Arlo Technologies Inc (ARLO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。（操作說明）

I would now like to turn the conference over to Tahmin Clarke. Please go ahead, sir.

現在我將把會議交給塔明·克拉克。請繼續，先生。

Thank you, operator. Good afternoon, and welcome to Arlo Technologies, Inc. fourth quarter and year-end 2025 financial results conference call. Joining us from the company are Mr. Matthew Blake McRae, CEO, and Mr. Kurtis Joseph Binder, COO and CFO. If you have not received a copy of today's release, please visit Arlo Technologies, Inc.'s Investor Relations website at investor.arlo.com. Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements.

謝謝接線生。下午好，歡迎參加 Arlo Technologies, Inc. 2025 年第四季及全年財務業績電話會議。公司方面出席的有執行長馬修·布萊克·麥克雷先生，以及首席營運長兼財務長庫爾蒂斯·約瑟夫·賓德先生。如果您尚未收到今天的新聞稿，請造訪 Arlo Technologies, Inc. 的投資者關係網站 investor.arlo.com。在正式發言開始之前，我們提醒您，今天的電話會議包含前瞻性陳述。

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 first quarter and full year of 2026, the long-range plan targets, the rate and timing of paid subscriber growth, 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.

前瞻性聲明包括關於我們未來潛在業務、經營業績和財務狀況的聲明，包括對我們的收入、毛利率、營業利潤率、每股收益、支出、現金展望、自由現金流和自由現金流利潤率、年度經常性收入 (ARR)、40 法則和其他關鍵績效指標 (KPI) 的描述，對 2026年第一季和全年的指引，長期規劃目標，付費用戶成長的速度和時間，新產品和服務的商業發布和勢頭，資費的時間和影響，戰略目標和舉措，市場擴張和未來增長，與各市場領導者和戰略合作夥伴的合作，持續的新產品和服務差異化，以及總體宏觀經濟狀況對我們業務、經營業績和財務狀況的影響。

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 Technologies, Inc.'s periodic filings with the SEC including our annual report on Form 10-K filed earlier today. Any forward-looking statements that we make on this call are based on assumptions of today, and Arlo Technologies, Inc. undertakes no obligation to update these statements as a result of new information or future events. 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 an Investor Relations website.

實際結果或趨勢可能與這些前瞻性陳述所設想的結果或趨勢有重大差異。有關更多信息，請參閱 Arlo Technologies, Inc. 定期向美國證券交易委員會提交的文件（包括我們今天早些時候提交的 10-K 表格年度報告）中討論的風險因素。我們在本次電話會議中所做的任何前瞻性陳述均基於目前的假設，Arlo Technologies, Inc. 不承擔因新資訊或未來事件而更新這些陳述的義務。此外，本次電話會議也將討論幾個非GAAP財務指標。GAAP 與非 GAAP 指標的調整表可在今天的新聞稿和投資者關係網站上找到。

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

現在，我想把電話交給馬修。

Thank you, Tahmin, and thank you everyone for joining us today. In addition to providing an overview of our recent performance, we have designed this year-end call to provide a deeper dive into our broader strategy and the investments which provide a path for continuing growth into the future. But first, let us jump straight into our results. Arlo Technologies, Inc. had an incredibly strong fourth quarter. Total revenue came in at $141 million, slightly above the high end of our guidance range and fueled by our product launches and impressive performance across our services business. In fact, service revenue hit $89 million, representing 63% of total revenue and grew at an astounding 39% year over year.

謝謝塔明，也謝謝今天到場的各位。除了概述我們近期的業績外，我們還安排了本次年終電話會議，深入探討我們更廣泛的策略以及為未來持續成長提供路徑的投資。但首先，讓我們直接來看結果。Arlo Technologies, Inc. 第四季業績表現非常強勁。總收入達到 1.41 億美元，略高於我們預期範圍的上限，這主要得益於我們的產品發布以及服務業務的出色表現。事實上，服務收入達到 8,900 萬美元，佔總收入的 63%，年增高達 39%。

This momentum propelled our annual recurring revenue to $330 million, which is up 28% year over year. Fourth quarter EBITDA hit $23 million, up 138% year over year and resulted in Arlo Technologies, Inc. posting $0.22 of non-GAAP EPS, substantially above the high end of our guidance range. And looking at our SaaS performance in the quarter by utilizing the Rule of 40, Arlo Technologies, Inc. achieved a score of 45, putting us in an elite handful of companies executing at this level. Underpinning the record-breaking quarter and continued expansion of our services business is a world-class team that is executing at the highest level. I would like to touch on a couple of examples.

這一勢頭推動我們的年度經常性收入達到 3.3 億美元，年增 28%。第四季 EBITDA 達到 2,300 萬美元，年成長 138%，使得 Arlo Technologies, Inc. 的非 GAAP 每股盈餘達到 0.22 美元，遠高於我們預期範圍的上限。透過運用 40 法則來評估我們本季的 SaaS 表現，Arlo Technologies, Inc. 獲得了 45 分，使我們躋身於少數幾家達到這一水平的精英公司之列。支撐我們創紀錄季度業績和服務業務持續擴張的，是一支世界一流的團隊，他們以最高水準執行各項工作。我想舉幾個例子。

Last year, we continued our strong pace of innovation and deployed Arlo Secure 6 across our user base, introducing a myriad of class-leading features including an advanced multi-recognition engine, AI-based scene descriptions, numerous new AI-based audio detections and the only personalized AI micro-model capability in the world. We also made innumerable performance and interface improvements throughout the year to retain our leadership position in simple yet powerful user experiences. And in 2025 Arlo Technologies, Inc. executed the largest device launch in company history comprising more than 109 unique SKUs across our channel partners.

去年，我們繼續保持強勁的創新步伐，並在用戶群中部署了 Arlo Secure 6，引入了眾多領先業界的功能，包括先進的多識別引擎、基於 AI 的場景描述、眾多新的基於 AI 的音頻檢測以及全球唯一的個性化 AI 微模型功能。我們全年也進行了無數次的性能和介面改進，以保持我們在簡單而強大的用戶體驗方面的領先地位。2025 年，Arlo Technologies, Inc. 執行了該公司歷史上規模最大的設備發布，透過我們的通路合作夥伴推出了超過 109 個獨特的 SKU。

We shipped more than 800,000 units in the first 60 days of production and achieved our planned supply ramp to ensure strong unit sales in the quarter with no excess inventory. This was an extraordinarily complex endeavor and the team executed flawlessly. The reception of our new products and services has been outstanding. Our customer and professional reviews are the strongest Arlo Technologies, Inc. has seen for a new product launch in our history with numerous models already receiving multiple Editor's Choice and Best Of awards. Our new lineup not only contributed to Q4 results, it serves as the foundation of our continuing growth in 2026.

在生產的前 60 天裡，我們發貨量超過 80 萬台，並實現了計劃中的供應增長，以確保本季度強勁的銷量，且沒有庫存過剩。這是一項極為複雜的任務，而團隊執行得完美無瑕。我們的新產品和服務獲得了極佳的市場反應。我們的客戶和專業人士的評價是 Arlo Technologies, Inc. 歷史上新產品發布以來最強的，其中許多型號已經獲得了多個編輯選擇獎和最佳獎項。我們的新產品陣容不僅對第四季的業績做出了貢獻，也為我們2026年的持續成長奠定了基礎。

The other example of exceptional execution is when you look across our SaaS performance metrics. Our monthly consolidated churn dropped to 1% in the fourth quarter, or said another way, our monthly subscriber retention rate is 99%, which means a paying user stays with our service for more than eight years on average. This achievement is the culmination of numerous small improvements across our business including performance enhancements, customer care improvements, billing system improvements and deeper insights at the user cohort level driven by our vast datasets. And when you dig deeper into our retail and direct accounts, Arlo Technologies, Inc.'s SaaS unit economics are world-class.

另一個卓越執行力的例子是，當你查看我們的 SaaS 效能指標時就會發現這一點。第四季度，我們的月度綜合流失率降至 1%，或者換句話說，我們的月度訂閱用戶留存率達到 99%，這意味著付費用戶平均使用我們的服務超過八年。這項成就是我們業務中眾多小改進的最終成果，包括效能提升、客戶服務改進、計費系統改進以及利用我們龐大的資料集對使用者群體進行更深入的洞察。在深入了解我們的零售和直接客戶後，你會發現 Arlo Technologies, Inc. 的 SaaS 單位經濟效益是世界一流的。

Average monthly revenue per user grew to $15.30 during Q4, aided by additional upward migration of customers to our AI-driven service plans. And these subscriptions, which account for 89% of our annual recurring revenue, generated an outstanding 94% gross margin. These numbers coupled with our low churn drove the lifetime value or LTV per subscriber up to $917 million, up 23% from a year ago and a new record for Arlo Technologies, Inc. Despite this being the promotional holiday quarter, customer acquisition cost or CAC remained stable while retail unit sales grew more than 20% year over year. Taken together, this performance drove Arlo Technologies, Inc.'s LTV to CAC ratio up to 4.0.

第四季度，由於更多客戶升級到我們的人工智慧驅動服務計劃，每位用戶的平均每月收入增長至 15.30 美元。這些訂閱收入占我們年度經常性收入的 89%，毛利率高達 94%。這些數據加上我們較低的用戶流失率，使得每位用戶的終身價值（LTV）達到 9.17 億美元，比去年同期成長 23%，創下 Arlo Technologies, Inc. 的新紀錄。儘管這是促銷假日季度，但客戶獲取成本（CAC）保持穩定，而零售單位銷售量較去年同期成長超過 20%。綜合來看，這一業績使 Arlo Technologies, Inc. 的 LTV 與 CAC 比率上升至 4.0。

This is an optimal result for our services business; a score below 3 would indicate a less efficient user funnel and a score above 5 would indicate missing opportunities for additional growth. We constantly balance our unit growth, product gross margin, household formation, conversion, and other key metrics to ultimately expand our financial results which are clear again this quarter. Arlo Technologies, Inc.'s corporate non-GAAP gross margin grew by more than 1,000 basis points year over year to a record 47.8% and our non-GAAP EPS improved 120% to a record $0.22. Looking back at the full year in review, the goals we set at the beginning of last year were ambitious, and Arlo Technologies, Inc. delivered across the board.

對於我們的服務業務而言，這是一個理想的結果；低於 3 分錶示用戶轉換率較低，高於 5 分錶示錯失了進一步成長的機會。我們不斷平衡單位成長、產品毛利率、家庭組成、轉換率和其他關鍵指標，以最終擴大財務業績，而本季的業績再次證明了這一點。Arlo Technologies, Inc. 的企業非GAAP毛利率年增超過1000個基點，達到創紀錄的47.8%，非GAAP每股收益成長120%，達到創紀錄的0.22美元。回顧過去一年，我們在年初設定的目標雄心勃勃，而Arlo Technologies, Inc. 全面實現了這些目標。

Arlo Secure 6 provided significant innovation by launching numerous AI enhancements that drove subscriptions and user engagement. Arlo Technologies, Inc. executed the largest product launch in the company's history which fueled our unit sales growth in the second half. Our expanded product lineup allowed us to nearly double our shelf share at Walmart and significantly increase our assortment across other retail and e-commerce channel partners. Arlo Technologies, Inc. landed several new strategic partners which creates incremental growth opportunities and further diversifies our revenue sources, a topic I will discuss later in more detail. We targeted a minimum of 20% growth or $300 million in service revenue and actually achieved an outstanding $316 million service revenue in 2025.

