Bumble Inc (BMBL) 2025 Q3 法說會逐字稿

Hello, everybody, and welcome to the Bumble third-quarter 2025 financial results conference call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Bumble 2025 年第三季財務業績電話會議。我叫艾略特，今天我將負責協調您的通話。（操作說明）

I'd now like to hand over to Will Taveras, Investor Relations. Please go ahead.

現在我將把發言權交給投資者關係部的威爾·塔韋拉斯。請繼續。

Thank you for joining us to discuss Bumble's third-quarter 2025 financial results. With me today are Bumble's Founder and CEO, Whitney Wolfe Herd; and CFO, Kevin Cook.

感謝您參加本次會議，共同探討 Bumble 2025 年第三季的財務表現。今天陪同我出席的有 Bumble 的創辦人兼執行長 Whitney Wolfe Herd 和財務長 Kevin Cook。

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

在開始之前，我想提醒大家，今天電話會議所做的某些陳述屬於前瞻性陳述。這些前瞻性陳述受到各種風險和不確定性的影響，反映了我們基於我們目前的信念、假設和資訊所做出的預期。儘管我們認為這些預期是合理的，但我們不承擔任何義務修改任何聲明以反映本次通話後發生的變化。可能導致實際結果與這些前瞻性聲明存在重大差異的因素和風險的描述，將在今天的盈利新聞稿和我們定期向美國證券交易委員會提交的文件中進行更詳細的討論。

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

在電話會議中，我們也會提到一些非GAAP財務指標。這些非GAAP指標應作為補充資訊考慮，而不是替代或孤立地看待我們的GAAP結果。與最接近的GAAP指標的調節表可在我們的獲利新聞稿中找到，該新聞稿可在我們網站ir.bumble.com的投資者關係欄位中查閱。接下來，我將把電話交給惠特尼。

Hello, everyone, and thank you for joining us today. Helping people find love has been Bumble's focus since day one. What made Bumble successful from the start was simple but powerful. We built trust with women; That trust became our moat.

大家好，感謝各位今天收看我們的節目。自成立之初，Bumble 的核心目標就是幫助人們找到愛情。Bumble 從一開始就取得成功的原因很簡單，但卻非常有效。我們贏得了女性的信任；這份信任成為了我們的護城河。

It created a healthier, more balanced member base that drove engagement, retention, growth and a global brand. Historically, most dating products skewed male, leading to an uneven experience where women often felt overwhelmed and disengaged. Bumble changed that by putting women in control, creating trust, balance, and a higher quality member base that produce better outcomes for everyone. Today, we have the brand long identified with putting women first and a deep understanding of what women want from love and connection.

它創造了一個更健康、更平衡的會員群體，從而推動了會員參與、會員留存率、會員成長和全球品牌發展。從歷史上看，大多數約會產品都偏向男性，導致體驗不平衡，女性常常感到不知所措和疏離。Bumble 改變了這一切，它讓女性掌握主動權，建立了信任、平衡，並擁有了更高品質的會員基礎，從而為所有人帶來了更好的結果。如今，我們的品牌一直以來都以女性為先，並且深刻地理解女性對愛情和人際關係的渴望。

This brand identification is perhaps our biggest strategic asset. That's why we've returned to that core: winning with women, because we believe that when women feel safe, respected and confident and when they meet quality matches, everything else improves.

品牌識別度或許是我們最大的策略資產。這就是為什麼我們回歸了核心：贏得女性的青睞，因為我們相信，當女性感到安全、受到尊重和充滿自信，並且遇到高品質的伴侶時，其他一切都會得到改善。

Connection becomes more meaningful, engagement more genuine and the business more sustainable. When I returned as CEO in March, the first thing we did was listen deeply and intentionally to women. What we heard across markets was consistent: people want to trust who they're meeting. They want better quality matches, and they want more authenticity. Those insights became the foundation of the quality over quantity reset I've been talking about over the past two quarters.

聯繫變得更有意義，互動更真誠，業務也更具可持續性。今年三月我重返CEO職位後，我們做的第一件事就是認真傾聽女性的意見。我們在各個市場聽到的回饋都一致：人們希望信任他們所遇到的人。他們想要更高品質的比賽，也想要更真實的比賽。這些見解成為了我過去兩個季度一直在談論的「質量重於數量」改革的基礎。

Every step we have taken since our product updates, investments in AI, and every marketing move ties back to one goal: making Bumble a better experience for women, because when women are happy, the entire ecosystem thrives. That is the focus driving our transformation into the love company, expanding beyond dating to build the global platform for meaningful relationships, romantic and platonic. At its heart, what women seek on Bumble is love, and we are building the product, the technology, and the brand to deliver it.

自從產品更新、人工智慧投資和每一次行銷舉措以來，我們採取的每一步都指向同一個目標：讓 Bumble 為女性帶來更好的體驗，因為當女性感到快樂時，整個生態系統就會蓬勃發展。這正是我們轉型為愛情公司的動力所在，我們將業務拓展到約會領域，打造一個全球性的平台，促進有意義的人際關係，包括浪漫關係和柏拉圖式關係。從本質上講，女性在 Bumble 上尋求的是愛情，而我們正在打造產品、技術和品牌來實現這一目標。

Since our last call, we've executed this reset with real focus and urgency while also delivering on our financial commitments. For the third quarter, our results are near the high end of our guidance range for both revenue and adjusted EBITDA. We are also seeing the expected short-term effects of prioritizing quality over quantity. Member registrations are lower in the near-term, but we believe that the foundation of the business is getting stronger.

自上次通話以來，我們以真正的專注和緊迫感執行了這項調整，同時也履行了我們的財務承諾。第三季度，我們的營收和調整後 EBITDA 均接近預期範圍的高端。我們也看到了優先考慮品質而非數量的預期短期效果。短期內會員註冊量有所下降，但我們相信業務基礎正在不斷增強。

Early indicators suggest that retention is improving and ARPPU is growing. The entire team is heads down, laser-focused on executing this plan. The early signs we're seeing just months into our reset reinforce our confidence in our strategy, and we look forward to sharing more details as we progress further and have more data and visibility into trends.

初步跡象表明，用戶留存率正在提高，平均每位用戶收入正在成長。整個團隊都埋頭苦幹，全神貫注地執行這項計畫。短短幾個月的調整就讓我們看到了早期跡象，這增強了我們對自身策略的信心。隨著我們取得進一步進展，獲得更多數據和趨勢信息，我們將分享更多細節。

We are working aggressively to improve the mix of engaged approved members on our platform, reduce the noise and build a higher quality community. Our Beehive Fit framework is how we are measuring our progress against these goals. We are emphasizing members who are verified, thoughtful, and focused on finding love and connection while filtering out low intent profiles and bad actors.

我們正在積極努力改善平台上活躍且獲得批准的會員的組成，減少干擾，並建立一個更高品質的社區。我們的「蜂巢適應框架」是我們衡量實現這些目標進展的方式。我們專注於那些經過驗證、認真思考、專注於尋找愛情和建立聯繫的會員，同時過濾掉那些意圖不明的個人資料和不良行為者。

This transformation isn't about growth for growth's sake. It's about growing right. We're deliberately trading near-term volume for quality because that's what we believe builds long-term trust, stronger engagement, and sustainable growth.

這種轉變不是為了成長而成長。關鍵在於正確的成長方式。我們刻意犧牲短期銷售來換取質量，因為我們相信這才能建立長期的信任、更牢固的客戶關係和可持續的成長。

Consistent with this goal, in August, we launched a major update to Bumble Date focused on trust and safety. This was more than a feature release. It was a foundational step forward.

