Match Group Inc (MTCH) 2015 Q1 法說會逐字稿

Good day, everyone, and welcome to the IAC Reports Q1 2015 Results conference call. Today's conference is being recorded.

大家好，歡迎參加IAC Reports 2015年第一季業績電話會議。本次會議將進行錄音。

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

現在，我謹將會議交給傑夫‧基普先生。請您開始吧，先生。

Thanks, operator. Good morning, everybody, welcome to our first-quarter earnings call. Joining me today is Greg Blatt, Chairman of the Match group, and Joey Levin, CEO of our Search & Applications segment. As a reminder, we won't be reading our prepared remarks on this call. They're currently available on the Investor Relations section of our website.

謝謝接線生。大家早安，歡迎參加我們第一季財報電話會議。今天與我一同出席的有Match集團董事長Greg Blatt先生和搜尋與應用部門執行長Joey Levin先生。提醒大家，這次電話會議我們不宣讀事先準備好的演講稿。發言稿目前已發佈在我們網站的投資者關係頁面。

Before we get to Q&A, I'd 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 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 fourth-quarter press release and our periodic reports filed with the SEC.

在進入問答環節之前，我想提醒各位，這次電話會議中我們可能會討論公司前景展望和未來業績。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。這些前瞻性觀點受風險和不確定性因素的影響，我們的實際業績可能與今天表達的觀點有重大差異。部分風險已在第四季度新聞稿和提交給美國證券交易委員會（SEC）的定期報告中列出。

We will also discuss certain non-GAAP measures, which as a reminder, include adjusted EBITDA, which we will refer to today as EBITDA for simplicity during the call. I'll also refer you to our press release and again to the Investor Relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

我們也將討論一些非GAAP指標，其中就包括調整後EBITDA，為簡單起見，在今天的電話會議中，我們將統稱為EBITDA。此外，請參閱我們的新聞稿以及我們網站的投資者關係頁面，以了解所有可比較的GAAP指標以及所有重要非GAAP指標的完整調節表。

Operator, we will go to Q&A now.

操作員，現在進入問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Nat Schindler of Bank of America.

美國銀行的納特‧辛德勒。

Yes, hello, guys. Thanks. Now that you are monetizing Twitter, I was wondering if you could give us some more detail on the size of the Twitter user base, and --

是的，大家好。謝謝。既然你們已經開始透過 Twitter 獲利，我想請問一下你們能否提供更多關於 Twitter 用戶規模的信息，以及——

Wrong call, Nat, I think we're off the Twitter call right now. Just joking with you.

搞錯了，納特，我覺得我們現在應該結束推特通話了。跟你開玩笑呢。

Did I say Twitter? Yes, the Tinder user base, much more important, and probably growing faster.

我剛才提到推特了嗎？是的，還有Tinder的使用者群體，它更重要，而且成長速度可能更快。

As I said in the prepared remarks, we are very pleased with penetration rates so far, renewal rates. Again, the data is early, we started a month and a half ago I think. But so far the penetration rates are very solid, renewal rates are higher than in our other products. So we're feeling really good about that.

正如我在事先準備好的演講稿中所說，我們對目前的滲透率和續約率都非常滿意。當然，數據還處於初期階段，我們大概一個半月前才開始推廣。但到目前為止，滲透率非常穩健，續訂率也高於我們其他產品。所以我們對此感到非常樂觀。

Obviously, we are very much at the beginning of this journey. If you think about -- we've talked about OkCupid as a sort of analog for this in the past, and let's just say that Tinder has reached this level of penetration certainly much quicker than OkCupid did. Although that's really a false analogy, because OkCupid had been in existence for a long time.

顯然，我們還處於這段旅程的初期。想想看——我們過去曾把OkCupid當作一個類比，可以說Tinder達到如今的普及程度比OkCupid快得多。雖然這種類比並不完全恰當，因為OkCupid已經存在很久了。

I think the bigger point is that in the time since OkCupid was at this level, it has increased its penetration level multiple, multiple times. Plus 5X over the last couple years, while growing MAUs dramatically during the same period.

我認為更重要的是，自從OkCupid達到目前的規模以來，其用戶滲透率已經多次增長，尤其是在過去幾年裡增長了5倍以上，同時同期月活躍用戶數也實現了顯著增長。

So we are very, very bullish as we have been from the beginning about our ability to monetize this product. Both directly and through ad revenue, as we started to do this quarter as well. So very, very pleased on all fronts on the monetization side.

所以，我們從一開始就對這款產品的獲利能力充滿信心，而且信心十足。無論是直接獲利還是透過廣告收入（我們本季也開始嘗試這種方式），我們都非常滿意。總之，在獲利方面，我們各方面都非常滿意。

Greg, I don't want to push too much harder on this. But now that you are monetizing it and it doesn't seem to have a massive competitive threat, why can't we get a little bit more detail about just the size of the user base? MAUs, something to that effect, so that we can really get a judgment on how valuable this property could be longer-term.

格雷格，我不想在這件事上追問太多。但既然你們已經開始獲利，而且看起來也沒有太大的競爭威脅，為什麼我們不能了解更多用戶基數的細節呢？例如月活躍用戶數之類的，這樣我們才能真正判斷這個專案長期的價值。

Look, I understand the question. I think the counter to that is, this is a business that is still two and a half years old. There is new management in. It is really in every other circumstance but this, it would not be subject to the granular quarterly scrutiny that I understand you want.

我明白您的問題。我認為反駁的依據是，這家公司成立至今只有兩年半的時間，而且剛剛更換了管理階層。在其他任何情況下，它都不會受到您所希望的那種細緻的季度審查。

And I understand that you want it. Think about Facebook, two and half years old and decisions they were making. And it is just my job is to provide as much of a cocoon for them to avoid the pressures and distractions, frankly, that come from that sort of a disclosure.

我明白你們想要這個。想想Facebook，它才成立兩年半，他們當時所做的決定。坦白說，我的工作就是盡可能為他們提供一個安全的環境，讓他們免受那種資訊揭露帶來的壓力和乾擾。

And I understand that we may pay a price for that. Right now, if that's people's judgment, I can tell you that in aggregate, we have given you our ballpark for the future growth of this business. And that's really the best we can do at this point.

我知道我們可能要為此付出代價。如果這是大家的普遍看法，我可以告訴大家，總的來說，我們已經大致估算了這項業務未來的成長前景。而這真的是我們目前所能做的最好預測了。

I just don't want to get into with such an early-stage Company the month-to-month disclosure of highly granular amounts. I'll tell you that this quarter, we had more regs than any other quarter. The MAU growth continues to be solid.

我不想跟這樣一家新創公司進行每月披露非常細緻的財務數據的工作。我可以告訴你，這個季度我們收到的監管通知比以往任何一個季度都多。月活躍用戶成長依然穩健。

I will point out that Tinder unlike -- Tinder is really a cross over between a traditional social network and a traditional dating product in that it has more churn, less engagement, et cetera than a traditional social network. But less than a traditional dating product.

我要指出的是，Tinder 與傳統社交網路不同——Tinder 實際上介於傳統社交網路和傳統約會產品之間，因為它的用戶流失率更高、用戶參與度更低等等，但又比傳統約會產品要好。

So the new user to MAU relationship isn't going to be as strong as it is in say Facebook. But it's going to be stronger than it is in a regular dating product. And similarly, the ability to monetize is going to be much higher than a traditional social network, probably a little lower than in a traditional dating product. And that's really the best I can do right now.

所以，新用戶與每月活躍用戶之間的關係不會像Facebook那麼牢固，但會比傳統的約會產品牢固得多。同樣，它的獲利能力也會遠高於傳統社交網絡，可能略低於傳統約會產品。目前我只能說這麼多了。

Obviously, if growth was slowing meaningfully or that sort of thing, I'd tell you that. But we really just don't want to get into that mark-to-mark every quarter at this point.

顯然，如果成長明顯放緩或出現類似情況，我會告訴你。但目前我們真的不想每季都進行這種同比分析。

And that's where we all -- you've got to believe me that for management and everything else the distractions and pressures of that are real. And that's why traditionally, companies at this stage don't have to do it.

