Hello everybody and welcome to the Bumble Third Quarter 2025 Financial Results Conference Call. My name is Elliot and I'll be coordinating your call today. If you'd like to register a question during today's event, please press star 1 on your telephone keypad. I'd like to hand over to Wil Tavares, Investor Relations. Please go ahead.

Thank you for joining us to discuss Bumble's Third Quarter 2025 Financial Results. With me today are Bumble's founder and CEO, Whitney Wolf-Herd, and CFO, Kevin Cook. Before we begin, I'd like to remind everyone that certain statements made on this call today are 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. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of factors and risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in today's earnings press release and our periodic filings with the SEC for non-GAAP financial measures. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, our GAAP results. Reconciliations to the most comparable gap measures are available in our earnings press release, which is available on the Investor Relations section of our website at ir.bumble.com. With that, I will turn the call over to Whitney.

Hello, everyone, and thank you for joining us today. Helping people find love has been Bumble's focus since day one. What made Bumble successful from the start was simple but powerful. We built trust with women. that trust became our moat. It created a healthier, more balanced member base that drove engagement, retention, growth, and a global brand. Historically, most dating products skewed male, leading to an uneven experience where women often felt overwhelmed and disengaged. Bumble changed that by putting women in control, creating trust, balance, and a higher quality member base that produce better outcomes for everyone. Today, we have the brand long identified with putting women first and a deep understanding of what women want from love and connection. This brand identification is perhaps our biggest strategic asset. That's why we've returned to that core, winning with women, because we believe that when women feel safe, respected, and confident, And when they meet quality matches, everything else improves. Connection becomes more meaningful, engagement more genuine, and the business more sustainable. When I returned as CEO in March, the first thing we did was listen, deeply and intentionally, to women. What we heard across markets was consistent. People want to trust who they're meeting. They want better quality matches. And they want more authenticity. Those insights became the foundation of the quality over quantity reset I've been talking about over the past two quarters. Every step we have taken since, our product updates, investments in AI, and every marketing move ties back to one goal, making Bumble a better experience for women. Because when women are happy, the entire ecosystem thrives. That is the focus driving our transformation into the Love Company, expanding beyond dating to build the global platform for meaningful relationships, romantic and platonic. At its heart, what women seek on Bumble is love, and we are building the product, the technology and the brand to deliver it. Since our last call, we've executed this reset with real focus and urgency, while also delivering on our financial commitments. For the third quarter, our results are near the high end of our guidance range for both revenue and adjusted EBITDA. We are also seeing the expected short-term effects of prioritizing quality over quantity. Member registrations are lower in the near term, but we believe that the foundation of the business is getting stronger. Early indicators suggests that retention is improving and our PIPU is growing. The entire team is heads down, laser focused on executing this plan. The early signs we're seeing just months into our reset reinforce our confidence in our strategy and we look forward to sharing more details as we progress further and have more data and visibility into trends. We are working aggressively to improve the mix of engaged approved members on our platform reduce the noise and build a higher quality community our be high fit framework is how we are measuring our progress against these goals we are emphasizing members who are verified thoughtful and focused on finding love and connection while filtering out low intent profiles and bad actors this transformation isn't about growth for growth's sake. It's about growing right. We're deliberately trading near-term volume for quality because that's what we believe builds long-term trust, stronger engagement, and sustainable growth. Consistent with this goal, in August, we launched a major update to Bubble Date focused on trust and safety. This was more than a feature released. It was a foundational step forward. These updates were built directly from what we heard from members. Men told us they weren't getting enough meaningful interactions. Women told us the profiles they were seeing didn't give them the context that they needed to take action confidently. So we built tools to close the gap. We introduced richer profiles that let people show more of who they are. We added stronger verification features like phone number verification and selfie video verification to increase confidence and we launched our new coaching hub filled with content from relationship experts and a help hub to reduce the time it takes to get our members to resolutions for any problems on the app these are not cosmetic changes they are designed to create trust to make dating more rewarding because when women feel safe and inspired to show up as their full selves connection becomes easier for everyone