Open the filing on EDGARExhibit 99.1 Match Group Announces First Quarter Results Match Group Q1 2026 Financial Highlights Other Quarterly Highlights: Financial Results GAAP Financial Statements Consolidated Balance Sheet Consolidated Statement of Cash Flows Reconciliations of GAAP to Non-GAAP Measures Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA Dilutive Securities Non-GAAP Financial Measures Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures Other Information
March 31, 2026December 31, 2025(In thousands)ASSETSCash and cash equivalents$1,020,095$1,027,838Short-term investments3,2983,461Accounts receivable, net293,186303,495Other current assets105,60992,500Total current assets1,422,1881,427,294Property and equipment, net138,877131,159Goodwill2,336,9952,339,350Intangible assets, net152,411192,929Deferred income taxes195,649216,057Other non-current assets161,817154,022TOTAL ASSETS$4,407,937$4,460,811LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current maturities of long-term debt, net$423,729$423,580Accounts payable9,3099,577Deferred revenue150,252151,337Accrued expenses and other current liabilities323,303422,051Total current liabilities906,5931,006,545Long-term debt, net of current maturities3,550,4733,549,099Income taxes payable45,87343,522Deferred income taxes1,78110,732Other long-term liabilities121,334104,309Commitments and contingenciesSHAREHOLDERS’ EQUITY Common stock303300Additional paid-in capital8,661,1878,721,015Retained deficit(5,799,470)(5,966,307)Accumulated other comprehensive loss(434,141)(422,620)Treasury stock(2,645,996)(2,585,892)Total Match Group, Inc. shareholders’ equity(218,117)(253,504)Noncontrolling interests - 108Total shareholders’ equity(218,117)(253,396)TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $4,407,937$4,460,811 Three Months Ended March 31, 20262025 (In thousands)Cash flows from operating activities:Net income$166,845$117,571Adjustments to reconcile net income to net cash provided by operating activities:Stock-based compensation expense58,56770,394Depreciation14,13221,729Impairments and amortization of intangibles33,76710,478Deferred income taxes11,641(3,722)Other adjustments, net2,2115,325Changes in assets and liabilitiesAccounts receivable8,9922,510Other assets(9,450)15,230Accounts payable and other liabilities(98,042)(49,339)Income taxes payable and receivable6,49111,525Deferred revenue(796)(8,584)Net cash provided by operating activities194,358193,117Cash flows from investing activities: Capital expenditures(20,384)(15,427)Other, net - (1,067)Net cash used in investing activities(20,384)(16,494)Cash flows from financing activities: Principal payments on Term Loan - (425,000)Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan - 378Withholding taxes paid on behalf of employees on net settled stock-based awards(74,848)(78,749)Dividends(44,189)(47,791)Purchase of treasury stock(60,104)(188,676)Purchase of noncontrolling interests(232)(84)Other, net - (374)Net cash used in financing activities(179,373)(740,296)Total cash used(5,399)(563,673)Effect of exchange rate changes on cash and cash equivalents(2,344)7,102Net decrease in cash and cash equivalents(7,743)(556,571)Cash, cash equivalents, and restricted cash at beginning of period1,027,838965,993Cash, cash equivalents, and restricted cash at end of period$1,020,095$409,422 Three Months EndedJune 30, 2026(In millions)Net income attributable to Match Group, Inc. shareholders$160 to $165Add back:Income tax provision40Other income, net(6)Interest expense43Stock-based compensation expense65Depreciation and amortization of intangibles23Adjusted EBITDA$325 to $330Revenue$850 to $860Net Income Margin (at the mid-point of the ranges)19%Adjusted EBITDA Margin (at the mid-point of the ranges)38%
- Total Revenue of $864 million was up 4% year-over-year (“Y/Y”), flat on a foreign exchange •Tinder’s product-led turnaround is underway, with leading indicators improving. In Match Group has various tranches of dilutive securities. The table below details these securities and their potentially Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue Excluding Foreign Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-
Tinder Registrations Returned to Y/Y Growth in March, Marking First Increase in Nearly Consolidated Operating Costs and Expenses Consolidated Statement of Operations Reconciliation of Net Income to Adjusted EBITDA Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). The based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully dilutive impact (shares in millions; rounding differences may occur). (“FX”) neutral basis (“FXN”), driven by a 10% Y/Y increase in RPP to $20.90, partially offset by March, Sparks (a proxy for real connection) declined just 1% Y/Y, while Sparks Coverage (a Two Years Three Months Ended March 31, 20262025 (In thousands, except per share data)Revenue$863,934$831,178Operating costs and expenses:Cost of revenue (exclusive of depreciation shown separately below)210,656236,908Selling and marketing expense163,030157,096General and administrative expense89,128111,520Product development expense116,805120,854Depreciation14,13221,729Impairment and amortization of intangibles33,76710,478Total operating costs and expenses627,518658,585Operating income236,416172,593Interest expense(42,525)(35,256)Other income, net6,6402,616Income before income taxes200,531139,953Income tax provision(33,686)(22,382)Net income166,845117,571Net income attributable to noncontrolling interests(8)(1)Net income attributable to Match Group, Inc. shareholders$166,837$117,570Net earnings per share attributable to Match Group, Inc. shareholders: Basic$0.71$0.47 Diluted$0.68$0.44Basic shares outstanding233,441251,130Diluted shares outstanding251,477271,928Stock-based compensation expense by function:Cost of revenue$1,467$1,835Selling and marketing expense2,6082,742General and administrative expense19,76227,006Product development expense34,73038,811Total stock-based compensation expense$58,567$70,394 Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow measures are among the primary metrics by which we diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards a 5% Y/Y decline in Payers to 13.5 million. Three Months Ended March 31,(Dollars in thousands)2026% of Revenue2025% of RevenueY/Y ChangeCost of revenue$210,65624%$236,90829%(11)%Selling and marketing expense163,03019%157,09619%4%General and administrative expense89,12810%111,52013%(20)%Product development expense116,80514%120,85415%(3)%Depreciation14,1322%21,7293%(35)%Impairments and amortization of intangibles33,7674%10,4781%222%Total operating costs and expenses$627,51873%$658,58579%(5)% Three Months Ended March 31,20262025(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$166,837$117,570Add back:Net income attributable to noncontrolling interests81Income tax provision33,68622,382Other income, net(6,640)(2,616)Interest expense42,52535,256Stock-based compensation expense58,56770,394Depreciation14,13221,729Impairment and amortization of intangibles33,76710,478Adjusted EBITDA$342,882$275,194Revenue$863,934$831,178Net Income Margin19%14%Adjusted EBITDA Margin40%33% This press release and our conference call, which will be held at 5:00 p.m. Eastern Time on May 5, 2026, may contain Average Exercise Price4/30/2026Share Price$37.42Absolute Shares233.3Equity AwardsOptions$18.790.1RSUs and subsidiary denominated equity awards9.0Total Dilution - Equity Awards9.1Outstanding WarrantsWarrants expiring on September 15, 2026 (5.0 million outstanding)$130.08 - Warrants expiring on April 15, 2030 (7.1 million outstanding)$130.14 - Total Dilution - Outstanding Warrants - Total Dilution9.1% Dilution3.8%Total Diluted Shares Outstanding242.4 core engagement metric for conversations) increased 6% Y/Y. In March, MAU trends also evaluate the performance of our business, on which our internal budget is based and by which management is are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that Hinge Launches Category-First Features and Delivers Strong Revenue Growth compensated. Revenue Excluding Foreign Exchange Effects provides a comparable framework for assessing the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit •Net Income of $167 million increased 42% Y/Y, representing a Net Income Margin of 19%. improved, down 7% Y/Y, the slowest rate of decline in 31 months, and new user registrations are not historical facts are “forward looking statements.” The use of words such as “anticipates,” “estimates,” “expects,” performance of our business without the effect of exchange rate differences when compared to prior periods. We believe that the required tax-withholding amounts from our current funds. “plans,” “believes,” “will,” and “would,” among others, generally identify forward-looking statements. These forward-looking returned to Y/Y growth. These trends reflect ongoing product enhancements, including
