Match Group Inc (MTCH) 2013 Q1 法說會逐字稿

Good day, everyone, and welcome to the IAC reports Q1 results conference call. Today's conference is being recorded.

大家好，歡迎參加IAC第一季業績電話會議。今天的會議正在錄影。

At this time, I would like to turn the conference over to Mr. Jeff Kip, CFO. Please go ahead, sir.

此時，我謹將會議交給財務長傑夫‧基普先生。請繼續，先生。

Thanks, operator. Thanks, everyone, for joining us this morning for our first-quarter 2013 earnings call.

謝謝接線生。感謝各位今天上午參加我們2013年第一季財報電話會議。

Let me briefly remind you all that during this call we will discuss our outlook for future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate, or similar statements. These forward-looking statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our first-quarter 2013 press release and our periodic reports filed with the SEC.

讓我簡單提醒各位，本次電話會議我們將討論公司對未來業績的展望。這些前瞻性陳述前面可能帶有「我們預期」、「我們相信」、「我們預期」或類似表述等字眼。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。其中一些風險已在我們的 2013 年第一季新聞稿和向美國證券交易委員會提交的定期報告中列出。

We will also discuss certain non-GAAP measures today. I refer you to our press release in the Investor Relations section of our website for all comparable GAAP measures, and full reconciliations for all material non-GAAP measures.

今天我們也將討論一些非GAAP指標。有關所有可比較的 GAAP 指標，請參閱我們網站投資者關係部分的新聞稿；有關所有重要非 GAAP 指標的完整調整表，請參閱相關內容。

I'm going to now turn it over to Barry for a few remarks. Then I will take it back, and quickly walk through our financial results and outlook. Then Greg will talk about some of the key drivers of the Business. Then we will open it up to Q&A.

現在我將把發言權交給巴里，請他簡單說幾句。然後我會收回剛才的話，並快速回顧一下我們的財務表現和展望。然後格雷格將談到一些推動業務發展的關鍵因素。接下來我們將進入問答環節。

Good morning, everyone. Not made as a stentorian announcement, but this is going to be the last regularly scheduled call for me with our quarterly earnings. I've been doing it now for, I think, long enough -- 18 years. And I think Greg Blatt and Jeff Kip and all of your questions are properly dealt with. I don't think I add that much value. I will come back when I have something specific to say about something.

各位早安。雖然沒有隆重宣布，但這將是我最後一次定期召開的季度財報電話會議。我想我從事這項工作已經足夠長的時間了——18 年。我認為 Greg Blatt 和 Jeff Kip 的所有問題都得到了妥善解答。我覺得我貢獻的價值不大。等我有具體想說的話時，我會再來。

One thing I would like to mention to all of you is something we have been thinking about in the last weeks -- it doesn't, certainly, change our reporting. It doesn't change any of the way we actually do things, but it is a way of thinking about our Company and our businesses, which is that, as you all know, we have got two main businesses. They have been our main businesses for some time now. They are growing. We spend time on them, and we should spend time on them.

我想跟大家提一下我們最近幾週一直在思考的一件事——當然，這不會改變我們的報道方式。它不會改變我們實際做事的方式，但它是一種思考我們公司和我們業務的方式，正如你們所知，我們有兩個主要業務。它們一直是我們的主要業務。它們正在生長。我們花時間在這些事情上，我們也應該花時間在這些事情上。

We then have a group with the elegant name, Other. In that group are 12 or so individual businesses that hopefully -- they don't matter to us, in the sense of materiality -- they're $600 million or so in revenues. Essentially they will make or lose a few million dollars I think this year. All of that revenue is planned to lose about $10 million. These are businesses that we're investing in. These are businesses that you could say -- why are we even bothering, rather than focusing primarily on the two main businesses?

然後我們還有一個名稱很優雅的群組，叫做「其他」。該組包含大約 12 家獨立企業，希望它們——就實質意義而言，它們對我們來說並不重要——它們的收入約為 6 億美元。我認為他們今年基本上會獲利或虧損幾百萬美元。所有這些收入預計將損失約 1000 萬美元。這些是我們正在投資的企業。你可能會問，我們為什麼要費心去做這些業務，而不是主要專注於兩大業務？

The reason is, is that we're hopeful that one, two, three, who knows, of these could become a third large business, or a fourth large business. Really for the last, almost 20 years, that has been the course of the Company, and how it has developed. So, I just think orienting ourselves to think of two businesses, plus a lot of optionality that is not a drag on us, is a -- to me, it is a healthier way of looking at our Business. It doesn't mean we're not going to talk about these businesses when we have something to say about them, but essentially, they're not of any great matter until one of them becomes substantial. When one of them does, that will clearly be something we will talk about. Or when we have prospects for them that -- individually, that are worthy of noting, we will do so.

原因在於，我們希望其中一家、兩家、三家，誰知道呢，能夠發展成為第三家大型企業，或是第四家大型企業。事實上，在過去的近 20 年裡，公司的發展歷程和方式一直都是如此。所以，我認為，如果我們把注意力放在兩個業務上，再加上很多不會拖累我們的選擇，對我來說，這是一種更健康的看待我們業務的方式。這並不意味著當我們對這些企業有話要說時，我們就不會談論它們，但本質上，在它們中的一家發展壯大之前，它們並不重要。如果其中一人真的這麼做了，那顯然是我們將會討論的事情。或者，當我們發現值得關注的潛在人選時，我們會這樣做。

So, with that, I will turn the call back to Mr. Kip, and we will proceed with the meeting. I will stay on for the rest of this meeting, as well, for your pleasure.

那麼，接下來我將把電話轉回給基普先生，我們將繼續開會。為了不讓各位失望，我將繼續留任，直到會議結束。

Thanks. We had a solid first quarter, with 16% revenue growth and 24% OIBA growth on an as-reported basis. Pro forma for About.com and NewsBeast, revenue and OIBA growth were 8% and 29%, respectively. The shutdown of Newsweek magazine in December effectively reduced the pro forma revenue growth rate by approximately 250 basis points for the quarter. It is worth noting that this was IAC's 16th straight quarter of 15% or more OIBA growth, and our 9th straight quarter of OIBA margin expansion.

謝謝。我們第一季業績穩健，以報告數據計算，營收成長 16%，OIBA 成長 24%。About.com 和 NewsBeast 的考試準備收入和 OIBA 成長率分別為 8% 和 29%。《新聞周刊》雜誌於 12 月停刊，導致該季度的預估收入成長率下降了約 250 個基點。值得注意的是，這是 IAC 連續第 16 個季度實現 15% 或以上的 OIBA 成長，也是我們連續第 9 個季度實現 OIBA 利潤率擴張。

Search and Applications had a good first quarter, with as-reported revenue growth of 16% and OIBA growth of 27%. Our revenue came in a little lower, and our OIBA a little higher than expected because of CPC softness at Google, which led us to hold back a little on marketing spend. We did see CPC levels recover by the end of the quarter, however, giving us confidence in our expectations for the full year.

搜尋和應用程式業務第一季表現良好，按報告計算的收入增長了 16%，OIBA 增長了 27%。由於Google的每次點擊費用疲軟，導致我們不得不稍微削減行銷支出，因此我們的收入略低於預期，而我們的 OIBA 略高於預期。不過，我們看到 CPC 水準在本季末有所回升，這讓我們對全年的預期充滿信心。

Additionally, on a year-over-year basis, we took about $5 million or so of unprofitable legacy Pronto revenue out of Websites as part of the restructuring of that business in the first quarter, which contributed to the lower than expected revenues there. On an organic basis, Websites' revenue was virtually flat sequentially.

此外，與去年同期相比，我們在第一季對網站業務進行重組時，從中剔除了約 500 萬美元的無利可圖的 Pronto 遺留收入，這也導致了該業務收入低於預期。從自然成長來看，網站的收入環比幾乎沒有變化。

For the full year, we expect solid double-digit revenue growth pro forma for About, and somewhat stronger on an as-reported basis, with margin leverage resulting in strong, double-digit OIBA growth pro forma for About, or approximately 1,000 basis points or so higher on an as-reported basis. This is modestly better than the outlook from our last call.

全年來看，我們預期 About 的營收將達到兩位數的穩健成長（以備考基準計算），以實際報告基準計算則較為強勁。利潤率槓桿作用將使 About 的 OIBA 實現兩位數的強勁增長（按備考基準計算），或按實際報告基準計算高出約 1000 個基點。這比我們上次預測的情況略有好轉。

In the second quarter, revenue growth will roughly double from the first quarter rate on a pro forma basis, with a somewhat less dramatic jump on an as-reported basis. OIBA growth will accelerate from the first-quarter rate, although more modestly than revenue, as we ramp up our marketing, which we have already started doing, after our CPC-related pull back in the first quarter. In the back half of the year, revenue growth rates will be in line with our second-quarter rate on a pro forma basis, driven year over year by accelerating query growth in Websites, and improved monetization in Applications. OIBA growth in the second half on a pro forma basis will be significantly better than the first half of the year, but higher in the third quarter than in the fourth quarter, driven primarily by timing of marketing spend. I would also note that on an as-reported basis, both revenue and OIBA growth will be impacted by the anniversary of the About acquisition in the fourth quarter of 2012.

第二季度，以備考基準計算，營收成長將比第一季成長近一倍；以實際報告基準計算，增幅則略小一些。OIBA 的成長速度將從第一季開始加快，儘管成長速度會比營收成長略低，因為我們將加強行銷力度，而我們已經在第一季度因 CPC 相關支出減少而開始加大行銷力度。下半年，營收成長率將與第二季按備考基準保持一致，這主要得益於網站查詢量成長加速以及應用程式貨幣化程度提高。以備考基準計算，下半年的 OIBA 成長將明顯好於上半年，但第三季將高於第四季度，這主要是由於行銷支出的時間安排所致。我還想指出，以報告數據計算，2012 年第四季 About 收購週年紀念將對營收和 OIBA 成長產生影響。

At Match, we had a great quarter, with 8% revenue growth, strong margin leverage resulting in 24% OIBA growth, and most importantly, solid PMC growth across all of core, developing and Meetic. In the second quarter, we expect a modest increase in revenue growth over the first quarter, and we also expect PMC growth rates to accelerate again across all three PMC buckets, which will drive solid revenue and OIBA growth in the subsequent quarters. The second quarter, however, has very tough marketing comps, especially at Meetic where we pulled back spending significantly last year, so we only expect single-digit OIBA growth year on year.

