Match Group Inc (MTCH) 2014 Q3 法說會逐字稿

Good day and welcome to the IAC reports Q3 2014 results conference call. Today's conference is being recorded. At this time I would like to turn the conference over to Jeff Kip Executive Vice President and Chief Financial Officer. Please go ahead sir.

大家好，歡迎參加IAC 2014年第三季業績電話會議。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。請繼續，先生。

Thank you, operator. Good morning, everyone, and welcome to our third quarter earnings call. Joining me today is Greg Blatt, Chairman of the Match Group, and Joey Levin, CEO of our Search & Applications segment. Before we get to our results, outlook, and general business overview, I'd like to remind you that during this call, we may discuss our outlook and future performance.

謝謝接線生。各位早安，歡迎參加我們第三季財報電話會議。今天與我一同出席的有 Match Group 董事長 Greg Blatt 和我們搜尋與應用部門的執行長 Joey Levin。在介紹我們的業績、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。

These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate or similar statements. These forward-looking views 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 third quarter press release and our periodic reports filed with the SEC.

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。這些前瞻性觀點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第三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'll also discuss certain non-GAAP measures which as a reminder include adjusted EBITDA which we will refer to today primarily as EBITDA for simplicity during the call. I'll 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. To briefly recap our consolidated results, in the third quarter IAC returned a year-over-year revenue growth with revenue of $782 million up 3%.

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，為了簡單起見，今天在電話會議中我們將主要稱其為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。簡要回顧我們的綜合業績，IAC 第三季度實現了同比增長，收入達到 7.82 億美元，增長 3%。

Third quarter adjusted EBITDA was $135 million, down 18% from the third quarter of 2013, however, it was down only 1% when excluding approximately $14 million in net gains related to asset sales in the prior year and the impact of roughly $13 million of acquisition related deferred revenue write-downs for the Princeton Review, FriendScout24 and SlimWare in the current period.

第三季調整後 EBITDA 為 1.35 億美元，比 2013 年第三季下降 18%；但是，如果排除上年與資產出售相關的約 1,400 萬美元淨收益以及本期與收購 Princeton Review、FriendScout24 和 SlimWare 相關的約 1,300 萬美元，則僅延減值的影響。

Now I'll turn it over to Greg Blatt to discuss the Match group and then to Joey to discuss Search & Applications before I wrap with a few comments on the Media and eCommerce segments. Greg?

現在我將把麥克風交給 Greg Blatt 來討論 Match 集團，然後交給 Joey 來討論搜尋和應用程序，最後我將對媒體和電子商務板塊發表一些評論。格雷格？

Thanks, Jeff. Lots of exciting things happening across the Match Group. Today I'm going to focus on Dating in the prepared remarks but happy to hit on Q&A some of the other businesses. We've just got a lot to talk about in Dating. When we look back 2014 is clearly going to be a transformative year for the Dating business.

謝謝你，傑夫。Match集團內部正在發生許多令人興奮的事情。今天我將在準備好的發言稿中重點談談約會，但也很樂意在問答環節中談到其他一些行業。我們在約會方面有很多話題要聊。回顧過去，2014年顯然將是約會產業變革的一年。

User growth has been phenomenal, MAUs up 60% year-over-year, and looking back over the longer period, 600% since 2010, so really just a great expansion of the category. Additionally what's great is that within that growth, we've had significant mix shift both in favor of the younger user and mobile users, both very valuable.

用戶成長非常驚人，每月活躍用戶年增 60%，回顧更長的時間跨度，自 2010 年以來增長了 600%，因此該類別確實實現了巨大的擴張。此外，更棒的是，在這一成長過程中，我們的用戶結構發生了顯著變化，年輕用戶和行動用戶都大幅增加，這兩者都非常有價值。

Talking first about the youth piece. It's really a critical group. And this has been moved mostly by OkCupid and Tinder where we've had a lot of growth in this area.

首先談談青年群體的問題。這確實是一個至關重要的群體。這主要歸功於 OkCupid 和 Tinder，我們在這一領域取得了巨大的成長。

Let's just look at North America as illustrative of the world. It's not precisely, but it's directionally it's just much easier to get your hands around these numbers. But if you look back at the year 2000 and you look at Match's numbers, 60% of our users were under the age of 35 with 8% over the age of 50.

讓我們以北美為例來說明世界的情況。雖然不完全準確，但從方向上來說，更容易掌握這些數字。但如果你回顧 2000 年，看看 Match 的數據，你會發現我們 60% 的用戶年齡在 35 歲以下，8% 的用戶年齡在 50 歲以上。

If you fast-forward to 2010, and that changes dramatically with increased comfort with older demos with the Internet and with the launch of OurTime, with marketing that became more sort of targeted to older demos. We really grew the older demo, and by 2010 we were roughly evenly split in users between sort of what we call our three main buckets, which is under 35 years old, 35 to 49 and 50+. So it's really sort of equally distributed across them.

如果快進到 2010 年，隨著網路的普及和 OurTime 的推出，以及針對老年用戶的行銷策略的不斷改進，這種情況發生了巨大的變化。我們確實發展壯大了老年用戶群體，到 2010 年，我們的用戶大致平均分為我們所說的三個主要群體：35 歲以下、35 至 49 歲和 50 歲以上。所以，它在他們之間分佈得相當均勻。

Fast-forward to 2014, and 65% of our users are now under 35. Now that's not coming at the expense of the two older buckets. Those buckets have grown as well, but we have just had such growth in that youth demo, and that's incredibly valuable to us for a number of reasons. First, although least direct, is that youth adoption has a huge trickle up effect on the category.

快轉到 2014 年，我們 65% 的用戶年齡都在 35 歲以下。這並非以犧牲那兩個舊水桶為代價。這些群體也有所增長，但我們在青年群體中取得了巨大的成長，這對我們來說意義非凡，原因有很多。首先，雖然這種影響最不直接，但青少年收養對整個收養類別有著巨大的涓滴效應。

This society and most societies are sort of youth oriented, aspirational, et cetera, and when youth culture adopts these products, it has a stigma busting effect all the way up sort of the chain. Additionally this is an LTV business, a lifetime value business, and when you get early engagement on a product it leads to a longer lifetime on the product, and that's really important.

這個社會和大多數社會一樣，都以年輕人為中心，充滿抱負等等，當青年文化接受這些產品時，它會產生一種打破污名化的效果，這種效果會一直延續到社會的各個層面。此外，這是一個以終身價值 (LTV) 為導向的業務，如果用戶能儘早參與到產品中來，就能延長產品的使用壽命，這非常重要。

Additionally it leads to a longer lifetime value within the category itself meaning we know that users of any given Dating project are three times more likely to use another Dating product than somebody who has never used one and all and sort of the converse of that is only 30% of people have only tried one Dating product.

此外，它還提高了該類別本身的生命週期價值，這意味著我們知道，任何給定約會項目的用戶使用其他約會產品的可能性是從未使用過任何約會產品的人的三倍，而與之相反的是，只有 30% 的人只嘗試過一種約會產品。

Meaning -- sorry -- 30% of people who have tried a Dating product have only tried one Dating product. So it's sort of these youth products active gateways to the broader category. And that's really important to us given our meaningful position in the category. We know that anybody who joins a site, whether ours or somebody the else's is that much more likely to ultimately be on one of our products. So, the youth thing both helps within that product and helps the broader category and therefore us as well.

意思是——抱歉——30% 的約會產品使用者只嘗試過一種約會產品。所以，這些面向年輕人的產品可以說是通往更廣泛領域的活躍門戶。鑑於我們在該領域的重要地位，這對我們來說非常重要。我們知道，任何加入網站的人，無論是加入我們的網站還是其他人的網站，最終都更有可能使用我們的產品。所以，年輕化既有利於該產品本身，也有利於整個品類，因此也有利於我們公司。

And we don't also just leave that to chance. We've started to get pretty good at actively cross selling among our portfolio. In 2014 alone 10% of the registrations for the Match and People Media sites came from cross marketing to other sites within that group.

我們也不會把這一切交給運氣。我們已經開始非常擅長在我們的投資組合中積極進行交叉銷售。光是 2014 年，Match 和 People Media 網站的註冊量就有 10% 來自該集團內其他網站的交叉行銷。

And we think when we start adding OkCupid and Tinder down the road we are going to increase that funnel meaningfully. And we think we've got smart ways to do it where you know when people are stopping engagement. You know why they're stopping engagement, and you know how and when to put different products in front of them.

我們認為，未來當我們開始加入 OkCupid 和 Tinder 時，我們將大幅擴大用戶轉換管道。我們認為我們有巧妙的方法，可以知道人們何時停止參與。你知道他們為什麼停止互動，也知道如何以及何時向他們展示不同的產品。

So I think you see in a macro perspective you see this funnel, the wide part of the funnel just really broadening out as people are coming into the category in hordes at a younger age.

所以我覺得從宏觀的角度來看，你會看到這個漏斗，漏斗的寬闊部分正在不斷擴大，因為越來越多的人在更年輕的時候湧入這個類別。

Also a huge shift to mobile. In 2010 only 8% of our North American users accessed products via mobile. In 2014 that 8% has become 81%. Now Tinder drives a big part of that, but even excluding Tinder that number's up to 67%.

同時，行動端也發生了巨大的轉變。2010年，只有8%的北美用戶透過行動裝置存取產品。2014年，這一比例從8%上升到了81%。現在 Tinder 佔了很大一部分，但即使不考慮 Tinder，這個數字也高達 67%。

So you're seeing huge shift to mobile, and even though as we talked about last time, we are not where we want to be on mobile in a bunch of our products, you still have this incredible migration which to us sort of rings of opportunity.

所以你會看到用戶正在向行動端發生巨大的轉變，儘管正如我們上次所討論的，我們的許多產品在行動端還沒有達到我們想要的狀態，但這種巨大的遷移趨勢對我們來說仍然蘊含著機遇。

We recently hired a new person to be the GM of Match US, [Vosco Bodweh] who comes from [StormA] before that Zynga, before that Microsoft, a long history in mobile. And we are really making a big push in this area across our products, and it is clearly a category made for mobile. And we are capitalizing that -- on that across all our products.

我們最近聘請了一位新人擔任 Match US 的總經理，[Vosco Bodweh]，他之前在 [StormA] 工作，再之前在 Zynga 工作，更早之前在微軟工作，在移動領域有著豐富的經驗。我們正在大力推進這一領域的產品，這顯然是一個專為行動裝置打造的類別。我們正在利用這一點——將其應用到我們所有的產品中。

All those things are great long-term. Couldn't be more excited, but certainly they bring with them some near-term challenges which has led our results to not be this period as great as we expected them to be and as we hope to be, so let me walk through some of those.