而這正是我們所有人——你必須相信我——對於管理和其他所有方面來說，其中的干擾和壓力都是真實存在的。正因如此，傳統上，這個階段的公司不必這麼做。

And we are lucky enough to have started it, and we understand we have responsibility to the public markets to give as much as we can. But we really don't want to screw up the long-term value creation of this business.

我們很幸運能夠創辦這家公司，我們也明白我們對公開市場負有責任，並且盡我們所能做出貢獻。但我們真的不想搞砸這家公司長期的價值創造。

Understand, thank you.

明白了，謝謝。

You're welcome.

不客氣。

John Blackledge with Cowen and Company.

John Blackledge 與 Cowen and Company 合作。

Great, thanks, a couple questions. What was the North American Match paid sub growth ex-Tinder? We had 8%, just wondering if you can impact that for us? Similarly, what was the international paid sub growth ex-Tinder?

好的，謝謝。我有幾個問題。剔除 Tinder 的影響後，北美 Match 的付費用戶成長率是多少？我們之前是 8%，想知道你們能否幫我們提高這個數字？同樣，剔除 Tinder 的影響後，國際付費用戶成長率是多少？

And then on Tinder, what was the free to paid penetration rate in March? And could you compare that versus OkCupid at a similar stage in their lifecycles? And how that penetration rate may ramp over time, and could it be higher than OkCupid? Thanks. I will give you some of these numbers now, just because it's the first time with Tinder. Going forward, we're really, again, we break down our sub numbers by North America, international and we'll continue to do that going forward.

那麼，Tinder 三月的免費用戶到付費用戶的轉換率是多少？能否將其與處於類似生命週期階段的 OkCupid 進行比較？ Tinder 的轉換率會如何隨時間成長？它有可能超過 OkCupid 嗎？謝謝。我現在就提供一些數據，因為這是我第一次提供 Tinder 的數據。接下來，我們會繼續按北美和國際市場細分用戶數量。

But because this was a first-time event, the North American numbers ex-Tinder out were a little higher than what you had. It was a high single digits. Very solid.

但由於這是首次舉辦，北美地區從 Tinder 退出的用戶數量比你們統計的要高一些，達到了接近兩位數，非常可觀。

I think I told you in January that we were at around 6%, and it continued to increase throughout the quarter. So your number is not far off, but it's a little low.

我記得一月的時候跟你說過，當時的比例在6%左右，而且整個季度都在持續成長。所以你的數字差不多，但還是稍微低了一點。

Internationally, the growth ex-Tinder was not as strong. It was more comparable to Q4 levels, Meetic, as I've said before, had a down 14% and now we are building up again.

從國際市場來看，剔除 Tinder 後，成長動能並不強勁。它更接近第四季度的水平。正如我之前所說，Meetic 的業績下滑了 14%，現在我們正在重回正軌。

But I think just the nature of the way new registrations come in and an old subs rolloff, you're in a trough for a little bit. So we expect that to -- the non-Tinder international subs to increase later in the year.

但我認為，由於新用戶註冊和舊用戶流失的規律，用戶數量會經歷一段低谷期。因此，我們預計今年晚些時候，非 Tinder 的國際用戶數量將會成長。

As far as penetration rate, again frankly, we don't give that on any of our businesses, and we are not going to give it on Tinder. There's real competitive issues there. And as I said in the answer to prior question, it is meaningfully smaller than OkCupid's today.

至於滲透率，坦白說，我們不會在任何業務中公佈這個數據，也不會公佈 Tinder 的滲透率。這方面存在著激烈的競爭。而且正如我在回答上一個問題時所說，Tinder 目前的滲透率遠低於 OkCupid。

We think that, as we have talked about, we think OkCupid is a good model. Meaning we think there is a long way to go, but there are some differences too. Meaning OkCupid is primarily North America where penetration rates are higher, so we think that in North America and Europe we should be able to hit similar rates as OkCupid, and the rest of the world probably meaningfully lower.

正如我們之前討論過的，我們認為OkCupid是一個很好的模式。這意味著我們還有很長的路要走，但也存在一些差異。 OkCupid主要針對北美市場，而北美的滲透率較高，因此我們認為在北美和歐洲，我們應該能夠達到與OkCupid類似的滲透率，但在世界其他地區，滲透率可能會顯著低於OkCupid。

So in aggregate, we don't expect them to have comparable penetration rates. But, frankly we think there is room to grow OkCupid's from where it is as well. So I think we are nowhere near the ceiling on Tinder's penetration rates.

所以總體而言，我們預期它們的滲透率不會相近。但坦白說，我們認為OkCupid的滲透率還有成長空間。因此，我認為Tinder的滲透率遠未達到上限。

As for the trajectory, I think as I have stressed in my prepared remarks and Q&A for many of the last quarters, it's really hard to predict. And again, it's this weird situation we're in by having this early-stage company housed in a public company.

至於發展軌跡，我認為正如我在過去幾季的準備發言稿和問答環節中反覆強調的那樣，這真的很難預測。而且，我們現在面臨的這種特殊情況，就是這家新創公司隸屬於一家上市公司。

If you would look at Facebook's monetization or Twitter's monetization in the early days, it was probably choppy and they were making various trade-offs and decisions. And it really wasn't -- hitting any particular trajectory, wasn't really top of mind.

如果你回顧一下Facebook或Twitter早期的獲利模式，你會發現它們的發展歷程可能並不順利，它們需要權衡各種利弊並做出各種決策。事實上，它們並沒有刻意追求某種特定的發展軌跡。

Here, I think we're probably a little more focused on it just by our nature. But the principle holds, which is, we're much more focused on making sure we continue to get product right. And frankly, we've got a lot of product to do, non-monetization product to do over the next year to really make Tinder as strong and as great a user experience as we think it can be.

我覺得我們可能因為自身特性而更重視這一點。但原則不變，那就是我們更專注於確保產品持續改進。坦白說，未來一年我們還有很多非營利產品需要開發，才能真正讓 Tinder 成為我們理想中那樣強大、用戶體驗最佳的產品。

Obviously, we are monetizing at the same time, but there will be trade-offs along the way. And that's why I've said in all of my prepared remarks that this year's quote, unquote, guidance, is probably a little -- has a smaller degree of certainty than typical. Because we face trade-offs and new facts on Tinder every day.

顯然，我們也在進行獲利，但過程中難免會有權衡取捨。正因如此，我在所有準備好的發言稿中都提到，今年的所謂「業績指引」可能不如往年那麼確定。因為我們每天都會在 Tinder 上面臨各種權衡取捨和新的情況。

Unlike a Match, where there is a scheduled product release cycle every two weeks, and it works like clockwork. This is still a startup, and things slip and priorities change. So we expect it to grow meaningfully over the duration of the year, but whether it's on a straight-line basis or not, my guess would be no.

與 Match 不同，Match 每兩週都有固定的產品發布週期，運作精準無誤。而我們畢竟是一家新創公司，難免會出現各種問題，優先順序也會有所調整。因此，我們預計它在今年內會有顯著增長，但增長速度是否會呈直線式，我個人認為不會。

Ross Sandler with Deutsche Bank.

羅斯‧桑德勒，德意志銀行。

Thanks guys. I had two quick questions on dating, and then one on the buybacks. So just following up on Tinder, can you just -- you guys had called out that there's a 200% year on year growth from Jan to Jan last call. Any update there on MAU growth?

謝謝各位。我有兩個關於約會的問題，還有一個關於回購的問題。關於 Tinder，你們之前提到過，從一月到二月，Tinder 的用戶量年增了 200%。請問 Tinder 的月活躍用戶成長有更新嗎？

And then I think in the prepared remarks, there was a sentence around, don't be surprised if there is future pivots. So can you just elaborate on what you might mean there?

然後，我想在準備好的發言稿裡，有一句話大概是說，如果未來出現方向轉變，不要感到驚訝。能否詳細解釋一下這句話的意思？

And then the second question on dating, is there was some one-time expenses in the remarks, $3 million in this first quarter, $9 million for the second quarter. I assume that is related to the replatforming.

關於約會的第二個問題，備註裡提到了一些一次性支出，第一季300萬美元，第二季900萬美元。我猜這跟平台遷移有關。

So you can you just confirm that? And then on the replatforming, can you talk about what you're going to be able to do once that is completed and some of the new flexibility that that offers?