- Adjusted EBITDA of $343 million increased 25% Y/Y, representing an Adjusted EBITDA investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures statements include, among others, statements relating to: Match Group’s future financial performance, Match Group’s Depreciation is a non-cash expense relating to our property and equipment and is computed using the straight-line method LOS ANGELES, May 5, 2026 - Match Group (NASDAQ: MTCH) today announced financial results for improved recommendations, new features like Astrology Mode and Music Mode, and should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for Margin of 40%. business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures the first quarter ended March 31, 2026, highlighting meaningful progress in its product-led continued investment in Trust & Safety. on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, improvements, the lease term, if shorter.
- Operating Cash Flow and Free Cash Flow were $194 million and $174 million, respectively. presented by providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying such transformation. In Q1, the Company exceeded its revenue and Adjusted EBITDA expectations, while risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related •Hinge fully rolled out Face Check™ across key markets, reducing interactions with bad these forward-looking statements for a variety of reasons, including, among others: failure to retain existing users or add new •Repurchased 2.0 million of our shares at an average price of $31 per share on a trade date continuing to improve operating discipline and reallocate resources toward its highest-conviction GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative of the results that primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, users, or if users do not convert to paying users; competition; risks related to our restructuring and reorganization activities; actors by 20-30% with minimal impact on revenue. basis for a total of $60 million, paid $44 million in dividends, and deployed $75 million of cash may be expected for a full year. such as customer lists, trade names and technology, are valued and amortized over their estimated lives. Value is also opportunities. our ability to attract and retain users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, toward the net settlement of employee equity awards to reduce dilution, equating to 103% of assigned to (i) acquired indefinite-lived intangible assets, which consist of trade names and trademarks, and (ii) goodwill, in particular, mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of •Match Group made a significant $100 million investment in Sniffies in April, further Definitions of Non-GAAP Measures which are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill Free Cash Flow in total. our users could be attributed to us or may not be adequately prevented by us; dependence on our key personnel; volatile strengthening its investment in the non-heterosexual male segment. As part of this move, the exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value “Match Group delivered a strong start to the year,” said CEO Spencer Rascoff. “Tinder works better global economic conditions; operational and financial risks in connection with acquisitions; impairment charges related to our Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net income •Diluted shares outstanding were 242 million as of April 30, 2026, a decrease of 13 million prior to acquisition and the related amortization and impairment charges of intangible assets or goodwill, if applicable, are not Company will wind down Archer, its gay male app, which is expected to result in approximately intangible assets; operations in various international markets, including certain markets in which we have limited experience; today than it did before. Our product changes are resonating with Gen Z and driving improvements in Liquidity and Capital Resources attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), net; (4) interest ongoing costs of doing business. shares, or 5%, since April 30, 2025. foreign currency exchange rate fluctuations; challenges in measuring our user metrics and other estimates; the limited $10 million in annualized cost savings, including stock-based compensation. leading indicators, which is a clear signal that Tinder's ecosystem is strengthening. Hinge delivered expense; (5) depreciation; (6) acquisition-related items consisting of (i) amortization of intangible assets and impairments of operating history of our newer brands and services makes it difficult to evaluate our current business and future prospects; During the three months ended March 31, 2026, we generated operating cash flow of $194 million and goodwill and intangible assets, if applicable and (ii) gains and losses recognized on changes in fair value of contingent The following table summarizes total company consolidated financial results for the three months Additional Definitions another strong quarter and launched category-first features for highly intentioned daters that are impacts of climate change; the integrity of our and third parties’ systems and infrastructure; cyberattacks on our systems and •Match Group continued to simplify its organization, folding MG Asia into its E&E business Free Cash Flow of $174 million. consideration arrangements, as applicable; and (7) stock-based compensation expense. We believe Adjusted EBITDA is ended March 31, 2026 and 2025. infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our improving outcomes.” unit, which is expected to result in roughly $15 million in annualized cost savings, including useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of Tinder consists of the world-wide activity of the brand Tinder®. users; breaches or unauthorized access of personal and confidential or sensitive user information that we maintain and During the quarter ended March 31, 2026, we repurchased 2.0 million shares of our common stock for our competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses. Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange stock-based compensation. The move brings Azar and Pairs, the two Asia-based businesses, Three Months Ended March 31,(Dollars in millions, except RPP, Payers in thousands)20262025Y/Y ChangeTotal Revenue$864$8314%Direct Revenue$848$8124%Net income attributable to Match Group, Inc. shareholders$167$11842%Net Income Margin19%14%Adjusted EBITDA$343$27525%Adjusted EBITDA Margin40%33%Payers13,52114,198(5)%RPP$20.90$19.0710% store; challenges with properly managing the use of artificial intelligence; risks related to credit card payments; risks related Hinge consists of the world-wide activity of the brand Hinge®. $60 million on a trade date basis at an average price of $30.67. Between April 1 and April 30, 2026, Effects to our use of “open source” software; complex and evolving U.S., foreign, and international laws and regulations; our ability Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA Margin is closer to the rest of the Company, and the Seoul-based engineering talent to Tinder. The In Q1, Tinder demonstrated measurable progress across key metrics and strengthened user trends, Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including Match®, Meetic®, to protect our intellectual property rights or accusations that we infringe upon the intellectual property rights of others; useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that we repurchased an additional 0.7 million shares of our common stock for $22 million on a trade date Company also further centralized performance marketing, driving improved coordination with global MAU retention and registrations returning to year-over-year growth in March, while Hinge OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and our Emerging brands, including BLK®, Three Months Ended March 31, 2026$ Change% Change2025 (Dollars in millions, rounding differences may occur)Total Revenue, as reported$863.9$32.84%$831.2Foreign exchange effects(31.6)Total Revenue, excluding foreign exchange effects$832.3$1.1 - %$831.2 adverse outcomes in litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and of our competitors. Adjusted EBITDA Margin has certain limitations in that it does not take into account the impact to our basis at an average price of $32.03. As of April 30, 2026, $876 million in aggregate value of shares of ChispaTM, The League®, Upward®, YuzuTM, Salams®, HERTM, and other smaller brands. across nearly $600 million in global spend. risks relating to ownership of our common stock. Certain of these and other risks and uncertainties are discussed in Match delivered 28% Y/Y Direct Revenue growth, reflecting continued product momentum and international consolidated statement of operations of certain expenses. ______________________
Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios
Match Group stock remains available under our share repurchase program. Group’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®. expansion. The Company also advanced its ‘1MG’ strategy, further simplifying its organizational Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe Free Cash The dilutive securities presentation above is calculated using the methods and assumptions described below; these Twelve months endedMarch 31, 2026(In thousands)Net income attributable to Match Group, Inc. shareholders$662,713Add back:Net income attributable to noncontrolling interests22Income tax provision143,846Other income, net(25,049)Interest expense154,820Stock-based compensation expense246,375Depreciation59,515Impairment and amortization of intangibles61,837Adjusted EBITDA$1,304,079 A webcast of our first quarter 2026 results will be available at https://ir.mtch.com, along with our adversely affect Match Group’s business, financial condition and results of operations may arise from time to time. In light of Flow is useful to investors because it represents the cash that our operating businesses generate, before taking into account are different from GAAP dilution, which is calculated based on the treasury stock method. structure and operating more cohesively to enable faster execution and better leverage shared As of March 31, 2026, we had $1.0 billion in cash, cash equivalents, and short-term investments and Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and à la these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, May 5, 2026, non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or carte revenue. place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of capabilities across brands. $4.0 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including Options - The table above assumes the options are settled net of the option exercise price and employee at 5:00 PM Eastern Time. This press release, including the reconciliations of certain non-GAAP decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. the date of this press release. Match Group does not undertake to update these forward-looking statements. Indirect Revenue is revenue that is not received directly from end users of our services, a majority of which is advertising withholding taxes, as is our practice, and the dilutive effect is presented as the net shares that would be issued upon $1.0 billion of Exchangeable Senior Notes. We plan to use $424 million of cash to repay the Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows. measures to their nearest comparable GAAP measures, is also available on that site. revenue. exercise. Withholding taxes paid by the Company on behalf of the employees upon exercise is estimated to be outstanding 0.875% exchangeable senior notes due 2026 at or prior to their maturity in June 2026. About Match Group Rascoff continued, “We are maintaining disciplined execution across the business, driving efficiency We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation purposes. In $4.4 million, assuming the stock price in the table above and a 50% estimated employee withholding tax rate. Sparks the number of users engaging in six-way conversations on Tinder. our view, applying “multiples” to Free Cash Flow is inappropriate because it is subject to timing, seasonality and one-time Our $500 million revolving credit facility was undrawn as of March 31, 2026. Match Group’s trailing Financial Outlook while continuing to invest in our highest-priority growth opportunities. We’ve built a stronger foundation Match Group (NASDAQ: MTCH), through its portfolio companies, is a leading provider of digital technologies RSUs and subsidiary denominated equity awards - The table above assumes RSUs are settled net of employee events. We manage our business for cash, and we think it is of utmost importance to maximize cash - but our primary Sparks Coverage the percentage of our users who experience a Spark in a given period on Tinder. twelve-month leverage as of March 31, 2026 was 3.1x on a gross basis and 2.3x on a net basis. for the business over the past year, and are well-positioned to drive continued progress throughout designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, valuation metric is Adjusted EBITDA. withholding taxes, as is our practice, and the dilutive effect is presented as the net number of shares that would be For Q2 2026, Match Group expects: Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a Match®, Meetic®, OkCupid®, Pairs™, PlentyOfFish®, Azar®, BLK®, and more, each built to increase our users’ issued upon vesting. Withholding taxes paid by the Company on behalf of the employees upon vesting is estimated to 2026 and beyond.” On April 21, 2026, we paid a dividend of $0.20 per share to holders of record on April 6, 2026. The Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using prior period quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period •Total Revenue of $850 to $860 million, down 2% to flat Y/Y. likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the be $336.1 million, assuming the stock price in the table above and a 50% withholding rate. exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is calculated by determining the total cash payout was $47 million. presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, varying preferences of our users. change in current period revenues over prior period revenues where current period revenues are translated using prior •Adjusted EBITDA of $325 to $330 million, representing a Y/Y increase of 13% at the midpoints All performance-based and market-based awards reflect the expected shares that will vest based on current duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are period exchange rates. We believe the impact of foreign exchange rates on Match Group, due to its global reach, may be an On April 23, 2026, we used $100 million of cash on hand to make a minority interest investment in performance or market estimates. The table assumes no change in the fair value estimate of the subsidiary unable to identify unique individuals across brands in the Match Group portfolio. of the ranges. Contact Us important factor in understanding period over period comparisons if movement in rates is significant. Since our results are denominated equity awards from the values used for GAAP purposes at March 31, 2026. Sniffies. Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a period reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative to other •Adjusted EBITDA Margin of 38% at the midpoints of the ranges. Tanny ShelburneMatch Group Investor Relationsir@match.comVidhya MurugesanMatch Group Corporate CommunicationsmatchgroupPR@match.comMatch Group8750 North Central Expressway, Suite 1400, Dallas, TX 75231, (214) 576-9352 https://mtch.com divided by the Payers in the period, further divided by the number of months in the period. Exchangeable Senior Notes - The Company has two series of Exchangeable Senior Notes outstanding. In the currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation event of an exchange, each series of Exchangeable Senior Notes can be settled in cash, shares, or a combination of of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to understand Match Monthly Active User (“MAU”) is a unique registered user at a brand level who has visited the brand’s app or, if applicable, Dividend Declaration Group’s performance because it excludes the impact of foreign currency volatility that is not indicative of Match Group’s core cash and shares. At the time of each Exchangeable Senior Notes issuance, the Company purchased call options with their website in the given month. For measurement periods that span multiple months, the average of each month is used. At operating results. Reconciliation of Operating Cash Flow to Free Cash Flow a strike price equal to the exchange price of each series of Exchangeable Senior Notes (“Note Hedge”), which can be Match Group's Board of Directors has declared a cash dividend of $0.20 per share of the company's a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate users will used to offset the dilution of each series of the Exchangeable Senior Notes. No dilution is reflected in the table above Three months ended March 31, 2026(In thousands)Net cash provided by operating activities$194,358Capital expenditures(20,384)Free Cash Flow$173,974 exist within MAU when the same individual visits multiple brands in a given month. common stock. The dividend is payable on July 21, 2026 to shareholders of record as of July 7, 2026. for any of the Exchangeable Senior Notes because it is the Company’s intention to settle the Exchangeable Senior Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced. Notes with cash equal to the face amount of the notes; any shares issued would be offset by shares received upon exercise of the Note Hedge. Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted EBITDA for the period referenced. Warrants - At the time of the issuance of each series of Exchangeable Senior Notes, the Company also sold warrants for the number of shares with the strike prices reflected in the table above. The cash generated from the exercise of the warrants is assumed to be used to repurchase Match Group shares and the resulting net dilution, if any, is reflected in the table above.
Based on a random weighted sample of in-app profile views. Bad actors include accounts that engage in deceptive or harmful behaviors, including spam, scam attempts, or operating automated fake profiles (bots). Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 8. As defined on page 10 of this press release. 1 2 3 4 5 6 7 8 9 10 11 12 13
Open the filing on EDGARTinder’s Product-led Turnaround Let me highlight a few of the efforts driving these improvements, many of which we showcased at our Hinge: Product-led Growth at Scale to invite trusted friends (on and off Hinge) to contribute short reflections to their profiles, adding ‘1MG’ Strategy in Action leadership team to help ensure consistent deployment of capabilities and avoid fragmentation across Q1 2026 Financial Performance •MG Asia delivered Direct Revenue in Q1 of $60 million, down 6% and down 7% FXN. Azar Capital Allocation & Liquidity Appendix Reconciliation of Operating Cash Flow to Free Cash Flow Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Dilutive Securities Non-GAAP Financial Measures Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted EBITDA for the period referenced. Three months ended March 31, 2026(In thousands)Net cash provided by operating activities$194,358Capital expenditures(20,384)Free Cash Flow$173,974 Effects Tinder Sparks event in March, which is available on our IR website. credibility and helping users get to know one another more deeply. Friend’s Take will begin brands. Direct Revenue was down 6% and down 9% FXN. Azar Direct Revenue was negatively Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive Reconciliations of GAAP to Non-GAAP Measures From the beginning, I’ve said this will be a product-led turnaround, starting with user outcomes and Hinge continues to build thoughtful, best-in-category experiences for highly intentioned daters. The We’re continuing the work we began last year to simplify the organization and operate more effectively Our trailing twelve-month gross leverage was 3.1x and net leverage was 2.3x at the end of Q1. We Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue Excluding Foreign Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-
Q1 2026 Prepared Remarks
Forward-looking statements notice
We delivered a strong start to the year, exceeding both our revenue and Adjusted EBITDA testing by the end of Q2, with broader rollout expected in Q3. We see potential for it to be a impacted by an estimated $3 million from its temporary removal from the App Store. Pairs impact (shares in millions; rounding differences may occur). Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). The based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully Three Months Ended March 31, 2026$ Change% Change2025 (Dollars in millions, rounding differences may occur)Total Revenue, as reported$863.9$32.84%$831.2Foreign exchange effects(31.6)Total Revenue, excluding foreign exchange effects$832.3$1.1 - %$831.2Direct Revenue, as reported$847.9$35.44%$812.4Foreign exchange effects(31.1)Direct Revenue, excluding foreign exchange effects$816.7$4.31%$812.4Tinder Direct Revenue, as reported$454.7$7.32%$447.4Foreign exchange effects(20.5)Tinder Direct Revenue, excluding foreign exchange effects$434.2$(13.2)(3)%$447.4Hinge Direct Revenue, as reported$194.5$42.328%$152.2Foreign exchange effects(5.9)Hinge Direct Revenue, excluding foreign exchange effects$188.6$36.324%$152.2E&E Direct Revenue, as reported$139.1$(10.0)(7)%$149.2Foreign exchange effects(4.7)E&E Direct Revenue, excluding foreign exchange effects$134.5$(14.7)(10)%$149.2MG Asia Direct Revenue, as reported$59.5$(4.1)(6)%$63.7Foreign exchange effects(0.1)MG Asia Direct Revenue, excluding foreign exchange effects$59.5$(4.2)(7)%$63.7Azar Direct Revenue$34.2$(2.4)(6)%$36.5Foreign exchange effects(0.8)Azar Direct Revenue, excluding foreign exchange effects$33.4$(3.1)(9)%$36.5Pairs Direct Revenue, as reported$25.4$(1.8)(6)%$27.1Foreign exchange effects0.7Pairs Direct Revenue, excluding foreign exchange effects$26.1$(1.1)(4)%$27.1 moving up the funnel to user growth. team remains focused on a key objective: helping users get out on great dates. That clarity is driving as 1MG. ended the quarter with $1.0 billion of cash, cash equivalents, and short-term investments on hand, First, recommendations. We’ve sharpened how Tinder understands what users are looking for and These changes are about operating more simply and more effectively. We’re simplifying the portfolio,
