Match Group Inc (MTCH) 2025 Q3 法說會逐字稿

Good day and welcome to the Match Group's third-quarter 2025 earnings call.

大家好，歡迎參加Match Group 2025年第三季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（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 Tanny Shelburne, SVP of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級副總裁 Tanny Shelburne 主持。請繼續。

Thank you, operator. Good afternoon, everyone.

謝謝接線生。大家下午好。

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 to questions.

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. 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。這些說法有風險和不確定性。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 substitutes 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。

Good afternoon, everyone. Thank you for joining us.

大家下午好。感謝您的參與。

Since joining Match Group in February, my focus has been clear: confront challenges directly, move with urgency, and rebuild the company around product, excellence, and long-term growth. The work on our three-part turnaround is well underway and focused on Reset, Revitalize, and Resurgence.

自從二月加入 Match Group 以來，我的目標很明確：面對挑戰，迅速行動，圍繞產品、卓越和長期成長重建公司。我們的三階段轉型計劃正在順利進行，重點是重置、振興和復興。

We've successfully completed the Reset phase, instilling the culture of speed, accountability, and outcomes. This shift has come to life across our products, teams, and users. That progress is reflected in this quarter's results. We delivered on our revenue expectations and exceeded our adjusted EBITDA goals, excluding a legal settlement.

我們已經成功完成了重置階段，灌輸了速度、責任和結果導向的企業文化。這種轉變已經體現在我們的產品、團隊和使用者身上。這一進展反映在本季的業績上。我們實現了營收預期，並且超額完成了調整後的 EBITDA 目標（不包括法律和解費用）。

At Tinder and Hinge, momentum continues to build as we make progress in our Revitalization phase. We're starting to see green shoots and believe continued progress will come from delivering experiences that solve user pain points, deepen engagement, and improve user outcomes.

在 Tinder 和 Hinge，隨著我們在復興階段取得進展，發展勢頭持續增強。我們開始看到一些正面的跡象，並相信持續進步的關鍵在於提供能夠解決使用者痛點、加深使用者參與度並改善使用者體驗的體驗。

We believe our business model thrives when user outcomes improve: better outcomes driven by higher quality experiences, better matches, and more meaningful connections build confidence in our product and drive new users through positive word of mouth.

我們相信，當使用者體驗得到改善時，我們的商業模式就能蓬勃發展：更高品質的體驗、更精準的匹配和更有意義的聯繫帶來的更好體驗，能夠增強用戶對我們產品的信心，並透過良好的口碑吸引新用戶。

User success builds trust in the category and in Match Group's apps. By getting the user experience right, we will further deliver real success stories, which we use in marketing to amplify growth by driving new user acquisition and reactivations.

使用者成功能夠建立對該品類和 Match Group 應用的信任。透過打造良好的用戶體驗，我們將進一步創造真正的成功案例，並在行銷中利用這些案例來推動新用戶獲取和用戶重新激活，從而擴大成長。

Our marketing strategy, especially at Tinder and Hinge, is focused on fueling category consideration, bringing in new and lapsed users through product-led storytelling that reflects real experiences happening across our brands.

我們的行銷策略，尤其是在 Tinder 和 Hinge，專注於推動品類考慮，透過以產品為主導的故事敘述來吸引新用戶和流失用戶，這些故事講述了我們各個品牌中發生的真實體驗。

We estimate there are roughly 250 million actively dating singles worldwide not currently on dating apps. Re-engaging the 30 million lapsed users and attracting the 220 million potential first-time entrants expands our user base, building a healthier, more efficient growth engine that compounds over time, and we are investing to capture this large addressable market.

我們估計，全球約有 2.5 億活躍的單身人士目前沒有使用約會應用程序，但他們正在積極尋找伴侶。重新吸引 3,000 萬流失用戶並吸引 2.2 億潛在新用戶，可以擴大我們的用戶群，建立一個更健康、更有效率的成長引擎，隨著時間的推移不斷增長，我們正在投資以抓住這個巨大的潛在市場。

Hinge continues to prove that with the right product experience and brand positioning, we can win with Gen Z and drive real growth at scale. Soon, we believe Tinder will too.

Hinge 不斷證明，只要擁有正確的產品體驗和品牌定位，我們就能贏得 Z 世代的青睞，並實現規模化的真正成長。我們相信，不久之後，Tinder 也會如此。

We'll walk through three proof points today. First, our product progress, where our obsession with outcomes is showing up across our brands, especially at Tinder and Hinge. Second, the essential work we're doing to strengthen trust and authenticity across the ecosystem. And third, the financial discipline and operational rigor that are now showing up in how we execute.

今天我們將逐一分析三個論證要點。首先，從我們的產品進展來看，我們對結果的執著體現在我們旗下的各個品牌中，尤其是在 Tinder 和 Hinge 上。其次，我們正在進行至關重要的工作，以加強整個生態系統的信任和真實性。第三，財務紀律和營運嚴謹性現在體現在我們的執行方式中。

Starting with product, across Match Group, our brands share one goal: delivering better user outcomes. I want to highlight the progress at our two flagship brands, Tinder and Hinge; and how each is building affinity with users in different segments.

從產品方面來看，Match Group 旗下所有品牌都擁有一個共同的目標：為使用者帶來更好的體驗。我想重點介紹一下我們兩大旗艦品牌 Tinder 和 Hinge 的發展情況，以及它們各自如何與不同細分市場的用戶建立聯繫。

At Tinder, our focus this year has been to accelerate innovation, to rebuild trust, and to ship great products so we can reintroduce Tinder in 2026 to our core audience of Gen Z. Our new mission statement, Tinder is the most fun way to spark something new with someone new, captures the energy and the sense of possibilities we want every user to feel. Guided by new personas, prototypical user archetypes that reflect real people and their motivations, we're creating experiences that feel more personal and more aligned with what users want.

今年，Tinder 的工作重點是加速創新、重建信任，並推出優秀的產品，以便在 2026 年重新向我們的核心用戶群 Z 世代推出 Tinder。我們的新使命宣言「Tinder 是與新朋友開啟新戀情的最有趣方式」體現了我們希望每位用戶都能感受到的活力和無限可能。在新使用者畫像（反映真實使用者及其動機的典型使用者原型）的指導下，我們正在創造更個人化、更符合使用者需求的體驗。

We've clarified what Tinder stands for and who we're building it for and that focus is already paying off. Users are seeing and feeling the difference through updates that are reshaping the Tinder experience in the following ways:

我們已經明確了 Tinder 的定位和目標使用者群體，而這種專注已經開始取得成效。用戶正在透過以下更新感受到Tinder體驗的改變：

First, we're building a product and design-led culture. Our new liquid glass refresh planned on iOS this quarter will make the app more modern, fluid, and visually appealing, further bringing our mission to life every time you open the app.

首先，我們正在建立以產品和設計為主導的企業文化。我們計劃在本季度對 iOS 進行全新的液態玻璃風格更新，這將使應用程式更加現代化、流暢且具有視覺吸引力，讓您每次打開應用程式時都能更好地體驗我們的使命。

Second, Chemistry is redefining how people connect. Powered by AI, this interactive matching feature, now known as Chemistry, is a major pillar of Tinder's upcoming 2026 product experience. It gets to know users through interactive questions, and with permission, learns from their camera roll to better understand their interests and personality. Using deep learning, chemistry Combats swipe fatigue by surfacing a few highly relevant profiles each day, driving more compatible matches and engaging conversations. Chemistry is now live in New Zealand and Australia, with plans to expand to additional countries in the coming months.

其次，化學正在重新定義人與人之間的連結方式。這項由人工智慧驅動的互動匹配功能，現在被稱為“化學反應”，是 Tinder 即將推出的 2026 年產品體驗的主要支柱。它透過互動式提問了解用戶，並在獲得許可後，從用戶的相機膠卷中學習，以便更好地了解他們的興趣和個性。利用深度學習，Chemistry 每天推送幾個高度相關的個人資料，從而減少滑動疲勞，促進更多匹配和互動對話。Chemistry 目前已在新西蘭和澳洲上線，並計劃在未來幾個月內擴展到其他國家。

Third, Modes are powering a new social energy on Tinder. Our new Modes navigation gives users more choice in how they use Tinder, from meeting new people with a friend to connecting with their college community. Since launching Modes in September, Double Date adoption is up 30% in the US, while College Mode is gaining traction with 1 in 4 eligible students using it and over 8% engaging daily, as of October. Modes makes the fun part of our mission real, giving new ways to spark something together and redefining Tinder as a fun, social, and low-pressure way to meet new people. We're also seeing this momentum reflected in our marketing. The Double Date Island campaign across Europe drove the highest brand consideration lift of the year, boosted downloads, and particularly resonated with Gen Z. It proved that when we connect product innovation with authentic social-first storytelling, we can reignite excitement and bring new energy back to Tinder.

第三，各種模式正在為 Tinder 注入新的社交活力。我們全新的「模式」導航為用戶提供了更多使用 Tinder 的選擇，從與朋友一起結識新朋友到與大學社區建立聯繫。自 9 月推出「約會模式」以來，「雙人約會模式」在美國的使用率上升了 30%，而「大學模式」也越來越受歡迎，截至 10 月份，四分之一符合條件的學生都在使用它，超過 8% 的學生每天都在使用它。Modes 讓使命的樂趣部分成為現實，提供新的方式來激發彼此之間的情愫，並將 Tinder 重新定義為一種有趣、社交化且輕鬆的結識新朋友的方式。我們也看到這種勢頭反映在我們的行銷中。在歐洲開展的「雙人約會島」活動帶來了年度最高的品牌認知度提升，顯著提高了下載量，尤其引起了Z世代的共鳴。它證明，當我們把產品創新與真實、以社交為先的故事敘述結合時，就能重新點燃使用者熱情，為Tinder注入新的活力。

Fourth, evaluating profiles is becoming more meaningful and holistic. We've started testing several new features resonating with Gen Z by giving users more information to evaluate and connect with potential matches. Bio information now appears on the first photo card. Prompts content is integrated into the photo carousel. These improvements let users learn more about a potential match before deciding to swipe right. We've also started testing features like contextual likes and open messaging. We fully rolled out prompts on photos to let users share why they swiped right, making interactions more intentional and authentic.

第四，對個人資料的評估變得更加有意義和全面。我們已開始測試幾項能引起 Z 世代共鳴的新功能，為用戶提供更多信息，以便他們評估和聯繫潛在的匹配對象。個人簡介資訊現在顯示在第一張照片卡上。提示內容已整合到照片輪播圖中。這些改進使用戶在決定向右滑動之前，能夠更多地了解潛在的匹配對象。我們也開始測試一些功能，例如情境讚和開放式訊息傳遞。我們全面推出了照片提示功能，讓用戶可以分享他們向右滑動的原因，讓互動更有目的性和真實性。

Finally, app performance is a major focus and a key driver of user experience. On Android, Tinder start-up times are now 38% faster and crash rates are reduced by more than 32%. On iOS, app stability is up more than 57%. We're also removing long running tests and unused features to make the app leaner. As we bring load times closer to 1 second on iOS and Android, Tinder already feels faster and smoother. Our app performance work on iOS and Android is in service of the fun part of our mission because no one enjoys a slow, buggy app.

