Match Group Inc (MTCH) 2009 Q1 法說會逐字稿

Good morning, my name is Leslie.

早上好，我叫萊斯利。

I will be your conference Operator today.

今天我將成為您的會議接線員。

At this time I would like to welcome everyone to the IAC Q1 2009 earnings conference call.

在此，我想歡迎大家參加 IAC 2009 年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

At this time I would like to turn today's conference over to Mr.

在這個時候，我想把今天的會議交給先生。

Tom McInerney, Executive Vice President and Chief Financial Officer.

Tom McInerney，執行副總裁兼首席財務官。

Please go ahead.

請繼續。

Thanks, Operator, and everyone for joining us this morning for our first quarter 2009 earnings call.

感謝 Operator 和大家今天早上參加我們的 2009 年第一季度財報電話會議。

Barry will make some brief remarks, after which I will come back to quickly highlight some issues.

Barry 會做一些簡短的評論，之後我會回來快速強調一些問題。

But first, I'll remind you that during this call we may discuss our outlook for future performance.

但首先，我要提醒您，在這次電話會議中，我們可能會討論我們對未來業績的展望。

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

這些前瞻性陳述通常以我們預期、我們相信、我們預期或類似陳述等詞語開頭。

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存在重大差異。

Some of these risks have been set forth in our Q1 2009 press release, and our periodic reports filed with the SEC.

其中一些風險已在我們 2009 年第一季度的新聞稿以及我們向 SEC 提交的定期報告中進行了闡述。

We will also discuss certain non-GAAP measures.

我們還將討論某些非公認會計原則措施。

I refer to you our press release and the Investor Relations section of our website for all comparable GAAP measures and full reconciliation.

我向您推薦我們的新聞稿和我們網站的投資者關係部分，以了解所有可比較的 GAAP 措施和全面對賬。

With that, I will turn it over to Barry.

有了這個，我會把它交給巴里。

Thank you, Tom.

謝謝你，湯姆。

Good morning to everybody.

大家早上好。

I will make just a few comments, no grade order, and then we'll take questions for the majority of the call.

我只會發表一些評論，沒有等級順序，然後我們將在電話的大部分時間裡回答問題。

First, to a cheer from a grateful nation, we bought back some stock.

首先，為了一個感恩的國家的歡呼，我們回購了一些股票。

We won't say anymore about that, that is our policy, but of course we will report each quarter any stock purchases that we make.

我們不會再說這件事，這是我們的政策，但我們當然會在每個季度報告我們購買的任何股票。

In our search sector, Ask isn't just Ask.com, it's the Ask network, which is 173 million uniques worldwide, growth is about 33% year-over-year and 5% quarter-to-quarter.

在我們的搜索領域，Ask 不僅僅是 Ask.com，它還是 Ask 網絡，全球擁有 1.73 億獨立用戶，同比增長約 33%，環比增長 5%。

It's the sixth largest property on the web, up from the seventh last quarter.

它是網絡上第六大財產，高於上個季度的第七。

As for queries in the U.S., we're closing slowly on the losses over the previous year, improving 9% this quarter.

至於在美國的查詢，我們正在緩慢地彌補上一年的損失，本季度改善了 9%。

We have got all sorts of ideas and initiatives to grow our queries and share, but this is a long process.

我們有各種各樣的想法和舉措來增加我們的查詢和分享，但這是一個漫長的過程。

Results come far slower than we would like, though we have had -- we have held on pretty much to our share over the last years.

結果比我們想要的要慢得多，儘管我們已經有了 - 在過去幾年中我們幾乎保持了我們的份額。

In local, Citysearch and ServiceMagic are doing quite well in this environment.

在本地，Citysearch 和 ServiceMagic 在這種環境下做得很好。

More important than that, they're putting into place many initiatives for future leadership.

更重要的是，他們正在為未來的領導力製定許多舉措。

Our personals business continues to grow, and it continues to extent its leadership.

我們的交友業務繼續增長，並繼續擴大其領導地位。

We're every day mindful of our bountiful capital.

我們每天都在關注我們豐富的資本。

We talk about endless ideas the day long, but we haven't yet found a compelling place to put it down, and we're going to continue to enforce patience until we do or until we find a way to repatriate it to shareholders.

我們整天都在談論無窮無盡的想法，但我們還沒有找到一個令人信服的地方來放下它，我們將繼續保持耐心，直到我們這樣做或找到一種方法將其歸還給股東。

With that, Tom and your comments, and then we'll do Q&A.

有了這個，湯姆和你的評論，然後我們將進行問答。

Thanks.

謝謝。

The results are fully laid out in the release, and I don't want to be repetitive.

結果在發布中已經完全列出，我不想重複。

Let me just give you some supplemental information as it relates to Q1 as well as going forward.

讓我給你一些補充信息，因為它與第一季度以及未來有關。

In media and advertising, the reported revenue decline of 22% reflects about 10 points of decline from the phaseout of certain sponsored-listing distribution businesses, when we put in place our new Google deal a little over a year ago.

在媒體和廣告方面，報告的收入下降 22% 反映了與一年多前我們達成新的 Google 交易時逐步淘汰某些贊助上市分銷業務相比下降了約 10 個百分點。

You will remember there was some continuing activity in this in Q1 as we phased it out, so Q1 this year will be our last quarter with this drag on the year-over-year comparisons.

你會記得在我們逐步淘汰它時，第一季度有一些持續的活動，所以今年第一季度將是我們的最後一個季度，這拖累了同比比較。

Excluding this effect, revenue was down in the low double digits on a percentage basis, reflecting weak general conditions plus some of the changes we made to the Ask product at the beginning of Q4, which reduced monetization in return for a better consumer experience, as we have discussed in the past.

排除這種影響，收入百分比下降了兩位數的低位，反映了疲軟的總體狀況以及我們在第四季度初對 Ask 產品所做的一些更改，這降低了貨幣化以換取更好的消費者體驗，因為我們過去討論過。

On the profit side, we basically saw the revenue decline flow through to OIBA, and while we have made selective cost reductions, we increased marketing year-over-year and generally sustained investment levels in the business.

在利潤方面，我們基本上看到 OIBA 的收入下降，雖然我們選擇性地降低了成本，但我們逐年增加了營銷，並且總體上維持了業務的投資水平。

The last few weeks of the quarter, continuing into April, have been modestly better than earlier in the quarter in terms of volume, so while we don't expect a dramatic improvement in trends in Q2, we also don't expect further deterioration either, year-over-year or sequentially; although obviously external conditions, especially monetization, are very unpredictable.

本季度的最後幾週（持續到 4 月）在數量方面略好於本季度早些時候，因此雖然我們預計第二季度的趨勢不會出現顯著改善，但我們也預計不會進一步惡化，同比或按順序；儘管顯然外部條件，尤其是貨幣化，是非常不可預測的。

We will discuss more of the metrics and the like in the Q&A.

