Bumble Inc (BMBL) 2025 Q1 法說會逐字稿

Hello, everybody, and welcome to the Bumble first-quarter 2025 financial results conference call. My name is Elliot, and I will be your coordinator for today. (Operator Instructions) I would now like to hand over to Will Taveras, Investor Relations. Please go ahead.

大家好，歡迎參加 Bumble 2025 年第一季財務業績電話會議。我叫艾略特，今天我將擔任你們的協調員。（操作員指示）現在我想把麥克風交給投資者關係部的威爾·塔維拉斯 (Will Taveras)。請繼續。

Thank you for joining us to discuss Bumble's first quarter 2025 financial results. With me today are Bumble's Founder and CEO, Whitney Wolfe Herd and Interim CFO, Ron Fior.

感謝您加入我們討論 Bumble 2025 年第一季的財務表現。今天與我一起的還有 Bumble 的創始人兼執行長 Whitney Wolfe Herd 和臨時財務長 Ron Fior。

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 the beliefs, assumptions, and information currently available to us.

在我們開始之前，我想提醒大家，今天在電話會議上發表的某些聲明是前瞻性的。這些前瞻性陳述受各種風險和不確定性的影響，反映了我們基於當前信念、假設和可用資訊所做的當前預期。

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 today's earnings press release and our periodic filings with the SEC.

儘管我們認為這些預期是合理的，但我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。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. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

在電話會議中，我們也提到了某些非公認會計準則財務指標。這些非 GAAP 指標應被視為對我們的 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。

Reconciliations 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 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。

With that, I will turn the call over to Whitney.

說完這些，我會把電話轉給惠特尼。

Hello, everyone, and thank you for joining us today. I'm excited to be back leading Bumble. We're moving fast with a clear and focused strategy. It has been really exciting to see the energy the team has around what we are building and their passion for bringing people together is unmatched. Since you've not heard from me in depth for quite some time, I want to start with clarity and reflection about both our category and our company.

大家好，感謝大家今天加入我們。我很高興能夠再次領導 Bumble。我們正以清晰而專注的策略快速前進。看到團隊圍繞著我們正在建立的東西所展現出的活力以及他們對將人們聚集在一起的熱情是無與倫比的，這真的令人興奮。由於您很久沒有聽我深入地談論您了，因此我想先對您的產品類別和公司進行清晰的回顧和反思。

I think it will come as no surprise to hear me say that online dating is at an inflection point. The good news is, we know how we arrived here, and we believe that we know exactly what to do about it. It starts with doubling down on quality and not chasing scale for scales sake. Let me explain what I mean by that, and how we're accelerating efforts to put Bumble back on the path to sustainable growth.

我想，當我說網上約會正處於一個轉折點時，您不會感到驚訝。好消息是，我們知道我們是如何走到這一步的，我們相信我們確切地知道該怎麼做。首先要加倍注重質量，而不是為了規模而追求規模。讓我解釋一下我的意思，以及我們如何加快努力讓 Bumble 重回可持續成長的道路。

Dating apps performed very well when well-intentioned people get quality matches, have great experiences and meet real quality people. They go on dates, many fall in love. This is precisely what has powered the growth of our company worldwide and created an incredibly valuable business and why people continue to come to us for love.

當心懷善意的人們獲得高品質的配對、擁有豐富的體驗並遇到真正優秀的人時，約會應用程式的表現會非常好。他們約會，許多人墜入愛河。這正是推動我們公司在全球範圍內發展並創造極其寶貴的業務的動力，也是人們繼續向我們尋求愛的原因。

Looking back, the quality of member experience shifted during the pandemic. Even though we grew fast, it came with a hidden cost. When the world shut down, we couldn't rely on our usual ways of attracting members that fuel high-quality, organic word-of-mouth growth like in-person events, campus marketing, and targeted out-of-home effort. We had to shift to rely on performance channels.

回顧過去，疫情期間會員體驗的品質發生了變化。儘管我們發展迅速，但也帶來了隱性成本。當世界關閉時，我們無法依靠通常的方式來吸引會員，從而推動高品質、有機的口碑成長，例如面對面活動、校園行銷和有針對性的戶外活動。我們不得不轉而依賴績效管道。

That gave us a lot of new members quickly, but we now know they weren't always the right fit. The lack of relevance to one another drove down the matching success rate. Here is why that matters. People come to Bumble to meet people they actually want to meet, not see mass volumes of people they're not interested in.

這讓我們很快就獲得了許多新成員，但我們現在知道他們並不總是合適的。彼此缺乏相關性降低了匹配的成功率。這就是為什麼這很重要。人們來到 Bumble 是為了結識他們真正想見的人，而不是結識大量他們不感興趣的人。

Dating apps don't work like social networks, where more people and content automatically makes the product better. In dating, success spreads through effective double-sided matching, which is deeply reliant on mutual relevance. This is what leads to successful outcomes. Then members tell their friends and healthy growth follows. What we learned is such as adding more profile does not guarantee better matches.

約會應用程式不像社交網路那樣運作，更多的人和內容會自動使產品變得更好。在約會中，成功是透過有效的雙面配對來傳播的，而這很大程度上依賴於相互的相關性。這才是取得成功的結果。然後會員們會告訴他們的朋友，隨之而來的是健康的成長。我們了解到，添加更多個人資料並不能保證獲得更好的匹配。

In fact, it can lead to the opposite, more mismatches, more faker, low-quality profiles and a frustrating experience. As match quality dropped, some members got discouraged, found fewer successful matches and dates, and fewer people recommended the app to others. That slowdown in word-of-mouth growth has made it harder to sustain long-term momentum without the reliance on performance channel. The good news is, we have a clear path to getting back to our roots of strong word of mouth flywheel.

事實上，它可能會導致相反的結果，更多的不匹配，更多的虛假信息，低品質的資料和令人沮喪的體驗。隨著配對品質的下降，一些會員感到沮喪，成功的配對和約會越來越少，向其他人推薦該應用程式的人也越來越少。口碑成長的放緩使得如果不依賴績效管道，維持長期發展動能變得更加困難。好消息是，我們有一條清晰的途徑來重拾強大的口碑飛輪的根源。

The solution for Bumble is simple, showing members people they want to see, getting them quality matches, holding chats, and closer to love. For online dating and for Bumble, quality is the key to enduring growth. That's why we are accelerating our efforts to improve our member base and show members a more thoughtful selection of high-quality relevant profile.

Bumble 的解決方案很簡單，向會員展示他們想見的人，為他們找到高品質的匹配，進行聊天，讓他們更接近愛情。對於線上約會和 Bumble 來說，品質是持久成長的關鍵。這就是為什麼我們正在加快努力改善我們的會員基礎並向會員展示更周到的高品質相關資料選擇。

In pursuit of this goal, we are fast tracking two transformative and clear actions. First, to improve the member base, we are refreshing and intensifying our efforts to remove bots, scammers, and bad intention members that have degraded match quality and member trust.

為了實現這一目標，我們正在加快推進兩項變革性的明確行動。首先，為了擴大會員基礎，我們正在更新並加強清除機器人、詐騙者和惡意會員，因為這些會員降低了配對品質和會員信任。

At the same time, we are also very-focused on fostering a verified trusted community, which is critical for long-term success. This includes helping our well-meaning members to create better profiles to become more engaged and successful in getting quality matches. Better profiles lead to better matches.

同時，我們也非常注重培育一個經過驗證的值得信賴的社區，這對於長期成功至關重要。這包括幫助我們善意的會員創建更好的個人資料，以更多參與並成功獲得高品質的匹配。更好的個人資料可以帶來更好的匹配。

Second, we are rapidly modernizing our personalized matching algorithm with AI and enhanced machine learning to promote and elevate quality Bumble members to better enable those relevant matches. We've been testing our modernized matching algorithm, and we're already seeing early positive results with increases in relevancy and match rates.

其次，我們正在利用人工智慧和增強型機器學習快速更新我們的個人化匹配演算法，以促進和提升 Bumble 會員的質量，從而更好地實現相關匹配。我們一直在測試我們現代化的匹配演算法，並且我們已經看到了相關性和匹配率提高的早期積極成果。

By combining these transformative actions, optimizing for our quality member base, helping people show up better and applying a more personalized intentional algorithm, we are reestablishing the foundation for a return to sustainable growth.

透過結合這些變革行動，優化我們的優質會員基礎，幫助人們更好地展現自我，並應用更個人化的有意演算法，我們正在重建恢復永續成長的基礎。

To be clear, we have a lot of work ahead first, before the improved experience drives renewed and enhanced member engagement and reaccelerate growth in a controlled authentic way. Our efforts to improve the quality of the member base will likely result in fewer paying members on our platform in the near-term.

