Bumble Inc. (BMBL) Earnings Call Transcript & Summary

So good afternoon, everyone. Thanks, everyone, for joining. My name is [indiscernible], I'm part of the U.S. Internet research team here at Goldman Sachs. We are very, very pleased to have Whitney Wolfe Herd, Founder and CEO of Bumble and a Anu Subramanian CFO of Bumble with us today. Thank you so much for coming, and welcome to the conference.

Thank you for having us.

So before we start, let me quickly read the safe harbor on behalf of Bumble. This presentation, including our comments and answers to questions may include forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us. Description of these factors and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our earnings press release dated August 10, in our filings with the SEC, including our annual report on Form 10-K for the year ended December 31 and our subsequent periodic...

Well done. Thank you for that.

Thank you. And with that, let me turn to you Whitney for my first question. So you founded Bumble almost 10 years ago. Today, you have almost 2 million paying users on the Bumble app alone. You operate in dozens of countries. Can you maybe remind the audience of your long-term vision for the company, the brand and what differentiates the platform versus many other online dating services.

Yes, sure. So first and foremost, yellow is the color of our company if anyone want to know about that. So I actually, 10 years is exactly how long been in this crazy dating app plan. I was at tender before. I've been a co-founder there. And I started Bumble out of a necessity to cater to women and to really calibrate what I perceived as a broken system. What I had seen historically in dating was that there was too many men reaching out to too few women. And it was creating this ecosystem of women being bombarded and men being rejected. And so it's making the Internet all the more toxic and dating all the more toxic. And so Bumble is essentially the solution of, I felt, to creating a more equal and healthy engagement model and really closing in on this huge white space of women. Women just had never been the target audience for any dating business or any relationship business before. And so that was the beginning, then we have really set out over the last -- Bumble's almost 8 years old to create a kinder, less toxic, more accountable platform that really holds people accountable and encourages better behavior. And it led to us being the #2 dating up in terms of revenue. And so it's not only as putting women in the driver seat, an important thing for society, but it's actually incredibly profitable as well. And so it's been a an interesting journey so far. And we've gone well beyond dating. We have a friend finding model mode at the moment, where 15% of our daters are actually using the friend finding feature. We're currently optimizing that and testing the next [ iteration ] of it as we speak.

Very helpful overview. Maybe before diving a little deeper into the business and some of the current debates we're having with investors. Anu let me ask you one question on like the broader consumer environment. So many investors view online dating is fairly recession-resistant. Given the current uncertain environment we're in, what are your thoughts on the consumer for the second half of this year into next year? And have you noticed actually any change in terms of consumer behavior on either the Bumble app or the Badoo app in the regions you're operating?

