Bumble Inc (BMBL) 2023 Q4 法說會逐字稿

Hello, and welcome to the Bumble fourth-quarter 2023 financial results conference call. My name is Elliott, and I'll be coordinating your call today. (Operator Instructions)

您好，歡迎參加 Bumble 2023 年第四季財務業績電話會議。我叫艾利歐特，今天我將負責協調您的通話。（操作員指示）

I'd now like to hand over to Cherryl Valenzuela, Vice President of Investor Relations. The floor is yours. Please go ahead.

現在我想把麥克風交給投資人關係副總裁 Cherryl Valenzuela。現在輪到你了。請繼續。

Thank you, Elliot. Thank you for joining us to discuss Bumble's fourth-quarter and full year 2023 financial results. With me today are Lidiane Jones, CEO; and Anu Subramanian, CFO of Bumble.

謝謝你，艾略特。感謝您加入我們討論 Bumble 2023 年第四季和全年財務表現。今天和我一起的還有執行長 Lidiane Jones；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 belief, 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.

在我們開始之前，我想提醒大家，今天在電話會議上發表的某些聲明是前瞻性的。這些前瞻性陳述受各種風險和不確定性的影響，反映了我們基於當前信念、假設和可用資訊而做出的當前預期。儘管我們認為這些預期是合理的，但我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。

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.

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在我們的收益新聞稿和向美國證券交易委員會提交的文件中進行了更詳細的討論，包括我們截至 2022 年 12 月 31 日的 10-K 表年度報告以及我們隨後的定期文件。

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

在電話會議中，我們也提到了某些非公認會計準則財務指標。這些非 GAAP 指標應作為我們 GAAP 結果的補充，而非替代或孤立地看待。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，您可以在我們網站 ir.bumble.com 的投資者關係部分找到該新聞稿。

With that, I'll turn it over to Lidiane.

說完這些，我就把麥克風交給 Lidiane。

Thank you, Cherryl, and good afternoon, everyone. It's an honor to join all of you today for my first earnings call as Bumble CEO. I want to sincerely thank Whitney for her continued partnership. She's a founder who's a pioneer for women who has built an incredible company that has created lasting value for customers.

謝謝你，Cherryl，大家下午好。我很榮幸今天能作為 Bumble 執行長參加我的第一個財報電話會議。我要真誠地感謝惠特尼的持續合作。她是一位創辦人，也是女性的先驅，她創立了一家令人難以置信的公司，為客戶創造了持久的價值。

I also want to thank the Board for their confidence and trust in me, and the entire Bumble team for their support during my onboarding. From the first time I met Whitney and proceeded to meet our employees and many of our customers, the impact Bumble has had on so many people's lives has been inspiring to me.

我還要感謝董事會對我的信心和信任，以及整個 Bumble 團隊在我入職期間的支持。從我第一次見到惠特尼，到後來見到我們的員工和許多客戶，Bumble 對許多人的生活產生的影響一直激勵著我。

As a longtime tech leader for both consumer and enterprise businesses, I joined Bumble because I felt deeply drawn to its mission to create healthy and equitable relationships, and by the impact Bumble has had in helping millions of people around the world find love, connection, companionship, and friendship.

作為消費者和企業業務領域的長期技術領導者，我加入 Bumble 是因為我深深被其建立健康和公平關係的使命所吸引，而 Bumble 在幫助全球數百萬人找到愛情、聯繫、陪伴和友誼方面發揮了重要作用。

Since its founding, Bumble's powerful brand has, in aggregate, served a passionate customer base of hundreds of millions of customers in more than 160 countries around the world. I have now been with Bumble for two months, and I'm even more convinced of the opportunities that lie ahead of us.

自成立以來，Bumble 強大的品牌已累積為全球 160 多個國家的數億熱情客戶群提供服務。我加入 Bumble 已經兩個月了，我更堅信眼前的機會。

I have met and connected with dozens of our customers; fully immersed myself in our products and technology; dove deeply in all aspects of our business; and have seen firsthand the caliber of talent we have with our employees. I'm a product leader at heart, and I'm truly excited to help unlock the company's potential by building innovative products that lead our customers to find love and connection throughout their lives.

我已經與數十位客戶見面並建立了聯繫；完全沉浸在我們的產品和技術中；深入研究我們業務的各個方面；並親眼目睹了我們員工的才華。我本質上是一個產品領導者，我非常高興能夠透過打造創新產品來幫助釋放公司的潛力，讓我們的客戶在一生中找到愛和連結。

The global addressable market for online dating remains strong, with about 2 billion single people around the globe. And we see continued demand and opportunities to drive growth in this market. We're well positioned to capture this opportunity with the strong brands and assets in our portfolio.

全球線上約會市場依然強勁，全球單身人士約 20 億。我們看到了持續的需求和推動該市場成長的機會。憑藉我們投資組合中強大的品牌和資產，我們完全有能力抓住這一機會。

At the same time, I took this role knowing that the online dating industry hasn't seen true innovation in several years, and the population of active users is undergoing a generational transition that rightfully expect more from their experiences.

同時，我擔任這個職位時知道，線上約會行業幾年來都沒有出現真正的創新，活躍用戶群正在經歷代際轉變，他們理所當然地期望從他們的體驗中獲得更多。

We're not immune to these dynamics, and we have also had some company-specific execution challenges that disproportionately affect the Bumble app, and have impacted our company's near term outlook reflected in today's guidance. We're taking significant and decisive actions to address these issues.

我們並不能免受這些動態的影響，我們也遇到了一些公司特有的執行挑戰，這些挑戰對 Bumble 應用程式產生了不成比例的影響，並影響了我們公司在今天的指導中反映的近期前景。我們正在採取重大而果斷的行動來解決這些問題。

Over the past 18 months, we launched a number of new features in Bumble app, which while individually promising, have in aggregate, slowed the overall outperformance and cluttered the user experience. Additionally, our new pricing tier introduced last December, Premium+, has also not had a clear enough product market fit.

在過去的 18 個月中，我們在 Bumble 應用程式中推出了許多新功能，雖然這些功能單獨來看很有前景，但總體而言，卻減緩了整體表現並擾亂了用戶體驗。此外，我們去年 12 月推出的新定價等級 Premium+ 也尚未有足夠明確的產品市場契合度。

These are things we strongly believe are in our control to solve, and we're doing so with four major steps. First, in Q2 of this year, we plan to reignite Bumble's strength by relaunching Bumble app with a compelling modern experience, geared toward capturing a broader audience and aimed at having a stronger appeal to younger users.

我們堅信我們可以解決這些問題，並且我們將採取四個主要步驟來解決。首先，今年第二季度，我們計劃重新推出 Bumble 應用程序，以引人注目的現代體驗重新點燃 Bumble 的活力，旨在吸引更廣泛的受眾，並對年輕用戶產生更強的吸引力。

Using the profile creation experience, optimizing the core performance of the app, and strengthening our AI capabilities to enhance fake account detection and bring profile picture insights to lead our customers to success faster. As a part of this release, we will also revamp our Premium+ offering. These efforts will be a significant moment of evolution for us in bringing women's empowerment to the core of our experience.

利用個人資料創建體驗，優化應用程式的核心效能，並加強我們的人工智慧能力，以增強虛假帳戶檢測並提供個人資料圖片洞察，從而更快地引導我們的客戶獲得成功。作為此版本的一部分，我們還將改進我們的 Premium+ 產品。這些努力對於我們將婦女賦權作為我們經驗的核心是一個重要的發展時刻。

This relaunch will also provide us with a strong platform for ongoing innovation it will come with a new marketing campaign across our core markets, extending our reach and showcasing the benefits of our offerings.

這次重新推出也將為我們提供一個強大的平台來進行持續創新，它將伴隨我們的核心市場開展新的行銷活動，擴大我們的影響力並展示我們產品的優勢。

This is the first major overhaul of Bumble app in the past two years. And I'm very proud of our team for embracing a faster pace of innovation and marking the start of a new phase of customer experiences in the online dating category.

這是 Bumble 應用程式兩年來的首次重大改版。我為我們的團隊感到自豪，他們擁抱更快的創新步伐，標誌著線上約會類別客戶體驗新階段的開始。

Second, I recognize that to sustainably reaccelerate growth, we must drive further innovation. To be operationally excellent and be more attuned to our customers' needs. To that end, earlier today, we announced a transformation plan that will return us to a functional operating model that will foster better collaboration across our app, and allow us to deliver a comprehensive portfolio of experiences to our customers.

第二，我體認到，為了永續地加速成長，我們必須進一步推動創新。實現卓越營運並更好地滿足客戶需求。為此，今天早些時候，我們宣布了一項轉型計劃，該計劃將使我們恢復功能性營運模式，以促進我們應用程式之間的更好協作，並使我們能夠為客戶提供全面的體驗組合。

Centralize our mission critical teams, including engineering product and fewer locations; removed layers to accelerate decision-making and speed to market; and eliminate duplicate roles to drive stronger operating leverage.

集中我們的關鍵任務團隊，包括工程產品和更少的地點；消除層級以加速決策和上市速度；並消除重複的角色，以提高營運槓桿。

Reducing the size of our team is an extremely difficult decision. And I'm incredibly grateful to all of our employees for the role they played in getting Bumble to where it is today. We will do all that we can to support affected colleagues during this time.

縮減團隊規模是個極為艱難的決定。我非常感謝我們所有的員工，感謝他們為 Bumble 取得今天的成就所做的貢獻。在此期間，我們將竭盡全力為受影響的同事提供支援。

Rightsizing the company will help us unlock our ability to deliver long-term growth by greatly improving our operational efficiency, agility and speed and enable us to reinvest a portion of our expected savings in critical foundational capabilities, including dating innovation with the AI, machine learning and safety-differentiated experiences that will drive our future. We'll remain laser focused on execution during this time of transition.

