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SEGMENT INFORMATION | 9 Months Ended
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Sep. 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 EBITDA (numerically the same as our previous metric which was called 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Revenue: |  |  |  |  |  |  |
Tinder | $ | 505,344 |  |  | $ | 516,778 |  |  | $ | 1,445,461 |  |  | $ | 1,502,796 |
Hinge | 184,671 |  |  | 145,425 |  |  | 504,419 |  |  | 402,747 |
Evergreen & Emerging | 156,252 |  |  | 161,181 |  |  | 460,030 |  |  | 496,074 |
MG Asia | 69,364 |  |  | 72,282 |  |  | 202,342 |  |  | 217,768 |
Eliminations | (1,356) |  |  | (182) |  |  | (3,061) |  |  | (188) |
Total | $ | 914,275 |  |  | $ | 895,484 |  |  | $ | 2,609,191 |  |  | $ | 2,619,197 |
The following tables present the segment profitability measures, operating income (loss) and Adjusted EBITDA, and a reconciliation of the total segment profitability measures to income before income taxes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Operating income (loss): |  |  |  |  |  |  |
Tinder | $ | 183,743 |  |  | $ | 234,304 |  |  | $ | 594,059 |  |  | $ | 662,876 |
Hinge | 46,314 |  |  | 42,207 |  |  | 113,865 |  |  | 90,926 |
Evergreen & Emerging | 31,447 |  |  | 3,110 |  |  | 33,728 |  |  | 40,067 |
MG Asia | 801 |  |  | (18,895) |  |  | 3,986 |  |  | (31,927) |
Total segment operating income | 262,305 |  |  | 260,726 |  |  | 745,638 |  |  | 761,942 |
Corporate and unallocated costs(a) | (40,971) |  |  | (50,066) |  |  | (157,790) |  |  | (162,018) |
Interest expense | (37,024) |  |  | (40,120) |  |  | (104,440) |  |  | (120,511) |
Other income, net | 9,328 |  |  | 7,100 |  |  | 7,888 |  |  | 27,099 |
Income before income taxes | $ | 193,638 |  |  | $ | 177,640 |  |  | $ | 491,296 |  |  | $ | 506,512 |
______________________ (a)Includes stock-based compensation and depreciation
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Adjusted EBITDA: |  |  |  |  |  |  |
Tinder | $ | 203,818 |  |  | $ | 266,325 |  |  | $ | 678,500 |  |  | $ | 757,858 |
Hinge | 62,623 |  |  | 51,426 |  |  | 159,033 |  |  | 122,606 |
Evergreen & Emerging | 47,373 |  |  | 41,568 |  |  | 92,119 |  |  | 122,160 |
MG Asia | 15,290 |  |  | 17,840 |  |  | 50,222 |  |  | 44,917 |
Total segment Adjusted EBITDA | 329,104 |  |  | 377,159 |  |  | 979,874 |  |  | 1,047,541 |
Corporate and unallocated costs | (27,698) |  |  | (34,619) |  |  | (113,327) |  |  | (119,118) |
Stock-based compensation | (56,306) |  |  | (64,488) |  |  | (194,167) |  |  | (198,175) |
Depreciation | (14,845) |  |  | (25,302) |  |  | (54,635) |  |  | (66,915) |
Impairments and amortization of intangibles | (8,921) |  |  | (42,090) |  |  | (29,897) |  |  | (63,409) |
Interest expense | (37,024) |  |  | (40,120) |  |  | (104,440) |  |  | (120,511) |
Other income, net | 9,328 |  |  | 7,100 |  |  | 7,888 |  |  | 27,099 |
Income before income taxes | $ | 193,638 |  |  | $ | 177,640 |  |  | $ | 491,296 |  |  | $ | 506,512 |
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 September 30, 2025
