Gen Digital Inc (GEN) 2025 Q3 法說會逐字稿

Good afternoon, everyone. Thank you for standing by. My name is Jayla, and I will be your conference operator today. Today's call is being recorded. (Operator Instructions)

大家下午好。感謝您的支持。我的名字是 Jayla，今天我將擔任您的會議主持人。今天的通話正在錄音。（操作員指令）

At this time, for opening remarks, I would like to pass the call over to Jason Starr, Head of Investor Relations.

現在，為了致開幕詞，我想將電話轉給投資者關係主管傑森·斯塔爾 (Jason Starr)。

Thank you, Jayla, and good afternoon, everyone. Welcome to Gen's third quarter fiscal year 2025 earnings call. Joining me today are Vincent Pilette, CEO; and Natalie Derse, CFO. As a reminder, there will be a replay of this call posted on the Investor Relations website, along with our slides and press release.

謝謝你，傑拉，大家午安。歡迎參加 Gen 2025 財年第三季財報電話會議。今天與我一起出席的還有執行長 Vincent Pilette；以及財務長 Natalie Derse。提醒一下，本次電話會議的重播將會與我們的投影片和新聞稿一起發佈在投資者關係網站上。

I'd like to remind everyone that during this call, all references to the financial metrics are non-GAAP, and all growth rates are year-over-year unless otherwise stated. A reconciliation of non-GAAP to GAAP measures is included in our press release and earnings presentation, both of which are available on our IR website at investor.gendigital.com. We encourage investors to monitor this website as we routinely post investor-oriented information such as news and events and financial filings.

我想提醒大家，在本次電話會議中，所有引用的財務指標均為非公認會計準則 (GAAP)，所有增長率均為同比增長率，除非另有說明。我們的新聞稿和收益報告中包含了非 GAAP 指標與 GAAP 指標的對帳表，均可在我們的 IR 網站 investor.gendigital.com 上查閱。我們鼓勵投資者關注此網站，因為我們會定期發布面向投資者的信息，例如新聞、事件和財務文件。

Today's call contains statements regarding our business, financial performance and operations, including the impact of our business and industry that may be considered forward-looking statements and such statements involve risks and uncertainties that may cause actual results to differ materially from our current expectations. Those statements are based on current beliefs, assumptions, and expectations as of today's date, January 30, 2025.

今天的電話會議包含有關我們的業務、財務業績和營運的聲明，包括我們的業務和行業的影響，這些聲明可能被視為前瞻性聲明，並且此類聲明涉及風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。這些聲明是基於截至 2025 年 1 月 30 日的當前信念、假設和期望。

We undertake no obligations to update these statements as a result of new information or future events. For more information, please refer to cautionary statement in our press release and the risk factors in our filings with the SEC, and in particular, our most recent reports on Form 10-K and Form 10-Q.

我們不承擔因新資訊或未來事件而更新這些聲明的義務。欲了解更多信息，請參閱我們新聞稿中的警示聲明和我們向美國證券交易委員會提交的文件中的風險因素，特別是我們最近的 10-K 表和 10-Q 表報告。

And now I will turn the call over to Vincent.

現在我將電話轉給文森。

Thanks, Jason, and welcome, everyone, to our earnings call. Q3 was another quarter of solid execution, innovating on the most comprehensive Cyber Safety portfolio for consumers while delivering profitable growth. We grew Cyber Safety bookings and revenue mid-single digits and delivered our fifth consecutive quarter of double-digit growth for EPS up 15%. Our direct customer base is at a record 40 million, up nearly 400,000 sequentially and up over 1 million compared to last year. These solid results are a testament to the consistent and disciplined execution by our team to serve the needs for comprehensive Cyber Safety.

謝謝傑森，歡迎大家參加我們的財報電話會議。第三季度又是穩健執行的季度，在實現獲利成長的同時，為消費者提供了最全面的網路安全產品組合創新。我們的網路安全訂單和收入實現了中等個位數成長，並連續第五個季度實現兩位數成長，每股收益成長 15%。我們的直接客戶群達到了創紀錄的4000萬，比上一季增加了近40萬，比去年同期增加了100多萬。這些堅實的成果證明了我們的團隊始終如一、嚴謹的執行力，滿足了全面的網路安全需求。

You've heard me tell you every quarter now about the dynamic nature of the threat landscape and that continues to be the case. In calendar year 2024 alone, we blocked nearly 15 billion attacks globally. Not only are people all over the world being exposed to a greater number of threats, scams, and other risk to their digital lives, but these threats are getting harder to detect as bad actors deployed increasingly sophisticated techniques and more believable lures to compromise and exploit their victims. Our researchers estimate that today, 90% of all cyber threats began with a scam, up from just 30% in 2020.

你們已經聽到我每季告訴你們威脅情勢的動態性質，而且這種情況仍然持續下去。光是在 2024 年，我們在全球阻止了近 150 億次攻擊。不僅全世界的人們面臨越來越多的威脅、詐騙和其他數位生活風險，而且這些威脅也越來越難以發現，因為不法分子部署了越來越複雜的技術和越來越可信的誘餌來入侵和利用他們的受害者。我們的研究人員估計，如今 90% 的網路威脅都是由詐騙引發的，而 2020 年這一比例僅為 30%。

As technology rapidly evolves and consumers' digital footprint expands, the proliferation of breach just keeps adding fuel to the fire in addition to the large-scale breaches like the National Public data breach last quarter, recent ones, are putting not only the individual at risk but the entire families as we saw with the Power School breach. This means that threat actors have no shortage of information available to use to convince you to help them attack you and your asset. We have seen this trend accelerate this quarter with the dramatic rise in scam yourself attacks, which manipulate people into compromising their own devices through deceptive and routine-based means.

隨著技術的快速發展和消費者數位足跡的擴大，資料外洩事件的激增只會火上加油。使個人面臨風險而是整個家庭，就像我們在 Power School 被攻破事件中看到的那樣。這意味著威脅行為者不乏可用的資訊來說服您幫助他們攻擊您和您的資產。本季度，我們看到這種趨勢加速，詐騙攻擊急劇增加，這種攻擊透過欺騙和常規手段操縱人們入侵自己的設備。

We saw this coming, and we launched Norton Genie just over one year ago to give consumers an easy-to-use tool to help detect camps coming to you via e-mail, text, video files or website. Our proprietary AI engine continuously trends on the extensive data sets and real-life scans submitted by our users, catching the newer threats with almost 100% efficacy. With 2 million downloads of the product, Genie's AI engine can not only understand the meaning and intent of text but also scans a wide range of additional attachment files, URLs, images, and even audio and video files. And we are not stopping there.

我們預見了這一點，並在一年多前推出了諾頓精靈，為消費者提供易於使用的工具，幫助他們檢測透過電子郵件、文字、視訊檔案或網站向您發送的攻擊。我們專有的 AI 引擎不斷根據用戶提交的大量資料集和真實掃描進行趨勢預測，以幾乎 100% 的效率捕獲較新的威脅。該產品的下載量已達 200 萬次，Genie 的 AI 引擎不僅可以理解文字的含義和意圖，還可以掃描各種附加文件、URL、圖像甚至音訊和視訊檔案。我們不會就此止步。

We'll soon be extending the power of Genie into our Norton 360 product family. This enhanced version of Genie will be available in all memberships, seamlessly providing proactive and comprehensive scan protection and acting as your AI-powered scam assistant. The Pro version provides advanced features, including core blocking, tax filtering and scam reimbursement and will be included in the higher membership tiers that customers can upgrade to or available as an add-on for the remaining customer base.

