Match Group Inc (MTCH) 2023 Q2 法說會逐字稿

Good day, and welcome to the Match Group Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Match Group 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Tanny Shelburne, SVP of Investor Relations. Please go ahead.

我現在想將會議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；以及總裁兼首席財務官 Gary Swidler。他們會做一些簡短的評論，然後我們將開放提問。

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的業績。這些前瞻性陳述之前可能會出現“我們期望”、“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.

說到這裡，我想把電話轉給 BK。

Thanks, Tanny. Good morning, everyone, and thank you for joining today's call. As I look back on the first half of this year, I'm even more motivated by the numbers we're going to discuss today and the efforts we've undertaken to lead to this record quarter. I'm a firm believer in the teams that we now have in place.

謝謝，坦尼。大家早上好，感謝您參加今天的電話會議。當我回顧今年上半年時，我們今天要討論的數字以及我們為實現這一創紀錄的季度所做的努力更加激勵我。我堅信我們現有的團隊。

I've spoken at length about the changes we've undergone. Through all the change management, I believe our teams have gelled well and have become stronger together. However, I also believe that gelling well is not enough. Leaders need to be intelligent, determined and have the right goals and people around them. We must challenge our teams to inspire and deliver.

我已經詳細談論了我們所經歷的變化。通過所有的變革管理，我相信我們的團隊已經融為一體並且變得更加強大。然而，我也相信僅僅良好膠凝是不夠的。領導者需要聰明、有決心、有正確的目標和周圍的人。我們必須挑戰我們的團隊來激勵和交付。

It's apparent that we have all those key ingredients to make an organization good, but we also have the most important ingredient to make our teams great, and that is grit. Grit has been evident in our team meetings, product road map execution, marketing and budding AI efforts. Our teams are buzzing with excitement, and I am too.

顯然，我們擁有讓組織變得優秀的所有關鍵要素，但我們也擁有讓我們的團隊變得偉大的最重要要素，那就是毅力。我們的團隊會議、產品路線圖執行、營銷和新興人工智能工作中都體現出了勇氣。我們的團隊都興奮不已，我也是。

Although our numbers are great, we are just at the beginning of our turnaround. There are still many single people who have yet to try our services and many more who need to come back to our apps. I am certain that if we keep executing and innovating, we will achieve our goals of helping our members get out there in real life, make new connections and enjoy their dating experience.

儘管我們的數字很大，但我們才剛剛開始扭虧為盈。仍然有許多單身人士尚未嘗試我們的服務，還有更多的人需要回到我們的應用程序。我確信，如果我們不斷執行和創新，我們將實現幫助我們的會員走出現實生活、建立新的聯繫並享受約會體驗的目標。

The energy in our L.A. office where many Tinder team members are located is completely different than it was a year ago. People are back in the office, collaborating, solving problems and forging ahead. The teams are executing on their product roadmaps and marketing initiatives, and the results of their hard work are clearly showing.

許多 Tinder 團隊成員所在的洛杉磯辦公室的活力與一年前完全不同。人們回到辦公室，協作、解決問題並前進。團隊正在執行他們的產品路線圖和營銷計劃，他們辛勤工作的結果正在清晰地顯現出來。

We have product and marketing momentum, and people are starting to think about Tinder differently. Our new It Starts with a Swipe marketing campaign is delivering, most importantly, by increasing overall new user sign-ups and reactivations at Tinder and is having an impressive impact on our brand consideration and intent. The Tinder roadmap we showed you last year was not the sexiest as it delivered on core experiences and optimization, but it was the right one as our results now show.

我們擁有產品和營銷動力，人們開始對 Tinder 產生不同的看法。最重要的是，我們新推出的“It Starts with a Swipe”營銷活動通過增加Tinder 的整體新用戶註冊和重新激活來實現這一目標，並對我們的品牌考慮度和意圖產生了令人印象深刻的影響。我們去年向您展示的 Tinder 路線圖並不是最性感的，因為它提供了核心體驗和優化，但正如我們現在的結果所顯示的那樣，它是正確的。

Our product and design teams are preparing an exciting refresh of the Tinder experience in the coming months. We want to make the app more relevant, fun and relatable to a younger demographic. We're relentlessly focused on making sure Tinder stays true to what makes it special while also elevating the experience to be more modern and enjoyable for our members. These innovations will be amplified by great marketing. We are excited about the future of Tinder, and we believe we're just getting started.

我們的產品和設計團隊正在準備在未來幾個月內對 Tinder 體驗進行令人興奮的更新。我們希望讓該應用程序更貼近年輕人，更有趣，更能引起他們的共鳴。我們堅持不懈地致力於確保 Tinder 忠於其獨特之處，同時提升會員的體驗，使其更加現代、更加愉快。這些創新將通過出色的營銷而放大。我們對 Tinder 的未來感到興奮，並且相信我們才剛剛開始。

Hinge continues to fire on all cylinders, leading to exceptional user and revenue growth. Hinge is now a top 3 most downloaded dating app in 14 countries. And while we're driving new users and growing as expected, we're also taking the learnings from our other brands and applying them at Hinge to maximize growth.

Hinge 繼續全力以赴，帶來非凡的用戶和收入增長。 Hinge 目前是 14 個國家/地區下載量排名前 3 的約會應用程序。在我們吸引新用戶並按預期增長的同時，我們還從其他品牌中汲取經驗，並將其應用到 Hinge 上，以實現增長最大化。

Our businesses in Asia are solidly course correcting now. Azar's revenue momentum has been driven by their new AI-enabled matching algorithm, and Hakuna is in the midst of a pivot to deliver a better experience for content creators and audiences, which we believe will lead to increased engagement for users. In Japan, we're ready to roll out ads on TV for the first time ever. We believe this channel unlock will help improve user trends for the category.

我們在亞洲的業務現在正在穩步調整方向。 Azar 的收入動力得益於其新的人工智能匹配算法，而 Hakuna 正致力於為內容創作者和觀眾提供更好的體驗，我們相信這將提高用戶的參與度。在日本，我們準備首次在電視上投放廣告。我們相信這一渠道的解鎖將有助於改善該類別的用戶趨勢。

Our Evergreen & Emerging Brands have unified so that the teams are sharing key learnings more effectively. The teams are now innovating on new features and also putting products on the same platform, which should lead to improved efficiency, innovation, speed to market and cost savings.

我們的常青品牌和新興品牌已經統一，以便團隊能夠更有效地分享關鍵知識。這些團隊現在正在創新新功能，並將產品放在同一平台上，這將提高效率、創新、上市速度並節省成本。

One of our teams just launched Archer, a social-first dating app built for gay, bisexual and queer men, which is now live in New York City and is planned to roll out nationally by the end of this year. I'm really proud of Archer and the team that has brought it to life. The app is beautiful and speaks directly to the needs of the community, and we're excited to see it flourish.

我們的一個團隊剛剛推出了 Archer，這是一款專為同性戀、雙性戀和酷兒男性打造的社交優先約會應用程序，目前已在紐約市上線，併計劃於今年年底在全國范圍內推出。我為 Archer 和將其變為現實的團隊感到非常自豪。該應用程序非常漂亮，並且直接滿足了社區的需求，我們很高興看到它蓬勃發展。

Last point before I hand it over to Gary, every tech company needs to innovate to stay relevant. I've outlined a few areas of innovation already, but we'd be remiss to not talk about generative AI and the enthusiasm and concern it's created for industries at large. This technology is tremendous, but we're approaching it very thoughtfully as dating requires unique considerations. It's imperative that our features and tools enhance trust, authenticity and respect and, ultimately, lead to better matches and dates in real life.

在我將其交給加里之前，最後一點是，每家科技公司都需要創新以保持相關性。我已經概述了一些創新領域，但如果我們不談論生成式人工智能以及它為整個行業帶來的熱情和擔憂，那就太失職了。這項技術是偉大的，但我們正在非常深思熟慮地對待它，因為約會需要獨特的考慮。我們的功能和工具必須增強信任、真實性和尊重，並最終在現實生活中帶來更好的匹配和約會。

I believe this technology is also really fun and engaging, and when applied correctly, can drive curiosity and make the dating journey more enjoyable. By the end of the year, we expect to have launched a number of initiatives that will use generative AI to eliminate awkwardness, make dating more rewarding and surprise and delight users, all in a way that focuses on authenticity and maintaining the highest ethical and privacy standards.

我相信這項技術也非常有趣和吸引人，如果應用得當，可以激發好奇心，讓約會之旅變得更加愉快。到今年年底，我們預計將推出一系列舉措，利用生成式人工智能消除尷尬，讓約會更有價值，讓用戶感到驚喜和高興，所有這些都注重真實性並維護最高的道德和隱私標準。

We remain committed to innovation and providing our users with the best possible dating experience. It's full speed ahead at Match Group, and we're energized, motivated and feeling really good about our future.

我們仍然致力於創新，為我們的用戶提供最好的約會體驗。 Match Group 正全速前進，我們充滿活力、充滿動力，對未來感到非常美好。

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. Thank you for joining us this morning.

謝謝，BK，大家好。感謝您今天早上加入我們。

Our financial performance in Q2 improved dramatically as a result of the strategy we implemented when BK became CEO in mid-2022. In particular, the focused product and marketing initiatives at Tinder have really started to deliver financial results. We firmly believe the momentum there, plus continued strong performance at Hinge and thoughtful operating adjustments and financial discipline across the company, position us well for the future in terms of growth, profitability and free cash flow.

