Grindr Inc (GRND) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Rob, and I'll be your conference operator today.

我叫羅布，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Grindr third-quarter 2024 earnings conference call.

此時，我歡迎大家參加 Grindr 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the conference over to Tolu Adeofe, Grindr's Head of Investor Relations.

我現在想將會議交給 Grindr 投資者關係主管 Tolu Adeofe。

Please go ahead.

請繼續。

Thank you, moderator.

謝謝主持人。

Hello, and welcome to the Grindr earnings call for the third quarter 2024.

您好，歡迎參加 Grindr 2024 年第三季財報電話會議。

Today's call will be led by Grindr's CEO, George Arison; and CFO, Vanna Krantz.

今天的電話會議將由 Grindr 執行長 George Arison 主持；和財務長 Vanna Krantz。

They will make a few brief remarks, and then we'll open it up for questions.

他們將做一些簡短的評論，然後我們將開放提問。

Please note, Grindr released its shareholder letter this afternoon, and this is available on the SEC's website and Grindr's Investor page at investors.grindr.com.

請注意，Grindr 今天下午發布了其股東信函，可在 SEC 網站和 Grindr 投資者頁面 Investors.grindr.com 上查看。

Before we begin, I will remind everyone that during this call, we may discuss our outlook and future performance.

在開始之前，我要提醒大家，在這次電話會議中，我們可能會討論我們的前景和未來的表現。

These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate or similar such statements.

這些前瞻性陳述之前可能會出現「我們期望」、「我們相信」、「我們預期」或類似此類陳述等字眼。

These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

這些陳述存在風險和不確定性，我們的實際結果可能與今天表達的觀點有重大差異。

Some of these risks have been set forth in our earnings release and our periodic reports filed with the SEC.

其中一些風險已在我們的收益發布和向美國證券交易委員會提交的定期報告中列出。

During today's call, we will also present both GAAP and non-GAAP financial measures.

在今天的電話會議中，我們還將介紹 GAAP 和非 GAAP 財務指標。

Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the earnings release we issued today, which has been posted on the Investor Relations page of Grindr's website and in Grindr's filings with the SEC.

有關非 GAAP 指標的其他揭露（包括 GAAP 與非 GAAP 指標的調整）包含在我們今天發布的收益報告中，該報告已發佈在 Grindr 網站的投資者關係頁面以及 Grindr 向 SEC 提交的文件中。

With that, I'll turn it over to George.

有了這個，我會把它交給喬治。

Thanks, Tolu, and hello, everyone.

謝謝托魯，大家好。

With strength across all of our financial and user metrics, we delivered an exceptional third quarter, enabling us to again increase our revenue growth guidance for the year to 29% or greater.

憑藉我們所有財務和用戶指標的實力，我們第三季度業績表現出色，使我們能夠再次將全年收入成長指導提高至 29% 或更高。

Our outperformance reflects the success of our weekly Unlimited subscription offering as well as effective merchandising and paywall optimizations.

我們的優異表現反映了我們每週無限訂閱服務的成功以及有效的推銷和付費專區優化。

Advertising revenue also exceeded our expectations this quarter, fueled by increased demand from our third-party advertising partners.

由於第三方廣告合作夥伴的需求增加，本季的廣告收入也超出了我們的預期。

Vanna will cover a few highlights shortly.

Vanna 很快就會介紹一些亮點。

And as always, you can find a more detailed review of the quarter in our shareholder letter.

像往常一樣，您可以在我們的股東信中找到對該季度更詳細的回顧。

I will focus the remainder of my remarks on our team's continued focus on building and launching innovative features and products focused on the user.

我將在剩下的演講中重點討論我們團隊繼續致力於建立和推出以用戶為中心的創新功能和產品。

In Q3, we expanded testing of Right Now to the Washington, D.C. metro area.

在第三季度，我們將 Right Now 的測試範圍擴大到了華盛頓特區都會區。

We also launched Right Now's feed feature that allows users who are in the Right Now mode to post their intent to a group of nearby users and then chat directly with each other.

我們還推出了 Right Now 的 feed 功能，讓處於 Right Now 模式的用戶將他們的意圖發佈給附近的一組用戶，然後直接相互聊天。

We will continue expanding Right Now with more features and across more geographies with the goal of scaling the product by the end of 2025.

我們將立即繼續擴展更多功能並覆蓋更多地區，目標是在 2025 年底擴展產品。

Our focus is on user engagement, but there is significant potential for monetization as well.

我們的重點是用戶參與度，但也有巨大的獲利潛力。

We also launched the Interest tab, centralizing inbound interest across Viewed Me and Taps, which increased payer conversion and led to an over 150% increase in user engagement with the Viewed Me feature.

我們還推出了「興趣」選項卡，集中了「Viewed Me」和「Taps」之間的入站興趣，這提高了付款人轉換率，並使「Viewed Me」功能的用戶參與度提高了150%以上。

In the future, we will add additional inbound-related features to this tab.

將來，我們將在此標籤中添加其他與入站相關的功能。

In addition, Roam is now live globally, allowing users to move their profile to a different location before arriving, serving the one in four Grindr users who are traveling in any given week.

此外，Roam 現已在全球推出，允許用戶在到達之前將其個人資料移動到其他位置，為每週旅行的四分之一的 Grindr 用戶提供服務。

We're making good progress in other product areas as well, including early testing of our AI-powered Wingman, which we highlighted in the shareholder letter.

我們在其他產品領域也取得了良好進展，包括我們在股東信中強調的人工智慧 Wingman 的早期測試。

Additionally, I'm very proud of our team's work in resolving legacy bugs and improvements to app stability that took place in Q3, an important part of our user experience focus.

