Grindr Inc (GRND) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Grindr's third quarter 2025 earnings call. My name is Janine, and I will be your lead operator for today. (Operator Instructions) I would now like to turn the call over to Tolu Adeofe, Grindr's Head of Investor Relations. Please go ahead.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Grindr 2025 年第三季財報電話會議。我叫珍妮，今天我將擔任你們的首席操作員。（操作員指示）現在我將把電話交給 Grindr 的投資者關係主管 Tolu Adeofe。請繼續。

Thank you, moderator. Hello, and welcome to the Grindr earnings call for the third quarter 2025. Today's call will be led by Grindr's CEO, George Arison; and CFO, John North. They will make a few brief remarks, and then we'll open it up for questions. 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.

謝謝主持人。大家好，歡迎參加 Grindr 2025 年第三季財報電話會議。今天的電話會議將由 Grindr 的執行長 George Arison 和財務長 John North 主持。他們會做簡短的發言，然後我們會開放提問環節。請注意，Grindr 於今天下午發布了致股東信，該信函可在 SEC 網站和 Grindr 的投資者頁面 investors.grindr.com 上查閱。

Before we begin, I will remind everyone that during this call, we may discuss our outlook, future performance and future prospects. You should not rely on forward-looking statements as predictions of future events.

在開始之前，我要提醒大家，在本次電話會議中，我們可能會討論我們的展望、未來業績和未來前景。您不應將前瞻性陳述作為對未來事件的預測。

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

這些前瞻性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 the risks that could cause our actual results to differ from views expressed in our forward-looking statements have been set forth in our earnings release and our periodic reports filed with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024, or any subsequently filed quarterly reports.

可能導致我們的實際業績與前瞻性聲明中表達的觀點存在差異的一些風險已在我們的盈利報告和向美國證券交易委員會提交的定期報告中列出，包括截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告，或任何隨後提交的季度報告。

During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding non-GAAP measures, including a reconciliation of these non-GAAP financial measures to their most closely comparable GAAP financial 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.

在今天的電話會議上，我們還將介紹 GAAP 和非 GAAP 財務指標。有關非 GAAP 指標的更多披露信息，包括這些非 GAAP 財務指標與其最接近的可比 GAAP 財務指標的調節表，已包含在我們今天發布的盈利報告中，該報告已發佈在 Grindr 網站的投資者關係頁面以及 Grindr 向美國證券交易委員會提交的文件中。

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

這樣，我就把麥克風交給喬治了。

Thanks, Tolu, and hello, everyone. The Grindr team delivered another awesome quarter with revenue up 30% year-over-year and adjusted EBITDA margin of 47%. The results put us in a great position as we finish the year. Today, we are increasing our expectation for full year 2025 adjusted EBITDA to a range of between $191 million and $193 million, implying a margin of greater than 43%, and we are reaffirming our revenue growth outlook of 26% or greater.

謝謝托盧，大家好。Grindr 團隊又取得了令人矚目的季度業績，營收年增 30%，調整後 EBITDA 利潤率為 47%。這些結果讓我們在年底之際處於非常有利的地位。今天，我們將 2025 年全年調整後 EBITDA 的預期提高到 1.91 億美元至 1.93 億美元之間，這意味著利潤率超過 43%，同時我們重申了 26% 或更高的營收成長預期。

Our new CFO, John North, will walk you through the results in a moment. We're thrilled to have him join Grindr. He's led high-performing finance teams at Fortune 500 and S&P 500 companies and served as a public company CEO. He's already become an invaluable partner to as we execute on our long-term vision.

我們的新任財務長約翰·諾斯稍後將為大家詳細介紹業績。我們非常高興他能加入 Grindr。他曾領導財富 500 強和標準普爾 500 強公司的高績效財務團隊，並擔任上市公司執行長。在執行我們的長期願景的過程中，他已經成為我們不可或缺的合作夥伴。

Over the past 3 years, we focused on expanding Grindr's product service area, delivering more capabilities and high-quality experiences for free and paid users alike.

過去三年，我們專注於拓展 Grindr 的產品服務領域，為免費用戶和付費用戶提供更多功能和高品質的體驗。

On Page 4 in my shareholder letter, you will see a chart showing that our product expansion has been tremendous, creating enormous value for users and driving higher conversion, more revenue capture and an increased revenue per pair.

在我的股東信第 4 頁，您將看到一張圖表，顯示我們的產品擴張非常成功，為用戶創造了巨大的價值，並推動了更高的轉換率、更多的收入獲取以及每雙鞋收入的增加。

Grindr now offers a richer, more effective experience powered by strong technology and a broader feature set. Users endure products like Albums, Boost, Travel Boost, Viewed Me and Right Now. Through Gen AI, we are giving users access to powerful features like chat summary, discovery and profile recommendations.

Grindr 現在憑藉著強大的技術和更廣泛的功能集，提供更豐富、更有效的體驗。用戶會遇到諸如 Albums、Boost、Travel Boost、Viewed Me 和 Right Now 之類的產品。透過 Gen AI，我們為用戶提供強大的功能，例如聊天摘要、發現和個人資料推薦。

All in, we've made the Grindr app more magical, dynamic and rewarding than it was just a few years ago, and we're only getting started. Expanding both our product surface area and the value we've created for paying users has put us in a strong position to test subscription price changes for the first time since 2018.

總而言之，我們讓 Grindr 應用比幾年前更具魅力、更充滿活力、更有價值，而這只是個開始。擴大產品覆蓋範圍並提升我們為付費用戶創造的價值，使我們自 2018 年以來首次處於有利地位，可以測試訂閱價格的變化。

We asked new subscribers in a large set of test markets to pay slightly more and experienced a de minimis impact on our paying user base with retention exceeding even our most optimistic projections. We're deeply grateful for our paying users' vote of confidence in our direction, demonstrated by their willingness to invest more for the new value and capabilities we've built.

我們要求大量測試市場的新用戶支付略高的費用，結果發現這對我們的付費用戶群影響甚微，用戶留存率甚至超過了我們最樂觀的預期。我們衷心感謝付費用戶對我們發展方向的信任，他們願意為我們創造的新價值和新功能投入更多資金，這充分體現了他們的信任。

Over the next few months, we'll continue gathering data and prepare for a global rollout early next year.

接下來的幾個月裡，我們將繼續收集數據，為明年初的全球推廣做好準備。

Concurrently, in one country, we've begun offer testing a new AI-powered premium tier designed for power users for one of the most advanced and magical experiences. Think of it as a flagship first-class cabin of Grindr with features that simply weren't possible two or three years ago before Gen AI. This tier targets a smaller segment interested in higher-value products, offering distinctive user benefits and a meaningful revenue opportunity beginning in late 2026 and accelerating in 2027.

同時，在一個國家，我們已經開始測試一種新的人工智慧驅動的高級套餐，該套餐專為高級用戶設計，旨在提供最先進、最神奇的體驗之一。可以把它想像成 Grindr 的旗艦頭等艙，它擁有兩三年前人工智慧時代之前根本不可能實現的各種功能。此層級針對的是對高價值產品感興趣的較小細分市場，提供獨特的用戶利益和有意義的收入機會，從 2026 年底開始，並在 2027 年加速成長。

Our rich, free experience remains central to Grindr's power, fuelling the unmatched scale and vitality of our network. Capturing revenue through exceptional value-added features enable us to continue bolstering an already rich, free experience and to maintain the open conversational architecture that makes Grindr unique among any gay or straight platform that will always remain our top priority.

我們豐富、免費的體驗仍然是 Grindr 力量的核心，推動著我們網路無與倫比的規模和活力。透過卓越的增值功能獲取收入，使我們能夠繼續加強已經非常豐富的免費體驗，並保持開放的對話架構，這使得 Grindr 在任何同性戀或異性戀平台中都獨樹一幟，而這始終是我們的首要任務。

A defining strength of Grindr is its ability to renew itself with new users. Every year, Gay and bi men all over the world join as they become adults. Grindr is often the first place they learn about the engage, explore gay culture and find all types of connections from casual dates and hookups to love, to workout mates to friendships.

