Arlo Technologies, Inc. (ARLO) 2026 Q1 法說會逐字稿

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

各位女士、先生，感謝您稍候。（接線員指示）

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

現在我想把電話會議交給 Tahmin Clarke。先生，請開始。

Thank you, operator. Good afternoon, and welcome to Arlo Technologies first quarter 2026 financial results conference call. Joining us from the company are Mr. Matthew McRae, CEO; and Mr. Kurt Binder, COO and CFO.

謝謝，接線員。各位下午好，歡迎參加 Arlo Technologies 2026 年第一季財務業績電話會議。與我們一同出席的公司代表有執行長 Matthew McRae 先生，以及營運長兼財務長 Kurt Binder 先生。

If you have not received a copy of today's release, please visit Arlo'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.

若您尚未收到今日的新聞稿，請造訪 Arlo 的投資人關係網站 investor.arlo.com。在我們開始正式發言之前，提醒各位今日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 description 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 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.

前瞻性陳述包括關於我們潛在未來業務、營運結果與財務狀況的陳述，包括對我們營收、毛利率、營業利益率、每股盈餘、費用、現金展望、自由現金流與自由現金流利潤率、ARR、40 法則（Rule of 40）及其他關鍵績效指標（KPI）、2026 年第一季指引、長期計畫目標、付費訂閱戶成長的速度與時點、新產品與服務的商業化上市與動能、關稅的時點與影響、策略目標與倡議、市場擴張與未來成長、與各市場領導者及策略合作夥伴的合作關係、持續的新產品與服務差異化，以及整體總體經濟狀況對我們業務、營運結果與財務狀況的影響之描述。

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 quarterly report on Form 10-Q filed earlier today.

實際結果或趨勢可能與這些前瞻性陳述所預期者有重大差異。欲了解更多資訊，請參閱 Arlo 向美國證券交易委員會（SEC）定期申報文件中所討論的風險因素，包括我們的 Form 10-K 年度報告，以及今日稍早提交的 Form 10-Q 季度報告。

Any forward-looking statements that we make on this call are based on assumptions as of today, and Arlo undertakes no obligations 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 financial measures can be found in today's press release on our Investor Relations website.

我們在本次電話會議中所作的任何前瞻性陳述均基於截至今日的假設，Arlo 不承擔因新資訊或未來事件而更新這些陳述的任何義務。此外，本次電話會議將討論若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之調節表可於我們投資人關係網站上今日的新聞稿中查閱。

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

此刻，我想把電話交給 Matt。

Thank you, Tahmin, and thank you, everyone, for joining us today on Arlo's First Quarter 2026 Earnings Call. During the exhaustive earnings process, the repetition of superlatives probably rings hollow, but I hope that you can see by any measure, Arlo truly had a spectacular quarter built on strong execution across our entire business and across all our key metrics.

謝謝你，Tahmin，也謝謝各位今天參加 Arlo 2026 年第一季財報電話會議。在冗長的財報流程中，反覆使用最高級形容詞可能顯得空泛，但我希望各位能從任何衡量指標看出，Arlo 本季確實表現卓越，這建立在我們全公司範圍內、以及所有關鍵指標上的強勁執行力之上。

Both revenue and EPS were records, underscoring the strength of our results and came in well above the top end of our guidance range for the quarter. In fact, total revenue was up 26% year-over-year and hit $150 million, while non-GAAP EPS came in at an incredible $0.28 per share, which was up 86% year-over-year. Diving into the details, Arlo added 318,000 paid accounts in the period, well above our target range of 190,000 to 230,000 and driven by net additions in our retail and direct channel, coupled with continued strength by our partner, Verisure.

營收與每股盈餘（EPS）皆創新高，凸顯我們成果的強勁，且明顯高於本季指引區間上緣。事實上，總營收年增 26%，達到 1.5 億美元；非 GAAP 每股盈餘達到驚人的每股 0.28 美元，年增 86%。深入細節，本期 Arlo 新增 31.8 萬個付費帳戶，遠高於我們 19 萬至 23 萬的目標區間，主要由零售與直營通路的淨新增所帶動，並結合合作夥伴 Verisure 持續強勁的表現。

This performance catapulted us past 6 million paid accounts substantially earlier than expected. Growth in paid accounts, coupled with ARPU increasing to $15.60 brought Arlo's annual recurring revenue up to $357 million, up an outstanding 29% year-over-year. This, in turn, propelled our consolidated non-GAAP gross margin by 460 basis points year-over-year to reach the 50% threshold. For those seeking score, our performance resulted in a Rule of 40 metric for our services business of 49, which puts us in a truly elite class of public companies with this level of profitable growth. However, what really separates Arlo from the pure SaaS companies is the unbreakable link to our customers created by our hardware devices.

這項表現使我們遠早於預期突破 600 萬個付費帳戶。付費帳戶成長，加上每用戶平均收入（ARPU）提升至 15.60 美元，使 Arlo 的年度經常性收入（ARR）提升至 3.57 億美元，年增亮眼的 29%。進而推升我們合併非 GAAP 毛利率年增 460 個基點，達到 50% 的門檻。對於關注評分的人而言，我們服務業務的 40 法則（Rule of 40）指標為 49，使我們躋身具備此等獲利成長水準的上市公司菁英行列。然而，真正讓 Arlo 與純 SaaS 公司區隔開來的，是我們硬體裝置與客戶之間牢不可破的連結。

This connection means we can't be disintermediated by a third-party solution as our customers have invested in devices that are linked to our cloud for services and support. Arlo is not only growing faster than most SaaS companies, but we also have the benefit of customer lock-in through our world-class hardware. This best of both world scenario that is in place irrespective of distribution channel is a unique differentiator. Arlo's management team and Board still believe the value that we have created is not reflected in the market, which is why our Board authorized the recent $50 million stock buyback program. Our flagship partnership engagements are progressing well with both ADT and Samsung commercial launches likely occurring in the near-term.

這種連結意味著我們不會被第三方解決方案取代，因為客戶已投資於與我們雲端相連、用於服務與支援的裝置。Arlo 不僅成長速度快於多數 SaaS 公司，還能透過世界級硬體帶來客戶黏著（lock-in）的優勢。這種不論通路為何皆成立的「兩全其美」情境，是獨特的差異化優勢。Arlo 管理團隊與董事會仍認為我們所創造的價值尚未在市場上充分反映，這也是董事會近期核准 5,000 萬美元庫藏股回購計畫的原因。我們的旗艦合作夥伴專案進展順利，與 ADT 及 Samsung 的商業化上市很可能在近期發生。

And our integration with Comcast is under active development and progressing as expected to have a material impact in 2027. As I mentioned on the last call, it is clear to me that Arlo has become the preferred partner in the Security segment, and I expect more strategic partnership announcements before the end of the year. And finally, in addition to achieving the 6 million paid account milestone, Arlo also announced the acquisition of Aloe Care, a company focused on bringing truly innovative solutions to the age-in-place and home care market. This is a massive $23 billion market that will grow more than tenfold over the next decade to reach a TAM of nearly $300 billion by 2034. It is also a fragmented market, characterized by antiquated offerings and a lack of true innovation that desperately requires a better solution for families wanting better outcomes.

