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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Match Group Inc | NASDAQ:MTCH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.515 | 1.65% | 31.805 | 31.80 | 31.81 | 32.29 | 31.57 | 31.80 | 1,206,146 | 16:26:42 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the Quarterly Period Ended | September 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__________ |
Delaware | 59-2712887 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Common Stock, par value $0.001 | MTCH | The Nasdaq Stock Market LLC | ||||||||||||
(Nasdaq Global Select Market) |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page
Number |
||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands, except share data) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 511,311 | $ | 739,164 | |||||||
Short-term investments | 11,874 | — | |||||||||
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 assets | 145,977 | 144,025 | |||||||||
Total current assets | 1,052,059 | 1,020,212 | |||||||||
Property and equipment, net of accumulated depreciation and amortization of $186,254 and $169,321, respectively
|
145,652 | 107,799 | |||||||||
Goodwill | 2,427,450 | 1,270,532 | |||||||||
Intangible assets, net of accumulated amortization of $30,548 and $15,551, respectively
|
793,002 | 230,900 | |||||||||
Deferred income taxes | 310,034 | 293,487 | |||||||||
Other non-current assets | 165,429 | 123,524 | |||||||||
TOTAL ASSETS | $ | 4,893,626 | $ | 3,046,454 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 30,256 | $ | 29,200 | |||||||
Deferred revenue | 267,085 | 239,088 | |||||||||
Obligation related to the repurchase of the 2022 Exchangeable Notes
|
121,027 | — | |||||||||
Accrued expenses and other current liabilities | 329,586 | 231,748 | |||||||||
Total current liabilities | 747,954 | 500,036 | |||||||||
Long-term debt, net | 3,847,896 | 3,840,930 | |||||||||
Income taxes payable | 13,339 | 14,582 | |||||||||
Deferred income taxes | 137,712 | 17,213 | |||||||||
Obligation related to the repurchase of the 2022 Exchangeable Notes
|
86,002 | — | |||||||||
Other long-term liabilities | 120,199 | 86,428 | |||||||||
Redeemable noncontrolling interests | 1,340 | 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 capital | 8,110,650 | 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 interests | 7,536 | 1,042 | |||||||||
Total shareholders’ equity
|
(60,816) | (1,413,375) | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,893,626 | $ | 3,046,454 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(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 expense | 153,388 | 129,859 | 427,294 | 345,150 | |||||||||||||||||||
General and administrative expense | 103,502 | 88,961 | 304,560 | 236,484 | |||||||||||||||||||
Product development expense | 66,974 | 39,280 | 174,683 | 124,979 | |||||||||||||||||||
Depreciation | 10,104 | 11,221 | 30,622 | 30,284 | |||||||||||||||||||
Amortization of intangibles | 15,066 | 459 | 15,521 | 7,262 | |||||||||||||||||||
Total operating costs and expenses | 581,245 | 439,603 | 1,557,445 | 1,206,729 | |||||||||||||||||||
Operating income | 220,590 | 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 earnings | 130,901 | 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 expense | 1,760 | 1,402 | 6,112 | 3,844 | |||||||||||||||||||
General and administrative expense | 19,709 | 26,870 | 65,769 | 48,385 | |||||||||||||||||||
Product development expense | 16,140 | 8,056 | 36,239 | 25,275 | |||||||||||||||||||
Total stock-based compensation expense | $ | 39,569 | $ | 37,335 | $ | 112,081 | $ | 80,647 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(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 interests | 309 | 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 interests | 322 | 581 | 1,200 | (58,596) | |||||||||||||||||||
Comprehensive income attributable to Match Group, Inc. shareholders
|
$ | 31,902 | $ | 157,408 | $ | 324,412 | $ | 27,123 |
Match Group Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock $0.001 Par Value
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable
Noncontrolling Interests |
$ | Shares | Additional Paid-in Capital | Retained Earnings |
Accumulated Other Comprehensive Loss
|
Total Match Group Shareholders’ Equity | Noncontrolling Interests |
Total
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 value | 650 | — | — | (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) |
Match Group Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock $0.001 Par Value
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable
Noncontrolling Interests |
$ | Shares | Additional Paid-in Capital | Retained Earnings |
Accumulated Other Comprehensive (Loss) Income
|
Total Match Group Shareholders’ Equity | Noncontrolling Interests |
