Match Group Inc (MTCH) 2024 Q3 法說會逐字稿

Good day, and welcome to the Match Group third quarter 2024 earnings conference call.(Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Match Group 2024 年第三季收益電話會議。

I would now like to turn the conference over to Tanny Shelburne, Senior Vice President 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.

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。

These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

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。

Some of these risks have been set forth in our earnings release and our periodic reports with the SEC.

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。

Thank you, Tanny. Good morning, and thank you all for joining today's call. As I reflect on this past quarter, I'm proud of the continued hard work and high level of commitment across the company, which has led us to deliver solid financial results in Q3.

謝謝你，坦尼。早安，感謝大家參加今天的電話會議。當我回顧過去的季度時，我為整個公司持續的努力工作和高度的承諾感到自豪，這使我們在第三季度取得了穩健的財務表現。

Across the portfolio, we remain focused on driving innovation efforts forward, delivering on our product road maps and building a durably growing and highly profitable business, and I'm confident in the steps we're taking to strengthen our portfolio and financial performance over the long term.

在整個產品組合中，我們仍然專注於推動創新工作向前發展，實現我們的產品路線圖並建立持久增長和高利潤的業務，我對我們為加強我們的產品組合和財務業績而採取的步驟充滿信心長期。

As I mentioned during our last call, shareholders rightfully expect both short- and long-term results. In the short term, Tinder's direct revenue was slightly below our expectations, driven by the under-delivery of certain optimizations. However, Tinder added 311,000 payers sequentially and declined by only 4% year-over-year. This was well above our outlook provided in late July.

正如我在上次電話會議中提到的，股東有理由期待短期和長期結果。短期來看，由於某些優化交付不足，Tinder 的直接收入略低於我們的預期。然而，Tinder 連續增加了 311,000 名付費用戶，年比僅下降 4%。這遠高於我們 7 月底提供的預期。

While we're pleased with the results on payers, we saw less progress on Tinder MAU than we expected.

雖然我們對付款人的結果感到滿意，但我們發現 Tinder MAU 的進展低於我們的預期。

Tinder remains focused on the long term, testing several important new features aimed at cleaning up its ecosystem and improving user outcomes. This includes testing mandated face photos in several markets. With this feature, users with faceless profiles are required to upload a face photo before they can send likes.

Tinder 仍然著眼於長期，測試了幾項重要的新功能，旨在清理其生態系統並改善用戶結果。這包括在多個市場測試強制面部照片。透過此功能，擁有不露面個人資料的用戶需要上傳臉部照片才能發送點讚。

Initial results have been promising, and we'll continue to monitor these metrics before full rollout. We're optimistic about the positive impact that this could have on the overall Tinder ecosystem and user experience.

初步結果令人鼓舞，我們將在全面推出之前繼續監控這些指標。我們對這可能對整個 Tinder 生態系統和用戶體驗產生的正面影響持樂觀態度。

Similarly, Tinder released several features designed to improve outcomes, particularly for women into testing in Q3. This includes spotlight drops, a revamped Explore tab with newly added tiles and recommendation improvements. Additionally, Tinder has seen stabilization in women's engagement metrics including weekly women's active messengers and 4-way conversations.

同樣，Tinder 發布了多項旨在改善結果的功能，特別是針對第三季度進行測試的女性。其中包括聚光燈投放、經過改進的「探索」標籤以及新添加的圖塊和建議改進。此外，Tinder 的女性參與度指標也趨於穩定，包括每週女性活躍訊息發送者和四向對話。

We're pleased with the progress we've seen recently at Tinder on product execution, but are far from done. The team is working tirelessly, pushing forward with initiatives to drive Tinder's transformation forward. At the same time, we're clear-eyed that Tinder's progress will not always be linear because we know that transformation such as these take time.

我們對 Tinder 最近在產品執行方面的進展感到滿意，但距離完成還很遠。團隊正不懈努力，推動各項措施推動 Tinder 的轉型。同時，我們清醒地認識到，Tinder 的進步並不總是線性的，因為我們知道這樣的轉變需要時間。

Our commitment to driving better user trends and sustained top line progress remains strong. And we believe that we'll see tangible markers of progress over the coming quarters as Tinder's new initiatives continue to roll out.

我們對推動更好的用戶趨勢和持續的營收成長的承諾仍然堅定。我們相信，隨著 Tinder 新措施的不斷推出，我們將在未來幾季看到明顯的進展。

Hinge delivered another exceptionally strong quarter with continued user momentum and impressive revenue growth. Hinge's download rankings continued to climb across its core English-speaking and European markets, demonstrating just how much the experience resonates with intentioned users.

Hinge 憑藉持續的用戶成長勢頭和令人印象深刻的營收成長，再次實現了異常強勁的季度業績。 Hinge 在其核心英語和歐洲市場的下載排名繼續攀升，這表明其體驗在意向用戶中產生了多大的共鳴。

Hinge also gained momentum against its next largest competitor, becoming the second most downloaded dating app in the U.S. in October, a testament to its strength and high appeal of Hinge's experience.

Hinge 也獲得了與第二大競爭對手的較量，成為 10 月份美國下載量第二大的約會應用程序，這證明了 Hinge 的實力和體驗的高吸引力。

Hinge also made improvements to its product in the quarter, announcing the global launch of Your Turn Limits. The feature is supporting daters by helping them focus on their current conversations, making good on their brand promise to help get users out on great dates faster. This feature has been powerful in increasing response rates, which were up 20% in tests, and nearly half of users said it helped them increase their focus on current matches. This exciting feature is just one piece of Hinge's strategy to deliver a richer experience for daters. We're embedding even more product innovations like AI-enabled features into every step of the user journey.

Hinge 在本季也對其產品進行了改進，宣佈在全球推出 Your Turn Limits。該功能透過幫助約會者專注於當前的對話來支持他們，兌現他們的品牌承諾，幫助用戶更快地完成美好的約會。此功能在提高回應率方面發揮了強大作用，測試中回應率提高了 20%，近一半的用戶表示，它幫助他們提高了對當前比賽的關注度。這項令人興奮的功能只是 Hinge 為約會者提供更豐富體驗的策略之一。我們正在將更多的產品創新（例如人工智慧功能）嵌入到用戶旅程的每一步中。

Hinge also continues to advance its innovations as it seeks to transform the future of intentional dating by creating the feeling of working with a trusted guide. As part of this, Hinge began testing AI-enabled prompt suggestions to help users have more meaningful conversations that lead to great dates faster. This is just one example of how Hinge is embedding AI throughout the dating journey, and I look forward to sharing additional product updates in the future.

Hinge 也繼續推動其創新，力求透過營造與值得信賴的嚮導一起工作的感覺來改變有意約會的未來。作為其中的一部分，Hinge 開始測試基於人工智慧的提示建議，以幫助用戶進行更有意義的對話，從而更快地實現美好約會。這只是 Hinge 如何在整個約會之旅中嵌入人工智慧的一個例子，我期待在未來分享更多的產品更新。

At MG Asia, our live video app, Azar, expanded into the U.S., applying learnings from its success in Europe. Azar's more casual and engaging experience is striking a cord with Gen Z users.

在 MG Asia，我們的直播視訊應用程式 Azar 借鑒了其在歐洲的成功經驗，擴展到美國。 Azar 更休閒、更具吸引力的體驗吸引了 Z 世代用戶。

Meanwhile, in Japan, payers are showing encouraging signs of stabilization. Downloads across the category are reaching their highest levels since late 2022, a sign that online dating is regaining momentum in the market.

同時，在日本，付款人正顯示出令人鼓舞的穩定跡象。該類別的下載量達到 2022 年底以來的最高水平，這表明線上約會正在重新獲得市場動力。

At E&E, efforts to streamline operations and drive efficiencies are going well with 2 additional brands successfully migrating into the shared tech platform in October. At the same time, emerging brands continued to perform strongly, holding leading positions by downloads in their respective segments in the U.S. Their continued revenue growth over the past 4 quarters is helping offset some of the declines from our Evergreen brands.

在 E&E，簡化營運和提高效率的努力進展順利，另外 2 個品牌於 10 月成功遷移到共享技術平台。同時，新興品牌持續表現強勁，在美國各自細分市場的下載量方面保持領先地位。

As a company, we must continue to take the necessary steps to build a durable and highly profitable business. We remain confident that Match Group is well positioned to capture the significant opportunities ahead, and we'll keep investing in innovation to seize them. That said, until we see clearer signs of improved revenue growth, we need to be highly strategic with our resources and exercise rigorous financial discipline.

作為一家公司，我們必須繼續採取必要的措施來建立持久且高利潤的業務。我們仍然相信，Match Group 處於有利位置，可以抓住未來的重大機遇，我們將繼續投資於創新，以抓住這些機會。也就是說，在我們看到收入成長改善的更明顯跡象之前，我們需要對我們的資源採取高度策略性的態度，並實行嚴格的財務紀律。

As a result of our portfolio approach, we have brands at various stages of their growth cycles and we remain committed to managing each one to match its unique circumstances.

由於我們的投資組合方法，我們擁有處於成長週期不同階段的品牌，我們仍然致力於管理每個品牌以適應其獨特的情況。

We look forward to sharing more of our strategy, product road maps and outlook at our first ever Investor Day on December 11. And with that, I will hand it off to Gary.

我們期待在 12 月 11 日的首屆投資者日上分享更多我們的策略、產品路線圖和前景。

Thanks, BK, and good morning, everyone. Great to be with you today. We met our expectations for total revenue in the quarter and exceeded our expectations for AOI with margins solid at 38%. That said, the levels of total revenue and AOI growth we achieved, 2% and 3%, respectively, remain below the levels we are targeting to consistently deliver.