為了實現這一目標，我們在 8 月推出了 Bumble Date 的重大更新，重點在於信任和安全。這不僅僅是一次功能發布。這是向前邁出的基礎性一步。

These updates were built directly from what we heard from members. Men told us they weren't getting enough meaningful interactions. Women told us the profiles they were seeing didn't give them the context that they needed to take action confidently. So we've built tools to close the gap.

這些更新內容直接來自我們從會員收集到的回饋。男性告訴我們，他們沒有得到足夠的有意義的互動。女性告訴我們，她們看到的個人資料並沒有給她們足夠的背景訊息，讓她們無法自信地採取行動。因此，我們開發了工具來彌補這一差距。

We introduced richer profiles that let people show more of who they are. We added stronger verification features like phone number verification and selfie video verification to increase confidence. And we launched our new coaching hub filled with content from relationship experts and a help hub to reduce the time it takes to get our members to resolutions for any problems on the app. These are not cosmetic changes. They are designed to create trust to make dating more rewarding because when women feel safe and inspired to show up as their full selves, connection becomes easier for everyone.

我們推出了更豐富的個人資料功能，讓人們更能展現自我。我們增加了更強大的驗證功能，例如手機號碼驗證和自拍影片驗證，以提高用戶信任度。我們還推出了全新的輔導中心，其中包含來自關係專家的內容以及幫助中心，以減少會員在應用程式上遇到任何問題時獲得解決方案所需的時間。這些並非外觀上的改變。它們旨在建立信任，使約會更有意義，因為當女性感到安全並受到鼓舞以完整的自我示人時，每個人之間的聯繫都會變得更加容易。

The problem we're solving for isn't a demand problem. The desire for love and relationships is universal. To deliver on that desire, we have built a product road map that is defined by fixing our members' pain points.

我們正在解決的問題不是需求問題。對愛和人際關係的渴望是普遍存在的。為了滿足這個願望，我們制定了產品路線圖，旨在解決會員的痛點。

Let me spend a moment on exactly how we think about this. It starts with strengthening the foundation. When you ask members what their number one complaint is with dating apps, it's really wanting more trust, safety, and authenticity. The August update landed this first piece. We're building tools that guide members to put their best selves forward and engage with confidence.

讓我花點時間詳細說說我們是如何看待這個問題的。一切要從夯實基礎開始。當你詢問會員們對約會應用程式最大的抱怨是什麼時，他們真正想要的是更多的信任、安全和真實性。八月份的更新帶來了這第一項內容。我們正在開發一些工具，引導會員展現最好的自己，並充滿自信地參與互動。

Between now and the spring, we'll maintain a steady drumbeat of releases, tangible improvements that reflect what we're hearing from our community. Individually, the tools and features we introduced may not sound game-changing, but taken together, they are the critical building blocks for addressing members' pain points.

從現在到春季，我們將持續發布新產品，並做出實際改進，以反映我們從社群聽到的回饋。我們推出的這些工具和功能單獨來看可能並不具有顛覆性，但它們結合起來卻是解決會員痛點的關鍵組成部分。

The second largest complaint members have is that they're not seeing who they want to see. This is about the fundamental technology that any dating app has to get right. A major portion of the work we are doing on the UI side is building better signal capturing so that we can supercharge our matching and recommendation engine.

會員第二大抱怨是見不到想見的人。這是任何約會應用程式都必須掌握的基本技術。我們在用戶介面方面所做的大部分工作是建立更好的訊號捕獲機制，以便我們可以極大地增強我們的匹配和推薦引擎。

Right now is an incredible time in technology to be doing this. AI makes so much more possible. It unlocks the ability to reinforce and enhance our matching engine in ways we could never before. These AI-driven improvements won't necessarily be visible to members, but they will deliver what they want: more quality matches.

現在正是從事這項工作的絕佳時機，因為科技發展日新月異。人工智慧讓更多事情成為可能。它使我們能夠以前所未有的方式加強和增強我們的匹配引擎。這些人工智慧驅動的改進可能不會被會員察覺，但它們會為他們帶來他們想要的東西：更多高品質的配對。

How does that work? To get good matches, you need great signals. Great signals come from stronger profiles, which is why we are starting at this foundation. More robust dynamic profiles gives both sides of the marketplace more info to react to. This gives our matching engine the high-grade fuel it needs to deliver the best possible experience and outcomes faster.

這是怎麼回事？要獲得好的配對結果，你需要好的訊號。優秀的訊號來自更強大的使用者群體，所以我們從這個基礎開始。更完善的動態模型能夠為市場雙方提供更多信息，以便做出反應。這為我們的配套引擎提供了所需的優質燃料，從而更快地提供最佳體驗和結果。

As we get these pieces right, you will see more member-facing innovation. More social tools, for instance, which are coming next year, and behind the scenes, better customer service. We've already made a lot of improvements in response times and problem resolution through automation over the past year. We believe there's a lot more to accomplish here.

隨著這些環節的完善，您將會看到更多會員導向的創新。例如，明年將推出更多社交工具，以及在幕後提供更好的客戶服務。過去一年，我們透過自動化在回應時間和問題解決方面已經取得了很大進展。我們相信這裡還有很多工作要做。

Together, all of these components drive the experience of our members today and those yet to join our platform. We're being really thoughtful about how we're sequencing our work and what we're putting out there and when, which brings me to the final pain point.

所有這些因素共同作用，為我們現在的會員以及未來將加入我們平台的會員帶來卓越的體驗。我們正在認真思考如何安排工作順序、發佈內容以及發佈時間，這引出了最後一個痛點。

Members want all of the above, and they want the outcomes faster. Our AI-first, cloud-native platform, which we expect to launch in mid-2026, will become the engine of Bumble's future, helping us personalize at scale, enhance safety further, and continuously improve the experience for our members. This new platform is expected to give us the innovation speed and flexibility to adapt faster than ever before. It's how we'll turn insights from member behavior into meaningful real-time improvement. We see this new platform as the unlock to restoring long-term, product-led growth.

成員們希望得到以上所有結果，並且希望能盡快看到成效。我們預計 2026 年中推出的 AI 優先、雲端原生平台，將成為 Bumble 未來的引擎，幫助我們大規模實現個人化，進一步提升安全性，並持續改善會員體驗。預計這項新平台將賦予我們前所未有的創新速度和靈活性，使我們能夠更快地適應變化。我們將透過這種方式，把從會員行為中獲得的洞察轉化為有意義的即時改進。我們認為這個新平台是恢復長期、產品驅動型成長的關鍵。

In parallel, we're building something entirely new, a stand-alone AI product that will become part of our portfolio. We believe it will be unlike anything else in the market, powered by our deep understanding of human connection and supported by the robust data, brand and infrastructure that already set Bumble apart. We have begun internal testing as well as getting direct feedback on the concept to ensure we get this right.

同時，我們正在打造一款全新的獨立人工智慧產品，它將成為我們產品組合的一部分。我們相信，憑藉我們對人際關係的深刻理解，以及 Bumble 已有的強大數據、品牌和基礎設施，它將與市場上的任何其他產品截然不同。我們已開始進行內部測試，並直接收集對該概念的回饋，以確保我們做對了。

While we continue to enhance Bumble Date, we're also broadening our ecosystem through Bumble BFF. Built on our modern Geneva platform, the new BFF app combines friend matching with group management and event planning. It's the next step in transforming Bumble from a dating app into a full platform for connection, and it is already performing well with increased retention compared to the old app.

