Match Group, Inc. — Call Transcript 2026

Welcome to the Match Group first quarter 2026 Earnings Conference Call. All participants will be in only-listen mode. Should you need assistance, please signal the conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead. Thank you, operator, and good afternoon, everyone. Today's call will be led by CEO Spencer Rascoff and CFO Steven Bailey. They'll make a few brief remarks, and then we'll open it up for questions. Before we start, I need to remind everyone that during this call we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as "we expect," "we believe," "we anticipate," or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports with the SEC. Also, during this call, we'll discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the published materials on our IR website. These non-GAAP measures are not intended to be substitutes for our GAAP results. With that, I'd like to turn the call over to Spencer. Good afternoon, and thanks for joining us. Match Group entered 2026 with tangible progress on the three-phase transformation we outlined last year: reset, revitalize, and resurgence. We completed the reset phase in 2025, and we're now well into revitalize, focused on improving product experiences, strengthening the ecosystem, and rebuilding growth. We are operating with greater focus and discipline. The portfolio is sharper, execution is faster, and we are leveraging our scale more effectively through our One MG approach. We are reinvesting where we see clear opportunities to improve user outcomes while continuing to return meaningful capital to shareholders. Our progress is showing up in three areas. First, leading indicators at Tinder are showing momentum, reflecting better product experiences for Gen Z, and that progress is increasingly translating into top-line metrics like monthly active users or MAU, payers, and direct revenue. Second, Hinge continues to scale, combining strong revenue growth, rapid product innovation, particularly in AI-driven features, and continued international expansion. Third, we continue to streamline our portfolio and organizational structure, simplifying how we operate and focusing resources on our highest conviction opportunities. Looking ahead, our objective is to drive a resurgence with our audience by reestablishing Tinder as a growth business during 2027 through restoring durable user engagement and relevance at scale. All of this is happening alongside disciplined financial execution. In Q1 2026, we exceeded our revenue and Adjusted EBITDA expectations on the back of strength at Tinder. Steve will walk through the details shortly. Turning now to Tinder's product-led turnaround. From the beginning, I've said this will be a product-led turnaround, starting with user outcomes and moving up the funnel towards user growth. Our most important leading indicators, Sparks and Spark's coverage, continue to improve. In March, Sparks, the number of users engaging in six-way conversations, were down only 1% year-over-year, a meaningful improvement from down 11% year-over-year in March 2025. Spark's coverage, which measures the percentage of our users who experience a spark in a given period, was up 6% year-over-year in March, compared to down 1% year-over-year in March 2025. These are our clearest signals of product efficacy and real connection, and they are improving. As we've said before, our belief is improving sparks leads to better retention and stronger word-of-mouth, driving MAU over time. We're now starting to see that play out. MAU declines continued to moderate in March, down 7% year-over-year, the slowest rate of decline in 31 months, compared to down 10% year-over-year in March of 2025. This improvement was driven by a few factors. First, user retention increased, up 1% year-over-year in March after multiple years of decline. U.S. Gen Z women retention, a critical cohort for ecosystem health, was up 3% year-over-year in March. Second, registrations returned to growth for the first time since June 2024, up 1% year-over-year in March compared to down 12% year-over-year in March 2025. This is proof that the brand is resonating through marketing and word-of-mouth, driving new users into the experience. We're seeing this progress across different geographies and demographics, including in markets where we've had the most ground to recover. Progress may not always be linear, the year-over-year trajectory of these leading indicators and user engagement underscores our confidence in the strategy, and we expect it to translate into revenue growth over time. Let me highlight a few of the efforts driving these improvements, many of which we showcased at our Tinder Sparks event in March, which is available on our IR website. First, recommendations. We've sharpened how Tinder understands what users are looking for and how we deliver matches across the ecosystem. By learning preferences earlier, showing more relevant profiles, better serving both active and returning users, we're helping people find matches faster and driving more conversations with particularly strong gains for women. Next, product innovation. Features like Astrology Mode and Music Mode are gaining traction with Gen Z following their mid-March launch, reaching 19% and 8% adoption respectively. We're also seeing encouraging early signals on user outcomes. For example, in our early read, women who swipe on Astrology Mode cards are more likely to reach a spark than those with non-astro cards. Like Double Date, these signals show new modes are resonating by making discovery more expressive and lower pressure, which is exactly what Gen Z users have been asking for. Finally, trust and safety. We continue to scale Face Check into more regions, including the recent launch in the U.K. and Singapore. Face Check is improving authenticity and user trust with particularly strong trends in the U.S., where net promoter scores have been trending higher. Importantly, the revenue impact from our ongoing user experience tests remain within the range that we planned. Simply put, Tinder works better now. We're not at the finish line, the turnaround is clearly underway. Turning to Hinge, where product-led growth continues to scale. Hinge continues to build thoughtful, best-in-class experiences for highly intentioned daters. The team remains focused on a key objective, helping users get out on great dates. That clarity is driving its product roadmap, which is both rapidly advancing the core experience and introducing new and compelling features. Starting with the core experience, Hinge is strengthening profile quality through a redesigned onboarding experience that encourages users to slow down and reflect on what they're looking for before viewing profiles. Structured prompts help users more clearly communicate their relationship goals, their personality, and preferences from the start. The experience is also more interactive, giving users more visibility into how they're represented and improving confidence during profile creation. We plan to expand this globally by the end of Q2. In parallel, Hinge continues to strengthen trust within the experience with Face Check, which is now fully rolled out in the U.S., U.K., Australia, Canada, Brazil, and Mexico, with additional markets planned for Q2. In these markets, the feature has reduced interaction with bad actors by 20%-30% with minimal impact on revenue. Originally developed by Tinder, Face Check showcases portfolio-wide innovation, enabling Hinge to quickly iterate and bring the feature to market faster. Building on its stronger core experience, Hinge is introducing a set of category-first features designed to better express intent and help users move from connection to date. First, Hinge is reducing friction in getting to great dates with Date Ideas, a feature formerly known as Direct to Date, which allows users to propose a date idea and time upfront to clarify intent and move matches to real-life meetings faster. Early feedback has been encouraging, with nearly 9% adoption in testing, one of the highest rates we've seen for a new profile feature, and users expressing genuine excitement on social media. Users are defaulting to familiar low-effort date ideas like dinner, drinks, and walks, while custom date ideas skew toward light conversational activities like bowling, arcades, museums, and mini golf. Second, Hinge is expanding the role friends play on daters' profiles with Friends Take, which addresses two core tensions, representing yourself authentically and navigating dating alone without community. Building on Hinge's prompt-native format, the feature allows users to invite trusted friends on and off Hinge to contribute short reflections to their profiles, adding credibility and helping users get to know one another more deeply. Friends Take will begin testing by the end of Q2, with broader rollout expected in Q3. We see potential for it to be a top-of-funnel driver, similar to voice prompts a couple of years ago. Third, Hinge began testing Signals, a new feature designed to make effort and intentionality more visible. When users consistently demonstrate thoughtful participation by doing things like completing their profile, responding to messages, and engaging in meaningful conversations, they earn a Signals badge on their profile. This badge signals to others on the app their level of effort and intentionality, addressing a long-standing friction point in the category, particularly for women and younger daters. Early results show improvements in dating outcomes and user behaviors that benefit the overall ecosystem. As we invest in these types of intentional features, we are creating new surface areas to potentially monetize later. Hinge demonstrates the simple principle that when product-market fit is strong and user outcomes are clear, growth follows and the model scales. Hinge continues to lead the category in product innovation through its consistent focus on user outcomes, and it's led to strong financial results. We're excited to see the impact of Hinge's product roadmap on the business this year as it continues on its path to be a billion-dollar business by 2027. Now turning to our One MG approach in action. We're continuing the work that we began last year to simplify the organization and operate more effectively as One Match Group. As part of this effort, we folded our MG Asia business unit into our E&E business unit. This brings our two Asia-based businesses, Azar and Pairs, closer to the rest of the company, removes a management layer, and improves efficiency while maintaining in-region, cross-brand, go-to-market capabilities. We expect this change to result in roughly $15 million in annualized cost savings, including stock-based compensation. It also enables more cohesive portfolio management, faster execution, and to apply shared capabilities and resources. On Azar, as we previously disclosed, Apple temporarily removed the app from the App Store on February 22nd, 2026. The team moved quickly to make adjustments, which led to the reinstatement of a new version on April 6th, 2026. While still early, registrations and MAU are beginning to recover, but the new app experience is monetizing at lower levels than the previous version. We're testing changes to the product to improve monetization, but expect continued pressure on Azar direct revenue over the balance of the year. With the consolidation of MG Asia into E&E, we've transitioned our Seoul-based MG AI team of more than 20 talented data scientists and machine learning engineers to report into Tinder's CTO. This team will continue building shared One MG technologies, including AI-driven photo uploading and AI-enabled recommendation algorithms, but will now operate with closer alignment to our largest business unit. In addition, we're shifting nearly 30 product engineering and analytics employees from Azar to Tinder in Seoul. These moves concentrate resources into Tinder at a critical moment, supported by excellent executive leadership, an accelerating product roadmap, and improving business momentum. Following this move, we'll have a nearly 60-person team focused on Tinder in Seoul, making it our third-largest tech hub after Palo Alto and Los Angeles. We've also made progress in unifying performance marketing by further centralizing teams and resources into a One MG organization that buys digital media across brands. We spend nearly $600 million globally across 20 or more brands, with significant efficiencies available to us as coordination ramps. We're also bringing certain areas of E&E closer with Tinder, starting with the executive layer, where I now directly oversee both business units. This has unlocked significant opportunities for better coordination and synergies, including the marketing changes I just mentioned. As I've dug into E&E the last few weeks, we've identified many areas where Tinder and E&E results can be improved through tighter coordination, collaboration, and integration. This couldn't be a 2026 earnings call without discussing AI. We see AI as a core enabler of improving user outcomes, enhancing product experiences, increasing relevance, and accelerating development and iteration across the portfolio. To support this, we've launched a global AI enablement program that gives every employee access to leading AI tools with the goal of becoming an AI-native company. We're also reassessing our hiring plans with AI enablement in mind and plan to reduce headcount growth over the remainder of the year. We're standing up a cross-company AI leadership team to help ensure consistent deployment of capabilities and avoid fragmentation across brands. These changes are about operating more simply and more effectively. We're simplifying the portfolio, focusing resources on our highest conviction opportunities, and adapting quickly to where we believe the category is going, not where it's been. That's One MG in practice. Now for some final thoughts. Stepping back, we've aligned our business around distinct user intents, with each brand serving a different and important role. Together, they expand our reach across a broad and growing market for human connection. Within that framework, in April, we made a $100 million investment for a significant minority stake in Sniffies, a differentiated platform with strong product-market fit and a highly engaged user base. We have the option to acquire the remaining equity in the future, similar to the approach we took with our initial investment in Hinge back in 2017. Sniffies reinforces our commitment with non-heterosexual men, which represent a large and growing portion of the category. We see a clear opportunity to lend our expertise in areas like trust and safety and geographic expansion while preserving what makes the platform unique to its community. As part of this investment, we plan to wind down our gay male app, Archer, which we expect to result in roughly $10 million in annualized cost savings, including stock-based compensation. We built a stronger foundation and are now seeing that translate into real momentum. By improving how people connect and delivering better outcomes for users, we're setting the business up for durable growth. That's what gives us confidence in the path to resurgence. Over to Steve now. Thanks, Spencer. We delivered a strong start to the year, exceeding both our revenue and Adjusted EBITDA expectations. Their outperformance was primarily driven by better-than-expected direct revenue and payers trends at Tinder and a benefit associated with Canada's Digital Services Tax. I'll walk through the key drivers of the quarter and then turn to our guidance. Unless otherwise noted, all amounts are on an as-reported basis, and comparisons will be discussed on a year-over-year basis. More details can be found in the financial table below and in the financial supplement found on our IR website. In Q1, Match Group's total revenue was $864 million, up 4%, flat on a foreign exchange neutral basis. FX was $3 million better than we expected at the time of our last earnings call. Payers declined 5% to $13.5 million, while RPP increased 10% to $20.90. Indirect revenue of $16 million was down 14%, largely driven by a decrease in spend from top advertisers as compared to a record quarter the prior year. In Q1, Match Group's Adjusted EBITDA was $343 million, up 25%, representing an Adjusted EBITDA margin of 40%. Canada's rescission of its Digital Services Tax positively impacted Adjusted EBITDA by $11 million in the quarter. Tinder direct revenue in Q1 was $455 million, up 2% and down 3% FXN. Q1 direct revenue includes an approximately $5 million negative impact from user experience testing in the quarter. Payers declined 5% year-over-year to 8.6 million, a marked improvement from the 8% year-over-year decline in Q4 2025. RPP increased 7% to $17.56. Adjusted EBITDA in the quarter was $237 million, up 4%, representing an Adjusted EBITDA margin of 51%. Hinge maintained momentum in Q1 with direct revenue of $194 million, up 28% and up 24% FXN. Payers increased 15% year-over-year to two million, and RPP increased 11% to $33.13. Adjusted EBITDA was $71 million, up 66% year-over-year, representing an Adjusted EBITDA margin of 36%. E&E direct revenue in Q1 was $139 million, down 7% and down 10% FXN. Payers decreased 16% to two million, while RPP increased 11% to $22.97. Adjusted EBITDA was $39 million, up 37%, representing an Adjusted EBITDA margin of 28%. Match Group Asia delivered direct revenue in Q1 of $60 million, down 6% and down 7% FXN. Azar direct revenue was down 6% and down 9% FXN. Azar direct revenue was negatively impacted by an estimated $3 million from its temporary removal from the App Store. Payers direct revenue was down 6% and down 4% FXN. Across Match Group Asia, payers declined 9% to approximately 900,000, while RPP increased 2% to $21.74. Adjusted EBITDA was $21 million, up 11%, representing an Adjusted EBITDA margin of 35%. As a result of the organizational changes associated with Match Group Asia that Spencer discussed, beginning with our Q2 2026 results, we will combine the Match Group Asia and E&E business units into a single operating segment called E&E and report Match Group results across three operating segments: Tinder, Hinge, and E&E. On to consolidated operating costs and expenses. Including stock-based compensation expense, total expenses in Q1 were down 5%. Cost of revenue decreased 11% and represented 24% of total revenue, down four points as a percent of total revenue, primarily driven by alternative payment savings. Selling and marketing costs increased $6 million or 4%, but remained flat at 19% of total revenue as a result of increased marketing spend at Tinder and Hinge, partially offset by reduced marketing spend at E&E and Match Group Asia. General and administrative costs decreased 20%, down three points as a percentage of total revenue to 10%, driven by the Canadian digital services tax reversal of $11 million and lower employee compensation, including SBC. Product development costs decreased 3%, down one point as a percentage of total revenue at 14%. Depreciation amortization increased by $16 million to $48 million due to impairments of intangible assets of Azar totaling $25 million, resulting from changes required to reinstate the app in the Apple App Store. Our trailing 12-month gross leverage was 3.1x, and net leverage was 2.3x at the end of Q1. We ended the quarter with $1 billion of cash equivalents, and short-term investments on hand and plan to use $424 million of cash to pay off the 2026 convertible notes on or before their maturity in June. Year-to-date through Q1, we delivered operating cash flow of $194 million and free cash flow of $174 million. We repurchased 2 million shares at an average price of $31 per share on a trade date basis for a total of $60 million, paid $44 million in dividends, and deployed $75 million of cash towards net settlement of employee equity awards, equating to 103% of free cash flow. Between April 1st and April 30th, 2026, we repurchased an additional 700,000 shares at an average price of $32 per share on a trade date basis for a total of $22 million. As of April 30th, 2026, we reduced diluted shares outstanding by 5% year-over-year. We also used $100 million in cash on hand to acquire a minority stake in Sniffies, which we announced on April 27, 2026. Our capital allocation strategy, centered on returning capital to shareholders through buybacks and a dividend, remains unchanged. Now for guidance. We expect Q2 total revenue for Match Group of $850 million-$860 million, down 2% to flat year-over-year. This range assumes a one-point tailwind from FX. FXN, we expect total revenue to be down 1%-3% year-over-year. Q2 total revenue guidance assumes a $10 million negative impact from Tinder's user experience tests and a $20 million negative impact from lower Azar direct revenue. We expect Match Group Adjusted EBITDA of $325 million-$330 million, representing a 13% year-over-year increase and an Adjusted EBITDA margin of 38% at the midpoints of the ranges. As we remain financially disciplined and continue to optimize our cost structure while making the necessary investments that we believe will drive long-term growth in the business. Let's open it up to Q&A. We will now begin the question-and-answer session. To ask a question you may press star then one on your telephone keypad. If you are using a speaker phone, please pick up your headset before pressing the keys. To withdraw your question please press star then two. At this time we will pause momentarily to assemble our roster. The first question today comes from Shweta Khajuria with Wolfe Research. Please go ahead. Thank you for taking my questions. One on the Tinder sort of turnaround and leading indicators you're seeing. The March metrics you called out are very promising. Could you please talk to if you saw continuation of these trends into April and I guess now early May? That's the first question. The second question I have is around your AI cost savings. How should we be thinking about all these cost savings that you may have, either from integrating business units and also driving productivity with AI tools? It seems that you have greater and greater potential for margin if you wanted to, either this year or next year. How should we be thinking about that? Thanks a lot. Yeah. Thank you for the questions. Firstly, yes, Tinder's momentum has continued into April. Just to sort of take a step back and then I'll share some April data. The product-led turnaround at Tinder is clearly well underway, and I'm feeling really good about it. As I said in the prepared remarks, MAU declined 7% year-over-year in March, which was the slowest rate in 31 months. It went on to decline 6.6% in April, so it continued to improve. DAU, which I don't think we talked about in the prepared remarks, but Daily Active Users was down 9% back in March of 2025, then down 6% in March of 2026, and was only down 4% in April of 2026. Every month, every week, almost every day, we continue to chip away at the audience declines at Tinder. You know, let me just take a moment, Shweta, to talk about what's driving this. And it's clearly product improvements which are impacting user outcomes. The big needle movers on improving user outcomes have been, first of all, recommendations. We're just doing a much better job today of showing women the men that we think they'll want to see. You know, obviously that is the most important thing for a dating app, figuring out whom to show to whom, and we're much better at it than we ever were before. We've made lots and lots of changes, but for example, you know, one set of changes improved women's sparks by 6%, that improved women's DAU by 2%, which in turn improved men's sparks by 5%, and then men's DAU by 1%. That's just one example of one set of recs changes. You know, that plus other recs changes we thought might hurt revenue, but actually, on balance, it resulted in a $15 million annualized revenue gain because of improved women's retention, which then improved men's revenue. It's not always a trade-off between recs improvements and revenue. Sometimes they actually work together. The second big needle mover on Tinder product improvements was Double Date. Around one in five global users now 18-22 are using Double Date. Around one in four U.S. women 18-22 are using Double Date. It's just an important way that people are now using Tinder. Music Mode and Astrology Mode also drove great adoption in the quarter. I think it was 8% for global Gen Z for music and 19% for global Gen Z for astrology. Then, you know, the next section is a variety of things that we don't talk about very much because they're kind of mundane improvements, but this is really important blocking and tackling. These are things like improved CRM for better emails and notifications or better app performance, so the app doesn't crash the way it used to, or better website performance and just general better operating cadence of the company. All those things really do work together. The last one I'll just add is the IRL, the In Real Life pilot in L.A. has been successful, and we're working to expand that, and it's just another example of how we're creating these low-pressure ways to connect. I'll leave it at that. If, you know, the last piece, I guess, is the marketing support of these products. Let me give it to Steve now to talk about the AI and cost savings. Then if there's interest, we can talk about Tinder marketing and how it supports those product changes. Steve? Yeah, sure. Here's the way I would think about it, Shweta. You know, we're making a big push around AI enablement. We're giving every employee in the company access to all the cutting-edge tools. We're giving them the training they need to succeed. We're setting expectations. We really wanna become an AI-native company. We think it's a huge opportunity. These tools cost a lot of money, as I'm sure you know. The way we're helping to pay for that is by slowing our hiring plans for the rest of the year. I'd think of that as a little bit of a cost neutral. Lower headcount cost, higher, you know, software expense. Down the road, over the long term, it could result in cost savings, but it's a bit of a neutral for us in 2026. You know, hopefully it leads to not just cost savings over time, but increased productivity and, you know, ultimately revenue growth through higher, you know, throughput and output from employees. On the structural changes, you know, we talked about Match Group Asia, we talked about Archer. Just know that what we quoted in the prepared remarks are annualized savings, including SBC. I would think of that more as a 2027 savings. It's less so in 2026 just due to the timing and due to some of the one-time costs that come along with it, but it certainly does give us optionality in 2027 around margins. Next question, please. The next question comes from Cory Carpenter with J.P. Morgan. Please go ahead. Hey, guys. Thanks for the question. I have two. Steven, they might both be for you. Just on the Q2 guide, it implies flat revenue that you're expecting, and that's despite a $20 million headwind from Azar. My question is kind of where are you seeing offsets and which brands