我們很快就會將 Genie 的強大功能擴展到我們的 Norton 360 產品系列中。此增強版 Genie 將在所有會員資格中提供，無縫提供主動和全面的掃描保護，並充當您的 AI 驅動的詐騙助手。Pro 版本提供了高級功能，包括核心封鎖、稅務過濾和詐騙補償，並將包含在客戶可以升級到的更高會員等級中，或作為剩餘客戶群的附加元件提供。

Beyond our own AI investments to address this growing threat we recently teamed up with Qualcomm at CES to showcase an early preview of how AI-powered scam detection can be integrated into neural processing units or NPUs, embedded into smartphones. By leveraging the NPU speed and efficiency, we're able to detect deep fake and other sophisticated threats on the device -- in the device in mere seconds, while keeping user data private. A lot of exciting developments with more to come. In this dynamic digital world, we continue to invest in and innovate around how we keep customers' devices, personal information, reputations and financial assets safe.

為了應對這一日益嚴重的威脅，我們除了在人工智慧方面進行投資外，最近還在CES 上與高通公司合作，展示瞭如何將人工智慧驅動的詐騙檢測技術整合到神經處理單元或NPU 中並嵌入到智慧型手機中。透過利用 NPU 的速度和效率，我們能夠在短短幾秒鐘內檢測到設備上的深度偽造和其他複雜威脅，同時確保用戶資料的隱私。有很多令人興奮的進展，未來還會有更多。在這個充滿活力的數位世界中，我們不斷投資和創新如何保護客戶的設備、個人資訊、聲譽和金融資產的安全。

Our security foundation stays at the forefront with Advanced Protection, recently earning top accolades from AV tests, AV Comparatives and AV Labs, and our products provide solutions for evolving consumer needs, not only securing customer against cyber threats but also protecting their identity and finances, empowering them to manage and grow their finances and safeguarding their personal data. Earlier this month, we brought the protection of Avast Security Identity to 15 new countries, which helps consumers keep their identity safe from escalating scam and identity theft risks. Avast Secure Identity continuously scours across private forms and the dark web, identifying and notifying you if we detect your personal information.

我們的安全基礎憑藉高級保護技術始終處於領先地位，最近獲得了AV 測試、AV Comparatives 和AV Labs 的最高讚譽，我們的產品為不斷變化的消費者需求提供解決方案，不僅保護客戶免受網路威脅，也保護他們的身份和財務安全。本月初，我們將 Avast Security Identity 的保護範圍擴大到 15 個新國家，幫助消費者保護自己的身份，免受日益嚴重的詐騙和身份盜竊風險。Avast Secure Identity 會持續搜尋私人表格和暗網，如果我們偵測到您的個人訊息，就會識別並通知您。

It also gives consumers additional features like restoration support, stolen wallet assistant and in selected markets, identity theft insurance. We've also embedded financial monitoring features to help alert consumers to suspicious bank account transactions that may indicate fraud. Although we only launched it a few weeks ago, we've already seen strong interest and engagement from Avast customer base, affirming our belief in the need for these types of solutions and the growth opportunity ahead with identity and financial wellness across our entire family of trusted brands.

它還為消費者提供額外的功能，如恢復支援、被盜錢包助理以及在特定市場提供的身份盜竊保險。我們也嵌入了財務監控功能，幫助消費者警惕可能表明存在詐欺行為的可疑銀行帳戶交易。儘管我們幾週前才推出它，但我們已經看到了 Avast 客戶群的強烈興趣和參與，這堅定了我們對此類解決方案需求的信念，以及我們整個家庭在身份和財務健康方面未來的增長機會值得信賴的品牌。

In Japan, one of our largest international markets, we also rolled out a pilot Digital Vault with ID Advisors Plus. With ID Vault, we automatically detect in sensitive identity information on users' phone and move it to a secure cloud vault for added protection, and we don't stop there. With ID Advisors Plus, we also include access to scam verification specialists and a privacy adviser to on-demand services that are available to consumers in their time of need. As we drive engagement and early feedback through this offering, we plan to expand our Digital Vault technology across our portfolio in the coming quarters to give our customers more control over when and where to share their data.

在我們最大的國際市場之一日本，我們也與 ID Advisors Plus 合作推出了一個試點數位保險庫。透過 ID Vault，我們會自動偵測使用者手機中的敏感身分訊息，並將其移至安全的雲端保險庫以增加保護，但我們並不止步於此。透過 ID Advisors Plus，我們還可以讓消費者在需要時聯繫詐騙驗證專家和隱私顧問，並提供隨選服務。隨著我們透過此項服務推動參與度和早期反饋，我們計劃在未來幾季內在我們的產品組合中擴展我們的數位保險庫技術，以便我們的客戶更好地控制何時何地共享他們的數據。

I'm also proud to share that all of these new launches have been built on the new Gen Stack, which our team has been hard at work on since the Avast acquisition closed. We set on these foundational technical initiatives to build the new best-in-class cyber safety infrastructure. With the brightest minds from both teams, we've created our NextGen tech stack that enable us to provide strong protection, a more modern user interface and a more personalized experience for our customers. The Gen Stack enabled us to deliver a unified data set that makes our AI-enhanced solution more relevant for our customers given our extensive threat telemetry and behavioral data.

我還很自豪地告訴大家，所有這些新產品都是基於新的 Gen Stack 開發的，自從 Avast 收購完成以來，我們的團隊一直在努力開發這項技術。我們基於這些基礎技術舉措，建構了新的一流的網路安全基礎設施。在兩個團隊最聰明的人才的幫助下，我們創建了 NextGen 技術堆疊，使我們能夠為客戶提供強大的保護、更現代的使用者介面和更個人化的體驗。Gen Stack 使我們能夠提供統一的數據集，鑑於我們擁有廣泛的威脅遙測和行為數據，該數據集使我們的 AI 增強型解決方案更適合我們的客戶。

With the scale of our Cyber Safety networks, which protects hundreds of millions of users, we have exceptional visibility into the threat landscape. The massive amount of data that comes from all of these enable us to further train our machine learning models and harness the power of AI driving additional improvement in the efficacy rate of our award-winning rates of threat protection, making current and future customers inherently safer with Gen.

我們的網路安全網路規模龐大，保護著數億用戶，因此我們對威脅情勢有著極為清晰的了解。所有這些產生的大量數據使我們能夠進一步訓練我們的機器學習模型，並利用人工智慧的力量，進一步提高我們屢獲殊榮的威脅防護率的有效性，從而使當前和未來的客戶更加安全與 Gen.

The technical benefits are unquestionable, but it does something equally, if not more important for our customers. The NextGen Stack allows us to begin delivering on the reimagined user-centric experience, with a more intuitive, simple and fully integrated experience, our customer can use more of the tools we have available to protect their digital lives. It also allows us to more smartly advise and offer products and services that match their actual needs to enhance and un-intrusive in product contextual messaging. Our extensive machine learning models helps us bring the right cross-sell and upsell campaigns to the right people at the right time, which helps us better protect them and as a result, improve customer loyalty.

技術優勢毋庸置疑，但它對我們的客戶來說具有同等重要性，甚至更重要的意義。NextGen Stack 讓我們能夠開始提供重新構想的以使用者為中心的體驗，透過更直覺、簡單且完全整合的體驗，我們的客戶可以使用更多可用的工具來保護他們的數位生活。它還使我們能夠更聰明地建議和提供符合他們實際需求的產品和服務，以增強產品上下文訊息傳遞，並且不具侵入性。我們廣泛的機器學習模型幫助我們在正確的時間為正確的人帶來正確的交叉銷售和追加銷售活動，這有助於我們更好地保護他們，從而提高客戶忠誠度。

We've already started expanding this technology into our customer success function with advanced machine learning models and AI driven communications to personalize our engagement with customers. All of these new products and capabilities are enabling us to deliver on our plan to expand our Cyber Safety platform, which already protects hundreds of millions of users and over 65 million paid customers. These customers all benefit from the most comprehensive features and best technology in the market backed by one of the world's largest consumer Cyber Safety networks, protecting people around the globe against advanced online threats.