Arlo Secure 6 透過推出眾多 AI 增強功能，實現了重大創新，從而推動了訂閱量和用戶參與度。Arlo Technologies, Inc. 執行了公司歷史上規模最大的產品發布，這推動了我們下半年的銷售成長。我們擴大的產品線使我們在沃爾瑪的貨架份額幾乎翻了一番，並顯著增加了我們在其他零售和電子商務通路合作夥伴中的產品種類。Arlo Technologies, Inc. 獲得了幾個新的策略合作夥伴，這創造了增量成長機會，並進一步使我們的收入來源多樣化，我將在後面更詳細地討論這個主題。我們的目標是服務收入至少成長 20% 或達到 3 億美元，而實際上我們在 2025 年實現了 3.16 億美元的卓越服務收入。

And finally, we set out to be one of a handful of SaaS companies whose business was growing fast enough to be Rule of 40. Arlo Technologies, Inc. delivered a full year score of 42.5, which places us amongst an extremely small selection of public companies to achieve such profitable growth. 2025 was a phenomenal year for Arlo Technologies, Inc., I want to thank the team for the dedication and outstanding execution across every aspect of our business. And now, I will turn it over to Kurt, who will provide more details on our operating results.

最後，我們立志成為少數幾家業務成長速度夠快，能夠滿足「40法則」的SaaS公司之一。Arlo Technologies, Inc. 全年得分高達 42.5 分，這使我們躋身於極少數能夠實現如此盈利增長的上市公司之列。 2025 年對 Arlo Technologies, Inc. 來說是意義非凡的一年，我要感謝團隊在業務各個方面所展現出的奉獻精神和卓越執行力。現在，我將把發言權交給庫爾特，他將詳細介紹我們的經營績效。

Thank you, Matthew. Thank you everyone for joining us today. 2025 was another tremendous year for Arlo Technologies, Inc. as we generated outstanding financial and operational results. Our subscription-driven strategy and services business remain paramount to our success, and as a result, we are now experiencing the benefits of stellar execution and a clear strategy. We continue to utilize our innovative products and competitive pricing to identify, target, and monetize new households with our AI-enabled services. This approach, along with a disciplined focus on execution, enables us to consistently deliver record levels of subscription and services revenue, ARR, gross margin, and free cash flow. Let us briefly review our consolidated results for 2025.

謝謝你，馬修。感謝各位今天蒞臨本次活動。 2025年對Arlo Technologies, Inc.而言又是碩果累累的一年，我們取得了卓越的財務和營運表現。我們以訂閱為導向的策略和服務業務仍然是我們成功的關鍵，因此，我們現在正在享受卓越執行力和清晰策略的好處。我們將繼續利用我們的創新產品和有競爭力的價格，透過我們的人工智慧服務來識別、鎖定和實現新家庭的利潤。這種方法，加上對執行的嚴格把控，使我們能夠持續實現訂閱和服務收入、年度經常性收入、毛利率和自由現金流的創紀錄水平。讓我們簡單回顧一下我們2025年的綜合業績。

We delivered to the original guidance we provided at this time last year. At the beginning of the year, we shared our expectations to deliver consolidated revenue in the range of $510 million to $540 million, with subscriptions and services revenue comprising 50% or more of total revenue, or approximately $300 million. We ended 2025 with actual consolidated revenue of about $530 million and subscriptions and services revenue at $316 million or 60% of total revenue. Our top-line revenue performance was strong, but what is truly remarkable is our ability to substantially exceed our goals for profitability in a year fraught with uncertainty due to macroeconomic, geopolitical, and tariff challenges.

我們實現了去年同期發布的指導方針。年初，我們曾表示預期合併收入將在 5.1 億美元至 5.4 億美元之間，其中訂閱和服務收入將佔總收入的 50% 或以上，約 3 億美元。截至 2025 年底，我們的實際合併收入約為 5.3 億美元，訂閱和服務收入為 3.16 億美元，佔總收入的 60%。我們的營收表現強勁，但真正令人矚目的是，在宏觀經濟、地緣政治和關稅挑戰帶來的不確定性的一年中，我們能夠大幅超越獲利目標。

We generated record levels of EBITDA which resulted in an adjusted EBITDA margin of 14.1%. Additionally, our bottom-line outperformance was even more impressive given the non-GAAP EPS outlook range of $0.56 to $0.66 as we provided when we embarked on the year. We delivered an impressive non-GAAP EPS of $0.70, surpassing the high end of our guidance even withstanding the impact of tariffs. An incredible outcome for our shareholders and a testament to the phenomenal execution by this team. Our installed base of paid accounts continued its robust growth trajectory, coming in at $5.7 million accounts for 2025, an increase of 24% for the year.

我們創造了創紀錄的 EBITDA 水平，調整後的 EBITDA 利潤率為 14.1%。此外，考慮到我們在年初給出的非GAAP每股收益預期範圍為0.56美元至0.66美元，我們的最終業績表現更加令人印象深刻。我們實現了令人矚目的非GAAP每股收益0.70美元，即使受到關稅的影響，也超過了我們預期的上限。對於我們的股東來說，這是一個令人難以置信的結果，也證明了團隊卓越的執行力。我們的付費帳戶安裝基礎持續保持強勁的成長勢頭，2025 年帳戶數量達到 570 萬，比上年增長 24%。

Our paid account growth aligns with the 23% increase in retail POS or point-of-sale volume that we experienced with our new product launch in the second half of the year and the continued success with our strategic partners. Our performance at Walmart was solid, aided by an expansion in shelf space. We capitalized on the power of the Amazon platform, generating additional paid accounts through this digital channel. We expect to continue to drive paid account growth in 2026 as we launch several initiatives designed to enhance our conversion and subscription retention.

我們的付費帳戶成長與我們在下半年推出新產品後零售POS或銷售點交易量成長23%以及與策略合作夥伴的持續成功相一致。我們在沃爾瑪的業績表現穩健，這得益於貨架空間的擴大。我們充分利用了亞馬遜平台的強大功能，透過這個數位管道獲得了更多付費帳戶。我們預計在 2026 年將繼續推動付費帳戶成長，因為我們將推出多項旨在提高轉換率和訂閱用戶留存率的舉措。

The strength of the Arlo Technologies, Inc. value proposition is powered by annual recurring revenue, as we ended the year with $330 million in ARR, up an outstanding 28% year over year. This was driven by strong subscription growth and continued expansion in ARPU. In 2025, our ARPU increased from approximately $12.60 to $15.30, resulting from our service plan optimizations that occurred in early 2025 and customers selecting our higher-tiered AI-driven service offerings. We expect to deliver incremental ARPU benefits in 2026 through additional subscription plan optimizations and subscriber retention initiatives, thereby delivering durable and predictable revenue with a goal of surpassing our long-term ARR targets.

Arlo Technologies, Inc. 的價值主張的優勢在於其年度經常性收入，我們以 3.3 億美元的 ARR 結束了這一年，同比增長了驚人的 28%。這主要得益於訂閱用戶數量的強勁成長和每位用戶平均收入的持續提升。2025 年，由於我們在 2025 年初進行了服務計劃優化，並且客戶選擇了我們更高級別的 AI 驅動服務產品，我們的 ARPU 從大約 12.60 美元增加到 15.30 美元。我們預計在 2026 年透過進一步優化訂閱計劃和用戶留存計劃，實現 ARPU 的增量收益，從而帶來持久且可預測的收入，目標是超越我們的長期 ARR 目標。

Our services transformation has been remarkable as we ended 2025 with over $316 million in subscriptions and services revenue, up 30% year over year. Subscriptions and service revenue for the full year now comprises 60% of total revenue, a significant milestone that is driving Arlo Technologies, Inc.'s expansion in profitability. Additionally, our Q4 subscriptions and services revenue was $89 million, an increase of about 40% when compared to the same period last year. Our non-GAAP subscriptions and services gross margin came in at 84% for the quarter, up 230 basis points compared to the same period last year.

我們的服務轉型取得了顯著成效，2025 年底訂閱和服務收入超過 3.16 億美元，較去年同期成長 30%。全年訂閱和服務收入佔總收入的 60%，這是一個重要的里程碑，推動了 Arlo Technologies, Inc. 獲利能力的提升。此外，我們第四季的訂閱和服務收入為 8,900 萬美元，與去年同期相比成長了約 40%。本季我們的非GAAP訂閱和服務毛利率為84%，比去年同期成長了230個基點。

As a point of emphasis, our retail paid accounts generated about 90% of 2025 subscriptions and services revenue, with a gross margin of 94%. Truly remarkable. Subscriptions and services gross margins were positively impacted by improvement in retail and direct ARPU coupled with a more favorable cost to serve as we continue to gain scale with our cloud storage partners. Approximately $4 million of Q4 subscriptions and services revenue was attributable to nonrecurring engineering services from a strategic partner. As we attract larger, higher-profile partners, we can expect additional revenue to be derived from this type of development work as we integrate our innovative platform and AI algorithms.

值得強調的是，我們的零售付費帳戶貢獻了 2025 年訂閱和服務收入的約 90%，毛利率為 94%。真是令人驚嘆。訂閱和服務毛利率受到零售和直接 ARPU 改善以及隨著我們與雲端儲存合作夥伴不斷擴大規模而帶來的更有利的服務成本的正面影響。第四季訂閱和服務收入中約有 400 萬美元來自戰略合作夥伴提供的非經常性工程服務。隨著我們吸引更多、更知名的合作夥伴，隨著我們整合創新平台和人工智慧演算法，我們可以預期從這類開發工作中獲得額外的收入。

While highly profitable, NRE has a slightly lower margin profile than our core subscriptions and services revenue. In summary, all of the variables that drive our outstanding unit economics have improved, resulting in significant growth in our LTV to over $900. Non-GAAP gross profit for the fourth quarter was $67.6 million, resulting in non-GAAP gross margin of 47.8%, up an outstanding 48% on an absolute dollar basis when compared to the same period last year. This trend was driven by the larger percentage of total revenue coming from subscription and services in Q4. Additionally, our product gross margins rebounded by almost 300 basis points in the period when compared to the third quarter levels, aiding the consolidated margin improvement.

雖然 NRE 利潤很高，但其利潤率略低於我們的核心訂閱和服務收入。總而言之，所有影響我們卓越單位經濟效益的變數都得到了改善，從而使我們的客戶終身價值顯著增長至 900 美元以上。第四季非GAAP毛利為6,760萬美元，非GAAP毛利率為47.8%，與去年同期相比，以絕對美元計算成長了驚人的48%。這一趨勢是由第四季度訂閱和服務收入佔總收入的比例增加所推動的。此外，與第三季相比，我們的產品毛利率在本季反彈了近 300 個基點，這有助於提高綜合毛利率。

As we enhance our consolidated gross margins, this success confirms that leaning into product margin to generate additional paid accounts is the right strategy. It should be noted that this tremendous outcome would not be possible without the outstanding execution by the teams to successfully navigate a challenging new product launch and related tariffs. We generated outstanding growth in adjusted EBITDA during 2025. For the year, adjusted EBITDA was $74.7 million, an increase of 85% year over year, and represents an adjusted EBITDA margin of 14.1%. Delivering adjusted EBITDA of $23.3 million, we exited the year with strong momentum in Q4, up an impressive 138% year over year, for an adjusted EBITDA margin of 16.5%.

隨著我們提高合併毛利率，這一成功證實了利用產品利潤來增加付費帳戶是正確的策略。值得注意的是，如果沒有團隊出色的執行力，成功應對充滿挑戰的新產品發布和相關關稅問題，這一巨大成果是不可能實現的。我們在 2025 年實現了調整後 EBITDA 的顯著成長。該年度調整後 EBITDA 為 7,470 萬美元，年增 85%，調整後 EBITDA 利潤率為 14.1%。第四季調整後 EBITDA 為 2,330 萬美元，為全年畫上了圓滿的句號，年增 138%，調整後 EBITDA 利潤率為 16.5%。

The expansion in EBITDA margin resulted from our management of operating expenses. Total non-GAAP operating expenses for the full year of 2025 were $165.7 million. Non-GAAP operating expenses on an annual basis have increased over the past five years at a 6% CAGR from $123.2 million in 2021. During that same time frame, we have grown service revenue from $103.5 million to $316.4 million, representing a 25% CAGR over the same five years, a growth rate of four times our OpEx spend. Our ability to manage our operating expenses while investing in R&D and sales initiatives to support the stellar growth in our subscriptions business underscores the operating leverage that is innate to this business model.

