Match Group Inc (MTCH) 2014 Q2 法說會逐字稿

Good day, everyone, and welcome to the IAC reports Q2 2014 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Kip, Executive Vice President and CFO. Please go ahead, Sir.

大家好，歡迎參加 IAC 2014 年第二季業績電話會議。今天的會議正在錄影。此時，我謹將會議交給執行副總裁兼財務長傑夫‧基普先生。請便，先生。

Thanks, Operator. Welcome, everyone, to our second-quarter earnings call. With me today is Greg Blatt, Chairman of the Match Group, and Joey Levin, CEO of our Search and Applications segment.

謝謝接線生。歡迎各位參加我們的第二季財報電話會議。今天和我在一起的是 Match Group 董事長 Greg Blatt 和我們搜尋與應用部門的執行長 Joey Levin。

Before we get into our results, Outlook, and general business overview, I would like to remind you that during this call, we may discuss our Outlook and future performance. These forward-looking statements typically 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 second-quarter 2014 press release and our periodic reports filed with the SEC.

在深入探討業績、展望和整體業務概況之前，我想提醒各位，在本次電話會議中，我們可能會討論我們的展望和未來業績。這些前瞻性陳述通常會以「我們預期」、「我們相信」、「我們預期」或類似表述開頭。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 2014 年第二季新聞稿和我們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, which, as a reminder, includes adjusted EBITDA, which we will refer to today as EBITDA for simplicity. I will 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.

我們還將討論一些非GAAP指標，提醒一下，其中包括調整後的EBITDA，為簡單起見，我們今天將其簡稱為EBITDA。有關所有可比較的 GAAP 指標以及所有重要非 GAAP 指標的完整調整表，請參閱我們網站投資者關係部分的新聞稿。

Before we get into the businesses, I would like to just note that we announced today that we are increasing our quarterly dividend by $0.10, or more than 40% from $0.24 to $0.34 a share based on our confidence in our strong cash flows going forward, continuing our track record of returning capital to the shareholders. With that introduction, let me turn it over to Greg to discuss the match group. Then, Joey will discuss the search and applications segment, and I will wrap up with a few comments on our media and e-commerce businesses. Greg?

在深入探討業務之前，我想先說明一下，我們今天宣布，基於我們對未來強勁現金流的信心，我們將季度股息提高 0.10 美元，增幅超過 40%，從每股 0.24 美元增至 0.34 美元，繼續保持我們向股東返還資本的良好記錄。介紹完畢，現在請格雷格來討論比賽小組的狀況。接下來，Joey 將討論搜尋和應用程式部分，最後我將對我們的媒體和電子商務業務發表一些評論。格雷格？

Thanks, Jeff. Good morning, everybody Second quarter was another phenomenal quarter for our dating business in terms of overall user growth, up more than 60% year over year in MAUs, reinforcing our long-term expectations for the business. As we will discuss, we missed a few short-term opportunities, and our current-period financial results were a little shy of expectations, but the fundamentals of the business are very strong. In that light, we are reaffirming our belief that $500 million is a reasonable and attainable 2016 EBITDA number for the dating business.

謝謝你，傑夫。各位早安！第二季度對於我們的約會業務來說又是一個巨大的季度，用戶整體增長顯著，每月活躍用戶數同比增長超過 60%，這鞏固了我們對該業務的長期預期。正如我們將要討論的，我們錯過了一些短期機會，我們目前的財務表現略低於預期，但業務的基本面非常強勁。有鑑於此，我們重申我們的觀點，即 5 億美元是約會業務 2016 年合理且可實現的 EBITDA 目標。

When we first started talking about that number, we really talked about two different pieces. The first was our newer businesses, OkCupid, Tinder, Twoo, and our theory there was that we had to nearly double MAUs and monetization rate over a three-year period.

我們最初討論這個數字的時候，其實是在討論兩個不同的面向。首先是我們較新的業務，OkCupid、Tinder、Twoo，我們當時的理論是，我們必須在三年內將每月活躍用戶數和盈利率提高近一倍。

We're just a few quarters in, but MAUs in these businesses have already increased by more than 50%, way ahead of schedule. In our non-Tinder businesses, monetization is already up about 30%, way ahead of schedule. And, we plan to start to monetize Tinder this year. We're very confident in the contribution from this bucket.

雖然才過了幾個季度，但這些業務的每月活躍用戶數已經成長了 50% 以上，遠遠超出了預期。在非 Tinder 業務方面，我們的獲利能力已經成長了約 30%，遠遠超出了預期。而且，我們計劃今年開始讓 Tinder 獲利。我們對這筆資金的貢獻非常有信心。

The second piece were our older businesses, which we said needed to keep growing at historical rates. Those are lagging slightly behind in 2014, but we are confident they will improve. The reasons are really as follows.

第二部分是我們的舊業務，我們說這些業務需要繼續保持歷史成長速度。2014 年這些方面略有落後，但我們相信它們會有所改善。原因如下。

We were late in launching new marketing for Match. We've talked about that for a while, but we launched it two weeks ago. And, the early returns are very good. It builds, but we are very excited with the lift that we are seeing in these early weeks.

我們推出Match新行銷方案的時間晚了。我們討論這件事已經有一段時間了，但直到兩週前才正式推出。而且，初步結果非常好。雖然還在成長，但我們對這幾週以來看到的成長勢頭感到非常興奮。

The second piece -- we talked about this a little bit last quarter is our renewed focus on native mobile apps. Back in 2010, we were really the first people in the space into these. We had an app literally in everything.

第二點——我們上個季度稍微談過——是我們重新聚焦原生行動應用程式。早在 2010 年，我們就是這個領域最早涉足這些領域的公司之一。我們幾乎在所有東西裡都裝了應用程式。

We had BlackBerry apps and Palm apps and Windows apps and Android and IOS, et cetera. But, as the App Store started layering requirements, we backed out, and we basically made a bet on mobile web.

我們有黑莓應用、Palm應用、Windows應用、安卓應用程式、iOS應用程式等等。但是，隨著 App Store 開始增加各種要求，我們退出了 App Store，基本上把賭注押在了行動網頁上。

That was very good for engagement, and our mobile web business has been great for users. But clearly, we've missed out on big customer acquisition opportunities. As we talked about last quarter, we've reoriented towards tackling that.

這對提升用戶參與度非常有利，我們的行動網路業務也為用戶帶來了巨大的好處。但很顯然，我們錯失了許多重要的客戶獲取機會。正如我們上個季度所討論的，我們已經調整了工作重點，著手解決這個問題。

As part of that, Match launched its IOS app three months ago. Yesterday, we actually became the second-highest grossing app in the store other than gaming apps. But, it's really just a fraction of the opportunity we see there.

為此，Match 三個月前推出了 iOS 應用程式。昨天，我們的應用程式銷售實際上成為了應用程式商店中除遊戲類應用程式外第二高的應用程式。但實際上，這只是我們看到的眾多機會中的一小部分。

The App Store is like the web in a way in which you get good at discovery, and we're really just starting. We are really just starting paid acquisition. We're starting with App Store optimization, et cetera. We think there's a lot more to do here and lots more upside.

App Store 在某種程度上就像網路一樣，你需要不斷練習發現新內容，而我們才剛起步。我們其實才剛開始付費獲客。我們首先要做的就是應用程式商店優化等等。我們認為這裡還有很多事情要做，也還有很大的發展空間。

The other drag we have seen is that this new focus on native apps has actually affected our desktop performance. In that, we've only got so many resources to allocate.

我們發現的另一個阻礙是，這種對原生應用程式的重視實際上影響了我們的桌面效能。因此，我們可分配的資源是有限的。

As we allocated resources to mobile, we had fewer [spats] to drive product performance. So, we actually had for the first time in a while, a little bit of a conversion miss, which we didn't expect. And, we need to be much better at driving mobile and desktop performance simultaneously.

隨著我們將資源分配給行動端，我們用來提升產品效能的[爭執]就減少了。所以，我們一段時間以來第一次出現了一些轉換失誤，這是我們意料之外的。而且，我們需要在同時提升行動端和桌面端效能方面做得更好。

To accomplish these objectives, we're planning some changes to how we approach product development and technology. First is a substantial increase, as we've discussed, in resources devoted to native mobile development. This will allow us to meet our goals of catching up in this area, and then getting out ahead.

為了實現這些目標，我們計劃對產品開發和技術方面的方法進行一些改變。首先，正如我們之前討論過的，投入原生行動開發的資源大幅增加。這將使我們能夠實現追趕該領域並超越它的目標。

Secondly, we are making our various products and platforms more compatible. Allowing changes we make to a given product to roll more seamlessly across our other products and platforms. The end result will be a lift in product efficiency for many products, increased speed to market for product innovation, greater investment in mobile development, and overall lower cost.

其次，我們正在使我們的各種產品和平台更具相容性。允許我們對某個產品所做的更改更無縫地推廣到我們的其他產品和平台。最終結果將是：許多產品的效率提高，產品創新上市速度加快，行動開發投入增加，以及整體成本降低。

These initiatives won't affect all our businesses. We're confident the end results will be incremental revenue growth and real margin expansion. This is still in planning stages, but we will be able to discuss in much better specificity how this is going to happen and over what period next quarter.

這些舉措不會影響我們所有的業務。我們相信最終結果將是收入逐步成長和實際利潤率擴大。目前這仍處於計劃階段，但下個季度我們將能夠更具體地討論如何實施以及在多長時間內實施。

When you look at our businesses, excluding Tinder which has not yet monetized, and we look ahead to 2016 and how we are rolling up now. We see low double-digit annual sub growth. We see modest overall rate declines driven primarily by mix shift, but partially offset by rate increases across most business lines.