公司規模的最佳化將幫助我們大幅提高營運效率、敏捷性和速度，從而釋放實現長期成長的能力，並使我們能夠將預期節省的一部分重新投資於關鍵的基礎能力，包括利用人工智慧、機器學習和安全差異化體驗進行約會創新，這些將推動我們的未來發展。在此過渡時期，我們將繼續專注於執行。

Third, we are updating our Bumble Inc strategy and innovation roadmap to take advantage of our more agile development platform. My vision for Bumble is to lead the online dating industry, and connections at-large with a more positive experience for users around the globe.

第三，我們正在更新 Bumble Inc 策略和創新路線圖，以利用我們更靈活的開發平台。我對 Bumble 的願景是引領線上約會產業，並為全球用戶提供更積極的體驗。

As a technologist, I have been really impressed by the unique data center knowledge and intellectual property from what has related to personalization, matching, and safety, that has been deeply tune to Bumble guidelines. We will lean on this technical foundation and emerging technologies, like generative AI, to bring product innovations to meet the demand we see in the market.

作為一名技術專家，我對 Bumble 獨特的資料中心知識和智慧財產權印象深刻，這些知識和智慧財產權與個人化、匹配和安全相關，並且與 Bumble 的指導方針深度契合。我們將依靠這項技術基礎和產生人工智慧等新興技術來帶來產品創新，以滿足市場需求。

We'll do this while staying true to our mission, and focus our innovation to accelerate human connection and encourage equitable and healthy relationships. Bumble has always been about more than dating, and we have seen significant customer demands for friendship and platonic connections throughout different phases of life.

我們將在忠於我們的使命的同時，專注於我們的創新，以加速人類聯繫並鼓勵公平和健康的關係。Bumble 一直以來都不僅僅是用於約會，我們發現客戶在人生的不同階段對友誼和柏拉圖式關係的需求都非常強烈。

But candidly, we have been slow to realize this broader vision with Bumble BFF thus far. Going forward, we will focus our reinvestments to accelerate a bolder strategy from Bumble For Friends. One of that will focus on building equitable and seek friendships across communities of people with similar interests that want real life connections.

但坦白說，到目前為止，我們還沒有透過 Bumble BFF 實現這一更廣闊的願景。展望未來，我們將集中再投資來加速 Bumble For Friends 更大膽的策略。其中之一將專注於在具有相似興趣並希望建立現實生活聯繫的人們之間建立公平的友誼。

We plan to bring along the millions of customers we currently have in our base that are eager to continue to be part of our platform. We'll have more to share about our full company's strategy and product road map in the months ahead.

我們計劃將我們現有的數百萬渴望繼續成為我們平台一部分的客戶帶入我們。未來幾個月我們將分享更多有關我們整個公司的策略和產品路線圖的資訊。

Finally, to bring our strategy to life, we recently strengthened our executive team with three talented new leaders who will be instrumental in driving the vision for Bumble future. I'm excited to welcome Ali Rayl as Chief Product Officer; Antoine Leblond as Chief Technology Officer; and David Art as Chief People Officer.

最後，為了將我們的策略付諸實踐，我們最近聘請了三位才華橫溢的新領導來加強我們的執行團隊，他們將在推動 Bumble 未來願景方面發揮重要作用。我很高興歡迎 Ali Rayl 擔任首席產品長； Antoine Leblond 擔任首席技術長；大衛·阿特 (David Art) 擔任首席人才長。

Ali most recently served as Senior Vice President of Product at Slack. Overseeing Slack's customer experience and communication platform, along with user safety and customer support. As a member of Slack's founding team, Ali's experience overseeing viral user growth will be invaluable to Bumble.

Ali 近期擔任 Slack 的產品資深副總裁。監督 Slack 的客戶體驗和溝通平台以及使用者安全和客戶支援。身為 Slack 創始團隊的一員，Ali 監督病毒式使用者成長的經驗對 Bumble 來說非常寶貴。

Antoine previously served as Senior Vice President of Software Engineering at Sonos and had a 25 year leadership tenure at Microsoft prior to that driving platform growth at scale across several businesses. His experience, innovating and scaling effectively will be paramount.

Antoine 曾擔任 Sonos 軟體工程資深副總裁，並曾在微軟擔任領導職務 25 年，推動多個業務平台的大規模成長。他的經驗、創新和有效擴展將至關重要。

David joins us from Salesforce where he served as head of employee success, leading the people strategy, business partner teams, and benefit across global teams, and previously served in people leadership roles at Equinox and GAP.

David 在加入 Salesforce 之前，曾擔任員工成功主管，領導者才策略、業務合作夥伴團隊和全球團隊的福利，之前也曾在 Equinox 和 GAP 擔任人才領導職務。

Finally, I am thrilled to announce that Selby Drummond has been promoted to Chief Marketing Officer for Bumble Inc. Selby will oversee both brand and marketing, bringing her extensive experience from companies such as Snap and Vogue to optimize the performance of marketing investments and expand the reach of our brands globally.

最後，我很高興地宣布，塞爾比·德拉蒙德 (Selby Drummond) 已晉升為 Bumble Inc. 的首席行銷長。塞爾比將負責品牌和行銷，利用她在 Snap 和 Vogue 等公司積累的豐富經驗來優化行銷投資的績效並擴大我們品牌的全球影響力。

With Ali, Antoine, David and Selby leading critical functions of our business, along with existing executive leaders who have the context of the company and the industry, we are well equipped to drive breakthrough innovation, advance our mission, and drive our business back to strong growth.

在阿里、安托萬、大衛和塞爾比領導我們業務的關鍵職能，加上了解公司和行業背景的現有執行領導的帶領下，我們有能力推動突破性創新，推進我們的使命，並推動我們的業務恢復強勁增長。

Given the strength of our financial position today, and as we update our broader strategic plan in the coming months, we will also be evaluating the best use of capital for Bumble to drive value creation and long term growth of our business.

鑑於我們目前的財務狀況強勁，並且隨著我們在未來幾個月更新更廣泛的策略計劃，我們還將評估 Bumble 的最佳資本利用方式，以推動價值創造和業務的長期成長。

The steps we're taking today set the stage for our next chapter of growth. We have work to do, but you have my full commitment that will innovate and sharpen our focus on execution to create a durable foundation for our business. I look forward to meeting our stakeholders to better understand their needs in the weeks and months ahead, and will be open and transparent in communicating progress on our strategy as we move forward.

我們今天採取的措施為我們下一階段的成長奠定了基礎。我們還有很多工作要做，但我全心全意地承諾，我們將不斷創新，更加重視執行，為我們的業務奠定持久的基礎。我期待在未來幾週和幾個月內與我們的利益相關者會面，以更好地了解他們的需求，並將在我們前進的過程中以開放和透明的方式傳達我們策略的進展。

But before I turn it to Anu, I want to express that I'm tremendously honored to be leading this talented and passionate Bumble team in the pursuit of Bumble's founding mission with our renewed vision and focus. We have an exciting journey ahead of us, and I am thrilled to be leading our team to realize the incredible opportunity ahead on behalf of our customers, our employees, and our shareholders.

但在轉向 Anu 之前，我想表達的是，我非常榮幸能夠領導這支才華橫溢、充滿激情的 Bumble 團隊，以全新的願景和重點追求 Bumble 的創始使命。我們面前有一段令人興奮的旅程，我很高興能夠帶領我們的團隊，代表我們的客戶、員工和股東實現未來的不可思議的機會。

And with that, I'll turn it over to Anu, who has been a close partner since the start.

現在，我將把發言權交給 Anu，他從一開始就是我的親密夥伴。

Thank you, Lidiane. A warm welcome again to Bumble, and I look forward to our continued partnership. And good afternoon, everyone. I'll walk you through our Q4 and full year 2023 results, and then share more about our outlook for the first quarter and full year 2024. Unless stated otherwise, all comparisons are on a year-over-year basis.

謝謝你，Lidiane。再次熱烈歡迎 Bumble，並期待我們能繼續合作。大家下午好。我將向您介紹我們 2023 年第四季和全年的業績，然後分享更多關於我們對 2024 年第一季和全年的展望。除非另有說明，所有比較均以同比為基礎。

Total Bumble Inc. revenue in Q4 increased 13% to $274 million, in line with our outlook. Revenue was driven by a 16% increase in paying users with contributions from both Bumble and Badoo apps. The growth in paying users was offset by a 2% decrease in our people.

Bumble Inc. 第四季總營收成長 13%，達到 2.74 億美元，符合我們的預期。收入主要來自付費用戶數量增加 16%，其中 Bumble 和 Badoo 應用程式貢獻了收入。付費用戶的成長被我們員工人數 2% 的減少所抵消。

Revenue from Bumble app increased 16% to $221 million. Bumble app paying users increased 21% to 2.7 million, and we added 83,000 paying users sequentially. The increase in paying users was driven by a combination of growth in active users as well as payer penetration.

Bumble 應用程式的營收成長 16%，達到 2.21 億美元。Bumble 應用程式付費用戶成長 21%，達到 270 萬，我們較上季增加了 83,000 名付費用戶。付費用戶的成長是由活躍用戶的成長和付費用戶滲透率的成長共同推動的。

Bumble app's ARPPU declined 4% to $27.37, primarily due to geographic mix shift. Within many of our top individual markets, we achieved ARPPU growth as a result of pricing optimizations and higher consumable mix.

Bumble 應用程式的 ARPPU 下降 4% 至 27.37 美元，主要原因是地理組合變化。在我們許多頂級的個人市場中，由於定價優化和更高的消費品組合，我們實現了 ARPPU 成長。

Badoo app and other revenue was $53 million, up 4%. We continue to make meaningful progress towards Badoo stabilization and return to growth, driven by a well-received brand refresh and update of the app's user experience. We are encouraged by the continued traction we are seeing in the business. Badoo app and other paying users grew 8% to 1.3 million, up 66,000 sequentially.

Badoo應用程式及其他收入為5,300萬美元，成長4%。在廣受好評的品牌更新和應用程式用戶體驗的更新的推動下，我們繼續在 Badoo 的穩定和恢復成長方面取得有意義的進展。我們對業務持續成長的勢頭感到鼓舞。Badoo 應用程式和其他付費用戶成長 8%，達到 130 萬，比上一季增加 66,000 人。

Starting in Q4 2023, we have begun, including contributions from Fruitz in Badoo app and other key operating metrics of paying users and ARPPU. Excluding Fruitz, paying users increased 19,000 from Q3 to Q4 2023. Badoo app and other ARPPU grew 2% to $12.69. Excluding Fruitz, ARPPU declined 1% year over year.

