Bumble Inc (BMBL) 2023 Q3 法說會逐字稿

Thank you for standing by. Thank you for joining. My name is Danica. I will be your conference operator today. At this time, I would like to welcome everyone to the Bumble Third Quarter 2023 Financial Results Conference Call. (Operator Instructions)

謝謝你的支持。感謝您的加入。我的名字是丹妮卡。今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Bumble 2023 年第三季財務業績電話會議。 （操作員說明）

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

我現在想將電話轉給投資者關係副總裁 Cherryl Valenzuela。請繼續。

[Thank you for joining us to discuss Bumble's] third quarter financial results. With me today are Whitney Wolfe Herd, Founder and CEO; and Anu Subramanian, CFO of Bumble.

[感謝您加入我們討論 Bumble 的]第三季財務表現。今天和我在一起的有創始人兼執行長惠特尼·沃爾夫·赫德 (Whitney Wolfe Herd)；以及 Bumble 財務長 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.

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，並反映了我們基於我們的信念、假設和目前可獲得的資訊的當前預期。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所發生的變更。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 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.

在電話會議中，我們也提到了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. Good afternoon, everyone. Thanks for joining our call today.

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。

Before we dive into our third quarter results, I want to spend a moment on the exciting announcement we made yesterday regarding the future of Bumble Inc.'s leadership.

在我們深入討論第三季業績之前，我想花點時間討論一下我們昨天發布的有關 Bumble Inc. 領導層未來的令人興奮的公告。

Lidiane Jones, who currently serves as Chief Executive Officer at Slack and has more than 2 decades of experience as a product, technology and business leader, will join Bumble Inc. as our next CEO effective January 2, 2024. At that time, I will transition to the role of Executive Chair. This announcement is a monumental moment in Bumble Inc.'s evolution and is the result of a thoughtful and deliberate succession planning process. The Board and I have thought hard about what type of leader could ultimately step into the CEO role as a successor to me and help continue to take Bumble Inc. to even greater heights. We were thrilled to find someone with Lidiane's background, passion and values to propel Bumble forward. Having her leading this next chapter of Bumble Inc. is a major win for our company, members, team and shareholders.

Lidiane Jones 目前擔任 Slack 首席執行官，擁有 20 多年的產品、技術和業務領導經驗，她將於 2024 年 1 月 2 日加入 Bumble Inc.，擔任我們的下一任首席執行官。屆時，我將過渡到執行主席的角色。這項公告是 Bumble Inc. 發展過程中的一個里程碑式的時刻，也是經過深思熟慮和深思熟慮的繼任規劃過程的結果。董事會和我認真思考了什麼樣的領導者最終可以作為我的繼任者擔任首席執行官，並幫助繼續將 Bumble Inc. 推向更高的高度。我們很高興找到具有 Lidiane 背景、熱情和價值觀的人來推動 Bumble 前進。讓她領導 Bumble Inc. 的新篇章對我們公司、成員、團隊和股東來說都是一個重大勝利。

For me, the last decade, taking Bumble from just an idea to a publicly traded company has been incredibly rewarding and fulfilling. I founded this company to empower women to make the first move. Now after more than 1 billion first moves and countless success stories, I am ready and excited to make the next move. I am stepping forward into the Executive Chair role, allowing me to get back to my founder roots and bring immense passion and focus to this next phase of Bumble's growth. I believe in Bumble Inc.'s significant potential today more than ever before, and I am incredibly optimistic about the future.

對我來說，在過去的十年裡，將 Bumble 從一個想法發展為上市公司，是一件令人難以置信的回報和成就感。我創立這家公司是為了讓女性踏出第一步。現在，在經歷了超過 10 億次第一步行動和無數成功故事之後，我已經準備好並興奮地採取下一步行動。我即將擔任執行主席，這讓我能夠回到創辦人的根源，為 Bumble 下一階段的發展帶來巨大的熱情和專注。我比以往任何時候都更相信 Bumble Inc. 的巨大潛力，我對未來非常樂觀。

In this next chapter, we will continue to work towards our North Star, our mission of creating healthy and equitable relationship through kind connections. How we do this is with continued focus on our top 3 priorities: customer, tech/AI and brand.

在下一章中，我們將繼續朝著我們的北極星努力，我們的使命是透過友善的聯繫建立健康和公平的關係。我們如何做到這一點是持續關注我們的三大優先事項：客戶、技術/人工智慧和品牌。

Starting with customer. We have always been and will continue to be a customer-first company, which means that everything we do is to maximize success for our members. We are focused on customer pain points. We build on what is working for them and continuously innovate to improve their experience and strive to keep our customers safe. Trust and safety is by design, not an afterthought.

從客戶開始。我們一直並將繼續是一家客戶至上的公司，這意味著我們所做的一切都是為了我們的會員獲得最大的成功。我們專注於客戶的痛點。我們以對他們有效的方式為基礎，不斷創新，以改善他們的體驗，並努力確保客戶的安全。信任和安全是精心設計的，而不是事後才想到的。

Our second focus is on tech and AI. We leverage data, machine learning, next-gen tech, and now increasingly generative AI, to innovate and build for the next horizon of growth and impact. Our customer base and the associated unique data set we have built up over many years allows us to deliver relevance and value to our customers in unique and meaningful ways. We are committed to integrating AI, where possible, into every step of the user journey beyond what we've already been doing for years via our algorithms.

我們的第二個重點是科技和人工智慧。我們利用數據、機器學習、下一代技術以及現在日益增長的人工智慧，進行創新和建設，以實現下一個成長和影響力。我們多年來建立的客戶群和相關的獨特數據集使我們能夠以獨特且有意義的方式為客戶提供相關性和價值。我們致力於在可能的情況下將人工智慧整合到用戶旅程的每一步，超越我們多年來透過演算法所做的事情。

And finally, but very importantly, our brand. It's what drives loyalty and creates the network effects that lead to both top-of-funnel growth as well as bottom line results. Our brand helps us propel our mission and make a positive impact in the world.

最後但非常重要的是我們的品牌。它是推動忠誠度並創造網路效應的因素，從而帶來漏斗頂部的成長和底線結果。我們的品牌幫助我們推進我們的使命，並對世界產生積極影響。

By focusing on these priorities, I believe we are well positioned for the future of relationships.

透過專注於這些優先事項，我相信我們已經為未來的關係做好了準備。

To underscore the confidence we have in our long-term business trajectory, we are announcing that our Board of Directors has increased our existing stock repurchase program authorization from $150 million to $300 million.

為了強調我們對長期業務軌蹟的信心，我們宣布董事會已將現有的股票回購計畫授權從 1.5 億美元增加到 3 億美元。

Now moving on to our results. In Q3, our continued execution against our strategic objectives delivered strong financial performance across both top line and profitability. Across both Bumble and Badoo, we gained download share on a global basis and also saw accelerations in sequential paying users, demonstrating our continued ability to grow our footprint across the world.

現在繼續我們的結果。在第三季度，我們繼續執行策略目標，在營收和獲利能力方面取得了強勁的財務表現。在 Bumble 和 Badoo 中，我們在全球範圍內獲得了下載份額，連續付費用戶數量也在加速成長，這表明我們有能力持續擴大我們在全球的足跡。

Total Bumble Inc. revenue this quarter increased 18% year-over-year to $276 million. And adjusted EBITDA reached $75 million, representing an adjusted EBITDA margin of 27%.

Bumble Inc. 本季總營收年增 18%，達到 2.76 億美元。調整後 EBITDA 達到 7,500 萬美元，調整後 EBITDA 利潤率為 27%。

Bumble App's Q3 revenue grew 23% to $222 million driven by continued momentum in paying users, which were 2.6 million, up 25% year-over-year. From Q2 to Q3, we added 147,000 payers, an increase from the prior 3 quarters. Our growth is driven by our sharp focus on the customer.

在付費用戶持續成長的推動下，Bumble App 第三季營收成長 23%，達到 2.22 億美元，付費用戶數量為 260 萬，較去年同期成長 25%。從第二季到第三季度，我們增加了 147,000 名付款人，比前三個季度增加。我們的成長源自於對客戶的高度關注。

We are making great strides on product innovation, further international expansion and continued focus on building a trusted and safe brand for women. Our product shipping velocity is stronger than ever, and we are pleased with our progress on this front this year. Our goal remains to enhance the core experience and explore new discovery and engagement models that are designed to reduce friction and emphasize efficiency, safety, kindness and compatibility in the matching-to-meeting process. Our goal is to get people online to go off-line.

我們在產品創新、進一步國際擴張以及持續專注於為女性打造值得信賴的安全品牌方面取得了長足進步。我們的產品運輸速度比以往任何時候都快，我們對今年在這方面取得的進展感到高興。我們的目標仍然是增強核心體驗並探索新的發現和參與模式，旨在減少摩擦並強調匹配會議過程中的效率、安全、友善和相容性。我們的目標是讓人們線上線下。

With respect to new features, revenue contribution from newer releases such as Compliments and Best Bees continue to ramp. As a reminder, Compliments is our message-before-match offering that encourages kindness and positive connections, while Best Bees is our AI-powered match curation tool, showing you the people who are most compatible for you and is currently included in our Bumble Premium subscription tier.

就新功能而言，Compliments 和 Best Bees 等新版本的收入貢獻持續增加。提醒一下，Compliments 是我們的賽前訊息服務，鼓勵友善和積極的聯繫，而Best Bees 是我們的人工智慧驅動的比賽策劃工具，向您展示最適合您的人，目前已包含在我們的Bumble Premium中訂閱層。

Q3 marked a meaningful step-up in Compliments revenue with positive user reaction from recent changes designed to drive greater awareness, visibility and payer conversion. We are also seeing improved activity and revenue metrics for Best Bees.

第三季標誌著讚美收入的顯著提升，用戶對最近旨在提高認知度、可見度和付款人轉換率的變化做出了積極的反應。我們也看到 Best Bees 的活動和收入指標有所改善。

As we mentioned last quarter, we are excited to be introducing 2 new subscription tiers for our members. These will not only enhance our current offerings but also enable us to better and more directly serve the needs of our high-intent, serious dating customers and Gen Z users.

