Match Group Inc (MTCH) 2025 Q4 法說會逐字稿

Welcome to the Match Group fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Match Group 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Tanny Shelburne, Senior Vice President 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坦尼·謝爾伯恩。請繼續。

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 to questions.

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。他們會做簡短的發言，然後我們會開放提問環節。

Good afternoon, and thanks for joining us. Just one year ago, I became CEO of Match Group. From day one, my focus was clear, prioritize user outcomes to rebuild trust and position Match Group to lead the next chapter of human connection.

下午好，感謝各位的參與。就在一年前，我成為了Match Group的執行長。從一開始，我的目標就很明確：優先考慮使用者成果，重建信任，使 Match Group 能夠引領人際互動的下一個篇章。

Given Tinder's scale and importance, I also took direct ownership of its turnaround. To guide this work, I laid out a simple three-phase transformation: reset the company, revitalize the products, and drive a resurgence with our audiences and over time, our financials. We completed the reset phase by putting user outcomes at the center of everything we do, rationalizing costs and shifting from a siloed organization to a more collaborative One MG approach.

鑑於 Tinder 的規模和重要性，我也直接負責了它的轉型。為了指導這項工作，我制定了一個簡單的三階段轉型計劃：重塑公司，重振產品，推動受眾群體的復甦，並隨著時間的推移，推動財務狀況的復甦。我們透過將使用者成果置於我們一切工作的中心、合理化成本以及從孤立的組織轉向更具協作性的 One MG 方法，完成了重置階段。

With that foundation in place, we are now firmly in the revitalize phase, focused on delivering clear value to users and building experiences that lead to real human connection. We have compelling 2026 product roadmaps across the company. And at Tinder, I'm confident that by the end of this year, the product will feel meaningfully different.

有了這樣的基礎，我們現在正穩步進入復興階段，專注於為用戶提供明確的價值，並建立能夠帶來真正人際聯繫的體驗。我們公司製定了極具吸引力的 2026 年產品路線圖。而且，我相信到今年年底，Tinder 的產品體驗將會顯著改變。

Before focusing on Tinder, I first want to highlight our financial performance in 2025 and our expectations for 2026, which Steve will then cover in more detail. In 2025, we achieved our Match Group revenue and margin goals, excluding the discrete items we've called out in prior quarters and generated over $1 billion in free cash flow, which we returned to shareholders through nearly $800 million of share buybacks and nearly $200 million in dividends, reducing our diluted shares outstanding by 7% year over year.

在重點介紹 Tinder 之前，我想先重點介紹一下我們 2025 年的財務業績以及我們對 2026 年的預期，史蒂夫隨後會更詳細地介紹這些內容。2025 年，我們實現了 Match Group 的收入和利潤目標（不包括我們在前幾個季度中提到的個別項目），並產生了超過 10 億美元的自由現金流，我們透過近 8 億美元的股票回購和近 2 億美元的股息將這些現金返還給了股東，使我們的稀釋後流通股數量同比減少了 7%。

And we did this while making meaningful progress on the Tinder turnaround and continuing to invest in Hinge.

同時，我們在扭轉 Tinder 頹勢方面取得了實質進展，並繼續投資 Hinge。

In 2026, we expect Tinder year-over-year Direct Revenue declines to be similar to 2025 as we continue to make product changes to improve user outcomes and drive long-term sustainable growth, but with short-term revenue trade-offs.

2026 年，我們預計 Tinder 的直接收入同比下降幅度將與 2025 年類似，因為我們將繼續進行產品變革以改善用戶體驗並推動長期可持續增長，但這會帶來短期收入方面的權衡。

Across the rest of the portfolio, we expect continued strong Direct Revenue growth at Hinge, while Evergreen & Emerging or E&E and MG Asia continued to face headwinds. We are reinvesting savings from last year's workforce reductions and alternative payments initiative into Tinder and Hinge product and marketing to drive long-term growth and shareholder value. Together, we expect this to result in relatively flat Match Group Total Revenue year over year in 2026 and adjusted EBITDA margins broadly in line with last year's, excluding the discrete items we've discussed.

在其他投資組合方面，我們預計 Hinge 的直接收入將繼續保持強勁成長，而 Evergreen & Emerging (E&E) 和 MG Asia 將繼續面臨不利因素。我們將去年透過裁員和替代支付計劃節省下來的資金重新投入到 Tinder 和 Hinge 的產品和行銷中，以推動長期成長和股東價值。我們預計，這將導致 Match Group 2026 年的總收入與上年基本持平，調整後的 EBITDA 利潤率與去年基本持平（不包括我們討論過的特殊項目）。

Now let me go a level deeper on Tinder. The most important leading indicators we track for product efficacy are Sparks and Spark Coverage. Sparks reflect the number of users engaging in a six-way conversation, which we believe is a strong proxy for real connection. Spark Coverage measures what percent of our users get a Spark in that period. Both metrics are improving, including among Gen Z users in the US.

現在讓我更深入地探討一下Tinder。我們追蹤產品功效的最重要領先指標是 Sparks 和 Spark Coverage。Sparks 反映了參與六方對話的用戶數量，我們認為這是真實聯繫的有力指標。Spark 覆蓋率衡量的是我們的用戶在特定時期內獲得 Spark 的百分比。這兩項指標都在改善，包括美國 Z 世代用戶的情況。

Globally, total Sparks were down 11% year over year in December 2024 compared to down 5% year over year in December 2025. Similarly, global Spark Coverage improved from down 1% to up 4% year over year over that same period. Our product work is paying off.

全球範圍內，2024 年 12 月 Sparks 總銷量年減 11%，而 2025 年 12 月 Sparks 總銷量較去年同期下降 5%。同樣，同期全球 Spark 覆蓋率也從年減 1% 改善至年上升 4%。我們的產品研發工作正在發揮成效。

Our data indicates that Sparks drive retention. Retention helps stabilize monthly active users or MAU and stabilized MAU supports revenue recovery over time. It is the earliest measurable signal that the ecosystem is healing, and I'm very encouraged by these trends.

我們的數據顯示，Sparks 可以提高用戶留存率。留存率有助於穩定每月活躍用戶數 (MAU)，而穩定的 MAU 有助於隨著時間的推移實現收入恢復。這是生態系統正在恢復的最早可衡量的訊號，這些趨勢令我深受鼓舞。

We also closely tracked new registrations as a leading indicator of future MAU growth. Globally, new registration trends have improved significantly, down 5% year over year in Q4 compared to down 12% year over year in Q2, also a very positive signal. MAU naturally lags. But again, we're starting to see some progress here as well.

我們也密切關注新註冊用戶數，將其作為未來月活躍用戶數成長的領先指標。在全球範圍內，新車註冊趨勢已顯著改善，第四季度同比下降 5%，而第二季度同比下降 12%，這也是一個非常積極的信號。月活躍用戶數自然會滯後。但是，我們也開始看到這方面取得了一些進展。

MAU was down 9% year over year in Q4 compared to down 10% year over year in Q3. In fact, year-over-year MAU declines in December improved by at least 2 points across 15 countries, together representing approximately one-third of Tinder's global MAU and in 10 of those markets we're actively testing new marketing strategies. This momentum has continued into early 2026, driven by better retention of existing users.

第四季每月活躍用戶數較去年同期下降 9%，第三季較去年同期下降 10%。事實上，12 月的月活躍用戶年減量在 15 個國家/地區至少改善了 2 個百分點，這些國家加起來約佔 Tinder 全球月活躍用戶的三分之一，並且我們正在其中 10 個市場積極測試新的行銷策略。這一勢頭一直延續到 2026 年初，這主要得益於現有用戶留存率的提高。

Much of this progress is a result of our increased focus on improving the experience for women and in turn for all users through greater relevance and stronger safety. For example, we've been testing new AI-driven recommendation algorithms, which affect the order of profiles shown to women.

這項進展很大程度上歸功於我們更加重視改善女性用戶的體驗，進而透過提高相關性和增強安全性來改善所有用戶的體驗。例如，我們一直在測試新的人工智慧驅動的推薦演算法，這些演算法會影響向女性展示的個人資料的順序。

Project Aurora has been an important learning engine, allowing us to test multiple high conviction product changes together in the single market, Australia. In tests, Sparks went from down 14% in December 2024 to down around 8% year over year in December 2025. And Sparks Coverage reversed declines from down 2% to up 2% year over year over that same period.

「極光計畫」是一個重要的學習引擎，使我們能夠在澳洲這個單一市場同時測試多個高置信度的產品變更。在測試中，Sparks 的年減幅從 2024 年 12 月的 14% 降至 2025 年 12 月的約 8%。同期，Sparks Coverage 的年降幅由下降 2% 轉為上升 2%。

MAU trends have also improved in Australia from down 12% in January 2025 to down 9% in December 2025. And improvement was even more pronounced among women over that same period. Importantly, the negative revenue impact from these product changes continues to be less than we expected. This gives us a lot of confidence that the turnaround is working.

澳洲的每月活躍用戶數趨勢也有所改善，從 2025 年 1 月下降 12% 到 2025 年 12 月下降 9%。同期，女性的改善情況更為顯著。重要的是，這些產品變化帶來的負面收入影響仍然小於我們的預期。這讓我們對扭轉局勢的成效充滿信心。

Our 2026 product roadmap at Tinder directly addresses the most common Gen Z pain points. They want better outcomes, so we're focusing on relevance and match quality. They want authenticity and trust. So we're further strengthening verification and safety. And they're feeling dating fatigue, so we're redesigning discovery to be more expressive and less repetitive.

Tinder 的 2026 年產品路線圖直接針對 Z 世代最常見的痛點。他們想要更好的結果，所以我們專注於相關性和匹配品質。他們渴望真實和信任。因此，我們將進一步加強驗證和安全措施。他們感到約會疲勞，所以我們正在重新設計發現功能，使其更具表現力，減少重複。

The early indicators give us confidence in our strategy, and I expect more lagging indicators like year-over-year MAU trends to improve throughout the year as we execute on the product roadmap. Our objective is to reestablish Tinder as sustainable growth business in 2027 and beyond by restoring durable user engagement and relevance at scale.

早期指標讓我們對自己的策略充滿信心，我預計隨著我們執行產品路線圖，像同比月活躍用戶數趨勢這樣的落後指標將在今年內得到改善。我們的目標是透過大規模恢復持久的用戶參與度和相關性，使 Tinder 在 2027 年及以後重新成為一家可持續成長的企業。

While this approach involves making some near-term revenue trade-offs, we believe it ultimately strengthens Tinder's long-term monetization engine and will provide opportunities to increase both payer penetration and revenue per payer as user outcomes and the overall ecosystem improve.

雖然這種方法需要在短期內做出一些收入上的權衡，但我們相信它最終會增強 Tinder 的長期盈利能力，並且隨著用戶體驗和整個生態系統的改善，它將為提高付費用戶滲透率和每位付費用戶的收入提供機會。

On March 12, Tinder will host our first-ever product event in Los Angeles to showcase upcoming feature updates, AI-driven innovations, and a deeper look into our road map. The event will be webcast and available via our Investor Relations website.

3月12日，Tinder將在洛杉磯舉辦首屆產品發表會，展示即將推出的功能更新、人工智慧驅動的創新，並深入探討我們的產品路線圖。本次活動將進行網路直播，可透過我們的投資者關係網站觀看。

Turning now to Hinge. Our latest research with Harris Poll shows that roughly 80% of Gen Z singles want meaningful relationships, much higher rates than older generations. And we believe our platforms will increasingly be where those connections begin. Hinge continues to be the leading app in this intentional or focused dating space with strong user growth and revenue momentum.

現在轉向Hinge。我們與哈里斯民意調查公司合作的最新研究表明，大約 80% 的 Z 世代單身人士渴望建立有意義的戀愛關係，這一比例遠高於老一代。我們相信，我們的平台將日益成為這些連結的起點。Hinge 繼續保持在有目的性或專注型約會領域的領先地位，用戶成長和收入勢頭強勁。

Hinge's exceptional performance reflects clear positioning, disciplined execution, and a simple north star of getting users on more great dates. Trust and safety is the foundation for this Hinge experience, built upon Tinder's successful rollout of Face Check. Hinge is also rapidly rolling this feature out in key markets. By the end of Q1, we expect Tinder to launch Face Check globally in the majority of markets and Hinge to have rolled out in some of its major markets.