從 2023 年第四季開始，我們開始將 Fruitz 的貢獻納入 Badoo 應用程式中，以及付費用戶和 ARPPU 等其他關鍵營運指標。不包括 Fruitz，付費用戶從 2023 年第三季到第四季增加了 19,000 人。Badoo 應用程式和其他 ARPPU 成長 2%，達到 12.69 美元。不包括 Fruitz，ARPPU 年減了 1%。

Turning now to expenses, we continued to spend with discipline driving consistent leverage in line with our targets for the year, while investing in our apps and infrastructure to support continued growth.

現在談到支出，我們繼續嚴格控制支出，以達到與年度目標一致的持續槓桿率，同時投資於我們的應用程式和基礎設施以支援持續成長。

Total GAAP costs and expenses were $280 million for the quarter, and on a non-GAAP basis excluding stock-based compensation and other noncash or nonrecurring items, total costs and expenses were up 10% to $200 million.

本季 GAAP 總成本和費用為 2.8 億美元，以非 GAAP 計算（不包括股票薪酬和其他非現金或非經常性項目），總成本和費用上漲 10% 至 2 億美元。

Cost of revenue was $79 million and grew 19%. As a percentage of revenue, cost of revenue was 29% versus 28% in the year-ago period. Sales and marketing expenses grew 8% to $70 million. This represents 26% of revenue versus 27% in the year-ago period.

收入成本為 7,900 萬美元，成長 19%。以收入百分比計算，收入成本為 29%，去年同期為 28%。銷售和行銷費用成長 8%，達到 7,000 萬美元。這佔收入的 26%，而去年同期為 27%。

G&A expenses were $30 million, or 11% of revenue, compared to $32 million or 13% of revenue last year. Product development expenses were $21 million or 8% of revenue, versus $18 million or 8% in the year ago period. Q4 GAAP net loss was $32 million compared to a loss of $159 million in the year ago period. As a reminder, last year's Q4 included an impairment charge of $141 million related to Badoo brand.

一般及行政費用為 3,000 萬美元，佔收入的 11%，而去年為 3,200 萬美元，佔收入的 13%。產品開發費用為 2,100 萬美元，佔營收的 8%，而去年同期為 1,800 萬美元，佔營收的 8%。第四季 GAAP 淨虧損為 3,200 萬美元，而去年同期的淨虧損為 1.59 億美元。提醒一下，去年第四季與 Badoo 品牌相關的減損費用為 1.41 億美元。

Q4 adjusted EBITDA was $74 million, representing a margin of 27%, consistent with our outlook. For full year 2023, total Bumble Inc. revenue grew 16% year over year to $$1.052 billion, in line with our guidance.

第四季調整後的 EBITDA 為 7,400 萬美元，利潤率為 27%，與我們的預期一致。2023 年全年，Bumble Inc. 總營收年增 16%，達到 10.52 億美元，符合我們的預期。

Revenue from Bumble app grew 22% to $845 million, with paying users grew 26% to 2.5 million. We grew paying users by more than 500,000 for a second consecutive year. Our GAAP net loss for full year 2023 was $2 million compared to net loss of $114 million in 2022.

Bumble 應用程式的營收成長 22%，達到 8.45 億美元，付費用戶成長 26%，達到 250 萬。我們的付費用戶連續第二年成長了 50 多萬。我們 2023 年全年的 GAAP 淨虧損為 200 萬美元，而 2022 年的淨虧損為 1.14 億美元。

Adjusted EBITDA was $276 million, representing 26% margin, up 110 basis points. Our strong operating results and disciplined spending also enabled us to deliver a 43% increase in free cash flow to $167 million in 2023, further strengthening our balance sheet.

調整後的 EBITDA 為 2.76 億美元，利潤率為 26%，上漲 110 個基點。我們強勁的經營業績和嚴格的支出也使我們的自由現金流在 2023 年增加了 43%，達到 1.67 億美元，進一步增強了我們的資產負債表。

We ended the year with $356 million in cash and cash equivalents. During the fourth quarter, we repurchased $136 million worth of shares under our current stock repurchase authorization, including $100 million worth of shares repurchased directly from Blackstone. At the end of Q4, we had $143 million remaining in our authorization. And as of today's call, we have $123 million left. We remain very committed to our buyback program.

截至年底，我們的現金和現金等價物為 3.56 億美元。第四季度，我們根據現有股票回購授權回購了價值 1.36 億美元的股票，其中包括直接從黑石回購的價值 1 億美元的股票。截至第四季末，我們的授權金額還剩下 1.43 億美元。截至今天的電話會議，我們還剩下 1.23 億美元。我們仍然堅定地致力於我們的回購計劃。

Now moving on to our outlook for 2024. As Lidiane just mentioned, we are adjusting our 2024 revenue outlook to reflect Bumble app's slower than expected start to the year and app-specific execution challenges.

現在我們來展望一下 2024 年。正如 Lidiane 剛才提到的，我們正在調整 2024 年的收入預期，以反映 Bumble 應用程式今年開局慢於預期以及特定於應用程式的執行挑戰。

We feel confident that these issues are within our control and we are actively working to resolve them. We expect that the Q2 relaunch of Bumble app, along with the launch of other key features on our product roadmap, will reaccelerate growth in the second half of 2024. As a result, portfolio 2024, we estimate total Bumble Inc revenue growth rate of 8% to 11%.

我們相信這些問題在我們的控制範圍內，我們正在積極努力解決它們。我們預計，Bumble 應用程式在第二季的重新推出，以及我們產品路線圖上其他關鍵功能的推出，將在 2024 年下半年重新加速成長。因此，我們估計到 2024 年，Bumble Inc 的總收入成長率將達到 8% 至 11%。

This assumes FX will be approximately one point headwind during the year. We expect Bumble app revenue to grow between 9% to 11% year over year. Our Bumble app revenue outlook includes expectations for full year net adds of approximately 350,000 to 400,000.

這假設外匯在今年將出現大約一個逆風點。我們預計 Bumble 應用程式收入將年增 9% 至 11%。我們對 Bumble 應用程式收入的展望包括預計全年淨增用戶約 35 萬至 40 萬。

On the cost side, the bold actions we announced today around our workforce transformation allow us to gain significant operating leverage and put us on a strong path towards our goal to continue expanding margins.

在成本方面，我們今天宣布的有關勞動力轉型的大膽行動使我們獲得了顯著的經營槓桿，並使我們朝著繼續擴大利潤率的目標邁進了堅實的道路。

We estimate future annualized OpEx savings from this workforce reduction to be approximately $55 million. Of which we expect to selectively reinvest approximately $15 million in areas of product engineering, safety, and brand that will help drive long-term growth.

我們估計，此次裁員將在未來節省約 5,500 萬美元的年度營運支出。其中，我們預計將有選擇地在產品工程、安全和品牌領域再投資約 1,500 萬美元，這將有助於推動長期成長。

As a result, for 2024, we expect at least 300 basis points of year-over-year adjusted EBITDA margin expansion. In 2024, we expect to incur approximately $20 million to $25 million of severance and other related charges, primarily in the first half related to this transformation, and our adjusted EBITDA outlook excludes the impact of these charges.

因此，我們預計 2024 年調整後的 EBITDA 利潤率將年增至少 300 個基點。2024 年，我們預計將產生約 2,000 萬至 2,500 萬美元的遣散費和其他相關費用，主要發生在與此次轉型相關的上半年，我們的調整後 EBITDA 前景不包括這些費用的影響。

For Q1, we expect total revenue between $262 million and $268 million, representing a growth rate between 8% to 10%. We expect Bumble app revenue to be between $211 million and $215 million, representing a growth rate between 9% and 11%. Our Bumble app revenue outlook includes expectations for sequential net adds of approximately 30,000 to 40,000 in Q1.

對於第一季度，我們預計總收入在 2.62 億美元至 2.68 億美元之間，成長率在 8% 至 10% 之間。我們預計 Bumble 應用程式的收入將在 2.11 億美元至 2.15 億美元之間，成長率在 9% 至 11% 之間。我們對 Bumble 應用程式收入的展望包括預計第一季連續淨增用戶約 30,000 至 40,000 人。

We estimate adjusted EBITDA will be between $67 million and $70 million, representing 26% margin at the midpoint of the range.

我們估計調整後的 EBITDA 將在 6,700 萬美元至 7,000 萬美元之間，相當於該範圍中間值的 26% 的利潤率。

In closing while we have more work ahead of us, we've already taken swift and decisive steps to optimize our operating model, right-size our team, and attract new leadership. We believe that the actions we are taking will accelerate our realization of the tremendous opportunity that exists in the global online dating market and beyond.

最後，雖然我們還有很多工作要做，但我們已經採取了迅速而果斷的措施來優化我們的營運模式，調整我們的團隊規模，並吸引新的領導者。我們相信，我們正在採取的行動將加速我們認識到全球線上約會市場及其他領域存在的巨大機會。

The power of our brands, user affinity. and our guiding mission provide us with a very strong foundation to build upon. And we are confident that the execution of the plans we shared with you today will enable us to achieve long-term profitable growth while driving significant value for our shareholders for many years to come.

我們的品牌的力量、使用者的親和力。我們的指導使命為我們提供了非常堅實的基礎。我們相信，今天與大家分享的計劃的實施將使我們能夠實現長期盈利增長，同時在未來許多年為股東創造巨大價值。

And with that, I'll turn it over to the operator for Q&A. Thank you.

接下來，我將把時間交給接線員進行問答。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Alexandra Steiger, Goldman Sachs.

亞歷珊卓·施泰格，高盛。

Great. Thank you so much for taking my question. Maybe one for Lidiane, and one for Anu. So first of all, thank you for laying out your priorities for the company. But coming in from the outside, where do you see the biggest opportunities for Bumble over the next few months, either in terms of unlocking additional user growth or driving ARPPU? And what do you think is currently most under appreciated by the investor community?

