Gen Digital Inc (GEN) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and 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，謝謝大家的支持。我叫 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. Please proceed.

現在，為了開場發言，我想將電話轉給投資人關係主管 Jason Starr。請繼續。

Thank you, and good afternoon, everyone. Welcome to Gen's first-quarter fiscal year 2026 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.

謝謝大家，下午好。歡迎參加 Gen 2026 財年第一季財報電話會議。今天與我一起出席的還有執行長 Vincent Pilette 和財務長 Natalie Derse。提醒一下，我們將在投資者關係網站上發布本次電話會議的重播，以及我們的投影片和新聞稿。

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)，所有成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非公認會計準則 (Non-GAAP) 與公認會計準則 (GAAP) 指標的對帳表，均可在我們的投資者關係網站 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、活動和財務報表。

Today's call contains statements regarding our business, financial performance and operations, including the impact on 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, August 7, 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，包括對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當前的預期存在重大差異。這些聲明是基於截至 2025 年 8 月 7 日的當前信念、假設和期望。

We undertake no obligation to update these statements as a result of new information or future events. For more information, please refer to the 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以及我們向美國證券交易委員會提交的文件中的風險因素，特別是我們最新的 10-K 表和 10-Q 表報告。

And now I'll turn the call over to Vincent.

現在我將把電話轉給文森。

Good afternoon and thank you for joining us today. Fiscal year 2026 is off to a strong start. We delivered outstanding first quarter results ahead of expectations, including the first quarter of MoneyLion operating within Gen. We are entering an exciting new era of Gen supported by product innovation and fueled by increasing consumer demand for protection, trust and financial empowerment. So let's start with the numbers.

下午好，感謝您今天加入我們。2026 財年開局強勁。我們第一季的業績超出預期，其中包括在 Gen 內部營運的 MoneyLion 第一季的業績。我們正在進入一個令人興奮的 Gen 新時代，這個時代由產品創新支持，並受到消費者對保護、信任和金融授權日益增長的需求的推動。那我們就從數字開始吧。

In Q1, bookings and revenue grew over 30% year-over-year on a reported basis and 10% on a pro forma or adjusted basis. Our non-GAAP operating margins remain robust at 52% and non-GAAP EPS exceeded the high end of our guidance, coming in at $0.64, up 20% year-over-year.

第一季度，預訂量和收入按報告基礎計算同比增長超過 30%，按備考或調整後基礎計算增長 10%。我們的非公認會計準則營業利潤率保持強勁，達到 52%，非公認會計準則每股收益超過我們預期的高端，達到 0.64 美元，同比增長 20%。

As we mentioned on our Q4 call, this quarter also included an extra fiscal week, which contributed approximately 9 points to reported top line growth. Excluding MoneyLion's contribution and the benefit of the extra fiscal week, Gen revenue increased 5% year-over-year with continued growth in our direct and indirect customer base now totaling over 76 million paid customers, including 8 million financially active customers from MoneyLion.

正如我們在第四季度電話會議上提到的那樣，本季度還增加了一個額外的財政週，這為報告的營收成長貢獻了約 9 個百分點。不計 MoneyLion 的貢獻和額外財政週的收益，Gen 收入年增 5%，我們的直接和間接客戶群持續成長，目前付費客戶總數超過 7,600 萬，其中包括來自 MoneyLion 的 800 萬金融活躍客戶。

We are ahead of our plans for the integration of MoneyLion, we have fully integrated the core infrastructure, including workforce alignment and key operating systems. The MoneyLion portfolio and business integration is now underway and on track for completion by the fall when we expect to launch our first integrated product under Gen's brands.

我們提前完成了 MoneyLion 整合計劃，並已全面整合核心基礎設施，包括勞動力配置和關鍵作業系統。MoneyLion 投資組合和業務整合目前正在進行中，預計將於秋季完成，屆時我們預計將推出 Gen 品牌下的第一款整合產品。

We've also made significant progress on our platform strategy, enabled by our new Gen stack. Norton is now fully integrated into the stack with our main security products running on a unified architecture. We will continue migrating all products and customers on to the platform in the coming quarters, creating a seamless user experience while also unifying our data set to further unlock more customer insights and AI-driven personalized recommendations.

在新 Gen 堆疊的支援下，我們的平台策略也取得了重大進展。諾頓現已完全整合到堆疊中，我們的主要安全產品在統一架構上運作。我們將在未來幾季繼續將所有產品和客戶遷移到該平台上，創造無縫的用戶體驗，同時統一我們的資料集，以進一步釋放更多的客戶洞察力和人工智慧驅動的個人化推薦。

As we shared last quarter, we're now operating in two business segments. Cyber Safety Platform, which includes our security and privacy solutions as well as our comprehensive cyber safety suites and Trust-Based Solutions comprised of our identity, reputation and financial wellness offerings.

正如我們上個季度所分享的，我們現在經營兩個業務部門。網路安全平台，包括我們的安全和隱私解決方案以及我們全面的網路安全套件和基於信任的解決方案，包括我們的身分、聲譽和財務健康產品。

So let's review the performance. The Cyber Safety Platform represented two-third of Q1 revenue and grew 11% on a reported basis and 4% when normalizing for the extra week. Growth was broad-based across our global markets with accelerated growth in our comprehensive membership offerings, including our revamped VPN suite launched last year and our flagship Norton 360 memberships now with enhanced scam protection. The scale and standardization of our platform resulted in an operating margin of 61% in this segment above our 60% plus target which provides the capacity for increased innovation.

那麼讓我們回顧一下表現。網路安全平台佔第一季營收的三分之二，報告顯示成長了 11%，而根據額外一週的正常化計算，成長了 4%。我們的全球市場實現了廣泛成長，綜合會員服務也實現了加速成長，包括去年推出的改良版 VPN 套件和現在具有增強型防詐騙保護功能的旗艦產品 Norton 360 會員資格。我們平台的規模和標準化使該部門的營業利潤率達到 61%，高於我們 60% 以上的目標，這為提高創新能力提供了能力。

A few critical trends continue to stand out in the evolving cyber threat landscape. First, attackers are rapidly integrating artificial intelligence into their toolkit making threats such as AI assisted ransomware more adaptive and harder to detect. Second, consumer data remains a central target with breaches continuing to rise and personal identifiers like social security numbers increasingly exposed. And third, the cybercrime is accelerating across the board from sophisticated scams, which impersonate legitimate services to localized social engineering tactics that prey on people's trust and emotion.

在不斷演變的網路威脅情勢中，一些關鍵趨勢持續凸顯。首先，攻擊者正迅速將人工智慧融入他們的工具包中，使得人工智慧輔助勒索軟體等威脅更具適應性且更難以偵測。其次，消費者資料仍是主要目標，資料外洩事件持續增加，社會安全號碼等個人識別資訊也日益洩露。第三，網路犯罪正在全面加速，從冒充合法服務的複雜詐騙到利用人們的信任和情感的在地化社會工程策略。

These shifts underscore a broader pattern. Cyber threats are becoming more personalized, more targeted and more financially motivated. And at Gen, we remain committed to staying ahead of these threats through proactive research, rapid response and unwavering AI-driven innovation and comprehensive protection for our users. Norton Genie is now evolving from an AI-powered scam tool into a comprehensive cyber safety assistant, a strategic shift that reflects growing customer demand for broader digital protection. What began as an AI tool, with proprietary LLMs to validate scams, is now handling a wide range of cyber safety inquiries from product-specific questions to best practices.

這些轉變凸顯了更廣泛的模式。網路威脅變得越來越個人化、越來越有針對性、越來越具有經濟動機。在 Gen，我們始終致力於透過主動研究、快速響應和堅定不移的人工智慧驅動創新以及為用戶提供全面保護來領先於這些威脅。Norton Genie 現已從一款由人工智慧驅動的反詐騙工具演變為一款全面的網路安全助手，這一策略轉變反映了客戶對更廣泛的數位保護日益增長的需求。它最初是一個人工智慧工具，使用專有的 LLM 來驗證詐騙行為，現在可以處理從產品特定問題到最佳實踐的各種網路安全查詢。

This expanded utility has driven strong engagement and validated our AI-first approach. Building on this momentum, we've expanded our AI-driven scam protection to Avast membership globally, further improving its efficacy. And we are now preparing to launch it within our financial wellness offering to enhance anti-fraud capabilities.

這種擴展的實用性推動了強大的參與度並驗證了我們的 AI-first 方法。在此動能的基礎上，我們將人工智慧驅動的詐騙保護擴展到全球 Avast 會員，進一步提高其效力。我們現在正準備在我們的財務健康產品中推出它，以增強反詐騙能力。

Additionally, AI generated deepfake audio and manipulated visuals are becoming nearly indistinguishable from reality, and scammers continue to use this technology to their advantage. That's why Norton has introduced early access to Norton Deepfake Detection in our Norton 360 mobile app. When customers upload a suspicious video link, Norton automatically scans the subtle signs of facial or audio manipulation to provide real-time alerts and guidance. This important new feature is another example of how we are staying one step ahead of evolving threats to keep our customers safe.