我們將在問答中討論更多指標等。

Just quickly on a couple of the other businesses, for Match, please know we expect to close the sale of Match Europe to Meetic in early June, following which Match's Europe revenue and OIBA, which were roughly $50 million and $8 million respectively from June '08 through year end last year, will be excluded from the results the remainder of this year, and we'll own a 27% interest in Meetic and a promissory note with a total current value of approximately $140 million.

很快就在其他幾項業務上，對於 Match，請注意，我們預計將在 6 月初完成將 Match Europe 出售給 Meetic，隨後 Match 的歐洲收入和 OIBA，從 6 月起分別約為 5000 萬美元和 800 萬美元。 08 至去年年底，將不包括在今年剩餘時間的業績中，我們將擁有 Meetic 27% 的權益和一張總現值約為 1.4 億美元的期票。

ServiceMagic had a difficult first quarter.

ServiceMagic 的第一季度很艱難。

The weakness in housing and, by extension, home improvement, drove margin pressure as the Company had to spend more to generate consumer demand than in previous quarters, and revenue per service request declined as the mix shifted to more inexpensive projects.

住房和房屋裝修的疲軟推動了利潤率壓力，因為公司不得不比前幾個季度花費更多來產生消費者需求，並且隨著組合轉向更便宜的項目，每次服務請求的收入下降。

In addition to macro headwinds the Company had a few operational challenges, which we think were largely addressed by the end of the quarter.

除了宏觀不利因素外，公司還面臨一些運營挑戰，我們認為這些挑戰在本季度末基本得到解決。

As such, we think that while Q2 will still be down year-over-year, we're hopeful that it will be a smaller decline than Q1, and we're set up for still a quite profitable year despite conditions.

因此，我們認為雖然第二季度仍將同比下降，但我們希望它的降幅將小於第一季度，儘管有條件，我們仍將迎來一個相當有利可圖的一年。

I would also just note that the number of paying service providers is still growing, and there is just no question that local businesses are moving to pay-for-performance online marketing, and ServiceMagic's competitive position and long-term opportunity remain great.

我還要指出，付費服務提供商的數量仍在增長，毫無疑問，本地企業正在轉向按績效付費的在線營銷，ServiceMagic 的競爭地位和長期機會仍然很大。

Respect to our emerging businesses, we continue to rationalize this sector and hone our efforts around fewer businesses, which led to the sale ReserveAmerica and 23/6 during the quarter.

就我們的新興業務而言，我們繼續使該行業合理化，並圍繞更少的業務努力，這導致了本季度的 ReserveAmerica 和 23/6 的出售。

Q1 aggregate net losses in this segment were down sequentially from Q4, and I expect that trend to continue all year.

該細分市場的第一季度總淨虧損較第四季度有所下降，我預計這一趨勢將持續一整年。

ReserveAmerica was a profit maker, and Pronto, another profit maker, is being materially impacted by declining market CPCs.

ReserveAmerica 是一個盈利者，而另一個盈利者 Pronto 正受到市場每次點擊費用下降的重大影響。

Right now I believe it's unlikely that we'll get to our previously-stated goal to reduce our 2008 aggregate emerging business loss by about half this year, but I do believe we'll continue to drive it down sequentially.

目前，我認為我們不太可能實現我們之前提出的目標，即今年將 2008 年新興業務的總虧損減少約一半，但我相信我們將繼續將其連續降低。

Finally on cash, you'll see we ended Q1 with approximately $2 billion, and we expect to be modestly free cash flow positive over the balance of the year.

最後，在現金方面，你會看到我們在第一季度結束時大約有 20 億美元，我們預計在今年餘下的時間裡自由現金流為正數。

And in addition, to receive a $76 million tax credit in Q4, which will benefit actual cash flow; although, just as a footnote, not free cash flow as we have defined it.

此外，在第四季度獲得 7600 萬美元的稅收抵免，這將有利於實際現金流；雖然，就像一個腳註，不是我們定義的自由現金流。

With that, Operator, let's take questions.

有了這個，Operator，讓我們回答問題。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Jennifer Watson of Goldman Sachs.

我們的第一個問題來自高盛的詹妮弗沃森。

Your line is open.

你的線路是開放的。

Great, thank you.

太好了謝謝。

I wanted to ask a question on Fun Web products.

我想問一個關於 Fun Web 產品的問題。

They had been performing rather well, probably up until this quarter, when it sounds like some of the queries declined there.

他們的表現相當不錯，可能直到本季度，聽起來那裡的一些查詢下降了。

You can discuss some of the dynamics, and how that contributed to proprietary revenue down 10% year-over-year relative to Citysearch and Match?

您可以討論一些動態，以及這如何導致專有收入相對於 Citysearch 和 Match 同比下降 10%？

Sure, Jennifer.

當然，詹妮弗。

I think the starting in the middle of last year, the back half of the last year, we started to see a number of the facts -- I think it was a mix of external and kind of certain internal operational issues.

我認為從去年年中開始，去年下半年，我們開始看到一些事實——我認為這是外部和某種內部運營問題的混合。

I think that the premise of Fun Web, which is to great creative products in order to drive a toolbar download, continues to be a strong general premise, but there's no question there's increasing competition for control of that toolbar and control of the other search experience through the browser and related effects.

我認為 Fun Web 的前提，即偉大的創意產品以推動工具欄下載，仍然是一個強大的一般前提，但毫無疑問，控制該工具欄和控制其他搜索體驗的競爭越來越激烈通過瀏覽器和相關效果。

So there were a number of kind of competitive actions.

因此，出現了多種競爭行為。

We think we have solved many of those, so the business was stronger in that -- the last third of the quarter and into April than it was in the early parts of the quarter.

我們認為我們已經解決了其中的許多問題，因此該季度的最後三分之一和四月份的業務比本季度初的時候更加強勁。

And, you know, we look to launch new products and continue to drive these operational experiences around this search experience.

而且，您知道，我們希望推出新產品，並繼續圍繞這種搜索體驗推動這些運營體驗。

So, we think the business is, you know, still fundamentally sound, but there is no question it's competitive.

所以，我們認為，你知道，這項業務從根本上來說仍然是健全的，但毫無疑問它是有競爭力的。

And then if you could just comment a little bit on the direction of display relative to search in the quarter, and if you saw search hold up better as you -- as one would expect, seeing that it's ROI-driven?

然後，如果您可以就本季度相對於搜索的顯示方向發表一點評論，並且如果您看到搜索效果更好 - 正如人們所期望的那樣，看到它是 ROI 驅動的？

We did.

我們做到了。

Display, as you know, is only about 3%, 2% or 3% of our revenue, but we did see display impact us in the Citysearch and Evite businesses, which are in the media segment, as you know, and we were down 37% in display year-over-year, and we did not, obviously, see that kind of impact.

如您所知，展示廣告僅占我們收入的 3%、2% 或 3%，但我們確實在 Citysearch 和 Evite 業務中看到了展示廣告對我們的影響，這些業務屬於媒體領域，正如您所知，我們失敗了同比顯示 37%，我們顯然沒有看到這種影響。

As I said, our search businesses were down low double digits, if you adjust for that one business we got out of a year ago.