Reconciliation of Net Income to Adjusted EBITDA
expectations. The outperformance was primarily driven by better-than-expected Direct Revenue and top-of-funnel driver, similar to Voice Prompts a couple of years ago. Direct Revenue was down 6% and down 4% FXN. Across MG Asia, Payers declined 9% to Average Exercise Price4/30/2026Share Price$37.42Absolute Shares233.3Equity AwardsOptions$18.790.1RSUs and subsidiary denominated equity awards9.0Total Dilution - Equity Awards9.1Outstanding WarrantsWarrants expiring on September 15, 2026 (5.0 million outstanding)$130.08 - Warrants expiring on April 15, 2030 (7.1 million outstanding)$130.14 - Total Dilution - Outstanding Warrants - Total Dilution9.1% Dilution3.8%Total Diluted Shares Outstanding242.4 Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow measures are among the primary metrics by which we diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards its product roadmap, which is both rapidly advancing the core experience and introducing new and and plan to use $424 million of cash to pay off the 2026 convertible notes on, or before, their maturity how we deliver matches across the ecosystem. By learning preferences earlier, showing more focusing resources on our highest-conviction opportunities, and adapting quickly to where we believe These prepared remarks and our conference call, which will be held at 5:00 p.m. Eastern Time on May 5, 2026, may contain Good afternoon, and thanks for joining us. Three Months Ended March 31, 2026TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$166,837Add back:Net income attributable to noncontrolling interests(a)8Income tax provision(a)33,686Other income, net(a)(6,640)Interest expense(a)42,525Operating income (loss)(b)$215,924$56,112$21,496$(17,595)$(39,521)$ - $236,416Stock-based compensation expense19,57612,6827,6855,36713,257 - 58,567Depreciation1,5521,7236,5733,1951,089 - 14,132Impairment and amortization of intangibles - - 3,66430,103 - - 33,767Adjusted EBITDA$237,052$70,517$39,418$21,070$(25,175)$ - $342,882Revenue$468,638$194,497$142,675$59,801$ - $(1,677)$863,934Net Income Margin19%Operating Income (Loss) Margin(b)46%29%15%(29)%NANA27%Adjusted EBITDA Margin51%36%28%35%NANA40% evaluate the performance of our business, on which our internal budget is based and by which management is are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the Payer trends at Tinder and a benefit associated with Canada’s rescission of its digital services tax. I’ll approximately 900 thousand, while RPP increased 2% to $21.74. Adjusted EBITDA was $21 Our most important leading indicators, Sparks and Sparks Coverage, continue to improve. As part of this effort, we’ve folded our MG Asia business unit into our E&E business unit. This brings compelling features. in June. “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that relevant profiles, and better serving both active and returning users, we’re helping people find •Third, Hinge began testing Signals, a new feature designed to make effort and the category is going, not where it’s been. That’s 1MG in practice. compensated. Revenue Excluding Foreign Exchange Effects provides a comparable framework for assessing the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit walk through the key drivers of the quarter and then turn to our guidance. Unless otherwise noted, all million, up 11%, representing an Adjusted EBITDA Margin of 35%. our two Asia-based businesses, Azar® and Pairs™, closer to the rest of the company, removes a Match Group entered 2026 with tangible are not historical facts are “forward looking statements.” The use of words such as “anticipates,” “estimates,” “expects,” matches faster and driving more conversations with particularly strong gains for women. intentionality more visible. When users consistently demonstrate thoughtful participation by performance of our business without the effect of exchange rate differences when compared to prior periods. We believe that the required tax-withholding amounts from our current funds. In March, Sparks, the number of users amounts are on an as reported basis and comparisons will be discussed on a year-over-year (“Y/Y”) Starting with the core experience, Hinge management layer, and improves efficiency while maintaining in-region, cross-brand go-to-market Year-to-date through Q1, we delivered Operating Cash Flow of $194 million and Free Cash Flow “plans,” “believes,” “will,” and “would,” among others, generally identify forward-looking statements. These forward-looking progress on the three-phase transformation Final Thoughts investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures doing things like completing their profile, responding to messages, and engaging in meaningful As a result of the organizational changes associated with MG Asia that Spencer discussed, beginning engaging in six-way conversations, were basis. More details can be found in the financial table below and in the financials supplement found on Depreciation is a non-cash expense relating to our property and equipment and is computed using the straight-line method statements include, among others, statements relating to: Match Group’s future financial performance, Match Group’s is strengthening profile quality through a capabilities. We expect this change to result in roughly $15 million in annualized cost savings, (“FCF”) of $174 million. We repurchased 2.0 million shares at an average price of $31 per share on a Next, product innovation. Features like Astrology Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for we outlined last year: Reset, Revitalize, and conversations, they earn a Signals badge on their profile. This badge “signals” to others on the with our Q2 2026 results, we will combine the MG Asia and E&E business units into a single operating down only 1% year-over-year (“Y/Y”), a to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based Stepping back, we have aligned our business around distinct user intents, with each brand serving a our IR website. or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures redesigned onboarding experience that including stock-based compensation. trade date basis, for a total of $60 million, paid $44 million in dividends, and deployed $75 million of Twelve months endedMarch 31, 2026(In thousands)Net income attributable to Match Group, Inc. shareholders$662,713Add back:Net loss attributable to noncontrolling interests22Income tax provision143,846Other income, net(25,049)Interest expense154,820Stock-based compensation expense246,375Depreciation59,515Impairment and amortization of intangibles61,837Adjusted EBITDA$1,304,079 Mode and Music Mode are gaining traction with Gen Z Resurgence. app their level of effort and intentionality, addressing a longstanding friction point in the segment called E&E and report Match Group results across three operating segments: Tinder, Hinge improvements, the lease term, if shorter. on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, meaningful improvement from down 11% Y/Y different and important role. Together, they expand our reach across a broad and growing market for presented by providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying such encourages users to slow down and reflect cash towards net settlement of employee equity awards, equating to 103% of FCF. Between April 1 following their mid-March launch, reaching 19% and risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in category, particularly for women and younger daters. Early results show improvements in and E&E. in March 2025. Sparks Coverage, which It also enables more cohesive portfolio management, faster execution, and to apply shared items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the We completed the Reset phase in 2025 and human connection. Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related on what they’re looking for before viewing and April 30, 2026, we repurchased an additional 700 thousand shares at an average price of $32 per 8% adoption, respectively. We’re also seeing these forward-looking statements for a variety of reasons, including, among others: failure to retain existing users or add new GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative of the results that dating outcomes and user behaviors that benefit the overall ecosystem. As we invest in these measures the percentage of our users who capabilities and resources. primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, are now well into Revitalize, focused on profiles. Structured prompts help users share on a trade date basis, for a total of $22 million. As of April 30, 2026, we’ve reduced diluted users, or if users do not convert to paying users; competition; risks related to our restructuring and reorganization activities; encouraging early signals on user outcomes. For may be expected for a full year. Consolidated Operating Costs and Expenses Within that framework, in April we made a $100 million investment for a significant minority stake in types of intentional features, we are creating new surface areas to potentially monetize later. experience a Spark in a given period, was up such as customer lists, trade names and technology, are valued and amortized over their estimated lives. Value is also improving product experiences, strengthening our ability to attract and retain users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, more clearly communicate their relationship shares outstanding by 5% Y/Y. We also used $100 million in cash on hand to acquire a minority stake example, in our early read, women who swipe on On Azar, as we previously disclosed, Apple temporarily removed the app from the App Store on Sniffies, a differentiated platform with strong product-market fit and a highly engaged user base. We assigned to (i) acquired indefinite-lived intangible assets, which consist of trade names and trademarks, and (ii) goodwill, 6% Y/Y in March, compared to down 1% Y/Y in particular, mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of the ecosystem, and rebuilding growth. Including stock-based compensation (“SBC”) expense, total expenses in Q1 were down 5%. Definitions of Non-GAAP Measures goals, personality, and preferences from the in Sniffies, which we announced on April 27, 2026. Our capital allocation strategy, centered on Astrology cards are more likely to reach a Spark than February 22, 2026. The team moved quickly to make adjustments, which led to the reinstatement of a which are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill have the option to acquire the remaining equity in the future, similar to the approach we took with our our users could be attributed to us or may not be adequately prevented by us; dependence on our key personnel; volatile in March 2025. These are our clearest signals start. The experience is also more returning capital to shareholders through buybacks and a dividend, remains unchanged. exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value with non-Astro cards. new version on April 6, 2026. While still early, registrations and MAU are beginning to recover, but the global economic conditions; operational and financial risks in connection with acquisitions; impairment charges related to our Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net income We are operating with greater focus and initial investment in Hinge in 2017. •Cost of revenue decreased 11% and represented 24% of Total Revenue, down four points as of product efficacy and real connection, and prior to acquisition and the related amortization and impairment charges of intangible assets or goodwill, if applicable, are not interactive, giving users more visibility into intangible assets; operations in various international markets, including certain markets in which we have limited experience; new app experience is monetizing at lower levels than the previous version. We are testing changes attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), net; (4) interest discipline. The portfolio is sharper, execution a percentage of Total Revenue, primarily driven by alternative payment savings. they are improving. Like Double Date, these signals show new modes are ongoing costs of doing business. Financial Guidance foreign currency exchange rate fluctuations; challenges in measuring our user metrics and other estimates; the limited Sniffies reinforces our commitment with non-heterosexual men, which represent a large and growing expense; (5) depreciation; (6) acquisition-related items consisting of (i) amortization of intangible assets and impairments of how they are represented and improving to the product to improve monetization, but expect continued pressure on Azar Direct Revenue over is faster, and we are leveraging our scale resonating by making discovery more expressive and lower pressure, which is exactly what Gen Z operating history of our newer brands and services makes it difficult to evaluate our current business and future prospects; goodwill and intangible assets, if applicable and (ii) gains and losses recognized on changes in fair value of contingent portion of the category. We see a clear opportunity to lend our expertise in areas like Trust & Safety •Selling and marketing costs increased $6 million, or 4%, but remained flat at 19% of Total confidence during profile creation. We plan As we’ve said before, our belief is: improving the balance of the year. Additional Definitions more effectively through our ‘1MG’ approach. Q2 2026 impacts of climate change; the integrity of our and third parties’ systems and infrastructure; cyberattacks on our systems and consideration arrangements, as applicable; and (7) stock-based compensation expense. We believe Adjusted EBITDA is users have been asking for. and geographic expansion, while preserving what makes the platform unique to its community. As part Revenue, as a result of increased marketing spend at Tinder and Hinge partially offset by to expand this globally by the end of Q2. Sparks leads to better retention and stronger word-of-mouth, driving MAU over time. We are now We are reinvesting where we see clear infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of With the consolidation of MG Asia into E&E, we’ve transitioned our Seoul-based MG AI team of more Tinder consists of the world-wide activity of the brand Tinder®. of this investment, we plan to wind down our gay male app, Archer, which we expect to result in reduced marketing spend at E&E and MG Asia. We expect Q2 Total Revenue for Match Group of $850 million to $860 million, down 2% to flat Y/Y. starting to see that play out. users; breaches or unauthorized access of personal and confidential or sensitive user information that we maintain and And finally, Trust & Safety. We continue to scale Face Check™ into more regions, including the our competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses. At