Morning, everyone. We're pleased to have Steven Bailey, CFO of Match Group, here at the conference. Thanks for coming. We appreciate it. Yeah. I was just going to kick it off with Tinder. You guys called out improving engagement metrics in 1Q, including improving declines in the Sparks metric. What do you think are the best leading indicators that you're seeing at Tinder that's moving more towards even a stable or potentially a re-accelerating trajectory and yeah? We'll start there. Skip the safe harbor whole thing? Normally I do. Okay. Do you want to do that or not do that? I'll keep going. Maybe we can do it at the end. It's all right. Well, no problem. Yeah. Look, here's the way I'm thinking about it. One is, it's not just one metric, it's actually the thesis being proven out. It's the fact that leading indicators are improving, so that Sparks and Sparks Coverage, which is a six-way conversation, a meaningful connection. That was always what we thought would move first. Then we said, well, the thesis was that would lead to more lagging indicators or more core user metrics improving. We've seen that happen now. MAUs improved from -10 to -7, that's proving out the thesis that the leading indicators, which is improved product experience, are going to translate into more core user metrics improving. Retention's also improved. That's a core user metric. Then we said that that would ultimately lead to the core financial metrics improving, too. What investors ultimately care about. We've seen that actually start to happen, too. Pairs is a great example of that. Pairs improved from -8 in Q4 to -5. That's a pretty marked improvement in Q1. To me, it's actually with the most important thing is that the thesis is starting to be proven out. That fix the product, you'll see that first in metrics like Sparks. That'll lead to improving user trends. We're seeing that in MAU and retention. That will lead to better financial results. We're already starting to see that in Pairs and revenue, too, where at Tinder, revenue's coming better than expected lately, too. It's more that the sequencing is playing out like we had hoped. That's what I'm most excited about. I think it might have been March where it was the first month of new user registration growth since 2024. What demos are maybe driving that new user trend? What do you view as the biggest driver of these gains? That was incredibly exciting to see, first of all. Registrations up 1% year-over-year. It's been many, many years since that's happened. That's another step function change in the right direction. That's new users downloading the app for the first time using Tinder. What's really exciting to see is that it's pretty broad-based. I was looking at it just the other day, and it's really across almost, I would say, most cohorts. It's both men, it's both women. It's largely speaking, both older cohorts and younger users, and it's both international and the U.S. It's not every cohort, but it's pretty broad-based, which is fantastic to see, and it's really coming from a combination of, I would say, three things. One, probably the most impactful has been the shift in strategy of the marketing, which is more lower funnel now versus more brand. Perception shifting spend. It's still a combination of both, but we've shifted more heavily to down funnel. That's probably had the biggest impact. More spend just in general, right? Tinder, we spent up about $50 million year-over-year. That's helping. Features like Double Date, that's really resonated with Gen Z, is helping that word of mouth flywheel that's so important to the overall equation, too. It's really those three things leading to better trends, which is fantastic to see. Yeah. That stood out to me huge this last quarter. Maybe on the product roadmap, you've mentioned a few, and we're getting towards the midpoint of the year, but I think as we get towards the back half of the year, what on the product roadmap is exciting or would you call out as something to look for? I don't want to spill the beans on any super exciting new product roadmap things the back half of the year. I'll let Spencer do that. I can talk more broadly, though. I think what I'm most excited about is there's clearly, at our company and I think broadly speaking, across the category, a push to more IRL. I think that's going to be a big theme. We've started to trial it in L.A. It's gone very well. We can talk more about that if you want, but we're going to amp up the IRL connections on Tinder, which is what Gen Z wants. Then sort of a related theme is more group-type features. Double Date's just been hugely successful. One in four Gen Z women in the U.S. are using it. That's when you pair up with a partner and you swipe on other pairs, and you go out on a Double Date. That's exactly what they're looking for. It's fun, it's lightweight, it's lower pressure. It's perceived to be safer. I think we're going to branch out into even more group-type features. Think beyond just a pair. That's a big opportunity for us, too. Yeah. Maybe just in the IRL or in real life. At the product event in March, you guys talked about these events, and catering to the younger users that I think you just mentioned. How are these efforts going? Then do we view this as driving significant revenue over a long period of time, or is it part of the marketing and branding funnel for Tinder? I think it's more the latter. I don't think it's a big revenue growth driver, at least for now. That's not the focus. It's really changing perception for Tinder away from, this