Match Group Inc (MTCH) 2024 Q4 法說會逐字稿

Welcome to the Match Group fourth-quarter 2024 earnings conference call. (Operator Instructions)

歡迎參加 Match Group 2024 年第四季財報電話會議。（操作說明）

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.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係高級副總裁坦尼·謝爾伯恩。請繼續。

Thank you, operator, and good morning, everyone. Our press release, executive commentary and supplemental financial materials were posted to our Investor Relations website yesterday afternoon for reference. As a reminder, we will not be reading the executive commentary on today's call.

謝謝接線員，大家早安。昨天下午，我們的新聞稿、高階主管評論和補充財務資料已發佈在我們的投資者關係網站上，供大家參考。再次提醒，我們今天電話會議不會宣讀高階主管評論。

Today, I'm joined by our new CEO, Spencer Rascoff; as well as our President and CFO, Gary Swidler; and incoming CFO, Steve Bailey. Spencer, Gary, and Steve will make a few brief remarks and then we'll open the line up to questions for approximately 30 minutes.

今天，與我一同出席的有我們的新任執行長 Spencer Rascoff；以及我們的總裁兼財務長 Gary Swidler；還有即將上任的財務長 Steve Bailey。Spencer、Gary 和 Steve 將作簡短講話，然後我們將開放提問環節，時間約為 30 分鐘。

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. Our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release or periodic reports with the SEC.

在開始之前，我需要提醒大家，在本次通話中，我們可能會討論公司前景和未來業績。這些前瞻性陳述前面可能會有「我們預期」、「我們相信」、「我們預期」或類似表述。這些聲明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獲利報告或向美國證券交易委員會提交的定期報告中列出。

During this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in our press release and commentary on our IR website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論一些非GAAP財務指標。有關與最直接可比較的 GAAP 財務指標的調整表，請參閱我們的新聞稿和投資者關係網站上的評論。這些非GAAP指標並非旨在取代我們的GAAP績效。

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

接下來，我想把電話交給史賓塞。

Thanks, Tanny, and good morning, everyone. I appreciate you joining us today. I am honored to step into the CEO role at such a dynamic time for Match Group. I want to thank BK for his commitment and his contributions to Match Group. Having served on the Board, I've seen firsthand the company's commitment to innovation and its portfolio of iconic brands that continue to redefine how people connect.

謝謝坦尼，大家早安。感謝您今天蒞臨。我很榮幸能在Match Group如此充滿活力的時期擔任執行長一職。我要感謝 BK 對 Match Group 的付出和貢獻。身為董事會成員，我親眼見證了公司對創新的承諾，以及其旗下許多標誌性品牌不斷重新定義人與人之間的聯繫。

Match Group thrives because of its ability to experiment boldly and scale new ideas to millions of users. As we look ahead, I'm excited to work closely with our teams to foster a culture that prioritizes creativity and continuous innovation, ensuring we remain at the forefront of shaping the future of dating and relationships.

Match Group之所以能夠蓬勃發展，是因為它能夠大膽嘗試，並將新想法推廣到數百萬用戶。展望未來，我很高興能與我們的團隊緊密合作，創造一種重視創造力和持續創新的文化，確保我們始終處於塑造約會和戀愛關係未來的前沿。

With that, I'll turn it over to Gary and Steve to talk through results.

接下來，我將把發言權交給 Gary 和 Steve，讓他們來討論結果。

Thanks, Spencer, and welcome to the company. It's great to have you here.

謝謝斯賓塞，歡迎加入公司。很高興你能來。

Good morning, everyone. We're excited to share our Q4 and full-year 2024 results, which slightly exceeded our expectations at the time of our Investor Day as we finished the year strong driven by a solid start to peak dating season, which runs from the day after Christmas to Valentine's Day.

各位早安。我們很高興與大家分享 2024 年第四季度和全年業績，這些業績略微超出了我們在投資者日時的預期，這得益於聖誕節後到情人節這段約會旺季的良好開局，我們最終以強勁的勢頭結束了這一年。

At our Investor Day in December, we outlined our strategy to leverage innovation, especially driven by AI, and to improve the product experience and reinvigorate growth. Our 2024 efforts laid a solid foundation that has positioned us for success in 2025 and beyond. Executing this strategy to meet evolving user expectations, drive sustained growth, and deliver long-term shareholder value remains our focus.

在 12 月的投資者日上，我們概述了我們的策略，即利用創新（特別是人工智慧驅動的創新）來改善產品體驗並重振成長。我們在 2024 年所做的努力為我們在 2025 年及以後取得成功奠定了堅實的基礎。我們始終致力於執行此策略，以滿足不斷變化的用戶期望，推動持續成長，並為股東創造長期價值。

2025 is a critical year for execution at Match Group. And we're confident that the product roadmaps we've developed at our business units will help us achieve our goals.

2025 年是 Match Group 執行力的關鍵一年。我們相信，我們各業務部門所訂定的產品路線圖將有助於我們實現目標。

With that, I'll hand it over to Steve.

這樣，我就把它交給史蒂夫了。

Thanks, Gary. Let me start by thanking Gary for his many years as CFO of Match Group. This is his 37th earnings call at our company, which is an extraordinary tenure. I have big shoes to fill, and I'm grateful to him for his hard work and many contributions as our long-term CFO and President. I'm very happy to be joining today's call and look forward to many more ahead.

謝謝你，加里。首先，我要感謝 Gary 多年來擔任 Match Group 的財務長。這是他在我們公司參加的第37次財報電話會議，這是一個非凡的任期。我深感責任重大，感謝他作為我們長期財務長兼總裁所付出的辛勤努力和許多貢獻。我很高興能參加今天的電話會議，並期待以後能參加更多類似的會議。

This is the first call with this new earnings format, and we hope everyone finds it helpful.

這是採用這種新收益報告形式的首次電話會議，我們希望大家都能從中受益。

In 2024, Match Group delivered Total Revenue of $3.5 billion, up 3% year over year or 6% on an FX-neutral basis. Despite lower revenue growth than we expected at the beginning of the year, we achieved our full year AOI margin target of 36%, reflecting our continued focus on cost discipline.

2024 年，Match Group 的總營收為 35 億美元，年增 3%，以固定匯率計算成長 6%。儘管年初的營收成長低於預期，但我們實現了全年 36% 的 AOI 利潤率目標，這反映了我們對成本控制的持續關注。

Looking ahead, we remain committed to executing against the financial goals we outlined at Investor Day: driving steadily improving revenue growth, 3 points of AOI margin expansion by 2027, strong free cash flow generation and a target of returning at least 100% of free cash flow through dividends and share repurchases.

展望未來，我們將繼續致力於實現我們在投資者日上提出的財務目標：穩步提高收入成長，到 2027 年實現 3 個百分點的 AOI 利潤率成長，產生強勁的自由現金流，並透過股息和股票回購實現至少 100% 的自由現金流返還。

We believe we're well positioned to execute and deliver on these plans in the quarters ahead. With that, let's open it up for questions.