EBITDA利潤率的提升得益於我們對營運費用的有效管理。2025年全年非GAAP營運費用總額為1.657億美元。非GAAP過去五年，年度營運費用以 6% 的複合年增長率成長，從 2021 年的 1.232 億美元增至 2021 年的 1.232 億美元。在同一時期，我們的服務收入從 1.035 億美元成長到 3.164 億美元，五年複合年增長率達到 25%，是營運支出成長率的四倍。我們能夠在控制營運費用的同時，投資研發和銷售計劃，從而支持訂閱業務的卓越成長，這凸顯了此商業模式固有的營運槓桿作用。

In Q4, we posted non-GAAP net income of $23.9 million, or net income per diluted share of $0.22, significantly ahead of consensus estimates. This performance represented net income growth of more than 100% when compared to the same period last year. For 2025, we recorded non-GAAP net income of $77.3 million, up more than $35 million or 83% when compared to the prior year period. Our non-GAAP net income translated to a net income per diluted share of $0.70 in 2025, again, an outstanding improvement from a net income per diluted share of $0.40 in 2024.

第四季度，我們公佈的非GAAP淨利為2,390萬美元，即每股攤薄淨利為0.22美元，遠超市場普遍預期。與去年同期相比，這項業績意味著淨利潤成長超過100%。2025 年，我們錄得非 GAAP 淨收入 7,730 萬美元，比去年同期成長超過 3,500 萬美元，增幅達 83%。我們的非GAAP淨收入在2025年轉化為每股攤薄淨收入0.70美元，與2024年的每股攤薄淨收入0.40美元相比，再次取得了顯著進步。

Strong adjusted EBITDA coupled with exceptional working capital management helped drive our 2025 free cash flow to $66.9 million, which is up 38% year over year with free cash flow margin of 12.6%. Continued free cash flow expansion fueled by exponential subscription and services revenue growth demonstrates how far Arlo Technologies, Inc. has progressed over the past five years. We ended the quarter with $166 million in available cash, cash equivalents, and short-term investments. Our cash was up $15 million year over year, underscoring the improvement in profitability even withstanding our investment in Origin Wireless and the $45 million return of capital to our stockholders through our share repurchase plan.

強勁的調整後 EBITDA 加上卓越的營運資本管理，推動我們 2025 年的自由現金流達到 6,690 萬美元，年成長 38%，自由現金流利潤率為 12.6%。持續的自由現金流擴張，得益於訂閱和服務收入的指數級增長，這表明 Arlo Technologies, Inc. 在過去五年中取得了多大的進步。本季末，我們擁有1.66億美元的可用現金、現金等價物和短期投資。我們的現金比去年增加了 1500 萬美元，這凸顯了盈利能力的提高，即使考慮到我們對 Origin Wireless 的投資以及透過股票回購計劃向股東返還的 4500 萬美元資本。

Given our expected ARR growth and expanding profitability, free cash flow generation will continue into 2026, and our cash position will improve over time, thereby enabling us to pursue a more aggressive capital allocation program in the near term. Our DSO levels for the quarter were 26 days in 2025, down significantly from the levels in prior quarters highlighting a favorable working capital trend resulting from a subscription-based operating model. As our revenue shifts to monthly and annual subscriptions versus product sales, there will be a corresponding improvement in the timing of collections while reducing the level of investment in working capital.

鑑於我們預期的 ARR 成長和獲利能力的擴大，自由現金流的產生將持續到 2026 年，我們的現金狀況將隨著時間的推移而改善，使我們能夠在短期內實施更積極的資本配置計劃。本季我們的應收帳款週轉天數 (DSO) 為 2025 年 26 天，較前幾季大幅下降，凸顯了訂閱式營運模式帶來的有利營運資本趨勢。隨著我們的收入從產品銷售轉向月度和年度訂閱，收款時間將相應改善，同時營運資金投入水準也將降低。

Our DSOs may fluctuate from quarter to quarter, but we are pleased with the improving status and collectability of outstanding receivables. Inventory is at $41.2 million, and down from $44 million in the third quarter. Our inventory turnover remained solid in Q4 at 5.9 times, down from 6.4 times in Q3, a modest decline as we successfully managed our ending inventory as well as the inventory in channel. Arlo Technologies, Inc.'s inventory levels are now well positioned as we proceed into 2026, once again highlighting the exceptional operating performance of the Arlo Technologies, Inc. team.

我們的應收帳款週轉天數 (DSO) 可能會逐季度波動，但我們對未結應收帳款狀況和回收率的改善感到滿意。庫存為 4,120 萬美元，低於第三季的 4,400 萬美元。第四季我們的庫存週轉率保持穩健，為 5.9 次，低於第三季的 6.4 次，降幅不大，這得益於我們成功管理了期末庫存以及通路庫存。隨著我們邁入 2026 年，Arlo Technologies, Inc. 的庫存水準目前處於良好狀態，再次凸顯了 Arlo Technologies, Inc. 團隊卓越的營運表現。

Thank you, Kurt. Arlo Technologies, Inc.'s performance in 2025 was truly outstanding, a reflection of both the fundamental strength of our business and the excellent execution across the team. In parallel to delivering on our 2025 plan, Arlo Technologies, Inc. has been hard at work building the foundation for continued growth in the coming years and I would like to update you on a few of these initiatives. Arlo Technologies, Inc. has a multipronged strategy to drive growth across the business as we look to exceed our long-range plan. First is to continue our faster-than-market growth in the retail and direct channels.

謝謝你，庫爾特。Arlo Technologies, Inc. 在 2025 年的表現確實非常出色，這既反映了我們業務的根本實力，也反映了整個團隊的出色執行力。在推動 2025 年計畫的同時，Arlo Technologies, Inc. 一直在努力為未來幾年的持續成長奠定基礎，我想向大家介紹其中的一些舉措。Arlo Technologies, Inc. 制定了多管齊下的策略，以推動業務全面成長，力求超越我們的長期計劃。首先，我們要持續保持零售和直銷通路的超市場成長速度。

Our recent product launch drove an expansion of Arlo Technologies, Inc.'s assortment across channels, and we continue to capture share in our key market segments. Arlo Technologies, Inc. will also launch several new retailers over the next 12 months, allowing us to reach new customers and market segments. And as I mentioned before, 89% of our service revenue is generated from users that became subscribers by purchasing Arlo Technologies, Inc. devices in this channel, and incremental household formation will drive our services business. Our software and services roadmap remains a key lever for growth and Arlo Technologies, Inc. has a robust pipeline of new features, AI-powered capabilities and additional subscription tiers, which will begin to roll out later this year.

我們最近的產品發布推動了 Arlo Technologies, Inc. 在各個通路的產品組合的擴展，並且我們繼續在關鍵市場領域獲得份額。Arlo Technologies, Inc. 也將在未來 12 個月內推出幾家新的零售商，使我們能夠接觸到新的客戶和市場領域。正如我之前提到的，我們 89% 的服務收入來自透過此管道購買 Arlo Technologies, Inc. 設備而成為訂閱用戶的群體，而家庭數量的增長將推動我們的服務業務。我們的軟體和服務路線圖仍然是成長的關鍵槓桿，Arlo Technologies, Inc. 擁有強大的新功能、人工智慧驅動的功能和額外的訂閱級別，這些功能將於今年稍後開始推出。

Arlo Technologies, Inc. is set up for continued success across our SaaS metrics, including subscriber acquisition, ARPU expansion and retention. These services will layer on top of our massive product refresh from last year, new devices launching this year, and a new hardware platform launching in 2027. Arlo Technologies, Inc. will continue to focus on new strategic partnerships that fuel both additional growth and diversification. These partnerships can provide access to millions of users at scale with little or no customer acquisition cost and provide substantial incremental service revenue.

Arlo Technologies, Inc. 已做好準備，將在 SaaS 各項指標上持續取得成功，包括用戶獲取、ARPU 成長和用戶留存。這些服務將建立在我們去年的大規模產品更新、今年推出的新設備以及 2027 年推出的新硬體平台之上。Arlo Technologies, Inc. 將繼續專注於新的策略合作夥伴關係，以推動進一步成長和多元化發展。這些合作關係可以大規模地接觸到數百萬用戶，幾乎不需要或完全不需要客戶獲取成本，並能帶來可觀的增加服務收入。

Arlo Technologies, Inc. is uniquely positioned to capture these partner opportunities due to our world-class technology stack, mature partner APIs, and our unrelenting focus on data privacy, a topic that sharply differentiates us from the other players in the market today. And finally, Arlo Technologies, Inc. will take our first step to expand into new adjacencies. Several multibillion-dollar markets exist that could leverage a substantial portion of our current platform. We have been cautious until it was clear Arlo Technologies, Inc. was well on our path to meet or exceed the long-range commitments we made to investors. But the time is now.

Arlo Technologies, Inc. 擁有世界一流的技術堆疊、成熟的合作夥伴 API 以及對資料隱私的不懈關注，這使我們在當今市場上與其他競爭者形成了鮮明的對比，也使我們在把握這些合作夥伴機會方面具有獨特的優勢。最後，Arlo Technologies, Inc. 將邁出拓展至新領域的第一步。存在幾個價值數十億美元的市場，可以利用我們現有平台的大部分資源。我們一直保持謹慎，直到 Arlo Technologies, Inc. 明確表示能夠實現甚至超越我們對投資者的長期承諾。但現在就是時候了。

I have never been more confident in our management team, our platform and our ability to execute through the global volatility that seems to be the new norm. Arlo Technologies, Inc. is ready to add new initiatives while managing the execution of our core plan. You will see Arlo Technologies, Inc. planting the seeds for the small business market and the age-in-place market. All of this is enabled and built upon the world's most advanced, resilient, and innovative SaaS platform inherently designed for real-time smart safety and security. Arlo Technologies, Inc. launched this platform with artificial intelligence integrated at the core in 2018 and has been driving AI-based consumer subscription services at scale for eight years.

我從未像現在這樣對我們的管理團隊、我們的平台以及我們應對全球市場波動（這似乎已成為新常態）的能力充滿信心。Arlo Technologies, Inc. 已準備好在執行核心計畫的同時，增加新的措施。你會看到 Arlo Technologies, Inc. 為小型企業市場和居家退休市場播下種子。這一切都得益於世界上最先進、最具彈性和創新性的 SaaS 平台，該平台從本質上就是為即時智慧安全而設計的。Arlo Technologies, Inc. 於 2018 年推出了以人工智慧為核心的平台，並在過去八年中大規模地推動基於人工智慧的消費者訂閱服務。

In fact, we invented this market and our longevity means that you will see our seventh-generation platform launched this year to keep us ahead of the competition. And as I mentioned earlier, this platform and our focused execution are helping us win numerous large-scale branded partnerships that will drive growth over the next three to five years. In addition to our previous announcement with ADT, there are two new strategic partnerships I would like to touch on today. At the Consumer Electronics Show in January, we announced our new partnership with Samsung. Arlo Technologies, Inc. will be powering an emergency response service across Samsung devices in the United States.

事實上，我們開創了這個市場，而且憑藉我們的長盛不衰，您將在今年看到我們推出第七代平台，以保持我們在競爭中的領先地位。正如我之前提到的，這個平台和我們專注的執行力正在幫助我們贏得眾多大型品牌合作夥伴關係，這將推動未來三到五年的成長。除了先前與 ADT 宣布的合作之外，今天我還想談談另外兩項新的策略夥伴關係。今年一月的消費電子展上，我們宣布與三星建立新的合作關係。Arlo Technologies, Inc. 將為美國三星設備提供緊急應變服務。

Samsung SmartThings will offer this new service to a substantial portion of the 425 million SmartThings users. It will be branded SmartThings Safe Premium powered by Arlo and represents our first partnership that is solely based on SaaS services without reliance on a hardware component. We are extremely excited about this next stage of our partnership with Samsung and expect to see more information next quarter. And finally, we are excited to announce a partnership with Comcast to provide connected home security solutions to millions of its Xfinity Internet households in the United States.

