Arlo Technologies Inc (ARLO) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions) I would now like to turn the conference over to Tahmin Clarke. Please go ahead, sir.

女士們、先生們，感謝你們的支持。（操作員指示）現在我想將會議交給 Tahmin Clarke。先生，請繼續。

Thank you, Operator. Good afternoon, and welcome to Arlo Technologies' second-quarter 2025 frinancial results conference call. Joining us from the company are Mr. Matthew McRae, CEO; and Mr. Kurtis Binder, COO and CFO. If you have not received a copy of today's release, please visit Arlo's Investor Relations website at investor.arlo.com.

謝謝您，接線生。下午好，歡迎參加 Arlo Technologies 2025 年第二季財務業績電話會議。與我們一同出席的公司成員包括執行長 Matthew McRae 先生和營運長兼財務長 Kurtis Binder 先生。如果您尚未收到今天發布的副本，請造訪 Arlo 的投資者關係網站 investor.arlo.com。

Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements. Forward-looking statements include statements regarding our potential future business, operating results, and financial condition, including descriptions of our revenue, gross margins, operating margins, earnings per share, expenses, cash outlook, free cash flow and free cash flow margin, ARR, Rule of 40 and other KPIs, guidance for the third quarter of 2025, the long-range plan targets, the rate and timing of paid subscriber growth, the transition to a services-first business model, the commercial launch and momentum of new products and services, the timing and impact of tariffs, strategic objectives and initiatives, market expansion and future growth, partnerships with various market leaders and strategic collaborators, continued new product and service differentiation and the impact of general macroeconomic conditions on our business, operating results, and financial condition.

在我們開始正式發言之前，我們提醒您，今天的電話會議包含前瞻性陳述。前瞻性陳述包括有關我們潛在未來業務、經營業績和財務狀況的陳述，包括對我們的收入、毛利率、營業利潤率、每股收益、費用、現金前景、自由現金流和自由現金流利潤率、ARR、40 規則和其他 KPI 的描述、2025年第三季的指引、長期計畫目標、付費用戶成長的速度和時間、向服務優先業務模式的過渡、新產品和服務的商業發布和發展勢頭、資費的時間和影響、戰略目標和舉措、市場擴張和未來增長、與各種市場領導者和戰略合作夥伴的伙伴關係、持續的新產品和服務差異化以及一般產品和經濟條件對我們的經濟狀況影響。

Actual results or trends could differ materially from those contemplated by these forward-looking statements. For more information, please refer to the risk factors discussed in Arlo's periodic filings with the SEC, including our annual report on Form 10-K and our most recently filed quarterly report on Form 10-Q earlier today. Any forward-looking statements that we make on this call are based on assumptions as of today, and Arlo undertakes no obligation to update these statements as a result of new information or future events.

實際結果或趨勢可能與這些前瞻性陳述所預期的結果或趨勢有重大差異。欲了解更多信息，請參閱 Arlo 向美國證券交易委員會提交的定期文件中討論的風險因素，包括我們的 10-K 表年度報告和我們今天早些時候提交的最新 10-Q 表季度報告。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，Arlo 不承擔因新資訊或未來事件而更新這些陳述的義務。

In addition, several non-GAAP financial measures will be discussed on this call. A reconciliation of the GAAP to non-GAAP measures can be found in today's press release on our Investor Relations website.

此外，本次電話會議也將討論幾個非公認會計準則財務指標。您可以在我們投資者關係網站上今天的新聞稿中找到 GAAP 與非 GAAP 指標的對帳表。

At this time, I would now like to turn the call over to Matt.

現在，我想將電話轉給馬特。

Thank you, Tahmin, and thank you, everyone, for joining us today on Arlo's second-quarter 2025 earnings call. Arlo's performance in the quarter was nothing short of outstanding. Total revenue came in at $129 million, up year over year and up over $10 million sequentially. Service revenue hit $78 million, up 30% year over year and is now more than 60% of our total revenue, while non-GAAP service gross margin increased to a record 85%. This performance propelled non-GAAP earnings per share to $0.17, up 70% year over year, and GAAP earnings per share to a profit of $0.03, a massive swing from a loss of $0.12 a year ago.

謝謝塔赫明，也謝謝大家今天參加 Arlo 2025 年第二季財報電話會議。Arlo 本季的表現非常出色。總營收達到 1.29 億美元，年成長，比上一季成長超過 1,000 萬美元。服務收入達 7,800 萬美元，年增 30%，目前占我們總收入的 60% 以上，而非 GAAP 服務毛利率則增至創紀錄的 85%。這項業績推動非公認會計準則每股收益達到 0.17 美元，比去年同期成長 70%，而公認會計準則每股收益達到 0.03 美元，與去年同期的虧損 0.12 美元相比大幅提升。

The growth and profitability of our subscriptions and services business continues to drive record results across the company. And you'll remember at the beginning of the year, we commented about our confidence that Arlo would be one of only a handful of SaaS companies achieving Rule of 40 performance in 2025. For those keeping score, our annual recurring revenue, or ARR, hit $316 million, which is up 34% and adjusted EBITDA rose to $18 million, up an incredible 82% and achieving an EBITDA margin of 14% for the quarter. That means our subscriptions and services business delivered a Rule of 40 score of 48 in the second quarter.

我們的訂閱和服務業務的成長和獲利能力繼續推動整個公司創紀錄的業績。您可能還記得，在年初，我們曾表示有信心，Arlo 將成為 2025 年實現 40 規則績效的少數 SaaS 公司之一。對於那些保持記錄的人來說，我們的年度經常性收入或 ARR 達到了 3.16 億美元，增長了 34%，調整後的 EBITDA 上升至 1800 萬美元，增長了驚人的 82%，本季度的 EBITDA 利潤率達到了 14%。這意味著我們的訂閱和服務業務在第二季的 40 規則得分為 48 分。

Diving deeper into our retail and direct subscription business, ARR unit sales were up 30% year over year. To date, we continue to experience strong customer demand across the channels and recently surpassed our forecast for the important Amazon Prime Day event. Arlo added 218,000 paid subscriptions to reach 5.1 million at the end of Q2. And Verisure reported that their paid account catch-up is complete, and we expect that Verisure now has the ability to report these metrics within the quarter of deployment going forward. This visibility allows us to increase our estimated paid account range to 190,000 to 230,000 per quarter, reflecting the higher underlying performance and normal seasonality.

深入研究我們的零售和直接訂閱業務，ARR 單位銷售額年增 30%。到目前為止，我們繼續在各個管道感受到強勁的客戶需求，並且最近超過了我們對重要的亞馬遜 Prime Day 活動的預測。截至第二季末，Arlo 增加了 218,000 個付費訂閱，達到 510 萬。Verisure 報告稱，他們的付費帳戶追趕工作已經完成，我們預計 Verisure 現在能夠在未來的部署季度內報告這些指標。這種可見性使我們能夠將預計的付費帳戶範圍增加到每季 190,000 至 230,000，這反映了更高的基礎績效和正常的季節性。

And the launch of Arlo Secure 6, our robust AI security service platform, helped drive retail and direct subscriber monthly ARPU to over $15 in the quarter, growing our subscriber LTV to $840. This trend of ARPU expansion will continue through 2025 as the remaining pool of annual subscribers migrate to our new AI service plan structure.

我們強大的 AI 安全服務平台 Arlo Secure 6 的推出，幫助零售和直接用戶的月度 ARPU 在本季度達到 15 美元以上，使我們的用戶 LTV 增長到 840 美元。隨著剩餘的年度用戶遷移到我們新的 AI 服務計畫結構，ARPU 擴張的趨勢將持續到 2025 年。

In addition to the acceleration of our subscription business, Arlo will be executing the largest product release in company history with more than 100 new SKUs launching throughout our channels this fall. We will be updating products across our Essential, Pro, and Ultra segments and introducing new form factors, including Panthilt Zoom designs and additional low-cost powered options.

