Company: MTCH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000891103-25-000180
Chunk: 55

Company: Match Group, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 over 2024, as a result of pricing optimizations.

E&E Direct Revenue declined 8% in 2025 versus 2024. The overall decline at E&E was driven by a decline in Payers of 15% compared to 2024, partially offset by increased RPP of 8%. The decline is also partially due to our decision to terminate certain live streaming services in the second half of 2024.

MG Asia Direct Revenue declined $15.6 million, or 7%, in 2025 versus 2024. Excluding revenue from Hakuna, which was shut down in the third quarter of 2024, MG Asia revenue increased $0.7 million. Revenue was also negatively impacted by the strength of the U.S. dollar compared to the Turkish Lira, partially offset by weakness to the Japanese Yen.

Indirect Revenue increased primarily driven by the factors described above in the three-month discussion.

Cost of revenue (exclusive of depreciation)

For the three months ended September 30, 2025 compared to the three months ended September 30, 2024

Three Months Ended September 30,2025$ Change% Change2024(Dollars in thousands)Cost of revenue$247,043 $(6,086)(2)%$253,129 Percentage of revenue27%28%

Cost of revenue decreased primarily due to a $4.0 million decrease in Variable Expenses predominantly at Tinder driven by lower web hosting fees, and at MG Asia, due to a decrease in partner fees as a result of the termination of the Hakuna app and certain of our live streaming services in the second half of 2024. These declines were partially offset by an increase in in-app purchase fees of $2.8 million primarily at Hinge as revenue continues to grow.

For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Nine Months Ended September 30,2025$ Change% Change2024(Dollars in thousands)Cost of revenue$725,889 $(28,970)(4)%$754,859 Percentage of revenue28%29%

Cost of revenue decreased 4% primarily due to a decrease in Variable Expenses of $25.9 million predominately at E&E and MG Asia as a result of the termination of certain of our live streaming services and the shut down of the Hakuna app in the second half of 2024.

35

Selling and marketing expense

For the three months