Match Group, Inc. (MTCH) 2026 Q2 法說會逐字稿

Welcome to the Match Group second-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加 Match Group 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

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

現在我想把會議交給投資人關係資深副總裁 Tanny Shelburne。請開始。

Thank you, operator, and good afternoon, everyone. Today's call will be led by CEO, Spencer Rascoff; and CFO, Steven Bailey. We'll make a few brief remarks, and then we'll open it up for questions.

謝謝，接線員，大家午安。今天的電話會議將由執行長 Spencer Rascoff 與財務長 Steven Bailey 主持。我們會先做幾點簡短說明，接著開放提問。

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

在開始之前，我需要提醒各位，在本次電話會議中，我們可能會討論我們的展望與未來表現。這些前瞻性陳述可能會以「我們預期」、「我們相信」、「我們預估」或類似措辭作為開頭。這些陳述受到風險與不確定性影響，我們的實際結果可能與今天所表達的觀點有重大差異。其中部分風險已載明於我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的定期報告中。

Also during this call, we'll 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，我們也會討論若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已提供於我們投資人關係網站上公布的資料中。這些非 GAAP 指標並非用來取代我們的 GAAP 結果。

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

接下來，我想把電話會議交給 Spencer。

Good afternoon, and thanks for joining us. This was a strong quarter for Match Group and an important one for Tinder. Over the past year, our priority at Tinder has been making the product work better for users. That includes improving our recommendations algorithms, introducing lower pressure ways to connect like Double Date and Modes and up-leveling trust and safety. Monthly active users, or MAU, declines have narrowed significantly since we began this work, supported by a better product experience that is improving user outcomes and increasing engagement. Daily active users, or DAU trends have also improved meaningfully, and we expect them to turn positive year-over-year any day now.

各位午安，感謝加入我們。這一季對 Match Group 來說表現強勁，對 Tinder 也很重要。過去一年，我們在 Tinder 的優先事項是讓產品對使用者更好用。這包括改善推薦演算法、推出像 Double Date 與 Modes 這類更低壓力的連結方式，以及提升信任與安全。自從我們開始這項工作以來，在更佳的產品體驗支持下，月活躍用戶（MAU）下滑幅度已明顯收斂；這種體驗正在改善使用者成果並提高互動。日活躍用戶（DAU）的趨勢也有顯著改善，我們預期隨時都會轉為年增為正。

This is a huge milestone for us. It will be the first time that Tinder has had positive year-over-year usage in more than three years. To reach our ultimate goal of returning to MAU growth, we need to drive more reconsideration through product innovation and marketing. That means giving the millions of singles who have used Tinder before and those who have never tried more reasons to download the app. Tinder's second half road map is geared to do exactly that.

這對我們而言是一個巨大的里程碑。這將是 Tinder 在三年多以來首次出現使用量年增為正。為了達成最終目標、讓 MAU 重回成長，我們需要透過產品創新與行銷，推動更多使用者重新考慮。這意味著要讓數以百萬計曾經使用過 Tinder 的單身族，以及從未嘗試過的人，有更多理由下載 App。Tinder 下半年的產品路線圖正是為此而設計。

Meanwhile, Hinge continues to deliver strong growth with meaningful runway across product innovation, international expansion and monetization. And at E&E, which now stands for Everyone, Everywhere, we are sharpening the strategy and applying more of Match Group's shared capabilities. We delivered these improvements while maintaining strong financial performance, with Total Revenue down just 1% and adjusted EBITDA growing 14% year-over-year. And we've continued to return meaningful capital to shareholders at the same time.

同時，Hinge 仍持續交出強勁成長，在產品創新、國際擴張與變現方面都有可觀的成長跑道。而在 E&E（現在代表 Everyone, Everywhere）方面，我們正在強化策略，並更多運用 Match Group 的共享能力。我們在維持強勁財務表現的同時也交付了這些改善：總營收僅年減 1%，調整後 EBITDA 年增 14%。同時，我們也持續向股東回饋可觀資本。

Before I joined, Tinder was not shipping features quickly enough to keep pace with evolving user expectations. That has changed. AI has accelerated execution across product development life cycles, enabling us to move faster and execute against an ambitious second half road map designed around how Gen Z wants to connect.

在我加入之前，Tinder 推出新功能的速度不夠快，無法跟上使用者期待的演進。這已經改變了。AI 加速了產品開發生命週期各環節的執行，使我們能更快推進並落實一個雄心勃勃的下半年路線圖，其設計核心圍繞 Z 世代想要如何建立連結。

Our internal research shows that nearly half of singles aged 18 to 29 want to share in-person experiences with people who could become closer connections. Yet for a generation that grew up online, making that transition into real life can still feel hard. That is why we are doubling down on more social, lower pressure ways for users to connect in real life.

我們的內部研究顯示，近一半 18 至 29 歲的單身族希望與可能成為更親密連結的人分享線下體驗。然而，對於在網路環境中長大的一代而言，要把互動轉換到現實生活中仍可能覺得困難。因此，我們正加碼投入，提供更社交、壓力更低的方式，讓使用者在現實生活中建立連結。

Our Events feature is an important component of that strategy. It gives users a dedicated place inside Tinder to discover local activities, see who else is interested before attending and continue connecting afterward. We began piloting Events in Los Angeles in March. And since then, more than 60 events have brought Tinder users together in person. We see the value of Events extending far beyond those who attend. Bringing more real-world connection into the experience can help shift perception of Tinder and the category more broadly, giving singles a reason to reconsider and try the app.

我們的 Events（活動）功能是該策略的重要組成。它讓使用者在 Tinder 內有一個專屬空間可探索在地活動、在參加前查看還有哪些人感興趣，並在活動後持續互動連結。我們於 3 月在洛杉磯開始試點 Events。自那以來，已有超過 60 場活動讓 Tinder 使用者線下相聚。我們認為 Events 的價值遠不僅限於實際參加的人。把更多真實世界的連結帶入體驗中，有助於改變外界對 Tinder 以及更廣泛交友類別的觀感，讓單身族有理由重新考慮並嘗試這款 App。

Early signals support that potential. Roughly three in five people who do not use Tinder today say Events would make them more likely to do so, and a similar share say it would make connecting feel easier. Over half also describe the experience as something uniquely Tinder. During the Los Angeles pilot, 71% of eligible users aged 18 to 24 engaged with the in-app Events tab, and more than half of users who visited the tab returned the following week. Based on that success, Events is now live in nine additional cities across the US and Europe, with plans to reach 26 cities by the end of September. Today, we are scaling events through a low-cost model built primarily around partnerships with leading event providers. Missed Connections brings the in-app and real-world experiences together by surfacing a weekly curated set of profiles in a dedicated tab based on who users crossed paths with in the prior week. It's now testing in Canada and Australia and creating a more serendipitous way to discover someone new while continuing to prioritize user safety and privacy. AI helped this team move from idea to final product in just a few weeks, compressing what would typically be a multi-month development process.

早期訊號支持這項潛力。目前不使用 Tinder 的人中，約五分之三表示 Events 會讓他們更可能使用，且相近比例表示這會讓建立連結變得更容易。超過一半的人也形容這種體驗是 Tinder 獨有的。在洛杉磯試點期間，18 至 24 歲的符合資格使用者中有 71% 與 App 內的 Events 分頁互動，而造訪該分頁的使用者中有超過一半在隔週再次回訪。基於這項成功，Events 現已在美國與歐洲另外 9 個城市上線，並計畫在 9 月底前擴展至 26 個城市。目前，我們正透過以低成本模式擴大活動規模，主要建立在與領先活動供應商的合作夥伴關係之上。Missed Connections（擦身而過）透過在專屬分頁中呈現每週精選的一組個人檔案，把 App 內與真實世界的體驗結合起來；其依據是使用者在前一週曾與哪些人擦肩而過。該功能目前正在加拿大與澳洲測試，在持續優先考量使用者安全與隱私的同時，創造更具偶然性的方式來發現新對象。AI 協助團隊在短短幾週內就從構想到最終產品，將原本通常需要數個月的開發流程大幅壓縮。

We're also expanding how users discover people inside Tinder. In Canada, we are testing a new text-based search feature to help users find people they are interested in more efficiently. Early adoption is promising, with approximately 10% of exposed users submitting a search and tens of thousands of searches generated in the first few weeks.

我們也在擴展使用者在 Tinder 內探索他人的方式。在加拿大，我們正在測試一項新的文字式搜尋功能，幫助使用者更有效率地找到感興趣的人。早期採用情況令人鼓舞，約有 10% 的曝光使用者提交了搜尋，且在最初幾週就產生了數以萬計的搜尋次數。

At the same time, we continue to improve our recommendations algorithms. Earlier this year, updates to our algorithm for straight women drove significant gains in Sparks and Sparks Coverage. In mid-July, we rolled out an updated version that is delivering further engagement improvements, and we're now extending these updates to straight men and LGBTQ+ users, where we expect to see similar benefits over time. We are also testing more ambitious changes to our core discovery section and profile quality, including a reimagined user experience with more contextual, individually engaging profile elements and AI-powered profile building.

同時，我們持續改善推薦演算法。今年稍早，我們針對異性戀女性的演算法更新，帶動 Sparks 與 Sparks Coverage 顯著提升。7 月中旬，我們推出了更新版本，帶來進一步的互動改善；目前也正把這些更新延伸到異性戀男性與 LGBTQ+ 使用者，我們預期隨時間推移將看到類似效益。我們也在測試對核心探索版位與個人檔案品質更具企圖心的變更，包括重新構想的使用者體驗：提供更多具情境、能個別引發互動的個人檔案元素，以及 AI 驅動的個人檔案建立。

Together, these changes are supported by Tinder's first full rebrand in nearly a decade. Now live globally, the more modern Tinder identity includes a new logo, color palette, wordmark, typography, and visual identity. This gives Tinder a fresh new look, and early results have been positive, with nearly all engagement metrics improving post rollout.

綜合而言，這些變更也由 Tinder 近十年來首次完整品牌重塑所支撐。目前已在全球上線，更現代的 Tinder 品牌識別包含新 Logo、配色、字標、字體與視覺識別系統。這讓 Tinder 呈現嶄新面貌，而早期結果為正向：上線後幾乎所有互動指標都有所改善。

Tinder's richer product road map is creating a steady cadence of new marketing moments, giving users more reason to reconsider the app as it evolves. In the US, recent Music Mode and Astrology Mode campaigns have helped improve new registrations among women. We have also shifted our strategy more towards lower funnel channels, which now represent roughly half of our total spend, up from 30% last year. And we believe that shift is helping trends among women. In the second half, we plan to build on that momentum with targeted marketing around Events, Modes, and Search.