除了加速我們的訂閱業務之外，Arlo 還將在今年秋季透過我們的管道推出 100 多個新 SKU，進行該公司歷史上最大規模的產品發布。我們將更新 Essential、Pro 和 Ultra 領域的產品，並推出新外形，包括 Panthilt Zoom 設計和其他低成本供電選項。

Our new camera lineup has resulted in a larger assortment and more shelf space inside of our key channel partners. This significant product launch, coupled with the aforementioned expansion of our LTV, means we are planning an aggressive holiday season, very similar to 2023, where we brought down device ASPs and generated strong growth in our services business. For both Q3 and Q4, Arlo is targeting between 20% and 30% camera unit growth year over year.

我們的新相機陣容為我們的主要通路合作夥伴帶來了更大的品種和更多的貨架空間。此次重要的產品發布，加上前面提到的 LTV 擴大，意味著我們正在計劃一個積極的假日季，與 2023 年非常相似，當時我們降低了設備平均售價，並實現了服務業務的強勁增長。對於第三季和第四季，Arlo 的目標是實現相機銷量年增 20% 至 30%。

And finally, I'm happy to announce that in June, we signed a strategic partnership with ADT, the largest security company in North America. We are working closely with them on key technology integrations, and we will provide more information closer to market launch. ADT is a significant strategic account and will provide material upside to our subscriptions and services revenue starting in 2026.

最後，我很高興地宣布，今年6月，我們與北美最大的保全公司ADT簽署了策略夥伴關係。我們正在與他們就關鍵技術整合進行密切合作，並將在市場發布前提供更多資訊。ADT 是一個重要的策略帳戶，將從 2026 年開始為我們的訂閱和服務收入帶來實質的成長。

As I look ahead to Q3 and the balance of the year, Arlo could not be in a stronger position despite the volatility and external headwinds buffering the macroeconomic environment. Our incredible services performance, coupled with a lower cost basis for our new product lineup, is insulating us from the tariffs, which we view as a small increase in our customer acquisition cost. And with a world-class LTV to CAC ratio and subscriber retention, we will remain focused on growing our subscription and services business, which is directly contributing to our excellent financial performance.

展望第三季和全年，儘管宏觀經濟環境波動較大且外部不利因素有所緩衝，但 Arlo 的地位依然十分穩固。我們出色的服務表現，加上我們新產品系列的較低成本基礎，使我們免受關稅的影響，我們認為這只是客戶獲取成本的小幅增加。憑藉世界一流的 LTV 與 CAC 比率和用戶保留率，我們將繼續專注於發展我們的訂閱和服務業務，這直接有助於我們實現出色的財務表現。

Arlo just reported the best first half in our corporate history. We are guiding to a strong Q3. We are again reaffirming guidance for the full year, and we believe our 2025 service revenue estimate of $300 million will be closer to $310 million, while our full-year subscription and services gross margin will exceed our original estimate of 80% and land closer to 85%.

Arlo 剛剛公佈了公司歷史上最好的上半年業績。我們預計第三季將表現強勁。我們再次重申全年業績指引，我們相信，我們對 2025 年服務收入 3 億美元的預期將接近 3.1 億美元，而全年訂閱和服務毛利率將超過我們最初預期的 80%，接近 85%。

In June, Arlo celebrated the achievement of our original long-range plan. We hit 5 million paid subscribers, $300 million in ARR, and over 10% operating income more than 2 years earlier than anticipated. That momentum is clearly continuing as evidenced by our results today, and we believe we are well-positioned to hit our new long-range plan of 10 million paid accounts, $700 million in ARR, and over 25% in non-GAAP operating margin early as well.

6 月份，Arlo 慶祝了我們最初的長期計劃的實現。我們比預期提前兩年多實現了 500 萬付費用戶、3 億美元的 ARR 和 10% 以上的營業收入。從我們今天的業績可以看出，這一勢頭顯然仍在持續，我們相信，我們已做好準備，儘早實現新的長期計劃，即 1000 萬個付費帳戶、7 億美元的 ARR 以及超過 25% 的非 GAAP 營業利潤率。

And now I'll turn it over to Kurt for a more detailed review of our Q2 results and our outlook ahead.

現在，我將把時間交給 Kurt，讓他更詳細地回顧我們的第二季業績和未來展望。

Thank you, Matt, and thank you, everyone, for joining us today. During the quarter, we again delivered outstanding financial results driven by our high-growth SaaS business model that we described to you on our year-end 2024 conference call. This quarter's results continue to show success in acquiring new subscriptions through our highly efficient retail channels and strategic partnerships and converting those households to paid accounts, leveraging the value proposition of our subscription services.

謝謝你，馬特，也謝謝大家今天加入我們。在本季度，我們再次取得了出色的財務業績，這得益於我們在 2024 年年終電話會議上向您描述的高成長 SaaS 業務模式。本季的業績繼續表明，我們透過高效的零售管道和策略合作夥伴關係成功獲取新訂閱，並將這些家庭轉化為付費帳戶，充分利用了我們訂閱服務的價值主張。

Then we focus on increasing ARPU through the deployment of compelling service offerings, including personalized AI capabilities, which translates into expanding annual recurring revenue with high subscriptions and services gross margin.

然後，我們專注於透過部署引人注目的服務產品（包括個人化的人工智慧功能）來提高 ARPU，這意味著透過高訂閱和服務毛利率來擴大年度經常性收入。

Customers continue to recognize the value of our service offerings as strong ARPU trends drove our stellar financial results during the period, most notably, another quarter of record subscriptions and services revenue. Retail ARPU in the second quarter rose to $15, accelerating 12% sequentially and 26% year over year to deliver $78 million in subscriptions and services revenue.

客戶繼續認可我們服務產品的價值，因為強勁的 ARPU 趨勢推動了我們本季出色的財務業績，最值得注意的是，我們又一個季度創下了訂閱和服務收入的新高。第二季零售 ARPU 成長至 15 美元，季增 12%，年增 26%，實現訂閱和服務收入 7,800 萬美元。

This growth was driven by new customers continuing to select our premium service tiers as well as the realization of the full financial benefit in this quarter of our structured rate plans. Strong ARPU growth and customer retention, combined with our optimized LTV to CAC ratio, are the backbone of our performance in Q2 and into the future.

這一增長得益於新客戶繼續選擇我們的優質服務層級，以及本季度我們結構化費率計劃的全部財務收益的實現。強勁的 ARPU 成長和客戶保留率，加上我們優化的 LTV 與 CAC 比率，是我們第二季及未來業績的支柱。

Our subscriber base maintained its strong growth trajectory as we exited the quarter at 5.1 million paid accounts, an increase of 29% year over year. In Q2, we generated 218,000 new paid additions, handily exceeding our prior range of paid subscriber additions.

我們的用戶群保持了強勁的成長軌跡，本季結束時付費帳戶數量達到 510 萬，年成長 29%。在第二季度，我們新增了 218,000 名付費用戶，大大超過了我們之前的付費用戶新增數量。

As Matt mentioned, with strong subscriber momentum and the Verisure true-up behind us, we have increased visibility to establish a new target of 190,000 to 230,000 paid subscriber additions per quarter. Improving ARPU trends and continued strength in paid additions drove our annual recurring revenue to $316 million, up more than 34% over the same period last year.

正如馬特所提到的，憑藉強勁的用戶成長勢頭和 Verisure 的支持，我們提高了知名度，設定了每季增加 19 萬至 23 萬名付費用戶的新目標。ARPU 趨勢的改善和付費附加業務的持續強勁推動我們的年度經常性收入達到 3.16 億美元，比去年同期成長 34% 以上。

Total revenue for the second quarter of 2025 came in at $129 million, up slightly from the prior year period. Remarkably, subscriptions and services revenue comprised 60% of total revenue, up from 47% in the same period last year. Our extraordinary transformation to a subscriptions and services organization underpins our success in generating best-in-class SaaS KPIs and financial results that compare favorably with other highly regarded software and security companies.