此外，我對我們團隊在第三季解決遺留錯誤和改進應用程式穩定性方面所做的工作感到非常自豪，這是我們關注用戶體驗的重要組成部分。

This indirectly also supports conversion as over time, we expect users to recognize the improved quality and increased value we are delivering.

這也間接支持了轉化，因為隨著時間的推移，我們希望用戶認識到我們所提供的改進的品質和增加的價值。

Overall, we remain on track or ahead on all items on the product road map we shared at Investor Day, and we're bullish about our portfolio approach to product development, which is key to our plan for long-term success.

總體而言，我們在投資者日分享的產品路線圖上的所有項目仍然處於正軌或領先，並且我們看好我們的產品開發組合方法，這是我們長期成功計劃的關鍵。

Our product work starts with users, their needs, their behaviors, their preferences.

我們的產品工作從使用者、他們的需求、他們的行為、他們的偏好開始。

We build features that drive their engagement before implementing steps that drive revenue.

在實施增加收入的步驟之前，我們會建立提高他們參與度的功能。

This allows us to make sure that our unique connection with our community remains strong.

這使我們能夠確保我們與社區的獨特聯繫保持牢固。

Worth noting, however, that inherent to this approach is also the likelihood that some products and features will be bigger than others.

然而，值得注意的是，這種方法固有的一點是，某些產品和功能可能會比其他產品和功能更大。

With strong execution this year, we are setting Grindr up for another great year of growth in 2025 as we continue to execute on effective monetization strategies.

憑藉今年強勁的執行力，我們將繼續執行有效的貨幣化策略，為 Grindr 在 2025 年迎來另一個偉大的成長年。

In the near term, our bigger performance drivers will likely be our existing products as well as paywall optimization and merchandising.

在短期內，我們更大的績效驅動因素可能是我們現有的產品以及付費專區優化和推銷。

I expect that next year, our team will not only continue to deliver strong financial results but also achieve good progress in both launching new initiatives as well as scaling products that are already launched or in test, all targeted at creating an exceptional user experience.

我預計明年，我們的團隊不僅將繼續取得強勁的財務業績，而且在推出新舉措以及擴展已推出或正在測試的產品方面也取得良好進展，所有這些都旨在創造卓越的用戶體驗。

As a result, we have potential upside in our results from these new products as adoption grows.

因此，隨著採用率的提高，這些新產品的業績有潛在的上升空間。

Thank you all for your support, and a big thanks to our team for their great work in Q3.

感謝大家的支持，並非常感謝我們的團隊在第三季所做的出色工作。

Now here's Vanna to discuss the results.

現在 Vanna 來討論結果。

Thank you, George, and hello, everyone.

謝謝你，喬治，大家好。

Grindr delivered an exceptional third quarter, marked by solid performance across all of our financial and user metrics.

Grindr 第三季表現出色，所有財務和用戶指標都表現穩健。

Total revenue for Q3 increased by 27% year over year to $89 million with an adjusted EBITDA margin of 45%.

第三季總營收年增 27%，達到 8,900 萬美元，調整後 EBITDA 利潤率為 45%。

Direct revenue increased 25% year over year to $77 million, driven by the continued adoption of the Unlimited Weekly tier as well as better merchandising and paywall optimizations, which resulted in higher conversion of free to paid users.

直接收入年增 25%，達到 7,700 萬美元，這得益於持續採用每週無限套餐以及更好的營銷和付費專區優化，從而提高了免費用戶向付費用戶的轉換率。

To share a few key user metrics, our average monthly active users increased 8% over the prior year to 14.6 million.

分享一些關鍵的用戶指標，我們的平均每月活躍用戶比前一年增加了 8%，達到 1,460 萬。

Average paying users in the quarter increased 15% over the prior year to 1.11 million, bringing payer penetration to 7.6% for the quarter.

該季度的平均付費用戶較上年同期成長 15%，達到 111 萬，使該季度的付費用戶滲透率達到 7.6%。

And our average direct revenue per paying user increased 8% over the prior year to $23.07 this quarter.

本季我們每個付費用戶的平均直接收入比去年同期成長了 8%，達到 23.07 美元。

Indirect revenue for Q3 grew 43% year over year to $12 million, with the outperformance in our advertising business being driven by strong demand growth.

第三季的間接營收年增 43% 至 1,200 萬美元，強勁的需求成長推動了我們廣告業務的出色表現。

Moving to expenses and profitability, operating expenses, excluding cost of revenue, were $38 million in Q3 of 2024, up 7% year over year.

說到費用和獲利能力，2024 年第三季的營運費用（不包括收入成本）為 3,800 萬美元，較去年同期成長 7%。

Adjusted EBITDA for Q3 2024 was $40 million, equating to a 45% adjusted EBITDA margin versus $33 million a year ago or 46% of revenue.

2024 年第三季調整後 EBITDA 為 4,000 萬美元，調整後 EBITDA 利潤率為 45%，而一年前為 3,300 萬美元，佔營收的 46%。

Turning to our balance sheet.

轉向我們的資產負債表。

We ended the quarter with $39.1 million in cash and cash equivalents.

本季結束時，我們的現金和現金等價物為 3,910 萬美元。

Our gross leverage ratio was 2.1x based on the last 12 months of adjusted EBITDA.

根據過去 12 個月調整後 EBITDA 計算，我們的總槓桿率為 2.1 倍。

In the third quarter, we generated positive free cash flow of $27.9 million, a conversion rate of 69% from our adjusted EBITDA.

