Bumble Inc (BMBL) 2024 Q1 法說會逐字稿

Hello, and welcome to the Bumble first-quarter 2024 financial results conference call. My name is Elliott, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to Charles Valenzuela, VP of Investor Relations. The floor is yours Please go ahead.

您好，歡迎參加 Bumble 2024 年第一季財務業績電話會議。我叫艾利歐特，今天我將協調您的電話。（操作員指示）我現在想將工作交給投資者關係副總裁 Charles Valenzuela。地板是你的了，請繼續。

Thank you for joining us to discuss Bumble's first-quarter 2024 financial results. With me today are Lidiane Jones, CEO; and Anuradha Subramanian, CFO of Bumble. 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.

感謝您與我們一起討論 Bumble 2024 年第一季的財務表現。今天和我在一起的有執行長 Lidiane Jones；以及 Bumble 財務長 Anuradha Subramanian。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。

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, 2023, and our subsequent periodic filings. During the call, we also refer to certain non-GAAP financial measures.

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、2023 年以及我們隨後的定期備案。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。

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

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。這樣，我就把它交給 Lidiane。

Thank you, Cherryl, and good afternoon, everyone. We have had a very productive start to 2024. Bumble is where women make the first move and it continues today. As I complete my first 100 days of Bumble CEO, I'm even more energized by Bumble's unique position to help the world create healthy and equitable connections throughout people's lives, focused on women's experiences.

謝謝你，謝麗爾，大家下午好。2024 年我們取得了豐碩的開局。Bumble 是女性邁出第一步的地方，並且一直延續至今。當我擔任 Bumble CEO 的第一個 100 天時，我對 Bumble 的獨特地位更加充滿活力，它幫助世界在人們的生活中建立健康和公平的聯繫，並專注於女性的經歷。

That's what Bumble has always been about and our mission, coupled with our product-led approach to meeting customers where they are, makes Bumble more relevant than ever. We kicked off the year with discipline and speed and delivered solid Q1 performance, while also executing on our exciting plans for Bumble app. We launched the first stage of this journey last week. I've been very impressed with our team's energy and pace of innovation, and there's a lot more to come over the course of the year.

這就是 Bumble 一直以來的宗旨，我們的使命，加上我們以產品為主導的方法來滿足客戶的需求，使 Bumble 比以往任何時候都更加重要。我們以紀律和速度開始了新的一年，並在第一季取得了穩定的業績，同時也執行了我們令人興奮的 Bumble 應用程式計劃。上週我們啟動了這趟旅程的第一階段。我們團隊的活力和創新步伐給我留下了深刻的印象，這一年還有很多事情要做。

I'll detail what's new to the Bumble app in a moment. But first, let me recap the financial results. Our first quarter performance was solid across our key metrics. Total revenue in Q1 reached $268 million, up 10% year over year, driven by Bumble app revenue of $216 million, which was up 11%.

稍後我將詳細介紹 Bumble 應用程式的新增功能。但首先，讓我回顧一下財務表現。我們第一季的關鍵指標表現穩健。第一季總營收達到 2.68 億美元，年增 10%，其中 Bumble 應用收入達 2.16 億美元，年增 11%。

Both Bumble and Badoo app grew paying users year-over-year, and sequentially, with Bumble app net adds of 42,000 in this quarter. Based on third party data, Bumble app's worldwide downloads on an absolute basis, either year-over-year and sequentially in Q1. We also continue to expand our global download share, fueled by international markets in Western Europe and Latin America. These results, combined with continued financial discipline, enabled us to deliver a significant improvement in our margin.

Bumble 和 Badoo 應用程式的付費用戶均逐年成長，並且環比成長，本季 Bumble 應用程式淨增加 42,000 名。根據第三方數據，Bumble 應用程式的全球下載量是按絕對值計算的，無論是同比還是第一季的連續下載量。在西歐和拉丁美洲國際市場的推動下，我們也持續擴大全球下載份額。這些結果與持續的財務紀律相結合，使我們的利潤率得以顯著提高。

Adjusted EBITDA in Q1 reached $74 million or 28% of revenue. We also returned $84 million of capital to our shareholders throughout our stock repurchase program. Since joining Bumble, I have prioritized listening to our community, including our Gen-Z customers. These conversations confirm a thesis core to Bumble, that an overwhelming majority of women view equality as a core priority in relationships.

第一季調整後 EBITDA 達到 7,400 萬美元，佔營收的 28%。我們也在股票回購計畫中向股東返還了 8,400 萬美元的資本。自從加入 Bumble 以來，我一直優先考慮傾聽我們社群的意見，包括 Z 世代客戶的意見。這些對話證實了班布爾的一個核心論點，即絕大多數女性將平等視為關係中的核心優先事項。

We have also learned that how women define equality is evolving. Women want choice and autonomy. And with Gen Z in particular, they want to make a more human connections in their lives, whether it's dating or friendship, and they want flexibility in how they make their connection. We believe, addressing these needs is how we unlock growth in this category and it validates our long-term view of where we're taking Bumble, including how we think of the role of [BFF].

我們也了解到，女性對平等的定義正在不斷改變。女性想要選擇和自主權。尤其是 Z 世代，他們希望在生活中建立更多的人際聯繫，無論是約會還是友誼，並且他們希望能夠靈活地建立聯繫。我們相信，滿足這些需求是我們釋放這一類別成長的方式，它驗證了我們對 Bumble 發展方向的長期看法，包括我們如何看待 Bumble 的角色[最好的朋友]。

All of the feedback we have received from our customers, we affirm that Bumble has a strong foundation in place to deliver on what customers want today. That brings us to our Bumble app relaunch last week, where we showcased the first chapter of our expanded vision for Bumble and how we're innovating to make our customers' dating experience even better. Our refreshed brand identity and new product features are designed to support three goals: improve the core experience of our customers, enhance shops and safety, and increase our options for monetization.

根據我們從客戶那裡收到的所有回饋，我們確信 Bumble 擁有堅實的基礎來滿足客戶今天的需求。這讓我們想起了上週重新推出的 Bumble 應用程序，我們展示了 Bumble 擴展願景的第一章，以及我們如何進行創新，讓客戶的約會體驗變得更好。我們更新的品牌識別和新產品功能旨在支援三個目標：改善客戶的核心體驗、增強商店和安全性以及增加我們的貨幣化選擇。

Let me touch on each: First, we're improving the core user experience, starting with opening moves. We have expanded upon our signature make the first move by introducing choice in how connections made. Women can choose to make the first move as always. And now, they can choose to have a question set that their matches can respond to, creating a new way to engage with connection while retaining control.

讓我談談每一點：首先，我們正在改善核心使用者體驗，從開局動作開始。我們透過引入如何建立聯繫的選擇來擴展我們的標誌「邁出第一步」。女性可以一如既往地選擇踏出第一步。現在，他們可以選擇設定一個問題集，讓他們的匹配對象可以回答，從而創建一種在保持控制的同時進行聯繫的新方式。

I want to be clear: women still make the first move at Bumble. They now have additional control over how that happens, and we'll continue to emphasize that with our customers.

我想澄清的是：在 Bumble，女性仍然是踏出第一步的人。他們現在對如何發生有更多的控制權，我們將繼續向客戶強調這一點。

In addition to opening move, we launched a suite of new features, an improved profile creation flow to make it easier for customers to get started, an increase in the minimum number of required photos to enhance self-expression, advancements to our for you algorithm previously called Best Bees to accelerate compatible discoveries and updated our data intention badges to help our customers better communicate of relationships they're looking for, from casual all the way to serious. We complemented this richer product experience with a global marketing campaign: we've changed, so you don't have to.

除了開放舉措之外，我們還推出了一系列新功能，改進了個人資料創建流程，使客戶更容易上手，增加了增強自我表達所需照片的最低數量，改進了“為您服務”算法之前稱為Best Bees 來加速相容發現，並更新了我們的數據意圖徽章，以幫助我們的客戶更好地溝通他們正在尋找的關係，從休閒一直到嚴肅。我們透過全球行銷活動補充了這種更豐富的產品體驗：我們已經改變，所以您不必這樣做。

The first phase of this campaign showcases how our product updates deliver a better dating experience, while underscoring that Bumble has always and will always stand for women. We've changed so you don't have to is underway in 15 markets, including the US. This robust marketing campaign kept multiple channels and activated Bumble's large college ambassador network and global influencer marketing. Second, we are embracing change in safety for women in the app.

活動的第一階段展示了我們的產品更新如何提供更好的約會體驗，同時強調 Bumble 始終是女性的代表。我們已在 15 個市場（包括美國）進行了變革，讓您無需這樣做。這項強有力的行銷活動保留了多個管道，並啟動了 Bumble 龐大的大學大使網路和全球影響力行銷。其次，我們正在應用程式中擁抱女性安全的變化。

This quarter, with advanced photo verification on Bumble, a significant updates to our own developed computer vision model for likeness comparison between someone's verification photo and profile photos. As a result, we have improved automation rate at both the user and the photo level, while maintaining precision in reducing our manual moderation costs. It's important to know that, as we continue to innovate, trust and safety features will be a big part of future chapters of Bumbles' evolution, and it is a key part of prioritizing a healthy ecosystem in our product.