正如我們上季度所提到的，我們很高興為我們的會員推出 2 個新的訂閱等級。這些不僅將增強我們目前的產品，而且使我們能夠更好、更直接地滿足我們高意圖、認真的約會客戶和 Z 世代用戶的需求。

Our higher tier, which will be called Premium Plus, aims to elevate our power members' dating experience to improve their chances for a match. Premium Plus is actively being tested in several countries with promising initial results. Our lower-price tier is also currently in limited testing. This tier is focused on helping our younger members express their personalities on a deeper level and find connection in fun and social ways. Our goal is to expand testing and launch both tiers in coming quarters.

我們的更高級別稱為“Premium Plus”，旨在提升我們的高級會員的約會體驗，以提高他們匹配的機會。 Premium Plus 正在多個國家積極進行測試，初步結果令人鼓舞。我們的較低價格層目前也正在進行有限的測試。這一層的重點是幫助我們的年輕會員更深層地表達他們的個性，並以有趣和社交的方式找到聯繫。我們的目標是在未來幾季擴大測試並推出這兩個等級。

As always, we augment these new features with under-the-hood optimization that are meaningful in improving the user experience. In Q3, these included improvements in our machine learning algorithms, our recommendation engine, which have all resulted in increases in relevance and metrics with strong positive impact on user experience, especially for women.

一如既往，我們透過底層優化來增強這些新功能，這對於改善使用者體驗非常有意義。在第三季度，這些包括我們的機器學習演算法和推薦引擎的改進，這些都導致​​了相關性和指標的增加，對使用者體驗產生了強烈的正面影響，尤其是對女性而言。

In addition to product innovation, a key focus area for Bumble App has been to grow its reach internationally. In Western Europe, we saw robust user payer and revenue growth. We remained the #2 dating app in Germany, and we gained download share in markets such as Austria, France, Switzerland and the Netherlands. Our Latin America and Asia expansion is also performing well, demonstrating the broad global appeal of our brand and product.

除了產品創新之外，Bumble App 的一個重點領域是擴大其國際影響力。在西歐，我們看到了強勁的用戶付費和收入成長。我們仍然是德國排名第二的約會應用程序，並且在奧地利、法國、瑞士和荷蘭等市場獲得了下載份額。我們的拉丁美洲和亞洲擴張也表現良好，展現了我們的品牌和產品在全球的廣泛吸引力。

Now turning to our other apps. Badoo App and Other revenue totaled $54 million in Q3, up 3% year-over-year. This marks 2 consecutive quarters of year-on-year revenue growth and sequential net add growth for Badoo, which is an exciting and encouraging milestone. We also continue to see improving trends across many metrics, including global registrations, monthly active users and engagement.

現在轉向我們的其他應用程式。 Badoo 應用程式和其他應用程式第三季的營收總計 5,400 萬美元，較去年同期成長 3%。這標誌著 Badoo 連續兩個季度實現收入同比增長和環比淨增加增長，這是一個令人興奮和鼓舞的里程碑。我們也持續看到許多指標的改善趨勢，包括全球註冊量、每月活躍用戶數和參與度。

As we plan for 2024, we are excited to build on this momentum with a brand and identity refresh aimed at improving awareness in key markets, especially among our women users. We intend to supplement this with targeted marketing campaigns showcasing Badoo's vision of becoming the app of confidence in 2024, enabling its highly loyal user base to express and be their real selves in a safe and trusted environment.

在我們對 2024 年的規劃中，我們很高興能在這股動能的基礎上進行品牌和標誌更新，旨在提高關鍵市場的認知度，尤其是女性用戶的認知度。我們打算透過有針對性的行銷活動來補充這一點，展示 Badoo 在 2024 年成為信心應用程式的願景，使其高度忠誠的用戶群能夠在安全可信賴的環境中表達並展現真實的自我。

Outside of Badoo, we continue to be pleased with the performance of Fruitz. Its recent launch in the U.K. is the first step in its expansion into more international markets. Our product focus continues to be around Gen Z engagement and monetization with the recent launch of weekly subscriptions, addition of new features behind the paywall and progress of revenue optimization.

在 Badoo 之外，我們仍然對 Fruitz 的表現感到滿意。它最近在英國推出是其向更多國際市場擴張的第一步。我們的產品重點仍然是 Z 世代的參與度和貨幣化，最近推出了每週訂閱、在付費牆後面添加了新功能以及收入優化的進展。

Now moving on to the opportunity beyond dating. BFF, or Bumble for Friends, the stand-alone app has now been rolled out in several markets, including the U.S. Downloads for this stand-alone app have been strong, and we are excited by the growth that we've seen so far for MAU, engagement and retention, particularly with Gen Z women.

現在轉向約會以外的機會。 BFF（或 Bumble for Friends）這款獨立應用程式現已在多個市場推出，其中包括美國。這款獨立應用程式的下載量一直很強勁，我們對迄今為止所看到的增長感到興奮MAU、參與度和留存率，尤其是Z 世代女性。

As we look ahead, our near-term focus areas are on future development, in particular around groups and communities and driving greater awareness. In Q3, we leveraged our strength in back-to-school programming to increase U.S. college student awareness. And we intend to continue this in Q4 via partnerships that center on celebrating friends and communities during the holiday season.

展望未來，我們近期的重點領域是未來的發展，特別是圍繞團體和社區並提高意識。在第三季度，我們利用返校計畫的優勢來提高美國大學生的意識。我們打算在第四季度透過合作夥伴關係繼續這項舉措，重點是在節日期間慶祝朋友和社區。

In closing, we are making excellent progress on our priorities and building momentum across our business. The execution of our strategy is driving results and is a testament to our team's hard work and dedication, which is enabling us to deliver for our users and shareholders in ways no one else can.

最後，我們在優先事項上取得了巨大進展，並在整個業務中建立了動力。我們策略的執行正在推動成果，並證明了我們團隊的辛勤工作和奉獻精神，這使我們能夠以其他人無法做到的方式為我們的用戶和股東提供服務。

I'd like to conclude, as always, by extending my deep gratitude and appreciation to all of our employees and to all of our customers, partners and investors for their continued trust and support. I cannot express how deeply grateful I am to have had the opportunity and privilege to lead as Bumble's CEO for all of these years. And I look forward to stepping forward into this next role as Executive Chair. None of this would be possible without you, Team Bumble. So with that, onwards, and thank you so much.

最後，我想一如既往地對我們所有員工以及所有客戶、合作夥伴和投資者的持續信任和支持表示深深的謝意和讚賞。我無法表達我對這些年來有機會和榮幸擔任 Bumble 首席執行官的感激之情。我期待著擔任執行主席的下一個角色。沒有你，Bumble 團隊，這一切都不可能實現。那就這樣吧，非常感謝。

I will now turn it over to Anu for a discussion of our financial results and outlook.

我現在將其交給阿努討論我們的財務表現和前景。

Thank you, Whitney, and congratulations on stepping forward into the Exec Chair role. I look forward to partnering with you on a seamless transition and welcoming Lidiane to Bumble over the next few months. And good afternoon, everyone.

謝謝惠特尼，並恭喜您擔任執行主席。我期待與您合作實現無縫過渡，並歡迎 Lidiane 在接下來的幾個月內加入 Bumble。大家下午好。

Our third quarter results reflected continued progress on our strategic priorities across our family of apps. We achieved strong revenue growth while operating with discipline to deliver strong margins and cash flows.

我們第三季的業績反映了我們整個應用程式系列的策略重點的持續進展。我們實現了強勁的收入成長，同時嚴格運營，提供了強勁的利潤和現金流。

As I walk you through our results, please note that unless stated otherwise, all growth comparisons are on a year-over-year basis. I'll discuss Q3 before turning to our outlook for Q4 and full year 2023. And I will conclude with a preliminary view for full year 2024.

當我向您介紹我們的結果時，請注意，除非另有說明，否則所有成長比較均以同比為基礎。在轉向我們對第四季度和 2023 年全年的展望之前，我將討論第三季。最後，我將對 2024 年全年進行初步看法。

Total revenue for Bumble Inc. reached $276 million, up 18%. FX benefit was $2 million lower than what we had assumed at the time of our prior guidance. Both paying users and ARPPU contributed to revenue growth, with total paying users increasing 16% to 3.8 million and total ARPPU increasing 2% to $23.42.

Bumble Inc. 的總營收達到 2.76 億美元，成長 18%。外匯收益比我們先前指導時的假設低 200 萬美元。付費用戶和 ARPPU 均對營收成長做出了貢獻，付費用戶總數成長 16%，達到 380 萬，ARPPU 總額成長 2%，達到 23.42 美元。

Revenue from Bumble App was $222 million, up 23%. Bumble App paying users grew 25% to 2.6 million, adding 147,000 net adds sequentially. Growth in paying users was driven by both strength in monthly active users as well as payer penetration gains in many key markets.

Bumble App 的營收為 2.22 億美元，成長 23%。 Bumble App 付費用戶成長 25%，達到 260 萬，季淨增加 14.7 萬。付費用戶的成長是由每月活躍用戶的實力以及許多關鍵市場的付費用戶滲透率的提高所推動的。

Bumble App's ARPPU was $28.38, down 2% year-over-year but up 1% on a sequential basis. The year-over-year decline was primarily driven by geographic mix shift, partially offset by pricing optimization.

Bumble App 的 ARPPU 為 28.38 美元，年減 2%，但季增 1%。同比下降主要是由地理組合變化推動的，但定價優化部分抵消了這種影響。

Now moving on to Badoo App and Other. Badoo App and Other revenue was $54 million, up 3%. Badoo App and Other paying users, excluding Fruitz and Official, grew 1% to 1.2 million. On a sequential basis, Badoo paying users increased by 40,000.

現在轉向 Badoo 應用程式和其他。 Badoo 應用程式和其他收入為 5,400 萬美元，成長 3%。 Badoo 應用程式和其他付費用戶（不包括 Fruitz 和Official）成長了 1%，達到 120 萬。 Badoo 付費用戶較上季增加了 4 萬名。

Badoo App and Other ARPPU, excluding Fruitz and Official, was flat at $12.79.

