Bumble Inc (BMBL) 2024 Q2 法說會逐字稿

Hello, and welcome to the Bumble second quarter 2024 financial results conference call. My name is Elliot's, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to Cherryl Valenzuela, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加 Bumble 2024 年第二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）我現在想將會議交給投資者關係副總裁 Cherryl Valenzuela。請繼續。

Thank you for joining us to discuss Bumble's second quarter 2024 financial results. With me today are Bumble’s CEO, Lidiane Jones; and CFO, Anu Subramanian.

感謝您與我們一起討論 Bumble 2024 年第二季的財務表現。今天和我在一起的有 Bumble 的執行長 Lidiane Jones；財務長阿努‧薩勃拉曼尼亞 (Anu Subramanian)。

Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions, and information currently available to us.

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.

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。

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

在電話會議中，我們也提到了某些非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。今天的收益新聞稿中提供了與最具可比性的 GAAP 指標的對賬，該新聞稿可在我們網站 ir.bumble.com 的投資者關係部分找到。

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

這樣，我就把它交給 Lidiane。

Thank you, Cherryl, and good afternoon, everyone. When I joined Bumble seven months ago, we embarked in a plan to strengthen our foundation to deliver long-term growth and profitability. We added outstanding talent to our team, we set our cost structure, we enforce a culture of excellence, and begin to reimagine Bumble app product to ensure we're delivering the best and most relevant customer experience to women today.

謝謝你，謝麗爾，大家下午好。當我七個月前加入 Bumble 時，我們開始製定一項計劃，以加強我們的基礎，以實現長期增長和盈利。我們為我們的團隊增添了優秀的人才，我們設定了成本結構，我們推行卓越的文化，並開始重新構想 Bumble 應用程式產品，以確保我們為當今的女性提供最佳和最相關的客戶體驗。

As the first dating app built with women at the center, we continue to believe that when dating is better for women, it is better for everyone. That is scorch Bumble's mission and will remain our priority.

作為第一個以女性為中心的約會應用程序，我們仍然相信，當約會對女性更好時，對每個人都更好。這是 Scorch Bumble 的使命，並且仍然是我們的首要任務。

In April, we launched the first chapter of Bumble app, Evolution, including a refresh-looking feel, improved onboarding and profile creation plans, as well as launched opening moves, which gives women more choice in how conversations get started. This launch was just the first step and was successful in achieving two important objectives: delivering a better experience for women and improving engagement.

4 月份，我們推出了 Bumble 應用程式的第一章 Evolution，包括煥然一新的外觀、改進的入門和個人資料創建計劃，以及推出的開場動作，讓女性在如何開始對話方面有更多選擇。這次發布只是第一步，成功實現了兩個重要目標：為女性提供更好的體驗和提高參與度。

We have seen increases in users with high-quality profiles, more matches for women, and people voting us across genders. These early wins hoist to the type of customer value that drives long-term sustainable growth. This category is vibrant and we see tremendous opportunities ahead, but it's evident to reignite the user growth engine for our company in the long term.

我們看到，擁有高品質個人資料的用戶數量增加，女性的匹配度也有所增加，而且人們對我們進行跨性別投票。這些早期的勝利提升了推動長期可持續成長的客戶價值類型。這個類別充滿活力，我們看到了巨大的機遇，但從長遠來看，它顯然會重新點燃我們公司的用戶成長引擎。

We need to take a firm stance towards delivering customer value that goes beyond this launch. We're making the difficult but important decision to reset our strategy to deliver durable customer value by addressing two fundamental in interconnected challenges. First, we need to ensure we're capturing the right balance and mix of people in our customer ecosystem. This entails correcting demographic imbalances and improving retention by providing our customers with more innovative and compelling dating experiences.

我們需要採取堅定的立場，為客戶提供超越此次發布的價值。我們正在做出艱難但重要的決定，重新調整我們的策略，透過解決兩個相互關聯的基本挑戰來提供持久的客戶價值。首先，我們需要確保在客戶生態系統中實現適當的平衡和人員組合。這需要透過為我們的客戶提供更具創新性和吸引力的約會體驗來糾正人口失衡並提高保留率。

And second, we need to monetize more effectively while ensuring a great experience for both our free and paid customers. To address these challenges, we have embarked upon a comprehensive plan that will help us achieve our ultimate goal of making Bumble the number one choice for people to find love, friendship, and community around the world. Our plan is focused on three important areas, ecosystem, the customer experience, and our revenue strategy.

其次，我們需要更有效地實現獲利，同時確保免費和付費客戶獲得良好的體驗。為了應對這些挑戰，我們啟動了一項全面的計劃，該計劃將幫助我們實現最終目標，讓 Bumble 成為世界各地人們尋找愛情、友誼和社區的首選。我們的計劃重點在於三個重要領域：生態系統、客戶體驗和我們的收入策略。

Let me detail each one of them. Our first area of focus is fostering a vibrant customer ecosystem. Our customers come to our app to meet people, so getting the right balance makes an intent of people in Bumble is fundamental to our success. Strengthening our ecosystem will result in better engagement, improve retention, and ultimately, deliver more successful outcomes to our customers.

讓我詳細介紹其中每一項。我們的首要關注領域是培育充滿活力的客戶生態系統。我們的客戶使用我們的應用程式來結識新朋友，因此在 Bumble 中實現人們意圖的正確平衡是我們成功的基礎。加強我們的生態系統將帶來更好的參與度、提高保留率，並最終為我們的客戶帶來更成功的成果。

Our product choices going forward will increasingly favor ecosystem health and engagement on Bumble app. One example is prioritizing more robust profiles for all of our users. We know that creating detailed profiles and adding photos takes time and often causes friction, particularly during onboarding. However, we also know that quality profiles facilitate better engagement in greater customer success, particularly for women, which in turn also makes men's experience better. This April launch gave us some evidence of that.

我們未來的產品選擇將越來越有利於生態系統的健康和 Bumble 應用程式的參與。一個例子是優先考慮為所有使用者提供更強大的設定檔。我們知道，創建詳細的個人資料和添加照片需要時間，並且經常會造成摩擦，尤其是在入職期間。然而，我們也知道，品質檔案有助於更好地參與更大的客戶成功，特別是對於女性而言，這反過來也使男性體驗更好。四月的發布給了我們一些證據。

By raising the bar on minimum requirements for new user profiles and photos, we drove immediate improvements to engagement metrics caused by a better experience and more engaged users in our ecosystem. While our efforts may turn away some lower engagement users in the near term, we believe this will ultimately result in a more authentic and better experience for our users over time.

透過提高新用戶個人資料和照片的最低要求，我們在生態系統中提供了更好的體驗和更多的用戶參與，從而推動了參與度指標的立即改進。雖然我們的努力可能會在短期內拒絕一些參與度較低的用戶，但我們相信隨著時間的推移，這最終將為我們的用戶帶來更真實、更好的體驗。

Achieving customer balance also involves updating our marketing playbook so that we can acquire the right users in each market. In mature markets where our brand recognition is strong, our focus will be on experiential and re-engagement marketing strategies. While in Tier 2 and Tier 3 cities, we'll expand our brand and digital marketing campaigns.

實現客戶平衡也涉及更新我們的行銷策略，以便我們能夠在每個市場中獲得合適的用戶。在我們的品牌認知度較高的成熟市場，我們的重點將放在體驗式和再互動行銷策略上。在二線和三線城市，我們將擴大我們的品牌和數位行銷活動。

To better execute on these goals, we're investing on marketing technology and data, including better analytics capabilities to effectively personalize how we reach our customers and optimize the ROI of our spend across different markets.

為了更好地執行這些目標，我們正在投資行銷技術和數據，包括更好的分析能力，以有效個性化我們接觸客戶的方式並優化我們在不同市場的支出投資回報率。

Our second area of focus is customer experience, which begins with continuous product innovation. An area that I'm personally energized by and will be more directly engaged with our product and engineering team. We are working on the next chapters of the Bumble app, Evolution. And through the fall and early winter we'll be launching several new features, including more options for making opening moves, new interest filters, improvements to our core matching algorithm, as well as customization to our chat timer.

我們關注的第二個領域是客戶體驗，這始於持續的產品創新。我個人對這個領域充滿活力，並將更直接地與我們的產品和工程團隊合作。我們正在開發 Bumble 應用程式 Evolution 的下一章。在整個秋季和初冬，我們將推出幾項新功能，包括更多的開局選項、新的興趣過濾器、核心匹配演算法的改進以及聊天計時器的客製化。

We will also introduce new AI-driven features, including an AI-assisted photo picker to ease the profile creation process and conversation support that will help our customers gain confidence to be their best selves. We have an ambitious view of how AI will enhance the value we deliver to our customers in each step of the dating journey profile creation, discovery, engagement, and the core of our matching models.

我們還將推出新的人工智慧驅動功能，包括人工智慧輔助照片選擇器，以簡化個人資料創建過程，以及對話支持，幫助我們的客戶有信心做最好的自己。我們對人工智慧如何在約會旅程個人資料創建、發現、參與以及匹配模型核心的每一步中增強我們為客戶提供的價值抱有雄心勃勃的願景。

Another essential part of customer experience is safety and support. Bumble has a strong foundation for safety and we're doubling down on safety innovation by expanding our efforts to crack down on bad actors, we move duplicate accounts, and add government ID verification on Bumble app, actions that may have a short-term impact on [MAU] but will result in better and safer user experiences.

