Gen Digital Inc (GEN) 2026 Q2 法說會逐字稿

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

大家下午好。感謝您的耐心等待。我叫勞倫，今天我將擔任你們的會議接線生。今天的通話將會被錄音。（操作說明）

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

此時此刻，我謹將電話轉交給投資人關係主管傑森·史塔爾，請他致開幕詞。

Thank you, Lauren, and good afternoon, everyone. Welcome to Gen's second 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. 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.

謝謝你，勞倫，大家下午好。歡迎參加 Gen 公司 2026 財年第二季財報電話會議。今天和我一起出席的有執行長 Vincent Pilette 和財務長 Natalie Derse。再次提醒大家，本次電話會議的錄音重播、投影片和新聞稿都將發佈在投資者關係網站上。我想提醒大家，本次電話會議中所有提及的財務指標均為非GAAP指標，所有成長率均為年增速，除非另有說明。

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.

我們的新聞稿和獲利簡報中包含了非GAAP財務指標與GAAP財務指標的調節表，這兩份文件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該網站，因為我們會定期發布面向投資者的信息，例如新聞、活動和財務文件。

Today's call contains statements regarding our business, financial performance and operations, including the impact of our business -- on our business and industry that may be considered forward-looking statements, and such statements involve risks and uncertainties and that may cause actual results to differ materially from our current expectations.

今天的電話會議包含有關我們業務、財務業績和營運的聲明，包括我們業務對我們業務和行業的影響——這些聲明可能被視為前瞻性聲明，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存在重大差異。

Those statements are based on current beliefs, assumptions and expectations as of today's date, November 6, 2025. We undertake no obligation to update these statements as a result of new information or future events.

這些聲明是基於截至 2025 年 11 月 6 日的當前信念、假設和預期。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

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.

如需了解更多信息，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 表格和 10-Q 表格報告。

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

現在我把電話交給文森。

Thanks, Jason. Hello, everyone, and thank you for joining us today to discuss Gen's results for the second quarter of fiscal year 2026. This was another quarter of outstanding execution, exceeding our expectations as we capitalize on our global user base and compounding data advantage.

謝謝你，傑森。大家好，感謝各位今天與我們一起討論 Gen 公司 2026 財年第二季的業績。這又是一個執行力出色的季度，我們充分利用了全球用戶基礎和不斷增長的數據優勢，超出了預期。

We delivered record revenue and earnings, continued to drive strong customer and bookings growth and are making clear progress with our portfolio transformation. This performance demonstrates the strength and resilience of our business, underpinned by a high-margin subscription model now expanding into faster-growing adjacencies in secure financial awareness.

我們實現了創紀錄的收入和利潤，持續推動客戶和預訂量的強勁成長，並在產品組合轉型方面取得了明顯進展。這項業績展現了我們業務的實力和韌性，這得益於我們高利潤的訂閱模式，而該模式目前正在向安全金融意識等增長更快的鄰近領域擴展。

It also reflects our strategic position as the most trusted partner in protecting digital lives, bringing confidence in a complex and increasingly AI-driven world. Before diving into the numbers, it is important to recognize the environment in which we operate.

這也體現了我們作為最值得信賴的數位生活保護合作夥伴的戰略地位，為複雜且日益人工智慧驅動的世界中帶來信心。在深入分析數據之前，重要的是要認識到我們所處的環境。

Consumers today face a rapidly evolving threat landscape. They face a new generation of cyber threats like AI-powered pishing, deepfakes, inner circle in presentation and identity tests driven by large-scale data breaches. These threats are increasingly personalized, sophisticated and harder to detect.

如今，消費者面臨快速演變的威脅情勢。他們面臨著新一代的網路威脅，例如人工智慧驅動的釣魚、深度偽造、演示和身份驗證中的內圈攻擊，而這些威脅是由大規模資料外洩引發的。這些威脅越來越個人化、越來越複雜，也越來越難以偵測。

The financial impact is real and rising. Cyber crimes against consumers are projected to exceed $15 billion annually in the US alone, growing at double-digit rates. Meanwhile, Financial wellness is a very real and prevalent consumers' need. two-third of Americans live paycheck to paycheck, often stitching together their financial lives across multiple digital platforms beyond traditional banks.

經濟影響是真實存在的，而且還在不斷加劇。光是在美國，針對消費者的網路犯罪預計每年將超過 150 億美元，並以兩位數的速度成長。同時，財務健康是消費者非常現實且普遍的需求。三分之二的美國人入不敷出，他們往往需要在傳統銀行以外的多個數位平台上維繫自己的財務生活。

In this environment, risk and financial wellness are deeply interconnected. When people live with little financial buffer, an incident of identity test, a fortune charge or even a scam can quickly upend their finances. The stake go beyond security and protection, they are also about trust and well-being.

在這種環境下，風險與財務健康密切相關。當人們的經濟緩衝空間很小時，一次身分驗證事件、巨額費用甚至詐騙都可能迅速顛覆他們的財務狀況。這不僅關乎安全和保護，還關乎信任和福祉。

People aren't just searching for another financial product, they're seeking for a trusted and reliable partner, one that can secure their identity, protect their data, safeguard their privacy and empower their financial well-being through trusted decisioning along their journey. And that is exactly the role Gen is built to play, and we are uniquely positioned to be the global consumer cyber safety and fintech leader now and in the future agented that is emerging around us.

人們不僅僅是在尋找另一種金融產品，他們還在尋找一個值得信賴的可靠夥伴，一個能夠保障他們的身份安全、保護他們的數據、維護他們的隱私，並透過值得信賴的決策，在他們的財務旅程中提升他們的財務福祉的伙伴。而這正是 Gen 的使命所在，我們擁有獨特的優勢，能夠成為現在以及未來在我們周圍湧現的代理領域的全球消費者網路安全和金融科技領導者。

Let me review some of the highlights of the current quarter. We generated just over $1.2 billion in revenue, up 25% year-over-year. Our consumer FinTech business, MoneyLion, delivered another exceptional quarter, growing 50%.

讓我回顧一下本季的一些亮點。我們創造了略高於 12 億美元的收入，年增 25%。我們的消費者金融科技業務 MoneyLion 又迎來了一個出色的季度，成長了 50%。

And when including MoneyLion's results in the prior year, Gen grew revenue 10%, matching our strong Q1 performance. We continue to operate with financial discipline maintaining a non-GAAP operating margin above 50% and driving a non-GAAP EPS result of $0.62, up 15% year-over-year even as we continue to make disciplined growth investments throughout our technology stack in AI, data and platform architecture.

如果將 MoneyLion 上一年的業績也計算在內，Gen 的營收成長了 10%，與我們強勁的第一季業績持平。我們繼續秉持財務紀律運營，維持非GAAP營業利潤率超過50%，非GAAP每股收益達到0.62美元，年增15%，同時我們繼續在人工智慧、數據和平台架構等技術堆疊中進行有紀律的成長投資。

These disciplined investments will continue to fortify our global leadership and over time, further compound allowing us to offer even more offers, services and value to our customers to help them lead secure and safe financial and digital lives.

這些審慎的投資將繼續鞏固我們的全球領先地位，隨著時間的推移，這些投資將進一步增值，使我們能夠為客戶提供更多的產品、服務和價值，幫助他們過上安全可靠的金融和數位生活。

Similar to Q1, our performance was broad-based. We generated growth across our Norton, Avast, LifeLock and MoneyLion brands. Our bookings for the Cyber Safety segment grew 5% year-over-year coupled with a robust operating margin of 61% and healthy and stable customer retention. During the quarter, we expanded our scam and deepfake protection powered by Norton Genie Pro and Gardin to help users combat the rapid rise in AI-based camps.

與第一季類似，我們的業績表現全面。我們旗下 Norton、Avast、LifeLock 和 MoneyLion 等品牌都實現了成長。我們的網路安全業務預訂量年增 5%，同時維持了 61% 的強勁營業利潤率和健康穩定的客戶留存率。本季度，我們擴大了由 Norton Genie Pro 和 Gardin 提供支援的詐騙和深度偽造防護功能，以幫助用戶應對人工智慧營地的快速成長。

Early adoption is strong and accelerating. We support in over 40 languages and more countries coming on later this year. We are driving rapid development with our cyber safety assistant, delivering actionable insights to Norton 360 users. As more innovation is integrated into our cyber safety suite, we are seeing higher engagement, which we believe is helping drive strong Norton 360 and Avast One membership growth.

早期採用率強勁且成長迅速。我們目前支援超過 40 種語言，今年稍後還將支援更多國家。我們正在透過網路安全助理推動快速發展，為 Norton 360 用戶提供可操作的見解。隨著更多創新技術融入我們的網路安全套件，我們看到了更高的參與度，我們相信這有助於推動 Norton 360 和 Avast One 會員數量的強勁成長。

Our refreshed privacy portfolio is also gaining momentum. Following the Norton VPN improvements, which we released earlier this year and several positive reviews in leading tech publications that have boosted market awareness, using privacy have accelerated to double-digit growth.

我們更新後的隱私保護產品組合也正在獲得發展動力。繼我們今年稍早發布的 Norton VPN 改進版以及多家領先科技出版物的正面評價提升了市場認知度之後，隱私保護的使用量已加速增長至兩位數。

We also -- on small business solution, combining security and financial protection features for entrepreneurs and teams. These efforts align with Gen's strategic direction to penetrate new customer cohorts combining technology leadership and improved user experience.

我們也提供小型企業解決方案，將安全性和財務保護功能結合起來，為企業家和團隊提供服務。這些舉措與 Gen 的策略方向一致，即透過結合技術領先優勢和改善用戶體驗來滲透新的客戶群。

Independent testing continues to validate our leadership as Norton and Avast to remain the top two brands in consumer protection and will continue to drive additional innovation in the portfolio through new features such as our AI-driven customer renewal model. Overall, cyber safety provides an important needed value proposition to consumers as we continue to operate this business with discipline, driving stable and profitable growth.

獨立測試不斷驗證了我們的領先地位，Norton 和 Avast 將繼續保持消費者保護領域兩大品牌的地位，並將繼續透過人工智慧驅動的客戶續訂模式等新功能推動產品組合的進一步創新。整體而言，網路安全為消費者提供了重要的必要價值主張，我們將繼續以嚴謹的態度經營這項業務，推動穩定且獲利的成長。

Our Trust-based Solutions segment delivered another standout quarter with revenue up over 25% on a pro forma basis, while operating margin came in at our 30% target. Our trusted brand lifelog remains the leader in identity protection, allowing consumers to support their financial journey with the best credit reputation, consuming financial products at those moments of truth when identity, reputation and financial well-being intersect.

