Match (MTCH) 4 Aug 212021 Q2 Earnings call transcript

Welcome to the Match Group Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Bill Archer, Head of Investor Relations and Corporate Development. Please go ahead.

Thank you, operator, and good morning, everyone. led Shar be Gary and will Swidler. call by Dubey; CEO, COO, Today’s a and brief it will few They make remarks questions. up then for open we’ll

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

Some earnings to like over of these risks to with have reports I'd been call set the Shar. forth release in our the our turn that, and SEC. With filed periodic

today. our I this fully in Gary got again doing Thank was majority are here and our parts did offices vast once and you Bill. QX you, of U.S. in-person morning, the call and some and in are reflected Europe. from Good Dallas. particularly also yet, And resume we not vaccinated. our thank in the offices And sentiment the meetings travel users, in open while the as of employees for this our of optimism joining

major brands delivering a every of have of year. revenue we half the one As year-over-year enter in QX, as result, collectively growth. momentum grew our XX% solid we And the second

the and appear out have transformation hyperconnects and and active in ready The see the experience of vaccine. transformation this blocks information vaccinations our to few based we since early Tinder's this campaigns, we even the brands us, It's the our is while journey longer the of is metrics collaborating And prevented second various daters summer teams government France July. on flirtations only person, the is to really us seen. past in Tinder a we've of In no we've of about has monitoring and rates turn very does collaborate, and for these many the UK, subscribers/payer meeting vaccinated in U.S. Azar end that At its are team to and become Asia. White super collaborate were additions Near and roadmap. our the PSA's both about past Ireland we And app haven't uncertainty restrictions what social which months, growth at an to House And for and quarter mobility, globe new term, synergies. lot encouraging out impact number our confidence surge little People population, been priorities roadmap XX is the and countries, first days. have and variant on help continued I'm It rapid be into average drive for of the widespread In et restrictions to of are which been exciting metrics a for Turns to was building COVID And quickly to these closed the from promising various quarter vaccine learned of quite with restrictions the highest apps, amongst seen. on why broader continued discovery. though exciting well, as parts potential of are things particularly cycles, are products. on really the part world. of the the testing in for products certainly the Hyperconnect topic new travel much good Hakuna the executing lay to way global pandemic live attractive a that Delta our have calibrate with dates, also longer. And of engagement with in our about frankly, a we surges carefully are dates. platforms. there As out conversations, discussion. and launches, day, this We've to been it our our QX undertaken thing. the deal. higher mobilized this a have which real weeks, And profitable of resilience particularly the momentum business video some life a the cetera, me, product even open recent one feature for very badgers have continued getting of around very business months in strategy a have and for the have and than these of to the and on case the driving vaccine

We are and the term, hyperconnects next there out starting work was over technologies roll our also much video, to this onto audio, several AI the Longer months. that us. acquisition excites platforms about

Everything to technologies transformed. other of that know opportunity, dating team footprint platforms each offers XX% AR, online. real to growth a I'm leverage and AI conversational overall biggest getting talented the provide from Hyperconnect richer, will this can penetration about more has still where and and our been and Asia-Pacific awareness today. expect akin excited to the given self-expression the team We the on, more the our region. us The working lab about stands revenue the learn to contribute on strong, a incubation and over to category experience other, the in life And more ability our soon be gives I

the disconnect in allow if they eventually someone between of has online meeting these One help will chatting to determine grails much people for not. that chemistry then and And experiences technologies that us elusive the build to will happens person. in dating us online people have or holy always been that bridge

letter, on never so, people date go bad vision ultimate to our And we the first is again. here as in have said a for

and reminder are technology as I a ESG and I where of report a on including vision look our to the company with relevant that, in Finally, continuing been solutions QX. a business relationships, a fully for marriage. dates, I of woods we of the forged hand in my areas, aren't in inspired impact and together over agility. the as are much very develop born to and millions first continuing company, a the journey as work the progress fundamental to report, the do that with platforms. Delta to more to we always on feel it yet, part out manage lucky as members, of love at the find we of safety. have sharing forward we success and this more such And company, Gary and felt mission data social And by while babies our through fully we have career been variant annual and able has pandemic to our quarter. independent metrics, be good helping about our our to and addition is leading people of we We've I and that with them social committed online impact important our goals. to it stories And and always performance important do, about love by that and have deliver spent bringing a and very surge to released understanding work talk will to