is a hookup app and I'm tired of swipe fatigue to, oh, this is a meet new people app where I'm finding and making meaningful connections in real life. We're trying to shift the sort of perception in that direction. It's what Gen Z wants. They want more in real-life connections. Tinder's the largest platform in the world that can make those connections happen. That's how I see it. How is it going? Extremely well. That's why I'm saying in the back half of the year, I think you'll see a lot more of it because we piloted it in L.A. with 20 events so far. I think we're going to do 30. We'll have 30 done soon. The feedback's just been incredible. Okay. The attendance is, I think, at about 85% attendance, which is great. That's been the problem in the past. We've tried this at Match.com. Right. Yeah. a long time ago, The issue was there was always like, "Yes, yes. I'd love to go to event." When it came the day to actually go, people wouldn't show up, right? Right. There's a lot of anxiety. I think the Gen Z generation's different. It's because they've lowered the pressure a bit. They want lower pressure connections. They don't need to find the love of their life at this event, right? Right. They want to go meet new people and see where it goes. I think they think about events through a different lens than prior generations. 20 events, really strong attendance. We survey everybody after the event and say, "How you liked it?" The feedback's been incredibly strong. We've been surveying just our broader users in L.A. about just the offering of events. Yeah. The results are great. It's something like 50% of Gen Z in L.A. is saying they're interested in going to event, which is great. The interest is there. I think it's 40% of Gen Z in L.A. on Tinder saying events are a really cool feature on Tinder. The demand is definitely there, and I see us rolling it out much more broadly. Do you have a team dedicated to this in L.A.? We have a small team. We have a small team that we've borrowed from other parts of the company. What we're going to do is we're not going to curate the events, right? We're going to do this in a scalable way. We want to be the technology platform that makes these connections happen, not an events business. We're really partnering with other events businesses that already have the event set up and they're curating the event. We're sponsoring it. That's sort of the model we're using. It actually doesn't take a lot of people to do it. The cost has been relatively reasonable too. Actually, most of the expense has just been in marketing the event and kind of like what you said, using it as a marketing tool for the broader Tinder product experience more generally. We could expect maybe, because it seems like it's been initially a pretty good success, maybe we would see it in other markets or something down the road. Yes. Yeah. Yeah. I think we'll talk more about it in the next earnings call, but I think we've got pretty big plans in this area. That's great. I think it's going to be a big unlock for how do we win over Gen Z. Events is definitely part of that. Right. That's great. Sticking with Tinder, how much progress do you think you've guys made in improving the recommendation algorithm over the last year or so? Do you see an opportunity to drive further engagement and user experience improvements from recommendation changes? A couple things. One, recommendations, I would say, has been the biggest win of the year. If you look at the metrics we just talked about, Sparks and retention and what's driving it, I would say the algo changes is about two-thirds of that. Okay. That's been the biggest win. Combined with features like Double Date that's changing perception and marketing, that's been the winning formula. If you just look at pure A/B tests, what's driving metrics? It's retention. It's coming from better matches and the algos. That's great to see. We get the question a lot, well, okay, was that low-hanging fruit and sort of it's over now, and now you got to come up with something anew? The answer is really no, honestly. I just asked the team, and they confirmed for me we're doing six algo tests right now live. The core algo changes are not done. We'll keep testing and keep optimizing. What other people also don't realize is it's not just one algo. It's many algos across the app for different parts of the experience. There's a lot there that can be optimized. Effectively what we've done so far is really change the weighting of the algorithms, right? We've talked a lot about this. From likes, generate as many likes as possible to generate revenue to more keying off of user outcomes and Sparks, meaningful connections. It might be less likes, but more meaningful connections. That's basically the work we've done so far. What's been great to see is not only is it improving metrics like retention, but it's not having the revenue hit that we anticipated, right? Less of a revenue hit than we anticipated. That's great. Where we go from here is continued optimization, six tests live right now. I think the other big unlock that it's really super early days is feeding these algos more data and insights so they get better. The challenge with Tinder was always there's not a lot of data to go off of, right? Compared to a Hinge, the profile is much lighter. That's by design, right? Right. The algos are working off of a sliver of information about you and your profile and your interactions on the app, right? We're testing a lot of really interesting AI-driven features. For example, we talked a lot