此外，人工智慧產生的深度偽造音訊和經過操縱的視覺效果幾乎與現實難以區分，而詐騙者繼續利用這項技術為自己謀利。這就是為什麼諾頓在我們的諾頓 360 行動應用程式中引入了對諾頓 Deepfake 檢測的早期訪問。當客戶上傳可疑的視訊連結時，諾頓會自動掃描臉部或音訊操縱的細微跡象，以提供即時警報和指導。這項重要的新功能是我們如何領先一步應對不斷演變的威脅以確保客戶安全的另一個例子。

We also recently introduced real-time in-device deepfake scam detection for Norton users on Windows AI PCs powered by Snapdragon X to our partnership with Qualcomm and support for Intel and AMD is coming later this year. This AI-driven innovations in our Cyber Safety Platform reflect our commitment to staying ahead of the dynamic threat landscape and provide the most comprehensive protection for consumers.

我們最近也為搭載驍龍 X 的 Windows AI PC 上的諾頓用戶推出了即時裝置內深度偽造詐騙偵測功能，並與高通合作，並將於今年稍後推出對英特爾和 AMD 的支援。我們的網路安全平台中這種由人工智慧驅動的創新反映了我們致力於保持領先於動態威脅情勢並為消費者提供最全面的保護的承諾。

Our second segment, Trust-Based Solutions, represented 1/3 of revenue this quarter and grew over 100% on a reported basis and 25% when normalized for the extra week and MoneyLion baseline. LifeLock continues to deliver steady growth across all markets and channels.

我們的第二部分是基於信任的解決方案，佔本季營收的 1/3，報告顯示成長超過 100%，按額外一週和 MoneyLion 基準標準化後成長 25%。LifeLock 繼續在所有市場和通路中穩步成長。

Customers have always told us they love and value what LifeLock brings to them, and we are committed to delivering even more value by enhancing the experience and driving more engagement.

客戶一直告訴我們，他們喜歡並重視 LifeLock 為他們帶來的服務，我們致力於透過增強體驗和推動更多參與來提供更多價值。

Behind the scenes, we are enhancing the LifeLock infrastructure by implementing a modern modular architecture that enables faster seamless integration of data and alerts from services partners. This plug-and-play framework improves real-time responsiveness and more effectively meets evolving customer needs.

在幕後，我們透過實施現代化模組化架構來增強 LifeLock 基礎設施，從而實現來自服務合作夥伴的資料和警報的更快無縫整合。這種即插即用框架提高了即時回應能力，更有效地滿足了不斷變化的客戶需求。

We are successfully leveraging newer features like our personal data exposure scam tool to help consumers identify if their personal data is exposed from the constant stream of data breaches which very often leads to customers selecting higher membership plans for full comprehensive coverage.

我們成功地利用了諸如個人資料外洩詐騙工具之類的新功能，幫助消費者識別他們的個人資料是否因持續不斷的資料外洩而暴露，這往往導致客戶選擇更高級別的會員計劃以獲得全面的覆蓋。

We also extended our financial monitoring features to all LifeLock customers, and we are modernizing the customer journey towards full protection and empowerment with onboarding and educational videos focused on financial features and how to get the most out of the LifeLock memberships. By consistently delivering meaningful value to our customers, we have earned a 4.8 Trustpilot rating and a record Net Promoter Score of 71, reflecting the stronger trust and loyalty we have built.

我們還將財務監控功能擴展到所有 LifeLock 客戶，並且我們正在透過專注於財務功能以及如何充分利用 LifeLock 會員資格的入職和教育視頻，實現客戶旅程的現代化，以實現全面保護和授權。透過持續為客戶提供有意義的價值，我們贏得了 4.8 的 Trustpilot 評級和創紀錄的 71 的淨推薦值，這反映了我們建立的更強的信任和忠誠度。

We closed MoneyLion in April, and it is off to a strong start. Q1 revenue grew 45% pro forma, driven by momentum in both our personal financial management offering and in engine, our AI-powered financial marketplace. This marketplace continues to resonate very well with partners and consumers, delivering its third consecutive quarter of growth above 50%.

我們於四月關閉了 MoneyLion，目前開局良好。第一季營收預計將成長 45%，這得益於我們的個人財務管理產品和引擎（人工智慧驅動的金融市場）的強勁成長。這個市場繼續與合作夥伴和消費者產生良好共鳴，連續第三個季度實現 50% 以上的成長。

MoneyLion recently introduced a transformative checkout feature, which provides customers with a unified product shopping experience within the MoneyLion marketplace. Customer can now search across hundreds of financial products from our third-party partners without ever leaving the MoneyLion app. And the reception from both customers and partners has been quite strong.

MoneyLion 最近推出了一項變革性的結帳功能，為客戶提供 MoneyLion 市場內統一的產品購物體驗。客戶現在無需離開 MoneyLion 應用程式即可搜尋我們第三方合作夥伴的數百種金融產品。客戶和合作夥伴的反應都非常熱烈。

We are accelerating traction in this marketplace by leveraging Gen's partnership sales force to deepen our presence in key financial product verticals like credit cards, mortgages and insurance, leveraging our experience and the value of our huge customer installed base. With AI technology and seamless integration, our marketplace helps customers find and financial product partners deliver the right product and offers at the right time, ultimately increasing the value for everyone in this ecosystem. A recent example of this partner synergy is our deepened relationships with the credit bureaus, and this is just the beginning.

我們正在利用 Gen 的合作銷售團隊來加深我們在信用卡、抵押貸款和保險等關鍵金融產品垂直領域的影響力，利用我們的經驗和龐大的客戶安裝群的價值，從而加速在這個市場上的發展。借助人工智慧技術和無縫集成，我們的市場可以幫助客戶找到合適的產品，並幫助金融產品合作夥伴在適當的時間提供合適的產品和優惠，最終為這個生態系統中的每個人增加價值。這種合作夥伴協同作用的一個例子是我們與信用機構的關係日益加深，而這只是一個開始。

MoneyLion's personal financial management offerings previously reported as consumer business in MoneyLion also delivered an exceptional quarter, mainly driven by strong usage of Instacash, which provides customers with early access to their paychecks, earned wage access or EWA is an important tool for many consumers in today's economy as approximately 60% of Americans live paycheck to paycheck. Instacash helps those early in their financial wellness journey gain earlier access to their hard-earned wages to help make ends meet, when necessary and also helping them build credit history over time.

MoneyLion 的個人財務管理產品（先前在 MoneyLion 中報告為消費者業務）也取得了出色的季度業績，這主要得益於 Instacash 的強勁使用，該產品為客戶提供提前領取工資、獲得工資或 EWA 的權限，這是當今經濟中許多消費者的重要工具，因為大約 60% 的美國人靠工資過活。Instacash 幫助那些處於財務健康早期階段的人更早地獲得他們辛苦賺來的工資，以在必要時幫助他們維持收支平衡，並幫助他們隨著時間的推移建立信用記錄。

As we continue to invest in our direct-to-consumer channel, we'll begin to transition the focus of the PFM business towards a subscription model, targeting consumers interested not only in building credit, but in comprehensively managing and growing their savings. Over time, this will drive higher engagement and long-term value creation.

隨著我們繼續投資於直接面向消費者的管道，我們將開始將 PFM 業務的重點轉向訂閱模式，目標消費者不僅對建立信用感興趣，而且對全面管理和增加儲蓄感興趣。隨著時間的推移，這將推動更高的參與度和長期價值創造。

We're very excited by the progress we have made with our MoneyLion acquisition and the strong market demand we are seeing. As we announced last month, we will be hosting an investor briefing on September 8 in New York City to provide investors with a deeper look at Gen's strategic direction in financial wellness and MoneyLion's product portfolio and go-to-market strategies.

我們對 MoneyLion 收購所取得的進展以及強勁的市場需求感到非常興奮。正如我們上個月宣布的那樣，我們將於 9 月 8 日在紐約市舉辦一次投資者簡報會，讓投資者更深入地了解 Gen 在財務健康方面的戰略方向以及 MoneyLion 的產品組合和市場進入策略。

And wrapping up my commentary for this segment, Trust-Based Solutions achieved a 31% non-GAAP operating margin supported by the rapid integration of MoneyLion and powered by a high mix of first-party products in our marketplace. We are thrilled to grow MoneyLion top line 45%, while also delivering its first ever reported quarter of non-GAAP operating margin well in excess of 20%.