Hinge 的出色表現反映了其清晰的定位、嚴謹的執行以及讓用戶獲得更多美好約會的簡單目標。信任和安全是 Hinge 體驗的基礎，它建立在 Tinder 成功推出的臉部辨識功能之上。Hinge 也正在重點市場快速推出此功能。預計到第一季末，Tinder 將在全球大部分市場推出人臉辨識功能，而 Hinge 也將在其一些主要市場推出此功能。

On Tinder, Face Check has led to a more than 50% reduction in interactions with bad actors in markets where it's been rolled out with only a minimal impact on revenue, and we expect it to meaningfully improve Hinge's user experience as well.

在 Tinder 上，臉部辨識功能已在已推出的市場中使用戶與不良行為者的互動減少了 50% 以上，且對收入的影響微乎其微。我們預計該功能也將顯著改善 Hinge 的使用者體驗。

In Q1, Hinge is also testing features that help users get out on great dates faster, including Direct to Date, which clarifies intent to accelerate IRL or in real life plans. And a redesigned onboarding experience to build confidence in profile creation.

第一季度，Hinge 也正在測試一些功能，幫助用戶更快找到合適的約會對象，包括「直接約會」功能，可以明確用戶想要加快現實生活中約會計畫的意圖。重新設計了用戶註冊流程，以增強用戶創建個人資料的信心。

Hinge will also roll out an AI-driven feature, Convo Starters to more countries following its successful rollout in the US in December. Hinge is poised to stay at the forefront of product innovation in the category, and it continues to show broad appeal, not only in the US but also across every international market, it has entered.

Hinge 也將把人工智慧驅動的功能「對話開場白」推廣到更多國家，此前該功能已於 12 月在美國成功推出。Hinge 預計將繼續保持在該品類產品創新方面的領先地位，並且不僅在美國，而且在其進入的每個國際市場都持續展現出廣泛的吸引力。

Hinge officially entered its first non-English-speaking market in Q2 of 2022, supported by already strong organic traction. Since then, Hinge is actively marketed in 12 European countries, its European expansion markets, where it is the top downloaded app as of December 2025. In these markets, Hinge ended 2025 with over 3.3 million monthly active users, up from only 200,000 at launch.

Hinge 在 2022 年第二季正式進入第一個非英語市場，這得益於其強勁的自然成長勢頭。從那時起，Hinge 積極在 12 個歐洲國家（其歐洲擴張市場）進行市場推廣，截至 2025 年 12 月，它是這些國家下載量最高的應用程式。在這些市場，Hinge 到 2025 年底的月活躍用戶超過 330 萬，而剛推出時只有 20 萬。

User growth continues to scale rapidly with MAU growing nearly 50% year over year in 2025. We expect Hinge to deliver over $100 million of Direct Revenue in 2026 in its European expansion markets with significant runway ahead.

用戶成長持續快速成長，預計到 2025 年，每月活躍用戶數將年增近 50%。我們預計 Hinge 到 2026 年將在其歐洲擴張市場實現超過 1 億美元的直接收入，未來將有很大的成長空間。

In the second half of 2025, Hinge successfully launched in both Mexico and Brazil, where very early results have far outpaced our expectations. Hinge was already the second most downloaded dating app in Mexico and Brazil as of December 2025 and is clearly resonating with intentioned daters.

2025 年下半年，Hinge 在墨西哥和巴西成功上線，早期業績遠超預期。截至 2025 年 12 月，Hinge 已成為墨西哥和巴西下載量第二高的約會應用程式，顯然受到了有約會意願用戶的歡迎。

Building on this momentum, Hinge plans to expand to three additional Latin American markets in 2026: Argentina, Chile, and Peru, and into its first APAC market, India. Hinge has already built a meaningful organic presence in India with over 1 million monthly active users in 2025, growing 40% year over year without marketing spend.

憑藉這一發展勢頭，Hinge 計劃於 2026 年拓展至三個拉丁美洲市場：阿根廷、智利和秘魯，以及其首個亞太市場——印度。Hinge 在印度建立了顯著的自然用戶基礎，預計到 2025 年，其每月活躍用戶將超過 100 萬，在沒有行銷支出的情況下，年增長率達到 40%。

Overall, Hinge is on track with the targets we've shared previously and demonstrates how a strong focus on product market fit and user outcomes can drive durable growth and long-term shareholder value.

總體而言，Hinge 正朝著我們先前公佈的目標穩步前進，這表明，高度重視產品市場契合度和用戶成果可以推動持久成長和長期股東價值。

Taken together, the work at Tinder and Hinge gives us greater clarity on how the portfolio fits together and how we can unlock new value with focus and investment. Our robust multi-brand portfolio provides scale, rich data for multiple apps in a multi-app usage category, and the ability to serve a different user intents while preserving strong and distinct brand identities.

綜合來看，Tinder 和 Hinge 的工作讓我們更清楚地了解投資組合是如何相互契合的，以及我們如何透過專注和投資來釋放新的價值。我們強大的多品牌組合提供了規模優勢，為多應用程式使用類別中的多個應用程式提供了豐富的數據，並且能夠在保持強大而獨特的品牌形象的同時，滿足不同的用戶意圖。

We've introduced a simple internal framework to articulate how we position our brands based on how they solve users' needs. At one end of the portfolio is fun, where Tinder leads with social low-pressure connection. At another is focus where Hinge leads with intention and depth. And across familiarity, our affinity brands serve communities with shared intent and purpose.

我們引入了一個簡單的內部框架，以闡明我們如何根據品牌解決用戶需求的方式來定位我們的品牌。該產品組合的一端是娛樂，例如 Tinder，它以輕鬆的社交聯繫為主導。另一個重點是Hinge以意圖和深度引領潮流。透過建立熟悉度，我們的關聯品牌服務於具有共同目標和目的的社群。

Some of our apps sit at the intersection of these user needs. For example, The League, our app for intentional dating among highly ambitious people, sits at the intersection of focus and familiarity. This rubric shows how we think about future growth, including M&A and incubations. It helps us identify white and gray space where unmet user needs exist and where we can build or acquire products that meaningfully expand how people connect.

我們的一些應用程式恰好滿足了這些用戶需求。例如，我們為雄心勃勃的人士打造的約會應用程式 The League，正是專注與熟悉感的交會點。該準則展示了我們如何看待未來的成長，包括併購和孵化。它幫助我們識別未被滿足的用戶需求的空白和灰色地帶，以及我們可以建立或收購能夠有意義地擴展人們聯繫方式的產品的領域。

Let me close with this. At the core of our vision for Match Group is a simple truth: humans need humans. In the world facing a growing loneliness and mental health crisis, we believe Match Group is uniquely positioned to make a positive impact by helping people form real connections. We believe Match Group plays a fundamentally different role in people's lives than most digital platforms.

最後我想補充一點。Match Group 的願景核心是一個簡單的真理：人需要人。在當今世界面臨日益嚴重的孤獨感和心理健康危機之際，我們相信 Match Group 擁有獨特的優勢，能夠透過幫助人們建立真正的聯繫來產生積極的影響。我們認為，Match Group 在人們的生活中扮演的角色與大多數數位平台有著本質上的不同。

Our goal is clear: help users get off their phones and into the real world where meaningful relationships actually form. Long-term value creation depends on delivering successful outcomes for our users. People will only use our products if they work. We believe AI is a core enabler of how we improve relevance and matching, strengthen trust and safety at scale, and increase the speed at which we learn and iterate.

我們的目標很明確：幫助使用者放下手機，走進現實世界，在那裡建立真正有意義的人際關係。長期價值創造取決於為使用者帶來成功的結果。人們只會使用真正有效的產品。我們相信人工智慧是提高相關性和匹配度、大規模加強信任和安全性以及加快學習和迭代速度的核心推動因素。

The early progress we're seeing in our technology, product quality, and user outcomes reinforce our decision to double down on these initiatives, all while maintaining a commitment to returning meaningful capital to shareholders through buybacks and our dividend, and boost our confidence in the turnarounds already underway at Match Group.

我們在技術、產品品質和使用者體驗方面取得的早期進展，更加堅定了我們加倍投入這些舉措的決心，同時我們也致力於透過股票回購和分紅向股東返還有意義的資本，並增強了我們對 Match Group 正在進行的轉型工作的信心。

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

接下來，我將把麥克風交給史蒂夫。

Thanks, Spencer. Today, I'll share more details on our latest performance and discuss our guidance for Q1 and full year 2026. Unless otherwise noted, all amounts are on an as-reported basis, and comparisons will be discussed on a year-over-year basis. More details can be found in the financial table below.

謝謝你，史賓塞。今天，我將分享更多關於我們最新業績的細節，並討論我們對 2026 年第一季和全年的業績預期。除非另有說明，所有金額均按報告為準，比較將以同比進行。更多詳情請參閱下方的財務表格。

We finished 2025 with another quarter of strong execution. Total Revenue and adjusted EBITDA both exceeded the high end of our Q4 guidance. Total Revenue benefited from a smaller-than-expected impact from Tinder's user experience tests. These tests had a $6 million negative impact to Tinder Direct Revenue in Q4, which was $8 million less than we expected at the time of our last call, and adjusted EBITDA benefited from our ongoing cost efficiency efforts.

2025 年我們又一個季度保持了強勁的執行力。總收入和調整後 EBITDA 都超過了我們第四季度預期的上限。Tinder 用戶體驗測試的影響小於預期，因此總收入有所受益。這些測試對 Tinder 第四季的直接收入造成了 600 萬美元的負面影響，比我們上次電話會議時的預期少了 800 萬美元，而調整後的 EBITDA 則受益於我們持續的成本效率努力。

Diving deeper into Q4, Match Group delivered Total Revenue of $878 million, up 2% and flat on a foreign exchange neutral basis. Payers declined 5% to 13.8 million while RPP increased 7% to $20.72. Adjusted EBITDA was $370 million, up 14%, representing an adjusted EBITDA margin of 42%. Excluding an $8 million gain on the sale of an LA office building and $2 million of restructuring costs, adjusted EBITDA margin would have been 41%.

深入分析第四季度，Match Group 的總營收為 8.78 億美元，年增 2%，按匯率中性計算與去年同期持平。支付用戶數下降 5% 至 1,380 萬，而每用戶平均收入成長 7% 至 20.72 美元。調整後 EBITDA 為 3.7 億美元，成長 14%，調整後 EBITDA 利潤率為 42%。如果扣除出售洛杉磯辦公大樓獲得的 800 萬美元收益和 200 萬美元重組成本，調整後的 EBITDA 利潤率將為 41%。

For the full year 2025, Match Group delivered Total Revenue of $3.5 billion, flat both as reported and FXN.

2025 年全年，Match Group 的總收入為 35 億美元，按報告和 FXN 計算均與去年持平。

Adjusted EBITDA for the full year was $1.2 billion, down 1%, representing an adjusted EBITDA margin of 35%. Excluding the legal settlements, restructuring costs, and the sale of an LA office building each of which we've discussed in prior quarters, adjusted EBITDA margin would have been 38%, which meaningfully exceeded our 36.5% margin target provided at the beginning of 2025, primarily due to our restructuring efforts and alternative payment initiative.

全年調整後 EBITDA 為 12 億美元，下降 1%，調整後 EBITDA 利潤率為 35%。如果排除我們在前幾個季度討論過的法律和解、重組成本以及洛杉磯辦公大樓的出售，調整後的 EBITDA 利潤率將達到 38%，這顯著超過了我們在 2025 年初設定的 36.5% 的利潤率目標，這主要是由於我們的重組努力和替代支付計劃。

Tinder Q4 Direct Revenue was $464 million, down 3%, down 5% FXN. Tinder Payers declined 8% to 8.8 million and RPP grew 5% to $17.63. Adjusted EBITDA in the quarter was $263 million, up 1%, representing an adjusted EBITDA margin of 55%. For the full year, Tinder delivered Direct Revenue of $1.9 billion, down 4%, down 5% FXN.