最後，應用程式效能是關注的重點，也是使用者體驗的關鍵驅動因素。在安卓系統上，Tinder 的啟動速度提高了 38%，崩潰率降低了 32% 以上。iOS 系統下，應用程式穩定性提升超過 57%。我們也會移除運行時間過長的測試和未使用的功能，使應用程式更加精簡。隨著我們在 iOS 和 Android 系統上將載入時間縮短到接近 1 秒，Tinder 的使用體驗已經更快更流暢了。我們在 iOS 和 Android 上的應用程式效能優化工作是為了我們使命中充滿樂趣的部分，因為沒有人喜歡運行緩慢、有漏洞的應用程式。

You can feel the energy across Tinder. During our Hack Week last week, teams brought incredible innovation and creativity, building some of the most exciting products and prototypes we've seen in years. The company feels electric.

你可以在Tinder上感受到這種氛圍。在上週的黑客週期間，各團隊展現了令人難以置信的創新和創造力，打造了一些我們多年來見過的最令人興奮的產品和原型。公司充滿活力。

Meanwhile, Hinge continues to be one of the best and most undiscovered stories in consumer tech, powered by a clear mission, a motivated team, a leading product experience, and sustained momentum. Hinge’s “Designed-To-Be-Deleted” philosophy drives a focus on user outcomes, specifically helping people go out on great dates, our North Star. This clarity of purpose has resulted in category-leading growth in both users and revenue.

同時，憑藉著清晰的使命、積極進取的團隊、領先的產品體驗和持續的發展勢頭，Hinge 仍然是消費科技領域最優秀、最不為人知的故事之一。Hinge 的「設計為可刪除」理念著重於使用者成果，特別是幫助人們享受美好的約會，這是我們的北極星。這種清晰的目標帶來了用戶數量和收入的行業領先成長。

Hinge is leading the way on AI innovation in dating, with category-first AI features that drive better connections and more real-world outcomes. This quarter brought both wins and learnings. Conversation Starters, which offers personalized prompts for first messages, was a clear win, driving approximately 10% more likes with comments and stronger engagement overall during the test, particularly with women. Updates to our recommendation system improved matching quality through rigorous testing and provided valuable insights that are already refining our approach. Warm Intros, designed to surface compatibility queues, didn't resonate and we won't move forward with it. While understanding compatibility remains a key focus, Hinge continues to prioritize user outcomes over simply launching new tools, reflecting our principled approach to innovation.

Hinge 在約會領域的 AI 創新方面處於領先地位，其首創的 AI 功能能夠促進更好的聯繫和更真實的結果。本季既有收穫也有教訓。「對話開場白」功能為用戶提供個人化的第一則訊息提示，取得了明顯的成功，在測試期間，按讚數和留言數增加了約 10%，整體參與度也更高，尤其是在女性用戶中。我們對推薦系統進行了更新，透過嚴格的測試提高了匹配質量，並提供了寶貴的見解，這些見解正在改進我們的方法。旨在發現相容性問題的「暖心介紹」功能並未引起共鳴，我們將不再推進該功能。儘管了解相容性仍然是重點，但 Hinge 仍然優先考慮用戶成果，而不是簡單地推出新工具，這體現了我們以原則為導向的創新方法。

As we look ahead to the next few quarters, Hinge has an exciting slate of category-first features that showcase our leadership in product innovation and user experience. First Impressions help daters lead with personality. This new feature introduces prompts about photos, giving users more ways to express who they are and add depth to their profiles. A similar experience in the Standouts section earlier this year was well received. We're eager to see how users respond, as we continue making Hinge more personal and expressive.

展望未來幾個季度，Hinge 推出了一系列令人興奮的、同類首創的功能，展現了我們在產品創新和用戶體驗方面的領先地位。第一印像有助於約會者展現個性。這項新功能引入了關於照片的提示，讓用戶有更多方式表達自我，並豐富個人資料。今年早些時候在“傑出人物”專欄中也曾有過類似的嘗試，並獲得了好評。我們很期待看到用戶的回饋，因為我們將繼續努力使 Hinge 更加個人化和富有表現力。

Preferences will also become more meaningful at Hinge. Reimagined Preferences will take a new look at how daters express what they're looking for, capturing compatibility with greater nuance and intentionality. This update addresses key user pain points, helping people share what truly matters and find better matches faster.

在Hinge，使用者偏好也將變得更有意義。《重新構想的偏好》將以全新的視角審視約會者如何表達他們的擇偶需求，以更細緻入微、更有目的性的方式捕捉匹配度。此次更新解決了用戶的主要痛點，幫助人們分享真正重要的事情，並更快找到更合適的配對。

These are just a few of the ways that Hinge continues to drive innovation in service of user outcomes.

以上僅是 Hinge 為提升使用者體驗而不斷推動創新的幾個例子。

The next pillar of our strategy is centered on deepening trust in the category. Turning now to trust and authenticity and the ways in which it strengthens the foundation of our ecosystem. In dating apps, everything depends on the integrity of the ecosystem. No matter how many new features we launch, people use our apps to meet other new people. That only works when they feel safe, respected, and confident in being themselves. Building and maintaining that trust is core to our long-term success, which is why we're doubling down on trust and safety across our platforms.

我們策略的下一個支柱是加深對該品類的信任。現在讓我們來談談信任和真實性，以及它們如何加強我們生態系統的基礎。在約會應用中，一切都取決於生態系統的完整性。無論我們推出多少新功能，人們使用我們的應用程式都是為了結識其他新朋友。只有當他們感到安全、受到尊重，並且能夠自信地做自己時，這種方法才有效。建立和維護信任是我們長期成功的核心，因此我們正在加倍重視我們各個平台的信任和安全。

Nowhere is that more evident than at Tinder, where we're integrating safety directly into the product experience like never before. The centerpiece of this effort is Face Check, our new facial verification feature that helps confirm users are real and match their profile photos. It's now required for all new users in California, Colombia, Canada, India, Australia, and Southeast Asia. We'll roll out to additional US states and countries in the coming months.

這一點在 Tinder 上體現得尤為明顯，我們以前所未有的方式將安全性直接融入產品體驗中。這項工作的核心是“人臉驗證”，這是我們全新的臉部驗證功能，可以幫助確認用戶是真人，並且與他們的個人資料照片相符。現在，加州、哥倫比亞、加拿大、印度、澳洲和東南亞的所有新用戶都必須使用此軟體。未來幾個月，我們將把這項服務推廣到美國其他州和國家。

Face Check sets a new standard for authenticity. Using only a short video selfie, it helps confirm a user is real and matches their profile photos. We built this technology with care, ensuring it delivers meaningful improvements to trust and safety, while keeping the user experience seamless.

Face Check 為真偽鑑別樹立了新的標準。只需一段簡短的自拍視頻，即可幫助確認用戶身份真實，並與個人資料照片相符。我們精心打造了這項技術，確保它在提升信任度和安全性方面帶來實質的改進，同時保持使用者體驗的流暢性。

Early results are strong and reinforce our confidence in the long-term benefits to the broader ecosystem. We have seen a 60% reduction in user views of profiles later identified as bad actors and a 40% decrease in reports of bad actor activity. Our ongoing optimization efforts have resulted in only low-single digits impact to monthly active users and revenue in test markets, which lessens over time. Early Net Promoter Score results show a clear and sustained improvement in user trust and satisfaction in test markets, with scores up roughly 10 points for men and 5 points for women in key markets where Face Check has launched. This is just the beginning. We plan to expand Face Check across the portfolio, with testing on Hinge beginning in the next few months.

初步結果令人鼓舞，增強了我們對該計畫將為更廣泛的生態系統帶來長期益處的信心。我們發現，使用者對後來被認定為不良行為者的個人資料的瀏覽量減少了 60%，對不良行為者活動的舉報量減少了 40%。我們持續的優化努力只對測試市場的每月活躍用戶數和收入產生了個位數的負面影響，而且隨著時間的推移，這種影響還會減少。早期淨推薦值結果顯示，在測試市場中，用戶信任度和滿意度有明顯且持續的提高，在 Face Check 推出的主要市場中，男性得分提高了約 10 分，女性得分提高了約 5 分。這只是個開始。我們計劃將人臉辨識功能擴展到整個產品組合，並將在未來幾個月內在 Hinge 上開始測試。

We're also expanding safety beyond verification into everyday user interactions. Tinder and Hinge have introduced new, fairer enforcement tools to educate users and promote better behavior through faster and more consistent moderation. This approach calibrates responses based on severity, helping create a safer and more respectful community. We are also enhancing our Are You Sure? feature, which prompts users to pause before sending potentially offensive or disengaging messages, with large language models to make it smarter and more effective at encouraging better conversations in real time.

我們也將安全措施從驗證擴展到日常用戶互動。Tinder 和 Hinge 推出了新的、更公平的執法工具，透過更快、更一致的審查來教育用戶並促進更好的行為。這種方法根據嚴重程度來調整應對措施，有助於創造一個更安全、更相互尊重的社區。我們也在改進「您確定嗎？」功能。該功能會在發送可能冒犯或令人反感的訊息之前提示用戶暫停，並利用大型語言模型使其更聰明、更有效，從而即時鼓勵更好的對話。

Originally developed Tinder and later enhanced by Hinge, this LLM-powered version improves accuracy and tone. Now, Tinder is incorporating those learnings back into its own experience, a great example of how our portfolio of brands innovate together, share insights, and make each other stronger.

這款由 LLM 驅動的版本最初由 Tinder 開發，後來由 Hinge 改進，提高了準確性和語氣。現在，Tinder 將這些經驗融入自己的使用者體驗中，這很好地體現了我們旗下品牌如何共同創新、分享見解並相互促進。

Within Hinge, these principles come together through our product design and user experience. Beyond moderation, Hinge continues to refine the onboarding experience to build confidence and trust early in the user journey. Recent updates include clear guidance during setup, refreshed community guidelines at Help Center, and the introduction of an AI-powered chatbot that quickly answers commonly asked questions. Together, these updates reinforce Hinge's position as a dating app grounded in authenticity and safety, where people can show up as their true selves and for meaningful relationships.

在 Hinge，這些原則透過我們的產品設計和使用者體驗融合在一起。除了內容審核之外，Hinge 還不斷改進新用戶引導體驗，以便在用戶旅程的早期階段建立信心和信任。近期更新包括：設定過程中的清晰指導、幫助中心更新的社群準則，以及引入可快速回答常見問題的 AI 聊天機器人。這些更新共同鞏固了 Hinge 作為一款以真實性和安全性為基礎的約會應用程式的地位，人們可以在這裡展現真實的自我，並建立有意義的關係。

Let's now turn to our financial and operational rigor and how it translates into results.

