Arlo Technologies, Inc. (ARLO) 2026 Q2 法說會逐字稿

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

各位女士、先生，感謝您耐心等候。（接線員指示）

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

現在我想將電話會議交給 Tahmin Clarke。請開始。

Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements.

在我們開始正式發言之前，我們提醒各位，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 our description of revenue, gross margins, operating margins, earnings per share, expenses, cash outlook, free cash flow and free cash flow margin, ARR and other KPIs, guidance for the third quarter and full year 2026, the long-range plan targets, the rate and timing paid subscriber growth, the commercial launch and momentum of new products and services, the timing and impact of the 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.

前瞻性陳述包括有關我們潛在未來業務、營運結果與財務狀況的陳述，包括我們對營收、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 及其他關鍵績效指標（KPI）、2026 年第三季與全年指引、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及其動能、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、持續的新產品與服務差異化，以及整體宏觀經濟狀況對我們業務、營運結果與財務狀況的影響。

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's periodic filings with the SEC, including 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存在重大差異。欲了解更多資訊，請參閱 Arlo 向美國證券交易委員會（SEC）定期提交文件中所討論的風險因素，包括我們於今日稍早提交的 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 obligation to update these statements as a result of new information or future events.

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。

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

此外，本次電話會議將討論若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表可在我們投資人關係網站上今日發布的新聞稿中找到。

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

此時，我想將電話會議交給 Matt。

Thank you, Tahmin, and thank you, everyone, for joining us today on Arlo's second-quarter 2026 earnings call.

謝謝你，Tahmin，也謝謝各位今天參加 Arlo 2026 年第二季財報電話會議。

Arlo delivered outstanding results in Q2 with service revenue, total revenue, gross profit, and non-GAAP net income all setting new records for the company. We saw strength across the business and across all channels, which in addition to the team's great execution generated the excellent outcome you see today.

Arlo 在第二季交出亮眼成績，服務營收、總營收、毛利以及非 GAAP 淨利均創下公司新高紀錄。我們在整體業務與所有通路皆展現強勁動能，這再加上團隊出色的執行力，帶來了各位今天所看到的優異成果。

Point of scale units in our retail and direct channel were up 8%, which contributed to the nearly 300,000 paid account additions in the quarter. This brings our total paid accounts to $6.3 million, which is substantially ahead of the original trajectory to our long-range target of $10 million.

我們零售與直營通路的規模化（point of scale）出貨量成長 8%，帶動本季接近 30 萬個付費帳戶新增。這使我們的付費帳戶總數達到 630 萬，顯著超前我們原先邁向長期目標 1,000 萬的成長軌跡。

The quality of our paid accounts portfolio continues to increase when compared to the same period last year. Our average revenue per user is up, churn is down and both monthly and annual subscription renewals came in higher than our forecast.

與去年同期相比，我們的付費帳戶組合品質持續提升。每位用戶平均營收（ARPU）上升、流失率下降，且月繳與年繳訂閱續約率皆高於我們的預測。

These continuous improvements are due to several internal projects and programs that utilize deep user insights, which are focused on delivering the best user experience in the world. The result is Arlo's lifetime value of a paid account has risen to $967, which is up 15% compared to a year ago.

這些持續改善來自多項運用深度用戶洞察的內部專案與計畫，聚焦於提供全球最佳的使用者體驗。其結果是，Arlo 單一付費帳戶的終身價值（LTV）已提升至 967 美元，較一年前成長 15%。

Total revenue grew to $156 million, up more than 20% year over year and setting a new record for the company. Service revenue of $93 million, also a new record, grew 19% year over year and comprised 60% of our total revenue in the quarter.

總營收成長至 1.56 億美元，年增超過 20%，並創下公司新高紀錄。服務營收為 9,300 萬美元，同樣創新高，年增 19%，且本季占總營收的 60%。

This top-line performance drove an incredible 70% year-over-year growth in adjusted EBITDA, which reached $31 million in Q2, and when combined with a partial tariff refund, propelled non-GAAP earnings to $0.28 per share, up 65% when compared to a year ago.

這樣的營收表現帶動調整後 EBITDA 年增驚人的 70%，第二季達到 3,100 萬美元；再加上部分關稅退款，推升非 GAAP 每股盈餘至 0.28 美元，較一年前成長 65%。

As in past years, we used this midyear checkpoint to assess the marketing conditions and our performance over the first half as we finalize plans for the second-half and begin the development of our annual operating plan for 2027.

如同往年，我們利用年中這個檢視點評估行銷環境與上半年表現，以便在敲定下半年計畫的同時，開始制定 2027 年年度營運計畫。

Our focus is to utilize Arlo's resources to deliver growth in both the short-term and long-term to drive the expansion of shareholder value.

我們的重點是運用 Arlo 的資源，在短期與長期皆實現成長，以推動股東價值擴張。

The capital allocation strategy that we rolled out nearly two years ago has served as an excellent framework to drive that growth and value. Our investments across the pillars of organic, inorganic and shareholder return are delivering the desired outcomes and I would like to spend a moment to update our investors.

我們近兩年前推出的資本配置策略，已成為推動該成長與價值的優秀框架。我們在有機成長、無機成長與股東回饋三大支柱上的投資正帶來預期成果，我想花點時間向投資人更新進展。

Our organic or internal investments fall into three main buckets, operational excellence, sales and marketing and platform innovation.

我們的有機（或內部）投資主要分為三大類：營運卓越、銷售與行銷，以及平台創新。

Operationally, Arlo is deploying new tools and processes that, when coupled with our vast user data, are unlocking value and providing detailed insights that we are leveraging to improve the key metrics I mentioned earlier. We are still at an early phase and will continue to invest where we see the potential for high ROI or improvement in Arlo's key metrics.

在營運方面，Arlo 正在部署新的工具與流程，並結合我們龐大的用戶資料，以釋放價值並提供更細緻的洞察，讓我們得以用來改善我先前提到的關鍵指標。我們仍處於早期階段，將持續在我們看到具高投資報酬率（ROI）潛力或可改善 Arlo 關鍵指標之處加碼投資。

From a sales and marketing perspective, you will see us balance both short-term and long-term growth. As in past years, we intend to invest in our retail channels during the holiday selling period to drive incremental growth in subscribers, now worth nearly $1,000 each in LTV.

從銷售與行銷角度來看，各位將看到我們在短期與長期成長之間取得平衡。如同往年，我們計畫在假期銷售旺季加大對零售通路的投資，以推動訂閱戶的增量成長；目前每位訂閱戶的 LTV 接近 1,000 美元。

And you'll see us also invest in some market tests for both care and small business segments to collect data that will help feed our 2027 business plan and other future opportunities for growth. It is exciting to see Arlo on the cusp of entering these large markets that can generate substantially higher ARPU and LTV.

同時，各位也會看到我們在照護（care）與小型企業（small business）兩個區隔進行一些市場測試投資，以蒐集資料，為我們的 2027 年業務計畫及其他未來成長機會提供依據。看到 Arlo 即將進入這些可帶來顯著更高 ARPU 與 LTV 的大型市場，令人振奮。

Finally, our internal innovation pipeline has never been stronger. Arlo will launch Secure 7 at the end of Q3 with several new features and capabilities that keep us at the forefront of smart security and open the door to additional service plan options at higher price points.

最後，我們的內部創新管線從未如此強勁。Arlo 將於第三季末推出 Secure 7，帶來多項新功能與能力，使我們持續站在智慧安防的最前沿，並為更多、更高價位的服務方案選項打開大門。

And looking into 2027, Arlo will be launching a next-generation product line, coupled with Arlo Secure 8 that together will represent the most innovative and impactful advancement to customer experience and home security since Arlo's initial launch of DIY Security more than 10 years ago.

展望 2027 年，Arlo 將推出新一代產品線，並搭配 Arlo Secure 8；兩者合計將代表自 Arlo 於 10 多年前首次推出 DIY Security 以來，在客戶體驗與居家安防方面最具創新性且影響最深遠的進展。

Looking at the inorganic area of our capital allocation plan, Arlo generated a greater than 50% return from our Origin AI investment.

在我們資本配置計畫的無機成長面向，Arlo 對 Origin AI 的投資帶來超過 50% 的報酬。

And the acquisition of Aloe Care has enabled Arlo to address the $30 billion-plus market for smart elder care and aging in place.

而對 Aloe Care 的收購，使 Arlo 得以切入規模超過 300 億美元的智慧長者照護與在地安老（aging in place）市場。

Based on the early progress since the acquisition closed, we expect to have several additional partner announcements that will contribute to growth in 2027. We remain bullish but selective on future inorganic investment opportunities and continue to look for either smaller adjacent assets or potentially larger options if they fit directly into our core market.

基於收購完成以來的早期進展，我們預期將有數項額外的合作夥伴公告，並將在 2027 年帶動成長。我們對未來的無機投資機會仍保持樂觀但審慎篩選，並持續尋找較小的相鄰資產，或在符合我們核心市場的前提下，評估可能更大型的選項。

From a return to shareholder perspective, Arlo has bought back nearly 6 million shares since the inception of our share repurchase program and more than $20 million of shares in Q2 alone. The Board and the management team continue to believe that Arlo's shares are substantially undervalued and you should expect to see additional share repurchases going forward.

就股東回饋而言，自我們啟動庫藏股計畫以來，Arlo 已回購近 600 萬股，且僅第二季就回購超過 2,000 萬美元的股份。董事會與管理團隊仍持續認為 Arlo 股價被大幅低估，未來各位可預期我們將進一步進行股票回購。

Taking this all together, Arlo had a record-breaking Q2, strong first half and is executing a capital allocation plan that is contributing to short-term growth while positioning the company for additional growth in 2027 and beyond.

綜合以上，Arlo 第二季創下多項紀錄、上半年表現強勁，並正執行一項資本配置計畫，在貢獻短期成長的同時，也為公司在 2027 年及更長遠的未來奠定進一步成長的基礎。

I have never been more excited about Arlo's potential and believe that the next 18 to 24 months will begin a new phase of success for the company.