Tinder 第四季直接營收為 4.64 億美元，下降 3%，以美元計算下降 5%。Tinder 付費用戶數下降 8% 至 880 萬，每筆 RPP 成長 5% 至 17.63 美元。本季調整後 EBITDA 為 2.63 億美元，成長 1%，調整後 EBITDA 利潤率為 55%。全年來看，Tinder 的直接收入為 19 億美元，下降 4%，以美元計算下降 5%。

Adjusted EBITDA was $941 million, down 7%, representing an adjusted EBITDA margin of 49%. Excluding the $61 million Candelore legal settlement charge and $5 million of restructuring costs, adjusted EBITDA margin would have been 52%.

調整後 EBITDA 為 9.41 億美元，下降 7%，調整後 EBITDA 利潤率為 49%。如果扣除 6,100 萬美元的 Candelore 法律和解費用和 500 萬美元的重組成本，調整後的 EBITDA 利潤率將為 52%。

Hinge Q4 Direct Revenue was $186 million, up 26%, up 24% FXN. Payers were up 17% to 1.9 million and RPP grew 8% to $32.96. Adjusted EBITDA was $67 million in Q4, up 54% and representing an adjusted EBITDA margin of 36%. For the full year, Hinge delivered Direct Revenue of $691 million, up 26%, up 25% FXN. Adjusted EBITDA was $226 million, up 36% for an adjusted EBITDA margin of 33%.

Hinge 第四季直接營收為 1.86 億美元，成長 26%，以外匯匯率計算成長 24%。支付用戶數成長 17% 至 190 萬，每用戶平均收入成長 8% 至 32.96 美元。第四季調整後 EBITDA 為 6,700 萬美元，成長 54%，調整後 EBITDA 利潤率為 36%。全年來看，Hinge 的直接收入為 6.91 億美元，年增 26%，以外匯匯率計算成長 25%。調整後 EBITDA 為 2.26 億美元，成長 36%，調整後 EBITDA 利潤率為 33%。

E&E Q4 Direct Revenue was $145 million, down 7%, down 9% FXN. Payers were down 14% to 2.1 million and RPP grew 8% to $22.53. Adjusted EBITDA was $48 million, flat year over year, representing adjusted EBITDA margin of 33%. For the full year, E&E delivered Direct Revenue of $594 million, down 8%, down 9% FXN. Adjusted EBITDA was $140 million, down 18% for an adjusted EBITDA margin of 23%.

E&E 第四季直接營收為 1.45 億美元，下降 7%，以外匯匯率計算下降 9%。付費用戶數下降 14% 至 210 萬，RPP 成長 8% 至 22.53 美元。調整後 EBITDA 為 4,800 萬美元，與前一年持平，調整後 EBITDA 利潤率為 33%。全年來看，E&E 的直接收入為 5.94 億美元，下降 8%，以外匯匯率計算下降 9%。調整後 EBITDA 為 1.4 億美元，下降 18%，調整後 EBITDA 利潤率為 23%。

Excluding the $14 million Federal Trade Commission legal settlement charge and $6 million of restructuring costs, adjusted EBITDA margin would have been 26%.

如果扣除 1,400 萬美元的聯邦貿易委員會法律和解費用和 600 萬美元的重組成本，調整後的 EBITDA 利潤率將為 26%。

Match Group Asia Direct Revenue in Q4 was $66 million, down 2%, down 1% FXN. Azar Direct Revenue was up 1%, both as reported and FXN. Pairs Direct Revenue was down 5%, down 4% FXN. Across Match Group Asia, Payers increased 3% to 1 million, while RPP declined 5% to $20.91. Adjusted EBITDA was $16 million, up 2%, representing an adjusted EBITDA margin of 25%.

Match Group Asia 第四季直接營收為 6,600 萬美元，下降 2%，按外匯計算下降 1%。Azar Direct 的收入成長了 1%，無論是按報告還是按 FXN 計算。Pairs Direct 收入下降 5%，以外匯匯率計算下降 4%。Match Group Asia 旗下支付方數量增加 3% 至 100 萬，而每筆交易平均收入下降 5% 至 20.91 美元。調整後 EBITDA 為 1,600 萬美元，成長 2%，調整後 EBITDA 利潤率為 25%。

For the full year, Match Group Asia Direct Revenue was $267 million, down 6%, down 5% FXN. Excluding the exit of our live streaming businesses, Match Group Asia Direct Revenue would have been flat year over year, up 1% FXN. Adjusted EBITDA was $66 million, up 9% and for an adjusted EBITDA margin of 25%. Including stock-based compensation expense, total expenses in Q4 were down 7%. Cost of revenue decreased 6% and represented 25% of Total Revenue, down 2 points as a percent of Total Revenue, driven by alternative payment savings.

全年來看，Match Group Asia 的直接收入為 2.67 億美元，下降 6%，以外匯計算下降 5%。如果排除退出直播業務的影響，Match Group Asia 的直接收入將與去年持平，以美元計算成長 1%。調整後 EBITDA 為 6,600 萬美元，成長 9%，調整後 EBITDA 利潤率為 25%。在計入股權激勵費用後，第四季總支出下降了 7%。營業成本下降了 6%，佔總收入的 25%，佔總收入的百分比下降了 2 個百分點，這主要得益於替代支付方式的節省。

Selling and marketing costs increased $6 million or 4% and but was flat at 17% of Total Revenue, primarily due to higher marketing spend at Hinge. General and administrative costs decreased 22%, down 3 points as a percent of Total Revenue to 10% driven by the gain on sale of an LA office building and lower legal fees.

銷售和行銷成本增加了 600 萬美元，增幅為 4%，但佔總收入的比例仍為 17%，這主要是由於 Hinge 的行銷支出增加所致。一般及行政費用下降了 22%，佔總收入的百分比下降了 3 個百分點，至 10%，這主要得益於出售洛杉磯辦公大樓的收益和法律費用的降低。

Product development costs remained flat at 12% of Total Revenue. Depreciation and amortization decreased by $10 million to $21 million due to lower internally developed capitalized software costs primarily at Tinder. Our trailing 12-month gross leverage was 3.2 times and net leverage was 2.4 times at the end of Q4. We ended the quarter with $1 billion of cash, cash equivalents and short-term investments on hand and plan to use $424 million of cash to pay off 2026 convertible notes on or before the maturity in June.

產品開發成本維持不變，佔總收入的 12%。由於 Tinder 等公司內部開發的資本化軟體成本降低，折舊和攤提減少了 1,000 萬美元，降至 2,100 萬美元。截至第四季末，我們過去 12 個月的總槓桿率為 3.2 倍，淨槓桿率為 2.4 倍。本季末，我們手頭上擁有 10 億美元的現金、現金等價物和短期投資，併計劃使用 4.24 億美元現金在 6 月到期日或之前償還 2026 年到期的可轉換票據。

In Q4, we repurchased 7.3 million shares at an average price of $33 per share on a trade date basis for a total of $239 million and paid $45 million in dividends. For the full year 2025, we delivered operating cash flow of $1.1 billion and free cash flow of $1 billion.

第四季度，我們以每股 33 美元的平均價格（以交易日計算）回購了 730 萬股股票，總計 2.39 億美元，並支付了 4,500 萬美元的股息。2025 年全年，我們實現了 11 億美元的營運現金流和 10 億美元的自由現金流。

Free cash flow was negatively impacted by the timing of the final Apple payment of the year, which we expected in December but did not receive until early January. For the full year 2025, we repurchased 24.7 million shares at an average price of $32 per share on a trade date basis for a total of $789 million, paid $186 million in dividends, and deployed $129 million of cash towards net share settlement of employee equity awards to reduce share dilution, equating to 108% of free cash flow in total.

自由現金流受到蘋果今年最後一筆款項支付時間的影響，我們原本預計在 12 月收到這筆款項，但直到 1 月初才收到。2025 年全年，我們以每股 32 美元的平均價格（按交易日計算）回購了 2,470 萬股股票，總計 7.89 億美元，支付了 1.86 億美元的股息，並投入了 1.29 億美元現金用於員工股權獎勵的淨股份結算，以減少股份稀釋，相當於自由現金流的 108%。

As of January 31, 2026, we've reduced diluted shares outstanding by 7% year over year, a meaningful accomplishment.

截至 2026 年 1 月 31 日，我們已將稀釋後流通股數年減了 7%，這是一項意義重大的成就。

Our Board of Directors declared a cash dividend of $0.20 per share, representing a 5% increase from our prior quarterly dividend. The dividend is payable on April 21, 2026, to shareholders of record as of April 7, 2026. The increased dividend reflects our commitment to providing shareholders with a predictable and consistent form of capital return. The dividend is expected to be paid on a quarterly basis going forward subject to approval by our Board of Directors.

我們的董事會宣布派發每股 0.20 美元的現金股息，比上一季股息成長 5%。股利將於 2026 年 4 月 21 日支付給截至 2026 年 4 月 7 日登記在冊的股東。提高股息體現了我們致力於為股東提供可預測和穩定的資本回報的承諾。預計今後將按季派發股息，但需經董事會批准。

Now for guidance. We expect Q1 Total Revenue for Match Group of $850 million to $860 million, up 2% to 3% year over year. This range assumes a 3.5 point tailwind from FX.

現在需要一些指導。我們預計 Match Group 第一季總營收為 8.5 億美元至 8.6 億美元，年增 2% 至 3%。這個範圍假設 FX 帶來 3.5 點的順風。

FXN, we expect Total Revenue to be down 1% to flat. We expect Match Group adjusted EBITDA of $315 million to $320 million, representing a 15% year-over-year increase and an adjusted EBITDA margin of 37% at the midpoint of the ranges. Q1 Total Revenue guidance assumes a $6 million negative impact to Tinder Direct Revenue from user experience tests.

FXN方面，我們預期總營收將下降1%至持平。我們預期 Match Group 的調整後 EBITDA 為 3.15 億美元至 3.2 億美元，年成長 15%，調整後 EBITDA 利潤率為 37%（取區間中位數）。第一季總收入預期假設用戶體驗測試將對 Tinder 直接收入造成 600 萬美元的負面影響。

For the full year 2026, we expect Match Group to deliver Total Revenue of $3.41 billion to $3.535 billion, approximately flat year over year at the midpoint of the range. This year-over-year range assumes a 1 point tailwind from FX, a nearly 1.5 point headwind from Tinder user experience tests and a 1 point headwind from the planned rollout of Face Check across the portfolio.

我們預計 Match Group 在 2026 年全年的總營收將達到 34.1 億美元至 35.35 億美元，與去年同期基本持平（取區間中位數）。這一同比範圍假設外匯市場帶來 1 個百分點的利好，Tinder 用戶體驗測試帶來近 1.5 個百分點的不利影響，以及計劃在整個產品組合中推廣 Face Check 功能帶來 1 個百分點的不利影響。

We expect full year 2026 indirect revenue to decline in the mid-teens percent.

我們預計 2026 年全年間接收入將下降 15% 左右。

We expect total Match Group adjusted EBITDA of $1.28 billion to $1.325 billion and adjusted EBITDA margin of 37.5% at the midpoint of the ranges as we reinvest savings into Tinder and Hinge to drive the revitalization phase of our transformation.

我們預計 Match Group 調整後 EBITDA 總額為 12.8 億美元至 13.25 億美元，調整後 EBITDA 利潤率為 37.5%（取區間中位數），因為我們將節省下來的資金再投資於 Tinder 和 Hinge，以推動我們轉型復興階段。

Our guidance assumes approximately $110 million of adjusted EBITDA savings in 2026 from alternative payments based on current app store policies. The app store fees we pay could change based on evolving litigation and regulatory changes both in the US and in other jurisdictions, including the Epic Games versus Apple case, which was recently sent back to the lower court.