謝謝，BK，大家早安。今天很高興和你在一起。我們達到了本季總收入的預期，並超越了我們對 AOI 的預期，利潤率穩定在 38%。儘管如此，我們實現的總收入和 AOI 成長水準分別為 2% 和 3%，仍低於我們持續實現的目標水準。

OI in the quarter was down 14% year-over-year. OI was impacted by $37 million of impairments and other charges related to our exit of Hakuna and other of our live streaming services, which was within the expectations we provided on the last earnings call.

本季 OI 年減 14%。 OI 受到了 3700 萬美元的減損和其他與我們退出 Hakuna 和其他直播串流服務相關的費用的影響，這符合我們在上次財報電話會議上提供的預期。

Severance and similar costs in Q3 were $3 million, which was less than what we had been expecting.

第三季的遣散費和類似成本為 300 萬美元，低於我們的預期。

Overall, payers declined 3% in the quarter to 5.2 million, while RPP increased 5% year-over-year to $19.26.

總體而言，本季付款人下降 3%，至 520 萬，而 RPP 較去年同期成長 5%，至 19.26 美元。

Tinder direct revenue of $503 million was down 1% year-over-year, but up 1% FX neutral in Q3.

Tinder 直接營收為 5.03 億美元，年減 1%，但第三季匯率中立成長 1%。

Additionally, Tinder began testing several initiatives to improve ALC revenue trends. These initiatives were generally more cannibalistic to subscription revenue than we had anticipated, and we opted to delay their rollout to allow time for additional iteration. This modestly impacted Q3 direct revenue, but we expect the delays in these ALC initiatives to have a more significant impact on Q4 revenue versus what we previously expected. We are expecting these features to contribute to Q4 revenue.

此外，Tinder 開始測試多項旨在改善 ALC 收入趨勢的措施。這些舉措對訂閱收入的影響通常比我們預期的更大，因此我們選擇推遲其推出，以便有時間進行額外的迭代。這對第三季的直接收入影響不大，但我們預計這些 ALC 計劃的延遲將對第四季度的收入產生比我們之前預期更顯著的影響。我們預計這些功能將為第四季度的收入做出貢獻。

Tinder payers declined 4% year-over-year in Q3, an improvement from down 8% in Q2, delivering 311,000 sequential payer additions, which was above our expectation of 250,000. We did some price testing of the weekly subscription package in the quarter, which drove higher payers than we had anticipated, but reduced RPP, which was up 4% year-over-year in the quarter to $16.87.

第三季 Tinder 付費用戶年減 4%，較第二季下降 8% 有所改善，連續增加了 311,000 名付費用戶，高於我們 25 萬名付費用戶的預期。我們在本季度對每週訂閱套餐進行了一些價格測試，這使得付費人數超出了我們的預期，但降低了 RPP，本季同比增長 4% 至 16.87 美元。

Tinder MAU were down 9% in the quarter, consistent with Q2 trends. We had expected to see improvement in year-over-year MAU trends in the quarter. However, in mid-September, we began to see weaker new user trends, which includes new registrations and reactivations of lapsed users than is typical at this time of year, a trend that has stabilized in October.

Tinder 本季月活躍用戶數下降 9%，與第二季的趨勢一致。我們原本預計本季月活躍用戶數年趨勢會有所改善。然而，從 9 月中旬開始，我們開始看到新用戶趨勢較往年同期的情況有所減弱，其中包括新註冊和失效用戶的重新激活，這一趨勢在 10 月份已趨於穩定。

The pressure on new users was largely confined to iOS. We are working collaboratively with Apple to investigate whether it's related to the introduction of iOS 18 in mid-September, certain trust and safety enhancements we made or another cause. This, in turn, has caused pressure on Tinder MAU. We are working on a number of initiatives to improve this trend.

新用戶面臨的壓力主要限於iOS。我們正在與 Apple 合作調查這是否與 9 月中旬推出的 iOS 18、我們所做的某些信任和安全性增強或其他原因有關。這反過來又給 Tinder MAU 帶來了壓力。我們正在採取一系列措施來改善這一趨勢。

Tinder remained a very high-margin business with 52% AOI margins in Q3.

Tinder 仍然是一個利潤率非常高的業務，第三季 AOI 利潤率為 52%。

Our Hinge brand continues to perform exceptionally well. Hinge delivered $145 million of direct revenue, up 36% year-over-year, driven by 21% year-over-year payer growth and 12% year-over-year RPP growth in Q3.

我們的 Hinge 品牌持續表現出色。在第三季付款人年增 21% 和 RPP 年成長 12% 的推動下，Hinge 實現了 1.45 億美元的直接收入，年增 36%。

Hinge continues to experience strong user growth in both core English-speaking markets and its European expansion markets, leading to 20% year-over-year MAU growth in Q3. The brand continues to climb the rankings in various countries and regions and to gain share versus key competitors.

Hinge 在核心英語市場及其歐洲擴張市場的用戶持續強勁成長，第三季月活躍用戶數較去年同期成長 20%。該品牌在各國和地區的排名持續攀升，並在與主要競爭對手的競爭中獲得市場份額。

Hinge also continues to iterate on a variety of product advances, including those that implement AI technologies to improve the user experience and outcomes.

Hinge 也持續迭代各種產品進步，包括那些實施人工智慧技術以改善使用者體驗和結果的產品。

Hinge's profitability picture was strong in Q3 with 35% AOI margins and year-over-year AOI growth of 65%. Margins were slightly elevated as Hinge pulled back on some marketing spend in this quarter in preparation for a Q4 marketing campaign.

Hinge 在第三季的獲利能力強勁，AOI 利潤率為 35%，AOI 較去年同期成長 65%。由於 Hinge 在本季度削減了部分行銷支出，為第四季度的行銷活動做準備，因此利潤率略有上升。

Our MG Asia business delivered direct revenue of $72 million, a decline of 6% year-over-year but down only 1% FX neutral. Payers increased 14% while RPP fell 18% year-over-year, partially due to FX impacts. Excluding the now exited Hakuna app from the prior year quarter, MG Asia direct revenue was down 2% year-over-year in Q3.

我們的 MG 亞洲業務直接收入為 7,200 萬美元，年減 6%，但受匯率影響僅下降 1%。付款人年增 14%，而 RPP 年減 18%，部分原因是匯率影響。排除去年同期已退出的 Hakuna 應用程序，MG Asia 第三季直接營收年減 2%。

MG Asia AOI margins were 25% in the quarter, leading AOI to be up 9% year-over-year.

MG Asia 本季 AOI 利潤率為 25%，導致 AOI 年比成長 9%。

Azar's direct revenue declined 2%, but was up 5% FX neutral in Q3. Azar grew MAU 14% year-over-year in the quarter.

第三季度，Azar 的直接收入下降了 2%，但在匯率中性因素下成長了 5%。本季 Azar 的月活躍用戶數較去年同期成長 14%。

European expansion continued to be solid with MAU in that market up 27% in the quarter. Azar has just entered the U.S. market which will be a critical market for success for the app to become a truly global brand.

歐洲擴張繼續穩健，該市場的月度活躍用戶數本季成長了 27%。 Azar 剛進入美國市場，這將是該應用程式成功成為真正的全球品牌的關鍵市場。

Payers direct revenue declined 1% in Q3, but was up 2% FX neutral as a number of marketing and product initiatives are contributing to stronger performance. User trends in the Japanese dating market appeared to finally be stabilizing.

第三季付款人直接收入下降了 1%，但由於許多行銷和產品措施促進了業績的強勁增長，因此在匯率中立的情況下增長了 2%。日本約會市場的用戶趨勢似乎終於趨於穩定。

At our Evergreen & Emerging brands, direct revenue was $158 million, a decline of 9% year-over-year. However, direct revenue was down only 4% when excluding revenue from live streaming services in the prior year quarter. Excluding live streaming revenue, gains in Emerging brands over the past few quarters have largely been offsetting declines from the Evergreen brands as we illustrated in the shareholder letter.

我們的 Evergreen & Emerging 品牌的直接收入為 1.58 億美元，年減 9%。然而，若剔除去年同期直播串流服務的收入，直接收入僅下降 4%。正如我們在股東信中所述，不包括直播收入，過去幾季新興品牌的成長在很大程度上抵消了長青品牌的下降。

E&E achieved a 26% AOI margin in Q3. We expect E&E's margins to continue to improve as we realize the benefits of the consolidation efforts.

E&E 在第三季實現了 26% 的 AOI 利潤率。我們預計，隨著我們認識到整合工作的好處，E&E 的利潤率將繼續提高。

Indirect revenue was $16 million in Q3, up 10% year-over-year, driven by a higher price per impression received and higher ad impressions.

第三季的間接收入為 1,600 萬美元，年增 10%，這得益於每次展示的價格上漲和廣告展示次數增加。

Turning to the cost side, including SBC expense. Cost of revenue declined 1% year-over-year and represented 28% of total revenue, down 1 point year-over-year as live streaming costs declined $8 million year-over-year. Credit card and app store fees declined $3 million year-over-year, while web hosting fees increased $4 million.

轉向成本方面，包括 SBC 費用。收入成本年減 1%，佔總營收的 28%，年減 1 個百分點，其中直播成本較去年同期下降 800 萬美元。信用卡和應用程式商店費用年減 300 萬美元，而網頁寄存費用增加 400 萬美元。

Selling and marketing costs increased $3 million or 2% year-over-year, primarily due to increased spend at Tinder, Hinge and certain Emerging brands. Selling and marketing spend was flat as a percentage of total revenue at 17%.

銷售和行銷成本年增 300 萬美元，即 2%，主要是由於 Tinder、Hinge 和某些新興品牌的支出增加。銷售和行銷支出佔總收入的比例持平，為 17%。

G&A costs declined 3% year-over-year and remained at 12% of total revenue as legal and professional fees declined by $6 million year-over-year.

