Bumble Inc (BMBL) 2023 Q1 法說會逐字稿

Thank you for standing by. My name is Sydney, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bumble Q1 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. I now pass it over to Cherryl Valenzuela.

謝謝你的支持。我叫悉尼，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Bumble 2023 年第一季度收益電話會議。所有線路都已設為靜音以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）謝謝。我現在將其傳遞給 Cherryl Valenzuela。

Thank you, operator, and thank you all for joining us to discuss Bumble's first quarter financial results. With me today are Whitney Wolfe Herd, Founder and CEO; Tariq Shaukat, President; and Anu Subramanian, CFO of Bumble.

謝謝運營商，也感謝大家加入我們討論 Bumble 第一季度的財務業績。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. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement 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, 2022, and our subsequent periodic filings. 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的信念、假設和我們目前可獲得的信息的當前預期。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, 2022, 以及我們隨後的定期文件。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 指標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, Cheryl, and good afternoon, everyone. Thanks for joining.

謝謝謝麗爾，大家下午好。感謝您的加入。

We are off to a great start to the year, delivering strong revenue growth and paying user additions in Q1. Total Bumble Inc. revenue of $243 million grew 16% year-over-year and was at the high end of our guidance range.

我們今年開局不錯，在第一季度實現了強勁的收入增長和付費用戶增加。 Bumble Inc. 的總收入為 2.43 億美元，同比增長 16%，處於我們指導範圍的高端。

Revenue growth was fueled by both payers and ARPPU. Total paying users increased 15% to reach $3.5 million and our ARPPU grew to $22.83. We achieved strong profitability with adjusted EBITDA of $59 million, representing a 24% margin, which exceeded our expectations.

收入增長受到付款人和 ARPPU 的推動。付費用戶總數增長了 15%，達到 350 萬美元，我們的 ARPPU 增長到 22.83 美元。我們實現了強勁的盈利能力，調整後的 EBITDA 為 5900 萬美元，利潤率為 24%，超出了我們的預期。

Our results demonstrate that online dating remains a healthy, attractive and high-growth market driven by powerful secular trends on an increasingly global scale.

我們的結果表明，在日益全球化的強大長期趨勢的推動下，在線約會仍然是一個健康、有吸引力和高增長的市場。

According to a Stanford study, which was updated recently, online dating has surpassed more traditional mechanisms to become the top way for heterosexual adults in the U.S. to meet their romantic partners. This trend continues to grow in the U.S. as well as around the world, driven by advances in technology, digital first demographics, and shifting cultural norms.

根據斯坦福大學最近更新的一項研究，在線約會已經超越了更傳統的機制，成為美國異性戀成年人結識浪漫伴侶的首選方式。在技術進步、數字優先人口統計和不斷變化的文化規範的推動下，這種趨勢在美國和世界各地繼續增長。

We have bumble see this trend every day, and we feel very fortunate to be a rare technology business that brings people together in real life.

我們每天都在摸索這個趨勢，我們很幸運能成為一家難得的在現實生活中將人們聚集在一起的科技企業。

Earlier this week, the Surgeon General issued an advisory calling attention to the devastating impact of the epidemic of loneliness, isolation, and lack of connection in the United States. In the face of this public health crisis, our work is more critical and more important than ever before.

本週早些時候，衛生局局長發布了一項諮詢，呼籲人們注意孤獨、孤立和缺乏聯繫這種流行病在美國造成的破壞性影響。面對這場公共衛生危機，我們的工作比以往任何時候都更加關鍵和重要。

Just the other day, the team and I had the chance to dig through overflowing boxes of engagement, wedding, and baby shower invitations that have been sent by successful bumble users to our headquarters in Austin. It is so rewarding to see the impact on the community that our products, team and our mission brings to life.

就在前幾天，我和我的團隊有機會翻閱由成功的 bumble 用戶發送到我們位於奧斯汀的總部的訂婚、婚禮和迎嬰派對請柬。看到我們的產品、團隊和我們的使命對社區產生的影響，真是令人欣慰。

This also speaks to the ongoing market momentum we see. Bumble, Badoo, and Fruitz remain among the leading apps in their core markets. This is reflected in the strong underlying demand we have seen in 2023 to date with encouraging registration and download trends in most of our global markets as well as the continued success of our brand, product, and monetization initiatives.

這也說明了我們看到的持續市場勢頭。 Bumble、Badoo 和 Fruitz 仍然是其核心市場中的領先應用程序。這反映在我們在 2023 年迄今為止看到的強勁潛在需求中，我們大多數全球市場的註冊和下載趨勢令人鼓舞，以及我們的品牌、產品和貨幣化計劃持續取得成功。

Our team is delivering these results with a strong focus on operational efficiency. Over the last several years, we have been committed to expanding margins that have placed a high emphasis on managing our OpEx growth.

我們的團隊在交付這些成果時非常注重運營效率。在過去的幾年裡，我們一直致力於擴大利潤率，這些利潤率高度重視管理我們的運營支出增長。

We have demonstrated that our playbook, focusing on durable growth delivers strong global expansion and high-quality user experiences. We have maintained a approach even in the face of elevated competitive marketing spend. While operating efficiently, we remain committed to investing for the future.

我們已經證明，我們專注於持久增長的劇本可帶來強勁的全球擴張和高質量的用戶體驗。即使面對競爭性營銷支出的增加，我們也保持了一種方法。在高效運營的同時，我們仍致力於為未來投資。

There's a lot of talk about AI these days, and our teams are active in a number of areas. For us, this is not a new topic for focus. For years, we have been leveraging AI in our apps across safety, content moderation, our recommendations engine, and our personalization and monetization efforts. These results have driven real impact across the user experience.

現在有很多關於 AI 的討論，我們的團隊活躍在許多領域。對於我們來說，這並不是一個需要關注的新話題。多年來，我們一直在我們的應用程序中利用 AI，涵蓋安全、內容審核、推薦引擎以及個性化和貨幣化工作。這些結果對整個用戶體驗產生了真正的影響。

For example, the new AI-first algorithm that we mentioned last quarter increases the probability of a woman's saying yes to a profile by 5x. This is just the tip of the iceberg in using AI to improve our curation and the quality of the connections that we can make. Our product, engineering, and marketing teams are baking AI into their key initiatives instead of it being a side show.

例如，我們上個季度提到的新人工智能優先算法將女性對個人資料說“是”的概率提高了 5 倍。這只是使用 AI 改進我們的管理和我們可以建立的連接質量的冰山一角。我們的產品、工程和營銷團隊正在將 AI 融入到他們的關鍵計劃中，而不是將其作為邊秀。

For example, there are active efforts looking at how we can use the available toolkits to improve our marketing and software development effectiveness. We're also in the early stages of exploring AI assistance to help you improve your bio, get first date recommendations, or select the best photos to showcase on your profile among many other optimization opportunities. We look forward to providing updates in the future.

例如，我們正在積極研究如何使用可用的工具包來提高我們的營銷和軟件開發效率。我們還處於探索 AI 協助的早期階段，以幫助您改善個人履歷、獲得首次約會建議或選擇最佳照片以在您的個人資料中展示，以及許多其他優化機會。我們期待在未來提供更新。

Now let me turn to updates for each of our apps.

現在讓我談談我們每個應用程序的更新。

First, Bumble app. In Q1, Bumble app revenue reached $194 million with 98,000 sequential net adds in paying users. These results are a reflection of strong execution against the strategic priorities that I outlined in our last earnings call, namely international expansion, product innovation, and safety by design as well as robust top-of-funnel demand.

首先，Bumble 應用程序。第一季度，Bumble 應用收入達到 1.94 億美元，付費用戶連續淨增 98,000 人。這些結果反映了我在上次財報電話會議上概述的戰略重點的強有力執行，即國際擴張、產品創新和設計安全以及強勁的漏斗頂部需求。

Starting with international expansion. We continued our market momentum with download share gains across both core and new markets across all of our priority regions, including Western Europe, Latin America, and India. This is in spite of very elevated levels of marketing spend that we're seeing from our global competitors. We are very proud of the results our team has driven in this environment while maintaining the spend and ROI discipline that we are known for.

從國際擴張開始。在我們所有優先區域（包括西歐、拉丁美洲和印度）的核心市場和新市場，我們繼續保持市場勢頭，下載份額有所增加。儘管我們從我們的全球競爭對手那裡看到了非常高的營銷支出水平。我們為我們的團隊在這種環境中取得的成果感到非常自豪，同時保持了我們眾所周知的支出和投資回報率紀律。

Looking at downloads for the full quarter in Q1, Bumble was the most downloaded dating app in the U.K. and Canada, in a virtual tie in Germany, and a strong second place position in the U.S., France, and Benelux. We continue to maintain a strong traction in India and our key markets in Latin America and Southeast Asia.