我們的信任解決方案部門又迎來了一個出色的季度，按備考基準計算，收入增長超過 25%，而營業利潤率達到了我們 30% 的目標。我們值得信賴的品牌 lifelog 仍然是身分保護領域的領導者，讓消費者能夠以最佳的信用記錄支持他們的財務之旅，並在身分、聲譽和財務健康交匯的關鍵時刻消費金融產品。

MoneyLion exceptional results across our first-party personal finance products, and our engine marketplace demonstrate our disciplined execution unrivaled portfolio and the strong signal demand for our secure financial wellness services. The integration of MoneyLion has been one of our smoothest yet. With cost synergies delivered ahead of plan, we are now unlocking revenue synergies by unifying best-in-class data systems and solutions across our cyber safety and trust-based solutions.

MoneyLion 在我們自有個人金融產品和引擎市場中取得的卓越成績，證明了我們嚴謹的執行力、無與倫比的產品組合以及對我們安全可靠的金融健康服務的強勁需求。MoneyLion 的整合是我們迄今為止最順利的一次。由於成本協同效應提前實現，我們現在正透過整合網路安全和基於信任的解決方案中一流的資料系統和解決方案，釋放收入協同效應。

We have embraced Money Line's experimentation and innovation DNA and are focused on building new features in a category that is still transforming, incorporating best practices from all of our businesses will ensure cutting-edge product performance, but also multiple opportunities to cross-promote our features to consumers across channels such as the planned launch of EWA feature in our employee benefit channel.

我們秉承 Money Line 的實驗和創新基因，專注於在一個仍在變革的類別中建立新功能，將我們所有業務的最佳實踐融入其中，不僅能確保產品性能領先，還能提供多種機會，透過各種管道向消費者交叉推廣我們的功能，例如計劃在我們的員工福利管道推出 EWA 功能。

We have begun rolling out early access financial wellness features across selected Gen brands, including LifeLock and Norton, marking a key step in expanding our ecosystem. This includes the early launch of Northern Money, a unified platform that combines credit monitoring, identity protection, financial insight and a created marketplace. We have also embedded a robust credit card marketplace for LifeLock customers a natural extension of the credit monitoring features that are increasingly engaging with.

我們已開始在部分 Gen 品牌（包括 LifeLock 和 Norton）中推出早期訪問的財務健康功能，這標誌著我們在擴展生態系統方面邁出了關鍵一步。這其中包括提前推出 Northern Money，這是一個集信用監控、身分保護、金融洞察和市場於一體的統一平台。我們還為 LifeLock 客戶嵌入了一個強大的信用卡市場，這是信用監控功能的自然延伸，這些功能越來越受到客戶的歡迎。

Continued excellence in embedding AI-powered financial recommendations and insight is a natural use of our data advantage to help consumers make even better financial decisions. The LifeLock and Norton consumers will no longer need to leave the ecosystem for customized precise recommendations that can improve their financial lives. These initiatives reflect our broader ambition to build the leading decisioning platform for consumers secure financial empowerment.

持續卓越地將人工智慧驅動的金融建議和洞察融入產品，是我們利用數據優勢幫助消費者做出更明智的財務決策的自然方式。LifeLock 和 Norton 的用戶將不再需要離開其生態系統，即可獲得能夠改善其財務生活的客製化精準建議。這些措施體現了我們更廣泛的願景，即打造領先的決策平台，為消費者提供安全的財務賦能。

Gen now serves hundreds of millions of active and premium customers across our ecosystem, creating a substantial base for future financial product and subscription cross-sell monetization. This strategy drives lifetime value expansion and sets up a strong growth trajectory.

Gen 目前為整個生態系統中數億活躍的高級客戶提供服務，為未來的金融產品和訂閱交叉銷售變現創造了巨大的基礎。該策略可推動終身價值成長，並建立強勁的成長軌跡。

This is exactly what we outlined in our strategic vision for secure financial wellness to enrich Gen's ecosystem by leveraging our trusted data platform where every decision and transaction feels secure, permitted and contextual and embedding financial wellness like digital banking insights, precision marketplace payments into our cyber safety and identity protection and

這正是我們在安全金融健康戰略願景中概述的內容，旨在透過利用我們值得信賴的數據平台來豐富 Gen 的生態系統，使每一項決策和交易都安全、合法且符合情境，並將數位銀行洞察、精準市場支付等金融健康功能融入我們的網路安全和身分保護體系中。

AI is now the connective tissue of everything we do across innovation, products, marketing and customer experience. In cyber safety, AI powers behavioral-based that detection and real-time scam identification, protecting users from phishing, deepfakes and other emerging forms of attacks.

人工智慧現在已成為我們創新、產品、行銷和客戶體驗等各環節的連結紐帶。在網路安全領域，人工智慧支援基於行為的偵測和即時詐騙識別，保護用戶免受網路釣魚、深度偽造和其他新興形式的攻擊。

In financial wellness, the MoneyLion engine leverages AI through Spark, our proprietary underwriting platform that matches customers with the best and most relevant financial products, personalizing and accelerating their decision-making. Our AI Norton Neobrowser personalized browsing by introducing safe and private memory support, transforming each browser instance into a unique personal assistant that user can trust.

在財務健康方面，MoneyLion 引擎利用我們專有的核保平台 Spark 的人工智慧技術，將客戶與最佳、最相關的金融產品進行匹配，從而實現個人化並加快客戶的決策過程。我們的 AI Norton Neobrowser 透過引入安全和私密的記憶體支持，實現個人化瀏覽，將每個瀏覽器實例轉變為用戶可以信賴的獨特個人助理。

Within our customer success organization, we improved retention through tailored offers and enhanced user satisfaction and drove sustainable long-term revenue growth. As we unify our customer data securely, we are developing personalized and permissioned AI-powered outcomes, redefining the trusted value we bring to consumers. Operationally, AI is already delivering tangible productivity gains.

在我們的客戶成功部門，我們透過量身訂製的優惠活動提高了用戶留存率，增強了用戶滿意度，並推動了可持續的長期收入成長。在安全地統一客戶資料的同時，我們正在開發個人化和經授權的 AI 驅動成果，重新定義我們為消費者帶來的可信賴價值。在實際操作中，人工智慧已經帶來了實際的生產力提升。

Our customer support automation and agentic framework continues to mature, now handling 55% of text-based chat and 40% of voice-based interactions driving over 20% cost efficiencies in this function to reallocate towards our platform investment.

我們的客戶支援自動化和代理框架不斷成熟，目前處理 55% 的文字聊天和 40% 的語音交互，使該功能的成本效率提高了 20% 以上，從而可以將節省下來的資金重新分配到我們的平台投資中。

In R&D, we have applied agentic AI across the entire product development large cycle enabling us to shift over time, resources for maintenance towards innovation and ultimately boost product velocity. And finally, in marketing, we have built an AI-enabled ecosystem that accelerates creative production and enhance productivity across every team from upper to lower funnel.

在研發方面，我們已將智慧人工智慧應用於整個產品開發週期，使我們能夠隨著時間的推移，將維護資源轉移到創新上，並最終提高產品開發速度。最後，在行銷方面，我們建立了一個人工智慧驅動的生態系統，可以加速創意生產，並提高從銷售漏斗上層到下層每個團隊的生產力。

This shift is creating a more agile data informed marketing organization that is operating at the pace of our ambitious innovation. We're very excited about the scale and growth we can deliver through this strategy through our global data advantage and the consumer trust.

這種轉變正在打造一個更敏捷、以數據為導向的行銷組織，使其能夠以與我們雄心勃勃的創新步伐相匹配的速度運作。我們對透過這項策略，憑藉著我們的全球數據優勢和消費者信任，能夠實現的規模和成長感到非常興奮。

With a strong first half results and increased visibility in the second half of the year, we are raising our annual guidance at $95 million at the midpoint of our prior revenue range representing over [25%] growth on a reported basis. This underscores the momentum we see in our business as we transform into a customer-centric platform, leveraging our skilled customer base and using our data mode to do our personalization and trust at the core of our business.

鑑於上半年業績強勁，且下半年前景更加明朗，我們將年度業績預期上調至 9,500 萬美元，處於先前營收範圍的中點，按報告數據計算，成長超過 25%。這凸顯了我們業務的發展勢頭，我們正在轉型為以客戶為中心的平台，利用我們熟練的客戶群，並利用我們的數據模式，以個性化和信任為業務的核心。

In summary, we delivered another very strong quarter and are raising our annual guidance again demonstrating our strategy is working. We are ahead of plan with MoneyLion and setting our sights on capturing further growth synergies and leading with innovation and grounded in trust. We are building the first AI-powered platform with a trust layer that unites security, privacy, identity and financial wellness solutions into a market advantage that no one else holds at scale.

總而言之，我們又取得了非常強勁的季度業績，並再次上調了年度業績預期，這表明我們的策略是有效的。MoneyLion 目前進展順利，我們正著眼於進一步挖掘成長綜效，以創新為先導，以信任為基石。我們正在建立首個人工智慧驅動的平台，該平台具有信任層，將安全、隱私、身分和財務健康解決方案結合起來，從而形成其他任何公司都無法大規模擁有的市場優勢。

Our ecosystem brings together a portfolio of competitive first-party products in cyber safety and trust-based solutions and an expanding partner network that underpins our engine marketplace to also provide leading third-party products and solutions for our customers. And all of it is supported by a customer-driven platform that deliver personalization and contextualization at key moments of truth.

我們的生態系統匯集了一系列具有競爭力的第一方網路安全和基於信任的解決方案產品，以及不斷擴展的合作夥伴網絡，為我們的引擎市場提供支持，同時也為我們的客戶提供領先的第三方產品和解決方案。而這一切都由一個以客戶為中心的平台提供支持，該平台在關鍵時刻提供個人化和情境化服務。

To our investors and partners, I want to thank you for your confidence. To our employees I want to thank you for your relentless commitment to our customers and to fulfilling our mission of powering digital freedom. Gen is executing with momentum, discipline and purpose, and our opportunity has never been greater. And now I will turn it over to Natalie to discuss our financial results and financial guidance in more detail.