to make up for that? Any comments you can give on your expectations for Tinder in Q2 specifically. Steve, looking beyond Q2, any update you can provide us on how you're thinking about the full year outlook? Thank you. Yeah, sure. I can take that. Thanks, Cory. On Q2, the way to think about it is, yes, Azar is a $20 million headwind because of the changes we need to make there to get back in the App Store. That's being, you know, nearly fully offset by Tinder strength. That's really where it's coming from. Tinder performed quite well in Q1, and we expect that to continue in Q2. That's where the offset's coming from. If you think about the full year, we made no changes to the full year guide. Let me just give you sort of some puts and takes to think about. You know, we expect the Azar revenue pressure to continue for at least another few quarters, I would think about it for the rest of the year. The team's hard at work. We've got a roadmap. We're trying to address, you know, the added friction to improve monetization, I think it'll take some time. At Tinder, you know, we'll have to see how things play out. One of the things I'm looking at pretty closely is we've got a $45 million user investment budget still slated for H2 of the year, spread out pretty evenly between Q3 and Q4. I'd expect us to end up at the lower half of the full year guidance range, given Azar weakness, if we end up using that $45 million user investment budget. What we've seen the last couple quarters is that we haven't had to, but for now, we're assuming we will, and that's all baked and contemplated in the guide. You know, if we don't end up using it, that could offer some further offsets to Azar in Q3 and Q4. That's sort of the revenue story. On the EBITDA story, the Adjusted EBITDA story, I feel really good about the guide there. Same with free cash flow, even if revenue comes in a little softer because of Azar. That's because we mitigated a lot of the Adjusted EBITDA impact from the Azar changes through reducing marketing there and reallocating headcount at Azar towards other parts of the business, namely Tinder, and closed some open roles at Tinder in the U.S. We've reduced costs across other parts of the portfolio too. Our alt payment initiative in particular is doing better than expected, that's helping. The changes we just talked about at Match Group Asia, as well as the shutting down of Archer is helping too. Again, they're more 2027 savings impacts, they also benefit 2026 as well. That's kind of the way I'm thinking about it. Tinder helping to offset Azar in Q2. We'll have to see how the user giveback budget goes for the rest of the year, feel really good about EBITDA and free cash flow because of some of the cost savings efforts we've made. Operator, next question, please. Sure. The next question comes from Nathan Feather with Morgan Stanley. Please go ahead. Hey, everyone. Thanks for the question, and really encouraging to see the progress you've been making here on Tinder. Just help me kind of chart the path over the remainder of the year, understanding there'll be some kind of puts and takes here. What's the hope for kind of that glide path for MAUs as we kind of continue in Q2 into the back half? You know, given a lot of these improvements that you talked about that are driving this MAU growth weren't necessarily just launched in Q1, but are kind of in the cumulative impact over 2025 up until Q1. How should we think about the kind of product release cadence and how that interplays with MAU? Have you kind of uncovered any maybe delayed impact as, you know, the tools get released and then users start to use them and that can eventually drive more MAUs? Thanks, Nathan. A couple things. You know, first of all, with respect to the product release cadence going forward, you know, we're not taking our foot off the gas. The March 12th event was a great catalyst. It generated a ton of urgency, and a lot of the innovations that we've announced or that we've shipped came from that urgency, but the team has not slowed down since then. For example, upcoming initiatives are things like, you know, Video Speed Date, which we announced at the Tinder Sparks event on March 12th, and we will be shipping in the next, I don't know, kind of a month or so. In real life, events expanding to other cities, rolling out Tinder Connect with partners like Duolingo and Belly, and a number of other features that we haven't, you know, that we're not ready to share publicly. The work is definitely not done, and I'm excited about the roadmap for the balance of the year. In terms of, you know, how it will play out, on impact on Sparks and impact on MAU, obviously, that's hard to predict. You know, I think, you know, I think what we've been saying, we've been kind of setting ourselves up to get to flat MAU by the end of, I think we said end of 2027, and clearly I'm very proud and pleased that we're already in kind of the negative 6%-7% year-over-year range. You know, you can argue that maybe it could accelerate the pace with which we improve MAU because product efficacy improves as you start to bring more people into the ecosystem because there are just more good people for you to match with. You could also argue that the rate of improvement could slow down because we started with the low-hanging fruit first when this new leadership team took over about six or nine months ago and started knocking things down. It's, you know, it's very hard for me to predict how what the path will be from the negative 7% MAU to flat and then MAU growth. Anything to add, Steve? Okay, next question, please, operator. The next question comes from Ross Sandler with Barclays. Please go ahead. Hey, guys. Hey, Spencer. The 1% growth in 30-day retention, that's pretty bullish. I know it's an early signal, but, like, could you guys just say, like, how long has it been since you've had growing 30-day user retention? It sounds like, you know, some of the safety and product changes you mentioned on a previous question are driving this trend, but just any other details, any color you can provide on, you know, what's turning that kind of key metric up would be helpful. Thank you. Thanks, Ross. It had been years since we had retention improvements up year-over-year. I don't know how many years, but at least several. You know, equally encouraging is that retention among U.S. Gen Z women is actually up 3% year-over-year, so that's even better than the overall number that I put in the script, and I think in the press release. You know, what's driving this is, as I said, it's better recommendations, it's Double Date, it's Music Mode, Astrology Mode, blocking and tackling, changing perception of Tinder, moving more towards the fun and safe way to meet new people, improving social sentiment on TikTok and Instagram, better marketing, which is now working more effectively because when we market these types of features, our marketing budgets go further. Prior campaigns were focused on kind of more amorphous brand reconsideration, "Hey, Tinder's great. Check out Tinder." We're able to actually market very specific features that have great resonance with our key user segments. The marketing is much more effective. Taken all together, this is what's improving retention. As I like to remind people, this is a network effects business. We are already seeing in certain countries in Asia and Latin America where MAU is flat or in some countries actually up year-over-year. We're seeing better user efficacy, better sparks, better spark coverage, better retention because more people just improves user results for everybody in the ecosystem. It's really encouraging, and you're starting to see that in some of the retention data that we're sharing. Operator, next question, please. The next question comes from Eric Sheridan with Goldman Sachs. Please go ahead. Thanks so much for taking the question. Spencer, wanted to ask about capital allocation priorities 'cause you've now made an outside investment in Sniffies. I believe you backed Justin's venture in parallel with Match when he left Hinge to go down that road. How are you thinking about the competition for capital between outside investments that can be made versus application of capital internally to build and scale some of the platform product initiatives you're trying to accomplish? Just wanna understand if there's been any evolution in the thought there. Thanks so much. Why don't I take that first, and Spencer, feel free to jump in. The way you know, our approach has not changed. Our priority has always been first organic growth in the business. We're prioritizing investments in Tinder and Hinge to drive growth in those businesses, and we feel like we've got the capital needed to do that. Number two is returning capital to shareholders, as you know, through buybacks and the dividends. You know, we'll continue to be inquisitive. When we find opportunities to do M&A, we will do that. We've shown a good track record of it. These are pretty small investments, right? The Sniffies investment is a $100 million investment in what we think could be a big opportunity. You know, Overtone is a much smaller investment than that. You know, this is something we can easily sort of handle while still remaining committed to returning, you know, vast majority of capital to shareholders through buybacks and dividends. I don't think that's new. I think, you know, $1.1 billion a year in free cash flow allows us the flexibility to do all those things. Anything you'd add? Yeah. Just in case I don't have the opportunity to address Sniffies later in the call, I wanna address it now. Steve's right. In the grand scheme of things, it's a relatively Well, you call it a small investment. I would say it's We're so profitable, and we have such a solid cash flow generation machine that we're quite easily able to fund it. It's not a small investment. It's a big investment, and it's a big swing in a huge TAM. Arguably, the non-heterosexual male segment is the most attractive, largest, and most highly engaged segment in the dating category. This is a big investment in the number two player that we think has the potential to become the number one player. This is a company that's not even in the App Store right now. Sniffies, despite all their success to date, has only been on the mobile web, and we expect to be able to help them create a safer work experience which gets into the App Store, which will be a huge unlock for Sniffies. I'm really excited about this investment. This combined, you know, we've only done two deals since I started. One was acquiring Her, and one was investing $100 million in Sniffies with the right to buy the rest of it. We're very focused on this, on these two segments, the Sapphic segment and the non-heterosexual male segment. We think these are huge TAMs, and I'm very excited to own the number one player in the Sapphic segment and own a significant portion of the number two player in the non-heterosexual male segment with an option to buy the rest. It's really encouraging and exciting. Operator, next question, please. The next question comes from Benjamin Black with Deutsche Bank. Please go ahead. Great. Thank you for taking my questions. Spencer, you clearly have a lot of product initiatives on the way right now at Tinder. If you sort of step back and look ahead to the next 12 to 18 months, I'd be curious to hear, you know, which one is the most needle-moving in your perspective or is this maybe a sort of a situation where smaller product initiatives sort of build on top of each other and create compounding benefits? Then quickly, Steve, I'd be curious to hear, you know, what you're embedding in your guidance for the year-on-year trends, you know, for Tinder payers and maybe for RPP as well. Thank you. That's a hard one to choose amongst all these different product initiatives. As I said, the one that's driven the most improvement to date have been improvements in our recommendations algorithms. In terms of looking ahead, you know, I'll keep it a little bit vague for competitive reasons, but basically say it's like, it's kind of an expansion of Double Date and IRL. So kind of tapping into this lightweight, lower pressure ways to connect, which is what Gen Z wants. I'll give a little plug here. On June 11th, we're gonna have an investor and media-focused webinar. We're creating kind of a new investor relations product called a CEO Connection, where we're gonna, outside of earnings, do like a double-click on something that we think is of interest to all of you. The first one we're gonna do on June 11th is on this topic. It's decoding Gen Z dating. We're gonna have a number of our social scientists who study Gen Z and Gen Alpha share our insights and learnings of how these two generations wanna connect and how our roadmap informs it. Look for more information coming out of our IR team for that event on June 11th. You know, it'll be an hour webinar, and I think it'll be really insightful and interesting for folks. I'll take the payers question. Here's the way I would think about it. You know, first of all, Tinder payers in Q1 were down 5%, which you probably saw, which is a huge improvement from the down, you know, 8% in Q4 and, you know, 7% the couple quarters before that. A lot of progress there that we're really excited to see. You know, I would think of payers as being in a similar range, maybe some small improvement, but similarly down for the rest of the year as Q1, only because of the $45 million in user investments. For now, again, we're assuming we make those investments because we wanna give the product teams the optionality to do it. That's what's, you know, leading to similar payer trends over the rest of the year. I think if, you know, we gave you Tinder full-year revenue guidance last quarter, which hasn't changed. You know, you can kind of back into the payers assumption, but you know, I think what it tell you is payer growth would slow a little bit over the rest of the year, too. Again, a lot of that slowdown is related to the user investments, which we'll only do if we think it's the right long-term thing to do for the business. The next question. The next question comes from John Blackledge with TD Cowen. Please go ahead. Great. Thanks. Two questions. I thought another good signal was the new user registrations returning to growth. Don't know if you could add a little bit more color there and how things are trending with that metric thus far in Q2. The second question is around Face Check rollout. How is it going? Should we still expect it to be about a one-point headwind to revenue growth this year? Thank you. Face Check? Let me start with Face Check. Face Check is rolled out in most markets now for Tinder. It's also now rolled out in all major markets at Hinge. It's showing great results at Hinge too, just like it has at Tinder in terms of reducing bad actors on the apps. In terms of revenue impact, it's pretty negligible at this point. It's about 1%. That hasn't changed for the total company. That's included in the guidance. That's about where it's trending now. John, I don't have new regs from April at my fingertips, but it is a really encouraging statistic. I think the re-registration improvement speaks to overall improving social sentiment and our ability to drive reconsideration. I think a lot of that speaks to the product, but much of that speaks to marketing, frankly, because a new reg is basically somebody that hasn't used Tinder before or maybe perhaps they did have a Tinder account many years ago, but they've deleted the app. It really speaks to general social sentiment, improving word of mouth. Some of that's due to product, but a lot of it's due to marketing that is really resonating. We're encouraged by it. Operator, next question, please. The next question comes from Jason Helfstein with Oppenheimer. Please go ahead. Thanks. One on Hinge and then a quick one on Tinder. Hinge RPP is accelerating. Is that reflecting a mix within plans and user choice? Are there some headline price increases? Obviously, Hinge payers did decelerate. Is there any connection between price and volume there? Just a second quick one. Spencer, how do you know that, like, the new product innovations have staying power, like Astrology Mode, Music Mode, Double Date? They're definitely cool, but, like, how do we know this is not like when a new AI image generator or a casual game launches, gets virality, and then kind of fades after a few months? Thanks. Why don't I take the first part of that? I mean, what we've done at Hinge is optimized pricing geographically over the last few quarters. Some of that means a price up, some of that means a price down. That's what's moving the payers and RPP numbers around a little bit. It's not really package mix shifts per se. With that said, it, you know, our payer growth is still very strong in Q1. I think it's 15%, and I expect that to be the case for the rest of the year. I still feel that the bulk of the revenue growth in 2026 will come from payer growth, not RPP growth. Yeah. Look, on Hinge, overall, Hinge continues to crank. The revenue was up 28 year-over-year in the quarter, which is pretty amazing. Brazil and Mexico launches both went very well. Hinge became a top two or three dating app basically right out of the gate. Based on the success of Brazil and Mexico, we accelerated the launch of more international markets. We quietly launched 10 more markets earlier this week. I think it was Chile, Argentina, Uruguay, Peru in LatAm, and then a couple of significant European markets like Poland, Hungary, Croatia, Iceland, Luxembourg, Czech Republic. Yeah, we continue to march across the world with Hinge, which has terrific product market fit. You know, there's obviously huge potential for MAU growth in these new markets, but also monetization potential on the path to a billion of revenue in 2027. Obviously, Hinge's MAU in English-speaking markets has flattened as we'd expect because those are more mature markets. Revenue growth, even in those core English-speaking markets, was up 17% year-over-year in the quarter. Hinge is very consistently the number one downloaded app in English-speaking markets, or number one or number two. I guess the last thing I'd add is, as I think I mentioned in the prepared remarks, the rate of product innovation at Hinge continues to impress. This quarter we've got three great innovations: Date Ideas, which lets people indicate what types of dates they wanna go on; Friends Take, which brings friends into the dating experience; and then Signals, which lets people show if they're high intent. Those are all great features which directly speak to Gen Z and millennial needs in the category. Again, we're gonna be talking more about that at the June 11th event. All of this is to say I'm very confident in Hinge's trajectory and its growth. I think, Jason, your other question was about kind of staying power of these new features. You know, the way I would answer this is that, first of all, as I've said, a lot of the improvements in our data have come from recommendation algorithm improvements, those are not specifically shiny new features. Those are just giving people, you know, showing people the people that would be a better match with them. With respect to the shiny new features and might they, you know, might their appeal fade over time, Double Date, I think, is a good indicator where its usage just continues to grow every month, every quarter as more people become aware of the feature. The same thing is happening with Music and Astrology. Right out of the gate, for example, with Music Mode, when nobody had Music Mode, there were not many people to see in Music Mode. Now that you start to see more users with their music connected to their Tinder profile, it becomes more immersive. You're more motivated to upload or to kind of connect your Spotify to your Tinder to bring in your music, awareness grows as the network effect kind of fills out. In that sense, it's quite different than other feature launches of mobile games, for example. Next question, operator. The next question comes from Youssef Squali with Truist. Please go ahead. Awesome. Thank you so much. Spencer, maybe a couple questions for you. Can you maybe talk a little bit about the health of the overall online dating market, both from a competitive standpoint with some of the new modalities that we're seeing offline, like run clubs and book clubs and all kinds of other clubs, but just how is that impacting the online environment, the online dating environment, if it is? Then, on Sniffies, what makes that model so successful and so superior to Archer's that you decided to invest $100 million and fold Archer into it? On the overall macro market, Gen Z desperately wants to connect. They know they want to meet new people. They just want to do it in a low pressure, low stakes way that doesn't feel like a job interview. You know, traditional dating apps are very highly structured and can be intimidating to a user under 30. I think the growth of these alternative ways to meet new people speaks to how Gen Z is trying to find lower pressure ways to connect. We've obviously adapted our roadmap to this reality, Double Date was our first foray into this. The In Real Life events product in Los Angeles was our next big foray into this. We're basically at Tinder and Match Group more broadly, we are embracing this trend of meeting people IRL at different, you know, in different modalities rather than hiding from it. Again, the June 11th event will give us an opportunity to bring a lot more data and learnings from our team of experts into this conversation. You know, in terms of the Sniffies investment, Sniffies is very, very different than Archer. You know, Sniffies is a, basically the experience of Sniffies is for in a map-based experience for more of an instant connection. People that are looking to meet people, you know, right away, this evening, or who are nearby, whereas Archer was much more of a serious high intent kind of find a, you know, helping a man find a husband type experience. Sniffies has incredible product market fit with 3 million monthly active users. Again, only on web, not even on the app. Just really resonates with this community in a way that Archer did not. Because Sniffies has such huge audience, the network effects are self-reinforcing. People use Sniffies 'cause people use Sniffies and people weren't using Archer 'cause people weren't using Archer. It's a very different product and has a, you know, wildly different level of product market fit. That's why we've decided to place this bet on the non-heterosexual male market on the Sniffies team and Sniffies experience. We basically moved our Archer team, who was mostly New York-based, either into Hinge or Tinder or E&E. That was a very talented team that had built a beautiful product that hadn't yet found product market fit. With the Sniffies investment, that team is now has found other roles at Match Group. I think next question, one more or two more questions? Okay, operator, go ahead, please. The next question comes from James Heaney with Jefferies. Please go ahead. Yeah. Great. Thanks for the question. I just had one. You talked in the letter about your objective to get Tinder back to growth in 2027. When you say a growth business, do you mean revenue, payers, MAUs, just some other engagement metrics? Just trying to understand. Sure. Kind of how you're thinking about growth in 2027? Yeah, I think, you know, correct me if I'm wrong, Steve, but I think what we've kind of the sort of line in the sand that we've committed to is, by end of 2027, year-over-year MAU growth and for full year 2027 revenue growth or by end of 2027? By the end. By the end of 2027, revenue growth. You know, I guess that's Q4 2027, revenue year-over-year over Q3. Those are the stated goals and, you know, you know where we're at on our path to achieve them. Next question, please. The last question comes from Brad Erickson with RBC. You may go ahead. Hey, guys. I guess just a lot's been asked here. You talked about kind of collaborating across brands, Spencer, earlier in the call with, I guess, Hinge has had so much success, I feel like with lots of new product innovation in the last few years. I wonder if there's anything you could add or bring over to Tinder that could be impactful there. Anything you've done to date where you're seeing similar results or kind of how you think about the collaborative opportunity there? Thanks. Yeah, it's a great one to end on. This is a huge focus of mine. I've definitely changed the culture internally away from being siloed to being much more deeply collaborative and communicative and in some cases, integrated organizationally. Probably the most notable example of this is something that internally we call Project Mercury, which cross-sells one app to another. A, you know, a BLK user, for example, might get a pop-up that says, "You've been invited to join Tinder," and they can create their Tinder profile with one tap or an OkCupid user might get a notification that they've been invited to join Hinge, and they can create a Hinge profile with one tap. That's driven a lot of incremental revenue and just a lot of goodness across the different apps. There are many other initiatives of brewing that exact greater synergy between the brands. You know, Pairs, for example, in Japan, has been a leader in the in-real-life events space, so has Meetic in France, and Tinder is learning a ton from Pairs and Meetic and what they've built out in the event space. That's just another example. There are many dozens of examples around the company, and we're just getting started in terms of extracting the full benefit of the combined scale and synergies as we move away from being siloed, more towards deeply integrated. I think we'll wrap with that. Thanks everyone for joining. I'm incredibly proud of the team and the last couple of months of accomplishment. We are not out of the woods yet, but things are much improved and improving more every day. We'll talk to you again at the June 11th event, Decoding Gen Z Dating. Thanks everyone for your time today. Bye-bye. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Speaker 9: Welcome to the Match Group first quarter 2026 Earnings Conference Call. All participants will be in only-listen mode. Should you need assistance, please signal the conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead. Welcome to the Match Group first quarter 2026 Earnings Conference Call. welcome to the match group first quarter 2026 earnings conference call All participants will be in only-listen mode. Should you need assistance, please signal the conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. all participants will be in only-listen mode. should you need assistance, please signal the conference specialist by pressing star key followed by zero. after today's presentation there will be an opportunity to ask questions Please note this event is being recorded. please note this event is being recorded I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. i would now like to turn the conference over to tanny shelburne senior vice president of investor relations Please go ahead. please go ahead