Total
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 value | 3,013 | — | — | (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) |
Match Group Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock $0.001 Par Value
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable
Noncontrolling Interests |
$ | Shares |
Additional
Paid-in Capital |
Retained Deficit |
Accumulated Other Comprehensive Loss
|
Total Match Group Shareholders’ Equity | Noncontrolling Interests |
Total
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) |
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 | $ | Shares | Additional Paid-in Capital | Retained Earnings |
Accumulated Other Comprehensive (Loss) Income
|
Treasury Stock | Total Match Group Shareholders’ Equity | Noncontrolling Interests |
Total
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 expense | 15 | — | — | — | — | — | — | 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 value | 7,820 | — | — | — | — | — | — | (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) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(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 operations | 444,769 | 439,044 | |||||||||
Adjustments to reconcile net earnings from continuing operations to net cash provided by operating activities attributable to continuing operations: | |||||||||||
Stock-based compensation expense | 112,081 | 80,647 | |||||||||
Depreciation | 30,622 | 30,284 | |||||||||
Amortization of intangibles | 15,521 | 7,262 | |||||||||
Deferred income taxes | (21,749) | 925 | |||||||||
Other adjustments, net | 49,761 | 24,211 | |||||||||
Changes in assets and liabilities | |||||||||||
Accounts receivable | (26,618) | (87,920) | |||||||||
Other assets | 17,729 | (26,132) | |||||||||
Accounts payable and other liabilities | (4,059) | 18,281 | |||||||||
Income taxes payable and receivable | 18,443 | 5,315 | |||||||||
Deferred revenue | 30,425 | 26,928 | |||||||||
Net cash provided by operating activities attributable to continuing operations | 666,925 | 518,845 | |||||||||
Cash flows from investing activities attributable to continuing operations: | |||||||||||
Acquisitions, net of cash | (863,258) | — | |||||||||
Capital expenditures | (52,811) | (32,376) | |||||||||
Net cash distribution related to Separation of IAC | — | (3,870,550) | |||||||||
Purchases of investments | — | (9,115) | |||||||||
Other, net | 26 | (93) | |||||||||
Net cash used in investing activities attributable to continuing operations | (916,043) | (3,912,134) | |||||||||
Cash flows from financing activities attributable to continuing operations: | |||||||||||
Borrowings under the Credit Facility | — | 20,000 | |||||||||
Proceeds from Senior Notes offerings | — | 1,000,000 | |||||||||
Principal payments on Credit Facility | — | (20,000) | |||||||||
Principal payments on Senior Notes | — | (400,000) | |||||||||
Debt issuance costs | (851) | (13,517) | |||||||||
Proceeds from stock offering
|
— | 1,421,801 | |||||||||
Proceeds from issuance of common stock pursuant to stock-based awards | 45,587 | 79,528 | |||||||||
Withholding taxes paid on behalf of employees on net settled stock-based awards of Former Match Group and Match Group
|
(15,726) | (211,958) | |||||||||
Purchase of Former Match Group treasury stock | — | (132,868) | |||||||||
Purchase of noncontrolling interests | (1,473) | (15,827) | |||||||||
Other, net | 150 | (15,188) | |||||||||
Net cash provided by financing activities attributable to continuing operations | 27,687 | 1,711,971 | |||||||||
Total cash used in continuing operations | (221,431) | (1,681,318) | |||||||||
Net cash provided by operating activities attributable to discontinued operations | — | 13,630 | |||||||||
Net cash used in investing activities attributable to discontinued operations | — | (963,420) | |||||||||
Net cash used in financing activities attributable to discontinued operations | — | (110,959) | |||||||||
Total cash used in discontinued operations | — | (1,060,749) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (6,429) | 725 | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (227,860) | (2,741,342) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 739,302 | 3,140,358 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 511,442 | $ | 399,016 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Direct Revenue: | |||||||||||||||||||||||
Americas | $ | 393,613 | $ | 336,792 | $ | 1,112,263 | $ | 916,730 | |||||||||||||||
Europe | 217,680 | 181,627 | 603,281 | 492,167 | |||||||||||||||||||
APAC and Other | 174,432 | 109,847 | 419,684 | 300,934 | |||||||||||||||||||
Total Direct Revenue | 785,725 | 628,266 | 2,135,228 | 1,709,831 | |||||||||||||||||||
Indirect Revenue (principally advertising revenue)
|