Grindr 的一個顯著優勢在於它能夠持續吸引新用戶，實現自我更新。每年，世界各地的男同性戀和雙性戀男性在成年後都會加入這個組織。Grindr 通常是他們了解、探索同性戀文化並找到各種關係（從隨意約會和一夜情到愛情，從健身夥伴到友誼）的第一個地方。

This generational influx keeps the platform vibrant, relevant and ever growing with younger cohorts driving engagement across the network and older ones driving monetization.

這種世代更迭使該平台保持活力、相關性和不斷發展，年輕群體推動了整個網路的參與度，而年長群體則推動了盈利。

To help illustrate this characteristic, which is very unique to our platform, we've included a onetime demographic disclosure with our shareholder letter. It highlights why Grindr's strong, consistent engagement, especially among users aged 18 to 29, who make up a majority of our global user base, positions us for durable long-term growth.

為了更好地說明我們平台的這一獨特特性，我們在致股東信中附上了一次性的人口統計資訊揭露。這凸顯了 Grindr 強大的、持續的用戶參與度，尤其是在 18 至 29 歲的用戶群體中（他們占我們全球用戶群的大多數），這使我們能夠實現持久的長期成長。

We recognize that many of our investors are Grindr users and hope these insights make our user dynamics and community more tangible to you.

我們了解到，我們的許多投資人都是 Grindr 用戶，希望這些見解能讓您更真實地感受到我們的用戶動態和社群氛圍。

Overall, the products and business are performing exceptionally well, and the team remains laser-focused on delivering more value and more success to our users every day.

整體而言，產品和業務表現都非常出色，團隊始終專注於每天為用戶帶來更多價值和更大成功。

Before I wrap up, I'm sure everyone has seen the filings from two of our large shareholders, Ray Zage and James Lu proposing to take Grindr private. The Board has formed a special committee of independent disinterested directors to evaluate the proposal.

在結束之前，我相信大家都已經看到了我們兩位大股東 Ray Zage 和 James Lu 提交的將 Grindr 私有化的申請文件。董事會已成立一個由獨立董事組成的特別委員會來評估該提案。

The committee is working with its own independent financial and legal advisers. From the company standpoint, that process will run its course. Our team remains unwavering focused on execution.

委員會正在與獨立的財務和法律顧問合作。從公司的角度來看，這個過程將會按部就班地進行下去。我們的團隊始終堅定不移地專注於執行。

We are fortunate to work every day on things we love that bring happiness to millions of people and make a world that is more free, equal and just. Grindr has enormous potential to create value while continuing to deliver a product of deep importance to its users, and our job is to keep driving towards that.

我們很幸運，每天都能從事自己熱愛的工作，為數百萬人帶來幸福，並創造一個更自由、平等和公正的世界。Grindr 擁有巨大的潛力去創造價值，同時繼續提供使用者非常重要的產品，而我們的工作就是繼續朝著這個方向努力。

That's all we'll say on this matter at this time, and we won't be taking any questions about it on today's call. Thank you to the Grindr team for delivering outstanding results we are reporting today. We're proud of what we've achieved, excited for a strong finish to the year, setting the stage for another standout year in 2026. Now here's John to cover the results.

目前關於此事我們只能說這麼多，今天的電話會議上我們也不會回答任何相關問題。感謝 Grindr 團隊的卓越成果，我們今天將向大家報告這些成果。我們為所取得的成就感到自豪，對今年取得佳績充滿期待，並為2026年再創佳績奠定基礎。現在請約翰來報道結果。

Thank you, George, and it's great to be here with all of you. I look forward to meeting many of you in the near future. I'm excited to be a part of Grindr and what the incredibly talented team is building. I've known and respected George for a long time, and the Grindr business model is among the most powerful I've ever seen.

謝謝你，喬治，很高興能和大家在一起。我期待在不久的將來與你們中的許多人見面。我很興奮能成為 Grindr 的一份子，並參與這支才華洋溢的團隊正在打造的事業。我認識喬治很久了，也很尊重他，而且 Grindr 的商業模式是我見過的最強大的模式之一。

I see my role as further strengthening the finance organization, expanding our capital markets relationships and ensuring the company scales efficiently and profitably as we deliver on our vision.

我認為我的職責是進一步加強財務組織，拓展我們在資本市場的關係，並確保公司在實現願景的過程中高效盈利地擴大規模。

As George highlighted, we had a phenomenal Q3. Total revenue was up 30% year-over-year to $116 million. Adjusted EBITDA of $55 million was up 37% year-over-year, resulting in 2 points of margin improvement to 47%, a record for Grindr.

正如喬治所強調的，我們第三季的業績非常出色。總營收年增 30%，達到 1.16 億美元。經過調整後的 EBITDA 為 5,500 萬美元，年成長 37%，利潤率提高 2 個百分點至 47%，創下 Grindr 的歷史新高。

Our direct revenue grew 25% year-over-year, while indirect revenue was up 56%. Our ads business was the primary driver of outperformance in the quarter as we saw strong results from international third-party advertising partners.

我們的直接收入年增 25%，間接收入年增 56%。本季度，我們的廣告業務是業績超預期的主要驅動力，因為我們從國際第三方廣告合作夥伴那裡獲得了強勁的業績。

In the core app, revenue growth was driven by our strength in our unlimited tier, which this year saw the introduction of additional duration options and feature updates alongside the ongoing success of our weeklies product across subscription tiers.

在核心應用中，營收成長主要得益於我們無限量套餐的優勢，今年我們推出了更多時長選項和功能更新，同時我們的周套餐產品在各個訂閱級別中也持續取得成功。

Our user KPIs were strong with an average of 1.3 million paying users in the quarter for an improved penetration rate of 8.6%.

本季我們的用戶 KPI 表現強勁，平均付費用戶數為 130 萬，滲透率提高至 8.6%。

Average MAU totalled $15.1 million and ARPU was $24.70. Our adjusted EBITDA margin performance reflected the strong flow-through of our revenue outperformance to the bottom line as well as higher capitalized product development costs.

平均每月活躍用戶數為 1,510 萬美元，平均每位用戶收入為 24.70 美元。我們調整後的 EBITDA 利潤率反映了營收超預期對淨利潤的強勁推動作用，以及更高的資本化產品開發成本。

Operating expenses, excluding cost of revenue, were up 9% year-over-year, largely related to people costs as we execute on our innovation road map, including our AI initiatives. Grindr's net income for Q3 was $31 million or $0.16 per diluted share compared with $25 million or $0.09 per share a year ago. We generated approximately $51 million in free cash flow in the third quarter.

不包括營業成本在內的營運費用年增 9%，這主要與我們在執行創新路線圖（包括人工智慧計畫）過程中的人員成本有關。Grindr 第三季淨收入為 3,100 萬美元，即每股攤薄收益 0.16 美元，去年同期為 2,500 萬美元，即每股收益 0.09 美元。第三季我們產生了約 5,100 萬美元的自由現金流。

Year-to-date, we've repurchased 25.1 million shares of our common stock for approximately $450 million, leaving us with $50 million remaining under our current authorization as of September 30. Our Board regularly reviews capital allocation plans, including options for returning excess cash.

今年迄今為止，我們已回購了 2,510 萬股普通股，耗資約 4.5 億美元，截至 9 月 30 日，我們目前的授權額度還剩下 5,000 萬美元。我們的董事會定期審查資本配置計劃，包括返還多餘現金的方案。

Turning now to our guidance. Our strong Q3 results give us increased confidence in our 2025 outlook. And as George mentioned, we now expect our full year 2025 adjusted EBITDA will be between $191 million and $193 million, implying a margin greater than 43%, and we are reaffirming our revenue growth outlook of 26% or greater.

