Gen Digital Inc (GEN) 2024 Q2 法說會逐字稿

All right. Good morning, everyone. Thanks for joining us here in New York. Really appreciate it. I'm Jason Starr, Gen's Vice President of Investor Relations. We've got a great event for you today, and we really hope you really enjoy it.

好的。大家，早安。感謝您來到紐約加入我們。真的很感激。我是傑森‧斯塔爾 (Jason Starr)，Gen 投資人關係副總裁。今天我們為您準備了一場精彩的活動，希望您能喜歡。

Presenting today will be Vincent Pilette, Gen's CEO; and Ondrej Vlcek, Gen's President; and Natalie Derse, Gen's CFO. Before we get started, I'd like to review a couple of quick logistical items. Earlier today, we issued our Q2 fiscal year '24 financial results. and we've posted the press release, the investor letter and our presentation to the IR website.

今天發言的是 Gen 執行長 Vincent Pilette；和 Gen 總裁 Ondrej Vlcek；以及 Gen 財務長 Natalie Derse。在我們開始之前，我想回顧一下幾個快速的後勤項目。今天早些時候，我們發布了 24 財年第二季財務業績。我們已在投資者關係網站上發布了新聞稿、投資者信函和我們的簡報。

For today's presentation, we're going to take Q&A at the end of today's event. And for those on the webcast, please use the Q&A tool on the upper right portion of the webcast player. Following today's event, we'll make a replay available on the Investor Relations page as well as all of the investor presentation materials as well. And finally, today, we'll be making some forward-looking statements about our business, our financial performance and our operations. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could vary materially. Please refer to our cautionary statements in our press release and the risk factors in our filings with the SEC, particularly our annual filings on Form 10-K and our quarterly filings on Form 10-Q. We will also reference non-GAAP financial measures on -- during the presentation today. Please see our investor website, our press release and presentations for reconciliations from GAAP to non-GAAP measures. With that, let's get started.

對於今天的演示，我們將在今天的活動結束時進行問答。對於網路直播的用戶，請使用網路直播播放器右上方的問答工具。今天的活動結束後，我們將在投資者關係頁面以及所有投資者簡報資料上重播。最後，今天，我們將對我們的業務、財務表現和營運做出一些前瞻性聲明。這些陳述是基於目前的預期和假設，並受到風險和不確定性的影響。實際結果可能會大不相同。請參閱我們在新聞稿中的警告聲明以及我們向 SEC 提交的文件中的風險因素，特別是我們在 10-K 表上提交的年度文件和在 10-Q 表上提交的季度文件。在今天的演示中，我們也將參考非公認會計準則財務指標。請參閱我們的投資者網站、我們的新聞稿和簡報，以了解 GAAP 與非 GAAP 衡量標準的對帳情況。就這樣，我們開始吧。

(presentation)

（推介會）

Yes. We rang the bell this morning and told me a little secret is -- when you clap very loud, your stock goes up. So I believe them. So yes, thank you. All right. Good morning. I'm Vincent Pilette, CEO of Gen Digital, for those who don't know me, I've participated to a few turnarounds, EFI, Logitech and then I joined Symantec in 2019. And their turnaround as CEO started, and today, I'll be able to report where we are and where we're going. I have to apologize to some of you. We ran out of coffee. I have to tell you another secret is it's very difficult to run a business at 60% margin and you use every trick you have to make sure you cap your spend to what you can afford.

是的。今天早上我們按了門鈴，告訴我一個小秘密——當你鼓掌很大聲時，你的股票就會上漲。所以我相信他們。所以是的，謝謝。好的。早安.我是文森特·皮萊特(Vincent Pilette)，Gen Digital 的首席執行官，對於那些不認識我的人來說，我參與了EFI、羅技等幾次轉型，然後我於2019 年加入了賽門鐵克。作為首席執行官，他們的轉型開始了，今天，我將能夠報告我們在哪裡以及我們要去哪裡。我必須向你們中的一些人道歉。我們的咖啡用完了。我必須告訴你的另一個秘密是，以 60% 的利潤率經營一家企業非常困難，你會使用一切技巧來確保將支出限制在你能承受的範圍內。

So today is our first Analyst Day as Gen, it's our -- actually our anniversary. A year ago, we closed the deal 2 years ago, Ondrej and I were dreaming about putting our 2 companies together and really embarking on a very broad mission, really powering digital freedom for everyone, which really translate into building the tools, the technological tools to ensure that everyone can enjoy the digital world in a safe, private and confident way. And today, you'll hear from Ondrej, from Natalie, we feel really well positioned to drive the next generation of cyber safety, embarking on that great journey. I will quickly summarize how we put Gen's capabilities and assets to win in this consumer cyber safety market. Ondrej will have the most fun part, which is really talking about the innovation and the portfolio and where it's going next. And Natalie, on behalf of the go-to-market team, unpack the value of our large and growing customer base. and how did that translate into the financials. And then I will summarize what's next.

所以今天是我們作為將軍的第一個分析師日，實際上是我們的周年紀念日。一年前，兩年前我們完成了交易，Ondrej 和我夢想著將我們兩家公司合併在一起，真正開始一項非常廣泛的使命，真正為每個人提供數位自由，這真正轉化為構建工具、科技工具確保每個人都能以安全、私密和自信的方式享受數位世界。今天，您將聽到 Ondrej 和 Natalie 的發言，我們感覺自己已經完全有能力推動下一代網路安全，踏上這一偉大的旅程。我將快速總結我們如何利用 Gen 的能力和資產在消費者網路安全市場中獲勝。 Ondrej 將有最有趣的部分，這實際上是在談論創新和產品組合以及下一步的發展方向。娜塔莉（Natalie）代表市場推廣團隊，闡述了我們龐大且不斷成長的客戶群的價值。這如何轉化為財務狀況？然後我將總結接下來的內容。

After the presentations, we'll have Q&A, and then we'll have lunch with management. I know that it's important for some of you to understand that it's not just me or Natalie, sometimes you see Ondrej, but we have a very strong teams. Travis leading the go-to-market was the CEO of Avira. We have Judy that has a lot of experience managing customer success. So you'll meet the entire leadership team. But let's dive in. We definitely are a mission-driven team. We're very honored to be able to drive a very important topic for millions of our customers, I should say, hundreds of millions of our users and making sure that they can live that digital life in a safe way. We also feel that we are at the cusp of delivering another step in our performance as we roll out our new portfolio, fully integrated stack, delivering that personalized always on cyber safety. But before we talk about what's coming next, let's go back to the beginning. A few years ago, I explained to you that we saw how 3 underlying forces, underlying the consumer cyber safety market, we're really growing and pushing forward.

演示結束後，我們將進行問答，然後與管理層共進午餐。我知道，對你們中的一些人來說，重要的是要明白，不僅僅是我或娜塔莉，有時你會看到翁德雷，但我們有一個非常強大的團隊。領導市場推廣的 Travis 是 Avira 的執行長。我們的朱迪在管理客戶成功方面擁有豐富的經驗。因此，您將見到整個領導團隊。但讓我們深入探討一下。我們絕對是一支以使命為導向的團隊。我們非常榮幸能夠為數百萬客戶（我應該說，數億用戶）推動一個非常重要的主題，並確保他們能夠以安全的方式過上數位生活。我們也認為，隨著我們推出新的產品組合、完全整合的堆棧，提供個人化的始終網路安全，我們的業績即將邁出新的一步。但在我們討論接下來發生的事情之前，讓我們回到開頭。幾年前，我向您解釋過，我們看到了消費者網路安全市場背後的 3 種潛在力量，我們如何真正成長和推動。

Obviously, the digital life is just live and the applications in the digital will continue to increase. Even post COVID a few weeks ago, I had a doctor appointment and to it was over still before I can go to the clinic, I have to go to the Zoom call and pass some information. Those applications are here to stay in the post COVID world. The technology that powers the digital world continues to evolve. And you'll hear from Ondrej, the new wave of artificial intelligence is creating a new wave of risks on the threat landscape and the opportunities on the protection side. And then the threat landscape also continue to involve -- we've seen now the using AI tools to be able to get to the bad acting or activities. They're using the dark web to resell or lobby others. And so that also is a growing and Ondrej will walk through the different waves we've seen in that threat environment. At the center of it all, we have millions, actually, I should say, billions of Internet users that all they want is to really live that digital life in a confident way without facing the risk of hackers. 5 billion Internet user, all having a digital life and evolving digital life is actually an opportunity. Many people ask me, "Hey, what's your addressable market"? I always say the $5 billion plus that connected the Internet should be protected at all times because you never know how your data or what you value online will be compromised. Obviously, it has evolved a few years ago, it was 5% that -- the penetration rate was consumer buying a full cyber safety protection. And that has evolved now. We have about 10% of full penetration, but it still stays massively underpenetrated. There's definitely tailwinds and the increase of threats, the financial breaches are all tailwinds. But we have also some headwinds, whether it's a consumer that does not -- I was not aware of the risk or simply is willing to take the risks or is freezing in front of the technology that can create that risk or feels that the tools are not easy to use.

顯然，數位生活才剛開始，數位化應用也將不斷增加。即使在新冠疫情發生幾週前，我已經預約了醫生，但在我去診所之前，預約已經結束，我必須參加 Zoom 通話並傳遞一些訊息。這些應用程式將留在後新冠時代的世界中。為數位世界提供動力的技術不斷發展。您將從 Ondrej 那裡聽到，人工智慧的新浪潮正在威脅領域創造新一波風險，並在保護方面帶來機會。然後威脅情勢也繼續涉及——我們現在已經看到使用人工智慧工具能夠處理不良行為或活動。他們利用暗網轉售或遊說他人。因此，這也是一個不斷增長的趨勢，Ondrej 將經歷我們在威脅環境中看到的不同浪潮。這一切的核心是，我們有數百萬，實際上，我應該說，數十億網路用戶，他們想要的只是以自信的方式真正過上數位生活，而不面臨駭客的風險。 50億網路用戶，都擁有數位生活，不斷發展的數位生活實際上是一個機會。很多人問我，「嘿，你的目標市場是什麼」？我總是說，連接網路的 50 億美元以上應該始終受到保護，因為你永遠不知道你的資料或你在網路上重視的東西將如何受到損害。顯然，它已經在幾年前發展起來，滲透率是 5%，消費者購買了完整的網路安全保護。現在這種情況已經改變了。我們的全面滲透率約為 10%，但仍處於嚴重滲透不足的狀態。肯定有順風和威脅的增加，財務外洩都是順風。但我們也存在一些阻力，無論是消費者沒有意識到風險，還是只是願意承擔風險，或是在可能產生風險的技術面前凍結，或是覺得這些工具不容易使用。

We still have a lot of work to do to make consumer cyber safety, very easy to use, always on that you don't see, but you only interact at moment of truth. And that's why we created Gen brought mission of basically increasing that adoption of cyber safety. And so our mission was and has always been to build those tools to make sure that everyone can take advantage of that digital world. We've innovated first by bringing device security to network security, bring credit monitoring or identity protections together, and we called it cyber safety first. We launched the first all-in or all-in-one membership and for a membership fee, you could have access to our entire portfolio of innovations to protect you in the digital world. We started to reward all of our applications that some coming from organic activities, some from acquisitions into a common stack with a modular architecture, enabling us to really deliver based on the customer needs. And we put the customer needs at the center of the development of our portfolio. And with that expanded the TAM, 13 billion a few years ago, growing to $18 billion is what we call the core cyber safety, made of the core elements in security, identity protection and privacy. And then we build up new applications what we call expanded applications as the needs of the consumer was evolving. And with that, we increased our TAM with new applications, and we'll come back on what we've done in expanding the portfolio to get to new use case.

我們還有很多工作要做，以使消費者網路安全、非常易於使用、始終在您看不到的地方，但您只在關鍵時刻進行互動。這就是我們創建 Gen 的原因，其使命是從根本上提高網路安全的採用率。因此，我們的使命始終是建立這些工具，以確保每個人都可以利用數位世界。我們首先進行創新，將設備安全引入網路安全，將信用監控或身分保護結合在一起，我們稱之為網路安全第一。我們推出了第一個全合式或全合式會員資格，只需支付會員費，您就可以使用我們的整個創新產品組合，以在數位世界中保護您。我們開始獎勵所有應用程序，其中一些來自有機活動，一些來自收購到具有模組化架構的公共堆疊中，使我們能夠真正根據客戶需求進行交付。我們將客戶需求置於產品組合開發的中心。隨著 TAM 的擴大，幾年前為 130 億美元，現在成長到 180 億美元，這就是我們所謂的核心網路安全，由安全、身分保護和隱私等核心要素組成。然後，隨著消費者需求的不斷變化，我們建立了新的應用程序，我們稱之為擴展應用程式。至此，我們透過新應用程式增加了 TAM，並且我們將回顧我們在擴展產品組合方面所做的工作，以實現新的用例。

So as I mentioned, consumer needs being at the core of the development of our portfolio. And it's really about really understanding for the hundreds of millions of users we have, how they behave online, what -- which they create to be able to develop the best of the portfolio. we survey, we discuss, we do a lot with our customers to get that loop in feedback and understanding what their core needs is. We put that core, the base market with the traditional core market we let in antivirus with data protection with credit monitoring, (inaudible) and restoration systems, a virtual private network tool together and call it the cyber safety base and continue to expand that. Then we look at the 4 core needs. How do you protect against all hidden security threats? How do I keep my financial safe online? How do I control my private data? How do I verify that the person or the information I deal with online is credible. And with that, we've extended to new use case building up from our position. One thing is sure, as we double our TAM, we do not see this market as a mature, stable or some of you have called it a declining market. It's an expanded opportunities to go and provide full cyber safety and Andrea will talk more about the innovation that we drive to address those opportunities.

正如我所提到的，消費者需求是我們產品組合開發的核心。這實際上是為了真正了解我們擁有的數億用戶，他們在網路上的行為方式，他們創造了什麼，以便能夠開發出最好的產品組合。我們調查、討論、與客戶做很多事情，以獲得回饋並了解他們的核心需求是什麼。我們把這個核心、基礎市場與傳統的核心市場放在一起，我們把防毒、資料保護、信用監控、（聽不清楚）和復原系統、虛擬專用網路工具放在一起，稱之為網路安全基礎，並繼續擴大它。然後我們來看4個核心需求。如何防範所有隱藏的安全威脅？如何保證我的線上財務安全？我如何控制我的私人資料？我如何驗證我在網路上處理的人或資訊是否可信。至此，我們已經擴展到從我們的立場建立的新用例。有一點是肯定的，當我們將 TAM 加倍時，我們並不認為這個市場是一個成熟、穩定的市場，或有些人稱之為衰退的市場。這是提供全面網路安全的更多機會，Andrea 將更多地談論我們為抓住這些機會而推動的創新。

So we talked about how the underlying trends continue to accelerate in the post-COVID momentum. How do -- we have still a very large adoption penetration opportunity, less than 10% purchased today a full combined consumer cyber safety protection how there is some tailwinds and some headwinds and that our innovation can drive and remove some of those headwinds to accelerate then our penetration and our overall TAM. And so it's with that in mind that we've built up our company and embarked on a very broad mission. It all started in 2019. I mentioned, I had joined Symantec, I actually had the mandate from some on the Board, some of the shareholders saying, "Hey, this consumer division is run for cash, maybe you sell that and you really concentrate on the enterprise". When we talk about cyber safety, 99% of discussion were about enterprise. We actually ended up doing the reverse, recognizing the underlying growing trends I've mentioned under the Consumer business. We sold the Enterprise business to Broadcom and returned $12 in special dividend to all of the shareholders of the time. And we recognize that opportunity of investing more into the Norton and LifeLock division inside Symantec as being an under-invested opportunity at the time. We established the company as the first consumer cyber safety company or cyber safety dedicated to consumers since then, many of our competitors have followed.

因此，我們討論了新冠疫情後的潛在趨勢如何繼續加速。我們仍然擁有非常大的採用滲透機會，今天購買的消費者網路安全保護的消費者不到 10%我們的滲透率和整體 TAM。因此，正是考慮到這一點，我們建立了我們的公司並開始執行非常廣泛的使命。這一切都始於2019 年。我提到，我加入了賽門鐵克，實際上我得到了董事會中一些人的授權，一些股東說，「嘿，這個消費者部門是為了現金而運營的，也許你賣掉它，你真的會集中精力關於企業」。當我們談論網路安全時，99%的討論都是關於企業的。實際上，我們最終做了相反的事情，並認識到了我在消費者業務中提到的潛在成長趨勢。我們將企業業務出售給博通，並向當時的所有股東返還 12 美元的特別股息。我們認識到，對賽門鐵克內部的諾頓和 LifeLock 部門進行更多投資的機會在當時是一個投資不足的機會。我們將公司建立為第一家消費者網路安全公司或致力於消費者的網路安全，從那時起，我們的許多競爭對手紛紛效仿。

We launched the first Norton 360 in 2019 for a membership fee, again, you can access to all of the innovations. And as the threat evolves, our portfolio evolves too, and you can access to all of the innovation. And as a result, we returned to organic growth. We invested more in marketing and created the flywheel of growth investing into penetrating consumer cyber safety. In about 3 years, we moved from our installed base being 0% of north in 360 to 60% of the installed base being on that platform NortonLifeLock. So strong -- from that success, we decided to push forward and expanded internationally and in different business model. We bought Avira that provided us a freemium model, mainly for the German market and some of the countries in Europe and give us some access to a freemium model and trying to combine a premium and a freemium and define what that value would be for our customers. We branded our overall portfolio and develop a framework to manage a multi-brand environment that give us access to more consumer segments than we had before.

我們於 2019 年推出了首款 Norton 360，只需支付會員費，您就可以使用所有創新功能。隨著威脅的發展，我們的產品組合也在不斷發展，您可以獲得所有創新。結果，我們恢復了有機成長。我們在行銷方面投入了更多資金，並創造了成長飛輪，投資於滲透消費者網路安全。在大約 3 年的時間裡，我們的安裝基礎從 360 北區的 0% 上升到 NortonLifeLock 平台上的 60%。如此強大——從這次成功中，我們決定以不同的商業模式在國際上推進和擴張。我們買了Avira，它為我們提供了免費增值模式，主要面向德國市場和歐洲一些國家，並讓我們有機會接觸免費增值模式，並嘗試將溢價和免費增值結合起來，並定義該價值對我們的客戶來說是什麼。我們對整體產品組合進行品牌化，並開發了一個框架來管理多品牌環境，使我們能夠接觸到比以前更多的消費者群體。

And then we launched on our platform, the first cross-sell upsell activity in-app messaging that enables to identify the moment of choice. And at that moment, if you not covered, giving you the opportunity to get access to protection of that risk. Success continued and then we decided to merge with Avast, really scaling up what we had proven with the prior steps to really get to be the global leader in that consumer cyber safety environment. We scaled our large user base. We've got freemium at scale, and we massively expanded geographically in a complementary way. And today, I feel Gen is the best position to go and continue to lead that transformation. Of course, as we transform from Symantec to NortonLifeLock to Gen had set some proof point and success in the marketplace. The competitive landscape became more and more dynamic obviously, consumer cyber safety anchored around the 4 needs, not just the old definition of device protection was rapidly evolving and continues to be evolving. As I mentioned, it's not a mature market. We've seen our traditional competitors following some of those steps. We've seen a few startups coming in and trying to reposition the offering to tackle that user-centric view of the world. We've also seen other players coming from the market whether it's big tech that started to focus on security, privacy or even identity in different shape or form, as part of their offering or in addition to their offering. We've seen other companies insurance providers, financial institutions, also tackling the overall view of the digital users needed to be protected.

然後我們在我們的平台上推出了第一個交叉銷售追加銷售活動應用程式內訊息傳遞，可以識別選擇的時刻。在那一刻，如果您沒有得到保障，那麼您就有機會獲得該風險的保障。成功繼續，然後我們決定與 Avast 合併，真正擴大我們通過先前的步驟所證明的能力，真正成為消費者網路安全環境的全球領導者。我們擴大了龐大的用戶群。我們已經實現了大規模的免費增值，並且我們以互補的方式大規模擴展了地域。今天，我認為 Gen 是繼續領導這項轉型的最佳位置。當然，隨著我們從 Symantec 到 NortonLifeLock 再到 Gen 的轉型，我們已經在市場上取得了一些證明點和成功。顯然，競爭格局變得越來越動態，消費者網路安全圍繞著 4 個需求，而不僅僅是設備保護的舊定義正在迅速發展並繼續發展。正如我所提到的，這不是一個成熟的市場。我們已經看到我們的傳統競爭對手正在遵循其中一些步驟。我們已經看到一些新創公司進入並試圖重新定位產品，以解決以用戶為中心的世界觀。我們也看到市場上的其他參與者，無論是大型科技公司，都開始關注安全、隱私，甚至不同形式或形式的身份，作為其產品的一部分或補充。我們看到其他公司（保險提供者、金融機構）也在解決需要保護的數位使用者的整體觀點。

Some of those competitors are also opportunities to partner with and reach out more customers. Because at the end, our main competitor is really the hacker or the hacking community for which we compete to make sure we provide the best protection for our consumers. So this dynamic landscape actually confirmed our original assumption that there was something here to build around that consumer cyber safety market and that's our industry knowledge, which I called industry natives coming from that core protection was an advantage. And then the breadth of the portfolio all the way to offering it as all in one was an advantage over companies that have different missions, but we're tackling that problem in addition to the core business. So -- we were well positioned from that perspective. We're also well positioned because we've built up a diversified business. And the diversification really drives the value that we've been delivering we're basically not dependent on a single factor or on a single platform. We run an omnichannel, very broad portfolio, and that enables us to balance the risks and the opportunities that we see in the market and also evolve it as the consumer needs evolve.