客戶體驗的另一個重要部分是安全和支援。 Bumble 擁有堅實的安全基礎，我們正在加倍努力進行安全創新，加強打擊不良行為者，我們將移動重複帳戶，並在 Bumble 應用程式上添加政府身份驗證，這些行動可能會產生短期影響在[MAU ] 上，但會帶來更好、更安全的使用者體驗。

We're also optimizing our operation to speed up support and safety resolution while improving our accuracy and quality of service. These initiatives are designed to ensure our customers know that they're part of an ecosystem committed to safety and healthy connection.

我們還優化我們的運營，以加快支援和安全解決速度，同時提高我們的服務準確性和品質。這些措施旨在確保我們的客戶知道他們是致力於安全和健康連接的生態系統的一部分。

Our third area of focus is evolving our revenue strategy. We are reevaluating how we deliver value at every step of our customer's journey; from the top of the funnel to peer conversion, while optimizing for LTV. Over time, we'll rebalance Bumble subscription tiers and merchandising in favor of mechanisms that reward positive peer behaviors and support better ecosystem health. As part of this process, we'll slow down certain monetization initiatives in the near term, including the expansion of premium plus.

我們的第三個重點領域是發展我們的收入策略。我們正在重新評估如何在客戶旅程的每一步提供價值；從漏斗頂部到同儕轉化，同時針對 LTV 進行最佳化。隨著時間的推移，我們將重新平衡 Bumble 訂閱等級和商品推銷，以支持獎勵積極的同儕行為並支持更好的生態系統健康的機制。作為這個過程的一部分，我們將在短期內放慢某些貨幣化舉措，包括擴大保費附加。

Being more deliberate about how we monetize in the near term does not mean that we see less growth opportunity, it means we're treating unsustainable short-term growth in favor of better connecting customer experiences with long-term growth potential. We'll also lean on areas of strength and where we see growth opportunities, including Badoo, international expansion, and adjacent opportunities like advertising.

更深思熟慮地考慮如何在短期內實現盈利並不意味著我們會看到更少的成長機會，而是意味著我們正在處理不可持續的短期成長，有利於更好地將客戶體驗與長期成長潛力聯繫起來。我們也將依靠優勢領域和我們看到的成長機會，包括 Badoo、國際擴張以及廣告等鄰近機會。

While the initiatives I've outlined have been primarily about enhancing Bumble apps, in reality they extend across our entire portfolio with the goal of building out our offerings to expand our TAM. Badoo has provided us with great proof points of how reorienting towards customer value is to better outcomes for them. In Q3, we're planning to roll out brand updates and the re-architecture of the revenue strategy for Badoo with new subscription tiers that are designed to be more affordable and encourage higher engagement.

雖然我概述的舉措主要是關於增強 Bumble 應用程序，但實際上它們延伸到我們的整個產品組合，目標是建立我們的產品以擴展我們的 TAM。 Badoo 為我們提供了很好的證據，證明重新定位客戶價值如何為他們帶來更好的結果。在第三季度，我們計劃推出品牌更新，並透過新的訂閱等級重新建立 Badoo 的收入策略，這些訂閱等級旨在更實惠並鼓勵更高的參與度。

And as I shared last quarter, Bumble is the connections company and we remain excited by the potential to expand into apps for non-romantic relationships.

正如我上季度分享的那樣，Bumble 是一家連接公司，我們仍然對擴展到非浪漫關係應用程式的潛力感到興奮。

In July, we closed the acquisition of Geneva, a group and community app for people to connect based on shared interests. Geneva will meaningfully accelerate our opportunity in friendships and community space, and we're working towards launching it more broadly later this fall. We have more to share in the coming quarters.

7 月，我們完成了對Geneva 的收購，這是一個群組和社區應用程序，供人們根據共同興趣進行聯繫。日內瓦將有意義地增加我們在友誼和社區空間方面的機會，我們正努力在今年秋天晚些時候更廣泛地推出它。我們將在未來幾季分享更多內容。

In closing, our renewed and relentless focus on customers is essential to unlocking further untapped growth in this category. I want to be clear that I do not take lightly the impact our decisions will have on the near-term growth, but I have high conviction that this is the right path for Bumble's long-term value creation. I came to Bumble to innovate for our customers and help them find successful connections and relationships through our experiences, while we have a lot of work in front of us and energized and confident in our path forward and will keep you informed on our progress along the way.

最後，我們重新對客戶的不懈關注對於進一步釋放這一類別的未開發成長至關重要。我想明確的是，我不會輕視我們的決定對短期成長的影響，但我堅信這是 Bumble 長期價值創造的正確道路。我來到Bumble 是為了為我們的客戶進行創新，並透過我們的經驗幫助他們找到成功的聯繫和關係，同時我們面前還有很多工作要做，我們對前進的道路充滿活力和信心，並將隨時向您通報我們的進度方式。

I want to thank the Bumble team for their incredible hard work and dedication, and I want to thank our customers for their trust in us as well as our partners and investors for their continued support.

我要感謝 Bumble 團隊的辛勤工作和奉獻精神，也要感謝客戶對我們的信任以及合作夥伴和投資者的持續支持。

And with that, let me turn it to Anu.

接下來，讓我把它轉向阿努。

Thank you, Lidiane, and good afternoon everyone. I'll walk you through our second quarter result and then share more perspective on our updated 2024 outlook. Unless stated otherwise, all comparisons are on a year-over-year basis.

謝謝你，Lidiane，大家午安。我將向您介紹我們第二季的業績，然後分享有關我們更新的 2024 年展望的更多觀點。除非另有說明，所有比較均以同比為基礎。

Total Bumble Inc. revenue grew 3% in Q2 to $269 million. FX headwinds totaled $3.4 million through our top line this quarter and impacted on growth rate negatively by approximately 1.5 percentage points. Revenue growth was driven by total paying users, which grew 14% to $4.1 million, offset by an 8% decrease in [ARPPU] to $21.37. Bumble app revenue grew 5% to $218 million, and FX headwinds were approximately $2.5 million and impacted the growth rate negatively by 1 percentage point.

Bumble Inc. 第二季總營收成長 3%，達到 2.69 億美元。本季外匯逆風總計達 340 萬美元，對成長率產生了約 1.5 個百分點的負面影響。收入成長是由付費用戶總數推動的，付費用戶總數成長 14%，達到 410 萬美元，但 [ARPPU] 下降 8%，達到 21.37 美元，所抵銷。 Bumble 應用程式營收成長 5%，達到 2.18 億美元，外匯不利因素約為 250 萬美元，對成長率產生了 1 個百分點的負面影響。

Q2 growth was driven by a 15% increase in paying users to 2.8 million. On a sequential basis, we reported 87,000 paying user net adds with continuous strength in international markets. The increase in paying users was partially offset by a 9% year over year decline in ARPPU owing to geographic mix shift. ARPPU continued to grow year over year within many individual markets, including the US.

第二季的成長是由付費用戶成長 15% 至 280 萬所推動的。環比報告顯示，付費用戶淨增加 87,000 名，國際市場持續強勁。付費用戶的成長被地理結構變化導致的 ARPPU 年減 9% 所部分抵消。在包括美國在內的許多單獨市場中，ARPPU 持續逐年成長。

Badoo app and other revenue of $51 million declined 2% year over year. FX headwinds were approximately $1 million and impact growth negatively by approximately 2 percentage points. We grew paying users by 12% to 1.3 million and Q2 net adds were 27,000. ARPPU declined 7% to $11.93. As a reminder, we began including contributions of growth in Badoo app and other KPIs in Q4 of 2023.

Badoo 應用程式和其他收入為 5,100 萬美元，年減 2%。外匯逆風約 100 萬美元，對成長產生約 2 個百分點的負面影響。我們的付費用戶成長了 12%，達到 130 萬，第二季淨增人數為 27,000。 ARPPU 下降 7% 至 11.93 美元。提醒一下，我們從 2023 年第四季開始納入 Badoo 應用程式成長的貢獻和其他 KPI。

Turning now to expenses, we continue to operate with financial discipline and our second quarter operating expense leverage reflects the cost structured improvements we implemented earlier this year. Total GAAP operating cost and expenses were $217 million for the quarter, down 9% year over year. And Q2 net earnings were $38 million compared to $9 million in the year ago period.

現在談到費用，我們繼續遵守財務紀律，第二季的營運費用槓桿反映了我們今年稍早實施的成本結構改進。該季度 GAAP 營運成本和費用總額為 2.17 億美元，年減 9%。第二季淨利為 3,800 萬美元，而去年同期為 900 萬美元。

The decline in cost 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 approximately $3 million. On a non-GAAP basis, excluding stock-based compensation and other non-cash [or] non-recurring items, total cost and expenses were $194 million up approximately 1% year-over-year.

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約 300 萬美元的相關費用所抵消。以非公認會計原則計算，不包括股票薪酬和其他非現金[或]非經常性項目，總成本和費用為 1.94 億美元，年增約 1%。

Q2 adjusted EBITDA of $75 million, that presented a margin of 28% and was up some 26% last year. Cost of revenue was $80 million and grew 6%. As a percentage of revenue, cost of revenue was 30% versus 29% in the year-ago period, in line with our expectations. Selling and marketing expenses grew 5% to $67 million, representing 25% of revenue. Our spend was lower than anticipated, primarily due to lower marketing around our Bumble brand relaunch campaign.

第二季調整後 EBITDA 為 7,500 萬美元，利潤率為 28%，比去年增長約 26%。收入成本為 8 千萬美元，成長 6%。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。銷售和行銷費用成長 5%，達到 6,700 萬美元，佔營收的 25%。我們的支出低於預期，主要是因為 Bumble 品牌重新推出活動的行銷活動減少。

G&A expenses declined 9%, $27 million or 10% of revenue compared to $29 million or 11% of revenue last year. Product development expenses declined 17% to $20 million, representing 7% of revenue. Decline in product development expenses was primarily related to reduced employee costs, as a result of our [recent acquisition] announced in February.

