Match Group Inc (MTCH) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Match Group's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, SVP of Investor Relations. Please go ahead.

早上好，歡迎參加 Match Group 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係高級副總裁 Tanny Shelburne。請繼續。

Thank you, operator, and good morning, everyone. Today's call will be led by CEO, Bernard Kim; and CFO and COO, Gary Swidler. They'll make a few brief remarks, and then we'll open it up for questions.

謝謝接線員，大家早上好。今天的電話會議將由首席執行官 Bernard Kim 主持；首席財務官兼首席運營官 Gary Swidler。他們會做一些簡短的評論，然後我們會打開它來提問。

Before we start, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports filed with the SEC.

在開始之前，我需要提醒大家，在這次電話會議中，我們可能會討論我們的前景和未來表現。這些前瞻性陳述之前可能會出現我們預期、我們相信、我們預期或類似陳述等詞語。這些陳述存在風險和不確定性，我們的實際結果可能與今天表達的觀點存在重大差異。其中一些風險已在我們的收益發布和我們向美國證券交易委員會提交的定期報告中列出。

With that, I'd like to turn the call over to BK.

有了這個，我想把電話轉給 BK。

Thanks, Tanny. Good morning, everyone, and thank you for joining today's call. This is my first earnings call as Match Group's CEO, and I want to start off by thanking everyone at the company for such a warm welcome. I truly believe that love, connections and relationships are the pillars to a happy and fulfilling life. I'm elated to work with the team that's responsible for creating joy through connecting millions of people around the world.

謝謝，坦尼。大家早上好，感謝您加入今天的電話會議。這是我作為 Match Group 首席執行官的第一次財報電話會議，首先我要感謝公司的每個人的熱烈歡迎。我真的相信愛、聯繫和人際關係是幸福和充實生活的支柱。我很高興與負責通過連接世界各地數百萬人來創造快樂的團隊合作。

I've been on the job for 2 months, and I've been fortunate enough to travel to many of our global offices with Gary and the rest of the management team.

我已經工作了 2 個月，我有幸與 Gary 和管理團隊的其他成員一起前往我們的許多全球辦事處。

At each stop, I've conducted All Hands "Ask-me-Anything" meetings to convey what I will bring to the table and what I expect from the team in return. As I told my colleagues, I'm passionate about people, culture and product. I promised the teams that I will always be authentic, honest and act with integrity. And I expect our employees to bring those same values to work every day.

在每一站，我都舉行了全員“問我任何事”會議，以傳達我將帶來什麼以及我對團隊的期望作為回報。正如我告訴我的同事，我對人、文化和產品充滿熱情。我向團隊承諾，我將永遠真實、誠實和正直行事。我希望我們的員工每天都能將同樣的價值觀帶到工作中。

I've been learning as much as possible about our business, assessing what's working and what's not and beginning to build our strategy. I'm very impressed by the team's experience and their growth mindset as well as strong financial discipline. This balance will serve us well as we forge ahead.

我一直在盡可能多地了解我們的業務，評估哪些有效，哪些無效，並開始製定我們的戰略。團隊的經驗和他們的成長心態以及強大的財務紀律給我留下了深刻的印象。隨著我們不斷前進，這種平衡將為我們提供良好的服務。

I also want to thank Gary, who's been a great partner during my onboarding. As COO and CFO, he's made key strategic recommendations that we see eye to eye on, and we've been able to move quickly and decisively to unlock value across the portfolio and set up the next phase of growth.

我還要感謝 Gary，他是我入職期間的好夥伴。作為首席運營官和首席財務官，他提出了我們共同關注的關鍵戰略建議，我們能夠迅速果斷地採取行動，在整個投資組合中釋放價值並建立下一階段的增長。

There's no doubt that there are challenging macroeconomic factors at play. Over the past 2.5 years, people have been forced to isolate, then adjust to society reopening and I don't believe the behavioral impacts of COVID are fully understood yet.

毫無疑問，有挑戰性的宏觀經濟因素在起作用。在過去的 2.5 年裡，人們被迫隔離，然後適應社會重新開放，我認為 COVID 的行為影響尚未完全了解。

But what I do know is that human, real-world connections are imperative. And our apps are the best way to create those connections. It's our responsibility to innovate and provide the best experiences, and that creates the real opportunity for our business.

但我所知道的是，人類與現實世界的聯繫是必不可少的。我們的應用程序是建立這些聯繫的最佳方式。創新和提供最佳體驗是我們的責任，這為我們的業務創造了真正的機會。

In our shareholder letter, I was able to share my initial observations about the business, market opportunity and our portfolio of products. I also touched upon my management style, noting that we have to be decisive and set up the right teams with long-term growth in mind. In 2 months, we've made immediate steps to unlock and maximize Tinder's true long-term potential.

在我們的股東信中，我能夠分享我對業務、市場機會和我們的產品組合的初步觀察。我還談到了我的管理風格，指出我們必須果斷並建立正確的團隊，並考慮到長期增長。在 2 個月內，我們立即採取了措施來釋放和最大化 Tinder 真正的長期潛力。

Tinder is the go-to app in the industry. Available in 190 countries, in over 40 languages, it is a global phenomenon that has transformed dating culture in Western markets over the past 10 years, and it's still early in its journey in non-Western markets. I believe that innovating Tinder will only enhance its ability to continue to transform the dating experience for the next generation of singles around the world.

Tinder 是該行業的首選應用程序。它在 190 個國家/地區以 40 多種語言提供，是一種全球現象，在過去 10 年中改變了西方市場的約會文化，但它在非西方市場仍處於起步階段。我相信創新 Tinder 只會增強其繼續改變世界各地下一代單身人士約會體驗的能力。

With the current Tinder CEO stepping down, I've put a new leadership team in place who will report directly to me, while I lead the recruiting efforts for a new CEO. This team has a great working dynamic that's already apparent and brings proven expertise to Tinder's next phase of growth. They're passionate, strategic leaders who are also able to get into the trenches, experiment, lead by example and get things done. I'm confident that this new team will work well together to build product and enhancements and innovation.

隨著現任 Tinder CEO 的卸任，我已經建立了一個新的領導團隊，他們將直接向我匯報，同時我領導新 CEO 的招聘工作。這個團隊的工作動力已經很明顯，並為 Tinder 的下一階段增長帶來了成熟的專業知識。他們是充滿激情的戰略領導者，他們也能夠進入戰壕、進行實驗、以身作則並完成工作。我相信這個新團隊將共同努力打造產品、增強和創新。

But I do want to acknowledge that there have been some misfires and turnover on the team that have led to delays in product and execution in the first half of the year. I believe that our new team can right that ship, but it will take some time to execute and build momentum.

但我確實想承認，團隊中出現了一些失誤和人員變動，導致上半年的產品和執行延遲。我相信我們的新團隊可以糾正這艘船，但需要一些時間來執行和建立勢頭。

I've been impressed by the diversified dating experiences throughout the portfolio. As part of Match Group, Hinge has been a breakout star. The team has executed on building a strong brand, including their "Designed to be Deleted" campaign that resonates with our user base. They have elegant, differentiated product that I believe will be just as successful in international markets as they have been in English speaking ones.

整個投資組合中多樣化的約會體驗給我留下了深刻的印象。作為 Match Group 的一部分，Hinge 一直是一個突破性的明星。該團隊致力於打造一個強大的品牌，包括他們的“Designed to be Deleted”活動，這與我們的用戶群產生了共鳴。他們擁有優雅、差異化的產品，我相信這些產品在國際市場上會像在英語市場上一樣成功。

While our other brands continue to face their own challenges, I'm working closely with the teams to ensure that we're organized to tackle them and set up the brands for long-term success.

雖然我們的其他品牌繼續面臨自己的挑戰，但我正在與團隊密切合作，以確保我們有組織地應對這些挑戰並建立品牌以取得長期成功。

While the Hyperconnect acquisition has not gone to plan in our first year, we finalized the acquisition during lockdowns. My trip to Korea last month was the first time the teams were able to sit down together since we completed the deal. Their core products have struggled with increased competition and adjusting to the elimination of IDFA. But the team is strong, and I've been impressed by the entrepreneurial spirit and innovation.

雖然 Hyperconnect 收購在我們的第一年沒有按計劃進行，但我們在鎖定期間完成了收購。上個月我的韓國之行是我們完成交易後團隊第一次能夠坐在一起。他們的核心產品一直在努力應對日益激烈的競爭和適應 IDFA 的淘汰。但是團隊很強大，創業精神和創新給我留下了深刻的印象。

The Hyperconnect team has built technologies that have been introduced in our products around the world. This collaboration is something that I expect to see more of across our teams.

Hyperconnect 團隊構建的技術已在我們全球的產品中引入。我希望在我們的團隊中看到更多這種合作。

We continue to increase adoption and acceptance of our products in markets like Japan. We have a team on the ground ensuring our 2 products, Tinder and Pairs, have marketing messages that are resonating with our users. In our other Established Brands, we are ensuring rightsizing marketing spend to ensure long-term profitability.

我們繼續提高我們產品在日本等市場的採用率和接受度。我們有一個現場團隊，確保我們的 2 種產品，Tinder 和 Pairs，具有與我們的用戶產生共鳴的營銷信息。在我們的其他成熟品牌中，我們正在確保調整營銷支出以確保長期盈利。

And when we think about new opportunities and demographics to serve, we found a great business in The League. Their founder and CEO, Amanda Bradford, has built a brand that people love and continue to return to. We've been impressed by The League's user base as they are willing to pay significant premiums for this service.