由於法律和專業費用年減 600 萬美元，一般管理費用較去年同期下降 3%，佔總收入的 12%。

Product development costs grew 10% year-over-year, primarily as a result of higher head count and lower capitalized labor costs at Tinder along with higher software and hardware costs and were up 1% as a percent of total revenue at 12%.

產品開發成本年增 10%，主要是由於 Tinder 員工數量增加、資本化勞動成本降低以及軟體和硬體成本上升，產品開發成本佔總收入的比例成長 1%，達到 12%。

Depreciation was up $8 million year-over-year to $25 million, $5 million of which was related to the write-off of capitalized software due to Hakuna and live streaming services shutdowns.

折舊年增 800 萬美元，達到 2,500 萬美元，其中 500 萬美元與 Hakuna 和直播串流服務關閉導致的資本化軟體沖銷有關。

Impairments and amortization of intangibles increased primarily due to impairments of intangible assets of $31 million at E&E and MG Asia as a result of the termination of our live streaming services and our Hakuna brand.

無形資產減損和攤銷增加主要是因為我們的直播服務和 Hakuna 品牌終止導致 E&E 和 MG Asia 的無形資產減損 3,100 萬美元。

Beginning this quarter, we are disclosing our business units as 4 operating segments: Tinder, Hinge, MG Asia and E&E. In addition, we disclosed a corporate and unallocated cost category for expenses, which includes the corporate costs like Board of Directors and investor relations costs; certain corporate costs that have not been allocated to individual business units, such as legal and accounting costs; and certain shared services and central technology that we don't allocate to individual business units, such as central trust and safety services and certain central software.

從本季開始，我們將我們的業務部門揭露為 4 個營運部門：Tinder、Hinge、MG Asia 和 E&E。此外，我們也揭露了公司和未分配費用類別，其中包括董事會成本和投資者關係成本等公司成本；某些尚未分配給各個業務部門的公司成本，例如法律和會計成本；以及我們不分配給各個業務部門的某些共享服務和核心技術，例如中央信任和安全服務以及某些中央軟體。

Providing these additional disclosures offers better insight into the company's performance and reflects our in-depth focus on revenue growth and profitability.

提供這些額外的揭露可以更好地了解公司的業績，並反映出我們對收入成長和獲利能力的深入關注。

We may consider adjusting our methodology for allocating shared costs in the future to best reflect the profitability of each of our business units.

我們未來可能會考慮調整分攤成本的方法，以最好地反映我們每個業務部門的獲利能力。

Turning to our balance sheet. Our gross leverage was 3x trailing AOI and net leverage was 2.3x AOI at the end of Q3, below our target of less than 3x.

轉向我們的資產負債表。截至第三季末，我們的總槓桿率為 3 倍追蹤 AOI，淨槓桿率為 2.3 倍 AOI，低於我們低於 3 倍的目標。

We ended the quarter with $861 million of cash, cash equivalents and short-term investments on hand.

截至本季末，我們手頭現金、現金等價物和短期投資為 8.61 億美元。

In Q3, we repurchased 7.1 million of our shares at an average price of approximately $34 per share on a trade date basis for a total of $241 million. Year-to-date, we have deployed approximately 100% of our free cash flow, well above our latest commitment to deploy more than 75% of our free cash flow for share repurchases. We intend to continue returning at least 75% of our free cash flow to shareholders.

第三季度，我們以交易日平均價格約為每股 34 美元回購了 710 萬股股票，總金額為 2.41 億美元。今年迄今為止，我們已部署了約 100% 的自由現金流，遠高於我們最新承諾的將 75% 以上的自由現金流用於股票回購。我們打算繼續將至少 75% 的自由現金流返還給股東。

Turning to our outlook. For Q4 '24, we expect total revenue for Match Group of $865 million to $875 million, essentially flat year-over-year. Excluding revenue from Hakuna and other live streaming services that we have exited from the prior year quarter, total revenue growth would be 2% to 3% year-over-year.

轉向我們的展望。對於 24 年第四季度，我們預計 Match Group 的總收入為 8.65 億美元至 8.75 億美元，與去年同期基本持平。不包括我們從上一季退出的 Hakuna 和其他直播服務的收入，總收入將年增 2% 至 3%。

At Tinder, we expect direct revenue to be $480 million to $485 million, down 2% to 3% year-over-year in Q4. This range for Tinder incorporates the current MAU trends as well as the delayed ALC initiatives I noted earlier, each accounting for approximately half of the reduction to our Q4 expectations for Tinder.

在 Tinder，我們預計第四季的直接收入為 4.8 億至 4.85 億美元，年減 2% 至 3%。 Tinder 的這一範圍包含了當前的 MAU 趨勢以及我之前提到的延遲的 ALC 舉措，每項舉措都占我們對 Tinder 第四季度預期下降的大約一半。

We expect Tinder payers to decline mid-single digits year-over-year in Q4 with modest year-over-year RPP improvement offsetting a portion of that decline.

我們預計第四季度 Tinder 付費用戶數量將年減中個位數，而 RPP 較去年同期小幅改善將抵銷部分下降。

Within our other brands, we expect direct revenue to be $370 million to $375 million, up 3% to 5% year-over-year, lower than our previous expectations due to weaker trends in our E&E businesses. We expect Hinge to deliver direct revenue of approximately $145 million, roughly 25% year-over-year growth in Q4, driven by continued strong user trends and monetization efforts.

在我們的其他品牌中，我們預計直接收入為 3.7 億至 3.75 億美元，年增 3% 至 5%，低於我們先前的預期，因為我們的電子電氣業務趨勢疲軟。我們預計，在持續強勁的用戶趨勢和貨幣化努力的推動下，Hinge 第 4 季的直接收入將達到約 1.45 億美元，年成長約 25%。

The reduction in our outlook for company total revenue compared to the one we provided last quarter reflects approximately $25 million related to Tinder, half of which is attributable to weaker-than-expected MAU trends and half to the delayed ALC initiatives.

與上一季提供的預期相比，我們對公司總收入的預期有所下調，反映出與Tinder 相關的約2500 萬美元，其中一半歸因於MAU 趨勢弱於預期，另一半歸因於ALC 計劃的延遲。

The additional roughly $10 million reduction versus our prior expectations primarily reflects underperformance in direct revenue at our Evergreen brands and less than previously expected indirect revenue as we anticipated a few of our larger advertisers to pull back on spend during the holiday period.

與我們之前的預期相比，額外減少了約1000 萬美元，主要反映了我們的Evergreen 品牌的直接收入表現不佳，以及間接收入低於之前的預期，因為我們預計一些較大的廣告商會在假期期間削減支出。

We expect AOI of $335 million to $340 million in Q4, including approximately $7 million of severance and similar charges as well as the Canada digital services tax. This would translate to year-over-year AOI declines of 6% to 7% on an as-reported basis, but year-over-year growth of 4% to 6% when excluding the $40 million we received from Google, as part of the settlement of our lawsuit in the prior year quarter.

我們預計第四季度的 AOI 為 3.35 億至 3.4 億美元，其中包括約 700 萬美元的遣散費和類似費用以及加拿大數位服務稅。根據報告，這將意味著 AOI 年比下降 6% 至 7%，但如果不包括我們從 Google 收到的 4000 萬美元（作為去年季度我們的訴訟和解。

We expect marketing spend in the fourth quarter to be lower than the prior year quarter, primarily due to lower planned spend at Tinder, but higher expected spend at Hinge as we spend into the strength at that brand.

我們預計第四季度的行銷支出將低於去年同期，這主要是由於 Tinder 的計畫支出較低，但由於我們在品牌的實力上投入了資金，因此 Hinge 的預期支出較高。

At the midpoint of our total revenue and AOI ranges, margins in Q4 would be 39%.

以我們總收入和 AOI 範圍的中點計算，第四季的利潤率為 39%。

We now expect Match Group total revenue growth for the full year of 2024 of approximately 4%, roughly 5% FX neutral. Total revenue growth would be up 5% when excluding revenue from Hakuna and live streaming from the prior year quarter. We expect Tinder to achieve direct revenue growth of 1% to 2% and up roughly 3% FX neutral for full year 2024.

我們現在預計 Match Group 2024 年全年總營收成長約為 4%，匯率中性約為 5%。如果排除 Hakuna 和上一季直播的收入，總收入成長將成長 5%。我們預計 Tinder 2024 年全年的直接收入將實現 1% 至 2% 的成長，並且在匯率中立的情況下成長約 3%。

For full year 2024, Match Group is on pace to deliver AOI margins of at least 36% despite approximately $20 million of severance and other charges and the retroactive Canada DST, most of which we did not foresee at the beginning of the year and a shortfall in total revenue versus our expectations.

2024 年全年，Match Group 預計將實現至少 36% 的 AOI 利潤率，儘管有約 2000 萬美元的遣散費和其他費用以及追溯的加拿大 DST，其中大部分是我們在年初沒有預見到的，而且存在缺口總收入與我們的預期不符。

We expect free cash flow for 2024 to be approximately $1 billion.

我們預計 2024 年自由現金流約為 10 億美元。

While Hinge continues to perform exceptionally well and is solidly on the path to $1 billion of direct revenue that we have been speaking about and our MG Asia and E&E business units are performing relatively in line with our expectations and are roughly stable in aggregate in terms of direct revenue, we expect Tinder's recent user trends and delays in ALC initiatives that are affecting our Q4 revenue outlook to create weaker momentum for Tinder heading into 2025.