Speaker 14: Thank you, operator, and good afternoon, everyone. Today's call will be led by CEO Spencer Rascoff and CFO Steven Bailey. They'll make a few brief remarks, and then we'll open it up for questions. Before we start, I need to remind everyone that during this call we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as "we expect," "we believe," "we anticipate," or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports with the SEC. Also, during this call, we'll discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the published materials on our IR website. Thank you, operator, and good afternoon, everyone. thank you operator and good afternoon everyone Today's call will be led by CEO Spencer Rascoff and CFO Steven Bailey. today's call will be led by ceo spencer rascoff and cfo steven bailey They'll make a few brief remarks, and then we'll open it up for questions. they'll make a few brief remarks and then we'll open it up for questions Before we start, I need to remind everyone that during this call we may discuss our outlook and future performance. before we start i need to remind everyone that during this call we may discuss our outlook and future performance These forward-looking statements may be preceded by words such as "we expect," "we believe," "we anticipate," or similar statements. these forward-looking statements may be preceded by words such as "we expect," "we believe," "we anticipate," or similar statements These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. these statements are subject to risks and uncertainties and our actual results could differ materially from the views expressed today Some of these risks have been set forth in our earnings release and our periodic reports with the SEC. some of these risks have been set forth in our earnings release and our periodic reports with the sec Also, during this call, we'll discuss certain non-GAAP financial measures. also during this call we'll discuss certain non-gaap financial measures Reconciliations to the most directly comparable GAAP financial measures are provided in the published materials on our IR website. reconciliations to the most directly comparable gaap financial measures are provided in the published materials on our ir website These non-GAAP measures are not intended to be substitutes for our GAAP results. With that, I'd like to turn the call over to Spencer. These non-GAAP measures are not intended to be substitutes for our GAAP results. these non-gaap measures are not intended to be substitutes for our gaap results With that, I'd like to turn the call over to Spencer. with that i'd like to turn the call over to spencer

Speaker 12: Good afternoon, and thanks for joining us. Match Group entered 2026 with tangible progress on the three-phase transformation we outlined last year: reset, revitalize, and resurgence. We completed the reset phase in 2025, and we're now well into revitalize, focused on improving product experiences, strengthening the ecosystem, and rebuilding growth. We are operating with greater focus and discipline. The portfolio is sharper, execution is faster, and we are leveraging our scale more effectively through our One MG approach. We are reinvesting where we see clear opportunities to improve user outcomes while continuing to return meaningful capital to shareholders. Our progress is showing up in three areas. First, leading indicators at Tinder are showing momentum, reflecting better product experiences for Gen Z, and that progress is increasingly translating into top-line metrics like monthly active users or MAU, payers, and direct revenue. Good afternoon, and thanks for joining us. good afternoon and thanks for joining us Match Group entered 2026 with tangible progress on the three-phase transformation we outlined last year: reset, revitalize, and resurgence. match group entered 2026 with tangible progress on the three-phase transformation we outlined last year reset revitalize and resurgence We completed the reset phase in 2025, and we're now well into revitalize, focused on improving product experiences, strengthening the ecosystem, and rebuilding growth. we completed the reset phase in 2025 and we're now well into revitalize focused on improving product experiences strengthening the ecosystem and rebuilding growth We are operating with greater focus and discipline. we are operating with greater focus and discipline The portfolio is sharper, execution is faster, and we are leveraging our scale more effectively through our One MG approach. the portfolio is sharper execution is faster and we are leveraging our scale more effectively through our one mg approach We are reinvesting where we see clear opportunities to improve user outcomes while continuing to return meaningful capital to shareholders. we are reinvesting where we see clear opportunities to improve user outcomes while continuing to return meaningful capital to shareholders Our progress is showing up in three areas. our progress is showing up in three areas First, leading indicators at Tinder are showing momentum, reflecting better product experiences for Gen Z, and that progress is increasingly translating into top-line metrics like monthly active users or MAU, payers, and direct revenue. first leading indicators at tinder are showing momentum reflecting better product experiences for gen z and that progress is increasingly translating into top-line metrics like monthly active users or mau payers and direct revenue Second, Hinge continues to scale, combining strong revenue growth, rapid product innovation, particularly in AI-driven features, and continued international expansion. Third, we continue to streamline our portfolio and organizational structure, simplifying how we operate and focusing resources on our highest conviction opportunities. Looking ahead, our objective is to drive a resurgence with our audience by reestablishing Tinder as a growth business during 2027 through restoring durable user engagement and relevance at scale. All of this is happening alongside disciplined financial execution. In Q1 2026, we exceeded our revenue and Adjusted EBITDA expectations on the back of strength at Tinder. Steve will walk through the details shortly. Turning now to Tinder's product-led turnaround. From the beginning, I've said this will be a product-led turnaround, starting with user outcomes and moving up the funnel towards user growth. Second, Hinge continues to scale, combining strong revenue growth, rapid product innovation, particularly in AI-driven features, and continued international expansion. second hinge continues to scale combining strong revenue growth rapid product innovation particularly in ai-driven features and continued international expansion Third, we continue to streamline our portfolio and organizational structure, simplifying how we operate and focusing resources on our highest conviction opportunities. third we continue to streamline our portfolio and organizational structure simplifying how we operate and focusing resources on our highest conviction opportunities Looking ahead, our objective is to drive a resurgence with our audience by reestablishing Tinder as a growth business during 2027 through restoring durable user engagement and relevance at scale. looking ahead our objective is to drive a resurgence with our audience by reestablishing tinder as a growth business during 2027 through restoring durable user engagement and relevance at scale All of this is happening alongside disciplined financial execution. all of this is happening alongside disciplined financial execution In Q1 2026, we exceeded our revenue and Adjusted EBITDA expectations on the back of strength at Tinder. in q1 2026 we exceeded our revenue and adjusted ebitda expectations on the back of strength at tinder Steve will walk through the details shortly. steve will walk through the details shortly Turning now to Tinder's product-led turnaround. turning now to tinder's product-led turnaround From the beginning, I've said this will be a product-led turnaround, starting with user outcomes and moving up the funnel towards user growth. from the beginning i've said this will be a product-led turnaround starting with user outcomes and moving up the funnel towards user growth Our most important leading indicators, Sparks and Spark's coverage, continue to improve. In March, Sparks, the number of users engaging in six-way conversations, were down only 1% year-over-year, a meaningful improvement from down 11% year-over-year in March 2025. Spark's coverage, which measures the percentage of our users who experience a spark in a given period, was up 6% year-over-year in March, compared to down 1% year-over-year in March 2025. These are our clearest signals of product efficacy and real connection, and they are improving. As we've said before, our belief is improving sparks leads to better retention and stronger word-of-mouth, driving MAU over time. We're now starting to see that play out. Our most important leading indicators, Sparks and Spark's coverage, continue to improve. our most important leading indicators sparks and spark's coverage continue to improve In March, Sparks, the number of users engaging in six-way conversations, were down only 1% year-over-year, a meaningful improvement from down 11% year-over-year in March 2025. in march sparks the number of users engaging in six-way conversations were down only 1% year-over-year a meaningful improvement from down 11% year-over-year in march 2025 Spark's coverage, which measures the percentage of our users who experience a spark in a given period, was up 6% year-over-year in March, compared to down 1% year-over-year in March 2025. spark's coverage which measures the percentage of our users who experience a spark in a given period was up 6% year-over-year in march compared to down 1% year-over-year in march 2025 These are our clearest signals of product efficacy and real connection, and they are improving. these are our clearest signals of product efficacy and real connection and they are improving As we've said before, our belief is improving sparks leads to better retention and stronger word-of-mouth, driving MAU over time. as we've said before our belief is improving sparks leads to better retention and stronger word-of-mouth driving mau over time We're now starting to see that play out. we're now starting to see that play out MAU declines continued to moderate in March, down 7% year-over-year, the slowest rate of decline in 31 months, compared to down 10% year-over-year in March of 2025. This improvement was driven by a few factors. First, user retention increased, up 1% year-over-year in March after multiple years of decline. U.S. Gen Z women retention, a critical cohort for ecosystem health, was up 3% year-over-year in March. Second, registrations returned to growth for the first time since June 2024, up 1% year-over-year in March compared to down 12% year-over-year in March 2025. This is proof that the brand is resonating through marketing and word-of-mouth, driving new users into the experience. We're seeing this progress across different geographies and demographics, including in markets where we've had the most ground to recover. MAU declines continued to moderate in March, down 7% year-over-year, the slowest rate of decline in 31 months, compared to down 10% year-over-year in March of 2025. mau declines continued to moderate in march down 7% year-over-year the slowest rate of decline in 31 months compared to down 10% year-over-year in march of 2025 This improvement was driven by a few factors. this improvement was driven by a few factors First, user retention increased, up 1% year-over-year in March after multiple years of decline. first user retention increased up 1% year-over-year in march after multiple years of decline U.S. u.s Gen Z women retention, a critical cohort for ecosystem health, was up 3% year-over-year in March. gen z women retention a critical cohort for ecosystem health was up 3% year-over-year in march Second, registrations returned to growth for the first time since June 2024, up 1% year-over-year in March compared to down 12% year-over-year in March 2025. second registrations returned to growth for the first time since june 2024 up 1% year-over-year in march compared to down 12% year-over-year in march 2025 This is proof that the brand is resonating through marketing and word-of-mouth, driving new users into the experience. this is proof that the brand is resonating through marketing and word-of-mouth driving new users into the experience We're seeing this progress across different geographies and demographics, including in markets where we've had the most ground to recover. we're seeing this progress across different geographies and demographics including in markets where we've had the most ground to recover Progress may not always be linear, the year-over-year trajectory of these leading indicators and user engagement underscores our confidence in the strategy, and we expect it to translate into revenue growth over time. Let me highlight a few of the efforts driving these improvements, many of which we showcased at our Tinder Sparks event in March, which is available on our IR website. First, recommendations. We've sharpened how Tinder understands what users are looking for and how we deliver matches across the ecosystem. By learning preferences earlier, showing more relevant profiles, better serving both active and returning users, we're helping people find matches faster and driving more conversations with particularly strong gains for women. Next, product innovation. Features like Astrology Mode and Music Mode are gaining traction with Gen Z following their mid-March launch, reaching 19% and 8% adoption respectively. Progress may not always be linear, the year-over-year trajectory of these leading indicators and user engagement underscores our confidence in the strategy, and we expect it to translate into revenue growth over time. progress may not always be linear the year-over-year trajectory of these leading indicators and user engagement underscores our confidence in the strategy and we expect it to translate into revenue growth over time Let me highlight a few of the efforts driving these improvements, many of which we showcased at our Tinder Sparks event in March, which is available on our IR website. let me highlight a few of the efforts driving these improvements many of which we showcased at our tinder sparks event in march which is available on our ir website First, recommendations. first recommendations We've sharpened how Tinder understands what users are looking for and how we deliver matches across the ecosystem. we've sharpened how tinder understands what users are looking for and how we deliver matches across the ecosystem By learning preferences earlier, showing more relevant profiles, better serving both active and returning users, we're helping people find matches faster and driving more conversations with particularly strong gains for women. by learning preferences earlier showing more relevant profiles better serving both active and returning users we're helping people find matches faster and driving more conversations with particularly strong gains for women Next, product innovation. next product innovation Features like Astrology Mode and Music Mode are gaining traction with Gen Z following their mid-March launch, reaching 19% and 8% adoption respectively. features like astrology mode and music mode are gaining traction with gen z following their mid-march launch reaching 19% and 8% adoption respectively We're also seeing encouraging early signals on user outcomes. For example, in our early read, women who swipe on Astrology Mode cards are more likely to reach a spark than those with non-astro cards. Like Double Date, these signals show new modes are resonating by making discovery more expressive and lower pressure, which is exactly what Gen Z users have been asking for. Finally, trust and safety. We continue to scale Face Check into more regions, including the recent launch in the U.K. and Singapore. Face Check is improving authenticity and user trust with particularly strong trends in the U.S., where net promoter scores have been trending higher. Importantly, the revenue impact from our ongoing user experience tests remain within the range that we planned. Simply put, Tinder works better now. We're not at the finish line, the turnaround is clearly underway. We're also seeing encouraging early signals on user outcomes. we're also seeing encouraging early signals on user outcomes For example, in our early read, women who swipe on Astrology Mode cards are more likely to reach a spark than those with non-astro cards. for example in our early read women who swipe on astrology mode cards are more likely to reach a spark than those with non-astro cards Like Double Date, these signals show new modes are resonating by making discovery more expressive and lower pressure, which is exactly what Gen Z users have been asking for. like double date these signals show new modes are resonating by making discovery more expressive and lower pressure which is exactly what gen z users have been asking for Finally, trust and safety. finally trust and safety We continue to scale Face Check into more regions, including the recent launch in the U.K. and Singapore. we continue to scale face check into more regions including the recent launch in the u.k and singapore Face Check is improving authenticity and user trust with particularly strong trends in the U.S., where net promoter scores have been trending higher. face check is improving authenticity and user trust with particularly strong trends in the u.s where net promoter scores have been trending higher Importantly, the revenue impact from our ongoing user experience tests remain within the range that we planned. importantly the revenue impact from our ongoing user experience tests remain within the range that we planned Simply put, Tinder works better now. simply put tinder works better now We're not at the finish line, the turnaround is clearly underway. we're not at the finish line the turnaround is clearly underway Turning to Hinge, where product-led growth continues to scale. Hinge continues to build thoughtful, best-in-class experiences for highly intentioned daters. The team remains focused on a key objective, helping users get out on great dates. That clarity is driving its product roadmap, which is both rapidly advancing the core experience and introducing new and compelling features. Starting with the core experience, Hinge is strengthening profile quality through a redesigned onboarding experience that encourages users to slow down and reflect on what they're looking for before viewing profiles. Structured prompts help users more clearly communicate their relationship goals, their personality, and preferences from the start. The experience is also more interactive, giving users more visibility into how they're represented and improving confidence during profile creation. We plan to expand this globally by the end of Q2. Turning to Hinge, where product-led growth continues to scale. turning to hinge where product-led growth continues to scale Hinge continues to build thoughtful, best-in-class experiences for highly intentioned daters. hinge continues to build thoughtful best-in-class experiences for highly intentioned daters The team remains focused on a key objective, helping users get out on great dates. the team remains focused on a key objective helping users get out on great dates That clarity is driving its product roadmap, which is both rapidly advancing the core experience and introducing new and compelling features. that clarity is driving its product roadmap which is both rapidly advancing the core experience and introducing new and compelling features Starting with the core experience, Hinge is strengthening profile quality through a redesigned onboarding experience that encourages users to slow down and reflect on what they're looking for before viewing profiles. starting with the core experience hinge is strengthening profile quality through a redesigned onboarding experience that encourages users to slow down and reflect on what they're looking for before viewing profiles Structured prompts help users more clearly communicate their relationship goals, their personality, and preferences from the start. structured prompts help users more clearly communicate their relationship goals their personality and preferences from the start The experience is also more interactive, giving users more visibility into how they're represented and improving confidence during profile creation. the experience is also more interactive giving users more visibility into how they're represented and improving confidence during profile creation We plan to expand this globally by the end of Q2. we plan to expand this globally by the end of q2 In parallel, Hinge continues to strengthen trust within the experience with Face Check, which is now fully rolled out in the U.S., U.K., Australia, Canada, Brazil, and Mexico, with additional markets planned for Q2. In these markets, the feature has reduced interaction with bad actors by 20%-30% with minimal impact on revenue. Originally developed by Tinder, Face Check showcases portfolio-wide innovation, enabling Hinge to quickly iterate and bring the feature to market faster. Building on its stronger core experience, Hinge is introducing a set of category-first features designed to better express intent and help users move from connection to date. First, Hinge is reducing friction in getting to great dates with Date Ideas, a feature formerly known as Direct to Date, which allows users to propose a date idea and time upfront to clarify intent and move matches to real-life meetings faster. In parallel, Hinge continues to strengthen trust within the experience with Face Check, which is now fully rolled out in the U.S., U.K., Australia, Canada, Brazil, and Mexico, with additional markets planned for Q2. in parallel hinge continues to strengthen trust within the experience with face check which is now fully rolled out in the u.s u.k australia canada brazil and mexico with additional markets planned for q2 In these markets, the feature has reduced interaction with bad actors by 20%-30% with minimal impact on revenue. in these markets the feature has reduced interaction with bad actors by 20%-30% with minimal impact on revenue Originally developed by Tinder, Face Check showcases portfolio-wide innovation, enabling Hinge to quickly iterate and bring the feature to market faster. originally developed by tinder face check showcases portfolio-wide innovation enabling hinge to quickly iterate and bring the feature to market faster Building on its stronger core experience, Hinge is introducing a set of category-first features designed to better express intent and help users move from connection to date. building on its stronger core experience hinge is introducing a set of category-first features designed to better express intent and help users move from connection to date First, Hinge is reducing friction in getting to great dates with Date Ideas, a feature formerly known as Direct to Date, which allows users to propose a date idea and time upfront to clarify intent and move matches to real-life meetings faster. first hinge is reducing friction in getting to great dates with date ideas a feature formerly known as direct to date which allows users to propose a date idea and time upfront to clarify intent and move matches to real-life meetings faster Early feedback has been encouraging, with nearly 9% adoption in testing, one of the highest rates we've seen for a new profile feature, and users expressing genuine excitement on social media. Users are defaulting to familiar low-effort date ideas like dinner, drinks, and walks, while custom date ideas skew toward light conversational activities like bowling, arcades, museums, and mini golf. Second, Hinge is expanding the role friends play on daters' profiles with Friends Take, which addresses two core tensions, representing yourself authentically and navigating dating alone without community. Building on Hinge's prompt-native format, the feature allows users to invite trusted friends on and off Hinge to contribute short reflections to their profiles, adding credibility and helping users get to know one another more deeply. Friends Take will begin testing by the end of Q2, with broader rollout expected in Q3. Early feedback has been encouraging, with nearly 9% adoption in testing, one of the highest rates we've seen for a new profile feature, and users expressing genuine excitement on social media. early feedback has been encouraging with nearly 9% adoption in testing one of the highest rates we've seen for a new profile feature and users expressing genuine excitement on social media Users are defaulting to familiar low-effort date ideas like dinner, drinks, and walks, while custom date ideas skew toward light conversational activities like bowling, arcades, museums, and mini golf. users are defaulting to familiar low-effort date ideas like dinner drinks and walks while custom date ideas skew toward light conversational activities like bowling arcades museums and mini golf Second, Hinge is expanding the role friends play on daters' profiles with Friends Take, which addresses two core tensions, representing yourself authentically and navigating dating alone without community. second hinge is expanding the role friends play on daters' profiles with friends take which addresses two core tensions representing yourself authentically and navigating dating alone without community Building on Hinge's prompt-native format, the feature allows users to invite trusted friends on and off Hinge to contribute short reflections to their profiles, adding credibility and helping users get to know one another more deeply. building on hinge's prompt-native format the feature allows users to invite trusted friends on and off hinge to contribute short reflections to their profiles adding credibility and helping users get to know one another more deeply Friends Take will begin testing by the end of Q2, with broader rollout expected in Q3. friends take will begin testing by the end of q2 with broader rollout expected in q3 We see potential for it to be a top-of-funnel driver, similar to voice prompts a couple of years ago. Third, Hinge began testing Signals, a new feature designed to make effort and intentionality more visible. When users consistently demonstrate thoughtful participation by doing things like completing their profile, responding to messages, and engaging in meaningful conversations, they earn a Signals badge on their profile. This badge signals to others on the app their level of effort and intentionality, addressing a long-standing friction point in the category, particularly for women and younger daters. Early results show improvements in dating outcomes and user behaviors that benefit the overall ecosystem. As we invest in these types of intentional features, we are creating new surface areas to potentially monetize later. Hinge demonstrates the simple principle that when product-market fit is strong and user outcomes are clear, growth follows and the model scales. We see potential for it to be a top-of-funnel driver, similar to voice prompts a couple of years ago. we see potential for it to be a top-of-funnel driver similar to voice prompts a couple of years ago Third, Hinge began testing Signals, a new feature designed to make effort and intentionality more visible. third hinge began testing signals a new feature designed to make effort and intentionality more visible When users consistently demonstrate thoughtful participation by doing things like completing their profile, responding to messages, and engaging in meaningful conversations, they earn a Signals badge on their profile. when users consistently demonstrate thoughtful participation by doing things like completing their profile responding to messages and engaging in meaningful conversations they earn a signals badge on their profile This badge signals to others on the app their level of effort and intentionality, addressing a long-standing friction point in the category, particularly for women and younger daters. this badge signals to others on the app their level of effort and intentionality addressing a long-standing friction point in the category particularly for women and younger daters Early results show improvements in dating outcomes and user behaviors that benefit the overall ecosystem. early results show improvements in dating outcomes and user behaviors that benefit the overall ecosystem As we invest in these types of intentional features, we are creating new surface areas to potentially monetize later. as we invest in these types of intentional features we are creating new surface areas to potentially monetize later Hinge demonstrates the simple principle that when product-market fit is strong and user outcomes are clear, growth follows and the model scales. hinge demonstrates the simple principle that when product-market fit is strong and user outcomes are clear growth follows and the model scales Hinge continues to lead the category in product innovation through its consistent focus on user outcomes, and it's led to strong financial results. We're excited to see the impact of Hinge's product roadmap on the business this year as it continues on its path to be a billion-dollar business by 2027. Now turning to our One MG approach in action. We're continuing the work that we began last year to simplify the organization and operate more effectively as One Match Group. As part of this effort, we folded our MG Asia business unit into our E&E business unit. This brings our two Asia-based businesses, Azar and Pairs, closer to the rest of the company, removes a management layer, and improves efficiency while maintaining in-region, cross-brand, go-to-market capabilities. We expect this change to result in roughly $15 million in annualized cost savings, including stock-based compensation. Hinge continues to lead the category in product innovation through its consistent focus on user outcomes, and it's led to strong financial results. hinge continues to lead the category in product innovation through its consistent focus on user outcomes and it's led to strong financial results We're excited to see the impact of Hinge's product roadmap on the business this year as it continues on its path to be a billion-dollar business by 2027. we're excited to see the impact of hinge's product roadmap on the business this year as it continues on its path to be a billion-dollar business by 2027 Now turning to our One MG approach in action. now turning to our one mg approach in action We're continuing the work that we began last year to simplify the organization and operate more effectively as One Match Group. we're continuing the work that we began last year to simplify the organization and operate more effectively as one match group As part of this effort, we folded our MG Asia business unit into our E&E business unit. as part of this effort we folded our mg asia business unit into our e&e business unit This brings our two Asia-based businesses, Azar and Pairs, closer to the rest of the company, removes a management layer, and improves efficiency while maintaining in-region, cross-brand, go-to-market capabilities. this brings our two asia-based businesses azar and pairs closer to the rest of the company removes a management layer and improves efficiency while maintaining in-region cross-brand go-to-market capabilities We expect this change to result in roughly $15 million in annualized cost savings, including stock-based compensation. we expect this change to result in roughly $15 million in annualized cost savings including stock-based compensation It also enables more cohesive portfolio management, faster execution, and to apply shared capabilities and resources. On Azar, as we previously disclosed, Apple temporarily removed the app from the App Store on February 22nd, 2026. The team moved quickly to make adjustments, which led to the reinstatement of a new version on April 6th, 2026. While still early, registrations and MAU are beginning to recover, but the new app experience is monetizing at lower levels than the previous version. We're testing changes to the product to improve monetization, but expect continued pressure on Azar direct revenue over the balance of the year. With the consolidation of MG Asia into E&E, we've transitioned our Seoul-based MG AI team of more than 20 talented data scientists and machine learning engineers to report into Tinder's CTO. It also enables more cohesive portfolio management, faster execution, and to apply shared capabilities and resources. On Azar, as we previously disclosed, Apple temporarily removed the app from the App Store on February 22nd, 2026. it also enables more cohesive portfolio management faster execution and to apply shared capabilities and resources. on azar as we previously disclosed apple temporarily removed the app from the app store on february 22nd 2026 The team moved quickly to make adjustments, which led to the reinstatement of a new version on April 6th, 2026. the team moved quickly to make adjustments which led to the reinstatement of a new version on april 6th 2026 While still early, registrations and MAU are beginning to recover, but the new app experience is monetizing at lower levels than the previous version. while still early registrations and mau are beginning to recover but the new app experience is monetizing at lower levels than the previous version We're testing changes to the product to improve monetization, but expect continued pressure on Azar direct revenue over the balance of the year. we're testing changes to the product to improve monetization but expect continued pressure on azar direct revenue over the balance of the year With the consolidation of MG Asia into E&E, we've transitioned our Seoul-based MG AI team of more than 20 talented data scientists and machine learning engineers to report into Tinder's CTO. with the consolidation of mg asia into e&e we've transitioned our seoul-based mg ai team of more than 20 talented data scientists and machine learning engineers to report into tinder's cto This team will continue building shared One MG technologies, including AI-driven photo uploading and AI-enabled recommendation algorithms, but will now operate with closer alignment to our largest business unit. In addition, we're shifting nearly 30 product engineering and analytics employees from Azar to Tinder in Seoul. These moves concentrate resources into Tinder at a critical moment, supported by excellent executive leadership, an accelerating product roadmap, and improving business momentum. Following this move, we'll have a nearly 60-person team focused on Tinder in Seoul, making it our third-largest tech hub after Palo Alto and Los Angeles. We've also made progress in unifying performance marketing by further centralizing teams and resources into a One MG organization that buys digital media across brands. We spend nearly $600 million globally across 20 or more brands, with significant efficiencies available to us as coordination ramps. This team will continue building shared One MG technologies, including AI-driven photo uploading and AI-enabled recommendation algorithms, but will now operate with closer alignment to our largest business unit. this team will continue building shared one mg technologies including ai-driven photo uploading and ai-enabled recommendation algorithms but will now operate with closer alignment to our largest business unit In addition, we're shifting nearly 30 product engineering and analytics employees from Azar to Tinder in Seoul. in addition we're shifting nearly 30 product engineering and analytics employees from azar to tinder in seoul These moves concentrate resources into Tinder at a critical moment, supported by excellent executive leadership, an accelerating product roadmap, and improving business momentum. these moves concentrate resources into tinder at a critical moment supported by excellent executive leadership an accelerating product roadmap and improving business momentum Following this move, we'll have a nearly 60-person team focused on Tinder in Seoul, making it our third-largest tech hub after Palo Alto and Los Angeles. following this move we'll have a nearly 60-person team focused on tinder in seoul making it our third-largest tech hub after palo alto and los angeles We've also made progress in unifying performance marketing by further centralizing teams and resources into a One MG organization that buys digital media across brands. we've also made progress in unifying performance marketing by further centralizing teams and resources into a one mg organization that buys digital media across brands We spend nearly $600 million globally across 20 or more brands, with significant efficiencies available to us as coordination ramps. we spend nearly $600 million globally across 20 or more brands with significant efficiencies available to us as coordination ramps We're also bringing certain areas of E&E closer with Tinder, starting with the executive layer, where I now directly oversee both business units. This has unlocked significant opportunities for better coordination and synergies, including the marketing changes I just mentioned. As I've dug into E&E the last few weeks, we've identified many areas where Tinder and E&E results can be improved through tighter coordination, collaboration, and integration. This couldn't be a 2026 earnings call without discussing AI. We see AI as a core enabler of improving user outcomes, enhancing product experiences, increasing relevance, and accelerating development and iteration across the portfolio. To support this, we've launched a global AI enablement program that gives every employee access to leading AI tools with the goal of becoming an AI-native company. We're also bringing certain areas of E&E closer with Tinder, starting with the executive layer, where I now directly oversee both business units. we're also bringing certain areas of e&e closer with tinder starting with the executive layer where i now directly oversee both business units This has unlocked significant opportunities for better coordination and synergies, including the marketing changes I just mentioned. this has unlocked significant opportunities for better coordination and synergies including the marketing changes i just mentioned As I've dug into E&E the last few weeks, we've identified many areas where Tinder and E&E results can be improved through tighter coordination, collaboration, and integration. as i've dug into e&e the last few weeks we've identified many areas where tinder and e&e results can be improved through tighter coordination collaboration and integration This couldn't be a 2026 earnings call without discussing AI. this couldn't be a 2026 earnings call without discussing ai We see AI as a core enabler of improving user outcomes, enhancing product experiences, increasing relevance, and accelerating development and iteration across the portfolio. we see ai as a core enabler of improving user outcomes enhancing product experiences increasing relevance and accelerating development and iteration across the portfolio To support this, we've launched a global AI enablement program that gives every employee access to leading AI tools with the goal of becoming an AI-native company. to support this we've launched a global ai enablement program that gives every employee access to leading ai tools with the goal of becoming an ai-native company We're also reassessing our hiring plans with AI enablement in mind and plan to reduce headcount growth over the remainder of the year. We're standing up a cross-company AI leadership team to help ensure consistent deployment of capabilities and avoid fragmentation across brands. These changes are about operating more simply and more effectively. We're simplifying the portfolio, focusing resources on our highest conviction opportunities, and adapting quickly to where we believe the category is going, not where it's been. That's One MG in practice. Now for some final thoughts. Stepping back, we've aligned our business around distinct user intents, with each brand serving a different and important role. Together, they expand our reach across a broad and growing market for human connection. We're also reassessing our hiring plans with AI enablement in mind and plan to reduce headcount growth over the remainder of the year. we're also reassessing our hiring plans with ai enablement in mind and plan to reduce headcount growth over the remainder of the year We're standing up a cross-company AI leadership team to help ensure consistent deployment of capabilities and avoid fragmentation across brands. we're standing up a cross-company ai leadership team to help ensure consistent deployment of capabilities and avoid fragmentation across brands These changes are about operating more simply and more effectively. these changes are about operating more simply and more effectively We're simplifying the portfolio, focusing resources on our highest conviction opportunities, and adapting quickly to where we believe the category is going, not where it's been. we're simplifying the portfolio focusing resources on our highest conviction opportunities and adapting quickly to where we believe the category is going not where it's been That's One MG in practice. that's one mg in practice Now for some final thoughts. now for some final thoughts Stepping back, we've aligned our business around distinct user intents, with each brand serving a different and important role. stepping back we've aligned our business around distinct user intents with each brand serving a different and important role Together, they expand our reach across a broad and growing market for human connection. together they expand our reach across a broad and growing market for human connection Within that framework, in April, we made a $100 million investment for a significant minority stake in Sniffies, a differentiated platform with strong product-market fit and a highly engaged user base. We have the option to acquire the remaining equity in the future, similar to the approach we took with our initial investment in Hinge back in 2017. Sniffies reinforces our commitment with non-heterosexual men, which represent a large and growing portion of the category. We see a clear opportunity to lend our expertise in areas like trust and safety and geographic expansion while preserving what makes the platform unique to its community. As part of this investment, we plan to wind down our gay male app, Archer, which we expect to result in roughly $10 million in annualized cost savings, including stock-based compensation. Within that framework, in April, we made a $100 million investment for a significant minority stake in Sniffies, a differentiated platform with strong product-market fit and a highly engaged user base. within that framework in april we made a $100 million investment for a significant minority stake in sniffies a differentiated platform with strong product-market fit and a highly engaged user base We have the option to acquire the remaining equity in the future, similar to the approach we took with our initial investment in Hinge back in 2017. we have the option to acquire the remaining equity in the future similar to the approach we took with our initial investment in hinge back in 2017 Sniffies reinforces our commitment with non-heterosexual men, which represent a large and growing portion of the category. sniffies reinforces our commitment with non-heterosexual men which represent a large and growing portion of the category We see a clear opportunity to lend our expertise in areas like trust and safety and geographic expansion while preserving what makes the platform unique to its community. we see a clear opportunity to lend our expertise in areas like trust and safety and geographic expansion while preserving what makes the platform unique to its community As part of this investment, we plan to wind down our gay male app, Archer, which we expect to result in roughly $10 million in annualized cost savings, including stock-based compensation. as part of this investment we plan to wind down our gay male app archer which we expect to result in roughly $10 million in annualized cost savings including stock-based compensation We built a stronger foundation and are now seeing that translate into real momentum. By improving how people connect and delivering better outcomes for users, we're setting the business up for durable growth. That's what gives us confidence in the path to resurgence. Over to Steve now. We built a stronger foundation and are now seeing that translate into real momentum. we built a stronger foundation and are now seeing that translate into real momentum By improving how people connect and delivering better outcomes for users, we're setting the business up for durable growth. by improving how people connect and delivering better outcomes for users we're setting the business up for durable growth That's what gives us confidence in the path to resurgence. that's what gives us confidence in the path to resurgence Over to Steve now. over to steve now