當我們考慮新的服務機會和人口統計數據時，我們在聯盟中發現了一項偉大的業務。他們的創始人兼首席執行官阿曼達布拉德福德已經建立了一個人們喜愛並繼續回歸的品牌。 The League 的用戶群給我們留下了深刻的印象，因為他們願意為這項服務支付高額費用。

From my experience, product innovation always drives user adoption and engagement. We have great products. But I want to speed up product delivery, bring new dynamic features to life and set big audacious goals. At Tinder, we need some time to regain product momentum. I'm committed to product innovation that will give our users more reasons to come back more often and for new singles to sign up and start dating.

根據我的經驗，產品創新總是會推動用戶的採用和參與。我們有很棒的產品。但我想加快產品交付速度，為生活帶來新的動態功能，並設定大膽的目標。在 Tinder，我們需要一些時間來重新獲得產品動力。我致力於產品創新，這將使我們的用戶有更多理由更頻繁地回來，並讓新單身人士註冊並開始約會。

This is only my 63rd day on the job. But over the next few months, I'll be building out more plans as Gary and I continue to work with the teams, and on future calls I will share more details about our developing strategy.

這只是我工作的第 63 天。但在接下來的幾個月裡，隨著加里和我繼續與團隊合作，我將製定更多計劃，在未來的電話會議上，我將分享有關我們發展戰略的更多細節。

The team's understanding and execution on building subscription models is unparalleled. I bring expertise on the a la carte side of the business, which will be a great complement to our products. We will push our teams to innovate, collaborate and drive more growth on our platforms in the future.

團隊對構建訂閱模型的理解和執行是無與倫比的。我在業務的點菜方面帶來了專業知識，這將是對我們產品的一個很好的補充。未來，我們將推動我們的團隊在我們的平台上進行創新、協作並推動更多增長。

I bet on people and feel great about the team's ability to transform the way people connect with others around the world. Together, I expect we will drive long-term shareholder value, be decisive and always strive to win.

我把賭注押在人們身上，我對團隊改變世界各地人們與他人聯繫方式的能力感到非常滿意。我希望我們一起推動長期股東價值，果斷並始終努力取勝。

And with that, I'll turn it over to Gary.

有了這個，我會把它交給加里。

Thanks, BK, and hello, everyone. I'm excited for my and BK's first call together. There is a lot to cover this quarter, so I'm going to get right into it.

謝謝，BK，大家好。我為我和 BK 的第一次通話感到興奮。本季度有很多內容要介紹，所以我將直接進入它。

We had a solid Q2 with total revenue of $795 million, up 12% year-over-year. The Q2 FX headwinds were severe, as our revenue would have been $842 million, up 19% year-over-year on an FX-neutral basis. The FX impact in Q2 was $13 million worse than what we expected when we provided our Q2 outlook on our May earnings call.

我們的第二季度業績穩健，總收入為 7.95 億美元，同比增長 12%。第二季度的外匯逆風很嚴重，因為在外匯中性的基礎上，我們的收入將達到 8.42 億美元，同比增長 19%。第二季度的外匯影響比我們在 5 月財報電話會議上提供第二季度展望時的預期差 1300 萬美元。

Our Direct Revenue grew 12% year-over-year. It grew 9% year-over-year in the Americas, with strength at Tinder, Hinge, BLK and Chispa, coupled with declines at the Established Brands. It grew 6% year-over-year in Europe but 19% on an FX-neutral basis. Europe continues to be impacted by the war in Ukraine as well. Direct Revenue grew 32% in APAC and Other, 49% on an FX-neutral basis, driven by Hyperconnect.

我們的直接收入同比增長 12%。它在美洲同比增長 9%，其中 Tinder、Hinge、BLK 和 Chispa 表現強勁，而成熟品牌則有所下降。它在歐洲同比增長 6%，但在外匯中性基礎上增長 19%。歐洲也繼續受到烏克蘭戰爭的影響。在 Hyperconnect 的推動下，亞太地區和其他地區的直接收入增長了 32%，在外匯中性的基礎上增長了 49%。

Total Payers were 16.4 million, an increase of 10% from the prior year quarter. Payers were up 4% year-over-year in the Americas, 5% in Europe and 32% in APAC and Other, which was aided by the acquisition of Hyperconnect. Tinder Payer additions came in stronger than we had expected, while our Established Brands, including Match and Match Affinity brands, Meetic, OkCupid and Plenty of Fish saw year-over-year Payer declines of over 10% in aggregate.

總付款人為 1640 萬，比去年同期增長 10%。在收購 Hyperconnect 的幫助下，美洲的支付者同比增長 4%，歐洲增長 5%，亞太地區和其他地區增長 32%。 Tinder Payer 的增加比我們預期的要強勁，而我們的成熟品牌，包括 Match 和 Match Affinity 品牌、Meetic、OkCupid 和 Plenty of Fish，Payer 的同比下降總計超過 10%。

RPP was up 3% year-over-year to $15.86 in Q2. RPP was up 5% in the Americas, reflecting higher average rates for subscriptions and increased average a la carte purchases at Tinder and Hinge. RPP was up 1% in Europe, where contributions from Tinder and Hyperconnect were partially offset by the strength of the dollar compared to the euro and the British pound. RPP was flat in APAC and Other, where contributions from Hyperconnect were offset by the strength of the dollar relative to the yen and lira. On an FX-neutral basis, RPP was up 9% company-wide and 13% in both Europe and APAC and Other.

第二季度，RPP 同比增長 3% 至 15.86 美元。美洲的 RPP 增長了 5%，這反映了更高的平均訂閱費率以及 Tinder 和 Hinge 的平均點菜購買量增加。歐洲的 RPP 增長了 1%，其中 Tinder 和 Hyperconnect 的貢獻被美元相對於歐元和英鎊的強勢部分抵消。亞太地區和其他地區的 RPP 持平，其中 Hyperconnect 的貢獻被美元相對於日元和里拉的走強所抵消。在外匯中性的基礎上，RPP 在全公司範圍內增長了 9%，在歐洲、亞太地區和其他地區增長了 13%。

Tinder performed well in the quarter, delivering Direct Revenue of $449 million, up 13% year-over-year, 20% on an FX-neutral basis. Tinder had Payers growth of 14% year-over-year, adding 1.3 million Payers to 10.9 million, and a 1% RPP decline year-over-year in the quarter, which again shows the impact of FX. Tinder RPP was up 5% on an FX-neutral basis.

Tinder 在本季度表現良好，直接收入為 4.49 億美元，同比增長 13%，在外匯中性基礎上增長 20%。 Tinder 的付款人同比增長 14%，使付款人增加 130 萬至 1090 萬，本季度 RPP 同比下降 1%，這再次顯示了外彙的影響。在外匯中性的基礎上，Tinder RPP 上漲了 5%。

All other brands grew Direct Revenue 12% year-over-year in Q2, driven by 10% RPP growth and 2% Payers growth. Hinge, BLK and Chispa continued to drive the growth.

在 RPP 增長 10% 和付款人增長 2% 的推動下，所有其他品牌在第二季度的直接收入同比增長 12%。 Hinge、BLK 和 Chispa 繼續推動增長。

Some of the pressure on our Established Brands' Payers and Direct Revenue in the quarter was attributable to difficulties finding marketing opportunities that met our ROI thresholds.

本季度我們已建立品牌的付款人和直接收入面臨的一些壓力歸因於難以找到符合我們投資回報率閾值的營銷機會。

There were a couple of other specific trends as well. At Plenty of Fish, which tends to serve a lower income demographic, users had benefited from COVID-related government stimulus in Q2 '21, but we saw weaker Payer and RPP trends in Q2 2022 as the benefits of the stimulus abated. The Match brand saw some lingering impacts from its new business model, and Meetic saw some conversion softness.

還有一些其他特定趨勢。在傾向於為低收入人群服務的 Plenty of Fish 中，用戶在 21 年第二季度受益於與 COVID 相關的政府刺激措施，但隨著刺激措施的好處減弱，我們看到 2022 年第二季度的付款人和 RPP 趨勢較弱。 Match 品牌從其新的商業模式中看到了一些揮之不去的影響，而 Meetic 看到了一些轉換軟弱。

In Asia, Hyperconnect contributed as we expected in Q2, but its revenue was heavily impacted by FX, especially against the Turkish lira and the Japanese yen, as well as by typical Ramadan-related seasonality. Pairs in Japan saw a burst of new user strength after COVID restrictions were lifted, but only a modest sustained improvement in revenue and other trends in Q2.

在亞洲，Hyperconnect 在第二季度做出了我們預期的貢獻，但其收入受到外彙的嚴重影響，尤其是兌土耳其里拉和日元，以及典型的齋月相關的季節性因素。在取消 COVID 限制後，日本的貨幣對出現了新的用戶實力爆發，但第二季度的收入和其他趨勢只有適度的持續改善。

Indirect revenue was $14 million in the quarter, up 7% year-over-year, as we continued to see strong demand for ads in our products and rates increased year-over-year.

本季度的間接收入為 1400 萬美元，同比增長 7%，因為我們繼續看到我們產品中的廣告需求強勁且費率同比增長。

We had a $10 million operating loss in Q2, as the intangibles primarily related to the Azar and Hakuna trade names were impaired by $217 million, or roughly half the intangibles that were attributed to them at the time of the acquisition. The impairment stems from a lower financial outlook for the 2 apps, including FX impacts in certain of Hyperconnect's key markets, as well as the use of higher discount rates in the DCF calculations given rising interest rates generally.