16,110 | 11,504 | 41,979 | 30,031 | |||||||||||||||||||
Total Revenue | $ | 801,835 | $ | 639,770 | $ | 2,177,207 | $ | 1,739,862 | |||||||||||||||
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Prior to the adoption of ASU No. 2020-06 | After adoption of ASU No. 2020-06 | Effect of adoption of ASU No. 2020-06 | Prior to the adoption of ASU No. 2020-06 | After adoption of ASU No. 2020-06 | Effect of adoption of ASU No. 2020-06 | ||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Statement of operations impacts | |||||||||||||||||||||||||||||||||||
Interest expense | $ | 43,189 | $ | 32,009 | $ | (11,180) | $ | 131,485 | $ | 98,654 | $ | (32,831) | |||||||||||||||||||||||
Income tax provision | $ | (23,568) | $ | (26,122) | $ | (2,554) | $ | (7,257) | $ | (14,776) | $ | (7,519) | |||||||||||||||||||||||
Net earnings from continuing operations | $ | 131,487 | $ | 140,113 | $ | 8,626 | $ | 413,732 | $ | 439,044 | $ | 25,312 | |||||||||||||||||||||||
Net earnings per share from continuing operations: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.51 | $ | 0.54 | $ | 0.03 | $ | 1.69 | $ | 1.81 | $ | 0.12 | |||||||||||||||||||||||
Diluted | $ | 0.45 | $ | 0.47 | $ | 0.02 | $ | 1.53 | $ | 1.59 | $ | 0.06 | |||||||||||||||||||||||
Weighted average dilutive shares outstanding
|
289,950 | 305,696 | 15,746 | 225,399 | 239,398 | 13,999 |
Prior to the adoption of ASU No. 2020-06 | After adoption of ASU No. 2020-06 | Effect of adoption of ASU No. 2020-06 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance sheet impacts at December 31, 2020: | |||||||||||||||||
Non-current deferred tax asset | $ | 224,013 | $ | 293,487 | $ | 69,474 | |||||||||||
Long-term debt, net | $ | 3,534,706 | $ | 3,840,930 | $ | 306,224 | |||||||||||
Additional paid-in capital | $ | 7,394,646 | $ | 7,089,007 | $ | (305,639) | |||||||||||
Retained deficit | $ | (8,491,126) | $ | (8,422,237) | $ | 68,889 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2021 | 2020 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | 1,410,485 | |||||||||||||||||
Operating costs and expenses | — | — | (1,840,178) | ||||||||||||||||||||
Operating loss | — | — | (429,693) | ||||||||||||||||||||
Interest expense | — | — | (3,772) | ||||||||||||||||||||
Other expense | — | — | (2,503) | ||||||||||||||||||||
Income tax benefit | 508 | 509 | 69,898 | ||||||||||||||||||||
Earnings (loss) from discontinued operations | $ | 508 | $ | 509 | $ | (366,070) |
September 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Goodwill | $ | 2,427,450 | $ | 1,270,532 | ||||||||||
Intangible assets with indefinite lives | 585,679 | 226,605 | ||||||||||||
Intangible assets with definite lives, net | 207,323 | 4,295 | ||||||||||||
Total goodwill and intangible assets, net | $ | 3,220,452 | $ | 1,501,432 |
(In thousands) | |||||
Balance at December 31, 2020 | $ | 1,270,532 | |||
Additions | 1,243,331 | ||||
Foreign Exchange Translation | (86,413) | ||||
Balance at September 30, 2021 | $ | 2,427,450 |
September 30, 2021 | ||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Weighted-Average Useful Life (Years) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Customer lists | $ | 128,304 | $ | (8,406) | $ | 119,898 | 4.8 | |||||||||||||||||||
Patents and technology | 101,001 | (13,893) | 87,108 | 4.2 | ||||||||||||||||||||||
Trade names | 5,140 | (4,946) | 194 | 1.3 | ||||||||||||||||||||||
Other | 3,426 | (3,303) | 123 | 2.8 | ||||||||||||||||||||||
Total | $ | 237,871 | $ | (30,548) | $ | 207,323 | 4.6 |
December 31, 2020 | ||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Weighted-Average Useful Life (Years) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Customer lists | $ | 288 | $ | (288) | $ | — | — | |||||||||||||||||||
Patents and technology | 11,044 | (6,943) | 4,101 | 9.3 | ||||||||||||||||||||||
Trade names | 5,114 | (5,114) | — | — | ||||||||||||||||||||||
Other | 3,400 | (3,206) | 194 | 3.0 | ||||||||||||||||||||||
Total | $ | 19,846 | $ | (15,551) | $ | 4,295 | 9.0 |
(In thousands) | ||||||||
Remainder of 2021 | $ | 12,832 | ||||||
2022 | 51,256 | |||||||
2023 | 48,989 | |||||||
2024 | 47,063 | |||||||
2025 | 34,862 | |||||||
2026 and thereafter | 12,321 | |||||||
Total | $ | 207,323 |
September 30, 2021 | |||||||||||||||||||||||
Quoted Market
Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs
(Level 2) |
Total
Fair Value Measurements |
|||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 1,780 | $ | — | $ | 1,780 | |||||||||||||||||
Time deposits | — | 6,948 | 6,948 | ||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits | — | 11,874 | 11,874 | ||||||||||||||||||||
Total | $ | 1,780 | $ | 18,822 | $ | 20,602 | |||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Quoted Market
Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs
(Level 2) |
Total