在不斷改進 Bumble Date 的同時，我們也透過 Bumble BFF 拓展我們的生態系統。基於我們現代化的 Geneva 平台，全新的 BFF 應用程式將好友配對、群組管理和活動規劃功能結合在一起。這是 Bumble 從約會應用程式轉型為完整社群平台的下一步，與舊版應用程式相比，新版應用程式的用戶留存率已經提高，表現良好。

Our primary audience in the near-term is Gen Z and millennial women, the same demographic that powers Bumble Date. In 2026, we will expand this even further, adding group and community discovery so people can more easily find their people and form real friendship offline. BFF is both a growth opportunity and a launch pad for new social experiences that we can apply across our portfolio, further strengthening Bumble's position as the place women choose for friendship, love, and belonging.

近期我們的主要受眾是 Z 世代和千禧世代女性，這也是 Bumble Date 的主要使用者群體。2026 年，我們將進一步擴展此功能，增加群組和社區發現功能，以便人們更容易找到志同道合的人，並在線下建立真正的友誼。BFF 既是發展機遇，也是推出全新社交體驗的平台，我們可以將這些體驗應用到我們的產品組合中，進一步鞏固 Bumble 作為女性尋求友誼、愛情和歸屬感的首選平台的地位。

In Q3, we introduced our For the Love of Love campaign, a celebration of real success stories and real connections. It's a reminder of why people come to Bumble in the first place: to find love in all of its forms. The reaction has been encouraging, with a 4 percentage point improvement in awareness among single women in the US aged 22 to 45.

第三季度，我們推出了「為了愛」活動，旨在頌揚真實的成功故事和真實的聯繫。這提醒我們，人們最初來到 Bumble 的原因是什麼：是為了尋找各種形式的愛。反應令人鼓舞，美國 22 至 45 歲單身女性的認知度提高了 4 個百分點。

Our goal is simple: to be the most trusted, highest quality, women-first platform in the world, the brand people turn to when they're ready for something real. Across Bumble Date, Badoo, BFF, we're more differentiated and AI-driven innovation, we are building a connected portfolio of love. We believe the work we are doing today is strengthening our business and setting the stage for durable, profitable growth. We are proud of the progress we are making, confident in our strategy and focus on execution. We have conviction in where we're headed, and we are so excited for the quarters ahead.

我們的目標很簡單：成為世界上最值得信賴、品質最高、以女性為先的平台，成為人們在準備好迎接真實體驗時首選的品牌。在 Bumble Date、Badoo 和 BFF 等平台上，我們更加重視差異化和人工智慧驅動的創新，我們正在建立一個互聯的愛情平台。我們相信，我們今天所做的工作正在增強我們的業務實力，並為持久、有利可圖的成長奠定基礎。我們為所取得的進展感到自豪，對我們的策略充滿信心，並專注於執行。我們對自己的發展方向充滿信心，並且對接下來的幾季感到非常興奮。

Thank you so much for your continued support. And now I will turn it over to our new CFO, Kevin Cook, who I am happy to introduce to you all today. Kevin has already brought fresh perspective and strong operational discipline to the company, and I am so excited to have him here to round out our outstanding new senior leadership team.

非常感謝您一直以來的支持。現在我將把發言權交給我們的新任財務長凱文庫克，我很高興今天能向大家介紹他。Kevin 已經為公司帶來了全新的視角和強大的營運紀律，我非常高興他能加入我們，完善我們傑出的新高階領導團隊。

Thank you, Whitney, and good afternoon, everyone. In my first months at Bumble, I've been impressed by the strength of our brand, the capability of our teams, and the clarity of our vision. As Whitney mentioned, our third quarter results reflect our quality-first prioritization and ongoing strategic reset. We remain focused on improving member experience, strengthening the foundation of the business and maintaining financial discipline.

謝謝你，惠特尼，大家下午好。在加入 Bumble 的頭幾個月裡，我被我們品牌的實力、團隊的能力和清晰的願景所深深打動。正如惠特尼所提到的，我們第三季的業績反映了我們以品質為先的優先策略和持續的策略調整。我們將繼續專注於改善會員體驗、加強業務基礎和維持財務紀律。

While some of these actions create near-term headwinds, they are designed to position Bumble for healthier growth and stronger monetization over time. Together with continued product innovation and market expansion, we believe this is the path to durable long-term revenue growth. I will focus my comments on our third quarter performance before sharing guidance for the fourth quarter.

雖然其中一些舉措會在短期內造成不利影響，但其目的是為了使 Bumble 隨著時間的推移實現更健康的成長和更強勁的獲利能力。我們相信，透過持續的產品創新和市場擴張，這將是實現長期可持續收入成長的途徑。在分享第四季業績展望之前，我將重點放在我們第三季的業績表現。

Our third quarter results came in ahead of our expectations, but also were heavily impacted by our transformational work. So I think it's useful to start with context on the status of this work and the related puts and takes into what we are reporting today as well as our outlook for Q4.

我們第三季的業績超出了預期，但也受到了轉型工作的極大影響。所以我認為，首先介紹一下這項工作的現狀以及與我們今天報告的內容和我們對第四季度的展望相關的背景資訊是很有幫助的。

First, with respect to revenue, during Q3, we launched our August product updates focused on trust and safety. As Whitney has explained, we are committed to improving member base quality, and we expected these updates to result in increased attrition of targeted member segments over the near-term. That attrition is reflected in our monthly active user counts with the associated reduction in paying users creating a headwind to revenue this quarter. Since the trust and safety rollout occurred relatively late in the third quarter, results for Q4 will reflect a comparatively larger full quarter impact, both from a paying user count and revenue perspective.

首先，就收入而言，在第三季度，我們推出了以信任和安全為重點的 8 月產品更新。正如惠特尼所解釋的那樣，我們致力於提高會員基礎質量，我們預計這些更新將在短期內導致目標會員群流失率上升。這種用戶流失反映在我們的每月活躍用戶數量上，付費用戶數量的相應減少對本季度的收入造成了不利影響。由於信任和安全功能的推出時間相對較晚（第三季度），因此第四季度的業績將反映出該功能對整個季度的更大影響，無論從付費用戶數量還是收入角度來看都是如此。

The second factor is marketing. We discussed last quarter how we largely paused marketing spend and in particular, stopped most performance marketing as we shifted our marketing posture to align to product launches and highly targeted user acquisition. Overall, this shift drove a significant year-over-year reduction in marketing expense and a corresponding benefit to adjusted EBITDA.

第二個因素是行銷。上個季度我們討論了我們如何基本上暫停行銷支出，特別是停止了大部分效果行銷，因為我們將行銷策略調整為與產品發布和高度精準的用戶獲取保持一致。總體而言，這一轉變導致行銷費用同比大幅下降，並相應地提高了調整後的 EBITDA。

This reduction is inclusive of the cost of our For the Love of Love brand campaign launched in August. At the same time, the reduction in marketing substantially contributed to the decline in registrations, active members, and payers. The current performance marketing strategy has begun to show encouraging results with targeted audiences, attracting more approved-ready members into the ecosystem. While marketing spend is not expected to return to pre-transformation levels as we are focused on efficiency, we do expect some spend to return moving forward.

此次減免包含了我們於 8 月推出的「為了愛」品牌推廣活動的費用。同時，行銷投入的減少也導致註冊用戶、活躍用戶和付費用戶數量大幅下降。目前的績效行銷策略已開始在目標受眾中取得令人鼓舞的成果，吸引了更多符合資格的會員加入生態系統。雖然我們目前專注於提高效率，預計行銷支出不會恢復到轉型前的水平，但我們預計未來會有一些支出回升。

The third factor to discuss relates to personnel. At the end of the second quarter, we restructured our headcount to align with our product and marketing strategies. We noted at the time that we expected to reinvest much of the savings from headcount reductions, and we are already making selective headcount additions primarily in AI, product, and engineering roles that support further innovation. As a result, we saw modest benefits to our Q3 expenses related to headcount. Consistent with the tech and product-led organization, this controlled hiring will continue into Q4 and beyond.