需要明確的是，在改善體驗以推動會員參與度更新和增強並以可控的真實方式重新加速成長之前，我們還有很多工作要做。我們為提高會員品質所做的努力可能會導致我們平台上的付費會員數量在短期內減少。

You saw some of this in our first quarter results, and we are now accelerating our efforts. But getting through this process is critical, and we believe it will prove to be the start of a future for Bumble with much stronger and more enduring member first growth.

您在我們的第一季業績中看到了一些這樣的情況，我們現在正在加快努力。但完成這個過程至關重要，我們相信這將是 Bumble 未來的開始，其會員成長將更加強勁、更加持久。

As we do that work, we've also been quickly getting stronger and more efficient. Since I returned to the CEO role in mid-March, we have taken decisive actions in the business to set us up for success. I'll start with leadership and structure. We are building a world-class team to execute on our vision. We've brought in seasoned and energetic leaders across product, technology, communications and legal and are progressing in the search for a permanent CFO to help lead this company forward.

當我們開展這項工作時，我們也迅速變得更加強大和高效。自從我三月中旬重返執行長職位以來，我們在業務上採取了果斷行動，為成功奠定了基礎。我將從領導和結構開始。我們正在建立一支世界一流的團隊來實現我們的願景。我們引進了產品、技術、通訊和法律領域經驗豐富、充滿活力的領導者，並且正在尋找一位永久的財務長來幫助帶領公司前進。

One of the things I've been most excited about as I've stepped back into the role is how our powerful brand remains a magnet for great talent and people see the potential and opportunity ahead. We are up-leveling our processes across the whole company. From the top to the bottom of our organization, we are prioritizing excellence, speed, focus, clarity, and accountability.

當我重新擔任這個職位時，最讓我興奮的事情之一是，我們強大的品牌如何繼續吸引偉大的人才，人們如何看到未來的潛力和機會。我們正在提升整個公司的流程。從我們組織的頂層到底層，我們都優先考慮卓越、速度、專注、清晰和責任。

Next is financial discipline. One of the first things I did was a thorough review of the entire company. We are actively taking steps to optimize our EBITDA profitability by streamlining costs and processes and driving efficiency across the organization. We have already identified $15 million in new near-term savings distributed across operating costs in the last six weeks, and we expect more.

接下來是財務紀律。我做的第一件事就是對整個公司進行徹底的審查。我們正在積極採取措施，透過精簡成本和流程以及提高整個組織的效率來優化我們的 EBITDA 獲利能力。在過去六週內，我們已經確定了 1500 萬美元的新的短期節省，這些節省將分佈在營運成本中，而且我們預計還會有更多。

We have also thoughtfully and significantly reduced our marketing spend in-line with our near-term strategic focus. We have taken down our marketing budget by $20 million in Q2, with more to come in the balance of this year as we focus on organic marketing strategies to attract the right members who want to find success on our platform.

我們也根據近期策略重點，深思熟慮地大幅削減了行銷支出。我們在第二季將行銷預算削減了 2000 萬美元，今年餘下時間還將增加更多預算，因為我們將專注於有機行銷策略，以吸引那些希望在我們的平台上取得成功的合適會員。

Most of this production is spending on non-organic user acquisition channels that don't drive the level of member-based quality we want to build. As we get our member base closer to where we want it, perfect our modernized algorithm and begin delivering product innovation will turn brand and organic spend back on, but we believe the long-term pivot away from performance marketing spend will deliver sustaining benefits over time.

大部分生產支出都花在了非有機用戶獲取管道上，而這些管道並不能達到我們想要建立的會員品質水準。隨著我們的會員基礎越來越接近我們想要的水平，完善我們的現代化演算法並開始提供產品創新，品牌和有機支出將重新回歸，但我們相信，長期擺脫績效行銷支出的轉變將隨著時間的推移帶來持續的利益。

Our third priority is product and technology excellence. We are continuing to innovate across the Bumble platform with new enhanced technology and product experience improvement. To this point, we've just announced our new CTO, Vivek Sagi, who brings deep consumer tech experience spanning engineering, product management and UX.

我們的第三個優先事項是產品和技術的卓越。我們將繼續在 Bumble 平台上進行創新，推出新的增強技術和產品體驗改進。到目前為止，我們剛剛宣布了新任技術長 Vivek Sagi，他在工程、產品管理和用戶體驗方面擁有豐富的消費者技術經驗。

He is a phenomenal addition to the team who will flush our attack at our company forward with world-class talent and modern lean infrastructure, including incorporating AI with urgency to improve our product and make our engineers more efficient.

他是團隊中一位非凡的補充，他將利用世界一流的人才和現代精益基礎設施推動我們公司向前發展，包括緊急採用人工智慧來改進我們的產品並提高我們工程師的效率。

Our March update included the launch of our Discover tab, which is more likely to lead to matches and good chats for our members by highlighting commonalities. This is just the beginning for Discover. Longer-term, we want Discover to be a great area for our members to find like-minded communities and connect with off-line groups and events for singles, which will offer the real-life connections we believe our members are craving.

我們三月的更新包括推出「發現」標籤，透過突出共同點，更有可能為我們的會員帶來匹配和良好的聊天。對 Discover 來說，這只是一個開始。從長遠來看，我們希望 Discover 成為一個絕佳的平台，讓我們的會員能夠在這裡找到志同道合的社區，並與線下單身團體和活動建立聯繫，我們相信這將為會員提供他們渴望的現實生活聯繫。

Additionally, our trust and safety initiatives, including ID Verification, Review Before Send, and Share Date are gaining traction and proving to be valuable tools and supporting authenticity and safety on our app, which is our main priority. These examples show how we are getting back to our roots and back to basics.

此外，我們的信任和安全措施，包括身份驗證、發送前審核和共享日期，正在獲得關注，並被證明是有價值的工具，並支持我們應用程式的真實性和安全性，這是我們的首要任務。這些例子顯示我們如何回歸本源、回歸基本原則。

We are operating from a member-first mindset again. We are listening closely to what our members want from dating and connection and that is what we are building. We are facing the fundamentals so that we have a more powerful foundation in place from which to innovate. You will see more evidence of this in our next product moment, which is coming at the end of this summer.

我們再次以會員至上的理念開展營運。我們正在密切傾聽我們的會員對約會和聯繫的需求，這就是我們正在建立的。我們正視根本問題，以便擁有更強大的創新基礎。您將在我們即將於今年夏末推出的下一個產品中看到更多證據。

We are focused on delivering better and faster matches, more enhancements to our verification and safety tools, a refreshed UI and UX and mechanisms for learning more about what our members value and listening to and acting on member feedback of care. We'll also be introducing our Coaching Hub, where members can engage with content from expert coaches with tips on how to succeed in their dating journey. Long term, this will be both human- and AI-driven.

我們專注於提供更好、更快的匹配、對我們的驗證和安全工具的更多增強、更新的 UI 和 UX 以及用於更多地了解我們的會員重視什麼以及傾聽​​和根據會員的護理反饋採取行動的機制。我們還將推出我們的輔導中心，會員可以在這裡了解來自專家教練的內容，並獲得有關如何在約會之旅中取得成功的秘訣。從長遠來看，這將由人類和人工智慧共同驅動。

We are also investing time and attention into Bumble for Friends. We'll be unveiling a big update as part of our summer launch. Bumble BFF is a great success that we don't talk about enough. With over 1 million active members, including a strong Gen-Z following, we believe Bumble BFF is proving that the world is creating tangible, real-life friendship beyond just romantic relationships.

我們也在 Bumble for Friends 上投入了時間和精力。作為夏季發布會的一部分，我們將發布一項重大更新。Bumble BFF 取得了巨大的成功，但我們對其的談論還不夠。Bumble BFF 擁有超過 100 萬活躍會員，其中包括大量的 Z 世代粉絲，我們相信，Bumble BFF 正在證明，世界正在創造超越浪漫關係的、切實的、現實生活中的友誼。

The brand has a great following on college campuses and with young professionals as women seek out important friendships that will carry them into their later adult years. Importantly, we are also leveraging Geneva's great technology platform and talent to empower this upgraded experience. We have been actively connecting with many of our Bumble BFF members and members of our target audience to understand exactly what they want from the friend-finding experience, and we plan to deliver on many of those optimizations this summer.