2025 年第二季總營收為 1.29 億美元，較去年同期略有成長。值得注意的是，訂閱和服務收入佔總收入的 60%，高於去年同期的 47%。我們向訂閱和服務組織的非凡轉型鞏固了我們成功創造一流的 SaaS KPI 和財務業績的基礎，與其他備受推崇的軟體和安全公司相比毫不遜色。

Product revenue for the period was $51.2 million, down in comparison to the prior year due principally to the decline in ASPs that has been prevalent across the entire industry. As previously discussed, we believe that prospective customers have a propensity to enter the Arlo ecosystem through a lower upfront cost of device acquisition, coupled with a competitive monthly recurring fee for ongoing services.

本期間產品收入為 5,120 萬美元，較上年同期下降，主要原因是整個產業普遍存在平均銷售價格下降的情況。如前所述，我們相信潛在客戶傾向於透過較低的設備購置前期成本以及具有競爭力的持續服務月費進入 Arlo 生態系統。

This successful subscriber acquisition strategy has spurred our decision to further reduce our product costs in order to gain access to new households across the broader security market. Our experience is that each incremental paid account generates $840 of lifetime value with SaaS level gross margins, thereby making the trade-off more than worth it. This strategy is evident as we continue to deliver consistent point-of-sale device volume growth, a trend which is expected to continue through the remainder of the year.

這項成功的用戶獲取策略促使我們決定進一步降低產品成本，以便在更廣泛的安全市場中贏得新家庭的青睞。我們的經驗是，每個增量付費帳戶都會產生 840 美元的終身價值，並具有 SaaS 等級的毛利率，因此這種權衡是值得的。這項策略的實施顯而易見，因為我們將繼續保持銷售點設備銷售的穩定成長，預計這一趨勢將持續到今年剩餘時間。

Our commitment to this strategy enhances our overall profitability even in a period of rising costs, tariffs, and other external factors, which are not within our control. The revenue contribution from our international operations declined as a proportion of our total revenue, primarily due to the increased level of subscriptions and services revenue, as well as seasonal stocking factors.

我們對這項策略的承諾提高了我們的整體獲利能力，即使在成本、關稅和其他我們無法控制的外部因素上升的時期也是如此。我們的國際業務收入佔總收入的比例有所下降，這主要是由於訂閱和服務收入的增加以及季節性庫存因素。

Our international customers generated approximately $50 million in Q2, or 39% of our total revenue, down from $64 million, or 50% in the prior year period. In the EMEA region, Verisure continues to be a primary driver of our international revenue, a trend we expect to continue.

我們的國際客戶在第二季創造了約 5,000 萬美元的收入，占我們總收入的 39%，低於去年同期的 6,400 萬美元（佔 50%）。在 EMEA 地區，Verisure 繼續成為我們國際收入的主要推動力，我們預計這一趨勢將會持續下去。

From this point on, my discussion will focus on non-GAAP numbers. The reconciliation from GAAP to non-GAAP figures is detailed in our earnings release, which was distributed earlier today. Our non-GAAP subscriptions and services gross margin was 85%, a new record and up 850 basis points year over year.

從現在開始，我的討論將集中在非 GAAP 數據。我們今天稍早發布的收益報告中詳細說明了從 GAAP 數據到非 GAAP 數據的調整。我們的非公認會計準則訂閱和服務毛利率為 85%，創下新高，較去年同期成長 850 個基點。

The favorable trend we are experiencing in services gross margin is attributable to expanding ARPUs driven by a larger mix of subscribers activating higher tiered service plans, coupled with a reduction in storage and other costs to serve our subscribers. Product margins declined when compared to the same period last year, related to industry-wide ASP declines as well as the depth and frequency of promotional activities.

我們的服務毛利率呈現良好趨勢，這歸因於 ARPU 的擴大，這種擴大是由於越來越多的用戶啟動了更高級別的服務計劃，同時儲存成本和其他用戶服務成本也隨之減少。產品利潤率與去年同期相比有所下降，這與整個行業的平均售價下降以及促銷活動的深度和頻率有關。

It is notable that product margins were also impacted by the introduction of tariffs in the quarter. But as we have communicated, tariffs have no impact on subscriptions and services revenue and the related profitability. We were able to expand our consolidated non-GAAP gross margins to 46%, up nearly 800 basis points year over year and including the impact of tariffs, which represented a gross margin headwind of approximately 100 basis points in the period.

值得注意的是，本季產品利潤率也受到關稅的影響。但正如我們所傳達的，關稅對訂閱和服務收入以及相關的獲利能力沒有影響。我們能夠將合併非公認會計準則毛利率擴大至 46%，較去年同期成長近 800 個基點，其中包括關稅的影響，這代表著該期間毛利率面臨約 100 個基點的阻力。

This positive outcome underscores our exceptional operational performance as well as highlights the significant impact that our substantive shift to subscription and services is having on the profitability of our business. We also expect to benefit from the broad refresh of our device portfolio in the second half of the year.

這項正面成果凸顯了我們卓越的營運業績，也凸顯了我們向訂閱和服務的實質轉變對業務獲利能力的重大影響。我們也預計今年下半年我們的設備組合將廣泛更新，從而受益。

We will leverage promotional campaigns in Q3 to optimize the existing inventory levels and ensure a smooth transition to our new expansive device platform. This will enable us to drive household formation even in the face of declining ASPs, tariffs, as well as the general macroeconomic environment.

我們將利用第三季的促銷活動來優化現有的庫存水平，並確保順利過渡到我們新的擴展設備平台。即使在平均售價、關稅以及整體宏觀經濟環境下下降的情況下，這也將使我們能夠推動家庭形成。

Total non-GAAP operating expenses for the second quarter were $41.7 million, up 6.6% from $39.1 million in the same period last year. The year over year increase is primarily driven by higher credit card fees associated with in-app subscription processing with an additional impact from an increase in R&D. We capitalized $2 million of software development costs to prepare for the launch of our new portfolio of products and investments made to advance the final phase of the Arlo Secure 6 platform rollout, which we expect later this year.

第二季非公認會計準則總營運費用為 4,170 萬美元，較去年同期的 3,910 萬美元成長 6.6%。年比成長主要是由於應用程式內訂閱處理相關的信用卡費用上漲，以及研發費用增加的額外影響。我們投入了 200 萬美元的軟體開發成本，為推出新的產品組合做準備，並進行投資以推進 Arlo Secure 6 平台推出的最後階段，我們預計將於今年稍後推出。

For the second quarter, adjusted EBITDA was $18 million, an 82% increase year over year and a great testament to the operating leverage generated from scaling our subscription and services business. Adjusted EBITDA was not only driven by our revenue growth, but also by our disciplined focus on cost containment.

第二季度，調整後的 EBITDA 為 1,800 萬美元，年成長 82%，這充分證明了我們透過擴大訂閱和服務業務所產生的經營槓桿。調整後的 EBITDA 不僅受到我們收入成長的推動，還受到我們對成本控制的嚴格關注的推動。

Our profitability continued to be remarkable, again, generating record levels of non-GAAP net income of $19 million for the second quarter, equating to non-GAAP net income per diluted share of $0.17. Regarding our balance sheet and liquidity position, we ended the quarter with $160.4 million in available cash, cash equivalents, and short-term investments. This balance is up $16.4 million since June of 2024, even withstanding certain strategic investments and our share repurchase program.