根據我們目前的應用程式商店政策，我們的預測預計到 2026 年，透過替代支付方式可節省約 1.1 億美元的調整後 EBITDA。我們支付的應用程式商店費用可能會隨著美國和其他司法管轄區不斷變化的訴訟和監管變化而改變，包括最近被發回下級法院的 Epic Games 訴 Apple 一案。

We continue to monitor these events closely and will determine the appropriate course of action if and when there are future changes to app store policies.

我們將繼續密切關注這些事件，如果應用商店政策未來發生變化，我們將決定採取適當的應對措施。

At Tinder, we expect Direct Revenue to decline at approximately the same rate as 2025. Our guidance assumes a 3-point headwind from user experience tests and a 1 point headwind from the full rollout of Face Check. It also includes a $50 million increase in Tinder marketing spend for a total budget of approximately $230 million as we test in the marketing to support our product turnaround and user growth efforts.

Tinder預計，到2025年，直接收入將以大致相同的速度下降。我們的指導意見假設使用者體驗測試會帶來 3 個百分點的不利影響，而全面推出 Face Check 會帶來 1 個百分點的不利影響。此外，我們還將 Tinder 的行銷支出增加 5,000 萬美元，總預算約為 2.3 億美元，以測試行銷策略，支持我們的產品轉型和用戶成長工作。

We expect adjusted EBITDA margins of approximately 50% with alternative payment savings helping to offset higher marketing spend.

我們預計調整後的 EBITDA 利潤率約為 50%，替代支付方式節省的費用有助於抵消更高的行銷支出。

At Hinge, we expect continued strong Direct Revenue growth in the low to mid-20% and adjusted EBITDA margins in the mid- to high 30% with robust margin expansion driven by our plan to reinvest only one-third of Hinge's expected savings from alternative payments. Hinge remains on track to achieve $1 billion of revenue in 2027 with continued margin expansion.

Hinge 預計直接收入將繼續保持強勁增長，增長速度在 20% 到 25% 之間，調整後 EBITDA 利潤率將達到 30% 到 30% 之間，利潤率的強勁擴張將得益於我們計劃將 Hinge 預期從替代支付方式中節省的資金的三分之一進行再投資。Hinge 仍有望在 2027 年實現 10 億美元的營收目標，利潤率也將持續成長。

At E&E, we expect Direct Revenue to decline in the low double digits as we work to reinvigorate Emerging Brands growth by improving user outcomes. We expect adjusted EBITDA margins to expand to the high 20% with the completion of our platform consolidation efforts and from alternative payment savings.

在 E&E，我們預計直接收入將出現兩位數的低幅下降，因為我們將努力透過改善用戶體驗來重振新興品牌的成長。我們預計，隨著平台整合工作的完成以及替代支付方式的節省，調整後的 EBITDA 利潤率將擴大到 20% 以上。

And at Match Group Asia, we expect Direct Revenue to decline in the high single digits, reflecting Azar's ongoing block in Turkey and its global rollout of a new user verification technology, which builds upon Face Check. We also expect a 3-point FX headwind to Match Group Asia Direct Revenue.

Match Group Asia 預計直接收入將出現高個位數的下降，這反映了 Azar 在土耳其持續受到阻撓，以及其在全​​球範圍內推出基於 Face Check 的新用戶驗證技術。我們也預期匯率波動將對 Match Group 亞洲直接收入造成 3 個百分點的不利影響。

We expect adjusted EBITDA margins to be in the low to mid-20%. We expect free cash flow of $1.085 billion to $1.135 billion in 2026, an 8% year-over-year increase and representing 85% free cash flow conversion at the midpoint, due in part to the Apple payment we originally expected in December but received in January.

我們預計調整後的 EBITDA 利潤率將在 20% 左右。我們預計 2026 年自由現金流為 10.85 億美元至 11.35 億美元，年增 8%，按中間值計算自由現金流轉換率為 85%，部分原因是蘋果公司支付的款項我們原預計在 12 月收到，但實際上在 1 月就收到了。

We expect SBC expense of $250 million to $260 million and capital expenditures of $55 million to $65 million. Our effective tax rate is expected to be approximately 19%. Our capital allocation strategy remains unchanged, prioritizing organic investment in our business, capital return to shareholders through buybacks in the dividend, and selective M&A. We plan to continue net selling employee equity awards in 2026 to reduce dilution.

我們預計 SBC 支出為 2.5 億美元至 2.6 億美元，資本支出為 5,500 萬美元至 6,500 萬美元。我們的實際稅率預計約為 19%。我們的資本配置策略保持不變，優先考慮對業務進行有機投資，透過股票回購和分紅向股東返還資本，以及選擇性併購。我們計劃在 2026 年繼續淨出售員工股權獎勵，以減少股權稀釋。

We expect to use 100% of free cash flow for buybacks, dividends, and net selling employee equity awards over time. However, the percent of free cash flow used in any particular quarter or calendar year could vary due to a number of factors, including market conditions.

我們預計未來將 100% 的自由現金流用於股票回購、分紅和淨出售員工股權獎勵。然而，在任何特定季度或日曆年中使用的自由現金流百分比可能會因多種因素而有所不同，包括市場狀況。

While execution in our existing businesses remains our top priority, we may use free cash flow for selective M&A evaluated on a case-by-case basis. We will continue to target net leverage of 2 to 3 times.

儘管我們仍將現有業務的執行力放​​在首位，但我們可能會將自由現金流用於個別併購，具體情況具體分析。我們將繼續把淨槓桿率目標設定在 2 到 3 倍。

Taking a step back, we've reduced our diluted shares outstanding by 7% over the last year, and our plan calls for a similar reduction in 2026. While we're hard at work turning around Tinder's MAU trends, we're also aggressively reducing shares outstanding, which we expect will leave us in a very attractive spot on the other side of this.

回顧過去一年，我們已將稀釋後的流通股減少了 7%，我們的計劃是在 2026 年實現類似的減少。在我們努力扭轉 Tinder 的月活躍用戶數趨勢的同時，我們也在積極減少流通股數量，我們預計這將使我們在疫情過後處於非常有利的地位。

With that, let's turn it over to Q&A.

接下來，讓我們進入問答環節。

Before we start Q&A, I need to remind everyone that during this call, we may discuss our outlook and future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate or similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

在開始問答環節之前，我需要提醒大家，在本次電話會議中，我們可能會討論公司前景和未來業績。這些前瞻性陳述前面可能會有「我們預期」、「我們相信」、「我們預期」或類似表述。這些聲明存在風險和不確定性，我們的實際結果可能與今天表達的觀點有重大差異。

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

其中一些風險已在我們的獲利報告或向美國證券交易委員會提交的定期報告中列出。

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

此外，在本次電話會議中，我們也將討論一些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表已在公司投資者關係網站上發布的資料中提供。這些非GAAP指標並非旨在取代我們的GAAP績效。

(Operator Instructions) Jason Helfstein, Oppenheimer.

（操作說明）Jason Helfstein，奧本海默。

I guess, just to Spencer, any more details you can share around the early learnings from Project Aurora? And is the idea that -- is it one -- kind of one thing or the idea that you may take pieces of it and use some, use all, et cetera, et cetera? So the point is like, I guess, just expand there?

我想問斯賓塞，關於「極光計畫」早期的一些經驗教訓，你還能分享更多細節嗎？這個想法是指——它是一個整體——還是你可以從中選取一部分，使用一部分，使用全部等等？所以重點是，我想，就在這裡擴充一下？

And then just second, can you connect the dots with us the Tinder between the fourth-quarter improvement in new registrations, and in MAU and the 4% increase in December Sparks and did Sparks improve throughout the quarter?

其次，您能否幫我們分析一下 Tinder 第四季新用戶註冊量和每月活躍用戶數的成長，以及 12 月 Sparks 成長 4% 的情況？ Sparks 在整個季度是否有所改善？

Thanks, Jason. So Aurora is our focus on Australia in Q4. And we gave Australia everything we had in terms of product improvements up to that point in time and marketing spend and tactics. And so I'll give you some Australia-specific data. I don't think -- I think some of this I referenced -- some of this is in the earnings script, but some of it is not.

謝謝你，傑森。因此，Aurora 是我們第四季在澳洲的重點。我們當時在產品改進、行銷投入和策略方面，傾盡全力為澳洲市場做出了貢獻。因此，我將提供一些針對澳洲的具體數據。我不認為——我認為我提到的一些內容——其中一些內容在盈利報告中有所提及，但其他內容則沒有。

So for example, Australia Sparks. In December of 2024, were down 14% year over year. In December 2025, they were down 8% year over year. Sparks Coverage, we mentioned went from negative 2% year over year to positive 2% year over year. Australia MAU in December 2024 went from negative 12% year over year to negative 9% year over year and female MAU improved even more.

例如，澳洲火花隊。2024年12月，年減14%。截至2025年12月，年減8%。正如我們之前提到的，Sparks Coverage 的年減幅從 -2% 轉為 -2%。2024 年 12 月，澳洲月活躍用戶數較去年同期下降 12%，較去年同期下降 9%，女性月活躍用戶數成長更為顯著。

Overall MAU improved by 3 points, but female MAU grew by 5 points. Australia, Double Date usage also went up quite a bit. So last quarter, I said 1 of 6 Australians, 18 to 22 were using Double Date. This most recent quarter, it was 1 out of 4, 18- to 22-year-olds were using Double Date. And overall, in Australia, 10% of users are now using Double Date.

整體月活躍用戶數增加了 3 個百分點，但女性月活躍用戶數增加了 5 個百分點。在澳大利亞，Double Date 的使用量也大幅上升。所以上個季度，我說過，六分之一的澳洲人（18 至 22 歲）在使用 Double Date。最近一個季度，18 至 22 歲的年輕人中有四分之一在使用 Double Date。總體而言，在澳大利亞，目前有 10% 的用戶正在使用 Double Date。

So very encouraging results in Australia. It shows that good product roadmap and a lot of hard work and effective marketing can start to change these user metrics.

澳洲的成果非常令人鼓舞。這表明，良好的產品路線圖、大量的努力和有效的行銷可以開始改變這些用戶指標。

In terms of the scope of what -- within Australia and how we roll that out elsewhere, there are some aspects of Aurora, which are already rolled out elsewhere. So for example, Face Check was just in Australia at some point in 2025. Now it's in much of the world. By March, it will be in most territories globally. So Face Check is not just in Australia.

就其在澳洲的範圍以及我們如何在其他地方推廣而言，Aurora 的某些方面已經在其他地方推廣了。例如，Face Check 於 2025 年的某個時候在澳洲推出。現在它已遍佈世界各地。到三月份，它將在全球大部分地區普及。所以，Face Check 不僅在澳洲。

The marketing spend and tactics that we tested and learned our way through in Australia, that also is being rolled out globally. Specifically, in 2026, we're focused more on user acquisition or performance marketing not top-of-funnel brand marketing. What I mean by that is, if you think of our past campaigns, such as It Starts with a Swipe, which generate overall awareness for Tinder, that would be an example of top-of-funnel brand marketing.

我們在澳洲測試和總結經驗的行銷支出和策略，也正在全球推廣。具體來說，到 2026 年，我們將更加重視用戶獲取或效果行銷，而不是漏斗頂端的品牌行銷。我的意思是，如果你想想我們過去的行銷活動，例如“It Starts with a Swipe”，這些活動提高了 Tinder 的整體知名度，那就是漏斗頂端品牌行銷的一個例子。

But most of our marketing in 2026, following the results from Aurora are going to be bottom of funnel focus. These are things like real user-generated content on TikTok or Instagram of young users saying, I'm using double date or this isn't -- this is a totally different Tinder. This is not what I thought Tinder was like, check it out.

