Match Group Inc (MTCH) 2015 Q3 法說會逐字稿

Good day, and welcome to the IAC reports Q3 2015 result conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Kip. Please go ahead, sir.

各位好，歡迎參加IAC 2015年第三季業績電話會議。本次會議正在錄音。現在，我將會議交給傑夫·基普先生。請您發言，先生。

Thanks, operator. Good morning, everybody. Welcome to our third-quarter earnings call. With me today is Joey Levin, our CEO.

謝謝接線生。大家早安。歡迎參加我們第三季財報電話會議。今天和我一起參加會議的是我們的執行長喬伊·萊文。

As you know, we're limited by securities laws as to what we can say due to the previously announced Match IPO. Greg Blatt, Chairman of the Match Group, is fully engaged in that process and won't be joining the call today. Thus, we're not going to be in a position to answer questions regarding the Match Group beyond what's already been put out there in the press release, our published remarks, and the Match Group Inc.'s S-1 filing, which we'll direct you to.

如您所知，由於先前已宣布Match集團的IPO，我們受證券法限制，無法就此發表更多評論。 Match集團董事長Greg Blatt先生目前正全力投入IPO事宜，因此今天不會參加電話會議。所以，除了新聞稿、我們已發表的聲明以及Match集團的S-1文件中已披露的資訊外，我們無法回答任何關於Match集團的問題。您可以查閱這些文件。

As a reminder, we'll also not be reading our prepared remarks on this call. They're currently available on the investor relations section of our website.

再次提醒，本次電話會議上我們不會宣讀事先準備好的發言稿。發言稿目前已發佈在我們網站的投資者關係版塊。

Before we get to the 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 the third-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，我們可能會在本次電話會議中討論公司前景和未來業績。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。部分風險已在第三季新聞稿和我們向美國證券交易委員會提交的定期報告中列出。

Today we'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll 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.

今天我們也將討論一些非GAAP指標，再次提醒各位，其中包括調整後EBITDA，為簡便起見，在本次電話會議中我們將簡稱為EBITDA。此外，請各位參閱我們的新聞稿，並再次造訪我們網站的投資者關係頁面，查看所有可比較的GAAP指標以及所有重要非GAAP指標的完整調節表。

Now, we'll jump right into Q&A. Operator?

現在，我們直接進入問答環節。接線生？

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks. Jeff, just to start out. A three-part question on search and then one accounting question. So, on search, one, can you tell us what Google revenues were, per year, under the old deal, let's say, 2014? And, how this compares to your forecast for $1 billion, per year, on average, going forward? So, any color around that comment. And, how to compare?

謝謝。傑夫，首先我想問三個關於搜尋的問題，還有一個關於會計的問題。關於搜索，第一，您能告訴我們谷歌在舊協議下（比如說2014年）的年收入是多少嗎？這和您預測的未來平均每年10億美元的收入相比如何？您對此有什麼補充說明嗎？還有，如何進行比較？

Two, for this year, can you break down the search revenues between Google and non-Google? And hap -- perhaps, help us understand the margin difference between the two re-streams? And then, three, related to the new Google deal. When we think about the Google policy changes, historically, have created disincentives for IAC to invest in user growth and new products. Does the new deal to anything to incentivize IAC to invest in search growth?

第二，能否詳細分析今年Google搜尋收入和非Google搜尋收入的組成？另外，能否幫我們了解這兩種收入來源之間的利潤率差異？第三，關於谷歌的新協議。回顧以往，Google的政策變化往往會抑制IAC在用戶成長和新產品開發上的投入。那麼，新的協議是否會激勵IAC加大對搜尋業務成長的投資呢？

And then, just on the accounting side. Is the Company considering changing segment reporting, post the Match spin, to provide individual segment results for HomeAdvisor and Vimeo? Thanks.

另外，就會計方面而言，公司是否考慮在Match分拆後更改分部報告方式，分別提供HomeAdvisor和Vimeo的單獨績效？謝謝。

I think I'll -- this is Joey. I think I'll take all those. On the old Google revenues. I think the number in 2014 was about $1.4 billion. And, the -- just to put in the context the $4 billion.

我想我──我是喬伊。我想我會把這些都接受。關於谷歌之前的收入。我認為2014年的數字大約是14億美元。還有──只是為了說明一下，40億美元。

When we announced our deal in -- or going way back, because, our deal in 2007, I think, we said we'd do $3.5 billion in that deal over five years, and we signed a new deal about three years in. And, we were -- had already done, I think, more than $2 billion of revenue and growing nicely. In 2011, we did our deal -- we said we'd do $5 billion of revenue over the five years on that deal. And, that deal's still not done and we've already done over $6 billion.

當我們宣布那筆交易時——或者更早一些，因為我記得是在2007年——我們承諾在五年內實現35億美元的收入，大約三年後我們又簽署了一份新協議。當時，我們的收入已經超過20億美元，而且成長勢頭良好。 2011年，我們達成了一項協議——承諾在五年內實現50億美元的收入。而這項協議至今尚未完成，我們已經實現了超過60億美元的收入。

I don't say that all to imply that we'll beat the $4 billion. I just say that, look, it's a long way out. It's not a precise projection. It's not a precise forecast. It's a rough estimate of what we think is possible or theoretical.

我這麼說並不是暗示我們一定能超過40億美元。我只是想說，現在還很遙遠。這不是精確的預測，也不是精確的估算，只是我們認為可能或理論上的結果的一個粗略估計。

I think, it's a -- the other thing that's important is, into -- I guess, going into your second question. About 85% of revenue in the search and apps segment comes from Google. That is, that's gone down a bit over time. And, the non-Google revenue is higher margin than the Google revenue.

我認為，還有一點很重要──我想，這引出了你的第二個問題。搜尋和應用業務收入的約85%來自Google。也就是說，這個比例隨著時間的推移而略有下降。而且，非Google業務的收入利潤率高於Google業務的收入利潤率。

Also, when we think about the parts of the Google revenue that'll change in the context of this new deal. It's generally parts that are lower margin. So, one of the things that we talked about is the mobile rev share changing.

此外，當我們思考這項新交易將如何影響Google的收入組成時，通常會發現受影響的是利潤率較低的部分。例如，我們討論過的行動業務收入份額的變化。

Mobile today is -- Google mobile revenue today as part of the search and apps segment is about 15% of that segment revenue. And, it's lower-margin stuff. But, it's also much more heavily weighted towards Ask and less weighted, significantly less weighted, than the -- what we've called the premier publishing properties.

如今，Google行動業務的收入——作為搜尋和應用程式業務的一部分——約佔該業務總收入的15%。而且，行動業務的利潤率較低。此外，Google行動業務的收入更依賴Ask，而與我們所說的頂級內容出版業務相比，其權重則顯著降低。

So, when you add that all up, the stuff that's being impacted is going to be lower-margin stuff and stuff where we've had, generally, more trouble. If we talk about the applications piece of it, also, going to be more impacted on the B2B side. Where, again, there's been volatility on that over the last few years.

所以，綜合所有因素來看，受影響的主要是利潤率較低的業務，以及我們通常遇到更多困難的業務。如果談到應用領域，B2B 方面受到的影響也會更大。過去幾年，B2B 領域一直波動較大。

So, what -- when we put the whole thing together, I think we signed, I'm sure we signed a great deal. We are very optimistic about the future of that business. We'll set a new baseline, as we've done before, and we'll grow from there.

所以，總的來說，我認為我們簽了一份非常好的合約。我們對這項業務的未來非常樂觀。我們將像以前一樣，設定一個新的基準，並以此為基礎發展壯大。

As far as segment reporting, we are looking very hard at that and hope to be able to provide a little more clarity pretty soon.