從長遠來看，這些都是很好的事情。我感到無比興奮，但這些挑戰也帶來了一些短期挑戰，導致我們這段時期的表現沒有達到預期和希望的水平，所以讓我來談談其中的一些挑戰。

First is the shift to mobile which has happened just faster than we expected has some near-term challenges both in terms of acquisition and conversion. Meaning right now, although the gap is narrowing, our mobile products do not convert at the same rate as our desktop products.

首先是向行動端的轉變，這項轉變發生得比我們預期的要快，這在用戶獲取和轉換方面都帶來了一些短期挑戰。這意味著目前雖然差距正在縮小，但我們的行動產品轉換率不如桌面產品。

So sort of -- if all you had was a one-to-one shift from desktop to mobile that actually hurts us. That gap is narrowing on our mobile apps as opposed to mobile web. We've already increased over the last five months since it launched.

所以某種程度上來說——如果只是從桌面端到行動端的一對一轉換，實際上會損害我們的利益。與行動網頁相比，我們在行動應用程式上的差距正在縮小。自推出以來的五個月裡，我們的用戶數量已經有所增加。

We've increased conversion by 40% or 50%, and the gap is almost closed. On mobile web it's a little further behind due to things like credit card entry and that sort of thing, but through product changes that gap is narrowing, and pretty soon we are confident that will go away.

轉換率提高了 40% 到 50%，差距幾乎已經縮小。在行動網頁方面，由於信用卡輸入等原因，它還落後一些，但透過產品改進，這種差距正在縮小，我們相信這種情況很快就會消失。

On the customer acquisition side, it's a macro issue, which is that users have migrated to mobile quicker than advertising dollars. And you always hear about that from the publisher perspective, but obviously there's an advertiser on the other side of that. And there just aren't as many ROI positive opportunities per sort of user on mobile as there is in desktop. Now that's also changing.

從客戶獲取的角度來看，這是一個宏觀問題，即用戶向行動端遷移的速度比廣告投入的速度更快。你總是會聽到出版商從這個角度來談論這件事，但顯然，在出版商的另一邊還有廣告商。而且，在行動端每類用戶所能獲得的投資報酬率正向機會，遠不如桌面端那麼多。現在這種情況也在改變。

In the last year alone we've taken mobile advertising with Facebook so that mobile advertising on Facebook is actually meaningfully bigger than our desktop advertising on Facebook. They are obviously publisher who's nailing mobile advertising. And I think as other publishers sort of catch-up I think that opportunities going to reverse itself. So, the shift to mobile is great for us, and our ability to do it, but it's -- it definitely is at the pace it is going it challenged us at little bit this period.

光是去年，我們就加大了在 Facebook 上的行動廣告投入，使得 Facebook 上的行動廣告規模實際上比我們在 Facebook 上的桌面廣告規模要大得多。他們顯然是一家在行動廣告領域做得非常出色的出版商。我認為隨著其他出版商迎頭趕上，這種機會將會逆轉。所以，向行動端的轉變對我們來說是件好事，也提升了我們實現這一目標的能力，但是——就目前的發展速度而言，這確實在這段時間裡給我們帶來了一些挑戰。

Additionally I talked a little bit last time about technology and our product development process. Due to the multiple acquisitions we've had and the rapid expansion of mobile things are just slower than we want them to be.

此外，上次我還簡單談到了技術和我們的產品開發流程。由於我們進行了多次收購，行動領域的快速擴張速度比我們預期的要慢。

An example of that is -- just a concrete example is we launched a feature in -- I guess in January on Match desktop, great feature for us. Took us much longer to launch that it did on OkCupid, and we still haven't been able to launch it on our mobile products or on People Media. And that should happen instantaneously. That cost us meaningful and discreet revenue, and as I said last quarter we are going to fix it.

舉個例子——舉個具體的例子，我們在一月在 Match 桌面版上推出了一項功能，這對我們來說是一項很棒的功能。它的上線時間比在 OkCupid 上要長得多，而且我們至今仍未能將其上線到我們的行動產品或 People Media 上。而且這應該會立即發生。這給我們造成了可觀且可觀的收入損失，正如我上個季度所說，我們將解決這個問題。

Over the course of 2015 and probably into early 2016 we are going to streamline a lot of things. It'll be a big project, but when we're done we expect to see meaningful margin expansion and positive revenue income impact. Again margin expansion is through streamlining, and the revenue impact is through being able to launch on these multiple products and devices simultaneously which we just can't do right now, and it's holding us back.

在 2015 年全年以及可能延續到 2016 年初，我們將簡化許多流程。這將是一個大項目，但完成後我們預計利潤率將顯著提高，收入也將受到正面影響。再次強調，利潤率的提升是透過精簡流程實現的，而收入的提升則是透過能夠同時在多種產品和設備上推出產品來實現的，這是我們目前無法做到的，也是阻礙我們前進的因素。

It will come at a near-term cost. We're still working through all the alternatives so we cannot precisely predict the amount, but we're going to have sort of one-time cost in the tens of millions of dollars we'd expect. We'll call out the impact each quarter and give you as much visibility and the timing in advance as we can, but it's a no-brainer and is going to really, really improve performance.

短期內會付出一些代價。我們仍在研究所有方案，因此無法準確預測金額，但預計會有一筆數千萬美元的一次性費用。我們會按季度公佈影響，並儘可能提前告知您相關資訊和時間安排，但這顯而易見，而且真的會大大提高業績。

For Q4 we expect the cost to be low single-digit millions with probably similar impact in Q1. And then we'll next quarter sort of update you with more visibility going forward. In general when I speak about numbers going forward I'm going to be excluding these costs, because A they are discreet and B we're not sure of the exact timing of them.

我們預計第四季的成本將達到數百萬美元，第一季的影響可能類似。然後我們會在下個季度向大家提供更多未來發展方向的資訊。一般來說，當我談到未來的數字時，我會排除這些成本，因為 A 這些成本是不可預測的，B 我們不確定它們的確切時間。

Then you've got the use impact, which is great as I said. The rapid growth of Tinder is phenomenal up in MAUs seven times year-over-year so just huge growth. Long-term fantastic, but short-term there's definitely some cannibalistic impact. That's not new.

然後還有使用影響，正如我所說，這非常棒。Tinder 的成長速度驚人，每月活躍用戶數較去年同期成長了七倍，成長幅度非常巨大。長遠來看非常棒，但短期內肯定會有一些蠶食效應。這並非新鮮事。

We always believed that the category would expand through new products and product development. That's why in 2009 and we had 2 Dating brands, and today we have 39, so from 2 to 39 in the last four years. And the brands always cannibalize. The issue is whether they are net accretive. We went that is Our Time, big growth in the over 50 market.

我們始終相信，該品類會透過新產品和產品開發而不斷擴大。這就是為什麼在 2009 年我們只有 2 個約會品牌，而今天我們有 39 個，也就是在過去的四年裡從 2 個增加到了 39 個。而且品牌之間總是會互相蠶食。問題在於它們是否具有淨增值效應。我們認為，這就是我們的時代，50歲以上人群市場實現了大幅成長。

But certainly impacted Match's growth rate in that area, but it was overall very accretive. So that's a common dynamic.

但肯定影響了 Match 在該領域的成長率，但總體而言，這是非常有利的。這是常見的現象。

The one difference here is that while user growth from Tinder is overwhelmingly accretive, the small cannibalistic effect has a real financial impact, because we are not yet monetizing Tinder. So that's fundamentally different than the experiences we've had before. But long-term it doesn't matter, as we said we are starting to monetize Tinder, and in the very near term that will reverse itself and be hugely accretive to earnings but certainly in 2014 had an impact.

這裡唯一的區別在於，雖然 Tinder 的用戶成長總體上是促進成長的，但其帶來的少量蠶食效應卻產生了真正的財務影響，因為我們還沒有實現 Tinder 的盈利。所以這和我們以前的經驗有著本質上的不同。但從長遠來看這並不重要，正如我們所說，我們正在開始將 Tinder 貨幣化，在不久的將來，這種情況將會逆轉，並極大地增加收入，但肯定在 2014 年產生了影響。

So looking at full-year 2014, while the numbers were solid on an objective basis, not where we thought they'd be at the beginning of the year. For the Match Group we expect to see low double-digit revenue growth, EBITDA flattish versus last year. If you back out Princeton Review and FriendsScout, we expect mid-single-digit revenue and EBITDA growth with Dating in the high single digit EBITDA growth.

因此，縱觀 2014 年全年，雖然客觀上數字表現穩健，但並未達到我們年初的預期。對於 Match Group，我們預計其營收將實現兩位數的低成長，EBITDA 與去年相比基本持平。如果剔除 Princeton Review 和 FriendsScout，我們預計營收和 EBITDA 將實現中等個位數成長，而約會業務的 EBITDA 將實現高個位數成長。

The impact for most of the dynamics we just talked about plus a couple other discrete items, we had credit card failures from security breaches cost us about $5 million in EBITDA, And we had the Yahoo dynamic which we talked about before, but it accelerated faster than we thought. So, for instance Yahoo [regs] declined by 90% from their height in 2011 going from literally 25% of Match US regs that down to 4% this year, happen that faster than expected, but it's bottomed out. Don't have that comp issue going forward next year.

我們剛才討論的大部分動態因素以及其他一些零散因素的影響包括：信用卡因安全漏洞而導致的故障使我們損失了約 500 萬美元的 EBITDA；還有我們之前討論過的雅虎動態，但它的發展速度比我們預想的要快。例如，雅虎[註冊用戶]從 2011 年的峰值下降了 90%，從 Match US 註冊用戶總數的 25% 下降到今年的 4%，下降速度比預期的要快，但已經觸底反彈。明年不要再有薪資方面的問題了。

And finally Tinder since last we spoke we've got an extra $10 million of EBITDA investment in Tinder. That's really related to three things, increased scale, technology to keep up with the scale. We did delay monetization. It will be starting very shortly, but when we talked last time we thought it would be a little earlier, and we had some legal costs that also went into that number. So again the results solid.

最後，自從我們上次談到 Tinder 以來，我們已經向 Tinder 追加了 1000 萬美元的 EBITDA 投資。這其實與三件事有關：規模擴大、以及跟上規模所需的技術。我們確實推遲了盈利計劃。很快就要開始了，但我們上次談的時候以為會更早一些，而且當時還有一些法律費用也算進去了。所以結果依然可靠。

But weaker than we expected, though I want to emphasize driven by positive developments for the business and things we are very excited about. So looking long-term, we are a year older, wiser, and closer to 2016, but we still are very bullish on the $500 million as a reasonable expectation for EBITDA in the Dating business in 2016.