我們已經開始將這項技術擴展到我們的客戶成功功能中，利用先進的機器學習模型和人工智慧驅動的通訊來個性化我們與客戶的互動。所有這些新產品和新功能使我們能夠實現擴展網路安全平台的計劃，該平台已經保護了數億用戶和超過 6500 萬付費客戶。這些客戶均受益於市場上最全面的功能和最佳技術，並以世界上最大的消費者網路安全網路之一為後盾，保護全球人民免受先進的線上威脅。

Further building on our foundation in Cyber Safety. In December, we announced the acquisition of MoneyLion in order to strengthen and accelerate financial wellness offerings. This transaction enables us to offer a complete set of personal financial management tools, enhances our AI and personalization capabilities, diversify our customer base with consumer in earlier stage of their financial lives, more than double our addressable market to over $50 billion, and finally, reinforces our long-term financial model.

進一步鞏固我們在網路安全方面的基礎。12 月，我們宣布收購 MoneyLion，以加強和加速金融健康服務。此交易使我們能夠提供一整套個人財務管理工具，增強我們的人工智慧和個人化能力，使我們的客戶群更加多樣化，包括財務生活早期的消費者，使我們的潛在市場規模增加一倍以上，達到500 億美元以上，最後，強化我們的長期財務模型。

We've started to address our customers' demand for more credit and financial insight, but this acquisition will open and accelerate new opportunities for Gen and our customer base. While we can't provide additional commentary about the transaction until it closes, in the first half of fiscal year '26, we will continue our efforts to build out our financial wellness offering through organic and inorganic investments that can enhance the capabilities Gen and MoneyLion have today.

我們已經開始滿足客戶對更多信貸和財務洞察的需求，但此次收購將為 Gen 和我們的客戶群開闢並加速新的機會。雖然在交易完成之前我們無法提供有關交易的更多評論，但在 26 財年上半年，我們將繼續努力透過有機和無機投資來建立我們的財務健康產品，以增強 Gen 和 MoneyLion 的能力有今天。

In summary, we see a long runway of opportunities fueled by the very real and expanding consumer needs to protect their data and assets. We have the best Cyber Safety foundation in place that inspires customer trust, confidence and loyalty. Our Q3 results demonstrate that we are executing to our plan to accelerate revenue and drive double-digit EPS growth. With our pending acquisition of MoneyLion, we're excited for the next phase of our strategy to deliver and empower our customers with digital trust services such as Financial Wellness to further accelerate our growth while operating with the same consistent and disciplined execution you've come to expect from our team. And I think we're just getting started.

總而言之，我們看到，消費者對保護其數據和資產的需求日益現實且日益增長，這一需求為市場帶來了巨大的機會。我們擁有最好的網路安全基礎，可以激發客戶的信任、信心和忠誠度。我們的第三季業績表明，我們正在執行加速收入和推動兩位數每股盈餘成長的計畫。隨著我們即將收購MoneyLion，我們對下一階段的策略感到興奮，即為客戶提供數位信託服務（如Financial Wellness），並賦予其權力，以進一步加速我們的成長，同時以與您一樣一致和自律的執行力開展營運對我們團隊的期望。我認為我們才剛開始。

So with that, let me pass it to Natalie to review our Q3 performance in detail.

因此，讓我將其交給娜塔莉來詳細回顧我們第三季度的表現。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our fiscal Q3 2025 results, followed by our outlook for Q4 and full fiscal year 2025. I will focus on non-GAAP financials and year-over-year growth rates unless otherwise stated.

謝謝你，文森特，大家好。在今天的電話會議上，我將介紹我們 2025 財年第三季的業績，然後介紹我們對 2025 財年第四季和全年的展望。除非另有說明，我將專注於非 GAAP 財務狀況和同比增長率。

Q3 was another quarter of solid execution with revenue above the midpoint of our guidance and EPS at the high end and reflects our 22nd consecutive quarter of growth. Cyber Safety bookings, which exclude our legacy business lines were up 4% in constant currency. Reported bookings exceeded $1 billion and increased 3% in USD and constant currency. Q3 revenue was $986 million, up 4% in USD and constant currency. We drove broad-based growth across our product portfolio and GEOs that bolstered with 5% growth in the United States.

第三季再次表現穩健，營收高於我們預期的中點，每股盈餘處於高端，這是我們連續第 22 季成長。網路安全訂單（不包括我們的傳統業務線）以固定匯率計算成長了 4%。報告顯示，訂單量超過 10 億美元，以美元和固定匯率計算增加了 3%。第三季營收為 9.86 億美元，以美元和固定匯率計算成長 4%。我們推動了整個產品組合和 GEO 的廣泛成長，其中美國的成長率為 5%。

In Security, our Norton cross-sell program continues to gain momentum, reflecting our strong incremental monetization after initial purchase. With Identity, adoption of our Norton 360 with LifeLock membership is increasing as consumer awareness grows alongside breaches and product security and consumers recognize the need for comprehensive cyber safety protection. Our privacy offerings, namely AntiTrack and Privacy Monitoring Assistants are bolstered by broader market shifts towards greater privacy needs, gaining traction across both the security and identity customer base.

在安全方面，我們的諾頓交叉銷售計劃繼續獲得發展勢頭，反映了我們在首次購買後強勁的增量貨幣化。隨著 Identity 的發展，隨著消費者對漏洞和產品安全的認識不斷增強，並且認識到全面網路安全保護的必要性，我們 Norton 360 與 LifeLock 會員資格的採用率正在不斷提高。我們的隱私產品，即 AntiTrack 和隱私監控助手，因市場越來越注重隱私​​需求而推動，在安全和身分客戶群中越來越受歡迎。

Direct revenue was $869 million, up 4%, supported by improvements across our key performance metrics at cohort level. Let me share some specifics. A key ingredient to our growth strategy is driving net new customers. And in Q3, we expanded our direct customer base for the sixth quarter -- consecutive quarter, increasing to 40.1 million up 371,000 sequentially and up 1.2 million year-over-year. Our customer base is more diverse as we continue to expand our penetration in broad-based GEOs, and we prioritize our marketing allocations to where we see the highest demand in ROI. This quarter, customer growth in international markets and in mobile remain strong.

直接收入為 8.69 億美元，成長 4%，這得益於我們群組層級關鍵績效指標的改善。讓我分享一些具體情況。我們的成長策略的關鍵因素是吸引新客戶。第三季度，我們的直接客戶群連續第六個季度擴大，增至 4,010 萬，比上一季增加 37.1 萬，比去年同期增加 120 萬。隨著我們繼續擴大在廣泛地理區域的滲透，我們的客戶群更加多樣化，並且我們優先將行銷分配分配到投資回報率需求最高的領域。本季度，國際市場和行動市場的客戶成長依然強勁。

While the unit economics are different in international markets, our strategy is to reach these customers early in their Cyber Safety journey and leverage our brands a comprehensive product set and customer service to drive long-term loyalty. With Mobile, we remain top of mind during a potential customer's purchasing decision, and we have intentionally shifted more marketing dollars to reach these customers in the app stores at lower customer acquisition costs, and increased opportunities for cross-sell and up-sell. We are encouraged by the early indicators as an increased percentage of our new Norton Mobile customers are purchasing our Norton 360 membership which has a higher ARPU than the stand-alone mobile security product.

雖然國際市場的單位經濟狀況有所不同，但我們的策略是在網路安全旅程的早期就接觸到這些客戶，並利用我們品牌的全面產品組合和客戶服務來推動長期忠誠度。透過行動技術，我們在潛在客戶的購買決策中始終是首要考慮因素，並且我們有意投入更多的營銷資金，以更低的客戶獲取成本在應用商店接觸這些客戶，並增加交叉銷售和追加銷售的機會。早期指標讓我們感到鼓舞，因為越來越多的新諾頓行動客戶購買我們的諾頓 360 會員資格，其 ARPU 高於獨立的行動安全產品。

We are confident that as we extend our improved in-product messaging and life cycle marketing playbook towards this growing base, we will increase customer lifetime value contributing towards our mid-single-digit growth target. And as we shared in our Investor Day, we continue to fund customer acquisition across regions, products and customer value segments as we expand.