總結我對這一部分的評論，Trust-Based Solutions 實現了 31% 的非 GAAP 營業利潤率，這得益於 MoneyLion 的快速整合以及我們市場上大量第一方產品的支持。我們很高興看到 MoneyLion 的營收成長了 45%，同時其非 GAAP 營業利潤率首次超過 20%。

Congratulations to the entire team for staying focused and delivering great value to our customers and our shareholders. While we relentlessly focus on execution and accelerating growth, we continue making important investments in our future. Every quarter, I emphasize that innovation is core to our mission and the key driver across our business, and that has never been more true than today.

恭喜整個團隊保持專注並為我們的客戶和股東帶來巨大價值。在我們堅持不懈地專注於執行和加速成長的同時，我們繼續對未來進行重要投資。每個季度，我都會強調創新是我們使命的核心，也是我們業務的關鍵驅動力，而今天這一點比以往任何時候都更真實。

Customers experience it through our products and the tremendous value we deliver. Across our teams, who are increasingly leveraging AI to drive further innovation, operational skills and efficiency. Last quarter, we launched a fully automated AI-powered renewal engine that is progressively replacing manual and automated processes. A move that reduces costs, improve the customer experience and increase the customer retention with more personalized interactions.

客戶透過我們的產品和我們提供的巨大價值來體驗這一點。在我們的團隊中，他們越來越多地利用人工智慧來推動進一步的創新、營運技能和效率。上個季度，我們推出了一款全自動人工智慧更新引擎，正在逐步取代手動和自動化流程。此舉可以透過更個人化的互動來降低成本、改善客戶體驗並提高客戶保留率。

We've also transitioned many of our product support and services interactions to our custom AI-enabled platform, which is now capable of handling over 40% of customer issues autonomously.

我們還將許多產品支援和服務互動轉移到我們的客製化 AI 平台，該平台現在能夠自主處理超過 40% 的客戶問題。

This frees our support and service teams to focus on more complex cases leading to faster case resolution, a better customer experience and ultimately, happier customers. These initiatives also resulted in our highest net satisfaction score in over seven years.

這使得我們的支援和服務團隊能夠專注於更複雜的案例，從而更快地解決案例，提供更好的客戶體驗，並最終讓客戶更滿意。這些舉措也使我們獲得了七年多來最高的淨滿意度得分。

And our newly established AI innovation lab recently introduced its first product, Norton Neo, an AI-native browser designed to deliver secure, personalized digital experiences. This early access product sets the foundation for a new category of AI-native consumer applications.

我們新成立的人工智慧創新實驗室最近推出了其首款產品 Norton Neo，這是一款旨在提供安全、個人化數位體驗的人工智慧原生瀏覽器。這款早期產品為新型人工智慧原生消費者應用奠定了基礎。

Our ambition is clear to become an AI first company not only to unlock further productivity gains, but more importantly, to build differentiated AI-native products that drive long-term customer value and sustainable growth.

我們的目標很明確，那就是成為一家以人工智慧為優先的公司，不僅要進一步提高生產力，更重要的是，打造差異化的人工智慧原生產品，推動長期客戶價值和永續成長。

Looking ahead, Gen is now operating at greater scale across two synergistic segments with a diversified brand portfolio, a unified go-to-market model and an AI-first strategy. This structure enables faster customer-centric innovation on the resilient scalable platform deepening our competitive modes and enhancing our agility.

展望未來，Gen 目前正在兩個協同領域開展更大規模的運營，擁有多元化的品牌組合、統一的市場進入模式和 AI 優先策略。這種結構使得我們在彈性可擴展平台上能夠更快地實現以客戶為中心的創新，從而深化我們的競爭模式並增強我們的敏捷性。

It positions us to lead in a market where consumers increasingly demand trust, control and personalized protection and recommendations for better digital and financial life. And as a result, we're raising our annual revenue guidance by $100 million to range between $4.8 billion to $4.9 billion.

它使我們在消費者越來越要求信任、控制和個人化保護以及更好的數位和金融生活的建議的市場中處於領先地位。因此，我們將年度營收預期上調 1 億美元，至 48 億美元至 49 億美元之間。

In summary, Q1 was an excellent start to fiscal year 2026. We are ahead of plan, operating with focus and well positioned to deliver long-term and sustainable growth. We are protecting more people than ever from scams, identity theft and financial risk, and we are concurrently building the trust platform that will power the next decade of trusted digital and financial lives. We have a bright future and our most exciting chapters in Gen journey have just begun.

總而言之，第一季是 2026 財年的良好開端。我們提前製定計劃，集中精力開展運營，並已做好準備實現長期可持續的成長。我們正在保護比以往更多的人免受詐騙、身份盜竊和金融風險的侵害，同時我們正在建立信任平台，為未來十年值得信賴的數位和金融生活提供動力。我們擁有光明的未來，Gen 旅程中最令人興奮的篇章才剛開始。

And with that, I would like to hand it over to Natalie to walk you through the financials in more detail.

接下來，我想把時間交給娜塔莉，讓她更詳細地向您介紹財務狀況。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our Q1 results and also provide some additional color about our new performance metrics. I'll then conclude by providing our outlook for Q2 and fiscal year 2026.

謝謝你，文森特，大家好。在今天的電話會議上，我將介紹我們的第一季業績，並提供一些有關我們新績效指標的額外資訊。最後，我將提供我們對第二季和 2026 財年的展望。

I will focus on non-GAAP financials and year-over-year growth rates unless otherwise stated. I will also include commentary on our pro forma growth, which adjusts for the operational results of our MoneyLion acquisition and excludes the extra week that occurred this quarter due to our fiscal calendar.

除非另有說明，我將重點放在非公認會計準則財務狀況和同比增長率。我還將對我們的備考成長進行評論，該評論根據我們收購 MoneyLion 的營運結果進行調整，並排除了本季度由於我們的財政日曆而出現的額外一周。

Now on to our results. Q1 was an exceptional quarter for Gen with better-than-expected results. On a reported basis, Q1 bookings was $1.2 billion, up 32% year-over-year. Q1 revenue was $1.26 billion, up 30% year-over-year. I want to further break down our reported revenue growth given some of the moving parts this quarter.

現在來看看我們的結果。第一季對於 Gen 來說是一個非凡的季度，業績好於預期。據報道，第一季的預訂額為 12 億美元，年增 32%。第一季營收為12.6億美元，年增30%。考慮到本季的一些變化因素，我想進一步細分我們報告的收入成長。

First, the extra fiscal week in Q1 2026 contributed 9 points of growth. Then MoneyLion grew 45% year-over-year and contributed 16 points of overall growth. Our collective Gen operating performance drove double-digit year-over-year growth in our total business, and 5% year-over-year, excluding MoneyLion on a pro forma basis with less than 1 point of impact from favorable currency.

首先，2026年第一季的額外財政週貢獻了9點的成長。隨後MoneyLion年增45%，貢獻了16個百分點的整體成長。我們的整體 Gen 營運表現推動我們的整體業務實現兩位數的同比增長，同比增長 5%，不包括 MoneyLion，按備考基礎計算，有利貨幣的影響不到 1 個點。

I'd also like to provide additional color on our direct and partner revenues. Note that MoneyLion's personal financial management solutions are now included in our direct revenue and their B2B2C financial marketplace is reflected on our partner revenue. We have also embedded our previously reported legacy revenues primarily into partner as it now represents less than 1% of our revenue.

我還想進一步介紹我們的直接收入和合作夥伴收入。請注意，MoneyLion 的個人財務管理解決方案現已包含在我們的直接收入中，其 B2B2C 金融市場反映在我們的合作夥伴收入中。我們也將先前報告的遺留收入主要嵌入合作夥伴，因為它現在占我們收入的不到 1%。

Our direct channels continue to demonstrate strong fundamentals, growing 25% as reported and 6% pro forma. Growth is broad-based and steady across channels, geographies and our product portfolio. Cross-selling to our new customers as well as strong retention rates of prior cross-sells continue to drive meaningful healthy revenue growth.

我們的直接管道持續展現強勁的基本面，報告成長 25%，預測成長 6%。各個通路、各個地區和我們的產品組合均實現了廣泛而穩定的成長。向新客戶進行交叉銷售以及先前交叉銷售的強勁保留率繼續推動著有意義的健康收入成長。

We are also driving stronger momentum in upselling customers into higher tiers of Norton 360 memberships both online and in our mobile experience with healthy retention rates across the brands. And we expect to continue scaling with our personal financial management solutions.

我們也透過線上和行動體驗推動更強勁的勢頭，向客戶推銷更高級別的 Norton 360 會員資格，並且各個品牌的保留率都很高。我們希望繼續擴大我們的個人財務管理解決方案。

We have a very robust and highly engaged customer base, and we will invest further into personalization and dynamic offers tailored to each customer's life cycle stage, further enhancing conversion and value creation.