本季度，Bumble 上進行了高級照片驗證，這是我們自己開發的電腦視覺模型的重大更新，用於某人的驗證照片和個人資料照片之間的相似度比較。因此，我們提高了用戶和照片層級的自動化率，同時保持了降低手動審核成本的精確度。重要的是要知道，隨著我們不斷創新，信任和安全功能將成為 Bumbles 未來發展的重要組成部分，也是我們產品中優先考慮健康生態系統的關鍵部分。

Finally, we're expanding monetization, once our updated Premium+ subscription is here. We continue to have conviction that our subscription tiers are designed to bring value to our customers by offering them the fastest path to finding their matches. Premium+ is built on this principle, and we increased this value in its release, by updating the feature set with personalized photo insights and better match curation. We see premium plus as a valuable future revenue stream and expect to continue to add additional features and optimize pricing for the subscription tier.

最後，一旦更新的 Premium+ 訂閱推出，我們就會擴大獲利範圍。我們始終堅信，我們的訂閱等級旨在為客戶提供找到匹配對象的最快途徑，從而為他們帶來價值。Premium+ 就是建立在這項原則之上的，我們透過更新具有個人化照片見解和更好的配對管理的功能集，在其發布中增加了這一價值。我們認為高級版是一個有價值的未來收入來源，並期望繼續添加額外的功能並優化訂閱層的定價。

Beyond Premium+, we're continuing to run global pricing optimization and expanding further into existing growth markets in Western Europe, LatAm, and Asia. Overall, the Bumble app launch feedback from customers has been tremendously valuable to us. They captured the attention of young users who loved our marketing campaign and are taking time to share their thoughts and what they would like to see us do next. It's clear that customers of all ages want Bumble to be the brand that they trust to really understand and meet their needs.

除了 Premium+ 之外，我們還將繼續進行全球定價優化，並進一步擴展到西歐、拉丁美洲和亞洲的現有成長市場。總體而言，客戶對 Bumble 應用程式發布的回饋對我們來說非常有價值。他們吸引了年輕用戶的注意力，他們喜歡我們的行銷活動，並花時間分享他們的想法以及他們希望我們下一步做什麼。顯然，各個年齡層的客戶都希望 Bumble 成為他們信任的品牌，能夠真正理解並滿足他們的需求。

Based on early data from last week, we have seen strong improvements in engagement trends, including an increase in chat initiation, with almost half of new users adopting opening moves. And most importantly, an increasingly they're getting matches. That has been an encouraging start. Now, turning to our other app, Badoo delivered positive revenue growth in Q1.

根據上週的早期數據，我們看到參與趨勢的強勁改善，包括聊天發起的增加，幾乎一半的新用戶採用了開場動作。最重要的是，他們越來越多地獲得匹配。這是一個令人鼓舞的開始。現在，轉向我們的另一個應用程序，Badoo 在第一季實現了積極的收入成長。

We plan to continue building on this momentum with product innovation and targeted marketing campaign aimed at improving brand awareness especially among women. Our goal is to showcase Badoo as the app that builds dating confidence, enabling its loyal user base to express and be their real self in a safe and trusted environment. Our team is also focused on unlocking the significant market opportunity beyond dating. We increasingly envision Bumble be a SaaS, as an integrated part of how we help our customers find meaningful relationships and love.

我們計劃透過產品創新和有針對性的行銷活動繼續鞏固這一勢頭，旨在提高品牌知名度，特別是在女性中。我們的目標是將 Badoo 展示為一款建立約會信心的應用程序，使其忠實的用戶群能夠在安全且值得信賴的環境中表達並展現真實的自我。我們的團隊也致力於釋放約會以外的重要市場機會。我們越來越希望 Bumble 成為一種 SaaS，作為我們幫助客戶找到有意義的關係和愛的一個組成部分。

And as I noted earlier, that vision is supported by the community feedback we received, as part of the Bumble app reach. Given the loneliness epidemic in society, there's significant demand for a face-to-face line for more genuine human connection, and Bumble has the potential to fulfill that need. We are actively looking at ways to accelerate the road map for Bumble be SaaS, and we'll share more in the coming months. As we drive our future roadmap, it's been exciting to see our team's enthusiasm to integrate AI into our offerings in important ways.

正如我之前指出的，作為 Bumble 應用程式覆蓋範圍的一部分，我們收到的社群回饋支持了這個願景。鑑於社會上普遍存在孤獨感，人們迫切需要透過面對面的方式建立更真誠的人際關係，而 Bumble 有潛力滿足這一需求。我們正在積極尋找加速 Bumble be SaaS 路線圖的方法，我們將在未來幾個月分享更多資訊。當我們推動未來路線圖時，我們很高興看到我們的團隊熱衷於以重要方式將人工智慧整合到我們的產品中。

Bumble have incredibly strong data, AI capabilities, and technical talent in the company today. And since the start of the year, were more rapidly embracing the advancement of generative AI to accelerate innovation, focusing on compatibility, profile creation experiences, better understanding our customers' evolving intent, and continuing to lead in trust and safety. We're also targeting the use of generative AI to drive efficiency, both for Bumble and for our customers, with enhanced customer service as one key example. I also want to speak to our organizational transformation.

如今，Bumble 擁有極其強大的數據、人工智慧能力和技術人才。自今年年初以來，我們更快地擁抱生成式人工智慧的進步，以加速創新，專注於相容性、個人資料創建體驗，更好地理解客戶不斷變化的意圖，並繼續在信任和安全方面保持領先。我們也致力於使用生成式 AI 來提高 Bumble 和我們的客戶的效率，其中一個重要的例子是增強客戶服務。我還想談談我們的組織轉型。

We've made some difficult, but important structural changes to enhance our agility and efficiency, and I couldn't be more proud of how our employees have embraced the course for charting as a company. I'm also excited about the significant senior leadership talent who have joined us in critical areas such as product, engineering, operations and people. All of whom bring excellent track records in high-growth tech companies. Our organization is moving forward as a performance-focused team that brings the collective skills and experiences needed to execute on our strategy and scale the business.

我們進行了一些困難但重要的結構性變革，以提高我們的敏捷性和效率，我對我們的員工如何接受公司製圖課程感到無比自豪。我也對產品、工程、營運和人員等關鍵領域的重要高階領導人加入我們感到興奮。他們都在高成長科技公司中擁有出色的業績記錄。我們的組織正在作為一個以績效為中心的團隊不斷前進，帶來執行我們的策略和擴大業務規模所需的集體技能和經驗。

The first four months of this year demonstrate that we have come together well and executing effectively. I'm also grateful for the team for staying committed to our mission and value, and pro rallying around important work we're doing to champion women, not just in our app, but in society more broadly. This quarter, we proudly joined 19 prominent business peers from a range of industry to participate in the Don't Ban equality collision's latest ad campaign in support of reproductive health. We are also celebrating the introduction of a US federal built fight cyber flashing, a cause that we have backed successfully at three years at the state level.

今年的前四個月表明，我們團結一致，執行有效。我還感謝團隊始終致力於我們的使命和價值觀，並支持我們為支持女性所做的重要工作，不僅在我們的應用程式中，而且在更廣泛的社會中。本季度，我們很自豪地與來自各行各業的 19 位知名商業同行一起參與了 Don't Ban 平等衝突的最新廣告活動，以支持生殖健康。我們也慶祝美國聯邦建立的戰鬥網絡閃光的推出，這是我們三年來在州一級成功支持的事業。

I'm also proud of the Bumble support of women athlete to Midwest, and it was a joy to watch Cameron Brink, one of Bumble sponsored athletes be selected in the WNBA draft to play at the LA parks. Cameron, the entire Bumble team love to watching you play and we are cheering for you.

我也為 Bumble 對中西部女運動員的支持感到自豪，並且很高興看到 Bumble 贊助的運動員之一卡梅倫·布林克 (Cameron Brink) 在 WNBA 選秀中被選中在洛杉磯公園打球。卡梅倫，整個 Bumble 團隊都喜歡看你打球，我們為你加油。

Finally, I want to thank our shareholders, our partners, and above all, all of our customers for the trust and support you've given Bumble. It's been amazing to see what we can accomplish in such a short amount of time. I'm filled with gratitude, enthusiasm, and confidence about where we're going and what we can achieve. And with that, I'll turn it over to Anu for details on our financial results and outlook.

最後，我要感謝我們的股東、合作夥伴，最重要的是感謝我們所有的客戶給予 Bumble 的信任和支持。看到我們能在如此短的時間內取得如此成就，真是令人驚訝。我對我們的目標和我們能夠取得的成就充滿了感激、熱情和信心。接下來，我將把它交給阿努，以了解我們財務表現和前景的詳細資訊。

Thank you, Lidiane, and good afternoon, everyone. I'll walk you through our first-quarter results, and then, share more about our outlook for the second quarter and full year 2024. Unless stated otherwise, all comparisons are on a year-over-year basis. Total Bumble, Inc. revenue in Q1 increased 10% to $268 million, in line with the high end of our outlook.

謝謝你，Lidiane，大家午安。我將向您介紹我們的第一季業績，然後分享更多關於我們對第二季和 2024 年全年的展望。除非另有說明，所有比較均以同比為基礎。Bumble, Inc. 第一季的總營收成長了 10%，達到 2.68 億美元，與我們預期的上限一致。

Total paying users increased 16% to $4 million, and ARPRU for the quarter was $21.84 down 4%. Revenue from Bumble app increased 11% to $216 million, exceeding the high end of our outlook. The revenue growth was driven by growth in paying users, which increased 18% to $2.7 million. On a sequential basis, we added 42,000 paying users, slightly above our expectations.