Yes. So I think to Whitney's earlier point, we are fortunate to be in a business whose entire premise is about helping people find connections, helping people find relationships. So we feel pretty good about what that means in the current environment. And throughout the pandemic, earlier this year, when we saw the war happen in Europe. We've seen that people have time and time again, irrespective of whatever disruption happened in their daily life, come back to dating apps because at the end of the day, people still need to find connection, right? And if you think about it, dating apps today offer one of the most efficient ways to find the right person at scale. And you can use a dating app for a fraction of the amount of money you would spend on your dating journey otherwise, right? So if you think about the pecking order of discretionary and nondiscretionary spend for a consumer, we feel like we are pretty well situated in terms of where we stand. Now having said that, we do see differences between Bumble and Badoo. And we also see some differences between geographies. So if we take Bumble for a second, and we've said this in the past, Bumble does tend to have a slightly more affluent consumer compared to Badoo. These are people that have more stable jobs or college educated. And during COVID, we saw a slight disruptions in the beginning when the pandemic hit and then people that were using dating apps continue to use dating app. So we saw a high number of sort of reengaged users on our platform. And as the pandemic is sort of becoming more endemic, we are starting to now see some new users enter the market, which we see as a good sign. And these are people that were potentially sitting on the sidelines before the pandemic and didn't necessarily want to engage much. I mean you're now starting to see that slowly get better in certain markets. Now I think the time from fall on will be interesting to see because even in the summer, we saw behaviors in terms of a ton of travel happening amongst our bumble consumers. We can see that in the data people turning on travel mode when they go from their home location to a different location, et cetera, et cetera. So again, as you think about purchasing power, if you think about affluent, all these are good signs as we think about what this could mean for us from a bumble up consumer perspective. Now obviously, the macro situation is uncertain. So we'll be watching it very closely over the course of the next few months, but we feel good about where things are for bumble. And for Badoo, as we've said over the course of the last 12, 18 months, the Badoo consumer has been harder hit -- it is -- it does consist of users that are socioeconomically at a sort of different stage in their life. Many of our Badoo users are single moms with 2 jobs. These are frontline workers, people that often are starved for time. And so a lot of them did have economic pressures during COVID, and they continue to see some of that as the macro condition persists. And Badoo, also remember, operates in many markets that is also feeling the impact of some of the macro conditions more, especially in Eastern Europe, et cetera, et cetera. So we do expect that, that will continue in the next few months and quarters, again, something that we're keeping a very close eye on. We are starting to see some positive signals come out of Badoo, and we can obviously talk about more of that. But that's sort of the differences we are seeing between Bumble and Badoo today.

Perfect. With that, let's actually pivot back to some of the key product initiatives you're working on. Whitney from a high-level perspective, what are some of the areas you're most focused on when it comes to product innovation and some optimization opportunities?

Yes. So I think we always approach products through 3 main lanes: mission, safety, ecosystem, health from a women's focus perspective from a women's empowerment perspective and an overall safety and trust perspective. Then the second bucket is engagement. So really making sure that we get that good chat as quick as possible, as efficiently as possible with no harassment and no toxicity and to really achieving that good double-sided chat and then, of course, revenue and monetization. So what is on the horizon right now, I would say, is a big focus on the pre-match experience. Historically, we have spent a lot of time optimizing that post-match experience, okay? So 2 people have opted in on wanting to speak to each other, having that first move made by women. For those of you that don't know, on Bumble, women make the first move. This is core and foundational to the way the product functions. And so now we're turning to the side of pre-match experience, how can we thoughtfully and through the lens of both monetization but also better engagement without ever impeding on the mission or infringing upon safety, how can we remove some friction from the pre-match experience. So if someone really wants to stand out, how can they capture that person's attention, how can they how can they stand out from the crowd. This is a high velocity experience. There's a lot of people using our products. There's a lot of people swiping at any given moment. So really allowing people to shine and to stand out is a high priority. You've seen some news about complement. That's one of the initiatives there. And then, of course, really building around communities. So helping marginalized communities connect in a more efficient and impactful way. Those are just a couple of the product initiatives, but really innovating around the notion of we are successful, if we get you as many good chats as possible with people you want to meet and then get you offline with those people. And so it's really building across that entire life cycle.

I actually wanted to dive a little deeper into complements. You mentioned it's within the pre-match experience. how does the future look like? And why do you excited about the future? And where do we sit in terms of like the global rollout?