當我們審視我們的業務（不包括尚未實現盈利的 Tinder），展望 2016 年以及我們目前的進展時，就會發現這一點。我們預期年用戶成長率將維持在兩位數以下。我們看到整體利率略有下降，這主要是由於利率結構的變化，但大多數業務線的利率上漲部分抵消了下降。

We see meaningful margin expansion driven by both mix shift and the technology changes that we discussed above. That doesn't get you to $500 million in 2016, but it puts us in striking distance.

我們看到，在產品組合變化和技術變革的雙重推動下，利潤率實現了顯著提升，我們前面也討論過這一趨勢。這雖然不能讓你在 2016 年達到 5 億美元，但能讓我們離目標更近一步。

Then, we've got Tinder. It's growing like a weed, MAUs are up 140% year-to-date with June over May growth almost 2X May over April growth. So, it is growing very strong.

然後，我們還有 Tinder。它成長迅猛，每月活躍用戶數今年迄今成長了 140%，6 月的成長率幾乎是 5 月與 4 月成長率的兩倍。所以，它的發展勢頭非常強勁。

We're starting to monetize it this year. It's a work in progress in terms of the exact manner and timing of how we're going to roll out the various monetization features, so I don't want to give specific projections at this point, although we will as we go forward. But, I wanted to give you an example of the opportunity here.

我們今年開始將其商業化。就我們將如何推出各種盈利功能的具體方式和時間表而言，這仍然是一個正在進行中的項目，因此我現在不想給出具體的預測，儘管我們會隨著項目的推進給出預測。但是，我想舉個例子來說明這裡的機會。

If you took Tinder's current user base -- so June, 2014. And, you monetized its North American and European users at the rate that we monetize on OkCupid, and we monetized Tinder's users in the rest of the world at 25% that rate, you would be looking at about $75 million of additional EBITDA this year.

如果你以 Tinder 目前的用戶群為例——也就是 2014 年 6 月的數據。如果你們以我們在 OkCupid 上實現的盈利速度，將 Tinder 在北美和歐洲的用戶變現，而我們在世界其他地區將 Tinder 的用戶變現速度僅為 OkCupid 的 25%，那麼今年你們將獲得約 7500 萬美元的額外 EBITDA。

Obviously, we think Tinder's user base is going to grow dramatically more between now and then. We also think that Tinder, and frankly, OkCupid should both monetize better tomorrow than OkCupid does today. We see lots and lots of incremental opportunity here. And, more on that as monetization develops over the next few quarters.

顯然，我們認為從現在到那時，Tinder 的用戶群將會大幅成長。我們也認為，Tinder，坦白說，還有 OkCupid，明天都應該比現在更好地獲利。我們看到這裡有很多不斷增長的機會。接下來幾個季度，隨著獲利模式的發展，我們會對此進行更多探討。

Before I get to Outlook, just a few strategic things that we are very excited about. We just announced an upcoming acquisition of FriendScout in Germany.

在談到展望未來之前，我想說說我們非常興奮的幾個策略性事項。我們剛宣布即將收購德國的 FriendScout 公司。

Germany is the world's second-biggest online dating market in terms of revenue. But, it has been fiercely competitive with lots of marketing spend, and it has really driven profit out of the market.

以收入計算，德國是全球第二大線上約會市場。但是，由於市場競爭異常激烈，行銷投入巨大，利潤空間被嚴重擠壓。

We've waited for years for the right opportunity to get in there. Because of those dynamics, we haven't really competed full-on in the way we have another markets. But, we finally got what we wanted at the price we wanted.

我們等了好幾年，就為了等到對的時機進去。由於這些因素，我們並沒有像在其他市場那樣真正展開全面競爭。但是，我們最終還是以理想的價格買到了我們想要的東西。

We've been looking at FriendScout for a while. It's the business we wanted, and we are acquiring it at what we think is an attractive price. The acquisition will take us from fourth place in Germany to first place. We are confident that the leadership position that it gives us will help us break the profit log jam that that market has seen.

我們關注 FriendScout 已經有一段時間了。這是我們想要收購的企業，我們認為收購價格很有吸引力。此次收購將使我們在德國的排名從第四位躍升至第一位。我們相信，這一地位將幫助我們打破該市場一直存在的利潤停滯不前的問題。

Second, yesterday, we announced an acquisition of the Princeton Review. We've spent a year turning Tutor.com into a great consumer product. We haven't talked that much about it.

其次，昨天我們宣布收購普林斯頓評論。我們花了一年時間將 Tutor.com 打造成一款優秀的消費性產品。我們還沒怎麼談論過這件事。

But, it instantly connects students to a network of high quality tutors anytime, anywhere. It has got a 95% recommend rate among its users. We are set to take it to market and begin a marketing campaign this fall to build a brand. It has currently been an institutional business.

但是，它可以隨時隨地將學生與高品質的導師網絡即時連接起來。它的用戶推薦率高達95%。我們計劃在今年秋季將產品推向市場，並啟動行銷活動以建立品牌。目前它一直是一家機構企業。

But, when we started talking to Princeton Review, we saw a huge opportunity here. They have an authoritative brand. Everybody knows it, and it represents high quality.

但是，當我們開始與普林斯頓評論公司洽談時，我們看到了一個巨大的機會。他們擁有權威的品牌形象。人人都知道這一點，它代表著高品質。

They've got the best test prep product, and we really started looking at the industrial logic of this and started looking at test prep and tutoring like selling airline tickets and hotel rooms. Meaning, you've got a consumer who is looking for the exact same thing.

他們擁有最好的考試補習產品，我們開始認真研究這其中的產業邏輯，並開始像銷售機票和飯店房間一樣看待考試輔導和家教業務。也就是說，你遇到了一個正在尋找完全相同東西的消費者。

You meaningfully increase the lifetime value of the consumer, and we are very, very excited about it. Lots of industrial logic here with lots of cost and revenue synergies, and we think that this will meaningfully accelerate the timeframe in which Tutor becomes a meaningful contributor of profit to this business.

您顯著提高了消費者的終身價值，我們對此感到非常非常興奮。這裡有許多產業邏輯，有許多成本和收入協同效應，我們認為這將顯著加快 Tutor 成為公司盈利的重要貢獻者的時間。

Turning to Q2. As I said, overall results were okay but a little slower than we would like. Mostly because of the factors we discussed previously. There was also some media inflation, especially in Europe, and some lingering effects from the credit card security problems that we faced earlier in the year.

接下來是第二題。正如我所說，整體結果還可以，但比我們預期的要慢一些。主要原因是我們之前討論過的那些因素。此外，媒體通報也出現了一些通貨膨脹，尤其是在歐洲，今年稍早我們面臨的信用卡安全問題也產生了一些持續影響。

But, as mentioned, we are very confident in the strategies going forward. Looking ahead, we think that comparable to slightly better growth in Q3 than Q2 and meaningfully better growth in Q4 in each case -- in both revenue and EBITDA.

但是，正如前面提到的，我們對未來的策略非常有信心。展望未來，我們認為第三季的成長將與第二季相當或略好，而第四季在營收和 EBITDA 方面都將有顯著的成長。

That's before FriendScout and Princeton Review. We expect those to add about $40 million to second-half revenue with about $12 million to $15 million of net expenses and charges, mostly from purchase accounting and other transaction effects. Both of these businesses have substantial deferred revenue pieces in the accounting. We wipe that out, so you take a hit in the first couple quarters of the business.

那還是在 FriendScout 和 Princeton Review 出現之前的情況。我們預計這些將為下半年增加約 4,000 萬美元的收入，淨支出和費用約為 1,200 萬至 1,500 萬美元，主要來自收購會計和其他交易影響。這兩家企業的會計帳目都有大量的遞延收入項目。我們會消除這些損失，所以你在公司成立的頭幾個季度會遭受損失。

We're excited about where we are, the strategies take us forward. We are building momentum into 2015 with a strong outlook for 2016 and beyond. With that, I will turn it over to Joey, and I look forward to taking your questions later in the call.

我們對目前所處的位置感到興奮，這些策略將帶領我們前進。我們正積蓄力量邁入 2015 年，並​​對 2016 年及以後充滿信心。接下來，我將把發言權交給喬伊，期待稍後在通話中回答大家的問題。

Thanks, Greg. We delivered EBITDA for the quarter up nicely sequentially and narrowed the year-on-year decline from last quarter. We have two specific issues to work through in the back half of this year in our applications business. The first is chrome and the second is the marketplace for B2B applications. I will start with chrome.

謝謝你，格雷格。本季 EBITDA 環比成長良好，並縮小了與上季相比的同比降幅。今年下半年，我們的應用程式業務有兩個具體問題需要解決。第一個是 Chrome 瀏覽器，第二個是 B2B 應用市場。我先從Chrome瀏覽器開始。

Last week, Google released a new version of the chrome browser which we expect will have an adverse impact on applications. As you know, reacting to these kinds of browser and platform changes is a part of the business, and from a technical perspective, we've made most of the necessary modifications to be compatible with the new version and the latest chrome Web store requirements. And, have been reviewed by Google in the context of our broader commercial relationship.

上週，Google發布了新版Chrome瀏覽器，我們預計這將對應用程式產生不利影響。如您所知，應對這類瀏覽器和平台的變化是業務的一部分，從技術角度來看，我們已經進行了大部分必要的修改，以相容於新版本和最新的 Chrome 線上應用程式商店要求。而且，谷歌已在更廣泛的商業關係背景下對此進行了審查。

However, the changes will reduce the near-term revenue-per-offer for chrome extensions, and we have reduced our forecast for the remainder of the year to reflect the changes. We've managed this sort of transition with new versions of Internet Explorer and Firefox before and based on our experience with other major browsers, we believe the impact will be more pronounced initially and then settle over time as the marketplace adjusts and we optimize accordingly. We should complete the transition by the end of the year as the tail on the old chrome extensions winds up, and we start to ramp distribution of the revised products.

