Match Group has announced their financial results for Q2 2022. Some of the highlights from the announcement are as follows:
- Total Revenue grew 12% over the prior year quarter to $795 million (19% growth on a foreign exchange (“FX”) neutral basis).
- Operating Loss of $10 million driven by a $217 million impairment of intangibles relating to the Hyperconnect acquisition.
- Adjusted Operating Income was $286 million, an increase of 9% over the prior year quarter, representing an Adjusted Operating Income Margin of 36%.
- Payers increased 10% to 16.4 million, up from 15.0 million in the prior year quarter.
- RPP increased 3% over the prior year quarter to $15.86.
- Tinder Direct Revenue grew 13% over the prior year quarter driven by 14% Payers growth to 10.9 million partially offset by a RPP decline of 1%.
- All Other Brands collectively grew Direct Revenue 12% year-over-year, driven by 10% RPP growth and 2% Payers growth to 5.5 million.
- Year-to-date 2022 Operating Cash Flow and Free Cash Flow were $20 million and negative $7 million, respectively, driven by the $441 million payment related to the previously disclosed Tinder litigation settlement.
However, the big news from the financial results launch came as Match Group announced the departure of Tinder CEO Renate Nyborg, less than a year after taking the role.
In a letter to shareholders, Match Group said: “The second quarter of 2022 was an exciting one for Match Group. We’ve spent the past two months visiting our offices in LA, New York, Vancouver, Dallas, Seoul and Paris to connect in person with teams across the organisation. Our goal was to meet with as many employees as possible and hear directly from them about how recent business trends and our brands’ strategic plans position Match Group to deliver on our mission to make meaningful connections through our portfolio of brands. We all learned a lot from these conversations and look forward to leveraging these insights as we drive the business forward.
“With the addition of BK’s fresh perspectives to the management team, we’ve decided to take a different approach to the content and structure of this letter. We wanted to introduce BK’s key leadership philosophies, share some findings from his first two months in the role and highlight the steps he’s already taken to help navigate the business through the challenging operating environment. As we continue to refine our longer-term strategy for the business, we look forward to keeping you updated on these plans in the coming months.
“While there is work to be done, we’re con dent that the future is bright for Match Group. It is clear that we have an experienced global team and a fantastic business, and we’re excited about our growth opportunities ahead. We’re optimistic that we’ll unlock further growth and extend our winning track record for many years to come.”