現在請參考我們的指導意見。第三季強勁的業績讓我們對2025年的前景更有信心。正如喬治所提到的，我們現在預計 2025 年全年調整後 EBITDA 將在 1.91 億美元至 1.93 億美元之間，這意味著利潤率將超過 43%，我們重申 26% 或更高的收入成長預期。

As I noted in the P&L review, our 30% total revenue growth in Q3 was largely driven by outperformance in our ads business, which we do not expect to repeat in Q4. Recall that in our 2024 fourth quarter, we benefited from a large onetime brand campaign.

正如我在損益表中指出的那樣，我們第三季 30% 的總收入成長主要得益於廣告業務的出色表現，我們預計第四季不會重現這一成長。回想一下，在 2024 年第四季度，我們受惠於一項大型的一次性品牌推廣活動。

In conclusion, Q3 was a very strong quarter that reinforces Grindr's powerful business model. We're in a great position to deliver on our annual guidance, which we increased earlier this year and are revising upward today. And with that, we'll open the call up for some questions.

總之，第三季業績表現非常強勁，進一步鞏固了 Grindr 強大的商業模式。我們目前處於非常有利的位置，能夠實現年度業績預期。我們今年稍早提高了業績預期，今天再次向上修正。接下來，我們將開放提問環節。

(Operator Instructions) Andrew Marok, Raymond James.

（操作說明）Andrew Marok，Raymond James。

Thank you for taking my questions. I wanted to talk quickly on pricing first. So I think you've mentioned in the past and your payer conversion rate kind of points to this that given that Grindr had a little bit farther to go in terms of product breadth that getting users to pay at all was one of the biggest milestones that you would make as a user. So I guess in light of that, how do you balance that philosophy of raising prices versus getting people to pay at all? Like is the increased price a potential higher barrier to make that first purchase?

謝謝您回答我的問題。我想先簡單談談價格問題。所以我覺得你之前提到過，而且你的付費用戶轉換率也表明，考慮到 Grindr 在產品廣度方面還有很長的路要走，讓用戶付費是作為用戶所能取得的最大里程碑之一。所以我想，有鑑於此，你如何平衡提高價格和讓人們付費之間的這種理念？價格上漲是否會成為首次購買的潛在障礙？

Hi, Andrew, good to talk to you. We are obviously excited for users to pay if they've not paid before, but we also believe it's important for users who are getting a lot more product in the paid tiers and a lot more value to pay a little bit more for that value.

你好，安德魯，很高興和你聊天。我們當然歡迎以前沒付費的用戶付費，但我們也認為，付費用戶能獲得更多產品和更多價值，因此為這些價值多付一點錢也很重要。

And the price changes are, I think, fairly minor in the large scheme of things, given the amount of value that we've added to the product. We have seen significant growth in our number of paying users. The change over the last 3 years has been pretty significant.

我認為，考慮到我們為產品增加的價值，價格的變動在大局上是相當小的。我們的付費用戶數量實現了顯著成長。過去三年發生的變化相當顯著。

As you know, I think we went from something like 6.5% to 8.5%. And that, I think, speaks for a lot, especially given that MAU has also grown dramatically in that time period.

如你所知，我認為我們當時的比例從 6.5% 上升到了 8.5%。我認為這說明了許多問題，尤其是考慮到同期月活躍用戶數也大幅成長。

And secondly, we want to maintain a very robust free offering. I think one of the things you'll see in the shareholder letter in the disclosure that younger users who constitute a vast majority of our user base worldwide and nearly a majority of our user base in the United States and the UK tend to pay at a much lower rate than slightly older users.

其次，我們希望維持非常強大的免費服務。我認為，在股東信的揭露部分，你會看到，年輕用戶（他們占我們全球用戶群的絕大多數，在美國和英國也幾乎占我們用戶群的大多數）的付費率往往比年齡稍大的用戶低得多。

So on Page 8 of the letter, you'll see that 18- to 22-year-olds have the lowest penetration and then that kind of increases dramatically as they go to 30, 39 or 40, 40, 49, et cetera. And so we kind of have a two parted strategy, right?

所以在信的第 8 頁，你會看到 18 至 22 歲人群的滲透率最低，然後隨著年齡增長，滲透率急劇上升，達到 30 歲、39 歲或 40 歲、49 歲等等。所以，我們採取的策略其實是兩步驟走，對吧？

On the one hand, we want as many young users coming into the product and having a really awesome experience through a very robust free offering where they can use all the features that we offer, including being able to talk to anybody for free with no limits. We're the only product of our kind that has that, whether gay or straight.

一方面，我們希望盡可能多的年輕用戶能夠使用我們的產品，並透過我們強大的免費服務獲得非常棒的體驗，他們可以使用我們提供的所有功能，包括可以無限制地與任何人免費交談。我們是同類產品中唯一擁有這種特性的，無論是同性戀或異性戀。

And then from there, we want people to be able to pay for the value-added services that we offer them. And what we are learning is that people who -- as they age and get older, they end up getting more value from the features that we offer in paid tiers, and they're willing to pay for those.

然後，我們希望人們能夠為我們提供的增值服務付費。我們了解到，隨著年齡的增長，人們最終會從我們付費層級提供的功能中獲得更多價值，他們也願意為這些功能付費。

What we've seen in our price testing as prices have changed is that we have had very little to de minimis change in our conversion rates when you compare new prices versus old, which is really great and it speaks to the fact that people value the products they're getting in those paid tiers.

我們在價格測試中發現，隨著價格的變化，新舊價格相比，轉換率幾乎沒有變化，這非常好，也說明人們重視他們在付費層級中獲得的產品。

And then a couple of more things on that. Number one is we do monetize our free users through ads. Obviously, we had a significant increase in our ad revenue over the last three years as well, and we continue to do very well there.

關於這一點，還有幾點需要補充。第一，我們確實透過廣告向免費用戶獲利。顯然，過去三年我們的廣告收入也大幅成長，而且我們在這方面一直做得非常好。

And I think that's an important component of that equation as well. We have thought about whether we should offer a cheaper tier as well for users who might want to not have ads at all but are not quite ready to pay for XTRA because they don't need the value that XTRA includes in terms of features and products.

我認為這也是這個等式中的重要組成部分。我們考慮過是否應該為那些完全不想看廣告，但又不想付費購買 XTRA 的用戶提供一個更便宜的套餐，因為他們不需要 XTRA 所包含的功能和產品。

And that's something we're still thinking about. I don't want to promise either way that we'll do that, but that's certainly a possibility as a way to get more people to potentially be payers. But if you do that, you actually won't have that big of a revenue impact because the price point on that would be fairly low.

這是我們仍在思考的問題。我不想就此做出任何承諾，但這無疑是一種讓更多人成為潛在付費者的可能性。但如果你這樣做，實際上不會對收入產生太大影響，因為該產品的價格點會相當低。

And then lastly, I think the important thing for us is by creating a lot more product value, we are now asking people to pay a little bit more for that. This isn't just a price raise for the sake of a price raise or because we want to make more money.

最後，我認為對我們來說最重要的是，透過創造更多的產品價值，我們現在要求人們為此支付更高的價格。這並非為了漲價而漲價，也不是為了賺更多錢。

It's to ensure that users who are enjoying a lot more value in the experiences because the XTRA and the Unlimited tiers are way more robust today than they were three years ago as a result of a lot more product area that we've created in those tiers are actually paying for the value they're getting from those tiers.

這是為了確保用戶能夠真正為他們從這些級別中獲得的價值付費，因為 XTRA 和 Unlimited 級別現在比三年前強大得多，這得益於我們在這些級別中創建了更多的產品領域。

Got it. Really appreciate that. And then maybe if you could just give us a quick update on how some of the newer products, especially thinking of something like Right Now is trending in terms of things like engagement metrics and to the extent that you can measure them, things like user satisfaction or outcomes? Thank you.