雖然 Hinge 繼續表現出色，並穩步邁向我們一直在談論的 10 億美元直接收入，但我們的 MG Asia 和 E&E 業務部門的表現相對符合我們的預期，並且總體上大致穩定直接收入方面，我們預計Tinder最近的用戶趨勢和ALC 計劃的延遲會影響我們第四季度的收入前景，從而導致Tinder 進入2025 年的勢頭減弱。

That said, Tinder has significant new product features in various stages of testing that we expect to roll out in the coming quarters. The impact of these initiatives as well as the trends over the balance of 2024 and into 2025 will dictate what we can deliver in terms of Tinder direct revenue growth, and therefore, whole company total revenue growth in 2025.

也就是說，Tinder 在各個測試階段都有重要的新產品功能，我們預計在未來幾季推出。這些措施的影響以及 2024 年和 2025 年的趨勢將決定我們在 Tinder 直接收入成長方面的表現，從而決定 2025 年整個公司總收入的成長。

We plan to review Tinder and our other businesses' product plans in detail at our upcoming Investor Day. We will translate all of this into a medium-term financial outlook for the company and provide our initial 2025 expectations.

我們計劃在即將到來的投資者日詳細審查 Tinder 和我們其他業務的產品計劃。我們將把所有這些轉化為公司的中期財務展望，並提供我們對 2025 年的初步預期。

We recognize that the company's growth trajectory requires us to be extremely financially disciplined to drive shareholder value and are contemplating several initiatives in that regard. We plan to discuss these programs and our expected margin trajectory at our Investor Day.

我們意識到，公司的成長軌跡要求我們在財務上嚴格自律，以推動股東價值，並正在考慮在這方面採取多項措施。我們計劃在投資者日討論這些計劃和我們的預期利潤軌跡。

While growth in the dating category and for some of our brands remains challenging, our profitability and free cash flow generation remain strong. When combined with a program to return significant amounts of capital to shareholders, we believe the company remains well positioned to drive meaningful free cash flow per share growth for the next several years and beyond.

儘管約會類別和我們一些品牌的成長仍然充滿挑戰，但我們的獲利能力和自由現金流仍然強勁。當與向股東返還大量資本的計劃相結合時，我們相信該公司仍處於有利位置，可以在未來幾年及以後推動每股自由現金流的有意義的增長。

We are also confident that our product innovation, especially with AI, could drive additional growth over the medium term.

我們也相信，我們的產品創新，尤其是人工智慧的創新，可以在中期內推動進一步成長。

We plan to lay out our capital allocation approach and overall view on shareholder value creation when we meet in December.

我們計劃在 12 月的會議上闡述我們的資本配置方法和對股東價值創造的整體看法。

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) Ross Sandler, Barclays.

（操作員說明）Ross Sandler，巴克萊銀行。

Great. So I guess, Gary, starting with the Tinder top of funnel trends, could you just elaborate a little bit more on what's going on? You mentioned iOS and a few other things around top of funnel and the weaker MAU at the end of 3Q and then what's happening right now in 4Q.

偉大的。所以我想，Gary，從 Tinder 漏斗趨勢的頂部開始，您能詳細說明一下正在發生的事情嗎？您提到了 iOS 和漏斗頂部的其他一些事情以及第三季末較弱的月活躍用戶數，以及第四季度目前發生的情況。

And as we turn ahead to '25, other than cranking on marketing, what other trends might help drive top of funnel at Tinder? And I guess, related to this, did you feel like Tinder's operating margin at 52% is at the right level? Or how do we think about that long term?

當我們轉向 25 世紀時，除了加強行銷力度之外，還有哪些趨勢可能有助於推動 Tinder 進入漏斗頂端？我想，與此相關的是，您是否認為 Tinder 52% 的營業利潤率處於合適的水平？或者我們如何看待這個長期問題？

Thanks, Ross. This is BK. I'm going to handle the first part of that question, and Gary can jump in on the margin side. So we did see a step-back in Tinder's MAU growth starting in mid-September, and as Gary mentioned in his comments, we're investigating several possible causes. This includes the introduction of iOS 18 and some recent trust and safety enhancements that may have added to friction for daters.

謝謝，羅斯。這是BK。我將處理這個問題的第一部分，加里可以在邊緣部分介入。因此，我們確實看到 Tinder 的每月活躍用戶數增長從 9 月中旬開始出現了下滑，正如加里在評論中提到的，我們正在調查幾個可能的原因。這包括 iOS 18 的引入以及最近的一些信任和安全增強功能，這些功能可能會增加約會者的摩擦。

While I believe this step-back isn't what we wanted, we don't see this as a long-term structural shift. Our team's top priority remains driving product innovation, and that's where Tinder's focus is. We know we need to clean up the ecosystem and create better experiences, especially for younger users and women, and we're working on it, but meaningful changes do take time.

雖然我認為這種後退並不是我們想要的，但我們並不認為這是一個長期的結構性轉變。我們團隊的首要任務仍然是推動產品創新，這也是 Tinder 的重點。我們知道我們需要清理生態系統並創造更好的體驗，特別是對於年輕用戶和女性，我們正在努力，但有意義的改變確實需要時間。

Now you mentioned marketing, and it's definitely key to reinforce Tinder's brand and promoting new products. But marketing alone will not drive top-of-funnel growth, that's why our focus is on product-led strategies to build sustainable engagement.

現在您提到了行銷，強化 Tinder 品牌和推廣新產品絕對是關鍵。但僅靠行銷並不能推動漏斗頂部的成長，這就是為什麼我們專注於以產品為主導的策略，以建立可持續的參與度。

We're excited for Investor Day so we can lay out our product road map and discuss our plans to get Tinder back on track. We're confident in these plans.

我們對投資者日感到興奮，因此我們可以製定產品路線圖並討論讓 Tinder 重回正軌的計劃。我們對這些計劃充滿信心。

And Ross, I think on the AOI margin question, at Tinder, look, I mean, Tinder has AOI margins that you really don't see anywhere else. And over the last couple of years, we have been investing more dollars and the margins have actually come down a little bit from where they were as we put a couple more points into marketing, more points into product development as well to try to build out the team. We know we have to do a real transformation on the product side, and we've obviously been investing in the brand story as well as we've talked about many times.

Ross，我認為關於 AOI 邊距問題，在 Tinder 上，我的意思是，Tinder 的 AOI 邊距是你在其他地方看不到的。在過去的幾年裡，我們一直在投資更多的美元，而利潤實際上比原來有所下降，因為我們在行銷上投入了更多的精力，在產品開發上投入了更多的精力，並試圖建立團隊。我們知道我們必須在產品方面進行真正的轉型，而且我們顯然一直在投資品牌故事，並且我們已經多次討論過。

So the margins have come down a little bit. We haven't gotten the revenue improvement we were really seeking from all that. And I think we have to proceed carefully from here. I feel really good about the team and where the team is. And I think we have the resources we need on the product side, we just need to keep plugging away at the product.

因此，利潤率有所下降。我們並沒有從這一切中獲得我們真正尋求的收入改善。我認為我們必須從這裡開始謹慎行事。我對這支球隊以及球隊的位置感覺非常好。我認為我們在產品方面擁有所需的資源，我們只需要繼續努力開發產品。

And as BK said, the marketing will follow as we see improvements in the product. If we saw some real material step-forward on product, I wouldn't hesitate to put more dollars into marketing. But unless and until we see that, we're going to proceed carefully on margins on both the product development side as well as on the marketing side and put the pedal to the metal, if you will, once we see those real product transformations occur.

正如 BK 所說，當我們看到產品的改進時，行銷也會隨之而來。如果我們看到產品取得了一些真正的實質進展，我會毫不猶豫地在行銷上投入更多資金。但是，除非並且直到我們看到這一點，否則一旦我們看到真正的產品轉型發生，我們將在產品開發方面和行銷方面謹慎對待利潤，並全力以赴，如果你願意的話。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Could you help us understand what's contributing to the a la carte delays here? Is it product market fit? Is it pricing? Just any additional color would be really helpful. And when should we think about these products or features going live?

您能否幫助我們了解造成點菜延誤的原因是什麼？產品是否適合市場？是定價嗎？只要任何額外的顏色就會非常有幫助。我們什麼時候應該考慮這些產品或功能的上線？

And then I guess relatedly, you've spoken about unbundling some of your -- the features that are included in your subscriptions at Tinder, things like Passport, the Likes You feature. Can you just give us an update as to where we stand there?

然後我想，與此相關的是，您談到了分拆 Tinder 訂閱中包含的一些功能，例如 Passport、Likes You 功能。您能否向我們介紹一下我們目前的最新情況？

Thanks, Ben. This is BK. I'm happy to talk through our product progress. Our team has made solid progress in Q3, getting 4 a la carte features into testing.

謝謝，本。這是BK。我很高興談論我們的產品進度。我們的團隊在第三季取得了紮實的進展，將 4 個點菜功能投入測試。

Testing carefully before a full rollout is essential, so we can understand their impact on both revenue and the ecosystem. And sometimes, this actually means more rounds of testing and iteration than we'd like. But getting it right is key.

在全面推出之前仔細測試至關重要，這樣我們才能了解它們對收入和生態系統的影響。有時，這實際上意味著比我們想要的更多輪的測試和迭代。但正確處理是關鍵。

Here's a look at what we've been testing, and let me break it down for you. First, our unbundled features. We offered Passport as a one-off a la carte option outside of a plus subscription, and we've seen some cannibalization here, but we're testing carefully with targeted groups to find the best approach.

以下是我們一直在測試的內容，讓我為您詳細介紹。首先，我們的非捆綁功能。我們將 Passport 作為附加訂閱之外的一次性點菜選項提供，我們在這裡看到了一些蠶食，但我們正在與目標群體進行仔細測試，以找到最佳方法。

Likes You is a feature that allows users to act to selected likes without having a gold subscription, and it's shown some cannibalistic effects to gold subscription. So we're refining it by testing specific customer segments with new merchandising approaches.

