Bumble Inc (BMBL) 2024 Q3 法說會逐字稿

Hello and welcome to the Bumble third-quarter 2024 financial results conference call.

大家好，歡迎參加 Bumble 2024 年第三季財務業績電話會議。

My name is Elliot and I'll be coordinating your call today.

我叫艾利歐特，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

And I hand over to Cherryl Valenzuela, Vice President of Investor Relations.

我將任務交給投資者關係副總裁 Cherryl Valenzuela。

Please go ahead.

請繼續。

Thank you for joining us to discuss Bumble's third-quarter 2024 financial results.

感謝您加入我們討論 Bumble 2024 年第三季財務表現。

With me today are Bumble's CEO, Lidiane Jones; and CFO, Anu Subramanian.

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.

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。

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.

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.

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。

Descriptions of factors and risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in today's earnings press release and our periodic filings with the SEC.

今天的收益新聞稿和我們向美國證券交易委員會提交的定期文件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。

During the call, we also refer to certain non-GAAP financial measures.

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.

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。

Reconciliation to the most comparable GAAP measures are available in our earnings press release, which is available on the Investor Relations section of our website at ir.bumble.com.

我們的收益新聞稿中提供了與最具可比性的 GAAP 衡量標準的對賬，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.

謝謝你，謝麗爾，大家下午好。

In the third quarter, we delivered on our key financial objectives and made good progress on our strategy to deliver sustainable growth for the long term.

第三季度，我們實現了主要財務目標，並在實現長期可持續成長的策略方面取得了良好進展。

Total revenue and Bumble app revenue came within our Q3 outlook ranges.

總收入和 Bumble 應用程式收入均在我們第三季度的展望範圍內。

While our team's strong operational focus led to adjusted EBITDA for Q3 that exceeded our outlook.

雖然我們團隊對營運的強烈關注導致第三季調整後的 EBITDA 超出了我們的預期。

We're operating with discipline and generating solid cash flow, which has enabled us to repurchase $120 million in stock since we reported in August.

我們經營嚴格，產生穩定的現金流，這使我們自 8 月報告以來能夠回購 1.2 億美元的股票。

Anu will walk you through more details on the quarter in a moment.

Anu 稍後將帶您了解有關該季度的更多詳細資訊。

In 2024, we embarked on a transformation of Bumble.

2024年，我們開始了Bumble的轉型。

We've gone leaner as a team.

作為一個團隊，我們變得更加精簡。

We have attracted top talent to our leadership team and throughout the organization.

我們吸引了頂尖人才加入我們的領導團隊和整個組織。

We're making better data-driven decisions and we're increasing the velocity of our execution, including in engineering and product development.

我們正在做出更好的數據驅動決策，並且正在提高執行速度，包括工程和產品開發方面。

We continue to execute on these transformation initiatives in Q3, and I'm really proud of our team and the progress that we're making.

我們在第三季繼續執行這些轉型舉措，我為我們的團隊和我們正在取得的進展感到非常自豪。

The bubble transformation is foundational to achieving our goal for reimagining Bumble app.

Bumble 轉型是實現我們重新構想 Bumble 應用程式目標的基礎。

On our last call, we shared our priorities for how we're realigning Bumble app to drive our customer success by ensuring they find great connections and ultimately, there forever matches on bubble.

在上次電話會議中，我們分享瞭如何重新調整 Bumble 應用程式的優先事項，以確保客戶找到良好的聯繫並最終在 bubble 上永遠匹配，從而推動客戶取得成功。

To achieve this goal, we are executing on a vision to build the next generation of online to real-world connection.

為了實現這一目標，我們正在執行建立下一代線上與現實世界連結的願景。

The plan started with three key initiatives we laid out on our last call, strengthening the core of our ecosystem, driving innovation in customer experience and enhancing our revenue strategy to ensure we deliver value at every step of our customers' journey.

該計劃首先是我們在上次電話會議上提出的三項關鍵舉措，即加強我們生態系統的核心、推動客戶體驗創新以及增強我們的收入策略，以確保我們在客戶旅程的每一步都提供價值。

We're off to a strong start in Q3.

我們在第三季有了一個好的開始。

First, we have rebalanced the mix of our marketing spend to focus on organic strategies in our top tier states around the world.

首先，我們重新平衡了行銷支出的組合，並專注於全球頂級州的有機策略。

Effective organic marketing has always been a Bumble differentiator and we're reigniting that engine.

有效的有機行銷一直是 Bumble 的與眾不同之處，我們正在重新點燃這一引擎。

In parallel to the organic efforts, we are optimizing growth marketing investments to higher quality channels that better target the right kinds of user story cosystem.

在有機努力的同時，我們正在優化成長行銷投資，轉向更高品質的管道，更好地針對正確類型的使用者故事生態系統。

Early tests of this effort are showing encouraging user acquisition results in one of our growing European markets.

這項工作的早期測試顯示，在我們不斷成長的歐洲市場之一中，用戶獲取結果令人鼓舞。

In just over a month of testing, we have seen a high single-digit incremental increase in women registration on Bumble, which has resulted in a meaningful increase in uploads per day.

在短短一個多月的測試中，我們發現 Bumble 上的女性註冊量出現了高個位數的增量，這導致每天的上傳量顯著增加。

This data validates the importance of a healthier ecosystem in driving more matches.

這些數據驗證了更健康的生態系統對於推動更多比賽的重要性。

We're expanding our testing into additional markets in Q4, and we'll continue to gradually expand to larger markets around the world.

我們將在第四季將測試擴展到其他市場，並將繼續逐步擴展到全球更大的市場。

Our second progress point in the quarter is in further enhancing our policies and safeguards for our customers who value and trust our platform.

我們本季的第二個進展點是進一步加強我們對重視和信任我們平台的客戶的政策和保障措施。

We're providing our customer support and trust team with optimized products and tools to increase their response success rates.

我們為客戶支援和信任團隊提供優化的產品和工具，以提高他們的回應成功率。

I believe we're making really good progress here, and I'll give you a couple of examples.

我相信我們在這裡取得了非常好的進展，我將舉幾個例子。

We have greatly increased the precision of our routing machine learning models for safety issues found by our users, driving handling time down to well under one minute.

針對使用者發現的安全問題，我們大幅提高了路由機器學習模型的精確度，將處理時間縮短至遠低於一分鐘。

We have also achieved a double-digit percent increase in the precision rate for addressing photo moderation issues by enhancing our detection model.

透過增強我們的檢測模型，解決照片審核問題的準確率也實現了兩位數的百分比成長。

Finally, I'm excited to note that we are piloting a generative AI-based bumble customer service agent to further improve our effectiveness and accuracy in case responses.

最後，我很高興地註意到，我們正在試行基於生成式人工智慧的 bumble 客戶服務代理，以進一步提高我們在案例回應方面的有效性和準確性。

All of these efforts ultimately support customer experience and satisfaction, and we'll continue to invest to stay at the forefront of trust and safety.