我們在第二季度有 1000 萬美元的運營虧損，因為主要與 Azar 和 Hakuna 商品名稱相關的無形資產減值了 2.17 億美元，大約是收購時歸屬於它們的無形資產的一半。減值源於這 2 個應用程序的財務前景較低，包括 Hyperconnect 某些主要市場的外匯影響，以及在利率普遍上升的情況下在 DCF 計算中使用更高的貼現率。

Adjusted Operating Income grew 9% year-over-year to $286 million, representing a margin of 36%.

調整後的營業收入同比增長 9% 至 2.86 億美元，利潤率為 36%。

Overall expenses, including SBC expense, grew 62% year-over-year in Q2, but were only up 9%, excluding Hyperconnect. Excluding the impact of Hyperconnect, cost of revenue grew 14% year-over-year, primarily due to higher app store fees, including the initial $5 million amount placed into escrow related to the Google litigation. Cost of revenue represented 29% of total revenue.

包括 SBC 費用在內的總體費用在第二季度同比增長 62%，但不包括 Hyperconnect，僅增長 9%。排除 Hyperconnect 的影響，收入成本同比增長 14%，主要是由於應用商店費用增加，包括與穀歌訴訟相關的最初 500 萬美元託管費用。收入成本佔總收入的 29%。

Sales and marketing spend, excluding Hyperconnect, decreased $13 million or 10% year-over-year, the second straight quarter where we saw a year-over-year reduction as we continue to reduce marketing spend in our more Established Brands and to show ROI discipline overall. Sales and marketing spend was down 3 points year-over-year as a percentage of total revenue to 15%. For the first half of the year, sales and marketing spend ex Hyperconnect declined $21 million year-over-year.

銷售和營銷支出（不包括 Hyperconnect）同比減少 1300 萬美元或 10%，這是我們連續第二個季度看到同比減少，因為我們繼續減少我們更成熟品牌的營銷支出並顯示投資回報率整體紀律。銷售和營銷支出佔總收入的百分比同比下降 3 個百分點至 15%。今年上半年，除 Hyperconnect 外的銷售和營銷支出同比下降 2100 萬美元。

G&A expense, excluding Hyperconnect, rose $3 million or 3% year-over-year. G&A comprised 14% of revenue, unchanged from the prior year. The increase in G&A expense reflects lower legal fees and an increase in travel expenses as we continue to return to a more normal cadence of business travel.

不包括 Hyperconnect 的 G&A 費用同比增長 300 萬美元或 3%。 G&A 佔收入的 14%，與上年持平。 G&A 費用的增加反映了較低的法律費用和旅行費用的增加，因為我們繼續恢復到更正常的商務旅行節奏。

Product development costs excluding Hyperconnect grew 51% year-over-year and were 10% of revenue, as we increased headcount, particularly at Tinder and Hinge, in a highly competitive labor market.

不包括 Hyperconnect 的產品開發成本同比增長 51%，佔收入的 10%，因為我們在競爭激烈的勞動力市場增加了員工人數，特別是在 Tinder 和 Hinge。

Our gross leverage declined to 3.5x trailing Adjusted Operating Income, and our net leverage was 3x at the end of Q2. These leverage levels reflect the payment of $441 million related to the settlement of the former Tinder employee lawsuits and arbitrations. Those matters are now resolved.

我們的總槓桿率下降至 3.5 倍的調整後營業收入，而我們的淨槓桿率在第二季度末為 3 倍。這些槓桿水平反映了與解決前 Tinder 員工訴訟和仲裁相關的 4.41 億美元的支付。現在這些問題都解決了。

We ended the quarter with $473 million of cash, cash equivalents and short-term investments on hand.

本季度末，我們手頭有 4.73 億美元的現金、現金等價物和短期投資。

We deployed approximately $216 million in Q2 to buy back approximately 3 million of our shares at a VWAP of just over $73 per share on a trade date basis. We currently have approximately 9.3 million shares remaining under our buyback authorization.

我們在第二季度部署了大約 2.16 億美元，在交易日以每股略高於 73 美元的 VWAP 回購了大約 300 萬股股票。我們目前在回購授權下剩餘大約 930 萬股股票。

As we stated in the letter, there are a number of key factors affecting our performance and outlook. The first is FX, which significantly affected the first half of the year and we expect will impact the second half of the year as well. We used the forward curve to provide our outlook, and the curve has consistently underestimated the dollar strength this year, which is largely why we have been behind our outlooks for Q1 and Q2.

正如我們在信中所述，有許多關鍵因素會影響我們的業績和前景。首先是外匯，對上半年的影響很大，我們預計下半年也會受到影響。我們使用遠期曲線來提供我們的展望，而該曲線一直低估了今年美元的強勢，這在很大程度上是我們落後於第一季度和第二季度展望的原因。

Leaving aside FX impacts, it's become clear that COVID created some unusual trends in our business. The Established Brands benefited from a less competitive marketing environment in the early days of COVID, which drove incremental growth, and their users also benefited from savings and government stimulus payments, which buttressed monetization. As these factors have abated, these businesses once again face growth challenges.

撇開外匯影響不談，很明顯，COVID 在我們的業務中創造了一些不尋常的趨勢。老牌品牌受益於 COVID 早期競爭較弱的營銷環境，推動了增量增長，其用戶也受益於儲蓄和政府刺激支付，這支持了貨幣化。隨著這些因素的減弱，這些業務再次面臨增長挑戰。

Tinder experienced a very strong second half of 2021 as people began to socialize more after being vaccinated. Additionally, Tinder made several beneficial paywall and other optimizations in Q3 '21, which drove record sequential Payer additions and strong revenue in that quarter. We're now lapping these challenging comps. Moreover, some of the Tinder product initiatives and optimizations that we've been counting on for revenue growth in the second half of 2022 are not delivering as we'd expected and were delaying some launches.

隨著人們在接種疫苗後開始更多地社交，Tinder 在 2021 年下半年經歷了非常強勁的發展。此外，Tinder 在 21 年第三季度進行了幾項有益的付費牆和其他優化，這推動了該季度創紀錄的連續付款人增加和強勁的收入。我們現在正在研究這些具有挑戰性的比賽。此外，我們一直指望在 2022 年下半年實現收入增長的一些 Tinder 產品計劃和優化並沒有像我們預期的那樣交付，並且推遲了一些發布。

Our Plenty of Fish live streaming business is showing a slowdown in revenue growth after a period of strength, in part driven by stimulus-induced spending. And we haven't seen a sustained rebound in performance in Japan, where daters remain reluctant and COVID cases continue to rise. Taken together, these factors lead us to expect relatively muted revenue growth for the second half of 2022.

我們的 Plenty of Fish 直播業務在經歷了一段時間的強勁增長後，收入增長放緩，部分原因是刺激措施引發的支出。我們還沒有看到日本的業績持續反彈，約會者仍然不情願，COVID 病例繼續上升。綜上所述，這些因素使我們預計 2022 年下半年的收入增長相對溫和。

On the cost side, we're feeling the financial impacts of the tight labor market, which caused us to raise compensation levels, as well as a marketing environment which is not yet fully adjusted to the economic realities. As such, we've significantly slowed our hiring and are sticking to our ROI discipline in our marketing spend, even at the expense of some revenue growth.

在成本方面，我們感受到勞動力市場緊張的財務影響，這導致我們提高薪酬水平，以及尚未完全適應經濟現實的營銷環境。因此，我們顯著放慢了招聘速度，並在營銷支出中堅持我們的投資回報率原則，即使以犧牲一些收入增長為代價。

The App Store fees also continue to be a headwind. App Store fees, including the escrow amount related to the Google Play Store, were 19.5% of our revenues in Q2 '22, up over 2 points from Q1 2020. We remain optimistic that the app stores will be required to adjust their policies as the DMA in Europe goes into effect in 2023, and we prevail in our lawsuit against Google in the U.S., which should create a much fairer app ecosystem for all.

App Store 費用也繼續成為不利因素。 App Store 費用（包括與 Google Play 商店相關的託管金額）在 22 年第二季度占我們收入的 19.5%，比 2020 年第一季度高出 2 個百分點。我們仍然樂觀地認為，應用商店將需要調整其政策，因為歐洲的 DMA 將於 2023 年生效，我們在美國對谷歌的訴訟中勝訴，這應該為所有人創造一個更加公平的應用生態系統。

For Q3, we expect total revenue for Match Group of $790 million to $800 million, essentially flat year-over-year. We anticipate over $60 million of year-over-year FX headwinds in Q3, meaning that total revenue growth would be over 8 points higher on an FX-neutral basis.

對於第三季度，我們預計 Match Group 的總收入為 7.9 億美元至 8 億美元，與去年同期基本持平。我們預計第三季度的外匯逆風同比將超過 6000 萬美元，這意味著在外匯中性的基礎上，總收入增長將超過 8 個百分點。

We expect Tinder's Direct Revenue to be up mid-single digits, low teens on an FX-neutral basis, in Q3 while All Other Brands' Direct Revenue is expected to be down mid-single digits, but up low single digits on an FX-neutral basis. We expect Hinge, BLK and Chispa will continue to drive the growth, helping offset declines at the Established Brands.

我們預計 Tinder 的直接收入將在第三季度上升中個位數，在外匯中性的基礎上低十幾歲，而所有其他品牌的直接收入預計將下降中個位數，但在外匯中性的基礎上上升低個位數中立的基礎。我們預計 Hinge、BLK 和 Chispa 將繼續推動增長，幫助抵消成熟品牌的下滑。

We expect Adjusted Operating Income of $255 million to $260 million in Q3, representing margins of about 32% at the midpoint of the ranges. We expect lower year-over-year sales and marketing spend and a much lower year-over-year growth rate in product and development than in Q2 2022, and a continued increase in App Store fees. The lower-than-expected revenue contribution from Tinder, which is our highest margin business, has a meaningful negative effect on our overall company margins.