G&A 費用下降 9%，即 2,700 萬美元，佔收入的 10%，而去年為 2,900 萬美元，佔收入的 11%。產品開發費用下降 17% 至 2,000 萬美元，佔營收的 7%。產品開發費用的下降主要與員工成本的降低有關，這是我們二月宣布的[最近收購]的結果。

Turning to the balance sheet, we ended the quarter with $287 million in cash and cash equivalent. Since, the inception of our repurchase program, we have returned $241 million to shareholders representing more than 125% of our free cash flow over that time. Year-to-date, our total share repurchase is $84 million, which represents more than 2.5 times our year-to-date free cash flow of $31 million.

轉向資產負債表，本季末我們的現金和現金等價物為 2.87 億美元。自回購計畫啟動以來，我們已向股東返還了 2.41 億美元，佔當時自由現金流的 125% 以上。年初至今，我們的股票回購總額為 8,400 萬美元，是我們年初至今自由現金流 3,100 萬美元的 2.5 倍以上。

At the end of Q2, we had $209 million remaining on our $450 million total buyback authorization. Our strong balance sheet and profitability gives us the financial flexibility to continue returning cash to our shareholders. We remain very committed to our buyback program and continue to believe that buying back shares remains a very good use of our capital.

截至第二季末，我們 4.5 億美元的回購授權總額中還剩 2.09 億美元。我們強大的資產負債表和獲利能力使我們具有財務靈活性，可以繼續向股東返還現金。我們仍然非常致力於我們的回購計劃，並且仍然相信回購股票仍然是我們資本的一個很好的利用方式。

Now moving on to our outlook for the rest of the year. We are intentionally resetting our outlook today to reflect the execution of the customer-focused strategy that Lidiane just outlined. In the process of strengthening our ecosystem and improving the customer experience, we plan to prioritize product and marketing investments that will improve engagement and ecosystem health, particularly in our more mature market. This will include expanding our efforts around safety and improving the mix and intent of customers on our app.

現在繼續我們對今年剩餘時間的展望。我們今天有意重新調整我們的前景，以反映 Lidiane 剛剛概述的以客戶為中心的策略的執行情況。在加強我們的生態系統和改善客戶體驗的過程中，我們計劃優先考慮產品和行銷投資，以提高參與度和生態系統的健康狀況，特別是在我們更成熟的市場中。這將包括擴大我們在安全方面的努力，並改善客戶對我們應用程式的組合和意圖。

In addition, as we align our revenue strategy to deliver broader customer value across all subscription tiers, we will also slow down certain monetization efforts like premium plus that we had originally planned for in the second half of the year.

此外，當我們調整收入策略以在所有訂閱層級提供更廣泛的客戶價值時，我們還將放慢某些貨幣化工作，例如我們原本計劃在今年下半年進行的高級增值服務。

All of these factors in aggregate will impact our near-term top of funnel user growth and monetization, but we have high confidence that these are the necessary steps for us to reignite user growth, drive sustainable revenue, and capture customer value in the long term. We continue to be encouraged by the strength we are seeing in many of our international markets and expect healthy growth to continue in those in the second half.

所有這些因素總的來說將影響我們近期的漏斗頂部用戶成長和貨幣化，但我們非常有信心，這些是我們重新點燃用戶成長、推動永續收入和長期獲取客戶價值的必要步驟。我們繼續對許多國際市場的強勁勢頭感到鼓舞，並預計下半年將繼續健康成長。

As a result, for Q3, we now expect total revenue between $269 million and $275 million, representing a year-over-year decline of 1% at the mid-point. Adjusted for FX headwind, revenue would be flat year-over-year. We expect Bumble app revenue to be between $217 million and $221 million, also representing a year-over-year decline of 1% at the midpoint. Adjusted for FX, Bumble app revenue will also be flat year over year. We expect Bumble app sequential net adds of approximately [40,000 to 50,000] in Q3.

因此，我們現在預計第三季的總營收將在 2.69 億美元至 2.75 億美元之間，中間值將年減 1%。考慮到外匯逆風因素後，收入將同比持平。我們預計 Bumble 應用收入將在 2.17 億美元至 2.21 億美元之間，中位數也將年減 1%。根據外匯調整後，Bumble 應用收入也將比去年同期持平。我們預計第三季 Bumble 應用程式的連續淨增量約為 [40,000 至 50,000]。

We estimate adjusted EBITDA will be between $77 million and $80 million, representing 29% margin at the midpoint of the range. For full-year 2024, we now expect total Bumble in revenue growth between 1% and 2%. We expect Bumble app revenue growth between 1.5% to 2.5% with full-year Bumble app net adds of approximately 275,000 to 285,000. This implies that we expect to see negative net adds in Q4 of this year. While this is partly driven by seasonality, it primarily reflects the actions I just outlined.

我們估計調整後的 EBITDA 將在 7,700 萬美元至 8,000 萬美元之間，相當於該範圍中點的 29% 利潤率。對於 2024 年全年，我們目前預計總收入成長將在 1% 至 2% 之間。我們預計 Bumble 應用收入成長在 1.5% 至 2.5% 之間，全年 Bumble 應用淨增加量約為 275,000 至 285,000 個。這意味著我們預計今年第四季將出現負淨成長。雖然這部分是由季節性因素驅動的，但它主要反映了我剛才概述的行動。

Owing to our revised revenue growth outlook, we now expect full adjusted EBITDA margin expansion of at least 200 basis points year over year. Our outlook reflects the strong operating profitability of our business model, including the benefit of in-year savings from our workforce reduction. That benefit has largely been realized as of today with a small incremental portion to come in Q3. We will continue to exercise operational and financial discipline and take an ROI focused approach to how we invest strategically for Bumble's long-term growth in the critical areas that Lidiane outlined earlier.

由於我們修改了營收成長前景，我們現在預計全面調整後的 EBITDA 利潤率將比去年同期增加至少 200 個基點。我們的前景反映了我們業務模式的強勁營運獲利能力，包括年內因裁員而節省的收益。截至今天，這一優勢已基本實現，第三季將有一小部分增量。我們將繼續遵守營運和財務紀律，並採取以投資回報率為中心的方法來策略性投資，以實現 Bumble 在 Lidiane 之前概述的關鍵領域的長期成長。

In summary, we see tremendous opportunity for Bumble Inc. We are making intentional choices today to align our strategy, execution, and resources to capture the large long-term opportunity ahead of us. While the actions we are taking are difficult in the near term, we are in a healthy position financially as we execute, including our ability to drive strong cash flow while returning capital to our shareholders.

總而言之，我們看到了 Bumble Inc. 的巨大機會。雖然我們正在採取的行動在短期內很困難，但我們在執行過程中財務狀況良好，包括我們有能力推動強勁的現金流，同時向股東返還資本。

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

然後，我會將其轉交給操作員進行問答。

(Operator Instructions)

（操作員說明）

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

Hi. Thanks for taking my question. Maybe one on the 2Q results first and then one on the guide. So, given that your comments were that ARPPU is growing within many of your individual markets, with the overall ARPPU decline driven largely by the geo mix shift, should we infer from that a decline in us paying users or can you help us provide any guardrails around the US versus international paying user MAU dynamic?

你好。感謝您提出我的問題。也許先看第二季的結果，然後再看指南。因此，鑑於您的評論是ARPPU 在您的許多個人市場中正在成長，而整體ARPPU 下降主要是由地理結構變化所驅動的，我們是否應該從中推斷出我們付費用戶的下降，或者您能否幫助我們提供任何保護措施美國與國際付費用戶 MAU 動態如何？

Hi, Andrew. This is Anu, I'll take that. Yes, I think as we mentioned on the call, we are seeing overall ARPPU decline for Bumble app. While individually in each of the markets, including the US we are seeing ARPPU increase. The weightage of the US versus international markets is having an impact on overall ARPPU. We are seeing some pressure on US top of the funnel metrics and that is flowing through to the pressure that we are seeing on US payers as well. And a lot of the actions that we are outlining today are effectively meant to really be focused on our more mature markets, especially the US.

嗨，安德魯。這是阿努，我接受。是的，我認為正如我們在電話會議中提到的，我們看到 Bumble 應用程式的整體 ARPPU 下降。雖然在包括美國在內的各個市場中，我們都看到 ARPPU 有所增加。美國市場與國際市場的權重正對整體 ARPPU 產生影響。我們看到美國在漏斗指標之上面臨一些壓力，這也正在影響我們對美國付款人的壓力。我們今天概述的許多行動實際上是為了真正關注我們更成熟的市場，尤其是美國。

Okay. Thanks for the color there. And then maybe one on the product roadmap and the context of the guide. I'm sure the roadmap includes some things that are likely to be more impactful than others in terms of the UX and revenue trajectory. I guess, can you provide any further clarity on maybe timing for some of the more impactful moves, or just a sense of what groundwork needs to be laid in place product wise, before you start to turn on some of the more impactful features? Thank you.

好的。感謝那裡的顏色。然後可能是產品路線圖和指南的背景。我確信該路線圖包含的一些內容可能在使用者體驗和收入軌跡方面比其他內容更具影響力。我想，在開始啟用一些更具影響力的功能之前，您能否進一步明確一些更有影響力的舉措的時機，或者只是了解在產品方面需要奠定哪些基礎？謝謝。

Thank you, Andrew. As we aligned on this strategy today, we are unveiling a customer-centric strategy to really set us up for reigniting growth in the long term. What this means from a product perspective is that we really optimizing for engagement. As you have heard from our April launch, we saw that improving the customer experience, especially women's experience drove engagement, which takes longer to realize itself. And that's the set of principles behind the releases and the features that you heard today.

