Bumble Inc (BMBL) 2025 Q2 法說會逐字稿

Good evening. Thank you for attending the Bumble second-quarter 2025 financial results conference call. My name is Megan, and I'll be your moderator for today. (Operator Instructions)

晚安.感謝您參加 Bumble 2025 年第二季財務業績電話會議。我叫梅根，今天我將擔任主持人。（操作員指示）

I would now like to pass the conference over to Will Taveras, Bumble's Investor Relations. Please go ahead.

現在，我想將會議交給 Bumble 投資者關係部門的 Will Taveras。請繼續。

Thank you for joining us to discuss Bumble's second-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 年第二季的財務表現。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 the call today are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions, and information currently available to us.

在我們開始之前，我想提醒大家，今天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，反映了我們基於我們的信念、假設和目前掌握的資訊的當前預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of factors and risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in 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. 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.

在電話會議中，我們也參考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。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 for our Q2 earnings call. Four months ago, I returned as CEO of Bumble and reset our strategy for quality over quantity across the whole business, including how we operate our revenue and payers and importantly, our member base.

大家好，感謝您參加我們的第二季財報電話會議。四個月前，我重返 Bumble 擔任首席執行官，並重新制定了整個業務的“質量重於數量”策略，包括我們如何運營我們的收入和付款人，以及更重要的，我們的會員基礎。

We have taken decisive actions over the last quarter. We've removed over $100 million from our cost base by streamlining operations, restructuring head count and shifting to a more efficient organic marketing engine. These changes have sharpened our operational discipline and positioned us for a return to growth.

我們在上個季度採取了果斷行動。透過精簡營運、調整員工人數和轉向更有效率的有機行銷引擎，我們已從成本基礎中削減了超過 1 億美元。這些變化強化了我們的營運紀律，並使我們為恢復成長做好了準備。

We've reorganized for speed and focus, rebalancing engineering to the US unifying our product road map and bringing in exceptional leadership, all while building a leaner, higher-performing team. These efforts contributed to record EBITDA margins in Q2.

我們進行了重組以提高速度和專注度，重新平衡美國的工程，統一我們的產品路線圖，引進卓越的領導力，同時建立一支更精簡、績效更高的團隊。這些努力促成了第二季創紀錄的 EBITDA 利潤率。

And while this level of performance shouldn't be viewed as a steady state baseline profitability margin expansion and cash flow will remain core priorities even as we redeploy some of our cost base savings into selective high-impact investments across product, AI, UX, and trust and safety. We believe we can do both, run a healthy, efficient business and strategically invest in the long-term future of bumbles with discipline, intention and a relentless focus on quality.

儘管這種績效水準不應被視為穩定狀態，但即使我們將部分成本基礎節省重新部署到產品、人工智慧、使用者體驗以及信任和安全等領域的選擇性高影響力投資中，利潤率擴張和現金流仍將是核心優先事項。我們相信，我們可以做到這兩點，既能經營健康、高效的業務，又能以紀律、意圖和對品質的不懈關注，對 bumbles 的長期未來進行策略性投資。

That quality extends to the type of revenue and payers we are prioritizing.

這種品質延伸到我們優先考慮的收入類型和付款人。

The majority of this quarter's payer decline came from the phase out of a legacy strategy related to promotions. -- which were skewed towards certain of our lower monetizing noncore markets. As of late April, we have been reemphasizing our core of sustainable full-price subscriptions.

本季付款人數量下降的主要原因是與促銷相關的傳統策略的逐步淘汰——這些策略偏向某些貨幣化程度較低的非核心市場。截至四月底，我們一直在重申可持續全價訂閱的核心。

Encouragingly, our full-price payer base increased quarter over quarter and subscriptions now represent approximately 80% of total payers, up from 70% in Q1. This is reflected in our ARPPU increases.

令人鼓舞的是，我們的全價付費用戶群環比成長，訂閱用戶目前約佔總付費用戶的 80%，高於第一季的 70%。這反映在我們的ARPPU增加上。

We believe this may be an encouraging signal that removing lower quality revenue moves us towards a stronger, more sustainable baseline for our payer base as we look to return to growth.

我們相信這可能是一個令人鼓舞的信號，在我們尋求恢復成長的過程中，消除低品質的收入將使我們為我們的付款人群體建立更強大、更永續的基礎。

Now let's talk about the progress we're making on improving the quality of our member base. At Bumble, our product is people. The quality of someone's experience how they engage, find what they're looking for and monetize depends on the quality of who and what they encounter on the platform.

現在讓我們來談談我們在提高會員基礎品質方面取得的進展。在 Bumble，我們的產品就是人。人們參與、尋找所需內容和貨幣化的體驗品質取決於他們在平台上遇到的人事物的品質。

We are executing this work through our BeeHive framework which is designed to create the right conditions for meaningful connections, authentic, robust profiles, clear intent signals and respectful behavior. It's not about exclusion.

我們透過 BeeHive 框架執行這項工作，該框架旨在為有意義的聯繫、真實、強大的個人資料、清晰的意圖信號和尊重的行為創造適當的條件。這與排斥無關。

It's about how well people show up. To assess our members using our BeeHive framework, we are using three categories. The first is approved. These are members showing high intention, effort and alignment with the experience we are building. They are verified.

這取決於人們的表現如何。為了使用我們的 BeeHive 框架評估我們的成員，我們使用了三個類別。第一個被批准了。這些成員表現出了高度的意願、努力以及與我們正在建立的經驗的一致性。它們已經得到驗證。

They engage well on the product. They have robust profiles. These people are great members of the community, follow our community guidelines and are seen as high quality and compelling data by the other members on the platform.

他們對產品的參與度很高。他們有著強大的形象。這些人是社群的優秀成員，遵守我們的社群準則，並被平台上的其他成員視為高品質且引人注目的數據。

The second and largest group is improve members who have the right intentions, but may need clear guidance better tools or a stronger sense of what a high-quality profile and experience should look like. We are focused on supporting them. And this represents one of our biggest areas of opportunity. For example, someone who follows all community guidelines, but has only one blurry photo and no bio. That's a simple high impact improvement.

第二組也是最大的一組是那些有正確意圖但可能需要明確指導、更好工具或更強烈地了解高品質個人資料和體驗應該是什麼樣子的成員。我們致力於支持他們。這是我們最大的機會領域之一。例如，某人遵守所有社區準則，但只有一張模糊的照片，而且沒有個人簡介。這是一個簡單又影響深遠的改進。

By helping these members show up more fully, we believe we can move more of them to the approved category. This will enhance their experience and drive better engagement for them. And in turn, unlock a healthier member base with increased retention and stronger monetization. Importantly, approved members monetize at approximately double the rate of our improved for.

透過幫助這些成員更充分地展現自己，我們相信我們可以將更多的成員轉移到認可類別。這將增強他們的體驗並促進他們更好地參與。反過來，透過提高保留率和增強獲利能力，解鎖更健康的會員基礎。重要的是，獲得批准的會員的貨幣化率大約是我們改進後的貨幣化的兩倍。

The third category is removed. We have always prioritized trust and safety. The last quarter, we significantly deepened our focus. In March, we accelerated efforts to identify and ultimately remove bad actors and low intent members, a strategic step aligned with our quality-first approach.