正如我所說，如果您針對我們一年前退出的一項業務進行調整，我們的搜索業務下降了兩位數。

So there is no question that search is holding up more strongly than display, at least for us, although obviously still impacted.

所以毫無疑問，搜索比展示更強大，至少對我們來說，儘管顯然仍然受到影響。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from the line of Ross Sandler of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯桑德勒。

Your line is open.

你的線路是開放的。

Just two questions.

就兩個問題。

First, can we just get the metrics question out of the way?

首先，我們能把指標問題排除在外嗎？

What do you think in April in terms of RPQ and CPC trends across the search businesses?

您如何看待 4 月份搜索業務的 RPQ 和 CPC 趨勢？

And then second, on the margins, the immediate advertising margins came in much better than expected.

其次，在利潤方面，直接的廣告利潤比預期的要好得多。

Was that driven by some of the stuff you're talking about in terms of pick up at Fun Web, or was there something else there that contributed, and how do you think of margins in that segment as we look into the next few quarters of '09?

這是由你所說的在 Fun Web 上獲得的一些東西所驅動的，還是那裡有其他東西促成了這一點，以及在我們展望未來幾個季度時，你如何看待該細分市場的利潤率'09?

And the same thing on ServiceMagic, clearly we're having an impact on the economy on lower revenue per request, but do you expect to see margins kind of stabilize at this level or should they pick up as we move throughout '09?

在 ServiceMagic 上也是如此，顯然我們正在對經濟產生影響，因為每個請求的收入較低，但是您是否希望看到利潤率穩定在這個水平，或者隨著我們整個 09 年的發展，它們是否應該回升？

Thanks.

謝謝。

Okay, I'll take these in order.

好的，我會按順序處理這些。

I think on CPCs -- we operate a number of so much properties, as you know, and we're seeing them and I think we were through the first quarter and really through today, anywhere down, you know, kind of 5% to 20% year-over-year, and that is a wide range because it really depends on the property.

我認為在 CPC 上——我們經營著如此多的房產，正如你所知，我們正在看到它們，我認為我們已經度過了第一季度，直到今天，任何地方都下降了，你知道，5% 到同比增長 20%，這是一個很大的範圍，因為它確實取決於房產。

A property like Pronto which relies heavily on commercial shopping terms, we're seeing CPC year-over-year declines in the 20%, even above 20% sometimes.

像 Pronto 這樣嚴重依賴商業購物條款的物業，我們看到 CPC 同比下降 20%，有時甚至超過 20%。

In other businesses, other search properties we have, it's closer to 5%, but it is down across the board, and I'd say April is the same as Q1, which is not good.

在其他業務中，我們擁有的其他搜索屬性接近 5%，但全面下降，我想說 4 月與第一季度相同，這並不好。

Not really better, not really worse, just continuing to show those sorts of declines.

不是真的更好，也不是更糟，只是繼續表現出這種下降。

In terms of long-term margins in the media and advertising segment, you know, these businesses continue to have pretty strong operating leverage.

就媒體和廣告領域的長期利潤率而言，您知道，這些業務繼續擁有相當強大的運營槓桿。

We probably spend close to 30%, call it 30% in marketing, which would include all sorts of online/offline pay-for-performance marketing, et cetera, in these businesses.

我們可能會在這些業務中花費近 30%，稱之為 30% 的營銷，這將包括各種在線/離線按績效付費營銷等。

They don't have large, you know, kind of fixed cost structures generally, other than in the -- you know, the Citysearch business, obviously you have a big sales force.

他們沒有大的，你知道的，一般的固定成本結構，除了 - 你知道，Citysearch 業務，顯然你有一個龐大的銷售隊伍。

But -- so there is no question that, I think, longer-term, we can get back to 20%, you know, plus margins, but obviously you've got to get that top line moving, and we have to see better comparisons and a more benign environment.

但是--所以毫無疑問，我認為，從長期來看，我們可以回到 20%，你知道，加上利潤率，但顯然你必須讓頂線移動，我們必須看到更好比較和更良性的環境。

You're just not going to do it in this -- in this kind of environment.

你只是不會在這種環境中這樣做 - 在這種環境中。

Finally, on ServiceMagic, was there a specific question on ServiceMagic, I don't recall?

最後，關於 ServiceMagic，是否有關於 ServiceMagic 的具體問題，我不記得了？

How do you think about the margins on -- in ServiceMagic, you know, clearly the economy is having an impact on the revenue per request and --

您如何看待 - 在 ServiceMagic 中，您知道，顯然經濟正在影響每個請求的收入，並且 -

Yes, again, there is nothing that has changed secularly in that business.

是的，再一次，該行業沒有任何長期變化。

I think its competitive position is as strong or stronger.

我認為它的競爭地位同樣強大或更強。

I think it will come out of this cycle stronger than it was going into it.

我認為它會比進入這個週期更強大。

The business did 21% margins last year on a business which was still growing quite strongly and it -- and at early stages of development.

該業務去年的利潤率為 21%，該業務仍在強勁增長，而且還處於發展的早期階段。

So I don't think there is any reason it can't get back to that and beyond, when conditions are more favorable.

因此，當條件更有利時，我認為沒有任何理由不能恢復到這一點並超越這一點。

That's not going to be in Q2 and it probably won't be this year, but there's no reason it can't get back there.

這不會出現在第二季度，今年也可能不會出現，但沒有理由不能回到那裡。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from the line of Jeetil Patel from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Jeetil Patel。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

A few questions.

幾個問題。

First of all, on the proprietary query trend side, it seems like April, if you back out the Easter effect, you may be -- can you comment on whether you're close to getting to flat and maybe positive on the query trend on the proprietary side of the business as you look at April thus far?

首先，在專有查詢趨勢方面，似乎是 4 月，如果您退出複活節效應，您可能會 - 您能否評論一下您是否接近持平並且可能對查詢趨勢持積極態度到目前為止，您在 4 月份看到的業務的專有方面？

And then secondly, I guess -- you made a comment about Pronto being maybe down 20% or more on CPCs, and that probably speaks more to retail keywords, where the other properties are more non-retail oriented keywords or a mix of non-retail and retail, but I guess is there something you're doing inside monetization in terms of lowering ad coverage that is basically keeping your overall monetization lower, given that you're probably seeing better pricing if you look on an aggregate CPC basis because of the other properties performing better than Pronto?

其次，我猜——你評論說 Pronto 的每次點擊費用可能下降 20% 或更多，這可能更多地涉及零售關鍵詞，其他屬性更多是非零售導向的關鍵詞或非零售關鍵詞的混合。零售和零售，但我想您在降低廣告覆蓋率方面是否在貨幣化方面做了一些事情，這基本上會使您的整體貨幣化率降低，因為如果您以總 CPC 為基礎查看可能會看到更好的定價，因為其他性能比 Pronto 更好？

I guess can you just comment on what you're doing outside of CPC to drive or kind of adjust for monetization in the business?