我們預計第三季度調整後的營業收入為 2.55 億美元至 2.6 億美元，利潤率在該區間的中點約為 32%。我們預計，與 2022 年第二季度相比，銷售和營銷支出的同比下降以及產品和開發的同比增長率要低得多，並且 App Store 費用將繼續增加。 Tinder 是我們利潤率最高的業務，其低於預期的收入貢獻對我們公司的整體利潤率產生了重大的負面影響。

For the full year, we're now estimating $195 million of year-over-year FX impacts, which is $72 million more than at our last earnings call and $163 million more than when we first gave our thoughts about 2022 back in November of 2021. We estimate FX is causing a 6-point reduction in year-over-year revenue growth for full year 2022, 2 points worse than at the time of our last earnings call.

我們現在估計全年的外匯影響為 1.95 億美元，比我們上次財報電話會議時多出 7200 萬美元，比我們在 2021 年 11 月首次提出關於 2022 年的想法時多出 1.63 億美元. 我們估計外匯導致 2022 年全年收入同比增長下降 6 個百分點，比我們上次財報電話會議時低 2 個百分點。

For Q4, we expect limited improvement in our year-over-year top-line growth rate and modest improvement in AOI margins compared to Q3. While we expect the second half of the year to be below our growth targets, we believe the company remains positioned to deliver accelerating revenue growth as we move through 2023, driven by improved product execution at Tinder.

對於第四季度，我們預計與第三季度相比，我們的同比收入增長率和 AOI 利潤率將略有改善。雖然我們預計今年下半年將低於我們的增長目標，但我們認為，在 Tinder 產品執行改進的推動下，隨著我們進入 2023 年，該公司仍有望實現加速的收入增長。

The biggest unknown we face relates to the macroeconomic environment and its impact on our business. The consumer is facing significant pressure from rising gas and food prices, constraining purchasing power. Our product is a small purchase and one that leads to happiness, so consumers are loath to stop or reduce it. If the economy continues to worsen, we expect our business to remain resilient, but we may see modest effects at some of our brands, particularly those that cater to lower income consumers.

我們面臨的最大未知數與宏觀經濟環境及其對我們業務的影響有關。消費者正面臨來自天然氣和食品價格上漲的巨大壓力，限制了購買力。我們的產品是小額購買，是一種帶來幸福的產品，因此消費者不願停止或減少它。如果經濟繼續惡化，我們預計我們的業務將保持彈性，但我們可能會看到我們的一些品牌受到適度影響，尤其是那些迎合低收入消費者的品牌。

We believe subscriptions, which constitute the vast majority of our revenue, will remain sticky, but it's possible consumers will pull back modestly on a la carte purchases, which tend to be more discretionary. We expect our Hinge business to remain largely immune from overall consumer spending pullbacks given its more affluent user base, and have seen no impact to date. We'll continue to monitor these trends and provide an update on our next earnings call.

我們認為，占我們收入絕大部分的訂閱仍將保持粘性，但消費者可能會適度減少點菜購買，這往往更具自由裁量權。鑑於其更富裕的用戶群，我們預計我們的鉸鏈業務將在很大程度上不受整體消費者支出回落的影響，並且迄今為止沒有看到任何影響。我們將繼續關注這些趨勢，並在下一次財報電話會議上提供最新信息。

Our category provides ample runway for growth, which we can achieve by growing users and by increasing payer penetration and RPP. It is up to us to execute on the opportunities. The recent changes we've made at Tinder should better position us to perform the way we have historically. While the business is facing some temporary challenges, we will remain disciplined on costs, especially in marketing and hiring. Our longer-term prospects remain bright, and our goal remains to deliver strong, consistent growth and profitability for our shareholders. We believe our combination of growth and profitability, as well as our free cash flow generation, is one that few other companies can achieve.

我們的類別為增長提供了充足的跑道，我們可以通過增加用戶以及提高支付者滲透率和 RPP 來實現這一目標。我們有責任把握機會。我們最近在 Tinder 所做的改變應該讓我們能夠更好地按照我們過去的方式行事。雖然業務面臨一些暫時的挑戰，但我們仍將嚴格控製成本，尤其是在營銷和招聘方面。我們的長期前景依然光明，我們的目標仍然是為股東帶來強勁、持續的增長和盈利能力。我們相信我們的增長和盈利能力的結合，以及我們產生的自由現金流，是很少有其他公司能夠實現的。

With that, I'll ask the operator to open the line for questions.

有了這個，我會要求接線員打開線路提問。

(Operator Instructions) Our first question comes from Shweta Khajuria with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Shweta Khajuria。

BK, let me try a question on Tinder, please. So what are you looking for in the new Tinder CEO? And why has there been this much turnover in CEOs?

BK，請讓我在 Tinder 上嘗試一個問題。那麼，您在尋找新的 Tinder 首席執行官嗎？為什麼 CEO 的離職率如此之高？

Thanks, Shweta, for the question. First of all, I wasn't expecting to have to manage a CEO transition so early in my tenure, and I know it's not ideal to have 2 Tinder CEOs in 2 years. But with Renate's departure, I wanted to act quickly and be decisive and put in a team that I felt confident in. We've assembled a team of all-stars from Tinder and Match Group, and we also brought in Mark as CPO, who I've known for over 15 years. Faye is moving into a newly formed position of COO of Tinder and will improve execution across the entire organization. Tom has done a great job leading engineering for the last 5 years at Tinder and we're delighted that he's going to continue to lead our engineering teams. Melissa is an award-winning CMO, who's done great things at OkCupid, and we're really happy that she is bringing her expertise to our biggest business. And Mark joined Tinder 1 week after I joined Match Group, and he's my top choice to lead product as I've worked with him at Electronic Arts and have admired his accomplishments leading product teams.

謝謝，Shweta，提出這個問題。首先，我沒想到在我任職初期就必須管理 CEO 過渡，而且我知道在 2 年內擁有 2 位 Tinder CEO 並不理想。但隨著 Renate 的離開，我想迅速採取行動，果斷地組建一支我有信心的團隊。我們已經組建了一支來自 Tinder 和 Match Group 的全明星團隊，我們還請來了 Mark 作為 CPO，他我認識超過 15 年。 Faye 正在擔任新成立的 Tinder 首席運營官一職，並將提高整個組織的執行力。在過去的 5 年裡，Tom 在 Tinder 領導工程方面做得非常出色，我們很高興他將繼續領導我們的工程團隊。 Melissa 是一位屢獲殊榮的 CMO，她在 OkCupid 做了很多偉大的事情，我們很高興她將她的專業知識帶到我們最大的業務中。在我加入 Match Group 一周後，Mark 加入了 Tinder，他是我領導產品的首選，因為我曾在 Electronic Arts 與他一起工作，並欽佩他領導產品團隊的成就。

This team in place is already working really well together and driving the business forward. And we think the new CEO, once in place, is going to really enjoy working with this strong team. When it comes to finding the new CEO, first and foremost, I want to break the cycle of short-tenured leaders at Tinder. I want someone who's a experienced, creative leader that inspires and motivates team, but is also aligned with our growth vision for the business. I will be personally leading this search. But in the meantime, I'm really excited to immerse myself in Los Angeles with the Tinder team. With leadership change comes tremendous opportunity, and I really look forward to taking this team and Tinder to the next level of growth.

這個到位的團隊已經很好地合作並推動了業務向前發展。我們認為，新任首席執行官一旦上任，將會非常享受與這個強大的團隊合作。在尋找新的 CEO 時，首先，我想打破 Tinder 的短期領導者的循環。我想要一個經驗豐富、富有創造力的領導者，能夠激勵和激勵團隊，同時也與我們的業務增長願景保持一致。我將親自領導這項搜索。但與此同時，我很高興能與 Tinder 團隊一起沉浸在洛杉磯。領導層的變化帶來了巨大的機會，我非常期待將這個團隊和 Tinder 帶到下一個增長水平。

Our next question comes from Cory Carpenter with JPMorgan.

我們的下一個問題來自摩根大通的 Cory Carpenter。

Sticking with Tinder, in the shareholder letter and the prepared remarks, you talked a lot about disappointing execution. So our question is, could you just talk about what went wrong at Tinder? And how quickly you think it can be turned around?

堅持使用 Tinder，在股東信和準備好的評論中，你談到了很多關於令人失望的執行。所以我們的問題是，你能談談 Tinder 出了什麼問題嗎？你認為它可以多快扭轉局面？

Thanks so much, Cory, for the question. Tinder did not deliver on its product roadmap for the first half of the year. And execution on a number of initiatives have been delayed that we were counting on for growth in Q3 and Q4. Typically, Tinder works on big initiatives on the first half of the year that materialize in Payer and revenue growth in the second half of the year. But that didn't happen this time around. So we don't expect the same revenue bump that we typically see.

非常感謝科里的問題。 Tinder 沒有在今年上半年交付其產品路線圖。一些計劃的執行被推遲，我們指望在第三季度和第四季度實現增長。通常情況下，Tinder 會在上半年開展大型計劃，這些計劃會在下半年實現 Payer 和收入增長。但這一次並沒有發生。因此，我們預計不會出現與我們通常看到的相同的收入增長。

As an example, a lot of time was spent building Explore. It's a strong gateway with high engagement, but we haven't succeeded yet on innovating the user experience and then also building monetization features to maximize its potential. I do believe that there is a lot of market opportunity and great product ideas at Tinder, but it's all about execution. I think now, with the new team in place, I feel confident that we will deliver on the product roadmap, and it gives me a lot of optimism that this is all fixable and a short-term problem for Tinder.