此外，我們與 Comcast 的整合正積極開發中，並按預期推進，預計將在 2027 年帶來實質影響。如我在上次電話會議所提到，我清楚看到 Arlo 已成為安防（Security）領域的首選合作夥伴，我預期在年底前會有更多策略合作公告。最後，除了達成 600 萬付費帳戶的里程碑外，Arlo 也宣布收購 Aloe Care；該公司專注於為在地安老（age-in-place）與居家照護市場帶來真正創新的解決方案。這是一個規模達 230 億美元的龐大市場，未來十年將成長逾十倍，至 2034 年可望達到近 3,000 億美元的總可服務市場（TAM）。這同時也是一個高度分散的市場，其特徵是產品供給老舊且缺乏真正創新，迫切需要為追求更佳照護成果的家庭提供更好的解決方案。

Aloe Care brings a broad spectrum of hardware, services and an exciting road map of AI-enabled features such as fall prediction instead of just fall detection. And while this is a small acquisition, it is a focused bet on a huge market with class-leading technology and a world-class team, but also a bet that will unlock new opportunities as we drive towards our long-range plan. We will share more information as we integrate Aloe Care, develop additional go-to-market opportunities and build out a plan for growth heading into 2027. I would like to welcome the Aloe Care team to Arlo. Our vision and mission are completely aligned, and we are so excited to make a truly positive impact together.

Aloe Care 帶來涵蓋廣泛的硬體、服務，以及令人振奮的 AI 功能路線圖，例如「跌倒預測」而不僅是「跌倒偵測」。雖然這是一筆小型收購，但它是在龐大市場上的聚焦押注，具備同級領先的技術與世界級團隊；同時也是一項能在我們邁向長期計畫的過程中解鎖新機會的押注。隨著我們整合 Aloe Care、開發更多上市（go-to-market）機會，並建立邁向 2027 年的成長計畫，我們將分享更多資訊。我也想歡迎 Aloe Care 團隊加入 Arlo。我們的願景與使命完全一致，我們非常期待一起帶來真正正向的影響。

And now I'll turn it over to Kurt for a more detailed review of our Q1 results and our financial outlook.

接下來我把時間交給 Kurt，為各位更詳細回顧我們第一季業績與財務展望。

Thank you, Matt, and thank you, everyone, for joining us today. First, let me provide a detailed review of the key operational and financial results of the business, and then I will share an overview of our outlook for the second quarter. Our strong momentum from last year continued into 2026 with the shift to services revenue continuing to drive our profitability metrics, including adjusted EBITDA and free cash flow. This shift has accelerated as a result of our outstanding operating leverage inherent within our proven business model. In the first quarter, we were able to generate record subscriptions and services revenue of $90 million, up 31% year-over-year and accounting for 60% of total revenues.

謝謝你，Matt，也謝謝各位今天與會。首先，我將詳細回顧本業務的關鍵營運與財務成果，接著分享我們對第二季展望的概述。去年以來的強勁動能延續至 2026 年，服務營收占比提升的趨勢持續推動我們的獲利指標，包括調整後 EBITDA 與自由現金流。由於我們經驗證的商業模式內含卓越的營運槓桿，這一轉變已進一步加速。在第一季，我們創下訂閱與服務營收 9,000 萬美元的新高，年增 31%，並占總營收的 60%。

The growth was driven by strong expansion in our subscriber base, coupled with continued improvement in ARPU trends as well as the inclusion of nonrecurring revenue approximating $5 million received from a strategic partner. Our subscriber base grew 23% year-over-year as we secured 318,000 new paid accounts in Q1. Our positive subscriber growth was supported by our outstanding customer retention efforts, especially focused on our retail business. Our ARPU in the quarter was $15.60, up 16% over the same period last year, driven by ongoing adoption of our AI-enabled service plan offerings. We continue to benefit from upgrades to higher service plans, coupled with new subscribers selecting our premium rate plans.

成長主要由我們訂閱用戶基礎的強勁擴張所帶動，同時 ARPU 趨勢持續改善，並納入來自策略夥伴、約 500 萬美元的一次性（非經常性）收入。由於我們在第一季新增 318,000 個新的付費帳戶，我們的訂閱用戶基礎年增 23%。我們的訂閱用戶正成長，得益於卓越的客戶留存工作，尤其聚焦於我們的零售業務。本季 ARPU 為 15.60 美元，較去年同期成長 16%，主要由持續採用我們的 AI 賦能服務方案所驅動。我們持續受惠於升級至更高階服務方案，以及新訂閱用戶選擇我們的高端費率方案。

The improvement in ARPU drove strong growth of our ARR to $357 million, up 29% year-over-year. Total revenue for the period came in at $150.4 million, a record and up 26% from the prior year. This was driven primarily by growth in subscriptions and services revenue, coupled with increased product revenue resulting from the strong demand of our strategic partners. This level of total revenue growth is a testament to the strength of our services revenue trajectory as well as the diversification of our go-to-market strategy. Product revenue was $60.3 million, up from $50.2 million compared to the same period last year.

ARPU 的改善推動我們的 ARR 強勁成長至 3.57 億美元，年增 29%。本期總營收為 1.504 億美元，創新高，較去年成長 26%。這主要由訂閱與服務營收成長所帶動，同時在策略夥伴強勁需求下，產品營收亦增加。如此的總營收成長幅度，印證了我們服務營收成長軌跡的強勁力道，以及我們市場進入策略（go-to-market strategy）的多元化。產品營收為 6,030 萬美元，較去年同期的 5,020 萬美元增加。

This is driven by strong growth in international business as well as our intentional decision to be less promotional on specific SKUs that have a lower service conversion rate. Leveraging this approach did not come at the expense of unit volume as we were still able to drive higher POS volume in our retail channels by almost 10%. 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 85.4%, a new record and up 230 basis points year-over-year.

這主要由國際業務的強勁成長所驅動，同時也反映我們刻意在部分服務轉換率較低的特定 SKU 上降低促銷力度的決策。採取此作法並未犧牲出貨量（unit volume），因為我們仍能在零售通路將 POS 銷量提升近 10%。從這裡開始，我的討論將聚焦於非 GAAP 數字。GAAP 與非 GAAP 數字的調節表已詳列於我們今日稍早發布的財報新聞稿中。我們的非 GAAP 訂閱與服務毛利率為 85.4%，創新高，年增 230 個基點。

Product margins also improved, up 340 basis points when compared to the same period last year, resulting from higher mix of purchases from strategic partners and a reduction in the overall bill of material costs for devices sold to our retail partners. Notably, the team delivered this strong result against a headwind of a 430 basis point impact from tariffs, which were not in place when we reported last year.