the problem we're solving for isn't a demand problem the desire for love and relationships is universal to deliver on that desire we have built a product roadmap that is defined by fixing our members pain points let me spend a moment on exactly how we think about this it starts with strengthening the foundation when you ask members what their number one complaint is with dating apps it's really wanting more trust safety and authenticity the august update landed this first piece we're building tools that guide members to put their best selves forward and engage with confidence between now and the spring we'll maintain a steady drumbeat of releases tangible improvements that reflect what we're hearing from our community individually the tools and features we introduce may not sound game-changing but taken together, they're the critical building blocks for addressing members' pain points. The second largest complaint members have is that they're not seeing who they want to see. This is about the fundamental technology that any dating app has to get right. A major portion of the work we are doing on the UI side is building better signal capturing so that we can supercharge our matching and recommendation engine. Right now is an incredible time in technology to be doing this. AI makes so much more possible. It unlocks the ability to reinforce and enhance our matching engine in ways we could never before. These AI-driven improvements won't necessarily be visible to members, but they will deliver what they want. More quality matches. How does that work? To get good matches, you need great signals. Great signals come from stronger profiles, which is why we are starting at this foundation. More robust, dynamic profiles gives both sides of the marketplace more info to react to. This gives our matching engine the high-grade fuel it needs to deliver the best possible experience and outcomes faster. As we get these pieces right, you will see more member-facing innovation. More social tools, for instance, which are coming next year. And behind the scenes, better customer service. We've already made a lot of improvements in response times and problem resolution through automation over the past year. We believe there's a lot more to accomplish here. Together, all of these components drive the experience of our members today and those yet to join our platform. we're being really thoughtful about how we're sequencing our work and what we're putting out there and when. Which brings me to the final pain point. Members want all of the above, and they want the outcome faster. Our AI-first cloud-native platform, which we expect to launch in mid-2026, will become the engine of Bumble's future, helping us personalize at scale, enhance safety further, and continuously improve the experience for our members. This new platform is expected to give us the innovation speed and flexibility to adapt faster than ever before. It's how we'll turn insights from member behavior into meaningful, real-time improvements. We see this new platform as the unlock to restoring long-term, product-led growth. In parallel, we're building something entirely new, a standalone AI product that will become part of our portfolio. We believe it will be unlike anything else in the market, powered by our deep understanding of human connection and supported by the robust data, brand, and infrastructure that already set Bumble apart. We have begun internal testing as well as getting direct feedback on the concept to ensure we get this right. While we continue to enhance Bumble Dates, we're also broadening our ecosystem through Bumble BFF. Built on our modern Geneva platform, the new BFF app combines friend matching with group management and event planning. It's the next step in transforming Bumble from a dating app into a full platform for connection, and it is already performing well, with increased retention compared to the old app. Our primary audience in the near term is Gen Z and Millennial Women, the same demographic that powers Bumble Date. In 2026, we will expand this even further, adding group and community discovery so people can more easily find their people and inform real friendship offline. BFF is both a growth opportunity and a launch pad for new social experiences that we can apply across our portfolio, further strengthening Bumble's position as the place women choose for friendship, love, and belonging. In Q3, we introduced our For the Love of Love campaign, a celebration of real success stories and real connections. It's a reminder of why people come to Bumble in the first place, to find love in all of its forms. The reaction has been encouraging with a four percentage point improvement in awareness among single women in the U.S. age 22 to 45. Our goal is simple, to be the most trusted, highest quality, women first platform in the world. the brand people turn to when they're ready for something real. Across BumbleDate, Bidu, BFF, or more differentiated and AI-driven innovation, we are building a connected portfolio of love. We believe the work we are doing today is strengthening our business and setting the stage for durable, profitable growth. We are proud of the progress we are making, confident in our strategy, and focused on execution. We have conviction in where we're headed and we are so excited for the quarters ahead. Thank you so much for your continued support. And now, I will turn it over to our new CFO, Kevin Cook, who I am happy to introduce to you all today. Kevin has already brought fresh perspective and strong operational discipline to the company, And I am so excited to have him here to round out our outstanding new senior leadership team.