所有這些努力最終都會支持客戶體驗和滿意度，我們將繼續投資，以保持在信任和安全的最前線。

Finally, you may have seen that last week, we delivered a fall product update to our Bumble app deemed date on your term, which addresses several key customer requests.

最後，您可能已經看到，上週，我們在您任期內的 Bumble 應用程式上發布了秋季產品更新，解決了幾個關鍵的客戶請求。

These include updates to our matching algorithm, which include a new AI model that better predicts matching probability in a new ranking algorithm that helps customers see the most relevant potential matches.

其中包括對我們的匹配演算法的更新，其中包括新的人工智慧模型，該模型可以更好地預測新排名演算法中的匹配機率，從而幫助客戶看到最相關的潛在匹配。

Other improvements included the introduction of new interest filters and expanded tools to enable richer interactions for opening moves, including multiple types of opening moves and image-based move.

其他改進包括引入新的興趣過濾器和擴展工具，以便為開局動作提供更豐富的交互，包括多種類型的開局動作和基於圖像的動作。

This will demonstrate our commitment to customer success into operating on a regular product release cadence that continually enhance the experience and ultimately drive engagement.

這將證明我們對客戶成功的承諾，即以常規產品發布節奏運營，不斷增強體驗並最終提高參與度。

Our initial results give us confidence as we execute on our bigger product vision for Bumble.

當我們執行 Bumble 更大的產品願景時，我們的初步結果給了我們信心。

We see this moment as a rare and powerful opportunity for Bumble to shape the future of online dating for the better.

我們認為這一刻對 Bumble 來說是一次難得而有力的機會，可以更好地塑造線上約會的未來。

Over the last decade, dating apps have been vital to helping customers around the world find love and connection.

在過去的十年中，約會應用程式對於幫助世界各地的客戶尋找愛情和聯繫至關重要。

In that time, customer preferences and needs have evolved.

那時，客戶的偏好和需求已經改變了。

That means our category needs to change, and we determined for Bumble to lead to this change.

這意味著我們的品類需要改變，我們決定讓 Bumble 來引領這個改變。

We do this by delivering a technology-enabled platform that excels is fostering online to real-world connection, helping people find love, friendship and community in their offline lives.

為此，我們提供一個技術支援的平台，該平台擅長促進線上與現實世界的聯繫，幫助人們在線下生活中找到愛情、友誼和社區。

As the branded that defined the core principles of authenticity, and trust and empowerment for women, we believe we're the best positioned company to serve the new generation of customers.

作為定義女性真實、信任和賦權核心原則的品牌，我們相信我們是服務新一代客戶的最佳公司。

To deliver on our vision, we have aligned on an exciting road map, and we'll be providing more details on our execution plan starting next quarter.

為了實現我們的願景，我們制定了令人興奮的路線圖，並且我們將從下個季度開始提供有關執行計劃的更多詳細資訊。

I can share today that we have planned for a more expansive winter product release in Q1 that will kick off an ambitious year for our product road map.

今天我可以分享的是，我們計劃在第一季發布更廣泛的冬季產品，這將為我們的產品路線圖開啟雄心勃勃的一年。

The release will be focused on authentic connection, and we introduced several new features to enable our customers to more easily find authentic and safe connections, including ID verification across the platform, the ability to share my date with trusted contact to get feedback and gain confidence in their choices.

該版本將重點關注真實連接，我們引入了多項新功能，使我們的客戶能夠更輕鬆地找到真實且安全的連接，包括跨平台的身份驗證、能夠與值得信賴的聯繫人分享我的日期以獲得回饋並獲得信心在他們的選擇中。

AI-powered photo selection for easier and more authentic profile creation and a few more surprises that will share when the release is launched.

由人工智慧驅動的照片選擇可以讓您更輕鬆、更真實地建立個人資料，並在發佈時分享更多驚喜。

Looking out beyond Q1, we are establishing a consistent cadence for product releases.

展望第一季之後，我們正在為產品發佈建立一致的節奏。

In subsequent releases, you would see us take bigger and bolder steps towards delivering dating and connection experiences that are joyful, memorable and successful.

在後續版本中，您會看到我們採取更大、更大膽的步驟來提供快樂、難忘和成功的約會和聯繫體驗。

Building a healthier ecosystem and delivering innovative customer experiences are necessary building blocks to driving renewed revenue growth and long-term profitability.

建立更健康的生態系統並提供創新的客戶體驗是推動新的收入成長和長期獲利能力的必要組成部分。

While we execute on our ecosystem work and product road map, we will continue to make pricing and payroll optimization to support conversion and revenue.

在我們執行生態系統工作和產品路線圖的同時，我們將繼續進行定價和薪資優化，以支援轉換和收入。

Longer term, we're focused on achieving the right balance of free users who enrich the ecosystem while better aligning subscription value with customer success.

從長遠來看，我們致力於實現免費用戶的適當平衡，豐富生態系統，同時更好地將訂閱價值與客戶成功結合。

We see significant opportunities to deliver positive incentives that entice more customers to try our paid offerings while removing friction points in our current pay wall.

我們看到了提供積極激勵的重大機會，可以吸引更多客戶嘗試我們的付費產品，同時消除我們目前付費牆中的摩擦點。

As we make these improvements to our revenue strategy, we'll clearly communicate the value of our offerings to our customers to drive higher satisfaction and ultimately, lifetime value.

當我們對收入策略進行這些改進時，我們將清楚地向客戶傳達我們產品的價值，以提高滿意度並最終提高終身價值。

We're excited about our path ahead.

我們對未來的道路感到興奮。

We're confident in our direction and our ability to execute.

我們對我們的方向和執行能力充滿信心。

We also know that it will take multiple quarters to achieve our goals as we continue our ecosystem work, roll out our marketing strategies, deliver product innovation and ultimately drive revenue growth.

我們也知道，隨著我們繼續進行生態系統工作、推出行銷策略、提供產品創新並最終推動收入成長，需要多個季度才能實現我們的目標。

We value the support of our investment community on this journey, and we're committed to helping you see a measure of progress along the way.

我們非常重視投資界在過程中的支持，並致力於幫助您看到一路上的進展。

Now let me move to Badoo and our other apps.

現在讓我轉向 Badoo 和我們的其他應用程式。

Badoo brand awareness continues to improve since the relaunch earlier this year, and the revenue rearchitecture focused on delivering clear customer value is leading to improved payer conversion.

自今年稍早重新推出以來，Badoo 的品牌知名度不斷提高，專注於提供明確客戶價值的收入重組正在提高付款人轉換率。

This provides important learnings that we are applying to Bumble app.

這提供了我們應用於 Bumble 應用程式的重要經驗。

We're also modestly rebalancing some of our marketing investments, and we're optimistic about Badoo's potential.

我們也適度地重新平衡一些行銷投資，並且我們對 Badoo 的潛力持樂觀態度。

Beyond dating, we are actively working on our product road map for friendships and community.