但根據 Aurora 的結果，我們 2026 年的大部分行銷活動將專注於漏斗底部。這些內容就像TikTok或Instagram上年輕用戶的真實原創內容，例如「我正在使用雙人約會」或「這不是——這完全是另一個Tinder」。這跟我想像中的 Tinder 完全不一樣，來看看吧。

So shift in marketing tactics and marketing scale globally based on what we learned from Aurora. But there are some things that are still only in Australia. This is examples like Chemistry which we haven't rolled out into many other geographies yet, but we will -- but more to come on that soon. So that's how what we learned in Australia with Project Aurora is informing the rest of the world.

因此，我們將根據從 Aurora 專案中學到的經驗，調整全球行銷策略和行銷規模。但有些東西至今仍只存在於澳洲。例如化學，我們還沒有將其推廣到許多其他地區，但我們會的——更多詳情稍後公佈。所以，我們在澳洲透過「極光計畫」學到的東西，正是以這種方式為世界其他地區提供借鏡的。

To your second question, Jason, about Q4 registration improvements where we went from negative 12%, new regs in Q2 to negative 5% in Q4 and how that ties to Sparks and MAU. I would describe it as this. If you think of our audience as a funnel, where at the bottom of the funnel, we have Sparks, that six-way conversations. And at the very top of the funnel, you have new registrations it's easiest to impact the bottom of the funnel.

Jason，關於你的第二個問題，關於第四季度註冊量改善情況，我們從第二季度的負 12%（新用戶）到第四季度的負 5%，以及這與 Sparks 和 MAU 的關係。我會這樣描述它。如果你把我們的受眾想像成一個漏斗，那麼在漏斗的底部，我們有 Sparks，也就是六方對話。在銷售漏斗的最頂端，也就是新用戶註冊的階段，最容易影響銷售漏斗的底部。

And so that's where you would expect this product-driven turnaround to start showing up the most in our numbers, and that is, in fact, what we're seeing. We can improve the user experience of the product relatively quickly with enough focus by improving our recommendation algorithms by improving the apps performance and uptime, the design of the apps, the quality of our push notifications many other things that we've done on the roadmap over the last six months.

因此，你會期望這種產品驅動的轉變在我們的數據中開始體現得最為明顯，而事實上，我們也確實看到了這一點。我們可以透過改進推薦演算法、提升應用程式的效能和正常運行時間、改進應用程式的設計、提高推播通知的品質以及在過去六個月的路線圖中完成的許多其他事項，集中精力來相對快速地改善產品的用戶體驗。

And so you see that in Sparks at the bottom of the funnel. It's much harder to drive top of funnel MAU growth and registration growth because for that to grow, we need to drive reconsideration. We need to convince people to give Tinder another shot. It's very encouraging. It gives me a lot of confidence that we're even starting to see any improvement yet in MAU and new registrations given how recent the start of this turnaround really is.

所以，你會看到斯帕克斯位於漏斗的底部。要推動漏斗頂端 MAU 成長和註冊用戶成長要困難得多，因為要實現成長，我們需要推動用戶重新考慮。我們需要說服人們再給 Tinder 一次機會。這非常令人鼓舞。考慮到此次轉變開始的時間還很短，我們甚至已經開始看到每月活躍用戶數和新註冊用戶數有所改善，這讓我信心倍增。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

I had two. I know Australia has gotten a lot of focus, but you mentioned that engagement improved by 2 points in 15 countries. Maybe, Spencer, could you expand a bit on what you think is driving that and how that's trended to start of the year?

我有兩個。我知道澳洲受到了很多關注，但你提到有 15 個國家的參與度提高了 2 個百分點。史賓塞，或許你可以詳細說說你​​認為造成這種情況的原因，以及年初以來的發展趨勢？

And then just a second question, user experience headwinds. You called that out as coming in less than expected. If you could just give some color on maybe in particular, where are you seeing less of a headwind than you had anticipated?

還有一個問題，使用者體驗面臨哪些挑戰？你指出這個結果低於預期。如果您能具體說明一下，您認為哪些地方的逆風比預期的要小？

Yes. Absolutely. So I'll give you some data here. For example, I think I said in the prepared remarks that countries representing one-third of our MAU have improved by 2 or more points. And we said it's around 15 countries.

是的。絕對地。所以我在這裡提供一些數據。例如，我想我在準備好的發言稿中說過，占我們每月活躍用戶三分之一的國家/地區的用戶數量提高了 2 個百分點或更多。我們說大約有15個國家。

So for example, Korea went from -- in December of 2024, South Korea MAU was down by 8% year over year. And in December 2025, South Korea MAU was up 2% year over year. In December 2024, Japan MAU was down 12% and in December 2025, it was down 6%. And as I've already said, Australia went from down 12% to down 9% from December 2024 to December 2025. So really nice swings in MAU in some key countries.

例如，韓國的情況是——2024 年 12 月，韓國月活躍用戶數較去年同期下降了 8%。2025年12月，韓國月活躍用戶數較去年同期成長2%。2024 年 12 月，日本月活躍用戶數下降了 12%；2025 年 12 月，下降了 6%。正如我之前所說，澳洲的經濟成長率從 2024 年 12 月到 2025 年 12 月的 12% 降至 9%。一些重點國家的月活躍用戶數出現了非常不錯的波動。

It's hard to put a single finger on what is driving these numbers because we've made so many encouraging product changes. But if I had to put a finer point on it, I'd say it is improvements to our recommendation algorithm. Number two, it's Double Date. Number three, it's Face Check, improving authenticity. And number four, it's marketing. So those I think are the four biggest drivers of those MAU improvements in those countries I mentioned.

很難具體指出是什麼因素推動了這些數字的成長，因為我們對產品進行了許多令人鼓舞的改進。但如果非要更精確地描述的話，我會說這是我們推薦演算法的改進。第二，是雙人約會。第三點是臉部識別，提高真實性。第四點是行銷。所以，我認為這四點是推動我提到的這些國家每月活躍用戶數成長的最大因素。

And then to think about the revenue kind of the revenue trade-offs. I'll give you a couple of quick examples to try to understand how this happens. One we've already talked about, which is Face Check. When we first launched Face Check in Canada, we saw immediate improvements in trust and safety, but it was a 10% revenue hit.

然後還要考慮收入方面的權衡取捨。我舉幾個簡單的例子來幫助你們理解這是怎麼發生的。我們已經討論過其中之一，那就是人臉辨識。當我們首次在加拿大推出人臉辨識功能時，我們立即看到了信任度和安全性的提升，但同時也造成了 10% 的收入損失。

Through a lot of hard work and iteration, we got that down to a 2% to 3% revenue hit, and we started rolling it out into other countries. But we kept at it. And now it's about a 1% revenue headwind but a 50% reduction in your interactions with fake accounts or bad actors. So well worth it for just a 1% revenue shortfall. But from negative 10% hit to negative 1% revenue hit over a couple of months of iteration.

經過大量的努力和反覆試驗，我們將收入損失降低到 2% 到 3%，並開始將其推廣到其他國家。但我們堅持了下來。現在，雖然收入會受到約 1% 的負面影響，但與虛假帳戶或不良行為者的互動卻減少了 50%。所以，僅僅為了彌補 1% 的收入缺口，這完全值得。但經過幾個月的迭代，收入損失從 -10% 降至 -1%。

I'll give you another quick example. We have a new -- we're testing some work on the week zero experience for new users. And if we show new users a couple of free user accounts who like them, every time they open the app, we've seen a 9% improvement in Sparks Coverage for Gen Z users, but it impacts revenue in unacceptably large amount.

我再舉一個簡單的例子。我們有一個新的——我們正在測試一些關於新用戶「第一週體驗」的工作。如果我們向新用戶展示幾個喜歡他們的免費用戶帳戶，每次他們打開應用程式時，我們看到 Z 世代用戶的 Sparks 覆蓋率提高了 9%，但這會對收入造成不可接受的巨大影響。

And so now just as with the Face Check example, now we iterate. Now we see how we can mitigate that and how we can reduce it. And when we get it to a reasonable revenue hit or perhaps if we get it to revenue neutral, then we'll roll out an initiative like that, which will really improve user outcomes for Gen Z at some smaller tolerable revenue impact.

所以現在就像臉部檢查範例一樣，我們進行迭代。現在我們知道如何緩解和減少這種情況了。當我們將收入損失控制在合理範圍內，或如果能夠實現收入中立時，我們就會推出這樣的舉措，這將在較小的、可容忍的收入影響下，真正改善 Z 世代用戶的體驗。

What we saw in Q4, and I think Steve mentioned this in his remarks, is we continue to underspend our revenue give back budget. I think in Q4, it was -- we spent $9 million out of $15 million?

我們在第四季看到的情況是，而且我認為史蒂夫在他的演講中也提到了這一點，那就是我們繼續未能充分利用收入回饋預算。我認為在第四季度，我們花了 900 萬美元，而預算是 1500 萬美元？

Expecting $14 million and it came in much less than that, around $6 million.

預期收入為 1400 萬美元，但實際收入遠低於此，約 600 萬美元。

Okay. And what we've bracketed for 2026 is $60 million, and we intend to spend that. That's not a sand bag. That's a real number. But what we have found is that we are very good at iterating as in the Face Check example to mitigate revenue impact and still retain the user benefits from these types of initiatives.

好的。我們為 2026 年預留了 6,000 萬美元，並打算花掉這筆錢。那不是沙袋。這是一個真實數字。但我們發現，我們非常擅長像 Face Check 那樣進行迭代，以減輕對收入的影響，同時也能從這類措施中保留用戶利益。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Let me try two, please. On the improvements that you are talking to right now, Spencer, in the letter and in your prepared remarks, you mentioned that you saw material improvement in experiences for women, which is one of the drivers through greater relevance and safety. So could you please talk to how you're measuring relevance for women? Any quantifiable data points that suggest that that drove relevance?

請讓我試試兩個。史賓塞，關於你現在正在談論的改進，你在信中和你準備好的發言稿中提到，你看到了女性體驗的實質改善，這是透過提高相關性和安全性來實現的驅動因素之一。那麼，您能否談談您是如何衡量對女性的相關性的？是否有任何可量化的數據點表明這推動了相關性？

And then second is, when we think about the relationship to Payers eventually, how much of a lag do you think there will be? So we start seeing new registrations, Sparks and Sparks Coverage, MAUs and then eventually Payers. How should we think about that timeline?

其次，當我們考慮最終與支付方的關係時，您認為會有多大的延遲？因此，我們開始看到新的註冊用戶、Sparks 和 Sparks Coverage、MAU，然後最終看到付款人。我們應該如何看待這個時間表？

Sure. Thanks, Shweta. We look at retention and Sparks Coverage and user satisfaction by all types of breakdowns by age, by demo, by gender, by sexual orientation and many other factors. So I don't have at my fingertips here, specific data on female retention, for example, or improvements from it. I'm trying to sort of rack my brain here to think about how I can be responsive to your question.

當然。謝謝你，什韋塔。我們會根據年齡、人口統計特徵、性別、性取向以及許多其他因素，對使用者留存率、Sparks覆蓋率和使用者滿意度進行各種類型的細分分析。因此，我手頭上沒有關於女性留存率的具體數據，也沒有相關的改進數據。我正在絞盡腦汁地思考如何回答你的問題。

I guess I'll talk about Double Date for a moment, which has been such an important feature to change perception of what Tinder is, and articulating that Tinder is for fun, low-pressure ways to meet new people with friends. And this is a product that really appeals to female Gen Z users.

我想花點時間談談雙人約會功能，這個功能對於改變人們對 Tinder 的看法非常重要，它表明 Tinder 是一種有趣、輕鬆的方式，讓朋友們可以結識新朋友。這款產品非常受 Z 世代女性用戶的喜愛。

It's only been out for a couple of months in the US, but already 48% of Gen Z women in the US cite Double Date as a unique reason to use Tinder. And 69% of US Gen Z women say they are aware of the feature and 46% of US Gen Z women say that double date is the most defining feature of Tinder.

Double Date 在美國推出才幾個月，但已有 48% 的美國 Z 世代女性表示，這是她們使用 Tinder 的一個獨特原因。69%的美國Z世代女性表示她們了解這項功能，46%的美國Z世代女性表示雙人約會是Tinder最顯著的特徵。

So the other metric I'd draw your attention to, as I think I already stated that female MAU in Australia is up even more than total MAU in Australia. So actually, if you compare female MAU with male MAU, it would be quite a bit higher over the Q4 period. And that's due to several things.