Badoo 應用程式和其他 ARPPU（不包括 Fruitz 和官方）持平於 12.79 美元。

Turning now to expenses. Total GAAP costs and expenses were $246 million for the quarter, up 20%. On a non-GAAP basis, excluding stock-based comp and other noncash or nonrecurring items, our total non-GAAP costs and expenses were $200 million, up 17%.

現在轉向費用。該季度 GAAP 成本和費用總額為 2.46 億美元，成長 20%。以非 GAAP 計算，不包括股票補償和其他非現金或非經常性項目，我們的非 GAAP 總成本和費用為 2 億美元，成長 17%。

Cost of revenue was $79 million and grew 25%. As a percentage of revenue, cost of revenue was 29% versus 27% in the year-ago period mostly due to higher App Store fees as a result of compliance with the Google Play mandate.

收入成本為 7,900 萬美元，成長 25%。從佔收入的百分比來看，收入成本為 29%，而去年同期為 27%，這主要是由於遵守 Google Play 指令而導致 App Store 費用增加。

Sales and marketing expenses grew 10% to $66 million. This represents 24% of revenue versus 26% in the year-ago period.

銷售和行銷費用成長 10%，達到 6,600 萬美元。這佔營收的 24%，而去年同期為 26%。

G&A expenses were $33 million or 12% of revenue compared to $29 million or 12% of revenue last year.

G&A 費用為 3,300 萬美元，佔收入的 12%，而去年為 2,900 萬美元，佔收入的 12%。

Product development expenses were $22 million or 8% of revenue versus $18 million or 8% in the year-ago period.

產品開發費用為 2,200 萬美元，佔營收的 8%，而去年同期為 1,800 萬美元，佔營收的 8%。

We reported Q3 GAAP net earnings of $23 million compared to $26 million last year.

我們公佈的第三季 GAAP 淨利潤為 2,300 萬美元，而去年為 2,600 萬美元。

We delivered adjusted EBITDA of $75 million, up 22%, and representing a 27% adjusted EBITDA margin. This exceeded our guidance of $71 million to $73 million and reflects our ongoing commitment to financial discipline.

我們的調整後 EBITDA 達到 7,500 萬美元，成長 22%，調整後 EBITDA 利潤率為 27%。這超出了我們 7,100 萬至 7,300 萬美元的指導，反映了我們對財務紀律的持續承諾。

While we continue to invest in growing our apps, we remain disciplined on costs and are pleased with the progress towards our margin target for the full year.

在我們繼續投資發展應用程式的同時，我們仍然嚴格控製成本，並對實現全年利潤目標的進展感到滿意。

Turning now to the balance sheet. Our Q3 cash position remains healthy as we generated positive free cash flow of $59 million. We ended the quarter with cash and cash equivalents of $439 million. Our total debt position was $622 million, of which only $6 million is due over the next 12 months.

現在轉向資產負債表。我們第三季的現金狀況保持健康，因為我們產生了 5,900 萬美元的正自由現金流。本季結束時，我們的現金和現金等價物為 4.39 億美元。我們的總債務部位為 6.22 億美元，其中只有 600 萬美元在未來 12 個月內到期。

Due to the leadership search in Q3, we did not buy back any shares during the quarter. Approximately $129 million remains on our previously authorized share repurchase program. And today, we announced an incremental authorization of $150 million, bringing the total buyback authorized to date to $300 million, with $279 million remaining in aggregate. We are committed to resuming our buyback program and returning capital to our shareholders.

由於第三季的領導層尋找，我們在本季沒有回購任何股票。我們先前授權的股票回購計畫仍有約 1.29 億美元。今天，我們宣布增量授權 1.5 億美元，使迄今為止授權的回購總額達到 3 億美元，總計剩餘 2.79 億美元。我們致力於恢復回購計劃並將資本返還給股東。

Now moving on to our financial outlook for Q4 and full year 2023. While we continue to see strong trends in usage and monetization in general, as we look to the rest of the year, we are monitoring the current macroeconomic backdrop, including the war in the Middle East and the resumption of student loan repayments. Additionally, we are also seeing unfavorable trends on FX compared to our prior outlook.

現在轉向我們對 2023 年第四季度和全年的財務展望。雖然我們總體上繼續看到使用和貨幣化的強勁趨勢，但在展望今年剩餘時間時，我們正在監控當前的宏觀經濟背景，包括中東和學生貸款償還的恢復。此外，與我們先前的展望相比，我們也看到外匯趨勢不利。

As a result, for Q4, we now expect the following. Total revenue between $272 million and $278 million, representing a growth rate of 14% at the midpoint of the range. Our outlook assumes FX impacts to be $6 million worse than what we had assumed at the time of our prior guidance. Our outlook also assumes $1 million of impact from the ongoing conflict in the Middle East, mostly in Bumble apps.

因此，我們現在對第四季的預期如下。總收入在 2.72 億美元至 2.78 億美元之間，成長率為 14%（處於該範圍的中點）。我們的展望假設外匯影響比我們先前發布指引時的假設嚴重 600 萬美元。我們的前景也假設中東持續衝突將產生 100 萬美元的影響，其中大部分是 Bumble 應用程式。

Bumble App revenue between $221 million and $225 million, representing a growth rate between 16% and 18%. Our outlook assumes FX impact to be $4 million worse than what we had assumed at the time of our prior guidance in addition to the impact from the conflict in Israel.

Bumble App 營收介於 2.21 億美元至 2.25 億美元之間，成長率介於 16% 至 18% 之間。我們的前景假設，除了以色列衝突的影響之外，外匯影響比我們先前指導時的假設還要糟糕 400 萬美元。

With respect to paying users, we expect full year Bumble net adds of approximately 510,000 to 515,000, which implies approximately 75,000 sequential net adds for 4Q at the midpoint of the range. We expect Badoo sequential net adds to be flat to slightly positive in Q4.

就付費用戶而言，我們預計 Bumble 全年淨增用戶數約為 510,000 至 515,000 名，這意味著第四季度連續淨增用戶數約為 75,000 名，處於該範圍的中點。我們預期 Badoo 在第四季的連續淨增量將持平至小幅正值。

We expect Q4 adjusted EBITDA between $72 million and $75 million, representing 27% margin at the midpoint of the range. For full year 2023, this translates to total revenue between $1.05 billion and $1.056 billion, representing a growth rate of 16% to 17%. This assumes in aggregate a $9 million impact from worsening FX versus our prior guidance and the Israel conflict.

我們預計第四季度調整後 EBITDA 在 7,200 萬美元至 7,500 萬美元之間，相當於該範圍中點的 27% 利潤率。 2023 年全年，這意味著總收入在 10.5 億美元至 10.56 億美元之間，成長率為 16% 至 17%。與我們先前的指導和以色列衝突相比，假設匯率惡化總共會產生 900 萬美元的影響。

Bumble App revenue to be between $845 million and $849 million, representing a growth rate of 22%. This assumes in aggregate a $6 million total impact from worsening FX versus our prior guidance and the Israel conflict.

Bumble App 營收將在 8.45 億美元至 8.49 億美元之間，成長率為 22%。與我們先前的指導和以色列衝突相比，假設外匯惡化的總影響為 600 萬美元。

For adjusted EBITDA, we maintain our expectation of at least 100 basis points of year-over-year margin expansion.

對於調整後 EBITDA，我們維持利潤率年比至少擴張 100 個基點的預期。

As we look ahead to 2024, our fundamental strategy remains unchanged, and we are very excited about the future of our business. We have an exceptional brand that is loved and used by nearly 4 million paying users around the globe and growing. We have a strong product pipeline that leverages innovative technologies while prioritizing safety for our users. We are just beginning to realize the potential of our apps, and we see tremendous opportunity to continue to expand our reach in more countries.

展望2024年，我們的基本策略保持不變，我們對業務的未來感到非常興奮。我們擁有一個卓越的品牌，受到全球近 400 萬付費用戶的喜愛和使用，而且這一數字還在不斷增長。我們擁有強大的產品線，利用創新技術，同時優先考慮使用者的安全。我們剛開始意識到我們的應用程式的潛力，並且我們看到了繼續擴大我們在更多國家/地區的影響力的巨大機會。

As we work to refine our planning for next year, we expect another year of solid growth for our family of apps. At the same time, our preliminary outlook also takes into consideration the early stage of our planning process, our leadership succession plan, the trends we are seeing and expected headwinds from FX. As such, our initial assumptions for 2024 are for total Bumble Inc. year-over-year revenue growth rate to be at least in the low teens. This assumes approximately 150 basis points of estimated year-over-year headwinds from FX. On an FX-adjusted basis, this would translate to a growth rate of approximately 15%.

當我們努力完善明年的計劃時，我們預計我們的應用程式系列將在新的一年實現穩健成長。同時，我們的初步展望也考慮了我們規劃過程的早期階段、我們的領導繼任計畫、我們看到的趨勢以及預期的外匯阻力。因此，我們對 2024 年的初步假設是 Bumble Inc. 總收入年增率至少在十幾歲以下。假設外匯市場的年比阻力約為 150 個基點。在匯率調整後的基礎上，這將意味著約 15% 的成長率。

As we finalize our investment priority for next year, we will continue being disciplined on our spend. We expect full year adjusted EBITDA margin to expand between 50 to 100 basis points next year. We will share a more comprehensive outlook in our next earnings call when we discuss Q4 results.

當我們最終確定明年的投資重點時，我們將繼續嚴格控制支出。我們預計明年全年調整後 EBITDA 利潤率將擴大 50 至 100 個基點。當我們討論第四季業績時，我們將在下一次財報電話會議上分享更全面的前景。

Before I end, I'd like to echo Whitney's thanks to all our teams for their hard work in driving our business forward.