第三個要討論的因素與人員有關。第二季末，我們調整了員工人數，以配合我們的產品和行銷策略。我們當時就指出，我們預計將裁員節省下來的大部分資金重新投入到其他領域，而且我們已經在有選擇地增加人手，主要集中在人工智慧、產品和工程崗位，以支持進一步的創新。因此，我們在第三季與人員編制相關的支出方面獲得了一些好處。與這家以技術和產品為主導的公司保持一致，這種有控制的招聘方式將持續到第四季度及以後。

Hopefully, this discussion is helpful in shaping everyone's understanding of our performance as we execute on our strategic priorities. I'll now take you through the numbers.

希望這次討論有助於大家更了解我們在執行策略重點工作時的表現。接下來我將帶你了解這些數字。

Unless stated otherwise, results are presented on a GAAP basis and all comparisons are year over year. Total revenue for the third quarter was $246 million, a 10% decline from a year ago. Foreign currency exchange rates contributed $4 million to revenue in the quarter.

除非另有說明，結果均以公認會計準則 (GAAP) 列示，所有比較均為同比比較。第三季總營收為 2.46 億美元，比去年同期下降 10%。本季外匯匯率變動為公司帶來了 400 萬美元的收入。

Bumble App revenue was $199 million, also down 10% year over year. Badoo App and Other revenue declined 11% to $47 million. Total expenses for Q3 were $183 million. On a non-GAAP basis, which excludes stock-based compensation and other noncash and nonrecurring items, operating expenses were $163 million, a decline of 15%, driven primarily by a decrease in marketing activity as well as the headcount restructuring previously discussed.

Bumble App 的營收為 1.99 億美元，年減 10%。Badoo App 及其他營收下降 11% 至 4,700 萬美元。第三季總支出為1.83億美元。以非GAAP準則（不包括股票選擇權費用和其他非現金及非經常性項目）計算，營運費用為1.63億美元，下降15%，主要原因是行銷活動減少以及先前討論過的人員重組。

Turning quickly to our key expense categories, which we report on a non-GAAP basis. Cost of revenue was $69 million, representing 28% of revenue, down approximately 1 percentage point year over year, with incremental improvements due in part to early testing of direct billing initiatives. Product development expense was $25 million, an increase of 14% year over year.

接下來快速看一下我們的主要費用類別，這些費用是按非GAAP準則報告的。營業成本為 6,900 萬美元，佔營業收入的 28%，年減約 1 個百分點，部分原因是早期測試了直接計費計劃，從而實現了逐步改善。產品開發費用為 2,500 萬美元，年增 14%。

Sales and marketing expense was $32 million, down 50% year over year. G&A was $37 million, an increase of 38% year over year, driven primarily by the cumulative adjustments for certain indirect tax obligations related to prior periods. Net income was $52 million.

銷售和行銷費用為 3,200 萬美元，年減 50%。一般及行政費用為 3,700 萬美元，年增 38%，主要原因是與前期相關的某些間接稅義務的累積調整。淨收入為5200萬美元。

Adjusted EBITDA for the quarter was $83 million, up 1%, representing a margin of 34%, up from 30% in the year ago period. Please note that included within adjusted EBITDA is a negative impact of $12 million related to prior period indirect tax obligations. Nonetheless, adjusted EBITDA margin is temporarily elevated due to the factors I described, including the cadence of both marketing spend and our organizational realignment.

本季調整後 EBITDA 為 8,300 萬美元，成長 1%，利潤率為 34%，高於去年同期的 30%。請注意，調整後的 EBITDA 中包含了與前期間接稅義務相關的 1,200 萬美元的負面影響。儘管如此，由於我所描述的因素，包括行銷支出節奏和我們的組織重組，調整後的 EBITDA 利潤率暫時升高。

We expect our margin to revert closer to historical norms as we complete technical and specialized hiring, reinstitute brand and targeted user acquisition spend and invest in updated product and our new tech platform. Q3 cash flow from operations was $77 million compared to $93 million in the year ago period, and we ended the quarter with $308 million in cash and equivalents. As planned, we repaid $25 million of our term loan in the third quarter.

我們預計，隨著我們完成技術和專業人才招募、重新投入品牌和有針對性的用戶獲取支出，以及投資更新的產品和我們的新技術平台，我們的利潤率將逐漸恢復到歷史正常水平。第三季經營活動產生的現金流量為 7,700 萬美元，而去年同期為 9,300 萬美元，季末我們持有現金及等價物 3.08 億美元。按計劃，我們在第三季償還了 2500 萬美元的定期貸款。

Looking ahead to the fourth quarter, as previously contemplated, our outlook reflects our expectation for continued attrition in active and paying members as we maintain higher quality standards across the platform with a full quarter of impact planned from the initiatives implemented in August. While Q4 will be challenging, we currently anticipate that the rate of sequential paying user declines will improve beginning in early 2026 as we largely complete our trust and authenticity work.

展望第四季度，正如先前所設想的那樣，我們的展望反映了我們對活躍付費會員持續流失的預期，因為我們將在整個平台上保持更高的品質標準，併計劃在 8 月份實施的各項舉措產生一個季度的影響。儘管第四季度充滿挑戰，但我們目前預計，隨著我們基本上完成信任和認證工作，付費用戶連續下降的速度將從 2026 年初開始改善。

As Whitney highlighted, it is early, but these measures are showing signs of improving retention and increasing average revenue per paying user. The thesis continues to be that a better member experience will result in higher retention and drive members' perception of value, leading to increasing revenue.

正如惠特尼所強調的那樣，現在還為時過早，但這些措施已經顯示出提高用戶留存率和增加每位付費用戶平均收入的跡象。論點依然是，更好的會員體驗將帶來更高的會員留存率，並提升會員對價值的感知，進而增加收入。

For Q4, we expect total revenue in the range of $216 million to $224 million, representing a year-over-year decline of approximately 17% to 14%. We expect Bumble App revenue in the range of $176 million to $182 million, representing a year-over-year decline of approximately 17% to 14%.

我們預計第四季總營收將在 2.16 億美元至 2.24 億美元之間，年減約 17% 至 14%。我們預計 Bumble App 的營收將在 1.76 億美元至 1.82 億美元之間，年減約 17% 至 14%。

Direct billing tests continue to progress and nearly all members in the US now have some form of direct billing available. We expect to continue to refine our direct billing offerings in Q4. We expect adjusted EBITDA in the fourth quarter of $61 million to $65 million, representing a margin of approximately 28% to 29%.

直接結算測驗持續推進，目前美國幾乎所有會員都可以享有某種形式的直接結算服務。我們預計將在第四季度繼續完善我們的直接計費服務。我們預計第四季度調整後 EBITDA 為 6,100 萬美元至 6,500 萬美元，利潤率約為 28% 至 29%。

Before wrapping up, I want to call your attention to additional information we reported today in our earnings press release and accompanying 8-K pertaining to our tax receivable agreement that was created in connection with our IPO. A special committee of our Board has agreed to a transaction whereby the company will purchase all parties outstanding TRA rights for approximately $186 million. The transaction eliminates the company's TRA liability in full.

在結束之前，我想提請大家注意我們在今天發布的盈利新聞稿和隨附的 8-K 文件中披露的有關我們為 IPO 而製定的稅收應收款協議的其他信息。我們董事會的一個特別委員會已同意一項交易，根據該交易，公司將以約 1.86 億美元的價格收購各方所有未行使的 TRA 權利。該交易徹底消除了公司的TRA債務。

We believe the transaction is a positive development for Bumble and our shareholders. It removes a large liability from our balance sheet at favorable terms, thus simplifying and creating a more efficient capital structure. By terminating payment obligations under the TRA, the transaction also improves future cash flows. And finally, it greatly improves the company's strategic flexibility moving forward as we work to create shareholder value.