我們相信，我們已做好充分準備，能夠在接下來的幾個季度中執行並實現這些計劃。那麼，接下來就進入提問環節。

(Operator Instructions) Ross Sandler, Barclays.

（操作說明）羅斯·桑德勒，巴克萊銀行。

Great. I think I'll start with the Spencer question. So Spencer, I think everybody on the call here is excited to see you step into the arena again. So what inspired you to join Match Group? And what's your perspective on the state of the online dating industry?

偉大的。我想先回答斯賓塞的問題。史賓塞，我想在座的各位都很興奮地看到你再次踏入賽場。是什麼促使你加入Match Group？你如何看待網路約會產業的現況？

Thanks, Ross. Good to hear from you. Look, those of you who know me know that I'm a mission-driven leader - that I get fired up about creating and growing category leaders in huge digital industries, which solve fundamental human needs.

謝謝你，羅斯。很高興收到你的來信。認識我的人都知道，我是一位以使命為導向的領導者——我熱衷於在龐大的數位產業中創造和發展品類領導者，以解決人類的基本需求。

I started my career in tech 25 years ago in the online travel industry by co-founding Hotwire. We sold Hotwire to Expedia to create Expedia Group, and then I ran the hotel vertical there for several brands like Hotwire, Expedia, and Hotels.com. And then I left to start Zillow, which grew into Zillow Group as we acquired and incubated many brands in the digital real estate category.

25年前，我與人共同創立了Hotwire，由此開啟了我的科技職業生涯，進入線上旅遊業。我們把Hotwire賣給了Expedia，成立了Expedia集團。之後我負責集團旗下多個品牌（​​包括Hotwire、Expedia和Hotels.com）的飯店業務。後來我離開Expedia創立了Zillow，隨著我們收購和孵化眾多數位房地產領域的品牌，Zillow發展成為Zillow集團。

So just to double click on mission, Expedia Group's mission of helping people explore the world through travel was motivating to me during my five years there and Zillow Group's mission of helping people find a home that they love is inspiring for my 15 years there.

所以，為了更深入地探討使命，Expedia Group 的使命是幫助人們透過旅行探索世界，這在我那裡工作的五年裡一直激勵著我；而 Zillow Group 的使命是幫助人們找到他們喜愛的家，這在我在那里工作的 15 年裡一直激勵著我。

But Match Group's mission of connecting people is probably the most important mission of any company globally because the way I think about it, Ross, is finding a home to love is great, but finding a person to love is even more important. So to answer your question, why am I here? Why am I back in the saddle? For me, it starts with mission.

但Match Group連結人與人的使命可能是全球任何公司最重要的使命，因為在我看來，羅斯，找到一個愛的家固然很好，但找到一個愛的人更重要。所以，要回答你的問題，我為什麼會在這裡？我為什麼又重操舊業了？對我而言，一切都始於使命。

I'll add to that, that I was also attracted to the strength of Match Group's brands. Just to give you a sense of the power of the brands, yesterday I got hundreds of congratulatory emails from friends and most of them included some version of I met my person on Tinder or on Hinge or on Match or on one of your other apps. And that includes my brother and sister, both of whom found their person on our apps. So that's amazing. If that doesn't get you to jump out of bed and run to work in the morning, I don't know what does.

我還要補充一點，也被Match Group旗下品牌的實力所吸引。為了讓你們感受一下這些品牌的強大影響力，昨天我收到了數百封朋友的祝賀郵件，其中大多數都包含類似這樣的內容：我在 Tinder、Hinge、Match 或你們的其他某個應用程式上遇到了我的另一半。這其中也包括我的弟弟和妹妹，他們都透過我們的應用程式找到了另一半。真是太棒了。如果這都不能讓你在早上精神抖擻地起床去上班，那我真不知道什麼才能讓你精神抖擻了。

And then in terms of timing, I believe that this Cambrian explosion in AI is going to allow Match Group to have the same kind of business inflection that the shift from desktop to mobile created for our category and other categories around 10 years ago when mobile exceeded desktop.

就時機而言，我相信人工智慧的寒武紀爆發將使 Match Group 獲得與 10 年前桌面端向行動端轉變為我們的行業和其他行業帶來的業務轉折點相同的結果，當時行動端超過了桌面端。

And we've seen other AI-driven consumer mobile apps from TikTok to Instagram to Snapchat of step changes in engagement and retention from brilliant adoption of AI features on mobile. I see the same potential for us.

我們也看到，從 TikTok 到 Instagram 再到 Snapchat，其他人工智慧驅動的消費者行動應用程式都透過巧妙地在行動裝置上採用人工智慧功能，實現了用戶參與度和留存率的飛躍式成長。我認為我們也有同樣的潛力。

And then lastly, I would just focus also on TAM. So I'm optimistic that someday, we're going to look back at online dating in 2025 and realize that the TAM was much larger than people expected. And there's some pattern recognition here where we've seen other categories become digitized and off-line substitutes become anachronism from e-commerce to transportation to travel booking to real estate search, all of which are almost entirely online now.

最後，我還會重點關注TAM。所以我樂觀地認為，總有一天，當我們回顧 2025 年的線上約會時，會意識到其潛在市場比人們預期的要大得多。這裡存在一些模式識別，我們看到其他類別也實現了數位化，線下替代方案變得過時了，從電子商務到交通運輸，再到旅行預訂和房地產搜索，所有這些現在幾乎都完全在線上進行。

Those categories are online in a way that dating is just not fully online yet, and we intend to change that. So for all those reasons, that's why I'm back in the saddle, totally fired up about our mission, our brands, our TAM, our scale advantage, our potential with AI and let's go.

這些類別已經以某種方式在線上呈現，但約會還沒有完全在線上進行，我們打算改變這種狀況。所以，基於以上所有原因，我重新振作起來，對我們的使命、品牌、TAM、規模優勢、人工智慧的潛力充滿熱情，讓我們出發吧。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Perhaps just a follow-up there. Why is this the right time to make the change in leadership and then, I guess, how is your strategy going to evolve from BK? And are you taking any steps to sort of ensure a smooth transition without a meaningful disruption?

或許可以對此做個後續說明。為什麼現在是更換領導階層的好時機？另外，我想問的是，你們的策略將如何從 BK 演變而來？你們是否採取了任何措施來確保平穩過渡，避免重大中斷？

Yeah. Look, this is and will be a smooth transition. I was already on the Board of Directors. I was already in the building. I already had a key card that worked, like I know the team here. I'm familiar with the strategy, I'm familiar with the company.

是的。你看，這將會是一個平穩的過渡。我當時已經是董事會成員了。我當時已經在樓裡了。我之前已經有一張能用的門禁卡，就好像我認識這裡的工作人員一樣。我熟悉這項策略，也熟悉這家公司。

And also, Match Group is very similar to Zillow Group, where I had a very successful tenure as CEO. They're both multi-brand, they're category-leading digital marketplaces, they're around the same size and scale. So I think as CEO transitions go, I think this is going to be as seamless and smooth as possible and as seamless as you'll see.