所以我想提請大家注意另一個指標，正如我之前提到的，澳洲女性月活躍用戶數的成長幅度甚至超過了澳洲總月活躍用戶數的成長幅度。所以實際上，如果你比較女性月活躍用戶數和男性月活躍用戶數，你會發現第四季度女性月活躍用戶數要高得多。這主要歸因於以下幾個原因。

As I said, it's due to Double Date. It's due to recs improvements, and it's due to better marketing. So we're definitely seeing stronger female retention, female MAU growth as a result of our product initiatives and marketing.

正如我所說，這是因為雙重約會。這得益於推薦系統的改進和更有效的營銷。因此，由於我們的產品舉措和行銷，我們確實看到了女性用戶留存率的提高和女性月活躍用戶數的成長。

Steve, you answer the second question.

史蒂夫，你來回答第二個問題。

Yes. And just how does that translate? Look, the improving -- the expectation for improving MAU trends over 2026, we do believe will also lead to improving payer trends. So we expect those to improve throughout the year. And I actually expect them to be a point or 2 better in Q1 than they were in Q4.

是的。那這究竟該如何翻譯呢？你看，2026 年 MAU 趨勢的改善——我們確實相信，這將導致支付方趨勢的改善。因此，我們預計這些情況將在今年內有所改善。我預計他們第一季的表現會比第四季好一到兩分。

So we do see it translating to Payers, and we expect that to continue to happen throughout the year.

因此，我們看到這種情況正在向支付方轉變，我們預計這種情況將在今年繼續發生。

Dan Salmon, New Street Research.

丹·薩蒙，新街研究。

Great. Spencer, I kind of have a two-part question. I kind of wanted to go back and just review a little bit about the leadership transition at Hinge and maybe, more importantly, the creation of Overtone. But then kind of dovetail that into some of the comments you walked through in your prepared remarks about the refreshed look at the portfolio and sort of the areas of fun, focus, and familiarity and trying to place your bets within that framework and ultimately get to the sort of room you've left yourself here for both small tuck-in M&A and incubation.

偉大的。斯賓塞，我有一個包含兩個部分的問題。我想回顧一下 Hinge 的領導階層更迭，或許更重要的是，回顧一下 Overtone 的創立過程。但隨後，您可以將這些內容與您在準備好的發言稿中提到的一些評論結合起來，例如對投資組合的重新審視，以及在趣味性、重點和熟悉的領域，並嘗試在這個框架內進行投資，最終達到您為自己留下的空間，以便進行小型併購和孵化。

And just to see -- obviously, your last action here was an incubated launch. But maybe just to expand on your thoughts on what the potential is there as you look at the portfolio and how it might evolve over the year?

顯然，你在這裡的最後一個操作是孵化後的發布。但或許您可以進一步闡述您對投資組合潛力的看法，以及它在未來一年可能的發展趨勢？

Yes, absolutely. Good question, Dan. So Hinge didn't miss a beat when we changed CEOs in Q4 because Jackie has been running marketing and is effectively running Hinge for 2025, stepped in seamlessly to the CEO role. So the Hinge leadership team is in place, is incredibly mission-oriented, capable, incredible stewards of the Hinge business and just fantastic and really understands the end user and the product roadmap.

是的，絕對的。問得好，丹。因此，當我們在第四季度更換 CEO 時，Hinge 並沒有受到影響，因為 Jackie 一直負責行銷，並且實際上負責 Hinge 2025 年的運營，她無縫地接任了 CEO 一職。因此，Hinge 的領導團隊已經到位，他們目標明確、能力出眾，是 Hinge 業務的傑出管理者，非常出色，並且真正了解最終用戶和產品路線圖。

So Hinge continues to march on. I'm glad you brought up what we call the [gem], which is this portfolio strategy work. This is one of the first things that I kicked off when I joined this company about a year ago, and I said I need to understand how all these brands fit together.

所以Hinge繼續向前發展。很高興你提到了我們稱為「瑰寶」的東西，也就是投資組合策略工作。這是我大約一年前加入這家公司後最先著手的事情之一，我說我需要了解所有這些品牌是如何相互關聯的。

And our employees were really anxious for this as well. They were saying, why do we have 20-some brands? And how do they connect with one another? And what problems are they trying to solve and where should they overlap or not?

我們的員工也對此非常期待。他們說，為什麼我們有二十多個品牌？它們之間是如何連結的？它們試圖解決哪些問題？它們之間應該有哪些重疊之處，又應該有哪些不同之處？

And that work that we did, which was really important work that required and utilized a lot of consumer insights and brand strategy work gave us this framework that has been really illuminating for us as a company. I'll use that to talk just for a moment about Hinge, and then I'll answer your question about other potential additions to the portfolio.

我們所做的工作非常重要，它需要並運用了大量的消費者洞察和品牌策略工作，它為我們提供了一個框架，這對我們公司來說真的很有啟發意義。我將利用這個機會簡單談談 Hinge，然後再回答你關於投資組合中其他潛在新增項目的問題。

So with respect to Hinge being the leader in the focus space, Hinge's runway in that area is massive. I actually think the focus section of that gem has more total potential over the long run than even the fun side of that gem. Because demographically, it's a much bigger potential audience. It ranges from people in their mid-20s up to people in their mid-70s or mid-80s that are looking for focus, find your soulmate, find your person, an app that's designed to be deleted.

因此，就 Hinge 在焦點領域的領先地位而言，Hinge 在該領域的發展空間非常巨大。我個人認為，從長遠來看，這部作品的重點部分比它的娛樂部分更有潛力。因為從人口統計學角度來看，這是一個更大的潛在受眾。這款應用程式的使用者年齡跨度很大，從二十多歲到七十多歲甚至八十多歲都有，他們希望找到專注力、找到靈魂伴侶、找到真愛，而這款應用的設計初衷就是為了被刪除。

And Hinge is really just getting started as it marches country by country globally. So massive potential for monthly active user growth for Hinge. And that segment, that focus segment should monetize over time better than the fun segment because people are more willing to pay for a focus outcome than for a fun outcome. And those users also have more disposable income. So the monetization potential for Hinge as the leader in the focus space is really significant.

Hinge 的發展才剛開始，它正一步步走向全球。因此，Hinge的月活躍用戶成長潛力巨大。而這個專注型細分市場，隨著時間的推移，應該比娛樂型細分市場更能實現盈利，因為人們更願意為專注型結果付費，而不是為娛樂型結果付費。而且這些用戶的可支配收入也更多。因此，作為焦點領域的領導者，Hinge 的獲利潛力非常巨大。

To answer your question about other white space or gray space we might find in the portfolio based on that brand strategy work, we're always incubating new ideas. For example, we have one right now called [SLIDE] focused in Korea, which is a three-on-three dating app concept only in Korea.

為了回答您關於基於該品牌策略工作，我們可能會在產品組合中發現的其他空白或灰色空間的問題，我們一直在醞釀新的想法。例如，我們現在有一款名為 [SLIDE] 的應用，專注於韓國市場，它是一款僅在韓國推出的三對三約會應用程式。

And so we launched something like that. We test, we learn from it. We decide whether to invest in it or to bring that feature set to other apps of ours or to stop investing in it. So right now, we have that one. We have another one, which I'm not going to talk about at this moment. And we're always exploring new concepts as well as looking at potential investments or acquisitions.

於是我們就推出了類似的產品。我們進行測試，並從中學習。我們決定是否繼續投資，或將該功能集引入我們的其他應用程序，或停止投資。所以現在，我們有了這一個。我們還有另一件事，但我現在不想談。我們一直在探索新概念，同時也在尋找潛在的投資或收購機會。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

I want to touch a little bit more on the new registration trends and the improvement there. You mentioned a lot of changes in the marketing side. What have been the main source of those new registrations? Are you seeing improvements in registrations through organic channels, word of mouth or is it more marketing led?

我想再多談談新的註冊趨勢及其改進情況。您提到行銷方面有很多變化。這些新增註冊用戶的主要來源是什麼？您認為註冊量的成長是透過自然管道、口碑傳播還是更多行銷推廣實現的？

And then interested to hear about the learnings from Chemistry to date, what is the consumer behavior been as you've added that new surface area to the app?

我很想了解到目前為止您在化學領域獲得的經驗，隨著您在應用程式中添加了這一新領域，消費者的行為發生了怎樣的變化？

Thanks, Nathan. So there have been a variety of sources of new registrations. Certainly, marketing has been an important part of it. But Double Date also drives new invitations because existing Tinder users invite their friends to be their Double Date partner. So it's been a variety of initiatives.

謝謝你，內森。因此，新用戶註冊的來源多種多樣。當然，行銷一直是其中的重要組成部分。但 Double Date 也帶來了新的邀請，因為現有的 Tinder 用戶會邀請他們的朋友成為他們的 Double Date 夥伴。所以，我們採取了多種措施。

And then actually, organic social has been a big driver. You'll see -- you've seen things on TikTok or Instagram today that you probably wouldn't have seen a year ago. People talking organically, oh Tinder is back, Tinder's cool again. I don't know what Tinder did, but I'm not seeing bots or spam accounts anymore. I mean, that's how Face Check makes its way into the real world, into the Gen Z language on social. So that's driving organic new regs as well.

事實上，自然社群媒體也起到了很大的推動作用。你會發現——你今天在TikTok或Instagram上看到的東西，可能是一年前你根本看不到的。人們自然而然地議論紛紛：“哦，Tinder 又回來了，Tinder 又酷起來了。”我不知道 Tinder 做了什麼，但我現在看不到機器人或垃圾帳號了。我的意思是，這就是 Face Check 如何進入現實世界，進入 Z 世代在社群媒體上的語言。所以這也推動了新的法規的自然形成。

And regarding Chemistry, Chemistry is really two things. Chemistry is an AI way to interact with Tinder and answer questions in order to then get just a single drop or two rather than swiping through many profiles. It's also a way to connect your camera roll to Tinder and then let Tinder draw out insights from your camera roll. And today, that's in service of driving a custom AI-driven recommendation drop. But in the future, it will have other applications.

至於化學，化學其實包含兩方面。Chemistry 是一種利用人工智慧與 Tinder 互動的方式，透過回答問題，用戶只需獲得一兩個匹配對象的信息，而無需瀏覽大量的個人資料。這也是將你的相機膠卷連接到 Tinder，然後讓 Tinder 從你的相機膠卷中提取資訊的一種方式。而如今，這一切都是為了推動客製化的人工智慧驅動推薦投放。但未來它還將有其他應用。

So we're learning a lot from Chemistry. We think it helps -- on the first point, we think it helps solve swipe fatigue, which is an objection that we hear from users who say, I just want to get to the good stuff faster, I want to get to a spark more quickly. And of course, we have lots of ways to do that. We improve recommendations, we improve lots of things about the product.

所以我們從化學中學到了很多。我們認為它有助於解決滑動疲勞問題——我們經常聽到用戶抱怨說：“我只想更快地看到好東西，我想更快地找到靈感。”當然，我們有很多方法可以做到這一點。我們改進了推薦功能，也改進了產品的許多方面。

But another way to do that is to give people a new way to use Tinder with this single drop. And then as I've alluded to, we have a lot of a long-term roadmap regarding what to do, how to integrate the camera roll insights into the user experience as well. So still learning a lot about Chemistry, more to come.

但另一種方法是透過這次單次投放，為人們提供一種使用 Tinder 的新方式。正如我之前提到的，我們制定了一個長期的路線圖，規劃如何將相機膠卷的洞察結果整合到使用者體驗中。所以，我還在學習很多化學知識，以後我還會學到更多。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. I thought I'd bring Steven into the Q&A here a little bit. So I guess, high-level puts and takes on the '26 guide, if there's something that could surprise to the upside, what do you think that might be? And is this 50% Tinder EBITDA margin the new kind of right way to think about the longer term or should we head back north once the revenue starts to grow again?