我們相信，隨著我們改進的產品內資訊傳遞和生命週期行銷策略擴展到這個不斷增長的客戶群，我們將提高客戶終身價值，並為我們實現中等個位數的成長目標做出貢獻。正如我們在投資者日所分享的那樣，隨著業務的擴張，我們將繼續為跨地區、跨產品、跨客戶價值領域客戶獲取提供資金。

On monetization, our monthly direct ARPU was USD7.27, up $0.01 from the prior quarter and up $0.09 compared to last year's results. Note that this metric was negatively impacted by about $0.01 quarter-over-quarter and year-over-year due to FX headwinds. Keep in mind, this is a blended number across GEOs, channels, products and customer tenure. When we review at the cohort level, the story is even stronger. Across our online and mobile cohorts, ARPU is up mid-single digit year-over-year, as our cross-sell and upsell activity scale with new products introduced into the base.

在貨幣化方面，我們的每月直接 ARPU 為 7.27 美元，比上一季增加 0.01 美元，比去年同期增加 0.09 美元。請注意，由於外匯不利因素，該指標環比和同比均受到約 0.01 美元的負面影響。請記住，這是跨 GEO、通路、產品和客戶期限的混合數字。當我們從群體層面進行回顧時，這個故事就更有說服力了。在我們的線上和移動群組中，隨著我們的交叉銷售和追加銷售活動隨著新產品的推出而擴大，ARPU 同比增長了中等個位數。

We will continue to see this flywheel as we execute our product road map and add new features in the membership such as Scam Protection powered by Genie. The expanded value and services provided to our customers are also reflected in our strong retention rates. In Q3, our direct retention rate was approximately 77.5%. Similar to ARPU, we continue to see gains at the cohort level for mobile customers to our highest retaining LifeLock base to first-year and tenured customers, driving long-lasting customer relationships with a strong engagement focus on each stage of their customer journey remains a key tenet of our growth framework.

當我們執行產品路線圖並在會員資格中添加新功能（例如由 Genie 提供支援的詐騙保護）時，我們將繼續看到這個飛輪。我們為客戶提供的擴大的價值和服務也反映在我們強勁的留任率上。第三季度，我們的直接留存率約為77.5%。與ARPU 類似，我們繼續看到從行動客戶到我們保留率最高的LifeLock 基數，再到第一年和長期客戶的群體水平的增長，透過對客戶旅程每個階段的強烈參與關注來推動長期的客戶關係仍然是我們成長框架的關鍵原則。

Turning to our Partner business. Partner revenue was $105 million in Q3, up 6% in USD and constant currency as we execute on the strategy shared one year ago. Mobilizing to where the customers are and expanding through our Identity and Privacy offerings. Employee Benefits continues to grow double digits as more companies recognize the importance of Cyber Safety as a necessity for their employees. Our pipeline and pipeline conversion are strong, and we have added new reputation and privacy services to the channel to scale further. Internationally, we are leveraging key strategic partnerships to scale identity by adding more features such as Stolen Funds Insurance.

轉向我們的合作夥伴業務。由於我們執行了一年前製定的策略，第三季的合作夥伴收入為 1.05 億美元，以美元和固定匯率計算增加了 6%。動員到客戶所在的地方，並透過我們的身分和隱私產品進行擴展。隨著越來越多的公司意識到網路安全對員工的重要性，員工福利繼續以兩位數的速度成長。我們的管道和管道轉換非常強大，並且我們已向渠道添加了新的聲譽和隱私服務以進一步擴大規模。在國際上，我們正​​在利用關鍵的策略合作夥伴關係來擴大身分識別範圍，增加更多功能，例如被盜資金保險。

Our mobile attached products have become even more compelling with the Digital Vault offering that Vincent shared, driving double-digit bookings growth in Japan. We continue to strengthen our value proposition to existing and potential partners progressing towards our goal of generating $0.5 billion in annual Partner revenue over the next few years. Rounding out our revenue. Our legacy business lines contributed $12 million this quarter, down from $15 million the prior quarter. But as a reminder, we expect our legacy revenue to continue declining double digits year-over-year and represent only approximately 1% of our total revenue.

隨著 Vincent 分享的 Digital Vault 產品推出，我們的行動附加產品變得更具吸引力，推動了日本的預訂量將兩位數成長。我們將繼續加強對現有和潛在合作夥伴的價值主張，朝著未來幾年每年為合作夥伴創造 5 億美元收入的目標邁進。完善我們的收入。我們的傳統業務線本季貢獻了 1,200 萬美元，低於上一季的 1,500 萬美元。但需要提醒的是，我們預計我們的傳統收入將繼續同比下降兩位數，僅占我們總收入的約 1%。

Turning to profitability. Q3 operating income was $577 million, up 4% year-over-year, in line with revenue growth and translating to an operating margin of 58.5%. Our efficient business model creates the capacity to make investments in our portfolio and sales expansion efforts, coupled with our operational discipline. Consistent with our plan, we are investing in our R&D and technology capabilities to drive continuous innovation in our portfolio, which is crucial to our growth strategy.

轉向盈利能力。第三季營業收入為 5.77 億美元，年增 4%，與營收成長一致，營業利益率為 58.5%。我們高效率的商業模式結合營運紀律，創造了對產品組合和銷售擴張工作進行投資的能力。根據我們的計劃，我們正在投資研發和技術能力，以推動我們產品組合的持續創新，這對我們的成長策略至關重要。

We are also investing in marketing, as we launch new products and reach new audiences with our existing portfolio with incremental spend always evaluated within a disciplined ROI decision framework. We will continue to invest in our business with the same disciplined approach as we focus on driving sustainable mid-single-digit growth in our core Cyber Safety business.

我們也正在投資行銷，因為我們會推出新產品，並利用現有產品組合吸引新的受眾，並且始終在嚴格的投資報酬率決策框架內評估增量支出。我們將繼續以同樣的嚴謹方式投資於我們的業務，同時專注於推動核心網路安全業務實現可持續的中位數成長。

Q3 net income was $350 million, up 11%. Diluted EPS was $0.56 at the high end of our guidance and up 15% year-over-year, representing our fifth consecutive quarter of double-digit EPS growth. Interest expense related to our debt was $134 million. Our non-GAAP tax rate remained steady at 22%, and our ending share count was 623 million down 22 million year-over-year, reflecting the impact of share repurchases. Turning to our balance sheet and cash flow.

第三季淨收入為3.5億美元，成長11%。稀釋每股收益為 0.56 美元，處於我們預期的高位，同比增長 15%，這代表著我們連續第五個季度實現兩位數的每股收益增長。與我們的債務相關的利息支出為 1.34 億美元。我們的非公認會計準則稅率保持穩定在 22%，期末股數​​為 6.23 億股，較上年同期減少 2,200 萬股，反映了股票回購的影響。轉向我們的資產負債表和現金流。

Q3 ending cash balance was $883 million. We are supported by $2.4 billion of total liquidity, consisting of ending Q3 cash balance and $1.5 billion revolver. Q3 operating cash flow was $326 million, and free cash flow was $318 million, which included approximately $180 million of cash interest payments this quarter. Our debt to EBITDA net leverage was 3.3x. As we look at near-term maturities, we plan to refinance our 2025 senior unsecured note of $1.1 billion in Q4 fiscal year 2025.

第三季期末現金餘額為 8.83 億美元。我們擁有 24 億美元的總流動資金，包括第三季末的現金餘額和 15 億美元的循環信貸。第三季營運現金流為3.26億美元，自由現金流為3.18億美元，其中包括本季約1.8億美元的現金利息支付。我們的債務與 EBITDA 淨槓桿率為 3.3 倍。著眼於近期到期債務，我們計劃在 2025 財年第四季為 11 億美元的 2025 年優先無擔保票據進行再融資。

Moving to capital allocation. In the quarter, we paid $59 million of mandatory debt payment across our Term Loan A and Term Loan B. In December, we announced the acquisition of MoneyLion for approximately $1 billion in cash, plus an additional $23 per share in Gen stock, assuming certain trading conditions are met. We're excited about what this combination enables for our customers and also our financial model, which we will share more details about after closing. As a result of the pending transaction, there was no additional debt pay down or stock repurchases in Q3.