a segment level, the opportunities to improve user outcomes, while ______________________ In parallel, Hinge continues to strengthen than 20 talented data scientists and machine-learning engineers to report into Tinder’s CTO. This roughly $10 million in annualized cost savings, including stock-based compensation. store; challenges with properly managing the use of artificial intelligence; risks related to credit card payments; risks related This range assumes a one point tailwind from FX. FXN, we expect Total Revenue to be down 1% to closest GAAP measure is operating income as items outside operating income are not allocated to segments. Hinge consists of the world-wide activity of the brand Hinge®. recent launch in the UK and Singapore. Face Check is improving authenticity and user trust, with continuing to return meaningful capital to The dilutive securities presentation above is calculated using the methods and assumptions described below; these are •General and administrative costs decreased 20%, down three points as a percentage of trust within the experience with Face MAU declines continued to moderate in March, down 7% Y/Y, the slowest rate of decline in 31 team will continue building shared 1MG technologies, including AI-driven photo uploading and AI- to our use of “open source” software; complex and evolving U.S., foreign, and international laws and regulations; our ability 3% Y/Y. Q2 Total Revenue guidance assumes a $10 million negative impact from Tinder’s user different from GAAP dilution, which is calculated based on the treasury stock method. particularly strong trends in the U.S. where net promoter scores have been trending higher. shareholders. Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA Margin is We’ve built a stronger foundation and are now seeing that translate into real momentum. By improving Total Revenue to 10%, driven by the Canadian digital services tax reversal of $11 million, and Check, which is now fully rolled out in the Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including Match®, Meetic®, to protect our intellectual property rights or accusations that we infringe upon the intellectual property rights of others; months, compared to down 10% Y/Y in March 2025. This improvement was driven by a few factors: enabled recommendation algorithms, but will now operate with closer alignment to our largest experience tests and a $20 million negative impact from lower Azar Direct Revenue. Options - The table above assumes the options are settled net of the option exercise price and employee withholding useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that OkCupid®, Plenty Of Fish®, and a number of demographically focused brands and our Emerging brands including, BLK®, adverse outcomes in litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and how people connect and delivering better outcomes for users, we’re setting the business up for lower employee compensation, including SBC. U.S., UK, Australia, Canada, Brazil, and business unit. taxes, as is our practice, and the dilutive effect is presented as the net shares that would be issued upon exercise. Importantly, the revenue impact from our ongoing user experience tests remains within the range we Our progress is showing up in three areas: Three Months EndedJune 30, 2026(In millions)Net income attributable to Match Group, Inc. shareholders$160 to $165Add back:Income tax provision40Other income, net(6)Interest expense43Stock-based compensation expense65Depreciation and amortization of intangibles23Adjusted EBITDA$325 to $330Revenue$850 to $860Net Income Margin (at the mid-point of the ranges)19%Adjusted EBITDA Margin (at the mid-point of the ranges)38% of our competitors. Adjusted EBITDA Margin has certain limitations in that it does not take into account the impact to our ChispaTM, The League®, Upward®, YuzuTM, Salams®, HERTM, and other smaller brands. risks relating to ownership of our common stock. Certain of these and other risks and uncertainties are discussed in Match First, user retention increased, up 1% Y/Y in March after multiple years of decline. U.S. Gen Z Three Months Ended March 31, 2025TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$117,570Add back:Net income attributable to redeemable noncontrolling interestsa1Income tax provisiona22,382Other income, neta(2,616)Interest expensea35,256Operating income (loss)(b)$193,348$28,625$6,678$3,447$(59,505)$ - $172,593Stock-based compensation expense25,31513,23212,2274,83414,786 - 70,394Depreciation9,8057186,3173,6741,215 - 21,729Amortization of intangibles - - 3,4537,025 - - 10,478Adjusted EBITDA$228,468$42,575$28,675$18,980$(43,504)$ - $275,194Revenue$463,416$152,243$152,429$63,823$ - $(733)$831,178Net Income Margin14%Operating Income Margin(b)42%19%4%5%NANA21%Adjusted EBITDA Margin49%28%19%30%NANA33% Withholding taxes paid by the Company on behalf of the employees upon exercise is estimated to be $4.4 million, assuming durable growth. That’s what gives us confidence in the path to Resurgence. Mexico, with additional markets planned for We expect Match Group Adjusted EBITDA of $325 million to $330 million, representing a 13% Y/Y planned. consolidated statement of operations of certain expenses. Group’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also In Q1, Match Group’s Total Revenue was $864 million, up 4%, flat on a foreign exchange (“FX”) •Product development costs decreased 3%, down one point as a percentage of Total the stock price in the table above and a 50% estimated employee withholding tax rate. women retention, a critical cohort for ecosystem health, was up 3% Y/Y in March. In addition, we’re shifting nearly 30 product, engineering, and analytics employees from Azar to Tinder •First, leading indicators at Tinder® are Q2. In these markets, the feature has increase, and an Adjusted EBITDA margin of 38% at the mid-points of the ranges, as we remain Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®. adversely affect Match Group’s business, financial condition and results of operations may arise from time to time. In light of neutral basis (“FXN”). FX was $3 million better than expected at the time of our last earnings call. RSUs and subsidiary denominated equity awards - The table above assumes RSUs are settled net of employee Revenue, at 14%. in Seoul. These moves concentrate resources into Tinder at a critical moment, supported by excellent Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe Free Cash Simply put, Tinder works better now. We are not at the finish line, but the turnaround is clearly showing momentum, reflecting better reduced interactions with bad actors by financially disciplined and continue to optimize our cost structure while making the necessary these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not withholding taxes, as is our practice, and the dilutive effect is presented as the net number of shares that would be issued Second, registrations returned to growth for the first time since June 2024, up 1% Y/Y in March, Sparks the number of users engaging in six-way conversations on Tinder. Payers declined 5% to 13.5 million, while RPP increased 10% to $20.90. Indirect revenue of $16 Flow is useful to investors because it represents the cash that our operating businesses generate, before taking into account executive leadership, an accelerating product roadmap, and improving business momentum. underway. upon vesting. Withholding taxes paid by the Company on behalf of the employees upon vesting is estimated to be product experiences for Gen Z, and place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of 20-30%, with minimal impact on revenue. investments that we believe will drive long-term growth in the business.
