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  "documentTitle": "Match Group, Inc. (MTCH)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-07-15 00:00:00",
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      "text": "However, if performance fails to improve, we believe changes must be considered, which should include a thoughtful examination of whether Match’s best path forward would be as a private company.",
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      "text": "Adjusted EBITDA margins: 50%",
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      "text": "We believe BK's experience in the gaming industry should provide transferable insights... We expect the Company's focus on substantial progress at Tinder to materialize in the form of tangible data points... if performance fails to improve, we believe changes must be considered, which should include a thoughtful examination of whether Match's best path forward would be as a private company.",
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      "text": "We believe Match has an opportunity to improve revenue growth from its expected 2024 growth rate of approximately 6%. In recent quarters, Match's revenue growth has been hindered by user and payer declines at Tinder, Match's largest app.",
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      "kind": "paragraph",
      "text": "Driven by its innovative user interface and engaging user experience, Hinge should continue its rapid growth... As the Evergreen & Emerging segment comprises approximately 20% of Match's revenue, this inflection would be a materially positive development.",
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      "kind": "paragraph",
      "text": "We believe Match has an opportunity to meaningfully improve its profitability. Despite significant revenue growth over the last five years - from approximately $2 billion of revenue in 2019 to an expected $3.6 billion this year - the Company's adjusted operating margins have declined.",
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