但比我們預期的要弱，不過我想強調的是，這是由於業務的積極發展以及我們非常興奮的事情所導致的。因此，從長遠來看，我們又長大了一歲，更加明智，距離 2016 年也更近了，但我們仍然非常樂觀地認為，2016 年約會業務的 EBITDA 將達到 5 億美元是一個合理的預期。

Our existing business forecast is similar to last time where sort of we see PMC growth in the low double-digit range annually, modest rate declines due to mix shift partially offset by rate increases in most of the businesses which we are seeing play out now.

我們目前的業務預測與上次類似，即 PMC 每年增長幅度在兩位數以下，由於業務組合變化導致的利率小幅下降，部分被目前大多數業務的利率上漲所抵消。

And EBITDA margin expansion to the low 40% range in Dating driven primarily by mix shift and the tech project. So that's sort of the businesses excluding Tinder.

約會業務的 EBITDA 利潤率擴大至 40% 左右，主要得益於產品組合調整和技術項目。所以，以上就是 Tinder 以外的其他企業的情況。

You then look at Tinder to get to the $500 million, and look, it's hard to predict quarter-to-quarter results for early-stage companies like Tinder. Things move much quicker, and you don't always have the resources when you expect and all the rest. So it's hard to predict quarter-to-quarter, but longer-term we think it's that the trends are amazingly positive.

然後你看看 Tinder，它是如何達到 5 億美元的估值的，但你看，像 Tinder 這樣的早期公司很難預測每個季度的業績。事情進展得更快，你也不總是能如願以償地獲得所需的資源等等。因此，很難預測季度間的走勢，但從長遠來看，我們認為趨勢非常樂觀。

We're going to start monetizing very shortly. You don't just flip a switch on monetization. There's a play book. You have a bunch of things to try. With OkCupid, for example, the first couple things we did didn't work, and then it took off. So I won't say that in two weeks it will be perfect. But we have high degree of confidence in the multi-year monetization of Tinder.

我們很快就會開始獲利。獲利模式不是一蹴可幾的。有一套既定的方案。你有很多事情可以嘗試。以 OkCupid 為例，我們最初做的幾件事都沒有成功，然後才開始流行。所以我不會說兩週後就會完美無缺。但我們對 Tinder 多年的獲利能力充滿信心。

So we sort of, rather than predict Tinder precisely, we sort of looked at it this way which is if you double MAUs over 2015 and 2016 versus the 7X we've had over the last four quarters, then you get to $500 million if all you do at that point is monetize Tinder users in the North America and Europe at two thirds the rate that OkCupid monetizes today and then the rest of the world at the 10% the rate that OkCupid does today.

所以，我們並沒有精確預測 Tinder 的發展，而是這樣看待這個問題：如果 2015 年和 2016 年的月活躍用戶數翻一番，而過去四個季度我們實現了 7 倍的增長，那麼，如果屆時 Tinder 在北美和歐洲的盈利速度達到 OkCupid 目前盈利速度的三分之二，在世界其他地區的盈利速度達到 OkCupid 目前盈利速度的十分 5 億美元，那麼你達到世界其他地區的盈利速度。

So our internal goals are frankly much higher both for MAU growth and for monetization but consider that sort of the over under line on 2016. You get a double MAUs and you got to monetize it two thirds and one tenth the OkCupid rate. And I want to be clear that the OkCupid rate today meaning OkCupid's monetization continues to increase every year.

因此，坦白說，我們的內部目標在每月活躍用戶成長和獲利方面都更高，但請把這看作是 2016 年的大致目標。你的月活躍用戶數翻了一番，但你的獲利能力卻只有 OkCupid 的三分之二到十分之一。我想明確指出，OkCupid 目前的轉換率意味著 OkCupid 的獲利能力每年都在持續成長。

So by 2016 we expect OkCupid to be monetizing even better than it is today. That also doesn't include any ad revenue for Tinder either by the way, and we're quite confident there will be ad revenue. We just sort of left that in this as a cushion.

因此，我們預計到 2016 年，OkCupid 的獲利能力將比現在更好。順便一提，這還不包括 Tinder 的任何廣告收入，但我們非常有信心會有廣告收入。我們就把它留在這裡當作一種緩衝。

Look, I don't know. Maybe we end up at $479 million; maybe it's $526 million. We've said that before, but $500 million still feels like a very, very solid bogey for us given solid performance in our non-Tinder businesses and really explosive growth at Tinder. So we feel really good about it.

我不知道。或許最終是 4.79 億美元；或許是 5.26 億美元。我們之前也說過，但考慮到我們在非 Tinder 業務中的穩健表現以及 Tinder 的爆炸式增長，5 億美元對我們來說仍然是一個非常非常可靠的目標。所以我們對此感到非常滿意。

In terms of 2015 we are still very much in the annual planning process, so things could change. But we're looking forward to Dating having double-digit revenue and EBITDA growth, Match Group meaningfully higher driven by PPR -- sorry Princeton Review acquisition, organic growth in the non-dating businesses and decreased losses from the non-dating businesses.

就 2015 年而言，我們仍處於年度計畫制定過程中，所以情況可能會有所改變。但我們期待約會業務的收入和 EBITDA 實現兩位數增長，Match Group 的增長將顯著提高，這主要得益於 PPR（抱歉，是 Princeton Review 的收購）、非約會業務的自然增長以及非約會業務虧損的減少。

So, we will be a little bit more precise next time, but were still in the planning process. Could be a little bit choppy next year just for the dynamics I talked about and the Tinder monetization.

所以，下次我們會更精確一些，但我們仍在計劃過程中。明年可能會有些波動，原因如我之前提到的，還有 Tinder 的獲利模式。

We'll invariably not, come on a straight-line the way sort of you model it. It will either be faster or slower than that at the beginning, but we are confident that it will ultimately sort of hit the levels that we expect.

我們肯定不會像你模擬的那樣，沿著直線前進。一開始速度可能會比預期快，也可能會比預期慢，但我們相信最終會達到我們預期的水平。

So in summary look, we're -- couldn't be happier. Again we set out in this portfolio strategy in Dating four or five years ago. It is clearly paying huge dividends. The business has never been this poised for great sustained growth.

總之，我們——簡直不能更開心了。四、五年前，我們再次在約會領域制定了這種投資組合策略。顯然，它帶來了巨大的回報。公司從未像現在這樣具備持續高速成長的條件。

Incredibly exciting things happening, and we're really excited about it. And again I'm happy to cover fitness and education either in Q& A or next quarter. Joey?

發生了很多令人興奮的事情，我們對此感到非常興奮。我很樂意在問答環節或下個季度繼續探討健身和教育的內容。喬伊？

I'll try to be a little briefer to allow some time for questions. Thanks, Jeff -- thanks Greg. We meaningfully -- exceeded our expectations on both revenue and EBITDA driven by better than anticipated success in adjusting to the recent changes in the Chrome browser and a strong revenue per query. And we also had continued sequential growth in our websites business. So, in combination we held nearly flat sequentially, and revenue should be growing again by Q4 which in context feels pretty good.

我盡量言簡意賅，以便留出時間回答問題。謝謝傑夫，也謝謝格雷格。由於成功適應了 Chrome 瀏覽器最近的變化，以及每次查詢的強勁收入，我們在收入和 EBITDA 方面都顯著超出了預期。同時，我們的網站業務也持續成長。因此，綜合來看，我們的業績環比基本持平，預計到第四季度營收將再次成長，考慮到實際情況，這感覺相當不錯。

We spent a lot of time this quarter focusing on the changes in Chrome which went live in July. We expected a negative impact to our performance in that channel which we clearly saw. But moments like these in the download software space can also open up opportunities for the stronger players.

本季我們花了大量時間關注 Chrome 瀏覽器在 7 月上線的各項變更。我們預料到該通路的業績會受到負面影響，而實際情況也的確如此。但像這樣的下載軟體領域事件，也可能為強大的參與者帶來機會。

We were prepared well in advance, and our team did a spectacular job across the board. As a result we ended up performing better than we anticipated.

我們事先做了充分的準備，我們的團隊在各方面都表現出色。結果，我們的最終表現比預期好。

In our direct to consumer business we successfully mitigated a portion of the expected impact, and Q3 turned out to be another record quarter in profit for that business. Our new products in Chrome are streamlined and working well under the new framework, and we've been increasing our marketing accordingly. The underlying search metrics have also been favorable. We've seen increased revenue per visit in this business thanks to continued improvements to our user experience and general strength in CPCs.

在我們的直接面向消費者業務中，我們成功地減輕了預期影響的一部分，第三季度該業務的利潤再次創下歷史新高。我們在 Chrome 瀏覽器中推出的新產品經過優化，在新框架下運作良好，我們也相應地加大了行銷力度。相關的搜尋指標也表現良好。由於用戶體驗的不斷改進和每次點擊費用的整體強勁增長，我們這項業務的每次訪問收入有所​​增加。

Our desktop audience just continues to perform well for advertisers. We're also making progress in subscription revenue products with SlimWare, where we're adding subscribers and narrowing the losses as we will rebuild the deferred description revenue. We've also now fully integrated that operation into our marketing machine, and we should start to see a nice small but growing contribution from subscription revenue in 2015.

我們的桌面用戶群對廣告商來說一直表現良好。我們在 SlimWare 的訂閱收入產品方面也取得了進展，我們正在增加訂閱用戶並減少損失，同時我們將重建遞延描述收入。我們現在已將該業務完全整合到我們的行銷體系中，我們應該會在 2015 年開始看到訂閱收入帶來可觀的、雖小但不斷增長的貢獻。

In our B2B business we have more challenges. I think we are generally maintaining our growing our share of the market for branded software partners looking for a search solution. And we continue to win new accounts and expand existing relationships in the portion of the market where we are competing, but that slice of the market has been shrinking since the middle of last year, and I expect that to continue.

在B2B業務中，我們面臨更多挑戰。我認為我們總體上保持著在尋求搜尋解決方案的品牌軟體合作夥伴市場中不斷增長的份額。我們不斷贏得新客戶，並在我們所競爭的市場領域擴大現有客戶關係，但自去年年中以來，這部分市場份額一直在萎縮，我預計這種情況還會持續下去。

At some point soon the B2B market will settle and will flatten out sequentially, hopefully within the next few quarters. But in the meantime we are just staying focused on the part of the market we like. So, overall, we are pleased with the quarter on the application side, and in Q4 we expect to be flattish again sequentially on revenue benefiting in part from seasonally high revenue per query.