至於分部報告方面，我們正在認真研究，希望很快就能提供更清晰的資訊。

Thank you.

謝謝。

John Blackledge, Cowen and Company.

John Blackledge，Cowen and Company。

Great. Thank you. Just wondering if you can quantify the revenues' stepped out impact. Or, how should we think about Google revenue for 2016?

太好了，謝謝。我想問一下您能否量化一下這些收入成長帶來的後續影響？或者，我們該如何看待Google2016年的收入？

And also, if you can quantify the impact to EBITDA? If EBITDA's running at $300 million in 2015, how should we think about the 2016 EBITDA?

另外，能否量化對 EBITDA 的影響？如果 2015 年 EBITDA 為 3 億美元，我們該如何看待 2016 年的 EBITDA？

And then, pivoting over to HomeAdvisor, the EBITDA margin was close to 10% this quarter versus about 6% in 2Q 2015. How should we think about the long-term margin trajectory at that business? Thank you

然後，我們再來看看HomeAdvisor，該公司本季的EBITDA利潤率接近10%，而2015年第二季約為6%。我們該如何看待該公司的長期利潤率走勢？謝謝。

Yes, so we're not going to give a 2016 forecast yet. I think it's too early. But, it is a -- this is not a dramatic cut to the business. This is some adjustments and adjustments in areas where, again, I think is lower margin. And, some of the areas that have demonstrated weakness over the last few years. So, it is -- the business is still very healthy and will do very nice cash flow.

是的，所以我們暫時不會給出2016年的預測。我認為現在還為時過早。但是，這並非對業務的大幅削減。這只是對一些利潤率較低的領域進行調整，以及對過去幾年表現疲軟的領域進行調整。因此，公司整體營運狀況依然良好，現金流也將非常可觀。

On -- we're not going to share, specifically, the economics on mobile. But, just to, again, to help frame it a little bit. We've been preparing for what we thought might be a change in the mobile economics for a little while now. And, we -- on About.com, for example. If you look at the same period two years ago, our mobile revenue on About.com was coming 100% from Google.

關於行動端的經濟數據，我們暫時不會透露具體細節。但為了幫助大家更理解，我先簡單介紹一下。我們已經為行動端經濟格局可能發生的變化準備了一段時間。以About.com為例，如果你回顧兩年前的同期數據，About.com的行動端收入100%來自Google。

Now, our mobile revenue on About.com is coming less than 20% from Google. And, we think we have, we know we have, alternatives there that monetize very well. And so, on the -- those publishing businesses, I think, they'll be very healthy in the new relationship.

現在，我們在About.com上的行動端收入中，來自Google的佔比不到20%。而且，我們認為，也知道，我們有其他獲利模式，而且這些模式的變現效果非常好。因此，我認為，這些出版業務在新合作關係下將會發展得非常健康。

On HomeAdvisor, to -- what was the question on HomeAdvisor?

在 HomeAdvisor 上，— HomeAdvisor 上的問題是什麼？

So, the question was, the margins with -- EBITDA margins look like close to 10% versus about our estimated 6% in 2Q. Just talk about, with revenue growing very quickly, so, just how we should think about the long-term margin trajectory for the business?

所以問題是，息稅折舊攤提前利潤率（EBITDA利潤率）看起來接近10%，而我們第二季的預估約為6%。考慮到營收成長如此迅速，我們該如何看待該業務的長期利潤率走勢？

Yes, I -- we talked about this a little bit last quarter. I think the answer stayed the same. We could see 15% to 20% long-term margins in this business. We could see better than that in this business. But, we're not focused on the near-term margin for right now.

是的，我們上個季度也稍微討論過這個問題。我認為答案仍然一樣。我們預期這項業務的長期利潤率將達到15%到20%。甚至可能更高。但是，我們目前並不關注短期利潤率。

The great thing about HomeAdvisor is when you've got the system working, it's a virtuous cycle. So, we just crossed 100,000 service professionals last week, which is a huge amount going for us. And, we crossed it faster than we thought. In fact, we beat the confetti poppers that were mailed out to all the office. We got a 100,000 before the confetti got there. So, we had a little bit of a delayed celebration.

HomeAdvisor最棒的地方在於，一旦系統運作正常，就能形成良性循環。上週，我們的服務專業人員數量剛突破10萬大關，這對我們來說是個巨大的數字。而且，我們達成這個目標的速度比預想的還要快。事實上，我們甚至比寄到辦公室的彩帶還要快。彩帶還沒到，我們就突破了10萬大關。所以，我們的慶祝活動稍微晚了一下。

But, the bigger the service professional network is, the more you satisfy the consumers, more frequently they come back. The more frequently consumers come back, the happier the service professionals are with more demand. And, we're seeing that happen in the business.

但是，服務專業人員網路越大，消費者滿意度越高，回頭率也越高。消費者回頭率越高，服務專業人員就越開心，需求也越大。而且，我們已經在實際業務中看到了這種情況。

The increased service provider retention and increased homeowner repeat rate dropped straight down to the bottom line. But, right now, we're reinvesting that. We're reinvesting that in sales resources, we're reinvesting that in product, and we're investing that in marketing. And, I expect that to continue.

服務提供者留存率和業主回頭率的提高直接提升了利潤。但是，目前我們正在將這些收益重新投入到銷售資源、產品和行銷中。我預計這種趨勢將會持續下去。

In some ways we won't be able to help ourselves delivering more margin next year and same thing as you saw in this last quarter. But, we see huge opportunities for growth here. So, we're focused on growing it in the market share.

在某些方面，我們明年勢必會追求更高的利潤率，就像上個季度一樣。但是，我們看到了巨大的成長機會。因此，我們專注於提升市場佔有率。

Thank you.

謝謝。

Peter Stabler, Wells Fargo.

Peter Stabler，富國銀行。

Thanks for taking the question. Joey, could you give us a little bit more color around your comments in the prepared script around the transition from out-out to opt-in? Just, give us a sense of which products you're talking about. And, how much that is impacting your forecast for the next couple years?

感謝您回答這個問題。 Joey，您能否就您準備好的講稿中關於從「公開透明」到「選擇加入」轉變的評論，再詳細解釋一下？例如，您指的是哪些產品？以及，這對您未來幾年的預測有多大影響？

And then, secondly, could you let us know whether FX had any margin impact on the business this quarter? Thanks.

其次，能否告知我們外匯波動是否對本季業務利潤率造成影響？謝謝。

Yes, I'll let Jeff take the FX one. On, opt-out to opt-in, we're not giving up our right to do opt-out. So, a portion of our business will continue on opt-out basis.

是的，我會讓傑夫負責FX那部分。關於選擇退出到選擇加入的轉變，我們並沒有放棄選擇退出的權利。因此，我們的部分業務將繼續以選擇退出的方式進行。

But, we -- long term, it's healthy for us to move towards opt-in distribution of our software. Or, at least a portion of our software. And, that's been working very nicely so far.

但是，從長遠來看，我們採取軟體自願分發的方式（或至少部分軟體）對我們來說是有益的。而且，到目前為止，這種方式的效果非常好。

Now, we haven't perfected that on every browser. And so, we're working on that right now. But, where we've done it, we've seen increases in conversion, and increases in retention and increases overall increases in customer satisfaction.

目前，我們還沒有在所有瀏覽器上都完美實現這一點。所以，我們正在努力改進。但是，在已經實現的瀏覽器上，我們看到了轉換率、用戶留存率和整體客戶滿意度的提升。

So, long term, we see that as a good thing for the business. But, near term, it requires some adjustments. And, that we're working through right now. I think it is -- I think it's a short-term impact on the business, but, a long-term -- we'll we be just fine on the business.