知道了。非常感謝。然後，您能否簡要介紹一些新產品的最新情況，特別是像 Right Now 這樣的產品，在參與度指標等方面的發展趨勢，以及在您可以衡量的範圍內，用戶滿意度或結果等指標？謝謝。

I don't really have much new to say on that beyond what we've said before, which I'll be happy to repeat. I think the way we tend to think of our products is launch a lot of product surface area. Some will be free, some will be paid. We want to have a robust free offering and some things that are more special might be offered to paying users only. With Right Now, our objective was to dramatically increase the surface of a free product.

關於這一點，我其實沒什麼新的要說的，除了我們之前說過的，我很樂意重複一遍。我認為我們思考產品的方式往往是推出覆蓋範圍廣的產品。有些是免費的，有些是收費的。我們希望提供強大的免費服務，而一些更特別的功能可能只提供給付費用戶。我們推出 Right Now 的目標是大幅增加免費產品的面積。

So everybody who is on Grindr, whether paid or free can utilize Right Now and enjoy it. Somewhere between 20% and 25% of our users post in Right Now, at least once a week. And over 75% of our users look at Right Now postings within -- once people are in Right Now, which I think shows really high engagement, and we are very happy about that. But obviously, there is a lot more that you can do with Right Now.

所以所有使用 Grindr 的用戶，無論付費還是免費，都可以立即使用 Right Now 並享受它。大約有 20% 到 25% 的用戶每周至少在「Right Now」版塊發布一次。超過 75% 的用戶會在「Right Now」頁面內查看「Right Now」貼文——一旦用戶進入「Right Now」頁面，我認為這表明用戶參與度非常高，我們對此非常滿意。但顯然，你還可以用 Right Now 做更多的事情。

I was in New York a couple of weeks ago, where we have the mapping feature in Right Now on as well. I'll be totally honest. I was not sold on the idea of mapping in Right Now when the team first went after it. But when you're in New York and are seeing the product kind of in your hands, it's a really incredible magical experience and looks really, really nice. And I think people really like that.

幾週前我在紐約，Right Now 的地圖功能在那裡也啟用了。我會實話實說。當初團隊提出在 Right Now 中應用地圖功能時，我並不認同這個想法。但是當你身處紐約，親眼看到產品拿在手中時，那真是一種令人難以置信的神奇體驗，而且產品看起來也真的非常漂亮。我覺得大家都很喜歡這樣。

And so we're really happy with where the product is trending. And normally, we don't really share a lot of product metrics, but I do want to call out, again, in the shareholder letter, we did share a very extensive disclosure on our user base and kind of how that is split out.

因此，我們對該產品的發展趨勢非常滿意。通常情況下，我們不會分享很多產品指標，但我想再次強調，在致股東的信中，我們確實分享了非常詳盡的用戶群資訊以及用戶群的構成。

The fact that we have -- in the US, for example, 15% of our users are ages 18 to 22, 31% of our users are ages 23 to 29 that 46% of all Grindr profiles are kind of in that age range of 18 to 29. And that to me is something that kind of speaks to the uniqueness of Grindr as a business and a product and the fact that users -- the younger generation really likes what they're getting in the product, and it's very much working for them.

例如，在美國，15% 的使用者年齡在 18 至 22 歲之間，31% 的使用者年齡在 23 至 29 歲之間，46% 的 Grindr 使用者資料都集中在 18 至 29 歲這個年齡層。在我看來，這體現了 Grindr 作為一家企業和一款產品的獨特性，也說明了用戶——尤其是年輕一代——非常喜歡他們在產品中獲得的東西，而且這款產品對他們來說非常有效。

So as long as our products are accomplishing the idea of bringing young people into the product as they become adults as a right of passage like it has for the last 15 years, I think we're in a very strong position.

只要我們的產品能夠像過去 15 年一樣，將年輕人帶入成年階段，作為一種成年禮，從而實現這一目標，我認為我們就處於非常有利的地位。

Got it. Thank you very much.

知道了。非常感謝。

Thank you.

謝謝。

John Blackledge, TD Cowan.

約翰·布萊克利奇，TD·考恩。

Hey there, It's [Logan Whalley] on for John. So just looking at top of funnel, MAUs grew nicely again in 3Q. Could you discuss any trends which drove the top of funnel users higher in the quarter? And then also in 2Q, you called out some significant removal of bad actors in a certain region. Could you just update us on any similar efforts globally in 3Q and then looking forward just based on health of the platform? Thank you.

大家好，我是 Logan Whalley，替 John 上場。單從用戶轉換漏斗頂端來看，第三季月活躍用戶數再次實現了良好成長。能否談談推動本季漏斗頂端用戶數量成長的哪些趨勢？此外，在第二季度，您還提到在某些地區清除了一些不良行為者。能否請您簡要介紹一下第三季在全球範圍內開展的類似工作，以及未來基於平台健康狀況的展望？謝謝。

Thanks for the questions. So first, let's start with what it is that we actually report. We report monthly active devices, not users and not profiles. A lot of Grindr users have more than 1 profile, and those are pretty hard to debug in terms of are they one individual or two. That happens for many different reasons.

謝謝大家的提問。首先，讓我們從我們實際報道的內容開始說起。我們統計的是每月活躍設備數，而不是使用者數和使用者設定檔數。很多 Grindr 用戶都有多個個人資料，很難判斷這些個人資料是一個人還是兩個人。這種情況的發生有很多不同的原因。

Some people might have a profile that is more friendship focused and then they might have a profile that is more casual dating focused, and they have different information on those profiles, and we definitely don't discourage that and are happy with users having more than one profile.

有些人可能會創建一個更注重交友的個人資料，然後再創建一個更注重隨意約會的個人資料，這些個人資料上的信息可能不同，我們絕對不會阻止這種行為，並且樂於看到用戶擁有多個個人資料。

So the best way for us to debug what we report is monthly active device, not user. And I think it's really important for people to understand, especially when I try to compare it to external data, which, as we have spoken before, tends to be perpetually wrong about Grindr information. I think in part because people don't pay attention to what it is that Grindr actually reports.

因此，我們調試報告問題的最佳方法是統計每月活躍設備數，而不是用戶數。我認為讓人們理解這一點非常重要，尤其是當我嘗試將其與外部數據進行比較時，正如我們之前所說，外部數據在 Grindr 資訊方面往往總是錯誤的。我覺得部分原因是人們沒有關注 Grindr 實際報告的內容。

Secondly, our ecosystem is really -- the health of the ecosystem is really important to us. And so as we see bad actors come into the ecosystem, whether those are stammers or other types of bad actors, we take actions to remove them.

其次，我們的生態系統－生態系統的健康對我們來說真的非常重要。因此，當我們看到不良行為者進入生態系統時，無論是口吃者還是其他類型的不良行為者，我們都會採取措施將他們清除出去。

Over the last two to three years, I think all social networking companies would validate this. Scammers have become more sophisticated with Gen AI, and that means that you have to become more sophisticated in fighting them. And as we do that, it can impact MAU.

在過去兩三年裡，我認為所有社群網路公司都會證實這一點。隨著人工智慧技術的進步，詐騙分子變得越來越狡猾，這意味著你也必須變得更精明才能與他們對抗。這樣做可能會影響每月活躍用戶數。

In Q2, in the first half of the year, there were a significant impact on MAU, and we've spoken about that. It doesn't always impact MAU when we go after bad actors because some bad actors have profiles that don't have a device ID associated with them.

今年上半年，也就是第二季度，每月活躍用戶數受到了顯著影響，我們已經討論過這個問題了。打擊不良行為者並不總是影響每月活躍用戶數，因為有些不良行為者的個人資料沒有關聯的設備 ID。

They do that by spoofing Android devices. That's a known kind of flaw with the Android ecosystem that you can do. And so when we remove actors that are bad, that don't have a monthly active device, they don't get associated with MAU one way or the other because they were never in our MAU in any way.