apps me quarter, in Non-Tinder since again revenue growth person once today. be XXXX. Dallas a forward overall strength, growth the up revenue la strength a in a quarter, POF to acceleration very much makes revenue, and and year-over-year QX in and in the well. terrific from brands a you quarter the the numbers. be activity Hinge to when carte, grew these where la has here with office to in company the LIVE, continued will has with can growth, with Tinder QX sixth to direct XX% Thanks, QX, Roses achieved significantly, by nearly as and grew carte well Standouts. team pay in At year-over-year grew saw XX% consecutive Chispa year-over-year last Shar. led aggregate. in propensity by and our the XX% growth working XX% BLK as notable brands XX% the growth It's both which year-over-year filled see strongest direct XXXX. We revenue in in total payer had you together perform and Seeing colleagues driven Tinder the Hinge, improved XXX% quarter, look subscription very days year-over-year to in again. great revenue

XX% the Our and Americas; direct in in XX% revenue other. XX% grew Europe APAC and in

restrictions. COVID is our including Our that other us the is trailing slightly consistent strong. pace investors a exceptionally third the important better very was are U.S. U.S., facing APAC marking in disclosing But regions the now Europe strong now Hyperconnect in like markets a for acquisition and the behind number with Japan, of results. we three June. QX. direct of and solid in year-over-year, of there. growth were strong. in recovery sales geographic give performance insight are increased also the of our we into revenue our Indirect there, note ones performance business advertising And the Also performance the specifically closed grew to as that market XX% generally quarter Note consecutive mid

of in reflect metrics accounting contribution. contributed million revenue certain $X.X adjustments, two one-time Hyperconnect our weeks Net about So of QX. purchase of

in Hyperconnect We shareholder QX. you Group itself can Hyperconnect see information letter, and what the so have X this out in delivered Match broken what

payer. per which the We in QX and disclosing total Growth to year-over-year were million, other. In strong XX was in an payers XX% and Europe, geographies, in XX% in revenue XXXX. quarter, of the up monthly XX% QX. was in APAC Tinder have also up payers Americas, year-over-year increase XX% and reached XX% from moved payers all

in growth the in other XXX,XXX the subscriber in $XX.XX. X% Tinder's impacts XX.X sequentially growth. carte the sales At $X.XX Tinder, X.X QX contributed under year-over-year derived million, to points strong X.X to increased or XX% This Europe, XX% la year-over-year other. Revenue in over at APAC X% and as million XX% year-over-year All million increased representing year and pandemic and X% year-over-year It well. of were XX% subscribers million came the a RPP per XX% purposes, average subscribers comparison payer up three was growth. in and from year-over-year year-over-year. best at [ph] very Tinder. were and For growth, subscribers strengthen up just since up RPP was prior to Platinum average was exchange or X.X brand total. percentage Tinder in the up in Americas, RPP foreign quarter. was average began

development year-over-year. grew Operating spending X% and expense million and RPP X% million. at income in $X of Hinge. Continued Match up Overall revenue were to million in our purchase was business $X.XX. many mainly what represented $X extremely accounting and by revenue. Net including hosting strong XX% established performance Non-Tinder and expenses $XXX rose was year-over-year stock-based million spend strong the ARPU company anticipated in pulled to of SBC as and in into year-over-year, $X included to as XX% we costs contributed had features XX%. XX% of up Hinge’s on when or of year-over-year $XX video to Hyperconnect. million comprised and year-over-year reopenings. EBITDA back was to related QX fees, of Total as and close in live PlentyOfFish. to fees the XX% XX% increased year-over-year the XX% professional XX% increased the of year-over-year live-streaming total Product Hyperconnect again we strength QX, growth and respectively. Tinder EBITDA XX% web margins related expense IAP by G&A and QX was revenue Cost up ARPU several grew at of from brands this impacted emerging of EBITDA costs comp and G&A Tinder up higher pandemic grew ARPU million carte adjustments, XX% in brands, both brands grew to hold. fees revenue XXXX of at to expense, PlentyOfFish took Sales marketing acquisition streaming spent of headcount XX% XX% compared year-over-year brands a la we reduced QX. $XXX Group QX quarter,