產品毛利率亦有所改善，較去年同期提升 340 個基點，主要來自策略夥伴採購占比提高，以及我們銷售給零售夥伴之裝置整體物料成本（BOM）下降。值得注意的是，團隊在關稅帶來 430 個基點不利影響的逆風下仍交出強勁成果；去年我們報告時尚未實施這些關稅。

With the improvement in both services and product gross margins, we were able to surpass the 50% consolidated non-GAAP gross margin level, delivering a growth of 460 basis points year-over-year. Consolidated gross margins at this level represent a new record and underscore the continuing uplift in profitability we are experiencing. Total non-GAAP operating expenses for the first quarter were $45.2 million, up 18% from $38.3 million in the same period last year.

隨著服務與產品毛利率雙雙改善，我們得以使合併非 GAAP 毛利率突破 50% 水準，年增 460 個基點。達到此水準的合併毛利率創下新紀錄，並凸顯我們正持續體驗到的獲利能力提升。第一季非 GAAP 營業費用總額為 4,520 萬美元，較去年同期的 3,830 萬美元增加 18%。

The year-over-year increase is driven by investments in R&D, including headcount as well as general operational expenses that result from the growth in our subscription business, such as higher credit card fees and increased professional services. During the quarter, adjusted EBITDA was $30.4 million, up a tremendous 85% year-over-year and represented adjusted EBITDA margin of 20%. Even in an investment year requiring integration of large-scale strategic partners onto our platform, we are still generating outstanding margins. Profitability at this level translated into net income per diluted share of $0.28. Regarding our balance sheet and liquidity position, we ended the quarter with $167.5 million in available cash, cash equivalents and short-term investments.

年增主要由研發投資所帶動，包括人力擴編，以及因訂閱業務成長而增加的一般營運費用，例如較高的信用卡手續費與增加的專業服務費。本季調整後 EBITDA 為 3,040 萬美元，年增高達 85%，調整後 EBITDA 利潤率為 20%。即使在需要將大型策略夥伴整合至我們平台的投資年度，我們仍能產生優異的利潤率。此等獲利水準對應到稀釋後每股淨利 0.28 美元。就資產負債表與流動性而言，本季末我們持有 1.675 億美元的可用現金、約當現金及短期投資。

This balance is up $14.4 million compared to the same period last year, even considering the recent launch of various capital allocation initiatives. It is remarkable that our cash balance remains constant over the past two quarters, while we experienced outflows of $44 million in cash used for recent inorganic investments and our share repurchase program, offset by inflows of about $19 million from the return of capital on the sale of a strategic investment, all in Q1.

即使考量近期啟動的各項資本配置計畫，該餘額仍較去年同期增加 1,440 萬美元。值得一提的是，過去兩季我們的現金餘額仍維持穩定；同時我們在第一季因近期非有機投資與庫藏股回購計畫而有 4,400 萬美元的現金流出，並由出售一項策略性投資所回收資本帶來約 1,900 萬美元的現金流入所抵銷。

As you're aware, we made a $12.5 million investment in Origin Wireless last year, a strategic partner, which was recently acquired by ADT. During the period, we generated $25.4 million in free cash flow or a free cash flow margin of almost 17%. Our Q1 accounts receivable balance was $52 million at quarter end, with DSOs at 31 days, down from 34 days last year as we continue to drive more subscribers to annual service offerings.

如各位所知，我們去年對策略夥伴 Origin Wireless 投資 1,250 萬美元，而該公司近期已被 ADT 收購。本期我們產生 2,540 萬美元的自由現金流，或接近 17% 的自由現金流利潤率。第一季期末應收帳款餘額為 5,200 萬美元，DSO 為 31 天，較去年的 34 天下滑，因為我們持續推動更多訂閱用戶採用年度服務方案。

Our Q1 inventory balance was $44 million, up from $35 million last year. Inventory turns were approximately 6 times, a modest decline from 6.3 times last year as we look to optimize our inventory levels in an effort to reduce our shipping costs, especially air freight. Now turning to our outlook.

第一季存貨餘額為 4,400 萬美元，高於去年的 3,500 萬美元。存貨週轉約為 6 次，較去年的 6.3 次小幅下降；我們正致力於最佳化存貨水位，以降低運輸成本，尤其是空運費用。接下來談我們的展望。

We expect the strong operational momentum in our business to continue into the second quarter as subscriptions and services revenue will continue to grow and product revenue should remain solid as a result of the demand coming from our strategic partners. Considering these factors, we are expecting total revenue in the second quarter to be in the range of $145 million to $155 million with the continued investment to integrate our strategic partners and support our recent inorganic investments such as Aloe Care.

我們預期業務的強勁營運動能將延續至第二季；訂閱與服務營收將持續成長，而在策略夥伴需求帶動下，產品營收也應維持穩健。綜合上述因素，我們預期第二季總營收將落在 1.45 億至 1.55 億美元區間，同時持續投入資源以整合策略夥伴並支援我們近期的非有機投資（例如 Aloe Care）。

We expect our non-GAAP net income per diluted share in the second quarter to be in the range of $0.17 to $0.23. Additionally, we remain confident that we will achieve the full year 2026 financial outlook, which we provided last quarter on subscriptions and services revenue as well as total revenue and EPS.

我們預期第二季非 GAAP 稀釋後每股淨利將落在 0.17 至 0.23 美元區間。此外，我們仍有信心達成 2026 全年財務展望；該展望於上季提供，涵蓋訂閱與服務營收、總營收以及 EPS。

And now I'll open up the call for questions.

接下來我將開放提問。

(Operator Instructions)

(接線員指示)

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions. Nice quarter. Maybe just first, I wanted to touch on the Aloe Health acquisition. You guys have talked about this in the past, age-in-place being a kind of strategic market you'd like to get into. But maybe what specifically about Aloe was attractive for you guys?

嗨，各位。感謝讓我提問。本季表現不錯。我想先談談 Aloe Health 的收購案。你們過去曾提到，「在地安老」（age-in-place）是一個你們想切入的策略性市場。但具體而言，Aloe 哪些特點對你們具有吸引力？

Yeah, so it's really two layers. So at the beginning, we talked about in the prepared remarks around the size of the market. And like we mentioned, over the next 10 years, it's going to grow tenfold. And then when we look at Aloe Care in particular, first, it's the team.

是的，主要有兩個層面。首先，在事先準備的發言中，我們談到市場規模。如同我們提到的，未來 10 年它將成長 10 倍。接著，當我們特別看 Aloe Care 時，第一個是團隊。

So I've known Evan, who's the CEO for probably three or four years and been talking on and off and getting educated around the market and what Aloe Care is doing. And we think that it's absolutely a phenomenal team that's dedicated to really providing innovative solutions in the market instead of just spinning out what's been done in the past. And that's number two. So innovation. What you see with Aloe Care is not just the off-the-shelf hardware wrapped in some monitoring services.