此外，Match Group 與 Zillow Group 非常相似，我在 Zillow Group 擔任 CEO 期間取得了非常成功的成就。它們都是多品牌平台，都是業界領先的數位市場，規模也大致相同。所以我認為，就CEO交接而言，這次的交接將會盡可能地順利、無縫，也是你所能看到的最順暢的交接。

Regarding the strategy and the financial targets from Investor Day, I stand behind those. I was on the Board when they were prepared and was involved in their preparation. And I'm here as CEO to make sure that the plans get executed and then some. I'm bringing urgency, I'm bringing accountability and prior experience to the role, and I'm ready to rock.

對於投資者日上提出的策略和財務目標，我表示支持。我當時是董事會成員，參與了他們的籌備工作。我作為執行長來到這裡，是為了確保各項計劃得到執行，並且超越預期。我將以緊迫感、責任感和以往經驗投入到這個職位中，我已經準備好大展身手了。

Next question please.

下一個問題。

Curtis Nagle, Bank of America.

柯蒂斯‧納格爾，美國銀行。

Maybe could you extrapolate on the comments. So I think a couple of times in the press release that you'd observed a solid start to the dating season. But 1Q guide, at least from like a Payer and revenue perspective, implied to slow down, even taking into account some of the FX headwinds question?

您能否對這些評論做進一步闡述？所以我覺得在新聞稿中，你們幾次提到約會季節已經取得了不錯的開端。但至少從支付方和收入的角度來看，第一季業績指引暗示增速將放緩，即使考慮到一些外匯不利因素？

Yeah. Thanks, Curtis. Let me take that one. Yes, you're right, peak season user trends have been solid at Tinder and Hinge, which is a leading indicator of future MAU and revenue trends, but it only has a modest impact on revenue immediately. It does give us a lot more confidence in our 2025 revenue trajectory, which calls for improving year-over-year trends as the year progresses.

是的。謝謝你，柯蒂斯。讓我來做吧。是的，你說得對，Tinder 和 Hinge 的旺季用戶趨勢一直很穩定，這是未來月活躍用戶數和收入趨勢的領先指標，但它對收入的直接影響不大。這讓我們對 2025 年的營收成長軌跡更有信心，這意味著隨著時間的推移，收入將逐年成長。

On revenue and really margin too, there is a disconnect between consensus for Q1 compared to our expectations, which really haven't changed since Investor Day aside from FX. There's -- this is really because we didn't share color on the cadence for 2025 at Investor Day. We really want to focus on the long-term trajectory of the business. And we said we'd provide more details on this call. So let me give you some more color.

就營收和利潤率而言，第一季的普遍預期與我們的預期存在脫節，而我們的預期自投資者日以來除了匯率之外並沒有發生任何變化。這其實是因為我們在投資人日上沒有透露 2025 年的發展節奏。我們真正想關注的是企業的長期發展軌跡。我們說過會在這次通話中提供更多細節。讓我再補充一些細節。

Our Q1 Total Revenue expectation is really impacted by declines in Tinder's year-over-year Direct Revenue growth which reflects stabilizing but still negative MAU trends as well as planned trust and safety initiatives, including biometrics in Canada which we talked about in the materials. And while it might seem like a small thing, the fact that last year was a leap year also reduces year-over-year revenue growth by about 1 point in the quarter.

我們對第一季總收入的預期確實受到了 Tinder 同比直接收入成長下降的影響，這反映出每月活躍用戶數 (MAU) 趨勢趨於穩定但仍然為負，以及計劃中的信任和安全舉措，包括我們在材料中提到的加拿大生物識別技術。雖然這看起來似乎是一件小事，但去年是閏年這一事實也導致該季度同比營收成長減少了約 1 個百分點。

And I would say, while we didn't give quarterly expectations at Investor Day, we did review the timing of Tinder's product initiatives and indicated that we would test and launch these features throughout the year, and that would gain traction as the year progressed and therefore, have a bigger impact in the second half than the first.

我想說，雖然我們在投資者日上沒有給出季度預期，但我們確實回顧了 Tinder 產品計劃的時間安排，並表示我們將在全年測試和推出這些功能，隨著時間的推移，這些功能將獲得更大的發展，因此，下半年的影響將比上半年更大。

In addition to these product initiatives we laid out at Investor Day, Tinder has planned a number of monetization initiatives as well throughout the year that will gradually improve year-over-year revenue growth. That's pretty typical for us. And so we have high confidence in our ability to deliver on those revenue generating monetization initiatives.

除了我們在投資者日上提出的這些產品計劃外，Tinder 還計劃在今年內推出一系列盈利計劃，這些計劃將逐步提高公司年收入成長。這對我們來說很常見。因此，我們對實現這些能夠產生收入的商業化計劃的能力充滿信心。

Aside from Tinder, we also expect other brands to deliver improved revenue growth throughout the year as they execute on their product roadmaps and deliver their monetization initiatives. In particular, we assume that Hinge's revenue growth strengthens in the second half of the year as user growth continues to be strong, and they execute on their product roadmap.

除了 Tinder 之外，我們也預期其他品牌在執行產品路線圖和實施獲利計畫的過程中，今年的營收成長也將有所改善。具體而言，我們假設 Hinge 的營收成長將在下半年增強，因為用戶成長將繼續保持強勁勢頭，並且他們將執行其產品路線圖。

So collectively, between what Tinder expects to deliver, what the other brands, including Hinge, expects to deliver, and the solid start to new users to start the year, we're confident we can deliver gradually improving year-over-year Total Revenue growth throughout the year and achieve our full-year Total Revenue outlook.

因此，綜合考慮 Tinder 的預期業績、Hinge 等其他品牌的預期業績，以及年初新用戶的良好開局，我們有信心在全年逐步實現同比總收入增長，並實現全年總收入預期目標。

Next question.

下一個問題。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

Just any update around Tinder's Apple App store ranking and whether the current state could allow Tinder MAUs to return to year-over-year growth in 2025?

請問關於 Tinder 在蘋果應用商店的排名有什麼最新消息嗎？目前的狀況能否讓 Tinder 的月活躍用戶數在 2025 年恢復年成長？

Why don't I jump in and take that one. So we have seen some real improvement in Tinder MAU trends globally over the last few months as the effect of what happened on iOS has begun to dissipate. If you look at it on a month-by-month basis, globally, Tinder MAU in October were down about 10% year over year, and that's when we saw the bulk of the impact of what happened with the iOS impressions.

我為什麼不跳進去接這個任務呢？因此，在過去的幾個月裡，我們看到 Tinder 的全球月活躍用戶數趨勢出現了一些真正的改善，因為 iOS 上發生的事情的影響開始消退。如果按月來看，全球範圍內，Tinder 10 月份的月活躍用戶數同比下降了約 10%，而這正是我們看到 iOS 曝光量變化帶來的主要影響的時候。

Since then, we've seen some steady improvement. Tinder MAU globally were down about 9% in November and again in December. And then January has come in at about 8% year over year. So there has been some real progress on that front over the last four months. And as Steve mentioned, we've seen a solid start to dating peak season in terms of new users and so that's helping the year-over-year MAU trends as well.