B2B市場很快就會穩定下來，並逐步趨於平穩，希望在未來幾季內就能實現。但同時，我們只會繼續專注於我們看好的那部分市場。因此，總體而言，我們對本季度應用方面的業績感到滿意，預計第四季度收入將再次環比持平，部分原因是季節性查詢收入較高。

As we look to next year, we will see the weak B2B market and browser changes work their way through the P&L in the first half of the year, and we would like to see a return to sequential revenue growth by the second half of next year.

展望明年，疲軟的 B2B 市場和瀏覽器變化將在上半年對損益表產生影響，我們希望到明年下半年能夠恢復環比營收成長。

Meanwhile we're putting a lot of energy into our websites business which grew sequentially for the third straight quarter. Revenue was up 2% from Q2 and remains on pace to grow nicely year-over-year by Q4 as we finally lap the pricing changes at Ask from last fall. On the content properties alone, excluding Ask, we remain on track to deliver over $100 million of EBITDA on the year.

同時，我們正投入大量精力發展網站業務，該業務已連續三個季度實現環比增長。營收較第二季成長 2%，隨著我們最終克服了去年秋季 Ask 的價格調整，預計到第四季將實現良好的同比增長。僅就內容資產而言（不包括 Ask），我們仍有望實現今年超過 1 億美元的 EBITDA。

At About in Q3 we began to reap the benefits from the investments we've been making in the team and platform. We released major product updates at every level, to our consumers, to are experts and to our advertisers. We launched a redesign of the website in the quarter to widespread acclaim. It's really looks good.

在第三季度，我們開始收穫對團隊和平台進行投資所帶來的收益。我們在面向消費者、專家和廣告商等各個層面發布了重大產品更新。本季我們推出了網站重新設計版本，並獲得了廣泛好評。看起來真不錯。

Our audience demonstrated their appreciation with a 4% increase in time on site which makes a difference. And our experts are thrilled. Our expert network is this amazing and elite group of enthusiasts, and we hosted a few hundred of them in New York a couple of weeks ago.

我們的觀眾用實際行動表達了他們的讚賞，網站停留時間增加了 4%，這意義重大。我們的專家都感到非常興奮。我們的專家網絡是由一群傑出的精英愛好者組成的，幾週前我們在紐約接待了其中的幾百人。

I was blown away by the passion and excitement coming out of the event. This is a group of people who love to teach, love to write and have an endless stream of knowledge in their respective fields of expertise. We just need to continue empowering them with the right tools to help them get that knowledge out to the world.

活動中展現的熱情與興奮讓我深受震撼。這是一群熱愛教學、熱愛寫作，並在各自的專業領域擁有源源不絕知識的人。我們只需要繼續提供他們合適的工具，幫助他們將這些知識傳播到世界各地。

We still get most of our traffic on About from search. It is a quality source of intent based users but it has also been and continues to be volatile. So we've started ramping our efforts to tap new sources of traffic especially social where we are meaningfully under indexed relative to peers.

我們「關於我們」頁面的大部分流量仍然來自搜尋。它是基於意向用戶的優質來源，但它也一直並將繼續保持波動性。因此，我們開始加強開拓新的流量來源，尤其是在社群媒體領域，我們在該領域的排名明顯低於同業。

The redesign made it easier for our users to share content across social platforms and for our experts to promote on social and engage their fan bases. The slice of our traffic coming from social is still small but growing, and we have an incredibly long way to go.

重新設計後，我們的用戶更容易在社群平台上分享內容，我們的專家也更容易在社群媒體上推廣並與粉絲互動。來自社群媒體的流量佔比仍然很小，但正在成長，我們還有很長的路要走。

We've completely revamped our e-mail channel, too, and we've seen engagement with our first e-mails on our new platform up over 4X, and we're still only scratching the surface on how we can better connect experts to their audiences. And the results from our initial efforts are very encouraging.

我們也徹底改造了電子郵件管道，在新平台上發送的第一批電子郵件的互動量增加了 4 倍多，而我們目前對如何更好地將專家與其受眾聯繫起來的研究還只是冰山一角。我們初步努力的成果非常令人鼓舞。

To give you a sense of that we can track over 90 attributes that we use to help experts understand and improve the performance. And the set of integrated tools we provide to help on content production, topic research distribution all continue to get better.

為了讓您對此有所了解，我們可以追蹤 90 多個屬性，我們利用這些屬性來幫助專家了解和改進效能。我們提供的用於內容製作、主題研究和分發的整合工具集也在不斷改進。

The redesign also included the rollout of new native ad formats and ad packaging that's been well received by advertisers who are increasingly looking to position their plans in a seamless way against the intent driven content we have in abundance. We've re-engaged multiple Fortune 500 advertisers who hadn't bought premium advertising from us in years. The average size of our top 10 ad deals for Q3 was 18% above the same period the prior year, and this trend is accelerating in Q4.

此次重新設計還包括推出新的原生廣告格式和廣告包裝，這些都受到了廣告商的歡迎，他們越來越希望能夠以無縫的方式，將他們的廣告計劃與我們擁有的大量以意圖為導向的內容進行整合。我們重新與多家財富 500 強廣告客戶建立了聯繫，這些客戶已經多年沒有在我們這裡購買高級廣告位了。第三季我們排名前 10 的廣告交易的平均規模比上年同期增長了 18%，而且這一趨勢在第四季度正在加速。

I'm also pleased with the rest of the portfolio, and integration of Investopedia and PriceRunner is going well. We are still very early in our work there, but these properties remain leaders in their respective categories and geographies. And we are excited about our plans.

我對投資組合的其他部分也很滿意，Investopedia 和 PriceRunner 的整合進展順利。我們在這方面的工作還處於非常早期的階段，但這些物業仍然是各自類別和地區的領導者。我們對我們的計劃感到非常興奮。

And Urban Spoon and Dictionary.com continue to drive big audiences across the board, well over half of which is mobile. On top of all that we added Ask.fm to the group in August for a very modest capital outlay. Ask.fm is the largest Q&A social network on the planet reaching an audience of ever 150 million monthly uniques in 150 different countries and 57 languages.

Urban Spoon 和 Dictionary.com 持續吸引大量用戶，其中超過一半的用戶來自行動裝置。除此之外，我們在 8 月以非常有限的資金投入將 Ask.fm 納入了集團。Ask.fm 是全球最大的問答社交網絡，每月獨立用戶達 1.5 億，覆蓋 150 個國家和地區，支援 57 種語言。

Ask.fm generates around 27,000 questions per minute and over 20 million answers are posted a day. Their mobile app has been downloaded more than 40 million times with 45% of its mobile active users logging in daily. The engagement underscores what we see as the unique value Ask.fm brings to the table as a social network combined with an intuitive Q&A format. Using the services is as simple as answering a question about yourself.

Ask.fm 每分鐘產生約 27,000 個問題，每天發布超過 2000 萬個答案。他們的行動應用程式下載量已超過 4000 萬次，其中 45% 的行動活躍用戶每天都會登入。這次互動凸顯了我們認為 Ask.fm 作為社群網路與直覺問答形式結合所帶來的獨特價值。使用這些服務就像回答一個關於你自己的問題一樣簡單。

There's plenty of work ahead, and we've made big strides with new management in the first few months. I think we have a great shot at building something big here.

前方還有很多工作要做，但在新管理團隊的帶領下，我們在最初的幾個月裡取得了長足的進步。我認為我們很有機會在這裡成就一番大事業。

So for Search & Applications overall we've got a clear and exciting path forward on the content businesses and some interesting bets on the table, and the applications business continues to deliver nice profits. I anticipate EBITDA margins for Q4 closer to what we saw in Q1 due to small investments in the recent acquisitions and the sunsetting of some legacy components of the ValueClick assets we bought earlier in the year.

因此，就搜尋和應用程式整體而言，我們在內容業務方面有了清晰而令人興奮的發展道路，並且有一些有趣的投資項目正在進行中，而應用程式業務也繼續帶來可觀的利潤。由於近期收購項目的小額投資以及今年稍早收購的 ValueClick 資產中一些遺留組件的淘汰，我預計第四季度的 EBITDA 利潤率將更接近第一季的水平。

For 2015 overall I expect to be flattish to maybe down a little on revenue and continued strong cash flow, although margins will be a little lower given the changes in the applications business and the modest investment as discussed. But remember 2015 is a long way away in this business and plenty of things can change between now and then. With that I'll turn it back to Jeff.

2015 年整體而言，我預計收入將持平或略有下降，現金流將繼續保持強勁，但正如之前討論過的，由於應用業務的變化和適度的投資，利潤率會略有下降。但請記住，在這個行業裡，2015 年還很遙遠，從現在到那時很多事情都可能改變。這樣我就把麥克風交還給傑夫了。

Thanks, Joey. Combined revenue in the media and eCommerce segments grew 9% versus last year with total EBITDA losses of approximately $4 million in the two segments. The revenue growth was principally driven by strong growth from both Vimeo and HomeAdvisor increasing over 30% and 20% respectively versus the prior year.

謝謝你，喬伊。媒體和電子商務部門的總收入比去年增長了 9%，但這兩個部門的總 EBITDA 虧損約為 400 萬美元。營收成長主要得益於 Vimeo 和 HomeAdvisor 的強勁成長，與前一年相比分別成長了 30% 以上和 20% 以上。

Looking at the fourth quarter we expect continued solid revenue growth from media and eCommerce and again expect a comparable combined low single-digit millions EBITDA investment.

展望第四季度，我們預計媒體和電子商務的營收將繼續保持穩健成長，並再次預期合併後的 EBITDA 投資額將達到數百萬美元的低個位數。

Turning to our media segment the third quarter was another strong quarter for Vimeo. Unique users and subscribers continued to grow significantly with both up 33% in September. Total subscribers recently surpassed 540,000.

再來看我們的媒體板塊，Vimeo 第三季又是表現強勁的季度。9 月份，獨立用戶和訂閱用戶數量持續大幅成長，均成長了 33%。用戶總數最近突破了 54 萬。

Vimeo On Demand continues to scale with September gross revenue almost doubling the second quarter average. The catalog continues to expand as well currently approaching 14,000 titles. One title reached nearly 25,000 views and well over $200,000 in sales in September. We are very excited about the potential for this business.

Vimeo On Demand 持續成長，9 月的總營收幾乎是第二季平均值的兩倍。圖書目錄也不斷擴充，目前已接近 14,000 種圖書。9 月份，其中一部影片的觀看次數接近 25,000 次，銷售額超過 20 萬美元。我們對這項業務的潛力感到非常興奮。

We're also seeing momentum at our other media businesses including the Daily Beast which continues to see strong traffic growth, increasing over 40% on average during the third quarter. Additionally our films business produced two films that are being released before the end of the year, Top Five, directed by and starring Chris Rock, and Inherent Vice, directed by Paul Thomas Anderson.