從第一季度整個季度的下載量來看，Bumble 是英國和加拿大下載次數最多的約會應用程序，在德國虛擬並列，在美國、法國和比荷盧經濟聯盟位居第二。我們繼續在印度以及我們在拉丁美洲和東南亞的主要市場保持強大的吸引力。

As a reminder, our marketing playbook is focused on building durable organic market positions on the strong foundation of our authentic women-led safety-first brand. Our next brand favorability with women in the U.S., U.K. and France, especially for the critical Gen Z segment is the highest of all major dating apps tracked by Morning Consult, the independent brand research group.

提醒一下，我們的營銷手冊專注於在我們以女性為主導的安全第一品牌的堅實基礎上建立持久的有機市場地位。我們的下一個品牌對美國、英國和法國女性的好感度，尤其是對於關鍵的 Z 世代細分市場而言，是獨立品牌研究小組 Morning Consult 追踪的所有主要約會應用程序中最高的。

This results in strong download share that translates into retained active users, high levels of engagement, customer success and word of mouth, and robust revenue growth. We are also on track with Bumble's exciting product road map this year.

這導致強大的下載份額轉化為保留的活躍用戶、高參與度、客戶成功和口碑，以及強勁的收入增長。今年，我們也正按照 Bumble 令人興奮的產品路線圖走上正軌。

While we continue to focus on refinements of our existing products and further optimizations across pricing, targeting, and user experience, delivering new product innovation is critical to our brand strength and long-term growth. Here's a recap of some recent highlights.

在我們繼續專注於改進現有產品並進一步優化定價、定位和用戶體驗的同時，提供新產品創新對我們的品牌實力和長期增長至關重要。下面是一些近期亮點的回顧。

In Q1, we completed the full rollout of complements in all markets. We are seeing revenue contribution continuing to ramp, and we're now focused on accelerating adoption of this feature as well as driving incremental paying user growth. We are live in several key markets with our best fees offering.

在第一季度，我們在所有市場完成了互補品的全面推出。我們看到收入貢獻繼續增加，我們現在專注於加速採用此功能以及推動增量付費用戶增長。我們在幾個主要市場提供最好的收費服務。

As I mentioned earlier, this offering uses our new AI algorithm to provide a higher level of curation for our members. Available today in a number of markets in Western Europe, we're excited by the early traction that we're seeing in terms of high levels of user engagement and matching. We are testing both subscription and consumable-based monetization approaches for this and expect to accelerate rollout over the next several months.

正如我之前提到的，此產品使用我們新的 AI 算法為我們的會員提供更高級別的管理。今天在西歐的許多市場上都有售，我們對在高水平用戶參與和匹配方面看到的早期牽引力感到興奮。為此，我們正在測試基於訂閱和基於消耗品的貨幣化方法，並期望在未來幾個月內加速推出。

We have also seen positive results from enhancements that we have made to our speed dating feature. This enables members to meet and chat in an anonymous and more playful and low stakes format first before they're prompted to match. We've been able to increase the frequency of these events without losses in participation while simultaneously exploring monetization through both sponsorship and ticketed events.

我們還看到了我們對快速約會功能所做的改進所帶來的積極成果。這使成員能夠在被提示匹配之前首先以匿名且更有趣和低風險的形式會面和聊天。我們已經能夠在不損失參與度的情況下增加這些活動的頻率，同時通過贊助和票務活動探索貨幣化。

As we always do, we are actively experimenting with a number of new user engagement and monetization initiatives. These are generally small-scale experiments that let us learn how to improve the health of our business. A good example of this is a new product we're testing, which is a potential subscription tier priced below bumble boost and aimed at Gen Z users.

一如既往，我們正在積極嘗試一些新的用戶參與和貨幣化計劃。這些通常是小規模的實驗，讓我們了解如何改善我們業務的健康狀況。一個很好的例子是我們正在測試的新產品，這是一個潛在的訂閱層，價格低於 bumble boost 並且針對 Gen Z 用戶。

The emphasis is on offering new services to help our users better express themselves, whether that be through additional compatibility assessments, stickers, virtual gifts, and photo effects. We expect to roll this out later this year and into 2024.

重點是提供新服務來幫助我們的用戶更好地表達自己，無論是通過額外的兼容性評估、貼紙、虛擬禮物和照片效果。我們預計將在今年晚些時候推出，直至 2024 年。

And as always, we will do all of this with the safety by design approach. We will continue to take a comprehensive approach across product policy, partnerships, and people to ensure that our users, especially women, continue to feel safe and empowered on our apps.

與往常一樣，我們將以安全源於設計的方式來完成所有這些工作。我們將繼續在產品政策、合作夥伴關係和人員方面採取全面的方法，以確保我們的用戶，尤其是女性，繼續在我們的應用程序中感到安全和強大。

Now turning to Badoo. Badoo and other revenue totaled $49 million, down 13% year-over-year. We remain confident in Badoo as it remains the leader in key markets and a top three app in many countries across Europe and Latin America. The deal continues to be one of the top-rated scale dating apps on the App Store and on the Google Play store.

現在轉向Badoo。 Badoo 和其他收入總計 4900 萬美元，同比下降 13%。我們仍然對 Badoo 充滿信心，因為它仍然是主要市場的領導者，並且在歐洲和拉丁美洲的許多國家/地區中排名前三。該交易仍然是 App Store 和 Google Play 商店中評價最高的規模約會應用程序之一。

While we still have work to do to further stabilize Badoo and return it to growth, we are encouraged to see registration and reengage users growing in several key markets. Our focus remains on shoring up retention and increasing engagement by focusing on quick, authentic, and feel-good connections, which are the hallmark features of Badoo and what its loyal users love most about the platform.

雖然我們仍有工作要做以進一步穩定 Badoo 並使其恢復增長，但我們很高興看到註冊用戶和重新參與的用戶在幾個關鍵市場中不斷增長。我們的重點仍然是通過專注於快速、真實和感覺良好的聯繫來提高保留率和增加參與度，這是 Badoo 的標誌性特徵，也是其忠實用戶最喜歡該平台的地方。

We are currently testing a new Vado experience built around different discovery mechanics, which significantly speeds up the time it takes to get a quality connection.

我們目前正在測試圍繞不同發現機制構建的新 Vado 體驗，這大大加快了獲得高質量連接所需的時間。

Finally, on Fruitz. The team continues to execute well on their product road map, demonstrating strong growth in its core French-speaking markets. We believe the power of this product with Gen Z remains a unique differentiator, and we're also incorporating lessons learned from it in Bumble and Badoo.

最後，關於 Fruitz。該團隊繼續在其產品路線圖上執行良好，展示了其核心法語市場的強勁增長。我們相信 Z 世代的這款產品的強大功能仍然是一個獨特的差異化因素，我們還在 Bumble 和 Badoo 中吸取了從中吸取的經驗教訓。

For example, we have leveraged some of Fruitz' Gen-Z pricing and targeting strategies in Bumble. The Fruitz product road map is very exciting, drawing on experiences that are gaining traction in social media apps, and we believe these innovations will help it drive even greater market share in its home markets.

例如，我們在 Bumble 中利用了 Fruitz 的一些 Gen-Z 定價和定位策略。 Fruitz 的產品路線圖非常令人興奮，借鑒了在社交媒體應用程序中越來越受歡迎的經驗，我們相信這些創新將幫助它在其本土市場推動更大的市場份額。

In Q2 and Q3, Fruitz will also be taking its first steps into global expansion. Again, emphasizing the organic growth model that leads to a durable market position and favorable economics.

在第二季度和第三季度，Fruitz 也將邁出全球擴張的第一步。再次強調有機增長模式可以帶來持久的市場地位和有利的經濟效益。

In closing, our mission today remains the same as it was when I founded Bumble App in 2014. The to make relationships better, more equitable, and healthier for women in an effort to make relationships better for everyone. I firmly believe that we are making progress towards that mission every day on a global scale.

最後，我們今天的使命與我在 2014 年創立 Bumble App 時相同。為女性打造更好、更公平、更健康的人際關係，努力讓每個人的人際關係都更好。我堅信，我們每天都在全球範圍內朝著這一使命取得進展。

The demand for love and connection is stronger now than ever before, and we believe our products deliver for this demand in a unique, safe, kind, and differentiated way with strong customer loyalty. I am fully committed to this vision over the long term. I have never been more excited about the future of our business.

現在對愛和聯繫的需求比以往任何時候都更加強烈，我們相信我們的產品以獨特、安全、親切和差異化的方式滿足這種需求，並具有強大的客戶忠誠度。從長遠來看，我完全致力於實現這一願景。我對我們業務的未來從未如此興奮過。

Deep gratitude and thanks to Team Bumble Inc., as always, for your dedication and hard work and to our customers, partners and investors for your continued trust and support. With that, I will now turn it over to Anu for a discussion on our financial results and outlook.

深表感謝，感謝 Team Bumble Inc. 一如既往的奉獻和辛勤工作，也感謝我們的客戶、合作夥伴和投資者一直以來的信任和支持。有了這個，我現在將把它交給 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 first quarter results before turning to our outlook for Q2 and full year 2023. Unless stated otherwise, all comparisons are on a year-over-year basis.

