Bumble Inc (BMBL) 2023 Q2 法說會逐字稿

Hello, and thank you for joining Bumble's conference call. (Operator Instructions) I will now hand the conference over to Cherryl Valenzuela, Vice President of Investor Relations. Please go ahead.

您好，感謝您參加 Bumble 的電話會議。 （操作員指示）我現在將會議交給投資者關係副總裁 Cherryl Valenzuela。請繼續。

Thank you for joining us to discuss Bumble's Second Quarter 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 第二季度財務業績。今天和我在一起的有創始人兼首席執行官惠特尼·沃爾夫·赫德 (Whitney Wolfe Herd)；塔里克·肖卡特，總裁；以及 Bumble 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 reflects 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 statements to reflect changes that occur after this call.

在開始之前，我想提醒大家，今天在電話會議上所做的某些陳述屬於前瞻性陳述。這些前瞻性陳述受到各種風險和不確定性的影響，反映了我們基於我們的信念、假設和當前可獲得的信息的當前預期。儘管我們認為這些期望是合理的，但我們沒有義務修改任何聲明以反映本次電話會議後發生的變化。

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.

我們的收益新聞稿和向SEC 提交的文件（包括我們截至12 月31 日的10-K 表格年度報告）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、2022 年以及我們隨後的定期備案。

During the call, we'll 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，我們還將提及某些非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們網站 ir.bumble.com 的投資者關係部分找到。

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 good afternoon, everyone. Thanks for joining our call today. Our second quarter results demonstrates the strength of our apps and our solid execution on our goals for the year. We delivered a strong quarter with better-than-expected revenue growth, accelerating paying users and robust profitability.

謝謝你，謝麗爾，大家下午好。感謝您今天加入我們的電話會議。我們第二季度的業績證明了我們應用程序的實力以及我們對今年目標的堅定執行。我們實現了強勁的季度業績，收入增長好於預期，付費用戶加速增長，盈利能力強勁。

Total Bumble Inc. revenue of $260 million was up 18% year-over-year, driven by Bumble app revenue growth of 23%. Our total paying users increased 20% to reach 3.6 million and adjusted EBITDA was $67 million, representing a 26% margin.

Bumble Inc. 的總收入為 2.6 億美元，同比增長 18%，這主要得益於 Bumble 應用收入增長 23%。我們的付費用戶總數增加了 20%，達到 360 萬，調整後的 EBITDA 為 6700 萬美元，利潤率為 26%。

With loneliness on the rise globally to the point that it's been declared an epidemic in the U.S., there is considerable room for each of our apps to grow and have significant impact on people's lives. We have a well-constructed portfolio of apps to bring people closer together. Within dating, we have an extensive global footprint where we have at least one top 3 app by download share in over 50 countries. Our focus is on continuing to drive market share gains, opening additional new markets and driving further depth of engagement and payer penetration.

隨著全球範圍內孤獨感的上升，甚至在美國已被宣佈為一種流行病，我們的每個應用程序都有相當大的發展空間，並對人們的生活產生重大影響。我們擁有精心構建的應用程序組合，可以拉近人們之間的距離。在約會領域，我們的足跡遍及全球，在 50 多個國家/地區，我們至少擁有一款下載份額排名前 3 的應用。我們的重點是繼續推動市場份額增長、開闢更多新市場並進一步推動參與度和付款人滲透率。

Let me provide an update on each of our apps. I'll start with Bumble app. Q2 revenue grew 23% to $208 million, driven by continued momentum in paying users. From Q1 to Q2, we added 139,000 payers, a significant acceleration from the 98,000 net adds we reported last quarter. The growth in payers was fueled by strength in top of funnel metrics, including new and reengaged users, reflecting the overall health of Bumble's ecosystem and our continued payer optimization efforts.

讓我提供每個應用程序的更新。我將從 Bumble 應用程序開始。在付費用戶持續增長的推動下，第二季度收入增長 23%，達到 2.08 億美元。從第一季度到第二季度，我們增加了 139,000 名付款人，比我們上季度報告的淨增加 98,000 名大幅增加。付款人的增長是由漏斗指標頂部的實力推動的，包括新用戶和重新參與的用戶，反映了 Bumble 生態系統的整體健康狀況以及我們持續的付款人優化工作。

As we've discussed previously, Bumble app's business model is built around generating durable growth. We focus on building preference, particularly with women, for our brand and our product, which in turn, drives strong word-of-mouth, downloads and high engagement. This delivers consistent growth quarter after quarter and is sustainable as we scale. The results are clear. Our core markets continue to grow, fueled both by new registrations and reengaged users. Our newer markets in Western and Southern Europe and key markets in Latin America also continue to perform well.

正如我們之前討論的，Bumble 應用程序的商業模式是圍繞實現持久增長而構建的。我們專注於建立人們（尤其是女性）對我們的品牌和產品的偏好，從而推動強大的口碑、下載量和高參與度。這實現了季度與季度的持續增長，並且隨著我們規模的擴大而可持續。結果很明顯。在新註冊和重新參與的用戶的推動下，我們的核心市場持續增長。我們在西歐和南歐的新市場以及拉丁美洲的主要市場也繼續表現良好。

On the product side, I'm proud of how well our team is advancing our vision and road map. Let me begin by updating you on some of the initiatives we've discussed previously.

在產品方面，我對我們的團隊在推進我們的願景和路線圖方面的出色表現感到自豪。首先讓我向您介紹我們之前討論過的一些舉措的最新情況。

First, Compliments, our message-before-match feature continues to ramp in both usage and revenue contribution. Its unique value proposition has landed well with early adopters. This feature is driving improved brand perception and engagement as Compliments recipients are 70% more likely to get a match. We're continuing to invest in the experience to drive greater awareness and adoption.

首先，讚美，我們的賽前消息功能在使用量和收入貢獻方面持續增長。其獨特的價值主張深受早期採用者的歡迎。此功能正在推動品牌認知度和參與度的提高，因為讚美對象獲得匹配的可能性提高了 70%。我們將繼續投資於體驗，以提高認知度和採用率。

We are also excited with the traction of Best Bees, our new feature that leverages the power of our new AI algorithm to curate mass recommendations for users. We were pleased with our initial tests and decided in mid-Q2 to accelerate our rollout. Best Bees was added to our Bumble Premium subscription tier in late May and is now available worldwide. Early indicators have been positive. And after bundling Best Bees into Bumble Premium, we have seen uplift in both new subscribers and renewals. We also see Best Bees improving chat initiation rates.

我們還對 Best Bees 的吸引力感到興奮，這是我們的新功能，它利用新人工智能算法的力量為用戶提供大量推薦。我們對初步測試感到滿意，並決定在第二季度中期加速推出。 Best Bees 已於 5 月底添加到我們的 Bumble Premium 訂閱套餐中，現已在全球範圍內推出。早期指標是積極的。將 Best Bees 捆綁到 Bumble Premium 後，我們看到新訂戶和續訂量均有所增加。我們還看到 Best Bees 提高了聊天發起率。

Best Bees also illustrates the practical and powerful ways we are employing AI to improve our customer experience. As I said last quarter, while AI is already core to several initiatives, including the recommendation and personalization experience, as well as our safety efforts, we are now exploring opportunities to bring Generative AI into our users' experience.

Best Bees 還展示了我們利用人工智能來改善客戶體驗的實用而強大的方法。正如我上季度所說，雖然人工智能已經成為多項舉措的核心，包括推薦和個性化體驗以及我們的安全工作，但我們現在正在探索將生成式人工智能引入用戶體驗的機會。

A few examples: providing interactive advice on improving and curating profile, enhancing the relevancy and compatibility of matches and preventing toxic behavior. Overall, Gen AI will be a catalyst in reducing friction and pain points along the dating journey.

舉幾個例子：提供關於改進和管理個人資料、增強匹配的相關性和兼容性以及防止不良行為的互動建議。總體而言，Gen AI 將成為減少約會過程中的摩擦和痛點的催化劑。

At the start of the year, I talked about the foundational engineering work we've done that enables us to be more flexible with our subscription and consumable offerings. Bumble has successfully grown revenue primarily through 2 subscription tiers, Bumble Boost and Bumble Premium, with the majority of our paying users on the higher-priced tier. Two years since the introduction of Premium, as we look at the needs of our users on our service, it is clear that there are opportunities to further expand our subscription offerings on both ends of the pricing spectrum.

今年年初，我談到了我們所做的基礎工程工作，這些工作使我們能夠更加靈活地提供訂閱和消費品服務。 Bumble 主要通過 2 個訂閱級別（Bumble Boost 和 Bumble Premium）成功增加了收入，我們的大多數付費用戶都在價格較高的級別。自推出 Premium 兩年以來，當我們審視用戶對我們服務的需求時，很明顯，我們有機會進一步擴大我們在定價範圍兩端的訂閱服務。

We are continuing to test a base subscription tier to create a differentiated experience and more affordable offering that will appeal to Gen Z members. Based on our high-quality user base, we have conviction that there is also demand for a higher-priced product above Bumble Premium. We believe this higher tier will appeal and provide value to existing Bumble members with more serious dating intent. We expect this will also resonate with singles who are not currently using dating app because they desire more curated experiences. We will start testing this product later this year.

我們正在繼續測試基本訂閱級別，以創造差異化的體驗和更實惠的產品，以吸引 Z 世代會員。基於我們高質量的用戶群，我們相信市場對 Bumble Premium 之上的更高價格的產品也有需求。我們相信，這一更高的級別將吸引具有更認真約會意圖的現有 Bumble 會員並為其提供價值。我們預計這也會引起目前未使用約會應用程序的單身人士的共鳴，因為他們渴望更多精心策劃的體驗。我們將於今年晚些時候開始測試該產品。

Bumble's product momentum is supported by marketing that showcases our brand and mission. According to Morning Consult, Bumble continues to retain the top Net Promoter Score among dating apps for women in the U.S., and this favorable brand awareness translates into valuable customer acquisition opportunities and makes us a highly sought out marketing partner.