三星 SmartThings 將向其 4.25 億 SmartThings 用戶中的相當一部分人提供這項新服務。該產品將以 SmartThings Safe Premium 的品牌推出，由 Arlo 提供技術支持，代表著我們首次完全基於 SaaS 服務而不依賴硬體組件的合作。我們對與三星合作的下一階段感到無比興奮，並期待下個季度公佈更多資訊。最後，我們很高興地宣布與 Comcast 建立合作夥伴關係，為美國數百萬 Xfinity 網路用戶提供連網家庭安全解決方案。

More information about this offering will be provided by Comcast closer to the market launch, but I can say from our side, it is difficult to overstate the potential impact of this partnership which could grow larger than our Verisure partnership over time. All of these partnerships will contribute to our business in 2026 but truly ramp in 2027 and beyond. Let me back up a bit and review the capital allocation plan we rolled out in 2024. It has three main pillars. First, a focus on organic investment, Arlo Technologies, Inc.'s traditional pillar of differentiation. This should be evident in our huge product refresh, Arlo Secure 6 platform enhancements, strategic partner engagements and our share growth in core markets.

康卡斯特將在產品上市前提供更多相關信息，但我可以肯定地說，這項合作的潛在影響怎麼強調都不為過，隨著時間的推移，它可能會比我們與 Verisure 的合作規模更大。所有這些合作關係都將在 2026 年為我們的業務做出貢獻，但真正的成長將在 2027 年及以後到來。讓我先回顧一下我們在 2024 年推出的資本配置計畫。它有三大支柱。首先，重點放在有機投資上，這是 Arlo Technologies, Inc. 的傳統差異化支柱。這一點應該能從我們的大規模產品更新、Arlo Secure 6 平台增強、策略合作夥伴關係以及我們在核心市場的份額成長中得到體現。

It is the core tenet of our success to date and I see no limit on the ROI as we drive this market forward with additional innovation and channels launching over the next two to three years. The second pillar is share repurchase or investing in ourselves. It is no secret and I know many investors share the sentiment that Arlo Technologies, Inc. is undervalued relative to our financial performance. Over the last year, we demonstrated our commitment to this area by repurchasing over 3.3 million shares, and you will see this commitment continue as I will talk about on the next slide. And finally, the third pillar is inorganic investment.

這是我們迄今為止成功的核心原則，我認為，隨著我們在未來兩到三年內透過更多的創新和管道的推出來推動這個市場向前發展，投資回報率將沒有上限。第二大支柱是股票回購或投資於我們自己。眾所周知，許多投資者都認為 Arlo Technologies, Inc. 的股價相對於其財務表現而言被低估了。過去一年，我們透過回購超過 330 萬股股票，展現了我們對這一領域的承諾，正如我將在下一張幻燈片中談到的那樣，您將會看到這種承諾的延續。最後，第三個支柱是無機投資。

This includes deep technology partnerships or acquisitions that could accelerate our path to Arlo Technologies, Inc.'s long-term targets. You can expect Arlo Technologies, Inc. to be more active in this area over the next year as well. Once again, if we look at software companies that are near a Rule of 40 measure, we come up with 24 companies that at least hit a score of 35. The revenue multiple for those companies is 5. If we then limit those companies to those with more than 20% revenue growth, it reduces the list to eight companies, and they have a multiple of 6.4.

這包括深度技術合作或收購，這些合作或收購可以加速我們實現 Arlo Technologies, Inc. 的長期目標。預計在未來一年裡，Arlo Technologies, Inc. 也將在該領域更加活躍。再次，如果我們查看接近 40 法則衡量標準的軟體公司，我們會發現有 24 家公司至少達到了 35 分。這些公司的營收倍數為5。如果我們把這些公司限制在營收成長超過 20% 的公司，那麼名單就只剩下八家公司了，它們的本益比為 6.4。

Arlo Technologies, Inc.'s service business has a growth rate of nearly 30% and we achieved a full year 2025 score of 42.5. However, the multiple on our service business is around three times. We feel we are substantially undervalued compared to our performance. As such, our Board has approved an additional $50 million to repurchase Arlo Technologies, Inc. shares, and this was one of the easiest decisions we have made inside of our capital allocation plan.

Arlo Technologies, Inc. 的服務業務成長率接近 30%，我們 2025 年全年得分達到 42.5 分。然而，我們服務業務的倍數約為三倍。我們認為，與我們的業績相比，我們的估值被嚴重低估了。因此，我們的董事會批准追加 5,000 萬美元用於回購 Arlo Technologies, Inc. 的股票，這是我們在資本配置計畫中做出的最簡單的決定之一。

And now, I will turn the call back over to Kurt who will give our forward-looking guidance.

現在，我將把電話交還給庫爾特，他將為我們帶來前瞻性的指導。

Thank you, Matthew. Before I provide an outlook for 2026, I want to share some perspective that is foundational to our confidence and our outlook for the current year and beyond. Over the past few years, we told you that Arlo Technologies, Inc. would transform into a durable, recurring revenue subscriptions and services business, and we have accomplished that. We assured you that Arlo Technologies, Inc. would be a market leader in innovation and technology with a scalable AI-driven platform, and we have exceeded on that front.

謝謝你，馬修。在展望 2026 年之前，我想分享一些我們對今年及未來充滿信心和展望的基礎觀點。過去幾年，我們告訴大家，Arlo Technologies, Inc. 將轉型成為一家可持續的、經常性收入的訂閱和服務企業，而我們已經實現了這一目標。我們曾向您保證，Arlo Technologies, Inc. 將成為創新和技術領域的市場領導者，擁有可擴展的 AI 驅動平台，而我們在這方面已經超越了預期。

Last year, we indicated that we would evolve into an enterprise-grade business supporting large global companies, and the recent signing of Comcast caps off a year where we have added ADT and Samsung to a robust portfolio of strategic partnerships. We believe the latest evolution will enable Arlo Technologies, Inc. to diversify our revenue base and further enhance our operating model. With that said, we expect the first quarter consolidated revenue for 2026 to be in the range of $135 million to $145 million. We expect our first quarter GAAP net earnings per share to be between $0.01 and $0.07, and our non-GAAP net income per diluted share to be between $0.17 and $0.23 per share.

去年，我們表示將發展成為一家為大型全球公司提供支援的企業級企業，而最近與 Comcast 的簽約，標誌著我們在過去一年中又新增了 ADT 和三星等策略合作夥伴，進一步壯大了我們的策略合作夥伴關係。我們相信，此次最新發展將使 Arlo Technologies, Inc. 能夠實現收入來源多元化，並進一步提升我們的營運模式。綜上所述，我們預計 2026 年第一季合併收入將在 1.35 億美元至 1.45 億美元之間。我們預計第一季GAAP每股淨收益將在0.01美元至0.07美元之間，非GAAP稀釋後每股淨收益將在0.17美元至0.23美元之間。

We expect product margins in the period to rebound from the level that we reported in 2025. For the full year 2026, we expect consolidated revenue to be in the range of $550 million to $580 million with service revenue comprising greater than 65% of total revenue. We will implement initiatives to improve customer retention and drive higher conversion, and we will adjust our innovative service offerings to enable us to deliver ARPU growth and expanded ARR. These efforts will enable us to generate service revenue in the range of $375 million to $385 million in 2026. And finally, we expect our non-GAAP net income per diluted share to be between $0.75 and $0.85 per share.

我們預計該期間的產品利潤率將從我們報告的 2025 年的水準反彈。我們預計 2026 年全年合併收入將在 5.5 億美元至 5.8 億美元之間，其中服務收入將佔總收入的 65% 以上。我們將實施各項舉措，以提高客戶留存率和轉換率，並調整我們的創新服務產品，以實現 ARPU 成長和 ARR 擴大。這些努力將使我們能夠在 2026 年創造 3.75 億美元至 3.85 億美元的服務收入。最後，我們預期非GAAP每股攤薄淨收益將在0.75美元至0.85美元之間。

As you are aware, there was a ruling by the Supreme Court striking down the tariffs that were put in place by the administration last year. At this point, a great deal of uncertainty remains around the tariffs and our ability to recoup funds from tariffs that were previously paid. Given the lack of clarity, our outlook assumes that we will remain subject to the 20% tariff structure already in place prior to the ruling, and we will continue to monitor the situation closely and provide an update if necessary. Our innovative platform coupled with our subscriptions-driven strategy has delivered outstanding results over the past five years. Our paid subscribers have increased by more than 10 times to 5.7 million.

如您所知，最高法院已裁定去年政府實施的關稅措施無效。目前，關稅問題以及我們能否收回先前繳納的關稅款項仍然存在很大的不確定性。鑑於目前情況尚不明朗，我們預計仍將適用裁決前已實施的 20% 關稅結構，我們將繼續密切關注事態發展，並在必要時提供最新資訊。過去五年，我們創新的平台和訂閱驅動型策略取得了卓越的成果。我們的付費用戶數量增加了10倍以上，達到570萬人。

Our annual recurring revenue is up more than seven times to $330 million. And our highly profitable retail subscriber base continues to drive the expansion of our overall profitability, resulting in adjusted EBITDA margin of 14%. A customer-focused mindset and steadfast execution have enabled us to consistently deliver these outstanding SaaS results over the past five years, and we are well positioned to continue this trajectory over the next five years as we progress towards achieving our long-range plan targets.

我們的年度經常性收入成長了七倍多，達到 3.3 億美元。我們利潤豐厚的零售用戶群持續推動著我們整體獲利能力的提升，使調整後的 EBITDA 利潤率達到 14%。過去五年，我們憑藉著以客戶為中心的理念和堅定不移的執行力，持續取得了卓越的 SaaS 成果。未來五年，我們將繼續保持這一發展勢頭，朝著實現長期計劃目標邁進。

Now let me turn the presentation over to Matthew.

現在我把演講交給馬修。

Thank you, Kurt. Given our rapid growth, stellar results and exciting new components of our business, I would like to quickly level set on where Arlo Technologies, Inc. stands. Arlo Technologies, Inc. is a rapidly growing SaaS business that pioneered the DIY security market and created AI-powered services to create a compelling user experience. Arlo Technologies, Inc.'s singular focus on the smart home security market has allowed us to move quicker, innovate faster and maintain technology leadership in the market. Every day, every person at Arlo Technologies, Inc. is solely dedicated to delivering on our safety and security pledge. Our mission is to connect and protect what people care about most.

謝謝你，庫爾特。鑑於我們業務的快速成長、卓越的業績和令人興奮的新組成部分，我想快速明確一下 Arlo Technologies, Inc. 的現狀。Arlo Technologies, Inc. 是一家快速發展的 SaaS 企業，開創了 DIY 安全市場，並創建了 AI 驅動的服務，以創造引人入勝的用戶體驗。Arlo Technologies, Inc. 專注於智慧家庭安全市場，這使我們能夠更快地行動、更快地創新，並保持市場中的技術領先地位。Arlo Technologies, Inc. 的每位員工每天都全心全意地履行我們對安全保障的承諾。我們的使命是連結和保護人們最珍惜的事物。

And that mission extends to our users and partners through our privacy pledge which is transparent and clear. Your data will only be used to cultivate the best security experience for you. It is that pledge and singular focus which has allowed some of the largest strategic players in the world like Samsung, Comcast, and ADT to team up with Arlo Technologies, Inc. to be their security partner of choice. And our continuous investment in our platform remains a substantial differentiator; while others have been pulling back on their investment in the segment, we have been pushing the boundaries further.