我要感謝各位投資人和合作夥伴的信任。我要感謝我們的員工，感謝你們對客戶的不懈付出，以及為實現我們賦能數位自由的使命所做出的不懈努力。Gen公司正以強勁的勢頭、嚴明的紀律和明確的目標開展業務，我們的機會也從未如此之大。現在我將把發言權交給娜塔莉，讓她更詳細地討論我們的財務表現和財務指導。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our Q2 results and also provide some additional color on our performance metrics. I'll then conclude by providing our outlook for Q3 and fiscal year 2026.

謝謝你，文森特，大家好。在今天的電話會議上，我將詳細介紹我們第二季的業績，並對我們的業績指標進行一些補充說明。最後，我將展望第三季和 2026 財年。

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 include MoneyLion's results from the prior year for comparative purposes.

除非另有說明，否則我將專注於非GAAP財務數據和年增速。我也會對我們的準備成長情況進行評論，其中包括 MoneyLion 上一年的業績，以便進行比較。

Now on to our results. Q2 was another strong quarter for Gen with better-than-expected results. On a reported basis, Q2 bookings and revenue were over $1.2 billion, up 27% and 25% year-over-year, respectively.

現在公佈我們的結果。Gen公司第二季業績表現強勁，超乎預期。據報告顯示，第二季預訂量和收入均超過 12 億美元，分別年增 27% 和 25%。

On a pro forma basis, Q2 revenue grew 10%, consistent with last quarter. And excluding MoneyLion, Q2 revenue grew 5%, which is consistent quarter-over-quarter performance and in line with our commitments. In our Cyber Safety segment, bookings was up 5% and revenue was up over 3% with broad-based growth across channels. With our expanded scan protection features and cyber safety AI assistant, helping consumers outpace emerging threats.

以備考基準計算，第二季營收成長10%，與上一季持平。剔除 MoneyLion 後，第二季營收成長 5%，與上一季相比維持穩定成長，符合我們的承諾。在我們的網路安全領域，預訂量成長了 5%，收入成長超過 3%，各通路均實現了全面成長。我們擴展了掃描保護功能和網路安全人工智慧助手，幫助消費者領先於不斷湧現的威脅。

This has translated into strong sales of our leading Norton 360 comprehensive membership offerings, and reflected in our accelerated bookings growth this quarter. More partners are also adopting our highest tier all-in-one cyber safety memberships and promoting our bundled solutions to their channels.

這轉化為我們領先的 Norton 360 綜合會員產品的強勁銷售，並反映在我們本季預訂量的加速成長中。越來越多的合作夥伴也開始採用我們最高級別的全方位網路安全會員資格，並向他們的管道推廣我們的捆綁解決方案。

As just one example, our employee benefits partners already see the expanded value we provide through Norton 360, and this channel continues to grow double digits with a robust pipeline ahead of the annual enrollment period. More and more consumers understand the need to have full suite with identity protection, and we see it in our results.

舉例來說，我們的員工福利合作夥伴已經看到了我們透過 Norton 360 提供的擴展價值，而且在年度註冊期到來之前，該管道的增長率持續達到兩位數，並擁有強勁的業務增長勢頭。越來越多的消費者意識到擁有包含身分保護功能的完整套件的必要性，我們的調查結果也印證了這一點。

Additionally, across our go-to-market channels, we are leveraging our data and AI capabilities to drive more effective targeted campaigns through our in-product messaging platform, upselling more customers to higher-tier memberships with additional identity and privacy protection or cross-selling them additional add-on products that fit their immediate needs based on select moments of exposure.

此外，在我們的所有市場管道中，我們正在利用我們的數據和人工智慧能力，透過我們的產品內訊息平台進行更有效的定向行銷活動，向更多客戶追加銷售更高級別的會員資格，提供額外的身份和隱私保護，或者根據特定的曝光時刻，向他們交叉銷售符合其當前需求的附加產品。

These post-sale levers continue to drive more growth, higher engagement and, in turn, higher retention. Our cyber safety platform remains our foundational bedrock and the growth playbook we deploy continues to provide an accelerating flywheel rooted in innovation and serving customer needs. In our Trust-based Solutions segment, on a pro forma basis, bookings and revenue grew 26% and 27%, respectively, and more than doubled on a reported basis.

這些售後手段持續推動成長、提高參與度，進而提高客戶留存率。我們的網路安全平台仍然是我們的基礎基石，我們部署的成長策略將繼續提供以創新和滿足客戶需求為根基的加速飛輪效應。在我們的「基於信任的解決方案」板塊，按備考基準計算，預訂量和收入分別增長了 26% 和 27%，按報告基準計算，增長超過一倍。

In our LifeLock business, growth remained stable with highly retaining customers and strong customer NPS. Additionally, MoneyLion personal financial management solutions are scaling significantly with strong gains in new active users and increasing product consumption. And our engine financial marketplace delivered another strong quarter, the fourth consecutive quarter of growth over 50%.

在我們的 LifeLock 業務中，成長保持穩定，客戶留存率高，客戶淨推薦價值 (NPS) 也很高。此外，MoneyLion個人財務管理解決方案正快速發展壯大，新增活躍用戶數量強勁成長，產品消費量也不斷提高。我們的引擎金融市場又迎來了一個強勁的季度，連續第四個季度成長超過 50%。

The accelerating adoption of third-party financial products available on Engine reinforces our marketplace strategy and our mission to help consumers make better financial decisions through embedded experiences across financial and nonfinancial platforms and apps. This momentous business is powerful in and of itself. And as we innovate across our trust-based Solutions segment, we believe it provides us with such a unique opportunity to cross pollinate.

Engine 平台上第三方金融產品的快速普及，強化了我們的市場策略和使命，即透過嵌入金融和非金融平台及應用程式的體驗，幫助消費者做出更好的財務決策。這項意義重大的事業本身就具有強大的影響力。隨著我們在基於信任的解決方案領域不斷創新，我們相信這將為我們提供一個獨特的跨界融合的機會。

Although we're just getting started, we are very excited about the green shoots in our early test results driving offers and in turn demand with our LifeLock cohorts. And we expect this momentum to continue as we expand the marketplace catalog to include new third-party product categories, such as prime credit cards that are personalized for our diverse customer base.

雖然我們才剛起步，但我們對早期測試結果中出現的良好勢頭感到非常興奮，這些結果推動了 LifeLock 用戶群的優惠活動，進而增加了需求。我們預計，隨著我們擴大市場目錄，納入新的第三方產品類別（例如為我們多元化的客戶群量身定制的優質信用卡），這種勢頭將繼續下去。

Overall, our direct channels continue to demonstrate strong fundamentals, growing revenue 17% as reported and 6% pro forma. And partners scaling considerably, growing revenue 88% as reported and 24% pro forma, demonstrating healthy diversification, underpinned by strong innovation across our product portfolio. Turning to customers.

整體而言，我們的直接管道持續展現出強勁的基本面，報告顯示收入成長了 17%，以備考數據計算成長了 6%。合作夥伴規模顯著擴大，報告顯示收入增長 88%，按備考數據計算增長 24%，這表明業務多元化發展良好，這得益於我們產品組合的強大創新能力。轉向客戶。

We continue to expand our customer base, now reaching over 77 million customers, up approximately 1 million sequentially with expansion across our segments and net adds across our key channels. As we navigate forward with a more integrated business model, we will take a customer-centric approach and that requires us to refine how we target personalized offerings to best serve their needs.

我們持續擴大客戶群，目前已擁有超過 7700 萬客戶，環比增長約 100 萬，這得益於我們各個業務板塊的擴張以及主要渠道的淨增長。隨著我們逐步推進更一體化的商業模式，我們將採取以客戶為中心的方法，這就要求我們改進個人化產品和服務的定位，以更好地滿足客戶的需求。

We will continue to focus on subscribers, which are customers who pay for our products on a recurring monthly or annual basis, such as our vast Norton 360 membership customers or MoneyLion subscriptions, which are refining.

我們將繼續專注於訂閱用戶，即按月或按年定期付費購買我們產品的客戶，例如我們龐大的 Norton 360 會員客戶或 MoneyLion 訂閱用戶，這些訂閱用戶正在不斷完善產品。

In addition to subscribers, we will also focus on product users generating revenue, which are customers whom we monetize through transactions and complementary engagement models such as our MoneyLion personal financial wellness and marketplace customers.

除了訂閱用戶之外，我們還將專注於能夠產生收入的產品用戶，這些客戶是我們透過交易和互補的互動模式（例如我們的 MoneyLion 個人財務健康和市場客戶）來實現盈利的客戶。

And while we are at the early stages of development, we wanted to introduce our expanded approach designed to capture the growing demand in a more focused manner as we continue to innovate and scale. We are no longer just a direct-to-consumer business, and there is no one-size-fits-all approach with such a diverse customer base. More to come on this as we drive further expansion across these vectors.

雖然我們仍處於發展的早期階段，但我們希望推出我們擴展後的方法，旨在以更有針對性的方式滿足不斷增長的需求，同時我們將繼續創新和擴大規模。我們不再只是一家直接面向消費者的企業，面對如此多元化的客戶群，沒有一成不變的方法。隨著我們進一步拓展這些領域，後續也將發布更多相關資訊。

Now turning to profitability. Q2 operating income was $623 million, translating to 51% operating margin in line with our expectations. Operating margin for cyber safety platform was 61% and trust-based Solutions was 30%, each in line with our plan. Our margins remain robust as we continue to drive growth with a disciplined approach to resource allocation, scaling efficiency with AI and measured investment in our long-term strategic initiatives.

現在來談談獲利能力。第二季營業收入為 6.23 億美元，營業利益率為 51%，符合我們的預期。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 30%，均符合我們的計劃。我們的利潤率仍然保持強勁，因為我們持續以嚴謹的資源配置方式推動成長，利用人工智慧提高效率，並對長期策略性舉措進行審慎投資。

Q2 net income was $387 million, and diluted EPS was $0.62, up 15% year-over-year as reported. This represents our eighth consecutive quarter of achieving or exceeding our 12% to 15% EPS growth target. Interest expense was $139 million in Q2, our non-GAAP tax rate remains steady at 22%, and our ending share count was $624 million, up $2 million year-over-year.

第二季淨利為 3.87 億美元，稀釋後每股收益為 0.62 美元，年增 15%。這標誌著我們連續第八個季度達到或超過 12% 至 15% 的每股盈餘成長目標。第二季利息支出為 1.39 億美元，非 GAAP 稅率維持在 22% 不變，期末股份數量為 6.24 億股，比去年同期增加 200 萬美元。

Turning to our balance sheet and cash flow. Q2 ending cash balance was $701 million, representing over $2.2 billion of liquidity when including our $1.5 billion revolver. Year-to-date operating cash flow was $525 million and free cash flow was $512 million, demonstrating the capital efficiency of our business model.