例如，大量時間用於構建探索。這是一個具有高參與度的強大門戶，但我們還沒有成功地創新用戶體驗，然後還構建貨幣化功能以最大限度地發揮其潛力。我確實相信 Tinder 有很多市場機會和偉大的產品創意，但這一切都與執行有關。我認為現在，隨著新團隊的到位，我對我們將交付產品路線圖充滿信心，這讓我非常樂觀地認為這一切都是可以解決的，並且對於 Tinder 來說是一個短期問題。

Our next question comes from John Blackledge with Cowen.

我們的下一個問題來自 John Blackledge 和 Cowen。

On the 3Q revenue guide, maybe this one for Gary, can you provide kind of more color on the puts and takes of the 3Q revenue guide and also thoughts on 4Q revenue growth and your confidence in the expected revenue reacceleration in 2023?

關於第三季度收入指南，也許是加里的這個，您能否提供更多關於第三季度收入指南的看跌期權以及對第四季度收入增長的看法以及您對 2023 年預期收入重新加速的信心？

Sure, John. I'm happy to take it. Thanks for the question. Here's the way that I kind of think about the back half of the year generally, Q3 and Q4, which is between what we expect to deliver now for the back half of the year and versus what would have resulted in our hitting our recent guidance, which was low-end of the 15% to 20% range for 2022. There's a gap there, and it really results from 3 areas.

當然，約翰。我很高興接受它。謝謝你的問題。這是我對今年下半年的總體看法，第三季度和第四季度，這介於我們現在期望在今年下半年實現的目標與可能導致我們達到近期指導的目標之間，這是 2022 年 15% 到 20% 範圍的低端。那裡存在差距，這實際上是由 3 個方面造成的。

The first, which is about 1/3 of the gap, is from additional FX headwinds. We talked a lot in the prepared remarks about how much that has gotten more severe. And so about 1/3 of the gap comes from that. Of the rest, about half of the rest or 1/3 of the total comes from what BK just talked about, which is Tinder missed execution and the lack of delivery of initiatives, not having hit product roadmap and delivered as we expected in the first half of the year.

第一個，大約是差距的 1/3，來自額外的外匯逆風。我們在準備好的評論中談到了很多事情變得更加嚴重。因此，大約 1/3 的差距來自於此。其餘的大約一半或總數的 1/3 來自 BK 剛剛談到的，即 Tinder 錯過了執行和缺乏計劃的交付，沒有達到產品路線圖並按我們的預期交付半年。

And the other piece comes from a variety of other factors across the business: weakness in APAC, especially Japan; weakness in live streaming and to the Established Brands; and generally, some effects of macro weakness, we think, might be in that bucket as well. So those are the 3 buckets which, of the total gap, I think each account for about 1/3.

另一部分來自整個業務的各種其他因素：亞太地區的疲軟，尤其是日本；直播和老牌品牌的弱點；我們認為，總體而言，宏觀疲軟的一些影響也可能在這個範圍內。所以這些是 3 個桶，在總差距中，我認為每個桶約佔 1/3。

And now while we're not expecting much improvement in Q4 compared to Q3, we do expect momentum to build after that and to carry over and improve as we move through 2023.

現在，雖然我們預計第四季度與第三季度相比不會有太大改善，但我們確實預計在此之後會形成勢頭，並隨著我們進入 2023 年而延續和改善。

Our next question comes from Alexandra Steiger with Goldman Sachs.

我們的下一個問題來自高盛的 Alexandra Steiger。

Two on Hinge, if I can. So despite the accelerated launch timeline, you reiterated $300 million in revenue contribution for this year. Could you maybe help us understand how you think about the monetization ramp into the second half of this year and also in terms of revenue growth next year given the faster rollout? And then second, could you maybe give us a sense of like where we sit in terms of Hinge margin trajectory and the cadence of investments going forward?

如果可以的話，兩個在鉸鏈上。因此，儘管發佈時間有所加快，但您重申了今年 3 億美元的收入貢獻。您能否幫助我們了解您如何看待進入今年下半年的貨幣化進程，以及考慮到更快的推出，以及明年的收入增長情況？其次，您能否讓我們了解一下我們在鉸鏈利潤率軌跡和未來投資節奏方面所處的位置？

Hinge has been very successful in many markets already, and we've created great user experience that intentioned singles love. We've seen it excel in marketing and product development, driven by Hinge's awesome team and culture, coupled with Match's expertise. Hinge has great momentum, and I see 2 vectors for accelerating Hinge's growth.

Hinge 已經在許多市場上取得了巨大的成功，我們創造了深受單身人士喜愛的出色用戶體驗。在 Hinge 出色的團隊和文化以及 Match 的專業知識的推動下，我們已經看到它在營銷和產品開發方面表現出色。 Hinge 勢頭強勁，我看到了 2 個加速 Hinge 增長的向量。

One, there's still ample runway on monetization and user growth in core markets as we continue to roll out features and marketing campaigns to drive this growth. For example, we're really excited about the next monetization feature, which is a premium subscription tier.

一，隨著我們繼續推出功能和營銷活動以推動這一增長，核心市場的貨幣化和用戶增長仍有充足的空間。例如，我們對下一個獲利功能感到非常興奮，即高級訂閱層。

Second is capitalizing on product market fit that Hinge has created and translating that into as many markets as fast as we can. This will help accelerated international expansion, which will drive stronger revenue growth in 2023 and beyond. I think the combination of these 2 growth opportunities set up Hinge for multiple years of strong revenue growth.

其次是利用鉸鏈創造的產品市場契合度，並儘快將其轉化為盡可能多的市場。這將有助於加速國際擴張，這將推動 2023 年及以後更強勁的收入增長。我認為這兩個增長機會的結合使鉸鏈實現了多年的強勁收入增長。

And let me jump in on the margin question. I want to point out a couple of things as it relates to Hinge and margins. The first thing is, while we are being very judicious and cautious about marketing spend across the company as well as on hiring now and going forward, we recognize that Hinge is the brightest spot in the portfolio. And it is our strongest growth business. It's a very important business to us. And we are going to continue to invest at the right levels in that business, both on the marketing side as well as in product and development and people. So we're being judicious, but we're being thoughtful. And we want to make sure Hinge has the resources it needs to continue on its growth trajectory.

讓我跳到邊距問題上。我想指出一些與鉸鍊和邊距有關的事情。首先，雖然我們對整個公司的營銷支出以及現在和未來的招聘都非常審慎和謹慎，但我們認識到鉸鍊是投資組合中最亮的地方。這是我們最強勁的增長業務。這對我們來說是一項非常重要的業務。我們將繼續在該業務的適當水平上進行投資，無論是在營銷方面，還是在產品、開發和人員方面。所以我們是明智的，但我們是在深思熟慮的。我們希望確保 Hinge 擁有繼續其增長軌跡所需的資源。

And I don't see issues there in terms of the way we are treating expenses as it relates to marketing or headcount. I think Hinge has the resources to continue to grow exactly as we're planning for it to grow. So I want to make sure people understand the nuances there and the distinctions between businesses that are struggling more to grow, where we're going to be more judicious on marketing and hiring versus a business like Hinge, which is growing strongly and we're investing in.

在我們處理與營銷或員工人數相關的費用方面，我認為沒有問題。我認為 Hinge 有足夠的資源繼續增長，正如我們計劃的那樣。所以我想確保人們理解那裡的細微差別以及那些正在努力發展的企業之間的區別，我們將在營銷和招聘方面更加明智，而像鉸鏈這樣的企業正在強勁增長，我們正在投資於。

As far as what kind of margins we can achieve, I think that we are still very smart and efficient with our marketing spend. We are spending where we see traction in the business, like now in a market like Germany. We see the organic traction, we're investing into it with marketing spend. That has been our playbook and continues to be our playbook at Hinge. And we think that Hinge is already in position to achieve margins that are close to the company levels of margin. And we think that, that's what Hinge can achieve over time. And so we don't think Hinge will be a drag on our margins.

至於我們可以實現什麼樣的利潤，我認為我們在營銷支出方面仍然非常聰明和高效。我們在我們看到業務牽引力的地方花錢，就像現在在德國這樣的市場。我們看到了有機牽引力，我們正在通過營銷支出對其進行投資。這一直是我們的劇本，並將繼續成為我們在 Hinge 的劇本。我們認為，Hinge 已經能夠實現接近公司利潤率水平的利潤率。我們認為，這就是鉸鏈隨著時間的推移可以實現的目標。因此，我們認為鉸鏈不會拖累我們的利潤。

We think that Hinge will contribute nicely to the overall company margins and still grow at the levels that we've been talking about as we've been providing our outlook, which, as we say, is 50% [growth] (added by company after the call) for this year, and we think will be very strong into 2023 as well. So hopefully, that answers your questions.

我們認為，Hinge 將對公司的整體利潤率做出很好的貢獻，並且仍然在我們一直在談論的水平上增長，因為我們一直在提供我們的前景，正如我們所說，這是 50% [增長]（由公司添加電話會議後）今年，我們認為到 2023 年也將非常強勁。所以希望這能回答你的問題。

Can we go to the next one, please, operator?

接線員，我們可以去下一個嗎？

Our next question comes from Benjamin Black with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Benjamin Black。

So in the past, you've been a mid-teens sort of high teens revenue growth company. I understood that there's some volatility in '22, given the leadership changes and the challenges around sort of the product rollout. But when we look to '23, how should we be thinking about the growth algorithm? And what gives you the confidence in returning to more meaningful growth?

