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SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 12—SEGMENT AND GEOGRAPHIC INFORMATION Due to recent business developments in the third quarter of 2024 and continual assessment of the requirements under ASC 280, Segment Reporting, the Company reassessed its segment conclusions and determined that effective September 30, 2024, we are presenting four operating and reportable segments. Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, analyzes the results of our business through four operating segments consisting of brands or groups of brands within our portfolio: Tinder, Hinge, Evergreen & Emerging, and MG Asia. These four operating segments are also our reportable segments. Our CODM primarily evaluates the operating results and performance of our segments through revenue, operating income, and Adjusted Operating Income. These financial metrics are used to view operating trends, perform analytical comparisons, compare performance between periods, and evaluate variances to forecast on a monthly basis. As a result of the change to our operating segments in the third quarter of 2024, we reassessed our reporting units and determined that the four operating segments are also our reporting units for the purpose of evaluating goodwill for impairment. The Company re-allocated goodwill to each of the four reporting units based on their relative fair values as of September 30, 2024. This change in reporting units is considered a triggering event that requires a goodwill impairment assessment to be performed immediately before and after the change. There was no goodwill impairment identified in either the before or after impairment tests. Goodwill was allocated to each of the four reporting units as follows: Tinder, $1.5 billion; Hinge, $0.5 billion; Evergreen & Emerging, $0.2 billion; and MG Asia, $0.1 billion. The following table presents revenue by segment, which includes revenue from customers in the form of direct revenue, indirect revenue, which is primarily advertising revenue, and intersegment revenue, which is eliminated in consolidated results:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Revenue: |  |  |  |  |
Tinder | $ | 1,991,137 |  |  | $ | 1,963,610 |  |  | $ | 1,841,629 |
Hinge | 550,435 |  |  | 396,485 |  |  | 283,668 |
Evergreen & Emerging | 654,168 |  |  | 700,925 |  |  | 741,256 |
MG Asia | 284,522 |  |  | 303,484 |  |  | 322,290 |
Eliminations | (889) |  |  | — |  |  | — |
Total | $ | 3,479,373 |  |  | $ | 3,364,504 |  |  | $ | 3,188,843 |
The following tables present the segment profitability measures, operating income (loss) and Adjusted Operating Income, and a reconciliation of the total segment profitability measures to earnings before income taxes:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Operating income (loss): |  |  |  |  |
Tinder | $ | 889,222 |  |  | $ | 955,519 |  |  | $ | 956,470 |
Hinge | 121,482 |  |  | 74,261 |  |  | 78,723 |
Evergreen & Emerging | 66,088 |  |  | 82,460 |  |  | 35,879 |
MG Asia | (32,345) |  |  | (8,675) |  |  | (312,027) |
Total segment operating income | 1,044,447 |  |  | 1,103,565 |  |  | 759,045 |
Corporate and unallocated costs(a) | (221,135) |  |  | (186,669) |  |  | (244,040) |
Interest expense | (160,071) |  |  | (159,887) |  |  | (145,547) |
Other income, net | 40,815 |  |  | 19,772 |  |  | 8,033 |
Earnings before income taxes | $ | 704,056 |  |  | $ | 776,781 |  |  | $ | 377,491 |
______________________ (a)Includes stock-based compensation and depreciation.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Adjusted Operating Income: |  |  |  |  |
Tinder | $ | 1,017,023 |  |  | $ | 1,049,360 |  |  | $ | 1,027,883 |
Hinge | 166,478 |  |  | 107,646 |  |  | 91,148 |
Evergreen & Emerging | 170,418 |  |  | 163,796 |  |  | 159,717 |
MG Asia | 60,806 |  |  | 61,790 |  |  | 34,432 |
Total segment Adjusted Operating Income | 1,414,725 |  |  | 1,382,592 |  |  | 1,313,180 |
Corporate and unallocated costs | (162,358) |  |  | (124,059) |  |  | (184,444) |
Stock-based compensation | (267,381) |  |  | (232,099) |  |  | (203,880) |
Depreciation | (87,499) |  |  | (61,807) |  |  | (43,594) |
Impairments and amortization of intangibles | (74,175) |  |  | (47,731) |  |  | (366,257) |
Interest expense | (160,071) |  |  | (159,887) |  |  | (145,547) |
Other income, net | 40,815 |  |  | 19,772 |  |  | 8,033 |