我們的獲利能力持續出色，第二季非公認會計準則淨利達1,900萬美元，創歷史新高，相當於每股非公認會計準則淨利0.17美元。就我們的資產負債表和流動性狀況而言，本季末我們持有可用現金、現金等價物和短期投資1.604億美元。即使考慮到某些策略性投資和我們的股票回購計劃，這一餘額自 2024 年 6 月以來仍增加了 1,640 萬美元。

We generated a record free cash flow of $34 million during the first 6 months of the year, representing a free cash flow margin of almost 14%. Our free cash flow margin increased 350 basis points, and our free cash flow in absolute dollars was up 33% over the same period last year. Our Q2 accounts receivable balance was $61 million at quarter end, with DSOs at 43 days, down from 44 days last year. Our Q2 inventory balance was $31 million, down from $45 million last year. Inventory turns were 7.7x, up from 5.8x last year, as we focus on reducing our existing inventory to optimal levels in preparation for one of our largest product launches in history.

今年前六個月，我們創造了創紀錄的 3,400 萬美元自由現金流，自由現金流利潤率接近 14%。我們的自由現金流利潤率增加了 350 個基點，以絕對美元計算的自由現金流比去年同期增加了 33%。我們第二季的應收帳款餘額在季末為 6,100 萬美元，DSO 為 43 天，低於去年的 44 天。我們第二季的庫存餘額為 3,100 萬美元，低於去年的 4,500 萬美元。庫存週轉率為 7.7 倍，高於去年的 5.8 倍，因為我們專注於將現有庫存減少到最佳水平，為歷史上最大的產品發布之一做準備。

We expect that our portfolio refresh will result in a meaningful reduction in BOM costs, thereby creating an effective tool to mitigate both the regulatory and competitive environment.

我們預計，我們的產品組合更新將顯著降低 BOM 成本，從而創造出一種有效的工具來緩解監管和競爭環境。

Now turning to our outlook. Even with the uncertain macroeconomic environment and the rollout of the global tariffs, our business continues to generate strong financial results and remains bolstered by the scale, predictability, and profitability of our subscriptions and services business. The composition of our services revenue insulates us from macroeconomic volatility and is driving the overall profitability of the business, as evidenced by the ongoing expansion of our consolidated gross margins.

現在轉向我們的展望。即使宏觀經濟環境不確定且全球關稅出台，我們的業務仍繼續產生強勁的財務業績，並繼續受到訂閱和服務業務的規模、可預測性和盈利能力的支持。我們服務收入的組成使我們免受宏觀經濟波動的影響，並推動了業務的整體盈利能力，這從我們合併毛利率的持續擴張就可以看出。

We expect the benefits from new strategic partnerships will begin to materialize in our financial results later in the year, with a much greater impact to our business in 2026. Our new devices, which include a reduction in BOM costs, will be launched in Q3, enhancing our competitiveness while offsetting some of the increased tariff impact.

我們預計，新的策略合作夥伴關係帶來的好處將在今年稍後開始在我們的財務業績中體現，並對我們 2026 年的業務產生更大的影響。我們的新設備（包括降低的 BOM 成本）將於第三季推出，這將增強我們的競爭力，同時抵消部分關稅增加的影響。

To date, our supply chain team has done a phenomenal job optimizing our inventory levels, including inventory that sits in the channel with our retail partners. Our engineering, product and operation teams have also flawlessly executed the portfolio refresh, enabling our new essential products to ship earlier than planned.

到目前為止，我們的供應鏈團隊在優化庫存水準方面做得非常出色，包括我們零售合作夥伴通路中的庫存。我們的工程、產品和營運團隊也完美地執行了產品組合更新，使我們的新產品能夠比計劃更早發貨。

As a result of these efforts, our gross shipments for new devices in the third quarter will be higher than we originally anticipated, driving our consolidated revenue outlook to the range of $133 million to $143 million. Additionally, we expect non-GAAP net income per diluted share for Q3 to be in the range of $0.12 to $0.18.

由於這些努力，我們第三季新設備的總出貨量將高於我們最初的預期，將我們的綜合收入預期推高至 1.33 億美元至 1.43 億美元之間。此外，我們預計第三季非公認會計準則每股攤薄淨利潤將在 0.12 美元至 0.18 美元之間。

Looking at our full year 2025 outlook, based on the significant increase in paid additions and ARPU, we expect to generate subscriptions and services revenue above $310 million in 2025, growing at over 27% with non-GAAP subscriptions and services gross margin at 85%. And finally, ARR of $335 million at year-end, up over 30% when compared to the prior year period. And now I'll open it up for questions.

展望 2025 年全年展望，基於付費增值和 ARPU 的大幅成長，我們預計 2025 年訂閱和服務收入將超過 3.1 億美元，成長率超過 27%，非 GAAP 訂閱和服務毛利率為 85%。最後，年底的 ARR 為 3.35 億美元，與去年同期相比成長了 30% 以上。現在我開始回答問題。

(Operator Instructions) Jacob Stephan, Lake Street.

（操作員指示）Jacob Stephan，Lake Street。

Congrats on a great quarter here and start to the year. Maybe first, I'll ask on the ADT partnership. This is obviously big news, but maybe if you could kind of help us understand what this partnership is actually about? Is it more of a Verisure-like agreement? Or is it similar to what ADT and Nest have tried to do in a couple of years ago? Kind of help us think through this a little bit.

恭喜您本季取得了出色的成績並開啟了新的一年。也許首先，我會詢問有關 ADT 合作關係的問題。這顯然是個大新聞，但您能否幫助我們了解這次合作的真正意義？它更像是 Verisure 類型的協定嗎？或者它與 ADT 和 Nest 幾年前嘗試做的事情類似？幫助我們稍微思考一下這個問題。

Yes. So obviously, ADT is an important name in the security space, and they've been doing very well if you've been following them. I think you're seeing them start to innovate more than their peers, which is really exciting. And so there's not a lot I can share at this time. It is a partnership that will involve devices and service revenue.

是的。顯然，ADT 是安全領域的重要品牌，如果你一直關注他們，你會發現他們的表現非常出色。我認為你會看到他們開始比同行進行更多的創新，這真的令人興奮。因此目前我能分享的資訊並不多。這是一種涉及設備和服務收入的合作關係。

The overall structure of the deal is unique, though. So I wouldn't compare it to Verisure or any other deal. And I think you'll see us able to announce more information around the partnership either right close to the end of the year or maybe right at the beginning of the year after a major trade show or something like that. So stay tuned.

不過，這筆交易的整體結構是獨一無二的。所以我不會將它與 Verisure 或任何其他交易進行比較。我認為，我們可能會在年底前，或者年初某個大型貿易展或類似活動之後，宣布更多有關合作夥伴關係的資訊。敬請關注。

It is a substantial deal. It's one of the 2 that I've been hinting at for the last couple of earnings calls, and we got it done in June. And we're really looking forward to it getting rolled out and executed in 2026.

這是一筆重大交易。這是我在最近幾次收益電話會議上暗示的兩個項目之一，我們在六月完成了它。我們非常期待它能在 2026 年推出並實施。

Next, I just want to focus on the product launches. Maybe if you could help us think through the 1,000 new SKUs you plan to launch? And how does that relate to kind of the holiday season commentary where you expect 30% unit growth and overall more aggressive pricing? Can you help us think through kind of the margin pressures there and also what you're expecting for kind of the back half in revenue?

接下來，我只想關注產品發布。也許您可以幫助我們考慮您計劃推出的 1,000 個新 SKU？這與您預計的假期銷售成長 30% 和整體定價更具競爭力的情況有何關係？您能否幫助我們思考那裡的利潤壓力以及您對下半年收入的期望？

Yes. So I can give you an idea around the launch. So like we said, it is the largest device launch in our company history. It's well over 100 SKUs going into multiple channels simultaneously. I will tell you, from a status, and you probably inferred that from the call, things are going great.