他們透過欺騙安卓設備來實現這一點。這是安卓生態系統中已知的缺陷，你可以利用它。因此，當我們移除那些不良用戶（即沒有每月活躍設備的用戶）時，他們不會以任何方式與 MAU 關聯，因為他們從未以任何方式進入我們的 MAU。

But when we remove bad actors that do have devices, they do.

但是，當我們清除那些擁有設備的惡意行為者時，他們就真的被清除了。

Thirdly, we have never really done much to drive MAU growth. Our MAU grows almost completely organically through word of mouth. As I said earlier, Grindr is a rider passage for people as they turn 18. And if they are gay, they come to Grindr as a way to figure out who they are, what it's like to be to start meeting people for any number of types of connections. And so organically, our MAU tends to grow really nicely.

第三，我們從未真正採取太多措施來推動每月活躍用戶數的成長。我們的月活躍用戶幾乎完全是透過口碑自然成長的。正如我之前所說，Grindr 是人們年滿 18 歲後的一個過渡階段。如果他們是同性戀，他們使用 Grindr 是為了弄清楚自己是誰，體驗與人互動、建立各種關係的感覺。因此，我們的每月活躍用戶數自然增長得非常好。

We are very happy with our MAU growth. And frankly, the numbers that you're seeing in terms of growth are very much in line with our long-term guidance assumptions that we shared at Investor Day 1.5 years ago.

我們對每月活躍用戶成長非常滿意。坦白說，你們看到的成長數據與我們 1.5 年前在投資者日上分享的長期指導假設非常一致。

And then lastly, I'll call out again the disclosure towards of our user demographics. You couldn't have the demographics that we have in our profile set that we share on Page 7 and 8 unless you're attracting a lot of new users.

最後，我再次強調我們對用戶人口統計的揭露問題。除非你吸引了大量新用戶，否則你不可能擁有我們在第 7 頁和第 8 頁分享的個人資料集中所包含的人口統計資料。

It would be impossible to have 50% of the user base be 18 to 22 in the United States when only 9% of the US adult male population is in that age cohort unless you're constantly attracting people who are young and attracting them at very high rates.

在美國，18 至 22 歲的用戶佔比僅為 9%，除非你不斷吸引年輕人，並且吸引他們的比例非常高，否則不可能讓 50% 的用戶群是這個年齡層的。

And that's even more true internationally in places like India and Philippines, et cetera, where older users are still stigmatized and might not so comfortable being a while younger users are coming out and more comfortable. So in those places, our user base is even more heavily young.

在印度、菲律賓等國際地區，這種情況更為普遍，因為年長的用戶仍然受到歧視，可能不太願意公開自己的性取向，而年輕的用戶則越來越多，也越來越自在。因此，在這些地方，我們的使用者群體更加年輕化。

And a lot of our focus is ensuring that we continue doing that through the right product initiatives so that we serve this younger adult male cohort as well as we possibly can.

我們工作的重點之一是確保透過正確的產品策略繼續做到這一點，以便盡可能地服務年輕的成年男性群體。

Great thanks, George. Maybe one other question just on the premium tier. You mentioned that would be designed for power users. Like could you give us any kind of an idea of what how many power users are on the Grindr platform? Like what percentage of overall users might kind of fall into the bucket that you're designing the subscription for?

非常感謝，喬治。關於高級會員級別，我可能還有一個問題。您提到過，這款產品是為高級用戶設計的。你能大概說說Grindr平台上有多少重度使用者嗎？例如，你設計的訂閱服務的目標使用者群體可能佔總使用者數的百分比是多少？

Yeah, So the premium tier was a significant component of what we envisioned in terms of the long-term strategy that we shared at Investor Day because we knew that a lot of our investments would be around AI features, which are really magical and previously were not possible to build.

是的，所以高級版是我們投資者日上分享的長期策略構想的重要組成部分，因為我們知道我們的許多投資都將圍繞人工智慧功能展開，這些功能非常神奇，以前是無法實現的。

We are building those and making them available. And we just think that the amount of value that we will be generating through those features and products for people, we will see -- I think people need to be prepared to pay for the value they'll be getting from that.

我們正在建造這些設施並使其投入使用。我們認為，透過這些功能和產品，我們將為人們創造巨大的價值——我認為人們需要準備好為他們將從中獲得的價值付費。

That tier is meant for our power users and for a very select set of people. We don't expect a huge number of people going into that, but it will be priced appropriately for that. We have something like, I think, 350,000 Unlimited subscribers.

該等級是為我們的高級用戶和極少數精選用戶準備的。我們預計不會有很多人參與，但價格也會隨之調整。我想，我們大概有 35 萬名無限流量套餐用戶。

So if you imagine that 20% of those subscribers switched over to Unlimited, I think you'd have -- sorry, to the premium tier, you'd have a very nice kind of growth in our revenue because it's a significant dollar amount at the price points that we are thinking about. And I would call that like a good home run.

所以，如果你想像一下，如果其中 20% 的用戶升級到無限流量套餐，我認為——抱歉，是升級到高級套餐——我們的收入將會有非常可觀的增長，因為在我們考慮的價格點上，這是一筆相當可觀的金額。我會稱這為一次漂亮的全壘打。

If 30% or 40% or 50% of our Unlimited users switch to the premium tier, then you'd have like a grand slam because it'd be like an incredible result. I don't know which one of those is going to happen. That's why we need a few quarters of testing and learning to understand what happens.

如果 30%、40% 或 50% 的無限流量用戶升級到高級套餐，那就像打出了全壘打一樣，因為那將是一個了不起的結果。我不知道哪一種情況會發生。所以我們需要幾個季度的測試和學習時間來了解發生了什麼。

But I do know that the kinds of features that we offer in this new premium tier are pretty magical. And I think a lot of people will be very happy with them.

但我知道，我們在這個新的高級套餐中提供的功能非常神奇。我認為很多人都會非常滿意。

But at no point have we thought about as something that a very large percentage of our overall user base will utilize. This is very much meant for our power users who can benefit from the unique features that will be put into that tier or that have already been put in that tier.

但我們從未想過，我們的用戶大部分都會使用這項功能。這主要是為了我們的高級用戶，他們可以從該級別中將要添加或已經添加的獨特功能中受益。

And quite frankly, I think one of -- maybe five people in the United States who is in the beta because the beta is starting somewhere else. And when you use Grindr with these features, it is a very, very different experience.

坦白說，我認為在美國可能只有五分之一的人參與了測試，因為測試是在其他地方開始的。當您使用這些功能來使用 Grindr 時，體驗將會截然不同。

We were entering a fairly senior product candidate about two weeks ago and kind of walked them through what it's like on the app and he's like, wow, that's really, really special. And I really very much hope that everybody else feels the same way as this tier kind of expand more broadly to be available to more people. But I would not expect to have a global rollout until at the earliest sometime in H2 of next year.

大約兩週前，我們接待了一位資歷相當深的產品候選人，並向他介紹了這款應用程式的使用體驗，他聽後驚嘆道：“哇，這真是太特別了！”我真心希望其他人也能有同樣的感受，希望這一層級能更廣泛地擴展，讓更多的人都能享受這項服務。但我預計最快也要到明年下半年才能在全球推出。

Yeah, and maybe, George, if I can just jump in and add on to that. The one thing I want to triangulate back to is that we are looking at continued investment in these enhancements that are going to bring new and exciting features and differentiation as we move forward. And that's been contemplated in the three-year plan that we put out in the summer of 2024.

是的，喬治，也許我可以插話補充一下。我想再次強調的是，我們將持續投資於這些改進措施，隨著我們不斷前進，這些改進措施將帶來新的、令人興奮的功能和差異化優勢。這一點已經在我們於 2024 年夏季發布的三年計劃中有所考慮。

We're going to finish the year at better than a 43% EBITDA margin, but I want to make sure we remind everyone that in that plan, we anticipated many of these investments.