我們也看到其他媒體業務也呈現成長勢頭，包括《每日野獸》，其流量持續強勁成長，第三季平均成長超過 40%。此外，我們的電影業務還製作了兩部將於年底前上映的電影，分別是克里斯洛克自導自演的《Top Five》和保羅湯瑪斯安德森執導的《性本惡》。

In the eCommerce segment HomeAdvisor revenue growth continues to accelerate increasing over 20% year-over-year up from 12.5% in the second quarter and 10% in the first quarter.

在電子商務領域，HomeAdvisor 的營收成長持續加速，年成長超過 20%，高於第二季的 12.5% 和第一季的 10%。

Domestically service requests and service accepts increased 70% and 14% respectively, and paying service providers are up nearly 30% year-on-year in the third quarter. We continue to be very happy with the progress in that business.

國內服務請求和服務接受量分別增加了 70% 和 14%，第三季付費服務提供者年增近 30%。我們對這項業務的進展一直非常滿意。

Looking to 2015 we expect solid revenue growth from the combined Media and eCommerce segments to continue for the full year and EBITDA losses to be in the mid-to high signal digits millions range, a level somewhat reduced from our 2014 investment, but we are going to continue to invest in our early stage businesses. With that will take your questions.

展望 2015 年，我們預計媒體和電子商務部門的合併收入將全年保持穩健成長，EBITDA 虧損將在數百萬美元的中高位區間，比我們 2014 年的投資有所減少，但我們將繼續投資於我們的早期業務。接下來我會回答您的問題。

(Operator Instructions)

（操作說明）

Ross Sandler, Deutsche Bank.

羅斯‧桑德勒，德意志銀行。

Great. Thanks, guys. I wanted to drill in on the Match segment. Greg, you mentioned the cannibalization effect of Tinder versus the core Match properties and the cycles a little bit different than prior when you had OkCupid or People Medium where those were like -- those were vertical or desktop sites in terms of their evolution. It was easier to see how all of them would grow in tandem, but with Tinder you not only have a new and exciting business, but you've also got a platform shift to mobile.

偉大的。謝謝各位。我想深入探討一下匹配環節。格雷格，你提到了 Tinder 對 Match 核心屬性的蠶食效應，以及它的發展週期與之前的 OkCupid 或 People Medium 略有不同，因為那些網站的發展歷程更像是垂直網站或桌面網站。很容易看出它們會如何同步發展，但對於 Tinder 來說，你不僅擁有一個令人興奮的新業務，而且還實現了平台向行動端的轉變。

So can you talk about what you expect for -- I think you mentioned low double-digit growth for core PMC growth ex-Tinder. How comfortable are you with that, and what do expect that to be longer-term?

那麼，您能否談談您對核心 PMC 成長的預期——我想您提到過，不包括 Tinder 在內的核心 PMC 成長將達到兩位數以下。你對此有多大接受度？你認為長遠來看會如何？

And then on Tinder specifically [Sean] mentioned that premiums going to get rolled out pretty soon. What is that pricing going to look like? How are those products going to evolve?

然後，肖恩特別提到，Tinder 的高級會員服務很快就會推出。定價策略會是怎麼樣的呢？這些產品將如何發展演變？

And then the second question is EBITDA for Match that would have been about $70 million excluding the deferred write down that you guys mentioned, so even if we kind of normalized that I think we're down 300 basis points year-on-year. So as you see this mix shift to kind of free and mobile or at least lower monetization mobile happening over the next couple of years, what do you expect the longer-term EBITDA margin profile to look like for the group? Thanks.

第二個問題是 Match 的 EBITDA，如果不計入你們提到的遞延減值，則約為 7000 萬美元，所以即使我們將其正常化，我認為我們同比下降了 300 個基點。因此，隨著未來幾年行動端獲利模式向免費行動裝置或至少低獲利行動端轉變，您預計集團的長期 EBITDA 利潤率會如何變化？謝謝。

Okay. Let me try and get those. On the cannibalization question I think -- I actually don't -- I don't think of it as sort of a different platform. I mean again even ex-Tinder you're looking at 67% of our usage on mobile and the rest of our products. So I think everything is sort of shifting in that way.

好的。我試試能不能拿到那些東西。關於蠶食問題，我認為——實際上我並不認為——我不認為這是一個不同的平台。我的意思是，即使是 Tinder 以外的用戶，也占我們行動端和其他產品使用量的 67%。所以我覺得一切都在朝著那個方向轉變。

I don't -- I think the different cannibalization dynamics is simply that it's a -- any user you lose because of this product regardless of how many you gain on the other side is just a net dilution to your current period financial results. So I don't see the dynamic being different because of mobile. It's just that, and again we're going to reverse that with monetization. OkCupid is a good example.

我不這麼認為——我認為不同的蠶食動態只是——無論你從其他產品中獲得多少用戶，因該產品而失去的任何用戶都只會對你當期的財務業績造成淨稀釋。所以我不認為行動裝置會改變這種局面。就是這樣，我們將再次透過獲利模式來扭轉這種局面。OkCupid 就是一個很好的例子。

When we bought OkCupid I think that the contribution per MAU on OkCupid compared to Match was something like 1 to 20, so it contributed at 5% the rate. It's now basically up to 25%, so you went from sort of a 20 to 1 trade-off between users to now a 4 to 1 trade off on OkCupid. And we see something very similar like that happening, and when you look at the huge MAU growth on Tinder, virtually any monetization rate you do you offset the dilution.

當我們收購 OkCupid 時，我認為 OkCupid 的月活躍用戶貢獻率與 Match 相比大約是 1:20，所以它的貢獻率只有 5%。現在基本上已經達到 25%，所以 OkCupid 上的用戶與付費用戶之間的權衡從 20 比 1 變成了 4 比 1。我們看到類似的情況正在發生，當你看到 Tinder 的月活躍用戶數大幅增長時，你會發現，無論你採取何種獲利模式，幾乎都能抵消這種稀釋效應。

And I want to be clear that when you look at our businesses ex-Tinder in the under 35 ages they were still up year-over-year. They just weren't up as much as they would have been without Tinder so it's not like -- even with the explosive growth of Tinder in that under 35 demo we still had growth in the rest of our businesses under 35. So I think that underscores the fact that there is huge expansion here from a category perspective.

我想明確指出，即使不考慮 Tinder，我們 35 歲以下人群的業務仍然比去年同期成長。如果沒有 Tinder，他們的成長速度肯定會更快，所以情況並不是——即使 Tinder 在 35 歲以下人群中實現了爆炸式增長，我們其他業務在 35 歲以下人群中仍然實現了增長。所以我認為這凸顯了從品類角度來看，這裡存在著巨大的擴張。

And terms of the sort of low double digits, look -- we feel pretty good about it. Tinder is still sort of very much a use product. I think a lot of the dynamics that we're seeing this period are going to reverse themselves.

就兩位數低位的降幅而言，我們感覺相當不錯。Tinder 仍然很大程度上是一種消費品。我認為我們目前看到的許多動態將會逆轉。

Again we don't have the Yahoo trend. A lot of the acquisition and conversion challenges that we had this year due to the shift in mobile are reversing themselves. Again as I said we've already narrowed the conversion gap between mobile and desktop over the course of this year.

我們仍然沒有雅虎趨勢數據。今年由於行動端的轉變，我們遇到了許多用戶獲取和轉換方面的挑戰，而這些挑戰正在逆轉。正如我之前所說，今年我們已經縮小了行動端和桌面端之間的轉換率差距。

But by more than 50%, and by the end of next year we expect it to be eliminated we think altogether and we think actually the native apps should actually convert better than the desktop product. We're going to have a year of anniversary.

但預計到明年年底，這種情況將減少 50% 以上，我們認為這種情況將完全消失，我們認為原生應用程式的轉換率實際上應該比桌面產品更高。我們將迎來週年紀念日。

We launched a new marketing campaign in July which has had a good pickup but the pickup comes in the soft marketing spend part of the year. We're going to get that for sort of the heavy part next year.

我們在 7 月推出了新的行銷活動，目前反應不錯，但這種反應主要出現在一年中行銷支出相對較低的時期。明年我們打算把這部分工作交給他們。

So we feel pretty good -- we actually feel like it's not overly ambitious to have low double-digit PMC growth among sort of the non-Tinder products. And again a lot of that will come in mobile and desktop. I mean it's going to be a mixed thing, but increasingly on mobile. So we don't see that mobile distinction as a real paradigm shift in terms of these dynamics.

所以我們感覺還不錯——我們實際上覺得，在非 Tinder 產品中實現兩位數的 PMC 低增長率並不算過於雄心勃勃。而且很多內容都會在行動裝置和桌面裝置上實現。我的意思是，情況會比較複雜，但行動端的使用會越來越多。因此，我們認為這種行動端的差異並不代表這些動態方面的真正範式轉移。

In terms of Tinder Premium, Tinder Premium is going to launch soon but it's going to launch a variety of ways in a variety of prices in a variety of markets. This stuff is not religion. This is stuff you optimize your way into which is sort of what I said before.

至於 Tinder Premium，它即將推出，但會在不同的市場以不同的方式、不同的價格推出。這並非宗教。這是需要透過優化才能實現的，這和我之前說的差不多。

So it's not like you are to wake up one day, and there is going to be sort of this bigger premium feature launched globally across all geographies at a common price point. This stuff gets iterated and tested throughout. And that's going to start very soon.

所以，並不是說你有一天醒來，你會發現全球所有地區都以統一的價格推出了更高級的功能。這些東西會在整個過程中不斷迭代和測試。而且這很快就會開始。

I think you asked a question about margins. I think there's two different issues. There's margin for the group, and there's margin for the Dating business.

我想你問的是關於利潤率的問題。我認為這是兩個不同的問題。集團有利潤空間，約會業務也有利潤空間。

I think you've got Tinder -- investment in Tinder this year bringing down the Dating margin. I think if you back out Tinder I think the margin for the Dating business is comparable to better than what it's been. I'll leave Jeff to tell me whether that's right or not.

我認為你提到了 Tinder——今年對 Tinder 的投資拉低了約會利潤率。我認為，如果把 Tinder 排除在外，約會產業的利潤率應該會和以前一樣高，甚至更高。我會讓傑夫來告訴我這是否正確。

But over time as I said even ex-Tinder we expect margin to expand into the low 40% over the next couple years. And Tinder is a margin accretive business, because it will have -- should have an over 50% margin.