該品牌在大學校園和年輕職業女性中擁有大量追隨者，因為女性們正在尋求能夠陪伴她們度過晚年的重要友誼。重要的是，我們也利用日內瓦的優秀技術平台和人才來增強這種升級的體驗。我們一直積極與許多 Bumble BFF 會員和目標受眾聯繫，以準確了解他們希望從尋找朋友的體驗中獲得什麼，我們計劃在今年夏天實現許多此類優化。

Looking ahead, we do not believe we've seen our peak. In fact, we believe Bumble can and will become much bigger over time. It requires an intentional shift in focus back to what may Bumble the leader in our category, offering a healthy and engaged member base where high-quality genuine members can thrive in finding connections, relationships and love, safely, quickly, and effectively in a way that makes them feel good.

展望未來，我們認為我們還沒有到達頂峰。事實上，我們相信 Bumble 能夠並且將會隨著時間的推移而變得更加強大。它需要有意將焦點轉移回 Bumble 可能成為我們類別的領導者，提供健康且參與的會員基礎，讓高品質的真誠會員能夠安全、快速、有效地以讓他們感覺良好的方式找到聯繫、關係和愛。

We have an incredibly strong foundation as we execute. A powerful global brand, large base of engaged members, experiences that we believe are only going to get better, highly cash-generative business model and strong balance sheet.

我們在執行過程中擁有極為堅實的基礎。強大的全球品牌、龐大的忠實會員基礎、我們相信只會越來越好的體驗、高現金創造能力的商業模式和強勁的資產負債表。

In other words, we are in the unique position of executing a reset from a position of strength. And as you've heard me say, we are going to be sure to prioritize this strong financial foundation. As we move forward, we aim to keep you informed on our progress with the right tools to measure the results. We'll be judging our success in the near-term on the improving health of our member base and the success our active engage members have on the platform.

換句話說，我們處於一個獨特的位置，可以從實力優勢上進行重置。正如你們聽到我說的，我們一定會優先考慮這個強大的財務基礎。隨著我們不斷前進，我們的目標是使用正確的工具來衡量結果，讓您了解我們的進展。我們將根據會員基礎的健康狀況的改善以及我們積極參與的會員在平台上的成功來判斷我們近期的成功。

We'll be sharing more on how we'll be quantifying that progress in the coming quarter. At the same time, we will be de-emphasizing guiding you to paying users. We do not want to degrade the base by overly focusing on short-term focus. Of course, we will continue our financial guidance practice with a near-term focus on quarterly outlook. That's the short-term.

我們將在下一季分享更多有關如何量化這項進展的資訊。同時，我們將不再強調引導您獲得付費用戶。我們不想因為過度關注短期利益而損害基礎。當然，我們將繼續我們的財務指導實踐，近期重點關注季度前景。這是短期的。

Let me also touch on the long-term. As we execute on our plans, we are very focused on building a sustainable revenue model with a healthy paying member base. We are helping people find love, and that is immensely valuable to our members. We know members will pay for that value, a higher quality experience and member base means we have more to monetize over time.

我也想談長期問題。在執行計劃時，我們非常注重建立可持續的收入模式和健康的付費會員基礎。我們正在幫助人們找到愛情，這對我們的會員來說非常有價值。我們知道會員會為這種價值付費，更高品質的體驗和會員基礎意味著我們隨著時間的推移可以實現更多的貨幣化。

We understand the steps we're taking are not easy, but all of us here are energized about the work we're doing to build a stronger, bigger, healthier Bumble. Make no mistake, we are focused on long-term, member first sustainable growth. We truly believe that when people feel safe, supported, and matched with intention, everything grows. Retention, loyalty, love, and yes, revenue and earnings.

我們明白，我們所採取的措施並不容易，但我們所有人都對我們正在做的工作充滿熱情，以創造一個更強大、更大、更健康的 Bumble。毫無疑問，我們關注的是長期的、會員優先的永續成長。我們堅信，當人們感到安全、得到支持、並且與意圖相符時，一切都會成長。保留、忠誠、愛，當然還有收入和收益。

I now want to turn to our Interim CFO, Ron Fior, to provide some details about the prior quarter and to share more details about the path forward for Bumble.

現在，我想請我們的臨時財務長 Ron Fior 提供有關上一季的一些詳細信息，並分享有關 Bumble 未來發展方向的更多細節。

Thank you, Whitney, and good afternoon, everyone. As Whitney has mentioned, we are taking big and important steps to put the member experience back at the center of everything we do at Bumble. In time, we expect these steps to renew our organic growth momentum, which we believe will result in a larger and more sustainable Bumble for the long term. I will provide more detail on the financial implications of our path forward, but first, I'll provide a summary of our first-quarter financial results.

謝謝你，惠特尼，大家下午好。正如惠特尼所提到的，我們正在採取重大而重要的措施，將會員體驗重新置於 Bumble 所做一切的中心。隨著時間的推移，我們預計這些舉措將重振我們的有機成長勢頭，我們相信這將使 Bumble 在長期內變得更大、更永續。我將更詳細地介紹我們未來發展的財務影響，但首先，我將總結我們第一季的財務表現。

Our Q1 results were largely in-line with company guidance. In Q1, total Bumble Inc revenue was $247 million, including an unfavorable impact from foreign exchange of approximately $6 million. Bumble app revenue was $202 million, including a foreign exchange headwind of approximately $4 million.

我們第一季的業績與公司預期基本一致。第一季度，Bumble Inc 總營收為 2.47 億美元，其中包括約 600 萬美元的外匯不利影響。Bumble 應用程式的收入為 2.02 億美元，其中包括約 400 萬美元的外匯逆差。

Additionally, total paying users in the quarter were 4 million and Bumble app paying users for 2.7 million. Badoo App and other revenue was $45 million, including a $2 million foreign exchange headwind during the quarter. Badoo App and other paying users totaled 1.3 million.

此外，本季付費用戶總數為 400 萬，Bumble 應用程式付費用戶為 270 萬。Badoo 應用程式和其他收入為 4500 萬美元，其中包括本季 200 萬美元的外匯逆差。Badoo App及其他付費用戶總數達130萬人。

Turning now to expenses. Total non-GAAP operating costs were $202 million, and we reported GAAP net earnings of $20 million. On a non-GAAP basis, which excludes stock-based compensation and other noncash or nonrecurring items, operating expenses were $183 million, the year-over-year decline of approximately 6% was primarily driven by lower head count as a result of the restructuring plan executed in 2024.

現在談談費用。非 GAAP 營運成本總計 2.02 億美元，而我們報告的 GAAP 淨收益為 2,000 萬美元。以非公認會計準則計算，不包括股票薪酬和其他非現金或非經常性項目，營運費用為 1.83 億美元，年減約 6%，主要原因是 2024 年實施的重組計劃導致員工人數減少。

Adjusted EBITDA for Q1 was $64 million, representing 26% of revenue. We reported strong cash flow of $43 million in Q1, and we ended the quarter with $202 million in cash and cash equivalents. We repurchased $29 million worth of shares in the first quarter. And as of today's call, we have $50 million left in our current stock repurchase authorization.

第一季調整後的 EBITDA 為 6,400 萬美元，佔營收的 26%。我們報告第一季的現金流強勁，達到 4,300 萬美元，而本季末我們的現金和現金等價物為 2.02 億美元。我們在第一季回購了價值 2,900 萬美元的股票。截至今天的電話會議，我們目前的股票回購授權還剩下 5,000 萬美元。

Looking ahead, we are working at an accelerated pace on the improvements to our member base that Whitney discussed. As the team works towards these goals, we are also prioritizing strong cash flow and profitability throughout this transition period. While we anticipate short- to medium-term headwinds to our top line and top of the funnel metrics, we have also identified areas of ongoing cost savings.

展望未來，我們正在加快步伐，實現惠特尼所討論的改善會員基礎的目標。當團隊努力實現這些目標時，我們也將整個過渡時期的強勁現金流和獲利能力放在首位。雖然我們預期我們的營收和漏斗頂端指標將在短期至中期內遭遇阻力，但我們也確定了持續節省成本的領域。

In particular, we have identified approximately $15 million of operating cost savings from across the business that we will recognize through the end of the year and we expect to add to that figure as we complete our evaluation and planning work over the coming weeks. The savings will begin to take effect in Q2 with the majority of savings occurring in Q3 and Q4.

具體來說，我們已經確定整個業務的營運成本節省約為 1500 萬美元，到今年年底我們將實現這一目標，並且我們預計在未來幾週完成評估和規劃工作後，這一數字還會增加。節省將在第二季開始生效，大部分節省將在第三季和第四季發生。

Further, as part of our process to improve the Bumble member base, we have purposely pivoted some of their spending away from performance marketing. We will also be spending less on brand marketing in Q2 than is typical. So we expect that to come back to normal levels in the second half of the year.

此外，作為改善 Bumble 會員基礎的一部分，我們有意將部分支出從績效行銷中轉移出去。我們第二季在品牌行銷上的支出也將比平常少。因此我們預計下半年將恢復到正常水平。

All-in, we expect marketing reductions will total approximately $20 million in Q2, with additional performance marketing reductions through year-end. We expect to provide more details on our cost efficiency work on our Q2 call in August.