Sure. So it's currently in test mode in a couple of markets, a few small markets throughout the United States, some areas of Germany and Australia. So how it works currently and if you were to just take a look at the product as it stands today without complements, you have to assume 2 people opt in on 1 another. And then in which case, there is a waiting period where a woman then has to make the first move. So there's 2 barriers to entry for a man seeking a woman, right? And so the way this feature works is really allowing all genders to stand out before there's been a double opt-in experience. And this is not in violation of the women making the first move or in preserving the double opt-in, it's merely a way to kind of emulate a real-life wave or gesture without creating that direct one-to-one contact. So the way it would work is we will have different engagement mechanisms on the profile. So you could essentially complement someone's photo or their bio or some portion of their profile. And then in which case, the receiver side would see that someone tend to complement, which is essentially a SuperSwipe with context. So what you have right now is you do have a way to kind of extra like someone, which is by way of a paid feature called the SuperSwipe, but the SuperSwipe -- it does work, it's great, and it's a big revenue driver for us, but the only challenge is it's not personalized. And so when you're -- let's say you take a pool of 100 people and if all 100 people are sending a SuperSwipe to the same 10 people, how do you differentiate between those 100 people. And so what we're really trying to do is reduce the friction in letting people shine and get to the other side of that swipe model. And so that's essentially the way the complement function and feature -- this is a small room. I think you can all hear me, right? Does this thing work. So that's the way it works.

Great. I know it's still early, but how should we think about monetization? And what are some of like the different monetization avenues for a feature like complement?

Yes. So it's double sided. So there's ways to monetize in terms of sender and receiver. So those both determine the overall kind of monetization opportunity. We are testing different iterations of both sides of that equation as it speaks, I mean, as it stands, and we will continue to iterate and roll it out as we see fit. We do this very methodically. We never want to create any cannibalization risk. So with one feature, you have to preserve these other features and the other ecosystem metrics. And so we're watching everything. And then, of course, highest priority for us is always preserving the safety and well-being of the ecosystem that nothing ever would come at the risk of violating that in any way, shape or form, which is an important note to hit that is we are to our core from day 1 building towards a safer, more polite ecosystem, which I think we can all agree is so critical right now in the environment we're in. And this is so foundational and it's in our DNA, meaning we don't have to build silos or side work streams to try to be reactive to certain safety risks. We have thought about it ahead of time, and we've been doing this for almost 8 years. This is a very high priority for us.

Great. I wanted to move on to the college bundle. If I'm not mistaken, you just launched it on a handful of campuses. What has been the early response from student? And why did you push the timing of the launch to a later stage?

Yes. So just to clarify, the bundle is -- it's not a new -- and not suggesting you said that just to clarify for the room. It's not a new feature set. What we have the ability to do is look across our broad customer base and say, not everyone has the same use case for these features. We have a feature called Incognito mode that is great for divorcees. It's great for people in this room who maybe don't want their peers to see them on a dating app. It's great for people going through a breakup and want that extra layer of privacy, but it's not so great for college student, for example, college students want to be seen. So we're taking these different features and opportunities that we already possess and have within our products, and we're basically bundling it and showing that to college students. The reason we pushed it back slightly was we listen to the feedback from our hundreds of college ambassadors who are actually on the ground at all of these campuses. And they said that they really wanted to give students an extra month or so to get back on campus and get back into classes and the routine before we started marketing this and rolling this out. We thought it would be more productive. So at their request, we actually held it back. So it's much more of a Q4 feature than Q3 originally. But we are seeing some promising signs from the very, very small rollout testing that we're doing now, and we're excited about not just this bundle, but a lot of bundle opportunities in the future.

Great. Then let me move to, Anu. Just wanted to talk about virtual goods for a second. So how does virtual good fit within Bumble's product and monetization strategy? And then I'm going to follow up on monetization on that one as well.