由於 BK 於 2022 年中期就任首席執行官時實施的戰略，我們第二季度的財務業績顯著改善。特別是，Tinder 的重點產品和營銷計劃已經真正開始帶來財務成果。我們堅信，那裡的勢頭，加上 Hinge 持續強勁的業績以及整個公司深思熟慮的運營調整和財務紀律，使我們在未來的增長、盈利能力和自由現金流方面處於有利地位。

Match Group's total revenue for Q2 was $830 million, up 4% year-over-year. This represented record quarterly total revenue for Match Group. FX was a notable headwind once again and $3 million more severe than we anticipated at the time of our last earnings call. Total revenue for Match Group would have been $844 million, up 6% year-over-year on an FX-neutral basis.

Match Group 第二季度總收入為 8.3 億美元，同比增長 4%。這代表了 Match Group 創紀錄的季度總收入。外匯再次成為顯著的逆風，比我們上次財報電話會議時的預期嚴重 300 萬美元。在匯率中性的基礎上，Match Group 的總收入將為 8.44 億美元，同比增長 6%。

Q2 direct revenue, which is revenue we earn directly from our users, was $816 million, up 5% year-over-year, 6% FX neutral. This was driven by a 10% year-over-year improvement in RPP to $17.41, while total payers were down 5% year-over-year to 15.6 million. On an FX-neutral basis, Q2 RPP was up 12% year-over-year company-wide.

第二季度的直接收入（即我們直接從用戶那裡獲得的收入）為 8.16 億美元，同比增長 5%（匯率中性因素為 6%）。這是由於 RPP 同比增長 10% 至 17.41 美元，而付款人總數同比下降 5% 至 1,560 萬人。在匯率中性的基礎上，第二季度全公司 RPP 同比增長 12%。

Tinder outperformed our expectations in the quarter as the revenue momentum we saw from price optimizations in the U.S. and weekly subscriptions over-delivered. Q2 Tinder direct revenue was up 6% year-over-year at $475 million, up 7% FX-neutral. Tinder RPP was up 10% year-over-year at $15.12 due to the U.S. price optimizations and weekly packages.

Tinder 本季度的表現超出了我們的預期，因為我們從美國的價格優化和每週訂閱超額交付中看到了收入勢頭。第二季度 Tinder 直接收入同比增長 6%，達到 4.75 億美元，剔除匯率因素後增長 7%。由於美國價格優化和每週套餐，Tinder RPP 同比上漲 10% 至 15.12 美元。

Tinder saw solid year-over-year subscription revenue momentum throughout Q2 with June direct revenue growth reaching 8% year-over-year. Tinder payers declined 4% year-over-year, 184,000 sequentially, as the price optimization in the U.S. led to conversion declines. After testing pricing changes in Canada, the U.K., the EU, Australia and Japan in Q2, Tinder opted to leave pricing largely unchanged in those markets as prices there were largely already optimized, but did roll out weekly packages there.

Tinder 在整個第二季度的訂閱收入同比增長勢頭強勁，6 月份直接收入同比增長達到 8%。由於美國的價格優化導致轉化率下降，Tinder 付費用戶數量同比下降 4%，為 184,000 人。在第二季度測試了加拿大、英國、歐盟、澳大利亞和日本的定價變化後，Tinder 選擇在這些市場上保持定價基本不變，因為這些市場的價格基本上已經優化，但確實在那裡推出了每週套餐。

Tinder also saw improved new user and reactivation trends in the U.S. in the quarter following the launch of the new marketing campaign, It Starts with a Swipe, and we saw lifts in other geographies as well. The lift has been pronounced among females and younger users, Tinder's focused demos. Many of Tinder's upcoming initiatives are aimed at further strengthening top of funnel in key markets around the world.

在推出新的營銷活動“It Starts with a Swipe”後，Tinder 在本季度的美國新用戶和重新激活趨勢也有所改善，其他地區的新用戶和重新激活趨勢也有所改善。 Tinder 的重點演示中，女性和年輕用戶的提升尤為明顯。 Tinder 即將推出的許多舉措旨在進一步加強全球主要市場的漏斗頂端。

Our Hinge brand continues to perform very strongly. Hinge grew direct revenue 35% year-over-year, an 8-point acceleration over Q1. Hinge experienced strong user growth in both core English-speaking markets and its European expansion markets, leading to 50% year-over-year download growth. Hinge payers were up nearly 25% year-over-year at nearly 1.2 million, while RPP of over $25 was up over 8% year-over-year in Q2.

我們的 Hinge 品牌繼續表現強勁。 Hinge 直接收入同比增長 35%，比第一季度增長 8 個百分點。 Hinge 在核心英語市場及其歐洲擴展市場的用戶增長強勁，下載量同比增長 50%。第二季度，Hinge 付款人同比增長近 25%，達到近 120 萬，而 RPP 超過 25 美元，同比增長超過 8%。

Our MG Asia business saw direct revenue decline 4% year-over-year in Q2, a vast improvement from double-digit year-over-year decline in Q1. Direct revenue was up 3% FX neutral.

我們的 MG 亞洲業務第二季度的直接收入同比下降 4%，較第一季度兩位數的同比下降有了很大改善。不計匯率影響，直接收入增長 3%。

At Hyperconnect, Azar grew direct revenue 24% year-over-year as implementation of a new AI-driven matching algorithm led to meaningful increases in engagement and conversion. Azar also saw some stronger-than-expected seasonal trends in Q2.

在 Hyperconnect，Azar 的直接收入同比增長了 24%，因為實施了新的人工智能驅動的匹配算法，導致參與度和轉化率顯著增加。阿扎爾還發現第二季度的季節性趨勢強於預期。

While Azar has been a real bright spot, Hakuna and Pairs saw year-over-year direct revenue declines in Q2. The Japanese market continues to experience subpar user growth, although we're optimistic that being able to start to market on TV this fall could improve trends.

雖然 Azar 一直是一個真正的亮點，但 Hakuna 和 Pairs 在第二季度的直接收入同比下降。日本市場的用戶增長繼續低於標準，儘管我們樂觀地認為今年秋天開始在電視上上市可能會改善趨勢。

At Evergreen & Emerging, direct revenue declined 5% year-over-year, which was also a notable improvement compared to Q1. The Emerging brands, including Chispa and BLK, continue to grow direct revenue strongly year-over-year.

Evergreen & Emerging 的直接收入同比下降 5%，與第一季度相比也有顯著改善。 Chispa 和 BLK 等新興品牌的直接收入繼續同比強勁增長。

Indirect revenue was $13 million in Q2, down 7% year-over-year, but consistent with Q1's total as prices per ad impression declined year-over-year. Operating income was $215 million in Q2 for a margin of 26%. Q2 adjusted operating income, or AOI, was $301 million, exceeding $300 million for the first time ever. It was up 5% year-over-year, representing a margin of 36%. Q2 AOI and margins were above our expectations as Tinder outperformed, and we continue to achieve cost savings across the company.

第二季度間接收入為 1,300 萬美元，同比下降 7%，但與第一季度的總收入一致，因為每次廣告展示的價格同比下降。第二季度營業收入為 2.15 億美元，利潤率為 26%。第二季度調整後營業收入 (AOI) 為 3.01 億美元，首次超過 3 億美元。同比增長 5%，利潤率為 36%。由於 Tinder 表現出色，第二季度 AOI 和利潤率超出了我們的預期，而且我們繼續在整個公司範圍內實現成本節約。

Overall expenses, including SBC expense, were up 4% year-over-year in Q2, excluding depreciation and amortization/impairment of intangibles. We incurred approximately $6 million of severance and similar costs in the quarter.

第二季度的總體費用（包括 SBC 費用）同比增長 4%（不包括無形資產的折舊和攤銷/減值）。本季度我們產生了約 600 萬美元的遣散費和類似費用。

Cost of revenue, including SBC expense, grew 4% year-over-year and represented 30% of total revenue, flat year-over-year. App store fees increased $18 million year-over-year, including the $8 million escrow payment to Google. The last required escrow payment of approximately $3 million was made in July.

收入成本（包括 SBC 費用）同比增長 4%，佔總收入的 30%，與去年同期持平。應用商店費用同比增加 1800 萬美元，其中包括向 Google 支付的 800 萬美元託管費用。最後一次所需的託管付款約為 300 萬美元，是在 7 月份支付的。

Selling and marketing costs, including SBC expense, increased $11 million or 9% year-over-year, primarily due to increased spend at Tinder and at Hinge as it continued to expand internationally, offset by lower spending at multiple other brands. Selling and marketing spend was flat as a percentage of total revenue at 16%.

包括 SBC 費用在內的銷售和營銷成本同比增加 1100 萬美元，即 9%，這主要是由於 Tinder 和 Hinge 的支出增加，因為該公司繼續國際擴張，但被多個其他品牌的支出減少所抵消。銷售和營銷支出佔總收入的比例持平，為 16%。

G&A costs, including SBC expense, declined 3% year-over-year and dropped 1 point as a percentage of total revenue to 13% as legal and professional fees declined. Product development costs, including SBC expense, grew 9% year-over-year, primarily as a result of higher compensation at Tinder and Hinge and were flat as a percent of total revenue at 11%.

由於法律和專業費用下降，包括 SBC 費用在內的 G&A 成本同比下降 3%，佔總收入的比例下降 1 個百分點至 13%。產品開發成本（包括 SBC 費用）同比增長 9%，主要是由於 Tinder 和 Hinge 的薪酬上漲，但佔總收入的百分比持平，為 11%。

Reductions in force and capitalizing more product development costs in Q2 than in the prior year quarter, mostly at Tinder and our emerging brands, helped lower these expenses in the quarter. Interest expense increased 12% year-over-year in Q2, primarily due to the floating rate structure of our term loan, but interest rate income also increased meaningfully given higher rates we're earning on our cash balances. We ended the quarter with $741 million of cash, cash equivalents and short-term investments on hand.

