Match Group Inc (MTCH) 2022 Q4 法說會逐字稿

Good day, and welcome to the Match Group Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

美好的一天，歡迎來到 Match Group 2022 年第四季度收益電話會議。 （操作員說明）

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.

請注意正在記錄此事件。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 President and CFO, 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；總裁兼首席財務官 Gary Swidler。他們將發表一些簡短的評論，然後我們將公開提問。

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.

在我們開始之前，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的表現。這些前瞻性陳述之前可能會出現我們預期、我們相信、我們預期或類似的陳述。這些陳述受風險和不確定因素的影響，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. As we look back on 2022 and our Q4 results, it's clear that the year was challenging, and our performance fell short of our expectations. But this is an organization that is not okay with missing our goals. And while the business continues to exhibit strong fundamentals and financial discipline, we have taken decisive steps, including restructuring for increased accountability and collaboration and recruiting key talent to set us up for long-term growth and maximize profitability.

謝謝，坦尼。大家早上好，感謝您參加今天的電話會議。當我們回顧 2022 年和我們第四季度的業績時，很明顯這一年充滿挑戰，我們的業績沒有達到我們的預期。但這是一個不能錯過我們目標的組織。雖然業務繼續表現出強勁的基本面和財務紀律，但我們已採取果斷措施，包括重組以加強問責制和協作，以及招聘關鍵人才，為我們的長期增長和盈利能力最大化做好準備。

As I've previously shared during my first few months on the job, I went on an intense listening tour across Match Group. I've spoken to leaders and employees from all layers across the organization as well as users across our portfolio to identify opportunities and pain points. One thing that was very obvious is that this organization welcomes change and embraces the culture shift that is required to drive shareholder value while serving our mission to create real and meaningful connections every day.

正如我之前在工作的頭幾個月分享的那樣，我在 Match Group 進行了一次緊張的聆聽之旅。我已經與組織各層級的領導者和員工以及我們產品組合中的用戶進行了交談，以確定機會和痛點。一件非常明顯的事情是，該組織歡迎變革並接受推動股東價值所需的文化轉變，同時服務於我們每天建立真實和有意義的聯繫的使命。

The changes we made at Tinder have allowed it to quickly regain footing and prioritize product momentum. The results are evident in Tinder's 2023 road map and improved execution. No other brand in the category has the virality, the reach and the scale that Tinder has. While it might take a few quarters, I'm confident by shoring up the talent there and judiciously investing in the team and the brand, that we're going to accelerate Tinder's momentum and get us back to the financial performance that we all expect.

我們在 Tinder 所做的改變使其能夠迅速站穩腳跟並優先考慮產品勢頭。結果在 Tinder 的 2023 年路線圖和改進的執行中顯而易見。該類別中沒有其他品牌具有 Tinder 所具有的病毒式傳播、影響範圍和規模。雖然這可能需要幾個季度的時間，但我相信通過支持那裡的人才並明智地投資於團隊和品牌，我們將加速 Tinder 的發展勢頭並讓我們恢復到我們所有人預期的財務業績。

I remain the interim CEO of Tinder, and key senior leaders continue to report directly to me. I'm encouraged by the progress that Tinder has made, both culturally and in terms of execution. In fact, in the second half of the year, Tinder saw a significant increase in the number of product features it delivered compared to the first half of 2022. I'm also very excited for the new marketing campaign, which launches later in Q1. This will allow us to begin shifting and establishing Tinder's brand story.

我仍然是 Tinder 的臨時 CEO，主要高層領導繼續直接向我匯報。我對 Tinder 在文化和執行方面取得的進步感到鼓舞。事實上，與 2022 年上半年相比，下半年 Tinder 交付的產品功能數量顯著增加。我也對第一季度晚些時候推出的新營銷活動感到非常興奮。這將使我們能夠開始轉變和建立 Tinder 的品牌故事。

After Tinder, we looked at the rest of the organization. From every conversation I had with our brand leaders, it became evident that Match Group had historically operated in a very siloed way. I'm a big believer that by increasing transparency across the organization, you increase accountability, while at the same time, adding a healthy dose of friendly competition to the company's culture.

在 Tinder 之後，我們研究了組織的其他部分。從我與品牌負責人的每一次談話中，我都清楚地看出，Match Group 歷來以非常孤立的方式運作。我堅信，通過提高整個組織的透明度，您可以增強問責制，同時為公司文化增添健康的友好競爭。

That's why we announced last week that we revamped our leadership structure to create a more streamlined organization. With a focus on setting up the right team for the future, we restructured the management team around leaders with extensive knowledge and experience, supplemented with new talent that brings a renewed focus on innovation and growth.

這就是我們上周宣布改革領導結構以創建一個更加精簡的組織的原因。著眼於為未來建立合適的團隊，我們圍繞具有豐富知識和經驗的領導者重組了管理團隊，並補充了新的人才，重新關注創新和增長。

Hinge remains a standout in our portfolio, guided by Justin McLeod's founder-led mentality and mission-focused vision for the brand. Hinge continued its highly successful international expansion efforts, becoming 1 of the top 3 most downloaded dating apps across English-speaking, DACH and Nordic countries in December. It will also launch its new premium subscription tier, HingeX, to all users by the end of February.

在 Justin McLeod 以創始人為主導的心態和以使命為中心的品牌願景的指導下，Hinge 仍然是我們產品組合中的佼佼者。 Hinge 繼續其非常成功的國際擴張努力，在 12 月成為英語國家、DACH 和北歐國家下載次數最多的 3 大約會應用程序之一。它還將在 2 月底之前向所有用戶推出新的高級訂閱層 HingeX。

I've been impressed with Hinge's ability to create a differentiated, powerful dating app that resonates with so many singles across generations and now expand their monetization by offering 2 subscription tiers that give users more control over how they date. Hinge is still very early in its international expansion and monetization efforts, but I believe there is a lot of upside as we continue to invest in the brand.

我對 Hinge 的能力印象深刻，因為它能夠創建一個與眾不同的、功能強大的約會應用程序，該應用程序在幾代人中引起瞭如此多的單身人士的共鳴，現在通過提供 2 個訂閱層來擴大他們的貨幣化，讓用戶可以更好地控制他們的約會方式。 Hinge 的國際擴張和貨幣化努力仍處於早期階段，但我相信隨著我們繼續投資該品牌，它會有很大的上升空間。

I'm excited about our opportunities within Asia and the strong focus we have now in the region. We needed a product-focused leader on the ground in the market, who knows how to engage and inspire teams. So I promoted Malgosia Green from Plenty of Fish to a newly created role as CEO of Match Group Asia. Malgosia will be moving to Asia to work directly with Pairs and Hyperconnect to recapture growth and enhance profitability as well as drive the go-to-market strategies for Hinge and Tinder across the region.

我對我們在亞洲的機會以及我們現在對該地區的高度關注感到興奮。我們需要一位以產品為中心的市場領導者，他知道如何吸引和激勵團隊。因此，我將 Malgosia Green 從 Plenty of Fish 提拔為 Match Group Asia 的首席執行官。 Malgosia 將搬到亞洲，直接與 Pairs 和 Hyperconnect 合作，以重新獲得增長並提高盈利能力，並推動 Hinge 和 Tinder 在整個地區的上市戰略。

Finally, Evergreen & Emerging Brands, which consists of Match, Meetic, Plenty of Fish, OkCupid and our Emerging Brands like BLK, Chispa and The League will be managed together for the first time. Hesam Hosseini will be taking on a newly created role as CEO of Evergreen & Emerging Brands. Formerly the CEO of Match and Affinity brands, Hesam brings an unmatched level of experience to this combined global team.

最後，由 Match、Meetic、Plenty of Fish、OkCupid 和我們的新興品牌如 BLK、Chispa 和 The League 組成的 Evergreen & Emerging Brands 將首次合併管理。 Hesam Hosseini 將擔任 Evergreen & Emerging Brands 首席執行官這一新設立的職位。 Hesam 曾擔任 Match 和 Affinity 品牌的首席執行官，為這個聯合的全球團隊帶來了無與倫比的經驗。

Combining our Evergreen Brands under a shared direction will enable us to streamline operations and reduce duplicative work. It will also allow us to leverage our institutional knowledge to drive growth with attractive margins across our Emerging Brands where we see significant untapped potential.

在共同的方向下合併我們的 Evergreen Brands 將使我們能夠簡化運營並減少重複工作。它還將使我們能夠利用我們的機構知識，在我們看到巨大未開發潛力的新興品牌中以誘人的利潤率推動增長。

Lastly, we're excited to welcome Will Wu as our new CTO, who will work directly with all our brands to build upon Match Group's history of transformative innovation by continuing to incubate, launch and grow entirely new experiences for our users. Will and I have known each other for a long time, and he has had a highly influential impact on social media products as we know them today. He's been able to build some of the most engaging user experiences for millennials and Gen Z, and his passion and dedication will be a great fit for the culture at Match Group. I know the team here is going to welcome his expertise, creativity, work ethic and humility.

最後，我們很高興歡迎 Will Wu 成為我們的新任首席技術官，他將直接與我們所有品牌合作，通過繼續為我們的用戶孵化、推出和發展全新的體驗，在 Match Group 變革創新的歷史基礎上再接再厲。威爾和我相識很長時間，他對我們今天所了解的社交媒體產品產生了深遠的影響。他已經能夠為千禧一代和 Z 世代打造一些最具吸引力的用戶體驗，他的熱情和奉獻精神將非常適合 Match Group 的文化。我知道這裡的團隊會歡迎他的專業知識、創造力、職業道德和謙遜。

And finally, through all of this, I would be remiss if I didn't take a moment to thank Gary. He has been instrumental in not only my onboarding but has helped lead with strength and clarity even amid a very challenging operating backdrop. As such, I'm pleased to appoint Gary as President and CFO of Match Group, a clear demonstration in the trust I have in him and the value we put in his ability to drive our shared vision forward.

最後，經歷了這一切，如果我不花點時間感謝加里，那我就是失職了。他不僅在我的入職培訓中發揮了重要作用，而且即使在非常具有挑戰性的運營背景下，也幫助我以力量和清晰的方式領導。因此，我很高興任命加里為 Match Group 的總裁兼首席財務官，這清楚地表明了我對他的信任以及我們對他推動我們共同願景的能力的重視。

As we begin a new year, I'm energized and ready to take on this next chapter in Match Group's history. We are navigating the current macroeconomic challenges, and we have a strong team and clear vision to execute upon. I look forward to sharing more on our efforts in future calls.