但正如我所說，隨著時間的推移，即使是 Tinder 的前身，我們也預計未來幾年利潤率將擴大到 40% 左右。而且 Tinder 是一家利潤率不斷增長的企業，因為它的利潤率將會——應該會超過 50%。

So we think the margin story's a very good story for us. The same obviously holds true on the group level which is we expect investment in our non-dating businesses to come down and to become positive.

所以我們認為利潤率的故事對我們來說非常有利。顯然，集團層面的情況也是如此，我們預期對非約會業務的投資將會下降，並最終轉為正成長。

We're still working through Princeton Review. That's a big integration project. So we are not ready to give you the exact numbers for next year that we expect, but certainly the combined business will be less an investment business then Tutor was on its own before hand, and the investment will be coming down in Daily Burn as well we expect. So overall we expect margin expansion.

我們仍在學習普林斯頓評論。那是一個大型整合專案。因此，我們目前還無法提供明年的確切預期數字，但可以肯定的是，合併後的業務將不再像以前那樣側重於投資，我們預計 Daily Burn 的投資也會減少。因此，總體而言，我們預計利潤率將有所提高。

Jeff is there anything you want to -- okay.

傑夫，你還有什麼想做的事嗎？好的。

I think you have it right.

我覺得你說得對。

I'm not staring at any numbers, but that's my -- that's our expectation.

我沒有盯著任何數字看，但這是我的——這是我們的預期。

And then one last one. This will be a quick one, just a clarification. There's a some articles about advisers joining the Tinder team, et cetera. That came out yesterday, but can you just remind us on the record -- ICQ's ownership of Tinder is 100%. Correct?

最後還有一個。就簡單說明一下。有一些文章報導了顧問加入 Tinder 團隊等等。這件事昨天就公佈了，但你能正式提醒我們嗎——ICQ 100% 擁有 Tinder 的所有權。正確的？

Well IAC owns of the business, plus management has a stake and now benchmark has a small state. So it's -- there are no outside investors.

IAC擁有這家公司，管理階層也持有股份，現在Benchmark也持有少量股份。所以——沒有外部投資者。

The benchmark transaction which is what you're referring to I think was not a typical fundraising transaction. It was more analogous to sort of a executive compensation type deal although not exactly that either.

我認為你提到的那筆基準交易並不是一筆典型的融資交易。它更像是某種高階主管薪酬協議，但又不完全是。

But they got a small equity stake, and management has an equity stake that you might expect in a business like this. But even with that on a fully diluted basis IAC owns the vast majority of it, and there are no outside investors.

但他們獲得了少量股權，管理層也持有少量股權，這在這種類型的企業中是可以預期的。但即使以完全稀釋的股份計算，IAC 也擁有絕大部分股份，也沒有外部投資者。

Thanks.

謝謝。

John Blackledge, Cowen and Company.

John Blackledge，Cowen and Company。

Great. Thanks. I think we'll stick with the Match Group so just questions -- first could you give us an update on the $25 million to $30 million in 2014 investments at Tinder, Tutor and Daily Burn what the updated number is? Second, Greg, can you provide support detail on the streamlining initiatives at Match and what the intended outcome is for the various properties Match. com, OkCupid, Tinder, et cetera.

偉大的。謝謝。我想我們會繼續支持 Match Group，所以有幾個問題——首先，您能否更新一下 2014 年在 Tinder、Tutor 和 Daily Burn 的 2500 萬至 3000 萬美元投資額的最新情況？其次，Greg，你能否提供 Match 精簡計劃的具體支援細節，以及 Match 各個業務部門的預期成果是什麼？com、OkCupid、Tinder 等。

And then also maybe clarify the $5 million impact on credit cards security breaches was that in Q3 '14? Any lingering impact in Q4? And then Tinder MAUs up 7X, what's the base number? Thank you.

此外，或許還可以澄清一下，信用卡安全漏洞造成的 500 萬美元損失是指 2014 年第三季的損失嗎？第四季是否仍有持續影響？Tinder 的每月活躍用戶數成長了 7 倍，那麼基準數字是多少？謝謝。

Okay. Hopefully someone was taking notes beyond me, but I'm going to try and get them. On the investment number I think that the total number is now looking like --

好的。希望有人做了筆記，但我還是會努力記下來。關於投資金額，我認為目前的總額大概是──

up [$45 million] or so.

高達 4500 萬美元左右。

It's about [$45 million]. Now you've got Princeton Review in their. Plus you've got the increase investment in Tinder that I highlighted earlier. That's basically is the mix of it. In terms of -- let me see. In terms of -- did anyone else get -- I lost --

大約是 4500 萬美元。現在普林斯頓評論也加入了他們的行列。此外，正如我之前提到的，Tinder 的投資也在增加。基本上就是這些成分的混合方式。關於……讓我想想。至於──還有其他人──我輸了──

The streamlining initiatives at Match that you refer to. Just give some more clarity on the.

您提到的Match公司的精簡流程舉措。請進一步解釋一下。

Yes. So look -- we're looking at a number of different alternative, so I can't tell you exactly what it will look like. But right now what basically happens is we've got in virtually every one of our product lines People Media, Match-- our international business Meet, et cetera. We've got independent development teams who have to develop everything for desktop then everything for each mobile device.

是的。所以你看——我們正在考慮很多不同的方案，所以我不能確切地告訴你它最終會是什麼樣子。但目前基本上的情況是，我們幾乎在所有產品線中都有 People Media、Match（我們的國際業務 Meet）等等。我們有獨立的開發團隊，他們需要先開發桌面端的所有功能，然後再開發每個行動裝置的所有功能。

So you've got repetition across lots of different things, and a lot of these features are common. And we are looking at a variety of different approaches to streamline that dramatically so that you have more modern API plugging into common databases that basically reduce the friction in the process, should bring down costs and meaningfully increase speed to market. Again that feature I mentioned earlier is a great example.

所以很多不同的東西都有重複之處，而且很多特徵都很常見。我們正在研究各種不同的方法來大幅簡化此流程，以便您可以使用更現代化的 API 連接到通用資料庫，從而減少流程中的摩擦，降低成本，並顯著加快產品上市速度。我之前提到的功能就是一個很好的例子。

Literally if we've been able to sort of snap our fingers and roll it out on desktop -- sorry on mobile and People Media at the same time as we launched it on Match we have literally an extra $5 million or $6 million of EBITDA this year, and that's just as an example of the kind of opportunities that we are leaving on the table.

如果我們能夠像打個響指一樣，在桌面端（抱歉，是行動端和 People Media）和 Match 平台同時推出，那麼今年我們就能額外獲得 500 萬或 600 萬美元的 EBITDA，而這僅僅是我們錯失的機會的一個例子。

Finally there was a Tinder question -- we're not giving you the base number there are a variety of competitive reasons why we don't want to do that. But the Tinder as a whole right now is a meaningful business.

最後還有一個關於 Tinder 的問題——我們不會告訴你基本數字，有很多競爭方面的原因讓我們不想這樣做。但就目前而言，Tinder 整體而言是一家頗具規模的企業。

North America alone it is -- let's make sure I got this right. It's approaching 50% of our business in terms of users. So it's a big business, and it is growing -- continues to grow fast.

只有北美地區——讓我確認一下我理解得是否正確。從用戶數量來看，它已經占到我們業務的近 50%。所以這是一個大生意，而且還在不斷發展——持續快速成長。

Downloads are up each month. MAUs continue to grow like wildfire, and that there is just so much to do on the product and the brand that we feel really, really good about it.

每月下載量都在增加。MAU（每月活躍用戶數）繼續像野火一樣迅速成長，而且在產品和品牌方面還有很多工作要做，我們對此感到非常非常滿意。

And then clarification on the credit card.

然後是對信用卡的進一步說明。

Sorry. That number was a full-year number. So we talked about there was sort of the -- what I'll call the Target breaches earlier in the year, lately there's been the Home Depot breach. And basically what you see is you see an increase in sales credit card renewals which you've got sort of a study straight stream of failed credit card renewals and then you see a spike, and you can easily attribute it to those events and easy to quantify and that was about a $5 million hit for the year.

對不起。這個數字是全年的數字。所以我們談到了今年早些時候發生的——我稱之為 Target 資料外洩事件，最近又發生了 Home Depot 資料外洩事件。基本上，你會看到信用卡續約銷售額的增加，而先前信用卡續約一直失敗，然後你會看到一個激增，你可以很容易地將其歸因於這些事件，也很容易量化，這給公司造成了大約 500 萬美元的損失。

And just to be 100% clear in case anybody missed it these were really only the Target and Home Depot breaches. There's nothing at Match just in case --

為了避免有人誤解，我再澄清一下，這些洩漏事件實際上只涉及 Target 和 Home Depot 兩家公司。Match網站上沒有任何相關信息，以防萬一——

Yes. Sorry.

是的。對不起。

In case anybody misheard that.

以防有人聽錯了。

This is just sales credit card renewals which are precipitated by those externally events.

這只是由外部事件引發的信用卡續費銷售情況。

Thank you.

謝謝。

Jason Helfstein, Oppenheimer and Company.

Jason Helfstein，奧本海默公司。

Thanks. One more on Match and then a question on Search. So can you just common on the slowdown in international ARPU and kind of do see that rebounding back? And then kind of what impact do you think if any currency has on international ARPU in the fourth quarter?

謝謝。還有一個關於匹配的問題，然後是一個關於搜尋的問題。所以，您能否就國際 ARPU 增速放緩的情況進行一番討論，並預見到它會反彈？那麼，您認為任何貨幣對第四季國際平均每用戶收入（ARPU）會產生什麼影響？

On the search business is it fair to say that you are benefiting on the B-to-C side from your beneficial relationship with Google? Just a there's a lot of discussion about does Google want kind of toolbar applications to exist long-term, and it seems like you guys benefited at least from that early this quarter.

在搜尋業務方面，是否可以說您從與Google的良好關係中受益於 B2C 業務？目前有很多關於谷歌是否希望工具列應用程式長期存在的討論，而你們似乎至少在本季度初就從中受益了。

And then lastly maybe just talk about the overall value in the market of like the application types businesses. There was a report back in August that private equities buying out Answers.com.

最後，或許可以談談應用類型企業在市場上的整體價值。早在八月就有報道稱，私募股權公司正在收購 Answers.com。

That valuation hasn't been disclosed but I'm pretty sure it's of more than the value that the market attributes to your website businesses sorry. And just talk about perhaps what you see as the mismatch between the value of the market decline to your destination websites versus kind of what may be the value in the private market?