現在讓我們來看看我們的財務和營運嚴謹性以及它如何轉化為業績。

The same discipline driving product innovation is also reflected in how we execute, day to day. We are operating with sharper focus and accountability across the company; hitting deadlines; shipping Match Group-wide features, such as alternative payments, faster; and acting like a more nimble and decisive company. These improvements are creating operational momentum and financial optionality, as we plan for 2026.

推動產品創新的同樣嚴謹態度也體現在我們日常的執行方式。我們公司上下更加重視目標和責任；按時完成任務；更快地推出 Match Group 全集團範圍內的功能，例如替代支付方式；並且像一家更加靈活果斷的公司那樣行事。這些改進為我們2026年的規劃創造了營運動力和財務選擇權。

You can see this strategy in action through Project Aurora, our large-scale test in Australia that brings together many of Tinder's biggest advancements into a faster, safer, and more personal experience. As part of this work, we're overhauling the recommendations engine to better align with user outcomes, improving both match quality and overall satisfaction.

你可以透過「極光計畫」（Project Aurora）來了解這項策略的實際應用。該計劃是我們在澳洲進行的大規模測試，它將 Tinder 的許多重大進步融合在一起，帶來更快、更安全、更個人化的體驗。作為這項工作的一部分，我們正在徹底改造推薦引擎，使其更好地與用戶結果保持一致，從而提高匹配品質和整體滿意度。

We're being thoughtful with our tests, prioritizing user trust, outcomes, and long-term impact over quick wins. We may see some short-term revenue and adjusted EBITDA impact from these tests, which we've included in our guidance, as we trade short-term monetization for a better user experience and improved user outcomes. These tests will help us refine our strategy and further validate that improved user outcomes will drive more sustainable user and revenue growth over the long term, which, in turn, will drive increased shareholder value. We'll share more of these results next quarter.

我們在測試過程中非常謹慎，優先考慮使用者信任、結果和長期影響，而不是短期利益。這些測試可能會對短期收入和調整後 EBITDA 產生一些影響，我們已將這些影響納入我們的預期中，因為我們用短期獲利換取更好的用戶體驗和改善的用戶結果。這些測試將幫助我們完善策略，並進一步驗證改善用戶體驗將推動用戶和收入在長期內實現更永續的成長，進而提升股東價值。我們將在下個季度公佈更多相關結果。

At Hinge, momentum continues to build, as the product delivers meaningful outcomes for users. Revenue, adjusted EBITDA, and user growth remain strong, supported by continued innovation and disciplined execution.

Hinge 的發展勢頭持續增強，因為該產品為用戶帶來了有意義的成果。在持續創新和嚴謹執行的支撐下，營收、調整後 EBITDA 和用戶成長依然強勁。

Hinge's international expansion remains on track, with the successful Mexico launch in September and with Brazil planned for Q4. The team is actively working on plans for new expansion markets in 2026, as well.

Hinge 的國際擴張計劃仍在按計劃進行，9 月在墨西哥成功上線，並計劃在第四季度進入巴西市場。該團隊也積極制定2026年拓展新市場的計畫。

Hinge launched alternative payments testing ahead of schedule in Q3, with strong early results. We plan to fully roll out alternative payments across our major apps, including Tinder and Hinge, in the US in Q4. Strong initial performance at Hinge and ongoing optimizations at Tinder and E&E have increased adoption of web payments. We now expect to generate approximately $14 million of savings in Q4 2025 and approximately $90 million in 2026. We have seen some impact to gross revenue in some of our tests at Tinder and Hinge, which we're continuing to optimize for.

Hinge在第三季提前啟動了替代支付方式測試，並取得了強勁的初步成果。我們計劃在第四季度在美國的主要應用程式（包括 Tinder 和 Hinge）中全面推出替代支付方式。Hinge 的強勁初期表現以及 Tinder 和 E&E 的持續優化，提高了網路支付的普及率。我們現在預計在 2025 年第四季可節省約 1,400 萬美元，在 2026 年可節省約 9,000 萬美元。我們在 Tinder 和 Hinge 的一些測試中發現，總收入受到了一定影響，我們正在繼續優化以應對這種情況。

We're also seeing early success from our recent acquisition of HER, which expands our reach among queer women and gender-diverse communities. The team has already delivered strong results, with algorithmic improvements and monetization optimizations driving over 20% revenue increase in test markets. This success highlights the opportunity to scale high-potential brands across our portfolio and deepen our presence in key segments of the dating market.

我們最近收購 HER 也取得了初步成功，這擴大了我們在酷兒女性和性別多元化群體中的影響力。該團隊已經取得了顯著成果，演算法改進和獲利模式優化推動測試市場的收入成長超過 20%。這項成功凸顯了擴大我們旗下高潛力品牌規模、深化我們在約會市場關鍵領域的地位的機會。

That same disciplined approach to growth is reflected in how we manage the business. Our financial discipline earlier this year generated approximately $100 million of annualized savings, allowing us to reinvest approximately $50 million across the portfolio to test user-first features, strengthening marketing and expanding our international footprint.

這種嚴謹的成長方式也體現在我們對業務的管理上。今年早些時候，我們的財務紀律帶來了約 1 億美元的年度節省，使我們能夠將約 5000 萬美元重新投資到整個投資組合中，用於測試以用戶為中心的功能、加強行銷和擴大我們的國際業務。

The early results from our Q3 investments are instilling confidence in our strategy. We're executing well against our Q4 plans. The learnings from these investments and the ongoing benefits of the cost savings efforts will help inform how we prioritize and deploy capital in 2026. Together, these steps are setting the foundation for the next phase of the turnaround and the resurgence that we expect to take hold in 2026 and 2027.

第三季投資的初步成果增強了我們策略的信心。我們第四季計劃執行情況良好。從這些投資中獲得的經驗以及持續的成本節約措施所帶來的效益，將有助於我們了解 2026 年如何優先考慮和部署資本。這些舉措共同為我們預期在 2026 年和 2027 年實現的下一階段的轉型和復甦奠定了基礎。

We're entering this next chapter with real progress and a clear path forward.

我們帶著切實的進展和清晰的前進方向進入了下一個篇章。

At Tinder, our new measure of success, Sparks, tracks six-way conversations; meaning, at least six total messages exchanged between two users. This has become one of the clearest indicators that a genuine connection is forming. While the total number of Sparks is lower year over year due to a smaller monthly active user base, Sparks coverage or the proportion of users in the ecosystem having these deeper conversations continues to improve and is up year over year. This shows that more users are having better experiences on the platform, an early but encouraging sign that our focus on improving product quality and user outcomes is taking hold.

在 Tinder，我們新的成功衡量標準 Sparks 追蹤六方對話；這意味著，至少兩個用戶之間交換了六個訊息。這已成為一段真摯感情正在形成的最明顯標誌之一。雖然由於每月活躍用戶基數較小，Sparks 的總數同比下降，但 Sparks 的覆蓋範圍或生態系統中進行這些深入對話的用戶比例持續改善，並且同比上升。這表明越來越多的用戶在平台上獲得了更好的體驗，這是一個早期但令人鼓舞的跡象，表明我們專注於提高產品品質和用戶體驗的措施正在取得成效。

Match Group holds a unique position in solving one of the most important challenges of our time: helping people connect in a world that increasingly feels disconnected. Our focus is on fostering genuine human connection, while ensuring technology strengthens relationships and is the social fabric that brings people together.

Match Group 在解決我們這個時代最重要的挑戰之一——幫助人們在一個日益疏離的世界中建立聯繫——方面擁有獨特的地位。我們致力於促進人與人之間真正的聯繫，同時確保科技能加強人際關係，成為將人們連結在一起的社會連結。

With that, I'll turn it over to Steve to walk through more on the financials.

接下來，我將把發言權交給史蒂夫，讓他進一步說明財務方面的內容。

Thanks, Spencer.

謝謝你，史賓塞。

We're pleased with our Q3 results, as Match Group total revenue was in line with expectations for the quarter and adjusted EBITDA meaningfully exceeded our expectations, excluding a $61 million charge to settle the Candelore v. Tinder, Inc., case on a class-wide basis. Candelore is a 10-year-old case involving Tinder's former age-based pricing. The parties are preparing a long-form agreement reflecting the settlement terms and we'll then seek approval of the settlement by the court.

我們對第三季的業績感到滿意，Match Group 的總收入符合預期，調整後的 EBITDA 也顯著超出預期，但不包括為解決 Candelore 訴 Tinder, Inc. 集體訴訟案而支付的 6,100 萬美元費用。Candelore 是一起 10 年前的案件，涉及 Tinder 以前基於年齡的定價方式。雙方正在準備一份反映和解條款的正式協議，之後我們將尋求法院對和解協議的批准。

In Q3, Match Group's total revenue was $914 million, up 2% year over year, up 1% year over year on a foreign exchange-neutral basis. FX was $4 million, better than expected at the time of our last earnings call. Payers declined 5% year over year to 14.5 million, while RPP increased 7% year over year to $20.58. Indirect revenue of $18 million was up 8% year over year, driven primarily by strength in our Third-Party Advertising business.

第三季度，Match Group 的總營收為 9.14 億美元，年增 2%，以匯率中立計算年增 1%。外匯收入為 400 萬美元，優於我們上次財報電話會議時的預期。付費用戶數量年減 5% 至 1,450 萬，而每千次展示收入年增 7% 至 2,058 美元。間接收入為 1,800 萬美元，較去年同期成長 8%，主要得益於第三方廣告業務的強勁成長。

Moving to total company profitability, in Q3, Match Group's adjusted EBITDA was $301 million, down 12% year over year, representing an adjusted EBITDA margin of 33%. Excluding the $61 million settlement charge and $2 million of restructuring costs included in the $25 million of restructuring costs announced in May, adjusted EBITDA would have been $364 million, up 6% year over year, representing adjusted EBITDA margin of 40%.

從公司整體獲利能力來看，Match Group 第三季的調整後 EBITDA 為 3.01 億美元，年減 12%，調整後 EBITDA 利潤率為 33%。如果排除 5 月宣布的 2,500 萬美元重組成本中包含的 6,100 萬美元和解費用和 200 萬美元重組成本，調整後的 EBITDA 將達到 3.64 億美元，年成長 6%，調整後的 EBITDA 利潤率為 40%。

Tinder direct revenue in Q3 was $491 million, down 3% year over year and down 4% year-over-year FXN. Q3 direct revenue includes an approximately $3 million negative impact from user experience testing in the quarter. Payers declined 7% year over year to 9.3 million and RPP increased 5% year over year to $17.66. Adjusted EBITDA in the quarter was $204 million, down 23% year over year, representing an adjusted EBITDA margin of 40%. Excluding the legal settlement charge, adjusted EBITDA would have been $264 million, representing an adjusted EBITDA margin of 52%.