謝謝你，安德魯。當我們今天調整這項策略時，我們將推出以客戶為中心的策略，真正為我們重新點燃長期成長做好準備。從產品的角度來看，這意味著我們真正針對參與度進行了最佳化。正如您從我們四月份的發布中所聽到的那樣，我們發現改善客戶體驗，尤其是女性體驗可以提高參與度，而這需要更長的時間才能實現。這就是您今天聽到的版本和功能背後的一套原則。

We are planning to release a series of capabilities, expansion of opening moves, expansion of intentions that will allow us to better align the experience of our customers and balance the ecosystem in mature markets as Anu just called out. We do believe that these actions will improve the overall experience and retention of our customers, but it'll take multiple quarters for us to start realizing, a top of funnel strength that we believe these capabilities will offer.

我們計劃發布一系列能力，擴大開放舉措，擴大意圖，這將使我們能夠更好地調整客戶的體驗並平衡成熟市場的生態系統，正如阿努剛才所說的那樣。我們確實相信這些行動將改善客戶的整體體驗和保留率，但我們需要幾個季度才能開始實現我們相信這些功能將提供的漏斗頂部的實力。

We also, as you heard today, are really, really focused on ensuring the quality of engagement and the intention of engagement of our users are there for all of our major markets. This has meant that what we started in the first chapter of Bumble in April and raising the bar for profile, and quality of profiles and our product is going to expand with our AI photo-picker for profile so that we can make more users look great on our platform and get the same level of engagement that we think will help drive overall growth and success of our metrics.

正如您今天所聽到的，我們非常非常注重確保我們所有主要市場的用戶參與品質和參與意圖。這意味著我們在四月份的Bumble 第一章中開始提高個人資料和個人資料品質的標準，我們的產品將透過我們的個人資料人工智慧照片選擇器進行擴展，以便我們可以讓更多用戶看起來很棒在我們的平台上獲得同樣程度的參與度，我們認為這將有助於推動我們指標的整體成長和成功。

So, the foundation of what we are delivering is great engagement, great profile creation, and increasing the experience bar in safety for women, which will in turn also make the experience great for men. What we'll see is great customer focus from us, that's really what the strategy is about, and we will start aligning our revenue model to that and see the revenue improvement over quarters.

因此，我們所提供的服務的基礎是良好的參與度、良好的個人資料創建以及提高女性安全方面的經驗標準，這反過來也將使男性獲得良好的體驗。我們將看到的是我們對客戶的高度關注，這才是策略的真正意義，我們將開始調整我們的收入模式，並看到幾個季度的收入改善。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Great. Thanks for the questions. I had two on Bumble off as well. Maybe Lidiane for you, could you talk about just at a high level, what you saw with the initial app relaunch that made you decide now is the right time to make the pivot and reset the roadmap going forward?

偉大的。感謝您的提問。我在 Bumble off 上也有兩個。也許Lidiane適合你，你能從高層次談談你在最初的應用程式重新啟動中看到的情況，這讓你決定現在是進行調整和重置未來路線圖的正確時機嗎？

And then I was just hoping you could expand a bit. You talked about monetization mechanisms that reward positive user behavior, what do you mean by that and what could that look like? Thank you.

然後我只是希望你能擴大一點。您談到了獎勵正向用戶行為的貨幣化機制，您的意思是什麼？謝謝。

Great question, Corey. Thank you. So, what we certainly -- if we step back a little bit, this strategy isn't just about this past quarter. It is a combination of factors, that's weighed out on the areas of our plan. If you look at the top of funnel softness, that we've talked about this has been talked about from Bumble over several quarters in the last few quarters.

好問題，科里。謝謝。因此，如果我們退一步，我們可以肯定的是，該策略不僅僅涉及上個季度。這是多種因素的結合，在我們的計劃領域中進行了權衡。如果你看看漏斗柔軟度的頂部，我們已經討論過這個問題，在過去幾個季度中，Bumble 已經在幾個季度中討論過這個問題。

We have seen the steady pressure in our results. And what we saw from our April launch is that the engagement has immediately -- improving our customer experience, improving engagement. But it doesn't translate immediately in revenue growth.

我們在業績中看到了持續的壓力。我們從四月的發布中看到，參與度立即得到改善——改善了我們的客戶體驗，並提高了參與度。但這並不會立即轉化為營收成長。

In the past, sometimes a consumable will drive an immediate revenue but doesn't sustain those users. And so, what we are really shifting is towards prioritizing product experiences that are going to drive long-term sustainable revenue growth. And so, what we are focused on is ensuring that the differentiation of what, why people choose to come to Bumble, which is women's experience, it's a safe, healthy platform for our users is undeniably the best one in the market.

過去，有時消費品會帶來即時收入，但無法維持這些用戶。因此，我們真正要轉變的是優先考慮將推動長期可持續收入成長的產品體驗。因此，我們關注的是確保人們選擇 Bumble 的內容和原因的差異化，這是女性體驗，對於我們的用戶來說，這是一個安全、健康的平台，無可否認是市場上最好的平台。

And so, a lot of what you're going to see in our product roadmap is very focused on the differentiation along also with helping our customers be successful. People come here to meet great people. So, we want to have our healthy ecosystem balanced and innovate our products to help our customers stay here and improve the top of funnel, which is ultimately our goal.

因此，您將在我們的產品路線圖中看到的許多內容都非常注重差異化以及幫助我們的客戶取得成功。人們來這裡是為了認識偉人。因此，我們希望保持健康的生態系統平衡，並創新我們的產品，以幫助我們的客戶留在這裡並改善漏斗的頂部，這是我們的最終目標。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

Great, thanks. Two questions. You mentioned sales and marketing, so maybe some changes there. So, with the reset, should we expect an increase in sales and marketing in the back half of the year as part of the reset and perhaps to drive top of funnel?

萬分感謝。兩個問題。您提到了銷售和行銷，所以可能會有一些變化。那麼，隨著重置，我們是否應該預期下半年的銷售和行銷會增加，作為重置的一部分，並可能推動漏斗頂部？

And then second question, you also mentioned slowing down the premium plus rollout. Could you give the rationale for this strategic change? Thank you.

第二個問題，您也提到放慢高級附加服務的推出。您能否解釋一下這項策略轉變的理由？謝謝。

Let me start. John on the marketing side, as you heard from Anu, we're operating with a lot of discipline. We believe we have the right allocation of dollars. What we are really focused on is how do we really optimize for LTV and we are being more tailored about our go to market strategies based on the level of maturity of the market.

讓我開始吧。行銷方面的約翰，正如您從阿努那裡聽到的那樣，我們的營運非常嚴格。我們相信我們的美元配置是正確的。我們真正關注的是如何真正優化 LTV，並且我們正在根據市場的成熟度來更加客製化我們的市場策略。

So, the markets where we have a greater penetration, we're very, very focused on attracting users that are already aware of our brand. But we're reigniting re-engagement, where our strategies for emerging markets are very different and digital and performance marketing are very effective. So, it's really about optimizing and tailoring our marketing strategy for markets. I think that's going to certainly drive an improvement to the performance of our investments. And that's our focus.

因此，在我們滲透率較高的市場，我們非常非常注重吸引已經了解我們品牌的用戶。但我們正在重新啟動重新參與，我們針對新興市場的策略非常不同，數位和效果行銷非常有效。因此，這實際上是針對市場優化和客製化我們的行銷策略。我認為這肯定會推動我們投資績效的改善。這就是我們的重點。

In terms of premium plus, I want to clarify that, we are just maintaining premium plus as it is today. We're not changing it. What we are doing is really rebalancing the value of our subscriptions. We believe that before we overinvest in creating additional value for premium plus, that it is really important that we land the free experience of being a great one and ensuring that we have a great value clarity across each one of our subscription tiers.

就保費附加而言，我想澄清的是，我們只是維持今天的保費附加。我們不會改變它。我們正在做的是真正重新平衡訂閱的價值。我們相信，在我們過度投資為高級會員創造額外價值之前，真正重要的是我們要獲得免費的體驗，成為一名偉大的訂閱者，並確保我們在每個訂閱級別都有很大的價值清晰度。

That will in turn, improve the top of funnel, which helps every single metric. It improves in payers, payer conversion, and ARPPU over time. So, it's about rebalancing. We are maintaining premium plus in the market as it is, and our focus really is aligning the subscription tiers and value as we add more product capabilities in the next few quarters.

這反過來又會改善漏斗頂部，從而對每個指標都有幫助。隨著時間的推移，它會改善付款人、付款人轉換率和 ARPPU。所以，這是關於重新平衡。我們在市場上保持著原有的溢價優勢，隨著我們在接下來的幾季增加更多的產品功能，我們的重點實際上是調整訂閱等級和價值。

And John, just to follow-up on the sales and marketing question. From a dollar perspective, we feel pretty good about the dollars that we have allocated for the second half. And as a percentage of revenue, you'll actually see Q3, I think, we'll spend a little bit less than what we spent in Q2. But in Q4, we do intend to take up marketing as a percentage of spend up again. And Lidiane’s earlier point about making sure that we have the right strategies in terms of how to go to market, I think that's really going to be our focus versus just spending more to get more users.

約翰，只是想跟進銷售和行銷問題。從美元的角度來看，我們對下半年分配的美元感覺非常好。作為收入的百分比，你實際上會看到第三季度，我認為我們的支出會比第二季度的支出少一些。但在第四季度，我們確實打算再次提高行銷支出的百分比。 Lidiane 之前提到的關於確保我們在如何進入市場方面擁有正確的策略的觀點，我認為這確實將成為我們的重點，而不是僅僅花費更多資金來獲得更多用戶。

Thank you.

