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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 dual-axis line chart for performance and a bar chart for valuation multiples to argue that Match is undervalued.",
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      "kind": "chart",
      "text": "Bar chart showing Price/CY2024E FCF multiples for various tech companies with MTCH highlighted",
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      "text": "Performance line chart comparing MTCH, S&P 500, Nasdaq, Russell 1000 Tech, and BMBL",
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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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      "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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