除了約會之外，我們還積極制定友誼和社區的產品路線圖。

I'm delighted to report that Geneva is now live, and we're gradually increasing awareness and adoption, consistent with our prior stated plans to launch this fall.

我很高興地向大家報告，日內瓦現已上線，我們正在逐步提高認知度和採用率，這與我們先前聲明的今年秋季推出的計劃一致。

Geneva as well as BFF are important to our overall vision of helping more people connect, including non-romantic relationships.

日內瓦和 BFF 對於我們幫助更多人建立聯繫（包括非浪漫關係）的整體願景非常重要。

We'll have more to share on our plans and progress as we move into the next year.

進入明年，我們將更多地分享我們的計劃和進展。

Wrapping up, we're finishing up 2024 highly confident in our transformation path. 2025 was an important year.

總而言之，我們對 2024 年的轉型之路充滿信心。 2025 年是重要的一年。

We're executing diligently on our marketing, customer experience and product plans, all of which require investment and necessarily take time to translate into revenue.

我們正在努力執行我們的行銷、客戶體驗和產品計劃，所有這些都需要投資，並且必然需要時間才能轉化為收入。

This is a multi-quarter process, but one we feel is necessary to get right in order to position Bumble for what we believe is an exciting opportunity to -- reinvigoration of our category.

這是一個涉及多個季度的過程，但我們認為有必要正確對待這個過程，以便將 Bumble 定位為我們認為是一個令人興奮的機會——重振我們的類別。

Our powerful brand and what it stands for, combined with our scale, technical infrastructure, improved cadence of execution in a healthy financial position gives us the robust footing on which to build the next generation of online to real-world connection.

我們強大的品牌及其所代表的意義，加上我們的規模、技術基礎設施、在健康的財務狀況下改進的執行節奏，為我們建立下一代在線與現實世界的連接奠定了堅實的基礎。

When I mention our powerful brand, it's important to emphasize that we'll never let up in raising the values of Bumble and remaining highly visible as a positive force for women.

當我提到我們強大的品牌時，需要強調的是，我們永遠不會放棄提升 Bumble 的價值觀，並保持作為女性積極力量的高度可見性。

We were a very proud sponsor of our new WNBA Champion New York Liberty this season, and we're excited to see the market increasingly embrace women's sports.

我們非常自豪地成為本賽季 WNBA 新冠軍紐約自由人隊的贊助商，我們很高興看到市場越來越接受女性運動。

We have also been very humble to partner with an amazing group of people in raising the profile of the important documentary Zurawski v. Texas, which brings much needed visibility to women's health care.

我們也非常謙虛地與一群出色的人合作，提高了重要紀錄片《祖拉夫斯基訴德克薩斯州》的知名度，該紀錄片為婦女醫療保健帶來了急需的知名度。

A fundamental human right that is critical to so many of our customers.

這是一項對我們許多客戶至關重要的基本人權。

Initiatives like these are why Bumble remain strong in brand sentiment relative to our peers, and are also helping to drive improved awareness and social sentiment, particularly with Gen Z women.

此類舉措是 Bumble 相對於同業保持強勁品牌情感的原因，也有助於提高意識和社會情感，尤其是 Z 世代女性。

I'm grateful to our team for staying committed to our mission and values and for rallying around the important work we're doing.

我感謝我們的團隊始終致力於我們的使命和價值觀，並團結在我們正在進行的重要工作上。

I'd like to thank our shareholders, partners and above all, all of our customers for the trust and support you've given Bumble.

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。

Now here's Anu to cover the quarterly results.

現在請阿努報道季度業績。

Thank you, Lidiane, and good afternoon, everyone.

謝謝你，Lidiane，大家午安。

We delivered third quarter revenue within our outlook ranges while exceeding our expectations for adjusted EBITDA.

我們第三季的營收在我們的預期範圍內，同時超出了我們對調整後 EBITDA 的預期。

During the quarter, we executed the discipline to achieve near-term results while also working towards setting the foundation for sustainable growth and building towards the vision that Lidiane just shared.

在本季度，我們執行了紀律以取得近期成果，同時努力為永續成長奠定基礎，並實現 Lidiane 剛剛分享的願景。

While we still have work to do over the coming years, we are confident in our direction and encouraged by the early progress we are making.

儘管我們在未來幾年仍有工作要做，但我們對自己的方向充滿信心，並對我們所取得的早期進展感到鼓舞。

I'll walk you through our third quarter results in detail and then share our outlook for the fourth quarter.

我將向您詳細介紹我們第三季的業績，然後分享我們對第四季的展望。

Unless stated otherwise, all comparisons are on a year-over-year basis.

除非另有說明，所有比較均以同比為基礎。

In Q3, total Bumble Inc. revenue was $274 million, down 1% including an unfavorable impact from FX of approximately $1 million.

第三季度，Bumble Inc. 總營收為 2.74 億美元，下降 1%，其中包括約 100 萬美元的外匯不利影響。

Total paying users grew 11% to $4.3 million, which was offset by a 10% decline in total ARPPU to $21.17.

付費用戶總數增加 11%，達到 430 萬美元，但 ARPPU 總額下降 10%，達到 21.17 美元，抵消了這一增長。

Bumble app revenue declined 1% to $220 million with an unfavorable impact from FX of approximately $1 million.

Bumble 應用程式收入下降 1%，至 2.2 億美元，外匯帶來的不利影響約為 100 萬美元。

Bumble app paying users grew 10% to $2.9 million.

Bumble 應用程式付費用戶成長 10%，達到 290 萬美元。

On a sequential basis, we added 52,000 paying users.

我們連續增加了 52,000 名付費用戶。

The increase in payers was offset by a 10% year-over-year decline in our people to $25.58. The decline was primarily due to geographic mix shift to international.

付款人的增加被我們員工年減 10% 至 25.58 美元所抵消。下降的主要原因是地域組合轉向國際。

Badoo App and Other revenue of $53 million was 1% lower in Q3, but up slightly excluding FX impact.

第三季度，Badoo 應用程式和其他收入為 5,300 萬美元，下降 1%，但排除匯率影響後略有成長。

Badoo and Other paying users grew 14% to $1.4 million.

Badoo 和其他付費用戶成長了 14%，達到 140 萬美元。

And as Lidiane noted, we began to see the early benefits of Badoo's revenue rearchitecture driving improved payer conversion.

正如 Lidiane 所指出的，我們開始看到 Badoo 收入重組帶來的早期好處，可提高付款人轉換率。

On a sequential basis, we reported our sixth consecutive quarter of positive Badoo and Other payer net adds, which came in at 65,000.

我們連續第六個季度報告了 Badoo 和其他付款人淨增加量為 65,000 的正值。

Badoo and Other ARPPU declined 6% to $12.03.

Badoo 和其他 ARPPU 下降 6%，至 12.03 美元。

Turning now to expenses.

現在轉向費用。

Total GAAP operating costs and expenses were $1.1 billion, and we reported a GAAP net loss of $849 million.