第三類被刪除。我們始終將信任和安全放在首位。上個季度，我們顯著深化了我們的關注。3 月份，我們加快了識別並最終清除不良行為者和低意向成員的力度，這是符合我們品質第一方針的策略舉措。

It includes removing duplicate accounts, members who break trust, but, scammers or those that don't follow our community guidelines, but also members with low quality and complete profiles and no willingness to improve.

其中包括刪除重複帳戶、破壞信任的成員、騙子或不遵守我們社群準則的成員，以及品質低落、資料不完整且不願意改進的成員。

It improved members don't take the step to engage meaningfully they transition to remove. We believe that we're moving these profiles will create a stronger, safer environment for our high-intent community, making the overall experience much better, even if it contributes to a near-term headwind to payers.

它改善了成員不採取步驟進行有意義的參與，他們轉變為刪除。我們相信，移動這些資料將為我們高意向社區創造一個更強大、更安全的環境，使整體體驗更好，即使這會給付款人帶來短期阻力。

Our goal with BeeHive is to move as many members into the approved category as possible. And this will be an always on focus for us over the long term as new members continue to join us. We remain laser-focused on cleanup, discipline and resetting the bar, but we're already shifting into build mode as we set the stage for renewed sustainable growth.

我們對 BeeHive 的目標是讓盡可能多的成員進入批准類別。隨著新成員不斷加入我們，這將成為我們長期關注的重點。我們仍然專注於清理、紀律和重新設定標準，但我們已經轉向建設模式，為新的永續成長奠定基礎。

Our August Love launch marks the first major step in this next phase. It's a trust first product update that includes phone and ID verification, mandatory selfie checks and richer profile building tools, all designed to help high-intent members show up more clearly and confidently, while naturally filtering out those less willing to engage meaningfully.

我們的「八月之愛」發表會標誌著我們邁出了下一階段的第一步。這是信任第一的產品更新，包括電話和身份驗證、強制自拍檢查和更豐富的個人資料建立工具，所有這些都是為了幫助有強烈意願的會員更清晰、更自信地展示自己，同時自然地過濾掉那些不太願意進行有意義參與的會員。

We are also introducing our human and AI-powered coaching hub. This launch is foundational to strengthening the platform and improving outcomes for the people who are here for the right reasons. From there, will maintain a steady drumbeat of improvements across product and tech with another milestone in February when we debut what we believe will be the safest and most innovative version of bumble yet. This next phase is about reactivating our community and personalizing every part of the journey from onboarding to matching, to meeting in real life.

我們也推出了由人力和人工智慧驅動的輔導中心。此次發布對於加強平台和改善出於正當理由來到這裡的人的結果至關重要。從那時起，我們將在產品和技術方面保持穩步的改進，並在二月實現另一個里程碑，屆時我們將推出我們認為迄今為止最安全、最具創新性的 bumble 版本。下一階段是重新激活我們的社區，並個性化從入職到匹配到現實生活中見面的整個旅程的每個部分。

On the BFF side, we will also launch the all-new Bumble BFF app this month built on Geneva's group tech and bumble safety infrastructure. It combines one-on-one matching and events with community features to quickly follow designed to help people build real friendships off-line.

在 BFF 方面，我們也將於本月推出基於 Geneva 的群組技術和 Bumble 安全基礎設施構建的全新 Bumble BFF 應用程式。它將一對一的匹配和活動與社區功能相結合，旨在幫助人們在線下建立真正的友誼。

With minimal investment, BFF is already a top friend-finding app in the United States, especially among Gen Z and younger millennial women, and we see it as one of our most exciting long-term growth opportunities, especially as demand for friendships, real-world connection and belonging continues to grow. Bumble and Bumble BFF are both powered by a clear technology vision, build proprietary AI capabilities to create more human connection.

只需極少的投資，BFF 就已經成為美國最熱門的交友應用程序，尤其是在 Z 世代和年輕的千禧一代女性中，我們認為這是我們最令人興奮的長期增長機會之一，尤其是隨著對友誼、現實世界聯繫和歸屬感的需求不斷增長。Bumble 和 Bumble BFF 都擁有清晰的技術願景，建立專有的 AI 功能以建立更多的人際聯繫。

Under our new CTO, we've rebuilt our core tech work with a single mandate, help people find love safely and efficiently. AI is being embedded responsibly and ethically across the entire product ecosystem from matchmaking and personalization to member support and internal operations. We have data-rich insights on what our members are looking for and how they achieve successful outcomes.

在新任技術長的領導下，我們重建了核心技術工作，只有一個目標：幫助人們安全有效地找到愛情。人工智慧正在以負責任和道德的方式融入整個產品生態系統，從匹配和個性化到會員支援和內部運營。我們擁有豐富的數據洞察，了解我們的會員在尋找什麼以及他們如何取得成功的結果。

For Bumble date, we are building a fully modern AI-first cloud-native tech stack from the ground up with a new infrastructure set to be completed by next spring. In parallel, we'll continue optimizing the current stock to support ongoing performance and stability.

對於 Bumble 日期，我們正在從頭開始建立一個完全現代化的 AI 優先雲原生​​技術堆棧，新的基礎設施預計將於明年春天完成。同時，我們將繼續優化現有庫存，以支援持續的性能和穩定性。

Bumble BFF, meanwhile, is migrating to an already modern platform through our acquisition of Geneva, giving us speed and flexibility in scaling group and community features. Everything we built is grounded in real world outcomes, not endless engagement.

同時，Bumble BFF 正在透過收購 Geneva 遷移到一個已經很現代化的平台，這使我們能夠快速、靈活地擴展群組和社群功能。我們所建構的一切都基於現實世界的結果，而不是無止盡的參與。

Our AI systems will be trained and continuously refined by real matchmakers and relationship experts, ensuring that insights, prompts and recommendations are shaped by emotional intelligence and modern relationship science.

我們的人工智慧系統將由真正的媒人和關係專家進行訓練和不斷改進，確保見解、提示和建議受到情緒智商和現代關係科學的影響。

Now let's talk about marketing. At Bumble, marketing isn't here to cover for an average product. It's here to amplify a product people need and love. We are focused on building the best experience in the category because a great product is what keeps people coming back. Historically, our performance marketing lacked clear guardrails.

現在我們來談談行銷。在 Bumble，行銷並不是為了覆蓋普通產品。它的目的是擴大人們需要和喜愛的產品。我們專注於打造同類產品中的最佳體驗，因為優質的產品才能吸引人們再次光顧。從歷史上看，我們的績效行銷缺乏明確的護欄。

We've now realigned marketing with our focus on organic growth high-quality acquisitions and durable engagement. We are already seeing early signs of progress. retention and organic registrations are up. We're doing all of this while preserving one of our strongest assets, our brand.

我們現在已經重新調整了行銷策略，重點是有機成長、高品質收購和持久參與。我們已經看到了進步的早期跡象。保留率和自然註冊率都在上升。我們在做這一切的同時，也保護了我們最強大的資產之一——我們的品牌。

Among scaled dating apps in the US, Bumble holds the highest favorability among women and the general population with a competitive standing among Gen Z with improvement in each of these key demos in Q2.