Thank you, Whitney, and good afternoon, everyone. In my first months at Bumble, I've been impressed by the strength of our brand, the capability of our teams, and the clarity of our vision. As Whitney mentioned, our authorization and ongoing strategic reset. We remain focused on improving and maintaining financial. Some of these actions create near-term headwinds. They're designed to position Bumble for healthier growth and stronger monetization over time. Innovation and market expansion, we believe this is the path to durable. I'll focus my comments on our third quarter performance before sharing guidance for the fourth quarter. Our third quarter results came in ahead of our, so I think it's useful to start related puts and takes into what we're reporting today. During Q3, we launched our August product updates focused on trust and safety. these updates to result in increased attrition near term. That attrition is reflected in our monthly active user counts with the associated reduction in paying users creating a headwind to revenue this quarter. Since the trust and safety rollout occurred relatively late in the third quarter, results for Q4 will reflect the comparatively larger full quarter impact both from a paying user count and revenue perspective. The second factor is marketing. We, in particular, stopped most performance marketing as we shifted our marketing posture to highly targeted user acquisition. Overall, the shifter of a significant year-over-year reduction in marketing expense and a corresponding benefit to adjusted EBITDA. This reduction is inclusive of the cost of our brand campaign launched in August. At the same time, the reduction in marketing substantially contributed to the decline in registrations, active members, and payers. The current performance marketing strategy has begun to show encouraging results, attracting more approved-ready members into the ecosystem. While marketing spend is not expected to return to pre-transformation levels as we are focused on efficiency, we do expect some spend to return moving forward. The third factor to discuss relates to personnel. At the end of the second quarter, we restructured our headcount to align with our product and marketing strategies. We noted at the time that we expected to reinvest much of the savings from headcount reductions, and we're already making solar engineering roles. We saw modest benefits to our Q3 expenses. Consistent with a tech and product-led organization, this controlled hiring will continue into Q4 and beyond. Now I'll take you through the numbers. Unless stated otherwise, results are presented on a gap basis, and all comparisons are recorded with $246 million, a 10% decline from a year ago. distributed $4 million. App revenue was $199 million, also down 10% year-over-year. The Do app and other revenue declined 11% to $47 million. Total expenses for Q3 were $183 million. On a non-GAAP basis, which is $3 million, a decline of 15%, driven primarily by a decrease in marketing activity, as well as the headcount restructuring. We are key expense categories, which we report on a non-GAAP basis, $9 million, representing 28% of revenue down approximately one percentage point year-over-year, with incremental improvements due in part to early testing of direct billing, an increase of 14% year-over-year. Sales and marketing of 38% year-over-year, driven primarily by the cumulative adjustments for certain indirect tax obligations related to prior periods. Net income was $52 million. Adjusted EBITDA for the quarter was $83 million, up 1%, representing a margin of 34%, up from 30% in the year-ago period. Please note that included within adjusted EBITDAs, a negative impact of $12 million tax obligations. Nonetheless, adjusted EBITDA margin is including the cadence of both marketing spend and our organizational realignment. We expect our margin to technical and specialized hiring, reinstitute brand and targeted user acquisition spend, and invest in updated product. Q3 cash flow from operations was $77 million compared to $93 million, $8 million in cash. We repaid $25 million of our term loan in the expectation for continued attrition in active and paying members as we maintain higher of impact plan from the initiatives implemented in August. While Q4 will be challenging, we currently anticipate that the rate of sequential paying user declines will improve beginning in early 2026 as we largely complete our trust and authenticity. But these measures are showing signs of improving retention and increasing drive members' perception of value. We expect total revenue in the range of $216 million to $224 million, representing a year-over-year decline of approximately 17%. Tap revenue in the range of $176 million to $182 million, representing a year-over-year decline of approximately 17%. Tests continue to progress, and nearly all members in the U.S. now have some form of direct billing available. We expect to continue to refine our direct billing offerings. In fact, adjusted EBITDA in the fourth quarter of $61 million to $65 million, representing a margin of approximately 28% to 29%. Before wrapping up, I want to call your attention to additional information we reported today in our earnings press release and accompanying 8K, pertaining to our tax receivable agreement that was created in connection with our IPO. A special committee of our board has agreed to a transaction whereby the company will purchase all parties' outstanding TRA rights for approximately $186 million. The transaction eliminates the company's TRA liability. We believe the transaction is a positive development for Bumble and our shareholders. It removes a large liability from our balance sheet at favorable terms, thus simplifying and creating a more efficient capital structure. By terminating payment obligations under the TRA, the transaction also improves future cash flows. And finally, it greatly improves the company's strategic flexibility moving forward as we work to create shareholder value. I'd also like to note that we are funding the termination agreement with available cash, given our solid balance sheet and cash-generative business. As a result of the TRA transaction, which substantially reduces our liabilities and deleverages the business, we no longer plan to pay down $25 million of our term loan. In closing, there's a link in positioning the company for future revenue growth. Flexibility to invest in our strategic priorities. Setting the foundation for a healthier, higher price more effectively. We'll now take some questions.