我從未像現在這樣對 Arlo 的潛力感到興奮，並相信未來 18 到 24 個月將為公司開啟新的成功階段。

And now I'll turn it over to Kurt for a more detailed review of our Q2 results and our outlook for the remainder of 2026.

接下來我把時間交給 Kurt，請他更詳細地回顧我們第二季的業績，以及我們對 2026 年剩餘期間的展望。

Thank you, Matt, and thank you, everyone, for joining us today.

謝謝你，Matt，也謝謝各位今天加入我們。

First, I will provide a detailed review of the key operational and financial results of the business. Then I will share an overview of our expectations for the third quarter, followed by an updated outlook for full year 2026.

首先，我將詳細回顧本業務的關鍵營運與財務成果。接著我會分享我們對第三季的預期概覽，並更新 2026 全年的展望。

We continue to deliver outstanding top and bottom-line growth, driven by a quarter of record subscriptions and services revenue, coupled with record total revenue. Arlo continues to outperform expectations. As a result of our subscriptions and services focus, which drives our expanding profitability metrics, including record levels of non-GAAP gross margins, adjusted EBITDA, and non-GAAP net income.

我們持續交出亮眼的營收與獲利成長，主要受惠於訂閱與服務營收創單季新高、同時總營收亦創新高。Arlo 持續優於預期。由於我們聚焦訂閱與服務，帶動獲利指標持續擴張，包括非 GAAP 毛利率、調整後 EBITDA 與非 GAAP 淨利皆創新高。

And we are well positioned to continue these trends into the back half of 2026.

我們也已做好準備，在 2026 年下半年持續延續這些趨勢。

During the period, we posted subscriptions and services revenue of $93 million., up 19% year over year and once again accounting for 60% of total revenues. Our subscriber base grew 23% year over year as we generated 298,000 new paid accounts in the period. This double-digit subscriber growth was bolstered by our outstanding customer retention efforts, especially the results generated in our retail business.

本期我們的訂閱與服務營收為 9,300 萬美元，年增 19%，並再次占總營收的 60%。本期新增 298,000 個付費帳戶，使訂閱用戶基礎年增 23%。這樣的雙位數訂閱成長，受惠於我們卓越的客戶留存工作，尤其是零售業務所帶來的成果。

Our subscriber growth, coupled with a slight increase in ARPU, drove ARR to $365 million, up 16% year over year.

訂閱用戶成長，加上 ARPU（每用戶平均收入）小幅提升，帶動 ARR（年度經常性收入）達到 3.65 億美元，年增 16%。

Product revenue was $62.9 million, up 23% from $51.2 million in the same period last year, a trend driven by strong growth in international business as well as strong device shipments into retail channels in advance of Amazon's Prime Day, which began in late Q2 of this year.

產品營收為 6,290 萬美元，較去年同期的 5,120 萬美元成長 23%。此趨勢主要由國際業務強勁成長，以及為因應亞馬遜 Prime Day（於今年第二季末開始）而提前向零售通路出貨的強勁表現所帶動。

Both of these factors resulted in additional retail sales with POS or point of sale volume increasing 9% for the first half of 2026 in comparison to the same period last year.

上述兩項因素帶來額外的零售銷售，使 2026 年上半年 POS（銷售點）銷量較去年同期增加 9%。

Our strategy to optimize our promotional campaigns around retail channels and product offerings that have higher subscription conversion rates helped enhance growth of our high-margin domestic retail subscription offerings.

我們的策略是圍繞零售通路，並針對具有較高訂閱轉換率的產品組合來優化促銷活動，從而提升高毛利的美國本土零售訂閱方案的成長。

Total revenue for the period came in at $155.9 million, a record and up 21% from the prior year, driven by the strong double-digit year-over-year growth in both subscriptions and services revenue as well as higher product revenue. Generating total revenue at this level is a testament not only to the strength of our services revenue trajectory but also to the diversification of our go-to-market strategy.

本期總營收為 1.559 億美元，創下新高，較去年成長 21%，主要由訂閱與服務營收的強勁雙位數年增，以及較高的產品營收所帶動。能達到此一總營收水準，不僅證明我們服務營收成長軌跡的強勁，也反映我們市場進入策略的多元化。

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.

從這裡開始，我的討論將聚焦於非 GAAP 數字。GAAP 與非 GAAP 數字之間的調節，已在我們今天稍早發布的財報新聞稿中詳列。

In line with our guidance, non-GAAP subscriptions and services gross margin was 84.1%, which was slightly impacted by non-recurring engineering services revenue or NRE associated with the ramp of our strategic partners.

符合我們的指引，非 GAAP 訂閱與服務毛利率為 84.1%，略受一次性工程服務營收（NRE）影響；該 NRE 與我們策略合作夥伴的加速導入（ramp）相關。

We reported non-GAAP product gross margins of 1%, up significantly from the negative 13.8% in the prior year period, primarily related to the $8 million in tariff refunds that were recorded during the period, as well as a higher mix of product sales coming from our strategic partners.

我們的非 GAAP 產品毛利率為 1%，較去年同期的負 13.8% 大幅改善，主要與本期認列的 800 萬美元關稅退稅，以及來自策略合作夥伴的產品銷售占比提高有關。

On a pro forma basis, after adjusting for tariff refunds in the quarter, our product gross margins would have been a negative 11.6%, which still represents an improvement of 220 basis points year over year. With the improvement in both services and product gross margins, we again surpassed the 50% consolidated non-GAAP gross margin level, an increase of 480 basis points year over year.

以備考（pro forma）基礎計算，若將本季關稅退稅影響調整排除，我們的產品毛利率將為負 11.6%，仍較去年同期改善 220 個基點。隨著服務與產品毛利率雙雙改善，我們再次超越 50% 的合併非 GAAP 毛利率水準，年增 480 個基點。

Consolidated gross margins at this level represent a new record and underscores the continuing uplift in profitability we are experiencing.

此一水準的合併毛利率創下新紀錄，並凸顯我們正持續體驗到獲利能力的提升。

Total non-GAAP operating expenses for the second quarter were $48.6 million, up 16.5% from $41.7 million in the same period last year. The year-over-year increase is driven by investments in R&D, including headcount to continue to drive our technology innovation ahead of our Arlo Secure 7 launch.

第二季非 GAAP 營業費用總額為 4,860 萬美元，較去年同期的 4,170 萬美元增加 16.5%。年增主要來自研發投資，包括人力擴編，以在 Arlo Secure 7 上市前持續推動技術創新。

Additionally, as mentioned earlier in the year, we are investing in delivering platform advancements for our strategic partners ahead of their launch of services.

此外，如同今年稍早所提到的，我們也在策略合作夥伴推出服務之前，投資於平台升級與強化。

Lastly, we experienced an increase in fees associated with professional services to support our growth initiatives and deliver an enhanced customer experience.

最後，我們也因專業服務相關費用增加而受影響，以支持成長計畫並提供更佳的客戶體驗。

During the quarter, adjusted EBITDA was $30.6 million, up 70% year over year and representing an adjusted EBITDA margin of 20%. Even in an investment year, which requires additional spend to integrate large-scale strategic partners into our platform, we are still expanding our adjusted EBITDA and margins, a testament to the significant operational and financial progress Arlo has made in its transformation.

本季調整後 EBITDA 為 3,060 萬美元，年增 70%，調整後 EBITDA 利潤率為 20%。即使在投資年度、需要額外支出以將大型策略合作夥伴整合至我們的平台之際，我們仍持續擴大調整後 EBITDA 與利潤率，這也證明 Arlo 在轉型過程中已取得顯著的營運與財務進展。

Profitability at this level translates into non-GAAP net income per dilutive share of $0.28. Including a favorable $0.07 impact due to tariff refunds. On a pro forma basis, assuming the exclusion of tariff refunds, our non-GAAP net income per dilutive share would have been $0.21, ahead of both the midpoint of our guidance range and consensus EPS estimates in the quarter.

此一獲利水準對應到稀釋後每股非 GAAP 淨利為 0.28 美元，其中包含因關稅退稅帶來的 0.07 美元正面影響。以備考基礎計算，若假設排除關稅退稅，我們的稀釋後每股非 GAAP 淨利將為 0.21 美元，高於本季指引區間中位數以及市場一致預期的 EPS 估計。

Regarding our balance sheet and liquidity position, we ended the quarter with $141 million in available cash equivalents, and short-term investments. This balance includes investments in various capital allocation initiatives, including $22 million as part of our stock repurchase program and $15 million as the cash paid in the period to acquire AloCare.

就資產負債表與流動性而言，我們在季末擁有 1.41 億美元的可用現金約當現金與短期投資。此一餘額包含多項資本配置計畫的投入，包括股票回購計畫的 2,200 萬美元，以及本期以現金支付 1,500 萬美元收購 AloCare。

For the six months ended June 28, 2026, we generated $33.9 million in free cash flow or a free cash flow margin of 11%. Our Q2 accounts receivable balance was $63.6 million at quarter end with DSOs at 37 days, down from 43 days last year as we continue to drive more subscribers to annual service offerings.

截至 2026 年 6 月 28 日止的六個月，我們產生自由現金流 3,390 萬美元，自由現金流利潤率為 11%。第二季應收帳款期末餘額為 6,360 萬美元，DSO（應收帳款週轉天數）為 37 天，較去年同期的 43 天下降，因我們持續推動更多訂閱用戶採用年度服務方案。

Our Q2 inventory balance was $48.4 million, up from the $30.9 million level last year.

第二季存貨期末餘額為 4,840 萬美元，高於去年同期的 3,090 萬美元。

Inventory returns, excluding acquired inventory, were 5.5 times, a decline from 7.7 times last year, as we look to optimize our inventory levels in an effort to reduce our shipping costs and manage any potential future increase in memory costs.

存貨周轉（不含併購取得的存貨）為 5.5 次，較去年的 7.7 次下降；我們正著手優化存貨水位，以降低運輸成本，並因應未來記憶體成本可能上升的風險。

Now turning to our outlook.

