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As filed with the Securities and Exchange Commission on November 8, 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 EndedSeptember 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-20210930_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 October 29, 2021, there were 283,085,312 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)
 September 30, 2021December 31, 2020
(In thousands, except share data)
ASSETS  
Cash and cash equivalents$511,311 $739,164 
Short-term investments11,874  
Accounts receivable, net of allowance of $281 and $286, respectively
182,083 137,023 
Net receivable from unwind of bond hedges and warrants
200,814  
Other current assets145,977 144,025 
Total current assets1,052,059 1,020,212 
Property and equipment, net of accumulated depreciation and amortization of $186,254 and $169,321, respectively
145,652 107,799 
Goodwill2,427,450 1,270,532 
Intangible assets, net of accumulated amortization of $30,548 and $15,551, respectively
793,002 230,900 
Deferred income taxes310,034 293,487 
Other non-current assets165,429 123,524 
TOTAL ASSETS$4,893,626 $3,046,454 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
LIABILITIES  
Accounts payable$30,256 $29,200 
Deferred revenue267,085 239,088 
Obligation related to the repurchase of the 2022 Exchangeable Notes
121,027  
Accrued expenses and other current liabilities329,586 231,748 
Total current liabilities747,954 500,036 
Long-term debt, net3,847,896 3,840,930 
Income taxes payable13,339 14,582 
Deferred income taxes137,712 17,213 
Obligation related to the repurchase of the 2022 Exchangeable Notes
86,002  
Other long-term liabilities120,199 86,428 
Redeemable noncontrolling interests1,340 640 
Commitments and contingencies
SHAREHOLDERS’ EQUITY  
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 277,279,133 and 267,329,284 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
277 267 
Additional paid-in capital8,110,650 7,089,007 
Retained deficit(7,975,882)(8,422,237)
Accumulated other comprehensive loss(203,397)(81,454)
Total Match Group, Inc. shareholders’ equity
(68,352)(1,414,417)
Noncontrolling interests7,536 1,042 
Total shareholders’ equity
(60,816)(1,413,375)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $4,893,626 $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 September 30,Nine Months Ended September 30,
 2021202020212020
 (In thousands, except per share data)
Revenue$801,835 $639,770 $2,177,207 $1,739,862 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
232,211 169,823 604,765 462,570 
Selling and marketing expense153,388 129,859 427,294 345,150 
General and administrative expense103,502 88,961 304,560 236,484 
Product development expense66,974 39,280 174,683 124,979 
Depreciation10,104 11,221 30,622 30,284 
Amortization of intangibles15,066 459 15,521 7,262 
Total operating costs and expenses581,245 439,603 1,557,445 1,206,729 
Operating income220,590 200,167 619,762 533,133 
Interest expense(31,850)(32,009)(95,907)(98,654)
Other (expense) income, net
(39,212)(1,923)(40,886)19,341 
Earnings from continuing operations, before tax
149,528 166,235 482,969 453,820 
Income tax provision
(18,627)(26,122)(38,200)(14,776)
Net earnings from continuing operations
130,901 140,113 444,769 439,044 
Earnings (loss) from discontinued operations, net of tax
 508 509 (366,070)
Net earnings130,901 140,621 445,278 72,974 
Net loss (earnings) attributable to noncontrolling interests
309 586 1,077 (59,680)
Net earnings attributable to Match Group, Inc. shareholders
$131,210 $141,207 $446,355 $13,294 
Net earnings per share from continuing operations:
     Basic$0.47 $0.54 $1.64 $1.81 
     Diluted$0.43 $0.47 $1.46 $1.59 
Net earnings per share attributable to Match Group, Inc. shareholders:
     Basic$0.47 $0.54 $1.64 $0.06 
     Diluted$0.43 $0.47 $1.46 $0.06 
Stock-based compensation expense by function:
Cost of revenue$1,960 $1,007 $3,961 $3,143 
Selling and marketing expense1,760 1,402 6,112 3,844 
General and administrative expense19,709 26,870 65,769 48,385 
Product development expense16,140 8,056 36,239 25,275 
Total stock-based compensation expense$39,569 $37,335 $112,081 $80,647 
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 September 30,Nine Months Ended September 30,
2021202020212020
(In thousands)
Net earnings
$130,901 $140,621 $445,278 $72,974 
Other comprehensive (loss) income, net of tax
Change in foreign currency translation adjustment
(99,321)16,206 (122,066)12,746 
Change in unrealized losses on available-for-sale securities
   (1)
Total other comprehensive (loss) income
(99,321)16,206 (122,066)12,745 
Comprehensive income
31,580 156,827 323,212 85,719 
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net loss (earnings) attributable to noncontrolling interests309 586 1,077 (59,680)
Change in foreign currency translation adjustment attributable to noncontrolling interests
13 (5)123 1,084 
Comprehensive loss (income) attributable to noncontrolling interests322 581 1,200 (58,596)
Comprehensive income attributable to Match Group, Inc. shareholders
$31,902 $157,408 $324,412 $27,123 
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 September 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional Paid-in CapitalRetained Earnings
Accumulated Other Comprehensive Loss
Total Match Group Shareholders’ EquityNoncontrolling InterestsTotal
Shareholders’
Equity
 (In thousands)
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)
Net (loss) earnings for the three months ended September 30, 2021
(550)— — — 131,210 — 131,210 241 131,451 
Other comprehensive loss, net of tax
— — — — — (99,308)(99,308)(13)(99,321)
Stock-based compensation expense— — — 41,648 — — 41,648 — 41,648 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— — 626 4,201 — — 4,201 — 4,201 
Adjustment of redeemable noncontrolling interests to fair value650 — — (650)— — (650)— (650)
Noncontrolling interest created by the exercise of subsidiary denominated equity awards— — — — — — — 151 151 
Unwind of notes hedges and warrants— — — 198,365 — — 198,365 — 198,365 
Exchangeable note obligation— — — (201,824)— — (201,824)— (201,824)
Other— — — 251 — — 251 — 251 
Balance as of September 30, 2021$1,340 $277 277,279 $8,110,650 $(7,975,882)$(203,397)$(68,352)$7,536 $(60,816)
6