第三季度，我們產生了 2,790 萬美元的正自由現金流，調整後 EBITDA 的轉換率為 69%。

As a reminder, our quarterly free cash flow conversion is subject to timing of changes in working capital.

提醒一下，我們的季度自由現金流轉換取決於營運資金變動的時間。

Lastly, I'll recap our revised 2024 outlook that we shared in our letter.

最後，我將回顧我們在信中分享的修訂後的 2024 年展望。

Based on our outperformance year to date, we've raised our revenue guidance for the year.

基於我們今年迄今的優異表現，我們提高了今年的收入指引。

We now anticipate revenue growth of 29% or greater, and we continue to expect adjusted EBITDA margin of 42% or greater.

我們現在預計營收成長 29% 或更高，我們繼續預期調整後 EBITDA 利潤率為 42% 或更高。

Our updated outlook implies relatively consistent revenue on an absolute basis quarter over quarter and the timing of planned Q4 investments.

我們更新的前景意味著季度與季度之間的絕對收入以及計劃的第四季度投資時間相對一致。

Overall, we are pleased with the continued strong growth in our business as we set the stage for 2025.

總體而言，我們對我們的業務持續強勁成長感到高興，因為我們為 2025 年奠定了基礎。

With that, I'll ask the operator to open up the line for questions.

然後，我會要求接線員開通提問線路。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) Nick Jones, Citizens JMP.

（操作員說明）Nick Jones，Citizens JMP。

Great.

偉大的。

As we think about the road map you laid out at the Analyst Day and we kind of consider the performance over the last couple of quarters and in this quarter, are there opportunities to potentially accelerate investment and maybe accelerate those timelines?

當我們思考您在分析師日制定的路線圖時，我們會考慮過去幾季和本季的表現，是否有機會加速投資並可能加快這些時間表？

How should we think about kind of philosophically as kind of ARPPU, ARPU performs, average subscribers kind of increase or paying users accelerated this quarter?

我們該如何從哲學角度思考本季 ARPPU、ARPU 表現、平均訂戶數量的成長或付費用戶的加速成長？

I mean, as you kind of deliver these maybe better-than-expected results, are there opportunities to potentially accelerate timelines?

我的意思是，當你交付這些可能好於預期的結果時，是否有機會加快時間表？

Thanks for the question, Nick, and good to talk to you.

謝謝你的提問，尼克，很高興與你交談。

So obviously, we always want everyone to deliver as much as possible on our team, right?

顯然，我們總是希望團隊中的每個人都能盡可能地交付成果，對吧？

We don't just accept the minimum or the target that we might set.

我們不只是接受我們可能設定的最低限度或目標。

We want to always exceed.

我們希望永遠超越。

That's generally my management philosophy.

這通常是我的管理理念。

We have a plan, and then we have a stretch plan, and the stretch plan is a lot more aggressive than the plan.

我們有一個計劃，然後我們有一個延伸計劃，而延伸計劃比計劃更激進。

We are really happy with where the product map is today as far as the things we've laid out and by which we're working on those.

就我們已經制定的內容以及我們正在進行的工作而言，我們對產品地圖目前的狀況感到非常滿意。

As we discussed in the shareholder letter right now is now in two markets.

正如我們在股東信中討論的那樣，現在有兩個市場。

Roam is now live globally.

Roam 現已在全球推出。

We also have a bunch of the features that are there kind of under add-ons in the works, and we would expect one to two of them to launch next year.

我們還有很多正在開發中的附加功能，我們預計其中一到兩個功能將在明年推出。

And then we're also working on a bunch of things that are not on the public road map that we'll be releasing in the future, which I'm quite excited about.

然後我們還在研究一些不在公共路線圖上的事情，我們將在未來發布這些事情，對此我感到非常興奮。

The Interest tab is an example of that where we didn't talk about it prior to it being launched.

「興趣」選項卡就是一個例子，在它推出之前我們沒有談論它。

But the impact of it has been really positive, both in terms of how the users are perceiving the feature as well as the impact on actual conversion to paying customers.

但它的影響確實是正面的，無論是在用戶如何看待該功能方面，還是在對付費客戶實際轉換的影響方面。

So I think what you will see from us is that we'll be either on track or ahead of schedule on everything we publicly said, and we'll be launching more things beyond that, which we think are important to have.

因此，我認為您將從我們身上看到的是，我們公開表示的所有內容要么步入正軌，要么提前完成，並且我們將推出更多我們認為重要的東西。

In general, my kind of learning about our space is that once people have product market fit on the product, they tend to monetize it really as aggressively as possible and underinvest in building new products.

總的來說，我對我們這個領域的了解是，一旦人們的產品市場適合該產品，他們就會傾向於盡可能積極地將其貨幣化，並且在開發新產品方面投資不足。

And that is one of the reasons why then those products have trouble with users because users get frustrated with the amount of maximization of profitability and not new product development.

這就是這些產品在用戶中遇到麻煩的原因之一，因為用戶對利潤最大化而不是新產品開發感到沮喪。

And so I want to make sure that we do things differently and invest in the product, try to scale the product to a lot of users, make sure users are happy with their experience and then start thinking about how to monetize it.

因此，我想確保我們以不同的方式做事並投資於產品，嘗試將產品擴展到更多用戶，確保用戶對他們的體驗感到滿意，然後開始考慮如何將其貨幣化。

I think that's setting Grindr up for success not just for a year or two but over the longer term.

我認為這讓 Grindr 不僅能在一兩年內取得成功，而且能在更長期內取得成功。

Great.

偉大的。

And then maybe just two kind of quick follow-ups.