Likes You 是一項允許用戶在沒有黃金訂閱的情況下對選定的點讚採取行動的功能，並且它對黃金訂閱表現出了一些同類相食的效果。因此，我們透過使用新的行銷方法測試特定的客戶群來完善它。

Then our new ALC features, First Impressions, allows users to send a personalized message on specific profile elements. Think of this as a swipe note that adds a touch of meaning to new connections. And we've extended testing to continue tracking its ecosystem impact.

然後，我們的新 ALC 功能「第一印象」可讓使用者發送有關特定個人資料元素的個人化訊息。可以將其視為一個滑動筆記，為新的聯繫增添了一絲意義。我們還擴大了測試範圍，以繼續追蹤其生態系統影響。

And the fourth feature that we've tested encourages quicker engagement by setting a time limit on matches. And we've seen a boost in post-match messaging, but it also impacted daily active users, especially with women.

我們測試的第四個功能是透過設定比賽時間限制來鼓勵更快的參與。我們看到賽後訊息傳遞增加，但它也影響了日常活躍用戶，尤其是女性用戶。

While these engagement gains are promising and address ghosting concerns, we're revisiting the mechanic to minimize any negative effects on the ecosystem.

雖然這些參與度效益很有希望並解決了重影問題，但我們正在重新審視這個機制，以盡量減少對生態系統的負面影響。

Now we're optimistic about rolling out the first 3 features more broadly in the coming months, but we believe that these ALC options had really affordable values for certain users and we're refining our targeting to make sure we're going after the right segments at the right time.

現在，我們對在未來幾個月內更廣泛地推出前3 個功能持樂觀態度，但我們相信這些ALC 選項對於某些用戶來說確實具有負擔得起的價值，我們正在完善我們的目標，以確保我們追求正確的目標在正確的時間進行細分。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

I just want to dig in a bit more on the payers as far as like 3Q to 4Q at Tinder. I mean, obviously, when you're kind of modeling this out, you're looking over time. Was there any kind of pull-forward that you think could have happened in the quarter due to certain initiatives, whether -- like intended or unintended that ultimately resulting in that lower payer number in the fourth quarter? Or is it really the point you were making about the lower starting MAU and then the ALC headwinds combined with potentially the iOS issues?

我只是想深入了解 Tinder 的第三季到第四季的付款人。我的意思是，顯然，當你對此進行建模時，你會隨著時間的推移進行觀察。您認為由於某些舉措可能會在本季度發生任何類型的提前，無論是有意還是無意，最終導致第四季度付款人數量減少？或者這真的是您所表達的關於較低的起始 MAU 以及隨後的 ALC 逆風以及潛在的 iOS 問題的觀點嗎？

Sure. Why don't I take that, Jason. I mean, the MAU momentum we had in most of the third quarter and leading into the third quarter, was stronger and that led us to perform better from a payer perspective. There is some sequential seasonal effect as well. If you look back at history, Q3 tends to be sequentially stronger as well. So there's some of that.

當然。我為什麼不接受這個，傑森。我的意思是，我們在第三季的大部分時間以及進入第三季的每月活躍用戶勢頭更加強勁，這使得我們從付款人的角度表現得更好。還有一些連續的季節性影響。如果回顧歷史，第三季往往也會依序走強。所以有一些。

But there clearly was better MAU momentum, which led to better year-over-year payer growth. And as a result of that, we got strong sequential payer growth as well.

但顯然，每月活躍用戶的勢頭有所改善，這導致了付款人的同比增長。因此，我們的付款人也實現了強勁的連續成長。

So the reversing of that with weaker momentum, which really started very late in the third quarter and carried over into the beginning of the fourth quarter, kind of that mid-September to October time frame, makes it more difficult on the payer front as well in Q4 and we've taken a step back in that regard, as BK said.

因此，這種趨勢的逆轉，勢頭較弱，實際上在第三季度很晚才開始，並延續到第四季度初，也就是九月中旬到十月的時間框架，這也使得付款人方面變得更困難。

And so I haven't done the precise math, but targeting that mid-single-digit year-over-year payer decline, I think that if we end up with something like negative 3%, probably have close to 300,000 sequential decline. If it's worse than that negative 5% would be something closer to 500,000 of sequential decline. And so that's the range I think we're looking at for the fourth quarter. Obviously, we're working as feverishly as we can to arrest the MAU situation and drive payer growth.

因此，我沒有進行精確的計算，但以中個位數的同比付款人下降為目標，我認為如果我們最終出現負 3% 之類的情況，可能會出現接近 300,000 人的連續下降。如果比負 5% 更糟，則環比下降接近 500,000。我認為這就是我們第四季的預期範圍。顯然，我們正在盡最大努力遏制每月活躍用戶數量並推動付款人成長。

I do think it's important to point out that just given the overall broad product transformation that's going on at Tinder, some of this kind of change in direction quarter-over-quarter may be expected. Obviously, we'd like to see strong and steady improvement, but really it's about the product transformation that Tinder is undertaking to really drive better MAUs, better KPIs generally through '25 and beyond, and therefore, drive payer improvement and ultimately, revenue improvement. That's really what we need to see.

我確實認為有必要指出，鑑於 Tinder 正在進行的整體廣泛的產品轉型，預計每個季度都會出現一些方向性的變化。顯然，我們希望看到強勁而穩定的改進，但實際上，Tinder 正在進行的產品轉型是為了真正推動更好的MAU、更好的KPI，一般到25 年及以後，從而推動付款人改進，並最終提高收入。這確實是我們需要看到的。

I also will point out that we talked about the MAU issue that we've been seeing as an iOS issue primarily. And just keep in mind, those are some of the higher value users and payers on iOS. And so it being more of an iOS issue does put more pressure on the payer number. So that's another factor in all of this. So hopefully, that gives you at least some of the color to explain kind of what's been going on.

我還要指出的是，我們討論了 MAU 問題，我們一直將其視為主要的 iOS 問題。請記住，這些是 iOS 上的一些高價值用戶和付款人。因此，這更多是一個 iOS 問題，確實給付款人數量帶來了更大的壓力。這是所有這一切的另一個因素。希望這至少能給你一些顏色來解釋正在發生的事情。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD·考恩。

Great. So on the Hinge 4Q revenue guide, the 4Q revenue growth looks really strong, but decelerating a bit more than we expected. If you could provide any color on drivers of Hinge revenue growth, that would be great.

偉大的。因此，在 Hinge 第四季營收指南中，第四季營收成長看起來非常強勁，但減速幅度比我們預期的要大一些。如果您能提供有關 Hinge 收入成長驅動因素的任何信息，那就太好了。

Sure, John. I'm happy to do that. If you remember back to last 4Q, Hinge rolled out weekly subscription packages in that quarter because we had seen such good success with Tinder and other brands in the portfolio and we decided it made sense to roll them out at Hinge as well. And so what you're really seeing in Q4 when you look on a growth rate perspective is really the fact that it's comping against last Q4 where we saw significant jump in revenue at Hinge as a result of weeklies rolling out in that period of time. So that's really what's going on.

當然，約翰。我很高興這樣做。如果您還記得上個第四季度，Hinge 在該季度推出了每週訂閱套餐，因為我們看到Tinder 和產品組合中的其他品牌取得了巨大成功，因此我們認為在Hinge 上推出這些套餐也是有意義的。因此，當你從成長率的角度來看時，你在第四季度真正看到的事實是，它與上個第四季度相比，我們看到由於那段時間推出了周刊，Hinge 的收入大幅增長。這就是真正發生的事情。

I would say if you take a step back away from the quarter-to-quarter trends, we're really happy with what's going on at Hinge. The user growth remains strong. The market share gains remain strong. The product continues to resonate. The brand story continues to resonate. And as a result of that, I'm expecting Hinge to continue to grow at a very nice clip to add quantum of revenue in '25, similar to what's been added in 2024. And the story there remains a great one.

我想說的是，如果你從季度趨勢中退一步來看，我們對 Hinge 所發生的事情感到非常滿意。用戶成長依然強勁。市場佔有率的成長依然強勁。該產品繼續引起共鳴。品牌故事繼續引起共鳴。因此，我預計 Hinge 將繼續以非常好的速度成長，在 25 年增加收入，類似於 2024 年增加的收入。

So really, from my perspective, feel really good about what's going on at Hinge.

所以，從我的角度來看，我對 Hinge 發生的事情感覺非常好。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Yes, really encouraging momentum there at Hinge. Want to dig in a bit more on Your Turn Limits future. It's rare you can launch a feature that increases friction and engagement. First, anything you can give on user receptivity? Has there been any user growth or churn impact as you pull that out?

是的，Hinge 的勢頭確實令人鼓舞。想要深入了解《輪到你的回合限制》的未來。您很少能推出增加摩擦和參與的功能。首先，您可以為使用者的接受度提供哪些建議？當你把它拿出來時，是否有任何用戶成長或流失影響？

And then second, do you see opportunities to nudge people to deeper engage with matches they've already made either at Hinge or other brands in the portfolio?

其次，您是否認為有機會推動人們更深入參與他們在 Hinge 或產品組合中其他品牌已經進行的配對？

Thanks, Nathan, for the insights and positive comments on Hinge. First and foremost, Your Turn Limits is a great example of product innovation in the dating category. The Hinge team has historically excelled really well here with launching innovation features like voice prompts in the marketplace, and Your Turn Limits build on that strength.