我們擁有非常強大且高度參與的客戶群，我們將進一步投資於針對每個客戶生命週期階段的個人化和動態服務，進一步提高轉換率和價值創造。

Our partner channels are scaling considerably, growing 68% as reported and up 38% pro forma. Growth excluding MoneyLion, is driven by continued strength in our employee benefits channel and our international strategic partnerships.

我們的合作夥伴管道正在大幅擴張，報告成長了 68%，預計成長了 38%。除 MoneyLion 之外的成長得益於我們員工福利管道和國際策略合作夥伴關係的持續強勁發展。

Both of which are driving adoption of our comprehensive cyber safety memberships and recently upgraded identity products at an expanded scale.

這兩者都推動了我們全面的網路安全會員資格和最近升級的身份產品的大規模採用。

Our focus is on three key levers: demand generation through key marketing channels, pipeline expansion and executing on a product road map that extends our suite proposition into financial wellness. In employee benefits, last quarter's strong benefit cycle carried forward into this fiscal year, and we are already laying the groundwork for the next open enrollment season to accelerate further.

我們的重點是三個關鍵槓桿：透過主要行銷管道創造需求、擴展管道以及執行將我們的套件主張擴展到財務健康的產品路線圖。在員工福利方面，上個季度強勁的福利週期延續到了本財年，我們為下一個開放註冊季節的進一步加速奠定了基礎。

Internationally, we continue to scale with strategic partners, leveraging the breadth of our expanded portfolio. In the quarter, we secured a major distribution deal in Japan to offer Norton ID Advisor a product we recently enhanced with ID Vault, scam verification specialists and dedicated privacy advisers.

在國際上，我們持續與策略夥伴擴大規模，並利用我們擴大的產品組合的廣度。本季度，我們在日本達成了一項重要分銷協議，為 Norton ID Advisor 提供一款我們最近透過 ID Vault、詐騙驗證專家和專門的隱私顧問進行增強的產品。

As we build out the most comprehensive product portfolio, we're leveraging our omnichannel strength, improving attach rates in key channels and driving adoption through partners, and our results reflect this momentum.

當我們建立最全面的產品組合時，我們正在利用我們的全通路優勢，提高關鍵通路的配售率並透過合作夥伴推動採用，我們的業績反映了這一勢頭。

And now with the acquisition of MoneyLion, our partner channels will expand further with our B2B2C financial marketplace. We are excited by the potential of MoneyLion's broad personal finance catalog and the tremendous opportunity to further expand the verticals on the marketplace.

現在，隨著對 MoneyLion 的收購，我們的合作夥伴管道將透過我們的 B2B2C 金融市場進一步擴展。我們對 MoneyLion 廣泛的個人理財目錄的潛力以及進一步擴大市場垂直領域的巨大機會感到興奮。

Even more compelling is the opportunity to unlock a new monetization engine by progressively introducing these offerings into Gen's scaled customer base. This fuels the partner growth flywheel enhancing our ecosystem and strengthening our ability to deliver value at scale.

更引人注目的是，透過逐步將這些產品引入 Gen 的規模客戶群，有機會解鎖新的貨幣化引擎。這推動了合作夥伴的成長飛輪，增強了我們的生態系統，並增強了我們大規模提供價值的能力。

Turning to customers. As of the end of Q1 fiscal 2026 and speaking to how we've historically reported, our direct paid customers have scaled to 40.6 million, up 250,000 quarter-over-quarter, making it our eighth consecutive quarter of positive net adds.

轉向客戶。截至 2026 財年第一季末，根據我們的歷史報告，我們的直接付費客戶已擴大到 4,060 萬，季增 25 萬，這是我們連續第八個季度實現淨增。

Growth continues to be supported by acquisition and international markets and increased mobile adoption and leveraging the breadth of our product portfolio, combined with world-class customer service to minimize customer churn.

成長繼續受到收購和國際市場、行動應用增加以及利用我們廣泛的產品組合的支持，並結合世界一流的客戶服務以最大限度地減少客戶流失。

It's worth noting that in addition to our direct channels, we have been investing in our partner channels over the last few years and now have almost 28 million paid customers engaged, bringing our collective paid customers to 68 million. With regards to MoneyLion, historically reported was a total customer count metric, which has scaled to almost 24 million through Q1, up 39% year-over-year reflecting the growing demand and value of both first party solutions and through the embedded financial marketplace.

值得注意的是，除了我們的直接管道外，過去幾年我們還一直在投資我們的合作夥伴管道，現在我們擁有近 2800 萬付費客戶，使我們的總付費客戶數達到 6800 萬。關於 MoneyLion，歷史報告顯示其總客戶數量指標在第一季已擴大至近 2,400 萬，年增 39%，反映了第一方解決方案和嵌入式金融市場不斷增長的需求和價值。

MoneyLion customers are highly engaged with 8 million of their 24 million lifetime customers generating revenue through the consumption of first-party and/or third-party products over the last 12 months and adding 400,000 more sequentially.

MoneyLion 的客戶參與度很高，其 2,400 萬終身客戶中有 800 萬在過去 12 個月中透過消費第一方和/或第三方產品創造了收入，並且連續增加了 40 萬名客戶。

Going forward, we will be providing a more complete view of Gen's customer base. Specifically, all of our paid customers in our direct-to-consumer and partner channels as well as active customers in our financial wellness solution will be included in our customer metric.

展望未來，我們將提供更全面的 Gen 客戶群視圖。具體來說，我們直接面向消費者和合作夥伴管道的所有付費客戶以及我們財務健康解決方案中的活躍客戶都將納入我們的客戶指標。

Therefore, through fiscal Q1 2026, Gen's paid customer count was over 76 million with the combined customer base up approximately 650,000 quarter-over-quarter. This new consolidated metric better reflects the breadth of our evolved business model and expanded go-to-market strategy following the acquisition of MoneyLion.

因此，截至 2026 財年第一季度，Gen 的付費客戶數量已超過 7,600 萬，合併客戶群較上季增加約 65 萬。這項新的綜合指標更能反映了我們收購 MoneyLion 後不斷發展的業務模式和擴大的市場進入策略的廣度。

We have also updated our financial reporting to reflect our two distinct operating segments: Cyber Safety Platform and Trust-Based Solutions, each with unique growth trajectories, margin profiles and scale potential.

我們還更新了財務報告，以反映我們的兩個不同的營運部門：網路安全平台和基於信任的解決方案，每個部門都有獨特的成長軌跡、利潤率狀況和規模潛力。

Going forward, we will provide segment revenue and segment operating margins on a quarterly basis. We are also making the pertinent changes to our KPI reporting to provide a more holistic view of our total company performance consisting of total bookings, total paid customers and the performance of our direct business and partner channels.

展望未來，我們將按季度提供分部收入和分部營業利潤率。我們也對 KPI 報告進行了相關更改，以便更全面地了解我們公司的整體績效，包括總預訂量、付費客戶總數以及直接業務和合作夥伴管道的績效。

Today, over 80% of our direct revenue comes from existing customers through cyber safety subscriptions, cross-sell products and MoneyLion's personal financial management solution. This high level of subscription and repeatable transaction revenue underscores the strength and loyalty of our customer base and in turn, the predictability of our revenue streams.

如今，我們 80% 以上的直接收入來自現有客戶，包括網路安全訂閱、交叉銷售產品和 MoneyLion 的個人財務管理解決方案。這種高水準的訂閱和可重複交易收入凸顯了我們客戶群的實力和忠誠度，進而也凸顯了我們收入流的可預測性。

The addition of a fast-growing B2B2C marketplace into our broader partner ecosystem means monetization now extend beyond cross-sells and upsells of our first-party products. We plan to capture incremental value through partner offerings layered into our ecosystem. For that reason, direct ARPU no longer reflects the full scope of monetization across both owned and embedded partner services.

將快速成長的 B2B2C 市場納入我們更廣泛的合作夥伴生態系統意味著貨幣化現在已經超越了我們第一方產品的交叉銷售和追加銷售。我們計劃透過融入我們生態系統的合作夥伴產品來獲取增量價值。因此，直接 ARPU 不再反映自有服務和嵌入式合作夥伴服務的全部貨幣化範圍。

Overall bookings growth offers a more comprehensive view of our progress in engaging, monetizing and scaling customers throughout their life cycle. The segment margin reporting, our KPIs along with EPS performance, will demonstrate our commitment to our proven and disciplined go-to-market strategy and long-term value creation as we scale the business.

