Bumble Inc (BMBL) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Bumble Inc. Fourth Quarter 2021 Financial Results Conference Call. (Operator Instructions) This call is being recorded on Wednesday, February 22, 2023.

女士們先生們，下午好，歡迎來到 Bumble Inc. 2021 年第四季度財務業績電話會議。 （操作員說明）此通話記錄於 2023 年 2 月 22 日，星期三。

I would now like to turn the conference over to Cherryl Valenzuela, VP of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Cherryl Valenzuela。請繼續。

Thank you for joining us to discuss Bumble Fourth Quarter and Full Year 2022 Financial Results. With me today are Whitney Wolfe Herd, Founder and CEO; Tariq Shaukat, President; and Anu Subramanian, CFO of Bumble.

感謝您加入我們討論 Bumble 第四季度和 2022 年全年財務業績。今天和我在一起的是創始人兼首席執行官 Whitney Wolfe Herd； Tariq Shaukat，總裁；和 Bumble 的首席財務官 Anu Subramanian。

Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us.

在我們開始之前，我想提醒大家，今天在電話會議上發表的某些聲明是前瞻性聲明。這些前瞻性陳述受各種風險和不確定性的影響，反映了我們基於我們目前可獲得的信念、假設和信息的當前預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of factors and risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our earnings press release and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2021, and our subsequent periodic filings.

儘管我們認為這些預期是合理的，但我們沒有義務修改任何聲明以反映此次電話會議後發生的變化。在我們的收益新聞稿和提交給美國證券交易委員會的文件中更詳細地討論了可能導致實際結果與這些前瞻性陳述存在重大差異的因素和風險的描述，包括我們截至 12 月 31 日的 10-K 表格年度報告, 2021, 以及我們隨後的定期文件。

During the call, we also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Reconciliations to the most comparable GAAP measures are available in today's earnings press release which is available on the Investor Relations section of our website at ir.bumble.com.

在電話會議期間，我們還提到了某些非 GAAP 財務指標。這些非 GAAP 措施應作為我們 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。與最具可比性的 GAAP 措施的對賬可在今天的收益新聞稿中找到，該新聞稿可在我們網站 ir.bumble.com 的投資者關係部分獲取。

And with that, I'll turn it over to Whitney.

有了這個，我會把它交給惠特尼。

Thank you, Cherryl, and thank you all for joining us today. Q4 was a strong finish to the year with total revenue of $242 million and adjusted EBITDA of $60 million, both exceeding our outlook.

謝謝 Cherryl，感謝大家今天加入我們。第 4 季度以 2.42 億美元的總收入和 6000 萬美元的調整後 EBITDA 結束了這一年，均超出了我們的預期。

In 2022, we continued to execute against our strategic priorities, advanced our mission and delivered strong revenue growth and profitability for our shareholders. Bumble Inc's. revenue for the full year reached $904 million, up 19% year-over-year, with Bumble App revenue growing 31% driven by a year-over-year increase of over 500,000 paying users.

2022 年，我們繼續執行我們的戰略重點，推進我們的使命，並為我們的股東帶來強勁的收入增長和盈利能力。大黃蜂公司的。全年收入達到 9.04 億美元，同比增長 19%，其中 Bumble App 收入增長 31%，這得益於超過 500,000 名付費用戶的同比增長。

We also drove strong profitability, delivering full year adjusted EBITDA margin of 25% and free cash flow of $117 million. These results are a testament to the hard work and execution of our teams around the globe who continue to execute incredibly well amidst geopolitical and macroeconomic uncertainty.

我們還推動了強勁的盈利能力，實現了 25% 的全年調整後 EBITDA 利潤率和 1.17 億美元的自由現金流。這些結果證明了我們全球團隊的辛勤工作和執行力，他們在地緣政治和宏觀經濟的不確定性中繼續表現出色。

These results also demonstrate the enduring power of our mission to create a world in which all relationships are healthy and equitable by a connection.

這些結果也證明了我們的使命具有持久的力量，即創造一個所有關係都健康、平等的世界。

Now let me touch briefly on each of our brands. Bumble App had a strong fourth quarter with revenue of $191 million, up 28% year-over-year. This strength was broad-based with strong revenue growth in both our established markets as well as in growing markets such as Germany, Spain, France and India. Bumble added over 130,000 paying users in the quarter.

現在讓我簡要介紹一下我們的每個品牌。 Bumble App 第四季度表現強勁，收入為 1.91 億美元，同比增長 28%。這種優勢具有廣泛的基礎，我們的成熟市場以及德國、西班牙、法國和印度等新興市場的收入都實現了強勁增長。 Bumble 在本季度增加了超過 130,000 名付費用戶。

Based on third-party data sources, in Q4, we continued to grow download share in key markets like the U.S. and Canada, and maintained our position as the #2 most downloaded dating app in these markets. We are also excited to say that as of Valentine's Day, Bumble App is the most downloaded dating app in our top markets, including the U.S., Canada, Australia, the U.K. and Germany.

根據第三方數據源，在第四季度，我們在美國和加拿大等主要市場的下載份額繼續增長，並保持了我們在這些市場中下載量排名第二的約會應用程序的地位。我們也很高興地宣布，截至情人節，Bumble App 是我們主要市場（包括美國、加拿大、澳大利亞、英國和德國）中下載次數最多的約會應用程序。

Bumble App's Net Promoter Scores in the U.S. during the fourth quarter led other online dating apps, especially in 2 of our most important audiences, women and Gen Z. Our 2023 plans extend the momentum we have generated over the last several years.

Bumble App 第四季度在美國的淨推薦值領先於其他在線約會應用程序，尤其是在我們最重要的兩個受眾群體中，女性和 Z 世代。我們的 2023 年計劃延續了我們在過去幾年中產生的勢頭。

These are built on 4 pillars: one, continuing our rapid global expansion; two, reinforcing our brand and product strength, especially with women; three, growing revenue through new monetization experiences; and four, remaining a leader in safety by design.

這些都建立在 4 個支柱上：第一，繼續我們快速的全球擴張；第二，加強我們的品牌和產品實力，尤其是女性；第三，通過新的貨幣化體驗增加收入；第四，通過設計保持安全領先地位。

Let me describe each in turn. First, global expansion has been core to Bumble's growth in recent years, and we believe there is still tremendous runway in both existing and new markets. Building depth and expanding into secondary cities are a critical component of our growth strategy. For example, we've been in Germany for a couple of years now, and it continues to grow rapidly as we push into more cities beyond the original launch markets and is now on track to be our third largest revenue market in 2023. We will also be launching in new countries this year.

讓我依次描述每一個。首先，全球擴張一直是 Bumble 近年來增長的核心，我們相信現有市場和新市場仍有廣闊的發展空間。建設深度和向二線城市擴張是我們增長戰略的重要組成部分。例如，我們在德國已經有幾年了，隨著我們在最初的發布市場之外進軍更多城市，它繼續快速增長，現在有望在 2023 年成為我們的第三大收入市場。我們將今年還將在新的國家推出。

One advantage we have in most markets around the world is a strong baseline level of demand due to the resonance of our brand and our women-first approach. We'll be building on this foundation with active go-to-market efforts to further our expansion in Western and Central Europe, for example, in Italy, Portugal and Poland as well as major Latin American and Southeast Asian countries.

我們在全球大多數市場的一個優勢是強大的需求基線水平，這是由於我們的品牌和我們以女性為先的方法引起的共鳴。我們將在此基礎上通過積極的市場推廣努力進一步擴大我們在西歐和中歐的擴張，例如在意大利、葡萄牙和波蘭以及主要的拉丁美洲和東南亞國家。

Second, Bumble is where it is today because of our brand strength and loyalty, especially with women, and this remains our priority. We listen intently to our women customers, and we've been steadily launching new features that are most requested by them, including our Astrology Tuesday offering last year. And this year, we expect to launch a series of enhancements to the Beeline, the matching experience and roll out new women focused offerings.

其次，Bumble 之所以有今天，是因為我們的品牌實力和忠誠度，尤其是對女性的忠誠度，這仍然是我們的首要任務。我們專心傾聽女性客戶的意見，並一直在穩步推出她們最需要的新功能，包括去年的占星術星期二產品。今年，我們預計將推出一系列 Beeline 增強功能、配對體驗，並推出以女性為中心的新產品。

We are further investing in our college programs to continue our share gain with Gen Z women. As we mentioned last quarter, we recently launched a dedicated customer experience for users who are verified college students.

我們正在進一步投資於我們的大學課程，以繼續增加我們在 Z 世代女性中的份額。正如我們上個季度提到的，我們最近為經過驗證的大學生用戶推出了專門的客戶體驗。

We have seen several hundred thousand college students verified on our platform, and we believe the dedicated experience is resonating. We are also using the fair expectation program to improve targeting of our college bundles and recently launched virtual guests to this group.

我們已經看到數十萬大學生在我們的平台上進行了驗證，我們相信這種專注的體驗會引起共鳴。我們還使用公平期望計劃來提高我們大學捆綁包的針對性，並且最近向該群體推出了虛擬訪客。

Our early test suggests that virtual gifts lead to almost 20% higher reciprocation rates, especially with Gen Z, and we are optimistic about the future of this initiative. Machine learning and data science have been strong enablers of Bumble's customer experience and growth.

我們的早期測試表明，虛擬禮物可以使回饋率提高近 20%，尤其是對於 Z 世代，我們對這項計劃的未來持樂觀態度。機器學習和數據科學一直是 Bumble 客戶體驗和增長的強大推動力。

We see more and more opportunities to integrate AI further into our user journey, ranging from helping them better optimize their profile and initiate chats to improving relevance and matching. Over the last 2 years, we have been working on rebuilding our recommendation engine with machine learning at the core. We've tested this new model in several markets in Western Europe over the last 6 months and saw a substantial improvement in voting behavior and double-digit improvements in match rates.

