Company focused on execution of Investor Day plan including harnessing product innovations, especially with AI, to create more personalized, engaging, and authentic dating experiences
DALLAS, Feb. 4, 2025 -- Match Group (NASDAQ: MTCH) today announced financial results for the fourth quarter and full-year ended December 31, 2024.
"We had a strong finish to the year and are seeing solid peak season new user trends. We met our full-year 2024 AOI margin target through disciplined financial management. We're focused on executing the plan we laid out at Investor Day: driving innovation to spur user growth, generating strong free cash flow, and returning significant capital to shareholders. Our 2025 outlook remains unchanged since Investor Day on a FX neutral basis, though the strengthening U.S. dollar continues to put pressure on as reported results," said Steven Bailey, Incoming CFO.
Total Company Full Year 2024 Financial Highlights
- Total Revenue of $3.5 billion grew 3% year-over-year ("Y/Y"), up 6% on a foreign exchange ("FX") neutral basis ("FXN"), driven by an 8% Y/Y increase in RPP to $19.12, partially offset by a 5% Y/Y decline in Payers to 14.9 million.
- Excluding Hakuna and other of our live streaming services, Total Revenue was up 5% Y/Y, up 7% Y/Y FXN.
- Operating Income of $823 million declined 10% Y/Y, representing an Operating Income Margin of 24%.
- Adjusted Operating Income of $1.3 billion was flat Y/Y, representing an Adjusted Operating Income Margin of 36%.
- Operating Cash Flow and Free Cash Flow were $933 million and $882 million, respectively, for the year ended December 31, 2024. We deployed 85% of our free cash flow during the year for share repurchases. The last Apple payment of 2024, which we had expected in December, was received in early January 2025.
- The Company repurchased $753 million of stock in the year representing 22.2 million shares. As of February 4, 2025, $1.75 billion remained available for repurchase under the current repurchase programs.
- Diluted shares outstanding1 were 260.0 million as of January 31, 2025, a decrease of 7%, since January 26, 2024.
Total Company Q4 2024 Financial Highlights
- Total Revenue of $860 million declined 1% Y/Y, up 1% FXN, driven by a 4% Y/Y decline in Payers to 14.6 million, partially offset by a 3% Y/Y increase in RPP to $19.29.
- Excluding Hakuna and other of our live streaming services, Total Revenue was up 1% Y/Y, up 3% Y/Y FXN.
- Operating Income of $223 million declined 14% Y/Y, representing an Operating Income Margin of 26%.
- Adjusted Operating Income of $324 million declined 10% Y/Y, representing an Adjusted Operating Income Margin of 38%.
- The Company repurchased $117 million of stock in the quarter, 3.1 million shares, at an average price of $37.38 per share.
The following table summarizes total company consolidated financial results for the three months ended and the years ended December 31, 2024 and 2023.
Three Months Ended December 31, | Years Ended December 31, | |||||
(Dollars in millions, except RPP, Payers in thousands) | 2024 | 2023 | Y/Y Change | 2024 | 2023 | Y/Y Change |
Total Revenue | $ 860 | $ 866 | (1) % | $ 3,479 | $ 3,365 | 3 % |
Direct Revenue | $ 845 | $ 851 | (1) % | $ 3,418 | $ 3,308 | 3 % |
Operating Income | $ 223 | $ 260 | (14) % | $ 823 | $ 917 | (10) % |
Operating Income Margin | 26 % | 30 % | 24 % | 27 % | ||
Adjusted Operating Income | $ 324 | $ 362 | (10) % | $ 1,252 | $ 1,259 | — % |
Adjusted Operating Income Margin | 38 % | 42 % | 36 % | 37 % | ||
Payers | 14,607 | 15,186 | (4) % | 14,898 | 15,602 | (5) % |
RPP | $ 19.29 | $ 18.67 | 3 % | $ 19.12 | $ 17.67 | 8 % |
A webcast of our fourth quarter 2024 results will be available at https://ir.mtch.com, along with our Executive Commentary and Supplemental Financial Materials. The webcast will begin on February 5, 2025 at 8:30 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.
Business Unit Performance
Tinder Full Year 2024 Financial Highlights
- Direct Revenue of $1.9 billion grew 1% Y/Y, up 4% FXN, driven by an 8% Y/Y increase in RPP to $16.68, largely offset by a 7% Y/Y decline in Payers to 9.7 million.