接下來來看看我們的資產負債表和現金流量表。第二季末現金餘額為 7.01 億美元，加上 15 億美元的循環信貸額度，流動資金超過 22 億美元。今年迄今的經營現金流為 5.25 億美元，自由現金流為 5.12 億美元，證明了我們商業模式的資本效率。

As we shared, Q2 is seasonally high our highest use of cash given the concentration of tax payments that are due within the quarter, including $139 million transition tax payment our last payment related to the 2017 Tax Cuts and Jobs Act.

正如我們之前所說，第二季度是季節性高峰期，也是我們現金使用量最高的季度，因為該季度集中支付了大量稅款，其中包括 1.39 億美元的過渡稅款，這是我們與 2017 年減稅和就業法案相關的最後一筆款項。

Also worth noting, due to how specific calendar dates fall in this fiscal year, we have both of our semiannual interest payments in our first half of fiscal 2026 whereas typically, we have the first payment in the first half and the second payment in the second half of the fiscal year.

另外值得注意的是，由於本財年特定日曆日期的安排，我們的兩次半年利息支付都在 2026 財年的上半年進行，而通常情況下，第一次支付在上半年，第二次支付在下半年。

Given this higher use of cash in Q2, we did not have any additional capacity or share buyback during the open period. We paid down $160 million of debt and ended the quarter with our net leverage at 3.2 times EBITDA. We paid $77 million to shareholders in the form of a regular quarterly dividend of $0.125 per common share.

鑑於第二季現金使用量較高，我們在開放期間內沒有增加產能或進行股票回購。我們償還了 1.6 億美元的債務，本季末淨槓桿率為 EBITDA 的 3.2 倍。我們以每股普通股 0.125 美元的季度股息形式向股東支付了 7,700 萬美元。

For Q3 fiscal 2026, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on December 10, 2025, for all shareholders of record as of the close of business on November 17, 2025. Our free cash flow generation remains very strong, and we stay committed to a balanced capital allocation as we enter into the second half of our fiscal year.

董事會批准向截至 2025 年 11 月 17 日營業結束時登記在冊的所有股東派發 2026 財年第三季普通股 0.125 美元的季度現金股息，該股息將於 2025 年 12 月 10 日支付。我們的自由現金流依然非常強勁，進入本財年下半年，我們將持續致力於維持資本配置的平衡。

Now let me share our Q3 and fiscal 2026 outlook. We are raising our revenue and EPS guidance again for fiscal 2026 based on our strong results and the momentum we're seeing. Our business remains resilient, bolstered by a highly recurring revenue base, further supported by solid customer retention and substantial free cash flow generation.

現在讓我來分享我們第三季和 2026 財年的展望。基於我們強勁的業績和目前的發展勢頭，我們再次上調了 2026 財年的營收和每股盈餘預期。我們的業務依然保持韌性，這得益於高度穩定的經常性收入基礎，以及穩健的客戶留存率和可觀的自由現金流。

For fiscal year 2026, we now expect full year revenue in the range of $4.92 billion to $4.97 billion, up from our prior expectation of $4.8 billion to $4.9 billion. And reflects reported revenue growth of 25% to 26% year-over-year. We expect non-GAAP EPS to be in the range of $2.51 to $2.56 and representing our continued commitment to achieving our 12% to 15% annual EPS growth.

我們現在預計 2026 財年全年營收將在 49.2 億至 49.7 億美元之間，高於我們先前預期的 48 億美元至 49 億美元。據報告，公司營收年增25%至26%。我們預計非GAAP每股收益將在2.51美元至2.56美元之間，這反映了我們持續致力於實現12%至15%的年度每股收益成長目標。

For Q3, we expect non-GAAP revenue in the range of $1.22 billion to $1.24 billion. We expect Q3 non-GAAP EPS to be in the range of $0.62 to $0.64 or 12% to 15% growth year-over-year.

我們預計第三季非GAAP營收將在12.2億美元至12.4億美元之間。我們預計第三季非GAAP每股盈餘將在0.62美元至0.64美元之間，年增12%至15%。

Our Q3 and full year guidance assumes high single-digit pro forma growth. combined with disciplined cost management, while funding targeted long-term growth investments in the Gen platform and additional AI capabilities. This guidance range also assumes current FX rates to Q2 and although significant fluctuations remain possible given the volatility in currency markets that has taken place over the past few years.

我們第三季和全年業績預期基於高個位數的備考成長，同時輔以嚴格的成本控制，並為Gen平台和額外的AI能力進行有針對性的長期成長投資。該指引範圍也假設了截至第二季的當前外匯匯率，儘管考慮到過去幾年貨幣市場的波動性，仍有可能大幅波動。

In summary, we are well positioned after a strong first half. We're accelerating growth while maintaining the same operating discipline that has long defined our strategy. We are driving healthy growth in both of our segments, and we've made tremendous progress with the integration of MoneyLion.

總而言之，經過強勁的上半年表現，我們目前處境有利。我們正在加速成長，同時保持長期以來定義我們策略的營運紀律。我們在兩個業務板塊都實現了健康成長，並且在整合 MoneyLion 方面取得了巨大進展。

Operating margins remained strong, 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 for our shareholders. We continue to hit the mile markers we've laid out as we navigate towards our long-term growth objectives.

營業利潤率保持強勁，我們將繼續投資可擴展的創新，而不會影響回報。我們的自由現金流產生能力強勁，這為我們持續進行機會性股票回購和進一步去槓桿化創造了條件，從而為股東帶來豐厚的回報。我們正朝著既定的長期成長目標穩步前進，並持續達成既定里程碑。

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.

我要感謝整個團隊，感謝他們始終保持專注，為我們的客戶和股東創造了巨大的價值。我們期待在接下來的幾季與大家分享更多進展。

As always, thank you for your time today, and I will now turn the call back to the operator to take your questions. Operator?

像往常一樣，感謝您今天抽出時間，現在我將把電話轉回給接線員，由她來回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Rob Coolbrith, Evercore ISI.

Rob Coolbrith，Evercore ISI。

Congratulations on the strong results. Just wondering, first of all, if you could maybe give us your view of the macro environment and the health of the consumer right now. And if we were to see a more significant downturn, how you'd expect that to play across the two segments of the business. And then also -- ask on the transition -- Sure. Please go ahead.

恭喜你們取得優異成績。首先，我想請您談談對當前宏觀環境和消費者健康狀況的看法。如果出現更嚴重的經濟下滑，您認為這將對公司的這兩個業務板塊產生怎樣的影響？然後也可以問問過渡情況——當然。請繼續。

Okay. you ask a question of that. Sorry, but that to jump. But -- thanks for the congratulations. This is Vincent. Thanks for the congratulation. We definitely had an outstanding quarter, and I would add another one. So let's talk about the macro environment. We have two segments, right, security and privacy and then trust-based solution really anchored around the secure financial wellness. I'll start with the security and privacy.

好的，你問這個問題。抱歉，但那樣就跳不下去了。不過——謝謝你的恭喜。這是文森特。謝謝祝賀。我們上個季度表現絕對出色，我還要再加一個季度。那我們來談談宏觀環境。我們有兩個部分，對吧？安全和隱私，以及真正圍繞安全財務健康而建立的基於信任的解決方案。我先從安全和隱私說起。

Obviously, you've seen in our Q2 threat report that we just published last week continued increase in complexity of the threat landscape, targeting consumers in various forms increased use of AI just last quarter, blocked 140,000 website, all designed by AI but with a very high level of credibility and precision.

顯然，正如我們上週剛發布的第二季度威脅報告所示，威脅情勢的複雜性持續增加，針對消費者的各種形式的攻擊，人工智慧的使用在上個季度有所增加，屏蔽了 14 萬個網站，所有這些網站都是由人工智慧設計的，但具有非常高的可信度和精確度。

So all of that, if you want, will continue. We believe the consumers for a very small membership fee, I would say, can protect against thousands of dollars lost through cyber criminals. When you look back at historical during downturns or upturns, we have not seen too much correlation to our subscription or security revenue streams.

所以，如果你願意的話，所有這些都將繼續下去。我們相信，消費者只需支付非常少的會員費，就可以避免因網路犯罪分子造成的數千美元損失。回顧歷史上的經濟衰退或復甦時期，我們發現訂閱或安全收入與經濟衰退之間並沒有太大的相關性。

On the Secured Financial wellness, we now have millions of our customers connecting their bank account, for monitoring, alerts. We do offer, as you know, first-party financial products from liquidity offering to credit building, to high-yield savings accounts. We've seen a very strong growth again this quarter under personal financial management offerings here under 50%, but very strong. We have not seen a change in patterns in consumption over the last few months, and we do not see it here as we speak so far.

在 Secured Financial 健康服務方面，我們現在有數百萬客戶將他們的銀行帳戶連接到該服務，以便進行監控和接收警報。如您所知，我們提供第一方金融產品，從流動性提供到信用建設，再到高收益儲蓄帳戶。本季個人理財產品再次實現了非常強勁的成長，雖然成長幅度不到 50%，但非常強勁。過去幾個月我們沒有看到消費模式發生變化，就目前而言，我們也沒有看到這種情況。

Generally speaking, when interest rates continue to trend down, normally, there's actually renewed activities and refinancing and other activities that support that demand. On the second aspect of our secure financial wellness, it's our marketplace. Here, we've really seen the benefit of coming together with Gen, millions of consumer board onto the marketplace. We're just at Money 2020 conference and a lot of very strong interest from financial partners to join the engine marketplace by Gen. And I think we'll continue to have that opportunity to offer for consumer, whether the economy goes up or down, I think the need for the best financial decisions will remain and be strong.

一般來說，當利率持續下降時，通常會出現新的經濟活動、再融資和其他支持需求的活動。我們財務健康的第二個面向是我們的市場。在這裡，我們真正看到了與 Gen 合作的好處，將數百萬個消費級電路板推向市場。我們正在參加 Money 2020 大會，許多金融合作夥伴對加入 Gen 的引擎市場表現出了非常濃厚的興趣。我認為，無論經濟狀況好壞，我們都將繼續有機會為消費者提供服務，我認為消費者對最佳財務決策的需求將始終存在並保持強勁。

Great. And thank you for all the detail on the LifeLock integration from the experiences you bringing to bear between LifeLock and the secure -- sorry, financial wellness. But just if you could maybe talk a little bit as you go down this cross-sell journey, maybe about the frequency of member interaction with the LifeLock products, particularly around they do identity unlock as they're shopping for financial products. Maybe can you just talk a little bit about the mechanics of the cross-sell and some of the unique opportunities there.