Fair Value Measurements |
|||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 147,615 | $ | — | $ | 147,615 | |||||||||||||||||
Time deposits | — | 50,000 | 50,000 | ||||||||||||||||||||
Total | $ | 147,615 | $ | 50,000 | $ | 197,615 | |||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Long-term debt, net (a) (b)
|
$ | (3,847,896) | $ | (6,385,431) | $ | (3,840,930) | $ | (6,267,976) |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Revolving Credit Facility due February 13, 2025 (the “Credit Facility”)
|
$ | — | $ | — | |||||||
Term Loan due February 13, 2027 (the “Term Loan”)
|
425,000 | 425,000 | |||||||||
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15
|
450,000 | 450,000 | |||||||||
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior Notes”); interest payable each June 1 and December 1
|
500,000 | 500,000 | |||||||||
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15
|
350,000 | 350,000 | |||||||||
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior Notes”); interest payable each February 1 and August 1
|
500,000 | 500,000 | |||||||||
0.875% Exchangeable Senior Notes due October 1, 2022 (the “2022 Exchangeable Notes”); interest payable each April 1 and October 1
|
517,499 | 517,500 | |||||||||
0.875% Exchangeable Senior Notes due June 15, 2026 (the “2026 Exchangeable Notes”); interest payable each June 15 and December 15
|
575,000 | 575,000 | |||||||||
2.00% Exchangeable Senior Notes due January 15, 2030 (the “2030 Exchangeable Notes”); interest payable each January 15 and July 15
|
575,000 | 575,000 | |||||||||
Total debt | 3,892,499 | 3,892,500 | |||||||||
Less: Unamortized original issue discount
|
5,422 | 6,029 | |||||||||
Less: Unamortized debt issuance costs | 39,181 | 45,541 | |||||||||
Total long-term debt, net | $ | 3,847,896 | $ | 3,840,930 |
Number of shares of the Company’s Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable(a)
|
Approximate Equivalent Exchange Price per Share(a)
|
Exchangeable Date | |||||||||||||||
2022 Exchangeable Notes | 22.7331 | $ | 43.99 | July 1, 2022 | |||||||||||||
2026 Exchangeable Notes | 11.4259 | $ | 87.52 | March 15, 2026 | |||||||||||||
2030 Exchangeable Notes | 11.8739 | $ | 84.22 | October 15, 2029 |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
2022 Exchangeable Notes | $ | 1,329.4 | $ | 1,261.2 | |||||||
2026 Exchangeable Notes | $ | 456.4 | $ | 418.3 | |||||||
2030 Exchangeable Notes | $ | 496.8 | $ | 457.2 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | 2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Principal | $ | 517,499 | $ | 575,000 | $ | 575,000 | $ | 517,500 | $ | 575,000 | $ | 575,000 | |||||||||||||||||||||||
Less: Unamortized debt issuance costs | 3,754 | 7,522 | 8,883 | 6,511 | 8,700 | 9,627 | |||||||||||||||||||||||||||||
Net carrying value included in long-term debt, net | $ | 513,745 | $ | 567,478 | $ | 566,117 | $ | 510,989 | $ | 566,300 | $ | 565,373 |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | 2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Contractual interest expense | $ | 1,132 | $ | 1,257 | $ | 2,875 | $ | 1,132 | $ | 1,257 | $ | 2,875 | |||||||||||||||||||||||
Amortization of debt issuance costs | 930 | 390 | 244 | 915 | 386 | 239 | |||||||||||||||||||||||||||||
Total interest expense recognized | $ | 2,062 | $ | 1,647 | $ | 3,119 | $ | 2,047 | $ | 1,643 | $ | 3,114 |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | 2022 Exchangeable Notes | 2026 Exchangeable Notes | 2030 Exchangeable Notes | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Contractual interest expense | $ | 3,396 | $ | 3,773 | $ | 8,625 | $ | 3,396 | $ | 3,773 | $ | 8,625 | |||||||||||||||||||||||
Amortization of debt issuance costs | 2,757 | 1,178 | 744 | 2,718 | 1,146 | 711 | |||||||||||||||||||||||||||||
Total interest expense recognized | $ | 6,153 | $ | 4,951 | $ | 9,369 | $ | 6,114 | $ | 4,919 | $ | 9,336 |
Number of Shares(a)
|
Approximate Equivalent Exchange Price per Share(a)
|
||||||||||
(Shares in millions) | |||||||||||
2022 Exchangeable Notes Hedge | 2.4 | $ | 43.99 | ||||||||
2026 Exchangeable Notes Hedge | 6.6 | $ | 87.52 | ||||||||
2030 Exchangeable Notes Hedge | 6.8 | $ | 84.22 |
Number of Shares(a)
|
Weighted Average Strike Price per Share(a)
|
||||||||||
(Shares in millions) | |||||||||||
2022 Exchangeable Notes Warrants | 2.4 | $ | 68.22 | ||||||||
2026 Exchangeable Notes Warrants | 6.6 | $ | 134.76 | ||||||||
2030 Exchangeable Notes Warrants | 6.8 | $ | 134.82 |
Three Months Ended September 30, 2021 | |||||||||||
Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||
Balance at July 1 | $ | (104,089) | $ | (104,089) | |||||||
Other comprehensive loss
|
(99,308) | (99,308) | |||||||||
Balance at September 30 | $ | (203,397) | $ | (203,397) |
