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Match Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $895,484,000, a 2% increase from the previous year. Direct revenue from Tinder (MTCH-0.48%) decreased by 1% to $503,217,000, while Hinge's direct revenue increased by 36% to $145,425,000.
Operating costs and expenses totaled $684,824,000, with cost of revenue at $253,129,000, representing 28% of total revenue. Selling and marketing expenses increased by 2% to $156,656,000.
General and administrative expenses decreased by 3% to $103,923,000, while product development expenses rose by 10% to $103,724,000.
Depreciation expenses increased by 46% to $25,302,000, and impairments and amortization of intangibles rose significantly to $42,090,000.
Operating income for the quarter was $210,660,000, down from $243,559,000 in the previous year. Adjusted operating income increased by 3% to $342,540,000.
Interest expense for the quarter was $40,120,000, while other income, net, was $7,100,000.
The company reported a net income of $136,481,000, with an effective tax rate of 23%.
Cash provided by operating activities was $678,009,000, with cash used in investing and financing activities at $51,072,000 and $636,126,000, respectively.
Match Group had cash and cash equivalents of $855,532,000 as of September 30, 2024, with total long-term debt, net, at $3,847,272,000.
The filing also details various legal proceedings, including a lawsuit filed by the FTC against Match Group, Inc. and an inquiry by the Irish Data Protection Commission regarding Tinder's practices.
Match Group announced a share repurchase program, with $252.3 million remaining available for repurchases as of November 1, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Match Group Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.