Match Group Inc (MTCH) 2023 Q4 法說會逐字稿

Welcome to the Match Group Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead.

歡迎參加 Match Group 2023 年第四季財報電話會議。 （操作員說明）請注意，正在記錄此事件。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，大家早安。今天的電話會議將由執行長 Bernard Kim 主持；以及總裁兼財務長 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 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表現。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」或類似陳述等字眼。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有重大差異。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闡述。

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 reflect on 2023, I am deeply proud of the accomplishments and progress that we made as a team. Just 1 year ago, we introduced an entirely new operating structure with several new leaders put in place across Tinder, Hinge, MG Asia and E&E, and it's been working.

謝謝，坦尼。大家早安，感謝您參加今天的電話會議。當我回顧 2023 年時，我對我們作為一個團隊所取得的成就和進步深感自豪。就在一年前，我們推出了全新的營運結構，在 Tinder、Hinge、MG Asia 和 E&E 中任命了幾位新的領導者，並且該結構一直在發揮作用。

Together, we deepened our focus on execution and innovation, helping lay the foundation for sustained longer-term growth. At the same time, we recaptured financial momentum, ending the year with strong revenue growth and our third consecutive quarter of record AOI.

我們共同加深了對執行和創新的關注，幫助為持續的長期成長奠定了基礎。同時，我們重新獲得了財務動力，以強勁的收入成長和連續第三個季度創紀錄的 AOI 結束了這一年。

Before we dive into more detail regarding our ambitious plans and goals for this coming year, I wanted to take a moment to recognize Faye Iosotaluno as Tinder's new CEO, which we announced earlier this month. Faye has been an impactful leader at Match Group for several years and most recently as COO of Tinder. Her intimate understanding of the online gaming category as well as her deep expertise in strategy and business development, among many other skills, are just a few of the reasons why I believe Faye is best suited to lead Tinder in its next chapter of growth.

在我們更詳細地了解來年的雄心勃勃的計劃和目標之前，我想花點時間認可 Faye Iosotaluno 擔任 Tinder 的新任首席執行官，我們於本月初宣布了這一任命。 Faye 多年來一直是 Match Group 的一位有影響力的領導者，最近擔任 Tinder 的營運長。她對線上遊戲類別的深入了解以及她在策略和業務開發方面的深厚專業知識以及許多其他技能，只是我認為 Faye 最適合領導 Tinder 進入下一個成長篇章的部分原因。

Faye is also supported by Tinder's strong management team, which we set in place last year, giving me the utmost confidence in their ability to execute together. The plans for Tinder reflect our shared vision, and I look forward to working with her (inaudible).

Faye 也得到了我們去年組成的 Tinder 強大管理團隊的支持，這讓我對他們的共同執行能力充滿信心。 Tinder 的計劃反映了我們的共同願景，我期待與她合作（聽不清楚）。

At Match Group, we come to work highly motivated every day to foster genuine human connections. But the tools and technologies that people use to connect, match and date today must evolve to meet modern expectations of today's daters.

在 Match Group，我們每天都充滿動力地工作，以培養真正的人際關係。但當今人們用於聯繫、配對和約會的工具和技術必須不斷發展，以滿足當今約會者的現代期望。

And as Tinder once did a decade ago, it's imperative that we boldly innovate to create engaging, joyful and exciting experiences for users on our apps. There are certain things that are table stakes for us. We need to continue to foster online communities where women and all underrepresented groups of people can show up as their true authentic selves, feel safe and be respected.

正如 Tinder 十年前所做的那樣，我們必須大膽創新，為我們的應用程式用戶創造引人入勝、快樂和令人興奮的體驗。有些事情對我們來說是賭注。我們需要繼續培育線上社區，讓婦女和所有代表性不足的群體能夠展現真實的自我，感到安全並受到尊重。

But this new generation of singles is digital-first and expect platforms like ours to allow daters to showcase their unique personalities in an engaging setting and be shown highly curated matches. In 2024, our road maps are shaped with this in mind.

但新一代的單身人士是數位優先的，他們期望像我們這樣的平台能夠讓約會者在引人入勝的環境中展示他們獨特的個性，並看到精心策劃的比賽。 2024 年，我們的路線圖在製定時就考慮到了這一點。

First, we are working to improve existing dating apps, beginning with our 2 largest brands, Tinder and Hinge. Leveraging AI, Tinder will focus on creating a more inclusive experience beginning with improving the Gen Z and women's experiences while solving for key user pain points across the dating journey.

首先，我們正在努力改進現有的約會應用程序，從我們最大的兩個品牌 Tinder 和 Hinge 開始。 Tinder 將利用人工智慧，專注於創造更具包容性的體驗，首先改善 Z 世代和女性的體驗，同時解決約會過程中的關鍵用戶痛點。

At Tinder, Faye and her team are relentlessly focused on modernizing the existing experience. For example, take Tinder's effortless swipe feature. In 2024, Tinder plans to build on the swipe right and swipe left mechanism by adding in more discovery gestures to better align with today's behaviors and expectations. Not only will users be able to like as they always have, but now they will be able to swipe up to engage deeper in profiles and swipe down for a revamped new Explore experience.

在 Tinder，Faye 和她的團隊堅持不懈地致力於實現現有體驗的現代化。以 Tinder 的輕鬆滑動功能為例。 2024 年，Tinder 計劃在向右滑動和向左滑動的機制基礎上添加更多發現手勢，以更好地符合當今的行為和期望。用戶不僅能夠像往常一樣喜歡，而且現在他們將能夠向上滑動以更深入地參與個人資料，並向下滑動以獲得改進的新探索體驗。

Tinder is also working on several features that give women real and relevant experiences every time they come into the app. This will include increased trust and safety, more focused on the right primary photos and improved curation of recommendations.

Tinder 也致力於開發多項功能，讓女性每次進入應用程式時都能獲得真實且相關的體驗。這將包括增加信任和安全性、更專注於正確的主照片以及改進建議的管理。

By continuously improving the product, building on what works while modernizing key features will produce an experience that aligns with what the next generations of daters are expecting. 2023 was a year of execution and increased product velocity for Tinder, which set a strong foundation.

透過不斷改進產品，在有效的基礎上對關鍵功能進行現代化改造，將產生符合下一代約會者期望的體驗。 2023 年是 Tinder 執行力和產品速度提高的一年，這奠定了堅實的基礎。

In 2024, Tinder is adopting a fast-fail mentality, a strategy that prioritizes rapid experimentation and testing. This approach is all about agility. If a new idea or feature doesn't yield the anticipated results, the team is prepared to quickly pivot, absorbing valuable insights and move forward.

2024 年，Tinder 將採取快速失敗的心態，即優先考慮快速實驗和測試的策略。這種方法完全與敏捷性有關。如果新的想法或功能沒有產生預期的結果，團隊準備快速調整，吸收有價值的見解並繼續前進。

We recognize that not every innovation will be a groundbreaking success. However, it's this very willingness to embrace risk and learn from failures that fuels our growth. And when we do strike gold, it not only elevates our business, but it sets a new standard for our users, which we will continually enhance.

我們認識到並非每一項創新都會取得突破性的成功。然而，正是這種願意接受風險並從失敗中學習的意願推動了我們的成長。當我們真正取得成功時，它不僅提升了我們的業務，而且為我們的用戶樹立了新的標準，我們將不斷提高這一標準。

We look forward to sharing more over time, but I am confident that these changes will meaningfully transform Tinder in 2024 and beyond as it builds on its roots and shapes a product experience that redefines dating yet again.

我們期待隨著時間的推移分享更多內容，但我相信這些變化將在2024 年及以後對Tinder 產生有意義的改變，因為它會在其根源上構建並塑造一種產品體驗，再次重新定義約會。

Similarly, Hinge is leveraging AI to further improve its powerful experience by reimagining meaningful connection. Hinge envisions a focused and intentioned experience that places guidance at the heart of a dater's journey.

同樣，Hinge 正在利用人工智慧，透過重新構想有意義的連結來進一步改善其強大的體驗。 Hinge 設想一種專注且有目的的體驗，將指導置於約會者旅程的核心。

Hinge will aim to truly understand you and what you're looking for in order to introduce you to the right person sooner. This redesigned experience will utilize the vast treasure trove of insights on profiles, rich interactions and great dates that Hinge has collected over several years.

Hinge 旨在真正了解您以及您正在尋找什麼，以便更快地將您介紹給合適的人。這種重新設計的體驗將利用 Hinge 多年來收集的關於個人資料、豐富的互動和精彩日期的巨大洞察寶庫。

Hinge will help users discover matches based on shared interests and highlight compatibility in addition to many other features with the ultimate goal of improving dating outcomes for its users. This work will begin in 2024, and I can't wait to share more as things progress.

Hinge 將幫助用戶根據共同興趣發現匹配對象，並突出兼容性以及許多其他功能，最終目標是改善用戶的約會結果。這項工作將於 2024 年開始，隨著事情的進展，我迫不及待地想分享更多內容。

In 2023, we established a central innovation team that has been making significant impact. In 2024 and beyond, the team will focus on launching disruptive new brands that will grow the category and bring in those who may not have previously tried a traditional dating app.

2023年，我們建立了一支產生重大影響力的中央創新團隊。 2024 年及以後，該團隊將專注於推出顛覆性的新品牌，以擴大該類別，並吸引那些以前可能沒有嘗試過傳統約會應用程式的人。

Additionally, we're building internal technology capabilities in coordination with our central innovation teams to help improve our overall effectiveness as a company. While AI brings with it cost efficiencies and a potent optimization tool, we view it as far more than just that. AI has played an important strategic role at Match Group for years from trust and safety efforts to our matching algorithms, and I believe it will play an even larger role moving forward.