在我們開始新的一年時，我充滿活力並準備好迎接 Match Group 歷史的新篇章。我們正在應對當前的宏觀經濟挑戰，我們擁有強大的團隊和清晰的願景來執行。我期待在未來的電話會議中分享更多關於我們所做努力的信息。

With that, I'll hand the call over to Gary.

有了這個，我會把電話交給加里。

Thanks, BK. I feel great about my role and the other org changes we've made and think the hiring of Will Wu will be terrific. I'm very much looking forward to working with him and to continuing to see the company build its momentum.

謝謝，貝克。我對我的角色和我們所做的其他組織變革感到滿意，並且認為 Will Wu 的聘用將非常棒。我非常期待與他合作，並繼續見證公司的發展勢頭。

Now let me get into the numbers. As BK said, while not at the standards we hold ourselves to, our Q4 2022 total revenue was in line, and our adjusted operating income exceeded the expectations that we set forth in our last earnings call. Total revenue was $786 million, down 2% year-over-year. FX was a notable headwind once again. Our total revenue would have been $846 million, up 5% year-over-year on an FX-neutral basis. The FX headwind was less than we expected when we provided our outlook on our November earnings call, but that was offset by slightly more business weakness than we had forecasted primarily in Europe.

現在讓我進入數字。正如 BK 所說，雖然沒有達到我們堅持的標準，但我們 2022 年第四季度的總收入符合預期，而且我們調整後的營業收入超出了我們在上次財報電話會議上提出的預期。總收入為 7.86 億美元，同比下降 2%。 FX 再次成為一個顯著的逆風。在外匯中性的基礎上，我們的總收入將達到 8.46 億美元，同比增長 5%。當我們在 11 月的財報電話會議上提供展望時，外匯逆風比我們預期的要小，但這被比我們主要在歐洲預測的略多的業務疲軟所抵消。

Our direct revenue was down 2% year-over-year. It grew 2% year-over-year in the Americas with growth at Tinder, Hinge, BLK and Chispa but declines at the Evergreen Brands, which include Match, Plenty of Fish and OkCupid. Direct revenue declined 4% year-over-year in Europe but was up 8% on an FX-neutral basis driven by Tinder and Hinge with weakness at Meetic. Direct revenue declined 9% year-over-year in APAC and Other, but was up 9% on an FX-neutral basis driven by Tinder.

我們的直接收入同比下降 2%。它在美洲同比增長 2%，Tinder、Hinge、BLK 和 Chispa 增長，但 Evergreen Brands 下降，其中包括 Match、Plenty of Fish 和 OkCupid。歐洲的直接收入同比下降 4%，但在 Tinder 和 Hinge 的推動下，在外匯中性的基礎上增長了 8%，Meetic 表現疲軟。亞太地區和其他地區的直接收入同比下降 9%，但在 Tinder 的推動下，在外匯中性基礎上增長 9%。

Total payers were 16.1 million, a decrease of 1% year-over-year. Payers were down 2% year-over-year in the Americas, down 4% in Europe and up 6% in APAC and Other. Tinder payers globally were up 3% year-over-year, while All Other Brands were down 8% in aggregate.

付款人總數為 1610 萬，同比下降 1%。美洲的付款人同比下降 2%，歐洲下降 4%，亞太地區和其他地區上升 6%。全球 Tinder 付款人同比增長 3%，而所有其他品牌總體下降 8%。

Q4 RPP was down 1% year-over-year at $16. RPP was up 4% in the Americas driven primarily by higher average prices paid for subscriptions at Tinder and Hinge. RPP was up 1% year-over-year in Europe, where contributions from Tinder and Hinge were offset by the strength of the U.S. dollar compared to the euro and the British pound. RPP was down 14% year-over-year in APAC and Other due to the strength of the dollar relative to the yen and the Turkish lira. On an FX-neutral basis, Q4 RPP was up 7% year-over-year company-wide, up 14% in Europe and up 3% in APAC and Other.

第 4 季度 RPP 同比下降 1% 至 16 美元。美洲的 RPP 增長了 4%，這主要是由於 Tinder 和 Hinge 的訂閱平均價格上漲所致。歐洲的 RPP 同比增長 1%，Tinder 和 Hinge 的貢獻被美元相對於歐元和英鎊的強勢所抵消。由於美元相對於日元和土耳其里拉走強，亞太地區和其他地區的 RPP 同比下降 14%。在外匯中性的基礎上，第四季度全公司 RPP 同比增長 7%，其中歐洲增長 14%，亞太地區和其他地區增長 3%。

Tinder overall performed in line with our expectations in the quarter, delivering direct revenue of $444 million, flat year-over-year, up 8% on an FX-neutral basis. Tinder added just under 300,000 payers to just over 10.8 million. Tinder saw a 3% RPP decline year-over-year in the quarter, which again highlights the impact of FX. Tinder RPP was up 5% year-over-year on an FX-neutral basis.

Tinder 本季度的整體表現符合我們的預期，直接收入為 4.44 億美元，同比持平，在匯率中性的基礎上增長 8%。 Tinder 將近 30 萬付款人增加到略高於 1080 萬。 Tinder 本季度的 RPP 同比下降 3%，這再次凸顯了外彙的影響。在外匯中性的基礎上，Tinder RPP 同比增長 5%。

All Other Brands direct revenue was down 5% year-over-year in Q4 driven by an 8% payer decline, partially offset by 3% RPP growth. Hinge, BLK and Chispa continue to drive growth with Hinge up nearly 30% year-over-year. Our Evergreen & Emerging Brands declined 9% year-over-year in terms of direct revenue, and our Asian brands saw direct revenue declined 16% year-over-year, in large part due to FX. We saw stability in Pairs and Hyperconnect direct revenue on a local currency basis, but we have yet to see a rebound in the Japanese market despite improvement in the COVID situation there.

由於付款人下降 8%，第四季度所有其他品牌的直接收入同比下降 5%，部分被 3% 的 RPP 增長所抵消。 Hinge、BLK 和 Chispa 繼續推動增長，Hinge 同比增長近 30%。我們的 Evergreen & Emerging Brands 的直接收入同比下降 9%，我們的亞洲品牌的直接收入同比下降 16%，這在很大程度上是由於外匯。我們看到以當地貨幣為基礎的 Pairs 和 Hyperconnect 直接收入穩定，但我們還沒有看到日本市場的反彈，儘管那裡的 COVID 情況有所改善。

Indirect revenue was $15 million in the quarter, down 18% year-over-year, but similar in dollar terms to the other quarters of 2022. Q4 2021 was particularly strong for indirect revenue. Operating income was $107 million in Q4, a 54% year-over-year decrease for a margin of 14%.

本季度間接收入為 1500 萬美元，同比下降 18%，但按美元計算與 2022 年其他季度相似。2021 年第四季度的間接收入尤其強勁。第四季度營業收入為 1.07 億美元，同比下降 54%，利潤率為 14%。

Operating income was impacted by $102 million in impairment charges on intangibles primarily related to our Meetic and Hyperconnect businesses. The charges stem from declining financial performance at Meetic as well as the use of higher discount rates on Hyperconnect's long-range forecasts due to the higher interest rate environment and higher market volatility overall. Our Hyperconnect business outlook did not change meaningfully during the quarter.

營業收入受到主要與我們的 Meetic 和 Hyperconnect 業務相關的 1.02 億美元無形資產減值費用的影響。這些費用源於 Meetic 的財務業績下降以及由於更高的利率環境和更高的市場波動性而對 Hyperconnect 的長期預測使用更高的貼現率。我們的 Hyperconnect 業務前景在本季度沒有發生重大變化。

Adjusted operating income was $286 million, down 2% year-over-year, representing a margin of 36%. Q4 AOI and margin strength reflected our nimbleness on costs as we reduced marketing spend and rationalized some bonus and overhead costs. Excluding the impact of the $102 million of impairment charges, overall expenses, including SBC expense, were essentially flat year-over-year in Q4. Cost of revenue grew 1% year-over-year and represented 30% of total revenue, up 1 point year-over-year driven by app store fees and hosting costs.

調整後營業收入為 2.86 億美元，同比下降 2%，利潤率為 36%。第 4 季度 AOI 和利潤率強度反映了我們在減少營銷支出並合理化一些獎金和間接成本時對成本的靈活性。排除 1.02 億美元減值費用的影響，包括 SBC 費用在內的總費用在第四季度基本同比持平。收入成本同比增長 1%，佔總收入的 30%，在應用商店費用和託管成本的推動下同比增長 1 個百分點。

Selling and marketing spend decreased $12 million or 9% year-over-year, the third consecutive quarter where we've seen a year-over-year reduction as we continue to reduce marketing spend at our lower-growth brands and to exercise ROI discipline overall. Selling and marketing spend was down 1 point year-over-year as a percentage of total revenue to 16%.

銷售和營銷支出同比減少 1200 萬美元或 9%，這是我們連續第三個季度出現同比下降，因為我們繼續減少低增長品牌的營銷支出並遵守 ROI 紀律全面的。銷售和營銷支出佔總收入的百分比同比下降 1 個百分點至 16%。

G&A expense was flat year-over-year and steady at 14% of revenue, reflecting lower legal fees but higher compensation expense. Product development costs grew 21% year-over-year and were 10% of revenue primarily reflecting increased engineering headcount at Tinder and Hinge. Our gross leverage was 3.4x trailing adjusted operating income, and net leverage was 2.9x at the end of Q4. We ended the quarter with $581 million of cash, cash equivalents and short-term investments on hand.

G&A 費用同比持平，穩定在收入的 14%，反映出法律費用較低但補償費用較高。產品開發成本同比增長 21%，佔收入的 10%，這主要反映了 Tinder 和 Hinge 工程人員數量的增加。第四季度末，我們的總槓桿率為 3.4 倍調整後營業收入，淨槓桿率為 2.9 倍。本季度結束時，我們手頭有 5.81 億美元的現金、現金等價物和短期投資。

We did not repurchase any shares in the quarter as we decided to allow our cash balance to build slightly. And we are concerned by the high volatility and weakness in the equity markets generally in Q4, which drove ours and many other stock prices down throughout the quarter. With our cash balance now strong, we will reconsider repurchases once the window reopens. We currently have 5.3 million shares remaining under our buyback authorization.