Match 在本季度表現出色，營收成長 8%，利潤率大幅提升，OIBA 成長 24%，最重要的是，核心業務、發展業務和 Meetic 業務的 PMC 均實現了穩健成長。第二季度，我們預計營收成長將比第一季略有提高，同時預計所有三個 PMC 細分市場的 PMC 成長率將再次加速，這將推動接下來幾季營收和 OIBA 的穩健成長。然而，第二季的行銷業績比較基數非常高，尤其是 Meetic，我們去年大幅削減了支出，因此我們預期 OIBA 年比成長只有個位數。

In the back half of the year, however, we expect to see revenue growth rates in the low- to mid-double digits with flattish margins year over year in the third quarter, but significant margin leverage in the fourth quarter, again, driven by the timing of various marketing decisions. On a consolidated basis for the full year in this segment, we expect low-double-digit revenue growth, and strong double-digit OIBA and PMC growth.

不過，我們預計下半年營收成長率將達到兩位數的低到中等水平，第三季利潤率與去年同期基本持平，但第四季度利潤率將出現顯著增長，這同樣得益於各種行銷決策的時機把握。就全年而言，我們預計該業務板塊的營收將實現兩位數低段成長，OIBA 和 PMC 將實現兩位數強勁成長。

In our remaining segments, we continue to see strong revenue growth at businesses like Vimeo and Electus, and we've dramatically reduced our OIBA lost at NewsBeast. Our performances were offset in the first quarter, and will continue to be offset in the second quarter, by underperformance at HomeAdvisor, driven by some technical glitches in the rebranding of the service, which should be resolved by the end of the quarter. Revenue growth for the full year for Local, Media and Other combined should be low-double digits on an as-reported basis, dragged down by the effect of the shuttering of Newsweek magazine.

在其他業務板塊，我們繼續看到 Vimeo 和 Electus 等公司的收入強勁增長，並且我們大幅減少了 NewsBeast 的 OIBA 損失。第一季度，由於 HomeAdvisor 服務品牌重塑過程中出現了一些技術故障，導致其業績不佳，抵消了我們的部分業績，而這些故障應該會在本季度末得到解決，因此第二季度我們的業績將繼續受到 HomeAdvisor 業績不佳的影響。受《新聞周刊》停刊的影響，本地、媒體和其他業務全年合計的收入增長應為兩位數以下（按報告數據計算），這將拉低收入增長。

In terms of full-year OIBA, we now expect low-double-digit millions in combined losses for the full year for the three segments, which means we expect an OIBA pickup of approximately $15 million versus the aggregate OIBA from last year, or actually significantly more than double that pro forma for NewsBeast. Thus, for the remainder of 2013, we expect to be nearly breakeven on OIBA across the three segments, with minor losses in the second quarter turning to modest profits by the fourth quarter.

就全年 OIBA 而言，我們現在預計這三個業務板塊全年合計虧損將達到數千萬美元，這意味著我們預計 OIBA 將比去年的總 OIBA 增加約 1500 萬美元，或者按 NewsBeast 的備考數據計算，實際上將增加一倍以上。因此，在 2013 年剩餘的時間裡，我們預計 OIBA 在三個業務板塊將基本實現盈虧平衡，第二季度的小幅虧損將在第四季度轉為適度盈利。

I will now conclude with our expectations for the full year and the second quarter on a consolidated basis. We are reiterating our full-year outlook of solid double-digit consolidated revenue growth, or low-double digits pro forma on consolidated OIBA growth of approximately 30%, or mid- to high-20%s pro forma for About and NewsBeast. Our improved outlook for OIBA growth at Search will offset our lower OIBA expectation for our Local, Media and Other segments. For the second quarter, we expect solid to strong double-digit consolidated revenue and OIBA growth on an as-reported basis, with OIBA growth only slightly lower on a pro forma basis on low- to mid-double-digit pro forma revenue growth.

最後，我將介紹我們對全年和第二季的合併業績預期。我們重申全年業績展望，預計合併收入將實現兩位數穩健增長，或按備考合併 OIBA 增長約 30% 計算，實現兩位數低段增長，或按備考 About 和 NewsBeast 計算，實現 20% 中高段增長。我們對搜尋業務 OIBA 成長前景的改善將抵消我們對本地、媒體和其他業務部門 OIBA 預期的降低。我們預計第二季合併收入和 OIBA 將實現穩健至強勁的兩位數成長（按報告基準計算），而 OIBA 的成長（以備考基準計算）僅略低，備考收入成長也將達到兩位數的低至中等水平。

With that, I will turn it over to Greg.

接下來，我將把麥克風交給格雷格。

Thanks, Jeff. Hey, everybody. Thanks for joining us so early this morning. Hopefully, I will fully wake up by Q&A, but I will try and plow through these opening remarks until then. I don't want to restate what Jeff said. We feel really good about the road ahead. I think I want to spend some time going through the big drivers of that.

謝謝你，傑夫。大家好。感謝您今天一大早就加入我們。希望在問答環節我能完全清醒過來，但在此之前，我會努力完成這些開場白。我不想重複傑夫說過的話。我們對未來的道路充滿信心。我想花點時間仔細分析一下造成這種情況的主要原因。

I will start with Match. First, is scale. We have now cracked the 3 million subscriber mark for the first time. That is more than double what it was just four years ago. While I don't have an exhaustive list, and these things are subject to varying definitions, we're pretty sure that puts us in the handful of largest, pure online subscription business in the world, which is a pretty good place to be in.

我先從比賽開始。首先是規模。我們用戶訂閱量首次突破了300萬大關。這比四年前翻了一番還多。雖然我沒有一份詳盡的清單，而且這些事情的定義也各不相同，但我們相當肯定，這使我們躋身於世界上規模最大的純在線訂閱業務之列，這是一個相當不錯的地位。

While size is great, momentum is obviously better. We are really getting it back. At the end of Q3, I think I said I expected core PMC growth rates to decline in Q4 and Q1, before starting to rise again. In fact, that never happened. We basically stayed flattish at around 8% core PMC growth through those three quarters. We now expect to start rising again, as we did previously, but from a higher starting level, which we're really excited about.

雖然規模很重要，但動量顯然更重要。我們真的要把它奪回來了。在第三季末，我好像說過，我預計核心 PMC 成長率將在第四季和第一季下降，然後再開始上升。事實上，那件事從未發生過。在過去的三個季度裡，我們的核心 PMC 成長率基本上保持在 8% 左右。我們現在預計會像以前一樣再次開始上漲，但起點更高，我們對此感到非常興奮。

I think it is a real testament to the product work that we've been doing. I think it is really solidified my view that there really is no ceiling on the benefit in a business like this, that you get from continuously revisiting your product, revisiting registration flows, optimization, et cetera, especially when coupled with fundamental product change like we saw in Events last year, which continues to drive the core consumer proposition. Really, a great job by the Match team.

我認為這充分證明了我們一直以來在產品研發方面所做的工作。我認為這更加堅定了我之前的觀點，即在這樣的商業環境中，不斷審視產品、重新審視註冊流程、進行優化等等所帶來的收益是沒有上限的，尤其是在結合像去年我們在 Events 中看到的那樣的根本性產品變革時，這種變革將繼續推動核心消費者主張的發展。Match團隊做得真棒！

As pleased as we are with where Core is heading, which is up, I do want to spend some time talking about Meetic and Developing, which isn't something we have really had a lot of reason to talk about in the past. But for the very first time, as Jeff mentioned, we've got meaningful PMC growth in Core, Developing and Meetic simultaneously. Meetic and Developing have been a real drag on things for a while, but now they're all going in the right direction, and we expect this to continue. Meetic -- doing a great job on all its optimizations. Developing -- really, really seeing a lot of opportunities open up. While the Developing numbers are affected modestly by some low-cost acquisitions, even without the acquisitions the Developing PMC number is up high-single digits. Really excited about this, and that loss of drag feels great.

儘管我們對 Core 的發展方向（即上升方向）感到滿意，但我確實想花些時間談談 Meetic 和 Developing，這是我們過去沒有太多理由談論的話題。但正如 Jeff 所提到的，這是我們首次在核心業務、開發業務和 Meetic 業務方面同時實現了有意義的 PMC 成長。Meetic 和 Developing 這兩個部門一度嚴重拖慢了進度，但現在它們都在朝著正確的方向發展，我們希望這種情況能夠持續下去。Meetic－在所有最佳化方面都做得非常出色。發展中——真的，我看到了很多機會。雖然一些低成本收購對發展中企業的數量產生了一定影響，但即使不考慮這些收購，發展中 PMC 的數量也實現了接近兩位數的成長。對此我感到非常興奮，阻力的減少感覺很棒。

I want to focus for a second on the part of our momentum that comes from dating products that you wouldn't traditionally consider subscription services. We need to come up with a better name for them, but we're talking about sites like OkCupid, Twoo, Tinder -- sites we currently put into our Developing bucket. We look at lots of things in these businesses, but when you look at monthly active users, because the numbers for our traditional subscription sites are growing nicely, year over year. When you look at the growth in monthly active users for these Other products, it's up nearly 500% year over year. Our global users in these services actually now exceed those of our traditional subscription sites. Now, users are good, but the key is how we make money off of them. We're seeing real progress, and what we think is going to be a real core advantage for us going forward, is our ability to monetize and get revenue from these nontraditional subscription products.

我想花一點時間重點談談我們發展勢頭中來自約會產品的部分，這些產品你通常不會認為是訂閱服務。我們需要為它們想出一個更好的名字，但我們說的是像 OkCupid、Twoo、Tinder 這樣的網站——這些網站我們目前都放在「開發中」的類別裡。在這些業務中，我們會關注很多方面，但當你查看月活躍用戶數時，你會發現我們傳統訂閱網站的用戶數量逐年增長良好。從其他產品的每月活躍用戶成長來看，年增近 500%。這些服務的全球用戶數量實際上已經超過了我們傳統訂閱網站的用戶數量。用戶固然重要，但關鍵在於我們如何從他們身上賺錢。我們看到了真正的進步，我們認為未來真正的核心優勢在於，我們能夠透過這些非傳統的訂閱產品來獲利並獲得收入。

Take OkCupid is really the test case here. We bought OkCupid two years ago. Our revenue per user is up about 50% during that period. But that is actually muted by the fact that the ad revenue per user, which was the vast bulk of it when we bought it, hasn't changed at all. If you focus just on direct revenue from users, that is up almost 500% per user in the two years we've owned it. That's while maintaining and even exceeding the user growth rates that we had when we bought the business. So, this is a hugely powerful thing for the Business, and we think we can leverage it globally. Businesses like Twoo are really outside the United States. That's actually the areas where the traditional subscription products are least powerful. We're really excited about this.