所以在過去，你一直是一家中等青少年收入增長的公司。我了解到，鑑於領導層的變化和圍繞產品推出的各種挑戰，22 年存在一些波動。但是當我們展望 23 年時，我們應該如何考慮增長算法？是什麼讓您有信心恢復更有意義的增長？

Sure. Let me jump in and take that, and thanks for the question. And as I talked about a little bit with the answer to John's question as well about 2023, so I'll try to weave that together. First of all, I want to say off the bat, we remain confident that this business can return to mid- to high-teens revenue growth. There's a lot of opportunity for us, and it really comes down to execution. And right now, we didn't execute as we needed to and as we expected to in the first part of the year. So we need a few quarters to rebuild the momentum in the business. And as BK has talked about extensively, in particular, we need a few quarters to get the Tinder team to improve their overall execution and deliver on their product roadmap.

當然。讓我跳進去接受這個問題，謝謝你的提問。當我談到約翰的問題的答案以及關於 2023 年時，我將嘗試將它們編織在一起。首先，我想說的是，我們仍然相信這項業務可以恢復到中高收入增長。我們有很多機會，這真的歸結為執行。而現在，我們並沒有按照我們需要的那樣執行，也沒有按照我們在今年上半年的預期執行。所以我們需要幾個季度來重建業務的勢頭。正如 BK 廣泛談論的那樣，特別是，我們需要幾個季度來讓 Tinder 團隊改進他們的整體執行並交付他們的產品路線圖。

And so as you know, as that takes place, we need to build back into stronger and stronger growth. And I think that will happen as we move into and then through 2023 at a measured pace in terms of improving the growth. Obviously, our goal is to deliver more than that, but our goal is to at least deliver strong and improving growth as we move through the quarter, starting in 2023.

如你所知，隨著這種情況的發生，我們需要重新建立越來越強勁的增長。我認為這將在我們進入到 2023 年並以有節制的速度改善增長時發生。顯然，我們的目標是提供更多，但我們的目標是至少在我們從 2023 年開始的季度中實現強勁且不斷改善的增長。

We will provide more details and specifics on what I think we can deliver for 2023 in the upcoming calls, as is our custom. So we'll give you a better sense of what exactly the cadence is going to be like and what levels we think we can get to. But our goal is to get back to where we have been. We think there's opportunity to do that. And as long as we execute, and in particular, the Tinder team executes on that, we do think we will get there.

我們將按照我們的慣例，在即將到來的電話會議中提供更多關於我認為我們可以在 2023 年交付的細節和細節。因此，我們將讓您更好地了解節奏的確切含義以及我們認為可以達到的水平。但我們的目標是回到原來的位置。我們認為有機會這樣做。只要我們執行，特別是 Tinder 團隊執行，我們確實認為我們會到達那裡。

Our next question comes from Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

Great. I wanted to ask about Tinder coins. What aspects of that product testing were disappointing relative to your expectations? And then curious as to why that sounds like it's the primary driver of the weaker second half outlook at Tinder. I think previously, you said there wasn't much of any benefit from those new products in the back half. So kind of bridge the gap there. And then just lastly, on the shorter term subscription packages, the day pass, weekly pass, any other commentary there.

偉大的。我想問一下 Tinder 硬幣。與您的預期相比，該產品測試的哪些方面令人失望？然後好奇為什麼這聽起來像是 Tinder 下半年前景疲軟的主要驅動力。我認為之前，您說後半部分的這些新產品沒有太多好處。所以有點彌合那裡的差距。最後，關於短期訂閱套餐、日票、週票以及其他任何評論。

Thanks. I can take that one. Lauren, thanks for the great questions. I feel confident that coins and virtual goods are a compelling offering in Tinder and can lead to significant monetization of power users, who I believe are currently under-monetized. Mark and I have spent most of our career in gaming, focusing on building such ecosystems, and we bring this expertise to the table. I love the idea of virtual goods and currency in Tinder, but I believe it hasn't been approached in a completely logical way.

謝謝。我可以拿那個。勞倫，感謝您提出的好問題。我相信硬幣和虛擬商品在 Tinder 中是一種引人注目的產品，可以為高級用戶帶來顯著的貨幣化，我認為這些用戶目前的貨幣化不足。 Mark 和我的大部分職業生涯都在遊戲中度過，專注於構建這樣的生態系統，我們將這種專業知識帶到了桌面上。我喜歡 Tinder 中虛擬商品和貨幣的想法，但我相信它並沒有以完全合乎邏輯的方式進行處理。

For instance, my experience in gaming, demand for virtual goods and collectibles are rolled out first, and then you launch the currency to get these items later. While it's frustrating to pause the efforts, I think it's super important that Mark and I deliver the right value proposition, so this can be a long-term revenue stream.

例如，我在遊戲方面的經驗，對虛擬商品和收藏品的需求是首先推出的，然後你發布貨幣以獲取這些物品。雖然暫停努力令人沮喪，但我認為馬克和我提供正確的價值主張非常重要，因此這可能是一個長期的收入來源。

In terms of your question around shorter-term subscription packages, historically, Match Group has not offered these. But we are going to start testing a variety of short-term subscriptions at different price points to see what works. We plan our initial rollout of these programs this upcoming fall.

關於您關於短期訂閱套餐的問題，從歷史上看，Match Group 沒有提供這些。但我們將開始測試不同價位的各種短期訂閱，看看哪些是有效的。我們計劃在即將到來的秋季首次推出這些計劃。

And then maybe I can just jump in on the second-half outlook. I want to clarify something that you said, that implies we are counting on coins or even virtual goods for the second half delivery of our revenue targets. And that isn't the case. There wasn't much, if anything, baked into the second half outlook around coins and virtual goods. So the fact that we're delaying that is not the driver of the shortfall versus our expectations for the second half. But there were a series of other less keynote kind of initiatives and optimizations that were expected in the first half of 2022 to help us deliver the second half revenue, and also more initiatives in the back half of the year to help deliver the second half revenue.

然後也許我可以直接進入下半場的前景。我想澄清你所說的一些事情，這意味著我們指望硬幣甚至虛擬商品來實現我們的收入目標的下半年。事實並非如此。圍繞硬幣和虛擬商品的下半年前景並沒有太多，如果有的話。因此，與我們對下半年的預期相比，我們推遲這一事實並不是造成短缺的原因。但是，預計 2022 年上半年還有一系列其他不太重要的舉措和優化，以幫助我們實現下半年的收入，並且在下半年有更多的舉措來幫助實現下半年的收入.

And it's on that series of initiatives, kind of less sexy, less notable initiatives, but still very important initiatives, that really has not taken place. And it explains why changes in the team at Tinder have been made to try to make sure that we deliver more fully on the initiatives and optimizations that we have in our plans. And so it's that kind of shortfall and delay that's really causing the issue.

正是在這一系列舉措上，有點不那麼性感，不那麼引人注目，但仍然非常重要的舉措，真的沒有發生。它解釋了為什麼 Tinder 團隊進行了更改，以確保我們更全面地交付我們計劃中的舉措和優化。因此，真正導致問題的正是這種短缺和延遲。

I think if you look back where we were in May, we still believe that we were going to deliver those initiatives. And right now, I think our confidence in that happening in the back half of the year has come down. We've made the changes, and we think we'll be positioned to have more momentum as we get out of 2022 and into 2023.

我認為，如果您回顧我們在 5 月份所處的位置，我們仍然相信我們將實施這些舉措。而現在，我認為我們對下半年發生這種情況的信心已經下降。我們已經做出了改變，我們認為隨著我們走出 2022 年並進入 2023 年，我們將擁有更大的動力。

And if you look back into last year, you'll note that we had a very strong performance in Q3 and Q4, as I called out. And the reason for that is we did deliver on significant initiatives, not particularly massive initiatives, but a series of important initiatives and optimizations in the early part of the year as well as in Q3, and I talked about it in the remarks. And that really propelled strong Payer additions in Q3 and into Q4 and strong revenue growth. That materialized in 2021, and it hasn't materialized in 2022. And we need to deliver on those kinds of initiatives and product improvements to drive the revenue growth. And the team at Tinder needs to do that, and we think we'll now be positioned to do that again.

如果你回顧去年，你會注意到我們在第三季度和第四季度的表現非常強勁，正如我所說的那樣。原因是我們確實在年初和第三季度推出了重大舉措，不是特別大規模的舉措，而是一系列重要舉措和優化，我在評論中談到了這一點。這確實推動了第三季度和第四季度的強勁 Payer 增加以及強勁的收入增長。這在 2021 年實現了，但在 2022 年還沒有實現。我們需要實施這些舉措和產品改進，以推動收入增長。 Tinder 的團隊需要這樣做，我們認為我們現在可以再次這樣做。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自 Jason Helfstein 和 Oppenheimer。

Maybe kind of a bigger picture question. So, so far, this earnings season, we're seeing companies that have more affluent customer bases perform better in the quarter and with their third quarter outlooks. I think historically, online dating has been perceived as recession-resistant, kind of like alcohol and tobacco. I guess, BK, kind of what's your perspective on this? And I guess, as you're thinking about, are the headwinds that you're facing more self-inflicted? Or do you think that there's aspects of the vertical that are now mature enough, perhaps younger users who have less discretionary income might cut back in spending during a recession or some of the inflationary pressure we're seeing.