Tinder 第三季直接營收為 4.91 億美元，年減 3%，以外匯計算年減 4%。第三季直接收入包括本季用戶體驗測試帶來的約 300 萬美元負面影響。支付用戶數年減 7% 至 930 萬，每位用戶平均收入年增 5% 至 17.66 美元。本季調整後 EBITDA 為 2.04 億美元，年減 23%，調整後 EBITDA 利潤率為 40%。不計法律和解費用，調整後的 EBITDA 為 2.64 億美元，調整後的 EBITDA 利潤率為 52%。

Hinge continued its strong momentum in Q3, with direct revenue of $185 million, up 27% year over year and up 26% year-over-year FXN. Payers increased 17% year over year to 1.9 million. RPP increased 9% to $32.87. Adjusted EBITDA was $63 million, up 22% year over year, representing an adjusted EBITDA margin of 34%.

Hinge 在第三季持續保持強勁勢頭，直接收入達 1.85 億美元，年增 27%，按外匯計算年增 26%。支付方數量年增 17%，達到 190 萬。RPP成長9%至32.87美元。調整後EBITDA為6,300萬美元，較去年成長22%，調整後EBITDA利潤率為34%。

E&E direct revenue in Q3 was $152 million, down 4% year over year and down 5% year-over-year FXN. Payers decreased 13% year over year to 2.3 million, while RPP increased 10% year over year to $22.22. Adjusted EBITDA was $47 million, up 14% year over year, representing an adjusted EBITDA margin of 30%.

第三季電子電氣直接營收為 1.52 億美元，年減 4%，以外匯匯率計算年減 5%。支付用戶數量年減 13% 至 230 萬，而每用戶平均收入年增 10% 至 22.22 美元。調整後 EBITDA 為 4,700 萬美元，較去年同期成長 14%，調整後 EBITDA 利潤率為 30%。

Match Group Asia delivered direct revenue in Q3 of $69 million, down 4% year over year on both an as-reported and FXN basis. Excluding the exit of our Live Streaming businesses, Match Group Asia direct revenue in Q3 was flat year over year on both an as-reported and an FXN basis. Azar direct revenue was flat year over year and up 2% year-over-year FXN. Azar direct revenue was negatively impacted by an estimated $3 million, after Azar was blocked in Turkey by Turkish regulators in late August. We're pursuing all available legal remedies and working with Turkish regulators to get Azar unblocked. However, it is unclear at this time when that may happen. Pairs direct revenue was down 1% year over year and down 2% year-over-year FXN. Across Match Group Asia, payers increased 6% year over year to 1.1 million, while RPP declined 10% year over year to $20.73, partially due to the exit of Hakuna mid-last year. Adjusted EBITDA was $15 million, down 14% year over year, representing an adjusted EBITDA margin of 22%.

Match Group Asia 第三季直接營收為 6,900 萬美元，按報告數據和 FXN 計算均較去年同期下降 4%。除退出直播業務外，Match Group Asia 第三季的直接收入按報告和外匯匯率計算均與去年同期持平。Azar 直接收入與去年持平，以外匯計算年增 2%。8 月下旬，土耳其監管機構在土耳其封鎖了 Azar，導致 Azar 的直接收入估計減少了 300 萬美元。我們正在尋求一切可行的法律途徑，並與土耳其監管機構合作，以解除對 Azar 的封鎖。然而，目前尚不清楚這種情況何時會發生。Pairs 直接營收年減 1%，以外匯匯率計算年減 2%。Match Group 亞洲區付費用戶年增 6% 至 110 萬，而 RPP 年減 10% 至 20.73 美元，部分原因是 Hakuna 於去年年中退出市場。調整後 EBITDA 為 1,500 萬美元，年減 14%，調整後 EBITDA 利潤率為 22%。

Looking at costs, including stock-based compensation expense, total expenses were up 1% year over year in Q3. Cost of revenue decreased 2% year over year and represented 27% of total revenue, down 1 point year over year, driven by reduced variable expenses from the shutdown of our Live Streaming services mid last year, lower web services costs, and lower employee compensation expense from our restructuring efforts.

從成本來看，包括股票選擇權費用在內，第三季總支出較去年同期成長 1%。由於去年中關閉直播服務導致可變費用減少、網路服務成本降低以及重組工作導致員工薪資支出減少，營業成本年減 2%，佔總收入的 27%，較去年同期下降 1 個百分點。

Selling and marketing costs increased $12 million or 8% year over year and represented 19% of total revenue, up 1 point year over year, primarily due to increased marketing spend at Tinder, Hinge, and Match Group Asia, partially offset by lower employee compensation expense from our restructuring efforts.

銷售和行銷成本年增 1,200 萬美元，增幅為 8%，佔總收入的 19%，年增 1 個百分點，主要原因是 Tinder、Hinge 和 Match Group Asia 的行銷支出增加，部分被重組工作帶來的員工薪酬支出減少所抵銷。

General and administrative costs increased 42% year over year, up 5 points year over year as a percentage of total revenue to 16%, driven primarily by the legal settlement charge, partially offset by lower employee compensation expense from our restructuring efforts.

一般及行政費用年增 42%，佔總收入的比例年增 5 個百分點至 16%，主要原因是法律和解費用，部分被重組工作帶來的員工薪資支出減少所抵銷。

Product development costs increased 1% year over year and were flat year over year as a percentage of total revenue at 11%.

產品開發成本年增 1%，佔總營收的比例與前一年持平，為 11%。

Depreciation and amortization decreased by $44 million year over year to $24 million due to impairments of intangible assets at E&E and Match Group Asia in the prior year quarter and lower internally developed capitalized software costs, primarily at Tinder and Match Group Asia.

由於上一季 E&E 和 Match Group Asia 的無形資產減損以及主要來自 Tinder 和 Match Group Asia 的內部開發資本化軟體成本降低，折舊和攤提同比減少了 4,400 萬美元，至 2,400 萬美元。

Turning to the balance sheet, our trailing 12-month gross leverage was 3.4 times and net leverage was 2.5 times at the end of Q3. We ended the quarter with $1.1 billion of cash, cash equivalents, and short-term investments on hand.

從資產負債表來看，截至第三季末，我們過去 12 個月的總槓桿率為 3.4 倍，淨槓桿率為 2.5 倍。本季末，我們手頭上擁有現金、現金等價物及短期投資共11億美元。

In August, we issued $700 million of 6.125% senior notes due 2033. The proceeds from these notes will be used to repay all of the exchangeable senior notes coming due in 2026 on or before maturity and for general corporate purposes. In September, we repurchased $76 million of the 2026 exchangeable senior notes at a discount to par.

8 月份，我們發行了 7 億美元的 6.125% 優先票據，2033 年到期。這些票據的收益將用於償還所有在 2026 年到期或之前到期的可交換優先票據，以及用於一般公司用途。9 月份，我們以低於面額的價格回購了 7,600 萬美元的 2026 年到期可交換優先票據。

Year to date through Q3, we delivered operating cash flow of $758 million and free cash flow of $716 million. We repurchased 17.4 million shares at an average price of $32 per share on a trade-date basis for a total of $550 million and paid $141 million in dividends, deploying nearly 100% of free cash flow for capital return to shareholders.

今年截至第三季末，我們實現了 7.58 億美元的營運現金流和 7.16 億美元的自由現金流。我們以每股 32 美元的平均價格回購了 1,740 萬股股票，總計 5.5 億美元，並支付了 1.41 億美元的股息，將近 100% 的自由現金流用於向股東返還資本。

In October, we repurchased an additional 3 million shares of our common stock for $100 million on a trade-date basis and at an average price of $33 per share. As of October 31, 2025, we reduced diluted shares outstanding by 8% year over year.

10 月份，我們以交易日價格回購了 300 萬股普通股，總金額為 1 億美元，平均每股價格為 33 美元。截至 2025 年 10 月 31 日，我們減少了 8% 的稀釋後流通股。

We maintain our commitment to target returning 100% of free cash flow to shareholders through buybacks and the dividend.

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。

Now, turning to guidance, we expect Q4 total revenue for Match Group of $865 million to $875 million, up 1% to 2% year over year. This range assumes a nearly 2.5 points year-over-year tailwind from FX. FXN, we expect total revenue to be down 1% to 2% year over year. We expect Match Group adjusted EBITDA of $350 million to $355 million in Q4, representing a year-over-year increase of 9% and an adjusted EBITDA margin of 41% at the midpoints of the ranges.

現在，展望未來，我們預計 Match Group 第四季總營收為 8.65 億美元至 8.75 億美元，年增 1% 至 2%。該區間假設外匯市場將帶來近 2.5 個百分點的同比利好。FXN預計總營收將年減1%至2%。我們預期 Match Group 第四季調整後 EBITDA 為 3.5 億美元至 3.55 億美元，年成長 9%，調整後 EBITDA 利潤率為 41%（取區間中位數）。

Q4 total revenue guidance reflects continued strong performance at Hinge and Tinder performance that is in line with the expectations we had at our last earnings in August, including an expected $14 million negative impact to Tinder direct revenue from user experience testing. It also reflects weaker-than-expected performance at E&E and assumes the continuation of Azar's block in Turkey.

第四季總營收預期反映了 Hinge 和 Tinder 的持續強勁表現，與我們在 8 月上次財報發佈時的預期一致，其中包括用戶體驗測試預計將對 Tinder 直接收入造成 1400 萬美元的負面影響。這也反映出 E&E 的表現弱於預期，並假設 Azar 在土耳其的業務部門將繼續保持成長。

E&E saw weaker trends in Q3, which we are working quickly to address. We no longer expect Emerging Brands direct revenue growth to offset Evergreen Brands's declines in 2025. We expect an estimated $9 million negative impact of Match Group Asia direct revenue from Azar's block in Turkey. We expect indirect revenue to be approximately $15 million in the quarter.

第三季電子電氣產業的發展趨勢有所減弱，我們正在迅速採取措施加以解決。我們不再預期新興品牌的直接營收成長能在 2025 年抵銷常青品牌的下滑。我們預計 Azar 在土耳其的封鎖將對 Match Group Asia 的直接收入造成約 900 萬美元的負面影響。我們預計本季間接收入約為 1500 萬美元。

Our Q4 adjusted EBITDA guidance includes $4 million of restructuring-related costs included in the $25 million of restructuring-related costs announced in May and an $8 million positive impact from an expected sale of one of our two office buildings in LA that was not fully utilized.

我們在第四季度調整後的 EBITDA 預期包括 400 萬美元的重組相關成本（包含在 5 月份宣布的 2500 萬美元重組相關成本中），以及預期出售我們在洛杉磯的兩棟未充分利用的辦公大樓之一所帶來的 800 萬美元的積極影響。

We are increasing our 2025 full-year free cash flow guidance to $1.11 billion to $1.14 billion, which assumes the Candelore settlement will not be paid until Q1 2026. We now expect our 2025 full-year tax rate to be in the high-teens.

我們將 2025 年全年自由現金流預期提高至 11.1 億美元至 11.4 億美元，前提是 Candelore 和解金要到 2026 年第一季才會支付。我們現在預計 2025 年全年稅率將達到十幾個百分點。

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

現在進入問答環節。

(Operator Instructions)

（操作說明）

Cory Carpenter, J.P. Morgan.

科里·卡彭特，摩根大通。

Spencer, you mentioned in your prepared remarks that the early reinvestments are giving you confidence in your strategy. Could you expand a bit on the green shoots you're seeing across the broader company and then, also at Tinder, specifically?