偉大的。我想在這裡稍微提及一下史蒂文，讓他也參與問答環節。所以我想，對於 2026 年的指導價，如果有什麼因素可能導致意想不到的上漲，你認為會是什麼？Tinder 50% 的 EBITDA 利潤率是思考長期發展的正確新想法嗎？還是我們應該等到收入再次成長後再回到上坡方向？

Yes, happy to take this question. Here's the way I would think about the guidance. It's a little bit flat revenue in 2026, which is a little bit lower than what we had guided to about a year ago. The reasons for that are really three reasons.

是的，我很樂意回答這個問題。以下是我對指導意見的理解。2026 年的收入將略有持平，比我們大約一年前的預期略低。造成這種情況的原因其實有三點。

One, some softness at E&E and Asia. If you look at kind of what we were expecting those businesses do in '26 versus a year ago to what we're expecting today, that's actually about a 3-point headwind to total Match Group year-over-year revenue growth. So that's a pretty big factor.

第一，E&E 和亞洲方面存在一些軟化。如果你看看我們去年對這些企業在 2026 年的預期與一年前的預期，再看看我們今天的預期，這實際上對 Match Group 的年度總收入增長構成了大約 3 個百分點的阻力。所以這是一個相當重要的因素。

And then the other two is, one, the Tinder user testing, which Spencer mentioned. That's about 1.5 headwind and that $60 million budget to continue to test. Obviously, that's one where there could be upside if we continue to see what we've seen over the last couple of quarters where the impact to near-term revenue is less than we expect, that could drive some upside, but we think it's prudent to keep that budget in place and allow the product teams to continue to test.

另外兩項分別是：一是 Spencer 提到的 Tinder 用戶測試。這意味著大約有 1.5 倍的逆風，以及 6000 萬美元的預算用於繼續測試。顯然，如果我們繼續看到過去幾季以來的情況，即對近期收入的影響小於預期，那麼這可能會帶來一些成長，但我們認為謹慎的做法是維持預算不變，並允許產品團隊繼續進行測試。

And then there's another point headwind from the global rollout of Face Check more broadly across the portfolio. That's 1 point headwind that we think is what we're taking, like Spencer mentioned. And then there's about -- there's 1 point of FX benefit that we're getting this year.

此外，在全球範圍內更廣泛地推廣人臉辨識功能也帶來了另一個不利因素。就像 Spencer 提到的那樣，我們認為我們將面臨 1 點的逆風。此外，今年我們還能獲得約 1 個百分點的外匯收益。

So if you add all those up, that's 4.5 points of revenue headwind and it kind of explains how we get to -- from the mid-single-digits growth that we were sort of shooting for a year ago to the flat growth we were at today but we think are all necessary investments to improve the long-term prospects of the business.

所以，如果把所有這些加起來，那就是 4.5 個百分點的收入逆風，這也解釋了為什麼我們從一年前設定的個位數中段增長目標，變成瞭如今的停滯增長。但我們認為，所有這些投資對於改善業務的長期前景都是必要的。

If you go -- let me just take a minute to go through each of the BUs real quickly and hit the highlights. I think Hinge continues to do phenomenally well. Revenue is right on track with expectations. Margins are ahead of where we expected. Tinder, we said it's going to be down about the same as it was last year, so call it 4 points. That's really the user test budget of $60 million I mentioned and the rollout of Face Check. Combined, that's a 4-point headwind.

如果你要去——讓我花一分鐘時間快速瀏覽每個業務單元，並重點介紹一下。我認為Hinge的表現依然非常出色。營收完全符合預期。利潤率超出預期。我們之前說過，Tinder 的用戶數量會和去年差不多下降，所以就估計會下降 4 個百分點吧。這實際上就是我之前提到的 6000 萬美元用戶測試預算以及人臉辨識功能的推出。加起來，這相當於4個百分點的逆風。

So plus or minus a point of FX that kind of gets you from the flat we were expecting a year ago to the 4 points were down today. But again, I think well worth -- worthy trade-offs to make. We talked about the Payers. The one other thing I'll just -- I'll mention again is, the composition of the revenue at Tinder, we're expecting to achieve this minus 4% decline through improving payer trends on flat RPP, which is a little bit different than what we've seen in the last couple of years and sets us up pretty well for improved revenue growth in '27.

所以，匯率上下波動一個百分點，就使得匯率從一年前我們預期的持平變成了今天下跌了 4 個百分點。但我仍然認為這是非常值得的——是值得做出的權衡。我們討論了付款方。還有一點我要再提一下，Tinder 的收入組成，我們預計透過提高付費用戶趨勢，在 RPP 持平的情況下實現 -4% 的下降，這與我們過去幾年看到的情況略有不同，也為我們在 2027 年實現更好的收入增長奠定了良好的基礎。

And then on E&E and Asia, that underperformance is really slowing growth within the Affinity brands, particularly at E&E and Azar within the Match Group Asia BU. Spencer, do you want to touch on those two?

而在 E&E 和亞洲地區，這種業績不佳確實減緩了 Affinity 品牌的成長，尤其是在 Match Group 亞洲業務部門的 E&E 和 Azar 品牌。史賓塞，你想談談那兩個人嗎？

Yes, I'll take this quickly and then you can hit the margin impact or the quarterly piece. So on Azar, Azar has been -- is currently not permissible in Turkey, and we think we have a path on that. We're working very hard on getting usage in Turkey restored. But that contributes to a 2026 headwind, at least for now.

是的，我會盡快處理，然後您可以分析利潤率影響或季度業績。所以，關於阿札爾，阿札爾目前在土耳其是不被允許的，我們認為我們已經找到了解決方案。我們正全力以赴恢復土耳其地區的上網服務。但至少目前來看，這會對 2026 年帶來不利影響。

Regarding E&E, the weakness on E&E is on Affinity. These are our brands that are race or ethnic-specific, such as Chispa for Hispanic daters, or BLK for Black daters or Salams for Muslim daters, for example, those apps are on the focus side of the brand portfolio. And of course, the reason for that is if you're using an app just trying to find people over particular -- of a particular ethnicity or race, you're probably in that focused zone where you're looking for your spouse or your soulmate.

關於 E&E，E&E 的弱點在於親和力。這些是我們針對特定種族或民族的品牌，例如針對西班牙裔約會者的 Chispa，針對黑人約會者的 BLK，以及針對穆斯林約會者的 Salams，這些應用程式是我們品牌組合的重點。當然，原因在於，如果你使用應用程式只是為了尋找特定種族或民族的人，那麼你可能正處於尋找配偶或靈魂伴侶的專注狀態。

And so what we saw there was we saw audience headwinds starting about a year ago on the Affinity apps. And rather than just focus on monetization and sort of accept that audience decline, we decided to get ahead of it and regain product market fit.

因此，我們看到，大約一年前，Affinity 應用程式的使用者群體開始出現下滑趨勢。與其只專注於獲利並接受用戶數量下降的現實，我們決定先發制人，重新獲得產品市場契合度。

So what we're doing on Affinity is we're moving from the swipe model to the vertical profile model, which we think makes a lot of sense for this user type that has a revenue hit as we make that shift but we think it's the right thing to do to improve product market fit.

因此，我們在 Affinity 上所做的，是從滑動模式轉向垂直個人資料模式，我們認為這對這類用戶來說很有意義，雖然這種轉變會造成收入損失，但我們認為這是提高產品市場契合度的正確做法。

Steve, do you want to finish the question on --

史蒂夫，你想把這個問題回答完嗎？--

Yes. Yes, let me just give a little bit more detail on a few other things to keep in mind. One is on the cadence of revenue. We expect it to be flat to down about 1 point in Q1 on an FX-neutral basis. That's what we guided to. And we expect to be down about 1 point FX neutral for the full year, if you take the flat guide in that 1-point tailwind from FX we mentioned. And so that should be pretty stable revenue trends each quarter this year.

是的。是的，我再補充一些需要注意的事項。一是收入的節奏。我們預計，在匯率中立的情況下，第一季該指數將持平或下降約 1 點。這就是我們引導的方向。如果按照我們提到的外匯市場1點的順風來衡量，我們預期全年匯率將下跌約1點，保持中立。因此，今年每季的營收趨勢應該會相當穩定。

And then on the profitability side of the equation, we're taking the savings we achieved from the workforce reductions and alternative payments, and we're investing that back into Tinder and Hinge product and marketing. We mentioned the $50 million increase in Tinder marketing spend to about $230 million. We think they're all the right decisions to make, and that puts you out to 37.5% margins for the full year.

在獲利方面，我們將透過裁員和替代支付方式節省的資金重新投入到 Tinder 和 Hinge 的產品和行銷中。我們之前提到過，Tinder 的行銷支出增加了 5,000 萬美元，達到約 2.3 億美元。我們認為這些都是正確的決定，這樣一來，你們全年的利潤率將達到 37.5%。

On the cadence, on the margin side, I do think it will look a little different this year than in years past. We guided to 37% margins in Q1. I'm expecting similar margins in Q2 and Q3 and then increase in margins in Q4 as we spend down on marketing as we typically do for the 37.5% for the full year. So that hopefully gives you some better insight into the guide.

從節奏和邊際方面來看，我認為今年的情況會與往年略有不同。我們預計第一季利潤率為 37%。我預計第二季和第三季的利潤率將與第一季相近，然後隨著我們像往常一樣減少行銷支出，第四季的利潤率將會提高，全年利潤率將達到 37.5%。希望這能讓您對本指南有更深入的了解。

On the Tinder margin question more long term, we're not -- I'm not going to guide, I don't think we want to guide to where Tinder margins will go. I will tell you, we do not see these user givebacks as a structural change to the profitability of Tinder. We see them as necessary to improve user growth and the ecosystem. And once we can do that, I think there'll be plenty of opportunity to improve monetization at Tinder and get back to revenue growth in 2027 and beyond.

關於 Tinder 利潤率的長期問題，我們不會——我不會給出指導，我認為我們也不想指導 Tinder 利潤率的未來方向。我可以明確地告訴大家，我們並不認為這些用戶回饋會對 Tinder 的獲利能力造成結構性改變。我們認為它們對於促進用戶成長和生態系統發展至關重要。一旦我們能夠做到這一點，我認為 Tinder 將有很多機會提高盈利能力，並在 2027 年及以後恢復收入成長。

One data point on that. Just looking at Australia of what happened in Q4. When we look at revenue per MAU in Australia as we started improving MAU there, the revenue per MAU is basically flat. So to Steve's point, we're not expecting a structural change to the profitability of Tinder.

關於這一點，有一個數據點。只看澳洲第四季的情況。當我們查看澳洲的每 MAU 收入時，隨著我們開始提高澳洲的 MAU，每 MAU 收入基本上保持穩定。所以正如史蒂夫所說，我們預計 Tinder 的獲利能力不會發生結構性變化。

We still think Tinder will have category-leading and frankly, internet-leading margin structure but we are making these targeted user givebacks in order to improve MAU and especially certain types of MAU that help improve the whole app ecosystem's health.

我們仍然認為 Tinder 將擁有行業領先、甚至可以說是互聯網領先的利潤結構，但我們正在進行這些有針對性的用戶回饋，以提高每月活躍用戶數，尤其是有助於改善整個應用程式生態系統健康狀況的某些類型的月活躍用戶數。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Spencer, can you talk about balancing the need to sort of maintain the cadence of buybacks and the dividend versus perhaps being more aggressive on the product and prioritizing user outcomes, which ultimately may create or have been creating some near-term revenue EBITDA dislocation? Do you see the potential to maybe sacrifice more on the top line to accelerate the momentum in user outcomes as we look ahead to the next year or two?

Spencer，你能談談如何在維持股票回購和分紅節奏的需求與更積極地開發產品、優先考慮用戶成果之間取得平衡嗎？這最終可能會造成或已經造成一些短期收入和 EBITDA 的錯位。展望未來一兩年，您是否認為我們有可能犧牲更多營收來加速提升使用者體驗的腳步？

And then just one quickly on Project Prism, maybe dig into the early learnings and how is that shaping your marketing strategy going forward?