在美國規模化的約會應用程式中，Bumble 在女性和一般人群中擁有最高的受歡迎程度，在 Z 世代中也具有競爭力，並且在第二季度這些關鍵演示中均有所改進。

Coming alongside the product update and the Love launch later this month is a brand moment rooted in real stories of love, connection and family that Bumble has helped to create. It is a powerful reminder for the impact we help create in the world.

本月晚些時候，隨著產品更新和 Love 的推出，Bumble 還將推出一個以真實的愛、聯繫和家庭故事為基礎的品牌活動。它有力地提醒了我們為世界帶來的影響。

Behind all of this work is a team that's getting stronger and stronger. In just a few months, we have both shrunk the team to a much leaner organization and added exceptional leaders across products, tech, marketing and legal, and now finance. We are thrilled to welcome Kevin Cook as our new CFO this month.

這一切工作的背後是一支日益強大的團隊。在短短幾個月內，我們將團隊精簡為一個更精簡的組織，並在產品、技術、行銷和法律以及現在的財務領域增加了傑出的領導者。本月，我們很高興歡迎凱文庫克 (Kevin Cook) 擔任我們的新任財務長。

Our leadership transformation has helped us attract top talent with purpose and passion. We are being selective with how we invest in talent with a very high bar for any additions, including considering whether AI can do all or part of the work of each potential new head, prioritizing a lean, high-performing team.

我們的領導力轉型幫助我們吸引了有目標和熱情的頂尖人才。我們對人才投資非常謹慎，對任何新增人才都有很高的標準，包括考慮人工智慧是否可以完成每個潛在新主管的全部或部分工作，優先打造精幹、高效的團隊。

Across the company, we've reorganized to move faster with more focus and ownership. We are building a team designed for scale, speed, and with heart. We are just a few months in, but the energy is real, the clarity, the focus, the urgency. It's all here. We are not building for where the world was or is.

在整個公司範圍內，我們進行了重組，以便更加專注、更有主人翁精神，行動更加迅速。我們正在建立一支注重規模、速度和熱情的團隊。我們才剛開始幾個月，但我們感受到的活力、清晰度、重點和緊迫性都是真實的。一切都在這裡。我們並不是按照世界的過去或現在的樣子來建構。

We are building for where it's going. We have committed to bringing bumbled back to being a truly member-first company. Everything we're building is rooted in what our members want, need and deserve when they speak, we listen. Our primary goal is to deliver an experience that helps them find real love friendship and connection.

我們正在為它的發展方向進行建設。我們致力於讓 bumbled 重新成為一家真正以會員為先的公司。我們所建構的一切都植根於我們的會員所希望的、需要的和應得的，當他們表達時，我們會傾聽。我們的主要目標是提供一種體驗，幫助他們找到真正的愛、友誼和連結。

Now I'll hand it over to Ron. Thank you so much.

現在我將把它交給榮恩。太感謝了。

Thank you, Whitney, and good afternoon, everyone. As Whitney mentioned, Q2 reflects early results of the decisive steps we've taken to recenter bumble around quality and to deliver the best member experience possible. reshaping bumble to prioritize quality and the member experience has, by design, weighed on our revenue and paying user count, while also improving ARPPU.

謝謝你，惠特尼，大家下午好。正如惠特尼所提到的，第二季度反映了我們為重新集中精力於品質和提供最佳會員體驗而採取的決定性措施的早期成果。重塑 Bumble 以優先考慮品質和會員體驗，從設計上來說，這影響了我們的收入和付費用戶數量，同時也提高了 ARPPU。

We are making this trade-off intentionally in order to prioritize high-quality, relevant matches and a better member experience to drive Bumble's organic, sustainable growth in the years ahead. Today, I will share updates on how our member base improvement strategy may influence our performance near term, but I will start with a summary of our second quarter financial results.

我們有意做出這種權衡，是為了優先考慮高品質、相關的匹配和更好的會員體驗，以推動 Bumble 在未來幾年實現有機、可持續的成長。今天，我將分享我們的會員基礎改善策略如何影響我們近期業績的最新情況，但我首先將總結我們的第二季財務表現。

Our Q2 performance exceeded the company's late June upwardly revised expectations. Bumble Inc. Q2 revenue was $248 million, including a favorable impact from foreign exchange of approximately $2 million. Mobile app revenue was $201 million, including a foreign exchange tailwind of approximately $1 million. This brings year-to-date total revenue to $495 million.

我們第二季的業績超出了公司六月底上調的預期。Bumble Inc. 第二季營收為 2.48 億美元，其中包括約 200 萬美元的外匯有利影響。行動應用程式收入為 2.01 億美元，其中包括約 100 萬美元的外匯順風。這使得年初至今的總收入達到 4.95 億美元。

Total paying users in the quarter were $3.8 million, and Bumble app paying users were $2.5 million. Badoo App and other revenue was $47 million, including a $1 million foreign exchange tailwind during the quarter and benefited from fruits and official revenue of approximately $3 million in total. Before each was sold and shut down, respectively. Badoo App and other paying users totaled $1.3 million.

本季總付費用戶數為 380 萬美元，其中 Bumble 應用程式付費用戶數為 250 萬美元。Badoo 應用程式和其他收入為 4,700 萬美元，其中包括本季 100 萬美元的外匯順風，並受益於總計約 300 萬美元的水果和官方收入。之後，它們分別被出售和關閉。Badoo App 和其他付費用戶總計 130 萬美元。

Turning now to expenses. Total Q2 GAAP operating costs were $587 million, and we reported GAAP net loss of $367 million, primarily driven by an impairment loss of $405 million. On a non-GAAP basis, which excludes stock-based compensation and other noncash or nonrecurring items, operating expenses were $154 million.

現在談談費用。第二季 GAAP 總營運成本為 5.87 億美元，我們報告的 GAAP 淨虧損為 3.67 億美元，主因是 4.05 億美元的減損損失。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 1.54 億美元。

The year-over-year decline of approximately 21%, was primarily driven by reduced marketing expenditure and lower headcount as a result of the restructuring plan executed in 2024. Adjusted EBITDA for Q2 was $95 million, representing 38% of revenue, benefiting primarily from a lower-than-anticipated impact from the reduced performance marketing spend, more selective spend in brand marketing, head count savings and the impact of the additional fruits revenues.

年比下降約 21%，主要原因是 2024 年實施重組計畫導致行銷支出減少和員工人數減少。第二季調整後的 EBITDA 為 9,500 萬美元，佔營收的 38%，主要受益於績效行銷支出減少、品牌行銷支出更有選擇性、員工人數節省以及額外水果收入的影響，這些影響低於預期。

Year-to-date, adjusted EBITDA totaled $159 million, representing a 32% margin. We reported strong cash flow of $71 million in Q2. Year-to-date, we have generated over $114 million from operating activities and we ended the quarter with $262 million in cash and cash equivalents.

年初至今，調整後的 EBITDA 總額為 1.59 億美元，利潤率為 32%。我們報告第二季現金流強勁，達到 7,100 萬美元。年初至今，我們已從經營活動中創造了超過 1.14 億美元的收入，本季末我們的現金和現金等價物為 2.62 億美元。

I'd like to highlight a few notable updates from the quarter. As Whitney indicated, we have moved decisively to streamline our operations and optimize our execution on our strategy. We have removed approximately $100 million in annualized costs including approximately $40 million related to the June reduction in our workforce, which affected approximately 240 roles with the balance in marketing spend as we reorient our strategy in support of our organic growth focus.