所以您能確認一下嗎？關於平台遷移，您能談談遷移完成後您將能夠做什麼，以及遷移帶來的一些新的彈性嗎？

And then, Jeff, on buybacks. So you guys historically have said that you will do buybacks opportunistically when you feel like the stock is at a certain threshold, or when you're not restricted by any kind of corporate activity.

然後，傑夫，關於股票回購。你們過去曾表示，當你們認為股價達到某個臨界點，或不受任何公司活動限制時，你們會擇機進行股票回購。

So this is the first time we have seen in a while. Which best explains the buyback in the quarter, and where is the optimism coming from in terms of kicking this back on? Thanks.

這是我們一段時間以來第一次看到這種情況。什麼最能解釋本季的股票回購？而對於重啟這項計畫的樂觀又從何而來？謝謝。

Why don't I take the buyback question first, Ross. As we always say, our policy is that we buyback opportunistically, and that's what we did this quarter.

羅斯，不如我先回答股票回購的問題。正如我們一直所說，我們的政策是擇機回購，而我們本季正是這樣做的。

Our policy hasn't changed. We say it every quarter, there's nothing different, it still hasn't changed. And we just did it this quarter, so with that I will pass it back to Greg.

我們的政策沒有改變。我們每季都會重申，沒有任何變化，政策依然沒有改變。而且我們這個季度剛剛執行過，所以我就把這個問題交還給格雷格了。

MAU growth, as I said earlier, Q1 was the highest reg quarter we have had, MAU growth continues to be strong. The lot of large numbers, the rate of MAU growth declining somewhat as we had just huge growth last year, but still very solid MAU growth.

正如我之前所說，第一季是我們有史以來最高的常規季度月活躍用戶數成長，而且成長動能依然強勁。雖然用戶數量龐大，但與去年同期相比，每月活躍用戶數的成長率有所下降，不過整體成長依然非常穩健。

In terms of pivots, I guess what I mean is -- I'll give you an example, and maybe it's more granular than you want but it just gives you some insight. In February, when we launched our new release. There was a feature in the product that put an aggregate limitation on the number of right swipes that someone could do in a day.

說到調整，我的意思是──我舉個例子，可能有點過於細緻，但能讓你更清楚地了解狀況。二月我們發布了新版本。產品裡有個功能限制了使用者每天向右滑的次數。

And the objective there was to effectively help the ecosystem. Meaning, what we wanted to do was improve the value/quality of any given Match, and the way we did that was by limiting the total number of matches. So what we did is we decreased the volume of matches, while increasing the quality.

我們的目標是有效地幫助生態系統。也就是說，我們希望提高每場比賽的價值/質量，而我們實現這一目標的方式是限制比賽總數。因此，我們減少了比賽的數量，同時提高了比賽的品質。

And we measured that basically through the number of messages sent per Match and a whole bunch of other things. So we succeeded directionally.

我們主要透過每場比賽發送的訊息數量以及其他一系列指標來衡量這一點。所以從方向上看，我們成功了。

And then along with that came the monetization outcome. Meaning, when you hit that limitation, you had the ability to effectively by additional right swipes.

隨之而來的是獲利模式的改變。也就是說，當你達到限制次數時，你可以透過購買額外的右滑次數來獲得額外獎勵。

That's worked very well directionally, but we are testing whether we got the calibration right. Meaning, should we constrain volume more to increase quality of matches, should we constrain it less? All that sort of stuff.

從方向上看，這種方法效果很好，但我們正在測試校準是否正確。也就是說，為了提高比賽質量，我們應該進一步限制比賽場次，還是應該放寬限制？諸如此類的問題。

And depending on where that ends up, that could have a positive or negative impact on monetization in the near-term given the existing feature that we have. Long-term it doesn't matter because we have got ten other features that we are going to layer on top, et cetera.

而最終結果如何，取決於它對我們現有功能的短期獲利能力可能產生正面或負面的影響。從長遠來看，這並不重要，因為我們還有其他十個功能要在此基礎上疊加，等等。

But those are the kind of pivots that I mean which make tracking linearly in the early days difficult. Again, it could be a positive, it could be a negative, neither with any long-term implications. It is just in this world of quarterly reporting, and everyone so hawkishly looking at this at a time when that wouldn't ordinarily happen, I'm just preparing the world for non-linearity. It's really nothing more than that.

但我說的正是這類轉折點，它們使得早期階段的線性追蹤變得困難。再說一遍，這可能是好事，也可能是壞事，但都不會產生任何長期影響。只是在如今這個季度財報盛行的時代，每個人都如此鷹派地關注著這些轉折點——而這種情況通常不會發生——我只是在讓大家做好迎接非線性發展的準備。僅此而已。

In terms of the one-time expenses, yes. Basically we are doing a massive project that includes rebuilding our technology to make it much more nimble, much more able to with a given amount of work to leverage the benefits both within a given product line across multiple devices. Desktop, IOS, Android, also across product lines, People Media, Match, et cetera.

就一次性支出而言，是的。我們基本上正在進行一個龐大的項目，其中包括重建我們的技術，使其更加靈活，能夠在既定的工作量下，在特定產品線內跨多個設備（桌面、iOS、Android）以及People Media、Match等其他產品線中發揮更大的優勢。

So all that's happening. That will result in a smaller workforce. And simultaneously, we are reducing the number of principal locations in Europe from seven to three all as part of the same process.

所以，所有這些舉措都在進行中。這將導致員工人數減少。同時，作為同一流程的一部分，我們將歐洲的主要辦公地點從七個減少到三個。

So if you look at the $3.3 million of Q1 costs, two-thirds of that was severance. And about one-third was contract labor relating to this project. When you look at the $9 million we talked about for Q2, about 80% of it is severance/related legal, with the balance mostly contract labor.

所以，如果你看一下第一季的330萬美元成本，其中三分之二是遣散費，大約三分之一是與該專案相關的合約工費用。再看看我們之前提到的第二季900萬美元，其中大約80%是遣散費/相關法律費用，其餘部分主要是合約工費用。

So it's all related to this process that will leave us both faster and leaner at the end. I think that hit all of them.

所以這一切都與這個過程有關，最終會讓我們變得更快、更精簡。我認為這涵蓋了所有人的問題。

Yes, that was it. Thanks for the color. Thanks.

對，就是這個。謝謝你提供的色彩。謝謝。

Brian Fitzgerald with Jefferies.

Brian Fitzgerald 與 Jefferies 合作。

Thanks. Joey, in the letter you mentioned some of the experimental marketing spend at Ask. It drove revenue, but didn't deliver to expectations. Can you opine a bit on what you were trying to do there, and maybe why it didn't hit what you wanted to and how you are adjusting that? And what the implications are for the back half of the year?

謝謝。 Joey，你在信中提到了Ask的一些實驗性行銷投入。這些投入確實帶來了收入，但並未達到預期效果。你能否談談你當時的嘗試，以及為什麼沒有達到預期目標，還有你正在如何調整？這對下半年又會有什麼影響？

Sure. So we talked about the hit that Ask took in terms of its ability to market at the beginning of this year. And so we were doing a bunch of experimental things to figure out where to resume the growth or return the growth.

當然。我們之前討論過Ask今年年初在行銷上遭受的打擊。所以我們做了很多實驗，想找出恢復成長的方法。

And some of that stuff worked, and some of that stuff didn't. But the nature of it is, you try out different marketing channels or you try out marketing different experiences. And we put a lot of things out there over the course of the quarter.

有些方法奏效了，有些則不然。但這就是行銷的本質，你會嘗試不同的行銷管道，或是嘗試推廣不同的體驗。我們在這個季度推出了很多東西。

And we were able to drive revenue through those things, but not really profits. I think where we came out in the beginning of the year, the impact of the business in the beginning of the year, we bounced back from that bottom a little bit. But I don't see us taking back the volume that we lost.

我們確實透過這些措施提高了收入，但利潤卻沒有真正成長。我認為年初業務受到的衝擊很大，我們雖然從低谷有所反彈，但銷量已經回升，無法彌補先前的損失。

And just to give a sense of it, probably across the websites revenue or websites revenue/page view is in the 10% to 15% range. And we've gotten back a little bit of that, but we didn't get back the majority of it. And it will take, I think, the course of the year to figure out how to build that back.