about some of the camera roll features we're doing. There's an ongoing test right now that looks at, with your permission, your camera roll. Most people have got thousands of photos on their camera roll. Not only can we say, "These are the best photos for you," which people struggle with, and this is the right order to put them in, but here's insights about you that we've gleaned from your photos. You like to cook, you like to travel. We're going to start helping people not only fill out their profile better, which is another struggle, but also think about feeding all that information, like the metadata on the photos, into the algos can create much better connections, or much better matches. I think that's the other big lens of this is how do we get data to feed the algorithms still in a light, fun way? With chemistry, we've tested some of that, where it's like a back-and-forth Q&A, let me learn a little bit about you, let me feed it into the algos. Yeah. That's still a huge opportunity. AI's been. Yes been a pretty big catalyst. Yes. I think AI does a great job of two things. One, basically inference, like inferring something about you- Yeah that's not explicit, right? The old algos is very rules-based. What are you looking for? What are your rule breakers? It doesn't infer anything. Right. Now, even in that short snippet of your profile, without you explicitly saying it, AI is better at inferring what you like, what you dislike. Yeah. Two, it's what I said is, it's very good at gleaning information about users in a lightweight way. Everybody's interacted with ChatGPT and everything else. Yeah where it collects data, but it's not taxing on you as a user. Whereas in the past it was like, fill out this huge profile to gather data. Okay. I think that's the other place that AI does a really good job in. Like just faster, like speed too? Does it help with? It does. like from an efficiency perspective. It does. relative to if you're tuning up algorithms in the past, like when you weren't deploying AI? I'm just. It does. We can iterate on it faster, and it can learn more about you more quickly. You're right. We've got something in test right now, which is a feature in Tinder where we actually explicitly tell the user, "Hey, look, take your time, go through some of these profiles, swipe right or swipe left," because we're learning about you by doing that, especially for women who tend to not swipe right very often. We're asking them to take action so that AI can quickly glean insight into what they like and what they don't like, which is getting you better matches more quickly. It used to take a few days to figure it out. Now it takes a single session. You're right. Maybe one more on Tinder. I think you touched on it, but I think it was probably one of the biggest issues for the platform, was just the younger users, Gen Z. Maybe you've already touched on it, but do you think the perception of Tinder with that cohort has changed over the past year or so with all of the things that you guys are doing, and is there more room to go there with, again, with that younger cohort? It is changing, but the job is not done. Clearly, we've got further to go. How we know it's changing? Well, first of all, let me take a step back. The first thing is, does Gen Z want to meet new people? Like that's the first question to ask. We've asked that in surveys in many different ways. Effectively, our survey results say 80% of Gen Z want to get into meaningful connections. The want is there. They just want to do it in a different way. I think the headline is lower the pressure a lot from where it used to be. They want to get a connection, they want to do it a different way, and we're trying to build the products to do that. I think what we're seeing, I'll just give you a couple of stats that are building our confidence in it's working is. I mentioned this earlier, Double Date is a feature where 25% of Gen Z women in the U.S. are using it, and they're using it at far higher rates than millennials or older cohorts of users. The other, I think, probably best stat metric that we've given so far is retention of U.S. Gen Z women, so how long they're staying on the app. When we talk about good churn and bad churn, right? Good churn is you met someone, you left the app. Yeah. We want that all day long. 100%. That means you come back when you're single again, and you tell your friends, and we get the word of mouth. What we're trying to do is reduce bad churn, right? Bad churn is, I'm not meeting new people on this app, so I'm not going to use it anymore. We've started to see that. U.S. women, Gen Z, our retention is up three points year-over-year. That's year-over-year improvement in retention, and it continues to improve. That's telling us that what we're doing is working. It's really two things we're doing. One is the app is more effective. It just works better, right? That's the algos. Yeah. Two, we're starting to change perception with features like Double Date and with features like IRL. I do think it's starting to work. We used to talk a lot about Tinder perception as well. We tracked this metric. I don't know if you remember. It was like, is Tinder a hookup app? Yeah. We used that to measure brand marketing efficacy. I just looked at that the other day. That's continued to meaningfully decline. Okay. I do think perception is changing. We're starting to get Gen Z to reconsider Tinder. The other, I guess, good stat is, it's a survey result, About half of Gen Z women say Double Date is a defining feature of Tinder. These