Tinder 更豐富的產品路線圖正在形成穩定的新行銷節奏，隨著產品演進，讓使用者有更多理由重新考慮這款 App。在美國，近期的 Music Mode 與 Astrology Mode 行銷活動已協助提升女性新註冊。我們也將策略更多轉向漏斗下層的渠道，這些渠道目前約占我們總支出的半數，高於去年的 30%。我們相信這項轉變正在改善女性相關趨勢。在下半年，我們計畫以針對 Events、Modes 與 Search 的精準行銷，延續這股動能。

Employee engagement at Tinder is higher than it's been in years, reinforcing a belief I've held throughout my career: Great people, properly motivated, build great products, and that's exactly what we are seeing at Tinder. In Q2, improvements to the Tinder experience continued to translate into stronger engagement, particularly in key markets and demos, and those trends strengthened further in July.

Tinder 的員工投入度達到多年來的新高，進一步印證了我在整個職涯中一直秉持的信念：優秀的人才在適當的激勵下能打造出優秀的產品，而這正是我們在 Tinder 所看到的情況。在第二季，Tinder 體驗的改善持續轉化為更強的使用者投入度，尤其是在關鍵市場與核心族群中，而這些趨勢在 7 月進一步增強。

DAU declined 4% year-over-year in Q2, its best result in the past 10 quarters, and a significant improvement from declines of roughly 10% less than a year ago, while global user retention increased 1% year-over-year. In July, DAU improved for the fifth consecutive month to down nearly 2.5% year-over-year. Together, these metrics show that as the experience improves, users are more likely to return, whether the next day to continue a conversation or the next month to make a new connection.

第二季 DAU 年減 4%，為過去 10 個季度中最佳表現，且相較於不到一年前約 10% 的下滑幅度有顯著改善，同時全球使用者留存率年增 1%。7 月 DAU 連續第五個月改善，年減幅收斂至接近 2.5%。綜合來看，這些指標顯示，隨著體驗改善，使用者更可能回訪——無論是隔天回來延續對話，或是下個月回來建立新的連結。

Sparks and Sparks Coverage remain important indicators of whether Tinder is helping users form meaningful connections. In Q2, both metrics were broadly stable versus Q1, globally and among women. Sparks declined 4% year-over-year in Q2, while Sparks Coverage grew 2% year-over-year as we began to comp over product improvements from last year. The stability in Q2 shows the product improvements we've made are having a lasting impact.

Sparks 與 Sparks Coverage 仍是衡量 Tinder 是否協助使用者建立有意義連結的重要指標。第二季，這兩項指標相較第一季在全球以及女性族群中整體維持穩定。第二季 Sparks 年減 4%，而 Sparks Coverage 年增 2%，因我們開始與去年產品改善後的基期進行比較。第二季的穩定性顯示，我們所做的產品改善正在產生持久影響。

Following the mid-July rollout of the latest version of Tinder's recommendation algorithms, Sparks and Sparks Coverage have moved substantially higher through month end. We also saw improvement in MAU. MAU declined 7% year-over-year in Q2, 1 point better than the 8% decline in Q1, with the biggest gains in our most important markets and user demos. Year-over-year MAU trends improved across each of Tinder's top five revenue countries. In the US, its largest market, declines slowed by approximately 2.5 points in Q2 compared to Q1. We saw similar progress among women, where MAU improved across all major geographic regions and age groups, with global MAU among women down 8% year-over-year, 3 points better than the 11% year-over-year decline in Q1.

在 7 月中旬推出最新版 Tinder 推薦演算法後，Sparks 與 Sparks Coverage 在月底前大幅上升。我們也看到 MAU 的改善。第二季 MAU 年減 7%，較第一季年減 8% 改善 1 個百分點，且最大幅度的改善來自我們最重要的市場與使用者族群。Tinder 前五大營收國家的 MAU 年增率趨勢皆有所改善。在其最大市場美國，第二季的下滑幅度相較第一季約收斂 2.5 個百分點。在女性族群方面也看到類似進展：各主要地理區域與年齡層的 MAU 均有所改善，全球女性 MAU 年減 8%，較第一季年減 11% 改善 3 個百分點。

As MAU improves, we're seeing that directly translate into improved year-over-year Direct Revenue and payer trends over time. Payer penetration, the percentage of MAU paying for subscription or a la carte feature, was up year-over-year in Q2, both globally and across Tinder's top five revenue countries in aggregate. And Direct Revenue per MAU was up 6% year-over-year globally. While we don't expect these metrics to always move in lockstep every quarter, given that we have some user experience tests and monetization initiatives can have short-term impacts to Payers or revenue, the longer-term trend is clear and gives us confidence that continued MAU improvement should support better payer and revenue results over time.

隨著 MAU 改善，我們看到這也隨時間直接轉化為 Direct Revenue 與付費用戶（Payer）年增率趨勢的改善。付費滲透率（Payer penetration），即 MAU 中為訂閱或單次加購功能付費的比例，在第二季無論全球或合計 Tinder 前五大營收國家皆較去年同期上升。全球每 MAU 的 Direct Revenue 年增 6%。雖然我們不預期這些指標每一季都會完全同步變動，因為部分使用者體驗測試與變現計畫可能對短期的付費用戶或營收造成影響，但長期趨勢已相當清楚，並讓我們有信心：MAU 持續改善應能隨時間支撐更好的付費用戶與營收表現。

Turning to Hinge. Hinge continues to be the best example in our portfolio of product-led growth at scale. Hinge has strong product market fit with intention to daters, and its designed to be deleted promise is clear. The team is disciplined about building against one objective: helping users get out on great dates.

接著談 Hinge。Hinge 仍是我們產品組合中「以產品驅動成長並能在規模化下運作」的最佳範例。Hinge 對於以認真交往為目的的約會者具有強勁的產品市場契合度，其「設計為了被刪除」的承諾也很清晰。團隊以高度紀律圍繞單一目標打造產品：幫助使用者約到很棒的約會。

Global MAU grew 13% year-over-year in Q2, driven by strong growth in its expansion markets. In core markets where Hinge remains a top downloaded app and has achieved significant scale, MAU remained relatively flat year-over-year, while revenue continued to grow double digits in aggregate. The team is focused on further strengthening its position in core markets through product innovation and brand storytelling that supports the evolving needs of Gen Z daters.

第二季全球 MAU 年增 13%，主要由其拓展市場的強勁成長所帶動。在 Hinge 仍是下載量名列前茅且已達到顯著規模的核心市場，MAU 年增率大致持平，但合計營收仍維持雙位數成長。團隊正透過產品創新與品牌敘事，進一步鞏固其在核心市場的地位，以支持 Z 世代約會者不斷演變的需求。

In the US, the Can't Believe We Met on Hinge brand marketing campaign speaks to the vulnerable emotion behind dating, where the process can feel frustrating, but the desire for a meaningful relationship remains strong. Early results are encouraging, driving a positive lift in overall registrations and in particular, among young women as well as a measurable impact on brand sentiment.

在美國，「Can't Believe We Met on Hinge」品牌行銷活動訴諸約會背後脆弱的情緒：過程可能令人挫折，但對有意義關係的渴望依然強烈。初步結果令人鼓舞，帶動整體註冊量正向提升，尤其在年輕女性族群中更為明顯，並對品牌好感度帶來可衡量的影響。

Hinge is still expected to reach $1 billion in revenue in 2027, and we see three primary drivers of that growth: product innovation, international expansion, and monetization runway. First, product innovation. Hinge continues to improve its core user experience across the dating journey, from self-expression and discovery, to early engagement on the app, to ultimately meeting in person.

我們仍預期 Hinge 將在 2027 年達到 10 億美元營收，並認為其成長主要由三大驅動因素帶動：產品創新、國際擴張與變現空間。第一，產品創新。Hinge 持續在約會旅程的各個環節改善核心使用者體驗，從自我表達與探索、到 App 內的早期互動，最終到線下見面。

Friend's Take, which officially launched in mid-July, brings the people who know you best into an individual's dating experience. Friends and family can contribute text, voice, video and photo reflections to a user's profile that help create a richer, more authentic picture of who someone is. The team is improving its recommendation algorithms with a particular focus on the women's experience and testing features like Your Type Lately in select markets, which lets daters describe what they're looking for in their own words, from hobbies to personal values.

Friend's Take 於 7 月中旬正式上線，將最了解你的人帶入個人的約會體驗中。朋友與家人可在使用者檔案中提供文字、語音、影片與照片形式的回饋，協助呈現更豐富、更真實的個人樣貌。團隊也在改善推薦演算法，特別聚焦女性體驗，並在部分市場測試如「Your Type Lately」等功能，讓約會者用自己的文字描述正在尋找的對象，從興趣嗜好到個人價值觀皆可。

Gen Z daters learn more about what they're looking for as they date. This approach clarifies who a user is drawn to right now and adjusts recommendations for that user. For returning users, prefilled basics lets people who deleted their accounts pick up where they left off instead of starting from scratch. It is a simple change that reduces friction for intention daters to re-enter the ecosystem and start having relevant experiences and success more quickly.

Z 世代約會者會在約會過程中逐步更了解自己想要什麼。此方法可釐清使用者當下更容易被哪類人吸引，並為該使用者調整推薦結果。對於回流使用者，「prefilled basics」可讓曾刪除帳號的人從上次中斷處接續，而非從零開始。這是一項簡單的改動，能降低以認真交往為目的的約會者重新進入生態系的摩擦，並更快開始獲得相關體驗與成功。

AI is also becoming more important to building the Hinge experience. The team is building its first reinforcement learning model to better understand when a user may need help and what kind of help would be most useful, whether it's a nudge, a tip, or other prompt at the right moment. Over time, we see a path for this to become a broader personalization layer across Hinge.