偉大的。感謝您分享您在 LifeLock 與安全（抱歉，是財務健康）之間的整合方面的經驗，以及 LifeLock 整合的所有細節。但是，如果您能在進行交叉銷售的過程中稍微談談會員與 LifeLock 產品互動的頻率，特別是他們在購買金融產品時進行身份解鎖的情況，那就太好了。您能否簡單談談交叉銷售的機制以及其中一些獨特的機會？

Absolutely. So obviously, revenue synergies is a long process, MoneyLion fully integrated from a back-end integrated from an R&D perspective. We're finalizing the integration of the data to offer an enriched experience. And now we're really unlocking the revenue synergies. There are two immediate components we're focusing on.

絕對地。顯然，收入綜效是一個漫長的過程，MoneyLion 從後端和研發角度都實現了完全整合。我們正在完成資料整合，以提供更豐富的使用者體驗。現在我們正在真正釋放收入協同效應。我們目前主要關注兩個方面。

One is not in money with EWA features going into employee benefits, but also on money as a PFM tool for our Norton installed base. That's one. And the second one is the embedded, I would call it, core marketplaces, focusing at the needs of the consumer.

一方面，EWA 的功能不僅能為員工福利帶來收益；另一方面，它還能作為我們 Norton 安裝使用者的個人財務管理工具帶來利益。這是其中之一。第二個是嵌入式的，我稱之為核心市場，專注於滿足消費者的需求。

LifeLock is the first immediate case. Since we brought the money line on, we've really enriched the marketplace with credit card catalogs or offerings, if you want for prime customers, and we're embedding that into LifeLock.

LifeLock是第一個直接相關的案例。自從我們推出金融產品線以來，我們透過信用卡目錄或產品（如果您願意，可以稱之為優質客戶的產品）真正豐富了市場，並且我們正在將其嵌入 LifeLock 中。

And as you know, LifeLock, it's not only monitoring your credit, it's really monitoring and managing your financial moments of touch, you check your credit, you check your financials, when you're going to go for a purchase and or if you want to improve your credit level in order to do approaches that you intend to do today.

如您所知，LifeLock 不僅可以監控您的信用，還可以監控和管理您的財務狀況。當您準備好購物或想要提高信用等級以進行您今天打算做的事情時，您可以查看您的信用記錄和財務狀況。

And so at that point in time, if you want in an embedded experience, we now have that marketplace and made into the LifeLock applications. It's actually a very positive results, although on a small base. And we have a long transformation to drive, as we've already discussed in prior quarter and making progress on it is really moving an application that was essentially passively giving you peace of mind to a more engaged applications in which you come and validate and try to improve your journey, and we see good progress overall in that trend as we bring new tools such as the credit builder tool or now this credit marketplace.

因此，在那個時候，如果您想要嵌入式體驗，我們現在有了市場，並且已經將其開發成 LifeLock 應用程式。雖然樣本量較小，但結果確實非常正面。我們需要推動一項長期的轉型，正如我們在上個季度討論的那樣，而取得進展意味著將一個本質上被動地讓你安心的應用程序，轉變為一個更具互動性的應用程序，你可以在其中驗證並嘗試改進你的體驗。隨著我們推出信用建設工具或現在的信用市場等新工具，我們看到這一趨勢總體上取得了良好的進展。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Great. And congrats also on the strong results. I wanted to touch on partner revenue, which was, again, very strong and I think maybe accelerated organically, but you did note 50% growth in MoneyLion Engine and double-digit growth in employee benefits.

偉大的。也祝賀你們取得了優異的成績。我想談談合作夥伴收入，這方面依然非常強勁，而且我認為可能是自然成長加速了，但您確實注意到 MoneyLion Engine 成長了 50%，員工福利也實現了兩位數的成長。

Just any thoughts on how we should think about the trajectory of partner revenue over the back half of the year, anything to be mindful of from a seasonality perspective, particularly with MoneyLion Engine and then the employee benefits channel into open enrollment? And I have a follow-up.

關於下半年合作夥伴收入的走勢，大家有什麼想法嗎？從季節角度來看，有什麼需要注意的地方嗎？特別是 MoneyLion Engine 和員工福利管道在開放註冊期間的表現？我還有一個後續問題。

Yes. I'll take that one. It's nothing less financial and more structural. So two years ago, when we did the Analyst Day, we said, Hey, we have a big opportunity in our partner organizations. At the time, it was 90% direct, 10% partner. As we're expanding the portfolio.

是的。我選那個。這並非單純的財務問題，而是結構性問題。所以兩年前，當我們舉辦分析師日活動時，我們說，嘿，我們在合作夥伴組織中擁有巨大的機會。當時，直接銷售佔 90%，合作夥伴銷售佔 10%。隨著我們不斷擴大產品組合。

We said it in the long run, we think it will be more of an 80-20 and you're going to see partner growing faster than direct. And it makes sense because many of our services are embedded into partner views and then we had the view -- this long-term view of bringing this marketplace adding more value to our consumer.

我們之前說過，從長遠來看，我們認為最終的比例會是 80/20，你會看到合作夥伴的成長速度比直接投資更快。這很有道理，因為我們的許多服務都嵌入到合作夥伴的視圖中，然後我們有了這樣的願景——這種長期的願景是為我們的消費者帶來更多價值。

And what you see now two years later, eight quarters later, since we laid out that strategy, it's finally taking routes. Quarter in, quarter out, you may have a little bit bigger gap or a smaller gap. But I think you'll continue to see partner revenue outgrow the direct revenue, as we continue to contemplate bringing to our consumers adjacent values that we may not even manufacture ourselves because we neither bank or we may not be a legal firm, but that all fits together around supporting that financial wellness overall.

而現在，兩年過去了，八個季度過去了，自從我們制定了這項策略以來，它終於開始奏效了。四分之一圈進去，四分之一圈出來，間隙可能會稍大一些，也可能稍小一些。但我認為，隨著我們不斷思考如何為消費者帶來我們自己可能都不會創造的、與此相關的價值（因為我們既不是銀行，也不是律師事務所），合作夥伴的收入將繼續超過直接收入，但所有這些都圍繞著支​​持整體財務健康而展開。

And -- no, I would not predict specific seasonality quarter-in and quarter-out that you see every year. Now obviously, you can always the growth rate change quarter-in quarter-out, but similar trends will continue moving forward.

不，我不會預測每年都會出現的季度交替的特定季節性變化。當然，成長率每季都會有所變化，但類似的趨勢將繼續向前發展。

Awesome. That's helpful, Vincent. And then Natalie, just on free cash flow. It looked like it was actually pretty robust after backing out the tax payment. I know you don't guide to it, but any color you can give just on how you think about free cash flow trajectory and -- as that continues to improve?

驚人的。那很有幫助，文森特。然後是娜塔莉，只靠自由現金流。扣除稅款後，看起來它實際上相當穩健。我知道您不負責這方面的指導，但您能否就您如何看待自由現金流的走勢，以及隨著自由現金流持續改善的情況，提供一些見解？

I know you touched upon it in the remarks, but any update on how you think about capital allocation between debt paydown and share repurchase?

我知道您在發言中提到了這一點，但您對償還債務和股票回購之間的資本配置有什麼最新看法嗎？

Yes. Thanks, Roger. Our free cash flow generation will continue to stay strong. It's -- yes, seasonally high in Q2. And then, of course, we have that timing element that hurt a little bit more in Q2 than norm as well.

是的。謝謝，羅傑。我們的自由現金流將繼續保持強勁勢頭。是的，第二季是季節性高點。當然，第二季的時間安排也比平常受到的影響更大一些。

Yes, as we accelerate rates of growth as we integrate and we continue to scale we're going to continue to operate in a disciplined fashion. We've laid out our margin expectations for each of the segments over the long term. And we'll continue to deploy our capital in a disciplined and balanced way across accelerated debt paydown but also share repurchases.

是的，隨著我們整合業務、加快成長速度並不斷擴大規模，我們將繼續以嚴謹的方式運作。我們已經制定了各個業務板塊的長期利潤率預期。我們將繼續以嚴謹的平衡方式運用資本，加速償還債務，同時進行股票回購。

And then we just haven't -- with the timing of the MoneyLion deal over the last, I would say, three to four quarters and when we were able to get out in the open period, we just didn't have the opportunity to do much share repurchase. But as we look to the back half, we'll get back to being much, much more balanced across accelerated debt pay down and share repurchase.

然後，由於過去三到四個季度 MoneyLion 交易的時機，以及我們能夠在公開市場退出，我們根本沒有機會進行大量的股票回購。但展望下半年，我們將在加速償還債務和股票回購之間恢復更平衡的狀態。

Dan Bergstrom, RBC.

丹·伯格斯特羅姆，RBC。

It's Dan Bergstrom for Matt Hedberg. So you highlighted higher engagement on Norton 360 in your prepared remarks, you also talked to some scans is providing some tailwind there. Beyond that, maybe what are some keys to the momentum in upselling customers into those higher-tier Norton 360 memberships?

我是丹·伯格斯特羅姆，替馬特·赫德伯格。所以你在事先準備好的發言稿中強調了 Norton 360 更高的用戶參與度，你也提到了一些掃描結果，這些結果也為此提供了一些助力。除此之外，如何才能有效地向客戶推銷更高等級的 Norton 360 會員資格呢？

Very good, Dan. Thanks for joining. So to remind people, Norton 360 is our all-in-one suite set of plants, if you want, from the Norton brand. We have the same on Avast One from the Avast View. And our goal has been to move more and more people to membership, you pay a fee with that, you'll get our new features and the piece of mind in this environment where cyber threat is pretty dynamic.

很好，丹。謝謝參與。所以提醒大家，Norton 360 是我們 Norton 品牌的一體成型套件，如果您願意，可以把它看作是一套植物。我們在 Avast One 的 Avast View 中也遇到了同樣的問題。我們的目標是讓越來越多的人成為會員，您支付會員費後，即可獲得我們的新功能，並在網路威脅瞬息萬變的環境中安心無憂。

And then depending on the plan, all the way to all in one, including the LifeLock identity protection, then you fully protected. We still have the majority of our customers on the Norton 360 lower and mid-level tier, not including the identity.