我們認為這筆交易對 Bumble 和我們的股東來說都是積極的進展。它以優惠的條件從我們的資產負債表中消除了一項重大負債，從而簡化並創建了更有效率的資本結構。透過終止《TRA》項下的付款義務，該交易也改善了未來的現金流。最後，這將大大提高公司未來在創造股東價值方面的策略彈性。

I'd also like to note that we are funding the termination agreement with available cash given our solid balance sheet and cash-generative business. As a result of the TRA transaction, which substantially reduces our liabilities and deleverages the business, we no longer plan to pay down $25 million of our term loan as discussed last quarter.

我還想指出，鑑於我們穩健的資產負債表和現金流充裕的業務，我們將用現有現金來支付終止協議的費用。由於 TRA 交易大幅減少了我們的負債並降低了業務槓桿率，我們不再計劃像上個季度討論的那樣償還 2500 萬美元的定期貸款。

In closing, there's a lot of work ahead, but early indicators suggest that we're on the path to reshaping the core business and positioning the company for future revenue growth. From a financial perspective, we're prioritizing disciplined expense management, solid cash flows and the flexibility to invest in our strategic priorities while preserving profitability. We believe we're setting the foundation for a healthier, higher-quality business that will monetize more effectively over time.

最後，我們還有很多工作要做，但早期跡象表明，我們正在走上重塑核心業務、為公司未來的收入成長做好準備的道路。從財務角度來看，我們優先考慮的是嚴格的費用管理、穩健的現金流以及在保持盈利能力的同時靈活投資於我們的戰略重點。我們相信，我們正在為打造一個更健康、更高品質的企業奠定基礎，隨著時間的推移，這將更有效地實現盈利。

Operator, we'll now take some questions.

操作員，現在開始回答問題。

(Operator Instructions) Nathan Feather, Morgan Stanley.

（操作說明）內森·費瑟，摩根士丹利。

Two from me. First, Whitney, now that you've gotten back in the CEO seat and are really starting to make some real product changes, if we zoom forward two, three years, what's your key vision for how Bumble will really work differently from today and be able to drive the successful outcomes? And then a little bit more short-term, but what visibility do you have into the timing and magnitude of when revenue growth might bottom and then hopefully start to improve, especially given the talk of potentially paying user growth bottoming in the first?

我投兩票。首先，惠特尼，既然你已經重回CEO的崗位，並且開始真正地對產品進行一些實質性的改變，如果我們展望未來兩三年，你認為Bumble將如何與今天有所不同，並能夠取得成功，你的主要願景是什麼？然後，從更短期的角度來看，您對收入成長何時會觸底反彈，然後有望開始好轉的時機和幅度有多大了解？特別是考慮到付費用戶成長可能在第一季觸底反彈的傳言？

Thank you so much for the questions. I appreciate it. So let's start with the two- to three-year outlook. I think there's a slight misconception that exists with folks looking at the dating industry, thinking that it's the swipes that people are dissatisfied with or it's this or it's that functionality.

非常感謝大家的提問。謝謝。那麼，讓我們先從未來兩到三年的展望開始。我認為人們對約會行業有一些誤解，認為人們不滿意的是滑動功能，或者是這個或那個功能。

But the reality is, and I just want to put this extremely bluntly, our product road map for the foreseeable future, for the years to come is solving for people's pain points, particularly women's pain points. And frankly, that is how we got here. That is truly what differentiated Bumble from any other dating product that had ever existed. If you think about it quite simply, you don't have a balanced member base or ecosystem or dynamic when we're talking about heteronormative dating if you don't have a place that women want to be.

但現實是，我想非常直白地說，在可預見的未來，未來幾年，我們的產品路線圖是解決人們的痛點，特別是女性的痛點。坦白說，我們就是這樣走到今天這一步的。這正是 Bumble 與其他任何約會產品真正區別所在。簡單來說，如果我們談論的是異性戀約會，而你又沒有一個女性想要加入的地方，那麼你就不會擁有一個平衡的成員基礎、生態系統或動態。

And frankly, that's what Bumble has been synonymous with for all of these years. So when we look to the future, I don't think it's all that complex that you have to reinvent the wheel. The wheel works. And frankly, the demand has not changed through our history.

坦白說，這麼多年來，Bumble 一直都是這種功能的代名詞。所以展望未來，我認為並沒有那麼複雜，不需要重新發明輪子。輪子能用。坦白說，縱觀歷史，這種需求從未改變。

As human beings, we just want love. We want relationships. And frankly, we need it to survive.

身為人類，我們渴望的只是愛。我們渴望建立關係。坦白說，我們需要它才能生存。

How we deliver that needs to be modern. It needs to be current. And it has to feel up to par with where people are today with what they expect from technology.

我們實現這一目標的方式需要現代化。它必須是最新的。而且它必須符合人們如今對科技的期望。

So what's so exciting about right now, and I cannot overemphasize this, what AI gives us the ability to do? It gives us the ability to solve our members' pain points to hear women and say, oh, this is what you want from a dating product. Oh, you don't want this to ever happen to you again. Oh, you want to meet this type of person and you want more control over that experience.

那麼，現在最令人興奮的是什麼呢？ （這一點我怎麼強調都不為過）人工智慧賦予了我們什麼能力？它使我們能夠解決會員的痛點，傾聽女性的心聲，並說：“哦，這就是你們想要的約會產品。”哦，你絕對不想再經歷這種事了。哦，你想認識這類人，並且你想對這段經歷擁有更多掌控權。

What's phenomenal about our opportunity right now is when we have this modern tech stack that we are operating on top of, we will be able to deliver these changes to our members in a matter of, hopefully, days to weeks versus months. And frankly, even historically, it's taken companies years to build certain things. So we have a superpower because we listen to women. We have women that believe in us globally, and this gives us market expansion opportunity. This gives us a dynamic opportunity to really rescale once we have this quality approach really under our belt, and we're making great headway.

我們現在面臨的機會非常巨大，因為我們擁有了這樣一套現代化的技術體系，我們可以在幾天到幾週內（而不是幾個月）將這些變化帶給我們的會員。坦白說，即使從歷史上看，公司也需要數年時間才能打造出某些東西。所以我們擁有超能力，因為我們傾聽女性的聲音。我們擁有遍布全球的信任我們的女性，這為我們提供了市場擴張的機會。這為我們提供了一個動態的機會，一旦我們真正掌握了這種高品質的方法，就可以真正地擴大規模，而且我們正在取得很大的進展。

So as you know, and I'm so grateful to all of our shareholders, we're very early in this transformation. I stepped back into the seat in March. We actively got to work. We have a brand-new executive team. They are superstars, and we are very bullish on going all in on having the highest quality platform.

如你所知，我非常感謝我們所有的股東，我們目前還處於轉型初期。我於三月重新回到這個職位。我們立即投入工作。我們擁有了一支全新的管理團隊。他們是超級巨星，我們非常有信心全力打造最高品質的平台。

And that's not just from a member base standpoint. That's from an experience standpoint. You should come to Bumble no matter who you are, and you should be able to be very deliberate in what you're looking for and you should be able to get the great high-quality match as soon as possible. And hopefully, that should lead you to love.

這不僅僅是從會員數量的角度來看。這是從經驗的角度來看的。無論你是誰，都應該來 Bumble 交友，你可以非常明確地選擇你想要尋找的對象，並儘快找到高品質的配對對象。希望這能讓你找到愛情。

So that's the two- to three-year plan, is really just build for the demand and answer the wishes and the wants and solve the problems of the dating market around the world. AI is going to be a huge part of this. But ultimately, we're here, and we're so excited about it.