整體預訂量的成長讓我們能夠更全面地了解我們在客戶整個生命週期中吸引、獲利和擴大客戶規模方面取得的進展。分部利潤率報告、我們的關鍵績效指標 (KPI) 以及每股盈餘表現將表明我們在擴大業務規模的同時，對經過驗證且嚴謹的市場進入策略和長期價值創造的承諾。

To help bridge these changes to the reporting framework, we've provided supplemental slides in the appendix of our earnings presentation that outline Gen's legacy KPIs for Q1 alongside trended financials by segment.

為了幫助將這些變化與報告框架聯繫起來，我們在收益報告的附錄中提供了補充幻燈片，概述了 Gen 第一季的遺留 KPI 以及各部門的財務趨勢。

Turning to profitability. Q1 operating income was $650 million, translating to a 52% operating margin, in line with our expectations. As Vincent noted, operating margin for Cyber Safety Platform was 61% and Trust-Based Solutions was 31%, each in line with expectations.

轉向盈利能力。第一季營業收入為 6.5 億美元，營業利潤率為 52%，符合我們的預期。正如文森特所指出的，網路安全平台的營業利潤率為 61%，基於信任的解決方案的營業利潤率為 31%，均符合預期。

Our margins remain high as we continue to drive operating leverage through increased efficiency, a disciplined approach to resource allocation and measured investments and our new segment reporting will provide even more visibility to how we operate.

由於我們繼續透過提高效率、嚴謹的資源配置方式和有節制的投資來推動經營槓桿，我們的利潤率仍然很高，而且我們新的分部報告將為我們的經營方式提供更多的透明度。

Q1 net income was $398 million, and diluted EPS was $0.64, up 20% year-over-year as reported. Interest expense was $149 million in Q1. Our non-GAAP tax rate remained steady at 22%, and our ending share count was 624 million, down 3 million year-over-year, reflecting the impact of share repurchases.

第一季淨收入為 3.98 億美元，稀釋每股收益為 0.64 美元，年增 20%。第一季利息支出為 1.49 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 6.24 億股，年減 300 萬股，反映了股票回購的影響。

Turning to our balance sheet and cash flow. Q1 ending cash balance was $828 million, representing over $2.3 billion of liquidity when including our $1.5 billion revolver.

轉向我們的資產負債表和現金流。第一季末現金餘額為 8.28 億美元，包括 15 億美元的循環信貸額度在內，流動資金超過 23 億美元。

Q1 operating cash flow was $409 million and free cash flow was $405 million, up 55% year-over-year. As an annual reminder, our Q1 ending cash balance is always higher to support the concentration of tax payments that are due in early Q2.

第一季營運現金流為 4.09 億美元，自由現金流為 4.05 億美元，較去年同期成長 55%。作為年度提醒，我們的第一季末現金餘額始終較高，以支持第二季初到期的稅款集中支付。

On to capital allocation, we continue to have a balanced approach. During Q1, we repurchased nearly 5 million shares as part of our ongoing share repurchase program. We also paid down $180 million in debt, including a voluntary paydown of $75 million for our TLA.

在資本配置方面，我們繼續採取平衡的做法。在第一季度，作為我們正在進行的股票回購計劃的一部分，我們回購了近 500 萬股。我們也償還了 1.8 億美元的債務，其中包括自願償還的 7,500 萬美元 TLA。

As expected, we ended the quarter with our net average at 3.4 times EBITDA, up slightly due to the $900 million cash payment for MoneyLion. We remain committed to driving net leverage to less than 3 times EBITDA by the end of fiscal 2027 through our balanced capital allocation strategy and accelerating growth.

正如預期的那樣，在本季度結束時，我們的淨平均利潤為 EBITDA 的 3.4 倍，由於以 9 億美元現金支付 MoneyLion 而略有上升。我們仍致力於透過平衡的資本配置策略和加速成長，到 2027 財年末將淨槓桿率降至 EBITDA 的 3 倍以下。

For more details about our capital structure, please refer to the appendix slide in our earnings presentation. We paid $82 million to shareholders in the form of our regular quarterly dividend of $0.125 per common share. For Q2 fiscal 2026, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on September 10, 2025 for all shareholders of record as of the close of business on August 18, 2025.

有關我們的資本結構的更多詳細信息，請參閱我們的收益報告中的附錄幻燈片。我們以每股 0.125 美元的常規季度股息形式向股東支付了 8,200 萬美元。對於 2026 財年第二季度，董事會批准向截至 2025 年 8 月 18 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，股息將於 2025 年 9 月 10 日支付。

Now let me share our Q2 and fiscal 2026 outlook and some of the assumptions that underpin it. We are raising our revenue and EPS guidance for fiscal 2026 based on our strong results. While there is still general macroeconomic uncertainty, our business remains resilient, bolstered by a highly recurring revenue base, strong customer retention and a global diversification in our core business and growing proof points of opportunities with financial wellness.

現在，讓我分享我們對第二季和 2026 財年的展望以及一些基本假設。根據強勁的業績，我們提高了 2026 財年的營收和每股盈餘預期。儘管整體宏觀經濟仍存在不確定性，但我們的業務依然保持韌性，這得益於高度經常性的收入基礎、強大的客戶保留率、核心業務的全球多元化以及財務健康機會的不斷增長的證明點。

Both reinforce the expanding demand for consumer cyber safety and financial wellness offerings that empower people to thrive in a dynamic digital world and protect what matters most.

兩者都加強了消費者對網路安全和金融健康產品日益增長的需求，這些產品使人們能夠在動態的數位世界中茁壯成長並保護最重要的東西。

For fiscal year 2026, we now expect full year revenue in the range of $4.8 billion to $4.9 billion, up $100 million from our prior expectation of $4.7 billion to $4.8 billion and reflects reported revenue growth of 22% to 25% year-over-year.

對於 2026 財年，我們目前預計全年營收將在 48 億美元至 49 億美元之間，比之前預期的 47 億美元至 48 億美元增加 1 億美元，並反映出報告營收年增 22% 至 25%。

We expect non-GAAP EPS to be in the range of $2.49 to $2.56, representing our continued commitment of 12% to 15% annual growth. Our guidance assumes continued mid-single-digit growth in the core business and MoneyLion growth of over 30% while funding targeted longer-term growth investments in the Gen platform and AI capabilities.

我們預計非公認會計準則每股收益將在 2.49 美元至 2.56 美元之間，這代表我們繼續致力於實現 12% 至 15% 的年增長率。我們的指導假設核心業務繼續保持中等個位數成長，MoneyLion 成長超過 30%，同時為 Gen 平台和 AI 能力的目標長期成長投資提供資金。

For Q2, we expect non-GAAP revenue in the range of $1.18 billion to $1.21 billion. We expect Q2 non-GAAP EPS to be in the range of $0.60 to $0.62. This guidance range assumes current FX rates to Q1 although significant fluctuations remain possible given the volatility in currency markets that has taken place over the past few years.

對於第二季度，我們預計非 GAAP 收入將在 11.8 億美元至 12.1 億美元之間。我們預計第二季非公認會計準則每股收益將在 0.60 美元至 0.62 美元之間。此指引區間假設第一季的匯率與目前匯率持平，但鑑於過去幾年貨幣市場的波動，仍有可能大幅波動。

In summary, our strong Q1 results put us on a path to exceed our fiscal 2026 plan. We're accelerating growth while maintaining the same discipline that has long defined our operating strategy. We've made tremendous progress with the integration of MoneyLion.

總而言之，我們強勁的第一季業績使我們有望超越 2026 財年計畫。我們正在加速成長，同時保持長期以來決定我們營運策略的相同紀律。我們在 MoneyLion 的整合方面取得了巨大進展。

Our margins remain exceptional, and we're continuing to invest in scalable innovation without compromising returns. Our free cash flow generation is robust, creating capacity for ongoing opportunistic share repurchases and further delevering to drive strong returns to our shareholders.

我們的利潤率依然很高，而且我們將繼續投資可擴展的創新，同時不影響回報。我們的自由現金流產生能力強勁，為持續的機會性股票回購和進一步去槓桿創造了能力，從而為股東帶來豐厚的回報。

I want to thank the entire team for staying focused and delivering great value to our customers and shareholders. We look forward to sharing more progress in the coming quarters. As always, thank you for your time today.

我要感謝整個團隊保持專注並為我們的客戶和股東帶來巨大價值。我們期待在未來幾季分享更多進展。像往常一樣，感謝您今天抽出時間。

And I will now turn the call back to the operator to take your questions.

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)

（操作員指示）

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Awesome, thank you for taking the call and first, I just want to thank you guys for the depth of disclosure, both on the call and the slide deck. Very helpful, so much appreciated. I wanted to start with MoneyLion. It looked like pretty strong growth even on a pro forma basis. That business seems like it's accelerating quite nicely.