接下來談我們的展望。

We had an outstanding start to the year, driven by ongoing strength in our subscriptions and services business, which drove both our revenue and profitability. Looking forward, we expect the momentum in our subscriptions and services business to continue into the second-half of 2026. And we expect total revenue in the third quarter to be in the range of $140 to $150 million.

我們今年開局表現非常出色，主要受惠於訂閱與服務業務的持續強勁，帶動營收與獲利同步提升。展望未來，我們預期訂閱與服務業務的動能將延續至 2026 年下半年。我們預期第三季總營收將落在 1.40 億至 1.50 億美元之間。

From a profitability perspective, we will leverage any Q3 tariff refund to further invest in the strategic areas that are fueling our growth. This includes strategic partners such as Comcast and ADT.

就獲利能力而言，我們將運用第三季任何關稅退稅，進一步投資於推動成長的策略領域。其中包括 Comcast 與 ADT 等策略合作夥伴。

Second-half promotional campaigns with our top channel partners, innovation across our technology platform, and market tests ahead of our 2027 annual operating plan.

與我們最重要的通路合作夥伴在下半年展開促銷活動、在我們的技術平台上持續創新，以及在我們 2027 年年度營運計畫之前進行市場測試。

Despite these incremental investments, we expect our non-GAAP net income per dilutive share in the third quarter to be substantially ahead of consensus and in the range of $0.17 to $0.23. As a result of our strong first half and our outlook for the remainder of 2026, we are significantly increasing our outlook for total revenue and EPS for the full year.

儘管有這些增量投資，我們預期第三季的非 GAAP 稀釋後每股淨利將大幅優於市場共識，落在 0.17 美元至 0.23 美元之間。基於我們上半年表現強勁以及對 2026 年剩餘期間的展望，我們正大幅上調全年總營收與 EPS 的展望。

We are now expecting total revenue for the year to be in the range of $580 million to $600 million and non-GAAP net income per dilutive share to be in the range of $0.90 to $1.

我們目前預期全年總營收將落在 5.8 億美元至 6.0 億美元之間，非 GAAP 稀釋後每股淨利將落在 0.90 美元至 1.00 美元之間。

And now, I'll open it up for questions.

接下來我開放提問。

(Operator Instructions) Jacob Stephan, Lake Street Capital Markets.

(接線員指示) Jacob Stephan，Lake Street Capital Markets。

Hey, guys. Appreciate you taking the questions. Congrats on a really nice quarter here.

嗨，各位。感謝讓我提問。恭喜本季表現非常亮眼。

Maybe just first kind of looking at, the full year guide raise. I guess, when you kind of think about ARR growth for the full year, I mean, where does that land and how comfortable are you with those targets?

我先從全年指引上調來看。我想問的是，當你們思考全年 ARR 成長時，大概會落在哪個水準？你們對這些目標的把握度如何？

Yeah, thanks for the question, Jacob. As you saw, we had some really strong growth on the service revenue side, just touching about almost 20%. And what I would say is if you look at the metrics we talked about on the call, so churn improving, conversion improving, ARPU actually raising up a little bit, that is driving that LTV almost to $1,000 and that's usually a leading indicator of further growth when you look out on ARR as you go through the year. I would couple that with Arlo Secure 7 launch that's going to be happening sometime in September.

謝謝你的問題，Jacob。如你所見，我們在服務營收端有非常強勁的成長，接近 20%。我想說的是，如果你看我們在電話會議中提到的指標，例如流失率改善、轉換率改善、ARPU 也略有提升，這些正推動 LTV 接近 1,000 美元，而這通常是你在觀察全年 ARR 走勢時、對後續成長的領先指標。再加上 Arlo Secure 7 的推出，預計會在 9 月的某個時間點發生。

And that is not only going to bring a lot of new functionality to the table, it's enabling us to bring a higher tier of service. So you're going to see us actually add a subscription tier that's higher priced than the two that we have in the field today.

這不僅會帶來許多新功能，也讓我們能推出更高階的服務。因此你會看到我們新增一個訂閱層級，其價格高於目前市場上我們現有的兩個層級。

And that will obviously serve to grow ARR as we exit the year. So typically, you see some strength and some growth in ARR as we get toward the end of the year because of our launch of our products. But I think the metric improvement is usually a leading indicator as well. So we are targeting toward that 20%, not only on service revenue, which we're basically at now, but also on ARR as we exit the year.

這顯然將有助於我們在年底時推升 ARR。通常，隨著我們產品推出接近年底，你會看到 ARR 在年底前呈現一些強勢與成長。但我認為這些指標的改善通常也是領先指標。因此，我們的目標是朝 20% 邁進，不僅是服務營收（我們目前基本上已達到），也包括我們在年底時的 ARR。

And maybe just on Secure 7, since you talked about it. You highlighted the Q3 launch, I guess what features are going to be incremental about Secure 7 that aren't already in Secure 6 and how do you think about kind of the market appetite for higher ARPU offerings at this point?

再談一下 Secure 7，既然你提到了。你們提到會在第三季推出；我想問 Secure 7 相較於 Secure 6，會新增哪些功能？以及你們如何看待目前市場對更高 ARPU 方案的需求意願？

Yeah, so I don't want to get ahead of our launch in too much, but there are some functionality and some features that I think we've talked about in the past already, so I can touch on those and give you a little bit more color on why we're excited about it.

是的，我不想在正式推出前講得太超前，但確實有一些功能與特性我們過去已經談過，所以我可以提一下，並補充一些我們為何對此感到興奮的背景。

So first, we've talked about and I think most importantly, we've talked about the idea of the next level of AI enhancement or AI capabilities in the consumer security space. And so if you look at what most AI is doing, it's usually object detection or it's inferring from facial recognition or certain things where you're detecting an object and notifying or taking action based on that.

首先，我們談過、而且我認為最重要的是，我們談到在消費者安防領域 AI 強化或 AI 能力的下一個層級。如果你看大多數 AI 在做的事情，通常是物件偵測，或是從人臉辨識等推論，也就是偵測到某個物件後進行通知或採取行動。

What we have been working on for more than a year now is actually going to that next level and actually assessing. The entire event and what is the threat level given for that. And so that inferment or that assessment of what's actually happening is a whole other level of what AI can do and provides numerous improvements to both user experience and the speed of emergency response in those events that.

我們過去一年多一直在做的，是更進一步到下一個層級，實際去評估。整個事件，並判斷其威脅等級。因此，這種推論或評估「實際正在發生什麼」的能力，是 AI 能做到的另一個層次，能在使用者體驗與緊急事件的應變速度上帶來多項改善。

That really require that while also filtering out a false alarm. So it's a functionality that I think is going to be a dramatic improvement to the customer experience, number one, but it's also something that we can be leveraged with our strategic partners to have a much better outcome both on the speed of the response but also reducing false detection.

在那些確實需要這樣做的情境下，同時也能過濾掉誤報。所以我認為這項功能將在第一點上大幅改善客戶體驗；同時也能與我們的策略合作夥伴結合運用，在回應速度上帶來更好的結果，並降低誤偵測。

So I would say that is probably the most groundbreaking and really the next wave of innovation that we think is going to come over the next three to five years.

因此我會說，這可能是最具突破性、也是我們認為未來三到五年將出現的下一波創新。

In the, call it, advanced AI security space, you're also going to see numerous customer enhancements that have been asked for or requested over the last year and a half, and that's something we typically do is we roll up all of the functionality and feature requests that we've seen in the past year and roll those into user improvements, both at the app level or the service level.

在所謂的進階 AI 安防領域，你也會看到許多客戶強化功能，這些都是過去一年半以來客戶提出或要求的；而我們通常會把過去一年看到的各種功能與特性需求彙整起來，並將其納入使用者體驗的改善，無論是在 App 層級或服務層級。

There are also some -- we have a class of users that actually pay separately for something we call CVR, continuous video recording. And you're going to see a new tier service, but also a lot of enhancements and innovation in that area that we think is going to unlock the benefits of a higher tier service as well. So there's a lot in there.

另外還有一些——我們有一群使用者會另外付費購買我們稱為 CVR（連續錄影）的功能。你會看到一個新的服務層級，同時在該領域也會有許多強化與創新；我們認為這將有助於釋放更高階服務的價值。所以內容很多。

That gives you a little bit of the buckets, but we'll obviously talk a lot more about it and have a lot more detail when it launches in September.

以上先提供你一些面向；但我們顯然會在 9 月正式推出時，談更多並提供更詳細的資訊。

Okay, got it. And maybe just the last one for me. I mean, the last few quarters, we've talked a lot about strategic partnerships, three notable ones, ADT, Samsung, and Comcast. I'm wondering if you could kind of give an update on some of those. And obviously, ADT Blu is launched, but how are things with Comcast Xfinity? Where are you in the testing phase with that?

好的，了解。我最後一個問題。過去幾季我們談了很多策略合作夥伴，三個重要的包括 ADT、Samsung 和 Comcast。我想請你更新一下這些合作的進展。當然 ADT Blu 已經推出了，但 Comcast Xfinity 的進展如何？目前在測試階段進行到哪裡？

Any updates would be helpful. Thanks.

任何更新都會很有幫助。謝謝。

Yeah. So yeah, thanks for the question. And I didn't actually touch on that in the prepared remarks, and so I think it's a great thing to touch on. Everything is progressing extremely well. So ADT has now launched.

好的。謝謝你的問題。我在事先準備的講稿裡其實沒有提到這一點，所以我覺得這是個很好的補充。一切進展都非常順利。ADT 現在已經推出了。

And as we said before launch, we expect them to kind of ramp through this year, especially in the back half if you come into a holiday quarter and then lean in even more for a full year next year, and that's exactly what we're seeing. And I can't share anything, but we're expecting some significant marketing spend. And some visibility from ADT for that blue offering they have on the market. So expect to see that to grow and then expand as we get into the first part of next year and have a full year of launch there. So we're excited to see that and that's on track.