自那以後，我們看到了一些穩定改善。Tinder 全球月活躍用戶數在 11 月下降了約 9%，12 月再次下降了約 9%。而1月份的年增速約為8%。因此，在過去四個月裡，這方面確實取得了一些進展。正如史蒂夫所提到的，從新用戶數量來看，約會旺季已經穩步開啟，這也有助於實現同比月活躍用戶數的趨勢。

Now this is only a few months of data. There are relatively modest improvements. So I don't want to overexaggerate them. But obviously, we need to make progress on year-over-year MAU trends. That's what's in our outlook for the rest of the year. And so three or four months of those trends going in the right direction is a very good sign for us and obviously, at a critical time of the year as well.

這只是幾個月的數據。改進幅度相對較小。所以我不想誇大其詞。但顯然，我們需要在逐年成長的每月活躍用戶數方面取得進展。這就是我們對今年剩餘時間的展望。因此，連續三、四個月的趨勢都朝著正確的方向發展，這對我們來說是一個非常好的跡象，而且顯然，這正值一年中的關鍵時期。

So as Steve said, it gives us confidence that we're going to see over the course of 2025 a steady improvement MAU trends, which ultimately should also help us translate that into improvement in year-over-year revenue growth trends.

正如史蒂夫所說，這讓我們有信心，在 2025 年期間，我們將看到 MAU 趨勢穩步改善，最終也應該有助於我們將其轉化為同比收入成長趨勢的改善。

In terms of growth for the year on the MAU front at Tinder, that's not what's currently included in our outlook. We're focused on improvement from where we are. We've got a ways to go from down 8% to something much better than that. So our focus is on delivering that. I'd love to see us get back to growth, but I think we have to take the baby steps first. We've got to roll out these product initiatives, see them drive improved user trends. So our forecast isn't assuming that.

就 Tinder 今年的月活躍用戶成長而言，這目前不在我們展望的範圍內。我們專注於在現有基礎上取得進展。我們距離下跌 8% 到好得多的局面還有很長的路要走。所以我們的重點是實現這個目標。我非常希望看到我們重回成長軌道，但我認為我們必須先踏出第一步。我們必須推出這些產品計劃，看看它們能否推動用戶趨勢的改善。所以我們的預測並沒有基於這一點。

But obviously, we'll have to see as we roll out these various features what impact they actually make on user trends. And as we roll out each one, we'll be able to give you a much more fine-tuned estimate of the expectations around user trends. But we feel good about the start to the year, and we're on track against what we've been expecting.

但很顯然，隨著這些功能的逐步推出，我們還需要觀察它們對使用者趨勢的實際影響。隨著我們逐步推出每項功能，我們將能夠為您提供更精確的用戶趨勢預期估計。但我們對今年的開局感到滿意，目前一切都在預期中進行。

Hopefully, that's helpful. And we can move to the next question.

希望這能有所幫助。我們可以進入下一個問題了。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

So you mentioned several a la carte features that are being tested at Tinder. Could you provide an update on the progress there and the expected revenue contribution this year as well?

你提到了Tinder正在測試的幾項選用功能。能否提供一下該專案的最新進展以及今年的預期收入貢獻？

Why don't I take that. Thanks, Cory. We did roll out First Impressions. For those of you who don't know what that feature is, it allows users to send contextual messages on specific profile elements. We rolled that out in December, and we are seeing good results. User adoption has been solid and users who send a First Impression are likely to get -- more likely to get a match. So the product features effective.

我為什麼不拿呢？謝謝你，科里。我們確實推出了「第一印象」活動。如果你還不知道這個功能是什麼，它允許用戶針對特定的個人資料元素發送上下文訊息。我們在去年12月推出了這項措施，目前已經取得了不錯的效果。用戶採納率一直很穩定，發送第一印象的用戶更有可能獲得匹配。所以該產品具有有效特性。

Through further iteration since we first tested First Impressions, we were able to reduce cannibalization impact, which we've talked about on previous calls being a blocker and it is adding incremental revenue, which is great.

自從我們首次測試「第一印象」以來，透過進一步的迭代，我們能夠減少蠶食效應（我們在之前的電話會議中討論過這是一個阻礙因素），並且它還增加了增量收入，這很棒。

On Passport, we plan to continue to iterate, we'll take a similar approach to First Impressions where we optimize for the user experience and minimize cannibalization of our existing offers -- offerings. I do want to point out that the expected contribution from the revised ALC features at Tinder on 2025 revenue is relatively small. And it's really monetization optimizations like package mix and merchandising that are accounting for the bulk of Tinder's expected revenue trend improvement alongside some improvement in MAU trends like we've been talking about.

在 Passport 上，我們計劃繼續迭代，我們將採取與 First Impressions 類似的方法，優化用戶體驗，並最大限度地減少對現有產品和服務的蠶食。我想指出的是，Tinder 2025 年修訂後的 ALC 功能對收入的預期貢獻相對較小。而真正推動 Tinder 預期收入趨勢改善的，主要是套餐組合和商品銷售等盈利優化措施，以及我們一直在討論的 MAU 趨勢的一些改善。

Next question.

下一個問題。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

I just want to talk about the margin outlook for 2025 and you thinking about investments. I think if you look at the guidance, the high end, you kind of maybe have lowered the high end, but I think the commentary also talked about the margin outlook being largely the same as it was at the Investor Day. So maybe you could just clarify on that. And what you're seeing is giving you conviction to invest more to create upside to the targets to help you get to the targets? Just help us walk through that.

我只想談談 2025 年的利潤率前景以及您對投資的看法。我認為，如果你看一下業績指引，你會發現業績上限可能有所下調，但評論中也提到，利潤率前景與投資者日時基本相同。所以，或許您可以就此澄清一下。而你現在所看到的，是否讓你更有信心投入更多資金，以創造超越目標的收益，從而幫助你實現目標？請您幫我們一步一步完成這項工作。

Yeah. Thanks for the question, Ygal. We're committed to delivering at least 50 basis points of margin expansion in 2025. It could be higher than that, but we're committing to at least 50 basis points. This is at the lower end of the range we provided at Investor Day, really because of worsening FX headwinds, primarily at Tinder. It's not due to incremental investments.

是的。謝謝你的提問，Ygal。我們致力於在 2025 年實現至少 50 個基點的利潤率成長。實際幅度可能會更高，但我們承諾至少提高 50 個基點。這處於我們在投資者日給出的預期範圍的下限，主要是由於外匯逆風加劇，尤其是 Tinder 的不利因素。這並非由於逐步增加的投資。

What you have to understand is Tinder's cost base is almost entirely in the US. And as you know, a significant portion of its revenue comes from outside the US. So FX headwinds at Tinder really creates both revenue and margin pressure.