我想您能否評論一下您在 CPC 之外所做的工作以推動或調整業務中的貨幣化？

On Ask, yes, April is essentially flat so far.

在 Ask 上，是的，到目前為止，4 月基本持平。

The only thing I would add to that is in the toolbar business, because our downloads going into the period, there's a lag effect, right, so your queries are a function, on the Ask proper business, of kind of just daily activity.

我唯一要補充的是工具欄業務，因為我們的下載量進入了這個時期，存在滯後效應，對，所以您的查詢是“詢問正確”業務中的一項功能，只是日常活動。

On the toolbar business, it's how many downloads you had over the trailing, you know, two, four, six months, and downloads were lower because of those competitive forces I cited earlier.

在工具欄業務中，您知道在過去的兩個、四個、六個月內有多少下載量，由於我之前提到的那些競爭力，下載量較低。

So queries will take a bit of time to catch up in that category, but we've seen improved lifetime values there as well.

因此，查詢將需要一些時間才能趕上該類別，但我們也看到那裡的生命週期價值有所提高。

And I am sorry, Jeetil, I just -- I didn't understand the Pronto question.

我很抱歉，Jeetil，我只是 - 我不明白 Pronto 的問題。

I guess -- you're seeing greater pressure on low-price keywords, more retail-oriented, so product-oriented versus non-retail keywords seems to be holding up better in terms of pricing.

我猜——你看到低價關鍵詞的壓力更大，更面向零售，因此面向產品的關鍵詞與非零售關鍵詞似乎在定價方面表現得更好。

I guess are you doing something, after you look at all the CPC, to kind of get to the aggregate RPQ out there, you know, taking down ad coverage or kind of taking down ad links as a way to kind of manage to a certain RPQ number?

我猜你是不是在做某事，在你查看所有 CPC 之後，為了達到總 RPQ，你知道，取消廣告覆蓋率或取消廣告鏈接作為一種管理某個特定的方式RPQ 號碼？

I think -- on our data, everyone's data is probably different, I'm not sure what Google has said on this point, our data suggests that the year-over-year declines on the CPC/RPQ side in the search business are substantial and comparable for both commercial terms and non-commercial terms.

我認為 - 在我們的數據上，每個人的數據可能不同，我不確定谷歌在這一點上說了什麼，我們的數據表明搜索業務的 CPC/RPQ 方面的同比下降幅度很大並且在商業條款和非商業條款方面具有可比性。

And so you're seeing in both places.

所以你在這兩個地方都看到了。

There's a lot of things you can do to address monetization, and we're pulling all the tricks.

您可以做很多事情來解決貨幣化問題，我們正在使用所有技巧。

They're not enough to compensate for those broader trends.

它們不足以彌補這些更廣泛的趨勢。

So we think we have mitigated some of these year-over-year declines, but they are all swamped by the general market conditions as well as by the threshold issue, which was we launched a new product at Ask in Q4 last year, and it is a much better search experience, which causes people to use the algo -- algorhythmic links more and the sponsored links less.

因此，我們認為我們已經緩解了其中一些同比下降，但它們都被一般市場狀況以及門檻問題所淹沒，這是我們去年第四季度在 Ask 推出的新產品，它是一種更好的搜索體驗，這導致人們使用算法——算法鏈接更多，贊助鏈接更少。

And so, that -- those two factors, macro and that, are just too big to overcome with the other things, although we're pulling the other levers as best we can.

所以，這兩個因素，宏觀和那個，太大了，無法用其他東西來克服，儘管我們正在盡我們所能拉動其他槓桿。

Thanks.

謝謝。

Thank you.

謝謝你。

Next question.

下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Justin Post of Merrill Lynch.

我們的下一個問題來自美林公司的賈斯汀波斯特。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

A couple of questions.

幾個問題。

Barry, you did buy some stock back in the quarter.

巴里，你確實在本季度買了一些股票。

I guess you can't talk about forward, but what prompted you to do that?

我猜你不能談論前鋒，但是是什麼促使你這樣做？

Tom, may be you could talk about why this -- the total number of shares increase during the quarter?

湯姆，你能不能談談為什麼——本季度的股票總數增加了？

And then on the Ask side, maybe you can talk about the cost benefit of the new Nascar deal, and is that helping your overall query trends?

然後在詢問方面，也許您可以談談新納斯卡交易的成本效益，這是否有助於您的整體查詢趨勢？

Thanks.

謝謝。

We said we were opportunistic, we thought it was an opportunity, so we bought some.

我們說我們是機會主義者，我們認為這是一個機會，所以我們買了一些。

We don't, obviously, talk about it beyond that, but yes, it was a change for us, but we did it because we thought it was a good investment.

顯然，我們不會在此之外談論它，但是是的，這對我們來說是一個改變，但我們這樣做是因為我們認為這是一項很好的投資。

The share change reflects the fact that there were just under 12 million warrants exercised into shares, which were right before they expired, we talked about that on the last call, for $13 a share.

股票變動反映了這樣一個事實，即有不到 1200 萬份認股權證在到期前被行使，我們在上次電話會議上談到了這一點，每股 13 美元。

There was nothing we could do about it.

我們對此無能為力。

We couldn't force any kind of -- we had to take the cash per the terms of the agreements, and that added 11 million, 12 million to the share count, and then netting against that was the buyback shares we did.

我們不能強迫任何形式——我們必鬚根據協議條款收取現金，這增加了 1100 萬、1200 萬股的股份，然後我們做的回購股份就是淨額。

There is no other big tranche of warrants.

沒有其他大量的認股權證。

These are very old warrants from an old deal.

這些是來自舊交易的非常古老的認股權證。

There is nothing else that close to [in the money] that would be imminent in that regard.

在這方面，沒有什麼比 [in the money] 迫在眉睫的了。

As far as Nascar's concerned, I think it's definitely had some benefits.

就納斯卡而言，我認為它肯定有一些好處。

We -- you can't really cost evaluate it probably for another few months to determine whether it will essentially be cost positive.

我們 - 您可能無法真正對它進行成本評估，可能還要再過幾個月來確定它是否本質上是成本積極的。

It has, of course, gained us some queries, but we're going to in the next 90 days open up two more vertical areas that we think will bring us queries.

當然，它為我們帶來了一些查詢，但我們將在接下來的 90 天內開闢另外兩個我們認為會為我們帶來查詢的垂直領域。

We have a lot of initiatives to do exactly that, and as I said, the next two will come out over the next 90 days.

我們有很多舉措可以做到這一點，正如我所說，接下來的兩個將在接下來的 90 天內推出。

Great.

偉大的。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Thank you, our next question comes from the line of Mark Mahaney of Citi.

謝謝，我們的下一個問題來自花旗銀行的 Mark Mahaney。

Your line is open.

你的線路是開放的。

Sir, your line is open.

先生，您的線路已開通。

Sorry.

對不起。

Can you hear me now?