AI 也正變得對打造 Hinge 體驗更為重要。團隊正在建立其第一個強化學習模型，以更好理解使用者何時可能需要協助，以及哪種協助最有用——無論是在適當時機給予提醒、建議或其他提示。隨著時間推進，我們看到這有機會成為 Hinge 更廣泛的個人化層。

And finally, Signals makes effort and follow-through more visible, recognizing and rewarding daters who demonstrate thoughtful participation, which is particularly important for women. The Signals badge also creates a new surface area for value creation, allowing subscribers to filter on only those users with a badge. Signals is driving meaningful outcomes for users, including more conversations while incentivizing better behavior like sending likes with comments. Signals also led to a 15% increase in selfie verification for existing users in tests.

最後，Signals 讓努力與後續跟進更為可見，並辨識與獎勵展現用心參與的約會者，這對女性尤其重要。Signals 徽章也創造了新的價值創造介面，讓訂閱者可篩選僅顯示擁有徽章的使用者。Signals 正為使用者帶來具體成效，包括更多對話，同時鼓勵更好的行為，例如在送出喜歡時附上留言。在測試中，Signals 也使既有使用者的自拍驗證提升 15%。

Second, international expansion. Hinge grew Direct Revenue 86% year-over-year across its European expansion markets and maintained the number one downloaded position in aggregate across those markets in Q2. Hinge also entered six new European countries during Q2. Beyond Europe, we continue to see meaningful runway in Latin America, where Hinge has entered four new countries, building on the momentum in Brazil and Mexico. India is also an important expansion market for Hinge, supported by already strong organic growth and representing the brand's first meaningful push into Asia.

第二，國際擴張。Hinge 在其歐洲拓展市場的 Direct Revenue 年增 86%，並在第二季於這些市場合計維持下載量第一名。Hinge 也在第二季進入 6 個新的歐洲國家。除歐洲外，我們在拉丁美洲也持續看到可觀的成長空間；Hinge 已新增進入 4 個國家，並延續在巴西與墨西哥的動能。印度同樣是 Hinge 重要的拓展市場，既有強勁的自然成長作為支撐，並代表該品牌首次在亞洲進行具規模意義的推進。

Third, monetization. We see significant runway for future monetization through both further payer penetration and monetization optimizations over time at Hinge. We also plan to begin testing an additional subscription tier in Q3. The goal for Hinge is to create offerings that are new, differentiated and highly relevant to women that are worth paying for.

第三，變現。我們認為 Hinge 未來在變現方面仍有顯著空間，包含進一步提升付費滲透率，以及隨時間推進的變現最佳化。我們也計畫在第三季開始測試額外的訂閱等級。Hinge 的目標是打造對女性而言全新、具差異化且高度相關、並值得付費的產品方案。

Stepping back, Hinge is already a strong business, but the long-term opportunity remains large. The team is executing, and they are doing it in a way that stays anchored in what makes Hinge distinct, helping intentioned daters get off the app and on to great dates.

退一步看，Hinge 已經是一門強勁的業務，但長期機會仍然龐大。團隊正在落實執行，而且他們以緊扣 Hinge 之所以與眾不同的方式來做，協助有明確交友意圖的用戶離開 App、走向美好的約會。

Turning to E&E, which now stands for Everyone, Everywhere. Over the past quarter, we completed a deep review of E&E and have established a clear direction for the portfolio. E&E, which now includes our two Asia-based businesses, Pairs and Azar, serves distinct audiences across community, geography, identity, lifestyle, and life stage. With the major platform migrations now complete, the portfolio has a stronger foundation to execute from.

接著談 E&E，目前代表 Everyone, Everywhere（人人、處處）。在過去一季，我們完成了對 E&E 的深入檢視，並為該投資組合確立了清晰方向。E&E 現在也包含我們兩個以亞洲為基地的業務 Pairs 與 Azar，服務於在社群、地理、身分認同、生活型態與人生階段等面向各不相同的受眾。隨著主要平台遷移現已完成，該投資組合具備了更穩固的執行基礎。

Moving forward, E&E has sharper brand-by-brand priorities, with a greater emphasis on user outcomes and ecosystem health. We are making more deliberate investment choices and aligning resources behind the brands and capabilities with the strongest long-term potential. E&E brands are benefiting from shared Match Group capabilities, including trust and safety, recommendation algorithms, cross-sell, centralized marketing, consumer research and more.

展望未來，E&E 以品牌為單位的優先事項更為聚焦，更加強調用戶成果與生態系健康。我們正做出更審慎的投資選擇，並將資源對準具備最強長期潛力的品牌與能力。E&E 各品牌正受惠於 Match Group 的共享能力，包括信任與安全、推薦演算法、交叉銷售、集中式行銷、消費者研究等。

Under this One MG approach, we are building shared capabilities that can support multiple brands over time. For example, we expect Tinder Events to power in-app events on BLK in Q4, with the potential to extend the capability to other E&E brands in ways tailored to their audiences. We're also integrating analytics and performance marketing while increasing collaboration in recommendations and trust and safety. There is still work ahead, but the early progress we see gives us confidence that E&E is moving in the right direction. We look forward to sharing more in the coming quarters.

在這個 One MG 的做法下，我們正在打造可隨時間支援多個品牌的共享能力。例如，我們預期 Tinder Events 將在第四季為 BLK 提供 App 內活動功能，並有機會以符合各自受眾的方式，將此能力延伸至其他 E&E 品牌。我們也在整合分析與成效行銷，同時提升在推薦與信任與安全方面的協作。仍有工作要做，但我們看到的早期進展讓我們有信心，E&E 正朝正確方向前進。我們期待在接下來幾季分享更多。

Turning to final thoughts. I'll leave you with this. Our mission is rooted in a simple truth: Humans need humans. At a time when technology often pulls people further into their screens, we are building products that help people form meaningful connections in the real world. Our progress this quarter demonstrates our sustainable growth flywheel is working. Product innovation, increasingly powered by AI and One MG, is delivering better user outcomes. Those outcomes strengthen engagement, retention and ecosystem health, which supports audience growth, and over time, stronger financial performance. Our job now is to keep every part of that flywheel turning faster and better convert experiences into sustainable growth. That's how revitalize becomes resurgence.

最後做個總結。我想用這段話作結。我們的使命根植於一個簡單的真理：人需要人。在科技常常把人更深地拉進螢幕的時代，我們正在打造能幫助人們在現實世界建立有意義連結的產品。本季的進展顯示，我們可持續成長的飛輪正在運轉。產品創新在 AI 與 One MG 的驅動下，正帶來更好的用戶成果。這些成果強化互動、留存與生態系健康，進而支持受眾成長，並在時間推移下帶來更強的財務表現。我們現在的工作，是讓飛輪的每個環節轉得更快，並更有效地把體驗轉化為可持續成長。這就是「重振」如何成為「復甦」。

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

接下來我把時間交給 Steve。

Thanks, Spencer. We're pleased with our Q2 results. Revenue was in line with our expectations, and adjusted EBITDA exceeded our expectations. As a reminder, we reorganized the business into three segments: Tinder, Hinge and E&E, which now includes our Azar and Pairs businesses. Historical periods have been recast in the supplemental materials available on our IR website. 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，Spencer。我們對第二季的業績結果感到滿意。營收符合我們的預期，而調整後 EBITDA 超出我們的預期。提醒一下，我們已將業務重組為三個部門：Tinder、Hinge 與 E&E；其中 E&E 現在包含 Azar 與 Pairs 業務。歷史期間已在我們 IR 網站提供的補充資料中重新編列。除非另有說明，所有金額均以公告口徑（as-reported）呈列，且比較將以年對年為基礎進行討論。更多細節請見下方財務表。

In Q2, Match Group's Total Revenue was $853 million, down 1%, down 2% on a foreign exchange-neutral basis. FX was $2 million worse than we expected at the time of our last earnings call. Payers declined 6% to 13.3 million, while RPP increased 6% to $21.13. indirect Revenue was $13 million, down 28%, reflecting lower spend from our top advertisers compared to a strong Q2 last year as well as some reallocation of spend during the World Cup.

第二季，Match Group 總營收為 8.53 億美元，年減 1%；以固定匯率（FX-neutral）計年減 2%。匯率（FX）影響比我們在上次財報電話會議時的預期差 200 萬美元。付費用戶（Payers）下降 6% 至 1,330 萬人，而每付費用戶收入（RPP）上升 6% 至 21.13 美元。間接營收為 1,300 萬美元，年減 28%，反映相較去年強勁的第二季，我們主要廣告主的支出較低，以及世界盃期間部分預算重新配置。

In Q2, Match Group's adjusted EBITDA was $331 million, up 14%, representing an adjusted EBITDA margin of 39%. Tinder Direct Revenue in Q2 was $457 million, down 1% and down 2% FXN. Q2 Direct Revenue includes an approximately $8 million negative impact from user experience tests and product changes in the quarter. Payers declined 5% to 8.5 million, consistent with our expectations. RPP increased 4% to $17.90. Adjusted EBITDA in the quarter was $233 million, down 5%, representing an adjusted EBITDA margin of 50%.

第二季，Match Group 調整後 EBITDA 為 3.31 億美元，年增 14%，調整後 EBITDA 利潤率為 39%。Tinder 第二季直接營收為 4.57 億美元，年減 1%，以固定匯率計年減 2%。第二季直接營收包含本季用戶體驗測試與產品變更帶來約 800 萬美元的負面影響。付費用戶下降 5% 至 850 萬人，符合我們的預期。RPP 上升 4% 至 17.90 美元。本季調整後 EBITDA 為 2.33 億美元，年減 5%，調整後 EBITDA 利潤率為 50%。

Hinge Direct Revenue in Q2 was $204 million, up 22% and up 20% FXN. Payers increased 17% to 2 million, and RPP increased 4% to $33.11. Adjusted EBITDA was $79 million, up 48%, representing an adjusted EBITDA margin of 39%.

Hinge 第二季直接營收為 2.04 億美元，年增 22%，以固定匯率計年增 20%。付費用戶增加 17% 至 200 萬人，RPP 上升 4% 至 33.11 美元。調整後 EBITDA 為 7,900 萬美元，年增 48%，調整後 EBITDA 利潤率為 39%。

E&E Direct Revenue in Q2 was $179 million, down 17% and down 17% FXN. Payers declined 21% to 2.7 million, while RPP increased 4% to $22.24. The revenue impact from Azar's app redesign was approximately $5 million better than we anticipated at the time of our last earnings call. Adjusted EBITDA was $54 million, up 69%, representing an adjusted EBITDA margin of 30%.