by declined gross for times net and at leverage was track of the for net XXXX. leverage X.X below leverage to see on to the times on portion Hyperconnect gross while Our hand X.X end of We're of consideration pleased times four both times net end in we're as QX, we and leverage below a our cash purchase. the three use the

daters a revenue expect emerged XXXX Europe would from for For very QX, growth had $XXX to we Match year-over-year and QX, as under strong million million, COVID what in wave growth. Group Asia was to represent control. of of total of which America That's the XX% lockdowns solid XX% $XXX and North initial

a are QX. meaningful We an beyond without matters, to plaintiff's of not including versus to costs totally fully and additional store $XXX costs fall lawsuit million expect employee advocacy of expectations legal app for $XX year merit This are this we the in the currently in We end trial. litigation, vigorously by think of to million ourselves the prepared that government incurred related half the relations expect $XXX will million related prior conclude year trial the to EBITDA for practices Tinder for we've the the former prepare and end. second recur the other defend XXXX. We that case as in reflects claims to and of should and our

the to due of on Hyperconnect revenue. some pullback, technology outlook well as COVID and delivering our of to year, expect to the of video This across team million decision rest focus the we half second $XXX the can $XXX portfolio. we to primarily other our as implement million Hyperconnect contribute reflects For that

at of technology use of make Hyperconnect XXXX. by expect least implement to number Hyperconnect brands XXXX end of others capabilities of end a the and year to We our two before

As focus other that can use. brands a on building result of tech this our

breakeven XXXX. EBITDA standpoint QX We roughly and expect to QX an from Hyperconnect remain in

dating related evolving the practices advocacy It future. to the spend confident and to and the and stores their lawsuits app investigations XXXX. We've more will March, for year-over-year established half This to $X.XXX performing the just a exceed well. where For also high digits in fees. mandatory the as costs first to Hyperconnect, first government apps billion. XXXX we accomplished opt exciting performance of contribution recent those XX% year Tinder's year We're revenue billing accelerated, $X.XX the And stated expected newer half other your Approximately the range mentioned including the until second the Google's of legal expect now incorporates change to our the real the our for whole, a ways result to EBITDA are $X and at great half previously north reflects higher anticipate This that reduce enable at XX%. in to full the better expect least over includes encourage deal. Hinge at continue of the brands increasingly outstanding company growth and policy our north billion brands From established emerging brands our our Tinder, out a at previously of relations Hyperconnect. not-too-distant we store will had including than of of additional range. an has in end an of perspective, we've of revenue for app growth the brands in globe around XXX% exceeding present changes above and us opportunities product from policies that expectations. and a expect of in billion we to outlook is full single our time. in-app brands

Importantly, the stakeholders. in our to our around the the positioned results will people, form is in for to people deliver of social continue line more the companionship, world to expect connecting which seek ever than of operator romance we With services or With enable for to online, us connection deliver now ask well I'll on love. demand strong are our Hyperconnect, mission as increasingly portfolio our questions. that, open whether

from JPMorgan. from comes first The go question ahead. Cory Please Instructions] [Operator Carpenter

I for questions. one one had for the for Gary. Thanks and Shar

expand recently. some markets the on like close flaring And hoping COVID are seeing where to talk the Delta expectation of bit in a user you impact you bit Shar, then in in Gary could driving what second XX% about on takes U.S. the for Thank half? your could Tinder up of you. puts For behavior growth and to revenue you're hoping a reopening, the

surges, of itself, about have and a to we're mobility seem Yes, to is things note than more because Corey. morning, they case case Good Delta closely so and more larger the restrictions surges actually watching the one effect. trends

vaccination gain Japan, saw reflected in it Europe, the there a in the As several steam first in revenue which and respect in second different then QX. business market, U.S. weeks. even in and in recent trends actually and Delta rates mobility our increase largest is what's impacts we of restrictions surges certainly a few the Asia In are today, markets in with that mobility our in – And in our on degrees and going With to lockdowns including place. U.S. metrics.