偉大的。非常感謝您回答我的問題。也許一個是給 Lidiane 的，一個是給 Anu 的。首先，感謝您為公司製定優先事項。但從外部來看，您認為未來幾個月 Bumble 最大的機會在哪裡，是釋放更多用戶成長還是提高 ARPPU？您認為目前投資人群體最低估的是什麼？

And then one follow-up for Anu on the '24 guidance. So I do want to ask about your updated '24 guide and some of the assumptions that went into it now that, you know, Q1 is calling for more pronounced deceleration of growth.

然後跟進 Anu 的 24 條指導意見。因此我確實想問您更新的 24 年指南以及其中的一些假設，您知道，第一季預計成長將更加明顯減速。

So could you maybe talk about what are seeing in the business today that is informing your view? And in that context, could you also elaborate a little bit more on like the execution challenges you referenced in your prepared remarks? Thank you.

那麼，您能否談談當今商業中看到的哪些情況影響了您的觀點？在這種背景下，您能否進一步闡述您在準備好的發言中提到的執行挑戰？謝謝。

Thank you, Alex, for the question. I am just thrilled to be here and honored to lead this organization. I came to Bumble because I saw tremendous opportunity looking at the company overall.

謝謝亞歷克斯提出的問題。我很高興來到這裡並很榮幸能夠領導這個組織。我加入 Bumble 是因為我看到這家公司整體上有巨大的機會。

As we've heard from my prepared remarks, the company has reached about 200 million or beyond our users globally over time. This is an incredible base, and we have a brand that over the course of the 10 years continues to be strong. In fact, it is the best brand and [that] favorability among large online dating apps.

正如我從我的準備好的發言中聽到的那樣，隨著時間的推移，該公司的全球用戶數量已經達到約 2 億甚至更多。這是一個令人難以置信的基礎，我們的品牌在過去的十年中一直保持強勁。事實上，它是大型線上約會應用程式中最好的品牌和最受歡迎的品牌。

I see a tremendous opportunity ahead. But why I came here, and the reason why I came here, is because I saw a lot of opportunity to innovate across our product portfolio. So as you've heard us share, we are going to relaunch in the near term in Q2, Bumble app.

我看到前方有巨大的機會。但我來這裡的原因是因為我看到了我們產品組合中許多創新的機會。正如您所聽到的，我們將在第二季重新推出 Bumble 應用程式。

And the the relaunch represents one of the largest revamp of the app over the course of the last two years. And what we want to do here is completely modernize the experience. To speak to a broader audience, we believe there is a lot of opportunity to create a more human, more connected experience that will help dating be a desirable experience for users again.

此次重新發布是該應用程式在過去兩年中最大的一次改版。我們想要做的就是徹底實現體驗的現代化。為了吸引更廣泛的受眾，我們相信有很多機會可以創造一種更人性化、更互聯的體驗，這將有助於約會再次成為用戶理想的體驗。

And that's what I'm thrilled to be investing our resources, and seeing the team take this new pace of innovation to get this product up for our customers. So that's from a near-term perspective.

我很高興能夠投入我們的資源，並看到團隊以這種新的創新步伐為我們的客戶提供這款產品。這是從近期角度來看的。

In addition to that, we see a tremendous amount of opportunity to continue to invest in international markets. The markets like Germany, Spain, France, and Western Europe overall, as well as some targeted markets like Mexico and India. But we're seeing really strong growth. We're going to continue to invest in that.

除此之外，我們也看到了繼續投資國際市場的巨大機會。這些市場包括德國、西班牙、法國和整個西歐，以及墨西哥和印度等一些目標市場。但我們確實看到了強勁的成長。我們將繼續對此進行投資。

Long term, I think there's a lot of opportunity for innovation in the category itself. I haven't seen such a tremendous disconnect between a huge demand and a lack of innovation. I think that is our biggest opportunity ahead. And when I think about what investors should be thinking about, it's that we have outstanding and phenomenal following of customers.

從長遠來看，我認為該類別本身有許多創新機會。我從未見過巨大的需求與缺乏創新之間存在如此巨大的差距。我認為這是我們未來最大的機會。當我思考投資者應該考慮什麼時，我發現我們擁有大量傑出且驚人的客戶追隨者。

Over the last couple of months, I've had the opportunity to meet dozens of customers, and many of them will tell you stories about how much they have been impacted by Bumble. I met Bumble grandma last week, so people carry the brand in different parts of their lives.

在過去的幾個月裡，我有機會會見了數十位客戶，他們中的許多人都會向你講述他們受到 Bumble 影響的故事。我上週見到了 Bumble 奶奶，所以人們在生活中的不同部分都帶著這個品牌。

We are going to double down on the fact that we have a strong affinity to our brand. This is part of why I really wanted to continue to invest in things like Bumble for Friends where we can bring our base with us with a differentiated set of experiences.

我們將加倍重視我們對品牌的強烈親和力。這就是為什麼我真心想繼續投資 Bumble for Friends 之類的產品，透過它我們可以為使用者帶來一系列差異化的體驗。

So I hope our investors are equally excited about us realizing the potential that we see.

因此，我希望我們的投資者同樣對我們實現所看到的潛力感到興奮。

But I'll pass it to you, Anu, for the second part of the question.

但是，問題的第二部分，我會交給你，阿努。

Sure. Hey, Alex. So maybe I'll just break down the guidance a little bit, starting with Bumble app and what has changed for us from our prior guidance.

當然。嘿，亞歷克斯。因此，也許我會稍微分解指導，從 Bumble 應用程式開始，看看我們與先前的指導相比發生了哪些變化。

So while our top of the funnel has remained strong in many of our global markets, we are seeing a slower than expected start to the year, primarily in the US. And the usual Q1 seasonal rebound that we normally expect to see has been less pronounced than in the past.

因此，儘管我們在全球許多市場中的銷售漏斗頂端依然保持強勁，但我們看到今年的開局比預期要慢，主要是在美國。我們通常預期的第一季季節性反彈並不像過去那麼明顯。

Second, as Lidiane said in her prepared remarks, some of the newer products such as Premium+, which we launched at the end of December, while has they have been revenue positive, they are not showing the incremental uplift that we would like to see and that we had originally anticipated.

其次，正如 Lidiane 在她的準備好的演講中所說，我們在 12 月底推出的一些較新的產品（例如 Premium+）雖然帶來了正收益，但並沒有顯示出我們希望看到的和最初預期的增量增長。

And so for these reasons, we are adjusting our revenue outlook for Bumble app to be 9% to 11% for the full year. And as you've heard today, we are taking immediate and swift action to make the changes that we need to make to the product roadmap.

基於這些原因，我們將 Bumble 應用的全年營收預期調整為 9% 至 11%。正如您今天所聽到的，我們正在立即採取迅速行動，對產品路線圖做出必要的更改。

And with the planned relaunch of the app in Q2, which will be accompanied by the marketing campaign, we expect that our revenue will accelerate in the second half post this launch. And then we have a slew of other features that we are excited about, on the product roadmap, that we will then proceed to launch within the second half of the year. So hopefully that gives you a flavor for how we're thinking about the Bumble app for the rest of the year.

我們計劃在第二季度重新推出該應用程序，並配合開展行銷活動，我們預計在應用程式發布後的下半年，我們的收入將會加速成長。然後，我們在產品路線圖上還有一系列讓我們興奮的其他功能，我們將在今年下半年推出這些功能。希望這能讓您了解我們在今年剩餘時間對 Bumble 應用的看法。

Very helpful. Thank you.

非常有幫助。謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Hi. Thank you for taking our questions. So when you talk about the Bumble app relaunch appealing to a broader set of users, I guess, could you elaborate on that a little bit? Are there different cohorts of users, either by age or market or some other segmentation, that the current version is weakened with that you can shore up? Or is that maybe net new audience segments?

你好。感謝您回答我們的問題。因此，當您談到重新推出 Bumble 應用程式以吸引更廣泛的用戶時，您能否詳細說明一下？是否存在按年齡、市場或其他細分的不同用戶群體，當前版本在哪些方面有所削弱，而您可以對其進行加強？或者這可能是新的受眾群體？

Andrew, great question. We believe that there's a couple of different components in the product development, and this has been one of the best parts of joining Bumble was diving deeply into our product innovation.

安德魯，好問題。我們相信產品開發中有幾個不同的組成部分，加入 Bumble 最好的部分之一就是深入研究我們的產品創新。

We believe that there is an opportunity for us. We see a completely modern experience to continue to serve a set of customers that are part of our customer base today and are very excited about what we already deliver, but also that we can be more approachable to a set of users that are younger.

我們相信，我們有機會。我們看到了一種完全現代化的體驗，可以繼續為今天我們的客戶群中的一組客戶提供服務，他們對我們已經提供的服務感到非常興奮，而且我們也可以更接近一組更年輕的用戶。

And that means a completely different tone of voice, different profile creation, different kind of illustrations and brand refresh overall. This is going to allow us to expand that reach, especially in markets like the US market, where we have seen a little bit more headwind.

這意味著完全不同的語氣、不同的形象創建、不同類型的插圖和整體品牌更新。這將使我們能夠擴大影響力，特別是在美國市場，我們在那裡看到了更多的阻力。

In addition to that, there are other things that I think are going to be really important for us. This release is really going to be very focused to the core of what our mission has been all about, which is putting at the forefront of our experiences, the women's experiences and safety.

除此之外，我認為還有其他一些事情對我們來說也非常重要。這次發布將真正聚焦於我們使命的核心，即將我們的體驗、女性的體驗和安全放在首位。

So we are really optimizing or ensuring that we have high quality profile creation, a very easy to use process for that profile creation, additional set of safety capabilities that's going to help our customers be more successful.

因此，我們確實在優化或確保我們擁有高品質的配置文件創建、非常易於使用的配置文件創建過程以及一套額外的安全功能，以幫助我們的客戶取得更大的成功。

We believe these kind of things are going to bring a more balanced set of customers across different segments in different markets. And so we're really, really excited about that. This is more about expansion and reigniting our own core, which we think will drive growth for us.

