Match (MTCH) 31 Jul 242024 Q2 Earnings call transcript

Welcome to the Match Group Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

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

Thank you, operator, and good morning, everyone. led Swidler. Bernard be and and will Gary CFO, call by Kim; CEO, President Today's a brief make for They'll few questions. it we'll up open remarks, and then

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

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

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

This QX across feels like you great of Azar continues my the our Thank stabilization. for us, marketing are call. it rocket joining results you, entire our X have progress years, finally today's a in are our and and we rapidly. expanding elements across and we're continues user have we a portfolio. we Good ship, driven Hinge perform the of is executing the strongly, show has Tanny. Tinder key the as and company. Over made thank number at with to flowing and to all favor initiatives Overall, currents strength, with morning, pleased transformation throughout a broader is Pairs company. working on beginning

hard user continue and here. to Over stabilizing, and the and improve the them trends User working signs now quarters, expect to improve see payer been several we initial starting progress. from of last has Tinder we're experience, to to are

the trends the year. half QX We and expect in of payer strong better second year-over-year MAU sequential in growth

Tinder its job world, iconic building dating experience app its swipe is attract users, users. on largest new deliver for the the it's fun its and in turn helps some legacy of authenticity vocal recently. standard safety. have which As users Tinder's in believe the industry address been increase for and concerns by about and We to this continuing and trust will that by realness more setting to the

to months, XX and and more next effective innovative expect make it Selector vision. works to an increase the see achieve to authenticity been to already They've ecosystem. AI Tinder making exciting, tools experience. AI-driven tirelessly come and are up and are to the intends is simpler and effective. to deployed in we this such more its Tinder journey daters being make the more Tinder tested like that fresh experience Tinder working look integrate more to at Photo strides QX, to with tools Over as Enhanced being deeply dating clean easier

Next improve year, its of expect experience. evolution vastly even to an product matching bolder core I

and globally, heard billion delicate MAU ecosystem, and innovation a us, constant requires business theme some happening. mid makes and you off. entirely last what while to willingness results linear, Tinder. doing with initiated major ecosystem we we are what they building But You've in of connected revenue a certainly a a began it's when $X-plus while year. mind, elite Tinder, already interacting weren't gymnastics. effort all of reimagine requires core have This paying from not It's level in believe of million XX nearly predictable a keep innovation pretty and cleanup off the And the

share with off come more We continued further another one into year the to even second and XXXX, be this with Investor our at of to and progress strong to expect excited initiatives to is build and Day. to marketing. I'm you Tinder's in continue There iterative half and coupled be

downloads grow in It direct its its continues of Hinge to continues XX% to year-over-year growing share markets. QX. show remarkable nearly of revenue most rapidly performance, in

and and are making user driving campaigns incredibly users Limits are Top are growth even Photo meaningfully New out better, resonating, great marketing and getting It's conversations. Turn user higher-quality new driving product Finder are also getting on new AI-enabled Your press Photo faster. positive features journey dates like Hinge's the coverage.

the daters We're app dating the durable well app portfolio. behind the and with a We will growth growth expect in nurturing that quarters, dating Group the over across fastest-growing Match as of brands at-scale world own for leading coming host growing other both intention as the also them. brands

are growth Azar's expansion user Europe. cutting-edge momentum into and AI product by a and financial strong, successful driven innovation

clear see new latest in to experiences build also and social Emerging leverage continue our portfolio. brands add technology. We to demographically opportunities focused We the to

responsible across in unyielding Our will AI and entire trust users safe clearly our and way, of utilization portfolio. a our commitment to benefit with safety, along

refocusing other In in primarily to our we're sunset services and provides strengths. exit our in live and app, apps services, live dating play to to efforts decided Hakuna streaming areas our Japan. streaming of our Hyperconnect's which business, We Korea

have end made While portfolio beneficial. these them our less since live things brought streaming changed services a benefits users, we undertook to some couple which have businesses, of