Bumble 的產品動力得到了展示我們品牌和使命的營銷的支持。據 Morning Consult 稱，Bumble 繼續在美國女性約會應用程序中保持最高的淨推薦值，這種良好的品牌知名度轉化為寶貴的客戶獲取機會，並使我們成為備受追捧的營銷合作夥伴。

I'd like to highlight a couple of recent examples of our marketing team's great work. In late June, we launched Summer of Kindness, our global integrated marketing campaign built around our feature launch of Compliments. The campaign centers around the power of kindness, which is engineered into the Bumble app. To highlight this, we rolled out a film called Kindness is Sexy, as well as outdoor ads, partnerships and influencer campaigns, spreading Compliments around key cities.

我想重點介紹我們營銷團隊近期出色工作的幾個例子。六月下旬，我們推出了“善意之夏”，這是我們圍繞“讚美”功能推出的全球整合營銷活動。該活動以善良的力量為中心，這一點已融入 Bumble 應用程序中。為了強調這一點，我們推出了一部名為“善良是性感”的電影，以及戶外廣告、合作夥伴關係和影響者活動，在主要城市傳播讚美。

Last month, we also kicked off a category-exclusive partnership with Barbie, the worldwide #1 movie of the summer, via a 360 global co-marketing campaign where we encouraged users to have the best day ever by receiving motivation from the film's many Barbie and Ken characters to send Compliments on Bumble. We were the only dating app to garner a partnership with Barbie, which is another great example of our strong and differentiated brand. The feedback for both of these launches has been overwhelmingly positive, and I'm proud of how well they represent Bumble's mission and values.

上個月，我們還通過360 全球聯合營銷活動，與全球夏季排名第一的電影《芭比娃娃》建立了類別獨家合作夥伴關係，我們鼓勵用戶從電影中眾多芭比娃娃的激勵中度過最美好的一天。和 Ken 角色向 Bumble 致意。我們是唯一與芭比娃娃建立合作夥伴關係的約會應用程序，這是我們強大而差異化品牌的另一個很好的例子。這兩次發布的反饋都是非常積極的，我對它們很好地體現了 Bumble 的使命和價值觀感到自豪。

Now turning to Badoo. Badoo App and Other revenue totaled $52 million in Q2, up 2% year-over-year. This is the first quarter of year-on-year growth for Badoo since the first half of 2021. I'm excited that Badoo's turnaround plan is having the desired impact and the business is on a good path to stabilization.

現在轉向 Badoo。 Badoo 應用程序和其他應用第二季度的收入總計 5200 萬美元，同比增長 2%。這是 Badoo 自 2021 年上半年以來的第一個季度同比增長。我很高興 Badoo 的扭虧為盈計劃正在產生預期的影響，並且業務正走上穩定的良好道路。

On the product side, we've been modernizing the app, minimizing friction in the user experience and providing our members with new ways to interact that are more in tune with this post-pandemic environment. These efforts have begun to bear fruit with strong new user growth in most of our markets alongside improvement in engagement trends.

在產品方面，我們一直在對應用程序進行現代化改造，最大限度地減少用戶體驗中的摩擦，並為我們的會員提供更適合這種流行病後環境的新的互動方式。這些努力已開始取得成果，我們大多數市場的新用戶增長強勁，參與度趨勢也有所改善。

Monetization continues to improve as well, with sequential paying user net adds of 34,000 and several of Badoo's top markets returning to positive revenue and payer growth this quarter. We plan to build on this momentum in the second half with the brand refresh and continued innovation on its core discovery mechanics to help people instantly connect with the most relevant matches for them.

盈利能力也持續改善，連續付費用戶淨增 34,000 名，Badoo 的幾個頂級市場在本季度恢復了正收入和付費用戶增長。我們計劃在下半年繼續保持這一勢頭，通過品牌更新和核心發現機制的持續創新，幫助人們立即找到與他們最相關的匹配對象。

Fruitz also continues to scale. It launched in the U.K., a meaningful first step in expanding beyond this space of French speaking markets. Early results have been promising, particularly with Gen Z adoption and engagement, and we plan to introduce Fruitz in more markets in the coming months.

Fruitz 也在繼續擴大規模。它在英國推出，這是向法語市場拓展的有意義的第一步。早期結果令人鼓舞，特別是 Z 世代的採用和參與，我們計劃在未來幾個月內在更多市場推出 Fruitz。

A key part of our broader growth strategy is to strengthen the ecosystem of connections, whether it's new relationships, established couples or friendships. Part of my original vision for Bumble has always been building relationships beyond dating. We believe there is tremendous opportunity in this expansion, and we recently took 2 important steps towards building out that vision.

我們更廣泛的增長戰略的一個關鍵部分是加強聯繫生態系統，無論是新的關係、已建立的夫妻關係還是友誼。我對 Bumble 最初的願景之一就是建立約會以外的關係。我們相信這次擴張蘊藏著巨大的機遇，並且我們最近採取了兩個重要步驟來實現這一願景。

First, we acquired Official, an app that strengthens existing relationships by providing date ideas, mood check-ins and other features for couples. Official is available in 45 countries and have been downloaded more than 1 million times since it was launched. Official helps relationships that start on Bumble, Badoo, Fruitz or anywhere else maximize their full potential. This opportunity can increase the lifetime value of our customers and open up broader lifestyle business adjacencies.

首先，我們收購了Official，這是一款通過為情侶提供約會建議、情緒檢查和其他功能來加強現有關係的應用程序。官方版已在 45 個國家/地區推出，自推出以來下載量已超過 100 萬次。官方幫助在 Bumble、Badoo、Fruitz 或其他任何地方開始的關係最大限度地發揮其潛力。這個機會可以增加我們客戶的終生價值，並開闢更廣泛的生活方式業務鄰接。

Second, I'm thrilled to announce that our new and stand-alone BFF app Bumble For Friends is now live in several countries, including the U.S. The app is built to create a new way for people to discover meaningful, kind and fun friendships in their local area. It maintains what people have loved about BFFs and add the new easier way to plan group activities. We are launching in an opportune time with more people open to making friends online than ever before. In a recent Bumble for Friends survey, 2/3 of Gen Z respondents shared that making new friends online lessened their loneliness, and we are uniquely positioned to make a difference in this space. We have seen strong early results with the new app.

其次，我很高興地宣布，我們新的獨立BFF 應用程序Bumble For Friends 現已在包括美國在內的多個國家/地區上線。該應用程序旨在為人們創造一種新的方式來發現有意義、友善和有趣的友誼他們的本地區域。它保留了人們對 BFF 的喜愛，並添加了計劃團體活動的更簡單的新方法。我們推出的時機恰逢其時，與以往相比，越來越多的人願意在線交友。在最近的一項 Bumble for Friends 調查中，2/3 的 Z 世代受訪者表示，在網上結交新朋友可以減輕他們的孤獨感，而我們擁有獨特的優勢，可以在這個領域做出貢獻。我們已經看到新應用程序的早期成果。

Gen Z engagement is a particular standout. By the end of Q2, our youngest BFF users were spending 34% more time per week in the app compared with the equivalent BFF mode cohort.

Z 世代的參與度尤為突出。到第二季度末，與同等 BFF 模式群體相比，我們最年輕的 BFF 用戶每週在應用程序上花費的時間多了 34%。

Over the next several quarters, we'll continue to invest into the experience based on member feedback. We'll also begin testing several tasks for monetization although we don't expect material revenue contribution this year as we prioritize the user experience.

在接下來的幾個季度中，我們將根據會員反饋繼續對體驗進行投資。我們還將開始測試幾項貨幣化任務，儘管我們預計今年不會產生實質性收入貢獻，因為我們優先考慮用戶體驗。

In summary, it has been a productive and rewarding first half of the year. As a company, we have been very customer-centric, nimble and decisive. We have achieved substantial progress on the product front. We are executing well, and we are continuing to deliver on our strategic priorities. Our strong first half positions us well to achieve our goals across our growing family of apps for the balance of the year and into 2024.

總而言之，今年上半年是富有成效、收穫頗豐的上半年。作為一家公司，我們一直非常以客戶為中心、靈活果斷。我們在產品方面取得了實質性進展。我們執行得很好，並且正在繼續實現我們的戰略重點。上半年的強勁表現使我們能夠很好地實現今年剩餘時間和 2024 年不斷增長的應用程序系列的目標。

Before I conclude, I would like to take a moment to thank Tariq for all of his contributions to the company. He has been a great leader, and we wish him the best in his future endeavors. Thank you, Tariq. And of course, deep gratitude and thanks, as always, to Team Bumble for their unwavering commitment and hard work in support of our mission, and to our customers, partners and investors for their continued trust and support.

在結束之前，我想花一點時間感謝塔里克對公司做出的所有貢獻。他是一位偉大的領導者，我們祝愿他在未來的事業中一切順利。謝謝你，塔里克。當然，我們一如既往地深深感謝 Bumble 團隊為支持我們的使命而做出的堅定承諾和辛勤工作，並感謝我們的客戶、合作夥伴和投資者一如既往的信任和支持。

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

接下來，我將把它交給阿努，討論我們的財務業績和前景。謝謝。

Thank you, Whitney, and good afternoon, everyone. Our second quarter results demonstrate the unique appeal of our app and the strong execution of our team. Total revenue growth was robust, driven by product initiatives and international expansion at Bumble app and continued progress towards stabilization of Badoo. On the expense side, we continue to operate with discipline around spend driving strong free cash flow while investing in the long-term strength of our app.