總體而言，我們預計第二季的行銷削減總額將達到約 2,000 萬美元，到年底還將進一步削減績效行銷費用。我們預計將在 8 月的第二季電話會議上提供有關成本效益工作的更多詳細資訊。

Turning to guidance for Q2. We expect total Bumble Inc revenue between $235 million and $243 million, representing a year-over-year decrease of 13% to 10%. Excluding foreign exchange and Fruitz and Official, this translates to a decrease between 12% and 9%.

轉向第二季的指引。我們預計 Bumble Inc 的總收入在 2.35 億美元至 2.43 億美元之間，年減 13% 至 10%。不包括外匯和 Fruitz and Official，這意味著降幅在 12% 到 9% 之間。

We expect Bumble app revenue to be between $193 million and $199 million, representing a year-over-year decrease of between 11% and 9%. Additionally, we estimate adjusted EBITDA in Q2 to be between $79 million and $84 million representing a margin of approximately 34% at the midpoint of the range.

我們預計 Bumble 應用程式的收入將在 1.93 億美元至 1.99 億美元之間，年減 11% 至 9%。此外，我們估計第二季調整後的 EBITDA 在 7,900 萬美元至 8,400 萬美元之間，中間值利潤率約為 34%。

As Whitney mentioned earlier, we are pausing our practice of guiding to paying users as we work towards improving the member base and optimizing for higher quality and more relevant matches. We are committed to providing you with appropriate color around member engagement, and success that will help you follow and measure our progress. We'll have more to share on that front on our next earnings call.

正如惠特尼之前提到的，我們正在暫停引導付費用戶的做法，因為我們致力於改善會員基礎並優化更高品質和更相關的匹配。我們致力於為您提供有關會員參與度和成功的適當色彩，以幫助您追蹤和衡量我們的進展。我們將在下次收益電話會議上分享更多這方面的資訊。

While we are not providing guidance for full year 2025, as we finalize planning and budgeting in support of the new team's strategic work, we want to provide some thoughts on our planning assumptions for the balance of the year. We expect a $12 million revenue headwind as a result of our decision to discontinue our operations of Fruitz and Official.

雖然我們沒有提供 2025 年全年的指導，但在我們最終確定支持新團隊策略工作的規劃和預算時，我們希望對今年剩餘時間的規劃假設提供一些想法。由於我們決定停止 Fruitz 和 Official 的運營，我們預計收入將減少 1200 萬美元。

This impact is expected to begin in Q2 and be roughly evenly distributed through the remainder of the year. After Q2, we expect our adjusted EBITDA margin to reflect the operational cost savings we are implementing and the reduction in performance marketing spend, more than offset by our planned return to brand and organic marketing spend and the near-term revenue headwind from our member-based quality initiatives.

預計這一影響將從第二季度開始顯現，並大致均勻地分佈在今年剩餘時間內。第二季之後，我們預計調整後的 EBITDA 利潤率將反映我們正在實施的營運成本節約和績效行銷支出的減少，但這被我們計劃恢復品牌和有機行銷支出以及基於會員的品質計劃帶來的近期收入阻力所抵消。

We have a great business foundation with strong cash flows and a healthy balance sheet. We are moving forward confidently as we improve our member base and drive member success and ultimately reignite sustainable growth and value creation.

我們擁有良好的業務基礎、強勁的現金流和健康的資產負債表。隨著我們不斷擴大會員基礎、推動會員成功並最終重新點燃可持續成長和價值創造的熱情，我們正滿懷信心地向前邁進。

We appreciate your ongoing support, and I will now hand it back to Whitney to wrap up.

我們感謝您一直以來的支持，現在我將把發言權交給惠特妮來結束演講。

Thanks, Ron. The Q2 outlook Ron has shared indicates our focus on driving profitability and cash flow generation as we execute on the priorities I've set out since coming back. We're doing so from a position of financial strength. I have full conviction in our renewed strategy and our ability to make Bumble experience relevant, meaningful and successful for our members.

謝謝，羅恩。羅恩分享的第二季展望表明，我們將重點放在提高盈利能力和現金流的產生，並執行我回來後製定的優先事項。我們這樣做是因為我們的財務實力雄厚。我對我們的新策略以及我們為會員提供相關、有意義和成功的 Bumble 體驗的能力充滿信心。

I can't remember a time in all of Bumble's years since starting the company that I felt more energized, passionate and confident in where we are going now and that is largely because of the clarity and the priorities that we have. We are already building early execution momentum. I feel the magic coming back to Bumble's brand and product and believe we have a really exciting path ahead. I am here for the long-term potential that we so deeply believe in. I am here for the love that we create in the world.

自從 Bumble 創立以來，我記不起有哪一次我像現在這樣充滿活力、充滿熱情、對未來發展充滿信心，這很大程度上是因為我們清晰的目標和優先事項。我們已經在建立早期執行動能。我感覺到 Bumble 品牌和產品的魔力正在回歸，並相信我們未來的道路非常令人興奮。我來這裡是為了我們深信的長期潛力。我來到這裡是為了我們在這個世界上創造的愛。

Thank you again for joining us today. And now we welcome your questions.

再次感謝您今天加入我們。現在我們歡迎您提問。

(Operator Instructions) Ygal Arounian, Citigroup.

（操作員指示）花旗集團的 Ygal Arounian。

First, Whitney, as you make these changes and pull back on performance marketing spend, focused on, let's call it fewer, but higher-quality users, does this change -- and I guess what you've seen from the performance channel-driven users and how it's impacted the ecosystem over the past few years.

首先，惠特尼，當您做出這些改變並減少績效行銷支出，專注於數量更少但更高品質的用戶時，這種情況會改變嗎？我想您從績效管道驅動的用戶那裡看到了什麼，以及它在過去幾年中對生態系統的影響。

Does this change your view on what the addressable market is over time? How much more growth there is to achieve in this segment and the kind of saturation of it? I know you've had views that there's still a lot of room to grow here. I just love your thoughts on that.

這會改變您對潛在市場的看法嗎？這個領域還有多少成長空間以及飽和程度如何？我知道您認為這裡還有很大的發展空間。我非常喜歡你對此的想法。

And then as you're making these changes, maybe just to clarify, improving the ecosystem has been the top priority even over the last couple of years. And so the changes that you're making here, is it a continuation of what you've done? Have those efforts not really worked so far, and you need to add another layer to it? Or is it kind of just continuing to do what you've done so far while you pull back on marketing? Thanks.

然後，當你做出這些改變時，也許只是為了澄清一下，改善生態系統一直是過去幾年的首要任務。那麼，您在這裡所做的改變是您已做之事的延續嗎？到目前為止，這些努力是否還沒有真正發揮作用，而您需要再增加一層努力？還是只是繼續做你目前所做的事情，同時減少行銷？謝謝。

Thanks so much for your question. Really appreciate it. Let me take this in a couple of parts. So part one, let's address the high-level strategy here. The key to enduring growth, and then I'll get into the TAM part, is quality. Quality, quality, quality.

非常感謝您的提問。真的很感激。讓我分成幾個部分來討論這個問題。因此，第一部分，讓我們討論一下高層策略。持久成長的關鍵，然後我將進入 TAM 部分，是品質。質量，質量，質量。

And our strategy is really simple. We just have to get back to our roots of what made this great. If you ask yourself, what do people come to Bumble for? It's very simple. They come to get high-quality relevant matches in an efficient, safe and fulfilling way.

我們的策略其實很簡單。我們只需要回歸我們的根源，去發現是什麼讓這一切變得偉大。如果你問自己，人們來 Bumble 是為了什麼？這很簡單。他們來這裡是為了以高效、安全且令人滿意的方式獲得高品質的相關匹配。

When you scale for scale sake, the quality experience of finding matches can start to degrade. I think you're hearing this anecdotally probably if you ask around about how dating apps are performing. So this is not an effort to necessarily go shrink and become a hyper-exclusive network. This is really about engineering a higher quality experience for all of our members. And I'm happy to take you through how we do that. But let's touch on TAM. And then let's talk about the last couple of years and why this moment is a hyper-acceleration of that.

當你為了擴大規模而擴大規模時，尋找匹配的品質體驗可能會開始下降。我想，如果你四處詢問約會應用程式的表現如何，你可能會聽到這種傳聞。因此，這並不是必然要縮小規模並成為超級獨家網路的努力。這實際上是為了為我們所有的會員提供更高品質的體驗。我很高興向你們介紹我們是如何做到這一點的。但讓我們來談談 TAM。然後我們來談談過去幾年的情況，以及為什麼此時此刻會出現這種超加速的情況。

So TAM, the demand for love, I know you've heard me say this, but I cannot overemphasize this enough. The demand for love is global, robust and it is at an all-time high. I mean you don't need me to tell you this, but loneliness is the topic of every conversation. People are craving real human connection more than ever. And people are digital first.