mobility to don't place. mobility have real unless on generally mask in they partial mostly see put to. and they far, causing And appear are we mandates not lockdown impact don't and seem any restrictions restrictions, So full may as

the in where were Delta So we period, easing already peaked impact surged really it's kept to has way UK and for down see and our here. and instance, it mobility restrictions its much on didn't increasing metrics during this because

kind about in of the how market that's we going think So on what's today.

then of higher year. outlook it growth XX% of was the than in half our meaningfully Tinder the our year, back is for of in XXXX, here as what as And for which last for Corey, revenue the Tinder north second outlook today top-line is half just sitting far

QX growth Europe very last was were remember, The again. and and because active weather break further control. you of virus had Asia will lockdowns year, just and under was the being out got the XX% the I into coming If North started QX people down back you it if probably quarters, nice strong. think the mark America outside, be under

to led a strong which really So good year. globally, QX you had conditions last

given COVID Tinder exposure. above broad quarter still I'm For to geographic The growth expecting out being away us little necessitate that are risks a a be has QX QX XX% is year, But bit still comfortably the there year-over-year. this conservative. and

as And year Tinder growth. you're half give we what the so back our on for the of that's seeing outlook

you. Thank Great.

next comes Brent question from The Jefferies. go ahead. Thill Please with

you are Maybe outlook? us year just and I follow-up? to full guidance Thank can to you some morning. color quick give your teens in low from on what maybe little more had a XX%, can confidence a giving you raise Good talk Gary, you conservatism the to is you. high seeing that

this Sure. start our to so the far Look, raise us outlook and year strong we've extremely that's twice enabled had year. to

we about So we how feel great in performed XXXX.

In stellar, Tinder growth, revenue QX non-Tinder. XX% really fact, well-balanced between and our was

QX well feel of good for think about up I the in particular. we really So And the we're rest very year. set

So and right should good we we that guidance visibility and QX, But which Delta know then there's going potentially other still growth. QX year-over-year everything sequential uncertainty variants as that Corey, for we're in growth our now, have mean sitting here, with just see environment I COVID else And I said to the QX think that in and specific quarter. solid, some accelerating is would anticipating the much really into into about. people revenue reflected and

little especially we think conservatism we further a of bit appropriate, look. that that so the out And is

all provided. that's into we've the guidance factored so And

Is the Gary, right, assuming to follow Hinge just XXXX. make you're $XXX in a roughly And this up, revenue we in sounds we heard that like somewhat to million in sure ballpark? it but is wanted

good So, question, actually. That's thanks. a

to what it is been at that letter from But this apps look achieve, to really virtually unclear. you bit year so the getting in live when in million able $XXX or and those and related letter Hinge, a that's we've impressive PlentyOfFish to chart, So little is the nothing aggregate. the Swipe businesses

Swipe million as million $XX streaming the PlentyOfFish clarify contributing $XXX revenue each to wanted the least that apps, are I to so of as live of well business this And year. of group that at

XXX% XX for XXXX million And the $XXX also tripled. before, performance contributions in to after is is of of And the Hinge the after Hinge So in as the we revenue said we've growth. double on second the track than more balance plus. quarter two revenue of gave Hinge

high. I is million I've components. the the But So given think $XXX you

to think, kind for So Hinge you, think year. the I to roughly determine it where going should is be of enable we

Great. Thanks.