付費用戶總數成長 16%，達到 400 萬美元，本季 ARPRU 為 21.84 美元，下降 4%。Bumble 應用程式的營收成長了 11%，達到 2.16 億美元，超出了我們預期的上限。收入成長是由付費用戶成長推動的，付費用戶成長了 18%，達到 270 萬美元。環比增加了 42,000 名付費用戶，略高於我們的預期。

Bumble apps are people declined 6% to $26.34, primarily due to geographic mix shift. We continue to see year-over-year ARPRU improvement within many of our individual market, including the US, driven by pricing optimization. Badoo app and other revenue grew 7% to $52 million. Q1 marks four consecutive quarters of year-over-year positive revenue growth for Badoo, an exciting milestone in the turnaround of this brand.

Bumble 應用程式的用戶數量下降了 6%，至 26.34 美元，這主要是由於地理結構的變化。在定價優化的推動下，我們繼續看到包括美國在內的許多單獨市場的 ARPRU 逐年提高。Badoo 應用程式和其他收入成長了 7%，達到 5,200 萬美元。第一季標誌著 Badoo 連續四個季度營收年增，這是該品牌扭虧為盈的一個令人興奮的里程碑。

Badoo app and other paying users grew 13% to $1.3 million and increased 13,000 sequentially. Badoo app and other ARPRU declined 1% to $12.35. As a reminder, we began including contributions from fruit in Badoo app and other KPIs in Q4 2023. Turning now to expenses, consistent with previous quarters, we remain diligent in our spend across all areas of the business, while continuing to drive revenue growth.

Badoo 應用程式和其他付費用戶成長了 13%，達到 130 萬美元，比上一季增加了 13,000 人。Badoo 應用程式和其他 ARPRU 下降 1%，至 12.35 美元。提醒一下，我們從 2023 年第四季開始將水果的貢獻納入 Badoo 應用和其他 KPI。現在轉向支出，與前幾季一致，我們在所有業務領域的支出仍然勤奮，同時繼續推動營收成長。

Total GAAP costs and expenses were $219 million for the quarter, down 6% year-over-year, and Q1 net earnings were $34 million compared to a loss of $2 million in the year-ago period. The decline in costs was largely driven by a decrease in stock-based compensation expense related to headcount reduction, partially offset by one-time severance and related charges of $17 million. On a non-GAAP basis, excluding stock-based compensation and other noncash or nonrecurring items, total costs and expenses were $194 million, up 5%. Q1 adjusted EBITDA was $74 million, representing a margin of 28%, exceeding the high end of our outlook.

該季度 GAAP 成本和費用總額為 2.19 億美元，年減 6%，第一季淨利為 3,400 萬美元，去年同期虧損 200 萬美元。成本下降主要是由於與裁員相關的股票薪酬費用減少，部分被一次性遣散費和相關費用 1700 萬美元所抵消。以非公認會計原則計算，不包括股票薪資和其他非現金或非經常性項目，總成本和費用為 1.94 億美元，成長 5%。第一季調整後 EBITDA 為 7,400 萬美元，利潤率為 28%，超過了我們預期的上限。

Cost of revenue was $80 million and grew 15%. As a percentage of revenue, cost of revenue was 30% versus 29% in the year-ago period, in line with our expectations. We expect cost of revenue to remain stable as a percentage of revenue for the rest of the year. Selling and marketing expenses grew 6% to $63 million. This represents 24% of revenue versus 25% in the year-ago period.

收入成本為 8 千萬美元，成長 15%。收入成本佔收入的比例為 30%，去年同期為 29%，符合我們的預期。我們預計今年剩餘時間收入成本佔收入的百分比將保持穩定。銷售和行銷費用成長 6%，達到 6,300 萬美元。這佔營收的 24%，而去年同期為 25%。

Our spend was lower than anticipated due to timing of certain marketing campaigns that moved from Q1 to Q2 to better align with the Bumble app product relaunch. G&A expenses were $28 million or 10% of revenue compared to $32 million or 13% of revenue last year. We continue to drive leverage in this line item as revenues have scaled. Product development expenses were flat year-over-year at $23 million and 9% of revenue.

我們的支出低於預期，因為某些行銷活動的時間安排從第一季移至第二季度，以更好地配合 Bumble 應用程式產品的重新發布。G&A 費用為 2,800 萬美元，佔收入的 10%，而去年為 3,200 萬美元，佔收入的 13%。隨著收入規模的擴大，我們將繼續提高該專案的槓桿率。產品開發費用較去年持平，為 2,300 萬美元，佔營收的 9%。

We ended the quarter with $263 million in cash and cash equivalents. During the first quarter, we repurchased $84 million worth of shares, including $50 million repurchased directly from Blackstone. At the end of Q1, we had $59 million remaining in our authorization. And today, we announced an incremental authorization of $150 million, bringing the total buyback authorized to date to $450 million.

本季結束時，我們的現金和現金等價物為 2.63 億美元。第一季度，我們回購了價值 8,400 萬美元的股票，其中包括直接從 Blackstone 回購的 5,000 萬美元。截至第一季末，我們的授權餘額為 5,900 萬美元。今天，我們宣布增加 1.5 億美元的授權，使迄今為止授權的回購總額達到 4.5 億美元。

We remain committed to our buyback program and we strongly believe that using our capital to buy back shares at current levels remains a very good investment. Now, moving on to our outlook. As we look ahead to Q2 and the rest of the year, we are very excited about the first phase of Bumble app's relaunch that we unveiled last week. And as Lidiane mentioned, this is just the beginning of several future chapters to come.

我們仍然致力於回購計劃，並且堅信使用我們的資本以當前水平回購股票仍然是一項非常好的投資。現在，繼續我們的展望。當我們展望第二季和今年剩餘時間時，我們對上週推出的 Bumble 應用程式重新啟動的第一階段感到非常興奮。正如 Lidiane 所提到的，這只是未來幾個章節的開始。

Our outlook, consistent with expectations we shared on our prior earnings call, assumed that current trends will continue in Q2 for Bumble app and that the benefits of improved trends from the app relaunch, along with the release of additional features, will reaccelerate growth in the second half of 2024. As a result for Q2, we expect total revenue between $269 million and $275 million, representing a year-over-year growth rate between 4% to 6%. Adjusted for FX headwinds, this represents a year-over-year growth rate of 6% to 8%. We expect Bumble app revenue to be between $218 million and $222 million, representing a year-over-year growth rate between 5% and 7%.

我們的前景與我們在先前的財報電話會議上分享的預期一致，假設Bumble 應用程式的當前趨勢將在第二季度繼續下去，並且應用程式重新啟動帶來的趨勢改善以及附加功能的發布將重新加速成長2024 年下半年。因此，我們預計第二季的總營收將在 2.69 億美元至 2.75 億美元之間，年成長率介於 4% 至 6% 之間。經外匯逆風調整後，年成長率為 6% 至 8%。我們預計 Bumble 應用收入將在 2.18 億美元至 2.22 億美元之間，年成長率介於 5% 至 7% 之間。

Adjusted for FX, this represents a year-over-year growth rate of 7% to 8%. We expect Bumble app sequential net adds of approximately 70,000 to 80,000. In Q2, we estimate adjusted EBITDA will be between $69 million and $73 million, representing 26% margin at the midpoint of the range. As previously mentioned, we delayed certain marketing campaign from Q1 to Q2, which will result in additional marketing spend this quarter.

經匯率調整後，年成長率為 7% 至 8%。我們預計 Bumble 應用程式的連續淨增量約為 70,000 至 80,000 個。我們預計第二季調整後的 EBITDA 將在 6,900 萬美元至 7,300 萬美元之間，相當於該範圍中位數的 26% 利潤率。如前所述，我們將某些行銷活動從第一季推遲到第二季度，這將導致本季的行銷支出增加。

Our expectations for total marketing spend for the year remains unchanged. For full year 2024, we expect total Bumble, Inc. revenue growth rate of 8% to 11%. We expect Bumble app revenue to grow between 9% to 11% year over year. We maintain our expectation for full-year Bumble app net adds of approximately 350,000 to 400,000.

我們對今年行銷總支出的預期保持不變。對於 2024 年全年，我們預計 Bumble, Inc. 的總收入成長率為 8% 至 11%。我們預計 Bumble 應用收入將年增 9% 至 11%。我們維持全年 Bumble 應用程式淨增量約為 35 萬至 40 萬的預期。

We note that FX trends have become more unfavorable since our previous outlook, and at current level, we expect an incremental headwind to revenue of at least 50 basis points. We also maintain our outlook for adjusted EBITDA margin expansion of at least 300 basis points year over year. This includes the impact of in-year savings from our workforce reduction, which is expected to conclude in early Q3, in line with our prior expectations. We are on track to realize annualized OpEx savings of approximately $55 million, of which, we will selectively invest $15 million to drive long-term growth.

我們注意到，自從我們先前的展望以來，外匯趨勢變得更加不利，在目前的水平上，我們預計收入將面臨至少 50 個基點的增量阻力。我們也維持調整後 EBITDA 利潤率年增至少 300 個基點的預期。這包括我們裁員帶來的年內節省的影響，預計裁員將在第三季初結束，這與我們先前的預期一致。我們預計將年化營運支出節省約 5,500 萬美元，其中，我們將選擇性地投資 1,500 萬美元來推動長期成長。

As a reminder, our adjusted EBITDA outlook excludes the impact of expected severance and other one-time charges related to our workforce transformation, which is now expected to be between $20 million and $22 million, slightly below our previous estimate. In closing, the work we have done in Q1 to right size our team, strengthen our leadership bench, and accelerate our pace of innovation, provides us with a strong foundation to further leverage our powerful brands. We believe we are taking the right measure to accelerate our growth and capture the large opportunity in the global market for online dating and human connections more broadly. We are confident in our path and ability to drive sustainable, profitable growth and substantial value for our shareholders. With that, I'll turn it over to the operator for Q&A.

