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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 7—SEGMENT INFORMATION
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.
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:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Revenue:
Tinder$476,701 $492,908 $940,117 $986,018 
Hinge167,505 133,569 319,748 257,322 
Evergreen & Emerging151,349 163,757 303,778 334,893 
MG Asia69,155 73,838 132,978 145,486 
Eliminations(972)(6)(1,705)(6)
Total$863,738 $864,066 $1,694,916 $1,723,713 
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:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Operating income (loss):
Tinder$216,968 $218,530 $410,316 $428,572 
Hinge38,926 30,214 67,551 48,719 
Evergreen & Emerging(4,397)19,636 2,281 36,957 
MG Asia(262)(5,365)3,185 (13,032)
Total segment operating income251,235 263,015 483,333 501,216 
Corporate and unallocated costs(a)
(57,314)(58,489)(116,819)(111,952)
Interest expense(32,160)(40,038)(67,416)(80,391)
Other (expense) income, net
(4,056)10,525 (1,440)19,999 
Earnings before income taxes
$157,705 $175,013 $297,658 $328,872 
______________________
(a)Includes stock-based compensation and depreciation
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Adjusted Operating Income:
Tinder$246,214 $251,697 $474,682 $491,533 
Hinge53,835 42,225 96,410 71,180 
Evergreen & Emerging16,071 42,316 44,746 80,592 
MG Asia15,952 13,775 34,932 27,077 
Total segment Adjusted Operating Income332,072 350,013 650,770 670,382 
Corporate and unallocated costs(42,125)(43,576)(85,629)(84,499)
Stock-based compensation(67,467)(69,867)(137,861)(133,687)
Depreciation(18,061)(21,092)(39,790)(41,613)
Amortization of intangibles(10,498)(10,952)(20,976)(21,319)
Interest expense(32,160)(40,038)(67,416)(80,391)
Other (expense) income, net
(4,056)10,525 (1,440)19,999 
Earnings before income taxes
$157,705 $175,013 $297,658 $328,872 
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:
Three Months Ended June 30, 2025
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$98,285 $45,645 $16,988 $16,103 
Cost of acquisition39,284 28,873 46,283 17,931 
Variable expense27,857 5,485 6,838 4,725 
Employee compensation expense, excluding stock-based compensation expense51,620 26,715 36,005 10,620 
Other operating expenses(a)
13,441 6,952 29,164 3,824 
Stock-based compensation(b)
23,722 14,044 10,409 5,652 
Depreciation(b)
5,524 865 6,500 3,623 
Amortization of intangible assets(b)
— — 3,559 6,939 
Three Months Ended June 30, 2024
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$100,218 $36,444 $17,141 $15,448 
Cost of acquisition44,040 23,651 48,208 18,754 
Variable expense31,505 4,487 11,661 10,338 
Employee compensation expense, excluding stock-based compensation expense51,061 21,783 32,318 10,977 
Other operating expenses(a)
14,387 4,979 12,113 4,546 
Stock-based compensation(b)
23,415 11,464 14,620 6,758 
Depreciation(b)
9,752 547 5,154 4,336 
Amortization of intangible assets(b)
— — 2,906 8,046 
Six Months Ended June 30, 2025
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$193,528 $87,312 $34,737 $30,525 
Cost of acquisition84,901 54,399 99,540 33,472 
Variable expense58,241 10,431 13,654 9,593 
Employee compensation expense, excluding stock-based compensation expense103,515 58,461 71,146 19,280 
Other operating expenses(a)
25,250 12,735 39,955 5,176 
Stock-based compensation(b)
49,037 27,276 22,636 10,486 
Depreciation(b)
15,329 1,583 12,817 7,297 
Amortization of intangible assets(b)
— — 7,012 13,964 
Six Months Ended June 30, 2024
TinderHingeEvergreen & EmergingMG Asia
(In thousands)
In-app purchase fees$208,557 $71,092 $35,629 $32,030 
Cost of acquisition94,587 48,607 100,337 36,737 
Variable expense60,737 8,779 26,296 18,117 
Employee compensation expense, excluding stock-based compensation expense104,664 48,518 68,760 21,880 
Other operating expenses(a)
25,940 9,146 23,279 9,645 
Stock-based compensation(b)
43,956 21,379 28,668 14,839 
Depreciation(b)
19,005 1,082 9,992 8,926 
Amortization of intangible assets(b)
— — 4,975 16,344 
______________________
(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.