謝謝惠特尼，大家下午好。在轉向我們對第二季度和 2023 年全年的展望之前，我將首先討論我們的第一季度業績。除非另有說明，否則所有比較都是按年進行的。

Total Bumble Inc. revenue in Q1 was $243 million, up 16% and at the high end of our guidance. FX was a $7 million headwind for the quarter, and combined with headwinds from the war in Ukraine impacted our growth rate negatively by 5 percentage points. Total Bumble Inc. revenue was driven by paying user growth of 15%, primarily from Bumble app and ARPPU growth of 1%.

Bumble Inc. 第一季度的總收入為 2.43 億美元，增長 16%，處於我們指導的高端。外匯是本季度 700 萬美元的逆風，再加上烏克蘭戰爭的逆風，對我們的增長率產生了 5 個百分點的負面影響。 Bumble Inc. 的總收入受到 15% 的付費用戶增長的推動，主要來自 Bumble 應用程序和 1% 的 ARPPU 增長。

Revenue from Bumble app was above the high end of our guidance range at $194 million, up 26%. FX headwinds negatively impacted growth by 3 percentage points. Bumble app revenue growth was driven by a 31% increase in paying users to $2.3 million. On a sequential basis, we added 98,000 paying users resulting from strong growth in monthly active users as well as increases in payer penetration.

Bumble 應用程序的收入高於我們指導範圍的上限，為 1.94 億美元，增長 26%。外匯逆風對增長產生了 3 個百分點的負面影響。 Bumble 應用收入增長的推動因素是付費用戶增長 31% 至 230 萬美元。由於每月活躍用戶的強勁增長以及付費用戶滲透率的提高，我們按順序增加了 98,000 名付費用戶。

Bumble apps' ARPPU was $27.93, down 4% year-over-year. This was primarily driven by FX headwinds and impact from country mix.

Bumble 應用的 ARPPU 為 27.93 美元，同比下降 4%。這主要是受外匯逆風和國家組合的影響所推動。

Now moving on to Badoo App and other. Badoo App and other revenue was $49 million, down 13%. In aggregate, FX headwinds and the Ukraine conflict impacted our growth rate negatively by 9 percentage points. Badoo App and other paying users, excluding Fruitz, declined 7% to $1.1 million, excluding the impact of our exit from Russia and Belarus, Badoo paying users would have grown over 2%.

現在轉向 Badoo App 和其他。 Badoo App 和其他收入為 4900 萬美元，下降 13%。總體而言，外匯逆風和烏克蘭衝突對我們的增長率產生了 9 個百分點的負面影響。 Badoo App 和其他付費用戶（不包括 Fruitz）下降了 7% 至 110 萬美元，如果不考慮我們退出俄羅斯和白俄羅斯的影響，Badoo 付費用戶將增長超過 2%。

As Whitney mentioned, we believe we are making progress in stabilizing the do. On a sequential basis, paying users dropped 47,000 in Q1. Badoo app and other ARPPU, excluding Fruitz, declined 7% to $12.47 primarily due to FX.

正如惠特尼所提到的，我們相信我們在穩定 do 方面正在取得進展。按順序計算，第一季度付費用戶減少了 47,000。 Badoo 應用程序和其他 ARPPU（不包括 Fruitz）下降 7% 至 12.47 美元，這主要是受外匯影響。

Turning now to expenses. We are more focused than ever on managing the business profitably with a high bar for incremental spend and headcount. We are pleased with the progress we have made in the first quarter towards our margin goals for the year while also achieving our top line objectives. We continue to believe we have room for further leverage in our business and remain committed to expanding margins in the long term.

現在轉向費用。我們比以往任何時候都更加專注於以高標準增加支出和員工人數，以盈利方式管理業務。我們對第一季度在實現全年利潤率目標以及實現營收目標方面取得的進展感到滿意。我們仍然相信我們有進一步利用業務的空間，並繼續致力於擴大長期利潤率。

Total GAAP operating costs and expenses were $234 million for the quarter. On a non-GAAP basis, excluding stock-based compensation and other noncash or onetime items, our total non-GAAP operating expenses were $184 million, up 15%. Cost of revenue was $69 million and grew 27%.

本季度 GAAP 運營成本和支出總額為 2.34 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 運營總支出為 1.84 億美元，增長 15%。收入成本為 6900 萬美元，增長 27%。

The increase was primarily driven by higher app store fees as revenues have grown as well as shift away from third-party billing to Google Play on Android. As a percentage of revenue, cost of revenue was 29% versus 26% in the year ago period.

這一增長主要是由於收入增長導致應用商店費用增加，以及從第三方計費轉向 Android 上的 Google Play。作為收入的百分比，收入成本為 29%，而去年同期為 26%。

Sales and marketing expenses grew 3% to $60 million. This represents 25% of revenue versus 28% in the year ago period as we focused on efficiency and marketing spend during the quarter and stayed disciplined on ROI thresholds across all campaigns.

銷售和營銷費用增長 3% 至 6000 萬美元。這佔收入的 25%，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，並在所有活動中遵守投資回報率閾值。

G&A expenses were $32 million or 13% of revenue compared to $30 million or 14% of revenue last year. Product development expenses were $23 million or 9% of revenue versus $18 million or 9% in the year ago period. Q1 GAAP net loss was $2 million compared to net income of $24 million in the year ago period.

G&A 費用為 3200 萬美元，佔收入的 13%，而去年為 3000 萬美元，佔收入的 14%。產品開發費用為 2300 萬美元，佔收入的 9%，而去年同期為 1800 萬美元，佔收入的 9%。第一季度 GAAP 淨虧損為 200 萬美元，而去年同期的淨收入為 2400 萬美元。

Q1 adjusted EBITDA was $59 million, up 19% and represented a 24% adjusted EBITDA margin. We ended the quarter with a cash and cash equivalent balance of approximately $389 million, down from Q4, primarily due to timing of receipts.

第一季度調整後的 EBITDA 為 5900 萬美元，增長 19%，調整後的 EBITDA 利潤率為 24%。我們在本季度結束時的現金和現金等價物餘額約為 3.89 億美元，低於第四季度，這主要是由於收據的時間安排所致。

Now moving on to our financial outlook for Q2 and full year 2023.

現在轉向我們對第二季度和 2023 年全年的財務展望。

For Q2, we expect the following: total revenue between $254 million and $258 million, representing a growth rate of 17% year-over-year at the midpoint of our range. We expect Bumble app revenue to be between $205 million and $208 million, representing a growth rate of 23% year-over-year at the midpoint.

對於第二季度，我們預計：總收入在 2.54 億美元至 2.58 億美元之間，按我們範圍的中點計算，同比增長率為 17%。我們預計 Bumble 應用程序的收入將在 2.05 億美元至 2.08 億美元之間，中點同比增長率為 23%。

Our Bumble app revenue guidance includes expectations for sequential net adds of approximately 120,000 to 130,000 in Q2. We expect Badoo sequential net adds to be flat to slightly positive in Q2. We estimate adjusted EBITDA will be between $62 million and $64 million, representing 25% margin at the midpoint of the range.

我們的 Bumble 應用收入指引包括對第二季度連續淨增加約 120,000 至 130,000 的預期。我們預計第二季度 Badoo 的連續淨增加持平至略為正。我們估計調整後的 EBITDA 將在 6200 萬美元至 6400 萬美元之間，相當於該範圍中點 25% 的利潤率。

For full year 2023, our view on full year expectations has not changed since our last earnings call. We maintain our estimate for total Bumble Inc. revenue to grow between 16% to 19% year-over-year. We are pleased with the performance of Bumble apps so far, and we maintain our expectations for revenue growth rate of between 22% to 25%.

對於 2023 年全年，自上次財報電話會議以來，我們對全年預期的看法沒有改變。我們維持對 Bumble Inc. 總收入同比增長 16% 至 19% 的預期。到目前為止，我們對 Bumble 應用程序的表現感到滿意，我們維持對收入增長率在 22% 至 25% 之間的預期。

With regard to full year adjusted EBITDA, we expect at least 100 basis points of year-over-year margin expansion.

關於全年調整後的 EBITDA，我們預計利潤率同比至少增長 100 個基點。

Today, we announced that our Board of Directors has authorized a share repurchase program for up to $150 million of our outstanding Class A common stock. We have a strong liquidity position with low net leverage and continue to generate free cash flow.

今天，我們宣布，我們的董事會已批准一項股票回購計劃，回購我們已發行的 A 類普通股的金額高達 1.5 億美元。我們擁有強大的流動性頭寸和低淨槓桿，並繼續產生自由現金流。

Our priorities from a capital allocation perspective remains to invest in growing the business organically as well as in pursuing M&A opportunistically. Beyond these investment opportunities, the share buyback program provides us flexibility and allows us to return capital back to shareholders.

從資本配置的角度來看，我們的首要任務仍然是投資於有機增長的業務以及機會主義的併購。除了這些投資機會，股票回購計劃為我們提供了靈活性，並允許我們將資本返還給股東。

To summarize, we achieved strong top line growth this past quarter while staying disciplined with our expenses. We believe we are in a good position to continue gaining market share amidst a dynamic and competitive environment, and we are excited about our product road map for the year.