在結束之前，我想向惠特尼表示感謝，感謝我們所有團隊為推動我們的業務發展所做的辛勤工作。

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

這樣，操作員，我們就可以打開它進行問答。

(Operator Instructions) Your first question comes from the line of Alexandra Steiger with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Alexandra Steiger。

Congrats, Whitney, on your new role. Maybe two questions on the transition here, first one on timing. Could you maybe elaborate a little bit more on the timing of the announcement? When you look at some factors inside the company versus outside, why do you think this is the right time for you to make that move?

恭喜惠特妮擔任新角色。也許有兩個關於過渡的問題，第一個是關於時間安排的。能否詳細說明一下宣布的時間？當你考慮公司內部和外部的一些因素時，為什麼你認為現在是你採取這項行動的合適時機？

And then second, listening to some interviews with Lidiane, it appears that she has a very valuable background in terms of AI and bringing AI features into existing products and services. To what extent is this going to be a focus for her at Bumble? And could it fast-forward some of the AI initiatives you have played out in the past few quarters?

其次，聽了 Lidiane 的一些採訪，看來她在人工智慧方面擁有非常寶貴的背景，並將人工智慧功能引入現有的產品和服務中。這在多大程度上會成為她在 Bumble 關注的焦點？它能否加快你們在過去幾季實施的一些人工智慧計畫？

Thank you for the questions. So the short answer was we didn't make this decision based on timing. This was about finding the right successor, the right leader. The Board and I have been focused on an extremely thoughtful and very deliberate succession plan for some time, and so finding the right leader was really the key. And you already touched upon just one of many of Lidiane's incredible strength, and we'll get into that in a moment. But I have to say the short answer is, with someone as remarkable as Lidiane, and keeping me engaged as the Executive Chair focused on my strength, leaning into my superpowers, right, I think so many of the amazing efforts around our mission, our brand, our marketing, our social impact, our customers, those are things that I'm deeply passionate about and do extremely well.

謝謝你的提問。所以簡短的回答是我們沒有根據時間做出這個決定。這是為了尋找合適的繼任者、合適的領導者。一段時間以來，董事會和我一直專注於一項極其深思熟慮和深思熟慮的繼任計劃，因此找到合適的領導者確實是關鍵。你已經談到了 Lidiane 的眾多令人難以置信的力量之一，我們稍後會討論這一點。但我必須說，簡短的答案是，有像Lidiane 這樣傑出的人，讓我作為執行主席專注於我的力量，依靠我的超能力，對吧，我認為圍繞我們的使命、我們的使命、我們的目標所做的許多令人驚嘆的努力品牌、我們的行銷、我們的社會影響、我們的客戶，這些都是我非常熱衷並且做得非常好的事情。

So allowing me to move beyond the day-to-day and get into this founder mindset on behalf of Bumble Inc., you pair her with me, it's a remarkable opportunity. I don't think people are fully recognizing how powerful that can be. So really, ultimately, it's going to allow us to both innovate but drive growth across the business, drive new products.

因此，讓我超越日常事務，代表 Bumble Inc. 進入創始人的思維模式，將她與我配對，這是一個絕佳的機會。我認為人們還沒有完全認識到它的力量有多大。因此，實際上，最終，它將使我們既能夠創新，又能推動整個業務的成長，推動新產品的推出。

And now moving into your second question, let's just talk about Lidiane for a moment. So first and foremost, she is incredibly unique. She is not only wildly intelligent and capable, she has insane followership. I mean her people that she has led love her. That was always going to be critical for a leader to be my successor. And then when you double-click on her qualities and her experience, she's a software engineer. She speaks system. She speaks the language of technology. She is going to get in there and be not only a technology mind but an incredible product innovator. She is a customer-first product person. If you look at the products she's worked on, These are products we love and adore.

現在進入第二個問題，讓我們暫時談談 Lidiane。因此，首先也是最重要的一點是，她非常獨特。她不僅非常聰明和有能力，而且還擁有瘋狂的追隨者。我的意思是她領導的人民愛她。對於一個領導者成為我的繼任者來說，這始終是至關重要的。然後當你雙擊她的品質和經驗時，她是一名軟體工程師。她說系統話。她講的是技術語言。她將進入那裡，不僅成為一名技術頭腦，而且成為一名令人難以置信的產品創新者。她是一位客戶至上的產品人。如果你看看她開發的產品，你會發現這些都是我們喜愛和崇拜的產品。

So with the note on AI, the short answer is yes. She is going to show up on day 1. We've been doing so much work on the back end of AI already, ranging from, I would call it, 3 main buckets: tools, where we can integrate different AI tooling to enhance the customer experience, to supercharge the under-the-hood efforts and then also drive efficiencies and drive strength as far as the leadership team and the broader teams go. The second bucket is really the noncustomer-facing efforts that she's going to be leaning into. This is supercharging our algorithms, further enhancing our safety and moderation efforts, using AI as this underpinning supercharge effort to bring the world closer together and to drive healthy relationships. And then the third bucket is the customer-facing stuff. This is what we're all reading about and thinking about all day. This is where generative AI comes in.

因此，對於人工智慧的說明，簡短的回答是肯定的。她將在第一天出現。我們已經在人工智慧後端做了很多工作，我稱之為 3 個主要部分：工具，我們可以在其中整合不同的人工智慧工具來增強客戶體驗，以加強幕後工作，然後提高領導團隊和更廣泛團隊的效率和實力。第二個桶子其實是她將要投入的非面向客戶的努力。這增強了我們的演算法，進一步增強了我們的安全性和審核工作，利用人工智慧作為支撐，使世界更加緊密地聯繫在一起，並推動健康的關係。第三個桶子是面對客戶的東西。這就是我們整天閱讀和思考的內容。這就是生成式人工智慧的用武之地。

She has done this. She knows this. It is natural and native to her. It's not something she needs to learn when she arrives. She will show up day 1 ready to roll. And so we're so excited about the opportunity, what this means for the member journey, the member experience. And we think this gives us a massive competitive edge.

她已經做到了這一點。她知道這一點。這對她來說是自然而然的。這不是她到達後需要學習的。她將在第一天出現並做好準備。因此，我們對這個機會感到非常興奮，這對會員旅程和會員體驗意味著什麼。我們認為這為我們帶來了巨大的競爭優勢。

So with that, I hope you can hear it in my voice, I am in this to win this. She is so excited, and I think we are going to embark on Bumble's most exciting chapter yet.

因此，我希望你們能從我的聲音中聽到，我是為了贏得這場勝利。她非常興奮，我想我們即將開始 Bumble 最令人興奮的篇章。

Your next question comes from Cory Carpenter with JPMorgan.

您的下一個問題來自摩根大通的科里·卡彭特。

I had two. Just first, hoping you could expand on the macro impact that you're seeing. You called out student loan repayments. But where is this impacting the business the most across Bumble App and Badoo and ARPPU versus payers? And then Anu, thank you for the initial '24 guidance. Curious, at a high level, any framing that you would put around expected contribution from Bumble App, Badoo or ARPPU versus payers?

我有兩個。首先，希望您能夠擴展您所看到的宏觀影響。您呼籲償還學生貸款。但是，與付款人相比，這對 Bumble App 和 Badoo 以及 ARPPU 的業務影響最大的是什麼？然後，Anu，感謝您最初的 24 年指導。很好奇，在較高的層面上，您會圍繞 Bumble App、Badoo 或 ARPPU 與付款人的預期貢獻建立任何框架嗎？

Cory, sure. I can take that. So on the macro, like I said in my prepared remarks, we are largely seeing it around our younger users, our more price-sensitive users. Those are the users that obviously are going to be impacted by the student loan repayments as well. We are not seeing it much more broadly. So for example, Bumble Premium adoption rates have stayed pretty steady through the quarter, but we are seeing a little bit of impact on the younger users as it relates to Bumble Boost. So again, it's something that we are keeping a close eye on, but we think it is largely limited to a certain cohort that is more impacted by this. Obviously, this is a U.S.-specific issue. So we are seeing this on Bumble much more versus on Badoo.

科里，當然。我可以接受。因此，在宏觀方面，就像我在準備好的發言中所說的那樣，我們主要在年輕用戶、對價格更敏感的用戶周圍看到它。這些用戶顯然也會受到學生貸款償還的影響。我們並沒有更廣泛地看待它。例如，Bumble Premium 採用率在本季保持相當穩定，但我們看到與 Bumble Boost 相關的年輕用戶受到了一些影響。同樣，這是我們正在密切關注的事情，但我們認為這在很大程度上僅限於受此影響更大的特定群體。顯然，這是美國特有的問題。所以我們在 Bumble 上看到的這種情況比在 Badoo 上要多得多。

To your second question, just to elaborate a little bit on how we are thinking about 2024 guidance, now obviously, as you can imagine, we are still very much in the planning stages for next year and there are still a lot of moving parts in terms of how we are thinking about 2024. I will say that there is a ton of excitement around what the product road map looks like, what our international plans are. And the teams are very, very deep in the middle of putting all of those on paper. And so far, we are very, very excited about what this means for us for next year.

對於你的第二個問題，我想稍微詳細說明一下我們如何考慮 2024 年的指導方針，現在顯然，正如你可以想像的那樣，我們仍然處於明年的規劃階段，並且仍然有很多變化的部分。就我們如何看待2024 年而言。我想說，產品路線圖的樣子、我們的國際計畫是什麼，都令人興奮不已。團隊非常非常深入地把這一切都寫在紙上。到目前為止，我們對這對我們明年意味著什麼感到非常非常興奮。

We wanted to provide some high-level numbers, so all of you can have some context going into next year, recognizing that we have a CEO transition succession in place. And so we will be evolving our thinking as we get into our Q4 earnings and into 2024 specific guidance. Right now, we are thinking about total Inc. revenue, like I said, at least in the low teens. We do have a 1- to 2-point of FX headwind next year. So that's why on an ex FX basis, on a like-for-like basis, you're talking about Inc.-level growth of about 15%. That's how we're thinking about total 2024 guidance.