雖然估值尚未公開，但我相當肯定它比市場對你網站業務的估值要高，抱歉。不妨談談您認為目標網站市場價值下降與私人市場價值之間可能存在的錯配問題？

I think on the ARPU stuff, I think domestically you've seen ARPU increase sequentially every quarter, and we expect that to continue. That's what we said would happen at the beginning of the are doing a bunch of pricing effects we said the beginning of the year would be sort of the low point. And it would climb, and it's done that, and we expect it to continue to do that in Q4.

我認為就 ARPU 而言，國內市場已經看到 ARPU 每個季度都在逐週成長，我們預計這種情況還會持續下去。年初的時候我們就說過會這樣，我們正在進行一系列的價格調整，我們說過年初會是價格的低潮。而且它會攀升，也確實攀升了，我們預期它在第四季會繼續攀升。

Internationally Q3 is really a black. We expect Q4 to be back effectively consistent with Q2 and Q1. Basically you have -- these PMC numbers are quarter end numbers and we bought from FriendScout in the quarter which led to an increase in PMC without any associated revenue.

國際上，Q3 實際上是一種黑色。我們預計第四季將基本恢復到與第二季和第一季相同的水平。基本上，這些 PMC 數據是季度末數據，我們在本季從 FriendScout 購買了產品，導致 PMC 增加，但沒有任何相關收入。

There are also FX effects, euro against the dollars that are hurting us, both on a rate basis and international performance which is another factor that I didn't throw into the mix. But that's the ARPU -- the ARPU is actually good story even with mix shift to lower priced products like OkCupid and True overall ARPU is going up, because we are driving operate in each individual business line. Joey?

此外，還有外匯波動的影響，歐元兌美元匯率下跌對我們造成了損害，無論是匯率方面還是國際表現方面，這都是我沒有考慮到的另一個因素。但這是 ARPU——即使產品組合轉向 OkCupid 和 True 等價格較低的產品，ARPU 實際上仍然是個好兆頭，因為我們正在推動每個業務線的營運。喬伊？

So in terms of the relationship with Google. We're a large partner with a lot of scale, and I think that we have a good deal with Google, but the -- as it relates specifically to the Chrome issues and the performance this quarter relative to our expectations, we don't get any benefit in terms of how things operate in Chrome or how we operate in Chrome from relative to the rest of the market.

所以，就與Google的關係而言。我們是一家規模龐大的合作夥伴，我認為我們與谷歌達成了不錯的協議，但是——具體到 Chrome 的問題以及本季度相對於我們預期的表現而言，就 Chrome 的運作方式或我們在 Chrome 中的運作方式而言，相對於市場上的其他參與者，我們並沒有獲得任何好處。

Those things are very separate, so there's decidedly no benefit in terms of the relationship there, but the -- we have a good deal, and I think that we are a strong -- always have been and continue to be a strong operator in this space. And we are generally on principle aligned with Google on where they want to be. We said in the past that the changes that they've made to some of the downloadable applications are not the changes that we would have made, but in spirit and principle we're generally looking for the same things in terms of user experience.

這些事情是完全不同的，所以從關係上來說肯定沒有任何好處，但是——我們達成了一筆不錯的交易，而且我認為我們一直都是這個領域裡實力雄厚的運營商，並且會繼續保持下去。而且，我們在原則上總體上與Google的目標一致。我們過去曾說過，他們對一些可下載應用程式所做的更改並不是我們想要做的更改，但在精神和原則上，我們在用戶體驗方面追求的是相同的目標。

In terms of valuation on the website side of business or the application side of the business, I can't really comment on the valuation that other people are paying for other assets or even really what our value add is in.

至於網站業務或應用程式業務的估值，我無法評論其他人為其他資產支付的估值，甚至無法評論我們的附加價值到底是多少。

I see -- I know that people don't like volatility, and we've seen some volatility certainly over the last year or year and a half or so, and people tend to focus on the negative volatility in that. And as you point out this quarter that particularly in terms of revenue per query this quarter was positive.

我明白——我知道人們不喜歡波動，而且在過去一年半左右的時間裡，我們確實看到了一些波動，人們往往只關注其中的負面波動。正如你所指出的，本季尤其在每次查詢的收入方面取得了正成長。

That volatility and so it's good and generally we operate within a band on these things, and it is diversified group of assets and properties and so the hit somewhere might be a benefit somewhere else. So overall it's been a relatively stable business in the context of everything, but sometimes people can over react to the volatility.

這種波動性是好事，我們通常會在一定範圍內進行操作，而且這是一個多元化的資產和房地產組合，因此某個地方的損失可能會在其他地方帶來好處。總的來說，在各種因素的影響下，這一直是相對穩定的行業，但有時人們會對市場波動反應過度。

I don't know if Jeff you want to add to that in terms of valuation.

傑夫，我不知道你是否想在估值方面補充一些內容。

No. Just to add on to what Greg said, I think we saw $1 million of $2 million of impact on currency in the third quarter, and we think that's going to expand with the volatility you're seeing in the fourth quarter maybe another $1 million.

不。我補充一下 Greg 的說法，我認為我們在第三季度看到了 100 萬到 200 萬美元的匯率影響，我們認為隨著第四季度匯率的波動，這種影響可能會再增加 100 萬美元。

On the FX side?

外匯方面呢？

Yes. FX yes.

是的。FX 是的。

Thank you.

謝謝。

But I want to be clear on a local currency basis that there is no downward pricing going on of any measure. In general pricing is going up across the board.

但我想明確指出，以當地貨幣計算，任何措施都沒有降價。整體而言，物價全面上漲。

Mark Mahaney, RBC Capital Markets.

Mark Mahaney，加拿大皇家銀行資本市場。

Thanks. Two questions. I knew you had a lot of Dating brands. I didn't know you had 39. Any thoughts on rationalizing any of those?

謝謝。兩個問題。我知道你們有很多約會品牌。我不知道你已經有39個孩子了。對於這些情況，大家有什麼想法可以解釋嗎？

And then secondly just comment briefly about share buyback activity, your thoughts on the environment here, and then what you did or did not do in the quarter. Thanks a lot.

其次，請簡單評論股票回購活動、您對當前環境的看法，以及您在本季做了什麼或沒做什麼。多謝。

Just to take the share buyback question quickly. There was none in the quarter. As our policy is we do it opportunistically from time to time, and we announce in when we do it. So there's no change in policy.

簡單回答一下股票回購的問題。該季度沒有。我們的政策是，我們會不時地抓住機會這樣做，並且會在這樣做的時候宣布。所以政策沒有改變。

As for the 39 brands, I -- we certainly don't have a target number. I think that the key is really in the pricing that we're talking about, which is not so much to rationalize the number of brands is to rationalize the infrastructure that underlies them so that the incremental brands don't create incremental complexity and costs. And that's what we are focused on I think -- there are certainly brands we start and brands we stop, and they tend to focus on -- they're ones you haven't heard of, and they tend to focus on niche markets and they tend to be driven by whether or not there's a positive marketing opportunities for groups that want to be in a particularly focused site again those shouldn't -- we should be in a place where there's not meaningful incremental complexity and cost to those, and that's what we are working towards.

至於這 39 個品牌，我——我們當然沒有目標數量。我認為關鍵在於我們正在討論的定價問題，這與其說是為了減少品牌數量，不如說是為了合理化支撐這些品牌的底層基礎設施，這樣新增品牌就不會帶來額外的複雜性和成本。我認為這就是我們關注的重點——當然，我們會創立一些品牌，也會停止一些品牌，而這些品牌往往專注於你可能沒聽說過的細分市場，並且往往取決於是否存在積極的營銷機會，讓那些想要在特定領域內發展的群體受益。再次強調，這些不應該——我們應該努力做到不會為這些領域帶來實質的複雜性和成本增加，而這正是我們努力的方向。

Thanks, Greg, thanks, Jeff.

謝謝格雷格，謝謝傑夫。

Peter Stabler, Wells Fargo Securities.

Peter Stabler，富國證券。

Good morning. A couple for Greg. Thanks for providing the cohort data over time. That's really helpful to understand the mix shifts in youth.

早安.給格雷格一對。感謝您提供歷年隊列資料。這對於了解青年群體組成的變化非常有幫助。

A question related to that. As you look out over the next couple years, would you expect a significant change in the revenue mix between advertising and subscriptions as products like Tinder start monetizing? Or do -- and do you think that could be -- if so related to a mix shift in the youth segment? Just curious about that. Thanks. That's it for me. Thanks.

一個與​​此相關的問題。展望未來幾年，隨著 Tinder 等產品開始獲利，您是否預期廣告和訂閱之間的收入比例會發生重大變化？或者——你認為這是否可能——如果是這樣，是否與青年群體組成的變化有關？只是好奇而已。謝謝。就這些了。謝謝。

I said at the beginning that we are going to -- Tinder is going to monetize in three ways, effectively the same as all the rest of our products do, which is a combination of what I'll call subscription revenue, a la carte revenue and advertising revenue. We then optimize the mix. I think that Tinder lends itself to a particular type of sponsorship and advertising that I think some of our other products don't at least now. I think we'll see where that goes.

我一開始就說過，Tinder 將透過三種方式實現盈利，實際上與我們所有其他產品一樣，即訂閱收入、單次付費收入和廣告收入的組合。然後我們優化配比。我認為 Tinder 適合一種特殊的贊助和廣告形式，而我們其他一些產品目前還不適合。我想我們會看看事情會如何發展。

My instinct is that Dating continues to be a category where even in the freemium model there is real value to certain features, and there's a meaningful number of people who will pay extra for those features. And so while I think that advertising may well become a meaningful part of it, I wouldn't sit here and forecast any particular mix shift.

我的直覺是，約會類應用程式即使在免費增值模式下，某些功能仍然具有真正的價值，而且有相當多的人願意為這些功能額外付費。因此，雖然我認為廣告很可能會成為其中重要的一部分，但我不會坐在這裡預測任何特定的組合變化。

It may happen, but the overwhelming majority of our revenue right now is non-advertising. And my expectation is that that continues to be the case for the foreseeable future whether mix shifts a little bit -- I don't know and of course I could be wrong.

這種情況可能會發生，但我們目前絕大部分收入都來自非廣告收入。我的預期是，在可預見的未來，這種情況還會繼續下去，至於組合是否會稍有變化——我不知道，當然我也可能錯了。

We might come up with the greatest native ad unit ever, and it may change in the world. And there certainly people focused on doing that. But it's not -- certainly not built into our numbers or our long-term expectations.

我們或許能創造出有史以來最棒的原生廣告單元，它甚至可能改變世界。當然，也確實有人專注於做這件事。但事實並非如此——至少沒有納入我們的數字或長期預期。

Thanks, Greg.

謝謝你，格雷格。

You're welcome.