也許是一個更大的問題。因此，到目前為止，在這個財報季，我們看到擁有更富裕客戶群的公司在本季度和第三季度前景中表現更好。我認為從歷史上看，在線約會一直被認為是抗衰退的，有點像酒精和煙草。我想，BK，您對此有何看法？而且我想，正如您所想的那樣，您所面臨的逆風是否更多是自己造成的？或者你認為垂直領域的某些方面現在已經足夠成熟，也許可支配收入較少的年輕用戶可能會在經濟衰退或我們看到的一些通脹壓力期間削減支出。

Hey Jason, why don't I jump in and try to take this one? As I said in my remarks, I think as a category, we believe that dating is relatively resilient to economic downturns. And we expect our business would be minimally impacted in a downturn as well. I think as you rightly point out, if there were any impact, it would be at the brands that serve lower-income consumers with less discretionary income. We wouldn't expect to see, for example, effect at our business like Hinge, which tends to have a much more affluent customer. And so far at Hinge we definitely have not seen any impact from the overall macroeconomic environment.

嘿，傑森，我為什麼不跳進去試試這個呢？正如我在講話中所說，我認為作為一個類別，我們認為約會對經濟衰退具有相對彈性。我們預計我們的業務在經濟低迷時期也會受到最小的影響。我認為正如您正確指出的那樣，如果有任何影響，那就是那些為可自由支配收入較少的低收入消費者提供服務的品牌。例如，我們不希望看到像鉸鏈這樣的業務受到影響，該業務往往擁有更富裕的客戶。到目前為止，在 Hinge，我們絕對沒有看到整體宏觀經濟環境的任何影響。

We also think that the subscription nature of our business is more sticky and does provide us with some insulation from an economic downturn. But on the other hand, there is some a la carte revenue, and that's more discretionary and probably would be at more risk in a downturn. So while right now, we don't see any real impacts to our business for macroeconomic factors, we are watching for them closely. It's something we want to monitor as we get out of the year because we do think there are a lot of crosswinds going on globally.

我們還認為，我們業務的訂閱性質更具粘性，並且確實為我們提供了一些免受經濟衰退影響的因素。但另一方面，有一些單點收入，這更具自由裁量權，在經濟低迷時期可能會面臨更大的風險。因此，雖然目前我們沒有看到宏觀經濟因素對我們的業務產生任何實際影響，但我們正在密切關注它們。這是我們希望在今年結束時監控的事情，因為我們確實認為全球正在發生很多側風。

But I would say that I don't see much downside to our 2022, even if things did continue to deteriorate. I think we've kind of assumed the right level of potential risk there as well in our 2022 outlook. So we'll see what materializes in the next 6 months. But I think that your view of kind of the resiliency of our business, the way that affluent consumers , in particular, are more insulated, the risk more on the people with lower income, more discretionary spending, I think is the right way to think about our business.

但我想說的是，我認為我們的 2022 年不會有太大的不利影響，即使情況確實會繼續惡化。我認為我們在 2022 年的展望中也已經假設了正確的潛在風險水平。因此，我們將看看未來 6 個月會發生什麼。但我認為你對我們業務彈性的看法，特別是富裕消費者的方式更加絕緣，低收入人群的風險更大，更多的可自由支配支出，我認為是正確的思考方式關於我們的業務。

Our next question comes from Youssef Squali with Truist.

我們的下一個問題來自 Youssef Squali 和 Truist。

This is actually a follow-up question to the one that was just asked. But -- so BK, I think you said in the letter that people's willingness to try online dating for the first time hasn't yet returned to pre-pandemic level. And this is really at a time when our experiences are taken budgets over from things like retail, et cetera. So what -- again, what kind of gives you the confidence that this is not structural in nature, particularly when it comes to Tinder, maybe maturing? And if it's not, just what products are you most excited about that you think can really start moving the needle and cause growth to reaccelerate in 2023, as you guys were talking about?

這實際上是剛剛提出的問題的後續問題。但是——所以 BK，我想你在信中說人們第一次嘗試在線約會的意願還沒有回到大流行前的水平。這確實是在我們的經驗被從零售等方面接管預算的時候。那麼，又是什麼讓你相信這不是結構性的，尤其是在 Tinder 方面，可能正在成熟？如果不是這樣，您認為哪些產品最讓您興奮，您認為它們可以真正開始發揮作用並在 2023 年重新加速增長，正如你們所說的那樣？

Thanks, Youssef, for the great question. Let me hit this like right on. I do not believe that the category is saturated. I wouldn't have taken this job if I thought it was. As we shared in the letter, more than half of singles in developed markets, such as U.S. and Western Europe, have not even tried dating apps. So -- and there's even a greater opportunity in APAC and the rest of the world. We have demonstrated that product innovation leads to product adoption, which drives overall category growth. It's important to continue to innovate on our products in order to introduce online dating to new users.

謝謝，優素福，提出了一個很好的問題。讓我直接打這個。我不相信這個類別已經飽和。如果我認為是，我不會接受這份工作。正如我們在信中所分享的，在美國和西歐等發達市場，超過一半的單身人士甚至沒有嘗試過約會應用程序。所以——在亞太地區和世界其他地區甚至有更大的機會。我們已經證明，產品創新會導致產品採用，從而推動整體類別的增長。為了向新用戶介紹在線約會，繼續對我們的產品進行創新非常重要。

A great example is at Hinge. It has great user momentum and a strong top-of-funnel growth, directly driven by exciting new features such as Voice Prompts. Tinder has not seen that same level of product innovation recently. But we feel like we have the right marketing and product teams in place now to innovate and drive its next level of growth.

一個很好的例子是鉸鏈。在語音提示等激動人心的新功能的直接推動下，它擁有強大的用戶動力和強勁的渠道頂部增長。 Tinder 最近還沒有看到同樣水平的產品創新。但我們覺得我們現在擁有合適的營銷和產品團隊來創新並推動其下一個增長水平。

Our next question comes from Mario Lu with Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

Great. So I have one on the third quarter margins guidance. It looks like you're guiding to a 4-point year-on-year decline for EBITDA margins at the midpoint. So Gary, you touched upon this earlier, but can you help break down further how much of that year-on-year compression is from the higher App Store fees versus product development spends? And then secondly, when should we expect product development to deleverage again?

偉大的。所以我有一個關於第三季度利潤率的指導。看起來您正在指導中點 EBITDA 利潤率同比下降 4 個百分點。所以 Gary，你之前提到過這個問題，但你能幫助進一步分析一下 App Store 費用相對於產品開發支出較高的同比壓縮有多少？其次，我們應該期待產品開發何時再次去槓桿化？

Sure. I'm happy to take it. Let me just make sure that everyone understands kind of our outlook, and there's clarity around that. So we're basically saying, at the midpoint of the ranges in Q3, there'll be about 32% AOI margins. And then we're expecting some modest improvement from there, which I think you could read as 100 to 150 basis points of sequential improvement in Q4.

當然。我很高興接受它。讓我確保每個人都理解我們的前景，並且對此有明確的認識。所以我們基本上是說，在第三季度範圍的中點，AOI 利潤率約為 32%。然後我們預計從那裡開始會有一些適度的改善，我認為你可以將其解讀為第四季度連續改善 100 到 150 個基點。

In terms of the overall year-over-year change in the margin drivers, let me see if I can kind of do this off the top of my head. And so I would say App Store fees are probably 1.5 points of headwinds. So there's still a meaningful headwind on year-over-year margins in Q3, and probably headcount is maybe 2.5 points of headwind. So you have 4 points of headwind from the app stores and the headcount moves that we've made.

就利潤率驅動因素的整體同比變化而言，讓我看看我是否可以做到這一點。所以我想說 App Store 的費用可能是 1.5 個百分點的阻力。因此，第三季度的同比利潤率仍然存在顯著的逆風，可能員工人數可能是 2.5 個逆風。所以你有來自應用商店的 4 個逆風點和我們所做的員工人數變動。

You probably get about 1 point of benefit from sales and marketing on the other hand. And I would say there's probably some small other effects from other items, and that's probably a little bit of a headwind. So I probably am around 3.5% or so of year-over-year decline. So that probably rounds to your 4%. But I think it's primarily the headcount and the App Store fees with some offset from the lower marketing spend.

另一方面，您可能會從銷售和營銷中獲得大約 1 分的收益。我會說其他項目可能會產生一些其他小的影響，這可能有點逆風。因此，我的同比下降可能約為 3.5% 左右。所以這可能四捨五入到你的 4%。但我認為這主要是員工人數和 App Store 費用，部分抵消了較低的營銷支出。

In terms of your second question, I don't expect there to be significant leverage on the product development line in the upcoming quarters. But I do think that as we turn the corner into 2023, we'll start to see the effects of the pullbacks in hiring that we're making. And also, we'll start to see stronger revenue growth, stronger revenue generation from Tinder, in particular, as the new team really starts to accelerate and build momentum.

關於你的第二個問題，我預計未來幾個季度產品開發線不會有重大影響。但我確實認為，隨著我們進入 2023 年，我們將開始看到我們正在招聘的員工人數減少的影響。而且，我們將開始看到更強勁的收入增長，特別是隨著新團隊真正開始加速並建立勢頭，Tinder 產生的收入也更強勁。

And that will help drive momentum on the product development side, as well as should help overall company margins because, as I mentioned in my remarks, the fact that Tinder, which is a very high-margin business, is not contributing as it has been does have a significant effect on the overall company margin. So getting Tinder going is important not only from a revenue growth perspective, but also from a margin improvement, margin acceleration perspective. So it is the key. It's the reason we've made the changes we are driving to. And I think we have optimism as we turn the corner into 2023 on all those aspects of the business.