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star, followed by two. When preparing to ask your question, please ensure your device is unmuted locally. First question comes from Nathan Feather with Morgan Stanley. Your line is open. Please go ahead.

Hey, everyone, and thanks for taking the question. Two from me. First, Whitney, now that you've gotten back in the CEO seat and are really starting to make some real product changes, if we zoom forward two, three years, what's your key vision for how Bumble will really work differently from today and be able to drive the successful outcomes? And then a little bit more short-term, but what visibility do you have into the timing and magnitude of when revenue growth might bottom and then hopefully start to improve, especially given the talk of potentially paying user growth bottoming in the first time? Thank you.

Thank you so much for the questions. I appreciate it. So let's start with the two to three year outlook. I think there's a slight misconception that exists with folks looking at the dating industry, thinking that, you know, it's the swipe that people are dissatisfied with, or it's this, or it's that functionality. But the reality is, and I just want to put this extremely bluntly, our product roadmap for the foreseeable future for the years to come is solving for people's pain points, particularly women's pain points. And frankly, that is how we got here. That is truly what differentiated Bumble from any other dating product that had ever existed. If you think about it quite simply, you don't have a balanced member base or ecosystem or dynamic when we're talking about heteronormative dating if if you don't have a place that women want to be and frankly that's what bumble has been synonymous with for all of these years so when we look to the future i don't think it's all that complex that you have to reinvent the wheel the wheel works and frankly the demand has not changed throughout history you know as human beings we just want love we want relationships and frankly we need it to survive how we deliver that needs to be modern it needs to be current and it has to feel up to par with where people are today with what they expect from technology so what's so exciting about right now and i cannot overemphasize this what ai gives us the ability to do it gives us the ability to solve our members pain points to hear women and say oh this is what you want from a dating product oh you don't want this to ever happen to you again oh you want to meet this type of person and you want more control over that experience what's phenomenal about our opportunity right now is when we have this modern tech stack that we are operating on top of we will be able to deliver these changes to our members in a matter of hopefully days to weeks versus months and frankly even historically it's taken companies years to build certain things so we have a superpower because we listen to women we have women that believe in us globally and this gives us market expansion opportunity this gives us a dynamic opportunity to really re-scale once we have this quality approach really under our belt and we're making great headway so as you know and i'm so grateful to all of our shareholders we're very early in this transformation. I stepped back into the seat in March. We actively got to work. We have a brand new executive team. They are superstars, and we are very bullish on going all in on having the highest quality platform, and that's not just from a member-based standpoint. That's from an experience standpoint. You should come to Bumble, no matter who you are, and you should be able to be very deliberate in what you're looking for, and you should be able to get a great high-quality match as soon as possible and hopefully that should lead you to love so that's the two to three year plan is really just build for the demand and answer the the wishes and the wants and that and solve the problems of the dating market around the world um ai is going to be a huge part of this but ultimately we're here um and we're so excited about it so as far as when do we see a return to revenue growth so i know this is a tricky one for for people to follow along with in such tight timelines as far as earnings calls go but we've got to complete this reset frankly we have to complete the the trust and safety efforts you've seen that the q4 numbers really reflect most of the impact of that and it's largely what drove the payer decline along with us really pulling back on the performance marketing but one point i'd like to make quickly and then i'll wrap this up is we've actually because of all this work we've done around quality and the be high fit framework we've actually found ways now to go do targeted performance marketing that brings in high quality what we call approved or likely to be approved members so we can go back to that here in a very precise and targeted and measured way um so overall that is uh on the horizon we do see an end in sight, if that makes sense. And we're very fully committed. Kevin, is there anything you'd like to add to that?