all sitting video Zooms live the with day, pandemic the on streaming of declined. Since people has novelty

these Additionally, and ultimately further financial our to what are below brands like significant we'd our require achieve. businesses investment, profiles

approximately replatforming exiting in to along our a million, expectations saving previously in of workforce annual which will to initiatives X% reduction expect efforts. disclosed live addition $XX other streaming in tech approximately expect our incremental with globally, which result cost result We portfolio is across savings from cost we the of

to of technologies Tinder Selector one we given how This AI opportunity mind, that to common specific see our brand. It and further Tinder's this our With Photo some has strongly value into Azar, of Hyperconnect Finder. the team integral talent especially is Top in retained we portfolio them that the to been in and AI-driven across brands, have creating each we're significant to in world-class and Hinge example leveraging but plan redeploy just that been embed several and Hyperconnect tailoring to including is our capabilities has brands. asset AI-enabled Hyperconnect across growing Hinge's brought Match Group, expertise. the to features introduced reiterate The Azar Photo including of Photo a important our

rightfully should innovation Tinder, results. shareholders that to near- the features the exactly in but and clear, is exactly ecosystem long-term a when. only embrace succeed and large-scale that challenge, difficult At recognize how vision expect the But we team opportunity market occur. predict not both makes which will is is it's it think We there, We and innovation executing.

to sustained Hinge's we we're momentum other to where choices financially which $X undeniable all its growth. path Evergreen that a understand to we be brands. will this we're a sustainable revenue in will And growth, see with product don't result is billion as and being our is undertaking cutting the Moreover, if become on clear business. innovation, solid, a in user expect considered. case growth, back need cost We can't path deliver return is to as on we disciplined

are overblown, and apps in see start dating our around scenarios doomsday that that you results this quarter. to think way can We

are We of that, to still intend we our welcome to and growth apps have product once significant. potential that We best that opportunity. the are is we business shareholder work increased we for meet, to capture way confident continue committed the to delivery remain to the and people do we do, value. shareholder but Dating for input,

and flow-generative component progress return of of and demonstrable in believe profitable cash sharing we've in of product can first-ever it nice apps. been look efforts. nature business. the We highly We a team forward where believe our aggressively a capital back shareholder be showcase incredible to deeper innovation our expect the investment. these return management And I'm given Day development our terrific quarter-over-quarter Investor a We represents behind long-term to in stock we dive our excited December, buying because

Gary. to over it hand will I that, With

both We up good $X and everyone. headwinds $XXX million revenue the total was than BK, QX more line million, on for us last morning, in anticipated earnings despite our Thanks, exceeded today. revenue time bottom year-over-year. joining call. of Thank up our top X% $XXX experienced X% headwinds. while some Group's unexpected the We and expectations year-over-year, we FX-neutral our at Match in you was million, total FX

In down the increased X% improvement payer to delivered X% X% up million our from year-over-year. direct quarter, and revenue, payers approximately quarter QX X% RPP Tinder were XX,XXX grew sequentially. expectations. the payers revenue X.X up Tinder decline year-over-year, neutral. year-over-year Payers XX% year-over-year of FX an Tinder's X%, million, $XXX year-over-year. above X% declined while per last declined

at subscriptions. carte was While experience quarter. was year-over-year growth is rolling Tinder pressure initiatives likes at who Both out which la the now. features unbundling Tinder in in to continued in revenue, ALC to on Tinder à current in you various are into X% QX, including users solid subscription who down the see to revenue attract address XX% year-over-year Passport test weakness, be such open as and to may not ALC as

engagement will ALC that that the testing another contextualizes Additionally, likes and someone's helps shortly one team new ongoing X after matching. features, foster be

in declines we're result, gradually of a the will improve the and a year-over-year trends revenue half QX for optimistic will that in that ALC trough second be year. As

were Hinge to million, revenue was year-over-year. direct Hinge payers was while million up QX. up XX% year-over-year $XXX year-over-year XX% nearly of XX% up $XX RPP X.X in

