Match Group Inc (MTCH) 2025 Q1 法說會逐字稿

Good day, and welcome to the Match Group first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Match Group 2025 年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Ms. Tanny Shelburne, Senior Vice President of Investor Relations. Please go ahead, ma'am.

現在我將把會議交給投資者關係高級副總裁坦尼·謝爾伯恩女士。請便，女士。

Thank you, operator, and good morning, everyone. Today's call will be led by CEO, Spencer Rascoff; and CFO, Steven Bailey. 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 Spencer Rascoff 和財務長 Steven Bailey 主持。他們會做簡短的發言，然後我們會開放提問環節。

Before we start, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate or similar statements. These statements are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our earnings release and our periodic reports with the SEC.

在開始之前，我需要提醒大家，在本次通話中，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和向美國證券交易委員會提交的定期報告中列出。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the published materials on our IR website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

此外，在本次電話會議中，我們也將討論一些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表已在公司投資者關係網站上發布的資料中提供。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. Good morning, everyone. This is my first full quarter earnings call as CEO, and I want to start by saying how proud I am to be here and how energized I am by the opportunity ahead. We are a company with a powerful mission to spark meaningful connections. Our job is to deliver on that mission with urgency, excellence and a consumer-first mindset by building products that reflect how people want to connect today.

謝謝你，坦妮。各位早安。這是我作為執行長的第一個完整季度財報電話會議，首先我想表達我為能在這裡工作感到多麼自豪，以及我對未來機遇感到多麼振奮。我們是一家肩負著強大使命的公司，致力於激發有意義的連結。我們的工作就是以緊迫感、卓越性和以消費者為先的理念來完成這項使命，打造能夠反映當今人們連結方式的產品。

Over the last three months, I have visited many of our offices around the world, spoken with hundreds of employees and gathered insights from thousands of users across our apps. Each conversation with a Match Group team member has reinforced how deeply our people believe in this mission. That mission orientation, combined with our product innovation and platform scale, puts us in a strong position to act decisively as we chart the future of personal connection.

在過去的三個月裡，我走訪了我們在世界各地的許多辦公室，與數百名員工進行了交談，並從我們應用程式的數千名用戶那裡收集了見解。與 Match Group 團隊成員的每一次對話都讓我更加堅信我們的員工對這項使命的信念有多麼堅定。這種使命導向，加上我們的產品創新和平台規模，使我們處於有利地位，能夠果斷行動，規劃人際關係的未來。

One of my priorities is evolving Match Group from a collection of independently managed brands into a unified product-led organization that prioritizes innovation and user outcomes and operates as 1 company, not four divisions, to gain the full benefits of our scale and multi-brand portfolio. Today, we announced a reorganization centralizing key functions, including select technology and data services, customer care and content moderation, media buying and international go-to-market functions, while still allowing each brand to maintain their independence and product road maps.

我的首要任務之一是將 Match Group 從一系列獨立管理的品牌發展成為一個以產品為主導的統一組織，優先考慮創新和用戶成果，並以一家公司（而不是四個部門）的形式運營，從而充分發揮我們規模和多品牌組合的優勢。今天，我們宣布了一項重組計劃，將部分技術和數據服務、客戶服務和內容審核、媒體購買和國際市場推廣等關鍵職能集中化，同時仍允許每個品牌保持其獨立性和產品路線圖。

We've also taken some hard but appropriate steps today to sharpen our focus, including a planned 13% reduction of our workforce, as well as closing a number of open roles and further tightening operating expenses. These actions position us to achieve more than $100 million in annualized savings, including approximately $45 million of in-year savings in 2025.

今天，我們也採取了一些艱難但適當的措施來集中精力，包括計劃裁員 13%，關閉一些空缺職位，並進一步削減營運開支。這些措施使我們每年可節省超過 1 億美元，其中包括 2025 年當年可節省約 4,500 萬美元。

But more importantly, these changes make us more nimble, more focused and better aligned, enabling faster decision-making, reducing management layers, including around 1 in 5 managers overall, so individuals can have greater impact, and accelerating our ability to ship products and features that deliver meaningful user outcomes.

但更重要的是，這些變化使我們更加靈活、更加專注、更加協調一致，從而能夠更快地做出決策，減少管理層級（包括大約五分之一的經理），使個人能夠發揮更大的影響力，並加快我們推出能夠為用戶帶來有意義的成果的產品和功能的能力。

These savings will enable us to deliver the margin goals we outlined at our December Investor Day while also providing the ability to invest in ways that we believe will return us to growth.

這些節省下來的資金將使我們能夠實現我們在 12 月投資者日上提出的利潤率目標，同時也能讓我們以我們認為能夠使我們重回成長軌道的方式進行投資。

I want to acknowledge the extraordinary contributions from and give thanks to those who will be leaving the company as a result of these decisions. Their hard work helped strengthen our position and make future success more possible.

我要對那些因這些決定而離開公司的人所做出的卓越貢獻表示感謝，並向他們致以謝意。他們的辛勤工作幫助鞏固了我們的地位，也為未來的成功創造了更大的可能性。

We're acting with urgency, making bold long-term decisions and relentlessly prioritizing user outcomes. The best tech companies operate in product-first, builder mode - and this next chapter at Match Group is about getting back to that: fewer layers, faster execution and a culture focused on creating value through innovation.

我們正在採取緊急行動，做出大膽的長期決策，並始終將使用者成果放在首位。最優秀的科技公司都以產品為先、以建構者為導向——而 Match Group 的下一個篇章就是回歸這種模式：減少層級、加快執行速度，並建立一種專注於透過創新創造價值的文化。

This is a big change, and the company is responding positively to this culture shift. We are already operating with greater clarity, discipline and speed. In fact, our solid financial and operating performance to start the year reflects the focus and resilience of our teams. In Q1, both Match Group total revenue and adjusted operating income came in above the high end of our guidance, driven by business performance that was in line with expectations, favorable foreign exchange trends and ongoing rigorous cost management.

這是一個巨大的變化，公司對這種文化轉變做出了積極的回應。我們目前的運作已經更加清晰、嚴謹、更有效率。事實上，我們年初穩健的財務和營運表現反映了我們團隊的專注和韌性。第一季度，Match Group 的總收入和調整後的營業收入均高於我們預期的上限，這得益於符合預期的業務表現、有利的外匯趨勢以及持續嚴格的成本管理。

Turning now to Tinder, our biggest brand and the number one most downloaded dating app worldwide. We are making tangible progress on our product road map and starting to see green shoots. Our priorities at Tinder are to rebuild trust on the platform through a cleaner ecosystem, to deliver better user outcomes and to reenergize the user experience, all of which are foundational to driving long-term engagement and sustainable growth. While our Hinge brand leads the category for those looking for a serious relationship, or what we call “intentioned dating”, Tinder is the leading app for younger users looking for lighter, lower-pressure connections. To meet the needs of this Gen Z audience, age 18 to 27, we're focused on building features that feel more fun and more spontaneous. Our effort is on reducing friction in how people engage with one another and evolving the experience to reflect a broader definition of connection.We're already seeing traction with this approach. Let me give you a few examples of how this is already showing up in Tinder. We recently launched our Double Date feature in several European markets, allowing users to team up with a friend and match with other payers. It's resonating with our younger audience. Nearly 90% of Double Date profiles are from users under 29. And women using Double Date are 3x as likely to swipe right on a pair than on an individual.The feature isn't just driving engagement. It's also growing our audience with nearly 12% of invited users in these markets representing new registrations or reactivations. We plan to launch in several additional European, Asian and Latin American markets soon as we seek to create more fun opportunities for connection. The US launch is planned for later this year.

現在讓我們來看看 Tinder，我們最大的品牌，也是全球下載量排名第一的約會應用程式。我們的產品路線圖正在取得實際進展，並開始看到成效。Tinder 的首要任務是透過更清潔的生態系統重建用戶對平台的信任，提供更好的用戶體驗，並重振用戶體驗，所有這些都是推動長期用戶參與和永續成長的基礎。雖然我們的 Hinge 品牌在尋找認真戀愛關係（或我們稱之為「有目的的約會」）的用戶中處於領先地位，但 Tinder 是年輕用戶尋找輕鬆、壓力較小的關係的領先應用程式。為了滿足 18 至 27 歲 Z 世代用戶的需求，我們專注於打造更有趣、更自發性的功能。我們致力於減少人與人之間互動時的摩擦，並不斷改善使用者體驗，使其體現更廣泛的連結概念。我們已經看到這種方法取得了成效。讓我舉幾個例子來說明這種情況已經在 Tinder 上出現了。我們最近在幾個歐洲市場推出了雙人約會功能，允許用戶與朋友組隊並與其他付費用戶配對。它引起了我們年輕觀眾的共鳴。Double Date 平台上近 90% 的使用者年齡在 29 歲以下。使用 Double Date 功能的女性，對一對約會對象按讚的可能性是對單一約會對象的 3 倍。這項功能不僅提高了用戶參與度。此外，我們的用戶群體也不斷擴大，在這些市場中，近 12% 的受邀用戶代表了新註冊用戶或重新啟動用戶。我們計劃很快在歐洲、亞洲和拉丁美洲的更多市場推出產品，因為我們希望創造更多有趣的交流機會。美國地區的發布計劃於今年稍後進行。

In addition, we launched The Game Game on iOS in numerous markets worldwide. This voice-based experience was out for only the month of April, and it let users practice flirting with an artificial intelligence date to learn to break the ice through humor, storytelling and playful interaction. Approximately three-quarters of a million Tinder users played it last month, demonstrating its ability to tackle one of the most common challenges we hear: just starting a conversation can feel intimidating. In addition to demonstrating our leading edge use case of AI, The Game Game drove significant viral awareness and reconsideration of Tinder and gave us deep insights into how our users interact with voice AI, which will inform future product development.

此外，我們也在全球多個市場推出了 iOS 版《The Game Game》。這項基於語音的體驗僅在四月份推出，它允許用戶與人工智慧約會對象練習調情，透過幽默、講故事和有趣的互動來學習如何打破僵局。上個月約有 75 萬 Tinder 用戶體驗了這款遊戲，這表明它能夠解決我們聽到的最常見挑戰之一：僅僅是開始一段對話就可能讓人感到畏懼。除了展示我們領先的 AI 應用案例外，《遊戲遊戲》還引發了人們對 Tinder 的廣泛關注和重新思考，並讓我們深入了解了用戶如何與語音 AI 互動，這將為未來的產品開發提供資訊。

And while we have been utilizing AI and machine learning for years in our core matching algorithm and in trust and safety efforts, we are bringing AI deeper into our product experience. We're testing a new AI-enabled discovery experience in New Zealand that marks a major leap in utilizing AI in a new way to improve dating outcomes. With permission of our users, it takes in more attributes such as insights gleaned from their phone's camera roll and responses to dynamic questions about what they're seeking, to generate a curated, personalized daily match. Early signs are promising, and we see this as a clear example of how AI and product innovation can drive more relevant, higher-quality connections, and reflects our commitment to reimagining the experience beyond the swipe feature. Each of these features is a clear example of how we're reshaping the experience to better serve our target audiences. We are listening, learning and building with their needs in mind. We are encouraged by our progress to date, and I look forward to sharing more as we move forward.