簡單來說，網站整體收入或網站每頁瀏覽量收入大概下降了10%到15%。我們已經恢復了一些，但大部分還沒恢復。我認為，我們需要花一整年的時間才能找到恢復這部分收入的方法。

So it's still experimental. I mentioned in the remarks, we have been investing in the content and unique or proprietary content at Ask to drive a more unique content experience with real reliable answers. And we're rolling that out and we'll see how that goes over the course of the year, but we will have this year to prove that out or not.

所以它目前仍處於試驗階段。正如我在演講中提到的，我們一直在Ask平台上投入資源，打造獨特或專有的內容，以提供更獨特的內容體驗和真正可靠的答案。我們正在逐步推廣這項服務，並觀察其在今年的效果，但我們將利用這一年來驗證其有效性。

Great. And then maybe a quick follow on. You mentioned -- you had comments around improving yield on programmatic inventory at the various properties like dictionary.com.

好的。接下來或許可以再補充一點。您曾提過－您對提高dictionary.com等不同平台上的程式化廣告收益發表了一些看法。

We think you are doing a great job in terms of the degree of programmatic baked into About. Would you say, hey we're trying to -- that is the gold standard, and we are trying to take some of our other properties and bring them up to About's level of sophistication and yield on the programmatic side, is that a valid point? And then how should we think about timing in terms of movement to that higher level of yield?

我們認為你們在About平台程式化廣告的運用上做得非常出色。您是否認為，我們正在努力將其他一些平台的程序化廣告水平提升到About的水平，使其達到行業標桿，並提高收益？這種說法是否合理？此外，在提升收益水準方面，我們該如何把握時機？

So it's definitely a valid point. It's not just through the execution on the product, it is also pulling the data together. So the more data we have across all the properties, and we have a good range of properties in there.

所以這絕對是一個有效的觀點。這不僅關乎產品的執行，也關乎資料的整合。因此，我們擁有的數據越多，涵蓋所有類型的房產就越豐富，而我們擁有的房產種類也很齊全。

We have dictionary in there, we have ample shopping properties. And the shopping properties have very good data in terms of what users are interested in, and data that advertisers value in terms of targeting users.

我們內建了字典，還有豐富的購物功能。這些購物功能擁有非常優質的用戶興趣數據，這些數據對於廣告主進行精準定位也至關重要。

So there is the data component too on top of just simply executing better. And adding more sophisticated processes in terms of what you sell premium, what you put into the programmatic marketplaces, and how you price those things.

所以，除了提升執行力之外，數據也是一個重要因素。此外，還需要在銷售優質產品、投放程式化廣告市場以及定價等方面增加更複雜的流程。

So it's a combination of all of those things, and I think that continues to phase in over the course of the year. We have more properties slated for basically the new programmatic technology, and I think we're pretty optimistic about what that will do. But it phases in slowly over the course of the year.

所以這是所有這些因素綜合作用的結果，我認為這項技術會在今年內逐步推進。我們計劃將更多資產應用到這項新的程序化技術中，而且我們對它帶來的效果非常樂觀。但這項技術需要在今年內緩慢推廣。

Great, thanks.

太好了，謝謝。

Jason Helfstein of Oppenheimer.

奧本海默公司的傑森‧赫爾夫斯坦。

Thanks, a few questions. Just back on dating for a second.

謝謝，我有幾個問題。只是想再聊聊約會這件事。

So I think Match EBITDA was a bit lower than expected, a bit lower than us in the street were looking for. Can you talk about how much you think that was due to perhaps FX being a little worse than you thought? Did you spend a bit more on marketing because you saw higher or you saw more attractive CPAs, so effectively a bit of a pull forward of marketing spend from the second quarter?

所以我認為，Match 的 EBITDA 略低於預期，也低於我們業內人士的預期。您能否談談您認為這在多大程度上是由於匯率波動比您預想的要糟糕？您是否因為看到了更高的或更有吸引力的每次轉換成本 (CPA) 而增加了行銷支出，從而有效地將第二季的行銷支出提前到第二季？

And then also, can you clarify the full-year revenue and EBITDA guidance for Match, and if it is a change from the last quarter? As far as for the full-year guidance. Is that a change from the last guidance? Thanks.

另外，能否說明Match的全年營收和EBITDA預期，以及與上一季相比是否有變動？至於全年預期，是否與先前的預期有所不同？謝謝。

Yes. I'd have to go back and reconcile, but at least excluding FX, Match came in basically where I expected it to come in. So I think about it excluding FX, and I am not sure what the exact intra quarter impacts were.

是的。我得回去核對一下，但至少撇開匯率因素不談，Match 的表現基本上符合我的預期。所以我考慮了一下，撇開匯率因素，我不太確定季度內的具體影響是什麼。

So I don't know if that made it worse or better than where it was three months ago. But I think I said last quarter that we were going to take EBITDA down meaningfully, due to increased investment in the non-dating businesses, which we did. And a variety of other factors, which we talked about in the release.

所以我不知道這比三個月前的情況是好轉還是惡化。但我記得上個季度我說過，由於對非約會業務的投資增加，我們的 EBITDA 將大幅下降，而我們也確實做到了。另外還有其他一些因素，我們在新聞稿中也提到了。

So it came on where I expected it, and I don't know exactly where the street landed or anything else or how we did against that. But FX impacts were real and I think called out, but I can't reconcile it against where we were. Certainly nothing unexpected happened in the quarter, things went generally as we expected.

所以結果和我預想的一樣，但我並不清楚市場的最終反應，也不知道我們在這方面做得如何。匯率波動的影響是真實存在的，而且我認為已經有人指出了，但我無法將其與我們先前的業績相吻合。當然，本季並沒有發生任何意外，一切都在預期之中。

In terms of the guidance, I don't think there was intention to meaningfully move the guidance. Again, I don't remember the exact words that were used last quarter, but I think it is still pretty much the same.

就業績效指引而言，我認為並沒有打算做出實質調整。我記不清上個季度的具體措辭了，但我認為內容基本上保持不變。

We had lower revenue growth in Q1. We expect that revenue growth to increase pretty meaningfully, and be in that increased ballpark the rest of the year with a return to EBITDA growth in Q2. Although still, we are riding a wave of opportunistic marketing spend in dating, which especially in mobile, we have not seen before. So we are enjoying it.

第一季我們的營收成長放緩。我們預計營收成長將顯著回升，並在今年剩餘時間內維持在這一成長水平，同時第二季EBITDA也將恢復成長。儘管如此，我們目前仍受益於約會領域（尤其是行動端）前所未有的行銷機會主義支出浪潮。因此，我們對此感到非常滿意。

Obviously, that comes at the expense of current period earnings. But then the back half of the year, we expect to make it up and we expect to be in solid double-digit EBITDA growth for the year. So, I'm pretty sure that's generally where we have been if there was any nuance toward differences, they weren't intentional from my part.

顯然，這會犧牲當期收益。但我們預計下半年能夠彌補損失，並實現全年兩位數的穩健 EBITDA 成長。所以，我確信我們目前的預期大致如此，如果有任何細微差別，那並非我的本意。

I would just add, there was zero change in guidance, just to --

我只想補充一點，指導方針沒有任何變化，只是——

More definitive.

更明確。

On the earlier comment, I think we said there would be a significant decline in EBITDA, to Greg's point. We had internal numbers, we were on top of our internal number, the street averaged to a higher number than our internal numbers. So there's nothing really driving a quote, miss there, or anything. It was just the math of the street analysts that drove that.

關於先前的評論，我認為我們說過EBITDA會大幅下降，正如Greg所說。我們有內部數據，我們的預測與內部預測相符，但華爾街的平均預期高於我們的內部預測。所以，報價、預測失誤或其他任何因素都不是真正導致的。這僅僅是華爾街分析師的計算結果造成的。

And was there a follow-up there?

之後有後續進展嗎？

Yes, just a quick follow-up on the platform improvements, consolidations. Is there a chance that you get this done sooner? How is that going relatively?

是的，關於平台改進和整合方面，我想快速跟進。有沒有可能提前完成？目前進展如何？

I think the thought would be, you would be done perhaps sometime early next year or early to mid next year. Is there a chance that you get the platform upgrades done this year?

我認為大概會在明年年初或年中完成。今年有可能完成平台升級嗎？

I would say to my limited knowledge, if we got it done ahead of schedule it would be the first in history to do that. That tends not to happen. But I would say it differently in seriousness.