GAAP 營運成本和費用總額為 11 億美元，我們報告的 GAAP 淨虧損為 8.49 億美元。

The loss was mainly on account of a noncash impairment charge of $892 million that was recorded related to our intangible assets and goodwill.

損失主要是由於與我們的無形資產和商譽相關的 8.92 億美元非現金減損費用所致。

The impairment was triggered by several factors primarily as a result of a sustained decline in the company's market cap during the 3 months ended September 30.

此次減損是由多種因素引發的，主要是由於截至9月30日的三個月內公司市值持續下降。

On a non-GAAP basis, which excludes stock-based compensation and other noncash or nonrecurring items, total costs and expenses declined 5% to $191 million.

以非公認會計準則（不包括股票薪資和其他非現金或非經常性項目）計算，總成本和費用下降了 5%，至 1.91 億美元。

As a result, Q3 adjusted EBITDA increased 10% to $83 million or 30% margin, up 290 basis points from the year ago period.

因此，第三季調整後 EBITDA 成長 10%，達到 8,300 萬美元，利潤率為 30%，比去年同期成長 290 個基點。

This reflects lower costs from the head count restructuring program we announced earlier this year as well as a timing benefit from several planned marketing campaigns being shifted from Q3 to Q4 to better coincide with our October product release.

這反映了我們今年稍早宣布的人員重組計劃帶來的成本降低，以及從第三季度轉移到第四季度以更好地配合我們 10 月份產品發布的多項計劃行銷活動的時機優勢。

Cost of revenue was $79 million or 29% of revenue, flat year over year.

收入成本為 7,900 萬美元，佔營收的 29%，與去年同期持平。

Selling and marketing expenses declined 5% to $63 million, representing 23% of revenue and down from 24% in the year ago period due to lower brand spend and lower head count costs from the reductions we announced earlier this year.

銷售和行銷費用下降 5%，至 6,300 萬美元，佔收入的 23%，低於去年同期的 24%，因為我們今年稍早宣布的裁員導致品牌支出下降和人員成本下降。

G&A expenses declined 17% to $27 million, representing 10% of revenue, down from $33 million or 12% in the year-ago period.

G&A 費用下降 17%，至 2,700 萬美元，佔營收的 10%，低於去年同期的 3,300 萬美元或 12%。

The decrease was due to lower head count costs as well as lower overhead as we continue to be disciplined about our spend.

減少的原因是人員成本降低以及管理費用降低，因為我們繼續嚴格控制支出。

Product development expenses were $22 million, representing 8% of revenue, flat year over year.

產品開發費用為 2,200 萬美元，佔營收的 8%，較去年同期持平。

Turning now to our balance sheet.

現在轉向我們的資產負債表。

We ended Q3 with $252 million in cash and cash equivalents, and we generated free cash flow of $92 million in the quarter.

第三季結束時，我們擁有 2.52 億美元的現金和現金等價物，本季產生的自由現金流為 9,200 萬美元。

Our strong balance sheet and profitability enabled us to continue to return significant amounts of cash to our shareholders this quarter.

我們強勁的資產負債表和獲利能力使我們能夠在本季繼續向股東返還大量現金。

We remain committed to our buyback program.

我們仍然致力於我們的回購計劃。

And since the inception of our $450 million stock repurchase authorization, we have returned $361 million to shareholders including $90 million that we repurchased in Q3 and $30 million repurchased in Q4.

自授予 4.5 億美元股票回購授權以來，我們已向股東返還 3.61 億美元，其中包括第三季回購的 9,000 萬美元和第四季回購的 3,000 萬美元。

Year-to-date, through Q3, we have returned approximately 140% of our free cash flow via share repurchases.

今年迄今為止，到第三季度，我們已透過股票回購返還了約 140% 的自由現金流。

Now moving on to our outlook.

現在繼續我們的展望。

For full-year 2024, we expect total revenue of $1.066 billion to $1.072 billion, representing growth of 1.6% at the midpoint, in line with our previous outlook.

對於 2024 年全年，我們預計總收入為 10.66 億美元至 10.72 億美元，中位數成長 1.6%，與我們先前的預期一致。

Bumble App revenue of $861 million to $865 million, which represents growth of 2% at the midpoint, also consistent with our prior outlook.

Bumble App 營收為 8.61 億美元至 8.65 億美元，中間成長 2%，也與我們先前的預期一致。

We continue to spend with discipline and expect at least 200 basis points of expansion for our full year adjusted EBITDA margin.

我們將繼續嚴格支出，預計全年調整後 EBITDA 利潤率將增加至少 200 個基點。

For Q4, this implies total revenue between $256 million and $262 million, representing a 5% year-over-year decline at the midpoint of the range.

對於第四季度，這意味著總收入在 2.56 億美元至 2.62 億美元之間，相當於該範圍中位數年減 5%。

Bumble App revenue to be between $207 million and $211 million, representing a year-over-year decline of 5% at the midpoint of the range.

Bumble App 營收介於 2.07 億美元至 2.11 億美元之間，年減 5%，處於該區間的中點。

And adjusted EBITDA of between $70 million and $73 million, representing 28% margin at the midpoint of the range.

調整後的 EBITDA 在 7,000 萬美元至 7,300 萬美元之間，相當於該範圍中點的 28% 利潤率。

We expect Q4 2024 Bumble App payer net adds to decline

我們預計 2024 年第四季 Bumble App 付款人淨增加將下降

[70,000 to 80,000].

[70,000 至 80,000]。

This implies full-year Bumble App net adds of approximately [285,000] at the midpoint, in line with our prior expectations.

這意味著全年 Bumble App 淨增加中點約為 [285,000]，符合我們先前的預期。

Looking further ahead, while we are making good early progress with Bumble apps strategic repositioning, we remain in the early innings of the work we are undertaking to strengthen our foundation, reimagine the user experience and ultimately drive revenue aligned with the value we are delivering.

展望未來，雖然我們在Bumble 應用程式策略重新定位方面取得了良好的早期進展，但我們仍處於我們正在進行的工作的早期階段，以加強我們的基礎，重新構想用戶體驗，並最終推動收入與我們所提供的價值保持一致。

As Lidiane noted, full realization of our work will take multiple quarters.

正如 Lidiane 指出的那樣，我們的工作的全面實現需要多個季度的時間。

We are making thoughtful investments in marketing, people and technology to support our road map and position us for long-term growth.

我們正在行銷、人員和技術方面進行深思熟慮的投資，以支持我們的路線圖並為我們的長期成長做好準備。

These investments and our ecosystem initiatives, including product releases will take time to translate to meaningful revenue growth, and we expect to provide more details on our outlook and plans on our next earnings call.

這些投資和我們的生態系統計劃（包括產品發布）需要時間才能轉化為有意義的收入成長，我們希望在下一次財報電話會議上提供有關我們的前景和計劃的更多詳細資訊。

We have strong conviction that the work we are doing will enable us to realize the powerful opportunity in front of us.