你能聽到我嗎？

I apologize about that.

我為此道歉。

Tom, I wanted to ask about the Match Europe contribution or takeaway in the second half of this year.

湯姆，我想問一下今年下半年比賽歐洲的貢獻或外賣。

Based on those numbers you gave out earlier, is it around $25 million in quarterly revenue and around $4 million in quarterly OIBA we should think about as the adjustment post the sale of that asset?

根據您之前給出的這些數字，我們是否應該將其視為季度收入約 2500 萬美元和季度 OIBA 約 400 萬美元作為出售該資產後的調整？

It was -- a slight -- can call it $20 million-ish revenue.

這是 - 輕微的 - 可以稱之為 2000 萬美元的收入。

I think we will see a third of that impact in Q2, because it will close in early June, so it will have a, you know, six or seven point, probably, impact on Q2 revenue, just because of the partial quarter effect, and then $20 million-ish in Qs 3 and 4.

我認為我們將在第二季度看到三分之一的影響，因為它將在六月初結束，所以它可能會對第二季度的收入產生六到七點的影響，只是因為部分季度效應，然後是 Qs 3 和 Qs 4 的 2000 萬美元。

And, you know, the business was generally in line with profits of the business overall, slightly lower margin.

而且，您知道，該業務與整體業務的利潤基本一致，利潤率略低。

I think it was about $13 million of OIBA for the full-year last year, and you can assume flattish for this year.

我認為去年全年的 OIBA 約為 1300 萬美元，你可以假設今年持平。

So you're losing, you know, a couple of million dollars, $2 to $3 million a quarter.

所以你每季度損失幾百萬美元，2到300萬美元。

And then in the emerging businesses segment, you have a lot of -- you have a lot of businesses in there.

然後在新興業務領域，你有很多 - 你有很多業務。

When you think about --

當你想到——

Less now that we did last quarter, and less than we did the quarter before, Mark, but yes, we do have some.

現在比上一季度少了，比上一季度少了，馬克，但是是的，我們確實有一些。

Yes, and are there particular ones in there you that want to put a stake in the ground and say these will be core to IAC in the future, and ones that seem less core?

是的，那裡有沒有特別的人想要在地面上投入股份並說這些將成為未來 IAC 的核心，而那些看起來不那麼核心的？

Any hints you want to give us as to which of those -- whether, if the trend continues and it you continue to shed, which ones will be shed?

你想給我們關於其中哪些的任何提示——如果趨勢繼續並且你繼續脫落，哪些會脫落？

I think it's inappropriate for us to do it, since we haven't informed the people involved.

我認為我們這樣做是不合適的，因為我們還沒有通知相關人員。

It's certainly not appropriate to involve others -- or to inform others.

讓其他人參與或通知其他人當然不合適。

I do think that you can look to see that we will continue to lessen the number, and probably lessen the investment in emerging businesses.

我確實認為您可以看到我們將繼續減少數量，並可能減少對新興業務的投資。

There will be a few that I think are going to emerge to be core, but look for us in the next quarters to do what we've done in the last few quarters, which is to -- which is to continue to refine and continue to invest only in those things that we think can be core, could be large businesses for us.

我認為會有一些成為核心，但期待我們在接下來的幾個季度做我們在過去幾個季度所做的事情，那就是繼續完善和繼續只投資那些我們認為可以成為核心的東西，對我們來說可能是大企業。

But specifics are inappropriate.

但具體不合適。

Thank you, Barry.

謝謝你，巴里。

Thank you, Tom.

謝謝你，湯姆。

You're welcome.

別客氣。

Next question.

下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Jim Friedland of Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Jim Friedland。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

The first question on Match, if you pull out the one-time charge for the Meetic act -- or the Meetic deal expense, it looks like OIBA margins were up over 3 percentage points on a year-over-year basis.

關於 Match 的第一個問題，如果你取消 Meetic 法案的一次性費用——或 Meetic 交易費用，看起來 OIBA 的利潤率同比增長了 3 個百分點以上。

I was wondering was there any kind of one-time benefits in the quarter, or some sort of marketing dollar shifts that we should be thinking about, or are you just gaining more leverage there?

我想知道本季度是否有任何一次性收益，或者我們應該考慮的某種營銷資金轉移，或者你只是在那裡獲得了更多的槓桿作用？

And secondly, you talked a lot about successful iPhone downloads, things like Dictionary.com; is there any kind of a meaningful monetization business plan there?

其次，你談了很多關於成功的 iPhone 下載，比如 Dictionary.com；那裡有任何有意義的貨幣化商業計劃嗎？

Could that actually turn into a revenue stream, or is it just building use of the brand or awareness of the brand?

這真的可以轉化為收入來源，還是只是建立品牌的使用或品牌知名度？

Thanks.

謝謝。

On the -- the short answer is no.

關於 - 簡短的回答是否定的。

There were no unusual benefiting items.

沒有不尋常的受益項目。

We've always said with Match, the strategy is not to drive margins but we do think there will be opportunities as the brand grows and there's scale and leverage and those good things, and we just saw real good marketing efficiency and registration to subscription conversion.

我們一直說，Match 的策略不是提高利潤，但我們確實認為隨著品牌的發展、規模和影響力以及這些好東西，將會有機會，我們剛剛看到了真正良好的營銷效率和註冊到訂閱的轉換.

You know, you pay to get people to the site, and if you can convert a slightly higher percentage, you see margin benefits all day long.

您知道，您付費是為了讓人們訪問該網站，如果您可以轉換稍高的百分比，您就會整天看到利潤收益。

So nothing unusual or one-time, just a good quarter and good execution.

所以沒有什麼不尋常的或一次性的，只是一個好的季度和良好的執行。

On mobile, no, I don't know think anybody knows yet.

在手機上，不，我不知道有人知道。

There are -- of course, we see the statistics that show that downloadable apps that are paid for, or they're on a subscription basis, are very robust.

當然，我們看到的統計數據表明，付費或訂閱的可下載應用程序非常強大。

There is an awful lot of activity there.

那裡有很多活動。

It doesn't relate to huge amounts of income yet, except for Apple, but there is a lot of paid activity, and so I think that it's hopeful.

除了Apple，它還沒有涉及巨額收入，但有很多付費活動，所以我認為這是有希望的。

I mean it isn't there yet, and it does -- certainly for Urbanspoon, which I think we're announcing that we bought today, which is just a great application, Urbanspoon.

我的意思是它還沒有，它確實存在 - 當然對於 Urbanspoon，我認為我們宣布我們今天購買了它，這只是一個很棒的應用程序，Urbanspoon。

It has been all over the iPhone, it has huge uptake.

它已經遍及 iPhone，具有巨大的吸引力。

It's a --

它是 -

4.2 million iPhones download it.

420 萬部 iPhone 下載它。

That's huge.

那是巨大的。

That is really ridiculous.

這真的很荒謬。

Anyway, we just purchased that as part of our Citysearch network.