雖然我們多年來一直在核心匹配演算法以及信任和安全工作中運用人工智慧和機器學習，但我們正在將人工智慧更深入地融入我們的產品體驗中。我們正在紐西蘭測試一種全新的人工智慧驅動的發現體驗，這標誌著人工智慧在改善約會結果方面取得了重大飛躍。經用戶許可，我們會收集更多屬性，例如從用戶手機相簿中獲取的資訊以及對有關用戶搜尋內容的動態問題的回答，從而產生精心策劃的個人化每日匹配結果。初步跡象令人鼓舞，我們認為這是一個清晰的例子，說明人工智慧和產品創新如何能夠推動更相關、更高品質的連接，也體現了我們致力於超越滑動功能的體驗。這些功能都清楚地表明了我們如何重塑用戶體驗，以更好地服務我們的目標受眾。我們始終以他們的需求為中心，傾聽他們的聲音，學習他們的需求，並以此為出發點進行建造。我們對目前的進展感到鼓舞，期待未來與大家分享更多成果。

Finally, we continue to invest in our industry-leading trust and safety initiatives to ensure that Tinder and other Match Group apps are the safest way to meet new people. We've been testing several new features aimed at validating the authenticity of users. In tests of these features, we've seen a more than 15% reduction in bad actor reports. Last week, we announced another cutting-edge innovation aimed at ensuring user authenticity, our collaboration as the first dating or consumer social company to integrate with World ID. We will start with Tinder in Japan and then plan to roll out to other geographies and brands. Our broad scale, global reach, multi-brand portfolio and our ability to invest more in trust and safety than anyone in our category is an advantage that also improves user outcomes.

最後，我們將繼續投資於我們領先業界的信任和安全舉措，以確保 Tinder 和其他 Match Group 應用程式是結識新朋友最安全的方式。我們一直在測試幾項旨在驗證用戶真實性的新功能。在這些功能的測試中，我們發現惡意行為者舉報數量減少了 15% 以上。上週，我們宣布了另一項旨在確保用戶真實性的尖端創新，即我們作為第一家與 World ID 整合的約會或消費者社交公司開展的合作。我們將首先在日本與 Tinder 合作，然後計劃推廣到其他地區和其他品牌。我們規模龐大、業務遍及全球、擁有多品牌組合，並且比同類公司更有能力在信任和安全方面投入更多資源，這一優勢也有助於改善用戶體驗。

At Hinge, user momentum remains strong, and we're seeing continued great product traction. Since launching globally in late March, our new AI-powered recommendation algorithm has driven a greater than 15% increase in matches and contact exchanges, demonstrating the ability of our investment in AI to significantly improve user outcomes.

Hinge 的用戶成長動能依然強勁，我們看到產品持續獲得良好的市場迴響。自 3 月下旬在全球範圍內推出以來，我們全新的 AI 驅動推薦演算法已推動匹配和聯繫交換次數增加了 15% 以上，這表明我們在 AI 方面的投資能夠顯著改善用戶體驗。

We're also continuing to enhance in-app coaching, including by providing Prompt Feedback, an AI-powered feature that suggests improvements to profile prompts in real time in the onboarding flow to increase its impact and its exposure. We're planning to test warm introductions in the coming months, which will highlight shared interests to improve match quality. With continued innovation, strong brand resonance and global expansion underway, we are confident Hinge is well positioned to continue its leadership in the intentioned dating category.

我們也在不斷改進應用程式內指導功能，包括提供「即時回饋」功能，這是一項由人工智慧驅動的功能，可在引導流程中即時建議改進個人資料提示，以增強其影響力和曝光度。我們計劃在未來幾個月測試「暖心介紹」功能，該功能將突出共同興趣，以提高匹配品質。憑藉持續的創新、強大的品牌影響力以及正在進行的全球擴張，我們相信 Hinge 已做好充分準備，繼續保持其在定向約會領域的領先地位。

Turning to international expansion. One of Match Group's core strengths is our ability to build and acquire compelling consumer apps. Our strategy has been consistent. First, we establish product market fit, then we monetize, and finally, we scale globally with a proven go-to-market playbook. In 2025, we're leaning into this playbook with a number of global expansion efforts across the portfolio. For example, Hinge is on track to launch in Brazil and Mexico in the second half of this year as it seeks to serve intentioned daters in new markets. The League is planning to launch in the Middle East and India to meet the demand for premium experiences in these regions. Azar is continuing its US and Western Europe expansion, and Pairs recently launched in South Korea. These moves highlight our focus on further unlocking growth by extending our reach, and we're confident that by executing our playbook across our brands and new markets, we are well positioned to create long-term value for both users and for our company.

轉向國際擴張。Match Group 的核心優勢之一是我們有能力建立和收購引人注目的消費者應用程式。我們的策略始終如一。首先，我們確定產品與市場的契合度；然後，我們實現盈利；最後，我們利用成熟的市場推廣策略在全球範圍內擴大規模。2025年，我們將大力推動這項策略，在全球範圍內開展一系列業務拓展活動。例如，Hinge 計劃於今年下半年在巴西和墨西哥推出服務，旨在為新市場中有約會意願的用戶提供服務。該聯盟計劃在中東和印度推出服務，以滿足這些地區對高端體驗的需求。Azar 正在繼續拓展其在美國和西歐的業務，而 Pairs 最近在韓國推出了服務。這些舉措凸顯了我們致力於透過擴大覆蓋範圍來進一步釋放成長潛力的決心，我們相信，透過在我們的品牌和新市場中執行我們的策略，我們能夠為用戶和公司創造長期價值。

Let me close with this. We are in the early days of a transformation. Small, focused teams across the company are fueling a wave of innovation. From college-focused concepts out of our New York office to a group meet-up experience built by our Korea team, to off-line event experimentation in Japan, to changes to the core of the Tinder app. And by leveraging AI, staying relentlessly user-first and moving with speed, we have a real opportunity to reignite and redefine the future of human connection. The impact of deep learning is already reshaping our matching algorithms across the entire company, powering more personalized, more relevant and more effective experiences for our users, and this is just the beginning.

最後我想補充一點。我們正處於變革的初期階段。公司內部各個小型、專注的團隊正在推動一波創新。從我們紐約辦公室以大學生為中心的概念，到我們韓國團隊所打造的團體聚會體驗，再到在日本進行的線下活動實驗，以及 Tinder 應用程式核心的改變。透過利用人工智慧，堅持以使用者為先，並快速行動，我們有機會重新點燃和重新定義人際互動的未來。深度學習的影響已經重塑了我們整個公司的配對演算法，為我們的用戶帶來更個人化、更相關、更有效的體驗，而這只是個開始。

The management team and I believe in our mission. I believe in our team. And I believe we'll execute to drive growth and, ultimately, shareholder value over time.

管理團隊和我堅信我們的使命。我相信我們的團隊。我相信，我們將透過有效執行來推動成長，並最終隨著時間的推移提升股東價值。

Along those lines, following our last earnings call, just 4 days into my role, I personally purchased $2 million of Match Group stock at an average price of $34 per share. One quarter later, today, my conviction in our mission, our strategy and our team has only strengthened. Given my confidence in our company, I plan to purchase an additional $1 million of stock soon after our trading window opens.

基於此，在我們上次財報電話會議之後，在我上任僅 4 天后，我個人以每股 34 美元的平均價格購買了價值 200 萬美元的 Match Group 股票。三個月後的今天，我對我們的使命、策略和團隊的信念更加堅定了。鑑於我對公司的信心，我計劃在交易窗口開放後不久再購買價值 100 萬美元的股票。

Now I'll hand it over to Steve to walk through the financials.

現在我把這個任務交給史蒂夫，讓他來分析財務數據。

Thank you, Spencer. Hello, everyone. Thank you for joining the call this morning.

謝謝你，史賓塞。大家好。感謝您今天上午參加電話會議。

We're pleased with our start to the year and with our Q1 financial results. As Spencer mentioned, both Match Group total revenue and AOI exceeded the high end of our guidance range in the quarter, driven by business performance that was in line with our expectations, favorable FX trends and ongoing cost discipline.

我們對今年的開局以及第一季的財務表現感到滿意。正如 Spencer 所提到的，由於業務表現符合預期、外匯走勢有利以及持續的成本控制，Match Group 的總收入和 AOI 在本季度均超過了我們預期範圍的上限。

In Q1, Match Group's total revenue was $831 million, down 3% Y/Y, down 1% Y/Y FX-neutral. FX headwinds were $5 million less than we anticipated at the time of our last earnings call. Excluding the exit of our live streaming businesses, total revenue was down 2% Y/Y, up 1% Y/Y FXN. RPP grew 1% to $19.07, while payers declined 5% Y/Y to $14.2 million. Indirect revenue was a record quarter, up 31% Y/Y, driven by an increase in spend from our top advertisers.

第一季度，Match Group 的總營收為 8.31 億美元，年減 3%，以匯率不變計算年減 1%。外匯逆風比我們上次財報電話會議時預期的要少 500 萬美元。剔除直播業務的退出，總營收年減 2%，以外匯計算年增 1%。RPP成長1%至19.07美元，而支付方較去年同期下降5%至1,420萬美元。間接收入創下季度新高，年增 31%，主要得益於頂級廣告商支出的增加。

Tinder direct revenue in Q1 was $447 million, down 7% Y/Y, down 4% FXN. Tinder payers declined 6% Y/Y to 9.1 million and RPP declined 1% Y/Y to $16.38. Y/Y payer declines were impacted by user trends, which are still declining Y/Y but at a stable rate. Tinder's monthly active users declined 9% Y/Y in Q1. Operating income in the quarter was $193 million, down 8% Y/Y, representing an OI margin of 42%. AOI in the quarter was $228 million, down 5% Y/Y, representing an AOI margin of 49%.

Tinder 第一季直接營收為 4.47 億美元，年減 7%，以匯率計算下降 4%。Tinder 付費用戶較去年同期下降 6% 至 910 萬，每用戶平均收入較去年同期下降 1% 至 16.38 美元。付費用戶較去年同期下降受到用戶趨勢的影響，用戶趨勢雖然仍在年減，但下降速度較為穩定。Tinder 第一季的每月活躍用戶年減了 9%。本季營業收入為 1.93 億美元，年減 8%，營業收入利潤率為 42%。本季 AOI 為 2.28 億美元，年減 5%，AOI 利潤率為 49%。

Hinge continued its strong momentum in Q1 with direct revenue of $152 million, up 23% Y/Y, up 24% FXN. Hinge's strong download performance continued across both core English-speaking and Western European markets. Hinge maintained its number one ranking across 10 countries and the number two ranking in its Western European markets overall in the quarter. Payers grew 19% Y/Y to 1.7 million, driven by strong user growth. RPP grew 3% to $29.90, driven largely by subscription price optimizations across several core markets. OI was $29 million in the quarter, up 55% Y/Y, representing an OI margin of 19%. AOI was $43 million, up 47% Y/Y, representing an AOI margin of 28%.