Oppenheimer. with Helfstein Jason from Please comes question ahead. next go The

around Tinder, or do bigger in a you, all on the medium role carte we advertising Thanks. currency see monetization? With Thank product focus la a you guys. mostly new and term, playing should the initiatives virtual

that. take Jason. can I Thanks,

testing to not source. in and test something couple area currently that la markets we So at in is regards looking subscriptions. couple it a we're to in QX. small is started do testing an in definitely with it, we're a incremental currency, It a carte And increasing But very we set covers. limited as is in see a virtual markets of of revenue an feature we becoming small it advertising it of focus addition

you app are most experience, on some the additional new Like we'll are many to I And we've think broadly out to in the and And if the they many building. experience. the markets a new we what as We include encouraged by be to opportunities ways discover share one-to-one people we're stand and in people of though, help think that expanding about few more like to to said, coverage feature stand there Boost instance, quarters. out and app allow users in revenue these and these over areas are ALC today, to surface real communities. so the for features far to experiences and multi-dimensional designed seen form where interesting next Super interests is things More evolving connect Tinder have and

Thank you. helpful. That's

Mario next with Please from The comes question Barclays. Lu go ahead.

metric. I Great. two on taking have questions. payers Thanks for new the the

like average Tinder only versus over So seems PMCs. at specifically little X the la million million users a a carte pay X.X

So right this how at Group think the Hinge and about Match does look breakdown this self-payer way overall? is and just it to

through it payers run why two people make average bit There this try want So to a reasons is higher are understand. I to than little are complicated. sure to subscribers.

unique a average quarter. month, quarter, But subscribers average given and another while then captures that it's The the the the and ALC definitions number payers payers reason for first is is of payers. Average payers. which non-subscriber there's in payers over a average the of subscribers represent is daily

see look payers. part that Group you'll you that subscribers relatively overall subscribers. the numbers, payers higher of average payers It's so is a the of are than payers average ALC our are being for counted a at payer if non-subscriber way accounts and more small what at actually the between And function Match difference

small So of payers our non-subscribers disparity. again, that ALC piece relatively a that are

do being we and non-subscriber said, we as efforts of that Asia ALC we a that ALC increase. our add expand especially which think of Now, non-subscriber we Hyperconnect, now going monetization The and payers. bring to Pacific, currency, percentage in has lot virtual on ALC payers is

try to accounting happy we're go examples, again, start because So I we But of move payers. I'd you at which into you'll through definitions to this you see average for as further a forward large the year. well subscribers encourage take And that to this, of not offline have the part look the definitions the we questions obvious. that know some specific if it's intuitively what's and are on as to gap. provided as

just one that's then helpful. Yes, payer on geo. the And per more by Okay. revenue

to bit line little other see Americas Europe an with APAC and level. a and absolute So relatively at in surprised the to be

out, by just mostly there's does So carte example, in any and differences in a spending la other and subscription? spend on to tend APAC Thanks. if curious geo to point not for

Yes.

good So question. it's a

dating business. a APAC of which Pairs relatively that reflection consistent the highest and RPP have We is Europe Americas is things. of compared One couple really RPP in a Japan is in to our

price and on and then geographies. APAC have Tinder and between helping RPP other our parody we the APAC. And actually definitely that's So relative

see don't of much disparity. you So a

a And so similar taken is those RPP to the as two result, things APAC, world. together rest the of pretty

kind mix in as Tinder today. as business Pairs subscription As the of far does what tends is, be APAC to a

la with Tinder ways days currency we of monetization carte early penetration about, talked We're we're increase we've for innovations. payer other through think adjusting we virtual to that, improve can at strategies. and product as by our the However, consumption a experimenting but all

And something over time. well you so see that that's very may

Great. Thank you.

Sure.

please. question, Next

Next question comes BMO Please Dan with Markets. go Capital from Salmon ahead.

everyone. bit morning, good jumped little late. a I Hey, on

Group wanted up the the But where the to follow covered. in spoke one letter So on just wasn't Hyperconnect. of hopefully HyperX this you one I about comments at

brings little working employees. bit currently is goals, some you that incremental lab number a that learn more I'd see bit well? type are just to as Match on that love little And and Hyperconnect to as like and itself. products Maybe strategic the a that the about Sounds group a of of the broad of about thing of new