無論如何，我們剛剛購買了它作為我們 Citysearch 網絡的一部分。

And Dictionary just started the [zooming].

而字典剛剛開始[縮放]。

I think we can't yet whether it's going to be advertising base and -- and/or subscription base.

我認為我們還不能確定它是否會成為廣告基礎和/或訂閱基礎。

Now what the world would like, of course, is to have dual revenue streams on these products, and particularly dual revenue streams are going to be increasingly necessary for, I think, any content site, and certainly a content site that is not just an aggregator but a content site that actually makes content, is not going to be, I think, survival -- I shouldn't say survival, not going to be profit contributory until you get two revenue streams.

當然，現在世界想要的是在這些產品上擁有雙重收入來源，尤其是雙重收入來源，我認為，對於任何內容網站，當然還有一個內容網站，而不僅僅是一個聚合器，但實際上製作內容的內容網站，我認為不會是生存——我不應該說生存，在你獲得兩個收入來源之前不會成為利潤貢獻者。

And mobile, because of the nature, because of the practices, et cetera, is potentially a gateway to that.

而移動，由於其性質，由於實踐等原因，可能是實現這一目標的門戶。

I gave you a longer answer than you wanted, but that is our thinking on mobile.

我給了你比你想要的更長的答案，但這是我們在移動設備上的想法。

I would just add that, you know, on the subscription side, we're already seeing Match.com generate real revenue.

我只想補充一點，你知道，在訂閱方面，我們已經看到 Match.com 產生了真正的收入。

We don't disclose the specifics, but the subscription product as an add-on product, and then our local businesses, mobile is a key distribution point for both Citysearch and ServiceMagic, and merchants will clearly pay for leads generated via mobile apps.

我們沒有透露具體細節，但訂閱產品作為附加產品，然後是我們的本地業務，移動是 Citysearch 和 ServiceMagic 的關鍵分發點，商家顯然會為通過移動應用產生的潛在客戶付費。

So we're in the right part of the market, assuming that is the way it develops, which you'd expect.

所以我們處於市場的正確部分，假設這是你所期望的發展方式。

Great, thank you.

太好了謝謝。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question comes from the line of Imran Khan of JPMorgan.

我們的下一個問題來自摩根大通的 Imran Khan。

Your line is open.

你的線路是開放的。

Hi, this is Bridget in for Imran.

嗨，我是伊姆蘭的布里奇特。

On Urbanspoon, what is their monetization model right now, and specifically what synergies do you see with Citysearch?

在 Urbanspoon 上，他們現在的盈利模式是什麼，特別是您認為 Citysearch 有哪些協同效應？

And then as a follow-up to that, I think you've mentioned before that you see smaller acquisitions such as Urbanspoon being more of your strategy than the large acquisitions; do you continue to think that way?

然後作為後續行動，我想你之前提到過你認為像 Urbanspoon 這樣的小型收購比大型收購更適合你的戰略；你繼續這樣想嗎？

Thank you.

謝謝你。

Yes, we definitely think the one area -- not the one area, but the area we're assured of investing, and when we think there is value there, is behind or as part of the product services that we now offer.

是的，我們絕對認為一個領域——不是一個領域，而是我們有信心投資的領域，當我們認為那裡有價值時，它落後於我們現在提供的產品服務或作為產品服務的一部分。

If we can increase our competition, if we can hold on, that is a very good strategy for us, and we're going continue to do it.

如果我們能增加我們的競爭，如果我們能堅持下去，這對我們來說是一個非常好的策略，我們將繼續這樣做。

It does not, at least at this stage, can't see where it will, take large amounts of capital, and certainly Urbanspoon was not a large capital acquisition.

它不會，至少在現階段，看不到它會在哪裡，需要大量的資本，當然 Urbanspoon 也不是大規模的資本收購。

And, you know, in terms of monetization, what we do with ServiceMagic and Citysearch, in its simplest terms, is we sell leads.

而且，您知道，就貨幣化而言，我們使用 ServiceMagic 和 Citysearch 所做的，簡單來說，就是我們銷售潛在客戶。

The exact pricing mechanism, and the way they're bundled and tracked and all of that stuff varies, but in general we sell X numbers of leads for Y dollars a month, and there is no reason those leads can't be, in fact they are today, and Urbanspoon will be an additional outlet for this, there is no reason why those leads can't be driven through mobile devices.

確切的定價機制，以及它們的捆綁和跟踪方式以及所有這些東西都各不相同，但總的來說，我們每月以 Y 美元的價格出售 X 數量的潛在客戶，事實上，這些潛在客戶沒有理由不能他們今天是這樣，Urbanspoon 將成為這方面的另一個渠道，沒有理由不能通過移動設備驅動這些線索。

So, ultimately, all our local businesses are going to be pulling in merchant spend from a variety of places and a variety of categories, and then distributing that spend and driving traffic from both our own properties as well as partner properties.

因此，最終，我們所有的本地企業都將從各種地方和各種類別中吸引商家支出，然後分配這些支出並從我們自己的財產和合作夥伴的財產中吸引流量。

And in the case of Urbanspoon, we just thought it was such a great property that it's a distribution point that we choose to own as opposed to partner with, but we'll do both.

在 Urbanspoon 的案例中，我們只是認為它是一個非常棒的財產，我們選擇擁有而不是與之合作的分銷點，但我們會兩者兼而有之。

Great, thanks.

太謝謝了。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question comes from the line of Doug Anmuth of Barclays Capital.

我們的下一個問題來自巴克萊資本的 Doug Anmuth。

Your line is open.

你的線路是開放的。

Hi, this is actually Ron Josey calling in for Doug.

嗨，這實際上是 Ron Josey 打電話給 Doug。

A quick question on Match and the recent Meetic transaction.

關於 Match 和最近的 Meetic 交易的快速問題。

We're wondering if there is a potential for Match to be an acquirer in the U.S.?

我們想知道 Match 是否有可能成為美國的收購方？

I believe Yahoo!

我相信雅虎！

has said in the past it's shedding some of the non-core assets.

過去曾表示，它正在剝離一些非核心資產。

Potentially is there something with Yahoo!

雅虎可能有什麼東西！

Personals?

交友？

And then a quick clarification, I believe it was mentioned that search was essentially flat thus far in April; I am wondering if that is year-over-year?

然後快速澄清一下，我相信有人提到，到目前為止，四月份的搜索基本持平；我想知道這是不是年復一年？

Thank you.

謝謝你。

It is year-over-year, isn't it, Tom?

年復一年，不是嗎，湯姆？

Yes but you're referring to -- I think the reference was to volume, so queries, at Ask.com specifically.

是的，但你指的是——我認為指的是數量，所以查詢，特別是在 Ask.com。

So we have seen good traction at Ask specifically on the query side.

因此，我們在 Ask 特別是在查詢方面看到了良好的牽引力。

We're still seeing very negative trends year-over-year, again in line with Q1, not better, not worse, on the monetization side, and there is that lag effect on the toolbar side.