你需要明白的是，Tinder 的成本幾乎全部都在美國。如您所知，該公司的大部分收入來自美國以外地區。因此，外匯市場的不利因素確實給 Tinder 的收入和利潤率都帶來了壓力。

And so we want to give ourselves the room to make the planned investments in product innovation at Tinder so that we can achieve our three-year revenue growth objectives and the at least 50 basis point expansion target allows us to do that. I'd also say we're still highly confident in our ability to achieve our three-year margin target of 39% we talked about at Investor Day, and we have a clear plan to do that. So that is unchanged.

因此，我們希望為自己留出空間，對 Tinder 的產品創新進行規劃投資，以便實現我們三年的收入成長目標，而至少 50 個基點的成長目標使我們能夠做到這一點。我還要說，我們仍然非常有信心實現我們在投資者日上提到的三年內 39% 的利潤率目標，並且我們有明確的計劃來實現這一目標。所以這一點沒有改變。

And let me just take a minute to also talk a little bit about the quarterly cadence of margin. There is a typical seasonal pattern we see in our business. Most of you know this. The margins are typically lowest in Q1 as we spend up on marketing during peak season and then they typically improve throughout the year and are generally highest in Q4, where we tend to pull back our marketing during the holiday season. And I just want to be clear that we expect similar trends in the cadence of margins this year as well.

另外，我想花一點時間談談季度利潤率的節奏。我們的業務中存在典型的季節性規律。你們大多數人都知道這一點。利潤率通常在第一季最低，因為我們在旺季期間會增加行銷投入；然後利潤率通常會在一年中逐步提高，並在第四季度達到最高，因為我們在假日季期間往往會減少行銷投入。我還要明確一點，我們預期今年利潤率的波動趨勢也會類似。

Next question.

下一個問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

I have one on Tinder. You mentioned in your letter that Tinder declines are expected to lessen. And I guess my question is which specific initiatives in your view could be the biggest needle movers? And what KPIs related to those initiatives? Are you tracking to measure progress? You kind of touched on this a little bit, but I just wanted to double quick.

我在Tinder上有一個帳號。你在信中提到，Tinder 的拒絕率預計會降低。我想問的是，您認為哪些具體舉措可能最具變革性？這些措施的關鍵績效指標是什麼？你是否在追蹤進度以衡量進度？你剛才稍微提到了這一點，但我只想快速補充一下。

Hi, Shweta. It's Gary. Why don't I try to jump in and take that and people mess up my name all the time, too. So I'm sympathetic.

你好，Shweta。是加里。為什麼我不試著插手呢？而且人們也總是把我的名字念錯。所以我表示同情。

You're right. Our outlook calls for improving MAU at Tinder through the year. And that's going to be driven primarily by product, as Steve has talked about in a couple of his responses. And I just want to point out, it's not going to be one specific thing. It's really a number of things. We have three areas that we've talked about at Tinder, where we need to see progress. We've talked about fostering a cleaner ecosystem, improving user outcomes, and bringing the fun back to dating.

你說得對。我們預計 Tinder 的每月活躍用戶數 (MAU) 將在今年內持續成長。正如史蒂夫在幾次回答中提到的那樣，這主要將由產品驅動。我只想指出，這不會是指某件具體的事。實際上涉及很多方面。我們在 Tinder 內部討論過三個需要取得進展的領域。我們討論過如何創造更乾淨的生態系統、改善使用者體驗，以及如何讓約會重新充滿樂趣。

And we really need to make progress in all three areas. Obviously, the trust and safety area is critically important to Tinder, and so that's a major area of focus and emphasis. But all three really have significant initiatives planned, and they're collectively what's needed to help us improve the user trends and the revenue trends.

我們確實需要在所有這三個方面取得進展。顯然，信任和安全對 Tinder 至關重要，因此這是其關注和重點關注的主要領域。但這三家公司都制定了重要的計劃，它們共同努力，正是我們改善用戶趨勢和收入趨勢所需要的。

Look, if I had to pick one or two, I think we highlighted at Investor Day, the -- we demonstrated the AI-driven matching feature that give people something other than swiping as a way to meet. I think that's very exciting for us. We're really excited to get that out into the market and see what that does to user growth. So we're working very hard on delivering that.

如果非要我選一兩個的話，我覺得我們在投資者日上重點展示了人工智慧驅動的匹配功能，它為人們提供了一種除了滑動之外的交友方式。我認為這對我們來說非常令人興奮。我們非常興奮能將這款產品推向市場，看看它對使用者成長會產生什麼樣的影響。所以我們正在努力實現這個目標。

And look, all of these products are going to require some level of testing and iteration and refinement. So it's not just going to be get them out to the market, see the results and be done. It's really this back and forth to get these products refined and perfected. And so I think you should expect to see that. And obviously, we expect that over time, that will help us build improved MAU trends.

而且，所有這些產品都需要一定程度的測試、迭代和改進。所以，這不只是把產品推向市場，看看結果就結束了。這些產品的改進和完善確實需要反覆迭代。所以我覺得你應該會預料到這種情況。顯然，我們預計隨著時間的推移，這將有助於我們建立更好的每月活躍用戶數趨勢。

In terms of the KPIs, if you go back to the Investor Day presentation, there was a slide on each of these three areas that I just went through and what metrics we're expecting to move. So I'm not going to kind of go back through all of that. But as an example, if you look at the AI-enabled discovery feature that I just referenced, we want to see what the level of adoption is. Obviously, we're going to roll that out as a complement to swiping. We want to see a significant number of people engaged with that feature and give it a try. So that's going to be really important.

就關鍵績效指標而言，如果你回顧投資者日的演示文稿，你會發現我剛才提到的這三個領域都用了一張幻燈片，介紹了我們預期會有哪些指標改變。所以我就不贅述那些事了。但舉例來說，如果你看看我剛才提到的 AI 賦能的發現功能，我們想看看它的採用程度如何。顯然，我們將把這項功能作為滑動操作的補充推出。我們希望看到大量用戶參與並嘗試使用該功能。所以這一點非常重要。

We also want to see improvement in quality matches. We want to see that product really deliver for people in terms of enhanced quality matches that will improve the perception of the product, which should help us drive user growth.

我們也希望看到比賽品質有所提升。我們希望看到該產品真正為用戶帶來更高品質的匹配結果，從而改善用戶對產品的認知，這應該有助於我們推動用戶成長。

So that's the flywheel we want to get going, and we're going to be watching key metrics on all of these different product initiatives, whether it's trust and safety ones or new ways of discovery to drive the improvement at Tinder from a user perspective, which we would expect to follow if there's high adoption and satisfaction with the features. So hopefully, that addresses your question. And we ask the operator to go to the next question.