以OkCupid為例，它確實是這裡最恰當的測試案例。我們兩年前收購了OkCupid。在此期間，我們的每用戶收入成長了約 50%。但事實上，由於每用戶廣告收入（在我們收購時，這部分收入佔了絕大部分）根本沒有變化，所以上述影響被削弱了。如果只專注於用戶直接帶來的收入，那麼在我們擁有該平台的兩年裡，每個用戶的收入成長了近 500%。同時，我們的用戶成長率也維持甚至超過了我們收購公司時的用戶成長率。所以，這對公司來說是一件非常強大的事情，我們認為我們可以將其在全球範圍內加以利用。像Twoo這樣的公司其實都位於美國境外。實際上，這正是傳統訂閱產品最不佔優勢的領域。我們對此感到非常興奮。

We don't think that the contribution from these products is going to rival the contribution from our traditional subscription products any time soon. We do think it is going to be an increasing part of the incremental growth. That's at a much higher margin than our regular businesses, because there is, traditionally, no customer acquisition costs associated with this. That is really exciting.

我們認為這些產品的貢獻在短期內不會與我們傳統訂閱產品的貢獻相提並論。我們認為這將成為增量成長中越來越重要的組成部分。這比我們的常規業務利潤率高得多，因為傳統上，這種業務不需要任何客戶獲取成本。那真是太令人興奮了。

Before turning to Search, I think it is just always helpful to come back and think about the reasons we are so excited about this business, back from the weeds. It is a high cash flow business with little CapEx and great margins. It fills a global need that isn't going away, ever. The domestic and international markets continue to grow. We're the global leader in the category, across multiple brands, multiple products, and multiple geographies. We have shown the ability to both maintain brand superiority and growth in our flag ship services like Match and Meetic, while growing additional nontraditional products around them, without negatively impacting the core engines. Again, we're now firing on all cylinders with growth across the board. We feel really good about where this is going.

在轉向搜尋之前，我認為回顧一下我們當初為何對這項事業如此興奮，並從困境中重新振作起來，總是很有幫助的。這是一個現金流高、資本支出少、利潤率高的業務。它滿足了一種永遠不會消失的全球性需求。國內和國際市場持續成長。我們在多個品牌、多個產品和多個地區都是該領域的全球領導者。我們已經證明，我們有能力在保持 Match 和 Meetic 等旗艦服務品牌優勢和成長的同時，圍繞這些服務發展其他非傳統產品，而不會對核心引擎產生負面影響。再次強調，我們現在各方面都火力全開，實現了全面成長。我們對事情的發展方向感到非常樂觀。

I think I forgot to mention, just on the PMC trends, I said they are going to increase across the board. This quarter, I think our total PMC growth was 11%. We expect it to get into the high teens by the end of this year, so we're talking about real momentum in this business, and obviously, we feel great about it.

我想我忘了提一下，關於PMC的發展趨勢，我說過它們將會全面成長。我認為本季我們的 PMC 總成長率為 11%。我們預計到今年年底，這一數字將達到十幾個百分點，所以我們談論的是這個行業真正的發展勢頭，顯然，我們對此感到非常滿意。

Turning to Search and Applications, we said at the last call this would be a bit of a reset quarter, and it was. It was still really strong, as Jeff said. We expect overall improvement throughout the year. Focusing first on the Application side, Google's policy changes, which everyone has spoken a lot about, they have had an impact on the landscape. But because our practices were already more in line with Google's preferences in the markets generally, and because of the nature and quality of the products we distribute, we believe the changes have a different degree of impact on us than what the rest of the market is experiencing generally. The policy changes do bring down our short-term growth rates, and we've been clear about that. But we will grow nicely, nonetheless. I mean, the growth rates leading into this year have been off the charts, and now they're just going to be really good.

談到搜尋和應用程序，我們在上次電話會議上說過，這將是一個調整後的季度，事實也的確如此。正如傑夫所說，它仍然非常強勁。我們預計全年整體情況將有所改善。首先關注應用方面，Google的政策變化（大家都對此進行了很多討論）已經對整個產業格局產生了影響。但是，由於我們的做法與Google在市場上的偏好更加一致，而且由於我們分銷的產品的性質和質量，我們認為這些變化對我們的影響程度與市場上的其他企業普遍受到的影響程度不同。政策變化確實會降低我們的短期成長率，我們已經明確表示這一點。但無論如何，我們都會發展得很好。我的意思是，今年之前的成長率已經非常驚人了，現在只會更好。

When you look at the impact of these changes on other people, they have been more severe, and in some instances have actually led people to shift their business to other sponsored listing suppliers. We think this demonstrates what we've been saying for a while. We've got sound business practices. We invest more in technology than anybody else. Our products are coupled with access to a well known, proprietary search and Q&A product like Ask. We think that that really leads to a business that is fundamentally different than most others in this space.

當你觀察這些變化對其他人的影響時，你會發現這些影響更加嚴重，在某些情況下，甚至導致人們將業務轉移到其他贊助商名單提供者。我們認為這證明了我們一直以來所說的話。我們擁有健全的商業實務。我們在科技領域的投入比其他任何公司都多。我們的產品與造訪 Ask 等知名專有搜尋和問答產品相結合。我們認為，這確實造就了一家與該領域大多數其他公司截然不同的企業。

I also think, as an aside, it is interesting to note how quickly some of the other big sponsored listings players jumped on the opportunity to pick up the business that was shaken free. The search business, the search share associated with downloadable applications is real, and we think it is valuable to these guys.

順便一提，我覺得值得注意的是，其他一些大型贊助商名單提供者是如何迅速抓住機會，搶佔這部分被剝離出來的業務的。搜尋業務，尤其是與可下載應用程式相關的搜尋份額，是真實存在的，我們認為這對這些公司來說很有價值。

I also want to point out, again, how strong our relationship is with Google. I can't remember it being better, personally. We support them in their efforts to make sure that this space is consumer friendly. They continue to be our partner by choice. We're not focused just on dollars today, but on dollars today, tomorrow, and the day after. So, our decisions about business practices, partners, et cetera, are based on an extended time horizon. In total, we believe all of these changes have left us in a better long-term competitive position.

我還要再次強調，我們與Google的關係非常牢固。就我個人而言，我記不清它以前有沒有更好過。我們支持他們為確保這個空間對消費者友善所做的努力。他們仍然是我們首選的合作夥伴。我們關注的不僅是今天的美元，而是今天、明天以及後天的美元。因此，我們在商業實務、合作夥伴等方面的決策都是基於較長的時間跨度。總而言之，我們相信所有這些變化都使我們處於更有利的長期競爭地位。

Next, I wanted to hit on mobile for a second. We've said for a while that it didn't really make sense for Mindspark to jump into mobile until the unit economics improved. Unlike some businesses, this isn't a short- or long-term benefit, in the Mindspark business, from doing that, from quote-unquote investing in mobile acquisition. But now we believe there are opportunities to go after on a profitable basis. We're seeing the unit economics change. We have just launched our first search distribution product on mobile. It is a small test, proprietary application, but our plan is to distribute Search on mobile with a variety of products and distribution techniques that we have been developing.

接下來，我想用手機試試看。我們早就說過，在行動端的單位經濟效益改善之前，Mindspark 貿然進軍行動領域並沒有真正的意義。與某些企業不同，對 Mindspark 而言，投資行動端用戶獲取並不能帶來短期或長期的利益。但現在我們認為存在著可以獲利的機會。我們看到單位經濟效益正在改變。我們剛剛在行動端推出了首款搜尋分送產品。這是一個小型測試版專有應用程序，但我們的計劃是利用我們一直在開發的各種產品和分發技術，在行動裝置上分發搜尋功能。

Some are familiar and similar to what we have done in desktop, and others are novel and native to the smaller devices. We have talked to the app developers out there. We think there is a receptive marketplace for what we want to do, and we think our search distribution can play a meaningful role in driving revenues in the mobile space. It will start small, but down the road, we think it can be a real contributor. Given our belief that desktop usage is going to continue to be huge in relation to our overall share of it for some time, we don't think of this as an offset to near-term cannibalization. We really think of it as an additive income stream to help drive growth for Mindspark going forward.

有些功能與我們在桌上型設備上實現的功能類似，而有些功能則是專為小型設備設計的，具有創新性。我們已經和相關的應用程式開發者溝通過了。我們認為市場對我們想做的事情有接受度，並且我們認為我們的搜尋分發可以在推動行動領域收入方面發揮重要作用。一開始規模會很小，但我們認為，從長遠來看，它能做出真正的貢獻。鑑於我們認為桌上型電腦的使用量在未來一段時間內仍將占我們整體市場份額的很大一部分，我們不認為這會抵消短期內的業務蠶食。我們確實將其視為額外的收入來源，有助於推動 Mindspark 未來的發展。

Turning to the rest of the segment, Ask was flattish this quarter due to absorbing the ad policy changes that we talked about so much last quarter, and due to the low Q1 CPCs we saw from Google. We expect Ask to grow over the remainder of the year. Its fundamentals are solid. We have adapted to the policy changes on the ad side. We have revamped and restarted our marketing in Q2, and we see plenty of runway ahead.

再來看該板塊的其他部分，由於吸收了我們上個季度經常討論的廣告政策變化，以及谷歌第一季度較低的每次點擊費用，Ask 本季度表現平平。我們預計 Ask 在今年剩餘時間內將繼續成長。它的基本面很紮實。我們已適應廣告方面的政策變化。我們在第二季度對行銷進行了調整和重啟，並且我們看到了廣闊的發展空間。

Additionally, and I think really importantly, the About acquisition is really proving to be a grand slam. It is our first big leap into pure content, and it has beaten our most ambitious expectations. We think about what we do and who we are, a lot of it is about leveraging competencies -- developing competencies and leveraging them across a broader asset base. We have been doing it on the Match side with acquisitions like Meetic, OkCupid, et cetera. About is really the first time we've done it on the search side. I think we're seeing huge runway. The techniques that we used to take Ask's OIBA and OIBA margin to 7 times and 3 times their 2009 levels, are highly transferable to this area. It is clear that this represents a real strategic growth area for us, both within the About business and beyond.

此外，我認為非常重要的一點是，對 About 的收購確實取得了巨大的成功。這是我們首次大規模進軍純內容領域，而且它超出了我們最雄心勃勃的預期。我們思考我們做什麼以及我們是誰，很多時候都與發揮能力有關——發展能力並在更廣泛的資產基礎上發揮這些能力。我們在婚戀交友方面也一直在這樣做，例如收購了 Meetic、OkCupid 等公司。「關於」是我們首次在搜尋方面進行這樣的嘗試。我認為我們看到了巨大的發展空間。我們用來將 Ask 的 OIBA 和 OIBA 利潤率提高到 2009 年水準的 7 倍和 3 倍的技術，也完全可以應用到這個領域。顯然，這代表著我們真正的策略成長領域，無論是在 About 業務內部還是外部。

I think it is worth reiterating that point. In four years, we drove 600% OIBA growth at Ask. And in our first year with About, we are going to drive well over 50%. This isn't an accident. We believe it can be replicated in other properties, both internally developed and potentially newly acquired. There aren't meaningful headwinds in this area. So, this area of generating and distributing and organizing content for distribution over desktop and mobile is going to be a real part of our growth story going forward, as well as a significant basis for diversification of revenue streams and products within the segment.