我想強調本季的一些值得注意的更新。正如惠特尼所指出的，我們已果斷採取行動，精簡營運並優化策略執行。我們削減了約 1 億美元的年度成本，其中包括與 6 月裁員相關的約 4,000 萬美元，這影響了約 240 個職位，其餘成本用於行銷支出，因為我們調整了策略以支持我們的有機成長重點。

Profitability, margin expansion, and cash flow will remain our priorities as we redeploy some of our cost base savings into selective high-impact investments across product, AI, UX, trust and safety over the coming quarters. With respect to performance marketing, we cut even deeper than initially planned, as we saw that the cuts we were making had a smaller-than-expected impact on our near-term revenue.

獲利能力、利潤率擴張和現金流仍將是我們的首要任務，因為我們將在未來幾季將部分成本基礎節省重新部署到產品、人工智慧、用戶體驗、信任和安全等領域的選擇性高影響力投資。在績效行銷方面，我們削減的幅度比最初計劃的還要大，因為我們發現，我們所做的削減對我們的近期收入的影響小於預期。

This outcome has reinforced our conviction that Performance Sense was not efficiently acquiring high-quality members and validate our strategic shift away from performance-focused marketing. Overall, you should anticipate that marketing spend will increase from Q2 levels in the second half of the year in support of brand initiatives including our August product moment as well as spend later in the year in support of the BFF initiatives and our regular drumbeat of product updates.

這一結果強化了我們的信念，即 Performance Sense 未能有效地獲取高品質會員，並證實了我們從以績效為中心的行銷策略轉變。總體而言，您應該預計，今年下半年的營銷支出將從第二季度的水平增加，以支持品牌計劃，包括我們 8 月份的產品時刻，以及今年晚些時候的支出，以支持 BFF 計劃和我們定期的產品更新。

On the talent front, we are being highly disciplined on head count with our focus primarily on product and AI-related engineering roles as we refocused these teams in the United States. The initiatives are factored into the Q3 guidance we've issued today.

在人才方面，我們在人員數量上非常嚴格，主要關注產品和人工智慧相關的工程職位，因為我們將這些團隊的重點重新放在了美國。這些舉措已納入我們今天發布的第三季指引中。

I also want to call out that in June, we began testing direct billing options for some purchases on iOS in select US markets, offering customers discounted pricing. Early results have been positive with up to 30% of targeted members opting for direct billing.

我還想指出，從 6 月開始，我們開始在部分美國市場測試 iOS 部分購買的直接計費選項，並為客戶提供折扣價。早期結果是積極的，多達 30% 的目標會員選擇直接計費。

We will continue refining this process, but we already expect we could see a modest positive impact to our gross profit dollars in fiscal year '25 as a result of this change if it rolls up more broadly. It is worth noting that these tests could result in headwinds to our reported revenue as we offer lower prices but should result in improved gross margins as we keep more of that revenue compared to a full price purchase after accounting for App Store fees.

我們將繼續完善這項流程，但我們已經預計，如果這項變更能夠更廣泛地推廣，我們將看到這項變更對 25 財年的毛利產生適度的正面影響。值得注意的是，由於我們提供的價格較低，這些測試可能會對我們的報告收入造成不利影響，但應該會提高毛利率，因為與扣除 App Store 費用後的全價購買相比，我們保留了更多的收入。

Turning to guidance for Q3. We expect total Bumble linked revenue between $240 million and $248 million, representing a year-over-year decrease of 12% to 9%. Excluding foreign exchange and Fruitz and Official, this translates to a decrease of between 12% and 9%.

轉向第三季的指引。我們預計 Bumble 相關總收入在 2.4 億美元至 2.48 億美元之間，年減 12% 至 9%。不包括外匯和 Fruitz and Official，這意味著下降了 12% 至 9%。

We expect Bumble App revenue to be between $194 million and $200 million, representing a year-over-year decrease of between 12% and 9%. Additionally, we estimate adjusted EBITDA in Q3 to between $79 million and $84 million, representing a margin of approximately 33% at the midpoint of the range.

我們預計 Bumble App 的營收將在 1.94 億美元至 2 億美元之間，年減 12% 至 9%。此外，我們預計第三季調整後的 EBITDA 在 7,900 萬美元至 8,400 萬美元之間，中間值的利潤率約為 33%。

The sequential comparison reflects primarily a return to brand spending in support of our August product moment. In each of Q3 and Q4, we expect to pay down $25 million of our term loan. On that note, I will add that we did not repurchase shares of our common stock during Q2 and continue to have $50 million remaining on our current authorization.

連續比較主要反映了品牌支出的回歸，以支持我們八月的產品時刻。在第三季和第四季度，我們預計將分別償還 2,500 萬美元的定期貸款。關於這一點，我要補充一點，我們在第二季沒有回購普通股，而我們目前的授權金額仍剩餘 5,000 萬美元。

To add context to our outlook, we've shared today that we have accelerated execution of our BeeHive fit framework to drive improvement in our member base. We expect these efforts, combined with the reduction in performance marketing spend that continue to impact year-over-year revenue comparisons.

為了補充我們的展望，我們今天分享了我們已經加快執行 BeeHive 適應框架以推動我們會員基礎的改善。我們預計這些努力加上績效行銷支出的減少將繼續影響年比收入比較。

Later this month, we will be launching our August product moment focused on trust and safety, which is designed to improve the quality of the member base overall, but it is expected to drive further near-term attrition from lower intent members.

本月晚些時候，我們將推出以信任和安全為重點的 8 月份產品，旨在提高整體會員基礎的質量，但預計短期內將進一步導致意向較低的會員流失。

You will see the beginning of this impact in the remainder of Q3, then more fully in Q4. We believe that as early testing has already shown as overall quality improves, we will begin seeing positive impacts on the retention and ARPPU from our higher intent users, ultimately setting the stage for a positive inflection in members.

您將在第三季度剩餘時間內看到這種影響的開始，然後在第四季度更全面地看到。我們相信，正如早期測試已經顯示的那樣，隨著整體品質的提高，我們將開始看到來自更高意向用戶的保留率和 ARPPU 的積極影響，最終為會員的積極轉變奠定基礎。

Our defined and focused member-based strategy is well underway and showing early promise. We believe we can continue to execute with pace against our strategy while maintaining a strong financial profile including solid adjusted EBITDA margins and cash generation. By driving an improved member experience today, we're advancing towards a bundle with stronger retention richer monetization and a sustainable long-term growth trajectory.

我們明確且有重點的會員制策略正在順利實施，並已初顯成效。我們相信，我們可以繼續按照我們的策略步伐執行，同時保持強勁的財務狀況，包括穩健的調整後 EBITDA 利潤率和現金產生。透過推動改善會員體驗，我們正在朝著具有更強的保留率、更豐富的貨幣化和可持續的長期成長軌蹟的捆綁產品邁進。

We appreciate your ongoing support, and we will now turn to Q&A.

感謝您一直以來的支持，現在我們將進入問答環節。

(Operator Instructions) Shweta Khajuria, Wolfe Research.