the direct MG to declined continued fell neutral X% Saudi FX FX-neutral in access Asia's revenue able XX% quarter despite up on X% as up the Azar but up X% being to in million, but FX neutral. the expansion $XX quarter results. XX% contribute was to declined basis. direct year-over-year an direct not year-over-year revenue X% to Pairs market revenue was European still its

while the million, year-over-year a brands Emerging the Emerging by collectively QX. which direct XX% & X% year-over-year, was Evergreen revenue Evergreen revenue $XXX Brands year-over-year direct XX% brands, decline in declined of grew driven

who With down given saw driven MAU, made moderate people now various initiatives, began A Focusing in year, truly marketing Tinder's has in as of Tinder's large large ongoing connect. behind Tinder should declines to and us the sequential QX, we're this confident was by been of since safety MAU were last to trends, Tinder's in at to stable QX. X% March. now year-over-year trust MAU much we on relatively on and which policies to as Tinder's part now user stability in begun That case and stabilize. progresses. July changes have we to product not in year-over-year continue app in remove this year decline MAU are the impact

in to growth its as user app up France growth #X in QX, with markets in share very Ireland expansion charts key year-over-year June, and #X the growth June app most strong download and significant markets Australia, gained aggregate, in countries/regions, markets, across and dating #X Canada U.S. collective continues including ranking MAU and #X across May including the in the of European XX% its QX. in English-speaking Germany. by key XX% its In the downloads Hinge and in the in Hinge's and ranked year-over-year be U.K., jumped The

in product at expenses, higher marketing spend primarily was million, in increased million in selling increase as partially Emerging primarily at $XXX due Tinder. Operating of brands, growth was and X% in the Group offset XX%. headcount expenses; margin for margin marketing a Digital new AOI due in G&A higher each for a lower income increase profitability. Tinder to other XX%. which of QX and revenue and cost Hinge, X% and our Canada portfolio. which of at QX, up costs, year-over-year, Group a and $XXX to Match product from marketing declines and by Switching to development higher other Match AOI Tax; OI was certain down Services The was spend benefited selling primarily brands QX and at of Hinge result by revenue, was year-over-year, partially in brands offset the

in lower in by and forfeitures software service, including SBC to was higher and internally than headcount in income in developed due XXXX increased XXXX to expense Hyperconnect. further Operating awards increases expense impacted of and placed Tinder equity due depreciation at higher

for issued above of average more deploy share deployed This of at XXXX, repurchased be shares. or cash on flow more would newly XX%, than equity in than trade for of buybacks slightly we our shares our shares to commitment XX% outstanding an total million of latest date shares, our million. per we price of QX, well XXX% free the buybacks. $XX we million cash of million net we free XX flow XX% have In $XXX plans. our basis of employee approximately for a Year-to-date, then a just X.X shares May or Since have resumed for XX repurchased repurchases,

continue cash remains at With equivalents X.Xx in shareholders for our the ample at flexibility remainder and XX% cash to have objective. short-term returning we which financial our free investments, cash our to of net target least Xx million $XXX of year, the flow leverage and and below our

live exit reflects of 'XX, Match we the total X% revenue X% our lost of QX Group mid-quarter. which range expect for year-over-year, estimate would earnings by worsened since to that X% FX from to $X FX quarter, services, have it the second $XXX be million X For million, about streaming revenue to point This given we which $XXX X% for neutral. are up Note will for million half headwinds the we last about be call. our exiting

we For a whole the and half back be the nearly the currently both Tinder expect to in of company, X-point year. headwind FX year-over-year

to We year-over-year Tinder FX and million year-over-year payer expect in direct $XXX be ALC improving initiatives MAU reflects at in also It and in approximately QX, I new flat X.X% to area. mentioned due range to improvement trends RPP reflects up This and $XXX revenue year-over-year million roughly earlier moderating gains. the trends revenue this year-over-year neutral.