我認為這一點值得重申。四年內，我們推動 Ask 的 OIBA 成長了 600%。在與 About 合作的第一年，我們的業績將超過 50%。這並非意外。我們相信這種模式可以複製到其他物業中，包括內部開發的物業和可能新收購的物業。這個區域沒有明顯的逆風。因此，產生、分發和組織內容以供桌面和行動裝置分發的領域，將成為我們未來成長故事的真正組成部分，也是該領域收入來源和產品多元化的重要基礎。

Summing up the segment, it's worth reminding, like Match, this segment is a tremendous cash flow business, very limited CapEx and increasingly diversified revenue stream. We feel really good about it -- confident that it's going to continue to grow nicely for years to come. It's diversified enough and solid enough to grow through whatever changes will take place in this landscape.

總結這一板塊，值得一提的是，與 Match 一樣，這一板塊擁有巨大的現金流，資本支出非常有限，收入來源也日益多元化。我們對此感到非常樂觀——相信它在未來幾年將繼續穩定成長。它足夠多元化，也足夠穩健，能夠經受住未來環境的任何變化而發展壯大。

Barry hit on our other segments, but I thought I would just hit on them real quick. We really do believe that something -- I believe in each of them, that's why we do this. But you take the odds -- they won't all hit. We see each of these things as having the potential to be of huge value. Vimeo right now is crushing it for us. Subscriber growth up meaningfully. Ad revenue just starting to come online. A really exciting product roadmap. We think this can be a huge business.

巴里提到了我們其他的幾個環節，但我只想簡單提一下。我們確實相信某些東西——我相信他們每一個人，這就是我們做這件事的原因。但你要接受機率問題——它們並非每次都能成功。我們認為這些事物都具有巨大的潛在價值。Vimeo 目前對我們來說非常出色。訂閱用戶數量顯著成長。廣告收入才剛開始上線。一份令人振奮的產品路線圖。我們認為這會是一門巨大的生意。

HomeAdvisor had some technical stumbles in the rebrand, but the brand results themselves are strong. So, don't confuse the two. The strong brand change has led to SEO and other technical issues that are returning, but the results on the brand, the advertising, et cetera, is really strong. We think it's going to grow nicely again by the end of the year.

HomeAdvisor在品牌重塑過程中遇到了一些技術上的小問題，但品牌本身的成果非常強勁。所以，不要把這兩者混淆。品牌的大幅變革導致了搜尋引擎優化和其他技術問題再次出現，但品牌、廣告等方面的成效確實非常顯著。我們認為到年底它會再次迎來良好的成長。

Electus continues to turn out show after show, and I think as these shows anniversary, is when the revenue and the profits start to come. So, we feel really good about that.

Electus 持續推出一場又一場的演出，我認為每逢這些演出週年紀念日，收入和利潤就會開始到來。所以，我們對此感到非常滿意。

Tutor.com, an asset we recently acquired, is something we really believe in. So much so that we moved Mandy Ginsberg, the CEO of Match, and Shar Dubey, the Head of Products at Match, to head up that business, along with the founder, George Cigale. While I was at Match, I worked with Mandy and Shar more closely than anyone else. I really don't know anyone with better chops for building a consumer internet service. Pairing them with the education expertise that already exists there, gets us really excited about what this business can be -- not today, probably not tomorrow, but soon after.

Tutor.com 是我們最近收購的資產，我們非常看好它。因此，我們調派 Match 的執行長 Mandy Ginsberg 和 Match 的產品主管 Shar Dubey 與創辦人 George Cigale 一起領導這項業務。在 Match 工作期間，我和 Mandy 和 Shar 的合作比其他人更密切。我真的不認識比他更擅長建構面向消費者的網路服務的人。將它們與當地現有的教育專長結合，讓我們對這項事業的未來充滿期待——雖然不是今天，可能也不是明天，但不久的將來就會實現。

We are not going to spend much time talking about the numbers, as Barry said, until they pop out, but there is a ton of scale here. I am very confident that there is going to be real contribution down the road.

正如巴里所說，在數字出來之前，我們不會花太多時間討論這些數字，但這裡確實存在很大的規模問題。我非常有信心，未來一定會有實質的貢獻。

In all, we're excited about the growth ahead. Each of our big segments, the core areas of it are growing really nicely. We've also built up earlier-stage, higher-growth projects and products around them. We're confident they'll generate strong profit growth well into the future. We like our early-stage businesses. Coupled with disciplined M&A, and continued repatriation of cash to our shareholders, we're very confident and excited about the road ahead.

總而言之，我們對未來的發展充滿期待。我們每個主要業務板塊的核心領域都發展得非常好。我們也圍繞著它們建構了早期階段、高成長的項目和產品。我們相信，在未來很長一段時間內，它們都將保持強勁的利潤成長。我們喜歡新創公司。憑藉穩健的併購策略和持續向股東返還現金，我們對未來充滿信心和期待。

So with that, we will open it up for questions.

那麼，接下來我們將開放提問環節。

It was a good report.

這是一份不錯的報告。

(Operator Instructions) John Blackledge, Cowen and Company.

（操作說明）約翰‧布萊克利奇，考恩公司。

A couple of questions. On Search, it looks like the Website segment, ex About and Pronto, declined about 3% sequentially, which was worse than we thought. Could you just talk about the drivers there in 1Q? And also discuss the revamped marketing in the second quarter, and how that could drive the Website segment the rest of the year? Then, also, just it looks like the revenue for query declined in both segments. Can you just provide some color there and in terms for the rest of the year? Thanks.

幾個問題。在搜尋方面，網站板塊（不包括 About 和 Pronto）似乎比去年同期下降了約 3%，比我們預想的還要糟糕。能談談第一季的車手狀況嗎？此外，還要討論第二季的行銷改革，以及這將如何推動網站業務在今年餘下時間的發展？此外，查詢收入在兩個細分市場似乎都有所下降。您能否簡單介紹一下這方面的情況，以及今年剩餘時間的安排？謝謝。

Sure, John. A couple of things. One is, as I noted, we restructured the Pronto business. We took a bunch of unprofitable revenue out of that. If you strip that restructuring out, you are probably pretty close to flat in Websites. Then, when you look at the fact that Google announced its CPCs were down 4%, that led us to probably pull back a little bit of marketing and reduce a little bit of volume. We are really right on top of where we thought we would be. We are continuing to ramp the marketing spend. We do expect queries to accelerate through the year. We actually also expect our RPQ to accelerate throughout the year sequentially. I think that in terms of your RPU question, there is really three factors. One is, there has been a modest impact from the policy change in both Websites and Applications. Secondly, you do have the CPC issue. Then thirdly, our international growth where RPQ is probably 60% of domestic, ish, our growth has been a little built faster, year over year, over the last quarter. So, we have seen a little bit of a mix shift, which is the last piece of the RPQ shift. Again, we think those will go up sequentially throughout the course of the year.

當然可以，約翰。有幾件事。第一點，正如我之前提到的，我們對 Pronto 業務進行了重組。我們從中剔除了一大批不獲利的收入。如果去掉那部分重組，網站業務可能就接近扁平化了。然後，考慮到Google宣布其每次點擊費用下降了 4%，我們可能因此減少了一些行銷投入和投放量。我們現在的情況和我們預想的完全一致。我們將持續加大行銷投入。我們預計今年查詢量將加速成長。我們預計，我們的RPQ（零售價格品質）將在今年內逐年加速成長。我認為，就你的 RPU 問題而言，實際上有三個因素。一是政策變化對網站和應用程式都產生了一定的影響。其次，你的確存在每次點擊成本 (CPC) 問題。第三，我們的國際成長，RPQ 大概是國內成長的 60% 左右，在過去一個季度裡，我們的成長速度比去年同期略快一些。所以，我們看到了一些成分變化，這是 RPQ 變化的最後一部分。我們同樣認為這些數字會在今年逐年上漲。

Let me just add on that. It is important, on the policy side, that is not a trend, that is a one-time hit that we absorb in the quarter and now we grow from it. CPCs have already rebounded. As we said, we expect the RPQs to increase across both areas throughout the year.

我再補充一點。從政策角度來看，重要的是，這不是一種趨勢，而是一次一次性的打擊，我們會在本季消化掉這部分損失，然後從中吸取教訓，實現成長。CPCs已經反彈。正如我們所說，我們預計今年這兩個地區的 RPQ 都會增加。

Next question.

下一個問題。

Peter Stabler, Wells Fargo.

Peter Stabler，富國銀行。

A question on Match if I could. The mix of the Core and Developing was a bit different than we expected. As you look out over the remainder of the year, would you expect those growth profiles to kind of remain in proportional balance that we saw in this quarter? Or I think that you touched on core PMCs to drive a better growth profile for Core match. If you could just clarify that a bit for me? Thank you.

請問一下關於Match的問題。核心課程和發展課程的組合與我們預期的略有不同。展望今年剩餘時間，您認為這些成長情況會像本季一樣保持相對平衡嗎？或者我認為你已經談到了核心 PMC，以推動 Core match 實現更好的成長前景。你能幫我解釋一下嗎？謝謝。

I'm not sure I got the entire question, but let me try and then if I missed it, if I don't answer it, you can ask again. If you exclude the acquisitions that we did in Developing this quarter, growth rates for Core, Meetic and Developing were all roughly comparable within a couple percentage points of each other. When you add in the acquisitions, that led to an 11% growth rate for PMC overall. By the end of the year, I think I said, we are going to be up in the high teens overall. There is going to be growth in all three of those buckets. The growth rates will increase in all three of those buckets on the way to the high teens number. In other words, we're expecting to get double digits in all of them.

我不確定我是否完全理解了您的問題，但我會盡力回答，如果我沒理解或回答不上來，您可以再問一次。如果排除本季我們在發展中部門進行的收購，核心業務、Meetic 和發展業務的成長率彼此之間大致相當，相差不超過幾個百分點。加上收購因素，PMC 的整體成長率達到了 11%。我想我說過，到年底，我們的整體業績將達到十幾個百分點。這三個領域都將實現成長。這三個區間內的成長率都會上升，最終達到十幾個百分點。換句話說，我們預計所有這些數字都會達到兩位數。

I think Developing, just given the dynamics of Developing, which is it has been declined for a long time because you had runoff of businesses that were in decline and you had growing business of earlier stage businesses. I expect Developing growth to exceed growth in the Others, for some time, which is why they're called Developing. It is the small, high-growth products, high-growth geographies, and so over time, we expect Core and Meetic to be very strong growth, but we think the Developing will be higher growth. That's just the nature of it. Does that answer your question?