我們希望提供一些進階數據，以便大家能夠了解明年的一些背景情況，並認識到我們已經制定了執行長繼任計畫。因此，隨著我們進入第四季度的收益和 2024 年的具體指導，我們將繼續發展我們的想法。現在，我們正在考慮公司的總收入，就像我說的，至少在十幾歲左右。明年我們確實面臨 1 到 2 個百分點的外匯逆風。因此，這就是為什麼在排除外匯因素的基礎上，在同類基礎上，你談論的是公司水準約 15% 的成長。這就是我們思考 2024 年整體指導的方式。

If you look at the components of it, we are very, very excited that we will see strong contributions from Bumble as well as Badoo, which is on a good path to stabilization. Bumble BFF will largely be a contributor from a user growth perspective. We do have some monetization plans, but a lot of it will still be in testing next year. And Fruitz and Official are also exciting additions to the business. For Bumble App, again, more to come on that. But you should assume that we are looking at revenue growth rates slightly above where the company growth rates are. So let's say, low to mid-teens is where we are looking at Bumble App guidance.

如果你看看它的組成部分，我們非常非常興奮，我們將看到 Bumble 和 Badoo 的強大貢獻，Badoo 正處於穩定的良好道路上。從用戶成長的角度來看，Bumble BFF 將在很大程度上做出貢獻。我們確實有一些盈利計劃，但其中許多計劃明年仍處於測試階段。 Fruitz 和Official 也為業務帶來了令人興奮的新成員。對於 Bumble App，還有更多內容即將推出。但您應該假設我們看到的收入成長率略高於公司成長率。這麼說吧，我們正在尋找 Bumble 應用程式指南的低至中青少年。

We'll talk more about the components of what this means in terms of payers versus ARPPU, et cetera. But I will just say that growing payers will continue to be a big focus for us for next year. And then Badoo will also be a truly strong contributor for revenue next year, Badoo App and Other line items.

我們將更多地討論這對於付款人與 ARPPU 等的含義的組成部分。但我只想說，不斷增長的付款人將繼續成為我們明年的重點。然後，Badoo 明年也將成為真正強大的收入貢獻者，Badoo 應用程式和其他訂單項目。

And then finally, on EBITDA, we are very committed to margin expansion as we've been saying now for a while. We've given preliminary guidance of expanding margins by about 50 to 100 basis points. We still haven't fully finalized all the areas of investment. And so we want to make sure that we are adequately providing for things that Whitney just talked about in terms of investment in AI, investment in data, et cetera. But our commitment to expanding margins hasn't changed. So again, we'll provide more specifics. But at a high level, these are sort of the building blocks of how we are thinking about next year.

最後，關於 EBITDA，我們非常致力於利潤率擴張，正如我們現在所說的。我們給出了將利潤率擴大約 50 至 100 個基點的初步指引。我們還沒有完全確定所有投資領域。因此，我們希望確保我們在人工智慧投資、數據投資等方面為惠特尼剛才談到的事情提供充分的支援。但我們對擴大利潤的承諾並沒有改變。因此，我們將再次提供更多細節。但從較高的層面來看，這些是我們明年的想法的基石。

Your next question comes from Ygal Arounian with Citi.

您的下一個問題來自花旗銀行的 Ygal Arounian。

I wanted to see if we could tie together some of the guidance with the leadership changes here. And so I know you talked about, in the 2024 preliminary outlook, building on the leadership plan. You're finalizing your investment priorities. Still a ton of focus around product, obviously. And then with Lidiane coming onboard and Whitney moving to the Executive Chairman seat, how do you think about those investments? Any change in strategies? Are you kind of putting things on pause? How are you going to make that transition? Just help us understand how all that will flow through.

我想看看我們是否可以將一些指導與這裡的領導變動結合起來。所以我知道您在 2024 年初步展望中談到了以領導力計劃為基礎的情況。您正在最終確定您的投資優先事項。顯然，仍然非常關注產品。隨著 Lidiane 的加入和 Whitney 擔任執行主席，您如何看待這些投資？策略有什麼改變嗎？你是不是想把事情暫停一下？您將如何實現這項轉變？只是幫助我們了解這一切將如何進行。

Yes. So at a high level, I think our strategy that we've been following has been largely consistent with what we started out with when we first went public, right? As you think about it, building blocks that we have for growth haven't really changed for us. And as Whitney mentioned earlier, focus on innovation, focus on customers and focus on brands is something that we've been very consistently been doing. And we don't expect that, that changes next year either.

是的。因此，從較高的層面來看，我認為我們一直遵循的策略與我們首次上市時的策略基本上一致，對嗎？正如你所想，我們的成長基石對我們來說並沒有真正改變。正如惠特尼之前提到的，專注於創新、專注於客戶和品牌是我們一直在做的事情。我們預計明年這種情況也不會改變。

I think obviously, with Lidiane's background in product and tech, we definitely think that, that will be an area of investment for us and again, not dissimilar to what we've been saying for the last few years. That is what drives our engine, so I think you'll see us continue to talk about that. And then obviously, as she comes in and ramps up on the business, I'm sure she'll have very strong ideas of the things that she wants to do. So that's why I think some of this will be fluid for us as we get into next year. But as you think about our high-level guidance, we wanted to make sure that we gave everyone at least guardrails that you can operate with going into 2024. So that was really the attempt at giving a very high-level guidance for next year.

我認為顯然，憑藉 Lidiane 在產品和技術方面的背景，我們肯定認為這將是我們的投資領域，與我們過去幾年所說的話沒有什麼不同。這就是驅動我們引擎的動力，所以我想你會看到我們繼續談論這個。顯然，當她進來並擴大業務時，我相信她會對自己想做的事情有非常強烈的想法。這就是為什麼我認為隨著明年的到來，其中一些因素對我們來說將會是不穩定的。但當你思考我們的高級別指導時，我們希望確保我們至少為每個人提供了進入 2024 年時可以操作的護欄。因此，這確實是為明年提供非常高級指導的嘗試。

Our next question comes from Shweta Khajuria with Evercore ISI.

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

Let me try two, please. One is just a quick thought on why no repurchases in the quarter. And then second is, could you provide more color on the 2 product subscription tiers, please, the one that's lower priced in terms of the timing, the pricing and the rollout for both plans, please?

請讓我嘗試兩個。我們快速思考為什麼本季沒有回購。第二個問題是，您能否對這兩個產品訂閱級別提供更多信息，請提供在時間、定價和推出這兩個計劃方面價格較低的產品訂閱級別？

Yes. Sure, Shweta. Just quickly on why we didn't buy back any shares, because we were in the market in the middle of a leadership search, we were unable to buy shares just for legal considerations. So that was the reason why we weren't able to buy shares.

是的。當然，舒維塔。快速解釋為什麼我們不回購任何股票，因為我們在市場上正在尋找領導者，我們無法僅僅出於法律考慮而購買股票。這就是我們無法買股票的原因。

And I'll turn it to Whitney for the product.

我會把它交給惠特尼來取得產品。

Yes. Thanks for the question. So let's talk about the 2 different subscription tiers. We'll start at Premium Plus. We are really excited about Premium Plus. I want to underpin this by saying that it has actually been largely one of the most requested features, in and of itself, that we have received over a long time now because it delivers a more curated, more high intent, more, we could say, thoughtful experience, right? You have a better chance of a match and there's a lot of other layers that come with this Premium Plus experience. We've been really pleased with the very early indicators and the early results we're seeing. So you can expect an update in the coming quarter.

是的。謝謝你的提問。那麼讓我們來談談 2 個不同的訂閱等級。我們將從 Premium Plus 開始。我們對 Premium Plus 感到非常興奮。我想說的是，它實際上在很大程度上是我們長期以來收到的最受歡迎的功能之一，因為它提供了更精心策劃、更高的意圖，我們可以說更多，深思熟慮的經歷吧？您有更好的配對機會，而且此 Premium Plus 體驗還附帶許多其他層次。我們對我們看到的早期指標和早期結果感到非常滿意。因此，您可以期待下一季的更新。

And then moving to base tier, this is really focused on the different types of engagement and the more personalized experience that particularly Gen Z enjoys. So the way, call it, 18- to 22-year-olds are looking to express themselves, on themselves, is actually quite different than the older cohorts, even their peers just a few years older. And we are so good at listening, being on the ground and understanding what this age group is really looking for when it comes to meeting people. And so that's what base tier is all about. It is in early testing right now, and we don't have specific timing or pricing to share publicly today, but I can tell you that it will be a low price point. This is really with the intention of expanding payers and creating a more engaging experience for that next generation.

然後轉向基礎層，這實際上專注於不同類型的參與以及 Z 世代特別喜歡的更個性化的體驗。因此，18 至 22 歲的年輕人尋求表達自己的方式實際上與年長的群體，甚至是只比他們大幾歲的同齡人有很大不同。我們非常善於傾聽，腳踏實地，了解這個年齡層的人在與人交往時真正想要什麼。這就是基礎層的意義。目前正處於早期測試階段，我們今天沒有具體的時間或定價可以公開分享，但我可以告訴你，這將是一個較低的價格點。這實際上是為了擴大付款人並為下一代創造更具吸引力的體驗。

Meanwhile, on the other side of that barbell, Premium Plus will be a much more premium experience than that, obviously, and more premium to the current premium offering. And we believe that the blend of this will be protective to ARPPU while expanding payers.

同時，在槓鈴的另一邊，Premium Plus 顯然將提供比這更優質的體驗，並且比目前的高級產品更優質。我們相信，這兩者的結合將保護 ARPPU，同時擴大付款人。

Our next question comes from Justin Patterson with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Justin Patterson。

Great. I wanted to touch a little bit on Badoo. You had mentioned doing a brand and identity refresh to start next year. How are you thinking about just the timeline toward that, helping really restore user growth and revenue growth for Badoo into 2024?

偉大的。我想稍微接觸一下 Badoo。您曾提到從明年開始進行品牌和身分更新。您如何考慮實現這一目標的時間表，以幫助 Badoo 真正恢復用戶成長和收入成長到 2024 年？

Thanks for the question. So you know what, we're really excited about Badoo. We have a great team leading Badoo, and they are really anchored on one key focus: build confidence. So this is a quite remarkable finding. If you go and speak to the Badoo audience prior to some of these efforts that we've been leading that have been leading to the results you're seeing that we reported today and what we expect to continue, these members say that they want to find someone. They're lonely. They really have high intent to meet someone, but they have super low confidence. They don't feel great about themselves when it pertains to dating and how they think they'll be viewed.