E&E 第二季直接營收為 1.79 億美元，年減 17%，以固定匯率計年減 17%。付費用戶下降 21% 至 270 萬人，而 RPP 上升 4% 至 22.24 美元。Azar App 重新設計對營收的影響約比我們在上次財報電話會議時的預期好 500 萬美元。調整後 EBITDA 為 5,400 萬美元，年增 69%，調整後 EBITDA 利潤率為 30%。

Including stock-based compensation expense, total operating expenses in Q2 were down 9%. Cost of revenue decreased 16% and represented 24% of Total Revenue, down 4 points as a percentage of Total Revenue, primarily driven by alternative payment savings. Selling and marketing costs increased $10 million or 7%, up 1 point as a percentage of Total Revenue to 19% as a result of increased marketing spend at Tinder and Hinge, partially offset by reduced marketing spend at E&E.

包含以股票為基礎的薪酬（SBC）費用在內，第二季總營業費用年減 9%。營收成本下降 16%，占總營收 24%；以總營收百分比計下降 4 個百分點，主要由替代支付方式節省所帶動。銷售與行銷成本增加 1,000 萬美元或 7%，占總營收比重上升 1 個百分點至 19%，原因是 Tinder 與 Hinge 的行銷支出增加，部分被 E&E 行銷支出降低所抵銷。

General and administrative costs decreased 22%, down 3 points as a percentage of Total Revenue to 12%, driven by lower headcount-related costs, including SBC and lower legal expenses. Product development costs were flat year-over-year and as a percent of Total Revenue at 13%. Depreciation and amortization decreased by $5 million to $24 million.

一般與行政費用下降 22%，占總營收比重下降 3 個百分點至 12%，主要由人力相關成本降低所帶動（包括 SBC）以及法律費用下降。產品開發成本年對年持平，占總營收比重亦維持在 13%。折舊與攤銷費用減少 500 萬美元至 2,400 萬美元。

Our trailing 12-month gross leverage was 2.7 times, and net leverage was 2.2 times at the end of Q2. We ended the quarter with $584 million of cash, cash equivalents and short-term investments on hand and used $424 million of cash to pay off the exchangeable notes that matured in June. Year-to-date through Q2, we generated operating cash flow of $564 million and free cash flow of $527 million. We repurchased 7.3 million shares at an average price of $34 per share for a total of $245 million, paid $91 million in dividends and deployed $92 million of cash towards net settlement of employee equity awards, equating to 81% of free cash flow.

截至第二季末，我們過去 12 個月的總槓桿倍數為 2.7 倍，淨槓桿倍數為 2.2 倍。本季末我們持有現金、約當現金與短期投資合計 5.84 億美元，並使用 4.24 億美元現金償還於 6 月到期的可交換票據。年初至第二季止，我們產生營運現金流 5.64 億美元，自由現金流 5.27 億美元。我們以每股平均 34 美元回購 730 萬股，合計 2.45 億美元；支付股利 9,100 萬美元；並投入 9,200 萬美元現金用於員工股權獎勵的淨交割，合計相當於自由現金流的 81%。

Between July 1 and July 31, 2026, we repurchased an additional 430,000 shares at an average price of $38 per share for a total of $16 million. As of July 31, 2026, we reduced diluted shares outstanding by 5% year-over-year. Our capital allocation strategy remains unchanged, prioritizing investment in the business to drive growth, returning capital to shareholders through buybacks and the dividend, and selective M&A.

在 2026 年 7 月 1 日至 7 月 31 日期間，我們另外以每股平均 38 美元回購 43 萬股，合計 1,600 萬美元。截至 2026 年 7 月 31 日，我們的稀釋後流通股數年對年減少 5%。我們的資本配置策略維持不變：優先投資業務以推動成長，透過回購與股利向股東返還資本，並進行選擇性的併購（M&A）。

Now for Q3 guidance. We expect Q3 Total Revenue for Match Group of $885 million to $895 million, down 2% to 3% year-over-year. This range assumes a 1 point headwind from FX. FX-neutral, we expect Total Revenue to be down 1% to 2% year-over-year. Q3 Total Revenue guidance assumes a $10 million negative impact from Tinder's user experience test and product changes and a $15 million negative impact from lower Azar Direct Revenue as a result of the required app redesign. We expect indirect Revenue to be approximately $15 million in the quarter. We expect Match Group adjusted EBITDA of $330 million to $335 million, representing a 10% increase and adjusted EBITDA margin of 37% at the midpoint of the ranges.

現在來看第三季（Q3）指引。我們預期 Match Group 第三季總營收為 8.85 億至 8.95 億美元，年減 2% 至 3%。此區間假設匯率（FX）帶來 1 個百分點的不利影響。以固定匯率（FX-neutral）計算，我們預期總營收年減 1% 至 2%。第三季總營收指引假設：Tinder 的使用者體驗測試與產品變更帶來 1,000 萬美元的負面影響，以及因應必要的 App 重新設計導致 Azar 直接營收較低而帶來 1,500 萬美元的負面影響。我們預期本季間接營收約為 1,500 萬美元。我們預期 Match Group 調整後 EBITDA 為 3.30 億至 3.35 億美元，較去年成長 10%，且在區間中點的調整後 EBITDA 利潤率為 37%。

Moving to full year 2026 guidance. We expect Match Group Total Revenue to be near the midpoint of the guidance range provided in February on an as-reported basis and at or above the midpoint FXN. We now expect FX to be an approximately 0.5 point tailwind to full year Total Revenue, 0.5 point worse than we expected when we provided our guidance in February. We continue to expect full year indirect Revenue to decline in the mid-teens percent.

接著談 2026 全年指引。我們預期 Match Group 總營收（按申報口徑 as-reported）將接近我們 2 月提供之指引區間的中點，而以固定匯率（FXN）計算則在中點或高於中點。我們目前預期匯率（FX）對全年總營收約為 0.5 個百分點的正面助益（tailwind），較我們在 2 月提供指引時的預期差 0.5 個百分點。我們仍預期全年間接營收將以約十幾個百分點（mid-teens）的幅度下滑。

We expect adjusted EBITDA to be at or above the high end of our guidance range provided in February and adjusted EBITDA margin to exceed our 37.5% target, benefiting from better Tinder Direct Revenue trends, alternative payment optimizations, and cost discipline across the company, partially offset by incremental marketing spend at Tinder and Hinge in Q3 and Q4.

我們預期調整後 EBITDA 將達到或高於我們 2 月提供之指引區間的上緣，且調整後 EBITDA 利潤率將超過我們 37.5% 的目標；受惠於 Tinder 直接營收趨勢優於預期、替代支付（alternative payment）優化，以及公司整體的成本紀律，但部分將被第三季與第四季在 Tinder 與 Hinge 的額外行銷支出所抵銷。

At Tinder, we expect Direct Revenue to decline in the low single-digit percent, an improvement from our full year guidance provided in February. We expect Tinder user experience test and product changes to be a $30 million to $40 million negative impact to Direct Revenue, less than the $60 million impact we included in our initial guidance.

在 Tinder 方面，我們預期直接營收將以低個位數百分比下滑，較我們 2 月提供的全年指引有所改善。我們預期 Tinder 的使用者體驗測試與產品變更將對直接營收造成 3,000 萬至 4,000 萬美元的負面影響，低於我們在初始指引中納入的 6,000 萬美元影響。

At Hinge, we expect Direct Revenue to be in line with our full year guidance provided in February. At E&E, our full year guidance in February, inclusive of Azar and Pairs, would have been Direct Revenue declines in the low double digits and adjusted EBITDA margin in the mid- to high 20%. We now expect E&E Direct Revenue to decline in the mid-teens percent, primarily due to the Azar app redesign and adjusted EBITDA margin to be in the high 20%.

在 Hinge 方面，我們預期直接營收將與我們 2 月提供的全年指引一致。在 E&E 方面，我們 2 月的全年指引（包含 Azar 與 Pairs）原本為：直接營收以低雙位數百分比下滑，調整後 EBITDA 利潤率在 20% 中段至高段。我們目前預期 E&E 直接營收將以約十幾個百分點（mid-teens）的幅度下滑，主要因 Azar App 重新設計所致，而調整後 EBITDA 利潤率將在 20% 高段。

We expect free cash flow to be at the high end of our guidance range provided in February. We expect SBC expense to be $230 million to $240 million for the full year, a $20 million improvement at the midpoint of the range versus our initial guidance, reflecting continued discipline on headcount-related costs.

我們預期自由現金流將落在我們 2 月提供之指引區間的上緣。我們預期全年以股份為基礎的薪酬（SBC）費用為 2.30 億至 2.40 億美元，區間中點較我們初始指引改善 2,000 萬美元，反映我們在與人力編制相關成本上的持續紀律。

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

接下來，我們把時間交給問答環節。

(Operator Instructions) James Heaney, Jefferies.

（接線員指示）Jefferies 的 James Heaney。

Curious, what you think is driving DAUs for Tinder to turn positive sometime in the next few days? I know you have a lot of initiatives in place, but curious if there's anything in particular? And also interested in why the DAU improvement is more pronounced than what you're seeing in terms of MAUs?

想請教，你認為是什麼因素驅動 Tinder 的日活躍用戶（DAU）在接下來幾天內轉為正成長？我知道你們有很多項目在推進，但想了解是否有特別關鍵的因素？另外也想知道，為什麼 DAU 的改善幅度比你們在月活躍用戶（MAU）上看到的更明顯？

Thanks for the question, James. So the big picture on turning around Tinder is three steps. The first is improving the product so that our existing users have a better experience. The second is relaunching the brand with a redesign, which we've just done. And the third is to use Events and other features to drive new users who either aren't using Tinder or perhaps have never used Tinder.

謝謝你的提問，James。整體而言，要扭轉 Tinder 的表現有三個步驟。第一是改善產品，讓現有使用者有更好的體驗。第二是透過重新設計來重新推出品牌，我們剛剛已經完成。第三是利用 Events（活動）及其他功能，帶動那些目前沒有使用 Tinder、或可能從未使用過 Tinder 的新使用者。

So what we've done so far has really improved the product itself, and that's why DAU is improving so quickly because we're getting a higher level of engagement from our existing users. To try to select what it is that's specifically driving product improvements is difficult because we've done so much. We've done Double Date, Astrology, Music Mode, Events, Video Speed Date. We're about to launch a Groups feature. We've improved recommendations. We've got better notifications and SMS messaging. We have Face Check. We did a rebrand. We now have Search. We redesigned Chat. We redesigned the Likes You tab. We've built new profiles and photo upload. We basically changed every single thing about the Tinder app in the last 12 months, all to great effect.

