Match Group Inc (MTCH) 2025 Q2 法說會逐字稿

Welcome to the Match Group second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Tanny Shelburne, who's Senior Vice President of Investor Relations. Please go ahead, ma'am.

歡迎參加 Match Group 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係高級副總裁 Tanny Shelburne。請繼續，女士。

Thank you, operator, and good [afternoon], 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. 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.

謝謝接線員，大家下午好。今天的電話會議將由執行長 Spencer Rascoff 和財務長 Steven Bailey 主持。他們會發表一些簡短的評論，然後我們會開始提問。在我們開始之前，我需要提醒大家，在這次電話會議中我們可能會討論我們的前景和未來的表現。這些前瞻性陳述之前可能會出現諸如“我們期望”、“我們相信”、“我們預期”或類似的詞語。

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.

這些聲明受風險和不確定性的影響，我們的實際結果可能與今天表達的觀點有重大差異。其中一些風險已在我們的收益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，我們還將討論某些非公認會計準則財務指標。我們的 IR 網站上發布的資料提供了與最直接可比較的 GAAP 財務指標的對帳。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。

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

說完這些，我想把電話轉給史賓賽。

Thanks, everyone, for joining. Since stepping into the CEO role six months ago, my goal has been to confront the hard truths take decisive action and reshape Match Group and Tinder into an innovative product-and-engineering-first company, optimized for user outcomes and built for the long term.

謝謝大家的參與。自從六個月前擔任執行長以來，我的目標一直是面對殘酷的現實，採取果斷行動，將 Match Group 和 Tinder 重塑為一家創新型產品和工程優先的公司，針對用戶結果進行優化並著眼於長遠發展。

Over the last six months, that is exactly what we have done. This is a three-phase turnaround: first, we reset the company, then we revitalize the products and last, we undergo a resurgence with our audience and investors.

在過去的六個月裡，我們正是這麼做的。這是一個分為三個階段的轉變：首先，我們重置公司，然後我們重振產品，最後，我們與觀眾和投資者一起復興。

Let's start with a recap of Phase one. I spent the first few months of this reset phase learning the businesses, getting to know our teams, and rebooting the culture to emphasize urgency and accountability. Match Group is a multi-brand company with over 20 different dating apps in the dating and human connection space. Some of them, like Hinge and Azar are growing rapidly and simply need more resources and time to achieve their full potential. Other brands need more focused attention in order to improve their results. Tinder needs a lot of work, and it is therefore my primary focus. As the largest dating app in the world by revenue and usage, Tinder has unparalleled brand awareness and scale, but the product had grown stale through a lack of innovation and a focus on short-term monetization. To address this, we acted quickly by installing new management, improving the product road map and placing Tinder under my direct leadership given its central role in Match Group's performance. We started by fixing what wasn't working at Tinder, beginning with organizational design. We flattened the org by removing over 20% of managers and reducing the size of teams. We then created autonomous product and engineering pods with greater accountability. We retooled the culture to prioritize urgency and user outcomes. We doubled our release cadence- we now ship new code to production every week instead of every two weeks. We have changed decision-making, so it is informed by data, but no longer burdened by analysis paralysis. We broke down silos between Tinder and other Match Group brands in order to gain the benefits of our company's scale and centralized core functions like shared data and content moderation. We now allow nearly 1,000 engineers at Match Group across all of our brands to see one another's code in a shared GitHub repository, allowing for unprecedented cross brand visibility and collaboration. In addition to rolling out Cursor and other AI coding assistance globally, we created a centralized AI group building shared AI tooling for all of our brands. The most important changes at Tinder centered around our product strategy and our road map, which we realigned to prioritize low-pressure ways to connect, more on that in a moment. An important part of Phase One's “Reset” was communicating with employees and shareholders about what needed to change both internally in our culture and across our products. I shared that directly with employees in the company-wide letter in March and then, when I took the helm at Tinder followed through with new product principles that are already showing up in how we operate. We are now guided by a commitment to speed, accountability and relentless product execution. We also aligned all of our brands around a single organizing principle, delivering real user outcomes. We now think about those outcomes across a broad spectrum from casual to serious, romantic to platonic and we're building apps that support the full range of user preferences. We have crystallized our brand strategy such that Hinge is singularly focused on winning in the intentioned dating category, Tinder is focused on winning in the casual connections category, our E&E brands are focused on unleashing the power of a unified platform and supporting communities with shared identities and MG Asia is focused on launching and growing our brands in Asia and expanding Azar's low-pressure 1-1 video service globally.

讓我們先回顧一下第一階段。在這個重置階段的最初幾個月裡，我學習了業務，了解了我們的團隊，並重啟了文化，以強調緊迫性和責任感。Match Group 是一家多品牌公司，在約會和人際關係領域擁有 20 多種不同的約會應用程式。其中一些公司，例如 Hinge 和 Azar，正在快速發展，只是需要更多的資源和時間來充分發揮其潛力。其他品牌需要更集中的關注才能提高業績。Tinder 需要做很多工作，因此它是我的主要關注點。作為全球收入和使用量最大的約會應用程序，Tinder 擁有無與倫比的品牌知名度和規模，但由於缺乏創新和注重短期盈利，該產品已經變得陳舊。為了解決這個問題，我們迅速採取行動，任命了新的管理層，改進了產品路線圖，並將 Tinder 置於我的直接領導之下，因為它在 Match Group 的業績中發揮著核心作用。我們首先從組織設計著手，解決 Tinder 中存在的問題。我們裁掉了 20% 以上的管理人員並縮減了團隊規模，從而實現了組織結構的扁平化。然後，我們創建了具有更高責任感的自主產品和工程小組。我們重新調整了文化，以優先考慮緊迫性和使用者成果。我們的發布節奏增加了一倍——現在我們每周而不是每兩週將新代碼投入生產。我們改變了決策過程，現在決策過程以數據為依據，但不再受到分析癱瘓的困擾。我們打破了 Tinder 與其他 Match Group 品牌之間的隔閡，以獲得公司規模和集中核心功能（如共享數據和內容審核）的優勢。現在，我們允許 Match Group 所有品牌的近 1,000 名工程師在共享的 GitHub 儲存庫中查看彼此的程式碼，從而實現前所未有的跨品牌可見性和協作。除了在全球推出 Cursor 和其他 AI 編碼輔助之外，我們還創建了一個集中式 AI 小組，為我們所有的品牌建立共享的 AI 工具。Tinder 最重要的變化集中在我們的產品策略和路線圖上，我們對其進行了重新調整，優先考慮低壓力的聯繫方式，稍後會詳細介紹。Phase One「重置」的一個重要部分是與員工和股東溝通我們內部文化和產品方面需要做出哪些改變。我在三月的全公司信函中直接與員工分享了這一點，然後，當我執掌 Tinder 時，我貫徹了新的產品原則，這些原則已經體現在我們的運作方式中。我們現在以速度、責任和不懈的產品執行為指導。我們也圍繞著單一的組織原則調整了所有品牌，以提供真正的使用者成果。我們現在從廣泛的角度考慮這些結果，從隨意到嚴肅，從浪漫到柏拉圖式，我們正在建立支援各種用戶偏好的應用程式。我們已經明確了我們的品牌策略，其中 Hinge 專注於在有意約會類別中取勝，Tinder 專注於在隨意聯繫類別中取勝，我們的 E&E 品牌專注於釋放統一平台的力量並支持具有共同身份的社區，MG Asia 專注於在亞洲推出和發展我們的品牌並在全球範圍內擴展 Azar 的低壓 1-1 的低壓 1-1 視訊服務。

With Phase One complete, we're now entering Phase Two, revitalize, where the products begin to reflect our renewed commitment to users and user outcomes. I'm going to talk through the rapid product acceleration at Tinder, the tremendous momentum and growth at Hinge and how we're scaling new brands across the portfolio with focus and intention.

隨著第一階段的完成，我們現在進入第二階段，即振興階段，產品開始反映我們對使用者和使用者成果的全新承諾。我將討論 Tinder 的快速產品加速、Hinge 的巨大發展勢頭和成長，以及我們如何有重點、有目的地在整個產品組合中擴展新品牌。

Let's start with Tinder. The product road map aims to solve three core user pain points: Authenticity, dating fatigue and outcomes. In just the last few months, there has been a burst of energy and urgency to launch several initiatives at Tinder.

讓我們從 Tinder 開始。此產品路線圖旨在解決三個核心用戶痛點：真實性、約會疲勞和結果。光是在過去的幾個月裡，Tinder 就迸發出巨大的活力與緊迫感，推出了許多措施。

We launched Double Date globally in June, giving users a new social way to connect as a pair. Rolled out six months ahead of schedule, it's showing strong early traction with 92% of Double Date users being under 30. Women who are pairing up are three times more likely to send a Like and four times more likely to match compared to when using Tinder Solo. In New Zealand, we've piloted an Interactive Matching product (sometimes referred to as daily drop or AI-enabled discovery) which is a whole new way to use Tinder that goes deeper to deliver high-quality, personalized matches. We are expanding this to other regions shortly. We made substantial progress in Trust & Safety by expanding our Face Check service, a facial liveness check feature that helps confirm users are real and match their profile photos to new markets, including California.

我們於 6 月在全球推出了 Double Date，為用戶提供了一種新的社交方式來建立伴侶關係。該應用程式提前六個月推出，初期表現出強勁的吸引力，其中 92% 的 Double Date 用戶年齡在 30 歲以下。與使用 Tinder Solo 相比，配對的女性發送「讚」的可能性高出三倍，匹配的可能性高出四倍。在新西蘭，我們試用了一款互動式匹配產品（有時稱為每日投放或人工智慧發現），這是使用 Tinder 的全新方式，可以更深入地提供高品質、個人化的匹配。我們很快就會把這項服務擴展到其他地區。我們透過擴展人臉檢查服務在信任與安全方面取得了實質進展，人臉檢查服務是一項面部活體檢查功能，可幫助確認用戶的真實性，並將他們的個人資料照片與包括加州在內的新市場進行匹配。

At the same time, we've made strides on authenticity by enhancing our Bot Detection systems, reducing false positives, meaning fewer legitimate users are being mistakenly flagged while also further reducing bad actors. With more sophisticated detection models in place, we're making the platform safer and more trustworthy at scale. We've started testing a more flexible Preferences system like height as a premium preference option, which give users more control over their matches.