其中一些競爭對手也是與更多客戶合作並接觸更多客戶的機會。因為最終，我們的主要競爭對手實際上是駭客或駭客社區，我們為此競爭以確保為消費者提供最好的保護。因此，這種動態格局實際上證實了我們最初的假設，即圍繞消費者網路安全市場可以建立一些東西，這就是我們的行業知識，我將其稱為來自核心保護的行業本地人是一種優勢。然後，與具有不同使命的公司相比，產品組合的廣度一直到提供一體化服務是一個優勢，但除了核心業務之外，我們還在解決這個問題。所以——從這個角度來看，我們處於有利的位置。我們也處於有利地位，因為我們已經建立了多元化的業務。多元化確實推動了我們所提供的價值，我們基本上不依賴單一因素或單一平台。我們經營全通路、非常廣泛的產品組合，這使我們能夠平衡市場上的風險和機遇，並隨著消費者需求的變化而不斷發展。

We have now a multi-brand formwork, constantly refining it but it helps us along with the variety of business models we have from freemium to premium to target new customer segments, customer segments that were actually out of reach everywhere single brand. So that diversification is absolutely essential for us to really understand where the market is going and position our portfolio at the right value for when the digital life is compromised. Of course, you're going to tell me diversification also bring complexity and you have to be really crystal clear on how you manage your business operations, you carefully in your planning, careful in your prioritization. But I think as our results have shown, our team is really made up of disciplined operator, I would say, disciplined operations is part of our DNA and enables us to manage the diversification we've built in our business. As we were expanding and building up Gen, we're obviously expanding -- massively expanded massively our user base. And it gave us, as we knew initially a very strong competitive advantage. We know there are multiple benefits to have a large scale of users. And for us, initially, it gives us very strong visibility on all of the threats and the threat landscape that exists out there and which is in constant evolution. And it enables us to better address the customer needs to provide the mission.

我們現在擁有一個多品牌框架，並不斷完善它，但它幫助我們利用從免費增值到優質的各種商業模式來瞄準新的客戶群，這些客戶群實際上是單一品牌無法觸及的。因此，多元化對於我們真正了解市場走向並在數位生活受到損害時將我們的投資組合定位在正確的價值絕對至關重要。當然，您會告訴我，多元化也會帶來複雜性，您必須非常清楚如何管理業務運營，仔細規劃，仔細確定優先順序。但我認為，正如我們的結果所顯示的，我們的團隊實際上是由紀律嚴明的運營商組成的，我想說，紀律嚴明的運營是我們DNA 的一部分，使我們能夠管理我們在業務中建立的多元化。當我們擴展和建立 Gen 時，我們顯然正在擴展——大規模擴展我們的用戶群。正如我們最初所知，它為我們帶來了非常強大的競爭優勢。我們知道擁有大量用戶有多種好處。對我們來說，最初，它使我們能夠非常清楚地了解所有威脅以及存在且不斷演變的威脅格局。它使我們能夠更好地滿足客戶的需求，從而提供使命。

It informs the products strategy that Ondrej and the team are driving and basically driving more innovation and more value back to the customers and the loop back to us. Five years ago, we had about 50 million customers on our platform, less than 1 million free users called trial, and we've massively expanded from there. 10x that number a lot of free users that give us all the benefits I've mentioned and 65 million paid users, 40 million almost, certainly growing, as you've seen our earnings report, almost 40 million direct paid and 14 million having adopted and it's growing the membership benefit. And membership is very important because it gives a higher engagement and higher utilization of all of the future in the platform, which then feeds back into the data that informs the quality and the evolution of the product. That customer base is also managed with a very strong focus on the health of the customer base. You've heard multiple times from Natalie that we are not going to be a loss leader trying to acquire customer at a loss in a country and fund it with the profit on another just to be able to scale. Every cohort, every channel is managed in a positive economic view. And that helps between new and retained also carried on value.

它告知了 Ondrej 和團隊正在推動的產品策略，並基本上推動更多創新和更多價值回饋給客戶，並將循環回饋給我們。五年前，我們的平台上有大約 5,000 萬客戶，稱為試用版的免費用戶不到 100 萬，我們從此開始大規模擴張。 10 倍於這個數字的大量免費用戶為我們提供了我提到的所有好處，還有6500 萬付費用戶，幾乎達到4000 萬，而且肯定會增長，正如您所看到的我們的收益報告，近4000萬直接付費用戶和1400 萬付費用戶並且它正在增加會員福利。會員資格非常重要，因為它可以提高平台未來的參與度和利用率，然後回饋到數據中，從而告知產品的品質和發展。此客戶群的管理也非常注重客戶群的健康狀況。您多次從娜塔莉那裡聽說，我們不會成為虧損領導者，試圖在一個國家虧本獲取客戶，然後用另一個國家的利潤為其提供資金，以便能夠擴大規模。每個群體、每個管道都以正面的經濟觀點進行管理。這有助於新進員工和留任員工之間也實現價值。

It also provides cross-sell and upsell opportunities as we move more to adoption of full cyber safety gives us a brand recognition. It gives us trust with the customer base, awareness which is all essential to drive more and more acquisition and bring more and more people to consumer cyber safety. And finally, that scale has enabled us to build what I think is the best service team in cyber safety for consumers. And that's an advantage for us, too. It's an advantage in presales. It's an advantage in post sales as user experience always changes with the threat landscape. So we talked about the Gen capabilities and assets that we put together. We talked about the diversification of the business structure that drives our value and we've assembled that large customer footprint to enhance the opportunity.

隨著我們更多地採用全面的網路安全，它還提供了交叉銷售和追加銷售的機會，為我們贏得了品牌認可。它讓我們獲得了客戶群的信任和意識，這對於推動越來越多的收購和讓越來越多的人專注於消費者網路安全至關重要。最後，這種規模使我們能夠為消費者建立我認為最好的網路安全服務團隊。這對我們來說也是一個優勢。這是售前的優勢。這是售後的優勢，因為使用者體驗總是隨著威脅情勢的變化而改變。因此，我們討論了我們整合的 Gen 功能和資產。我們討論了推動我們價值的業務結構的多元化，並且我們已經聚集了龐大的客戶群來增加機會。

Now when you combine that with the customer lifetime value that's growing we delivered a very strong, resilient and predictable business. Like everything we do, we constantly learn, we refine, we adjust our framework. And as we stand today, sitting on a large growing customer base, we've refined our customer journey to really drive the adoption of full cyber safety, whether you enter it as a point product and have different risk in your environment that you identified, you have the opportunity to be cross-sold and other value that would protect against that risk. Or if you enter at a membership level and have some protection but need to be a higher plan, higher full. We know how to upsell, to give you complete peace of mind or if you have multiple products, we also know when a membership is more favorable to you and able to move from cross-sell products to up into the membership. And all of that leads to higher customer engagement, higher satisfaction, which ultimately gets us to very strong retention rates. We have leading industry standard retention rate in the LifeLock brand close to 90%, and Natalie will walk you through the different retention rates we have by the different brands and the progress we are making there.

現在，當你將其與不斷成長的客戶終身價值結合時，我們提供了非常強大、有彈性和可預測的業務。就像我們所做的一切一樣，我們不斷學習、精進、調整我們的框架。正如我們今天所站的那樣，擁有不斷增長的龐大客戶群，我們已經完善了我們的客戶旅程，以真正推動全面網路安全的採用，無論您將其作為點產品進入還是在您確定的環境中存在不同的風險，您有機會進行交叉銷售，並獲得其他價值來防範這種風險。或者，如果您以會員等級進入並有一些保護，但需要更高的計劃、更高的保障。我們知道如何追加銷售，讓您完全放心，或者如果您有多種產品，我們也知道什麼時候會員資格對您更有利，並且能夠從交叉銷售產品升級為會員資格。所有這些都會帶來更高的客戶參與度和滿意度，最終使我們獲得非常高的保留率。我們的 LifeLock 品牌擁有領先的行業標準保留率，接近 90%，Natalie 將向您介紹不同品牌的不同保留率以及我們在這方面取得的進展。

The resilience and the predictability of the business is also important because it enables us, despite a high margin we have to fund the innovation and the innovation plan that a product team is driving and be start burning persistent and persistent in going after those new spaces of digital cyber safety. So that's in all what drives the really strong, sustainable, growing and highly profitable business model that [Gen] is about. So our strong performance, obviously, is the result of that clear strategy, that vision and how we assemble the assets together, but also combined with a very strong focus on execution. We've delivered over the last 4 years a mid-single-digit organic growth rate, 10% with acquisition. We always want more, but I can tell you in 2019, nobody was betting we would be what Gen is today. We've expanded the market. We've built our capabilities. We've increased our user 10x. And of course, we have unmatched operating profit and profit margin. And with that, EPS grew double digit at twice the rate of revenue.

業務的彈性和可預測性也很重要，因為它使我們能夠在利潤率很高的情況下為產品團隊正在推動的創新和創新計劃提供資金，並開始堅持不懈地追求這些新空間。數位網路安全。因此，這就是推動 [Gen] 真正強大、可持續、不斷增長和高利潤商業模式的動力。因此，我們的強勁表現顯然是清晰的策略、願景以及我們如何將資產組合在一起的結果，同時也與對執行的高度重視相結合。在過去 4 年裡，我們實現了中個位數的有機成長率，其中收購帶來的成長率為 10%。我們總是想要更多，但我可以告訴你，在 2019 年，沒有人打賭我們會成為今天的 Gen。我們擴大了市場。我們已經建立了我們的能力。我們的用戶數量增加了 10 倍。當然，我們擁有無與倫比的營業利潤和利潤率。隨之而來的是，每股盈餘以兩位數的速度成長，其成長率是營收的兩倍。

Now we're constantly learning. We're refining our model, we're adjusting our approach, and that's what we're doing to then deliver what will be the next generation of cyber safety and another step towards our long-term vision. We feel we're really well positioned as Gen to continue to lead that transformation of the market and capture the opportunity that's in front of us. The threat landscape is changing. There's no doubt about that multiple vector of threats, the market is dynamic and in expansion. We leverage our broad portfolio, our business models very attractive units of economics, the value of mention, we drive growth, add value. We have refined our competitive position. We have a large amount of data, a very broad portfolio we have cross-sell and upsell capabilities and proven execution.

現在我們正在不斷學習。我們正在完善我們的模型，我們正在調整我們的方法，這就是我們正在做的事情，以實現下一代網路安全，並朝著我們的長期願景邁出又一步。我們認為，作為 Gen，我們確實處於有利位置，可以繼續引領市場轉型並抓住擺在我們面前的機會。威脅情勢正在改變。毫無疑問，威脅的多重載體，市場是動態的並且正在擴張。我們利用我們廣泛的投資組合、我們的商業模式非常有吸引力的經濟單位、提及的價值，我們推動成長、增加價值。我們已經完善了我們的競爭地位。我們擁有大量數據、非常廣泛的產品組合、交叉銷售和追加銷售能力以及經過驗證的執行力。

So we've built that resilience into the business, which gets us to the profitability, the cash structure and ultimately, the ability to maximize the shareholder value. Ondrej will walk you through the technology and the innovation and that will drive the next step in our portfolio transformation. Now our market position, our strategy and our execution will support our financial commitment. We've built a strong track record of delivering on our commitment of driving performance with the business. And I think you'll hear more from Natalie, but I think we've gained the credibility to say, we'll do it again. After a year of integrating the 2 business together, we have some trends, and we believe we can sustain a mid-single-digit growth rate and Natalie will walk you through the different opportunities we have. We'll commit to grow EPS double digit in 12% to 15%. And I think the only headwinds we've had, as we delivered on all of our merger commitments was the cost of the debt, the interest rate at the time we signed the deal, as you know, it was 0% and today, it's a painful 5% plus. Natalie will unpack that for you, but we've built that into the new model of our EPS commitment moving forward.

因此，我們在業務中建立了這種彈性，這使我們能夠獲得獲利能力、現金結構，並最終獲得股東價值最大化的能力。 Ondrej 將引導您了解技術和創新，這將推動我們產品組合轉型的下一步。現在，我們的市場地位、我們的策略和我們的執行將支持我們的財務承諾。我們在兌現推動業務績效的承諾方面擁有良好的記錄。我想你會從娜塔莉那裡聽到更多，但我認為我們已經獲得了可信度，可以說我們會再做一次。經過一年的整合這兩項業務，我們有了一些趨勢，我們相信我們可以維持中個位數的成長率，娜塔莉將引導您了解我們擁有的不同機會。我們將承諾將每股盈餘成長兩位數，即 12% 至 15%。我認為，當我們兌現所有合併承諾時，我們遇到的唯一阻力是債務成本，即我們簽署協議時的利率，如你所知，當時是 0%，而今天是痛苦的 5% 以上。娜塔莉將為您解開這個謎團，但我們已將其納入我們未來 EPS 承諾的新模式中。

Of course, as a result of the cost of the debt, we'll commit also to delever very quickly to get below which, again, for a business model that's that resilient, that predictable, delivering 60% margin feels is absolutely reasonable. So we have a clear vision. We have a strong strategy. We have an effective execution. And combined, I think that's really the asset of Gen. Ondrej, I'll pass it to him, will walk you through the exciting piece to see how innovation is taking the portfolio moving forward, and then Natalie will work around the value of that large customer base and how that translates into financials. And then I will wrap it up what's next as we go back to work this afternoon.

當然，由於債務成本的原因，我們還將承諾很快去槓桿化，以使其低於這個水平，對於一個具有彈性、可預測性的商業模式來說，提供60% 的利潤率感覺是絕對合理的。所以我們有一個清晰的願景。我們有一個強有力的策略。我們有有效的執行力。綜合而言，我認為這確實是Ondrej 將軍的資產，我會將其傳遞給他，將引導您完成這一令人興奮的作品，了解創新如何推動投資組合向前發展，然後Natalie 將圍繞其價值展開工作龐大的客戶群以及如何將其轉化為財務狀況。然後，當我們今天下午回去工作時，我將總結接下來的內容。

Thank you, Vincent. Thank you so much. and good morning, everyone. I'm thrilled to be here in New York City and have the chance to talk to you about all the great things that we are doing at Gen in terms of technology, product and innovation. But before I do that, let me just spend a few words and say a bit about myself and also why I am personally so excited about this. I started in cybersecurity already in 1995 and have spent the following 20 years coding, finding vulnerabilities in other people's code and later also leading various technical teams.

謝謝你，文森。太感謝了。大家早安。我很高興來到紐約，有機會與您談論 Gen 在技術、產品和創新方面所做的所有偉大的事情。但在此之前，讓我先花幾句話介紹一下我自己，以及為什麼我個人對此如此興奮。我早在 1995 年就開始涉足網路安全領域，並在接下來的 20 年裡從事程式設計工作，尋找其他人程式碼中的漏洞，後來也領導了各個技術團隊。

And during that time, I've had the opportunity to work with some of the best people on some real fun projects using some very cool technologies. But today, I feel extremely honored and humbled to be able to lead the product technology and function here at Gen because it's really fascinating for me to see the level of expertise the scale and the infrastructure that we have at our disposal to really take the whole cyber safety industry to the next level. Just looking at our technical teams, we now have over 1,500 people in R&D. Engineers, designers and other specialists who are, for the most part, working on what we call consumer-focused innovation. On top of that, there is about 250 people in Gen labs. Researchers, AI scientists and AI practitioners. These are the really smart people, the PhDs and other experts who work on what we call tech-focused innovation. And I'm not even mentioning over 3,000 people who are highly trained service agents who deliver our services to customers and who are always preferred to help.

在那段時間裡，我有機會與一些最優秀的人一起使用一些非常酷的技術進行一些真正有趣的專案。但今天，能夠在Gen 中領導產品技術和功能，我感到非常榮幸和謙卑，因為看到我們擁有的專業知識水平、規模和基礎設施能夠真正發揮整個產品的作用，這對我來說真的很有趣。網路安全產業邁上新階梯。僅看我們的技術團隊，我們現在有超過1500人的研發人員。工程師、設計師和其他專家大多致力於我們所謂的以消費者為中心的創新。除此之外，Gen 實驗室約有 250 名員工。研究人員、人工智慧科學家和人工智慧從業者。這些人是真正聰明的人、博士和其他專家，他們致力於我們所謂的以技術為中心的創新。我甚至沒有提及 3,000 多名訓練有素的服務代理人員，他們為客戶提供服務，並且總是願意提供幫助。

Now our rich IP portfolio includes over 1,000 patents and just the infrastructure that we built to support our operations is world-class. So 1 example for all in the cybersecurity area, we train our models on data sets that are 6 petabytes, 6,000 terabytes large, and we are able to update those models roughly 500 times a day. which equals to about 3 minutes, 24/7, 365 days a year. And that's very much needed because every month, we process almost 0.5 trillion different URLs and block about 1 billion attacks just to give you some sense of the scale that we are operating at. Vincent has already spoken to you high level about our product road map -- sorry, about our product portfolio, which we consider to be the most complete, the most comprehensive product portfolio in the industry. We break it into 5 layers defined by the function that they provide, but also whether they are more device-based or cloud-based. And they generally focus on security, privacy, identity and reputation management and the whole -- include a whole array of features and functionalities and you can see some of that in the actual layers here on the tiles.

現在，我們豐富的智慧財產權組合包括 1,000 多項專利，僅我們為支持我們的營運而建造的基礎設施就是世界一流的。舉一個網路安全領域的例子，我們在 6 PB 到 6,000 TB 的資料集上訓練我們的模型，並且我們每天能夠更新這些模型大約 500 次。相當於一年 365 天、每天 24/7、約 3 分鐘。這是非常必要的，因為每個月我們都會處理近 5 兆個不同的 URL，並阻止約 10 億次攻擊，只是為了讓您了解我們的營運規模。 Vincent 已經就我們的產品路線圖向您進行了高層介紹——抱歉，是關於我們的產品組合，我們認為這是業內最完整、最全面的產品組合。我們將其分為 5 個層，由它們提供的功能定義，而且還根據它們是更多基於設備還是基於雲端來定義。它們通常專注於安全、隱私、身分和聲譽管理以及整體——包括一系列特性和功能，您可以在圖塊上的實際層中看到其中的一些。

The way this portfolio has been developed is a combination of organic and inorganic, of course. But what's really exciting now is that we have spent the last year putting it all together and consolidating into 1 single platform or a single tech stack, which we call the Gen stack. And that, as you can imagine, brings a lot of practical benefits. Now off of that stack, we then instantiate the actual products that we ship to our customers, including our flagship product, Norton 360 and as one as well as all the other products. And by the way, even though all these products are based on a common tech stack, they come with substantial differentiation aligned with our broader brand strategy. Now let's now talk about the consumer world because there is something really interesting going on there. On one hand, people are more dependent on technology than ever, like almost 2/3 of Americans are now preferring online experiences with their brands to in-person ones and 85% of them are saying they can't really go a day without Internet. Not just getting news, e-mailing shopping or banking, but also getting their education, working, having fun or even dealing with the government.