謝謝。

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

Hey, good afternoon. I want to go back to the first point of three important areas, you talked about, Lidiane, getting the right balance in the kind of customer ecosystem. You guys historically talked about your ecosystem was healthier, leans more towards women and the focus on the women's experience has made a healthier ecosystem. It feels like that maybe has changed or something in the way you look at it has changed. And that's leading to some of the product enhancements or changes you're making here. Is that the case and can you just talk about that ecosystem and how it's evolved and where it's at right now?

嘿，下午好。我想回到 Lidiane 您談到的三個重要領域的第一點，即在客戶生態系統中取得適當的平衡。你們歷來談論過你們的生態系統更健康，更傾向於女性，並且對女性體驗的關注創造了一個更健康的生態系統。感覺可能已經改變了，或者你看待它的方式已經改變了。這導致了您在這裡所做的一些產品增強或更改。是這樣嗎？ 您能談談這個生態系統以及它是如何演變的以及它現在所處的位置嗎？

Yeah, great question. So, let me unpack ecosystem a little bit. Bumble continues to be the best platform for women and it has been a great source of advantage for us. But as we've scaled the business -- now, we are [$1 billion] business in several markets, there has been a slight imbalance that has been created. And it's not just about gender balance, it is about intent, balance, it's about the general mix of users and what they are looking for.

是的，很好的問題。那麼，讓我稍微解開一下生態系。 Bumble 仍然是女性的最佳平台，也是我們的巨大優勢來源。但隨著我們擴大業務規模——現在，我們在多個市場的業務規模已達到 [10 億美元]，這就造成了輕微的不平衡。這不僅僅是性別平衡的問題，還涉及意圖、平衡，還涉及用戶的整體組合以及他們正在尋找的內容。

So, we're taking a more sophisticated look to that mix of users and engagement and intent, because that really will allow us to deliver the best possible experience to our users. That certainly is important for mature markets. As you've heard from both Anu and I today, our markets in the US in particular are more mature. We have great brand recognition, great brand love, and it really is about tailoring how we're delivering our experiences, how our customers are experiencing our products in their local markets.

因此，我們正在對使用者、參與度和意圖的組合進行更複雜的審視，因為這確實將使我們能夠為使用者提供最佳的體驗。這對成熟市場來說當然很重要。正如您今天從阿努和我那裡聽到的，我們的市場尤其是美國更加成熟。我們擁有很高的品牌認知和品牌熱愛，這實際上是為了客製化我們提供體驗的方式，以及我們的客戶如何在當地市場體驗我們的產品。

And that's what, a big part of our shift is all about. We believe that's really going to reignite the engine of user growth for us, but it'll take us some time. It's complex to get that mixed right and we want to do right by our customers.

這就是我們轉變的一個重要部分。我們相信這確實會重新點燃我們用戶成長的引擎，但這需要我們一些時間。正確地進行混合是很複雜的，我們希望我們的客戶能夠正確地做到這一點。

Okay. And to follow up on that, I guess from last quarter, what -- look at the magnitude of the change in the full year guidance, is it possible to parse out what the impacts of the user and monetization changes are here the near-term trade-off versus the expectation of what the app refresh would deliver over the course of the year? So, like, how much is the new actions, how much of the app refresh not hitting on your expectations? Thanks.

好的。為了跟進這一點，我想從上個季度開始，看看全年指導中的變化幅度，是否有可能解析出用戶和貨幣化變化的近期影響權衡與應用程式更新在一年中帶來的預期之間的權衡？那麼，有多少新操作、多少應用程式刷新沒有達到您的預期？謝謝。

Yes, Al I can take that. So, if you take a step back, and you break down the guidance in terms of where we were a few months ago versus where we are today, I would say there are two main factors in terms of where we see things having changed. So, number one is around what we are seeing around top of the funnel, trends.

是的，艾爾，我可以接受。因此，如果您退後一步，根據幾個月前的情況與今天的情況來細分指導，我會說，我們認為事情發生了變化，有兩個主要因素。因此，第一個問題是我們在漏斗頂部看到的趨勢。

If you recall in our Q2 call, we had said that we were seeing some slowness in our top of the funnel. And as we went through Q2, and as we've entered Q3, we are seeing those trends continue. Now, we had planned for an improvement in these trends, coming out of the relaunch, but also due to the work that we were intending to do from a product and marketing perspective. So, this wasn't just about what we had planned from a relaunch perspective, but this is around the product roadmap that we had for the second half of the year.

如果您還記得在第二季的電話會議中，我們曾說過我們發現頻道頂部出現了一些緩慢的情況。當我們進入第二季並進入第三季時，我們看到這些趨勢仍在繼續。現在，我們計劃在重新推出後改善這些趨勢，但也是由於我們打算從產品和行銷的角度開展工作。因此，這不僅是我們從重新啟動的角度規劃的，而且是圍繞著我們下半年的產品路線圖的。

Given the reset and the strategy that you've just heard about, a big part of our second half roadmap product focus is now much more around ecosystem health and making sure that the engagement metrics that we see are going to be healthy, which will absolutely lead to top of the funnel improvements. But Lidiane said that will take some time. And so that's part of what is built into the reset of the revenue outlook.

鑑於您剛剛聽說的重置和策略，我們下半年路線圖產品重點的很大一部分現在更多地圍繞生態系統健康，並確保我們看到的參與度指標將是健康的，這絕對會導致漏斗頂部的改進。但利迪安表示，這需要一些時間。因此，這是收入前景重置的一部分。

The second part of what we had built into our assumption around acceleration in the second half was around monetization from features such as premium plus that as you just heard about, we have now paused in favor of some more fundamental work that we are doing around our revenue strategy and our revenue architecture. And I want to make it very, very clear that we still believe very strongly that there is a tremendous amount of opportunity in terms of payer conversion and monetization that is still ahead of us.

我們對下半年加速的假設的第二部分是圍繞溢價等功能的貨幣化，此外，正如您剛剛聽說的，我們現在已經暫停，轉而支持我們圍繞我們正在做的一些更基礎的工作。策略和我們的收入架構。我想非常非常明確地表示，我們仍然堅信，在付款人轉換和貨幣化方面仍然存在巨大的機會。

If you compare payer penetration rates for us versus where you see where the market is, we still are lower than where you see the rest of the market, but we strongly believe that we need to do this fundamental re-architecture work to set us up for the growth that we know is ahead of us. So, if you add both of these together, you get to the second half outlook that we've given today and you can get to the guidance numbers that we have.

如果您將我們的付款人滲透率與您所看到的市場進行比較，我們仍然低於您所看到的市場其他部分，但我們堅信我們需要進行這項根本性的重新架構工作來建立我們的因為我們知道成長就在我們面前。因此，如果將這兩者加在一起，您就可以獲得我們今天給出的下半年展望，並且可以獲得我們的指導數字。

Mark Kelley, Stifel.

馬克凱利，斯蒂菲爾。

Great. Thank you very much. I wanted to go back to kind of the question that Ygal asked, which is about the women-first strategy. And maybe not to put words in his mouth, but maybe a departure from that in some respect. And given that your main competitor has a bunch of initiatives aimed at women and trying to add different features and functionality for that cohort. I guess, how do we think about the future in terms of being able to differentiate yourself versus that competitor or others in the long run? When it seems like in the dating category, some of the apps are just kind of in some respects, converging in terms of functionality and messaging. That's my first question.

偉大的。非常感謝。我想回到 Ygal 提出的問題，這是關於女性優先策略的。也許不是把話放在他嘴裡，但也許在某些方面背離了這一點。鑑於您的主要競爭對手有一系列針對女性的舉措，並試圖為該群體添加不同的特性和功能。我想，從長遠來看，我們如何看待未來，才能使自己與競爭對手或其他人區分開來？雖然看起來像是約會類別，但有些應用程式在某些方面只是在功能和訊息傳遞方面趨同。這是我的第一個問題。

And the second one is you mentioned monetization through advertising on the platform. I guess how do you get that balance right between ad load and trying to make sure that your users are not churning away to competitors? Thanks very much.

第二個是你提到的透過平台上的廣告來獲利。我想你如何在廣告負載和確保你的用戶不會流失到競爭對手之間取得平衡？非常感謝。

Thank you, Mark. First let me start with our strategy. As I said at the start of the earnings call today, Bumble was the first app that really focused on women at the center of our experiences. That continues to be the case today. We are not shifting our strategy because our fundamental belief is when women have a great experience dating, everybody else does. And that's the compass in which we're setting this strategy, is that we are the best destination for women and we're going to continue to be.

謝謝你，馬克。首先讓我從我們的策略開始。正如我在今天的財報電話會議開始時所說，Bumble 是第一個真正以女性為中心的應用程式。今天仍然如此。我們不會改變我們的策略，因為我們的基本信念是，當女性擁有美好的約會經驗時，其他人都會如此。這就是我們制定這項策略的指南針，即我們是女性的最佳目的地，我們將繼續如此。

So, what we're really focused on is, it's really important to make sure that not only our product innovation continues to deliver great experiences and safe experiences for women, but also that in turn, we are delivering a great experience across the entire ecosystem. So, these measures that we're discussing today are very much centered around what differentiates us and set us apart. So certainly, going to be the case, continue to be the case for us.