我們看到越來越多的機會將 AI 進一步整合到我們的用戶旅程中，從幫助他們更好地優化他們的個人資料和發起聊天到提高相關性和匹配度。在過去的兩年裡，我們一直致力於以機器學習為核心重建我們的推薦引擎。過去 6 個月，我們在西歐的多個市場測試了這種新模型，發現投票行為有了顯著改善，匹配率也有兩位數的提高。

In Q2, we expect to leverage this model to begin testing our new paid Best Bees offering, highlighting highly curated, highly compatible people to you. This brings me to our third pillar, creating new experiences to grow revenue.

在第 2 季度，我們希望利用該模型開始測試我們新的付費 Best Bees 產品，向您突出精心策劃、高度兼容的人。這把我帶到了我們的第三個支柱，創造新的體驗來增加收入。

Over the last year, we've been performing foundational engineering work to build more modularity and agility into our monetization platform. This work was required to enable us to launch our next wave of monetization (inaudible).

在過去的一年裡，我們一直在進行基礎工程工作，以在我們的貨幣化平台中構建更多的模塊化和敏捷性。這項工作是我們啟動下一波貨幣化浪潮所必需的（聽不清）。

Going forward, this enhanced platform will enable the ability to launch new subscription offerings, additional bundles and a greater variety of a la carte offerings. It will also enable us to target these offerings in an increasingly precise manner to grow customer lifetime value.

展望未來，這個增強的平台將能夠推出新的訂閱產品、額外的捆綁產品和更多種類的單點產品。它還將使我們能夠以越來越精確的方式定位這些產品，以增加客戶的生命週期價值。

We will also use this sophisticated platform to accelerate our highly impactful pricing and promotional optimization initiatives. One feature the new platform has enabled is our message-before-match feature, Compliments, which is now fully rolled out with monetization in our major markets. We've seen strong initial user response in markets where we've launched, where we have seen Compliments to be 70% more likely to result in a match than a typical test mode.

我們還將使用這個複雜的平台來加速我們極具影響力的定價和促銷優化計劃。新平台啟用的一項功能是我們的比賽前消息功能，稱讚，現在已在我們的主要市場全面推出貨幣化。我們在我們推出的市場中看到了強烈的初始用戶反應，我們發現稱讚導致匹配的可能性比典型的測試模式高 70%。

We are now starting to roll out the corresponding marketing plans. Compliments is our first major feature in the message-before-match space, and we are excited to build upon this with new offerings throughout the rest of the year. In addition to Compliments and Best Bees offerings, I'm also excited about the potential for our speed dating experience. In Q4, we transitioned from a branded partnership version of speed dating and launched it as a stand-alone unbranded experience in a number of our major markets, including the U.S., Germany and India.

我們現在開始推出相應的營銷計劃。讚美是我們在比賽前消息領域的第一個主要功能，我們很高興在今年餘下的時間裡在此基礎上推出新產品。除了讚美和 Best Bees 產品外，我還對我們快速約會體驗的潛力感到興奮。在第四季度，我們從快速約會的品牌合作夥伴版本轉變為在我們的許多主要市場（包括美國、德國和印度）推出的獨立無品牌體驗。

We are actively testing monetization approaches, including making the experience a ticketed events. Lastly, we know that (inaudible) users, particularly those in their 20s, are looking for more ways to express themselves and their personality with a high level of authenticity.

我們正在積極測試貨幣化方法，包括將體驗變成票務活動。最後，我們知道（聽不清）用戶，尤其是 20 多歲的用戶，正在尋找更多方式來表達他們自己和他們的個性，並具有高度的真實性。

In Q2 and Q3, we will be experimenting with a range of new paid experiences leaning into this desire for self expression. This will include expanding our virtual gift offering as well as creating the ability to add stickers, mood (inaudible) and photo effects to their profiles and chat, just to name a few examples.

在第二季度和第三季度，我們將嘗試一系列新的付費體驗，以迎合這種自我表達的願望。這將包括擴展我們的虛擬禮物供應，以及創建在他們的個人資料和聊天中添加貼紙、心情（聽不清）和照片效果的能力，僅舉幾個例子。

Our last pillar is safety by design and mission by design. Safety is not an afterthought or a marketing campaign for us. We remain fiercely committed to our mission and we are working relentlessly to create kind connections. Our approach at Bumble has always been to build safety into our products at the outset, and to continue to build new safety capabilities as we see these products in the field.

我們的最後一個支柱是安全設計和使命設計。對我們來說，安全不是事後的想法或營銷活動。我們仍然堅定地致力於我們的使命，我們正在不懈地努力創造友好的聯繫。我們在 Bumble 的方法始終是從一開始就在我們的產品中構建安全性，並在我們在現場看到這些產品時繼續構建新的安全功能。

We are also deploying an increasing amount of machine learning into our safety efforts. Our in-house content and photo moderation models continuously monitor our experience to prevent harassment toxicity. And we are experimenting with GPT-3 and other large language model services to further augment our already strong approach.

我們還將越來越多的機器學習部署到我們的安全工作中。我們的內部內容和照片審核模型持續監控我們的體驗，以防止騷擾毒性。我們正在試驗 GPT-3 和其他大型語言模型服務，以進一步增強我們已經很強大的方法。

Now turning to Bumble BFF. We remain the only scale dating app to have a successful friend finding offering due to our strong and unique brands.

現在轉向 Bumble BFF。由於我們強大而獨特的品牌，我們仍然是唯一能夠成功找到朋友的大型約會應用程序。

We believe the market opportunity around online friendship is sizable given the prevalence of loneliness with the U.S. Surgeon General sharing a 2018 to 2020 survey that revealed 60% of Americans struggle with loneliness. That figure climbs to 75% among younger people.

我們認為，鑑於孤獨感普遍存在，我們認為圍繞在線友誼的市場機會是巨大的。美國衛生局局長分享了 2018 年至 2020 年的一項調查，該調查顯示 60% 的美國人在孤獨中掙扎。這一數字在年輕人中攀升至 75%。

To reflect this significant opportunity, we're increasingly managing Bumble BFF as a separate brand. We continue to be excited by the user traction on BFF, with now growth of 26% year-over-year in Q4, alongside strong global appeal.

為了反映這一重大機遇，我們越來越多地將 Bumble BFF 作為一個獨立品牌進行管理。我們繼續對 BFF 的用戶吸引力感到興奮，目前第四季度同比增長 26%，同時具有強大的全球吸引力。

We have a very important set of product and marketing initiatives we expect to launch around midyear, which we believe will unlock further user growth and look forward to sharing these in the coming quarters.

我們有一套非常重要的產品和營銷計劃，預計將在年中左右推出，我們相信這將進一步推動用戶增長，並期待在未來幾個季度分享這些內容。

In summary, we have a lot of exciting initiatives planned for Bumble App in 2023, and we are off to a strong start to the year.

總而言之，我們計劃在 2023 年為 Bumble App 採取許多激動人心的舉措，我們今年開局良好。

Now turning to Badoo. We made solid progress in stabilizing Badoo in the second half of 2022. Despite facing some macroeconomic challenges, Badoo continues to have a large user base and was ranked among the top 3 dating apps by downloads in 48 countries, including Brazil, Italy, Mexico, Spain and France.

現在轉向Badoo。 2022 年下半年，我們在穩定 Badoo 方面取得了堅實的進展。儘管面臨一些宏觀經濟挑戰，Badoo 仍然擁有龐大的用戶群，並在 48 個國家（包括巴西、意大利、墨西哥、西班牙和法國。

Badoo and Other revenue also grew year-over-year when adjusted for FX and the impact of the conflict in Ukraine. We've focused recent product efforts on amplifying what Badoo's loyal and long-tenured user base appreciates most about the platform, how it creates quick and easy authentic connections, which has had a positive impact on user engagement and retention.

在針對匯率和烏克蘭衝突的影響進行調整後，Badoo 和其他收入也同比增長。我們將最近的產品工作重點放在擴大 Badoo 的忠實和長期用戶群最欣賞該平台的方面，即它如何創建快速、簡單的真實連接，這對用戶參與和保留產生了積極影響。

The monetization platform enhancements that I mentioned earlier also applied to Badoo, illustrating the power of our shared platform model. A lot of our focus in 2023 is on continued optimization of our experience using these platform enhancements.

我之前提到的貨幣化平台增強功能也適用於 Badoo，說明了我們共享平台模型的強大功能。我們在 2023 年的重點是使用這些平台增強功能繼續優化我們的體驗。

For example, we now have a much greater ability on Badoo's offered promotional bundles and new consumables. And we'll be focusing on these to drive increasing payer penetration. In addition, we have a number of exciting new product features launching, all designed to lean into the chat-based experience on Badoo and drive faster time to quality connection.

例如，我們現在在 Badoo 提供的促銷捆綁包和新消耗品方面擁有更大的能力。我們專注於這些以推動提高支付者的滲透率。此外，我們還推出了許多令人興奮的新產品功能，所有這些功能都旨在融入 Badoo 上基於聊天的體驗，並加快實現高質量連接的速度。

While we still have work to do to fully stabilize Badoo, we believe that we are on the right path. Lastly, I'd like to share an update on Fruitz as we celebrate the 1-year anniversary of its acquisition. Over the past year, its revenue contribution has steadily grown, and its integration with our shared platform has proceeded smoothly.

雖然我們仍有工作要做才能完全穩定 Badoo，但我們相信我們走在正確的道路上。最後，在我們慶祝收購 1 週年之際，我想分享 Fruitz 的最新動態。在過去的一年裡，其收入貢獻穩步增長，與我們共享平台的整合進展順利。

In French-speaking markets where its organic growth has been most concentrated, Fruitz enjoys strong download share and Gen Z brand (inaudible). I have never been more excited about the tremendous opportunity for our brands, our business and our mission.

在其有機增長最集中的法語市場，Fruitz 享有強大的下載份額和 Gen Z 品牌（聽不清）。我對我們的品牌、我們的業務和我們的使命所面臨的巨大機遇感到無比興奮。

We have solid user momentum and our apps have significant runway for growth. We also have a strong product road map and the team to advance it. We continue to be true to our mission of providing safe and kind connections by design. And as always, we will operate with financial discipline and a focus on execution.