XXX,XXX. of around QX leading payers X% improvement year-over-year decline positive payer levels, in to approximately sequential QX Tinder in from expect at to We further year-over-year a QX, additions

sequential though we typical additions. seasonality QX We in QX, impact year-over-year expect expect continued to in payers payer Tinder improvement

other impactful $XXX million, other deliver FX initiatives million neutral. last approximately strength $XXX to of in the million of of X% expect X% brands, our it continues, to we several of in introduction monetization we up anniversaries half direct brands, Hinge as QX year-over-year the to QX, X% but to of expect back $XXX growth Within Hinge up year. year-over-year, Across revenue X% our direct XX% revenue

We million midpoints margin year-over-year of slightly stronger first $XXX would margins of Group in half our in up year. expect million the than the AOI QX, at and of XX.X% the which to ranges, of the be Match $XXX

brands. to continue the Azar some growth out our brands, Tinder dollars latest X% brands, but and QX marketing overall campaign, support at Hinge, marketing year-over-year we deploy expect to other marketing up as roll marketing be about We reduce to including spend Emerging spend

Tax. approximately approximately for employee Our new the reflects million severance as the $X Canada's for exit Digital $X as other in well streaming to million AOI live Services range of charges and quarter relating

of OI $XX services. related to streaming charges We impacted of the by our be to expect impairments of roughly exit QX other and million intangibles live

accounting about live for earnings and revenue Match by growth approximately X.X% we point about to the FX worsened Group streaming of year-over-year to our expectations, services X%, exit deliver latest After neutral, have year-over-year of Tinder call, last our up based and which X on expect total since FX exit had streaming deliver roughly worsened, direct to not pace we than X% X% for year deliver elected up total we revenue FX the full FX on be year-over-year approximately calculate and X.X% neutral growth, for year-over-year not revenue growth We to better year. that 'XX. live headwinds would

of of expect the full million to target full AOI despite Canada Tax, our achieve XXXX. related $X our We businesses continue and to related none year of included for and company to million the year initial streaming exit severance live approximately margin charges $X was of Digital to of incurring outlook XX% which in Services our other cost

considerations outline AOI margins know I flow, there the make our to significant longer-term to key sure is on consolidated want cash this in I so and a focus free regard.

about, worth think at in, our and and Hinge. investing the opportunity talk BK heard particularly business remains you for significant As Tinder we

Our is in company invest sustained the to which return requires experience in to goal the us growth, to and product marketing. revenue

with in judicious our more brands capital, Hyperconnect, how We are sound we result to we'll We believe important which margins continue our already efficiency making consistent at in at E&E allocate in exercise the levels. moves and will process and we're of discipline. consolidated

opportunities, critical in can next believe Hinge game-changing right we in helping think building remaining the Tinder connections want significant this around given around to marketing, product where we decade. the At particularly we meaningful will AI, tech, be. in leader place spark global people blocks the and We see over and it be growth put how

As for continue expect important the we AI investments, we which intense, near in in make competition improve modestly talent our AOI is margins especially only will those to but term.

fees. confident in growth that though Our and expectation said, app margins recognize on on the We we're relief reaccelerates we'll is will track. growth that cost, potential revenue options, consider store remain as see That we not including expansion expect, disciplined our as other additional we investment if need even fully and the all any to materialize alternatives. remain top we before in that we very right line reduced does AOI

free deliver $X.X of Our flow billion nearly in expectations are XXXX. cash to

We expected elevated levels to expect and level our XXXX to an our conversion to flow cash payment normalized due additional cash in free flow app future year, be free XXXX. more this prior return to AOI to compared to years rate store expect we and conversion

least remainder at to year. of price, our with remain We mentioned, investment shares stock current we capital. expect for make the believe return our for As free I the our buybacks the capital that cash via can best of utilize XX% our we flow

the see of terrific we accretive repurchases in represent price and stock, highly Given investment. front of a long-term us opportunities current and be our we will the believe

cash much Day more our say our margin to growth, We'll Investor have year. flow on free and later at this expectations

the to for With that, line I'll open questions. ask the operator

[Operator Feather Instructions] our Stanley. first of Morgan will from come Nathan And question

growth in individual to on due a the much so how new us of Congrats led of trends in retention? contextualize stabilization stabilization stacking versus there variety that And outsized to Tinder's more improvements? quarter. Is that the anything or you of is can user that help

Thanks, it around improvements. really Tinder product you that I how Nathan, like for stacking framed question.