正如我們在推出前所說，我們預期他們會在今年逐步放量，尤其是下半年進入假期季度時，並在明年以完整年度更積極投入，而我們看到的情況正是如此。我不能分享太多細節，但我們預期會有相當可觀的行銷支出。以及 ADT 對其在市場上的 Blue 方案提供更多曝光。因此預期這項業務會成長，並在明年初隨著完整年度的推出而進一步擴大。我們很期待看到這些進展，而且一切都在軌道上。

Same thing with Comcast. So Comcast on a different timeline, but the integration and development with them is exactly on track. We spent some time with them actually in Philadelphia over the last couple of weeks. And I would say, if anything, there's actually probably more opportunity with this partnership across even more fronts of some of the services they want to deploy over time.

Comcast 也是一樣。Comcast 的時程不同，但與他們的整合與開發完全按計畫進行。過去幾週我們其實在費城與他們花了一些時間。而且我會說，如果有什麼的話，這項合作在他們希望隨時間部署的某些服務上，甚至可能在更多面向上帶來更大的機會。

So we're heads down. Everything's on track. And I would say, if anything, there's a desire to maybe try and get this launched closer to Q1 than Q2. But a lot of it will depend once we get test units into the field. And I'll say any more detail when we get closer to launching Comcast, so I have a lot more to say about that in the first half of next year.

所以我們正全力以赴。一切都在軌道上。而且我會說，如果有什麼的話，我們希望能把這個上線時間拉近到Q1而不是Q2。但其中很大一部分將取決於我們把測試機種投放到現場之後的情況。等到我們更接近與Comcast的上線時，我會再提供更多細節，所以明年上半年我會有更多可以分享的。

Very helpful, guys. Nice quarter.

非常有幫助，各位。這一季表現很不錯。

Thank you very much.

非常感謝。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Hey, Matt, Kurt, I appreciate it, and thanks for having us here. I guess I'm going to touch quickly. You called out obviously all of the input mechanics on ARPU uplift and reduced churn leading to higher LTV, but also obviously seeing pretty healthy product strength across the portfolio. I believe part of that was channel-led.

嗨，Matt、Kurt，感謝你們，也謝謝邀請我們來參加。我想我先快速帶到一點。你們提到很明顯，ARPU提升與流失率下降帶來更高的LTV等所有驅動因素，但同時也看到整體產品組合的產品力相當健康。我相信其中一部分是由通路帶動的。

To what extent maybe is that starting to be some of those strategic partnerships ramping, but also how that drives conviction as you get kind of more devices installed within each of the individual homes to drive that uplift and conversion to maybe better clarity through better homes as a part of that product motion.

這在多大程度上可能是一些策略夥伴關係開始放量，同時當你們在每個家庭內安裝更多裝置時，如何提升你們的信心，進而帶動那個提升與轉換——也就是透過更完善的家庭（better homes）帶來更清晰的成效，作為這個產品推進的一部分？

Yeah, I think you hit on all three -- yeah, sorry about that. You hit on all three of the components of that. So one is we saw strength in the partner channel. I would say it was pretty typical buying if we look at kind of the seasonality in the partner area, but it was definitely strong.

是的，我想你把三個點都講到了——嗯，抱歉。你確實點出了那三個組成部分。第一個是我們在合作夥伴通路看到強勁表現。如果看合作夥伴端的季節性，我會說採購行為相當典型，但確實很強。

Kurt mentioned in the prepared remarks that we saw some strength in our retail and direct channel as well. Some of that is the pull-in of Amazon Prime just by a few weeks. And so that shifts just a tiny bit in the quarter. But I would say in general, we've been capturing share and we've seen strength in the retail channel as we're continuing to see strength in the partnership channel. Both of those, to your point.

Kurt在事先準備的發言中提到，我們在零售與直營通路也看到一些強勁表現。其中一部分是Amazon Prime活動提前了幾週帶來的拉貨。因此在本季的認列上會有一點點移動。但整體而言，我們一直在取得市占，並且在零售通路看到強勁表現，同時也持續在合作夥伴通路看到強勁動能。這兩者都如你所說。

Also are things that will have us look at higher ARR growth and service revenue growth going forward because a lot of that's ending up in new households.

同時也會讓我們展望未來看到更高的ARR成長與服務營收成長，因為其中很大一部分最終會落在新的家庭戶。

The other topic you touched on is even when we sell these products into an existing household, you are correct in that when a household moves from one camera to two cameras or from two to three, the percentage of conversion or attached on the service revenue side also goes up as well. So when we see unit volume actually rise on a year-over-year basis, that is indicative of future service revenue and ARR growth.

你提到的另一個主題是，即使我們把這些產品賣進既有家庭，你說得沒錯：當一個家庭從一台攝影機增加到兩台，或從兩台增加到三台，服務營收端的轉換率或附加率也會同步提高。因此，當我們看到出貨量在年對年基礎上上升時，這就代表未來服務營收與ARR成長的指標。

Perfect. Thank you. Appreciate it, Matt.

完美。謝謝。感謝你，Matt。

And then maybe for you or Kurt as well too, I believe you guys called out some of the tariff savings maybe being utilized to reinvest more aggressively into the partnership motion, I guess, can you just kind of give us some additional context into what that looks like? I know obviously some of these will ramp in the back half of the year and into 2027, but maybe what the incremental investment or spend can further unlock or accelerate in that motion?

另外也許請你或Kurt回答：我記得你們提到部分關稅節省可能會用來更積極地再投資到合作夥伴推進上；能否再多給一些背景，說明這會是什麼樣子？我知道其中一些會在今年下半年以及到2027年逐步放量，但想了解這些增量投資或支出，能在那個推進上進一步解鎖或加速什麼？

Yeah, absolutely. And maybe just for clarity, we can kind of touch on exactly what we talked about on the call. So if you looked in Q2, we had about $8 million coming in from a tariff-free fund, and that's roughly $0.07 of EPS as you drop it through to the bottom line. And as Kurt mentioned, we handedly and substantially beat the quarter even if you back that out.

好的，當然。也許為了更清楚，我們可以回到電話會議上我們實際談到的內容。如果你看Q2，我們大約有800萬美元來自免關稅基金（tariff-free fund），把它流到損益表底線大約相當於每股盈餘0.07美元。而如Kurt所提，即使把這部分扣除，我們這一季的表現也仍然大幅超越。

This quarter, we're taking a different tact as the tariffs are coming in partially because we can see it coming and it's a little bit more predictable. And it's roughly $6 million that's going to come in or call it what would have been $0.05 EPS. But when we look out at the investment of using this found gross profit coming into the company for investments both short and long-term effect, the ROI is just so high.

這一季，因為關稅正在部分回來，我們採取不同做法，部分原因是我們看得到它要來了，而且可預測性更高。大約會有600萬美元進來，或可視為原本會是每股盈餘0.05美元。但當我們展望把這些「額外取得的」毛利投入公司、用於短期與長期的投資時，投資報酬率（ROI）實在非常高。

I just hosted last week the executive team at an offsite where we talked about the second half and looked at our annual operating plan, which is the kickoff really for us to have this planning process start and there are several areas where we find it exciting to kind of push into.

我上週剛在一次主管團隊的外部會議（offsite）中主持討論，我們談了下半年並檢視年度營運計畫；這其實是我們啟動規劃流程的起點，而我們看到有幾個領域很令人興奮，值得加大投入。

One is our typical sales and promotional into the Q3 and especially the Q4 timeframe, so you'll see us lean in a little bit there as we see household formation really converting into subscribers and we think leaning in there will expand shareholder value.

第一是我們在Q3、尤其是Q4期間一貫的銷售與促銷投入；因此你會看到我們在那裡稍微加大力道，因為我們看到家庭戶形成（household formation）正在轉換為訂閱用戶，我們認為加大投入將能擴大股東價值。

Two is partnerships. Kurt touched on this, so the strategic partnerships, investing in the engineering on both our platform in general and accelerating some of the things for Arlo Secure 8 and some of the technology we'll talk about next year, but also the integration and maybe speeding up the integration with a couple of strategic partners is beneficial to unlocking additional growth in 2027.

第二是合作夥伴關係。Kurt也提到這點：策略夥伴關係方面，我們會在工程資源上加碼投資——一方面是整體平台，另一方面是加速Arlo Secure 8的一些事項，以及一些我們明年會談到的技術；同時也包括整合工作，並可能加快與幾家策略夥伴的整合速度，這有助於在2027年解鎖額外成長。

And then I mentioned, I think Kurt mentioned as well, the test. So we are looking at doing, and these are relatively small, but spending a little bit money investment in Q3 to test some price points and channels for both.

另外我也提到、我想Kurt也有提到，就是測試。因此我們正在評估在Q3投入一些資金做測試——金額相對不大——用來測試一些價格點與通路，涵蓋兩個面向。

Our care from our Aloe Care acquisition and in the small business. And so you see us do that a little bit in Q3 and a little bit more in Q4. And what we do is when we build our annual operating plans, we always like to have real data to base that off of. And so this will not only look for additional revenue enhancement in the second half and maybe subscription revenue and subscribers, but really set us up to lock down a more cohesive plan based on real data. 2027, where we know, at least in the care area, there's substantial opportunities for growth.

一個是我們透過Aloe Care收購而來的照護（care）業務，另一個是小型企業（small business）。因此你會看到我們在Q3做一點，在Q4再多做一些。我們在制定年度營運計畫時，一向希望有真實數據作為依據。所以這不僅會在下半年尋求額外的營收提升，可能也包括訂閱營收與訂閱用戶數的提升，更重要的是讓我們能基於真實數據，鎖定一個更一致、更完整的2027年計畫；至少在照護領域，我們知道存在相當可觀的成長機會。

So when you step back and you say, well, why treat those two quarters differently? Again, we take our role as stewards of the capital of the company, of our those capital, very seriously. And so when the tariff-free fund came in at the end of Q2, we looked at it and said, wow, there's opportunities to maybe spend and invest, but we don't have the time to actually do the rigor and the discipline and investigation of what would that ROI be and how fast would we see it for shareholders.

