Match Group, Inc.

Good day and welcome to Match Group fourth quarter 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Taney Shelburne, SVP of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Today's call will be led by CEO Bernard Kim and President and CFO Gary Swidler. They'll make a few brief remarks, and then we'll open it up for questions. Before we start, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate, or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports filed with the SEC. With that, I'd like to turn the call over to BK.

Thanks, Tani. Good morning, everyone, and thank you for joining today's call. As we look back on 2022 and our Q4 results, it's clear that the year was challenging and our performance fell short of our expectations. But this is an organization that is not okay with missing our goals. And while the business continues to exhibit strong fundamentals and financial discipline, we have taken decisive steps, including restructuring for increased accountability and collaboration and recruiting key talent to set us up for long-term growth and maximize profitability. As I've previously shared during my first few months on the job, I went on an intense listening tour across Match Group. I've spoken to leaders and employees from all layers across the organization, as well as users across our portfolio to identify opportunities and pain points. One thing that was very obvious is that this organization welcomes change and embraces the culture shift that is required to drive shareholder value while serving our mission to create real and meaningful connections every day. The changes we made at Tinder have allowed it to quickly regain footing and prioritize product momentum. The results are evident in Tinder's 2023 roadmap and improved execution. No other brand in the category has the virality, the reach, and the scale that Tinder has. While it might take a few quarters, I'm confident by shoring up the talent there and judiciously investing in the team and the brand that we're going to accelerate Tinder's momentum and get us back to the financial performance that we all expect. I remain the interim CEO of Tinder and key senior leaders continue to report directly to me. I'm encouraged by the progress that Tinder has made both culturally and in terms of execution. In fact, In the second half of the year, Tinder saw a significant increase in the number of product features it delivered compared to the first half of 2022. I'm also very excited for the new marketing campaign, which launches later in Q1. This will allow us to begin shifting and establishing Tinder's brand story. After Tinder, we looked at the rest of the organization. From every conversation I had with our brand leaders, it became evident that Match Group had historically operated in a very siloed way. I'm a big believer that by increasing transparency across the organization, you increase accountability, while at the same time adding a healthy dose of friendly competition to the company's culture. That's why we announced last week that we revamped our leadership structure to create a more streamlined organization. With a focus on setting up the right team for the future, we restructured the management team around leaders with extensive knowledge and experience, supplemented with new talent that brings a renewed focus on innovation and growth. Hinge remains a standout in our portfolio, guided by Justin McLeod's founder-led mentality and mission-focused vision for the brand. Hinge continued its highly successful international expansion efforts, becoming one of the top three most downloaded dating apps across English-speaking Doc and Nordic countries in December. It will also launch its new premium subscription tier, Hinge X, to all users by the end of February. I've been impressed with Hinge's ability to create a differentiated, powerful dating app that resonates with so many singles across generations. and now expand their monetization by offering two subscription tiers that give users more control over how they date. Hinge is still very early in its international expansion and monetization efforts, but I believe there is a lot of upside as we continue to invest in the brand. I'm excited about our opportunities within Asia and the strong focus we have now in the region. We needed a product-focused leader on the ground in the market who knows how to engage and inspire teams. So I promoted Malgosia Green from Plenty of Fish to a newly created role as CEO of Match Group Asia. Malgosia will be moving to Asia to work directly with PEARS and HyperConnect to recapture growth and enhance profitability, as well as drive the go-to-market strategies for Hinge and Tinder across the region. Finally, evergreen and emerging brands, which consist of Match, Meetic, Plenty of Fish, OkCupid, and our emerging brands like BLK, Chispa, and The League, will be managed together for the first time. Hassam Hosseini will be taking on a newly created role as CEO of evergreen and emerging brands. Formerly the CEO of Match and Affinity Brands, Hassam brings an unmatched level of experience to this combined global team. Combining our evergreen brands under a shared direction will enable us to streamline operations and reduce duplicative work. It will also allow us to leverage our institutional knowledge to drive growth with attractive margins across our emerging brands, where we see significant untapped potential. Lastly, We're excited to welcome Will Wu as our new CTO who will work directly with all our brands to build upon Match Group's history of transformative innovation by continuing to incubate, launch, and grow entirely new experiences for our users. Will and I have known each other for a long time, and he has had a highly influential impact on social media products as we know them today. He's been able to build some of the most engaging user experiences for millennials and Gen Z, and his passion and dedication will be a great fit for the culture at Match Group. I know the team here is going to welcome his expertise, creativity, work ethic, and humility. And finally, through all of this, I would be remiss if I didn't take a moment to thank Gary. He has been instrumental in not only my onboarding, but has helped lead with strength and clarity even amid a very challenging operating backdrop. As such, I'm pleased to appoint Gary as President and CFO of Match Group, a clear demonstration in the trust I have in him and the value we put in his ability to drive our shared vision forward. As we begin a new year, I'm energized and ready to take on this next chapter in Match Group's history. We are navigating the current macroeconomic challenges, and we have a strong team and clear vision to execute upon. I look forward to sharing more on our efforts in future calls. With that, I'll hand the call over to Gary.