所以，從長遠來看，我們認為這對公司來說是件好事。但短期內，這需要一些調整。而我們目前正在努力解決這個問題。我認為這對公司業務的影響是短期的，但從長遠來看，我們的業務不會受到影響。

Is that primarily a B2B issue? Or, sounds like a B2C?

這主要是B2B方面的問題嗎？還是聽起來比較像B2C方面的問題？

It's much -- it is -- yes, it is much more an issue for B2B than B2C. I think there is some impact on B2C. But, it's more on the B2B side.

確實如此－沒錯，這對B2B企業來說比B2C企業來說影響更大。我認為B2C企業也會受到一定影響，但B2B企業受到的影響更大。

And look, B2C, we've always said, we much more control our destiny on B2C. So, we own the distribution from marketing to conversion to customer relationship, et cetera. And, on B2B, it's just, sometimes harder to adjust and to -- the flow of things through partners.

而且，我們一直都說，在B2C領域，我們對自己的命運有更大的掌控權。所以，從行銷到轉化，再到客戶關係等等，我們掌控整個通路。而在B2B領域，有時很難調整，也很難掌控──透過合作夥伴來處理各種事務。

And Jeff, margin impact to then. If you could touch on, did you guys have any negative impact from the credit card chip issue?

傑夫，那對利潤率有什麼影響？您能否談談信用卡晶片問題是否對您們造成了任何負面影響？

First, on margin impact. I think, across, I see, really, revenues [weren't] impacted as much as EBITDA was. Varied a little bit by business. But, you're talking about, little bit of leverage, little bit of deleverage, either way, nothing material. And, across our businesses, no, I didn't think we really saw that much of an impact at all on the credit card issue.

首先，關於利潤率的影響。我認為，總體而言，收入受到的影響遠小於 EBITDA。不同業務部門的情況略有不同。但無論從哪個角度來看，槓桿率的波動都微乎其微，影響並不重大。而且，就我們所有業務而言，我認為信用卡問題並沒有對我們造成太大的影響。

Thanks.

謝謝。

Ross Sandler, Deutsche Bank. Ross Sandler with Deutsche Bank, please check the mute function on your phone.

羅斯‧桑德勒，德意志銀行。德意志銀行的羅斯桑德勒，請檢查您手機的靜音功能。

Why don't we just let Ross come back if he's not there.

如果羅斯不在，我們為什麼不讓他回來？

Brian Fitzgerald, Jefferies.

Brian Fitzgerald，傑富瑞集團。

Yes, hello, Tim O'Shea for Brian Fitzgerald. Thank you for taking my question. There's been a lot of quo -- a lot of talk about ad blockers. I'm just wondering if you're seeing any impact, either on desktop or mobile? And then, I have a follow up, thanks.

您好，我是 Tim O'Shea，代表 Brian Fitzgerald。感謝您回答我的問題。最近關於廣告攔截器的討論很多，我想知道您是否觀察到它們對桌面端或行動裝置的影響？另外，我還有一個後續問題，謝謝。

Yes, on mobile it's been negligible. I think we see less than 1% type impact. On desktop, we see an impact, maybe, measuring something in the teens. Not accelerating, but, some -- probably somewhere in the teens, impact.

是的，在行動端，影響微乎其微。我認為我們觀察到的資料類型影響不到 1%。在桌面端，我們觀察到一些影響，大概在 10% 左右。雖然沒有加速成長，但確實存在一些影響——可能在 10% 左右。

I think we under-index towards, or, relative to the general Internet on ad blocking. I think, partially, because we drive a lot of traffic through advertising. So, by definition, if we acquired a user through an ad, then they're going to see an ad when they get to our site. And, also, because just our demographic is less likely to be adopting ad blockers.

我認為我們在廣告攔截方面的表現低於網路整體水準。部分原因是，我們透過廣告吸引了大量流量。因此，根據定義，如果我們透過廣告獲取用戶，那麼他們造訪我們的網站時就會看到廣告。此外，我們的使用者群體本身使用廣告攔截器的可能性就較低。

Look, I think it's something we have to pay a lot of attention to, the industry has to pay a lot of attention to. And the solution's going to be adjustment in ads, better ads. The solution is not going to be that everyone on the Internet is just going to give away their content for free with no ads. There's technological solutions to it and there's just, better practice solutions. And, we're looking at all those things.

我認為這是我們，整個產業都必須高度重視的問題。解決方案在於調整廣告形式，製作更優質的廣告。這並不是說網路上的每個人都要免費提供內容，而且不投放任何廣告。這其中既有技術上的解決方案，也有改進實務的方法。我們正在研究所有這些方案。

I'm not hugely worried about the impact there. But, it's something that we're absolutely focused on. And, it's not, I don't think, it's meaningfully costing us financially right now.

我並不太擔心這會造成什麼影響。但是，這確實是我們非常關注的事情。而且，我認為，目前它並沒有對我們造成實質的經濟損失。

Thanks. And then, looking at the mobile component of the Google deal. I was wondering if you could quantify the delta between the current and the former revenue share? And then, maybe how that revenue share compares to what you get on desktop? And then, just also, the deal's non-exclusive. Can you just remind me, maybe, who are the other partners you're working with here? Thanks.

謝謝。另外，關於谷歌交易中的行動端部分，我想問您能否量化一下當前和之前的收入分成比例之間的差異？還有，這個收入分成比例與桌面端的收入分成比例相比如何？還有，這項交易是非獨家的，您能否提醒我一下，您還有哪些合作夥伴？謝謝。

Yes, on quantifying it. We can't quantify it other than to say it's lower. On other partners. There's a bunch of other partners in this space. I think our solution on mobile is going to be a combination of proprietary ad products, Google ad products, and other third-party ad products.

是的，關於量化方面，我們無法給出確切的數字，只能說它更低。至於其他合作夥伴，這個領域還有很多其他合作夥伴。我認為我們在行動端的解決方案將是自有廣告產品、Google廣告產品和其他第三方廣告產品的組合。

I think there's a bunch of players that offer ads in mobile. Bing, Facebook; I mean, this -- the list runs very long. We have deals in place with a handful of partners. And, we're going to spend a lot more time figuring out exactly what the optimal solution now is and what the right deal is.

我認為有很多公司都在行動端投放廣告。例如必應、Facebook；我的意思是，名單很長。我們已經和一些合作夥伴達成了協議。而且，我們將投入更多時間，找出目前最佳的解決方案和最適合的合作方式。

Thank you.

謝謝。

Heath Terry, Goldman Sachs.

Heath Terry，高盛集團。

Great. Thanks. Just have a couple of questions on the deal. Really, in part, to follow up on some of things that Peter asked about. Will the move to opt in on some of these products begin before the current deal ends? Or, do you plan to carry out current performance all the way or current structure all the way up until the new deal goes into place next year?

太好了，謝謝。關於這項交易，我還有幾個問題。其實，部分原因是為了跟進彼得之前提出的一些問題。這些產品的選擇加入計畫會在現有協議結束前啟動嗎？或者，你們是否計劃在明年新協議生效之前，一直維持目前的績效水準或架構？

And then, can you also give us some examples of specific products were you moved to opt in? And, what has happened to the conversion rates once you've made that move? You've mentioned, specifically, in the prepared remarks that this is a change to the way you handle search defaults. Just want to make sure that also includes homepage setting opt-in as well.