提醒一下，我們調整後的EBITDA 前景不包括預期遣散費和與我們的勞動力轉型相關的其他一次性費用的影響，目前預計該費用在2000 萬美元至2200 萬美元之間，略低於我們之前的估計。最後，我們在第一季為調整團隊規模、加強領導力和加快創新步伐所做的工作，為我們進一步利用我們強大的品牌奠定了堅實的基礎。我們相信，我們正在採取正確的措施來加速我們的成長，並抓住全球線上約會和更廣泛的人際關係市場的巨大機會。我們對推動永續獲利成長和為股東創造巨大價值的道路和能力充滿信心。這樣，我會將其轉交給接線員進行問答。

(Operator Instructions) Miles Jakubiak, KeyBanc.

（操作員說明）Miles Jakubiak，KeyBanc。

Hi there, this is Miles Quebec on for Justin. Just, first, on marketing, it seems like you guys are talking a little bit more about your college strategy around, marketing around the relaunch, and that's a premier brand campaigns launched over the last few weeks. So just curious around your guys' US marketing strategy around the relaunch and how you plan to measure performance against that? And then, on pricing optimizations, curious if you've seen any early impacts from that and if you guys expect that to affect ARPRU this year in any direction. Thanks.

大家好，我是賈斯汀的邁爾斯魁北克。首先，在行銷方面，你們似乎更談論了你們的大學策略，圍繞著重新啟動的行銷，這是過去幾週推出的首要品牌活動。那麼，只是對你們重新推出的美國行銷策略感到好奇，以及你們計劃如何衡量績效？然後，關於定價優化，想知道您是否看到了由此產生的任何早期影響，以及您是否預計這會對今年的 ARPRU 產生任何影響。謝謝。

Thank you, Miles, for the question. Let me start with the marketing. Last week was a big milestone for our company, and I'm very proud of our team for the Bumble app relaunch. It was an important moment for us to recapture Bumble as a culture defining brand, and we certainly experienced that with the response, the very positive response from our customers. We are taking a very broad approach to our marketing strategy, not only at an out of home digital, but also, as you mentioned, are engaging with our large ambassador program in colleges as well as our influencer network.

謝謝邁爾斯提出的問題。讓我從行銷開始。上週對我們公司來說是一個重要的里程碑，我為我們團隊重新推出 Bumble 應用程式感到非常自豪。對我們來說，這是一個重要的時刻，讓 Bumble 重新成為一個定義文化的品牌，我們當然也體驗到了這一點，並得到了客戶的非常積極的回應。我們正在採取非常廣泛的行銷策略，不僅在戶外數位領域，而且正如您所提到的，我們正在參與我們在大學的大型大使計畫以及我們的影響者網絡。

This multichannel approach just gives us enough flexibility to reach our very broad customer base from all ages, but firmly allows us to be more relevant in the conversation for our younger and younger users. And we certainly achieved that last week. We received a lot of different feedback, reactions, press releases and so much more. So we look at a couple of different metrics from a marketing perspective.

這種多通路方法不僅為我們提供了足夠的靈活性，可以涵蓋各個年齡層的廣泛客戶群，而且使我們能夠在與越來越年輕的用戶的對話中更加相關。上週我們確實實現了這一點。我們收到了很多不同的回饋、反應、新聞稿等等。因此，我們從行銷的角度來看幾個不同的指標。

We look at top of funnel impressions, sentiment, analysis, along with the full funnel transformation, how our customers going from experience on our apps, downloads and so forth. And we're pleased with the first week since the relaunch. But most importantly, I am incredibly amazed at the passion that customers expressed for our brand during the launch campaign. It is not only a great opportunity for us to enter the conversation, but it also allowed us to see that Gen Z customers are looking for Bumble to be the brand that engages with them.

我們專注於漏斗頂部的印象、情緒、分析以及完整的漏斗轉換，以及我們的客戶如何從我們的應用程式體驗、下載等中獲得體驗。我們對重新啟動後的第一周感到滿意。但最重要的是，我對客戶在發布活動期間對我們品牌所表現出的熱情感到非常驚訝。這不僅是我們參與對話的絕佳機會，而且還讓我們看到 Z 世代客戶正在尋找 Bumble 作為與他們互動的品牌。

In terms of pricing, we look at pricing broadly as well. So we have a very early journey still from a monetization perspective across the company. We feel convicted that our subscription tiers are going to set us up for great growth in the long term. As we talked about in our prepared remarks, Premium+ is our newest subscription tier, introduced only a few months ago.

在定價方面，我們也廣泛地看待定價。因此，從整個公司的貨幣化角度來看，我們仍處於早期階段。我們深信，我們的訂閱等級將為我們帶來長期的巨大成長。正如我們在準備好的發言中談到的，Premium+ 是我們最新的訂閱級別，僅在幾個月前推出。

And we believe that adding more value differentiation over time will allow us to accelerate future revenue across all of these subscription. Last week, we introduced a couple of important capabilities for Premium+, including profile photo analysis, along with more curated matches and improvements from for your algorithm. These improvements are very much focused on helping our customers get their matches the fastest way possible. That clear value proposition is really aimed at helping increase conversion in ARPPU across our tier.

我們相信，隨著時間的推移，增加更多的價值差異將使我們能夠加速所有這些訂閱的未來收入。上週，我們推出了 Premium+ 的一些重要功能，包括個人資料照片分析，以及更多精心策劃的配對和演算法改進。這些改進主要致力於幫助我們的客戶以最快的方式獲得比賽。這個明確的價值主張實際上旨在幫助提高整個層級的 ARPPU 轉換率。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you.

謝謝。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Hi, thanks for taking my questions. On the relaunch, again, you've mentioned that it's a continuous process and I'm sure there's plenty more interesting in the pipeline. But what about these specific features that you've launched to date, made them the ones that you wanted to lead with and create that new brand message around?

您好，感謝您回答我的問題。關於重新啟動，您再次提到這是一個持續的過程，我相信管道中還有很多更有趣的事情。但是，您迄今為止推出的這些特定功能又如何，使它們成為您想要引導並圍繞其創建新品牌訊息的功能呢？

Thank you, Andrew. One important aspect for us is reinvigorating and reaffirming to our customers that Bumble stands for women. Make the first move has been our signature product experience and remains the signature experience today. Our goal is to evolve with our customers. And based on months of engaging with women and understanding how quality matters for them, not only in terms of their experience, but also what it means for them today, what does it mean to be an empowered women today?

謝謝你，安德魯。對我們來說，重要的一方面是向我們的客戶重振並重申 Bumble 代表女性。踏出第一步一直是我們標誌性的產品體驗，並且至今仍然是標誌性的體驗。我們的目標是與客戶一起發展。基於幾個月來與女性的接觸以及對品質對她們的重要性的了解，不僅是她們的經驗，還包括這對她們今天的意義，今天成為一名被賦予權力的女性意味著什麼？

And we learned that control and autonomy are key aspects of how women want to feel empowered. So we've expanded, make the first move to give women exactly that, more control and how they make the first move. And we received a lot of positive reactions from our customers, because they have helped us shape what that experience looks like. So this first relaunch was really important, a first chapter of the evolution that we see are the pace of innovation of the company and the product over the course of this year.

我們了解到，控制和自主是女性希望如何獲得權力的關鍵面向。因此，我們已經擴大了範圍，邁出了第一步，為女性提供了更多的控制權以及她們如何邁出第一步。我們收到了客戶的許多正面反應，因為他們幫助我們塑造了這種體驗。因此，第一次重新推出非常重要，我們看到的演變的第一章是公司和產品在今年的創新步伐。

But we introduced a number of other capabilities as well. Profile experienced improvements, we enhanced the algorithm for you broadly. We added additional safety capabilities and increased the minimum number of voters so that customers are self-expressing more. All of that aimed at helping our customers be successful in our app.

但我們也引入了許多其他功能。配置檔案經歷了改進，我們為您廣泛增強了演算法。我們增加了額外的安全功能並增加了最低投票人數，以便客戶能夠更多地表達自我。所有這些都是為了幫助我們的客戶在我們的應用程式中取得成功。

And that's going to be, as you mentioned, Andrew, just to the beginning of a continual process. This year, we want to have some big moments in the market, where our customers not only get to add value and see the value that we're adding for them, finding connections, but that they really understand what differentiates us and set us apart. I'm excited by the engagement that we're seeing certainly have seen a few key positive engagements in the first week. First, our customers are engaging in conversations and chat at our increased reach.

正如你所提到的，安德魯，這只是一個持續過程的開始。今年，我們希望在市場上有一些重要時刻，讓我們的客戶不僅能夠增加價值，看到我們為他們增加的價值，找到聯繫，而且他們真正了解我們的與眾不同之處，使我們與眾不同。我對我們所看到的參與感到興奮，在第一周確實看到了一些關鍵的積極參與。首先，我們的客戶在我們擴大的覆蓋範圍內進行對話和聊天。

We also have seen half of our new users already adopt opening moves in its first two weeks, which is a great sign. And most importantly, we are really looking to help customers find match, and matches have increased since the relaunch. All of those are positive signs that we are in the right direction in supporting our customers and reengaging them and making dating a joyful experience again.

我們也看到一半的新用戶在前兩週就已經採用了開局動作，這是一個很好的跡象。最重要的是，我們確實希望幫助客戶找到匹配對象，並且自重新推出以來，匹配次數有所增加。所有這些都是積極的跡象，表明我們在支持客戶、重新吸引他們、讓約會再次成為一種快樂的體驗方面正朝著正確的方向前進。

Thank you very helpful detail. And maybe if I can squeeze in a quick one on Badoo. Now we're at a year's worth of quarters where Badoo has grown users, but the tone is like it's been pretty consistently one of cautious optimism. Is it safe to say that we finally can say we've turned a corner there? I guess, what does success look like for that business over the near and medium-term? Thank you.