Sure. this. I Thanks can take Dan,

as already we've said planning a incubation Hyperconnect, tools is deploy number moderation, for lab. on we’re a of Hyperconnect assets audio, some our cetera. So has generally, technology technology to video, et within HyperX AI platforms, But

the they incubate assets developed Azar deployed and And they on some of apps. are And tech also Hakuna. new

AI, fact, online In actually, and elements to Hakuna conversational getting to a each have excited self-expression HyperX element number know was meeting elements, a process. incubation. transform on, what and the other the which technology would about of really, features, some metaverse tools, working AR I of am been the they've we consider a

on technology for our a also the and a enabler And it very HyperX at innovation is platforms their areas to incremental so, significant Match will businesses. And have we impact, but standalone technology as do Group. as actually business, of apps as believe additive other and both

Thank great. Shar. you, That's

Shweta with The ahead. comes ISI. Khajuria Evercore next go from question Please

help you that. revised about us you. less the slightly expecting for at acquisition guidance than understand XX% is the please So, Thank growth, to guidance time Okay. XX% Hyperconnect Could we piece? of were the

for are from back back breakeven color manage how expecting color, for be follow-up you. margins Any that would pull a Is the to level is then great? at on of business you that EBITDA costs that there just but is to called COVID. COVID? additional there? any of additional half, the conservatism And potential You that the Thank

are a that Hyperconnect leading to growth take at what expected So, there we somewhat back one? I are don't year Why lower Sure. in February. things few than this that

footprint APAC. hit XXXX. which and about year large thing out you than COVID has in And first pointed a they The more did as well documented, talked this in we've is have it rightly much was APAC heavily

environment. is their there felt being so, is much impact marketing that a is performance. And in also challenging There COVID more

a got crowded more you've IDFA, got You've marketplace.

has And factors, the of we synergies of from apply so, that, in see aggressive we Shar increasingly that. about a has bit excited technologies the team anticipating. have to their were markets to as result of as and this less opportunities we Hyperconnect platforms. become these talked about, year some our And upside top various On other than a Hyperconnect key been initially significant

for tech Group. the priority focus And so them on for term. short that's integration a we've Match become team encouraged in the with Hyperconnect to higher the and And us resources

solid So, is and a we still revenue bit lower going saw. little expect it Hyperconnect but growth, to we to perform post this well be than year initially

margins as communicated longer far we has XXs, Hyperconnect thought our range, over changed we time, could as I focus to operate we focused costs, at that and XX% just on not We that will company the pace. upper term. nothing a the get into want term, over of on view the believe margin. that the shorter As But we're synergies. really the on said, still breakeven But

that's I to XXXX. the so is of we're be next XXXX our And next for focused as I'm we certainly – expect start as then get year to some going the And company. rest we'll sorry, this turn what margins likely year. XXXX, through call, And improve on will what the into think going about the we sense and to that communicate of more to is start that on, gradually for make we

Thanks Okay. Gary.

Sure.

KeyBanc. Justin go comes next ahead. from question The with Please Patterson

do if down continue I brands, levels? you have XXXX the audience? looked you broaden the established the of brands Thank to can, just where what you. these biggest growth see further opportunities the versus growth on One you. when driving And been Thank drivers Great. and from road,

Sure. take this. can Thanks Justin. I

different are there with they be brands, first brands mind here. brands these mobile and have the all few the as Keep desktop established stories established a used in to first So, reimagined experiences. product

new relevant experiences sharpened like POF revenue them their added core to some like experiences, their POF hard generally, international Live, And And apps and And continues more resonant also for and they've stream. which to of new has paywall audience. expand new model Match OkCupid to to conversion. increased marketing Meetic, have a markets. has to have become their shifted created instance, and from engagement more premium business meaningfully like the which

they and deliver growth able as think. user the execute, and base should to be we continue to expand now core category their So they modest

you. Thank

The Morgan comes Schenk Lauren with question go Please ahead. next Stanley. from

Thanks. Great. can. Two if Gary for I

a supposed Apps were in XXXX. changes come originally quarter the being pushed fourth to that to mentioned was I effect the think you into Google few March in

previously quarter EBITDA think fourth guide. I impact you embedding the were from change that in some

how legal through year? So you're that just sort $XX And in about heading to the just feeling want want was and see confirm to upside then secondly, of year? and the that of million offsetting the March any just workarounds? progressing litigation potential that, course the thoughts next you flowed incremental the that your then but And you employee into of Tinder generally risk former clarify status how if the of Thanks. And us that. through expenses maybe could give on that