Yes. So similar to complement, if you think about it, today, we have a subscription offering, Bumble Boost or Bumble Premium, and then you have 2 consumable offerings on Bumble. So to Whitney's earlier point, the consumable offerings today can sometimes often feel static, right? It's a non-personalized experience. Everybody sends to SuperSwipe, everybody can use the spotlight. So we've been thinking about virtual goods as more an upgrade to our existing consumable experience. So think about it as a way to inject fun and to inject personalization into that consumable experience. So an example of this would be, let's say, you set on your profile that you love wine, right? And if I see it and I want to send you something personalized, I could potentially send you a virtual good that is a virtual drink. It could be a virtual glass or something. It could be personalized even more if you specifically talk about certain wines that you like. It could be a virtual flower. It could be a virtual gift. It could be a virtual box of chocolates. Whatever you -- may be the right thing at the moment. So it -- again, it allows us to inject personality into the whole experience and go sort of beyond the static experience that exists today. We've been testing this in some markets. The -- this has found a kind of residence amongst Gen Z. As you can imagine, again, they think it's fun. They think it's a cool experience. It's different. So as you think about monetization, one of the things that we potentially will be testing is including this in one of the college bundles that Whitney talked about. So I think we think that's an interesting way for this to not just be a stand-alone product but also be part of a larger bundle. In the testing, we've also found that the reciprocation levels from people that have received a virtual gift is higher, both in terms of [ yes boards], in terms of matches, et cetera, et cetera. Again, that's telling us that people that receive virtual gifts like the experience. And again, they think it's a little bit more personal, and they're responding in a much more positive way to the person who sends them the virtual gift. So again, all of these are good signs because our goal always is to make sure that in addition to monetization, we are also preserving the ecosystem health as we think about new products that we are creating. So that's the experience. Obviously, we still have more testing to do. And then from a long-term perspective, I think virtual goods are also exciting because as you think about the same virtual gift that is a bottle of wine, it could be sponsored, right? It could be something that is sponsored with an advertiser. It could be a Nike shoe. It could be something that's, again, more than just a generic virtual gift. So again, we think this has lots of arms and legs as we continue expanding and testing it, and we're excited about it.

So do you see virtual good more as a means to drive new user growth? You talked about Gen Z. Or is it more like a function or like an avenue to grow our people over time?

I think it's both, right? I think as you think about college students, it could be a driver for driving payer penetration. But then it could also be an ARPPU driver as you think about existing people just as they are both subscribers, but also use consumables they could now buy into virtual goods. So it is definitely a two-pronged approach. We are testing it today as a consumable. But again, depending on how this tests, we could potentially think about including it in one of our packages or bundles as well.

International expansion is obviously a huge part of your growth story going forward. Over the past few quarters, we have made great progress in expanding Bumble's footprint in Western Europe, LatAm, Asia. That said, the U.S. remains your biggest market today. Going forward, how do you see the mix between U.S. and international evolving over time? And where do you see the largest opportunity going forward?

So international is a huge opportunity. It's very exciting. We've already seen such great traction in so many markets. And I think what's most exciting about this is that the brand is truly resonating in every market we've gone into. We have yet to find a market that the brand doesn't work, that there's not a product market fit. And I think this just really validates the need from women on a global level to have a safe, trusted platform that has been designed by women with the intention of protecting women and giving them control in their relationships without putting down men or leaving out men actually. In fact, this is something that resonates greatly with men internationally as well. If you look at the kind of traditional gender norms of men getting rejected and always having to be the aggressor and go first. This just stabilizes that. And so we're very excited about the power of the brand. And the way we think about international expansion is maybe a little differently. So instead of us saying a word is going to set our sights on these 15 or 20 markets, and we're going to go there, we do absolutely have our target markets to launch in, but we are also going deeper in existing market. So this is a local, very hyper local product. And the way dating apps work is with density, right? You have to have a lot of people in tight spaces to have this actually create that continuous flywheel of scale and growth. And it's very hard to scale a dating app. I think -- there is over 5,000 dating apps. And what less than one handful of them have real, real global traction. And so -- that just goes to show how meticulous you have to be when you go into these markets. So I think the approach is to go much more granular and deep into existing international markets, build that brand narrative, really engineer that on -- that grass root on the ground network effect that we are quite well, quite talented in doing here domestically and in a lot of places overseas. And then, of course, taking a few anchor markets to really go much deeper in. So we're excited about going deeper into Western Europe. We're excited about LatAm. We're excited about Asia in 2023. And then as it pertains to our core markets, there is still so much to be done in core markets by thinking about the Tier 2, 3, 4 cities versus just taking a big city approach. You don't look at Dallas and say, "okay, we're going into Dallas." You actually divide that up, not necessarily into neighborhoods per se, but much more into these granular spaces and really create that brand loyalty on the ground and that network effect on the ground. So that's the way we're thinking about international. Would you add anything to that?