我們堅信，我們正在做的工作將使我們能夠實現擺在我們面前的強大機會。

Our well-loved brand, millions of members, authentic focus on meaningful connections and robust product vision uniquely position us to lead the reimagination of the dating app category.

我們深受喜愛的品牌、數以百萬計的會員、對有意義的聯繫的真正關注以及強大的產品願景使我們能夠引領約會應用程式類別的重新構想。

While we have just begun that work, we see tremendous potential in the future that lies ahead.

雖然我們剛開始這項工作，但我們看到了未來的巨大潛力。

And our team is laser focused on delivering the experiences that will delight our customers around the world.

我們的團隊專注於提供讓世界各地的客戶滿意的體驗。

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) Ygal Arounian, Citigroup.

（操作員指令）Ygal Arounian，花旗集團。

Hey.

嘿。

Good afternoon, everyone.

大家下午好。

Maybe first, understanding we're not getting 2025 guidance here.

也許首先，要明白我們在這裡沒有得到 2025 年的指導。

But also as we think about the progress that you guys have seen so far, which is nice to see trying to balance that out with the comments around how it will take time to play out in multiple quarters.

但當我們思考你們迄今為止所看到的進展時，很高興看到試圖平衡這一點與關於如何需要時間在多個季度中發揮作用的評論。

Just any more help in how to think about the products that are contributing the curve of the contribution and how -- any other benchmarks that we should be thinking about or looking to as we make the progress here?

在如何思考對貢獻曲線做出貢獻的產品以及如何——在我們取得進展時我們應該考慮或尋求的任何其他基準方面，還有更多幫助嗎？

Thank you for the question.

謝謝你的提問。

When we look at our investments, as I outlined last quarter and emphasized again this year, we really focused on three primary areas, strengthening our ecosystem.

當我們審視我們的投資時，正如我上季度概述並今年再次強調的那樣，我們真正專注於三個主要領域，即加強我們的生態系統。

As I mentioned today, we're really excited about the early progress that we're seeing on the test market.

正如我今天提到的，我們對在測試市場上看到的早期進展感到非常興奮。

That means ensuring that we have the most engaged customers across the ecosystem that we play in, and we're seeing really positive signs that our investments are moving in the right direction from engagement and growth of customers.

這意味著確保我們在我們所參與的生態系統中擁有最活躍的客戶，並且我們看到了真正積極的跡象，表明我們的投資正在朝著客戶參與和成長的正確方向發展。

The second is ensuring customer success.

第二是確保客戶成功。

And we're focused on success end-to-end from customer support, to safety, to innovative experiences on our product.

我們專注於從客戶支援到安全，再到產品創新體驗的端到端成功。

So the fall road map is very anchored fall release that we just launched last week, very anchored on customer success.

因此，秋季路線圖非常錨定我們上週剛推出的秋季版本，非常錨定客戶的成功。

Our winter release is going to take even bolder steps at innovating.

我們的冬季版本將採取更大膽的創新措施。

And aligned to that is the third major initiative, which is really imagining and evolving our revenue strategy to ensure across every one of our subscription tiers, we're offering value to our customers, and they feel really good about the value that they're getting across each one of them.

與此一致的是第三項主要舉措，即真正想像和發展我們的收入策略，以確保在我們的每個訂閱級別中，我們都為客戶提供價值，並且他們對自己所獲得的價值感到非常滿意遍歷它們中的每一個。

So we're looking at all of that.

所以我們正在研究所有這些。

We're really optimistic from the progress that we've seen in Q1, we're expanding the markets that we're doing the marketing balance and customer acquisition balance, and we will be providing more in the quarters ahead, but definitely confident that we're on the right track.

我們對第一季的進展感到非常樂觀，我們正在擴大市場，我們正在實現行銷平衡和客戶獲取平衡，我們將在未來幾季提供更多服務，但絕對有信心我們走在正確的軌道上。

Thanks.

謝謝。

And maybe just a follow-up on -- maybe this is more for Anu.

也許只是後續行動——也許這對阿努來說更重要。

But on the buybacks at 140% of free cash flow this year, you've sets it up.

但今年你已經設定了以 140% 的自由現金流進行回購。

It looks like that's continued here in the early part of 4Q, balancing with margin expansion and investments that you think are needed to move the product in the right direction.

看起來這種情況在第四季度初期仍在繼續，與利潤擴張和您認為將產品推向正確方向所需的投資進行平衡。

Just philosophically, how you're thinking about that?

只是從哲學角度來說，你是怎麼看待這個問題的？

Thank you.

謝謝。

Yeah, sure.

是的，當然。

Happy to Ygal.

為伊加爾感到高興。

So I think if you think about our capital allocation philosophy, as we've always said, we think about it in three broad buckets.

因此，我認為，如果您考慮我們的資本配置理念，正如我們一直所說的那樣，我們會從三個方面進行思考。

The first one is around investing in our organic growth and making sure that we're continuing to invest for the revenue growth that we know we have ahead of us.

第一個是投資我們的有機成長，並確保我們繼續投資以實現我們所知的收入成長。

The second one is around M&A.

第二個是關於併購。

We've said in the past that we continue to be opportunistic from an M&A perspective with a pretty high bar for what that looks like.

我們過去曾說過，從併購的角度來看，我們將繼續採取機會主義態度，並設定相當高的門檻。

And the third one is to return capital back to shareholders, and we have the buyback program in place.

第三個是將資本返還給股東，我們已經制定了回購計畫。

We are always trying to balance each of these priorities, depending on what's most critical to us.

我們始終努力平衡這些優先事項，具體取決於對我們最重要的事項。

So I think going forward, you'll see us continue to take a balanced approach.

所以我認為展望未來，你會看到我們繼續採取平衡的方法。

I think for next year, having top line growth is definitely going to be one of the most important things we are focused on.

我認為明年，收入成長肯定將是我們關注的最重要的事情之一。

So you'll definitely see us focus on that as a company.

所以你肯定會看到我們作為一家公司專注於這一點。

And then we obviously have our buyback program, which we will continue to be opportunistic about.

然後我們顯然有回購計劃，我們將繼續抓住機會。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Okay.

好的。

Thank you for taking my questions.

感謝您回答我的問題。

Let me try two, please.

請讓我嘗試兩個。

First is on ecosystem health.

首先是生態系健康。

Lidiane, of the three things you talked about, the first one is ecosystem health.

Lidiane，在你談到的三件事中，第一件事就是生態系統健康。

It includes profile creation and maybe a shift in marketing strategy and you've addressed both of these.

它包括個人資料創建，可能還包括行銷策略的轉變，您已經解決了這兩個問題。

So I guess my question is, could you please provide specific examples of other actions that you have taken in the quarter and/or plan to take in the near term that focuses on rebalancing the health of the platform that you think will be most impactful.

所以我想我的問題是，您能否提供您在本季度採取的和/或計劃在短期內採取的其他行動的具體示例，這些行動的重點是重新平衡您認為最具影響力的平台的健康狀況。

That's question one.