所以當你退一步看，會問為什麼要用不同方式處理這兩個季度？再次強調，我們非常嚴肅地看待自己作為公司資本、以及我們資本的管理者（stewards of the capital）的角色。因此當免關稅基金在Q2末進來時，我們看了之後覺得：哇，或許有機會花錢投資，但我們沒有時間去做足夠嚴謹、具紀律的評估與研究，來判斷ROI會是多少、以及股東多久能看到回報。

So we decided to drop that down to the bottom line like we talked about in the Q2 results. Q3, we have the time and we have the time. And so we're going to use that smaller parrot rebate to fund very strategic areas of the business and explorations to drive, like I said, short-term growth and then what we call long-term growth, which really isn't that long-term, it's really in the next 18 months.

所以我們決定如同在Q2財報中所說，把它直接落到損益表底線。到了Q3，我們有時間，而且我們確實有時間。因此我們會用這筆較小的關稅回饋（tariff rebate）去資助一些非常策略性的業務領域與探索，以推動我剛才說的短期成長，以及我們所稱的長期成長——其實也不算太長期，基本上是在接下來18個月內。

So that's the numbers, that's the color commentary and the reason why you're seeing us do two different things from Q2 to Q3.

以上就是數字、補充說明（color commentary），以及你看到我們從Q2到Q3採取兩種不同做法的原因。

Terrific. Thank you, Matt. Appreciate it.

太棒了。謝謝你，Matt。感謝。

You're welcome.

不客氣。

Your next question comeRyan Vissen from Craig-Hallum. Please go ahead.

下一個問題來自 Craig-Hallum 的 Ryan Vissen。請開始。

Hey, Matt. Hey, Kurt. Ryan on for Tony Stoss. Thanks for taking my questions.

嗨，Matt。嗨，Kurt。我是 Ryan，代 Tony Stoss 提問。謝謝讓我提問。

Just quickly, I want to touch on the Aloe Care, the Home Helpers deployment. It seems like that was the first commercial expansion since you closed the acquisition. I guess, can you talk a little bit about how maybe that channel works, what the reception has been like from some of the care providers and kind of how you're thinking about Aloe Care runway into next year? Thanks.

我想先簡單談一下 Aloe Care 與 Home Helpers 的部署。看起來那是你們完成收購後的第一次商業化擴張。我想請你談談這個通路可能是如何運作的、照護服務提供者的反應如何，以及你們如何看待 Aloe Care 延伸到明年的成長空間（runway）？謝謝。

Yeah, great question. And we did the Aloe Care acquisition. For two reasons. One is the technology they have today and the technology roadmap, but also the pipeline of potential customers that we saw right before we did the acquisition. And Home Helpers is a great example of that. So they are a typical provider that provides on-site support for numerous stay-at-home elderly care people out in the field.

是的，這是個很好的問題。我們進行 Aloe Care 收購，主要有兩個原因。一是他們目前擁有的技術與技術路線圖，二是我們在收購前看到的潛在客戶管線。Home Helpers 就是很好的例子。他們是一家典型的服務提供者，為許多居家長者照護對象提供到府支援，服務人員在外勤現場工作。

And they used the Aloe Care technology to monitor the health, but also communicate with the people in the field and be able to escalate and notify if there's something that needs to be corrected or somebody needs to be checked in on. So it allows them to scale their business.

他們使用 Aloe Care 的技術來監測健康狀況，同時也能與外勤現場的人員溝通，並在需要修正某些狀況或需要關懷/查訪某位個案時，進行升級處理與通知。因此這讓他們能夠擴大其業務規模。

What we're excited about in this is not only just doing business with somebody like Home Helpers, but actually rolling out some of the new technology that Aloe Care has been working on for the last years include AI calling and AI check-ins, which is absolutely fabulous. We're hoping to demo this to the analysts at some point very soon because it's pretty job dropping that you can provide AI call check-ins at a scale and provide all the feedback back into a dashboard for the caregivers where all the feedback from that user is actually collated and you can start to predict issues in the future.

我們對此感到興奮的不只是與 Home Helpers 這樣的客戶做生意，更在於能把 Aloe Care 過去幾年一直在研發的新技術推出，包括 AI 電話與 AI 關懷查訪（check-ins），這真的非常出色。我們希望很快能在某個時間點向分析師展示，因為它相當令人驚艷：你可以大規模提供 AI 電話關懷查訪，並把所有回饋匯入照護者的儀表板；使用者的回饋會被彙整起來，進而開始預測未來可能出現的問題。

So you can start to build algorithms to predict falls or predict issues like dehydration of things just from conversations that are having in the home.

因此你可以開始建立演算法，僅從在家中的對話內容，就能預測跌倒風險，或預測像是脫水等問題。

So two things. One, it's exciting that we're seeing the expansion of the Aloe Care business even at this early stage, but two, seeing some of the most advanced technologies that Nobody Health has on the market be deployed through some of these partners.

所以有兩點。第一，很令人振奮的是，即使在這麼早的階段，我們就看到 Aloe Care 業務的擴張；第二，看到 Nobody Health 在市場上最先進的一些技術，能透過這些合作夥伴被部署落地。

Now I mentioned on the call as well, I think Home Helpers is an initial example of a partner that we've been able to announce very soon after the acquisition. You can expect several more, I would say, over the next maybe six to nine months be announced and not only add maybe a little bit of growth this year, but definitely set us up for some pretty substantial growth in the segment in 2027.

我在電話會議中也提到，我認為 Home Helpers 是我們在收購後很快就能宣布的合作夥伴初步案例。接下來大概六到九個月內，你們可以期待我們再宣布好幾個合作夥伴；這不僅可能在今年帶來一些成長，更重要的是，將讓我們在 2027 年於該細分市場實現相當可觀的成長。

Perfect. Thank you, Matt. Congrats on the results, guys.

太好了。謝謝你，Matt。恭喜各位這次的成果。

Thank you.

謝謝。

Scott Searle, Roth Capital Partners.

Roth Capital Partners 的 Scott Searle。

Hey, good afternoon. Thanks for taking the questions. Congrats on the quarter.

嗨，午安。謝謝讓我提問。恭喜這一季的表現。

Matt, we tended to talk about some of the strategic partnerships that you've established more recently, but we used to talk a little bit about some of the unpaid subscribers and potentially monetizing some of them as well. I think early on in some of the advertising trials, you were looking to use that to basically drive upsell opportunities. I'm wondering if you could give us a quick update in terms of monetization aspects on the unpaid subscriber base?

Matt，我們最近常談到你們建立的一些策略合作夥伴關係，但以前我們也會談到一些未付費訂閱者，以及可能將其中一部分變現。我記得在早期的一些廣告試驗中，你們希望藉此基本上帶動加購（upsell）機會。我想請你簡要更新一下：針對未付費訂閱者基礎，在變現面向上目前進展如何？

Yeah, great question, Scott. So you're absolutely right. We've seen some very strong success in the advertising to non-paid subscribers of the services and subscriptions that we offer.

是的，這是個很好的問題，Scott。你說得完全正確。我們在向未付費訂閱者投放我們所提供的服務與訂閱方案廣告方面，已看到非常強勁的成效。

Our initial look at advertising, we actually tested selling hardware, we tested selling services, and we tested third-party advertising in that kind of free with ads, non-subscriber bucket. And the ROI was very clearly if you had a user that actually signs up and the amount of users we were able to convert from actually advertising and showing the benefits of our subscription services, that ROI was the highest by far. And so we've converted tens of thousands of subscribers from unpaid to paid.

我們最初在廣告方面的嘗試，實際上測試過銷售硬體、測試過銷售服務，也測試過第三方廣告，也就是那種「免費但有廣告」的非訂閱者族群。而投資報酬率（ROI）非常明確：如果能讓使用者實際註冊，並透過廣告展示我們訂閱服務的好處來促成轉換，我們能轉換的使用者數量所帶來的 ROI 遠遠最高。因此我們已將數以萬計的訂閱者從未付費轉為付費。

Just this year through advertising and being able to convert people over, and that's something you're going to see us continue to lean into and probably do more of. Where we get excited is actually starting to look at these households in more detail and maybe start to advertise Aloe Care services in the future and some other opportunities to actually bring even more subscription conversion overtime.

光是今年，我們就透過廣告並促成轉換做到這點；而這也是你們會看到我們持續加大投入、而且可能做得更多的方向。我們更感到興奮的是，開始更深入地檢視這些家庭用戶，未來也許能開始推廣 Aloe Care 服務，以及其他一些機會，隨時間推進帶來更多訂閱轉換。

The other one we have done historically off and on and we're looking to do again as we get into Q4 and the first half of next year, as I mentioned earlier that we see subscription conversion jump when a single camera household moves to a two-camera plus household. And so there's ways to promote free advertising or promote to that non-subscriber that has a single camera, a second camera on sign-up, and we see pretty healthy conversion in those kinds of offers as well.

另外一個我們過去曾斷斷續續做過、而且正考慮在今年第四季與明年上半年再做的事情是：如我先前提到的，當單一攝影機家庭升級為兩台以上攝影機家庭時，我們會看到訂閱轉換率上升。因此有一些方式可以做免費廣告推廣，或針對那種擁有單一攝影機的非訂閱者，在註冊時提供第二台攝影機的方案；我們也在這類優惠中看到相當健康的轉換。

And so you'll see us experiment with a little bit more of that both at the end of this year but going into the first half of next year before Arlo Security 8 launches.

因此你們會看到我們在今年底以及明年上半年、在 Arlo Security 8 上線之前，對這些做法進行更多實驗。

That's very helpful. And maybe to follow-up on Aloe Care, it sounds like you're starting to develop some incremental channel partners in terms of starting to deploy those types of services. I'm wondering where, I guess, self-install models, right, the DIY model fits for you with Aloe Care. Is that something we start to see more of in 2025 and how you're thinking about that?