感謝 Nathan 對 Hinge 的見解和積極評論。首先也是最重要的是，Your Turn Limits 是約會類別中產品創新的一個很好的例子。 Hinge 團隊在這方面一直表現出色，在市場上推出了語音提示等創新功能，而 Your Turn Limits 正是建立在這一優勢之上。

And you're right, the thinking behind Your Turn Limits is a bit counterintuitive since it introduces some additional friction, but the key insight the team had here is while daters tend to match freely, they usually only focus on a couple of conversations at a time, focusing on quality over quantity. By helping users focus on their open chat, we can actually boost responsiveness and ultimately get more people out on dates.

你是對的，「你的回合限制」背後的想法有點違反直覺，因為它引入了一些額外的摩擦，但團隊在這裡得到的關鍵見解是，雖然約會者傾向於自由匹配，但他們通常只關注一次的幾次對話。透過幫助用戶專注於他們的公開聊天，我們實際上可以提高響應能力並最終讓更多的人出去約會。

As a first-of-its-kind feature in the category, the response has been very positive globally with headlines actually crediting us for addressing the ghosting problem in dating apps. This is a great validation for our teams, and it shows that product innovation in this space will be well received by users.

作為該類別中的首創功能，全球反應非常積極，頭條新聞實際上稱讚我們解決了約會應用程式中的重影問題。這對我們團隊來說是一個很好的驗證，也顯示這個領域的產品創新將會受到用戶的好評。

Now it's tough to link product launches directly to user growth, given that rollout takes time. However, the timing of Hinge's very strong Q3 and early Q4 performance does align well with this feature launch so we're really pleased with what we're seeing so far. And as with any new feature, we share these learnings across the entire portfolio and the entire company is learning from this product launch. Thanks for the question.

現在很難將產品發布與用戶成長直接聯繫起來，因為推出需要時間。然而，Hinge 在第三季和第四季早期表現強勁的時機確實與此功能的發布非常吻合，因此我們對迄今為止所看到的情況感到非常滿意。與任何新功能一樣，我們在整個產品組合中分享這些經驗教訓，整個公司都在從這次產品發布中學習。謝謝你的提問。

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

Going back to Tinder and just think about the comments on how product kind of leads the way over marketing at first. And I know we'll hear a lot more about products from -- at the Investor Day in a few weeks, but you called out a few products like spotlight drops, you talked about the broadening of the Explore tab. What impacts are you seeing there? Anything else you could help us think through around the cadence of products at Tinder and kind of where we're going from here?

回到 Tinder，想想關於產品如何領先於行銷的評論。我知道我們會在幾週後的投資者日聽到更多有關產品的信息，但您提到了一些產品，例如聚光燈，您談到了“探索”選項卡的拓寬。您在那裡看到了什麼影響？您還有什麼可以幫助我們思考 Tinder 產品的節奏以及我們未來的發展方向嗎？

Thanks, Ygal, for the question. These new features, spotlight drops and the broad and expanded Explore tabs are already helping users find more people that they're genuinely interested in. Early results are promising, but we believe that there's even more potential to refine these features to drive even stronger engagement.

謝謝伊加爾的提問。這些新功能、焦點投放以及廣泛且擴展的「探索」標籤已經在幫助用戶找到更多他們真正感興趣的人。還有更大的潛力。

The team is continuing to iterate on both spotlight drops and Explore, aiming to make it easier for users to get better matches with less effort.

團隊正在繼續迭代Spotlight Drop和Explore，旨在讓用戶更輕鬆地以更少的努力獲得更好的匹配。

By broadening the Explore tab, we believe that these new tiles will focus on shared interest and intention and creating a more dynamic tailored experience that resonates, especially with younger users and women. And we believe that these features are truly learning tools for our organization. For instance, they're helping us gather valuable insights on how recommendation changes impact the user experience. And we're learning from the importance of match factors like relationship intent.

透過擴大「探索」選項卡，我們相信這些新圖塊將專注於共同的興趣和意圖，並創造更動態、能引起共鳴的客製化體驗，尤其是與年輕用戶和女性。我們相信這些功能對我們的組織來說是真正的學習工具。例如，他們幫助我們收集有關推薦變更如何影響使用者體驗的寶貴見解。我們正在學習關係意圖等匹配因素的重要性。

All of these insights and rollouts are shaping the way that we approach Tinder's future. They're feeding directly into the larger scale innovations that we have planned for 2025.

所有這些見解和推出都正在塑造我們對待 Tinder 未來的方式。它們直接融入我們計劃於 2025 年進行的更大規模的創新。

Now ultimately, our product road maps and our teams are focused on improving ecosystem health and user outcomes across the board. And the cadence of these rollouts are intentional. We're building these features step by step to ensure that they're impactful and aligned with what users want today and in the future. Thanks for the question.

現在，我們的產品路線圖和團隊最終致力於全面改善生態系統的健康和使用者成果。這些推出的節奏是有意為之的。我們正在逐步建立這些功能，以確保它們具有影響力並符合用戶當前和未來的需求。謝謝你的提問。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

Gary, you talked a bit about the impact from the 4Q guidance on 2025. Any more color or puts and takes you can give us as you think about that initial '25 outlook?

加里，您談到了第四季度指導對 2025 年的影響。

As I said in my remarks, I feel like we have a pretty good handle on Hinge's trajectory. We've seen similar situations before and so we have a pretty good ability to predict where that business is going. And similarly, the E&E business and Match Group Asia are fairly stable, and so I think we can keep them there and that helps fill out the picture for 2025 as well.

正如我在發言中所說，我覺得我們對 Hinge 的軌跡掌握得很好。我們以前見過類似的情況，因此我們有很好的能力來預測業務的發展方向。同樣，E&E 業務和 Match Group Asia 也相當穩定，因此我認為我們可以將它們保留在那裡，這也有助於充實 2025 年的前景。

So just given the size, obviously, the contribution that it makes to the overall picture, it really comes down to Tinder. And there are so many things in flight at Tinder and we're not really ready yet to kind of put a pin in it. I think in December we'll definitely give more color on the cadence of the product rollouts, what we think things are going to provide at Tinder and how we see that playing out through '25. So we'll be in a better position to do it then.

因此，只要考慮到它的規模，顯然，它對整體情況的貢獻，它實際上取決於 Tinder。 Tinder 上有很多事情正在醞釀中，但我們還沒有真正準備好將其固定下來。我認為在 12 月，我們肯定會更多地介紹產品推出的節奏、我們認為 Tinder 將會提供什麼以及我們如何看待它在 25 年的發展。這樣我們就能更好地做到這一點。

Obviously, also just with the step-back in MAU over the last 1.5 months, want to see how the rest of November plays out, which will be informative as well for '25. So as I called out, it does give us a little bit weaker momentum than we would have preferred going into '25 just what the recent developments have been at Tinder, and it really is more of a product transformation story.

顯然，隨著過去 1.5 個月 MAU 的下降，我們想看看 11 月剩餘時間的表現如何，這也將為 25 年提供資訊。因此，正如我所說，它確實給我們帶來的動力比我們希望進入 25 年的動力要弱一些，就像 Tinder 最近的發展一樣，而且它實際上更像是一個產品轉型的故事。

We need to improve the health of the ecosystem. We need to improve are standing with younger users, with women. And if we can roll out products that accomplish that, that's really going to drive growth in 2025 and beyond. And if Tinder is able to do that, that obviously contributes and affects what we can deliver from a company-wide perspective as well.

我們需要改善生態系的健康。我們需要改進與年輕用戶和女性的關係。如果我們能夠推出實現這一目標的產品，那確實將推動 2025 年及以後的成長。如果 Tinder 能夠做到這一點，那麼從全公司的角度來看，這顯然也會有助於並影響我們所能提供的服務。

So more details on that at Investor Day, and subsequently, when we do our earnings call in February as well, we'll put an even sort of more fine point on it.

因此，在投資者日會詳細介紹這一點，隨後，當我們在二月份召開財報電話會議時，我們將對此提出更詳細的觀點。

The only other thing that I would add is that just given what the top line trends are, we need to be very mindful of margins. So we're trying to carefully balance the investments with growth in margin, BK and I spent a lot of time focused on that. It's a real -- it's something I think we have historically done and done well. But there is obviously more pressure on expanding margins given the top line trends. And so we're trying to be as financially disciplined as we can. And I do believe there's a path for continued margin improvement at the company and we are focused on that.

我要補充的唯一一件事是，考慮到營收趨勢，我們需要非常注意利潤率。因此，我們正在努力平衡投資與利潤成長，BK 和我花了很多時間專注於此。這是真實的——我認為我們歷史上已經做過並且做得很好的事情。但考慮到收入趨勢，擴大利潤率顯然面臨更大的壓力。因此，我們正在努力盡可能遵守財務紀律。我確實相信公司有一條持續提高利潤率的道路，我們正在關注這一點。

So as we look at 2025 outlook, we'll talk about that in more detail at Investor Day and beyond and give you some color around that as well. But from an overall expectations perspective, I do think expecting continued margin improvement is something that we will be talking about.

因此，當我們展望 2025 年前景時，我們將在投資者日及以後更詳細地討論這一點，並為您提供一些相關的資訊。但從整體預期的角度來看，我確實認為預期利潤率持續改善是我們將要討論的問題。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Gary, I wanted to touch on that Evergreen & Emerging stability a little bit more. This quarter was less extreme in terms of sequential revenue declines. How much closer are we towards seeing the Emerging side of the business start to offset the Evergreen declines?

偉大的。蓋瑞，我想多談談常青樹和新興的穩定性。本季營收季減幅度沒有那麼極端。我們距離看到新興業務開始抵消常綠樹業務的下滑還有多遠？

And then from the margin perspective, you did indicate that there's potential for that to go higher as we see some of the cost efficiencies come through. How much higher do you think we can go? I assume you still have some investment in there to support that Emerging growth?