此外，我們正在與我們的中央創新團隊協調建立內部技術能力，以幫助提高我們作為公司的整體效率。雖然人工智慧帶來了成本效率和強大的優化工具，但我們認為它遠不止於此。多年來，從信任和安全工作到我們的匹配演算法，人工智慧在 Match Group 發揮著重要的戰略作用，我相信它將在未來發揮更大的作用。

AI enables us to bring groundbreaking improvements across a dater's journey. We expect it to touch every aspect of our apps by improving profile quality, discoverability and matching and even more importantly, creating an even safer environment for our users to connect in.

人工智慧使我們能夠在約會者的旅程中帶來突破性的改進。我們希望它能夠透過提高個人資料品質、可發現性和匹配性，更重要的是，為我們的用戶創建一個更安全的連接環境來觸及我們應用程式的各個方面。

The bets that we are making are bold, and large-scale changes like this do take time. However, we expect to make tangible progress through 2024 as we roll out AI-driven capabilities and feature enhancements within our existing apps and as new AI-powered standalone apps begin testing in the marketplace.

我們的賭注是大膽的，像這樣的大規模改變確實需要時間。然而，隨著我們在現有應用程式中推出人工智慧驅動的功能和功能增強，以及新的人工智慧驅動的獨立應用程式開始在市場上進行測試，我們預計到 2024 年將取得實際進展。

I am confident that early indications of momentum at Tinder, particularly from Gen Z and women, will be evident in the second half of the year as a result of consistent brand narrative, modernizing product and an ecosystem that celebrates human connection and inclusivity. Ultimately, we recognize that our ability to deliver revenue growth and free cash flow is what gives us the freedom to pursue these ambitious road maps.

我相信，由於一致的品牌敘事、現代化的產品以及提倡人與人之間的聯繫和包容性的生態系統，Tinder 的早期勢頭跡象，尤其是來自Z 世代和女性的勢頭，將在今年下半年顯現出來。最終，我們認識到，我們實現收入成長和自由現金流的能力使我們能夠自由地追求這些雄心勃勃的路線圖。

As we push the boundaries of innovation, we will maintain financial discipline. We will grow revenues, maintain or enhance our margins and generate significant free cash flow, which will allow us to return capital to shareholders.

在我們突破創新界限的同時，我們將維持財務紀律。我們將增加收入，維持或提高我們的利潤並產生大量的自由現金流，這將使我們能夠向股東返還資本。

2024 is about both delivering on our short-term commitments and positioning our company for enduring long-term growth. We've always been at the forefront, adapting to technology shifts, and we'll continue to lead this wave of change. At the heart of our endeavors is an unwavering dedication to delivering products and services that delight our customers.

2024 年既要兌現我們的短期承諾，又要讓我們的公司實現持久的長期成長。我們始終走在最前沿，適應技術變革，並將繼續引領這波變革浪潮。我們努力的核心是堅定不移地致力於提供令客戶滿意的產品和服務。

And with that, I will 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. Our business demonstrated strong financial performance again this quarter.

謝謝，BK，大家好。感謝您今天早上加入我們。本季我們的業務再次展現了強勁的財務業績。

Tinder once again delivered double-digit year-over-year direct revenue growth as did the company as a whole. We achieved record quarterly AOI for the third consecutive quarter and record OI for the second consecutive quarter, further evaluating the steps we've taken to strengthen the business.

Tinder 和整個公司一樣，再次實現了兩位數的年比直接收入成長。我們連續第三個季度實現了創紀錄的季度 AOI，並連續第二個季度實現了創紀錄的 OI，進一步評估了我們為加強業務而採取的措施。

Match Group's total revenue for Q4 was $866 million, up 10% year-over-year, an acceleration from 9% year-over-year in Q3. For the full year, Match Group delivered total revenue of $3.4 billion, up 6% year-over-year with AOI of $1.3 billion, representing margin of 37%. Excluding the $40 million we received as part of the Google settlement, full year AOI margins would have been up 80 basis points compared to 2022, meeting our goal of flat or better year-over-year AOI margin.

Match Group 第四季總營收為 8.66 億美元，年增 10%，較第三季年增 9% 有所加快。 Match Group 全年總營收為 34 億美元，年增 6%，AOI 為 13 億美元，利潤率為 37%。不包括我們從 Google 和解協議中獲得的 4000 萬美元，全年 AOI 利潤率將比 2022 年增長 80 個基點，實現我們 AOI 利潤率同比持平或更好的目標。

Q4 Tinder direct revenue was up 11% year-over-year at $493 million. Tinder RPP was up 21% year-over-year at $16.49 due to the effects of the U.S. price optimizations and weekly packages we rolled out earlier in 2023.

第四季 Tinder 直接營收年增 11%，達到 4.93 億美元。由於美國價格優化和我們在 2023 年初推出的每週套餐的影響，Tinder RPP 同比增長 21% 至 16.49 美元。

We did see a continued pressure on users at Tinder, both in the U.S. and globally, during the November and December holiday months, resulting in a mid-single-digit year-over-year decline in new user registrations and reactivations in Q4. Q4 Tinder payers declined 8% year-over-year to 10 million, slightly below our expectations. For the year, Tinder delivered direct revenue of $1.9 billion, up 7% year-over-year with AOI margins in excess of 50%.

我們確實看到，在 11 月和 12 月假期期間，美國和全球的 Tinder 用戶都面臨著持續的壓力，導致第四季度的新用戶註冊和重新激活同比出現中個位數下降。第四季 Tinder 付費用戶年減 8% 至 1,000 萬，略低於我們的預期。今年，Tinder 的直接收入為 19 億美元，年增 7%，AOI 利潤率超過 50%。

Our Hinge brand continued to perform very well. Hinge direct revenue growth accelerated to 50% year-over-year, a further 6-point acceleration over Q3. Hinge Q4 payers were up 33% year-over-year to 1.4 million, while RPP of over $28 was up 13% year-over-year in Q4.

我們的 Hinge 品牌持續表現出色。 Hinge 直接營收年增率加速至 50%，比第三季進一步加速 6 個百分點。第四季 Hinge 付款人年增 33%，達到 140 萬，而第四季 RPP 超過 28 美元年增 13%。

For the full year, Hinge delivered direct revenue of $396 million, just shy of our $400 million target primarily due to slower top-of-funnel growth in Q4 than we were anticipating. Historically, Hinge has not seen a seasonal slowdown during Q4 like many brands see. This Q4, for the first time, Hinge did see that seasonal slowdown.

全年，Hinge 的直接收入為 3.96 億美元，略低於我們 4 億美元的目標，這主要是由於第四季度漏斗頂部的成長速度低於我們的預期。從歷史上看，Hinge 在第四季並沒有像許多品牌那樣出現季節性放緩。今年第四季度，Hinge 確實第一次看到了季節性放緩。

That said, Hinge has had a very strong start to 2024 in terms of top of funnel in every market and among virtually every age and gender cohort. So there's been a clear bounce back.

也就是說，到 2024 年，Hinge 在每個市場、幾乎每個年齡和性別群體中都處於漏斗頂部，有著非常強勁的開局。所以出現了明顯的反彈。

Match Group Q4 AOI was $362 million, up 27% year-over-year, including $40 million that was returned to us as part of the Google litigation settlement for margins of 42%. Excluding the $40 million, AOI would have been up 13% year-over-year, and margins would have been 37%.

Match Group 第四季 AOI 為 3.62 億美元，年成長 27%，其中包括作為 Google 訴訟和解協議的一部分返還給我們的 4,000 萬美元，利潤率為 42%。如果不計入 4000 萬美元，AOI 將年增 13%，利潤率為 37%。

Operating income was $260 million in Q4 for a margin of 30%, 25% after adjusting out the impact of the Google settlement. Q4 2022 included an impairment of intangibles of approximately $100 million, and OI margin would have improved 3.5 points if not for the impairment in 2022.

第四季營業收入為 2.6 億美元，利潤率為 30%，調整Google和解協議的影響後為 25%。 2022 年第四季包括約 1 億美元的無形資產減值，如果 2022 年沒有減值，OI 利潤率將提高 3.5 個百分點。

Overall expenses, including SBC expense, were down 11% year-over-year in Q4, down 5% excluding the Google settlement. Excluding the settlement, cost of revenue, including SBC expense, grew 5% year-over-year in Q4 and represented 29% of total revenue, down 1 point year-over-year. Excluding the settlement, App Store fees increased $17 million year-over-year, 20 basis points as a percent of total revenue in the fourth quarter.

第四季的整體費用（包括 SBC 費用）年減 11%，不包括 Google 和解費用則下降 5%。不包括結算在內，第四季營收成本（包括 SBC 費用）年增 5%，佔總營收的 29%，年減 1 個百分點。不包括和解協議在內，App Store 費用年增 1,700 萬美元，佔第四季總收入的百分比增加了 20 個基點。

Selling and marketing costs, including SBC expense, increased $32 million or 25% year-over-year in Q4 primarily due to increased spend at Tinder. Selling and marketing spend was up 2 points as a percentage of total revenue at 18%.

第四季銷售和行銷成本（包括 SBC 費用）年增 3,200 萬美元，較去年同期成長 25%，主要是由於 Tinder 支出增加。銷售和行銷支出佔總收入的比例上升了 2 個百分點，達到 18%。

G&A costs, including SBC expense, declined 2% year-over-year in Q4 and 2 points as a percent of revenue to 12% as legal and professional fees declined by $11 million year-over-year. Product development costs, including SBC expense, grew 21% year-over-year in Q4 primarily as a result of higher compensation expense due to increased headcount at Hinge and Tinder and were up 1 point as a percent of total revenue at 11%.