Speaker 13: Thanks, Spencer. We delivered a strong start to the year, exceeding both our revenue and Adjusted EBITDA expectations. Their outperformance was primarily driven by better-than-expected direct revenue and payers trends at Tinder and a benefit associated with Canada's Digital Services Tax. I'll walk through the key drivers of the quarter and then turn to our guidance. Unless otherwise noted, all amounts are on an as-reported basis, and comparisons will be discussed on a year-over-year basis. More details can be found in the financial table below and in the financial supplement found on our IR website. In Q1, Match Group's total revenue was $864 million, up 4%, flat on a foreign exchange neutral basis. FX was $3 million better than we expected at the time of our last earnings call. Thanks, Spencer. thanks spencer We delivered a strong start to the year, exceeding both our revenue and Adjusted EBITDA expectations. we delivered a strong start to the year exceeding both our revenue and adjusted ebitda expectations Their outperformance was primarily driven by better-than-expected direct revenue and payers trends at Tinder and a benefit associated with Canada's Digital Services Tax. their outperformance was primarily driven by better-than-expected direct revenue and payers trends at tinder and a benefit associated with canada's digital services tax I'll walk through the key drivers of the quarter and then turn to our guidance. i'll walk through the key drivers of the quarter and then turn to our guidance Unless otherwise noted, all amounts are on an as-reported basis, and comparisons will be discussed on a year-over-year basis. unless otherwise noted all amounts are on an as-reported basis and comparisons will be discussed on a year-over-year basis More details can be found in the financial table below and in the financial supplement found on our IR website. more details can be found in the financial table below and in the financial supplement found on our ir website In Q1, Match Group's total revenue was $864 million, up 4%, flat on a foreign exchange neutral basis. in q1 match group's total revenue was $864 million up 4% flat on a foreign exchange neutral basis FX was $3 million better than we expected at the time of our last earnings call. fx was $3 million better than we expected at the time of our last earnings call Payers declined 5% to $13.5 million, while RPP increased 10% to $20.90. Indirect revenue of $16 million was down 14%, largely driven by a decrease in spend from top advertisers as compared to a record quarter the prior year. In Q1, Match Group's Adjusted EBITDA was $343 million, up 25%, representing an Adjusted EBITDA margin of 40%. Canada's rescission of its Digital Services Tax positively impacted Adjusted EBITDA by $11 million in the quarter. Tinder direct revenue in Q1 was $455 million, up 2% and down 3% FXN. Q1 direct revenue includes an approximately $5 million negative impact from user experience testing in the quarter. Payers declined 5% to $13.5 million, while RPP increased 10% to $20.90. payers declined 5% to $13.5 million while rpp increased 10% to $20.90 Indirect revenue of $16 million was down 14%, largely driven by a decrease in spend from top advertisers as compared to a record quarter the prior year. indirect revenue of $16 million was down 14% largely driven by a decrease in spend from top advertisers as compared to a record quarter the prior year In Q1, Match Group's Adjusted EBITDA was $343 million, up 25%, representing an Adjusted EBITDA margin of 40%. in q1 match group's adjusted ebitda was $343 million up 25% representing an adjusted ebitda margin of 40% Canada's rescission of its Digital Services Tax positively impacted Adjusted EBITDA by $11 million in the quarter. canada's rescission of its digital services tax positively impacted adjusted ebitda by $11 million in the quarter Tinder direct revenue in Q1 was $455 million, up 2% and down 3% FXN. tinder direct revenue in q1 was $455 million up 2% and down 3% fxn Q1 direct revenue includes an approximately $5 million negative impact from user experience testing in the quarter. q1 direct revenue includes an approximately $5 million negative impact from user experience testing in the quarter Payers declined 5% year-over-year to 8.6 million, a marked improvement from the 8% year-over-year decline in Q4 2025. RPP increased 7% to $17.56. Adjusted EBITDA in the quarter was $237 million, up 4%, representing an Adjusted EBITDA margin of 51%. Hinge maintained momentum in Q1 with direct revenue of $194 million, up 28% and up 24% FXN. Payers increased 15% year-over-year to two million, and RPP increased 11% to $33.13. Adjusted EBITDA was $71 million, up 66% year-over-year, representing an Adjusted EBITDA margin of 36%. E&E direct revenue in Q1 was $139 million, down 7% and down 10% FXN. Payers declined 5% year-over-year to 8.6 million, a marked improvement from the 8% year-over-year decline in Q4 2025. payers declined 5% year-over-year to 8.6 million a marked improvement from the 8% year-over-year decline in q4 2025 RPP increased 7% to $17.56. rpp increased 7% to $17.56 Adjusted EBITDA in the quarter was $237 million, up 4%, representing an Adjusted EBITDA margin of 51%. adjusted ebitda in the quarter was $237 million up 4% representing an adjusted ebitda margin of 51% Hinge maintained momentum in Q1 with direct revenue of $194 million, up 28% and up 24% FXN. hinge maintained momentum in q1 with direct revenue of $194 million up 28% and up 24% fxn Payers increased 15% year-over-year to two million, and RPP increased 11% to $33.13. payers increased 15% year-over-year to two million and rpp increased 11% to $33.13 Adjusted EBITDA was $71 million, up 66% year-over-year, representing an Adjusted EBITDA margin of 36%. adjusted ebitda was $71 million up 66% year-over-year representing an adjusted ebitda margin of 36% E&E direct revenue in Q1 was $139 million, down 7% and down 10% FXN. e&e direct revenue in q1 was $139 million down 7% and down 10% fxn Payers decreased 16% to two million, while RPP increased 11% to $22.97. Adjusted EBITDA was $39 million, up 37%, representing an Adjusted EBITDA margin of 28%. Match Group Asia delivered direct revenue in Q1 of $60 million, down 6% and down 7% FXN. Azar direct revenue was down 6% and down 9% FXN. Azar direct revenue was negatively impacted by an estimated $3 million from its temporary removal from the App Store. Payers direct revenue was down 6% and down 4% FXN. Across Match Group Asia, payers declined 9% to approximately 900,000, while RPP increased 2% to $21.74. Adjusted EBITDA was $21 million, up 11%, representing an Adjusted EBITDA margin of 35%. Payers decreased 16% to two million, while RPP increased 11% to $22.97. payers decreased 16% to two million while rpp increased 11% to $22.97 Adjusted EBITDA was $39 million, up 37%, representing an Adjusted EBITDA margin of 28%. adjusted ebitda was $39 million up 37% representing an adjusted ebitda margin of 28% Match Group Asia delivered direct revenue in Q1 of $60 million, down 6% and down 7% FXN. match group asia delivered direct revenue in q1 of $60 million down 6% and down 7% fxn Azar direct revenue was down 6% and down 9% FXN. azar direct revenue was down 6% and down 9% fxn Azar direct revenue was negatively impacted by an estimated $3 million from its temporary removal from the App Store. azar direct revenue was negatively impacted by an estimated $3 million from its temporary removal from the app store Payers direct revenue was down 6% and down 4% FXN. payers direct revenue was down 6% and down 4% fxn Across Match Group Asia, payers declined 9% to approximately 900,000, while RPP increased 2% to $21.74. across match group asia payers declined 9% to approximately 900,000 while rpp increased 2% to $21.74 Adjusted EBITDA was $21 million, up 11%, representing an Adjusted EBITDA margin of 35%. adjusted ebitda was $21 million up 11% representing an adjusted ebitda margin of 35% As a result of the organizational changes associated with Match Group Asia that Spencer discussed, beginning with our Q2 2026 results, we will combine the Match Group Asia and E&E business units into a single operating segment called E&E and report Match Group results across three operating segments: Tinder, Hinge, and E&E. On to consolidated operating costs and expenses. Including stock-based compensation expense, total expenses in Q1 were down 5%. Cost of revenue decreased 11% and represented 24% of total revenue, down four points as a percent of total revenue, primarily driven by alternative payment savings. Selling and marketing costs increased $6 million or 4%, but remained flat at 19% of total revenue as a result of increased marketing spend at Tinder and Hinge, partially offset by reduced marketing spend at E&E and Match Group Asia. As a result of the organizational changes associated with Match Group Asia that Spencer discussed, beginning with our Q2 2026 results, we will combine the Match Group Asia and E&E business units into a single operating segment called E&E and report Match Group results across three operating segments: Tinder, Hinge, and E&E. as a result of the organizational changes associated with match group asia that spencer discussed beginning with our q2 2026 results we will combine the match group asia and e&e business units into a single operating segment called e&e and report match group results across three operating segments tinder hinge and e&e On to consolidated operating costs and expenses. on to consolidated operating costs and expenses Including stock-based compensation expense, total expenses in Q1 were down 5%. including stock-based compensation expense total expenses in q1 were down 5% Cost of revenue decreased 11% and represented 24% of total revenue, down four points as a percent of total revenue, primarily driven by alternative payment savings. cost of revenue decreased 11% and represented 24% of total revenue down four points as a percent of total revenue primarily driven by alternative payment savings Selling and marketing costs increased $6 million or 4%, but remained flat at 19% of total revenue as a result of increased marketing spend at Tinder and Hinge, partially offset by reduced marketing spend at E&E and Match Group Asia. selling and marketing costs increased $6 million or 4% but remained flat at 19% of total revenue as a result of increased marketing spend at tinder and hinge partially offset by reduced marketing spend at e&e and match group asia General and administrative costs decreased 20%, down three points as a percentage of total revenue to 10%, driven by the Canadian digital services tax reversal of $11 million and lower employee compensation, including SBC. Product development costs decreased 3%, down one point as a percentage of total revenue at 14%. Depreciation amortization increased by $16 million to $48 million due to impairments of intangible assets of Azar totaling $25 million, resulting from changes required to reinstate the app in the Apple App Store. Our trailing 12-month gross leverage was 3.1x, and net leverage was 2.3x at the end of Q1. We ended the quarter with $1 billion of cash equivalents, and short-term investments on hand and plan to use $424 million of cash to pay off the 2026 convertible notes on or before their maturity in June. General and administrative costs decreased 20%, down three points as a percentage of total revenue to 10%, driven by the Canadian digital services tax reversal of $11 million and lower employee compensation, including SBC. general and administrative costs decreased 20% down three points as a percentage of total revenue to 10% driven by the canadian digital services tax reversal of $11 million and lower employee compensation including sbc Product development costs decreased 3%, down one point as a percentage of total revenue at 14%. product development costs decreased 3% down one point as a percentage of total revenue at 14% Depreciation amortization increased by $16 million to $48 million due to impairments of intangible assets of Azar totaling $25 million, resulting from changes required to reinstate the app in the Apple App Store. depreciation amortization increased by $16 million to $48 million due to impairments of intangible assets of azar totaling $25 million resulting from changes required to reinstate the app in the apple app store Our trailing 12-month gross leverage was 3.1x , and net leverage was 2.3x at the end of Q1. our trailing 12-month gross leverage was 3.1x and net leverage was 2.3x at the end of q1 We ended the quarter with $1 billion of cash equivalents, and short-term investments on hand and plan to use $424 million of cash to pay off the 2026 convertible notes on or before their maturity in June. we ended the quarter with $1 billion of cash equivalents and short-term investments on hand and plan to use $424 million of cash to pay off the 2026 convertible notes on or before their maturity in june Year-to-date through Q1, we delivered operating cash flow of $194 million and free cash flow of $174 million. We repurchased 2 million shares at an average price of $31 per share on a trade date basis for a total of $60 million, paid $44 million in dividends, and deployed $75 million of cash towards net settlement of employee equity awards, equating to 103% of free cash flow. Between April 1st and April 30th, 2026, we repurchased an additional 700,000 shares at an average price of $32 per share on a trade date basis for a total of $22 million. As of April 30th, 2026, we reduced diluted shares outstanding by 5% year-over-year. Year-to-date through Q1, we delivered operating cash flow of $194 million and free cash flow of $174 million. year-to-date through q1 we delivered operating cash flow of $194 million and free cash flow of $174 million We repurchased 2 million shares at an average price of $31 per share on a trade date basis for a total of $60 million, paid $44 million in dividends, and deployed $75 million of cash towards net settlement of employee equity awards, equating to 103% of free cash flow. we repurchased 2 million shares at an average price of $31 per share on a trade date basis for a total of $60 million paid $44 million in dividends and deployed $75 million of cash towards net settlement of employee equity awards equating to 103% of free cash flow Between April 1st and April 30th, 2026, we repurchased an additional 700,000 shares at an average price of $32 per share on a trade date basis for a total of $22 million. between april 1st and april 30th 2026 we repurchased an additional 700,000 shares at an average price of $32 per share on a trade date basis for a total of $22 million As of April 30th, 2026, we reduced diluted shares outstanding by 5% year-over-year. as of april 30th 2026 we reduced diluted shares outstanding by 5% year-over-year We also used $100 million in cash on hand to acquire a minority stake in Sniffies, which we announced on April 27, 2026. Our capital allocation strategy, centered on returning capital to shareholders through buybacks and a dividend, remains unchanged. Now for guidance. We expect Q2 total revenue for Match Group of $850 million-$860 million, down 2% to flat year-over-year. This range assumes a one-point tailwind from FX. FXN, we expect total revenue to be down 1%-3% year-over-year. Q2 total revenue guidance assumes a $10 million negative impact from Tinder's user experience tests and a $20 million negative impact from lower Azar direct revenue. We also used $100 million in cash on hand to acquire a minority stake in Sniffies, which we announced on April 27, 2026. we also used $100 million in cash on hand to acquire a minority stake in sniffies which we announced on april 27 2026 Our capital allocation strategy, centered on returning capital to shareholders through buybacks and a dividend, remains unchanged. our capital allocation strategy centered on returning capital to shareholders through buybacks and a dividend remains unchanged Now for guidance. now for guidance We expect Q2 total revenue for Match Group of $850 million-$860 million, down 2% to flat year-over-year. we expect q2 total revenue for match group of $850 million-$860 million down 2% to flat year-over-year This range assumes a one-point tailwind from FX. this range assumes a one-point tailwind from fx FXN, we expect total revenue to be down 1%-3% year-over-year. fxn we expect total revenue to be down 1%-3% year-over-year Q2 total revenue guidance assumes a $10 million negative impact from Tinder's user experience tests and a $20 million negative impact from lower Azar direct revenue. q2 total revenue guidance assumes a $10 million negative impact from tinder's user experience tests and a $20 million negative impact from lower azar direct revenue We expect Match Group Adjusted EBITDA of $325 million-$330 million, representing a 13% year-over-year increase and an Adjusted EBITDA margin of 38% at the midpoints of the ranges. As we remain financially disciplined and continue to optimize our cost structure while making the necessary investments that we believe will drive long-term growth in the business. Let's open it up to Q&A. We expect Match Group Adjusted EBITDA of $325 million - $330 million, representing a 13% year-over-year increase and an Adjusted EBITDA margin of 38% at the midpoints of the ranges. we expect match group adjusted ebitda of $325 million - $330 million representing a 13% year-over-year increase and an adjusted ebitda margin of 38% at the midpoints of the ranges As we remain financially disciplined and continue to optimize our cost structure while making the necessary investments that we believe will drive long-term growth in the business. as we remain financially disciplined and continue to optimize our cost structure while making the necessary investments that we believe will drive long-term growth in the business Let's open it up to Q&A. let's open it up to q&a