總而言之，我們在上個季度實現了強勁的收入增長，同時保持了對支出的自律。我們相信，在充滿活力和競爭激烈的環境中，我們處於繼續獲得市場份額的有利位置，我們對今年的產品路線圖感到興奮。

We plan to carry forward this business momentum we have built in the first quarter through the rest of the year. Thank you. And with that, operator, we can open it up for Q&A.

我們計劃將我們在第一季度建立的這一業務勢頭延續到今年剩餘時間。謝謝。有了它，接線員，我們就可以打開它進行問答了。

Thank you. (Operator Instructions) Our first question comes from Alexandra Steiger.

謝謝。 （操作員說明）我們的第一個問題來自 Alexandra Steiger。

Could you maybe dive a little deeper into the progress you're making in the various international markets developed versus emerging given the elevated competitive marketing spending you mentioned? And how should we think about the pace and cadence of new market launches versus prioritizing existing regions for the remainder of the year?

考慮到您提到的競爭性營銷支出增加，您能否更深入地了解您在發達的各個國際市場與新興市場取得的進展？我們應該如何考慮新市場推出的速度和節奏，而不是在今年剩餘時間內優先考慮現有地區？

And then maybe second, can you just remind us of your philosophy around pricing increases or optimization? Is there room to optimize pricing in this type of environment?

然後也許其次，你能提醒我們你關於價格上漲或優化的理念嗎？在這種環境下是否有優化定價的空間？

Alex, it's Tariq. Thanks so much for the question, and I'll try and tackle both of those.

亞歷克斯，我是塔里克。非常感謝您提出這個問題，我會嘗試解決這兩個問題。

I think as it relates to international expansion, we remain very pleased with the progress that we're making in our international markets. I think it continues to be a source of strength for the business. And we are seeing, as Whitney mentioned, we're seeing continued traction from a download share standpoint as well as just continued absolute levels of growth really throughout Western Europe, throughout the markets we've launched in Latin America, in India, and in Southeast Asia.

我認為這與國際擴張有關，我們對我們在國際市場上取得的進展仍然非常滿意。我認為它仍然是企業力量的源泉。正如惠特尼所說，我們看到，從下載份額的角度來看，我們看到了持續的牽引力，以及真正在整個西歐、在我們在拉丁美洲、印度和美國推出的市場中持續的絕對增長水平。東南亞。

We are seeing that our focus on what we internally refer to as durable growth, meaning this notion of "let's build an organic base in these countries, let's make sure that we do that in a way that generates the word of mouth and virality that we need in these countries so that you build resilience and robustness into the growth model." That model really does work and continues to work really well.

我們看到我們關注的是我們內部稱為持久增長的東西，這意味著“讓我們在這些國家建立有機基地，讓我們確保我們以產生口碑和病毒式傳播的方式做到這一點”這些國家需要這樣你才能在增長模式中建立彈性和穩健性。”該模型確實有效，並且會繼續很好地發揮作用。

It has made us, we think, quite resilient in the face of very elevated levels of marketing spend that a number of our competitors are putting into market. And what we've seen is even when you do see those elevated levels of spend, it's not really diminishing the trajectory that Bumble has in those markets. So we feel very good about our position.

我們認為，它使我們在面對許多競爭對手投入市場的營銷支出水平非常高的情況下相當有彈性。我們所看到的是，即使您確實看到支出水平上升，也並沒有真正削弱 Bumble 在這些市場中的發展軌跡。因此，我們對自己的立場感到非常滿意。

And again, our focus is very much on getting the downloads and converting those users into active users who are willing to engage at a high-quality level and are eventually willing to monetize. So we're very pleased with that.

同樣，我們的重點非常放在獲取下載量並將這些用戶轉化為願意以高質量水平參與並最終願意貨幣化的活躍用戶。所以我們對此非常滿意。

In terms of the cadence, we are pleased with the progress we've made in Western Europe. There's a couple of more countries in Western Europe, where we've got some more work to do. We launched Spain later in the year last year, we're continuing to focus there. Italy, the Nordics, in some parts of Central Europe are a real focus this year. But I do want to reiterate that the job is only just getting started when we launch into a market, and it really is about building depth in that market.

就節奏而言，我們對我們在西歐取得的進展感到滿意。西歐還有幾個國家，我們在這些國家還有更多工作要做。我們在去年晚些時候推出了西班牙，我們將繼續關注那裡。意大利、北歐、中歐部分地區是今年真正的焦點。但我確實想重申，當我們進入一個市場時，這項工作才剛剛開始，而這實際上是關於在該市場建立深度。

That's the million-dollar question, if you will, until we're really focusing on that you'll see us continue the focus we have on parts of Latin America and Southeast Asia as well, but really, the primary emphasis is Western Europe.

這是一個價值百萬美元的問題，如果你願意的話，在我們真正關注這個問題之前你會看到我們繼續關注拉丁美洲和東南亞的部分地區，但實際上，主要重點是西歐。

In terms of pricing, I think we mentioned this in the last call, but one of the real core strengths that we probably haven't said all that much about is the data analytics foundation that we've got inside of the company.

在定價方面，我認為我們在上次電話會議中提到了這一點，但我們可能沒有說太多的真正核心優勢之一是我們在公司內部擁有的數據分析基礎。

We've got just an amazing platform that we've been overhauling over the last couple of years that allows us to do a level of personalization, a level of personalized data analytics, and as a result, price optimization at a very, very fine-tuned level. This is something that has really fueled the company historically, and it's something that we are constantly working on.

我們有一個了不起的平台，我們在過去幾年裡一直在徹底改造它，使我們能夠進行一定程度的個性化，一定程度的個性化數據分析，從而以非常非常好的價格優化-調整水平。這是歷史上真正推動公司發展的事情，也是我們一直在努力的事情。

We think that it's a large part of the story to date that you've seen in Bumble and Badoo, and it will continue to be a large part of the story moving forward as well.

我們認為這是迄今為止您在 Bumble 和 Badoo 中看到的故事的很大一部分，並且它也將繼續成為故事向前發展的很大一部分。

Your next question comes from Cory Carpenter.

你的下一個問題來自 Cory Carpenter。

Thanks for the questions. On the Bumble app 2023 outlook, Anu, could you just talk about your latest thinking around expected contribution of net adds versus ARPPU? I think you previously talked about a 450,000 to 500,000 range as well as the cadence of that through the year.

感謝您的提問。關於 Bumble 應用程序 2023 年展望，Anu，您能否談談您對淨增加與 ARPPU 的預期貢獻的最新想法？我想你之前談到了 450,000 到 500,000 的範圍以及全年的節奏。

And then nonfinancial related, one of your competitors is raising prices and they're losing some subscribers as a result. Curious if you view this as an opportunity to take share? Or maybe if there is evidence already that perhaps view that some of those users are moving over to Bumble?

然後與非財務相關，您的一個競爭對手正在提高價格，結果他們正在失去一些訂戶。想知道您是否將此視為分享的機會？或者如果已經有證據表明其中一些用戶正在轉向 Bumble？

Sure. Cory, thanks for the question. So I think as I said in my prepared remarks, we are for Bumble as maintaining our full year revenue cadence of 22% to 25%. That also translates to our net add expectations. So we still expect the 450,000 to 500,000 net adds for the full year that we had guided to.

當然。科里，謝謝你的提問。因此，我認為正如我在準備好的發言中所說，我們希望 Bumble 保持 22% 至 25% 的全年收入節奏。這也轉化為我們的淨增加預期。因此，我們仍然預計我們指導的全年淨增加 450,000 至 500,000。

For Q1, we had said we would do between 90,000 to 95,000. We're very happy that we came in just a little bit higher than that at 98,000. We are expecting for Q2, we will be between 120,000 to 130,000. And then Q3, we expect we will be above that. And then from a seasonal perspective, Q4, as you all know, we will be slightly lower than where we end up in Q3.

對於第一季度，我們曾說過我們會在 90,000 到 95,000 之間進行。我們很高興我們的成績比 98,000 略高一點。我們預計第二季度將在 120,000 到 130,000 之間。然後是第三季度，我們預計我們會超過這個水平。然後從季節性的角度來看，眾所周知，第四季度我們將略低於第三季度的水平。

So that's the cadence of what we are expecting. Again, this is very similar to what we had talked about in our previous earnings calls and nothing really has changed. I think we've been very happy with how the business has moved on and excited about the product road map that Whitney talked about earlier. So we'll obviously share more.

這就是我們所期待的節奏。同樣，這與我們在之前的財報電話會議上談到的非常相似，並沒有真正改變。我認為我們對業務的發展方式感到非常高興，並對惠特尼之前談到的產品路線圖感到興奮。所以我們顯然會分享更多。

In terms of ARPPU, again, I think for the full year, we are expecting that ARPPU will come in maybe slightly lower than the 2022 average ARPPU that you saw. But as we always say on a practical basis, our goal is always to make sure that we are maximizing payers and ARPPU for each product that we put out based on what is relevant and what is important for that product experience to look like.