當然，該產品組合的開發方式是有機和無機的結合。但現在真正令人興奮的是，我們花了去年的時間將所有這些整合在一起並整合到一個單一平台或一個技術堆疊中，我們稱之為 Gen 堆疊。正如您可以想像的那樣，這會帶來很多實際的好處。現在，在該堆疊之外，我們將實例化發送給客戶的實際產品，包括我們的旗艦產品 Norton 360 以及其中一個產品以及所有其他產品。順便說一句，儘管所有這些產品都基於共同的技術堆疊，但它們具有與我們更廣泛的品牌策略一致的顯著差異化。現在讓我們來談談消費者世界，因為那裡正在發生一些非常有趣的事情。一方面，人們比以往任何時候都更依賴技術，例如近 2/3 的美國人現在更喜歡在線上體驗其品牌而不是面對面的體驗，其中 85% 的人表示他們一天都離不開網路。不僅是獲取新聞、電子郵件購物或銀行業務，還包括接受教育、工作、娛樂甚至與政府打交道。

As Vincent already said, digital life is live and that absolutely holds true. On the other hand, people are increasingly worried about the risks that are associated with all of that. Three in 4 Americans are worried about the hacker attack and 73% fear of becoming a victim of an identity theft much more than, for example, getting mark or someone breaking into their homes or their cars. And those worries, those cyber security or cyber safety worries have only become larger post COVID. And indeed, there is a very good reason for that -- the threat landscape has been evolving very quickly, and the intensity of threats. And the sophistication of those threats has really increased rapidly. Now we can break those threats into 3 waves, compounding on each other. The first wave is the Malware Wave, which was enabled by mass adoption of Internet connected devices on 1 hand and the holes and weaknesses in those -- in the software running those devices on the other. So this, of course, included traditional viruses as well as zero-day exploits and route kits and later also mobile malware and ransomware.

正如文森特已經說過的那樣，數字生活是活生生的，這絕對是正確的。另一方面，人們越來越擔心與所有這些相關的風險。四分之三的美國人擔心駭客攻擊，73% 的人擔心成為身分盜竊的受害者，而不僅僅是被標記或有人闖入他們的房屋或汽車。這些擔憂、那些網路安全或網路安全疑慮在新冠疫情之後只會變得更加嚴重。事實上，這是有充分理由的──威脅情勢變化非常快，而且威脅的強度也非常大。這些威脅的複雜性確實在迅速增加。現在我們可以將這些威脅分成三波，相互疊加。第一波浪潮是惡意軟體浪潮，它一方面是由於互聯網連接設備的大規模採用，另一方面是由於運行這些設備的軟體中的漏洞和弱點而促成的。因此，這當然包括傳統病毒以及零時差漏洞和路由工具包，以及後來的行動惡意軟體和勒索軟體。

Now the second wave, I call the dark web wave. -- which started around 2012. And this is when attackers really started getting better organized and also much more focused on their financial gains. So we started seeing things like identity theft IoT botnets, online spying and tracking as well as large-scale data breaches of personal information that could be further monetized. And by the way, when I say personal information, I don't mean just names, e-mail addresses or social security numbers. Like anyone here has heard about the latest breach of the DNA sequencing company last month. This second wave was technically enabled by the emergence of the dark web is a safe place for cyber criminals to do their trading as well as cryptocurrencies, Bitcon and others as a safe and untraceable way to get paid. And finally, the third wave, the scam wave, which grew especially during the pandemic. With phishing and spearphishing and all sorts of scams, including crypto and [Trojan] scams as well as smishing and phishing to give you some acronyms here. And very much related to that, quite logically, over that same period of time, the total consumer losses to cybercrime has also risen significantly from less than 100 million by 2004 to more than 10 billion in 2022. And look, the independent solutions from Northland, Avast, AVG, Avera and LifeLock, which now make up that integrated genpack have been protecting those customers from all sorts of attacks like this all over those years.

現在第二波浪潮，我稱之為暗網浪潮。 ——從 2012 年左右開始。此時攻擊者真正開始變得更有組織性，也更加關注他們的經濟利益。因此，我們開始看到諸如身份盜竊、物聯網殭屍網路、線上間諜和追蹤以及大規模個人資訊資料外洩等可以進一步貨幣化的情況。順便說一句，當我說個人資訊時，我指的不僅僅是姓名、電子郵件地址或社會安全號碼。就像這裡的任何人都聽說過 DNA 測序公司上個月發生的最新違規事件一樣。第二波浪潮在技術上是由於暗網的出現而促成的，暗網是網路犯罪分子進行交易的安全場所，加密貨幣、比特幣等也是一種安全且無法追蹤的獲取報酬的方式。最後，第三波浪潮，即詐騙浪潮，在大流行期間尤其增長。網路釣魚和魚叉式網路釣魚以及各種詐騙，包括加密貨幣和[特洛伊木馬]詐騙以及簡訊詐騙和網路釣魚，這裡為您提供一些縮寫。與此密切相關的是，在同一時期內，網路犯罪造成的消費者損失總額也從 2004 年的不到 1 億大幅上升到 2022 年的超過 100 億。看，來自 Northland 的獨立解決方案、Avast、 AVG、Avera 和LifeLock（現在組成了整合式genpack）多年來一直在保護這些客戶免受此類攻擊。

So the individual components that you see here again in the various layers were specifically designed to address those threats as they emerge. And in some cases, created even proactively. I'd like to say that we have 2 sets of competitors. And despite what you may think, our most dangerous competitors are actually not the usual suspects. The other companies that are operating in our space. But actually, it is the bad guys because they are constantly trying to circumvent us, bypass us, find holes in our systems and break them. And so they really, really force us to keep innovating and pushing ourselves hard every single day. And our track record in doing so has been very, very strong. But now we are entering a whole new era. A new wave is starting with the emergence of generative AI. And it's bigger, it's fiercer and it's more damaging than anything that we have seen before. Now don't get me wrong. I love AI, and I love what it's bringing. I really think it's some sort of tipping point or pivotal moment in tech and the arrival of generative AI considered to be on par, perhaps even more important than the invention of the worldwide web. But from the security perspective, it's a disaster.

因此，您在此處再次看到的各個層中的各個組件都是專門為解決這些威脅而設計的。在某些情況下，甚至是主動創建的。我想說我們有兩組競爭對手。不管你怎麼想，我們最危險的競爭對手其實並不是通常的嫌疑犯。在我們領域運營的其他公司。但實際上，是壞人，因為他們不斷地試圖繞過我們，繞過我們，找到我們系統中的漏洞並破壞它們。因此，它們確實迫使我們每天不斷創新並努力推動自己。我們在這方面的記錄非常非常出色。但現在我們正進入一個全新的時代。隨著生成式人工智慧的出現，新的浪潮正在開始。而且它比我們以前見過的任何東西都更大、更猛烈、更具破壞性。現在請不要誤會我的意思。我喜歡人工智慧，也喜歡它帶來的東西。我真的認為這是科技領域的某種轉捩點或關鍵時刻，生成式人工智慧的到來被認為是同等重要的，甚至可能比萬維網的發明更重要。但從安全角度來看，這是一場災難。

The reason why the advent of generative AI is such a cataclysmic moment for cybersecurity is that it really brings unprecedented scale, precision and speed benefits right to the hands of the bad guys -- really tilting the cost benefit ratio in their favor. What I mean by that is that with AI is now much, much easier for anyone to conduct advanced attacks that have been traditionally reserved to nation state-sponsored actors and highly, highly skilled professional trained hacking groups. So just to give you a few examples of how AI is already being weaponized today. AI-powered password cracking and credential theft. We have recently seen an experimental piece of code called PassGAN that uses generative AI to crack passwords and do it faster, cheaper and better than anything before. Combine that with the advances in quantum computing, and we have a recipe for a major, major problem here. An AI-based scam attack via tools like Fraud GPT, EvilGPT and DarkBART. There's now at least 6 such tools that we are aware of and counting. And they mean that the attackers now have complete tool chain that they can use to scrape personal data of social media platforms and use that data as a feed to LLMs to be prompted to create perfect personalized scam messages and not only scam messages but also voice calls or even videos with easily obtainable technologies like voice cloning and deepfake generation.

生成式人工智慧的出現之所以對網路安全來說是一個災難性的時刻，是因為它確實為壞人帶來了前所未有的規模、精度和速度優勢——真正使成本效益比對他們有利。我的意思是，有了人工智慧，現在任何人都可以更容易地進行高級攻擊，而這些攻擊傳統上是由國家資助的行為者和高技能、經過專業培訓的駭客團體進行的。舉幾個例子來說明人工智慧如今是如何被武器化的。人工智慧驅動的密碼破解和憑證盜竊。我們最近看到了一段名為 PassGAN 的實驗性程式碼，它使用生成式人工智慧來破解密碼，並且比以前更快、更便宜、更好。將其與量子計算的進步結合起來，我們就有了解決這裡一個重大問題的方法。透過 Fraud GPT、EvilGPT 和 DarkBART 等工具進行基於人工智慧的詐騙攻擊。目前我們知道並且正在統計至少有 6 個這樣的工具。他們的意思是，攻擊者現在擁有完整的工具鏈，可以用來抓取社交媒體平台的個人數據，並將這些數據用作法學碩士的提要，以提示他們創建完美的個人化詐騙訊息，不僅是詐騙訊息，還包括語音通話甚至是具有易於獲取的技術（例如語音克隆和深度偽造生成）的視訊。

And you know what? I'm afraid we are just getting started here. It's quite clear that even the leading personalities on the AI scene don't really fully understand what this new technology can do and how it can be misused. But it's not going to be pretty. So what does it mean? And what can we do about this? We, at Gen, believe that the only way to tackle this to really overcome those new scale, speed and accuracy challenges that generative AI is bringing to the bad guys is to fight AI with even more, even better AI, meaning deploy AI across all the defensive systems across all the touch points and do that very quickly. And now we are getting to the crux of why I am so incredibly excited about Gen and the opportunity ahead of us. Because Gen already is the leader in AI for consumer cyber safety. Why is that? Well, fundamentally, it comes down to 3 main reasons. First, we have a market-leading visibility across the entire ecosystem. AI is essentially a big data game. And with the 500 million endpoints running our software on them, we see more than others.

你知道嗎？恐怕我們才剛開始。很明顯，即使是人工智慧領域的領導者也沒有真正完全理解這項新技術的用途以及它如何被濫用。但它不會很漂亮。那麼這意味著什麼呢？對此我們能做些什麼呢？ Gen 認為，解決這個問題、真正克服生成式AI 給壞人帶來的新的規模、速度和準確性挑戰的唯一方法是用更多、更好的AI 來對抗AI，這意味著在所有領域部署AI跨所有接觸點的防守系統並且做得非常快。現在，我們正在了解為什麼我對 Gen 和我們面前的機會如此興奮的關鍵。因為 Gen 已經是消費者網路安全人工智慧領域的領導者。這是為什麼？好吧，從根本上來說，這可以歸結為三個主要原因。首先，我們在整個生態系統中擁有市場領先的可見性。人工智慧本質上是一個大數據遊戲。由於有 5 億個端點在其上運行我們的軟體，我們比其他人看到的更多。

Second, we have been investing for years to custom build scalable AI systems and infrastructure. As of today, we already have 37 AI systems in production, and these are processing billions of signals daily. We were building those systems way before AI became cool. And lastly, we have a dedicated team of AI specialists, researchers and practitioners with strong academic and industry credentials led by our CTO, who is an AI professor himself. By the way, he is here, so make sure to corner him over lunch. That foresight that we had when we started building this organization some years ago is really starting to pay off now. And in fact, this work has already resulted in some very good outcomes. Let me now talk to you about some of those in a bit more detail. The first is HMIL, our foundational in-house developed patented AI technology. HMIL stands for hierarchical multi-instance learning and it's a versatile piece of technology that allows us to build AI classifiers without a prior knowledge of the subject matter is being applied to. Normally, when you are building AI classifiers, you need to have a deep understanding of the data set you are dealing with, but not necessarily with HMIL. And the good thing about it is also that it worries with structured data of any line from files and network streams to various time series, behavioral locks, et cetera.

其次，我們多年來一直在投資客製化建造可擴展的人工智慧系統和基礎設施。截至今天，我們已經有 37 個投入生產的人工智慧系統，這些系統每天處理數十億個訊號。在人工智慧變得很酷之前，我們就已經開始建立這些系統了。最後，我們擁有一支由人工智慧專家、研究人員和從業者組成的專業團隊，他們擁有強大的學術和行業資歷，由我們的首席技術長領導，他自己就是人工智慧教授。順便說一句，他在這裡，所以一定要在午餐時把他逼到角落。幾年前我們開始建立這個組織時的遠見現在確實開始得到回報。事實上，這項工作已經取得了一些非常好的成果。現在讓我更詳細地與您討論其中的一些內容。第一個是 HMIL，我們內部開發的基礎人工智慧專利技術。 HMIL 代表分層多實例學習，它是一項多功能技術，讓我們在不事先了解所應用主題的情況下建立 AI 分類器。通常，當您建立 AI 分類器時，您需要深入了解正在處理的資料集，但不一定需要 HMIL。它的好處還在於它可以處理從文件和網路流到各種時間序列、行為鎖等任何行的結構化資料。

Today, we are already successfully using it across 3 pretty distinct use cases ranging from malware and scam protection to transaction monitoring in the LifeLock product and we are working on applying it even broader. The second is TSC LLM or tech scam classifier or large language model. This is a bespoke fine-tune LLM that has been specifically trained on scam messages, e-mails, text messages and social media post, which is really important because as we saw, the scam problem continues to grow very rapidly. We are currently in the process of productizing this technology and the first application, which is taking advantage of it, is Norton Genie, which actually has an AI-based chat interface as well. Genie is all about AI. And I'll talk about Genie a bit later. And then there is another great example of how we are bringing AI to the front end, closer to the user and exposing it right there. Sentiment AI is a new system that we have developed for our upcoming ReputationDefender product called TrustRadius. And the way it works is that it's leveraging first-party insights from more than 15 years of ReputationDefender cases and categorizing them in a way that's actually actionable.

如今，我們已經在 3 個截然不同的用例中成功使用它，從惡意軟體和詐騙防護到 LifeLock 產品中的交易監控，我們正在努力將其應用到更廣泛的領域。第二個是 TSC LLM 或技術詐騙分類器或大型語言模型。這是一個客製化的微調法學碩士，專門針對詐騙訊息、電子郵件、簡訊和社交媒體貼文進行了培訓，這非常重要，因為正如我們所見，詐騙問題繼續快速增長。我們目前正在將這項技術產品化，第一個利用該技術的應用程式是諾頓精靈，它實際上也有一個基於人工智慧的聊天介面。 Genie 是關於人工智慧的。稍後我會談論 Genie。還有另一個很好的例子，說明我們如何將人工智慧引入前端，更接近用戶並在那裡公開它。 Sentiment AI 是我們為即將推出的 ReputationDefender 產品（稱為 TrustRadius）開發的新系統。它的運作方式是利用超過 15 年的 ReputationDefender 案例中的第一方見解，並以實際可行的方式對它們進行分類。

The keyword here is personalization. I can give you a personalized view of what is really important for you and what you can ignore, allowing you to better prioritize negative content like search results and social media post, that should be removed or suppressed to improve your personal reputation, privacy and safety, which is particularly important for high-profile individuals who are the primary target for TrustRadius. Okay. So with strong pieces of technology like these, how do we bring it all together and turn it into actual product? Well, in doing so, we take a very, very consumer-centric approach. Our decisions are generally informed by 2 types of inputs. Key consumer trends such as the desire to simplify people's digital lives and growth of online commerce and payments and increased awareness of privacy risks as well as, of course, the emergence of generative AI consumer use cases. And we combined those -- that with the insights the deep insights that we have about the threat landscape.

這裡的關鍵字是個人化。我可以為您提供個人化的視圖，了解什麼對您來說真正重要，什麼可以忽略，使您能夠更好地優先考慮負面內容，例如搜尋結果和社交媒體帖子，這些內容應該被刪除或壓制，以提高您的個人聲譽、隱私和安全，這對於作為 TrustRadius 主要目標的知名人士尤其重要。好的。那麼，有了這些強大的技術，我們如何將它們整合在一起並將其轉化為實際產品？嗯，在這樣做時，我們採取了一種非常非常以消費者為中心的方法。我們的決策通常基於兩種類型的輸入。主要消費者趨勢，例如簡化人們數位生活的願望、線上商務和支付的成長、隱私風險意識的增強，當然還有生成式人工智慧消費者用例的出現。我們將這些與我們對威脅情勢的深刻見解結合。

The result of that is our deep understanding of consumer needs. Vincent already showed you the 4 consumer needs that we have identified for 2023. Around protection from security threats, safe online finances, control of personal data and verification of information and people. And what I would like to do now is talk to you about each of those and show you how these contribute to our overall product portfolio and positioning. First one is protect my digital life from security threat. This is obviously how we got started with our antivirus software. But now it's much, much more than that as it has expanded to include e-mail, scam and phishing protection, social media account takeover protection, device optimization as well as many other important aspects of protecting people's digital lives. And more is coming. We continue to innovate in this category and focus on new types of solutions that help people protect themselves, especially against those AI-powered, AI-generated attacks that we were talking about across all connected devices and the cloud. And a big, big area of focus for us is also protection against scam, including voice scam. Number two, keep my finances safe online. Yes, this is the juicy subject of financial crime and fraud. And more than 3/4 of it is now happening online in the cyberspace. So no wonder made it to the list.

其結果是我們對消費者需求的深刻理解。 Vincent 已經向您展示了我們為 2023 年確定的 4 項消費者需求。圍繞安全威脅防護、安全線上財務、個人資料控制以及資訊和人員驗證。我現在想做的就是與您討論其中的每一個，並向您展示它們如何對我們的整體產品組合和定位做出貢獻。第一個是保護我的數位生活免受安全威脅。顯然，這就是我們開始使用防毒軟體的方式。但現在它的功能遠不止於此，因為它已經擴展到包括電子郵件、詐騙和網路釣魚防護、社交媒體帳戶接管保護、設備優化以及保護人們數位生活的許多其他重要方面。還有更多即將到來。我們繼續在這一類別中進行創新，並專注於幫助人們保護自己的新型解決方案，特別是針對我們正在討論的跨所有連接設備和雲端的人工智慧驅動、人工智慧生成的攻擊。我們關注的一個非常大的領域也是防範詐騙，包括語音詐騙。第二，確保我的線上財務安全。是的，這是金融犯罪和詐欺的有趣主題。其中超過 3/4 現在發生在網路空間。所以毫不意外進入名單。

Our journey there started with LifeLock. And LifeLock, as you probably know, is a leader in protecting people against identity theft, which is now the most common way how cyber criminals actually steal money. But our solution has been much extended since then and now includes modern features like comprehensive dark web monitoring, home title protection, transaction monitoring as well as cyber insurance. And this has been a very, very successful business for us. By the way, the identity theft problem is really pervasive, which is one of the key reasons why LifeLock customers are so loyal to us, resulting in market-leading retention rates. Because when you become a victim of identitytheft, it will typically haunt you for many months, if not years. Because the fallout is not like someone tries to take 1 loan under your name, full stop. What you'll see is like 4 different loans and 3 mortgages, 3 cars, bought with your identity, 5 credit cards, et cetera, et cetera. We typically see at least 5 to 7 at times to misuse that information, sometimes even much more. And once you have to go through such a martrydom, you become a customer for life.

我們的旅程從 LifeLock 開始。正如您可能知道的那樣，LifeLock 是保護人們免受身分盜竊的領導者，而身分盜竊現在是網路犯罪分子實際上竊取金錢的最常見方式。但從那時起，我們的解決方案得到了很大的擴展，現在包括全面的暗網監控、房屋產權保護、交易監控以及網路保險等現代功能。這對我們來說是一項非常非常成功的事業。順便說一句，身分盜竊問題確實普遍存在，這也是 LifeLock 客戶對我們如此忠誠的關鍵原因之一，從而導致了市場領先的保留率。因為當您成為身分盜竊的受害者時，它通常會困擾您數月甚至數年。因為後果不像有人試圖以你的名義借一筆貸款，句點。您將看到 4 筆不同的貸款和 3 筆抵押貸款、3 輛用您的身分購買的汽車、5 張信用卡等等。我們通常有時會看到至少 5 到 7 個濫用該資訊的情況，有時甚至更多。一旦你必須經歷這樣的磨難，你就成為了終生的顧客。

So we continue to be very focused on this category. And then in the upcoming product releases, you can expect to see us expanding our solutions even further with even more innovative features like safe and secure digital payments, digital vault and financial wellness related functionalities. The third area is give me control of my personal data. This is actually one of the fastest-growing category, which I think, says a lot about how the perception of privacy and the risk associated with PII leagues have changed or evolved over time. And here, on top of VPN, which we now consider pretty much table stakes, we have been addressing emerging consumer needs by adding differentiated privacy-related features like device anti-tracking, hunting and removal of PII across various services and the dark web and data brokers and private browsing. And we still see a lot of opportunities to go beyond that. I already spoke to you about AI-based sentiment analysis in our ReputationDefender product. It Is expected that by 2026, up to 90% of all content on the Internet will be AI generated, which will obviously have massive consequences in terms of how content is consumed and data, including personal data is trusted and we are getting credit for that in our portfolio. And then personalized management of peopl''s entire digital footprint or digital exhaust that--- as we like to call it, is an area that we are actively working on.