史賓塞，你在事先準備好的演講稿中提到，早期的再投資讓你對自己的策略充滿信心。能否詳細談談您在公司整體以及 Tinder 內部看到的最新進展？

Yeah. Thanks, Cory. Let me start with Tinder and ,then if we want to expand from there, we will.

是的。謝謝你，科里。先從 Tinder 開始，如果我們想在此基礎上擴展，我們再做打算。

At Tinder, we now have a clear mission statement, which we understand, so we know why we're building what we're building. We have clear consumer personas so we know who we're building them for. And, now, we have a clear metric, six-way conversations or what we call Sparks, so that we know how to measure whether we're driving good user outcomes.

在 Tinder，我們現在有了清晰的使命宣言，我們理解它，所以我們知道我們為什麼要建立我們正在建立的東西。我們有清晰的用戶畫像，所以我們知道我們的產品是為誰打造的。現在，我們有了一個清晰的指標——六方對話，或者我們稱之為“火花”，這樣我們就知道如何衡量我們是否帶來了良好的用戶結果。

Sparks, we think, are a good measure of product efficacy. Globally, they're down in the low single-digit range year over year but they're improving and close to flat. It's actually quite a bit better than MAU, which has stabilized in the 9%, 10% high-single-digit year-over-year range.

我們認為，火花是衡量產品功效的良好指標。全球範圍內，年減幅度在個位數低位，但情況正在好轉，接近持平。實際上，這比每月活躍用戶數 (MAU) 要好得多，MAU 已經穩定在 9% 到 10% 的高個位數同比增幅範圍內。

As I said just a moment ago, Sparks coverage is actually up year over year but it's up the most among US Gen Z.

正如我剛才所說，Sparks 的報告量實際上比去年同期有所上升，但在美國 Z 世代中的上升幅度最大。

So all this by way of saying the product is working better today to help spark something new with someone new than it was a year ago. That's encouraging.

綜上所述，我想說的是，如今這款產品比一年前更能幫助人們與新物件建立新的關係。這令人鼓舞。

There are a couple of reasons why the product has improved efficacy.

此產品功效提升的原因有以下幾點。

The first is, a lot of our recommendations tests are bearing fruit. So at any point in time, we have dozens, sometimes hundreds of different recommendation algorithms in the market.

首先，我們的許多推薦測試都取得了成效。因此，在任何時候，市場上都會有幾十種，有時甚至數百種不同的推薦演算法。

We ended up finding one of them that actually improves women’s matches by 4% and improves Sparks and improves retention with no revenue trade-off, which is really uncommon. Usually, when we have recommendation improvements that improve user outcomes, it comes at some revenue hit. In this case, it did not. So we've rolled this out, globally.

我們最終找到了一款實際上可以將女性的匹配率提高 4%，提高 Sparks 值，提高用戶留存率，而且不會影響收入，這非常罕見。通常情況下，當我們改進推薦系統以提升用戶體驗時，都會對收入造成一定影響。但這次並沒有。所以我們已經在全球推廣了這項服務。

Our work is not done on recs. We are always continuing to improve them. But I'm encouraged by where we're headed.

我們的工作並非止於推薦。我們一直在不斷改進它們。但我對我們前進的方向感到鼓舞。

The second -- so moving from recs is number one. Number two, I'll turn to Double Date.

第二點－所以從推薦清單中選擇是第一點。第二，我選擇《雙重約會》。

Double Date continues to resonate really well with our target users. As I think I mentioned just a moment ago, adoption for Double Date is up quite a bit. The stat -- I don't think I shared yet -- is that about 17% of US users age 18 to 22 now have a Double Date pair. That's a big deal. If you think about that, think about a Gen Z, 18- to 22-year-old American user of Tinder, almost 1 in 5 of them are now using Tinder with a friend to swipe on pairs of people. So that's changing perception of what Tinder is and how they use it. That's critical for us to drive reconsideration and, ultimately, MAU growth.

Double Date 依然深受目標使用者的喜愛。正如我剛才提到的，《雙重約會》的收養率大幅上升。我還沒分享過這個數據——大約 17% 的 18 至 22 歲美國用戶現在擁有 Double Date 約會對象。那可是件大事。如果你仔細想想，想想美國 Z 世代（18 至 22 歲）的 Tinder 用戶，他們中幾乎有五分之一的人現在會和朋友一起用 Tinder 來瀏覽配對的人。這正在改變人們對 Tinder 的看法以及他們如何使用它。這對我們推動用戶重新考慮並最終實現每月活躍用戶成長至關重要。

Finally, I will just hit on a basket of features at Tinder, which, in the aggregate, help people assess the whole person, rather than just quickly assessing the attractiveness of the photo. These are features like contextual likes, which Hinge pioneered; features like putting biographical information on the first photo. The good news here is those types of features have improved user outcomes like Sparks without impacting revenue. We were prepared to accept the small revenue hit for these types of features but many of them actually just improved user outcomes and have not impacted revenue.

最後，我想重點介紹 Tinder 的一些功能，這些功能綜合起來可以幫助人們評估一個人的整體情況，而不僅僅是快速評估照片的吸引力。這些功能包括 Hinge 首創的「情境讚」；以及在第一張照片上新增個人簡介等功能。好消息是，這些類型的功能改善了 Sparks 等用戶的體驗，而不會影響收入。我們原本準備接受這類功能帶來的小幅收入損失，但其實其中許多功能只是改善了使用者體驗，並沒有影響收入。

Let me pause there. I'm happy to elaborate on the roadmap and where it's going but that brings you pretty current with what we've shipped on Tinder over the last couple of months and the early positive results that we're seeing on user outcomes.

我先停一下。我很樂意詳細介紹路線圖及其發展方向，但這基本上已經概括了我們在過去幾個月在 Tinder 上推出的內容以及我們在用戶回饋方面看到的早期積極成果。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Really encouraging to see the faster product velocity at Tinder. Any particular sense if that's also accelerating the curve as you think of user outcomes and underlying metrics?

看到 Tinder 的產品迭代速度如此之快，真是令人鼓舞。您認為這是否也會加速使用者結果和相關指標的成長曲線？

Connected to that, as you start prioritizing user outcomes, you mentioned a negative Tinder revenue headwind in 4Q, to what extent should we expect that to continue into next year as you continue to make these product improvements?

與此相關，隨著您開始優先考慮用戶體驗，您提到 Tinder 在第四季度面臨收入下滑的不利因素，隨著您繼續進行產品改進，我們應該預期這種情況會在多大程度上持續到明年？

Thanks, Nathan.

謝謝你，內森。

It's probably a little too early for us to know the answer to your question about 2026. What we're in the midst of right now is evaluating all these tests in key markets, including in Australia, where we're throwing the kitchen sink, in terms of user outcomes and marketing efficiencies, in order to see what it takes to turn around user outcomes and audience in a couple of key markets so that we can decide how we want to run the company in 2026, with respect to profitability.

現在要回答你關於2026年的問題可能還為時過早。我們目前正在評估所有在關鍵市場（包括澳洲）進行的測試，在用戶結果和行銷效率方面，我們正在全力以赴，以了解在幾個關鍵市場中扭轉用戶結果和受眾群體需要付出怎樣的努力，以便我們能夠決定在 2026 年如何運營公司，以及在盈利能力方面。

What Steve, I think, highlighted in his prepared remarks were a potential $14-ish million impact on Tinder revenue, which is baked into guidance for Q4. This comes from features like different recommendation algorithms that we're testing, still, to try to improve user outcomes even further; rolling out new Modes -- of course, today, we have College Mode and Double Date mode but there are several more modes on the way -- those might come at small cost of revenue; building out open messaging and giving more free user outcomes, like letting users see a couple free-see of who likes you pairs; and redesigning certain aspects of Tinder, building out Chemistry into the main card stack and rolling that out into more geographies, rolling Face Check out across the whole United States by end of year, which I don't think I mentioned that in the prepared remarks but now we're targeting face check through the whole US by end of year and globally, with the possible exception of the EU and the UK by spring.

我認為，史蒂夫在事先準備好的發言稿中強調的是，這可能會對 Tinder 的收入造成約 1400 萬美元的影響，這已計入第四季度的業績預期中。這源自於我們正在測試的各種推薦演算法，以期進一步改善用戶體驗；推出新的模式——當然，目前我們有大學模式和雙人約會模式，但還有更多模式正在開發中——這些模式可能會略微影響收入；構建開放式訊息功能並提供更多免費用戶體驗，例如讓用戶免費查看喜歡自己的人；以及重新設計 Tinder的某些方面，將「化學反應」功能整合到主卡片堆疊中，並將其推廣到更多地區，在年底前在美國全境推出「臉部辨識」功能。我之前在準備的發言稿中沒有提到這一點，但現在我們的目標是在年底前在美國全境以及全球範圍內（可能在明年春季之前在歐盟和英國除外）推出“面部識別”功能。

All of this is taking us towards a product event in spring 2026 for the media, for influencers, for investors -- hopefully, we'll see many of you there -- where we'll show the world what we've been building at Tinder over the last -- by that point, it will be around six months-or-so; and also, what's coming.

所有這一切都將引領我們走向 2026 年春季的產品發布會，屆時將面向媒體、影響者和投資者——希望我們能在那裡見到你們中的許多人——我們將向世界展示 Tinder 在過去六個月左右的時間裡所取得的成就；以及即將推出的新功能。

That's a real catalyzing event, which has the Tinder team rallying with urgency around building as much as products as we can to improve user outcomes by that spring 2026 event.

這是一個真正的催化事件，促使 Tinder 團隊緊急行動起來，力求在 2026 年春季活動之前盡可能多地開發產品，以改善用戶體驗。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Just, maybe, follow up a little bit. You did elaborate in the letter that you plan to unlock $40 million of payment savings. Is the idea that, like, if you do decide to lean in more into these clean-up initiatives or however you want to describe them, that $90 million could help potentially offset that revenue headwind next year?

或許，可以稍微跟進一下。你在信中詳細說明了你計劃節省 4000 萬美元的支付費用。是不是說，如果你決定更重視這些清理行動（或者你想怎麼稱呼它們都行），那麼這 9000 萬美元或許可以幫助抵消明年的收入逆風？

Like, to that point on Project Aurora and, like, if you did go fully roll this out, like, should investors assume --like, how dramatically would you be willing to let, like, revenue come down of end up with, like, the right place, from a user experience standpoint?

例如，在 Project Aurora 的這個階段，如果你真的全面推出這個項目，投資者該如何看待——比如，你願意讓收入大幅下降到什麼程度，才能最終從用戶體驗的角度達到正確的目標？

Why don't I take the first part of that question?

我為什麼不回答這個問題的第一部分呢？

Here's the way I think about the $90 million. The $90 million gives us clear flexibility, right, and optionality. As Spencer just said, the $14 million Q4 impact from Tinder user outcome testing is an estimate, right? These are tests. So it's probably premature to speculate on whether we'll need the $90 million to offset the revenue declines or whether there will be revenue declines at all until we see how these tests play out.