謝謝惠特尼，大家下午好。我們第二季度的業績證明了我們應用程序的獨特吸引力和我們團隊的強大執行力。在 Bumble 應用程序的產品計劃和國際擴張以及 Badoo 穩定化方面不斷取得進展的推動下，總收入增長強勁。在費用方面，我們繼續嚴格運營支出，推動強勁的自由現金流，同時投資於我們應用程序的長期實力。

I'll walk you through our second quarter results before turning to our outlook for Q3 and full year 2023. Unless stated otherwise, all comparisons are on a year-over-year basis. Total Bumble Inc. revenue in Q2 was $260 million, up 18% year-over-year and above our outlook. Total paying users reached 3.6 million, up 20% with both Bumble and Badoo payers showing sequential and year-over-year growth. Total ARPPU was $23.23, down 1%.

在轉向我們對第三季度和 2023 年全年的展望之前，我將向您介紹我們的第二季度業績。除非另有說明，所有比較均以同比為基礎。 Bumble Inc. 第二季度總收入為 2.6 億美元，同比增長 18%，高於我們的預期。付費用戶總數達到 360 萬，增長 20%，Bumble 和 Badoo 付費用戶均呈現環比和同比增長。總 ARPPU 為 23.23 美元，下降 1%。

Revenue from Bumble app was $208 million, up 23%. Bumble app revenue growth was primarily driven by a 28% increase in paying users to $2.5 million. On a sequential basis, we added 139,000 paying users in Q2. Paying user growth was driven by strength in active users and solid improvements in payer penetration. Bumble app's ARPPU was $28.21, down 3% year-over-year and up 1% sequentially. The year-over-year decline was primarily driven by geographic mix shift.

Bumble 應用程序的收入為 2.08 億美元，增長 23%。 Bumble 應用收入增長主要得益於付費用戶增長 28%，達到 250 萬美元。按順序計算，我們在第二季度增加了 139,000 名付費用戶。付費用戶的增長是由活躍用戶的實力和付費用戶滲透率的穩步提高推動的。 Bumble 應用的 ARPPU 為 28.21 美元，同比下降 3%，環比增長 1%。同比下降主要是由地理結構變化造成的。

Now moving on to Badoo App and Other. Badoo App and Other revenue was $52 million, up 2% year-over-year. Badoo App and Other paying users, excluding Fruitz, grew 7% to $1.2 million. On a sequential basis, paying users grew 34,000 in Q2. Badoo App and Other ARPPU excluding Fruitz declined 5% to $12.83 primarily due to pricing optimization and geographic mix shift.

現在轉向 Badoo 應用程序和其他。 Badoo 應用和其他收入為 5200 萬美元，同比增長 2%。 Badoo 應用程序和其他付費用戶（不包括 Fruitz）增長了 7%，達到 120 萬美元。第二季度付費用戶環比增長 34,000 人。 Badoo 應用程序和不包括 Fruitz 的其他 ARPPU 下降 5% 至 12.83 美元，主要是由於定價優化和地理組合變化。

Turning now to expenses. We continue to operate with discipline and efficiency. While we are focused on investing in our apps to bring our brands to market around the world, we are also managing incremental spending in headcount carefully, and we remain committed to expanding margins for this fiscal year and beyond.

現在轉向費用。我們繼續以紀律和效率運作。雖然我們專注於投資我們的應用程序，將我們的品牌推向世界各地的市場，但我們也在謹慎管理員工的增量支出，並且我們仍然致力於擴大本財年及以後的利潤率。

Total GAAP costs and expenses were $239 million for the quarter. On a non-GAAP basis, excluding stock-based compensation and other noncash or onetime items, our total non-GAAP costs and expenses were $193 million, up 17%. Cost of revenue was $76 million and grew 25%. As a percentage of revenue, cost of revenue was 29% versus 28% in the year ago period. We have now largely lapsed our compliance with the Google Play store mandate, which began in April 2022.

該季度 GAAP 成本和費用總額為 2.39 億美元。按非 GAAP 計算，不包括股票薪酬和其他非現金或一次性項目，我們的非 GAAP 總成本和費用為 1.93 億美元，增長 17%。收入成本為 7600 萬美元，增長 25%。收入成本佔收入的比例為 29%，而去年同期為 28%。我們現在基本上已經不再遵守自 2022 年 4 月開始實施的 Google Play 商店規定。

Sales and marketing expenses grew 12% to $64 million. This represents 25% of revenue versus 26% in the year ago period. We remain diligent in our allocation of marketing spend and continue to see opportunities for leverage in particular from our brand marketing piece.

銷售和營銷費用增長 12%，達到 6,400 萬美元。這佔收入的 25%，而去年同期為 26%。我們仍然勤奮地分配營銷支出，並繼續尋找槓桿機會，特別是我們的品牌營銷部分。

G&A expenses were $29 million or 11% of revenue compared to $29 million or 13% of revenue last year. Product development expenses were $24 million or 9% of revenue versus $17 million or 8% in the year ago period. Investment in product and technology is a critical driver of our growth, but we maintain a high bar for net headcount additions.

G&A 費用為 2,900 萬美元，佔收入的 11%，而去年為 2,900 萬美元，佔收入的 13%。產品開發費用為 2,400 萬美元，佔收入的 9%，而去年同期為 1,700 萬美元，佔收入的 8%。產品和技術投資是我們增長的關鍵驅動力，但我們對淨員工人數增加保持著很高的標準。

Q2 GAAP net earnings were $9 million compared to a net loss of $5 million in the year ago period. Q2 adjusted EBITDA was $67 million, up 23% and above the high end of our outlook range and represented a 26% adjusted EBITDA margin.

第二季度 GAAP 淨利潤為 900 萬美元，而去年同期淨虧損為 500 萬美元。第二季度調整後 EBITDA 為 6700 萬美元，增長 23%，高於我們展望範圍的上限，調整後 EBITDA 利潤率為 26%。

Now turning to the balance sheet. Our cash position remained strong as we drove free cash flow of $40 million in Q2. We ended the quarter with a cash and cash equivalent balance of $381 million. Our total debt position was $623 million, of which the $6 million is due over the next 12 months.

現在轉向資產負債表。我們的現金狀況依然強勁，第二季度自由現金流達到 4000 萬美元。本季度末，我們的現金及現金等價物餘額為 3.81 億美元。我們的總債務頭寸為 6.23 億美元，其中 600 萬美元將在未來 12 個月內到期。

Our strong cash flow has enabled us to return excess capital to shareholders. Last quarter, we announced that our Board authorized $150 million share repurchase program. And in Q2, we repurchased 1.3 million shares for a total of $21 million.

我們強勁的現金流使我們能夠將多餘的資本返還給股東。上季度，我們宣布董事會批准了 1.5 億美元的股票回購計劃。第二季度，我們回購了 130 萬股股票，總價值 2100 萬美元。

Now moving on to our financial outlook for Q3 and full year 2023. We are pleased with the results we achieved in the first half of the year and remain confident in our ability to deliver within the previous full year outlook ranges for revenue and adjusted EBITDA.

現在轉向我們對 2023 年第三季度和全年的財務展望。我們對上半年取得的業績感到滿意，並對我們在之前全年展望範圍內實現收入和調整後 EBITDA 的能力仍然充滿信心。

For Q3, we expect the following: total revenue between $274 million and $280 million representing a growth rate of 19% at the midpoint of the range. We expect Bumble app revenue to be between $221 million and $225 million, representing a growth rate between 22% and 25%. Our Bumble app revenue outlook includes expectations for sequential net adds of approximately 140,000 to 150,000 in Q3.

對於第三季度，我們預計：總收入在 2.74 億美元至 2.8 億美元之間，增長率為 19%，處於該範圍的中點。我們預計 Bumble 應用收入將在 2.21 億美元至 2.25 億美元之間，增長率在 22% 至 25% 之間。我們對 Bumble 應用程序的收入展望包括對第三季度連續淨增約 140,000 至 150,000 的預期。

We are pleased with the turnaround we have seen with respect to Badoo in the past quarter. We expect Badoo sequential net adds to be slightly positive in Q3 similar to Q2 levels. We estimate adjusted EBITDA will be between $71 million and $73 million, representing 26% at the midpoint of the range.

我們對上個季度 Badoo 的轉變感到高興。我們預計 Badoo 第三季度的連續淨增量將略為正值，類似於第二季度的水平。我們估計調整後的 EBITDA 將在 7100 萬美元至 7300 萬美元之間，佔該範圍中點的 26%。

With the first half behind us, we are now narrowing our outlook for full year 2023. We estimate total Bumble Inc. revenue of between $1.055 billion and $1.072 billion, representing a growth rate of 17% to 19%. We expect Bumble app revenue to be between $852 million and $863 million, representing a growth rate between 23% and 24%. Our Bumble app revenue outlook includes expectations for full year net adds of approximately 510,000 to 525,000. For adjusted EBITDA, we maintain our expectation of at least 100 basis points of year-over-year margin expansion.