所以我們繼續非常關注這個類別。然後，在即將發布的產品中，您可以期待看到我們進一步擴展我們的解決方案，提供更多創新功能，例如安全可靠的數位支付、數位金庫和金融健康相關功能。第三個方面是讓我控制我的個人資料。這實際上是成長最快的類別之一，我認為這充分說明了人們對隱私的看法以及與 PII 聯盟相關的風險如何隨著時間的推移而改變或演變。在這裡，除了我們現在認為幾乎是賭注的VPN 之外，我們還透過添加差異化的隱私相關功能來滿足新興消費者的需求，例如設備反追蹤、跨各種服務和暗網的PII 搜尋和刪除，以及數據經紀人和私人瀏覽。我們仍然看到很多超越這一點的機會。我已經與您討論過我們的 ReputationDefender 產品中基於人工智慧的情緒分析。預計到 2026 年，網路上高達 90% 的內容將由人工智慧生成，這顯然將對內容的消費方式和數據（包括個人資料）的可信度產生巨大影響，我們因此而獲得讚譽在我們的投資組合中。然後對人們的整個數位足跡或數位廢氣進行個人化管理——正如我們所說的那樣，這是我們正在積極努力的領域。

Finally, number four, verify the people and information I interact with online, which is a newly identified need this year. We have 2 projects currently in beta. The first is Norton Genie, which I already mentioned when I was speaking about the TSC LLM AI model. Genie is an easy-to-use app that people can use to determine whether a given text message, e-mail or social media post a scam or not. It features a conversation with UI, meaning that you can actually chat with it, and it can give you some additional insights. I''s currently in the early access phase, and we already have about 70,000 people using it, which is a great start. And while today i''s been built to cover text-based scams only, our vision for it is actually much broader. Ultimately, we see it as some sort of CSO in your pocket, a trusted partner that you can inquire at any time and to consult to any security or privacy or identity-related question or concern that you might have. And then Midy, our brand-new system that allows people to prove who they are online and exchange so-called verifiable credentials. This is a continuation of prior work that we did around the bank ID scheme in Canada. And the vision here, again, is much broader, leading to a universal system that will allow exchange or verify data, including PII in a very secure and private matter.

最後，第四點，驗證我在網路上互動的人和訊息，這是今年新發現的需求。我們目前有 2 個項目處於測試階段。第一個是 Norton Genie，我在談論 TSC LLM AI 模型時已經提到過。 Genie 是一款易於使用的應用程序，人們可以使用它來確定給定的簡訊、電子郵件或社交媒體是否發布了詐騙訊息。它具有與 UI 對話的功能，這意味著您實際上可以與它聊天，並且它可以為您提供一些額外的見解。我目前正處於早期訪問階段，我們已經有大約 70,000 人在使用它，這是一個很好的開始。雖然今天 i' 的構建僅用於涵蓋基於文本的詐騙，但我們的願景實際上要廣泛得多。最終，我們將其視為您口袋裡的某種 CSO，一個值得信賴的合作夥伴，您可以隨時詢問並諮詢您可能遇到的任何安全或隱私或身份相關問題或疑慮。然後是 Midy，我們的全新系統，允許人們在網路上證明自己的身份並交換所謂的可驗證憑證。這是我們之前圍繞加拿大銀行 ID 計劃所做的工作的延續。這裡的願景同樣更加廣闊，打造一個通用系統，允許以非常安全和私密的方式交換或驗證數據，包括 PII。

Moving into the future. We are also planning to be heavily involved in a category that ''m personally super passionate about, and tha''s deepfake and misinformation management. And tha''s not necessarily by creating a tool that w''ll be able to tell whether a given piece of content is AI generated or not, but rather by building a new trust layer that will allow easy verification of the authenticity and providence of that content. Now going back to Norton Genie to give you a better sense of what it can actually do, I encourage all of you to join me for a private demo over lunch today. And of course, you can download the early access version from the App Store already, for example, using the QR code here or just looking it up in the App Store. And so as all of this comes together, it results in a rich AI-infused road map, which again is fully aligned with what we have been seeing among customers by spending a lot of time with them and really understanding their needs and jobs to be done and combining that with our deep insights into the threat landscape and the AI technology is seen more broadly. We normally do''t publicly share product road maps--- even high-level road maps like this. But ''m making an exception here because ''m so bullish about this. What you see are functionalities that address both the security need, the financial safety need the control of personal data needs as well as the people and data verification.

邁向未來。我們也計劃大力參與「我個人非常熱衷的」類別，即深度造假和錯誤訊息管理。這並不一定是透過創建一個能夠判斷給定內容是否是人工智慧生成的工具，而是透過建立一個新的信任層來輕鬆驗證真實性和天意該內容的。現在回到諾頓精靈，讓您更了解它的實際功能，我鼓勵大家今天午餐時與我一起參加私人演示。當然，您已經可以從 App Store 下載搶先體驗版本，例如使用此處的二維碼或在 App Store 中尋找。因此，當所有這些結合在一起時，就會產生一個豐富的人工智慧路線圖，這再次與我們在客戶中看到的完全一致，我們花了很多時間與他們在一起，真正了解他們的需求和工作並將其與我們對威脅情勢的深入洞察相結合，並更廣泛地看待人工智慧技術。我們通常不會公開分享產品路線圖——即使是像這樣的進階路線圖。但我在這裡破例，因為我對此非常樂觀。您看到的是滿足安全需求、財務安全需求、個人資料控制需求以及人員和資料驗證需求的功能。

And of course, they are also very much focused on the tough challenges that we spoke about when I described to the (inaudible) of attacks such as AI-assisted hacking and system exploitation, AI-powered password cracking and and credential theft. AI-based social engineering and AI impersonation, voice cloning and deepfak''s. Now the way we deliver those functionalities to customers is obviously by packaging them into actual products. And when doing so, we basically take 2 different approaches. We either package them as point solutions or as membership plans. The difference between the 2 is that with point solutions, people are buying individual products that serve a specific limited need. While with membership plans, they are basically buying a richer bundled solution that ensures their total peace of mind. Even though we generally prioritize and recommend membership plans, we find that some people actually prefer point solutions. And so we are running both of these cracks in parallel and adding new features and functionalities on both sides. And tha''s perfectly fine because we have strong business drivers in terms of growth for each of them. And Natalie will be talking to you more about those.

當然，他們也非常關注我們在描述（聽不清楚）攻擊時所談到的嚴峻挑戰，例如人工智慧輔助駭客攻擊和系統利用、人工智慧驅動的密碼破解和憑證盜竊。基於人工智慧的社會工程和人工智慧模仿、語音克隆和深度偽造。現在，我們向客戶提供這些功能的方式顯然是將它們包裝到實際產品中。在這樣做時，我們基本上採取兩種不同的方法。我們要么將它們打包為單點解決方案，要么打包為會員計劃。兩者之間的差異在於，透過單點解決方案，人們購買的是滿足特定有限需求的單獨產品。在使用會員計劃時，他們基本上正在購買更豐富的捆綁解決方案，以確保他們完全安心。儘管我們通常會優先考慮並推薦會員計劃，但我們發現有些人實際上更喜歡單點解決方案。因此，我們並行運行這兩個裂縫，並在兩側添加新的特性和功能。這完全沒問題，因為我們在每個方面的成長方面都有強大的業務驅動力。娜塔莉將與您詳細討論這些問題。

Now everything that I spoke about so far has been focused on the consumer segment. But we see a big opportunity even beyond that. Many entrepreneurs have actually been asking us whether we could extend our solutions to them and their companies as well. And that makes a lot of sense because if you think about it, we have such a strong reputation on the consumer side and the need the jobs to be done and even the actual threats are all quite similar. Unlike on the enterprise side, where dedicated IT and security teams are present and were very different solutions and sales motions are typically required. And so in order to capture this incremental opportunity, we started already this September by releasing a new Norton small business product. And the results so far have been very encouraging, almost doubling our unit sales also of a very small base. So we are committed to invest even more in this area. I go from there, focused again, mainly on freelancers, gig workers and very small businesses.

到目前為止我所說的一切都集中在消費者領域。但除此之外，我們還看到了巨大的機會。許多企業家實際上一直在問我們是否可以將我們的解決方案擴展到他們及其公司。這很有意義，因為如果你仔細想想，我們在消費者方面擁有如此強大的聲譽，需要完成的工作甚至實際的威脅都非常相似。與企業方面不同的是，企業方面有專門的 IT 和安全團隊，通常需要非常不同的解決方案和銷售動議。因此，為了抓住這個增量機會，我們從今年 9 月開始發布新的諾頓小型企業產品。迄今為止的結果非常令人鼓舞，我們的單位銷售額幾乎翻了一番，而且基數很小。因此，我們致力於在這一領域進行更多投資。從那裡開始，我再次關注自由工作者、零工和小型企業。

Okay. So where are we now? We have spoken about the threat landscape. We talked about AI-powered threats and Ge''s strong AI capabilities, then we covered the core consumer needs and explain how we are effectively addressing them with our strong AI enriched road map. And lastly, how we are packaging those pieces together to deliver them to customers. Now the last piece missing that we have''t really covered yet, but i''s actually super, super important for us is customer experience. As a consumer-facing business, we understand that CX is absolutely paramount for our success. And for that reason, we have been working very closely with our customers around the world to understand how we could make our product even more comfortable, more accessible and simpler to use for them. What we often heard was integrated, cross-platform and personalized to my needs. So tha''s been a large part of our efforts lately. Important to people is also how we do our cross-sell, upsell operations. Those need to be fully contextual, natural and unobtrusive. And AI is actually really helping us here.

好的。那我們現在在哪裡？我們已經討論過威脅情勢。我們討論了人工智慧驅動的威脅和通用電氣強大的人工智慧能力，然後我們討論了核心消費者需求，並解釋了我們如何透過強大的人工智慧增強路線圖有效地解決這些需求。最後，我們如何將這些零件打包在一起交付給客戶。現在我們還沒有真正涵蓋的最後一個部分是客戶體驗，但對我們來說實際上非常非常重要。作為一家面向消費者的企業，我們知道客戶體驗對我們的成功絕對至關重要。出於這個原因，我們一直與世界各地的客戶密切合作，以了解如何使我們的產品對他們來說更加舒適、更容易使用和更簡單。我們經常聽到的是整合的、跨平台的和個人化的以滿足我的需求。這就是我們最近所做努力的很大一部分。對人們來說，重要的是我們如何進行交叉銷售、追加銷售業務。這些需要完全符合情境、自然且不引人注目。人工智慧實際上確實在這方面為我們提供了幫助。

And finally, consumers generally like the idea of engaging more with our product, but those engagements need to be valuable and insightful for them. We are taking all these inputs extremely seriously, and w''ll continue to prioritize this work to keep improving with every release. All of this brings me to our long-term aspiration, our BHAG or North Star as we like to call it. And tha''s really to enable all generations of people to make the most of the digital world. Irrespective of all the pitfalls dangers and obstacles caused by the ever-changing technological landscape. Tha''s what we mean when we talk about digital freedom. Now despite everything tha''s been going on, we absolutely continue to be optimistic about where the world is headed, all the technological innovation and the impact it will have on us humans. And we are all about building solutions that will help people navigate this new world safely, privately and confidently. If I were to choose 4 words that would characterize the aspiration that we have for our future products, it would be trusted, always on, personalized and empowering. And now to give you a bit better sense of how it all fits together, let me play a short video.

最後，消費者通常喜歡更多參與我們的產品，但這些參與必須對他們有價值且富有洞察力。我們非常認真地對待所有這些意見，並將繼續優先考慮這項工作，以便在每個版本中不斷改進。所有這些讓我想到了我們的長期願望，我們的 BHAG 或我們喜歡稱之為的北極星。這確實是為了讓各代人都能充分利用數位世界。不管不斷變化的技術格局帶來的所有陷阱、危險和障礙。這就是我們談論數位自由時的意思。現在，儘管發生了一切，我們仍然對世界的發展方向、所有的技術創新及其對人類的影響保持樂觀。我們致力於建立解決方案，幫助人們安全、私密且自信地駕馭這個新世界。如果我要選擇四個字來描述我們對未來產品的期望，那就是值得信賴、始終在線、個人化和賦能。現在，為了讓您更好地了解這一切是如何組合在一起的，讓我播放一個簡短的影片。

(presentation)

（推介會）

All right. So tha''s all ''ve got. But before we break up here for a short break, let me just quickly summarize the key points I would like to leave you with. Number one, increasing intensity of cyber attacks, now exacerbated by AI, makes cyber safety a real vital industry whose size and importance will only continue to grow. Number two, Gen has a long track record in investing in technology and innovation, Iding AI and is an undisputed leader in the consumer cyber safety market. And finally, number three, with our proven AI expertise, world-class UX capabilities, scalable infrastructure and global customer reach, Gen is best positioned to win in this market. Thank you so much.

好的。這就是全部了。但在我們暫時休息之前，讓我快速總結一下我想留給你們的要點。第一，網路攻擊的強度不斷增加，而人工智慧現在又加劇了這種情況，這使得網路安全成為一個真正重要的產業，其規模和重要性只會繼續增長。第二，Gen 在投資技術和創新 Iding AI 方面有著悠久的記錄，並且是消費者網路安全市場無可爭議的領導者。最後，第三點，憑藉我們經過驗證的人工智慧專業知識、世界一流的用戶體驗能力、可擴展的基礎設施和全球客戶覆蓋範圍，Gen 最有能力贏得這個市場。太感謝了。

And I think we have 10 minute break.

我想我們有 10 分鐘的休息時間。

(Break)

（休息）

Ok'y. We're going to try and get the next part of our presentation, going here. If we could get everybody to take their seats, please. Gre't. We're just about ready here. Folks can please take their seats.

好的。我們將嘗試獲取簡報的下一部分，即此處。如果我們能讓每個人都坐下來，請。再見。我們這裡就準備好了。請大家就座。

Hello. Welcome back from your break. For those of you in the room, thank you for being here for everybody l--ked -- watching us on the webcast, welcome. We are so incredibly thrilled to be h're. I'm Natalie Derse, and I have the privilege of being a CFO of this incredible, incredible company we call Gen Digital. I have been here for about 3.5 years. And this is my second Analyst Day, which is so fantastic. 'nd we're--ust'-- we're really excited to be here to tell our story around 'ow we're going to continue to unlock customer va'ue. I'm joined here by the entire executive leadership team' They're spread out across the room. But I asked Travis (inaudible) Judy Bitterli and Patrick Schwind to stand up and wave hello to you all' They're in the back of the room here, 'f you're in the room. They are the collective powerhouse go-to-market leaders.

你好。歡迎您休息回來。對於在座的各位，感謝你們來到這裡為大家觀看我們的網路廣播，歡迎。我們非常高興能來到這裡。我是 Natalie Derse，我有幸成為這家令人難以置信的公司的財務官，我們稱之為 Gen Digital。我在這裡已經大約 3.5 年了。這是我的第二個分析師日，真是太棒了。 “我們真的很高興能在這裡講述我們的故事，’我們將繼續釋放客戶價值’。”整個執行領導團隊都加入了我的行列。他們分散在房間的各個角落。但我請特拉維斯（聽不清）朱迪·比特利和帕特里克·施溫德站起來，向大家揮手打招呼，“如果你們在房間裡，他們就在房間的後面。”他們是集體強大的市場領導者。

Travis drives acquisition and top of the funnel demand. Judy runs all of our customer relationship management and all of our retention efforts. And Patrick drives customer service, customer satisfaction, and leads the world-class customer service teams around the world. 'nd it's through their leadership and the execution of their collective teams combined with our gen wide commitment to taking a data-driven approach and the deep connection into the financial commitments that we make that we make our go-to-market priorities a reality. Custome's, we're going to talk about our customers a lot today because they are at the center of everything that we do. And every stage of their cyber safety journey matters. We have built an engagement structure that offers us the opportunity to reach new customers grow with our existing customers and retain those customers while we provide great products and services. It starts with driving awareness for the need for cyber safety protection. It's important to reach as many new users as we can, and we do that with an omnichannel approach, taking forward our strong brand recognition and our proven track record of trusted services. And to help influence the customer choice in their path to solving their ever-growing cyber safety needs.

特拉維斯推動了收購和漏斗頂部的需求。朱迪負責我們所有的客戶關係管理和保留工作。帕特里克負責推動客戶服務、客戶滿意度，並領導世界各地的世界級的客戶服務團隊。正是透過他們的領導和集體團隊的執行力，再加上我們對採用數據驅動方法的全代承諾以及與我們做出的財務承諾的深入聯繫，我們才使我們的上市優先事項成為現實。客戶，我們今天將大量談論我們的客戶，因為他們是我們所做的一切的中心。他們的網路安全之旅的每個階段都很重要。我們建立了一個參與結構，使我們有機會接觸新客戶，與現有客戶一起成長，並在我們提供優質產品和服務的同時留住這些客戶。首先是提高人們對網路安全保護需求的認識。盡可能吸引新用戶非常重要，我們透過全通路方法來實現這一目標，從而提升我們強大的品牌認知度和可靠服務的良好記錄。並幫助影響客戶在解決不斷增長的網路安全需求方面的選擇。

We take that reach and we diversify into new channels with our ongoing marketing investment with a measured approach. We offer best-in-class protection in all facets of our cus'omers' digital lives. And we are mission-driv'n. We're mission-driven in our expanding portfolio, our strong customer engagement, and we demonstrate the value of our products and ser--ces -- no matter 'f you're in a moment of truth scenario or 'f you're on a path to building a relationship with us in a tiered membership offering. I told you customers were going to be talked about a lot today. We want them. No surprise. We want our customers and driving customer count, net positive customer count is a key priority for 's. We've built a healthy direct customer base, as you can see on the screen, but i' hasn't been easy. When we first stood up NortonLifeLock as a stand-alone company, we challenged ourselves to return the customer count to net positive growth after years and years of decline. We set explicit goals for ourselves to drive net positive customer adds, and we created additional investment so that we could invest in marketing over 50% more than prior periods. As we drove forward the direct-to-consumer business model, we also launched Norton 360 in the first of its kind membership offering that offered full suite protection and provides peace of mind to our consumers, all in 1 offering. And we drove results.

我們利用這種影響力，透過持續的營銷投資和審慎的方法，多元化進入新管道。我們為客戶數位生活的各個方面提供一流的保護。我們以使命為導向。我們以使命為導向，不斷擴大產品組合、加強客戶參與，並展示我們產品和服務的價值——無論您是處於關鍵時刻還是透過分級會員服務與我們建立關係。我告訴過你們今天將會談論很多客戶。我們想要他們。沒有驚喜。我們希望我們的客戶並推動客戶數量，淨正客戶數量是我們的首要任務。正如您在螢幕上看到的那樣，我們已經建立了一個健康的直接客戶群，但我並不容易。當我們第一次將諾頓LifeLock 作為獨立公司成立時，我們挑戰自己，讓客戶數量在經歷了多年的下滑之後恢復淨正增長。我們為自己設定了明確的目標，以推動淨積極客戶增加，並且我們進行了額外投資，以便我們可以比之前多投資 50% 以上的營銷投資。在我們推動直接面向消費者的業務模式的同時，我們也推出了諾頓 360，這是同類會員產品中的第一個，它提供全套保護，讓我們的消費者高枕無憂，全合一產品。我們推動了成果。

We started growing the customer base early on and continued adding net new customers for 10 straight quarters in a very healthy way, holding our already high retention rates stable even through the elevated new acquisition levels through COVID, bringing the total count of customers from 20 million in 2020 and to 24 million as we ended the year as NortonLifeLock in fiscal'year '22. And w' didn't stop there. After navigating the retention cycles post the code acceleration, and the integration with Avast, the combined Gen customer count is now approximately 39 million. And we, if you saw in our press release today, have returned to net positive customer count growth this quarter, averaging over the last 4 years of low single-digit rate of growth. Can I get some claps?

我們很早就開始擴大客戶群，並以非常健康的方式連續10 個季度持續增加淨新客戶，即使在新冠疫情導致新客戶獲取水平提高的情況下，我們本已很高的保留率仍然保持穩定，使客戶總數從2000 萬增加到了2000 萬。到 2020 年，我們在第 22 財年以 NortonLifeLock 的名義結束這一年時，這一數字將達到 2400 萬。我們並沒有就此止步。經過程式碼加速後的保留週期以及與 Avast 的整合後，Gen 客戶總數現在約為 3,900 萬。如果您在今天的新聞稿中看到，我們本季的客戶數量已恢復淨成長，平均成長率為過去 4 年的低個位數成長率。我可以鼓掌嗎？

Sorry for that. A good thing really on floor to, I think, sorry for everybody on the webcast.'I don't know if you heard that. We had a bit of a fire drill, 'ut it's over, okay? So with that said, net positive customer count this quarter. And as Gen we have approximately 0.5 million --ers -- 0.5 billion users, excuse me, and 65 million paid custome's. We've created a playbook designed for growth, and we have many levers that Travis and Judy and Patrick and their teams used to bring our proven capabilities to market. And our model around this growth is very simple: acquire more, retain more. We will expand in the markets we currently do business, 'nd we're going to enter new marke's. We're going to support that growth and that expansion by measured marketing investment and channel diversification. We will continue to invest in our product offering driving an expanded portfolio with intention because we want to protect our customers from the ever-growing cyber threats. And we already do and we are.