由於法律和專業費用年減 1,100 萬美元，包括 SBC 費用在內的 G&A 成本在第四季度同比下降 2%，佔收入的百分比下降 2 個百分點至 12%。產品開發成本（包括 SBC 費用）在第四季度同比增長 21%，主要是由於 Hinge 和 Tinder 員工人數增加導致薪酬費用增加，佔總收入的百分比上升了 1 個百分點，達到 11%。

For Q1 '24, we expect total revenue for Match Group of $850 million to $860 million, up 8% to 9% year-over-year. We expect FX to be a 2-point year-over-year headwind in Q1.

對於 24 年第一季度，我們預計 Match Group 的總營收為 8.5 億至 8.6 億美元，年增 8% 至 9%。我們預計第一季外匯將年減 2 個百分點。

At Tinder, we expect direct revenue to be $480 million to $485 million, up 9% to 10% year-over-year in Q1. Again, we expect FX to be a 2-point year-over-year headwind. We expect RPP and payer year-over-year trends to be broadly in line with what we saw in Q4 with Q1 demonstrating less than half the sequential decline in number of payers than we saw in Q4.

我們預計 Tinder 第一季的直接收入為 4.8 億至 4.85 億美元，年增 9% 至 10%。我們再次預期外匯將年減 2 個百分點。我們預計 RPP 和付款人的同比趨勢將與我們在第四季度看到的情況大致一致，第一季的付款人數量較上季下降幅度不到第四季的一半。

Across our other brands, we expect direct revenue of $355 million to $360 million, up 7% to 8% year-over-year. Within our other brands, we expect Hinge to deliver approximately $120 million of direct revenue in Q1, year-over-year growth of approximately 45%.

對於我們的其他品牌，我們預計直接收入為 3.55 億至 3.6 億美元，年增 7% 至 8%。在我們的其他品牌中，我們預計 Hinge 在第一季將實現約 1.2 億美元的直接收入，年增約 45%。

We believe that macroeconomic conditions and consumers' willingness to spend has remained relatively stable since our last earnings call. We have not seen any additional impact on our subscription or ALC revenue.

我們認為，自上次財報電話會議以來，宏觀經濟狀況和消費者支出意願保持相對穩定。我們沒有看到對我們的訂閱或 ALC 收入有任何額外影響。

We expect Match Group AOI of $270 million to $275 million in Q1, representing year-over-year growth of 6% and margin of 32% at the midpoint of the ranges. We expect overall Q1 marketing spend to increase by approximately $30 million year-over-year collectively at Tinder and at Hinge compared to the levels these brands were spending at in early '23 as we seek to reinvigorate user growth at Tinder and continue the stellar user growth at Hinge in both core and European expansion markets during our peak season in the first quarter.

我們預計第一季 Match Group AOI 為 2.7 億至 2.75 億美元，年增 6%，利潤率為 32%，處於該範圍的中點。我們預計，與這些品牌 23 年初的支出水平相比，Tinder 和 Hinge 第一季的總體營銷支出將同比增加約 3000 萬美元，因為我們力求重振 Tinder 用戶增長並繼續保持出色的用戶數量在第一季度的旺季期間，Hinge 在核心市場和歐洲擴張市場均實現了成長。

That said, we continue to monitor closely for marketing efficacy and can pull back if we don't see the desired results. We entered 2024 with solid revenue momentum and believe we're positioned to deliver total revenue of between $3.565 billion and $3.665 billion, representing year-over-year growth of 6% to 9%.

也就是說，我們將繼續密切監控行銷效果，如果沒有看到預期的結果，我們可能會撤回。進入 2024 年，我們的營收勢頭強勁，相信我們的總收入將達到 35.65 億美元至 36.65 億美元，年增 6% 至 9%。

At Tinder, we expect direct revenue of $2.025 billion to $2.075 billion or growth of 6% to 8% year-over-year. We believe this revenue target for Tinder provides the new leadership with sufficient room to focus on ecosystem improvements, product improvements and user growth initiatives to drive sustainable long-term growth.

我們預計 Tinder 的直接收入為 20.25 億美元至 20.75 億美元，年增 6% 至 8%。我們相信，Tinder 的這個收入目標為​​新領導層提供了足夠的空間，讓他們能夠專注於生態系統改進、產品改進和用戶成長計劃，從而推動永續的長期成長。

Our outlook assumes modest improvement in Tinder user trends over the course of 2024 but not yet a return to year-over-year user growth. We expect payer growth to improve through the year, achieving positive sequential payer net adds in Q3 and positive year-over-year payer growth by Q4.

我們的前景假設 Tinder 用戶趨勢在 2024 年略有改善，但用戶尚未恢復同比增長。我們預計全年付款人成長將有所改善，在第三季度實現付款人淨連續正增長，並在第四季度實現付款人同比正增長。

Across our other brands, we expect direct revenue to be $1.480 billion to $1.530 billion or 6% to 10% year-over-year growth. Within our other brands, at Hinge, we expect direct revenue of $535 million to $545 million, which represents growth of 35% to 38% year-over-year with a continued focus on driving share gains in Hinge's core and European markets.

對於我們的其他品牌，我們預計直接收入將為 14.80 億美元至 15.30 億美元，即年增 6% 至 10%。在我們的其他品牌中，Hinge 的直接收入預計為 5.35 億至 5.45 億美元，年增 35% 至 38%，並繼續致力於推動 Hinge 核心和歐洲市場的份額成長。

We've assumed FX to be a 1.5-point headwind to full year '24 total revenue growth. We expect 2024 indirect revenue of approximately $60 million, up approximately 8% year-over-year.

我們假設外匯對 2024 年全年總收入成長構成 1.5 個百分點的阻力。我們預計 2024 年間接收入約為 6,000 萬美元，年成長約 8%。

For 2024, our current anticipation is for AOI margins to be at least 36%. Our margin will largely depend on the various brands' levels of revenue growth and how we calibrate certain investments that are critical to achieve our organic growth plans.

到 2024 年，我們目前預計 AOI 利潤率至少為 36%。我們的利潤率將在很大程度上取決於各個品牌的收入成長水平以及我們如何調整對實現我們的有機成長計劃至關重要的某些投資。

There are several key investment areas that are impacting margins that we'd like to call out. The first is at Tinder in both product innovation and marketing. As we reinvent the Tinder experience, we're putting substantial incremental resources into product to improve the experience and cater better to women and Gen and in marketing to build a better brand narrative and higher awareness of the new and improved experience. For 2024, we estimate $30 million to $40 million in incremental Tinder expense from increased product innovation and marketing spend in '24 compared to '23.

我們想指出幾個影響利潤率的關鍵投資領域。第一個是 Tinder 的產品創新和行銷。在重塑Tinder 體驗的過程中，我們將大量增量資源投入到產品中，以改善體驗並更好地迎合女性和一代人的需求，並在行銷方面投入更多資源，以建立更好的品牌敘事，提高對新的和改進的體驗的認識。到 2024 年，我們預計 24 年與 23 年相比，由於產品創新和行銷支出增加，Tinder 費用將增加 3,000 萬至 4,000 萬美元。

The second is AI-related investments in key brands and the development of new AI-centric products as we believe AI can help improve our users' experience and bring resistors into the category as well as potentially expand our TAM. We have a long list of product features being rolled out at Tinder and Hinge as well as plans to test new and different products that leverage AI throughout 2024. Our current expectation is for incremental 2024 AI-related spend of $20 million to $30 million across Match Group.

第二個是對主要品牌的人工智慧相關投資以及開發以人工智慧為中心的新產品，因為我們相信人工智慧可以幫助改善我們的用戶體驗，並將阻力帶入該類別，並有可能擴大我們的TAM。我們在Tinder 和Hinge 上推出了一長串產品功能，並計劃在2024 年測試利用人工智慧的新的和不同的產品。我們目前的預期是2024 年Match 中與人工智慧相關的支出增量為2000萬至3000 萬美元團體。

And finally, investment in Hinge. We're confident that Hinge can be a $1 billion top line business, and it has an ambitious plan over the next few years to build off its well-regarded product and the traction it has achieved in all markets entered.

最後，投資鉸鏈。我們相信 Hinge 可以成為價值 10 億美元的頂級業務，並且它在未來幾年制定了雄心勃勃的計劃，以打造其備受推崇的產品以及在所有進入的市場中取得的吸引力。

While we anticipate significant operating leverage in this business long term, during this hyper-growth phase, we're managing the business to roughly flat AOI margins in 2024 to ensure we're continuing to invest in the product innovation, expansion markets and brand to help us realize Hinge's full potential. In dollar terms, that means that $40 million to $50 million incrementally is going into Hinge's product and marketing in 2024 compared to 2023.

雖然我們預計該業務長期來看將具有顯著的營運槓桿，但在這個高速成長階段，我們正在管理該業務，到2024 年大致持平AOI 利潤率，以確保我們繼續投資於產品創新、擴張市場和品牌，幫助我們充分發揮 Hinge 的潛力。以美元計算，這意味著與 2023 年相比，2024 年 Hinge 的產品和行銷將增加 4,000 萬至 5,000 萬美元。

All 3 of these investment areas are elective and can be calibrated as this year proceeds. Because of the cost reduction actions and natural operating leverage of our business, we're able to target margins of at least 36% while reinvesting roughly $100 million into the 3 key investment areas, which we expect to not only help us deliver growth this year but position us for long-term success specifically to, one, achieve sustained user, payer and revenue growth at Tinder; two, to capitalize on Hinge's full potential; and three, to ensure that we're the ones who introduce the next great innovation in the business of connecting people.