我們透過透明且清晰的隱私承諾，將這項使命延伸至我們的用戶和合作夥伴。您的資料僅用於為您提供最佳的安全體驗。正是這種承諾和專注，使得三星、康卡斯特和 ADT 等一些全球最大的策略參與者選擇與 Arlo Technologies, Inc. 合作，使其成為他們首選的安全合作夥伴。我們對平台的持續投入仍然是一項重要的差異化優勢；當其他公司都在減少對該領域的投資時，我們卻在不斷突破界限。

We leverage our class-leading devices to acquire users and lock in long-term relationships that cannot be disintermediated like many other AI or subscription businesses. And our groundbreaking features and functionality that we deployed in Arlo Secure 6 will only be further enhanced by our rollout of Arlo Secure 7 later this year. The home security market is large and growing quickly, now valued at $25 billion in the U.S. alone, and we estimate that the penetration of our market remains in the early innings at just over 20%.

我們利用我們一流的設備來獲取用戶，並鎖定長期關係，這種關係不像許多其他人工智慧或訂閱業務那樣容易被打破。我們在 Arlo Secure 6 中部署的突破性特性和功能，將在今年稍後推出的 Arlo Secure 7 中進一步增強。家庭安全市場規模龐大且成長迅速，僅在美國就已價值 250 億美元，我們估計，我們市場的滲透率仍處於早期階段，僅略高於 20%。

Our routes to this market have historically been retail channel partners but we have diversified that into business-to-business strategic partners as well, ensuring access to hundreds of millions of households for future user acquisition. And now Arlo Technologies, Inc. is making investments that will launch features and services across several areas including the broader Smart Home segment, small business and the enormous age-in-place market, which increase the available TAM more than tenfold. A quick glance at Arlo Technologies, Inc. shows a SaaS company with over $330 million in recurring revenue growing at 28%, service gross margins at 84%, a strong LTV to CAC ratio of 4 and a 2025 service business Rule of 40 score of 42.5.

我們進入這個市場的途徑歷來是零售通路合作夥伴，但我們也將其多元化發展為企業對企業策略合作夥伴，從​​而確保未來能夠接觸到數億家庭以獲取用戶。現在，Arlo Technologies, Inc. 正在進行投資，將在包括更廣泛的智慧家庭領域、小型企業和龐大的居家退休市場在內的多個領域推出功能和服務，這將使可用的潛在市場規模增加十倍以上。快速瀏覽 Arlo Technologies, Inc. 的數據，就會發現這是一家 SaaS 公司，其經常性收入超過 3.3 億美元，增長率為 28%，服務毛利率為 84%，LTV 與 CAC 比率高達 4，2025 年服務業務 40 法則得分為 42.5。

These are the metrics of a world-class services company, and we feel like we are just getting started. Looking ahead, the components of Arlo Technologies, Inc.'s future success are clear. We will continue the fast pace of platform innovation, which drives our service business. You will see continued growth in our core channels which drives new household formation. We will launch and monetize our new impactful strategic partners. You will see us invest in new adjacent market segments. We are targeting more than 20% service revenue growth again in 2026. We will invest in ourselves by repurchasing shares.

這些都是世界一流服務公司的衡量標準，而我們覺得自己才剛起步。展望未來，Arlo Technologies, Inc. 未來成功的要素顯而易見。我們將繼續保持平台創新的快速步伐，這將繼續推動我們的服務業務發展。您將看到我們核心管道的持續成長，這將推動新家庭的形成。我們將推出並實現與新成立的、具影響力的策略合作夥伴的獲利。你會看到我們投資於新的鄰近市場領域。我們的目標是到 2026 年再次實現服務收入成長 20% 以上。我們將透過回購股票來投資自己。

Our investments and execution have set up Arlo Technologies, Inc. not only for strong growth in 2026, but also in 2027 and beyond as we reap and reinvest the rewards of our recent performance and strategic account wins over the coming years. I have never been more excited about the vast opportunities that lay in front of us and we have the foundation and the team to maximize success. We will now open for questions.

我們的投資和執行不僅為 Arlo Technologies, Inc. 在 2026 年的強勁成長奠定了基礎，也為 2027 年及以後的發展奠定了基礎，因為我們將在未來幾年收穫並再投資我們近期業績和策略客戶贏得的回報。我從未像現在這樣對我們面前的巨大機會感到興奮，我們擁有實現成功所需的基礎和團隊。現在開始接受提問。

(Operator Instructions)

（操作說明）

Jacob Michael Stephan, Lake Street Capital Markets.

Jacob Michael Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions. Congrats on a great year and a really strong guide to start off 2026 here. Maybe just first off, I wanted to touch on kind of the two strategic partnerships, more specifically Comcast and ADT. So when I look at Comcast, you have 31 million subscribers that have Xfinity. Maybe help us think through kind of, is this kind of like a Calix-type partnership and then maybe just kind of lay that over with a quick ADT update.

嘿，夥計們。感謝您回答這些問題。恭喜你度過了精彩的一年，也恭喜你為2026年開了個好頭。首先，我想談談這兩個策略夥伴關係，更具體地說是 Comcast 和 ADT。所以，當我查看 Comcast 時，發現有 3,100 萬用戶使用 Xfinity 服務。或許可以幫助我們思考一下，這是否有點像 Calix 式的合作關係，然後或許可以快速更新 ADT 的最新情況。

Yeah. So maybe I will go in order of the partnerships that we have announced and or talked about either previously or today. So ADT is going very well. You know, the technical integration was basically done by the end of last year. And so what is being done now is planning for their go-to-market. Again, I do not want to kind of get ahead of their launch announcement, but the original target was sometime in the middle of this year. And so we are excited about seeing that come to market. Because I think it will be able to trigger a lot of growth for them.

是的。所以，我可能會按照我們之前或今天宣布或討論過的合作關係的順序來講。所以ADT進展非常順利。你知道，技術整合工作基本上在去年底就完成了。因此，他們現在正在做的是製定市場推廣計劃。再次聲明，我不想搶在他們的發佈公告之前透露消息，但最初的目標是在今年年中某個時候。因此，我們非常期待看到它上市。因為我認為這將能夠促進他們的快速發展。

And it is an exciting partnership for us because of obviously their scale and their brand in the segment. We think it will open us, open Arlo Technologies, Inc. up to a lot of households that we are not really addressing right now through our primary channels of retail and direct. And so if I look at Samsung, Samsung is interesting even though it was publicly announced at CES. I think people kind of missed the impact of that partnership. So what we announced is actually powering an emergency service across Samsung devices. It will start with their mobile phones and tablets, but you should expect that to kind of broaden across all Samsung devices starting in the United States.

對我們來說，這是一次令人興奮的合作，因為他們在該領域的規模和品牌影響力顯而易見。我們認為這將使我們，使 Arlo Technologies, Inc. 能夠接觸到許多我們目前尚未透過零售和直銷等主要管道真正觸及的家庭。所以，如果我看看三星，即使它是在 CES 上公開發布的，三星仍然很有趣。我覺得人們有點低估了那次合作的影響。我們宣布的這項功能實際上是為三星設備上的緊急服務提供支援。首先會從他們的手機和平板電腦開始，但預計這種情況會從美國開始，並逐漸擴展到所有三星設備。

It is a very large population of users. And what is really interesting about that is it is, like I said on the call, it is the first time we have done a real deep partnership and integration without hardware. Right? I mean, they have hardware. It is on their phones and tablets. But for us, the integration is we are really just powering a pure service and subscription service that Samsung will be providing out to their SmartThings users. So that is really exciting, and like we said on the call, I think you will see more information coming up next quarter. Comcast, I cannot say too much about.

使用者群體非常龐大。真正有趣的是，正如我在電話會議上所說，這是我們第一次在沒有硬體的情況下進行真正的深度合作和整合。正確的？我的意思是，他們有硬體。他們的手機和平板電腦上都有。但對我們來說，這種整合實際上只是為三星為其 SmartThings 用戶提供的純粹服務和訂閱服務提供支援。這真的很令人興奮，就像我們在電話會議上說的那樣，我認為下個季度你們會看到更多資訊。關於康卡斯特公司，我不太好說。

So it is, you know, it is announced we will be doing what I would suggest is, you know, the integration of a very large partnership like this takes usually between nine and maybe 12 months. So that is, there will be a lot of work making sure that the technology is integrated and Comcast is ready to deploy. But I think you will see that provide some revenue for us this year, but then really ramp going into 2027 and beyond. But there will be a lot more information when Comcast is ready to release more information about the partnership.

所以，你知道，我們已經宣布將要做的事情，我認為，像這樣的大型合作關係的整合通常需要九到十二個月的時間。也就是說，還有很多工作要做，以確保技術整合到位，並且康卡斯特已做好部署準備。但我認為，今年這將為我們帶來一些收入，但真正成長是在 2027 年及以後。但當康卡斯特準備發布更多關於此次合作的資訊時，將會有更多消息公佈。

But like I said on the call, from our perspective, the scale of Comcast, how many Xfinity customers they have is really exciting for us. And I think the partnership for us could be as impactful, if not more impactful, from a service revenue perspective than even Verisure, which is one of our largest and most successful partners.

但就像我在電話會議上說的那樣，從我們的角度來看，康卡斯特的規模，以及他們擁有的 Xfinity 用戶數量，真的讓我們感到興奮。而且我認為，從服務收入的角度來看，這種合作關係對我們來說可能具有同等甚至更大的影響力，甚至可能超過我們最大、最成功的合作夥伴之一 Verisure。

Got it. Very helpful. Maybe just to kind of touch on some of these new products, the new hardware products that you are kind of planning to launch over 2026 as well.

知道了。很有幫助。或許可以簡單介紹一下你們計劃在 2026 年推出的一些新產品，特別是新的硬體產品。

I mean, what end markets are attractive? You look at your history and your spin out from NETGEAR. Are routers on the table, or what is, I guess, what is exciting about the different hardware products?

我的意思是，哪些終端市場比較有吸引力？回顧一下你的歷史，以及你從NETGEAR分拆出來的過程。路由器是否在考慮範圍內？或者說，我想問的是，不同的硬體產品有哪些令人興奮的地方？

what you have seen us do is, at the end of last year, we did basically a pretty comprehensive refresh, 109 SKUs across our channels, and that really set the foundation for not only having a successful holiday period, which we demonstrated, but the foundation for a bulk of sales that we will be doing in 2026.

你們已經看到，我們在去年年底進行了相當全面的更新，在我們的各個管道推出了 109 個 SKU，這不僅為我們成功度過假期奠定了基礎（我們已經證明了這一點），也為我們 2026 年的大部分銷售奠定了基礎。

So we think we are situated extraordinarily well for 2026. And you will see some updates to some of those products, a couple new form factors this year, really adding to the assortment of cameras and, you know, working—I would try and say not too much—working on some product segments that are seeing some specific growth, very similar to what we did in the refresh that we did last year. So that will continue to grow, and we will be able to grow assortment and market share with those launches this year. When we look into 2027, we talked about launching a new hardware platform and that is going to be a combination of a couple things.

因此，我們認為我們為2026年做好了非常充分的準備。你會看到其中一些產品有所更新，今年會推出幾種新的外形尺寸，真正豐富了相機產品線，而且，你知道，我們正在努力——我想說的是，不會做太多——我們正在努力改進一些正在經歷特定增長的產品領域，這與我們去年進行的更新非常相似。因此，這一趨勢將持續成長，我們將能夠透過今年的這些新品發布來擴大產品種類和市場份額。展望 2027 年，我們討論了推出新的硬體平台，這將是幾個因素的結合。

One, it will be a refresh of a technology-first or innovation-led type platform, new user experiences, starting from scratch a little bit, thinking about home security in a world where the experiences can be AI-native or built with AI from the very beginning. So think of a clean sheet of paper and starting over in the space, starting at the high end and coming out in 2027, but also broadening into the broader market of smart home control. Right?