Three Months Ended September 30, 2020 | |||||||||||||||||
Foreign Currency Translation Adjustment |
Accumulated Other Comprehensive (Loss) Income
|
||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at July 1 | $ | (124,312) | $ | (124,312) | |||||||||||||
Other comprehensive income before reclassifications
|
16,205 | 16,205 | |||||||||||||||
Amounts reclassified into earnings | (4) | (4) | |||||||||||||||
Net period other comprehensive income
|
16,201 | 16,201 | |||||||||||||||
Balance at September 30 | $ | (108,111) | $ | (108,111) |
Nine Months Ended September 30, 2021 | |||||||||||||||||
Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Loss | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at January 1 | $ | (81,454) | $ | (81,454) | |||||||||||||
Other comprehensive loss
|
(121,943) | (121,943) | |||||||||||||||
Balance at September 30 | $ | (203,397) | $ | (203,397) |
Nine Months Ended September 30, 2020 | |||||||||||||||||
Foreign Currency Translation Adjustment | Unrealized Loss on Available-For-Sale Security |
Accumulated Other Comprehensive (Loss) Income
|
|||||||||||||||
(In thousands) | |||||||||||||||||
Balance at January 1 | $ | (136,349) | $ | — | $ | (136,349) | |||||||||||
Other comprehensive income (loss) before reclassifications
|
13,998 | (1) | 13,997 | ||||||||||||||
Amounts reclassified into earnings | (168) | — | (168) | ||||||||||||||
Net period other comprehensive income (loss)
|
13,830 | (1) | 13,829 | ||||||||||||||
Allocation of accumulated other comprehensive loss related to the noncontrolling interests
|
628 | — | 628 | ||||||||||||||
Separation of IAC | 13,780 | 1 | 13,781 | ||||||||||||||
Balance at September 30 | $ | (108,111) | $ | — | $ | (108,111) |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net earnings from continuing operations
|
$ | 130,901 | $ | 130,901 | $ | 140,113 | $ | 140,113 | |||||||||||||||
Net loss attributable to noncontrolling interests
|
309 | 309 | 586 | 586 | |||||||||||||||||||
Impact from subsidiaries’ dilutive securities from continuing operations
|
— | (51) | — | (395) | |||||||||||||||||||
Interest on dilutive Exchangeable Notes, net of income tax(b)
|
— | 4,075 | — | 4,070 | |||||||||||||||||||
Net earnings from continuing operations attributable to Match Group, Inc. shareholders
|
$ | 131,210 | $ | 135,234 | $ | 140,699 | $ | 144,374 | |||||||||||||||
Net earnings from discontinued operations attributable to shareholders | $ | — | $ | — | $ | 508 | $ | 508 | |||||||||||||||
Net earnings attributable to Match Group, Inc. shareholders
|
$ | 131,210 | $ | 135,234 | $ | 141,207 | $ | 144,882 | |||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average basic shares outstanding | 276,955 | 276,955 | 260,744 | 260,744 | |||||||||||||||||||
Dilutive securities(c)(d)
|
— | 14,834 | — | 19,790 | |||||||||||||||||||
Dilutive shares from Exchangeable Notes, if-converted(b)
|
— | 25,162 | — | 25,162 | |||||||||||||||||||
Denominator for earnings per share—weighted average shares(b)(c)(d)
|
276,955 | 316,951 | 260,744 | 305,696 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Earnings per share from continuing operations | $ | 0.47 | $ | 0.43 | $ | 0.54 | $ | 0.47 | |||||||||||||||
Earnings per share from discontinued operations, net of tax | $ | — | $ | — | $ | 0.00 | $ | 0.00 | |||||||||||||||
Earnings per share attributable to Match Group, Inc. shareholders | $ | 0.47 | $ | 0.43 | $ | 0.54 | $ | 0.47 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net earnings from continuing operations | $ | 444,769 | $ | 444,769 | $ | 439,044 | $ | 439,044 | |||||||||||||||
Net loss (earnings) attributable to noncontrolling interests | 1,077 | 1,077 | (59,999) | (59,999) | |||||||||||||||||||
Impact from subsidiaries’ dilutive securities from continuing operations(a)
|
— | (907) | — | (9,823) | |||||||||||||||||||
Interest on dilutive Exchangeable Notes, net of income tax(b)
|
— | 12,225 | — | 12,209 | |||||||||||||||||||
Net earnings from continuing operations attributable to Match Group, Inc. shareholders
|
$ | 445,846 | $ | 457,164 | $ | 379,045 | $ | 381,431 | |||||||||||||||
Earnings (loss) from discontinued operations, net of tax | $ | 509 | $ | 509 | $ | (366,070) | $ | (366,070) | |||||||||||||||
Net loss attributable to noncontrolling interests of discontinued operations
|
— | — | 319 | 319 | |||||||||||||||||||
Impact from subsidiaries’ dilutive securities from discontinued operations(a)
|
— | — | — | (240) | |||||||||||||||||||
Net earnings (loss) from discontinued operations attributable to shareholders | 509 | 509 | (365,751) | (365,991) | |||||||||||||||||||
Net earnings attributable to Match Group, Inc. shareholders
|
$ | 446,355 | $ | 457,673 | $ | 13,294 | $ | 15,440 | |||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average basic shares outstanding | 272,316 | 272,316 | 209,113 | 209,113 | |||||||||||||||||||