Earnings before income taxes | $ | 704,056 |  |  | $ | 776,781 |  |  | $ | 377,491 |
Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, and board of director and public company listing fees), 2) portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain centrally managed services and technology that have not been allocated to the individual business segments (such as central trust and safety operations and certain shared software). Our CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented. Interest income and other income, net are not allocated to individual segments as these are managed on a consolidated basis. The accounting policies for segment reporting are the same as for our consolidated financial statements. The following tables present the significant segment expenses regularly reviewed by our CODM:
| Year Ended December 31, 2024
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 414,908 |  |  | $ | 151,467 |  |  | $ | 70,735 |  |  | $ | 63,292 |
Cost of acquisition | 183,220 |  |  | 98,808 |  |  | 195,738 |  |  | 73,407 |
Variable expense | 122,053 |  |  | 17,100 |  |  | 41,592 |  |  | 28,321 |
Employee compensation expense, excluding stock-based compensation expense | 197,157 |  |  | 95,445 |  |  | 131,039 |  |  | 40,632 |
Other operating expenses(a) | 56,776 |  |  | 21,137 |  |  | 44,646 |  |  | 18,064 |
Stock-based compensation(b) | 90,141 |  |  | 42,673 |  |  | 54,922 |  |  | 25,818 |
Depreciation(b) | 37,660 |  |  | 2,323 |  |  | 21,732 |  |  | 20,834 |
Impairment and amortization of intangible assets(b) | — |  |  | — |  |  | 27,676 |  |  | 46,499 |
| Year Ended December 31, 2023
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 417,571 |  |  | $ | 110,093 |  |  | $ | 70,012 |  |  | $ | 70,251 |
Cost of acquisition | 167,566 |  |  | 67,758 |  |  | 202,831 |  |  | 77,456 |
Variable expense | 119,333 |  |  | 15,004 |  |  | 63,779 |  |  | 29,296 |
Employee compensation expense, excluding stock-based compensation expense | 167,019 |  |  | 79,084 |  |  | 148,285 |  |  | 42,338 |
Other operating expenses(a) | 42,761 |  |  | 16,900 |  |  | 52,222 |  |  | 22,353 |
Stock-based compensation(b) | 68,644 |  |  | 31,459 |  |  | 50,268 |  |  | 23,399 |
Depreciation(b) | 25,197 |  |  | 1,926 |  |  | 18,732 |  |  | 11,671 |
Impairment and amortization of intangible assets(b) | — |  |  | — |  |  | 12,336 |  |  | 35,395 |
| Year Ended December 31, 2022
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 384,995 |  |  | $ | 79,098 |  |  | $ | 64,044 |  |  | $ | 73,154 |
Cost of acquisition | 110,625 |  |  | 37,147 |  |  | 234,872 |  |  | 91,607 |
Variable expense | 110,106 |  |  | 10,613 |  |  | 71,205 |  |  | 50,873 |
Employee compensation expense, excluding stock-based compensation expense | 160,816 |  |  | 51,645 |  |  | 155,347 |  |  | 43,410 |
Other operating expenses(a) | 47,204 |  |  | 14,017 |  |  | 56,071 |  |  | 28,814 |
Stock-based compensation(b) | 56,085 |  |  | 10,794 |  |  | 52,498 |  |  | 28,294 |
Depreciation(b) | 15,328 |  |  | 1,631 |  |  | 17,971 |  |  | 5,277 |
Impairment and amortization of intangible assets(b) | — |  |  | — |  |  | 53,369 |  |  | 312,888 |
______________________ (a)Other operating expenses primarily consists of office rent, business software, travel, indirect taxes, and professional fees. (b)Expense is a non-cash item and excluded from the profitability measure of Adjusted Operating Income (Loss). Geographic Information Revenue by geography is based on where the customer is located. The United States is the only country from which revenue is greater than 10 percent of total revenue. Geographic information about revenue and long-lived assets is presented below:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Revenue |  |  |  |  |
United States | $ | 1,593,611 |  |  | $ | 1,541,012 |  |  | $ | 1,450,702 |
All other countries | 1,885,762 |  |  | 1,823,492 |  |  | 1,738,141 |
Total | $ | 3,479,373 |  |  | $ | 3,364,504 |  |  | $ | 3,188,843 |
| December 31,
| 2024 |  | 2023
| (In thousands)
Long-lived assets (excluding goodwill and intangible assets) |  |  |
United States | $ | 119,638 |  |  | $ | 143,502 |
South Korea | 16,608 |  |  | 23,708 |
All other countries | 21,943 |  |  | 27,315 |
Total | $ | 158,189 |  |  | $ | 194,525 |

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- Definition The entire disclosure for reporting segments including data and tables. 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