第一，這將是對一個以技術為先或以創新為主導的平台的更新，帶來全新的用戶體驗，從零開始，思考在一個體驗可以原生於人工智慧或從一開始就用人工智慧構建的世界中，家庭安全問題。所以，不妨把這想像成一張白紙，從頭開始，從高端市場入手，計劃在 2027 年推出，同時也要拓展到更廣泛的智慧家庭控制市場。正確的？

It does not mean we will be building those devices in every respect, but the idea of being able to make the smart home and the various devices that are in a smart home participate in home security in the smart home ecosystem. So you will see that. The other thing we are starting to work on is making a more deliberate push into small business. That is an extremely large market, very fragmented, and the next generation platform will be geared towards that market segment as well. And you could see us make some service announcements later this year, starting to test that market, getting ready for maybe a bigger deployment in 2027.

這並不意味著我們將在所有方面都製造這些設備，而是要讓智慧家庭以及智慧家庭中的各種設備參與智慧家庭生態系統的家庭安全。所以你會看到的。我們正在著手的另一件事是更有意識地大力拓展小型企業市場。這是一個極為龐大、非常分散的市場，下一代平台也將面向該細分市場。您可能會在今年稍後看到我們發布一些服務公告，開始測試該市場，為 2027 年可能更大規模的部署做好準備。

And then there are some other areas that are very interesting to us. So as we looked to adjacent markets where, you know, 90% of what would be deployed is technologies or platforms we already have, you will see us maybe make some moves in the second half of this year into other markets like age-in-place. Some of these other areas, and that could involve new hardware as well. So like I was speaking about earlier on the prepared remarks, I feel that the time is now for Arlo Technologies, Inc. to start to accelerate growth and our investment in some of these adjacent markets, and which will fuel faster growth than if we were sitting here today.

此外，還有一些其他領域也讓我們非常感興趣。因此，當我們展望相鄰市場時，你知道，在這些市場中，90% 的部署都是我們已經擁有的技術或平台，你可能會看到我們在今年下半年進軍其他市場，例如居家養老市場。其他一些領域，也可能涉及新的硬體。正如我之前在準備好的演講稿中提到的，我認為現在是 Arlo Technologies, Inc. 開始加速增長並加大對一些相鄰市場投資的時候了，這將推動公司比我們今天坐在這裡更快地增長。

So we spent a lot of time recently thinking about not only 2026 growth, but really 2027 and 2028 and making sure that we are investing correctly to drive that growth. And I think we have done a really good job, and you will see more of that be rolled out with more detail probably over the next 12 to 18 months.

因此，我們最近花了很多時間思考，不僅是 2026 年的成長，更是 2027 年和 2028 年的成長，並確保我們進行正確的投資來推動成長。我認為我們做得非常好，在接下來的 12 到 18 個月裡，你可能會看到更多細節的公佈。

Okay, and if I could just sneak one more in, the service revenue in the quarter, $89 million, that was well above what we were expecting. Maybe you could kind of help us think through, is this the second phase of the plan simplification you did earlier this year? Or maybe just any color you can provide as to why that was such a strong sequential number?

好的，如果我可以再補充一點，本季的服務收入為 8,900 萬美元，遠高於我們的預期。或許您可以幫我們理清思路，這是否是您今年早些時候進行的計劃簡化工作的第二階段？或者，您能否提供任何顏色訊息，來解釋為什麼這是一個如此重要的連續數字？

Yeah. Hey, Jacob. It is Kurt. So yes, $89 million for Q4 was a great quarter for us. Obviously, it continued to build on the previous two or three quarters with the service plan optimization that we kicked off, also on the ARPU expansion that we experienced. So the core business grew nicely as a result of adding new subs especially coming out of the retail and direct channel and then the ARPU expansion. We did have about $4 million of NRE in Q4 hit. This was associated with a strategic partner that we have been working with for the better part of a year.

是的。嘿，雅各。是庫爾特。是的，第四季8900萬美元的營收對我們來說是一個非常好的季度。顯然，這得益於我們之前兩三個季度啟動的服務計劃優化，以及我們取得的 ARPU 成長。因此，隨著零售和直銷通路新增用戶，以及每位用戶的平均收入 (ARPU) 增加，核心業務得到了良好的成長。第四季我們確實產生了約 400 萬美元的非經常性支出。這與我們過去一年來一直合作的一位策略夥伴有關。

They came in and actually increased our service revenue, and did have a slight impact on our overall services margin. But all in all, it was a nice windfall for us in the fourth quarter. So I think, as I mentioned in the prerecorded remarks, you are going to see a little bit more of this as we go into 2026. Given the caliber of the strategic accounts that we are working with now, we are being asked to do a lot of integration work with our platform, and as a result of that, we are monetizing service revenue through those relationships a bit earlier than sort of what we have done in the past.

他們加入後，確實提高了我們的服務收入，並且對我們的整體服務利潤率產生了一定的影響。但總的來說，這對我們來說是第四季的一筆意外之財。所以我認為，正如我在預先錄製的演講中提到的那樣，隨著我們進入 2026 年，你會看到更多這樣的情況。鑑於我們現在合作的策略客戶的實力，我們被要求在我們的平台上進行大量的整合工作，因此，我們透過這些合作關係實現服務收入的貨幣化速度比我們過去所做的要快一些。

So in 2026, you will continue to see growth in our core subscription business, and then we will add on in these cases where we are working hard to deliver on the promises to these large strategic accounts.

因此，在 2026 年，您將會看到我們的核心訂閱業務持續成長，然後，在我們努力兌現對這些大型策略客戶的承諾的情況下，我們將增加其他業務。

Got it. Very helpful. Appreciate it, guys. Great work. Thank you.

知道了。很有幫助。謝謝各位。幹得好。謝謝。

Thank you for your question.

謝謝你的提問。

Scott Wallace Searle, ROTH Capital.

Scott Wallace Searle，ROTH Capital。

Hey, good afternoon. Thanks for taking the questions. Great job on the fourth quarter and really exciting in terms of the strategic opportunities and new adjacencies that you guys are moving into. Maybe in terms of starting, the outlook for subscription and services growth this year around 20%. I am wondering if you could give us an idea of strategic's contribution into that number. How much are you factoring in? It seems like we might start to get some in the second half, but it is going to be fairly limited on that, which sets up a nice growth trajectory into 2027.

嘿，下午好。謝謝您回答問題。第四季表現出色，你們正在開拓的策略機會和新領域也令人振奮。或許從開局來看，今年訂閱和服務成長的前景預計在 20% 左右。我想知道您能否簡要介紹一下戰略因素對這個數字的貢獻。你考慮了多少因素？看起來我們可能會在下半年開始獲得一些成長，但成長幅度會相當有限，這將為 2027 年的良好成長軌跡奠定基礎。

But also as part of that, I am wondering if you could talk about the opportunity pipeline as well. Are there additional opportunities that you guys have percolating there? Also would like to couple that, Matthew, with the privacy concerns have really reached, I will call it, a little bit more of a fever pitch now and how that is factoring into how you guys are positioned on that front. And then where adjacencies kind of fit into the numbers this year? Is there any contribution that you are assuming at all at this point? And then I had another follow-up.

但作為其中的一部分，我還想知道您是否可以談談機會管道方面的問題。你們那邊還有其他正在醞釀的機會嗎？另外，馬修，我想補充一點，隱私問題現在已經達到了，我姑且稱之為，更高的關注度，而這會如何影響你們在這方面的立場。那麼，今年的鄰近區域數據又該如何體現呢？您目前是否假設存在任何貢獻？然後我又進行了一次後續跟進。

Yeah. So let me, maybe I will start with the privacy matter. So, you know, as you know, over the last, I would say, four to six weeks, privacy and the idea of data security and data ownership has really become a topic in the public mind, but also, I would tell you, in strategic partners, you know, the industry as a whole. We are very proud of the pledge and the stance that we have always taken at Arlo Technologies, Inc., which is it is not our data. It is your data. It is the customers. We are servicing it on your behalf.

是的。那麼，或許我可以先從隱私問題談起。所以，你知道，正如你所知，在過去的四到六週裡，隱私、資料安全和資料所有權的概念已經真正成為公眾關注的話題，而且，我還要告訴你，在戰略合作夥伴以及整個行業中也是如此。我們為 Arlo Technologies, Inc. 一直以來所秉持的承諾和立場感到非常自豪，那就是：數據不屬於我們。這是你的數據。是顧客。我們代表您提供這項服務。

If you choose to share it to somebody, that is fine, but we are not taking that data and using it in unexpected ways or sharing it with third parties without your permission or anything else. And I will tell you, I think that has helped in the consumer market, and we are hearing that from the channel, and we are hearing that from our customers directly. But like I said, I think we are having a big impact with potential strategic partners.

如果您選擇與他人分享，那沒問題，但我們不會未經您的許可或以其他方式獲取這些數據並將其用於意想不到的用途或與第三方共享。而且我可以告訴你，我認為這對消費市場有所幫助，我們從通路和客戶那裡都直接聽到了這種回饋。但正如我所說，我認為我們正在對潛在的策略夥伴產生重大影響。

So when we talk to some of the accounts and some of the partners that we have mentioned on the call and some of the ones that may be coming, this is increasingly a topic of discussion and something that they are using to make their decision on where to put their investment from a relationship perspective. So I think it is why Arlo Technologies, Inc. is winning in most cases when it comes to driving strategic partnerships and having that be part of our growth going forward as part of our long-range plan. When you talk, you asked about the revenue contribution when we look at the 20% or more service revenue.

因此，當我們與電話會議中提到的一些客戶和合作夥伴，以及一些可能即將加入的合作夥伴交談時，這正日益成為一個討論的話題，他們正以此為依據，從關係角度決定將投資投向何處。所以我認為，這就是為什麼 Arlo Technologies, Inc. 在推動策略合作方面大多數情況下都能取得成功，並將其作為我們未來長期發展計畫的一部分。你剛剛問到，當我們檢視佔比 20% 或以上的服務收入時，其收入貢獻是多少。

A big portion of that is still just core business growing. We are capturing share at retail. We are driving more households. We have current strategic partners that are helping drive that as well. You will see some contribution on the service revenue line. As Kurt was saying, a chunk of that will be NRE and some of the nonrecurring fees that we are working with. And that is one of the reasons you are seeing the normal ratio of ARR to service revenue change just a little bit because we do not treat NRE as recurring. We treat it as service revenue only, and so you will see that change just a little bit, like you saw in Q4.

其中很大一部分仍然是核心業務的成長。我們正在零售市場搶佔份額。我們正在為更多家庭提供服務。我們目前也有一些策略夥伴在幫助推動這一目標。您會在服務收入項下看到一些貢獻。正如庫爾特所說，其中一部分將是非經常性支出和我們正在處理的一些非經常性費用。這也是您看到 ARR 與服務收入的正常比率略有變化的原因之一，因為我們不將 NRE 視為經常性收入。我們只將其視為服務收入，因此您會看到情況略有變化，就像您在第四季度看到的那樣。

So there will be a contribution in service revenue as we execute the engineering and the integration with some of these partners. But I would tell you, I think then when you look at ARR or the service recurring component of a lot of those relationships, you are right. We will see a little bit of that in the second half. But I think what you will see in more materiality will be in 2027 as those launch and ramp and have time to actually saturate into the marketplace. As far as adjacencies, we have not really included any of that in the plan. We really are looking at maybe doing tests and some investments in that area.