隨著上半年的過去，我們現在縮小了對 2023 年全年的展望。我們估計 Bumble Inc. 的總收入在 10.55 億美元至 10.72 億美元之間，增長率為 17% 至 19%。我們預計 Bumble 應用收入將在 8.52 億美元至 8.63 億美元之間，增長率在 23% 至 24% 之間。我們的 Bumble 應用收入展望包括全年淨增加約 510,000 至 525,000 的預期。對於調整後 EBITDA，我們維持利潤率同比至少擴張 100 個基點的預期。

In closing, we believe our business remains as strong as ever, and we continue to see momentum across our apps. The authentic focus on kind connections, which is a hallmark of our offerings, differentiates us in the marketplace and is demonstrated in our financial results. Our team is operating with discipline and purpose to deliver value for our users while capturing the tremendous opportunities that we envision for our brand.

最後，我們相信我們的業務仍然一如既往地強勁，並且我們的應用程序繼續保持增長勢頭。真正注重友善的聯繫，這是我們產品的標誌，使我們在市場上脫穎而出，並在我們的財務業績中得到了體現。我們的團隊按照紀律和目標運作，為我們的用戶提供價值，同時抓住我們為我們的品牌設想的巨大機會。

Thank you for your continued support. And with that, operator, we can open it up for Q&A.

感謝您一如既往的支持。這樣，操作員，我們就可以打開它進行問答。

(Operator Instructions) Our first question will come from the line of Alexandra Steiger with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的 Alexandra Steiger。

So maybe one for Whitney and one for Anu, given your recent acquisition of Official and the launch of Bumble for Friends, could you dive a little deeper into your long-term vision of Bumble evolving into an ecosystem of loss? And what that could mean in terms of like future payer growth, conversion opportunities and retention dynamics? And then for Anu, I know it's too early to talk about '24, but how should we think about kind of like a normalized growth rate beyond '23?

鑑於您最近收購了Official 並推出了 Bumble for Friends，您能否更深入地探討 Bumble 演變成一個損失生態系統的長期願景？這對於未來的付款人增長、轉換機會和保留動態意味著什麼？然後對於阿努來說，我知道現在談論“24”還為時過早，但我們應該如何思考“23”之後的正常化增長率？

Yes, hi, I'll start. Thank you so much for the question. So as we've said from day 1, Bumble has always been about kind connections at large. We obviously put a huge focus on romantic relationships and dating. But when you look at a person's life of relationships, dating is just one part of that. And we really want to be there with someone on their entire relationship journey.

是的，嗨，我要開始了。非常感謝你的提問。正如我們從第一天起就說過的那樣，Bumble 一直致力於廣泛的友善聯繫。顯然，我們非常關注浪漫關係和約會。但當你審視一個人的人際關係生活時，約會只是其中的一部分。我們真的很想在某人的整個關係旅程中陪伴他們。

And so if you really look at this relationship spectrum, we want to be with you not just when you meet your partner, but then as you go off of the dating app and you then have a new relationship, we want to stay with you through that whole journey. And when you look at these relationships from a romantic lens, we're just talking about Official right now, they are cyclical. Most of these relationships in your 20s, in your 30s and even beyond, they don't last forever always. And so we're with you when you find love and then as you build that relationship together, and then it really does turn into a cycle to come back into the dating ecosystem, whether that be Bumble or Badoo or (inaudible).

因此，如果您真正了解這種關係譜，我們不僅希望在您遇到伴侶時與您在一起，而且當您退出約會應用程序並建立新的關係時，我們希望與您在一起度過整個過程整個旅程。當你從浪漫的角度看待這些關係時，我們現在只是在談論官方關係，它們是周期性的。大多數二十多歲、三十多歲甚至更久的關係都不會永遠持續下去。因此，當您找到愛情，然後當您一起建立這種關係時，我們會與您在一起，然後它確實會變成一個回到約會生態系統的循環，無論是Bumble 還是Badoo 還是（聽不清） 。

Great. Thank you. So I'm not entirely sure where we dropped, but just to reiterate, and I'll keep this brief. Our lives are made up of multiple relationships. And Bumble has done a phenomenal job of really integrating kinder connections and a safer ecosystem into people's love lives. But what we have seen is extraordinary demand for what Bumble offers as a brand, as an ecosystem, as a product in the friendship category. And we have been hard at work to really launch a stand-alone product. And how we see this really building LTV and really retaining customers over the long term is you might find something romantic and then you move to Official. And then you're not in the market for love, but you are in the market for friendship and community because you've moved to a new city with that new relationship that you've just started.

偉大的。謝謝。所以我不完全確定我們在哪裡下降，但只是重申一下，我會保持簡短。我們的生活是由多種關係組成的。 Bumble 做得非常出色，真正將更友善的聯繫和更安全的生態系統融入人們的愛情生活中。但我們看到，人們對 Bumble 作為一個品牌、一個生態系統、一個友誼類別的產品有著巨大的需求。我們一直在努力真正推出一款獨立的產品。我們如何看待這種真正建立生命週期價值並真正長期留住客戶的方式是，你可能會發現一些浪漫的東西，然後你轉向官方。然後你就不是在尋找愛情，而是在尋找友誼和社區，因為你帶著剛剛開始的新關係搬到了一個新城市。

And so we are really here to help people find all components of their relationships. And we really believe that over the long term, we can be the company for love. And that does not mean just romantic love. That means keeping all of your relationships healthy and equitable.

因此，我們真正的目的是幫助人們找到他們關係的所有組成部分。我們堅信，從長遠來看，我們可以成為愛的陪伴。這不僅僅意味著浪漫的愛情。這意味著保持所有關係的健康和公平。

We do believe that there is a lot of opportunity to extend the LTV, as I said, of the customer journey and to really keep people engaged with our brand and our family of products over the long term versus just having them for a short period of time as they seek a romantic partner. So this is really the long-term horizon, and we're really excited about what we're seeing in Bumble for Friends so far.

我們確實相信，正如我所說，有很多機會可以延長客戶旅程的生命週期價值，並讓人們真正長期參與我們的品牌和我們的產品系列，而不是僅僅短期參與。他們尋找浪漫伴侶的時間。所以這確實是一個長期的願景，我們對迄今為止在 Bumble for Friends 中看到的東西感到非常興奮。

Yes. And Alex, to your question about what does this mean for us in terms of 2024, you're right, I think it's a little bit early to be talking about what growth rates look like. What I will say though is we are very excited about the fact that we have a very well-diversified portfolio. Obviously, within dating, we have Bumble, Badoo, which is doing really well now. Bumble is continuing to have momentum. And Fruitz is now also starting to launch in many countries. BFF is going to be exciting for us next year. And now we have Official in the mix as well. So we're excited about what this means for us in the coming years. Obviously, we'll provide more information in the coming quarters about what that means in terms of actual growth rates, et cetera.

是的。 Alex，對於你關於 2024 年這對我們意味著什麼的問題，你是對的，我認為現在談論增長率還為時過早。但我要說的是，我們對擁有非常多元化的投資組合感到非常興奮。顯然，在約會領域，我們有 Bumble、Badoo，它們現在做得非常好。 Bumble 繼續保持勢頭。 Fruitz 現在也開始在許多國家推出。明年的 BFF 將會令我們興奮不已。現在我們也加入了官方。因此，我們對這對我們未來幾年的意義感到興奮。顯然，我們將在未來幾個季度提供更多信息，說明這對實際增長率等意味著什麼。

Your next question comes from the line of Ygal Arounian with Citigroup.

你的下一個問題來自花旗集團的 Ygal Arounian。

I want to maybe focus on the comments, Whitney, around expanding the subscription offering to higher tier, lower tier. Maybe can you just expand on that a little bit? I think on lower tier, it might be similar to what you've talked about with Gen Z and the college audience. And then maybe a little bit more on the higher tier, what your expectations are there and what people are looking for from that category.

惠特尼，我可能想重點關注有關將訂閱服務擴展到更高層、更低層的評論。也許你可以稍微擴展一下嗎？我認為在較低層，這可能類似於您與 Z 世代和大學觀眾談論的內容。然後可能會在更高的層面上多講一點，你的期望是什麼以及人們從該類別中尋找什麼。

Yes, thank you so much for the question. So we really look at monetization as a barbell, right? And if you look at the current offering, we really are primarily these 2 subscription offerings of Boost and Premium. But when you look at the very wide variety of customers and user bases that we have, we really want to ensure that we are providing offerings that really cater to their unique needs. And these customers are not all just looking for one tier or one offering.

是的，非常感謝你的提問。所以我們確實將貨幣化視為槓鈴，對吧？如果你看看當前的產品，我們實際上主要是 Boost 和 Premium 這兩種訂閱產品。但當你看到我們擁有的各種各樣的客戶和用戶群時，我們真的希望確保我們提供的產品能夠真正滿足他們的獨特需求。這些客戶並不只是尋找一層或一種產品。

And so let's start with the lower price tier, and then we'll move to the higher price tier. The lower price tier is really about building an experience that's extremely native for particularly Gen Z. A way for them to engage more ephemerally in a way that they can kind of decorate themselves, if you will, they can express themselves in new ways, but at a lower price point. Because if you think about Gen Z, not everyone has disposable income at that time. And then if you move to the higher tier, we are hearing consistent feedback from, I would say, a wide range of customer segments, in fact, that are looking for more serious dating. They're looking for something that they've been very willing to pay a far higher price for. They feel that the relative value of $40 or $50 a month for their special someone feels exceptionally low. I mean if you think about it, our high tier -- currently our higher tier Bumble Premium is really the cost of a couple's drinks at any local bar.