我們相信，這些措施將會為不同市場的不同領域帶來更均衡的客戶群。因此我們對此感到非常非常興奮。這更多的是為了擴張和重新點燃我們自己的核心，我們認為這將推動我們的成長。

Great. Thank you. And maybe related a little bit. I mean, you hear anecdotal reports about younger users maybe being a little bit more hesitant or discouraged to engage with and then pay for online dating services.

偉大的。謝謝。或許有一點點關聯。我的意思是，你聽到一些傳聞稱，年輕用戶可能對參與線上約會服務並支付費用有些猶豫或感到灰心。

So, I think you spoke a little bit about your top of funnel still being strong, and a lot of the changes that you've outlined for the Bumble app relaunch. But I guess, are there any points where you would directly be able to push back against those narratives this year? Thank you.

所以，我認為您談到了您的漏斗頂部仍然很強大，以及您為 Bumble 應用程式重新啟動概述的許多變化。但我想，今年您是否有可以直接反駁這些說法的地方？謝謝。

Yes, no, it's a great, great point. I certainly have heard that as well as I've come into that market. And I think there is a generational transition that we are seeing, and we have to be really thoughtful about how we bring our customers along our journey.

是的，不，這是一個非常好的觀點。當我進入這個市場時，我確實聽說過這個。我認為我們正在經歷代際轉變，我們必須認真思考如何帶領我們的客戶一起踏上旅程。

Because we have a lot of users today that love the paradigm of the online dating -- swiping and discovery and searching -- but there's also a set of users that want more flexibility to be able to experience and discover people in a more organic and natural way.

因為今天我們有很多用戶喜歡線上約會的模式——滑動、發現和搜尋——但也有一部分用戶希望擁有更大的靈活性，以便能夠以更有機、更自然的方式體驗和發現他人。

Our goal is to set this Q2 launch as just the start of an ongoing innovation for our users. And we want to really be focused on listening and evolving the experience and based on what our users, especially younger users are telling.

我們的目標是將第二季的發布作為我們為用戶持續創新的開始。我們希望真正專注於傾聽和改進體驗，並根據用戶（尤其是年輕用戶）的回饋來改進。

So you can expect a sort of personal vision and flexibility over time based on what we do learn from our users. We think there is an opportunity to approach younger users differently to meet the needs of more organic discovery of friendships, companionship, love, and beyond.

因此，根據我們從用戶那裡了解到的情況，您可以期待隨著時間的推移，我們會形成個性化的願景和靈活性。我們認為有機會以不同的方式接觸年輕用戶，以滿足他們對友誼、陪伴、愛情等更多自然探索的需求。

So I am really I think that's one of the most exciting parts of being a great product person is that you get to navigate the different experiences, and flexibility is going to be a really big part of how we believe the category and certainly our own product development will be following.

所以我真的認為，成為優秀的產品人員最令人興奮的部分之一就是你可以駕馭不同的體驗，而靈活性將成為我們如何相信產品類別以及我們自己的產品開發將遵循的重要部分。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Hey, good afternoon. You mentioned earlier in the call the 1Q seasonal rebound being less pronounced in the US. than in the past. Curious what you think is driving that? How much of that is Bumble specific versus broader industry trends?

嘿，下午好。您之前在電話會議中提到，美國第一季的季節性反彈不太明顯。比過去更好奇您認為是什麼導致了這個現象？其中有多少是 Bumble 特有的，有多少是更廣泛的產業趨勢？

And then on the product side, you mentioned challenges of Premium Plus, but curious what you're seeing with some of your other recent product launches by Compliments, Best Bees, in the lower price tier, and the role those could play in the brand refresh -- or the app refresh? Thank you.

然後在產品方面，您提到了 Premium Plus 面臨的挑戰，但您是否好奇 Compliments、Best Bees 等最近推出的其他一些低價產品的情況，以及這些產品在品牌更新或應用程式更新中可以發揮什麼作用？謝謝。

Thank you, Cory. Cerrtainly as far as you've all seen download data and payer user data for the industry. And there has been a pattern of slowdown all the time.

謝謝你，科里。當然，就你們所看到的行業下載數據和付費用戶數據而言。並且一直存在著經濟放緩的模式。

For us specifically, as you heard from both Anu and I, we have had some internal execution challenges that have not really delivered a cohesive set of experiences that we want to deliver. But we have seen pockets of really great positive success -- Complimwents is a really great one of them.

具體來說，正如您從阿努和我那裡聽到的，我們遇到了一些內部執行挑戰，這些挑戰並沒有真正提供我們想要提供的一套有凝聚力的體驗。但我們也看到了一些真正巨大的正面成功——Complimwents 就是其中非常出色的一個。

So what we're doing now with the relaunch is really looking end-to-end from the experience. What pieces of product experiences have relaunched that have added benefit raises that we want to not only keep but also enhance, and which ones we think are not necessarily adding value. Best Bees is a great example of an experience that really is tailored for users, but we've seen some mixed results. So we think there is a great opportunity there, but we want to enhance overall AI set of capabilities that drives that portion of our experience.

因此，我們現在重新啟動所做的一切實際上是從端到端的角度來看待體驗。在重新推出的產品體驗中，哪些部分增加了效益，我們不僅想保留它們，還想增強它們，而哪些部分我們認為不一定能增加價值。Best Bees 是真正為使用者量身定制體驗的一個很好的例子，但我們也看到了一些不同的結果。因此，我們認為這是一個很好的機會，但我們希望增強推動我們這部分體驗的整體人工智慧能力。

So our release now is going to be aimed at addressing a lot of these execution challenges so that, as a whole, the experience will feel very cohesive for our customers. You did touch on the tiering. Let me unpack that a tiny bit. From a Premium+ perspective, we absolutely believe in subscription tiers. Different customers want to have different set of experiences, and it provides a strong monetization strategy for us.

因此，我們現在發布的版本將致力於解決許多此類執行挑戰，以便從整體上讓我們的客戶獲得非常有凝聚力的體驗。您確實觸及了分層。讓我稍微解釋一下。從 Premium+ 的角度來看，我們絕對相信訂閱等級。不同的客戶希望獲得不同的體驗，這為我們提供了強大的貨幣化策略。

So that model is certainly one that we want to maintain. What we have found is Premium+ tested really well in its early days. But as we expanded to a broader audience, we didn't see a sustainability of that particular tier with a lot of our users.

因此，我們當然希望維持這一模式。我們發現 Premium+ 在早期的測試中表現非常好。但隨著我們擴大受眾範圍，我們發現許多用戶並不具備該特定層級的可持續性。

And what we have found is that there wasn't enough differentiation from one tier to the other. There is still a lot of demand, and not enough differentiation to keep our users there. So what we are focused on with this launch and what we'll be evolving beyond the initial launch is creating a very crisp differentiation. So that we drive more users towards higher end tiers with the value that they will feel good about so that we can sustain those users there.

我們發現，不同層級之間的差異化不夠。需求仍然很大，但差異化不足以留住我們的用戶。因此，我們此次發布的重點以及在首次發布之後我們將要發展的目標是創造非常明確的差異化。這樣，我們就能吸引更多用戶轉向更高階的產品，為他們提供令他們滿意的價值，讓我們能夠留住這些用戶。

The base tier, what we have found, is that the addition of that base tier was adding more hurdles for our users' adoption of the larger tiers and the higher end tiers, so we put a pause on the base tier for now.

我們發現，基礎層的增加為我們的用戶採用更大層級和更高端層級帶來了更多障礙，因此我們暫時暫停了基礎層級。

Our goal is to simplify the set of experiences so that we get the most value and the highest ARPPU for the users that are coming into Bumble in this launch. And then we'll revisit that base tier as we get Bumble app out and we get some feedback from the set of experiences we'll launch.

我們的目標是簡化一系列體驗，以便為此次發布 Bumble 的用戶獲得最大的價值和最高的 ARPPU。然後，當我們推出 Bumble 應用程式並從我們將要推出的一系列體驗中獲得一些回饋時，我們將重新審視該基礎層。

So a lot going on, but very, very excited about this launch.

有很多事情要做，但我對這次發布感到非常非常興奮。

Shweta Khajuria, Evercore ISI.

Shweta Khajuria，Evercore ISI。

Thank you for taking my questions. Lidiane, one for you. Where do you see the lowest hanging fruit on innovation on the product as you think about across the platform?

感謝您回答我的問題。Lidiane，給你一個。當您考慮整個平台時，您認為產品創新最容易實現的成果是什麼？

And then for Anu, Could you please help us with marketing spend -- how you're thinking through the year from Q1 to Q4, as you think about the product launches coming in the back half?

然後對於 Anu，您能否幫助我們了解行銷支出——您如何考慮從第一季到第四季的全年情況，以及您如何考慮下半年推出的產品？

Thanks a lot.

多謝。

Great to meet you. Thanks for the questions. In terms of low hanging fruit, what we're going to do most immediately with our April launch is reducing points of friction. One of the things that I certainly saw is that we did have a lot of capabilities that was adding just more confusion for our customers.

很高興認識你。感謝您的提問。就容易實現的目標而言，我們在 4 月發表會上最先要做的就是減少摩擦點。我確實看到的一件事是，我們確實有很多功能給客戶帶來了更多的困惑。

So this is one of the reasons why we're doing a full revamp of the experiences, so that we can really feel what that experience is like for users end to end, o that we can address right away.

這就是我們要全面改進體驗的原因之一，這樣我們才能真正感受到端到端使用者的體驗是什麼樣的，以便我們能夠立即解決問題。

But let me tell you what I think is one of the most exciting things that I've seen since I got here, and I've been in products forever. I'm coming from our many years of consumer and enterprise background, and I've seen here that we have 10 years of strong customer data that has been very, very tuned with a lot of information about users' preferences, behavior, learnings and patterns, and [some] have been doing safety capabilities for the past 10 years from day one.