And combination of this improvements to start this building helping product Our is work drive really strong half each that over on year. really a contributing the is and of reinforced initiatives other on time. stabilization is marketing back with

of -- made trust were good we we're has those -- that of last funnel example again. is It's right outcomes has And which decisions. retention stabilized, Tinder. of is The base year a stacking strides lot of worked moves the say news the in know we that improving top user and through one are initiatives, and exciting to and great that for noise user safety a led really we've better and a growing time period is the making of and lot a

Jason comes Oppenheimer. question of from next Helfstein The

Just one question.

So XQ be how seasonality has now we of first half at next Tinder normal Or year? returned the to in in seasonality? more should more we be looking stabilized? payer looking And should that MAU normal has at normal seasonality

Thanks for Jason. the question,

to jump in try it. me address and Let

it's X to see things you'll think commonly we to really few mean if actually in I another. a related because and historically, over you of just QX what So I out. see are that QX, is payers improvement look one sequential reasons which point

call of that tends that in period be to because features. season, on the seasonally fact period. campus date includes is an first actually advantage out a of reinforce dating the strong And to for and by attention we start to And actively. where active that also the season QX focused is often and people with also the And spend period that new The lot it that includes to return QX the to vacation and new features back-to-school to marketing college initiatives students which summer it in apps take rolling are we even dating.

be tend us. does QX So very for seasonally strong to

Christmas to QX cetera, the tends at on a holiday contrast, that's weaker look to whether in on you by they U.S., about be the When because QX, people thinking it less start and Thanksgiving et period it's world, focusing focus the than holidays, and the dating. period across and tend

many be tend holiday as in both we course, much think marketing, tends that in a and the spend not market roll reduce of focused lose product besides to period people fourth on pull tend against marketing audience we out and initiatives and our because, to And And that quarter so lot generally course, quarter. dating. activities expensive QX so also more fourth quarter, the to marketing, back we as other isn't to tend a because about of of as we to

perspective, And weakness so the of QX. you're kind look payer level in over after QX QX QX QX from you user we when happens to QX what tend at sequential that right we've strength seen of over see a to and do some typically a

in which the would I marketing and, period, perspective. year-over-year going I would sequentially us global follow I similar marketing seeing plan great campaign back then to in marketing on that new on side. to expect the this and into invest pull the say is basis a We've to holiday frankly, success, the But year, marketing a well QX. expect got given QX us from we as would Tinder, at pattern

factors about you are think consider trends. those So the to the some of just as seasonal

stabilized more we also and as on you're of right think historically. as we base about a XXXX expect it's so this a trends typically at early, Tinder, return and little we that I that we've do. I year XXXX with outlook provide And bit as think But think more into now later we get seasonal an the we'll seen would XXXX as in to

rest both 'XX for So and seasonality think question. I a hope the 'XX I answers perspective. you're right of your that from

of next from comes The question Squali Truist. Youssef

a and Maybe bit a seeing velocity you're made the BK, in little more X-parter. kind of about One, some changes shoots you've talk from green can from you increased of practical Tinder? product

you're into Gary, not for 'XX, that I know do yet seeing you -- Tinder, if maybe, you guiding in improvement believe do sustain the but a themselves bit they you're -- quite quite And get other in drivers you you there? enough overall next need see do to business maybe low digit, to double-digit maybe high back to XXXX? growth year, the Or get to single are

Great.