我們仍然看到同比非常負面的趨勢，再次與第一季度一致，在貨幣化方面沒有更好，也沒有更差，並且在工具欄方面存在滯後效應。

Great, thank you.

太好了謝謝。

That is helpful.

這很有幫助。

On Match, we are very interested, we would love to have Yahoo!

在 Match 上，我們非常感興趣，我們很想擁有 Yahoo!

Personals, and I think there are some initial discussions about that.

交友，我認為對此有一些初步的討論。

Whether that would go anywhere or not is, of course, enormously speculative, but I think Yahoo!

當然，這是否會發生在任何地方都具有極大的投機性，但我認為雅虎！

has said it's not an absolute core asset to their future, and it is core to us, personals, we are unquestionably the leader in the category, and our Meetic association is, I think, going to make us undisputedly the leader in Europe.

已經說過這不是他們未來的絕對核心資產，它是我們的核心，個人，我們無疑是該類別的領導者，我認為，我們的 Meetic 協會將使我們毫無爭議地成為歐洲的領導者。

So we're very aggressive behind Match, and any possibilities for increasing its hegemony in the world.

所以我們非常積極地支持 Match 以及任何增加其在世界霸權地位的可能性。

Great, thank you very much.

太好了，非常感謝。

Next question.

下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Jeffrey Lindsay of Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Jeffrey Lindsay。

Your line is open.

你的線路是開放的。

Thank you.

謝謝你。

Two questions.

兩個問題。

First of all, is there more that you can do to deploy your Ask.com development team on the page search side?

首先，您可以做更多的事情來在頁面搜索方面部署您的 Ask.com 開發團隊嗎？

Because it seems that that is a talented team, and as they develop the algorithm side, it seems to be undermining the page search side of the business.

因為看起來那是一個才華橫溢的團隊，並且隨著他們開發算法方面的發展，它似乎正在破壞業務的頁面搜索方面。

Are you restricted in what you've agreed to with Google for that, or is it possible that you could redeploy that team to focus more on the page -- to drive on the page search side?

您是否受限於您與 Google 達成的協議，或者您是否可以重新部署該團隊以更多地關注頁面 - 以推動頁面搜索方面？

And then my second question is in Match.com, are you seeing the industry trend towards more of an ad-supported business, or is Match.com immune from that?

然後我的第二個問題是關於 Match.com，您是否看到了更多廣告支持業務的行業趨勢，還是 Match.com 對此免疫？

Thank you.

謝謝你。

Yes, you know, we have been increasing -- we have a nice business on the page search side.

是的，你知道，我們一直在增加——我們在頁面搜索方面有很好的業務。

We don't talk about it so much, but Ask's sponsored listings has been a very nice grower.

我們不怎麼談論它，但 Ask 的讚助列表一直是一個非常好的種植者。

It operates in a part of the market where Google and the other large players are not as focused.

它在谷歌和其他大型參與者不那麼專注的市場中運營。

It still serves a minority of the sponsored listings on our own search properties, but it's up to probably about 4% or something like that, and our Google deal doesn't prohibit that.

它仍然為我們自己的搜索屬性上的少數贊助列表提供服務，但它可能高達 4% 左右或類似的東西，我們的 Google 交易並不禁止這樣做。

So we have long said that we view our participation in the page search side on the sponsored listings business as opportunistic.

所以我們早就說過，我們認為我們參與讚助列表業務的頁面搜索方面是機會主義的。

We don't think and have a desire to try and compete with the larger players, but think there is very good money to be made and we'll keep doing that.

我們不認為也不想嘗試與更大的玩家競爭，但認為可以賺到很多錢，我們會繼續這樣做。

On Match, Match is a paid service.

在 Match 上，Match 是一項付費服務。

It will always be, I believe, a paid service.

我相信，它將永遠是一項有償服務。

It is, with -- there are some new offerings that have gotten a little bit of traction, not a great deal, I would say more in the frivolous staging area, whatever you take to mean by that, and do not mean in that -- the Craigslist version.

它是，有一些新的產品已經獲得了一點牽引力，不是很多，我會在無聊的集結區說更多，不管你是什麼意思，而不是那個意思—— - Craigslist 版本。

But the overwhelming world of personals is on the subscription paid side, and I think it will continue.

但壓倒性的交友世界是在訂閱付費方面，我認為它會繼續下去。

Thank you.

謝謝你。

Next question.

下一個問題。

Thank you.

謝謝你。

Our next question comes from the line of Jeff Shelton of Natexis.

我們的下一個問題來自 Natexis 的 Jeff Shelton。

Your line is open.

你的線路是開放的。

Thanks.

謝謝。

Barry, you have commented for a couple of quarters that there has been a lack of compelling places to put your cash.

巴里，你已經評論了幾個季度，缺乏令人信服的地方來存放你的現金。

Have you seen any movement on asking prices?

你看到要價有什麼變化嗎？

You know, it seems to be that they're still too high for your taste?

你知道，似乎它們對你的口味來說還是太高了？

I've seen no movement.

我沒有看到任何動靜。

No movement.

沒有動靜。

Do you have any fears that we have hit the bottom and that perhaps you may miss it?

您是否擔心我們已經觸底，您可能會錯過它？

I don't know.

我不知道。

I would probably be the only person in the world to say that I'm fearful that this economic period is over.

我可能是世界上唯一一個說我擔心這個經濟時期已經結束的人。

Unfortunately, from whatever standpoint you sit, I do not think it is over.

不幸的是，無論你從哪個角度來看，我都不認為一切都結束了。

I think we have a lot more to come, and I particularly think in a lot of sectors that they are going to affect prices for the future.

我認為我們還有很多事情要做，而且我特別認為在很多行業中，它們將影響未來的價格。

I still think, I think there are -- in many, many things we look at, the prices are irrational, primarily because they're private market prices of people sitting around a room agreeing what their value is based upon nothing other than hopes and dreams.

我仍然認為，我認為在我們看到的很多很多東西中，價格是不合理的，主要是因為它們是私人市場價格，人們圍坐在一個房間裡，同意他們的價值是基於希望和夢想。

I think that comes to reality some time in the near future, but I can't predict when.

我認為這在不久的將來會成為現實，但我無法預測何時。

And if I could re-ask a question that was asked earlier.

如果我可以重新提出之前提出的問題。

You have been acquiring a lot of smaller assets; would you consider something in the $500 million or $1 billion range?

您一直在收購許多較小的資產；你會考慮 5 億美元或 10 億美元範圍內的東西嗎？

Is that possibly on the plate of things to do?

這可能是要做的事情嗎？

It would be on the plate but, you know -- I mean, yes, plate, here's the plate.

它會在盤子上，但是，你知道——我的意思是，是的，盤子，這是盤子。

There is nothing on it.

上面什麼都沒有。

The -- and the problem is, or things that are key to what we do, add-ons, bolt-ons, et cetera, there is the ability to rationally acquire.

問題是，或者對我們所做的事情至關重要的事情，附加組件，附加組件等等，有能力理性地獲得。

When you get up into the nine figures, it's -- there just haven't been an opportunity.