所以我認識 Evan（執行長）大概三、四年了，期間斷斷續續地交流，也一直在了解市場以及 Aloe Care 正在做的事情。我們認為這絕對是一個非常出色的團隊，真正致力於在市場上提供創新解決方案，而不是只是把過去做過的事情再包裝推出。這是第二點。所以是創新。你在 Aloe Care 看到的，不只是現成硬體再搭配一些監測服務而已。

They're actually driving real transformation and innovation from -- I'll give you a couple of examples, using AI chat and calling to drive behavior and check-ins with seniors, instead of just focusing on fall detection, really starting to work on AI models that can do fall prediction. And this is where I think the market, especially this segment, is going to be transformed over the next three to five years.

他們其實正在推動真正的轉型與創新——我舉幾個例子：運用 AI 聊天與電話呼叫來帶動行為改變，並與長者進行關懷式的定期確認（check-ins），而不只是聚焦在跌倒偵測；他們也開始投入 AI 模型，能做的不只是跌倒偵測，而是跌倒預測。我認為市場、尤其是這個細分領域，將在未來三到五年內被徹底改變。

And that's why we decided now is the time, even though it's a small bet, it's a small bet on a huge market with a team that has shown that they can provide actual technology and innovation leadership. And of course, Arlo then brings the scale and the ability to go drive the routes to market. So we are extremely excited.

這也是為什麼我們決定現在就是時機：即使這是一個小額押注，但它是押注在一個龐大市場上，而且這個團隊已經證明他們能提供真正的技術與創新領導力。當然，Arlo 則帶來規模化能力，以及推動市場通路（routes to market）的能力。所以我們非常興奮。

If I just give you like just a glimpse of some of the market stats, and you look out in the marketplace and 87% of adults that are over 65 want to stay in their homes, but 90% of the homes aren't safe for them to do so. They haven't been set up with the right technology or the services. So this market is going to continue to grow just from a demographic perspective. And it's from an ability to actually transform from a savings perspective on the cost one out of three nearly, it's like 30% of seniors fall on an annual basis, and the cost of that fall is $20,000. So imagine not only being able to detect that and reduce the cost of some of these incidents but being able to predict it ahead of time.

如果我簡單讓你看一下部分市場數據：放眼市場，87% 的 65 歲以上成人希望能留在自己家中，但有 90% 的住宅其實並不安全，無法讓他們安心做到這件事。因為這些住宅並沒有配置合適的技術或服務。因此，從人口結構的角度來看，這個市場將持續成長。而且從節省成本、真正帶來轉型的角度來看，幾乎每三位長者就有一位——大約 30%——每年會跌倒一次，而一次跌倒的成本是 2 萬美元。所以想像一下：不只是能偵測並降低部分事件的成本，更能在事前就預測它。

So this is really transformative. And just a falling section of the market is $80 billion a year. So going to your question, again, it's a huge market. It's a market that's going to grow dramatically. And this team and the technology that they brought to the table is really exciting to us.

所以這真的具有顛覆性。而且光是「跌倒」這一塊市場，每年就有 800 億美元。回到你的問題，這是一個龐大的市場。也是一個將大幅成長的市場。而這個團隊以及他們帶來的技術，對我們來說非常令人振奮。

And we think coupling it with what we do well, scaling and using our back-end platform and providing those routes to market is going to come together nicely in 2027 as we go forward.

我們也認為，把它和我們擅長的事情結合——規模化、運用我們的後端平台、並提供市場通路——在我們往前推進時，將在 2027 年很好地整合到一起。

Got it. Very helpful. Maybe just next, I'll talk on the ADT partnership a little bit. Can you kind of give us a little bit more insight on the overall rollout there? I mean it feels like it's been 6 months since you first started testing.

了解。非常有幫助。接下來我想談一下 ADT 的合作夥伴關係。你能否再多分享一些那邊整體推廣（rollout）的進展？感覺從你們一開始測試到現在已經過了 6 個月。

But curious what the update is there.

想請問那邊目前的最新狀況是什麼？

Yeah, So they started testing earlier this year, as you mentioned. And I think in their earnings call, I'll tell you what they've communicated is that it's branded ADT Blue. They see it as a big area of focus for them for growth. And I would say, like I said in my prepared remarks, the launch is probably imminent.

是的，正如你提到的，他們今年稍早就開始測試了。我想在他們的法說會上，他們對外溝通的是：這個產品會以 ADT Blue 的品牌推出。他們把它視為未來成長的一個重要聚焦領域。而我會說，就像我在事先準備的發言中提到的，正式上市應該已經迫在眉睫。

It's coming very, very soon. And they're doing -- I think they're doing the final preparations for to bring that into market. We expect, as I've mentioned in the past, that to kind of scale through this year. So you may see them launch in a couple of channels and then add some channels as they progress and learn and start to roll out some marketing out through the year and then be able to have a first full year of deployment of it in 2027. So all the work is done.

會非常、非常快。他們正在做——我認為是在做最後的準備，把它帶入市場。我們預期，如同我過去提到的，這項業務會在今年逐步放量。所以你可能會看到他們先在幾個通路上線，接著隨著推進、學習，再逐步增加更多通路；並在今年內逐步展開行銷，然後在 2027 年能有第一個完整年度的部署。所以所有工作都已完成。

They're putting the final touches on it as they discussed on their earnings call, and we're excited to see it get into the marketplace.

他們正在做最後的收尾，就像他們在法說會上所談到的，我們也很期待看到它進入市場。

Got it. And just last one for me. I saw you guys have bought back some stock this quarter. Just curious how you think about M&A versus buybacks versus maybe internal investment throughout the remainder of the year?

了解。最後一題。我看到你們這一季回購了一些股票。想請問你們如何看待在今年剩餘時間裡，併購（M&A）與庫藏股回購，以及可能的內部投資之間的取捨？

Yeah, so,I mean, you're basically referring to the three pillars of our capital allocation plan. And you can see that we've been doing some organic investment. I think that was evidenced by the large product launch that we had towards the end of last year. We're going to benefit from those products being refreshed last year through this entire year.

是的，所以——你的問題基本上是在指我們資本配置計畫的三大支柱。你也可以看到我們一直在做一些有機投資。我想這在去年年底我們的大型產品發表上已經有所體現。我們會在今年整年持續受惠於去年完成的產品更新。

You'll see some additional SKUs launched this year in some of the key areas, and we're setting up for a big product launch and kind of technology launch next year. Arlo Secure 7 will come out this year, we're already working on that and Arlo Secure 8 for next year. So that internal investment is ratcheting up a little bit. And now that Aloe Care is inside, that will soak up some internal investment as well as we prepare for 2027. When I look at -- going to the core of your question, though, which I think is how do we balance buybacks with external acquisitions.

今年你會看到我們在一些關鍵領域推出更多 SKU，我們也在為明年的大型產品發表以及某種程度的技術發表做準備。Arlo Secure 7 會在今年推出，我們已經在著手進行；明年則是 Arlo Secure 8。因此內部投資會稍微加速提升。而現在 Aloe Care 也納入之後，為了準備 2027 年，它也會吸收一部分內部投資。不過回到你問題的核心——我認為你想問的是：我們如何在回購與外部併購之間取得平衡。

Pretty simply, actually, we look at both on a valuation basis in a lot of ways. So what's the upside potential? Where do we think that technology is going? What's that worth over the long run? And when we buy our own stock, we very much look at that as an acquisition.