這很有幫助。另外想追問 Aloe Care：聽起來你們正開始發展一些新增的通路合作夥伴，以部署這類服務。我想問的是，就 Aloe Care 而言，自行安裝模式，也就是 DIY 模式，對你們的定位是什麼？這會是我們在 2025 年開始看到更多的方向嗎？你們是怎麼思考的？

Yeah, Scott, you nailed it. That's one of our tests in Q4. So when we did the. Acquisition of Allocare, they were predominantly focused on certain types of providers and kind of in certain governmental areas. Once it was announced, we had an inbound set of calls and I would say substantial calls from retail channel partners to additional state government agencies to federal government agencies to healthcare providers and others that are in the field like home helpers.

是的，Scott，你說到重點了。這是我們在第四季要做的其中一項測試。所以當我們進行AloCare 的收購時，他們主要聚焦在特定類型的服務提供者，以及某些政府相關的領域。一旦消息公布，我們就接到一波主動來電；我會說，從零售通路合作夥伴、更多州政府機構、聯邦政府機構、醫療照護服務提供者，以及像 Home Helpers 這類在外勤現場的其他單位，都有相當大量的洽詢。

And so the inbound interest was pretty high. I would add to that list, even some of our current strategic partners showed significant interest in actually deploying Aloe Care as well. So what you see us doing is going through that opportunity stack. And we're determining where we want to deploy some of the resources, and that's some of the investment that we're talking about in Q3.

因此主動詢問的興趣相當高。我也要補充的是，甚至我們目前的一些策略合作夥伴，也對部署 Aloe Care 表現出高度興趣。所以你們會看到我們逐一評估這些機會堆疊（opportunity stack）。我們正在判斷要把資源投入在哪些地方，而這也就是我們在第三季所談到的部分投資。

And to your point, one of the specific market tests we're going to do is deploy AloCare back into the D2C DIY channel and get some numerics that we can then use to go build our 2027 annual operating plan.

而如你所說，我們將進行的一項特定市場測試，就是把 AloCare 重新部署回 D2C 的 DIY 通路，並取得一些數據指標，之後用來建立我們 2027 年的年度營運計畫。

Got you. Very helpful. And lastly, just other adjacencies. I'm wondering how active those types of explorations and discussions are ongoing right now and how you kind of weigh that in terms of capital allocation and stock buybacks?

了解。非常有幫助。最後，關於其他相鄰領域。我想了解目前這類探索與討論進行得有多積極，以及你們在資本配置與股票回購方面如何權衡？

And a quick question for Kurt. Just want to clarify. So the tariffs in the second quarter were contra COGS, I guess, which produced the 1% gross margins. But going forward, we should be thinking about. Modeling at that, negative 10% kind of gross margin range going forward on the product side? Thanks.

另外給 Kurt 一個快問。我想確認一下。所以第二季的關稅是作為 COGS 的抵減項，我想因此帶來了 1% 的毛利率。但往後我們應該怎麼看？在產品端往後的模型，是不是要用大約負 10% 這種毛利率區間？謝謝。

Yeah, Kurt, you want to do that first?

好，Kurt，你要先回答這個嗎？

Yeah, I'll answer. Sure, Scott, sure. Yes, you're correct. As you pointed out for Q2, the $8 million tariff refund was applied to our product gross margin, so you saw the 1% positive gross margin for products.

好，我來回答。當然，Scott，當然。是的，你說得沒錯。如你指出的，第二季那筆 800 萬美元的關稅退稅計入了我們的產品毛利，因此你看到產品毛利率為正 1%。

As we look out to the second-half and frankly into the future, you would expect us to go back to the same strategy we've been deploying to date, and that is that using that product and sale and that product gross margin is really CAC, cost of customer acquisition and our tool to drive household activation.

展望下半年，坦白說也包括更長遠的未來，你會預期我們回到目前為止一直採行的同一套策略；也就是說，我們把產品銷售以及產品毛利本質上視為 CAC（客戶取得成本），作為推動家庭用戶啟用的工具。

Our guess is that margins on the product side would be in that negative, say, mid to high single-digits, maybe even getting up to the 10s. And so as we get into the next couple of quarters, we'll kind of revert back to our approach and our strategy from the past while we're using this tariff-free fund to benefit some of the growth areas that Matt mentioned earlier.

我們推估產品端的毛利率會落在負值區間，例如負的中到高個位數，甚至可能到負 10% 左右。因此接下來幾個季度，我們會回到過去的做法與策略，同時運用這筆免關稅資金去支持 Matt 先前提到的一些成長領域。

And then to your question, Scott, on adjacencies, there are many opportunities and there are adjacencies everywhere we turn and look. And I think part of that is we're seeing a lot of strength just in the security market, the core market, as you can see from the results and that strength was across channels.

至於你問到的相鄰領域（adjacencies），機會很多，而且我們不管往哪裡看都有相鄰機會。我想其中一部分原因是，我們在安防市場、核心市場本身就看到很強的動能，從結果你也看得出來，而且這股強勁是跨通路的。

There are so many adjacencies that we can step into and we want to be very selective about it. And I think I used that word in the prepared remarks. We have now our Aloe Care, right, which is opening up a TAM that is anywhere from $30 billion roughly today going towards $300 billion TAM over the next eight to nine years. So that is not only a large market but a growing market. We want to make sure we're successful there and we execute there and can show the return on investment very quickly to our shareholders in the market in general because we think there's huge pools of opportunity there, again, across all our channels.

我們可以切入的相鄰領域非常多，但我們希望非常審慎地選擇。我想我在事先準備的發言中也用了「審慎」這個詞。我們現在有 Aloe Care，對吧？它正在打開一個 TAM（總可服務市場），目前大約 300 億美元，未來八到九年可望成長到 3,000 億美元的 TAM。所以這不只是個大市場，也是個成長中的市場。我們要確保在那裡能成功、能落地執行，並且能很快向股東與整體市場展現投資報酬，因為我們認為那裡有非常龐大的機會池，而且同樣是跨我們所有通路。

We are looking at other adjacencies, but I would say they're kind of second priority at this point until we have Aloe Care absolutely set. So I mentioned small business on the call, there is a test, we'll do some tests in the small business to see if we can maybe organically address some of that market as we come out with some of our new products next year and that will give us some intelligence ahead of time.

我們也在看其他相鄰領域，但我會說在目前階段，它們大概是第二優先，直到我們把 Aloe Care 完全定型、站穩為止。所以我在電話會議上提到小型企業，我們會做一些小型企業的測試，看看是否能在明年推出一些新產品時，以更有機的方式切入那個市場，並提前取得一些洞見。

So I would say, yes, there's many adjacencies. We are interested in them. We know we have one that we want to execute extraordinarily well and show our investors that our lives there and that is on a path to actually add to our long-range plan.

所以我會說，是的，相鄰領域很多。我們有興趣。我們也知道有一個領域是我們想要把執行做到極致，並向投資人證明我們在那裡的布局，而且那也正走在能納入我們長期計畫、帶來增量的路徑上。

Other than that, any other kind of inorganic investment would likely be more in our core market. Because we do believe we still see some consolidation in the space happening and we think we are going to be one of the benefactors of that consolidation. And if that can add to growth and even speed it up further than what we're already seeing, we would consider that as well.

除此之外，任何其他類型的非有機投資，可能更會集中在我們的核心市場。因為我們確實相信這個領域仍會出現一些整併，而我們認為自己會是這波整併的受益者之一。如果那能為成長加分，甚至讓成長速度比我們目前看到的更快，我們也會加以考慮。

Great. Thanks so much. Great quarter, guys.

很好。非常感謝。各位這一季表現很棒。

You're welcome, Scott.

不客氣，Scott。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Hi, guys. Thanks for taking my question. This is [Brian] on for James.

嗨，各位。謝謝讓我提問。我是代 James 發問的 [Brian]。

Any further color you guys can give us around the impact of Prime Day shift from Q3 to Q2 this quarter?

你們能否再多分享一些關於本季 Prime Day 從第三季移到第二季，對你們造成的影響？

Yes. So as Matt mentioned earlier, this -- and I think I talked about it on our pre-recorded remarks. This was the first year that Prime Day actually was pulled from Q3 into Q2, which means that ultimately our product revenue and the shipping associated with that particular event increased. So we pulled forward some of that product revenue into the quarter and we saw a bit of a lift. So when you look at the success we had this quarter regarding the growth in our product revenue, it was a combination of both international business as well as really from. Retail partners, but in particular for the Prime Day event.

可以。如 Matt 先前提到的——我想我在我們預錄的發言裡也談到——今年是 Prime Day 第一次從第三季拉到第二季，這表示最終我們的產品營收以及與該活動相關的出貨量都增加了。因此我們把部分產品營收提前到本季，並看到一些提振。所以當你看本季產品營收成長的表現時，它是國際業務以及零售合作夥伴共同帶動的結果，尤其是 Prime Day 活動。

As we look at the activity that came out of that, we thought that we performed pretty well. Obviously, the Amazon platform and that marketplace is a big platform for us in terms of.

就該活動帶來的動能來看，我們認為表現相當不錯。顯然，Amazon 平台與其市集對我們而言是很重要的平台，就……

Security and safety solutions. And so as we look at the results from that, we did pretty well relative to our forecast and we're pleased with the way things worked out. So we'll look and see how that's going to impact us in the second-half. As you can tell from our guidance for the third quarter, we're still expecting product revenue to be pretty healthy, irrespective of the fact that we had the ship in to Prime Day coming in Q2.

在安防與安全解決方案方面。因此從結果來看，我們相對於預測表現得很好，也對整體結果感到滿意。接下來我們會觀察這對下半年的影響。從我們對第三季的指引你也看得出來，即使 Prime Day 的備貨出貨在第二季完成，我們仍預期產品營收會維持相當健康。

Yeah, and maybe I'll just add that that shift, it's not like the entire shift happens across all the product shipments. So even when Prime Day is typically in July, often there's some shipments that happen in Q2 to go fulfill that. So when it shifted from July to June, it's really only a couple of weeks maybe of shipments that actually shift there.