因此，讓我們從較低的價格層開始，然後我們將轉向較高的價格層。較低的價格層實際上是為了打造一種特別適合Z 世代的體驗。一種讓他們以一種可以裝飾自己的方式更短暫地參與的方式，如果你願意的話，他們可以用新的方式表達自己，但是以較低的價格點。因為如果你想想 Z 世代，當時並不是每個人都有可支配收入。然後，如果你轉向更高的層次，我想說，我們會聽到來自廣泛客戶群體的一致反饋，事實上，他們正在尋找更認真的約會。他們正在尋找他們非常願意付出更高價格的東西。他們覺得每月 40 或 50 美元對於他們特別的人來說相對價值非常低。我的意思是，如果你想一想，我們的高級——目前我們更高級別的 Bumble Premium 實際上是在任何當地酒吧喝幾杯酒的價格。

And so when you really think about the offering that we can build at a more premium level, not just from a price point, but what we can deliver in a curated and an exceptional way for this audience, we see that there's a lot of runway to expand there. So all to say, this is currently in motion, and we hope to have updates by the end of the year.

因此，當你真正考慮我們可以在更優質的水平上打造的產品時，不僅僅是從價格點，而是我們可以以精心策劃的、特殊的方式為這些受眾提供什麼，我們看到有很多跑道在那裡擴展。總而言之，目前正在進行中，我們希望在今年年底之前得到更新。

Okay. And maybe just a follow-up. I'll go to the ecosystem idea and keeping people in the ecosystem. You guys talked a little bit about leverage and brand marketing and your key competitors out there spending a little bit more on marketing. Within this new strategy, can you talk a little bit about how you expect to kind of build the marketing message around products outside of the core traditional dating use case and what that might look like?

好的。也許只是後續行動。我將討論生態系統的想法以及讓人們留在生態系統中。你們談論了一些關於槓桿和品牌營銷的內容，而你們的主要競爭對手則在營銷上花費了更多的錢。在這個新策略中，您能否談談您希望如何圍繞核心傳統約會用例之外的產品構建營銷信息以及它可能是什麼樣子？

Yes, of course. So we actually believe that there's strong benefit to the dating category even when we go out and start to market Bumble for Friends. I'll just give you a very quick example. We hear time and time again that people that thinks they're not interested in dating but are interested in finding friends, they're joining Bumble for Friends with no intention to date. They then end up on Bumble for Friends. They change their mind very shortly after, and now they're already in the Bumble ecosystem. So it is a natural thing for them to choose Bumble dating as just a tail to them being in the friendship ecosystem.

是的當然。因此，我們實際上相信，即使我們開始營銷 Bumble for Friends，約會類別也會帶來巨大的好處。我會給你一個非常簡單的例子。我們一次又一次地聽到，人們認為自己對約會不感興趣，但有興趣尋找朋友，他們加入 Bumble for Friends 卻無意約會。然後他們最終參加了《Bumble for Friends》。他們很快就改變了主意，現在他們已經進入了 Bumble 生態系統。因此，他們選擇 Bumble 約會作為他們進入友誼生態系統的尾巴是很自然的事情。

As we think about marketing more generally, and we'll kind of start at the Bumble app level, we have such a differentiated brand. It's extremely unique, and it's distinguished. It's particularly a favorite among women and Gen Z. And we really take pride in very strategic marketing efforts. A lot of our marketing is friend of friend, it's organic. And when we do a marketing campaign, it's all integrated around products.

當我們更廣泛地考慮營銷時，我們將從 Bumble 應用程序級別開始，我們擁有如此差異化的品牌。它非常獨特，而且很傑出。它尤其受到女性和 Z 世代的喜愛。我們對極具戰略性的營銷工作感到非常自豪。我們的很多營銷都是朋友的朋友，這是有機的。當我們開展營銷活動時，一切都圍繞產品進行整合。

So I'll use a quick example. This summer, we've rolled out Summer of Kindness. It's not a disjointed marketing campaign with no relevance to the product. It was actually to promote the feature that we built, Compliments. And so what we're seeing time and time again that even though our peers might be spending in higher levels, it is really not, a, changing our course, it's not throwing us off course or making us change the way we think about things; and b, it's really not having the negative impact that someone might expect. And so we're -- we take a lot of pride in the way that we continue to market.

所以我將使用一個簡單的例子。今年夏天，我們推出了“善良之夏”。這不是一個與產品無關的雜亂的營銷活動。它實際上是為了推廣我們構建的功能“讚美”。因此，我們一次又一次地看到，即使我們的同齡人的支出水平可能更高，但這實際上並沒有改變我們的路線，它並沒有讓我們偏離路線或讓我們改變我們思考事物的方式; b，它確實沒有產生人們可能期望的負面影響。因此，我們對我們繼續營銷的方式感到非常自豪。

Your next question comes from the line of Shweta Khajuria with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Shweta Khajuria。

The first one is on Compliments and Best Bees and the potential impact. So just could you please frame the magnitude of the impact that -- to the extent you can that's baked into the guidance? And then how we should be thinking about it next year? And then in terms of the margin expansion, Anu, your comments, I just want to double-click on that. Your confidence in reiterating this year's guide, but also in your -- you're targeting ongoing margin expansion. It sounds like that's how you're managing your business for years ahead. So could you please talk about that as well, how you think about it? And that's it.

第一個是關於讚美和最佳蜜蜂及其潛在影響。那麼，您能否描述一下影響的嚴重程度——您可以在多大程度上將其納入指南中？那麼明年我們應該如何考慮呢？然後就利潤率擴張而言，Anu，您的評論，我只想雙擊它。您對重申今年的指南充滿信心，而且對您的目標是持續擴大利潤率。聽起來這就是您未來幾年管理業務的方式。那麼您能否也談談這個問題，您是如何看待這個問題的？就是這樣。

Great. Thanks, Shweta, for the question. So in terms of Compliments and Best Bees, I think I'll sort of go back to what we said at the beginning of the year, right? The way we think about what's included in our revenue guide is obviously we look at the data coming out of testing for all of these products. And then depending on how they land, depending on how they are doing as we globally roll them out, we make reasonable assumptions about what these would look like. Compliments is pacing to what we had hoped it would do at the beginning of the year. So we haven't really changed anything in terms of our assumptions around what that means for our revenue guide for the full year.

偉大的。謝謝施維塔提出的問題。因此，就讚美和最佳蜜蜂而言，我想我會回到我們年初所說的，對吧？我們考慮收入指南中包含的內容的方式顯然是我們查看所有這些產品測試得出的數據。然後根據它們的落地方式，根據我們在全球範圍內推出它們時的表現，我們對它們的外觀做出合理的假設。好評如潮，達到了我們年初的預期。因此，我們並沒有真正改變我們對全年收入指南的假設。

Best Bees is an interesting one. If you remember, when we first launched Best Bees, we had said we hadn't fully figured out whether we wanted to have it be a stand-alone consumable product or have it be a subscription product. One of the things that we noticed after we rolled it out was it was actually leading to really good conversion rates, our engagement rates were going up. So we made the decision to actually move Best Bees as a feature in our Premium tier. And we've seen increase in people's adoption of the premiums here as a result of that. So that's definitely been a driver of payers for us this quarter as well. So as we continue to optimize this over the course of this year and next year, I think you'll see us continue to ramp up contribution for both of these products and for some of the other ones that Whitney talked about.

《最佳蜜蜂》是一款有趣的遊戲。如果您還記得，當我們第一次推出 Best Bees 時，我們曾說過我們還沒有完全弄清楚我們是否希望將其作為獨立的消耗性產品或訂閱產品。推出後我們注意到的一件事是，它實際上帶來了非常好的轉化率，我們的參與率正在上升。因此，我們決定將“最佳蜜蜂”作為我們的高級級別的一項功能。因此，我們看到人們對保費的採用有所增加。因此，這無疑也是本季度我們付款的推動力。因此，隨著我們在今年和明年繼續優化這一點，我想您會看到我們繼續加大對這兩種產品以及惠特尼談到的其他一些產品的貢獻。

In terms of margins, you are right. I think we've consistently been saying this. Our goal is to continue to expand margins, both in the short term as well as in the medium term. Obviously, our second quarter results show that we are able to get the revenue growth that we want to while still being very, very efficient with our spend. We came in higher than what we had expected from an EBITDA perspective because we just -- we were able to find leverage in areas of marketing spend and we just didn't feel like we needed to spend into the user growth that we were seeing. So that's great news for us.

就利潤而言，你是對的。我想我們一直在這麼說。我們的目標是在短期和中期繼續擴大利潤率。顯然，我們第二季度的業績表明，我們能夠實現我們想要的收入增長，同時我們的支出仍然非常非常高效。從 EBITDA 的角度來看，我們的業績高於我們的預期，因為我們能夠在營銷支出領域找到槓桿作用，而且我們只是覺得不需要在我們所看到的用戶增長上投入資金。這對我們來說是個好消息。

I think you'll see us continue to be diligent in how we think about spend for the rest of the year, we would always want the optionality to spend if we felt like that really positioned us well for growth into Q1. But again, if we didn't feel like the ROI was there, we will be very efficient and diligent about dropping it to the bottom line. So again, I think it's the same theme that you hear us talk about. Nothing has changed in terms of how we think about it.

我想你會看到我們繼續努力思考今年剩餘時間的支出，如果我們認為這確實使我們能夠在第一季度實現增長，那麼我們總是希望有選擇性的支出。但同樣，如果我們感覺投資回報率不存在，我們將非常高效且勤奮地將其降至底線。再說一遍，我認為這與您聽到我們談論的主題相同。我們的想法沒有任何改變。

Your next question comes from the line of Cory Carpenter with JPMorgan.

您的下一個問題來自摩根大通的科里·卡彭特 (Cory Carpenter)。

It looks like you've increased prices on certain Bumble app offerings in recent months. Could you just talk about the rationale in the type of response you're seeing from users? And then, Anu, could you explain on the trends you're seeing that led you to raise your Bumble app net guide by 40,000 at the midpoint?