這是問題一。

And the next question is on customer experience.

下一個問題是關於客戶體驗。

How should we think about the headwind on top of the funnel from your safety initiatives, and is it fair to say that you started that initiative mainly in the third quarter this year, so you'll comp that next year post Q2?

我們應該如何考慮您的安全措施在漏斗頂部的逆風，可以公平地說，您主要在今年第三季度開始了該舉措，所以您將在明年第二季度後進行比較？

Thanks a ton.

非常感謝。

Yeah.

是的。

Thank you.

謝謝。

On the first part of your question, definitely a marketing rebalance for us to ensure that we're acquiring the right types of users.

關於你問題的第一部分，我們肯定需要進行行銷重新平衡，以確保我們獲得正確類型的用戶。

And that has been really positive.

這確實是積極的。

In addition to that rebalance, one of the key efforts I mentioned in my prepared remarks is about strengthening organic marketing, especially in our mature markets, which has also shown really positive sign.

除了重新平衡之外，我在準備好的發言中提到的關鍵努力之一是加強有機行銷，特別是在我們成熟的市場，這也顯示出了非常積極的跡象。

The other efforts here for us when we think about healthy ecosystem is related to product innovation.

當我們考慮健康的生態系統時，我們的其他努力與產品創新有關。

We are embarking on this new model of a regular product cadence so that we operationally are constantly innovating for our customers.

我們正在著手這種常規產品節奏的新模式，以便我們在營運上持續為客戶創新。

So what you're seeing from our fall release for to winter and you'll see more in 2025 is a regular cadence of innovation.

因此，您從我們的秋季發佈到冬季以及 2025 年將會看到更多的是定期的創新節奏。

What that does is ensuring that we're also attracting and retaining great customers that are going to have great experiences with that and success within our portfolio of apps.

這樣做的目的是確保我們吸引並留住優秀的客戶，他們將在我們的應用程式組合中獲得良好的體驗和成功。

So we're really excited about ecosystem, it's about certainly acquiring, but also retaining our customers.

因此，我們對生態系統感到非常興奮，這當然是為了獲取並留住我們的客戶。

So you're going to see a lot of that from us in the quarters ahead.

因此，在接下來的幾個季度中，您將會看到我們所做的很多事情。

When we think about customer experience and safety.

當我們考慮客戶體驗和安全。

There are many things here related to safety that we look at.

這裡有很多與我們關注的安全相關的事情。

And it's not just you shouldn't think of safety just as a headwind.

不僅僅是您不應該將安全視為逆風。

It's also an important tractor for a lot of our customers.

對於我們的許多客戶來說，它也是一台重要的拖拉機。

So there's a few key things in -- earlier this year, we have already started to improve our modeling to ensure that we are, for photo moderation, for example, as you saw in my prepared remarks, ensures that good customers that are interested in being in our ecosystem are not unfairly blocked.

因此，有一些關鍵的事情- 今年早些時候，我們已經開始改進我們的建模，以確保我們在照片審查方面，例如，正如您在我準備好的評論中看到的那樣，確保對以下內容有興趣的優質客戶在我們的生態系統中並沒有受到不公平的阻礙。

So that is actually welcoming more customers into our ecosystem that were not getting through because of a modeling issue.

因此，這實際上是歡迎更多因建模問題而未能通過的客戶進入我們的生態系統。

So there's many efforts there.

所以這方面有很多努力。

Additionally, capabilities like ID verification that will be optional for our customers, again gives customers a lot more choice and feel the safety that they would like to have on our ecosystem.

此外，諸如身份驗證之類的功能對於我們的客戶來說是可選的，這再次為客戶提供了更多選擇，並感受到他們希望在我們的生態系統中擁有的安全性。

So we think safety capabilities are both about keeping customers safe, attracting the right customers and retaining in addition to ensuring that we don't have users that we don't want in the ecosystem.

因此，我們認為安全能力不僅要確保生態系統中沒有我們不想要的用戶，還要確保客戶的安全、吸引合適的客戶並留住客戶。

So all in all, we are optimistic about those as positive investments for user growth.

總而言之，我們對這些作為用戶成長的積極投資持樂觀態度。

Thank you, Lidiane.

謝謝你，利黛安。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question.

非常感謝您提出問題。

Just one if I could.

如果可以的話，就一個。

Just sticking on the theme of the potential on the revenue and the user side for Badoo over the longer term, what continued to be key learnings about that as an asset in your portfolio and how it informs key priorities for that part of the business looking out of the medium to long term?

只是堅持 Badoo 的長期收入和用戶方面的潛力這一主題，作為您投資組合中的一項資產，哪些仍然是關鍵的學習內容，以及它如何為該部分業務的關鍵優先事項提供信息中長期？

Thanks so much.

非常感謝。

Thank you, Eric.

謝謝你，埃里克。

This year, we took a very customer-centric approach to Badoo because Badoo does serve a customer base that's complementary to our Bumble customer base.

今年，我們對 Badoo 採取了一種以客戶為中心的方法，因為 Badoo 確實服務於與我們的 Bumble 客戶群互補的客戶群。

And with the changes that we made on the product, we did a brand relaunch, we're rebalancing -- modestly rebalancing our brand and growth marketing in Badoo.

隨著我們對產品所做的改變，我們重新推出了品牌，我們正在重新平衡——適度地重新平衡我們的品牌和 Badoo 的成長行銷。

And what we're seeing is that we're seeing a positive engagement in the customer base as well as benefits in ARPPU from customers getting the right value from our revenue we architecture.

我們看到的是，我們看到客戶群的積極參與，以及客戶從我們的收入架構中獲得正確價值所帶來的 ARPPU 收益。

So we're optimistic about Badoo.

所以我們對Badoo持樂觀態度。

I think, Badoo in the right investments with the right placement within our portfolio can have a greater potential in the medium to longer term.

我認為，Badoo 在我們的投資組合中進行正確的投資和正確的佈局可以在中長期擁有更大的潛力。

So definitely optimistic about the role Badoo can play for us.

因此，我們對 Badoo 可以發揮的作用絕對持樂觀態度。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Hey, everyone.

嘿，大家。

Thanks for taking the question.

感謝您提出問題。

Two on my end.

我這邊有兩個。

First, are you seeing any green shoots with Gen Z either from the product or marketing changes you've made so far or any difference whether it's in engagement with the platform, signed up, et cetera.

首先，您是否看到 Z 世代出現了任何新芽，無論是您迄今為止所做的產品或行銷變化，還是在與平台的互動、註冊等方面是否有任何變化。

And then second, thinking about elections in the past, did you see any impact on engagement either before or after?

其次，考慮過去的選舉，您認為之前或之後對參與度有什麼影響嗎？

And how do you think about that when guiding to 4Q?

您在指導第四季度時如何看待這一點？

Thank you.

謝謝。

Thank you, Nathan.