所以，這就是兩到三年的計劃，實際上就是為了滿足需求，回應願望和需求，解決世界各地約會市場的問題。人工智慧將在其中發揮巨大作用。但最終，我們來到了這裡，我們為此感到無比興奮。

So as far as when do we see a return to revenue growth. So I know this is a tricky one for people to follow along with in such tight time lines as far as earnings calls go, but we've got to complete this reset. Frankly, we have to complete the trust and safety efforts. You've seen that the Q4 numbers really reflect most of the impact of that. And it's largely what drove the payer decline along with us really pulling back on the performance marketing.

那麼，我們何時才能看到營收恢復成長呢？我知道在財報電話會議如此密集的時間內，大家很難跟上進度，但我們必須完成這次重置。坦白說，我們必須完成信任和安全的工作。你已經看到，第四季度的數據確實反映了大部分影響。而這在很大程度上導致了付費用戶數量的下降，再加上我們大幅削減了效果行銷投入。

But one point I'd like to make quickly, and then I'll wrap this up, is we've actually -- because of all this work we've done around quality and the Beehive Fit framework, we've actually found ways now to go do targeted performance marketing that brings in high-quality, what we call approved or likely to be approved members. So we can go back to that here in a very precise and targeted and measured way. So overall, that is -- on horizon, we do see an end in sight if that makes sense, and we're very fully committed.

但我想快速說明一點，然後我就結束今天的發言，那就是，由於我們圍繞質量和 Beehive Fit 框架所做的所有工作，我們實際上已經找到了開展有針對性的效果營銷的方法，從而吸引高質量的、我們稱之為已批准或可能獲得批准的成員。所以我們可以用非常精確、有針對性、有控制的方式回到這個問題。所以總的來說，從目前的情況來看，我們確實看到了曙光，如果這樣說你能理解的話，而且我們對此也全力以赴。

Kevin, is there anything you'd like to add to that?

凱文，你還有什麼要補充的嗎？

Yeah. Nathan, it's Kevin. Thanks, Whitney. So as you might expect, we're not forecasting revenue beyond Q4, but I can give you an idea of the arc, right? So just thinking about the Q3 decline in payers, for example, the decline was driven primarily by two intentional strategies designed to improve member base quality and, of course, member experience.

是的。內森，我是凱文。謝謝你，惠特尼。正如你所預料的，我們不會對第四季以後的收入進行預測，但我可以給你一個大致的趨勢，對吧？例如，僅考慮第三季支付方數量的下降，這一下降主要是由旨在提高會員基礎品質和會員體驗的兩項有意策略所驅動的。

You're familiar with some of these, but let me just repeat them for clarity. So trust and safety work and a reduction in our marketing spend together contributed approximately 80% of the decline in paying users on a year over year basis. So it's important to recognize that we control these reductions to a large extent, and that this strategy is all consistent with the reset that Whitney outlined.

你可能熟悉其中一些，但為了清楚起見，我再重複一次。因此，信任和安全方面的工作以及行銷支出的減少，共同導致了付費用戶數量年減約 80%。因此，重要的是要認識到，我們在很大程度上控制著這些削減，而且這一策略與惠特尼概述的重置完全一致。

In terms of sort of progress in executing that strategy, just looking at some of the things that we know, and as Whitney highlighted already, it's extremely early. We've only been at it for about a quarter, but we are seeing some signs of encouragement. We saw a modest improvement, and you might have observed this in our prepared remarks, but we saw a modest improvement in retention, for example, over the quarter.

就執行該策略的進展而言，僅從我們已知的一些情況來看，正如惠特尼已經強調的那樣，現在還處於非常早期的階段。我們才做了大約一個季度，但已經看到了一些令人鼓舞的跡象。我們看到了一些小幅改善，您可能已經從我們準備好的發言稿中註意到了這一點，例如，本季度我們的客戶留存率略有提高。

We saw an 11% improvement in ARPPU in the quarter for Bumble. We, in addition, saw very strong uplift in brand awareness and brand perception among women in the quarter, mostly related to our brand campaign. And we are -- we continue to make progress on this internal framework you've heard us refer to before, the Beehive Fit framework, where we are attempting to lift to members from what we call internally the improved category into the approved category. And there, we are seeing all of the categories moving in the right direction.

本季 Bumble 的平均每用戶收入 (ARPPU) 提高了 11%。此外，本季女性的品牌意識和品牌認知度也顯著提升，這主要與我們的品牌推廣活動有關。我們正在繼續推進您之前聽我們提到的內部框架——蜂巢適應性框架，我們正努力將成員從我們內部稱之為「改進類別」提升到「已批准類別」。我們看到，所有類別都在朝著正確的方向發展。

And so, that incremental progress, it's going to take time, of course, but that incremental progress is encouraging as well. Remember that the approved members show significantly higher engagement and they monetize at more than twice the rate of improved members. So apart from understanding, as Whitney was suggesting that the functioning of the ecosystem, it's essential to have high-quality members as proxy approved members, it also has an obvious impact on business performance. So I'll pause there, and we'll see whatever questions we have or Nathan's got a follow-up.

因此，這種漸進式的進步當然需要時間，但這種漸進式的進步也令人鼓舞。請記住，已批准的會員的參與度明顯更高，而且他們的盈利速度是改善會員的兩倍以上。因此，除了理解（正如惠特尼所建議的那樣），為了生態系統的運作，擁有高品質的成員作為代理批准成員至關重要，這對業務績效也有明顯的影響。所以我就先說到這裡，看看我們有什麼問題，或是內森有什麼後續問題。

(Operator Instructions) Andrew Marok, Raymond James.

（操作說明）Andrew Marok，Raymond James。

Maybe digging into that last point that Kevin made there on the improved bucket. I know that was going to be a major initiative in kind of bringing along the improved members to ARPPU. And I understand it's probably a pretty wide spectrum, but is there anything specific that you're seeing out of those improved members that are giving you signs for encouragement or perhaps caution? Or anything else that you'd like to call out within those that you think would be important for us to look for as we go into 4Q and beyond?

或許應該深入探討凱文剛才提到的關於改進水桶的最後一點。我知道這將是一項重大舉措，旨在將進步的成員帶入 ARPPU。我知道這可能涉及的範圍很廣，但是從這些進步的成員身上，你有沒有看到什麼具體跡象讓你感到鼓舞，或者讓你有所警覺？或者，您認為在這些方面還有其他什麼需要我們特別指出，以便我們在進入第四季度及以後更加關注的方面嗎？

Thanks for the question. So I'll take that. And if Kevin wants to add on, we'll do that after. So I think it's really important to understand that a lot of folks have the capability to be what we would call approved members in just a couple of tweaks. So I'll give you a quick example.

謝謝你的提問。那我就接受吧。如果凱文想補充，我們之後再做。所以我認為，真正重要的是要明白，很多人只需稍作調整，就有能力成為我們所說的合格成員。我舉個簡單的例子。

You might have a great person who is looking for love, but they have no clue how to write a bio. They only have one photo. So while they could be going out on lots of dates and getting a lot of interaction, because they have limited knowledge on how to set up a dating app or how to show up at their best self, they actually get stuck in what we call this improved category.

你可能會遇到一個很優秀的人，他/她正在尋找愛情，但卻完全不知道如何寫個人簡介。他們只有一張照片。所以，雖然他們可能經常約會，也經常與人互動，但由於他們對如何設定約會應用程式或如何展現自己最好的一面了解有限，實際上他們就陷入了我們所說的「進步型」類別中。

And so, what we're really seeing is the more profiles photos someone adds going through just a couple of these quick steps with the trust and the safety tooling that we've introduced, they get more matches. They get more right swipes, they get more engagement. An approved member has better outcomes.