到目前為止，我們所做的確實大幅改善了產品本身，這也是為什麼 DAU 會改善得這麼快，因為我們讓現有使用者的互動參與度更高。要挑出究竟是哪一項特別驅動產品改善其實很難，因為我們做了非常多。我們推出了 Double Date、Astrology、Music Mode、Events、Video Speed Date。我們即將上線 Groups 功能。我們改善了推薦。我們有更好的通知與簡訊（SMS）訊息。我們有 Face Check。我們做了品牌重塑。我們現在有 Search。我們重新設計了 Chat。我們重新設計了 Likes You 分頁。我們建立了新的個人檔案與照片上傳流程。基本上在過去 12 個月裡，我們幾乎把 Tinder App 的每一個部分都改了，而且效果都非常好。

If I had to choose one, which is difficult, the one I would choose would be the recommendation algorithm improvements, where we are showing more people, the people that would be good matches for them, and that is driving better user retention. To give you some data, some of which I shared in the prepared remarks, some of which is kind of breaking news, I'll give you some info here.

如果一定要選一個（這很難），我會選推薦演算法的改善：我們向使用者展示更多人、也就是更可能與他們匹配的對象，這帶動了更好的使用者留存。給你一些數據，其中一部分我在事先準備的發言中已分享，另一部分算是最新消息，我在這裡也提供一些資訊。

So matches are up 14% year-over-year. And last quarter, matches were up 7% year-over-year. Unique people with Sparks in Q2 were down 4% year-over-year. In July, they were down only 1% year-over-year. And today, in August, it's trending better than the July numbers. Spark coverage was up 2% year-over-year in Q2. In July, it was up 5% year-over-year. And today, in August, it's trending better than the July numbers. And DAU, as you mentioned, was down 4% year-over-year in Q2. In July, it was down 2.5% year-over-year. And today, in August, it's almost positive. So we continue to gain momentum even day by day.

配對數（matches）年增 14%。而上一季配對數年增 7%。第二季（Q2）有 Sparks 的不重複人數年減 4%。7 月僅年減 1%。而今天在 8 月，趨勢比 7 月的數字更好。第二季 Spark 覆蓋率（Spark coverage）年增 2%。7 月年增 5%。而今天在 8 月，趨勢比 7 月的數字更好。至於 DAU，如你提到的，第二季年減 4%。7 月年減 2.5%。而今天在 8 月，幾乎轉為正成長。因此我們持續累積動能，甚至是一天比一天更好。

To your question about why is DAU ahead of MAU, that comes to the point around driving reconsideration for people who either aren't Tinder users today or maybe have never been Tinder users. And the big initiative there is Events. So we fired the starting gun on Events in January. In March, we were in one city. In July, we were in five cities. Today, we're in 10 cities, including in Europe. In September, we'll be in 26 cities. By the end of the year, we'll be in 75 cities. So the product and engineering team and the event operations team are moving very, very quickly, launching event partnerships in new parts of the world and also building products and features to support it, like letting users see mini profiles of who will be attending events, letting people message one another after the event.

你問到為什麼 DAU 會領先 MAU，這就回到我們如何驅動那些目前不是 Tinder 使用者、或可能從未使用過 Tinder 的人重新考慮使用（reconsideration）。而這裡最大的計畫就是 Events。我們在 1 月正式啟動 Events。3 月時我們只在一個城市。7 月時在五個城市。今天我們在 10 個城市，包括歐洲。9 月我們將進入 26 個城市。到年底我們將進入 75 個城市。因此產品與工程團隊以及活動營運團隊推進非常、非常快，一方面在全球新地區推出活動合作夥伴關係，另一方面也打造支援它的產品與功能，例如讓使用者看到將參加活動者的迷你個人檔案、讓大家在活動後彼此傳訊息。

In terms of our optimism for why we think this will drive engagement among new users, well, our research says that 60% of non-Tinder users say they're more likely to use Tinder because of Events. And as I already shared in the prepared remarks, 71% of 18 to 24 year-olds engaged with the Events tab, and more than half of those that engage with the Events tab come back the following week to engage further with it. So we have a lot of qualitative research and also quantitative research to give us confidence that this will be a powerful way to drive reconsideration and change perception of Tinder for new users and lapsed users.

至於我們為何樂觀認為這會帶動新使用者的參與度，我們的研究顯示，60% 的非 Tinder 使用者表示因為 Events 而更可能使用 Tinder。而如同我在事先準備的發言中分享的，18 至 24 歲族群中有 71% 會與 Events 分頁互動，而在與 Events 分頁互動的人之中，超過一半會在隔週回來進一步互動。因此我們有大量質化研究與量化研究，讓我們有信心這將是推動重新考慮使用、並改變新使用者與流失使用者對 Tinder 觀感的一種強而有力的方法。

Next question, please.

下一個問題，請。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

I have one, it's a little bit of a follow-up. So payer penetration improved year-over-year, and payer growth is down year-over-year. So I guess, could you please talk to that gap and how you see that gap narrowing to turn that around into positive growth? And then on DAU turning almost positive, how are you thinking about the lag between DAU to MAU to payer? Anything on that in terms of timing of that, that would be great.

我有一個問題，算是稍微延伸追問。所以付費用戶滲透率年增有所改善，但付費用戶數年增卻在下滑。因此我想請你談談這個落差，以及你如何看待這個落差收斂、進而扭轉為正成長？另外，關於 DAU 幾乎轉正，你們如何看待 DAU 到 MAU 再到付費用戶之間的時間落後？若能分享相關時程上的看法就太好了。

Thanks for the question. Let me take the payer penetration one. Yes, look, there's a couple of things we said. One, payer penetration was up year-over-year in Q2 globally. That's true. And also Direct Revenue per MAU, which takes into consideration payer penetration and RPP, was up 6% year-over-year in Q2 at Tinder as well.

謝謝你的問題。我先回答付費用戶滲透率那一題。是的，你看，我們提過幾點。第一，Q2 全球的付費用戶滲透率年增上升。這是真的。另外，Tinder 的每 MAU 直接營收（Direct Revenue per MAU，會同時考量付費用戶滲透率與 RPP）在 Q2 也年增 6%。

Yes, Payers are still down, but they're declining at less than the rate of MAU. That's why payer penetration is up. And that's a trend we've seen for some time now. Those two metrics tend to follow together, which is great. The Payers declines are less than MAU. It's been that way for quite some time now. They won't move in lockstep every quarter. I don't think we should expect that.

是的，付費用戶數仍在下降，但其下降幅度小於 MAU 的下降幅度。這就是為什麼付費用戶滲透率會上升。而且這是我們一段時間以來看到的趨勢。這兩個指標通常會一起走，這很好。付費用戶的下滑幅度小於 MAU。這種情況已經持續相當一段時間了。它們不會每一季都完全同步變動。我認為我們不應該期待每季都步調一致。

And really why that is, is because we're doing -- we've talked a lot about user experience tests and product initiatives that can have impact to Payers. And also, sometimes monetization initiatives can have impact to Payers, but are clearly the right thing to do for long-term revenue. So there can be some disconnect in any particular quarter, but the long-term trend is very consistent. As MAU improves, Payers have improved the trend. And in fact, for the last couple of years, payer declines have been less than MAU declines, and that points to the fact that payer penetration is up. So that's how I would think about it.

而之所以會這樣，主要是因為我們正在做——我們談了很多使用者體驗測試與產品計畫，這些都可能影響付費用戶。另外，有時候變現措施也可能影響付費用戶，但從長期營收來看顯然是正確的作法。所以在任何特定季度都可能出現一些不一致，但長期趨勢非常一致。隨著 MAU 改善，付費用戶的趨勢也會改善。事實上，過去幾年付費用戶的下滑幅度一直小於 MAU 的下滑幅度，這也反映出付費用戶滲透率在上升。所以我會這樣看待。

In terms of the expectation going forward, I do expect payer declines to lessen a little bit in the back half of the year in Q3 and Q4 from where they are today at minus 5%. So that's what we're counting on. That's what's included in the guidance.

至於未來的預期，我確實預期今年下半年 Q3 與 Q4 的付費用戶下滑幅度，會比目前 -5% 的水準再收斂一些。所以這就是我們所仰賴的假設。這也已經包含在我們的財測指引中。

Benjamin Black, Deutsche Bank.

Benjamin Black，德意志銀行。

Spencer, I think you spoke about testing a reimagined user experience with more contextual and individually engaging profile elements. Could you dig into that a little bit more? And perhaps more broadly, how do you think about the Tinder user experience evolving over the next 12 to 18 months?

Spencer，我想你提到正在測試一個重新構想的使用者體驗，包含更具情境、且更能個別吸引人的個人檔案元素。你能再深入談談嗎？以及更廣泛地說，你如何看待未來 12 到 18 個月 Tinder 的使用者體驗會如何演進？

And then, Steve, I guess, for you, lowered expectations for the giveback for the year. Could you just talk about the genesis of that decision? And how should we think about the reallocation of those savings potentially?

另外，Steve，我想問你：你們下調了今年「回饋（giveback）」的預期。你能談談做出這個決定的起因嗎？以及我們應該如何看待這些節省下來的金額可能會如何重新配置？

Yes. Thanks for the question. It was a bit of a mouthful, the way I described changes to the user experience, it's because we're testing so many different things. So I'll describe it this way. The Tinder historical product experience for how you browse and assess potential compatibility with people has historically been quite simplistic, which is a feature and a bug, meaning that it's historically been a quick assessment of a photo-centric presentation of somebody. You're looking at a photo and you're saying, quickly, is this person to fit for me? Yes, no. If yes, swipe right, if no, swipe left.

好的。謝謝你的問題。我剛才描述使用者體驗的變化時講得有點冗長，因為我們正在測試非常多不同的事情。所以我換個方式說明。Tinder 過去在瀏覽並評估與他人潛在相容性（是否合拍）的產品體驗，一直相當簡化；這既是優點也是缺點，意思是它歷來就是以照片為中心、快速評估某個人的呈現。你看著一張照片，然後很快判斷：這個人適不適合我？是或否。如果是，就向右滑；如果否，就向左滑。

We've been slowly changing that product orientation to present more of the whole self into the evaluation of whether there's compatibility. Why? Because we think that's where consumer tastes are. We think that consumers want to assess the overall person's compatibility, including the way they answer prompts with pros. They want to consider things other than just the appearance of the photo.