然後從利潤的角度來看，您確實指出，隨著我們看到一些成本效率的實現，利潤率有可能會更高。你認為我們還能走多高？我想您仍然有一些投資來支持新興成長？

Yes. Thanks for the question, Justin. Look, we put a chart into the letter to kind of go through this because there's a live streaming piece that isn't continuing.

是的。謝謝你的提問，賈斯汀。聽著，我們在信中放了一張圖表來詳細說明這一點，因為有一個直播片段沒有繼續。

But when you take out the live streaming piece, I think what you can see is the gains in revenue at the Emerging brands are coming very close to offsetting the declines in the Evergreen. So we need to keep the Evergreen declines under control and we need to keep driving growth at the Emerging brands. And I do think that we're in position sometime in 2025 to find that crossover point where the growth in Emerging is exceeding the declines at the Evergreen.

但當你拿出直播部分時，我認為你可以看到新興品牌的收入成長非常接近抵銷常青品牌的下降。因此，我們需要控制常青品牌的下滑，並繼續推動新興品牌的成長。我確實認為，我們將在 2025 年的某個時候找到一個交叉點，即新興市場的成長超過常青樹的下降。

I don't know if it will be every single quarter and perfectly linear, but at the end of the day we're very close and I think we're going to cross that threshold at some point in 2025.

我不知道是否每個季度都會實現完美線性，但最終我們已經非常接近了，我認為我們將在 2025 年的某個時候跨越這個門檻。

I do think that the E&E business is also a story of margin expansion. If you look back in 2023 when we first launched the consolidation project, the margins in that business were in the low 20s percent range, which was well below where the company was and where we wanted to be. And so we launched this project, and ultimately, I think when you look at 2026 and beyond, once all the benefits of that project are fully phased in, the margin of that business should be nicely north of 30%.

我確實認為電子電氣業務也是一個利潤擴張的故事。如果你回顧 2023 年我們首次啟動整合專案時，該業務的利潤率僅為 20% 左右，遠低於公司的現況和我們想要的目標。因此，我們啟動了這個項目，最終，我認為，當你展望 2026 年及以後時，一旦該項目的所有優勢完全發揮出來，該業務的利潤率應該會遠遠超過 30%。

And again, we'll go through some of the specifics at the Investor Day, but it's a significant improvement in margin and that incorporates investing in marketing and other things that we need to drive the growth that I talked about at the Emerging brands.

再說一遍，我們將在投資者日討論一些具體細節，但這是利潤率的顯著改善，其中包括對行銷和其他我們需要推動我在新興品牌中談到的成長的投資。

So that's sort of all-in cost savings from the consolidation, investments in marketing at some of the Emerging brands as well as the revenue picture with the Evergreen and the Emerging brands that I described. So I do think it's an important point to call out, and I appreciate the question.

因此，這就是我所描述的整合、對一些新興品牌的行銷投資以及長青和新興品牌的收入情況所節省的全部成本。所以我確實認為這是一個值得指出的重要觀點，我很欣賞這個問題。

James Heaney, Jefferies.

詹姆斯·希尼，杰弗里斯。

You've been able to hold your margin target at 36% despite all the moving pieces this year. How do you get comfortable that you're making just the right levels of investment across the business, Tinder and Hinge?

儘管今年發生了許多變化，但您仍然能夠將利潤率目標保持在 36%。您如何確信自己在整個業務、Tinder 和 Hinge 中進行了適當的投資？

Why don't I jump in and take that? Thanks, James. Look, I appreciate you pointing out that we've been able to keep the margin at 36% or better despite the fact there are a lot of moving pieces this year, some unexpected things like the Canada DST, which really doesn't do anything for us on the revenue side, but it hurts us on the cost side. And obviously, the revenue has not been what we anticipated at the beginning of the year as well.

我為什麼不跳進去接受它呢？謝謝，詹姆斯。聽著，我很感謝你指出我們能夠將利潤率保持在 36% 或更好，儘管今年有很多變化，一些意想不到的事情，比如加拿大夏令時，實際上沒有任何作用在收入方面對我們有利，但在成本方面卻損害了我們。顯然，收入也沒有達到我們年初的預期。

So we've been really managing it. And as I said, in response to Cory's question, BK and I and others, Steve Bailey spent a lot of time focusing on making sure we're making the right trade-offs because we are managing a portfolio of brands. They're each in different stages of growth and investment, and we need to properly make those trade-offs. That's really the name of the game for us. And so we spend a lot of focus on that.

所以我們一直在真正管理它。正如我所說，在回答 Cory、BK、我和其他人的問題時，Steve Bailey 花了很多時間專注於確保我們做出正確的權衡，因為我們正在管理品牌組合。它們各自處於不同的成長和投資階段，我們需要適當地進行權衡。這確實是我們的遊戲名稱。因此我們對此投入了大量精力。

I think if you look at some of the things we've done even over the last couple of years, we've been able to fund additional investment at Tinder, which we thought was necessary on the product side, on the marketing side to improve the picture at the business. And while we haven't seen the impact we were hoping for yet, it's very -- it's been very important to try to position us to deliver what we need to deliver at Tinder. So we've been able to find ways to make those trade-offs.

我認為，如果你看看我們過去幾年所做的一些事情，我們已經能夠為 Tinder 提供額外的投資，我們認為這在產品方面和行銷方面是必要的，以改進企業的照片。雖然我們還沒有看到我們所希望的影響，但嘗試讓我們能夠在 Tinder 上提供我們所需提供的服務是非常重要的。因此，我們已經能夠找到進行這些權衡的方法。

I think if you look at Hinge, we've been expanding that business internationally, particularly across Europe. We've made significant investments there on the marketing side and some on the product side as well. So -- and that's another one.

我認為，如果你看看 Hinge，我們一直在國際上擴展該業務，特別是在整個歐洲。我們在行銷方面進行了大量投資，在產品方面也進行了一些投資。那麼——那是另一件事。

And then we also have these new bets continually happening, which is critical to our portfolio strategy, laying the seeds for the future. And we do that with brands like Archer where we made substantial investment to try to build that business and gain share from the large competitor that exists in that space.

然後我們也會持續進行這些新的押注，這對我們的投資組合策略至關重要，為未來奠定了基礎。我們透過像 Archer 這樣的品牌來做到這一點，我們進行了大量投資，試圖建立該業務並從該領域存在的大型競爭對手那裡獲得份額。

So we're doing all that. And then we're taking actions on the other side, which are helping to offset some of those investments. So we've talked a lot about kind of what's going on in the E&E consolidation. I talked about some of the margin enhancement there. That's helping fund some of the things that we're doing on the investing side. The same is true of our decision to exit live streaming and the Hakuna app, those were not helping us from a margin perspective. And we're redeploying the dollars from those businesses into Tinder, into Hinge where we think we get more benefit.

所以我們正在做這一切。然後我們在另一方面採取行動，這有助於抵消其中一些投資。我們已經討論了很多關於電子電氣整合中正在發生的事情。我在那裡談到了一些利潤率的提高。這有助於為我們在投資方面所做的一些事情提供資金。我們退出直播和 Hakuna 應用程式的決定也是如此，從利潤角度來看，這些並沒有幫助我們。我們正在將這些業務的資金重新部署到 Tinder 和 Hinge 中，我們認為我們可以從中獲得更多收益。

So it's a constant balancing. And as we said in the remarks, we have to manage the different brands in the portfolio for the stage of life they're at. Some require a lot of initial investment because they're just starting to take off. Some are more mature and we need to pull back on the investment as much as we can and manage them more from a profitability and cash flow perspective. And that is core to the Match Group strategy.

所以這是一個不斷的平衡。正如我們在評論中所說，我們必須根據其所處的生命階段來管理投資組合中的不同品牌。有些需要大量的初始投資，因為它們才剛開始起飛。有些更加成熟，我們需要盡可能撤回投資，並從盈利和現金流的角度更多地管理它們。這是 Match Group 策略的核心。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

To BK or Gary, I guess, in past letters you noted that M&A is not on the table right now. My question is whether you and the Board are considering divestitures at all. You've talked about -- obviously, you've exited live streaming and then we've got the new disclosures on business unit profitability. That's the type of thing that makes it easier for us to analyze the company if you are considering divestitures or other actions. So it would be great just to hear how you're thinking about the portfolio these days?

我想，對於 BK 或加里，您在過去的信中指出，併購現在不在談判桌上。我的問題是您和董事會是否正在考慮剝離。您談到了——顯然，您已經退出了直播，然後我們得到了有關業務部門盈利能力的新披露。如果您正在考慮資產剝離或其他行動，這種類型的事情可以讓我們更輕鬆地分析公司。那麼，如果能聽聽您最近對投資組合的看法，那就太好了？

Why don't I jump in and try to address that, and certainly, BK, feel free to as well. I think our Board, I don't want to speak for them, but we're open to whatever makes sense to drive shareholder value. We constantly evaluate our portfolio, our investments, the brands that we have and competitors that are out there from an M&A perspective to see if we think anything makes sense. And we haven't been shy about pulling the trigger on things where we thought it would drive long-term value.

為什麼我不介入並嘗試解決這個問題，當然，BK，也可以隨意解決。我認為我們的董事會，我不想代表他們說話，但我們對任何有助於推動股東價值的事情持開放態度。我們不斷從併購的角度評估我們的投資組合、投資、我們擁有的品牌和競爭對手，看看我們認為任何事情是否有意義。我們並不羞於推動那些我們認為會帶來長期價值的事。

And so we continue to look at everything that's out there. The environment continues to change politically and otherwise as well, and so we need to keep constantly refreshing our look at strategically what could make sense for us. And if we think something would enhance shareholder value, we absolutely wouldn't be shy about doing it.