對此感到抱歉。我想，對網路廣播中的每個人來說，這確實是一件好事。“我不知道你是否聽到了。”我們進行了消防演習，但結束了，好嗎？話雖如此，本季淨客戶數為正。作為一代，我們擁有大約 50 萬用戶，對不起，5 億用戶，以及 6500 萬付費客戶。我們創建了一本專為成長而設計的劇本，並且我們擁有特拉維斯、朱迪和帕特里克及其團隊用來將我們經過驗證的能力推向市場的許多槓桿。我們圍繞這種增長的模型非常簡單：獲取更多，保留更多。我們將擴大目前開展業務的市場，並將進入新市場。我們將透過有節制的營銷投資和通路多元化來支持這種成長和擴張。我們將繼續投資於我們的產品，有意識地推動產品組合的擴展，因為我們希望保護我們的客戶免受不斷增長的網路威脅。我們已經這樣做了，而且確實如此。

We will continue to provide best-in-class service at all stages of their journey with us, 'nd we'll continue to grow as the largest cus--mer -- consumer cyber safety provider with industry-leading retention rates. We reach our customers everywhere where they are with an intentional omnichannel structure with most of our business being in the direct-to-consumer model, we can reach new users with a wide variety of offerings. For example, with our freemium offering for users that are just starting with us or looking for a free protection in a basic format as they get educated or as they become more aware or as they want to get used to us as a brand, we offer a free product with a path to convert into more of a premium paid later. But the users that know what they want. The customers know what they want and more importantly, what they need, we have a variety of options in a paid format across security, identity, privacy either as stand-alone products or in a tiered membership format. And with the channels sorry, something happened? Sorry about that. And then in addition to the 39 million in growing direct customers that we have, we also have what we call the partnership channels. This is a diverse set of channels that allow us more and more reach. And right now, we have over 25 million paid customers across that variety of partnership channels.

我們將繼續在他們的旅程的各個階段提供一流的服務，並且我們將繼續發展成為最大的客戶網路安全供應商，並保持業界領先的保留率。我們透過有意的全通路結構接觸到世界各地的客戶，我們的大部分業務都採用直接面向消費者的模式，我們可以透過各種產品來接觸新用戶。例如，透過我們的免費增值服務，我們為剛開始使用我們的用戶或在他們接受教育或當他們變得更加了解或當他們想要習慣我們這個品牌時尋求基本格式的免費保護，我們提供一種免費產品，可以轉化為以後支付的更多溢價。但用戶知道自己想要什麼。客戶知道他們想要什麼，更重要的是，他們需要什麼，我們在安全、身分、隱私方面提供多種付費形式的選擇，無論是作為獨立產品還是分層會員形式。抱歉，通路發生了什麼事？對於那個很抱歉。除了我們擁有的 3,900 萬不斷成長的直接客戶之外，我們還擁有所謂的合作夥伴管道。這是一套多樣化的管道，讓我們的影響力越來越大。目前，我們透過各種合作夥伴管道擁有超過 2,500 萬付費客戶。

With these channels and strategic partnershi's, it's designed to capture consumer mind share where the consumers choose to spend their time at work, through our scaling employee benefits channel, bundled with their mobile providers as we partner with the telcos or during their purchase decisions at retail. And our reach is expanding, and we have tremendous opportunities ahead. As we expand furth'r, we're going to leverage our strong brand reputation our vast products and services and our diverse go-to-market infrastructure to drive more reach. With the constant evolution of cyber safety threats, we will acquire more, and we have room to grow across all the markets. We offer the best cyber safety protection across security, identity and privacy and we have a customer-centric tiered offering that allow entry points of cus'omers' choice backed with a strong call to action to cross-sell when they need additional protection and upsell pathway to increase your level of one-stop shop coverage. And we have a broad distribution model to deliver that to a growing base of our customers.

透過這些管道和策略合作夥伴，它旨在透過我們擴展的員工福利管道，在我們與電信公司合作時或在他們做出零售購買決定時與他們的行動供應商捆綁在一起，捕捉消費者選擇在工作中度過時間的消費者心智份額。我們的影響力正在擴大，我們面臨巨大的機會。隨著我們進一步擴張，我們將利用我們強大的品牌聲譽、豐富的產品和服務以及多樣化的市場基礎設施​​來擴大影響力。隨著網路安全威脅的不斷演變，我們將獲得更多威脅，並且我們在所有市場上都有成長空間。我們提供跨安全、身分和隱私的最佳網路安全保護，並且我們擁有以客戶為中心的分層產品，允許客戶選擇切入點，並在需要額外保護和追加銷售時強烈呼籲採取交叉銷售行動提高一站式服務覆蓋水準的途徑。我們擁有廣泛的分銷模式，可以提供給不斷增長的客戶群。

I mentioned our partnership model. Our partnership model offers us not only expanded customer rea'h, it's an incredibly strong revenue stream for us. and we grow with our partners. We mobilize where our customers are. And aga'n, we're going to expand through these channels into more identity and more privacy. There are a handful of examples on this slide. Let me walk you through a coup'e. We're growing cyber safety as a digital benefit with employers who choose to offer identity protection through their aeliverinllment process. We partner with telcos like TELUS and British Telecom to reach customers through their bundled solutions. And we offer private browser protection through search partnerships like Google, Bing and Yahoo. And as I mentioned, across all of these different partnership channe's, we've already expanded our reach to over 25 million customers and are driving approximately $400 million of revenue with our partners on an annual basis, an' that's been growing double-digit rates of growth, the last few years.

我提到了我們的合作夥伴模式。我們的合作夥伴模式不僅為我們提供了擴大的客戶範圍，而且為我們提供了令人難以置信的強勁收入來源。我們與合作夥伴一起成長。我們在客戶所在的地方進行動員。再說一次，我們將透過這些管道擴展到更多的身分和隱私。這張投影片上有一些範例。讓我帶您了解轎跑車。我們正在將網路安全作為數位福利，與選擇透過交付流程提供身分保護的雇主一起發展。我們與 TELUS 和英國電信等電信公司合作，透過他們的捆綁解決方案接觸客戶。我們透過 Google、Bing 和 Yahoo 等搜尋合作夥伴提供私人瀏覽器保護。正如我所提到的，透過所有這些不同的合作夥伴管道，我們已經將覆蓋範圍擴大到超過2500 萬客戶，每年與我們的合作夥伴一起創造約4 億美元的收入，並且一直在以兩位數的速度成長過去幾年的成長。

We are growing with our customers today, leveraging our core capabilities. As Gen, we intend to accelerate our growth with increased value creation and deeper engagement with our customers. We plan to leverage a cross-sell, upsell approach brought holistically together, leveraging best practices across our very diverse brand portfolio. And with the scaling data and technology solutions that you heard about from Ondrej, combined with our stated intention to drive more personalization with our customers using always improving predieliverindeling and omnichannel engagement, we believe that we have multiple points of growth to drive through cross-selling point products in moments of truth and through the customer value we create with our differentiated, higher tiered membership offering'. Let's double-click for a second. Cross-selling offers us a path to meaningfully accelerate the adoption of cyber safety. And we have a proven track record with our customers through cross-selling, starting with the $900 million of vast business model built around exactly--ike -- exactly that. Take the over 0.5 billion users with a free offering and cross-sell them into a more paid offering'

今天，我們利用我們的核心能力與客戶一起成長。作為Gen，我們打算透過增加價值創造和與客戶更深入的互動來加速我們的成長。我們計劃利用全面整合的交叉銷售、追加銷售方法，利用我們多元化品牌組合的最佳實踐。借助您從Ondrej 聽到的擴展數據和技術解決方案，再加上我們聲稱的通過不斷改進預交付和全渠道參與來推動客戶更加個性化的意圖，我們相信我們有多個增長點可以通過交叉銷售來推動在關鍵時刻並透過我們透過差異化、更高層次的會員服務所創造的客戶價值來提供重點產品」。讓我們雙擊一下。交叉銷售為我們提供了一條有意義地加速網路安全採用的途徑。我們透過交叉銷售與客戶建立了良好的往績，從圍繞這一點構建的價值 9 億美元的龐大商業模式開始。為超過 5 億用戶提供免費產品，並將其交叉銷售為付費產品”

We've already seen further proof points as we take these best practices and apply them to the Norton Security ba'e. We've tripled the penetration of cross-sell from 5 to 15 in less than 2 years, just with a handful of products across utilities and privacy. We have a stated intention to continue to scale, committing today from a 15% to over a 30% penetration of cross-sell beca'se it's the right thing to do for our customers. Cross-selling point products protect customers when they are in the most important moments of truth. 'nd we're just getting started. We have tremendous growth opportunity and expansion as we progress on our machine learning models and embrace the AI technologi's. We'll leverage this combined with our continued product portfolio expansion and get the penetration of cross-sell to a larger percentage of our user base. Now on to upselling. We believe our membership offerings provide complete peace of mind to our customers. regarding their cyber threats in their digital lives. Our membership offering is a full suite of protection as a one-stop shop tiered across identity, security and privacy. And based on our current membership customer behavior, we know our memberships lead to higher engagement, higher customer satisfaction and ultimately higher customer lifetime value. And it allows us to deliver the best service throughout the entire customer journey because we get to know each other.

當我們採用這些最佳實踐並將其應用於 Norton Security ba'e 時，我們已經看到了進一步的證據。在不到 2 年的時間裡，我們將交叉銷售的滲透率提高了兩倍，從 5 個增加到 15 個，僅涉及公用事業和隱私領域的少數產品。我們明確表示要繼續擴大規模，今天承諾將交叉銷售的滲透率從 15% 提高到 30% 以上，因為這對我們的客戶來說是正確的做法。交叉賣點產品可以在客戶最重要的時刻保護他們。我們才剛開始。隨著我們在機器學習模型上取得進展並擁抱人工智慧技術，我們擁有巨大的成長機會和擴張機會。我們將利用這一點與我們持續的產品組合擴展相結合，並使交叉銷售滲透到我們更大比例的用戶群中。現在開始追加銷售。我們相信我們的會員服務可以讓我們的客戶完全放心。關於他們數位生活中的網路威脅。我們的會員服務是涵蓋身分、安全和隱私的一整套一站式保護。根據我們目前的會員客戶行為，我們知道我們的會員資格可以帶來更高的參與度、更高的客戶滿意度並最終提高客戶終身價值。它使我們能夠在整個客戶旅程中提供最好的服務，因為我們互相了解。

Customer awareness of our products and education of our feature set when we engage more through onboarding, product alerts, in-product messaging and all the other customer touch points that we have. We get to know our cus'omers' behavior through the broader telemetry data that we collect across the full suite and through our customer relationship management, it enables us to even further advancIment in our predictive modeling and our personalization and overall service. Economically, upselling customers to membership tiers creates value. It fuels our accelerating growth, evidenced in our current membership cohorts. As you can see, we have about 40% of total Gen paid customers that have chosen a membership offering.'And we've made steady progress with that since we integrated with Avast. When our customers choose their cyber safety protection in a membership offering, the ASP is exponential. This is just security point solution to the first level of security membership. You can see the exponential growth in ASP. And when our customers choose to broaden their cyber safety protection, the retention rate that we see increases as they become more engaged.

當我們透過引導、產品提醒、產品內訊息傳遞和我們擁有的所有其他客戶接觸點更多地參與時，客戶對我們的產品的認識以及對我們功能集的教育。我們透過在整個套件中收集的更廣泛的遙測數據以及客戶關係管理來了解客戶的行為，這使我們能夠進一步改進我們的預測模型以及個人化和整體服務。從經濟上講，向會員等級推銷客戶可以創造價值。它推動了我們的加速成長，這一點在我們目前的會員群體中得到了證明。正如您所看到的，我們大約有 40% 的 Gen 付費客戶選擇了會員服務。自從與 Avast 整合以來，我們在這方面取得了穩步進展。當我們的客戶在會員服務中選擇網路安全保護時，平均售價呈指數級增長。這只是第一級安全成員資格的安全點解決方案。您可以看到 ASP 呈指數級增長。當我們的客戶選擇擴大他們的網路安全保護時，我們看到的保留率隨著他們的參與程度而提高。

So if you marry this up with our very, very large base of users and paid customers that I showed you, we want and have intention to increase this penetration another 10 points over the next 3 years. And when we do, we deliver more peace of mind to more of our cyber safety customers and we have the opportunity to drive long-lasting customer relationships. We are proud of our retention rates in the LifeLock brand and the Norton Brand. both are leading in our industry and have been hard earned and very stable. Of course, continuous improvement in these strong brands is there,'and we're committed to continuous improvement in those 2 bra'ds. We're also committed to driving up overall Gen retention rate over 80% as we work to increase the retention rate in our Avast brands. A year ago, we laid out our Gen revenue synergies. We sized an opportunity to address a 10-point gap on Avast retention rates, of w'ich we've already driven 3 points since just 1 'ear we're'in. We've done that leveraging the best practices across the security brands and focusing on optimizing our billing performance.

因此，如果您將其與我向您展示的我們非常非常大的用戶和付費客戶群結合起來，我們希望並且有意在未來 3 年內將這種滲透率再提高 10 個百分點。當我們這樣做時，我們可以讓更多的網路安全客戶更加安心，並且我們有機會建立持久的客戶關係。我們對 LifeLock 品牌和諾頓品牌的保留率感到自豪。兩者都在我們行業中處於領先地位，並且來之不易且非常穩定。當然，這些強大品牌的持續改進是存在的，我們致力於持續改進這兩個品牌。在我們努力提高 Avast 品牌的保留率的同時，我們也致力於將整體 Gen 保留率提高到 80% 以上。一年前，我們展示了我們的 Gen 收入協同效應。我們抓住了一個機會來解決 Avast 保留率 10 個百分點的差距，而自從我們剛進入 1 耳朵以來，我們已經將這一差距提高了 3 個百分點。我們利用各個安全品牌的最佳實踐來做到這一點，並專注於優化我們的計費性能。

And as we expand into new channels, into new markets and accelerate the growth in markets across the world, we are very, very clear-eyed that not all customers, not all users look and behave the same. We are clear-eyed that they may come with a variety and a range on retention rate as well as ASP. Mobile is one area that we have focused on improving the retention r'te. We're doing a lot of mobile acquisition today. And today, it has a lower-than-average Gen retention rate. But evidenced in the pre to today, we know and we have proof points that when we focus on driving retention rate improvements with our customers, it can be done. We have opportunities to drive retention improvements across our portfolio. And as we do, we are committed to keeping the customer at the center of everything we do, driving their customer satisfaction higher, and, in turn, growing together. Ready for the money slide?

當我們擴展到新通路、新市場並加速全球市場的成長時，我們非常非常清楚，並非所有客戶、使用者的外表和行為都是一樣的。我們很清楚，他們可能會在保留率和平均售價上有各種各樣的變化。移動是我們重點關注提高保留率的領域之一。我們今天正在進行大量的行動採購。如今，它的一代保留率低於平均水平。但從今天的情況來看，我們知道並且有證據表明，當我們專注於提高客戶保留率時，這是可以做到的。我們有機會推動整個產品組合的保留率提高。正如我們所做的那樣，我們致力於將客戶置於我們所做的一切的中心，提高他們的客戶滿意度，進而共同成長。準備好迎接金錢滑坡了嗎？

Growing sustainably requires us to execute on our strategy and deliver meaningful value. And we plan to do that in what I call the 5 fo' 5. It's a simple structural approach of 5 levers to drive 5 points of revenue growth over the next 3 years. What I love about i' is it's grounded in proof points, current customer behavior and trends we see today that support our reach, grow, retain priorities.

永續發展需要我們執行我們的策略並提供有意義的價值。我們計劃透過我所謂的「5 fo' 5」來實現這一目標。這是一種簡單的結構方法，由 5 個槓桿組成，可在未來 3 年內推動 5 個百分點的收入成長。我喜歡 i' 的原因是它基於我們今天看到的證據、當前客戶行為和趨勢，這些都支持我們的影響力、成長和保留優先事項。

And in each of these 5 levers, we see momentum today. And when you take the assump'ions I've listed out here on the potential white board, and you translate the m'th, it's not hard to see that we have at least $650 million of incremental revenue to earn over the next few years. We collectively will execute our strategy. And when we'do, it's not hard to believe in our Gen Y commitment to accelerate growth with our 5 for 5. We have a strategy and a structured approach to our growth plan. But with the last few years has boldly reminded us all across the world is that you need to iterate and flex as new business dynamics come into play. We have opportunities in all markets scaling at various rates with different economics, but we take our responsibility to reach, grow and retain across the world very seriously. Our opportunities are vas'. They're diverse, and they will ebb and flow'and we'll embrace that. We want to grow in a diverse manner as we expand in our mission to offer the most comprehensive cyber protection in our cu'tomers' digital lives.

今天，我們在這 5 個槓桿中都看到了勢頭。當您採用我在潛在白板上列出的假設並翻譯第 m 個時，不難看出我們在未來幾年內至少有 6.5 億美元的增量收入可以賺取。我們將共同執行我們的戰略。當我們這樣做時，就不難相信我們對 Y 世代的承諾，即透過 5 for 5 加速成長。我們有一個策略和結構化的方法來實現我們的成長計劃。但過去幾年大膽地提醒我們全世界，隨著新的業務動態發揮作用，您需要迭代和靈活。我們在所有市場中都有機會以不同的速度、不同的經濟規模進行擴張，但我們非常認真地承擔起在全球範圍內拓展、發展和留住人才的責任。我們的機會就在眼前。它們是多種多樣的，並且會潮起潮落，我們會擁抱這一點。隨著我們為客戶的數位生活提供最全面的網路保護的使命的擴展，我們希望以多元化的方式發展。

This leadership team in the room is committed to leading with a growth mindset, driving sustainable and profitable growth, balancing our investments as we execute our strategy, powering digital freedom to all of our valued customers. We have a strong execution track record. We have a reputation of delivering at or above our financial commitments. And it's built on a disciplined and measured approach. We have a very diverse business model, rich in cash generation that allows us to embrace the growth opportunities in a very balanced way.

這個領導團隊致力於以成長心態領導，推動永續和獲利成長，在執行策略時平衡我們的投資，為我們所有尊貴的客戶提供數位自由。我們擁有良好的執行記錄。我們享有兌現或超越財務承諾的聲譽。它建立在嚴格、謹慎的方法之上。我們擁有非常多元化的商業模式，現金生成豐富，使我們能夠以非常平衡的方式擁抱成長機會。

With that, let me walk you through our financials. In order to know w'ere we're going, we need to know w'ere we've been. As I look back when we stood up NortonLifeLock, as a stand-alone direct-to-consumer business, we set challenging goals and delivered big, big results. Just look at the CAGRs on the screen behind me, double-digit revenue growth over the last 4 years. Best-in-class operating income. An EPS growing 2x the rate of revenue. We create shareholder value. And we do what we say. We breed a commitment focused culture, and we execute on the big goals that we set. Our deal cost synergies were meaningful and we had to beat and raise in a faster time frame. And we use less cost to achieve it than we previously planned. Our revenue synergies are scaling. Our highly complicated Gen portfolio integration is on track. And operationa'ly, we're on track to deliver on our $3 EPS commitment, excluding the rising cost of d'bt. We're a team that executes and these are big goals, $200 million of revenue synergies is a big number. And the collective team found a way already delivering 35% of their target in just 1 year since we closed and continues to scale it. $280 million of cost synergies is a big number. And again, the collective team carved a path to over deliver faster.

