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  "documentTitle": "Match Group, Inc. (MTCH)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
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  "presentationDate": "2024-07-15 00:00:00",
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  "notes": "The slide uses a combination of bar and line charts to highlight the discrepancy between consolidated margins and incremental growth.",
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      "text": "Match's cumulative incremental adjusted EBITDA margin from 2019-2024E was only 33.5%!",
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      "text": "Adjusted EBITDA Margin: 33.5%",
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      "text": "Given the strength of its balance sheet, we believe Match can augment the value creation opportunity that results from executing on the above initiatives through a more aggressive and systematic capital return program.",
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      "kind": "paragraph",
      "text": "Furthermore, Match has opportunities to reduce expenses in multiple cost centers. We believe opportunities exist to rationalize costs in the Company's General & Administrative function... we believe these opportunities present a clear opportunity for Match to increase its adjusted operating margins to over 40%.",
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      "text": "As shown above, Match's cumulative incremental margins are below its consolidated margins. This does not make sense. For almost every company, especially internet companies, there should be significant operating leverage...",
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      "text": "Additionally, as growth slows, companies should moderate expense growth such that margins improve – but Match has done the opposite. We believe Match has a continued runway for solid, sustainable revenue growth...",
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      "text": "3 2024E reflects Capital IQ consensus estimates.",
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      "text": "Match Adjusted EBITDA Margin and Incremental Margin Over Time",
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