謝謝你非常有幫助的細節。也許我可以在 Badoo 快速瀏覽一下。現在，Badoo 的用戶數量已連續一年增長，但基調似乎一直是謹慎樂觀的。可以肯定地說，我們終於可以說我們已經走出困境了嗎？我想，該業務在近期和中期的成功是什麼樣的呢？謝謝。

Great question. Badoo has a large and very loyal customer base and the product relaunch and targeted marketing campaign has been mainly aimed at helping users feel confident dating. And that message is in product capabilities tied to that mission has really been resonating with customers. Our focus is to continue to fine-tune the product road map, based on customer feedback that we really are helping them find their matches and enjoy the confidence that they're building, while they're looking for dating. We are going to continue to learn from Badoo.

很好的問題。Badoo 擁有龐大且非常忠誠的客戶群，產品重新推出和有針對性的行銷活動主要旨在幫助用戶增強約會的信心。這項訊息體現在與該使命相關的產品功能中，確實引起了客戶的共鳴。我們的重點是根據客戶回饋繼續微調產品路線圖，我們確實在幫助他們找到匹配對象，並在他們尋找約會對象時享受他們正在建立的信心。我們將繼續向Badoo學習。

Badoo is a very international market. But the positive thing for us in our company is that we really can take learnings from Badoo, add it to Bumble, take learnings from the Bumble app relaunch, and add it to Badoo with great agility. And that allows us to not only expand on our growth in one product and one region, but it also allows us to be very strategic in how we think of our product capabilities across our entire portfolio and with our international expansion efforts. So I love what Badoo adds, not only, again, to the customer base that we have, but also the learnings that we can have to bring to the Bumble app.

Badoo 是一個非常國際化的市場。但對我們公司來說，積極的一面是，我們確實可以從 Badoo 中汲取經驗，將其添加到 Bumble，從 Bumble 應用程式重新啟動中汲取經驗，然後以極大的靈活性將其添加到 Badoo。這使我們不僅能夠擴大在一種產品和一個地區的成長，而且還使我們能夠非常策略性地思考我們整個產品組合的產品能力以及我們的國際擴張努力。因此，我喜歡 Badoo 所添加的內容，不僅是我們現有的客戶群，還有我們可以為 Bumble 應用程式帶來的知識。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

Hey, good afternoon, everyone. Lidiane, you hit on this a little bit but I wonder if you can elaborate on that a little bit more and talk about the first chapter and the Bumble evolution. And you mentioned the launch of new products coming out over the course of the year. Can you talk about what the Bumble evolution is and what it means to you? What that might mean from product-wise?

嘿，大家下午好。Lidiane，你偶然想到了這一點，但我想知道你是否可以詳細說明一下，並談談第一章和 Bumble 的演變。您提到了今年推出的新產品。您能談談 Bumble 的演變是什麼以及它對您意味著什麼嗎？從產品角度來看，這意味著什麼？

And for a new in the 2Q guidance, at least, is there any have any expectation of a positive impact or lift from the app relaunch? Or is it still too early to think about in 2Q?

至少對於第二季的新指導，是否有人期望應用程式重新啟動會產生積極影響或提升？或者說現在考慮第二季還太早？

Great. I'll get started on this one. I hope from the market can see that the last four months is a showcase that we are just operating at a different pace and speed of innovation of the company. This gives me a lot of confidence about our future for the rest of the year. The other thing is that, Bumble has a very strong technology platform, and has for years used AI to innovate on the product and safety.

偉大的。我將開始做這件事。我希望從市場上可以看到，過去四個月是一個展示，我們只是以不同的節奏和公司創新的速度運作。這讓我對今年剩餘時間的未來充滿信心。另外，Bumble擁有非常強大的技術平台，多年來利用人工智慧在產品和安全上進行創新。

We also have a lot of flexibility in our technology infrastructure, with a mix of first party infrastructure and cloud that allows us to accelerate the compute capacity, so that we can embrace additional AI capabilities without increasing our costs. All of this to tell you that, we have the right tools and the right foundation to accelerate product innovation. And I'm personally very excited about what AI more broadly and generative AI will allow us to do for our customers this year.

我們的技術基礎設施也有很大的靈活性，第一方基礎設施和雲端的結合使我們能夠加速運算能力，這樣我們就可以在不增加成本的情況下採用額外的人工智慧功能。這一切都是為了告訴您，我們擁有合適的工具和合適的基礎來加速產品創新。我個人對今年更廣泛的人工智慧和生成式人工智慧將允許我們為我們的客戶做些什麼感到非常興奮。

And for us, our focus is helping customers find healthy and equitable connections throughout their life, with a focus on women's experience. So there's a few key areas that we're deeply looking at: first is, the profile experience and creation that allows us to nearly understand the users and for them to feel proud and inspired to express themselves. The second is regularly understand the dynamic of their intent evolution over time. As we know when someone starts to dating journey, what they are looking for and what their intent might be will evolve as that journey progresses.

對我們來說，我們的重點是幫助客戶在一生中找到健康和公平的聯繫，並專注於女性的體驗。因此，我們正在深入研究幾個關鍵領域：首先是個人資料體驗和創建，使我們能夠接近了解用戶，並使他們感到自豪並受到啟發來表達自己。第二是定期了解他們的意圖隨時間演變的動態。我們知道，當某人開始約會旅程時，他們正在尋找什麼以及他們的意圖可能會隨著旅程的進展而變化。

We want to use AI to be learning in real time. And thirdly, ensuring that with that learning, we can match and bring compatibility to a whole different level of capabilities. This is really about helping customers find real human connections and be successful in their reach to find love. So this year, we are certainly aiming to create some big movements in the market.

我們希望利用人工智慧進行即時學習。第三，確保透過學習，我們可以匹配並實現完全不同級別的能力的兼容性。這其實是為了幫助客戶找到真正的人際關係，並成功找到愛情。因此，今年我們的目標當然是在市場上創造一些大動作。

So I'm going to reserve the right to hold in detail because we certainly want to continue to drive a drumbeat that surprises and elevates our customers. The last thing I'll leave you with before passing to Anu is that we are attracting an exciting caliber of senior leadership from product and technology, from the best companies in the tech industry. Our CPR and CTO combined are bringing decades of experience on cloud computing, AI, fire product-led growth, all of which, are setting us up to execute incredibly well throughout the rest of the year. And with that, I will pass to Anu to speak a little bit about guidance.

因此，我將保留保留細節的權利，因為我們當然希望繼續推動讓我們的客戶感到驚訝和提升的鼓點。在前往阿努之前，我要留給大家的最後一件事是，我們正在吸引來自科技業最優秀公司的來自產品和技術領域的令人興奮的高級領導人才。我們的 CPR 和 CTO 結合帶來了在雲端運算、人工智慧、消防產品主導成長方面數十年的經驗，所有這些都使我們在今年剩餘時間裡能夠以令人難以置信的方式執行。接下來，我將請阿努談談指導。

Hey, Ygal, so specific to your question on Q2, maybe I'll just take a second to elaborate on how we thought about guidance. So if you think about our Q1 performance, we feel really good. We were largely in line with our expectations and are pleased that we are off to a good start. If you recall, some of the comments that we made, international growth has been very strong for us and continues to be a huge area of growth across many markets, strong download growth, share gains. And you can see all of that in third-party data as well, you know, the numbers that we are seeing internally.

嘿，Ygal，對於你在第二個問題上的問題非常具體，也許我會花一點時間來詳細說明我們如何看待指導。因此，如果您考慮我們第一季的表現，我們感覺非常好。我們基本上符合我們的預期，很高興我們有了一個好的開始。如果您還記得我們發表的一些評論，國際成長對我們來說非常強勁，並且仍然是許多市場的巨大成長領域，下載量成長強勁，份額成長。你也可以在第三方數據中看到所有這些，你知道，我們在內部看到的數字。

In the US, we did see some slowness in top of the funnel trends as we've called out before, and we definitely are seeing that continue into Q2 as well. So as we think about Q2 guidance, we are assuming that these trends effectively will largely continue throughout Q2. We are very excited about the relaunch as them as we've talked about quite extensively. But it's still early days, and we want to make sure that the teams have some time to iterate on the product and make sure that we continue to make the user experience the best it possibly can be. So I would think about this as acceleration in the second half, and Q2 is where we are closely watching the work that we're doing and making tweaks through the product.

在美國，正如我們之前所指出的那樣，我們確實看到漏斗趨勢頂部出現了一些放緩，而且我們肯定會看到這種情況也會持續到第二季​​。因此，當我們考慮第二季度的指導時，我們假設這些趨勢將在整個第二季度有效地持續下去。正如我們已經廣泛討論的那樣，我們對重新啟動感到非常興奮。但現在還處於早期階段，我們希望確保團隊有一些時間來迭代產品，並確保我們繼續為用戶提供最佳體驗。因此，我認為這是下半年的加速，第二季我們正在密切關注我們正在做的工作並透過產品進行調整。

Great, thanks. And maybe just one quick follow-up, I may have misunderstood it sounds like the strategy around BFF and how it fits into the portfolio, maybe shifting a little bit, can you just expand on that a little bit more? Thank you.