與去年同期相比，第二季度的人力減少和資本化更多的產品開發成本（主要是 Tinder 和我們的新興品牌）有助於降低本季度的這些費用。第二季度利息支出同比增長 12%，主要是由於我們定期貸款的浮動利率結構，但鑑於我們現金餘額的利率較高，利率收入也顯著增加。截至本季度末，我們手頭現金、現金等價物和短期投資為 7.41 億美元。

Our gross leverage was 3.4x trailing AOI, and net leverage was 2.8x at the end of Q2, below our target of less than 3x. We repurchased 1 million of our common shares in May and June at an average price of approximately $32 per share, totaling approximately $33 million, which utilized a small portion of the recently implemented $1 billion share buyback program. We began buying back shares in the open window after our last earnings call, but we weren't able to buy back as many shares as we had intended over the past 3 months due to the strong stock price run-up, which occurred after the window had closed. We will revisit buybacks again after this call, mindful of our updated capital allocation policy.

截至第二季度末，我們的總槓桿率為 3.4 倍，追踪 AOI，淨槓桿率為 2.8 倍，低於我們低於 3 倍的目標。我們在 5 月和 6 月以每股約 32 美元的平均價格回購了 100 萬股普通股，總計約 3300 萬美元，僅使用了最近實施的 10 億美元股票回購計劃的一小部分。在上次財報電話會議後，我們開始在公開窗口回購股票，但由於股價強勁上漲（發生在上次財報電話會議之後），我們在過去 3 個月內未能回購預期數量的股票。窗戶已經關上了。在本次電話會議之後，我們將再次重新討論回購問題，同時注意我們更新的資本配置政策。

For Q3 '23, we expect total revenue for Match Group of $875 million to $885 million, up 8% to 9% year-over-year. We expect a significant acceleration of year-over-year RPP growth in Q3 compared to Q2, particularly at Tinder due to the U.S. price optimizations and weekly packages. We expect FX to be less than a 2-point year-over-year tailwind in Q3.

對於 23 年第三季度，我們預計 Match Group 的總收入為 8.75 億至 8.85 億美元，同比增長 8% 至 9%。我們預計，與第二季度相比，第三季度的 RPP 同比增長將顯著加快，尤其是由於美國價格優化和每週套餐而在 Tinder 上。我們預計第三季度外匯同比漲幅將小於 2 個百分點。

At Tinder, we expect direct revenue to be up close to 10% year-over-year, with FX slightly more than a 2-point year-over-year tailwind. This level of growth would be a quarter ahead of our expected pace. The building momentum gives us confidence in achieving solidly double-digit year-over-year direct revenue growth at Tinder in Q4.

在 Tinder，我們預計直接收入同比增長接近 10%，其中外彙的推動力同比略高於 2 個百分點。這一增長水平將比我們預期的速度提前四分之一。這種不斷增強的勢頭讓我們有信心在第四季度 Tinder 的直接收入實現穩定的兩位數同比增長。

We expect Tinder payers to decline mid-single digits year-over-year and to be down sequentially in Q3, but by less than in Q2. This is better than we had been anticipating in part due to the decision not to implement pricing optimizations in several international markets. We estimate that Q3 sequential payer additions would be positive absent the effects of U.S. price increases and weekly subscription packages globally.

我們預計 Tinder 付費用戶數量將同比下降中個位數，並在第三季度環比下降，但下降幅度小於第二季度。這比我們預期的要好，部分原因是我們決定不在幾個國際市場實施定價優化。我們估計，如果沒有美國價格上漲和全球每週訂閱套餐的影響，第三季度付款人的連續增加將是積極的。

The year-over-year payer decline is also due to Tinder's new user trends still being below desired levels as well as the fact that pricing changes are still rolling through the U.S. payer base. While user trends have improved notably over the past few months, we remain focused on returning to user growth through marketing and product initiatives in order to drive better payer and revenue growth. We believe strongly that we are on the right track in this regard.

付費用戶數量同比下降的原因還在於 Tinder 的新用戶趨勢仍低於預期水平，以及美國付費用戶群體中的定價變化仍在繼續。儘管過去幾個月用戶趨勢顯著改善，但我們仍然專注於通過營銷和產品計劃恢復用戶增長，以推動更好的付款人和收入增長。我們堅信，我們在這方面走在正確的軌道上。

Note that pricing changes and weekly subscription packages creates short-term volatility in our payer numbers. Weekly packages lead to bumps when introduced as conversion increases, then declines when these shorter duration payers roll off. Over the coming quarters, we expect this to even out. We're confident that these shorter packages are long-term revenue accretive and bring other meaningful benefits, such as increasing conversion, especially among younger users and females.

請注意，定價變化和每週訂閱套餐會導致我們的付款人數量出現短期波動。隨著轉化率的增加，每週套餐的引入會帶來衝擊，但當這些較短期限的付款人減少時，每週套餐會導致下降。在未來幾個季度，我們預計這種情況將會趨於平衡。我們相信，這些較短的套餐可以長期增加收入，並帶來其他有意義的好處，例如提高轉化率，特別是在年輕用戶和女性中。

We expect Hinge to deliver meaningfully accelerating year-over-year direct revenue growth again in Q3, driven by continued strong performance in Hinge's English-speaking markets, continued European expansion and various monetization initiatives. We remain confident that Hinge's momentum will lead it to deliver approximately $400 million of direct revenue in 2023.

我們預計，在 Hinge 英語市場持續強勁表現、歐洲持續擴張和各種貨幣化舉措的推動下，Hinge 在第三季度將再次顯著加速同比直接收入增長。我們仍然相信，Hinge 的勢頭將使其在 2023 年實現約 4 億美元的直接收入。

We expect Match Group Asia direct revenue to be close to flat year-over-year in Q3. We expect modest improvement in year-over-year direct revenue growth rates for Hyperconnect and limited change for payers in Q3 compared to Q2.

我們預計 Match Group Asia 第三季度的直接收入將接近同比持平。我們預計，與第二季度相比，第三季度 Hyperconnect 的直接收入同比增長率將略有改善，且付款人的變化有限。

We expect our Evergreen & Emerging Brands direct revenue to decline low single digits year-over-year in Q3, with moderating declines at the Evergreen brands and continued strong growth at the Emerging brands.

我們預計第三季度長青和新興品牌的直接收入將同比下降較低的個位數，其中長青品牌的下降幅度將有所放緩，新興品牌將繼續強勁增長。

We expect Q3 indirect revenue to be up modestly year-over-year in Q3 as we begin to see some overall improvement in the ad sales market and we continue to broaden ad opportunities across our platform. We expect AOI of $320 million to $325 million in Q3, representing year-over-year growth of 13% to 14% and margin of 37%, at the midpoint of the ranges.

我們預計第三季度間接收入將同比小幅增長，​​因為我們開始看到廣告銷售市場的整體改善，並且我們繼續擴大整個平台的廣告機會。我們預計第三季度的 AOI 為 3.2 億至 3.25 億美元，同比增長 13% 至 14%，利潤率為 37%，處於該範圍的中點。

We expect overall marketing spend to increase year-over-year in Q3 by about 2 points as a percentage of total revenue compared to Q2. We will be spending up at Tinder and Hinge as well as some of our newer growth apps, including Archer and The League. We expect IAP fees to continue to be a year-over-year headwind in Q3, though we have stopped placing funds into the Google escrow after July per the terms we agreed to. We expect to continue to be cautious on spending in all other categories within our control. We expect to incur approximately $2 million of severance and similar costs in Q3.

我們預計第三季度整體營銷支出佔總收入的比例將比第二季度同比增長約 2 個百分點。我們將在 Tinder 和 Hinge 以及一些新的增長應用程序上進行支出，包括 Archer 和 The League。我們預計 IAP 費用在第三季度將繼續成為同比逆風，儘管我們已根據我們同意的條款在 7 月之後停止將資金存入 Google 託管。我們預計將繼續對我們控制範圍內的所有其他類別的支出保持謹慎。我們預計第三季度將產生約 200 萬美元的遣散費和類似費用。

For full year 2023, Match Group is on pace to achieve 6% to 7% top line growth and deliver better AOI margins than we did in 2022 as Tinder's revenue continues to reaccelerate and we remain very cost disciplined overall. We're excited by the momentum we've seen in the business over the past few months. We're confident that the strategies we've implemented, changes we've made and approach we've taken are setting us up for more consistent top line growth at strong levels of profitability. While we're pleased with the progress, we recognize there is more to do, especially at Tinder, where delivering stronger user trends and sustained payer and revenue growth is squarely in our focus. We're confident the company is headed in the right direction and look forward to continuing to provide our stakeholders with updates on our performance in the coming quarters.

到 2023 年全年，隨著 Tinder 收入繼續加速增長，而且我們總體上仍嚴格控製成本，Match Group 有望實現 6% 至 7% 的營收增長，並提供比 2022 年更好的 AOI 利潤率。我們對過去幾個月看到的業務勢頭感到興奮。我們相信，我們實施的戰略、所做的改變和採取的方法將使我們在強勁的盈利水平下實現更穩定的營收增長。雖然我們對進展感到滿意，但我們認識到還有更多工作要做，尤其是在 Tinder，提供更強勁的用戶趨勢以及持續的付款人和收入增長正是我們的重點。我們相信公司正朝著正確的方向前進，並期待在未來幾個季度繼續向利益相關者提供我們業績的最新信息。

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

然後，我會要求接線員開通提問線路。

(Operator Instructions) Our first question comes from Cory Carpenter with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的科里·卡彭特（Cory Carpenter）。

I think for Gary, could you expand on what you saw on testing that led you not to raise Tinder prices in international markets? And then just any way to help quantify how big of an impact that specifically you expect it to have on Tinder payers and RPP in the second half of the year?

