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Tuesday, August 6, 2019

=Match Group (MTCH) reported earnings on Tue 6 Aug 2019 (a/h)

Match Group reports EPS in-line, beats on revs and Tinder subs; guides Q3 revs above consensus; raises FY19 EBITDA, revenue, Tinder sub forecast

  • Reports Q2 (Jun) earnings of $0.43 per share, in-line with the S&P Capital IQ Consensus of $0.43; revenues rose 18.2% year/year to $498 mln vs the $489.16 mln S&P Capital IQ Consensus. Adjusted EBTIDA increased 16% over the prior year quarter to $204 mln vs. $190-195 mln guidance. 
  • Tinder Average Subscribers were 5.2 million in Q2 2019, increasing 503,000 sequentially vs. > 384K guidance and 1.5 million year-over-year. Average Subscribers increased 18% to 9.1 mln.
  • Co issues upside guidance for Q3, sees Q3 revs of $535-545 mln vs. $520.57 mln S&P Capital IQ Consensus; EBITDA $200-205 mln vs. $201 mln ests. Expect >400k sequential Average Subscriber additions at Tinder in Q3.
  • Raises FY19 revenue, EBITDA and subscriber forecast:
    • High teens revenue growth (vs mid-teens previously) vs. +16.5% consensus; $770 -- 800 million of EBITDA (vs $740 -- 790 million previously) ? Includes a number of discretionary long-term oriented investments ? Also includes impact of rising legal and regulatory costs (for example new French digital services tax)
    • Back half of the year showing meaningful acceleration in revenue and EBITDA growth vs. first half
    • Expect ~1.6 million Average Subscriber additions at Tinder (vs >1 million previously) 
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