所以 TAM，對愛的需求，我知道你已經聽過我這麼說了，但我怎麼強調也不為過。對愛情的需求是全球性的、強勁的並且達到了歷史最高水準。我的意思是，你不需要我告訴你這一點，但孤獨是每次談話的主題。人們比以往任何時候都更渴望真正的人際關係。而人首先是數位化的。

We are not going to go back to meeting people just off-line. Now as I said in my prepared remarks, of course, there are off-line components here. We want you to come to our product to then get offline on great dates. So we believe the TAM is massive, but what I'm not willing to do, I am not willing to just go pay for more downloads to come into a funnel and get less relevant matches.

我們不會再回到線下與人會面的模式了。正如我在準備好的演講中所說的那樣，當然，這裡有一些離線的組件。我們希望您使用我們的產品，然後在美好的約會中離線。因此，我們相信 TAM 是巨大的，但我不願意做的是，我不願意僅僅為了更多的下載而付費進入管道並獲得不太相關的匹配。

So that's why we are taking exceptionally strategic approach to pausing the efforts around performance and growth marketing, so that we can really, really dial in this hyper-modern personalized algorithm that will be able to match people with extreme precision and in a quick, joyful way, one that doesn't stress you out and feel like you're matching with a bot or a fake person. So that's already in play here, and that's a big part of the strategy.

因此，我們採取了非常具有策略性的方法來暫停績效和成長行銷方面的努力，以便我們能夠真正運用這種超現代的個人化演算法，該演算法將能夠以極其精確的方式、快速、快樂地匹配人們，不會讓你感到壓力，也不會讓你覺得自己在與機器人或假人匹配。這已經在發揮作用了，而且這是策略的重要組成部分。

The next piece is, let's talk about what you mentioned that this has been, to some degree, the strategy for a couple of years. I want to get really clear. You can't do both at once. You can't go and keep the performance marketing engine on and try to create a higher-quality member base of super high-quality profiles. You have to commit and go all in on one or the other.

接下來，讓我們來談談您提到的內容，從某種程度上來說，這是幾年來的策略。我想弄清楚。你不能同時做這兩件事。您無法繼續保持績效行銷引擎運轉並嘗試創建由超高品質資料組成的更高品質的會員基礎。你必須全心投入其中一個。

For us to continuously guide quarterly to short-term payer numbers, that is not the way we accelerate our efforts to a high-quality base. So the moment I came back in, I set a very succinct strategy: quality, quality, quality, get people great matches, get everybody great matches as quick and safely as possible. So to put a pin in all of that. Huge TAM. We got to shrink a little bit before we grow.

對我們來說，不斷指導季度短期付款人數量，這並不是我們加快努力建立高品質基礎的方式。所以當我回來時，我制定了一個非常簡潔的策略：品質、品質、質量，讓人們獲得極好的匹配，盡可能快速安全地讓每個人都獲得極好的匹配。所以要把這些都解決掉。巨大的 TAM。我們必須先縮小一點，然後才能成長。

There's still huge growth around the world, and we are going to go after it aggressively once the product is ready and the quality controls are in place. Thing two, this is not just doing what we were doing in the last two years. I am back. I'm so focused on this. And we are going to get this right, but we got to go all-in. This is our whole, whole, whole focus and clear priority. And so I hope that summarizes the mix of the questions for you.

全球範圍內仍存在巨大的成長空間，一旦產品準備就緒、品質控管到位，我們就會積極地追求這一成長。第二，這不僅僅是我們過去兩年所做的事情。我回來了。我非常關注這一點。我們會把這件事做好，但我們必須全力以赴。這是我們全部、全部、全部的關注點和明確的優先事項。我希望這能為您總結這些問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Whitney, I guess my follow-up is, what are some of the key metrics as you go through this change in the process that you're measuring that will show success in your view? So if you could please point to maybe two or three measurable metrics that you are tracking to show success? And then second is, any update on the CFO search and where you are in terms of timing and the process? Thanks a lot.

惠特尼，我想我的後續問題是，在您衡量的過程中，哪些關鍵指標可以表明您認為變化是成功的？那麼，您能否指出您正在追蹤的兩三個可衡量的指標來表明成功？第二，財務長搜尋有任何更新嗎？時間和流程方面進展如何？多謝。

It's great to chat with you again. So I'll take the second one first. We are making a lot of progress on the CFO search. I do have to say extremely grateful. We've got Ron in the seat right now -- he's been a great partner. And he is here until we place that role, but we are making a lot of progress, and I'm super excited for the type of leader we're looking for.

很高興再次與您聊天。因此我先選擇第二個。我們在尋找財務長方面取得了很大進展。我確實必須說非常感激。我們現在有羅恩擔任這個職位——他是一位很棒的合作夥伴。在我們確定這個角色之前他會一直在這裡，但我們正在取得很大進展，我對我們正在尋找的領導者類型感到非常興奮。

So more to come there as soon as we have a formal update. But I think this is also a nice moment to emphasize the strength of the talent that we have brought into the last several weeks. So our bench now, with the exception of a CFO, is locked. I mean we've got all stars in the seat. So I'm feeling really proud of that. We've made an announcement today, you can go double-click on that.

一旦我們有正式更新，就會有更多資訊發布。但我認為這也是一個很好的時機來強調我們在過去幾週所引進的人才的力量。因此，現在我們的席位除了財務長之外，其他都已確定。我的意思是我們的座位上全是明星。所以我對此感到非常自豪。我們今天發布了一則公告，您可以雙擊查看。

Okay. The second question, what are the metrics that matter? Well, as I said in the prepared remarks, we will keep you posted on how we are going to guide and report the formal metrics. But if you think about this, it's just more high-level, I've just kind of outlined that.

好的。第二個問題，重要的指標是什麼？好吧，正如我在準備好的演講中所說的那樣，我們將隨時向您通報我們將如何指導和報告正式指標。但如果你仔細想想，這只是更高層次的，我只是概述了這一點。

The metrics that matter here are the quality of the engagement that people have on our product. If you come to our app, and you have a very good joyous seamless experience, you get great matches and you have great chats, you're going to retain people in a way that is really both great for the success rates, but it also is what drives that word-of-mouth, and that is how we got here.

這裡重要的指標是人們對我們產品的參與品質。如果您使用我們的應用程序，並且擁有非常好的無縫體驗，您會獲得很好的匹配，並且進行很棒的聊天，那麼您將以一種既能提高成功率又能推動口碑傳播的方式留住客戶，這就是我們走到今天這一步的原因。

I have taken a very organic approach for the first several years of this business, and I know how to do this. So it's really about getting back to those key inputs that matter the most: coming, having a good experience, using the product in a way that is fulfilling and not dead-ended, getting great matches that lead to great chats that hopefully lead to great dates, leads to love stories.

在從事這項業務的最初幾年裡，我採取了非常有機的方法，而且我知道如何做到這一點。因此，這實際上是為了回歸那些最重要的關鍵輸入：前來，擁有良好的體驗，以令人滿意而不是死胡同的方式使用產品，獲得很好的匹配，從而進行很好的聊天，希望這會帶來很好的約會，從而產生愛情故事。

And that's why when I go out public, I meet Bumble babies everywhere I go, and it's magical. So we've got to just get back to those inputs that count the most, and we will keep you posted on a formal basis on how we are going to guide to that in the future.

這就是為什麼當我出現在公眾面前時，無論走到哪裡都會遇到 Bumble 寶寶，這很神奇。因此，我們必須回到那些最重要的投入上來，我們將以正式的方式向你們通報我們將來將如何指導這些投入。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

I wanted to talk about the topic around AI broadly, Whitney, both inside the organization and as an external facing force. Can you talk a little bit about some of the investments you're making across the organization with respect to AI?

惠特尼，我想廣泛地談論有關人工智慧的話題，既包括組織內部，也包括作為外部力量。您能否談談貴公司在人工智慧方面在整個組織內進行的一些投資？

How to think about productivity and efficiency gains? And how do you think the dating experience might change as a result of things like personalization or customization that could be an output of AI?

如何看待生產力和效率的提升？您認為人工智慧的個人化或客製化等功能將為約會體驗帶來哪些改變？

That is an awesome question. I'm super glad you asked that. So I'm going to break AI into four categories. Let's talk about how we are leveraging AI from a safety and verification standpoint. So as I've been outlining, both in these answers, but throughout the prepared remarks, great matches are a derivative of great profiles.