Speaker 9: We will now begin the question-and-answer session. To ask a question you may press star then one on your telephone keypad. If you are using a speaker phone, please pick up your headset before pressing the keys. To withdraw your question please press star then two. At this time we will pause momentarily to assemble our roster. The first question today comes from Shweta Khajuria with Wolfe Research. Please go ahead. We will now begin the question-and-answer session. we will now begin the question-and-answer session To ask a question you may press star then one on your telephone keypad. If you are using a speaker phone, please pick up your headset before pressing the keys. To withdraw your question please press star then two. At this time we will pause momentarily to assemble our roster. The first question today comes from Shweta Khajuria with Wolfe Research. to ask a question you may press star then one on your telephone keypad. if you are using a speaker phone, please pick up your headset before pressing the keys. to withdraw your question please press star then two. at this time we will pause momentarily to assemble our roster. the first question today comes from shweta khajuria with wolfe research Please go ahead. please go ahead

Speaker 11: Thank you for taking my questions. One on the Tinder sort of turnaround and leading indicators you're seeing. The March metrics you called out are very promising. Could you please talk to if you saw continuation of these trends into April and I guess now early May? That's the first question. The second question I have is around your AI cost savings. How should we be thinking about all these cost savings that you may have, either from integrating business units and also driving productivity with AI tools? It seems that you have greater and greater potential for margin if you wanted to, either this year or next year. How should we be thinking about that? Thanks a lot. Thank you for taking my questions. thank you for taking my questions One on the Tinder sort of turnaround and leading indicators you're seeing. one on the tinder sort of turnaround and leading indicators you're seeing The March metrics you called out are very promising. the march metrics you called out are very promising Could you please talk to if you saw continuation of these trends into April and I guess now early May? could you please talk to if you saw continuation of these trends into april and i guess now early may That's the first question. that's the first question The second question I have is around your AI cost savings. the second question i have is around your ai cost savings How should we be thinking about all these cost savings that you may have, either from integrating business units and also driving productivity with AI tools? how should we be thinking about all these cost savings that you may have either from integrating business units and also driving productivity with ai tools It seems that you have greater and greater potential for margin if you wanted to, either this year or next year. it seems that you have greater and greater potential for margin if you wanted to either this year or next year How should we be thinking about that? how should we be thinking about that Thanks a lot. thanks a lot

Speaker 12: Yeah. Thank you for the questions. Firstly, yes, Tinder's momentum has continued into April. Just to sort of take a step back and then I'll share some April data. The product-led turnaround at Tinder is clearly well underway, and I'm feeling really good about it. As I said in the prepared remarks, MAU declined 7% year-over-year in March, which was the slowest rate in 31 months. It went on to decline 6.6% in April, so it continued to improve. DAU, which I don't think we talked about in the prepared remarks, but Daily Active Users was down 9% back in March of 2025, then down 6% in March of 2026, and was only down 4% in April of 2026. Yeah. yeah Thank you for the questions. thank you for the questions Firstly, yes, Tinder's momentum has continued into April. firstly yes tinder's momentum has continued into april Just to sort of take a step back and then I'll share some April data. just to sort of take a step back and then i'll share some april data The product-led turnaround at Tinder is clearly well underway, and I'm feeling really good about it. the product-led turnaround at tinder is clearly well underway and i'm feeling really good about it As I said in the prepared remarks, MAU declined 7% year-over-year in March, which was the slowest rate in 31 months. as i said in the prepared remarks mau declined 7% year-over-year in march which was the slowest rate in 31 months It went on to decline 6.6% in April, so it continued to improve. it went on to decline 6.6% in april so it continued to improve DAU, which I don't think we talked about in the prepared remarks, but Daily Active Users was down 9% back in March of 2025, then down 6% in March of 2026, and was only down 4% in April of 2026. dau which i don't think we talked about in the prepared remarks but daily active users was down 9% back in march of 2025 then down 6% in march of 2026 and was only down 4% in april of 2026 Every month, every week, almost every day, we continue to chip away at the audience declines at Tinder. You know, let me just take a moment, Shweta, to talk about what's driving this. And it's clearly product improvements which are impacting user outcomes. The big needle movers on improving user outcomes have been, first of all, recommendations. We're just doing a much better job today of showing women the men that we think they'll want to see. You know, obviously that is the most important thing for a dating app, figuring out whom to show to whom, and we're much better at it than we ever were before. Every month, every week, almost every day, we continue to chip away at the audience declines at Tinder. every month every week almost every day we continue to chip away at the audience declines at tinder You know, let me just take a moment, Shweta, to talk about what's driving this. you know let me just take a moment shweta to talk about what's driving this And it's clearly product improvements which are impacting user outcomes. and it's clearly product improvements which are impacting user outcomes The big needle movers on improving user outcomes have been, first of all, recommendations. the big needle movers on improving user outcomes have been first of all recommendations We're just doing a much better job today of showing women the men that we think they'll want to see. we're just doing a much better job today of showing women the men that we think they'll want to see You know, obviously that is the most important thing for a dating app, figuring out whom to show to whom, and we're much better at it than we ever were before. you know obviously that is the most important thing for a dating app figuring out whom to show to whom and we're much better at it than we ever were before We've made lots and lots of changes, but for example, you know, one set of changes improved women's sparks by 6%, that improved women's DAU by 2%, which in turn improved men's sparks by 5%, and then men's DAU by 1%. That's just one example of one set of recs changes. You know, that plus other recs changes we thought might hurt revenue, but actually, on balance, it resulted in a $15 million annualized revenue gain because of improved women's retention, which then improved men's revenue. It's not always a trade-off between recs improvements and revenue. Sometimes they actually work together. The second big needle mover on Tinder product improvements was Double Date. Around one in five global users now 18-22 are using Double Date. We've made lots and lots of changes, but for example, you know, one set of changes improved women's sparks by 6%, that improved women's DAU by 2%, which in turn improved men's sparks by 5%, and then men's DAU by 1%. we've made lots and lots of changes but for example you know one set of changes improved women's sparks by 6% that improved women's dau by 2% which in turn improved men's sparks by 5% and then men's dau by 1% That's just one example of one set of recs changes. that's just one example of one set of recs changes You know, that plus other recs changes we thought might hurt revenue, but actually, on balance, it resulted in a $15 million annualized revenue gain because of improved women's retention, which then improved men's revenue. you know that plus other recs changes we thought might hurt revenue but actually on balance it resulted in a $15 million annualized revenue gain because of improved women's retention which then improved men's revenue It's not always a trade-off between recs improvements and revenue. it's not always a trade-off between recs improvements and revenue Sometimes they actually work together. sometimes they actually work together The second big needle mover on Tinder product improvements was Double Date. the second big needle mover on tinder product improvements was double date Around one in five global users now 18-22 are using Double Date. around one in five global users now 18-22 are using double date Around one in four U.S. women 18-22 are using Double Date. It's just an important way that people are now using Tinder. Music Mode and Astrology Mode also drove great adoption in the quarter. I think it was 8% for global Gen Z for music and 19% for global Gen Z for astrology. Then, you know, the next section is a variety of things that we don't talk about very much because they're kind of mundane improvements, but this is really important blocking and tackling. These are things like improved CRM for better emails and notifications or better app performance, so the app doesn't crash the way it used to, or better website performance and just general better operating cadence of the company. All those things really do work together. Around one in four U.S. women 18-22 are using Double Date. around one in four u.s women 18-22 are using double date It's just an important way that people are now using Tinder. it's just an important way that people are now using tinder Music Mode and Astrology Mode also drove great adoption in the quarter. music mode and astrology mode also drove great adoption in the quarter I think it was 8% for global Gen Z for music and 19% for global Gen Z for astrology. i think it was 8% for global gen z for music and 19% for global gen z for astrology Then, you know, the next section is a variety of things that we don't talk about very much because they're kind of mundane improvements, but this is really important blocking and tackling. then you know the next section is a variety of things that we don't talk about very much because they're kind of mundane improvements but this is really important blocking and tackling These are things like improved CRM for better emails and notifications or better app performance, so the app doesn't crash the way it used to, or better website performance and just general better operating cadence of the company. these are things like improved crm for better emails and notifications or better app performance so the app doesn't crash the way it used to or better website performance and just general better operating cadence of the company All those things really do work together. all those things really do work together The last one I'll just add is the IRL, the In Real Life pilot in L.A. has been successful, and we're working to expand that, and it's just another example of how we're creating these low-pressure ways to connect. I'll leave it at that. If, you know, the last piece, I guess, is the marketing support of these products. Let me give it to Steve now to talk about the AI and cost savings. Then if there's interest, we can talk about Tinder marketing and how it supports those product changes. Steve? The last one I'll just add is the IRL, the In Real Life pilot in L.A. has been successful, and we're working to expand that, and it's just another example of how we're creating these low-pressure ways to connect. the last one i'll just add is the irl the in real life pilot in l.a has been successful and we're working to expand that and it's just another example of how we're creating these low-pressure ways to connect I'll leave it at that. i'll leave it at that If, you know, the last piece, I guess, is the marketing support of these products. if you know the last piece i guess is the marketing support of these products Let me give it to Steve now to talk about the AI and cost savings. let me give it to steve now to talk about the ai and cost savings Then if there's interest, we can talk about Tinder marketing and how it supports those product changes. then if there's interest we can talk about tinder marketing and how it supports those product changes Steve? steve

Speaker 13: Yeah, sure. Here's the way I would think about it, Shweta. You know, we're making a big push around AI enablement. We're giving every employee in the company access to all the cutting-edge tools. We're giving them the training they need to succeed. We're setting expectations. We really wanna become an AI-native company. We think it's a huge opportunity. These tools cost a lot of money, as I'm sure you know. The way we're helping to pay for that is by slowing our hiring plans for the rest of the year. I'd think of that as a little bit of a cost neutral. Lower headcount cost, higher, you know, software expense. Down the road, over the long term, it could result in cost savings, but it's a bit of a neutral for us in 2026. Yeah, sure. yeah sure Here's the way I would think about it, Shweta. here's the way i would think about it shweta You know, we're making a big push around AI enablement. you know we're making a big push around ai enablement We're giving every employee in the company access to all the cutting-edge tools. we're giving every employee in the company access to all the cutting-edge tools We're giving them the training they need to succeed. we're giving them the training they need to succeed We're setting expectations. we're setting expectations We really wanna become an AI-native company. we really wanna become an ai-native company We think it's a huge opportunity. we think it's a huge opportunity These tools cost a lot of money, as I'm sure you know. these tools cost a lot of money as i'm sure you know The way we're helping to pay for that is by slowing our hiring plans for the rest of the year. the way we're helping to pay for that is by slowing our hiring plans for the rest of the year I'd think of that as a little bit of a cost neutral. i'd think of that as a little bit of a cost neutral Lower headcount cost, higher, you know, software expense. lower headcount cost higher you know software expense Down the road, over the long term, it could result in cost savings, but it's a bit of a neutral for us in 2026. down the road over the long term it could result in cost savings but it's a bit of a neutral for us in 2026 You know, hopefully it leads to not just cost savings over time, but increased productivity and, you know, ultimately revenue growth through higher, you know, throughput and output from employees. On the structural changes, you know, we talked about Match Group Asia, we talked about Archer. Just know that what we quoted in the prepared remarks are annualized savings, including SBC. I would think of that more as a 2027 savings. It's less so in 2026 just due to the timing and due to some of the one-time costs that come along with it, but it certainly does give us optionality in 2027 around margins. You know, hopefully it leads to not just cost savings over time, but increased productivity and, you know, ultimately revenue growth through higher, you know, throughput and output from employees. you know hopefully it leads to not just cost savings over time but increased productivity and you know ultimately revenue growth through higher you know throughput and output from employees On the structural changes, you know, we talked about Match Group Asia, we talked about Archer. on the structural changes you know we talked about match group asia we talked about archer Just know that what we quoted in the prepared remarks are annualized savings, including SBC. just know that what we quoted in the prepared remarks are annualized savings including sbc I would think of that more as a 2027 savings. i would think of that more as a 2027 savings It's less so in 2026 just due to the timing and due to some of the one-time costs that come along with it, but it certainly does give us optionality in 2027 around margins. it's less so in 2026 just due to the timing and due to some of the one-time costs that come along with it but it certainly does give us optionality in 2027 around margins