我們擁有穩固的用戶勢頭，我們的應用程序有顯著的增長空間。我們還有強大的產品路線圖和推進它的團隊。我們繼續忠於我們的使命，即通過設計提供安全和友好的聯繫。一如既往，我們將以財務紀律和專注於執行的方式運作。

Thank you to team Bumble. Thank you for everyone's hard work. We succeeded only because of your dedication and contribution. I'd like to thank our customers, partners and investors for their continued trust and support.

感謝 Bumble 團隊。感謝大家的辛勤付出。我們的成功只因為你們的付出和貢獻。我要感謝我們的客戶、合作夥伴和投資者一直以來的信任和支持。

And with that, I will turn it over to Anu for a discussion of our financial results and outlook.

有了這個，我將把它交給 Anu 來討論我們的財務結果和前景。

Thank you, Whitney, and good afternoon, everyone. I'll begin with a discussion of our fourth quarter and full year 2022 results before turning to our outlook for Q1 and full year 2023.

謝謝惠特尼，大家下午好。在轉向我們對第一季度和 2023 年全年的展望之前，我將首先討論我們的第四季度和 2022 年全年業績。

Unless stated otherwise, the comparisons I will make refer to the fourth quarter of 2022 versus the fourth quarter of 2021. Total Bumble Inc. revenue in Q4 was $242 million, above the high end of our guidance and up 17% year-over-year, driven primarily by growth in Bumble App.

除非另有說明，否則我將進行 2022 年第四季度與 2021 年第四季度的比較。Bumble Inc. 第四季度的總收入為 2.42 億美元，高於我們指導的上限，同比增長 17% ，主要受 Bumble App 增長的推動。

FX was a $13 million headwind to top line, $3 million better than we had expected at the time of our guidance. In aggregate, FX headwinds and the Ukraine conflict impacted our growth rate negatively by 8 percentage points. At a group level, revenue growth was driven primarily by growth in paying users, which increased 14% to 3.4 million, while average revenue per paying user increased by 1%.

FX 對收入造成 1300 萬美元的阻力，比我們在指導時的預期高出 300 萬美元。總體而言，外匯逆風和烏克蘭衝突對我們的增長率產生了 8 個百分點的負面影響。在集團層面，收入增長主要由付費用戶增長推動，付費用戶增長 14% 至 340 萬，而每位付費用戶的平均收入增長 1%。

Revenue from Bumble App was $191 million, up 28%. FX was a $7 million year-over-year headwind, which negatively impacted growth by 5 percentage points. The headwind from FX was $2 million lower than we had previously anticipated.

Bumble App 的收入為 1.91 億美元，增長 28%。外匯是 700 萬美元的逆風，對增長產生了 5 個百分點的負面影響。來自外彙的逆風比我們之前預期的低 200 萬美元。

Bumble App revenue growth was driven by a strong 35% increase in paying users to 2.2 million. And on a sequential basis, we added 133,000 paying users. The strong growth in paying users was driven by a number of factors, including strong registration and reengagement rates, successful international expansion and product improvements that drove payer penetration.

Bumble App 的收入增長得益於付費用戶強勁增長 35% 至 220 萬。在連續的基礎上，我們增加了 133,000 名付費用戶。付費用戶的強勁增長受到多種因素的推動，包括強勁的註冊率和重新參與率、成功的國際擴張以及推動付費用戶滲透的產品改進。

Bumble App's ARPPU was $28.64, down 6% year-over-year and 1% sequentially. The primarily due to country mix and FX impacts, partially offset by pricing optimization initiatives.

Bumble App 的 ARPPU 為 28.64 美元，同比下降 6%，環比下降 1%。這主要是由於國家組合和外匯影響，部分被定價優化舉措所抵消。

Now moving on to Badoo App and Other. Badoo App and Other revenue was $51 million in Q4, representing a 12% year-over-year decline on a reported basis.

現在轉到 Badoo 應用程序和其他。 Badoo App and Other 收入在第四季度為 5100 萬美元，同比下降 12%。

In aggregate, FX headwinds and the Ukraine conflict impacted our growth rate negatively by 17 percentage points. Badoo App and Other paying users declined 11% year-over-year to 1.2 million. The impact of our exit from Russia and Belarus roughly a 12% negative impact to growth.

總體而言，外匯逆風和烏克蘭衝突對我們的增長率產生了 17 個百分點的負面影響。 Badoo App 和其他付費用戶同比下降 11% 至 120 萬。我們退出俄羅斯和白俄羅斯的影響對增長產生了大約 12% 的負面影響。

Badoo App and Other ARPPU declined 6% year-over-year to $12.48 primarily due to FX and country mix, partially offset by ongoing pricing optimization work. As a reminder, we currently include Fruitz revenue within Badoo App and Other revenue, but exclude Fruitz paying users from Badoo App and Other paying users.

Badoo App 和其他 ARPPU 同比下降 6% 至 12.48 美元，這主要是由於外彙和國家組合，部分被正在進行的定價優化工作所抵消。提醒一下，我們目前將 Fruitz 收入計入 Badoo 應用和其他收入，但將 Fruitz 付費用戶排除在 Badoo 應用和其他付費用戶之外。

Turning now to expenses. We remain very focused on managing our business profitably, taking into consideration the dynamic macro environment. Total GAAP operating costs and expenses were $389 million for the quarter. On a non-GAAP basis, excluding stock-based comp and other noncash or onetime items, our total non-GAAP operating expenses were $182 million, up 19%.

現在轉向費用。考慮到動態的宏觀環境，我們仍然非常專注於盈利地管理我們的業務。本季度 GAAP 運營成本和支出總額為 3.89 億美元。在非 GAAP 基礎上，不包括基於股票的薪酬和其他非現金或一次性項目，我們的非 GAAP 總運營費用為 1.82 億美元，增長 19%。

Cost of revenue was $67 million and grew 26% year-over-year. The increase was primarily driven by higher App Store fees resulting from revenue growth and mix shift between iOS and Android. As a percentage of revenue, cost of revenue was 28% versus 26% in the year ago period.

收入成本為 6700 萬美元，同比增長 26%。這一增長主要是由於收入增長以及 iOS 和 Android 之間的混合轉變導致 App Store 費用上漲。作為收入的百分比，收入成本為 28%，而去年同期為 26%。

Sales and marketing expenses grew 14% year-over-year to $65 million. This represents 27% of revenue versus 28% in the year ago period as we focused on efficiency and marketing spend during the quarter. G&A expenses were $34 million or 14% of revenue compared to $28 million or 14% of revenue last year.

銷售和營銷費用同比增長 14% 至 6500 萬美元。這佔收入的 27%，而去年同期為 28%，因為我們在本季度專注於效率和營銷支出。 G&A 費用為 3400 萬美元，佔收入的 14%，而去年為 2800 萬美元，佔收入的 14%。

Product development expenses were $16 million or 7% of revenue versus $14 million or 7% in the year ago period. Q4 GAAP net loss was $159 million compared to a net loss of $14 million in the year ago period. This included an impairment charge of $141 million related to Badoo brand as a result of loss of expected revenue resulting from our business decision to seize operations in Russia and Belarus as well as the larger macro environment.

產品開發費用為 1600 萬美元，佔收入的 7%，而去年同期為 1400 萬美元，佔收入的 7%。第 4 季度 GAAP 淨虧損為 1.59 億美元，而去年同期為淨虧損 1400 萬美元。這包括與 Badoo 品牌相關的 1.41 億美元減值費用，這是由於我們的業務決定奪取在俄羅斯和白俄羅斯的業務以及更大的宏觀環境導致預期收入損失。

Q4 adjusted EBITDA was $60 million, up 10% year-over-year and represented a 25% adjusted EBITDA margin.

第四季度調整後的 EBITDA 為 6000 萬美元，同比增長 10%，調整後的 EBITDA 利潤率為 25%。

For full year 2022, total Bumble Inc. revenue grew 19% year-over-year to $904 million. In aggregate, FX headwinds and the Ukraine conflict impacted our growth rate negatively by 8 percentage points. Revenue from Bumble App grew 31% to $694 million driven by paying user growth of 34% to 2 million, leading to more than 0.5 million net adds during the year.

2022 年全年，Bumble Inc. 總收入同比增長 19% 至 9.04 億美元。總體而言，外匯逆風和烏克蘭衝突對我們的增長率產生了 8 個百分點的負面影響。受付費用戶增長 34% 至 200 萬推動，Bumble App 的收入增長 31% 至 6.94 億美元，導致年內淨增加超過 50 萬。

FX headwinds impacted our growth rate negatively by 4 percentage points. Adjusted EBITDA was $227 million, representing 25% margin. Our GAAP net loss for the full year 2022 was $114 million compared to net earnings of $282 million in 2021.

外匯逆風對我們的增長率產生了 4 個百分點的負面影響。調整後的 EBITDA 為 2.27 億美元，利潤率為 25%。我們 2022 年全年的 GAAP 淨虧損為 1.14 億美元，而 2021 年的淨收益為 2.82 億美元。

We continued to generate healthy cash flow with free cash flow of $117 million for the year. We ended the year in a strong cash position with total cash and cash equivalents totaling $403 million, up from $369 million last year.

我們繼續產生健康的現金流，全年自由現金流為 1.17 億美元。我們以強勁的現金狀況結束了這一年，現金和現金等價物總額為 4.03 億美元，高於去年的 3.69 億美元。

Now moving on to our 2023 financial outlook. As Whitney noted, we expect another period of strong profitable growth in the year ahead. For full year 2023, we estimate total Bumble Inc. revenue to grow between 16% to 19% year-over-year. We expect Bumble App to have another strong year. Based on the momentum we are seeing so far, our geo expansion plans as well as the exciting product road map we have, we expect revenue growth rate between 22% and 25%.

現在轉向我們的 2023 年財務展望。正如惠特尼指出的那樣，我們預計未來一年將出現另一個強勁的盈利增長期。對於 2023 年全年，我們估計 Bumble Inc. 的總收入將同比增長 16% 至 19%。我們預計 Bumble App 將迎來又一個強勁的一年。根據我們目前看到的勢頭、我們的地域擴張計劃以及令人興奮的產品路線圖，我們預計收入增長率在 22% 到 25% 之間。

While we believe that Badoo and Other revenue is on a path to recovery, our outlook assumes continued macroeconomic pressures on the Badoo user, along with ongoing pressures on advertising revenue. We estimate adjusted EBITDA margin will be 26%, representing 100 basis points of year-over-year margin expansion.