此外，您能否舉例說明一下，您具體在哪些產品中啟用了選擇加入功能？啟用後，轉換率發生了哪些變化？您在準備好的發言稿中特別提到，這是您處理搜尋預設設定方式的變更。我想確認一下，這是否也包括首頁設定中的選擇加入功能。

And then, if you can also just remind us what percentage of the business is coming from B2B versus B versus B2C? And, what portion of the business you envision staying opt-out? That would be helpful. And, sorry, I know that was a lot.

另外，您能否再提醒一下，貴公司業務中B2B、B2C和B2C分別佔多大比例？您預計有多少業務會選擇不參與？這些資訊會很有幫助。抱歉，我知道問題有點多。

Yes, let me -- I'm not sure I got them all, but let me try. On opt in and when we'll start to move. We've been moving for a while now. That move will continue but up until the new deal. I think it'll accelerate to some extent in Q2 2016. But, that move has been happening and will continue to happen up until then.

是的，讓我——我不確定我是否全部都說完了，但我盡量說清楚。關於選擇加入以及我們何時開始行動。我們已經行動了一段時間了。這項行動將會持續，直到新的協議達成。我認為在2016年第二季度，行動速度會有所加快。但是，這項行動一直在進行，並且會持續到那時。

In terms of product on opt in, most of our B2C products on Chrome are now opt in, or, opt in or native. Essentially, using the native extension format available in browsers. So, that transition has largely happened.

就產品選擇加入模式而言，我們面向消費者的Chrome瀏覽器產品現在大多採用選擇加入或原生加入模式。本質上，就是使用瀏覽器自帶的原生擴充功能格式。因此，這種轉變已經基本完成。

On the question of default search. Again, in Chrome, for example, on our B2C products, we're not offering a default search product today. We're not offering a toolbar today. We're just offering new tab product. So, what -- I think that answers your question, but, I -- you can ask more of it.

關於預設搜尋的問題。以 Chrome 為例，在我們的 B2C 產品中，我們目前不提供預設搜尋功能，也不提供工具欄，只提供新標籤頁搜尋功能。所以，我想這應該可以回答你的問題了，不過，你還可以問更多。

On B2B and B2C, the -- let me just see if I can pull the split. In terms of revenue -- wait. Jeff, have we disclosed B2B versus B2C before?

關於B2B和B2C，－－讓我看看能不能把兩者分開。至於收入方面——等等，傑夫，我們之前披露過B2B和B2C的數據嗎？

We said -- we've said in the past they were roughly half and half.

我們說過──我們過去也說過，他們大約各佔一半。

Yes, that's materially different now. I mean, I think, I -- it's called, roughly, a quarter is B2B right now. So, 75/25 B2C, B2B. Was there other questions there, Heath?

是的，現在情況大不相同了。我的意思是，我認為，大致來說，現在B2B業務佔四分之一。所以，75%是B2C，25%是B2B。希思，還有其他問題嗎？

So, maybe, just the -- on the example question. I was thinking more along the lines of are there specific products, like Football Fanatics, or, one of the others, that used to be opt-in, or, sorry, used to be opt-out, that has moved to opt-in? Or, you can give us an example of what's happened in conversion rates there? Because, correct me if I'm wrong, but, in the case of Chrome, just because of way Chrome's structured, you've actually never had an opt-out format on Chrome? But, I could, obviously, be wrong about that.

所以，也許只是範例問題上的那個「--」。我更想問的是，有沒有一些特定的產品，例如 Football Fanatics 或其他類似的產品，以前是選擇加入（或者，抱歉，以前是選擇退出），現在改成選擇加入了？或者，您能否舉例說明一下轉換率的變化？因為，如果我沒記錯的話，Chrome 瀏覽器由於其結構的原因，似乎從來沒有提供過選擇退出的選項？當然，我可能記錯了。

Yes, no, I think a while back we did have a opt-out format in Chrome. And, that changed. I mean, has been changing for a while now. But, substantially changed, I think, over a year ago. The -- we can get to you -- we can get you a list of products. We'll follow up with a list of products.

是的，不，我想之前Chrome瀏覽器裡確實有個退出選項。後來改了。我的意思是，其實已經改了一段時間了。但實質的改變，我想，應該是在一年多前。我們可以聯絡您—我們可以給您一份產品清單。我們會跟進並提供產品清單。

And, what happens on conversion is, it's, well, I don't -- I can't quantify it right now. We've generally seen an increase in conversion. Now, that -- and an increase in retention. That -- but, it's an increase in conversion and retention on a product, that, by virtue of opt-in versus opt-out has less unit economics within it. And so, that's the trade-off there.

至於轉換率方面，嗯，我現在還無法量化。我們總體上看到轉換率有所提高。而且，用戶留存率也有所提高。但是，這種轉換率和留存率的提高是在一個產品上實現的，而該產品由於採用的是選擇加入而非選擇退出機制，其單位經濟效益相對較低。所以，這就是其中的權衡。

Okay. Great. Thank you.

好的，太好了，謝謝。

Ross Sandler, Deutsche Bank.

羅斯‧桑德勒，德意志銀行。

Okay. Let's try this again. Can you guys hear me? (laughter)

好的，我們再試一次。你們聽得到我說話嗎？ （笑聲）

Yes.

是的。

Good. All right. Okay a bunch of these questions have been already answered. But, a couple other kind of nitpicky issues in search. So, you guys -- Joe, you just said that about 85% of the revenue comes from Google, and, if it's going to be $1 billion a year going forward. That implies some modest, call it $200 million or so, downtick.

好的。好的。很多問題都已經解答過了。不過，搜尋方面還有一些比較細緻的問題。例如，喬，你剛才說大約 85% 的收入來自谷歌，而且如果未來每年能達到 10 億美元，那就意味著會有小幅下滑，大概 2 億美元左右。

So, is that reflective of future traffic hits from this opt-in, opt-out issue? Or, is that you moving away from Google in mobile without any traffic impact?

那麼，這是否反映了未來因用戶選擇加入/退出而導致的流量下降？或者，這是否意味著你們在行動端放棄谷歌服務而沒有造成任何流量影響？

And then, on mobile, what are the other options that you're using to monetize outside of Google? And, how they compare from like a RPS standpoint?

那麼，在行動端，除了Google之外，你們還使用哪些其他方式來獲利？從 RPS（每次點擊收益）的角度來看，這些方式有何不同？

And then, you just gave the breakdown of the B2B versus B2C apps side of the business. If we look at the website side, what would be the rough break down today of organic versus paid traffic within the websites' revenue? Like, is it half and half organic paid? Or, is it a different percentage? Thank you.

您剛剛分析了B2B和B2C應用業務的組成。如果我們看一下網站方面，目前網站收入中自然流量和付費流量的大致比例是多少？是自然流量和付費流量各佔一半嗎？還是比例有所不同？謝謝。

On your first question. Does our estimate include out -- yes, look, our thoughts right now is it includes -- that that's our best guess on putting everything into the mix. On mobile alternatives, it's a -- again, I'll go back to the About example. Significant portion of that moved to display ads. And, when you look at our publishing properties, the search ads are helpful, specific search ads. But, we also -- just the nature of the content. Things like display and other sorts of products work well.

關於你的第一個問題。我們的估算是否包含所有因素？是的，目前我們的想法是包含所有因素——這是我們綜合考慮後的最佳估計。關於行動端替代方案，我再以「關於我們」頁面為例。其中很大一部分已經轉移到了展示廣告。而且，當你查看我們的內容平台時，你會發現搜尋廣告，尤其是針對特定受眾的搜尋廣告，效果很好。但是，我們也考慮到內容本身的特性。像是展示廣告和其他類型的產品廣告效果也不錯。

And so, on About, I think a substantial portion of that transition has been to display. And, I think that's a reasonable model for other properties. I think, again, less relevant for Ask. And, I think that's where we'll see most of the impact on the mobile change.