因此，我們繼續關注現有的一切。政治環境和其他方面的環境都在不斷變化，因此我們需要不斷更新我們的戰略眼光，看看什麼對我們有意義。如果我們認為某件事可以提高股東價值，我們絕對不會羞於這樣做。

I do want to point out that the enhanced disclosure that we did in this quarter, you shouldn't tie it to anything around sales, divestitures, things like that. That really is not the driving force behind the enhanced disclosure. Really, what it is, is a desire to give investors a deeper look into each of the 4 business units the way that BK and I are looking at them and so that people understand the growth dynamics, the profitability dynamics in a detailed way. And so that was really a desire to provide those building blocks to shareholders, so that they understand how the overall company kind of ladders up based on those 4 building blocks. And that was really the logic behind it.

我確實想指出，我們在本季度加強了披露，你不應該將其與銷售、資產剝離等任何事情聯繫起來。這確實不是加強披露背後的驅動力。事實上，它是希望讓投資者像 BK 和我看待這四個業務部門一樣更深入地了解它們，以便人們詳細了解成長動態和獲利動態。因此，我們確實希望向股東提供這些建置模組，以便他們了解整個公司如何基於這 4 個建置模組向上發展。這確實是背後的邏輯。

We did it now because we are going to spend time at Investor Day reviewing each of the 4 business lines performance and outlook. And so we thought it would be useful for investors to have this in their hands leading up to the Investor Day, so we could address the business units in detail kind of one by one, and that's our plan. So hopefully, investors find the enhanced disclosure beneficial.

我們現在這樣做是因為我們將在投資者日花時間審查 4 個業務線的業績和前景。因此，我們認為，在投資者日之前，讓投資者掌握這項資訊將會很有用，這樣我們就可以一一詳細地討論業務部門的問題，這就是我們的計劃。因此，希望投資者發現加強披露是有益的。

The only point I'd like to add is that we are solely focused on our core execution and our portfolio strategy. And that's focused on really fantastic innovation and product followed on by excellent marketing. So we still remain very heads down focused on execution and delivery. Thanks for the question.

我想補充的唯一一點是，我們只專注於我們的核心執行和我們的投資組合策略。重點是真正出色的創新和產品，以及出色的行銷。因此，我們仍然非常專注於執行和交付。謝謝你的提問。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Let me try two, please. On brand perception, could you please talk about how that has trended over the past quarter and quarter-to-date. And any thoughts on how you plan to continue to improve Tinder's brand perception as we think about next year? Are you still targeting key demographic segments like Gen Z and women?

請讓我嘗試兩個。關於品牌認知度，您能否談談過去一個季度和本季至今的趨勢。您對明年規劃如何持續提升 Tinder 的品牌知名度有何想法？您還在針對 Z 世代和女性等關鍵人群嗎？

And then I guess my second question is on the incoming CFO, Steve Bailey. Could you please talk about the decision to transition to him? Why now? Why him?

然後我想我的第二個問題是關於即將上任的財務長史蒂夫貝利（Steve Bailey）。能談談轉投他的決定嗎？為什麼是現在？為什麼是他？

Thanks so much, Shweta, for that question. And on Tinder, our focus remains squarely on Gen Z and women. We have several product initiatives rolling out over the next coming quarters, each designed to address specific needs. And we'll continue to invest in brand marketing to reinforce brand perception and highlight the possibilities that Tinder offers.

非常感謝 Shweta 提出這個問題。在 Tinder 上，我們的重點仍然是 Z 世代和女性。我們將在未來幾季推出多項產品計劃，每項計劃都是為了滿足特定需求。我們將繼續投資品牌行銷，以強化品牌認知度並突顯 Tinder 提供的可能性。

I'm excited, though, to emphasize product marketing efforts as we target campaigns around key product launches as we roll them out over the next several months. That said, we're not planning on increasing our marketing spend and brand spend as a percentage of revenue for Tinder next year as we need to remain very disciplined.

不過，我很高興能夠強調產品行銷工作，因為我們將在接下來的幾個月內推出圍繞關鍵產品發布的活動。也就是說，我們不打算增加明年的行銷支出和品牌支出佔 Tinder 收入的比例，因為我們需要保持非常自律。

Now on Steve. Many of you have already met him. But for those of you who haven't, he has a deep knowledge of the business with over 12 years here at Match Group, and I think Steve will do a great job as CFO. I've been working very closely with him since I joined the company.

現在談談史蒂夫。你們中的許多人已經見過他了。但對於那些還不知道的人來說，他在 Match Group 工作了 12 年多，對業務有著深入的了解，我認為 Steve 作為財務長會做得很好。自從我加入公司以來，我一直與他密切合作。

I'd also like to add that this transition has been in the works for quite a while. Steve will be joining us at our Investor Day, and so you'll get to hear directly from him there and he'll be on our earnings calls in 2025. Thanks for the question.

我還想補充一點，這種轉變已經進行了相當長一段時間了。史蒂夫將參加我們的投資者日，因此您將在那裡直接聽到他的聲音，並且他將參加我們 2025 年的財報電話會議。

Curtis Nagle, Bank of America.

柯蒂斯‧內格爾，美國銀行。

Great. Two ones, I guess, based on advertising. One, just, Gary, could you dig a little bit more into the advertiser pull-back in the holidays? Just I guess, why is it short in holiday or maybe allocation in other buckets for some of your partners?

偉大的。我猜有兩個是基於廣告的。第一，加里，你能更深入地了解廣告商在假期期間的撤退情況嗎？我猜想，為什麼你的一些合作夥伴的假期或其他時間段的分配很短？

And then in terms of the shift in marketing spend into 4Q, seasonally kind of a weaker quarter. I guess, just what's driving that? Your competitor is doing the same thing. So just curious what's going on there.

然後就行銷支出向第四季度的轉變而言，季節性疲軟。我想，是什麼推動了這一點？你的競爭對手也在做同樣的事情。所以只是好奇那裡發生了什麼事。

Sure. I'll try to take those quickly because I know we're running out of time. On the marketing or -- on the ad spend, I agree it's a little bit counterintuitive, but we have some contracts with some large advertisers that spend with us kind of quarter-to-quarter. And a couple of them have so far indicated that just given kind of the crowded market in the holiday season, they're going to spend less with us in Q4 than they've been kind of pacing to throughout the rest of the year and then they'll resume spend in Q1 of next year. So it's sort of a timing thing more than anything else.

當然。我會盡快處理這些，因為我知道我們的時間不多了。在行銷或廣告支出方面，我同意這有點違反直覺，但我們與一些大型廣告商簽訂了一些合同，這些廣告商按季度與我們進行支出。到目前為止，他們中的一些人已經表示，鑑於假日季節市場擁擠，他們在第四季度在我們這裡的花費將低於他們在今年剩餘時間裡的節奏，然後他們將在明年第一季恢復支出。所以這更像是時機問題。

We're working to replace some of that spend with some other advertisers. I think it could be possible. The view of the fourth quarter might have shifted slightly for people based on some of the events over the last few days. So we'll see kind of what kind of fourth quarter we're in for on the advertising side. But sitting here preparing for this, we had seen some expectation of a pullback from a couple of advertisers and so that caused a slight guide down on the ad revenue on our side.

我們正在努力用其他廣告商來取代部分支出。我認為這是可能的。根據過去幾天發生的一些事件，人們對第四季的看法可能略有轉變。因此，我們將看看廣告方面的第四季會是什麼樣的。但坐在這裡為此做準備時，我們看到了一些廣告商的撤資預期，因此這導致我們這邊的廣告收入略有下降。

The shift in marketing, I think there's a couple of things really going on there. One is just being a little bit more cautious with Tinder. As BK said, it's not really marketing that's driving user growth at Tinder. It needs to be product and we'd rather hold some firepower on the marketing side until we see more traction on the product. And so that's just a timing decision.

我認為行銷的轉變確實發生了一些事情。一是對 Tinder 更加謹慎。正如 BK 所說，推動 Tinder 用戶成長的並不是真正的行銷。它需要是產品，我們寧願在行銷方面保留一些火力，直到我們看到產品有更多的吸引力。所以這只是一個時間決定。

Conversely, we see a lot of strength at Hinge across the board, their brand marketing, their marketing generally is really resonating and we want to keep fueling that business with marketing. And so that's really what's driving a decision to spend more at Hinge in Q4. They spent actually down in Q3, but we're going to press again in Q4 and that's kind of the plan.

相反，我們看到 Hinge 的整體實力很強，他們的品牌行銷、他們的行銷總體上確實引起了共鳴，我們希望繼續透過行銷來推動這項業務。因此，這才是第四季度決定在 Hinge 投入更多資金的真正原因。他們在第三季度的支出實際上有所下降，但我們將在第四季度再次施壓，這就是計劃。

So we're constantly kind of pulsing the marketing inside a specific brand, Hinge was less than 3, more on 4, Tinder is going to be the opposite. And I think you should continue to expect some variability around the spending patterns of the different businesses.

因此，我們不斷地在特定品牌內部進行行銷，Hinge 不到 3，更多的是 4，Tinder 則相反。我認為您應該繼續預期不同企業的支出模式會出現一些變化。

I'm going to leave it there just because we're out of time. But appreciate everyone joining this morning. Hopefully, we were able to answer some of the critical questions on the quarter, and we look forward to speaking with you again on December 11 at our Investor Day. Thanks a lot, and have a good day.

我要把它留在那裡只是因為我們沒時間了。但感謝今天早上大家的加入。希望我們能夠回答本季的一些關鍵問題，並期待在 12 月 11 日的投資者日再次與您交談。非常感謝，祝你有美好的一天。

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。