根據套餐的不同，從包含 LifeLock 身分保護在內的全功能套餐，到提供全面保護的套餐，您都將受到全面保護。除身分保護功能外，我們的大部分客戶仍使用 Norton 360 的低階和中階版本。

We have, at the beginning of the year, moved Norton Genie, our anti-scam into that known 360 platform and have evolved Norton Genie from a pure AI-driven anti-scam to becoming really the AI cyber safety assistant. And we've now just launched into 40 new countries in 40 languages, that feature.

今年年初，我們將反詐騙軟體 Norton Genie 遷移到了著名的 360 平台，並將 Norton Genie 從純粹的 AI 驅動的反詐騙軟體發展成為真正的 AI 網路安全助理。現在，我們已經將這項功能推廣到 40 個新國家，支援 40 種語言。

That feature is at the core of getting our applications to our platform more engaging where you can ask your questions and can automatically also become ultimately become your agent connecting different privacy and security features at the moment it's needed.

該功能是使我們的應用程式在我們的平台上更具吸引力的核心，您可以在該平台上提出問題，並且最終還可以自動成為您的代理，在需要時連接不同的隱私和安全功能。

We have seen some traction on the upper level of the plan, -- no with Norton 360 with Norton Genie Pro, which is an upgraded feature that provides not only the security side, the AI assistant but also the insurance, the voice block, the tax block and so a much more enriched experience full private and full protection.

我們已經看到該計劃的高級版本取得了一些進展——例如 Norton 360 和 Norton Genie Pro，這是一個升級功能，它不僅提供安全功能和 AI 助手，還提供保險、語音攔截、稅務攔截等功能，從而帶來更豐富的體驗，實現完全的隱私和全面保護。

And we've seen traction with that. And then we're now just launching Northern money, which will be the alternative to go and move to a higher plan with credit monitoring financial insights and create marketplace as an alternative path to the upper plant. So as I mentioned in my remarks, continue to see very good progress towards, a, the membership; and b, the engagement with the platform.

我們已經看到這種方法奏效了。現在，我們即將推出北方貨幣，它將成為通往更高層次計劃的替代方案，提供信用監控財務洞察，並創建市場，作為通往更高層次計劃的替代途徑。正如我在演講中提到的，我們在以下兩方面繼續取得非常好的進展：a. 會員人數；b. 與平台的互動。

That's great. And then I know paid customers is the new metric, but the old KPI around direct cyber safety customers was in the slides, up $400,000 quarter-over-quarter. Understanding there's some rounding there, but that's impressive, but at the upper end of what we'd expect historically. And again, I know it's a seasonally strong quarter here, but maybe what was some -- what was you had some of the strength on the customer addition number?

那太棒了。我知道付費客戶是新的衡量標準，但舊的直接網路安全客戶 KPI 在幻燈片中顯示，季度環比增長了 40 萬美元。我知道這裡面有一些四捨五入的誤差，但這已經很了不起了，而且處於我們歷史上預期值的上限。我知道這是個季節性強季度，但或許──你們在客戶新增數量方面取得了一些成長？

Yes. I would say now it has been many, many, many quarters. I don't remember how many maybe seven or eight that we've been in the range of, I would call it like 250 to 400. So you're right, it's in the upper of the range, but we basically see it on the high side of the range in line to our expectations as we've been driving increased engagement, more channel to acquire customers and improvement on the retention. And I think it's more progress across all of the dimensions that reviewed.

是的。我現在要說，已經過去很多很多個季度了。我不記得我們經歷過多少次了，大概七、八次吧，我估計大概是 250 到 400 次。所以你說得對，它確實處於較高水平，但基本上我們認為它處於較高水平，這符合我們的預期，因為我們一直在努力提高用戶參與度，拓展更多客戶獲取管道，並提高客戶留存率。我認為在所有評估的維度上都取得了更大的進步。

Now as you know, our customer base is evolving. We see it in two categories. One is a subscriber generated revenue, as Natalie mentioned, and the other one is a product usage generated revenue. We see a very strong increase across all dimensions, and our goal will be to continue to increase the subscription. We did provide the whole metric just for people to understand and assess the health of our core Gen the way we looked at it before we split into two segments, which I think will be useful for investors.

如您所知，我們的客戶群正在改變。我們可以將其分為兩類。正如娜塔莉所提到的，一種是訂閱用戶產生的收入，另一種是產品使用所產生的收入。我們看到各個方面都出現了非常強勁的成長，我們的目標是繼續提高訂閱量。我們提供了完整的指標，以便人們能夠了解和評估我們核心世代的健康狀況，就像我們在將其拆分為兩個部分之前所做的那樣，我認為這對投資者來說是有用的。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Congrats on another rate guide. Vincent, may be for you, absolutely. But maybe if you just kind of picking up off that thread. You've talked about sort of the potential for new business models in the MoneyLion. I mean it seems to be doing very well, right, just as it is.

恭喜你又發布了一份利率指南。文森特，這或許對你來說絕對是個好主意。但也許你可以順著這個思路繼續往下看。您曾談到 MoneyLion 中新商業模式的潛力。我的意思是，它現在看起來運行得很好，對吧。

But I think that there's such a subscription DNA at Gen and you've kind of talked about that as a possibility. Without preannouncing anything, how do you sort of envision something like that looking, if that makes sense?

但我認為 Gen 有很強的訂閱模式基因，你也曾談到這種可能性。在不預先透露任何資訊的情況下，您大概能想像出這樣的作品會是什麼樣子嗎？

Yes, totally. So just to put in context, maybe some investors don't have the full history that we've had since You know us very well and covers for a long time. When we acquired MoneyLion, most of the revenue, if not all of the revenue was driven by what we call product usage revenue, our product usage derived revenue, which is essentially transaction-based. And many customers like that. They use the product for free.

是的，完全正確。所以，為了說明情況，可能有些投資者並不了解我們完整的歷史，而您非常了解我們，並且對我們進行了長期的報道。當我們收購 MoneyLion 時，其​​大部分收入（如果不是全部收入）都是由我們所說的產品使用收入（即產品使用衍生收入）所驅動的，而這種收入本質上是基於交易的。很多顧客都喜歡這樣。他們免費使用該產品。

And when they transact a very small portion of the transaction gets booked as a fee, and that's how they make the money.

當他們進行交易時，會從交易金額中抽取一小部分作為手續費，這就是他們的盈利方式。

You know what they say, Saket, don't break what's working. So we're trying to make sure we manage very carefully because it's really working for the money line installed base and is working for the MoneyLion customer and the team knows how to bring innovation into that environment. We will maintain that. in addition, and that's why it's complementary.

薩凱特，你知道人們常說的那句話嗎？不要破壞行之有效的東西。所以我們努力確保管理得非常謹慎，因為它對 MoneyLion 的現有客戶群和 MoneyLion 的客戶都非常有效，而且團隊知道如何將創新帶入這個環境。我們將繼續保持這一點。此外，正因如此，它才具有互補性。

We say that when you come to a little bit more premium customers, they like to have a subscription, they pay and then they have access to many different features Ala Cardo or as much as they want, and we're building those subscription views, which may include, not only the ability to use the PFM tool or to consume some liquidity product or to do credit builder for their kids or having access to actually the investment features on the platform.

我們說，對於一些更高階的客戶，他們喜歡訂閱，付費後就可以使用Ala Cardo等平台提供的各種功能，或根據自己的需求使用更多功能。我們正在建立這些訂閱模式，這些功能可能不僅包括使用個人財務管理工具，還包括購買行動產品、為孩子建立信用記錄，或存取平台上的投資功能。

And we know that's more prone to our type of customer base. And so features are there, and it's a question of balance on how we're going to drive from a marketing perspective and where we're going to have membership versus transaction-based revenue.

我們知道，這種情況更符合我們這類客戶群的需求。因此，功能已經具備，現在的問題在於如何從行銷的角度出發，平衡會員收入和交易收入之間的關係。

And over time, you're going to see that progression. As you know, just to complete my answer, we always said that a shift, a full shift from transaction to subscription will lead to a shorter gap in the -- or a gap in the short term and the longer value over time. And we hopeful to be able to manage that transition towards more subscription without too much impact on our overall knowing that it's all about driving long-term customer value here for maximizing that

隨著時間的推移，你會看到這種進步。如您所知，為了完善我的回答，我們一直認為，從交易型模式完全轉向訂閱型模式，將縮短短期內的差距，並隨著時間的推移帶來更長遠的價值。我們希望能夠順利完成向訂閱模式的轉型，同時盡可能減少對整體業務的影響，因為我們深知，一切的關鍵在於為客戶創造長期價值，從而實現效益最大化。

Yeah. Absolutely. Natalie, maybe for my follow-up for you. I'd love to maybe just touch on the profitability of the MoneyLion business I think in the presentation, it showed about a 20% operating margin. That, of course, is fantastic if it's supporting 50% top line growth.

是的。絕對地。娜塔莉，或許我可以跟進一下。我想稍微談談 MoneyLion 業務的獲利能力，我認為在簡報中，營業利潤率約為 20%。當然，如果這能支持 50% 的營收成長，那就太好了。

But maybe the question is, how do you think about the margin journey that we could see in MoneyLion? And maybe remind us how that sort of 30-60 dynamic that we talked about at our session a couple of months ago, sort of plays into that journey.

但或許問題在於，您如何看待我們在 MoneyLion 中可能看到的保證金發展歷程？或許還能提醒我們，幾個月前我們在會議上討論過的那種 30-60 動態，是如何融入這段旅程中的。

Yes. Thanks, Saket. Good to hear from you. Yes, MoneyLion margin, that's where we started, approximately 20%. Keep in mind, as we blend MoneyLion with trust-based solutions and even just integrated with Gen overall we have achieved the cost synergies that we have laid out for ourselves as we integrate them as an acquisition, just high level, especially the back office and some of the other -- the fixed costs that we could strip out of the business.

是的。謝謝你，薩凱特。很高興收到你的來信。是的，MoneyLion 的保證金，我們最初就是從這個水準開始的，大約是 20%。請記住，隨著我們將 MoneyLion 與基於信任的解決方案相結合，甚至與 Gen 整體整合，我們已經實現了我們為自己制定的成本協同效應，因為我們在收購過程中整合了它們，尤其是在後台和其他一些方面——我們可以從業務中剝離的固定成本。

So that's done. We also have revenue synergies that we're going after. You heard them peppered through the messaging today and our slide where and our day that we did around MoneyLion back in September, there's so many revenue synergies to go after. It requires investment to drive that growth. And so we'll continue to stay committed to that. So that points to the current margin rate today driving that 50% growth rate.