這是一個很棒的問題。我很高興你問了這個問題。所以我將把人工智慧分為四類。讓我們從安全和驗證的角度來討論如何利用人工智慧。因此，正如我在這些答案中以及在整個準備好的發言中所概述的那樣，完美的匹配源自於完美的個人資料。

Great profiles are an output of verified, real, trusted, accountable profile. So the power of the AI sophisticated tooling that we can now access further even on top of the layers of this that we've been doing for years, can supercharge verification and safety efforts in such a way that can really accelerate that for us at a speed that is a lot more robust than what we've had in the past to operate off of. So this should really enhance the overall quality and safety and accountability of the member base. So that's thing one.

優秀的個人資料是經過驗證的、真實的、值得信賴的、負責任的個人資料的輸出。因此，我們現在可以進一步利用人工智慧複雜工具的強大功能，甚至可以在我們多年來一直在做的層面之上，以比過去更強勁的速度增強驗證和安全工作。因此，這確實可以提高會員群體的整體品質、安全性和責任感。這就是第一件事。

Now let's look at how it enhances the let's say, what I've been saying to everyone on the team is, we use AI to make love more human, right? So we are not trying to replace love with an AI bot, we are trying to leverage AI to help make daters have better human dating experiences.

現在讓我們看看它是如何增強的，比如說，我一直對團隊中的每個人說的是，我們使用人工智慧讓愛變得更人性化，對嗎？因此，我們並不是想用人工智慧機器人取代愛情，而是想利用人工智慧來幫助約會者獲得更好的人類約會體驗。

What do I mean by that? Most people have no idea how to build a dating profile. I have met some of the most amazing singles. And when I look at their profile, I am shocked that they could not express how great they were in a simple profile.

我這樣說是什麼意思？大多數人不知道如何建立約會檔案。我遇到過一些非常出色的單身人士。當我查看他們的個人資料時，我很震驚他們竟然無法透過簡單的個人資料表達他們有多麼優秀。

So leveraging AI to coach them through that experience is going to have a huge uplift on how we can help people show up better and really move that member base into a higher-quality profile base, which then leads to better matches, better chats, the whole flywheel kicks in.

因此，利用人工智慧來引導他們完成這項體驗將極大地提升我們如何幫助人們更好地展現自己，並真正將會員基礎轉變為更高品質的個人資料基礎，從而帶來更好的匹配、更好的聊天，整個飛輪開始運轉。

So coaching, as we talked about, that will be powered by both humans and AI. We want you to know how to talk to each other. We want you to know how to write your bio. We want you to know how to show up, how do you know what you value, how do you know who you want to connect with. So AI is a huge accelerant and a huge accelerator to the dating experience to make you really understand how to get the most out of this experience. Okay?

因此，正如我們所討論的，指導將由人類和人工智慧共同推動。我們希望你們知道如何互相交談。我們希望您知道如何撰寫您的個人簡介。我們希望您知道如何展現自己，如何知道自己重視什麼，以及如何知道想要與誰建立連結。因此，人工智慧是約會體驗的巨大促進劑和加速器，它能讓你真正了解如何充分利用這種體驗。好的？

The third category is the matching algorithm. This is unbelievable. AI has always been -- I mean let's call, machine learning has always been the foundation of how we match you. But you cannot believe how fast AI is moving when it comes to helping be a strong personal predictor of success on matches. So we are hard at work and Vivek, our new CTO, who's joining us just in a couple of weeks.

第三類是匹配演算法。這真是令人難以置信。人工智慧一直都是——我的意思是，機器學習一直是我們如何與您相匹配的基礎。但是，你無法相信人工智慧在幫助預測比賽成功與否方面發展得有多快。所以我們正在努力工作，我們的新任首席技術長 Vivek 將在幾週後加入我們。

This is the top focus of ours. How do we accelerate our AI-powered machine learning and our super personalized algorithm to make sure that people get on Bumble and they feel like it's the smartest matchmaker in the world? You get on, low effort, you've been guided to a great profile. And now boom, just like magic, that algorithm has delivered you high-quality matches, high-quality chats and hopefully love.

這是我們最關注的焦點。我們如何加速我們的人工智慧機器學習和超級個人化演算法，以確保人們使用 Bumble 時感覺它是世界上最聰明的媒人？你繼續前進，不費吹灰之力，你就已經被引導到一個很棒的個人資料。現在，就像魔術一樣，演算法為您帶來了高品質的匹配、高品質的聊天以及愛情。

So that's how we're really going to leverage it. And I want to be very explicit here for anyone that may be asking about feature releases or upcoming launches. The innovation of this category and particularly of our business, lies in the power of the matching algorithm. We are here to match people. So the better we get at that, the better the business gets, and we are laser-focused on that.

這就是我們真正利用它的方式。對於那些可能詢問功能發布或即將推出的產品的人，我想在這裡非常明確地說明。這一類別的創新，特別是我們業務的創新，在於匹配演算法的力量。我們來這裡是為了撮合人們。因此，我們在這方面做得越好，業務就會越好，我們正全神貫注於此。

The last part of our approach to AI is efficiency. I think you have seen that from the moment I stepped back in the store, I got so, so in the weeds. Top-to-bottom, bottom-to-top, side-to-side, I went through every detail of this company, every team, every priority, every project, every dollar. And if those dollars and those projects did not ladder up to the priorities that I just outlined to you, they went.

我們對人工智慧方法的最後一部分是效率。我想你已經看到了，從我回到商店的那一刻起，我就陷入了困境。從上到下、從下到上、從左到右，我仔細檢查了這家公司的每一個細節、每一個團隊、每一個優先事項、每一個專案、每一美元。如果這些資金和項目沒有達到我剛才向你們概述的優先事項，它們就會被取消。

And that's why we just laid out to you that there's going to be more to come. We are so-focused. We are a laser-focused machine now. And AI is going to be an accelerator for us here. We are looking at areas within the business across all teams where we can lean into AI to make us more efficient, to make our work better, to make our work faster. So you can really -- I hope you can see how we are leveraging the best AI has to offer while prioritizing the foundation of our mission and commitment to safe, healthy offline love.

這就是為什麼我們剛剛向你們透露，未來還會有更多內容。我們非常專注。我們現在是一台雷射聚焦機器。人工智慧將成為我們的加速器。我們正在研究所有團隊的業務領域，在這些領域中我們可以依靠人工智慧來提高效率、改善工作、加快工作速度。所以你真的可以——​​我希望你能看到我們如何利用人工智慧所能提供的最佳功能，同時優先考慮我們的使命基礎和對安全、健康的線下愛情的承諾。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

First, I just wanted to probably go back over the past few years, and Whitney your take on what you think led the product to deviate from the high-quality matches that were really the foundation for Bumble's growth? And then kind of following up on that last question.

首先，我想回顧一下過去幾年的情況，惠特尼，您認為是什麼原因導致該產品偏離了 Bumble 成長的真正基礎——高品質的匹配？然後繼續回答最後一個問題。

As AI really helps the matchmaking algorithms get better and better, how do you think about the opportunity to create new engagement methods that really emphasize quality and duration rather than quantity? Thank you.

由於人工智慧確實有助於匹配演算法變得越來越好，您如何看待創造真正強調品質和持續時間而不是數量的新參與方法的機會？謝謝。

Thanks for the questions, both great questions. Let's actually start at the second part of that. So I'm going to ask everybody on this call a simple question. Everyone has really come down on the swipe in the media and in the public, but I want you to think about it a little bit differently.

感謝您的提問，這兩個問題都很棒。讓我們從第二部分開始。因此，我將在這次電話會議上向大家問一個簡單的問題。每個人都確實對媒體和公眾的批評做出了回應，但我希望你能以不同的方式思考這個問題。

If I told you, you could swipe through 50 people and 90% of those people were people you wanted to meet. Wow, amazing humans, great profiles. You have so much in common with all of these people. And then imagine you've got super high mass rates and chat rates and a few great dates, out of that, kind of volume of people you went through, you would probably come out of it saying, Wow, I love swiping. Swiping is unbelievable.

如果我告訴你，你可以瀏覽 50 個人，其中 90% 都是你想見的人。哇，令人驚嘆的人類，出色的個人資料。你和所有這些人都有很多共同點。然後想像一下，您擁有超高的品質率和聊天率以及一些很棒的約會，從中，您接觸到的人數如此之多，您可能會說，哇，我喜歡滑動。刷卡令人難以置信。

The modalities to get to great chat matter less than the actual people and profiles we surface to you. So it's not just about showing you fewer people. It's about showing you more relevant personalized profiles. And this is the future of digital matchmaking. It is our job right now and for the long-term, to bring you the best people for you and not just to bring them to you and just surface them to, but over time to explain to you and to contextualize why that person is extraordinary and why you should give them a chance.

