Match Group, Inc. · NASDAQ:MTCH

Match — Merger or Acquisition (February 2020)

14 slides from Match's merger presentation, Feb 12, 2020

  1. Slide 1: Investor Presentation

    INVESTOR PRESENTATION February 12, 2020​

  2. Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements

    2 NON - GAAP FINANCIAL MEASURES This presentation contains references to certain non - GAAP measures. These measures should be considered in conjunction with, bu t not as a substitute for, financial information presented in accordance with GAAP. The reconciliations between GAAP measures and non - GA

  3. Slide 3: IAC Builds Companies

    3 We are guided by curiosity, a questioning of​ the status quo, and a desire to invent or​ acquire new products and brands. From the​ single seed that started as IAC over two​ decades ago have emerged ten public​ companies and a generation of exceptional​ leaders. We will always evolve, but our​ bas

  4. Slide 4: IAC history of spins and acquisitions since Silver King in 1995

    Spin IPO 4 Started as Silver King in 1995 With a ~$250mm Market Cap Barry Diller named Chairman and CEO of Silver King IPO HomeAdvisor combination with Angie’s List Spin Quad Spin Acquisition Acquisitions Joint Venture Acquisition Acquisition Acquisitions Acquisition Acquisition Acquisition Acquisit

  5. Slide 5: Now Public Companies: Over $60bn in Value

    5 Now 10 Public Companies: Over $60bn in Value ​ (1) In 2011, Expedia spun - off TripAdvisor; In 2016, Trivago (majority held by Expedia) filed for an IPO (2) In 2010, Ticketmaster merged with LiveNation , with TKTM shareholders receiving ~50% of the new entity (3) In 2017, Liberty Interactive purch

  6. Slide 6: IAC: A History of Rebuilding

    6 IAC: A History of Rebuilding ​ $18mm $1.1bn $0.5bn $0.8bn $0.1bn $1.0bn $0.2bn Adjusted EBITDA (1) IAC Launched ​ 1995 Pre - Spin ​ 2004 Post - Spin ​ 2004 ​ Pre - Spin ​ 2007 ​ Post - Spin 2007 Pre - Separation ​ 2019 Post - Separation ​ 2019 Barry Diller named Chairman and CEO of Silver King 200

  7. Slide 7: Strategic Use of Balance Sheet

    Strategic Use of Balance Sheet $1.6bn Cash After 2008 Spins □ IPOs □ Cash Flow □ Assets as M&A Currency □ Prudent Leverage □ Asset Sales $2.4bn Cash Pro Forma for Match Group Separation (1) $4.2bn on M&A $3.6bn on Share Repurchases $0.4bn on Dividends 7 and we spent and and (1) Assumes Match Group p

  8. Slide 8: MTCH Separation in 2020: What Does an IAC Shareholder Get?

    8 MTCH Separation in 2020: What Does an IAC Shareholder Get? ​ Note: Illustrative based on market values as of February 4, 2020; Actual values to be determined at closing. Assumes Match Gr oup public shareholders all elect to receive $3 per share consideration in cash and excludes potential sale of

  9. Slide 9: MTCH Separation in 2020: Benefits of the Transaction

    9 MTCH Separation in 2020: Benefits of the Transaction ​ ➤ Gives IAC shareholders direct ownership in Match Group ​ ➤ Capitalizes IAC for the next stage of growth ​ ➤ Enhanced management focus on the remaining businesses ​ ➤ Highlights currently undervalued assets ​ ➤ Eliminates dual class structure

  10. Slide 10: Match Group: In an Elite Category

    10 Match Group: In an Elite Category ​ Revenue and Adj. EBITDA ​ >20% y/y growth in Q4’19 ​ $600mm+ ​ 2019 FCF ​ Compared to the S&P 500… ​ 493 Companies with revenue $1bn+ 47 Companies with revenue growth 15%+ 17 Companies with Adjusted EBITDA margins 35%+ 3 Companies with cash conversion ~95%+ (1)

  11. Slide 11: Barely Penetrated in Our Growth Markets and Planting Seeds

    11 Barely Penetrated in Our 6 Growth Markets and Planting Seeds ​ $400bn U.S. TAM ​ Global leader in the home service marketplace $20bn TAM ​ Video tools to power businesses and creators $28bn U.S. TAM ​ One of the largest publishers online, growing rapidly $9bn TAM ​ Portfolio of mobile utility app

  12. Slide 12: Appendix

    12 Appendix

  13. Slide 13: GAAP to Non-GAAP Reconciliation

    13 GAAP to Non - GAAP Reconciliation ​ (In mm's) ​ 1995 IAC 2004 IAC Pre - Spin (1) 2004 Expedia 2004 IAC Post - Spin 2007 IAC Pre - Spin (1) 2007 Ticketmaster 2007 HSN 2007 ILG 2007 Lending Tree 2007 IAC Post - Spin 2019 IAC Pre - Separation 2019 Match Group 2019 IAC Post - Separation (1) Operating

  14. Slide 14: GAAP to Non-GAAP Reconciliation

    14 GAAP to Non - GAAP Reconciliation ​ (In mm's) ​ Match Group 2017 2018 2019 Q4'18 Q4'19 Operating Income (GAAP) $360.5 $553.3 $648.5 $151.0 $180.2 Stock - based compensation 69.1 66.0 89.7 16.2 18.9 Depreciation 32.6 33.0 32.5 7.9 8.3 Amortization of intangibles 1.5 1.3 8.7 0.4 7.3 Acquisition - r

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