因此，我們真正關注的是，確保我們的產品創新不僅繼續為女性提供出色的體驗和安全的體驗，而且反過來，我們也在整個生態系統中提供出色的體驗，這一點非常重要。因此，我們今天討論的這些措施主要圍繞著我們的與眾不同之處和與眾不同之處。因此，對我們來說，情況肯定會如此，也將繼續如此。

With regards to advertising, we believe that our take here in advertisement is going to be very, very anchored on our customer-centric approach to product delivery. So, we believe there are important and strategic partnerships that will offer ad space to partners that are adding value to the dating journey to our customers.

在廣告方面，我們相信我們在廣告方面的態度將非常非常基於我們以客戶為中心的產品交付方法。因此，我們相信存在著重要的策略夥伴關係，將為合作夥伴提供廣告空間，從而為我們的客戶的約會之旅增加價值。

So, we're going to be very selective and we'll scale this over time, but we see tremendous opportunity revenue upside, but also added benefit to our customers in terms of their overall dating experience. So, it's really about serving the end user in their journey. There's definitely upside both for our customers and for the revenue for our business, and that's what we're going to focus on.

因此，我們將非常有選擇性，並且隨著時間的推移，我們將擴大規模，但我們看到了巨大的收入成長機會，而且在客戶的整體約會體驗方面也為我們的客戶帶來了更多好處。因此，這實際上是為了在最終用戶的旅程中提供服務。對於我們的客戶和我們的業務收入來說肯定都有好處，這就是我們要關注的重點。

Curtis Nagle, Bank of America Merrill Lynch.

柯蒂斯‧內格爾，美銀美林。

Great. Thanks for taking the question. Just one for me. So, given the step down in the core business and the restructuring and reacceleration efforts taking longer than expected, does it make sense to pause or perhaps pull back on BFF and on romantic relationships, at this point?

偉大的。感謝您提出問題。只給我一個。那麼，考慮到核心業務的下降以及重組和重新加速工作花費的時間比預期更長，此時暫停或撤回 BFF 和戀愛關係是否有意義？

Curtis, great question. Our efforts with regards to friendship, especially as we closed the Geneva acquisition on July 1, is very much to give us an opportunity to be where our customers and consumers are. If you look at some of the sentiment, especially younger users as it relates to the category, their starting point is with community creation first. So, we believe it's a very connected experience to the future of dating, it's not separate. It's an interrelated and very important generational dynamic that we want to be at the forefront of.

柯蒂斯，好問題。我們在友誼方面所做的努力，特別是在我們於 7 月 1 日完成日內瓦收購後，很大程度上讓我們有機會深入了解我們的客戶和消費者。如果你觀察一些情緒，尤其是與該類別相關的年輕用戶，他們的出發點首先是社群創作。因此，我們相信這是一種與未來約會密切相關的體驗，而不是分開的。這是一個相互關聯且非常重要的世代動態，我們希望處於前沿。

So that is really the anchor point of how we are tackling, community and friendship development as an on-ramp to what will become how many of our users start their dating journey. So, we think it is an important investment and it is appropriately sized to allow us to gradually grow. And I genuinely believe that there is tremendous, tremendous innovation and opportunity that we can deliver to the business in the long haul in this space.

因此，這確實是我們處理社區和友誼發展的錨點，作為我們的許多用戶開始約會之旅的入口。所以，我們認為這是一項重要的投資，而且規模適當，可以讓我們逐步成長。我真誠地相信，從長遠來看，我們可以為這個領域的企業帶來巨大的創新和機會。

Got it. Thanks very much.

知道了。非常感謝。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Hey, everyone, thanks for the question. Just digging a little bit more into the revenue deceleration, pulling back from mid-teens in 4Q to closer to flattish in the 3Q guide. Can you help us break down the buckets of this weakness between new user growth, retention, and monetization?

嘿，大家好，謝謝你的提問。只是進一步挖掘收入減速的情況，從第四季度的十幾歲左右回落到第三季度指南中的接近持平。您能幫助我們打破新用戶成長、留任和貨幣化之間的弱點嗎？

And then when it does come to the changes in the guidance in the back half, is it primarily just changes you are making on the platform and the shift in strategy? Or is there anything macro or consumer that we should be aware of? Thanks.

那麼，當涉及到後半部分指導的變化時，主要是您在平台上所做的改變和策略的轉變嗎？或者有什麼宏觀或消費者方面我們應該注意的嗎？謝謝。

Sure. So, if you think about the drivers of growth, Nate, obviously, we have top of the funnel metrics that include new users as well as reengage users that then sort of become active users on the platform. And then the work that we do to convert those users into paying users. And then the third piece of the puzzle is the work that we do around optimizing prices in each of the markets.

當然。因此，如果你考慮成長的驅動因素，內特，顯然，我們擁有頂級的漏斗指標，其中包括新用戶以及重新吸引用戶，這些用戶隨後成為平台上的活躍用戶。然後我們所做的工作就是將這些用戶轉化為付費用戶。第三個難題是我們圍繞優化每個市場的價格所做的工作。

As you heard from Lidiane, the thing that we've continued to see softness in now for a few quarters is on sort of the top of the funnel metrics. Reengage users continue to be strong for us. Where we are seeing weakness is on growth in new users.

正如您從 Lidiane 那裡聽到的那樣，我們在幾個季度中持續看到的疲軟情況是漏斗指標的頂部。重新吸引用戶對我們來說仍然很重要。我們看到的弱點在於新用戶的成長。

And like I said, again, the weakness is more predominantly felt in the US and in some of our mature markets. Our newer markets continue to be strong in terms of growth there. So, the new users is where we are seeing the most impact which is having an impact on the deceleration that you're seeing in terms of revenue. And then the second question, Nate, if you don't mind.

正如我所說，美國和我們的一些成熟市場更能感受到這種疲軟。我們的新市場的成長持續強勁。因此，新用戶是我們看到影響最大的地方，這對你所看到的收入減速產生了影響。然後是第二個問題，內特，如果你不介意的話。

Yes, just if you have anything in here that is macro and more idiosyncratic? Thanks.

是的，如果這裡有任何宏觀的、更特殊的東西？謝謝。

Yeah. I mean as you can imagine, we are keeping a pretty close eye on the impact of just consumer sentiment and whatever we are seeing in the overall macro environment. We've certainly heard that users, especially younger users, are just more discerning with respect to their spend and are just keeping a closer eye on the amount of money that they're spending on things. So, we are baking in some assumptions from the impact of that into our second half outlook. But again, it's something that we are monitoring pretty closely as things change.

是的。我的意思是，正如你可以想像的那樣，我們正在密切關註消費者情緒的影響以及我們在整體宏觀環境中看到的一切。我們當然聽說過，用戶，尤其是年輕用戶，對自己的支出更加挑剔，並且更加密切地關注他們在事物上花費的金額。因此，我們正在根據其影響對下半年的前景做出一些假設。但同樣，隨著情況的變化，我們正在密切監控這一點。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Thank you for taking my question. I've got two, one is, what specifically is driving your confidence with this new strategy right now at this point in time? Is it some tests that you have run? You sound like, you are confident this is the right strategy going forward, but what is really driving that confidence?

感謝您回答我的問題。我有兩個問題，一是，此時此刻具體是什麼讓您對這項新策略充滿信心？您運行過一些測試嗎？你聽起來好像相信這是未來正確的策略，但真正推動這種信心的是什麼？

And then the second is you've been seeing top of the funnel pressure now for several months, maybe a few quarters, especially in the United States. What in your opinion is driving that outside of just the product and user experience? Are you seeing more marketing competition? Are you seeing share shift for any particular reason? What do you -- in your opinion, is driving that? Thanks a lot.

第二個是你已經看到漏斗頂部的壓力已經持續了幾個月，也許是幾個季度，尤其是在美國。您認為除了產品和使用者體驗之外是什麼推動了這個趨勢？您是否看到更多的行銷競爭？您是否發現份額因任何特定原因而改變？您認為是什麼推動了這個趨勢？多謝。

Yeah. Thank you for the question. So, let me start with the first part. First, I'm really confident that there is a lot of opportunity in this category. We are experiencing a time where users are more lonely than ever and it is our job in this category to really support connections overall. So, I am really excited about the opportunities ahead of the category overall. Now for us, if you look at the three parts of our plan that you saw today, there are a number of factors and data that have gotten us to this comprehensive plan.

是的。感謝你的提問。那麼，讓我從第一部分開始。首先，我非常有信心這個類別有很多機會。我們正在經歷一個用戶比以往任何時候都更加孤獨的時代，我們在這一類別中的工作就是真正支持整體連結。因此，我對整個類別中領先的機會感到非常興奮。現在對我們來說，如果您看看今天看到的計劃的三個部分，您會發現有許多因素和數據促使我們制定了這個全面的計劃。

With regards to ecosystem, we have tested and started some of this work in a number of markets, which has really allowed us to start separating the strategies that we want to have across ecosystems as I mentioned today. Our overall business is comprised of thousands of ecosystems. So, we're able to really see the dynamics when we have the right balance of users in our marketplace. So, we're really applying our learnings to define this roadmap and plan for ecosystem help across all of our markets.

關於生態系統，我們已經在許多市場進行了測試並開始了其中的一些工作，這確實使我們能夠開始區分我們想要在生態系統中採用的策略，正如我今天所提到的。我們的整體業務由數千個生態系統組成。因此，當我們在市場中實現適當的用戶平衡時，我們就能真正看到動態。因此，我們確實正在運用我們所學到的知識來定義這個路線圖併計劃為我們所有市場的生態系統提供幫助。

The second part is our product strategy, which we started earlier this year, one of our key learnings is even as we've raised the bar, for profile creation, it kept away some low-engagement users, and it drove a lot of success in engagement of women, healthier overall conversation across our users. And we know that really drives the word of mouth. Customer success drives the engine of growth of mouth for this company.