當你上升到九位數時，它是 - 只是沒有機會。

I wouldn't rule out an acquisition, actually, of any size, but I'm not particularly optimistic that we're going to find one.

實際上，我不排除任何規模的收購，但我並不特別樂觀地認為我們會找到一個。

And I'm certainly not going to simply -- we're not going to perpetuate, in a sense, what IAC did for the first 10 years of life, which is open up sector after sector, acquisition after acquisition.

而且我當然不會簡單地 - 從某種意義上說，我們不會延續 IAC 在生命的前 10 年所做的事情，即一個接一個部門的開放，一個接一個的收購。

We did that.

我們做到了。

We got up to very large size, and then we started spinning them out.

我們達到了非常大的尺寸，然後我們開始將它們旋轉出來。

I don't think we're going to start that cycle again.

我不認為我們會再次開始那個循環。

I don't think that is in the interest of this Company.

我認為這不符合本公司的利益。

So while I can't say what we'll do, obviously, other than invest in the businesses we have, because we believe they're worthy of investments, relatively small scale, we're open but I am actually not optimistic about being able to extensively spend the enormously large amounts of cash that we have.

所以雖然我不能說我們會做什麼，顯然，除了投資我們擁有的業務，因為我們相信他們值得投資，規模相對較小，我們是開放的，但我實際上並不樂觀能夠廣泛使用我們擁有的大量現金。

It could change on a dime, but there it is at the moment.

它可能會改變一角錢，但現在就在那裡。

Thank you.

謝謝你。

You're welcome.

別客氣。

Next question, please.

下一個問題，請。

Thank you.

謝謝你。

Our next question comes from the line of Gene Munster of Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Gene Munster。

Your line is open.

你的線路是開放的。

Good morning.

早上好。

Just a follow-up to the Match question.

只是對匹配問題的跟進。

As far as the customer as versus (inaudible) in the quarter, was that related to any sort of increased marketing spend or macroenvironment, and do you that that trend is going to continue?

就本季度的客戶與（聽不清）而言，這是否與任何類型的營銷支出增加或宏觀環境有關，您認為這種趨勢會持續下去嗎？

No, it wasn't -- it was business as usual for Match.

不，不是——這對 Match 來說照常營業。

It was just good conversion improvements, good marketing efficiency, which is a variety of, you know, kind of plumbing work.

這只是良好的轉換改進，良好的營銷效率，這是各種管道工作。

You can speculate, and it's fun to speculate, does the weak macroenvironment to help the business to a degree because people are looking for love, and maybe there is some of that.

你可以推測，推測很有趣，微弱的宏觀環境會在一定程度上幫助企業，因為人們正在尋找愛情，也許其中有一些。

But, you know, there is no big one factor to point to.

但是，你知道，沒有一個重要的因素可以指出。

We have said that -- have been saying, I think now, almost 10 years, that this is a category which is still underpenetrated relative to its addressable market.

我們已經說過 - 我認為現在已經將近 10 年了，這是一個相對於其潛在市場仍然滲透不足的類別。

Match had 7 million active registrants in the last six months.

在過去六個月中，Match 有 700 萬活躍註冊者。

It still only has, you know, a million -- and that is just a domestic figure, by the way.

它仍然只有一百萬——順便說一句，這只是一個國內數字。

So there is still an immense opportunity, and the business has for 10 years and probably will continue to grow in fits and starts, as it figures out product wrinkles and marketing efficiency and the like.

所以仍然有一個巨大的機會，這個業務已經有 10 年了，並且可能會繼續斷斷續續地增長，因為它會計算出產品皺紋和營銷效率等。

Thanks.

謝謝。

Next question.

下一個問題。

Thank you.

謝謝你。

Our final question comes from the line of Mark Mahaney of Citi.

我們的最後一個問題來自花旗銀行的 Mark Mahaney。

Your line is open.

你的線路是開放的。

Great.

偉大的。

I just want to get back to the Match business.

我只想回到Match業務。

Barry, could you just remind us again the rationale for the sale of the Europe -- Match Europe business, if -- given your interest in Yahoo!

巴里，你能否再次提醒我們出售歐洲業務的理由——如果——考慮到你對雅虎的興趣，請匹配歐洲業務！

Personals, and the strength -- relative strength of that business.

交友，以及實力——該業務的相對實力。

What was it about that segment that you didn't want, or is it just the price of the offering was too attractive to pass up?

你不想要的那部分是什麼，或者只是產品的價格太有吸引力而不能放棄？

Thank you.

謝謝你。

Well, first of all, you know, we didn't sell, so to speak.

嗯，首先，你知道，我們沒有賣，可以這麼說。

I mean, we converted into a larger entity.

我的意思是，我們變成了一個更大的實體。

We own 27%, I think, of the French public company.

我認為，我們擁有這家法國上市公司 27% 的股份。

The issue was that Meetic was stronger than Match outside of the United -- in Europe, had done a stupendously good job in various Western European markets.

問題在於，Meetic 在曼聯之外比 Match 更強大——在歐洲，在各種西歐市場上做得非常好。

Match has done okay.

比賽做得很好。

The synergy savings by putting these together was very, very large, and what we decided to do, really, is to take and convert our ownership into the ownership of a company that we thought could exploit the world better.

將這些組合在一起所節省的協同效應非常非常大，而我們決定做的實際上是將我們的所有權轉換為我們認為可以更好地利用世界的公司的所有權。

We have the opportunity in the future to increase our ownership.

我們有機會在未來增加我們的所有權。

And the other principal reason for all of this is that the Chief Executive, Marc Simoncini, of Meetic is just the kind of person that is going to grow that category.

造成這一切的另一個主要原因是，Meetic 的首席執行官馬克·西蒙奇尼 (Marc Simoncini) 就是那種將擴大這一類別的人。

So we thought putting the two together made more sense than competing on their own.

所以我們認為將兩者放在一起比單獨競爭更有意義。

It has nothing to do with our point of view in the United States relative to acquisitions, relative to anything else.

這與我們在美國相對於收購、相對於其他任何事物的觀點無關。

I, again, just reiterate one thing, we did not sell.

我再次重申一件事，我們沒有出售。

We sold into a larger entity that we think we're going to profit from over the years.

我們賣給了一個更大的實體，我們認為多年來我們將從中獲利。

Do you have the option to take a majority stake?

您可以選擇獲得多數股權嗎？

No, we don't have the option.

不，我們別無選擇。

It's a complicated process of -- we can fill you in on later, that gives us certain rights to acquire more stock, et cetera, at certain moments down the road.

這是一個複雜的過程——我們可以稍後再填寫，這給了我們在未來某些時刻獲得更多股票等的某些權利。

Thank you very much, Barry.

非常感謝你，巴里。

You're welcome.

別客氣。

Thank you all, and we will see you at the next quarter.

謝謝大家，我們下個季度再見。

Thank you.

謝謝你。

And this concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。