近幾個月來，您似乎提高了某些 Bumble 應用產品的價格。您能否談談您從用戶那裡看到的響應類型的基本原理？然後，Anu，您能否解釋一下您所看到的趨勢，這些趨勢導致您將 Bumble 應用程序網絡指南中點提高了 40,000？

Yes. Sure, Cory. I can take a stab at both of those. So in terms of pricing, right, I think what's important to understand is we have a very sophisticated pricing architecture that we operate around. And the goals that our pricing team have are not just to increase prices in every market, but it's really to optimize for the value that we are offering our users. And this is something that isn't -- this isn't the first time we are doing this. This is something that we've been doing for a long time. And it's a continuous exercise we undertake in every market that we are in as we expand.

是的。當然，科里。我可以對這兩個方面進行嘗試。因此，就定價而言，我認為重要的是要了解我們擁有一個非常複雜的定價架構。我們定價團隊的目標不僅僅是提高每個市場的價格，而是真正優化我們為用戶提供的價值。這並不是我們第一次這樣做。這是我們長期以來一直在做的事情。隨著我們的擴張，這是我們在每個市場中持續進行的活動。

And we also do this as we bring new products and features to market. We are constantly optimizing in making sure that our pricing looks right. So effectively, that means that in some markets, we increase prices, and we may equally lower prices in some markets if we feel like it's revenue accretive and it's going to lead to improvement in payer penetration. So you'll see that in some international markets, especially as we see a lot of those markets come to scale, we actually drop prices because that really allows us to get more payers into the ecosystem, and that's ultimately the better outcome for us as a company.

當我們將新產品和新功能推向市場時，我們也會這樣做。我們不斷優化以確保我們的定價合理。因此，實際上，這意味著在某些市場中，我們會提高價格，如果我們認為這會增加收入並且會提高付款人的滲透率，那麼我們可能會在某些市場上同樣降低價格。所以你會看到，在一些國際市場，特別是當我們看到很多這樣的市場規模擴大時，我們實際上降低了價格，因為這確實讓我們能夠讓更多的付款人進入生態系統，這最終對我們來說是更好的結果一家公司。

And when we think about pricing, we are -- we do extensive testing around what does price elasticity look like in different geographic markets around the world. And as we've said before, even in a country, different cities behave very differently. So we make sure that all of that is sort of taken into account.

當我們考慮定價時，我們對世界各地不同地理市場的價格彈性進行了廣泛的測試。正如我們之前所說，即使在一個國家，不同城市的表現也截然不同。所以我們確保所有這些都被考慮在內。

And we know that there are cohorts of people that are comfortable paying higher price points for a service that helps them connect with the people that they want, right? And so you heard Whitney talk about the higher price tier. All of the thinking is really coming around, again, are we offering the right value for our users.

我們知道，有些人願意為幫助他們與所需的人建立聯繫的服務支付更高的價格，對嗎？所以你聽到惠特尼談論更高的價格層。所有的想法都再次浮出水面，我們是否為用戶提供了正確的價值。

Going to your question about net adds. We've been very pleased with our payer performance all through the year. Our top of the funnel has been very strong. We've been optimizing really well, and that's led to higher payer penetration. So that's one of the reasons why we have confidence in our net add numbers. I made the point about how our international markets are doing well. And so we're definitely seeing strong payer growth come out of that.

轉到你關於網絡添加的問題。我們對全年的付款表現非常滿意。我們的漏斗頂部非常強大。我們一直在優化，這導致了更高的付款人滲透率。這就是我們對淨增加數字充滿信心的原因之一。我談到了我們的國際市場表現如何良好。因此，我們肯定會看到付款人的強勁增長。

And the last thing I would point to is -- and I alluded to this briefly in my prior remarks. As some of these newer features are landing, we are really starting to get a better sense for whether these ARPPU drivers are payer conversion drivers. And that's -- again, we are seeing strength in some of these towards payers, and that's why we feel very, very comfortable about raising our net add guides to the numbers that we just put out.

我要指出的最後一件事是——我在之前的發言中簡要提到過這一點。隨著其中一些新功能的落地，我們確實開始更好地了解這些 ARPPU 驅動因素是否是付款人轉換驅動因素。這就是——我們再次看到其中一些對付款人的優勢，這就是為什麼我們對將我們的淨增加指南提高到我們剛剛發布的數字感到非常非常放心。

Our next question will come from the line of Andrew Marok with Raymond James.

我們的下一個問題將來自安德魯·馬洛克和雷蒙德·詹姆斯。

On Badoo, we're seeing some encouraging signs there. I know in the past, these markets have been more subject to impacts from COVID and economic disruption. What do you think we need to see in terms of the combination of overall market conditions and products to get back on a sustainable growth trajectory?

在 Badoo 上，我們看到了一些令人鼓舞的跡象。我知道過去這些市場更容易受到新冠疫情和經濟混亂的影響。您認為就整體市場狀況和產品而言，我們需要看到什麼才能回到可持續增長軌道？

Andrew, it's Tariq. I'll start with that and Whitney may chime in as well. I think with Badoo, you're right, there's been a lot of macro effects that have hit Badoo over the years, both geopolitical and macro effects. I think one of the things that we have learned is that the part of Badoo that is resonating really well in this post-pandemic environment is the instant experience. The fact you have to wait less to connect with someone, the fact that there's more immediacy to that experience. And that, we think, is what is driving the top of funnel results that we're seeing.

安德魯，我是塔里克。我將從這個開始，惠特尼也可能會插話。我認為對於 Badoo，你是對的，多年來，Badoo 受到了很多宏觀影響，包括地緣政治和宏觀影響。我認為我們學到的一件事是，Badoo 在大流行後的環境中真正引起共鳴的部分是即時體驗。事實上，您與某人建立聯繫所需的等待時間更少，而且這種體驗更加即時。我們認為，這就是推動我們看到的漏斗頂部結果的原因。

So this is not just a story here. We're getting better at pricing or anything like that here. I think one of the key indicators that we look at internally is are we actually seeing stronger top of funnel? Are we seeing stronger user engagement? And then, of course, are we able to monetize it? And so I think that we feel very good about how the product has evolved to really focus on that immediacy element.

所以這不僅僅是一個故事。我們在定價或類似方面做得越來越好。我認為我們內部關注的關鍵指標之一是我們是否真的看到漏斗頂部更強？我們是否看到了更強的用戶參與度？當然，我們能夠將其貨幣化嗎？因此，我認為我們對該產品如何發展到真正關注即時性元素感到非常滿意。

The brand refresh that Whitney mentioned that we're talking about will kind of without -- this won't be a huge marketing campaign per se, but it will start to just emphasize those points more and more. And we think that, that will continue to show a pretty broad-based top of funnel impact for us, which we're very good at converting.

惠特尼提到的我們正在談論的品牌更新有點沒有——這本身不會是一個巨大的營銷活動，但它會開始越來越強調這些點。我們認為，這將繼續對我們產生相當廣泛的漏斗頂部影響，我們非常擅長轉換這種影響。

Great. And then a quick follow-up, if I could. From some of the work that you've done and your surveys of users, et cetera, do you have a view on which of the lower-priced or the higher-priced tier could be bigger from a revenue perspective?

偉大的。如果可以的話，然後快速跟進。根據您所做的一些工作以及對用戶的調查等，您是否認為從收入角度來看，價格較低或價格較高的層中哪一個可能會更大？

Yes. I think it's too early to sort of quantify the impact of some of these things. I think what I would just say is we have a pretty large user base of people that are using our product and a small portion of them pay for our product, right? So this is really a mechanism for us to provide features for the spectrum of users that are already on our product and then create value for them, right? So that's really how I would think about it. And then there are a lot of people that may not be using dating apps today, but they really want to date. And so this is also a mechanism for us to get more people into the dating ecosystem as a whole. So we're very excited about what this means for us. Obviously, we still have a little bit of work to do, and we'll provide more updates by the end of the year.

是的。我認為現在量化其中一些事情的影響還為時過早。我想我想說的是，我們有相當大的用戶群正在使用我們的產品，其中一小部分人為我們的產品付費，對嗎？所以這確實是我們為我們產品中已有的用戶提供功能然後為他們創造價值的一種機制，對嗎？所以這就是我的想法。現在有很多人可能沒有使用約會應用程序，但他們確實想約會。所以這也是我們讓更多人進入整個約會生態系統的一種機制。因此，我們對這對我們意味著什麼感到非常興奮。顯然，我們還有一些工作要做，我們將在今年年底之前提供更多更新。

Yes, I would just add one thing, that our brand is so uniquely positioned for this higher and lower tier offering. We have so many people that come to us and say, we want to use Bumble, but we want something more premium, more curated. We would be on this, we would pay more. And we're not just talking a handful. So we really feel that there's a huge opportunity to really cater to the folks that are looking for something much more premium than what we can offer today.

是的，我只想補充一件事，我們的品牌對於這種高層和低層產品的定位是如此獨特。有很多人來找我們說，我們想使用 Bumble，但我們想要更優質、更精心設計的東西。我們會為此付出更多。我們談論的不僅僅是少數。因此，我們確實覺得有一個巨大的機會來真正滿足那些正在尋找比我們今天所能提供的更優質產品的人們。

Your next question comes from the line of [Ben Blatt] with Deutsche Bank.

你的下一個問題來自德意志銀行的[Ben Blatt]。

This is Jeff on for Ben. Can you talk a little bit about how the international launches are sailing? Are any of your competitors marketing efforts such that they [miss] having any discernible impact on Bumble's growth internationally? Also, can you give us just a little more sense of the product road map over the next 6 to 12 months? I know you talked about higher price tier largely this year, but any more color on what we should be focusing on over the next 6 to 12 months would be helpful.