雖然我們相信 Badoo 和其他收入正在復蘇，但我們的展望假設 Badoo 用戶持續面臨宏觀經濟壓力，同時廣告收入也面臨持續壓力。我們估計調整後的 EBITDA 利潤率為 26%，相當於利潤率同比增長 100 個基點。

For Q1, we expect the following: total revenue between $238 million and $243 million, representing a growth rate of 15% year-over-year at the midpoint of our range. Our outlook assumes approximately $10 million of year-over-year headwinds related to FX and the conflict in Ukraine, primarily in Badoo. Excluding the impact of this, our total revenue growth outlook would have been 19% at the midpoint.

對於第一季度，我們預計如下：總收入在 2.38 億美元至 2.43 億美元之間，按我們範圍的中點計算，同比增長率為 15%。我們的展望假設與外彙和烏克蘭衝突相關的同比逆風約為 1000 萬美元，主要是在 Badoo。排除這一影響，我們的總收入增長預期中點為 19%。

We expect Bumble App revenue to be between $190 million and $193 million, representing a growth rate of 24% year-over-year at the midpoint. Excluding FX headwinds, our guidance for Bumble revenue growth rate would be 27%.

我們預計 Bumble App 的收入將在 1.9 億美元至 1.93 億美元之間，中點同比增長率為 24%。排除外匯不利因素，我們對 Bumble 收入增長率的指引為 27%。

We estimate adjusted EBITDA will be between $53 million and $56 million, representing 23% margin at the midpoint of the range. Q1 margins reflect the typical high level of marketing spend we see at the beginning of the year. We remain hyper-focused and efficient around spending and have put in place several measures internally to ensure that we stay disciplined around our investment priorities.

我們估計調整後的 EBITDA 將在 5300 萬美元至 5600 萬美元之間，相當於該範圍中點 23% 的利潤率。第一季度的利潤率反映了我們在年初看到的典型的高營銷支出水平。我們在支出方面保持高度專注和高效，並在內部採取了多項措施，以確保我們在投資重點方面保持紀律。

We are very confident in our ability to achieve our full year adjusted EBITDA margin target of 26% and also remain committed to healthy long-term margin expansion.

我們對實現 26% 的全年調整後 EBITDA 利潤率目標以及繼續致力於健康的長期利潤率增長充滿信心。

In closing, our focus this year is on strong and disciplined execution against our strategic priorities. We believe we have an exciting opportunity ahead of us, and we are very confident that we can deliver strong revenue growth and profitability for our shareholders.

最後，我們今年的重點是針對我們的戰略重點進行強有力和紀律嚴明的執行。我們相信我們面前有一個令人興奮的機會，我們非常有信心我們能夠為我們的股東帶來強勁的收入增長和盈利能力。

And with that, operator, we can open it up for Q&A.

有了它，接線員，我們就可以打開它進行問答了。

(Operator Instructions) Your first question comes from Justin Patterson with KeyBanc.

（操作員說明）您的第一個問題來自 KeyBanc 的 Justin Patterson。

Great. I wanted to just go a little deeper into some of the assumptions on guidance for the year. with me, you outlined a lot of product initiatives and geographic expansion. It sounds like it rolls out over the course of the year. Anu, could you kind of talk about how you embedded the impacts of that into the forecast and -- just getting a better sense of what's in the forecast and what could potentially be a surprise over the course of the year.

偉大的。我只想更深入地了解一些關於今年指導的假設。和我一起，你概述了很多產品計劃和地域擴張。聽起來它會在一年中推出。 Anu，你能否談談你是如何將其影響嵌入到預測中的，以及 - 只是更好地了解預測中的內容以及一年中可能出現的驚喜。

Yes. Justin, happy to take that. This is Anu. So as I said in my prepared remarks, for Bumble App, we have given a total revenue guidance range of 22% to 25%.

是的。賈斯汀，很高興接受這個。這是阿努。因此，正如我在準備好的發言中所說，對於 Bumble App，我們給出的總收入指導範圍為 22% 至 25%。

We think this will, from a quarterly cadence perspective, be fairly stable every quarter. We're not expecting any big peak quarters. Obviously, we're starting Q1 off with good momentum. So we feel good about that, and then we feel good about what's assumed for the rest of the year.

我們認為，從季度節奏的角度來看，每個季度都會相當穩定。我們預計不會有任何大的高峰期。顯然，我們以良好的勢頭開始了第一季度。所以我們對此感覺良好，然後我們對今年剩餘時間的假設感到滿意。

Similar to '22, we think the revenue growth comes from a healthy growth in paying users. So we are estimating net adds next year will be around the [450], [500] mark. That's what we are projecting. And that would effectively imply that ARPPU is largely flat to '22 numbers, maybe slightly lower, again depending on where some of our product initiatives land.

與'22類似，我們認為收入增長來自付費用戶的健康增長。因此，我們估計明年的淨增加量將在 [450]、[500] 左右。這就是我們正在預測的。這實際上意味著 ARPPU 基本上持平於 22 個數字，可能略低，同樣取決於我們的一些產品計劃落地的位置。

Now as a reminder, and we've always said this in the past, we are always focused on maximizing revenue versus just maximizing payers at ARPPU. So again, depending on how some of these product initiatives land, these numbers can shift a little bit up or down, but we feel pretty good about the net adds numbers, we feel very confident about the revenue range that we've given you.

現在提醒一下，我們過去一直這麼說，我們始終專注於最大化收入，而不是僅僅最大化 ARPPU 的支付者。同樣，根據這些產品計劃的落地方式，這些數字可能會略有上升或下降，但我們對淨增加數字感覺非常好，我們對我們給你的收入範圍非常有信心。

In terms of initiatives, a lot of the revenue improvement that you see next year largely comes from growth in our user base as well as a lot of the optimization work that we are doing from a product perspective as well as from a pricing perspective.

就計劃而言，明年你看到的收入增長很大程度上來自我們用戶群的增長以及我們從產品角度和定價角度所做的大量優化工作。

Again, this is something that we are very, very good at doing, we've done historically. So we feel very, very good about the assumptions that we've made there. With respect to the product road map and new product initiatives that we have, like always, we model out what we think a lot of these product initiatives will look like through the course of the year.

同樣，這是我們非常非常擅長做的事情，我們在歷史上已經做過。因此，我們對我們在那裡所做的假設感到非常非常滿意。關於產品路線圖和我們擁有的新產品計劃，一如既往，我們模擬了我們認為這些產品計劃在一年中的樣子。

There are some products like Compliments that Whitney talked about that are -- have already landed in the market, we have real data coming from different markets. So we've made assumptions based on that and Compliments will be a sizable contributor to revenue in 2023.

Whitney 談到的一些產品，例如 Compliments，已經投放市場，我們有來自不同市場的真實數據。因此，我們基於此做出假設，稱讚將在 2023 年對收入做出相當大的貢獻。

But then there are certain other product initiatives later in the year where we haven't yet landed those. So we've made some modest contribution assumptions. And then there are certain other product initiatives that we've not even included in our guidance ranges because, again, those are too far down. So that's roughly how the Bumble App guidance sort of falls out.

但是今年晚些時候還有某些其他產品計劃我們還沒有落地。所以我們做了一些適度的貢獻假設。然後還有一些我們甚至沒有包含在我們的指導範圍內的其他產品計劃，因為這些計劃太低了。這就是 Bumble App 指南的大致結果。

Your next question comes from Shweta Khajuria.

你的下一個問題來自 Shweta Khajuria。

Could you please talk about the share gains that you were implying as of Valentine's Day on your app downloads? So the question is, what drove that? Was there a marketing effort that you had in Q1 specifically? And how sustainable do you think are these share gains that you're seeing across different countries?

您能否談談您在情人節那天暗示的應用程序下載量的增長？所以問題是，是什麼驅動了它？您是否專門在第一季度進行了營銷工作？您認為您在不同國家/地區看到的這些份額收益的可持續性如何？

And then the second question is, Anu, could you talk about your confidence in margin expansion? You sound confident in delivering at least 100 bps of margin expansion. Help us think through your marketing efforts for the year.

然後第二個問題是，阿努，你能談談你對利潤率擴張的信心嗎？您聽起來有信心實現至少 100 個基點的利潤率擴張。幫助我們思考您今年的營銷工作。

Shweta, it's Tariq. I'll start with the share gain question and then turn it over to Anu. So we've been -- as you noted and as Whitney noted, I'm very pleased to see the traction that we've had on downloads, both in Q4, where we continue to gain share, and then in Q1, where we've seen a nice acceleration.

Shweta，是 Tariq。我將從分享收益問題開始，然後將其交給 Anu。所以我們一直 - 正如你和惠特尼所指出的那樣，我很高興看到我們在下載方面的吸引力，無論是在第四季度，我們繼續獲得份額，然後在第一季度，我們看到了一個不錯的加速。

To cut to the chase, we have not been spending to achieve that acceleration. There's not an outsized marketing spend that -- there is anything out of the ordinary that has helped us achieve that. We think really what's going on is a couple of different things.

切入正題，我們並沒有花錢來實現這種加速。沒有過大的營銷支出——有任何不同尋常的事情幫助我們實現了這一目標。我們認為真正發生的事情是兩件不同的事情。

One is we are -- we think continuing to build momentum around the value proposition, the narrative around Bumble App, the success stories, and really fostering the word of mouth, we think that a lot of the programs like it started on Bumble, which we've talked about before, are really starting to have a cumulative effect. That's number one.

一是我們 - 我們認為繼續圍繞價值主張建立勢頭，圍繞 Bumble App 的敘述，成功故事，並真正培養口耳相傳，我們認為很多類似的程序都是從 Bumble 開始的，我們之前談過，真的開始產生累積效應。這是第一。

Number two is there's a lot of work that our teams are doing around kind of harvesting demand that's already out there. So think about the App Stores and how you are capturing the demand that sits on the App Store, what's called App Store optimization, things like that. There's a parallel in the search engine world as well.