對，我也許補充一下：這個移轉並不是所有產品出貨都整體一起移。所以即使 Prime Day 通常在 7 月，往往也會有一些出貨在第二季就先發生，以便履行該活動的需求。因此當它從 7 月移到 6 月時，實際上真正移轉的可能只是幾週的出貨量。

It's not like the entire bulk of our Amazon Prime Day shipments shift from Q3 to Q2. So that's why you see a little bit of movement there, but it's not as much as you would think if you know how long it takes to actually ship everything in for the event anyway.

並不是我們 Amazon Prime Day 的出貨主體全部從第三季移到第二季。所以你會看到一些變動，但不會像你想像的那麼大，因為你也知道，為了活動把所有貨實際運進去本來就需要時間。

Very helpful. And then any way to think about the net add pace for paid accounts and what you would expect to get from new conversions for the rest of the year?

非常有幫助。另外，付費帳戶的淨新增速度該怎麼看？以及你們預期今年剩餘時間新轉換能帶來多少？

Yeah, so that's part of the forecast as we look into the second half. So our net paid accounts, as you've seen, is actually progressing very well. And above the range that we've given is what we think a typical quarter would be, so we're definitely overachieving on that metric and seeing a lot of paid ad accounts above the range that we've stated in the past, and I think you're going to see that continue.

好的，這也是我們在看下半年預測時的一部分。所以如你所見，我們的付費帳戶淨增其實進展得非常好。而且高於我們所給的區間——那個區間是我們認為典型季度的水準——所以我們在這個指標上確實超出預期，看到付費帳戶新增高於我們過去所說的範圍，我想你會看到這個趨勢持續下去。

The interesting part is when we have sales in any given channel. How many of those are net new households that then go into the top of the funnel and how many households are maybe buying a third or fourth camera or they're an existing subscriber, right? And that gives you an idea of what's driving the net paid accounts.

有趣的部分在於，當我們在任何特定通路產生銷售時。其中有多少是全新淨新增的家庭戶，進而進入漏斗頂端；又有多少家庭戶可能是在買第三或第四台攝影機，或他們本來就是既有訂閱戶，對吧？而這能讓你了解是什麼在驅動淨付費帳戶。

One of our data insights that we've done over the last, I would say, two or three quarters is really understanding what types of offers and what types of SKUs drive new household formation versus second or third purchase for an existing household. And so what you're going to see as we get into the second-half of the year is we're shifting promotional dollars and leaning in the areas, the SKUs, the channels, the types of offers that drive household formation, which then puts those households in the top of the funnel and tends to generate net adds at an even faster.

我們在過去我會說兩到三個季度所做的一項數據洞察工作，是更深入理解哪些類型的促銷方案、哪些類型的SKU，會驅動新家庭戶形成，相較於既有家庭戶的第二次或第三次購買。因此，當我們進入下半年時你會看到，我們正在調整促銷預算，把資金更集中投入到那些能驅動家庭戶形成的領域——也就是SKU、通路與方案類型——這會把這些家庭戶放到漏斗頂端，並且往往能以更快的速度帶來淨新增。

So we think we'll see conversion continue to tick up a little bit as we get through the holiday period. And some of that is what you're seeing from our tweaking and utilization of data insights to drive a smarter deployment of capital into the promotional space.

所以我們認為，隨著我們度過假期檔期，轉換率會持續小幅上升。其中一部分來自於你所看到的：我們透過微調並運用數據洞察，讓資本在促銷領域的投放更聰明。

Very good. And then final one for me.

非常好。那我最後一個問題。

What kind of traction are you guys seeing with your more premium subscription offerings? How much of kind of your upside this quarter was more driven by those premium offerings as compared to the full new household kind of ads?

你們在較高階的訂閱方案上看到什麼樣的進展？本季你們的上行表現，有多少是由這些高階方案所驅動，相較於完全由新家庭戶帶來的新增？

Yeah. So if you look at ARR increase pretty much from the beginning of the year, a lot of that is or most of that is actually mixed shift. So we are seeing people mix into higher tier plans. And some of that is how we promote it, how we price it, how we position it in the area.

是的。如果你看年初以來ARR的提升，其中很大一部分、或說大多數，其實是組合轉移（mix shift）。也就是我們確實看到用戶轉向更高等級的方案。而其中一部分取決於我們如何推廣、如何定價，以及我們在市場端如何定位。

One of the things we've seen in the last quarter too is a higher growth rate in sales or a higher percentage of sales on some of our higher-end products, so call it Arlo Pro and Arlo Ultra actually did very well in the last quarter compared to previous quarters. And so that tends to shift users, those are the types of users that tend to subscribe to a higher-tier plan.

另外，我們在上一季也看到，在部分高階產品上的銷售成長率更高、或高階產品銷售占比更高；例如 Arlo Pro 與 Arlo Ultra 在上一季相較於前幾季表現其實非常好。這通常會帶動用戶結構轉移，因為購買這類產品的用戶，往往更傾向訂閱更高階的方案。

We think that movement or that mix shift will continue, especially as we launch a higher-tier plan as part of our list Tier 7.

我們認為這樣的變動、或這種組合轉移會持續，特別是當我們推出更高階的方案，作為我們清單中的第7層級（Tier 7）的一部分。

Great. Thank you, guys, and congrats again on the quarter.

太好了。謝謝各位，也再次恭喜本季表現。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

I appreciate you squeezing me in.

感謝你們把我塞進來提問。

I want to start on the gross margin piece, Kurt. I think it was like a minus 11% gross margin for product on the core, taking out the tariff noise, understanding that you're positioning that as better year over year. But I'm wondering what drove that down sequentially. It seemed like we were making progress on that and improving all the way into Q1 and took a step back.

我想先從毛利率這塊開始問，Kurt。我記得核心產品的產品毛利率大概是負11%，把關稅的雜訊拿掉後，你們理解上是年對年更好。但我想知道是什麼導致它季對季下滑。看起來我們一路到Q1都在改善，結果又退了一步。

I know you launched ADT Blu in the quarter. I'm wondering if maybe that's dilutive to gross margin. And just to clarify going forward, I think you mentioned this earlier, but I didn't quite catch it, your expectations for product gross margins for the rest of the year, are we going to kind of remain in this sort of a range?

我知道你們本季推出了 ADT Blu。我在想這是否會稀釋毛利率。另外也想釐清一下往後的展望：我想你先前有提到，但我沒有完全聽清楚，你們對今年剩餘期間的產品毛利率預期是什麼？我們會大致維持在這樣的區間嗎？

And then I have a follow-up for Matt on this.

然後我還有一個問題要追問 Matt。

Yeah, hey, Adam, how are you doing?

是的，嗨 Adam，你好嗎？

So no, I wouldn't look at it that we took a step back. Actually, this is just part of the natural seasonal cadence of how we promote throughout the year and how that impacts our overall product revenue, promotional spend and ultimately the product gross margin. So as we pointed out, this was a little bit of an unusual quarter in the sense that the Amazon Prime Day event was pulled into Q2.

所以不，我不會把它看作是我們退了一步。其實這只是我們全年促銷節奏的自然季節性循環的一部分，以及它如何影響我們整體產品營收、促銷支出，最終影響產品毛利率。如同我們指出的，這一季有點不尋常，因為 Amazon Prime Day 活動被拉到Q2。

Leading into that particular event, it is critical for us to properly set up the right promotional campaigns and situate our products to meet the demand and where the customer is. So when you look at that 11% negative margin we highlighted on a pro forma basis, actually it was right in line with our expectation given what we had in working with the Amazon event.

在該活動之前，對我們而言關鍵是要正確設定合適的促銷活動，並把產品放在能滿足需求、也就是客戶所在的位置。因此，當你看我們在備考（pro forma）基礎上強調的負11%毛利率時，考量到我們配合 Amazon 活動的安排，其實完全符合我們的預期。

So we were pleased with the outcome there. Obviously, the windfall or the benefit from that tariff was a bit unexpected. We had filed for that back in the mid-late part of April and we didn't realize when it would actually be processed and come in, so that came in, like Matt mentioned, towards the late part of Q2, which offset that margin.

所以我們對那個結果感到滿意。當然，關稅帶來的意外之財或好處有點出乎預期。我們在4月中下旬就提出申請，但不知道何時會完成處理並入帳；因此如 Matt 所提，是在Q2後段才進來，進而抵銷了那個毛利率影響。

But we've been managing our product revenue and our margins around product pretty well and we feel good about where we are relative to the seasonal promotional activity that we manage each quarter and on an annual basis.

但我們一直把產品營收與產品相關毛利率管理得相當不錯；就我們每季與全年所管理的季節性促銷活動而言，我們對目前相對位置感到良好。

As we actually look out to the remainder of the year, I think you'll expect you you can expect us to be in that mid to high 10s of negative margin for the product. We think that's probably where we'll need to be in order to maintain the growth in our POS. We've been really pleased with the fact that in the first half of 2026, we were at. POS growth of about 9%, that's kind of where we like to target, that 9% to 10% range.

當我們展望今年剩餘期間時，我想你可以預期我們的產品毛利率會落在負的十幾個百分點中段到高段。我們認為，為了維持我們POS的成長，可能需要維持在那個水準。我們對於2026年上半年我們達到的表現感到非常滿意。POS成長大約9%，這大致就是我們希望鎖定的目標，也就是9%到10%的區間。

So I think we're managing the product and product sales pretty well relative to our expectations and the full-year outcome.

所以我認為，就我們的預期與全年結果而言，我們對產品與產品銷售的管理是相當到位的。

Maybe as a follow-up, Matt, I understand you've got a sizable raise to the total revenue guidance. I think if we look at the composition of that, it's all product. And as Kurt just mentioned, it sounds like product gross margin is going to remain negative going forward.