Hinge 在第一季持續保持強勁勢頭，直接營收達 1.52 億美元，年增 23%，以匯率計算成長 24%。Hinge 在核心英語市場和西歐市場均維持了強勁的下載表現。本季度，Hinge 在 10 個國家/地區保持了第一名的排名，並在其西歐市場整體排名第二。付費用戶年增 19% 至 170 萬，主要得益於用戶數量的強勁成長。RPP成長3%至29.90美元，主要得益於幾個核心市場的訂閱價格優化。本季營業利潤為 2,900 萬美元，年增 55%，營業利益率為 19%。AOI 為 4,300 萬美元，較去年同期成長 47%，AOI 利潤率為 28%。

E&E's direct revenue was $149 million, down 12% Y/Y, down 11% FXN, driven by Evergreen brands decline of 15% Y/Y, partially offset by a 3% Y/Y increase at emerging brands. Ex-live, E&E direct revenue was down 8% Y/Y, down 7% Y/Y FXN. E&E is executing on its consolidation plans and is on track to migrate Plenty of Fish and Meetic, its final two brands later this year. Payers declined 16% Y/Y to 2.4 million, while RPP rose 5% Y/Y to $20.76. In Q1, E&E delivered OI of $7 million, down 61% Y/Y, representing an OI margin of 4%. AOI of $29 million was down 25% Y/Y, partially due to the timing of marketing spend, for an AOI margin of 19%.

E&E 的直接收入為 1.49 億美元，年減 12%，以固定匯率計算下降 11%，主要原因是常青品牌年減 15%，但新興品牌年增 3% 部分抵銷了這一降幅。除現場演出外，E&E 直接收入年減 8%，按外匯計算年減 7%。E&E 正在執行其整合計劃，並預計在今年稍後完成其最後兩個品牌 Plenty of Fish 和 Meetic 的遷移。支付方數量較去年同期下降16%至240萬，而每千人營收年增5%至20.76美元。第一季度，E&E業務的營業收入為700萬美元，較去年同期下降61%，營業收入利潤率為4%。AOI 為 2,900 萬美元，年減 25%，部分原因是行銷支出的時間安排，AOI 利潤率為 19%。

Match Group Asia delivered direct revenue of $64 million, down 11% Y/Y, down 7% FXN. Ex-live direct revenue was down 2% Y/Y, up 3% FXN in Q1. Azar direct revenue was down 1% Y/Y, up 5% Y/Y FXN, as it continued executing on its European and US expansion efforts. Pairs direct revenue was down 3% Y/Y, flat Y/Y FXN, driven by ongoing stability in the Japanese market. Across Match Group Asia, payers increased 5% Y/Y to 1 million, while RPP declined 15% Y/Y to $21.23, partially due to FX impacts. OI was $3 million in the quarter, representing an OI margin of 5%, and AOI was $19 million, up 43% Y/Y, representing an AOI margin of 30%. OI and AOI benefited from a tax reserve release in the quarter.

Match Group Asia 的直接收入為 6,400 萬美元，年減 11%，以固定匯率計算下降 7%。第一季非直播直接營收年減 2%，以外匯匯率計算成長 3%。由於繼續推進其在歐洲和美國的擴張計劃，Azar 的直接收入同比下降 1%，按外匯計算同比增長 5%。受日本市場持續穩定的影響，Pairs 直接營收年減 3%，以外匯匯率計算與去年同期持平。Match Group 亞洲區支付方數量年增 5% 至 100 萬，而 RPP 年減 15% 至 21.23 美元，部分原因是匯率影響。本季營業收入為 300 萬美元，營業收入利潤率為 5%；營業總收入為 1,900 萬美元，年增 43%，營業總收入利潤率為 30%。OI 和 AOI 受益於本季的稅務準備金釋放。

Moving to profitability. In Q1, total company OI was $173 million, down 7% Y/Y, representing a margin of 21%. And AOI was $275 million, down 2% Y/Y, representing a margin of 33%.

邁向盈利。第一季度，公司總營業收入為 1.73 億美元，年減 7%，利潤率為 21%。AOI 為 2.75 億美元，年減 2%，利潤率為 33%。

Looking at costs, including stock-based compensation expense, total expenses were down 2% Y/Y in Q1. Cost of revenue decreased 8% Y/Y and represented 29% of total revenue, down 1 point Y/Y, driven by lower IAP fees and reduced variable expenses from the shutdown of our live streaming services mid last year. Selling and marketing costs decreased $8 million or 5% Y/Y due to lower marketing spend at Tinder and Match Group Asia and was flat as a percent of total revenue at 19%. General and administrative costs increased 5% Y/Y, up 1 point Y/Y as a percent of total revenue to 13%, driven primarily by severance and other employee compensation-related expenses. Product development costs grew 4% Y/Y as a result of higher SBC expense, primarily at Tinder and Hinge and were up 1 point as a percent of total revenue to 15%. Depreciation and amortization increased by $1 million Y/Y to $32 million.

從成本來看，包括股票選擇權費用在內，第一季總支出較去年同期下降 2%。收入成本年減 8%，佔總收入的 29%，年減 1 個百分點，主要原因是應用程式內購買費用降低以及去年中關閉直播服務後可變費用減少。由於 Tinder 和 Match Group Asia 的行銷支出減少，銷售和行銷成本比去年同期減少了 800 萬美元或 5%，佔總收入的比例為 19%，與去年持平。一般及行政費用年增 5%，佔總收入的比例年增 1 個百分點至 13%，主要原因是遣散費和其他員工薪酬相關支出。由於 SBC 支出增加，產品開發成本年增 4%，主要來自 Tinder 和 Hinge，佔總收入的百分比上升 1 個百分點，達到 15%。折舊和攤提費用年增 100 萬美元，達到 3,200 萬美元。

Turning to the balance sheet. Our gross leverage was 2.8x and net leverage was 2.4x at the end of Q1. We ended the quarter with $414 million of cash, cash equivalents and short-term investments on hand. In Q1, we repurchased 1 million of our shares at an average price of $32 per share on a trade date basis, for a total of 195 million and paid $48 million in dividends, deploying over 135% of our free cash flow for capital return to shareholders. We maintain our commitment to return 100% of free cash flow to shareholders through share buybacks and the dividend.

接下來看一下資產負債表。第一季末，我們的總槓桿率為 2.8 倍，淨槓桿率為 2.4 倍。本季末，我們手頭上擁有現金、現金等價物和短期投資 4.14 億美元。第一季度，我們以每股 32 美元的平均價格（按交易日計算）回購了 100 萬股股票，總計 1.95 億股，並支付了 4800 萬美元的股息，將超過 135% 的自由現金流用於向股東返還資本。我們將繼續致力於透過股票回購和分紅，將100%的自由現金流返還給股東。

In late January, we repaid the $425 million outstanding balance on our term loan with cash on hand.

1月下旬，我們用手頭現金償還了4.25億美元的定期貸款未償餘額。

Now turning to guidance. We expect Q2 total revenue for Match Group of $850 million to $860 million, down 2% to flat Y/Y. This range assumes a 1 point Y/Y tailwind for FX and a 1 point Y/Y headwind for the exit of Hakuna and other of our live streaming businesses. FXN ex live, we expect total revenue to be down 2% to down 1% Y/Y.

現在進入指導環節。我們預計 Match Group 第二季總營收為 8.5 億美元至 8.6 億美元，年減 2% 或持平。該區間假設外匯市場年增 1 個百分點，而 Hakuna 和其他直播業務的退出年減 1 個百分點。除即時數據外，我們預期FXN總營收年減2%至1%。

We expect Match Group AOI of $295 million to $300 million in Q2, representing a Y/Y decline of 3%. And AOI margin of approximately 35%, at the midpoint of the ranges.

我們預計 Match Group 第二季 AOI 為 2.95 億美元至 3 億美元，年減 3%。AOI 裕度約為 35%，位於範圍的中點。

We expect costs associated with the restructuring of our operations to be $17 million in the quarter. Excluding these restructuring costs, we expect AOI to increase Y/Y by 3% and AOI margins to be approximately 37% at the midpoint of the ranges.

我們預計本季與業務重組相關的成本將達到 1700 萬美元。不計這些重組成本，我們預計 AOI 將年增 3%，AOI 利潤率將在區間中點附近達到約 37%。

Our full year 2025 Match Group total revenue guidance of $3.375 billion to $3.5 billion remains unchanged. Our full year results could be impacted by macroeconomic conditions or changes in FX rates, both of which remain volatile and difficult to predict.

我們對 Match Group 2025 年全年總收入的預期仍為 33.75 億美元至 35 億美元，保持不變。我們的全年業績可能會受到宏觀經濟狀況或匯率變動的影響，而這兩者都仍然波動不定且難以預測。

Our business is not directly subject to tariffs, and because a significant portion of our revenue is derived from subscriptions, which tend to be stickier to impulse purchases like a la carte, our business has historically been relatively resilient to macroeconomic impacts. We've seen some impacts to ALC revenue in the past, especially at our brands with younger users or those with less discretionary income, and we've started to see some impacts to ALC revenue at Tinder in recent weeks, which we are monitoring closely. We are prepared to take pricing, merchandising or other actions to minimize the impact to our financial performance should these trends persist.

我們的業務不受關稅直接影響，而且由於我們很大一部分收入來自訂閱，而訂閱用戶往往比單點商品更傾向於衝動消費，因此我們的業務歷來對宏觀經濟的影響具有較強的抵抗力。我們過去曾看到 ALC 收入受到一些影響，尤其是在我們擁有年輕用戶或可支配收入較少用戶的品牌中，最近幾週我們也開始看到 Tinder 的 ALC 收入受到一些影響，我們正在密切關注。如果這些趨勢持續下去，我們將採取定價、商品銷售或其他措施，以盡量減少對我們財務表現的影響。

The recent decline in the dollar relative to other major currencies helped our Q1 results. And we expect FX to be a tailwind to Y/Y total revenue growth in Q2, helping to offset any consumer spending-related headwinds.

美元兌其他主要貨幣近期的下跌對我們第一季的業績有所幫助。我們預期外匯市場將成為第二季年比總收入成長的利多因素，有助於抵消與消費者支出相關的任何不利因素。

We expect Match Group AOI to be within the previously disclosed full year guidance range of $1.232 billion to $1.278 billion on an as-reported basis, and roughly in the middle of the range when excluding approximately $25 million in costs associated with the restructuring of our operations. We expect to achieve our full year AOI margin target of 36.5% excluding these restructuring costs.