因此，我們真正看到的是，用戶透過我們推出的信任和安全工具，只需幾個簡單的步驟添加個人資料照片，就能獲得更多配對。它們獲得的右滑次數更多，互動率更高。獲得認證的會員能取得更好的結果。

And as Kevin just stated, they have higher retention rates. They monetize much better. And frankly, it just improves that entire flywheel, and it really gives people more to operate with. And so, when we focus on improving the improved, not to be redundant there, there's huge opportunity here because the vast middle is somewhere stuck in the middle.

正如凱文剛才所說，他們的客戶留存率更高。他們的獲利能力更強。坦白說，這確實改善了整個循環，也確實給了人們更多可以利用的資源。因此，當我們專注於改進已經改進的事物時（雖然這麼說有點老生常談），這裡蘊藏著巨大的機會，因為龐大的中間群體仍然處於停滯不前的狀態。

And so, this is what we're focused on with this road map that we keep talking about. Building an exceptional product experience doesn't have to be some fancy flashy new feature. It's frankly, hey, how do we get onboarding tools in the hands of our members so that they can set up a remarkably robust and authentic and great profile in a really short amount of time, and then they're out in the dating pool.

所以，這就是我們一直在談論的這份路線圖的重點。打造卓越的產品體驗不一定需要一些花俏炫目的新功能。坦白說，我們想知道的是，如何讓我們的會員能夠快速上手使用入門工具，從而在很短的時間內建立一個非常強大、真實且優秀的個人資料，然後他們就可以進入約會市場了。

And so, these are just a couple of examples of how really just enabling the system to provide easier tooling to get out there and to move into the proved category, it pulls the tide up for everyone, and it really enhances the experience for everyone. So while we're early and while the metrics at math aren't suggesting this huge monumental moment, bearing with us and having some patience is critical here because this is the strategy that wins in dating.

因此，這些只是幾個例子，說明如何透過啟用系統，提供更便利的工具，讓使用者能夠進入成熟市場並進入成熟市場，從而帶動所有人的發展，並真正提升每個人的體驗。所以，雖然現在還處於早期階段，而且數學指標也沒有顯示這是一個巨大的里程碑時刻，但請大家耐心等待，因為這是約會中致勝的策略。

And I believe that I can speak to this with a lot of conviction. I've been at the forefront of this industry, frankly, on the front lines of modern dating technology since I was 22 years old. And I have seen this front and center, when you have a healthy balance of women on a product, when people fill out their profiles with high-quality information, when they are not flooded with removed profiles and they see who they want to see, they get good matches, they get into great chats, they go on dates; and that's why I meet Bumble babies every day when I go out into the world.

而且我相信我可以非常肯定地談論這個問題。坦白說，我從 22 歲起就一直站在這個行業的前沿，站在現代約會技術的最前沿。我親眼見證了這一點：當一個平台上女性用戶數量保持健康平衡，當用戶填寫高質量的個人資料，當用戶不會被大量刪除的個人資料淹沒，並且能夠看到自己想看到的人時，他們就能獲得良好的匹配，進行愉快的聊天，並最終約會；這就是為什麼我每天出門都能遇到 Bumble 用戶的原因。

This works and this changes lives. We just need to land the strategy with returning to quality, and then we will reaccelerate on all of our growth opportunities in new markets and core markets, and we're here for it. We're very excited.

這真的有效，而且可以改變生活。我們只需要落實回歸品質的策略，然後我們就能重新加速在新市場和核心市場的所有成長機會，我們為此做好了準備。我們非常興奮。

Great. Thanks for that. Really helpful color. And then maybe one quick one for Kevin. I'm not sure if you've seen the proposed transaction or the -- excuse me, the proposed settlement details between Google and Epic today. But just wondering if you have an opinion on how that kind of contrasts with what you have assumed into your guidance for the cost of revenue line.

偉大的。謝謝。非常實用的顏色。然後也許可以給凱文快速地來一杯。我不確定您是否已經看到了谷歌和Epic今天提出的交易方案或——抱歉，是和解方案的細節。但我只是想知道，您對這種情況與您在收入成本指導原則中所假設的情況有何不同有何看法。

Okay. So no, I haven't seen the details. So I don't have any insight to share there. I can comment briefly on sort of our direct billing initiatives. As you might expect, we -- as soon as permitted, we set up alternative payments, and we've been testing those strategies throughout Q3, and we'll continue to do that in Q4.

好的。不，我還沒看到細節。所以我在這方面沒有什麼見解可以分享。我可以簡要地談談我們的直接計費計劃。正如您所預料的，一旦獲得允許，我們就設立了替代支付方式，並且在整個第三季度都一直在測試這些策略，我們將在第四季度繼續這樣做。

You saw in our cost of sales a meaningful improvement in Q3. And we would expect to continue to -- while we will refine strategies around alternative billing throughout Q4, we'd still expect that benefit to persist into Q4, and we should have a full quarter effect of cost of revenue benefits.

您已經看到，我們第三季的銷售成本有了顯著改善。我們預計這種情況會持續下去——儘管我們將在整個第四季度改進替代計費策略，但我們仍然預計這種好處會持續到第四季度，並且我們應該能夠獲得整個季度的成本收入效益。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

I wanted to ask specifically about the stand-alone AI product, Whitney, and sort of your thoughts and visions around that, but something that will sort of always be stand-alone. What's the AI-first dating app experience like? And how does that impact how you view the core Bumble experience? And how that overlaps with that vision and strategy?

我想具體問關於獨立人工智慧產品 Whitney 的問題，以及您對它的想法和願景，因為它將永遠是獨立運作的。人工智慧優先的約會應用程式使用體驗如何？這又會如何影響你對 Bumble 核心體驗的看法呢？這與該願景和策略有何重疊之處？

Thanks for the question. So I think before I talk about our upcoming stand-alone AI product, I actually did want to speak about two things surrounding AI. So first and foremost, I'm sure you and everybody else tuning in have been reading a lot and hearing a lot about the new AI-focused dating apps.

謝謝你的提問。所以，在談論我們即將推出的獨立人工智慧產品之前，我其實想先談談與人工智慧相關的兩件事。首先，我相信你和其他所有收看節目的人都已經閱讀和聽到了很多關於以人工智慧為中心的新型約會應用程式的資訊。

I really want to make an important point here. Throughout my career, I have seen hundreds of dating apps, dating products, dating matchmakers, you name it, hit the market and fizzle and fumble. There's a reason why there's only a couple of us that stand as strong as we do on a global level. And that's because building critical mass and building a trusted double-sided marketplace is incredibly difficult to do.

我在這裡想強調一點。在我的職業生涯中，我見過數百種約會應用程式、約會產品、約會媒人等等，它們進入市場後都以失敗告終。正因為如此，我們當中只有少數幾家公司能夠在全球範圍內保持如此強大的影響力。這是因為建立臨界規模和建立值得信賴的雙邊市場非常困難。

So what really gives us a unique opportunity here and a right to win is we have extraordinary data. We have unbelievable sets of groups of people around the world that are looking for love that are actively searching for dating and us being able to lean into this moment with AI and provide them a modern experience that doesn't collapse or change the current experience. So you've got to separate these in your mind. You've got Bumble Date today, and we're going to talk about how AI affects that in a moment.