作為追問，Matt，我理解你們把總營收指引上調幅度不小。我想如果看其組成，全部都是產品。而如 Kurt 剛提到的，聽起來產品毛利率未來仍會維持為負。

So accelerating revenue at loss-making level and product, I'm wondering why that's the right strategy and also the services revenue being unchanged. Why wouldn't that be higher if your expectations for product revenue are going up? Is there something, some disconnect in like attach rates or something like that that would drive that?

所以在產品仍是虧損水準的情況下加速營收，我想知道為什麼這是正確的策略；另外服務營收指引卻維持不變。如果你們對產品營收的預期上升，為什麼服務營收不會更高？是否在綁定率（attach rates）之類的地方有什麼落差，導致這樣的結果？

Yeah, good question. And I would say there may be a disconnect, there may not be a disconnect. We chose not to update the guidance on the service revenue side because it's at that 20% and I think there's opportunity to hit that and actually go higher.

是的，問得好。我會說可能有落差，也可能沒有落差。我們選擇不更新服務營收端的指引，因為它目前在20%左右，我認為有機會達到，甚至更高。

One of the things to think about is accelerating product revenue is usually a precursor to accelerating subscription revenue, right? If those new devices go out into new households, like I was saying before, it ends up in the beginning of the funnel, it flows through the funnel and then ends up being subscription revenue and obviously much higher gross margin that's contributing to our growing kind of blended gross margin as a company.

有一點要思考的是：加速產品營收通常是加速訂閱營收的前兆，對吧？如果那些新裝置進入新的家庭戶，就像我之前說的，它會落在漏斗的起點，沿著漏斗流動，最後轉化為訂閱營收；而訂閱的毛利率顯然高得多，並且會推動公司整體的混合毛利率持續提升。

So a lot of that will then depend on does that conversion happen in Q4 or Q1 when we see that acceleration coming into Q4. So that's the investment. We have all the metrics that say that that is actually really good for service revenue, but the first thing you'll see kind of flow through the P&L is increased product revenue and then we'll see service come after that. And that's what we've always seen in the past years. And that's something, to Kurt's point, we manage very carefully.

因此，其中很大一部分取決於：當我們看到加速在Q4出現時，這個轉換會在Q4發生，還是在Q1發生。這就是那項投資的邏輯。我們有所有指標顯示，這對服務營收其實非常有利；但你在損益表上首先會看到的是產品營收增加，之後才會看到服務營收跟上。而這也是我們過去幾年一直看到的模式。而且如 Kurt 所說，這是我們非常謹慎管理的一件事。

We feel more confident about that as well because, as I mentioned, some of the key metrics are up. So LTV is up. So every customer we get is actually worth more to us and shareholders. Conversion is up. The actual renewals from both monthly and annual is up. Churn is down.

我們對此也更有信心，因為如我提到的，一些關鍵指標正在上升。所以 LTV 上升了。因此，我們獲得的每一位客戶，對我們以及股東而言實際上都更有價值。轉換率上升了。無論是月訂或年訂，實際續訂率都上升了。流失率下降了。

And so we're seeing that the average customer or subscriber that's going through the funnel is actually worth more and adding more value to the company. So that's why you're going to see us maybe put a little more fuel on the fire to generate that future service revenue.

因此我們看到，通過漏斗的平均客戶或訂閱者實際上更有價值，並為公司帶來更多價值。所以這就是為什麼你可能會看到我們再多加一點火力，去推動未來的服務營收。

That's helpful. Thanks, Matt.

這很有幫助。謝謝你，Matt。

You're welcome.

不客氣。

Martin Yang, Oppenheimer.

Martin Yang，Oppenheimer。

Thank you for taking my question. This is a follow-up regarding your earlier comment on consolidation. Where can the market do you see opportunities for consolidation?

謝謝讓我提問。這是針對你先前關於整併的評論的追問。你認為市場在哪些地方有整併的機會？

I'm not sure I heard the question totally, but the consolidation we see is happening really in the retail space for securities. So we're starting to see retailers looking at reducing the number of brands that they may have on the shelf and double down on the brands that are actually delivering for them. And so when we've seen that happen in the past, we've tended to gain shelf share and actually gain share in the marketplace. So if there are opportunities to do that, we'll invest in actually capturing that share.

我不確定我是否完全聽清楚問題，但我們看到的整併，主要發生在安防產品的零售通路。因此我們開始看到零售商在考慮減少貨架上可能擺放的品牌數量，並加碼那些真正能為他們帶來成效的品牌。而過去當這種情況發生時，我們往往能提升貨架占比，並且在市場上實際提升市占。所以如果有這類機會，我們會投資去實際把那個份額拿下來。

And I think you'll see us have a broader shelf set or a total shelf share in the second half than we did in the first half, just as an example for that. From an inorganic investment perspective, I'm not saying there is, but if there was a company that had households but maybe not as successful as turning those into subscriptions, something we've proven we can do.

我想你會看到，作為一個例子，我們在下半年會有比上半年更廣的上架品項組合，或更高的整體貨架占比。從非有機投資的角度來看，我不是說一定有，但如果有一家企業擁有家庭用戶基礎，卻可能不太擅長把這些轉化為訂閱，而這正是我們已經證明我們能做到的。

Maybe there is an opportunity to look at any kind of assets out there where there is households with cameras or households that could bring cameras into place and we can drive subscription revenue as an attach and start to consolidate those households in the security space a little bit quicker and drive revenue or subscription revenue from a security space even faster. So those are the two types of consolidation we think are happening.

也許會有機會去看市場上任何類型的資產：那裡有已經裝了攝影機的家庭，或是有條件導入攝影機的家庭；我們可以透過加掛（attach）來推動訂閱營收，並在安防領域更快地把這些家庭用戶整併起來，進而帶動營收或訂閱營收更快成長。所以我們認為正在發生的整併大致是這兩種類型。

One is, the actual shelf share and what's happening across some of the channels, and that's true a little bit even in the partnership channel. And then two, there may be in the future opportunities where there's people that have been or companies that have been in the space or adjacent to the space and haven't had the success that Arlo has had at transforming this into a subscription business and somewhere where we could acquire an asset and then add a lot of value very quickly on top.

第一是實際的貨架占比，以及在一些通路中正在發生的變化，這在合作夥伴通路也多少同樣成立。第二是未來可能會有機會：有些人或公司在這個領域或相鄰領域耕耘，但在把它轉型為訂閱業務方面，沒有像 Arlo 這樣成功；在那種情況下，我們可能收購某項資產，然後很快在其上加值、創造大量價值。

Great. Thank you. Another question on the subscription tiers. So to me, give us a bit more insight on how the different tiers of service are in your total subscriber base and how Arlo Secure 7 or next year's new product may change the composition of different tiers.

很好。謝謝。再問一個關於訂閱等級的問題。就我看來，能否多分享一些不同服務等級在你們整體訂閱用戶基礎中的分布情況，以及 Arlo Secure 7 或明年新產品可能如何改變不同等級的組成？

Yeah, so it's a really good question and maybe the best answer is I can back up a little bit and then kind of walk you through where we are today, which gives you a little bit of direction where we go before we actually announce some of the new plan structure that we're going to have at the end of September. So if you go back, Arlo has typically has three tiers of service and it used to be a very basic piece of service, and then there was one that had some AI and some protection features, and then we had a tier of service that had everything that we sell, including professional monitoring, battery backup, cellular backup, and the entire security experience from a tiering perspective.

是的，這是個非常好的問題。也許最好的回答方式是我先稍微往前回顧一下，然後帶你走一遍我們今天的狀況，這也能讓你在我們於 9 月底正式公布新的方案架構之前，對我們接下來的方向有一些概念。如果回頭看，Arlo 過去通常有三個服務等級：一個非常基礎的服務；接著有一個包含一些 AI 與防護功能的等級；然後我們還有一個等級，涵蓋我們所提供的一切，包括專業監控、電池備援、行動網路備援，以及從分級角度來看完整的安防體驗。

So those are the three tiers about a year, I guess it's a year and a half ago. We noticed that more and more of our customers were mixing up to the tier that had a lot of the AI functionality in it. So we made a decision coming into the year following to actually get rid of the basic tier that didn't really have any AI capabilities because we were watching most of the consumers mix up into the tier that had AI.

大約在一年、我想是一年半前，那就是這三個等級。我們注意到，越來越多客戶會升級到包含大量 AI 功能的那個等級。因此我們在隔年年初做了決定：把那個幾乎沒有任何 AI 能力的基礎等級取消，因為我們看到大多數消費者都會升級到有 AI 的等級。

So today, fast forward to where we are today, we have a tier of service that really has all of our AI functionality or most of it. And we have a tier that then has all of that functionality, additional layers, plus professional monitoring, cellular backup and battery backup and everything. So those are the two tiers. Now we've reduced to two, but we know optimally from a customer offering perspective, three tiers is best, good, better, best.

所以把時間快轉到今天，我們有一個服務等級，基本上包含我們所有或大部分的 AI 功能。另外還有一個等級，包含上述所有功能、更多附加層，再加上專業監控、行動網路備援與電池備援等所有內容。所以目前是兩個等級。現在我們縮減為兩個，但我們也知道，從客戶方案提供的角度來看，三個等級是最理想的：好、更好、最好。

And so what you see us do in September, and I've kind of hinted at some of the things that will be in that tier, will be introducing a tier above our current tier, current highest tier.

因此你會在 9 月看到我們採取的動作——我也已經稍微暗示過那個等級會包含的一些內容——就是在我們目前的最高等級之上，再推出一個更高的等級。

And you'll then see usually the spread of consumers across those tiers start to shift a little bit over time. We don't split exactly how many customers are on each tier. Where you'll be able to see that is in the expansion of ARPU over time.

接著你通常會看到，消費者在各等級之間的分布，會隨著時間稍微發生一些變化。我們不會精確拆分每個等級各有多少客戶。你能看到的地方，會是在 ARPU 隨時間的提升上。

Got it. Thank you.

了解。謝謝。

You're welcome.

不客氣。

At this time, there are no further questions. This concludes today's call. Thank you all for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。