第二，我們的團隊正在圍繞已經存在的收穫需求做很多工作。所以想想 App Store 以及你如何捕捉 App Store 上的需求，所謂的 App Store 優化，諸如此類。搜索引擎世界也有相似之處。

We think that we've just continued to get better and better at that demand capture, of demand, whether that's Bumble specific demand or whether that is industry demand. And then that's paying off. And then we were fortunate in -- particularly in February, late January, to receive a lot of just very nice placement and promotions.

我們認為，我們在需求捕獲方面一直做得越來越好，無論是 Bumble 特定需求還是行業需求。然後這是有回報的。然後我們很幸運——特別是在 1 月下旬的 2 月，獲得了很多非常好的安置和晉升。

We announced a partnership with Netflix, as an example. That resulted in a lot of activity in the Play Store and in the App Store itself, things like that. So it's not spend based where we're buying the traffic, but I think it's a culmination of a lot of the investments that we have been making.

例如，我們宣布與 Netflix 建立合作夥伴關係。這導致了 Play 商店和 App Store 本身的大量活動，諸如此類。所以這不是基於我們購買流量的支出，但我認為這是我們一直在進行的大量投資的高潮。

And so you can spend -- we don't, but people can spend to achieve market share gains. I think that it's particularly the download share. So we're happy with where we are today. We are happier just with the underlying trend that we have, and we're going to keep focusing on that as opposed to who's #1 and 2.

所以你可以花錢——我們不花錢，但人們可以花錢來獲得市場份額。我認為尤其是下載份額。所以我們對今天的情況感到滿意。我們對現有的潛在趨勢感到滿意，我們將繼續關注這一點，而不是第一名和第二名。

Yes. And Shweta, so your question about margins, like I said, I'm very, very confident about our ability to get to the 100 basis points margin expansion.

是的。還有 Shweta，所以你關於利潤率的問題，就像我說的，我對我們實現 100 個基點利潤率擴張的能力非常非常有信心。

And I said this in our last earnings call as well, as far as marketing spend goes, which again is one of our bigger line items. On 2023, we have a very high bar for how we think about marketing spend. Growing market share, as Tariq was just talking about, expanding into international markets, all of those are still big priorities for us.

我在上次財報電話會議上也說過，就營銷支出而言，這又是我們更大的項目之一。到 2023 年，我們對營銷支出的看法有一個非常高的標準。擴大市場份額，正如塔里克剛才所說，向國際市場擴張，所有這些仍然是我們的首要任務。

So we will definitely be spending money on building our brand. But we are taking a very hard look at every area of spend even in new markets as well as existing markets to make sure that all of those areas of spend are meeting the high thresholds that we have set for ROI returns, et cetera, et cetera.

所以我們肯定會花錢建立我們的品牌。但我們正在認真審視每個支出領域，即使是在新市場和現有市場也是如此，以確保所有這些支出領域都達到我們為 ROI 回報等設定的高門檻.

So you will definitely see that line item give leverage through the course of the year. Now as I said, Q1, always has elevated spends on marketing as you think about Date Sunday and Valentine's Day. So we do tend to spend higher in Q1. It was very similar to what we did last year as well.

因此，您肯定會看到該訂單項在一年中發揮影響力。正如我所說，第一季度，當你想到約會星期天和情人節時，營銷支出總是增加。所以我們確實傾向於在第一季度支出更高。這與我們去年所做的非常相似。

Our Q1 margin was our lowest quarter in the entire year. And then our EBITDA margin ticks up quite significantly as the year goes by. So I wouldn't read too much into the Q1 EBITDA guide. Again, a lot of the spend that we have during the year is very much in our control.

我們的第一季度利潤率是全年最低的一個季度。然後，隨著時間的推移，我們的 EBITDA 利潤率大幅上升。所以我不會過多地閱讀第一季度 EBITDA 指南。同樣，我們一年中的很多支出都在我們的控制之下。

So we feel very, very confident about it. The next big area of spend for us is, again, headcount. As we've said again previously, we are leading into areas of the business that are very critical to our growth. So you heard Whitney talk a lot about AI and machine learning and data engineering.

所以我們對此感到非常非常有信心。對我們來說，下一個大支出領域是員工人數。正如我們之前再次說過的那樣，我們正在進入對我們的增長非常關鍵的業務領域。所以你聽到惠特尼談論了很多關於人工智能、機器學習和數據工程的事情。

So those are definitely areas that we want to continue to invest in as far as people and headcount resources are concerned, but we have a high bar for spend in other areas. So that's why, again, I feel very good about the target that we've set forth.

因此，就人員和員工資源而言，這些絕對是我們希望繼續投資的領域，但我們在其他領域的支出門檻很高。這就是為什麼我再次對我們設定的目標感到非常滿意。

And you'll see us continue to sort of reiterate that message as we go through the year.

你會看到我們在這一年中繼續重申這一信息。

Your next question comes from Cory Carpenter with JPMorgan.

你的下一個問題來自摩根大通的 Cory Carpenter。

Great. I wanted to come back to the Best Bees offering that you teased a little earlier. Could you expand on that a bit? Is that something that would be in perhaps like a new premium subscription package it sounded like or more of an a la carte offering?

偉大的。我想回到你之前嘲笑過的 Best Bees 產品。你能稍微擴展一下嗎？那是不是聽起來像是一個新的高級訂閱包，或者更像是一個點菜產品？

And then secondly, just on macro. You previously talked about a step down in late September, early October. How has that trended since then in terms of impact on renewal rates and consumables?

其次，就宏觀而言。您之前曾在 9 月下旬、10 月初談到了下台。從那時起，在對續訂率和消耗品的影響方面，這種趨勢如何？

Cory, it's Whitney. So we're really excited about Best Bees. This is a paid offering. And I'll just give you a little background on how the feature works and then we can talk about how we're testing it from a monetization standpoint.

科里，是惠特尼。所以我們對 Best Bees 感到非常興奮。這是付費產品。我將向您簡要介紹一下該功能的工作原理，然後我們可以討論如何從貨幣化的角度對其進行測試。

So this is really a very exciting opportunity for all of our members to get access to a highly curated and really compatible set of people. So this is why we're calling it Best Bees. And so this is really going to be tailored to that specific user. And we think it's going to be really resonant across the board, geographies, gender, age groups, et cetera.

因此，對於我們所有的成員來說，這真的是一個非常令人興奮的機會，可以接觸到一群精心策劃且真正兼容的人。所以這就是為什麼我們稱它為最佳蜜蜂。所以這真的是為那個特定的用戶量身定做的。我們認為它會真正引起廣泛的共鳴，包括地域、性別、年齡組等等。

And with the machine learning, there's a huge opportunity to provide more content-based nudges. And so anyway, all to say, we're very excited about this. How this will work? It is going to be a premium offering. We are going to be testing both different versions of that consumable subscription, and we will provide more updates with the rollout of that.

通過機器學習，提供更多基於內容的推動是一個巨大的機會。所以無論如何，總而言之，我們對此感到非常興奮。這將如何運作？這將是一個溢價產品。我們將測試該消耗品訂閱的兩個不同版本，並且我們將在其推出時提供更多更新。

The next question on macro. So I think it's very important to note that we're feeling very confident about the dating industry and about our results, the top of the funnel and engagement metrics continue to be strong.

下一個關於宏觀的問題。所以我認為非常重要的是要注意我們對約會行業和我們的結果非常有信心，漏斗的頂部和參與度指標繼續保持強勁。

So overall, we're growing our paying users at a healthy clip. New subscriptions remain strong. And we're seeing good growth in consumable purchases. Where we did see some macro-related impact last summer was really around the subscription renewal rates for the more price-sensitive user groups.

所以總的來說，我們正在以健康的速度增長我們的付費用戶。新訂閱量依然強勁。我們看到消耗品採購量增長良好。去年夏天我們確實看到一些與宏觀相關的影響實際上是圍繞對價格更敏感的用戶群的訂閱續訂率。

This was really Gen Z. But renewal rates have been stabilized at that lower level, and we've not seen further deterioration since last earnings. And we believe the strength of the business reflects the resonance of the brand, the resiliency of the majority of our Bumble user base and a lot of our recent product pricing and marketing efforts.

這確實是 Z 世代。但續訂率已穩定在較低水平，自上次收益以來我們沒有看到進一步惡化。我們相信業務的實力反映了品牌的共鳴、我們大多數 Bumble 用戶群的彈性以及我們最近的許多產品定價和營銷工作。

Your next question comes from Alexandra Steiger with Goldman Sachs.

你的下一個問題來自高盛的 Alexandra Steiger。

So Whitney, you discussed virtual gifts as part of like the college bundle. How do you think about the monetization potential of virtual goods as a stand-alone product? And then also, thanks for providing an update on BFF. How should we think about potential monetization avenues and the timing of that?

所以惠特尼，你討論了虛擬禮物作為大學捆綁包的一部分。您如何看待虛擬商品作為獨立產品的貨幣化潛力？然後，感謝您提供有關 BFF 的更新。我們應該如何考慮潛在的貨幣化途徑和時機？

Thank you. So I'll take BFF, and then Tariq is going to jump in. So I just want to reiterate that BFF remains an important priority for us in 2023. And the market opportunity with platonic friendships, we feel it's going to be equally as important as finding love.

謝謝。所以我會選擇 BFF，然後 Tariq 會加入。所以我只想重申，BFF 仍然是我們在 2023 年的一個重要優先事項。而柏拉圖式友誼的市場機會，我們認為它同樣重要作為尋找愛情。

So I just want to reiterate this post-pandemic loneliness has become even a bigger concern. So I want to just reiterate that this is a high priority for us. As far as monetization grows -- goes, we are not factoring this into our guide for 2023, but we are really excited to be testing some product initiatives around monetization as far as models go later in the year. So we'll update you as the time comes. And Tariq, you can jump in.

所以我只想重申，這種大流行後的孤獨感已經成為一個更大的問題。所以我只想重申，這對我們來說是一個高度優先事項。就貨幣化的增長而言，我們並未將其納入我們的 2023 年指南，但我們真的很高興能夠在今年晚些時候測試一些圍繞貨幣化的產品計劃。所以我們會在適當的時候更新你。塔里克，你可以加入。

Yes. On virtual gifts, we are -- we just launched virtual gifts to that college population that Whitney talked about, and we're seeing a very nice reception from that group, high conversion rates when we are presenting the opportunity.