同時，我們透過增強機器人偵測系統、減少誤報，在真實性方面取得了長足進步，這意味著更少的合法用戶被錯誤標記，同時也進一步減少了不良行為者。透過更複雜的檢測模型，我們正在使平台變得更加安全、更值得信賴。我們已經開始測試更靈活的偏好系統，例如將身高作為高級偏好選項，讓使用者更好地控制他們的配對。

This builds on what I shared in February, long-term investments to strengthen the ecosystem and drive sustainable value. Here's what we have planned through the end of the year on Tinder. We're testing major updates to our recommendations engine to show users more compatible matches. We're rolling out contextual liking and messaging, giving users a low-pressure way to engage by reacting to specific parts of a profile. This makes likes more purposeful and increases the chances of starting a real conversation.

這是基於我在二月分享的內容，即透過長期投資來加強生態系統並推動永續價值。以下是我們為 Tinder 制定的今年年底計劃。我們正在測試推薦引擎的重大更新，以向用戶顯示更多相容的匹配。我們正在推出情境點讚和訊息功能，讓使用者透過對個人資料的特定部分做出反應，以低壓力的方式參與其中。這使得點讚更有目的性，並增加了開始真正對話的機會。

We're on track to test version one of a redesigned See Who Likes You tab this fall with the dual goal of helping users connect with people they’re more likely to be interested in, as well as to drive more revenue. We're preparing to introduce a feature called Modes, a new navigation system that lets users toggle between different dating goals and discovery experiences in real time for serendipitous connections.

我們計劃在今年秋季測試重新設計的「查看誰喜歡你」標籤的第一個版本，其雙重目標是幫助用戶與他們更感興趣的人建立聯繫，並帶來更多收入。我們正準備推出一項名為「模式」的功能，這是一個新的導航系統，可讓用戶即時切換不同的約會目標和發現體驗，以獲得偶然的聯繫。

We'll expand our Interactive Matching product with additional geographies coming online by year-end, and we'll take the first steps towards a new UI refresh in Q3 with a cleaner, faster and more modern look across the entire app.

我們將在年底前將我們的互動匹配產品擴展到更多地區，並將在第三季度邁出新的用戶介面更新的第一步，使整個應用程式看起來更簡潔、更快、更現代。

For the first time in a long time, Tinder's pace of product innovation is strong. To track progress, I am focused on metrics connected with user outcomes, things like match rate, contact exchange, and inferred IRL meet-ups. Many of these deeper signals are trending up, and we're actively exploring ways to give investors more visibility into these metrics. Turning now to Hinge. This focus on real-world outcomes applies across the portfolio and nowhere is that clearer than at Hinge. Simply put, Hinge is crushing it. Hinge's success should put to rest any doubts about whether the online dating category is out of favor among users. Hinge shows that a great team that is highly motivated can build great products, which attracts huge audiences and create significant revenue and shareholder value. This is the formula we are following in the turnaround at Hinge's sister brand, Tinder, and Hinge's success gives me pride and Hinge, but also confidence in Tinder. At Hinge, everything ladders up to one north star, getting users on more great dates. It's how we measure success and stay focused on delivering real-world outcomes. And it's been a huge driver of our success at Hinge. As a result, Hinge is well positioned to deliver accelerating year-over-year revenue growth in each subsequent quarter of 2025, a particularly impressive accomplishment at a business of this scale while also continuing to expand margins. So how is Hinge achieving this? As one might expect, it's the tried and true combination of product innovation, leading to audience growth. Let's start with product. Over the past several months, Hinge has rolled out a number of core initiatives designed to keep intentionality front and center in our users' dating experience. We launched a new AI-Powered Recommendation algorithm in March that is driving a 15% increase in matches and contact exchanges, driving meaningfully more dates for our users. And it's important to note that while we are creating more value for users, we're also observing meaningful upticks in Payer conversion. We rolled out Prompt Feedback, a first-of-its-kind AI feature that gives users real-time suggestions during onboarding to help them better express themselves on their profile. This reduced generic answers by a third and more than doubled thoughtful high-quality responses, helping spark better first impressions and more meaningful connections. We rebuilt our notifications platform, unlocking faster delivery and robust metrics tracking.

這是 Tinder 很長一段時間以來第一次在產品創新方面步履維艱。為了追蹤進度，我專注於與用戶結果相關的指標，例如匹配率、聯繫交換和推斷的 IRL 會面。許多更深層的訊號呈現上升趨勢，我們正在積極探索讓投資人更清楚了解這些指標的方法。現在轉向 Hinge。這種對現實世界結果的關注適用於整個投資組合，這一點在 Hinge 身上表現得最為明顯。簡而言之，Hinge 正在碾壓它。Hinge 的成功應該可以打消人們對線上約會類別是否不再受用戶青睞的任何疑慮。Hinge 表明，一支積極向上的優秀團隊可以打造出優秀的產品，吸引大量受眾，創造可觀的收入和股東價值。這是我們在 Hinge 姊妹品牌 Tinder 轉型過程中遵循的公式，Hinge 的成功不僅讓我對 Hinge 感到自豪，也讓我對 Tinder 充滿信心。在 Hinge，一切都取決於一顆北極星，也就是讓用戶獲得更多美好的約會。這是我們衡量成功並專注於實現現實世界成果的方式。這也是 Hinge 成功的巨大推動力。因此，Hinge 完全有能力在 2025 年的每個後續季度實現收入同比增長，這對於如此規模的企業來說是一項尤為令人印象深刻的成就，同時利潤率也將繼續擴大。那麼 Hinge 是如何實現這一目標的呢？正如人們所料，這是經過實踐檢驗的產品創新組合，可以促進受眾成長。讓我們從產品開始。在過去的幾個月裡，Hinge 推出了一系列核心舉措，旨在讓意向性成為用戶約會體驗的核心。我們在 3 月推出了新的人工智慧推薦演算法，該演算法使匹配和聯繫交流量增加了 15%，為我們的用戶帶來了更多有意義的約會。值得注意的是，在我們為用戶創造更多價值的同時，我們也觀察到付款人轉換率的顯著上升。我們推出了“即時反饋”，這是一項首創的人工智慧功能，可在用戶入職期間為其提供即時建議，幫助他們更好地在個人資料中表達自己。這使得通用答案減少了三分之一，而深思熟慮的高品質答案增加了一倍以上，有助於激發更好的第一印象和更有意義的聯繫。我們重建了通知平台，以實現更快的交付和強大的指標追蹤。

This has enabled us to launch Chat Specific Notifications, helping users maintain momentum with matches they're most interested in. Over the second half of 2025, Hinge will continue to develop its product strategies to address user needs. In the first half of 2025, users’ Discover experience became more personalized and relevant to their preferences. Now in the second half, we'll plan to noticeably improve Recommendations throughout the app experience as more of our algorithms are powered by AI. Users will see and feel this difference in experiences, including boost, standouts, most compatible and more.

這使我們能夠啟動聊天特定通知，幫助用戶保持他們最感興趣的比賽的勢頭。2025年下半年，Hinge將持續制定產品策略，滿足用戶需求。2025 年上半年，使用者的 Discover 體驗變得更加個人化，並且與他們的偏好更加相關。現在，在下半年，隨著越來越多的演算法由人工智慧提供支持，我們計劃顯著改善整個應用體驗中的推薦功能。用戶將看到並感受到體驗上的差異，包括提升、突出、最相容等等。

In the first half of 2025, we experimented with different coaching capabilities and dogfooded several AI-powered features. In the second half, these experiences will move into test, and include: Warm Intros, which will highlight small yet meaningful details on select profiles to give daters a deeper consideration of compatibility and Conversation Starters which offer personalized prompts to help daters break the ice and spark more meaningful conversations. Turning now to user growth. Hinge is growing users in every geography it operates in. Hinge grew its MAU by nearly 20% year-over-year in the first half of the year. In European markets, its momentum continues to build as we enter our third year of expansion with MAU up more than 60% year-over-year in European Expansion markets in the first half of 2025. This growth is driven by brand campaigns tailored to local dating culture, boosting awareness and perception. While there still is much more room for growth in Europe, we're excited to further Hinge's growth ambitions with planned launches in Mexico and Brazil later this year.

2025 年上半年，我們嘗試了不同的輔導功能，並對幾項人工智慧功能進行了測試。在下半場，這些體驗將進入測試階段，包括：溫馨介紹，將突出選定個人資料中雖小但有意義的細節，讓約會者更深入地考慮兼容性；對話啟動，提供個性化提示，幫助約會者打破僵局，激發更有意義的對話。現在談談用戶成長。Hinge 在其營運的每個地區用戶都在不斷成長。今年上半年，Hinge 的 MAU 年增了近 20%。在歐洲市場，隨著我們進入擴張的第三年，其發展勢頭持續增強，2025 年上半年歐洲擴張市場的 MAU 將年增 60% 以上。這一增長是由針對當地約會文化量身定制的品牌活動推動的，提高了知名度和認知度。雖然歐洲仍有很大的成長空間，但我們很高興能夠透過今年稍後在墨西哥和巴西推出的計劃來進一步實現 Hinge 的成長目標。

With strong user growth and continued product innovation, Hinge is delivering on its mission for users. It has become the most reliable growth engine in our portfolio and one of the most exciting businesses in consumer tech today.

隨著用戶的強勁成長和產品的持續創新，Hinge 正在為用戶履行其使命。它已成為我們投資組合中最可靠的成長引擎，也是當今消費科技領域最令人興奮的業務之一。

Across the rest of our portfolio, we're applying the same focus, building for distinct audiences, prioritizing user outcomes and driving urgency. With a stronger financial foundation from our recent restructuring, favorable foreign exchange trends and reduced in-app purchase fees through alternative payments testing, we believe we are in a position to reinvest savings while still delivering on our revenue and margin targets. I'm excited by our plan to allocate approximately $50 million in the second half of 2025 toward product testing at Tinder, geographic expansion for Hinge, Azar and The League and early stage bets like Archer, HER, and a new dating app concept.

在我們投資組合的其他部分，我們都採用相同的重點，為不同的受眾打造產品，優先考慮用戶成果並推動緊迫性。憑藉近期重組帶來的更強勁的財務基礎、有利的外匯趨勢以及透過替代支付測試降低的應用程式內購買費用，我們相信我們能夠重新投資儲蓄，同時仍實現我們的收入和利潤目標。我對我們的計劃感到興奮，我們將在 2025 年下半年撥款約 5000 萬美元用於 Tinder 的產品測試、Hinge、Azar 和 The League 的地域擴張以及 Archer、HER 和新約會應用程序概念等早期階段的投資。

These investments reflect our commitment to delivering more value to users through product innovation and to driving long-term, sustainable growth across the portfolio. In 2026 and 2027, we expect to enter the third phase of our product evolution, Resurgence. We intend to transform Tinder into a low-pressure serendipitous experience designed for Gen Z. We expect Hinge to extend its leadership in intentioned dating powered by both continued AI innovation and international growth. And across the board, we believe the category will enter a new era with renewed trust, strong demand and long-term growth potential. We are operating like a company that is just getting started, and we believe the best chapters of this category and company are still ahead. We are moving with urgency, we are obsessed with product, and we're building for the long term.