我想對 Gary 來說，您能否詳細闡述您在測試中看到的導致您在國際市場上不提高 Tinder 價格的情況？那麼有什麼方法可以幫助量化您預計它在下半年對 Tinder 付款人和 RPP 產生多大的影響？

Cory, this is BK. I'll take the first part of that question, and then Gary can take the second part of the question. When our new management team took over Tinder, we asked the teams to go and extensively test pricing globally. What we wanted to do was really kind of understand the member value that we are providing versus the price points that were live in the marketplace. This led to micro decisions around rollouts of pricing optimizations.

科里，這是 BK。我將回答該問題的第一部分，然後加里可以回答該問題的第二部分。當我們的新管理團隊接管 Tinder 時，我們要求團隊在全球範圍內廣泛測試定價。我們想要做的是真正了解我們提供的會員價值與市場上的實際價格點。這導致了圍繞定價優化推出的微觀決策。

So we did test our pricing in the U.K., Canada, Australia, EU and Japan. And we did not see the revenue benefits that we saw in the United States. Part of this was due to that these markets were already priced competitively, like Gary mentioned in his comments. The reality is that the U.S. actually hadn't adjusted prices for quite some time, so there wasn't as much room for optimization versus where we were in international markets. So I think that generally, our price points were already higher in the U.S. versus where we were internationally.

因此，我們確實在英國、加拿大、澳大利亞、歐盟和日本測試了我們的定價。我們沒有看到在美國看到的收入收益。正如加里在評論中提到的，部分原因是這些市場的定價已經具有競爭力。現實情況是，美國實際上已經很長一段時間沒有調整價格了，所以與我們在國際市場上相比，沒有那麼多的優化空間。所以我認為，總的來說，我們在美國的價格點已經高於我們在國際上的價格點。

An example I can give is on Gold pricing, 1-month subscription in the U.S. after pricing optimizations were actually at parity from where we were priced in the U.K. We tested this throughout the entire quarter before making this decision to stay put in international markets. Gary?

我可以舉的一個例子是黃金定價，在定價優化之後，美國的 1 個月訂閱實際上與我們在英國的定價持平。在決定留在國際市場之前，我們在整個季度都對此進行了測試。加里？

Yes. So Cory, on the payers, there's a lot going on there, and I'm going to try to unpack it for you a little bit. Because you've got variability that's been introduced by the price optimization, you've got variability that's been introduced by the weekly subscription packages, and they're rolling out at different times. First, we have the effects from the U.S. ones and then from the international ones. So there's a lot of movement in the numbers.

是的。科里，關於付款人，有很多事情正在發生，我將嘗試為您解開一些謎團。因為價格優化帶來了可變性，所以每週訂閱包也帶來了可變性，而且它們在不同的時間推出。首先，我們受到美國影響，然後是國際影響。所以數字上有很多變動。

Obviously, they are better as a result of deciding not to roll out the price changes in the international markets. And they're meaningfully better than they would have been had we done that. But what's also happened since the last time we chatted on an earnings call is that we've more slowly rolled out the pricing changes in the U.S. market.

顯然，由於決定不在國際市場上推出價格變化，他們的表現更好。如果我們這樣做的話，他們會比我們本來應該做的更好。但自上次我們在財報電話會議上交談以來還發生的情況是，我們在美國市場推出定價變化的速度更加緩慢。

And so right now, that's affecting the Q2 payers numbers. It's going to have some lingering effects in Q3 and likely into Q4 as we continue to slowly show those pricing changes to the U.S. payer base. So that's kind of one thing that's happening, that's happening a little bit more slowly than we initially expected, but we obviously test and adjust, and we think that's the right thing to do.

現在，這正在影響第二季度的付款人數量。隨著我們繼續向美國付款人群體緩慢展示這些定價變化，這將在第三季度產生一些揮之不去的影響，並可能持續到第四季度。所以這就是正在發生的一件事，它發生的速度比我們最初預期的要慢一些，但我們顯然進行了測試和調整，我們認為這是正確的做法。

And then, of course, the change that you mentioned around the weekly -- around the payers, the pricing changes not having been introduced internationally. So there's a lot of different pressures going on here. It will continue to roll through over the coming quarters.

當然，還有您每週提到的圍繞付款人的變化，定價變化尚未在國際上引入。所以這裡存在很多不同的壓力。它將在未來幾個季度繼續滾動。

I do think that overall, the third quarter sequential trends are going to be meaningfully better than what we saw in Q2, which was down 184,000. And overall, I think once we get through this year, as we turn the corner to 2024, the noise that has resulted from all these changes, which are in our control around introducing weekly subscription packages and price changes will have largely burned through and we'll be into a much more normal cadence of payer additions.

我確實認為，總體而言，第三季度的連續趨勢將明顯好於我們在第二季度看到的情況，第二季度下降了 184,000 人。總的來說，我認為一旦我們度過了今年，當我們轉向 2024 年時，所有這些變化所產生的噪音將在很大程度上消失，我們可以控制引入每週訂閱套餐和價格變化。付款人添加的節奏將會更加正常。

Our next question comes from Jason Helfstein with Oppenheimer.

我們的下一個問題來自傑森·赫爾夫斯坦和奧本海默。

Jason, are you there? It doesn't sound like we have Jason. Operator, maybe we should move to the next one.

傑森，你在嗎？聽起來我們沒有傑森。接線員，也許我們應該轉到下一個。

Our next question comes from Youssef Squali with Truist.

我們的下一個問題來自 Youssef Squali 和 Truist。

So Gary, staying on the topic of pricing for Tinder, what percentage of the user base is now being impacted by the price increase? And how much more headroom do you see in RPP in Q3 and the rest of the year?

那麼 Gary，繼續討論 Tinder 的定價話題，現在有多少比例的用戶群受到價格上漲的影響？您認為第三季度和今年剩餘時間的 RPP 還有多少空間？

So I would estimate that roughly 50% of the U.S. payer base is now paying the higher prices. And just so you understand, our approach around this is that payers don't see or pay the higher prices until they churn off and are off Tinder for a period of time. And then when they come back again, which happens frequently, as you know, then they see the higher prices and become a higher paid payer. So we think that's fair to the consumer and is the approach we've taken, which is why it's taking time for this to roll through the U.S. payer base.

因此，我估計大約 50% 的美國支付者現在正在支付更高的價格。正如您所了解的，我們對此的解決方法是，付款人只有在離開 Tinder 一段時間後才會看到或支付更高的價格。然後，當他們再次回來時，正如你所知，這種情況經常發生，然後他們會看到更高的價格並成為更高薪的付款人。因此，我們認為這對消費者來說是公平的，也是我們所採取的方法，這就是為什麼它需要時間才能在美國支付者基礎上推廣的原因。

From an RPP perspective, we saw the 10% year-over-year lift in RPP in Q2 at Tinder. And I think you should expect to see accelerating increases in RPP in Q3 and Q4, which is going to drive significant revenue acceleration as well at Tinder over the course of Q3 and then into Q4. We are adjusting prices pretty meaningfully. The weekly subscription packages are having a significant contribution in RPP as well. So that's a big driver of the overall revenue performance and performance at Tinder this quarter and for the next couple of quarters.

從 RPP 角度來看，我們看到 Tinder 第二季度的 RPP 同比增長了 10%。我認為您應該預計第三季度和第四季度 RPP 會加速增長，這將推動 Tinder 在第三季度和第四季度的收入大幅增長。我們正在非常有意義地調整價格。每週訂閱套餐對 RPP 也做出了重大貢獻。因此，這是 Tinder 本季度和未來幾個季度整體收入表現和業績的重要推動力。

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。

Could you please double-click on the new refreshed core experience at Tinder that is launching later this month? And how you expect these new features to drive either engagement and/or monetization on the platform? And then on a related note, what are some other new features at Tinder that you're excited about that could potentially have an impact in the near to medium term?

您能否雙擊本月晚些時候推出的 Tinder 全新核心體驗？您期望這些新功能如何推動平台上的參與度和/或貨幣化？然後，與此相關的是，Tinder 上還有哪些讓您感到興奮且可能在中短期內產生影響的新功能？

Thanks, Alexandra, for the question. So if you actually look at Tinder today, it's really similar to the product that was launched 10 years ago. I tried the app when I was in Los Angeles about 10 years ago, and I tried the app today and it felt pretty similar. So what I've done is I've challenged the teams to make Tinder feel more vibrant and alive, going through like an overhaul and potential refresh of the product experience.

謝謝亞歷山德拉的提問。因此，如果你今天真正看看 Tinder，你會發現它與 10 年前推出的產品非常相似。大約 10 年前，我在洛杉磯時嘗試過這個應用程序，今天我又嘗試過這個應用程序，感覺非常相似。所以我所做的就是向團隊提出挑戰，讓 Tinder 感覺更加充滿活力和活力，對產品體驗進行徹底改革和潛在的更新。

What the teams were able to do creatively is to look at ways to bring more depth into member profiles and also keep that core experience intact. This is actually coming from extensive testing with our core users and direct feedback from Gen Z and our younger users.

團隊能夠創造性地做的是尋找更深入地了解會員資料並保持核心體驗完整的方法。這實際上來自於我們的核心用戶的廣泛測試以及 Z 世代和年輕用戶的直接反饋。

I think this experience will have a more modern look and feel and drive engagement, which will lead to more success on the platform and more conversations. But there is a balancing act here. The swipe is critical for Tinder's identity and experience, and people come in to swipe profiles. People love it. So I want to make sure that members engage in more meaningful ways, so we have to make sure that we're balancing that swipe experience with a great UX that delivers a new experience that resonates with the new generation of users. And I really believe we've nailed it.