我認為發展中產業，就其自身的發展動態而言，已經衰落了很長時間，因為衰落的企業逐漸退出市場，而早期階段的企業卻在不斷增長。我預計發展中國家的成長將在一段時間內超過其他經濟體的成長，這也是它們被稱為發展中國家的原因。正是小型高成長產品和高成長地區，使得我們預期 Core 和 Meetic 隨著時間的推移將實現非常強勁的成長，但我們認為 Developing 的成長速度會更快。這就是事物的本質。這樣回答了你的問題嗎？

That did. One quick follow up, Greg, could you comment on the new product initiative in Match and any update on the success you're seeing there? Thank you.

確實如此。格雷格，還有一個問題想請教一下，您能否談談 Match 的新產品計劃，以及目前為止取得的成功情況？謝謝。

Sure. I mean again Events, we have multiple different types of product initiatives, as I've said. We do lots of stuff that you would never notice, which drives real results, and that has been our bread and butter for a long time. On the Events business, it is actually really exciting. We've gotten to the point now where, literally, the average event has about 50% returning members. You've got -- the people who use them, like them a lot and keep going. What that means is that over time, as the people who go, keep coming back, and new people come, the penetration in our business is going to get very high. We think that is a real huge differentiator that over time, leads to higher retention rates, the higher conversion, we see in some markets and not others, but overall, the metrics are good. I prefer to think of it as sort of a core attribute of the business that continues to make it stand out and drive what are going to be real double digit, PMC growth rates for the remainder of the year.

當然。我的意思是，再次強調，在活動方面，我們有多種不同類型的產品計劃，正如我之前所說。我們做了很多你永遠不會注意到的事情，這些事情帶來了真正的成果，而這長期以來一直是我們賴以生存的根本。活動策劃行業其實非常令人興奮。現在的情況是，平均每個活動都有大約 50% 的參與者是回頭客。你會發現，那些使用它們的人，非常喜歡它們，並且會繼續使用。這意味著隨著時間的推移，隨著離開的人不斷回來，以及新人的加入，我們業務的滲透率將會變得非常高。我們認為這是一個真正的巨大差異，隨著時間的推移，它會帶來更高的留存率和更高的轉換率。我們在某些​​市場看到了這一點，但在其他市場則沒有看到，但整體而言，各項指標都很好。我更願意將其視為公司的核心特質，正是這種特質使公司脫穎而出，並推動公司在今年餘下的時間裡實現兩位數的PMC成長率。

Thank you very much. Next question.

非常感謝。下一個問題。

Ross Sandler, Deutsche Bank.

羅斯‧桑德勒，德意志銀行。

Congrats on Tinder, the New York City dating scene will never be the same. A couple questions, though. Barry, first a little clarification on your initial comments. Was that just meant to highlight some of the emerging opportunities in those other areas or is there some larger, legal separation in the works?

恭喜你進駐 Tinder，紐約市的約會界從此將煥然一新。不過我還有幾個問題。巴里，首先我想對你最初的評論稍作澄清。這僅僅是為了突顯其他領域的一些新興機遇，還是說正在醞釀一些更大的法律分離？

No. Sorry. I will just quickly deal with that. No. It signals nothing other than I just think it is a more interesting way for me, for my colleagues, and I think for you too, to look at our businesses. Two businesses, plus essentially a stub of optionality for new businesses to become significant. That's all.

不。對不起。我會盡快處理這件事。不。這只意味著，我認為這對我自己、我的同事，以及我認為對你們來說，都是一種更有趣的看待我們業務的方式。兩家企業，外加為新創企業發展壯大留下的有限選擇空間。就這樣。

Got it. Okay. Then second, Greg, can you talk about the relationship between Core PMC's growth of call it 8%, and accelerating in the next couple of quarters, and then the revenue growth, does that reflect the mix between sites or is that longer duration subs? What is driving that? And then the last question, for Jeff, Search Application revenue was up modestly, quarter on quarter, in the first quarter. Do you expect that growth to continue in 2Q? Will there be any impact from Google policy changes beyond what you saw in the first quarter? Thanks.

知道了。好的。其次，Greg，你能談談Core PMC目前的成長率（假設為8%）以及未來幾季加速成長與營收成長之間的關係嗎？這種成長反映的是網站組合的變化，還是長期訂閱用戶的成長？是什麼原因導致這種情況？最後一個問題是，對於傑夫來說，第一季搜尋應用程式的收入環比略有增長。你預計第二季會繼續保持成長勢頭嗎？除了第一季所觀察到的影響之外，Google政策的變化還會帶來其他影響嗎？謝謝。

On the digression between PMC growth and revenue growth, I think at any given time, you've got a number of different mix issues going on. You've got -- there is always pricing optimization going on at Match, so we geo price. There's different prices in different markets. There is different prices for different packages. They're constantly changing all of that. At any given time you can see the RPU from that going up or down. Our intent is always, frankly, to trade longer packages for lower price, because that is much better on a long-term basis, but that does have the impact of driving RPU down. Then you've got the mix shift between Match and People Media. As I said last year, the Match business and its focus on Events, lost a step on growth. People Media didn't.

關於 PMC 成長和收入成長之間的偏差，我認為在任何特定時間，都會出現許多不同的組合問題。Match平台一直在進行價格優化，所以我們會根據地理位置進行定價。不同市場的價格不同。不同套餐價格不同。他們一直在改變這一切。在任何給定時間，你都可以看到 RPU 值上升或下降。坦白說，我們的目標始終是使用更長的套餐來換取更低的價格，因為從長遠來看，這樣做要好得多，但這確實會降低每個用戶收入 (RPU)。然後，Match Media 和 People Media 之間的組合就改變了。正如我去年所說，比賽業務及其對賽事的關注，在成長方面有所退步。人民媒體沒有。

So during that period, People Media was growing really well. It has got 30 brands all of which have different pricing but all of which pricing is lower than Match's. Plus, they were shifting people out to longer package mix as well. So, there has been this digression. I think what I would expect over the rest of the year, is for, as I said, Core PMC growth rates to increase. I think the distinction between PMC growth and revenue growth, there will continue to be gap, but I expect that gap to narrow, even as both rates rise. I think you've seen a period of that mix shift, now with Match growing, sort of very steadily, Match's growth sort of mimicking People Media's growth, that dynamic will reverse itself. Because of the subscription nature of these things, there is a lag time in how the revenue and PMC growth rates match up, so I think the easiest answer is that it will narrow meaningfully over the course of the rest of the year as the number increases.

所以在那段時間裡，人民媒體發展得非常好。它擁有 30 個品牌，每個品牌的定價都不同，但所有品牌的定價都低於 Match 的定價。此外，他們也在引導人們轉向更長的套餐組合。所以，剛才有點離題了。我認為，正如我所說，今年剩餘時間裡，核心 PMC 的成長率將會上升。我認為 PMC 成長和收入成長之間仍將存在差距，但我預計即使兩者的成長率都在上升，這種差距也會縮小。我認為你已經看到了這種組合轉變的時期，現在 Match 的成長非常穩定，Match 的成長在某種程度上模仿了 People Media 的成長，這種動態將會逆轉。由於這些服務的訂閱性質，收入和 PMC 成長率之間存在滯後，所以我認為最簡單的答案是，隨著數量的增加，在今年剩餘的時間裡，這種差距將顯著縮小。

And then in terms of your last question, we expect sequential growth in the Applications business, with everything we know factored in. We expect query growth to continue at or above the level it has been at. We expect RPQ expansion, Q2 over Q1.

至於你的最後一個問題，考慮到我們目前掌握的所有信息，我們預計應用程式業務將持續成長。我們預計查詢量的成長將繼續保持在目前的水平或更高水準。我們預計第二季RPQ將較第一季有所擴張。

Next question.

下一個問題。

Great, thanks.

太好了，謝謝。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks, a few questions. Just on the last part, can you expand just a little more? I mean is it fair to say we're seeing now whatever the Mindspark and the Application products look like, that that won't change? Or the way that consumers use it effectively, we're seeing that business, we'll call run rating right now. Second question, CapEx was a little high, or I guess was high, relative to historic levels. Can you comment why? Then on stock repurchases, should we expect repurchases to have a seasonal pattern that looks something more like the Company's ability to generate free cash? I guess lastly, did you guys pay Martha Stewart for her plug of Match.com? Thanks.

謝謝，我有幾個問題。關於最後一部分，您能再詳細解釋一下嗎？我的意思是，我們現在看到的 Mindspark 和應用程式產品的樣子，是否可以說它們以後都不會改變？或者說，消費者有效使用它的方式，我們看到這種業務，我們現在稱之為運行評級。第二個問題，資本支出相對於歷史水準來說有點高，或者說確實很高。請問您能解釋一下原因嗎？那麼，關於股票回購，我們是否應該預期回購會呈現季節性模式，而這種模式更能反映公司產生自由現金流的能力？最後，我想問一下，你們有沒有付錢給瑪莎·史都華讓她推廣Match.com？謝謝。

On the last point, I worked for Martha for a long time, so call it deferred executive compensation, 10 years down the road. But, we're very happy that she has chosen to use our product.

關於最後一點，我為瑪莎工作了很長時間，所以可以稱之為延期支付的高管薪酬，10 年後才能到達。但是，我們非常高興她選擇使用我們的產品。

That is amount of an uplift --

這是提升的幅度——

She does generate it.

她確實能產生這種效果。

She does generate it. It might be also, too, it will get you some male subscribers who want to date a middle-aged woman.

她確實能產生這種效果。此外，它也可能為你帶來一些想要與中年女性約會的男性訂閱者。

I don't even know what that means. Now, I've actually lost the question that was directed at me. Could you repeat the question for me?

我甚至不知道那是什麼意思。現在，我竟然把之前問我的問題弄丟了。您能再說一次這個問題嗎？

More detail just about the application. You answered the last question, but --?

關於申請的更多細節。你回答了最後一個問題，但──？

Oh, yes, look --

哦，是的，看——

Is that product running --?

該產品運作正常嗎？

I remember. Look, I think the answer is we don't discuss our policies outwardly. We have contract with Google, that Google requires our confidentiality. We don't disclose it. What I will say is that, the outlook we've given incorporates everything that is going to happen. For reference, in Q1 of this year, we actually implemented a policy change that we had agreed to Google on a year and one-half ago. So things -- but there were offsetting changes that happened at the same time. I'm not going to say that there are no new changes to come. There will be some changes, but those changes are fully factored into the outlook that we've given. These are things that we've been able to test, quantify. We understand pretty well, and so I think that they're fully incorporated.