其實很簡單：在很多方面，我們會用估值的角度同時看待兩者。也就是上行潛力有多少？我們認為技術會往哪裡走？長期來看那值多少？而當我們回購自家股票時，我們非常把它視為一種併購。

We think, as we mentioned in the prepared remarks, that we're still undervalued compared to how we're performing. So you'll likely see us continue to buy stock as part of that $50 million stock buyback. It served us extraordinarily well. And we know that we're performing very well compared to the market and compared to our peers. And so we think that's a great return on capital and a great way to give some money back.

我們認為，如同我們在事先準備的發言中提到的，相較於我們的營運表現，目前股價仍被低估。所以你很可能會看到我們持續在那 5,000 萬美元的股票回購計畫下買回股票。這對我們的效果非常好。而且我們知道，相較於大盤以及同業，我們的表現都非常強。因此我們認為這是很好的資本報酬，也是把部分資金回饋出去的好方式。

You'll see us look at acquisitions, especially if we see -- I'll go back to how we've described how we approach these acquisitions, either it's something like Aloe Care, where it's something that's tangential or it's a market segment that's on an adjacency, we'll take a smaller bet like we've done here in a big market to start to drive towards opening up additional opportunity and growth in the future or you could see us do something that's more core to what we're doing, maybe a larger bet because we do believe we're seeing continued market consolidation.

你也會看到我們評估併購，特別是當我們看到——我回到我們過去描述的併購方法：要嘛像 Aloe Care 這樣，屬於相關延伸（tangential）或是相鄰的市場細分領域（adjacency），我們會像這次一樣在大市場中先做較小的押注，開始推動、為未來開啟更多機會與成長；或者你也可能看到我們做一些更貼近核心業務的案子，可能是更大的押注，因為我們確實相信市場整併仍會持續。

So the organic investment internally to what we're doing is going to continue to grow because we see so much market potential in front of us. We will do stock buybacks, especially as we see that we think the stock is undervalued in the marketplace, and we think that's a great return on capital. And we will place and have placed some bets in the acquisition market, and we'll keep an eye out over the next 12 to 18 months on additional opportunities.

因此，就我們正在做的事情而言，內部的有機投資將會持續成長，因為我們看到眼前有非常大的市場潛力。我們會進行庫藏股買回，特別是在我們認為股價在市場上被低估時，我們認為那是很好的資本報酬。我們也已經在併購市場下了一些注，並且會在接下來 12 到 18 個月留意更多機會。

Got it. Very helpful. I appreciate the insight.

了解。非常有幫助。感謝你的見解。

Absolutely.

當然。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Hey, good afternoon. Thanks for taking the questions. Great job on the quarter. Maybe just to start, a couple of quick clarifications. Kurt, I think you said that there was a $5 million nonrecurring fee. I just want to clarify if that was the case and if that's in software and services. Also, European numbers were really big this quarter.

嗨，午安。謝謝讓我提問。本季表現很棒。也許先從幾個快速釐清開始。Kurt，我想你提到有一筆 500 萬美元的一次性費用。我想確認是否確實如此，以及這是否列在軟體與服務中。另外，本季歐洲的數字非常大。

Historically, in the past, sometimes we've had some big prebuys with Verisure and otherwise on the product front. I'm wondering if that was this case again. And maybe an idea of what you're seeing on the retail front, kind of the retail mix there. There are a lot of changing dynamics with what's going on with the FCC and exclusion list as well as maybe some of the bigger guys getting less shelf space. So I'm wondering if you could give us a quick update on that front.

過去歷史上，有時我們在產品端會看到 Verisure 等客戶出現一些較大的提前採購。我想知道這次是否也是同樣情況。另外也想請你談談你們在零售端看到的狀況，包含那邊的零售組合。隨著 FCC 與排除清單的變化，以及一些較大的業者可能獲得較少的貨架空間，市場動態正在改變。所以想請你就這方面給我們一個快速更新。

Yes, Scott, thanks. I'll unpack that. So first off, I just want to say how pleased and excited we were about the overall trajectory of our business. Obviously, you pointed out the growth in our services business, which was remarkable this quarter and as was our product revenue growth, we had a really strong quarter from a product revenue growth, which fed through to our overall profitability. So extremely excited.

好的，Scott，謝謝。我來拆解說明。首先，我想說我們對整體業務的走勢感到非常滿意且興奮。如你所指出，我們的服務業務本季成長顯著；同樣地，我們的產品營收成長也很亮眼，本季產品營收成長非常強勁，並帶動整體獲利能力提升。所以我們非常興奮。

We did have a onetime item. We referenced it as a license fee from one of our strategic partners related to our technologies. As we've done in the past, and we've highlighted things like, for instance, our NRE type services, we'd like to make sure that you all are aware of some of the onetime nature items that may be in our revenue. That $5 million license fee is included in our services revenue. But the interesting thing is if you were to pull it out, actually, all of the growth metrics that we've highlighted, whether it's the growth in absolute dollars on our services revenue, our overall service gross margin percentage or our EBITDA growth or EBITDA percentage all would remain relatively in the same ZIP code.

我們確實有一個一次性項目。我們提到那是來自某個策略夥伴、與我們技術相關的授權費。如同過去我們做法、也曾特別提示過例如 NRE 類型服務，我們希望確保各位了解我們營收中可能包含的一次性項目。這筆 500 萬美元的授權費包含在我們的服務營收中。但有趣的是，即使把它剔除，我們所強調的所有成長指標——不論是服務營收的絕對金額成長、整體服務毛利率、EBITDA 成長或 EBITDA 比率——都仍會大致落在相近區間。

So no necessarily change to the overall trajectory of our business. You highlighted Verisure. Verisure came in at -- it was a very strong quarter for Verisure. As we've talked to you in the past about some of their destocking and stocking trends, oftentimes in the third and fourth quarter, we'll experience a bit of a destocking trend with Verisure. But then in the follow-on quarters, they have to stock back up because of their demand.

因此，整體業務走勢並沒有因此改變。你提到 Verisure。Verisure 本季表現——可以說是非常強勁的一季。如同我們過去與你們談過的去庫存與補庫存趨勢，通常在第三與第四季，我們會在 Verisure 看到一些去庫存的趨勢。但在接續的季度，因為需求，他們就必須再補回庫存。

And that's what's happened this quarter. Q1 was a strong quarter from a Verisure standpoint. And it just highlights the overall strength in that relationship. And certainly, we want to work with them and make sure we're doing everything to optimize our supply chain and meet the demand that they have in the EMEA market. So that was a positive trend.