And as you're expanding your international footprint, do you actually greater -- do you actually see a greater need to localize? You briefly touched on that. But going forward, is there an opportunity to localize, not just the experience, but also the monetization model?

Yes, of course. I think what's exciting is we don't have to change anything necessarily. It's just adjusting slightly. So a quick example would be seeing where -- a quick example would be India. So it's not like we changed our model or we changed the women first brand or narrative. We just hired women on the ground in India who were born and raised here and understood the community so well and understood the culture and the norm. And they came to us and they said, "Okay, this is going to be great." But women are very, very scared of the Internet because of the way they get stalked and harassed, we need to change the first name to just first letter. So we dropped first names in India, and now women just have a first letter. This is a measure to protect them. So we localize, but we don't have to recreate ourselves. We are bumble there as we are here. And that's the power of this brand is that we want you to be able to land in quite literally any city eventually around the world and turn to Bumble as your trusted companion to meet people on safe and accountable terms. And even beyond love, right, and find any type of community you're looking for a friend or an advice, that's the long-term vision for this. And so that's the way we think about localization, and that pertains to marketing as well. We have people on the ground that are driving the marketing ad campaign. You adjust the home and the billboards, we have are so topical to the communities, and that's how we really have had success so far.

So we talked about Bumble's international expansion priorities. We talked about a lot of products you're working on. And you're taking all of this together, how should this translate into user and revenue growth for the rest of this year?

So I think just to remind everyone, right, our philosophy for monetization for how we grow is still on maximizing revenue. That is always a north star in terms of how we think about growth. We, at different points in time, have taken and used different levers in terms of how we do that. If you remember back in 2021, our focus was on driving our people growth. We did that with the launch of 2 tiers of our second tier. And then this year, we said our focus is on driving payer conversion. And payer conversion is very much a function of both top-of-the-funnel user growth, which comes from to Whitney's earlier point, growth in international markets as well as in our core markets. and then the work that we're doing from a product perspective. So all of these are absolutely going to drive revenue growth and paying user growth. So we are sort of excited about that. And as you think about more long term, these are -- our levers for growth are going to stay consistent. I think what changes is we want to make sure that we don't take a one-size-fits-all approach to every market. Every market is at a different stage of evolution. There are some markets where the payers curve, the paid conversion curve is much lower. And so depending on where that market is in its evolution, we may push harder. And there are some markets where we know that propensity to pay can be much higher from an ARPPU perspective, and those are markets where we will be pushing, whether it's consumables to your earlier question about how does monetization change internationally, we'll be pushing consumable products or subscription products. So it's a very integrated approach to how we think about revenue growth and how we think about payer growth. But also this year, we've sort of delivered on what we said we would from a net adds perspective. So we feel good about where we are.

I also wanted to spend some time on Bumble, BFF. So if anyone in the audience is lucky enough to live in Toronto, you might have seen the new experience. for anyone else, can you maybe walk us through like how the new Bumble BFF experience looks like and how does it differ versus the old interface?