所有這 3 個投資領域都是可選的，並且可以隨著今年的進展進行調整。由於成本削減行動和我們業務的自然營運槓桿，我們能夠實現至少 36% 的利潤率目標，同時向 3 個關鍵投資領域再投資約 1 億美元，我們預計這不僅有助於我們今年實現成長但讓我們長期成功的具體目標是：第一，實現Tinder 用戶、付款人和收入的持續成長；第二，充分發揮 Hinge 的潛能；第三，確保我們能夠在人與人之間的連結領域中引入下一個偉大的創新。

Importantly, we expect to begin to see tangible results from this investment this year, not necessarily full payback on a dollar basis. But as BK outlined, we expect to see better product experience at Tinder, including improved satisfaction among women and Gen Z, and Hinge making progress on delivering its revenue goals and expanding market share.

重要的是，我們預計今年將開始看到這項投資的實際成果，但不一定能以美元計算得到全額回報。但正如 BK 所概述的那樣，我們期望在 Tinder 上看到更好的產品體驗，包括提高女性和 Z 世代的滿意度，以及 Hinge 在實現收入目標和擴大市場份額方面取得進展。

We also expect to see AI-driven features in our core brands as well as (inaudible). We're positioned to make these investments and move our business strategically forward while holding our already attractive margins approximately flat year-over-year.

我們也期望在我們的核心品牌中看到人工智慧驅動的功能（聽不清楚）。我們準備好進行這些投資並策略性地推動我們的業務向前發展，同時保持我們本已頗具吸引力的利潤率與去年同期基本持平。

As some of you may know, Apple recently announced changes to their App Store fee policies in response to the upcoming implementation of the Digital Markets Act in the European Union on March 6. We continue to analyze these changes, and our preliminary estimate is an approximately $20 million annualized benefit.

你們可能知道，為了應對歐盟即將於 3 月 6 日實施的《數位市場法案》，蘋果最近宣布更改 App Store 收費政策。我們將繼續分析這些變化，我們的初步估計約為年化收益2000 萬美元。

However, Apple's new policies are merely a proposal and could change materially over time. We expect any savings that we achieved from Apple's changes will help us meet or exceed our margin objective for the year.

然而，蘋果的新政策只是一個提議，可能會隨著時間的推移而發生重大變化。我們預計，蘋果公司的變革所帶來的任何節省都將幫助我們達到或超過今年的利潤率目標。

Given the March implementation date, we don't anticipate significant Q1 impact. Our $20 million annualized estimate does not include the benefit from use of alternative app stores or payment processors nor have we included any benefits from policy changes in geographies outside the EU, which would be substantial for us.

鑑於 3 月的實施日期，我們預計不會對第一季產生重大影響。我們的 2000 萬美元年化預估不包括使用替代應用商店或支付處理器帶來的好處，也不包括歐盟以外地區政策變化帶來的任何好處，這對我們來說意義重大。

We have said before that the DMA was likely to lead to changes to App Store policies in the EU and likely globally. We have seen the first brick fall in this regard, and we expect more to come. This is in addition to the recent decision by the U.S. Supreme Court in the Epic versus Apple case and Epic's win versus Google in its antitrust case.

我們之前曾說過，DMA 可能會導致歐盟乃至全球的 App Store 政策改變。我們已經看到這方面的第一塊磚落下，我們預計還會有更多的磚塊落下。這是美國最高法院最近在 Epic 訴蘋果案中以及 Epic 訴谷歌反壟斷案中的勝訴的補充。

We have not included any further benefits from App Store changes in our outlook at this time as we want to watch how all of this continues to evolve, though we would point out that the $650 million we paid to App Stores in 2023 provides ample room for reduction.

目前，我們尚未將App Store 變化帶來的任何進一步好處納入我們的展望，因為我們希望觀察這一切如何繼續發展，不過我們會指出，我們在2023 年向App Store 支付的6.5 億美元為我們提供了充足的空間。減少。

We're pleased by the financial results we achieved in the back half of '23 in terms of both revenue growth and profitability. We have plans in place to deliver solid '24 financial performance while enabling marketing and product initiatives to lead to improved user growth and position the business for sustained long-term growth.

我們對 23 年下半年在收入成長和獲利能力方面所取得的財務表現感到滿意。我們已製定計劃，在 24 年實現穩健的財務業績，同時推動行銷和產品計劃改善用戶成長，並使業務實現持續的長期成長。

We continue to believe that Match Group provides a rare combination of revenue growth, stellar profitability and substantial free cash flow generation. We have plans in place to supplement our shareholders' return with significant return of capital via share repurchases or potentially other means. We believe few, if any, companies in our space offer this combination of attributes to shareholders.

我們仍然相信 Match Group 提供了罕見的收入成長、出色的獲利能力和大量自由現金流產生的組合。我們已製定計劃，透過股票回購或其他可能的方式，透過大量資本回報來補充股東回報。我們相信，在我們這個領域，很少有公司（如果有的話）可以為股東提供這種屬性組合。

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) The first question today comes from Shweta Khajuria from Evercore ISI.

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

BK, anything you can comment on Elliott's stake in the company and your conversations with them thus far?

BK，您對 Elliott 在公司的股份以及您迄今為止與他們的對話有何評論？

And then my follow-up is for Gary. Gary, could you please provide more color on your level of confidence in Tinder net adds turning positive in third quarter and a positive year-over-year payer growth in the fourth quarter?

然後我的後續行動是針對加里的。 Gary，您能否提供更多信息，說明您對第三季度 Tinder 淨添加量轉正以及第四季度付費用戶同比增長的信心程度？

Great. Thanks, Shweta, for the first question. We've had collaborative dialogue with Elliott over the past few weeks ever since we learned about their stake in the company. We are looking forward to continuing to engage with all of our shareholders, including Elliott.

偉大的。謝謝Shweta提出第一個問題。自從我們了解埃利奧特在公司的股份後，我們在過去幾週與他們進行了合作對話。我們期待繼續與包括 Elliott 在內的所有股東合作。

And then, Shweta, on your questions around Tinder net adds, I think as we said in the letter and in our remarks, we have high confidence that we're going to see sequential improvement in Tinder by Q3 on the net add side and that we will get some modest payer growth year-over-year by Q4. And that's a combination of a few things, most notably the product and marketing initiatives we have that are -- that have been put in place through the course of '23 and into '24, which we think will drive the level of growth we need to achieve those goals of sequential net adds in Q3 and then payer growth year-over-year in Q4.

然後，Shweta，關於您關於 Tinder 淨添加的問題，我認為正如我們在信中和評論中所說，我們非常有信心，我們將在第三季度看到 Tinder 在淨添加方面的連續改善，並且到第四季度，我們的付款人將實現一定程度的年成長。這是一些事情的結合，最值得注意的是我們在 23 年和 24 年間實施的產品和營銷舉措，我們認為這將推動我們所需的增長水平以實現第三季度連續淨增加以及第四季度支付者同比增長的目標。

And it's a series of things, not just one specific thing that we're relying on or expecting to drive that. It's a series of improvements and initiatives that Tinder has in the plans. And so we think that will culminate in achieving the goals around payer net adds by the middle of this year.

這是一連串的事情，而不僅僅是我們依賴或期望推動的一個具體事情。這是 Tinder 計劃中的一系列改進和舉措。因此，我們認為，到今年年中，最終將實現付款人淨增加的目標。

The next question comes from Lauren Schenk with Morgan Stanley.

下一個問題來自摩根士丹利的勞倫·申克。

Just looking back on 2023, what do you believe caused Tinder user growth to be negative despite the incremental marketing spend? And how will the marketing message evolve in 2024, if at all?

回顧 2023 年，儘管行銷支出不斷增加，但您認為是什麼原因導致 Tinder 用戶成長為負數？ 2024 年行銷訊息將如何演變（如果有的話）？

And then just one on the 1Q EBITDA guide. It was about $25 million below the Street. Is that just the incremental marketing push you've been speaking about? Or are there other drivers there that we should take into account? And how should we think about the cadence of Tinder marketing spend through '24?

然後是第一季 EBITDA 指南中的一項。比華爾街低了約 2500 萬美元。這就是您一直在談論的增量行銷推動嗎？或者有其他我們應該考慮的驅動因素嗎？我們該如何看待 24 世紀 Tinder 行銷支出的節奏？

Yes. So I think it's important to understand what went on in '23 so that you can understand kind of the trajectory of the business. We put in place a new brand narrative to Tinder, something that we hadn't focused on for a long time. We finally did that in 2023.

是的。所以我認為了解 23 年發生的事情很重要，這樣你就能了解業務的發展軌跡。我們為 Tinder 制定了新的品牌敘事，這是我們很長一段時間沒有關注的。我們終於在 2023 年做到了這一點。

And when you try to put in place a brand narrative and start to tell that story, it takes time to build. And so it doesn't translate into user growth immediately.

當你嘗試建立品牌敘事並開始講述這個故事時，需要時間來建立。因此它不會立即轉化為用戶成長。

And in fact, what we saw in '23 was pretty good progress on the user growth side in the first half of the year as a result in part of the marketing initiatives. I think we hadn't been in the market very effectively on the market side in a while. And so we did see some really good user growth improvement from, let's call it, February of last year until the middle of the year.

事實上，我們在 23 年上半年看到，由於部分行銷舉措，用戶成長方面取得了相當好的進展。我認為我們已經有一段時間沒有在市場方面非常有效地進入市場了。因此，從去年二月到今年年中，我們確實看到了一些非常好的用戶成長改善。

And then in the second half of the year, the trends kind of reverted to where they had been, down kind of mid-single digits on the user side year-over-year. And while we saw that step back, we did continue to see movement in some key metrics that we focus on for the brand campaign, brand consideration and improvement in consideration, particularly younger women.