然後也許只有兩種快速跟進。

One, I guess, George, what -- as you kind of roll out Right Now, what are kind of the most exciting things you're learning about the product as users start using it that get you excited about the opportunity there?

一，我想，喬治，當你現在推出該產品時，當用戶開始使用該產品時，你了解到的最令人興奮的事情是什麼，讓你對那裡的機會感到興奮？

And then, Vanna, could you maybe speak to some of the new ad formats and monetization within indirect revenue and any progress updates there?

然後，Vanna，您能否談談間接收入中的一些新廣告格式和貨幣化以及任何進展更新？

Thank you.

謝謝。

Sure.

當然。

I'll take the Right Now, and then Vanna will take the ads question.

我將回答“立即”問題，然後瓦納將回答廣告問題。

So Right Now, again, it's for people who are in the Right Now mode and want to try to be able to meet up right now, as the name implies.

所以，“Right Now”，顧名思義，它適合那些處於“Right Now”模式並希望立即見面的人。

It is a pretty broad suite of -- it's a suite of broad features that we need to offer.

這是一套相當廣泛的——這是我們需要提供的一套廣泛的功能。

Not all of them are yet built, right?

還沒全部建成，對嗎？

So some of them are already built, but not all of them are built.

所以有些已經建好了，但還沒全部建好。

What people can do today is, number one, say that they're in the Right Now mode.

人們今天能做的就是，第一，說他們處於「現在」模式。

They can then sort the grid for just people who are in the Right Now mode.

然後，他們可以僅針對處於「立即」模式的人對網格進行排序。

And then there's a chat feature where people can post chat messages that are available openly to everybody, and from there, initiate one-on-one discussions.

然後還有一個聊天功能，人們可以發布可供所有人公開使用的聊天訊息，並從那裡發起一對一的討論。

One of the things we'll be adding to the Right Now experience is being able to send photos in the group chat.

我們將在「Right Now」體驗中新增的功能之一是能夠在群組聊天中發送照片。

That's something that's going to come in the future, and we think it's going to be quite popular with users from everything we can gather.

這是未來將會發生的事情，我們認為它會受到我們所能收集到的所有用戶的歡迎。

Right Now with chat being available and photos not being available, we get a lot of feedback saying we want photos to be added to that as well.

現在，由於聊天可用但照片不可用，我們收到很多回饋說我們也希望將照片添加到其中。

So that should be on the come.

所以這應該會到來。

The things we've seen is as kind of we expected.

我們所看到的事情正如我們所期望的那樣。

Right Now is not for everybody.

現在不適合所有人。

There's a percentage of our users, and I don't think I'm in a position to give a number publicly right now, but not 100% that are using it are using it often.

我們有一定比例的用戶，我認為我現在無法公開給出一個數字，但並不是 100% 的用戶經常使用它。

And that's exactly what we want to see, right?

這正是我們希望看到的，對嗎？

We want to see active engagement from a portion of the user base that we think will benefit from a user experience like this by speaking to their intent and then enabling them to have features that address that intent.

我們希望看到部分用戶群的積極參與，我們認為透過表達他們的意圖，然後使他們能夠擁有滿足該意圖的功能，他們將從這樣的用戶體驗中受益。

And that's been really positive.

這確實是積極的。

The other thing we're tracking is reengagement, meaning it's one thing for people to try product once or an experience once.

我們追蹤的另一件事是重新參與，這意味著人們嘗試一次產品或一次體驗是一回事。

And then do they come back to it again?

然後他們會再回到這個話題嗎？

And we're seeing really good reengagement on Right Now, both in Australia and in the D.C. metro area, where we're running tests.

我們在澳洲和我們正在進行測試的華盛頓都會區都看到了「Right Now」的良好重新參與度。

So I think overall, the learnings so far are pretty good.

所以我認為總的來說，到目前為止所學到的東西都非常好。

We do need to add more features to the suite of Right Now as we had planned on doing, and that's in the works.

正如我們計劃的那樣，我們確實需要在 Right Now 套件中添加更多功能，並且正在努力中。

And then we probably will slowly launch it in a few more markets to kind of parallel test and get user feedback in those as we work on scaling this product through the end of next year.

然後，我們可能會慢慢在更多的市場中推出它，以進行並行測試，並在我們努力在明年年底之前擴展該產品的過程中獲得用戶反饋。

And next year is not going to be focused on monetization with Right Now.

明年的「Right Now」不會專注於貨幣化。

It's going to be very much focused on scaling engagement and getting as much -- as good of a product experience as possible set up for the user.

它將非常專注於擴大參與度並為用戶提供盡可能好的產品體驗。

And then I'll turn it over to Vanna for the last question.

然後我將把最後一個問題交給 Vanna。

Hi, Nick, just to follow up on the ads.

嗨，尼克，我只是來跟進廣告。

So yes, we've had a strong quarter across really all of our business lines, including indirect revenue, which grew at 43% year over year.

所以，是的，我們的所有業務線都表現強勁，包括間接收入，較去年同期成長 43%。

As you know, ads are a differentiator for us because of our robust freemium offering and our ability to really monetize here.

如您所知，廣告對我們來說是一個差異化因素，因為我們提供強大的免費增值服務以及我們真正從中獲利的能力。

We also have fairly nice margins on this because there's really no third-party payments to the App Store or Google.

我們在這方面也有相當不錯的利潤，因為實際上沒有第三方向 App Store 或 Google 付款。

And so when we joined, I'd say the ad business had been a little underinvested both from a tech perspective and from a sales talent perspective.

因此，當我們加入時，我想說，從技術角度和銷售人才角度來看，廣告業務的投資都有點不足。

Both of those have been addressed and are in the process of being addressed.