我是這樣看待這9000萬美元的。這9000萬美元給了我們很大的彈性和選擇。正如 Spencer 剛才所說，Tinder 用戶結果測試在第四季度帶來的 1400 萬美元影響只是一個估計值，對吧？這些是測試。因此，在看到這些測試結果之前，現在就推測我們是否需要 9,000 萬美元來抵消收入下降，或者是否會出現收入下降，可能還為時過早。

And so the plan is to continue testing throughout the rest of the quarter; to go through our annual planning process, like we always do; and then, we'll give clear guidance on 2026 in a lot more detail on our investment strategy and the outcome of these tests and all the learnings we've gathered at that time.

因此，我們的計劃是在本季度剩餘時間繼續進行測試；像往常一樣完成年度規劃流程；然後，我們將就 2026 年的投資策略、這些測試的結果以及我們屆時收集到的所有經驗教訓給出更詳細的明確指導。

That's the plan.

這就是計劃。

Ben Black, Deutsche Bank.

本·布萊克，德意志銀行。

This is Kunal, on for Ben. A couple on Hinge.

這是庫納爾，替本發言。一對在Hinge上認識的情侶。

Right from the beginning, Hinge was designed to be deleted or meant to be deleted. Has the engagement profile of the users changed since the beginning?

從一開始，Hinge 的設計目的就是為了被刪除，或者說就是為了讓使用者刪除。自專案啟動以來，使用者的參與度模式是否發生了變化？

And then, you talked about how Hinge is expanding into Mexico and Brazil in the coming months. How does that change the addressable market?

然後，您談到了 Hinge 將在未來幾個月內擴展到墨西哥和巴西。這會如何改變目標市場？

Yeah. Thanks, Kunal. Good questions.

是的。謝謝你，庫納爾。問得好。

Yeah. Hinge is really meant to be the last dating app that you'll ever use and Tinder is meant to be the first dating app that you'll ever use. So that positioning is clear in terms of how we think about marketing the two apps and in terms of the product roadmap and focus of the teams at Hinge and Tinder.

是的。Hinge 的目標是成為你使用的最後一個約會應用程式，而 Tinder 的目標是成為你使用的第一個約會應用程式。因此，就我們對這兩個應用程式的營銷方式以及 Hinge 和 Tinder 團隊的產品路線圖和重點而言，這種定位是明確的。

That positioning for Hinge hasn't changed since Match Group purchased it. It's been very consistent. I think that consistency is one of the reasons for Hinge's continued success.

自 Match Group 收購 Hinge 以來，其市場定位一直沒有改變。一直都很穩定。我認為，始終如一的服務是Hinge持續成功的原因之一。

Hinge just launched in Mexico a couple of weeks ago. It's off to a faster start in Mexico than when Hinge launched in Europe several years ago. So that's extremely encouraging. Brazil will launch in the next few weeks.

Hinge幾週前才剛在墨西哥上線。Hinge在墨西哥的起步速度比幾年前在歐洲推出時快得多。這真是令人鼓舞。巴西將在未來幾週內上線。

When you look at Hinge's success in the markets that it's in or even this recent fast start in Mexico, it gives me a lot of optimism that the total addressable market for Hinge is massive. That this customer segmentation or psychographic segmentation between Tinder opening a world of possibilities at the fun spontaneous side of dating and Hinge being for more serious and intentional daters, that duality should be true, globally.

看看 Hinge 在其現有市場的成功，甚至是最近在墨西哥的快速發展，這讓我非常樂觀地認為 Hinge 的潛在市場非常龐大。Tinder 為追求輕鬆愉快的約會體驗的用戶打開了無限可能，而 Hinge 則面向更嚴肅認真的約會者，這種客戶細分或心理細分在全球範圍內都是成立的。

It's hard for me to imagine there would be a country where there wouldn't be an opportunity for an intentional dating app like Hinge to be a category leader in that segment.

我很難想像會有哪個國家像 Hinge 這樣的約會應用程式沒有機會成為該領域的領導者。

As we go through the annual planning process that Steve mentioned over the next couple of weeks, we'll be thinking through which markets to expand Hinge to in 2026. We already have integrated certain areas of our go-to-market, such as Asia, where Match Group now provides shared services for all of our brands as we expand to new markets in Asia.

在接下來的幾周里，我們將按照史蒂夫提到的年度規劃流程，認真思考 Hinge 在 2026 年應該拓展到哪些市場。我們已經整合了市場拓展的某些領域，例如亞洲，Match Group 現在為我們所有品牌提供共享服務，幫助我們拓展亞洲新市場。

That allows us to even more efficiently and effectively and intelligently expand to new markets in a coordinated manner. So that's the type of thing that only our multi-brand scaled portfolio, as the category leader, can provide and I think should be an even greater tailwind as Hinge launches into new markets in 2026.

這使我們能夠以協調一致的方式，更有效率、更有效、更有智慧地拓展新市場。所以，只有我們作為品類領導者的多品牌規模化產品組合才能提供這種優勢，而且我認為，隨著 Hinge 在 2026 年進軍新市場，這將帶來更大的推動力。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

I think, based on the early learnings in Australia, how do you think about the philosophically going to market with a wider array of offerings and changes to Tinder all at once, relative to looking out towards next year and thinking about being more strategic and directed in the way certain enhancements go global, either by country-by country or by geo? Just curious how you think about that.

我認為，根據在澳洲的早期經驗，您如何看待一次性推出更多產品和服務並對 Tinder 進行全面改革的理念，與展望明年並考慮更具戰略性和針對性的某些改進措施在全球範圍內推廣（無論是按國家還是按地理位置）相比，孰優孰劣？只是好奇你對此有何看法。

Yeah. It's a good question, Eric.

是的。埃里克，問得好。

The interesting thing about this category, which can easily be forgotten by people that aren't in it day to day, is that the company and the brands build products and then, we market them. But, ultimately, we're in the service of introducing strangers to strangers. And so the success of the products really rely on the quality and behavior of those in our community.

這個領域有趣的地方（這很容易被不常身處其中的人忽略）是，公司和品牌先生產產品，然後我們再進行市場推廣。但歸根究底，我們的目標是為陌生人牽線搭橋，讓他們彼此認識。因此，產品的成功實際上取決於我們社群成員的品質和行為。

One of the reasons that we're doing Project Aurora is to try to not just improve the actual feature set but increase the marketing focus on trust and safety there, turn that whole market around with vigor in the aggregate. Because the ecosystem hangs together in these products in a way that e-commerce really doesn't have that experience.

我們進行「極光計畫」的原因之一，不僅是為了改善實際的功能集，也是為了提高市場對信任和安全的重視程度，從而從整體上徹底扭轉整個市場。因為這些產品中的生態系統以一種電子商務無法真正體驗的方式緊密聯繫在一起。

So in terms of how we roll this out, these types of changes in 2026, I do want to be clear that we're not standing still. For example, the recs algorithm that I mentioned that's in Australia, we've also rolled that out in other markets. Face Check, which we've rolled out in Australia, we've also rolled out in a handful of other markets.

所以，就我們如何推行這些變革而言，在 2026 年，我想明確表示，我們並沒有停滯不前。例如，我提到的澳洲推薦演算法，我們也已將其推廣到其他市場。我們已經在澳洲推出了人臉辨識功能，目前也已在其他一些市場推出了該功能。

So we're certainly not waiting for a clean read from a single market. But it is helpful for us as we decide what the answer is to, I think it was Jason's question, about 2026 and profitability for next year. We will benefit from having greater insight into how the product investments and the marketing hang together to improve the whole ecosystem. That will help us articulate what the plan is for 2026.

因此，我們當然不會等待單一市場給予明確的數據。但這有助於我們決定如何回答傑森提出的問題，即關於 2026 年和明年獲利能力的問題。我們將受益於更深入地了解產品投資和行銷如何協同運作以改善整個生態系統。這將有助於我們闡明 2026 年的計劃。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Spencer, you mentioned MAU is stabilizing in is down 9%, 10% range. So you think about the initiatives you're rolling out all the way from the single stuff in certain markets -- the whole kitchen sink, like you said -- in Project Aurora, how do you think about the timeline for -- you're seeing some of these KPIs and green shoots, like what's the timeline to when you think MAUs can start to turn around and start to move in the other direction?

Spencer，你提到 MAU 正在穩定，下降幅度在 9% 到 10% 之間。所以，你想想你正在推出的所有舉措，從某些市場的單一舉措——就像你說的，包羅萬象——在“極光計劃”中，你是如何看待這些舉措的時間表的——你看到了一些關鍵績效指標和積極的跡象，比如你認為月活躍用戶數何時才能開始好轉並朝著相反的方向發展？

And then, on the in-app payment, the upside to the savings that you're seeing now versus what you called out last quarter, can you talk about what's driving that? What you've seen that's driving more savings?

那麼，關於應用程式內支付，您現在看到的節省金額與上個季度您提到的節省金額相比有哪些優勢？您能談談是什麼因素推動了這種成長嗎？您觀察到哪些因素促成了更多節省？

Yeah. I'll take the first question.

是的。我來回答第一個問題。

A number of the product initiatives that we've been doing to improve user outcomes actually have the effect of hurting monthly active users. For example, Face Check hurt monthly active users by a little bit, at least initially, by a couple of percentage points.

我們為改善用戶體驗而採取的一些產品舉措，實際上卻損害了每月活躍用戶數。例如，臉部辨識功能在初期對月活躍用戶造成了一定程度的影響，下降了幾個百分點。

The recommendation algorithm also can have the effect of hurting male monthly active users. It improves female retention, the female experience, but that can have the effect of pulling female attention away from certain male users and then, we sometimes lose their visits. That's okay.

推薦演算法也可能對男性月活躍用戶造成不利影響。它提高了女性用戶的留存率和體驗，但這可能會將女性用戶的注意力從某些男性用戶身上轉移開來，然後，我們有時會失去他們的訪問量。沒關係。

So the fact that is MAU hanging in there in the high-single digit year over year, even while we're improving user outcomes, is a good sign; just as the fact that we're able to improve user outcomes at minimal impact to revenue, with a couple of the examples I cited, that's also a good sign.

因此，即使我們不斷改善用戶體驗，每月活躍用戶數 (MAU) 仍能保持逐年高個位數成長，這是一個好兆頭；正如我剛才提到的幾個例子所示，我們能夠在對收入影響最小的情況下改善用戶體驗，這也是一個好兆頭。

I'll let you talk to IAP.

我會讓你跟IAP溝通。

I can take the IAP, sure. Yeah. we've made a lot of progress over the last few months on alternative payments. You're right, the expected savings in 2026 has gone up quite a bit.

當然可以接受應用程式內購買。是的，過去幾個月我們在替代支付方式方面取得了巨大進展。你說得對，2026 年的預期節省金額確實大幅增加了。

Let me just give you a little bit more detail. Basically, back in August, Hinge had yet to start testing. We said it was going to start testing in September. That happened. We were extrapolating Tinder and E&E results and seeing about a 30% shift to web payments, of course, in the US. We extrapolated that out to about a 10 points increase in net revenue, which equates to about $65 million in savings in 2026.