獲得良好聊天體驗的方式並不比我們向您展示的實際人員和個人資料重要。因此，這不僅僅是向您展示更少的人。它可以向您展示更多相關的個人化資料。這就是數位化婚介的未來。我們現在和長遠的工作就是為您找到最優秀的人才，不僅僅是把他們帶到您面前，然後讓他們浮出水面，而是隨著時間的推移向您解釋並說明為什麼這個人很出色，為什麼您應該給他們一個機會。

This was early, early innings of discover where we started to surface the reasons why you should connect with someone in a more curated capacity. So this is a huge focus of our personalized matchmaking algorithm and the early innings of our dating coaching that we talked about in the prepared remarks.

這是發現的早期階段，我們開始揭示為什麼你應該以更有針對性的方式與某人聯繫的原因。因此，這是我們個人化配對演算法的一大焦點，也是我們在準備好的評論中談到的約會指導的早期階段。

We want you to see great people in great, simple ways, efficient ways, but this is not about more features. Now let's go to your first question because they intersect. There has been this mindset that has been pervasive in the dating industry that more features equal better outcomes. And let's just launch something new. But some of the greatest consumer products have not changed all that much in the last decade if you think about it.

我們希望您以優秀、簡單、有效率的方式看到優秀的人，但這與更多功能無關。現在讓我們來回答您的第一個問題，因為它們是相交的。約會產業普遍存在這樣一種觀念：功能越多，結果越好。讓我們推出一些新的東西。但如果你仔細想想，你會發現一些最偉大的消費產品在過去十年並沒有太大的變化。

You get on some of these platforms. They don't seem all that different, but the algorithm is so sophisticated. You see what you want to see. You get the experience you want to get. You look at Netflix. So the interface is not all that different, but the content is extraordinary, and it's improved, and it's modernized.

您可以訪問其中一些平台。它們看起來並沒有什麼不同，但演算法卻非常複雜。你看到的是你想看到的。您將獲得想要獲得的經驗。你看看 Netflix。因此，介面並沒有太大不同，但內容卻非同尋常，而且得到了改進，並且變得現代化了。

So that is what we're focused on right now. I'm certainly not saying that you'll never see product updates out of us. But right now, quality is the name of the game and getting you matches in a safe, effective, efficient way, so you can find love is what we are here to do, and that's what I'm committing to delivering.

這就是我們現在關注的重點。我當然不是說你永遠不會看到我們的產品更新。但現在，品質是關鍵，以安全、有效、高效的方式為您匹配，讓您找到愛情，這就是我們在這裡要做的，也是我致力於實現的目標。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Just one for me, please. I don't mean to belabor the topic of quality here, but it is just an extremely fascinating topic. So I guess, you're very clear that you're looking to eliminate bots, take users' antisocial behavior, et cetera. But is there anything else to that equation that you're looking to engineer like you were talking about earlier?

請給我一個。我並不想在這裡詳細討論品質這個主題，但這確實是一個非常有趣的話題。所以我想，你很清楚你想要消除機器人，消除使用者的反社會行為等等。但是，對於這個等式，您是否也希望設計其他東西，就像您之前談到的那樣？

Is the Bumble of the future going to be a place maybe to find the whole gamut of human relationships? Or is there the intention to point Bumble and its brand to maybe a certain subdivision of the dating or relationship market?

未來的 Bumble 是否會成為一個尋找各種人際關係的地方？或者是否有意將 Bumble 及其品牌定位於約會或戀愛市場的某個細分領域？

Great question. Thank you. So again, let's talk about quality. I would love for you to think about it in three parts. So part one is really being extremely laser-focused on identifying bad actors and low-quality profiles. Folks that are of terms of conditions -- are terms and conditions, they're not treating people well, they are a risk to our member base or they're just scammers or spammers. Okay. They got to go. So we're removing those profiles.

好問題。謝謝。那麼，我們再來談談品質。我希望你能從三個部分來思考這個問題。因此，第一部分實際上極其專注於識別不良行為者和低品質的個人資料。那些遵守條款和條件的人——他們待人處事不善，對我們的會員基礎構成威脅，或者他們只是騙子或垃圾郵件發送者。好的。他們必須走了。因此，我們將刪除這些資料。

There are the vast majority in the middle of good people with not great profiles. And what do I mean by that? They might have one photo up from 2016, is blurry and they're wearing sunglasses. No one is going to want to match that person. But if you peel the profile away from the person, it could be your dream person.

絕大多數人都是中等水平，但個人資料並不出色。我這樣說是什麼意思呢？他們可能有一張 2016 年的照片，很模糊，而且戴著太陽眼鏡。沒有人會想與那個人匹配。但如果你仔細觀察這個人的個人資料，他可能就是你夢寐以求的人。

So it is our duty to elevate that, that middle of profiles, we have to help our people show up better, stronger, bring out the best in people, more photos, more contact, more information, more quality signal capturing because the signals don't just help people want to match with you, but they actually power our algorithm so that our matchmaker on the back-end, which is our algorithm can supercharge how we deliver you the people you see.

因此，我們有責任提升個人資料的中間部分，我們必須幫助我們的人展現得更好、更強，展現出人們最好的一面，更多的照片，更多的聯繫，更多的信息，更多高質量的信號捕捉，因為這些信號不僅能幫助人們想要與你匹配，而且它們實際上為我們的算法提供動力，以便我們後端的匹配器，也就是我們的算法，可以增強我們向您提供您的方式。

So to a prior question, you don't have to go through hundreds of people to get to the one. We want you to see people that work for you and are relevant for you. Quality is top-to-bottom here. But when you think about the third category, the third category are the folks that are already shining. These great profiles, these great intention people, these people that are ready for love, they're behaving great, they are the best contributors to the ecosystem.

所以對於之前的問題，你不需要經過數百人才能找到那個人。我們希望您看到為您工作並且與您相關的人。這裡的品質是從上到下的。但是當你想到第三類時，第三類是那些已經閃耀的人。這些優秀的人物，這些有偉大意圖的人，這些準備好迎接愛情的人，他們的行為很棒，他們是生態系統的最佳貢獻者。

And remember, we have a super scale base. This is a great company. We have a strong foundation, a strong brand. This is not a rebuild. This is just a reorganization of quality. So then you really take those and help those people shine. And you show them the other shining profiles and then magic happens. This is where matches happen at a better rate, higher rates, dates happen at higher rates. And then that flywheel of what you used to hear about Bumble where every other person you knew was meeting on Bumble, that magic turns back on again. So that's kind of the approach to quality and the most important piece there is verification.

請記住，我們擁有超大規模的基地。這是一家很棒的公司。我們擁有堅實的基礎和強大的品牌。這不是重建。這只是品質的重組。所以你真的會利用這些並幫助那些人發光。當你向他們展示其他閃亮的形象時，奇蹟就發生了。在這裡，配對的發生率更高，約會的發生率也更高。然後，您將聽到關於 Bumble 的飛輪，您認識的每個人都在 Bumble 上相遇，這種魔力再次開啟。這就是品質方法，其中最重要的部分是驗證。

We are not scared and I want to say this again, we are not scared of losing members that are unwilling to verify themselves. You should be a verified person to be here. Show us your selfie verification, put in an ID. There's going to be a lot of mechanisms to better verify and by the way, this is the number one ask for women. They want to know that who they're meeting on the other end is who they say they are.

我們不害怕，我想再說一遍，我們不害怕失去那些不願意證明自己的成員。您必須是經過驗證的人才能來到這裡。向我們出示您的自拍照驗證，並輸入身分證。將會有許多機制來更好地驗證，順便說一句，這是對女性的首要要求。他們想知道電話另一端的人是否就是他們所說的那個人。

So when you talk about will Bumble be used for this one type of thing, listen, see us as the love company. I want people to find love. If you're looking for the love of your life, great, you can find it here. If you're looking for a friend, you can find it here. Bumble has a brand that is not exclusive to a one-stop shop. It's not a casual relationship company. It's not a marriage matrimony company. This is about healthy, safe quality connections, and that's what we're committed to.

因此，當您談論 Bumble 是否會用於這類事情時，請聽我說，將我們視為愛情公司。我希望人們能夠找到愛情。如果您正在尋找您一生的摯愛，太好了，您可以在這裡找到它。如果您正在尋找朋友，您可以在這裡找到。Bumble 擁有的品牌並非一站式商店專屬。這不是一家隨意交往的公司。這不是一家婚姻介紹公司。這是關於健康、安全、優質的連接，這也是我們所致力於的。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

I had a follow-up on AI. I mean it sounds like AI discovery could be a pretty meaningful unlock for the quality of matches and ultimately, the value proposition you bring your customers, I'd assume that some of the infrastructure for these tools already exist today, but isn't data the big differentiating factor, data around what folks are looking for, what characteristics they are drawn to those kind of things. So I guess the question here is, what are you doing to get more data insights from your user base to ultimately have a bit more of a differentiated offering? Thank you.