但讓我告訴你我認為自從我來到這裡以來見過的最令人興奮的事情之一，而且我一直從事產品行業。我擁有多年的消費者和企業背景，我發現我們擁有 10 年的強大客戶數據，這些數據與大量有關用戶偏好、行為、學習和模式的信息非常吻合，並且從第一天起，我們在過去 10 年裡一直在做安全功能。

So a lot of them now -- a lot of technology -- that has been focused on safety for our users. That is the biggest potential for us near term and long term, because we can not only use the various technologies that I'm sure you're all hearing about with generative AI and ML.

因此，現在很多技術都注重使用者的安全。這是我們近期和長期最大的潛力，因為我們不僅可以使用我相信你們都聽說過的生成式人工智慧和機器學習等各種技術。

We can use all of that, but really fine tune to what is unique and powerful Bumble. And that is one of our biggest assets and one that I am particularly excited about. But let me pass it to Anu to talk about our marketing spend.

我們可以使用所有這些，但要真正微調 Bumble 的獨特和強大的功能。這是我們最大的資產之一，也是我特別興奮的資產之一。但請容許我讓 Anu 來談談我們的行銷支出。

Sure. Hey, Shweta. So quickly on marketing spend, just at a high level, so we are intending to create leverage on our marketing spend line item. We've consistently been saying we want to get more efficient. We want to make sure that we have the highest standards in terms of ROI.

當然。嘿，Shweta。行銷支出成長很快，而且處於較高水平，因此我們打算在行銷支出項目上創造槓桿作用。我們一直在說我們想要提高效率。我們希望確保我們在投資回報率方面擁有最高標準。

So compared to where we were in 2023, in terms of marketing as a percentage of revenue, you should see in 2020 that line item, see some leverage. In terms of how we expect spend to come about over the course of the year, you should see us spend more in the first half of the year than we will in the second half of the year.

因此，與 2023 年的情況相比，就行銷佔收入的百分比而言，您應該會在 2020 年看到該專案具有一定的槓桿作用。就我們預計全年支出情況而言，我們上半年的支出將比下半年的多。

So we will start spending more in Q1, leading up into our Q2 launch, more in Q2 as well, as a percentage of revenue. And then you'll start to see the marketing spend ease up as a percentage of revenue in Q3 and Q4 as revenue starts to ramp up as well. So that's, at a high level, how we are thinking about marketing spend.

因此，我們將在第一季開始增加支出，為第二季的推出做好準備，在第二季度，我們將增加支出，以佔收入的百分比計算。然後，隨著收入開始增加，您將開始看到行銷支出在第三季和第四季的收入中所佔的百分比有所下降。這就是我們對行銷支出的整體看法。

Now as we always say we have a high bar for how we think about ROI for our spend, both for our brands spend and as well as for our growth marketing. So that is something that we take a look at on a market by market basis, as well as depending on what's happening from a product perspective. So you will see you'll see us continue to do that.

正如我們常說的那樣，我們對支出的投資回報率有著很高的標準，包括品牌支出和成長行銷支出。因此，我們會根據每個市場的情況以及產品的角度來研究這個問題。所以你會看到我們繼續這樣做。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Hi, good afternoon, everyone. First question, just on the margin expansion and the investment and I guess what you're reinvesting on the cost of resizing. Lidiane, coming in, you're talking about kind of significant investments, and relaunching the Bumble app, accelerating the product roadmap, and transforming Bumble in general.

大家好，下午好。第一個問題，僅關於利潤率擴張和投資，我猜您在調整規模的成本上進行了再投資。Lidiane，您談到了一些重大投資，重新啟動了 Bumble 應用程序，加速了產品路線圖，並對 Bumble 進行了整體改造。

Can you just talk about how you got to this level of framework, or how you --why you think about in terms of the right level of investment? And then I guess on BFF also, just a little bit more color on what you've seen there, and what some of the things there that you plan to do on the product roadmap to trying to get that to accelerate or ramp up as well? Thank.

您能否談談您是如何達到這個框架水平的，或者您為什麼考慮正確的投資水平？然後我想在 BFF 上，您也需要更詳細地介紹一下您在那裡看到的內容，以及您計劃在產品路線圖上做哪些事情來嘗試使其加速或提升？感謝。

Yes. Great. Great points of the question there, so let me tackle them. Coming into Bumble, the immediate opportunity about I saw for us, especially with the brand that we have, is the ability to serve our customers beyond just dating. It's to create a portfolio of experiences that we can bring our customers along with us, and really start retaining that customer base for a much longer period of time. So from dating, to friends, to official, and really provide a cohesive experience.

是的。偉大的。這個問題很有重點，所以讓我來解答一下。加入 Bumble 後，我看到的直接機會，特別是對於我們現有的品牌而言，就是能夠為客戶提供不僅僅是約會的服務。這樣做的目的是創建一系列體驗，讓我們的客戶與我們一起享受，並真正開始在更長的時間內留住客戶群。因此，從約會、到朋友、到官方，真正提供了一種有凝聚力的體驗。

So picture that as our directional vision. That has been the foundation of how we've framed this transformation that you've heard from us today. And I want to acknowledge, today is a difficult day for all of our employees at Bumble. We are saying goodbye to a lot of colleagues that have played a big role in making Bumble what it is today. So I appreciate all that our employees have done for us.

想像一下我們的方向性願景。這就是我們今天所討論的轉變的基礎。我想承認，今天對 Bumble 的所有員工來說都是艱難的一天。我們正在與許多為 Bumble 的今天做出巨大貢獻的同事告別。所以我感謝我們的員工為我們所做的一切。

But the foundation of this transformation is, how do we organize to fulfill this vision for our customers as quickly as we can? And that has been the foundation of organizing back into functional model, so that we are bringing technical and product leaders that know how to build platform at scale, so that we can gain the most amount of leverage from our innovation, and our resources and our investments.

但這種轉變的基礎是，我們如何組織起來，以便盡快為我們的客戶實現這個願景？這就是將組織恢復為功能模型的基礎，這樣我們就能引進懂得如何大規模建構平台的技術和產品領導者，從而從我們的創新、資源和投資中獲得最大的收益。

And I'm thrilled to welcome Ali and Antoine, with the right experience that they have to help us realize that. And with that in mind, we've really focused all of our transformation decisions based on speed and agility.

我很高興歡迎阿里和安托萬，他們擁有豐富的經驗，可以幫助我們實現這一目標。考慮到這一點，我們所有的轉型決策都真正注重速度和敏捷性。

We've centralized some of our product engineering investments to allow us to go more quickly and drive decision-making more effectively, and a big part of what we want to do in terms of reinvestment and to the second part of your question, is reallocating some of our resources into the areas where we see the biggest opportunity for growth.

我們集中了部分產品工程投資，以便我們能夠更快地行動並更有效地推動決策，在再投資方面，以及對於您問題的第二部分，我們想要做的很大一部分是將部分資源重新分配到我們認為具有最大增長機會的領域。

And we see growth innovation on the dating segment -- so bringing in more AI, more data, and more safety, and talent to our organization -- so that we can truly drive a more transformative set of innovation into the category, and into Bumble for Friends.

我們看到約會領域的成長創新——因此為我們的組織帶來了更多的人工智慧、更多的數據、更多的安全和人才——這樣我們就可以真正推動一系列更具變革性的創新進入這一類別，並進入 Bumble for Friends。

So let me unpack that just a little bit. Bumble BFF has had just a really small but strong following. And the reason for that is that we have been using the same paradigm for BFF as we have for dating. And when there is a one to one match for friendships, you're really limiting the set of users that are comfortable with that paradigm. And what we want to do is actually shift that paradigm and making Bumble for Friends a lot more about building and finding communities.

那麼讓我稍微解釋一下。Bumble BFF 的追隨者雖然不多，但都很強大。原因在於，我們對 BFF 和約會使用相同的範例。當友誼關係是一對一匹配時，你實際上是在限制適應這種模式的使用者範圍。我們實際上想要做的是改變這個模式，讓 Bumble for Friends 更專注於社群的建立和尋找。

And this is truly what our customers are telling us. They love being part of our platform. It's really hard to connect with each other. So we are really going to accelerate the investment in that, and I'm really looking forward to sharing more with all of you in the coming months as we sharpen our overall strategy.

這正是我們的客戶告訴我們的。他們喜歡成為我們平台的一部分。彼此之間真的很難建立連結。因此，我們確實要加快這方面的投資，我非常期待在未來幾個月與大家分享更多信息，因為我們將完善我們的整體戰略。

Justin Patterson, KeyBanc Capital Markets.

KeyBanc 資本市場賈斯汀·帕特森 (Justin Patterson)。

Hi there. Miles Jakubiak on for Justin. Maybe to start, Bumble has done a good job of stabilizing the Badoo business. Just what are you seeing in that business to start? And how is the confidence level on maintaining that stabilization, and returning growth to that business, as it seems to becoming a more important part of the equation?

你好呀。邁爾斯·雅庫比亞克 (Miles Jakubiak) 替換賈斯汀 (Justin)。首先，Bumble 在穩定 Badoo 業務方面做得很好。您認為該項業務的起步階段是怎麼樣的？那麼，對於維持這種穩定並恢復業務成長的信心水平如何，因為它似乎正在成為等式中更重要的一部分？

And then just on the full year revenue guidance, maybe just some puts and takes on the macro factors -- the macro environment factors within that guidance. And then just more broadly, how do you feel about the current macro environment relative to the end of 2023? Thank you.

然後，僅就全年收入指引而言，可能只是對宏觀因素的一些看法——該指引中的宏觀環境因素。那麼更廣泛地說，相對於 2023 年底，您對當前的宏觀環境有何看法？謝謝。

Thank you, Miles. You know, it's been fascinating coming to the company and learning all of the transformation that we have already gone through with the Badoo relaunch of last year. And it's been going really well. It's been a steady improvement to the customer engagement, overall satisfaction -- and as you're seeing in our results, a steadier growth to our business.

