Match Group — May 8, 2025 release

shareholders’ equity (182,712) (63,659) Noncontrolling interests —  2  Total shareholders’ equity (182,712) (63,657) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,889,885  $ 4,465,771  6 Consolidated Statement of Cash Flows   Three Months Ended March 31,   2025 2024   (In thousands) Cash flows from operating activities: Net earnings $ 117,571  $ 123,234  Adjustments to reconcile net earnings to net cash provided by operating activities: Stock-based compensation expense 70,394  63,820  Depreciation 21,729  20,521  Amortization of intangibles 10,478  10,367  Deferred income taxes (3,722) 6,777  Other adjustments, net 5,325  3,585  Changes in assets and liabilities Accounts receivable 2,510  71,674  Other assets 15,230  7,118  Accounts payable and other liabilities (49,339) (22,538) Income taxes payable and receivable 11,525  11,051  Deferred revenue (8,584) (11,506) Net cash provided by operating activities 193,117  284,103  Cash flows from investing activities:     Capital expenditures (15,427) (17,234) Other, net (1,067) (8,814) Net cash used in investing activities (16,494) (26,048) Cash flows from financing activities:     Principal payments on Term Loan (425,000) —  Proceeds from issuance of common stock pursuant to stock-based awards 378  1,255  Withholding taxes paid on behalf of employees on net settled stock-based awards (78,749) (9,591) Dividends (47,791) —  Purchase of treasury stock (188,676) (188,593) Purchase of noncontrolling interests (84) (737) Other, net (374) (1,953) Net cash used in financing activities (740,296) (199,619) Total cash (used) provided (563,673) 58,436  Effect of exchange rate changes on cash and cash equivalents 7,102  (5,947) Net (decrease) increase in cash and cash equivalents (556,571) 52,489  Cash, cash equivalents, and restricted cash at beginning of period 965,993  862,440  Cash, cash equivalents, and restricted cash at end of period $ 409,422  $ 914,929  7 Reconciliations of GAAP to Non-GAAP Measures Reconciliation of Operating Income to Adjusted Operating Income Three Months Ended March 31, 2025 2024 (Dollars in thousands) Operating Income $ 172,593  $ 184,738  Stock-based compensation expense 70,394  63,820  Depreciation 21,729  20,521  Amortization of intangibles 10,478  10,367  Adjusted Operating Income $ 275,194  $ 279,446  Revenue $ 831,178  $ 859,647  Operating Income Margin 21  % 21  % Adjusted Operating Income Margin 33  % 33  % Reconciliation of Operating Income to Adjusted Operating Income used in Leverage Ratios Twelve months ended March 31, 2025 (In thousands) Operating Income $ 811,167  Stock-based compensation expense 273,955  Depreciation 88,707  Impairments and amortization of intangibles 74,286  Adjusted Operating Income $ 1,248,115  Reconciliation of Forecasted Operating Income to Forecasted Adjusted Operating Income Three Months Ended June 30, 2025 (In millions) Operating Income $195 to $200 Stock-based compensation expense 71 Depreciation and impairments and amortization of intangibles 29 Adjusted Operating Income $295 to $300 Revenue $850 to $860 Operating Income Margin (at the mid-point of the ranges) 23  % Adjusted Operating Income Margin (at the mid-point of the ranges) 35  % 8 Reconciliation of Operating Cash Flow to Free Cash Flow Three Months Ended March 31, 2025 2024 (In thousands) Net cash provided by operating activities $ 193,117  $ 284,103  Capital expenditures (15,427) (17,234) Free Cash Flow $ 177,690  $ 266,869  Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects   Three Months Ended March 31,   2025 $ Change % Change 2024   (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 831.2  $ (28.5) (3) % $ 859.6  Foreign exchange effects 19.4  Total Revenue, excluding foreign exchange effects $ 850.6  $ (9.0) (1) % $ 859.6  9 Dilutive Securities Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive impact (shares in millions; rounding differences may occur). Average Exercise Price 4/30/2025 Share Price $29.66 Absolute Shares 245.2 Equity Awards Options $18.11 0.4 RSUs and subsidiary denominated equity awards 10.1 Total Dilution - Equity Awards 10.5 Outstanding Warrants Warrants expiring on September 15, 2026 (6.6 million outstanding) $133.