這就是我們想要啟動的飛輪效應，我們將密切關注所有這些不同產品計劃的關鍵指標，無論是信任和安全方面的計劃，還是從用戶角度推動 Tinder 改進的新發現方式，如果這些功能得到廣泛採用和用戶滿意度，我們預計這些改進將會持續下去。希望這能解答你的疑問。然後我們要求接線員進入下一個問題。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

For Tinder, you talked about the impact of prior trust and safety changes on user trends, particularly back half of '23. With the additional testing of features like face photos and biometrics, how should we think about that potential impact on user growth in '25? And then as you remove bad actors from the ecosystem, how should we track underlying quality user track?

對於 Tinder，你談到了先前的信任和安全變化對用戶趨勢的影響，尤其是在 2023 年下半年。隨著人臉照片和生物辨識等功能的進一步測試，我們應該如何看待這些功能在 2025 年對使用者成長的潛在影響？然後，隨著不良行為者從生態系統中被清除，我們應該如何追蹤底層優質用戶？

Nathan, why don't I jump in and take that one as well. So you're right to point out that as we focus on fostering a clean ecosystem at Tinder, rolling out these trust and safety initiatives, do have effects on both users and some on revenue as well. And so that's something that we're monitoring very closely.

內森，不如我也加入進來，把那一局也接下來吧。所以您說得對，當我們專注於在 Tinder 創造一個乾淨的生態系統時，推出這些信任和安全措施確實會對用戶產生影響，也會對收入產生一定影響。所以，這是我們密切關注的事情。

And obviously, what we're trying to do is iterate on these trust and safety features to maximize their impact on trust and safety, meaning get out as many bad actors out of the system as we can and minimize their effect on good users and on revenue. That's what we're trying to achieve. And so that's the constant iteration and set of trade-offs we're making on these trust and safety features. And just like I described to Shweta, it's a constant effort to make sure we pinpoint those and have their effect feels precise as possible.

顯然，我們正在努力迭代這些信任和安全功能，以最大限度地提高它們對信任和安全的影響，這意味著盡可能地將不良行為者從系統中清除出去，並最大限度地減少它們對良好用戶和收入的影響。這就是我們努力想要達到的目標。因此，這就是我們在這些信任和安全功能方面不斷迭代和權衡取捨的過程。正如我向什韋塔描述的那樣，我們需要不斷努力，確保我們能夠準確地找到這些因素，並使其效果盡可能精確。

And so things that we're monitoring as we roll these features out is - do the reports of bad actors decline, do the interactions with bad actors that a user have improve so that we see that they're being effective. And we are able to monitor that quite effectively. So we're going to continue to monitor all of those KPIs and make sure that those features are as effective and have as little bad knock-on effects as they possibly can.

因此，我們在推出這些功能時會監測以下情況：舉報不良行為者的數量是否減少，使用者與不良行為者的互動是否改善，以便我們了解這些功能是否有效。我們能夠非常有效地監控這一點。因此，我們將繼續監控所有這些關鍵績效指標，並確保這些功能盡可能有效，同時盡可能減少不良的連鎖反應。

That's why we're testing biometrics so extensively in Canada. Our outlook right now includes the effects of biometrics in Canada in that one market. And we're also working through face photo requirements in several markets, and we've included all of that within our full-year outlook. So that right now is how we're analyzing things, and we'll report back if our view on these trusts and safety features changes. But right now, that's what's included in our outlook.

這就是為什麼我們在加拿大如此廣泛地測試生物辨識技術的原因。我們目前的展望包括生物辨識技術在加拿大這一市場的影響。我們也在多個市場研究人臉照片要求，並將所有這些內容都納入了我們的全年展望中。所以目前我們就是這樣分析情況的，如果我們對這些信任和安全功能的看法發生變化，我們會及時報告。但就目前而言，這就是我們展望的一部分。

And I just want to point out that well, it's obviously very important, morally, ethically for us to have as clean an ecosystem as possible. There's also real business reasons to do so. It's important to the health of the brand. It's important to driving word of mouth. It's important to retention and overall user growth, which are obviously beneficial to the business.

我只想指出，從道德和倫理的角度來看，擁有盡可能清潔的生態系統顯然非常重要。這樣做也有實際的商業原因。這對品牌的健康發展至關重要。口碑傳播至關重要。這對於用戶留存和整體用戶成長至關重要，而這顯然對企業有利。

And so that's why we're willing to have these short-term effects of a lower user base or even some lower revenue because overall, it's critically important to the success of the business that we foster that clean ecosystem and see the benefits on KPIs of doing so.

所以，這就是為什麼我們願意承受用戶數量減少甚至收入下降等短期影響，因為從整體上看，培育一個乾淨的生態系統對業務的成功至關重要，並且我們能夠從中看到關鍵績效指標帶來的好處。

Gary, if I can just jump in. Look, we've seen this movie before with plenty of other digital social networking or user-generated content apps like YouTube and Facebook that have worked to clean up their ecosystems and improve trust and safety.

加里，我可以插一句嗎？你看，我們以前也見過類似的情況，許多其他數位社交網路或用戶生成內容應用程序，如 YouTube 和 Facebook，都努力清理它們的生態系統，提高信任度和安全性。

You think back to 2006 when Google bought YouTube, YouTube was a cesspool of pirated illegal video content at the time. And Google worked hard to clean up the ecosystem and improve user satisfaction and also monetization because you'll recall, advertisers did not want to get anywhere near it at the time. And now obviously, YouTube is YouTube, right?

回想一下 2006 年谷歌收購 YouTube 的時候，當時的 YouTube 簡直就是盜版非法影片內容的溫床。谷歌努力清理生態系統，提高用戶滿意度和獲利能力，因為你可能還記得，當時廣告商根本不想涉足這個領域。很顯然，YouTube 就是 YouTube，對吧？

And Facebook had the same problem in 2016 to kind of 2019 or so, they removed over 2 billion fake accounts in a single quarter in 2019. So that's an ecosystem cleanup, which Facebook embarked upon.

Facebook 在 2016 年到 2019 年左右也遇到了同樣的問題，他們在 2019 年的一個季度內刪除了超過 20 億個虛假帳戶。所以，這是Facebook著手進行的生態系統清理工作。

And for us, as Gary said, it's mission-critical our users can feel safe and secure when connecting with people through our apps. And I think as Gary explained, this clean ecosystem, it drives real business outcomes, right? It improves net promoter score. It drives positive word of mouth. It improves retention. It lowers our customer acquisition cost. It creates positive network effects. So it's not just a nice to have. It's a must-have. It's why it's one of our key pillars for 2015 -- sorry, 2025.

正如 Gary 所說，對我們來說，至關重要的是，我們的用戶在使用我們的應用程式與他人聯繫時能夠感到安全可靠。正如 Gary 所解釋的那樣，我認為這種清潔的生態系統能夠帶來真正的商業成果，對吧？它能提高淨推薦值。它能帶來良好的口碑。它能提高記憶力。它降低了我們的客戶獲取成本。它能產生正面的網路效應。所以它不僅僅是錦上添花。這是必備品。這就是為什麼它是我們 2015 年——抱歉，是 2025 年——的關鍵支柱之一。

And even if in the short term, it has the effect of potentially reducing some top-line user metrics, we think it's the right thing to do for the business, just as it was right for YouTube to remove pirated videos. It was right for Facebook to combat spam and scams and that's why we're so focused on trust and safety.