然而，這些變化將降低 Chrome 擴充功能的近期單次推廣收入，因此我們下調了今年剩餘時間的預測以反映這些變化。我們之前已經成功應對過 Internet Explorer 和 Firefox 新版本的這種過渡，根據我們對其他主流瀏覽器的經驗，我們認為這種影響最初會更加明顯，然後隨著市場調整和我們相應的優化，影響會逐漸減弱。隨著舊版 Chrome 擴充功能的生命週期結束，我們將在年底前完成過渡，並開始逐步推廣修訂後的產品。

On B2B applications, the market remains tough competitively with some of our largest distribution partners posting sequential declines which outweigh the new business we are bringing in. Some of those declines relate directly to the market dynamics where our partners lost distribution to competitors supported by more aggressive monetization, and some issues are partner-specific.

在 B2B 應用領域，市場競爭仍然激烈，我們的一些最大分銷合作夥伴的業務量連續下滑，超過了我們新增業務量。其中一些下滑與市場動態直接相關，我們的合作夥伴因競爭對手採取更積極的盈利策略而失去了分銷渠道，而另一些問題則是合作夥伴特有的。

We will continue to manage the business for the long term with sustainable practices and consistent with our values which we firmly believe is the right approach for our users and important as we focus our efforts on working with market-leading software providers that place value on customer experience. On that note, we just renewed our agreement with Oracle where our products are distributed with Oracle's Java application, and we signed two new deals with top-tier software providers representing millions of potential installs per week, including a leader in the security software space and the other, a well known media player.

我們將繼續以可持續的方式長期經營業務，並始終秉持我們的價值觀，我們堅信這對我們的用戶來說是正確的方法，而且在我們致力於與重視客戶體驗的市場領先軟體供應商合作時，這一點也至關重要。值得一提的是，我們剛剛與 Oracle 續簽了協議，我們的產品將與 Oracle 的 Java 應用程式一起分發；此外，我們還與兩家頂級軟體供應商簽署了新的協議，這兩家供應商每週的潛在安裝量達數百萬次，其中包括一家安全軟體領域的領導者和一家知名的媒體播放器供應商。

On the B2C side of the applications business, we had our highest profit on record in the quarter, and the business remains well positioned competitively. Our control over product development, marketing, and monetization provides us with a very strong offering and allows us to adjust quickly to the market. We will take a hit there in the back half of this year on the chrome changes but fully expect to be able to grow again once we settle into new levels, and we will ramp our marketing budget back up as we see opportunities.

在面向消費者的應用業務方面，我們本季實現了有史以來最高的利潤，並且該業務仍然具有很強的競爭力。我們對產品開發、行銷和獲利的掌控，使我們擁有非常強大的產品競爭力，並使我們能夠快速適應市場變化。今年下半年，由於 Chrome 瀏覽器的更新，我們的業務可能會受到一些影響，但我們完全有信心在適應新的發展階段後能夠再次實現成長，一旦看到機會，我們將逐步增加行銷預算。

We also continue to make nice progress on software subscriptions since we've integrated [swimwear]. So, we will see how it all plays out on applications, but we've adjusted our Outlook from here to reflect the B2B softness and the chrome impacts.

自從我們整合了[泳裝]之後，我們在軟體訂閱方面也繼續取得了不錯的進展。所以，我們將看看這一切在實際應用中會如何發展，但我們已經調整了我們的展望，以反映 B2B 業務的疲軟和 Chrome 瀏覽器的影響。

We expect the year over year decline in applications revenue for the second half of the year to be around 500 basis points or so greater than the Q2 decline and stabilize over the course of Q3 into Q4 as the tail on older chrome traffic runs out. So, our applications business within chrome is likely smaller than it was but still quite sizable and profitable, and we expect to resume sequential growth early next year.

我們預計下半年應用程式營收將年減幅度將比第二季下降幅度高出約 500 個基點，並在第三季到第四季期間趨於穩定，因為舊版 Chrome 流量的尾聲將逐漸消失。因此，我們在 Chrome 中的應用程式業務規模可能比以前小，但仍然相當可觀且盈利，我們預計明年年初將恢復環比成長。

On the website side of the business, we remain excited about the progress and the future where we continue to see sequential revenue growth excluding acquisitions. We are now publishing quality content to an audience of over 300 million people monthly across our sites with meaningful contributions from About.com, Dictionary.com, Investopedia and PriceRunner as well as Ask.com. Just to give you a sense of that on a relative basis, if you look at just our websites business, standalone and treated it as a single property, we would be among the 15 biggest properties globally, and that's all owned and operated, not a network.

在網站業務方面，我們對目前的進展和未來感到興奮，我們預計在不計收購的情況下，收入將繼續保持連續成長。我們現在每月透過我們的網站向超過 3 億用戶發布高品質內容，這些內容來自 About.com、Dictionary.com、Investopedia、PriceRunner 以及 Ask.com 等網站的貢獻。為了讓您對這個相對概念有個概念，如果您只看我們的網站業務，將其視為一個獨立的資產，我們將躋身全球前 15 大資產之列，而且這一切都是我們自己擁有和運營的，而不是一個網絡。

Mobile continues to grow sequentially and as a percent of total and could reach lose to 50% of total page views by the end of the year there. On RPM, we're still comping against the period before the pricing adjustment in Q3 last year so we probably won't see RPMs grow again until Q4 this year.

行動裝置訪問量持續成長，佔總造訪量的百分比也持續成長，到今年年底，行動裝置造訪量可能達到總頁面瀏覽量的 50%。就 RPM 而言，我們仍然與去年第三季價格調整之前的期間進行比較，因此我們可能要到今年第四季才能看到 RPM 再次成長。

But, excluding Ask where we saw the bulk of the RPM hit last year, RPM is up nicely year on year without any increase in ad density. Reflecting our ability to improve user experience and optimize across both direct and programmatic.

但是，除了去年 RPM 大幅下滑的 Ask 平台之外，RPM 年成長良好，而廣告密度卻沒有增加。這體現了我們提升用戶體驗和優化直接購買及程式化購買體驗的能力。

We're also getting better at attracting users. Total marketing spend as a percent of revenue at websites is down double digits year on year. So, the building blocks are all there, and we are moving in the right direction.

我們在吸引用戶方面也越來越得心應手。網站行銷總支出佔收入的百分比年減兩位數。所以，所有要素都已具備，我們正朝著正確的方向前進。

At About.com, we've continued to make substantial improvements qualitatively with massive upgrades in both user experience and content quality and quantitatively with big increases in content production and yield. At the end of last year, we began in earnest to add more and better experts in the right categories.

在 About.com，我們不斷在品質上進行實質改進，使用者體驗和內容品質都得到了大幅提升；在數量上，內容產量和收益也大幅提高。去年年底，我們開始認真地在合適的領域增加更多更優秀的專家。

We've added almost 200 new experts this year alone. At the same time, we've accelerated our ability to analyze the performance and quality of our content which means we can evaluate and act on performance with experts much more quickly than we could previously.

光是今年，我們就新增了近200名專家。同時，我們加快了分析內容表現和品質的能力，這意味著我們可以比以前更快地與專家一起評估表現並採取行動。

And, the quality of experts we are recruiting on to the platform is really exciting. People who are not only passionate about a subject but have also proved themselves as writers and savvy marketers particularly through social media.

而且，我們平台上招募的專家品質也確實令人振奮。這些人不僅對某個主題充滿熱情，而且還證明了自己是優秀的作家和精明的行銷人員，尤其是在社群媒體方面。

With access to the tools at About.com, many of these experts have been able to meaningfully grow their fan base. The effects have been noticeable. Since the end of last year, the number of new articles published has grown double digits while continuing to raise the bar on quality.

借助 About.com 提供的工具，許多專家成功地擴大了他們的粉絲群。效果已經很明顯了。自去年底以來，新發表的文章數量實現了兩位數的成長，同時文章品質也不斷提高。

We've also improved our content management system, launched a brand-new homepage, and are in the process of a complete site redesign. The result is a better quality product, which we see reflected through improved engagement metrics like time on page.

我們也改進了內容管理系統，推出了全新的主頁，目前正在進行全面的網站重新設計。最終得到的是更高品質的產品，這可以從頁面停留時間等互動指標的改善中體現出來。

The effects flow through to monetization, too, in both direct sales and programmatic. The revitalized brand, new design, and fresh content are enabling our sales team to increase deal size and improve sell-through. Mobile revenue has grown nicely in particular from non-google sources which now comprise 40% of total handheld mobile revenue at About.

這些影響也會波及到獲利方面，包括直接銷售和程序化銷售。煥然一新的品牌、全新的設計和新鮮的內容，使我們的銷售團隊能夠增加交易規模並提高銷售轉換率。行動收入成長良好，尤其是來自非Google頻道的收入，目前已佔 About 手持行動總收入的 40%。

Ask.com is also making real progress on a number of fronts. First, we've managed effectively through the price adjustments we saw at the end of last year and grew revenue and earning sequentially, in part through efficiency gains which resulted in lower revenue growth but expanded margins.

Ask.com 在許多方面也取得了實質進展。首先，我們有效地應對了去年底的價格調整，實現了收入和利潤的環比增長，部分原因是效率的提高，雖然這導致收入增長放緩，但利潤率卻有所提高。

That result is certainly a testament to the strength of our contents and marketing platforms and people. But, I think it also reflects the enduring strength of our brand in Q&A as a desired use case. In that regard, we are putting real energy into developing more proprietary Q&A content and expect that to grow throughout the year.

這項結果無疑證明了我們內容、行銷平台和人員的實力。但我認為這也反映了我們的品牌在問答這個理想應用場景中經久不衰的實力。在這方面，我們正在投入大量精力開發更多專有的問答內容，並預計這一數字將在年內持續成長。

Adding that all up for the websites business, we expect Q3 to have sequential growth similar -- sequential revenue growth similar to what we saw in Q2, and we expect Q4 to grow nicely year over year as we finally lap the pricing changes which began last August. The percent of revenue coming from non-app sources as a percent of total websites revenue has doubled year over year with healthy margins.