第二部分是我們的產品策略，我們在今年早些時候開始實施，我們的主要經驗之一是，即使我們提高了配置文件創建的標準，它也擋住了一些低參與度的用戶，並取得了很大的成功在女性參與度方面，我們的用戶之間的整體對話更加健康。我們知道這確實能推動口碑傳播。客戶的成功是該公司口碑成長的引擎。

Certainly, it was a huge part of our early success. I still receive letters and stories of Bumble success throughout people's lives. And that's the core of what we want to get to our product innovation is deliver experiences that help people achieve successful outcomes in a delightful way. And so, we have a lot of great data insight and customer evidence that it's the right thing to do.

當然，這是我們早期成功的重要組成部分。我仍然收到人們一生中 Bumble 成功的信件和故事。我們產品創新的核心目標是提供幫助人們以令人愉快的方式取得成功成果的體驗。因此，我們擁有大量出色的數據洞察力和客戶證據，證明這是正確的做法。

And the final thing that I shared today is our revenue plan. We started a revenue rebalancing for Badoo about 9 months ago. And the Badoo customer is more price sensitive. There's some interesting dynamics and we're taking some of the learnings there, where we've rolled out in a number of markets already.

我今天分享的最後一件事是我們的收入計劃。大約 9 個月前，我們開始對 Badoo 進行收入再平衡。 Badoo 客戶對價格更加敏感。有一些有趣的動態，我們正在那裡學到一些教訓，我們已經在許多市場推出了這些內容。

What we've seen is, as we've clarified, we brought some greater value to the lower tiers it increased the conversion payer conversion across our customers in Badoo, and we are seeing increased overall ARPPU because there's a greater distribution. So there's just a lot of data points and learnings from Badoo that we're going to be amplifying and expanding across Bumble.

正如我們所澄清的，我們所看到的是，我們為較低層帶來了更大的價值，它增加了Badoo 客戶的轉換付款人轉換率，而且我們看到整體ARPPU 有所增加，因為分佈範圍更大。因此，我們將在 Bumble 中放大和擴展 Badoo 中的大量數據點和經驗教訓。

So, we have built this plan with a lot of thought. And what I love the most about Bumble is we have a phenomenal brand. We have a loyal customer base. We have great IP, strong financial to allow us to execute on that in a phenomenally talented team. So, we have all of the pieces of the puzzle here. And our number one job at this point forward is execute because we believe it will not only drive the growth engine again, but it set us up for success for years to come.

因此，我們經過深思熟慮並制定了這個計劃。我最喜歡 Bumble 的是我們擁有一個非凡的品牌。我們擁有忠實的客戶群。我們擁有出色的智慧財產權和雄厚的財力，使我們能夠在一支才華橫溢的團隊中執行這些任務。所以，我們已經掌握了拼圖的所有部分。目前我們的首要任務是執行，因為我們相信它不僅會再次推動成長引擎，而且會為我們在未來幾年的成功奠定基礎。

Now you talked about top of funnel and the second part of your question was what have we noticed in terms of what's driving that. And as we know with consumer companies, there's always a numerous factor. Bumble has always been in a competitive segment and industry. So that hasn't changed. It's always evolving, of course and we pay attention to our competitors.

現在您談到了漏斗頂部，您問題的第二部分是我們注意到推動漏斗頂部的因素是什麼。正如我們所知，對於消費品公司來說，總是有很多因素。 Bumble 一直處於競爭激烈的領域和行業。所以這並沒有改變。當然，它總是在不斷發展，我們關注我們的競爭對手。

But what we believe is the most important thing to reignite top of funnel is really getting the customer experience to be the best one in the market. And that's what's going to get us to be the number one choice for our customers because the other factors are always going to be evolving, and we will always be paying attention to them.

但我們認為，重新點燃通路頂部最重要的事情是真正讓客戶體驗成為市場上最好的體驗。這將使我們成為客戶的第一選擇，因為其他因素總是在不斷變化，而我們將始終關注它們。

Jian Li, Evercore ISI.

李健，Evercore ISI。

Great. Thanks for taking the question. So, a couple. First, just Lidiane, you talked about this reset could take a few quarters. How should we think about kind of the growth equation exiting this year into the next year? Like what should we look for as a leading indicator of success from this reset. Should we see kind of a payer conversion improving top of funnel or ARPPU kind of, I guess, recovery path?

偉大的。感謝您提出問題。那麼，一對。首先，Lidiane，您談到重置可能需要幾個季度的時間。我們該如何思考今年到明年的成長方程式？就像我們應該尋找什麼作為這次重置成功的領先指標。我們是否應該看到付款人轉換率有所改善，或者我猜，ARPPU 是一種恢復路徑？

And second, just to double-click on Geneva, pretty interesting acquisition. Can you just talk about the opportunity set there, both in terms of Geneva itself, but also, I think Geneva has a few kinds of community building features? Are you kind of considering leveraging these tech stack into your core apps? Any kind of product development around that, that would be great. Thanks a ton.

其次，只需雙擊日內瓦，這是非常有趣的收購。您能否談談日內瓦本身所提供的機會，我認為日內瓦有幾種社區建設特徵？您是否考慮將這些技術堆疊利用到您的核心應用程式中？圍繞它開發任何類型的產品，那就太好了。萬分感謝。

Yeah. Thank you. Great questions. On the first part, there are a number of metrics that we are monitoring really closely from consideration, top of funnel, all the way down to conversion and the ARPPU strength as you know. At this point, you've heard our guidance for the second half of the year. Our goal is to provide progress and updates to investors in the quarters ahead as we get more insight into our progress on this strategy. But our guidance is the information that we have to share today.

是的。謝謝。很好的問題。在第一部分中，我們正在密切監控許多指標，從考慮因素、漏斗頂部，一直到轉換率和 ARPPU 強度，如您所知。至此，您已經聽到我們對下半年的指導了。我們的目標是在未來幾個季度向投資者提供進展和最新信息，因為我們對這一戰略的進展有了更多的了解。但我們的指導是我們今天必須分享的訊息。

With regards to Geneva, you are absolutely right. Geneva has community-based capabilities. It has healthy penetration of users in some core cities here in the US. And what's exciting about the customers using Geneva is that they love it, first of all, and they're doing what younger users want to do today, which is connecting with in-person with their local communities. With are running clubs, there are movie enthusiasts, and it's vibrant. People can organize events; they get to know each other. And this is exactly what we believe is going to be a great growth of engine for us in the long haul.

關於日內瓦，你說得完全正確。日內瓦擁有社區為基礎的能力。它在美國一些核心城市擁有良好的用戶滲透率。使用日內瓦的客戶令人興奮的是，首先他們喜歡它，而且他們正在做當今年輕用戶想做的事情，即與當地社區面對面的聯繫。有跑步俱樂部，有電影愛好者，熱鬧非凡。人們可以組織活動；他們互相認識。我們相信，從長遠來看，這將成為我們巨大成長的引擎。

So, we are planning to launch an updated version of Geneva this fall and start scaling it across our markets where we do have a footprint across the Bumble Inc. It's a great way for us to engage with a broader set of users. So, opportunities to increase our TAM is quite significant here.

因此，我們計劃在今年秋天推出 Geneva 的更新版本，並開始在 Bumble Inc 已經涉足的市場中進行擴展。因此，增加 TAM 的機會在這裡非常重要。

But it's going to be very grounded on our principles of great customer experience, great experience for women, and safe space. But with any acquisition as you know, it takes time to get it right. So, our goal is to launch it, scale it gradually. And we'll be learning what -- how to evolve and scale this business over the quarters ahead. It will take us some time, but we are very excited about the opportunity that they bring us.

但這將非常基於我們的卓越客戶體驗、卓越女性體驗和安全空間的原則。但正如您所知，任何收購都需要時間才能做好。所以，我們的目標是啟動它，逐步擴展它。我們將學習如何在未來幾季發展和擴展這項業務。這需要我們一些時間，但我們對他們帶給我們的機會感到非常興奮。

One final point. You did talk about the tech stack. Geneva's built a fantastic tech stack. We're very excited about how scalable it is. There are definitely technology and capabilities that we can take advantage across our portfolio, and that's fundamentally how we're operating as a company. I think that's the key shift here, is that we are operating as a customer-centric portfolio company, and we can take the learnings, the technology, the best practices from all of our apps, and apply to each other to accelerate growth for the portfolio as a whole. And Geneva certainly will play a role in that.

最後一點。您確實談到了技術堆疊。日內瓦建立了一個出色的技術堆疊。我們對它的可擴展性感到非常興奮。我們的產品組合中肯定有一些技術和能力可以利用，這就是我們作為一家公司運作的根本方式。我認為這裡的關鍵轉變是，我們作為一家以客戶為中心的投資組合公司運營，我們可以從我們所有的應用程式中汲取經驗、技術和最佳實踐，並相互應用以加速成長投資組合作為一個整體。日內瓦肯定會在其中發揮作用。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great. Thank you for taking the question. question. So just a follow-up on sort the demographic and imbalance you spoke about. Can you just give us an example on exactly how you plan to resolve the imbalance there, some practical examples?

偉大的。感謝您提出問題。問題。因此，只是對您提到的人口統計和不平衡進行排序的後續行動。您能否給我們一個具體的例子，說明您計劃如何解決那裡的不平衡問題，一些實際的例子？

And then one on the recovery, I think the guide implies that revenue growth is going to be exiting a year in sort of a negative trajectory. So, I guess the question is how should we think about the shape of the recovery curve? Is this sort of a multi-year endeavor, or is it something that you could expect to see quicker sort of reversals in the KPIs? Thank you.