接下來，讓我帶您來了解我們的財務狀況。為了知道我們要去哪裡，我們需要知道我們去過哪裡。當我回顧諾頓LifeLock 作為一家獨立的直接面向消費者的企業時，我們設定了具有挑戰性的目標並取得了巨大的成果。看看我身後螢幕上的複合年增長率，過去 4 年的收入成長達到兩位數。一流的營業收入。 EPS 的成長率是營收成長率的 2 倍。我們創造股東價值。我們說到做到。我們培育注重承諾的文化，並執行我們設定的宏偉目標。我們的交易成本協同效應是有意義的，我們必須在更快的時間內擊敗和籌集資金。而且我們實現這目標的成本比之前規劃的還要少。我們的收入協同效應正在擴大。我們高度複雜的 Gen 產品組合整合已步入正軌。在營運方面，我們預計將兌現 3 美元每股收益的承諾，不包括不斷上漲的 d'bt 成本。我們是一個執行力強的團隊，這些都是宏偉的目標，2 億美元的收入協同效應是一個很大的數字。自從我們關閉以來，集體團隊找到了一種方法，在短短一年內就實現了 35% 的目標，並繼續擴大規模。 2.8 億美元的成本綜效是一個很大的數字。再一次，集體團隊開闢了一條更快交付的道路。

We are driving operating margin expans'on. We've done 6 points of expansion in just 1 year, and we continue to improve. One of the big goals we set for ourselves was to double EPS over the long term. We shared that goal during our last Analyst Day, and we reiterated that $3 EPS target a year ago at deal close. I already said operationally, we were on track to deliver on that commitment. If you recall at the last Analyst Day, I shared a whiteboard path on what you could potentially believe to get to that $3 EPS. It was built on growth, scaling operating margin, balanced capital allocation and leveraging M&A as an accelerator. Since then, operationally, we have remained focused on our priorities and thus far have executed to our plan. And our earning power strengthened. During the same time, global business dynamics change that created notable macro headwinds, we can all relate especially for us, the significant increase in interest rates that have remained elevated for longer than we expected.

我們正在推動營業利潤率的擴大。我們在短短一年內完成了 6 個點的擴展，並且我們還在繼續改進。我們為自己設定的重大目標之一是長期將每股盈餘翻倍。我們在上一次分析師日分享了這個目標，並重申一年前交易結束時每股收益 3 美元的目標。我已經說過，在操作上，我們正​​在兌現這項承諾。如果您還記得在上一次分析師日上，我分享了一個白板路徑，告訴您如何達到 3 美元每股收益。它建立在成長、擴大營業利潤率、平衡資本配置以及利用併購作為加速器的基礎。從那時起，在營運上，我們一直專注於我們的優先事項，並且到目前為止已經執行了我們的計劃。我們的賺錢能力也增強了。同時，全球商業動態的變化造成了顯著的宏觀阻力，我們都可以特別對我們來說，利率的大幅上升，其保持高位的時間比我們預期的要長。

Considering that every point of interest rate increase has an EPS for us of $0.10. Excluding that, excluding those macro headwinds, we would have doubled EPS--o $2 -- to $3 by fisca' year '25. And in line with the time line laid out at our last Analyst Day. So what do you do with that? What I want you to take away is that we are a growth-focused team that has a high rate of operational execution. And yes, the interest expense is a real cost to our business. We are super clear-eyed about that,'and we're facing into it. But please keep in mind, as the interest rate market and environment improves, there is future EPS benefit that comes with that. Our business is incredibly healthy. We generate very strong free cash flow'and it's scaling significantly. And as we continue to scale, we create capacity that affords us the ability to reduce the level of debt outstanding through accelerated debt payments 'ike we've already done 4 times this year. Our current EBITDA to interest ratio is 3.4x. And we expect that to increase as EBITDA grows in line with revenue, given 'hat we've already achieved the majority of our cost synergies and expanded operating margin. And while we continue to deploy our capital in a balanced manner today, we are sharpening our commitment to pay down more debt and delever to under 3x net by fiscal year 2027.

考慮到每加息一點，每股收益為 0.10 美元。如果排除這一點，排除那些宏觀不利因素，到 25 財年，我們的每股盈餘將翻倍（約 2 美元），達到 3 美元。並與我們上次分析師日所製定的時間線一致。那你用它做什麼呢？我想讓您了解到的是，我們是一個以成長為中心的團隊，具有很高的營運執行率。是的，利息支出是我們業務的實際成本。我們對此非常清楚，並且我們正在面對它。但請記住，隨著利率市場和環境的改善，未來的每股盈餘也會隨之而來。我們的業務非常健康。我們產生了非常強勁的自由現金流，而且規模正在顯著擴大。隨著我們不斷擴大規模，我們創造了能力，使我們能夠透過加速債務支付來降低未償債務水平，就像我們今年已經做了四次一樣。我們目前的 EBITDA 與利息比率為 3.4 倍。鑑於“我們已經實現了大部分成本協同效應並擴大了營業利潤率”，我們預計隨著 EBITDA 與收入的增長一致，這一數字將會增加。今天，雖然我們繼續以平衡的方式部署資本，但我們正在加強我們的承諾，到 2027 財年償還更多債務並將槓桿率降至淨值的 3 倍以下。

And yes, we will continue to repurchase shares. We will stay committed to the dividend, the current dividend. And more importantly, we stay committed to returning 100% of excess free cash flow to our shareh--ders -- we will leverage our efficient business model as we scale top l'ne, we're on track to run the core at 60% operating margin as we exit this fiscal year,'and we'll continue to optimize an effort to fund growth in next-gen cyber safety. As we scale our reach and grow with our customers and retain those customers, we gain operating leverage, and we expect to capture high margin dollars from the new volume. That, in turn, will help fund new growth vectors and new product launches. But count on us, we have a test, measured growth approach to new areas of investment. We will invest in the future,'but we'll be disciplined as we do, and we will accelerate. And with that, let me share our 3-year financial model. Our outlook, we expect to drive mid single-digit rate of revenue growth in a sustainable and balanced manner. We expect to grow EPS 12% to 15%, growing faster than revenue with increased operating leverage and leveraging our efficient capital structure.

是的，我們將繼續回購股票。我們將繼續致力於股息，當前的股息。更重要的是，我們仍然致力於將 100% 的超額自由現金流返還給我們的股東——我們將利用我們高效的商業模式來擴大規模，我們有望以 60 的速度運行核心當我們退出本財年時，我們將繼續優化為下一代網路安全成長提供資金的努力。隨著我們擴大業務範圍、與客戶一起成長並留住這些客戶，我們獲得了營運槓桿，並且我們期望從新銷售中獲得高利潤。反過來，這將有助於為新的成長載體和新產品的推出提供資金。但請相信我們，我們對新的投資領域有一套經過測試、衡量的成長方法。我們將投資未來，但我們將一如既往地遵守紀律，我們將加速前進。接下來，讓我來分享我們的三年財務模型。我們的前景是，我們預計將以可持續和平衡的方式推動中等個位數的收入成長率。透過提高營運槓桿並利用我們高效的資本結構，我們預計每股收益將成長 12% 至 15%，成長速度快於收入。

As I already mentioned, we are commiteliveringevering to under 3x net by fiscal year 2027, while returning 100% of free cas--flow -- excess free cash flow to our shareholders. Of course, this model assume' today's currency exchange rates and assumes the latest forward curve. Gen is an incredibly healthy growing business with high operating margins and strong cash flow generation,'and it's led by a management team that has a proven track record of execution. We have endured a ton of change in the last 4 years, but we have returned customer count to growth while consistently growing our ARPU and increasing industry high retention rates, all at the same time. We believe our role is to create value for shareholders through delivering on our commitments. We have, we are and we will remain steadfast, creating long-term shareholder value with resilient growth, healthy profit margins and continued strong cash flow generation. I h'pe you're as excited about the future of Gen as we are. I appreciate you listening. Thank you for your time. Let me turn it back to Vincent for closing remarks.

正如我已經提到的，我們承諾到 2027 財年將淨收益保持在 3 倍以下，同時將 100% 的自由現金流（即多餘的自由現金流）返還給我們的股東。當然，該模型假設當今的貨幣匯率並假設最新的遠期曲線。 Gen 是一家極為健康發展的企業，擁有高營業利潤率和強勁的現金流產生能力，並由一支擁有良好執行記錄的管理團隊領導。在過去 4 年裡，我們經歷了巨大的變化，但我們已經使客戶數量恢復成長，同時不斷提高 ARPU 並提高行業高保留率。我們相信我們的角色是透過履行我們的承諾為股東創造價值。我們過去、現在、未來都將堅定不移，透過彈性成長、健康的利潤率和持續強勁的現金流創造長期股東價值。我希望您和我們一樣對 Gen 的未來感到興奮。我很感謝你的聆聽。感謝您的時間。讓我把它轉回給文森特做結束語。

Thank you music for me. I saw Natalie all dancing up on the stage here thinking this event is not only for you to understand the beautiful busi'ess we've built the very powerful financials we have, which is going to be the presentation but also for you to get to know the management team, you invest into the company. Like us, we bet on people, we are people business, for people. And I think this is an opportunity for you to know the management team. we did when we came together with Avast a quick personality trade, an' I won't reveal all of our secrets. But at a high level, Andres and introvert neutral like a Belgian and Natalie are extraordinarily extrovert out there. So I can tell you the weekly forecast call are running like music.

謝謝你給我的音樂。我看到娜塔莉在舞台上跳舞，認為這次活動不僅是為了讓您了解我們已經建立了非常強大的財務狀況的美麗企業，這將是演示，而且也是為了讓您了解了解管理團隊，你就投資公司。像我們一樣，我們把賭注押在人身上，我們是人的企業，為人服務。我認為這是一個讓您了解管理團隊的機會。當我們與 Avast 合作時，我們進行了一次快速的個性交易，我不會透露我們所有的秘密。但從高層來看，安德烈斯和像比利時人那樣內向的中立者和娜塔莉卻異常外向。所以我可以告訴你，每週的預報電話都像音樂一樣進行。

All right. With th't, let's go to the closing comment.'So you've got a glimpse right on what we see in terms of the market, the dynamics we see in the threat landsc'pe. It's an evolving market with plenty of expansion opportunities I think Ondr'j didn't listen to my advise. He went a little bit overboard sharing really our road map of the future' but I'm s're you'll keep that confidential amongst yourselves, yes. We have the best portfolio that address the consumer security, identity and privacy management for the consum'rs. We're very focused on attractive units of economics. We drive growth at value. Our competitive position is unmatched. Frankly, we leverage the broad amount of data we have the portfolio we can get constructed almost in a personalized way, leveraging the multi-brand framework, the omnichannel strategy. And then when a customer has decided to touch consciously cyber safety we have the path to walk them through a journey that goes all the way to full peace of mind.

好的。說到這裡，讓我們進入結束語。“因此，您已經了解了我們在市場方面所看到的情況，以及我們在威脅景觀中看到的動態。”這是一個不斷發展的市場，有大量的擴張機會，我認為 Ondr'j 沒有聽我的建議。他確實有點過度分享了我們的未來路線圖，但我相信你們會保守秘密，是的。我們擁有解決消費者安全、身分和隱私管理問題的最佳產品組合。我們非常關注有吸引力的經濟單位。我們以價值推動成長。我們的競爭地位是無與倫比的。坦白說，我們利用我們擁有的大量數據，利用多品牌框架和全通路策略，我們幾乎可以以個人化的方式建立投資組合。然後，當客戶決定有意識地接觸網路安全時，我們可以引導他們完成一段完全安心的旅程。

We have the resilience and the predictability in our business model to fund our ambition and our innovation to continue to push the market forward. And with that, as Natalie mentioned, delivered double-digit EPS growth and valuation will be up to you to decide where it stands. Our strategy is clearly work'ng. We've deployed a pretty simple strategy initially when we started. We wanted to be the best cyber safety platform for consumers. And when I mean platform is with the ability to communicate, to be front and center to empower the consumers and having the cross-sell and upsell opportunity. And then when we find our strategy as we continue to evo've. We've now broken down our portfolio into 3 main categories: the core business, that is maybe a more mature element in the core offering we have, b't that's still very essential engine Ondrej mentioned, the threat landscape is not the new waves and not replacing the old one, the comp'unding on each other. And we still feel we have opportunity to continue to accelerate the growth in that area. We invest into our competencies that you see here at the bottom from scale data all the way to the strategy and the execution of it to really drive that operational flywheel. More data means more value to understand better our portfolio innovations which goes back to more data and more value to the customers.'And it's really the understanding of how it fits together, that gets a working strategy with a very impeccable execution.

我們的業務模式具有彈性和可預測性，可以為我們的雄心和創新提供資金，從而繼續推動市場向前發展。正如娜塔莉所說，實現兩位數的每股盈餘成長和估值將由你來決定它的立場。我們的策略顯然是有效的。我們一開始就部署了一個非常簡單的策略。我們希望成為消費者最好的網路安全平台。我的意思是平台具有溝通的能力，能夠成為消費者的前沿和中心，並擁有交叉銷售和追加銷售的機會。然後當我們找到我們的策略並繼續發展時。我們現在將我們的產品組合分為 3 個主要類別：核心業務，這可能是我們擁有的核心產品中更成熟的元素，但這仍然是 Ondrej 提到的非常重要的引擎，威脅形勢不是新浪潮而不是取代舊的，互相怨恨。我們仍然認為我們有機會繼續加速該領域的成長。我們投資於您在底部看到的能力，從規模數據一直到策略及其執行，以真正驅動營運飛輪。更多的數據意味著更多的價值，可以更好地理解我們的產品組合創新，而這又可以追溯到更多的數據和為客戶帶來的更多價值。「正是了解它們如何組合在一起，才能製定出具有完美執行力的工作策略。”

And of course, we have momentum.'As you've seen, this is a slightly different way of looking at our portfolio by the consumer needs between core and expanding core being those products that were at the basics of that consumer cyber safety. And the expanded being how we, over time, have addressed new needs in expanding the views. You can see in the core, about 2 billion of our overall portfolio growing at low single digit, but adding a point of growth every year by on looking at hidden security threats and adding functioning before the customer is there. To keep my financial safe online as Ondrej mentioned, we have a pretty broad ambition there. Pretty big base leader in the market with maybe a mid single-digit course potential a'd that's over the last 3 years and adding every year, 2 points of growth by adding new functionalities 'nd you'll see more of it. And then in the privacy, the fastest-growing granted the small -- our -- segment of our needs, where VPN was the core and now totally expanded into giving the consumer the power to understand the data online, eliminate those data, manage those data and work on the reputation, adding about 5 points a year of incremental growth.

當然，我們有動力。正如您所看到的，這是看待我們產品組合的一種略有不同的方式，即核心產品和擴展核心產品之間的消費者需求是消費者網路安全的基礎產品。隨著時間的推移，擴展是我們如何透過擴展視圖來滿足新的需求。您可以在核心中看到，我們整體產品組合中約有 20 億以較低的個位數成長，但透過在客戶到達之前查看隱藏的安全威脅並添加功能，每年都會增加一個成長點。正如 Ondrej 所提到的，為了確保我的線上財務安全，我們有一個相當廣泛的目標。市場上相當大的基礎領導者，在過去 3 年裡可能有中等個位數的課程潛力，並且每年都會透過添加新功能來增加 2 個百分點的成長，而且您會看到更多。然後在隱私方面，成長最快的領域滿足了我們的一小部分需求，其中 VPN 是核心，現在完全擴展到讓消費者能夠理解線上數據、消除這些數據、管理這些數據。數據和聲譽方面的工作，每年增加約5 個點的增量成長。

If you step back and cut that portfolio between core and expanded, we have a very strong core business with a resilient, low-digit growth that we can accelerate, its upside by expanding internationa'ly, we're expanding to new cohorts with our multi-brand framework. And we have a fresh, dynamic expanded set of opportunities, functionalities that today sum up to about 10% of our business, it was 0, 2 years ago and fast growing. The capability of adding new value to the customer is definitely what you will see more of over the next 3 years. And then, as I mentioned, we always invest for the long term. Obviously, the seed investments that we have built in our business model will be the expanded of tomorrow in terms of applications and revenue gro'th. We're very focused on the consumer needs built into the model is what the future of digital identity, reusable verified data. How do we use AI into the anti-scam and bringing the product more front end for the customers. Ondrej mentioned it, we believe we have a very strong opportunity in what I would say the unmanaged very small business, 20 people or less that really rely on our consumer capabilities or consumer-like capabilities to push the boundaries from that core security to a full cyber safety, including your reputation, your credit score, et cetera, online to be able to sustain the business. 'nd you'll see more of that. And then (inaudible) to Ondrej, the next ver'ion we're going to launch have hidden it.

如果你退後一步，在核心業務和擴展業務之間削減投資組合，我們擁有非常強大的核心業務，具有彈性、低位數的成長，我們可以透過國際擴張來加速其成長，我們正在透過我們的業務擴展到新的群體多品牌框架。我們擁有一系列新的、充滿活力的擴展機會和功能，如今約占我們業務的 10%，這是 0、2 年前的事，而且還在快速成長。為客戶增加新價值的能力肯定是您在未來三年內將看到的更多內容。然後，正如我所提到的，我們總是進行長期投資。顯然，我們在業務模式中建立的種子投資將在明天的應用程式和收入成長方面擴展。我們非常關注模型中內建的消費者需求，即數位身分、可重複使用的驗證資料的未來。我們如何將AI運用到反詐騙中，讓產品更前端為客戶服務。 Ondrej 提到過，我們相信我們在無人管理的小型企業（20 人或更少）中擁有非常強大的機會，這些企業真正依賴我們的消費者能力或類似消費者的能力，將核心安全的界限推向全面的安全。網路安全，包括您的線上聲譽、信用評分等，以便能夠維持業務。你會看到更多這樣的事。然後（聽不清楚）Ondrej，我們要推出的下一個版本已經隱藏了它。

So why Gen and why now? As Ondrej mentioned, we definitely see an AI fueling of the market, both on the threats and on the opportunity. We believe we have the cusp of another wave of new opportunities. The Gen capabilities and the assets that we put together are really are coming together. 'nd you've seen 't. You've seen in Q1 when we reported, you see here in the Q2 report, you see the momentum building up all the capabilities coming together. And when we look back and as we were preparing this ev'nt, we're saying, yes, this was really the right decision coming together. Some days it was painful. It was difficult, but 'ow, it's really a very powerful business. And now 'hat we're going to roll out the new business, we have Vita, he is the Head of our Development working super hard across these 3 R&D centers to rewrite the entire stack and come up with that modular architecture, white-labeled, enabling us to drive the innovation where it matters to the customer.

那為什麼是Gen，為什麼是現在呢？正如 Ondrej 所提到的，我們確實看到了人工智慧對市場的推動，無論是威脅還是機會。我們相信，我們正處於另一波新機會的風口浪尖。 Gen 的能力和我們整合的資產確實正在融合在一起。你已經看到了。您在第一季的報告中看到了，您在第二季的報告中看到了，您看到了所有功能聚集在一起的勢頭。當我們回顧過去並準備這次活動時，我們會說，是的，這確實是正確的決定。有幾天很痛苦。這很困難，但是，『哇，這確實是一項非常強大的業務。現在我們要推出新業務，我們有 Vita，他是我們的開發主管，他在這 3 個研發中心非常努力地工作，重寫整個堆疊並提出模組化架構，白標，使我們能夠在對客戶重要的領域推動創新。

'And we're going to work that out over the next 12 to 18 months, which will only support the acceleration of our top line. We will continue to stay a very disciplined team. I menti'ned we're not the last lea'er. We're growing at v'lue we're building up a business here for the long term, and hopefully, you will see that in the in the results. It generated a lot of cash. We are absolutely not worried about the leverage ratio. We know it. We had to take some debt to be able to put these 2 fantastic business together. But as Natalie mentioned, we have a really strong cash flow generation that will enable to delever very fast. And our current profit margin definitely supports the current interest expenses. And so today, I would define our business as a growth at value or us growing at an economic value. All right. So thank you for attending today. Thank you for listen'ng. We're going to have a Q&A session.

“我們將在未來 12 到 18 個月內解決這個問題，這只會支持我們營收的加速增長。”我們將繼續保持一支紀律嚴明的團隊。我說過我們不是最後一個。我們正在以v'lue的方式成長，我們正在這裡建立長期業務，希望您能在結果中看到這一點。它產生了大量現金。我們絕對不擔心槓桿率。我們知道。我們必須承擔一些債務才能將這兩項出色的業務整合在一起。但正如娜塔莉所提到的，我們擁有非常強大的現金流生成能力，可以非常快速地去槓桿化。而我們現在的利潤率肯定能夠支撐現在的利息支出。因此，今天，我將我們的業務定義為價值成長或我們的經濟價值成長。好的。感謝您今天參加。謝謝你的聆聽。我們將舉行問答環節。

So Ondrej, -- the'-- let's do that. All r'ght. I'll stand up because N--alie -- she hates the chair. So I thought I would be the one standing up.

所以 Ondrej，--'--讓我們這樣做吧。好吧。我會站起來，因為她討厭這張椅子。所以我想我會是那個站起來的人。

Natalie Marie Derse' No it's fine. You want to take all the questions anyway.