（操作員指示） Shweta Khajuria，Wolfe Research。

Hi. This is Andrew Rob for Shweta. Thanks for taking the question. I want to follow up on the alternative payments comment. I guess could you please provide updates on where you are in terms of the alternative payment options? What specifically are you testing? And I guess what range of discounts are you offering? And then what you're seeing towards the adoption rates? Thanks.

你好。我是 Shweta 的 Andrew Rob。感謝您回答這個問題。我想跟進有關替代付款方式的評論。我想您能否提供有關替代付款方式的最新資訊？您具體在測試什麼？我猜你們會提供多少範圍的折扣？那麼，您看到的採用率如何？謝謝。

Yeah. So what we're doing on -- we've done some testing, and it's been very limited at this point in time. And we're looking at different discount rates. And one of the things that we had seen very early on in this testing is that we tested a reasonable group of opportunity in people in that Apple iOS system and giving them a discount. And we found that the take-up on direct billing was actually 30%, which is very, very solid.

是的。所以我們正在做的是——我們已經做了一些測試，但目前測試效果非常有限。我們正在考慮不同的折扣率。我們在這次測試中很早就發現的一件事是，我們在 Apple iOS 系統中測試了一群合理的機會用戶，並為他們提供了折扣。我們發現直接計費的接受率實際上達到了 30%，這是非常非常穩定的。

We are continuing to do testing on that at different discount rates. And we've included a little bit of that in our guidance for the rest of this year or for Q3, but we are looking at -- if we -- there is an opportunity for upside in our numbers if we continue to do that through the whole rest of the year.

我們正在繼續以不同的折扣率進行測試。我們已經將其中一部分內容納入了今年剩餘時間或第三季的預測中，但我們正在考慮——如果我們——如果我們在今年剩餘時間內繼續這樣做，我們的數字就有機會上升。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Hi. Thanks for taking my questions. Wanted to touch on ARPPU growth at Bumble App really quickly. So was the growth there solely driven by that promotional strategy, the exit that you had mentioned? Was there anything going on with maybe the underlying ARPPU growth that's worth calling out? And then I have a follow-up after. Thanks.

你好。感謝您回答我的問題。想快速了解一下 Bumble App 的 ARPPU 成長。那麼，那裡的成長是否完全是由您提到的促銷策略（退出）所推動的？潛在的 ARPPU 成長是否有值得關注的因素？然後我會進行後續跟進。謝謝。

Yeah. So on ARPPU growth, I mean, I think it was a result of some deliberate changes that we have made in the monetization and some pricing optimization. It's an early signal of some of the impact of the changes that we're making, as we focus on providing fewer, better, deeper relationships. I guess I would remind you that it's really just an output. It's really not a number that we're managing to at this point in time.

是的。因此，就 ARPPU 成長而言，我認為這是我們在貨幣化和定價優化方面做出的一些刻意改變的結果。這是我們正在進行的變革所產生的一些影響的早期訊號，因為我們專注於提供更少、更好、更深層的關係。我想我應該提醒你，這實際上只是一個輸出。這確實不是我們目前能夠達到的數字。

Appreciate it. Thank you. And then maybe on the user front, Whitney talked about the three buckets of users, the approve, improve and remove. You mentioned that improve was the largest, but can you give any guardrails or quantitative sense on the relative size of the buckets? And how many of those improved users actually want to improve? Thank you.

非常感謝。謝謝。然後也許在用戶方面，惠特尼談到了三種用戶類型：批准、改進和刪除。您提到改進是最大的，但您能否對桶的相對大小給出任何限製或定量意義？那麼，這些改進的用戶中有多少人真正想要改進呢？謝謝。

Yeah. Thanks so much for the question. So improve does make up a vast majority of the member base. And perhaps reassuring here remove actually accounts for under 10% of the member base. So here's the thesis.

是的。非常感謝您的提問。因此，改進確實佔據了會員基礎的絕大部分。也許令人放心的是，刪除實際上只佔會員總數的 10% 以下。這就是論點。

What we're really excited about is that we see real data and real green shoots with approved members. They have higher yes votes, they place higher yes votes, better retention. They get more matches.

我們真正興奮的是，我們看到了認可會員的真實數據和真正的綠芽。他們有更高的讚成票，他們把更高的讚成票放在首位，保留率更高。他們獲得了更多比賽機會。

They have a double willingness to pay. So if you take this strategy which I said in the prepared remarks, which is to essentially move as many of those improved up to approve, you can imagine the output and the results that this has on the overall ecosystem and member base.

他們有雙倍的支付意願。因此，如果您採取我在準備好的發言中提到的這一策略，即從本質上推動盡可能多的改進以獲得批准，您可以想像這對整個生態系統和成員基礎的產出和結果。

And so this is exactly what we're focused on. Our product road map and our recommendation engine is very focused on making sure that approved, see the proof and that we are giving the tools through coaching, through AI, through other product functionality to move that improved base up because when you do that, everything improves across the board, and you are left with a much higher quality member base, and this is exactly the strategy of quality over quantity.

這正是我們所關注的。我們的產品路線圖和推薦引擎非常注重確保獲得批准、看到證明，並且我們透過指導、人工智慧、其他產品功能提供工具來推動改進的基礎，因為當你這樣做時，一切都會全面改善，你會擁有更高品質的會員基礎，這正是質量重於數量的策略。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey, everyone. Thanks for taking the question. As you work through the turnaround, we know what metrics you're tracking internally as you make this push for quality and for investors looking into outside, what do you think the best way to track your progress given the noise in terms of the reported KPIs?

嘿，大家好。感謝您回答這個問題。在您努力扭轉局面的過程中，我們知道您在推動品質的同時在內部追蹤哪些指標，而對於關注外部的投資者來說，考慮到報告的 KPI 方面的噪音，您認為追蹤進度的最佳方式是什麼？

I appreciate the question. I'll take that. So you can imagine that with this reset, to quality first. I have been extremely obsessed and the team has been extremely obsessed with tracking deeper signals, deeper member inputs. What are the inputs across the board to get our members to success?

我很感謝你提出這個問題。我會接受的。因此你可以想像，透過這次重置，品質是第一位的。我和我的團隊一直非常沉迷於追蹤更深層的訊號、更深層的成員輸入。為了讓我們的成員成功，我們需要做出哪些全面的投入？

If you think about why people are here, they come to the product, to find real high-quality interactions that lead to real quality date. So every single thing that we are watching is all in the effort of getting our members to high-quality compatible relevant matches as quickly, efficiently, safely and effectively as possible.

如果你思考人們為什麼來這裡，他們來到這個產品是為了尋找真正的高品質互動，從而獲得真正的高品質約會。因此，我們關注的每一件事都是為了讓我們的會員盡可能快速、有效率、安全、有效地找到高品質、相容的相關匹配。

And so while we're not willing to share those deeper metrics or those deeper signals with the Street right now, rest assured that the team is very focused on this. And we will keep everybody posted as we expand our metrics in the future.

因此，雖然我們現在不願意與華爾街分享這些更深層的指標或更深層的訊號，但請放心，團隊非常關注這一點。我們將在未來擴大指標時及時向大家通報最新進展。

Great. That's helpful. And then on the reinvestments you're making, just any way to think about the timing of those reinvestments and especially given some of the usual costs and AI talent associated if those might be rolled in over a longer time frame?