這些投資體現了我們致力於透過產品創新為用戶提供更多價值，並推動整個產品組合的長期永續成長。2026 年和 2027 年，我們預計將進入產品演進的第三階段，即復興階段。我們打算將 Tinder 轉變為專為 Z 世代設計的低壓力偶然體驗。我們預計 Hinge 將透過持續的 AI 創新和國際成長來鞏固其在有意約會領域的領導地位。總體而言，我們相信該類別將進入一個新時代，擁有新的信任、強勁的需求和長期的成長潛力。我們的營運就像一家剛起步的公司，我們相信這個類別和公司最好的篇章還在後頭。我們行動緊急，我們專注於產品，我們正在為長遠發展而建造。

Thank you again for being with us. Now, Steve will walk you through the financials.

再次感謝您與我們同在。現在，史蒂夫將帶您了解財務狀況。

Thanks, Spencer. We are pleased with the Q2 results as both Match Group Total Revenue and Adjusted Operating Income exceeded the high end of our guidance, excluding a $14 million charge for a preliminary settlement with the Federal Trade Commission relating to a case filed in September 2019, which we did not anticipate at the time of May earnings.

謝謝，史賓塞。我們對第二季度的業績感到滿意，因為 Match Group 的總收入和調整後營業收入均超出了我們預期的高端，但不包括與聯邦貿易委員會就 2019 年 9 月提起的案件達成的 1400 萬美元初步和解費用，這是我們在 5 月份沒有預料到的盈利。

The team is executing well against the three-part turnaround Spencer laid out to drive sustainable long-term user growth, revenue growth and profitability. In Q2, Match Group's Total Revenue was $864 million, flat year-over-year, down 1% year-over-year on an FX-neutral basis. FX was in line with our expectations at the time of our last earnings call. Excluding the exit of our live streaming businesses, Total Revenue was up 1% year-over-year and flat year-over-year FXN. Payers declined 5% year-over-year to $14.1 million, while RPP grew 5% to $20. Indirect revenue was up 15% year-over-year, driven by continued strength in the advertising business.

該團隊按照史賓塞制定的三部分轉型計畫執行得很好，該計畫旨在推動可持續的長期用戶成長、收入成長和獲利能力。第二季度，Match Group 總營收為 8.64 億美元，與去年同期持平，剔除匯率因素，年減 1%。外匯交易符合我們上次收益電話會議時的預期。不計入我們退出的直播業務，總收入年增 1%，外匯收入與去年同期持平。付款人金額較去年同期下降 5% 至 1,410 萬美元，而 RPP 金額則成長 5% 至 20。受廣告業務持續強勁成長的推動，間接營收年增 15%。

Moving to total company profitability. In Q2, Match Group's operating income was $194 million, down 5% year-over-year, representing an OI margin of 22% and AOI was $290 million, down 5% year-over-year, representing an AOI margin of 34%.

轉向公司整體獲利能力。第二季度，Match Group 的營業收入為 1.94 億美元，年減 5%，OI 利潤率為 22%，AOI 為 2.9 億美元，年減 5%，AOI 利潤率為 34%。

Excluding the costs associated with restructuring of our operations of $18 million, and the legal settlement charge of $14 million, OI increased 10% year-over-year, representing an OI margin of 26% and AOI increased 5% year-over-year, representing an AOI margin of 37%.

不包括與重組業務相關的 1,800 萬美元成本和 1,400 萬美元法律和解費用，OI 年比成長 10%，OI 利潤率為 26%，AOI 年比成長 5%，AOI 利潤率為 37%。

Tinder Direct Revenue in Q2 was $461 million, down 4% year-over-year and down 5% year-over-year FXN. Payers declined 7% year-over-year to $9.0 million and RPP grew 3% year-over-year to $17.14. OI in the quarter was $217 million, down 1% year-over-year, representing an OI margin of 46%. AOI in the quarter was $246 million, down 2% year over year, representing an AOI margin of 52%. OI and AOI were negatively impacted by costs associated with the restructuring of our operations.

Tinder 第二季直接營收為 4.61 億美元，年減 4%，年減 5%（FXN）。付款人支出較去年同期下降7%至900萬美元，RPP年增3%至1,714萬美元。本季OI為2.17億美元，年減1%，OI利潤率為46%。本季的 AOI 為 2.46 億美元，年減 2%，AOI 利潤率為 52%。OI 和 AOI 受到與我們的營運重組相關的成本的負面影響。

Hinge continued its strong momentum in Q2 with Direct Revenue of $168 million, up 25% year-over-year and up 24% year-over-year FXN. Payers grew 18% year- over-year to $1.7 million and RPP grew 6% to $31.96, driven by strong user growth across all markets, combined with continued monetization optimization. OI was $39 million in the quarter, up 29% year over year, representing an OI margin of 23%. AOI was $54 million, up 27% year over year, representing an AOI margin of 32%. E&E Direct Revenue in Q2 was $148 million, down 8% year over year and down 10% year-over-year FXN. Ex-Live, E&E Direct Revenue in Q2 was down 6% year-over-year and down 8% year-over-year FXN. Payers declined 15% year-over-year to $2.3 million, while RPP rose 8% year-over-year to $21.34. In Q2, E&E delivered an operating loss of $4 million, a decrease of $24 million year-over-year and AOI of $16 million, down 62% year-over-year, representing an AOI margin of 11%. OI and AOI were impacted negatively by the legal settlement charge and costs associated with restructuring of our operations. Match Group Asia delivered Direct Revenue in Q2 of $69 million, down 6% year-over-year and down 8% year-over-year FXN. Ex-Live, Direct Revenue in Q2 was up 3% year-over-year and up 2% year-over-year FXN. Azar Direct Revenue was up 3% year-over-year and up 6% year-over-year FXN. Payers Direct Revenue was up 3% year-over-year and down 5% year-over-year FXN. Across Match Group Asia, Payers increased 6% year over year to $1.1 million, while RPP declined 12% year over year to $21.53, partially due to the exit of Hakuna mid-last year. Match Group Asia had an operating loss of $0.3 million in the quarter, an improvement of $5 million year over year and delivered AOI of $16 million, up 16% year over year, representing an AOI margin of 23%. Looking at costs, including stock-based compensation expense, total expenses were up 2% year-over-year in Q2. Cost of revenue decreased 1% year-over-year and represented 28% of Total Revenue, flat year-over-year driven by reduced variable expenses from the shutdown of our live streaming services mid-last year and lower web services costs at Tinder, offset by an increase in IAP fees, primarily at Hinge. Selling and marketing costs decreased $6 million or 4% year-over-year due to lower marketing spend at Tinder and E&E and was down 1 point year-over-year as a percentage of Total Revenue at 17%. General and administrative costs increased 19% year over year, up 3 points year-over-year as a percentage of Total Revenue to 16%, driven primarily by costs associated with the restructuring of our operations and the legal settlement charge. Product development costs grew 1% year-over-year and were flat year-over-year as a percentage of Total Revenue up 13%. Depreciation and amortization decreased by $3 million year-over-year to $29 million.

Hinge 在第二季度持續保持強勁勢頭，直接收入達 1.68 億美元，年增 25%，外匯收入年增 24%。由於所有市場用戶的強勁成長以及持續的貨幣化優化，付款人年增 18%，達到 170 萬美元，RPP 成長 6%，達到 31.96 美元。本季 OI 為 3,900 萬美元，年增 29%，OI 利潤率為 23%。AOI 為 5,400 萬美元，較去年同期成長 27%，AOI 利潤率為 32%。E&E 第二季直接營收為 1.48 億美元，年減 8%，年減 10% FXN。除現場直播外，第二季 E&E 直接營收年減 6%，外匯收入較去年同期下降 8%。付款人費用較去年同期下降15%，至230萬美元，而RPP年增8%，至21.34美元。第二季度，E&E營運虧損400萬美元，年減2,400萬美元；AOI為1,600萬美元，年減62%，AOI利潤率為11%。OI 和 AOI 受到法律和解費用以及與業務重組相關的成本的負面影響。Match Group Asia 第二季直接營收為 6,900 萬美元，年減 6%，外匯營收年減 8%。除直播外，第二季直接營收年增 3%，外匯營收年增 2%。Azar 直接營收年增 3%，外匯營收年增 6%。付款人直接收入年增 3%，外匯收入較去年同期下降 5%。在 Match Group Asia 中，付款人金額年增 6% 至 110 萬美元，而 RPP 金額較去年同期下降 12% 至 2,153 萬美元，部分原因是 Hakuna 去年年中退出。Match Group Asia 本季的營運虧損為 30 萬美元，較去年同期減少 500 萬美元，AOI 為 1,600 萬美元，較去年同期成長 16%，AOI 利潤率為 23%。從包括股票薪酬費用在內的成本來看，第二季總支出較去年同期成長了 2%。收入成本年減 1%，佔總收入的 28%，與去年同期持平，因為去年年中關閉直播服務導致變動費用減少，以及 Tinder 的網路服務成本降低，但 IAP 費用（主要是 Hinge）的增加抵消了這一影響。由於 Tinder 和 E&E 的行銷支出減少，銷售和行銷成本年減 600 萬美元或 4%，佔總收入的百分比年減 1 個百分點至 17%。一般及行政費用年增 19%，佔總收入的百分比年增 3 個百分點至 16%，主要原因是與業務重組和法律和解費用相關的成本。產品開發成本年增 1%，佔總營收的百分比年增 13%，與去年同期持平。折舊和攤提年減 300 萬美元至 2,900 萬美元。

Turning to the balance sheet. Our gross leverage was 2.8 times, and net leverage was 2.5 times at the end of Q2. We ended the quarter with $340 million of cash, cash equivalents and short-term investments on hand. In Q2, we repurchased 7.6 million of our shares at an average price of $29.45 per share on a trade date basis for a total of $225 million and paid $47 million in dividends, deploying nearly 120% of our free cash flow for capital return to shareholders. We maintain our commitment to target returning 100% of free cash flow to shareholders on a full-year basis through share buybacks and the dividend.