綜合所有因素來看，對於網站業務而言，我們預計第三季度將實現與第二季度類似的環比增長——收入環比增長與第二季度類似，我們預計第四季度將實現良好的同比增長，因為我們終於擺脫了去年八月開始的價格調整的影響。來自非應用程式來源的收入佔網站總收入的比例同比增長了一倍，且利潤率良好。

So, EBITDA from those businesses will be over $100 million this year, and I expect to see further diversification as we grow and add more publishing assets going forward. For search and applications overall, we anticipate EBITDA margins for the remainder of the year similar to Q1 given the expected revenue declines in the applications business.

因此，這些業務今年的 EBITDA 將超過 1 億美元，我預計隨著我們不斷成長並增加更多出版資產，業務將進一步多元化。鑑於應用程式業務收入預計下降，我們預計今年剩餘時間搜尋和應用業務的 EBITDA 利潤率將與第一季類似。

This chrome transition for our applications business is not our first time nor will it be our last time managing through browser changes. I don't believe there's any Company better equipped to handle these transitions than us.

這次針對我們應用程式業務的 Chrome 瀏覽器過渡並非我們第一次經歷，也不會是最後一次應對瀏覽器變更。我相信沒有任何一家公司比我們更適合應對這些轉型。

We've already found avenues for optimization to improve performance in the new chrome while continuing to generate meaningful cash flow. At the same time, our portfolio of content properties comprising our websites revenue continues to grow and diversify. We're excited to keep on building. Thank you.

我們已經找到了優化途徑，以提高新版 Chrome 的效能，同時繼續產生可觀的現金流。同時，我們網站收入所包含的內容資產組合也在不斷增長和多元化。我們很高興能夠繼續建設。謝謝。

Thank you, Joey. Revenue in the media and e-commerce segments were together down 16% versus last year with a total EBITDA loss of approximately $4 million in the quarter. The segment decline was driven by the presence in the prior year of CityGrid revenue in local and Newsweek revenue in media. On an apples-to-apples basis, the two segments would have grown revenue, although total revenue was lower than expected driven by the slippage of Electus shows out of the quarter.

謝謝你，喬伊。媒體和電子商務部門的營收與去年同期相比下降了 16%，本季 EBITDA 總虧損約 400 萬美元。該細分市場下滑的原因是去年 CityGrid 在本地市場的收入和 Newsweek 在媒體市場的收入。如果以同等條件比較，這兩個業務板塊的收入都會增長，儘管由於 Electus 節目未能按期播出，總收入低於預期。

We expect solid revenue growth year over year in both the third and in the fourth quarters given that CityGrid revenue and in part Newsweek revenue will not be included in the prior year. We also again expect a comparable combined low single-digit millions of EBITDA investment in both the third and fourth quarters.

鑑於 CityGrid 的營收以及部分 Newsweek 的營收將不計入上一年，我們預計第三季和第四季的營收將年增穩健。我們也預計第三季和第四季 EBITDA 投資總額將再次達到數百萬美元的水平。

As you know, we've got several businesses in the media and e-commerce segments which we are excited about. In the media segment, Vimeo enjoyed another strong quarter of growth with nearly 60% growth in ComScore monthly unique viewers and nearly 50% growth in revenue. Vimeo also reached 0.5 million subscribers in early July, a real milestone.

如您所知，我們在媒體和電子商務領域擁有多家企業，我們對此感到非常興奮。在媒體領域，Vimeo 又迎來了一個強勁的成長季度，ComScore 月度獨立觀眾成長近 60%，營收成長近 50%。Vimeo 在 7 月初也達到了 50 萬訂閱用戶，這是一個真正的里程碑。

The strong momentum in the Vimeo on-demand business has continued as our catalog in videos of films has now grown to 11,000 strong, and our monthly revenue run rate for that business is up nearly 50% sequentially from the first quarter. Additionally in media, we continue to see strong traffic growth at both the Daily Beast and CollegeHumor, where monthly uniques are up approximately 30% and 35%, respectively.

Vimeo 點播業務的強勁勢頭仍在繼續，我們的電影視訊目錄現已增長至 11,000 部，該業務的月收入運行率較第一季環比增長近 50%。此外，在媒體方面，我們看到 Daily Beast 和 CollegeHumor 的流量持續強勁成長，每月獨立訪客分別成長了約 30% 和 35%。

In the e-commerce segment, HomeAdvisor had its second consecutive quarter of accelerating double-digit revenue growth. The business had its strongest performance in both total revenue and total service requests ever in the second quarter with paying service providers also up 20% and service requests up solidly for the second quarter in a row with organic service requests up over 20% year on year.

在電子商務領域，HomeAdvisor連續第二季實現了兩位數的加速營收成長。第二季度，公司總收入和服務請求總量均創歷史新高，付費服務提供者成長了 20%，服務請求連續第二季穩定成長，有機服務請求年增超過 20%。

With that, we will take your questions. Operator?

接下來，我們將回答您的問題。操作員？

(Operator Instructions)

（操作說明）

We will hear first from Jason Helfstein from Oppenheimer & Co.

首先，我們將聽聽來自奧本海默公司的傑森·赫爾夫斯坦的演講。

Hi, thanks.

您好，謝謝。

Greg, I just wanted to dig in a little more into the international slowdown. So, specifically, internationally would you say you are seeing more competition from paid services? Is it other free services? Or, are you potentially cannibalizing yourself?

格雷格，我只是想更深入地探討國際經濟放緩的問題。那麼，具體來說，在國際市場上，您認為來自付費服務的競爭是否越來越激烈？還有其他免費服務嗎？或者，你是不是在進行自我毀滅？

And then, just overall it does seem like we're seeing the space more competitive. You did talk about an acquisition you did in Germany that you think helps your positioning. Just if you can go into a little more detail about that? Thanks.

而且，總的來說，這個領域的競爭似乎越來越激烈了。您之前提到在德國進行的一項收購，您認為這項收購有助於提升您的市場地位。能再詳細說說嗎？謝謝。

Sure. I don't think the space is more competitive than it has been.

當然。我不認為這個領域的競爭比以前更激烈了。

If you exclude Tinder for a second, there hasn't really been any meaningful movement in the space in a long time. We do a survey every year, probably the biggest single survey anywhere that looks at all of this stuff. There's not a lot of publicly available information.

如果暫時排除 Tinder，那麼這個領域已經很久沒有出現任何實質的進展了。我們每年都會進行一項調查，這可能是規模最大的單一調查，涵蓋了所有這些方面。公開資訊不多。

But, eHarmony, plenty of fish, being domestically and some parts internationally big players, continue to be big. No one new of any size has come on the market in a long time. In the US, you have got Tinder and OkCupid that have grown a lot over the last few years, and that certainly impacts the landscape. We happen to own both of them, which is good. Other than that, there hasn't been a lot of movement.

但是，eHarmony、Plenty of Fish 等公司，作為國內甚至部分國際市場的大型企業，仍保持著強大的影響力。很久以來，市場上都沒有出現過任何尺寸的新型號。在美國，Tinder 和 OkCupid 在過去幾年發展迅猛，這無疑對整個產業格局產生了影響。我們恰好兩者都有，這很好。除此之外，並沒有太多其他進展。

Europe is a big place, and each market is different. But again, I would say Tinder is the single biggest change there recently. There was [Bidoo], but that made a big push three-plus years ago and then has slowed. There are a couple players in a couple markets.

歐洲幅員遼闊，每個市場的情況都不盡相同。但我仍然認為，Tinder 是近期最大的改變。[Bidoo] 曾經風靡一時，但三年多前發展迅猛，之後就放緩了。在幾個不同的市場，都有幾家公司參與其中。

But in general, again other than Tinder, which does have an impact, but it is primarily at a young demographic that our traditional sites don't -- it doesn't make up a big part of their business. The competition really hasn't changed much.

但總的來說，除了 Tinder 之外，其他約會網站雖然確實有一定影響，但主要面向的是年輕群體，而我們傳統的約會網站並沒有這樣的群體——這部分用戶在他們的業務中佔比並不大。競爭格局其實沒有太大變化。

I think part of it is in Europe I think there is media inflation, which I don't think is limited to the dating market. Meaning, I don't think that's a reflection of competition in dating. I think it's a reflection of an aggregation of media markets, both online and off-line that have just increased the pricing.

我認為部分原因是歐洲媒體存在誇大宣傳，我認為這種誇大宣傳並不局限於約會市場。也就是說，我不認為這反映了約會中的競爭。我認為這反映了線上和線下媒體市場的整合，而這些整合導致了價格上漲。

But, we look pretty hard at this, and I don't think there's any meaningful change in the landscape other than Tinder.

但是，我們仔細研究了一下，除了 Tinder 之外，我認為整個產業格局並沒有任何實質的變化。

Thank you.

謝謝。

Thank you. Moving on to Ross Sandler, Deutsche Bank.

謝謝。接下來是德意志銀行的羅斯桑德勒。

Thank you. This is Deepak actually for Ross.

謝謝。這其實是迪帕克代表羅斯來的。

I have two questions, one on Match and then generally on dividends. First on the Match group. So, I wanted to ask a little bit about the strategy around mobile apps.

我有兩個問題，一個是關於匹配的，另一個是關於股息的。在配對組中排名第一。所以，我想稍微了解一下行動應用程式方面的策略。

I think that unlike in the desktop world, like in the mobile apps, the ecosystem is highly fragmented. Like you see new players like Hinge pretty much going pretty rapidly. How would you think about this? Would you think about more acquisitions, or do you have any strategy to organically build more apps? Catering different needs?

我認為與桌面領域不同，行動應用領域的生態系統高度分散。就像你看到的Hinge這樣的新玩家，發展速度非常快。你對此有何看法？您會考慮進行更多收購嗎？還是您有其他策略來自主開發更多應用程式？滿足不同需求？

And then, secondly, I think you increased dividends by 40% this quarter. How do you think about the return in terms of -- I don't think there was any by buybacks? Would you think of returns going forward in terms of increasing dividends? Or, what's the philosophy there? Thank you.