這兩個問題都已經解決，並且正在解決。

We've opened up more third-party ad partners.

我們開放了更多的第三方廣告合作夥伴。

That demand has been able to be filled by us.

我們已經能夠滿足這項需求。

And we've also enhanced our ad formats.

我們也增強了廣告格式。

And what I mean by that is really native ads.

我的意思是真正的原生廣告。

We're starting to think about rewarded video.

我們開始考慮獎勵影片。

And we're also having more interstitials.

我們也提供了更多插頁式廣告。

And those interstitials are slightly more complicated and therefore drive a little bit higher CPM.

這些插頁式廣告稍微複雜一些，因此每千次曝光費用會更高一些。

So we're still really early in our journey, I'd say, for ads, but we feel pretty confident that we'll be able to continue to show some real returns here.

因此，我想說，對於廣告來說，我們還處於起步階段，但我們非常有信心能夠繼續在這裡展示一些真正的回報。

I mean, even little things like the ordering of what would appear in the ad.

我的意思是，即使是像廣告中出現的順序這樣的小事。

So our order had been set up where a house ad would appear first and then an external ad would appear second, which obviously does not make sense from the perspective of making money on the ad.

所以我們的順序是先展示自家廣告，然後再展示外部廣告，從廣告賺錢的角度來看，這顯然沒有意義。

And so we switched that, which is obviously not a major thing but actually had a very positive impact.

所以我們改變了這一點，這顯然不是一件大事，但實際上產生了非常積極的影響。

So it's just an area where huge opportunity and not a lot of attention has been paid.

因此，這只是一個蘊藏著巨大機會但並未引起太多關注的領域。

And so we did a lot of work last year to set up the business well for this year, and a lot more work is being done this year to move us into a successful growth year for ads into 2025.

因此，我們去年做了很多工作，為今年做好業務準備，今年還將做更多工作，讓我們在 2025 年進入廣告成功成長的一年。

Andrew Marok, Raymond James.

安德魯馬羅克，雷蒙詹姆斯。

You mentioned pricing and merchandising being key contributors to direct revenue growth this quarter.

您提到定價和銷售是本季直接收入成長的關鍵因素。

And I think you touched a little bit on it in your last response, but I just want to be maybe a bit more explicit, I guess.

我認為你在上次的回覆中觸及了一點，但我想我只是想更明確一點。

How are you kind of balancing that move forward in pricing and merchandising versus I think you've mentioned in the past that historically, given an undermonetized service, your user base might be a little bit more sensitive to monetization changes in the early stages as they start to take hold?

您如何平衡定價和銷售方面的進展，而我認為您過去曾提到過，從歷史上看，鑑於服務貨幣化不足，您的用戶群可能對早期階段的貨幣化變化更加敏感，因為它們開始佔據主導地位？

So I guess how are you philosophically balancing that?

所以我想你是如何在哲學上平衡這一點的？

And how much room do you think there still is to run on pricing and merchandising optimizations and improvements?

您認為定價和銷售優化和改進還有多大空間？

Thanks.

謝謝。

Totally.

完全。

So thanks for the question.

謝謝你的提問。

We definitely have a very robust free offering, and that's something that's different about Grindr versus really anybody else in the space.

我們確實提供了非常強大的免費產品，這是 Grindr 與該領域其他任何人的不同之處。

You can use Grindr fully and have very few limitations and never pay for the product.

您可以充分使用 Grindr，幾乎沒有任何限制，而且無需為該產品付費。

That obviously comes with a significant benefit, which is that people join Grindr when they turn 18 as the primary product, and we don't have trouble attracting new users as they kind of mature and become adults.

這顯然帶來了一個顯著的好處，那就是人們在年滿 18 歲時就會加入 Grindr 作為主要產品，而且隨著新用戶的成熟和成人，我們可以毫不費力地吸引他們。

And I think that's going to be important and acknowledging that is crucial.

我認為這很重要，承認這一點至關重要。

One of the things I think you'll learn about this space as you start working in is that free users are just as important as paid users because paid users want to meet with free users.

我認為當你開始工作時，你會了解到這個領域的一件事是，免費用戶與付費用戶一樣重要，因為付費用戶希望與免費用戶見面。

And so having a very robust free user base is crucial.

因此，擁有非常強大的免費用戶群至關重要。

That said, there is always a discussion here around where should the line be between a free user experience and a paid user experience.

也就是說，關於免費用戶體驗和付費用戶體驗之間的界線應該在哪裡，總是存在著討論。

And some of the things that we are tightening, frankly, are things that were -- some people call them back doors, meaning like no one actually planned on them being that way, but they just kind of happened.

坦白說，我們正在加強的一些事情是——有些人稱之為後門，意思是沒有人真正計劃那樣做，但它們就這樣發生了。

And then others are where we're actually having a discussion like, is this value that is being offered so significant that that should be part of our paid tier.

然後我們實際上正在討論其他問題，例如，所提供的價值是否如此重要，以至於應該成為我們付費層級的一部分。

So one of the things we did this year is move -- change how many messages a user -- a free user could send to other users that they found through the Explore feature.

因此，我們今年所做的一件事就是行動——更改用戶——免費用戶可以向他們透過「探索」功能找到的其他用戶發送的訊息數量。

So we have a feature where you can go on a map, put that map in a different location from where you are and see who is on the grid in that particular location.

因此，我們有一個功能，您可以查看地圖，將該地圖放在與您所在位置不同的位置，然後查看該特定位置的網格上有誰。

And that can be either -- I'm in Palo Alto and I can look up people in San Francisco, or I'm in Palo Alto and I can look up people in New York.

