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  "docSlug": "3bfd2f5a9163",
  "documentTitle": "Match Group, Inc. (MTCH)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "presentationDate": "2024-07-15 00:00:00",
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      "text": "Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below.",
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      "text": "Valuation multiples (Price/CY2024E FCF) for Match vs peer group",
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      "text": "Historical share price performance of MTCH vs S&P 500, Nasdaq, Russell 1000 Tech, and BMBL",
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      "text": "Price / CY2024E FCF: 8.3x",
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      "kind": "paragraph",
      "text": "Despite Match's enviable market position and attractive business characteristics, the Company's share price has significantly underperformed the market since its separation from its former parent, IAC, in July 2020.",
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      "kind": "paragraph",
      "text": "As a result of its substantial long-term share price underperformance, the Company trades at a significant discount to a broad set of scaled technology companies. Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. BMBL shown on right-hand axis... Figures reflect Capital IQ consensus estimates as of July 13, 2024.",
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      "kind": "title",
      "text": "Price / CY2024E FCF – Moderate Growth, High Recurring Revenue Technology Companies",
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      "kind": "title",
      "text": "Match Share Price Performance Since Separation from IAC",
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      "evidence": "Comparing MTCH performance and valuation against market indices and peer group",
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      "evidence": "The document uses peer comparison to make a point",
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      "objective": "Highlight the gap between Match's valuation and peers",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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