Yeah. Hey, Nathan, it's Kevin. Thanks, Whitney. So, as you might expect, we're not forecasting revenue beyond Q4, but I can give you an idea of the arc, right? So, just thinking about the Q3 decline in payers, for example, the decline was driven primarily by two designed to improve member base quality. You're familiar with some of the, you know, repeat them of the decline in paying users. You know, we control and that this strategy is the reset that Whitney has only been at it for. But we are seeing some signs of, you know, of improvement and retention, for example, over the quarter. We saw an 11% improvement in RPPU. We continue to make progress on this internal framework you've heard us refer to before the be high fit framework where you know we're we're attempting to lift to members from what we call internally the improved category into the approved category and there we are seeing remember that the approved members show significantly you

know very helpful thank you as another reminder if you'd like to ask a question, please press star one now. We now turn to Andrew Marek with Raymond James. Your line is open. Please go ahead.

Hi, thanks for taking my questions. Maybe digging into that last point that Kevin made there on the improve bucket. I know that was going to be a major initiative in kind of bringing along the improve members to approve.

And I understand it's probably a pretty wide spectrum, but is there anything specific that you're seeing out of those improve members that are giving you signs for encouragement or perhaps caution or anything else that you'd like to call out within those that you think would be important for us to look for as we go into 4q and beyond hi there thanks for the question so i'll i'll take that and if kevin wants to add on um we'll do that after so i i think it's really important to understand that a lot of folks have the capability to be what we would call approved members in just a couple tweaks so i'll give you a quick example you might have a great person who's looking for love but they have no clue how to write a bio they only have one photo so while they could be going out on lots of dates and getting a lot of interaction because they have you know limited knowledge on how to set up a dating app or how to show up as their best self they actually get stuck in what we call this improved category and so what we're really seeing is the more profile photos someone adds going through just a couple of these quick steps with the trust and the safety tooling that we've introduced they get more matches they get more right swipes they get more engagement an approved member has that And as Kevin just stated, you know, they have higher retention rates, they monetize much better. And frankly, it just improves that entire flywheel and it really gives people more to operate with. And so when we focus on improving the improves, not to be redundant there, there's huge opportunity here because the vast middle is somewhere stuck in the middle. And so this is what we're focused on with this roadmap that we keep talking about. Building an exceptional product experience doesn't have to be some fancy, flashy new feature. It's frankly, hey, how do we get onboarding tools in the hands of our members so that they can set up a remarkably robust and authentic and great profile in a really short amount of time? And then they're out in the dating pool. And so these are just a couple examples of how really just enabling the system to provide easier tooling to get out there and to move into the approved category. It pulls the tide up for everyone and it really enhances the experience for everyone. So while we're early and while the metrics at math aren't suggesting, you know, this huge monumental moment, you know, bearing with us and having some patience is critical here because this is the strategy that wins in dating. And I believe that I can speak to this with a lot of conviction. You know, I've been at the forefront of this industry, frankly, you know, on the front lines of modern dating technology since I was 22 years old. And I have seen this front and center when you have a healthy balance of women on a product, when people fill out their profiles with high quality information, when they are not, you know, flooded with removed profiles and they see who they want to see. They get good matches. They get into great chats. They go on dates. And that's why I meet Bumble Babies every day when I go out into the world. This works and this changes lives. We just need to land this strategy with returning to quality, and then we will re-accelerate on all of our growth opportunities in new markets and core markets. And we're here for it. We're very excited.

Great. Thank you for that. Really helpful caller. And then maybe one quick one for Kevin. I'm not sure if you've seen the proposed transaction or the, excuse me, the proposed settlement details between Google and Epic today, but just wondering if you have an opinion how that kind of contrasts with what you have assumed into your guidance for the cost of revenue line.

Insight to share there. You know, I can comment briefly on, as you might expect, is permitted. We set up alternative payments, and we've been testing, and we'll continue to do that. a meaningful improvement in Q3 while we will refine that benefit to persist into Q4 and we should have a full quarter effect.

We now turn to Egal Arunian with Citi. Your line is open. Please go ahead.