其次，我認為你們本季將股息提高了 40%。您如何看待回報方面的問題？ ——我認為沒有透過股票回購實現的報酬？您會考慮透過提高股息來提升未來的回報嗎？或者說，那裡的理念是什麼？謝謝。

I think again, with the mobile apps -- Tinder has grown and become very significant. Hinge is still -- and it's a lovely app -- I'm not dissing it. In terms of user growth, it's not a meaningful thing on the overall marketplace.

我認為，行動應用程式的發展——比如 Tinder——已經變得非常重要。Hinge 仍然是一款很棒的應用程序，我並沒有貶低它的意思。就用戶成長而言，這對整個市場來說並不重要。

And, I think that the mobile store -- people thought back when Facebook came that it would enable all these new competitors to grow rapidly. And, there were moments where it did. But, in general, it just doesn't change the landscapes. I don't think there's anything inherent about mobile that changes that. Meaning, you still need to have a great product and a great brand, and that's what Tinder has done.

而且，我認為行動商店——人們回想起 Facebook 出現的時候，認為它將使所有這些新的競爭對手能夠迅速成長。而且，也確實有過這樣的時刻。但總的來說，它並不會改變地形。我不認為行動裝置本身有什麼特性會改變這一點。也就是說，你仍然需要擁有優秀的產品和優秀的品牌，而 Tinder 正是做到了這一點。

Nothing else -- the mobile world has been around for a few years now. Nothing has caught on and gained meaningful distribution. I'm not saying it can't happen. Every few years something grows and becomes big. I don't really see the landscape as being meaningfully different.

僅此而已——行動領域已經存在好幾年了。目前還沒有任何產品流行起來並獲得有效的傳播。我不是說這不可能發生。每隔幾年，就會有什麼東西生長壯大。我並不覺得景觀有什麼實質的不同。

In some ways it's easier, because if you can afford to spend money on acquisition, that drives you up in the App Store which in turn -- . We think that -- we look at the native app world as an opportunity. Again, we didn't play aggressively in it in our traditional brands early, but you look at OkCupid's growth there and Twoo's growth there and Tinder's growth there, and it's great. I don't think it's because the App Store effectively allows for more rapid distribution or a greater democracy. You still have to have a great product, and if you can put money behind it, you have huge advantages.

在某些方面，這更容易，因為如果你有能力在獲客方面投入資金，就能提升你在應用程式商店的排名，進而——。我們認為－我們將原生應用領域視為一個機會。再說一遍，我們早期並沒有在傳統品牌中積極參與這個領域，但你看看 OkCupid 在那裡的成長，Twoo 在那裡的成長，還有 Tinder 在那裡的成長，真是太棒了。我不認為這是因為 App Store 有效地實現了更快速的分發或更大的民主。你仍然需要擁有優秀的產品，如果你能投入資金，你就會擁有巨大的優勢。

So again, we're focused on it, but I don't see it as a meaningful change in the competitive landscape.

所以，我們仍然關注這個問題，但我認為這不會對競爭格局產生實質的影響。

In terms of your question on returns of capital. We instituted the dividend nearly three years ago. We doubled it after its first three quarters, and at the time, it went from a 1% to a 2% yield. We didn't raise it last year, and so we are just bringing it up now.

關於您提出的資本報酬率問題。我們大約三年前開始實行分紅制度。前三個季度後，我們將其規模擴大了一倍，當時收益率從 1% 提高到了 2%。去年我們沒有提出這個問題，所以現在才提出來。

We think an increasing dividend is a good part of a capital return strategy. We also think opportunistic share buybacks are a good part of a capital return strategy.

我們認為，提高股利是資本回報策略的重要組成部分。我們也認為，伺機回購股票是資本回報策略的重要組成部分。

So, our position on both really hasn't changed. The dividend increase this time brings, again, the yield up to around 2%. Not that that's a perfect benchmark. But, I think we think we will probably steadily increase it over time. But, we will do these things opportunistically.

所以，我們對這兩件事的立場其實並沒有改變。此次股息成長再次將殖利率推高至 2% 左右。當然，這並非一個完美的衡量標準。但是，我認為我們可能會隨著時間的推移而穩定增加這個數字。但是，我們會伺機做這些事。

Great. If I can just squeeze in one more. On the website, I don't think you called out anything related to Google Panda, but there was a lot of noise during the quarter. In terms of Ask traffic, do have any comment there? Did you see any impact? Thanks.

偉大的。如果我能再擠出一個就好了。在網站上，我認為你沒有提到任何與Google熊貓演算法相關的內容，但本季確實有很多相關的討論。關於Ask的流量，您有什麼看法？你觀察到任何影響嗎？謝謝。

It was a relatively small impact from Panda. I think the -- it's actually -- we have for a long time about.com before we owned it. And, even for the first period we owned it everyone lived in fear of these algorithm updates from Google. And, probably with good reason, given the history.

熊貓病毒的影響相對較小。我認為——實際上——在我們擁有 about.com 之前，我們已經擁有它很長時間了。而且，即使在我們擁有它的第一個時期，每個人都生活在對Google演算法更新的恐懼之中。考慮到歷史背景，這或許不無道理。

We are now at the point where our content is good. And so, when these algorithm updates happen, they generally -- and, this one in particular did. Generally, affirm our strategy, which is where we know we have weak outdated content, that's going to get removed. And, where we have good, updated high-quality content, that's going to get rewarded. And, we saw that in this most recent update.

現在我們的內容已經夠好了。因此，當這些演算法更新發生時，它們通常——而且，這次更新尤其如此。總的來說，這符合我們的策略，即我們知道存在薄弱過時的內容，這些內容將被刪除。而且，凡是有優質、及時更新的內容，都會得到獎勵。我們在最近的更新中也看到了這一點。

So, it had a small impact on some small areas of Ask. Actually, a small area of Dictionary and About.com netted up in this update. We're at the point now where we look forward to these because I think that they are generally rewarding where we are investing in the content.

所以，它對 Ask 的一些小領域產生了輕微的影響。實際上，字典和 About.com 的一小部分內容也參與了此次更新。現在我們很期待這些內容，因為我認為，如果我們對內容進行投資，它們通常會帶來回報。

Thank you. We will hear next from John Blackledge from Cowen and Company.

謝謝。接下來我們將聽取來自 Cowen and Company 的 John Blackledge 的演講。

Great. Thank you. I have a couple questions on Tinder and Match.

偉大的。謝謝。我有一些關於 Tinder 和 Match 的問題。

So, for Tinder, you mentioned MAUs increased 140% year over year, did that accelerate from 1Q 2014 levels? And then, will you start to monetize Tinder in 3Q or 4Q? And, can you describe how you expect to monetize the business? Will it be advertising and/or freemium type of offerings?

所以，你提到 Tinder 的每月活躍用戶數年增了 140%，這是否比 2014 年第一季的水平更快？那麼，你們會在第三季還是第四季開始讓 Tinder 獲利呢？那麼，您能否描述一下您打算如何實現業務獲利？會是廣告形式還是免費增值模式？

And then, also on Match, you mention MAUs grew 60% year over year. What was the total number of MAUs? I think in the fourth quarter of 2013 you said Match had 30 million MAUs. I'm wondering if that growth accelerated from Q1 levels? Thank you.

另外，在 Match 平台上，您提到每月活躍用戶數年增了 60%。月活躍用戶總數是多少？我記得您在 2013 年第四季說過 Match 的每月活躍用戶數為 3000 萬。我想知道這種成長速度是否比第一季有所加快？謝謝。

The Tinder number was actually not a year-over-year number. It was actually year to date. So, much greater on year over year. From December through now, MAUs are up 140% at Tinder.

Tinder 的用戶數量其實並不是同比數據。實際上，這是今年迄今的數據。所以，比前一年增長了很多。從去年12月至今，Tinder的月活躍用戶數成長了140%。

I don't want to necessarily say it is accelerating -- it accelerated. It bounces around a little bit. There's seasonality, there is events, there's PR, et cetera. June over -- we don't have the July numbers fully in yet, but the June over May happened to grow 2X May over April. I'm not saying that's an overall trend of acceleration. But, I'm saying it bounces around and is still growing very strong.

我並不想說它正在加速——它已經加速了。它會稍微彈跳一下。有季節性因素，有各種活動，有公關宣傳等等。六月已過——我們還沒有完全統計出七月的數據，但六月比五月增長了2倍，而五月比四月增長了2倍。我並不是說這是一個整體的加速趨勢。但是，我的意思是，它雖然波動較大，但仍然發展勢頭強勁。

In terms of the overall MAU number, I imagine we did give that out at some point. I don't think we're currently giving that out on an aggregate basis. But, year over year, in total, we are up 60% versus Q2 last year.

至於整體月活躍用戶數，我想我們肯定在某個時候公佈過。我認為我們目前還沒有匯總發放這類補助。但與去年同期相比，我們整體成長了 60%，比去年第二季成長了 60%。

And, given the extensive growth of Tinder, I think on of an overall basis that is accelerating. I think last quarter we said the MAU growth was around 50%, I think, year over year. This quarter, it's 60%. So, there is acceleration overall.

而且，鑑於 Tinder 的快速發展，我認為從整體來看，這種趨勢正在加速。我認為上個季度我們說過，每月活躍用戶成長率約為 50%，年成長。本季度，這一比例為 60%。所以，整體上是加速發展的。

A lot of that is Tinder. We've also got great growth at OkCupid. Obviously, we've got growth but lower growth than our other businesses where we're much more advanced into the monetization process.

很多都是透過 Tinder 實現的。OkCupid也取得了巨大的成長。顯然，我們實現了成長，但成長速度低於我們其他業務的成長速度，我們在其他業務的獲利過程中已經走得更遠。

In terms of monetization of Tinder, I think that we are already into August. I think either late Q3 or early Q4, you will start to see some monetization come.