然後在今年下半年，趨勢又恢復到原來的水平，用戶端年減了中個位數。雖然我們看到了這一退步，但我們確實繼續看到我們關注的品牌活動、品牌考試能力和考慮度提高的一些關鍵指標的變化，特別是年輕女性。

And so we were satisfied that the brand campaign was doing what we expected it to do over the course of 2023. The campaign has been very (inaudible) with the target demographic, and it's been very well awarded by some of the ad publications.

因此，我們對品牌活動在 2023 年達到了我們預期的效果感到滿意。該活動非常（聽不清楚）針對目標人群，並且得到了一些廣告出版物的高度評價。

And so we're continuing to invest in that marketing campaign. We're continuing to do it in the key global markets. And we're trying to have an always-on philosophy so there's not gaps in the marketing. And that's what we've budgeted for, for this year.

因此，我們將繼續投資於該行銷活動。我們將繼續在全球主要市場這樣做。我們試著擁有永遠在線的理念，讓行銷不會出現空白。這就是我們今年的預算。

I would just point out though that marketing can only do so much. Tinder, like many of our brands, is a product-driven company. And so while marketing can help on the user growth side, the user growth really needs to be driven by product and product innovation. And marketing needs to be aligned with product to drive people back to the app or to reconsider the app or consider it for the first time once product has really innovated and improved.

我只想指出，行銷只能做這麼多。 Tinder 與我們的許多品牌一樣，是一家產品驅動型公司。因此，雖然行銷可以幫助用戶成長，但用戶成長確實需要由產品和產品創新來驅動。行銷需要與產品保持一致，以促使人們重新使用應用程式或重新考慮應用程序，或在產品真正創新和改進後首次考慮它。

So that is part of the plan for 2024. We are spending pretty heavily in Q1 on the marketing side, as you pointed out, because we do want to drive users back to the app after the refresh. And so that is part of the plan for the first quarter.

這是 2024 年計劃的一部分。正如您所指出的，我們在第一季在行銷方面投入了大量資金，因為我們確實希望在刷新後吸引用戶返回應用程式。這是第一季計劃的一部分。

I do think that people maybe didn't quite understand the magnitude of what we are planning to spend in the first quarter on Tinder marketing. I do think that accounts for maybe the gap in expectations versus what sell-side analysts had for the quarter.

我確實認為人們可能不太了解我們計劃在第一季在 Tinder 行銷上投入的資金規模。我確實認為這可能是本季預期與賣方分析師的預期存在差距的原因。

And so that -- and that plus a little bit of user softness that we saw in Q4, which leads to revenue softness and therefore, AOI softness as well are probably the 2 factors. We are planning to continue to spend heavily in the first quarter.

因此，再加上我們在第四季度看到的一點用戶疲軟，這導致了營收疲軟，因此 AOI 疲軟也可能是兩個因素。我們計劃在第一季繼續大量支出。

I would say after that, the marketing cadence is probably pretty evenly spread throughout the rest of the year. But as we say, we're nimble on the marketing side. And to the extent we don't see the expected user growth trends or effectiveness of the marketing campaign, we can adjust and pull back.

我想說的是，在那之後，行銷節奏可能在今年剩餘的時間裡分佈得相當均勻。但正如我們所說，我們在行銷方面非常靈活。如果我們沒有看到預期的用戶成長趨勢或行銷活動的有效性，我們可以調整並撤回。

And so we're pushing hard in the first quarter at Tinder and frankly, at Hinge as well. And then we'll sort of recalibrate and see. But right now, I'd say it's spread pretty evenly the rest of the way.

因此，我們第一季在 Tinder 上大力推動，坦率地說，在 Hinge 上也是如此。然後我們會重新校準並觀察。但現在，我想說它在其餘方面的分佈相當均勻。

The next question comes from Chris Kuntarich with UBS.

下一個問題來自瑞銀集團 (UBS) 的 Chris Kuntarich。

Can you just talk a little bit more about what those early learnings have been around the Tinder product refresh and how that is really tying into the marketing spend for Tinder that you're talking about this year?

您能否再多談談有關 Tinder 產品更新的早期經驗以及這些經驗如何與您今年談論的 Tinder 行銷支出真正聯繫起來？

I'll take that one. Great question, Chris. The refresh in December was our first step in the product modernization that we're undergoing as a team. It's been less than 2 months since the refresh went live, and we're already seeing encouraging signs. For example, over 80% of our daily users are currently using dark mode.

我會接受那個。好問題，克里斯。 12 月的更新是我們作為一個團隊正在進行的產品現代化的第一步。更新上線不到兩個月，我們已經看到了令人鼓舞的跡象。例如，目前超過 80% 的日常用戶使用深色模式。

And as for prompts and quizzes, we're excited about the early adoption rates. Quizzes are already seeing a 15% adoption rate, and prompts are not that far behind. This is a strong indicator of user engagement, especially considering how recently these features were introduced.

至於提示和測驗，我們對早期採用率感到興奮。測驗的採用率已經達到 15%，提示也不落後。這是用戶參與度的強大指標，特別是考慮到這些功能是最近才推出的。

I'd like to add that it's important for us to remember that these features are optional. So not all users will adopt them, but their presence offers more ways for users to engage. Our approach last fall testing numerous features independently before combining them into a broader refresh has created tremendous learning across Tinder. These tests have taught us quickly to identify what works and what doesn't work, informing our fail-fast strategy for 2024.

我想補充一點，重要的是我們要記住這些功能是可選的。因此，並非所有用戶都會採用它們，但它們的存在為用戶提供了更多參與方式。去年秋天，我們在將眾多功能合併到更廣泛的更新之前獨立測試了這些功能，這在 Tinder 上創造了巨大的學習機會。這些測驗教導我們快速辨識哪些有效、哪些無效，從而為我們 2024 年的快速失敗策略提供資訊。

And as Gary mentioned, we are leaning in on our marketing strategy, However, it's crucial to leverage marketing to spot (inaudible) new product features. Therefore, we might adjust our spend levels to align with the rollout of these new features throughout the year.

正如加里所提到的，我們正在依靠我們的行銷策略，但是，利用行銷來發現（聽不清楚）新產品功​​能至關重要。因此，我們可能會調整支出水平，以適應全年這些新功能的推出。

The next question comes from Justin Patterson with KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Could you elaborate a little bit more about the Hinge slowdown that occurred during December and what drove the reacceleration? I know you talked about that we haven't really seen seasonality in Hinge before. So I'm curious how that seasonality compares to what you've seen towards some of your more mature apps in there?

偉大的。您能否詳細說明一下 12 月發生的 Hinge 減速以及推動重新加速的原因？我知道您說過我們以前沒有真正在 Hinge 中看到季節性。所以我很好奇這種季節性與您所看到的一些更成熟的應用程式相比如何？

Sure. Let me take that, Justin. So we do see seasonality in most of our apps, especially the larger ones, in the period in kind of November and December. That's typical. We see it at Tinder. We see it at other brands because users in many parts of the world tend to focus on the holiday season, and they pull back from their dating activities in that period.

當然。讓我接受，賈斯汀。因此，我們確實在 11 月和 12 月期間看到了大多數應用程式（尤其是較大的應用程式）的季節性變化。這是典型的。我們在 Tinder 上看到了這一點。我們在其他品牌上也看到了這一點，因為世界許多地區的用戶往往把注意力集中在假期季節，而他們會減少這段時期的約會活動。

And then what we tend to see is right after Christmas through Valentine's Day, we actually see a very strong period. That's our peak season from right after Christmas to Valentine's Day when people start looking for love. And so that's kind of the cadence that we typically see in the business.

然後我們往往會看到聖誕節過後到情人節，我們實際上會看到一個非常強勁的時期。從聖誕節後到情人節，這是我們的旺季，人們開始尋找愛情。這就是我們在業務中通常看到的節奏。

We haven't seen that historically at Hinge, but I think now that the business has achieved some reasonable level of scale in some of the core markets like the U.S., we are starting to see that seasonality like we do at Tinder and other brands. And so I'm expecting that we'll see that going forward. But 2023 was the first time that we've seen that.

我們在 Hinge 歷史上從未見過這種情況，但我認為現在該業務在美國等一些核心市場已經達到了一定的合理規模，我們開始看到像 Tinder 和其他品牌那樣的季節性。所以我期待我們未來會看到這一點。但 2023 年是我們第一次看到這種情況。

The good news is that, that is in the rearview mirror for us at this point. Hinge got off to a very strong start in January, kind of picked off -- picked up where it had left off before the holiday period.

好消息是，目前這對我們來說已經成為過去。 Hinge 一月份的開局非常強勁，有點像是在假期前結束的地方恢復過來。

We've seen really good strength in all the geographies where it operates across all gender and age cohorts. And so we're very pleased with what's happened thus far in January. And that's very encouraging because when a brand gets off to a strong start in the peak season, it tends to bode well for its performance for the rest of the year. And so we're happy to see that, and we're looking forward to Hinge performing well in 2024.

我們在所有地區都看到了它在所有性別和年齡群體中的強大實力。因此，我們對一月份迄今為止所發生的事情感到非常滿意。這是非常令人鼓舞的，因為當一個品牌在旺季取得強勁開局時，這往往預示著其今年剩餘時間的表現良好。因此，我們很高興看到這一點，並期待 Hinge 在 2024 年表現出色。

The next question comes from [Zach] with Wolfe Research.

下一個問題來自 Wolfe Research 的 [Zach]。

Great. I appreciate the color on the Tinder's kind of product road map for this year that (inaudible) in the letter. And I wanted to kind of focus more on this a la carte opportunity that you stated.

偉大的。我很欣賞信中（聽不清楚）今年 Tinder 產品路線圖的顏色。我想多關注你所說的點菜機會。

So can you share any kind of preliminary details on the kind of new a la carte offering products that you have planned for the second half of this year? I mean how that may differ versus kind of what is currently offered in the app. And then do you see this more as a payer penetration or monetization driver for this year?