我記得。我認為答案是，我們不會對外討論我們的政策。我們與谷歌簽訂了合同，谷歌要求我們對資訊保密。我們不會透露。我想說的是，我們提出的展望涵蓋了所有將要發生的事情。作為參考，今年第一季度，我們實際上實施了一年半前與Google達成的政策變更。所以事情就是這樣——但同時也發生了一些抵消性的變化。我不會說未來不會有新的改變。會有一些變化，但這些變化已經完全納入我們所給予的展望中。這些都是我們已經能夠測試和量化的事物。我們對此了解得相當清楚，所以我認為他們已經完全融入其中了。

Stock buybacks, and then Jeff will do CapEx. No, there is nothing to be read in this whatsoever. We're not seasonal. We are always opportunistic and you shouldn't, although I know you do and will, take each quarter and say, oh, that was a nice amount or that was not a good enough amount, et cetera. To us, we bought back nearly half the capitalization of the Company. So --

股票回購之後，傑夫會進行資本支出。不，這裡面沒有任何可讀的內容。我們沒有季節性。我們總是伺機而動，而你不應該（儘管我知道你會這樣做，而且以後也會這樣做），每個季度都說，哦，這個數額不錯，或者這個數額不夠好，等等。我們回購了該公司近一半的股份。所以 -

We spent $300 million on buybacks in Q4 and then -- so it is --

我們在第四季度花了3億美元用於股票回購，然後——事情就是這樣——

It is not going to be regular, nor do I believe it should be. Our general thrust has been, if you look at the past and the past is a prologue, has been to shrink the capitalization. Jeff?

這不會成為常態，我認為也不應該成為常態。回顧過去（過去是序章），我們的整體方向一直是縮減資本規模。傑夫？

In terms of CapEx, you saw the biggest bump you're going to see all year, this quarter year over year. That is non operating stuff in the sense that you have to realize we own some of our own real estate. We own pieces of planes with Expedia, and so we are going to basically be at our normal run rate for the year, plus a little bit of extra expense on the real estate side.

就資本支出而言，本季同比增幅將是全年最大的。那屬於非經營性事項，因為您必須意識到我們擁有一些自己的房地產。我們與 Expedia 共同擁有部分飛機租賃權，因此我們今年的營運成本基本上將維持在正常水平，外加房地產方面的一些額外支出。

But it is not like we've suddenly invested in servers or we're pursuing some high CapEx business plan in one of our small businesses. These are sort of one time bumps in another sort of non operating bucket.

但這並不意味著我們突然投資了伺服器，或在我們的某家小型企業中推行高額資本支出商業計劃。這些算是另一種非營運類別中的一次性波動。

We are, generally, a low CapEx business.

我們通常是一家資本支出較低的企業。

That's right.

這是正確的。

So, we intend to remain that way.

所以，我們打算繼續保持這種狀態。

Thank you.

謝謝。

Next question, please.

下一個問題。

Brian Fitzgerald, Jefferies.

Brian Fitzgerald，傑富瑞集團。

A couple of questions. You mentioned some technical issues around HomeAdvisor. Did those center around largely SEM or SEO? We're seeing a bit of a deceleration in the domestic requests and accepts, is there any macro pressure or was it largely kind of search traffic related, I.E it will go away soon? Question one. Two was, in terms of the tool bar business, can you give us some color around to what degree have you implemented Google policy changes around opt out? Can you remain opt out for a while? Or is there any type of special agreement there with Google? Thanks.

幾個問題。您提到了HomeAdvisor的一些技術問題。這些主要集中在搜尋引擎行銷（SEM）還是搜尋引擎優化（SEO）上？我們看到國內請求和接受數量有所下降，這是宏觀壓力造成的，還是主要與搜尋流量有關，也就是說，這種情況很快就會消失？問題一。第二點，關於工具列業務，您能否詳細介紹一下您在多大程度上實施了谷歌關於選擇退出政策的變更？可以暫時選擇退出嗎？或者說，他們和谷歌之間有什麼特殊協議嗎？謝謝。

On question one, the answer, if I remember how you framed it, is yes, which is that the issues we're talking about are largely technical. When you switch brands with different search engines the amount of time it takes you to rebound on SEO, to get credit for your past activities in your SEM prioritization, everything else can differ. There are certain techniques you use. The gap was wider and longer than we expected it to be, but it is narrowing. While it is real cash out of our pocket in Q1 and Q2, it is not indicative, we don't believe, of any long term effect. The brand stuff we've done, in terms of television and everything else, has been powerful. It is an unfortunate glitch but it is not any macro pressure.

關於第一個問題，如果我沒記錯的話，你的答案是肯定的，那就是我們討論的問題很大程度上是技術性的。當你在不同的搜尋引擎上更換品牌時，你在搜尋引擎優化 (SEO) 方面恢復所需的時間、在搜尋引擎行銷 (SEM) 優先級中獲得過去活動的認可所需的時間以及其他一切都可能有所不同。你會用到一些特定的技巧。差距比我們預想的要大得多、長得多，但正在縮小。雖然第一季和第二季我們確實要掏腰包，但我們認為這並不代表任何長期影響。我們在品牌推廣方面所做的工作，無論是在電視方面還是其他方面，都非常有效。這是一個不幸的故障，但這並非宏觀層面的問題。

In terms of the second question, I refer to my prior answer, which is we don't and can't discuss those issues. I know that may be frustrating for you. We have given you what our outlook is, incorporating all the things that are going to happen. I guess you will see them happen over time, but we are just not at liberty to discuss the differences. I will say this --

關於第二個問題，我指的是我之前的回答，那就是我們不討論也不能討論這些問題。我知道這可能會讓你感到沮喪。我們已經向你們闡述了我們的展望，其中包含了所有將要發生的事情。我想隨著時間的推移，你會看到這些事情發生，但我們現在不方便討論其中的差異。我要說的是——

We're not at liberty because we have confidentiality agreements that are imbedded in our relationship with Google, as everybody would expect we would have.

我們不能自由行動，因為我們與谷歌之間有保密協議，正如大家所預料的那樣。

And I think it is not -- we actually, you use the word policy and I know Google uses that word generally, but like we have an agreement with Google, it is part of an agreement. It is not part of some general policy thing that they do. I actually don't even know, necessarily, what other people are subject to. I know what we are subject to. We negotiated it with Google. That plays out over the course of the year.

我認為這不是——實際上，你用了「政策」這個詞，我知道谷歌也經常使用這個詞，但是，就像我們和谷歌有協議一樣，它是協議的一部分。這並非他們一貫政策的一部分。我其實不一定知道其他人會面臨什麼。我知道我們所面臨的境況。我們與Google協商解決了這個問題。這種情況會在一年中逐漸顯現。

Next question, please.

下一個問題。

Heath Terry, Goldman Sachs.

Heath Terry，高盛集團。

Greg, on the issue of weak CPCs, the 4% decline that Google reported in Q1 was actually the lowest that they have reported since Q3 of 2011. Can you help us understand why that was an issue this quarter, when it hasn't really been one that you guys have cited in the past? And then if you could also help us by walking through the decision to shut down SmileyCentral? You guys talked about it on your last earnings call, as being something that had generated $120 million in revenue. So, just want to understand how you're thinking about the individual properties within Mindspark and whether you might see more reduction in the number of apps that you guys are offering in the future?

格雷格，關於每次點擊費用疲軟的問題，谷歌在第一季報告的 4% 的降幅實際上是自 2011 年第三季以來報告的最低降幅。能否請您解釋一下，為什麼本季出現了這個問題，而你們過去並沒有提到這個問題？如果您還能幫助我們解釋關閉 SmileyCentral 的決定，那就太好了？你們在上次財報電話會議上談到過，這個計畫已經創造了 1.2 億美元的收入。所以，我只是想了解一下你們是如何看待 Mindspark 中各個應用的，以及你們未來是否會減少提供的應用數量？

I will take the last part first, which is -- I will be honest with you. I didn't even know we shut down SmileyCentral. We have a whole bunch of products, a lot of them have natural life cycles, so if we're not offering that anymore, we're not offering it. We have a portfolio of --

我先說最後一部分，那就是──我會對你坦誠相告。我什至不知道我們已經關閉了 SmileyCentral。我們有很多產品，其中許多都有自然的生命週期，所以如果我們不再提供這類產品，我們就不會再提供了。我們擁有以下投資組合—

We have not gone out of Smileys, I can promise you that. I shouldn't say I can promise you. I would be shocked if we don't offer Smileys -- I mean, we have been offering them for 100 years.

我可以向你保證，我們絕對沒有離開過 Smileys。我不該說我能向你保證。如果我們不提供笑臉圖案，我會感到震驚——我的意思是，我們已經提供笑臉圖案 100 年了。

I actually -- I wouldn't be shocked, but I will certainly tell you to the extend that we're not offering them, it's simply because that product has lived out its life cycle and new products have taken over. I guarantee you there is no macro issues surrounding the shutdown to the extent it happened of SmileyCentral. We actually have an increasing product's pipe line. We're offering more products and applications than we've ever offered before. If we have, we have. But I guarantee, you it is not meaningful to our business, or indicative of anything whatsoever. In terms of the Google CPC issues, I will turn it over to Jeff, and then I will add on to the extent that anything comes to mind. I don't think we comment on Google's CPC issues, meaning that they are what they are and we are subject to them. I don't know, Jeff, if you have any comment on why Google CPCs were lower in Q1 and have rebounded? I assume Google explains that to some extent on their own call.

其實——我不會感到驚訝，但我可以肯定地告訴你，我們之所以不再提供這些產品，僅僅是因為該產品已經過了生命週期，新產品已經取而代之。我可以保證，SmileyCentral 的關閉與宏觀問題沒有任何關聯。實際上，我們的產品線正在不斷擴充。我們提供的產品和應用比以往任何時候都多。如果我們有，那就是有。但我可以向你保證，這對我們的業務沒有任何意義，也不代表任何事。關於Google每次點擊費用 (CPC) 的問題，我會交給 Jeff 來解答，然後我會根據想到的內容進行補充。我認為我們不應該對Google的每次點擊費用問題發表評論，也就是說，問題就是這樣，我們只能接受。傑夫，我不知道，你對谷歌第一季每次點擊費用較低後又反彈的原因有什麼看法？我猜谷歌會在他們自己的聲明中對此做出一定程度的解釋。

Look, I think that they stayed down longer and more than were anticipated, and that's I think what is different that is in the past.