就 Tinder 的獲利模式而言，我認為現在已經是八月了。我認為會在第三季末或第四季初開始看到一些獲利跡象。

I think that monetization on Tinder is going to be frankly like our other sites, it's going to be a combination of three things. There's going to be ad revenue. There's going to be some form of recurring revenue, and there is going to be some form of a la carte revenue. That's true of every one of our products. The mix is different from product to product.

坦白說，我認為 Tinder 的獲利模式將與我們其他網站類似，是三種模式的結合。會有廣告收入。既會有某種形式的經常性收入，也會有某種形式的單次性收入。我們的每一款產品都是如此。不同產品的配比都不一樣。

Certainly to the extent there is recurring revenue, it won't be of the Match.com-type where you have a pay-to-communicate subscription. But, there is certainly -- we know from OkCupid that there are certain user [space] and other things where people pay on a recurring basis for certain features that give them the ability to do certain things. Some of those things are better monetized on an a la carte transactional basis. Some are more sustained user states.

當然，即便存在經常性收入，也不會是像 Match.com 那樣需要付費訂閱才能交流的模式。但是，確實存在這種情況——我們從 OkCupid 就知道，在某些用戶空間和其他領域，人們會定期付費以獲得某些功能，從而能夠做某些事情。有些東西採用按需付費的交易方式更能獲利。有些是持續時間較長的使用者狀態。

The great thing about Tinder is it's really -- because it's primarily used for dating, at least at this point, it has all the direct monetization capabilities of a dating product, which are very high. Because of its high engagement and the manner of swiping, it's also got big social network advertising capabilities.

Tinder 最棒的地方在於——因為它主要用於約會，至少目前是這樣——它具備約會產品的所有直接盈利能力，而且盈利能力非常高。由於其高用戶參與度和滑動操作方式，它也具有強大的社交網路廣告能力。

So, we're really excited about it. We're going to play around with all of them and what the exact mix will be. I can't say at this point. But, we are highly confident in our ability to monetize Tinder very well.

所以，我們對此感到非常興奮。我們會嘗試所有這些組合，看看最終的配比是多少。目前我無法給出確切答案。但是，我們對Tinder的商業化能力非常有信心。

That's great. Thanks, Greg. Can I ask one more question?

那太棒了。謝謝你，格雷格。我可以再問一個問題嗎？

You said the $75 million-dollar EBITDA contribution if it was fully monetized right now, similar to OkCupid. What does that apply for the EBITDA margin? Thank you so much.

您提到，如果現在完全貨幣化，其 EBITDA 貢獻將達到 7,500 萬美元，類似於 OkCupid。這對於 EBITDA 利潤率意味著什麼？太感謝了。

It's -- again, I think the exact math was if you monetize North America and Europe Tinder users at the rate that we monetize OkCupid, and then the rest of the world at 25% of that rate, you'd have about $75 million. It's a very high margin. I don't want to get into the specifics of it. But, it's certainly an over 50% profit margin.

再說一遍，我認為確切的計算方法是，如果你以 OkCupid 的盈利速度將北美和歐洲的 Tinder 用戶盈利，然後以該速度的 25% 將世界其他地區的 Tinder 用戶盈利，那麼你將獲得大約 7500 萬美元。利潤率非常高。我不想深入討論細節。但利潤率肯定超過50%。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you. Moving on to Mark Mahaney from RBC Capital Markets.

謝謝。接下來是來自加拿大皇家銀行資本市場的馬克·馬哈尼。

Thank you. Two questions.

謝謝。兩個問題。

Could you provide a little detail on the writedown? Part of that was due to Aereo, or was that all due to Aereo?

能否提供一下關於這份書面紀錄的詳細情況？部分原因是 Aereo 造成的，還是全部原因都是 Aereo 造成的？

And then, on the HomeAdvisor part of the business, the acceleration and the improvement that you're seeing in service requests. Any more color as to why that's occurring? Is it a matter of easing comps? Or, are there fundamental improvements -- and I think there are -- that are driving that? Thank you.

然後，就 HomeAdvisor 業務而言，服務請求方面出現了加速成長和改進。關於造成這種情況的原因，還有什麼更詳細的說明嗎？是不是放寬比較標準的問題？或者，是否存在一些根本性的改進——我認為確實存在——正在推動這種情況？謝謝。

First, on the writeoff. There's about five different investments, a few of them small, a couple of them larger. Aereo is the largest in that writedown.

首先，關於註銷。大約有五項不同的投資，其中一些規模較小，有些規模較大。Aereo是此次減記中最大的公司。

Secondly, on HomeAdvisor, I think you're looking at two things. One, we rebranded last year. You saw a dip in traffic and monetization, particularly in the first couple of quarters. So, we do have some good compares.

其次，在 HomeAdvisor 上，我認為你需要考慮兩件事。第一，我們去年進行了品牌重塑。流量和獲利能力有所下降，尤其是在前幾個季度。所以，我們確實有一些不錯的對比數據。

I think, secondly, our marketing has been very effective, returning on a lifetime value basis nearly a couple hundred percent so far. So, that's doing very well. So, we're seeing very good traction with the brand. We think we have rising satisfaction scores. We think that business has nice momentum.

其次，我認為我們的行銷非常有效，到目前為止，從終身價值的角度來看，回報率已經接近兩百%。所以，這方面做得非常好。所以，我們看到這個品牌獲得了非常好的發展動能。我們認為客戶滿意度正在上升。我們認為業務發展勢頭良好。

Thank you.

謝謝。

Thank you. Moving on to Heath Terry from Goldman Sachs.

謝謝。接下來是來自高盛的希思·特里。

Great, thank you.

太好了，謝謝。

I was wondering if you could maybe just -- $75 million in EBITDA for Tinder is a really interesting number. And, I think implies a level of monetization that we don't normally see at -- or haven't seen at social networks. So, curious what's involved.

我想問一下，Tinder 的 EBITDA 為 7500 萬美元，這確實是一個非常有趣的數字。我認為這暗示了一種我們在社交網路上通常看不到（或從未在社交網路上看到）的獲利模式。所以，很好奇這其中都牽涉到些什麼。

I know you don't want to talk about margins, but what's involved from a revenue perspective in being able to get to that kind of EBITDA? Or, from a CPM perspective, given that -- or ad load perspective. Some of the metrics that you're thinking about that's going into the math behind that number.

我知道你不想談論利潤率，但從收入的角度來看，要達到那樣的 EBITDA 需要做些什麼？或者，從 CPM 的角度來看——或者從廣告加載的角度來看。你在考慮的某些指標，都與這個數字背後的數學計算有關。

And then, if you can, just the contribution from the acquisitions on the O&O side. If you can give us any sort of sense of what growth would have been like without those acquisitions, that would be interesting?

然後，如果可以的話，只計算自有企業收購帶來的貢獻。如果您能大致描述一下如果沒有這些收購，公司的發展會是什麼樣子，那就太好了？

Was the second part of that question a match question or search question?

問題的第二部分是匹配問題還是搜尋問題？

Sorry, that was more of a search question. But, I know the acquisitions within Match have been relatively small, but to the extent you want to provide some clarity on that.

抱歉，那更像是搜尋問題。但我知道 Match 內部的收購規模相對較小，但如果您想就此做一些澄清，請不要懷疑。

Yes, I don't think there's anything meaningful on the Match side. Just trying to clarify that.

是的，我認為比賽方面沒有什麼有意義的事情發生。我只是想澄清一下。

I think -- as I pointed out, I think that OkCupid -- I'm sorry, Tinder will monetize differently than a traditional social network. The better analogy I think is either a free-to-communicate dating product like OkCupid or a game where there will be a lot of direct monetization in which a small number of the users will pay a fair amount for certain things.

我認為——正如我指出的那樣，我認為 OkCupid——抱歉，Tinder 的盈利模式將與傳統的社交網絡不同。我認為更好的類比是像 OkCupid 這樣的免費交流約會產品，或者是一款有很多直接盈利模式的遊戲，其中一小部分用戶會為某些東西支付相當可觀的費用。

If you look at OkCupid, OkCupid started out as a -- again, OkCupid as a direct analogy. I'm not saying this will be exactly how it will work. But, it's just a good way to frame it.

如果你看看 OkCupid，OkCupid 最初是——再次強調，OkCupid 就是一個直接的類比。我並不是說事情一定會完全按照這個方式發展。但這只是一個很好的表達方式。

OkCupid started out as a purely ad-driven product. We bought it -- huge percentage of the revenue was ad. We've layered in a variety of paid features. It hasn't affected user growth at all.

OkCupid 最初是一款完全以廣告驅動的產品。我們買下了它——收入的很大一部分來自廣告。我們添加了多種付費功能。這完全沒有影響用戶成長。

Now, a single-digit percentage of the users pay to use certain features. And, all we did was basically apply similar math to Tinder's user base.

現在，只有個位數比例的用戶會付費使用某些功能。我們所做的，基本上就是將類似的數學方法應用於 Tinder 的用戶群。

It may be that the direct monetization is a little lower, and the ad revenue is a lot higher. We don't know. But, we are certainly confident that if our intent was to simply monetize it as a traditional dating product, like we've done with OkCupid, or maybe not a traditional dating products, but like we've done with OkCupid. The use case and the user base and their commitment and passion for the product is absolutely can sustain that kind of monetization.

直接變現收入可能略低，而廣告收入則高得多。我們不知道。但是，我們當然有信心，如果我們的目的只是將其作為傳統的約會產品來盈利，就像我們對 OkCupid 所做的那樣，或者也許不是傳統的約會產品，但就像我們對 OkCupid 所做的那樣。該應用程式場景、用戶群以及他們對產品的投入和熱情絕對能夠支撐這種獲利模式。

So, it's a hybrid between really a social network, a gaming business, and a dating product. I think that between those three, the monetization course will take hold.

