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  "documentTitle": "Match Group, Inc. (MTCH)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-07-15 00:00:00",
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  "notes": "The slide uses a combination of bar chart (margins) and line chart (YoY growth) to highlight the lack of operating leverage.",
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      "text": "Match's cumulative incremental adjusted EBITDA margin from 2019-2024E was only 33.5%!",
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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": "3 2024E reflects Capital IQ consensus estimates.",
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