as making comes changes the me team to is don't, super work The momentum. velocity describing at be some the in is progress, changes seeing Let a Tinder. and The to strong. that progress in turnaround making stab and we're product decisions when some great take we're it but nimble continues

continues to in positive position engagement We're and marketing marketplace. behind-the-scene in to changes, matters really it that's the increasing mentioned, Tinder's marketing continue we're and things Gary solidifying strong. that doing and outcomes. making be At Like we where user same improvements better most. product with driving market, We're recommendation like investing time, the user velocity the and brand

in We're really excited and were the marketing shoots right I is that If get now when looking were Olympics. swipe good for, that activity what's come together. green XXX% in something And and activity and happening the A real time, and the that's of teleport can Paris. me I'm same really you a to in example a anyone the really interact is the with around Tinder that marketing actually actually with that unbundled happening that proud Paris We describe purposefully increase increase France into seeing in that's Passport Tinder so mode XX% of. product at with Passport integrated world things athletes.

million that Olympics has million XX our Our content and over XX seen team on impressions marketing has working over been views. It's super exciting.

have future, a for share clear can't we in that wait Investor Now vision upcoming around Tinder's more and to I our Day.

a business. in as users. in happening and reached back a it we're his following, year to for basis we've stabilizing of And And outlook needed get we I which and a been expectation improvement. in think the about to also going providing, mentioned get the you then do be this outlook to payer question starting stabilization the the first, fall BK that exactly to and provide would the the typically until your resist On pretty to I'm is we XXXX, wait trends, as show on the I expect, you into period as same would half XXXX improvement. through thing see that. and that's think better can stabilizing do year. remarks, as progress, We've say look following temptation We things now will clear at But you year-over-year of our of an if what's point

we we the We expected to to be year-over-year a check that basis. in And and boxes get to improving MAU And enough. checking consider here on that need improving payers to back that don't we're so obviously, regard.

improve think steps. it efforts to that to into to year drive those will better to payer about, that, it's accomplish have user Tinder product marketing to happens, that going they its this products And to take continue are continue their people next. we're to earlier, so on ultimately, to out that that And and continue We will there and as and that growth growth incumbent tell return drive we friends will about, Tinder for. increase. users, said And they as increase, to excited through

And that is has to key happen. the really that

now, as XXXX. very good we're outlook. in the for our signs make are is temptation about the where resisting to feel early still we'll But better need and position seeing BK ourselves we green make first and think I the further to which progress right we that. said, the It's to continue shoots, we why feel of to a we go like I'm

question next Salmon Dan Street The comes New from of Research.

Okay. Great.

little of period So payers that as think that's obviously, now. it's a And to expectations. several a exceptional sequential a likely XXX,XXX guided for stronger here, most you growth guidance for increase, bit Tinder for I sequential quarters an even little than

through So in exceptional trends what you're a maybe that time, right of a of BK us gives seeing the quarter the you you the could nature just now? confidence considering give and the bit Tinder view third so July in Gary, little or payers trends far the in

kind on at to quarter, of And I Tinder Dan. to really months. the last several whole May that. a payers look Sure, actually has when strengthening been to we've that a that down period solid on the look would over QX from we as But very try do the seen on was month-over-month say inside happy I'm momentum basis May sequential XX,XXX. payers, growth if and by April to sequentially June. payer you

seen we've your actually into And sneak payer you giving from QX, strength peek question, July. a into continued little June to

period sequential sequential net able adds believe QX. us confidence strong and to a be that giving for of the going are trends have what's So very we're to in that's I Tinder positive, payer

it's Now X quarter. the into month only

So I'll caution you, and we still got August work get to do through September. to

which reported, to provided we're X% believe what on, the I focused we negative positioned in I'm sequential improvement in But which QX, something to growth yet. on to in from X% really net QX. adds done that just the not negative we're which is closer be that deliver getting rate, would So an we our year-over-year XXX,XXX outlook, in

The next question comes from Ken Gawrelski of Wells Fargo.