我們沒有在本季度回購任何股票，因為我們決定讓我們的現金餘額略有增加。我們對第四季度股市普遍的高波動性和疲軟感到擔憂，這導致我們和許多其他股票的價格在整個季度下跌。由於我們的現金餘額現在很充裕，一旦窗口重新打開，我們將重新考慮回購。根據我們的回購授權，我們目前還有 530 萬股股票。

When we look at our history as a public company, 2022 stands out as a year we did not hit our growth targets, delivering 7% top line and 6% AOI growth, respectively. Some of the miss was due to macro factors, including consumer weakness and particularly FX. On an FX-neutral basis, our top line growth was 14% in 2022. But our business overall and Tinder in particular, decelerated as the year went on, and product execution was not where we expect it to be, especially in the first half of the year.

當我們回顧我們作為一家上市公司的歷史時，2022 年是我們沒有實現增長目標的一年，分別實現了 7% 的收入增長和 6% 的 AOI 增長。部分失誤是由於宏觀因素，包括消費者疲軟，尤其是外匯。在外匯中性的基礎上，我們在 2022 年的收入增長率為 14%。但我們的整體業務，尤其是 Tinder，隨著時間的推移而減速，產品執行也沒有達到我們預期的水平，尤其是在上半年的一年。

For the full year 2022, Tinder direct revenue was approximately $1.8 billion. Hinge delivered $284 million in direct revenue, slightly below our $300 million expectation due primarily to our decision to delay the rollout of HingeX. Evergreen & Emerging had $730 million in direct revenue, and our Asia brands delivered $322 million in direct revenue.

2022 年全年，Tinder 的直接收入約為 18 億美元。 Hinge 實現了 2.84 億美元的直接收入，略低於我們 3 億美元的預期，這主要是因為我們決定推遲推出 HingeX。 Evergreen & Emerging 的直接收入為 7.3 億美元，我們的亞洲品牌的直接收入為 3.22 億美元。

Fortunately, we made critical corrective changes in the middle of the year, which have begun delivering results. It's still very early, and it will require some patience through 2023 to see the momentum build, but we're increasingly confident we're on course to deliver results consistent with our standards.

幸運的是，我們在年中進行了重要的糾正性更改，這些更改已開始產生效果。現在還為時過早，需要耐心等待到 2023 年才能看到勢頭的建立，但我們越來越有信心我們正在按我們的標準交付結果。

For Q1 '23, we expect total revenue for Match Group of $790 million to $800 million, roughly flat year-over-year. For Tinder, we expect direct revenue to increase slightly year-over-year. We expect Hinge to deliver Q1 year-over-year direct revenue growth of over 25% driven by continued strong performance in its core English-speaking markets, the introduction of the 2 new pricing tiers and continued European expansion.

對於 23 年第一季度，我們預計 Match Group 的總收入為 7.9 億美元至 8 億美元，與去年同期大致持平。對於 Tinder，我們預計直接收入將同比略有增長。我們預計 Hinge 第一季度的直接收入同比增長超過 25%，這得益於其核心英語市場的持續強勁表現、2 個新定價層的引入以及歐洲的持續擴張。

The early testing of the new Hinge tiers is going well with take rate consistent with our expectations, higher conversion impact than we expected and no notable cannibalization of à la carte revenue. We expect the tiers to be globally rolled out by the end of February.

新 Hinge 層的早期測試進展順利，採用率符合我們的預期，轉換影響高於我們的預期，並且單點收入沒有明顯的蠶食。我們預計這些等級將在 2 月底前在全球推出。

We expect our Evergreen & Emerging Brands direct revenue to be down under 10% year-over-year in aggregate, and our Asian brands to decline just under 15% driven in large part by FX. We expect Q1 indirect revenue to be down close to 10% year-over-year, given ad budgets broadly are being slashed due to macroeconomic concerns.

我們預計我們的 Evergreen & Emerging Brands 直接收入將同比下降不到 10%，而我們的亞洲品牌下降將略低於 15%，這在很大程度上受外匯影響。我們預計第一季度的間接收入將同比下降近 10%，因為宏觀經濟問題導致廣告預算普遍被削減。

We expect adjusted operating income of $250 million to $255 million in Q1, representing margin of about 32% at the midpoints of the ranges. IAP fees continue to be a headwind and will also now include an $8 million payment into the Google litigation escrow, which was a cost we didn't incur last Q1.

我們預計第一季度調整後的營業收入為 2.5 億美元至 2.55 億美元，相當於範圍中點的約 32% 的利潤率。 IAP 費用仍然是一個不利因素，現在還將包括支付給谷歌訴訟託管的 800 萬美元，這是我們在上一季度沒有發生的費用。

We expect marketing spend to be up year-over-year at Tinder and Hinge with reductions elsewhere in the portfolio. We expect to incur $3 million to $5 million of severance and similar costs in Q1 related to our personnel reductions and cost savings initiatives.

我們預計 Tinder 和 Hinge 的營銷支出將同比增加，而投資組合中其他地方的營銷支出將減少。我們預計第一季度將產生 300 萬至 500 萬美元的遣散費和與我們的人員裁員和成本節約計劃相關的類似費用。

Macroeconomic factors are impacting our business, consistent with our expectations thus far in early 2023. That, coupled with improved product execution at our Tinder brand, gives us increasing confidence that Match Group can deliver 5% to 10% year-over-year revenue growth in 2023. We believe Tinder is positioned to deliver a similar range of growth.

宏觀經濟因素正在影響我們的業務，這與我們 2023 年初的預期一致。再加上我們 Tinder 品牌產品執行力的提高，使我們更有信心 Match Group 可以實現 5% 至 10% 的收入同比增長2023 年。我們相信 Tinder 有望實現類似的增長。

We also remain confident that Hinge's momentum will lead it to delivering nearly $400 million of direct revenue in 2023, approximately $100 million more than in 2022. We expect the company overall as well as Tinder to have accelerating year-over-year revenue growth as we move through 2023 driven by improved product execution leading to improved revenue momentum at Tinder.

我們也仍然相信，Hinge 的發展勢頭將使其在 2023 年實現近 4 億美元的直接收入，比 2022 年增加約 1 億美元。我們預計公司整體以及 Tinder 的收入同比增長都將加快，因為我們2023 年，在改進產品執行的推動下，Tinder 的收入勢頭有所改善。

In terms of AOI, we expect improving year-over-year margins in the back half of the year as the benefits of our cost savings initiatives take hold and Tinder top line growth accelerates. Our cost savings initiatives are focused on rightsizing headcount and reducing overhead costs, including office expenses and professional fees.

在 AOI 方面，我們預計下半年的利潤率將有所提高，因為我們的成本節約計劃的好處正在顯現，Tinder 的收入增長加速。我們的成本節約舉措側重於合理調整員工人數和降低管理費用，包括辦公費用和專業費用。

We expect to reduce our global workforce by approximately 8% in aggregate. We've already reduced roles in the U.S. In other countries, this process is ongoing. We expect to incur $6 million of severance and similar costs related to our cost savings initiatives in 2023. We're also reallocating marketing spend from lower-growth businesses to higher-growth ones in 2023 to keep overall spend close to flat.

我們預計全球員工總數將減少約 8%。我們已經減少了在美國的角色。在其他國家，這個過程正在進行中。我們預計將在 2023 年產生 600 萬美元的遣散費和與我們的成本節約計劃相關的類似成本。我們還將在 2023 年將營銷支出從低增長業務重新分配到高增長業務，以保持總體支出接近持平。

Our financial outlook reflects no change to current app store policies, though we believe that the stores are moving to comply with aspects of the Digital Markets Act that is now in effect in Europe. The stores are also facing continued legal setbacks and restrictions in other markets globally such as India. We continue to expect changes in the app store ecosystem, but the timing and shape of the changes is challenging to predict.

我們的財務前景反映當前的應用商店政策沒有變化，但我們相信商店正在採取行動以遵守目前在歐洲生效的《數字市場法》的各個方面。這些商店在印度等全球其他市場也面臨著持續的法律挫折和限制。我們繼續期待應用商店生態系統的變化，但變化的時間和形式很難預測。

We expect to be a U.S. federal cash taxpayer in 2023. The precise amount we will pay depends in part on our stock price, which affects the compensation expense deductions we can take. We currently expect to convert low 70% of our AOI into free cash flow in 2023. We expect 2023 SBC expense of $230 million to $250 million, with the year-over-year increase driven by previous hiring as well as our desire to remain competitive on compensation.

我們預計將在 2023 年成為美國聯邦現金納稅人。我們將支付的確切金額部分取決於我們的股票價格，這會影響我們可以扣除的補償費用。我們目前預計在 2023 年將低 70% 的 AOI 轉化為自由現金流。我們預計 2023 年 SBC 支出為 2.3 億美元至 2.5 億美元，同比增長是由之前的招聘以及我們保持競爭力的願望推動的關於賠償。

We've made a lot of critical changes since BK arrived mid last year, including revamping the Tinder team, streamlining our organizational structure, implementing cost savings initiatives and hiring critical new talent. These changes are just beginning to pay dividends. We expect it to take a little time in the first half of 2023 to build momentum but are confident that improved product momentum and our financial discipline position us for much stronger growth and profitability in the back half of the year as well as longer term. We look forward to delivering a combination of strong growth, profitability and cash flow generation for our shareholders.

自 BK 去年年中上任以來，我們進行了許多重大變革，包括重組 Tinder 團隊、精簡我們的組織結構、實施成本節約計劃和招聘重要的新人才。這些變化才剛剛開始帶來回報。我們預計在 2023 年上半年需要一些時間來建立勢頭，但我們相信，改善的產品勢頭和我們的財務紀律將使我們在今年下半年和更長期實現更強勁的增長和盈利能力。我們期待為我們的股東帶來強勁的增長、盈利能力和現金流產生。

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問題熱線。

(Operator Instructions) The first question today comes from Ygal Arounian with Citi.

（操作員說明）今天的第一個問題來自花旗銀行的 Ygal Arounian。

I want to ask about Tinder, and you spent a good amount of time in the investor letter talking about the Tinder product road map. And maybe you could just dig in a little bit deeper on that. You mentioned you're starting to execute on that road map, maybe some kind of practical examples of that and highlight where we are and how much there is left to get through this year.