轉向資本配置。在本季度，我們支付了 5,900 萬美元的定期貸款 A 和定期貸款 B 的強制性債務。條件得到滿足。我們對這組合能為我們的客戶和我們的財務模式帶來的影響感到非常興奮，我們將在交易結束後分享更多細節。由於交易尚未完成，第三季沒有額外的債務償還或股票回購。

In the quarter, we paid $77 million to shareholders in the form of a regular quarterly dividend of $0.125 per common share. For Q4 fiscal 2025, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on March 12, 2025, for all shareholders of record as of the close of business on February 17, 2025. Since the start of fiscal year 2023, we have paid down over $2 billion worth of debt and have deployed a total of $1.6 billion of share repurchases over that time period.

本季度，我們以每股普通股 0.125 美元的定期季度股息形式向股東支付了 7,700 萬美元。對於 2025 財年第四季度，董事會批准向截至 2025 年 2 月 17 日營業結束時登記在冊的所有股東派發每股 0.125 美元的定期季度現金股息，派發日期為 2025 年 3 月 12 日。自 2023 財年開始以來，我們已償還了價值超過 20 億美元的債務，並在此期間總計回購了 16 億美元的股票。

Following the closure of the deal, we will execute on our long-term capital allocation strategy, returning 100% of excess free cash flow to shareholders, maintaining our dividend and balancing our capital allocation between debt paydown and share buyback -- while remaining opportunistic and disciplined with M&A opportunities to further accelerate growth and expand our portfolio. With our strong cash flow generation, we will continue to deploy capital to achieve long-term objectives laid out in our Analyst Day.

交易完成後，我們將執行長期資本配置策略，將 100% 的超額自由現金流返還給股東，維持股息，並在債務償還和股票回購之間平衡資本配置——同時保持機會主義和利用併購機會進一步加速成長並擴大我們的投資組合。憑藉強勁的現金流，我們將繼續部署資本，以實現分析師日提出的長期目標。

Now turning to our Q4 and fiscal '25 outlook. Given our strong operating results year-to-date, we are again strengthening our prior guidance and expect full year revenue in the range of $3.915 billion to $3.93 billion, translating to 4% Cyber Safety growth at the midpoint, supported by expected Cyber Safety Bookings growth approximately 4%, both expressed in constant currency. We have also raised the lower end of our EPS guidance and now expect non-GAAP EPS to be in the range of $2.20 to $2.22 per share, representing 14% to 15% growth in constant currency and in line with the EPS growth objectives we shared at our Investor Day. This translates to Q4 non-GAAP revenue in the range of $990 million to $1.005 billion and Q4 non-GAAP EPS in the range of $0.57 to $0.59.

現在來談談我們的第四季和25財年展望。鑑於我們今年迄今的強勁經營業績，我們再次加強了先前的預期，預計全年營收將在39.15 億美元至39.3 億美元之間，中間值相當於網路安全業務成長4%，這得益於預期的網路安全預訂量成長約4%，均以固定匯率計算。我們也上調了每股盈餘預期的下限，目前預期非GAAP 每股盈餘將在2.20 美元至2.22 美元之間，以固定匯率計算成長14% 至15%，與我們共同設定的每股盈餘成長目標一致在我們的投資者日。這意味著第四季度非 GAAP 收入將在 9.9 億美元至 10.05 億美元之間，第四季度非 GAAP 每股收益將在 0.57 美元至 0.59 美元之間。

In summary, we are pleased with the execution and financial results. We're on target for our 2025 plan, and we remain well positioned to achieve our long-term goals with our key performance indicators trending in the right direction. We look forward to closing out fiscal year strong. As always, thank you for your time today. And I will now turn the call back to the operator to take your questions.

總而言之，我們對執行和財務結果感到滿意。我們正在實現 2025 年計劃，我們仍然有能力實現我們的長期目標，我們的關鍵績效指標也朝著正確的方向發展。我們期望強勁結束財政年度。一如既往，感謝您今天抽出時間。現在我將把電話轉回給接線生來回答你們的問題。

Operator?

操作員？

(Operator Instructions) Roger Boyd, UBS.

（操作員指示） 瑞銀 (UBS) 羅傑·博伊德 (Roger Boyd)。

Great. I wanted to touch on retention rates, the directional trends you saw there. I know you mentioned on the cohort level all retention rates came up but were impacted by the higher mix of mobile year one customers. Just how do you reconcile that with the still improving ARPU numbers? And then given the continued strength of mobile in international channels, what are you expecting to see around overall retention as we move forward from here?

偉大的。我想談談保留率，以及您在那裡看到的方向趨勢。我知道您提到過，在同類群體層面，所有留存率都有所上升，但受到第一年移動客戶數量較多的影響。那麼，您如何將這一現象與仍在不斷改善的 ARPU 數字相協調呢？那麼，鑑於行動端在國際通路的持續強勁表現，您預計未來整體保留率會如何？

Yes. Thanks for the question. So retention rate is definitely one of our top KPIs. And the Q3 results that we saw were relatively in line with Q2, albeit there's rounding in there. What I would call out is the strength of the retention rate being industry-leading in total. And then yes, as you -- as we said, all the cohorts, whether you're talking about by brand, by device, and the tenures are all stable to up, which is the strength that we point to and what leads us to the confidence in our revenue guide.

是的。謝謝你的提問。因此，留存率絕對是我們最重要的 KPI 之一。我們看到的第三季結果與第二季結果基本一致，儘管其中存在四捨五入。我要指出的是，我們的留任率總體上是業界領先的。是的，正如你所說，所有的群組，無論你談論的是品牌，還是設備，以及使用期限都是穩定的，這是我們指出的優勢，也是我們對我們的收入指南的信心。

I'd love to call out these are output metrics, the performance metrics that we really look at as the ingredients for our growth. And it's about the mix of these KPIs coming together all to drive top line and revenue acceleration, and that's exactly what we saw across KPIs. When they all come together, our revenue growth this quarter being 4% last quarter being 3% and -- and so all the -- with the positive -- net positive customer count quarter-over-quarter, the strength of the retention rate and the expanding ARPU, we feel confident in that revenue acceleration. And then as it pertains to the mix of those metrics, whether it's retention rate, customer count, ARPU, et cetera. We're down the lanes of what we laid out at our Analyst Day.

我想說的是，這些都是產出指標，才是我們真正視為成長因素的績效指標。這些 KPI 的組合共同推動了營業收入和收入的成長，這正是我們在 KPI 中所看到的。綜合起來看，我們本季的營收成長了 4%，上季的營收成長了 3%，而且，所有這一切都與上一季的淨正客戶數量、留存率的強勁有關。擴大，我們對收入加速成長充滿信心。然後涉及這些指標的組合，無論是保留率、客戶數量、ARPU 等等。我們正按照分析師日上所製定的計劃行事。

We're going after all of the demand globally across GEOs, across products, across experiences, whether it's desktop or mobile. We want to be where the customers are. We want to capture as much demand as we possibly can in an ROI-positive fashion. And that's exactly what I see as I evaluate the ingredients, our revenue performance, that is what I see. And so how the mix on a go-forward basis and how they come together in the metrics?

我們致力於滿足全球各個地理區域、各個產品、各個體驗（無論是桌面還是行動裝置）的需求。我們希望客戶在哪裡，我們就在哪裡。我們希望以投資回報率為正的方式捕捉盡可能多的需求。這正是我在評估我們的成分、我們的收入表現時所看到的。那麼，在未來的基礎上如何進行組合以及它們如何在指標上結合在一起？

We obviously have our eyes on it, and we operate in a disciplined fashion. So far, the KPIs are performing to our expectation and we're delivering on that revenue acceleration from 3% to 4% quarter-over-quarter.

我們顯然對此十分關注，並且我們會以嚴謹的方式開展工作。到目前為止，KPI 的表現符合我們的預期，我們實現的收入環比增長從 3％ 到 4％。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Great. Maybe just a quick clarification. So the Cyber Safety Bookings growth certainly is still strong, at 4% this quarter. I think that maybe was down from last quarter at 5%. But given what you just said about ARPU being up, retention up, new customer adds up, I guess, was that deceleration just entirely due to that onetime bump from the National Public Data breach you saw last quarter?