謝謝你的提問。所以你知道嗎，我們對 Badoo 感到非常興奮。我們有一支出色的團隊領導 Badoo，他們真正專注於一個關鍵焦點：建立信心。所以這是一個非常了不起的發現。如果您在我們一直在領導的一些努力取得了今天所報告的結果以及我們期望繼續進行的工作之前去與 Badoo 觀眾交談，這些成員會說他們想要找某人。他們很孤獨。他們確實有很高的意願去見某人，但他們的信心卻很低。當涉及到約會以及他們認為自己會如何看待自己時，他們對自己感覺不太好。

And so the team has anchored 100% around that. So you can imagine that will be the nucleus of a hero campaign, of a brand relaunch. These are coming throughout the rest of the year, early 2024. I think you will be pleased to see the efforts ramp here domestically but also around the world. And everything is really working backwards from the customer pain points. So they are solving members' issues, which is leading to real tangible results.

因此團隊 100% 圍繞著這一點。所以你可以想像這將成為英雄活動、品牌重新推出的核心。這些將在今年餘下時間（即 2024 年初）實施。我想您會很高興看到國內以及世界各地的努力不斷加強。一切都是從客戶痛點出發的。因此，他們正在解決會員的問題，從而帶來真正實際的成果。

I actually think there's an important note here for everyone tuning in. Demand for love is at all-time high. Demand for relationships is higher today than ever, right? We're a lonely society. We're super isolated. We're super disconnected. Social media does not introduce us to our love lives. That said, we see such potential with all of our products, and giving Badoo this real clear intent of solving for confidence has already been proving to be working. So stay tuned. We're really excited with the early progress, and the results should speak for themselves.

事實上，我認為這裡有一個重要的提示需要每個人注意。對愛的需求空前高漲。今天對人際關係的需求比以往任何時候都高，對嗎？我們是一個孤獨的社會。我們超級孤立。我們的關係超級疏遠。社群媒體不會向我們介紹我們的愛情生活。也就是說，我們看到了我們所有產品的潛力，並且給予 Badoo 這種真正明確的解決信心的意圖已經被證明是有效的。所以請繼續關注。我們對早期的進展感到非常興奮，結果不言而喻。

Our next question comes from John Blackledge with TD Cowen.

我們的下一個問題來自 John Blackledge 和 TD Cowen。

Two questions. First, on Bumble App paying users, what are kind of the key geographies for Bumble App paying user growth in the fourth quarter and next year? And then on the recent products, Compliments and Best Bees, are they more so driving payer growth or ARPPU or both? If you can just provide some more color there, that would be great.

兩個問題。首先，關於Bumble App付費用戶，第四季和明年Bumble App付費用戶成長的關鍵地理是什麼樣的？那麼，就最近的產品 Compliments 和 Best Bees 而言，它們是否更能推動付費者成長或 ARPPU 或兩者兼而有之？如果您可以在那裡提供更多顏色，那就太好了。

Yes, sure. So as we think about payer growth, our focus is on making sure that we have payer growth across every market. So obviously, the U.S. will continue to be a big focus area for us, and we want to make sure that we continue to grow our user base there. So you'll definitely see us focus extensively on that. Obviously, our international markets are growing really well. So we are hoping, again, this is not just a Q4 statement, right, going into '24 as well, focusing on our core English-speaking markets like the U.K., Australia, Canada, outside the U.S. are important.

是的，當然。因此，當我們考慮付款人成長時，我們的重點是確保每個市場的付款人成長。顯然，美國將繼續成為我們的重點區域，我們希望確保我們繼續擴大那裡的用戶群。所以你肯定會看到我們廣泛關注這一點。顯然，我們的國際市場成長得非常好。因此，我們再次希望，這不僅僅是第四季度的聲明，對吧，進入 24 年，專注於我們的核心英語市場，如英國、澳洲、加拿大和美國以外的市場也很重要。

Western Europe, as we've been saying now for a while, has been a very important market for us, especially in countries like Germany where we are the second most downloaded dating app. Again, those are strong payer additions for us. Also markets like Switzerland, Netherlands, France, again, markets in Western Europe, I think, will be important for us. Asia, especially India, is a big market for us, so making sure we have a sizable user base of active users there. So making sure that we increase the payer penetration there is something that the team is quite heavily focused on. Certain other markets in Asia as well have green shoots that we are looking at. And then recently, we've launched in LatAm. There are certain markets in LatAm that we are focused on.

正如我們現在所說的那樣，西歐對我們來說一直是一個非常重要的市場，特別是在像德國這樣的國家，我們是下載量第二大的約會應用程式。同樣，這些對我們來說是強有力的付款人補充。我認為，瑞士、荷蘭、法國等西歐市場對我們也很重要。亞洲，尤其是印度，對我們來說是一個很大的市場，因此要確保我們在那裡擁有相當大的活動用戶群。因此，確保提高付款人滲透率是團隊非常關注的事情。我們正在關注亞洲的某些其他市場的萌芽。最近，我們又在拉丁美洲推出了這款產品。我們重點關注拉丁美洲的某些市場。

Obviously, as we always say, when we enter a new market, our focus is on active users, growing the user base and then slowly, as they get to a sizable user base, we then start to convert them into paying users. So our playbook for how we think about international growth is largely the same. We are, obviously, in the middle of figuring out exactly which new countries we will enter into next year. So when we come back in Feb, we'll look forward to sort of providing more details on that.

顯然，正如我們常說的，當我們進入一個新市場時，我們的重點是活躍用戶，擴大用戶群，然後慢慢地，當他們達到相當大的用戶群時，我們開始將他們轉化為付費用戶。因此，我們對國際成長的看法基本上是相同的。顯然，我們正在確定明年我們將進入哪些新國家。因此，當我們在二月回來時，我們將期待提供更多相關細節。

And then as it relates to your second question around Compliments and Best Bees, we said this before, obviously, depending on how a product is engineered, often these can be drivers of payers, drivers of ARPPU or, in many cases, both. For both of these products, I will say, our goal is to drive both of these metrics. Right now, Compliments is still very much an ARPPU driver. Obviously, we've gotten new payers as a result of that, but we are definitely seeing higher adoption from existing payers. So you're seeing that reflected in the ARPPU. And then on Best Bees as well, Best Bees, I would say is still early days. As we said before, it's now part of Bumble Premium. And so we've seen strong adoption from people entering Bumble Premium as an entry point from Best Bees. But we look forward to it becoming a payer driver as we continue to build out the product and we continue to refine it.

然後，由於它涉及你關於讚美和最佳蜜蜂的第二個問題，我們之前說過，顯然，這取決於產品的設計方式，通常這些可以是付款人的驅動力，ARPPU 的驅動力，或者在許多情況下，兩者兼而有之。我想說，對於這兩種產品，我們的目標是推動這兩個指標。目前，Compliments 在很大程度上仍然是 ARPPU 驅動程式。顯然，我們因此獲得了新的付款人，但我們肯定會看到現有付款人的採用率更高。所以你會看到這一點反映在 ARPPU 中。然後，關於“最佳蜜蜂”，我想說“最佳蜜蜂”還處於早期階段。正如我們之前所說，它現在是 Bumble Premium 的一部分。因此，我們看到人們以 Bumble Premium 作為 Best Bees 的切入點得到了廣泛採用。但隨著我們繼續建立產品並繼續完善它，我們期待它成為付款驅動程式。

Our next question comes from Mark Kelley with Stifel.

我們的下一個問題來自 Stifel 的 Mark Kelley。

I just had two quick ones. The first one is just on the 2 new pricing tiers with Bumble App. I know, Whitney, you said that they would be protective of ARPPU. It's a good starting point for '24 just to see them kind of flattish ARPPU for Bumble App. That's the first one.

我剛吃了兩個快的。第一個是 Bumble App 的 2 個新定價層。我知道，惠特尼，你說過他們會保護 ARPPU。對於 24 世紀來說，看到 Bumble App 的 ARPPU 表現平平，這是一個很好的起點。這是第一個。

And then the second one, completely understand that you're early in the planning phase for '24 and there's a lot of moving pieces, but I guess what line items should we look to for that operating leverage that you're calling out for next year?

然後是第二個，完全理解您正處於 24 年規劃階段的早期階段，並且有很多變化的部分，但我想我們應該尋找哪些項目來實現您下一步要求的營運槓桿年？

Yes. I can take both of those. I think it's a little bit too early to be talking about the sort of puts and takes of what ARPPU will look like next year. I think obviously, ARPPU is a function of several things. It includes our international mix. It includes pricing changes that we are doing in different markets. It includes the new products that we are launching. So I'll just say, wait for us to provide more details on exactly what ARPPU looks like next year.

是的。這兩樣我都可以接受。我認為現在談論 ARPPU 明年的情況還為時過早。我認為顯然，ARPPU 是多種因素的函數。它包括我們的國際組合。它包括我們在不同市場所做的定價變化。它包括我們正在推出的新產品。所以我只想說，請等待我們提供有關明年 ARPPU 具體情況的更多詳細資訊。

Just at a high level, if you think about the different pricing tiers, our goal is to make sure that we are capturing more payers across the ecosystem of users that we have. And so if you think about the higher-price tier, it's an opportunity for existing premium users to potentially upsell and pay more, in which case, it becomes an ARPPU driver. And then over time, our goal would be to get non-daters and non-Bumble users directly into the Premium Plus ecosystem as well, which then becomes a payer driver.