我們一直在逐步改變這個產品導向，讓使用者在評估是否相容時能看到更完整的「整個人」。為什麼？因為我們認為消費者的偏好正在往這個方向走。我們認為消費者想評估的是整體的相容性，包括他們如何用提示題（prompts）來回答、展現個人優點。他們想考量的不只是照片外觀而已。

But to make that change requires a very -- a lot of complexity. You have to, first of all, change the profile creation so that people are encouraged to enter qualitative information and answer questions with text. You have to help them with photo selection so that it's easier for them to add more photos so the profiles are more complete. You have to test the different displays of the profiles and make sure that you're balancing user improvements with monetization.

但要做出這樣的改變，需要非常——需要很多複雜度。首先，你必須改變個人檔案建立流程，鼓勵大家輸入質性資訊，並用文字回答問題。你必須協助他們選照片，讓他們更容易新增更多照片，使個人檔案更完整。你必須測試不同的個人檔案呈現方式，並確保在改善使用者體驗的同時，也能兼顧變現。

So this is work in progress. We've made a lot of progress already, but we're continuing to experiment with different ways to give people a better sense of potential compatibility that slow things down and are more attuned to changing consumer taste, but we have to balance that with monetization at the same time.

所以這仍在進行中。我們已經取得不少進展，但仍持續嘗試不同方式，讓使用者更能感受到潛在相容性——這會讓節奏慢下來，也更貼近消費者偏好的改變——但同時我們也必須兼顧變現。

Steve, the second?

Steve，第二題？

Yes. Let me take the use givebacks. Let me just start at the beginning so we're all on the same page. We originally said $60 million for the full year in user experience tests. That's a negative impact to full year revenue. That's what we sort of included in our guide.

好的。我來回答關於 givebacks 的問題。我先從頭說起，讓大家在同一個基準上。我們原先說全年使用者體驗測試為 6,000 萬美元。這會對全年營收造成負面影響。這就是我們在指引中大致納入的內容。

Then last quarter, we said we had expected $45 million in the second half of the year. And now we're saying that's only going to be $30 million to $40 million for the full year. So the $60 million for the full year has come down to $30 million to $40 million for the full year. The way that breaks out -- you guys can do this math, but let me just help you. It was $5 million in Q1 of user experience-related revenue declines. Q2 was $8 million. Q3, we're guiding to $10 million, which means Q4 will come in, we think we expect between $7 million and $17 million. That's how it breaks out by quarter.

接著在上個季度，我們說原本預期下半年是 4,500 萬美元。而現在我們說全年只會是 3,000 萬到 4,000 萬美元。所以全年 6,000 萬美元已下調到全年 3,000 萬到 4,000 萬美元。至於拆分方式——你們可以自己算，但我直接幫大家整理。Q1 與使用者體驗相關的營收下滑是 500 萬美元。Q2 是 800 萬美元。Q3 我們指引是 1,000 萬美元，這表示我們預期 Q4 會落在 700 萬到 1,700 萬美元之間。這就是按季度的拆分。

Why is it less than what we originally expected? As you know, we were coming in less than expected for the first couple of quarters of the year. So that's part of it, but we had kept that $45 million in the second half when we talked three months ago. The biggest reason for that was we were a little bit unsure of how the rebrand in particular would play out and what impact that might have on revenue and engagement metrics. Often, rebrands can have revenue impacts just because we're changing so much about the UI and sometimes, UX.

為什麼會比我們原先預期的少？如你所知，今年前幾個季度的實際影響低於預期。所以這是一部分原因，但三個月前我們談到時，仍維持下半年 4,500 萬美元的假設。其中最大的原因是，我們對於特別是這次品牌重塑（rebrand）會如何發展、以及它可能對營收與互動指標造成什麼影響，當時還有些不確定。通常品牌重塑可能會對營收造成影響，因為我們在 UI、以及有時候在 UX 上都改變了很多。

That, thankfully, did not happen. We saw no revenue impacts. We saw positive -- largely positive impact to user engagement. So that's what's given us the confidence to take down the full year expectation at this point. Why we have a range of possible outcomes for Q4 between $7 million and $17 million, that's obviously related to the testing we're planning to do between now and the end of the year.

幸好，那並沒有發生。我們沒有看到營收受到影響。我們看到對使用者互動參與度帶來正面——大多是正面的影響。因此，這也讓我們有信心在此時下調全年預期。至於為什麼我們對第四季可能的結果給出 700 萬美元到 1,700 萬美元的區間，這顯然與我們計畫在現在到年底之間要進行的測試有關。

If you -- I think the biggest swing factor there is what Spencer just talked about. It's the reimagined profile and browse experience. We want to give the teams room to test and be creative and really think about different ways to improve the product. So I think that, coupled with obviously -- with some continued recs testing, those are the things that will -- depending on how they roll out are tested and what impact they might have, that will determine where we come in out for Q4. So hopefully, that brings some clarity to user experience test budget.

如果你——我認為那裡最大的擺動因素就是 Spencer 剛剛談到的。也就是重新設計的個人檔案與瀏覽體驗。我們希望給團隊空間去測試、發揮創意，並真正思考用不同方式來改善產品。所以我認為，這再加上顯然——以及一些持續的推薦（recs）測試，這些事情——取決於它們如何推出、如何被測試以及可能帶來什麼影響——將決定我們第四季最終落在區間的哪一端。所以希望這能讓使用者體驗測試預算更清楚一些。

Nathan Feather, Morgan Stanley.

Nathan Feather，摩根士丹利。

First, on the Events feature, really interesting addition. Given the local nature there, how do you scale that up so that you can reach a meaningful portion of the base? And just any way to frame of those 75 cities you're entering, what portion of your user base in those cities or in those metro areas? And then also, sorry if I missed it in the letter, but what was the July MAU growth?

首先，關於 Events 功能，這是個非常有趣的新增功能。考量到它的在地性，你們要如何把它規模化，讓它能觸及使用者基礎中有意義的一部分？另外，能否就你們要進入的 75 個城市做個框架說明，這些城市或都會區大約占你們使用者基礎的多少比例？還有，如果我在信中漏看了，7 月的 MAU 成長是多少？

Okay. Yes. So thanks, Nathan. On Events, most of the events are coming into the platform through partnerships, some with national, some with regional partners, some with local partners. So we have an event sourcing team that's building out those partnerships that allows us to scale to expand to many cities.

好的。是的。謝謝你，Nathan。關於 Events，目前大多數活動是透過合作夥伴導入平台的，有些是全國性合作夥伴、有些是區域性合作夥伴，也有些是地方合作夥伴。因此我們有一個活動來源（event sourcing）團隊在建立這些合作關係，讓我們能夠擴張到更多城市。

What we've seen so far in the first couple of cities is that even more important than the number of the people -- the number of people that actually attend the events or the percent of our DAU or MAU in a given city that attend the events is the amplification of these events on social media. That's actually what gives people the kind of permission in their own minds to start changing brand perception about Tinder.

到目前為止，我們在前幾個城市看到的是：甚至比起實際參加活動的人數——或某個城市中參加活動的人占我們 DAU 或 MAU 的比例——更重要的是這些活動在社群媒體上的擴散效應。這其實才會在大家心中形成某種「允許」，讓他們開始改變對 Tinder 的品牌觀感。

They see people using the Tinder app or talking about Tinder on social and attending an event and say to themselves, wow, I didn't know that Tinder had events. I didn't -- this is a new way to meet people fun and safely with friends. And it changes perception even if they are not actually attending the event themselves. So we feel like this can start to bend the curve on perception and reconsideration even if it only touches a relatively small percentage of total users in a given city.

他們看到有人在使用 Tinder App、或在社群上談論 Tinder、或去參加活動，然後對自己說：哇，我不知道 Tinder 也有活動。我不知道——這是一種和朋友一起、以有趣且安全的方式認識新朋友的新方法。即使他們自己沒有實際去參加活動，也會改變他們的觀感。所以我們覺得，即便在某個城市中它只觸及相對小比例的總使用者，也能開始扭轉觀感與重新考慮（reconsideration）的曲線。

Yes. We did not give a July MAU stat. We talked about DAU. One of the reasons we do that is just because there's a -- we have to go through a defrauding process, and it's really not the best idea to give MAU just a couple of days outside of a month. So that's one of the reasons we didn't give it, but we did give DAU. So hopefully that -- and some of the other engagement metrics. So hopefully, that helps give a sense of how Q3 is off to a good start.

是的。我們沒有提供 7 月的 MAU 數據。我們談的是 DAU。我們之所以這麼做，其中一個原因是——我們必須經過一個去除詐欺（defrauding）的流程，而在距離月底只差幾天時就提供 MAU，其實不是最好的做法。所以這是我們沒有提供的原因之一，但我們確實提供了 DAU。所以希望那——以及其他一些互動指標。希望能幫助大家理解第三季開局良好。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

So Spencer, I really appreciate the detailed Tinder metrics clearly showing you improved the product. Maybe any comments about pricing? Do you need to reevaluate how you price the service? Anything you can share? And then to the extent you scale Events in a big way, how do you think about that impacting margins, Steve, over time?

Spencer，我非常感謝你提供詳細的 Tinder 指標，清楚顯示你們改善了產品。也許可以談談定價？你們是否需要重新評估服務的定價方式？有什麼可以分享的嗎？另外，如果你們大規模擴展 Events，Steve，長期來看你怎麼看它對毛利率的影響？

Yes. Let me take the Event cost first. So Jason, there are really three components to execute on this Events initiative. The first is the cost associated with the product and engineering team, which is a couple of pods that are building the feature set for Events. That is not an incremental cost because those are products and engineering folks that would otherwise be working on other initiatives, whether it's Music Mode, Astrology Mode, Face Check, all the other work that we do day-to-day. So that's not incremental.

是的。我先談活動成本。Jason，執行這個 Events 計畫主要有三個組成部分。第一是與產品與工程團隊相關的成本，也就是幾個小組（pods）在打造 Events 的功能組合。這不是新增成本，因為這些產品與工程人員原本就會投入其他計畫，不論是 Music Mode、Astrology Mode、Face Check，或我們日常進行的其他工作。所以這不是增量成本。

The second cost is the marketing and advertising associated with telling the world that we have events. That also is not incremental because if we weren't promoting Tinder Events, we would be promoting Astrology or Music or Face Check or some other initiative. And then there's -- number three is the event sourcing team, which is still quite small, fewer than 10 people in scale. This team is also very AI native across both marketing, product engineering and also event sourcing. So we're doing it extremely efficiently. So we don't see this as materially changing the profitability profile of Tinder.