我們預計 Match Group AOI 將達到先前公佈的全年業績指引範圍 12.32 億美元至 12.78 億美元（按報告基準計算），如果排除與業務重組相關的約 2500 萬美元成本，則大致處於該範圍的中間位置。不計這些重組成本，我們預計全年AOI利潤率目標為36.5%。

We now expect SBC expense in 2025 of $280 million to $290 million, meaningfully lower than the range we provided at our last earnings call due to restructuring of our operations and our continued focus on managing headcount and SBC expense.

我們現在預計 2025 年 SBC 支出為 2.8 億美元至 2.9 億美元，這比我們在上次盈利電話會議上給出的範圍要低得多，原因是我們重組了業務，並繼續專注於管理員工人數和 SBC 支出。

As Spencer outlined, we've taken meaningful steps to become a flatter, more efficient, product-first organization. We expect these changes to help us achieve our margin goals, excluding costs associated with the restructuring of our operations, and better position the company to weather any macro headwinds. We expect them to also greatly improve product execution and accelerate innovation, which in turn should lead to improved growth and shareholder value over time.

正如 Spencer 所概述的那樣，我們已經採取了有意義的措施，使其成為一個更扁平、更有效率、以產品為先的組織。我們預計這些變化將有助於我們實現利潤目標（不包括與業務重組相關的成本），並使公司更好地應對任何宏觀不利因素。我們預計他們還將大幅提升產品執行力並加快創新步伐，這反過來應該會隨著時間的推移帶來更好的成長和股東價值。

Now let's open it up to Q&A.

現在進入問答環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Nathan Feather with Morgan Stanley.

內森費瑟，摩根士丹利員工。

Hey everyone, thanks for the question. I'm interested to hear given the cost reduction actions you just announced, can you help us think through how you're balancing investment and efficiencies to maximize productivity and product offering?

大家好，感謝大家的提問。鑑於您剛剛宣布的成本削減措施，我很想聽聽您是如何平衡投資和效率，以最大限度地提高生產力和產品供應的？

Yes. Thank you for the question. So what we announced today were fairly deep cuts, $45 million of in-year savings, $100 million of annualized savings, primarily from labor, and now we turn our attention to OpEx where we think we can find even more savings. On top of those numbers, it's about a 15% reduction in stock-based compensation expense, which is about $45 million a year of annualized SBC.

是的。謝謝你的提問。因此，我們今天宣布的削減幅度相當大，當年可節省 4500 萬美元，每年可節省 1 億美元，主要來自勞動力成本，現在我們將注意力轉向營運支出，我們認為在那裡還可以找到更多節省。除了上述數字之外，股票選擇權費用還減少了約 15%，相當於每年約 4500 萬美元的股票選擇權費用。

The cuts today really had two goals. The first was to create a more nimble organization to break down silos to create more of a unified Match Group, and a number of the organizational changes associated with the cuts speak to that. And the second goal was to cut deeply enough that we could feel confident in hitting the Investor Day targets and also reinvest for growth.

今天的裁員其實有兩個目的。首先，要創造一個更靈活的組織，打破部門壁壘，打造一個更統一的配對集團，而與裁員相關的許多組織變革都體現了這一點。第二個目標是大幅削減開支，以便我們有信心實現投資者日的目標，並進行再投資以實現成長。

So the nature of your question was about the reinvestment. So to provide a little more clarity there, we're basically taking these savings and turning around and investing them in international expansion, both in terms of product development as well as customer acquisition for a variety of brands, including Tinder, Hinge, The League, Pairs, Azar and others. We're also investing in the segment through product and customer acquisition. And third, we're continuing to invest in Tinder products as well.

所以你的問題本質上是關於再投資的。為了更清楚地說明這一點，我們基本上是將這些節省下來的資金轉而投資於國際擴張，包括產品開發以及為包括 Tinder、Hinge、The League、Pairs、Azar 等在內的各種品牌獲取客戶。我們也透過產品和客戶獲取來加大對該領域的投資。第三，我們也將持續投資 Tinder 產品。

So I'd say these, to summarize, these cuts, they make us increasingly confident in our Investor Day targets. They allow us to leave full year guidance unchanged and they also allow us to reinvest for growth.

總而言之，我認為這些削減措施讓我們對投資人日的目標越來越有信心。它們使我們能夠維持全年業績預期不變，也使我們能夠進行再投資以實現成長。

Cory Carpenter with JPMorgan

科里·卡彭特，摩根大通

Thank you and good morning, Spencer, you certainly enacted a lot of change in your first few months. Hoping you could talk about your priorities for the company and how you may do things differently while still standing behind the Investor Day targets you just mentioned.

謝謝你，史賓塞，早安。你在上任的頭幾個月確實做出了很多改變。希望您能談談您對公司的優先事項，以及在堅持您剛才提到的投資者日目標的同時，您可能會如何採取不同的做法。

Thank you.

謝謝。

Thanks, Cory. Yes, it's been a busy first couple -- first 100 days or so. Firstly, I'd say, I've been incredibly impressed with the quality of the team here and their mission focus and their desire to innovate. I'm also increasingly confident in our ability to improve user -- consumer and even media perception of the category. I think this category is fixable.

謝謝你，科里。是的，前兩天——大概前100天左右——確實很忙。首先，我想說，我非常欣賞這裡團隊的素質、他們的使命感和創新精神。我也越來越有信心，我們有能力改善使用者（消費者）甚至媒體對此品類的看法。我認為這個問題是可以解決的。

I feel like we've made a lot of progress in the first 100 days reducing red tape and reducing process and changing culture away from analysis paralysis and creating a renewed sense of urgency, breaking down barriers and really driving cultural shift at the company, including a prioritization of our users.

我覺得我們在前 100 天裡取得了很大的進步，減少了繁文縟節，簡化了流程，改變了公司文化，擺脫了分析癱瘓，重新營造了緊迫感，打破了障礙，真正推動了公司的文化轉變，包括優先考慮我們的用戶。

In terms of my priorities, my first priority is operating as one Match Group so that each of our brands, from Meetic to Pairs, to Azar, to our affinity brands, to, of course, Tinder and Hinge, so each of our brands can benefit from the combined scale of Match Group.

就我的優先事項而言，我的首要任務是作為一個統一的 Match Group 運營，這樣我們旗下的每個品牌，從 Meetic 到 Pairs，再到 Azar，以及我們的關聯品牌，當然還有 Tinder 和 Hinge，都能從 Match Group 的綜合規模中受益。

That is new news. This company was not acting like one company. It was acting like many different individual apps, many of which are subscale. And Match Group brings enormous scale and technology and other benefits to the table. And so my number one priority is making sure that we reap the benefits of one Match Group.

這是新消息。這家公司不像一家公司那樣運作。它就像許多不同的獨立應用程式一樣運行，其中許多應用程式規模都很小。Match Group 也帶來了巨大的規模、技術和其他優勢。因此，我的首要任務是確保我們能夠充分利用 Match Group 的優勢。

My second priority is growing Tinder audience. And we took a huge step forward today with the changes that we're making, which we'll probably talk more about here later in Q&A, but changes in org structure, speed, product strategy, product positioning, A lot is changing at Tinder.

我的第二個首要任務是擴大 Tinder 用戶群。今天，我們邁出了巨大的一步，正在進行一些變革，我們稍後可能會在問答環節中詳細討論這些變革，包括組織結構、速度、產品戰略、產品定位等方面的變革，Tinder 正在發生很多變化。

Number three, my third priority is to help Hinge continue its growth in the intentional dating category. Hinge is doing amazing, and making sure that Hinge continues to benefit from Match Group overall so Hinge can continue to achieve its mission. That's a key priority for me.

第三，我的第三個優先事項是幫助 Hinge 在有目的的約會領域繼續成長。Hinge 的表現非常出色，並且確保 Hinge 繼續從 Match Group 整體上受益，以便 Hinge 能夠繼續實現其使命。這是我工作的重中之重。

And then finally, and sort of overarching all of these other more tactical priorities, where I spend much of my time and attention and focus is on employee engagement and company culture, creating urgency, driving innovation, creating accountability. I view that my greatest use of my time is to make the more than 2,000 people that work here better. So I'm driving a higher degree of urgency, I'm operating in founder mode, I am locked in. And we're off to a really good start so far.

最後，也是凌駕於所有其他更具戰術性的優先事項之上的一點，我投入了大量的時間、精力和注意力，關注員工敬業度和公司文化，營造緊迫感，推動創新，建立問責制。我認為我利用時間的最大價值在於讓在這裡工作的2000多名員工變得更好。所以我加快了步伐，進入了創始人模式，我已全力以赴。目前為止，我們的開局非常順利。

Ygal Arounian with Citi

Ygal Arounian 與花旗銀行

Hey, good morning guys. Just on the cost cuts and the investment first. So in -- with the cost cuts here and $100 million annual run rate and kind of using that to feel more confident in hitting Investor Day margin targets while reinvesting. So what's changed exactly since December when you set these targets? Is it the feeling that you need more product investment to get to better growth? Just trying to understand that dynamic.

嘿，各位早安。先從削減成本和投資方面著手。因此，透過削減成本，實現 1 億美元的年運行率，並利用這筆資金更有信心達到投資者日利潤率目標，同時進行再投資。那麼，自從去年12月您設定這些目標以來，究竟發生了哪些改變？你是否覺得需要加大產品投入才能達到更好的成長？我只是想弄清楚這種動態。

And then maybe we can talk a little bit about the Tinder product stuff and that broader definition of connection. Spencer, in the letter, in your remarks, you talked a little bit about some of the products today that are trying to achieve that. Maybe just expanding a little bit on how that road map -- product road map might change to achieve this a little bit better over the coming years.

然後我們或許可以稍微聊聊 Tinder 的產品以及更廣泛的「連結」定義。史賓塞，你在信中，在你的演講中，稍微談到了當今一些試圖實現這一目標的產品。或許可以稍微詳細說明一下，在未來幾年裡，產品路線圖可能會如何變化，以便更好地實現這一目標。

Thanks

謝謝

Why don't I take the -- thanks for the question, Ygal. Why don't I take the first part? The Investor Day targets from a margin perspective haven't changed, where we said we would improve margins by 50 or 100 basis points per year over the next few years. What has changed is we've accelerated some of those cost reduction plans. We weren't counting on a restructuring to achieve our 2025 margin targets. We've accelerated those plans. We've done it with urgency. And that's allowed us to stick with our commitment of 36.5% margins excluding onetime costs for 2025, which was the target we laid out in February, while enabling us to invest in areas that we think are necessary to drive the revenue growth we're expecting to achieve over the next couple of years. So that's the way I would think about margin targets and reinvestment.

我為什麼不接受──謝謝你的提問，Ygal。我為什麼不選擇第一部分呢？從利潤率的角度來看，投資者日的目標並沒有改變，我們曾表示，未來幾年我們將每年將利潤率提高 50 或 100 個基點。變化在於，我們加快了一些成本削減計劃的實施。我們並沒有指望透過重組來實現2025年的利潤率目標。我們加快了這些計劃的實施。我們以緊迫的行動完成了這項工作。這使我們能夠堅持2025年不計一次性成本的36.5%利潤率的承諾，這是我們在2月份制定的目標，同時使我們能夠投資於我們認為對於推動未來幾年預期實現的收入增長至關重要的領域。這就是我對利潤率目標和再投資的思考方式。

Yes. So basically, I came in here and said, why do something in 2027 that we could do in 2025? And we lit a fire under the team here and we pulled forward a lot of organizational changes, cost reductions, reorganization, reshaping and restructuring of how the company operates. And that pulled forward savings, which now we're reinvesting.