因此，就「關於」頁面而言，我認為大部分的轉變都體現在展示廣告上。我認為這對其他頁面來說也是一個合理的模式。不過，我認為這對「詢問」頁面來說意義不大。而且，我認為行動端的變化對「詢問」頁面的影響最大。

But, on the other publishing properties, there's a lot of alternatives. A lot of alternatives that look like display or other sorts of native ad units.

但是，在其他出版平台上，有許多替代方案。很多替代方案看起來像是展示廣告或其他類型的原生廣告單元。

On the question of organic versus paid, I think it's roughly 2/3 organic, 1/3 paid. But, is that right, Jeff?

關於自然流量和付費流量的比例，我認為大概是三分之二自然流量，三分之一付費流量。但是，傑夫，我的理解對嗎？

About the run rate, yes.

關於運行率，是的。

Yes, that's about the run rate. Does that answer all your questions, Ross?

是的，差不多就是這個運行率。羅斯，這能解答你所有的問題嗎？

Chris Merwin, Barclays.

克里斯·默溫，巴克萊銀行。

All right. Great. Thank you. So, first for HomeAdvisor. I think you mentioned that network effects and some of the product changes that you did were a driver of the acceleration in top-line growth. Can you just talk a bit about the pace of marketing spend this past quarter? And, what role, if any, that played in the accelerating growth? Or, if it was, really, just a function of those organic improvements that you made?

好的，太好了，謝謝。首先，關於HomeAdvisor。我記得您提到過，網路效應以及您所做的一些產品調整是推動營收加速成長的主要因素。您能否談談上個季度的行銷支出狀況？這在加速成長中發揮了怎樣的作用？或者，這只是您自身業務自然成長的結果？

And then, just secondly, on Vimeo. Are you able to provide any updates on revenue growth rates there? I know -- I think you've given those in the past periodically. So, just wondering if you could update us there? Thanks.

其次，關於 Vimeo，您能否提供 Vimeo 的營收成長率數據？我知道您之前定期發布過，所以我想問問您能否更新一下這方面的情況？謝謝。

Jeff, I'll let you take the second one. And, you'll help me with the details on the first. But, absolutely marketing's a factor too. I neglected to mention that. But, when you get the service provider network growing and when you get the service provider network bigger, you can get much more efficient on your marketing. Meaning, you can reach -- you can satisfy demand in more DMA, as if you're doing national marketing.

傑夫，第二個問題就交給你了。第一個問題的細節你也幫我處理一下。當然，行銷也是一個重要因素。我之前忘了提這一點。但是，當你的服務提供者網路不斷壯大時，你的行銷效率就會大大提高。也就是說，你可以涵蓋更多DMA區域，滿足更多地區的需求，就像在做全國性行銷一樣。

So, we've absolutely increased that. And, that's been on a ROI-positive basis. And, that's been great. I don't know if we've disclosed the numbers there. But, it's certainly up in terms of marketing. And --

所以，我們確實增加了這方面的投入。而且，這帶來了正向的投資報酬率。這非常棒。我不知道我們是否公佈過具體數字。但就行銷而言，投入肯定增加了。而且——

But, as you mentioned, the engagement and spend from the average service professional is up significantly year over year. And, retention has improved dramatically. I think we mentioned about 1500 basis points on the last call. So, the LTV of the service providers tripled and its those guys who are supplying the revenue and fulfilling the customers. And, that's, that -- the SP network is the biggest driver. The -- in a way, you can think about TV replacing other paid marketing.

但正如您所說，普通服務專業人員的參與度和消費額比去年同期顯著增長。而且，客戶留存率也大幅提升。我記得上次電話會議上我們提到大約提升了1500個基點。因此，服務提供者的客戶終身價值成長了兩倍，而正是他們創造了收入並滿足了客戶的需求。所以，服務提供者網路是最大的驅動力。從某種意義上說，您可以把電視廣告視為其他付費行銷方式的替代品。

And then, there was a question on Vimeo.

然後，Vimeo 上出現了一個問題。

On Vimeo, I think, we said in the prepared remarks, Vimeo growth accelerated this quarter. Reaccelerated 27% on a net basis.

關於 Vimeo，我認為我們在事先準備好的發言稿中已經提到，Vimeo 的成長在本季加速，淨成長 27%。

Got it. Thanks, guys.

明白了。謝謝各位。

Sure.

當然。

Mark Mahaney, RBC Capital Markets.

Mark Mahaney，加拿大皇家銀行資本市場。

Thanks. Two questions. One on HomeAdvisor. Could you, just, broadly, just, explain why the accepts-to-request ratio has been trending down over the last two years?

謝謝。我有兩個問題。一個是關於HomeAdvisor的。您能否大致解釋一下，為什麼在過去兩年裡，HomeAdvisor的房源接受率呈現下降趨勢？

And then, secondly, I think this has been asked a couple of times. But, I'll try it another way. Which is, the deal going forwards is exclusive desktop non-exclusive mobile. And that my surprise would be, I would've thought that you would've had fewer options on the mobile side. So, I would've expected that to be exclusive and the desktop non-exclusive. Any, just, general help in thinking about industry options that would explain why you chose the exclusivity on desktop versus on mobile. Thank you

其次，我知道這個問題可能已經被問過幾次了，但我還是換個方式問一下。也就是說，你們未來的合作模式是桌面端獨家，行動端非獨家。讓我感到驚訝的是，我原本以為你們在行動端的選擇會比較少。所以，我原本以為行動端會是獨家，而桌面端是非獨家。請問從業界角度出發，你們為什麼選擇桌面端獨家而不是行動端獨家呢？謝謝。

Look, on the HomeAdvisor question. A, we've had such tremendous success on the consumer traffic side. Where we've been running 40% and 50% up on uniques. Our repeat rate has been going up and up.

關於HomeAdvisor的問題，我們在消費者流量方面取得了巨大的成功。獨立訪客數量增加了40%到50%。我們的複購率也不斷提高。

Our TV returns have been far better the -- far more positive than we ever expected. We've had tremendous consumer demand. I think one of the unique things about HomeAdvisor is it's got a really sophisticated algorithm for matching up demand to supply and distributing over the course of a month. And so, I think we've been really efficient there.

我們的電視銷售業績遠超預期，表現非常出色。消費者需求旺盛。我認為HomeAdvisor的獨特之處在於它擁有非常先進的演算法，能夠精準匹配供需，並在一個月內進行合理分配。因此，我認為我們在這一環節的效率非常高。

I think, secondly, we built in a product where we -- the -- end up having, because of subscribers pay some subscription -- they pay some subscription, we have some matches not show up as requests because people go through the directory. Which the service providers subscribe through.

其次，我認為，我們建立的產品最終會導致一些匹配結果不會顯示為請求，因為訂閱者需要支付一定的訂閱費，而這些匹配結果是透過目錄獲得的。服務提供者也是透過目錄訂閱的。

And then, finally, we've been driving two new one-to-one products, which are now 7% of all our service requests. Which are always single matches. Which are online booking and online calls. Which have averaged us down a little bit. But, those are higher price point, and as we've mentioned, far higher satisfaction. So, I think we're pretty pleased about that. So net, we're fine with the trend and we think we're absorbing -- we're fulfilling more service provider demand and more consumer demand.