是的。因此我可以給你一些關於發布會的想法。所以就像我們所說的，這是我們公司歷史上最大的設備發布。超過 100 個 SKU 同時進入多個頻道。我會從狀態上告訴你，而且你可能從通話中推斷出，事情進展得很順利。

We're green across the board from a development, and a lot of those SKUs are already in manufacturing, and some of them are already arriving here in the United States. So it's on time. You heard Kurt kind of talk about more of that shipping in Q3 than maybe our original annual plan, which is great because that gives us extra time to optimize shipping and air ship and things like that. So it's a very large product launch across multiple SKUs, like I said, over 100 SKUs.

我們的開發工作全面鋪開，許多 SKU 已投入生產，其中一些已經抵達美國。所以很準時。您聽到庫爾特談到第三季的運輸量可能比我們原來的年度計劃還要多，這很好，因為這給了我們額外的時間來優化運輸和空運等等。所以這是一次跨多個 SKU 的大型產品發布，就像我說的，超過 100 個 SKU。

It's not just lower costs. So we do reduce the cost. If you remember, the cost will be lower from anywhere from 20% to over 30% from a COGS reduction perspective. That gives us a lot of dry powder to react to the tariffs, which primarily hit product gross margin, and the devices are imported in the United States. It gives us dry powder to actually dig a little bit deeper on promotions and make sure that we're growing the services business at the pace that we think is appropriate and will be accretive to the overall shareholder value.

這不僅僅是降低成本。所以我們確實降低了成本。如果你還記得的話，從降低 COGS 的角度來看，成本將會降低 20% 到 30% 以上。這給了我們大量的資金來應對關稅，關稅主要影響產品的毛利率，而這些設備都是從美國進口的。它為我們提供了乾粉，讓我們能夠更深入地挖掘促銷活動，並確保我們以我們認為合適的速度發展服務業務，並增加整體股東價值。

But in addition to that cost down, it's actually an expansion of the product line into several new categories. And that's important because not only do we get a few new SKUs that end up online, but in physical shelf, you'll see us actually capture additional shelf share in some of the most critical partners like Walmart. And that usually can lead to capture of market share as you're growing through the rest of the year through the holiday period. And then this will be our main lineup that we start the year for.

但除了降低成本之外，它實際上還將產品線擴展至幾個新的類別。這很重要，因為我們不僅獲得了一些最終進入線上的新 SKU，而且在實體貨架上，你會看到我們實際上在沃爾瑪等一些最重要的合作夥伴中獲得了額外的貨架份額。這通常可以讓你佔領市場份額，因為你將在一年中的剩餘時間和假期期間不斷增長。這將是我們今年年初的主力陣容。

So it is substantial. You'll see us getting more aggressive on ASPs, very much like we did in 2023. If you remember, we came in at the same earnings call two years ago and said we're going to dig a little bit deeper and see what the impact is on our services business. It was outrageously accretive to the business, and it was somewhere where we learned a lot about how far we can drive the services business. And so you're going to see us do that again and actually look at the tariff impact as a small increase in CAC, and us using some of that dry powder to also reduce price.

所以它是實質的。您會看到我們在 ASP 方面變得更加積極，就像我們在 2023 年所做的那樣。如果您還記得的話，我們在兩年前的同一次財報電話會議上表示，我們將深入挖掘一下，看看這對我們的服務業務有何影響。它對業務的增值作用驚人，而且我們也從中學到了很多關於服務業務可以發展到何種程度的知識。因此，你會看到我們再次這樣做，實際上將關稅影響視為 CAC 的小幅增加，並且我們使用一些乾粉來降低價格。

And again, that's driving what you mentioned, which is roughly 20% to 30% camera unit growth year over year for both Q3 and Q4, which will then accelerate service revenue towards the year, which is why we raised our estimate for service revenue and ARR at the end of the year and will lead a little momentum going into Q1 as well.

再次強調，這正是您所提到的推動力，即第三季度和第四季度相機單元的銷量同比增長約 20% 至 30%，這將加速全年服務收入的增長，這也是我們上調年底服務收入和 ARR 預期的原因，並且也將為第一季度帶來一些增長動力。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Congrats on the quarter. Matt, maybe just quickly, in terms of net adds quarter. Can you give us a little bit of idea what channels those are coming through, direct versus some of the different retailers? I know we've got international, but kind of domestically, where you're seeing that pull-through. And I just want to get some clarification in terms of the product gross margins as we go into the third quarter, Kurt, and how we should be thinking about it.

恭喜本季取得佳績。馬特，也許只是快速地，就淨增加季度而言。您能否向我們介紹一下這些產品是透過哪些管道銷售的，是直接銷售還是透過不同的零售商銷售？我知道我們在國際上有所成就，但在國內，我們也看到了這種進步。庫爾特，我只是想就第三季的產品毛利率問題以及我們應該如何考慮這個問題進行一些澄清。

You've got tariffs that are some headwinds, but you got cost down coming in pretty hard, and you guys are going to be aggressive on that front. So how should we be thinking about that and modeling that as we go into the second half of this year? And then I had a follow-up.

你們面臨的關稅問題有些不利，但你們的成本下降速度相當快，你們將在這方面採取積極措施。那麼，當我們進入今年下半年時，我們該如何思考和模擬這個問題呢？然後我進行了後續跟進。

Okay. Yes. Scott, I'll take the first part. As far as the growth we're seeing in net adds, it was pretty much across the board. So I can't tell you that a very specific channel did a lot better than others. I think we executed extraordinarily well at Amazon and that we're actually capturing some share there.

好的。是的。斯科特，我將負責第一部分。就我們所看到的淨增額成長而言，它幾乎是全方位的。所以我無法告訴你某個特定的頻道比其他頻道表現好很多。我認為我們在亞馬遜的表現非常出色，而且我們實際上在那裡佔據了一些份額。

But even Best Buy and Walmart contributed as well, in addition to obviously, Verisure and our other partners. So I would tell you, and I mentioned this on the call a little bit, we are seeing general strength in the consumer across our different channel partners and seeing still healthy conversion in subscribers.

但除了 Verisure 和我們的其他合作夥伴之外，百思買和沃爾瑪也做出了貢獻。所以我想告訴你，我在電話會議上提到過這一點，我們看到不同通路合作夥伴的消費者整體表現強勁，訂閱者的轉換率仍然很健康。

So I wouldn't say there was a specific callout. We're seeing just general strength and consumers remaining very strong for us all the way through, like I mentioned, Prime Day, where we were above forecast. But that's really landing in this quarter.

所以我不會說有一個具體的呼喚。我們看到的是整體實力和消費者對我們始終保持強勁勢頭，就像我提到的 Prime Day，我們的業績超出了預期。但這確實在本季實現。

Yes, as it relates to the gross margins, obviously, we were extremely pleased with the results in our gross margins this quarter. As we mentioned, we grew our combined gross margin over 800 basis points, and we did that on the back of really our service gross margins, which tapped out about 85%. You noted the product gross margin, that actually came in what we would say in mid-teens. We were comfortable with that, especially considering that it drove the high POS volume that Matt mentioned earlier. And we expect that to continue in the second half.

是的，就毛利率而言，顯然，我們對本季的毛利率結果非常滿意。正如我們所提到的，我們的綜合毛利率增長了 800 個基點以上，而這實際上是得益於我們服務毛利率的提高，服務毛利率達到了 85% 左右。您注意到產品毛利率實際上達到了我們所說的十五六成左右。我們對此感到很滿意，特別是考慮到它推動了 Matt 之前提到的 POS 銷售成長。我們預計下半年這種情況將持續下去。

There'll be 2 things we're focused on. First and foremost, we're going to continue to focus on driving our services gross margin to that 85% or higher level. We'll continue to focus also on our combined gross margin to show that that is growing year over year and continues to in the second half. We'll do that by managing basically the ASPs for our devices and keeping that at a level where we're pushing the envelope on the POS, but doing it responsibly so we can continue to show gross margin expansion.