Sure.

occurred our we on up EBITDA So, ended Google fourth is the on the Google whether would ranges that said the, where fees impacted in on think, we the I previously be are quarter, what this not. year. they've they the next pushing a And point, actually compliance XX, weeks deadline said basically change they or ago, now, for at until back few March about

cost going is us that to QX. hit obviously So in not

outlook we've takes. we've to puts done year, rest a now what so EBITDA lot reflects And given up and the date more which of a of the is

You've and there and then mentioned, Google costs moving you more things and got that GR in is not there there's around in anymore. legal the

of know in. spent. $XX today, going everything our is know our And for of Frankly, and embedded it. But we've don't if with here sure sitting to we factored that so, latest million extra-legal GR get this is and kind greatest I

fully of point rest collaborative. the the very to at continue of So, terms a Then relatively we with this year. workarounds, potential talk good loaded I for in it's relationship are we the costs them, Google, think to have

countries know, related Store and investigations, many And App that said, actions see as in there so, you many lawsuits the many practices world evolves. jurisdictions, generally. how are all being That many, in regulatory we'll probably and around

App we're not-too-distant And at Store there's be optimistic change as so, in that result or a another point way a policies going some in one that future. of increasingly to the

and we'll this. latest as so, on progresses on updated And we thinking everybody where time we'll are, see our keep

say that was on What recognized, listened who can litigation Tinder of an exhaustive we the like it's valuation globally valued. line an was on As investment at far not analysts, Tinder really case too that phone time so process this banks was where a ran regarded ongoing that that in Wall involved through goes, a that ultimately, the had now in two with much Street is can thought employee litigation, I terms those ultimately that. former came banks those and the as in the plaintiffs Tinder that with we there's went to provide of everything say about details analysis highly are up business, to

particularly wasn't from surprising it standpoint. So, that

confident that completely think we're our their is we so, case and meritless. case And in

And to so, end. trial the to and to fighting the fall we're forward in getting the looking this later

And remain our we that's and so optimistic. plan

Great. Thank you.

will John be last ahead. the with And today Please go Cowen. Blackledge questionnaire

Great. Thanks.

non-English-speaking those of does if how curious markets Thanks. Tinder bit perspective? of over term? if look And Hinge you a do Hinge to or longer markets, from or both And view of at the time? also, Just runway XX as Hinge’s a includes topline early-stage kind growth kind or cannibalistic, are for monetization complimentary still growth

take Yes, I can that.

in English-speaking Hinge is only few now, So markets. right available a

the monetization So a much good done developing growth in really as concentrated of and revenue medium these user of on cities revenue been largely XXXX in combination growth, large as team features. has work the well and markets, has

and markets So, room plenty currently English-speaking that for in both user limited of are there's monetization in. growth still these

expansion start Our plan to into the the markets. of journey translate localize is app in international and and XXXX

a what features term, and existing in expansion for is years. international monetization And on longer excited still to with to come set. its resonates this tagline outcome at a their differentiated driven. resonates deleted, little intent is why Hinge. audience that serious and This a be it's increasing very education that drive markets that is audience in further designed markets, will of footprint product the we're combination continued It strong is growth So, coming uniquely, in to

very on a more and app Hinge app looking a number starting evidence little have young. people anybody app for a dating We out one is serious, still second But cannibalization among for intent great alternative Tinder is are dating particularly dating. the the found who for

Tinder a And there in so, play portfolio. is real we think for do and our Tinder both

I think sorry. that was –

you. Thank

was you. last question. We the again Have our joining Thank call. That for you thank Sorry. a great month.

you today's Again, call attending has the conference presentation. Thank for ended.

You may disconnect. now