Dilutive securities(c)(d)
|
— | 15,439 | — | 11,432 | |||||||||||||||||||
Dilutive shares from Exchangeable Notes, if-converted(b)
|
— | 25,162 | — | 18,853 | |||||||||||||||||||
Denominator for earnings per share—weighted average shares(b)(c)(d)
|
272,316 | 312,917 | 209,113 | 239,398 | |||||||||||||||||||
Earnings per share:
|
|||||||||||||||||||||||
Earnings per share from continuing operations
|
$ | 1.64 | $ | 1.46 | $ | 1.81 | $ | 1.59 | |||||||||||||||
Earnings (loss) per share from discontinued operations, net of tax | $ | 0.00 | $ | 0.00 | $ | (1.75) | $ | (1.53) | |||||||||||||||
Earnings per share attributable to Match Group, Inc. shareholders | $ | 1.64 | $ | 1.46 | $ | 0.06 | $ | 0.06 |
September 30, 2021 | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 511,311 | $ | 739,164 | $ | 398,884 | $ | 465,676 | |||||||||||||||
Restricted cash included in other current assets
|
131 | 138 | 132 | 127 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash included in current assets of discontinued operations
|
— | — | — | 2,674,146 | |||||||||||||||||||
Restricted cash included in non-current assets of discontinued operations
|
— | — | — | 409 | |||||||||||||||||||
Total cash, cash equivalents, and restricted cash as shown on the consolidated statement of cash flows
|
$ | 511,442 | $ | 739,302 | $ | 399,016 | $ | 3,140,358 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except RPP) | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 393,613 | $ | 56,821 | 17% | $ | 336,792 | $ | 1,112,263 | $ | 195,533 | 21% | $ | 916,730 | |||||||||||||||||||||||||||||||||
Europe | 217,680 | 36,053 | 20% | 181,627 | 603,281 | 111,114 | 23% | 492,167 | |||||||||||||||||||||||||||||||||||||||
APAC and Other | 174,432 | 64,585 | 59% | 109,847 | 419,684 | 118,750 | 39% | 300,934 | |||||||||||||||||||||||||||||||||||||||
Total Direct Revenue | 785,725 | 157,459 | 25% | 628,266 | 2,135,228 | 425,397 | 25% | 1,709,831 | |||||||||||||||||||||||||||||||||||||||
Indirect Revenue | 16,110 | 4,606 | 40% | 11,504 | 41,979 | 11,948 | 40% | 30,031 | |||||||||||||||||||||||||||||||||||||||
Total Revenue | $ | 801,835 | $ | 162,065 | 25% | $ | 639,770 | $ | 2,177,207 | $ | 437,345 | 25% | $ | 1,739,862 | |||||||||||||||||||||||||||||||||
Percentage of Total Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 49% | 53% | 51% | 53% | |||||||||||||||||||||||||||||||||||||||||||
Europe | 27% | 28% | 28% | 28% | |||||||||||||||||||||||||||||||||||||||||||
APAC and Other | 22% | 17% | 19% | 17% | |||||||||||||||||||||||||||||||||||||||||||
Total Direct Revenue | 98% | 98% | 98% | 98% | |||||||||||||||||||||||||||||||||||||||||||
Indirect Revenue | 2% | 2% | 2% | 2% | |||||||||||||||||||||||||||||||||||||||||||
Total Revenue | 100% | 100% | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||
Payers: | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 8,309 | 854 | 11% | 7,455 | 7,935 | 941 | 13% | 6,994 | |||||||||||||||||||||||||||||||||||||||
Europe | 4,710 | 556 | 13% | 4,154 | 4,433 | 472 | 12% | 3,961 | |||||||||||||||||||||||||||||||||||||||
APAC and Other | 3,284 | 867 | 36% | 2,417 | 2,862 | 471 | 20% | 2,391 | |||||||||||||||||||||||||||||||||||||||
Total | 16,303 | 2,277 | 16% | 14,026 | 15,230 | 1,884 | 14% | 13,346 | |||||||||||||||||||||||||||||||||||||||
RPP: | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 15.79 | $ | 0.73 | 5% | $ | 15.06 | $ | 15.57 | $ | 1.01 | 7% | $ | 14.56 | |||||||||||||||||||||||||||||||||
Europe | $ | 15.41 | $ | 0.84 | 6% | $ | 14.57 | $ | 15.12 | $ | 1.31 | 10% | $ | 13.81 | |||||||||||||||||||||||||||||||||
APAC and Other | $ | 17.71 | $ | 2.56 | 17% | $ | 15.15 | $ | 16.29 | $ | 2.30 | 16% | $ | 13.99 | |||||||||||||||||||||||||||||||||
Total | $ | 16.06 | $ | 1.13 | 8% | $ | 14.93 | $ | 15.58 | $ | 1.34 | 9% | $ | 14.24 | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 232,211 | $ | 62,388 | 37% | $ | 169,823 | ||||||||||||||||
Percentage of revenue | 29% | 27% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 604,765 | $ | 142,195 | 31% | $ | 462,570 | ||||||||||||||||
Percentage of revenue | 28% | 27% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Selling and marketing expense | $ | 153,388 | $ | 23,529 | 18% | $ | 129,859 | ||||||||||||||||
Percentage of revenue | 19% | 20% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Selling and marketing expense | $ | 427,294 | $ | 82,144 | 24% | $ | 345,150 | ||||||||||||||||
Percentage of revenue | 20% | 20% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
General and administrative expense | $ | 103,502 | $ | 14,541 | 16% | $ | 88,961 | ||||||||||||||||
Percentage of revenue | 13% | 14% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