謝謝你，內森。

In terms of engagement, positive engagement, this Q3 has been a really positive one for us from a marketing perspective.

就參與度、積極參與度而言，從行銷角度來看，第三季對我們來說是一個非常正面的季度。

With our shift towards reigniting organic marketing for Bumble, which has always been part of our DNA has always been a differentiator.

隨著我們轉向重新點燃 Bumble 的有機行銷，這一直是我們 DNA 的一部分，一直是我們的差異化因素。

That has been an incredibly positive set of outcomes for us from our Gen Z women in the top cities that we've activated that balanced strategy.

我們啟動了這個平衡策略，這對我們來說是一線城市 Z 世代女性的一系列令人難以置信的積極成果。

We have seen positive gains in NPS.

我們看到 NPS 取得了積極的進展。

We've seen positive gains in followship in our social channels as well as positive sentiment.

我們在社交管道中看到了關注度的正面成長以及正面的情緒。

So all in all, our marketing rebalance is being positive results for us in targeting and gaining more support from Gen Z women.

總而言之，我們的行銷重新平衡在瞄準 Z 世代女性並獲得更多支持方面取得了積極成果。

We are also spending a lot of time with our younger users to understand their needs in this category, and why we feel excited about the role that Bumble can play and truly reimagining the category.

我們還花了很多時間與年輕用戶一起了解他們在此類別中的需求，以及為什麼我們對 Bumble 可以發揮的作用以及真正重新構想該類別感到興奮。

There's a lot of really great insight about what our customers want.

我們對客戶的需求有許多非常深刻的見解。

So from a product feature perspective, a lot of our customers' voice is being incorporated into that, certainly, a lot of Gen Z women's voice.

因此，從產品功能的角度來看，我們的許多客戶的聲音正在被納入其中，當然還有許多 Z 世代女性的聲音。

So that truly excited to be working for many great customers.

因此，能夠為許多優秀客戶工作真的很興奮。

In terms of the election, well, historically, we haven't seen significant shifts in our customer base and business, but what we do expect at this moment in time is that our mission and what we have seen from our customers, our mission, our values have remained incredibly critical for customers not only over the last decade, but we definitely believe it is critical now that we stay strong in supporting women and women's experience.

就選舉而言，從歷史上看，我們的客戶群和業務沒有發生重大變化，但我們此時此刻所期望的是，我們的使命以及我們從客戶那裡看到的、我們的使命，我們的價值觀不僅在過去十年中對客戶來說仍然至關重要，而且我們絕對相信，現在我們在支持女性和女性體驗方面保持堅定的態度也至關重要。

So that's going to be a key part of how we support customers and their needs.

因此，這將成為我們支援客戶及其需求的關鍵部分。

And Nathan, in terms of impact to the way we thought about Q4, we don't really think that there's been a big impact in terms of what we've seen leading up to the election.

內森（Nathan），就我們對第四季度的看法的影響而言，我們並不認為選舉前我們所看到的情況產生了重大影響。

So we are guiding to a revenue outlook that is largely consistent with what we guided to in our Q2 earnings.

因此，我們指導的收入前景與我們第二季度收益的指導基本一致。

So not much to report on that.

所以對此沒有太多報道。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Great.

偉大的。

Thank you for taking the questions.

感謝您提出問題。

So in the past, you've obviously spoken about the free experience and how you think that may need to evolve in effort to help the ecosystem.

因此，在過去，您顯然談到了免費體驗以及您認為可能需要如何發展才能幫助生態系統。

So I'm curious how do you expect the free experience to change over the next coming quarters, if not years?

所以我很好奇你預計免費體驗在接下來的幾個季度（如果不是幾年）會發生什麼變化？

And then maybe as we think ahead to 2025, I understood that we're not getting any guidance, but if you think about the product release plans towards the end of the year, generally speaking, how should we think about the composition of growth?

然後，也許當我們展望 2025 年時，我知道我們沒有得到任何指導，但如果你考慮到年底的產品發布計劃，一般來說，我們應該如何考慮成長的組成？

Is it between payers and ARPPU as we head into the New Year?

新年伊始，這是付款人與 ARPPU 之間的問題嗎？

Thank you.

謝謝。

Great, Benjamin.

太棒了，本傑明。

Let me start with the free experience first.

我先從免費體驗說起。

We recognize that this is a really important moment for the company to get right.

我們體認到，對公司來說，這是一個真正重要的時刻。

And a key part of our revenue evolution is ensuring that we're getting the fundamentals right for our customers and their experience.

我們收入發展的關鍵部分是確保我們為客戶及其體驗提供正確的基礎。

So we are taking a step back and looking at the entire journey from top of funnel all the way to the most optimized subscription tier that we have, which is Premium Plus.

因此，我們退後一步，審視從漏斗頂部一直到我們擁有的最優化訂閱等級（即 Premium Plus）的整個旅程。

And so of course, in that journey comes the free experience.

當然，在這段旅程中會帶來免費體驗。

We really believe that a great free experience for all of our customers should also be one that helps people see the value of Bumble right from the get-go, and that will positively entice them to want to pay to get greater value.

我們堅信，為所有客戶提供良好的免費體驗也應該幫助人們從一開始就看到 Bumble 的價值，這將積極吸引他們願意付費以獲得更大的價值。

So in that regard, we see greater opportunities in the near term to increase our conversion rate from free to pay with some of the initiatives that we're going to drive in the next few quarters.

因此，在這方面，我們認為短期內有更大的機會透過我們將在未來幾季推動的一些舉措來提高從免費到付費的轉換率。

So we're quite bullish and excited about that.

所以我們對此非常樂觀和興奮。

Secondly is that as we are innovating our product rhythm and the cadence and the regularity and the velocity of our innovation.

其次是我們創新產品的節奏、創新的節奏、規律性和速度。

I think a big part what I've been talking about in the last couple of earnings has been the company transformation we're undergoing.

我認為我在過去幾份財報中所談論的很大一部分是我們正在經歷的公司轉型。

It's really ensuring that we're innovating in a test base, that we are attracting the best talent in the industry.

這確實確保了我們在測試基地的創新，並吸引了業內最優秀的人才。

And that's going to really help us bring a greater degree of innovation that will increase the value creation for higher tiers.

這將真正幫助我們帶來更大程度的創新，進而增加更高層次的價值創造。

So really a lot of segment for us in terms of the value of our subscription tiers and the rearchitecture of our value balancing for our customers.

因此，就訂閱等級的價值以及為客戶重新建立價值平衡而言，我們確實有很多細分市場。

But I'll take it on to Anu to talk a little bit more about the second part of your question.

但我會轉告阿努，詳細討論你問題的第二部分。

Ben, so as you can imagine, we are deep in the middle of planning for next year, and this encompasses the work that we are doing around the three pillars that Lidiane talked about, which is customer experience, ecosystem work, as well as reimagining of the revenue and subscription experiences.