我認為這種體驗將具有更現代的外觀和感覺並推動參與，這將導致平台上取得更大的成功和更多的對話。但這裡有一個平衡的行為。滑動對於 Tinder 的身份和體驗至關重要，人們進來時會滑動個人資料。人們喜歡它。因此，我想確保會員以更有意義的方式參與，因此我們必須確保在滑動體驗與出色的用戶體驗之間取得平衡，從而提供與新一代用戶產生共鳴的新體驗。我真的相信我們已經成功了。

I feel really positive about the work that our product and design teams have done together, and we'll be rolling that over the next couple of months.

我對我們的產品和設計團隊共同完成的工作感到非常積極，我們將在接下來的幾個月內繼續開展這項工作。

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。

So a similar follow-up in terms of the Tinder second half features. You mentioned in the shareholder letter, it will be focused on Gen Z as well as AI capabilities. So just wondering if you could expand a bit more on why you're confident that these features will drive engagement and monetization. And then also, does this imply that Tinder Coins is no longer in the roadmap?

Tinder 下半年的功能也有類似的後續。您在股東信中提到，它將重點關注 Z 世代以及人工智能能力。因此，我想知道您是否可以進一步解釋一下為什麼您有信心這些功能將推動參與度和貨幣化。另外，這是否意味著 Tinder 幣不再出現在路線圖中？

Thanks, Mario, for the question. Our Tinder roadmap was designed and structured in a way that we could focus on delivery that could drive real wins for us in the first half of the year and build momentum for us throughout the entire year. We're successful in rolling out pricing optimization and weekly subscriptions, and that has built that freedom and momentum to really think creatively about what we deliver for the second half of the year.

謝謝馬里奧提出的問題。我們的 Tinder 路線圖的設計和構建方式使我們能夠專注於交付，從而在上半年為我們帶來真正的勝利，並為我們全年創造動力。我們成功地推出了定價優化和每週訂閱，這為我們真正創造性地思考下半年的交付內容奠定了自由和動力。

So I'm really actually excited about some of the great initiatives that we have in the second half of the year, like the product refresh that I mentioned earlier and also the launch of our premium experience. Tinder Coins is still on the roadmap, and we're currently testing and it's an iterative process to figure out what the best value proposition for our members. So we're testing it right now, but we don't see it contributing to 2023 revenue.

因此，我對今年下半年的一些重大舉措感到非常興奮，比如我之前提到的產品更新以及我們優質體驗的推出。 Tinder Coins 仍在路線圖上，我們目前正在測試，這是一個迭代過程，旨在找出對我們的會員來說最好的價值主張。所以我們現在正在測試它，但我們認為它不會對 2023 年的收入做出貢獻。

But when I generally think about the features on the roadmap, I have to make prioritization decisions. And with the advent of generative AI and the excitement and enthusiasm that we're seeing across all of our different teams, I've made the call to prioritize generative AI initiatives with Tinder over other initiatives like Coins. And I think that will deliver value to our members sooner. Thanks for the question.

但當我總體考慮路線圖上的功能時，我必須做出優先級決定。隨著生成式人工智能的出現以及我們在所有不同團隊中看到的興奮和熱情，我呼籲優先考慮 Tinder 的生成式人工智能計劃，而不是 Coins 等其他計劃。我認為這將更快地為我們的會員帶來價值。謝謝你的提問。

Our next question comes from Dan Salmon with New Street.

我們的下一個問題來自 New Street 的 Dan Salmon。

I guess it's a 2-parter, and BK highlighted a piece of it there. And so I'd like to just ask about the Tinder super premium tier a little bit more. So you're rolling it out in the U.S. this fall. Just any color that you can give us on how impactful it will be. Is that going to be impactful, let's say, weekly subscription sounds like they've been so far? Or the number of power users or the so-called whales, is that too small to be material?

我猜這是一個 2 部分，BK 在那裡突出了其中的一部分。所以我想再多詢問一下 Tinder 超級高級版的情況。所以今年秋天你將在美國推出它。您可以向我們提供任何顏色，以說明它的影響力。比方說，每週訂閱聽起來到目前為止一直如此，這會產生影響嗎？或者高級用戶或所謂的鯨魚的數量是否太少而不能成為物質？

And then just the second part, you're rolling it out in the U.S., any early thoughts on the potential for the product like that -- a product like that on a global basis?

然後是第二部分，你要在美國推出它，對這樣的產品的潛力有什麼早期的想法嗎——在全球範圍內推出這樣的產品？

Thanks for the question, Dan. The general concept is that we are providing an experience for a small percentage of our Tinder members. And the value proposition is basically give these members a better way to get high-quality matches faster and sooner and make the experience overall even more fun.

謝謝你的提問，丹。總體概念是，我們為一小部分 Tinder 會員提供體驗。價值主張基本上是為這些會員提供更好的方式來更快地獲得高質量的比賽，並使整體體驗更加有趣。

We've been actually testing multiple components of this experience with our members today, and we're seeing actually real benefits. So I'm personally really excited about these testing results. It's really early right now, so we don't know what the final pricing is yet. But at a high level, if you actually take a small fraction of our payers at higher price points, you actually get a number that's in the tens of millions of dollars on an annual basis. So I think that's actually pretty impactful.

今天，我們已經與我們的會員一起實際測試了這種體驗的多個組成部分，並且我們看到了真正的好處。所以我個人對這些測試結果感到非常興奮。現在還很早，所以我們還不知道最終的定價是多少。但在高水平上，如果你實際上以更高的價格點收取我們付款人的一小部分，你實際上每年會得到數千萬美元的數字。所以我認為這實際上非常有影響力。

This is an area that I have a lot of experience in, where a small segment of users drive a high amount of monetization. So this I see as a real opportunity for us.

我在這個領域擁有豐富的經驗，一小部分用戶推動了大量的貨幣化。所以我認為這對我們來說是一個真正的機會。

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本傑明·布萊克。

I have a follow-up on in the payer trends. But with international pricing now sort of off the table for the time being and the disruption from U.S. pricing seemingly coming to an end and you pair that with improved conversion trends from weekly packages, I'd be curious to hear about your outlook for Tinder payer net additions for the fourth quarter. I mean should we anticipate positive sequential growth there? And I know it's early, but how should we be thinking about the balance between RPP and payer growth as we look forward to 2024?

我對付款人趨勢進行了跟踪。但由於國際定價目前暫時無法討論，而且美國定價的干擾似乎即將結束，再加上每週套餐的轉化趨勢有所改善，我很想知道您對 Tinder 付款人的前景第四季度淨增。我的意思是我們應該預期那裡的連續增長嗎？我知道現在還為時過早，但展望 2024 年時，我們應該如何考慮 RPP 和付款人增長之間的平衡？

So I think the way to think about the rest of '23, first of all, Ben, is that the year is largely about increasing RPP. As I mentioned earlier, we saw a dramatic increase in Q2. We're expecting even greater increase in Q3 and then continued acceleration into Q4 because of the weekly packages and the price optimizations.

因此，我認為考慮 23 年剩餘時間的方法，首先，Ben，這一年主要是關於增加 RPP 的。正如我之前提到的，我們看到第二季度出現了大幅增長。我們預計第三季度會有更大的增長，然後由於每週套餐和價格優化而繼續加速進入第四季度。

On the payer side, as a result of all these things playing through the payer base, we're seeing year-over-year declines in the mid-single digits in terms of payers, and that's something that I expect to continue for the next couple of quarters. And there's a few different drivers of that. Obviously, the decisions we're making around weekly subscriptions and pricing is part of that. And the other part of it, of course, is what we're seeing on new user growth. And so new user growth is getting stronger, but it's not to the point yet that we'd like to see it at, but we're driving that up further and further. And so we continue doing that with marketing initiatives and with product initiatives. I think as that turns more positive, we'll be able to drive improved year-over-year payers growth as well.

在付款人方面，由於所有這些事情在付款人基礎上發揮作用，我們看到付款人數量同比出現中個位數下降，我預計這種情況在接下來的時間裡會繼續下去幾個季度。這有幾個不同的驅動因素。顯然，我們圍繞每週訂閱和定價做出的決定是其中的一部分。當然，另一部分是我們看到的新用戶增長。因此，新用戶的增長越來越強勁，但還沒有達到我們希望看到的程度，但我們正在不斷推動這一增長。因此，我們繼續通過營銷計劃和產品計劃來做到這一點。我認為，隨著情況變得更加積極，我們也將能夠推動付款人的同比增長。

So as we think about 2024, as I mentioned in an earlier answer, a lot of the volatility from the initiatives we're doing this year around revenue, around pricing and weekly subscription packages should have rolled off. And then we expect to see a more balanced impact from payer increases next year as well as from revenue per payer increases.

因此，當我們考慮 2024 年時，正如我在之前的回答中提到的那樣，我們今年圍繞收入、定價和每週訂閱套餐所做的舉措所產生的大量波動應該已經消失。然後，我們預計明年付款人增加以及每個付款人收入增加將產生更加平衡的影響。

But I would caution that it really does depend on what we roll out from a product standpoint. So for example, we're going to roll out, and we're tending to roll out the new premium tier late this year. That will be a driver of 2024 performance, and that is clearly a revenue per payer play, not specifically a payer play. So we have to look at kind of what the product roadmap is to make some determinations.

但我要提醒大家的是，這確實取決於我們從產品的角度推出的產品。例如，我們將推出，並且我們傾向於在今年晚些時候推出新的高級套餐。這將成為 2024 年業績的驅動力，這顯然是每個付費遊戲的收入，而不是具體的付費遊戲。所以我們必須看看產品路線圖是什麼才能做出一些決定。

It's too early for us to kind of go through the whole product roadmap for 2024. We will provide more color on all of that in the upcoming quarters. But again, I would like to see, and we're targeting a more balanced contribution of payers and RPP to drive overall strong Tinder revenue growth next year. We're encouraged by the progress we've made on top of funnel, and that's clearly something we have our eyes squarely on. And we want to keep improving, which is what will help enable us to drive stronger year-over-year payer growth next year after this year being more of an RPP story. I hope that helps answer your questions.