最後，我們推出了兩款新的一對一服務產品，目前占我們所有服務請求的7%。這兩款產品都是一對一匹配，分別是線上預約和線上通話。雖然它們略微拉低了我們的平均水平，但價格更高，而且正如我們之前提到的，客戶滿意度也更高。所以，我們對此相當滿意。總的來說，我們對目前的趨勢感到滿意，並認為我們正在滿足服務提供者和消費者日益增長的需求。

On the mobile exclusivity. Look, in terms of what decisions we made. All the various terms go into mixing pot of how we work out a deal and all come out in one way or another. And so, it's hard to say why we did one thing on one particular slice of the business and another thing on another particular slice of the business because they all come with relative tradeoffs.

關於行動端獨佔權。你看，就我們所做的決定而言，所有不同的條款都會被納入考量，最後以某種方式呈現。因此，很難解釋為什麼我們在某個業務領域採取一種做法，而在另一個業務領域採取另一種做法，因為每一種做法都伴隨著相對的權衡取捨。

The publishing property, this kind of premier publishing property, as we've talked about just use less search ads. Some use no search ads,. Some use less search ads. And so, it's not a huge focus of those businesses. It's not a huge portion of those businesses.

正如我們之前討論過的，這類頂級出版機構使用搜尋廣告的頻率較低。有些機構甚至完全不投放搜尋廣告，有些機構則很少投放。因此，搜尋廣告並非這些機構的重點，也不是它們業務的主要組成部分。

And again, on the alternatives, they're display. There is other third parties who provide search ads to -- sorry, there's other third parties who provide mobile ads like Facebook, like Twitter, like Bing, et cetera. Those are all available options and the proprietary option has been working for us on the About side. I think on the apps business, the Google mobile revenue, as I said in the remarks, is negligible.

再說一遍，關於其他選擇，它們包括展示廣告。還有其他第三方提供搜尋廣告——抱歉，還有其他第三方提供行動廣告，例如 Facebook、Twitter、Bing 等等。這些都是可行的選擇，而我們自有的廣告方案在「關於我們」頁面一直運作良好。我認為，就應用業務而言，正如我剛才所說，Google行動業務的收入微乎其微。

So, really, the impact on that is going to be primarily within the Ask business. And look, we've -- the Ask business has come down over time for a whole host of reasons. Which we've talked about on our previous calls. And, I think this development doesn't help the Ask business. But, it is a sort of non factor for the rest of those businesses.

所以，實際上，這件事的影響主要會反映在Ask業務上。你看，Ask業務因為種種原因一直在下滑，我們在之前的電話會議上也討論過這些原因。我認為，這次的變動對Ask業務來說無疑是雪上加霜。但對其他業務來說，這幾乎可以忽略不計。

Okay. Thanks, Joey. Thanks, Jim.

好的。謝謝喬伊。謝謝吉姆。

You're welcome.

不客氣。

Eric Sheridan, UBS.

瑞銀集團的艾瑞克·謝裡丹。

Thanks for taking the questions. Maybe one on the Vimeo. One on HomeAdvisor. On Vimeo, how should we be thinking longer term about the ability for the video on demand versus subscription to trend longer term? And, how you think about the revenue mix?

感謝您回答問題。也許可以問一個關於 Vimeo 的問題，一個關於 HomeAdvisor 的問題。關於 Vimeo，從長遠來看，我們應該如何看待隨選視訊和訂閱模式的長期發展趨勢？您如何看待收入結構？

And then, on the HomeAdvisor piece. How should we think about capital allocation in that business longer term against com -- potential competition from larger players versus existing competition from smaller players? Thanks.

關於HomeAdvisor那部分，我們應該如何考慮該業務的長期資本配置，以應對潛在的大型競爭對手和現有的小型競爭對手之間的競爭？謝謝。

On Vimeo. The business today is substantially weighted towards subscription. But, the VOD business is growing much faster and growing very nicely. It's still small, but it's growing very nicely.

在 Vimeo 上。如今，Vimeo 的業務很大程度上依賴訂閱模式。但是，視訊點播 (VOD) 業務成長速度更快，而且發展勢頭良好。雖然目前規模仍然較小，但成長動能非常強勁。

So, if I look out many years, I see VOD being a -- and, whether it's transactional VOD or subscription VOD, I see VOD being a huge portion of that business if we're doing things right over time. I'd say a massive market, and, I think, given our structure, we ought to be able to take a piece of that.

所以，展望未來多年，我認為視訊點播（VOD）將會——無論是交易型視訊點播還是訂閱型視訊點播——如果我們長期發展得當，我認為視訊點播將會佔據業務的很大一部分。我認為這是一個巨大的市場，而且，鑑於我們目前的架構，我們應該能夠從中分一杯羹。

On HomeAdvisor on the competitive market. It is most -- we like where we stand right now in Home Advisor. We like where -- we like our growth. We like our product. We like our consumer satisfaction, which is going up nicely. We like our service provider satisfaction, which is going up very nicely. We like the place we're in. We like the product that we're delivering and it's a hard hard category.

在競爭激烈的市場中，HomeAdvisor 目前的地位讓我們非常滿意。我們喜歡我們的成長勢頭，喜歡我們的產品，喜歡不斷提升的消費者滿意度，也喜歡不斷提高的服務提供者滿意度。我們喜歡我們所處的位置，喜歡我們提供的產品，而這是一個競爭異常激烈的領域。

We've been at it for 11 years just under our ownership. We've been at it for 11 years and through a lot of changes. And, it takes a long time to build up the service provider network. And, that ends up being a real moat to the business. Because, like I said before, it allows you to satisfy more consumers. It allows you to do more marketing.

在我們接手後，我們已經經營了11年。這11年來，我們經歷了許多變化。建立服務提供者網路需要很長時間，而這最終會成為我們業務的真正護城河。因為正如我之前所說，它能讓我們滿足更多消費者的需求，也能讓我們進行更多行銷活動。

And, it allows you to, in any given transaction between a consumer and a service provider, make the best match. Meaning, when there's competition among the service providers for the consumer, you can deliver the highest quality service professional to the consumer and make the best match. So, that's a real network effect. And, we're finally, again 11 years into it, starting to see the benefit of that.

而且，它能讓你在消費者和服務提供者之間的任何交易中，實現最佳匹配。也就是說，當服務提供者之間競爭同一位消費者時，你可以為消費者提供最優質的專業服務，以實現最佳匹配。這就是真正的網路效應。經過11年的發展，我們終於開始看到它的好處了。

There's a lot of people who seem to think this is easy and we're watching everybody who's come into. A lot of companies have raised money recently. A lot of established players have come into the market. And, we haven't seen a model, when we looked at them; and we look at all of them, we haven't seen a model where we said, holy cow, these guys have got it. They've figured it out. A lot of them are going after it. And, in fact, the same way we've gone after it. Just, 10 years ago. And so, we like the place we stand competitively.

很多人似乎覺得這很容易，而我們一直在關注所有進入這個領域的公司。最近很多公司都融資了，很多老牌企業也進入了市場。但是，在我們觀察過的所有公司中，我們還沒有看到一個讓我們驚嘆「哇，他們真的成功了！他們已經找到了訣竅！」的模式。很多公司都在努力爭取成功，事實上，他們和我們十年前的做法如出一轍。所以，我們對目前的競爭地位感到滿意。

If we look at some of the big players. I think I talked about this a little bit last call. Guys who are focused on high volume, low margin, as it relates to service professionals. That doesn't work for quality service professionals and that doesn't work for quality work. So, again, they're formidable competitors, but, it is -- you've got to have a real custom energy here. You've got to have a real custom product here and we've built that and we like the way it's working.