以我有限的知識來看，如果我們能提前完成，那將是歷史上第一次。這種情況通常不會發生。但說真的，我得換個說法。

Which is, it's not going to be a single moment when it's done. Meaning there are parts that -- we get that it fits as it goes. For instance, we have shrunk heads, we get some of that benefit on the cost side on particularly the benefits.

也就是說，這不會一蹴可幾。這意味著它包含多個部分——我們明白它會隨著進展逐步完善。例如，我們縮小了頭部，這在成本方面帶來了一些好處，尤其是在收益方面。

If you think about it this way, there are benefits that -- we will get the benefits that apply directly to the Match US business this year. Then, the ability to export those benefits to our other product lines happens at the beginning of next year, so its like a sequence as we roll things on. It's not like there is a single moment where you flip the switch.

這樣想來，我們今年就能直接獲得適用於美國Match業務的收益。然後，要到明年年初才能將這些收益推廣到我們的其他產品線，所以這是一個循序漸進的過程。這並非一蹴而就，也不是一蹴可幾的。

That's helpful, thank you.

這很有幫助，謝謝。

Brian Nowak with Morgan Stanley.

Brian Nowak，摩根士丹利。

Great, thanks for taking my questions. The first one, can you talk a little bit more about the Tinder paying sub characteristics? Are they often also paying subs to other dating sites like Match or OkCupid? So are you seeing people pay for multiple sites, or are they switching from OkCupid toward Tinder?

太好了，謝謝您回答我的問題。第一個問題，您能詳細談談Tinder付費會員的特色嗎？他們通常也會付費訂閱其他約會網站，例如Match或OkCupid嗎？也就是說，您觀察到有人同時付費訂閱多個網站，還是他們從OkCupid轉到了Tinder？

And then the second one, just on the full-year revenue and EBITDA guidance. Recognizing there's a lot more uncertainty this year, given Tinder. But can you just talk a little bit about what is embedded in the guidance for non-Tinder sub growth versus Tinder sub growth for the year? Thanks.

第二個問題是關於全年營收和 EBITDA 的預期。考慮到 Tinder 的情況，今年存在更多不確定因素。您能否談談非 Tinder 用戶成長預期與 Tinder 用戶成長預期之間的差異？謝謝。

Sure. I don't have specific data that shows -- again, we are a month and a half into this. And I don't have specific data that shows me the specific crossover characteristics of Tinder paying users and other products.

當然。我沒有具體數據來證明這一點——再說一遍，我們才進行了一個半月。我也沒有具體數據來顯示 Tinder 付費用戶和其他產品的具體交叉特徵。

What I will say is that Tinder, unlike these other products, is a global business. And we are getting very strong payment throughout the world. And what we've seen without regard to payers, but just looking at Tinder users generally, is that there is a fair amount of crossover, but still a huge number of people that Tinder has brought into the category on its own.

我想說的是，與其他產品不同，Tinder 是一家全球性企業。我們在全球範圍內都獲得了非常強勁的支付收入。而且，撇開支付方不談，僅從 Tinder 用戶整體來看，我們發現雖然有相當一部分用戶重疊，但 Tinder 本身也吸引了大量用戶加入這個類別。

So it's always been a characteristic of this space that a fair number of users use multiple products. And I don't expect Tinder to be any different. It's one of the reasons that we pursued and continue to pursue a portfolio strategy in this space.

因此，使用者同時使用多個產品一直是這個領域的一大特色。我預計 Tinder 也不會例外。這也是我們過去和現在在這個領域推行產品組合策略的原因之一。

Tinder is clearly the biggest property, certainly that we have, and I think anywhere it's measured correctly. But I think there are people who use other products, and there are people who use this product and both. So there is no overwhelming -- there is no aha information that we have relating to Tinder in this area that differs meaningfully from our other products.

Tinder 顯然是我們最大的資產，這一點毋庸置疑，而且我認為無論從哪個角度衡量都是準確的。但我認為，有些人會使用其他產品，有些人會同時使用 Tinder，或是兩者都用。因此，就 Tinder 而言，我們並沒有掌握任何壓倒性的優勢——或者說，我們並沒有發現任何顯著不同於其他產品的重大資訊。

In terms of PMC growth, I think -- just get the -- I want to look at an exact number here for a second. Before I speak out of school. Yes, I think for the full-year, I think if you exclude Tinder, you think about it on a global basis, we are looking at the high single digits. Is what is embedded in our numbers.

就私人媒體公司（PMC）的成長而言，我認為——先說明一下——我想先看一下具體的數字。免得我妄下斷言。是的，我認為就全年而言，如果排除Tinder，從全球範圍來看，我們看到的是一個位數的成長率。這就是我們數據中反映出來的。

So I said earlier that North America ex-Tinder was already there, and international was behind. And I'm not saying it will be an equal blend between the two. But on a blended basis, we think that we are going to get back to the high single-digit blended rate ex-Tinder.

我之前說過，北美地區從 Tinder 流失的用戶比例已經很高了，而國際市場落後了。我並不是說兩者最終會完全融合。但就整體而言，我們認為從 Tinder 流失的用戶比例最終會回到接近 10% 的水平。

Great, thanks.

太好了，謝謝。

Peter Stabler with Wells Fargo Securities.

Peter Stabler，富國證券。

Good morning. Thanks for taking the questions. A couple for Joey.

早安.謝謝你回答問題。我問喬伊幾個問題。

Wondering if you could step back and talk a little bit at a high level on the applications business? How you feel you are navigating the mobile transition, and you talked about some of the success or challenges you are seeing on the mobile side ex-Tinder?

能否請您簡要談談應用業務的整體情況？您如何看待行動轉型？您之前在 Tinder 以外的行動領域取得了哪些成功或面臨哪些挑戰？

And then maybe some comments on the B2B side. Maybe a little color on trends you are seeing there, and how we should be thinking about that issue on the B2B side. Thanks very much.

然後，或許可以談談B2B方面的問題。例如，您觀察到的一些趨勢，以及我們應該如何從B2B的角度看待這個問題。非常感謝。

Sure. On applications, first I'll start by saying that 300 million PCs shipped this year, somewhere in that ballpark. And that is down maybe -- or will ship this year, and that is down maybe 5% year-over-year. I think in five years, there will be 1 billion PCs if you believe it drops 5% a year, and that's probably an aggressive assumption for how quickly it drops.

當然。關於應用方面，首先我想說的是，今年個人電腦出貨量大約是3億台。而且這個數字可能比去年有所下降，或者說今年的出貨量會下降5%左右。我認為，如果假設出貨量每年下降5%，那麼五年後個人電腦的出貨量將達到10億台，而這可能還是對下降速度的一種過於樂觀的估計。

And when we look at our data, we don't see the people abandoning their PCs for search. So it's small, it's probably a low single-digit percent. We try and look at it a lot of different ways, and it is probably a low single-digit percentage year-over-year.

當我們查看數據時，並沒有發現人們放棄使用電腦而轉向搜尋引擎的情況。所以這個比例很小，可能只有個位數百分比。我們從很多不同的角度分析過，與去年同期來看，這個比例可能還是只有個位數百分比。

So we are not seeing -- it's not that we are not seeing the massive growth to mobile, of course, we're just not seeing a huge hit to users searching on PCs. At least our users and our product. Now our users may lag the market by 6 to 18 months or something like that, but still it is not obvious or pronounced in the numbers.

所以，我們並沒有看到——當然，我們並非沒有看到行動端的迅猛增長，只是沒有看到PC端用戶搜尋量受到巨大衝擊。至少我們的用戶和產品是如此。我們的用戶可能比市場落後6到18個月左右，但這在數據上並不明顯。

But all that said, of course, we are trying to embrace mobile. I don't think that the search monetization business translates naturally to mobile. But there is alternatives in mobile that have similar features, which is a relatively easy and quick conversion in terms of payment through the app store or in app purchases or advertising.

當然，我們仍在努力擁抱行動端。我認為搜尋變現模式無法自然地移植到行動端。但行動端存在一些功能類似的替代方案，它們可以透過應用程式商店、應用程式內購買或廣告等方式實現相對便捷快速的付費轉換。

And we are very early on that with Applon, but we like the progress we have on Applon. We like the progress we have on dictionary.com in terms of our presence in the app store, our distribution, our MAUs, all those. The issue is outside of games. The monetization on our apps is not huge and not yet comparable to what we are doing in search.