是的。在虛擬禮物方面，我們 - 我們剛剛向惠特尼談到的那個大學人群推出了虛擬禮物，我們看到該群體的接待非常好，當我們提供機會時轉化率很高。

So we do think that we're on to something here with virtual gifts. We are, in fact, also seeing a much higher reciprocation rate, meaning if you send a virtual, gift you're much more likely to get a response. And so it's adding to the overall health of the ecosystem and value that we're creating for our users inside of the app.

所以我們確實認為我們正在通過虛擬禮物來做點什麼。事實上，我們也看到了更高的回報率，這意味著如果您發送虛擬禮物，您更有可能得到回應。因此，它增加了生態系統的整體健康狀況以及我們在應用程序內部為用戶創造的價值。

So we do think that there is something here we're excited about what we're doing on the college side. And I think our basic premise on virtual goods is we know that there is a very strong Gen Z opportunity here.

所以我們確實認為這裡有一些我們對我們在大學方面所做的事情感到興奮。我認為我們在虛擬商品方面的基本前提是我們知道這裡有非常強大的 Z 世代機會。

We're really looking at how we can put together a bundle, a package of offerings for Gen Z that really leads into this notion of express yourself and self-expression. And so a virtual gift helps you stand out in a different way than you would otherwise, there are other things that we can do to let people express themselves authentically. So you should expect to see us roll this into other kind of packages and bundles targeting Gen Z in particular.

我們真的在研究如何將一個捆綁包放在一起，為 Z 世代提供一攬子產品，真正引入表達自我和自我表達的概念。因此，虛擬禮物可以幫助您以不同於其他方式的方式脫穎而出，我們還可以做其他事情來讓人們真實地表達自己。因此，您應該期待看到我們將其推廣到其他類型的包和捆綁包中，特別是針對 Z 世代。

Your next question comes from John Blackledge with Cowen.

你的下一個問題來自 John Blackledge 和 Cowen。

I'm sorry, your next question comes from David Malinowski with Bank of America.

抱歉，您的下一個問題來自美國銀行的 David Malinowski。

It's David on for Nat Schindler. Is it just possible to dive a little bit more into Badoo's improvement in the back half of the year, and maybe just look at what a steady state might look like for the first half of '23 or beyond that?

大衛替納特·辛德勒上場。是否有可能在今年下半年更深入地研究 Badoo 的改進，也許只是看看 23 年上半年或之後的穩定狀態會是什麼樣子？

Yes. So Badoo -- I think it's important to reinforce -- and thank you for the question. Badoo remains a leader in its key markets. So it is a top 3 app by downloads in dozens of countries across Latin America, Central and Eastern Europe and Asia.

是的。所以 Badoo——我認為強化很重要——謝謝你提出這個問題。 Badoo 仍然是其主要市場的領導者。因此，它在拉丁美洲、中東歐和亞洲的數十個國家/地區的下載量排名前 3。

And it does have this long tenured and loyal global base. So we are continuing to operate from a user standpoint with a lot of strength. On the revenue side, we made solid progress in stabilizing Badoo in the second half of '22. However, we do acknowledge that there's more work to be done to resume Badoo's growth trajectory.

它確實擁有這個長期和忠誠的全球基礎。因此，我們將繼續從用戶的角度出發，發揮強大的作用。在收入方面，我們在 22 年下半年在穩定 Badoo 方面取得了堅實的進展。但是，我們確實承認要恢復 Badoo 的增長軌跡還有很多工作要做。

And we know that the Badoo customer continues to be sensitive to inflation and macroeconomic pressures. This really results in an overall lower propensity to pay. So our goal is to meet our Badoo customer where they are. So in 2023, we're going to tap our enhanced monetization platform to offer promotional bundles and new consumables to better serve these customers with their price point ability.

我們知道 Badoo 客戶對通貨膨脹和宏觀經濟壓力仍然很敏感。這確實導致整體支付傾向降低。所以我們的目標是滿足我們的 Badoo 客戶所在的地方。因此，在 2023 年，我們將利用我們增強的貨幣化平台來提供促銷包和新的消耗品，以更好地為這些客戶提供定價能力。

Yes. And just to add, I think from a -- what we are building into our outlook for the year, we do expect that Badoo net adds will continue to be negative in 2023. We definitely think that ex impact from Russia, Belarus, et cetera, the net negative that we saw in 2022 will -- and versus what we will see in 2023 will be better.

是的。補充一點，我認為從我們今年的展望來看，我們確實預計 Badoo 的淨增加量在 2023 年將繼續為負。我們絕對認為來自俄羅斯、白俄羅斯等的影響，我們在 2022 年看到的淨負面影響將會——而且與我們在 2023 年看到的相比會更好。

So 2023 should definitely get better. But also, we still think it will have negative net adds. Q1 is probably going to be the most negative. So right now, we are projecting about negative [50,000] for Badoo in terms of paying users between Q4 '22 and Q1 '23.

所以 2023 年肯定會變得更好。但是，我們仍然認為它的淨增幅為負。第一季度可能是最負面的。所以現在，我們預計 Badoo 在 22 年第 4 季度和 23 年第 1 季度之間的付費用戶約為負 [50,000]。

But as the year goes by, we should definitely start to see that recover. And we are doing a lot of work from a product perspective, as Whitney said, from a pricing and promotional perspective to make sure that the path that we have put Badoo on continues to deliver well.

但隨著時間的推移，我們肯定會開始看到這種複蘇。正如 Whitney 所說，我們正在從產品角度、定價和促銷角度做大量工作，以確保我們讓 Badoo 走上的道路繼續順利進行。

Your next question comes from John Blackledge with Cowen.

你的下一個問題來自 John Blackledge 和 Cowen。

Two questions. First, on the international expansion. Just -- if you can provide some more color on how those efforts are going and perhaps give us an update on key country launches in the first quarter in 2023?

兩個問題。第一，關於國際擴張。只是 - 如果您能提供更多有關這些努力進展情況的信息，也許可以向我們介紹 2023 年第一季度在主要國家/地區推出的最新情況？

And then second question, on the new recommendation engine that you're using in certain European markets, do you expect to roll it out in the U.S. and other key markets and kind of any way to offer some color on the uptick in matches with the new rec engine?

然後是第二個問題，關於您在某些歐洲市場使用的新推薦引擎，您是否希望在美國和其他主要市場推出它，並以任何方式在與新的記錄引擎？

Sure. John, I'll take both of those. On the international expansion, our focus is really two-pronged. Part 1 is continue to expand into new markets where we see opportunity. Part 2 is where we have already expanded to go deep -- and deeper and deeper into those markets.

當然。約翰，我要這兩樣東西。在國際擴張方面，我們的重點實際上是雙管齊下的。第 1 部分是繼續擴展到我們看到機會的新市場。第 2 部分是我們已經擴展到深入的地方 - 越來越深入這些市場。

The job is not done when we launch in a country. And on both fronts, we feel very pleased that the playbook that we've got is working really well. So if I take the go deeper piece, as an example, we're still seeing rapid growth in Germany in the DACH region, the German-speaking regions in France and other parts of Western Europe that we have launched in.

當我們在一個國家推出時，這項工作還沒有完成。在這兩個方面，我們感到非常高興的是，我們的劇本運行得非常好。因此，如果我以更深入的方式為例，我們仍然看到德國在 DACH 地區、法國的德語區和我們已經推出的西歐其他地區的快速增長。

And we're expanding both to more segments in our core cities and to new cities. That's also true in India, where we're seeing very, very rapid growth as well. And a lot of that is, if you will, geo expansion inside of India as well as continuing to go deeper in the key cities like Mumbai that we're already in.

我們正在向核心城市的更多細分市場和新城市擴張。在印度也是如此，我們也看到了非常非常快速的增長。如果你願意的話，其中很多是在印度內部的地理擴張，以及繼續深入我們已經進入的孟買等主要城市。

So that playbook, we think, is working well and is allowing us to continue to gain market share. And to refresh everyone's memory, the historical focus has been in Western Europe South and Southeast Asia, Indonesia, Philippines, Singapore and parts of Latin America, particularly Mexico and the southern parts of Latin America.

因此，我們認為該劇本運作良好，並使我們能夠繼續獲得市場份額。而讓大家記憶猶新的是，歷史上的重點一直在西歐、南亞和東南亞、印度尼西亞、菲律賓、新加坡和拉丁美洲的部分地區，特別是墨西哥和拉丁美洲的南部地區。

As it comes to new market launches, we're really focusing this -- at least the first half of this year on the other markets in Western and Central Europe that we believe have a strong opportunity. So -- and I think Whitney mentioned Poland, Italy, Portugal and Nordics as key markets we'll be focused on.

在新市場推出方面，我們真的很關注這一點——至少在今年上半年，我們認為西歐和中歐的其他市場有很大的機會。所以——我認為惠特尼提到波蘭、意大利、葡萄牙和北歐是我們將關注的主要市場。

But again, it really is in combination with these go deep efforts that we've got as well. Moving on to the recommendations engine, we are absolutely expecting this to be a global rollout. We -- as you recall, we obsessively test our products to make sure that they work.

但同樣，它確實與我們所做的這些深入努力相結合。轉向推薦引擎，我們絕對期待這將是一個全球性的推廣。我們 - 正如您記得的那樣，我們著迷地測試我們的產品以確保它們有效。

We do that with different segments or in different geographies. So for this machine learning-based recommendation engine, we started it in certain markets in Western Europe, are seeing great results, which I'll speak about.

我們在不同的細分市場或不同的地區這樣做。因此，對於這個基於機器學習的推薦引擎，我們在西歐的某些市場啟動了它，看到了很好的結果，我將談到這一點。

And so now we are actively training the model in other geographies so that we can bring it globally as we use it for the Best Bees offering as an example that Whitney mentioned. We would expect over time that to be a global offering, not just a Western European offering.