General and administrative expense | $ | 304,560 | $ | 68,076 | 29% | $ | 236,484 | ||||||||||||||||
Percentage of revenue | 14% | 14% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Product development expense | $ | 66,974 | $ | 27,694 | 71% | $ | 39,280 | ||||||||||||||||
Percentage of revenue | 8% | 6% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Product development expense | $ | 174,683 | $ | 49,704 | 40% | $ | 124,979 | ||||||||||||||||
Percentage of revenue | 8% | 7% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Depreciation | $ | 10,104 | $ | (1,117) | (10)% | $ | 11,221 | ||||||||||||||||
Percentage of revenue | 1% | 2% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Depreciation | $ | 30,622 | $ | 338 | 1% | $ | 30,284 | ||||||||||||||||
Percentage of revenue | 1% | 2% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Amortization of intangibles | $ | 15,066 | $ | 14,607 | NM | $ | 459 | ||||||||||||||||
Percentage of revenue | 2% | —% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Amortization of intangibles | $ | 15,521 | $ | 8,259 | 114% | $ | 7,262 | ||||||||||||||||
Percentage of revenue | 1% | —% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 220,590 | $ | 20,423 | 10% | $ | 200,167 | $ | 619,762 | $ | 86,629 | 16% | $ | 533,133 | |||||||||||||||||||||||||||||||||
Percentage of revenue | 28% | 31% | 28% | 31% | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 285,329 | $ | 36,147 | 15% | $ | 249,182 | $ | 777,986 | $ | 126,660 | 19% | $ | 651,326 | |||||||||||||||||||||||||||||||||
Percentage of revenue | 36% | 39% | 36% | 37% |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 31,850 | $ | (159) | —% | $ | 32,009 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | 95,907 | $ | (2,747) | (3)% | $ | 98,654 |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other expense, net | $ | (39,212) | $ | (37,289) | NM | $ | (1,923) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Other (expense) income, net | $ | (40,886) | $ | (60,227) | NM | $ | 19,341 |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax provision | $ | 18,627 | $ | (7,495) | (29)% | $ | 26,122 | ||||||||||||||||
Effective income tax rate | 12% | 16% |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income tax provision | $ | 38,200 | $ | 23,424 | 159% | $ | 14,776 | ||||||||||||||||
Effective income tax rate | 8% | 3% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net earnings attributable to Match Group, Inc. shareholders
|
$ | 131,210 | $ | 141,207 | $ | 446,355 | $ | 13,294 | |||||||||||||||
Add back:
|
|||||||||||||||||||||||
Net (loss) earnings attributable to noncontrolling interests
|
(309) | (586) | (1,077) | 59,680 | |||||||||||||||||||
(Earnings) loss from discontinued operations, net of tax | — | (508) | (509) | 366,070 | |||||||||||||||||||
Income tax provision
|
18,627 | 26,122 | 38,200 | 14,776 | |||||||||||||||||||
Other expense (income), net
|
39,212 | 1,923 | 40,886 | (19,341) | |||||||||||||||||||
Interest expense
|
31,850 | 32,009 | 95,907 | 98,654 | |||||||||||||||||||
Operating Income
|
220,590 | 200,167 | 619,762 | 533,133 | |||||||||||||||||||
Stock-based compensation expense | 39,569 | 37,335 | 112,081 | 80,647 | |||||||||||||||||||
Depreciation | 10,104 | 11,221 | 30,622 | 30,284 | |||||||||||||||||||
Amortization of intangibles
|
15,066 | 459 | 15,521 | 7,262 | |||||||||||||||||||
Adjusted EBITDA | $ | 285,329 | $ | 249,182 | $ | 777,986 | $ | 651,326 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue, as reported | $ | 801,835 | $ | 162,065 | 25% | $ | 639,770 | $ | 2,177,207 | $ | 437,345 | 25% | $ | 1,739,862 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | (3,781) | (46,235) | |||||||||||||||||||||||||||||||||||||||||||||
Revenue excluding foreign exchange effects | $ | 798,054 | $ | 158,284 | 25% | $ | 639,770 | $ | 2,130,972 | $ | 391,110 | 22% | $ | 1,739,862 | |||||||||||||||||||||||||||||||||
Americas Direct Revenue, as reported | $ | 393,613 | $ | 56,821 | 17% | $ | 336,792 | $ | 1,112,263 | $ | 195,533 | 21% | $ | 916,730 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | (1,162) | (1,809) | |||||||||||||||||||||||||||||||||||||||||||||
Americas Direct Revenue, excluding foreign exchange effects
|
$ | 392,451 | $ | 55,659 | 17% | $ | 336,792 | $ | 1,110,454 | $ | 193,724 | 21% | $ | 916,730 | |||||||||||||||||||||||||||||||||
Europe Direct Revenue, as reported | $ | 217,680 | $ | 36,053 | 20% | $ | 181,627 | $ | 603,281 | $ | 111,114 | 23% | $ | 492,167 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | (5,054) | (38,138) | |||||||||||||||||||||||||||||||||||||||||||||
Europe Direct Revenue, excluding foreign exchange effects | $ | 212,626 | $ | 30,999 | 17% | $ | 181,627 | $ | 565,143 | $ | 72,976 | 15% | $ | 492,167 | |||||||||||||||||||||||||||||||||