我們在Applon方面還處於非常早期的階段，但我們對Applon的進展感到滿意。我們對dictionary.com的進展也感到滿意，包括我們在應用程式商店的曝光度、分發管道、每月活躍用戶數量等等。問題出在遊戲以外的領域。我們應用的獲利規模並不大，還無法與我們在搜尋領域的獲利能力相提並論。

So we've got to make those formulas work. I think we like where we are in the product in terms of mobile, in terms of what we have with Applon and others. But getting the monetization our there is going to take us some time, and we've got to get the monetization up to a level where we think we can market profitably at scale.

所以我們必須讓這些方案奏效。就行動端產品而言，就我們與 Applon 和其他合作夥伴的合作而言，我認為我們目前對產品現狀感到滿意。但要實現獲利還需要一些時間，我們必須將獲利水準提升到我們認為可以大規模獲利的程度。

And we're seeing some early signs of marketing working nicely on Facebook. We're seeing some early signs of marketing start to work on Google. But we've got a long way to go in terms of reaching the same scale we have reached on the desktop business where we are monetizing primarily with search.

我們看到一些早期跡象表明，Facebook上的行銷效果不錯。我們也看到一些早期跡象表明，Google上的行銷也開始奏效。但要達到我們在桌面端業務（我們主要透過搜尋獲利）所取得的規模，我們還有很長的路要走。

In -- B2B was your next question. The B2B business has -- what we're doing well there is we have a nicely monetizing product that has a within the set of principles where we operate, is I think the best monetizing product. And large downloadable branded software players still very much want that service.

——你的下一個問題是B2B業務。 B2B業務－我們在這方面做得很好，我們擁有一款盈利能力很強的產品，而且它符合我們營運的原則，我認為它是目前為止盈利能力最強的產品。大型可下載品牌軟體廠商仍然非常需要這項服務。

We just renewed one of our biggest deals for a three-year renewal. And that's with a leading brand, and that's very encouraging in the product.

我們剛剛續簽了一份為期三年的大型合約。而且是與一個領先品牌合作，這對產品來說是一個非常令人鼓舞的消息。

I think that there is a segment of the market that has gotten away from us that we are not chasing. And our existing partners have probably lost some share to that segment of the market.

我認為有一部分市場已經從我們手中溜走了，我們沒有積極開拓這部分市場。而我們現有的合作夥伴可能也因此失去了部分市佔率。

So that's been the confluence of events that has where led to where we are in B2B. I think we have and will have a sustainable core business there, but it's been a drag and especially in terms of year on year. Not so much sequentially anymore, but in terms of year on year it is a drag on the earnings growth.

所以，正是這些因素共同導致了我們在B2B領域的現狀。我認為我們過去和將來都會擁有一個可持續的核心業務，但它一直拖累著我們的業績，尤其是在同比方面。雖然環比方面的影響已經有所緩解，但年比來看，它確實拖累了我們的獲利成長。

Very helpful, thanks.

非常有用，謝謝。

Kerry Rice with Needham.

Kerry Rice 與 Needham。

Thanks, a couple questions. One, back on Tinder, but related to advertising. I think you had a pretty big ad campaign with Budweiser I think in Q1.

謝謝，我有幾個問題。第一個問題還是關於Tinder的，跟廣告有關。我記得你們第一季好像跟百威啤酒合作過一個規模很大的廣告活動。

Can you talk a little bit about that, and maybe the strategy going forward? Was that a test, or will we continue to see that grow?

您能談談這方面的情況，以及未來的策略嗎？那隻是一次嘗試，還是我們會繼續看到它發展壯大？

And then back on search, and the websites. With things coming down still in the websites, but the content coming up. How do we think about that stabilizing through 2015?

然後我們再回到搜尋和網站方面。雖然網站上的內容仍在減少，但新的內容卻在增加。我們如何看待這種情況在2015年趨於穩定？

Do we expect to see some growth in the second half of the year, year-over-year? Or we'll just pretty much through 2015 we will see that continue to come down, even though we will see maybe some sequential uptick there? Those are my questions. Thanks.

我們預計下半年年比會有所成長嗎？還是說2015年全年都會持續下滑，即使可能有些環比回升？這就是我的問題。謝謝。

Yes, on the Bud campaign, it was a great campaign. It was a test in that we set out to learn a bunch, but they paid us to do the test. So it was also just regular old advertising, and it did great.

是的，百威啤酒的廣告活動非常成功。它既是一次測試，因為我們想從中學習很多東西，但他們也付錢讓我們做這個測試。所以它本質上也是一個普通的廣告活動，而且效果非常好。

And I think it taught us a lot. And we are in the process of formulating that ad strategy.

我認為這讓我們受益匪淺。我們正在製定相關的廣告策略。

Nothing really to talk about other than it literally blew away our expectations in terms of user engagement. User experience was actually positive not negative in the way we did it. And so we feel really great about the opportunities there, and I'm sure we will have more to talk about on that front next quarter.

除了用戶參與度遠超預期之外，其實沒什麼好說的。用戶體驗也非常好，沒有出現任何負面情況。所以我們對這方面的機會感到非常樂觀，我相信下個季度我們會在這方面有更多進展。

And websites growth year on year, I think you should think about it probably over the course of the year being a decline. Maybe by Q4, we get back to growth, I think it's somewhere between Q4 and next year just given the impact from the Ask changes.

至於網站年增長率，我認為你應該考慮到它今年可能會下滑。也許到第四季我們才能恢復成長，但考慮到 Ask 平台變化的影響，我認為恢復成長的時間點可能在第四季到明年之間。

Thank you.

謝謝。

Chris Merwin with Barclays.

克里斯·默溫，巴克萊銀行。

Great, thank you. So could you just talk a bit about some of the things that you are doing to improve engagement with the app now that you are eliminating likes? Are there any ways to add some personalization like giving people the option of only seeing profiles of people where there's a friend comment?

太好了，謝謝。既然你們取消了按讚功能，能否談談為了提升用戶參與度，你們都做了哪些努力？有沒有辦法增加一些個人化功能，例如讓用戶可以選擇只查看有好友評論的用戶的個人資料？

And I think Hinge still gets brought up as a competitor. And really I think is the only source of differentiation is to showing people with friends and comments, if you could add that layer personalization in except with a much larger user base.

我認為Hinge仍然經常被提及為競爭對手。實際上，我認為它唯一的差異化優勢在於能夠向用戶展示好友和評論，如果能在此基礎上增加個人化功能，並擁有更大的用戶群體，那就更好了。

And then secondly, is there any change to the long-term guidance that you gave for the $500 million in Match EBITDA in 2016? Or is that still the right way to think about the opportunity? Thanks.

其次，您之前給出的2016年Match EBITDA達到5億美元的長期預期是否有任何變化？或者說，這種看待機會的方式仍然正確嗎？謝謝。

On the first question, we do a fair amount with the social graphs behind the scenes and the algorithm, but not nearly as much as we should. And I do think that that will play a larger role. Facebook also is changing some of its rules about access to the graph, which I think ultimately the way those rules changes come benefit people with existing scale far more than not.

關於第一個問題，我們在後台對社交圖譜和演算法做了不少工作，但遠遠不夠。而且我認為，這將會發揮更大的作用。 Facebook 也在修改一些關於存取圖譜的規則，我認為最終這些規則的改變對那些已經擁有一定規模的用戶來說，利大於弊。

So I think we feel pretty good about that. Literally, when you think about the Tinder product, it's genius is its simplicity. So I don't think you'll see it cluttered up with a million things.

所以我覺得我們對此很有信心。說真的，想想 Tinder 的產品，它的精妙之處在於簡潔。所以我認為你不會看到它被各種各樣的東西堆砌在一起。

But the counter to that is, it really hasn't changed very much from the beginning. And I think we've got new leadership in, and a new push to really do a lot of really clever things. And I'm not going to get into what they are now.

