陌生人社交Match_1Q19财报（英文）-2019.5-19页_1mb

Match Group Q1 2019 Investor Presentation Summary

Core Content

This document provides an overview of Match Group's business performance and strategy for Q1 2019, with a focus on growth opportunities in the Asia-Pacific (APAC) region and the financial performance of its core product, Tinder, along with other brands.

Key Strategic Initiatives

Positioning for Growth in APAC

• Match Group aims to target half of the global TAM (approximately 300 million people), focusing on underpenetrated markets.
• Strategy Overview:
  • Realigned management to focus on major opportunities in three key regions.
  • Localizing Tinder: Introduced Tinder Lite to enhance market penetration.
  • Brand Expansion: Building and introducing other brands to gain market share.
  • Acquisition Opportunities: Seeking new brand-building and acquisition opportunities.

Regional Highlights

• Japan:
  • Pairs and Tinder are among the top 5 dating apps.
  • Online dating stigma is reducing, and product usage is comparable to the U.S. 7 years ago.
• SE Asia:
  • Tinder is among the top 10 grossing apps in Q1 in 6 countries.
  • Smartphone adoption is expected to increase by over 25% by 2025 in key countries.
  • 12 mega-cities and 4 cities larger than NYC are highlighted.

Product Developments

Tinder Enhancements

• Cultural Events / Live Experiences:
  • Spring Break Mode introduced in March for Tinder U.
  • Festival Mode launched in May, allowing users to connect before concerts and music festivals.
  • Partnerships with AEG and Live Nation.
  • College Swipe Off competition among over 100 U.S. colleges to win a concert by Juice WRLD.
• Content Integration:
  • Loops: Tinder's first video feature, driving strong engagement.
  • Snap Stories Integration: Announced for enhanced user interaction.
  • Planning additional features to improve native content.

Match Redesign

• Launched with a modern and simple UI.
• Improved user profiles with customized topics.
• Enhanced algorithmic matching for better quality of matches.
• Introduced "What If" feature for serendipitous connections.
• Results:
  • 20% increase in likes.
  • 10% increase in messages initiated.
  • 20% increase in 4+ star reviews in the iOS App Store.
  • Goal is to provide a premium customer experience for relationship-minded singles in their 30s/40s.

Emerging Brands

• Hinge:
  • Focused on user experience and growth, with monetization to follow.
  • Rapid domestic and international growth, with London now its second-largest market.
  • Launched a new campaign "Designed to be Deleted", which is resonating with users and the press.
• Chisp (Latino Dating App):
  • 1.2 million cumulative downloads.
• The Hook (Dating App for Black Singles):
  • 900k cumulative downloads.
• Ship:
  • Strong engagement and retention in key markets (NYC, Boston, DC).
  • 70% of registrations are female.
  • 60% of all matches are made by 'crews'.

Financial Overview

Q1 2019 Financial Highlights

• Direct Revenue Growth:
  • 38% YoY growth in Tinder's direct revenue.
  • 36% YoY growth in average subscribers due to optimizations.
  • ARPU increased by 2% YoY (meaningfully higher on an F/X neutral basis).
  • Marketing spend as a % of revenue decreased by over 200 bps compared to a year ago.
• Revenue and Operating Income:
  • Revenue: $464.6M (up 14% YoY).
  • Operating Income: $118.8M (up 6% YoY).
  • Adjusted EBITDA: $155.1M (up 12% YoY).
• Revenue Breakdown:
  • Direct North America Revenue: $120.2M (26% of revenue).
  • Direct International Revenue: $10.7M (up 16% YoY).
  • Total Direct Revenue: $454.0M (up 20% YoY).
  • Indirect Revenue: $10.7M (down 27% YoY).
  • Total Revenue: $464.6M.

Financial Outlook for Q2 2019

• Total Revenue: $480 to $490 million.
• Adjusted EBITDA: $190 to $195 million.
• Trends remain consistent across Thunder, Other Brands, and Indirect Revenue.
• Assumes continued YoY F/X headwinds.
• Tinder Average Subscribers are expected to see a larger sequential increase compared to Q1 2019.

FY 2019 Expectations

• Increased confidence in FY financial performance.
• Expanded margins expected, even with potential additional 2H long-term investment opportunities.
• Tinder Average Subscriber additions expected to be above 1 million.
• SBC expectations unchanged at $80 million.
• FCF/EBITDA conversion still expected to be in the low 70% range.
• Capex expected to be ~$40 million.

GAAP to Non-GAAP Reconciliations

• Q1 2019:
  • Operating Income: $118.8M (up 6% YoY).
  • Stock-based compensation expense: $28.0M (up 65% YoY).
  • Depreciation & Amortization: $8.2M (down 4% YoY).
  • Adjusted EBITDA: $155.1M (up 12% YoY).
  • Direct Revenue: $454.0M (up 16% YoY).
  • Total Revenue: $464.6M (up 14% YoY).
  • Operating Income Margin: 26% (down 2% YoY).
  • Adjusted EBITDA Margin: 33% (down 1% YoY).

FX Reconciliation

• Revenue, as reported: $464.6M (up 14% YoY).
• Revenue excluding FX effects: $482.6M (up 18% YoY).
• Direct Revenue, as reported: $454.0M (up 16% YoY).
• Direct Revenue excluding FX effects: $471.7M (up 20% YoY).
• International Direct Revenue, as reported: $216.2M (up 19% YoY).
• International Direct Revenue excluding FX effects: $233.2M (up 29% YoY).
• ARPU, as reported: $0.58.
• ARPU excluding FX effects: $0.60 (up 4% YoY).
• North America ARPU: $0.60 (up 3% YoY).
• International ARPU: $0.60 (up 5% YoY).

Trended Key Metrics

• Average Subscribers:
  • North America: 4,361K (up 14% YoY).
  • International: 4,252K (up 15% YoY).
  • Total: 8,613K (up 14% YoY).
• ARPU:
  • North America: $0.60 (up 3% YoY).
  • International: $0.60 (up 5% YoY).
  • Total: $0.58 (up 4% YoY).
• Revenue:
  • North America Direct: $237.8M (up 14% YoY).
  • International Direct: $216.2M (up 16% YoY).
  • Total Direct: $454.0M (up 20% YoY).
  • Total Revenue: $464.6M (up 14% YoY).

Operating Expenses

• Cost of Revenue: $120.2M (up 28% YoY).
• Selling & Marketing Expense: $118.7M (up 0% YoY).
• General & Administrative Expense: $54.4M (up 27% YoY).
• Product Development Expense: $44.3M (up 39% YoY).
• Depreciation & Amortization: $8.2M (down 4% YoY).
• Total Operating Costs and Expenses: $345.8M (up 17% YoY).

Conclusion

Match Group is focusing on expanding its presence in the APAC region, particularly in Japan and Southeast Asia, while enhancing Tinder's features and user experience. Financial performance in Q1 2019 shows strong growth in direct revenue, with a notable increase in ARPU and a decrease in marketing spend as a percentage of revenue. The company is optimistic about its FY 2019 financial outlook, expecting expanded margins and continued growth in Tinder's user base.