就 ARPPU 而言，我認為對於全年，我們預計 ARPPU 可能會略低於您看到的 2022 年平均 ARPPU。但正如我們總是在實踐基礎上所說的那樣，我們的目標始終是確保我們根據相關性和對產品體驗的重要性，為我們推出的每種產品最大化付款人和 ARPPU。

So obviously, there are all these puts and takes between payers and ARPPU to some extent. But largely, I think what I just talked about should very much hold through. And then maybe I'll just also mention for Badoo.

很明顯，在某種程度上，付款人和 ARPPU 之間存在所有這些看跌期權。但在很大程度上，我認為我剛才談到的應該非常有效。然後也許我還會提到 Badoo。

From a net adds perspective, we had guided to about negative $50,000 for Q1. We came in at negative $47,000 a we feel pretty good that we will be in sort of stable to positive territory in terms of net adds for Badoo. So we're sort of pleased with how the business there has been performing.

從淨增加的角度來看，我們已將第一季度引導至負 50,000 美元左右。我們的收入為負 47,000 美元，我們感覺非常好，就 Badoo 的淨增加而言，我們將處於穩定到正的區域。因此，我們對那裡的業務表現感到滿意。

We definitely have work to do that, but we definitely feel like it's on the right path. So yes, that's the update on your fourth question, I'll pass it over to Tariq to talk about the pricing.

我們肯定有工作要做，但我們絕對覺得這是在正確的道路上。所以是的，這是你第四個問題的更新，我會把它傳遞給 Tariq 來談談定價。

In terms of some of the competitor price increases, I think what we are what we fundamentally believe is people decide whether to pay on Bumble based on how happy they are with the Bumble experience. Certainly, as it becomes potentially less attractive from a pricing standpoint to spend on a competitor, I suppose that could be positive or still too early to tell. If that's the case.

就一些競爭對手的價格上漲而言，我認為我們從根本上相信人們會根據他們對 Bumble 體驗的滿意程度來決定是否為 Bumble 付費。當然，從定價的角度來看，花在競爭對手身上的吸引力可能會降低，我認為這可能是積極的，但現在下結論還為時過早。如果是這樣的話。

What we do feel very good about is that, as Whitney mentioned, the net favorability, which is how many people are able have a favorable impression of Bumble versus have an unfavorable impression and Bumble is the highest, sets say, in the U.S. of any of the major dating apps tracked by Morning Consult. So we think we're set up well to continue to be a preferred platform for people who want to participate in dating apps and who want to pay.

正如惠特尼所提到的，我們確實感到非常滿意的是，淨好感度，即有多少人能夠對 Bumble 產生好感，而有多少人對 Bumble 產生不利印象，而 Bumble 是美國最高的，集合說，在任何Morning Consult 跟踪的主要約會應用程序。所以我們認為我們的設置很好，可以繼續成為想要參與約會應用程序和想要支付的人的首選平台。

And in fact, if you looked at Q1, as our net add numbers suggest our new subscriptions and our payer penetration rates remain healthy, and we're actually increasing towards the end of Q1 or throughout Q1. And so we do think that there are some nice tailwinds in the business.

事實上，如果你看一下第一季度，我們的淨增加數字表明我們的新訂閱和我們的付款人滲透率保持健康，而且我們實際上在第一季度末或整個第一季度都在增加。因此，我們確實認為業務中有一些不錯的順風。

Your next question comes from Shweta Khajuria.

你的下一個問題來自 Shweta Khajuria。

Could you please comment on the demand trends that you're seeing? Your competitor recently mentioned that there is some headwind on their a la carte because of macro headwinds. What are you seeing specifically in North America versus international markets?

您能否評論一下您所看到的需求趨勢？您的競爭對手最近提到，由於宏觀不利因素，他們的點菜有一些不利因素。與國際市場相比，您在北美市場具體看到了什麼？

And then the second question is when you talk about greater focus on operating efficiencies, could you, Anu, please talk about what exactly you are focused on what is what drove the EBITDA upside? And where could be potential efficiency gains to be had when we think about EBITDA and margins?

然後第二個問題是，當你談到更加關注運營效率時，Anu 能否請你談談你究竟關注什麼，是什麼推動了 EBITDA 的上升？當我們考慮 EBITDA 和利潤率時，潛在的效率收益在哪裡？

Sure. I'll start with the demand question and then turn it over to Anu. So we are really seeing quite nice top of funnel demand in general, I think across Bumble and Badoo towards the end of the quarter, again, Badoo was seeing a very nice level of registrations and that continued into April and Bumble has been quite strong from a registration standpoint.

當然。我將從需求問題開始，然後將其交給 Anu。所以我們真的看到了總體上相當不錯的漏斗需求頂部，我認為在本季度末的 Bumble 和 Badoo 中，Badoo 再次看到了非常好的註冊水平，並且一直持續到 4 月份，Bumble 從註冊的立場。

As I just mentioned, as you look at paying trends, what we basically see is that new subscriptions are continuing to be strong force, payer penetration continues to be strong. I'll speak about Bumble app here for a second and actually modestly improved throughout Q1. So I think that is a good sign.

正如我剛才提到的，當你看支付趨勢時，我們基本上看到的是新訂閱繼續保持強勁勢頭，支付者滲透率繼續保持強勁。我將在這裡談論一下 Bumble 應用程序，實際上在整個第一季度都有適度的改進。所以我認為這是一個好兆頭。

Our renewal rates for ongoing subscribers, meaning people who have been subscribers for multiple months, remains healthy and also saw modest improvements through our Q1 and in April. So generally speaking, seeing pretty healthy demand trends.

我們對現有訂閱者的續訂率，這意味著已經成為訂閱者數月的人，保持健康，並且在我們的第一季度和 4 月份也看到了適度的改善。所以總的來說，看到相當健康的需求趨勢。

The exception, I would say, is if you look at this at a segmented level -- and by the way, to your question, those were sort of global trends. I think you saw that in the U.S., you also saw it in our other major markets. As you look at the more segment level, we are still seeing pockets that are economically challenged. Particularly if you look at our Gen Z segment, you'd see some level of economic challenge there.

我想說的例外是，如果你在細分的層面上看這個——順便說一下，對於你的問題，這些是全球趨勢。我想你在美國看到了這一點，你也在我們的其他主要市場看到了這一點。當您查看更多細分級別時，我們仍然看到經濟上面臨挑戰的口袋。特別是如果你看看我們的 Z 世代細分市場，你會發現那裡存在某種程度的經濟挑戰。

So that is still leading to some challenges on that first-time renewal, right, meaning there are some people who do want to be a subscriber, they'll use it for the month, and then they'll choose not to renew because they're economically stretched. That is something we're keeping an eye on and continuing to work on with some of the value messaging and things like that. But again, overall, we're seeing quite a nice demand picture.

所以這仍然導致首次續訂面臨一些挑戰，對吧，這意味著有些人確實想成為訂閱者，他們會在一個月內使用它，然後他們會選擇不續訂，因為他們經濟捉襟見肘。這是我們一直關注的事情，並繼續致力於一些有價值的信息傳遞和類似的事情。但總的來說，我們看到了相當不錯的需求圖景。

On the consumables side, we're also seeing very strong demand there. Actually, our larger consumable packs are actually doing probably the best of all the consumables that we offer. So, I think we're seeing quite a different trend there than what others might be seeing.

在消耗品方面，我們也看到那裡的需求非常強勁。事實上，我們更大的消耗品包實際上可能是我們提供的所有消耗品中最好的。所以，我認為我們在那裡看到的趨勢與其他人可能看到的完全不同。

Yes. And in terms of your question about EBITDA, I think for Q1, I would say the majority of the outperformance that you saw was really us being very disciplined on both marketing spend as well as in head count.

是的。關於你關於 EBITDA 的問題，我認為對於第一季度，我想說你看到的大部分出色表現實際上是我們在營銷支出和人數方面都非常自律。

On the marketing side, we've been constantly reviewing all our campaigns, looking at all the associated returns in every market and trimming budgets based on that. We obviously, based on the top line numbers that you see, we haven't seen any loss of efficiency. So all of this is just us getting better and better in getting better tons that we want.

在營銷方面，我們一直在不斷審查我們所有的活動，查看每個市場的所有相關回報，並據此削減預算。顯然，根據您看到的頂線數字，我們沒有看到任何效率損失。所以所有這一切只是我們在獲得我們想要的更好噸方面變得越來越好。

We would definitely like to see we can spend some of the marketing dollars that we save in Q1 and Q2. And that's why we haven't increased our full year guidance for EBITDA yet, but it's definitely something that we'll continue to look at on an ongoing basis, but we feel very confident in being able to get to the at least 100 basis points of margin expansion that we are guiding to for the full year.