那麼，您能否分享一下您計劃在今年下半年推出的新點菜產品的初步細節？我的意思是，這與應用程式中目前提供的內容可能有所不同。那麼您是否認為這更多是今年的支付者滲透率或貨幣化驅動力？

Zach, thanks for the question. We're going to hold back on diving into the specifics of our upcoming ALC offerings for competitive reasons. But what I can share, historically, our 2 main ALC features, Super Like and Boost, have been helping users gain more visibility and stand out.

札克，​​謝謝你的提問。基於競爭原因，我們將不再深入探討即將推出的 ALC 產品的具體細節。但我可以分享的是，從歷史上看，我們的 2 個主要 ALC 功能（Super Like 和 Boost）一直在幫助用戶獲得更多知名度並脫穎而出。

But we actually have not launched any new ALC features for a long time. We're now exploring additional ALC features that can bring even more value to our users.

但實際上我們已經很久沒有推出任何新的 ALC 功能了。我們現在正在探索其他 ALC 功能，這些功能可以為我們的用戶帶來更多價值。

Our team will vigorously test new offerings to see what resonates most with our daters. And in this effort, we mobilize our portfolio of brands to partner and collaborate with Tinder on these tests.

我們的團隊將大力測試新產品，看看什麼最能引起約會者的共鳴。在這項努力中，我們動員我們的品牌組合與 Tinder 合作進行這些測試。

This approach is similar to how swipe up actually tested weekly subs to tune the right offering before we introduced them on Tinder and Hinge. This team effort will be instrumental in trialing some of these potential new features before we roll them out on Tinder. Expect to see a new ALC offering from us in the second half of this year.

這種方法類似於我們在 Tinder 和 Hinge 上推出之前，向上滑動實際測試的每週訂閱者來調整正確的產品的方式。在我們在 Tinder 上推出這些潛在新功能之前，這個團隊的努力將有助於試用這些功能。預計我們將在今年下半年推出新的 ALC 產品。

The next question comes from Benjamin Black with Deutsche Bank.

下一個問題來自德意志銀行的班傑明·布萊克。

I guess with the new leadership in place, what, I guess, any difference should we expect in Tinder strategy? How should we think about things like product output velocity, marketing strategy? For instance, I think you guys also mentioned sort of the renewed focus on ecosystem improvements. And BK, now that you have a permanent successor in place at Tinder, how do you envision your role sort of evolving?

我想，隨著新領導階層的就位，我們應該對 Tinder 策略有何不同？我們該如何考慮產品產出速度、行銷策略等問題？例如，我想你們也提到了對生態系改善的重新關注。 BK，既然您在 Tinder 有了永久繼任者，您認為您的角色會如何演變？

Thanks, Ben, for the question. Now over the last 18 months, Faye has been a real partner to me. She's so passionate about Tinder and knows the business and product inside out.

謝謝本，提出這個問題。在過去的 18 個月裡，Faye 一直是我真正的合作夥伴。她對 Tinder 充滿熱情，並且對業務和產品瞭如指掌。

We've stabilized and returned Tinder to revenue growth. And I believe that Faye is only going to accelerate that momentum. The team is fully aligned and clear on their goals.

我們已經穩定了 Tinder 並使其恢復了收入成長。我相信費耶只會加速這股勢頭。團隊的目標完全一致且明確。

Faye has been instrumental in shaping our road map. And now as CEO, she is pushing forward with modernizing the product, boosting development speed and bringing vital leadership. And her focus will be particularly in enhancing women's experience and the overall ecosystem health at Tinder.

Faye 在製定我們的路線圖方面發揮了重要作用。現在，作為首席執行官，她正在推動產品現代化，提高開發速度並帶來重要的領導力。她的重點將特別放在增強 Tinder 女性體驗和整體生態系統健康。

She will share more of our plan later this year, but the core focus is clear: making Tinder more engaging for younger users and ensure superior experiences for women.

她將在今年稍後分享更多我們的計劃，但核心重點很明確：讓 Tinder 對年輕用戶更具吸引力，並確保為女性提供卓越的體驗。

Now as for my role, I have a ton of rewarding work to do across the portfolio. There's a wealth of exciting innovation sprint across Match Group that I'm deeply involved in. Now at the same time, I'm committed to maintaining a close and effective partnership with Faye and the Tinder leadership team. We will ensure that we continue to drive Tinder growth together as a team.

現在，就我的角色而言，我在整個投資組合中還有大量有價值的工作要做。我深入參與了 Match Group 內大量令人興奮的創新衝刺。現在，我致力於與 Faye 和 Tinder 領導團隊保持密切而有效的合作關係。我們將確保作為一個團隊繼續共同推動 Tinder 的發展。

The next question comes from Mark Kelley with Stifel.

下一個問題來自 Stifel 的 Mark Kelley。

Great. I just have one, probably for BK. A lot of AI commentary in the note and in your prepared remarks. I guess my question is, is the goal to have like a unified AI infrastructure on the back end that will be utilized across the portfolio?

偉大的。我只有一件，可能是給 BK 的。筆記和你準備好的評論中有很多人工智慧評論。我想我的問題是，目標是在後端擁有一個統一的人工智慧基礎設施，以便在整個產品組合中使用嗎？

Or do you think there are unique needs across each individual brand where it makes sense to maybe modify those AI capabilities? And I guess second to that, I know you gave us guidance for the full year in terms of margins, but any cost implications that we should be aware of?

或者您認為每個品牌都有獨特的需求，修改這些人工智慧功能是否有意義？我想其次，我知道您為我們提供了全年利潤率指導，但我們應該意識到任何成本影響嗎？

Thanks, Mark. I was actually hoping that someone ask me about AI. And I want to just share some of my thoughts around AI. I mean I believe that AI is existential to the future of Match Group and our business.

謝謝，馬克。我其實希望有人問我有關人工智慧的問題。我想分享我對人工智慧的一些想法。我的意思是，我相信人工智慧對於 Match Group 和我們業務的未來至關重要。

AI will help us create improved user experiences and will truly make our products better. And that puts us in a different category from other companies that are just looking at optimizing through AI and slight improvements.

人工智慧將幫助我們創造更好的用戶體驗，並真正讓我們的產品變得更好。這使我們與其他只尋求透過人工智慧進行優化和輕微改進的公司不同。

This technology is revolutionary for dating, and we're bringing it to life across our entire portfolio. I envision AI to be felt through the entire experience, influencing everything from profile creation to matching and connecting for dates, literally everything.

這項技術對於約會來說是革命性的，我們正在將其應用到我們的整個產品組合中。我預計人工智慧將貫穿整個體驗，影響一切，從個人資料創建到約會和連接，幾乎一切。

Our data as a team and deep understanding of dating and singles is a rich resource for informing our AI dating models internally. Our 2 biggest brands, Tinder and Hinge, have their own AI strategies tailored to its unique needs and listening to daters and what they want.

我們作為一個團隊的數據以及對約會和單身的深刻理解是我們內部人工智慧約會模型的豐富資源。我們最大的 2 個品牌 Tinder 和 Hinge 都有自己的人工智慧策略，根據其獨特的需求量身定制，並傾聽約會者的意見和他們的需求。

Now we do have this central innovation team working across the entire portfolio on moonshot ideas and incubating new products. And our talented team at Hyperconnect is playing a crucial role in supporting all of these initiatives across the company. I'm really excited about this revolution going across the entire team.

現在，我們確實擁有這個核心創新團隊，在整個產品組合中致力於登月創意和孵化新產品。我們 Hyperconnect 的才華橫溢的團隊在支持整個公司的所有這些舉措方面發揮著至關重要的作用。我對整個團隊的這場革命感到非常興奮。

Gary mentioned in his comments that we are investing $20 million to $30 million in AI innovation. And I absolutely believe it's the right thing for us to do to drive enduring strength, better experiences and future growth for our business.

加里在評論中提到，我們正在投資 2,000 萬至 3,000 萬美元用於人工智慧創新。我絕對相信，這對我們來說是正確的事情，可以為我們的業務帶來持久的力量、更好的體驗和未來的成長。

The next question comes from Ygal Arounian with Citigroup.

下一個問題來自花旗集團的 Ygal Arounian。

Just one follow-up on the AI thought. And obviously, lots of talk around this here. And just trying to understand how much AI contribution is kind of embedded into the expectations for 2024, when you see it having a more meaningful impact. And maybe at least for this year, do you see it as more of a driver for payers or for RPP? Or does it -- can it contribute to both?

這只是人工智慧思想的一個後續行動。顯然，這裡有很多關於這個的討論。當你看到人工智慧產生更有意義的影響時，我只是想了解人工智慧的貢獻有多少融入 2024 年的預期中。也許至少在今年，您認為它更多是付款人還是 RPP 的驅動力？或者它能對兩者都有貢獻嗎？

Why don't I jump in and take that one? So as BK said, we've got a lot of exciting AI initiatives planned for Tinder, for Hinge and for new products as well that we're going to roll over the course of 2024. So we do have very high expectations for delivery of all these products and features that we think they will enhance the user experience.

我為什麼不跳進去拿那個？正如 BK 所說，我們為 Tinder、Hinge 和新產品計劃了許多令人興奮的人工智慧計劃，我們將在 2024 年推出這些計劃。因此，我們確實對交付我們認為所有這些產品和功能都將增強用戶體驗。

And so I think it's logical to think that they would benefit RPP because it will be a better experience, people should see more value in the product and be willing to pay more. But I would tell you that at this point, given that it's still very early in the evolution of these various products and features, we haven't included any notable revenue in our 2024 outlook from the AI efforts.