我們今年的 EBITDA 利潤率將超過 43%，但我希望提醒大家，在該計劃中，我們已經預料到了許多此類投資。

And so we still think triangulating to the EBITDA margin range we gave at the time of 39% to 42% as you think about years '26 and 2027 is an important point to keep in mind and that you can't just roll forward what we may finish this year at as you think about next year and beyond.

因此，我們仍然認為，在考慮 2026 年和 2027 年時，將 EBITDA 利潤率範圍設定為我們當時給出的 39% 至 42% 的範圍是一個需要牢記的重要點，你不能簡單地將我們今年可能達到的水平推廣到明年及以後。

Great, thank you both. I hop back in the queue.

太好了，謝謝你們兩位。我重新排隊。

Thank you.

謝謝。

Andrew Boone, Citizens Bank.

安德魯·布恩，公民銀行。

Thanks so much for taking questions. Three for me, if I could. I would love to get an update in terms of international. Just how did that trend in the quarter? And then any new initiatives you guys may have in terms of localization or anything else we should think about there? gAI, George, can you just talk about the bigger opportunity with that product in the quarter?

非常感謝您回答問題。如果可以的話，我想吃三個。我很想了解國際的最新情況。該季度這一趨勢如何？那麼，你們在在地化方面有沒有什麼新的舉措，或是其他我們應該考慮的方面？gAI，George，你能談談該產品在本季帶來的巨大機會嗎？

And kind of what's your vision in terms of bringing more AI tools in terms of incorporating AI into the Gayborhood? And then lastly, just on advertising. Can you guys just help us understand, it sounds like it was very strong in the quarter. What was the driver of that growth? Is there anything to call out?

那麼，您在將更多人工智慧工具引入同性戀社群方面有什麼願景呢？最後，我們來談談廣告方面。你們能不能幫我們理解一下，聽起來這季度業績非常強勁。推動這成長的因素是什麼？有什麼需要特別指出的嗎？

And then how do we think about that going forward? Thank you so much.

那麼，我們接下來該如何看待這個問題呢？太感謝了。

Great. Thank you for all that. I wrote it down, but hopefully, I don't forget, if I do, please remind me, I'm not ignoring any of the questions. They're all fun things to talk about. So on international, what we said at Investor Day is that international is a very large opportunity for Grindr.

偉大的。謝謝你所做的一切。我已經記下來了，但希望我不會忘記，如果我忘記了，請提醒我，我沒有忽略任何問題。這些都是很有趣的話題。所以，關於國際市場，我們在投資者日上說過，國際市場對 Grindr 來說是一個巨大的機會。

And I'll walk you through kind of how we think about that. But first to kind of preface, I think one of the main jobs of the CEO is twofold, right?

接下來我會向你解釋我們是如何看待這個問題的。但首先我想先說明一點，我認為CEO的主要職責之一是雙重的，對吧？

Number one is to paraphrase another very prominent CFO, CEO whom I really admire is to amp things up, meaning to put pressure for things to happen as fast as possible and as many things to get done as possible. And I think everyone who knows me knows that I'm costly amping it up on the team.

第一點，借用我非常欣賞的另一位傑出的財務長兼執行長的話來說，就是要加快步伐，也就是說要施加壓力，讓事情盡可能快地發生，盡可能多地完成事情。我想所有認識我的人都知道，我帶給球隊的壓力很大。

But concurrently with that, another really critical place is to prioritize things properly. If you try to do everything, you'll get nothing done well and finding the right prioritization on things is really important. There was a lot to do at Grindr when we got started three years ago, and we've been prioritizing things based on what we thought was most critical.

但同時，另一個非常關鍵的方面是正確地確定優先事項。如果你想面面俱到，結果什麼都做不好，所以找到正確的優先順序非常重要。三年前我們剛開始做 Grindr 的時候，有很多事情要做，我們一直根據我們認為最關鍵的事情來決定工作的優先順序。

And in total fairness, I think going after our international opportunity was not as top of a priority as some other things have been so far because those were more important even for the user base or from a perspective of what we wanted to achieve over the long term, which still means that international is a huge opportunity and is something that should be viewed as upside when you think about it from the long-term modelling perspective rather than something that we assumed would be the case in our three year plan that we shared June 2024.

公平地說，我認為爭取國際市場機會並不是我們目前為止的首要任務，因為其他一些事情對使用者群體或我們想要實現的長期目標來說更為重要。但這仍然意味著國際市場是一個巨大的機會，從長期的規劃角度來看，它應該被視為一種優勢，而不是我們在2024年6月公佈的三年計劃中假設會發生的事情。

The way we think of international is in 3 buckets. So first, in countries where we already have a pretty significant presence and those countries are economically advanced, we believe that there is opportunity to continue driving more users to become paying customers and to pay for the extra value they're seeing from the added new features that we're building.

我們對國際的理解可以分為三個面向。首先，在我們已經擁有相當重要市場份額且經濟發達的國家，我們相信有機會繼續推動更多用戶成為付費客戶，並為他們從我們正在開發的新增功能中獲得的額外價值付費。

So we -- our payer penetration in Europe, for example, is lower than our payer penetration is in the United States. And we'd love to do things that would help us drive payer penetration to be more akin to the US in Mainland Europe, which we think is possible.

例如，我們在歐洲的支付方滲透率低於我們在美國。我們非常希望能夠推動歐洲大陸的支付方滲透率更接近美國水平，我們認為這是有可能實現的。

Obviously, US will continue to grow as well. I'm not saying US is going to just stop growing. But if we could get them closer to US levels of payer penetration or even the UK's levels of payer penetration, that would be a really big win.

顯然，美國也將持續成長。我並不是說美國經濟會停止成長。但如果我們能讓他們的支付方滲透率接近美國的水平，甚至接近英國的水平，那將是一項巨大的勝利。

So that is one bucket of focus for international is Europe and countries like Europe in terms of their economic development, get them to have more payers.

因此，國際關注的一個重點領域是歐洲和像歐洲這樣的國家，就其經濟發展而言，要讓它們擁有更多的付費者。

Number two is countries where we have very large sets of users and do okay on payers, but we believe that there is still opportunity for people to learn that we exist and to use us, have a ton of user growth opportunity.

第二點是，我們在某些​​國家擁有非常龐大的用戶群，付費用戶數量也相當可觀，但我們相信，在這些國家仍然有機會讓人們了解我們的存在並使用我們的服務，因此用戶增長空間巨大。

Places like that are Brazil, Philippines, rest of Latin America, Mexico, Colombia, Chile, et cetera. And Asian countries like Thailand, Vietnam, potentially Cambodia. In many of these places, we know from research that a very large number of people in our user cohort know that we exist and those that know about us, use us.

例如巴西、菲律賓、拉丁美洲其他國家、墨西哥、哥倫比亞、智利等等。還有像泰國、越南，可能還有柬埔寨這樣的亞洲國家。在許多地方，我們透過研究得知，我們的使用者群體中有相當多的人知道我們的存在，而那些知道我們的人都會使用我們的服務。

But then there are a bunch of others that don't know about us and because our brand recognition is not as high in those countries as it is in the United States or the UK.

但還有很多人不了解我們，因為我們在這些國家的品牌知名度不如在美國或英國那麼高。

And so as they learn about us, we believe there will be opportunity for them to start using us, which we think will be very valuable.

因此，隨著他們了解我們，我們相信他們將有機會開始使用我們的服務，我們認為這將非常有價值。

And then the third bucket is India, which should be called out separately because of its size. 10 years ago, it was illegal to be gay in India. So obviously, there's a ton of social stigma attached with being gay.

第三類是印度，由於其人口眾多，應單獨列出。十年前，在印度同性戀是違法的。很顯然，同性戀會受到很多社會歧視。

It is changing for young users, as you can see from the data that we shared. But we want to be present there as the social transition changes, or happens and as more and more people become comfortable with who they are, and kind of continue to be the primary product for gay people in India like we already are as many more of them become comfortable using our product.