是的。所以，我來到這裡，就是想問：為什麼要在 2027 年做一件 2025 年就能做的事呢？我們激發了團隊的鬥志，推動了許多組織變革、成本削減、重組、重塑和調整公司的營運方式。這樣一來，我們就提前節省了資金，現在我們正在將這些資金重新投資。

Regarding Tinder, today's changes, they rightsized the team. So we are reducing 18% of the Tinder org. We're removing 24% of managers at Tinder. And that creates a much more nimble, more accountable team.

關於 Tinder，今天他們做了一些調整，對團隊規模進行了最佳化。因此，我們將裁減 Tinder 組織 18% 的成員。我們將裁減 Tinder 24% 的管理階層。這樣就能打造更靈活、更負責任的團隊。

From a leadership standpoint, we're also taking the ASL, the Art and Science Lab team, which was a stand-alone innovation function, and we are putting those folks directly into the Tinder org. And that brings a new burst of energy, innovation, technical excellence, product excellence into Tinder, which is going to be terrific.

從領導階層的角度來看，我們也將藝術與科學實驗室團隊（ASL）——一個獨立的創新部門——直接納入 Tinder 組織。這將為 Tinder 帶來新的活力、創新、技術卓越和產品卓越，這將會非常棒。

Just focusing on product velocity for a moment. By many measures, such as code commits or experiments that we have in flight, we're operating at about twice the pace as we were just a couple of quarters ago. And we've had two great quarters of really good product momentum. I mentioned in the prepared remarks the early success of double dating and the daily curated AI drop. We have an exciting college road map as well. So I feel a high degree of confidence in the Tinder road map. There is definitely a high degree of urgency, I can assure you.

我們先來關註一下產品迭代速度。從程式碼提交或正在進行的實驗等許多指標來看，我們的營運速度大約是幾個季度前的兩倍。我們過去兩個季度的產品發展勢頭都非常強勁。我在準備好的演講稿中提到了雙重約會的早期成功以及每日精選的 AI 內容發布。我們也制定了令人興奮的大學升學規劃。所以我對 Tinder 的發展路線圖充滿信心。我可以向你保證，情況絕對非常緊急。

These turnarounds take time now. This is a product-led turnaround. And we've seen other companies like Snap or Pinterest, or even Uber, build innovative products that take time in order for their ecosystem to absorb them. Product-driven turnarounds are difficult, but they are possible to do at scale. And today we take a big step forward in terms of moving that ball down the field.

這些轉變現在都需要時間。這是以產品為導向的轉型。我們也看到像 Snap、Pinterest 甚至 Uber 這樣的公司，它們開發出創新產品，但這些產品需要時間才能被它們的生態系統吸收。以產品為導向的扭虧為盈雖然困難，但大規模實施是可能的。今天，我們在推進進攻方面邁出了重要一步。

Shweta Khajuria with Wolfe Research

Shweta Khajuria，沃爾夫研究公司

Let me try two, please. One is on app store changes and impact -- potential impact. Are you making any changes across your apps to allow for alternative routes? And if so, have you tested them, and what are you seeing? Any update on that would be great.

請讓我試試兩個。一是關於應用程式商店的變化和影響——潛在影響。你們的應用程式是否正在進行任何更改以允許使用備用路徑？如果是這樣，你測試過它們嗎？你發現了什麼？如果有任何最新消息，那就太好了。

And then the second question is, you mentioned, if macro gets worse, you have some thoughts on maybe potential pricing changes or other changes that you could do -- you could make. Could you please provide some color on that?

第二個問題是，正如您所提到的，如果宏觀經濟狀況惡化，您是否考慮過可能進行的價格調整或其他調整？能詳細解釋一下嗎？

Thanks a lot.

多謝。

Yes. Thanks for the question. Why don't I take this one? Thanks for the question. I appreciate it. So on IAP, yes, we're encouraged by the court's decision in the Apple versus Epic case, which allows link-outs to web purchases without incurring [IAP fees]. I think it's a win for consumer choice and a win for developers. When we saw the news last week, the teams quickly sprang into action. Most of our brands in the US have submitted app releases at this point. We're testing a number of things, including discounted offers on web, CRM and push campaigns, web payment, options on rate cards. And we'll share those learnings across the portfolio, which is a unique strength of ours.

是的。謝謝你的提問。我為什麼不選這個呢？謝謝你的提問。謝謝。所以關於應用程式內購買，是的，我們對蘋果訴Epic一案的法院判決感到鼓舞，該判決允許連結到網頁購買項目而無需支付額外費用。[應用程式內購買費用]。我認為這既有利於消費者的選擇，也有利於開發者。上週我們看到新聞後，各團隊迅速採取了行動。目前，我們在美國的大多數品牌都已經提交了應用程式版本。我們正在測試很多東西，包括網頁折扣優惠、客戶關係管理 (CRM) 和推播行銷活動、網路支付、價目表選項。我們將把這些經驗教訓分享給整個投資組合，這是我們的獨特優勢。

Apple did file an emergency motion yesterday on parts of this ruling, including commissions. So we're going to have to see how that plays out. They are currently still approving app submissions. So we're going to have to see how the appeals process plays out and whether these policy changes are put permanent. But for now, we are acting with urgency and have submitted app releases across most of our apps.

蘋果公司昨天就該裁決的部分內容（包括佣金）提交了緊急動議。所以，我們得看看事情會如何發展。他們目前仍在審核申請。所以，我們得看看上訴程序會如何發展，以及這些政策變化是否會變成永久性的。但就目前而言，我們正在緊急行動，並已提交了大部分應用程式的更新版本。

The way I would think about opportunity sizing is this. About 45% of our revenue is in the US, two-third of that is an Apple App Store for which we pay Apple about a 27% commission on average. So if we were to shift just 10% of App Store purchases to web, that would save us approximately $25 million in fees, assuming same conversion rates and before any discounting. So it could be very meaningful for us. And again, we're going to have to see how this thing plays out. We haven't included any of it in our guidance, but I think it does offer some meaningful potential upside.

我思考機會規模的方式是這樣的。我們約 45% 的收入來自美國，其中三分之二來自蘋果應用商店，我們平均向蘋果支付約 27% 的佣金。因此，如果我們把 App Store 中 10% 的購買轉移到網頁端，假設轉換率相同且不考慮任何折扣，就能為我們節省約 2500 萬美元的費用。所以這對我們來說可能意義非凡。我們還要看看事情會如何發展。我們沒有將其納入我們的指導方針中，但我認為它確實具有一些有意義的潛在上漲空間。

On the second part of your question, on macro, let me just remind everybody, we talked about -- a little bit about this in the prepared remarks. Our business is relatively recession resilient historically. Not entirely recession proof though. Subscription revenue tends to hold up quite well, which is the vast majority of our revenue, as most of you know. But we have seen some impacts to ALC revenue in the past at brands with younger users or those with less discretionary income, like Tinder, for example.

關於你問題的第二部分，也就是宏觀經濟，我想提醒大家，我們在準備好的發言稿中已經稍微談到這一點。從歷史數據來看，我們的業務對經濟衰退的抵禦能力相對較強。不過，它並非完全不受經濟衰退的影響。訂閱收入往往保持得相當穩定，而且正如你們大多數人所知，訂閱收入占我們收入的絕大部分。但過去我們也看到，對於使用者群體較年輕或可支配所得較低的品牌，例如 Tinder，其 ALC 收入受到了一定影響。

And so over the past few weeks, we've just started to see some early signs of weakening Tinder ALC trends among younger users in particular. So it's still early. We're watching it closely. We're prepared to take pricing, merchandising or other actions to limit its impact.

因此，在過去的幾周里，我們開始看到一些早期跡象表明，Tinder ALC 趨勢在年輕用戶群中有所減弱。所以現在還為時過早。我們正在密切關注。我們已準備好採取定價、商品銷售或其他措施來限制其影響。

And if some of you might recall, we did a similar -- we took a similar tack a couple of years back when we were faced some sort of consumer weakness and we're able to do things like reduce the bundle size of a la carte offerings like Boost, effectively offer lower incoming price points that are more palatable to consumers that are feeling a pinch in their pocket book.

如果你們當中有些人可能還記得的話，我們幾年前也採取過類似的策略，當時我們面臨著消費者疲軟的局面，我們能夠做一些事情，比如減少像 Boost 這樣的單點套餐的規模，有效地提供更低的入站價格，這對於那些錢包吃緊的消費者來說更容易接受。

I'd also say that the restructuring efforts we announced today does position us to weather potential macro headwinds. So I think we're in fairly good shape.

我還要說，我們今天宣布的重組措施確實使我們能夠抵禦潛在的宏觀不利因素。所以我覺得我們情況相當不錯。

The last thing I would say is that we're not seeing any of these macro headwinds across the subscription revenue base at Tinder or at any of our other brands thus far, including Hinge where we haven't seen any of it either. Thanks for the question.

最後我想說的是，到目前為止，我們還沒有在 Tinder 或我們旗下的任何其他品牌（包括 Hinge）的訂閱收入方面看到任何宏觀不利因素，Hinge 也同樣沒有受到影響。謝謝你的提問。

Thank you. That was very helpful.

謝謝。那很有幫助。

John Blackledge with Cowen.

約翰·布萊克利奇與考恩。

Oh, great, thanks. Two questions. First on Tinder. Any way to think about Tinder's paying user trajectory as we work through the year?

哦，太好了，謝謝。兩個問題。在 Tinder 上第一個。在今年的發展過程中，我們該如何分析 Tinder 付費用戶的成長軌跡？

And then second question, Spencer, you mentioned a little bit earlier addressing potential OpEx savings after this restructuring announced today. Just curious if you could expand a little bit there.

第二個問題，Spencer，你剛才提到過，在今天宣布的重組之後，可能會節省營運支出。我只是好奇您能否再詳細解釋一下。

Thank you.

謝謝。

Yes. Thanks for the question. On payers, as you know, it's not a metric we're specifically focused on. We're focused on improving user trends, MAU trends, which will in turn lead to improved revenue trends. So that's really the focus of the management team and of Tinder specifically.

是的。謝謝你的提問。如您所知，支付方並不是我們特別關注的指標。我們專注於改善用戶趨勢和每月活躍用戶數趨勢，這將反過來帶來收入趨勢的改善。所以，這正是管理團隊以及 Tinder 本身的工作重點。

But what I would say is we don't expect -- let me start with MAU trends. MAU trends continue to decline. They declined about 9% in Q1, which is a similar rate of decline that we've seen in the past handful of quarters. So still declining but at a stable rate.