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 102,978 |  |  | $ | 49,703 |  |  | $ | 15,462 |  |  | $ | 15,993 |
Cost of acquisition | 55,977 |  |  | 32,729 |  |  | 47,094 |  |  | 21,280 |
Variable expense | 27,081 |  |  | 6,499 |  |  | 7,123 |  |  | 4,752 |
Employee compensation expense, excluding stock-based compensation expense | 43,067 |  |  | 26,238 |  |  | 27,314 |  |  | 7,971 |
Other operating expenses(a) | 72,423 |  |  | 6,879 |  |  | 11,886 |  |  | 4,078 |
Stock-based compensation(b) | 17,624 |  |  | 15,238 |  |  | 5,956 |  |  | 5,332 |
Depreciation(b) | 2,451 |  |  | 1,071 |  |  | 6,268 |  |  | 3,938 |
Amortization of intangible assets(b) | — |  |  | — |  |  | 3,702 |  |  | 5,219 |
| Three Months Ended September 30, 2024
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 105,990 |  |  | $ | 39,869 |  |  | $ | 17,694 |  |  | $ | 16,021 |
Cost of acquisition | 49,767 |  |  | 23,993 |  |  | 50,838 |  |  | 17,977 |
Variable expense | 33,191 |  |  | 3,631 |  |  | 8,519 |  |  | 5,670 |
Employee compensation expense, excluding stock-based compensation expense | 48,601 |  |  | 21,394 |  |  | 32,125 |  |  | 10,547 |
Other operating expenses(a) | 12,904 |  |  | 5,112 |  |  | 10,437 |  |  | 4,227 |
Stock-based compensation(b) | 22,601 |  |  | 8,599 |  |  | 13,310 |  |  | 5,844 |
Depreciation(b) | 9,420 |  |  | 620 |  |  | 5,918 |  |  | 8,031 |
Impairments and amortization of intangible assets(b) | — |  |  | — |  |  | 19,230 |  |  | 22,860 |
| Nine Months Ended September 30, 2025
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 296,506 |  |  | $ | 137,015 |  |  | $ | 50,199 |  |  | $ | 46,518 |
Cost of acquisition | 140,878 |  |  | 87,128 |  |  | 146,634 |  |  | 54,752 |
Variable expense | 85,322 |  |  | 16,930 |  |  | 20,777 |  |  | 14,345 |
Employee compensation expense, excluding stock-based compensation expense | 146,582 |  |  | 84,699 |  |  | 98,460 |  |  | 27,251 |
Other operating expenses(a) | 97,673 |  |  | 19,614 |  |  | 51,841 |  |  | 9,254 |
Stock-based compensation(b) | 66,661 |  |  | 42,514 |  |  | 28,592 |  |  | 15,818 |
Depreciation(b) | 17,780 |  |  | 2,654 |  |  | 19,085 |  |  | 11,235 |
Amortization of intangible assets(b) | — |  |  | — |  |  | 10,714 |  |  | 19,183 |
| Nine Months Ended September 30, 2024
| Tinder |  | Hinge |  | Evergreen & Emerging |  | MG Asia
| (In thousands)
In-app purchase fees | $ | 314,547 |  |  | $ | 110,961 |  |  | $ | 53,323 |  |  | $ | 48,051 |
Cost of acquisition | 144,354 |  |  | 72,600 |  |  | 151,175 |  |  | 54,714 |
Variable expense | 93,928 |  |  | 12,410 |  |  | 34,815 |  |  | 23,787 |
Employee compensation expense, excluding stock-based compensation expense | 153,265 |  |  | 69,912 |  |  | 100,885 |  |  | 32,427 |
Other operating expenses(a) | 38,844 |  |  | 14,258 |  |  | 33,716 |  |  | 13,872 |
Stock-based compensation(b) | 66,557 |  |  | 29,978 |  |  | 41,978 |  |  | 20,683 |
Depreciation(b) | 28,425 |  |  | 1,702 |  |  | 15,910 |  |  | 16,957 |
Impairments and amortization of intangible assets(b) | — |  |  | — |  |  | 24,205 |  |  | 39,204 |
______________________ (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 EBITDA.

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