我們絕對希望看到我們可以花掉我們在第一季度和第二季度節省的一些營銷費用。這就是為什麼我們還沒有增加 EBITDA 的全年指導，但這絕對是我們會持續關注的事情，但我們非常有信心能夠達到至少 100 個基點我們指導全年的利潤率擴張。

And in terms of headcount, I'd also mention that over the last few years, we've had an ongoing cadence of continuously reviewing different parts of our organization in terms of how much we are funding each of those groups. We've been pretty judicious over the last few years in terms of how much we've grown through the pandemic and in the last couple of years.

在員工人數方面，我還要提到的是，在過去幾年中，我們一直有節奏地不斷審查我們組織的不同部分，即我們為每個小組提供的資金。在過去的幾年裡，就我們在大流行病和過去幾年中的成長程度而言，我們一直非常明智。

So this isn't something that we're just doing for the first time this year. This is definitely something that we've always been very good at doing internally. And I think I mentioned this the last time as well, our teams have been full at the bar for incremental headcount is very high.

所以這不是我們今年第一次做的事情。這絕對是我們在內部一直非常擅長做的事情。我想我上次也提到過這一點，我們的團隊已經滿員，增量人數非常高。

And certain critical areas are definitely being funded, areas like, obviously, within talked a lot about AI. So augmenting our engineering teams to make sure that we have the right skill set around some of the things that we want to build and develop, we are definitely looking at funding. But otherwise, like I said, the bar for how you're thinking about incremental headcount is pretty high.

某些關鍵領域肯定得到了資助，很明顯，這些領域在內部談論了很多 AI。因此，擴大我們的工程團隊以確保我們擁有圍繞我們想要構建和開發的一些東西的正確技能，我們肯定在尋找資金。但除此之外，就像我說的，你如何考慮增加員工人數的門檻很高。

And again, this is something that we are going to continue to keep a very close eye on because we want to make sure that we're investing in the right things to maximize our top line.

再一次，這是我們將繼續密切關注的事情，因為我們希望確保我們投資於正確的事情以最大化我們的收入。

Your next call comes from Lauren Schenk.

您的下一個電話來自 Lauren Schenk。

Great. Two, if I can. I think relative to what we know you're running through the end of February and 8-K you put out, it seems like March accelerated really nicely. Is there anything from a specific product feature, geography monetization, that drove that acceleration or just sort of broad-based improvement?

偉大的。兩個，如果可以的話。我認為相對於我們知道你在 2 月底和你推出的 8-K 的情況，3 月似乎加速得非常好。是否有任何來自特定產品功能、地理貨幣化的任何東西推動了這種加速或只是一種基礎廣泛的改進？

And then secondly, just on the EBITDA margin guidance for the second quarter, a little bit, I think, below where the Street was expecting. Is that just a shift of marketing from 1Q to you have anything else to call out there?

其次，就第二季度的 EBITDA 利潤率指引而言，我認為略低於華爾街的預期。這只是營銷從第一季度到你還有什麼要說的轉變嗎？

Yes. I think I'll maybe start with the second question first. Nothing specific to call out on Q2. I think we've said before, our first half tends to be just seasonally a higher quarter in terms of marketing spend. We have said this in Q1 as well. And eventually, we were able to spend less and still achieve the top line efficiency that we wanted.

是的。我想我可能會先從第二個問題開始。 Q2 沒有什麼特別需要指出的。我想我們之前已經說過，就營銷支出而言，我們的上半年往往只是季節性的高季度。我們在第一季度也說過這一點。最終，我們能夠以更少的成本實現我們想要的最高效率。

We are earmarking certain funds for certain campaigns in Q2. But again, like I said, I think our goal would definitely be to try and maximize efficiency wherever we can. It doesn't change the trajectory that we have for the full year. It's just purely a function of timing of how some of our campaigns are landing.

我們為第二季度的某些活動指定了某些資金。但同樣，就像我說的，我認為我們的目標肯定是盡我們所能嘗試最大限度地提高效率。它不會改變我們全年的軌跡。這純粹是我們的一些活動著陸時間的函數。

And I think in terms of the payer cadence for Q1, I think it's important to remember that the net add number has a lot of things that can impact that. So it's not always easy to sort of just draw correlation between the months.

而且我認為就第一季度的付款人節奏而言，我認為重要的是要記住淨增加數有很多可以影響它的因素。因此，僅僅繪製月份之間的相關性並不總是那麼容易。

If you look at the year-over-year sort of growth rate, January was slightly lighter than you would have normally expected, but Feb and March did very well. It was in line with how we had planned our product cadence. It was in line with what we were planning for in terms of top of the funnel user growth as well and also the payer optimization work that we have planned for the quarter. So this was definitely something that we were expecting.

如果你看一下同比增長率，1 月份略低於你通常的預期，但 2 月和 3 月表現非常好。這符合我們計劃產品節奏的方式。這符合我們在漏斗用戶增長的頂部以及我們為本季度計劃的付款人優化工作方面的計劃。所以這絕對是我們所期待的。

And obviously, when we guided to the numbers, we were very confident that, that's the number that we would end up in and we came in slightly higher than that. So nothing specific to color other than what has been sort of planned from a user growth and product perspective.

顯然，當我們引導數字時，我們非常有信心，這就是我們最終會得到的數字，我們的數字略高於這個數字。因此，除了從用戶增長和產品角度計劃的內容之外，沒有什麼特別針對顏色的。

Our next call comes from Benjamin Black.

我們的下一個電話來自 Benjamin Black。

This is [Ishan Dwayle] on for Ben. It would be great to hear your thoughts on the recent developments within App Store fee. And do you sense that App store fee relief could be a 2024 EBIT?

這是 [Ishan Dwayle] 替 Ben 做的。很高興聽到您對 App Store 費用近期發展的看法。您是否認為應用商店費用減免會成為 2024 年的息稅前利潤？

Sure. So we are certainly paying a lot of close attention to this and both what Apple and Google are doing. And as we've said, as we talked about before, we are pleased to be in the user choice billing program at Google is just one example of the efforts that we're taking.

當然。因此，我們當然會密切關注這一點以及蘋果和谷歌正在做的事情。正如我們之前所說，我們很高興參與穀歌的用戶選擇計費計劃，這只是我們正在努力的一個例子。

I would say, at the moment, we are quite positive on the impact on users. We do have increasing evidence as these different programs have rolled out that users do want choice in how they are able to pay for our services. And as we offer them more forms of payment, you see people opting for those other forms of payment. And that generally speaking, is a good thing. So we're very positive on the user experience side and on the payer side, if you will, on that front.

我想說，目前，我們對對用戶的影響非常積極。隨著這些不同計劃的推出，我們確實有越來越多的證據表明用戶確實希望選擇他們能夠為我們的服務付費的方式。當我們為他們提供更多支付方式時，您會看到人們選擇其他支付方式。一般來說，這是一件好事。因此，如果您願意的話，我們在用戶體驗方面和付款方方面都非常積極。

In terms of the fees themselves, I would say it's not a clear picture at the moment. We're not anticipating, frankly, any major actual relief this year. And next year, I think this is all hard to say. The net effect of some of the changes being proposed by Apple and Google could actually be to raise the fees that you have to pay as opposed to lowering the fee. So I think it's a very murky picture. And there's a lot of detail that needs to be worked through by all the different platforms.

就費用本身而言，我想說目前還不是很清楚。坦率地說，我們預計今年不會有任何重大的實際緩解。而明年，我認為這一切都很難說。 Apple 和 Google 提出的某些更改的最終效果實際上可能是提高您必須支付的費用，而不是降低費用。所以我認為這是一個非常模糊的畫面。所有不同的平台都需要處理很多細節。

Your next question comes from Justin Patterson.

你的下一個問題來自賈斯汀帕特森。

Great. Whitney, I was hoping you could touch a little bit more on just marketing towards Gen Z. It seems like something that many companies have been struggling with. So I would love to hear a little bit more about how you're positioning that potential new product to really attract that demographic more?

偉大的。惠特尼，我希望你能多談談針對 Z 世代的營銷。這似乎是許多公司一直在努力解決的問題。所以我很想听聽更多關於你如何定位潛在的新產品以真正吸引更多人群的信息？

And then perhaps as a follow-up to that, would love to hear you just elaborate a little bit more about the testing features within Bumble. I know some companies just optimized for revenue growth. I'd be curious to hear about how you're thinking about just the broader user experience within there and making sure that you're not sacrificing the health of the product in order to drive revenue growth.

然後也許作為後續行動，很想听聽您詳細說明 Bumble 中的測試功能。我知道有些公司剛剛針對收入增長進行了優化。我很想知道您是如何考慮其中更廣泛的用戶體驗，並確保您不會為了推動收入增長而犧牲產品的健康狀況。

To start with Gen Z, I think it's important to note that a significant driver of our success in these recent quarters has been the steady growth that we're seeing in our Gen Z user base. And that's particularly in the U.S. And so as you can imagine, this is very exciting as we are successfully acquiring this user base of the future.