如果我們看看一些大型企業，我想我上次通話時也稍微提到過。他們專注於高銷售量、低利潤的服務型企業。這種模式對高品質的服務人員來說行不通，對高品質的工作也無濟於事。所以，他們確實是強大的競爭對手，但是——你必須要有真正的客製化能力。你必須要有真正的客製化產品，而我們已經做到了這一點，並且我們對它目前的表現感到滿意。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. The -- you mentioned in the prepared remarks, 40% of the app revenue is opt-in. What did that look like a year ago? And, how do you see that phasing over the next couple of years as you manage this shift?

感謝您回答我的問題。您在準備好的發言稿中提到，應用程式收入的40%來自用戶自願付費。一年前這個比例是多少？您認為在未來幾年，隨著您逐步推動這項轉變，這個比例會如何改變？

And then, just to go back to your earlier comments. What percentage do you see staying opt-out? And, how did you go about determining that percentage long term? And, I have one more follow-up.

然後，回到您之前的評論。您認為會有多少比例的使用者選擇退出？您是如何決定這個長期比例的？我還有一個後續問題。

Sure. On -- I don't know off the top of my head where the 40% was a year ago, but was small. And, so that's been continuing to grow and will continue to grow.

當然。至於──我一時想不起來一年前40%的具體數字是多少，但肯定很小。而且，這個比例一直在成長，還會繼續成長。

In terms of opt-out, looking forward I -- it will be a minority. I don't think it goes to zero, but, it will be a minority. And, I think that, look, part of it is decisions we've made. Part of it is components of the agreement with Google. And, part of it is just the reality of the browsers and the operating systems.

就選擇退出而言，展望未來，我認為選擇退出的人數會是少數。我不認為會完全消失，但肯定會是少數。而且，我認為，一部分原因是我們所做的決定，一部分原因是與Google達成的協議條款，還有一部分原因是瀏覽器和作業系統本身的實際情況。

I mean, the browsers and the operating systems are more and more pushing software and extensions to use their native environments and their native environments look much more like opt-in than opt-out. So, independent of everything, that's where the industry is headed. And, that's where we're headed, ahead of it or with it.

我的意思是，瀏覽器和作業系統越來越傾向於讓軟體和擴充功能使用它們的原生環境，而這些原生環境看起來更像是預設加入，而不是預設退出。所以，撇開其他因素不談，這就是產業的發展方向。而我們也將朝著這個方向前進，要麼走在前面，要麼順應潮流。

So, the short answer is a minority. But, I don't have a precise number for you. And, you had another question, Brian?

所以，簡而言之，是少數人。但我沒有確切的數字。對了，布萊恩，你還有其他問題嗎？

Yes. And, just to follow up. Just to go back to an earlier question. Which opt-in apps on the biggest opt-in app revenue drivers at this point? If you could name a few of the apps that are the most successful opt-in?

是的。另外，我想補充一下之前的問題。目前哪些選擇加入型應用是最大的收入驅動因素？您能否列舉幾個最成功的選擇加入型應用程式？

Yes. Let me get you guys a list on that. I don't have it in front of me. But, the -- you -- look, let's get you guys a list on that.

是的。我這就給你們列個清單。我手頭上沒有。但是，你們──聽著，我這就給你們列個清單。

Dan Kurnos, Benchmark.

Dan Kurnos，基準。

Great. Thanks for taking my questions. Joey, first off, I guess this is going to sound funny, given the line of questioning earlier. But, actually, congrats on the Google deal. Given what we know about the marketplace, I think you guys probably got the best possible deal within the current environment. And, frankly, with both Yahoo and Google already pushing for lower take rates on mobile, this was inevitable. And, we've seen Bing and others already make great strides to narrow the RPM gap.

太好了。謝謝你回答我的問題。喬伊，首先，考慮到你之前的問題，我猜我說這話可能有點滑稽。不過，真的要祝賀你們跟Google達成了交易。就我們對市場狀況的了解，我認為你們在目前的市場環境下已經拿到了最好的價格。坦白說，雅虎和谷歌都在努力降低行動端的廣告分成比例，所以這筆交易是必然的。而且，我們也看到必應和其他一些公司已經在縮小每千次展示收入（RPM）差距方面取得了顯著進展。

So, just turning back to the mobile piece. Could you talk about any metrics around the user experience you've seen when mitching -- when mixing and matching desktop and mobile solutions? We know the mobile experience and monetization process feels a little different to begin with. But, just wonder what you're seeing there?

好了，我們回到行動端的話題。您能否談談在混合使用桌面端和行動端解決方案時，您觀察到的使用者體驗指標？我們知道行動端的體驗和獲利模式一開始就與桌面端有所不同。但我很想知道您觀察到的情況？

And then, we know about posted strong results in the quarter. Just curious if the recent Panda rollback or refresh has been reversing any of the positive SEO trends? I know you talked about the legacy business is continuing to struggle, but have you seen any impact on the content publishing side?

我們知道貴公司本季業績表現強勁。我只是好奇，最近的熊貓演算法回滾或更新是否逆轉了任何積極的SEO趨勢？我知道您提到傳統業務仍在苦苦掙扎，但您是否看到內容發佈方面受到了任何影響？

And then, just lastly, long-term thought process on B2B? Obviously, you're doing well in B2C. Even though it was down year to year, it seems like, maybe, it got a little less worse now. Obviously, there are going to be some changes with opt-in and mobile, but we know BlueCore is getting out of the search game. So, just curious about how you feel about continuing to participate in B2B? Thanks.

最後，關於B2B的長期規劃？顯然，你們在B2C領域發展得很好。儘管B2C業務逐年下滑，但現在看來情況似乎有所改善。當然，隨著用戶選擇加入和行動裝置的發展，情況肯定會有所變化，而且我們知道BlueCore正在退出搜尋領域。所以，我很好奇你們對繼續參與B2B業務有何看法？謝謝。

Sure. On mobile versus desktop monetization we're -- mobile continues to grow nicely and the gap between mobile and desktop continues to narrow. I think it is a -- I think our mobile desktop monetization was up probably 20% or something like that, ballpark, year on year this year. That -- so, that's nice. It's nice to see that gap narrowing. I think that continues to narrow over time.

當然。關於行動端和桌面端的獲利情況，行動端持續穩定成長，兩者之間的差距也不斷縮小。我認為，今年我們的行動端和桌面端獲利總額年增了約 20%。這很好，很高興看到兩者之間的差距正在縮小。我認為隨著時間的推移，這種差距仍會繼續縮小。

On SEO, we haven't seen a ton of movement this quarter, neither positive nor negative. I think we've seen, again, a few properties pick up a tiny bit of -- a few properties lost a tiny bit. But, I don't think there's been a big swing in terms of SEO recently. I think that the way this is, just, what you hearing in the marketplace and I think a lot of people just guess here. But, that -- the way that the algorithms work now is it changes happen more constantly over time and to a lesser magnitude.

本季，SEO方面並沒有太大的變化，既沒有上升也沒有下降。我認為，我們看到一些網站的排名略有上升，也有一些網站的排名略有下降。但是，我認為近期SEO整體上並沒有大幅波動。目前市場上的許多信息，以及許多人的猜測，都只是基於現有演算法的運作方式。演算法的運作方式是，隨著時間的推移，演算法的變化會更加頻繁，但幅度會更小。

So, there's not these moments where the whole Internet traffic bridge shifts. Now, I -- that may not be the case. It's just how we've seen it lately and who knows what'll happen going forward. But, that's just what we're seeing at least.