我想問一下 Tinder，你在投資者信中花了很多時間談論 Tinder 產品路線圖。也許你可以深入挖掘一下。你提到你開始執行該路線圖，也許是一些實際的例子，並強調我們所處的位置以及今年還有多少需要完成。

And then second question on Tinder. And you talked about the 3 components of expanding the core experience of deeper engagement, broadening monetization and then optimization. You highlighted that optimization is going to drive 2/3 of Tinder's revenue growth in 2023. Just can you expand on that a little bit, why that's happening, and how we can expect the other 2 components to contribute to revenue growth over time?

然後是關於 Tinder 的第二個問題。你談到了擴展核心體驗的 3 個組成部分，即更深入的參與、擴大貨幣化和優化。您強調優化將在 2023 年推動 Tinder 收入增長的 2/3。您能否進一步說明這一點，為什麼會發生這種情況，以及我們如何期望其他 2 個組成部分隨著時間的推移為收入增長做出貢獻？

Thanks, Ygal. I can take that one. It's been pretty clear when I joined last May that I wasn't happy with the state of the Tinder road map. So we moved quickly, and we made changes to the team. And we pushed really hard over the next 6 months thinking about our product road map and where we want to take the business. It was important to lock a road map that everyone was aligned on. We focused on 2 key areas: experience for our daters on our platform and future areas for monetization.

謝謝，伊加爾。我可以拿那個。很明顯，當我去年 5 月加入時，我對 Tinder 路線圖的狀態不滿意。所以我們行動迅速，我們對團隊進行了調整。在接下來的 6 個月裡，我們非常努力地思考我們的產品路線圖以及我們希望開展業務的地方。鎖定每個人都對齊的路線圖很重要。我們專注於 2 個關鍵領域：我們平台上約會者的體驗和未來的貨幣化領域。

As we were laying out the product road map, we actually found some problems in the foundation that we had to prioritize and fix. So the team rallied quickly on focusing on that. Our emphasis has always been on the health of our ecosystem, given that these foundational improvements will lead to better user experience, enable further monetization.

當我們制定產品路線圖時，我們實際上發現了一些我們必須優先考慮和解決的基礎問題。因此，團隊迅速集結起來，專注於此。我們的重點一直是我們生態系統的健康，因為這些基礎改進將帶來更好的用戶體驗，實現進一步的貨幣化。

Unfortunately, we head into 2023 with less momentum than what we would like. But as we build momentum in the first half of the year, it sets us up for a second half of the year for accelerated growth. The chart that we included in the letter actually shows a challenging environment that Tinder was facing, à la carte revenue was under significant pressure, given the macro environment. But I'm really proud of the way that the team moved really quickly in coming together with solutions to offset this weakness.

不幸的是，我們進入 2023 年的勢頭沒有我們想要的那麼好。但隨著我們在今年上半年建立勢頭，它為我們下半年的加速增長做好了準備。我們在信中包含的圖表實際上顯示了 Tinder 面臨的充滿挑戰的環境，鑑於宏觀環境，點菜收入承受著巨大壓力。但我真的為團隊迅速採取行動找到解決方案來彌補這一弱點的方式感到自豪。

In fact, they did it in 3 ways: number one, they changed the merchandising approach around ALC, which was no longer working in this macro environment; number two, they rolled out Primetime Boost; and number three, they rolled out a new optimization called compound boost, which collectively helped offset a good amount of the ALC weakness. I've been impressed with how quickly the team has worked together to produce results. This wouldn't have been possible with the team 6 months ago.

事實上，他們通過 3 種方式做到了：第一，他們改變了圍繞 ALC 的營銷方式，這在這種宏觀環境中不再適用；第二，他們推出了 Primetime Boost；第三，他們推出了一項名為複合提升的新優化，共同幫助抵消了 ALC 的大部分弱點。團隊合作產生結果的速度之快給我留下了深刻的印象。這對於 6 個月前的團隊來說是不可能的。

The other big priority that I've been making sure the team is focused on is a clear and detailed product road map for 2023. For the first time ever, we've published that in the letter alongside delivery dates. I'm holding myself and the Tinder team accountable for delivery of that product road map.

我一直確保團隊關注的另一個重要優先事項是 2023 年清晰詳細的產品路線圖。我們有史以來第一次在信中將其與交付日期一起發布。我要求我自己和 Tinder 團隊負責交付該產品路線圖。

By its nature, when we have a road map like this, we have to test and iterate all these features. Some will be optimized over time, and some will be more successful than we expect. In general, once we roll them out, it will take some time to translate into visible payer and revenue metrics. I'm confident that it's a strong road map and that this Tinder team is going to execute on it. This will lead to wins that will be visible in financial results and metrics in the back half of the year.

從本質上講，當我們有這樣的路線圖時，我們必須測試和迭代所有這些功能。有些會隨著時間的推移得到優化，有些會比我們預期的更成功。一般來說，一旦我們推出它們，就需要一些時間才能轉化為可見的付款人和收入指標。我相信這是一個強有力的路線圖，並且這個 Tinder 團隊將執行它。這將帶來勝利，這些勝利將在今年下半年的財務業績和指標中體現出來。

A big initiative for Tinder is to cater to Gen Z through a series of initiatives around authentic content and self-expression. We have some really creative and interesting features that we're currently concepting and we plan to integrate into Tinder. We'll be talking more about that as the year goes on.

Tinder 的一項重大舉措是通過一系列圍繞真實內容和自我表達的舉措來迎合 Z 世代的需求。我們目前正在構思一些非常有創意和有趣的功能，我們計劃將其集成到 Tinder 中。隨著時間的推移，我們將更多地討論這一點。

Another place that we think Tinder can really change the game is by leveraging machine learning to enhance recommendations. We're already using machine learning for safety and moderation. And that technology is really improving, and I think it will be very beneficial when applied to recs.

我們認為 Tinder 真正可以改變遊戲規則的另一個地方是利用機器學習來增強推薦。我們已經在使用機器學習來確保安全和節制。而且這項技術確實在進步，我認為將其應用於 recs 將非常有益。

We have resources inside the group that we can leverage to build this technology out, and it's something that we're working on in 2023. Not only do we have these resources at Tinder, but Hyperconnect also has a significant team of machine learning talent that we think we can utilize to move faster in this area.

我們在團隊內部擁有可以利用的資源來構建這項技術，這是我們在 2023 年正在努力的事情。我們不僅在 Tinder 擁有這些資源，而且 Hyperconnect 也擁有一支重要的機器學習人才團隊我們認為我們可以利用它在這一領域加快行動。

You asked about pricing optimization, and I believe there's a lot of low-hanging fruit around optimizing pricing. We haven't been focused in this area for a long time, and we recently put our best talent from Match Group against these initiatives. We have a lot of confidence that we can achieve significant revenue improvements by tackling this area. This actually reduces the risk and improves our chances of delivering our financial targets. So I feel really good about the fact that 2/3 of Tinder's 2023 revenue growth is delivered by just product pricing and product optimizations.

您詢問了定價優化，我相信圍繞優化定價有很多唾手可得的成果。很長一段時間以來，我們都沒有專注於這個領域，最近我們讓 Match Group 最優秀的人才參與這些計劃。我們非常有信心，通過解決這一領域，我們可以實現顯著的收入增長。這實際上降低了風險並提高了我們實現財務目標的機會。因此，我對 Tinder 2023 年收入增長的 2/3 僅通過產品定價和產品優化實現這一事實感到非常滿意。

Lastly, we plan on broadening monetization to meaningfully unlock power users at Tinder. This is an area that we see a lot of opportunity. Last year, we acquired The League, which has a $1,000 weekly subscription. And we think there could be a demand for a high-price tier at Tinder, which is the largest pool of daters on the planet.

最後，我們計劃擴大貨幣化範圍，以有意義地解鎖 Tinder 的高級用戶。這是一個我們看到很多機會的領域。去年，我們收購了每週訂閱費為 1,000 美元的 The League。而且我們認為 Tinder 可能存在對高價位的需求，Tinder 是地球上最大的約會者群體。

We're in the very early stages of testing the appetite for an ultra-premium subscription tier at Tinder. It's too early to say when and if we're actually going to launch this, but the possibilities are super intriguing.

我們正處於測試對 Tinder 超高級訂閱層的興趣的早期階段。現在說我們何時以及是否真的要推出它還為時過早，但可能性非常有趣。

The next question comes from Lauren Schenk with Morgan Stanley.

下一個問題來自摩根士丹利的 Lauren Schenk。

Great. You mentioned in the letter that the year is off to a solid start performance-wise. Just wondering if you could expand on those comments and what you're seeing specifically. And is the improvement broad-based or specific to some brands or regions?

偉大的。你在信中提到，今年在業績方面開局良好。只是想知道您是否可以擴展這些評論以及您具體看到的內容。這種改進是廣泛的還是特定於某些品牌或地區？

And then just maybe following up on the last question, what are some of the KPIs or trends that you're seeing internally that give you confidence in Tinder reaccelerating to mid-teens revenue growth by the end of the year?

然後也許只是跟進最後一個問題，您在內部看到的一些 KPI 或趨勢是什麼讓您對 Tinder 在年底前重新加速到十幾歲的收入增長充滿信心？

Thanks, Lauren. Why don't I try to take that one? So when we met on our last earnings call, we told you that we were seeing significant pressure on our ALC revenue, which was really driven by macro factors, particularly younger consumers that were feeling pressure from the economic environment. And that was especially acute at our Tinder brand where we have a lot of younger consumers. That impacted our Q4 performance, and it was also really a potential overhang on our 2023 performance as well.

謝謝，勞倫。我為什麼不嘗試接受那個呢？因此，當我們在上次財報電話會議上開會時，我們告訴您，我們的 ALC 收入面臨巨大壓力，這實際上是由宏觀因素驅動的，尤其是受到經濟環境壓力的年輕消費者。這在我們擁有大量年輕消費者的 Tinder 品牌中尤為明顯。這影響了我們第四季度的表現，也確實對我們 2023 年的表現造成了潛在影響。

But since we met last time, a couple of things have happened. The first one, which BK mentioned, was that Tinder put out a lot of initiatives to reverse the trends in ALC. And you can see from the chart that's in the letter, they did succeed in reversing a lot of the decline we are seeing in ALC, not all of it, but a significant portion. And the other thing, and this is very important, over the last few months is that we've really seen stability in our ALC trends. And so we have not seen further degradation, which was a risk when we spoke last time.