- Operating Income of $889 million declined 7% Y/Y, representing an Operating Income Margin of 45%.
- Adjusted Operating Income of $1.0 billion declined 3% Y/Y, representing an Adjusted Operating Income Margin of 51%.
Tinder Q4 2024 Financial Highlights
- Direct Revenue of $476 million declined 3% Y/Y, down 1% FXN, driven by a 5% decline in Payers to 9.5 million, partially offset by a 1% Y/Y increase in RPP to $16.72.
- Operating Income of $226 million declined 5% Y/Y, representing an Operating Income Margin of 46%.
- Adjusted Operating Income of $259 million declined 2% Y/Y, representing an Adjusted Operating Income Margin of 53%.
Tinder Operational Highlights
- Solid Peak Season New User Trends: Dating peak season new user trends have been solid in both the U.S. and international markets.
- Fostering a Clean Ecosystem: Tinder plans to continue its efforts to improve its ecosystem, including expansion of its face photo requirement and the use of biometrics to validate users. Early tests have shown a reduction in interactions with bad actors, as well as improvements in users' perception of authenticity.
- Improving User Outcomes: In Q1 2025, Tinder intends to test AI-curated recommendations to deliver more personalized and engaging matches and broaden the availability of the new Friends in Common feature.
- Bringing the Fun Back to Dating: In Q2 2025, Tinder plans to begin testing its double-dating feature for users to match with other pairs of friends, which we expect to appeal especially to women and Gen Z seeking safer, lower-pressure ways to date. Tinder also intends to test an AI-enabled discovery experience, which we expect to enhance the matching experience for Tinder users.
The following table summarizes Tinder's financial results for the three months ended and the years ended December 31, 2024 and 2023.
Three Months Ended December 31, | Years Ended December 31, | |||||
(Dollars in millions, except RPP, Payers in thousands) | 2024 | 2023 | Y/Y Change | 2024 | 2023 | Y/Y Change |
Total Revenue | $ 488 | $ 506 | (3) % | $ 1,991 | $ 1,964 | 1 % |
Direct Revenue | $ 476 | $ 493 | (3) % | $ 1,941 | $ 1,918 | 1 % |
Operating Income | $ 226 | $ 238 | (5) % | $ 889 | $ 956 | (7) % |
Operating Income Margin | 46 % | 47 % | 45 % | 49 % | ||
Adjusted Operating Income | $ 259 | $ 265 | (2) % | $ 1,017 | $ 1,049 | (3) % |
Adjusted Operating Income Margin | 53 % | 52 % | 51 % | 53 % | ||
Payers | 9,491 | 9,968 | (5) % | 9,696 | 10,375 | (7) % |
RPP | $ 16.72 | $ 16.49 | 1 % | $ 16.68 | $ 15.40 | 8 % |
Hinge Full Year 2024 Financial Highlights
- Direct Revenue of $550 million grew 39% Y/Y, driven by a 23% Y/Y increase in Payers to 1.5 million and a 13% Y/Y increase in RPP to $29.94.
- Operating Income of $121 million increased 64% Y/Y, representing an Operating Income Margin of 22%.
- Adjusted Operating Income of $166 million, increased 55% Y/Y, representing an Adjusted Operating Income Margin of 30%.
Hinge Q4 2024 Financial Highlights
- Direct Revenue of $148 million grew 27% Y/Y, driven by a 19% Y/Y increase in Payers to 1.6 million and a 7% Y/Y increase in RPP to $30.42.
- Operating Income of $31 million increased 14% Y/Y, representing an Operating Income Margin of 21%.
- Adjusted Operating Income of $44 million increased 10% Y/Y, representing an Adjusted Operating Income Margin of 30%.
Hinge Operational Highlights
- New Campaign Helping Drive U.S. New User Outperformance: Hinge's new U.S. marketing campaign, "It's Funny We Met on Hinge," has helped drive strong peak season new user trends since its introduction, with particular strength among women.
- Upcoming Global Rollout of New Algorithm: Hinge's revamped recommendation algorithm aims to improve match quality by leveraging nuanced user data. Initial tests showed double-digit improvements in new matches per user. A global launch is planned for March 2025.
- AI-Powered User Coaching: Prompt Feedback, which launched in January 2025, has improved user profiles and prompt quality. This feature, as well as
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