關於復甦，我認為該指南暗示收入成長將以某種負面軌跡結束一年。所以，我想問題是我們該如何思考復甦曲線的形狀？這是一項多年的努力，還是您可以期望看到關鍵績效指標更快的逆轉？謝謝。

Yeah. Let me start with the first part. Great question. So, the first part is unpacking ecosystems and the imbalance. As I shared earlier, we're really looking at the balance in a multifaceted way. It is ensuring that we have a mix of intent of users, of backgrounds of different generations, all of that has a big role in ensuring that when someone gets to Bumble, they find the connection that they're looking for. And it's ensuring that a broad set of users will give us more flexibility to help people find each other.

是的。讓我從第一部分開始。很好的問題。因此，第一部分是解開生態系和不平衡問題。正如我之前分享的，我們確實以多方面的方式來看待平衡。它確保我們擁有不同世代背景的使用者意圖的混合體，所有這些都在確保當有人進入 Bumble 時找到他們正在尋找的聯繫方面發揮著重要作用。它確保了廣泛的用戶群將為我們提供更大的靈活性來幫助人們找到彼此。

And ensuring that also as we talked about today, that we have highly engaged, aligned in intention in our ecosystem. So, I'll give you an example in terms of some of the techniques. There are product techniques, there are marketing techniques, there are revenue techniques. And from a product one, as you heard from us today, we've raised the bar in our April launch on profile creation.

並確保正如我們今天所討論的那樣，我們在生態系統中高度參與、意圖一致。因此，我將為您提供一些技術方面的範例。有產品技術，有行銷技術，有收入技術。從產品一來看，正如您今天從我們這裡聽到的，我們在四月份發布的配置文件創建中提高了標準。

So, users need to add more photos, they have to have more information that has increased our retention or engagement of our users, but it kept away some low engagement users. That had a impact on the number of people that kind of passed through the funnel. And so that has a balance impact of a revenue impact but has a longer-term positive impact to the success of the company.

因此，用戶需要添加更多照片，他們必須擁有更多資訊來提高我們的用戶保留率或參與度，但它阻擋了一些低參與度用戶。這對通過管道的人數產生了影響。因此，這具有收入影響的平衡影響，但對公司的成功有長期的正面影響。

In terms of marketing, there are many different user acquisitions, strategies and marketing, and we can really use it as a core lever to bring the right users in. So, we are going to look at the makeup of our mature markets and our emerging markets and ensure that we're applying the right techniques. Whether it's performance marketing, whether it's experiential, whether it's very tailored to a particular audience, it will be very specific and personalized to the market that we're playing in.

在行銷方面，有許多不同的用戶獲取、策略和行銷，我們確實可以將其作為核心槓桿來吸引合適的用戶。的技術。無論是效果行銷，無論是體驗式行銷，還是針對特定受眾量身定制的，對於我們所處的市場來說，它都將是非常具體和個性化的。

And then from a revenue perspective, promotions and many other pricing techniques can also ensure that the right users are coming into the product. So, we are really looking at these three pillars to ensure that the right people are making it to our ecosystem and that they're successful in our product. I think that was the full makeup of your question, hopefully, I got it right.

然後從收入的角度來看，促銷和許多其他定價技巧也可以確保正確的用戶進入該產品。因此，我們真正關注這三個支柱，以確保合適的人進入我們的生態系統，並確保他們在我們的產品中取得成功。我認為這就是你問題的全部內容，希望我答對了。

Journey for recovery. At this -- as I shared earlier, we are -- what I'm most confident about is that we have built a plan that is aggressively and urgently looking at every aspect of our business, from the makeup of our customers to our innovation to our revenue, and we are moving as quickly as we can. But a plan like this takes time, and we're favoring bringing in sustainable revenue to the business because that's going to set us up for long-term success. We are going to share progress in the quarters ahead, but don't have any additional timeline to share as of today.

康復之旅。正如我之前所分享的，我最有信心的是，我們制定了一項計劃，積極而緊迫地關注我們業務的各個方面，從客戶構成到我們的創新，再到我們的業務。我們正在盡快採取行動。但這樣的計畫需要時間，我們贊成為業務帶來可持續的收入，因為這將為我們長期成功奠定基礎。我們將分享未來幾季的進展，但截至今天還沒有任何額外的時間表可以分享。

Ken Gawrelski, Wells Fargo.

肯‧加維爾斯基（Ken Gawrelski），富國銀行。

Thanks for fitting me in. Just a couple, please. First, could you talk a little bit about the significant restructure you did earlier this year? Is there any -- as you think about that in light of kind of the reset on strategy and the reinvestment phase here, did that in any way set you up in a more difficult place? Or do you find that the investments you need to make are in different areas with different type of staff, et cetera, with different capabilities? So that maybe is my first question.

謝謝你讓我加入。首先，您能談談今年早些時候進行的重大重組嗎？當你考慮到策略重置和再投資階段時，這是否會讓你陷入更困難的境地？或者您發現您需要在不同領域進行投資，並擁有不同類型的員工等，具有不同的能力？這也許是我的第一個問題。

The second question is maybe a broader one, which is the public markets tend to be relatively hospitable to transition stories with kind of uncertain time frames. I know you've answered this question in kind of multiple ways, but maybe just more directly, how should we just think about time frames in terms of how you will evaluate the success of kind of the transition here. And anything you can tell us in terms of public milestones? I know you have the second half guidance, but anything you can help us, just even if it's not quantitative, more qualitative public milestones. Thank you.

第二個問題可能是一個更廣泛的問題，即公開市場往往相對歡迎具有不確定時間框架的過渡故事。我知道您已經以多種方式回答了這個問題，但也許更直接的是，我們應該如何根據您將如何評估這裡的過渡成功來考慮時間框架。關於公共里程碑，您能告訴我們什麼嗎？我知道你有下半年的指導，但你可以幫助我們，即使它不是定量的、更定性的公共里程碑。謝謝。

Yes, Ken, thank you for the questions. question. So, on the restructuring part, as you know, in the first half of the year, we restructured about 30% of our workforce and the principles behind the restructuring was about agility and ensuring that we were optimally organized to execute as a company.

是的，肯，謝謝你的提問。問題。因此，在重組方面，如您所知，今年上半年，我們重組了大約 30% 的員工隊伍，重組背後的原則是關於敏捷性，並確保我們以最佳組織方式作為一家公司執行。

I feel really good about where we are. We don't have any additional restructuring plans. We are well set up, and we have the right talent in our organization to go execute. That was a necessary and important set of actions that we took to put us in a position where we can execute on our strategy and we are well to do that. So, I feel really good about where we are as a company and as a team.

我對我們所處的位置感覺非常好。我們沒有任何額外的重組計劃。我們已經做好了準備，我們的組織中擁有合適的人才來執行。這是我們採取的一系列必要且重要的行動，使我們能夠執行我們的策略，而且我們很樂意這樣做。因此，我對我們公司和團隊的現狀感到非常滿意。

And in terms of what am I going to look at and I don't have a specific timeline to share today, which I know is not very satisfying. But there's a few areas that we're going to be evaluating. But on the ecosystem side, as we mentioned, the balance of the ecosystem is going to be a key metric that we're going to be looking at internally. And there's many details in the submetrics to those.

至於我要看什麼，我今天沒有具體的時間表來分享，我知道這不是很令人滿意。但我們將評估一些領域。但在生態系統方面，正如我們所提到的，生態系統的平衡將成為我們內部關注的關鍵指標。這些子指標中有很多細節。

And what we have learned based on tests that we've done is that, it takes different windows of time to create a balanced space on the market. So what we're going to be looking at in a quarters ahead is the velocity and the effectiveness of the different techniques that I talked about just before your question.

根據我們所做的測試，我們了解到，需要不同的時間窗口才能在市場上創造一個平衡的空間。因此，我們將在未來一個季度關注的是我在你的問題之前談到的不同技術的速度和有效性。

The second factor is we have important product deliverables from the fall through the winter, and we are going to be looking at engagement and retention. And that certainly will play a role in helping us understand how the users that are in your ecosystem can be monetized.

第二個因素是我們從秋季到冬季都有重要的產品交付，我們將專注於參與度和保留率。這肯定有助於我們了解如何將生態系統中的用戶貨幣化。

And on our revenue, we architecture, part of what we're going to be testing across many markets is the right balance of revenue -- value creation and revenue extraction out of the value. So, as we give more experiences to our users, what's monetizable, how quickly can we realize that set of revenue?

在我們的收入方面，我們的架構，我們將在許多市場測試的部分內容是收入的正確平衡——價值創造和從價值中提取收入。那麼，當我們為用戶提供更多體驗時，什麼是可貨幣化的，我們能多快實現該收入？

So, we're going to be learning a lot in terms of velocity of the different techniques and different markets. As Anu said, in emerging markets, we are seeing strength, and we're going to continue to invest in those in the near term. But some of our more mature markets will take a little bit longer. Our goal is to provide progress along the way and be transparent with the investor community as much as we can.

因此，我們將在不同技術和不同市場的速度方面學到很多東西。正如阿努所說，在新興市場，我們看到了實力，我們將在短期內繼續投資於這些市場。但我們一些較成熟的市場將需要更長的時間。我們的目標是一路取得進展，並盡可能對投資者保持透明。

Ladies and gentlemen, that's all the time we have for our Q&A. And today's Bumble second quarter 2024 financial results. We'd like to thank you for your participation. You may now disconnect your lines.

女士們先生們，這就是我們問答的時間了。今天發布了 Bumble 2024 年第二季財務業績。我們衷心感謝您的參與。現在您可以斷開線路。