我對人工智慧進行了追蹤。我的意思是，聽起來人工智慧發現對於匹配品質和最終為客戶帶來的價值主張可能是一個非常有意義的解鎖，我認為這些工具的一些基礎設施現在已經存在，但數據不是最大的區別因素嗎？關於人們正在尋找什麼、他們被這些東西吸引的特徵的數據。所以我想這裡的問題是，您正在做什麼來從您的用戶群中獲得更多的數據洞察，以最終提供更具差異化的產品？謝謝。

That's a great question. Thanks for asking. So we -- let's for the sake of the answer, let's call it signals, okay, instead of data. So signals are so critical because the signals or double-sided. They're both what you tell us about yourself and how you choose to express yourself so that the, call it, the matchmaker on the other end of the screen, which is Bumble, will get to know you and fully understand you, what you're looking for, what you need in love, what you need from relationships.

這是一個很好的問題。謝謝你的詢問。所以我們——為了找到答案，我們稱之為訊號，而不是數據。因此訊號非常重要，因為訊號是雙面的。它們既包括您告訴我們的關於您自己的信息，也包括您選擇如何表達自己，這樣，屏幕另一端的媒人，也就是 Bumble，就會認識您，充分了解您，了解您在尋找什麼，您在愛情中需要什麼，您在戀愛關係中需要什麼。

And then we need signals from other people. So every time you cast a vote on somebody in the system, we can start actively understanding the signals that you're telling us matter to you most about people. So this is a huge part of our summer launch is building more UI and UX customer-focused and forward-looking signal capturing mechanisms.

然後我們需要其他人的訊號。因此，每次您在系統中對某人進行投票時，我們就可以開始積極地了解您告訴我們的關於這個人的最重要的信號。因此，我們夏季發表會的一個重要部分是建立更多以客戶為中心、具有前瞻性的 UI 和 UX 訊號捕獲機制。

So instead of just swiping right or left on an entire profile, we are going to give you the capacity to indicate specifically what it is you like about that profile. Did you laugh at something that they had? Did something make you feel sentimental? Did a picture they posted of them on a hike on some mountain made you realize, Wow, we could go climbing together, and I love that.

因此，您無需在整個個人資料上向右或向左滑動，我們還能讓您具體指出您喜歡該個人資料的哪些方面。您是否嘲笑過他們所擁有的東西？有什麼事讓你感到傷感嗎？他們發布了一張他們在某座山上徒步旅行的照片，你是否意識到，哇，我們可以一起去爬山，我喜歡這樣。

There's going to be so many in-depth ways to capture what matters most to you as a member on our platform, and that is precisely what powers the AI algorithm to be personalized and to be effective. So you're spot on. This is a huge focus of ours. I'm spending several hours a day with tech and product teams, making sure that this is going to be actioned appropriately and in a way that is deeply powerful to our members.

我們將會透過多種深入的方式來捕捉您作為平台會員最關心的問題，而這正是推動人工智慧演算法個人化和高效運作的動力所在。所以你說得對。這是我們關注的重點。我每天要花幾個小時與技術和產品團隊在一起，確保採取適當的行動，並以一種對我們的成員具有深遠影響力的方式。

John Blackledge, TD Cowen.

約翰·布萊克利奇（John Blackledge），TD Cowen。

It's Logan on for John. We have a couple of questions on international markets. Maybe firstly, are you seeing different user behavior or quality of user ecosystems in international markets versus the US and North America? Said definitely are more emerging international markets facing the same challenges that it developed in the US ecosystem? And then maybe looking forward, what are some regions of focus or maybe big opportunities for the international business in 2025? Thanks.

洛根 (Logan) 代替約翰 (John)。我們對國際市場有幾個問題。首先，您是否看到國際市場與美國和北美市場的使用者行為或使用者生態系統品質有所不同？是否可以肯定地說，更多的新興國際市場面臨著與美國生態系統相同的挑戰？那麼展望未來，2025 年國際業務的重點領域或重大機會有哪些？謝謝。

Yeah. Thanks so much for the question. So international, obviously, we all can see that huge opportunity for us. And when we think about TAM, I mean, it's a no-brainer, taking love around the world, we're super-lucky because the one thing that doesn't change all that much from country-to-country is love.

是的。非常感謝您的提問。因此，顯然，我們都能看到國際上的巨大機會。當我們想到 TAM 時，我的意思是，這是一件不用動腦筋的事情，把愛帶到世界各地，我們非常幸運，因為在各個國家之間，有一件事不會發生太大的變化，那就是愛。

So many industries look super different from one culture to the next, but love is this one universal need, and this one universal language, which is why our data looks almost identical from one country to another, which is really, really powerful. So let me unpack this for a moment.

許多行業在不同文化中看起來有很大差異，但愛情是普遍的需求，也是通用的語言，這就是為什麼我們的數據在不同國家看起來幾乎相同，這真的非常有力。因此，讓我暫時解釋一下這個問題。

What we are seeing, and I want to state that I can speak to this very personally. When I decided to come back into this role, there was a gap of a few weeks. I expect my day is getting really close to customers around the world, to members around the world. I did deep research on what is the feedback, what are the pain points from the United States to France to the differences in LatAm and our Asian markets.

我們看到的是，我想說我可以非常個人地談論這一點。當我決定重新擔任這個職位時，已經有幾週的時間了。我希望我的每一天都能真正貼近世界各地的客戶、世界各地的會員。我對反饋、從美國到法國的痛點以及拉丁美洲和亞洲市場的差異進行了深入研究。

And you won't believe this. The complaints are almost identical. We're not getting the matches we want to get. We see fakes and bots. We feel like the people on the other end aren't who they say they are. We feel like the premium paying offerings aren't giving us value and return. Now these came through in different languages, but they were the same member issues.

你不會相信這一點。這些投訴幾乎完全相同。我們沒有得到我們想要的比賽。我們看到了假貨和機器人。我們感覺電話那頭的人不是他們所說的那個人。我們覺得高價產品並沒有為我們帶來價值和回報。現在這些問題以不同的語言出現，但它們是相同的成員問題。

People want fulfilling matches. People want to go on great dates. People want to feel safe. So our work ahead of us and the way we're thinking about this is we're not going to go waste money and just pour money into random markets to create artificial short-term growth.

人們想要圓滿的匹配。人們都想度過美好的約會。人們想要感到安全。因此，我們面臨的工作和思考方式是，我們不會浪費錢，也不會將錢投入隨機市場創造人為的短期成長。

We're going to reset this product, and we're going to solve those problems top-to-bottom. We're going to chip away at members' issues and make this right. We're going to make this product something that people around the world don't just like, don't just love, but need again. And so once that job is well underway, which we're making huge progress on every day, then we're going to go deep into these markets again.

我們將重新設定該產品，並徹底解決這些問題。我們將逐步解決成員們的問題並修正這個問題。我們要把這款產品打造成全世界的人們不僅喜歡、不僅熱愛，而且再次需要的產品。因此，一旦這項工作進展順利，我們每天都會取得巨大進展，然後我們將再次深入這些市場。

And you can bet that we are going to turn on that brand magic at scale and we are going to do this right. We are going to light up the globe with Bumble in a way that gets people great matches that delivers value, makes them feel excited and makes them fall in love with our company again.

你可以相信，我們將會大規模地發揮品牌魔力，而且我們將會做好這件事。我們將透過 Bumble 點亮全球，讓人們找到有價值的完美匹配，讓他們感到興奮，並讓他們再次愛上我們的公司。

So when we talk about regions and territories, the whole world is on our map, but we're not going anywhere and doing anything until the product solves for those problems members are facing. So what I want to put a pin in is that I would not expect us to go chase growth around the world between now and end of the year because we want to do this thoughtfully and strategically. 2026 is going to be massive for us in terms of focus with our international efforts.

因此，當我們談論地區和領土時，整個世界都在我們的地圖上，但在產品解決會員所面臨的問題之前，我們不會去任何地方，也不會做任何事情。因此，我想強調的是，我不會期望我們從現在到年底去追逐全球成長，因為我們希望深思熟慮並有策略地做到這一點。 2026 年對我們來說將是國際努力的重點年。

Ladies and gentlemen, we have no further questions.

女士們、先生們，我們沒有其他問題了。