Speaker 12: Next question, please. Next question, please. next question please

Speaker 9: The next question comes from Cory Carpenter with J.P. Morgan. Please go ahead. The next question comes from Cory Carpenter with J.P. Morgan. the next question comes from cory carpenter with j.p. morgan Please go ahead. please go ahead

Speaker 3: Hey, guys. Thanks for the question. I have two. Steven, they might both be for you. Just on the Q2 guide, it implies flat revenue that you're expecting, and that's despite a $20 million headwind from Azar. My question is kind of where are you seeing offsets and which brands to make up for that? Any comments you can give on your expectations for Tinder in Q2 specifically. Steve, looking beyond Q2, any update you can provide us on how you're thinking about the full year outlook? Thank you. Hey, guys. hey guys Thanks for the question. thanks for the question I have two. i have two Steven , they might both be for you. steven they might both be for you Just on the Q2 guide, it implies flat revenue that you're expecting, and that's despite a $20 million headwind from Azar. just on the q2 guide it implies flat revenue that you're expecting and that's despite a $20 million headwind from azar My question is kind of where are you seeing offsets and which brands to make up for that? my question is kind of where are you seeing offsets and which brands to make up for that Any comments you can give on your expectations for Tinder in Q2 specifically. any comments you can give on your expectations for tinder in q2 specifically Steve , looking beyond Q2, any update you can provide us on how you're thinking about the full year outlook? steve looking beyond q2 any update you can provide us on how you're thinking about the full year outlook Thank you. thank you

Speaker 13: Yeah, sure. I can take that. Thanks, Cory. On Q2, the way to think about it is, yes, Azar is a $20 million headwind because of the changes we need to make there to get back in the App Store. That's being, you know, nearly fully offset by Tinder strength. That's really where it's coming from. Tinder performed quite well in Q1, and we expect that to continue in Q2. That's where the offset's coming from. If you think about the full year, we made no changes to the full year guide. Let me just give you sort of some puts and takes to think about. You know, we expect the Azar revenue pressure to continue for at least another few quarters, I would think about it for the rest of the year. Yeah, sure. yeah sure I can take that. i can take that Thanks, Cory. thanks cory On Q2, the way to think about it is, yes, Azar is a $20 million headwind because of the changes we need to make there to get back in the App Store. on q2 the way to think about it is yes azar is a $20 million headwind because of the changes we need to make there to get back in the app store That's being, you know, nearly fully offset by Tinder strength. that's being you know nearly fully offset by tinder strength That's really where it's coming from. that's really where it's coming from Tinder performed quite well in Q1, and we expect that to continue in Q2. tinder performed quite well in q1 and we expect that to continue in q2 That's where the offset's coming from. that's where the offset's coming from If you think about the full year, we made no changes to the full year guide. if you think about the full year we made no changes to the full year guide Let me just give you sort of some puts and takes to think about. let me just give you sort of some puts and takes to think about You know, we expect the Azar revenue pressure to continue for at least another few quarters, I would think about it for the rest of the year. you know we expect the azar revenue pressure to continue for at least another few quarters i would think about it for the rest of the year The team's hard at work. We've got a roadmap. We're trying to address, you know, the added friction to improve monetization, I think it'll take some time. At Tinder, you know, we'll have to see how things play out. One of the things I'm looking at pretty closely is we've got a $45 million user investment budget still slated for H2 of the year, spread out pretty evenly between Q3 and Q4. I'd expect us to end up at the lower half of the full year guidance range, given Azar weakness, if we end up using that $45 million user investment budget. The team's hard at work. the team's hard at work We've got a roadmap. we've got a roadmap We're trying to address, you know, the added friction to improve monetization, I think it'll take some time. we're trying to address you know the added friction to improve monetization i think it'll take some time At Tinder, you know, we'll have to see how things play out. at tinder you know we'll have to see how things play out One of the things I'm looking at pretty closely is we've got a $45 million user investment budget still slated for H2 of the year, spread out pretty evenly between Q3 and Q4. one of the things i'm looking at pretty closely is we've got a $45 million user investment budget still slated for h2 of the year spread out pretty evenly between q3 and q4 I'd expect us to end up at the lower half of the full year guidance range, given Azar weakness, if we end up using that $45 million user investment budget. i'd expect us to end up at the lower half of the full year guidance range given azar weakness if we end up using that $45 million user investment budget What we've seen the last couple quarters is that we haven't had to, but for now, we're assuming we will, and that's all baked and contemplated in the guide. You know, if we don't end up using it, that could offer some further offsets to Azar in Q3 and Q4. That's sort of the revenue story. On the EBITDA story, the Adjusted EBITDA story, I feel really good about the guide there. Same with free cash flow, even if revenue comes in a little softer because of Azar. That's because we mitigated a lot of the Adjusted EBITDA impact from the Azar changes through reducing marketing there and reallocating headcount at Azar towards other parts of the business, namely Tinder, and closed some open roles at Tinder in the U.S. What we've seen the last couple quarters is that we haven't had to, but for now, we're assuming we will, and that's all baked and contemplated in the guide. what we've seen the last couple quarters is that we haven't had to but for now we're assuming we will and that's all baked and contemplated in the guide You know, if we don't end up using it, that could offer some further offsets to Azar in Q3 and Q4. you know if we don't end up using it that could offer some further offsets to azar in q3 and q4 That's sort of the revenue story. that's sort of the revenue story On the EBITDA story, the Adjusted EBITDA story, I feel really good about the guide there. on the ebitda story the adjusted ebitda story i feel really good about the guide there Same with free cash flow, even if revenue comes in a little softer because of Azar. same with free cash flow even if revenue comes in a little softer because of azar That's because we mitigated a lot of the Adjusted EBITDA impact from the Azar changes through reducing marketing there and reallocating headcount at Azar towards other parts of the business, namely Tinder, and closed some open roles at Tinder in the U.S. that's because we mitigated a lot of the adjusted ebitda impact from the azar changes through reducing marketing there and reallocating headcount at azar towards other parts of the business namely tinder and closed some open roles at tinder in the u.s We've reduced costs across other parts of the portfolio too. Our alt payment initiative in particular is doing better than expected, that's helping. The changes we just talked about at Match Group Asia, as well as the shutting down of Archer is helping too. Again, they're more 2027 savings impacts, they also benefit 2026 as well. That's kind of the way I'm thinking about it. Tinder helping to offset Azar in Q2. We'll have to see how the user giveback budget goes for the rest of the year, feel really good about EBITDA and free cash flow because of some of the cost savings efforts we've made. We've reduced costs across other parts of the portfolio too. we've reduced costs across other parts of the portfolio too Our alt payment initiative in particular is doing better than expected, that's helping. our alt payment initiative in particular is doing better than expected that's helping The changes we just talked about at Match Group Asia, as well as the shutting down of Archer is helping too. the changes we just talked about at match group asia as well as the shutting down of archer is helping too Again, they're more 2027 savings impacts, they also benefit 2026 as well. again they're more 2027 savings impacts they also benefit 2026 as well That's kind of the way I'm thinking about it. that's kind of the way i'm thinking about it Tinder helping to offset Azar in Q2. tinder helping to offset azar in q2 We'll have to see how the user giveback budget goes for the rest of the year, feel really good about EBITDA and free cash flow because of some of the cost savings efforts we've made. we'll have to see how the user giveback budget goes for the rest of the year feel really good about ebitda and free cash flow because of some of the cost savings efforts we've made

Speaker 12: Operator, next question, please. Operator, next question, please. operator next question please

Speaker 9: Sure. The next question comes from Nathan Feather with Morgan Stanley. Please go ahead. Sure. sure The next question comes from Nathan Feather with Morgan Stanley. the next question comes from nathan feather with morgan stanley Please go ahead. please go ahead

Speaker 8: Hey, everyone. Thanks for the question, and really encouraging to see the progress you've been making here on Tinder. Just help me kind of chart the path over the remainder of the year, understanding there'll be some kind of puts and takes here. What's the hope for kind of that glide path for MAUs as we kind of continue in Q2 into the back half? You know, given a lot of these improvements that you talked about that are driving this MAU growth weren't necessarily just launched in Q1, but are kind of in the cumulative impact over 2025 up until Q1. How should we think about the kind of product release cadence and how that interplays with MAU? Hey, everyone. hey everyone Thanks for the question, and really encouraging to see the progress you've been making here on Tinder. thanks for the question and really encouraging to see the progress you've been making here on tinder Just help me kind of chart the path over the remainder of the year, understanding there'll be some kind of puts and takes here. just help me kind of chart the path over the remainder of the year understanding there'll be some kind of puts and takes here What's the hope for kind of that glide path for MAUs as we kind of continue in Q2 into the back half? what's the hope for kind of that glide path for maus as we kind of continue in q2 into the back half You know, given a lot of these improvements that you talked about that are driving this MAU growth weren't necessarily just launched in Q1, but are kind of in the cumulative impact over 2025 up until Q1. you know given a lot of these improvements that you talked about that are driving this mau growth weren't necessarily just launched in q1 but are kind of in the cumulative impact over 2025 up until q1 How should we think about the kind of product release cadence and how that interplays with MAU? how should we think about the kind of product release cadence and how that interplays with mau Have you kind of uncovered any maybe delayed impact as, you know, the tools get released and then users start to use them and that can eventually drive more MAUs? Have you kind of uncovered any maybe delayed impact as, you know, the tools get released and then users start to use them and that can eventually drive more MAUs? have you kind of uncovered any maybe delayed impact as you know the tools get released and then users start to use them and that can eventually drive more maus

Speaker 12: Thanks, Nathan. A couple things. You know, first of all, with respect to the product release cadence going forward, you know, we're not taking our foot off the gas. The March 12th event was a great catalyst. It generated a ton of urgency, and a lot of the innovations that we've announced or that we've shipped came from that urgency, but the team has not slowed down since then. For example, upcoming initiatives are things like, you know, Video Speed Date, which we announced at the Tinder Sparks event on March 12th, and we will be shipping in the next, I don't know, kind of a month or so. Thanks, Nathan. thanks nathan A couple things. a couple things You know, first of all, with respect to the product release cadence going forward, you know, we're not taking our foot off the gas. you know first of all with respect to the product release cadence going forward you know we're not taking our foot off the gas The March 12th event was a great catalyst. the march 12th event was a great catalyst It generated a ton of urgency, and a lot of the innovations that we've announced or that we've shipped came from that urgency, but the team has not slowed down since then. it generated a ton of urgency and a lot of the innovations that we've announced or that we've shipped came from that urgency but the team has not slowed down since then For example, upcoming initiatives are things like, you know, Video Speed Date, which we announced at the Tinder Sparks event on March 12th, and we will be shipping in the next, I don't know, kind of a month or so. for example upcoming initiatives are things like you know video speed date which we announced at the tinder sparks event on march 12th and we will be shipping in the next i don't know kind of a month or so In real life, events expanding to other cities, rolling out Tinder Connect with partners like Duolingo and Belly, and a number of other features that we haven't, you know, that we're not ready to share publicly. The work is definitely not done, and I'm excited about the roadmap for the balance of the year. In terms of, you know, how it will play out, on impact on Sparks and impact on MAU, obviously, that's hard to predict. You know, I think, you know, I think what we've been saying, we've been kind of setting ourselves up to get to flat MAU by the end of, I think we said end of 2027, and clearly I'm very proud and pleased that we're already in kind of the negative 6%-7% year-over-year range. In real life, events expanding to other cities, rolling out Tinder Connect with partners like Duolingo and Belly, and a number of other features that we haven't, you know, that we're not ready to share publicly. in real life events expanding to other cities rolling out tinder connect with partners like duolingo and belly and a number of other features that we haven't you know that we're not ready to share publicly The work is definitely not done, and I'm excited about the roadmap for the balance of the year. the work is definitely not done and i'm excited about the roadmap for the balance of the year In terms of, you know, how it will play out, on impact on Sparks and impact on MAU, obviously, that's hard to predict. in terms of you know how it will play out on impact on sparks and impact on mau obviously that's hard to predict You know, I think, you know, I think what we've been saying, we've been kind of setting ourselves up to get to flat MAU by the end of, I think we said end of 2027, and clearly I'm very proud and pleased that we're already in kind of the negative 6%-7% year-over-year range. you know i think you know i think what we've been saying we've been kind of setting ourselves up to get to flat mau by the end of i think we said end of 2027 and clearly i'm very proud and pleased that we're already in kind of the negative 6%-7% year-over-year range You know, you can argue that maybe it could accelerate the pace with which we improve MAU because product efficacy improves as you start to bring more people into the ecosystem because there are just more good people for you to match with. You could also argue that the rate of improvement could slow down because we started with the low-hanging fruit first when this new leadership team took over about six or nine months ago and started knocking things down. It's, you know, it's very hard for me to predict how what the path will be from the negative 7% MAU to flat and then MAU growth. Anything to add, Steve? Okay, next question, please, operator. You know, you can argue that maybe it could accelerate the pace with which we improve MAU because product efficacy improves as you start to bring more people into the ecosystem because there are just more good people for you to match with. you know you can argue that maybe it could accelerate the pace with which we improve mau because product efficacy improves as you start to bring more people into the ecosystem because there are just more good people for you to match with You could also argue that the rate of improvement could slow down because we started with the low-hanging fruit first when this new leadership team took over about six or nine months ago and started knocking things down. you could also argue that the rate of improvement could slow down because we started with the low-hanging fruit first when this new leadership team took over about six or nine months ago and started knocking things down It's, you know, it's very hard for me to predict how what the path will be from the negative 7% MAU to flat and then MAU growth. it's you know it's very hard for me to predict how what the path will be from the negative 7% mau to flat and then mau growth Anything to add, Steve? anything to add steve Okay, next question, please, operator. okay next question please operator

Speaker 9: The next question comes from Ross Sandler with Barclays. Please go ahead. The next question comes from Ross Sandler with Barclays. the next question comes from ross sandler with barclays Please go ahead. please go ahead

Speaker 10: Hey, guys. Hey, Spencer. The 1% growth in 30-day retention, that's pretty bullish. I know it's an early signal, but, like, could you guys just say, like, how long has it been since you've had growing 30-day user retention? It sounds like, you know, some of the safety and product changes you mentioned on a previous question are driving this trend, but just any other details, any color you can provide on, you know, what's turning that kind of key metric up would be helpful. Thank you. Hey, guys. hey guys Hey, Spencer. hey spencer The 1% growth in 30-day retention, that's pretty bullish. the 1% growth in 30-day retention that's pretty bullish I know it's an early signal, but, like, could you guys just say, like, how long has it been since you've had growing 30-day user retention? i know it's an early signal but like could you guys just say like how long has it been since you've had growing 30-day user retention It sounds like, you know, some of the safety and product changes you mentioned on a previous question are driving this trend, but just any other details, any color you can provide on, you know, what's turning that kind of key metric up would be helpful. it sounds like you know some of the safety and product changes you mentioned on a previous question are driving this trend but just any other details any color you can provide on you know what's turning that kind of key metric up would be helpful Thank you. thank you

Speaker 12: Thanks, Ross. It had been years since we had retention improvements up year-over-year. I don't know how many years, but at least several. You know, equally encouraging is that retention among U.S. Gen Z women is actually up 3% year-over-year, so that's even better than the overall number that I put in the script, and I think in the press release. You know, what's driving this is, as I said, it's better recommendations, it's Double Date, it's Music Mode, Astrology Mode, blocking and tackling, changing perception of Tinder, moving more towards the fun and safe way to meet new people, improving social sentiment on TikTok and Instagram, better marketing, which is now working more effectively because when we market these types of features, our marketing budgets go further. Thanks, Ross. thanks ross It had been years since we had retention improvements up year-over-year. it had been years since we had retention improvements up year-over-year I don't know how many years, but at least several. i don't know how many years but at least several You know, equally encouraging is that retention among U.S. you know equally encouraging is that retention among u.s Gen Z women is actually up 3% year-over-year, so that's even better than the overall number that I put in the script, and I think in the press release. gen z women is actually up 3% year-over-year so that's even better than the overall number that i put in the script and i think in the press release You know, what's driving this is, as I said, it's better recommendations, it's Double Date, it's Music Mode, Astrology Mode, blocking and tackling, changing perception of Tinder, moving more towards the fun and safe way to meet new people, improving social sentiment on TikTok and Instagram, better marketing, which is now working more effectively because when we market these types of features, our marketing budgets go further. you know what's driving this is as i said it's better recommendations it's double date it's music mode astrology mode blocking and tackling changing perception of tinder moving more towards the fun and safe way to meet new people improving social sentiment on tiktok and instagram better marketing which is now working more effectively because when we market these types of features our marketing budgets go further Prior campaigns were focused on kind of more amorphous brand reconsideration, "Hey, Tinder's great. Check out Tinder." We're able to actually market very specific features that have great resonance with our key user segments. The marketing is much more effective. Taken all together, this is what's improving retention. As I like to remind people, this is a network effects business. We are already seeing in certain countries in Asia and Latin America where MAU is flat or in some countries actually up year-over-year. We're seeing better user efficacy, better sparks, better spark coverage, better retention because more people just improves user results for everybody in the ecosystem. Prior campaigns were focused on kind of more amorphous brand reconsideration, "Hey, Tinder's great. prior campaigns were focused on kind of more amorphous brand reconsideration "hey tinder's great Check out Tinder." We're able to actually market very specific features that have great resonance with our key user segments. check out tinder." we're able to actually market very specific features that have great resonance with our key user segments The marketing is much more effective. the marketing is much more effective Taken all together, this is what's improving retention. taken all together this is what's improving retention As I like to remind people, this is a network effects business. as i like to remind people this is a network effects business We are already seeing in certain countries in Asia and Latin America where MAU is flat or in some countries actually up year-over-year. we are already seeing in certain countries in asia and latin america where mau is flat or in some countries actually up year-over-year We're seeing better user efficacy, better sparks, better spark coverage, better retention because more people just improves user results for everybody in the ecosystem. we're seeing better user efficacy better sparks better spark coverage better retention because more people just improves user results for everybody in the ecosystem It's really encouraging, and you're starting to see that in some of the retention data that we're sharing. Operator, next question, please. It's really encouraging, and you're starting to see that in some of the retention data that we're sharing. it's really encouraging and you're starting to see that in some of the retention data that we're sharing Operator, next question, please. operator next question please

Speaker 9: The next question comes from Eric Sheridan with Goldman Sachs. Please go ahead. The next question comes from Eric Sheridan with Goldman Sachs. the next question comes from eric sheridan with goldman sachs Please go ahead. please go ahead