因此，現在我們正在其他地區積極訓練該模型，以便我們可以將其推廣到全球，因為我們將其用於 Best Bees 產品，例如 Whitney 提到的。我們希望隨著時間的推移，這將成為全球產品，而不僅僅是西歐產品。

And the results that we're seeing, as you mentioned, are really quite substantial. We are seeing double-digit increases in match rates when you're presented with this sort of super compatible recommendation versus our already very good recommendation engine that we've got, the non-machine learning centric model.

正如您所提到的，我們看到的結果確實非常可觀。當您看到這種超級兼容的推薦與我們已經擁有的非常好的推薦引擎（非機器學習中心模型）相比時，我們看到匹配率出現兩位數的增長。

So we think that we're really adding a lot of incremental value on top of an already strong product, and that's what we think will allow us to monetize this further.

因此，我們認為我們確實在已經強大的產品之上增加了很多增量價值，這就是我們認為將使我們能夠進一步貨幣化的東西。

Your next question comes from Mark Kelley with Stifel.

你的下一個問題來自 Stifel 的 Mark Kelley。

Great. I want to ask you just about the marketing spend. I know Q1 is usually -- it steps up for you. With one of your main competitors commenting a fairly large brand campaign for one of their products, does that factor into how much you think you need to spend or maybe that -- maybe that doesn't?

偉大的。我想問你關於營銷支出的問題。我知道 Q1 通常是——它會為你提升。當你的一個主要競爭對手評論了他們的一種產品的相當大的品牌活動時，這是否會影響你認為你需要花多少錢，或者可能 - 也許不會？

But I would imagine you would argue that maybe that one product I'm talking about is not a perfect comp to yours, but any thoughts there would be great. And then second, just on the college focused product, is there a way to think about how many of those college users that you called out were incremental as a result of that launch?

但我想你會爭辯說，也許我正在談論的一種產品對你來說不是完美的產品，但任何想法都會很棒。其次，就專注於大學的產品而言，有沒有一種方法可以考慮你召集的那些大學用戶中有多少是由於該發布而增加的？

Sure, Mark. So on the marketing spend piece, we've always taken, and number one, a very organic approach to our marketing. The marketing on Bumble App, in particular, is very focused on the strength of the brand and the mission and all of the work that we've done since day 1 of founding the company, and a large amount of our acquisitions come in because of that organic.

當然，馬克。因此，在營銷支出方面，我們一直採用一種非常有機的營銷方法。特別是 Bumble App 的營銷非常注重品牌的實力和使命以及我們自成立公司第一天以來所做的所有工作，我們的大量收購是因為那個有機的。

So that remains core to how we think about marketing. On the sort of more discretionary pieces, the media-driven, the performance-driven pieces on top of that, we've operated and will continue to operate a very disciplined approach here. We're very ROI-centric.

因此，這仍然是我們思考營銷方式的核心。在更隨意的部分、媒體驅動的、性能驅動的部分上，我們已經並將繼續在這裡採用非常有紀律的方法。我們非常以投資回報率為中心。

You'll recall that we've got payback periods on our marketing spend that are very, very short, which allows us to really manage this at a pretty fine-tuned level. So with one or more competitors out there spending a lot, we're having to be more nimble and find opportunities to really go out and make sure we're not overpaying for certain types of inventory.

你會記得我們的營銷支出有非常非常短的投資回收期，這使我們能夠在一個非常微調的水平上真正地管理它。因此，由於一個或多個競爭對手在那里花費很多，我們必須更加靈活，找到真正走出去的機會，並確保我們不會為某些類型的庫存支付過高的費用。

But historically, when people have spent up, we haven't had a big concern about that, and we're not -- we are seeing a spend up in a number of regions. And we're not seeing a big concern as you can see our downloads continue to grow. So we feel very good that this disciplined approach and the heightened efficiency we build in the marketing is working.

但從歷史上看，當人們花錢時，我們對此並沒有太大的擔憂，我們也沒有——我們看到許多地區都在花錢。我們沒有看到一個大問題，因為您可以看到我們的下載量持續增長。因此，我們感覺非常好，這種有紀律的方法和我們在營銷中建立的更高效率正在發揮作用。

On the college side, a lot of the emphasis is on being able to speak to college students in a much more targeted way. So it's not really a user acquisition program at its core. What it is, is -- we're building the ability to offer a product experience that is different and customized. And that is -- and a marketing program that is customized as well.

在大學方面，很多重點是能夠以更有針對性的方式與大學生交流。所以它的核心並不是真正的用戶獲取程序。它是什麼——我們正在建立提供不同和定制的產品體驗的能力。那就是 - 以及定制的營銷計劃。

And so with the verification program, we're having that ability to offer, say, college bundles, virtual gifts on a very targeted basis. It is, we're finding, leading to word of mouth. Like, people like the experience and so that will lead over time, we think, to strengthening the depth that we've got with college students. Whitney, would you like to add anything?

因此，通過驗證程序，我們有能力在非常有針對性的基礎上提供大學禮包、虛擬禮物等。我們發現，這會導致口耳相傳。就像，人們喜歡這種體驗，所以我們認為，隨著時間的推移，這會加強我們與大學生的深度。惠特尼，你想補充什麼嗎？

I just want to add that we have such loyalty with the college audience. Our Honey program has been a standout in our marketing for years and it continues to grow. And so our relevance and our authentic residence with college students is something that we feel really cannot be replicated at this point.

我只想補充一點，我們對大學觀眾非常忠誠。多年來，我們的 Honey 計劃一直在我們的營銷中脫穎而出，並且還在不斷發展壯大。因此，我們的相關性和我們與大學生的真實住所是我們認為目前無法複製的東西。

For example, I myself -- on behalf of Bumble, I'm starting a college tour this Monday, where I'll be speaking directly with a lot of students. And so I feel like we have this really unique and authentic approach with Gen Z.

例如，我自己 - 代表 Bumble，我將於本週一開始大學巡迴演出，在那裡我將直接與很多學生交談。所以我覺得我們對 Z 世代有這種真正獨特和真實的方法。

Your next question comes from Ben Black with Deutsche Bank.

你的下一個問題來自德意志銀行的 Ben Black。

Great. Just sort of a follow-up to the last question. So your competitors are rebranding to better connect with Gen Z. So I'm curious to hear what's really driving your success across these users? Is it marketing? Is it product related?

偉大的。只是對最後一個問題的跟進。所以你的競爭對手正在重塑品牌以更好地與 Z 世代建立聯繫。所以我很想知道是什麼真正推動了你在這些用戶中取得成功？是營銷嗎？跟產品有關係嗎？

And how do you feel positioned competitively there? And then secondly, I think you're included in Google's User Choice Billing program. Curious how that potentially impacts you from a financial perspective, if at all. And how that could potentially help them a product launch or product flexibility standpoint?

你覺得那裡的競爭力如何？其次，我認為您已包含在 Google 的用戶選擇計費計劃中。如果有的話，很好奇從財務角度來看這對您有何潛在影響。從產品發布或產品靈活性的角度來看，這可能如何幫助他們？

This is Whitney. Thank you for your question. I'll start with Gen Z, and I'm going to weave women into that a bit as well. So as I said on my prior response, since the inception of Bumble, college has been such a huge pillar of our strategy.

這是惠特尼。謝謝你的問題。我將從 Z 世代開始，我也會將女性融入其中。因此，正如我在之前的回應中所說，自 Bumble 成立以來，大學一直是我們戰略的重要支柱。

And we have been able to consistently stay hyper relevant with that community and to really reinvent ourselves year-over-year or quarter after quarter. And we have this unique ability to connect with the freshman as much as we do with the seniors. We also have this strong resonance to graduate with them, right?

而且我們一直能夠始終與該社區保持高度相關，並逐年或逐季真正重塑自己。我們有這種獨特的能力，可以像與高年級學生一樣與新生建立聯繫。我們也有強烈的共鳴和他們一起畢業，對吧？

We've built ambassador programs even beyond college with the alumni. So we've also really now taken a super granular lens on building products designed to engage that audience better. So we are performing really well with this audience even prior to these optimizations.

我們已經與校友建立了大使計劃，甚至超越了大學。因此，我們現在也真正採取了超精細的視角來構建旨在更好地吸引受眾的產品。因此，即使在這些優化之前，我們在這些觀眾中的表現也非常好。

So we're feeling really good about the potential as we really iterate the product to be even more resonant with them. The one thing I do want to double-click on here, too, is Gen Z cares deeply about brands that are authentic and take a stance and are really mission oriented.

所以我們對潛力感覺非常好，因為我們真的迭代產品以與他們產生更多共鳴。我在這裡也想雙擊的一件事是，Z 世代非常關心真實、有立場、真正以使命為導向的品牌。

So this is something that is working very strongly in our favor. We have been a very mission-led, very customer-first brand for 8 years. And this is really resonant. So one other quick note on the Gen Z topic. Women, Gen Z, millennial or otherwise, this is our brand moat.

所以這是對我們非常有利的事情。 8 年來，我們一直是一個以使命為導向、以客戶為先的品牌。這真的很共鳴。所以關於 Z 世代主題的另一個快速說明。女性、Z 世代、千禧一代或其他人，這是我們的品牌護城河。

We have the brand strength and the identity that we do because we have built for women from day 1. And we are taking that lens with Gen Z as well. So this is not an opportunity for a competitor to just market or speak to women, that is something that cannot be replicated with a marketing strategy.

我們擁有品牌實力和身份，因為我們從第一天起就為女性打造。我們也將與 Z 世代一起拍攝。因此，對於競爭對手來說，這不是一個只進行營銷或與女性交談的機會，這是營銷策略無法複製的。

That's something that has to be authentically core to the DNA of a brand. And so I will tell you personally, this is something I feel we have a strong moat. And I'm really proud of our team for being able to sustain that. Tariq, would you like -- or Anu?

這必須真正成為品牌 DNA 的核心。所以我會親自告訴你，這是我覺得我們有一條強大的護城河。我為我們的團隊能夠維持這一點感到非常自豪。塔里克，你願意——還是阿努？

On User Choice Billing?

關於用戶選擇計費？

On User Choice Billing, we don't expect that to have any impact on margins, as you know. We will still end up paying in aggregate the 15% that we pay to date to Google Play. The composition of that is just going to be different. So from a margin perspective, we don't expect that, that will have any impact at all.

