Match Group — Aug 5, 2025 release

shareholders’ equity (230,881) (63,659) Noncontrolling interests 105  2  Total shareholders’ equity (230,776) (63,657) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,867,816  $ 4,465,771  6 Consolidated Statement of Cash Flows   Six Months Ended June 30,   2025 2024   (In thousands) Cash flows from operating activities: Net earnings $ 243,049  $ 256,554  Adjustments to reconcile net earnings to net cash provided by operating activities: Stock-based compensation expense 137,861  133,687  Depreciation 39,790  41,613  Amortization of intangibles 20,976  21,319  Deferred income taxes (7,908) 16,964  Other adjustments, net 15,721  (109) Changes in assets and liabilities Accounts receivable (12,739) (28,670) Other assets 32,304  2,410  Accounts payable and other liabilities (19,438) 3,118  Income taxes payable and receivable (6,071) (11,690) Deferred revenue (6,586) (22,128) Net cash provided by operating activities 436,959  413,068  Cash flows from investing activities:     Capital expenditures (28,297) (29,905) Other, net (25,976) (8,807) Net cash used in investing activities (54,273) (38,712) Cash flows from financing activities:     Principal payments on Term Loan (425,000) —  Proceeds from issuance of common stock pursuant to stock-based awards 3,598  5,739  Withholding taxes paid on behalf of employees on net settled stock-based awards (89,921) (10,095) Dividends (94,968) —  Purchase of treasury stock (419,676) (387,366) Purchase of noncontrolling interests (84) (737) Other, net (6,225) (2,184) Net cash used in financing activities (1,032,276) (394,643) Total cash used (649,590) (20,287) Effect of exchange rate changes on cash and cash equivalents 18,840  (4,361) Net decrease in cash and cash equivalents (630,750) (24,648) Cash, cash equivalents, and restricted cash at beginning of period 965,993  862,440  Cash, cash equivalents, and restricted cash at end of period $ 335,243  $ 837,792  7 Reconciliations of GAAP to Non-GAAP Measures Reconciliation of Operating Income to Adjusted Operating Income Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Dollars in thousands) Operating Income $ 193,921  $ 204,526  $ 366,514  $ 389,264  Stock-based compensation expense 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  Adjusted Operating Income $ 289,947  $ 306,437  $ 565,141  $ 585,883  Revenue $ 863,738  $ 864,066  $ 1,694,916  $ 1,723,713  Operating Income Margin 22  % 24  % 22  % 23  % Adjusted Operating Income Margin 34  % 35  % 33  % 34  % Reconciliation of Operating Income to Adjusted Operating Income used in Leverage Ratios Twelve months ended June 30, 2025 (In thousands) Operating Income $ 800,562  Stock-based compensation expense 271,555  Depreciation 85,676  Impairments and amortization of intangibles 73,832  Adjusted Operating Income $ 1,231,625  Reconciliation of Forecasted Operating Income to Forecasted Adjusted Operating Income Three Months Ended September 30, 2025 (In millions) Operating Income $241 to $246 Stock-based compensation expense 63 Depreciation and amortization of intangibles 26 Adjusted Operating Income $330 to $335 Revenue $910 to $920 Operating Income Margin (at the mid-point of the ranges) 27  % Adjusted Operating Income Margin (at the mid-point of the ranges) 36  % 8 Reconciliation of Operating Cash Flow to Free Cash Flow Six Months Ended June 30, 2025 2024 (In thousands) Net cash provided by operating activities $ 436,959  $ 413,068  Capital expenditures (28,297) (29,905) Free Cash Flow $ 408,662  $ 383,163  Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects   Three Months Ended June 30, Six Months Ended June 30,   2025 $ Change % Change 2024 2025 $ Change % Change 2024   (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 863.7  $ (0.3) —  % $ 864.1  $ 1,694.9  $ (28.8) (2) % $ 1,723.7  Foreign exchange effects (11.2) 8.2  Total Revenue, excluding foreign exchange effects $ 852.5  $ (11.5) (1) % $ 864.1  $ 1,703.1  $ (20.6) (1) % $ 1,723.7  9 Dilutive Securities Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive impact (sha