讓我再詳細解釋一下。基本上，早在八月份，Hinge 還沒有開始測試。我們說過將在九月開始測試。那件事發生了。我們根據 Tinder 和 E&E 的結果進行推斷，發現美國大約有 30% 的用戶轉向了網路支付。我們據此推斷，淨收入將增加約 10 個百分點，相當於到 2026 年節省約 6,500 萬美元。

Now, as of October, actually, Tinder, Hinge, and most of the E&E apps are now fully rolled out. So we've rolled these apps out faster than we originally planned, which is good. Hinge saw really strong results out the gate; better than E&E and Tinder, we're seeing. Since August, Tinder has also done a really great job, as has E&E, in continuing to optimize.

實際上，截至 10 月份，Tinder、Hinge 和大多數 E&E 應用程式都已全面推出。因此，我們推出這些應用程式的速度比原計劃要快，這是件好事。Hinge一推出就取得了非常強勁的成績；我們看到，它比E&E和Tinder都要好。自 8 月以來，Tinder 和 E&E 都做得非常出色，持續進行最佳化。

Now, with most of our apps, including Tinder and Hinge, rolled out 100% in the US and fully optimized, we're seeing a 40% to 60% shift to web, depending on the app, which translates into a 15 points increase in net revenue and $90 million of savings.

現在，我們的大部分應用程序，包括 Tinder 和 Hinge，都已在美國 100% 推出並進行了全面優化，我們看到 40% 到 60% 的用戶轉向了網頁版，具體比例取決於應用程序，這轉化為淨收入增長 15 個百分點，節省 9000 萬美元。

So the net of it is: Strong results at Hinge out the gate and continued optimization at Tinder and E&E has resulted in more of those payments going to web, which is resulting in more savings.

綜上所述：Hinge 一開局的強勁表現，以及 Tinder 和 E&E 的持續優化，使得更多支付轉移到了網絡，從而節省了更多成本。

The other thing I'll just mention, I don't know if you caught this but Google, mid-last week, updated it's Play Store policy, allowing for web payments, as well, in the US without fees similar to the Apple situation. And so we plan to test there, too.

另外，我還想提一下，不知道你有沒有註意到，谷歌在上周中更新了其 Play 商店政策，允許在美國進行網絡支付，而且不收取費用，類似於蘋果的情況。因此，我們也計劃在那裡進行測試。

That's a smaller opportunity. We have less Android users in the US than we have Apple users. Also, the fee we pay Google for in-app purchases is more, like, 18% versus the 27% we pay Apple. So there's less savings to be had from shifting to web.

這是一個較小的機會。在美國，安卓用戶比蘋果用戶少。此外，我們向Google支付的應用程式內購買費用約為 18%，而我們向蘋果支付的費用是 27%。因此，轉向網路平台所能節省的成本就比較少了。

But if you pencil it out, our early estimate is about a $10 million to $15 million additional savings through Google on an annualized basis. So we're excited about that opportunity, too. We'll start testing and confirm those initial estimates.

但仔細算算，我們初步估計，透過Google每年可以額外節省約 1,000 萬至 1,500 萬美元。所以我們也對這個機會感到興奮。我們將開始測試並確認這些初步估算結果。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD Cowen。

It's Logan Whalley, on for John.

是洛根·沃利，他代替約翰上場。

Could you talk about any traction or the traction that you cited from recent marketing efforts; and then, how you approach the opportunity with lapsed daters versus those that have never used the app before?

您能否談談您最近在行銷方面取得的任何進展或取得的成效？另外，您是如何看待那些約會次數減少的用戶和那些從未使用過該應用程式的用戶之間的區別的？

And then, sticking to marketing on the cost side, maybe how you're thinking about marketing spend and the traditionally more expensive 4Q advertising season?

那麼，從行銷成本的角度來看，您是如何考慮行銷支出以及傳統上成本較高的第四季廣告季的呢？

Yeah. I'll take the very last part of that first, which is we do go lighter on advertising in Q4. Our seasonal peak tends to be after Christmas. People make a New Year's resolution about starting to date anew and we benefit from that and we spend into it.

是的。我先來說最後一點，那就是我們在第四季會減少廣告投入。我們的銷售旺季通常在聖誕節之後。人們在新年伊始就立志開始新的戀情，我們從中受益，並為此投入資金。

But between Thanksgiving and Christmas, the media market is more expensive. Because of e-commerce and other consumables, we tend to pull our marketing spend back.

但從感恩節到聖誕節期間，媒體市場價格會更高。由於電子商務和其他消費品的需求，我們往往會減少行銷支出。

In terms of overall marketing, we just completed Project Prism, which was Match Group's first-ever attempt to put marketing spend on an apples-to-apples basis across all of our brands to create a shared framework to assess the efficacy of marketing spend so that we'll have a point of view now about going into 2026.

就整體行銷而言，我們剛剛完成了 Prism 項目，這是 Match Group 首次嘗試將我們所有品牌的行銷支出放在同等條件下進行比較，以創建一個共同的框架來評估行銷支出的有效性，以便我們現在對進入 2026 年有一個觀點。

If we were going to put $5 million or $10 million against brand X, what is the likely number of downloads that it would acquire? What's the user and gender mix? What's the user retention? What's the cost to generate a Spark or contact exchange or other KPIs that we track across our different brands?

如果我們投資 500 萬美元或 1000 萬美元給 X 品牌，它可能獲得多少次下載量？用戶組成及性別比例如何？用戶留存率是多少？產生 Spark、聯絡人交換或其他我們在不同品牌間追蹤的關鍵績效指標 (KPI) 的成本是多少？

We now have a rubric that puts all our brands on the same footing. This is something that we worked with an outside resource on, a marketing executive, a person that used to run marketing for me at Zillow Group. Before that, we worked together at Expedia Group. She has created shared marketing frameworks in several multi-brand Internet companies before.

我們現在有了一套標準，讓所有品牌都處於同一水平線上。這是我們與外部資源（一位行銷主管，他以前在 Zillow Group 負責我的行銷工作）合作完成的。在此之前，我們曾在 Expedia Group 共事。她之前曾在多家多品牌網路公司創建過共享行銷框架。

That project has been really illuminating in order to inform our 2026 decisions.

該計畫對我們制定 2026 年的決策提供了非常有益的參考。

So if you take all these different things together that we've mentioned, the Tinder user tests, the Tinder testing in Australia, a shared understanding of what marketing efficacy is across all of our brands, the IAP savings that Steve just talked about, now, you have a little window into what the next couple of weeks are going to be for us, as we go through business unit by business unit, creating our annual plans for 2026, rolling them up, discussing them with the Board, making final decisions about how we're going to operate the company by the end of the year and then, communicating it with all of you in early February at earnings.

所以，如果我們把我們提到的所有這些不同的事情放在一起考慮，例如 Tinder 用戶測試、Tinder 在澳洲的測試、我們所有品牌對行銷效果的共同理解、Steve 剛才提到的應用程式內購買節省，那麼現在，你們就可以大致了解接下來幾週我們的工作安排了。我們將逐一業務部門地制定 2026 年的年度計劃，匯總這些計劃，與董事會討論，在年底前就公司運營方式做出最終決定，然後在 2 月初的財報發布會上與大家溝通。

But it's great to be going into that process with the work done on Project Prism so we understand marketing efficacy by brand; with the work still in flight on the Tinder front, in terms of the different testing that we've been doing but much more well informed than we were even a couple of weeks ago now that we have a lot of these features in flight and we're starting to see the impact on user outcomes, as well as revenue and expenses.

但很高興能帶著在「棱鏡專案」上所做的工作進入這個過程，這樣我們就能了解各個品牌的營銷效果；雖然在 Tinder 方面，我們仍在進行各種測試，但與幾週前相比，我們現在掌握的信息要多得多，因為我們已經有很多功能投入使用，並且開始看到它們對用戶體驗、收入和支出的影響。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Spencer, you mentioned you'll assess next year's growth and investment opportunities as you think about how your product and marketing is trending. My question is: What will you be looking at? Is it predominantly the inflection in top of the funnel that will give you more confidence in your product roadmap working and/or marketing initiatives working? If it is somewhat slower than expected, is it fair to assume you'll reinvest to the degree that it makes sense? How should we think about that as we think of next year?

史賓塞，你提到你會根據產品和行銷的發展趨勢來評估明年的成長和投資機會。我的問題是：你們會關注什麼？漏斗頂部的轉折點是否主要會讓你對產品路線圖和/或行銷措施的有效性更有信心？如果成長速度比預期慢一些，是否可以合理地假設你會進行再投資？我們在考慮明年的時候該如何看待這個問題？

Yeah. I'm solving for or maximizing against what I think will make the stock price higher three years from now. There are hundreds of puts-and-takes that go into that, from user outcomes to revenue to audience on Tinder, market expansion on Hinge. There are so many different variables that impact that.

是的。我正在求解或最大化我認為三年後能使股票價格上漲的因素。這其中涉及數百個權衡取捨，從用戶體驗到收入，再到 Tinder 的用戶群體，以及 Hinge 的市場擴張。影響因素很多。

But if there's a single North Star to try to explain how I'm bringing it all together and the way the leadership team is bringing it all together, that's the one.

但如果要用一個北極星來解釋我是如何將這一切整合起來的，以及領導團隊是如何將這一切整合起來的，那就是它了。

I think the big question marks going into 2026, of course, are going to be what level of profitability do we choose to run Tinder at? To date, Match Group has chosen to run Tinder at a much higher level of profitability than Hinge.

我認為，展望 2026 年，最大的疑問當然是我們應該選擇將 Tinder 的獲利水準設定在什麼範圍內？迄今為止，Match Group 選擇的 Tinder 獲利水準遠高於 Hinge。

The two components of that are:

這其中包含兩個部分：

How much benefit users get. In other words, if we decide to give more value to users.

用戶能獲得多少好處？換句話說，如果我們決定為用戶提供更多價值。

What type of cost of acquisition we choose to deploy against Tinder?

我們選擇對 Tinder 實施哪一種獲客成本策略？

So those are some of the key questions that we'll face going into planning. Now, you understand how I'm making the decision is what do I think the stock price will be a couple of years from now.

所以，這些就是我們在製定計畫時將面臨的一些關鍵問題。現在，你應該明白我做決定的方式了，那就是我認為幾年後股價會是多少。

Of course, the key component of the stock price are -- you know this better than anyone, stock prices at net present value is stream of future cash flows, ultimately, divided by the shares outstanding, which, of course, -- as Steve mentioned, we bought back 8% of our shares year over year, which is pretty extraordinary and is worth highlighting.

當然，股價的關鍵組成部分是——你比任何人都清楚這一點——股票價格的淨現值是未來現金流的最終值，除以流通股數量，當然——正如史蒂夫提到的，我們每年回購8%的股票，這非常了不起，值得強調。

Youssef Squali, Truist.

Youssef Squali，Truist。

Spencer, can you please talk about the state of the broader dating in the market in the US -- how it's performing -- given the the macro environment, competitive intensity? Any early read or impacts from Facebook Dating?