而這正是本季發生的情況。第一季從 Verisure 的角度來看是強勁的一季。這也凸顯了這段合作關係的整體強度。當然，我們希望與他們合作，確保我們盡一切努力優化供應鏈，並滿足他們在 EMEA 市場的需求。所以這是一個正向趨勢。

But overall, we're really pleased with the way the business is trending. We believe that the strategic partners and the impact there, coupled with the robust nature of our retail business is reading through, and it's really showing how we can perform very well in a market dynamic that may be a bit uncertain, but we're obviously executing extremely well. So thanks, Scott.

但整體而言，我們對業務的走勢非常滿意。我們相信策略夥伴及其帶來的影響，加上我們零售業務的強韌性，正在逐步反映出來，也清楚顯示即使市場動態可能有些不確定，我們仍能表現得非常好，而我們顯然也執行得非常到位。謝謝你，Scott。

And since you already hit on ADT, Matt, maybe could you extrapolate a little bit on Samsung in terms of how that relationship is evolving and what kind of form it's going to take and how we should think about that monetization?

既然你已經提到 ADT，Matt，也許你可以再延伸談談 Samsung，說明這段合作關係如何演進、會以什麼形式呈現，以及我們應該如何看待其變現方式？

Yeah, Samsung provided a lot of public description of what the service was at CES, so I can talk about what the user experience will be. And it's really a safety services widget and application button that is going to go across their devices. We'll start on mobile phones and tablets, but you're likely to see it progress even across appliances and things where you can walk up, touch a button and have immediate access to emergency services. And so they showed that at CES, they've done with it and got a great response.

是的，Samsung 在 CES 上已公開描述了這項服務的內容，所以我可以談談使用者體驗會是什麼。它基本上是一個安全服務的小工具（widget）與應用程式按鈕，將會橫跨他們的裝置。我們會先從手機和平板開始，但你很可能會看到它進一步延伸到家電等裝置，你可以走上前、按一下按鈕，就能立即取得緊急服務。他們在 CES 上展示了這個，也獲得很好的回饋。

Again, I can't give you too much detail of when exactly it will roll out, except to say that, like I said before, it's imminent. So all the testing is done, and it's out in the field being tested now. And you're likely to see that roll out relatively soon, and there will be a small subscription component across that. It's exciting for us for a couple of reasons. One is, it's the first partnership deal that we've done where what's being rolled out by a partner is purely service and software, right?

同樣地，我不能提供太多關於確切何時上線的細節，只能說，如我先前所說，已經迫在眉睫。所有測試都已完成，目前也已在實地進行測試。你很可能會在相對不久的時間內看到它推出，並且會有一個小額的訂閱成分。這對我們來說令人振奮，原因有幾個。第一，這是我們與夥伴合作的第一個案子：夥伴推出的內容完全是服務與軟體，對吧？

There's not a hardware component coming from Arlo as a portion of this. So that's exciting. Two, from an Arlo perspective, it's exciting to see the progression of the SmartThings platform from Samsung continue to kind of broaden out. And we believe that some of these platforms are going to gain share and relevance in the market as we see standards like Matter continue to roll out across multiple channels. And Samsung is a very strong supporter of the Matter alliance and the standard being rolled out.

其中並沒有 Arlo 提供的硬體組件。所以這很令人興奮。第二，從 Arlo 的角度來看，看到 Samsung 的 SmartThings 平台持續擴展、版圖愈來愈廣，也很令人振奮。我們相信，隨著像 Matter 這樣的標準持續在多個渠道推進，這些平台將在市場上取得更多市占與關聯性。而 Samsung 是 Matter 聯盟以及該標準推廣落地的強力支持者。

And then you can see that if you look at some of their announcements recently. And what we believe is that, that will open up additional opportunities for Arlo to partner with Samsung inside of SmartThings and potentially across other areas of the business. So we've done a lot of interop and make sure that the SmartThings experience with Arlo products is top tier, and we did some of that last year. What you'll see very, very soon is a first small subscription service being rolled out by Samsung, co-branded, by the way, so it will say Samsung powered by Arlo. So we're excited about that.

你也可以從他們近期的一些公告看出這點。我們相信，這將為 Arlo 在 SmartThings 內與 Samsung 合作、以及可能在其他業務領域合作，開啟更多機會。我們做了大量互通性（interop）工作，確保 SmartThings 與 Arlo 產品的體驗是一流的，其中一部分我們去年就已完成。你們很快、非常快就會看到 Samsung 推出第一個小型訂閱服務，而且是共同品牌（co-branded）的，順帶一提，會顯示為「Samsung powered by Arlo」。所以我們對此很期待。

But we think this area is going to be an area of growth, not only in the market segment, but also within Samsung, and we're excited to explore additional opportunities with them over time.

但我們認為這個領域將會是成長領域，不僅在市場區隔上，也會在三星內部成長，我們也很期待隨著時間推進，與他們一起探索更多額外的機會。

Got you. And lastly, if I could. A lot of exciting things going on, particularly as we start to ramp into '27, which it sounds like Comcast will be more commercial at that point in time, maybe age-in-place, it has some form of commercial services, but you've also got other strategic building in the pipeline. I'm wondering if you could flush that out a little bit, maybe give us an idea in terms of some of the comparative magnitude. When I look at what you've done in the past couple of quarters with ADT and Comcast, that adds almost 40 million homes in terms of your addressable market to go after.

了解。最後，如果我可以再問。有很多令人振奮的事情正在發生，特別是當我們開始加速邁向 '27 時，聽起來 Comcast 屆時會更偏向商業化，可能是居家安老（age-in-place），也可能會有某種形式的商業服務，但你們的管線中也還有其他策略性建置。我想請你能否再多談一點，或許讓我們對相對規模有個概念。當我看你們過去幾季與 ADT 和 Comcast 的合作，這在可觸及市場（addressable market）方面，幾乎增加了 4,000 萬戶家庭可供你們開發。

So I don't know if there's some color in terms of the pipeline, how that's building, the magnitude of the customers to give us some idea about where we're going in '26 and '27.

所以我不知道你是否能就管線提供一些補充說明，例如它如何在累積、客戶規模的量級，讓我們對 '26 和 '27 的走向有些概念。

Yeah, that's a great question. And I think I mentioned on the previous call, we find ourselves as a company and as a team in the enviable position of seeing a great trajectory in 2026 but already building and seeing a great trajectory in 2027. And it's one of the first times I can really say that, that a lot of the things that we've announced and have built are going to provide performance, not only for this year but also next year. And so you're touching on a bunch of those areas.

是的，這是個很好的問題。我想我在上一通電話會議也提過，我們公司與團隊正處在一個令人稱羨的位置：我們看到 2026 年有很好的成長軌跡，但同時也已經在建置並看到 2027 年同樣很好的成長軌跡。這也是我少數能這麼說的時刻之一：我們已宣布並建置的許多事情，不僅會在今年帶來表現，也會在明年帶來表現。所以你提到的正是其中幾個面向。

I would broaden it a little bit and tell you that our product road map is very exciting going into 2027. Some of the things we're doing across multiple of our channels are exciting going into 2027. But to your point, we have 3 partnerships that we announced over the last 6 months, ADT, Samsung and Comcast. ADT and Samsung will launch relatively soon, ramp through the second half and have a full year impact next year. Comcast, that integration will go through most of this year and likely launch sometime in the first half of next year and start to impact 2027 as well.