萬分感謝。也許只是一個快速的後續行動，我可能誤解了這聽起來像是圍繞 BFF 的策略以及它如何融入投資組合，也許會稍微改變一點，你能再擴展一下嗎？謝謝。

Yes, absolutely. It's a great question. Let's talk a little bit about BFF. As you have heard in previous earnings from us before, we have long believed that Bumble can play a more meaningful role in people's lives beyond dating. We have a brand mission and the equity and the market with our customers that really allows us to play a bigger role in different parts of our customers' lives.

是的，一點沒錯。這是一個很好的問題。讓我們來談談 BFF。正如您在我們之前的財報中所聽到的那樣，我們長期以來一直相信 Bumble 可以在約會之外的人們的生活中發揮更有意義的作用。我們的品牌使命以及與客戶的股權和市場確實使我們能夠在客戶生活的不同方面發揮更大的作用。

And up to this point, we have been looking at BFF, with an approach to friendship that looks very similar to our current approach to dating, where we're doing them one to one match in our product experience. And that has narrowed our reach, even though our customers that are using it today as to what we love it, has narrowed the audience for it. So we're taking a step back and a fresh look and approach at how do we embrace this opportunity? And we see it as a strategic path to also embracing what Gen-Z customers are looking for.

到目前為止，我們一直在關注 BFF，其建立友誼的方式看起來與我們當前的約會方式非常相似，我們在產品體驗中進行一對一的匹配。這縮小了我們的覆蓋範圍，儘管我們今天使用它的客戶因為我們喜歡它而縮小了它的受眾範圍。因此，我們正在退後一步，以全新的視角和方法來思考如何抓住這個機會？我們將其視為滿足 Z 世代客戶需求的策略途徑。

And they have told us, especially, since last week's launch. What we are hearing from our younger users is that they are feeling lonely and disconnected. So our goal here is to help our customers find groups of people with similar interests that they can meet in real life to make a real human connection. So our vision for friendship is to bring this authentic human connections for our customers throughout their life.

特別是自從上週推出以來，他們已經告訴我們了。我們從年輕用戶那裡聽到的是，他們感到孤獨和孤立。因此，我們的目標是幫助我們的客戶找到具有相似興趣的人群，他們可以在現實生活中遇到這些人，以建立真正的人際關係。因此，我們對友誼的願景是為我們的客戶一生帶來這種真實的人際關係。

And last week's app relaunch for Bumble was just a reaffirmation that younger users are looking for Bumble to fulfill their need for them. So that is a bit more about our approach for BFF and how we will move forward in this part of our customers' journey.

上週 Bumble 應用程式的重新推出只是重申了年輕用戶正在尋找 Bumble 來滿足他們的需求。這更多是關於我們對 BFF 的態度以及我們將如何在客戶旅程的這一部分中前進。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Hey, everyone, thanks for that question. I'm interested to hear what you saw in the testing about the relaunch that helps give you conviction in that back half acceleration. And is that fully predicated on some of the idiosyncratic improvements you're expecting to the app? Or are there some other factors like the marketing timeline or macro that play a role we should be aware? Thank you.

嘿，大家，謝謝你的提問。我很想聽聽您在測試中看到的有關重新啟動的內容，這有助於讓您對後半加速充滿信心。這是否完全基於您期望該應用程式進行的一些特殊改進？或者還有其他一些因素，例如行銷時間表或宏觀因素，我們應該注意嗎？謝謝。

Sure. Nathan, I take that. So we are, as Lidiane mentioned, we are very excited about the relaunch that we unveiled last week. And the early data that we are seeing around things like engagement and adoption of some of our new features has been very promising. Now, obviously, it's only been a week since we launched it, so we are monitoring the results very closely. And as I just said, we are keeping a close eye on what the user experience looks like across various markets.

當然。內森，我接受。因此，正如 Lidiane 所提到的，我們對上週推出的重新啟動感到非常興奮。我們在一些新功能的參與度和採用率等方面看到的早期數據非常有希望。現在，顯然，我們推出它才一周，所以我們正在非常密切地監控結果。正如我剛才所說，我們正在密切關注各個市場的使用者體驗。

So there's still more work that the teams will be doing. But yes, as you just heard from Lidiane, this is just step one of a series of product changes that we intend to make and launch through the course of the year. And that is going to include additional features, not just to enhance user experience, but also allow for newer ways of onboarding people, better profile creation, adding more features to our subscription tiers like Premium+, as you just heard, Lidiane said. There's a lot more in the works from a product perspective that is to come as we look at the rest of the year.

因此，團隊還有更多工作要做。但是，是的，正如您剛剛從 Lidiane 那裡聽到的那樣，這只是我們打算在今年進行和推出的一系列產品變革的第一步。Lidiane 表示，這將包括額外的功能，不僅可以增強用戶體驗，還可以提供更新的入職方式、更好的個人資料創建、向我們的訂閱級別（如Premium+）添加更多功能，正如您剛剛聽到的那樣。從產品角度來看，今年剩下的時間還有很多工作要做。

What's also important to note is that these product moments will also be accompanied by strong brand momentum that will allow us to keep Bumble top of mind for our users, and that is built into our marketing roadmap for the rest of the year as well. So there is a lot of work and enthusiasm around what is to come that is giving us a lot of confidence about the reacceleration of trend in the second half of the year. And as you can imagine, that has a lot of work that we are doing around testing these new product features and the learnings from doors are also incorporated into how we are thinking about where we are guiding to. So all in all, I think I would classify that these things are progressing exactly how we want them to be, and we are feeling excited about the momentum that this creates for us.

還需要注意的是，這些產品時刻還將伴隨著強大的品牌勢頭，這將使我們能夠將 Bumble 作為用戶的首要考慮因素，這也將納入我們今年剩餘時間的營銷路線圖中。因此，圍繞即將發生的事情有大量的工作和熱情，這讓我們對今年下半年趨勢的重新加速充滿信心。正如您可以想像的那樣，我們圍繞著測試這些新產品功能做了很多工作，並且從門中學到的知識也融入了我們如何思考我們的指導方向。總而言之，我認為這些事情正在按照我們希望的方式進展，我們對這為我們創造的動力感到興奮。

The one thing I would call out, which I said in my prepared remarks, is that we have we are seeing FX trends be more unfavorable since we last guided in Feb. So we could see and at least 50 basis points of headwind if current rates continue. So we just wanted to make sure we call that out, as well as we thought about revenue for the year.

我在準備好的發言中說過，我要指出的一件事是，自2 月上次指導以來，我們看到外匯趨勢更加不利。個基點的逆風繼續。因此，我們只是想確保我們能夠明確這一點，並考慮今年的收入。

Right, great, that's really helpful. And then one more, if I may, thinking about the share buybacks in the quarter, I guess, can you give any more color on your high-level buyback strategy and any cadence that investors should think of as we move through the year next year? Thank you.

對啊，太好了，這真的很有幫助。然後，如果可以的話，考慮一下本季度的股票回購，我想，您能否對您的高層回購策略以及投資者在我們明年邁入這一年時應該考慮的任何節奏提供更多的信息？謝謝。

Sure. So I'll maybe expand a little bit and just talk more broadly about our capital allocation strategy. And just to remind everyone, and we've said this consistently in the past, we feel fortunate to be in the position that we are in with a very strong balance sheet. We have a lot of free cash flow that we generate every quarter and we have a strong cash position. So that gives us, certainly, options in terms of how we think about capital allocation.

當然。因此，我可能會擴展一點，更廣泛地討論我們的資本配置策略。只是想提醒大家，我們過去一直這樣說過，我們很幸運能擁有非常強大的資產負債表。我們每季都會產生大量的自由現金流，我們擁有強大的現金狀況。因此，這無疑為我們提供瞭如何思考資本配置的選擇。

First and foremost for us, investing in our business is the most important thing for us. And we want to invest in top line revenue growth. We want to invest in product capabilities and we want to invest in our talent. So all of that is the first thing that we are looking to do and it's built into the margin assumptions that we have for the company for the year as well.

首先對我們來說，投資我們的業務是最重要的事情。我們希望投資於營收成長。我們希望投資於產品能力，我們希望投資我們的人才。因此，所有這些都是我們想要做的第一件事，它也被納入我們對公司今年的利潤率假設中。

The second thing that I would highlight as being a priority for us is to look at inorganic growth. We want to use M&A as opportunistically as we can to help accelerate the growth vectors that we have for our business. And as we have new product leadership and tech leadership coming into our business, we are setting an even higher bar for what M&A looks like and the goals that we have are from an inorganic acquisition. But that's definitely something that we are taking a look at.

我要強調的第二件事是我們優先考慮的事情是專注於無機成長。我們希望盡可能利用併購來幫助加速我們業務的成長。隨著新產品領導力和技術領導力進入我們的業務，我們正在為併購的形式以及我們的無機收購目標設定更高的標準。但這絕對是我們正在考慮的事情。

And the last thing from a capital allocation perspective that I would point to is obviously our commitment to the buyback program. We certainly believe that investing in ourselves is a very good use of our cash, and that's certainly what you've seen us do. Again, from a buyback perspective, we want to be opportunistic. So we have several levers at our disposal in terms of how we deploy the authorization that we have in place.

從資本配置的角度來看，我要指出的最後一件事顯然是我們對回購計畫的承諾。我們當然相信，對自己進行投資是對我們現金的一種很好的利用，而且您肯定也看到了我們所做的。同樣，從回購的角度來看，我們希望抓住機會。因此，在如何部署現有授權方面，我們有多種手段可供使用。

And over the course of this past year, you have seen us use multiple strategies in terms of directly buying from the market as well as buying directly from Blackstone. So we will continue to be opportunistic in terms of thinking about the best ways to deploy our buyback program as well. But again, we are pleased with the options that we have on the table.