但自從我們上次見面以來，發生了一些事情。 BK 提到的第一個是 Tinder 推出了很多舉措來扭轉 ALC 的趨勢。你可以從信中的圖表中看到，他們確實成功地扭轉了我們在 ALC 中看到的很多下滑，不是全部，而是很大一部分。另一件事，這非常重要，在過去幾個月裡，我們確實看到了 ALC 趨勢的穩定性。因此，我們沒有看到進一步的退化，這是我們上次發言時存在的風險。

I'd also want to add that we haven't seen any impact on our subscription revenue trends. That's at Tinder and business-wide. I think our subscription trends remain extremely resilient to any economic pressure. But it's ALC where we've been impacted by some of the macro things going on.

我還想補充一點，我們沒有看到對我們的訂閱收入趨勢有任何影響。這是在 Tinder 和整個企業範圍內。我認為我們的訂閱趨勢對任何經濟壓力都具有極強的彈性。但它是 ALC，我們受到了一些正在發生的宏觀事物的影響。

And I would also say that, as you know, dating has a bit of a peak season that starts at the end of December and runs through Valentine's Day. And so we watch the peak season, which tends to be a good harbinger of what's coming in Q1 and for the rest of the year.

我還要說的是，如你所知，約會有一個旺季，從 12 月底開始一直持續到情人節。因此，我們關注旺季，這往往是第一季度和今年剩餘時間的良好預兆。

And what we've seen is really stability in those trends, kind of the typical pop that we see in trends in the peak season, we did see that this year as well, which tells us that the macro trends have not led to worsening consumer demand, they've not put incremental pressure on the consumer demand in the ALC. So that's been particularly encouraging and gives us more confidence in our 2023 outlook than we had last time.

我們看到的是這些趨勢的真正穩定，是我們在旺季趨勢中看到的典型流行趨勢，我們今年也確實看到了，這告訴我們宏觀趨勢並未導致消費者惡化需求，他們沒有對 ALC 的消費者需求施加增量壓力。因此，這特別令人鼓舞，讓我們對 2023 年的前景比上次更有信心。

So just to summarize, while we see pressure on ALC and in fact, we see ALC revenue down year-over-year at Tinder in particular, we don't think those trends are worsening. And so with stable ALC trends and with subscription revenue being resilient, that gives us that confidence in the outlook for 2023 and the fact that we think as the year progresses, we'll start to see improved momentum as well.

因此，總結一下，雖然我們看到 ALC 面臨壓力，事實上，我們看到 ALC 收入在 Tinder 同比下降，但我們認為這些趨勢並沒有惡化。因此，隨著穩定的 ALC 趨勢和訂閱收入的彈性，這使我們對 2023 年的前景充滿信心，而且我們認為隨著時間的推移，我們也將開始看到改善的勢頭。

And I would tell you that the peak season trends that we're seeing are not just a Tinder phenomenon, but we're seeing good stability of peak season trends across all of our businesses. I would also tell you that we think that the Americas business is pretty strong. It's a little bit weaker in Europe and certainly was in the fourth quarter, but in general, we think Europe is a little bit weaker than the Americas.

我會告訴你，我們看到的旺季趨勢不僅僅是 Tinder 現象，而且我們看到我們所有業務的旺季趨勢都非常穩定。我還要告訴你，我們認為美洲業務非常強勁。歐洲有點弱，當然是在第四季度，但總的來說，我們認為歐洲比美洲弱一些。

In terms of the Tinder reacceleration as the year goes on, as we've talked about a few times now, we're very clear that the problem was largely a product execution one. And we're really pleased with the strides the team has made over the last 6 months in improving on product execution. And BK mentioned the Tinder team has a clear and strong product road map for 2023, and we see them executing on it. We see them shipping product and moving forward.

就 Tinder 的重新加速而言，正如我們現在已經討論過幾次的那樣，我們非常清楚問題主要出在產品執行上。我們對團隊在過去 6 個月中在改進產品執行方面取得的進步感到非常滿意。 BK 提到 Tinder 團隊有一個清晰而強大的 2023 年產品路線圖，我們看到他們正在執行。我們看到他們運送產品並向前邁進。

The other thing which BK also alluded to is that we have more confidence in Tinder achieving its goals in 2023 from a financial perspective and accelerating its momentum to achieve that double-digit growth by Q4 because the road map is not dependent on 1 or 2 big swing initiatives that we have to achieve, rather, it's a series and a large number of smaller initiatives that really contribute to the growth. So that really does reduce the risk that we see in achieving the financial objectives for the year.

BK 還提到的另一件事是，我們更有信心從財務角度來看 Tinder 在 2023 年實現其目標，並加速其勢頭以在第四季度實現兩位數的增長，因為路線圖不依賴於 1 或 2 個大的我們必須實現的搖擺計劃，而是一系列真正有助於增長的小計劃。因此，這確實降低了我們在實現當年財務目標時看到的風險。

And BK specifically pointed out that 2/3 of the revenue growth for the year for Tinder are coming from optimizations, which we have a high confidence in, strong line of sight to what we've done before. And we think they're highly achievable now that we've got the right team focused on those optimizations. So while there's a lot of work still left to be done and it's really early in the year, we don't want to get ahead of ourselves. I feel like we have a strong line of sight to getting back to that mid-teens growth by Q4.

BK 特別指出，Tinder 今年 2/3 的收入增長來自優化，我們對此充滿信心，對我們之前所做的事情有很強的看法。而且我們認為，既然我們有合適的團隊專注於這些優化，那麼它們是非常容易實現的。因此，雖然還有很多工作要做，而且現在還處於年初，但我們不想太快。我覺得我們很有希望在第四季度恢復到十幾歲中期的增長。

The next question comes from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的 Mario Lu。

Great. A couple on Tinder. In terms of the fourth quarter payer number decline of 300,000 quarter-on-quarter, just curious if you could talk a bit more about the drivers there. And then given the payer definition, just curious if those payers were the ones that only bought à la carte previously and stopped for a large reason for the decline?

偉大的。 Tinder 上的一對情侶。就第四季度付款人數量環比下降 300,000 而言，我很好奇您是否可以多談談那裡的驅動程序。然後考慮到付款人的定義，只是好奇那些付款人是否是以前只購買點菜並因下降的一個重要原因而停止的人？

Sure. Let me take that one as well. So the fourth quarter Tinder's payer number was really affected by a couple of things, which I kind of just alluded to. The first is the overall macro weakness and the pressure on the consumer, the younger consumer, consumers with less discretionary income, which is definitely impacting Tinder and the Tinder payer numbers generally as well as the product weakness and lack of product momentum that Tinder did not achieve in Q -- in 2022.

當然。讓我也拿那個。所以第四季度 Tinder 的付款人數量確實受到了幾件事的影響，我剛才提到了這一點。首先是整體宏觀疲軟以及對消費者、年輕消費者、可支配收入較少的消費者的壓力，這肯定會影響 Tinder 和 Tinder 付款人的總體數量，以及 Tinder 沒有的產品疲軟和缺乏產品動力在 Q 中實現——在 2022 年。

And so that manifests itself throughout the year and led to a weaker Q3 and Q4 from a Tinder payer perspective as well as a Tinder revenue growth perspective. And so those are really the 2 key factors that are affecting what you see in the Tinder payer number in Q4.

因此，從 Tinder 付款人的角度以及 Tinder 收入增長的角度來看，這在全年都表現出來並導致第三季度和第四季度疲軟。因此，這些確實是影響您在第四季度的 Tinder 付款人數量中看到的 2 個關鍵因素。

The thing that maybe we didn't talk about as much on the last call, which we did end up doing starting in Q4 and we're going to continue to do in Q1 and probably through most, if not all, of 2023 is we are doing a bigger focus on product -- sorry, on pricing optimizations. And that's a big initiative for us.

我們在上次電話會議上可能沒有談論太多的事情，我們最終從第四季度開始做，我們將在第一季度繼續做，並且可能在 2023 年的大部分時間（如果不是全部）是我們正在更加關注產品——對不起，定價優化。這對我們來說是一項重大舉措。

We're basically, at Tinder, eliminating more of the intro pricing and discount pricing than we had been planning to previously. That's having an adverse effect on the Tinder payer numbers, and that's what happened in Q4. But it's relatively neutral to revenue. And so our goal is to get Tinder to much more optimal price points, which, again, will impact the payer numbers there. But longer term, it's a revenue positive. We'll essentially have fewer payers but at higher price points.

基本上，在 Tinder，我們取消了比我們之前計劃的更多的介紹定價和折扣定價。這對 Tinder 付款人數量產生了不利影響，這就是第四季度發生的事情。但它對收入相對中性。因此，我們的目標是讓 Tinder 達到更優的價格點，這將再次影響那裡的付款人數量。但從長遠來看，這是一個積極的收入。我們基本上會有更少的付款人，但價格更高。

So that's an ongoing project through the year, which is going to have some effect on Tinder payer numbers. As you know, we tend to target overall revenue goals, not specifically RPP or payer numbers at Tinder. And there's going to be volatility in both of those depending on the level of optimizations we do through the year, depending on our road map, depending on whether we do higher-priced tiers or not at Tinder. There's a lot of variables that could be traded off by us in terms of RPP versus payers, but we're somewhat indifferent to those 2 metrics. We are focused much more on revenue and revenue generation.

所以這是一個全年正在進行的項目，它將對 Tinder 付款人數量產生一些影響。如您所知，我們傾向於以總體收入目標為目標，而不是特定的 RPP 或 Tinder 的付款人數量。這兩者都會有波動，這取決於我們全年所做的優化水平，取決於我們的路線圖，取決於我們是否在 Tinder 上做更高價的層級。在 RPP 與付款人方面，我們可以權衡很多變量，但我們對這兩個指標有些漠不關心。我們更加關注收入和創收。

The other part of your question I just wanted to quickly address is you asked about whether there was any impact from people who are just buying ALC products but are not subscribers at Tinder and did that have any effect on the Tinder subscriber numbers or payer numbers. And I would tell you that they're a relatively small, really pretty tiny component of overall Tinder payers.