因此，我認為他們將使 RPP 受益是合乎邏輯的，因為這將是一種更好的體驗，人們應該看到產品的更多價值並願意支付更多費用。但我想告訴你的是，鑑於這些不同產品和功能的發展仍處於早期階段，我們尚未在 2024 年人工智慧工作展望中納入任何顯著收入。

As BK mentioned, we've put in all of the costs, which we've estimated at $20 million to $30 million, so we can go hire people, do the work to build out these different products and features and roll them out over the course of the year. But we are waiting on the revenue side.

正如 BK 所提到的，我們已經投入了所有成本，我們估計這些成本為 2000 萬至 3000 萬美元，因此我們可以僱用人員，開發這些不同的產品和功能，並將其推廣到整個市場。一年的課程。但我們正在等待收入方面。

Now you might view that as a conservative assumption, and it very well could be. But I think at this point in time, it's the right thing to do. And we'll obviously continue to update what we're seeing from the AI initiatives as the year progresses.

現在你可能會認為這是一個保守的假設，而且很可能是這樣。但我認為在這個時候，這是正確的做法。隨著時間的推移，我們顯然會繼續更新我們從人工智慧計畫中看到的內容。

The next question comes from Cory Carpenter with JPMorgan.

下一個問題來自摩根大通的科里·卡彭特。

Anything you would call out or highlight on the Tinder product road map that you think could be particularly impactful in driving that Tinder payer turnaround in second half? And Gary, just to clarify, the $20 million App Store benefit, is that included in the guide? Or is that something that would be upside?

您認為 Tinder 產品路線圖上有哪些您認為對推動下半年 Tinder 付款人轉型特別有影響力的內容？加里，我想澄清一下，2000 萬美元的 App Store 福利，是否包含在指南中？或者說這是有好處的事嗎？

I'll take the first part of that question, Cory. We feel really good about the progress that we've made at Tinder over the past few months, and the results have aligned really well with our expectations. We've demonstrated Tinder's capability to deliver. They've achieved double-digit revenue growth for the last 2 quarters consecutively. And I'm really excited about the continued strong execution velocity and the product and marketing road maps for 2024.

我將回答這個問題的第一部分，科里。我們對過去幾個月 Tinder 的進展感到非常滿意，結果與我們的預期非常吻合。我們已經展示了 Tinder 的交付能力。他們在過去兩個季度連續實現了兩位數的收入成長。我對 2024 年持續強勁的執行速度以及產品和行銷路線圖感到非常興奮。

Now we acknowledge that Q4 was a large sequential payer decline, but we are optimistic about the future as we see these declines moderating. Looking ahead, we're confident that in Q3, Tinder payers will turn positive on a sequential basis.

現在我們承認第四季度付款人連續大幅下降，但我們對未來持樂觀態度，因為我們看到這些下降正在放緩。展望未來，我們有信心在第三季度，Tinder 付費用戶將季增。

This confidence stems from marketing coupled with several product initiatives that are underway. Our key strategies include enhancing the visibility and value of our paid packages and dynamically showing the right offer to the right user at the right time.

這種信心源自於行銷以及正在進行的多項產品計劃。我們的關鍵策略包括提高付費方案的可見度和價值，以及在正確的時間向正確的用戶動態顯示正確的優惠。

Now additionally, our monetization team is working on more market-specific conversion strategies and experimenting with unbundling certain premium features that currently sit behind a paywall.

此外，現在我們的獲利團隊正在製定更針對特定市場的轉換策略，並嘗試分拆目前付費牆後面的某些高級功能。

And then on the DMA question, Cory, we've got this margin floor in our financial outlook. And so the $15 million, that would probably accrue in 2024 because we're saying it's $20 million annualized. So if you say it's 3/4, let's call it, $15 million. That obviously helps us achieve our margin target or even gives us an ability to exceed the margin target as the year goes on.

然後關於 DMA 問題，Cory，我們的財務前景中有這個保證金下限。因此，這 1500 萬美元可能會在 2024 年產生，因為我們說年化收入為 2000 萬美元。所以如果你說是 3/4，我們就稱之為 1500 萬美元。這顯然有助於我們實現利潤率目標，甚至使我們有能力隨著時間的推移超過利潤率目標。

And so it's helpful in that regard to kind of push us maybe at the top end or higher than kind of what people might be expecting. And so it's definitely a positive from our perspective.

因此，在這方面，這有助於推動我們達到頂端或高於人們可能期望的水平。因此，從我們的角度來看，這絕對是正面的。

Obviously, we've got a lot of investment going on, and so we'll have to think about whether any of that should be reinvested. But ultimately, I do think it's a $15 million positive for the year.

顯然，我們正在進行大量投資，因此我們必須考慮是否應該對其中的任何投資進行再投資。但最終，我確實認為今年的收益為 1500 萬美元。

The next question comes from Youssef Squali with Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

So the company has been talking about steps to reduce duplicative functions and migrate the Evergreen & Emerging Brands onto one technology platform to consolidate the brands onto a single tech stack. Where are you in that process? What kind of cost savings or margin impact are you baking in, in 2024? And ultimately, how much do you anticipate to be deriving from that over time?

因此，該公司一直在討論減少重複功能並將常青品牌和新興品牌遷移到技術平台的步驟，以將品牌整合到單一技術堆疊上。在這個過程中你處於什麼位置？到 2024 年，您預計會達到什麼樣的成本節約或利潤影響？最終，隨著時間的推移，您預計會從中獲得多少收益？

Sure. We haven't spent a lot of addressing that. So appreciate the question. What's been happening, and this is related to our E&E business, both the Emerging businesses and the Evergreen businesses, where we're trying to be more efficient.

當然。我們沒有花很多錢來解決這個問題。所以很欣賞這個問題。正在發生的事情與我們的電子電氣業務有關，包括新興業務和常青業務，我們正在努力提高效率。

What we've started to do is centralize teams and reduce redundancies in various aspects of the E&E business. So if you look at the marketing function, you look at the customer care function, other aspects of their operations, we're reducing duplication. And that's leading to some savings this year and on an ongoing basis. So that's kind of the first piece of what's going on there.

我們開始做的是集中團隊並減少電子電氣業務各個方面的裁員。因此，如果你看看行銷職能、客戶服務職能以及他們營運的其他方面，我們正在減少重複。這將導致今年並持續節省一些費用。這就是那裡正在發生的事情的第一部分。

But the second and more important piece is that we've got a number of brands within that mini portfolio inside the company. We're consolidating the technology platforms onto a single technology platform.

但第二個也是更重要的一點是，我們在公司內部的迷你產品組合中擁有許多品牌。我們正在將技術平台整合到單一技術平台上。

We did a couple of the smaller brands last year. We're going to do a couple of more brands this year, and then we're going to do some of the bigger brands next year. So it's a multiyear process. And the reason for that is, it has customer implications. And so you have to be cautious. It's a complex and risky undertaking. And we want to do it right and not have any unexpected consequences. And so we're working kind of very deliberately and very carefully to make all of that happen.

去年我們做了幾個較小的品牌。今年我們將推出更多品牌，明年我們將推出一些更大的品牌。所以這是一個多年的過程。原因是它對客戶有影響。所以你必須要小心。這是一項複雜且危險的任務。我們希望做得正確，而不是產生任何意想不到的後果。因此，我們非常謹慎、非常謹慎地工作，以實現這一切。

When those consolidations take place, we do see significant cost savings from them. And so that's where we really started to get the financial benefit.

當這些整合發生時，我們確實看到了巨大的成本節省。這就是我們真正開始獲得經濟利益的地方。

So as I mentioned, we got a little bit as a result of what we did last year. We've got a little bit more as (inaudible) do this year. And then the real benefits will accrue fully by 2026, where we'll see all the benefits of having one single platform, and we'll have reduced all of the various redundancies.

正如我所提到的，我們去年所做的事情得到了一些結果。今年我們做了更多（聽不清楚）的事。然後，到 2026 年，真正的好處將完全顯現出來，屆時我們將看到擁有單一平台的所有好處，並且我們將減少所有各種冗餘。

I would estimate that there's probably a 10-point margin improvement in the E&E business once all of those cost savings are fully included. So that's a substantial amount of money on a business that is somewhere between $600 million and $700 million of revenue.

我估計，一旦將所有這些成本節省全部考慮在內，電子電氣業務的利潤率可能會提高 10 個百分點。對於收入在 6 億至 7 億美元之間的企業來說，這是一筆巨額資金。

And so that enables us to reinvest the savings into growth businesses around the company, whether that's into Tinder, whether that's at the Hinge or wherever we want to put it. That's the plan once those savings are achieved.

因此，這使我們能夠將節省的資金重新投資到公司周圍的成長業務中，無論是 Tinder、Hinge 還是我們想要的任何地方。這就是實現這些節省後的計劃。

So this is a pretty significant undertaking for the company. It gives us the ability to reinvest the dollars that are coming out as a result of the platform consolidations, and we're working very hard and carefully to make all of that happen.

因此，這對公司來說是一項相當重要的任務。它使我們能夠將因平台整合而產生的資金進行再投資，並且我們正在非常努力和謹慎地工作以實現這一切。

The next question comes from Ross Sandler with Barclays.

下一個問題來自巴克萊銀行的羅斯桑德勒。

Great. Gary, can we go back to the App Store fees topic in the DMA? So it sounds like, based on public statements anyway, that Spotify and Fortnite have very little interest in paying Apple anything for apps that are side loaded where there's direct billing in that app at least in Europe. So would you guys fall into that camp? And is that $20 million that you called out just from the fee changes that have been announced assuming that you actually have to pay them for these changes?