事情就此完成。我們也致力於實現營收綜效。你今天在訊息傳遞中聽到了這些內容，在我們的幻燈片中也聽到了，還有我們在9月份圍繞MoneyLion所做的那一天，有很多收入協同效應可以追求。推動這種成長需要投資。因此，我們將繼續致力於此。所以，這顯示目前的利潤率是推動50%成長率的主要因素。

And then as we look forward, of course, yes, the mix is definitely there and is an opportunity for us to balance. But keep in mind, we want all parts of the 30, 60, 90. They provide us different layers and levels and types of value and access to different customers.

展望未來，當然，各種可能性確實存在，這為我們提供了一個平衡的機會。但請記住，我們想要 30、60、90 這三個部分的所有部分。它們為我們提供了不同層次、不同層次和不同類型的價值，並使我們能夠接觸到不同的客戶。

So if you think about the 30% margin on the marketplace that's going to fuel customer acquisition and really give us just a ton of access to different sites, lots of data that we can do deep data analysis and customization personalization.

所以，想想市場上 30% 的利潤率，這將推動客戶獲取，並真正讓我們能夠接觸到大量的不同網站，獲得大量數據，從而進行深入的數據分析和客製化個人化服務。

And then the first-party products at 60% and then all the way up to the retargeting of the 90%, it's a very, very healthy model. It's a flywheel effect. But the quarter-in quarter-out, what percentage of the business is going to come from different segments is going to be mixed.

然後是佔 60% 的第一方產品，再到佔 90% 的重定向產品，這是一個非常非常健康的模式。這是飛輪效應。但是，從季度初到季度末，各個業務板塊的業務佔比將會是混合的。

And as we move forward, we're going to find that right balance for the business all with the appetite of healthy, sustainable accelerating rates of growth as we integrate across trust-based solutions with all of the different services that we're innovating on.

隨著我們繼續前進，我們將找到業務的正確平衡點，同時保持健康、可持續的加速成長，並將基於信任的解決方案與我們正在創新的所有不同服務整合起來。

Tomer Zilberman, Bank of America.

托默·齊爾伯曼，美國銀行。

Maybe going along the same track of the MoneyLion, right? You had two solid quarters MoneyLion growth, 45% to 50%. You previously guided it to grow 30%. I think your guidance now calls for an exit rate of 30%. And -- just wanted to get more color why we wouldn't see these elevated growth levels sustain into the back half?

或許會沿著 MoneyLion 的路線發展，對吧？MoneyLion 連續兩季實現了穩健成長，增幅達 45% 至 50%。你之前引導它成長了30%。我認為您現在的指導要求退出率為 30%。還有──我想更詳細地了解一下，為什麼這種高成長水準無法持續到下半年？

And apologies if I missed in your prepared remarks, but can you pair that with commentary around the business model transition you're expecting in the second half? And I have a follow-up afterwards.

如果我遺漏了您準備好的發言稿，請您見諒，您能否就您預計在下半年出現的商業模式轉型發表一些評論？之後我還有後續跟進。

Absolutely, yes. So I'll take that one first. So MoneyLion, when we acquired and closed the deal April of this year, it's not too long ago. It feels like a long time goes only six months ago. They were growing at 25% to 30% at about 15% operating margin.

當然，沒錯。那我就先選那個吧。所以，MoneyLion，我們今年四月收購並完成交易的時間並不算太久。感覺好像過了很久，其實才過了六個月。它們的成長率為 25% 至 30%，營業利潤率約為 15%。

Since the beginning of this year and as we integrated and started to work on various different aspects, including marketing and leveraging our customer base, et cetera. We've seen that elevated performance level, as you mentioned, 45% the quarter before and 50% this quarter. While we improved the operating margin over 5 points, now over 20%.

自今年年初以來，隨著我們整合並開始處理各種不同的方面，包括行銷和利用我們的客戶群等等。正如您所提到的，我們已經看到了業績水準的提升，上一季為 45%，本季為 50%。雖然我們的營業利潤率提高了 5 個百分點以上，現在超過了 20%。

We are not forecasting moving forward 50%. We do believe there may be a little bit of a boost of coming together and we feel it's more prudent to base maybe linking back to Saket's question at around a 30% growth rate, 20% margin redefine another new rule and call you the rule of 50, that's what it would be and managing the business along those lines.

我們預測未來成長不會達到 50%。我們相信，團結起來可能會帶來一些推動作用，我們認為更謹慎的做法是，或許可以參考 Saket 的問題，設定大約 30% 的增長率和 20% 的利潤率，重新定義另一條新規則，稱之為“50 法則”，並按照這個方向管理業務。

As we see room and acceleration, we'll definitely capture it in the marketplace. So be assured of that. And there are different ways of capturing it, including moving more transactional customer, maybe customer we can identify as not having a strong recurring pattern and moving them to a membership having a chance to offer different values in a bundle membership structure, which is really most of what we are planning to do over time, while we maintain that Rule of 50 growing at 30% to 20% margin.

既然我們看到了發展空間和成長潛力，我們一定會搶佔市場先機。所以這一點你完全可以放心。捕捉客戶的方式有很多種，包括將更多交易型客戶（例如，我們可以識別出那些沒有強烈重複購買模式的客戶）轉移到會員制，讓他們有機會在捆綁會員結構中享受不同的價值。這實際上是我們計劃隨著時間的推移所做的事情的大部分，同時我們保持 50 法則，實現 30% 到 20% 的利潤率增長。

And then along the line, every quarter, we learn more, we'll understand better the trends and that's where we'll be. What it is not implied into our current exit 30% growth rate is any significant macro level effect because, as I mentioned, in a prior answer, we do not see a change today of patterns or behaviors from the millions of customers that are plugging into our platform.

然後，隨著時間的推移，每個季度我們都會學到更多，我們會更了解趨勢，而這正是我們未來的發展方向。我們目前 30% 的成長率並沒有反映出任何顯著的宏觀層面影響，因為正如我在先前的回答中所提到的，我們今天並沒有看到數百萬連結我們平台的客戶的行為模式發生任何變化。

Got it. And maybe as a follow-up, if I move towards the core cyber safety business. I know someone addressed earlier that you grew your customer's $400,000 sequentially. But if we look at the growth trends they diverged a little bit from last quarter. Last quarter, if I have it right, revenue and bookings grew 4%.

知道了。如果我轉向核心網路安全業務，也許可以作為後續發展方向。我知道之前有人提到過，你讓客戶的銷售額連續成長了 40 萬美元。但如果我們看一下成長趨勢，就會發現它們與上個季度略有不同。如果我沒記錯的話，上個季度營收和預訂量增加了 4%。

This quarter, revenue was 3%. Bookings was 5%. What drove that slight delta? And do you think that the 400,000 adds this quarter and the better bookings growth can translate into better revenue growth over the next few quarters?

本季營收為3%。預訂率為 5%。造成這種微小差異的原因是什麼？您認為本季新增的 40 萬用戶以及更好的預訂成長能否在未來幾季轉化為更好的營收成長？

Yes. Tomer, it's Natalie. So keep in mind, revenue is going to reflect the trailing 12-month bookings. So if you go back and look at the bookings as reported, that's where you would see the 3%. Also keep in mind, we're only rounded at the whole numbers.

是的。托默，我是娜塔莉。所以請記住，收入將反映過去 12 個月的預訂情況。所以，如果你回頭查看已報告的預訂情況，你會看到 3% 這個數字。另外請記住，我們只取整數部分。

When you get into the decimals, it's sub 2 points. So it's really not that different between bookings rate of growth and revenue like you see 2 points on the surface.

當涉及到小數時，誤差就小於2個百分點了。所以，預訂成長率和收入之間的實際差異並沒有表面上看起來那麼大。

And yes, as we look forward, it's not just the customer acquisition, it's the balance across the segments, it's the innovation, it's the scale, it's AI coming through. It's more personalization. It's more customization through IPM, Cross-sell, upsell are still alive and well partner mixing in, there's just so many factors even in when you look at both on a pro forma basis but even excluding MoneyLion, the core business has so much opportunity. And we are just driving all of the growth levers that we possibly can with all of the innovation that's coming to market.

是的，展望未來，重要的不僅是客戶獲取，還有各個細分市場的平衡、創新、規模以及人工智慧的進步。它更注重個性化。透過 IPM 實現更多客製化，交叉銷售、追加銷售依然蓬勃發展，合作夥伴的融入也功不可沒。即使從形式上看，也有很多因素需要考慮，但即使不考慮 MoneyLion，核心業務也擁有巨大的發展機會。我們正在盡一切可能推動成長，將所有創新成果推向市場。

So I would say, as you look forward, we're focused and just look at the full year guide pointing to on a pro forma basis, it's a high single-digit rate of growth, and that's what I would -- that's what I would point you back to.

所以我想說，展望未來，我們專注於全年業績指引，根據預測數據，成長率將達到個位數高位，這就是我想讓你們關注的。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Maybe as a first question, you noted the AI impact kind of bringing 20% efficiency on the customer support. Just wanted to get a sense of other ways in what you guys are utilizing AI and what you're finding traction within the business? And then just as a follow-up question, just any OB OBA impact on tax rate that we should be expecting?

偉大的。或許第一個問題，您提到了人工智慧對客戶支援效率提升 20% 的影響。我只是想了解你們在哪些方面運用人工智慧，以及在業務中哪些方面取得了成效？最後還有一個後續問題，OB OBA會對稅率產生哪些影響？

Okay. Let me take the one on the use of AI. So all of our AI initiatives are split into two buckets. One is to use our, call it, data platform to build AI native features of product from Norton Genie to Spark to others, Norton Browser that you see there. I leave that on the side because that's not your question, but it's our main effort in trying to bring a truly AI-native portfolio, even all the way of thinking in our lab of not only how we protect against AI-generated scams or threat, but how will security look like in the world of agent to agent interaction where you as a consumer may ask your automated agent to do financial wellness transaction on your behalf and then interact in the world of agent, how does privacy and security work in that environment.