偉大的。這很有幫助。然後，關於您正在進行的再投資，有什麼方法可以考慮這些再投資的時機嗎？特別是考慮到一些通常的成本和相關的人工智慧人才，這些成本是否可能在更長的時間內完成？

Yeah. Thanks. That's also a great question. So we're being extremely precise and surgical with reinvestments. We are not cutting costs to just spend again.

是的。謝謝。這也是一個很好的問題。因此，我們對再投資採取極為精確且精準的措施。我們削減成本並不是為了再花錢。

As I said in the prepared remarks, every single dollar that is being spent at this company is being rigorously evaluated through the lens of is it a must-have for the quality strategy. Is this helping get our members closer to offline durable love?

正如我在準備好的演講中所說的那樣，這家公司所花的每一美元都會經過嚴格的評估，以判斷它是否是品質策略所必需的。這是否有助於讓我們的會員更接近線下持久的愛？

And is this going to make us the leader in the space as rapidly, effectively as safely as possible. So as we evaluate that, we are putting every headcount member, every new headcount through that lens, every technology update for that lens, and we are only spending where absolutely necessary. Some of that spend will start hitting here in the near term.

這是否會讓我們盡可能快速、有效、安全地成為該領域的領導者？因此，當我們評估這一點時，我們會從這個角度來看待每一位員工、每一位新員工，以及每一次技術更新，我們只在絕對必要的地方進行支出。其中一些支出將在短期內開始發揮作用。

And some of it will be deferred to longer lead when we do things like strategic brand marketing around product launches. So just rest assured that we are being extremely diligent and we are managing to have an incredibly efficient cash flow positive and healthy business. At the same time, we are running for the long term and optimizing for long-term success.

當我們圍繞產品發布進行策略品牌行銷等活動時，部分時間將被推遲到更長的時間。所以請放心，我們非常勤勉，並且正在努力實現極其高效的現金流和健康的業務。同時，我們也著眼於長遠發展，為長期成功而優化。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Maybe following up on that last question and just sticking with this theme of marrying priorities with investments. When you look out over the next 12 to 18 months, what do you see as your biggest priorities to move the needle for the platform?

非常感謝您回答這些問題。也許可以繼續回答最後一個問題，並堅持將優先事項與投資結合這個主題。展望未來 12 到 18 個月，您認為推動平台發展的首要任務是什麼？

And how should we think about the depth and duration of investments lining up against some of those key priorities, just to put a finer point on some of the messages from the prepared remarks? Thanks.

我們應該如何考慮投資的深度和持續時間與一些關鍵優先事項的對應關係，以便更準確地闡述準備好的發言中的一些資訊？謝謝。

Thank you. I appreciate the question. So the main priority is our products and technologies, hands-down. As we said in the prepared remarks, we are actively rebuilding a Bumble 2.0, if you will. This is AI first, cloud native, extremely sophisticated tech infrastructure.

謝謝。我很感謝你提出這個問題。因此，毫無疑問，首要任務是我們的產品和技術。正如我們在準備好的演講中所說的那樣，我們正在積極重建 Bumble 2.0，如果你願意的話。這是人工智慧優先、雲端原生、極為複雜的技術基礎架構。

This is really meant to enable innovation at speed, at scale and very personalized. And while we do that, we are maintaining a steady state of productivity and support to our members while we continuously make these micro enhancements that really count on the current technology.

這實際上是為了實現快速、大規模和個人化的創新。在我們這樣做的同時，我們保持了穩定的生產力和對會員的支持，同時我們不斷進行這些真正依賴當前技術的微小改進。

So for example, over the last quarter, we enhanced our recommendation system and we continue to leverage deep learning and rich profile signals and implicit signals from these in-app actions. And those improvements alone on our legacy system actually drove a greater than 10% increase in women's yes boats. So we are able to continuously move our metrics upstream while we focus on these longer-term swings that will require time focus and reinvestment.

例如，在上個季度，我們增強了我們的推薦系統，並繼續利用深度學習和豐富的設定檔訊號以及來自這些應用程式內操作的隱式訊號。僅是對我們原有系統的改進，就實際上推動了女性船隻數量增加了 10% 以上。因此，我們能夠不斷地將我們的指標向上游移動，同時我們專注於這些需要時間關注和再投資的長期波動。

So the priorities are really essentially very simple, deliver a quality experience that is both product but tech, recommendations, matching. Our priority is always trust and safety. This is what particularly women, but everyone wants, People want to feel safe. They want to know that who they're meeting, is who they say they are meeting. They want to feel a trust and safety backbone when they're using these products to find friends.

因此，優先事項實際上非常簡單，提供既是產品又是技術、推薦和匹配的優質體驗。我們的首要任務始終是信任與安全。這是特別是女性，但每個人都想要的，人們想要感到安全。他們想知道他們所會見的人是否與他們所說的話相符。他們希望在使用這些產品尋找朋友時感受到一種信任和安全的支撐。

Another big priority is Bumble For Friends. I cannot tell you how excited and how convicted we are in the future. So organic demand for Bumble For Friends, particularly from Gen Z women and younger millennial women is extremely exciting. And so we're really putting a lot of time, energy and focus in this modern technology to support front lining and communities. And I think you'll notice that I didn't mention marketing.

另一個重要優先事項是 Bumble For Friends。我無法形容我們對未來有多興奮和堅定。因此，Bumble For Friends 的自然需求，尤其是來自 Z 世代女性和年輕千禧世代女性的需求極其令人興奮。因此，我們確實投入了大量的時間、精力和精力在這項現代技術上，以支持前線人員和社區。我想你會注意到我沒有提到行銷。

And I think that is important because our product is going to speak for itself and the marketing that we do from both an investment standpoint but also from a team resourcing standpoint, is there to amplify a great product. there to amplify very innovative, safe quality technology.

我認為這很重要，因為我們的產品不言而喻，我們從投資角度和團隊資源角度所做的行銷都是為了擴大優秀產品的影響力，擴大非常創新、安全優質的技術影響力。

And so you will see us spread the most important message that we have to offer, which is the amazing success stories we put into the world. So those are really the high-level priorities over the next 12 to 18 months.

因此，你會看到我們傳播我們所能提供的最重要的訊息，那就是我們向世界講述的令人驚嘆的成功故事。所以這些確實是未來 12 到 18 個月的高層優先事項。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Hey. Thanks. Good afternoon. So maybe just first, Whitney, on the bundled users and the 10% or less than 10% in that remove category, talked about some of the improved users that don't want to improve potentially getting down to that removed bucket. Some of the trust and safety features that could cause dislocation, you've also less focused on some of the lower-value users.

嘿。謝謝。午安.因此，也許首先，惠特尼在談到捆綁用戶和刪除類別中的 10% 或不到 10% 的用戶時，談到了一些不想改進的改進用戶，他們可能會落入刪除的桶中。一些信任和安全功能可能會造成錯位，你也會較少關註一些低價值用戶。

And so you've like naturally aiming to tear down the user base before you build it up. So I'm just trying to understand what that level might be to the extent that you could help on where we bottom out? And then as you begin to try to build up, you're going to be targeting a smaller base, right, to not track some of these users that you're electing not to bring back.

因此，在建立用戶群之前，你自然會想先摧毀它。所以我只是想了解一下這個水平可能是多少，以便您能幫助我們走出低谷？然後，當您開始嘗試建立時，您將瞄準一個較小的基礎，對吧，不要追蹤一些您選擇不帶回來的用戶。

And so how you do that and how you start to build back up and get back to a user base that's higher than your previous peak?