這將有助於推動產品開發方面的勢頭，並有助於提高公司的整體利潤率，因為正如我在講話中提到的那樣，Tinder 是一個利潤率非常高的業務，並沒有像以往那樣做出貢獻對公司整體毛利率有顯著影響。因此，讓 Tinder 發展不僅從收入增長的角度來看很重要，而且從利潤率提高、利潤率加速的角度來看也很重要。所以它是關鍵。這就是我們做出改變的原因。我認為，當我們在業務的所有這些方面轉入 2023 年時，我們都很樂觀。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Gary, you bought back 3 million shares in the quarter. You said you're expecting the increase in share repurchases. Can you just say what that implies relative to, are you going to take a breather on M&A? And secondarily, can you just follow up on Japan? It feels like as your second largest market, you're not seeing that open to the magnitude you'd like. What -- if you have the crystal ball, what do you think needs to happen? And ultimately, kind of when do you feel like that gets back to more normal?

加里，你在本季度回購了 300 萬股股票。你說你預計股票回購會增加。你能說一下這意味著什麼，你打算在併購方面稍作休息嗎？其次，你能跟進日本嗎？感覺就像你的第二大市場，你沒有看到你想要的規模。什麼——如果你有水晶球，你認為需要發生什麼？最終，你覺得什麼時候會恢復正常？

Okay. So let me -- I'll take both of them. Let me take the second one first because I have a tendency to forget them if I don't do it that way. In Japan, I think the thing that's important to understand is that they really put a lot of restrictions into place in that market, 5 states of emergency over a period of a year or so. And you have a conservative culture, I think, still kind of a reluctant dating culture, still getting used to dating apps. And I think that has frozen their behavior to a large extent. And so while we did see some initial improvement once the restrictions were lifted, that was probably people who had pent-up demand, who were kind of eager and wanted to get out there and were waiting for the restrictions to lift. So you saw a little bit of a bump, a little bit of improvement out of the gate, but then there was no follow-on from that.

好的。所以讓我 - 我會帶走他們兩個。讓我先拿第二個，因為如果我不這樣做，我會傾向於忘記它們。在日本，我認為需要理解的重要一點是，他們確實對該市場實施了很多限制，在一年左右的時間裡實施了 5 次緊急狀態。我認為你有一種保守的文化，仍然是一種不情願的約會文化，仍然習慣於約會應用程序。我認為這在很大程度上凍結了他們的行為。因此，儘管一旦解除限制，我們確實看到了一些初步的改善，但那可能是那些有被壓抑的需求的人，他們有點急切地想要走出去，等待限制解除。所以你看到了一點點的顛簸，一點點的進步，但是沒有後續的。

And that is kind of the case today. And unfortunately, in that market, you also have COVID rising again, which has only made people, again, more conservative in their behavior. So I think it's going to take a few quarters more to normalize in Japan. I think all the macro trends that have always made that a good market for us, a low marriage rate, hard to find your partner in that market, I think, are all still there. But some of this needs to normalize.

這就是今天的情況。不幸的是，在那個市場上，COVID 再次上升，這只會讓人們的行為再次變得更加保守。所以我認為日本還需要幾個季度才能正常化。我認為所有一直使我們成為一個好的市場的宏觀趨勢，低結婚率，在那個市場上很難找到你的伴侶，我認為，都仍然存在。但其中一些需要正常化。

And I think, as BK said in his remarks, we haven't quite seen a full return to normal behavior. And I don't think we have a full understanding in every market of kind of the impact of COVID on people's behavior. So Japan, I think, is a really important case study. And given how severely they took their response to COVID, it's going to take some time for it to bounce back. And I think that's what we're expecting in our outlook. And I think that's the right way to look at it based on everything we see now.

而且我認為，正如 BK 在他的講話中所說，我們還沒有完全恢復正常行為。而且我認為我們在每個市場上都沒有完全了解 COVID 對人們行為的影響。所以我認為日本是一個非常重要的案例研究。鑑於他們對 COVID 的反應有多嚴重，它需要一些時間才能反彈。我認為這就是我們對前景的期望。我認為這是基於我們現在所看到的一切來看待它的正確方式。

Obviously, we're hoping it bounces back faster. We will do everything we can to try to make that happen. But I think that, that is what we're dealing with in the Japan market.

顯然，我們希望它反彈得更快。我們將盡一切努力實現這一目標。但我認為，這就是我們在日本市場所面臨的問題。

In terms of kind of buybacks and M&A, I want to point out, in dating in particular, we think we've done a lot of good acquisitions. If you look at Hinge in particular, it's a home-run acquisition. Just a phenomenal acquisition and there's much more we can do with that business.

在回購和併購方面，我想指出，特別是在約會方面，我們認為我們已經完成了很多不錯的收購。如果你特別看一下鉸鏈，它是一個本壘打的收購。只是一次非凡的收購，我們可以利用這項業務做更多的事情。

And if you go prior to Hinge, you look at the Plenty of Fish acquisition, you look at the Pairs acquisition in Japan, despite the recent trends in that market, those have been very, very strong acquisitions for us as well. And we're very optimistic about The League, which is the most recent acquisition we've made in the dating space.

如果你在 Hinge 之前，你會看到 Plenty of Fish 的收購，你會看到日本的 Pairs 收購，儘管該市場最近出現了趨勢，但這些收購對我們來說也是非常非常強大的收購。我們對 The League 非常樂觀，這是我們在約會領域的最新收購。

So if we're able to find more compelling targets in the dating space, we absolutely would like to continue to act on them, and we won't hesitate to do so. We have the financial flexibility to do them. So there's no issues there.

因此，如果我們能夠在約會領域找到更有吸引力的目標，我們絕對願意繼續對它們採取行動，而且我們會毫不猶豫地這樣做。我們有足夠的財務靈活性來做這些事情。所以那裡沒有問題。

By contrast, when you look at the acquisition that we made outside of dating, it hasn't gone the way we would have hoped. We are working on it. We think the team is still fantastic. There's more we can do with that business. But there's no denying that, that acquisition of Hyperconnect has not worked out the way we had hoped, at least in the first year. And so the bar has been raised around non-dating acquisitions. That's not to say that we wouldn't do them. But we need to be more convinced in both the growth that can be derived from those kinds of acquisitions as well as the profitability levels. And we need to see a clear path to profitability, if not immediate profitability. So I think the standards will be higher for an acquisition outside of dating.

相比之下，當您查看我們在約會之外進行的收購時，它並沒有像我們希望的那樣發展。我們正在做這件事。我們認為這支球隊仍然很棒。我們可以用這項業務做更多的事情。但不可否認的是，收購 Hyperconnect 並沒有像我們希望的那樣取得成功，至少在第一年是這樣。因此，圍繞非約會收購的標準已經提高。這並不是說我們不會這樣做。但我們需要更加相信這些收購可以帶來的增長以及盈利水平。我們需要看到一條清晰的盈利之路，如果不是立即盈利的話。所以我認為在約會之外的收購標準會更高。

So that's kind of how we think about our overall acquisition strategy, and it's something that BK and I have spent time chatting about. And we will continue to refine our thinking around kind of M&A, because it is a core element of our toolbox and something that we have been good at.

這就是我們對整體收購戰略的看法，也是 BK 和我花時間談論的事情。我們將繼續完善我們對併購的思考，因為它是我們工具箱的核心元素，也是我們一直擅長的。

All that being said, right now, the way we look at it, we generate a lot of excess capital, probably $1 billion or so a year, maybe a little bit more, maybe a little bit less, but that's a good number to think about. And so we need to figure out what to do with that capital and use it in the most effective way. And right now, given the market dislocation and where our stock price is, betting on ourselves is our best bet. It's our highest returning bet that we can make, and we're going to continue to do that aggressively with our excess capital. And we'll always be dynamic in this. This is a fluid set of decisions, M&A, buyback shares, whatever makes sense. We constantly discuss this internally with our Board, and we want to maintain that flexibility.

話雖如此，現在，從我們的角度來看，我們產生了大量的過剩資本，可能每年 10 億美元左右，可能多一點，也可能少一點，但這是一個很好的數字關於。因此，我們需要弄清楚如何處理這些資金並以最有效的方式使用它。現在，鑑於市場錯位和我們的股價在哪裡，押注自己是我們最好的選擇。這是我們能做的最高回報的賭注，我們將繼續用我們的過剩資本積極地做到這一點。在這方面，我們將始終保持活力。這是一套流動的決策、併購、回購股票，只要有意義。我們不斷在內部與董事會討論這個問題，我們希望保持這種靈活性。

But in the environment that we're operating in at the moment, we think that betting on ourselves is absolutely the right thing to do. We did it in the second quarter, and we expect to continue to do that in the third quarter as well.

但在我們目前所處的環境中，我們認為押注自己絕對是正確的做法。我們在第二季度做到了這一點，我們預計在第三季度也將繼續這樣做。

So hopefully, that answers your 2 questions. I know we're getting a little bit close to time. So why don't I turn it over to BK for a couple of closing remarks.

所以希望這能回答你的兩個問題。我知道我們的時間有點接近了。那麼，我為什麼不把它交給 BK 來做幾句結束語。

Thanks, Gary. Before we close the call, I want to thank the employees, the Board and our investors for trusting me with this opportunity. There's so much potential and runway ahead. I will work tirelessly to push the business forward. And as a vote of confidence, I plan on buying $1 million worth of Match Group shares in the open market tomorrow. I'm committed to building long-term shareholder value, and I'm really looking forward to speaking with you again in November. Thank you all.

謝謝，加里。在結束電話會議之前，我要感謝員工、董事會和我們的投資者信任我這個機會。有很多潛力和跑道。我將孜孜不倦地推動業務向前發展。作為信任票，我計劃明天在公開市場上購買價值 100 萬美元的 Match Group 股票。我致力於建立長期的股東價值，我非常期待在 11 月再次與您交談。謝謝你們。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。