如您所知，在用戶選擇計費方面，我們預計這不會對利潤率產生任何影響。我們最終仍將總共支付迄今為止向 Google Play 支付的 15%。其組成將有所不同。因此，從利潤率的角度來看，我們預計不會產生任何影響。

We are still very much in testing phase of what User Choice Billing looks like. And so if we have any particular updates to share on that, we will in the subsequent quarters.

我們仍處於用戶選擇計費的測試階段。因此，如果我們有任何特定的更新要分享，我們將在隨後的幾個季度中分享。

Your next question comes from Deepak Mathivanan with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zack on for Deepak. I guess just first on just price increase potential. Obviously, we were kind of in an elevated inflation environment. We've seen several consumer subscription services kind of utilize the price increase lever over the past several months.

這是迪帕克的紮克。我想首先只是價格上漲的潛力。顯然，我們有點處於高通脹環境中。在過去的幾個月裡，我們已經看到一些消費者訂閱服務在某種程度上利用了價格上漲的槓桿。

So just curious how you're kind of thinking about pricing increases philosophically on the core Bumble side. And if that's the lever that you guys are kind of looking at to kind of pull this year? And then second, just you've outlined a robust product pipeline, geographic expansion. How should we think about kind of the head count growth needs this year?

所以很好奇你是如何從哲學上考慮核心 Bumble 方面的定價增加的。如果這是你們今年正在尋找的槓桿？其次，您剛剛概述了強大的產品線、地域擴張。我們應該如何考慮今年的人口增長需求？

So I'll start with the pricing question. I mean, price -- as we think about a price optimization and pricing analytics and price testing, they're all core to the DNA of Bumble.

所以我將從定價問題開始。我的意思是，價格——當我們考慮價格優化、定價分析和價格測試時，它們都是 Bumble DNA 的核心。

And it's something that we do on Bumble, Badoo and on Fruitz on a literally daily basis. And really are constantly trying to understand what is the elasticity a particular user might have and then adjust prices up or down as it maximizes revenue, to Anu's earlier point.

這是我們每天在 Bumble、Badoo 和 Fruitz 上做的事情。並且確實不斷地試圖了解特定用戶可能具有的彈性是什麼，然後根據 Anu 早先的觀點上下調整價格以實現收入最大化。

And so where we do see opportunities to increase and generate more revenue, by doing that, we will take advantage of that. Same on the flip side, right, where it's advantageous to decrease. I would say at the moment, we're not seeing a material change in appetite to pay or willingness to pay because of inflation.

因此，在我們確實看到增加和產生更多收入的機會的地方，通過這樣做，我們將利用它。另一方面，對，減少是有利的。我現在要說的是，我們沒有看到由於通貨膨脹而導致支付意願或支付意願發生實質性變化。

And there's, I think, 2 sides to that coin that other prices are going up, so you might have some more forgiveness, if you will, if you raise -- but wallets you're getting stretched. So it's a very segment-by-segment analysis that we go through, but we're -- it's a very active muscle that we exercise.

而且，我認為，這枚硬幣有兩個方面，其他價格正在上漲，所以如果你願意的話，你可能會有更多的寬恕，如果你提高——但你的錢包會吃緊。所以這是我們經歷的一個非常逐段的分析，但是我們 - 這是我們鍛煉的非常活躍的肌肉。

Yes. And I think second question was around head count and how we think about where we expect to invest this year. So like I said earlier, we do want to lean heavily into making sure that our products and the teams have the best talent that we need to continue to be an innovator in this space.

是的。我認為第二個問題是關於人數以及我們如何考慮我們今年預計投資的地方。所以就像我之前說的那樣，我們確實希望大力投入確保我們的產品和團隊擁有我們需要繼續成為這個領域的創新者所需的最優秀人才。

So all the stuff that you heard earlier around what sort of product road map monetization especially as it relates to newer things that we have around AI, machine learning, et cetera, et cetera, that -- those are areas of headcount we want to invest in.

所以你之前聽到的關於什麼樣的產品路線圖貨幣化的所有東西，特別是因為它與我們圍繞人工智能、機器學習等的新東西有關，這些都是我們想要投資的員工人數領域在。

We have a very sophisticated team already in place for things like pricing, revenue monetization, et cetera, et cetera, that we will be leveraging quite extensively. And again, remember, we operate from a shared platform infrastructure.

我們已經擁有一支非常成熟的團隊，負責定價、收入貨幣化等方面的工作，我們將廣泛利用這些團隊。再次記住，我們在共享平台基礎設施上運營。

So once we create a certain product initiative for Bumble, we are able to replicate it quite easily for Badoo and also take that learning in -- this year to Fruitz as well. So that's definitely a lot of synergy as you think about knowledge sharing that happens between the product and tech teams for each of these apps.

因此，一旦我們為 Bumble 創建了一個特定的產品計劃，我們就能夠很容易地為 Badoo 複製它，並將這種學習 - 今年也帶到 Fruitz。因此，當您考慮到每個應用程序的產品和技術團隊之間發生的知識共享時，這絕對是一個很大的協同作用。

From a marketing perspective, we've never been one of those companies that requires brand-new teams to show up in every market that we go to expand in. We are very, very nimble about how we think about growing in every market.

從營銷的角度來看，我們從來都不是那些需要全新團隊出現在我們要擴展的每個市場的公司之一。我們非常非常靈活地考慮如何在每個市場中發展。

We often talk a lot about on the ground field marketing, but that involves us hiring the local influencer on the ground that doesn't require us to go and hire headcount and big teams on the ground. So again, you'll see us continue to be very efficient from a geographic expansion and marketing spend perspective.

我們經常談論實地營銷，但這涉及到我們在實地僱用當地有影響力的人，而不需要我們去僱用當地的員工和大型團隊。因此，從地域擴張和營銷支出的角度來看，你會再次看到我們繼續非常高效。

And lastly, I will say, from a corporate infrastructure perspective, I think we have largely -- this is -- we've just completed 2 years of being public. We have largely built out. We have a couple of pockets here and there that we still have to sort of fully built up.

最後，我要說的是，從企業基礎設施的角度來看，我認為我們在很大程度上——這是——我們剛剛完成了 2 年的上市。我們已經基本建成了。我們在這里和那裡有幾個口袋，我們仍然需要完全建立起來。

But really, I think investment in G&A is largely done. And again, you should expect to see leverage as the next -- as this year goes by and obviously in the future as well.

但實際上，我認為對 G&A 的投資基本上已經完成。再一次，你應該期待看到下一個槓桿——隨著今年的過去，顯然在未來也是如此。

Your next question comes from Steve Koenig with SMBC.

你的下一個問題來自 SMBC 的 Steve Koenig。

That's pretty close. Yes, Steve Koenig. This one is probably for you, Whitney. I'm curious how you think about maybe dating app fatigue in your more mature markets? And how do you position Bumble as positive contributor to mental health, enjoyable and fruitful. Maybe just your kind of philosophy around that, that would be interesting?

那很接近了。是的，史蒂夫·科尼格。這一個可能是給你的，惠特尼。我很好奇您如何看待更成熟市場中的約會應用程序疲勞？您如何將 Bumble 定位為對心理健康、愉快和富有成效的積極貢獻者。也許只是你的那種哲學，那會很有趣嗎？

Yes. Thank you so much. So I just want to start by saying that we are extremely cognizant of the needs around dating and the needs around making it healthier, safer, kinder. I mean, this is our entire focus.

是的。太感謝了。所以我只想說，我們非常了解約會的需求，以及讓約會更健康、更安全、更友善的需求。我的意思是，這是我們的全部重點。

Our tagline as a company is kind connection. So I do want to just reemphasize that people are meeting online. That graph is only going up. People will continue to meet online. This is a resilient industry. I have been in this industry for 10 years, and I can tell you that the demand remains stronger than I've ever seen.

作為一家公司，我們的標語是友善的聯繫。所以我想再次強調人們在網上開會。該圖只會上升。人們將繼續在網上見面。這是一個有彈性的行業。我在這個行業已經 10 年了，我可以告訴你，需求仍然比我見過的更強勁。

That said, I am personally taking it on my shoulders to figure out how to make it an even more enjoyable, even safer, more accountable experience. How do we really deliver what women want. And by delivering what women want, we make it a more enjoyable experience for everyone.

也就是說，我個人肩負起解決如何使它成為更愉快、更安全、更負責任的體驗的責任。我們如何真正提供女性想要的東西。通過提供女性想要的東西，我們讓每個人都能享受到更愉快的體驗。

But I will tell you that there is no disintegration of the want or need to meet people. And actually meeting online is a quicker, more time efficient but also more economically efficient option for so many people. For people to get dressed up every night and go out to restaurants and bars where it's expensive and it's stressful, I mean that is just not the reality.

但我會告訴你，與人見面的慾望或需要不會瓦解。實際上，對於很多人來說，在線會面是一種更快、更省時但也更經濟的選擇。對於那些每天晚上都盛裝打扮去餐館和酒吧的人來說，那裡既昂貴又壓力大，我的意思是這不是現實。

And so there is still such a huge opportunity here to take this strong demand for love and connections, which -- that is incredibly durable in and of itself, but to really continuously optimize our already very unique product and just drive exceptional value with strong engagement growth and as you see record paying user additions, I think we offer a very compelling cost effective and really efficient alternative to the big spooky world of dating in the real world.

因此，這裡仍然有如此巨大的機會來利用對愛和聯繫的強烈需求，這本身就非常持久，但要真正持續優化我們已經非常獨特的產品，並通過強大的參與來推動非凡的價值增長，正如你所看到的創紀錄的付費用戶增加，我認為我們提供了一個非常有吸引力的成本效益和真正有效的替代方案，可以替代現實世界中可怕的約會世界。

So we are committed to this, and we feel that with our share gain in particularly women and Gen Z, we are poised to have a great year ahead.

因此，我們致力於此，並且我們認為，隨著我們在女性和 Z 世代中的份額增加，我們準備好迎接美好的一年。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

Operator, you can just conclude the call. Thank you.

接線員，您可以結束通話了。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。

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