太棒了，感謝您接聽電話，首先，我只想感謝你們在電話和幻燈片上的深入披露。非常有幫助，非常感謝。我想從 MoneyLion 開始。即使從備考角度來看，這也看起來是相當強勁的成長。這項業務似乎正在順利發展中。

I know there was some conservatism there around the model. But can you just talk about the fundamental trends you're seeing on that side of the business? Anything to expand on in terms of outperformance there?

我知道該模型存在一些保守主義。但是您能談談您看到的該業務的基本趨勢嗎？關於其優異表現，還有什麼可以進一步闡述的嗎？

Roger, this is Vincent. I'll take that one. As you recall, from MoneyLion disclosed numbers back to 2024, they were on a growth rate of about 25% to 30%. The first quarter of this year was not disclosed. They grew around 35% to 40% and then 45% in this quarter here that we just reported inside Gen.

羅傑，這是文森。我要那個。您還記得，從 MoneyLion 披露的數據來看，到 2024 年，他們的成長率約為 25% 至 30%。今年第一季尚未披露。我們剛剛在 Gen 內部報道過，本季他們的成長率約為 35% 至 40%，然後是 45%。

So we've seen an acceleration. We actually have seen an acceleration across the two categories they have. So on the PFM side, the consumer side, they continue to do both acquire new customers and increase the number of transactional product per customer.

所以我們看到了加速。我們實際上已經看到他們所擁有的兩個類別都在加速發展。因此，在 PFM 方面，即消費者方面，他們繼續吸引新客戶並增加每個客戶的交易產品數量。

So we've seen a very strong performance on that side. Still in the early financial journey of the customers around the Instacash product then credit building, our whole growth opportunity here is to move through the whole customer journey as we plan to evolve and we see tremendous opportunities.

所以我們看到了這方面的非常強勁的表現。客戶仍處於圍繞 Instacash 產品的早期金融旅程中，然後是信用建設，我們在這裡的整個成長機會是貫穿整個客戶旅程，因為我們計劃發展，我們看到了巨大的機會。

And then the second category is the engine, the marketplace that now has posted its third quarter of growth above 50%. The growth is almost balanced between PFM and engine. We feel really, really good. And that's feeding the ecosystem, if you want, where we see also the retargeting of customers for their second and their third product. As they moved into Gen, we're able to add the credibility of our current installed base and the experience of our enterprise sales force to go and target new partners and to enrich also the partner ecosystem.

第二類是引擎，即市場，第三季的成長已超過 50%。PFM 和引擎之間的成長幾乎保持平衡。我們感覺非常非常好。如果你願意的話，這就是在滋養生態系統，我們也會看到客戶重新定位他們的第二款和第三款產品。隨著他們加入 Gen，我們能夠增加我們目前安裝基礎的可信度和企業銷售團隊的經驗，以尋找新的合作夥伴並豐富合作夥伴生態系統。

So we feel really good about the opportunity on almost all fronts of that MoneyLion offering.

因此，我們對 MoneyLion 提供的幾乎所有方面的機會感到非常滿意。

Very helpful. Maybe as a quick follow-up. I just wanted to ask a question about pricing. As you continue to add more functionality across the product suite, and I know you talked about extending financial monitoring to all LifeLock members, adding scam prevention features to the broader customer base. Just how do you think about pricing as a lever?

非常有幫助。也許作為快速的後續行動。我只是想問一個有關定價的問題。隨著您繼續在產品套件中添加更多功能，我知道您談到將財務監控擴展到所有 LifeLock 成員，並為更廣泛的客戶群添加防詐騙功能。您如何看待定價作為一種槓桿？

I think from a list price perspective, there hasn't been any substantial changes. Just how do you think about that as a lever to monetization? Thanks.

我認為從標價的角度來看，沒有任何實質的改變。您如何看待它作為貨幣化的槓桿作用？謝謝。

Yeah, absolutely. Our strategy is different--

是的，絕對是如此。我們的策略不同——

Roger, thanks for the question. Sorry about that. Yes, for pricing, we've got a strategy that basically -- we want to stay committed to really focusing on innovating, delivering products to market that are going to expand and enhance the protection that we can give our customers. And we believe those are industry leading. We have a robust product portfolio.

羅傑，謝謝你的提問。很抱歉。是的，對於定價，我們有一個基本策略——我們希望繼續致力於真正專注於創新，向市場提供能夠擴大和增強我們為客戶提供的保護的產品。我們相信這些都是業界領先的。我們擁有強大的產品組合。

And as we launch those products, either stand-alone or as part of the membership, that's how we bring additional value to market. And that's where we would, in exchange, get more price or more ARPU from the customers.

當我們推出這些產品時，無論是獨立的還是作為會員的一部分，這就是我們為市場帶來額外價值的方式。作為交換，我們可以從客戶那裡獲得更高的價格或更多的 ARPU。

And that's why you saw a couple of years ago at our Analyst Day, we said, okay, what are the building blocks here? You didn't see a lot of site-wide pricing. We aren't really subject to a lot of the increase in cost of goods across the globe.

這就是為什麼您幾年前在我們的分析師日上看到我們說，好吧，這裡的基礎是什麼？您沒有看到很多全站定價。我們實際上並沒有受到全球商品成本大幅上漲的影響。

We're very, very much focused on innovation, create that value and get in exchange for that value and that protection that we provide our customers additional ARPU. That's why in our revenue growth trajectory, you hear us talk about cross-sell.

我們非常非常注重創新，創造價值，並透過這種價值和保護為我們的客戶提供額外的 ARPU。這就是為什麼在我們的營收成長軌跡中，您會聽到我們談論交叉銷售。

So as we launch those stand-alone products and we educate our customers, our customers demand pay us back for that.

因此，當我們推出這些獨立產品並教育我們的客戶時，我們的客戶要求我們為此付出代價。

Same thing with the membership offering. So as we launch our stand-alone products, and we choose whether they continue to stay stand-alone or get embedded in one of the membership offerings, again, that's where you're going to see ARPU increases as we move customers up that value chain of the CSP subscription membership offerings. That's how we really look at price. It's really a -- it's an exchange of we deliver value. We deliver innovation, we deliver protection and in exchange for that, we get a different -- we upsell or cross-sell our customers to increase that protection.

會員優惠也是一樣。因此，當我們推出獨立產品時，我們會選擇讓它們繼續保持獨立，還是嵌入到某個會員產品中，當我們將客戶提升到 CSP 訂閱會員產品的價值鏈上時，您會看到 ARPU 增加。這就是我們真正看待價格的方式。這實際上是一種——我們提供價值的交換。我們提供創新，我們提供保護，作為交換，我們得到了不同的——我們向客戶追加銷售或交叉銷售以增強這種保護。

Really helpful thank you both.

真的很有幫助，謝謝你們。

Thanks, Roger.

謝謝，羅傑。

Rob Coolbrith, Evercore.

Rob Coolbrith，Evercore。

Great, thank you very much for taking our questions. A follow-up on MoneyLion. It sounds like they were already accelerating nicely in the March quarter. But I think last quarter, you had talked about applying some Gen's operating discipline and approaches to MoneyLion operations.

太好了，非常感謝您回答我們的問題。MoneyLion 的後續行動。聽起來他們在三月季度就已經加速發展了。但我認為上個季度，您曾談到將 Gen 的一些營運紀律和方法應用於 MoneyLion 營運。

So just curious, anything you've already implemented, whether you're beginning to see results there. Anything that you -- any other sort of incremental or further opportunities to refine MoneyLion's operations across the board really, but any other particular opportunities.

所以只是好奇，您已經實施了什麼，是否開始看到成果。任何其他類型的增量或進一步的機會，實際上可以全面完善 MoneyLion 的運營，但任何其他特定的機會。

So I just wanted to ask about that. Thank you.

所以我只是想問一下這個。謝謝。

Yeah, of course. So we plan to, of course, focus on the growth. We see so much opportunity here to capture in the market, both on the PFM side, and then on the engine side to really do an overall ecosystem in terms of a differentiated feature that nobody has.

是的，當然。因此，我們當然計劃專注於成長。我們看到市場上有許多機會，無論是在 PFM 方面，還是在引擎方面，都可以在無人擁有的差異化功能方面真正建立一個整體生態系統。

When you look at the level of growth that we've indicated in our guidance, around 30%, we said we would manage the business at about 20% operating margin already in excess of 20% today, which give us great room to continue the innovation, continue to scale the business.

當你看到我們在指導下指出的成長水準（約 30%）時，我們說過我們將以約 20% 的營業利潤率管理業務，而目前該利潤率已經超過 20%，這為我們繼續創新、繼續擴大業務提供了巨大的空間。

As we integrated inside Gen, we had most of the gain from the operational side, the system integration, the processes, the procedures, but we still have the whole cross-sell into the Gen installed base, which, as you know, will come at a zero CAC and we'll give another lift if you want, into the margin. And then as we continue to grow our engine and ecosystem, the ability to retarget the customers over time and grow the value per customer, the number of product per customers, then the margin also scales up with that.