這是傑夫替補本。您能談談國際發射的進展情況嗎？您的任何競爭對手的營銷努力是否[錯過]對 Bumble 的國際增長產生任何明顯的影響？另外，您能否讓我們對未來 6 到 12 個月的產品路線圖有更多了解？我知道您今年主要討論了更高的價格等級，但對我們在未來 6 到 12 個月內應該關注的內容提供更多的顏色將會有所幫助。

Yes, sure. So growth in our international markets really for Bumble continues to be a strong source of strength for us. So we're seeing not only this and download data, but also in MAU and payer growth. We continued to see really positive absolute downloads in markets like Germany where we've maintained our #2 spot. So in Q2, we also successfully expanded our marketing efforts and our launches in some newer markets like Italy and Portugal, which really continued our European expansion following our Spain launch last year. And our recent launches in places like Chile, Argentina, Colombia, throughout Latin America, these are also really continuing to gain traction.

是的，當然。因此，對於 Bumble 來說，國際市場的增長確實仍然是我們強大的力量源泉。因此，我們不僅看到了這一點和下載數據，還看到了月活躍用戶和付款人的增長。我們繼續在德國等市場看到非常積極的絕對下載量，我們在德國保持了第二名的位置。因此，在第二季度，我們還成功擴大了營銷力度，並在意大利和葡萄牙等一些較新的市場推出了產品，繼去年在西班牙推出產品後，這真正延續了我們的歐洲擴張。我們最近在智利、阿根廷、哥倫比亞和整個拉丁美洲等地推出的產品也確實繼續受到關注。

And so some of these markets such as France and Germany, they have become more competitive due to these elevated marketing spends from some industry players, but we're very pleased with our overall performance. And candidly, the loyalty we're seeing from women and Gen Z in particular.

因此，由於一些行業參與者增加了營銷支出，其中一些市場（例如法國和德國）變得更具競爭力，但我們對我們的整體表現非常滿意。坦率地說，我們看到了女性，尤其是 Z 世代的忠誠度。

Product road map, yes. So turning to the product road map. Here's how I would think about the product road map. I'd really categorize it in 3 buckets. The first bucket is making what's already working well work even better. So a really strict focus and dedication to optimization. And then on the flip side of that within the same first bucket is what might be causing some stress or some pain points for our customers, right? We're very obsessed with the customer, really optimizing to make those better.

產品路線圖，是的。因此轉向產品路線圖。以下是我對產品路線圖的看法。我真的會把它分為三類。第一個目標是讓已經運行良好的東西變得更好。因此，我們需要非常嚴格地關注並致力於優化。另一方面，在同一個第一個桶中，可能會給我們的客戶帶來一些壓力或一些痛點，對嗎？我們非常關注客戶，並進行真正的優化以使其變得更好。

So the first bucket is really taking what we've got and improving. The second one is innovation. Innovation is going to be heavily driven, not just by AI from a machine learning standpoint but from Generative AI as well. We're really excited thematically about what we have in the pipeline from an innovative standpoint. I think what you've seen over the last, call it, 10 years and in my case, longer than that. I've been in this industry now since 2012, you haven't seen anything really transformational as it pertains to the cell phone era of dating. And so we're really excited about how we can really take this product that works extraordinarily well, but take it to the next level and make it even more native and more compelling for today's modern dater. So innovation is going to be deeply driven by a lot of focus with Generative AI. We went into a bit of that on the call.

所以第一個目標是真正利用我們現有的東西並進行改進。第二個是創新。創新將得到大力推動，不僅是從機器學習的角度來看，人工智能的推動，也包括生成人工智能的推動。從創新的角度來看，我們對我們正在開發的產品感到非常興奮。我認為你過去所看到的，稱之為十年，就我而言，比這更長。我自 2012 年以來一直從事這個行業，你還沒有看到任何與手機約會時代相關的真正變革。因此，我們非常興奮如何能夠真正採用這款效果非常好的產品，並將其提升到一個新的水平，使其對當今的現代約會者來說更加本土化和更具吸引力。因此，創新將受到對生成式人工智能的大量關注的深刻推動。我們在電話中討論了一些內容。

And then the third bucket is building out that monetization platform. So we've talked a lot about this already on the call, but really looking at the audience at large and being very granular, delivering an experience that really pertains to their wants, their needs and their willingness to pay. So making sure we're not leaving money on the table for these payers that might not be paying currently, but it's also a huge growth driver because there are billions -- we don't have a specific number, but there are so many singles around the world that are not online yet. So we do see that this is an opportunity to do that. So yes, the first is optimization, innovation and monetization. That's how you should think about the product strategy moving forward.

第三個目標是構建貨幣化平台。因此，我們已經在電話會議中對此進行了很多討論，但真正著眼於廣大受眾，並且非常細緻，提供真正適合他們的需求、需求和支付意願的體驗。因此，確保我們不會把錢留給這些目前可能還沒有付款的付款人，但這也是一個巨大的增長動力，因為有數十億——我們沒有具體的數字，但有很多單身人士世界各地尚未上線的國家。所以我們確實看到這是一個這樣做的機會。所以，是的，首先是優化、創新和貨幣化。這就是您應該如何思考未來的產品策略。

Your next question comes from the line of John Blackledge with TD Cowen.

你的下一個問題來自 John Blackledge 和 TD Cowen 的對話。

It's Logan on for John. First question on AI and some of these Gen AI features. Do you plan to monetize some of these tools going forward here? Will they be more focused on just the broader user experience? And then secondly, just on capital allocation, could you discuss the buyback levels in 2Q and then how we should think about those looking forward to the back half of the year?

洛根替約翰上場。關於人工智能和其中一些人工智能功能的第一個問題。您打算在這裡將其中一些工具貨幣化嗎？他們會更加關注更廣泛的用戶體驗嗎？其次，就資本配置而言，您能否討論一下第二季度的回購水平，然後我們應該如何考慮那些展望下半年的人？

Yes, thanks for the questions. I'll take the first one. So I just want to kind of set the stage on AI for a second and say even though this is a big trend that we're hearing about everywhere, Bumble has been leveraging AI into our products for years across not just our recommendation engine, but safety and our content moderation efforts, and so much more. But as these new tools protect, particularly this Generative AI front have come forward, we're really excited about how they can actually be integrated into the business, not just from a product standpoint, but really across everything top to bottom in the company.

是的，謝謝您的提問。我就拿第一個。因此，我只想先介紹一下人工智能，儘管這是我們隨處聽說的一個大趨勢，但 Bumble 多年來一直在我們的產品中利用人工智能，不僅包括我們的推薦引擎，還包括我們的產品。安全和我們的內容審核工作等等。但隨著這些新工具的出現，特別是生成式人工智能前沿的出現，我們對如何將它們真正集成到業務中感到非常興奮，不僅僅是從產品的角度來看，而是從公司自上而下的各個方面來看。

If you do just look at the user journey, we look at an opportunity that can be both freemium but also part of subscription bundles, right? So as we go higher tier, AI can be a big part of those offerings and candidly on the lower price offerings as well.

如果您只關注用戶旅程，我們就會看到一個既可以是免費增值也可以是訂閱捆綁的機會，對吧？因此，當我們走向更高的層次時，人工智能可以成為這些產品的重要組成部分，並且坦率地講，人工智能也可以成為較低價格產品的重要組成部分。

Just a few random applications that I can pull top of mind right now for you to start thinking about, how do we further leverage AI-generated compatibility, right, in the encounter profiles? How do we really look at AI-generated support on writing good bios and choosing the best photos and really getting good feedback on this connections journey. First move, right? Huge opportunity in first moves and really driving engagement all through the funnel. So that's the way I would think about it at this time.

我現在可以想到一些隨機的應用程序，讓您開始思考，我們如何在遭遇配置文件中進一步利用人工智能生成的兼容性？我們如何真正看待人工智能生成的支持，幫助編寫良好的簡歷、選擇最好的照片，並在這段聯繫之旅中真正獲得良好的反饋。第一個動作，對嗎？第一步的巨大機會，並真正推動整個渠道的參與度。所以這就是我此時的想法。

Yes. And just quickly on capital allocation. I think we've sort of consistently said this before, we have a capital allocation strategy that takes into account what we are doing from an organic growth perspective, what is our -- what is our plan around our future sort of M&A strategy. And then we are in the fortunate position of being able to return capital back to our shareholders, and that's what you saw us do in Q2. These are decisions that we make on a daily basis as we operate our business. So nothing really to call out yet. Obviously, we'll keep you posted every quarter in terms of what that means.

是的。並且快速進行資本配置。我認為我們之前一直這樣說過，我們有一個資本配置策略，從有機增長的角度考慮我們正在做的事情，我們圍繞未來併購策略的計劃是什麼。然後我們很幸運能夠將資本返還給我們的股東，這就是你在第二季度看到的我們所做的。這些是我們在經營業務時每天做出的決定。所以還沒有什麼真正值得呼籲的。顯然，我們每個季度都會向您通報這意味著什麼。

Your next question comes from the line of Mark Kelley with Stifel.

你的下一個問題來自 Mark Kelley 和 Stifel。

I was hoping you could touch on back-to-school a little bit. If I remember correctly, I think some of the product and marketing decisions from last year were kind of moved from Q3 to Q4 based on some of the feedback from your campus ambassadors. Is that something we can expect again this year more of like a Q4 event, if you will?