偉大的。也許只是快速澄清一下。因此，網路安全預訂量成長肯定仍然強勁，本季達到 4%。我認為這個數字可能比上一季下降了 5%。但是，考慮到您剛才所說的 ARPU 上升、留存率上升、新客戶增加，我想，這種減速是否完全是由於上個季度發生的國家公共資料外洩事件造成的一次性衝擊？

Yes. If you recall in our conversations and on the call last quarter, we did say there's no specific pinpoint of exactly how much came from the breach, but that increased awareness that came when NPD hit the news, Absolutely, you can see that on any chart of demand and traffic, you can see that. You can see that in our sales. You can see that in our conversion.

是的。如果你還記得我們上個季度的談話和電話會議，我們確實說過，沒有具體指出此次洩密事件造成的損失，但隨著NPD 登上新聞頭條，人們的意識增強了，當然，你可以在任何圖表上看到這一點需求和流量，你可以看到這一點。您可以在我們的銷售中看到這一點。您可以在我們的轉換中看到這一點。

We put approximately 1 point of impact our Q2 bookings result last quarter. We pinned about 1 point of that acceleration on that NPD breach. And now it's not -- yes, the breach in of itself is onetime in nature. But we expect tailwind benefits from that in terms of -- we obviously evaluate how long that lift has sustained. It has come down from the peak, but of course, any awareness, any education, any thing that we can do to expand the awareness and therefore, the demand for Cyber Safety protection with potential customers, we see that in our business.

上個季度，我們對第二季度的預訂結果產生了約 1 個百分點的影響。我們將該加速的 1 點左右歸咎於該 NPD 漏洞。而現在情況並非如此——是的，違規行為本身就是一次性的。但我們預計這將帶來順風效益——我們顯然會評估這種推動力能持續多久。它已經從高峰迴落，但當然，任何意識，任何教育，任何我們可以做的事情來擴大意識，因此，潛在客戶對網路安全保護的需求，我們都在我們的業務中看到。

And keep in mind, we're talking about the bookings growth rate that will continue to fuel our revenue throughout as we amortize that bookings growth, as we service those contracts. And then we continue to foster the strength and the retention rate to keep those customers in our cohorts and -- in our properties.

請記住，我們正在討論預訂量成長率，隨著我們攤銷預訂量成長並提供合約服務，該成長率將繼續推動我們的收入成長。然後，我們繼續增強實力和保留率，以使這些客戶留在我們的隊伍中和我們的酒店中。

That makes sense. If I could just squeeze a follow-up in on the MoneyLion acquisition. I know it's not closed yet, and there's not much color you can provide, but on the financial side. But I'm just wondering at a high level, it seems like maybe their customer base is a very different demographic relative to the customers that are buying the -- Norton membership. So I'm just wondering if you could just help us understand where you see the synergies between the two businesses?

這很有道理。如果我可以擠出時間跟進 MoneyLion 收購事件的話。我知道這還沒結束，而且你能提供的也沒有太多細節，但就財務方面而言。但我只是從高層次想，似乎他們的客戶群與購買諾頓會員資格的客戶在人口統計上有很大不同。所以我想知道您是否可以幫助我們了解您認為兩家企業之間的協同作用是什麼？

Andrew, this is Vincent. I'll take that one. As you know, we've moved from core -- addressing a core security need with our customers to addressing what we call total Cyber Safety, which was moving towards identity protection. Within Identity, were de-tracking the entire web around your personal data, many of them being financial data, and the consumer needs that we address and number one is protect me against my financial potential loss or protect my financial assets from what's out there.

安德魯，這是文森特。我要那個。如您所知，我們已經從核心（解決客戶的核心安全需求）轉向解決所謂的全面網路安全，即身分保護。在身分識別方面，我們對整個網路的個人資料進行去追踪，其中許多是財務數據，我們解決的消費者需求首先是保護我免受潛在財務損失或保護我的金融資產免受外界侵害。

And so as we migrate our customers along their Cyber Safety journey. Those are where the most advanced kept asking about more insight into their financial largely, if you want, of financial wellness, how do you give some credit insights? How do you build your credit? How do you leverage your credit and some of those aspects. So we started to feed that organically and building kind of a product layer of features inside our own Cyber Safety for that.

因此，我們沿著網路安全之旅遷移客戶。這些都是最先進的人不斷詢問有關他們的財務狀況的更多見解，如果您願意，關於財務健康狀況，您如何提供一些信用見解？您如何建立自己的信用？您如何利用您的信用以及其中的一些方面。因此，我們開始有機地提供這種功能，並在我們自己的網路安全內部建立產品功能層。

What MoneyLion will do at a first level of revenue synergies is provide the back-end architecture around all of a complete PFM feature, Personal Financial Management set of features that we can then offer to our customers to better manage the insight that we protect them for.

MoneyLion 在第一級收入協同效應中將提供圍繞完整 PFM 功能、個人財務管理功能集的後端架構，然後我們可以將這些功能提供給我們的客戶，以更好地管理我們保護他們的洞察力。

And then the second one is the embedded marketplace where they can also make best choices to make best financial decisions. So cross-selling into our installed base with the UI that is in our brand, whether it's LifeLock or Norton or Avast with a back-end architecture of MoneyLion is kind of the first step vision. Then if you push a little bit out there, the entire financial or credit journey, if you want, we have a layer of it, which is protection and moving up that layer around building it and then leveraging it is super important.

第二個是嵌入式市場，他們也可以做出最佳選擇，做出最佳財務決策。因此，透過我們品牌的 UI 向我們的安裝基礎進行交叉銷售，無論是 LifeLock 、 Norton 或 Avast，加上 MoneyLion 的後端架構，都是第一步的願景。然後，如果你再進一步，整個金融或信貸旅程，如果你願意的話，我們都會有一個保護層，而圍繞這一層進行構建並利用它，是非常重要的。

Later on, we'll be able to offer to the MoneyLion customers, the entire set, including the protection of some of the assets that they want to manage and grow. So -- those are the kind of two views. Obviously, it has other benefits. It will give us a much more robust set of data, which will enrich our AI and personalization capabilities. And then you'll see us continue to expand both globally and through features, making the Cyber Safety platform, including financial wellness, richer for our customer base.

稍後，我們將能夠為 MoneyLion 客戶提供整套服務，包括對他們想要管理和成長的一些資產的保護。所以 —— 這是兩種觀點。顯然，它還有其他好處。它將為我們提供更強大的數據集，從而豐富我們的人工智慧和個人化能力。然後，您將看到我們繼續在全球範圍內和透過功能進行擴展，為我們的客戶群打造更豐富的網路安全平台（包括財務健康）。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Natalie, maybe for you, just a little bit of a housekeeping question. Great to see the full year revenue guide go up a little bit. Can you just talk about any incremental FX movement and how that's impacting the full year guide, if at all? I know that it was a little impactful to ARPU in the quarter. Can you just level set kind of any impact to the full year revenue guidance if at all?

娜塔莉，也許對你來說，這只是一個小小的日常問題。很高興看到全年收入預期略有上升。您能否談談外匯增量變動及其對全年指南的影響（如果有的話）？我知道這對本季的 ARPU 有點影響。您能否對這對全年收入預期產生的影響進行某種程度的評估？

That's relatively immaterial.

這相對來說不重要。

Got it. That's helpful. Vincent, if I can maybe squeeze in a follow-up. Maybe -- there was so much innovation that you talked about in your prepared remarks, right, just around whether it's Genie or other things in terms of finding scams, and it really adds to some of those higher-end kind of bundles like Norton 360. Can you just sort of give us a state of the state in terms of what percentage of the base is kind of using Norton 360 now? And how you think that can trend going forward?