第二項成本是行銷與廣告，用來告訴大家我們有活動。這也不是增量成本，因為如果我們不推廣 Tinder Events，我們也會推廣 Astrology、Music、Face Check 或其他計畫。第三項是活動來源（event sourcing）團隊，目前規模仍相當小，不到 10 人。這個團隊在行銷、產品工程以及活動來源等方面也都非常 AI 原生（AI native）。因此我們執行得非常有效率。所以我們不認為這會實質改變 Tinder 的獲利結構。

In addition, we're building all of this in a multi-tenant way, meaning Tinder Events is going to power initially BLK, and then over time, other Match Group apps. With different events, of course, but the event sourcing team will globally source events overall at the Match Group level, and then our different apps will select the events that are appropriate for their audiences. So the cost of the product engineering and the cost of the event sourcing team are amortized across multiple Match Group apps.

此外，我們以多租戶（multi-tenant）的方式來建置這一切，也就是說，Tinder Events 一開始會為 BLK 提供支援，之後隨時間推進也會支援其他 Match Group 的 App。當然活動會不同，但活動來源團隊會在 Match Group 層級於全球範圍內整體尋找活動，然後我們不同的 App 會挑選適合各自受眾的活動。因此，產品工程成本與活動來源團隊的成本會分攤到多個 Match Group 的 App 上。

Just a broader question around Tinder pricing and -- ?

再更廣泛地問一下關於 Tinder 的定價以及--？

Right. Yes, on Tinder pricing. So we have some new surface areas, Jason, that we can potentially consider monetizing now, including Events, including Search and some other new areas that our product innovation have brought us towards. We haven't yet -- we're just starting to have those conversations. We haven't yet developed a point of view on how we should be thinking about monetization with some of these new surface areas. Hinge building a new pricing tier in late 2026 at a lower price point is going to give us a lot of insight, which we'll learn from as we decide how best to approach monetization for Tinder in 2027.

對。是的，關於 Tinder 定價。Jason，我們現在有一些新的介面/場景（surface areas）可能可以考慮變現，包括 Events、包括 Search，以及我們的產品創新帶來的其他新領域。我們還沒有——我們才剛開始進行這些討論。我們尚未形成對於應如何就這些新介面/場景思考變現的觀點。Hinge 在 2026 年底建立一個較低價位的新定價層級，將帶給我們很多洞見；我們會從中學習，並在 2027 年決定如何以最佳方式推進 Tinder 的變現策略。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

I just wanted to ask on the mobile direct billing opportunity. I know there are some changes there a few weeks back with respect to Google Play, both on policy and pricing. I guess, there's a sense out that there may be a platform level fee to pay to Apple as well. So just wondering if you may provide any update on how you're thinking about those cost savings?

我想問一下行動端直接計費（mobile direct billing）的機會。我知道幾週前 Google Play 在政策與定價方面都有一些變動。我想，外界也有一種看法是，可能也需要向 Apple 支付平台層級的費用。所以想請問你們是否能更新一下，你們如何看待這些成本節省？

And then second, I wanted to ask about the issue of reconsideration. Maybe a couple of questions related to that. Have you continued to monitor contact exchange in markets where you have access to that data to make sure that Sparks sort of properly correlate to contact exchange, people going on dates? Just wondering if that's continuing to trend in the right direction, if you're monitoring it.

第二個問題我想問的是關於重新考慮（reconsideration）。也許有幾個相關問題。在你們能取得相關數據的市場，你們是否持續監測聯絡方式交換（contact exchange），以確保 Sparks 能夠適當地與交換聯絡方式、以及人們去約會的行為相互對應？想了解這是否仍持續朝正確方向發展，以及你們是否在監測。

And then secondarily, related to reconsideration or consideration, what do you think is potentially the biggest lever you can pull or -- we continue to see think pieces out there from -- at the Atlantic, I think there was one this week about people's hesitance to get out there and date. Just wondering about what do you think you can do to drive reconsideration of the category and Tinder in particular?

然後其次，關於重新考慮或考量這件事，你認為你們可能可以拉動的最大槓桿是什麼？或者——我們持續看到一些評論文章——例如《大西洋月刊》，我想本週就有一篇談到人們對於走出去約會的猶豫。想請教你認為你們能做些什麼，來推動大家重新考慮這個品類，尤其是 Tinder？

Yes. Let me take the IAP piece and give you an update on everything going on there. So let me start with Apple. Apple, there's not any real new news to update you on, but it's still moving through the courts. The Epic versus Apple case, of course, it's both in the District Court and the Supreme Court now. We expect to know more later this year, early next year on those cases.

是的。我先談 IAP 這一塊，並向你更新目前那邊的所有進展。我先從 Apple 開始。Apple 這邊沒有什麼真正的新消息可以更新，但案件仍在法院程序中推進。當然，Epic 對 Apple 的案件，目前同時在地方法院以及最高法院。我們預期會在今年稍晚、明年初對這些案件有更多進展。

And until then, still 0% commissions on alternative payments. We still continue to optimize and do a really good job there. We now think it will contribute about $130 million of savings to 2026. That's about $20 million better than we expected at the beginning of the year. So that's been a big win for us.

在那之前，替代支付仍然是 0% 佣金。我們也持續在那裡做最佳化，而且執行得非常好。我們現在認為，這將在 2026 年帶來約 1.3 億美元的節省。這比我們年初預期的還要多約 2,000 萬美元。所以這對我們來說是一個很大的勝利。

And then on Google, you're right, there is a little bit of new news there. They had put out a new global fee structure back in March, but it was blocked by the courts from going into effect in the US. That's no longer the case, and they're going to move forward with that fee structure, and it will go into effect -- it's already in effect in certain parts of Europe. It will go into effect in the US on March 1, and then it goes into effect across other geographies in the world sort of through the rest of 2026 and into 2027.

接著談 Google，你說得對，那邊確實有一些新消息。他們在 3 月公布了一個新的全球費率結構，但在美國被法院阻止生效。現在情況已不再如此，他們將推進該費率結構；而且它已經在歐洲某些地區生效。它將於 3 月 1 日在美國生效，然後在全球其他地區於 2026 年剩餘時間並延續到 2027 年陸續生效。

That fee structure does reduce commission rates a little bit on in-app purchases for ALC-type purchases, but only for new installs. It reduces the fees from like 30% to 25% there. That helps us a little bit, but not a lot. The bigger consideration is there's really no economic benefit in this fee structure for alternative payments. Once you consider the payment processing fees, you have to pay the credit card companies, it really doesn't make a lot of sense to do it.

這個費率結構確實會讓 ALC 類型購買的應用內購買（in-app purchases）佣金率稍微下降，但只適用於新安裝用戶。那裡的費用大概從 30% 降到 25%。這對我們有一點幫助，但不算大。更大的考量是：在這個費率結構下，替代支付基本上沒有經濟上的好處。一旦把支付處理費算進去——你還得付給信用卡公司——其實就不太有意義。

And so unfortunately, the net of all this is a very small benefit to us in '27. We estimate it to be maybe $5 million. It's a disappointing outcome, to be honest, for us and I think many other developers. It could change from other legal or regulatory reasons. But for now, that's where things stand and what we're planning against. I hope that provides some clarity.

所以不幸的是，整體結果是：對我們在 2027 年的好處非常小。我們估計可能大約只有 500 萬美元。老實說，這個結果令人失望，對我們以及我想許多其他開發者也是如此。未來可能因其他法律或監管因素而改變。但就目前而言，現況如此，也是我們用來做規劃的基礎。希望這能提供一些釐清。

On the question of reconsideration and category headwinds and Gen Z adoption, I'd say the following. The product road map that we've been following at Tinder and at Hinge is all about regaining and improving product market fit with young users. So for example, Double Date on Tinder, users under the age of 30 are 70% more likely to use Double Date than users over the age of 30. So that just speaks to the level of interest in social features and bringing your friends into dating.

關於重新考慮、品類逆風以及 Z 世代採用的問題，我會這樣說。我們在 Tinder 與 Hinge 所遵循的產品路線圖，核心都是重新找回並提升與年輕用戶的產品市場契合度（product-market fit）。例如 Tinder 的 Double Date，30 歲以下用戶使用 Double Date 的可能性比 30 歲以上用戶高 70%。這就反映出大家對社交功能的興趣，以及把朋友帶進約會這件事。

That's -- Tinder has -- like that user insight exists at the Match Group level, and then Tinder has acted on it by building Double Date. And Hinge has acted on it by building Friend's Take, which is very consistent with the different brand positioning of these two apps, but they're both taking this consumer insight that young daters want to bring their friends into dating and make it a more social experience.

這——Tinder 有——這類用戶洞察是在 Match Group 層級就存在的，而 Tinder 透過打造 Double Date 來採取行動。Hinge 則透過打造 Friend's Take 來採取行動；這與兩個 App 不同的品牌定位非常一致，但它們都在運用同一個消費者洞察：年輕的約會者希望把朋友帶進約會，讓它成為更社交化的體驗。

Events also speaks to the increase in cost and stress and safety concerns around dating, which is one of the things that holds the category back. So if you go on a one-on-one date, it's $20 to $100 to spend one or two or three hours to assess compatibility with one person. Events on Tinder, however, are a much more scaled way to have fun with your friends, meet a larger group of new people to assess potential compatibility, have a fun night out.

Events 也回應了約會成本上升、壓力增加以及安全疑慮，這些都是拖累品類的一些因素。如果你去一對一約會，你可能要花 20 到 100 美元，投入一到兩到三個小時，只為了評估與一個人的相容性。但 Tinder 的 Events 是一種更具規模化的方式：和朋友一起玩、認識更大一群新朋友來評估潛在相容性，並度過一個愉快的夜晚。

And 30% of our events on Tinder are free. Of the paid events, our average cost is $30. And even that is kind of overstated because many of our events have Tinder benefits for Tinder attendees. So it's a much better value as a way to meet new people and also just have a good time, very consistent with how Gen Z approaches social and dating and the intersection of the two.

