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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
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,
202420232022
(In thousands)
Revenue:
Tinder$1,991,137 $1,963,610 $1,841,629 
Hinge550,435 396,485 283,668 
Evergreen & Emerging654,168 700,925 741,256 
MG Asia284,522 303,484 322,290 
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,
202420232022
(In thousands)
Operating income (loss):
Tinder$889,222 $955,519 $956,470 
Hinge121,482 74,261 78,723 
Evergreen & Emerging66,088 82,460 35,879 
MG Asia(32,345)(8,675)(312,027)
Total segment operating income1,044,447 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, net40,815 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,
202420232022
(In thousands)
Adjusted Operating Income:
Tinder$1,017,023 $1,049,360 $1,027,883 
Hinge166,478 107,646 91,148 
Evergreen & Emerging170,418 163,796 159,717 
MG Asia60,806 61,790 34,432 
Total segment Adjusted Operating Income1,414,725 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, net40,815 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
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$414,908 $151,467 $70,735 $63,292 
Cost of acquisition183,220 98,808 195,738 73,407 
Variable expense122,053 17,100 41,592 28,321 
Employee compensation expense, excluding stock-based compensation expense197,157 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
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$417,571 $110,093 $70,012 $70,251 
Cost of acquisition167,566 67,758 202,831 77,456 
Variable expense119,333 15,004 63,779 29,296 
Employee compensation expense, excluding stock-based compensation expense167,019 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
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$384,995 $79,098 $64,044 $73,154 
Cost of acquisition110,625 37,147 234,872 91,607 
Variable expense110,106 10,613 71,205 50,873 
Employee compensation expense, excluding stock-based compensation expense160,816 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,
 202420232022
 (In thousands)
Revenue  
United States$1,593,611 $1,541,012 $1,450,702 
All other countries1,885,762 1,823,492 1,738,141 
Total$3,479,373 $3,364,504 $3,188,843 
 December 31,
 20242023
 (In thousands)
Long-lived assets (excluding goodwill and intangible assets)  
United States$119,638 $143,502 
South Korea16,608 23,708 
All other countries21,943 27,315 
Total$158,189 $194,525