我們將重點放在兩件事上。首先，我們將繼續致力於將我們的服務毛利率提高到 85% 或更高的水平。我們也將繼續關注我們的綜合毛利率，以表明該利率正在逐年增長，並在下半年繼續增長。我們將透過管理我們設備的基本 ASP 並將其保持在我們在 POS 上突破極限的水平來實現這一目標，但我們將負責任地做到這一點，以便我們能夠繼續顯示毛利率的擴大。

Now there is one other dynamic that's in play, and you're probably alluding to that, and that is we do have the tariff impact. We anticipate right now that the tariffs will probably run about 300 to 400 basis points per quarter against our combined gross margin. We're pleased to say that we feel like we have a path to cover all or substantially all of those through the reduced BOM and other techniques. So we feel like we're in a good spot.

現在還有另一個動態在起作用，你可能也提到了這一點，那就是我們確實受到了關稅的影響。我們現在預計，關稅可能會對我們的綜合毛利率每季造成約 300 至 400 個基點的影響。我們很高興地說，我們覺得透過減少 BOM 和其他技術，我們可以解決所有或基本所有問題。因此我們感覺我們處於一個很好的位置。

And that was part of the reason why we confirmed our services gross margin of 85% for the full year, and we feel really comfortable indicating that we have an ability to grow our combined gross margins year over year.

這也是我們確認全年服務毛利率為 85% 的原因之一，而且我們非常有信心，我們有能力實現綜合毛利率的逐年增長。

And Curt, if I could just follow up on, maybe competitively, have you guys done the assessment then in terms of the impact of the competition from a tariff standpoint versus where you stand? And Matt, just a lot going on, very exciting stuff, ABT certainly at the top of the list. But in terms of other strategics and other adjacencies, I'm wondering if you could give us some thoughts and priorities. I think insurance is kind of factored into that as well, in terms of Allstate.

而且 Curt，如果我可以跟進一下，也許從競爭的角度來說，你們是否已經從關稅的角度對競爭的影響以及你們的立場進行了評估？馬特，有很多事情正在發生，非常令人興奮的事情，ABT 肯定位居榜首。但就其他策略和其他鄰接方面而言，我想知道您是否可以給我們一些想法和優先事項。我認為保險也是其中的一個因素，例如 Allstate 保險。

But there's also the monetizing unpaid accounts and other adjacencies that you guys have talked about. I think there's been some announcements around things like elder care. So I'm kind of wondering how all that fits in over the next couple of quarters and how you prioritize things.

但還有你們談到的未付費帳戶的貨幣化和其他鄰接關係。我認為已經有一些關於老年人護理等方面的公告。所以我有點好奇在接下來的幾季裡這一切會如何進行，以及你如何安排事情的優先順序。

Yes. it's a good question. So I would tell you that there's progress on nearly all fronts. If you remember at the beginning of the year, we said that -- we were seeing a lot of momentum around strategic accounts. They do take a while to sign and get announced, but we are seeing an interest level that's higher than we've ever seen before from a partnership perspective.

是的，這是個好問題。所以我想告訴你們，幾乎所有方面都取得了進展。如果您還記得，在年初，我們說過—我們看到策略帳戶方面出現了很大的發展勢頭。他們確實需要一段時間來簽署和宣布協議，但從合作的角度來看，我們看到的興趣水平比以往任何時候都要高。

I balance that with focus. So ADP is obviously going to be a very large focus for us, and making sure we're executing that as a very good partner through the rest of this year, so that we have success with them next year. There's a couple more that we are spending some time on right now that are very close that will -- I can't tell you what they are today, but they're exciting opportunities for us in the strategic accounts area.

我透過集中註意力來平衡這一點。因此，ADP 顯然將成為我們關注的重點，並確保我們在今年剩餘時間內以非常好的合作夥伴的身份執行這項任務，以便明年我們能夠與他們取得成功。我們現在正在花一些時間研究另外幾個非常接近完成的專案——我現在無法告訴你它們是什麼，但它們對於我們在策略客戶領域來說是令人興奮的機會。

And then we have been executing additional opportunities to drive additional service acquisition. You mentioned one, going after our active but unsubscribed base. And I will tell you, we are seeing success using our ad platform, where we are -- we do have ads rolled out to nonsubscribers and actually converting those over to paid accounts. Relatively small. I think it's a couple of thousand people we've already done just in the last 30 days or so.

然後，我們一直在執行額外的機會來推動額外的服務收購。您提到了其中一點，即追蹤我們活躍但未訂閱的用戶群。我要告訴你們，我們的廣告平台使用起來非常成功，我們確實向非訂閱者推出了廣告，並將他們轉化為付費帳戶。比較小。我認為在過去 30 天左右的時間裡我們已經為幾千人進行了服務。

But that's an area of focus as well because as we migrate people from, obviously, unpaid active to paid subscriber, that's actually a good lift on gross margin and overall service revenue. So I would tell you, we're going to stay focused on maybe the 2 or 3 that are the most active through the rest of this year, but are just starting to do our 2026 annual operating plan. We're just kicking that off in the next couple of weeks. And I would tell you the plate is absolutely full, and it will be up to us to actually distill that down to the things that we think can be material in '26 going into '27.

但這也是一個重點領域，因為當我們將人們從免費活躍用戶轉變為付費用戶時，這實際上對毛利率和整體服務收入有很好的提升。所以我想告訴你，我們將繼續關註今年剩餘時間最活躍的 2 到 3 個項目，但我們才剛開始製定 2026 年年度營運計畫。我們將在接下來的幾週內開始這項工作。我想告訴你們，事情已經排得滿滿的，我們要把這些事情提煉出來，找出我們認為在 2026 年至 2027 年可以實現的重要事項。

As far as competition, I'll just jump in and answer that as well. So from a competition perspective, on the tariff, I would tell you, I think we are at either a similar playing field or in an advantage against the competition in the marketplace. So as you know, we source a lot of our product from Vietnam. Over the last 12 to 18 months, a lot of our competitors have moved to Vietnam or moved some of their product at least to Vietnam as well. So that would be an area where we would have maybe similar tariffs.

至於競爭，我也會直接回答這個問題。因此，從競爭的角度來看，在關稅方面，我想告訴你，我認為我們要么處於類似的競爭環境，要么在市場競爭中佔有優勢。如您所知，我們的許多產品都來自越南。在過去的 12 到 18 個月裡，我們的許多競爭對手已經轉移到越南，或至少將部分產品也轉移到了越南。因此，我們可能會在該地區實施類似的關稅。

And then there are many competitors that are -- still remain in China and other areas that will actually right now at least have a higher tariff. So it's still evolving, as you know. Some of the tariffs have been announced and they're locked in as of today. Some are still in a temporary suspended execution of an older tariff until deals are done.

而且還有很多競爭對手仍然留在中國和其他地區，至少現在這些地區的關稅實際上會更高。正如你所知，它仍在不斷發展。部分關稅已經公佈，並從今天起生效。一些國家仍處於暫停執行舊關稅的階段，直至達成協議。

So at this point, I don't think we're at any disadvantage, absolutely. We are typically either in line with some of our competition or actually in a better position. And I would tell you, most of our competition don't -- they do not have the same service revenue and service gross margin to pull from. So if you were a pure hardware provider and you just had a 20% or 25% tariff hit, obviously, that's a really big impact to your business. For us, like we mentioned on the call, it's a small increase in CAC.

因此就目前而言，我絕對不認為我們處於任何劣勢。通常來說，我們要么與一些競爭對手保持一致，要么實際上處於更有利的地位。我想告訴你，我們的大多數競爭對手都沒有——他們沒有相同的服務收入和服務毛利率。因此，如果您是純硬體供應商，並且剛剛遭遇 20% 或 25% 的關稅衝擊，那麼顯然這會對您的業務產生很大的影響。對我們來說，就像我們在電話中提到的那樣，CAC 只是小幅成長。

And so our propensity is to stay aggressive through the holiday period and focus on unit growth and absorb the tariff in various ways that Curt was talking about to make sure that we're growing service revenue at the rate that you're seeing today.

