — — (2,389)— — — (2,389)— (2,389)
Purchase of Former Match Group and ANGI Homeservices treasury stock— — — — — — — (67,077)— — — (67,077)— (67,077)
Retirement of treasury stock— — — (184)(184,340)(10)(10,368)194 (10,309,612)— 10,309,612 — — — 
Exchange Former IAC common stock and Class B common stock for Match Group common stock and completion of the Separation(43,583)184 183,749 (80)(79,343)(6)(5,789)(4,745,520)— 13,781 — (4,731,641)(498,792)(5,230,433)
Acquire Former Match Group noncontrolling interest— 58 57,868 — — — — 608,110 — — — 608,168 (608,168)— 
Other— — — — — — — (132)— — — (132)130 (2)
Balance as of June 30, 2020
$(156)$242 241,617 $  $  $6,874,542 $(8,712,479)$(124,312)$ $(1,962,007)$337 $(1,961,670)
7

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Six Months Ended June 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional
Paid-in
Capital
Retained DeficitAccumulated
Other
Comprehensive
(Loss) Income
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
Balance as of December 31, 2020$640 $267 267,329 $7,089,007 $(8,422,237)$(81,454)$(1,414,417)$1,042 $(1,413,375)
Net (loss) earnings for the six months ended June 30, 2021
(935)— — — 315,145 — 315,145 167 315,312 
Other comprehensive loss, net of tax
— — — — — (22,635)(22,635)(110)(22,745)
Stock-based compensation expense
— — — 76,087 — — 76,087 — 76,087 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 4 3,395 25,974 — — 25,978 — 25,978 
Issuance of common stock for the acquisition of Hyperconnect— 6 5,929 890,845 — — 890,851 — 890,851 
Adjustment of redeemable noncontrolling interests to fair value
1,535 — — (1,535)— — (1,535)— (1,535)
Purchase of noncontrolling interest— 943 — — 943 (2,571)(1,628)
Adjustment of noncontrolling interests to fair value— — — (1,835)— — (1,835)1,835  
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — (7,102)— — (7,102)7,102  
Other— — — (3,725)— — (3,725)(308)(4,033)
Balance as of June 30, 2021$1,240 $277 276,653 $8,068,659 $(8,107,092)$(104,089)$(142,245)$7,157 $(135,088)


8

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Six Months Ended June 30, 2020
Match Group Shareholders’ Equity
Common Stock $0.001 Par Value
Former IAC
Common Stock
 $0.001
  Par Value
Former IAC
Class B Convertible Common Stock $0.001
Par Value
Redeemable
Noncontrolling
Interests
$Shares$Shares$SharesAdditional Paid-in CapitalRetained EarningsAccumulated
Other
Comprehensive
(Loss) Income
Treasury StockTotal Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
(In thousands)
Balance as of December 31, 2019$44,527 $  $263 263,230 $16 16,157 $11,378,160 $1,725,046 $(136,349)$(10,309,612)$2,657,524 $970,276 $3,627,800 
Net (loss) earnings for the six months ended June 30, 2020
(2,070)— — — — — — — (127,913)— — (127,913)62,336 (65,577)
Other comprehensive loss, net of tax
(686)— — — — — — — — (2,372)— (2,372)(403)(2,775)
Stock-based compensation expense15 — — — — — — 73,059 — — — 73,059 86,363 159,422 
Issuance of Former IAC common stock pursuant to stock-based awards, net of withholding taxes— — — 1 453 — — (34,518)— — — (34,517)— (34,517)
Issuance of Former Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes— — — — — — — (212,270)— 628 — (211,642)(11,405)(223,047)
Purchase of redeemable noncontrolling interests(3,165)— — — — — — — — — — — — — 
Adjustment of redeemable noncontrolling interests to fair value4,807 — — — — — — (4,807)— — — (4,807)— (4,807)
Purchase of Match Group and ANGI treasury stock— — — — — — — (187,735)— — — (187,735)— (187,735)
Retire treasury stock— — — (184)(184,340)(10)(10,368)194 (10,309,612)— 10,309,612 — — — 
Exchange Former IAC common stock and Class B common stock for Match Group common stock and completion of the Separation(43,583)184 183,749 (80)(79,343)(6)(5,789)(4,745,520)— 13,781 — (4,731,641)(498,792)(5,230,433)
Acquire Former Match Group noncontrolling interest— 58 57,868 — — — — 608,110 — — — 608,168 (608,168)— 
Other(1)— — — — — — (131)— — — (131)130 (1)
Balance as of June 30, 2020$(156)$242 241,617 $  $  $