從我們分享的數據可以看出，年輕用戶的情況正在改變。但我們希望在社會轉型發生或改變的過程中，以及越來越多的人開始接受自己的身份之後，繼續成為印度同性戀群體的主要產品，就像我們現在所做的那樣，因為越來越多的人開始習慣使用我們的產品。

And so that's the kind of opportunity. A lot of what we need to do internationally is around localization of the product. That might be simple things like how we show up in a specific language in a given country.

這就是這樣的機會。我們在國際上需要做的許多工作都與產品在地化有關。這可能包括一些簡單的事情，例如我們在某個國家如何用某種特定語言表達自己。

We don't use a lot of slang in how we describe ourselves in a lot of these places in our translations, and we probably should and kind of what -- how people communicate in those languages to what kind of imagery we show you in each of these countries. And then on a more advanced level, what kind of products do we build?

在許多地方的翻譯中，我們很少使用俚語來描述自己，我們可能應該多用一些俚語，這有點……人們在這些語言中的交流方式，與我們在每個國家向你展示的圖像類型有關。更進一步來說，我們要開發什麼樣的產品？

If you go to New Delhi, for example, and you open up Grindr, the grid will look very, very different from what the grid looks like in New York.

例如，如果你去新德里，打開 Grindr，你會發現它的匹配網格與紐約的匹配網格看起來非常非常不同。

Everywhere, there are a lot of people who are discrete and who might not show their face. or might not have a picture at all. But in India, vast majority of people don't show their face in a picture at all because it's still really hard to be gay. And so maybe in a place like India, the grid should actually look a little bit different.

到處都有很多人行事低調，他們可能不會露面，甚至可能根本沒有照片。但在印度，絕大多數人根本不會在照片中露臉，因為在印度當同性戀仍然非常困難。所以，在像印度這樣的地方，電網佈局或許應該有所不同。

Maybe we should allow people to have AI-generated photos that they can post. I'm not saying that's what we would do, but like you can imagine through product solving the problem of discreetness in India differently than you deal with it in other places because they have unique needs in that country.

或許我們應該允許人們發佈人工智慧生成的照片。我不是說我們會這樣做，但你可以想像，透過產品來解決印度的隱私問題，與在其他地方處理這個問題的方式不同，因為印度有其獨特的需求。

And those are all things that we can do to help grow our presence. And obviously, through marketing, we can do a lot as well. We've spoken the shareholder about the fact that we have now launched our Spanish-speaking social media channels.

這些都是我們可以用來擴大市場佔有率的方法。顯然，透過行銷，我們也能做很多事。我們已經向股東說明了我們已推出西班牙語社交媒體管道的事實。

We've also launched our first social show in Spanish. And those are the kinds of things we'll be doing in other languages as well, such as Portuguese and for specific countries like India as well. So that's on international.

我們也推出了首個西班牙語社交節目。我們也會用其他語言做類似的事情，像是葡萄牙語，也會針對像印度這樣的特定國家做類似的事情。這是國際方面的情況。

When it comes to gAI, we believe that AI, and I detailed this quite a bit in the document we shared last quarter about AI incumbent companies with a lot of data can benefit significantly if they start taking advantage of AI early before potential challenges are able to catch up with data because AI is better with data.

就通用人工智慧 (gAI) 而言，我們認為人工智慧（我在上個季度分享的關於人工智慧的文件中對此進行了詳細闡述）能夠讓擁有大量數據的現有公司受益匪淺，因為人工智慧在處理數據方面更勝一籌。如果這些公司能夠及早利用人工智慧，避免潛在的挑戰來趕上數據，那麼人工智慧就能帶來顯著的效益。

And if you are kind of at the forefront, you can make your product be very, very different from a technology point of view with AI. And we do want our product to be turned into an AI-native product. And that's very much what we've been striving to do by retraining models to be able to speak gay, and I think we're doing a pretty good job at that.

如果你走在技術前沿，你可以利用人工智慧從技術角度讓你的產品與眾不同。我們希望將我們的產品轉變為一款原生人工智慧產品。而這正是我們一直在努力的方向，我們透過重新訓練模型使其能夠說同性戀的語言，我認為我們在這方面做得相當不錯。

And then being able to use those models inside our product to do specific new experiences that previously did not exist.

然後，我們可以在我們的產品中使用這些模型，從而實現以前從未有過的特定新體驗。

To start with, a lot of those experiences will go into the premium tier that I spoke about in the previous question in the shareholder letter. And there will be things like insights where we will actually provide users with detailed information about people that might be talking to that we can infer based on people's behaviors or conversations.

首先，許多這樣的體驗都將納入我在股東信的前一個問題中提到的高級會員等級。我們也會提供一些洞察功能，例如，我們會根據用戶的行為或對話推斷出哪些人可能正在與他們交談，並向用戶提供詳細資訊。

Obviously, that will only be done with permission, meaning only people who agree to be part of our AI features will be able to see those features and we'll have those features or the information available about them in the app.

顯然，這只有在獲得許可的情況下才能實現，也就是說，只有同意加入我們人工智慧功能的人才能看到這些功能，而我們將在應用程式中提供這些功能或有關這些功能的資訊。

Another kind of product that we've built through AI is called A-list, which goes through all your messages and creates a short list of people that we believe you should keep talking to and gives you summaries of conversations that you have with those people, brings together all the photos that you've exchanged with those people, all in a really nice summarized folder that makes it much easier for you to navigate the product.

我們透過建立的另一種產品叫做 A-list，它會瀏覽你的所有訊息，創建一個我們認為你應該繼續保持聯繫的人的簡短列表，並為你提供你與這些人之間的對話摘要，將你與這些人交換的所有照片集中到一個非常漂亮的摘要資料夾中，使你更容易瀏覽該產品。

You can envision that as the next step of that, we will add a little button that will be the gAI button, and you can start asking gAI questions about that specific user that you were previously talking to. So it's something that you discussed previously does not appear in the chat summary, you can say, hey, I believe we talked about XYZ, can you get that information back to me to remind me what it is that we exactly talked about.

您可以想像，下一步我們將添加一個小按鈕，作為 gAI 按鈕，然後您就可以開始向 gAI 詢問有關您之前交談過的特定用戶的問題。所以，如果你之前討論過的內容沒有出現在聊天記錄摘要中，你可以說：“嘿，我相信我們討論過 XYZ，你能把相關信息發給我，提醒我我們到底討論了什麼嗎？”

So very similar to what Grok is doing inside X, where you can actually get information about a specific post with a lot more detail that would be quite kind of -- that's quite beneficial.

這與 Grok 在 X 中所做的非常相似，在 X 中，您可以獲得有關特定帖子的更多詳細信息，這非常有益。

So those are the kinds of features that we are working on. I don't know of a lot of consumer-facing products that are doing the kind of stuff that we're doing yet. But the same way that Grindr invented the use of mobile in the way it is used today, I think we'll be at the forefront of using AI in the consumer experiences in the future. And for advertising, I'll switch over to John to speak about that.

所以，這些就是我們正在努力開發的功能。我目前還沒看到很多面向消費者的產品在做我們正在做的事情。但就像 Grindr 開創瞭如今行動裝置的使用方式一樣，我認為未來我們將走在將人工智慧應用於消費者體驗的最前沿。至於廣告方面，我將請約翰來談談。

Yeah, thanks, George. We did have a good quarter in terms of our advertising growth. That's been an area of focus both through the TPA and then the direct piece. It's also a very nice contribution margin because it doesn't have the cost of sales associated with the subscriptions do come in through the app stores.

是啊，謝謝你，喬治。我們的廣告成長在本季表現不錯。無論是透過第三方支付機構 (TPA) 還是直接支付，這都是我們關注的重點領域。這也是一項非常好的貢獻毛利，因為它沒有透過應用程式商店收取的訂閱銷售成本。

So that tends to be more accretive to EBITDA, and we did see some benefit in that in the third quarter, you're right to call it out.