features are starting to work. It's going to take a little bit more time to really get back to growth, but I think we're on the right path. That's great. Let's pivot over to a platform that's growing very nicely, Hinge. You recently maintained the billion-dollar revenue guide for 2027. Maybe just talk about product-led growth drivers there as we get through this year and into next year. What's working and what are the biggest growth drivers? Yeah. Phenomenal growth, 28% revenue growth in Q1. They're on track to deliver the full-year expectations we put out earlier in the year and on the path to $1 billion in 2027 with expanding margins. Incredibly strong results there. It's a few things. One, I think the growth is coming from a number of areas. One is there's a long runway on monetization in core markets. They still monetize far lower than Tinder. That's a misconception. I think there's some confusion because if you just look at the external results, we break it down with RPP and payers and at face value, you look at Hinge and it's like, well, RPP is double what Tinder's is, so that monetization opportunity is not there. That's not really the right way to look at it. You really have to look at it from a revenue per MAU perspective, which bakes in payer penetration and RPP. If you look at it that way, and the other benefit I have in looking at the internal data is I can look at it apples to apples. I can control for the geo mix of those two businesses. Tinder's RPP and payer penetration gets weighted down because it's so global and these other international markets monetize less than the U.S., where Hinge is more concentrated in those core markets that tend to monetize higher. Basically, if you control for all that, there's still a long runway to go for monetization improvement by Hinge in core markets. I think that's going to drive some growth. Europe is also still pretty early days, from a monetization perspective and growing extremely strong. I don't know if we've said this, I don't think we said this in earnings. If you just look at revenue growth in European expansion markets, it's 100% year-over-year, the last three quarters. Oh, wow. Just massive growth and still a long runway to go if you look at it relative to Tinder. Third is, and I think probably most importantly at this point in its growth trajectory, is it continues to resonate in every new market it enters. It's the Number 2 or 3 dating app in Mexico, and a couple of other countries in South America where it just entered in Brazil. That's just another continent that it's resonating in. It's building our confidence in its ability to just be a global brand, right. Right. The question becomes, okay, it probably is going to resonate in Asia, too. It resonated in Europe, it resonated in South America, it's resonated in core English-speaking markets. It's probably going to work in Asia, too, and that's a huge market that's just completely untapped. Right. Japan is one of the biggest markets in the world, just from a dollars perspective. Yeah. We're, to be honest, talking more and more now about, okay, we're going to get to the billion through basically momentum. Yeah. We’ve got to keep executing. Of course. How do we get to the $2 billion? That's where the lens has shifted, which I think is because we see, okay, this could be a global brand. Right. That's super exciting. The last thing I would just say about Hinge that I think is important is we've, in a way, learned from the Tinder mistakes a little bit, and they are myopically focused on product innovation. They're not letting their foot off the gas on, okay, we've got the user growth, so let's shift all the focus to monetization. It's a really balanced roadmap between monetization and true product innovation, which is necessary to get back to category growth, right? Yeah. You see that in this last quarter where we rolled out three super interesting new product features. There's a friends product feature, Tinder Matchmaker, that brings your friends into the experience and helps them give insights about you on the profile. There's a feature called Signals that we're working on that basically you could earn a badge through good behavior. That is a feature that really will resonate with women. We're really innovating on the product, too, I think at a really good pace. That is the way to long-term sustainable growth. Continued product innovation investment- Yeah combined with monetization and the global appeal, I think there's a long runway to go there. That's awesome. How do we think, if Tinder trends continue, and things continue to improve, and then Hinge has a lot of runway and great growth right now, over a three to five-year period, how do you see the brands coexisting within Match? I always harp back to the gem which we rolled out a few quarters ago, which I think is a simple way to think about it, where our brands fit on 3 axes: focus, fun, and familiarity. Focus is Hinge, fun is Tinder, familiarity is a lot of the Evergreen & Emerging brands that we talk about that are a little bit more demographically focused. There's really a place for all of them. Yeah. We're going to ensure that remains the case. A good example is IRL is applicable to both Hinge and Tinder. They both have a Gen Z user base. It's looked very different how that sort of manifests itself in the app looks very different, right? There's an IRL experience, which is the third product feature that Hinge just rolled out, that basically gets you out on a date right away, gets you out in IRL with a connection. With