我會把範圍再拉大一點：我們的產品路線圖在邁向 2027 時非常令人振奮。我們在多個通路所做的一些事情，對 2027 也很令人期待。但如你所說，過去 6 個月我們宣布了 3 個合作夥伴關係：ADT、三星與 Comcast。ADT 與三星會相對較快推出，下半年逐步放量，並在明年帶來完整年度的影響。Comcast 的整合將貫穿今年大部分時間，可能在明年上半年某個時間點推出，並開始對 2027 產生影響。

From a magnitude perspective, I would say Samsung, we're not sure exactly what to expect out of this. It's exciting. You're looking at hundreds of millions of devices that this will roll out to over time. So there's a huge potential TAM there, both Comcast and ADT, you're correct. That's roughly 40 million households just here in the United States alone that we're going to be able to address through those.

就規模而言，我會說三星這邊我們還不確定究竟會帶來什麼樣的成果。但它很令人振奮。你看到的是，隨著時間推進，這會推廣到數以億計的裝置。因此那裡有非常巨大的潛在 TAM（總可服務市場）。至於 Comcast 與 ADT，你說得沒錯，光是在美國本土，透過它們我們大約就能觸及 4,000 萬戶家庭。

And I would say, especially if you look at Comcast, having about 31 million broadband households, we think that one has the opportunity from a service revenue impact over time to be as big as Verisure as far as materiality and impact to our performance over time. The others, I think, can grow and be very material as well. It's a little bit more nebulous because they -- we're not sure what the adoption rate will be with Samsung and where that's going to lead to over time. But I'd say they have a very high potential as well. On top of that, what I would say, and I've kind of hinted this in the call is, you should expect us to announce maybe one or two small to medium-sized or medium to even kind of medium or large partners over the next 12 to 18 months as well.

我會說，特別是看 Comcast，擁有約 3,100 萬戶寬頻家庭，我們認為從服務營收的長期影響來看，它有機會在重要性與對我們長期業績的影響上，做到與 Verisure 一樣大。其他合作我認為也能成長並變得非常重要。只是會比較難以精確判斷，因為我們不確定三星的採用率會是多少，以及長期會導向什麼結果。但我會說它們同樣具有非常高的潛力。此外，我想說的是——我在這通電話會議中也稍微暗示過——你們應該可以預期，我們在未來 12 到 18 個月內，可能還會宣布一到兩個小到中型、或中型甚至偏中大型的合作夥伴。

So there is a pipeline even beyond what we've already announced, and that will lead into probably more work being done in 2027 with revenue maybe be in the second half of '27, but leading into 2028. So feeling really good about where we are in 2026, strong start with the quarter results we just put up, already feeling good about the trajectory going into '27.

所以除了我們已經宣布的之外，還有更多的合作管線，這可能會帶動 2027 年更多工作展開，營收可能落在 '27 下半年，但會延伸到 2028。因此我們對 2026 年目前的位置感到非常樂觀，剛公布的季度成果也有強勁開局，同時也已經對邁向 '27 的成長軌跡感到很有信心。

And there's a pipeline that will add some strength to '27 and even 2028. So feeling -- like I said, feeling really good about the performance and where we're headed. And if you add market consolidation just happening in general, we think we're in a really good position to just generally perform well and be rewarded for where we are in the market segment and the solutions that we have and can bring to the market.

而且還有一條管線會為 '27 甚至 2028 增添更多動能。所以——如我所說——我們對表現以及前進方向都感到非常樂觀。再加上整體市場正在發生的整併，我們認為自己處於非常有利的位置，能夠整體表現良好，並因我們在該市場區隔中的定位、以及我們擁有並能帶到市場的解決方案而獲得回報。

Great. Thanks so much.

很好。非常感謝。

You're welcome.

不客氣。

(Operator Instructions)

（接線員指示）

Anthony Stoss, Craig-Hallum Capital Group.

Anthony Stoss，Craig-Hallum Capital Group。

Hey, guys, it's Ryan on for Tony Stoss. Thanks for taking my questions. I'm curious, with just the amount of partnerships that you guys have announced in the past year or so, and which will continue to expand, I guess, but how are you guys looking at, the business customers, like enterprise customers versus general consumer plans, maybe how you expect those to grow over the next year or two with the partnerships and without? Thanks.

嗨，各位，我是 Ryan，代 Tony Stoss 提問。謝謝讓我提問。我想了解的是，鑑於你們在過去一年左右宣布了這麼多合作夥伴關係，而且看起來還會持續擴大，那你們如何看待企業客戶（business customers），例如企業級客戶（enterprise customers），相較於一般消費者方案？以及你們預期在未來一到兩年，無論有合作夥伴或沒有合作夥伴的情況下，這兩者會如何成長？謝謝。

Yeah, so if you're speaking about like small business and like other market segments, we did speak on the last call about starting to explore the small business market. What I would say today is we're still very consumer-focused across all our channels, and that includes partnerships. So when you look at our partnership with ADT, it's primarily targeting additional consumer households. Same with Comcast.

是的，如果你指的是小型企業以及其他市場區隔，我們在上一通電話會議確實談到開始探索小型企業市場。我今天想說的是，我們在所有通路仍然非常以消費者為核心，合作夥伴通路也一樣。所以當你看我們與 ADT 的合作，主要是鎖定更多的消費者家庭。Comcast 也是如此。

Comcast has 31 million broadband households. We're going after those consumer broadband households initially from a go-to-market perspective. But like I said, we've started to look at building out some -- a technology stack and start to look at solutions for the small business space. I think it's something we'll be able to put more formality to sometime in 2027. But that is another market segment where you look at a potential market size of tens of billions of dollars.

Comcast 有 3,100 萬戶寬頻家庭。從上市策略（go-to-market）的角度，我們一開始會先鎖定這些消費者寬頻家庭。但如我所說，我們已開始著手建置一些——技術堆疊（technology stack），並開始研究小型企業領域的解決方案。我認為我們大概能在 2027 年某個時間點把這件事更正式化。但這也是另一個市場區隔，你看其潛在市場規模可達數百億美元。

It's very fragmented. And I believe that you're not going to see true commercial enterprise solution providers come down market successfully. I think it's much more likely that a company like Arlo, who has a great technology stack, inexpensive hardware, very easy to set up and robust service set is likely to be more successful going upmarket into the very small business and eventually the medium-sized business.

這個市場非常分散。而我相信，你不會看到真正的商用企業解決方案供應商能成功往下打入中小市場。我認為更有可能的是，像 Arlo 這樣的公司，擁有很好的技術堆疊、價格實惠的硬體、非常容易安裝設定且服務組合完善，更可能成功往上延伸到極小型企業，並最終進入中型企業。

So again, you'll see a little bit of us doing some tests and some things this year with the idea of maybe adding that to our portfolio in 2027. And going to your point, is I think the go-to-market in that area would likely be heavily reliant on working with several of these partners to actually address that market because the fragmentation in the small business market isn't just from a competitive set, it's also fragmented from a go-to-market set.