因此，這往往對 EBITDA 更有利，我們在第三季確實看到了這方面的好處，你說得對。

But more importantly, I wanted to focus and just remember -- remind everyone that last year, we had a pretty significant direct advertising boost in the fourth quarter that we don't expect to continue this year. And so that's contemplated in the range of guidance that we gave.

但更重要的是，我想專注於提醒大家——去年第四季度，我們的直接廣告投入大幅成長，但我們預計今年不會繼續保持這種成長勢頭。因此，這在我們給出的指導方針範圍內都有所考慮。

And certainly, we think this is an area that can continue to be a focus for us and that it should give us opportunity for potential additional growth in the future. There is much more we can do here, and we've had good success with Brian and the advertising team, but we're going to continue to look for ways to grow that in 2026 and beyond. Thank you.

當然，我們認為這可以繼續成為我們關注的領域，並且應該會為我們未來帶來潛在的額外成長機會。我們在這裡還有很多事情要做，而且我們和布萊恩以及廣告團隊合作也取得了不錯的成績，但我們將繼續尋找在 2026 年及以後發展壯大的方法。謝謝。

(Operator Instructions) John Blackledge, TD Cowan.

（操作說明）John Blackledge，TD Cowan。

Hey there, it's [Logan] on for John again. Hi there, it's Logan on for John again. Just, maybe one follow-up on the user base breakdown. It's really interesting. Could you talk maybe about any trends you've seen over time or since you've come on board, George, in usage amongst different age groups? Like have you seen any trends among older age groups or younger age groups like more engagement or less engagement over time?

嗨，我是[Logan]，我又來為John主持節目了。大家好，我是Logan，今天再次為John做客。或許可以再補充一下用戶群體細分狀況。真有意思。喬治，您能否談談您加入團隊以來，在不同年齡層的使用趨勢方面觀察到的哪些變化？您是否觀察到老年人群體或年輕人群體在參與度方面有任何趨勢，例如隨著時間的推移，參與度是增加還是減少？

And do you think there -- like you may have any initiatives in place in the future to kind of boost engagement amongst specific age demos like maybe older people, for example? Thanks.

那麼，您認為未來是否會有一些措施來提高特定年齡層（例如老年人）的參與度呢？謝謝。

Yeah, great question. Thank you for that. We debated whether we should put in more, but we thought for competitive reasons, probably kind of what we shared made sense because we do have obviously data on the things you're asking. So I'll try to speak to it directionally without being too specific because I thought that for competitive reasons, releasing more of that would be potentially risky.

嗯，問得好。謝謝。我們討論過是否應該投入更多，但出於競爭原因，我們認為我們分享的內容可能比較合理，因為我們顯然掌握了你所詢問的數據。因此，我會盡量從方向上談論這個問題，而不會說得太具體，因為我認為出於競爭原因，發布更多此類資訊可能會有風險。

What we know are the following things. One is our young adults, meaning people in the 18 to 35 age range, tend to do a lot of communication with each other, but they also get messaged a lot by older users, and they respond to older users as well, whereas the younger adult cohorts such as 18 to 30 don't actually initiate a lot of conversations with older users themselves.

我們已知的事實如下。一類是我們的年輕人，也就是 18 至 35 歲年齡層的人，他們彼此之間經常交流，但他們也會收到很多年長用戶的消息，並且他們也會回复年長用戶的消息；而像 18 至 30 歲這樣的年輕成年人群體，實際上並不主動與年長用戶進行很多對話。

Since we know that they actually do respond to people who are older when they get messages, that is something that you could probably solve the product, right? Because I think what happens is a lot of younger adults, such as 18- to 30-year-olds, might feel uncomfortable messaging somebody who is older because they think, hey, this older person might want to talk to me.

既然我們知道他們確實會回覆年紀較大的人收到的訊息，那麼這或許就是你可以在產品中解決的問題，對吧？因為我覺得很多年輕人，例如 18 到 30 歲的年輕人，可能會覺得給年紀大的人發訊息不自在，因為他們會想，嘿，這個年紀大的人可能會想跟我說話。

And that's why they're not messaging out to them, but they're getting messages from them and then they're willing to respond. And so that is something that we could solve through product by saying -- by having product features that kind of facilitate that a little better.

所以他們才不會主動傳訊息給對方，而是會收到對方的訊息，然後才願意回應。所以，我們可以透過產品來解決這個問題，例如透過產品功能來更好地促進這一點。

We also do know from our older users kind of in that 50-plus age demo, and I'm approaching that cohort soon. So I'm kind of learning about that more, is that sometimes they don't always feel as welcome in the app as they did before, meaning they all have Grindr accounts.

我們也從50歲以上的老用戶群中了解到這一點，而我很快也將接觸到這個群體。所以我逐漸了解到，有時候他們覺得在這個應用程式裡不像以前那麼受歡迎了，也就是說，他們都有 Grindr 帳號。

But as they age, their priorities tend to change. And as a result, sometimes they don't quite feel as at home. And we definitely can do things, I think, through a product to make that experience be better for them.

但隨著年齡增長，他們的優先事項往往會改變。因此，他們有時感覺不太像在家一樣自在。我認為，我們絕對可以透過產品來改善他們的體驗。

That is part of the thinking behind the premium tier and the AI features with insights, right? Because part of what we can do with insights is tell a user, yes, this person is likely to engage really well with you based on what we know about you.

這正是高級版和人工智慧洞察功能背後的設計理念之一，對吧？因為我們可以利用洞察力告訴用戶，是的，根據我們對你的了解，這個人很可能會與你有很好的互動。

And that I think would be very helpful for users who are older who might feel a little bit uncomfortable with the app because their priorities today might be different, right? If you are a 45-year-old or 50-year-old guy with kids living in the suburbs, your priorities are probably different than what they were when you were in your 20s and frequent circuit party.

我認為這對年紀較大的用戶來說會很有幫助，因為他們現在的關注點可能與以往不同，所以可能會對應用程式感到有些不適應，對吧？如果你是一個 45 歲或 50 歲、有孩子住在郊區的男人，那麼你的優先事項可能與你 20 多歲時經常參加聚會時的優先事項有所不同。

So I think those are the kinds of things that insights can really help solve, and that's something that we are envisioning. Obviously, older users do have more disposable income as well. And so I think the alignment there is quite interesting in terms of offering them better functionality that is unique through AI that is also creates a lot more value for them and so it is more expensive at the same time.

所以我認為，這些正是洞察力能夠真正幫助解決的問題，也是我們所設想的方向。顯然，年齡較大的使用者也擁有較多的可支配收入。因此，我認為這種協調很有意思，它透過人工智慧為他們提供更獨特的功能，從而為他們創造更多價值，但同時也更昂貴。

Does that answer the question or any follow-ups on that? Before we close, unless there are more questions, I just do want to add one other thing. Grindr is an 18-plus product only. We do not allow people who are not 18 on the product. You cannot download the product if you are not 18 on either Android or iOS, and you cannot log into Grindr by creating an account on the web.

這樣回答了問題嗎？或是有其他後續問題嗎？在結束之前，除非還有其他問題，否則我只想補充一點。Grindr 僅限 18 歲以上用戶使用。我們不允許未滿18歲的人使用該產品。如果您未滿 18 歲，則無法在 Android 或 iOS 裝置上下載產品，也無法透過在網頁上建立帳戶登入 Grindr。

We only allow you to create accounts through the app stores. And so whenever I refer to younger users, I'm referring to people 18 and older, nobody below 18.

我們只允許您透過應用程式商店建立帳戶。因此，每當我提到年輕用戶時，我指的是 18 歲及以上的用戶，不包括 18 歲以下的用戶。

Yeah, that's awesome. That's excellent. Thank you, George.

是啊，太棒了。太好了。謝謝你，喬治。

Thank you. Logan.

謝謝。洛根。

Thank you. This ends the conference call for today. You may now disconnect. Goodbye.

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。再見。