而且 Tinder 上 30% 的活動是免費的。在付費活動中，我們的平均成本是 30 美元。甚至這個數字某種程度上也被高估了，因為我們很多活動會給 Tinder 參加者提供 Tinder 的福利。因此，作為認識新朋友以及單純玩得開心的方式，它的性價比高得多，也非常符合 Z 世代對社交、約會以及兩者交集的看法。

Next question, please.

下一題，請。

Youssef Squali, Truist.

Youssef Squali，Truist。

Maybe a couple. So could you guys talk about Hinge's organic growth on a like-for-like basis? I know that you've expanded them into a bunch of markets. There are more markets coming. Are there any other material markets or regions where you'd like to still take it and extend that growth? And I have a quick follow-up after that.

我可能有兩個問題。你們能談談 Hinge 在同口徑（like-for-like）基礎上的自然成長（organic growth）嗎？我知道你們已經把它擴展到很多市場。後面還會有更多市場。是否還有其他重要的市場或區域，是你們仍希望進入並延伸成長的？然後我還有一個簡短的追問。

Let me just -- I now recall, the prior questioner asked about contact exchange, and I just want to cover off on that. The answer is yes, we are still monitoring contact exchange in addition to Sparks and Sparks Coverage. We just think that Sparks and Sparks Coverage are a better metric because for a variety of reasons that notably, it's difficult to know whether contacts have been exchanged, and there are certain geographies where we can't infer that because of different privacy issues. So we prefer looking at Sparks. But yes, we are also tracking contact exchange, and it continues to correlate. Steve, question on Hinge?

我先補充一下——我現在想起來，上一位提問者問到聯絡方式交換（contact exchange），我想把這點也說清楚。答案是：是的，除了 Sparks 和 Sparks Coverage 之外，我們仍在監測聯絡方式交換。我們只是認為 Sparks 和 Sparks Coverage 是更好的指標，原因有很多，尤其是很難判斷是否真的交換了聯絡方式；而且在某些地區，因為不同的隱私議題，我們無法推斷這件事。所以我們更偏好看 Sparks。但沒錯，我們也在追蹤聯絡方式交換，而且它仍然呈現相關性。Steve，關於 Hinge 的問題？

Yes, I can talk a little bit about Hinge growth. So -- and feel free to jump in, Spencer, if you want. But globally, MAU growth has been great, up 13% in Q2. Revenue growth continues to be very strong, 22% in Q2. The European expansion markets are driving a lot of that. Revenue grew there by 86%. We entered six new countries in Europe and four in LatAm. This is what you're speaking to. Core market growth has remained relatively flat, which we also discussed about in the prepared remarks. But revenue growth there continues to be very strong.

是的，我可以談一下 Hinge 的成長。所以——如果你想補充的話，Spencer，也歡迎插話。但就全球而言，MAU 成長表現很棒，第二季成長 13%。營收成長也持續非常強勁，第二季成長 22%。歐洲的擴張市場貢獻了很大一部分。那裡的營收成長了 86%。我們在歐洲進入了 6 個新國家，在拉丁美洲進入了 4 個。這就是你所提到的部分。核心市場的成長仍相對持平，我們在事先準備的講稿中也有提到。但核心市場的營收成長仍然非常強勁。

So that's the way I would think about it is relatively flat user growth in core markets, but still double-digit revenue and then still very strong growth in the international expansion markets. And look, what Hinge has been able to prove is that every market it enters, it's resonating with singles.

所以我會這樣看：核心市場用戶成長相對持平，但營收仍是雙位數成長；而國際擴張市場仍維持非常強勁的成長。而且你看，Hinge 已經證明它進入的每一個市場，都能引起單身族群的共鳴。

And so there's lots of parts of the world we haven't entered. Asia would be the next big one from a TAM perspective. They are moving into India, where they've had really strong organic growth. They're going to put some marketing spend behind that now. And then there's other parts of Asia that would be a natural next step. But that's how I think about user and revenue growth across the various geographies.

因此，世界上還有很多地區我們尚未進入。從TAM的角度來看，下一個最大的會是亞洲。他們正在進入印度，在那裡已經有非常強勁的自然成長。他們現在也會在這方面投入一些行銷費用。接著，亞洲還有其他地區會是很自然的下一步。但這就是我看待各個地理區域使用者與營收成長的方式。

That's helpful. And lastly, how do you guys see this the trend for payer decline in E&E? I know it's a catch-all. But as we look at the second half of the year, maybe you can just highlight areas or the brands that are kind of -- that you believe are ultimately going to maybe outperform relative to some of the ones that are underperforming?

這很有幫助。最後，你們怎麼看待E&E付費用戶下滑的趨勢？我知道這是一個統稱。但當我們看今年下半年時，也許你可以點出一些領域或品牌——你們認為最終可能相對於那些表現較弱的品牌而表現更好的？

Yes. Let me just start with -- obviously, we just resegmented the company. So now E&E, so we're clear, also includes Azar and Pairs. And one of the biggest areas of pressure we're facing with E&E is Azar. If you recall, we got removed from the App Store back in late March, had to redesign the whole app. The team did a fantastic job there. We're now back in the App Store, but at a much lower revenue base.

是的。我先從——很明顯，我們剛剛重新劃分了公司的分部。所以現在為了說清楚，E&E也包含Azar和Pairs。而我們在E&E面臨的最大壓力來源之一是Azar。如果你還記得，我們在3月底被App Store下架，必須重新設計整個App。團隊在那方面做得非常出色。我們現在已經回到App Store，但營收基礎低了很多。

So we've called out that, that's about a $15 million negative impact to Match Group revenue each quarter, and that, we expect again in Q3. So that's also affecting Payers as well. Spencer, do you want to talk about some of the brands within E&E, or anything to add?

所以我們已經指出，這大約會對Match Group每季營收造成1,500萬美元的負面影響，而我們預期在第三季也會再次出現。因此這也會影響付費用戶（Payers）。Spencer，你要不要談談E&E裡的一些品牌，或補充什麼？

Yes, absolutely. So we've just done a kind of brand review. You probably saw we shut down Archer when we made the investment in Sniffies. We're focused now on a smaller number of brands within E&E, and we're surging our product and engineering resources on a couple of those brands, including Match and OurTime and BLK and Upward, just a couple of the examples of the brands that we're particularly focused on. We -- some of those expand us to new TAM like OurTime and Upward and BLK. Some of them are very large, like Match or also Pairs and Azar are in that focused brand category.

是的，當然。所以我們剛做了一次品牌檢視。你可能看到，當我們投資Sniffies時，我們關閉了Archer。我們現在把重點放在E&E中較少數的品牌，並把產品與工程資源集中投入在其中幾個品牌上，包括Match、OurTime、BLK和Upward——這只是我們特別聚焦的一些品牌例子。其中一些讓我們擴展到新的TAM，例如OurTime、Upward和BLK。有些則規模非常大，例如Match；另外Pairs和Azar也在這個重點品牌類別中。

So we're redoing the product road maps. We're reorienting our marketing spend across those brands that we think are really important. We're bringing a One MG mindset to it, where we're now through the replatforming, so new initiatives like a new profile experience or a new photo upload or modernizing recommendations, these are all things that now we're building once and deploying everywhere across all of our E&E brands at the same time. Soon, we'll be deploying Face Check, which will improve trust and safety across all of E&E. We've integrated performance marketing or I guess we're in the midst of integrating performance marketing across all the E&E brands.

因此我們正在重新制定產品路線圖。我們也在重新調整我們在這些我們認為非常重要的品牌上的行銷支出配置。我們帶入「One MG」的思維：現在我們已完成重新平台化，因此像是新的個人檔案體驗、新的照片上傳、以及推薦系統現代化等新計畫，這些都是我們現在一次建置，並同時部署到所有E&E品牌上。很快我們將部署Face Check，這將提升整個E&E的信任與安全。我們已整合績效行銷，或者說我們正在整合所有E&E品牌的績效行銷。

We're about to rebuild our CRM, notifications and e-mail across all the E&E brands. So it's very early in the E&E focused turnaround. We're following the Tinder playbook and -- but we're just getting started, and I'll update you all more in the coming quarters.

我們也即將重建涵蓋所有E&E品牌的CRM、通知與電子郵件系統。所以E&E聚焦式轉型仍非常早期。我們在遵循Tinder的作法——但我們才剛開始，接下來幾季我會再向各位更新更多進展。

Thank you. I think that's the last question. So I'll just wrap up. I'd say we feel great about how 2026 is shaping up. Tinder is ahead of expectations. Hinge is tracking in line, and E&E has headwinds from Azar, but as we just said, we're battling through those. We're also confident in Tinder's path through the end of next year, and we expect MAU to be flat by the end of Q4 of next year.

謝謝。我想這是最後一個問題。那我就做個總結。我會說，我們對2026年的走勢感到非常樂觀。Tinder的表現超出預期。Hinge的進度符合預期，而E&E受到Azar的逆風影響，但如同我們剛才所說，我們正在努力克服。我們也對Tinder到明年年底的發展路徑有信心，並預期到明年第四季末MAU將持平。

So I guess I would conclude by just saying, I guess, also on Tinder, that Payers should return to growth by Q4 of next year and full year revenue of 2027 for Tinder should be up over 2026. We're doing all of this, this product-led turnaround while also delivering profitability and capital returns. Adjusted EBITDA is going to be at or above the high end of guidance, and we're going to continue returning 100% of free cash flow to shareholders through buybacks and dividends.

所以我想我會以這樣作結：另外就Tinder而言，付費用戶（Payers）應該會在明年第四季恢復成長，而Tinder在2027全年的營收應該會高於2026年。我們在推動這個以產品為主導的轉型同時，也在交付獲利能力與資本回饋。調整後EBITDA將達到或高於指引區間的上緣，而我們將持續透過庫藏股回購與股利，把100%的自由現金流回饋給股東。

So that results in attractive free cash flow per share because of the share count reduction and the free cash flow growth. And we're doing all this while turning around a couple of really important products around the world.

因此，由於股數減少以及自由現金流成長，這會帶來具吸引力的每股自由現金流。而我們在做這一切的同時，也正在讓全球幾個非常重要的產品完成轉型。

Thanks, everyone, for your interest this quarter. We look forward to talking to you all soon. Bye-bye.

感謝各位本季的關注。我們期待很快再與各位交流。再見。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以中斷連線。