不客氣。

Heath Terry, Goldman Sachs.

Heath Terry，高盛集團。

Great. Thanks. Greg, can you talk about cannibalization? How much of that is taking the form of Match subscribers, individuals actually leaving to go to Tinder or OkCupid versus just a mix shift in the incremental growth on those platforms is faster than what you're seeing at Match?

偉大的。謝謝。格雷格，你能談談同類相食嗎？其中有多少是Match的訂閱用戶流失，又有多少是用戶實際轉投Tinder或OkCupid，還是只是這些平台的成長速度比Match更快？

And then Joey if you could give us a sense of what drove the B-to-C growth -- how you would say it breakdown between application downloads increasing, and if so if there are any specific applications that you're seeing getting traction versus queries per application or revenue per query.

那麼 Joey，你可以為我們介紹一下 B2C 成長的驅動因素嗎？例如，你如何分析應用程式下載量的成長情況？如果有的話，你有沒有看到哪些特定的應用程式獲得了關注，以及每個應用程式的查詢量或每次查詢的收入情況？

Sure, on your first question, it's the latter. Meaning we are not seeing increases in churn or anything like that. And as I said, I think when you exclude Tinder in the younger demo, we are still seeing growth year-over-year.

當然，對於你的第一個問題，答案是後者。這意味著我們沒有看到客戶流失率上升或其他類似情況。正如我所說，我認為即使將 Tinder 的用戶群排除在年輕用戶之外，我們仍然可以看到同比增長。

It's just when you compare the overall performance in that youth demo against the overall performance in the older demos, you can see a differential that is somewhat new. In terms of sort of the positive year-over-year performance, and it's impossible to know precisely, but our best guess is this is actually a mix of both Tinder cannibalization and the fact in some of those products were not in good in mobile as we needed to do. And both those things impact the youth demo primarily.

只有當你將年輕群體的整體表現與年長群體的整體表現進行比較時，你才能發現一些新的差異。就同​​比業績的積極表現而言，雖然無法確切知道原因，但我們最好的猜測是，這實際上是 Tinder 蠶食以及某些產品在移動端表現不佳（正如我們所需）的雙重因素造成的。這兩件事主要影響的是青年族群。

As I said we launched our app at Match in April. We've already improve the conversion by 50% in a five month period. Over on the desktop practice that takes years to do, so as we continue to make those improvements, I think that will narrow. And I think that will help mitigated, but right now it's a differential in sort of go forward performance as opposed to any sort of churn or increased exit or anything like that.

正如我之前所說，我們的應用程式於四月在 Match 大會上發布。在短短五個月內，我們的轉換率已經提高了 50%。在桌面實踐方面，這需要數年時間才能完成，所以隨著我們不斷改進，我認為這種情況會逐漸改善。我認為這會有所幫助，但目前來看，這反映的是未來績效的差異，而不是人員流失或退出增加之類的因素。

In terms of what drove B-to-C growth so really -- first of all there's definitely RPQ -- RPQ is very strong in the quarter and that's some things we did on our side and some things that Google did which definitely helped. But the substance of the Chrome change as it related to that B-to-C business was when we offer a product we would make multiple search offers or multiple search assets when we would distribute the product and the change to Chrome was to limit that to basically one search offer.

就推動 B2C 成長的因素而言，首先肯定是 RPQ——RPQ 在本季度表現非常強勁，這得益於我們自身的一些努力以及谷歌的一些舉措，這些都起到了很大的幫助。但就 B2C 業務而言，Chrome 的實質變化在於，當我們提供產品時，我們會提供多個搜尋優惠或多個搜尋資源，而 Chrome 的變更是將搜尋優惠限制為基本上一個。

And so when we did our forecasting which is hard to do in advance of these things until they're live, and you test as much as you can, but we didn't really come out until we saw it fully in the wild. What ended up happening is we certainly didn't make offers for this other search assets so we didn't get them obviously, but what we saw on the flip side was an increase in conversion and an increase in retention. So the friction presented by some of those offers was -- in the previous framework was eliminated, and that helped on conversion going forward.

因此，當我們進行預測時，雖然在事情真正上線之前很難提前進行預測，而且我們盡可能多地進行測試，但直到我們在實際環境中看到它完全發揮作用後，我們才真正發布預測結果。最終的結果是，我們當然沒有對其他搜尋資源提出報價，所以我們顯然沒有得到它們，但另一方面，我們看到了轉換率和用戶留存率的提高。因此，先前的一些優惠活動帶來的摩擦被消除了，這有助於提高未來的轉換率。

And then again the -- I think could be a bunch of things, but that also users are keeping the product longer which is leading to more queries and higher retention. So those combinations of things that while net not as much margin as there used to be in Chrome, not as much LTV as there used to be is still a good business.

還有一點——我認為這可能有很多原因，但用戶使用產品的時間更長，這導致了更多的查詢和更高的留存率。所以，雖然這些組合的淨利潤不如以前在 Chrome 中那麼高，LTV 也不如以前那麼高，但仍然是一項不錯的業務。

Great. Thank you.

偉大的。謝謝。

Kevin Murphy, Maxim Group.

Kevin Murphy，Maxim集團。

Yes. Hi. Can you give us a sense of the breakdown between international and domestic in terms of the 7X growth in Tinder MAUs?

是的。你好。能否簡單介紹一下 Tinder 月活躍用戶數成長 7 倍的過程中，國際用戶和國內用戶的具體組成？

Sure. International -- non North America is -- makes up about two-thirds of the total MAUs right now. Tinder started in the US so sort of growth was faster there, and so now growth is a little faster internationally then it is domestically although still great growth in both places. But the current mix is about two thirds, one third international to North America.

當然。目前，國際用戶（非北美用戶）約佔總月活躍用戶數的2/3。Tinder 起源於美國，因此在美國的發展速度更快，現在其國際發展速度比國內發展速度略快，儘管在兩個地區都保持著強勁的成長勢頭。但目前的比例約為三分之二，其中三分之一來自國際市場，三分之一來自北美市場。

I appreciate it. And then just to move to Vimeo briefly, can you give us a sense of what your long-term EBITDA margin objectives are?

謝謝。然後，我們再簡單聊聊 Vimeo，能否簡單介紹一下您的長期 EBITDA 利潤率目標？

Can you just repeat that again?

你能再重複一遍嗎？

Vimeo.

Vimeo。

Sure. Vimeo. The long-term EBITDA margins. Any objective or any color you could give there would be really helpful.

當然。Vimeo。長期 EBITDA 利潤率。如果您能提供任何目標或顏色，那就太好了。

Look. I don't think we have a specific objective in mind. We think that it's a great business that's got a great trajectory in front of it and a huge addressable market. I think we'd love to see solid margins out of it but we're going to manage this thing for growth and ultimately a nice margin over time and I don't want to put a target on it.

看。我認為我們還沒有具體的目標。我們認為這是一個發展前景廣闊、目標市場龐大的優秀企業。我認為我們當然希望它能帶來可觀的利潤，但我們會以成長為目標來管理它，並最終隨著時間的推移獲得可觀的利潤，我不想給它設定目標。

I appreciate it. Thanks.

謝謝。謝謝。

I think one more question.

我想再問一個問題。

Chris Merwin, Barclays.

克里斯·默溫，巴克萊銀行。

Great. Thanks. For Tinder premium is a single digit penetration rate of your user base still the right way to think about the opportunity there. And I know for Tinder also you can talk about the user base but is there anything you're willing to share on engagement metrics whether it's their ratio of DAUs to MAUs or something else?

偉大的。謝謝。對於 Tinder 來說，即使用戶群的滲透率只有個位數，這仍然是思考其中商機的正確方式。我知道Tinder的用戶群也值得關注，但您是否願意分享一些關於用戶參與度指標的數據，例如每日活躍用戶與月活躍用戶的比例或其他指標？

And then a second one on the Vimeo, YouTube has talked about the possibility of maybe implementing a substantial model that could remove advertising kind of similar to what Pandora has today. You've got an enormous audience now for Vimeo. Is that something that you would ever think about doing in the future? Thanks.

然後，在 Vimeo 上，YouTube 也談到了實施一種實質模式的可能性，這種模式可以消除廣告，有點像 Pandora 目前的做法。Vimeo現在擁有龐大的觀眾群。你將來會考慮做這件事嗎？謝謝。

So on the Vimeo question. Yes. I think we would and probably will soon think about a subscription offering of one sort or another. We think that that's something that you see more and more out in the market. We think it's something that consumers are interested in so yes.

關於 Vimeo 的問題。是的。我認為我們會考慮推出某種形式的訂閱服務，而且可能很快就會這麼做。我們認為這種情況在市場上越來越常見。我們認為這是消費者感興趣的內容，所以是的。

Yes. And I'm sorry -- my brain must be a little fried. I got your first question but not the second question. On the first question penetration rate -- yes, look, I think we'd love it to be higher. But I certainly in sort of the straw man I laid out for you, it is very much a single digit penetration rate. And I would think that getting into the double digits is not happening quickly. You don't know what will happen over time, but when we're talking about sort of coming in at two-thirds the OkCupid rate North America and Europe and 1/10 that rate rest of world -- you're very much in the single digits.

是的。抱歉，我可能有點懵了。我明白了你的第一個問題，但不明白第二個問題。關於第一個問題——滲透率——是的，你看，我認為我們希望它更高。但我可以肯定的是，在我之前向你舉的例子裡，滲透率肯定只有個位數。我認為達到兩位數不會很快發生。你不知道隨著時間的推移會發生什麼，但是當我們說北美和歐洲的 OkCupid 使用率只有三分之二，世界其他地區的使用率只有十分之一時——你的使用率就非常低了。

In terms of engagements I don't want to give precise numbers, but I will say the DAU to MAU numbers have remained constant and very solid. I would -- we've often described Tinder as sort of a cross between a dating product, a social network and a gaming product. And I would say that -- the engagement numbers are stronger than a regular Dating product and much more in the social sort of social network range than in the traditional Dating range.

關於用戶互動方面，我不想給出確切的數字，但我可以說，每日活躍用戶數與每月活躍用戶數的比值一直保持穩定且非常穩健。我會——我們經常把 Tinder 描述為約會產品、社交網路和遊戲產品的混合體。而且我認為——它的互動量比普通的約會產品要高，更接近社交網絡，而不是傳統的約會產品。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Thanks, everyone, for joining the call. And let us know if you have questions.

感謝各位參加此通話。如果您有任何疑問，請告訴我們。

Talk to you all next quarter.

下個季度再和大家聊。

That does conclude today's conference. Again thank you for your participation.

今天的會議到此結束。再次感謝您的參與。