你看，我認為他們倒下的時間比預期的要長得多，我認為這與過去有所不同。

It was coupled with, and we did say at the beginning of last quarter, that we did on the ad policy changes that took place back in Q4, that the biggest impact of those were to reduce our revenue per query and that we would then build from there. So, it may be that just a double whammy of those two things happening at the same time made us call this out where previously we have grown through it. We're subject to Google CPCs, and I guess that's a burden of our business, but I would say overall it has been a huge benefit of it. This quarter, it went against us. We're trying to reverse itself.

這與我們在上個季度初就第四季度廣告政策變更所做出的決定相吻合，我們當時也說過，這些變更最大的影響是降低了每次查詢的收入，然後我們將以此為基礎進行調整。所以，或許正是這兩件事同時發生的雙重打擊，讓我們不得不指出這個問題，而此前我們已經從中吸取了教訓。我們必須遵守谷歌的每次點擊費用，我想這對我們業務來說是一個負擔，但總的來說，我認為這帶來了巨大的好處。這個季度，情況對我們不利。我們正在試圖扭轉局面。

If we're trying to understand the mix between the impact of CPCs versus the policy changes on the deceleration of OIBA growth in Search from 40% down to 7%, how would you break up, Jeff or Greg, kind of what is driving that deceleration? Which one is having the bigger impact or quantify for us in some way the numbers around that?

如果我們想了解每次點擊費用 (CPC) 的影響與政策變化對搜尋廣告 OIBA 成長從 40% 下降到 7% 的影響之間的綜合作用，Jeff 或 Greg，你們會如何分析導致這種成長放緩的原因？哪一個影響較大？或請用某種方式量化相關數據？

Again, the business is relatively diverse. I think that on the -- I certainly can't quantify the two. What I can say is that the impact of the policy side has been absorbed and we are now growing out of it. Meaning that is a new baseline, it is reflected in these numbers and now we are growing. On the CPC side, they have also reversed themselves. Jeff, are you able to quantify what the relative contribution was between the CPCs and the policy changes? Again, it is actually -- here is the other reason --

此外，該業務涉及的領域相對廣泛。我認為——我當然無法量化這兩者。我可以肯定地說，政策方面的影響已經過去，我們現在正在擺脫這種影響。這意味著這是一個新的基準線，這反映在這些數據中，而且我們現在正在成長。中共方面也改變了立場。Jeff，你能否量化一下CPCs和政策改變之間的相對貢獻？其實，還有另一個原因——

Thinking about it, it is a third, a third, a third, with the international mix, the CPC and the policy --

仔細想想，這三分之一、三分之一、三分之一，分別是國際因素、中國共產黨和政策因素——

The other thing, to recognize, is that it is not linear, meaning when the CPCs and the revenue per query come down, we cut marketing, which leads to meaningful decreases in revenue. They are not linear. The biggest impact on revenue was the fact that we cut marketing. The reasons we cut marketing were because in this particular quarter, the CPCs and the revenue from the policy changes were lower. Again, we're building through it. We're going to have growth throughout the rest of the year on the RPQ side, and I think it is hard to quantify given the marketing piece of the mix.

另一點需要認識到的是，這並不線性，也就是說，當每次點擊費用和每次查詢收入下降時，我們會削減行銷支出，這會導致收入大幅下降。它們並非線性關係。對收入影響最大的因素是我們削減了行銷預算。我們削減行銷預算的原因是，在本季度，每次點擊費用和政策變化帶來的收入都較低。我們正在逐步建立它。今年剩餘時間裡，RPQ 方面將會持續成長，但考慮到行銷因素，我認為很難量化這種成長。

And then, just the only thing I would say on SmileyCentral, we shut down the desktop version of it because it wasn't ROI positive anymore. We do have a live version of it on mobile right now, that we're testing a few features with.

最後，關於 SmileyCentral，我唯一想說的是，我們關閉了它的桌面版本，因為它不再帶來正的投資報酬率了。我們目前在行動端上線了一個版本，正在測試一些功能。

It is the product cycle. We've got a lot of products that have rammed through and circled up and then circled down. That's the nature of the business.

這是產品週期。我們有很多產品經歷了快速成長、價格上漲和價格下跌的過程。這就是行業的本質。

Okay.

好的。

Next question, please.

下一個問題。

Mark Mahaney, RBC.

Mark Mahaney，RBC。

Two questions, please. Greg, I know you talked earlier about these kind of nontraditional personals businesses, OkCupid, Tinder. You have tracked and been involved with the personals business for a long time and brewing Match previously, do you think there is a scenario under which 3 to 5 years from now, those kind of business models could actually become bigger than the traditional subscription models that we've all known over the last 5 to 10 years? Then secondly, on About.com, are you doing anything different in terms of the way that business is being run? Is there a change to the About.com strategy? Or are you just letting it run completely independently, largely independently, as it was done in the past? Do you see room for strategy improvement in addition to just operational efficiencies? Thanks a lot.

請問兩個問題。格雷格，我知道你之前談到這類非傳統的交友平台，像是 OkCupid 和 Tinder。您長期關注並參與了交友產業，之前也曾參與創辦 Match，您認為在未來 3 到 5 年內，這類商業模式是否有可能比我們過去 5 到 10 年所熟知的傳統訂閱模式規模更大？其次，關於 About.com，你們在業務運作方式上有什麼不同嗎？About.com 的策略是否有所改變？或者，你們只是讓它完全獨立運行，或者說很大程度上獨立運行，就像過去那樣？除了提高營運效率之外，您認為在策略方面還有改進的空間嗎？多謝。

On the Match question, I think I would say the following. In terms of users, as I said earlier, I think we are already seeing that the users in the nontraditional products being bigger than the traditional products. I think in terms of revenue and contribution, I think it is a long way off. To the extent it happens, I believe it will be driven far more internationally than domestically. Although, nothing would make me happier. I mean this actually is, it is very high margin, because you don't have any costs associated with it. Look, Match and Meetic, which are sort of the core subscription businesses, are growing great. They are going to grow this year double-digit PMCs and I think what you're seeing is just expanding growth around. It and if that ever laps it and overtakes it, great. That's pure upside for us. I don't see and we haven't seen, even in this area of 500% user growth on these nontraditional product, it is not impacting the core subscription businesses. We think it is upside and we think it will be great.

關於配對題，我想我會這樣回答。就用戶而言，正如我之前所說，我認為我們已經看到非傳統產品的用戶數量比傳統產品的用戶數量更多。我認為就收入和貢獻而言，還有很長的路要走。我認為，即便這種情況發生，其驅動力也將更多來自國際而非國內。不過，沒有什麼比這更讓我高興的了。我的意思是，這實際上利潤非常高，因為你沒有任何相關的成本。Look、Match 和 Meetic 這三家核心訂閱業務公司發展勢頭良好。今年他們的PMC業務將達到兩位數成長，我認為你現在看到的只是業務擴張的趨勢。如果它最終超越它，那就太好了。這對我們來說完全是好事。我沒有看到，而且我們也沒有看到，即使在這些非傳統產品用戶成長 500% 的領域，也沒有對核心訂閱業務產生影響。我們認為它有上升空間，而且我們認為它會很棒。

On the About side, we're very much running it differently. That is sort of the point, which is we bought this business. We recently brought in a new CEO who is going to execute our plan. We took people from Ask. We moved them over to About. They brought to bear a lot of things that we understand about website advertising, distribution, et cetera, and that has led to a meaningful increase in the business. As I stated, I think we can leverage that in multiple places and we're really excited about it.

在「關於我們」這方面，我們的運作方式截然不同。這正是重點，我們收購了這家公司。我們最近聘請了一位新的首席執行官，他將負責執行我們的計劃。我們從 Ask 招募了人員。我們已將它們移至「關於」頁面。他們運用了我們對網站廣告、分發等方面的許多了解，這為公司帶來了顯著的業務成長。正如我所說，我認為我們可以在多個方面利用這一點，我們對此感到非常興奮。

Thanks, Greg.

謝謝你，格雷格。

Next question.

下一個問題。

Nat Schindler, Banc of America Merrill Lynch.

納特‧辛德勒，美國銀行美林證券。

Two quick questions. One for Barry. This is going to go a little bit on what Ross allude to and I will apologize for that. You very strongly said that you weren't looking to do something corporate with the concept of when you split Match and Ask in your discussion. Could you go just, instead of talking about what you could do, talk about why it benefits you to have Match and Ask under one banner? A second question, for all of last year, you guys were generating quite a bit more revenue growth than query growth in your Applications business. That switched this quarter. Could you help me understand why last year, it was growing that much faster in revenue? Then this year, what could happen, other than google policy changes? I'm not quite sure how I understand how they would affect that directly?

兩個問題，簡單問一下。給巴里一個。接下來我要稍微談到羅斯提到的那些內容，對此我深感抱歉。在你們的討論中，你非常明確地表示，你並不打算將 Match 和 Ask 分開，而是想把這個概念發展成企業化的業務。與其談論你能做什麼，不如談談將 Match 和 Ask 合併到一個平台對你有什麼好處？第二個問題，去年全年，你們的應用程式業務收入成長遠高於查詢量成長。本季情況發生了變化。您能幫我了解為什麼去年的營收成長速度如此之快嗎？那麼今年除了谷歌政策變化之外，還會發生什麼事呢？我不太確定我理解它們會如何直接影響這一點？

You go first.

你先來。

With the second question.

關於第二個問題。

With the first question. (laughter)

第一個問題。（笑聲）

Try the second one.

試試第二個。

Okay. Look, I think we've said before, that at any given time, it is one of the reasons that we've said we can grow at different rates than certain other search providers. At any given time we are doing things to our Business that impact a variety of factors. Sometimes it is distribution, meaning we are tapping into new distribution partnerships, new marketing channels, et cetera. Other times it's modernization, we are optimizing pages et cetera. Last year was a period of heavy RPQ optimization. We are doing lots of things that were driving up revenue per query on our own products, coupled with the CPC increases, was leading to really great growth on that side. We said that that was a period of specific bump and that we didn't expect that to continue. Although, we do think over the year we will continue to have RPQ growth through both our own efforts and other. I think at any given time, the mix of whether our revenue growth is coming from modernization improvements or from query improvements, is going to change around.