知道了。這很有幫助。文森特，如果我可以的話，也許可以擠出時間進行後續工作。也許——您在準備好的發言中談到了很多創新，對吧，只是圍繞著 Genie 或其他東西來發現騙局，它確實為一些高端的捆綁產品增加了功能，例如 Norton 360 。您能否向我們介紹一下目前使用 Norton 360 的人群比例的現況？您認為未來的趨勢會如何？

Yes, absolutely. And if I can use your questions, I get to also -- a little bit the discussion. I've had a few questions from investors saying, okay, I understand you have your Antivirus business that's growing low single digit, you're diversifying with MoneyLion. We actually believe there is a lot of opportunities within Cyber Safety. I mentioned it's a dynamic threat landscape from the old virus or antivirus, which is absolutely still necessary to protect the device, the needs have moved towards a anti-scam set of tools. And that is a very different threat landscape.

是的，絕對是如此。如果我可以用到你們的問題，我也可以進行一點討論。我收到了一些投資者的提問，他們說，好吧，我了解到您的防毒業務正以個位數的低速度成長，您正在利用 MoneyLion 實現業務多元化。我們確實相信網路安全領域有很多機會。我提到，這是一個來自舊病毒或防毒軟體的動態威脅情勢，這對於保護設備仍然是絕對必要的，需求已經轉向一套反詐騙工具。這是一個非常不同的威脅情勢。

And so with that, the evolution of our portfolio, if you want to follow that -- the threat evolution. You see a lot of our new features is about making sure you don't get scammed, whether it's protecting our e-mails, whether it's protecting again -- even a scam yourself antivirus or making sure that your data is out there in the dark web and then can be patches and totally pull you into doing something you don't want to do.

因此，如果你想追蹤我們的產品組合的演變，那麼威脅就會隨之演變。你看，我們的許多新功能都是為了確保你不會被騙，無論是保護我們的電子郵件，還是再次保護——甚至是自我防毒軟體，還是確保你的數據在黑暗中網絡，然後可以是補丁並完全拉你去做一些你不想做的事情。

So the introduction of that Genie into our platform is the view more and more of our customers are then adopting that membership structure for a full view of the portfolio. On desktop, we are at around 50% now across I don't know if you remember, but before we acquire Avast, we reach all the way to, I think, 2/3, 65%, I remember the exact percentage in the membership. Avast didn't have yet that membership structure. They had Avast One, the single-digit percent adoption. And our entire population has about 50%.

因此，將 Genie 引入我們的平台是為了讓越來越多的客戶採用該會員結構來全面了解投資組合。在桌面端，我不知道你是否記得，現在我們的市佔率約為 50%，但在我們收購 Avast 之前，我們的市佔率達到，我想是 2/3，65%，我記得確切的百分比是會員資格。Avast 尚未建立該會員架構。他們有 Avast One，採用率只有個位數。我們整個人口大約有50%。

When you include mobile, which is still a little bit point product. We dropped a little bit more. We had 45%, 46%. But I think we continue to make good progress towards that view that in the future will have the majority of our customers all on the membership structure.

當你包括行動裝置時，它仍然是一種點產品。我們又下降了一點。我們有45%、46%。但我認為，我們將繼續朝著這個目標邁進，即未來我們的大多數客戶都將加入會員結構。

Dan Bergstrom, RBC.

丹·伯格斯特羅姆（Dan Bergstrom），加拿大皇家銀行。

It's Dan Bergstrom on for Matt Hedberg. Sounds like you're having good success with the mobile customers purchasing Norton 360. You called that out in the prepared remarks. Maybe a little bit more on what you're doing there? Some of the areas that you could lead into to help drive that mobile adoption of 360?

丹伯格斯特羅姆 (Dan Bergstrom) 替換馬特赫德伯格 (Matt Hedberg)。聽起來您在購買 Norton 360 的行動客戶方面取得了良好的成功。您在準備好的發言中提到了這一點。也許我能多講講你在那裡做的事情？您可以引領哪些領域來推動 360 在行動領域的應用？

Yes. I can take that. So definitely, I think it's what about two years ago that we launched Norton 360 on mobile and then a year after the majority of sales on mobile were on the platform. With Avast, we head back to a few single products, but then now we launch more of our new products into the new Gen architecture. We launched our Ultra VPN product a few months ago.

是的。我可以接受。所以可以肯定的是，我認為大約兩年前我們在行動裝置上推出了 Norton 360，一年後，行動裝置上的大部分銷售都來自該平台。有了 Avast，我們又回到了幾個單一產品，但現在我們在新世代架構中推出了更多新產品。幾個月前我們推出了我們的 Ultra VPN 產品。

And that is essentially a membership structure enables you to move to different care as you enable new features to be fully Cyber Safe and protected. With that launch and that new Gen Stack, we also launched the product message tool, if you want, that enable us also to give real-time feedback on the consumer behavior and needs as they use their product on mobile.

這本質上是一種會員結構，它使您能夠在啟用新功能以實現完全網路安全和保護的同時轉向不同的護理。隨著這款產品的發布和新Gen Stack 的推出，我們還推出了產品訊息工具，如果您願意的話，它還使我們能夠對消費者在行動裝置上使用其產品時的行為和需求提供即時回饋。

That engagement, if you want on mobile, has enabled us to improve all of our ratios. Natalie was mentioning, whether it's ARPU, whether it's retention, with of course, it's cost account, all of our metrics are trending in the right direction, but that is because of moving more to the membership and having that full engaged tech platform.

如果您希望在行動裝置上實現這一目標，那麼這種參與使我們能夠改善所有比率。娜塔莉提到，無論是ARPU，還是留存率，當然還有成本帳戶，我們所有的指標都朝著正確的方向發展，但這是因為我們的會員人數越來越多，並且擁有一個全面參與的技術平台。

That's great. And then, Vincent, could you talk a little bit about the customization and personalization of offerings? I know that's something that remains underway maybe what are some of those personalization efforts that have been most impactful to you? And then maybe where are we in that journey?

那太棒了。然後，文森特，您能談談產品的客製化和個人化嗎？我知道這些工作仍在進行中，也許哪些個人化工作對您影響最大？那麼我們目前正處於這段旅程的哪個階段呢？

Yes, definitely. So the first period is to deploy everybody on the new Gen Stack. And we are very disciplined and cautious as we deploy it. As you know, we want to make sure that it's a very smooth for the customers. We're well on the way.

是的，當然。因此，第一階段是將每個人都部署到新的 Gen Stack 上。我們在部署時非常自律且謹慎。如您所知，我們希望確保客戶能夠獲得順暢的服務。我們進展順利。

We'll finish through that migration that will enable us use that AI-enabled IPM platforms -- in-product messaging. We now have a team working on developing the various models and looking at all of the data sets and how to further refine and cut the different cohorts in smaller size based on behaviors and then be able to have the product, if you want, react based on those LLM tailored to specific activities.

我們將完成該遷移，以便我們使用支援 AI 的 IPM 平台—產品內訊息傳遞。我們現在有一個團隊致力於開發各種模型，查看所有的數據集，以及如何進一步細化和根據行為將不同的群組縮小到更小的規模，然後能夠讓產品根據你的行為做出反應。針對特定活動而客製化的法學碩士學位。

And I think the whole team is super mobilized around enabling that hyper personalization, if you want. Once we're on a full, on a common stock, then everybody has the unified set of data, and all of our models can be deployed across either brands or process.

我認為，如果你願意的話，整個團隊都會積極行動起來，實現超級個人化。一旦我們擁有了完整的、共同的庫存，那麼每個人都會擁有統一的資料集，並且我們所有的模型都可以跨品牌或流程部署。

Hamza Fodderwala, Morgan Stanley.

摩根士丹利的 Hamza Fodderwala。

Natalie, just a quick one for you. I was wondering if you could give us a sense of how you're thinking about balancing capital allocation between debt paydown, buyback, given the pending acquisition of MoneyLion. I know there's a bit of a pause there right now, but once you do start to digest that, how should we think about modeling that on a longer-term basis?