在過去的一年裡，您看到我們在直接從市場購買以及直接從 Blackstone 購買方面使用了多種策略。因此，我們將繼續機會主義地思考部署回購計畫的最佳方式。但我們再次對擺在桌面上的選擇感到滿意。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

Great, thanks. Two questions: on the relaunch, do you expect it to act more of a driver for top of funnel growth and or for payer conversion as we get through the year? And then on gen AI, just curious how you're using it or planning to use it in the apps for Bumble users. And then, how you're using it internally across departments and on the latter on the internal use? Just curious any efficiency gains to call out. Thank you.

萬分感謝。有兩個問題：在重新啟動時，您是否期望它在我們度過這一年的過程中更多地推動漏斗頂部的增長和/或付款人轉換？然後是 gen AI，只是好奇您如何使用它或計劃在 Bumble 用戶的應用程式中使用它。然後，您如何在跨部門內部使用它以及後者在內部使用方面如何？只是好奇是否能提高效率。謝謝。

John, you asked a lot of questions. So please remind me if I miss any of them. So let's start with the relaunch. First and foremost, our number one job is to help our customers find connection and elevate women's experience. So we are taking a very customer-led approach to how we're innovating and how we're leading sustainable growth to our business.

約翰，你問了很多問題。因此，如果我錯過其中任何一個，請提醒我。那麼就讓我們從重新啟動開始吧。首先也是最重要的，我們的首要任務是幫助我們的客戶找到聯繫並提升女性的體驗。因此，我們正在採取一種以客戶為主導的方法來進行創新以及如何引領業務的可持續成長。

So the metrics that we've been closely watching are the engagement metrics that I mentioned earlier: our customers having health healthy, meaningful conversations. Yes, we certainly have seen an increase of that. Our customers embracing our opening moves is that facilitating and enhancing women's experience. We've seen rapid adoption of that and positive feedback from women who is the target audience for this product update.

因此，我們一直密切關注的指標是我之前提到的參與度指標：我們的客戶進行健康、有意義的對話。是的，我們確實看到了這種情況的增加。我們的客戶接受我們的開放性措施是為了促進和增強女性的體驗。我們看到這一點得到了迅速採用，並得到了作為本次產品更新目標受眾的女性的積極反饋。

And certainly, looking at matching, the increase matching in this first week has been very, very positive sign for us. At a high level from our business, as you know, our core KPIs remain the same. We look at paying users and ARPPU because they continue to be the best markers of revenue. Underneath all of these major metrics, there's a number of additional metrics that helps us really detail near-term and long-term health and sustainability of our business.

當然，從配對來看，第一週匹配的增加對我們來說是非常非常正面的訊號。如您所知，從我們業務的高層來看，我們的核心 KPI 保持不變。我們專注於付費用戶和 ARPPU，因為它們仍然是收入的最佳指標。在所有這些主要指標之下，還有許多其他指標可以幫助我們真正詳細了解業務的近期和長期健康狀況和可持續性。

So at a high level, there's three major categories that we look at. Top of funnel, as you mentioned, so we certainly look at registration that really gives us quite immediate signal at the health of our launch and marketing campaign. The second is the engagement, which I just mentioned. For this release, they've been very clear and a core focus for us because we're really aiming to gain customer love.

因此，從較高的層面來看，我們主要關註三個類別。正如您所提到的，漏斗頂部，因此我們當然會關注註冊，這確實為我們的發布和行銷活動的健康狀況提供了非常直接的訊號。第二個就是我剛才提到的訂婚。對於這個版本，它們非常明確，也是我們的核心焦點，因為我們真正的目標是贏得客戶的喜愛。

And then, third is, the conversion to payers, which really allow us to understand the effectiveness of our product in the long term. Are we effectively building value add across subscription tiers? Is our pricing being the right pricing across different market? So these three major categories that could again up to our paying users and ARPPU users allows us to really think about how to prioritize our product and customer efforts, as well as our marketing investments to ensure again new term growth and long term growth.

第三是向付款人的轉化，這確實讓我們能夠了解我們產品的長期有效性。我們是否有效地建立了跨訂閱層的增值？我們的定價是否適合不同市場的定價？因此，這三個主要類別可能再次影響我們的付費用戶和 ARPPU 用戶，使我們能夠真正思考如何優先考慮我們的產品和客戶工作以及我們的行銷投資，以確保再次新的成長和長期成長。

So overall, we feel really good about the start of this release. It certainly is it's still just a week in but out, but it is, as you mentioned, just as we expected. Now moving on to generative AI, I mentioned a few categories. Now, I'm certainly excited about not only the infrastructure, the talent, the data, and now the senior leadership that we have across our product and technology teams and really allow us to look at generative AI strategically.

總的來說，我們對這個版本的開始感覺非常好。當然，它仍然只有一周的時間，但正如你所提到的，正如我們所預期的那樣。現在轉向生成人工智慧，我提到了幾個類別。現在，我當然不僅對基礎設施、人才、數據感到興奮，而且對我們產品和技術團隊中的高階領導感到興奮，這確實讓我們能夠策略性地看待生成式人工智慧。

Now, we really believe that our job is not to build AI for the sake of the eye, our job is to help our customers be successful in their journey to find connection. And what I really believe with generative AI is that for experiences like the one I mentioned earlier, profile creation, that we can make it easier and simpler for customers to build beautiful profiles, by giving us easier signals that have less friction for them. And with those signals, we can use standard AI models, but also generative AI and conversational experiences, in data in photo, analytics that generative AI has become so good at to build profile and evolved our profile, as we get more signal in that dating experience.

現在，我們堅信我們的工作不是為了視覺而建立人工智慧，我們的工作是幫助我們的客戶在尋找聯繫的旅程中取得成功。我真正相信生成式人工智慧是，對於像我之前提到的個人資料創建這樣的體驗，我們可以透過向我們提供更簡單的訊號來讓客戶更容易、更簡單地建立漂亮的個人資料，從而減少他們的摩擦。有了這些訊號，我們可以使用標準的人工智慧模型，也可以使用生成式人工智慧和對話體驗，在照片資料、分析中，生成式人工智慧已經變得非常擅長建立個人資料並發展我們的個人資料，因為我們在約會中獲得了更多訊號經驗。

Now, when I look at the value that we bring to our customers, we have really optimized for matching over the course of the last several years. And our job, as we look at generative AI, is to build the premium. I'm dating service level of experience, where we are really taking a closer approach to supporting your in your entire dating journey. So even as we get more signals for our customers, once they go on a date, which can, again, automatically augment their profile accretion without them having to go back.

現在，當我看到我們為客戶帶來的價值時，我們在過去幾年中確實對配對進行了最佳化。當我們看待生成式人工智慧時，我們的工作就是創造溢價。我在約會服務方面擁有豐富的經驗，我們確實正在採取更密切的方法來支持您的整個約會之旅。因此，即使我們為客戶提供了更多信號，一旦他們去約會，這可以再次自動增加他們的個人資料積累，而無需他們回去。

So there's just a tremendous, this is just a tiny bit of an example of something that we're looking at. But we believe there is very transformative experiences that we can lean on because there is some technology. Some certainly very excited and optimistic. I think you have one final question, but maybe I think that was it. I think I covered John your questions, but please let me know if I missed any.

所以這只是我們正在研究的一個巨大的例子。但我們相信，由於有一些技術，我們可以依靠一些非常變革性的經驗。有些人肯定非常興奮和樂觀。我認為你還有最後一個問題，但也許我認為就是這樣。我想我已經回答了約翰你的問題，但如果我遺漏了任何問題，請告訴我。

Jian Li, Evercore ISI.

李健，Evercore ISI。

Great. Thanks for taking the question. So first, I have a follow-up on the M&A opportunities that you mentioned. Can you just talk through your criteria in pursuing inorganic opportunity? Is there any demographic, geography, or use cases that you think are better fitted for in our inorganic growth? I guess one thing that comes to mind for me, just some beyond dating use cases that you already have a couple of in your portfolio.

偉大的。感謝您提出問題。首先，我對你提到的併購機會進行了跟進。您能談談您追求無機機會的標準嗎？您認為是否有任何人口、地理或用例更適合我們的無機成長？我想我想到的一件事就是你的作品集中已經有一些超越約會的用例。

Yeah, thank you for that question, I'll start. now as a technologist at heart, I will tell you that our very principled approach that I knew mentioned earlier around M&A is that we can deliver seamless experiences for our customers. So we certainly look, not only at the business opportunity that an M&A opportunity may bring, but we look at how do we integrate that technology into our portfolio so that we can create value across our customers' lives. So we look at the value out of the innovation just as much as we look at the business.

是的，謝謝你的提問，我要開始了。現在，作為技術專家，我會告訴您，我之前提到的有關併購的原則性方法是，我們可以為客戶提供無縫體驗。因此，我們當然不僅關注併購機會可能帶來的商業機會，而且還關注如何將該技術整合到我們的產品組合中，以便我們能夠在客戶的生活中創造價值。因此，我們像關注業務一樣專注於創新的價值。

So that is a more principled approach to how we're looking at technology innovation. There's certainly a lot of interesting technology companies across the industry that we're constantly looking at. But our goal is that we immediately look at the fit actually align and accelerate with higher return long-term mission here. And so certainly, as Anu mentioned, it is something that we look at regularly.