謝謝你，邁爾斯。你知道，來到公司並了解我們去年重新啟動 Badoo 後所經歷的所有變革是件很有趣的事情。一切進展順利。客戶參與度和整體滿意度一直在穩步提升——正如您在我們的結果中所看到的，我們的業務也在穩步增長。

We're really excited about the progress the team has made there, and we're going to continue to stay focused on our transformation. We believe we've really focused on delivering confident dating, which has been a core of that strategy, and it's resonating really well to our customers that believe in continuing to push that forward because it's a very important part of our business, as you called out.

我們對團隊在那裡的進展感到非常興奮，我們將繼續專注於我們的轉型。我們相信，我們真正專注於提供自信的約會，這是該策略的核心，並且它與我們的客戶產生了很好的共鳴，他們相信我們會繼續推動這一進程，因為正如您所說，這是我們業務中非常重要的一部分。

In terms of our macro, I'll pass to Anu, but I do want to call out that we really -- Icertainly see a massive opportunity into the category overall, and it really is going to be acute focus for us to listen to our customers in terms of the decisions that we make and the investments that we make. But Anu, do you want to provide a little bit more color into the macro environment?

就我們的宏觀而言，我將交給阿努，但我確實想指出，我們確實——我確實看到了該類別中的巨大機遇，而且在我們做出的決策和投資方面，我們確實會非常關注傾聽客戶的意見。但是 Anu，你想給宏觀環境提供更多的色彩嗎？

Sure. So before I touch on macro, I wanted to follow up on Lidiane's comments about Badoo, because we didn't talk about it in the context of guidance. We've been very pleased with Badoo's performance. As we've said, it's performing well. It has stable growth, and in many of its top markets, we are seeing strong growth across several metrics.

當然。因此，在我談及宏觀之前，我想跟進 Lidiane 對 Badoo 的評論，因為我們沒有在指導的背景下談論它。我們對 Badoo 的表現非常滿意。正如我們所說，它表現良好。它保持著穩定的成長，在其許多主要市場，我們看到多項指標都呈現強勁成長。

So the -- we've not made any overall changes to our assumptions from when we had last provided guidance to now in terms of how Badoo and others perform, we continue to be very pleased about it.

因此，從我們上次提供指導到現在，就 Badoo 和其他公司的表現而言，我們沒有對我們的假設做出任何整體改變，我們對此仍然感到非常滿意。

A you've seen from a net adds perspective as well, Badoo is starting to turn positive. And in all, throughout this year, we expect to see Badoo being flat to positive in terms of net adds every quarter. So again, very pleased with the with the performance there.

正如您從網路廣告角度所看到的，Badoo 開始變得積極。總體而言，我們預計今年 Badoo 每季的淨增用戶數量將保持穩定或正成長。所以，我對那裡的表現非常滿意。

In terms of how we've thought about macro in our guidance, as I mentioned earlier, we are seeing some slowness in our top of the funnel trends in primarily the US, where obviously the macro impact is probably more pronounced.

關於我們在指導中如何看待宏觀，正如我之前提到的，我們看到主要在美國的漏斗頂部趨勢有所放緩，顯然宏觀影響可能更為明顯。

We are seeing it, as we've said before, with our younger customers as well. So we do think that there is an element of macro playing into some of the softness that we're seeing. So we've made assumptions around how we think it progresses to the rest of the year in terms of what we are seeing today.

正如我們之前所說，我們在年輕顧客身上也看到了這一點。因此，我們確實認為宏觀因素是造成我們所看到的一些疲軟現象的原因。因此，根據我們今天看到的情況，我們對今年剩餘時間的走勢做出了假設。

And then the goal is that when the product relaunch happens in the second half of the year, the product starts to really resonate with our customers, and we are able to turn the dial up in terms of payer penetration in ARPPU and ultimately revenue because to Lidiane's point, the core job to be done from Bumble app's perspective is making sure that we give the customers the best possible experience, and that's what we are heavily focused on. And that's what you'll see us talk of backlog through this year.

我們的目標是，當產品在下半年重新推出時，產品能夠真正引起客戶的共鳴，並且我們能夠在 ARPPU 的付費用戶滲透率方面取得進步，並最終提高收入，因為正如 Lidiane 所說，從 Bumble 應用的角度來看，核心工作是確保我們為客戶提供最好的體驗，而這正是我們重點關注的。這就是您會看到我們今年談論的積壓問題。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Thank you for taking my questions. First, Lidiane, a bigger picture question for you on just the online dating market in general. There are obviously concerns approaching maturity, even saturation. So when you're contemplating taking on the role as CEO of Bumble, what did you see specifically that gave you confidence that the end market growth is still so very attractive?

偉大的。感謝您回答我的問題。首先，Lidiane，我想問您一個有關線上約會市場的更宏觀的問題。顯然，人們擔心其即將走向成熟，甚至飽和。那麼，當您考慮擔任 Bumble 執行長時，您具體看到了什麼，讓您相信終端市場的成長仍然非常有吸引力？

And perhaps one for Anu, too, it would be just great to hear sort of a capital allocation policy update. Just, you know, just given that the broader changes in leadership here, are you potentially open to taking out more leverage to sort of fund some of your initiatives? I would be curious to hear about that. Thank you.

對於 Anu 來說，也許也是如此，聽到某種資本配置政策更新真是太好了。只是，您知道，鑑於這裡領導層的更廣泛變化，您是否願意採取更多手段來資助您的一些舉措？我很想知道這個。謝謝。

Benjamin, thank you for that question. Certainly had read a lot of reports about the category about considering that the rule, but I find if you if you look at the data yourself as well, that the interesting disconnect, the demand for connection and love continues to be really strong -- 2 billion single people around the globe -- yet the products that are bearing the set of experiences to create those connections are not serving users the way that they want to.

班傑明，謝謝你提出這個問題。當然，我已經閱讀了很多關於考慮該規則的類別的報告，但如果你親自查看數據，你會發現有趣的脫節，對聯繫和愛情的需求仍然非常強烈——全球有 20 億單身人士——然而，承載著建立這些聯繫的一系列體驗的產品並沒有以用戶想要的方式為他們服務。

That actual disconnect was what got me most excited about taking this job, especially here at Bumble, where I felt so compelled to the mission and the fundamentals of the company. The brand and the financial strength are so positive. I believe when Apple launched the iPhone, people were also talking about why was someone entering a mature unit smartphone category. It is innovation and detail to the polish of experience of our users that drive change. So I'm excited to bring a fresh perspective to the category.

這種真正的脫節讓我對接受這份工作感到非常興奮，尤其是在 Bumble，我覺得自己對公司的使命和基本原則有著強烈的責任感。品牌和財務實力都非常積極。我相信當蘋果推出 iPhone 時，人們也在討論為什麼有人要進入成熟的智慧型手機類別。正是創新和細節以及使用者體驗的完善推動了變革。因此我很高興能為這個類別帶來新的視角。

But certainly we're focused on our customers and our company, and we believe we can really meet the needs of the users that are currently there. The demand is there. We just have to to meet it. So truly truly excited about being here.

但我們當然關注的是我們的客戶和我們的公司，我們相信我們能夠真正滿足當前用戶的需求。需求是存在的。我們必須滿足它。我真的非常非常興奮來到這裡。

Hey, Benk. And then just quickly on capital allocation. Obviously Lidiane and I have been spending a lot of time since she started reviewing our capital allocation policy, and at a high level, the themes that we have given you all in the past are still very much the themes that we are focused on, which is number one, focusing on the organic growth of our business.

嘿，本克。然後快速討論資本配置。顯然，自從 Lidiane 開始審查我們的資本配置政策以來，我和她花了很多時間，從高層次上講，我們過去向大家提出的主題仍然是我們關注的主題，其中最重要的是關注我們業務的有機增長。

We continue to be opportunistic in terms of thinking about M&A. Again, the bar for M&A is very high for us. And lastly, our commitment to returning cash back to shareholders continues to be very high as you've seen. We did the transaction in Q4 where we bought shares directly from Blackstone, and we've continued to buy into 2024 as well.

我們在考慮併購方面繼續保持機會主義態度。再次強調，對我們來說，併購的門檻非常高。最後，如您所見，我們繼續高度致力於向股東返還現金。我們在第四季度進行了交易，直接從黑石集團購買股票，我們也將繼續購買到 2024 年。

So our commitment around returning cash continues to be high. Obviously, we are continuing to see where the markets are in terms of interest rates. We have the benefit of being -- to be accretive from a cash perspective, and we feel like we have a very strong balance sheet. So we are reviewing all the options and we'll provide more updates as we go through the year.

因此，我們對於返還現金的承諾仍然很高。顯然，我們將繼續關注市場利率的走勢。我們的優勢在於－從現金角度來看，我們能夠實現增值，而且我們覺得我們的資產負債表非常強勁。因此，我們正在審查所有選項，並將在今年提供更多更新。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you very much for your questions. Appreciate it. First maybe for Lidiane, could you just talk about when you talk about applying AI and the opportunities there, could you just bigger picture, give us a sense of capabilities that you have in house? What you need to build versus potentially partner? How are you going to accomplish what you what you're looking at, what you're setting out to do?

非常感謝您的提問。非常感謝。首先，對於 Lidiane 來說，您能否談談應用人工智慧及其帶來的機遇，能否從更大的角度來看待這個問題，讓我們了解貴公司內部擁有的能力？與潛在合作夥伴相比，您需要建立什麼？您將如何實現您所關注的、您打算做的事情？

And then maybe the second one, a little bit more tactically, when you talk about the softness in 1Q -- Match, your competitor has indicated a step up in Tinder marketing. Are you seeing any impact from from additional Tinder marketing in 1Q on on the top of funnel and especially in the US? Thank you.

然後也許是第二個，從戰術角度來說，當你談論第一季的疲軟時——你的競爭對手 Match 已經表示在 Tinder 行銷方面有所進步。您是否看到第一季額外的 Tinder 行銷對通路頂端（尤其是在美國）產生任何影響？謝謝。

Thank you for that question. So let's start with the first portion, related to AI. As I mentioned earlier, this is the most exciting part of untapped potential for us, is that we have an immense amount of data related to users' preferences, behaviors, what drives positive success for our customers.