所以，目前還沒有出現整個網路流量橋樑發生轉移的情況。當然，也許並非如此。這只是我們最近觀察到的現象，未來會如何發展誰也說不準。但至少目前我們看到的情況就是這樣。

On B2B, your question was, is that -- how's that doing? Look, I think I said it in the remarks, we've -- that business had trouble over the last few years and the changes in our agreements don't make it easier. I think the B2C business is healthy and we're excited about it. I think the B2B business has profit in it and it's okay. But, it's not a -- I'm not going to say that we're solved there because I don't think we're totally solved there.

關於B2B業務，你的問題是──它現在怎麼樣？嗯，我想我在之前的演講中已經說過，過去幾年我們的B2B業務遇到了一些困難，而且我們協議的變更也讓情況變得更加複雜。我認為B2C業務發展良好，我們對此感到振奮。我認為B2B業務也有利潤，情況尚可。但是，我不會說我們已經完全解決了這個問題，因為我認為我們還沒有完全解決這個問題。

Victor Anthony, Axiom Capital.

Victor Anthony，Axiom Capital。

Yes. Sure. Thanks. Just got a piggyback question on Vimeo. It's a nicely growing asset. I think there's a lot of optionality, I think, ahead for that business going forward. So, how should we think about the level of investment needed to continue to grow that business?

是的，當然。謝謝。我剛剛收到一個關於 Vimeo 的順便問一下。 Vimeo 的發展勢頭很好。我認為這項業務未來有很多發展選擇。那麼，我們該如何考慮繼續發展這項業務所需的投資規模呢？

And second, just, in the post Match world for IAC. Now, how should we think about you guys? Is this still more of the same? And, each bit of assets capital return? Or, are there any opportunities for you to, at least, pick up more growthy assets in the market today?

其次，就IAC在Match之後的發展現況而言，我們該如何看待你們？你們的策略是否依然如故？每筆資產的資本報酬率是否依然如故？或者，你們是否還有機會在當今市場上獲得更多成長型資產？

I'll answer the second one first. And then, maybe, go to Jeff on the first one, which I think was the -- growth investment in Vimeo. I couldn't totally hear.

我先回答第二個問題。然後，或許可以問傑夫關於第一個問題的看法，我記得第一個問題是關於Vimeo的成長投資。我當時沒完全聽清楚。

Yes.

是的。

The -- what -- thing about IAC in a post Match world is, we've got, I think four big bets. We'll have a pile of cash and we'll keep doing what we've always done. You look at IAC, we talked about this a little bit. I think there's, once Match goes public, I think there will be eight independent public companies out of what was IAC eight years ago. Which is a tremendous accomplishment and something that we haven't really celebrated ever but, is very much in our DNA.

在Match上市之後，IAC的現況是，我們有四項重磅投資。我們將擁有大量現金，並繼續做我們一直以來都在做的事情。看看IAC，我們之前也稍微討論過。我認為，一旦Match上市，八年前的IAC將會誕生八家獨立的上市公司。這是一項巨大的成就，我們以前從未真正慶祝過，但這早已深深融入我們的基因。

Most companies when they have a business like Match and, or, businesses like we've had in the past, which are leaders in their categories and doing very well. You -- they hold onto those businesses. Our philosophy has been, when you get those businesses and when they reach that level of scale and when they have that sort of independence, that we give them their own currency and set them off on their own. And, because we think that's generally best for shareholders.

大多數公司如果擁有像Match這樣的業務，或者像我們過去一樣，在各自領域處於領先地位且業績斐然的業務，他們通常會選擇保留這些業務。而我們的理念是，當這些業務發展到一定規模並具備一定的獨立性後，我們會賦予它們獨立的貨幣，讓它們可以獨立運作。因為我們認為，這通常對股東最有利。

Now, the timing of that is something that's always complicated. But, that's generally our philosophy in building, assembling, growing, nurturing these businesses. And, I think we've got a bunch of bets within IAC that have the potential to be the next one. And, we absolutely will make more bets over time. Both supplementing our existing businesses and finding new businesses. I think we're very active in the market looking at things and we'll continue to be forever.

當然，時機總是很複雜。但這通常是我們建構、整合、發展和培育這些業務的理念。我認為IAC內部有很多投資項目都有潛力成為下一個爆款。而且，我們肯定會在未來進行更多投資，既包括對現有業務的補充，也包括尋找新的業務。我認為我們一直非常積極地關注市場動態，並將永遠保持這種狀態。

And, we look at those -- the four big bets in IAC right now. We've got Home Advisor. We've got Vimeo. We've got the publishing businesses. And, we've got the applications businesses. And, all of them have a good standalone trajectory. All of them have the opportunity to use more capital efficiently. And, we like their -- we like the future on each one.

我們關注IAC目前的四大投資：Home Advisor、Vimeo、出版業務和應用業務。它們各自擁有良好的獨立發展前景，也都有機會更有效地利用資本。我們看好它們的未來。

So, I'm pretty excited about a post Match world in terms of what we are in IAC. And, I'll turn it back to Jeff on the Vimeo question

所以，就IAC目前的發展而言，我對Match之後的世界感到非常興奮。接下來，我想把Vimeo的問題拋給Jeff。

Yes, and if I could just ask you to repeat it because I didn't pick up all of it when you first said it.

是的，請您再說一遍，因為我沒完全聽清楚。

Yes, I was just curious about the level of investment that you foresee in Vimeo. It seems to be -- it's a unique asset I think. Fast-growing.

是的，我只是好奇您預計Vimeo會獲得多少投資。它看起來——我認為它是一項獨特的資產，而且成長迅速。

Well, we --

嗯，我們——

Looks like there's opportunity to really grow it quite substantially over the next several years. So, what sort of level of investment should we think about for that business?

看來未來幾年這個業務有很大的發展空間。那麼，我們應該考慮對這個業務進行多大程度的投資呢？

Look, I think we've invested in it very significantly. It's a big piece of the media investment line that you see this year. I think we think that that level of investment will come down somewhat next year. And, that when you look at media and e-commerce on a combined level, you'll actually see some profit there next year. But, we expect to continue invest in media.

你看，我認為我們在這方面投入巨大。它是今年媒體投資的重要組成部分。我們預計明年這方面的投資水準將會下降。而且，如果你把媒體和電子商務結合起來看，明年實際上會看到一些利潤。但是，我們預計仍會繼續投資媒體領域。

I mean, I think there's two key areas. One is very profitable lifetime marketing where we have incredible retention rates in that business. And, we are able to market to creators who, in turn bring viewers and also, in turn, upload content that feeds into our whole viewing ecosystem, both free and paid.

我的意思是，我認為有兩個關鍵領域。一是利潤豐厚的終身行銷，我們在這個領域擁有極高的用戶留存率。二是我們可以向內容創作者進行行銷，他們反過來又能帶來觀眾，而這些內容還能豐富我們整個觀看生態系統，包括免費和付費內容。

And then, I think secondly, we have strategically and selectively made some investments in content to also help build the ecosystem. And I think we continue to plan to do that. And, I think, look, our revenues are going to grow and that'll naturally reduce the overall investment in the business as we make more money. But, I think we fully expect to continue to invest.

其次，我認為，我們已經有策略地、選擇性地對內容進行了一些投資，以幫助建立生態系統。而且我認為我們會繼續這樣做。我認為，隨著收入的成長，業務的整體投資自然會減少。但是，我認為我們完全有信心繼續投資。

Thank you.

謝謝。

And, it appears that we have no further questions at this time.

目前看來，我們沒有其他問題了。

Thanks, everyone.

謝謝大家。

Thanks very much.

非常感謝。

This does conclude today's teleconference. You may now disconnect. Thank you and have a great day.

今天的電話會議到此結束。您可以斷開連線了。謝謝，祝您今天愉快。