Yes, sure. So Bumble BFF stands for Bumble for friends. We launched it in 2016. And when we saw a natural evolution of the customer base. They were filling up their profile saying that they were in relationships, and they were not looking for love, but they wanted to find friends. So they essentially started bumbling for friends. Therefore, we created BFF in a very low lift capacity. It was not a high resource project. And since that launch, we've made little to no investment in the product, but it's grown into being quite a force within our product in and of itself. It has 15% of our customer base -- active customer base using it. And we've actually seen that when a customer uses dual mode, they have a higher propensity to pay. So they're actually a better customer. Their LTV is longer. So if you think about that, it's a churn mitigator, right? So if we do our job right on Bumble date, then you lose the customer. Now, of course, there's an exceptional flywheel that it returns because they tell their friends, they made their romantic connection on Bumble so and so forth. But back to BFF, it has really been a great brand builder for us but also revenue an advertent revenue generator because it sends people back into this dating ecosystem. So that said, we started to notice something else very interesting that we were losing these fumbled BFF customers once they all found their friends. And they were forming these huge groups on Facebook Messenger or on WhatsApp, and they were having these really impactful communities that existed now off of our product. And we wanted to recapture that and bring that back in because they were asking for it. So this is our first foray into -- as a business into groups. -- into more than 1, more than 1:1. And so this is something we're extremely passionate about and excited about because we've seen that there's a real use case for this. And so this feature that we are still currently building upon in testing, and we like to test and rate and build, test and rate and build and then eventually, when we're 100% sure that there's no margin of error, then we roll it out more broadly. So we will get there eventually. But we're really excited about what we're seeing. We launched it in Toronto as a test. And thousands of hives have been created. Hives is the name of the group feature. And these hives range from girls night out to how to deal with the toddler to backgammon groups, I mean, you name it, like it's crazy you can see -- and these are user-generated hives. And what else is so exciting is that they're coming together in real life. So we've started to throw these parties in Toronto around these hives meet ups. There was a party the other day. I think what, 500 people or something went to it, it was unbelievable. It costs virtually so low cost, you buy some food and drinks or whatever it is. But it's really exciting to see the energy around Bumble beyond just 1:1. And so this is something we were iterating upon and testing, and we will be rolling it out more broadly when we're ready. Monetization is that more like a 1-, 3-, 5-year thing? Well, so monetization, I think this is important for everyone in this room to hear this. Even though we don't necessarily roll out monetization on everything right away, it's already been factored in. The team does not build anything if they don't know how to monetize it. So we always think through the lens of revenue, but we prioritize safety, ecosystem health and engagement above all else for these early stages to really build that -- to build that momentum, we did this in a Bumble core date. So interesting back story in 2014, when we were launching Bumble we actually already designed all the mechanisms for a future revenue opportunity for monetization, okay? So there's a barrier to entry here. There's this button here, you could unlock this. But we didn't do any of that for 2 years because we wanted that true network effect and that great engagement. And so we're thinking about BFF in the same way. I'm not saying it's going to be 2 years, but I'm not -- we're not committing to any time line at the moment.

Before turning to margin and expenses, I briefly wanted to touch on the Badoo as well. So leaving any macro impact aside, can you talk about the key initiatives you're most focused on to return the app to positive user growth and also revenue growth.

Yes, sure. So Badoo is a scale player, right? So Badoo already exists in many, many markets. We have a huge user base that exists today at Badoo. And if you look at payer penetration on Badoo, it's much lower than where even Bumble is, right? And so as we think about how we bring Badoo back to growth. We have a few initiatives in mind. One is going back to sort of basics in terms of why Badoo is very popular amongst this user base, right? So if you think about it, the core reason why a Badoo customer loves Badoo is it provides them quick instant connection. It allows them to get from point A to point B in terms of matching with someone talking to them right away. That is what Badoo is well known for. And so that's been a little bit of a challenge, especially during the pandemic. And so now we are, from a product perspective, simplifying the product to enable that to happen as fast as possible. So that's one. Second one is we are -- from an organizational perspective, we've just recently hired a GM of Badoo. We are putting sort of focus back on some of our key markets for Badoo, and we're also looking at new organic markets, which historically have had a well-established base of users, but hasn't been a market that we've focused on, right? There are markets in Asia where Badoo is actually quite big in, again, something that we haven't really focused on. So we are again starting to test marketing in some of those markets just to see how the users are behaving. And then the last thing is we want to focus on people that exist on our products that are willing to pay money. We have a long tenure of users on Badoo that have been very loyal for many, many years. And so again, how do you build products for them that makes sense is what we are focused on. Recently, we have started to see and even if you see the -- some of the payer numbers ex Russia and Ukraine, the decline that we've seen historically in the last couple of quarters in Badoo has started to come down. So we feel good about what this means for the second half and then going into 2023, our goal will be to start to stabilize it and get it back into positive territory. So again, nothing -- we are not sort of...