我希望你能談談返校的事。如果我沒記錯的話，我認為去年的一些產品和營銷決策是根據校園大使的一些反饋從第三季度轉移到第四季度的。如果你願意的話，我們今年可以再次期待這更像是第四季度的活動嗎？

And then second, not to keep talking about Generative AI, but curious if we can expect that to be -- to impact margins or just kind of listening to your last answer, maybe it's margin neutral. Any color there would be great.

其次，不要繼續談論生成式人工智能，而是好奇我們是否可以預期它會影響利潤率，或者只是聽聽你最後的答案，也許它是利潤率中性的。任何顏色都會很棒。

I'll start with back to school and then I'm sure Anu will talk about the margin impact of Gen AI. So we are paying a lot of attention to the kind of seasonality patterns that you see post COVID. One of the things in 2021, a lot of people, even though they were back in school, they weren't really in school. They weren't able to socialize, they weren't able to do the things that people normally do when they first show up on a college campus.

我將從回到學校開始，然後我確信 Anu 會談論 Gen AI 對利潤的影響。因此，我們非常關注新冠疫情后所看到的季節性模式。 2021 年的一件事是，很多人雖然回到了學校，但實際上並沒有在學校。他們無法社交，無法做人們第一次出現在大學校園時通常會做的事情。

We are -- we saw that change last year and that was some of the feedback that we got. We are expecting the same here that when you first show up on campus, your priority is meeting your new roommate and figuring out who do you want to happen to live in the same dorm as you and things like that. And so from a marketing and a product launch standpoint anything specifically targeting that college community, we would not look to do in the first week or 2 or 3 of a new school year. It's not to say it will be delayed months, but we're just -- try to be very thoughtful about the timing.

我們去年看到了這種變化，這是我們得到的一些反饋。我們在這裡也期待同樣的事情，當你第一次出現在校園時，你的首要任務是見到你的新室友，並弄清楚你希望誰和你住在同一個宿舍，諸如此類的事情。因此，從營銷和產品發布的角度來看，任何專門針對大學社區的事情，我們都不會在新學年的第一周或兩三週內進行。這並不是說它會延遲幾個月，但我們只是 - 嘗試對時間安排進行深思熟慮。

And I think given most back to school timings this year, that would be late September, October, similar to what happened last year. So we're expecting that it's really a reflection we think of the sort of revised back to normal seasonality trends that we're seeing.

我認為今年大部分返校時間將是九月下旬、十月，與去年類似。因此，我們預計這實際上反映了我們所看到的那種修正回到正常季節性趨勢的情況。

Yes. And just quickly on your question around impact of Gen AI on margins, I think, obviously, we're very excited about what this means from a consumer and user experience perspective. So that's definitely an area that we are exploring quite strongly. But equally, on the operations side, and I'm talking more internal operations, Gen AI has tremendous use cases in terms of being able to improve efficiencies, productivity, et cetera, et cetera. So those are all areas that we are definitely exploring. I think they are early days in terms of what areas you're talking about in the area of software development.

是的。關於你關於 Gen AI 對利潤率影響的問題，我認為，顯然，從消費者和用戶體驗的角度來看，我們對這意味著什麼感到非常興奮。所以這絕對是我們正在大力探索的一個領域。但同樣，在運營方面，我說的是更多的內部運營，Gen AI 在能夠提高效率、生產力等方面擁有巨大的用例。所以這些都是我們肯定正在探索的領域。我認為就您所談論的軟件開發領域而言，它們還處於早期階段。

Obviously, that's one that has the most amount of thought that people have already put into it. So our teams are taking a close look at how they can take some of those use cases and apply it. But there are lots of other areas, whether it's marketing, whether it's the creative side, things like that, where Gen AI can be a huge sort of improvement in productivity and efficiency, which obviously hopefully will also have an impact on bottom line. Again, I think it's too early to sort of call out exactly what that means in terms of margins, but it's definitely an area that we are exploring.

顯然，這是人們已經投入最多思考的一個。因此，我們的團隊正在仔細研究如何採用其中一些用例並應用它。但還有很多其他領域，無論是營銷，還是創意方面，諸如此類的事情，Gen AI 都可以極大地提高生產力和效率，這顯然也有望對利潤產生影響。再說一遍，我認為現在就利潤率確切地指出這意味著什麼還為時過早，但這絕對是我們正在探索的一個領域。

Your final question will come from the line of Lauren Schenk with Morgan Stanley.

你的最後一個問題將來自摩根士丹利的勞倫·申克（Lauren Schenk）。

This is Nathan Feather on for Lauren. Just two quick ones for me. First for Bumble app, how should we think about the balance of payer ARPPU growth as we exit the year and understand I think as to really how that trends you think in fiscal '24? And then more broadly, for singles that haven't tried online dating before, what do you think are the key unlocks you're working towards that could bring more of those people into the funnels of Bumble?

我是勞倫 (Lauren) 的內森·費瑟 (Nathan Feather)。對我來說只有兩個快速的。首先，對於 Bumble 應用程序，當我們結束這一年時，我們應該如何考慮付款人 ARPPU 增長的平衡，並了解我認為您對 24 財年的趨勢有何看法？更廣泛地說，對於以前沒有嘗試過在線約會的單身人士來說，您認為您正在努力實現的關鍵是什麼，可以讓更多人進入 Bumble 的渠道？

Yes, sure. So I'll start with the second question, thank you. I think it's a handful of things. Number one is really being able to deliver something that they feel has the same intention as them. So there's a lot of people that have not tried online dating because they have an idea about it that it might be too casual or it might be something that won't actually deliver them a real relationship. So I think really the way we're approaching this is going through really methodically with focus groups of folks who do not use dating apps that are very single and understanding what are the biggest pain points, what are the things keeping them off of the app.

是的，當然。那麼我從第二個問題開始，謝謝。我認為這是一些事情。第一是真正能夠交付他們認為與他們有相同意圖的東西。因此，有很多人沒有嘗試過網上約會，因為他們認為這可能太隨意，或者可能無法真正為他們帶來真正的關係。所以我認為我們處理這個問題的方式實際上是有條不紊地與不使用約會應用程序的焦點小組進行討論，這些應用程序非常單一，並了解最大的痛點是什麼，是什麼讓他們遠離應用程序。

And then this is exactly how we're backing into our new product offerings. This is exactly how we are determining not only the products that we're going to be releasing into the world, but what is the marketing strategy and how are we going to actually capture this TAM.

這正是我們支持新產品的方式。這正是我們不僅確定要向世界發布的產品的方式，而且還確定營銷策略是什麼以及我們如何真正捕獲 TAM 的方式。

The second thing is really trust safety discretion. We rank very high on this. I think in the category, we have made this our front and center focus from day 1. That is what I built the original kind of founding and mission of this business on is a safer, more trusted experience, but really being able to improve upon that from a product standpoint in these offerings.

第二件事是真正信任安全判斷力。我們在這方面的排名非常高。我認為在這個類別中，我們從第一天起就將此作為我們的首要和中心焦點。這就是我建立這項業務的最初類型和使命，即提供更安全、更值得信賴的體驗，但真正能夠改進從這些產品的產品角度來看。

So these are just a couple of examples, but I will say it's quite fascinating when you do look at the single market. When you extrapolate who's actually on the dating app, it's really quite low. And so the great news here is there's a lot of TAM out there. There's a lot of folks to bring on.

這些只是幾個例子，但我想說，當你真正審視單一市場時，它是非常令人著迷的。當你推斷出誰實際上在使用約會應用程序時，你會發現這個比例確實很低。好消息是，這裡有很多 TAM。有很多人要帶。

The last comment here before I turn to Anu is this hybrid of IRL and online. So what we have seen is there is some type of a mental block for some folks that they don't want to say or they don't want to kind of admit to that they have met someone online. And so we have been so focused on a lot of this IRL efforts for our marketing where you kind of start offline at one of our events, and then you come online. And so taking a hybrid approach has been very important to us. So what I would leave you with is we are very focused on this. We solve problems and stay tuned.

在我向阿努求助之前，最後一條評論是現實生活和網上的混合體。所以我們看到的是，對於一些人來說，存在某種心理障礙，他們不想說出來，或者不想承認他們在網上認識了某人。因此，我們一直非常專注於我們的營銷活動，即從我們的一項活動中線下開始，然後再上線。因此，採取混合方法對我們來說非常重要。所以我想留給大家的是我們非常關注這一點。我們解決問題並保持關注。

Yes. And Nathan, just quickly to talk about the sort of payer and ARPPU cadence. Obviously, we've given the guidance for Q3 net adds between 140 and 150. You can extrapolate what that means in terms of Q4. We see a seasonal dip in Q4 usually. So you'll see that similar to what we've seen in the prior quarters.

是的。 Nathan，請快速談談付款人類型和 ARPPU 節奏。顯然，我們已經給出了第三季度淨增量在 140 到 150 之間的指導。您可以推斷這對第四季度意味著什麼。我們通常會在第四季度看到季節性下降。所以你會看到這與我們在前幾個季度看到的類似。

And then from an ARPPU perspective, if you remember, when we started the year, we said that we expect ARPPU to be flat to slightly negative. I think our revenue outlook hasn't changed since the beginning of the year. And so we are still pretty much tracking to that. So probably negative 1% to 2% in terms of ARPPU is likely where we will end up for the year. That's how we're thinking about it.

然後從 ARPPU 的角度來看，如果你還記得的話，當我們年初時，我們說過我們預計 ARPPU 將持平或略有負值。我認為自年初以來我們的收入前景沒有改變。所以我們仍然在很大程度上追踪這一點。因此，就 ARPPU 而言，我們今年的最終結果很可能是負 1% 到 2%。我們就是這麼想的。

And this concludes today's conference call, and we thank you for your participation. You may now disconnect.

今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連接。