轉向資產負債表。截至第二季末，我們的總槓桿率為 2.8 倍，淨槓桿率為 2.5 倍。截至本季末，我們手頭上有 3.4 億美元的現金、現金等價物和短期投資。在第二季度，我們以交易日平均每股 29.45 美元的價格回購了 760 萬股股票，總計 2.25 億美元，並支付了 4,700 萬美元的股息，將近 120% 的自由現金流用於向股東返還資本。我們堅持承諾，透過股票回購和股息，全年向股東返還 100% 的自由現金流。

Now turning to guidance. We expect Q3 Total Revenue for Match Group of $910 million to $920 million, up 2% to 3% year-over-year. This range assumes a 1-point year-over-year tailwind from FX. FXN, we expect Total Revenue to be up 1% to 2% year-over-year. We expect Match Group AOI of $330 million to $335 million in Q3 representing a year-over-year decline of 3%, and AOI margin of 36% at the midpoint of the ranges. The expected year-over-year decline in AOI is driven by an expected 17% year-over-year increase in marketing spend due to the timing of brand campaigns at Tinder and Hinge and our savings reinvestments. For the full-year 2025, we expect Match Group Total Revenue to be towards the high end of our guidance range primarily due to positive FX impacts. We now expect a nearly half-point tailwind from FX, which is nearly 3 points better than we expected when we provided our initial outlook in February. FXN Ex-Live, we expect Total Revenue growth to be within the initial guidance range we provided in February. We expect year-over-year indirect revenue growth in the mid-teens, given strong performance in the first half of the year.

現在轉向指導。我們預計 Match Group 第三季總營收為 9.1 億美元至 9.2 億美元，年增 2% 至 3%。此範圍假設外匯市場較去年同期出現 1 點的順風。FXN，我們預計總營收將年增 1% 至 2%。我們預計 Match Group 第三季的 AOI 為 3.3 億美元至 3.35 億美元，年減 3%，AOI 利潤率為 36%，處於中間值。AOI 預計將年減的原因是，由於 Tinder 和 Hinge 的品牌活動時機以及我們的儲蓄再投資，行銷支出預計將年增 17%。對於 2025 年全年，我們預計 Match Group 總收入將達到我們預期範圍的高端，這主要得益於正面的外匯影響。我們現在預計外匯將帶來近半個百分點的順風，比我們 2 月提供初步展望時的預期高出近 3 個百分點。FXN Ex-Live，我們預計總收入成長將在我們二月提供的初步指導範圍內。鑑於上半年的強勁表現，我們預期間接營收年增將達到十五六個百分點。

We expect to achieve our 36.5% AOI margin target after excluding an expected $25 million in cost associated with the restructuring of our operations, of which $18 million was realized in Q2 and the $14 million legal settlement charge, which would equate to an approximately 35.4% AOI margin on an as-reported basis. Our margin expectations include the approximately $50 million of reinvestments Spencer outlined earlier. We will continue to monitor the return on these investments as well as business and FX trends, as the year progresses.

我們預計，在扣除與業務重組相關的預計 2500 萬美元成本（其中 1800 萬美元是在第二季度實現的）和 1400 萬美元的法律和解費用後，AOI 利潤率目標將達到 36.5%，這相當於報告基礎上約 35.4% 的 AOI 利潤率。我們的利潤預期包括斯賓塞之前概述的約 5000 萬美元的再投資。隨著時間的推移，我們將繼續監控這些投資的回報以及業務和外匯趨勢。

We expect free cash flow of $1.06 billion to $1.09 billion, a meaningful improvement from our initial guidance in February, driven by an increase in free cash flow conversion, partially due to expected lower cash taxes from the new US tax law. We expect capital expenditures of $55 million to $65 million. We expect SBC expense to be $260 million to $270 million, an improvement from the guidance we provided at our last earnings in May, due to restructuring of operations and our continued focus on managing headcount costs.

我們預計自由現金流將達到 10.6 億美元至 10.9 億美元，與我們 2 月的初步預期相比有顯著改善，這得益於自由現金流轉換率的提高，部分原因是預計新美國稅法將降低現金稅。我們預計資本支出為 5500 萬至 6500 萬美元。我們預計 SBC 的支出將達到 2.6 億至 2.7 億美元，比我們在 5 月的上一財報中給出的預期有所改善，這得益於業務重組和我們繼續注重管理員工成本。

We continue to test alternative payments across our brands, including Tinder, and expect to have alternative payment options in test at Hinge by late Q3. Additional savings from further rollout and optimizations of alternative payments is not included in our guidance and could provide margin upside or fund growth initiatives. In June, Canada announced its intention to rescind its Digital Service Tax. If and when it enacts the change in the law, we expect a one-time benefit to AOI related to expenses accrued in prior periods. We anticipate this change could be enacted into law as soon as September. However, we have not included it in our AOI guidance.

我們將繼續在包括 Tinder 在內的各個品牌中測試替代支付方式，並預計在第三季末在 Hinge 上測試替代支付選項。我們的指導中不包括進一步推出和優化替代支付方式所帶來的額外節省，但可以提供利潤率上漲或資助成長計畫。今年 6 月，加拿大宣布打算取消數位服務稅。如果該法律得以實施，我們預計 AOI 將獲得與前期累積費用相關的一次性收益。我們預計這項變更最快將於九月頒布成為法律。但是，我們尚未將其納入我們的 AOI 指導中。

In other updates, we plan to make changes to how we report certain financial measures and metrics to better align ourselves with our tech peers. Starting next quarter, we will rename our non-GAAP profitability measure from Adjusted Operating Income to adjusted EBITDA.

在其他更新中，我們計劃改變報告某些財務指標和指標的方式，以便更好地與我們的技術同行保持一致。從下個季度開始，我們將把非 GAAP 獲利指標從調整後營業收入更名為調整後 EBITDA。

There's no numerical difference between adjusted EBITDA and AOI. We plan to continue to include discrete expenses such as restructuring costs, but intend to reference such expenses, if significant, in our earnings materials. We also plan to change our MAU definition from a last 28-day to a calendar month basis. We plan to provide a reconciliation of MAU using both definitions.

調整後的 EBITDA 和 AOI 之間沒有數值差異。我們計劃繼續包括重組成本等單獨費用，但如果這些費用金額較大，我們打算在收益資料中引用這些費用。我們還計劃將 MAU 定義從過去 28 天更改為日曆月。我們計劃使用這兩個定義來提供 MAU 的協調。

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

現在讓我們開始問答環節。

Now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作員指示）

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Hey, thanks. Good afternoon, Spencer, you've been clear that one of your big priorities at Tinder is to improve engagement with the US users, particularly under the age of 30. Hoping you could give us an update on how this cohort of users have responded to some of your recent product launches and how Tinder engagement trended during the quarter? Thank you.

嘿，謝謝。下午好，斯賓塞，您已經明確表示，Tinder 的一大優先事項是提高與美國用戶的互動，尤其是 30 歲以下的用戶。希望您能向我們介紹這群用戶對您最近推出的一些產品的反應，以及本季 Tinder 的參與趨勢如何？謝謝。

Thanks, Cory. At Match Group and at Tinder, we have incredible insights into Gen Z and millennials and how they want to connect. Nobody even comes close to understanding this generation's attitudes and preferences towards dating better than we do.

謝謝，科里。在 Match Group 和 Tinder，我們對 Z 世代和千禧世代以及他們希望如何聯繫有著深刻的見解。沒有人比我們更了解這一代對約會的態度和偏好。

It's through the excellent research functions that we have at Hinge, at Tinder, at Match and our other brands as well as research at the MG corporate level. And I've also personally been doing focus groups in London and Los Angeles and spending a lot of time on college campuses doing direct consumer research.

這是透過我們在 Hinge、Tinder、Match 和其他品牌的出色研究功能以及 MG 公司層面的研究實現的。我個人也在倫敦和洛杉磯進行焦點小組討論，並花了很多時間在大學校園進行直接消費者研究。

So what we know about this generation of daters is that they're different. They want to connect. They have a loneliness epidemic, and they're exceedingly digital consumed by smartphone usage. But they went through high school or college through COVID, and they want dating apps to have different offerings, which are lower pressure. So that's the road map that we've created and that we're building at Tinder.

所以我們知道這一代約會者是與眾不同的。他們想要建立聯繫。他們有一種孤獨感，並且過度沉迷於智慧型手機等數位化事物。但他們在新冠疫情期間讀完了高中或大學，他們希望約會應用程式能夠提供不同的服務，以減輕壓力。這就是我們在 Tinder 上創建的路線圖。

Cory, I'll just give you four quick examples. Double Date, which we've talked about, is showing great product market fit. Between 3% and 6% of our users, depending upon the country, are using it already. About 90% of our usage is under 30. Women are 4 times more likely to match through Double Date than they are when using Tinder Solo. So Double Date is really resonating with this audience.

科里，我只想舉四個簡單的例子給你聽。我們討論過的 Double Date 展現了極佳的產品市場契合度。根據國家/地區的不同，3% 到 6% 的用戶已經在使用它。我們的使用量約有 90% 低於 30。女性透過 Double Date 配對的可能性比使用 Tinder Solo 高出 4 倍。所以《Double Date》確實引起了觀眾的共鳴。

Number two, we're about to launch a series of college-specific features on Tinder that I'm very optimistic about. It will allow users to just search within their college or other selected colleges and a number of other features just around the college experience.

第二，我們即將在 Tinder 上推出一系列針對大學的功能，我對此非常樂觀。它將允許用戶僅在其大學或其他選定的大學內進行搜索，並提供一些有關大學體驗的其他功能。

Number three, the interactive matching experience that we've been testing in New Zealand is specifically designed to appeal to this type of audience. Somebody who doesn't just want to be judged based on their physical appearance, which is one of the ways that Tinder got its start somebody who instead is willing to put in a little bit of time, answer some questions and then get a custom result back. We're seeing very good product market fit with under 30 users on that feature in New Zealand, and we're getting ready to expand it to other countries.

第三，我們在新西蘭測試的互動配對體驗是專門為吸引這類受眾而設計的。有些人不想只根據外表來評判別人，這是 Tinder 起步的方式之一，而是願意花一點時間，回答一些問題，然後得到客製化結果。我們發現該功能在新西蘭擁有不到 30 名用戶，產品市場契合度非常好，我們正準備將其擴展到其他國家。

And number four, there's a whole series of features, some of which I talked about in the prepared remarks around changing the way that users think of Tinder, so that it's less about assessing the attractiveness of a photo and more about assessing the compatibility with that individual. So these are things like contextual likes where you'll be soon responding to specific information in somebody's profile rather than just swiping right saying, yes, I think you're attractive. It's about having prompt information up in the photo carousel. You'll be seeing, in what we call the tappy photo wheel, information that comes from deeper in the profile, so you can present a different version of yourself instead of just the attractiveness of your photo. These are the types of things that we're doing to regain product market fit among under 30. I'll come back to the question about metrics in just a second.