從 Z 世代開始，我認為重要的是要注意，我們在最近幾個季度取得成功的一個重要推動力是我們在 Z 世代用戶群中看到的穩步增長。這在美國尤其如此。正如您可以想像的那樣，這非常令人興奮，因為我們成功地獲得了未來的用戶群。

And I mentioned that Bumble app also led other dating apps in terms of NPS for among U.S. Gen Z in Q4. So that's another proof point that our appeal to this very important market is it's really resonating. And we have recently begun to build products designed to engage our Gen Z users. So the fact that we're performing so well with this generation without really optimizing the platform yet for them is a positive. I'll talk about that in a second.

我提到 Bumble 應用程序還在第四季度在美國 Z 世代中的 NPS 方面領先於其他約會應用程序。所以這是另一個證據，表明我們對這個非常重要的市場的吸引力確實引起了共鳴。我們最近開始構建旨在吸引 Z 世代用戶的產品。因此，我們在這一代人中表現如此出色，但並未真正優化平台，這一事實對他們來說是積極的。我待會兒再說。

I just want to take a second and double-click on our unique understanding of the college audience and how this is not new. This is something we have been so focused on since I started the company in 2014. So we have this scaled program with what we call honey ambassadors. And because we have consistently and constantly evolve that and stay current with that, where we don't age with them necessarily. We're always bringing in the freshmen and the software than the juniors and the seniors along with us.

我只想花點時間雙擊我們對大學觀眾的獨特理解，以及這不是什麼新鮮事。這是自 2014 年我創辦公司以來我們一直非常關注的事情。所以我們有這個規模化的項目，我們稱之為蜂蜜大使。而且因為我們一直不斷地發展它並與時俱進，所以我們不一定會隨著他們的老化而變化。我們總是引進新生和軟件，而不是大三和大四的人。

We've really invested in this audience, and we can really relate to them in a number of ways. So not only from the product side, which will be consisting of things like virtual gifts and optimizing speed dating for them and really leaning into that Gen Z women's experience and the deeper focus of this audience-specific content messaging, but we're really good at marketing to them.

我們真的對這些觀眾進行了投資，我們可以通過多種方式與他們建立聯繫。因此，不僅從產品方面來看，這將包括虛擬禮物和為他們優化快速約會，真正傾向於 Z 世代女性的體驗以及更深入地關注這種針對特定受眾的內容消息傳遞，但我們真的很好在向他們推銷時。

So we have this unique hook in with the influential college students. This is something competitors can't go and just acquire. This is something we've built over the years, the deep ingrained network effect. And so that is really paying off for us because of those routes that we planted over the years.

因此，我們與有影響力的大學生建立了這種獨特的聯繫。這是競爭對手無法獲得的東西。這是我們多年來建立的東西，根深蒂固的網絡效應。因此，由於我們多年來種植的那些路線，這確實為我們帶來了回報。

And then one thing I'd like to touch on is this low-tier offering that is going to be paired with kind of the college bundle that we've talked about, which we're pleased with those results with those initiatives to date. But a big priority for this college age group is to really test a range of different features that target this particular audience.

然後我想談一談的是這種低端產品將與我們討論過的那種大學捆綁搭配，我們對迄今為止這些舉措的結果感到滿意。但對於這個大學年齡組來說，一個重要的優先事項是真正測試針對這一特定受眾的一系列不同功能。

As I said earlier, that the virtual gift, and this could be even new experiences that are very social ways to engage, be stickers, photo effects, or other ways to express themselves. So that is in its very early stages of testing, and we do not expect to have any material contributions of this in '23, but we're very excited about the prospect for this given that growing and robust user base.

正如我之前所說，虛擬禮物，甚至可以是非常社交的參與方式的新體驗，可以是貼紙、照片效果或其他表達自我的方式。所以這還處於測試的早期階段，我們不希望在 23 年對此有任何實質性貢獻，但鑑於不斷增長和強大的用戶群，我們對此前景感到非常興奮。

Before I hit it to Tariq, I just want to double-click on user joy. So this is something we are obsessed with. I want to reinforce that while we are really good at delivering our numbers and staying really incredibly efficient, we operate for the long term. This is a long-term committed business and without customer joy and satisfaction that's impossible. And so that is always front and center at every product road map at every strategy meeting, and this is absolutely mission-critical with Gen Z and particularly women.

在我打到 Tariq 之前，我只想雙擊 user joy。所以這是我們著迷的事情。我想強調的是，雖然我們非常擅長交付數據並保持非常高的效率，但我們的運營是長期的。這是一項長期承諾的業務，沒有客戶的喜悅和滿意是不可能的。因此，在每次戰略會議上，這始終是每個產品路線圖的前沿和中心，這對於 Z 世代尤其是女性來說絕對是關鍵任務。

So I think you see that through our results. And so I just want to reinforce that while we're great at pricing and optimizing revenue, it's never at the expense of customer joy, safety, and satisfaction. So with that, if Tariq would like to add anything. I'll kick it to him.

所以我認為你通過我們的結果看到了這一點。因此，我只想強調，雖然我們擅長定價和優化收入，但絕不會以犧牲客戶的愉悅、安全和滿意度為代價。那麼，如果 Tariq 想添加任何內容。我會踢給他。

The only thing I would build on top of what Whitney said is as we look at our experimentation plan, as we talk about what we're solving for, of course, at the end of the day, we look at revenue, payers, efficiencies, things like that, but those are all output metrics, right? And those are not actually what our teams sell for per se, what they solve for are the input metrics.

在惠特尼所說的基礎上，我唯一要建立的是當我們審視我們的實驗計劃時，當我們談論我們正在解決的問題時，當然，在一天結束時，我們會審視收入、付款人、效率，諸如此類，但這些都是輸出指標，對吧？而這些實際上並不是我們團隊本身的銷售目的，他們解決的是輸入指標。

And the input metrics get back to what Whitney has talked about. We know that if we are able to better match you and better get you matches on the platform, you're more likely to be retained on the platform until you find the person that you want to be with, and then you leave. And we know that you're more willing to pay if we are helping to generate high relevance for you and that we're able to do that in a safe and respectful way.

而輸入指標又回到了惠特尼所說的。我們知道，如果我們能夠更好地匹配你，更好地讓你在平台上匹配，你就更有可能留在平台上，直到你找到你想在一起的人，然後你離開。我們知道，如果我們幫助您建立高度相關性，並且我們能夠以安全和尊重的方式做到這一點，您會更願意付費。

And so our teams from an experimentation standpoint are really looking at that customer journey at the dynamics of the ecosystem. And we kind of know that when we are able to make that ecosystem really work well, it leads to more paying users more revenue, more EBITDA for us. So that's essentially the philosophy the team is working with.

因此，從實驗的角度來看，我們的團隊真正關注的是生態系統動態中的客戶旅程。我們有點知道，當我們能夠讓這個生態系統真正運作良好時，它會為我們帶來更多的付費用戶更多的收入，更多的 EBITDA。所以這基本上就是團隊正在使用的理念。

Your next question comes from John Blackledge.

你的下一個問題來自 John Blackledge。

Two questions. First, could you provide some more color on complement the kind of the usage of the future and how it's driving monetization and payer conversion?

兩個問題。首先，您能否提供更多顏色來補充未來的使用類型以及它如何推動貨幣化和付款人轉換？

And then second area on AI and machine learning, is the AI that you use kind of across the safety and the recommendation engines, et cetera, all from kind of internally developed capabilities in-house? And then kind of going forward, would you expect to partner with any of these emerging Gen AI companies to drive improvements kind of either in the apps and/or to drive efficiencies across the business in marketing and software coding, et cetera?

然後是關於人工智能和機器學習的第二個領域，你在安全和推薦引擎等方面使用的人工智能是否全部來自內部開發的能力？然後向前邁進，您是否希望與這些新興的 Gen AI 公司中的任何一家合作，以推動應用程序的改進和/或提高整個企業在營銷和軟件編碼等方面的效率？

Thank you so much. So I'll set the stage on AI machine learning. So I think it's very important to note that AI is not the new thing for us at bumble. Our work has been deeply rooted in a lot of machine learning and AI, historically. But we are really excited about the way AI can really benefit our business moving forward. So I think before I get into the in-house or other, I will just talk about how we see this enhancing our business really across three main domains.

太感謝了。因此，我將為 AI 機器學習奠定基礎。所以我認為非常重要的是要注意人工智能對我們 bumble 來說並不是什麼新鮮事物。從歷史上看，我們的工作深深植根於許多機器學習和人工智能。但我們對 AI 真正有利於我們業務發展的方式感到非常興奮。因此，我想在進入內部或其他領域之前，我只想談談我們如何看待這在三個主要領域真正增強我們的業務。

So I would say, starting with better products. Using internal tooling or taking this trust and safety and machine learning recommendation engine to the next level by deeper integrating with external large language models and data labeling.

所以我會說，從更好的產品開始。使用內部工具或通過與外部大型語言模型和數據標籤更深入地集成，將這種信任和安全以及機器學習推薦引擎提升到一個新的水平。

And then the second category is really building faster. We think that there's a huge optimization opportunity and productivity opportunity, which really improves engineering and marketing efficiency by adopting AI-based code generators and automation frameworks.