我只想快速解決的問題的另一部分是，您問的是那些只購買 ALC 產品但不是 Tinder 訂閱者的人是否有任何影響，這是否對 Tinder 訂閱者數量或付款人數量有任何影響。我會告訴你，他們是 Tinder 整體付款人中相對較小、非常小的一部分。

We don't see that many Tinder payers who are only taking ALC but not a subscription. So that's not really -- that trend hasn't changed, and that's not really a meaningful impact on the payer numbers that you see in Q4 or in any other quarter. So the price optimizations are probably the one additional factor that I would highlight that affected those numbers.

我們沒有看到很多 Tinder 付款人只接受 ALC 而不是訂閱。所以這不是真的 - 這種趨勢沒有改變，這對你在第四季度或任何其他季度看到的付款人數量並沒有真正有意義的影響。因此，價格優化可能是我要強調的影響這些數字的另一個因素。

Great. And then in terms of Tinder growth for this year, I know you're planning towards total revenue. But in terms of the 5% to 10% expected growth for this year and a slight growth in 1Q, is there any additional color you can provide just in terms of the drivers of growth between the payer users and then RPP?

偉大的。然後就今年 Tinder 的增長而言，我知道您正在計劃總收入。但就今年 5% 至 10% 的預期增長和 1Q 的小幅增長而言，就支付用戶與 RPP 之間的增長驅動因素而言，您是否可以提供任何額外的顏色？

Yes. I mean because there's a lot of swing factors in that, I don't really want to get locked in specifically to kind of an outlook for RPP specifically or payers growth specifically. I would tell you that sitting here today, our forecast kind of calls for relatively balanced growth between payers and RPP for the year, but it could shift depending on what initiatives succeed more than others, what we prioritize as the year goes on, what succeeds in testing. So that's our best guess sitting here right now, but we don't have religion around that, and it really could shift. But I would tell you it's relatively balanced.

是的。我的意思是因為其中有很多搖擺因素，我真的不想專門鎖定 RPP 的前景或付款人增長的具體前景。我會告訴你，今天坐在這裡，我們的預測有點要求今年支付者和 RPP 之間相對平衡的增長，但它可能會發生變化，這取決於哪些舉措比其他舉措更成功，隨著時間的推移我們優先考慮的是什麼，成功的是什麼在測試中。所以這是我們現在坐在這裡的最佳猜測，但我們對此沒有信仰，而且它真的可能會改變。但我會告訴你它是相對平衡的。

The other thing that I would just point out to you is that I do expect softer Tinder payers growth in the first half of the year and stronger Tinder payer growth in the back half of the year because the momentum is building, the initiatives will be rolled out as the year goes on. And so opposite of what we saw in 2022 where you had strong payers growth in the beginning of the year and then not enough initiatives that led to weaker payers growth in the back half of last year, you're going to have a bit of the opposite effect this year where you've got this product momentum building, payers momentum building, momentum in the business generally.

我想向您指出的另一件事是，我確實預計今年上半年 Tinder 付款人增長將放緩，下半年 Tinder 付款人將增長更強勁，因為勢頭正在增強，這些舉措將陸續推出隨著時間的推移。因此，與我們在 2022 年看到的情況相反，年初付款人增長強勁，然後沒有足夠的舉措導致去年下半年付款人增長放緩，你將會有一些今年的效果相反，你已經建立了這種產品勢頭，支付者勢頭，整個業務的勢頭。

And that should carry through to stronger revenue growth, obviously, which is already in our outlook as well as stronger payers growth year-over-year in the back half of the year. So those are the trends that we're expecting for the year. Hopefully, that's helpful.

顯然，這應該會帶來更強勁的收入增長，這已經在我們的展望中，以及今年下半年更強勁的付款人同比增長。所以這些就是我們對今年的預期趨勢。希望這會有所幫助。

The next question comes from Alexandra Steiger with Goldman Sachs.

下一個問題來自高盛的 Alexandra Steiger。

Shifting gears to Hinge. First, could you please maybe share some feedback and early learnings from the recently launched HingeX and + tiers? And then second, how should we think about the revenue growth opportunity beyond '23 and the $400 million revenue guide you provided through the lens of payer net adds and then also ARPU growth.

換檔至鉸鏈。首先，您能否分享一些最近推出的 HingeX 和 + 層的反饋和早期經驗？其次，我們應該如何考慮 23 年後的收入增長機會以及您通過支付淨增加和 ARPU 增長的角度提供的 4 億美元收入指南。

Thanks, Alexandra, for the question. We spent the last few months refining the HingeX value proposition, and we've been testing it on a small percentage of the Hinge user base. We're really pleased with where it stands, and we're confident that it will deliver the expected contribution to our $400 million plan this year.

謝謝亞歷山德拉提出的問題。在過去的幾個月裡，我們一直在完善 HingeX 的價值主張，並且一直在一小部分 Hinge 用戶群中對其進行測試。我們對它的現狀感到非常滿意，我們相信它將為我們今年的 4 億美元計劃做出預期的貢獻。

The global rollout is planned for the end of February. And after it goes live, we'll continue to optimize it. It's important to understand that when you launch a new premium tier, you unlock a new kind of buyer. And the price points will pay dividends over multiple years. While we will benefit in 2023 from some incremental revenue from the higher price tier, the long-term value will be realized over time in terms of higher RPP and conversion.

計劃於 2 月底在全球推出。上線後，我們會繼續優化。重要的是要了解，當您推出新的高級套餐時，您會解鎖一種新的買家。價格點將在多年內帶來紅利。雖然我們將在 2023 年從更高價格層級的一些增量收入中受益，但長期價值將隨著時間的推移在更高的 RPP 和轉化率方面實現。

HingeX is a unique feature that directly leans into Hinge's "designed to be deleted" motto. And if it works, we believe it will lead to even more success for Hinge and create even more relationships around the world.

HingeX 是一項獨特的功能，直接體現了 Hinge 的“為刪除而設計”的座右銘。如果成功，我們相信它將為 Hinge 帶來更大的成功，並在全球範圍內建立更多的關係。

Next question comes from Justin Patterson with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Bernard, could you talk about just in broader detail why you found this to be the right organizational structure and how the different teams are incentivized? And then perhaps related to that, could you talk about some of the top priorities for Will and where we can see his imprints in product lead -- as product lead over the next year?

偉大的。伯納德，你能否更詳細地談談為什麼你發現這是正確的組織結構以及如何激勵不同的團隊？然後也許與此相關，您能否談談 Will 的一些首要任務，以及我們可以在哪些方面看到他在產品領導方面的印記——作為明年的產品領導？

Thanks, Justin, for the question. I've spent the last 8 months digging in and learning about the organization and have been really impressed with what I've seen. Following the positive impacts from the changes at Tinder, it became clear to me that we could do more by being more efficient and making some structural changes to the organization that could help us grow and continue to innovate.

謝謝賈斯汀提出這個問題。在過去的 8 個月裡，我一直在深入了解這個組織，並且對我所看到的印象非常深刻。在 Tinder 的變化產生積極影響之後，我清楚地意識到，我們可以通過提高效率和對組織進行一些結構性改變來做更多的事情，這可以幫助我們成長和繼續創新。

We believe by reorganizing the company into 4 pillars, Tinder, Hinge, Asia and Evergreen & Emerging, we're better aligned to focus on key areas of growth and double down on our strategy. At Tinder and Hinge, there's significant upside, so we want to continue to invest in the teams there. And now I have a direct line of sight into each of those businesses.

我們相信，通過將公司重組為 Tinder、Hinge、Asia 和 Evergreen & Emerging 這 4 個支柱，我們可以更好地專注於關鍵增長領域，並加倍實施我們的戰略。在 Tinder 和 Hinge，有很大的優勢，所以我們想繼續投資那裡的團隊。現在我可以直接了解這些業務中的每一個。

In Asia, I thought it was important to have a product-focused leader on the ground working with those businesses to recapture growth and drive profitability. With Evergreen & Emerging, we have similar businesses that we've now combined into one global organization. With this, there should be many opportunities to share learnings and be more nimble and more efficient.

在亞洲，我認為重要的是要有一個以產品為中心的領導者在當地與這些企業合作以重新獲得增長並提高盈利能力。通過 Evergreen & Emerging，我們擁有類似的業務，現在我們已合併為一個全球性組織。有了這個，應該有很多機會分享學習，並且更加靈活和高效。

And then with the Emerging Brands and our new bets, this team has built and launched new businesses before. And there's been a lot of experience bringing these products to market, serving unique demographics. We think there will be really exciting opportunities coming out of this group as well. As I've said in the letter, ultimately, I believe that this new org structure will improve transparency and accountability across the entire company.

然後通過新興品牌和我們的新賭注，這個團隊之前已經建立並推出了新業務。並且有很多將這些產品推向市場的經驗，服務於獨特的人群。我們認為這個小組也會帶來真正令人興奮的機會。正如我在信中所說，最終，我相信這個新的組織結構將提高整個公司的透明度和問責制。

We're also really excited that we're adding Will Wu to the team as CTO. I've personally known Will for a long time, and I know how passionate he is about product and innovation. He has an incredible track record on innovation and has changed the way that Gen Z has interacted on social media platforms. He's a really low-ego guy, and he just wants to win. He'll be based with me and the Tinder team in Los Angeles. And I think he'll work really well with our teams all across Match Group.

我們也很高興我們將 Will Wu 添加到團隊中擔任首席技術官。我個人認識 Will 很長時間，我知道他對產品和創新有多麼熱情。他在創新方面有著令人難以置信的記錄，並改變了 Z 世代在社交媒體平台上的互動方式。他是一個非常自負的人，他只想贏。他將和我以及洛杉磯的 Tinder 團隊一起工作。而且我認為他會與我們整個 Match Group 的團隊合作得很好。

And I think in response to your question, is that on the incentives, we tend to be pretty creative on our incentive structures. For example, the Hinge team is incentivized around its own performance, the performance of the business is a significant part of their incentives. And we've done that in other situations as well. And we are working on some other incentive programs around achieving specific goals in specific areas of the company. So we are trying to tailor incentives to drive more of the results that we're seeking, and that's something that we're actively working on.