謝謝你的提問。那麼讓我們從第一部分開始，與人工智慧相關。正如我之前提到的，這對我們來說是尚未開發的潛力中最令人興奮的部分，因為我們擁有大量與用戶偏好、行為相關的數據，這些數據可以為我們的客戶帶來積極的成功。

So just a tremendous, tremendous amount of insight, which is amazing to see. Secondly, AI hasn't been new to Bumble, as Bumble has been innovating in AI for a really long time. It launched a lot of AI capabilities in photo, and detection of fake accounts as we recently launched, and there's so much more. So we have an amazing foundation of AI and ML capabilities that exist today that we can already lean on as well.

所以，這真是大量的見解，令人驚嘆。其次，人工智慧對 Bumble 來說並不是什麼新鮮事，因為 Bumble 在人工智慧領域已經進行了很長時間的創新。它推出了許多照片方面的人工智慧功能，以及我們最近推出的虛假帳戶檢測功能，還有更多功能。因此，我們目前已經擁有令人驚嘆的人工智慧和機器學習能力基礎，並且我們已經可以依賴這些能力。

So what we're going to do is not only lean on the set of data and capabilities that we have, but we can also partner, and we have been in early pilots with several large language model vendors to really advance what we believe will help our users through this augmented co-chain set of experiences. So we think there is just a tremendous amount of near term opportunities with partners in the space.

因此，我們要做的是不僅依靠我們擁有的數據和能力，而且我們還可以合作，並且我們已經與幾家大型語言模型供應商進行了早期試點，以真正推進我們認為可以通過這套增強的共鏈體驗來幫助我們的用戶的技術。因此，我們認為，短期內與該領域的合作夥伴將獲得大量機會。

Now it's -- longer-term vision, we believe because of our safety in principles, we will be continuing to innovate in AI for for a long time. There's a lot of unique value to creating a set of principles that should lead to healthy and equitable relationships, in relationships and communities and so forth. o, you will see a lot of innovation from us there.

現在，從更長遠的眼光來看，我們相信，由於我們的原則是安全的，我們將在很長一段時間內繼續在人工智慧領域進行創新。創建一套原則來建立健康和公平的關係（無論是在人際關係還是社區中）具有許多獨特的價值。哦，你會在那裡看到我們的許多創新。

In terms of competitive pressure, we have been in a competitive environment, and that's always been the case. Our focus is to really prioritize our customers. I think strong companies are the ones that focus on customers first and foremost. So our focus right now is investing our marketing, our product, and our overall set of customer experiences across our key markets to meet what is differentiated for Bumble.

就競爭壓力而言，我們一直處於競爭環境中，而且情況一直如此。我們的重點是真正優先考慮我們的客戶。我認為強大的公司是那些首先專注於客戶的公司。因此，我們現在的重點是投資我們的行銷、產品和我們在主要市場的整體客戶體驗，以滿足 Bumble 的差異化需求。

Again, which is women's experience, safety, and so forth. So we certainly feel that it's fully in our control to help our customers' needs or experiences.

再一次，這是女性的經驗、安全等等。因此，我們確實認為我們完全有能力滿足客戶的需求或體驗。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Great, thanks very much for taking my questions. First one, just wanted to quickly go back to Premium+, I understand the point of, I guess, not being enough differentiation to justify the tier to a broad audience.

太好了，非常感謝您回答我的問題。首先，我只是想快速回到 Premium+，我理解這一點，我想，沒有足夠的差異化來向廣大受眾證明這一層級的合理性。

Lidiane, what are you like envisioning adding to this tier to make it, I guess, more appealing? And then just a quick follow-up for Anu. Just what drove the ARPPU weakness? Was that mostly a mix shift in brand, or anything else going on?

Lidiane，您設想在這個層級上添加什麼內容，讓它更具吸引力？然後對 Anu 做一個快速的跟進。ARPPU 疲軟的原因到底是什麼？這主要是品牌的混合轉變，還是其他原因？

Yes. Let me start with Premium+.There's two dynamics with higher-end tiers that are very interesting for us. The first is users want more of everything on limited capabilities when they take a higher-end tier. So, that's certainly, dynamics that we're really looking at, what drives the most important set of customer experiences, is -- that's number of swipes, super swipes, highlights -- so, we really want to expand the set of capabilities that gives customers that confidence that they're getting the best possible set of services from us.

是的。我先從 Premium+ 開始。這兩種具有較高端層次的動態對我們來說非常有趣。首先，當使用者選擇高端產品時，他們希望在有限的功能下獲得更多的功能。所以，這當然是我們真正關注的動態，推動最重要的客戶體驗的因素是——滑動次數、超級滑動次數、突出顯示次數——因此，我們確實希望擴展一系列功能，讓客戶相信他們從我們這裡獲得了最好的服務。

The second piece is differentiated experiences. And we believe there are some opportunities for us with AI insights about what might drive higher success for users. We know a lot of our users want to have more information about what's resonating with people that are seeing their profile.

第二部分是差異化體驗。我們相信，透過人工智慧洞察，我們可以獲得一些機會，幫助用戶取得更大的成功。我們知道很多用戶希望獲得更多信息，了解哪些內容能引起看到他們個人資料的人的共鳴。

So that's one category of investments that we're looking at -- higher differentiation for Premium+. So we're going to be looking at these two streams to ensure that we're carrying on only those in great value across the entire app, but certainly differentiated set of capabilities as well.

這是我們正在關注的一類投資——Premium+ 的更高差異化。因此，我們將研究這兩個流，以確保我們只在整個應用程式中延續那些具有巨大價值的功能，但當然也要延續差異化的功能集。

Yes, sure. And then on the ARPPU question, like I said in my prepared remarks, it's largely a function of mix shift between different geographies that is leading to overall ARPPU being negative. But like I said in an individual market, we continue to be focused on increasing ARPPU. We continue to be doing pricing optimization work, and as we see higher attach rates for existing users from additional offerings like consumables, you also see ARPPU go up. So and that's really what you're seeing reflected in the overall ARPPU for Bumble App.

是的，當然。然後關於 ARPPU 問題，就像我在準備好的發言中所說的那樣，這主要是由於不同地區之間的混合轉變導致整體 ARPPU 為負。但就像我在個人市場中所說的那樣，我們將繼續專注於提高 ARPPU。我們將繼續進行定價優化工作，隨著現有用戶從消耗品等附加產品中獲得更高的附加率，您也會看到 ARPPU 上升。這就是您在 Bumble App 的整體 ARPPU 中看到的反映。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great. Thanks for taking the question. Just on the reinvestment, the $15 million of the $55 million of restructuring savings. Can you just talk a bit about what you would need to see to accelerate the amount that you're reinvesting in the business on?

偉大的。感謝您回答這個問題。光是再投資方面，就有 5,500 萬美元重組儲蓄中的 1,500 萬美元。您能否簡單談談您需要採取哪些措施來加速您對該業務的再投資？

Yes, let me unpack the -- at a high level, we've talked about reinvestment from a safety AI data, but let me tell you more specifically on what we're going to do there. Our goal is to higher end – as Anu said, from a capital allocation, you want to really focus on organic growth in the near term, but we're going to be flexible in terms of evaluating talent or technology assets that will accelerate our vision from a dating and AI perspective.

是的，讓我來解釋一下——從高層次上講，我們已經討論了從安全人工智慧數據進行再投資，但讓我更具體地告訴你我們將在那裡做什麼。我們的目標是更高端——正如阿努所說，從資本配置來看，你希望在短期內真正關注有機成長，但我們將在評估人才或技術資產方面保持靈活性，這將從約會和人工智慧的角度加速我們的願景。

So, we want to really invest on AI innovation. As I mentioned earlier, there are some pilots that we have already started to ensure that we really learn what makes AI humanly exciting for users. We want to invest in AI to help our users be more human and better themselves.

所以，我們真的想投資人工智慧創新。正如我之前提到的，我們已經開始了一些試點，以確保我們真正了解是什麼讓人工智慧對使用者來說具有人性化的意義。我們希望投資人工智慧來幫助我們的用戶變得更人性化、變得更優秀。

We are not building AI for the sake of AI here. So our investments and our pilots are very much about fine tuning that. So, if there is the ability to actually hire some resources to accelerate that, we certainly will consider that. But to Anu's point, we want to be super methodical and have a high bar because customer experience is going to be the paramount principle behind any evaluation like that.

我們並不是為了人工智慧而建構人工智慧。因此，我們的投資和試點主要是為了對此進行微調。因此，如果有能力實際僱用一些資源來加速這一進程，我們肯定會考慮。但正如 Anu 所說，我們希望非常有條理，並且有很高的標準，因為客戶體驗是任何此類評估背後的首要原則。

The second piece of reinvestment that I mentioned is accelerating the ability of helping our customers gain value from more than just one of our offerings. So we are focused on building a user platform that's going to allow us to provide more recommendations for what else might be interesting for users to get from Bumble.

我提到的第二項再投資是加速幫助我們的客戶從我們的多種產品中獲得價值的能力。因此，我們專注於建立一個用戶平台，以便我們為用戶提供更多可能從 Bumble 獲得的興趣推薦。

So if you are on Bumble date, you go on a date, we may recommend for you to try Official. And we are going to carry that experience for you seamlessly. And as we expand into – as we focus on Bumble For Friends, that allows us to really bring our customer base seamlessly to Bumble For Friends.

因此，如果您在 Bumble 上約會，我們可能會建議您嘗試官方約會。我們將為您提供無縫銜接的體驗。隨著我們業務的擴展——我們專注於 Bumble For Friends，這使我們能夠真正將我們的客戶群無縫地帶到 Bumble For Friends。

So, we're really excited about this set of reinvestment. That means hiring great talented people that have a lot of AI, data, and safety experience to our teams. And certainly, we'll do that in the fastest possible way.

因此，我們對這組再投資感到非常興奮。這意味著要聘請擁有豐富人工智慧、數據和安全經驗的優秀人才加入我們的團隊。當然，我們會以最快的方式完成此事。

Ladies and gentlemen, this concludes our Q&A and today's Bumble fourth-quarter 2023 financial results conference call. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，我們的問答環節和今天的 Bumble 2023 年第四季財務業績電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。