娜塔莉，我只想問你一個簡單的問題。我想知道您是否可以告訴我們，考慮到即將收購 MoneyLion，您是如何考慮平衡債務償還和回購之間的資本配置的。我知道現在有點停頓，但是一旦你開始消化這一點，我們應該如何考慮在長期基礎上對其進行建模？

Yes, -- we will get back to it as soon as we can. We're in a -- we're locked out just because of where we're at on the deal once we move past that, you'll see us get right back into the market on both. I would just point you to consistently, I think we balance -- we do strike the right balance. Especially if you zoom out and you look at the annual numbers, we provided earlier today in the script or in the prepared remarks, and we'll continue to do that. I think there is value in both -- we have demonstrated our value proposition in terms of really understanding at the right time when we go for accelerated debt paydown and opportunistic share buyback.

是的，我們會盡快回覆。我們處於—我們被鎖定狀態只是因為我們在交易中所處的階段，一旦我們超越這一階段，你就會看到我們立即回到這兩個市場。我只是想始終指出，我認為我們保持平衡——我們確實達到了正確的平衡。特別是如果你縮小範圍並查看年度數據，我們今天早些時候在腳本或準備好的演講中提供了這些數據，我們會繼續這樣做。我認為兩者都有價值——我們已經證明了我們的價值主張，即真正理解在正確的時機加速償還債務和把握機會回購股票。

And keep in mind, too, -- we'll be in the refi market, refinancing that unserved note pretty soon as we expressed, we'll be in that market -- so you'll start seeing some more activity from us. As soon as we've got -- where we're past the close of the deal and we'll be focused on really delivering additional value through that balanced approach. All to say really nothing has changed in our capital allocation tenants. We've been relatively consistent actually since I got here, but definitely in line with our AID.

另外請記住——我們將進入再融資市場，很快就為未償還的票據進行再融資，正如我們所表達的，我們將進入該市場——因此您將開始看到我們採取更多行動。一旦我們完成了交易，我們就會專注於透過這種平衡的方式真正提供額外的價值。總而言之，我們的資本配置原則其實沒有任何改變。自從我來到這裡，我們實際上一直相對穩定，但肯定與我們的 AID 保持一致。

Tomer Zilberman, Bank of America.

美國銀行的托默·齊爾伯曼（Tomer Zilberman）。

I actually wanted to go back and touch on ARPU. So you talked about a $0.01 sequential improvement. Currency had a $0.01 negative impact, so call it maybe $0.02 normalized sequential improvement. Are you seeing that kind of more broad-based across your cross-sell and upsell momentum? Or is there anything specific that you can call out to happen this quarter that helped improve the numbers?

我實際上想回過頭來談談 ARPU 問題。所以您談到了 0.01 美元的連續改進。貨幣產生了 0.01 美元的負面影響，所以可以稱之為 0.02 美元的標準化連續改善。您是否看到交叉銷售和追加銷售動能呈現更廣泛的趨勢？或者您能指出本季發生的哪些具體事情有助於提高業績嗎？

I know you talked about an increasing number of mobile customers adopting Norton 360, but anything additional you have would be helpful.

我知道您談到了採用 Norton 360 的行動客戶數量不斷增加，但您提供的任何補充資訊都會很有幫助。

Yes. Thank you for the question. So of course, I'm keeping my eye on the quarterly metrics because like we've indicated, they are key performance indicators to the health and the growth ingredients of our business. But when you really evaluate, I would encourage us to kind of zoom out and look at the year-over-year. That's when you're really going to see the full suite, the full set of cohorted customers really perform.

是的。感謝您的提問。因此，我當然會關注季度指標，因為正如我們所指出的，它們是我們業務健康和成長要素的關鍵績效指標。但當你真正評估時，我會鼓勵我們縮小範圍，看看同比的情況。那時您才會真正看到全套產品、全組群組客戶的真實表現。

And so when you look at that, we're up 1 point of retention rate in the overall Cyber Safety retention rate and were up $0.09 in ARPU. So whether you're looking at it from an annualized perspective or specifically in Q3 against last quarter, the economics and the components of growth, I would say, are very consistent. So cross-sell and upsell is working in the Norton base across all the regions and is really driving success in terms of not only driving ARPU, but we have studied and shown impacts to increased retention.

因此，當您看到這一點時，我們會發現我們的整體網路安全保留率上升了 1 個百分點，ARPU 上升了 0.09 美元。因此，無論是從年度化角度來看，還是具體從第三季與上一季相比，我認為經濟和成長要素都非常一致。因此，交叉銷售和追加銷售在諾頓所有地區都發揮作用，並且不僅在提高 ARPU 方面真正取得了成功，而且我們的研究還表明，它對提高保留率有影響。

And so we continue to diversify that through new products being introduced. Vincent has talked a couple of times in terms of what we're doing to optimize the membership offering. So that drives the upsell lever, and we see that coming -- customer acquisition as our offerings become even more and more relevant and in demand. It comes through ARPU as we see the ARPU continuously expand as we sell more and more of the additional service, and we see the retention rate gains from those levers because retention rate is just frankly higher.

因此，我們繼續透過推出新產品來實現產品多樣化。文森特已經多次談到我們為優化會員服務所做的努力。因此，這推動了追加銷售的槓桿，我們看到了這一點——隨著我們的產品變得越來越相關性和需求性，客戶獲取也隨之增加。它是透過 ARPU 來實現的，隨著我們銷售越來越多的附加服務，我們看到 ARPU 不斷擴大，我們看到留存率從這些槓桿中獲益，因為留存率確實更高了。

And then as it pertains to our mobile acquisition. They're just different starting points, but the behaviors are very consistent. And that's why we point to just such incredible opportunity. We have very healthy ROI customer acquisition internationally in Mobile -- and then it just allows us cohorts of customers to go after. And really, as they're getting more familiar, we have the opportunity to further educate the needs and then therefore, the services that we can provide to these customers.

然後它涉及到我們的行動收購。它們只是起點不同，但行為卻非常一致。這就是我們指出如此難以置信的機會的原因。我們在國際行動領域的客戶獲取投資報酬率 (ROI) 非常高，這讓我們可以追逐大批客戶。事實上，隨著他們越來越熟悉，我們就有機會進一步了解他們的需求，從而了解我們可以為這些客戶提供的服務。

So it's really, really a flywheel effect as to where the customers were diversifying at the very top of the funnel to customer acquisition, and we're sending them with a unique experience, a very focused experience in terms of leveraging cross-sell, upsell and all of our CSM retention efforts. And in my opinion, when I look at the customer performance indicators, and I'll unpack them at the cohort level, they're trending in the right direction. Hope that helps.

因此，這確實是一種飛輪效應，客戶在客戶獲取管道的最頂端進行多樣化，我們為他們提供獨特的體驗，在利用交叉銷售、追加銷售方面提供非常有針對性的體驗以及我們所有的CSM保留工作。在我看來，當我查看客戶績效指標並在群組層級對其進行解讀時，它們正朝著正確的方向發展。希望能有所幫助。

At this time, I'd like to pass the conference back over to Vincent Pilette, the CEO, for closing remarks. Vincent, you may proceed.

現在，我想將會議交還給執行長 Vincent Pilette，請他作最後發言。文森特，你可以繼續了。

Thank you, and thank you, everyone, for joining our call today. As the leader in consumer Cyber Safety, we have a bold vision and provide digital freedom for everyone. Our many investments in new products and technology are paying off as we shared today with the progress we're making with Genie, the new Gen Stack and AI technologies. The pending MoneyLion acquisition will accelerate the next phase of our strategy to empower our customers' financial wellness. Thanks for joining our call today, and I look forward to speaking with you in the coming days and weeks.

謝謝大家，也謝謝大家今天參加我們的電話會議。作為消費者網路安全領域的領導者，我們擁有大膽的願景，為每個人提供數位自由。正如我們今天分享的 Genie、新 Gen Stack 和 AI 技術所取得的進展，我們在新產品和新技術方面的大量投資正在獲得回報。即將進行的 MoneyLion 收購將加速我們策略的下一階段，以增強客戶的財務健康。感謝您今天參加我們的電話會議，我期待在未來幾天和幾週與您交談。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您有個愉快的一天。