對於我們來說，全面了解 2024 年的整個產品路線圖還為時過早。我們將在接下來的幾個季度中提供更多關於所有這些內容的信息。但我再次希望看到，我們的目標是付款人和 RPP 的貢獻更加平衡，以推動明年 Tinder 整體收入的強勁增長。我們對漏斗頂部取得的進展感到鼓舞，這顯然是我們密切關注的事情。我們希望不斷改進，這將有助於我們在今年更多地實現 RPP 故事之後，明年推動付款人的同比更強勁增長。我希望這有助於回答您的問題。

Our next question comes from John Blackledge with Cowen.

我們的下一個問題來自約翰·布萊克利奇和考恩​​。

On Hinge, could you just provide some more color on the key drivers of the revenue acceleration in 2Q and kind of continuing into 3Q? And then what have you seen? I think it's early, but what have you seen with the new weekly sub-tier launch at Hinge?

關於 Hinge，您能否就第二季度收入加速以及持續到第三季度的關鍵驅動因素提供更多信息？然後你看到了什麼？我認為現在還為時過早，但是您對 Hinge 每週推出的新子級別有何看法？

Thanks for the question, John. So what we're -- we saw in Q2 for Hinge and what we're expecting to see in Q3 and Q4, as you said, is really direct revenue growth acceleration through the course of the rest of the year. And there's really 3 things going on in the business that are kind of layering on top of each other that are leading to that revenue acceleration, and we've already seen it in the most recent quarter.

謝謝你的提問，約翰。因此，正如您所說，我們在第二季度看到了 Hinge 的情況，以及我們預計在第三季度和第四季度看到的情況，這實際上是今年剩餘時間裡收入的直接加速增長。事實上，業務中正在發生的三件事相互疊加，導致了收入的加速，我們在最近一個季度已經看到了這一點。

The first is continued very strong user growth in core English-speaking markets. The second is user growth as a result of the expansion into new markets, particularly in Continental Europe. And the third is a variety of monetization initiatives that we've rolled out, including the new subscription tier that we've talked about before that we rolled out earlier this year. And those are continuing to drive revenue growth from an expanding user base in the core English-speaking markets as well as the Continental European markets. So that's why you see this effect of compounding revenue growth as we proceed forward with the Hinge business, and the visibility into that is fairly good at this point.

首先是核心英語市場的用戶持續強勁增長。第二個是新市場擴張帶來的用戶增長，特別是在歐洲大陸。第三是我們推出的各種貨幣化舉措，包括我們之前討論過的、今年早些時候推出的新訂閱層。這些都將繼續推動核心英語市場和歐洲大陸市場不斷擴大的用戶群帶來的收入增長。因此，這就是為什麼當我們推進鉸鏈業務時，您會看到收入複合增長的影響，並且目前對此的可見性相當好。

The other thing that you asked about was weekly subscription packages. So as you know, we haven't had those across the portfolio in prior years. We've been rolling them out across a number of the brands over the course of this year. We started with a couple of our smaller brands. We saw real success there. We rolled them out to Tinder. We've obviously seen real success there as well. And so it makes sense for us to use that knowledge and those learnings and roll them on to Hinge as well. It wasn't something that we were specifically planning for this year, but we decided to do that as well. And we've rolled them out successfully over the last 3-or-so weeks at Hinge.

您詢問的另一件事是每週訂閱套餐。如您所知，我們在前幾年的投資組合中還沒有這些內容。今年我們已經在多個品牌中推廣了它們。我們從幾個較小的品牌開始。我們在那裡看到了真正的成功。我們將它們推廣到 Tinder。顯然我們也在那裡看到了真正的成功。因此，我們有必要利用這些知識和學習成果，並將它們應用到 Hinge 上。這不是我們今年專門計劃的事情，但我們也決定這樣做。在過去三週左右的時間裡，我們已經在 Hinge 成功推出了它們。

And we're seeing basically similar impact from weekly subscription at Hinge as what we've seen at the other brands. So it's always slightly different at each brand. But in general, we're seeing improving conversion, improving renewal rates. And so what that's doing is giving us confidence that we're going to hit approximately 40% year-over-year revenue -- direct revenue growth for Hinge for 2023, which will get us to around $400 million of revenue. And we'll see growth rates in Q3 and Q4 that are continuing to accelerate over what we saw in Q2. So all systems go with an extra jolt of improvement at Hinge from the weekly subscription packages.

我們在 Hinge 上看到的每週訂閱的影響與我們在其他品牌上看到的基本相似。所以每個品牌的情況總是略有不同。但總的來說，我們看到轉化率和續訂率都在提高。因此，這讓我們有信心，我們的收入將實現約 40% 的同比收入——2023 年 Hinge 的直接收入增長，這將使我們的收入達到約 4 億美元。我們將看到第三季度和第四季度的增長率比第二季度繼續加速。因此，所有系統都通過每週訂閱套餐在 Hinge 上獲得了額外的改進。

Our next question comes from Shweta Khajuria with Evercore ISI.

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

Just a high-level question for you, BK, on AI. So you touched on it in your prepared remarks as well as in the letter. Could you provide a little bit more context or concrete examples of where you're already leveraging AI-enabled technology at Tinder and Hinge? And how you think that could impact top and bottom line for those 2 businesses in particular?

BK，我想問你一個關於人工智能的高級問題。因此，您在準備好的發言和信中都談到了這一點。您能否提供更多背景信息或具體示例來說明您已經在 Tinder 和 Hinge 中利用人工智能技術？您認為這會如何影響這兩家企業的營收和利潤？

Thanks, Shweta, for that question. This has been a really exciting moment for our company, Match Group. AI has really inspired our technologists and product people across the entire company to really think about ways that we can create new experiences, but also solve for key dating, what I call kind of pain points. So what I've kind of harnessed that like energy and the data that we have as an organization around delivering great products over the next couple of months that solve, again, some of these problems.

謝謝 Shweta 提出這個問題。對於我們公司 Match Group 來說，這是一個非常激動人心的時刻。人工智能確實啟發了整個公司的技術人員和產品人員，讓他們真正思考如何創造新的體驗，同時也解決關鍵的約會問題，即我所說的痛點。因此，我利用了我們作為一個組織所擁有的能量和數據，在接下來的幾個月內提供了出色的產品，再次解決了其中一些問題。

So -- and I'll use Tinder as an example. Sometimes people are really excited to jump into the Tinder experience. They download it off the app store. And then in that exact moment where you have to upload 5 pictures, people get generally nervous or uncomfortable, like what is the right picture that I've taken over the last year to make my dating profile great? So sometimes those people just literally turn out of the process and say, maybe dating apps are not for me.

我將以 Tinder 為例。有時，人們真的很高興能夠體驗 Tinder。他們從應用程序商店下載它。然後，在您必須上傳 5 張照片的那一刻，人們通常會感到緊張或不舒服，比如我去年拍攝的哪張照片才是正確的，以使我的約會資料變得很棒？所以有時那些人會直接退出這個過程並說，也許約會應用程序不適合我。

We could use AI, and we're actually creating a photo selection feature that we're testing that can take out the stress away, that can look at your photo album and say, okay, these are the 5 best photos for your Tinder profile, but also still like remaining authentic to that person and the profile that they want to create. I really think that AI can help our users build better profiles in a more efficient way that really do showcase their personalities and stand out in the marketplace.

我們可以使用人工智能，我們實際上正在創建一個照片選擇功能，我們正在測試它可以消除壓力，可以查看你的相冊並說，好吧，這些是你的 Tinder 個人資料中最好的 5 張照片，但也仍然喜歡對那個人和他們想要創建的個人資料保持真實。我真的認為人工智能可以幫助我們的用戶以更有效的方式建立更好的個人資料，真正展示他們的個性並在市場中脫穎而出。

When it comes to the organization, we have a lot of different teams kind of like raising their hand and saying, hey, like, I want to work on some really exciting AI ideas. But internally, we've created these centers of excellence where AI engineers are coming together and collaborating on features that I think could benefit multiple brands across the portfolio.

在組織方面，我們有很多不同的團隊，他們都舉手說，嘿，我想研究一些真正令人興奮的人工智能想法。但在內部，我們創建了這些卓越中心，人工智能工程師聚集在一起，就我認為可以使整個產品組合中的多個品牌受益的功能進行協作。

An example I would use is Hyperconnect is actually working on AI features for Tinder. And then in E&E, our teams are working on AI features that are -- that could be great for Plenty of Fish, Meetic, Match and OkCupid. So there's a lot of creative ideas and concepts that we're currently testing, and we plan to roll out these features in the coming months.

我舉的一個例子是 Hyperconnect 實際上正在為 Tinder 開發人工智能功能。然後在 E&E 領域，我們的團隊正在開發人工智能功能，這些功能對於 Plenty of Fish、Meetic、Match 和 OkCupid 來說可能非常有用。因此，我們目前正在測試很多創意和概念，併計劃在未來幾個月內推出這些功能。

We know that this is a really big opportunity that can have like a really meaningful impact on users, their experience and our business. But at the same time, we have to be really thoughtful about making sure that we're giving the right thought to authenticity and ethical and privacy concerns. So we're doing all those different things as we roll out these features. Thanks for the question, Shweta.

我們知道這是一個非常大的機會，可以對用戶、他們的體驗和我們的業務產生真正有意義的影響。但與此同時，我們必須認真思考，確保我們對真實性、道德和隱私問題給予正確的思考。因此，當我們推出這些功能時，我們正在做所有這些不同的事情。謝謝你的提問，Shweta。

Our next question comes from Justin Patterson with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Justin Patterson。

Gary, you've alluded the Q4 growth rates a couple of times within Tinder and Hinge. I'm curious, could you provide an update on your 2023 revenue outlook, where you think you'll land on that 5% to 10% range? And then thinking about just the AOI margin side, you did improve the language on that to increase versus 2022. How should we think about that magnitude of increase and the puts and takes to get there?