因此，真正為我們帶來獨特機會和獲勝理由的是我們擁有非凡的數據。世界各地有大量人群正在尋找愛情，積極尋找約會對象，而我們能夠利用人工智慧抓住這一機遇，為他們提供現代化的體驗，同時又不破壞或改變他們現有的體驗。所以你必須在腦海中將它們區分開來。今天我們來聊聊 Bumble Date，稍後我們將討論人工智慧如何影響它。

But the stand-alone product is something that, in my opinion, has never been done before. It is going to be very unique. I am extremely excited about it, and our team is very excited about it. The way it ultimately -- we can't disclose the details of how it will work. But what I will leave you with is, if dating apps have predominantly been discovery oriented, right? You get on and you kind of just discover people.

但我認為，這種獨立產品是以前從未有過的。這將是獨一無二的。我對此感到非常興奮，我們的團隊也對此感到非常興奮。至於最終的實作方式——我們不能透露具體細節。但我最後想和大家探討的是，如果約會應用程式主要以發現新物件為導向，對吧？你上車後，就會慢慢發現彼此。

This is really the first time that there will be precise search involved in this. And so, when you look at a lot of our consumer products we all use on a daily basis, they're powered by great search and great algorithms. So this AI product is going to lean into a new way of thinking about dating.

這是首次在過程中涉及精確搜索。因此，當我們審視我們日常使用的許多消費產品時，會發現它們都得益於強大的搜尋功能和演算法。所以這款人工智慧產品將傾向於一種全新的約會思維。

And how it really will flow in our category -- in our portfolio over time is very exciting because, yes, it can be stand-alone. However, we can take a lot of those learnings, and we can take a lot of that modern technology and layer it in to the core products that we already have. You're seeing us do a bit of this already with BFF because BFF, we've migrated on to the Geneva tech stack, and I'll give you a quick example, what would have taken us a few months at Bumble Date to really update. So Date 1.0, that's the tech stack we're on right now at Bumble Date. It might take us months to build a certain feature or product change for our members.

而它最終將如何在我們的產品類別中發展——隨著時間的推移，在我們的產品組合中發展——這非常令人興奮，因為，是的，它可以獨立存在。但是，我們可以汲取許多這樣的經驗，也可以運用許多現代技術，並將它們融入我們已有的核心產品中。你們已經看到我們在 BFF 上做了一些這樣的事情，因為 BFF 已經遷移到了 Geneva 技術堆疊上，我舉個簡單的例子，這在 Bumble Date 上需要我們花幾個月的時間才能真正完成更新。所以 Date 1.0，這就是我們目前在 Bumble Date 中使用的技術堆疊。我們可能需要幾個月的時間來為會員開發某個功能或進行產品變更。

We had a piece of feedback from members at BFF, for example, and we had that problem fully changed and involved within a week where that would have taken months on Date 1.0. So we are already integrating some of these AI changes into 1.0 to solve customer needs. But what's very exciting is you'll have this tandem approach to AI in our group because the upcoming 2.0 infrastructure for Bumble Date, which we just said will be mid-'26, that will give us the capability to build tooling and we were speaking earlier about how certain features can be engineered in hours now due to this technology, it's revolutionary. So we're going to be able to move so fast.

例如，我們收到了 BFF 成員的回饋，我們在一周內就徹底解決了這個問題，而這在 1.0 版本中可能需要幾個月的時間。因此，我們已經將其中一些人工智慧方面的改進整合到 1.0 版本中，以滿足客戶的需求。但最令人興奮的是，我們團隊將採用這種人工智慧的協同方法，因為即將推出的 Bumble Date 2.0 基礎設施（我們剛才提到將在 2026 年年中推出）將使我們能夠構建工具，我們之前也談到過，由於這項技術，現在可以在幾個小時內開發出某些功能，這是革命性的。所以我們將能夠快速行動。

So the answer is yes, it will be stand-alone this new product. However, it will have overlap crossover function just like we're doing with BFF, where we're learning about how groups behave and how communities behave so that we can build that into the core dating product. So I hope that answered the question. If it didn't, please let me know.

所以答案是肯定的，這款新產品將會是一款獨立產品。但是，它將具有重疊交叉功能，就像我們在 BFF 中所做的那樣，我們正在了解群體和社區的行為方式，以便我們可以將其構建到核心約會產品中。希望我的回答能解答你的疑問。如果沒有，請告訴我。

It did, thank you, and very helpful. And I guess maybe a little bit more near-term, just as you get through to the spring product release and you're talking about kind of the, I guess, steady releases through spring and solving pain points. Are there a few things that you see as being sort of the biggest drivers? I know we're doing all the cleanup work and enhancing the user experience on one side, but in terms of like new products that are coming out, are there a few things that are sort of excite you the most?

確實如此，謝謝，這很有幫助。我想，或許更近期一些，例如到了春季產品發表的時候，我們就可以著手解決春季的痛點，也就是穩定發表新產品。您認為有哪些因素是主要的驅動力？我知道我們一方面正在進行各種清理工作，另一方面也正在提升使用者體驗，但就即將推出的新產品而言，有沒有哪些方面最讓你感到興奮呢？

Yeah, that's a great question. So this might be a slightly unpredicted response that the least exciting features on paper are actually the ones that move the needle the most for us sometimes. So when you go and invest time and energy and optimization, for example, into customer service, that has a meaningful impact on our members' lives. They are feeling heard. They're getting their problems resolved.

是的，這是一個很好的問題。所以這可能是一個略微出乎意料的結果，那就是紙上最不吸引人的功能，有時反而最能打動我們。因此，當你投入時間和精力進行最佳化，例如改善客戶服務時，這會對我們會員的生活產生有意義的影響。他們感覺到自己的聲音被聽見了。他們的問題正在解決。

Now, on paper, that's not some flashy new release. So what we're really focused on right now between the launch of 2.0, and I'm using that as a reference point. 2.0 is the new AI, cloud-native tech stack that Bumble will live on in the future, which is the mid-'26 technology. But if you look at everything we're doing between now and then, it's just listening to our members, right?

從表面上看，這並不是什麼引人注目的新產品。所以，我們現在真正關注的是2.0版本的發布，我以此為參考點。 2.0是Bumble未來將使用的全新人工智慧、雲端原生技術棧，也就是2026年中期的技術。但如果你看看我們從現在到那時所做的一切，你會發現我們都在傾聽會員的意見，對吧？

Our product road map is our customer pain points. And as I said, you don't ask members, hey, what's not working for you? And they say, oh, wow, I really wish you had this flashy, crazy feature.

我們的產品路線圖就是解決客戶痛點。正如我所說，你不能問會員：“嘿，你們覺得哪裡不好？”他們會說，哇，我真希望你們有這個酷炫、瘋狂的功能。

They just say, I want a better profile. I want to be able to see more information about someone. I want a safer experience. I want the algorithm to be more personalized to me. These are at face value, quite basic asks, but this is what builds an incredible experience. And frankly, this is what got us to being the great company we are.

他們只是說，我想要更好的個人資料。我想查看更多關於某人的資訊。我想要更安全的體驗。我希望演算法能更個人化地滿足我的需求。乍一看，這些要求都很基本，但正是這些要求才能創造出令人難以置信的體驗。坦白說，正是這一點讓我們成為瞭如今這樣一家偉大的公司。

And yes, the technology has been innovating and iterating over time. And obviously, we have to evolve with where the category is. But ultimately, the strategy doesn't change. Just listen to women and give them what they want. It's very simple, and that's exactly what we're doing, and that's how we win with the category.

是的，這項技術一直在不斷創新和迭代。顯然，我們必須隨著產業的發展而不斷進步。但歸根究底，策略不會改變。只要聽從女人的心意，滿足她們的需求就行了。這很簡單，而這正是我們正在做的，也是我們在這個類別中獲勝的方式。

We have no further questions. So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

我們沒有其他問題了。問答環節和今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。