因此，隨著我們與部分合作夥伴進行工程和整合工作，服務收入將會成長。但我想說，當你查看 ARR 或許多此類關係中的服務經常性部分時，你的觀點是正確的。下半場我們會看到一些這樣的情況。但我認為，到 2027 年，隨著這些產品上市、規模擴大並有時間真正滲透到市場中，你會看到更實質的改變。至於相鄰地塊，我們並沒有在計劃中真正考慮這些因素。我們確實在考慮可能在該領域進行一些測試和投資。

So, again, I think it is more of a setup for 2027 growth when you look at ARR and service revenue. But you will see some of that come in by the second half. And there is more information we will share probably either before or at the next call.

所以，再次強調，我認為從 ARR 和服務收入來看，這更像是為 2027 年的成長所做的準備。但到了下半場，你會看到其中一些內容出現。我們可能會在下次通話前或通話中分享更多資訊。

Great. Thank you very much. It is very comprehensive. And if I could, from an investor standpoint, the concerns I have been getting are risks. From a feedback standpoint have been around privacy, which you have addressed, but also AI in terms of marginalizing the recurring revenue stream and the opportunity and what Arlo Technologies, Inc. provides as basic services. I am wondering if you could quickly address that again. I know you had some comments in your opening remarks, but I am wondering if you could dive deeper. Then as well, concerns about memory not just in terms of pricing, but also availability, particularly as we get into the second half of this year.

偉大的。非常感謝。它內容非常全面。如果可以的話，從投資人的角度來看，我所關注的問題都是風險。從回饋的角度來看，主要集中在隱私方面，您已經解決了這個問題，但也包括人工智慧如何邊緣化經常性收入來源和機會，以及 Arlo Technologies, Inc. 提供的基本服務。我想請您再次簡要說明這個問題。我知道您在開場白中提到了一些觀點，但我很想知道您能否更深入地探討。此外，人們也擔心記憶體的價格，以及記憶體的供應情況，尤其是在今年下半年。

How that impacts you and how you guys are thinking about it. Thanks.

這會對你們產生什麼影響？你們對此有何看法？謝謝。

Yeah. I will answer the AI component, and then I will let Kurt talk about supply chain from an operations perspective. I think the AI market and the potential for disintermediation that you are seeing in the broader software market really just does not apply to us. And I think it is one of the key differentiators that Arlo Technologies, Inc. has over most of the market when you look at it like an AI SaaS-based market if you are looking at the broader category. And a lot of that is due to our relationships with our customers derived from a hardware component that they purchase and invest in that draws a linkage to then our cloud services.

是的。我將回答人工智慧部分的問題，然後我會讓庫爾特從營運的角度談談供應鏈。我認為人工智慧市場以及你在更廣泛的軟體市場中看到的去中介化潛力，實際上並不適用於我們。我認為，如果你從更廣泛的人工智慧 SaaS 市場角度來看，這正是 Arlo Technologies, Inc. 相對於市場上大多數競爭對手的關鍵差異化優勢之一。這很大程度上歸功於我們與客戶之間的關係，這種關係源於他們購買和投資的硬體組件，而這些組件又與我們的雲端服務建立了聯繫。

So there is no way to actually disintermediate and actually drive different AI services to those cameras. They are locked to our back end. It is part of our security mechanism, and we are the only one that provides those services. So there is an inability to actually be disintermediated. That does not exist in many markets, and that is driven from our dual relationship with the end user. It is a hardware relationship that starts right when they purchase the devices and get them installed that then converts into an ongoing long-term service relationship that makes us very unique that the user is actually investing in the relationship as much as we are.

因此，實際上沒有辦法繞過中間環節，將不同的 AI 服務直接推送到這些攝影機上。它們與我們的後端系統綁定。這是我們安全機制的一部分，而且只有我們才能提供這些服務。所以其實無法實現去中介化。很多市場並不存在這種情況，這是由於我們與最終用戶的雙重關係所造成的。這是一種硬體關係，從他們購買設備並安裝完成，然後轉變為持續的長期服務關係，這使我們非常獨特，因為用戶實際上和我們一樣對這種關係進行投入。

So it is something that I think is missed by a lot of investors when we are swept up in some of the concerns around AI. It is actually an advantage I think differentiates us from a lot of what is happening in the marketplace.

所以我覺得，當我們被圍繞人工智慧的一些擔憂所包裹時，很多投資者都忽略了這一點。我認為這實際上是我們的一大優勢，使我們與市場上的許多其他企業區分開來。

Yes. And we, as you know, have been leaders in supply chain management for probably the better part of 15 years. You know, the team that we have at Arlo Technologies, Inc. had begun at NETGEAR and has done a phenomenal job of building incredible relationships across the entire supply chain. And those relationships obviously bear significant benefits when you have a situation that is unfolding today with memory. Memory costs have gone up, absolutely. Across our actual product ecosystem, it represents probably somewhere between 4% to 6% of the BOM cost. And so it is not, I would say, overly significant to us.

是的。如您所知，在過去的 15 年裡，我們一直是供應鏈管理的領導者。你知道，Arlo Technologies, Inc. 的團隊原本來自 NETGEAR，他們在整個供應鏈中建立了令人難以置信的關係，做得非常出色。而當遇到與記憶相關的突發情況時，這些關係顯然會帶來顯著的好處。內存成本確實上漲了。在我們實際的產品生態系統中，它可能佔物料清單成本的 4% 到 6%。所以，我認為這對我們來說並不十分重要。

You know, we look at it as just another element of that cost of customer acquisition because we use that particular product to gain access to a household and convert them into a service or paid household. What I would say to you is that we use the lower end of the DRAM spectrum type capacity. Most of the stuff that is being or highly coveted right now is sort of the high bandwidth memory, which is consuming a lot of capacity at plants. We have multiple suppliers that we can tap into.

你知道，我們把它看作是客戶獲取成本的另一個組成部分，因為我們使用該產品來接觸家庭用戶，並將他們轉化為服務用戶或付費用戶。我想告訴大家的是，我們使用的是DRAM頻譜類型容量的低階產品。目前最受追捧的產品大多是高頻寬內存，這佔用了工廠的大量產能。我們可以利用多個供應商。

And at this point in time, in all of our discussions with our suppliers, we feel like the supply is available to us, and any increase or incremental cost has already been factored into our medium to long-term plan. So we are feeling pretty good about the situation. Obviously, we are monitoring it closely. And, of course, as new information becomes available, we will make sure that we share it with you guys.

目前，在我們與供應商的所有討論中，我們都認為供應充足，任何增加或額外成本都已納入我們的中長期計劃。所以我們對目前的情況感覺相當不錯。顯然，我們正在密切關注此事。當然，一旦有新的資訊公佈，我們一定會第一時間與大家分享。

Great. Thanks so much. Great job.

偉大的。非常感謝。幹得好。

Thank you, Scott.

謝謝你，斯科特。

Thank you for your questions.

謝謝你的提問。

Logan Katzman, Raymond James.

Logan Katzman，Raymond James。

Yeah. Hi. This is Logan on for Adam. Thanks for taking our question. Kurt, maybe for you. I think you mentioned product gross margins for 2026 were expected to rebound off of the April level here. I just wanted to get your thoughts on maybe gross margins in 2026 and more specifically product gross margins and your thoughts on the cadence there.

是的。你好。這裡是洛根替亞當報道。感謝您回答我們的問題。庫爾特，也許對你來說是這樣。我想你之前提到過，預計 2026 年的產品毛利率將從 4 月的水平反彈。我只是想聽聽您對 2026 年毛利率的看法，更具體地說，是產品毛利率以及您對毛利率成長節奏的看法。

Yeah, Logan. Let me just clarify a couple things. So when we came out of Q3, our product gross margin was in, I think, around the negative 17% range. And we had heard from various investors that was a bit concerning because it had bounced up a little bit relative to what we were presenting in the first half of this year. And then what you saw in Q4 is it actually came back about 300 basis points. We reported negative margins of about 14.4% for product in Q4. We were pleased with that. We have obviously been very focused on ensuring that we keep our product costs in check.

是的，洛根。讓我澄清幾件事。所以到了第三季末，我們的產品毛利率大概是負 17% 左右。我們從一些投資者那裡了解到，這有點令人擔憂，因為相對於我們今年上半年提出的預期，股價略有上漲。然後，你在第四季度看到的情況是，它實際上回升了約 300 個基點。第四季度，該產品的利潤率為負約 14.4%。我們對此感到滿意。我們顯然一直非常注重控制產品成本。

As we communicated in Q3 into Q4, when we launched the third generation of products that Matthew mentioned earlier, we brought down the BOM cost anywhere between 25% to 30%. One of the challenges we had in 2025 was we also had the added cost of EOLing a lot of the existing legacy products. So that impacted our product margins. What I communicated about 2026 was that in Q1, we do expect the product gross margin to continue to bounce back a bit.

正如我們在第三季到第四季溝通的那樣，當我們推出馬修之前提到的第三代產品時，我們將物料清單成本降低了 25% 到 30%。我們在 2025 年面臨的挑戰之一是，我們還需承擔許多現有傳統產品停產帶來的額外成本。因此，這影響了我們的產品利潤率。我之前談到 2026 年的情況時表示，我們預計第一季產品毛利率將繼續小幅回升。

Currently, right now, 2026 looks pretty strong from a device standpoint, and we are feeling really good about the way we are managing our product margins given the 25% to 30% BOM cost down that we communicated earlier and our ability to manage the promotional sort of the depth and the frequency of promotions at this point. So all we are saying is that we are watching it very closely. We know that it factors into the overall combined gross margin. We hold ourselves accountable to growth in that combined gross margin. And, frankly, when you look at the 2025 combined gross margins, and the growth that occurred over 2024, we were extremely pleased with that.

目前來看，從設備角度來看，2026 年的前景相當強勁。鑑於我們先前宣布的物料清單成本下降了 25% 到 30%，以及我們目前能夠控制促銷活動的深度和頻率，我們對產品利潤率的管理方式感到非常滿意。所以我們只能說，我們正在密切關注此事。我們知道這會影響整體合併毛利率。我們對合併毛利率的成長負責。坦白說，當你看到 2025 年的綜合毛利率以及 2024 年的成長情況時，我們對此感到非常滿意。

We also believe that going into 2026 we will continue to see that growth. And so we will keep you posted. But right now, we are feeling really good about the way we are managing our overall combined gross margins, given that our services margins are still trending in that 84% to 85% range, and our actual product margins are manageable where they are right now, using that particular element as our cost of customer acquisition.

我們也相信，進入2026年，這種成長勢頭將繼續保持。我們會隨時向您報告最新情況。但就目前而言，我們對整體毛利率的管理方式感到非常滿意，因為我們的服務毛利率仍然保持在 84% 到 85% 的範圍內，而且我們實際的產品毛利率目前也在可控範圍內，我們將該特定因素作為客戶獲取成本。

Great. That is super helpful. I appreciate it. And then I guess as my follow-up, I just want to get your thoughts on what you are currently seeing in your international markets and the opportunity you see there in 2026. One of your largest partners just went public and is talking about maybe doing some expansion. So I am just curious, your thoughts in 2026 around international.

偉大的。這太有幫助了。謝謝。然後，我想作為後續問題，聽聽您對目前國際市場的看法，以及您認為 2026 年的機會。你們最大的合作夥伴之一剛剛上市，並且正在考慮可能進行一些擴張。所以我很好奇，您對2026年國際情勢有何看法？

Yeah. It is a great question. So you are correct. So, obviously, our European partner, Verisure, went public in October. They have raised a bunch of capital, obviously using that capital for growth. So when we look out at least over the first half of this year where we have already forecast, we are expecting some strength and continued growth from that region. So I think we are starting off really strong there. And they are moving into Mexico and potentially some other areas that they have talked about publicly. And so there is likely some growth there.