Speaker 4: Thanks so much for taking the question. Spencer, wanted to ask about capital allocation priorities 'cause you've now made an outside investment in Sniffies. I believe you backed Justin's venture in parallel with Match when he left Hinge to go down that road. How are you thinking about the competition for capital between outside investments that can be made versus application of capital internally to build and scale some of the platform product initiatives you're trying to accomplish? Just wanna understand if there's been any evolution in the thought there. Thanks so much. Thanks so much for taking the question. thanks so much for taking the question Spencer, wanted to ask about capital allocation priorities 'cause you've now made an outside investment in Sniffies. spencer wanted to ask about capital allocation priorities 'cause you've now made an outside investment in sniffies I believe you backed Justin's venture in parallel with Match when he left Hinge to go down that road. i believe you backed justin's venture in parallel with match when he left hinge to go down that road How are you thinking about the competition for capital between outside investments that can be made versus application of capital internally to build and scale some of the platform product initiatives you're trying to accomplish? how are you thinking about the competition for capital between outside investments that can be made versus application of capital internally to build and scale some of the platform product initiatives you're trying to accomplish Just wanna understand if there's been any evolution in the thought there. just wanna understand if there's been any evolution in the thought there Thanks so much. thanks so much

Speaker 13: Why don't I take that first, and Spencer, feel free to jump in. The way you know, our approach has not changed. Our priority has always been first organic growth in the business. We're prioritizing investments in Tinder and Hinge to drive growth in those businesses, and we feel like we've got the capital needed to do that. Number two is returning capital to shareholders, as you know, through buybacks and the dividends. You know, we'll continue to be inquisitive. When we find opportunities to do M&A, we will do that. We've shown a good track record of it. These are pretty small investments, right? The Sniffies investment is a $100 million investment in what we think could be a big opportunity. You know, Overtone is a much smaller investment than that. Why don't I take that first, and Spencer, feel free to jump in. why don't i take that first and spencer feel free to jump in The way you know, our approach has not changed. the way you know our approach has not changed Our priority has always been first organic growth in the business. our priority has always been first organic growth in the business We're prioritizing investments in Tinder and Hinge to drive growth in those businesses, and we feel like we've got the capital needed to do that. we're prioritizing investments in tinder and hinge to drive growth in those businesses and we feel like we've got the capital needed to do that Number two is returning capital to shareholders, as you know, through buybacks and the dividends. number two is returning capital to shareholders as you know through buybacks and the dividends You know, we'll continue to be inquisitive. you know we'll continue to be inquisitive When we find opportunities to do M&A, we will do that. when we find opportunities to do m&a we will do that We've shown a good track record of it. we've shown a good track record of it These are pretty small investments, right? these are pretty small investments right The Sniffies investment is a $100 million investment in what we think could be a big opportunity. the sniffies investment is a $100 million investment in what we think could be a big opportunity You know, Overtone is a much smaller investment than that. you know overtone is a much smaller investment than that You know, this is something we can easily sort of handle while still remaining committed to returning, you know, vast majority of capital to shareholders through buybacks and dividends. I don't think that's new. I think, you know, $1.1 billion a year in free cash flow allows us the flexibility to do all those things. Anything you'd add? You know, this is something we can easily sort of handle while still remaining committed to returning, you know, vast majority of capital to shareholders through buybacks and dividends. you know this is something we can easily sort of handle while still remaining committed to returning you know vast majority of capital to shareholders through buybacks and dividends I don't think that's new. i don't think that's new I think, you know, $1.1 billion a year in free cash flow allows us the flexibility to do all those things. i think you know $1.1 billion a year in free cash flow allows us the flexibility to do all those things Anything you'd add? anything you'd add

Speaker 12: Yeah. Just in case I don't have the opportunity to address Sniffies later in the call, I wanna address it now. Steve's right. In the grand scheme of things, it's a relatively Well, you call it a small investment. I would say it's We're so profitable, and we have such a solid cash flow generation machine that we're quite easily able to fund it. It's not a small investment. It's a big investment, and it's a big swing in a huge TAM. Arguably, the non-heterosexual male segment is the most attractive, largest, and most highly engaged segment in the dating category. This is a big investment in the number two player that we think has the potential to become the number one player. Yeah. yeah Just in case I don't have the opportunity to address Sniffies later in the call, I wanna address it now. just in case i don't have the opportunity to address sniffies later in the call i wanna address it now Steve's right. steve's right In the grand scheme of things, it's a relatively Well, you call it a small investment. in the grand scheme of things it's a relatively well you call it a small investment I would say it's We're so profitable, and we have such a solid cash flow generation machine that we're quite easily able to fund it. i would say it's we're so profitable and we have such a solid cash flow generation machine that we're quite easily able to fund it It's not a small investment. it's not a small investment It's a big investment, and it's a big swing in a huge TAM. it's a big investment and it's a big swing in a huge tam Arguably, the non-heterosexual male segment is the most attractive, largest, and most highly engaged segment in the dating category. arguably the non-heterosexual male segment is the most attractive largest and most highly engaged segment in the dating category This is a big investment in the number two player that we think has the potential to become the number one player. this is a big investment in the number two player that we think has the potential to become the number one player This is a company that's not even in the App Store right now. Sniffies, despite all their success to date, has only been on the mobile web, and we expect to be able to help them create a safer work experience which gets into the App Store, which will be a huge unlock for Sniffies. I'm really excited about this investment. This combined, you know, we've only done two deals since I started. One was acquiring Her, and one was investing $100 million in Sniffies with the right to buy the rest of it. We're very focused on this, on these two segments, the Sapphic segment and the non-heterosexual male segment. This is a company that's not even in the App Store right now. this is a company that's not even in the app store right now Sniffies, despite all their success to date, has only been on the mobile web, and we expect to be able to help them create a safer work experience which gets into the App Store, which will be a huge unlock for Sniffies. sniffies despite all their success to date has only been on the mobile web and we expect to be able to help them create a safer work experience which gets into the app store which will be a huge unlock for sniffies I'm really excited about this investment. i'm really excited about this investment This combined, you know, we've only done two deals since I started. this combined you know we've only done two deals since i started One was acquiring Her, and one was investing $100 million in Sniffies with the right to buy the rest of it. one was acquiring her and one was investing $100 million in sniffies with the right to buy the rest of it We're very focused on this, on these two segments, the Sapphic segment and the non-heterosexual male segment. we're very focused on this on these two segments the sapphic segment and the non-heterosexual male segment We think these are huge TAMs, and I'm very excited to own the number one player in the Sapphic segment and own a significant portion of the number two player in the non-heterosexual male segment with an option to buy the rest. It's really encouraging and exciting. Operator, next question, please. We think these are huge TAMs, and I'm very excited to own the number one player in the Sapphic segment and own a significant portion of the number two player in the non-heterosexual male segment with an option to buy the rest. we think these are huge tams and i'm very excited to own the number one player in the sapphic segment and own a significant portion of the number two player in the non-heterosexual male segment with an option to buy the rest It's really encouraging and exciting. it's really encouraging and exciting Operator, next question, please. operator next question please

Speaker 9: The next question comes from Benjamin Black with Deutsche Bank. Please go ahead. The next question comes from Benjamin Black with Deutsche Bank. the next question comes from benjamin black with deutsche bank Please go ahead. please go ahead

Speaker 1: Great. Thank you for taking my questions. Spencer, you clearly have a lot of product initiatives on the way right now at Tinder. If you sort of step back and look ahead to the next 12 to 18 months, I'd be curious to hear, you know, which one is the most needle-moving in your perspective or is this maybe a sort of a situation where smaller product initiatives sort of build on top of each other and create compounding benefits? Then quickly, Steve, I'd be curious to hear, you know, what you're embedding in your guidance for the year-on-year trends, you know, for Tinder payers and maybe for RPP as well. Thank you. Great. great Thank you for taking my questions. thank you for taking my questions Spencer, you clearly have a lot of product initiatives on the way right now at Tinder. spencer you clearly have a lot of product initiatives on the way right now at tinder If you sort of step back and look ahead to the next 12 to 18 months, I'd be curious to hear, you know, which one is the most needle-moving in your perspective or is this maybe a sort of a situation where smaller product initiatives sort of build on top of each other and create compounding benefits? if you sort of step back and look ahead to the next 12 to 18 months i'd be curious to hear you know which one is the most needle-moving in your perspective or is this maybe a sort of a situation where smaller product initiatives sort of build on top of each other and create compounding benefits Then quickly, Steve, I'd be curious to hear, you know, what you're embedding in your guidance for the year-on-year trends, you know, for Tinder payers and maybe for RPP as well. then quickly steve i'd be curious to hear you know what you're embedding in your guidance for the year-on-year trends you know for tinder payers and maybe for rpp as well Thank you. thank you

Speaker 12: That's a hard one to choose amongst all these different product initiatives. As I said, the one that's driven the most improvement to date have been improvements in our recommendations algorithms. In terms of looking ahead, you know, I'll keep it a little bit vague for competitive reasons, but basically say it's like, it's kind of an expansion of Double Date and IRL. So kind of tapping into this lightweight, lower pressure ways to connect, which is what Gen Z wants. I'll give a little plug here. On June 11th, we're gonna have an investor and media-focused webinar. We're creating kind of a new investor relations product called a CEO Connection, where we're gonna, outside of earnings, do like a double-click on something that we think is of interest to all of you. That's a hard one to choose amongst all these different product initiatives. that's a hard one to choose amongst all these different product initiatives As I said, the one that's driven the most improvement to date have been improvements in our recommendations algorithms. as i said the one that's driven the most improvement to date have been improvements in our recommendations algorithms In terms of looking ahead, you know, I'll keep it a little bit vague for competitive reasons, but basically say it's like, it's kind of an expansion of Double Date and IRL. in terms of looking ahead you know i'll keep it a little bit vague for competitive reasons but basically say it's like it's kind of an expansion of double date and irl So kind of tapping into this lightweight, lower pressure ways to connect, which is what Gen Z wants. so kind of tapping into this lightweight lower pressure ways to connect which is what gen z wants I'll give a little plug here. i'll give a little plug here On June 11th, we're gonna have an investor and media-focused webinar. on june 11th we're gonna have an investor and media-focused webinar We're creating kind of a new investor relations product called a CEO Connection, where we're gonna, outside of earnings, do like a double-click on something that we think is of interest to all of you. we're creating kind of a new investor relations product called a ceo connection where we're gonna outside of earnings do like a double-click on something that we think is of interest to all of you The first one we're gonna do on June 11th is on this topic. It's decoding Gen Z dating. We're gonna have a number of our social scientists who study Gen Z and Gen Alpha share our insights and learnings of how these two generations wanna connect and how our roadmap informs it. Look for more information coming out of our IR team for that event on June 11th. You know, it'll be an hour webinar, and I think it'll be really insightful and interesting for folks. The first one we're gonna do on June 11th is on this topic. the first one we're gonna do on june 11th is on this topic It's decoding Gen Z dating. it's decoding gen z dating We're gonna have a number of our social scientists who study Gen Z and Gen Alpha share our insights and learnings of how these two generations wanna connect and how our roadmap informs it. we're gonna have a number of our social scientists who study gen z and gen alpha share our insights and learnings of how these two generations wanna connect and how our roadmap informs it Look for more information coming out of our IR team for that event on June 11th. look for more information coming out of our ir team for that event on june 11th You know, it'll be an hour webinar, and I think it'll be really insightful and interesting for folks. you know it'll be an hour webinar and i think it'll be really insightful and interesting for folks

Speaker 13: I'll take the payers question. Here's the way I would think about it. You know, first of all, Tinder payers in Q1 were down 5%, which you probably saw, which is a huge improvement from the down, you know, 8% in Q4 and, you know, 7% the couple quarters before that. A lot of progress there that we're really excited to see. You know, I would think of payers as being in a similar range, maybe some small improvement, but similarly down for the rest of the year as Q1, only because of the $45 million in user investments. For now, again, we're assuming we make those investments because we wanna give the product teams the optionality to do it. I'll take the payers question. i'll take the payers question Here's the way I would think about it. here's the way i would think about it You know, first of all, Tinder payers in Q1 were down 5%, which you probably saw, which is a huge improvement from the down, you know, 8% in Q4 and, you know, 7% the couple quarters before that. you know first of all tinder payers in q1 were down 5% which you probably saw which is a huge improvement from the down you know 8% in q4 and you know 7% the couple quarters before that A lot of progress there that we're really excited to see. a lot of progress there that we're really excited to see You know, I would think of payers as being in a similar range, maybe some small improvement, but similarly down for the rest of the year as Q1, only because of the $45 million in user investments. you know i would think of payers as being in a similar range maybe some small improvement but similarly down for the rest of the year as q1 only because of the $45 million in user investments For now, again, we're assuming we make those investments because we wanna give the product teams the optionality to do it. for now again we're assuming we make those investments because we wanna give the product teams the optionality to do it That's what's, you know, leading to similar payer trends over the rest of the year. I think if, you know, we gave you Tinder full-year revenue guidance last quarter, which hasn't changed. You know, you can kind of back into the payers assumption, but you know, I think what it tell you is payer growth would slow a little bit over the rest of the year, too. Again, a lot of that slowdown is related to the user investments, which we'll only do if we think it's the right long-term thing to do for the business. The next question. That's what's, you know, leading to similar payer trends over the rest of the year. that's what's you know leading to similar payer trends over the rest of the year I think if, you know, we gave you Tinder full-year revenue guidance last quarter, which hasn't changed. i think if you know we gave you tinder full-year revenue guidance last quarter which hasn't changed You know, you can kind of back into the payers assumption, but you know, I think what it tell you is payer growth would slow a little bit over the rest of the year, too. you know you can kind of back into the payers assumption but you know i think what it tell you is payer growth would slow a little bit over the rest of the year too Again, a lot of that slowdown is related to the user investments, which we'll only do if we think it's the right long-term thing to do for the business. again a lot of that slowdown is related to the user investments which we'll only do if we think it's the right long-term thing to do for the business The next question. the next question

Speaker 9: The next question comes from John Blackledge with TD Cowen. Please go ahead. The next question comes from John Blackledge with TD Cowen. the next question comes from john blackledge with td cowen Please go ahead. please go ahead

Speaker 7: Great. Thanks. Two questions. I thought another good signal was the new user registrations returning to growth. Don't know if you could add a little bit more color there and how things are trending with that metric thus far in Q2. The second question is around Face Check rollout. How is it going? Should we still expect it to be about a one-point headwind to revenue growth this year? Thank you. Great. great Thanks. thanks Two questions. two questions I thought another good signal was the new user registrations returning to growth. i thought another good signal was the new user registrations returning to growth Don't know if you could add a little bit more color there and how things are trending with that metric thus far in Q2 . don't know if you could add a little bit more color there and how things are trending with that metric thus far in q2 The second question is around Face Check rollout. the second question is around face check rollout How is it going? how is it going Should we still expect it to be about a one-point headwind to revenue growth this year? should we still expect it to be about a one-point headwind to revenue growth this year Thank you. thank you

Speaker 12: Face Check? Face Check? face check

Speaker 13: Let me start with Face Check. Face Check is rolled out in most markets now for Tinder. It's also now rolled out in all major markets at Hinge. It's showing great results at Hinge too, just like it has at Tinder in terms of reducing bad actors on the apps. In terms of revenue impact, it's pretty negligible at this point. It's about 1%. That hasn't changed for the total company. That's included in the guidance. That's about where it's trending now. Let me start with Face Check. let me start with face check Face Check is rolled out in most markets now for Tinder. face check is rolled out in most markets now for tinder It's also now rolled out in all major markets at Hinge. it's also now rolled out in all major markets at hinge It's showing great results at Hinge too, just like it has at Tinder in terms of reducing bad actors on the apps. it's showing great results at hinge too just like it has at tinder in terms of reducing bad actors on the apps In terms of revenue impact, it's pretty negligible at this point. in terms of revenue impact it's pretty negligible at this point It's about 1%. it's about 1% That hasn't changed for the total company. that hasn't changed for the total company That's included in the guidance. that's included in the guidance That's about where it's trending now. that's about where it's trending now

Speaker 12: John, I don't have new regs from April at my fingertips, but it is a really encouraging statistic. I think the re-registration improvement speaks to overall improving social sentiment and our ability to drive reconsideration. I think a lot of that speaks to the product, but much of that speaks to marketing, frankly, because a new reg is basically somebody that hasn't used Tinder before or maybe perhaps they did have a Tinder account many years ago, but they've deleted the app. It really speaks to general social sentiment, improving word of mouth. Some of that's due to product, but a lot of it's due to marketing that is really resonating. We're encouraged by it. Operator, next question, please. John, I don't have new regs from April at my fingertips, but it is a really encouraging statistic. john i don't have new regs from april at my fingertips but it is a really encouraging statistic I think the re-registration improvement speaks to overall improving social sentiment and our ability to drive reconsideration. i think the re-registration improvement speaks to overall improving social sentiment and our ability to drive reconsideration I think a lot of that speaks to the product, but much of that speaks to marketing, frankly, because a new reg is basically somebody that hasn't used Tinder before or maybe perhaps they did have a Tinder account many years ago, but they've deleted the app. i think a lot of that speaks to the product but much of that speaks to marketing frankly because a new reg is basically somebody that hasn't used tinder before or maybe perhaps they did have a tinder account many years ago but they've deleted the app It really speaks to general social sentiment, improving word of mouth. it really speaks to general social sentiment improving word of mouth Some of that's due to product, but a lot of it's due to marketing that is really resonating. some of that's due to product but a lot of it's due to marketing that is really resonating We're encouraged by it. we're encouraged by it Operator, next question, please. operator next question please

Speaker 9: The next question comes from Jason Helfstein with Oppenheimer. Please go ahead. The next question comes from Jason Helfstein with Oppenheimer. the next question comes from jason helfstein with oppenheimer Please go ahead. please go ahead

Speaker 6: Thanks. One on Hinge and then a quick one on Tinder. Hinge RPP is accelerating. Is that reflecting a mix within plans and user choice? Are there some headline price increases? Obviously, Hinge payers did decelerate. Is there any connection between price and volume there? Just a second quick one. Spencer, how do you know that, like, the new product innovations have staying power, like Astrology Mode, Music Mode, Double Date? They're definitely cool, but, like, how do we know this is not like when a new AI image generator or a casual game launches, gets virality, and then kind of fades after a few months? Thanks. Thanks. thanks One on Hinge and then a quick one on Tinder. one on hinge and then a quick one on tinder Hinge RPP is accelerating. hinge rpp is accelerating Is that reflecting a mix within plans and user choice? is that reflecting a mix within plans and user choice Are there some headline price increases? are there some headline price increases Obviously, Hinge payers did decelerate. obviously hinge payers did decelerate Is there any connection between price and volume there? is there any connection between price and volume there Just a second quick one. just a second quick one Spencer, how do you know that, like, the new product innovations have staying power, like Astrology Mode, Music Mode, Double Date? spencer how do you know that like the new product innovations have staying power like astrology mode music mode double date They're definitely cool, but, like, how do we know this is not like when a new AI image generator or a casual game launches, gets virality, and then kind of fades after a few months? they're definitely cool but like how do we know this is not like when a new ai image generator or a casual game launches gets virality and then kind of fades after a few months Thanks. thanks

Speaker 13: Why don't I take the first part of that? I mean, what we've done at Hinge is optimized pricing geographically over the last few quarters. Some of that means a price up, some of that means a price down. That's what's moving the payers and RPP numbers around a little bit. It's not really package mix shifts per se. With that said, it, you know, our payer growth is still very strong in Q1. I think it's 15%, and I expect that to be the case for the rest of the year. I still feel that the bulk of the revenue growth in 2026 will come from payer growth, not RPP growth. Why don't I take the first part of that? why don't i take the first part of that I mean, what we've done at Hinge is optimized pricing geographically over the last few quarters. i mean what we've done at hinge is optimized pricing geographically over the last few quarters Some of that means a price up, some of that means a price down. some of that means a price up some of that means a price down That's what's moving the payers and RPP numbers around a little bit. that's what's moving the payers and rpp numbers around a little bit It's not really package mix shifts per se. it's not really package mix shifts per se With that said, it, you know, our payer growth is still very strong in Q1. with that said it you know our payer growth is still very strong in q1 I think it's 15%, and I expect that to be the case for the rest of the year. i think it's 15% and i expect that to be the case for the rest of the year I still feel that the bulk of the revenue growth in 2026 will come from payer growth, not RPP growth. i still feel that the bulk of the revenue growth in 2026 will come from payer growth not rpp growth