第四，它有一系列的功能，其中一些我在準備好的評論中已經談到過，它們旨在改變用戶對 Tinder 的看法，使其不再僅僅評估照片的吸引力，而是更多地評估與個人的兼容性。所以這些都是類似情境喜歡的事情，你很快就會對某人個人資料中的特定資訊做出回應，而不是只是向右滑動說，是的，我認為你很有吸引力。這是關於在照片輪播中顯示提示訊息。您將在我們所謂的輕觸照片輪中看到來自個人資料深處的信息，因此您可以展示自己的不同版本，而不僅僅是照片的吸引力。我們正在採取這些措施，以重新適應 30 歲以下人群的產品市場。我馬上就會回到有關指標的問題。

Next question, operator.

下一個問題，接線生。

Nathan Feather, Morgan Stanley. Please go ahead.

摩根士丹利的 Nathan Feather。請繼續。

Hey everyone, thanks for taking the question. As it really came through in the letter, it seems like product testing velocity has accelerated over the past few months. Given the large number of changes the company is making across brands, what's the best way for investors to track the status of the turnaround as you go through this revitalized phase? And what are you monitoring internally?

大家好，感謝你們提出這個問題。正如信中所言，過去幾個月產品測試速度似乎有所加快。鑑於公司正在對旗下品牌進行大量變革，在公司經歷這一復興階段時，投資者追蹤公司轉型狀況的最佳方式是什麼？你們內部監控什麼？

Yeah. So it's a whole new team in place. I'm running Tinder personally. We have a new Head of Products. We have a new CTO. We have several new product leads. We have a new Head of Design. And as we've discussed, it's a new road map. All of this has happened within the last couple of months. But the team has really reacted incredibly well, and I'm very proud of what we're building.

是的。所以這是一個全新的團隊。我個人在經營 Tinder。我們有一位新的產品主管。我們有一位新的技術長。我們有幾個新的產品線索。我們有一位新的設計主管。正如我們所討論的，這是一個新的路線圖。所有這一切都發生在過去幾個月內。但團隊的反應確實非常好，我對我們正在建立的東西感到非常自豪。

To answer your question about the metrics that I look at, you should think of our product like a funnel. And at the top of the funnel is what we call regs or new accounts created- registrations. Then just below that, you kind of layer in existing accounts. And just below that, you get to MAU or DAU or audience. So it goes from regs to MAU, then number three, a deeper funnel, you get to four-way chats. This is the chats that go back and forth four or more times. And then at the bottom of the funnel, you get to what we call contact exchange. That's when in-chat somebody shares their iMessage phone number to move to texting or their WhatsApp handle or their Instagram handle to be able to DM with the user. The reason we care about contact exchange is, that's usually -- the purpose of that is to arrange of date. So those are the 4 points in the funnel that I look at every single day, that the team looks at every day. Number one, Regs; number two, audience, MAU or DAU; number three, four-way chat; number four, contact exchange. As I said in the prepared remarks, I understand and empathize from an external standpoint, it's difficult for investors to track the progress of the turnaround without more visibility into some of these metrics.

要回答你關於我所關注的指標的問題，你應該把我們的產品想像成一個漏斗。漏斗頂部就是我們所說的註冊或新帳戶創建。然後，就在其下方，對現有帳戶進行分層。再往下，就是 MAU 或 DAU，也就是觀眾。因此，它從 regs 到 MAU，然後是第三個更深的管道，你可以進行四方聊天。這是來回四次或四次以上的聊天。然後在漏斗的底部，你就會得到我們所說的連結交換。那就是當聊天中有人分享他們的 iMessage 電話號碼以轉為短信或他們的 WhatsApp 帳號或他們的 Instagram 帳號以便能夠與用戶進行 DM 交流時。我們關心聯繫交換的原因是，這通常是為了安排約會。所以這些就是我每天查看的漏斗中的 4 個點，也是團隊每天查看的點。第一，註冊用戶；第二，受眾，MAU 或 DAU；第三，四方聊天；第四，聯絡人交換。正如我在準備好的發言中所說，從外部角度來看，我理解並感同身受，如果投資人對這些指標沒有更多的了解，就很難追蹤扭轉的進展。

Steve and I and the team are actively trying to determine which of these metrics, if any, we can start providing investors more transparency on. What I can tell you for now is that all of these metrics are doing better today than they were just a couple of months ago. They're all still declining year-over-year, but the rate of decline has significantly lessened.

史蒂夫和我以及團隊正在積極嘗試確定哪些指標（如果有的話）可以開始為投資者提供更多透明度。我現在可以告訴你的是，所有這些指標今天都比幾個月前表現得更好。它們仍然在逐年下降，但下降速度已明顯減緩。

For example, regs or new accounts created is down around 7% year-over-year. And a couple of months ago, that metric was down about 15% year-over-year. MAU is today down around 8% to 9% year-over-year. And at the time of last earnings, it was down around 9% to 10% year-over-year.

例如，註冊用戶數或新開戶數較去年同期下降了約 7%。幾個月前，該指標年減了約 15%。目前，MAU 年比下降了約 8% 至 9%。而在上次獲利時，其獲利年減了約 9% 至 10%。

So even a metric like MAU, which is very hard to move, is starting to show some improvement. Frankly, I'm pleasantly surprised that we're already starting to see some of these metrics start to move in the right direction, given that it's just been a couple of months that this new team has been shipping product.

因此，即使是像 MAU 這樣很難改變的指標也開始顯示出一些改善。坦白說，考慮到這個新團隊才剛推出產品幾個月，我很高興地看到我們已經開始看到其中一些指標開始朝著正確的方向發展。

Operator, next question, please.

接線員，請問下一個問題。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Great, thank you very much for taking questions. I really appreciate it and congratulations on some of the early progress. But just curious on some of the things you're rolling out or expanding like Face Check. I wanted to just ask about that one in particular, the expansion there.

太好了，非常感謝您回答問題。我真的很感激並祝賀一些早期的進展。但我只是好奇您正在推出或擴展的一些功能，例如 Face Check。我只是想特別問一下那個問題，那裡的擴張。

Curious if you've made any changes to the experience or if you're just seeing users more willing to make the trade-off of verification in exchange for improved experience? And then I know you said that there could be an opportunity for upside related to it, but I just wanted to ask about the alternative payments experiments. And anything that you can share about your early learnings there and the financial potential of potential expansion there? Thank you very much.

好奇您是否對體驗做了任何改變，或者您只是看到用戶更願意放棄驗證以換取更好的體驗？然後我知道您說過這可能有與此相關的上升機會，但我只是想問一下有關替代支付實驗的問題。您能分享一下您早期在那裡學到的東西以及在那裡擴張的潛在財務潛力嗎？非常感謝。

Regarding Face Check on Tinder, we've had it live in Canada and Colombia for a while, more than six months. And we just launched it in California, just a month or two ago. What we're studying in all three of those markets is the impact on trust and safety, the impact on revenue, the impact on audience. But perhaps most importantly, the impact on user perception of the safety of the community.

關於 Tinder 上的 Face Check，我們已經在加拿大和哥倫比亞上線了一段時間，超過六個月。一兩個月前，我們剛剛在加利福尼亞州推出了它。我們正在研究這三個市場對信任和安全的影響、對收入的影響以及對觀眾的影響。但也許最重要的是，它對使用者對社區安全的看法產生了影響。

Starting about a month ago, we launched an ad campaign, mostly on social media in Canada, promoting face check. And now we're in market with research to assess what impact the face check is having qualitatively on perception of Tinder safety.

大約一個月前，我們發起了一項廣告活動，主要在加拿大的社群媒體上，推廣人臉檢查。現在我們正在進行市場研究，以評估人臉辨識對 Tinder 安全性認知的定性影響。

So that's one of the metrics that we're looking at, and just assessing what the results are in California before we decide whether to move forward. I'll let Steve answer the question about in-app purchase and alternative payments.

這是我們正在關注的指標之一，在決定是否繼續前進之前，我們會評估加州的結果。我會讓史蒂夫回答有關應用程式內購買和替代支付的問題。

Yeah, happy to. Thanks for the question. We're making really good progress testing alternative payments on iOS. The first thing I'll say is this is a great example of the power of our portfolio. We mentioned this last quarter, we first started testing across E&E, the E&E brands who have a more mature web presence. And now we've applied those learnings to help guide the testing we're doing at Tinder today and start to inform the plans at Hinge, where we plan to start testing later in Q3.

是的，很高興。謝謝你的提問。我們在 iOS 上測試替代支付方式方面取得了很大進展。我首先要說的是，這是我們投資組合實力的一個很好的例子。我們在上個季度提到這一點，我們首先開始在 E&E 上進行測試，這些 E&E 品牌擁有更成熟的網路影響力。現在，我們運用這些經驗來幫助指導我們今天在 Tinder 上進行的測試，並開始為 Hinge 的計劃提供信息，我們計劃在第三季度晚些時候開始測試。

We're testing a lot of different variants, three to five variants, I would say, across any particular brand, and we're continuing to optimize the experience. So the tests are ongoing. But if you look at the average results we've seen thus far, I would say we're seeing more than a 30% shift in transactions from IAP to the web. And that's resulting in more than a 10% increase in what we call net revenue, which is revenue less IAP fees.

我們正在測試許多不同的變體，我想說，針對任何特定品牌，我們都有三到五種變體，我們正在繼續優化體驗。測試仍在進行中。但如果你看一下我們迄今為止看到的平均結果，我會說我們看到從 IAP 到網路的交易量發生了 30% 以上的轉變。這導致我們所謂的淨收入（即收入減去 IAP 費用）增加了 10% 以上。

In some cases, we're seeing a little bit of a top line revenue impact that we're optimizing to improve. But in nearly all cases, we're seeing net revenue increase across the board. The impacts to 2025 AOI have been relatively small thus far, call it, in the $5 million range, given the Tinder tests are still a relatively low percentage, and we haven't yet rolled it out at Hinge.

在某些情況下，我們看到營業收入受到一些影響，我們正在進行優化以改善這種情況。但在幾乎所有情況下，我們都看到淨收入全面增加。到目前為止，對 2025 年 AOI 的影響相對較小，在 500 萬美元左右，因為 Tinder 測試的比例仍然相對較低，而且我們還沒有在 Hinge 推出它。

But I think it's a big opportunity for later this year and in 2026, in particular. If you extrapolate the test results out to full rollout across all our brands, including in the US including Tinder and Hinge, that equates to about at least $65 million AOI savings opportunity in 2026.