但我想說的是，我們並不期望──讓我先從月活躍用戶數趨勢說起。月活躍用戶數持續下降。第一季下降了約 9%，這與我們過去幾季看到的下降速度類似。所以雖然仍在下降，但下降速度較為穩定。

That is leading to payer declines, of course, which are also continuing to decline at a relatively stable rate as well. And so what we're focused on doing is turning around, improving those MAU trends through product innovation that will lead ultimately to payer improvement and revenue. I wouldn't expect payer trends to grow this year. I'd expect those trends to continue to decline, but likely at a stable rate like we're seeing with MAU, until some of the product innovation work bear fruit.

當然，這導致了支付方數量的下降，而且支付方數量的下降速度也相對穩定。因此，我們目前專注於扭轉局面，透過產品創新改善 MAU 趨勢，最終實現支付方利益的改善和收入的成長。我預期今年支付方趨勢不會成長。我預計這些趨勢將繼續下降，但可能會像 MAU 一樣以穩定的速度下降，直到一些產品創新工作取得成果。

On OpEx, yes, as Spencer mentioned, the focus of the last three months was on reorganizing the company and reaping not only headcount savings, but reorganizing the company to be leaner, faster and better set up for success we have now shifted our focus to OpEx where we think there are a number of opportunities. We talked about [IAP] fees as well just a few minutes ago. And so we're looking across the entire cost base for ways to do things better, smarter and faster. And so I think you'll see some of those savings come through, not necessarily in '25, but as we head into '26. And again, either helps us achieve the margin expansion targets we set out over the next three years or gives us more room to reinvest in the business.

關於營運支出，是的，正如 Spencer 所提到的，過去三個月的重點是重組公司，不僅要節省人力成本，還要重組公司，使其更精簡、更有高效，並為成功做好更充分的準備。現在，我們將重點轉移到營運支出上，我們認為這方面有很多機會。就在幾分鐘前，我們也討論了應用程式內購買 (IAP) 費用。因此，我們正在從整個成本結構中尋找更好、更聰明、更快捷的做事方法。所以我認為你會看到一些節省下來的資金到位，不一定是在 2025 年，而是在我們進入 2026 年的時候。而且，這要麼有助於我們實現未來三年設定的利潤率擴張目標，要麼能給我們更多空間對業務進行再投資。

Yes. Just one other thing to add, for example, just to kind of combine two threads here, the thread around operating like one Match Group and the thread around looking at OpEx savings. In the cost reductions that we announced today, we did not take down marketing spend at all. However, we are looking at unifying our marketing measurements across the company. We already unify our media buying for certain types of digital advertising, but we haven't unified marketing measurements. And we think there's a lot of opportunity as one Match Group to start looking at the efficacy of marketing spend across brand at a central level, and that should drive savings and synergies as well.

是的。還有一點需要補充，例如，為了將這裡的兩個主題結合起來，一個是關於像一個匹配集團一樣運作的主題，另一個是關於查看營運支出節省的主題。在我們今天宣布的成本削減措施中，我們完全沒有削減行銷支出。但是，我們正在考慮統一公司內部的行銷衡量標準。我們已經統一了某些類型數位廣告的媒體購買，但我們還沒有統一行銷衡量標準。我們認為，身為 Match Group 集團的一員，有許多機會可以開始在中心層級審視各個品牌的行銷支出效果，這應該也能帶來節省和綜效。

Curtis Nagle with Bank of America.

柯蒂斯‧納格爾，美國銀行。

Terrific. So just a couple of ones for me. Would you be able to elaborate just on the surge in advertising in 1Q? I guess, was there something you specifically did which drove it? And would you expect this to stay for the year?

了不起。所以我就選了幾個。能否詳細說明第一季廣告投放量的激增情況？我想，是不是你做了什麼特別的事情導致了這種情況？你認為這種情況會持續一年嗎？

Yes, thanks for the question. We did have -- it was a record quarter for advertising, which was fantastic to see. We saw really strong demand from advertisers around the Valentine's Day holiday, which was great, and we had a few large -- of our larger advertisers spent quite a bit of money with us in the quarter.

是的，謝謝你的提問。我們的確取得了——廣告收入創下了一個季度的新紀錄，這真是太棒了。我們看到情人節前後廣告商的需求非常強勁，這很棒，而且我們有一些大型廣告商在本季度在我們這裡花費了相當多的錢。

I would not expect it to continue. We're not changing our full year guidance for advertising revenue, which is approximately flat Y/Y. So I would think of it as a really good quarter. We'll take it. But not a sustained change for the business. And then, of course, we always have to keep in mind that -- the macro effect on advertisers too. So we'll have to see how the macro environment plays out over the rest of the year and what impact, if any, that has on advertising revenue.

我不認為這種情況會繼續下去。我們不會改變全年廣告收入預期，預計與去年同期基本持平。所以我認為這是一個非常好的季度。我們收下。但這對企業而言並非持續性的改變。當然，我們也要始終牢記這一點——這對廣告商的宏觀影響。因此，我們需要觀察今年剩餘時間的宏觀環境如何發展，以及這會對廣告收入產生何種影響（如果有的話）。

Ben Black with Deutsche Bank.

德意志銀行的班·布萊克。

Great. So Spencer, can you just dig in a little bit into what you're seeing in New Zealand for Tinder and AI discovery? Are match rates improving? Are you seeing a lift to sort of dating outcomes?

偉大的。Spencer，你能稍微深入探討一下你在新西蘭觀察到的 Tinder 和人工智慧發現方面的情況嗎？匹配率是否有所提升？你覺得約會成功率有提升嗎？

And then, I guess, relatedly, you touched on this in the letter, but -- in your prepared remarks, but how are you finding the data that you need to power your AI efforts?

然後，我想，您在信中也提到了這一點，但在您準備好的演講稿中，您是如何找到支援人工智慧工作所需的數據的呢？

And then secondly, your competitor [Bumble] last night spoke about pulling back on marketing, particularly performance spend. I'd be curious to hear how that potentially impacts you, if you sort dating outcomes to double down and pick up users? Or does it generally not necessarily have an impact on your business?

其次，你的競爭對手[Bumble]昨晚宣布將削減行銷預算，特別是效果行銷方面的支出。我很想知道，如果你對約會結果進行排序，以便加倍努力吸引用戶，這可能會對你產生什麼影響？或者說，它通常不一定會對您的業務產生影響？

Thank you.

謝謝。

Yes. So what we are testing in New Zealand, and coming soon to other countries, is a daily drop. So a single bespoke AI-driven match. And this is important for two reasons. Number one, the quality of the match is driven by AI because, by the user in putting more information about themselves, answering questions and also sharing access to their camera roll, which is a window to your soul, and so the quality of the matches are better through that than our traditional also AI-driven algorithm.

是的。所以，我們正在新西蘭測試，很快就會在其他國家測試的是一種每日滴劑。因此，這是一場由人工智慧驅動的客製化匹配。這一點很重要，原因有二。第一，匹配品質由人工智慧驅動，因為用戶需要提供更多關於自己的信息，回答問題，並分享他們的相機膠卷（相機膠卷是了解你內心世界的窗口），因此匹配質量比我們傳統的、同樣由人工智能驅動的算法要好。

But more importantly, it's changing the perception of how users consider Tinder. And if you think about the double dating feature and this single daily drop in tandem, you start to understand how we're trying to change how people think about Tinder. For a decade, Tinder has been an infinite card stack where you swipe left or swipe right to assess the, essentially, attractiveness of the photo that you're looking at. And we're -- and that worked well 10 years ago when there was more of a hookup culture, when smartphones were new and when there was novelty around that type of feature set. But as millennials aged up and as Gen Z entered into our sweet spot, that product has less resonance. And Tinder has less product market fit today than in the past.

但更重要的是，它正在改變用戶對 Tinder 的看法。如果你把雙重約會功能和每天一次的限時優惠結合起來考慮，你就會開始明白我們是如何試圖改變人們對 Tinder 的看法。十年來，Tinder 一直是一個無限循環的卡片堆，你向左或向右滑動來評估你正在查看的照片的吸引力。而我們——這在 10 年前效果很好，當時約會文化盛行，智慧型手機剛剛出現，人們對這類功能集感到新鮮。但隨著千禧世代逐漸長大，Z世代進入我們最活躍的時期，這款產品就失去了吸引力。如今，Tinder 的產品市場契合度不如以往。

And we think that by adding new ways to use Tinder, including a daily drop and also a double dating feature, and other features in our road map, we'll start to change user perception of Tinder.

我們認為，透過增加 Tinder 的新用途，包括每日掉落、雙人約會功能以及我們路線圖中的其他功能，我們將開始改變用戶對 Tinder 的看法。

So I'm definitely encouraged by the specific data coming out of the daily AI drop, including around the quality of the matching. But more importantly, I'm excited about the ways that we can change brand perception of Tinder, which is the first step in arresting our MAU declines and returning to traffic and audience growth.

因此，我對每日人工智慧數據發布後得出的具體數據，包括匹配品質方面的數據，感到非常鼓舞。但更重要的是，我很高興我們能夠改變人們對 Tinder 的品牌認知，這是阻止每月活躍用戶數下降並恢復流量和用戶成長的第一步。

Steve, I'll let you answer the question about performance marketing.

史蒂夫，關於效果行銷的問題，就交給你來回答吧。

Sure. The way I would think about it is this. Performance marketing plays an important role in some of our brands. namely our E&E brands like Match.com. And there, we take a very rigorous ROI-driven approach. So if the ROIs aren't meeting our thresholds, we don't spend the dollars, and that's been our approach for many years now and will continue to be our approach going forward.

當然。我的想法是這樣的。效果行銷在我們部分品牌中扮演著重要角色，尤其是像Match.com這樣的電子娛樂品牌。在這些品牌中，我們採取了非常嚴格的以投資報酬率為導向的方法。因此，如果投資報酬率達不到我們的標準，我們就不會投入資金，這多年來一直是我們的做法，未來也將繼續如此。

For our brands like Tinder and Hinge, performance marketing plays a very small part of the total marketing spend. And so we really don't have a situation where we're driving a lot of traffic through performance that we need to reassess. It's really brand marketing at both Tinder and Hinge that's driving organic traffic. And that's something we're going to continue to do as long as it makes sense for us.

對於像 Tinder 和 Hinge 這樣的品牌來說，效果行銷在總行銷支出中所佔比例非常小。因此，我們目前並沒有因為效能提升而需要重新評估的大量流量狀況。Tinder 和 Hinge 的自然流量真正主要來自品牌行銷。只要這樣做對我們有利，我們就會繼續這樣做。

Very helpful. Thank you.

很有幫助。謝謝。

Ken Gawrelski with Wells Fargo.

Ken Gawrelski，來自富國銀行。

Thank you very much. Two for Spencer, if I may, please. First, Spencer, how would you assess the health of the overall online dating industry, if we're still seeing industry headwinds overall, how effective do you believe Match can be in driving improved momentum strictly through company-specific product innovation especially at your most scale brands?