是的。這是一個很好的問題。你說得對。很顯然，我們的歐洲合作夥伴 Verisure 在 10 月上市。他們籌集了大量資金，顯然是將這些資金用於發展。因此，當我們展望今年上半年（我們已經做出預測）時，我們預計該地區將保持強勁成長勢頭並持續發展。所以我覺得我們開局非常強勁。他們正在進軍墨西哥，而且可能還會進軍他們公開談論過的其他一些地區。因此，那裡很可能存在一些成長空間。

We are also actually spending more time looking at some of our other regions that we spent less time focused on as we have been driving just core, core growth in the business. And so you will likely see a little bit more growth in areas like Canada, Australia, New Zealand, some areas that we are going to start pushing a little bit of investment in as we think they are ripe for some additional share gain. So international expansion, I would say, is something that we are working on and expecting some strong results as we go into 2026.

我們實際上也花了更多時間關注其他一些地區，因為我們之前只專注於推動業務的核心成長，而對這些地區的關注較少。因此，您可能會看到加拿大、澳洲、紐西蘭等地區的成長略有增加，我們將開始加大對這些地區的投資，因為我們認為這些地區已經具備獲得更多市場份額的條件。因此，我認為，國際擴張是我們正在努力的方向，我們預計在 2026 年將取得一些顯著成果。

Great. Thank you. I appreciate the color.

偉大的。謝謝。我喜歡這個顏色。

You're welcome.

不客氣。

Thank you for your questions.

謝謝你的提問。

Tony Stoss, Craig Hallum.

東尼·斯托斯，克雷格·哈勒姆。

Hey, guys. It is Ryan on for Tony. Matthew, for you, you mentioned last quarter shelf share nearly doubled on a SKU basis with Walmart. And we have seen more and more chatter against home security cameras coming out of China in the U.S. I am curious your thoughts around any further potential share gains or if you are hearing anything from your retail partners regarding that?

嘿，夥計們。瑞恩代替東尼上場。馬修，你提到上個季度沃爾瑪的貨架份額（以 SKU 計算）幾乎翻了一番。我們看到，美國國內對來自​​中國的家用安防攝影機的批評聲浪越來越高。我很想知道您對這方面市場份額是否還有進一步增長的可能性有什麼看法，或者您是否從零售合作夥伴那裡聽到任何相關資訊？

Yeah. It is a really good question. And there is a lot of different, I would say, vectors of activity that we are seeing there. So one, like I said and like you mentioned, is we are able to capture additional share in several areas. One was obviously Walmart, like I talked about as far as our product launch. That product launch also drove additional assortment at other retailers and, obviously, e-commerce. We will be launching additional product SKUs I talked about earlier, and that will help us capture some additional share and assortment across the retailers. So I would say that is one.

是的。這確實是個好問題。而且，我認為，我們在那裡看到了許多不同的活動方向。所以，正如我所說，也正如你所提到的，我們能夠在多個領域獲得更多市場份額。其中一個顯然是沃爾瑪，就像我之前提到的，我們當時正在推廣我們的產品。該產品的推出也帶動了其他零售商以及電子商務的商品種類增加。我們將推出我之前提到的其他產品 SKU，這將有助於我們在零售商中獲得更多份額和產品類型。所以我覺得這是其中之一。

Two, we are looking at expanding into some additional retailers over the next six to nine months as well. And so there are some discussions going on there. So I think there is incrementality just from that perspective of us being able to capture some incremental shelves across our key markets. I would say also that some of the key retailers and some of our channel partners are realizing that having a very large assortment, meaning many different brands, is not really a path to success. And so they are looking at actually consolidating down to maybe a smaller number of brands on the shelf as we look at this year and probably going into 2027.

第二，我們也計劃在未來六到九個月內拓展到其他零售商。所以那邊正在進行一些討論。所以我認為，從這個角度來看，我們能夠在主要市場中獲得一些額外的貨架份額，這本身就具有增量意義。我還要說，一些主要零售商和我們的一些通路夥伴也意識到，擁有非常多的產品種類，這意味著擁有許多不同的品牌，並不是通往成功的真正途徑。因此，他們正在考慮將貨架上的品牌數量減少，從今年到 2027 年可能會減少到更少的品牌。

And that is something, obviously, we will be one of the brands that get to remain on the shelf and actually capture a little bit more share, at least mind share or shelf share from a relative perspective. So I think you will see that trend continue. And then there are various areas that you touched on of the import of cameras from specifically China, as an example, and a couple brands that are being investigated at the federal level and in some cases, some state level. That is continuing. And I think the activity there has accelerated.

很顯然，我們將成為少數幾個能夠繼續留在貨架上，並且至少從相對角度來看，能夠獲得更多市場份額（包括心智份額或貨架份額）的品牌之一。所以我認為這種趨勢還會持續下去。然後，您還提到了從中國進口相機等各種問題，例如，有幾個品牌正在聯邦層級接受調查，在某些情況下，也在州層級接受調查。這種情況仍在繼續。我認為那裡的活動已經加速了。

We are seeing actual formal actions being taken at the congressional level, at some of the Department of Homeland Security and other areas of the federal government, and there is likely to be some action sometime this year that could block the import of one or two brands that could open up as much as maybe somewhere between 10% and maybe 20% of unit volume in the United States to be captured. So what we are doing is we are following that from at least an informational perspective and actually working with some of the federal agencies and congressmen that are actually pushing some of these activities.

我們看到國會層級、國土安全部以及聯邦政府其他部門正在採取正式行動，今年某個時候可能會採取一些行動，阻止一兩個品牌的進口，這可能會使美國市場 10% 到 20% 的銷售份額被其他品牌佔據。所以，我們現在所做的，至少是從資訊的角度關注這些動態，並且實際上與一些正在推動這些活動的聯邦機構和國會議員合作。

At the same time, we are making sure that our products, especially the products we just launched, are priced correctly, positioned correctly, and are in the right channels to be able to tap that share if it becomes available. So I think it is more likely than not something happens this year and Arlo Technologies, Inc. is ready to go capture additional share above and beyond share capture that we are working on with just organic activities across the channels.

同時，我們正在確保我們的產品，特別是我們剛推出的產品，定價合理、定位準確，並且進入正確的管道，以便在機會出現時能夠抓住這個市場份額。所以我認為今年很可能會發生一些事情，Arlo Technologies, Inc. 已經準備好在現有市場份額的基礎上，透過各通路的自然成長活動來獲取更多市場份額。

Got it. Super helpful. And then just to piggyback on kind of the retail partner stuff on a more broad level. So unit volumes were strong in 2025. I am curious, it is early in the year, but do you have any thoughts on 2026-unit volumes or just overall consumer demand, anything that you are hearing on that front?

知道了。非常有用。然後，再從更廣泛的層面探討零售合作夥伴的相關事宜。因此，2025 年的單位銷售表現強勁。我很好奇，雖然現在還只是年初，但您對 2026 年的銷售或整體消費者需求有什麼看法嗎？您這方面有什麼消息嗎？

Yeah. I would say that third-party data is just coming out, and I think what you will see when that third-party data comes out is they are expecting the overall market to be flat to maybe up 5% to 10%. And so kind of a typical year over year. We endeavor to grow faster than that always because we will be capturing share. What I would tell you is, so far year to date, we are seeing a stronger result, and I would say from a consumer demand perspective, than what maybe the third-party data suggests. So I would say the year is off to a good start from at least a consumer confidence perspective.

是的。我認為第三方數據剛剛公佈，我認為當這些第三方數據公佈時，你會看到他們預計整體市場將保持平穩，或者可能上漲 5% 到 10%。所以，這基本上就是每年的典型情況。我們力求始終保持更快的成長速度，因為我們將搶佔市場份額。我想告訴大家的是，就今年迄今為止的情況來看，我們看到的結果比第三方數據所顯示的要強勁得多，而且從消費者需求的角度來看也是如此。所以，至少從消費者信心的角度來看，今年開局不錯。

It is a little bit week by week, as we are having snowstorms and other quick shutdowns and things that are happening. So there is a little bit of volatility. But overall, I think the year is off to a very good start, and it supports our annual operating plan and the forecast that we are putting together. So I think it is going to be a normal year-over-year growth from a third-party data standpoint, and then we are going to outperform that going forward.

情況有點因地而異，每週都會有暴風雪和其他突發事件發生，所以情況不太穩定。所以市場存在一些波動。但總的來說，我認為今年開局非常好，這符合我們的年度營運計劃和我們正在製定的預測。所以我認為，從第三方數據來看，這將是正常的年成長，而我們未來將會超越這個水準。

All right, great, thank you and congrats on the results, guys.

好的，太好了，謝謝大家，恭喜你們取得好成績。

Thank you for your questions.

謝謝你的提問。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi. So first question I have was, any reason why the cash balance did not grow so much as your profitability did this quarter compared to Q3?

你好。我的第一個問題是，與第三季相比，本季現金餘額的成長幅度為何沒有像獲利成長幅度那麼大？

Yeah. So we ended the year at $166 million. And we generated on the year close to $68 million of free cash flow. What you do not see in the numbers is that during the year, there were two pretty sizable areas of investment we made per our capital allocation plan. First thing is, in the beginning of the year, we made an investment in a company called Origin Wireless that was about $12.8 million. It is really the first investment that we have made in a technology or IP play, and that has worked out pretty well for us. The other thing is that we actually invested $45.5 million in the share repurchase program.

是的。因此，我們年底的營收為1.66億美元。我們在當年產生了近 6,800 萬美元的自由現金流。從這些數字中看不到的是，在這一年中，我們根據資本配置計劃在兩個相當大的領域進行了投資。首先，今年年初，我們對一家名為 Origin Wireless 的公司進行了約 1,280 萬美元的投資。這確實是我們首次在科技或智慧財產權領域進行投資，而且這筆投資對我們來說效果相當不錯。另外，我們實際上在股票回購計劃中投資了 4,550 萬美元。

So we returned capital to our shareholders of $45.5 million. So when you look at just the cash balance and the overall year-over-year growth, given the free cash flow that was generated, you have to take into consideration those factors to get to really what the overall business is generating. When we look forward into 2026, we expect free cash flow to continue to grow. We do believe that we can grow free cash flow upwards of $80 million. And so we will look at that in relation to the capital allocation program that Matthew talked in-depth about as part of his prerecorded remarks.

因此，我們向股東返還了 4,550 萬美元的資本。因此，當你只看現金餘額和同比整體成長時，考慮到產生的自由現金流，你必須考慮這些因素才能真正了解整個業務的獲利情況。展望2026年，我們預期自由現金流將持續成長。我們相信，我們可以將自由現金流提高到 8,000 萬美元以上。因此，我們將結合馬修在預先錄製的演講中深入討論的資本配置計劃來審視這一點。

Okay. Maybe I missed it, but I was referring to the difference between Q3 and Q4. It was only less than a million dollars. Were there any share buybacks in Q4?

好的。或許我理解錯了，但我指的是第三季和第四季之間的差異。僅僅不到一百萬美元。第四季有股票回購嗎？

Yes.

是的。

Okay. And then as far as the investment into your partnerships with Comcast and Samsung, does that require a CapEx spend for you this year?

好的。那麼，就您與康卡斯特和三星的合作關係而言，這是否需要您今年投入資本支出？

There will be a level of investment we will need to make. Actually, that is a thing we have factored into our 2026 guidance that we will be putting some of our OpEx away to invest in things like R&D and sales and marketing. So we already started that planning and given that those projects in the development phase have already kicked off, that is factored into our guidance.

我們需要進行一定程度的投資。事實上，我們在 2026 年的指導方針中已經考慮到了這一點，我們將把部分營運支出存起來，投資於研發、銷售和行銷等領域。所以我們已經開始進行規劃，鑑於那些處於開發階段的專案已經啟動，這已納入我們的指導方針中。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you for your questions. There are no further questions registered. That will conclude today's call. You may now disconnect your line.

謝謝你的提問。沒有其他問題需要提交。今天的電話會議到此結束。現在您可以斷開線路了。