因此，我們傾向於在假期期間保持積極進取，專注於單位增長，並以 Curt 談到的各種方式吸收關稅，以確保我們的服務收入以您今天看到的速度增長。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

I wanted to start the $15 retail ARPU was obviously an impressive and surprising number to the upside. On that, maybe one for Matt or Kurt, if you want to weigh in. With the price increases in services plans, I just want to confirm, is that now on that $15 retail ARPU in Q2 entirely reflected in the current run rate? Or is there anything incremental from here? And then secondly, as we kind of think about sort of framing this year from a services revenue growth standpoint, based on this updated guidance, you're going to be growing close to 30% year over year.

我想，15 美元的零售 ARPU 顯然是一個令人印象深刻且令人驚訝的數字。關於這一點，如果你想發表意見的話，也許可以為馬特 (Matt) 或庫爾特 (Kurt) 選擇一個。隨著服務計畫價格的上漲，我只想確認一下，第二季 15 美元的零售 ARPU 是否完全反映在目前的運作率中？或是從這裡開始有什麼增量嗎？其次，當我們從服務收入成長的角度來規劃今年的計畫時，根據最新的指引，我們的營收年增率將接近 30%。

Of that, I mean, is there a way for us to just kind of think about how much contribution for that 30% was related to price increases, just so we don't get ahead of ourselves as we think about 2026 where that may not repeat?

我的意思是，我們有沒有辦法想想這 30% 的貢獻有多少與價格上漲有關，這樣我們在考慮 2026 年這種情況可能不會重演時就不會操之過急？

Yes. Adam, it's good to talk to you. I'll tackle the first. So as you remember, we announced the new plan structures in January for new subscribers and then migrated our existing customer base through the course of February. So when you look at Q1, I would say roughly on average, it was just over 50% of the quarter was impacted by the Arlo Secure 6 plan structure rollout. Q2 is the first quarter where we had a full quarter's impact, and that's why you see the ARPU jump all the way up to $15.

是的。亞當，很高興和你交談。我將解決第一個問題。所以，正如你們所記得的，我們在一月份針對新用戶宣布了新的計劃結構，然後在二月份遷移了我們現有的客戶群。因此，當您查看第一季時，我會說大致平均而言，該季度超過 50％ 受到 Arlo Secure 6 計劃結構推出的影響。第二季度是我們第一次產生整個季度的影響，這就是為什麼你會看到 ARPU 一路躍升至 15 美元。

Now you asked, are we going to continue to see a rise? You will -- it will be slower. So the rest of the year, we'll see ARPU increase as well, and that will be mostly people who are on annual plans coming up for their planned renewal onto the new pricing structure. So we had a good increase in Q1, a full impact in Q2. You'll see a bit more rise up in Q3 and Q4 and probably actually a little bit Q1, too, as we see some of the annual plans in Q1 actually kick over in 2026.

現在你問，我們還會繼續看到上漲嗎？你會的——它會變得更慢。因此，在今年剩餘時間裡，我們還會看到 ARPU 也隨之增加，這主要是因為那些採用年度計畫併計劃續訂新定價結構的用戶。因此，我們在第一季取得了良好的成長，並在第二季產生了全面的影響。您會看到第三季和第四季出現更多成長，實際上第一季也會出現一點成長，因為我們看到第一季的一些年度計畫實際上在 2026 年就開始實施了。

So a larger jump this quarter, but you'll see that kind of generally rise at a slower rate through the next 3 quarters.

因此本季的成長幅度較大，但你會發現在接下來的三個季度裡，這種成長速度總體上會有所放緩。

Yes. And then in terms of impact, so we look at impact really through 3 lenses. Obviously, you highlighted price. We also look at the overall mix and then, of course, sub adds. And as we highlighted in the earlier commentary, we not only have executed extremely well on the price equation, but most recently, we uplifted our overall quarterly estimates on the number of sub adds, growing that to 190,000 to a range of 230,000.

是的。然後就影響而言，我們實際上透過 3 個鏡頭來觀察影響。顯然，您強調了價格。我們也會考慮整體組合，然後當然是添加子項。正如我們在先前的評論中所強調的那樣，我們不僅在價格方程式上表現得非常出色，而且最近，我們還提高了對新增訂閱數量的整體季度估計，將其增加到 190,000 到 230,000 之間。

Right now, if I had to look at the split, it's probably 1/3, 1/3, 1/3 across all of those areas. I would say that our team, in particular, our subscription and customer journey team has been executing extremely well and identifying ways to really tweak and improve all the key metrics, whether it's subscriber retention, whether it's the conversion rate, you name it, to ensure that we're hitting on all cylinders and growing all 3 of those key areas.

現在，如果我必須看一下分割情況，那麼所有這些區域的比例可能是 1/3、1/3、1/3。我想說的是，我們的團隊，特別是我們的訂閱和客戶旅程團隊一直表現得非常出色，並且找到了真正調整和改進所有關鍵指標的方法，無論是用戶保留率，還是轉換率，無論什麼，以確保我們全力以赴並在所有這三個關鍵領域取得成長。

So as we look forward to the future, really, our key objective is to continue to grow our services revenue plus 20% out into the future. And that's what we're all motivated and incentivized to do here as part of the management team.

因此，當我們展望未來時，我們的主要目標是繼續增加我們的服務收入，未來再增加 20%。身為管理團隊的一員，我們都受到激勵並有動力去做到這一點。

Yes, makes sense. I think investors will appreciate that. Just as a follow-up, kind of mechanical on the product side. I just want to understand kind of 2 different dynamics that are going to happen here. over the coming quarters.

是的，有道理。我認為投資者會對此表示讚賞。只是作為後續，產品方面有點機械化。我只是想了解未來幾季將會發生的兩種不同動態。

On one hand, with your existing inventory, you are working to effectively take down channel inventory, which makes a ton of sense before a huge launch. We want to have sort of a clean channel. I wonder that, and kind of thinking about the financial implications and the potential headwind from that, if you could help us sort of frame that piece.

一方面，利用現有的庫存，您可以有效地減少渠道庫存，這在大規模發布之前非常有意義。我們希望擁有一個乾淨的頻道。我很好奇，並且考慮了這其中的財務影響和潛在的不利因素，您是否能幫助我們構思一下？

And then the second part is the tailwind then from the launch. Obviously, a massive launch that you have, the impact to sell-in on -- from a product standpoint, kind of those 2 different dynamics, if you could sort of help us frame the financial implications and timing of each, that would be helpful.

第二部分是從發射開始的順風。顯然，大規模的發表會對銷售產生影響——從產品的角度來看，這兩種不同的動態，如果您能幫助我們確定每種動態的財務影響和時間安排，那將會很有幫助。

Yes. So I would say that, obviously, the third quarter is a big quarter for us. As we mentioned, it's going to be an important quarter because we have -- we are highly incentivized to ship in, and our gross ship will be higher than we had originally anticipated. That means, ultimately, we believe that the product revenue will be a bit higher in Q3 as we load in, in preparation for all the promotional activities. It really starts towards the end of Q3 and continues into the fourth quarter.

是的。所以我想說，顯然第三季對我們來說是一個重要的季度。正如我們所提到的，這將是一個重要的季度，因為我們有很強的出貨動力，而且我們的總出貨量將高於我們最初的預期。這意味著，最終，我們相信，隨著我們為所有促銷活動做好準備，第三季的產品收入將會更高一些。它實際上在第三季末開始並持續到第四季。

Why it's tricky is you have a combination of things that are in play here. First and foremost, as you mentioned, we have a subset of SKUs that we have to EOL, end of life is what that means. And so we have been working on bringing that down. That has been partially reflected in our current product gross margins and will be reflected somewhat in Q3 product gross margin. So that's the first dynamic that's in play.