但我認為這對今年晚些時候，尤其是 2026 年來說是一個巨大的機會。如果將測試結果推廣到我們所有品牌（包括美國的 Tinder 和 Hinge）的全面推廣，則相當於 2026 年至少有 6500 萬美元的 AOI 節省機會。

So it could be a big opportunity for us. We continue to test rapidly. We look forward to rolling it out in a test at Hinge in later in the quarter. And we're also continuing to monitor the Epic versus Google case and growing regulatory pressure and other geos, too. So hopefully, that gives you a little bit of guidance on the size of the opportunity we're seeing.

所以這對我們來說可能是一個巨大的機會。我們繼續快速測試。我們期待在本季稍後在 Hinge 進行測試。我們也會繼續關注 Epic v. Google 案以及不斷增長的監管壓力和其他地區的情況。所以希望這能給你一些指導，讓你了解我們所看到的機會的規模。

Next question.

下一個問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions. Let me try two, please. So Spencer, understood on the MAU growth and the context there. But when you think about just the trajectory of these metrics that you're trying to improve, not Payers necessarily, the registrations to contact exchanges. How are you thinking about it in terms of improvement, in terms of the magnitude of improvement? Any context there would be helpful.

非常感謝您回答我的問題。請讓我試兩次。因此，史賓塞了解 MAU 的成長及其背景。但是，當您考慮試圖改進的這些指標的軌跡時，不一定是付款人，而是聯絡交易所的註冊。從改進的角度，從改進的幅度的角度，您如何看待它？任何背景資訊都會有幫助。

And then the second thing is on marketing spend. Could you please provide a little bit more color on when you think about investing it for Tinder and for Hinge, how are you thinking about it for the back half of this year and especially into Q1 of next year? Thanks a lot.

第二件事是行銷支出。您能否詳細說明您何時考慮投資 Tinder 和 Hinge，您對今年下半年，特別是明年第一季有什麼打算？多謝。

Thanks, Shweta. So the first thing we have to do is create new product offerings that we think will be well received by younger users, some of whom we had lost product market fit with. The next thing we have to do is drive reconsideration by making sure that people know that they should reconsider Tinder.

謝謝，Shweta。因此，我們要做的第一件事就是創造我們認為會受到年輕用戶歡迎的新產品，其中一些人的產品不再適合市場。我們接下來要做的就是讓人們知道他們應該重新考慮 Tinder，從而推動人們重新考慮。

I know sports analogies are probably overused here, but it feels like we're probably in the second of nine innings on this front. The team has really just assembled now. We're just starting to ship product. We have a really robust road map, and then we have to drive reconsideration of it. So that's how I think about moving these metrics.

我知道體育類比在這裡可能被過度使用了，但感覺我們可能正處於這方面的九局中的第二局。該團隊現在實際上才剛剛組建。我們剛開始運送產品。我們有一個非常完善的路線圖，然後我們必須推動對它的重新考慮。這就是我對移動這些指標的想法。

And while nobody here is particularly proud of seeing these metrics be down year-over-year, metrics like registrations or the number of four-way chats or the number of contact information exchanged. It doesn't feel good to see those down year-over-year. It feels great to start seeing the rates of decline lessen. Before a line can go -- if a line has a negative slope, the only way to get it to a positive slope is first to get it to flat. So to see the first derivative of that line, the slope of that line start to change is where it has to begin.

雖然沒有人對這些指標的同比下降感到特別自豪，但註冊量、四方聊天次數或交換的聯絡資訊數量等指標卻在下降。看到這些數字逐年下降，感覺不太好。看到下降速度開始減緩，感覺很棒。在一條線能夠移動之前——如果一條線具有負斜率，那麼讓它變成正斜率的唯一方法就是先讓它變平。因此，要看到該線的一階導數，該線的斜率開始改變的地方就是它開始的地方。

Steve, I'll let you answer the question about marketing expense as it relates to the reinvestment.

史蒂夫，我請你回答有關與再投資相關的行銷費用的問題。

Sure. Why don't we just take a little step back and talk about the $50 million investment as a whole and give you a little bit more context there. The way I would think about it is about a third of that investment is going towards Tinder product tests that optimize user outcomes, really in three main areas: The recommendation algos, trust and safety initiatives and UI/UX improvements. These tests could have some impact on short-term revenue that flow through to AOI. We'll have to -- we're going to test and see, but that accounts for about a third of the $50 million investment.

當然。我們為什麼不稍微退一步，整體討論一下這筆 5000 萬美元的投資，並給你更多背景資訊呢？我認為大約三分之一的投資將用於優化用戶結果的 Tinder 產品測試，主要涉及三個領域：推薦演算法、信任和安全措施以及 UI/UX 改進。這些測試可能會對流向 AOI 的短期收入產生一些影響。我們必須——我們將進行測試並觀察，但這約佔 5000 萬美元投資的三分之一。

The next third is in marketing at Tinder and Hinge to support product launches like Double Date and to drive user growth in core markets. And then the last third is really in geographic expansion at Hinge, Azar, The League, and investments in new growth bets like Archer, HER and a new dating concept. So that's really how the $50 million investment splits up a third, a third, a third.

接下來的三分之一負責 Tinder 和 Hinge 的營銷，以支援 Double Date 等產品的發布並推動核心市場的用戶成長。最後三分之一實際上是在 Hinge、Azar、The League 的地理擴張，以及對 Archer、HER 和新約會概念等新增長項目的投資。這就是 5000 萬美元投資實際上如何分配三分之一、三分之一、三分之一的。

If you look at Tinder marketing in particular, of the sort of two-thirds it's going to largely towards marketing, the bulk of that is going towards Tinder and a piece is going to hinge as well. Hinge has ample COA budget to begin with.

如果你特別關注 Tinder 的行銷，你會發現其中三分之二的資金將主要用於行銷，大部分資金將用於 Tinder，部分資金也將用於行銷。Hinge 一開始就擁有充足的 COA 預算。

They're spending up in line with revenue more or less year-over-year in COA. Tinder's where we've held marketing a little flatter year over year and this reinvestment allows us to really put some dollars behind exciting new rollouts like Double Date. Hopefully that helps.

他們在 COA 上的支出與收入的逐年增長基本一致。Tinder 的行銷活動與去年同期相比略有放緩，這次再投資讓我們能夠真正將一些資金投入 Double Date 等令人興奮的新產品。希望有幫助。

Next question, please.

請回答下一個問題。

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

Yeah, thanks. So just had a follow-up on this kind of secular industry trends. Spencer, you mentioned the Gen Z cohort. Just wanted to drill in a bit more there. COVID had these negative effects, but there's a view out there that maybe we're just sort of in an air pocket here and maybe the next cohort might be exhibiting different behavior and maybe more favorable behavior. In all of your research you mentioned, would be curious just to understand anything of your learnings that might support that view and what might be going on there? Thanks.

是的，謝謝。因此，只是對這種長期的行業趨勢進行了追蹤。史賓塞，你提到了 Z 世代群體。只是想在那裡再深入一點。COVID 產生了這些負面影響，但有一種觀點認為，也許我們只是處於一種空氣袋中，也許下一批人可能會表現出不同的行為，也許是更有利的行為。在您提到的所有研究中，您是否好奇地想了解您的研究成果中是否有任何內容可以支持該觀點，以及其中可能發生了什麼？謝謝。

That would be welcome news. I don't think we yet know how Gen Alpha is going to interact with the online dating category overall. I'm focused for now on improving product market fit with Gen Z, so it's 18 to 28 and also millennials. But I am optimistic that Gen Alpha will be more drawn to the category, but that's not the immediate focus.

這將是一個好消息。我認為我們還不知道 Alpha 世代將如何與線上約會類別進行整體互動。我現在專注於提高產品與 Z 世代的市場契合度，也就是 18 到 28 歲以及千禧世代。但我樂觀地認為 Alpha 世代將對這個類別更感興趣，但這不是當前的重點。

For us, the immediate focus is regaining product market fit, especially with 18 to 24. And the other thing I'd say about the category, Brad, is I read these articles or I see these headlines of reporters saying that online dating as a category is over and people have moved on.

對我們來說，目前的重點是重新獲得產品市場契合度，尤其是 18 至 24 歲的產品市場契合度。關於這個類別，我想說的另一件事是，布拉德，我讀過這些文章，或者看到記者的頭條新聞，說網上約會作為一個類別已經結束，人們已經轉向了其他領域。

And I just -- rumors of the online dating categories death are patently false. All you have to do is look at Hinge's results to know that that's the case. Hinge's audience is growing around 20% year over year. In some key markets in Europe, it's growing around 60% year over year.

我只是——有關在線約會類別消亡的謠言顯然是錯誤的。您只需查看 Hinge 的結果即可知道情況確實如此。Hinge 的受眾數量每年增長約 20%。在歐洲一些主要市場，其年增長率約為60%。

So clearly, young people are voting with their thumbs to continue to use the category. In fact, in all of the Gen Z research and focus groups that I've been leading personally, young people say they're in the category and they want to connect digitally. They just think that we need to offer different offerings for them. So they haven't left the category per se. They're dissatisfied with the current offerings that the -- that Tinder, in particular, has not innovated on.

顯然，年輕人都贊成繼續使用這個類別。事實上，在我親自領導的所有 Z 世代研究和焦點小組中，年輕人都表示他們屬於這個類別，並且希望透過數位方式建立聯繫。他們只是認為我們需要為他們提供不同的產品。因此他們本身並沒有離開這個類別。他們對目前提供的產品不滿意，尤其是 Tinder 尚未進行創新。

And I'll give you one other stat to give you a sense of the scale of participation in the category. There are 100 million messages sent every day across all of Match Group apps. So to say that people aren't using the category as sort of ridiculous if you think for a moment, that's 100 million messages inside of our apps today. 100 million people -- or not people, 100 million instances of flirting or people sending one message to another. There's lots of vibrancy in this category. We just have to deliver for them the experiences that they seek.

我還會給你另一個統計數據，讓你了解該類別的參與規模。每天，Match Group 所有應用程式都會發送 1 億則訊息。所以說人們沒有使用這個類別是有點荒謬的，如果你想一想，那就是今天我們的應用程式內的 1 億條訊息。 1 億人 - 或不是人，1 億個調情實例或人們互相發送訊息。此類別中充滿了活力。我們只需為他們提供他們所尋求的體驗。

Operator, next question, please.

接線員，請問下一個問題。

John Blackledge, TD Securities.

道明證券的約翰·布萊克利奇。

Hi, this is Bill on for John. Thanks for the question. So could you please just talk about some of the -- you had seen some weakness in a la carte trends among younger users. Have you seen those persist? And how are you addressing those weaknesses caused by macro factors and potential economic weakness? And then I have another follow-up question as well.