這可以是──我在帕洛阿爾托，我可以找舊金山的人，或是我在帕洛阿爾托，我可以找紐約的人。

You can -- if you're not a paying customer, historically, you are allowed to send three messages per day to users through Explore.

您可以 - 如果您不是付費客戶，從歷史上看，您每天可以透過 Explore 向用戶發送三個訊息。

We've now limited that to just one.

我們現在將其限制為只有一個。

And the reason is that we think that that has an incredible amount of value, and we believe that that value should sit with our paid tiers.

原因是我們認為這具有令人難以置信的價值，我們相信該價值應該與我們的付費等級相一致。

And the benefits there were pretty significant.

那裡的好處非常顯著。

And obviously, we did see an improvement in conversion from that change.

顯然，我們確實看到了這項變化所帶來的轉換率的提高。

So we believe there is a fairly long list of things we can do that are like that, that result in the value in paid tiers increasing while maintaining a really robust free product offering.

因此，我們相信我們可以做一長串類似的事情，這些事情可以增加付費等級的價值，同時保持真正強大的免費產品供應。

At the same time, we do continuously invest in making the free user experience a lot better.

同時，我們不斷投資以改善免費用戶體驗。

Building the Interest tab is not limited to paying users.

建立「興趣」選項卡不僅限於付費用戶。

That's something that free users have as well.

這也是免費用戶所擁有的。

And we've seen a really significant jump in Viewed Me, right?

我們已經看到「查看我」的數量有了真正顯著的躍升，對吧？

It's a feature that existed, but by changing where it's located and how users engage with it, we saw a big jump in usage, which is fantastic.

這是一個已經存在的功能，但透過改變它的位置以及用戶使用它的方式，我們看到了使用量的大幅躍升，這真是太棒了。

Us moving to a different chat architecture, obviously, was something that was offered to everybody, and that significantly improved the user experience as well.

顯然，我們轉向不同的聊天架構是向每個人提供的，這也顯著改善了使用者體驗。

Us addressing bugs in the product obviously solves everyone's problems and makes the free user experience a lot better.

我們解決產品中的錯誤顯然可以解決每個人的問題，並使免費用戶體驗更好。

And there's a lot of stuff on the road map, both things that we publicly talked about and things that we are working on that will be -- going to come in the future that we've not discussed that is built in a way that free users can enjoy as well.

路線圖上有很多東西，包括我們公開討論過的事情以及我們正在努力的事情，這些事情將在我們尚未討論過的未來以免費的方式建立用戶也可以享受。

That's really important, I think, to me.

我認為這對我來說非常重要。

It's really important to the product team that the free experience remain very, very robust.

對於產品團隊來說，保持免費體驗非常非常強大非常重要。

But we do think there are ways in which we can deliberately think about should a specific feature set or a value that exists in the product sit on the paid side and shifting those make sense, and we think there's plenty more opportunity there for us to continue doing that.

但我們確實認為，我們可以透過一些方式來仔細考慮產品中存在的特定功能集或價值是否屬於付費方面，並且改變這些是有意義的，而且我們認為還有更多的機會讓我們繼續下去。

We're not going to be super aggressive with it.

我們不會對此過於激進。

And we're going to do it in a very thoughtful manner.

我們將以非常深思熟慮的方式來做這件事。

I guess I'll add one last thing.

我想我會添加最後一件事。

This is something that people who look at Reddit know.

這是看過 Reddit 的人都知道的事。

We did experiment with changing how Taps worked in the product where you could only see Taps from a certain number of hours, and otherwise, you'd have to be a paying customer.

我們確實嘗試過改變 Taps 在產品中的工作方式，您只能在一定的小時內看到 Taps，否則，您必須是付費客戶。

And that's an area where we did run a test.

我們確實在這方面進行了測試。

And then we decided that at this time, it did not make sense to make that change, and we rolled it back and did not go global with it, right?

然後我們決定，在這個時候，做出這樣的改變是沒有意義的，我們將其回滾，並且沒有將其推向全球，對嗎？

So there will be things that we will test in terms of changing the line between free and paid that we might not decide to pursue fully based on the testing that we've run.

因此，我們將在改變免費和付費之間的界限方面進行測試，但根據我們已經進行的測試，我們可能不會決定完全追求這些東西。

Just one last thing to add, Andrew, and that is -- oh, just one last thing to add, Andrew, and that would be a simple merchandising change of suggesting if you saw an ad and if you wanted to get a no ads upsell.

最後要補充的一件事，安德魯，那就是 - 哦，最後要補充的一件事，安德魯，這將是一個簡單的商品更改，建議您是否看到廣告以及是否想要獲得無廣告追加銷售。

We saw nice conversion into XTRA weekly just with that simple pop-up message.

我們看到每週都透過這個簡單的彈出訊息很好地轉換為 XTRA。

Thank you for all the color there.

謝謝你提供的所有顏色。

Really thorough.

真的很徹底。

And then just maybe a very, very quick one.

然後可能會非常非常快。

There was a competitor out today who had noticed some changes or potential disruptions in App Store rankings around what they believe to be the iOS 18 launch.

今天有一位競爭對手注意到 App Store 排名因他們認為的 iOS 18 發布而發生了一些變化或潛在的干擾。

Is that anything that you had seen?

這是你所看到的嗎？

Or any evidence that the new iOS may have thrown a wrench into things?

或者有什麼證據表明新的 iOS 可能會給事情帶來麻煩嗎？

I don't have anything to add to that yet.

我還沒有什麼要補充的。

Obviously, we do track our ratings quite closely, but with the new iOS launching, we've not noticed anything.