Ben，正如你所想像的，我們正處於明年的規劃之中，這包括我們圍繞 Lidiane 談到的三大支柱所做的工作，即客戶體驗、生態系統工作以及重新構想收入和訂閱體驗。

And this will impact how we think about our key KPIs in terms of user growth, payer growth, revenue growth, et cetera.

這將影響我們如何看待用戶成長、付款人成長、收入成長等方面的關鍵 KPI。

And we've talked today a little bit about some of the tests that we are running and the early results that we're seeing from all of these, which have been quite encouraging.

今天我們討論了一些我們正在運行的測試以及我們從所有這些測試中看到的早期結果，這些結果非常令人鼓舞。

I think it's a little bit early to talk about specific puts and takes around how this translates into some of the metrics that we look at, but we look forward to providing more details on our next earnings call for sure.

我認為現在談論具體的看跌期權和期權如何轉化為我們所關注的一些指標還為時過早，但我們肯定會在下一次財報電話會議上提供更多細節。

Great.

偉大的。

Thank you very much.

非常感謝。

Robert Coolbrith, Evercore ISI.

羅伯特‧庫布里斯 (Robert Coolbrith)，Evercore ISI。

Great.

偉大的。

Good afternoon.

午安.

Thank you for taking our questions.

感謝您接受我們的提問。

I wanted to ask if you could go back to the marketing tests that you've done in Europe and the related uplift or improvements in ecosystem balance that driving there.

我想問您是否可以回顧一下您在歐洲所做的行銷測試以及在那裡推動的生態系統平衡的相關提升或改善。

Anything more you could tell us about the changes in channel mix or messaging and the plan to expand that strategy?

您還能告訴我們有關頻道組合或訊息傳遞的變化以及擴展該策略的計劃嗎？

And then also, I understand that you're more focused on organic in the more established markets, but just wondering if there are any learnings from the targeted marketing that you can apply to some of the more established, more mature markets to maybe accelerate the drive towards ecosystem health and demographic balance?

另外，我知道您更專注於更成熟市場中的有機產品，但只是想知道是否可以從定向行銷中學到任何經驗教訓，您可以將其應用於一些更成熟、更成熟的市場，以加速推動生態系統健康和人口平衡？

Thank you.

謝謝。

Yeah, Robert.

是的，羅伯特。

Great question.

很好的問題。

So for emerging markets, there is both a balance of brand expansion and awareness as well as a very tailored marketing channel mix.

因此，對於新興市場來說，既需要平衡品牌擴張和知名度，也需要量身訂製的行銷管道組合。

And so one of the greatest things that I'm excited about in Q3 is how rapidly we're assuring our marketing insights and operations to allow us that effectively.

因此，第三季最讓我興奮的事情之一就是我們如何快速地確保我們的行銷洞察和運營，使我們能夠有效地實現這一點。

And what we have seen is, in this particular market, we have balanced for greater investment on acquiring the right users, for particular demographic, especially women in this case, and we were very effective at that acquisition with the right ROI.

我們所看到的是，在這個特定的市場中，我們平衡了在獲取合適用戶方面的更大投資，針對特定人群，尤其是本例中的女性，並且我們在獲取合適的投資回報率方面非常有效。

So that's very positive in such a short amount of time.

所以在如此短的時間內這是非常積極的。

For more mature markets, what we have done, as you noted, is balancing what is organic because the brand awareness is already there, and it's really about delivering a set of broader experiences for our users.

對於更成熟的市場，正如您所指出的，我們所做的是平衡有機的東西，因為品牌知名度已經存在，而且它實際上是為我們的用戶提供一系列更廣泛的體驗。

New York is a great example of a market that we put a lot of effort and saw really positive results in a single quarter.

紐約是一個很好的市場例子，我們付出了大量努力，並在一個季度內看到了真正積極的成果。

And the great thing about holding an organic event in New York, like sponsoring the WNBA and having events where our customers can be a really big part of that is that it also amplifies digitally through our social channels, through customers that are telling their own stories.

在紐約舉辦有機活動（例如贊助 WNBA 並舉辦讓我們的客戶能夠成為其中重要組成部分的活動）的好處在於，它還可以透過我們的社交管道、透過講述自己故事的客戶以數位方式進行放大。

So there is a positive scaling of that as well that we are excited about.

因此，我們對此也感到興奮。

So the key message here is that we are being very thoughtful and deliberate about our marketing strategies based on our presence as well as the brand awareness of the markets that we're in.

因此，這裡的關鍵訊息是，我們根據我們的存在以及我們所在市場的品牌知名度，對我們的行銷策略進行了深思熟慮和深思熟慮。

The exciting thing from my perspective is from an international expansion, Bumble is a fairly young company, still in many markets.

從我的角度來看，令人興奮的事情是從國際擴張來看，Bumble 是一家相當年輕的公司，仍在許多市場中。

And so we have a great opportunity to drive international expansion and growth over the quarters ahead.

因此，我們有很好的機會在未來幾季推動國際擴張和成長。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions) Laura Champine, Loop Capital.

（操作員指示）Laura Champine，Loop Capital。

Thanks for taking my question.

感謝您提出我的問題。

If I work through your outlook, there's certainly a scenario for sequentially lower margins in Q4, would that come from higher advertising spend?

如果我仔細研究您的前景，肯定會出現第四季度利潤率連續下降的情況，這是否來自於廣告支出的增加？

Or is there something else there that I might be missing?

或者還有其他我可能遺漏的東西嗎？

Yeah.

是的。

Hi, Laura.

嗨，勞拉。

So if you look at our full year EBITDA margin outlook, we've maintained what we had said previously, which is to expand our margin by at least 200 basis points.

因此，如果你看看我們全年的 EBITDA 利潤率展望，我們仍然維持先前所說的，即將利潤率擴大至少 200 個基點。

So there's no change to our full year outlook.

因此，我們的全年展望沒有改變。

In Q3, we came in ahead of where we had expected to be from a margin perspective, and it was primarily because we shifted some marketing spend from Q3 to Q4, the better coincide with the fall release that we just had in October.

在第三季度，從利潤率的角度來看，我們領先於我們的預期，這主要是因為我們將一些行銷支出從第三季度轉移到了第四季度，這與我們剛剛在10 月發布的秋季版本吻合得更好。

So that's why you see Q4 margin being lower.

這就是為什麼你會看到第四季的利潤率較低。

And as you said, it will be because of higher marketing spend.

正如您所說，這是因為行銷支出增加。

But in aggregate our plans in terms of what we intend to do for the full year has not changed.

但總的來說，我們全年的計劃並沒有改變。

It's just a shift to spend between Q3 and Q4.

這只是第三季和第四季之間支出的轉變。

Understood.

明白了。

Thank you.

謝謝。

Ladies and gentlemen, we have no further questions.

女士們先生們，我們沒有其他問題了。

So this concludes our Q&A and today's Bumble third-quarter 2024 financial results conference call.

我們的問答和今天的 Bumble 2024 年第三季財務業績電話會議到此結束。

We'd like to thank you for your participation.

我們衷心感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。