- Depreciation and amortization increased by $16 million to $48 million due to impairments of compared to down 12% Y/Y in March 2025. This is proof that the brand is resonating through non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or million was down 14%, largely driven by a decrease in spend from top advertisers as compared to a $336.1 million, assuming the stock price in the table above and a 50% withholding rate. Following this move, we will have a nearly 60 person team focused on Tinder in Seoul, making it our the date of these prepared remarks. Match Group does not undertake to update these forward-looking statements. Sparks Coverage the percentage of our users who experience a Spark in a given period on Tinder. that progress is increasingly Originally developed by Tinder, Face Check showcases portfolio-wide innovation, enabling Hinge to intangible assets at Azar totaling $25 million, resulting from changes required to reinstate the decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. marketing and word-of-mouth, driving new users into the experience. Total RevenueAdjusted EBITDAQ2 2026$850 to $860 million$325 to $330 million record quarter the prior year. In Q1, Match Group’s Adjusted EBITDA was $343 million, up 25%, All performance-based and market-based awards reflect the expected shares that will vest based on current performance or third largest tech hub after Palo Alto and LA. translating into top-line metrics like quickly iterate and bring the feature to market faster. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows. app in the Apple App Store. market estimates. The table assumes no change in the fair value estimate of the subsidiary denominated equity awards from Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and à la representing an Adjusted EBITDA Margin of 40%. Canada’s rescission of its digital service tax We’re seeing this progress across different geographies and demographics, including in markets the values used for GAAP purposes at March 31, 2026. Monthly Active Users (“MAU”), Payers, and Direct Revenue. carte revenue. We’ve also made progress in unifying performance marketing by further centralizing teams and We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation purposes. In positively impacted Adjusted EBITDA by $11 million in the quarter. Building on its stronger core experience, Hinge is introducing a set of category-first features designed Exchangeable Senior Notes - The Company has two series of Exchangeable Senior Notes outstanding. In the event of an where we’ve had the most ground to recover. our view, applying “multiples” to Free Cash Flow is inappropriate because it is subject to timing, seasonality and one-time resources into a 1MG organization that buys digital media across brands. We spend nearly $600 Indirect Revenue is revenue that is not received directly from end users of our services, a majority of which is advertising exchange, each series of Exchangeable Senior Notes can be settled in cash, shares, or a combination of cash and shares. •Second, Hinge® continues to scale, combining strong revenue growth, rapid product to better express intent and help users move from connection to date: events. We manage our business for cash, and we think it is of utmost importance to maximize cash - but our primary •Tinder Direct Revenue in Q1 was $455 million, up 2% and down 3% FXN. Q1 Direct Revenue At the time of each Exchangeable Senior Notes issuance, the Company purchased call options with a strike price equal to revenue. million globally across 20+ brands, with significant efficiencies available to us as coordination ramps. Progress may not always be linear, but the Y/Y trajectory of these leading indicators and user innovation, particularly in AI-driven features, and continued international expansion. valuation metric is Adjusted EBITDA. the exchange price of each series of Exchangeable Senior Notes (“Note Hedge”), which can be used to offset the dilution of Hinge demonstrates the simple principle that when product-market fit is strong and user outcomes are includes an approximately $5 million negative impact from user experience testing in the
- First, Hinge is reducing friction in getting to great dates with Date Ideas, (formerly Direct engagement underscores our confidence in the strategy and we expect it to translate into revenue each series of the Exchangeable Senior Notes. No dilution is reflected in the table above for any of the Exchangeable Senior Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a We are also bringing certain areas of E&E closer together with Tinder, starting with the executive clear, growth follows and the model scales. Hinge continues to lead the category in product innovation quarter. Payers declined 5% Y/Y to 8.6 million, a marked improvement from the 8% Y/Y •And third, we continue to streamline our portfolio and organizational structure, simplifying how to Date), which allows users to propose a date idea and time upfront to clarify intent and move Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using prior period Notes because it is the Company’s intention to settle the Exchangeable Senior Notes with cash equal to the face amount of growth over time. quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period layer, where I now directly oversee both business units. This has unlocked significant opportunities for the notes; any shares issued would be offset by shares received upon exercise of the Note Hedge. through its consistent focus on user outcomes, and it’s led to strong financial results. We are excited decline in Q4 2025. RPP increased 7% to $17.56. Adjusted EBITDA in the quarter was $237 exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is calculated by determining the we operate and focusing resources on our highest-conviction opportunities. matches to real-life meetings faster. Early feedback has been encouraging, with nearly 9% presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, better coordination and synergies, including the marketing changes I just mentioned. As I have dug change in current period revenues over prior period revenues where current period revenues are translated using prior Warrants - At the time of the issuance of each series of Exchangeable Senior Notes, the Company also sold warrants for to see the impact of Hinge’s product roadmap on the business this year, as it continues on its path to million, up 4%, representing an Adjusted EBITDA margin of 51%. duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are adoption in testing (one of the highest rates we’ve seen for a new profile feature) and users the number of shares with the strike prices reflected in the table above. The cash generated from the exercise of the Looking ahead, our objective is to drive a Resurgence with our audience by re-establishing Tinder as period exchange rates. We believe the impact of foreign exchange rates on Match Group, due to its global reach, may be an into E&E the last few weeks, we’ve identified many areas where Tinder and E&E results can be unable to identify unique individuals across brands in the Match Group portfolio. be a $1 billion business by 2027. expressing genuine excitement on social media. So far, users are defaulting to familiar, low- warrants is assumed to be used to repurchase Match Group shares and the resulting net dilution, if any, is reflected in the important factor in understanding period over period comparisons if movement in rates is significant. Since our results are •Hinge maintained momentum in Q1 with Direct Revenue of $194 million, up 28% and up 24% a growth business during 2027 through restoring durable user engagement and relevance at scale. improved through tighter coordination, collaboration, and integration. table above. effort date ideas like dinner, drinks, and walks, while custom date ideas skew toward light, reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative to other Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a period FXN. Payers increased 15% Y/Y to 2.0 million, and RPP increased 11% to $33.13. Adjusted And all of this is happening alongside disciplined financial execution. In Q1’26, we exceeded our conversational activities like bowling, arcades, museums, and mini golf. currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation divided by the Payers in the period, further divided by the number of months in the period. Finally, this couldn’t be a 2026 earnings call without discussing AI. We see AI as a core enabler of EBITDA was $71 million, up 66% Y/Y, representing an Adjusted EBITDA Margin of 36%. revenue and Adjusted EBITDA expectations on the back of strength at Tinder. Steve will walk through of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to understand Match Monthly Active User (“MAU”) is a unique registered user at a brand level who has visited the brand’s app or, if applicable, improving user outcomes, enhancing product experiences, increasing relevance, and accelerating the details shortly. •Second, Hinge is expanding the role friends play on daters' profiles with Friend’s Take, Group’s performance because it excludes the impact of foreign currency volatility that is not indicative of Match Group’s core their website in the given month. For measurement periods that span multiple months, the average of each month is used. At •E&E Direct Revenue in Q1 was $139 million, down 7% and down 10% FXN. Payers development and iteration across the portfolio. To support this, we’ve launched a global AI enablement operating results. which addresses two core tensions: representing yourself authentically and navigating dating a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate users will Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 12. As defined on page 14. Forward rate as of April 29, 2026. decreased 16% to 2.0 million, while RPP increased 11% to $22.97. Adjusted EBITDA was $39 ______________________ program that gives every employee access to leading AI tools, with the goal of becoming an AI-native alone, without community. Building on Hinge’s prompt-native format, the feature allows users exist within MAU when the same individual visits multiple brands in a given month. million, up 37%, representing an Adjusted EBITDA Margin of 28%. (a) These items are not allocated to a segment. company. We’re also reassessing our hiring plans with AI enablement in mind and plan to reduce Based on a random weighted sample of in-app profile views. Bad actors include accounts that engage in deceptive or harmful behaviors, including spam, scam attempts, or operating automated fake profiles (bots). Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced. (b) At a segment level, the closest GAAP measure is operating income as items outside operating income are not allocated to segments. headcount growth over the remainder of the year. And we’re standing up a cross-company AI Retention measures the share of existing users who remain active after 30 days. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17