當我們在 Gen 內部進行整合時，我們從營運方面、系統整合、流程、程序中獲得了大部分收益，但我們仍然將整個交叉銷售到 Gen 安裝基數，正如你所知，這將以零 CAC 實現，如果你願意，我們還會再提高利潤率。然後，隨著我們繼續發展我們的引擎和生態系統，隨著時間的推移重新定位客戶的能力以及每個客戶的價值、每個客戶的產品數量的增加，利潤率也會隨之擴大。

So again, priority number one is growth, continue to innovate to gain market share, get more customers on the platform, and then number two, continue to improve the margin as we scale up the business.

所以，再次強調，首要任務是成長，繼續創新以獲得市場份額，在平台上吸引更多客戶，其次，隨著業務規模的擴大，繼續提高利潤率。

Great. On the cross-sell opportunity, anything you could tell us about the time line or any outputs of any early testing you may have done? Thank you.

偉大的。關於交叉銷售機會，您能告訴我們有關時間表或您可能進行過的任何早期測試的結果嗎？謝謝。

Yes, absolutely. We started actually organically already developing and making sure we introduce financial wellness features in our LifeLock app first and then we plan to expand. I mentioned in my script at the beginning of this call that we plan to launch the first rebranded product, if you want, in the fall.

是的，絕對是。我們實際上已經開始有機開發並確保首先在我們的 LifeLock 應用程式中引入財務健康功能，然後我們計劃進行擴展。我在本次通話開始時的腳本中提到，如果您願意的話，我們計劃在秋季推出第一款重新命名的產品。

We are in rapid testing, we don't have anything built in our model yet because we want to be conservative from that perspective and keep all flexibility to really design the product that the customer really wants and love. But you'll see already more progress.

我們正在進行快速測試，我們的模型中還沒有建造任何東西，因為我們希望從這個角度保持保守，並保持所有的靈活性來真正設計出客戶真正想要和喜愛的產品。但你會看到更多的進步。

We'll talk about it on September 8, when we're together in New York. And then through the second half and next year, you'll see those things unfolding.

我們將於 9 月 8 日在紐約討論此事。然後到下半年和明年，你就會看到這些事情的發展。

Great. Thank you so much.

偉大的。太感謝了。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Great, thank you for taking the question and congrats on a strong start to the fiscal year. I'd like to start with a question on the Cyber Safety business. So I think, organically, it was up about 5%, excluding the extra week and MoneyLion, which is unchanged relative to what we saw in the seasonally strong quarter in Q4.

太好了，感謝您回答這個問題，並祝賀您本財年開局良好。我想先問一個有關網路安全業務的問題。因此，我認為，從有機角度來看，它上漲了約 5%，不包括額外的一周和 MoneyLion，與我們在第四季度季節性強勁的表現相比沒有變化。

And I know last quarter, I think you guys talked about how employee benefits was one of the key drivers, and -- I think, Natalie, maybe you mentioned that momentum has continued into this fiscal year, but I'm wondering if you could provide any more color on really what drove that strength in Q1 because it -- maintaining that same growth rate was pretty impressive.

我知道上個季度，你們談到了員工福利是關鍵驅動因素之一，娜塔莉，我想，也許你提到這種勢頭一直持續到本財年，但我想知道你是否可以提供更多關於第一季度真正推動這種強勁增長的原因，因為保持同樣的增長率是相當令人印象深刻的。

Yeah. Thanks, Andy. I appreciate the question. Just -- if you let me, just a couple of years ago, when we did Investor Day, we said we were going to build to a sustainable mid-single-digit rate of growth and that's what the plan has been and what it continues to be in the core business.

是的。謝謝，安迪。我很感謝你提出這個問題。只是——如果你讓我說的話，就在幾年前，當我們舉辦投資者日時，我們說過我們將實現可持續的中等個位數增長率，這就是我們一直以來的計劃，也是我們核心業務將繼續保持的計劃。

And so whether you're looking at the security side or the identity side now Cyber Platform versus Trust-Based Services, the core fundamentals of the business continue to be cross-sell.

因此，無論您現在關注的是安全方面還是身份方面，網路平台與基於信任的服務，業務的核心基礎仍然是交叉銷售。

It's upsell. It is driving partner diversification and accelerating rate of growth and really building on top of our very strong retention rates.

這是追加銷售。它正在推動合作夥伴的多樣化和加速成長速度，並真正建立在我們非常強勁的保留率之上。

And so all of those levers we continue to drive operationally in that business. And that's what has -- really brought us to executing a mid-single-digit rate of growth for that area of our business. Now blend that with the Trust-Based Services segment now as we fold in and integrate with MoneyLion, that's where you're seeing that additional growth come through in a double-digit fashion.

因此，我們將繼續在該業務中大力推動所有這些槓桿的運作。這確實使我們在該業務領域實現了中等個位數的成長率。現在，隨著我們與 MoneyLion 合併和整合，將其與基於信託的服務部門相結合，您將看到額外的增長以兩位數的方式實現。

But if we go back to you just the fundamentals of Cyber Safety Platform. We are really focused on making sure that we deliver great protection. We stay very innovative in that segment, and we're delivering robust services, either on an standalone basis to cross-sell or enhance value in the membership adoption.

但如果我們回顧一下網路安全平台的基礎知識。我們真正專注於確保提供強有力的保護。我們在該領域保持著極強的創新能力，我們提供強大的服務，無論是獨立進行交叉銷售還是提高會員採用的價值。

And that continues to scale, especially as we every single day, week and month, continue to refine our effectiveness on how we talk to our customers and how we service customers. It's definitely working and very consistent.

而且這種規模還在不斷擴大，特別是當我們每天、每週、每月都在不斷改進與客戶溝通和服務客戶的有效性時。它確實有效並且非常一致。

And then on the Trust-Based Services side, look, the LifeLock business continues to be very, very strong. You take a strong growth business and then you fold in and weave in MoneyLion double-digit rate of growth and you -- and from a Trust-Based Services perspective, they're at a double-digit capacity.

然後在基於信任的服務方面，LifeLock 業務繼續非常非常強勁。你選擇一家成長強勁的公司，然後加入 MoneyLion 兩位數的成長率，從基於信託的服務角度來看，他們的產能達到了兩位數。

That's great. That makes sense. And maybe just a follow-up question as it relates to your guidance. I certainly appreciate all the color you gave around how to think about Gen and MoneyLion, but I guess, with your new reporting segments on Cyber Safety and Trust-Based Solutions, if that's the way you're going to be reporting going forward. I was wondering if you could just give any color on how to think about the growth rates of those two segments going forward. Thank you.

那太棒了。這很有道理。也許這只是與您的指導相關的後續問題。我當然很欣賞您對 Gen 和 MoneyLion 的看法，但我想，有了您在網路安全和基於信任的解決方案方面的新報告部分，如果這就是您今後要報告的方式。我想知道您是否可以解釋一下如何看待這兩個部分的未來成長率。謝謝。

Yeah. On the Cyber Safety Platform side, I would say that's where you're going to see, again, that consistent deposits into the bank, so to speak, against our Analyst Day two years ago. So I would expect that we'll continue to build a sustainable and profitable mid-single-digit rate of growth there. And then from a financial wellness perspective, which is really going to be nested in driving a Trust-Based Solutions vertical. That's where you're going to see the elevated -- an accelerating rate of growth into double-digit territory over the coming quarters as we really learn and scale and integrate with MoneyLion and some of the other financial wellness additives in that segment.

是的。在網路安全平台方面，我想說，與兩年前的分析師日相比，你會再次看到銀行的持續存款。因此，我預計我們將繼續在那裡實現可持續且盈利的中等個位數成長率。然後從財務健康的角度來看，這實際上將嵌套在推動基於信任的解決方案垂直領域中。隨著我們真正學習、擴大規模並與 MoneyLion 以及該領域其他一些金融健康附加功能進行整合，您將看到未來幾季的成長率加速到兩位數。

And so that collectively, that's what's really driving the increased revenue guidance.

所以總的來說，這就是推動收入預期增加的真正因素。

Makes sense thank you very much.

非常有道理，非常感謝。

Thanks, Andy.

謝謝，安迪。

Daniel Bergstrom, RBC.

丹尼爾·伯格斯特羅姆（Daniel Bergstrom），加拿大皇家銀行。

It's Dan Bergstrom for Matt Hedberg. You mentioned the MoneyLion business model transition in the second half of the year in the prepared remarks. Obviously, guidance implies a high level of confidence around that transition. Could you maybe provide some more details about what it could look like or what it could entail?