所以再說一次，今年你會看到我們做一些測試與嘗試，目標是也許在 2027 年把這塊加入我們的產品組合。回到你提到的重點，我認為該領域的上市策略很可能會高度依賴與其中幾個合作夥伴合作，才能真正觸及那個市場，因為小型企業市場的分散性不僅來自競爭格局，也同樣體現在上市通路的分散。

You have tens of thousands of resellers and integrators. And a partner who already has some routes to market or is addressing that market already could be a good way to leverage the Arlo technology and start to address that market in a very efficient manner.

你們有數以萬計的經銷商與系統整合商。而一個已經具備某些市場通路、或已經在服務該市場的合作夥伴，可能是善用 Arlo 技術並以非常高效率的方式開始切入該市場的好方法。

Got it. Super helpful. And then as my follow-up, I think you guys talked about it last quarter. Memory is a pretty small percentage of your guys' BOM cost, and you use kind of lower-level DRAM, maybe not as much of the constrained stuff in your products. I'm just wondering if there's been any change on that front or if there's any visibility that's kind of changed since last quarter on the memory side? Thanks.

了解。非常有幫助。接著作為我的追問，我記得你們上季有談到。記憶體在你們的 BOM 成本中占比很小，而且你們使用的是較低階的 DRAM，產品中可能沒有那麼多屬於供應受限的那類。我想請問這方面是否有任何變化？或是相較上季，在記憶體端的能見度是否有任何改變？謝謝。

No, Rian. As you mentioned, and we talked about this last quarter, in terms of our overall BOM, memory is about 6% to 8% of the total BOM. So it's not a huge part of the BOM. The cost of memory absolutely has gone up. Based upon our records right now, first half, probably up 160%.

沒有，Rian。如你所提到的，我們上季也談過，就整體 BOM 而言，記憶體約占總 BOM 的 6% 到 8%。所以它不是 BOM 中很大的一部分。記憶體成本確實上升了。依我們目前的紀錄，上半年大概上漲了 160%。

Second half, there will be an increase -- continued increase in memory costs. The great thing is we have a fantastic supply chain team that has deep relationships across the entire supply chain. They've been leveraging those relationships. Obviously, we are working with pretty sophisticated ODMs that do a lot of advanced purchasing. So right now, we feel very good about the supply we have for not just the first half, but for the entire year, feeling really confident about that.

下半年記憶體成本還會上升——持續上升。好消息是，我們有一支非常出色的供應鏈團隊，與整個供應鏈各環節都有深厚關係。他們一直在運用這些關係。顯然，我們也與相當成熟的 ODM 合作，他們會做大量的前瞻性採購。因此目前我們對供應狀況非常有信心，不僅是上半年，整年度也都很有把握，對此相當有信心。

And we'll continue to work those relationships and negotiate price concessions throughout the year, and we'll manage that BOM cost down as best we can. What I'd like to just say is it's like anything else, when we look at the price or cost increase, we kind of look at it in terms of the overall CAC or cost of customer acquisition.

我們也會持續經營這些關係，並在全年持續協商價格讓步，盡可能把 BOM 成本壓低。我想補充的是，這就像其他事情一樣，當我們看價格或成本上升時，我們會把它放在整體 CAC（客戶取得成本）的角度來看。

And we just see that this particular instance, albeit a bit unusual in terms of the overall market, from our standpoint, it's just -- it's a modest increase in overall CAC. And if we continue with our strategy and seeing the results that we've shown here this past quarter as well as over the last several quarters, I think we're on a good path forward. So no major disruption, and we're managing the whole situation really, really well.

我們認為這次情況雖然就整體市場而言有點不尋常，但從我們的角度看，它只是——整體 CAC 的小幅上升。如果我們持續既定策略，並延續我們在本季以及過去幾季所展現的成果，我認為我們正走在一條良好的前進道路上。所以沒有重大干擾，我們也把整個情況管理得非常、非常好。

Got it. Thanks, guys. Congrats on the results. Yeah, thank you.

了解。謝謝各位。恭喜這次的成果。好的，謝謝。

Joseph Besecker, Besecker Assets Management.

Joseph Besecker，Besecker 資產管理。

Hey, guys. Joe Besecker. Great quarter and keep going at it. And you had a brief comment on tariffs. How do you -- will you get -- do you anticipate getting tariff relief? How do you view tariffs? And then I have a follow-up to that.

嗨，各位。我是 Joe Besecker。本季表現很棒，請繼續加油。你們剛才簡短提到關稅。你們——會不會獲得——你們是否預期會得到關稅減免？你們如何看待關稅？然後我還有一個相關追問。

Yeah, great and great to meet you, Joe. So similar to the conversation I was just having with Rian on the overall cost of memory, we kind of look at the tariff cost of the tariff increase as also a portion of our overall CAC, and we've been able to manage that particularly well last year and into this year. It's pretty remarkable.

是的，很好，也很高興認識你，Joe。就像我剛才和 Rian 討論記憶體整體成本一樣，我們也把關稅成本或關稅上調視為整體 CAC 的一部分；而我們在去年以及今年以來都能把它管理得特別好。這相當令人驚訝。

When you look at our product gross margin on a non-GAAP basis for this quarter, it was actually at a negative 2.8%. But if you pull out tariffs, we were actually at 1.5% positive gross margin on our overall products. So we think that's a good place to be because if we're managing it to that, what we said, low single-digit negative margin, that puts it in a real nice place for managing it as a CAC cost of customer acquisition, and we'll continue to do that. You are correct. We did actually place our claims shortly after the tariff relief portal was open.

如果你看我們本季以非 GAAP 基礎計算的產品毛利率，實際上是負 2.8%。但如果把關稅因素剔除，我們整體產品其實是 1.5% 的正毛利率。所以我們認為這是個不錯的位置，因為如果我們把它管理在我們所說的低個位數的負毛利率區間，作為 CAC（客戶取得成本）的一部分來管理就會處在一個很好的狀態，我們也會持續這麼做。你說得沒錯。關稅減免申請入口開放後不久，我們確實就提交了申請。

We're still in the process of evaluating whether or not we'll be eligible for claims. There's a lot of uncertainty around the processing and ultimately the timing of those. So just know that we are in the queue. We're managing the tariff relief process very carefully, and we'll provide more information as it becomes available to us over the next several months or quarters.

我們仍在評估我們是否符合申請資格。在審理流程以及最終時程方面仍有很多不確定性。所以請知道我們已經在排隊等候。我們會非常謹慎地管理關稅減免流程，並會在未來幾個月或幾季，隨著我們取得更多資訊時再提供更新。

Thank you. And there are no further questions at this time. This concludes today's conference call. You may now disconnect.

謝謝。目前沒有其他問題。今天的電話會議到此結束。您現在可以掛線。