即使短期內這樣做可能會降低一些關鍵的用戶指標，我們也認為這對公司來說是正確的做法，就像 YouTube 刪除盜版影片一樣。Facebook打擊垃圾郵件和詐騙是正確的，這也是我們如此重視信任和安全的原因。

Next question, please.

下一個問題。

Mark Kelley, Stifel.

馬克凱利，史蒂費爾。

I just wanted to ask a quick one about the new matching algo at Hinge that you talked about in the letter. I guess is that something you might look to replicate across your brands? Or do you feel like that's something that's going to be unique to the Hinge experience?

我只想快速問一下您在信中提到的 Hinge 的新匹配演算法。我想這或許是你們希望在其他品牌中推廣的做法吧？還是你覺得這會是 Hinge 獨有的體驗？

Let me take that one. Thanks, Mark. The short answer is yes, we can leverage it. The point of the PoP+ initiative, we've talked a lot about recently is that there are advantages to scaled technology and our multi-brand portfolio that allows us to leverage shared learnings across the brands more effectively.

讓我來做吧。謝謝你，馬克。簡而言之，答案是肯定的，我們可以利用它。我們最近一直在談論 PoP+ 計劃的重點是，規模化的技術和我們的多品牌組合具有優勢，使我們能夠更有效地利用各個品牌之間的共享經驗。

We've seen this happen at E&E, with all their consolidation efforts over the past couple of years. We've also seen it with features like AI Photo Finder, as an example. We think there's a lot of opportunity to also continue to enhance the matching algorithm from here. One example is improving the algos by providing better feedback loops, which Hinge is doing with its Personal Interview feature.

我們已經看到 E&E 在過去幾年裡進行了一系列整合工作，這種情況就是明證。我們也從人工智慧照片查找器等功能中看到了這一點。我們認為，從這裡開始，還有很多機會可以繼續改進匹配演算法。一個例子是透過提供更好的回饋循環來改進演算法，Hinge 正在透過其「個人面試」功能來實現這一點。

And we think there's a lot of other examples of improving the matching algorithm by leveraging AI, which can potentially be deployed at all of our brands. We just need to account for the distinct user experiences at each of them. But we do think there's a lot of opportunity here.

我們認為，利用人工智慧改進匹配演算法還有很多其他例子，這些例子有可能部署到我們所有的品牌中。我們只需要考慮到每個平台上不同的使用者體驗。但我們認為這裡蘊藏著許多機會。

Steve, just to add, this is one of the things that excites me about this company. So it's scaled, right? It's global. It's multi-brand, and those are all things that are competitive advantages. So we're absolutely going to leverage AI across brands in lots of ways. We've done a little bit of that today, but there's a lot more that we can do.

史蒂夫，我還要補充一點，這也是這家公司讓我感到興奮的地方之一。所以它是按比例縮放的，對吧？它是全球性的。它是多品牌的，這些都是競爭優勢。因此，我們絕對會在各個品牌中以多種方式利用人工智慧。我們今天做了一些這方面的工作，但還有很多工作要做。

And we ran this playbook at Zillow Group with great success when Zillow bought Trulia and renamed it Zillow Group. We shared best practices in areas like digital marketing, and search and optimization, email marketing. We did a lot of cross-brand AI personalization of the short order of homes or photo ordering, all of that -- all those were AI innovations that we innovated on different brands and then scaled across the whole portfolio.

我們曾在 Zillow 集團成功運用這套策略，當時 Zillow 收購了 Trulia 並將其更名為 Zillow 集團。我們分享了數位行銷、搜尋和優化、電子郵件行銷等領域的最佳實踐。我們對房屋或照片訂購等短訂單進行了大量跨品牌 AI 個性化定制，所有這些都是我們在不同品牌上進行創新，然後擴展到整個產品組合的 AI 創新。

So that's absolutely the playbook that was already in motion here with the power portfolio initiative, the PoP+ initiative and that playbook, we will be executing this year.

所以，這絕對是我們已經在電力組合計劃、PoP+計劃中啟動的策略，我們將在今年執行該策略。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Spencer, good to reconnect. I want to aim this to you. Just any thoughts about focusing more on kind of monetizing Tinder and Hinge users, i.e., either higher prices for current paid users or kind of moving the paywall so that there's less free users. I guess it's like are you leaving economics on the table with non-paying users given the market's focus on kind of the Payers' metric? Kind of how maybe the Netflix approach.

斯賓塞，很高興再次聯繫。我想對你說這句話。關於如何更專注於 Tinder 和 Hinge 用戶的商業化，大家有什麼想法嗎？例如，提高現有付費用戶的價格，或調整付費門檻，減少免費用戶數。我覺得這就好比，考慮到市場關注的是付費用戶的指標，你是否忽略了非付費用戶的經濟效益？有點像Netflix的那種做法。

Jason, good to reconnect and great to be working with you again. This conversation reminds me a lot of the number of premier agent advertisers times premier agent revenue per month, that something that you and I spent lots of time discussing.

Jason，很高興能再次聯絡你，也很榮幸能再次與你共事。這段對話讓我想起了頂級代理商的廣告客戶數量乘以頂級代理商每月收入，這是我們曾經花了很多時間討論的話題。

And as I always told you there, we were focused on maximizing Total Revenue, not on the number of paying real estate agents, and it's very similar here. So we're maximizing and optimizing for Total Revenue, and that's how we run the business.

正如我一直告訴你們的那樣，我們當時關注的是最大化總收入，而不是付費房地產經紀人的數量，這裡的情況也非常相似。因此，我們的目標是最大限度地提高總收入，這就是我們的經營方式。

I'll let Steve go into a little bit more detail on your question, though, because I've only been here for half a day, but that's my overall take is revenue trumps revenue per -- or number of Payers. But over to you, Steve.

關於你的問題，我還是讓史蒂夫來詳細解釋一下吧，因為我才來半天，但我的總體看法是，總收入比人均收入（或付款人數）更重要。現在輪到你了，史蒂夫。

Yeah. No, that's exactly right, Spencer. We have -- Match Group has an incredible track record of innovation when it comes to monetization. Overall, I think we're one of the best in class. It's a major strength of the company. It's another advantage of our multiple brands, operating multiple brands at scale.

是的。沒錯，史賓塞，你說得完全正確。我們有——Match Group 在盈利方面有著令人難以置信的創新記錄。總的來說，我認為我們是同類學校中最好的之一。這是公司的一大優勢。這是我們擁有多個品牌、大規模經營多個品牌的另一個優勢。

And we've said many times, our primary focus like Spencer said, is on maximizing revenue. That is not new, not specifically RPP or Payers. We're constantly testing and trying to optimize for revenue regardless of the impact of those -- on those two metrics specifically.