Gary，您在 Tinder 和 Hinge 中多次提到了第四季度的增長率。我很好奇，您能否提供 2023 年收入前景的最新信息？您認為您的收入將達到 5% 到 10% 的範圍？然後考慮 AOI 利潤率方面，您確實改進了語言，以相對於 2022 年增加。我們應該如何考慮增加的幅度以及實現這一目標的投入和支出？

Sure. So let me kind of unpack the revenue outlook. I stated in my remarks, right now, I think we're looking for 6% to 7% year-over-year total revenue growth for the Match Group, so above the bottom of that range and within the range that we provided the 5% to 10%. And that includes the 8% to 9% year-over-year revenue growth outlook that we provided for Q3.

當然。讓我來分析一下收入前景。我在發言中指出，現在，我認為我們希望 Match Group 的總收入同比增長 6% 至 7%，因此高於該範圍的底部，並且在我們提供的 5 的範圍內% 至 10%。其中包括我們為第三季度提供的 8% 至 9% 的同比收入增長前景。

If you go further, we said Tinder is expected to deliver approximately 10% year-over-year direct revenue growth in Q3 and solidly double digit, so assume better than the Q3 number in Q4 as we see continued acceleration in Tinder's growth. If Tinder is able to deliver solidly double-digit growth in Q4, it's logical to think that the overall company is going to deliver a similar kind of growth rate as well has been the general pattern, and that's how the math works out.

如果更進一步，我們表示Tinder 預計第三季度的直接收入同比增長約10%，並且穩定地達到兩位數，因此假設第四季度的數字好於第三季度，因為我們看到Tinder 的增長持續加速。如果 Tinder 能夠在第四季度實現穩定的兩位數增長，那麼我們可以合乎邏輯地認為整個公司也將實現類似的增長率，這也是一般模式，數學就是這樣計算的。

And so if you layer the Tinder growth and then you have Hinge, which is accelerating from the 35% that we have in Q2 and accelerating through the rest of the year, and then if you look at the other businesses, they're down mid-single digits is our expectation for Q3, so I think we might see a little bit of improvement there. Certainly, there's a path for a little bit of improvement. And I think when you boil all that together, you've got the components that gets you to double-digit growth for the company in Q4 and then the 6% to 7% overall for the full year. So I think those are all the pieces, and tells you where we're going. And I would say that the clarity in all of this and our confidence continues to improve, which is obviously very good to see.

因此，如果你將Tinder 的增長分層，然後你會看到Hinge，它從第二季度的35% 開始加速，並在今年剩餘時間裡加速，然後如果你看看其他業務，它們的增長率處於中等水平-我們對第三季度的預期是個位數，所以我認為我們可能會看到一些改善。當然，有一點改進的途徑。我認為，當你把所有這些放在一起時，你就會得到讓公司在第四季度實現兩位數增長，然後全年整體增長 6% 到 7% 的要素。所以我認為這些就是全部內容，並告訴你我們要去哪裡。我想說的是，所有這一切的清晰度和我們的信心不斷提高，這顯然是非常好的。

And then from an AOI margin perspective, the driver really is the level or the magnitude of Tinder growth. As it continues to grow, it's high-margin revenue, and that obviously is helping the overall company's AOI margin.

從 AOI 利潤率的角度來看，驅動因素實際上是 Tinder 增長的水平或幅度。隨著它的持續增長，它的收入利潤率很高，這顯然有助於提高整個公司的 AOI 利潤率。

So sitting here today, we could see a path to at least 50 basis points of margin improvement on a year-over-year basis, 2023 over 2022. But obviously, that will be impacted by what Tinder and some of the other businesses do as the rest of the year progresses. And then we also will have some decisions to make in terms of marketing spend levels at Tinder as we see the effects of all of its marketing and what it's doing from a user growth perspective, but obviously, it's helping. So it's possible we're going to want to spend into that strength.

因此，今天坐在這裡，我們可以看到 2023 年比 2022 年利潤率同比至少提高 50 個基點。但顯然，這將受到 Tinder 和其他一些企業的影響今年剩餘時間將取得進展。然後，我們還將在 Tinder 的營銷支出水平方面做出一些決定，因為我們從用戶增長的角度看到了其所有營銷的效果以及它所做的事情，但顯然，它是有幫助的。因此，我們可能會想要投入這種力量。

And then the newer apps like Archer and The League, if we see those take off like we're hoping in the back half of the year, it will make sense to spend marketing dollars into those businesses as well to help set us up for a strong Q1 next year, which is our most important quarter of the year, and to give us the right level of momentum into 2024.

然後像《Archer》和《The League》這樣的新應用程序，如果我們看到它們像我們希望的那樣在今年下半年起飛，那麼將營銷資金投入這些業務也是有意義的，以幫助我們建立一個明年第一季度將表現強勁，這是我們今年最重要的季度，並將為我們進入2024 年提供適當的動力。

We've talked before, we didn't have the momentum we'd like to see coming into 2023, which made payer growth and revenue much more challenging in the early goings of 2023. So we'd like to make sure we're set up well to drive accelerating revenue growth into 2024. I think the organic trends are obviously very good. But to the extent we can supplement it with marketing spend, we will do that to give us the momentum we want into 2024 as well. Hopefully, that helps you as you think through the trends on AOI and on revenue.

我們之前說過，我們在 2023 年沒有出現我們希望看到的勢頭，這使得 2023 年初期的付款人增長和收入更具挑戰性。因此，我們希望確保我們為推動2024 年收入加速增長做好了準備。我認為有機趨勢顯然非常好。但只要我們能夠通過營銷支出來補充它，我們就會這樣做，以便為我們在 2024 年提供我們想要的動力。希望這可以幫助您思考 AOI 和收入的趨勢。

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勞倫·申克。

You've got Nathan Feather on for Lauren. So continuing on the AOI thread and given the impressive 2Q operating income result, what are kind of the 1 or 2 key drivers which could lead to further AOI upside in the back half?

內森·費瑟 (Nathan Feather) 代表勞倫 (Lauren)。那麼，繼續討論 AOI 話題，考慮到第二季度令人印象深刻的營業收入結果，哪些 1 或 2 個關鍵驅動因素可能導致 AOI 在後半段進一步上漲？

So as I mentioned on the last call, I mean, I think the biggest variable is what level of growth we're going to get across the company and specifically at Tinder. We've seen a pretty dramatic acceleration just over the last 3 months versus what we were expecting because the initiatives, the revenue initiatives are really working better than we thought. So we have to see how that continues to proceed through the year. But obviously, we're feeling better and better about the revenue growth trajectory at Tinder and, frankly, across the company where we've seen dramatic improvements pretty much everywhere. So that's, I think, the biggest variable.

正如我在上次電話會議中提到的，我的意思是，我認為最大的變量是我們整個公司，特別是 Tinder 的增長水平。與我們的預期相比，我們在過去 3 個月中看到了相當驚人的加速，因為這些舉措、收入舉措的效果確實比我們想像的要好。所以我們必須看看這一年的情況如何繼續下去。但顯然，我們對 Tinder 的收入增長軌跡感覺越來越好，坦率地說，整個公司的收入增長軌跡幾乎無處不在。所以我認為這是最大的變量。

And then on the other side of it is the marketing spend, primarily. I think everything else is pretty known in terms of what we're going to do. Our hiring is pretty muted, what the app store fees are going to be. And so the biggest variable is marketing spend. It's obviously entirely within our control. But to focus on additional growth for 2024 and beyond, we're going to calibrate the growth that's being derived from the businesses, the benefits we see from the marketing spend we're doing and try to figure out what level of marketing investment we want to make in the various businesses in the -- towards the very end of this year.

另一方面主要是營銷支出。我認為就我們要做的事情而言，其他一切都是眾所周知的。我們的招聘相當低調，應用程序商店的費用是多少。因此，最大的變量是營銷支出。顯然這完全在我們的掌控之中。但為了專注於 2024 年及以後的額外增長，我們將校準業務帶來的增長、我們從營銷支出中看到的收益，並嘗試找出我們想要的營銷投資水平到今年年底，我們將在各種業務中開展業務。

Obviously, we'll provide lots more color on what we think is going to happen in Q4 on our next call. But we're very happy to see the outperformance. That's giving us some really nice choices to make, and we're thrilled to be in that position right now.

顯然，我們將在下次電話會議上就我們認為第四季度將發生的情況提供更多信息。但我們很高興看到出色的表現。這給了我們一些非常好的選擇，我們很高興現在處於這個位置。

Our next question comes from James Heaney with Jefferies.

我們的下一個問題來自杰弗里斯的詹姆斯希尼。

I would love to hear a little bit more about just what you're seeing in Japan. Are there any things that Malgosia and the APAC team are focused on to reaccelerate growth in that market specifically? I mean it sounds like a payers brand campaign is in motion, but curious if there's anything else that the team has planned.

我很想听聽更多有關您在日本所看到的情況的信息。 Malgosia 和亞太地區團隊是否特別關注哪些事情來加速該市場的增長？我的意思是，聽起來付款人品牌活動正在進行中，但很好奇團隊是否還有其他計劃。

Thanks, James. Great question. The Japanese market has remained challenging for us. What we can do is put the right team in place, and we're really excited about the new CEO that has joined us and is overseeing Pairs. I think he's going to do a really fantastic job. In tandem with that, it's really great that Malgosia's on the ground running the business, and she really has hit the ground running, meeting with all the different teams and then instituting product changes that I think will be impactful in the marketplace.