大家好，我是比爾，代替約翰。謝謝你的提問。那麼，您能否談談一些——您發現年輕用戶在點菜趨勢上存在一些弱點。您看到這些持續存在嗎？您如何應對宏觀因素和潛在經濟疲軟造成的這些弱點？我還有另一個後續問題。

Yeah, why don't I take that one. You're right. Last quarter, we talked about some concern about macro more generally. I think a lot of companies were talking about it at that time. and we specifically called out an area where we were starting to see some, which was Tinder a la carte revenue amongst younger users.

是的，我為什麼不選擇那個？你說得對。上個季度，我們更普遍地談論了一些關於宏觀的擔憂。我認為當時很多公司都在談論這個問題。我們特別指出了一個我們開始看到一些收入的領域，那就是 Tinder 在年輕用戶中的單點收入。

A quarter later, I think we're feeling a lot better about the macro in general. We haven't seen any further macro pressure in any of the data we're looking at. We do still see it a bit at Tinder, again, amongst younger users. So it hasn't necessarily gotten better, but it also hasn't gotten worse. And it's relatively small in the grand scheme of things.

一個季度之後，我認為我們對宏觀經濟總體感覺好多了。在我們觀察的任何數據中，我們都沒有看到任何進一步的宏觀壓力。我們確實在 Tinder 的年輕用戶中仍然看到這種情況。因此，情況不一定會變得更好，但也不會變得更糟。從整體來看，它相對較小。

We're continuing to test various merchandising and monetization strategies that help deal with the pricing and macro pressures on younger users today. But I think at the highest level, we feel much better about the macro environment and impacts on our business than we did a quarter ago. We're not really seeing it aside from some small pressure at Tinder that we mentioned last call. Next question.

我們正在繼續測試各種行銷和貨幣化策略，以幫助應對當今年輕用戶面臨的價格和宏觀壓力。但我認為，從最高層面來看，我們對宏觀環境及其對我們業務的影響的感覺比一個季度前要好得多。除了我們上次提到的 Tinder 面臨的一些小壓力之外，我們並沒有真正看到這一點。下一個問題。

Great. Thank you. Yeah, and then just my follow-up was, you mentioned in the prepared remarks that you're expecting Hinge revenue acceleration in the back half of the year. Could you just talk about some of the key drivers there that will get you to that accelerating growth? Thank you.

偉大的。謝謝。是的，然後我的後續問題是，您在準備好的評論中提到，您預計 Hinge 的收入將在今年下半年加速成長。您能否談談推動您實現加速成長的一些關鍵驅動因素？謝謝。

Sure. Hinge is firing on all cylinders. I mean it's got a really impressive and distinctive company culture, very highly engaged employees, shipping innovative products. They've got a terrific brand and a clear product strategy and they understand their users incredibly well and what users want from them. And the last compliment I'll pay is that more than any of our other brands, they've infused AI into the product at an even greater rate than others, and it really shows.

當然。Hinge 正在全力運作。我的意思是，它擁有令人印象深刻且獨特的公司文化、高度敬業的員工和創新的產品。他們擁有出色的品牌和清晰的產品策略，並且非常了解用戶以及用戶的需求。我要說的最後一點讚美是，與我們的任何其他品牌相比，他們將人工智慧融入產品的速度甚至超過了其他品牌，而且效果確實顯著。

In terms of the road map of where they're going from here, there are a lot of features on Hinge coming that will increase AI usage towards the bottom of the funnel that's driving people from chats to dates. Number two, there's significant focus on the female experience and making sure that we improve that even more. Number three, there's a lot of work to do on onboarding and profile creation, and that's a big focus of theirs over the next six months.

就他們未來的發展路線圖而言，Hinge 上將推出許多功能，這些功能將增加 AI 在漏斗底部的使用率，從而推動人們從聊天轉向約會。第二，我們非常關注女性的體驗，並確保進一步改善這一點。第三，在入職培訓和個人資料創建方面還有很多工作要做，這是他們未來六個月的重點。

And then number four, international expansion. So just to size it, for example, Hinge is only in 25 countries and Tinder is in 188. And even that 25 really overstates it because there are many countries that Hinge -- of those 25 that Hinge is nominally in, but Hinge hasn't really marketed in.

第四，國際擴張。舉例來說，Hinge 僅在 25 個國家/地區提供服務，而 Tinder 則覆蓋 188 個國家。即使這 25 個也確實誇大了，因為 Hinge 名義上在許多國家開展業務，但 Hinge 並沒有真正在這些國家開展行銷。

Two-thirds of Hinge's revenue is still US based, whereas only 45% of Tinder's revenue is US base. So there's a lot of opportunity for hands with global expansion, and that will be a focus in late '25 going into 2026.

Hinge 的三分之二收入仍來自美國，而 Tinder 的收入只有 45% 來自美國。因此，全球擴張為我們帶來了許多機會，這將是 2025 年末至 2026 年的重點。

Next question, please.

請回答下一個問題。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Thanks for taking the question. Just one. So Spencer, to your point that the naysayers out there say online dating is dead and we just hit a secular wall. Some -- again, it sounds like you believe a lot of this has to do with making the product better. So as you roll out more features in Tinder. Do you think this helps you better understand kind of who either the bad actors are or those who don't really want to engage in real life.

感謝您回答這個問題。只有一個。史賓塞，正如你所說，那些反對者說網路約會已經死了，我們只是遇到了世俗的障礙。一些——再說一次，聽起來你認為這在很大程度上與改進產品有關。因此，您可以在 Tinder 中推出更多功能。您是否認為這有助於您更好地了解誰是壞人或誰是不想真正參與現實生活的人。

And then ultimately, you can kind of use the algorithm to make sure those people don't get surfaced and just you have is improvement in the overall experience. So just maybe elaborate a little bit more on how like the new feature -- the future road map could ultimately kind of fix some of the complaints that you've heard from users about that, right, like converting to (multiple speakers) --

最後，您可以使用演算法來確保這些人不會被曝光，並且您的整體體驗會得到改善。所以也許可以稍微詳細說明一下新功能——未來的路線圖最終可以解決您從用戶那裡聽到的一些抱怨，例如轉換為（多位發言者）——

Yeah. So trust and safety is a huge driver of user satisfaction or lack of satisfaction, and it absolutely impacts brand perception of the category. So as the category leader to the extent that we can improve trust and safety, that will start to change category perception of the prevalence of bad actors.

是的。因此，信任和安全是用戶滿意度或不滿意度的巨大驅動因素，絕對會影響品牌對該類別的認知。因此，作為類別領導者，我們可以在一定程度上提高信任度和安全性，這將開始改變類別對不良行為者普遍存在的看法。

The new product pods and organizational design that we talked about on the last quarter call is helping address this quite significantly. So we now have an integrated trust and safety engineering team between Tinder and our E&D brands that gives us better combined scale, better ability to use AI across brand to stop bad actors, better AI models to detect bad actors, a better ability to reduce heuristic rules that were incorrectly banning good users, which is that false positive issue. It can be a real issue, and we've gotten a lot better at that over the last six months.

我們在上個季度的電話會議上討論的新產品小組和組織設計對解決這個問題有很大幫助。因此，我們現在在 Tinder 和我們的 E&D 品牌之間建立了一個綜合信任和安全工程團隊，這為我們提供了更好的綜合規模，更好的跨品牌使用人工智慧來阻止不良行為者的能力，更好的人工智慧模型來檢測不良行為者，更好的減少錯誤禁止好用戶的啟發式規則的能力，這就是誤報問題。這可能是一個真正的問題，在過去的六個月裡我們已經取得了巨大的進步。

So this is a constant focus of ours, improving trust and safety. And as I said, one thing that we also now need to do, which we're doing in Canada, for example, is marketing our improved trust and safety, so we can start to change category perception. While I will not give an inch on the question of whether the category is dead or not, because it's clearly not, I will concede that the category suffers from a perception issue with respect to trust and safety.

因此，提高信任和安全是我們始終關注的重點。正如我所說，我們現在需要做的一件事，例如我們在加拿大所做的，就是推銷我們提高的信任度和安全性，這樣我們就可以開始改變類別認知。雖然我不會對該類別是否已經消亡的問題做出絲毫讓步，因為它顯然還沒有消亡，但我承認該類別在信任和安全方面存在認知問題。

And that's something that we have to deliver actual improvements on, and then we have to tell that story to our users and to the media, so they understand that meeting people through a dating app like Tinder or Hinge is the safest way to meet somebody actually, it's certainly safer than meeting a stranger in real life.

這是我們必須真正改進的地方，然後我們必須把這個故事告訴我們的用戶和媒體，讓他們明白，透過像 Tinder 或 Hinge 這樣的約會應用程式認識人實際上是最安全的方式，它肯定比在現實生活中遇到陌生人更安全。

Next question, please.

請回答下一個問題。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Hi, this is Jeff on for Ben. Thanks for taking our questions. Maybe could you just give a little bit of color on the RPP trends that you're seeing at Tinder, and maybe some of the initiatives that you have there to improve that? You mentioned some of the upcoming features like the see who likes you tab could be a driver of revenue. Maybe you could talk about that feature and others how they could drive monetization? Thank you.

大家好，我是 Jeff，代表 Ben。感謝您回答我們的問題。您能否簡單介紹一下您在 Tinder 上看到的 RPP 趨勢，以及您為改善這種趨勢所採取的一些舉措？您提到一些即將推出的功能（例如「查看誰喜歡您」標籤）可能會成為收入的驅動力。也許您可以談論該功能以及其他如何推動貨幣化的功能？謝謝。

Sure. Well, the See Who Likes You section or what we call Gold Home hasn't been redesigned or that code has barely been touched in about five years. So there is a lot of opportunity there. We'll have to do it carefully and test and learn our way through those changes because it is so important. But the revenue team, who is excellent here at Tinder, is totally focused on that redesign of the See Who Likes You section of the app.

當然。好吧，“查看誰喜歡你”部分或我們所說的“黃金主頁”尚未重新設計，或者該代碼在大約五年內幾乎沒有被觸及過。所以那裡有很多機會。我們必須謹慎行事，並透過這些變化進行測試和學習，因為這非常重要。但 Tinder 的優秀營收團隊完全專注於重新設計應用程式的「查看誰喜歡你」部分。

Just to try to give you a little more insight into how we think about product road map. We don't really have initiatives other than a small handful, like an important one like the redesign of Gold Home, which are specifically tied to revenue per Payer.

只是想讓您更深入地了解我們對產品路線圖的看法。除了少數幾個舉措外，我們實際上沒有其他舉措，例如像重新設計黃金之家這樣重要的舉措，這些舉措與每個付款人的收入有明確的聯繫。

We have a very robust road map around improving audience growth through new regs, through contact exchange, everything that I've discussed. And we have a strong belief that as we grow audience and improve user outcomes at the bottom of the funnel, that will generate more revenue, and that will have the effect of growing RPP and Payers.