Thanks, guys. Good afternoon. I want to ask specifically about the standalone AI product, Whitney, and sort of your thoughts and visions around that, but something that will sort of always be standalone you know what's a sort of ai first dating app experience like and how does that impact how you view the core bumble experience um and and how that overlaps with that vision and strategy next hi thanks for the question so i think before i talk about our upcoming standalone ai product i actually did want to speak about two things surrounding ai So first and foremost, I'm sure you and everybody else tuning in have been reading a lot and hearing a lot about the new AI-focused dating apps.

I really want to make an important point here. Throughout my career, I have seen hundreds of dating apps, dating products, dating matchmakers, you name it, hit the market and fizzle and fumble. You know, there's a reason why there's only a couple of us that stand as strong as we do on a global level, and that's because building critical mass and building a trusted double-sided marketplace is incredibly difficult to do. So what really gives us a unique opportunity here and a right to win is we have extraordinary data. We have unbelievable sets of, you know, groups of people around the world that are looking for love, that are actively searching for dating. and us being able to lean into this moment with AI and provide them a modern experience that doesn't collapse or change the current experience. So you've got to separate these in your mind. You've got Bumble Date today, and we're going to talk about how AI affects that in a moment. But the standalone product is something that, in my opinion, has never been done before. It is going to be very unique i am extremely excited about it and our team is very excited about it the way it ultimately you know we can't disclose the details of how it will work but what i will leave you with is if dating apps have predominantly been discovery oriented right you know you get on and you kind of just discover people this is really the first time that there will be precise search involved in this and so when you look at a lot of our consumer products we all use on a daily basis they're powered by great search and great algorithms so this ai product is going to lean into um you know a new a new way of thinking about dating and and how it how it really will flow in our category and in our portfolio over time is very exciting because yes it can be standalone. However, we can take a lot of those learnings and we can take a lot of that modern technology and layer it in to the core products that we already have. You're seeing us do a bit of this already with BFF because BFF, we've migrated onto the Geneva tech stack. And I'll give you a quick example. What would have taken us a few months at Bumble date to really update? so date 1.0 that's the tech stack we're on right now at bumble date it might take us months to build a certain feature or product change for our members we had a piece of feedback from members at bff for example and we had that problem fully changed and solved within a week where that would have taken months on date 1.0 so we are already integrating you know some of these ai changes into 1.0 to solve customer needs, but what's very exciting is you'll have this tandem approach to AI in our group because the upcoming 2.0 infrastructure for BumbleDate, which we just said will be mid-26, that will give us the capability to build tooling, and as we were speaking earlier about how certain features can be engineered in hours now due to this technology, it's revolutionary, so we're going to be able to move so fast. so the answer is yes it will be standalone this new product however it will have overlap crossover function just like we're doing with bff where we're learning about how groups behave and how communities behave so that we can build that into the core dating prop uh you know product so i hope that answered the question if it didn't please let me know um it did thank you and very

helpful and i guess maybe uh a little bit more more near service just as you get through um to the the spring product release needs or you're talking about kind of the i guess steady releases through spring and solving pain points are there a few things that you see as being sort of the biggest drivers i know we're doing all the you know cleanup work and uh enhancing the user experience on one side but in terms of like new products that are coming out are there are there a few things that are sort of exciting the most thanks yeah that's a great question so this might be a slightly you know unpredicted response that the least exciting features on paper are actually

the ones that move the needle the most for us sometimes so you go and invest time and energy and optimization for example into customer service you know that has a meaningful impact on our members lives they are feeling heard they're getting their problems resolved now on paper that's not some flashy new release. So what we're really focused on right now between the launch of 2.0, and I'm using that as a reference point, 2.0 is the new AI cloud native tech stack that Bumble will live on in the future, which is the mid 26 technology. But if you look at everything we're doing between now and then, it's just listening to our members, right? Our product roadmap is our customer pain points. And as I said, you don't ask members, hey, what's not working for you? And they say, oh, wow, I really wish you had this flashy, crazy feature. They just say, I want a better profile. I want to be able to see more information about someone. I want a safer experience. I want the algorithm to be more personalized to me. These are, at face value, quite basic asks, but this is what builds an incredible experience. And frankly, this is what got us to being the great company we we are and yes the technology has been um you know innovating and iterating over time and and obviously we have to evolve with where the category is but ultimately the strategy doesn't change just listen to women and give them what they want it's very simple and that's exactly what we're doing and that's how we win with the category helpful thank you we have no further questions.

So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.