因此，這是我們看待技術創新的更原則性方法。我們一直在關注整個行業中有很多有趣的科技公司。但我們的目標是，我們立即專注於與更高回報的長期使命的實際契合和加速。因此，正如阿努所提到的，這是我們經常關注的事情。

And because of our strong financial stance, we are able to use that as leverage to accelerate growth, as we identify any opportunities for the market. So certainly something that we will continue to consider and we'll keep you posted on as we get farther.

由於我們強大的財務狀況，當我們發現市場的任何機會時，我們能夠利用它作為加速成長的槓桿。因此，我們肯定會繼續考慮一些事情，並且隨著我們的進展，我們會及時通知您。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great, thanks for taking my question. I'd be curious to hear on the strategy of offering women more options around who makes the move, how that's impacted, and the interactions you're seeing on the app? But had a bigger impact on women or men, and maybe has it also change your brand perception in any noticeable way in an annual. Can you just help us think through the balance of the year in terms of Bumble app payer net addition trends seen? Should the should the relaunch of any impact on typical seasonal trends? Thank you.

太好了，感謝您提出我的問題。我很想知道為女性提供更多選擇的策略，包括誰採取行動、影響如何以及您在應用程式上看到的互動？但對女性或男性的影響更大，也許它也會在一年中以任何明顯的方式改變您的品牌認知。您能否幫助我們根據 Bumble 應用付款人淨增加趨勢來思考今年的餘額？重新啟動是否應該對典型的季節性趨勢產生任何影響？謝謝。

Yeah, I'll get started and then I'll pass it on to Anu. I'll be super clear that, at Bumble, women still make the first move. What we have introduced is added control in how they make that first move. Now, women will still decide who they want to match with, and then they can decide if they want to initiate the conversation or if they are open to the person that they're marching to that will answer questions at the end of the women or pack.

是的，我會開始，然後將其傳遞給阿努。我要非常明確的是，在 Bumble，女性仍然是踏出第一步的人。我們所介紹的是對他們如何踏出第一步的額外控制。現在，女性仍然會決定她們想和誰配對，然後她們可以決定是否要發起對話，或者是否對她們要走向的人持開放態度，而這個人會在女性結束時回答問題，或者盒子。

So what we have seen, we certainly are, again, optimizing for women's experience here. Because women have told us, they want more control in how to initiate that conversation. And in the target audience here who are the women have responded incredibly positively and to this expansion of making the first move. So that's been a really positive sign, but this has also been beneficial for men.

因此，我們所看到的，我們當然正在再次優化女性的體驗。因為女性告訴我們，她們希望對如何發起對話有更多的控制權。在這裡的目標受眾中，女性對這種邁出第一步的擴張反應非常積極。所以這是一個非常正面的訊號，但這對男性也有好處。

And that's the great thing is that our belief, when we build great experiences for women, we're elevating the experience across our entire ecosystem. So what that has meant is that men now can also answer questions as a starting conversation. And that has led to a higher degree of conversations starting. That has more interesting of a start than a hey. And so we are really allowing more engaged and healthy discussions, which, as I mentioned earlier, is leading to more matches.

最棒的是，我們相信，當我們為女性打造出色的體驗時，我們正在提升整個生態系統的體驗。所以這意味著男人現在也可以回答問題作為對話的開始。這導致了更高程度的對話開始。這比嘿更有趣。因此，我們確實允許進行更多參與和健康的討論，正如我之前提到的，這會帶來更多的比賽。

So fundamentally, this is an evolution of making the first move that have shown really positive early signs. As Anu mentioned, we are customer obsessed here. So as we continue to gather more adoption and feedback, we will continue to fine-tune introduced capabilities as our customers guide us. But so far, it's been a really positive start and just the elevation of our company's commitment to women's experience.

所以從根本上來說，這是邁出第一步的演變，已經顯示出了真正積極的早期跡象。正如阿努所說，我們以客戶為中心。因此，隨著我們繼續收集更多的採用和回饋，我們將在客戶的指導下繼續微調引入的功能。但到目前為止，這是一個非常積極的開始，並且提升了我們公司對女性體驗的承諾。

And Ben, just on your question about net adds for Bumble app, for the Q2, as you just heard her say, we are guiding to between 70,000 and 80,000. On Q3, as you know, is seasonally a strong quarter for us as always. And we should also see the benefits of some of the work that we're doing with the relaunch come into play. So you will definitely see a step-up in Q3 compared to Q2, and then Q4 should also be strong. But again, from a seasonal perspective, you should expect Q4 will be lower than where Q3 will be. And that should get you to the full-year guide that we are reiterating for.

Ben，就你關於 Bumble 應用程式淨添加的問題而言，對於第二季度，正如你剛剛聽到她所說，我們的目標是 70,000 到 80,000 之間。如您所知，第三季對我們來說一如既往是季節性強勁的季度。我們還應該看到我們在重新啟動時所做的一些工作的好處正在發揮作用。因此，與第二季相比，您肯定會看到第三季的進步，然後第四季也應該很強勁。但同樣，從季節性角度來看，您應該預期第四季將低於第三季。這應該會讓您看到我們重申的全年指南。

Curtis Nagle, Bank of America.

柯蒂斯‧內格爾，美國銀行。

Terrific. Thanks for taking the questions. That one on the other, the net add was one of them. So I think the market there. But just a quick modeling question in terms of the SPC expectations for the year. I know there were a lot of moving pieces for the first quarter and that netted out to something like zero, but how should we think about that for the remainder of the year? Should it be kind of in the high 20s, 30s? Yeah, what's the framework there?

了不起。感謝您提出問題。另一方面，淨添加就是其中之一。所以我認為市場在那裡。但這只是一個關於今年 SPC 預期的快速建模問題。我知道第一季有很多變動，最終淨值為零，但我們應該如何考慮今年剩餘時間的情況？應該是20多歲、30多歲吧？是啊，那裡的框架是什麼？

Yeah. So as you know, in Q1, we had a two point, we had a pretty unusual quarter in terms of stock based. The biggest driver of that was in addition to the workforce transformation, which obviously resulted in the introduction. We also had other employee terminations that led to some almost a noncritical stock-based comp number for the quarter. We are in the process of finalizing our workforce transformation.

是的。如您所知，在第一季度，我們有兩點，就庫存而言，我們度過了一個非常不尋常的季度。最大的推動力除了勞動力轉型之外，這顯然導致了勞動力的引入。我們還有其他員工解僱，導致本季一些幾乎不重要的基於股票的補償數字。我們正在完成勞動力轉型。

So we will be able to give you better visibility into what the stock-based comp trajectory looks like going forward, once we get and the work that we're doing from a headcount perspective. But for the full year, you should definitely expect that our overall stock-based comp levels will be lower than what you've seen historically.

因此，一旦我們從員工人數的角度了解我們正在做的工作，我們將能夠讓您更了解以股票為基礎的薪酬軌跡的未來發展。但就全年而言，您絕對應該預期我們的整體基於股票的競爭水平將低於您歷史上看到的水平。

Laura Champine, Loop Capital.

勞拉·尚平 (Laura Champine)，Loop Capital。

Thanks for taking my question. It's about the shape of the growth for the year, because it seems from the implied guidance that you would see a pretty significant step down in revenue growth this current quarter, and then a bounce back to something closer to your Q1 growth in the back half of the year? Still a little unclear on what drives that?

感謝您提出我的問題。這是關於今年增長的形狀，因為從隱含的指導來看，您會看到本季度的收入增長出現相當大的下降，然後在後半段反彈至接近第一季增長的水平今年？仍然有點不清楚是什麼推動了這一點？

Sure, Laura, I can take that. So if you look at the trajectory of the revenue growth to your point, Q1 for Bumble app was at 11%. We are guiding for Q2 to be slightly lower than that. This is in line with the commentary that we gave around the trends that we are seeing, with respect to top of the funnel, especially in the US for younger users.

當然，蘿拉，我可以接受。因此，如果你看看你的觀點的營收成長軌跡，Bumble 應用程式的第一季成長率為 11%。我們預計第二季的成長速度將略低於該水準。這與我們針對漏斗頂部的趨勢所發表的評論一致，尤其是在美國的年輕用戶中。

So Q2 is a continuation of some of the trends that we saw in Q1, and that's where we're guiding to as a result of that. In the second half of the year, we are anticipating that we will see improvements in trends as a result of the work that we have done in the relaunch, but also from the work that we will be doing from a product perspective, with respect to launching newer features, both from an engagement and conversion perspective, but also from a monetization perspective. So you heard Lidiane talk about the future chapters of the Bumble roadmap. That is what gives us confidence about the second half of the year.

因此，第二季度是我們在第一季看到的一些趨勢的延續，這就是我們所指導的結果。在今年下半年，我們預計，由於我們在重新啟動中所做的工作以及我們從產品角度所做的工作，我們將看到趨勢的改善，在以下方面：推出更新的功能，無論是從參與度和轉換的角度，還是從貨幣化的角度來看。你聽到 Lidiane 談論 Bumble 路線圖的未來章節。這讓我們對下半年充滿信心。

In addition, from a marketing perspective as well, we've built up a lot of excitement with the relaunch. We intend to continue amplifying the product work that we're doing with strong brand moments that will again continue to keep Bumble top of mind for our users. So all of these things, if you put them together, give you the trajectory that you see in terms of reacceleration of the trends in the second half of the year.

此外，從行銷的角度來看，我們也因重新推出而感到興奮。我們打算繼續透過強大的品牌時刻來擴大我們正在做的產品工作，這將再次繼續讓 Bumble 成為我們用戶的首要關注點。因此，如果將所有這些因素放在一起，您將看到下半年趨勢重新加速的軌跡。

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

女士們先生們，我們的問答和今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。