好的。我來回答關於人工智慧應用的那部分。因此，我們所有的AI計劃都分為兩大類。一種方法是利用我們的資料平台，為 Norton Genie、Spark 等產品（例如您看到的 Norton 瀏覽器）建立 AI 原生功能。我先把這個問題放在一邊，因為這並非你的問題，但這是我們努力打造真正原生人工智能產品組合的主要方向，甚至包括我們實驗室的所有思考方式，不僅在於如何防範人工智能生成的詐騙或威脅，還在於在代理與代理交互的世界中，安全性將如何體現——作為消費者，你可能會要求你的自動化代理代表你進行財務管理

So super, super important topic. And then we have the second bucket, which we call transforming Gen into an AI-first company, which is really changing our not immediately jumping into AI platform of tools, but changing our workflows to then being able to automate and where it's needed using AI to generate things.

所以，這是一個非常非常重要的主題。然後我們還有第二個目標，我們稱之為將 Gen 轉型為 AI 優先的公司，這實際上是在改變我們，不是立即投入 AI 平台工具，而是改變我們的工作流程，以便在需要的地方使用 AI 來產生自動化內容。

Obviously, in support and services, we further along the tools and the processes in the market are more mature, which today have roughly half -- a little bit less than half of all of our contacts fully contained into an AI environment, whether it's one or multiple bought. And that has generated significantly which we have reused to really build our data approach or data platform to our business.

顯然，在支援和服務方面，我們走得更遠了，市場上的工具和流程更加成熟，如今我們大約有一半（略少於一半）的聯絡人完全包含在人工智慧環境中，無論是購買的單一還是多個。這產生了大量的成果，我們利用這些成果來真正建立我們業務的數據方法或數據平台。

I mentioned marketing. Marketing is probably the second two R&D, I'll talk about it in a minute, function that we're transforming. Marketing, really, we combine everything from upper funnel or branding all the way down to performance marketing under one leader combined organizations, and we've realigned around value creations around their brands, and they are using the tools, AI first to really develop the framework to our vision later on will be to enable our product leaders to do everything from ideation to first level performance materials assisted by AI bots without human intervention.

我提到了行銷。行銷可能是研發部門中第二個需要改變的職能，我稍後會談到這一點。實際上，我們在行銷方面，將從漏斗上層或品牌推廣到效果行銷的所有內容整合到一個領導合併的組織中，並圍繞品牌價值創造進行了重新調整，他們正在使用工具，首先是人工智慧，以真正開發我們願景的框架，以後將使我們的產品負責人能夠在人工智慧機器人的輔助下完成從構思到第一級效果材料的所有工作，而無需人工幹預。

That's not the case today, but within the marketing function, they started to get really good traction on developing materials and even creatives all through AI. And that has enabled also to redirect the savings towards more performance marketing to then accelerate the growth -- and then the last piece is around R&D.

雖然現在情況並非如此，但在行銷領域，他們開始利用人工智慧開發材料甚至創意，並且取得了非常好的進展。這也使得節省下來的資金能夠重新投入效果行銷中，從而加速成長——最後一部分就是研發。

We've been at it for a little bit longer, which is starting with more automation. We're running some pallets. I'll give you the name, we call it inside an the Jenny corn and to see if we have from ideation to product development everything managed by one person assisted by bot.

我們已經在這方面努力了一段時間，首先是提高自動化程度。我們正在運輸一些托盤。我告訴你它的名字，我們在內部稱之為珍妮玉米，看看我們是否從構思到產品開發的所有環節都由一個人管理，並由機器人協助。

We have some level of success, but we are running a lot of those experiences and bring them back into our development environment to improve the way we develop products. There, the savings have really redirected since we had a large portfolio with years of experience but also skewed to maintain.

我們取得了一定的成功，但我們正在收集和運用這些經驗，並將這些經驗帶回我們的開發環境，以改進我們開發產品的方式。在那裡，由於我們擁有龐大的投資組合，累積了多年的經驗，但同時也傾向於維持現狀，因此節省下來的資金確實重新分配到了其他方面。

We're trying to lower our maintenance costs to redirect into more innovation and most importantly, higher velocity in a different prototype and testing. I would say I see really great potential. They're slower to materialize and capture, but we are on a great path. That's how we are becoming an AI-first company.

我們正在努力降低維護成本，以便將資金投入更多創新中，更重要的是，以更快的速度開發不同的原型並進行測試。我認為我看到了它巨大的潛力。它們實現和實現的速度較慢，但我們正走在一條正確的道路上。這就是我們如何成為一家人工智慧優先型公司的方式。

And then I think you had a follow-up question on the one beautiful tax bill? .

然後，我想你還就那份漂亮的稅單提出了後續問題？。

Yes. Just any impact of tax rate that we should be thinking of?

是的。稅率會有哪些影響是我們需要考慮的？

So our tax rate is long-term focused. And so the 22% that you see in our non-GAAP results and -- is assumed in the guide as well. So the beautiful build just helps with cash flows in terms of cash taxes in the short term. In the long term, it's -- there's no material change. So we don't really influence that or we don't include that change in the long-term tax rate expectations.

因此，我們的稅率是著眼於長期的。因此，您在我們非GAAP業績中看到的22%——也是該指南中假設的。所以，這座漂亮的建築在短期內有助於改善現金流，特別是現金稅方面。從長遠來看，不會有實質的改變。因此，我們實際上無法影響這一點，或者說，我們沒有將這種變化納入長期稅率預期中。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

As you think through the cross-sell opportunities between the MoneyLion and the Gen Digital basis and vice versa, which ones seem to be gaining the most traction early on? And then are there any more go-to-market effort left to implement, to accelerate?

在考慮 MoneyLion 和 Gen Digital 平台之間的交叉銷售機會以及反向交叉銷售機會時，哪些機會似乎在早期就獲得了最大的關注度？那麼，是否還有其他市場推廣措施需要實施或加速推進？

Yes, very good. So we are at the early stage. So I definitely would say, yes, we have a lot of room to accelerate the current results you see here is on the merit of the core business on the own each one of them and then maybe a core platform of data and operations.

是的，非常好。所以我們目前還處於早期階段。所以我肯定會說，是的，我們還有很大的空間來加速目前的成果。你在這裡看到的成果是基於核心業務的自身價值，每個業務都獨立運作，然後可能還有一個核心的數據和營運平台。

But we haven't really delivered yet the value of bringing everything together. The most natural one and more immediate one is really the amendment, if you want, of financial insight and financial options into the LifeLock app.

但我們還沒有真正發揮出將所有要素整合在一起的價值。最自然、最直接的辦法，就是將財務洞察和財務選項添加到 LifeLock 應用程式中。

That's where originally, maybe we had discussed that in September, we had the initial ask for financial ones well necessary insights and advice were coming from. That's how we started that project organically and then led to the acquisition of MoneyLion. We now embedding that and I think it's going to take traction. We're very careful. We're very created, if I can say.

最初，我們可能在九月討論過這個問題，當時我們提出了對財務方面的需求，以及必要的見解和建議來自哪裡。我們就是這樣一步步啟動了這個項目，最終收購了 MoneyLion。我們現在正在實施這項措施，我認為這需要時間才能取得成效。我們非常謹慎。如果我沒說錯的話，我們都是被創造出來的。

We're not doing blasting marketing. We know that our customer in LifeLock will benefit from that insight and those new options, but we're following the demand. We're not trying to do a forceful marketing campaign or inside app that could be very annoying. So preserving the piece of money is key and will drive at that space.

我們不搞鋪天蓋地的行銷。我們知道 LifeLock 的客戶將從這些見解和新選項中受益，但我們正在順應市場需求。我們並非想進行強制性的行銷活動或在應用程式內進行可能非常煩人的操作。因此，保住這筆錢至關重要，並將推動我們在這個領域取得進展。

The second one, obviously, is bringing Norton Money -- sorry, money into Norton as an alternative to identity into Norton or in full combine, of course. And the most immediate one is money line features into our employee benefit channel that represent probably the best channel on the entire portfolio and having traction on all dimensions.

顯然，第二個目標是將 Norton Money（抱歉，是金錢）引入 Norton，作為將身份資訊引入 Norton 的替代方案，當然也可以是完全整合。最直接的措施是將資金保險產品納入我們的員工福利管道，這可能是整個產品組合中最好的管道，並且在各個方面都取得了成功。

We are about to launch that. Of course, in employee benefit channel, you're going to have to have the time to onboard the new employers, then go for the onboarding a view and then only you'll see the results. So the result will be delayed, but the traction in the early discussions are extremely positive.

我們即將推出該產品。當然，在員工福利管道，你必須花時間讓新員工熟悉系統，然後進行入職培訓，只有這樣你才能看到成果。因此結果將會延遲公佈，但早期討論的進展非常積極。

So it's only the beginning of the journey, I would say, on the revenue synergy side.

所以，就收入協同效應而言，我認為這只是旅程的開始。

Great to hear. There is more to come. And then just -- I know you called out a consistent macro, but Americas has been pretty consistently strong. Is there anything to call out on the other geos?

很高興聽到這個消息。還有更多精彩內容即將呈現。然後——我知道你提到了一個持續的宏觀經濟問題，但美洲的經濟一直相當強勁。其他地區有什麼需要特別指出的地方嗎？

Actually, you're right. We haven't talked too much about the other geo. I was just discussing that with Natalie and my head of corporate FP&A yesterday reviewing the results in Europe. They've been very strong, positively surprised by how broad-based our growth rates have been. US first, then you know for a while, we had Latin America leading the way.

實際上，你是對的。我們還沒有過多討論其他地理區域。昨天我和娜塔莉以及我的企業財務規劃與分析主管正在討論這個問題，審查歐洲的表現。他們表現非常出色，對我們成長率的廣泛性感到驚喜。美國先是領先，然後你知道，有一段時間，拉丁美洲走在了前面。

Right now, for the last two quarters, we've seen a lot of strength coming out of Europe, and we haven't introduced financial wellness yet in Europe. So that's talk about more to come over the next few quarters and years, we really feel excited about all of the levers we have at our disposal, if I can say, to drive that long-term value for our customers.

目前，在過去的兩個季度裡，我們看到歐洲經濟表現強勁，但我們尚未在歐洲推出財務健康計畫。所以，未來幾季和幾年裡，我們將推出更多產品，我們對我們所掌握的所有資源感到非常興奮，可以說，這些資源將為我們的客戶創造長期價值。

Thank you. That is the end of the Q&A session, and this concludes today's call. Thank you for joining, everyone. You may now disconnect your lines.

謝謝。問答環節到此結束，今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。