我認為在回答你的問題時，在激勵方面，我們往往在激勵結構上很有創意。例如，Hinge 團隊的激勵圍繞著自己的績效，業務績效是他們激勵的重要組成部分。我們在其他情況下也這樣做過。我們正在製定其他一些激勵計劃，以實現公司特定領域的特定目標。因此，我們正在嘗試調整激勵措施以推動更多我們正在尋求的結果，這是我們正在積極努力的事情。

The next question comes from Cory Carpenter with JPMorgan.

下一個問題來自摩根大通的 Cory Carpenter。

So you left the '23 outlook unchanged. But given the weaker dollar, this does imply a bit of a downgrade on an FX-neutral basis. Just hoping you could talk about what's driving your more cautious view on an FX-neutral basis and your decision to keep the reported guide unchanged versus going through the FX. And maybe perhaps specifically, any changes to your outlook at certain brands that were driving this.

所以你沒有改變 23 年的前景。但鑑於美元走軟，這確實意味著在外匯中性的基礎上略有下調。只是希望您能談談是什麼促使您在外匯中性基礎上持更謹慎的觀點，以及您決定保持報告指南不變而不是通過外匯。也許具體來說，你對推動這一趨勢的某些品牌的看法發生了任何變化。

Yes. I mean, I wouldn't quite characterize it that way. I don't think just -- we have a 5% to 10% range. It's a pretty broad range for the year. And just because we're not adjusting it right now, it doesn't mean it's implicitly a decreased outlook.

是的。我的意思是，我不會那樣描述它。我不認為只是 - 我們有 5% 到 10% 的範圍。這一年的範圍相當廣泛。僅僅因為我們現在沒有調整它，並不意味著它隱含地降低了前景。

Cory, as you know, FX has been really volatile for the last 12 or 13 months, and it's been particularly volatile in just the last few weeks as well as since our last earnings call. I think at our last earnings call, it was like a 3-point headwind for the full year '23. Now it's basically a neutral.

科里，如你所知，外彙在過去 12 或 13 個月裡一直非常波動，而且在過去幾週以及自我們上次財報電話會議以來波動尤其大。我認為在我們上次的財報電話會議上，這就像是 23 年全年的 3 點逆風。現在基本上是中立的。

And I think it's down to about a 3-point headwind in Q1, so based on that level of volatility plus there's still a lot of uncertainty out there around macro. So we feel like our trends are stable, and we've been really happy with peak season. But it's hard to deny there's a lot of uncertainty on the macro front for full year '23. And certainly, for the first half of the year, I think pretty much every company is calling that out in their earnings call.

而且我認為它在第一季度下降到大約 3 個百分點的逆風，所以基於這種波動水平加上宏觀仍然存在很多不確定性。所以我們覺得我們的趨勢是穩定的，我們對旺季真的很滿意。但很難否認 23 年全年宏觀方面存在很多不確定性。當然，對於今年上半年，我認為幾乎每家公司都在他們的財報電話會議上提到了這一點。

So given all of that, we just didn't think it was prudent to start adjusting our guidance ranges at this very early stage in the year. It's February 1 after all. So we left that unchanged. But obviously, as you rightly point out, to the extent there are FX tailwinds, that would be a swing factor either to a higher level within our range or potentially above the top end of our range depending on what kind of tailwind we get from FX as the year goes on. So I would rather kind of wait and see how some of that plays out, whether we see some level of stability around FX. And then, of course, we'll revisit it. I'm sure we'll revisit it next quarter as well.

因此，考慮到所有這些，我們只是認為在今年的這個非常早的階段開始調整我們的指導範圍是不明智的。畢竟是 2 月 1 日。所以我們保持不變。但很明顯，正如您正確指出的那樣，在一定程度上存在外匯順風，這將是一個搖擺因素，要么在我們的範圍內向更高水平移動，要么可能高於我們範圍的頂端，具體取決於我們從外匯中獲得什麼樣的順風隨著時間的推移。因此，我寧願稍等一下，看看其中的一些結果如何，我們是否會看到圍繞外彙的某種程度的穩定性。然後，當然，我們會重新審視它。我相信我們也會在下個季度重新審視它。

But -- and overall, in terms of your question, I don't think there's really significant changes to our business outlook really at any of our businesses. As I said in the answer to the question that Lauren asked, we've actually seen a good start to the year across most of the businesses. And so we feel like things have firmed up, but we're also cognizant of the fact there's a lot of risk and uncertainty and things to battle through. And so we feel good about kind of where we are from an outlook perspective at this point in time. But there's still a lot of innings to play in the game. So we're going to see how it plays out.

但是——總的來說，就你的問題而言，我認為我們的任何業務的業務前景都沒有真正重大的變化。正如我在回答 Lauren 提出的問題時所說的那樣，我們實際上已經看到大多數企業在今年都有一個良好的開端。所以我們覺得事情已經穩固了，但我們也意識到存在很多風險和不確定性以及需要克服的問題。因此，從目前的前景來看，我們對自己所處的位置感到滿意。但是比賽還有很多局要打。所以我們將看看它是如何發揮作用的。

The next question comes from Deepak Mathivanan with Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Just want to ask about the Tinder CEO search process. Can you provide an update there? What has been the challenge? And how important is it for a new leader to buy in with the product road map that you currently have for 2023 since you're putting a lot of efforts into these?

只想問一下 Tinder CEO 的搜索過程。你能在那裡提供更新嗎？挑戰是什麼？對於新的領導者來說，購買你目前擁有的 2023 年產品路線圖有多重要，因為你在這些方面付出了很多努力？

Thanks, Deepak, for the question. We're continuing to look for a candidate, but we want to make sure that we're finding the right person that will work well with the Tinder team. In the meantime, the current leadership team is working really well together.

謝謝，Deepak，提出這個問題。我們正在繼續尋找候選人，但我們希望確保找到能夠與 Tinder 團隊合作的合適人選。與此同時，目前的領導團隊合作得非常好。

The team has now been in place for 6 months, and they've gone through the kind of gelling-well-together stage to fully execution mode. We're making really good progress, and we feel actually really good with where we are. So there's no rush to add a CEO. We're only going to do it if the person really brings a lot to the table. Thanks so much for that question, Deepak.

這個團隊現在已經成立了 6 個月，他們已經經歷了那種凝聚力強的階段，進入了完全執行模式。我們正在取得非常好的進展，我們對自己所處的位置感到非常滿意。因此，不急於增加一位 CEO。只有當這個人真的能帶來很多好處時，我們才會這樣做。非常感謝迪帕克提出這個問題。

The next question comes from Benjamin Black with Deutsche Bank.

下一個問題來自德意志銀行的本傑明布萊克。

Gary, you mentioned that AOI margin should be at least flat in 2023. Beyond sort of app store fee changes, what are the swing factors that could potentially drive upside or downside here? And also how should we be thinking about the quarterly margin cadence throughout the year? And then finally, when should we expect to see the impact from the 8% reduction in force?

加里，你提到 AOI 利潤率到 2023 年應該至少持平。除了某種應用商店費用變化之外，還有哪些可能會推動上行或下行的搖擺因素？還有我們應該如何考慮全年的季度保證金節奏？最後，我們應該在什麼時候看到部隊減少 8% 的影響？

So on your question, Ben, first of all, I want to say we're very focused on making sure we deliver at least flat, if not improved margins year-over-year this year. That is a goal for us. It's one of the drivers behind implementing the cost savings plan. So we're very committed to making sure that, that happens.

所以關於你的問題，本，首先，我想說我們非常專注於確保我們今年的利潤率即使沒有提高也至少持平。這是我們的目標。它是實施成本節約計劃的驅動因素之一。因此，我們非常致力於確保這種情況發生。

In terms of the swing factors aside from app store relief -- and by the way, I think app store relief is likely to be a 2024 event, but we're waiting to see how the regulatory processes continue to play out. But that could be a significant event for us as soon as 2024. I think there's a few swing factors. The first really would be around Tinder executing on its product road map better than what we're expecting. So getting some improved revenue growth on the Tinder side would be very margin beneficial.

就應用商店救濟之外的搖擺因素而言——順便說一句，我認為應用商店救濟可能會在 2024 年發生，但我們正在等待監管程序如何繼續發揮作用。但這對我們來說最早可能是 2024 年的重大事件。我認為有一些搖擺因素。第一個真的是 Tinder 在其產品路線圖上的執行比我們預期的要好。因此，在 Tinder 方面獲得一些改善的收入增長將非常有利。

Same thing would be true on the new Hinge tiers. That would be upside to the extent they perform better. And right now, they're performing as we expect, but it's still a very small test. And so we'll see how that continues to play out.

新的鉸鏈層也是如此。如果他們表現更好，那將是有利的。現在，他們的表現符合我們的預期，但這仍然是一個非常小的測試。因此，我們將看到它如何繼續發揮作用。

And then a recovery in Japan would be very helpful for us as well, which you'd like to think is going to happen at some point this year but is not currently baked into our forecast. Just generally, any macro improvement, macro tailwinds, which is not what we're expecting as the year goes on, but any of that would be very helpful. But because we can't rely on those things, in this environment, we implemented this cost savings plan. And it's going to generate meaningful savings for us in terms of marketing spend, headcount, overhead, et cetera.

然後日本的複蘇對我們也非常有幫助，你想這會在今年的某個時候發生，但目前還沒有納入我們的預測。總的來說，任何宏觀改善、宏觀順風，這都不是我們對這一年的預期，但其中任何一個都會非常有幫助。但是因為我們不能依賴那些東西，在這種環境下，我們實施了這個成本節約計劃。它將在營銷支出、員工人數、管理費用等方面為我們帶來有意義的節省。

When I look at kind of the trends for the year, which you asked about, we are expecting some margin degradation in the first half of the year, which we're expecting to be lower growth for us. And we won't have the effects yet of significant cost savings implemented.

當我看一下你問到的今年的趨勢時，我們預計今年上半年的利潤率會有所下降，我們預計這對我們來說是較低的增長。而且我們還不會實現顯著節省成本的效果。

But as the year progresses and we deliver enhanced revenue growth, which is what we're expecting and we've talked about throughout this call, and we also get the compounding benefits of the cost savings initiatives in the back half of the year, we're expecting there to be year-over-year margin improvement.

但隨著時間的推移，我們實現了更高的收入增長，這是我們所期待的，我們在整個電話會議中都在討論，我們還在今年下半年獲得了成本節約計劃的複合效益，我們'預計利潤率將同比提高。

And so when you put that together, less strong margin in the first half of the year, improvement in the second half of the year, that's how we get to a flat or better margin target for the full year, and we have confidence that we can deliver that.