娜塔莉·瑪麗·德斯（Natalie Marie Derse） 不，沒關係。無論如何，你都想回答所有的問題。

Everybody Saket Kalia, Barclays. Thanks a ton for taking the questions here, hosting the event and congrats on 1 year of Avast. A couple of questions. Maybe first for Vincent and Natalie. Maybe the best way to start out with the Q&A session is just on the net adds in the quarter. Can w--just -- absolutely Yes. Yes. Yes. I will keep on clapping. So can you just talk about the strength in subscribers here in the quarter? I mean I think 380 was just well ah--d of -- 380,000 was just well ahead of what anybody here thought. And I know that net a'ds isn't the only metric here, right, that matters. And I know'we don't guide to that metric. But can you just maybe give us some thoughts on whether we should be thinking about this or just thinking about just a general new baseline, right, going forward for net adds? And what some of the drivers there are.

巴克萊銀行的每個人 Saket Kalia。非常感謝您在這裡提出問題、主持這次活動，並祝賀 Avast 成立一周年。有幾個問題。也許首先是文森特和娜塔莉。也許開始問答環節的最佳方式就是本季的淨增量。可以嗎——只是——絕對可以。是的。是的。我會繼續鼓掌。那麼您能談談本季訂閱者的實力嗎？我的意思是，我認為 380 已經很好了，380,000 遠遠超出了這裡任何人的想法。我知道網路廣告並不是唯一重要的指標，對吧。我知道我們不以該指標為指導。但是您能否給我們一些想法，我們是否應該考慮這個問題，或者只是考慮一個通用的新基線，對吧，繼續淨增加？還有一些驅動因素。

Here we go. I was thinking that one of you would take this as the new baseline for the quarterly results. L'ok, it's a very important metric. 'o that's obviously for the long term, we always said growing customers, total custom'rs, it's a very important metric. Now on a quarterly basis, we only report our direct customers and direct customers is the next important metrics.

開始了。我想你們中的一個人會以此作為季度業績的新基準。好吧，這是一個非常重要的指標。 「這顯然是從長遠來看，我們總是說不斷成長的客戶，總客戶，這是一個非常重要的指標。現在，我們每季只報告我們的直接客戶，直接客戶是下一個重要指標。

And of course, obviously, membership is not t-- one --'and we've seen progress across the entire view. Acquisition of new customers is very important. But before I talk about acquisition, retention is probably the most important because high retention means that the customers are satisfied by the product they buy and they p-- for -- 'nd you've seen the fantastic prog'ess we've had. Overall, Gen has moved from 75% retention at close when we came together to today, 77%, 2-point of customers retained more than 12 months ago. A'd that's supported by the progress made in Avast. In Avast, as I already mentioned, 10 points delta operationally between Avast retention rate and where a normal LifeLock was another 10-point of delta was more a structural mix of geographies and business models.'And we've made 3 points out of the 10 we committed to return. I wish I make all the 10 points in 1 quarter, but it will take time to make progress bec'use it's really about that operational cadence, learning, adjusting and continuing. So good progress on retention, which is #1 metric in that customer metric.

當然，很明顯，成員資格並不是單一的，而且我們已經看到了整個觀點的進展。獲取新客戶非常重要。但在我談論獲取之前，保留率可能是最重要的，因為高保留率意味著客戶對他們購買的產品感到滿意，並且他們會購買 - 你已經看到了我們所取得的驚人進展。總體而言，Gen 的客戶保留率已從我們聚集時的 75% 上升到今天的 77%，即 12 個月前保留的 2 個百分點的客戶。 Avast 所取得的進展支持了這一點。正如我已經提到的，在 Avast 中，Avast 保留率與普通 LifeLock 之間的 10 點營運增量是另一個 10 點增量，更多的是地域和業務模式的結構組合。10 我們承諾返回。我希望我能在 1 季度內取得全部 10 分，但取得進展需要時間，因為這實際上與操作節奏、學習、調整和繼續有關。在保留方面取得了良好的進展，這是該客戶指標中的第一大指標。

And then comes to new customer and acquisition. And our capabilities are really coming together, leveraging a premium point product sales or full membership sales in all of the multiple channels that Travis is here at the back of the room is driving across all of the regions, adding new brands where it makes sense, adding new functionalities such as security to identity where it makes sense. And slowly but sur'ly, we're walling here the power of the Gen business model. We said at the end of Q1, we feel the momentum is changing. We had a breakeven quarter in Q1. We said, hey, for the year, we will return to positive, happened that it was for the first half. So you could expect the numbers are a little bit better than we expected. Macro level is still challenging.'So don't take me wrong. 'es, it's a difficult macroeconomic environment. But the power of us coming together is really here at play in these Q2 results. And I think this trend, I'wouldn't focus on the size per quarter, but the trend of moving up as Natalie mentioned, will conti'ue. It's another trick for a 60% margin business. We do not put the battery into the (inaudible).

然後是新客戶和收購。我們的能力真正融合在一起，利用特拉維斯在房間後面推動的所有多個管道的優質點產品銷售或正式會員銷售，在所有地區推動，在有意義的地方添加新品牌，在有意義的地方新增的功能，例如身分安全性。慢慢地，我們正在圍堵 Gen 商業模式的力量。我們在第一季末說過，我們感覺勢頭正在改變。我們在第一季實現了盈虧平衡。我們說，嘿，今年，我們將恢復積極，碰巧是上半年。因此，您可以預期這些數字會比我們預期的要好一些。宏觀層面仍然具有挑戰性。“所以不要誤會我的意思。”是的，這是一個困難的宏觀經濟環境。但我們團結起來的力量確實在第二季的業績中發揮了作用。我認為這種趨勢，我不會關注每季的規模，但正如娜塔莉所提到的上升趨勢，將會持續下去。對於利潤率為 60% 的企業來說，這又是個伎倆。我們不將電池放入（聽不清楚）。

Absolutely keeping those margins tight. Natalie, maybe for you, just a quick follow-up. I mean, I think the 5 for 5 was just super interesting, right? Like 1 point that was particularly interesting was just the incr--sing -- the goal of increasing the membership mix by, I think, 10 points over the next 3 years. Could you just go 1 level deeper into that? I mean sort of what gets you there? And maybe, Ondrej, if you chime in, how are sort of a Avast customers sort of responding to that membership plan. Does that make sense?

絕對保持這些利潤緊張。娜塔莉，也許對你來說，只是一個快速的跟進。我的意思是，我認為 5 for 5 非常有趣，對吧？其中特別有趣的一點是，我認為，在未來 3 年內將會員組合增加 10 點的目標。能再深入一層嗎？我的意思是是什麼讓你到達那裡？ Ondrej，如果您插話的話，也許 Avast 客戶對該會員計劃有何反應。那有意義嗎？

Yes, I build the opportunity to go deeper on our membership offering because I bel'eve it's the full suite protection offering that truly sets us up to deliver a total peace of mind for those members. From a upsell path perspec'ive, I'll just maybe give you guys a couple of numbers. So in the Norton base, about 50% and not even the Norton ba'e, let's call it the security base across Norton and Avast. About 50% of those are in stand-alone point products.

是的，我創造了機會更深入地了解我們的會員服務，因為我相信正是全套保護服務真正讓我們能夠為這些會員提供完全安心的服務。從追加銷售路徑的角度來看，我可能會給你們幾個數字。因此，在諾頓基地中，大約有 50%，甚至不是諾頓基地，我們可以稱之為跨諾頓和 Avast 的安全基地。其中約 50% 是獨立的單點產品。

And so -- you -- if we are able to take the predeliverinodeling, leverage our ongoing marketing investment, get to know our customers better, get more personalization, more AI technology and understand their needs and be able to make them more and more and more aware of their--eeds -- we have many --vers -- layers, excuse me, of that tiered offering that we can sell those customers. And when we do that math that I showed you that what you have to believe, literally, on the back of the envelope, you would just need to move them stand-alone security point product j--t to -- even today, this is what we see today, just to the security membership offering. And that ASP that I showed you is 2x. And so economically, the past absolutely is very easy to believe for me because I see the behavior today.

因此，您，如果我們能夠進行預交付，利用我們持續的行銷投資，更好地了解我們的客戶，獲得更多的個人化、更多的人工智慧技術並了解他們的需求，並能夠使他們越來越多更了解他們的需求，對不起，我們有很多層，我們可以向這些客戶銷售分層產品。當我們進行數學計算時，我向您展示了您必須相信的東西，從字面上看，在信封背面，您只需要將它們移動到獨立的安全點產品 j--t 到 - 即使在今天，這個這就是我們今天看到的安全會員服務。我向您展示的 ASP 是 2 倍。因此，從經濟角度來看，過去對我來說絕對很容易相信，因為我看到了今天的行為。

And then as we build on all the products and services and technologies that Ondrej talked about, the pathways to upsell to a growing user and customer base, in my opinion, is one that we absolutely have to prioritize.

然後，當我們以 Ondrej 談到的所有產品、服務和技術為基礎時，向不斷增長的用戶和客戶群進行追加銷售的途徑，在我看來，是我們絕對必須優先考慮的途徑。

Look, I think a big value of those membership plans is really a much better, much smoother customer experience. I spoke about the importance of customer experience for our customers. And we definitely see that, especially when it comes to multiple features being kind of bundled in one solution that the interaction, the engagement with the product that can be done kind of unified as part of that membership plan works as a great way to kind of retain those customers better.

看，我認為這些會員計畫的一大價值確實是更好、更順暢的客戶體驗。我談到了客戶體驗對客戶的重要性。我們確實看到了這一點，特別是當涉及到將多個功能捆綁在一個解決方案中時，可以將互動、與產品的參與作為會員計劃的一部分統一起來，這是一種很好的方式更好地留住這些客戶。

But also what we are seeing is that they keep installing products across multiple devices, which actually technically speaking, is another retention driver for us. I 'ean it's a very, very strong direct proportion between the number of devices people actually install the agents on and their propensity to continue or to stay with us to not churn. A'd that's a very valuable thing that, again, is much more pronounced with membership plans, the end-point solutions oftentimes are designed for 1 specific device.

但我們也看到，他們不斷在多個設備上安裝產品，實際上從技術上講，這對我們來說是另一個保留驅動力。我的意思是，人們實際安裝代理的設備數量與他們繼續或留在我們身邊而不流失的傾向之間存在非常非常強烈的正比。這是一件非常有價值的事情，對於會員計劃來說，這一點更加明顯，端點解決方案通常是針對特定設備設計的。

Hamza Fodderwala, Morgan Stanley. And congrats to the team on your 1-year anniversary, and thank you for all the great detail. Maybe, Ondrej, thank you for sharing your road map with us. A lot of interesting innovations aroun' AI. I'm just curious, as you think about vectors for monetization. You talked about a conversational UI along with the product. Is that going to be something that you foresee pricing? Or is the potential for sort of like monetizing on demand more on the deepfake side?

哈姆扎·福德瓦拉，摩根士丹利。恭喜團隊成立一周年，並感謝您提供的所有詳細資訊。也許，Ondrej，感謝您與我們分享您的路線圖。圍繞人工智慧有很多有趣的創新。我只是很好奇，當你想到貨幣化載體。您談到了產品的對話式使用者介面。這會是您預見的定價嗎？或者說，深度偽造方面是否有更多的按需貨幣化的潛力？

And then maybe just one quick follow-up for Natalie. I mean I think the capital allocation has been a very sort of tricky equation to balance. You talked about $2 billion of sort of run rate on levered free cash f'ow. We're committing to the dividend about $300 million. When you think about the remainder of that, is that going to be more skewed towards that paydown? Or is it going to be opportunistic repurchasing?

然後也許只是娜塔莉的一個快速後續行動。我的意思是，我認為資本配置是一個非常棘手的平衡方程式。您談到了槓桿式自由現金流的運作利率為 20 億美元。我們承諾派發約 3 億美元的股利。當你考慮剩下的部分時，是否會更傾向於支付？還是會趁機回購？

Sorry, I was listening to the other part, and I forget the first bucket.

抱歉，我在聽另一部分，我忘了第一個桶子。

The first question was just around AI, that was a long-winded question. It was just around the potential for monetizing some of the AI features. How do you think about that? Do you want to explicitly price for some of the new features? OrI you...

第一個問題是關於人工智慧的，這是一個冗長的問題。這只是圍繞著某些人工智慧功能貨幣化的潛力。您對此有何看法？您想對某些新功能明確定價嗎？或者我你...

Yes. Well, so the conversational UI, again, in my view, this is going to be mainly an engagement driver thus a retention driver that would be the #1 focus for us. Again, very clear proportion directly proportional between the number of times people actually work with the product, they enjoy work being in the product UI, et cetera. And their likelihood to reta-- it. We -- generally, with those kind of more cutting-edge solution like the deepfake management category that I spoke about. I think we still need to figure out the right monetization model. And when we talk about rails to actually prove authenticity and provenance o--content -- you can imagine there probably is going to be some sort of dual monetization potential.

是的。好吧，所以在我看來，對話式使用者介面將主要是一個參與驅動因素，因此保留驅動因素將成為我們的第一個重點。同樣，人們實際使用產品的次數、他們喜歡在產品 UI 中工作的次數等等之間存在非常明顯的比例。以及他們重演的可能性。一般來說，我們使用那些更前沿的解決方案，例如我談到的深度偽造管理類別。我認為我們仍然需要找出正確的獲利模式。當我們談論 Rails 來實際證明內容的真實性和來源時，您可以想像可能會有某種雙重貨幣化潛力。

One, charging the consumer for actually delivering the value but then also the rails that you built to provide that functionality so you can charge both sites. But'again, it's pretty early for us to say any specifics right now.

第一，向消費者收取實際交付價值的費用，然後向您為提供該功能而構建的軌道收費，以便您可以對兩個站點進行收費。但同樣，我們現在談論任何具體細節還為時過早。

If I can add, we have a lot of debate inside of what function did you put in, what product at what price. I 'hink that's really driven by the value driven for the customers. I think AI is definitely a functionality, but not yet that is a specific by itself moneti'ation. It's about AI plus the application and the value we bring to the customer that will then lead to a premium product or a different price point.

如果我可以補充的話，我們內部有很多爭論，例如你添加了什麼功能，什麼產品，什麼價格。我認為這實際上是由客戶價值驅動的。我認為人工智慧絕對是一種功能，但它本身還不是一種特定的貨幣。這是關於人工智慧加上應用程式以及我們為客戶帶來的價值，然後將帶來優質產品或不同的價格點。

Yes. And on the capital allocation' look, it's just such a privilege, right? I mean we kick off so much free cash flow. So just we have a lot of levers to balance. The dividend' yes, you're'right. We're going to continue at the current levels. And then the split across accelerated debt paydown and opportunistic share b'yback, we'll continue to stay a balance, but I think what you should understand through our sharing today is that over the next couple of quarters and largely through fi'cal ye'r '25, we're going to focus on accelerated debt paydown 'ecause it's the right thing to do.

是的。從資本配置的角度來看，這就是一種特權，對吧？我的意思是我們啟動瞭如此多的自由現金流。所以我們有很多槓桿可以平衡。股息'是的，你是對的。我們將繼續保持當前水平。然後，加速債務償還和機會主義股票回購之間的分歧，我們將繼續保持平衡，但我認為透過我們今天的分享，您應該了解的是，在接下來的幾個季度中，主要是透過財政年度25 世紀，我們將重點放在加速債務償還，因為這是正確的做法。

W--tho'ght -- we've been reacting to the SOFR forward curves just like everybody else in the room.'And I don't have to remind you how many 'imes that's changed and just stayed so elevated for such a longer period of time. And so the right thing to do over the next few quarters is accelerated debt pay down and dele'er and we've done that.'I mean we've done a couple already this month, actually, in October, excuse'me. So we'll continue to balance. Opportunistic share buyback is absolutely a tenant that we will stay f--used on -- it helps us drive shareholder value. But right now, in the current conditions of the interest rate envir'nment, we're going to focus on debt pay down.

儘管——我們一直在對SOFR 前向曲線做出反應，就像房間裡的其他人一樣。」我不需要提醒你有多少個「時間發生了變化，但在這樣的情況下仍然保持如此高的水平」較長的一段時間。因此，在接下來的幾個季度中，正確的做法是加速償還債務並減少債務，我們已經做到了這一點。「我的意思是，我們這個月已經做了幾件事，實際上是十月份，對不起。”所以我們會繼續保持平衡。機會主義的股票回購絕對是我們將繼續利用的一個租戶，它有助於我們提高股東價值。但目前，在目前的利率環境下，我們將專注於債務償還。

I think balance is the word. The only commitment we have is delever below 3 by fi'cal year '27 at $40 ' share, I'll do more debt pay down at $15 share, I might do a little bit more buyba'k. And it's all balanced.

我認為平衡就是這個詞。我們唯一的承諾是到27財年將槓桿率降低到3以下，每股價格為40美元，我將以每股15美元的價格償還更多債務，我可能會進行更多的回購。而且一切都是平衡的。

Peter Levine with Evercore. Thanks again for putting on the day. (inaudible) 2 questio-- One is -- I guess, on the go-to-market, you talk about direct and partner'like what's the steady state between where do you want to see that channel go? 50-50? And then maybe talk about the mix between partner and direct?'

彼得萊文與 Evercore。再次感謝您參加這一天。 （聽不清楚）兩個問題——一個是——我想，在進入市場時，您談論直接和合作夥伴，就像您希望看到該管道走向何處之間的穩定狀態是什麼？ 50-50？然後也許可以談談合作夥伴和直接之間的混合？

So what's the mix that you see as a ste--y state -- and then when you look at like the partner go-to-ma'ket, what's the retention look like versus direct? Is there a change in ARPU margin profile for that?

那麼，您認為是一種固定狀態的組合是什麼？然後，當您觀察合作夥伴的走向市場時，保留與直接保留是什麼樣的？ ARPU 利潤率是否因此改變？

Yes. So between partner and direct, obviously, we like the direct relationship with the customers that enables us to communicate, identify the moment of truth, cross-sell, upsell, a little bit more fully that when we are with partner. In all of the new partner enga'ement, we're trying to mimic more and more the behavior of a direct view where we have the opportunity to engage with the customer and cross-sell, upsell granted, we maybe share some of the revenue when we cross-sell upsell into a partner-based customer installmen'.

是的。因此，在合作夥伴和直接客戶之間，顯然，我們喜歡與客戶的直接關係，這使我們能夠溝通、識別關鍵時刻、交叉銷售、追加銷售，比我們與合作夥伴一起時更充分。在所有新的合作夥伴參與中，我們試圖越來越多地模仿直接觀察的行為，我們有機會與客戶互動並進行交叉銷售、追加銷售，我們可能會分享一些收入當我們向基於合作夥伴的客戶安裝人員進行交叉銷售及追加銷售時。

There'--about 4 -- I think Natalie mentioned 4 different angles, 2 partnerships, 'hether it's an employee benefit channel' or if it's telco channel or financial institution channels. They all have a different dynamic. And depending if you buy core security, if you buy security plus identity you have different 'iews. You've seen that partner is growing faster than the direct. So if you continue that on a cheer view that partner is much smaller. I'think you're going to see progressi'g. We don't have a specific target in mind to say that ratio has to be 80-20. And when we say we manage the business at overall margin at 60% plus, it's Ill baked i' -- but we're not making our decision by cohort based on marg'n rate. We're making it based on, is it accretive to the bottom line, yes or not, right? And then we drive more customers at different margin all across our different channels, even for the direct to consumers, different views have different mix.

大約有 4 個，我認為 Natalie 提到了 4 個不同的角度、2 個合作夥伴關係，「無論是員工福利管道」還是電信管道或金融機構管道。他們都有不同的動力。取決於您是否購買核心安全，如果您購買安全加身份，您會有不同的「看法」。您已經看到合作夥伴的成長速度比直接合作夥伴更快。因此，如果你繼續保持樂觀的態度，那麼合作夥伴就會小得多。我想你會看到進步。我們心中並沒有一個具體的目標來規定該比率必須為 80-20。當我們說我們以 60% 以上的整體利潤率管理業務時，這是不成熟的——但我們並不是根據利潤率按群體做出決定。我們這樣做的基礎是，它是否會增加利潤，是或否，對嗎？然後，我們透過不同的管道以不同的利潤吸引更多的客戶，即使是直接面向消費者，不同的觀點也有不同的組合。

Maybe a second one maybe for you, Vincent, is just on the SMB, maybe dive a little deeper there, reminds me of like Bill.com but these customers are underserved. So is this somethi'g that you're developing new products, so your rebranding your kind of product portfolio to cater to these? And then maybe just talk about how big of an opportunity can that be for you guys.