APAC and Other Direct Revenue, as reported | $ | 174,432 | $ | 64,585 | 59% | $ | 109,847 | $ | 419,684 | $ | 118,750 | 39% | $ | 300,934 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | 2,575 | (5,376) | |||||||||||||||||||||||||||||||||||||||||||||
APAC and Other Direct Revenue, excluding foreign exchange effects | $ | 177,007 | $ | 67,160 | 61% | $ | 109,847 | $ | 414,308 | $ | 113,374 | 38% | $ | 300,934 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
RPP, as reported | $ | 16.06 | $ | 1.13 | 8% | $ | 14.93 | $ | 15.58 | $ | 1.34 | 9% | $ | 14.24 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | (0.08) | (0.33) | |||||||||||||||||||||||||||||||||||||||||||||
RPP, excluding foreign exchange effects | $ | 15.98 | $ | 1.05 | 7% | $ | 14.93 | $ | 15.25 | $ | 1.01 | 7% | $ | 14.24 | |||||||||||||||||||||||||||||||||
Americas RPP, as reported | $ | 15.79 | $ | 0.73 | 5% | $ | 15.06 | $ | 15.57 | $ | 1.01 | 7% | $ | 14.56 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | (0.05) | (0.03) | |||||||||||||||||||||||||||||||||||||||||||||
Americas RPP, excluding foreign exchange effects | $ | 15.74 | $ | 0.68 | 5% | $ | 15.06 | $ | 15.54 | $ | 0.98 | 7% | $ | 14.56 | |||||||||||||||||||||||||||||||||
Europe RPP, as reported | $ | 15.41 | 0.84 | 6% | $ | 14.57 | $ | 15.12 | 1.31 | 10% | $ | 13.81 | |||||||||||||||||||||||||||||||||||
Foreign exchange effects | (0.36) | (0.53) | |||||||||||||||||||||||||||||||||||||||||||||
Europe RPP, excluding foreign exchange effects | $ | 15.05 | $ | 0.48 | 3% | $ | 14.57 | $ | 14.59 | $ | 0.78 | 6% | $ | 13.81 | |||||||||||||||||||||||||||||||||
APAC and Other RPP, as reported | $ | 17.71 | $ | 2.56 | 17% | $ | 15.15 | $ | 16.29 | $ | 2.30 | 16% | $ | 13.99 | |||||||||||||||||||||||||||||||||
Foreign exchange effects | 0.27 | (0.22) | |||||||||||||||||||||||||||||||||||||||||||||
APAC and Other RPP, excluding foreign exchange effects | $ | 17.98 | $ | 2.83 | 19% | $ | 15.15 | $ | 16.07 | $ | 2.08 | 15% | $ | 13.99 |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Cash and cash equivalents: | |||||||||||
United States
|
$ | 331,537 | $ | 581,038 | |||||||
All other countries
|
179,774 | 158,126 | |||||||||
Total cash and cash equivalents | $ | 511,311 | $ | 739,164 | |||||||
Short-term investments | 11,874 | — | |||||||||
Total cash and cash equivalents and short-term investments | $ | 523,185 | $ | 739,164 | |||||||
Long-term debt: | |||||||||||
Credit Facility due February 13, 2025
|
$ | — | $ | — | |||||||
Term Loan due February 13, 2027
|
425,000 | 425,000 | |||||||||
5.00% Senior Notes due December 15, 2027
|
450,000 | 450,000 | |||||||||
4.625% Senior Notes due June 1, 2028 | 500,000 | 500,000 | |||||||||
5.625% Senior Notes due February 15, 2029
|
350,000 | 350,000 | |||||||||
4.125% Senior Notes due August 1, 2030 | 500,000 | 500,000 | |||||||||
2022 Exchangeable Notes
|
517,499 | 517,500 | |||||||||
2026 Exchangeable Notes
|
575,000 | 575,000 | |||||||||
2030 Exchangeable Notes
|
575,000 | 575,000 | |||||||||
Total long-term debt | 3,892,499 | 3,892,500 | |||||||||
Less: Unamortized original issue discount
|
5,422 | 6,029 | |||||||||
Less: Unamortized debt issuance costs | 39,181 | 45,541 | |||||||||
Total long-term debt, net | $ | 3,847,896 | $ | 3,840,930 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities attributable to continuing operations
|
$ | 666,925 | $ | 518,845 | |||||||
Net cash used in investing activities attributable to continuing operations
|
(916,043) | (3,912,134) | |||||||||
Net cash provided by financing activities attributable to continuing operations
|
27,687 | 1,711,971 |
Incorporated by Reference |
Filed (†) or
Furnished (‡) Herewith (as indicated) |
|||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form |
SEC
File No. |
Exhibit |
Filing
Date |
|||||||||||||||||||||||||||||||||
† | ||||||||||||||||||||||||||||||||||||||
† | ||||||||||||||||||||||||||||||||||||||
† | ||||||||||||||||||||||||||||||||||||||
‡ | ||||||||||||||||||||||||||||||||||||||
‡ | ||||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | † | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | † | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | † | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | † | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | † | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
November 8, 2021 | MATCH GROUP, INC. | |||||||||||||
By: | /s/ GARY SWIDLER | |||||||||||||
Gary Swidler | ||||||||||||||
Chief Operating Officer and
Chief Financial Officer |
Signature | Title | Date | |||||||||
/s/ GARY SWIDLER |
Chief Operating Officer and
Chief Financial Officer |
November 8, 2021 | |||||||||
Gary Swidler |
1 Year Match Chart |
1 Month Match Chart |
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