Speaker 12: Yeah. Look, on Hinge, overall, Hinge continues to crank. The revenue was up 28 year-over-year in the quarter, which is pretty amazing. Brazil and Mexico launches both went very well. Hinge became a top two or three dating app basically right out of the gate. Based on the success of Brazil and Mexico, we accelerated the launch of more international markets. We quietly launched 10 more markets earlier this week. I think it was Chile, Argentina, Uruguay, Peru in LatAm, and then a couple of significant European markets like Poland, Hungary, Croatia, Iceland, Luxembourg, Czech Republic. Yeah, we continue to march across the world with Hinge, which has terrific product market fit. Yeah. yeah Look, on Hinge, overall, Hinge continues to crank. look on hinge overall hinge continues to crank The revenue was up 28 year-over-year in the quarter, which is pretty amazing. the revenue was up 28 year-over-year in the quarter which is pretty amazing Brazil and Mexico launches both went very well. brazil and mexico launches both went very well Hinge became a top two or three dating app basically right out of the gate. hinge became a top two or three dating app basically right out of the gate Based on the success of Brazil and Mexico, we accelerated the launch of more international markets. based on the success of brazil and mexico we accelerated the launch of more international markets We quietly launched 10 more markets earlier this week. we quietly launched 10 more markets earlier this week I think it was Chile, Argentina, Uruguay, Peru in LatAm, and then a couple of significant European markets like Poland, Hungary, Croatia, Iceland, Luxembourg, Czech Republic. i think it was chile argentina uruguay peru in latam and then a couple of significant european markets like poland hungary croatia iceland luxembourg czech republic Yeah, we continue to march across the world with Hinge, which has terrific product market fit. yeah we continue to march across the world with hinge which has terrific product market fit You know, there's obviously huge potential for MAU growth in these new markets, but also monetization potential on the path to a billion of revenue in 2027. Obviously, Hinge's MAU in English-speaking markets has flattened as we'd expect because those are more mature markets. Revenue growth, even in those core English-speaking markets, was up 17% year-over-year in the quarter. Hinge is very consistently the number one downloaded app in English-speaking markets, or number one or number two. I guess the last thing I'd add is, as I think I mentioned in the prepared remarks, the rate of product innovation at Hinge continues to impress. You know, there's obviously huge potential for MAU growth in these new markets, but also monetization potential on the path to a billion of revenue in 2027. you know there's obviously huge potential for mau growth in these new markets but also monetization potential on the path to a billion of revenue in 2027 Obviously, Hinge's MAU in English-speaking markets has flattened as we'd expect because those are more mature markets. obviously hinge's mau in english-speaking markets has flattened as we'd expect because those are more mature markets Revenue growth, even in those core English-speaking markets, was up 17% year-over-year in the quarter. revenue growth even in those core english-speaking markets was up 17% year-over-year in the quarter Hinge is very consistently the number one downloaded app in English-speaking markets, or number one or number two. hinge is very consistently the number one downloaded app in english-speaking markets or number one or number two I guess the last thing I'd add is, as I think I mentioned in the prepared remarks, the rate of product innovation at Hinge continues to impress. i guess the last thing i'd add is as i think i mentioned in the prepared remarks the rate of product innovation at hinge continues to impress This quarter we've got three great innovations: Date Ideas, which lets people indicate what types of dates they wanna go on; Friends Take, which brings friends into the dating experience; and then Signals, which lets people show if they're high intent. Those are all great features which directly speak to Gen Z and millennial needs in the category. Again, we're gonna be talking more about that at the June 11th event. All of this is to say I'm very confident in Hinge's trajectory and its growth. I think, Jason, your other question was about kind of staying power of these new features. This quarter we've got three great innovations: Date Ideas, which lets people indicate what types of dates they wanna go on; Friends Take, which brings friends into the dating experience; and then Signals, which lets people show if they're high intent. this quarter we've got three great innovations date ideas which lets people indicate what types of dates they wanna go on friends take which brings friends into the dating experience and then signals which lets people show if they're high intent Those are all great features which directly speak to Gen Z and millennial needs in the category. those are all great features which directly speak to gen z and millennial needs in the category Again, we're gonna be talking more about that at the June 11th event. again we're gonna be talking more about that at the june 11th event All of this is to say I'm very confident in Hinge's trajectory and its growth. all of this is to say i'm very confident in hinge's trajectory and its growth I think, Jason, your other question was about kind of staying power of these new features. i think jason your other question was about kind of staying power of these new features You know, the way I would answer this is that, first of all, as I've said, a lot of the improvements in our data have come from recommendation algorithm improvements, those are not specifically shiny new features. Those are just giving people, you know, showing people the people that would be a better match with them. With respect to the shiny new features and might they, you know, might their appeal fade over time, Double Date, I think, is a good indicator where its usage just continues to grow every month, every quarter as more people become aware of the feature. The same thing is happening with Music and Astrology. Right out of the gate, for example, with Music Mode, when nobody had Music Mode, there were not many people to see in Music Mode. You know, the way I would answer this is that, first of all, as I've said, a lot of the improvements in our data have come from recommendation algorithm improvements, those are not specifically shiny new features. you know the way i would answer this is that first of all as i've said a lot of the improvements in our data have come from recommendation algorithm improvements those are not specifically shiny new features Those are just giving people, you know, showing people the people that would be a better match with them. those are just giving people you know showing people the people that would be a better match with them With respect to the shiny new features and might they, you know, might their appeal fade over time, Double Date, I think, is a good indicator where its usage just continues to grow every month, every quarter as more people become aware of the feature. with respect to the shiny new features and might they you know might their appeal fade over time double date i think is a good indicator where its usage just continues to grow every month every quarter as more people become aware of the feature The same thing is happening with Music and Astrology. the same thing is happening with music and astrology Right out of the gate, for example, with Music Mode, when nobody had Music Mode, there were not many people to see in Music Mode. right out of the gate for example with music mode when nobody had music mode there were not many people to see in music mode Now that you start to see more users with their music connected to their Tinder profile, it becomes more immersive. You're more motivated to upload or to kind of connect your Spotify to your Tinder to bring in your music, awareness grows as the network effect kind of fills out. In that sense, it's quite different than other feature launches of mobile games, for example. Next question, operator. Now that you start to see more users with their music connected to their Tinder profile, it becomes more immersive. now that you start to see more users with their music connected to their tinder profile it becomes more immersive You're more motivated to upload or to kind of connect your Spotify to your Tinder to bring in your music, awareness grows as the network effect kind of fills out. you're more motivated to upload or to kind of connect your spotify to your tinder to bring in your music awareness grows as the network effect kind of fills out In that sense, it's quite different than other feature launches of mobile games, for example. in that sense it's quite different than other feature launches of mobile games for example Next question, operator. next question operator

Speaker 9: The next question comes from Youssef Squali with Truist. Please go ahead. The next question comes from Youssef Squali with Truist. the next question comes from youssef squali with truist Please go ahead. please go ahead

Speaker 15: Awesome. Thank you so much. Spencer, maybe a couple questions for you. Can you maybe talk a little bit about the health of the overall online dating market, both from a competitive standpoint with some of the new modalities that we're seeing offline, like run clubs and book clubs and all kinds of other clubs, but just how is that impacting the online environment, the online dating environment, if it is? Then, on Sniffies, what makes that model so successful and so superior to Archer's that you decided to invest $100 million and fold Archer into it? Awesome. awesome Thank you so much. thank you so much Spencer, maybe a couple questions for you. spencer maybe a couple questions for you Can you maybe talk a little bit about the health of the overall online dating market, both from a competitive standpoint with some of the new modalities that we're seeing offline, like run clubs and book clubs and all kinds of other clubs, but just how is that impacting the online environment, the online dating environment, if it is? can you maybe talk a little bit about the health of the overall online dating market both from a competitive standpoint with some of the new modalities that we're seeing offline like run clubs and book clubs and all kinds of other clubs but just how is that impacting the online environment the online dating environment if it is Then, on Sniffies, what makes that model so successful and so superior to Archer's that you decided to invest $100 million and fold Archer into it? then on sniffies what makes that model so successful and so superior to archer's that you decided to invest $100 million and fold archer into it

Speaker 12: On the overall macro market, Gen Z desperately wants to connect. They know they want to meet new people. They just want to do it in a low pressure, low stakes way that doesn't feel like a job interview. You know, traditional dating apps are very highly structured and can be intimidating to a user under 30. I think the growth of these alternative ways to meet new people speaks to how Gen Z is trying to find lower pressure ways to connect. We've obviously adapted our roadmap to this reality, Double Date was our first foray into this. The In Real Life events product in Los Angeles was our next big foray into this. On the overall macro market, Gen Z desperately wants to connect. on the overall macro market gen z desperately wants to connect They know they want to meet new people. they know they want to meet new people They just want to do it in a low pressure, low stakes way that doesn't feel like a job interview. they just want to do it in a low pressure low stakes way that doesn't feel like a job interview You know, traditional dating apps are very highly structured and can be intimidating to a user under 30. you know traditional dating apps are very highly structured and can be intimidating to a user under 30 I think the growth of these alternative ways to meet new people speaks to how Gen Z is trying to find lower pressure ways to connect. i think the growth of these alternative ways to meet new people speaks to how gen z is trying to find lower pressure ways to connect We've obviously adapted our roadmap to this reality, Double Date was our first foray into this. we've obviously adapted our roadmap to this reality double date was our first foray into this The In Real Life events product in Los Angeles was our next big foray into this. the in real life events product in los angeles was our next big foray into this We're basically at Tinder and Match Group more broadly, we are embracing this trend of meeting people IRL at different, you know, in different modalities rather than hiding from it. Again, the June 11th event will give us an opportunity to bring a lot more data and learnings from our team of experts into this conversation. You know, in terms of the Sniffies investment, Sniffies is very, very different than Archer. You know, Sniffies is a, basically the experience of Sniffies is for in a map-based experience for more of an instant connection. People that are looking to meet people, you know, right away, this evening, or who are nearby, whereas Archer was much more of a serious high intent kind of find a, you know, helping a man find a husband type experience. We're basically at Tinder and Match Group more broadly, we are embracing this trend of meeting people IRL at different, you know, in different modalities rather than hiding from it. we're basically at tinder and match group more broadly we are embracing this trend of meeting people irl at different you know in different modalities rather than hiding from it Again, the June 11th event will give us an opportunity to bring a lot more data and learnings from our team of experts into this conversation. again the june 11th event will give us an opportunity to bring a lot more data and learnings from our team of experts into this conversation You know, in terms of the Sniffies investment, Sniffies is very, very different than Archer. you know in terms of the sniffies investment sniffies is very very different than archer You know, Sniffies is a, basically the experience of Sniffies is for in a map-based experience for more of an instant connection. you know sniffies is a basically the experience of sniffies is for in a map-based experience for more of an instant connection People that are looking to meet people, you know, right away, this evening, or who are nearby, whereas Archer was much more of a serious high intent kind of find a, you know, helping a man find a husband type experience. people that are looking to meet people you know right away this evening or who are nearby whereas archer was much more of a serious high intent kind of find a you know helping a man find a husband type experience Sniffies has incredible product market fit with 3 million monthly active users. Again, only on web, not even on the app. Just really resonates with this community in a way that Archer did not. Because Sniffies has such huge audience, the network effects are self-reinforcing. People use Sniffies 'cause people use Sniffies and people weren't using Archer 'cause people weren't using Archer. It's a very different product and has a, you know, wildly different level of product market fit. That's why we've decided to place this bet on the non-heterosexual male market on the Sniffies team and Sniffies experience. We basically moved our Archer team, who was mostly New York-based, either into Hinge or Tinder or E&E. Sniffies has incredible product market fit with 3 million monthly active users. sniffies has incredible product market fit with 3 million monthly active users Again, only on web, not even on the app. again only on web not even on the app Just really resonates with this community in a way that Archer did not. just really resonates with this community in a way that archer did not Because Sniffies has such huge audience, the network effects are self-reinforcing. because sniffies has such huge audience the network effects are self-reinforcing People use Sniffies 'cause people use Sniffies and people weren't using Archer 'cause people weren't using Archer. people use sniffies 'cause people use sniffies and people weren't using archer 'cause people weren't using archer It's a very different product and has a, you know, wildly different level of product market fit. it's a very different product and has a you know wildly different level of product market fit That's why we've decided to place this bet on the non-heterosexual male market on the Sniffies team and Sniffies experience. that's why we've decided to place this bet on the non-heterosexual male market on the sniffies team and sniffies experience We basically moved our Archer team, who was mostly New York-based, either into Hinge or Tinder or E&E. we basically moved our archer team who was mostly new york-based either into hinge or tinder or e&e That was a very talented team that had built a beautiful product that hadn't yet found product market fit. With the Sniffies investment, that team is now has found other roles at Match Group. I think next question, one more or two more questions? Okay, operator, go ahead, please. That was a very talented team that had built a beautiful product that hadn't yet found product market fit. that was a very talented team that had built a beautiful product that hadn't yet found product market fit With the Sniffies investment, that team is now has found other roles at Match Group. with the sniffies investment that team is now has found other roles at match group I think next question, one more or two more questions? i think next question one more or two more questions Okay, operator, go ahead, please. okay operator go ahead please

Speaker 9: The next question comes from James Heaney with Jefferies. Please go ahead. The next question comes from James Heaney with Jefferies. the next question comes from james heaney with jefferies Please go ahead. please go ahead

Speaker 5: Yeah. Great. Thanks for the question. I just had one. You talked in the letter about your objective to get Tinder back to growth in 2027. When you say a growth business, do you mean revenue, payers, MAUs, just some other engagement metrics? Just trying to understand. Yeah. yeah Great. great Thanks for the question. thanks for the question I just had one. i just had one You talked in the letter about your objective to get Tinder back to growth in 2027. you talked in the letter about your objective to get tinder back to growth in 2027 When you say a growth business, do you mean revenue, payers, MAUs, just some other engagement metrics? when you say a growth business do you mean revenue payers maus just some other engagement metrics Just trying to understand. just trying to understand

Speaker 12: Sure. Sure. sure

Speaker 5: Kind of how you're thinking about growth in 2027? Kind of how you're thinking about growth in 2027? kind of how you're thinking about growth in 2027

Speaker 12: Yeah, I think, you know, correct me if I'm wrong, Steve, but I think what we've kind of the sort of line in the sand that we've committed to is, by end of 2027, year-over-year MAU growth and for full year 2027 revenue growth or by end of 2027? Yeah, I think, you know, correct me if I'm wrong, Steve, but I think what we've kind of the sort of line in the sand that we've committed to is, by end of 2027, year-over-year MAU growth and for full year 2027 revenue growth or by end of 2027? yeah i think you know correct me if i'm wrong steve but i think what we've kind of the sort of line in the sand that we've committed to is by end of 2027 year-over-year mau growth and for full year 2027 revenue growth or by end of 2027

Speaker 13: By the end. By the end. by the end By the end of 2027, revenue growth. You know, I guess that's Q4 2027, revenue year-over-year over Q3. Those are the stated goals and, you know, you know where we're at on our path to achieve them. Next question, please. By the end of 2027, revenue growth. by the end of 2027 revenue growth You know, I guess that's Q4 2027, revenue year-over-year over Q3. you know i guess that's q4 2027 revenue year-over-year over q3 Those are the stated goals and, you know, you know where we're at on our path to achieve them. those are the stated goals and you know you know where we're at on our path to achieve them Next question, please. next question please

Speaker 9: The last question comes from Brad Erickson with RBC. You may go ahead. The last question comes from Brad Erickson with RBC. the last question comes from brad erickson with rbc You may go ahead. you may go ahead

Speaker 2: Hey, guys. I guess just a lot's been asked here. You talked about kind of collaborating across brands, Spencer, earlier in the call with, I guess, Hinge has had so much success, I feel like with lots of new product innovation in the last few years. I wonder if there's anything you could add or bring over to Tinder that could be impactful there. Anything you've done to date where you're seeing similar results or kind of how you think about the collaborative opportunity there? Thanks. Hey, guys. hey guys I guess just a lot's been asked here. i guess just a lot's been asked here You talked about kind of collaborating across brands, Spencer, earlier in the call with, I guess, Hinge has had so much success, I feel like with lots of new product innovation in the last few years. you talked about kind of collaborating across brands spencer earlier in the call with i guess hinge has had so much success i feel like with lots of new product innovation in the last few years I wonder if there's anything you could add or bring over to Tinder that could be impactful there. i wonder if there's anything you could add or bring over to tinder that could be impactful there Anything you've done to date where you're seeing similar results or kind of how you think about the collaborative opportunity there? anything you've done to date where you're seeing similar results or kind of how you think about the collaborative opportunity there Thanks. thanks

Speaker 12: Yeah, it's a great one to end on. This is a huge focus of mine. I've definitely changed the culture internally away from being siloed to being much more deeply collaborative and communicative and in some cases, integrated organizationally. Probably the most notable example of this is something that internally we call Project Mercury, which cross-sells one app to another. A, you know, a BLK user, for example, might get a pop-up that says, "You've been invited to join Tinder," and they can create their Tinder profile with one tap or an OkCupid user might get a notification that they've been invited to join Hinge, and they can create a Hinge profile with one tap. That's driven a lot of incremental revenue and just a lot of goodness across the different apps. Yeah, it's a great one to end on. yeah it's a great one to end on This is a huge focus of mine. this is a huge focus of mine I've definitely changed the culture internally away from being siloed to being much more deeply collaborative and communicative and in some cases, integrated organizationally. i've definitely changed the culture internally away from being siloed to being much more deeply collaborative and communicative and in some cases integrated organizationally Probably the most notable example of this is something that internally we call Project Mercury, which cross-sells one app to another. probably the most notable example of this is something that internally we call project mercury which cross-sells one app to another A, you know, a BLK user, for example, might get a pop-up that says, "You've been invited to join Tinder," and they can create their Tinder profile with one tap or an OkCupid user might get a notification that they've been invited to join Hinge, and they can create a Hinge profile with one tap. a you know a blk user for example might get a pop-up that says "you've been invited to join tinder," and they can create their tinder profile with one tap or an okcupid user might get a notification that they've been invited to join hinge and they can create a hinge profile with one tap That's driven a lot of incremental revenue and just a lot of goodness across the different apps. that's driven a lot of incremental revenue and just a lot of goodness across the different apps There are many other initiatives of brewing that exact greater synergy between the brands. You know, Pairs, for example, in Japan, has been a leader in the in-real-life events space, so has Meetic in France, and Tinder is learning a ton from Pairs and Meetic and what they've built out in the event space. That's just another example. There are many dozens of examples around the company, and we're just getting started in terms of extracting the full benefit of the combined scale and synergies as we move away from being siloed, more towards deeply integrated. I think we'll wrap with that. Thanks everyone for joining. I'm incredibly proud of the team and the last couple of months of accomplishment. We are not out of the woods yet, but things are much improved and improving more every day. There are many other initiatives of brewing that exact greater synergy between the brands. there are many other initiatives of brewing that exact greater synergy between the brands You know, Pairs, for example, in Japan, has been a leader in the in-real-life events space, so has Meetic in France, and Tinder is learning a ton from Pairs and Meetic and what they've built out in the event space. you know pairs for example in japan has been a leader in the in-real-life events space so has meetic in france and tinder is learning a ton from pairs and meetic and what they've built out in the event space That's just another example. that's just another example There are many dozens of examples around the company, and we're just getting started in terms of extracting the full benefit of the combined scale and synergies as we move away from being siloed, more towards deeply integrated. there are many dozens of examples around the company and we're just getting started in terms of extracting the full benefit of the combined scale and synergies as we move away from being siloed more towards deeply integrated I think we'll wrap with that. i think we'll wrap with that Thanks everyone for joining. thanks everyone for joining I'm incredibly proud of the team and the last couple of months of accomplishment. i'm incredibly proud of the team and the last couple of months of accomplishment We are not out of the woods yet, but things are much improved and improving more every day. we are not out of the woods yet but things are much improved and improving more every day We'll talk to you again at the June 11th event, Decoding Gen Z Dating. Thanks everyone for your time today. Bye-bye. We'll talk to you again at the June 11th event, Decoding Gen Z Dating. we'll talk to you again at the june 11th event decoding gen z dating Thanks everyone for your time today. thanks everyone for your time today Bye-bye. bye-bye

Speaker 9: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. The conference is now concluded. the conference is now concluded Thank you for attending today's presentation. thank you for attending today's presentation You may now disconnect. you may now disconnect