因此，當你把這些放在一起時，上半年的利潤率較低，下半年有所改善，這就是我們實現全年持平或更好的利潤率目標的方式，我們有信心我們可以提供那個。

I'd also note that we're including the severance and other costs. But if you were to exclude those, then the margin in the first half would actually be better than what we're providing in terms of our outlook.

我還要指出，我們包括遣散費和其他費用。但如果你要排除這些，那麼就我們的前景而言，上半年的利潤率實際上會好於我們提供的利潤率。

The other thing I just want to highlight, you raised IAP fees. In the first quarter of '23, we have about $5 million of incremental headwinds from IAP fees just as more Hinge revenue and continued mix shift towards app. And then we've got the $8 million of headwinds from having the Google litigation escrow this year, which we didn't have last year.

我只想強調的另一件事是，您提高了 IAP 費用。在 23 年第一季度，我們有大約 500 萬美元的增量逆風來自 IAP 費用，就像更多的 Hinge 收入和持續的混合轉向應用程序一樣。然後我們從今年的谷歌訴訟託管中獲得了 800 萬美元的逆風，這是我們去年沒有的。

So that's $13 million of incremental costs that are essentially out of our control. Plus you layer on top of that the severance and other cost savings initiative costs. So you have pretty significant year-over-year headwinds from those kinds of items.

因此，這 1300 萬美元的增量成本基本上是我們無法控制的。此外，您還可以在遣散費和其他成本節約計劃成本之上疊加。因此，這些項目的年同比逆風非常大。

The other thing in terms of margins I just would throw out for your awareness is that we like many tech companies hired a lot of people late in 2021, early 2022, particularly in product development, engineering heads at Tinder and Hinge, which has created incremental product development costs for us, which have been visible for the last few quarters and continue to be. But that's going to moderate because we really slowed hiring, and we're reducing head in some places.

關於利潤率的另一件事，我只想讓你知道，我們像許多科技公司一樣，在 2021 年底、2022 年初僱傭了很多人，特別是在產品開發方面，Tinder 和 Hinge 的工程主管，這創造了增量我們的產品開發成本，這在過去幾個季度中是顯而易見的，並將繼續如此。但這會有所緩和，因為我們確實放慢了招聘速度，而且我們在某些地方正在裁員。

We're constricting our hiring really to Hinge and a couple of other strong growth business at this point. So you're going to see moderating product development, year-over-year cost increases as 2023 goes on. And we're confident of that given the hiring trends. So that's a margin tailwind for us as well.

在這一點上，我們正在將我們的招聘真正限制在 Hinge 和其他幾個強勁增長的業務中。因此，隨著 2023 年的繼續，您將看到產品開發放緩，成本逐年增加。鑑於招聘趨勢，我們對此充滿信心。所以這對我們來說也是一個利潤順風。

So those are some factors to think about as you model out kind of our margin trajectory and cadence for the year.

因此，這些是您在模擬我們今年的利潤率軌跡和節奏時需要考慮的一些因素。

The next question comes from John Blackledge with Cowen.

下一個問題來自 John Blackledge 和 Cowen。

Just coming back to Tinder, could you discuss further the rationale for the upcoming global Tinder marketing campaign?

剛剛回到 Tinder，您能否進一步討論即將開展的全球 Tinder 營銷活動的基本原理？

Thanks, John, for the question. When I started working with the Tinder team, I saw a real opportunity for marketing. Frankly, this is an area we need to make more investment to drive a brand story that better reflects all the positive outcomes that Tinder is responsible for. There has actually never been a Tinder global brand campaign before, and it's been years since we've actually had a defined marketing campaign in general.

約翰，謝謝你提出這個問題。當我開始與 Tinder 團隊合作時，我看到了真正的營銷機會。坦率地說，這是我們需要進行更多投資的領域，以推動品牌故事更好地反映 Tinder 負責的所有積極成果。事實上，以前從未有過 Tinder 全球品牌活動，而且我們已經有很多年沒有進行過明確的營銷活動了。

I think that the perception has taken a hold about Tinder is too limited. We want people to come into the platform feeling comfortable whatever their relationship intent is. The team had some really provocative and creative ideas, and this campaign will celebrate all of the relationship possibilities that Tinder creates every single day. We think that this will drive top-of-funnel growth over time.

我認為人們對 Tinder 的看法太有限了。我們希望人們在進入平台時感到舒適，無論他們的關係意圖是什麼。該團隊有一些真正具有挑釁性和創造性的想法，這個活動將慶祝 Tinder 每天創造的所有關係可能性。我們認為，隨著時間的推移，這將推動漏斗頂端的增長。

We intentionally moved Melissa into the Tinder CMO role because she has a track record of big, bold, attention-grabbing campaigns at OkCupid. And I know she and the team will do great things together at Tinder. We're really excited to roll out our first campaign and see the reaction. Stay tuned.

我們有意讓 Melissa 擔任 Tinder 首席營銷官一職，因為她在 OkCupid 有過大型、大膽、引人注目的活動的記錄。我知道她和團隊將在 Tinder 一起做偉大的事情。我們真的很高興推出我們的第一個活動並看到反應。敬請關注。

The next question comes from Shweta Khajuria with Evercore ISI.

下一個問題來自 Evercore ISI 的 Shweta Khajuria。

Okay. Most of my questions have been addressed, but if you could please talk about Japan. You mentioned that you're not seeing much progress there, but that could drive upside. Any sense on when you think that could happen? Or what your -- or commentary on what you're seeing right now?

好的。我的大部分問題都已得到解決，但如果可以，請談談日本。你提到你在那裡沒有看到太多進展，但這可能會推動上行。你認為什麼時候會發生有什麼意義嗎？或者你對你現在看到的事情有什麼評論？

And then the follow-up I have is how do you -- it sounds like you're very confident now with the guidance, reiterating the reported guidance for the full year. Could you please talk about, Gary, the level of conservatism and/or the confidence you have in delivering to this for both top line and margins?

然後我的後續行動是你如何 - 聽起來你現在對指導非常有信心，重申了全年報告的指導。加里，你能談談保守主義的程度和/或你對實現這一目標的信心和利潤嗎？

Well, I think on the margin outlook, obviously, that's much more in our control, and we've taken steps that we know are going to lead to more cost discipline. Obviously, we can go further if the conditions dictate. So I feel very confident in the flat or better margins. That is something that we are extremely committed to.

好吧，我認為關於利潤率前景，顯然，這更多地在我們的控制之中，我們已經採取了我們知道將導致更多成本紀律的措施。顯然，如果條件允許，我們可以走得更遠。因此，我對持平或更高的利潤率非常有信心。這是我們非常致力於的事情。

I think you rightfully pointed out that based on what we've seen so far this year, we feel incremental confidence in our outlook for the year. But as I said in response to Cory's question, I think it's really just a little too early, really 1 month into the year to start further adjusting our outlook. And we tend to try to be conservative and thoughtful when we provide the guidance. So -- especially in an environment where there's a lot of uncertainty and a lot of things that remain unknown, I think that's the right course and the prudent course to take. So we're sticking by it.

我認為您正確地指出，根據我們今年迄今為止所看到的情況，我們對今年的前景充滿信心。但正如我在回答 Cory 的問題時所說的那樣，我認為現在開始進一步調整我們的前景真的有點太早了，實際上是一年後的一個月。當我們提供指導時，我們往往會盡量保守和周到。所以——尤其是在一個存在很多不確定性和很多事情仍然未知的環境中，我認為這是正確的做法，也是謹慎的做法。所以我們堅持下去。

But I think it's fair to say that what we've tried to get across this morning is that the start to the year has been very solid for us. And that is giving us confidence that what we're seeing is going to come to fruition as the year goes on.

但我認為可以公平地說，我們今天早上試圖表達的是，今年的開端對我們來說非常穩固。這讓我們相信，隨著時間的推移，我們所看到的將會實現。

Japan is a wildcard. I think that the government there is really trying to take steps to fully get COVID behind it, trying to discourage people from wearing masks and things like that. But as we've talked about previously, there's been a reasonable amount of less socialization in that market because of all the restrictions that came from COVID.

日本是一個通配符。我認為那裡的政府真的在努力採取措施完全支持 COVID，試圖阻止人們戴口罩之類的東西。但正如我們之前談到的那樣，由於 COVID 帶來的所有限制，該市場的社會化程度相當低。

And so when kind of society there is going to really rebound back to much more normal levels of socialization is really hard to say. All I can tell you is we haven't seen it so far. It's been a number of quarters now. And as a result of that, we're not assuming that it happens in 2023.

因此，很難說什麼時候社會會真正恢復到更正常的社會化水平。我只能告訴你的是我們到目前為止還沒有看到它。現在已經好幾個季度了。因此，我們不假設它會在 2023 年發生。

At some point, it's likely we're going to come to you and say we've seen a rebound in that market. I cannot tell you precisely when that's going to be. So again, from a conservatism standpoint, we're not assuming that rebound in the Japanese market this year. But we're hoping we're wrong, and it will come sooner. And we're looking for a catalyst to try to spur activity in that market, which would be meaningful upside to us because Japan is such an important market for both our Pairs brand and our Tinder brand.

在某個時候，我們很可能會來找你，說我們已經看到該市場出現反彈。我不能準確地告訴你那是什麼時候。因此，再次從保守主義的角度來看，我們不會假設今年日本市場會出現反彈。但我們希望我們錯了，它會來得更快。我們正在尋找一種催化劑來刺激該市場的活動，這對我們來說意義重大，因為日本對於我們的 Pairs 品牌和 Tinder 品牌來說都是如此重要的市場。

So we'll have to wait and see. But again, right now, based on what we're seeing in conservatism, it dictates not assuming anything kind of from a rebound standpoint in the Japanese market.

所以我們必須拭目以待。但同樣，現在，基於我們在保守主義中看到的情況，它決定不要從日本市場的反彈角度做出任何假設。

All right. With that, I know we're at time, so we're going to sign off. But thank you, everybody, for joining us. We appreciate the continued support, and we will talk to you in the next quarter.

好的。有了這個，我知道我們時間到了，所以我們要結束了。但是，謝謝大家加入我們。感謝您的持續支持，我們將在下個季度與您交談。

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。