史賓塞，您能否談談美國約會市場的整體狀況——在當前的宏觀環境和競爭強度下，它的表現如何？Facebook Dating 有什麼早期跡像或影響嗎？

And then, Steve, just quickly, what does the Q4 revenue guide imply, in terms of payers's growth and RPP?

那麼，史蒂夫，請快速回答一下，第四季度收入預期對支付方的成長和 RPP 意味著什麼？

Yeah. We've always had competitors. I'm sure we'll always continue to have competitors, whether they be big tech companies or start-ups. I like our brands. I like the network effects that the brands provide.

是的。我們一直都有競爭對手。我相信我們永遠都會有競爭對手，無論是大型科技公司還是新創公司。我喜歡我們的品牌。我喜歡這些品牌帶來的網路效應。

Our biggest challenge, as a company, is growing category acceptance. I think there was a prior question, which I only answered partially, about bringing new people into the category. There are 250 million people, globally, that are single and dating in countries that we serve that are not on dating apps. 250 million.

作為一家公司，我們面臨的最大挑戰是提高品類接受度。我認為之前有一個問題，關於如何將新人納入這個類別，我只部分回答了這個問題。在我們服務的國家/地區，全球有2.5億單身人士正在約會，但他們沒有使用約會應用程式。 2.5億。

Only $30 million of those have used dating apps and they're not currently using data apps. 220 million of them have never been in the category.

其中只有3000萬人使用過約會應用，而且他們目前未使用數據應用程式。另有2.2億人從未涉足過這一領域。

So to the extent that Meta and Facebook or any competitor educates people that they can use a dating app, they can use the power of technology to safely meet people and get up off the couch and go out on dates and form human connections, that benefits Match Group as the category leader, especially because this is a category with multi-app usage.

因此，如果 Meta、Facebook 或任何競爭對手能夠讓人們意識到他們可以使用約會應用程序，利用科技的力量安全地結識新朋友，走出家門去約會，建立人際關係，那麼作為該領域的領導者，Match Group 將會從中受益，尤其是在這個領域存在多應用程序使用的情況下。

So we welcome any and all initiatives, whether they've come from Match Group, such as our Face Check initiative, which we think brings new people into the category as we improve trust and safety in the apps or others, such as Meta, to raise attention and awareness to the power of technology to drive human connections. That's what we're here for.

因此，我們歡迎所有舉措，無論是來自 Match Group 的舉措，例如我們的 Face Check 舉措（我們認為，隨著我們提高應用程式的信任度和安全性，該舉措會吸引新用戶加入該類別），還是來自其他機構的舉措，例如 Meta 舉措（旨在提高人們對技術在推動人際關係方面的力量的關注和認識）。這就是我們來這裡的目的。

Steve, you can do the second one?

史蒂夫，你能做第二個嗎？

Yeah. Let me touch on macro first. The way I would describe it is we continue to see the same trend that we've seen earlier this year. We've talked about the last couple of calls, where it's some -- a little bit of weakness, not a lot but a little bit of weakness on ALC amongst younger users on Tinder. That trend hasn't gotten any worse but it also hasn't gotten any better either. So a little bit more of the same.

是的。我先簡單談談宏觀經濟。我的描述是，我們繼續看到與今年早些時候相同的趨勢。我們已經討論過最近幾次通話，其中 Tinder 上的年輕用戶對 ALC 的接受度略有下降，雖然不多，但確實存在一些疲軟的跡象。這種趨勢既沒有惡化，也沒有好轉。所以情況還是老樣子。

We're not seeing it on any other part of the Tinder business. We're not seeing it on the subscription revenue. We're also not seeing it across any of our other brands or at Hinge.

我們在 Tinder 業務的其他任何方面都沒有看到這種情況。我們從訂閱收入中並沒有看到這一點。我們在我們旗下的其他品牌或 Hinge 平台也沒有發現這種情況。

So we'll keep looking at it closely but that's what we're seeing today.

所以我們會繼續密切關注，但這就是我們目前看到的情況。

And then, on payers and RPP, we don't typically guide to pairs and RPP. Specifically, we're focused on revenue and user growth. But those metrics have been -- the trend of those metrics has been relatively stable, just like MAU trends have been relatively stable. I expect something similar in Q4.

此外，關於付款人和 RPP，我們通常不會指導配對和 RPP。具體來說，我們專注於收入和用戶成長。但這些指標的趨勢一直相對穩定，就像月活躍用戶數的趨勢一直相對穩定一樣。我預計第四季情況類似。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

Maybe just one on Face Check. You mentioned it being fully rolled out in the US by the end of the year. I just want to clarify: Does that include existing users? If it doesn't, could you just give us a bit of an update on your thinking about rolling out to that cohort of users for Tinder?

或許只在 Face Check 上試一次。您提到這項服務將於今年底前在美國全面推出。我想確認一下：這是否包括現有用戶？如果不行，您能否簡單介紹一下您關於向 Tinder 這部分用戶推出該功能的想法？

And then, maybe just one follow-up. Any early read on the level of inefficient marketing spend that you've been able to identify with Project Prism?

然後，或許只需要一次後續跟進。您透過「棱鏡計畫」初步了解到哪些行銷支出效率低？

Yeah. Face Check only applies to newly created accounts because that's the vector that bad actors use to attack us. So spam accounts from bad actors create brand-new accounts. Therefore, we can stop those with Face check. That's exactly what's happening. As I've mentioned, 60% reduction in interactions with spam accounts.

是的。臉部辨識僅適用於新建立的帳戶，因為這是惡意行為者攻擊我們的途徑。因此，惡意行為者的垃圾帳戶會建立新帳戶。因此，我們可以透過人臉辨識來阻止這些人。事實正是如此。正如我之前提到的，與垃圾帳戶的互動減少了 60%。

I don't remember if I mentioned -- I think I mentioned it vaguely but to give a little more detail on the perceived improvement in trust and safety from Face Check, we survey users and we say, do you believe the profiles that you see on Tinder are real? In Face Check markets, 5% to 10% more folks are saying, yes, they believe that the profiles they see on Tinder are real.

我不記得我是否提到過——我想我曾含糊地提到過，但為了更詳細地說明 Face Check 在提升信任度和安全性方面帶來的變化，我們會調查用戶，問他們：您認為您在 Tinder 上看到的個人資料是真實的嗎？在 Face Check 市場中，有 5% 到 10% 的人表示，他們相信在 Tinder 上看到的個人資料是真實的。

So it's not just improving safety and authenticity, it's actually improving perceived authenticity, which is so critical to driving category reconsideration.

所以，這不僅僅是提高安全性和真實性，實際上還提高了感知真實性，這對於推動品類重新思考至關重要。

Marketing. Yeah. What I would say there is, unsurprisingly, Hinge's marketing drives new registrants, new downloads, or SPARKS at a lower cost per than Tinder's does. That makes sense for a couple of reasons.

行銷.是的。不出所料，Hinge 的行銷活動在吸引新註冊用戶、新下載量或 SPARKS 方面的成本低於 Tinder。這有兩方面的原因。

First of all, Hinge is a newer brand. Hinge's product is better at taking users and moving it down the funnel in that way. More of Tinder's spend is focused on brand marketing than direct response user acquisition. The reason for that is Tinder is trying to drive reconsideration and change user perception, whereas Hinge has a pristine user perception. And so, therefore, most of their spend can be focused on user acquisition.

首先，Hinge 是一個比較新的品牌。Hinge 的產品更擅長引導使用者並沿著銷售漏斗向下移動。Tinder 的支出更集中在品牌行銷上，而不是直接的用戶獲取。原因在於 Tinder 試圖推動使用者重新思考並改變使用者認知，而 Hinge 則保持著完美的使用者認知。因此，他們的大部分支出可以集中用於用戶獲取。

User acquisition spend is always going to be more effective on paper than brand spend will be. So that's not surprising.

用戶獲取方面的投入在理論上總是比品牌投入更有效。所以這並不奇怪。

As we go into 2026 -- and we think about the marketing levels that we want to run the company at and the allocations between the brands -- we'll have to weigh that, of course. But, boy, it feels good to be going to that decision, actually having some levers to look at.

展望 2026 年，當我們思考公司希望達到的行銷水平以及各個品牌之間的分配時，我們當然需要權衡這些因素。但是，說真的，能夠做出這樣的決定，並且真正有一些可以考慮的因素，這種感覺真好。

Previously, we were flying this plane without an altimeter. Now, we actually can see some metrics across different brands and start making informed decisions, based on that.

之前，我們駕駛這架飛機時沒有高度表。現在，我們實際上可以看到不同品牌的一些指標，並開始據此做出明智的決策。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

This is Georgia, on for Rob. Thanks for the color on Sparks and MAUs.

這裡是喬治亞，為您報道羅布。感謝你為 Sparks 和 MAU 增添色彩。

Last quarter, you noted some encouraging movement at the top of the funnel. Can you provide an update on that, so far?

上個季度，您注意到銷售漏斗頂端出現了一些令人鼓舞的進展。您能否提供一下目前為止的最新進展？

Yeah. Thanks for the question, Georgia.

是的。謝謝你的提問，喬治亞。

Our Tinder monthly active users at the top of the funnel is basically down high-single digits, similar to where it's been for the last couple of months. It moves around a little bit, based on different tests that we're running. As I already mentioned, initiatives like Face Check and recommendations can improve user outcomes but can and, sometimes, do hurt mostly active users. But it basically stabilized in that range.

我們 Tinder 月活躍用戶（位於用戶轉換漏斗頂端）基本上下降了個位數，與過去幾個月的情況類似。根據我們進行的不同測試，它的位置會略有變化。正如我之前提到的，像人臉檢查和推薦這樣的措施可以改善用戶體驗，但有時也會對活躍用戶造成傷害。但基本上穩定在這個範圍內。

It's worth noting Tinder revenue is down 3% year over year this quarter. Last quarter, it was down 4%. So revenue also has stabilized. Obviously, we don't want it to stabilize down year over year. But it's nice to see that we're starting to see some stabilization for some of those metrics.

值得注意的是，Tinder本季的營收年減了3%。上個季度下降了4%。因此，收入也趨於穩定。顯然，我們不希望它逐年趨於穩定。但令人欣慰的是，我們看到其中一些指標開始趨於穩定。

Of course, as I think I said last call, the first thing you have to do if you're trying to turn around the line that's slipping down is you've got to get that line to flat. So it's nice to see some of those lines starting to flatten.

當然，正如我上次所說，如果你想扭轉下滑的趨勢，首先要做的是讓這條線保持在水平。很高興看到其中一些曲線開始趨於平緩。

Thank you very much. We look forward to talking to you next quarter.

非常感謝。我們期待下個季度與您再次洽談。

Thanks, everyone. Have a great day.

謝謝大家。祝你有美好的一天。

This concludes our question-and-answer session. The conference has now concluded.

我們的問答環節到此結束。會議已經結束。

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

感謝各位參加今天的報告會。您現在可以斷開連線了。