我們有一個非常強大的路線圖，旨在透過新規則、聯絡人交換以及我所討論的一切來促進受眾成長。我們堅信，隨著受眾的成長和漏斗底部用戶結果的改善，這將產生更多的收入，並將產生增加 RPP 和付款人的效果。

But we don't go after RPP as a metric, and we don't go after the number of Payers as a metric. We go after audience and user outcomes and corresponding revenue and then revenue per Payer and number of Payers are really outputs of those numbers.

但我們並非以 RPP 作為衡量標準，也不以付款人數量作為衡量標準。我們追求的是受眾和用戶的結果以及相應的收入，而每個付款人的收入和付款人數實際上是這些數字的輸出。

Next question, please.

請回答下一個問題。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Yeah, so, just to understand the puts and takes on the products for Tinder and kind of what's embedded. I know, you're not giving Payer guidance anymore, but just how to think about the trends in the back half. For example, are you seeing any Payer headwinds from the trust and safety features like bots and face checks, is that having an impact at all any of the products driving any kind of notable Payer increase yet? Or well, improvement, I guess, not increase? Or is that not happening?

是的，所以，只是為了了解 Tinder 產品的用途和特點以及嵌入的內容。我知道，您不再為付款人提供指導，而只是指導如何思考後半部分的趨勢。例如，您是否看到來自機器人和臉部檢查等信任和安全功能對付款人造成的任何阻力，這是否會對推動任何顯著付款人成長的產品產生影響？或者說，我認為是改善，而不是增加？或者那根本就沒有發生？

And then on the in-app fees, just wanted to see if you could bridge from what you're experiencing at E&E, which, like you said, has more of the kind of web -- historical web model versus Tinder and what you might expect to see at Hinge, I know you haven't done that yet. But are you seeing a similar reception from users moving to web-based? And -- or is it kind of a different hurdle on that front? Thanks.

然後關於應用程式內費用，我只是想看看你是否可以從你在 E&E 的經歷中得到啟發，就像你說的，它有更多的網絡 - 歷​​史網絡模型與 Tinder 以及你可能期望在 Hinge 上看到的內容，我知道你還沒有這樣做。但是，您是否看到用戶轉向基於網路的平台時有類似的反應？並且——或者這在這方面是一種不同的障礙？謝謝。

I'll take the first question around Tinder trust and safety. There are times, and I'm sure there will be quarters under my watch where trust and safety changes have the effect of reducing audience. And I know there were quarters in the past where we've -- where that had -- that's what happened. That was kind of the story of the quarter where we reduced the prevalence of bots and that had the effect of reducing audience.

我將回答有關 Tinder 信任和安全的第一個問題。有時候，而且我確信在我的監督下，信任和安全的改變會導致觀眾減少。我知道過去幾季我們也發生過這樣的事情。這就是本季的故事，我們減少了機器人的普及率，也減少了觀眾。

That's not what we're experiencing right now. What we're experiencing right now is most of these trust and safety initiatives are having the effect of increasing audience and that's one of the reasons that we're starting to see some of these green shoots in audience and engagement, mid-funnel and bottom funnel metrics because we're reducing the number of false positives that -- of people that -- basically, we're letting in more good people or we're keeping out fewer good people that we otherwise would have been kept out in the past. So that's all been a good tailwind to the metrics over the last couple of months with respect to trust and safety.

這不是我們現在所經歷的。我們目前正在經歷的是，大多數這些信任和安全措施都產生了增加受眾的效果，這也是我們開始看到受眾和參與度、中部漏斗和底部漏斗指標出現一些復甦跡象的原因之一，因為我們正在減少誤報的數量——基本上，我們讓更多的好人進來，或者減少拒之門外的好人，而過去這些好人會被拒之門外。因此，過去幾個月來，這一切都對信任和安全指標產生了良好的推動作用。

Steve, I'll let you answer the question about IAP, I think it was.

史蒂夫，我讓你回答有關 IAP 的問題，我想是的。

Sure, happy to. Yeah, here's the way I would think about it. You're right, E&E is a little bit more mature, and they've seen, in some cases, a bigger shift to web than the Tinder test. But in the few tests we're running at Tinder right now, we are seeing that roughly 30% shift to web and at least a 10-point increase in net revenue.

當然，我很樂意。是的，我是這樣想的。你說得對，E&E 更加成熟一些，而且在某些情況下，他們發現向網路的轉變比 Tinder 測試更大。但在我們目前對 Tinder 進行的幾次測試中，我們發現大約有 30% 的用戶轉向了網絡，淨收入增加了至少 10 個百分點。

So that's applying to Tinder as well. And I would assume -- we don't know, we haven't started testing it yet. But that gives me confidence Hinge should be on a path -- a similar path as well. So that's why I'm sort of extrapolating that 30% shipped and 10-point net revenue increase to the entire US-based company and getting to that $65 million-plus AOI savings opportunity in '26.

這也適用於 Tinder。我認為——我們不知道，我們還沒有開始測試。但這讓我相信 Hinge 也應該走上一條類似的道路。所以這就是為什麼我推斷整個美國公司的出貨量將增加 30%，淨收入將增加 10 個百分點，並在 26 年獲得 6500 萬美元以上的 AOI 節省機會。

Next question, please.

請回答下一個問題。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great, thanks for taking the question. You guys have talked a lot today about some really good early success on the product front for Tinder. Are you expecting to capture any more value by taking price in the back half of the year?

太好了，謝謝你回答這個問題。你們今天談論了很多關於 Tinder 產品方面早期取得的一些非常好的成功。您是否期望透過在今年下半年採取價格措施來獲取更多價值？

And Steve, I believe you made a comment last quarter that you're kind of expecting similar year-over-year Payer declines at Tinder as you were kind of expecting similar year-over-year declines for MAUs. Just want to make sure if that's the right way to be thinking about it? Thanks.

史蒂夫，我相信你在上個季度曾表示，你預計 Tinder 的付款人數將出現類似的同比下降，就像你預計 MAU 數量也將出現類似的同比下降一樣。只是想確定這是否是正確的思考方式？謝謝。

The first answer is no. We're not planning on taking price as a result of this product road map at Tinder. On the contrary, as Steve described, a significant portion of the $50 million is actually about improving the value that users get from Tinder.

第一個答案是否定的。我們不打算根據 Tinder 的這個產品路線圖來收取費用。相反，正如史蒂夫所描述的，5000 萬美元中的很大一部分實際上是為了提高用戶從 Tinder 獲得的價值。

So I'll give you a very specific example. In our recommendations algorithm we -- when we're deciding whom to show to whom, we are changing the prioritization in that algorithm to be more focused on driving user outcomes. So more focused on showing the person that we think is the right match for you and less focused on driving revenue.

所以我給你一個很具體的例子。在我們的推薦演算法中，當我們決定向誰展示時，我們會改變該演算法的優先級，以更加專注於推動用戶結果。因此，我們更專注於向你展示我們認為適合你的人，而不是專注於如何增加收入。

So for example, if the AI is tuned more towards revenue optimization, it might put in front of me, somebody that was potentially going to churn. And if I then indicate interest in her, maybe she will be less likely to churn and we'll keep her revenue.

舉例來說，如果人工智慧更重視收入優化，它可能會把一些可能流失的客戶放在我面前。如果我隨後對她表示興趣，也許她就不太可能流失，我們也會保留她的收入。

But if she's not right for me, then I wouldn't want to see her. So by prioritizing the recommendation algorithm more towards user outcomes and less towards revenue, that's what part of that $50 million investment is geared towards.

但如果她不適合我，那我就不想見她。因此，透過優先考慮用戶結果而不是收入來調整推薦演算法，這就是 5000 萬美元投資的一部分目的。

We think that over the medium term and definitely over the long term, improving user outcomes will have the effect of growing audience, improving user outcomes and then in turn growing revenue. But in the short term, we're willing to make those trade-offs.

我們認為，從中期來看，尤其是長期來看，改善用戶結果將會擴大受眾，改善用戶結果，進而增加收入。但在短期內，我們願意做出這些權衡。

I'm really pleased and proud that we're able to continue to hit the commitments that we've made around Investor Day and around guidance and consensus while still giving these user value improvements to Tinder users as part of this turnaround.

我真的很高興也很自豪，我們能夠繼續履行我們在投資者日、指導和共識方面做出的承諾，同時作為這次轉變的一部分，仍然為 Tinder 用戶提供這些用戶價值改進。

Yeah, I'll just reiterate what Spencer already said, which is we're not really focused on the Payer metrics, specifically or sort of giving guidance around Payers. I would think about it as users, and that's what we're focused on is turning around the MAU trends and some of the other funnel trends Spencer mentioned earlier on the call, which will -- I would expect Payers to head in that same general direction when that happens.

是的，我只是重申斯賓塞已經說過的話，那就是我們並沒有真正關注付款人指標，具體來說，或者圍繞付款人提供某種指導。我會以使用者的角度來考慮這個問題，而我們關注的重點是扭轉 MAU 趨勢以及 Spencer 在電話會議上早些時候提到的一些其他管道趨勢，我希望當這種情況發生時，付款人也會朝著同樣的大方向前進。

Operator. I think we have time for one more, please.

操作員。我想我們還有時間再說一個。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Great, thanks very much for taking the question. So not really sure what you can say on this Spencer, but just very curious about the point you made about a new dating concept. Would this theoretically be a new form factor, maybe something less holistic in terms of brand focus in the demo group? Just anything you could say on that would be very helpful and enlightening.

太好了，非常感謝您提出這個問題。所以不太確定你對此能說些什麼，斯賓塞，但只是非常好奇你對新約會概念的看法。從理論上來說，這會是一種新的形式因素嗎？從演示組的品牌焦點來看，這也許不那麼全面？您對此所說的任何話都會非常有幫助和啟發。

I'm sorry to end on a disappointing answer, Curtis. For competitive reasons and other reasons, we're not going to share right now. But we periodically incubate brand-new apps and we've got something that we're cooking up, which I'm excited about.

柯蒂斯，很抱歉我的回答讓您失望了。由於競爭原因和其他原因，我們現在不打算分享。但我們會定期孵化全新的應用程序，並且我們正在開發一些產品，我對此感到很興奮。

Thank you, everyone, for joining the call today. We are excited to update you on our progress, and I can't wait to talk to you next quarter, and maybe I'll have an update for you then on this front as well, Curtis. Thanks very much, everyone.

感謝大家今天參加電話會議。我們很高興向您通報我們的進展情況，我迫不及待地想在下個季度與您交談，也許到時候我也會向您通報這方面的進展，柯蒂斯。非常感謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。