它之所以棘手是因為這裡有多種因素在起作用。首先，正如您所提到的，我們有一部分 SKU 需要 EOL，這意味著產品壽命終止。因此我們一直在努力降低這一水平。這已部分反映在我們目前的產品毛利率中，並將在第三季的產品毛利率中得到一定程度的反映。這就是正在發揮作用的第一個動態。

The second dynamic that's in play is we are balancing out the impacts of the tariff and also our ability to manage shipments through air freight and sea freight. And so we're doing everything possible to manage that profitability such that we optimize that and ensure we don't gap out.

我們正在採取的第二個動態是平衡關稅的影響以及我們透過空運和海運管理貨物的能力。因此，我們正在盡一切可能管理盈利能力，以優化盈利能力並確保不會出現差距。

And then the third thing that's at play is we know that our new product SKUs all have really a benefit of 20% to 35% on the COGS level. So the sooner that we ship those in and get them to retailers, the better we can use that favorable costing to offset some of these other costs in play. So that's the dynamic that we're executing against in the third quarter. But I have to reiterate, we've been extremely impressed with our product engineering ops team and the way they've executed flawlessly to date, and we expect to have a really strong third quarter as evidenced by our guidance.

第三件事是，我們知道我們的新產品 SKU 在 COGS 水準上確實具有 20% 到 35% 的收益。因此，我們越早將這些產品運送到零售商，我們就越能利用有利的成本來抵消其中的一些其他成本。這就是我們在第三季所執行的動態。但我必須重申，我們的產品工程營運團隊以及他們迄今為止完美的執行方式給我們留下了深刻的印象，我們預計第三季將會表現強勁，正如我們的指導所證明的那樣。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

So the first question is, is the sub adds a function of selling more units? Or is it the conversion rate? The sub adds mean that you raised guidance range now?

所以第一個問題是，子版塊是否增加了銷售更多單位的功能？還是是轉換率？附加分代表你現在提高了導引範圍？

Yes. It's, I would say, more to do with more units across multiple channels, so both partner and in particular, recently, as we've gotten more aggressive and we talked about the camera unit growth on our retail and direct. So I would say it's much more attributable to that.

是的。我想說，這更多地與跨多個渠道的更多單元有關，因此雙方都是合作夥伴，特別是最近，隨著我們變得更加積極主動，我們談到了零售和直接銷售的相機單元增長。所以我認為這更多地歸因於此。

And that's us executing well, being a little bit more aggressive on promotions and driving that business because it's so accretive on the service revenue level. There is a little bit here and there on conversion, and some of it is better in retention as well, but I would put most of it just to us capturing some share in the retail direct and some strong performance with our partners.

這就是我們執行得好、促銷更積極、推動業務發展的成果，因為它對服務收入水準有很大的增值作用。在轉換率方面，我們取得了一些進步，在保留率方面，我們也取得了一些進步，但我認為，其中大部分都歸功於我們在零售直銷中佔據了一些份額，並與我們的合作夥伴取得了一些強勁的表現。

And then you've been talking a lot about Q3 new product shipments happening in the channel. Does that imply that we could see service -- subscriber numbers actually increase quite a bit in Q4?

然後您一直在談論第三季通路中新產品的出貨情況。這是否意味著我們可以看到第四季度的服務用戶數量實際上會大幅增加？

Yes. The holiday period is usually a little more smooth out. And what I mean by that is some of the product we will grow ship in Q3. POS is typically in Q4. And in the Q4, we often see that some of that POS is actually bought, installed, and then goes through their 30-day trial, and then may subscribe in Q4.

是的。假期通常會比較順利一些。我的意思是，我們將在第三季推出一些新產品。POS 通常位於 Q4。在第四季度，我們經常看到一些 POS 實際上是被購買、安裝，然後經過 30 天的試用，然後可能在第四季度訂閱。

Some of that is actually bought stuck under a tree, isn't open for 3, 4 weeks. Then there's a 30-day trial, and maybe they actually become a potential subscriber in Q1. So it's a little bit more gross ship in Q3 becomes POS in Q4. And then there's kind of a split of where those subscribers will land depending on what it was bought for, and when it was opened, and when it was installed, and how they got through the free trial. But I think in general, obviously, more POS, more units shipped, is more household formation will drive additional service revenue.

其中一些實際上是被賣掉並放在樹下，三、四周都無法打開。然後有 30 天的試用期，也許他們實際上會在第一季成為潛在訂閱者。因此，第三季的毛銷量會稍微多一些，而第四季的 POS 銷量則會增加。然後根據購買目的、開通時間、安裝時間以及免費試用期的完成情況，對這些訂閱用戶進行分類。但我認為總的來說，顯然更多的 POS、更多的出貨量、更多的家庭形成將帶來額外的服務收入。

And it's one of the reasons why we took our service revenue from roughly 300 up to $310 million, is we think there will be a little bit of additional services hitting in Q4 than originally planned.

這也是我們將服務收入從大約 3 億美元提高到 3.1 億美元的原因之一，我們認為第四季度推出的服務將比原計劃多一些。

Rian Bisson, Craig-Hallum.

萊恩比森、克雷格哈勒姆。

Kurt, it's Ryan on for Tony Stoss. Just one quick one for me. It looks like from the slides you guys posted that the churn was about 1% monthly churn. And I think historically, you had talked about 1.1% to 1.3%. I mean I understand that it fluctuates a bit, but should we be thinking about churn closer to 1% moving forward?

庫爾特，瑞恩取代托尼·斯托斯。對我來說只有一個快速答案。從你們發布的投影片來看，客戶流失率大約是每月 1%。我認為從歷史上看，您曾談論過 1.1% 到 1.3%。我的意思是，我知道它會有點波動，但我們是否應該考慮將流失率進一步降低至接近 1% 呢？

Yes. I would tell you that I think we're holding our range of 1.1% to 1.3%, but Kurt just alluded that there is a lot of work being done on retention, save journeys, and things in the company that are -- it is having some impact. And so I think you're seeing some of that impact at 1%. I think we're still comfortable with the 1.1% to 1.3% just because of overall seasonality, and we're seeing units kind of grow quite quick.

是的。我想告訴你，我認為我們將保持在 1.1% 到 1.3% 的範圍內，但 Kurt 剛才暗示，公司在保留、節省旅程和其他方面正在做大量工作 - 它正在產生一些影響。所以我認為你會看到 1% 左右的影響。我認為，由於整體季節性因素，我們仍然可以接受 1.1% 到 1.3% 的成長率，而且我們看到單位成長相當快。

But you are getting a hint of some of the operational improvements that the company is doing and the individual team members are doing here that we're seeing some benefit through. And I think the stars aligned a little bit and got us closer to 1% on the quarter.

但您可以了解到公司正在進行的一些營運改進以及各個團隊成員正在進行的改進，我們看到了這些改進帶來的一些好處。我認為一切進展順利，本季我們的成長率接近 1%。

As you know, things like conversion and retention rate or churn, say it another way, small changes can have a big impact on the business and the service revenue and profitability going forward. So there are a series of tiger teams inside the company, looking at entcent changes over time, and several of those kind of hit all at the same time in Q2.

如您所知，轉換率、留任率或客戶流失率等因素，換句話說，微小的變化可能會對業務以及未來的服務收入和獲利能力產生重大影響。因此，公司內部有一系列的“猛虎團隊”，負責隨時關注核心變化，其中幾項變化在第二季同時出現。

There seem to be no questions at this time. So this will conclude today's conference call. You may now disconnect your lines.

目前似乎沒有任何問題。今天的電話會議到此結束。現在您可以斷開線路了。