非常感謝。如果可以的話，請給斯賓塞兩份。首先，Spencer，您如何評價整個線上約會產業的健康狀況？如果產業整體仍面臨逆風，您認為Match能否僅透過公司特定的產品創新，尤其是在其規模最大的品牌中，來有效推動產業發展？

And then a second follow-up for you, Spencer. You spoke to the increased product velocity, I think, that you can see internally in terms of code base, et cetera. What are the external markers that we -- that you would point us to, to monitor your progress?

史賓塞，我還有第二個後續問題想問你。您提到了產品開發速度的提升，我認為，這可以從內部程式碼庫等方面看出。你們認為有哪些外部指標可以用來監測你們的進展？

So let me -- I'll take the second part of the question first. I think the most -- there aren't enough external monitors for you. I guess MAU is the single best one. I wish there was a way for you to see user sentiment, which is a precursor to MAU. If MAU hypothetically was exactly the same, but the users inside of our ecosystem were more pleased and had higher resonance with the brand and the feature set, that's a leading indicator to MAU improvements just a couple of months later. But obviously, you don't have that type of visibility. So I think the best external metric would be things related to audience.

那麼，讓我先回答問題的第二部分。我覺得最主要的問題是──你的外接顯示器不夠用。我覺得MAU是其中最好的指標。我希望能夠讓您看到用戶情緒，這是每月活躍用戶數 (MAU) 的先決條件。假設 MAU 完全相同，但我們生態系統中的用戶對品牌和功能集更加滿意，並且更有共鳴，那麼這預示著 MAU 在幾個月後將有所改善。但很顯然，你沒有那種視野。所以我認為最好的外部指標應該是與受眾相關的因素。

Regarding the category, the online data category is clearly challenged. The good news is that these challenges are of our own making. And I really believe that Tinder as the category leader sets the tone. And the category challenges have been due primarily to a lack of innovation and our failure to recognize and respond to changes in the younger demographic, especially Gen Z, and what they want.

就類別而言，線上數據類別顯然面臨挑戰。好消息是，這些挑戰都是我們自己造成的。我真的相信，身為業界領導者的 Tinder 定下了基調。而品類挑戰主要源自於缺乏創新，以及我們未能體認並回應年輕一代（尤其是 Z 世代）的改變及其需求。

We see the category splitting somewhat into the intentional dating category, where Hinge is the clear category leader, and the spontaneous serendipitous use case, where Tinder is the clear category leader. We need to improve the perception of category though. And the way to do that is, number one, to improve trust and safety. That's foundational, and we -- that's within our own control. And as we continue to make Match Group apps the safest way to meet new people, I think that will start improving category perception.

我們看到該類別大致分為有意約會類別（Hinge 顯然是該類別的領導者）和自發性偶然使用案例（Tinder 顯然是該類別的領導者）。不過，我們需要改善人們對品類的認知。而實現這目標的途徑，首先是提高信任度和安全性。這是根本性的，而且──這完全在我們自己的掌控之中。隨著我們不斷努力使 Match Group 應用程式成為結識新朋友最安全的方式，我認為這將開始改善人們對該類別的看法。

Number two, we have to innovate. And to innovate, we have to prioritize users over short-term revenue and profit. That has not been the way this company has operated historically, and that's been to our detriment. And one of the reasons that the category is ill is because of the way we have not prioritized user outcomes.

第二，我們必須創新。要想創新，我們必須優先考慮用戶，而不是短期收入和利潤。從歷史上看，這家公司並非以這種方式運營，而這給我們帶來了不利影響。這個類別發展不佳的原因之一是我們沒有優先考慮使用者結果。

We have to build lower-pressure ways for Gen Z users to interact with each other, which is how -- what they seek from us. And we have to be prepared to revisit first principles around the product. I already explained how the swipe of an infinite card stack is really only one of several ways that people can now use Tinder in certain markets. And over time, that will -- those other ways will continue to rise in prominence.

我們必須為 Z 世代用戶創造壓力較小的互動方式，因為這正是他們想要從我們這裡得到的。我們必須做好準備，重新檢視產品的基本原則。我已經解釋過，在某些市場，滑動無限卡片堆疊實際上只是人們現在使用 Tinder 的幾種方式之一。隨著時間的推移，其他方式將會繼續崛起。

So when you look at other categories like ridesharing, it wasn't too long ago that ridesharing as a category was really challenged. And what happened there, like I mean, I remember just a couple of years ago, the idea of getting in the back seat of a stranger's car seemed kind of crazy and there were trust and safety issues in the category. And a new CEO entered the category, at the category leader, and drove a culture of innovation, prioritized trust and safety, unlocked new TAM as they expanded into other adjacencies, both quality of cars as well as food delivery and other adjacencies, and really changed user perception of Uber, the category leader, which then changed perception of the entire category.

所以，當你看看其他類別，例如共乘時，你會發現共乘作為一個類別不久前還面臨著真正的挑戰。而當時的情況是，我的意思是，我記得就在幾年前，坐進陌生人汽車的後座似乎有點瘋狂，而且這種行為有信任和安全問題。一位新的執行長加入該行業，擔任行業領導者，推動創新文化，優先考慮信任和安全，隨著他們擴展到其他相關領域（包括汽車品質、食品配送和其他相關領域），釋放了新的潛在市場，真正改變了用戶對行業領導者 Uber 的看法，進而改變了整個行業的看法。

And what did it? It started with culture at the company. And then that drove innovation. And that innovation drove better user outcomes. And that drove revenue, profit and shareholder value. So that's the recipe that we're following here. And I think if we do a great job at Tinder and at Match Group, then we will start to change the perception of the category, and also the investor attitude towards the category.

那是什麼造成的？這一切都始於公司文化。然後，這推動了創新。而這項創新帶來了更好的使用者體驗。這帶動了營收、利潤和股東價值的成長。這就是我們在這裡所遵循的食譜。我認為，如果我們能在 Tinder 和 Match Group 取得好成績，那麼我們將開始改變人們對這一行業的看法，以及投資者對這一行業的態度。

Jason Helfstein with Oppenheimer.

Jason Helfstein 與 Oppenheimer 合作。

So I just want to ask -- just dig a little more into the Tinder MAU down 9% Y/Y. I guess, how much of that is still intentional, i.e., whether it's still getting bad actors off the platform or kind of there's traffic that is like your data shows like low conversion and you're kind of either choosing to invest in other ways or maybe not invest money in certain ways? So just maybe dig a little into like how much of that, I guess, 9% down Y/Y was intentional.

所以我想問一下——能否更深入地了解 Tinder 月活躍用戶同比下降 9% 的原因？我想，這其中有多少是出於有意為之，例如，是否仍在清除平台上的不良用戶，或者是否存在一些流量，例如數據顯示轉換率低，因此選擇以其他方式進行投資，或者可能不以某些方式進行投資？所以或許應該深入探究一下，這9%的年減有多少是人為造成的。

And then just longer term, I mean, there's definitely been a discussion of should you be running the business more for kind of revenue and EBITDA, kind of like Netflix is now, and not disclosing kind of user and payer metrics? I mean, Spencer, just give us your thought, does disclosing all this data to us inhibit your ability to make the right long-term decisions for the business?

從長遠來看，確實有人討論過，是否應該像 Netflix 現在那樣，更專注於收入和 EBITDA 等指標來經營業務，而不是披露用戶和付費用戶指標？我的意思是，斯賓塞，說說你的想法，向我們披露所有這些數據是否會影響你為公司做出正確的長期決策的能力？

Thank you.

謝謝。

Thanks, Jason. Great question. And you and I had this discussion at Zillow for many, many years around our number of paying advertisers, our number of real estate agent advertisers, and whether that was a good metric to disclose. And of course, you know and other analysts on the call who cover both companies know that I always explained that that was not a great metric and I regretted that we disclosed it when we went public. And then, of course, over time, we sunsetted it.

謝謝你，傑森。問得好。你和我在 Zillow 進行了多年的討論，討論的焦點在於我們的付費廣告商數量、房地產經紀人廣告商數量，以及這是否是一個值得披露的指標。當然，您和其他參與電話會議並關注這兩家公司的分析師都知道，我一直解釋說，那不是一個好的指標，我很後悔我們在上市時披露了這一點。當然，隨著時間的推移，我們最終停止了這項服務。

So to answer your specific question, your specific question was, does the fact that we disclose payers prevent us for making the right long-term decisions? The answer on that is no, because I -- making the right long-term decisions around the product and the payer number is an output of that. And if that goes up, okay; if that goes down, okay. We're driving this business towards long-term sustainable profitability, shareholder value creation, et cetera. And as Steve already answered, we don't run the business to short-term decisions or even the payer count number.

所以，為了回答您的特定問題，您的具體問題是：我們揭露付款人資訊是否會妨礙我們做出正確的長期決策？答案是否定的，因為——圍繞產品和支付方數量做出正確的長期決策是其結果。如果上漲，好；如果下跌，也好。我們正努力推動這項業務長期可持續獲利、創造股東價值等等。正如史蒂夫已經回答的那樣，我們經營業務並非基於短期決策，甚至也不是基於付款人數。

Would it be easier if we didn't disclose it? I don't know. It doesn't really affect decision-making, so it doesn't bother me that much.

如果我們不公開這件事，會不會更容易？我不知道。它對決策沒有太大影響，所以並不太困擾我。

Regarding the audience and whether some of the declines are due to bad actors and so it's desirable, I don't have a great answer to that. I would say some of the decline is intentional and desirable, but certainly not all of it. And I'm working like mad and the team is working like mad to grow Tinder audience, the right kind of audience, of course. I mean we could grow the wrong kind of audience quite quickly, and we're not going to do that. But I guess the easiest way to describe it would be some of the decline is due to intentional bad actor, but not most of it.

至於觀眾人數下降是否是由於一些不良演員造成的，因此這種下降是可取的，對此我沒有很好的答案。我認為部分衰退是人為的、可取的，但絕對不是全部。我和我的團隊都在拼命工作，努力擴大 Tinder 的使用者群體，當然，是要擴大正確的使用者群體。我的意思是，我們可能很快就會發展出錯誤的受眾群體，而我們絕對不會這樣做。但我認為最簡單的描述方式是，部分下滑是由於惡意行為者造成的，但大部分下滑並非如此。

So I look forward to the days when Tinder is flat and then up in terms of audience and we've improved trust and safety at the same time.

所以我期待 Tinder 用戶數量趨於平穩，然後回升，同時我們也能提高用戶的信任度和安全性。

Chris Kuntarich with UBS

瑞銀集團的克里斯·昆塔里奇

Great. Maybe just going back to the trust and safety dynamics. Any update to be sharing around mandatory face photos and how we should be thinking about a potential rollout in the US?

偉大的。或許我們應該回歸信任和安全關係這個層面。關於強制拍照拍照以及我們應該如何看待在美國可能推行這項措施，有什麼最新消息可以分享嗎？

And then just one quick follow-up. I think you had been assuming 2.5 points of FX -- or headwind in the full year guidance. I think it's 1 point of tailwind in 1Q. Any update there?