但反過來說，它其實和最初相比並沒有太大變化。我認為我們現在有了新的領導階層，也注入了新的動力去實施許多非常巧妙的措施。至於具體是什麼，我就不多說了。

But I think over the course of next year, you'll see both a lot of things improve the core functionality. Which is better matches, more engagement through better matches and through easier means of communication, and then also probably a few what I will call game changers. Meaning things that fundamentally enables some new functionality that will be really exciting. And that's a little further down the road.

但我認為，在接下來的一年裡，你會看到很多方面得到改進，包括更精準的匹配、透過更精準的匹配和更便捷的溝通方式提升用戶參與度；此外，可能還會出現一些我稱之為「顛覆性變革」的功能，也就是從根本上實現一些令人興奮的新功能。不過，這些還需要一段時間才能實現。

But we've got big ambitions on the product side. And really in some ways, it's an untended garden. We launched it, and have been harnessing its growth without really putting in the rigor and discipline on the product side where you are constantly improving.

但我們在產品方面雄心勃勃。實際上，在某種程度上，它就像一座無人照顧的花園。我們推出了產品，並一直在利用它的成長，卻沒有真正投入產品方面的嚴格管理和持續改進。

But I think we are bringing to the experience now. So we are very excited.

但我認為我們正在為這種體驗增添新的元素。所以我們非常興奮。

I somehow lost the second part of the question. What was it?

我不知怎麼的把問題的第二部分弄丟了。那第二部分是什麼？

Sure. Just following up on --

當然。我只是想跟進一下——

The $500 million, right. I guess I would put it this way. Which is, when I first talked about it, it was a way to think about the growth as a way that could happen.

沒錯，就是那5億美元。我想我會這樣說。也就是說，我最初談到這個的時候，把它看作是一種思考成長方式的途徑。

Since then, unfortunately, we have lost about $15 million to $20 million from pure FX off that number. Meaning, just FX has worked against us in that way. So if you put that aside, I feel good about it. Meaning it is still very hittable, we maybe missed it, as I said last quarter.

不幸的是，自那以後，我們僅因外匯波動就損失了大約 1500 萬至 2000 萬美元。也就是說，光是外匯波動就對我們造成了不利影響。所以，如果撇開這一點不談，我對整體情況還是比較樂觀的。也就是說，這個目標仍然很有可能實現，我們可能只是錯過了，就像我上個季度說的。

If we missed it, I don't think it will be more than by a quarter or two. But that is certainly the zip code -- we're in that zip code for 2016, and not $400 million is the zip code.

如果我們錯過了目標，我認為差距不會超過四分之一或兩個百分點。但這確實是關鍵所在——我們2016年的目標就是這個目標，而不是4億美元。

That's much more where we think we are. And I think we are probably two quarters away from giving you real thoughts like this is our real outlook. But in terms of a ballpark way to think of where we should land, I think it's still very solid.

這更符合我們目前的預期。我認為，大概還需要兩個季度的時間，我們才能給出更確切的展望。但就大致的預期而言，我認為目前的情況仍然非常穩健。

All right, thank you.

好的，謝謝。

Mark Mahaney with RBC Capital Markets.

馬克‧馬哈尼，加拿大皇家銀行資本市場。

Thanks. Just a question about Home Advisor. Could you just remind us, this $350 million in total revenue this year, what kind of profitability, what kind of EBITDA margins can you get against that?

謝謝。我還有一個關於Home Advisor的問題。您能否提醒我們一下，今年3.5億美元的總收入，對應的獲利能力如何？ EBITDA利潤率大概是多少？

Either, where you think long-term EBITDA margins for that segment can go, or where they have hit in the past? And then just in terms of the sustainability of growth at Home Advisor, you talk about the instant booking and instant connect. So sounds like there's still some interesting exciting new product developments coming out.

您認為該業務部門的長期 EBITDA 利潤率能達到什麼水準？或者說，他們過去的 EBITDA 利潤率達到過什麼？另外，就 Home Advisor 的成長可持續性而言，您提到了即時預訂和即時連線。聽起來，他們還有一些令人興奮的新產品即將推出。

Do you think that of all of the changes and the adjustments you have made to restimulate growth there, you've got most of them out except for maybe those two? Or do you think there's still a lot of new product innovations there, and that gives you a lot of confidence that this kind of growth is relatively sustainable, not just for a couple of quarters but for a couple of years? Thanks.

您認為為了重振成長而做出的所有改變和調整中，除了那兩項之外，大部分都已經完成了嗎？或者您認為那裡仍然有很多新產品創新，這讓您很有信心這種增長是相對可持續的，不僅僅是幾個季度，而是幾年？謝謝。

A couple things. One is, I think at its peak, Home Advisor's EBITDA margins were in the high teens. It right now a little bit below that. And we think that longer-term, the margins can certainly exceed that number as it gets more scale and potentially get materially higher.

有幾點要說明。首先，我認為Home Advisor的EBITDA利潤率在其巔峰時期曾達到10%。目前略低於這個水平。我們認為，從長遠來看，隨著公司規模的擴大，其利潤率肯定能夠超過這個數字，甚至可能大幅提升。

If you think about the characteristics of a two-sided marketplace that gets scale. If we drive retention appropriately and the sales force becomes a smaller percentage of the revenue, you can get very high margins.

如果你仔細想想，一個規模化的雙邊市場有哪些特色。如果我們能有效提高客戶留存率，並降低銷售人員在收入中所佔的比例，就能獲得非常高的利潤率。

I think secondly, in terms of new products, we're in the middle of rolling out the direct booking. We think that's a very exciting product, and it will gain traction through liquidity on both sides -- with both the consumers and the service professionals using it. We will have a consumer facing product. We also are rolling a service provider facing product, which is management software that includes calendaring and CRM.

其次，就新產品而言，我們正在大力推廣直接預訂功能。我們認為這是一個非常令人興奮的產品，它將憑藉其在消費者和服務專業人員兩方面的流動性而獲得廣泛應用。我們將推出面向消費者的產品。同時，我們也正在推出服務供應商的產品，這是一款包含行事曆和客戶關係管理 (CRM) 功能的管理軟體。

And so we think that both products on both sides of the marketplace are the real key to establishing leadership in the segment. And look, we think -- I don't know what inning we are in, but we think that there is a great deal of innovation yet to be done. We are not done with just these products, and we are going to continue to look at improving the user experience and the quality of the technology on both sides of the marketplace.

因此，我們認為，市場兩端的產品才是確立該領域領導地位的真正關鍵。而且，我們認為──我不知道我們現在處於哪個階段，但我們認為還有很多創新空間。我們不會止步於這些產品，我們將繼續致力於提升市場兩端的使用者體驗和技術品質。

It's a pretty significant marketplace. I think there are estimates that $7 billion to $10 billion is spent by service professionals on advertising or home services annually. And I think if you look at the leading players in this space, we are talking about maybe 10% penetration of that.

這是一個相當大的市場。據估計，服務業專業人士每年在廣告或家事服務上的花費高達70億至100億美元。而我認為，即使看看這個領域的領導企業，它們的市場滲透率可能也只有10%左右。

Of course, then when you involve all of online advertising, I think it gets bigger. But it's been a space that has been slower to move online than other professional categories, given the sophistication of the professionals with technologies. So I think we really can sustain these growth rates longer than the acceleration we've seen over the last three plus quarters in the over 20% range, up to now the over 30% range.

當然，如果把所有線上廣告都算進去，我認為規模會更大。但考慮到專業人士對技術的掌握程度，這個領域的線上化過程比其他專業領域慢一些。所以我認為，我們完全可以維持目前的成長速度，比過去三個多季度以來超過20%甚至超過30%的成長速度持續更長時間。

(Operator Instructions)

（操作說明）

John Blackledge with Cowen and Company.

John Blackledge 與 Cowen and Company 合作。

Great, thanks. Just a couple follow-ups.

太好了，謝謝。還有幾個後續問題。

The search deal with Google is up in Q1 2016. Could you give us an update on how discussions are going, either for a renewal or a potentially new deal with new partners? And how would the new deal compare to the current deal?

與Google的搜尋合作協議將於2016年第一季到期。可否告知我們目前關於續約或與新合作夥伴達成新協議的談判進度？新協議與現有協議相比有何不同？

And then on Home Advisor, Amazon and Google are getting into the local services business, which may validate the size of the market or opportunity. How do think Home Advisor is competitively positioned with some of these larger players getting into the market? Thank you.