從較高的層面來看，如果你考慮不同的定價層級，我們的目標是確保我們在我們擁有的用戶生態系統中吸引更多的付款人。因此，如果你考慮更高的價格層，這對現有的高級用戶來說是一個潛在的追加銷售和支付更多費用的機會，在這種情況下，它就成為 ARPPU 驅動因素。隨著時間的推移，我們的目標是讓非約會者和非 Bumble 用戶直接進入 Premium Plus 生態系統，然後成為付費駕駛者。

And then in the beginning, on the lower tier, our goal would largely be for it to be a payer conversion. We have a lot of people on our app today, especially on the sort of younger side of the demographic, that use the app for free but then don't necessarily want to pay for Bumble Boost or Bumble Premium. So having a lower-price tier allows them to pay for the product in a way and start getting used to the payer feature. So that one, I would say, our goal would definitely be for that to be a payer driver. Again, as we increase the number of subscription products that we have in our ecosystem, our goal is to make sure that we are constantly managing the ecosystem in a way that continues to be healthy.

然後一開始，在較低層，我們的目標主要是實現付款人轉換。如今，我們的應用程式中有很多人，尤其是年輕群體，他們免費使用該應用程序，但不一定願意為 Bumble Boost 或 Bumble Premium 付費。因此，擁有較低的價格等級可以讓他們以某種方式支付產品費用，並開始習慣付款人功能。所以我想說，我們的目標肯定是成為付費司機。同樣，隨著我們生態系統中訂閱產品數量的增加，我們的目標是確保我們以持續健康的方式持續管理生態系統。

And then on your question around operating leverage, I think, again, if you think about the building blocks for next year, it won't be too dissimilar to how we thought about leverage in 2023. So you will see us continue to invest, again, very strategically in products and technology. I've always said this before, and our company knows that the bar for investment is high, and so we want to make sure that we continue to maintain that high bar. But obviously, innovation is what drives growth for us. So you'll see us invest in that. We want to continue to show leverage on areas of marketing spend. So building our brand is always going to be important for us. So while we will be spending towards it on a percentage of revenue basis, our hope is that we will see some leverage there. And then as we get bigger and as we have more, we always try to get leverage in other areas such as G&A. I think cost of revenue is likely going to be largely steady to what you're seeing right now. Again, more to come. Hopefully, that's helpful.

然後，關於你關於營運槓桿的問題，我再次認為，如果你考慮明年的構建模組，它與我們對 2023 年槓桿的看法不會有太大不同。所以你會看到我們繼續投資，再次，在產品和技術方面非常具有戰略意義。我之前一直這麼說，我們公司知道投資門檻很高，因此我們希望確保繼續保持這個高門檻。但顯然，創新是我們成長的動力。所以你會看到我們對此進行投資。我們希望繼續在行銷支出領域發揮影響力。因此，建立我們的品牌對我們來說始終很重要。因此，雖然我們將按照收入的百分比進行支出，但我們希望我們能在那裡看到一些槓桿作用。然後，隨著我們規模的不斷擴大，我們擁有的資源越來越多，我們總是試圖在其他領域（例如一般管理費用）獲得影響力。我認為收入成本可能會與你現在所看到的基本穩定。再說一遍，還會有更多。希望有幫助。

Our next question comes from Chris Kuntarich with UBS.

我們的下一個問題來自瑞銀集團的克里斯·昆塔里奇。

Just maybe one on the '24 revenue guide for at least low teens, can you just help us think about kind of the cadence of that throughout the year? I think you kind of guided to about 14% year-over-year growth at the midpoint for 4Q. Should we be thinking about this as a deceleration from that sort of low end of mid-teens down to low double digits? Or is this going to be a relatively stable level of growth throughout the full year and kind of what you're seeing right now that gives you confidence in that cadence?

也許只是針對至少青少年的 24 年收入指南中的一個，您能否幫助我們思考全年的節奏？我認為您對第四季度中點的同比增長進行了約 14% 的指導。我們是否應該將其視為從十幾歲左右的低端減速到低兩位數？或者這會是全年相對穩定的成長水平，以及您現在所看到的讓您對這種節奏充滿信心的情況？

Yes, sure. So again, I think it's a little bit too early to be providing sort of very specific quarterly guidance numbers of how we think the cadence is. I think at a high level, if you look at the growth rate that we are seeing today, the way we are thinking about it is we're looking at the growth rate that we are seeing today. We are looking at the product road map that we have. We are looking at the things that we know we are either already in testing or have already launched and then will start to become bigger next year. And we see a range of outcomes. So again, more to come on exactly what the quarterly cadence will be, but we feel good about the overall number for the year.

是的，當然。再說一次，我認為現在提供非常具體的季度指導數字來說明我們對節奏的看法還為時過早。我認為，從高水準來看，如果你看看我們今天看到的成長率，我們思考的方式就是我們現在看到的成長率。我們正在研究現有的產品路線圖。我們正在研究那些我們知道已經在測試或已經推出的東西，然後明年將開始變得更大。我們看到了一系列的結果。再說一遍，季度節奏究竟會怎樣，還有更多的信息，但我們對今年的整體數字感到滿意。

Our next question comes from Zach Morrissey with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的紮克·莫里西。

I just wanted to, I guess, ask about the kind of macro impact on the consumable business. You talked about kind of the lower kind of income users being affected, seeing that through the kind of premium being more stable. But I guess, what are you seeing on the consumable side of the business?

我想我只是想問一下對消費品業務的宏觀影響。您談到低收入用戶受到影響，透過更穩定的保費看到這一點。但我想，您在消費品方面看到了什麼？

And then secondly, just curious, you've called out increased kind of competition from Tinder increasing their marketing spend and especially in certain markets in Europe. Can you just provide an update kind of what you're seeing in some of those kind of key markets in terms of competition on the marketing side?

其次，出於好奇，您指出 Tinder 的競爭加劇，增加了行銷支出，尤其是在歐洲的某些市場。您能否提供您在某些關鍵市場中所看到的行銷方面競爭的最新情況？

Sure. So on the consumables side, as you know, most of our paying users are also subscribers to our products. So we over-index on the subscription side of the business if you think about the composition of revenue. Consumables is a smaller portion of it. Within consumables, I think we are seeing numbers largely hold steady. So we are not really seeing any sort of big impact in what we are looking at. Across age groups, I think it's largely been steady. So nothing really to call out yet as something that stands out for us.

當然。因此，在消耗品方面，如您所知，我們的大多數付費用戶也是我們產品的訂閱者。因此，如果考慮到收入的組成，我們會過度關注業務的訂閱方面。消耗品只佔其中較小的一部分。在消耗品方面，我認為我們看到數字基本上保持穩定。因此，我們並沒有真正看到我們所看到的任何重大影響。我認為在各個年齡層中，情況基本上是穩定的。因此，對我們來說，還沒有什麼真正值得稱讚的事情。

And then, Whitney, do you want to talk about marketing in general and competition and just what we are seeing to date?

然後，惠特尼，您想談談一般行銷和競爭以及我們迄今為止所看到的情況嗎？

Yes. You know what, this is such a big piece of my excitement going into this step forward into the Executive Chair role. In my heart and in my skill set, I'm a marketer. I'm a brander. This is such a superpower of ours and the unique brand that we have built up over the years. And so we've said this once, we'll say it again, we have such a durable moat. And we really have loyalty with customers, with women, that have never been seen before in any dating-related category. You don't really see dating app hats walking around the street. And so the fact that we have a beloved community that want our merchandise, they want to integrate us into their wedding, they are proud of us, this is where we shine. And I'm going to put so much love, attention and care into this in 2024, take our brand to the next level, take our mission to the next level, create that evangelized, beloved fandom around Bumble and Bumble for Friends.

是的。你知道嗎，這是我邁向執行主席一職的重要一步。從我的內心和我的技能來看，我是一名行銷人員。我是一個品牌商。這是我們的超能力，也是我們多年來建立的獨特品牌。所以我們已經說過一次，我們會再說一遍，我們有一條如此持久的護城河。我們對客戶和女性確實擁有忠誠度，這在任何約會相關類別中都是前所未有的。你真的不會在街上看到約會應用程式的帽子。事實上，我們有一個深受喜愛的社區想要我們的商品，他們希望將我們融入他們的婚禮，他們為我們感到自豪，這就是我們的閃光點。到2024 年，我將投入大量的愛、關注和關懷，將我們的品牌提升到一個新的水平，將我們的使命提升到一個新的水平，圍繞Bumble 和Bumble for Friends 創建一個受福音的、受人喜愛的粉絲群。

Another thing that's worth calling out, the connection, the emotional connection, that women, in particular, have to Bumble for Friends is so special. Our brand symbolizes trust, respect, safety. When you think about our opportunity to consistently scale that message, candidly, just unique to ourselves, this is really where I get so excited. So that paired with innovation and product, all the horizon of AI, we're ripe for a very exciting next chapter. And I'm personally not irked, moved, concerned about any competitive threat. From a brand and marketing standpoint, we've got this.

另一件值得一提的事情是，尤其是女性，為朋友而必須的連結、情感連結是如此特別。我們的品牌象徵信任、尊重、安全。當你想到我們有機會持續擴展這一訊息時，坦白說，這對我們來說是獨一無二的，這確實是我感到如此興奮的地方。因此，與創新和產品以及人工智慧的所有前景相結合，我們已經準備好迎接一個非常令人興奮的下一章。我個人並不對任何競爭威脅感到厭煩、感動或擔心。從品牌和行銷的角度來看，我們已經做到了。

Our next question comes from Nate Feather with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Nate Feather。

This is Nathan Feather on for Lauren Schenk. I guess thinking about the product road map, what are the kind of the 1 or 2 key features that you're expecting will drive revenue growth in '24? And then given the increased buyback authorization, how should we think of the cadence of share buybacks and maybe capital allocation more broadly going forward?

我是勞倫‧申克 (Lauren Schenk) 的內森‧費瑟 (Nathan Feather)。我想考慮一下產品路線圖，您預計哪一或兩個關鍵功能將在 24 年推動營收成長？然後，考慮到回購授權的增加，我們應該如何看待股票回購的節奏，以及未來更廣泛的資本配置？

Thanks. So I'll talk about the product road map for a moment. So we're super excited about the entire ecosystem that is going to be built inside and around Premium Plus. We see this as our opportunity to build a more premium brand within the brand that exists today. This is going to extend beyond just a couple of features bundled into a subscription. This is going to be an all-inclusive experience. We also feel that there is a huge opportunity to leverage this for the go online to off-line opportunity.