然後第二類確實構建得更快。我們認為存在巨大的優化機會和生產力機會，通過採用基於 AI 的代碼生成器和自動化框架，真正提高了工程和營銷效率。

And then the third category is really new products. And this is enhancing the product experience. And what I mean by enhancing the product experience that might be adding something new that doesn't exist yet or it could be an optimization of something that, say, someone struggles with on the product journey.

然後第三類是真正的新產品。這正在增強產品體驗。我所說的增強產品體驗的意思可能是添加一些尚不存在的新東西，或者它可能是對某些東西的優化，比如，有人在產品之旅中遇到的困難。

So we see this really as an onboarding to your real-life date opportunity. This could start with struggling to pick the best photo. This could be helping you write your bio or set up your profile with the touch of a button. There's so many opportunities along the way. We're also a business before we turn to complement based on women making the first move.

所以我們真的把這看作是你在現實生活中約會的機會。這可以從努力挑選最好的照片開始。這可以幫助您編寫簡歷或通過按一下按鈕來設置個人資料。一路上有很多機會。在我們轉向基於女性邁出第一步的補充之前，我們也是一家企業。

And this has been such a driver of our success, and it continues to be, but we believe we can lean into the optimization of that, make it easier for women, make it safer and faster and more it more enjoyable overall. And so there's tons of opportunity here to really drive performance improvements across the board.

這一直是我們成功的驅動力，而且一直如此，但我們相信我們可以對其進行優化，讓女性更輕鬆，更安全、更快速，整體上更有趣。因此，這裡有大量機會真正推動全面的性能改進。

And before I take it the chart to double down on the integration strategy on AI, I will just touch on complements briefly.

在我用圖表加倍研究 AI 的集成策略之前，我將簡要介紹一下補充。

So complements as by way of update, complements was really our first foray into the message before match category. We have continued to expand the complement feature, and we are growing adoption and increasing retention, both things we have been very committed on.

所以作為更新的補充，補充實際上是我們第一次涉足匹配前的消息類別。我們繼續擴展補充功能，我們正在提高采用率和保留率，這兩件事我們一直非常致力於。

So in Q1, our focus was really on growing adoption, and we are seeing promising results. So thus far, nearly 15% of our Bumble monthly active users have sent a compliment. And we're very confident in our ability to grow that penetration over time through things like continuous product design improvements and strategic placement in high-intent scenarios and broader future education and also marketing the product outside of the app, which you can expect to see this summer.

所以在第一季度，我們的重點實際上是提高采用率，我們看到了有希望的結果。到目前為止，近 15% 的 Bumble 月度活躍用戶發送了讚美。我們非常有信心通過持續的產品設計改進和高意圖場景中的戰略佈局以及更廣泛的未來教育以及在應用程序之外營銷產品等方式隨著時間的推移提高滲透率，您可以期待看到這個夏天。

We've also prioritized ensuring a strong and safe user experience as we scale this feature and roll it out more broadly. So we are working on the receiver experience in tandem. So given this recent rollout, complements revenue contribution is fairly modest today, but it is building momentum. So we're very excited about the potential, and we expect revenue from complements to ramp over the year.

隨著我們擴展此功能並更廣泛地推出它，我們還優先確保強大和安全的用戶體驗。因此，我們正在協同研究接收者體驗。因此，鑑於最近的推出，補充收入貢獻今天相當溫和，但它正在建立勢頭。因此，我們對潛力感到非常興奮，我們預計來自互補品的收入將在一年內增加。

Tariq, would you like to add anything on AI?

Tariq，你想在 AI 上添加什麼嗎？

John, the only thing I would -- so the models that we've been using historically are internally built models. They work really well. We've actually benchmarked them against the externally available large language models from the usual suspects. And in most content areas, they benchmark actually better.

約翰，我唯一會做的事——所以我們過去一直使用的模型是內部構建的模型。他們工作得很好。實際上，我們已經將它們與通常懷疑的外部可用大型語言模型進行了基準測試。在大多數內容領域，他們的基準測試實際上更好。

It's really a reflection of the fact that it's tuned to our data. And at the moment, that tuning beats out the sort of power of the other models. We are experimenting, exploring how do we have a best of both worlds type of model where we use our internal capabilities and supplement that in areas that were weaker with some of the external models, we're pretty happy with some of the kind of off-line experiments we've done on this so far and I think we'll be doing more in that area of the quarter.

這確實反映了它已根據我們的數據進行了調整。目前，這種調整擊敗了其他型號的那種力量。我們正在試驗，探索我們如何擁有兩全其美的模型，在這種模型中，我們使用我們的內部能力，並在一些外部模型較弱的領域進行補充，我們對一些關閉的類型感到非常滿意到目前為止，我們已經在這方面進行了線實驗，我認為我們將在本季度的那個領域做更多的事情。

Our next question comes from Laura Champine.

我們的下一個問題來自 Laura Champine。

It's about Badoo, which I know is only 20% of your business. But I think we keep waiting for it to stabilize revenues from that unit still down double digits this quarter. What are the signs of stabilization that you're seeing? And when do you think we could see a positive turn in Badoo's revenues?

它是關於 Badoo 的，我知道它只佔你們業務的 20%。但我認為我們一直在等待它穩定該部門本季度仍下降兩位數的收入。您看到的穩定跡像是什麼？您認為我們什麼時候可以看到 Badoo 收入的積極轉變？

Yes. Thank you so much for the question. So I think it's important to reemphasize that Badoo has maintained a strong position. So Badoo really continues to be a leader in its key markets. And it's still a top 3 dating app in a number of countries across Europe, Asia, Africa, and Latin America.

是的。非常感謝你的問題。所以我認為有必要再次強調 Badoo 一直保持著強勢地位。因此，Badoo 真正繼續成為其主要市場的領導者。在歐洲、亞洲、非洲和拉丁美洲的許多國家/地區，它仍然是排名前 3 的約會應用程序。

And late Q1 and continuing into April, we have seen the due return to registration growth, and we've achieved good progress in stabilizing revenue. So these are the first steps in really returning Bad to that growth, and we continue to execute our strategy to deliver these results. And there's, of course, still work to do.

從第一季度末一直持續到 4 月，我們看到了註冊增長的應有回歸，並且我們在穩定收入方面取得了良好進展。因此，這些是真正讓 Bad 恢復增長的第一步，我們將繼續執行我們的戰略以實現這些結果。當然，還有很多工作要做。

Badoo was very challenged. We had a series of challenging events between COVID and the war in Ukraine. We still remain confident in Badoo's long-term opportunity and that value proposition.

Badoo 非常具有挑戰性。我們在 COVID 和烏克蘭戰爭之間發生了一系列具有挑戰性的事件。我們仍然對 Badoo 的長期機遇和價值主張充滿信心。

So turning to the product side. We've shared this in the past, Badoo's most loyal customers care about this instant connection and spontaneity that this product uniquely delivers, and we're really continuing to lean into that. We attribute the return to more positive numbers to this strategy and to really listening to the customers and building for them. So really that paired with enhanced monetization offerings to really offer promotional bundles and new consumables, we're feeling better about the Badoo story.

於是轉向產品端。我們過去曾分享過這一點，Badoo 最忠實的客戶關心這種產品獨特提供的即時聯繫和自發性，我們真的會繼續努力。我們將回報率歸因於這一戰略以及真正傾聽客戶並為他們建設的積極數字。因此，與真正提供促銷捆綁包和新消耗品的增強貨幣化產品相結合，我們對 Badoo 的故事感覺更好。

And we have delivered several revenue and ecosystem experiments throughout Q1, and those resulted in improved revenue trajectories in key markets. So we expect to be active internationally with market expansion efforts in APAC and continued investment in LatAm and Eastern Europe. So within that, Anu, I think if you want to make a comment?

我們在整個第一季度進行了多項收入和生態系統實驗，這些實驗改善了主要市場的收入軌跡。因此，我們希望通過在亞太地區的市場擴張努力以及在拉美和東歐的持續投資來積極開展國際活動。所以在這裡面，Anu，我想你是否想發表評論？

Yes. And I think in terms of when we expect Badoo to be positive year-over-year, based on our guidance, you can see the goal for 2023 is for that Badoo and other line item to start to stabilize. We are still not expecting that it will be in positive territory this year, but the goal definitely is to get it to be stable and then get to positive.

是的。而且我認為，根據我們的指導，就我們預計 Badoo 同比增長的時間而言，您可以看到 2023 年的目標是 Badoo 和其他訂單項開始穩定下來。我們仍然不期望它今年會處於正值區域，但我們的目標肯定是讓它穩定下來，然後達到正值。

I think the first step towards that is getting sequential net adds to be positive, which is a path that we are on for Q2. Like I said earlier, we know we recognize you still have a little bit more work to do there, but we definitely feel like we are on the right path.

我認為朝著這個方向邁出的第一步是讓順序淨增加為正，這是我們為第二季度走的道路。就像我之前說的，我們知道我們認識到您在那裡還有更多的工作要做，但我們絕對覺得我們走在正確的道路上。

There are no further questions at this time. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。您現在可以斷開連接。