所以，它實際上是社交網路、遊戲業務和約會產品的混合體。我認為在這三者之中，獲利模式會佔據主導地位。

In terms of the revenue question. I think that our -- we have obviously had declines based on the changes in Google policy, downloadable applications, guidelines, et cetera. I think we are run-rating at the level we've been at the last couple of quarters, which is kind of low-double digits in those businesses, excluding the acquisitions.

就收入問題而言。我認為，由於Google政策、可下載應用程式、指南等方面的變化，我們的業務顯然出現了下滑。我認為，在不包括收購的情況下，我們目前的營運效率與過去幾季的水平相當，也就是兩位數的低點。

Great, thank you.

太好了，謝謝。

Thank you. We will hear next from Brian Fitzgerald from Jefferies.

謝謝。接下來我們將聽取傑富瑞集團的布萊恩·菲茨傑拉德的演講。

Thank you.

謝謝。

Jeff, Vimeo had nice growth in revenues and subs. Can you maybe give us a little more granularity on how you're feeling about the engagement there? Anything around time spent or likes or follows or uploads?

Jeff，Vimeo 的收入和訂閱用戶都實現了不錯的成長。您能否更詳細地談談您對那部分互動情況的感受？有沒有什麼關於觀看時長、按讚數、關注數或上傳量之類的數據？

Maybe even what you're seeing in terms of upgrades to plus or Pro? Or, the subscription breaks there?

或許你還看到了升級到 Plus 或 Pro 版本的情況？或者，訂閱在那裡中斷了？

And then, again on Vimeo, can you give us a growth rate on that 11,000 videos in the library? Thanks.

另外，關於 Vimeo，您能否提供一下庫中 11,000 個影片的成長率？謝謝。

Look, the videos in the library are up something like 50% quarter over quarter on the number we gave last quarter. Look, we are feeling very good about engagement at Vimeo. I think views are growing a lot faster even than unique visitors.

你看，我們庫中的影片數量比上個季度增長了大約 50%。你看，我們對 Vimeo 的用戶互動情況感到非常滿意。我認為瀏覽量的成長速度甚至比獨立訪客的成長速度還要快得多。

So, that is great. And, that's even better when you consider that mobile unique visitors have been driving a lot of the growth, doubling year over year essentially the whole time. And, you naturally in any of these businesses get somewhat lower engagement in the mobile form factor and usage patter.

那太好了。而且，考慮到行動端獨立訪客一直是推動成長的主要動力，基本上每年都在翻倍成長，這一點就更加令人欣喜了。當然，在這些業務中，行動裝置的使用方式和參與度自然會略低一些。

So, I think yes, we're very happy with engagement. We're very happy with the Vimeo on-demand business. Was there another part of your question that I missed?

所以，我認為是的，我們對用戶參與度非常滿意。我們對 Vimeo 的隨選業務非常滿意。我是否遺漏了您的問題的其他部分？

No, I think you got that. Or, maybe you haven't given breaks on basic, plus, or pro, right?

不，我想你已經明白了。或者，也許你還沒有給基本版、加強版或專業版玩家放假，對吧？

No, we haven't been breaking that down.

不，我們並沒有對此進行深入分析。

Okay. And then, maybe one quick one still on media on Electus.

好的。然後，或許還可以快速瀏覽一下 Electus 的媒體報導。

Any particular point driving the project shifts? Do you have any sense of when they will hit? Thanks.

是什麼特定因素導致專案方向轉變？你覺得他們什麼時候會來？謝謝。

Really the shows are just moving into the second half of the year. It's no particular thing. I think it's just show business as they say.

實際上，這些節目才剛進入下半年。沒什麼特別的。我覺得這就像人們常說的，不過是演藝圈的作秀罷了。

These things sometimes move, a number of episodes change. Again, we're feeling really good about the shows and the production and the pipeline in that business.

這些事情有時會發生變化，有些情節也會隨之改變。再次強調，我們對節目、製作以及該行業的運作流程都感到非常滿意。

Very good, thanks.

很好，謝謝。

Moving on to Peter Stabler from Wells Fargo Securities.

接下來是來自富國證券的彼得·斯塔布勒。

Good morning. Thanks for taking the question. A quick one for Greg.

早安.感謝您回答這個問題。給格雷格一個簡短的問題。

You mentioned a bit of a pivot toward apps away from mobile web. I was just wondering if that could have a long-term impact on margins for the segment as a whole? Thank you very much.

你曾提過，行動網頁正逐漸被應用程式取代。我只是想知道這是否會對整個業務板塊的利潤率產生長期影響？非常感謝。

Yes. Look, I think that we've certainly built -- the app monetization has a -- certainly has a fee associated with it. And, we've built that into our thinking as we've said. We expect long-term margin expansion.

是的。你看，我認為我們肯定已經建立了——應用程式的盈利模式——肯定是有相關費用的。正如我們所說，我們已經把這一點融入我們的思考中。我們預期長期利潤率將有所提高。

I think that you've got to look at it as a pocket of distribution. I don't think it's ever going to be 100% of the business.

我認為應該把它看作是一個分銷中心。我不認為它會成為業務的100%。

But, as you get better at App Store delivery, or app store discovery, and as you optimize your paid spending, you should be able to actually maintain your cost of acquisition. Meaning, some ways we view it -- we view it like a distribution deal that we might do with Yahoo or that we might do with MSN or AOL. We've always built in those -- call them rev shares.

但是，隨著您在 App Store 發行或 App Store 發現方面做得越來越好，並且隨著您優化付費支出，您應該能夠真正控制獲客成本。也就是說，從某個角度來看——我們把它看作是我們可能與雅虎、MSN 或 AOL 達成的分銷協議。我們一直都加入了這些機制──可以稱之為收益分成。

So, we think that obviously, it's an incremental expense that affects margin. But, in the overall mix of the things that drive acquisitions, we still believe that margin overall will expand.

所以，我們認為這顯然是一項會影響利潤率的額外支出。但是，在推動收購的各種因素中，我們仍然相信整體利潤率將會擴大。

Very helpful, thanks.

非常有用，謝謝。

Thank you. Moving to Eric Sheridan, UBS.

謝謝。轉到瑞銀集團的埃里克·謝裡丹。

Thank you for taking my questions. Two for Greg.

謝謝您回答我的問題。給格雷格兩分。

Greg, you highlighted marketing channels and Match turning the dial up on putting dollars to work on marketing to drive growth. Maybe you can help us understand some of the channels you are putting money to work? And, what you see early days from some of the ROIs in the channels? And, how that might accelerate the shift to mobile?

Greg，你重點介紹了行銷管道，Match 加大了在行銷方面的投入，以推動成長。或許您可以幫助我們了解您正在將資金投入哪些管道？那麼，從一些管道的早期投資報酬率來看，您看到了什麼？那麼，這會如何加速向行動端的轉變呢？

And then, also, Greg, Match Group continues to allocate incremental capital to deepen certain properties or broaden out your geographic focus. Maybe help us understand about capital allocation within the Match group? And, how you think about the M&A landscape long-term? Thank you.

此外，Greg，Match Group 也將繼續投入增量資金，以深化某些項目或擴大其地理範圍。或許可以幫我們了解Match集團內部的資本配置？那麼，您如何看待併購市場的長期發展趨勢呢？謝謝。

Your first question -- maybe you could amplify it? I wasn't quite sure I caught the beginning of it. Meaning, you were saying we are stepping up -- just could you repeat the first part of it? I'm sorry.

你的第一個問題──或許你可以詳細說明一下？我不太確定我是否聽到了開頭。也就是說，您剛才說我們正在加大力度——您能再重複一下前半部分嗎？對不起。

No problem. As you increase marketing dollars to drive growth, I was curious what channels you are allocating dollars for marketing? And, what's the ROI you might be seeing from those channels? And, what it might mean to the shift to mobile long-term?

沒問題。隨著您增加行銷投入以推動成長，我很好奇您將行銷投入分配到了哪些管道？那麼，這些通路的投資報酬率是多少？那麼，從長遠來看，這對向行動端的轉變意味著什麼？

Okay. We're always shifting dollars around. When I first got involved in the business back in 2008, we built the business on the back of distribution deals with MSN and AOL and then started layering TV on top of that.

好的。我們一直在調動資金。2008 年我剛開始涉足這個行業時，我們以與 MSN 和 AOL 的分銷協議為基礎建立起了業務，然後開始在此基礎上增加電視業務。

Those deals are gone. We replaced it with a Yahoo deal. That deal is gone. Facebook is now meaningful although much smaller than those deals were in terms of our overall [thing]. I think TV is still the biggest.

那些交易已經結束了。我們用雅虎的交易取代了它。那筆交易已經告吹了。雖然就我們整體而言，Facebook 現在仍然具有重要意義，儘管它比那些交易的規模小得多。我認為電視仍然是最大的媒體。

TV, when it works, continues to be the most powerful marketing out there because it drives productivity across all channels, across everything. And, you keep waiting for it to become less effective, maybe over time in slow dribs and drabs, it is. But, somehow people are still watching TV and seeing those commercials. So, we're always focused on doing that better.

電視如果運用得當，仍然是最強大的行銷方式，因為它能提高所有管道、所有領域的生產力。而且，你一直等著它的效果逐漸減弱，也許隨著時間的推移，它會慢慢地、一點一點地減弱。但是，不知為何人們仍然在看電視，仍然會看到這些廣告。所以，我們始終致力於把這件事做得更好。

I think the big channels that we are really looking to open up right now are mobile-only channels. Meaning again, television advertising drives users into both direct [or] main on the Web but also into the App Store and on to mobile web, et cetera. You get good ROI across that.

我認為我們現在真正想要開闢的主要管道是僅限行動裝置的管道。也就是說，電視廣告不僅會引導使用者直接造訪網站，還會引導使用者造訪應用程式商店和行動網站等等。這樣可以獲得良好的投資報酬率。

But, optimizing mobile advertising, app download to advertising, something we are just starting. And, we see this huge opportunity.