此外，亞馬遜和谷歌也開始涉足在地服務領域，或許印證了市場規模和機會之大。您認為在這些大型企業進入市場後，Home Advisor 的競爭地位如何？謝謝。

On a search deal, we are not going to comment on negotiations. I'll say we have active discussions with all the players in the market, and we will certainly report when we have something to report in there.

關於收購交易，我們不會對談判細節發表評論。我只能說，我們正在與市場上的所有參與者積極洽談，一旦有任何進展，我們一定會在第一時間公佈。

Can you repeat the question?

你能再說一次問題嗎？

Yes, in Home Advisor. With Amazon and Google getting into the local services business, how do you think Home Advisor is competitively positioned with those players entering the market? Thanks.

是的，在Home Advisor裡。隨著亞馬遜和谷歌進軍當地服務領域，您認為Home Advisor在這些競爭對手進入市場後，市場定位如何？謝謝。

Listen, Amazon and Google, obviously, have tremendous reach in traffic and pose a threat any time they decide to enter a business. At the same time, they are also incredibly broad and have a lot of real estate dedicated to a lot of businesses whereas Home Advisor brings a singular brand and focus that they don't. So we will have to respect the reach focus and obviously the technological and operational acumen they bring as a real threats. We do think that Home Advisor's focus is an advantage.

聽著，亞馬遜和Google的流量覆蓋範圍顯然非常龐大，它們一旦涉足某個領域，就會構成威脅。同時，它們的業務範圍也極為廣泛，擁有大量資源服務眾多企業，而Home Advisor則擁有它們所不具備的單一品牌和專注度。因此，我們必須重視它們在覆蓋範圍、技術和營運方面的實力，它們的確構成了真正的威脅。我們認為Home Advisor的專注度是一項優勢。

I think secondly, Home Advisor has a network of engaged paying professionals that may hit 100,000 service professionals this year, which is almost double the second largest network that we know of that is public, which is Angie's list. Building a two-sided marketplace with engagement on both sides is a little bit of a different job than Google and Amazon have performed in their core businesses to date. And it's hard.

其次，我認為Home Advisor擁有一個活躍的付費專業人士網絡，今年可能達到10萬名服務人員，這幾乎是我們所知的第二大公開網絡Angie's List的兩倍。建立一個雙方都積極參與的雙邊市場，與Google和亞馬遜迄今為止在其核心業務中所做的事情略有不同。而且這很難。

We know its hard because we have been doing it for a long time, and we haven't always been highly successful. But we do think that having built it, it's something of a moat that we want to keep building, with the obvious risk that the other large players present. So we think we are in a good position.

我們知道這很難，因為我們已經做了很久，而且並非一直都很成功。但我們認為，既然已經建立了這樣的基礎，就如同築起了一道護城河，我們希望繼續加固它，儘管其他大型競爭對手帶來的風險顯而易見。所以我們認為我們處於有利地位。

Thank you.

謝謝。

Victor Anthony of Axiom Capital.

Axiom Capital 的 Victor Anthony。

Thanks for taking the call. Just one quick question on Tinder.

謝謝接聽電話。關於Tinder，我還有一個小問題。

I believe you have two pricing schemas. So I wanted to know what the, as far as the sub growth, the subscribers on Tinder, what is the mix between those two pricing cohorts?

我相信你們有兩種定價方案。所以我想知道，就訂閱用戶成長而言，Tinder上的訂閱用戶中，這兩種定價方案的用戶比例是多少？

And second, on the core Match.com business. Hoping that you could shed some light on churn rates and the direction or the trend of ARPU over the course of the year? Thanks.

其次，關於Match.com的核心業務。希望您能就用戶流失率以及ARPU（每位用戶平均收入）在過去一年的走勢或趨勢做一些說明？謝謝。

There was a little feedback in your question. So I got the second one, the first one had to do with Tinder pricing. But I couldn't quite get the words. Can you try again on the first one?

你的問題裡面有一些回饋。我收到了第二個問題，第一個問題是關於 Tinder 的定價。但我沒能完全理解你的意思。你能再試一次第一個問題嗎？

Well let me take the ARPU one first. Which is, as I said before, I think in virtually all of our businesses, putting aside quarter to quarter seasonal variations, I think pricing is going up over time, year-to-year. I think that there are mix issues though that especially when you -- Tinder is now in the number, that's a little lower-priced, OkCupid is a bigger part, that's a little lower price.

好，我先來說說ARPU（每位用戶平均收入）。正如我之前所說，我認為在我們幾乎所有業務中，撇開季度間的季節性波動不談，價格都在逐年上漲。不過，我認為也存在一些組合問題，尤其是當Tinder和OkCupid的市佔率越來越大，而OkCupid的價格又略低一些的時候。

So on average, I think that the rates will come down. The reported aggregate rates will come down slightly over time, but within each -- but that is net. Each product line is holding or increasing its price. With respect to Tinder, I think you're asking about two pricing levels. I think that the two pricing levels are pretty basic. They are different from country to country, where we test things all the time.

所以平均而言，我認為價格會下降。隨著時間的推移，公佈的總體價格會略有下降，但就整體而言，每條產品線的價格都在保持或上漲。關於 Tinder，我想你問的是兩個定價策略。我認為這兩種定價策略相當基礎。它們因國家/地區而異，我們一直在進行測試。

But it is sort of a -- there's a general price. And then in general, for younger people, there is a discounted price. Think of it like a student membership or junior membership or whatever analog you want to do, it is the relatively common construct. And we've employed that pretty will.

但它其實是這樣的——有一個普遍的價格。然後，通常情況下，年輕人會有折扣價。你可以把它想像成學生會員、青少年會員或其他類似的會員類型，這是比較常見的模式。而且我們已經很好地運用了這種模式。

Right now, we do no discounting or special offers. But over time, that could come as well as the product gets more sophisticated. If that didn't answer your question, please elaborate.

目前我們不提供任何折扣或特價優惠。但隨著產品日趨完善，未來可能會推出此類優惠。如果以上解答未能解決您的問題，請詳細說明。

Yes, I was actually more focused on the subs that you attracted in North America. Are they -- what is the mix in terms of the pricing plans?

是的，我其實更關注你們在北美吸引的訂閱用戶。他們的定價方案組合是怎麼樣的？

I don't get into that direct mix. I think that you've got pretty good balance between -- across the age groups from a subs perspective. Obviously, the people in the higher price group are more likely to pay for the product. But there is also a higher price, so they sort of normalize against each other to some extent.

我不直接參與這種比較。我認為從訂閱用戶的角度來看，各個年齡層之間的平衡做得相當不錯。顯然，價格較高的族群更有可能購買該產品。但價格本身也更高，所以在某種程度上，他們之間的消費水準相互抵消了。

Okay. And how should we think about the churn rates on the core Match business?

好的。那我們該如何看待核心匹配業務的客戶流失率呢？

They are relatively unchanged over time. They've really been pretty consistent. It's a periodic consumption business.

它們隨時間推移變化不大，而且一直都很穩定。這是一個週期性消費產業。

People come, they use of for while. And then they stop using it, and then many of them come back and use it again. So you've got people coming in and out of the system all the time.

人們來了，用了一段時間。然後他們就不用了，之後很多人又回來繼續用。所以，系統裡的人一直在進進出出。

So at any given time, just taking the Match US product as an example, at any given time about 50% of the people are paying have paid previously, stopped paying, and then come back to pay it again. So you've got people coming in and out of the system all the time, which just makes it, I won't say unique, but it's certainly got its own characteristics.

以Match US產品為例，任何時候，大約有50%的付費用戶之前都付費過，後來停止付費，之後又重新付費。所以，使用者一直在系統內外流動，這使得它——我不會說是獨一無二的——確實有其自身的特點。

Thank you.

謝謝。

Okay, operator, I think we are going to wrap it up there. Thanks, everybody, for joining the call, and we are obviously available if you have additional questions.

好的，接線員，我想我們今天就到此為止吧。感謝各位參加電話會議，如果您還有其他問題，歡迎隨時與我們聯絡。

Thanks everybody.

謝謝大家。

Thank you.

謝謝。

Thank you. And that does conclude today's conference. Thank you for your participation.

謝謝。今天的會議到此結束。感謝各位的參與。