investor -- it's I going minds. more lot bit XQ a draw draw maybe little I'm just of try you to noted know on on out, You because to you a

the seasonally also that Tinder Do continue XQ improve would quarter-over-quarter. XQ, sequentially weaker payers today? to X% in year-over-year grow expect based you noted you from XQ to but You guide growth it in in payer than the be XQ would Tinder minus XXX,XXX sit on where plus

I QX We're get question, the So the the even growth back there on make the point And to X% in in regard we're providing want thinking trying more year-over-year again, as to in try make said on from really trying to again, and, more we QX. negative though negative the payers to not that of to progress to going and outlook, I'm QX expecting earlier saying in that, we're to X% to at to basis year-over-year a be the in QX. progress answer progress. return

something And we'll negative we better think year-over-year QX. than X% so in do

And in do QX a to if better on think you year-over-year we in quarter. to get -- payer a order. math, to have the think to you get basis have the something than I tall I fairly growth X% sequential have negative that's And

expectations. better QX, doesn't tall the for assume going take it that and the it's that we've current frankly, but And off table. the full our that the not that I think in year so think exceed it's not would order. table, going fairly to to provided do I than I'm that off we're a outlook

And again, seasonality. there's a significant of amount

on remember, to is has Hinge's pattern it over If historically the it in because if you for year, see QX been explained over QX, that over it performance period Tinder's than look even you typical reasons the question. back if you a payers, was Jason's performance seasonal QX QX weaker last on I look payers, a on at years

way just I the don't so right look And think it. to at that's

but on seasonal focus expect on continued the improvement holidays, expect basis. over a do year-over-year QX to I to people see have as QX You pressure

it's important basis, And position us that's year-over-year in us what's than had things performance better to position those I going QX I going keep 'XX what because on into are a we've in XXXX. important think to stronger revenue the think for a And and for payers, mind.

of from Chris The next comes question UBS. Kuntarich

you the end product 'XX of part this efforts is your the you around one upside question frame Could any year? experience. product in be, and update from at gestures how second the Maybe versus Explore big these new the the are would last maybe guide? of product And of revenue Tinder assuming refreshed revenue just this a swipe refresh in

is more need profile experience something a to be But things lead Tinder, passionate I'm do comes big changes in and when believe can swiping I super Tinder it deeper properly. in about. and Vertical to to that fulsome really it they discovery. really happen tested overnight, not these

revamp the For real swipe Explore for valuable to it it. and we ALC more currently more swipe super fun. estate make experience alive to opportunity up, Explore, it to And social, more example, to entire has down an have given really connected there's then

These iterative changes require deep testing.

the right We around impact ecosystem. have they're on and the the making that's innovation, to tireless understand sure full we team also it,

I entire our I evaluate do we and time in think can be to believe the user in a 'XX, well moment team take experience. that experience, elegant a teams. super to as the And did important more as believes that's it

Tinder it that to an the with user overall is think innovation And central will team together experience. exciting, I from and are the right Currently, really I'm working leaning elegant more lead on better that our experience. in team them seeing and things and now,

the be XXXX. tested lot being really QX on planned tested just and revenue. I not Tinder of They're for generators would be to quarter. features Maybe in the have fourth really They're expected XXXX. for positioned at a revenue say we part about in to

in our outlook depend the any doesn't So features revenue year to really XXXX. on way meaningful for these contributing

KeyBanc. question from next of comes The Justin Patterson

ecosystem can user hoping over and perceptions the you touch on user inning in have more. on are Tinder changed you how some outcomes? was safety trust, the year? past And BK, I improving Which

we're the with it long-term Tinder. experiences. to ecosystem no question at your ongoing comes of there continually We're improving are the what on is critical When safety Our to success effort user and inning in, at endgame. looking trust literally

user We outcomes. this have and ends. a and are But it decisions working and with on to trust better the And single the that is day a focus never not literally journey, the comes it. platform work making safety best on linear when talent and right we're every

users. continually thinking like features technologies about around big, mandated authenticating also and photos, to we are we're For face then bold test, example, new going which

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Thanks, Ben.

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