顯然，我們確實非常密切地追蹤我們的評分，但隨著新 iOS 的發布，我們沒有註意到任何事情。

Yeah, we saw that in a transcript as well, and it didn't bubble up to us, but we'll definitely take another look.

是的，我們也在文字記錄中看到了這一點，但我們並沒有想到，但我們肯定會再看一眼。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

A couple of questions.

有幾個問題。

First, on the weekly Unlimited tier, do you see that driving higher payer conversion?

首先，在每週的無限級別上，您是否認為這會推動更高的付款人轉換率？

Or is it more so driving existing payers to switch to the tier?

還是更能促使現有付款人轉向該級別？

Or is it a mix of both?

還是兩者的混合？

And then I have two follow-ups.

然後我有兩個後續行動。

Sure.

當然。

Thanks for the question.

謝謝你的提問。

We have seen conversion rates continuing to increase, and we do track cannibalization very closely.

我們看到轉換率持續上升，並且我們確實非常密切地追蹤蠶食情況。

And so what I think you're asking is how was the cannibalization as you brought out this new duration for Unlimited weekly.

因此，我認為您要問的是，當您為每週無限推出新的持續時間時，蠶食情況如何。

And I would suggest that we were pleasantly surprised that the cannibalization was very low.

我想說的是，我們對蠶食率非常低感到驚訝。

And so it is helping drive conversion rates.

因此，它有助於提高轉換率。

Okay.

好的。

That's helpful.

這很有幫助。

And George kind of just touched on this a little bit, but the top of the funnel, user growth remained pretty strong, up 8%.

喬治只是稍微談到了這一點，但在漏斗頂部，用戶成長仍然相當強勁，成長了 8%。

Just kind of clicking back on some of the key drivers of that sustained MAU growth and then any geos that stood out in terms of the MAU growth.

只要回顧一下每月活躍用戶持續成長的一些關鍵驅動因素，然後再回顧一下每月活躍用戶成長方面表現突出的任何地理位置。

And then the final question for me is -- and you mentioned it kind of in the release, is addressing the technical debt.

對我來說最後一個問題是──你在新聞稿中提到過，是解決技術債。

And just if you can just talk where Grindr is in terms of addressing that technical debt that accrued from prior management teams and kind of how much has the team -- the current team achieved in fixing the technical infrastructure.

如果您能談談 Grindr 在解決先前管理團隊累積的技術債方面處於什麼位置，以及該團隊（目前團隊）在修復技術基礎設施方面取得了多少成果。

I'll start with MAU.

我將從 MAU 開始。

And so from a MAU perspective, as you noted, yes, we are at 8% growth and that we're happy with that number.

因此，從 MAU 的角度來看，正如您所指出的，是的，我們的成長率為 8%，我們對這個數字感到滿意。

A couple of things that are working in our favor.

有幾件事對我們有利。

And one of them is the -- from the macro level, we continue to see more and more countries being more open.

其中之一是——從宏觀層面來看，我們繼續看到越來越多的國家變得更加開放。

At a micro level, we see more and more people identifying as fluid.

在微觀層面上，我們看到越來越多的人認為自己是流動的。

And so that's helpful as well.

所以這也很有幫助。

We're actually happy with a couple of things with respect to focusing on a great user experience.

事實上，我們對專注於出色的用戶體驗方面的一些事情感到滿意。

And so that focusing on a great user experience helps keep people in the app, bring people in the app.

因此，專注於出色的用戶體驗有助於讓人們留在應用程式中，吸引人們使用應用程式。

And so I would suggest that the bug fixes, for instance, are a great user experience and therefore helping our MAU.

因此，我建議，例如，錯誤修復可以提供良好的用戶體驗，從而對我們的每月活躍用戶有所幫助。

Secondly, I'd like to just mention that all the features on our product road map also help bring people in and keep our MAU at good numbers.

其次，我想提一下，我們產品路線圖上的所有功能也有助於吸引人們並保持我們良好的每月活躍用戶數。

And so all those things are working in our favor for MAU growth.

因此，所有這些因素都對我們的每月活躍用戶成長有利。

Yeah.

是的。

I think one thing I'll add on MAU is we do know that there are users kind of on a mid-stage of their lives and later that might have had a Grindr account, might still have a Grindr account but don't use Grindr as much as they used to.

我想我要在 MAU 上補充的一件事是，我們確實知道有些用戶正處於人生的中期階段，後來可能擁有 Grindr 帳戶，可能仍然擁有 Grindr 帳戶但不使用 Grindr和以前一樣。

One of the reasons is that they want to -- they move into a stage of they want to settle down and find a long-term partner.

原因之一是他們想要——他們進入了想要安定下來並找到長期合作夥伴的階段。

And the fact that we don't have a lot of the features for long-term relationships make them less excited by using Grindr for that purpose even though we also know that Grindr is the primary way in which people find long-term partners in the gay community around the world.

事實上，我們沒有很多用於長期關係的功能，這使得他們對使用 Grindr 達到此目的不太感興趣，儘管我們也知道 Grindr 是人們在行業中尋找長期合作夥伴的主要方式。 。

And so we do believe that there is a way to better engage those users as we build the relationship use case, which obviously is something that we are working on, and that's on our product road map.

因此，我們確實相信，在建立關係用例時，有一種方法可以更好地吸引這些用戶，這顯然是我們正在努力的事情，並且在我們的產品路線圖上。

So I think while that's not being built with the idea that, hey, it's going to help MAU, we think that inevitably, it will have an impact on MAU as well because of the ability to reengage that kind of older cohort.