然後，還有一個簡短的後續問題。我認為你之前假設的是 2.5 個百分點的匯率波動——或者說是全年業績指引中的不利因素。我認為第一季有1分的順風優勢。那邊有任何進展嗎？

So on the topic of trust and safety, just I want to reiterate how foundational this is. And this is work that never stops for us. We must make Match Group apps be the safest way to meet new people. And we devote enormous resources, that's manpower, technology, over hundreds of millions of dollars to driving trust and safety and improved user outcomes.

所以，關於信任和安全這個主題，我只想再次強調它的重要性。這項工作對我們來說永無止境。我們必須讓Match Group的應用程式成為結識新朋友最安全的方式。我們投入了大量資源，包括人力、技術，數億美元，以提升信任度、安全性和改善用戶體驗。

The mandated liveness check that we're testing, which is basically a short face video and selfie in a couple of markets, it takes time for the ecosystem to settle when we introduce new features, especially new trust and safety features, because we need time for the audience, the other folks that are using the apps in those geographies to recognize that there's a higher degree of safety there. And it drives higher Net Promoter Score from our existing users, it drives better word of mouth.

我們正在測試的強制性活體檢測，基本上是在幾個市場進行簡短的面部視頻和自拍，當我們推出新功能，特別是新的信任和安全功能時，生態系統需要時間來穩定下來，因為我們需要時間讓用戶，也就是在這些地區使用這些應用程序的其他用戶，認識到那裡有更高的安全級別。而且，它還能提高現有用戶的淨推薦值，帶來更好的口碑傳播。

So because we're a 2-sided marketplace with local network effects, this isn't a simple A/B test that you can just say, Oh, should the button be blue or red? This is something that the ecosystem has to digest. And also on our end, we need time to mitigate any negative impacts of those tests, whether it be financial or otherwise.

因為我們是一個具有本地網路效應的雙邊市場，所以這不是一個簡單的 A/B 測試，你不能簡單地說，哦，按鈕應該是藍色還是紅色？這是生態系需要消化吸收的東西。同時，我們也需要時間來減輕這些測試可能帶來的任何負面影響，無論是經濟上的還是其他方面的。

So I guess I would just say we are acting with care and consideration but no lack of urgency on this issue. I don't have any specific updates on rolling that particular feature out more broadly. But we're working very hard on this and acting with urgency even though it's been live for a couple of months now and we have not rolled it out further.

所以我想說的是，我們在處理這個問題時既謹慎周全，又毫不缺乏緊迫感。關於更廣泛地推出該功能，我目前還沒有任何具體更新。但是，儘管這項功能已經上線幾個月了，我們還沒有進一步推廣，但我們仍在努力推進，並以緊迫的態度採取行動。

Steve, FX question for you.

史蒂夫，我有個關於FX的問題想問你。

Yes, sure. Let me take that one. You're right, FX trends have improved for our business pretty meaningfully as the US dollar has weakened against most major other currencies. That helped our results in Q1, as we mentioned, and has helped our results -- our expected results in Q2 as well, more than offsetting any sort of macro-related pressure.

當然可以。讓我來做吧。你說得對，隨著美元兌大多數主要貨幣走弱，外匯走勢對我們的業務來說已經有了相當大的改善。正如我們之前提到的，這有助於我們第一季的業績，也有助於我們第二季的業績——正如我們預期的那樣，這足以抵消任何宏觀經濟相關的壓力。

From the full year perspective, we use the forward curves. They're also predicting a much weaker dollar than what we expected back in February when we set our full year guidance. And so all else equal, that would improve our full year as-reported expectations.

從全年角度來看，我們使用遠期曲線。他們也預測美元匯率將比我們在2月份制定全年業績預期時所預期的要疲軟得多。因此，在其他條件不變的情況下，這將提高我們對全年業績的預期。

At the same time, given some of the early signs we're seeing at Tinder and all the uncertainty around the general macroeconomic environment, we're being cautious. And so those two forces have led us to leave our guidance unchanged for the full year, which would be -- is being helped by the declining dollar, but we want to stay cautious on potential macro impacts to the business as we see how things unfold.

同時，鑑於我們在 Tinder 上看到的一些早期跡像以及宏觀經濟環境的不確定性，我們保持謹慎。因此，這兩個因素促使我們維持全年業績預期不變。美元下跌對此有所幫助，但我們希望對潛在的宏觀經濟影響保持謹慎，並密切關注事態發展。

Youssef Squali with Truist.

Youssef Squali 與 Truist 合作。

This is Robert Zeller on for Youssef. I'm just curious, what does a rollout in a new market typically look like in terms of additional costs in the first couple of years, in user growth and then the ramp of revenues?

這裡是羅伯特‧澤勒，為您報道尤瑟夫。我只是好奇，在新市場推出產品，最初幾年通常會產生哪些額外成本，用戶成長情況如何，以及收入成長速度如何？

Yes, Robert, I'll take that. It depends on the brand. But it's usually on the order of a couple of million dollars of spend depending upon how much customization is required and then how much COA we decide to apply to that market. So it's not -- it's not nothing, but it's also not incredibly significant. And it definitely depends on the complexity of the individual country.

是的，羅伯特，我接受。這取決於品牌。但通常花費在幾百萬美元左右，具體取決於需要多少定制，以及我們決定在該市場應用多少 COA（適用範圍）。所以，這並非無關緊要，但也並非意義重大。這當然取決於各國的複雜程度。

So Pairs, for example, which is the number one dating app in Japan, just launched in Korea, and there, we use the combined Match Group Asia go-to-market team to launch Pairs from Japan into Korea. And so that's a team that already was marketing Tinder in Korea and then our other brands throughout Asia. So we have terrific synergies there. It's basically almost no incremental cost from a headcount standpoint in terms of go-to-market. There's a small incremental COA cost as we start to light up local network effects in the Korean market. And then there the product development costs of Pairs to customize the product for Korea. But that's borne by the core business, and in that case, the incremental was very low.

例如，日本排名第一的約會應用程式 Pairs 剛剛在韓國推出，在那裡，我們利用 Match Group Asia 的聯合市場推廣團隊，將 Pairs 從日本引入韓國。所以，這個團隊之前已經在韓國負責 Tinder 的市場推廣，並在整個亞洲推廣我們的其他品牌。因此，我們在這方面有極佳的協同效應。從人員投入的角度來看，在市場推廣方面，這基本上不會增加任何成本。隨著我們在韓國市場開始發揮本地網路效應，會產生少量的增量營運成本。此外，還有 Pairs 公司為韓國市場客製化產品所產生的產品開發成本。但這部分成本由核心業務承擔，在這種情況下，增量非常低。

So it's a playbook that we followed now globally across more than 15 different brands, and it's a big focus of ours in 2025 and 2026 for the remaining geographies where we don't have coverage yet from our brands.

所以，這套策略我們已經在全球範圍內應用於超過 15 個不同的品牌，並且是我們 2025 年和 2026 年在剩餘地區（我們品牌尚未覆蓋的地區）的重點關注領域。

Dan Salmon with New Street Research

Dan Salmon，來自 New Street Research

Maybe an inappropriate one to wrap up the call with. But Spencer, obviously, some changes at the Board level here recently with some changes, and seeing -- to see Kelly Campbell join, Alan Spoon exit, formally expanding the size of it. Would love to just hear your thoughts on how those changes help improve the broader strategy for the company over the long term.

也許用這句話來結束通話不太適合。但史賓塞顯然，最近董事會層面發生了一些變化，凱利·坎貝爾加入，艾倫·斯普恩退出，正式擴大了董事會的規模。很想聽聽您對這些變化如何幫助公司從長遠角度改進整體策略的看法。

And then just any update you can give us on your dialogue with, I don't know if we call them activist investors, or maybe publicly active investors. I would just love to hear if there's anything you can add to that about where your dialogue sits. Is that largely with Steven? Does that reach up to your level or even to the Board? Any color would be great.

然後，您能否向我們提供您與（我不知道我們是否應該稱他們為激進投資者，或者可能是公開活躍的投資者）的對話的最新進展？我很想知道你對你的對話安排還有什麼補充。主要和史蒂文有關嗎？這能傳達到你層面，甚至是董事會層面嗎？任何顏色都可以。

Thanks.

謝謝。

Sure. Thanks for the question. Yes, I'm incredibly excited about Darrell and Kelly joining the Board. They both bring incredible consumer expertise, Darrell is a founder of two category-leading digital tech companies, has an incredible background of product engineering. He's a technologist, as well as performance marketing and brand marketing. So he's a great addition.

當然。謝謝你的提問。是的，我非常高興達雷爾和凱莉加入董事會。他們兩人都擁有豐富的消費者專業知識，Darrell 是兩家領先業界的數位技術公司的創辦人，擁有令人矚目的產品工程背景。他既是技術專家，也精通效果行銷和品牌行銷。所以他的加入非常棒。

And Kelly, Kelly also has an extraordinary marketing and product background from technology and consumer media. So they both bring great expertise onto our Board.

凱莉在科技和消費媒體領域也擁有非凡的行銷和產品背景。他們兩位都為我們的董事會帶來了豐富的專業知識。

Alan, who was a fantastic director of the company, and I will miss his counsel, though now I know how to reach him as well. And so I'm sad to see him leave and very grateful for what he contributed over the years, but Darrell and Kelly are going to be terrific directors as well.

艾倫是公司一位非常出色的董事，我會想念他的指導，不過現在我也知道如何聯絡他了。所以我很遺憾看到他離開，也非常感謝他多年來的貢獻，但達雷爾和凱利也一定會成為非常優秀的導演。

In terms of our relationship with our shareholders, all is well. I'm engaging -- I personally am engaging actively with all key shareholders, including those that you referenced, and looking forward to continuing to learn from them and hear their perspectives on the business. And as I did for 15 years as a public CEO before, I like engaging with shareholders. I like engaging with research analysts. I always learn from those conversations, and I don't shy away from them. And so I look forward to continuing to engage with all shareholders, whether they be activist or not activists.

就我們與股東的關係而言，一切都很好。我正在積極參與——我個人正在積極與所有主要股東進行溝通，包括您提到的那些股東，並期待繼續向他們學習，聽取他們對公司業務的看法。就像我之前擔任上市公司執行長 15 年一樣，我喜歡與股東互動。我喜歡與研究分析師交流。我總是能從這些對話中學到東西，我從不迴避它們。因此，我期待繼續與所有股東進行溝通，無論他們是激進股東還是普通股東。

So I think that -- with that, we'll wrap up the call. Thank you very much. I look forward to speaking with you all again very shortly. Have a great day. Thanks.

所以我想——就此結束通話吧。非常感謝。我期待很快能再次與大家見面。祝你有美好的一天。謝謝。

Thank you very much. I look forward to speaking with you all again very shortly. Have a great day. Thanks.

非常感謝。我期待很快能再次與大家見面。祝你有美好的一天。謝謝。

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。