那麼，您如何做到這一點，如何開始重新建立並恢復到比之前的峰值更高的用戶群？

Great question. So I think this is actually slightly different than what meets the eye. You would be surprised by how many phenomenal members we have that technically classify as lower improved. They're not bad people. They're not nefarious members.

好問題。所以我認為這實際上與我們看到的情況略有不同。您可能會驚訝地發現，我們有多少傑出會員在技術上被歸類為較低水平。他們不是壞人。他們並不是邪惡的成員。

They have no clue how to build a profile. These could be extraordinary people that when you meet them in real life for like how are you single. But when you look at their Bumble profile, they have one photo, they're wearing a mask, and they have no buyout. There's no chance for them on our product in that construct. So this is really not about us needing to remove just the whole member base because everyone is a bad member, absolutely not.

他們不知道如何建立個人資料。這些人可能是非凡的人，當你在現實生活中遇到他們時，你會問他們：“你怎麼還是單身？”但是當你查看他們的 Bumble 個人資料時，你會發現他們只有一張照片，戴著面具，而且沒有買斷。在這種結構下，他們沒有機會使用我們的產品。所以這其實不是我們需要刪除整個會員群體，因為每個人都是壞會員，絕對不是。

Frankly, the quality of our members are really good, but the quality of their profiles are not so good sometimes. And so this is really an effort to really improve the quality of how they show up, how they put themselves out there and how they express themselves so that they can move up that ranking.

坦白說，我們的會員品質確實很好，但有時他們的個人資料品質不太好。因此，這實際上是為了真正提高他們的表現品質、他們如何展現自己以及如何表達自己，以便他們能夠提高排名。

Now there is a subset of members that does fall into that removed category. And you're right, we will be taking them off of our platform. However, fewer better is always going to win when it comes to connection and relationships.

現在有一部分成員確實屬於該已刪除的類別。你說得對，我們會把它們從我們的平台上刪除。然而，當談到聯繫和關係時，少即是多。

Just more profile. If you were to swipe through 100 people, you never wanted to meet, you would walk away feeling very, very disappointed. But if you were to go through even just 5 or 10 or 15 profiles, of very high-quality profiles, and everyone was actually quite interesting to you would feel very, very compelled to return.

只是更多的個人資料。如果你從 100 個你不想見的人中挑選，你一定會感到非常非常失望。但是，如果您只瀏覽了 5 個、10 個或 15 個非常高品質的個人資料，並且每個人都對您來說非常有趣，您就會感到非常非常想再次訪問。

So this is actually not so much of having to kick everyone out. It's really about just removing that less than 10% of folks that shouldn't be here, if they're box, they're scammers, the duplet hit accounts. They have no intention of behaving well. And then finding those folks that are lingering around the improved category that maybe have no willingness was bring them down within everybody is up or out.

所以這其實不是要把所有人都趕出去。這實際上只是為了刪除那些不應該在這裡的不到 10% 的人，如果他們是盒子，他們就是騙子，雙重打擊帳戶。他們根本沒有表現良好的意圖。然後找到那些徘徊在改進類別中、可能不願意將他們帶入改進類別的人，每個人都要么上升，要么下降。

I mean, it's amazing to see what happens. When you just help people out a little bit, they really do have a much better experience and then they have positive impact on the member base. So high level, I just don't want anybody to walk out of here thinking this is a onetime strategy.

我的意思是，看到所發生的事真是令人驚奇。當你給人們一點點幫助時，他們確實會獲得更好的體驗，然後對會員群體產生正面的影響。所以從高層角度來說，我只是不希望任何人離開這裡時認為這只是一次性的策略。

This is always on. We get new members every day, and we will have to consistently sort our profile, improve our profile, and this is an always on approach, but we are very confident that as this strategy continues to be executed against with speed, with focus that we are going to have an extremely high-quality member base that will create all of the outputs that matter for a great business.

這個功能一直處於開啟狀態。我們每天都會獲得新會員，我們必須不斷整理我們的資料，改進我們的資料，這是一種始終如一的方法，但我們非常有信心，隨著這一戰略繼續快速執行，我們將擁有一個非常高質量的會員基礎，這將為偉大的企業創造所有重要的產出。

Thank you. And maybe just a follow-up on the investments -- on the investments that you're planning, including marketing. It doesn't sound like you're targeting a specific margin target. But as we think about our models and as marketing comes back in and you start to roll out some of these investments, and any way to help frame the right way for us to think about how margins might flow through next year and beyond and how you think about that? Thanks.

謝謝。也許只是對投資的跟進——對您計劃的投資，包括行銷。聽起來您並沒有設定特定的利潤目標。但是，當我們思考我們的模型，當行銷回歸，您開始推出一些投資時，有什麼方法可以幫助我們以正確的方式思考利潤在明年及以後如何流動，您對此有何看法？謝謝。

So maybe I can answer some of that. And I think -- well, I'm not going to go out into next year because we're not giving guidance that far, but I think I can give you some color towards the rest of the balance of this year.

所以也許我可以回答其中的一些問題。我認為——好吧，我不會透露明年的情況，因為我們沒有給出那麼遠的指導，但我認為我可以給你一些關於今年剩餘時間的信息。

And looking essentially on the income statement, starting with the revenue side, we effect that the trust and safety, which we've talked about in our script today, will have an impact, obviously, in Q3, and we'll have a greater impact in Q4 and that includes everything from mandatory phone numbers and self identification and those things.

從損益表來看，從收入方面開始，我們今天的腳本中討論過的信任和安全顯然會在第三季度產生影響，並且會在第四季度產生更大的影響，其中包括強制性電話號碼和自我識別等所有內容。

So that will have a -- it will have a near-term attrition to our payers. From a gross margin point of view, we talked about the alternative billings, the impact of the reduced app store fees from there. And so that will be could be a potential upside from a gross margin point of view, but that could also be a little bit of an impact -- negative impact on the revenue because obviously, less revenue.

因此，這將對我們的付款人造成短期的損失。從毛利率的角度來看，我們討論了替代計費以及應用商店費用降低的影響。因此，從毛利率的角度來看，這可能是潛在的上升空間，但也可能產生一點影響——對收入產生負面影響，因為顯然收入會減少。

But at the end of the day, we'll end up having a greater margin in dollars at the bottom line. When you look at the marketing, we've talked -- we talked a lot about this already, but we're going to have -- we will have very minimal performance marketing in the second half of this year.

但最終，我們將獲得更大的利潤。當你看行銷時，我們已經談論過——我們已經談論了很多，但是我們將會——今年下半年我們將進行非常少的績效行銷。

What we did say is that we will have more marketing, brand marketing, more organic marketing that will occur in the second half of the year than we incurred in the -- if you think about the second quarter level, it will be at a higher level than that. Again, it's going to be very focused on the organic side.

我們確實說過，下半年我們將進行更多的行銷、品牌行銷和有機行銷，如果你考慮第二季的水平，你會發現我們的行銷力度會更高。再次強調，我們將非常注重有機方面。

So product and engineering side, again, the head count, we're going to continue to -- we've just done this large workforce reduction. But now what we're going to do is we do have to build up our presence in the United States and not merely in the engineering area. In all other areas, it's going to be very, very limited increase in our headcount. And that's really the key things for the balance.