也許第二個可能適合你，Vincent，只是在 SMB 上，也許在那裡深入一點，讓我想起 Bill.com，但這些客戶服務不足。那麼，您正在開發新產品，因此您正在重新命名您的產品組合以迎合這些需求嗎？然後也許只是談談這對你們來說有多大的機會。

Vincent Pilette' Yes, that's a good question. The question is about the SMB opportunity. So just the full dis'losure, we're not recreating S'mantec. We're not going to the midsized market or the ent'rprise. We're not moving up the security ladder, adding from an anti-virus and multiple devices all the way to DR capabilities and other'things. We're really trying to respond to the consumer needs where they have NortonLifeLock or Gen and Avast and AVG produc" and say, "Hey, can also use it to as a more licenses for my small business? Or can I do this? How ca" I do that"? And it's about extending that offering, leveraging the current core AV devices by extending a few functional in security and then working up the portfolio towards more that what we call cyber safety, which includes access, identity, reputation, of use on the digital world and enabling them to be both protected and empowered in that digital w--ld.

文森皮萊特（Vincent Pilette）：是的，這是一個很好的問題。問題是關於中小企業的機會。因此，我們不會重現 S'mantec。我們不會進入中型市場或企業。我們不會提升安全等級，從防毒軟體和多個設備一直添加到災難復原功能和其他功能。我們確實在努力滿足消費者的需求，他們擁有 NortonLifeLock 或 Gen、Avast 和 AVG 產品”，並說，“嘿，還可以將其用作我的小型企業的更多許可證嗎？或者我可以這樣做嗎？怎麼會「我那樣做」？它是關於擴展該產品，透過擴展一些安全功能來利用當前的核心 AV 設備，然後將產品組合朝著我們所說的網路安全的方向發展，其中包括數位世界的存取、身份、聲譽和使用使他們能夠在數位世界中受到保護並獲得權力。

We -- as Ondrej mentioned, we are at the very beginning of 't, and you'll see more over the next few years as we develop that portfolio.

正如 Ondrej 所提到的，我們正處於起步階段，在接下來的幾年裡，當我們開發該產品組合時，您會看到更多。

So I just have a top-down question. How cyclical do you think your business is. I mean subscription business typically tends to be a little more stable. But your net subscriber total has been actually pretty I would say, volatile. And then on your guidance, you lowered your guidance a little bit, I think it was $0.20 and you quoted macro factors that also implies some kind of cyclicality.

所以我只是有一個自上而下的問題。您認為您的業務的周期性如何？我的意思是訂閱業務通常會更穩定一些。但我想說的是，你們的淨訂戶總數其實相當不穩定。然後，根據您的指導，您稍微降低了指導，我認為是 0.20 美元，並且您引用了也暗示某種週期性的宏觀因素。

Let me take the cyclicality factor in. I think if you really train our business, I think resilience and predictable. And yes, s'metimes it's a little bit of retention here and there and customer cost. But actually, sometimes, we joke'and say it's too flat like a Belgium pancake and because it takes really time to progress the improvement into the environment. The flip side of that'coin, that's not a business that's going to be cyclical and flip. We're not any more attached to the PC shipment, which is another indirect question I get all the time, which is, hey, PC is down 20%. What does that mean for you? When PC is up 50%, our membership was not up '0%, but we're steadily growing. And when PC 's done, it's not done at the rate of the PC, but of'course, it's under pressure by the macro event. So I would say, resilience is more how I would characterize our business model. And I think the opportunity is a long-term structural opportunity. When it comes to the annual guidance, as you mentioned on our earnings deck that you can download on our website, compared to August 3 when we gave annual guidance, an' today, we've had over $15 million of currency devaluation due to the strength of the U.S. dollar'. And that's only what we have reflected on our g'idance. We've taken the top down by $15 mill'on, but we've raised the bottom by $10 million, reflecting the very strong'quarter we've delivered.

讓我考慮一下週期性因素。我認為，如果你真正訓練我們的業務，我認為彈性和可預測性。是的，有時這是一些保留和客戶成本。但實際上，有時我們會開玩笑說它太平了，就像比利時煎餅一樣，因為環境的改善確實需要時間。另一方面，這不是一個週期性和翻轉的業務。我們不再關注 PC 出貨量，這是我一直收到的另一個間接問題，那就是，嘿，PC 下降了 20%。這對你來說意味著什麼？當 PC 增長 50% 時，我們的會員數量並未增長“0%”，但我們正在穩步增長。當PC完成時，它不是按照PC的速度完成的，但當然，它受到宏觀事件的壓力。所以我想說，韌性更多的是我對我們商業模式的描述。我認為這個機會是一個長期的結構性機會。說到年度指導，正如您在我們的收益報告中提到的，您可以在我們的網站上下載，與 8 月 3 日我們發布年度指導相比，今天，由於美元的強勢」。這只是我們對指導方針的反思。我們將頂部降低了 1500 萬美元，但將底部提高了 1000 萬美元，反映出我們交付的季度業績非常強勁。

Just a question Earlier for the year your subscriber numbers were declining. It is Always one-off but I mean (inaudible) is very right. Obviously, small base of (inaudible) but small PC go by 50 percent points. (inaudible)?

只是一個問題，今年早些時候，您的訂戶數量正在下降。它總是一次性的，但我的意思是（聽不清楚）是非常正確的。顯然，（聽不清楚）但小型 PC 的基數較小，成長了 50%。 （聽不清楚）？

Vincent Pilette' Yes. So I'll repeat the ques'ion. I don't know if y-- had 'he -- didn't heard what microphone says, but when PC goes down, the installed'base doesn't go do'n, but you'll be under pressure and over time, the PC may go down and refe'red to, we've had 5 quarters of sequential customer count down. And'I think we've explained exiting Q1 that'because we've had a rapid growth during COVID, even though we maintained the retention rates of the different brands, 85% for the NortonLifeLock brand at the same rate for that period. we had a lot more units in that installed base. And therefore, if I send more people leaving and yet in a post COVID, the acquisition was a little bit more depressed'and couldn't offset.

文森特·皮萊特，是的。所以我會重複這個問題。我不知道你是否有「他」沒有聽到麥克風所說的話，但是當電腦出現故障時，安裝的基礎不會停止，但隨著時間的推移，你會承受壓力，PC 可能會宕機並提及，我們已經連續5 個季度的客戶倒數計時。我認為我們已經解釋了退出第一季的原因，因為我們在新冠疫情期間實現了快速成長，儘管我們保持了不同品牌的保留率，諾頓LifeLock 品牌在同一時期的保留率為 85%。我們在該安裝基地中有更多的設備。因此，如果我派更多的人離開，但在新冠疫情之後，收購會更加沮喪，並且無法抵消。

And as we explain entering the year, say we are at the end of that what we call internally the post-COVID flu'h. And you've seen here now acquisition back to growth despite the f'ct that we're not immune, but there is a macro level envir'nment that's not the most optimistic. But all of the strengths in terms of retention and putting all the capabilities in acquisition together has enabled us to return to customer count growth. If you step back though, since 2019 all the --y to now -- excluding the post COVID flush of 5 q'arters, we've been steadily also low growth, but steadily growing our customer count improving on what you just heard today. Portfolio development, addressing the needs of customers, expanding internationally.

當我們解釋進入這一年時，我們正處於我們內部所說的「後新冠流感」的結束階段。您現在在這裡看到，儘管我們也不能倖免，但收購又恢復了成長，但宏觀環境並不是最樂觀的。但在保留方面的所有優勢以及將所有收購能力結合在一起使我們能夠恢復客戶數量成長。不過，如果你退一步看，自2019 年至今，不包括新冠肺炎疫情後的5 個季度，我們的增長也一直在穩步低速，但我們的客戶數量正在穩步增長，比你今天聽到的有所改善。產品組合開發，滿足客戶需求，拓展國際業務。

Can you talk about the customer base? Maybe are they Android iPhone users, older, younger, high income, how many bank accounts they have, kind of where do you see the opportunity?

能談談客戶群嗎？也許他們是 Android iPhone 用戶，年長的、年輕的、高收入的，他們有多少個銀行帳戶，你在哪裡看到了機會？

We have now a very broad portfolio. And as we expand internationally by blend, you have a different customer base. And Avast, freem'um in, let's say, Southeast Asia will be very different than in the U.S., a full member that has identity protection. Each one has its own set of characteristics. If you step back and in general, I w'uld say we're still more skewed towards the older and upper end of the income statement of older age, and we continue to develop new products as it gets more from back end protection to front-end empowerment and going to drive the diversification of the customer cohorts.

我們現在擁有非常廣泛的產品組合。隨著我們透過混合方式向國際擴張，您將擁有不同的客戶群。比如說，東南亞的 Avast 自由市場將與美國有很大不同，它是一個擁有身分保護的正式會員。每個都有自己的一套特徵。如果你退後一步，總的來說，我會說我們仍然更傾向於老年人和老年損益表的上端，並且我們繼續開發新產品，因為它從後端保護到前端得到了更多-最終授權並推動客戶群的多元化。

Just on the notion of trying to take people from the partner channel over time into the direct channel. Can you just help us understand sort of the mechanics of how that would work and the timing. So if I come in through whatever an insurance company, how do I get exposure to you'directly I'm sure there are contractual issues. How does that actually work?

只是試圖隨著時間的推移將人們從合作夥伴管道引入直接管道。您能否幫助我們了解其運作方式和時間安排的機制。因此，如果我透過任何一家保險公司進入，我如何直接與您接觸，我確信存在合約問題。這實際上是如何運作的？

'es. And we're not going to be too detailed here, happy to follo' up. There's some more proprietary activities that we do with certain partners that will leave at that. But in general, when you step back, when you partner, we either go co-branded or white-label, both options are there. And we go for a certain set of offering this offer. And then more a'd more, we'-- worki'g -- as we've worked in our direct portfolio, the capabilities to do a cross-sell and upsell or retention activities directly with the customers or co-sharing with the retention center of th-- partner -- so we have both. And then depending on the timing 'f when you're the partner, if you leave the 'artner, we're trying to get also the opportunity to then contact the customers and sustain the product. Every partner or every channel can have a unique set of characteristics depending on both sides of the equation when you start for it.

是的。我們不會在這裡透露太多細節，很樂意跟進。我們與某些合作夥伴進行了一些更多的專有活動，但這些活動將就此結束。但總的來說，當你退一步，當你合作時，我們要么聯合品牌，要么白標，兩種選擇都在那裡。我們尋求提供此優惠的特定集合。然後，更多的是，正如我們在直接投資組合中所做的那樣，我們有能力直接與客戶進行交叉銷售和追加銷售或保留活動，或與客戶共同共享合作夥伴的保留中心，所以我們兩者都有。然後，根據您成為合作夥伴的時間，如果您離開合作夥伴，我們也會嘗試獲得聯繫客戶並維持產品的機會。每個合作夥伴或每個管道都可以擁有一組獨特的特徵，這取決於您開始時的等式兩邊。

Saket again from Barclays. Natalie, maybe the question is for you. So very helpful with just the E'S CAGR. We're thinking about kind of the current SOFR curve. As we all know, the SOFR curve has just been a moving target, right, to say the least, over the last couple of years. Maybe talk to us about some of the levers that you feel like you have as part of that EPS CAGR. Obviously, nobody can kind of forecast interest rates on the certainty. But if it does move on us again, what do you feel li-- you can -- what do you feel like you can do to sort of protect that EPS CAGR if that makes.

Saket 再次來自巴克萊銀行。娜塔莉，也許這個問題是問你的。對於 E'S CAGR 來說非常有幫助。我們正在考慮目前的 SOFR 曲線。眾所周知，在過去的幾年裡，SOFR 曲線只是一個不斷變化的目標，至少可以這麼說。也許可以和我們談談您認為 EPS CAGR 的一部分所擁有的一些槓桿。顯然，沒有人能夠確定地預測利率。但如果它確實再次發生在我們身上，你覺得你能做什麼來保護每股盈餘複合年增長率（如果這種情況發生的話）。

Yes, the first thing I would 'hare is it's exactly why we share that, ri'ht? And it's exa'tly why we've sharpened the pencil on our comelivering del'vering. We're going to focus on delivering over the next couple of quarters. And as we head through and navigate through f'scal year '25, if you look at the forward curve, it tells yo' that that's the best place to put your capital is pay down your debt. But we have a lot, a lot of opportunity. And operatio'ally, that's where we focus the majority of our time.

是的，我想知道的第一件事就是這正是我們分享這一點的原因，對吧？這正是我們在交付上削尖鉛筆的原因。我們將在接下來的幾季專注於交付。當我們進入並瀏覽 25 年財政年度時，如果您查看遠期曲線，它會告訴您，這是投入資金的最佳位置，即償還債務。但我們有很多很多的機會。在操作上，這就是我們大部分時間關注的地方。

And hopefully, you got a good feel for all of the diversity of levers and reach and growth and retention that we can operationally drive inside our company. And 'gain, that's where we spend our time. I shared just some high-level assumptions grounded in proof points that we see working today, current customer trend and behavior today, and I tallied up to $650 million of incremental revenue over the next 3 year'. And th't's what I'm sharing with you here today. right? You take it a step further in each 1 of those levers, and that becomes just exponential growth that we will continue to read through a very structured, controlled margin. 60% margin i--the core -- when we get incremental volume with our--ow gross -- our very, very high gross margin or low cost of goods sold, imagine the margin dollars that are going to drop down to the bottom line that either we will use to offset I hope not additional incr--sed debt -- cost of debt.'What I can't wait for is to create the capacity to go put behind the growth vectors, new investments, new products and technologies to just continue to expand the overall umbrella of cyber safety protection.

希望您能很好地感受到我們在公司內部營運所推動的各種槓桿、影響力、成長和保留。而“收穫”，就是我們花時間的地方。我只分享了一些基於我們今天看到的有效證據、當前客戶趨勢和行為的高級假設，並且我計算出未來 3 年的增量收入高達 6.5 億美元。這就是我今天要跟大家分享的內容。正確的？你在這些槓桿中的每一個上都更進一步，這就會變成指數增長，我們將繼續透過一個非常結構化、受控的利潤率來解讀。 60% 的利潤率——核心——當我們獲得增量銷量時，我們的毛利率非常高，或者銷售商品的成本很低，想像一下利潤率會跌到谷底「我們將用它來抵消我希望不會額外增加的債務——債務成本。」我迫不及待的是創造能力來支持成長向量、新投資、新產品和技術繼續擴大網路安全保護的整體範圍。

--hank you -- thanks for the great event and really greater results. Maybe 2 questions for me. First, I really love to recap about how you guys were able to release Norton 360 and hit 60% customer penetration in a few years. Maybe share some of the learnings you guys had in that time period and maybe help understand why the (inaudible) there could be a better together story.

——謝謝你們——感謝你們舉辦如此盛大的活動並取得了更大的成果。也許有兩個問題想問我。首先，我真的很想回顧一下你們如何能夠發布 Norton 360 並在幾年內達到 60% 的客戶滲透率。也許分享你們在那段時間學到的一些知識，也許有助於理解為什麼（聽不清楚）可以有一個更好的共同故事。

Yes. And we have a lot of l'arnings. I'll show you one that we first say, hey, membership is the way to go, higher retention, higher engagement, more value for the customers, and we are migrating our entire portfolio to be only offered as a membership, one platfor', and that's it. Very quickly, we got customers to have a feel and say, well, wait a mi'ute, I don't want to pay for the whole value. I only want a VPN or only this, this. And so we step back and say, wait a minute, actually, we need to be consumer-led. And therefore, wherever they want to enter, they can enter in our portfolio' And so we've decomposed and now with the integration of our stock in a modular way, we can offer a very flexible what we call entry door into consumer cyber safety by brand or by customer cohort or by country, we can select'whether it's a specific product that you need, and we can dynamically change it in the next month or the next quarter or offer to a membership as an entry door. And I think that consumer choice, I think, was an important one that was lending. I would have a lot of other learnings, but since we know some of our competitors are still way behind we keep many for us.

是的。我們有很多事情。我將向您展示我們首先說的一個，嘿，會員資格是必經之路，更高的保留率，更高的參與度，為客戶提供更多價值，我們正在將我們的整個產品組合遷移為僅作為會員資格提供，一個平台” ，就是這樣。很快，我們就讓客戶感受到了，並說，好吧，等一下，我不想支付全部費用。我只想要一個 VPN 或只想要這個，這個。所以我們退後一步說，等一下，實際上，我們需要以消費者為主導。因此，無論他們想進入哪裡，他們都可以進入我們的投資組合」因此我們已經進行了分解，現在透過以模組化方式整合我們的庫存，我們可以提供非常靈活的消費者網路安全入口按品牌、按客戶群或按國家/地區，我們可以選擇“是否是您需要的特定產品”，並且我們可以在下個月或下個季度動態更改它，或者提供會員資格作為入口。我認為消費者的選擇很重要，那就是貸款。我本可以學到很多其他的東西，但由於我們知道我們的一些競爭對手仍然遠遠落後，所以我們為自己保留了很多東西。

Awesome. Maybe just one last another question. You read the headlines and you see consumer data theft step everywhere. I think they just sound like a forever (inaudible) headline, about tens of thousands, hundred thousands of details leaked. Maybe help me understand what parts the Gen portfolio are really best equipped to help with these rising consumer trends? And how do you kind of see a progress from here?

驚人的。也許只是最後一個問題。您閱讀頭條新聞，就會發現消費者資料竊取行為隨處可見。我認為它們聽起來就像一個永遠的（聽不清楚）標題，大約有數萬、數十萬個細節被洩露。也許可以幫助我了解 Gen 產品組合的哪些部分真正最適合幫助應對這些不斷增長的消費趨勢？您如何看待這裡的進展？

So just to get it right. The question is about personal information leads and how we can help consumers protect against those. Is that what you are talking.

所以只是為了把它做好。問題是關於個人資訊線索以及我們如何幫助消費者防範這些線索。這就是你所說的嗎？

Yes. Just one like businesses being attacked.

是的。就像企業受到攻擊一樣。

Yes. Well, so the whole identity category that we have, which, again, is led by LifeLock but then add additional features and functionalities about that. So basically, the way we are looking at this is not necessarily about preventing those leaks or creating technical means that would stop these leaks from happen'ng, but it's actually mitigating and minimizing the fallout from those leaks. That is what actually happens when such a leak occurs. And so through our portfolio of products, we start by the notification or alerting service, where we find that data, we proactively search, both the legitimate sources such as data brokers as well as the nonlegitimate sources as the dark web, and we are able to alert and then kind of inform the user customer when something like this ha'pens, that's the entry'door. That's kind of where the interaction starts. And then following that, it really is the help that we provide to restore, to somehow mitigate the situation, which, of course, can take many different types or forms depending on what it'is or what's the piece of information is.

是的。好吧，我們擁有的整個身分類別再次由 LifeLock 領導，但隨後添加了相關的附加特性和功能。所以基本上，我們看待這個問題的方式不一定是為了防止這些洩漏或創造技術手段來阻止這些洩漏的發生，但它實際上是在減輕和最小化這些洩漏的影響。這就是發生此類洩漏時實際發生的情況。因此，透過我們的產品組合，我們從通知或警報服務開始，在其中找到數據，我們主動搜尋數據經紀人等合法來源以及暗網等非合法來源，並且我們能夠當發生類似情況時發出警報，然後通知用戶客戶，這就是入口門。這就是互動開始的地方。接下來，這實際上是我們提供的幫助來恢復，以某種方式緩解情況，當然，根據它是什麼或資訊是什麼，可以採取許多不同的類型或形式。

I think our software is a competitive advantage here. The service organization we have is another one, right? 'ven if you've been br'ached, you've got another system, and there is a problem and your identity is being breached, we have a restoration services that offer great value to our customer and all the way to your reputation management and privacy management and what you want to see in the web that you can either take down the lead or we can do that for you all of that are services that provide value to our customers.

我認為我們的軟體在這裡具有競爭優勢。我們的服務機構是另外一個，對嗎？ 「即使您已被破壞，您有另一個系統，並且出現問題並且您的身份被洩露，我們也提供恢復服務，為我們的客戶以及您的聲譽管理提供巨大價值隱私管理以及您希望在網絡上看到的內容，您可以領先，或者我們可以為您做到這一點，所有這些都是為我們的客戶提供價值的服務。

No further questions.

沒有進一步的問題。

Vincent Pilette' Well, don't have closing comment except saying, thank you for your support. We're super excited by our vision. We drive every day to deliver that value to our customers, and we consider you as part of our ecosystem. So thank you.

Vincent Pilette' 好吧，除了說謝謝您的支持外，沒有結束語。我們對我們的願景感到非常興奮。我們每天都在努力為我們的客戶提供這種價值，我們將您視為我們生態系統的一部分。所以謝謝。

Thank you.

謝謝。

And then again, we've got lunch outside with the entire executive leadership team. And those on the webcast, thank you very much for joining us. I hope you enjoyed our day.

再說一遍，我們在外面與整個執行領導團隊共進午餐。網路廣播中的人們，非常感謝您加入我們。我希望您度過愉快的一天。