但是，優化行動廣告、應用程式下載到廣告投放，這才是我們才剛起步的領域。我們看到了這個巨大的機會。

Again, we lost the Yahoo deal -- or, the Yahoo deal meaningfully reduced last year. To some extent, we're still digging out of that hole. But, the good news is that we are at the very beginning on the mobile side, and we think there's huge opportunity.

我們再次失去了雅虎的交易——或者說，雅虎的交易在去年大幅縮水。在某種程度上，我們仍在努力擺脫困境。但好消息是，我們在行動領域還處於起步階段，我們認為這裡蘊藏著巨大的機會。

In terms of ROI, ROI overall tends to be pretty high. What you try and do is you try and allocate your incremental dollars to breakeven, which keeps your average very high. That bounces around based on channels. As we break into new channels, you have negative ROI marketing. In certain channels, you try and learn your way around.

就投資報酬率而言，整體投資報酬率往往相當高。你嘗試將新增的資金分配到損益平衡點，這樣就能保持平均收益非常高。這會根據頻道而波動。當我們開拓新通路時，行銷投資報酬率為負。在某些管道，你需要摸索學習。

Overall, our aggregate marketing dollars, they are very high. Our margins are very high. And, effectively, all of our advertising drives that in some way.

整體而言，我們的行銷總投入非常高。我們的利潤率非常高。實際上，我們所有的廣告都在某種程度上推動了這種情況。

So, we're excited about the opportunities there, but they are always shifting. We think Facebook scenario we can exploit more as well especially on the mobile side where we haven't really made a lot of progress. And, online video, really we're just starting to tackle as well.

所以，我們對那裡的機會感到興奮，但這些機會總是不斷在改變。我們認為我們可以更多地利用 Facebook 的模式，尤其是在行動領域，我們在這方面還沒有取得太大進展。至於在線視頻，我們也才剛開始著手解決。

So, we've got a lot of opportunities globally we're just beginning to scratch at. And frankly, we're behind. There are people who weren't able to do TV in the way we are, and so had to be a little scrappier than we were in certain other channels.

所以，我們在全球範圍內有很多機會，而我們才剛開始挖掘這些機會。坦白說，我們落後了。有些人無法像我們一樣製作電視節目，所以他們在某些頻道上不得不比我們更努力。

But, we're going to make up that space, we have no doubt. We have got a lot of resource and expertise to bring to bear, and we are excited about our ability to expand marketing.

但是，我們一定會彌補這個差距，這一點我們毫不懷疑。我們擁有豐富的資源和專業知識可以運用，我們對拓展行銷的能力感到非常興奮。

In terms of capital allocation, certainly in the dating area, we will continue to look at virtually everything and to do deals where we think there is either real strategic incentive or real value to be had. Examples of that would be How About We, which was not strategic, but was high-value in terms of price for what you get. And, FriendScout, where it was really both. We happened to get it at a great price.

就資本配置而言，尤其是在約會領域，我們將繼續專注於幾乎所有方面，並進行我們認為具有真正戰略激勵或真正價值的交易。例如，How About We 就不是什麼策略性產品，但就其價格而言，它的價值很高。還有 FriendScout，它其實兼具兩者的功能。我們碰巧以非常優惠的價格買到了它。

But, it's hard to be the leader in Europe when you're number four in Germany, and we've wanted to get that for a while, and we got it t a price we like. Certainly dating is something that we continue to see opportunity, and we expect to do deals from time to time.

但是，如果你在德國排名第四，就很難成為歐洲的領導者，我們一直想做到這一點，而我們以滿意的價格實現了這個目標。當然，約會領域仍然是我們看到的機會所在，我們也期待不時能達成一些交易。

Beyond dating, I think we're in two other areas really which are the education space and the fitness space. We just allocated some capital to the education space. Not that we have a mandate to allocate capital to either of them, but they're areas we like. So, as we see opportunity, we will go after them.

除了約會之外，我認為我們實際上還涉及另外兩個領域，那就是教育領域和健身領域。我們剛剛撥出一些資金用於教育領域。並非我們有義務分配資金，而是因為我們喜歡這兩個領域。所以，一旦發現機會，我們就會抓住它。

These are businesses where we're able to integrate marketing expertise throughout the group. Integrate UI and other analytics across the group. So we try and look for businesses that have similar characteristics. And, once we're in them, we will go where opportunity takes us.

在這些業務中，我們能夠將行銷專業知識整合到整個集團中。將使用者介面和其他分析功能整合到集團內部。所以我們盡量尋找具有相似特徵的企業。一旦我們進入其中，我們將跟隨隨機遭遇的腳步。

And so, I think that it wouldn't surprise me to see more capital, although I don't expect significantly more capital in education any time soon. But, we will look for strategic things. And, I think fitness is an area where we think we've got the best product in the area.

因此，我認為如果看到更多資金流入教育領域，我不會感到驚訝，儘管我不認為教育領域會在短期內出現顯著的資金成長。但是，我們會著眼於戰略層面。而且，我認為在健身領域，我們擁有該領域最好的產品。

We think that fitness will be transformed by streaming video and personalization. We think we're very early on. We don't think anyone has broken through yet.

我們認為，串流媒體影片和個人化將徹底改變健身產業。我們認為我們現在還處於非常早期的階段。我們認為目前還沒有人取得突破。

Again, although we expect to be at -- we expect to end the year probably at 100,000-plus subscribers in that business, starting from single digits. So, it wouldn't surprise me if we found some attractive opportunity and went after it. But, I don't think these are big capital allocation areas.

再次強調，雖然我們預計到年底該業務的訂閱用戶數量可能會達到 10 萬以上，而最初只有個位數。所以，如果我們發現一些有吸引力的機會並抓住它，我不會感到驚訝。但我認為這些並非需要大量資金投入的領域。

I think that we're always looking for -- if there's a fourth area that meets these criteria -- high brand, high consumer value service with recurring revenue streams, we are looking at those. But, I don't think there's a mandate to do anything. There's not a mandate to do anything, but we look at lots of things.

我認為我們一直在尋找——如果還有第四個領域符合這些標準——高品牌、高消費者價值的服務，以及持續的收入來源，我們就會關注這些領域。但是，我認為並沒有必須採取任何行動的指令。雖然沒有必須採取任何行動的指令，但我們會考慮很多因素。

We will take one more question, Operator.

操作員，我們再回答一個問題。

Thank you. Our final question is from Nat Schindler, Bank of America Mayor Lynch.

謝謝。最後一個問題來自美國銀行市長林奇的納特·辛德勒。

Thank you for taking my question.

感謝您回答我的問題。

Two things. One, can you go into a little bit about Tinder's growth recently and the exceptional growth in June? Was there a lot of that outside of the US, particularly World Cup-related? And, how you have seen that and whether or not that is continuing post-World Cup? Additionally, can you -- are there any structural or legal issue precluding you from doing buybacks which you have traditionally done but pulled back from in the last two quarters?

兩件事。第一，您能否簡單介紹一下 Tinder 近期的發展情況，特別是 6 月的顯著成長？美國以外地區，特別是與世界盃相關的地區，也有很多這樣的情況嗎？那麼，您是如何看待這種情況的呢？世界盃後這種情況是否仍在繼續？此外，您能否—是否存在任何結構性或法律性問題，阻止您進行股票回購？您過去一直進行股票回購，但在過去兩個季度中卻停止了這項操作。

Let me just address the buyback question. We do buybacks opportunistically. With any public company, there could be reasons or not at any given time, and obviously, you wouldn't comment on them during, before, or after the fact. So, we have quarters where we do a lot of buy back, and we have some quarters where we don't do any.

我只想回答一下回購問題。我們會擇機進行股票回購。對於任何一家上市公司來說，任何時候都可能有原因，也可能沒有原因，顯然，你不會在事情發生之前、之中或之後對此發表評論。所以，有些季度我們會進行大量的股票回購，而有些季度我們則不會進行任何股票回購。

On your -- I'm just doing some quick math here. So, give me one second.

關於你——我只是在這裡快速做一些計算。請給我一秒鐘時間。

The June over May growth was effectively the same domestically as it was globally so there was not a big difference there. As I said, the growth in June over May versus May over April -- I'm not saying is necessarily a trend. But, I'm saying it bounces around, meaning I don't think it was exceptional either.

6 月與 5 月相比，國內經濟成長與全球經濟成長基本持平，因此這方面並沒有太大差異。正如我所說，6 月的成長與 5 月的成長相比，5 月的成長與 4 月的成長相比——我並不是說這一定是一種趨勢。但是，我的意思是它的表現參差不齊，也就是說，我認為它也不是特別出色。

Some months have just different bumps. If I look at this, I'm just eyeballing -- March was a big month.

有些月份只是會遇到一些不同的波折。我只是粗略地看一下——三月是個重要的月份。

So, I think it bounces around. I think we were looking at the metrics in July earlier to make sure that trends were consistent with -- there was overall 140%-ish growth rate. And, I think there are. I don't think there's anything -- I'm not planning acceleration, but I don't think there's deceleration either. It's a nice steady month-over-month growth rate with phenomenal year-over-year growth rates. And, we're feeling really good about it.

所以，我覺得它會來回波動。我認為我們在七月早些時候查看了各項指標，以確保趨勢與預期一致——總體增長率約為 140%。而且，我認為確實有。我覺得沒什麼——我沒有加速的計劃，但我覺得也沒有減速的計劃。這是一個不錯的、穩定的月度環比增長率，以及驚人的年度環比增長率。我們對此感覺非常好。

Great. Thank you.

偉大的。謝謝。

Thanks, everybody. Let us know if you have any questions, have a great day.

謝謝大家。如有任何疑問，請隨時與我們聯繫，祝您有美好的一天。

Bye-bye now.

再見。

Thank you. That does conclude today's presentation. Thank you for your participation.

謝謝。今天的演講到此結束。感謝您的參與。