Match Group (MTCH) FY2023 results: revenue $3.4 billion, up 5.5% on the year

Match Group, Inc. (MTCH) reported revenue of $3.4 billion for fiscal 2023, the year ended 31 December 2023, up 5.5% on the year before. Net income was $652 million, up 80.0%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$3.4 billion

+5.5% on the year

FY2016FY2023

Operating margin

27.3%

16.2% a year earlier

FY2016FY2023

Net income

$652 million

+80.0% on the year

FY2016FY2023

Diluted EPS

$2.26

+82.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,365	3,189	2,983	+5.5%
Cost of revenue	954	960	839	-0.6%
Gross profit	2,410	2,229	2,144	+8.1%
Gross margin	71.6%	69.9%	71.9%
Research and development	384	334	241	+15.1%
Operating income	917	515	852	+78.0%
Operating margin	27.3%	16.2%	28.5%
Interest expense	160	146	130	+9.9%
Pre-tax income	777	377	256	+105.8%
Income tax	125	15.4	-19.9	+715.8%
Effective tax rate	16.1%	4.1%	-7.8%
Net income	652	362	278	+80.0%
Net margin	19.4%	11.4%	9.3%
Diluted EPS	$2.26	$1.24	$0.93	+82.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	897	526	912	+70.6%
Capital expenditure	67.4	49.1	80.0	+37.2%
Free cash flow	829	477	833	+74.0%
Free cash flow margin	24.7%	14.9%	27.9%
Cash from investing	-76.6	-71.7	-940
Cash from financing	-534	-689	111
Depreciation and amortisation	110	410	70.0	-73.3%
Share-based compensation	232	204	147	+13.8%
Buybacks	546	482	0.0	+13.3%
Dividends paid	0.0	0.0	0.0
Diluted shares, weighted	293m	295m	305m	-0.7%
Shares outstanding at period end	269m	280m	283m	-3.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-19.5	-360	-204
Non-controlling interest	0.5	1.0	7.9	-52.2%
Redeemable equity	0.0	0.0	1.3
Debt	3,842	3,836	3,929	+0.2%
Operating lease liabilities	98.5	97.4	114	+1.1%
Other liabilities	586	609	1,215	-3.7%
Total liabilities and equity	4,508	4,183	5,063	+7.8%
Fixed assets	195	176	163	+10.4%
Goodwill	2,343	2,348	2,412	-0.2%
Intangible assets	306	358	772	-14.5%
Investments	6.2	8.7	11.8	-28.9%
Cash and equivalents	862	572	815	+50.7%
Receivables	299	192	188	+55.6%
Other assets	498	527	701	-5.6%
Total assets	4,508	4,183	5,063	+7.8%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.