正如史賓塞所說，我們已經多次強調，我們的首要目標是最大化收入。這並非什麼新鮮事，並非RPP或支付方特有的問題。我們一直在進行測試，並試圖優化收入，而不管這些因素（特別是這兩個指標）會產生什麼影響。

And as you look across the portfolio, in terms of monetization, we're very advanced at Tinder, for example, but always still refining and improving through optimizations, but then there are other brands like Hinge that are still in the earlier stages of monetization optimization because they're in the earlier stage of their business lifecycle and have rightfully focused more on user growth than on monetization to this point.

縱觀我們的產品組合，就盈利而言，例如，我們在 Tinder 上已經非常先進，但我們仍在不斷通過優化進行改進和完善；而像 Hinge 這樣的其他品牌仍處於盈利優化的早期階段，因為它們處於業務生命週期的早期階段，並且理所當然地將重點放在用戶增長而不是盈利上。

I'd expect we're going to continue to focus on driving user growth at Hinge, but there's a lot of opportunity to increase our focus on monetization optimization moving forward as well. But again, it will always be in the vein of maximizing revenue, not one particular metric.

我預期我們將繼續專注於推動 Hinge 的用戶成長，但未來我們也有很多機會加大對獲利優化的投入。但再次強調，其核心始終是最大化收入，而不是某個特定的指標。

With that, let's turn over to the next question.

那麼，我們來看下一個問題。

John Blackledge, TD Cowen.

John Blackledge，TD Cowen。

Hi. It's Logan on for John. At the Investor Day, you mentioned that given the mix shift at Emerging and Evergreen, overall top-line growth can turn positive at some point in the back half of 2025. Could you update us on that outlook and discuss some of the emerging brands, which maybe are driving that growth?

你好。洛根替約翰上場。在投資者日上，您提到，鑑於新興市場和常青市場的組合變化，整體營收成長可能會在 2025 年下半年的某個時候轉正。您能否向我們介紹一下這方面的市場前景，並談談一些可能正在推動成長的新興品牌？

Sure. Welcome to the call, Logan. I'm happy to try to take that. What you said is exactly right. We're expecting that -- over the course of 2025, we're going to see moderating declines at the Evergreen brands, and we're going to see continued nice strong growth at the Emerging brands such that those things should roughly offset each other as we get through the year, which will allow E&E to be a nice contributor over time from a growth perspective to Match Group again, and we're looking forward to that. It will have a nice impact on our overall financial picture.

當然。歡迎接聽電話，洛根。我很樂意嘗試。你說的完全正確。我們預計，在 2025 年，常青品牌的下滑幅度將會放緩，而新興品牌將繼續保持強勁增長，因此，隨著年末的到來，這兩方面的影響應該會大致相互抵消，這將使 E&E 從增長的角度來看，隨著時間的推移再次成為 Match Group 的一個良好貢獻者，我們對此充滿良好貢獻者，我們對此充滿良好貢獻者。這將對我們的整體財務狀況產生正面影響。

In terms of which Emerging brands, the thing that's happened is we've rolled out more and more Emerging brands because they're mainly demographically focused. And so we've been targeting demographic groups kind of one by one. We started out with Chispa and BLK on the Hispanic and Black communities. And those have continued to be very strong growers for us, very solid businesses. And so they're definitely a key part of the story.

至於新興品牌，目前的情況是，我們推出了越來越多的新興品牌，因為它們主要針對特定人群。因此，我們一直都是逐一鎖定特定人群。我們最初與 Chispa 和 BLK 合作，關注西班牙裔和黑人社區。這些業務一直保持著非常強勁的成長勢頭，是非常穩健的企業。所以他們絕對是故事的關鍵部分。

And then we've moved to other smaller demographic groups as well. And we just keep adding those, and that's helping to offset the decline from the Evergreen brands. And so for example, we recently acquired a brand called Salams, which focuses on the Muslim community. And we've seen really good growth in that business. We've expanded its revenues by about 50% since we made the acquisition.

然後，我們也開始關注其他較小的群體。我們不斷增加這些品牌，這有助於抵消常青品牌的下滑。例如，我們最近收購了一個名為 Salams 的品牌，該品牌專注於穆斯林社群。我們看到該業務取得了非常好的成長。自收購以來，我們的收入成長了約 50%。

So this is going to be a continued strategy for us to grow and build and buy these various demographically driven brands and get us to the point where the E&E businesses as a whole can be a revenue contributor to Match Group.

因此，這將是我們持續發展的策略，我們將透過發展、建立和收購這些受人口統計驅動的各種品牌，使整個電子娛樂業務能夠為 Match Group 帶來收入。

I just also want to point out on this topic that E&E discussed the build once, deploy everywhere strategy at the Investor Day, and we're implementing that throughout 2025, and that has some real benefits in the business as well because it enables us to quickly and effectively roll out new features and operate these smaller demographically focused brands at very attractive margins. So it's not just a revenue play, but there's a real profitability focus as well in that business.

關於這個主題，我還想指出，E&E 在投資者日上討論了「一次構建，到處部署」的策略，我們將在 2025 年全面實施該策略，這對業務也有一些真正的好處，因為它使我們能夠快速有效地推出新功能，並以非常有吸引力的利潤率運營這些規模較小的、以特定人群為中心的品牌。所以這不僅僅是一項以收入為導向的業務，而且這項業務也真正注重獲利能力。

So we feel good about what's going on at E&E, and you'll hear more about this as the year progresses.

所以我們對 E&E 目前的發展狀況感到滿意，隨著時間的推移，你們會聽到更多相關消息。

With that, why don't I turn the call over to Spencer for a few closing remarks.

那麼，不如我把電話交給史賓塞，讓他做幾句總結發言。

Thanks, Gary. I want to thank Steve, Gary, Tanny, and the rest of the team here at Match Group for welcoming me yesterday. It was a great and energizing day. It's also great to see so many familiar investors and analysts on the call, and I look forward to working with you here as I did for so many years in my last CEO role.

謝謝你，加里。我要感謝Match Group的Steve、Gary、Tanny以及其他所有團隊成員昨天熱情接待我。這是令人振奮的一天。很高興看到這麼多熟悉的投資者和分析師參加電話會議，我期待著像我在上一個CEO職位上那樣，在這裡與大家繼續合作。

As you can probably tell, I'm extremely excited about Match Group and our potential as a vote of confidence and also because I believe it's a good investment, I'm going to be buying personally $2 million worth of Match Group stock in the open market tomorrow when the trading window opens to me.

正如你可能已經看到的那樣，我對 Match Group 及其潛力感到非常興奮，這既是對它的信任投票，也是因為我相信這是一項不錯的投資。因此，明天交易窗口開放時，我將在公開市場上親自購買價值 200 萬美元的 Match Group 股票。

I'm committed to building long-term shareholder value. I'm super excited to get to work, and I look forward to talking with you all soon. Thanks so much.

我致力於創造長期股東價值。我非常興奮能開始工作，期待盡快與大家見面。非常感謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。