謝謝，詹姆斯。很好的問題。日本市場對我們來說仍然充滿挑戰。我們能做的就是組建合適的團隊，我們對新任首席執行官加入我們並負責監督 Pairs 感到非常興奮。我認為他會做得非常出色。與此同時，Malgosia 能夠親自運營公司業務真是太棒了，她真的已經開始行動，與所有不同的團隊會面，然後進行我認為會對市場產生影響的產品變更。

So we're exploring all the different options that we can do to jump-start the business in Japan. But what we're really excited about in the short term is being able to advertise for the first time on TV in Japan. We actually believe that this channel unlock could be really meaningful. And you're right in saying that we are ready the second that, that is available with the Pairs marketing campaign that we're really excited about to be on television for the first time. Thanks for the question.

因此，我們正在探索各種不同的選擇，以推動在日本的業務發展。但短期內我們真正興奮的是能夠首次在日本電視上做廣告。我們實際上相信這個頻道的解鎖可能非常有意義。你說得對，我們已經準備好了第二個，這是通過配對營銷活動提供的，我們很高興第一次出現在電視上。謝謝你的提問。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·菲茨杰拉德。

On Archer, we wanted to ask if you could provide any specifics on the rollout and how you're approaching that from a marketing perspective? And any early indications around the strength of the product market fit?

關於 Archer，我們想詢問您是否可以提供有關推出的任何細節，以及您如何從營銷角度實現這一目標？關於產品市場契合度的早期跡像有哪些？

Thanks, Brian, for the question. We're really proud of the Archer team and the experience that we're providing for gay daters. When it comes to an indication on how it's performing, it's still really early. It's only been live in the New York market for about 10 days, but daters are happily creating profiles right now.

謝謝布萊恩提出這個問題。我們為 Archer 團隊以及我們為同性戀約會者提供的體驗感到非常自豪。當談到其表現如何時，現在還為時過早。它在紐約市場只上線了大約 10 天，但約會者現在正在高興地創建個人資料。

Our plan continues to be that we plan to roll out nationwide by the end of this year. When it comes to marketing, I'm really inspired by the approach that the team has taken. They're doing events with social influencers. They just recently had a big event on Fire Island in New York City, and we're really excited about the creative marketing efforts that the teams are executing against. Thanks for the question.

我們的計劃仍然是計劃在今年年底前在全國范圍內推廣。在營銷方面，我的團隊所採取的方法給了我很大的啟發。他們正在與社會影響者一起舉辦活動。他們最近剛剛在紐約市的火島上舉辦了一場大型活動，我們對團隊正在執行的創意營銷工作感到非常興奮。謝謝你的提問。

Our last question comes from Jason Helfstein with Oppenheimer.

我們的最後一個問題來自傑森·赫夫斯坦和奧本海默。

Just a quick question on weekly subs. So if the mix of weekly subs increases, does that increase churn? And how do you think about managing your outlook if there's less visibility around churn? And then how do you -- is a weekly package more like à la carte? And historically, Europe was more à la carte already? Maybe just broadly, how are you thinking about that?

只是一個關於每週訂閱的簡單問題。那麼，如果每週訂閱者的數量增加，是否會增加客戶流失率？如果客戶流失的可見性較低，您如何看待管理您的前景？那麼，每週套餐是否更像點菜？從歷史上看，歐洲已經更加自由點菜了嗎？也許只是廣義上的，您對此有何看法？

Sure. Let me take that one. First of all, it's important to point out that weekly subs are new to us, and we're still learning from the trends we're seeing there, especially around renewals. We don't have as much data as we'd like. Obviously, we have much more data around monthly subscriptions and longer-term packages. So you're right, it's newer, it's harder to manage, it's harder to determine the outlook. We've gotten better at it just over the last few months, and we'll continue to get better at it as we get more data and time goes on.

當然。讓我拿走那個。首先，需要指出的是，每週訂閱對我們來說是新的，我們仍在從我們所看到的趨勢中學習，特別是在續訂方面。我們沒有我們想要的那麼多數據。顯然，我們有更多有關每月訂閱和長期套餐的數據。所以你是對的，它更新，更難管理，更難確定前景。在過去的幾個月裡，我們在這方面做得越來越好，隨著我們獲得更多數據和時間的推移，我們將繼續做得更好。

And it's also important to point out that we don't really manage our outlook or we don't provide an outlook based on payers and revenue per payer. We provide it based on revenue, where we have a lot better visibility because, frankly, the revenue impact from the weekly subs has been much, much more stable. It has been the impact on the payer count that has been more challenging to analyze.

同樣重要的是要指出，我們並沒有真正管理我們的前景，或者我們沒有提供基於付款人和每個付款人的收入的前景。我們根據收入提供它，我們有更好的可見性，因為坦率地說，每週訂閱對收入的影響要穩定得多。分析起來更具挑戰性的是對付款人數量的影響。

So we're providing the best outlook we can on payers and RPP drivers within revenue because people keep asking us about it. But the reality is we don't look at it that way as much as we do on the revenue side. That's what we're targeting. So it has introduced more variability. It has made things more complicated. I do think it will get better. And you're also right, there is more churn. These people come on for a short time, they go off. And so we're seeing that dynamic. But the good news is the conversion rates are up, the renewal rates are strong, and it is helping especially with younger users who are really liking the weekly subscription packages. And so that's a real positive for the business.

因此，我們正在為付款人和 RPP 驅動因素提供最好的收入前景，因為人們一直在問我們這個問題。但現實是我們並沒有像收入方面那樣看待它。這就是我們的目標。因此它引入了更多的可變性。這讓事情變得更加複雜。我確實認為情況會變得更好。你也是對的，客戶流失更多。這些人來了很短一段時間，然後就走了。所以我們看到了這種動態。但好消息是轉化率上升，續訂率強勁，這對真正喜歡每週訂閱套餐的年輕用戶尤其有幫助。所以這對企業來說是一個真正的積極因素。

And also, I'd point out that all of this is a testing process. The business is a dynamic business. We're constantly readjusting. We've introduced this new type of subscription package now, and there has been real demand for it. And so we need to keep testing. And so right now, we're giving our best outlook for Q3 in terms of payers being better than they were sequentially than in Q2. It's still early to say what the impact is going to be on Q4. There's a lot of variables around kind of all these things working themselves through the payer system.

而且，我想指出，所有這一切都是一個測試過程。該業務是一個充滿活力的業務。我們不斷地調整。我們現在推出了這種新型訂閱套餐，並且確實存在需求。所以我們需要繼續測試。因此，現在，我們對第三季度的最佳展望是，付款人比第二季度的情況要好。現在判斷第四季度的影響還為時過早。所有這些通過付款系統自行運作的事情都存在很多變數。

But what I can tell people with a lot of certainty is the revenue growth is accelerating, and that's the main thing that we care about and are focused on. The revenue per payer is accelerating. And some of this variability is going to be reduced as we get towards the end of this year. So that will make things a little bit more kind of clearer from a visibility standpoint. And we'll provide as much updates and information as we can.

但我可以非常肯定地告訴人們，收入增長正在加速，這是我們關心和關注的主要事情。每個付款人的收入正在加速增長。隨著今年年底的臨近，這種變化的一些變化將會減少。因此，從可見性的角度來看，這將使事情變得更加清晰。我們將提供盡可能多的更新和信息。

But I would discourage people from using payers as a proxy for top-of-funnel strength. What we're seeing, and what indicates that there is top-of-funnel strength, is improvement in the new registrations or new user sign-ups and reactivations. And we provided that chart in the letter, which clearly indicates that, a 10% year-over-year improvement from a growth rate perspective in those top-of-funnel metrics. That's showing us that we're bringing in more people in, which is very critical, and we're going to continue to drive marketing and product initiatives to do that, which should continue to help us grow from a top-of-funnel perspective.

但我不鼓勵人們使用付款人作為漏斗頂部實力的代表。我們所看到的，以及表明漏斗頂部實力的，是新註冊或新用戶註冊和重新激活的改善。我們在信中提供了該圖表，該圖表清楚地表明，從增長率的角度來看，這些漏斗頂部指標同比提高了 10%。這向我們表明，我們正在引進更多的人，這是非常重要的，我們將繼續推動營銷和產品計劃來做到這一點，這將繼續幫助我們從漏斗頂部的角度成長。

Obviously, we can continue to convert those people and that will ultimately drive payers, and that's something we're going to -- we're expecting to see over the coming quarters, which will help drive payers and ultimately contribute to revenue. That is the metric that we're focused on to see the overall health of the business. The payers, we can impact that by pricing decisions we make and product decisions we make. If we rolled out a dollar subscription, the payer numbers would go up, but it might not be revenue enhancing. So we've got to consistently test and adjust to drive overall revenue for the business, not specifically a metric like payers or even RPP. And that's the way that we think about the business and think about how to drive long-term value for shareholders.

顯然，我們可以繼續改變這些人，這最終將推動付款人，這就是我們要做的——我們預計在未來幾個季度會看到，這將有助於推動付款人並最終為收入做出貢獻。這是我們關注的衡量業務整體健康狀況的指標。對於付款人，我們可以通過我們做出的定價決策和我們做出的產品決策來影響這一點。如果我們推出美元訂閱，付款人數量會增加，但可能不會增加收入。因此，我們必須持續進行測試和調整，以推動業務的整體收入，而不是專門針對付款人甚至 RPP 等指標。這就是我們思考業務並思考如何為股東帶來長期價值的方式。

Hopefully, that's helpful, Jason. We are glad you're safe and were able to join the call. And we thank everyone for joining this morning, and we look forward to talking to you all again on the next earnings call. Thank you so much.

希望這對你有幫助，傑森。我們很高興您安全並能夠加入通話。我們感謝大家今天早上的加入，我們期待在下一次財報電話會議上再次與大家交談。太感謝了。

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。