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Three Months Ended September 30, 2020
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 June 30, 2020
$(156)$242 241,617 $6,874,542 $(8,712,479)$(124,312)$(1,962,007)$337 $(1,961,670)
Net (loss) earnings for the three months ended September 30, 2020
(617)— — — 141,207 — 141,207 31 141,238 
Other comprehensive income, net of tax
— — — — — 16,201 16,201 5 16,206 
Stock-based compensation expense— — — 38,757 — — 38,757 — 38,757 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 5 4,803 83,220 — — 83,225 — 83,225 
Issuance of Class M common stock— 17 17,339 (17)— — — —  
Adjustment of redeemable noncontrolling interests to fair value3,013 — — (3,013)— — (3,013)— (3,013)
Other— — — (2,510)— — (2,510)— (2,510)
Balance as of September 30, 2020
$2,240 $264 263,759 $6,990,979 $(8,571,272)$(108,111)$(1,688,140)$373 $(1,687,767)
7

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Nine Months Ended September 30, 2021
Match Group Shareholders’ Equity
 
Common Stock $0.001 Par Value
 
 Redeemable
Noncontrolling
Interests
$SharesAdditional
Paid-in
Capital
Retained Deficit
Accumulated Other Comprehensive Loss
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 nine months ended September 30, 2021
(1,485)— — — 446,355 — 446,355 408 446,763 
Other comprehensive loss, net of tax
— — — — — (121,943)(121,943)(123)(122,066)
Stock-based compensation expense
— — — 117,735 — — 117,735 — 117,735 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 4 4,021 30,175 — — 30,179 — 30,179 
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
2,185 — — (2,185)— — (2,185)— (2,185)
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)7,253 151 
Unwind of notes hedges and warrants— — — 198,365 — — 198,365 — 198,365 
Exchangeable note obligation— — — (201,824)— — (201,824)— (201,824)
Other— — — (3,474)— — (3,474)(308)(3,782)
Balance as of September 30, 2021$1,340 $277 277,279 $8,110,650 $(7,975,882)$(203,397)$(68,352)$7,536 $(60,816)


8

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)
Nine Months Ended September 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) 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 nine months ended September 30, 2020
(2,687)— — — — — — — 13,294 — — 13,294 62,367 75,661 
Other comprehensive (loss) income, net of tax
(686)— — — — — — — — 13,829 — 13,829 (398)13,431 
Stock-based compensation expense15 — — — — — — 111,816 — — — 111,816 86,363 198,179 
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes— 5 4,803 — — — — 83,220 — — — 83,225 — 83,225 
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 value7,820 — — — — — — (7,820)— — — (7,820)— (7,820)
Purchase of Match Group and ANGI treasury stock— — — — — — — (187,735)— — — (187,735)— (187,735)
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) 
Issuance of Class M common stock— 17 17,339 — — — — (17)— — — — —  
Other(1)— — — — — — (2,641)— — — (2,641)130 (2,511)
Balance as of September 30, 2020$2,240 $264 263,759 $  $  $6,990,979 $(8,571,272)$(108,111)$ $(1,688,140)$373 $(1,687,767)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
9

MATCH GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
 Nine Months Ended September 30,
 20212020
 (In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings$445,278 $72,974 
Add back: (earnings) loss from discontinued operations, net of tax(509)366,070 
Net earnings from continuing operations444,769 439,044 
Adjustments to reco