the way it does it is very different than the Tinder events product strategy we just talked about. It's more a drop-down. You match with someone, you get to say, "Do you want to go straight to a date? Where would you like to go? Coffee, dinner," whatever. Pick a time. Okay, let's meet. Let's get rid of the back-and-forth chatting, and let's just go out on a date. That's IRL for Hinge. That's way different than the IRL for Tinder, which is let's go to an event and sort of just hang and see what happens. Right. We'll keep those paths pretty separate and distinct. The couple other points I would make is, it's a multi-app category, right? Users are using three to four apps at a time, so there's no reason why someone can't be on Tinder and Hinge. That's actually what happens quite frequently. We think there's a huge opportunity around cross-sell and bundling and just making better use of our portfolio of brands. It's a strategic advantage we have that we haven't done a lot on. We do have an internal project called Mercury, which is cross-sell. It's generating $20 million, $30 million a year in revenue already, which is, you're on BLK, and we show you an ad for Tinder, and we say, "Would you like to join Tinder too?" It's one-click profile transfer. I think that's the path forward, is keeping these apps unique and distinct and then providing offerings that only we can around bundling and cross-sell that a lot of our competitors can't. Okay. I have time for a couple more questions here, so I am going to try to go quick because I have a lot more to get through. I'll try to give quicker answers too. No, it's great. This Sniffies, just staying with the brands. You invested in Sniffies. How should we think about it? Can you just remind people roughly? Yeah it was a minority stake. Yeah. I'll give you the one-minute answer. $100 million investment, large minority stake, off-balance sheet, not consolidated. Number 2 player in that non-heterosexual male category, which is the largest demographic segment in the category. Just look at Grindr and their market cap and how well they've done. Yeah. We think there's a path to make it number 1, that's why we've invested in it. We're going to help support it with trust and safety. We're going to work together to get back in the App Store with a safe-for-work product. We're super excited. It has great brand resonance, huge following, 3 million MAU, founders are great. We're going to do it in a way where we're playing the supporting role, we're not going to sort of mess up all the great things they've done as being an independent founder-led business. That's the strategy. I think it's super exciting. We're shutting down Archer. That was a bet we made, just hasn't found the product market fit that we wanted. Yeah. This is a better bet for us. Okay. I want to hit margin and capital allocation. Right. On the margin, 200 basis points on margin expansion guide at the midpoint. Just talk about just the drivers for margin, then I'll finish with capital allocation. Great. Thank you. I think capital allocation is an underappreciated part of the story. Yeah. Margin in one minute is, first of all, there's a lot of one-time costs in 2025, which we've been explicit about. We're extremely clean with our EBITDA definition, more so than most companies. 100%. We try to call it out. If you sort of strip all those one-time costs out, margins are basically flat year-over-year, 37.5%-ish. Yeah. That's by design. We could have expanded margins further through IAP fee savings, through the headcount reductions we've made, but we plowed it back into growth, which has been a great strategy for us. We've effectively created $100 million of headcount-related savings, $125 million-ish in IAP fee-related savings, $225 million bucks that we plowed back into Tinder and Hinge product and marketing. Where it goes from here is it's mostly structural, too. I think ultimately my goal is to get growth back. Yeah. I'm thinking about long-term adjusted EBITDA, not necessarily margins for the sake of margins. Right. The way, I always say the easiest way to generate margin expansion is revenue growth, right? Right. Just because of the operating leverage in the business. If we can get Tinder and the brands back to better growth, which we think we can over the next couple of years, that'll give us lots of optionality to expand margins further. That's great. Let's close with capital allocation. Match is an incredible free cash flow generator. You guys have been super disciplined with capital allocation in recent years. Just a couple, a minute on how you see capital allocation. Yeah. We think of it as like the coiled spring analogy. We're coiling the spring up by working hard to turn around Tinder and get free cash flows back to growth. They've been about flat for the last few years, which is still $1.1 billion of free cash flow. We're buying back shares all along. So we've reduced share count outstanding. We think we'll reduce it 5%-7% each year over the next few years, like a CAGR sort of rate. When we get through the end of this, the share count's a lot lower, the cash flow starts to grow, and it's a coiled spring that just generates fantastic free cash flow per share and returns. Free cash flow per share was up in the 20% year-over-year growth last year. It'll be in the high teens this year. It's just phenomenal. I think people don't appreciate it. It's a big part of the overall turnaround story. Right. No, that's great. All right, I think we're out of time. Okay. Thank you so much. Thank you. Yeah.