Pounding the table.

Yes, pounding the table yet, but I think we feel like the direction in which Badoo is going is absolutely the right direction, so we feel good about that.

Let's pivot to margins for the last few minutes here. From a high-level perspective, how do you think about balancing growth, reinvesting in the business and expanding margins or margin expansion? And what are some of the puts and takes around Bumble's EBITDA margin trajectory for the second half of this year?

So I think it's important to sort of remind everyone, we've never been a company -- that's been about growth at all costs. We even during -- since the time we started the company, we've been very disciplined in terms of how we've grown, right? And I think that's especially important in an environment like this. We want to, as a company, we want to continue investing in areas of product and technology. We want to continue investing in our brand. We want to continue to invest in growing in our international market. So -- there are several growth vectors that we want to make sure we continue to invest in. And you'll see us do that over the course of the next few quarters. However, we are absolutely committed as a company to expanding margins. We've said that -- and if you took out the impact of Russia this year and if you took out the impact of Google Play, we have demonstrated margin expansion in '22. And our commitment to doing that in the future years hasn't changed. Now obviously, we are very, very ROI centric in every market that we operate in. And it's not even just ROI at a Bumble level or a Badoo level. We look at it at a market level. And we are taking a much closer look at every area of spend in the business. As you can imagine, we recognize the environment that we are in, and we want to make sure that we give ourselves enough room to fund the investment areas that we know we need to fund because there are a lot of initiatives that we want to fund. But at the same time, anything that doesn't make the very high bar that we have for ROI is not going to make the cut for '23. And the last thing I will say is our business is fundamentally has a ton of operating leverage, right? So we are not any different than our peers in terms of how the business is structured. So there's no reason why operating leverage won't kick in as we continue to scale. And so I feel very good about our ability to continue expanding margins in the short term as well as in the long term.

Very helpful. Unfortunately, we are running out of time. So we're not going to talk about at-store fees this time.

Everyone, save the topic.

But I do want to ask you, just in terms of your predictions what are you most excited about for Bumble for the industry actually over the next 1, 3, 5 years.

There's a lot to be excited about. I think as it pertains to Bumble, we are so excited about expanding our foothold in dating. We think there's a huge opportunity in making dating even safer, better, more efficient, less toxic, more enjoyable, more fun for all demographics and all generations, not just Gen Z, not just millennials. We think that there's a huge opportunity across the entire spectrum of folks that are looking for love for a first time or a second time or whatever time and then really winning this foray into friend finding and platonic relationships. I think our brand is so set up for this. We've never defined ourselves as like a dating app for this or dating for that. We've actually been so methodical about saying we are a platform for kind connection,s for you to feel safe and to meet people in your own terms. And so that extends into whatever you can imagine. And so we are not taking our eye off the dating game at all because we think that TAM is huge. And we think that there's so much more to come in that we know that the world needs love. That's nonnegotiable. So we think that we're in business for a very long time, but then really capturing this broader audience. And then also going with the customer on their journey, right? There were plugged into weddings all the time and hearing about Bumble babies and we're now doing Bumble baby margins. So the impact we can have with our products on helping people find the most important thing in their life, which is the loves of their lives or their friends or their communities. This is an endless opportunity business. And we're laser focused. We've got a great team, and we're just really excited to go international even further and to make a good impact on the world.

Great. And I think that's the perfect end to our conversation. Thank you so much for coming.

Thank you.

Thank you.