好的。你看，我想我們之前說過，在任何特定時期，這也是我們能夠以不同於某些其他搜尋提供者的速度成長的原因之一。在任何時候，我們都會對公司業務做出一些影響各種因素的決定。有時指的是分銷，這意味著我們正在開拓新的分銷合作夥伴關係、新的行銷管道等等。有時是現代化改造，例如優化頁面等等。去年是RPQ（建議價格和品質）優化的大年。我們正在做很多事情來提高我們自己產品的每次查詢收入，再加上每次點擊費用的增加，這方面確實取得了巨大的增長。我們說過，那段時間是特定的波動期，我們預期這種情況不會持續下去。儘管如此，我們認為，在接下來的一年中，透過我們自身的努力和其他方面的努力，RPQ 將繼續成長。我認為在任何時候，我們的收入成長是來自現代化改進還是來自查詢改進，這種比例都會改變。

It also has to do with mix of partners. There are some distribution partners that monetize much better than others. As those partnerships grow and the others decline, you have you mix changes. I know it is a little complex, but you have got a lot of different drivers driving these things. Those trends can turn relatively quickly. Barry, on the --

這也與合作夥伴的組合有關。有些經銷合作夥伴的獲利能力遠勝於其他合作夥伴。隨著這些合作關係的發展和其他合作關係的衰落，你的組合也會隨之改變。我知道這有點複雜，但有很多不同的因素在驅動這些事情。這些趨勢可能很快就會改變。巴里，在——

On the reasoning, rationale, for why we operate multi businesses under the same house, we have been doing this for a very long time. It has produced -- it does produce some complexity. But it has also produced a pretty large pile of valuable assets. There is no absolute here. At a certain point, least my experience with this, at a certain point, some businesses push themselves out because they are fully developed. They have essentially have a need for independence and it makes sense for us to do so. We certainly demonstrated our willingness to do it. The current configuration of two businesses, two, really we're in two businesses. Then as I've said, we've got a lot of other, that doesn't really generate, shouldn't generate, to me, too much interest or whatever. Because t is not -- I'm talking about the specifics of them and queries about them, because, as I say, they produce some revenue, but they produce no net revenue. When they do, God knows we will talk about them. Otherwise, I'm comfortable right now with the mix of the businesses. I would be disappointed if, and again, this is very long term, I would be disappointed if our larger businesses didn't essentially force themselves out.

至於我們為何在同一家公司旗下經營多家企業的理由和依據，我們這樣做已經很久了。它確實產生了一些複雜性。但它也累積了相當可觀的寶貴資產。這裡沒有絕對真理。至少就我的經驗而言，有些企業發展到一定程度後，就會主動退出市場，因為它們已經完全成熟了。他們本質上需要獨立，我們這樣做也是合理的。我們已經充分證明了我們願意這樣做。目前我們實際上是在經營兩家公司。正如我之前所說，我們還有很多其他的東西，這些東西對我來說，其實不會引起太多的興趣，也不應該引起太多的興趣。因為 t 不是－我指的是它們的具體情況以及關於它們的查詢，因為，正如我所說，它們會產生一些收入，但它們不會產生淨收入。等到那一天到來，上帝知道我們一定會談論這件事。除此之外，我對目前這些業務的組合感到滿意。如果，我會很失望，而且這指的是長遠來看，如果我們的大型企業最終沒有主動退出市場，我會很失望。

I would also just add on the question of why they're in the same thing, which is when we -- we've done our other spinoffs. We've done it because we actually thought they would operate better outside.

我還要補充一點，為什麼他們要做同一件事，那就是──我們已經做了其他的衍生劇。我們這樣做是因為我們認為它們在戶外會表現得更好。

Of course, they pushed themselves out.

當然，他們自己也努力爭取了機會。

That's right. These businesses have been operating great. The performance of these businesses has been great. It is actually a pretty integrated process. Meaning Barry and I and the rest of the team here are pretty involved in what is going on in those businesses. There is a continuum of operations. I think the access to capital, you look just in the last year alone, the ability to go out and buy Meetic. The ability to go out and by About. Both on a dime, we're really -- neither of those things would have been able to be done in the absence of this ownership structure. While there absolutely could come a time where we think they are more valuable outside of us than within it, now is not that time. They are running great. We frankly wouldn't shake it up.

這是正確的。這些企業一直運作良好。這些企業的業績非常出色。實際上，這是一個相當一體化的過程。這意味著我和巴里以及我們團隊的其他成員都非常關注這些企業正在發生的事情。營運是一個連續的過程。我認為，獲得資金的能力，僅就去年一年來看，就足以讓我們有能力收購 Meetic。能夠外出並購買 About。這兩件事，如果沒有這種所有權結構，都是不可能完成的。雖然將來或許會有那麼一天，我們會認為它們在我們之外比在我們之內更有價值，但現在還不是時候。它們運作狀況良好。坦白說，我們不會做出任何改變。

Great. Thank you.

偉大的。謝謝。

Kerry Rice, Needham.

克里·賴斯，尼德姆。

Just a couple of questions about Meetic and the personals in general. I think you guys have been spending a little bit more on marketing for Meetic and that obviously showed up in some acceleration in the subscriber growth. This may be a clarification from what you said earlier, but when do you expect revenue to speed up to match some of that subscriber growth for Meetic? Then the second question is, just in general, do you think there is opportunities for additional consolidation within the personals market?

關於 Meetic 和交友平台，我有幾個問題。我認為你們在 Meetic 的行銷上投入了更多資金，這顯然體現在用戶成長速度的加速上。這或許是對您之前所說內容的澄清，但您預計 Meetic 的收入何時才能加速成長，以符合用戶數量的成長？那麼第二個問題是，總的來說，您認為個人市場是否有進一步整合的機會？

Yes, on Meetic, I think if you go back and look at historically and you see whenever you're doing a PMC turn around, you are going to see a meaningful lag in revenue growth behind PMC growth. If you go back and look at Match in 2009, I think you will see that in the PMC growth. The waterfall effect of old subscribers running off has a real impact. I think that -- what we said, which is we think we are going to get into double-digit PMC growth in the business this year, in Meetic. We think we are probably going to be mid to high single-digit revenue growth. Then next year, that revenue growth will reflect this year's PMC growth. So, that is just the accounting physics of that business.

是的，就 Meetic 而言，我認為如果你回顧歷史數據，你會發現，每當你進行 PMC 業務轉型時，你都會發現營收成長明顯落後於 PMC 業務成長。如果你回顧一下 2009 年的 Match 數據，我想你會從 PMC 的成長中看到這一點。老用戶流失造成的瀑布效應確實會產生影響。我認為——正如我們所說，我們認為今年 Meetic 的 PMC 業務將實現兩位數的成長。我們認為營收成長可能會達到中高個位數。那麼明年，該收入成長將反映今年 PMC 的成長。這就是該行業會計運作的本質。

In terms of consolidation, yes, there is always room for consolidation in this business, especially internationally. I think domestically, there is nothing that we need to own, meaning we have got sort of everything checked off. That doesn't mean there is not continuing opportunity. Internationally, I think there is a lot of room for consolidation. We're looking at it all the time. I think our pace of M&A has been actually a pretty steady drum beat over the last four years in the personals business.

就整合而言，是的，這個產業總有整合的空間，尤其是在國際上。我認為在國內，我們沒有什麼需要擁有的，也就是說我們基本上已經滿足了所有需求。但這並不意味著就沒有繼續發展的機會了。我認為，從國際角度來看，整合的空間很大。我們一直在關注它。我認為在過去四年裡，我們在個人護理行業的併購步伐實際上一直保持著相當穩定的節奏。

All right. We will take one last question. It is getting on the hour and so we don't want to overly keep you all. So, one more question.

好的。我們最後一個問題。時間已經快整了，所以我們不想讓大家耽擱太久。最後一個問題。

Michael Graham, Canaccord.

Michael Graham，Canaccord。

Just a question on buybacks just getting a little more granular. Can you just comment on what, in the short term, is going to drive how much stock you buy back? Is it stock price mostly? Is it how much cash you're currently generating? Second, just a quick update on, it looks like you ended the quarter with $670 million or so in cash and you've talked about $500 million as a comfortable level to be at. Could you just give any updated thinking on that? Then finally, if you could comment on what we should expect from new share issuances? It looks like you bought back 1.4 million shares, the share count went down by about 600,000. Just comment on that new share issuance pace, should that be steady and predictable or how to think about that? Thank you.

關於股票回購，我有個更具體的問題想請教一下。您能否談談短期內哪些因素會驅動您回購多少股票？主要影響的是股價嗎？是指你目前產生的現金流嗎？其次，簡單報告一下最新情況，看起來你們本季末的現金儲備約為 6.7 億美元，而你們之前說過 5 億美元是一個比較舒適的水平。您能否就此提供一些最新的想法？最後，您能否談談我們應該對新股發行抱持怎樣的預期？看起來你們回購了 140 萬股，股票數量減少了約 60 萬股。請就新股發行速度發表一下看法，這種速度應該保持穩定且可預測嗎？或應該如何看待這個問題？謝謝。

The share issuances for us are solely out of executive compensation in terms of options. We have been on a relatively steady state on that, God, over a very, very long period of time. I don't think it is going to rise or fall in the future. As far as buybacks themselves are concerned, look, what we do with our cash is -- First, we look as to whether or not there are things we want to invest in, either businesses that are growing or businesses that we want to acquire. After that, it is based upon, of course, how much gross cash do we have and how do we repatriate it to shareholders. We instituted the dividend a while ago. We have certainly been active in purchasing stock. We will continue to be, but we will be opportunistic. We don't think that -- there is no road map here. I understand the desire for investors is more than often to say, just buy back stock and look for any signs or indications. Our overall signs are so overwhelming in that we, as I say, we bought back almost half our capitalization. You know where our bearing is, and other than that, it is going to be opportunistic. I think that summarizes your questions.

我們發行的股票完全來自高階主管薪酬中的選擇權部分。上帝啊，在很長很長一段時間裡，我們在這方面一直保持著相對穩定的狀態。我認為它未來既不會上漲也不會下跌。至於股票回購本身，你看，我們如何處理現金是——首先，我們會考慮是否有我們想要投資的項目，無論是正在成長的企業還是我們想要收購的企業。當然，之後也要取決於我們有多少現金總額，以及我們如何將這些現金回饋給股東。我們很久以前就開始實行分紅制度了。我們確實一直積極購入股票。我們將繼續存在，但我們會抓住機會。我們認為並非如此——這裡沒有現成的路線圖。我理解投資人常常希望做的就是買回股票，然後尋找任何跡像或訊號。我們的整體跡象非常明顯，正如我所說，我們回購了近一半的資本。你知道我們的方向，除此之外，我們將採取機會主義策略。我想我的問題總結得差不多了。

I would say, on behalf of my colleagues, thank you. We will be back with you in three months. Have a nice day.

我謹代表我的同事們，向你們表示感謝。三個月後我們會再來和你們見面。祝你今天過得愉快。

Thanks, everybody.

謝謝大家。

Thank you.

謝謝。

That concludes today's presentation. Thank you for your participation.

今天的演講到此結束。感謝您的參與。