然後，就「棱鏡計畫」快速問一下，或許可以深入探討早期經驗，以及這些經驗將如何影響你們未來的行銷策略？

Yes. Thank you. So turnarounds are hard and being the CEO, the turnaround is hard, but I'm blessed to be turning around a company that is immensely profitable. So with our enormous profits, we're doing five things at the same time.

是的。謝謝。所以，扭轉局面很難，身為CEO，扭轉局面更是難上加難，但我很幸運能夠扭轉一家獲利能力極強的公司。所以憑藉我們龐大的利潤，我們同時做了五件事。

Number one, we're improving or increasing Tinder's marketing budget from $180 million to $230 million. Number two, we're giving users more value from Tinder by having this user giveback budget of $60 million this year. Number three, we're fully investing in Hinge both on marketing and headcount so that Hinge can achieve its full potential.

第一，我們將 Tinder 的行銷預算從 1.8 億美元增加到 2.3 億美元。第二，我們今年撥出 6,000 萬美元的用戶回饋預算，為 Tinder 用戶提供更多價值。第三，我們將在行銷和人員配備方面對 Hinge 進行全面投資，以便 Hinge 能夠充分發揮其潛力。

And then number four, we're funding a significant buyback, buying back about 7% of the company this year and 7% last year. And funding the dividend, increasing the dividend. So the fact that we're able to do all five of these things simultaneously is a blessing. And I think we've rightsized each of those five levels of investment relative to where they all need to be. So that's how I'd approach it.

第四，我們正在進行大規模的股票回購，今年回購公司約 7% 的股份，去年也回購了約 7% 的股份。並為股利提供資金，提高股利。所以，我們能夠同時做到這五件事，真是一件幸事。我認為我們已經對這五個層級的投資規模進行了適當調整，使其符合它們各自應有的水準。這就是我的做法。

Regarding Prism, Prism for those that don't know, is our first ever Match Group-wide analysis of measuring marketing efficacy across brands. So we've been able to put every single penny we spend on advertising across every single brand on an apples-to-apples basis and look at the efficacy of ad spend.

Prism 是 Match Group 首次針對各品牌行銷成效進行全面分析的項目，或許有些人還不了解。因此，我們可以將每個品牌廣告上的每一分錢都放在同等條件下進行比較，從而考察廣告支出的效果。

What it exposed to us was the benefits for brands like Tinder to be more focused on down-funnel advertising performance and user acquisition advertising rather than top-of-funnel brand advertising. And it informed the increased spend on Tinder from $180 million to $230 million. And it also unlocked a lot of other learnings in the E&E brands as well as the Hinge brand.

它向我們揭示了像 Tinder 這樣的品牌如果更注重漏斗底部的廣告效果和用戶獲取廣告，而不是漏斗頂部的品牌廣告，將會獲得怎樣的好處。這也促使 Tinder 的用戶支出從 1.8 億美元增加到 2.3 億美元。它也為 E&E 品牌以及 Hinge 品牌帶來了許多其他方面的學習經驗。

The former SVP of Marketing at Tinder is now the CMO of E&E, which was a very important cross-brand way for us to bring Tinder insights over to the E&E brands and great expertise and confidence over -- across the company as well.

Tinder 的前高級行銷副總裁現在是 E&E 的首席行銷官，這對我們來說是一個非常重要的跨品牌方式，可以將 Tinder 的洞察帶給 E&E 品牌，並帶來極大的專業知識和信心——在整個公司也是如此。

I think we have -- we only have a couple of more minutes and we've got a couple of more questions. So let's go to the next question. We'll see if we can get through all of them. If not, we might have follow up offline.

我想我們只剩下幾分鐘了，還有幾個問題可以問。那我們來看下一個問題。我們看看能不能全部完成。否則，我們可能需要線下跟進。

Brad Erickson, RBC.

Brad Erickson，RBC。

Spencer, I just wanted to follow up on that last comment on Prism. Bottom of funnel for the space hasn't been that sort of common. And so obviously, you guys are going to get a pretty good feedback loop, right, going here in '26? Is there -- I guess, the question is like, why was $50 million the right number?

Spencer，我只是想就你上次關於 Prism 的評論做個補充說明。空間漏斗底部的情況並不常見。所以很明顯，你們在 2026 年將會得到一個相當不錯的回饋循環，對吧？問題是——我想，問題大概是，為什麼 5000 萬美元是正確的數字？

And if you see more success, might you ramp it up? Or call an audible midyear? How should we think about that?

如果效果更佳，你會加大力度嗎？或年中臨時調整計畫？我們該如何看待這個問題？

Yes, good question. I mean, we're following the same guidance philosophy that I had at Zillow, which is we always go one quarter out on guidance. And then in February earnings, we also do a full year. We make the marketing decisions constantly -- I mean, I do -- the Tinder marketing team is sitting down with me every three days to go through all of the data that we're seeing globally real time.

是的，問得好。我的意思是，我們遵循的指導理念和我之前在 Zillow 時一樣，那就是我們總是提前一個季度發布業績指引。然後，在二月的財報中，我們也會發布全年財報。我們不斷地做出行銷決策——我的意思是，確實如此——Tinder 行銷團隊每三天就會和我坐下來，一起查看我們即時在全球範圍內看到的所有數據。

So what we're putting out today is what we think are the most likely scenario is for the full year. But if the ROI is not there, we'll pull back. And if the ROI is great, we'll evaluate other potential changes. But for now, this is what we think is the most likely scenario for the year. But we are watching it real time constantly, extremely hands-on this one.

所以我們今天發布的是我們認為全年最有可能出現的情況。但如果投資報酬率達不到預期，我們會撤資。如果投資報酬率很高，我們會評估其他潛在的改變。但就目前而言，我們認為這是今年最有可能出現的情況。但我們正在即時密切關注，對此事親力親為。

The Tinder marketing team, we've moved into the open space at our building in the LA office, and that's who I sit with is the Tinder marketing and social media team because that's where I want to be most aware of exactly what's happening day-to-day and week-to-week.

Tinder 行銷團隊已經搬到了洛杉磯辦公室大樓的開放式辦公區，我和 Tinder 行銷和社群媒體團隊一起辦公，因為我想最清楚地了解每天和每週發生的事情。

John Blackledge, TD Cowen.

John Blackledge，TD Cowen。

Logan Whalley on for John. So it's good to see the Hinge rollout go well in Mexico and Brazil. Could you talk about what the timeline for monetization looks like for Hinge when it launches in new markets at this point? Like how long before the app kind of reaches critical scale? And then after that, how long is it before you begin to focus on monetization?

洛根·沃利替補約翰上場。很高興看到 Hinge 在墨西哥和巴西的推廣進展順利。您能否談談Hinge在新市場推出時的獲利時間表？這款應用大概多久才能達到臨界規模？那麼在那之後，多久之後你們才會開始關注獲利呢？

And then also, any early learnings from Mexico and Brazil that you plan to apply to the South America launches for later this year?

此外，您從墨西哥和巴西的早期經驗中是否有任何計劃應用到今年晚些時候在南美洲的發布會上？

Why don't I take the monetization question? The short answer is, it takes time, it does. And we've seen that with Hinge in Europe. I think that's the best sort of case study. They've been at it in Europe for a couple of years now. They've done phenomenally well. Obviously, that's the playbook.

我為什麼不回答獲利模式的問題呢？簡而言之，這需要時間，確實如此。我們已經從Hinge在歐洲的案例中看到了這一點。我認為這是最好的案例研究。他們在歐洲已經這樣做了好幾年了。他們做得非常出色。顯然，這就是既定策略。

We've seen the MAU growth first. We're now starting to see revenue growth. It's still going to only be about $100 million of revenue in 2026 from those countries, which is a pretty small piece of the total. And if you compare that to what Tinder is doing in that region, for example, it's still far below where Tinder is at. And so it takes time to build that liquidity to make sure the product is working at full scale.

我們首先看到的是每月活躍用戶數的成長。我們現在開始看到收入成長。到 2026 年，這些國家帶來的收入仍然只有大約 1 億美元，這在總額中佔比很小。例如，如果將它與 Tinder 在該地區的表現進行比較，您會發現它仍然遠低於 Tinder 的水平。因此，需要時間來建立流動性，以確保產品能充分發揮作用。

And then what we see is a couple of things. One, you can optimize monetization for that region. And two, you get a natural increase in payer penetration in RPP just as liquidity builds. And so I'd expect to see the same thing in Latin America, but I would not expect Latin America to be a major contributor to revenue in 2026 for Hinge or probably even in 2027 either.

然後我們看到兩件事。第一，您可以針對該地區優化獲利模式。其次，隨著流動性的增加，RPP 的支付方滲透率自然也會提高。因此，我預期拉丁美洲的情況也會如此，但我預期拉丁美洲在 2026 年不會成為 Hinge 的主要收入來源，甚至在 2027 年也不會。

Spencer, do you want to add?

史賓塞，你想補充嗎？

Yes. I have one thing to add, which is the way Hinge is rolling out new markets today is different than the way it did it in the past. Today, we are operating under One MG philosophy. So everything is much more coordinated between Hinge and Tinder and E&E. In fact, we have a single unified go-to-market motion in Asia and a high degree of collaboration and coordination everywhere else in the world. So that's a significant improvement as compared in the past.

是的。我還有一點要補充，那就是 Hinge 現在開拓新市場的方式與過去有所不同。今天，我們秉持著「一個MG」的理念運作。因此，Hinge、Tinder 和 E&E 之間的協調性大大提高了。事實上，我們在亞洲擁有統一的市場推廣策略，並在世界其他地區保持高度的協作與協調。與過去相比，這是一個顯著的進步。

I think, unfortunately, we have to leave it at that. I just want to kind of give a high level. If you take a big step back from all of this, we're doing three things at the same time. The first thing we're doing is a product-led turnaround at Tinder, which is underway, progressing well, off to a great start. We shared a lot of encouraging data today.

恐怕我們只能到此為止了。我只想大致概括一下。如果從更宏觀的角度來看，我們實際上是在同時做三件事。我們首先要做的就是對 Tinder 進行以產品為導向的轉型，這項工作正在進行中，進展順利，開局良好。今天我們分享了許多令人鼓舞的數據。

The second thing we're doing is fully funding Hinge's rollout and ramp and helping Hinge achieve its full potential.

我們正在做的第二件事是為 Hinge 的推廣和發展提供全額資金，幫助 Hinge 充分發揮其潛力。

But the third thing that we're doing is we are reducing our share count meaningfully. So by buying back 7% of the company last year, by increasing the dividend and buying back another 7% this year, we are creating an environment where free cash flow per share will compound. And on the other side of Hinge's expansion and Tinder's product-led turnaround, we think there'll be this kind of coiled spring as we combine these three things together.

但我們正在做的第三件事是，我們正在大幅減少股份數量。因此，透過去年回購公司 7% 的股份，透過提高股息並在今年再回購 7% 的股份，我們正在創造一個每股自由現金流能夠複利增長的環境。而隨著 Hinge 的擴張和 Tinder 以產品為導向的轉型，我們認為，當這三件事結合在一起時，將會出現一種蓄勢待發的局面。

So we're confident in the business. We're confident in the status of the turnaround in Hinge's global expansion, and we think investors will increasingly take notice as we put more points on the board as 2026 rolls on.

所以我們對這項業務充滿信心。我們對 Hinge 全球擴張的復甦充滿信心，我們認為，隨著 2026 年的到來，隨著我們取得更多進展，投資者會越來越關注這一點。

Thanks very much for joining. Those of you that are going to join the March 12 event in LA or on webcast, we will tell you more about Tinder product then. And until then, it was great speaking with everyone. Bye-bye.

非常感謝您的參與。3月12日，我們將在洛杉磯舉辦活動或透過網路直播向大家詳細介紹Tinder產品。在此之前，和大家交流都很愉快。再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。