因此，我認為，雖然這並不是為了幫助 MAU，但我們認為，它不可避免地也會對 MAU 產生影響，因為它能夠重新吸引這類較老的群體。

And when I use older, I do that a little bit in like my age cohort.

當我使用老年人時，我會像我的同齡人那樣做。

So it's not necessarily very old but older versus what you'd expect on a product like us.

因此，它不一定很舊，但比您對我們這樣的產品所期望的更舊。

And then with regards to technical debt, Grindr is a product that's been around for a long time now.

然後就技術債而言，Grindr 是一款已經存在很長時間的產品。

It's going to be turning 16 years old in March.

今年三月就將滿16歲了。

And while that in the totality of years that's not very long, in the world of mobile technology, that's actually a very long time, right, because the mobile transition only happened in the last 20 years.

雖然這幾年的時間不算長，但在行動科技領域，這其實是一個很長的時間，對吧，因為行動轉型只發生在過去 20 年。

And so at the foundation, Grindr was built with technology that made a lot of sense to use when it was built, but it's not necessarily how you build technology today.

因此，在基礎上，Grindr 所採用的技術在建構時具有很大的使用意義，但這不一定是您今天建立技術的方式。

We have done a lot of work over the last really four-plus years, right, since 2020 to address the technical debt that was inherited.

自 2020 年以來的四年多時間裡，我們做了很多工作來解決繼承的技術債。

For example, on the back end, the technology that underlines the product today is fundamentally different from what was there when the folks who bought Grindr out from Chinese ownership and remain a very large shareholder today kind of completed that purchase.

例如，在後端，今天強調該產品的技術與那些從中國所有權中收購 Grindr 並在今天仍然是一個非常大的股東的人完成收購時的技術有根本的不同。

And so that's in a really strong place.

所以這是一個非常強大的地方。

Moving to new architecture was another really big transition that we needed to make.

轉向新的架構是我們需要做出的另一個非常大的轉變。

In the mobile code base, right, so this is the Android and iOS code base, there are still things that if you were building the app from scratch today, you would do differently.

在行動程式碼庫中，對吧，這是 Android 和 iOS 程式碼庫，如果您今天從頭開始建立應用程序，仍然會做一些不同的事情。

And that causes challenges because, for example, the architecture is much more monolithic in nature.

這會帶來挑戰，因為該架構本質上更加單一。

And so sometimes you're working on a new feature in one part of the code base, and you run tests related to that part of the code base based on that new feature and you don't find any bugs.

因此，有時您正在程式碼庫的一部分中開發一項新功能，並且您基於該新功能執行與該部分程式碼庫相關的測試，但沒有發現任何錯誤。

But then you discover after you release the feature that it's impacting something in a totally different part of the code base and causing a bug, right?

但是，在發布該功能後，您會發現它會影響程式碼庫中完全不同部分的某些內容並導致錯誤，對嗎？

And modern apps like ones built recently wouldn't be built that way, and so you wouldn't have that kind of a bug situation.

現代應用程式（例如最近構建的應用程式）不會以這種方式構建，因此不會出現這種錯誤情況。

So we are working through that.

所以我們正在努力解決這個問題。

And the decision that was made four years ago, and I think it's the right decision, was to say that we will address these changes in the code base as we work through them, meaning as we make changes and add features, we then also rewrite parts of the code base for mobile.

四年前做出的決定，我認為這是正確的決定，就是說我們將在處理程式碼庫時解決這些變化，這意味著當我們進行更改和添加功能時，我們也會重寫移動程式碼庫的一部分。

And so that will kind of come along on its own and will take some time.

因此，這會自行出現，並且需要一些時間。

We did have a lot of bugs in the product that kind of had been accumulated over time.

我們的產品確實存在著許多隨著時間的推移而累積的錯誤。

And what we did is run a two-week bug bash.

我們所做的就是舉辦為期兩週的 bug bash。

As a technology builder, I actually don't love that because bugs should be bashed all the time.

作為一名技術建構者，我實際上不喜歡這樣，因為錯誤應該一直被打擊。

But there had been this accumulation of bugs.

但錯誤已經不斷累積。

And so I felt like it made sense to stop product development for two weeks and just work on bugs.

因此，我覺得停止產品開發兩週並只處理錯誤是有意義的。

As you can imagine, it's a pretty expensive process when you have 80-plus people working just on a bug bash.

正如您可以想像的那樣，當您有 80 多人致力於 bug bash 時，這是一個相當昂貴的過程。

But the results were really positive.

但結果確實是正面的。

We bashed more than 75% of all the bugs out there.

我們解決了超過 75% 的錯誤。

And that, I think, will have a very direct and positive impact on the user experience in the product.

我認為這將對產品的使用者體驗產生非常直接和正面的影響。

And so I think it was very much worth doing and, frankly, speaks to the commitment that we have in ensuring that the product is of very high quality and also that we need to build product with an eye towards having high quality, right?

所以我認為這是非常值得做的，坦白說，這體現了我們在確保產品具有非常高的品質方面的承諾，而且我們需要著眼於高品質來建立產品，對嗎？

We should not ship things that are potentially problematic and cause more bugs.

我們不應該發布可能存在問題並導致更多錯誤的東西。

And so I think having that bug bash was a very positive thing for us.

所以我認為 bug 重擊對我們來說是一件非常正面的事情。

And we'll continue investing in ensuring that the product is of a high quality as time goes on.

隨著時間的推移，我們將繼續投資以確保產品的高品質。

And we have reached the end of our question-and-answer session.

我們的問答環節已經結束。

This concludes today's conference call.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。