謝謝。所以我先談談產品路線圖。因此，我們對將在 Premium Plus 內部和周圍建造的整個生態系統感到非常興奮。我們認為這是我們在現有品牌中打造更優質品牌的機會。這將超越訂閱中捆綁的幾個功能。這將是一次全方位的體驗。我們也認為，有一個巨大的機會可以利用這一點來實現線上到線下的轉變。

So people are consistently saying, "I want to meet people in the real world, but I can't. It's too hard." You literally have to be at the right place at the right time. It's nearly impossible to meet that special someone in real life. So leveraging Premium Plus is this all-inclusive gateway to meeting incredible people via Bumble but also getting you off-line. So we're incredibly excited about Premium Plus. It's not just a revenue driver but a real growth driver, a loyalty driver, recapturing share from these folks that are looking for something more serious. So Premium Plus is really exciting.

所以人們總是說：“我想認識現實世界中的人，但我不能。這太難了。”從字面上看，您必須在正確的時間出現在正確的地點。在現實生活中遇到那個特別的人幾乎是不可能的。因此，利用 Premium Plus 是一種包羅萬象的途徑，您可以透過 Bumble 結識出色的人，但也可以讓您離線。因此，我們對 Premium Plus 感到非常興奮。它不僅僅是一個收入驅動力，而且是一個真正的成長驅動力、忠誠驅動力，從那些正在尋求更嚴肅的事情的人手中奪回份額。因此，Premium Plus 確實令人興奮。

The other thing I would say is leaning into this theme of confidence, you will see that translate in its own way back to Bumble App as well and using generative AI to really be this best friend in your pocket inside of Bumble to help you date, to build confidence, to feel good about it so that you never delete this app because it didn't make you feel good about yourself. So I think we are really overhauling the entire interface and experience in 2024. And Bumble 2.0 is going to be a product that goes much higher in terms of these offerings but leaning into the other end of the barbell to really capture that college-age audience as well, new discovery mechanisms and really engaging people for the next decade.

我想說的另一件事是傾向於這個自信的主題，你會看到它也以自己的方式轉化回Bumble 應用程序，並使用生成人工智能真正成為Bumble 中你口袋裡最好的朋友來幫助你約會，建立信心，感覺良好，這樣你就永遠不會刪除這個應用程序，因為它沒有讓你自我感覺良好。因此，我認為我們將在 2024 年真正徹底改革整個介面和體驗。Bumble 2.0 將成為在這些產品方面更加出色的產品，但會向槓鈴的另一端傾斜，以真正吸引大學年齡段的受眾此外，新的發現機制以及在未來十年真正吸引人們的注意。

Yes. And just quickly to touch on capital allocation, Nate, nothing has changed in terms of our overall philosophy of how we think about capital allocation. We've already said this before. Our goal is to invest in our business, first and foremost. We have a ton of organic growth ahead of us, and so we want to make sure we do that. And within the envelope of margins that we have set out for ourselves, we will be opportunistic to the extent there is something from an M&A perspective that makes sense. Again, the bar for that is high, as we've said before. But if there's something interesting for us, we'll definitely take a look at that.

是的。內特，請快速談談資本配置，就我們如何看待資本配置的整體理念而言，沒有任何改變。我們之前已經說過了。我們的目標首先是投資我們的業務。我們面前有大量的有機成長，因此我們希望確保做到這一點。在我們為自己設定的利潤範圍內，只要有一些從併購角度來看有意義的事情，我們就會投機。同樣，正如我們之前所說，這樣做的門檻很高。但如果有一些我們感興趣的東西，我們一定會來看看。

And then we've always said that buyback gives us another tool to return capital back to shareholders. And that's what you see reflected in the increase in the repurchase authorization from the $150 million that we had a couple of quarters ago to now $300 million. We want to be opportunistic about how we buy back shares. So nothing specific to call out in terms of cadence of how we intend to do it. But this is definitely something that we are very, very focused on doing. And you'll see us be opportunistic in terms of buying back shares.

然後我們總是說回購為我們提供了另一種將資本返還給股東的工具。這就是回購授權從幾季前的 1.5 億美元增加到現在的 3 億美元所反映的情況。我們希望在回購股票的方式上保持機會主義。因此，就我們打算如何做這件事的節奏而言，沒有什麼具體的要求。但這絕對是我們非常非常專注在做的事情。你會發現我們在回購股票方面是機會主義的。

We will take our final question for today from Ben Black at Deutsche Bank.

我們將接受德意志銀行的本布萊克今天的最後一個問題。

I just wanted to double-click on AI, and Whitney, obviously, you've spoken about AI potentially supercharging safe human connection. Can you just give us some examples of how AI can actually support new innovative sort of product launches at Bumble? And do you also think you could supercharge the velocity of product development as well?

我只是想雙擊人工智慧，惠特尼，顯然，你已經談到人工智慧可能會增強人類的安全連結。您能否給我們舉一些例子，說明人工智慧如何真正支援 Bumble 的新型創新產品發布？您是否也認為您也可以加快產品開發的速度？

Thanks for the question. So let's start with the second part of that. The short answer is yes. Where technology is, this next-gen technology and the AI tooling that both exist internally but externally, velocity is going to be able to ramp exponentially faster.

謝謝你的提問。讓我們從第二部分開始。簡短的回答是肯定的。在技​​術所在的地方，這種下一代技術和人工智慧工具既存在於內部又存在於外部，速度將能夠呈指數級更快地增長。

Let's talk about how this can actually tangibly supercharge love and connection. So I think the reason why AI can be so incredibly value additive and business enhancing to our business, in particular, is because look at what people come here to do. They come to our product to meet people. They want to meet people that are compatible to them, that will make them feel good about themselves, that will have shared passion, shared value, shared desires, dreams and hopes for the future. Right now, with our very early innings of AI, if you look at the AI algorithm for Best Bees, already, the ability to say yes to match, to chat, is exponentially higher than just the basic algorithm. And that is the very baseline of what AI algorithms can do.

讓我們來談談這如何實際增強愛和連結。因此，我認為人工智慧之所以能夠為我們的業務帶來如此令人難以置信的附加價值和業務增強，特別是因為看看人們來這裡做什麼。他們使用我們的產品來結識新朋友。他們希望遇到與自己相容的人，讓他們自我感覺良好，擁有共同的熱情、共同的價值觀、共同的願望、夢想和對未來的希望。現在，在人工智慧的早期階段，如果你看看「最佳蜜蜂」的人工智慧演算法，你會發現，說「是」、配對、聊天的能力比基本演算法要高得多。這就是人工智慧演算法所能做到的最基本的事情。

And then I'm going to talk about the other facets of this. Let's just focus on matching for right now. Imagine a world where you don't have to swipe through dozens, potentially hundreds, of people to find your special someone. You don't have to swipe through endless people to find someone to go out for a fun Friday night with. You can do this seamlessly, in just a matter of moments, when AI is integrated into this product, through all the different technology that currently is available and that we're working on implementing, ranging from clip technology, reading photos, voice, all the different ways to detect relevancy, you can deliver someone their perfect person in such an efficient, safe, effective way so much more than what exists today. So while we're already driving extremely high rates of compatibility and success stories, right, there's too many to count, this is just going to be a multiplier of that.

然後我要談談這件事的其他方面。我們現在只關注匹配。想像一下這樣一個世界，您無需在數十個甚至數百個人中滑動即可找到您特別的人。您不必在無窮無盡的人群中滑動來找到可以一起出去度過有趣的周五晚上的人。當人工智慧整合到該產品中時，透過目前可用且我們正在努力實施的所有不同技術，從剪輯技術、閱讀照片、語音等，您可以在短時間內無縫地完成此操作。透過不同的方法來檢測相關性，您可以以比當今現有的方式更有效率、安全、有效的方式為某人提供完美的人選。因此，雖然我們已經推動了極高的合併和成功案例，對吧，有太多的案例無法計算，但這只是一個乘數。

Now let's move to the other facets of this really quickly before we wrap. Expressing yourself is incredibly important in determining relevance with somebody else. The way AI can help you build profile, understand your personality, extrapolate the best from you and then really just condense that into a short form profile, we are at the very, very, very early innings of what that can do. So those are just 2 small pieces in the interest of time where I think AI on day 1 can be extremely value additive.

現在，在結束之前，讓我們快速討論一下這個問題的其他方面。表達自己對於確定與他人的相關性非常重要。人工智慧可以幫助你建立個人資料，了解你的個性，推斷出你最好的一面，然後將其濃縮成一個簡短的個人資料，我們正處於它能做什麼的非常、非常、非常早期的階段。因此，為了節省時間，這些只是 2 個小部分，我認為第一天的人工智慧可以帶來極大的附加價值。

The last piece I would say is companionship from an AI bot standpoint. We are not here to replace humans with machines. We are not here to replace humans with bots. But what we can do is give you a tailored program bot to be your coach, your therapist, your pal, your wing person, your companion while you navigate the quest for friendship, love, business, whatever you're here looking for. So I think we're at the very, very early innings of something extremely exciting. And I hope it is reflected in the buyback and my enthusiasm in this brilliant leader joining us how excited we are about the opportunity.

我要說的最後一點是從人工智慧機器人的角度來看的陪伴。我們來這裡不是為了用機器取代人類。我們來這裡並不是為了用機器人取代人類。但我們能做的是為您提供一個量身定制的程序機器人，作為您的教練、您的治療師、您的朋友、您的助手、您的同伴，同時您在尋求友誼、愛情、商業以及您在這裡尋找的任何東西時。所以我認為我們正處於非常非常令人興奮的事情的早期階段。我希望這能反映在回購中，以及我對這位傑出領導者加入我們的熱情中，我們對這個機會感到多麼興奮。

All right. Thank you, ladies and gentlemen. That concludes today's call. We appreciate you joining. You may now disconnect.

好的。謝謝你們，女士們、先生們。今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開連線。