丹伯格斯特羅姆 (Dan Bergstrom) 為馬特赫德伯格 (Matt Hedberg) 配您在準備好的發言中提到了下半年 MoneyLion 商業模式的轉型。顯然，指導意味著對這一轉變的高度信心。您能否提供一些關於它的外觀或可能包含的內容的更多細節？

Yeah, absolutely. So I'll take that one. So MoneyLion today, super pleased, obviously, by the performance, right, both on the PFM side and the engine side. The revenue is essentially still transactional revenue, but about 80% of that revenue is a recurring revenue or renewal revenue with the same customers.

是的，絕對是如此。所以我會選擇那個。因此，MoneyLion 今天顯然對 PFM 方面和引擎的表現感到非常滿意。這些收入本質上仍然是交易收入，但其中約 80% 的收入是來自同一客戶的經常性收入或續約收入。

I think it's only a natural thing now with Gen's experience in membership to develop, implement and sell a membership structure to continue to bring the customers through a long-term financial journey or financial wellness journey, where we're going to increase the engagement and then increase the retention rate over time, growing the ARPU and so you'll see in the second half, we're going to continue to develop that and promote and sell the membership side of the business.

我認為，憑藉 Gen 在會員方面的經驗，開發、實施和銷售會員結構以繼續帶領客戶經歷長期的財務旅程或財務健康旅程是一件很自然的事情，我們將提高參與度，然後隨著時間的推移提高保留率，增加 ARPU，所以你會看到在下半年，我們將繼續發展這一點，並推廣和銷售會員業務。

That may have a little bit of a trade-off between short-term quarterly bookings versus long-term value, but we're moving the equation of the customer around long-term value over the CAC equation.

這可能在短期季度預訂量和長期價值之間有一點權衡，但我們正在將客戶方程式從 CAC 方程式轉移到長期價值方程式。

That's great. And to stick on MoneyLion, I thought slide 13 highlighting the ecosystem was impressive. Maybe now that you've had the asset on board here for four months, anything that may be pleasantly surprised you or that you were able to better appreciate versus your prior thoughts?

那太棒了。繼續使用 MoneyLion，我認為第 13 張幻燈片重點介紹了生態系統，令人印象深刻。也許現在您已經擁有該資產四個月了，有什麼事情可能會讓您感到驚喜，或者與之前的想法相比，您能夠更好地欣賞它嗎？

Absolutely. A lot of things. And when we looked at first organically developing financial wellness for customers, I think I mentioned to you and to all of our investor community that it really started grassroot with our own LifeLock customers asking for more financial wellness, either education or features. And as we did that, we started to look at potential partnership with financial fintech companies. And when we met the MoneyLion team.

絕對地。很多事情。當我們第一次考慮有機地為客戶發展財務健康時，我想我已經向你們和我們所有的投資者社群提到過，這實際上是從我們自己的 LifeLock 客戶要求更多的財務健康（無論是教育還是功能）開始的。當我們這樣做的時候，我們開始尋找與金融科技公司建立潛在合作關係。當我們遇到 MoneyLion 團隊。

We thought they had something unique that we didn't see in any other company.

我們認為他們擁有一些在其他公司看不到的獨特的東西。

And that was this engine, this marketplace, this ecosystem, building a white label that can be embedded into other people, consumer Internet platform, if you want, bringing more customers into this financial journey financial indications and then mapping the consumers with the partners that can offer those products that meet the customers at the moment of truth, as we call it, inside Gen.

這就是這個引擎、這個市場、這個生態系統，構建一個可以嵌入到其他人的白色標籤，消費者互聯網平台，如果你願意的話，將更多的客戶帶入這個金融旅程的金融指標中，然後將消費者與可以提供在關鍵時刻滿足客戶需求的產品的合作夥伴進行匹配，正如我們所說的，在 Gen 內部。

And we thought that was unique. It was very valuable for the 65 million paid customers we brought in from Gen, including the 150 million active-free users we have, but of course, continuously developing that for other people in the Internet platform that want to expose their customers to that financial journey.

我們認為這是獨一無二的。這對我們從 Gen 引進的 6500 萬付費客戶（包括我們擁有的 1.5 億活躍免費用戶）來說非常有價值，但當然，我們也在為互聯網平台上其他想要讓客戶體驗這一金融旅程的人不斷開發這一功能。

We definitely saw a very strong reaction, positive reaction from the partners when we position not only our experience in a B2B2C environment but bring all of those prime customers to the equation. So I think I'm super, super bullish on what the engine will deliver for us and will create this Gen ecosystem, offering our customers best first-party product that we want to offer, but also when we don't have them, exposing our customers to meet their needs into third-party product. And that will also give us visibility on what we want to innovate and when do we want to build next for our customers.

當我們不僅將我們的經驗定位於 B2B2C 環境中，而且還將所有主要客戶納入其中時，我們確實看到了合作夥伴的非常強烈的反應和積極反應。因此，我認為我非常非常看好引擎將為我們帶來什麼，並將創建這個 Gen 生態系統，為我們的客戶提供我們想要提供的最好的第一方產品，而且當我們沒有這些產品時，我們也會向客戶提供滿足他們需求的第三方產品。這也將使我們清楚地了解我們想要創新什麼以及何時想要為客戶打造下一個創新項目。

So from that perspective, I think it's super, super encouraging and could change the game for what Gen is or was yesterday and what Gen could become tomorrow.

所以從這個角度來看，我認為這是非常非常令人鼓舞的，並且可以改變 Gen 的現狀或過去以及未來的遊戲模式。

That's really great. Thank you.

這真是太棒了。謝謝。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey guys, thanks for squeezing in here and nice start to the year. Maybe I'll just keep it to one question here. Vincent, maybe for you. Around the lines, just of the prior question, understanding that it's still early, some of the trends that you've seen in the MoneyLion marketplace for customers that want to buy Norton or LifeLock subscriptions or vice versa, right? Again, there's clearly a long-term sort of play here, but what have been some of the early observations with that cross-sell motion?

好的，太好了。嘿夥伴們，謝謝你們擠進來，祝你們新年有個好的開始。也許我在這裡只問一個問題。文森特，也許對你來說。圍繞著前面的問題，您知道現在還為時過早，您在 MoneyLion 市場上看到的一些趨勢是，客戶想要購買 Norton 或 LifeLock 訂閱，反之亦然，對嗎？再次，這顯然是一種長期的玩法，但是對於這種交叉銷售動議，早期的觀察結果是什麼？

Yeah. Let me talk about. And so what you're talking about Saket, is about taking the MoneyLion customers or call it the financial wellness customers and exposing them to a cyber safety protection. And I think it goes back to what will be this future of banking. And I think it will be a trustable platform that is consumer empowered that gives the financial advice of the financial product at the right customer journey moment, what we call moment of truth in a personalized way.

是的。我來說說吧。所以你所說的 Saket 是指為 MoneyLion 客戶或稱之為財務健康客戶提供網路安全保護。我認為這又回到了銀行業的未來將會如何的問題。我認為它將是一個值得信賴的平台，由消費者授權，在正確的客戶旅程時刻以個人化的方式提供金融產品的財務建議，我們稱之為關鍵時刻。

That will be the future of how banking is delivered to the consumers.

這將是銀行向消費者提供服務的未來。

And if you take all of those components, obviously, MoneyLion already had the ability to personalize, had the ability to bring the best product first party or third party, but they were lacking maybe the brand recognition and the trust.

如果把所有這些因素都考慮進去，顯然，MoneyLion 已經具備了個性化的能力，有能力為第一方或第三方帶來最好的產品，但他們可能缺乏品牌認知和信任。

The trust that is based on security and protection and credit alerts and monitoring. And I think we're going to bring all of that to that equation. I stopped short of selling cross-sell, et cetera, the value could be spread across the categories. But I think when you take the Gen capabilities that I've mentioned, plus the MoneyLion capability, you can see how well positioned we are to deliver the future of financial delivery, if you want, or addressing the financial wellness of the customers through their financial journey.

基於安全和保護以及信用警報和監控的信任。我認為我們會把所有這些都納入這個等式中。我不再進行交叉銷售等等，價值可以分散到各個類別。但我認為，當您採用我提到的 Gen 功能以及 MoneyLion 功能時，您會發現我們在實現未來金融交付方面處於多麼有利的地位，或者在客戶的金融旅程中解決他們的財務健康問題。

And so we're super, super excited about the combination of the portfolio.

因此，我們對投資組合的組合感到非常興奮。

Very helpful. Thank you.

非常有幫助。謝謝。

Sure.

當然。

That concludes today's conference call. You may now disconnect your line.

今天的電話會議到此結束。現在您可以斷開線路了。