因此，在產品和工程方面，我們將繼續進行員工人數削減——我們剛剛進行了大規模裁員。但現在我們要做的就是在美國建立我們的業務，而不僅僅是在工程領域。在所有其他領域，我們的員工人數的增加將非常非常有限。這確實是實現平衡的關鍵。

Yeah. The only thing I'd like to layer on to what Ron said is when it comes to marketing, again, I want to be extremely clear, we are not going to market for marketing's sake. We are only going to be doing marketing that amplifies the strength of the quality and the power of our product. And we are only going to be reinvesting into the halo of our brand. I cannot -- I cannot enforce enough how important our brand is, how it really is a huge strength for us.

是的。關於羅恩所說，我唯一想補充的是，當談到行銷時，我想再次非常清楚地表明，我們不是為了行銷而行銷。我們只會進行能夠增強產品的品質和力量的行銷。我們只會重新投資於我們品牌的光環。我無法——我無法充分強調我們的品牌有多重要，它對我們來說有多麼巨大的優勢。

People choose us over competitors because of the way Bumble makes them feel from the brand perspective. So rest assured extremely measured and precise and surgical when it comes to marketing and only there to enhance the power of the brand.

人們選擇我們而不是競爭對手是因為 Bumble 從品牌角度給他們帶來了不同的感覺。因此，請放心，在行銷方面，我們會非常謹慎、精確和精準，這只是為了增強品牌的力量。

John Blackledge, TD Cowen.

約翰·布萊克利奇（John Blackledge），TD Cowen。

Hi, there. It's Logan on for John. As you release new features in the August launch and looking forward, could you talk about how you are appealing to Gen Z users who maybe have grown weary of the traditional online dating experience. And then following up on the CFO appointment. Could you just talk about equality that led to Kevin retire? Thanks.

你好呀。洛根 (Logan) 替換約翰 (John)。當您在 8 月發布新功能並展望未來時，您能否談談如何吸引那些可能已經厭倦了傳統線上約會體驗的 Z 世代用戶。然後跟進財務長的任命。您能談談導致凱文退休的平等現象嗎？謝謝。

Thanks for the question and good to hear from you. So let's talk about Gen Z. I think there's a bit of a misconception that Gen Z is some completely different species that doesn't think about love and connection the same way most of humanity does.

感謝您的提問，很高興收到您的回覆。那麼讓我們來談談 Z 世代。我認為人們有點誤解，認為 Z 世代是完全不同的物種，他們對愛情和連結的看法與大多數人類不同。

The reality is this Gen Z entered the dating market rather the online dating market at a time where most of these products were already very saturated. So a lot of the exact product solves that we are so maniacally focused on right now or specifically the issues Gen Z has with online data.

現實情況是，Z 世代進入約會市場而不是在線約會市場時，大多數此類產品已經非常飽和。因此，我們現在如此瘋狂地關注的許多確切產品解決方案，或者特別是 Z 世代線上數據方面的問題。

For example, they don't want to feel like they slide evenly through people that are not interested at. They don't want to feel judged. They don't want to feel rejected. If you don't really feel like they're talking to someone that is not actually who they say they are. These are the same issues that everyone has struggled with, with all mine love.

例如，他們不想感覺自己被不感興趣的人無視。他們不想感到被評判。他們不想感到被拒絕。如果您真的不覺得他們在和某個人說話，那麼這個人實際上並不是他們所說的那個人。這些都是每個人都曾經努力解決過的同樣的問題，我全心全意地愛你。

And this is precisely what has driven the strategy back to quality first. When I came back in as CEO, I showed up with a list of 10 of the top customer pain points that I had researched extensively. And I basically came back and said, until we fix all of these problems, we're not going to just roll out random features. Feature fatigue is not solving the problem for anyone. This is about solving the real needs of dating and connection, and that is precisely what we're doing.

這正是推動該策略回歸品質第一的原因。當我重新擔任執行長時，我拿出了一份經過廣泛研究的十大客戶痛點清單。我基本上是回來並說，在我們解決所有這些問題之前，我們不會隨意推出任何功能。功能疲勞並不能解決任何人的問題。這是為了解決約會和聯繫的真正需求，而這正是我們正在做的事情。

That's what you'll see in the August launch. It's all about test and safety. It's all about efficiency. It's all about feeling relevant and compatible again. It's all about helping people enjoy dating again and build confidence back up because that's what made this category special to begin with. And so this is really how we win back ends.

這就是您將在八月的發布會上看到的內容。一切都與測試和安全有關。一切都是為了效率。這一切都是為了再次感受到相關性和相容性。這一切都是為了幫助人們再次享受約會並重建信心，因為這正是這個類別的特殊之處。這就是我們真正贏得勝利的方法。

Now I'd like to touch on something else because it's very important. Gen Z has shown us through the trends and the data that we are tracking on BFF that they are actively seeking off-line connection, friendships and groups. They want to be a park community. And this is one of the brightest thoughts in our entire group to go and lean into this with Bumble For Friends. And the great news is we are already there.

現在我想談談其他事情，因為它非常重要。Z 世代透過我們在 BFF 上追蹤的趨勢和數據向我們表明，他們正在積極尋求線下聯繫、友誼和團體。他們想成為一個公園社區。這是我們整個團隊最聰明的想法之一，並且希望透過 Bumble For Friends 來實現這一點。好消息是我們已經到達那裡了。

We are a leading friendship app in this space. And frankly, we're the only one in the dating space that has a friend-finding feature at scale. So this gives us a real competitive edge. And we're really excited about that.

我們是該領域領先的友誼應用程式。坦白說，我們是約會領域唯一一家擁有大規模交友功能的公司。這給了我們真正的競爭優勢。我們對此感到非常興奮。

And now to the CFO. Yeah. So Kevin Cook, what an exciting hire. Listen, he checked every box. We wanted someone that understood technology first. We wanted someone that was a product thinker. We wanted a finance leader that understood the demand that members have from a product and to really lead for the customers, to lead for the members first because that's how you drive a great business.

現在輪到財務長了。是的。所以，凱文庫克的聘任真是令人興奮。聽著，他檢查了每一個箱子。我們首先需要一位懂技術的人。我們想要一位具有產品思想的人。我們希望財務主管能夠了解會員對產品的需求，並真正為客戶服務，首先為會員服務，因為這是推動偉大事業發展的途徑。

And that's the strategy that we are operating against right now. He comes with deep expertise, deep experience, deep understanding of many technical components. He's going to be a great partner to us as we navigate this next era of AI and as we navigate a return to growth, and we're very, very excited to have them.

這就是我們目前正在實施的策略。他擁有深厚的專業知識、豐富的經驗以及對許多技術組件的深刻理解。在我們引領人工智慧的下一個時代、引領我們恢復成長的過程中，他將成為我們偉大的合作夥伴，我們非常非常高興能擁有他們。

And we're deeply appreciative to Ron, who has been extraordinary.

我們深深感謝羅恩，他的表現非常出色。

Thank you. And with that being our last question, we will now conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

謝謝。這是我們的最後一個問題，我們現在將結束今天的電話會議。感謝您的參與，祝您今天過得愉快。