偉大的。 Gary，我們可以回到 DMA 中的 App Store 費用主題嗎？因此，無論如何，根據公開聲明，Spotify 和 Fortnite 似乎沒有興趣向蘋果支付任何側載應用程式的費用，而這些應用程式至少在歐洲是直接計費的。那麼你們會落入這個陣營嗎？您所說的 2000 萬美元是否只是來自已宣布的費用變更（假設您實際上必須為這些變更付費）？

And then -- and I guess the second question is, if Google kind of matches a similar fee structure and then this kind of becomes the global standard, what would that total number look like in some future state versus the 20 you called out?

然後，我想第二個問題是，如果Google 匹配類似的費用結構，然後這種費用結構成為全球標準，那麼在未來的某個州，與您提出的20 個州相比，這個總數會是什麼樣子？

Yes. So it's one of the reasons why in answering Cory's question, is it included or not, there's still a lot of uncertainty around this. I think if you just do the straight calculation as we understand the policy changes that Apple put in place, you get to that $20 million number for a full year.

是的。因此，這就是為什麼在回答 Cory 的問題（是否包含在內）時，仍然存在許多不確定性的原因之一。我認為，如果你按照我們了解蘋果公司實施的政策變化進行直接計算，你就會得到全年 2000 萬美元的數字。

But I think there's still a lot of questions. As you point out, Spotify has raised questions and concerns. Microsoft has raised them. Others have raised them. And so you have to decide whether to opt into this or not. We have not yet done so.

但我認為還有很多問題。正如您所指出的，Spotify 提出了問題和擔憂。微軟已經提出了它們。其他人已經提出了它們。因此，您必須決定是否選擇這樣做。我們還沒有這樣做。

And so we're still considering what this all means, which is why just kind of putting it into the guidance or not is not exactly the way this all works. And so we're still looking at it, making sure we understand it.

因此，我們仍在考慮這一切意味著什麼，這就是為什麼只是將其放入指南中並不完全是這一切的運作方式。所以我們仍在研究它，確保我們理解它。

And frankly, if you understand the dynamics of all this, this is what Apple has proposed complies with the Digital Markets Act in Europe. The European Commission actually has to accept that this proposal complies and that and of itself is far from assured.

坦白說，如果你了解這一切的動態，這就是蘋果提出的遵守歐洲數位市場法案的建議。歐盟委員會實際上必須承認，這項提議是符合要求的，但這一點本身還遠遠不能確定。

And so I think that will continue to play itself out over the next weeks or months as we get to that March 6 deadline. So we'll see how this all plays out.

因此，我認為，當我們到達 3 月 6 日的最後期限時，這種情況將在未來幾週或幾個月內繼續發揮作用。所以我們將看看這一切如何進行。

From our perspective, the good news is that we expected the DMA to lead the changes on the App Store side, and we started to see that. And it's hard for us to fathom that it will end there because even if the changes that Apple has proposed are what goes into place in the EU, if you're a consumer in the U.S. or you're a consumer in the U.K. right next door to the EU, you start to wonder, well, why are customers in the EU getting benefit, and we're not getting the same benefits.

從我們的角度來看，好消息是我們預計 DMA 會引領 App Store 方面的變革，並且我們已經開始看到這一點。我們很難想像事情會就此結束，因為即使蘋果提出的改變是在歐盟實施的，如果你是美國的消費者，或者你接下來是英國的消費者當您踏入歐盟之門時，您會開始想知道，為什麼歐盟的客戶能夠受益，而我們卻沒有獲得同樣的好處。

And so if you're the government in those jurisdictions, you'd say, well, our citizens deserve the same benefits as what we're seeing in the European Union. And so that's why in my remarks, I said we think it's the first brick. I think there's more to come.

因此，如果你是這些司法管轄區的政府，你會說，我們的公民應該享受與歐盟相同的福利。這就是為什麼在我的演講中，我說我們認為這是第一塊磚。我認為還會有更多的事情發生。

And just so you have an order of magnitude in your mind, we probably get 5 or 6x the savings if the Apple changes as currently proposed were to be implemented in the rest of the world because while we have a relatively small percentage of our revenue in the European Union that comes from iOS, we've got a lot in the U.K. We've got a lot in North America.

就這樣，你心裡有一個數量級，如果蘋果按照目前提議的改變在世界其他地方實施，我們可能會節省 5 到 6 倍，因為雖然我們在收入中所佔的比例相對較小。來自iOS 的歐盟，我們在英國有很多，我們在北美也有很多。

And so there's really significant benefits in those jurisdictions if these policy changes are made. So that's where the significant benefits to us really would be, either further changes to the policies or expansions of the geographies. And I think both of those things are very, very possible.

因此，如果做出這些政策改變，這些司法管轄區確實會受益匪淺。因此，這才是我們真正能獲得的重大好處，要不是政策的進一步改變，就是地域的擴張。我認為這兩件事都是非常非常有可能的。

The impact of further change on Google is not nearly as dramatic as the Apple side. I think that's where we could see really meaningful steps forward. And we're excited to see kind of where this goes because we've been waiting for this for a long time, and this is the first tangible movement that we've seen from the regulators.

進一步變革對Google的影響遠不如蘋果那麼巨大。我認為這就是我們可以看到真正有意義的進步的地方。我們很高興看到這種情況的發展，因為我們已經等待很久了，這是我們從監管機構看到的第一個實際的動作。

And as I mentioned in my remarks, that's on top of some of the other things that have happened from a court perspective, which look like they're going to open up the ability to use other app stores, which again is very significant for us or other processors for payments as well, which again is very significant for us.

正如我在發言中提到的，這是從法院角度來看發生的其他一些事情的基礎，這些事情看起來他們將開放使用其他應用程式商店的能力，這對我們來說又非常重要或其他支付處理商，這對我們來說也非常重要。

So there's a lot of moving pieces to this. What we can quantify today is the $20 million based on the changes that have been made, but I think you have to think a little bit more broadly about what's more likely to happen here over the next little while.

所以這其中有很多動人的部分。我們今天可以量化的是基於已經做出的改變的 2000 萬美元，但我認為你必須更廣泛地思考在接下來的一段時間內這裡更有可能發生的事情。

The next question comes from Brad Erickson with RBC.

下一個問題來自加拿大皇家銀行的布拉德·埃里克森。

Yes. One of the questions we've been getting from investors a lot lately is just given the impact you've seen on these pricing optimizations on Tinder, just curious if you'd ever consider any sort of like alternative path there on pricing in 2024, maybe rolling things back, et cetera, as a way to get payers back on earlier?

是的。最近我們從投資者那裡收到的許多問題之一就是考慮到您所看到的 Tinder 定價優化的影響，只是好奇您是否會在 2024 年考慮任何類似的替代定價路徑，也許會回滾一些事情，等等，作為讓付款人提早恢復的一種方式？

And then maybe just to clarify as well, you talked about the RPP growth to Tinder, I think, looking out to the second half of the year. And it sounds like maybe AI could be having something to do with that. But then yes, you were pretty clear that like AI is not really in the forecast. Maybe if you could just reconcile that a bit.

然後也許只是為了澄清一下，我認為您談到了 Tinder 的 RPP 成長，展望了今年下半年。聽起來人工智慧可能與此有關。但是，是的，你很清楚，像人工智慧這樣的事情並沒有真正出現在預測中。也許如果你能稍微調和一下的話。

Yes. Look, I think that we look at all of these different levers all the time. But as we've talked about many times, we're focused on increasing revenue, not specifically increasing revenue per payer or payers just for the sake of moving either of those KPIs.

是的。聽著，我認為我們一直在關注所有這些不同的槓桿。但正如我們多次討論的那樣，我們專注於增加收入，而不是僅僅為了移動這些 KPI 中的任何一個而專門增加每個付款人或多個付款人的收入。

And so we remain focused with our north star on revenue. But as we prioritize things, we have the ability to focus a little bit more on payers and potentially make some more impact there because there's always choices to be made on the product road map.

因此，我們仍然關注收入的北極星。但當我們優先考慮事情時，我們有能力更多地關注付款人，並可能在那裡產生更多影響，因為在產品路線圖上總是需要做出選擇。

So we're mindful of the fact that everyone is very focused on what's going to happen with payers. We have enough in the road map to achieve the payer pivot in the third quarter as we described earlier and to get to payer growth in the fourth quarter.

因此，我們注意到每個人都非常關注付款人將發生的事情。正如我們之前所描述的，我們的路線圖足以在第三季度實現付款人樞紐，並在第四季度實現付款人成長。

So naturally, you would expect that over the course of the year, as the benefits of all the pricing optimizations and (inaudible) subscribers start to subside, we'll get to a better balance by the fourth quarter in terms of payer growth and RPP growth to equate to the revenue growth that we're expecting in the fourth quarter.

因此，您自然會期望在這一年中，隨著所有定價優化和（聽不清楚）訂閱者的好處開始消退，我們將在第四季度在付款人成長和 RPP 方面實現更好的平衡成長與我們預期的第四季營收成長相當。

So we will start to see this kind of normalize and become more balanced over the course of the year as things wash through. We're not going to go to sort of abnormal efforts to drive payers because I don't think that's healthy for the business.

因此，隨著事情的解決，我們將開始看到這種正常化，並在這一年中變得更加平衡。我們不會採取異常措施來推動付款，因為我認為這對企業不利。

But we are obviously cognizant of the various concerns around this. And I do think you will naturally see it become much more balanced as the year goes on.

但我們顯然意識到了與此相關的各種擔憂。我確實認為隨著時間的推移，你會自然地看到它變得更加平衡。

All right. I want to thank everybody for joining us this morning. I think we're right at time. We appreciate it, as always. And we look forward to seeing everyone again next quarter. Thank you so much.

好的。我要感謝大家今天早上加入我們。我想我們來得正是時候。我們一如既往地對此表示讚賞。我們期待下個季度再次見到大家。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。您現在可以斷開連線。