Gen Digital Inc (GEN) 2026 Q3 法說會逐字稿

Good afternoon, everyone. Thank you for standing by. My name is Tamia, 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。我叫塔米婭，今天我將擔任你們的會議接線生。今天的通話正在錄音。（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, Tamia, and good afternoon, everyone. Welcome to Gen's third quarter fiscal year 2026 earnings call. Joining me today are Vincent Pilette, CEO; and Natalie Derse, CFO. As a reminder, there will be a reminder 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 measures are non-GAAP, and all growth rates are year over year unless otherwise stated.

謝謝你，塔米婭，大家下午好。歡迎參加 Gen 公司 2026 財年第三季財報電話會議。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，本次電話會議的提醒訊息將會發佈在投資者關係網站上，同時也會附上我們的投影片和新聞稿。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. 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 our current beliefs, assumptions and expectations as of today's date, February 5, 2026.

我們的新聞稿和獲利報告中包含了非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，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。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。這些聲明是基於我們截至 2026 年 2 月 5 日的當前信念、假設和預期。

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 statements 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。如需了解更多信息，請參閱我們新聞稿中的警示性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, and thanks, everyone, for joining us. We continue to make steady progress toward our long-term vision building a trusted AI-powered platform that keeps people safe online and helps them manage their financial lives. Our results show the strategy is working. We delivered another quarter of double-digit bookings growth, grew our paid customer base to more than 78 million and increased non-GAAP EPS 14% year over year. What matters most is what these results represent, growing trust.

謝謝傑森，也謝謝大家的參與。我們正穩步朝著長期願景邁進，建立一個值得信賴的人工智慧平台，保障人們的網路安全，並幫助他們管理財務生活。我們的結果表明，該策略是有效的。我們連續第二季實現了兩位數的預訂量成長，付費客戶群成長至超過 7,800 萬，非 GAAP 每股盈餘較去年同期成長 14%。最重要的是這些結果所代表的意義：增強信任。

Millions of people choose Gen to stay safe online, protect their identity and manage their financial lives. Everything we build is designed to earn that trust every day. Today, I'll focus on three things: how AI is reshaping the threat landscape, how cyber safety and financial wellness needs are converging, and how our unified AI-driven platform underpins durable long-term growth. And after that, Natalie will review our financials. So let's start with the threat landscape.

數百萬用戶選擇 Gen 來保障線上安全、保護身分資訊和管理財務生活。我們打造的一切都是為了每天贏得這份信任。今天，我將重點討論三件事：人工智慧如何重塑威脅格局，網路安全和財務健康需求如何融合，以及我們統一的人工智慧驅動平台如何支撐持久的長期成長。之後，娜塔莉將審查我們的財務狀況。那麼，我們先來看看威脅情勢。

The most dangerous attacks today no longer look like traditional hacking. They are embedded into everyday digital experiences: shopping, social feeds, search or payments. Consumers are not being breached through technical exploits. They're being redirected from trusted behaviors into outcomes that look legitimate and feel safe. Sponsored ad, a realistic video endorsement, a QR code at checkout, a device pairing prompt, any one of these can trigger a scam that compromises both digital identity and financial health.

如今最危險的攻擊已經不再像傳統的駭客攻擊那樣猖獗。它們已融入日常數位體驗：購物、社交資訊流、搜尋或付款。消費者權益並未因技術漏洞而受到侵害。他們正被引導從值得信賴的行為轉向看起來合法且感覺安全的結果。贊助廣告、逼真的影片代言、結帳時的二維碼、裝置配對提示，這些都可能觸發詐騙，從而損害數位身分和財務健康。

We see this shift clearly in our data. Across Gen, we block tens of millions of scam attempts every quarter, most tied to financial fraud. Last quarter alone, we blocked more than 45 million fake online shop attacks, up over 60% year over year. These scams mirror exactly how people shop today and scammers are following consumers in those same channels. As a result, fake ads now represent more than 40% of all consumer cyber threats that are visually indistinguishable from legitimate brands, and the fraud often is not revealed until credentials are stolen and payments are made.

我們的數據清楚地顯示了這種轉變。在 Gen 平台，我們每季都會攔截數千萬次詐騙企圖，其中大部分與金融詐騙有關。光是上個季度，我們就攔截了超過 4,500 萬次虛假網路商店攻擊，較去年同期成長超過 60%。這些騙局與人們現今的購物方式完全吻合，詐騙分子也正是透過這些管道追蹤消費者。因此，虛假廣告現在佔所有消費者網路威脅的 40% 以上，這些虛假廣告在視覺上與合法品牌無法區分，而這種詐欺行為往往要等到憑證被盜、付款發生後才會被發現。

Speed is the second major shift. AI has compressed the life cycle of attacks from months to days, sometimes hours. It has lowered the cost and effort required to launch personalized scams at scale. The implications are clear: more attacks, faster execution and higher success rates. And Gen is built for this reality.

速度是第二個重大變化。人工智慧將攻擊的生命週期從數月縮短到數天，有時甚至數小時。它降低了大規模進行個人化詐騙所需的成本和精力。這意味著更多的攻擊、更快的執行速度和更高的成功率。Gen正是為因應這種情況而打造的。

Because of our scale and the depth of our telemetry, Gen has a unique view into how threats emerge, spread and intersect with real consumer behavior. We analyze real-time signals across security, identity, devices, platforms and financial activities. This lets us go beyond blocking threats to understanding risk as it evolves and adapting protection dynamically. Cyber safety today is no longer about blocking malware or bad website after the fact. It is about understanding behavior, intent, context in the moment across identity devices, platforms and money.

由於我們的規模和遙測資料的深度，Gen 對威脅的出現、傳播以及與真實消費者行為的交集有著獨特的見解。我們分析安全、身分、設備、平台和金融活動中的即時訊號。這使我們能夠超越阻止威脅，了解風險的演變並動態地調整防護措施。如今的網路安全不再是事後封鎖惡意軟體或不良網站。它關乎理解在身分設備、平台和金錢等不同情境下的行為、意圖和背景。

And Gen's platform is built for exactly that. This approach is resonating. Cyber safety bookings grew 5% year over year with double-digit growth in our most comprehensive Norton 360 with LifeLock offerings. Customers are choosing broader protection because of the risks they face are broader. Looking ahead, AI agents represent the next major shift and the next major consumer risk.

而 Gen 的平台正是為此而打造的。這種方法引起了共鳴。網路安全預訂量年增 5%，其中我們最全面的 Norton 360 with LifeLock 產品組合實現了兩位數的成長。由於面臨的風險範圍更廣，客戶選擇更廣泛的保障。展望未來，人工智慧代理代表著下一個重大變革和下一個重大消費者風險。

Millions of people already use AI agents to browse, shop, manage accounts and make decisions on their behalf, and adoption is accelerating. These systems act like humans online but at far greater speed and scale, creating new vulnerabilities. AI agents can be received the same way people can through fake ads, impersonation sites or misleading messages, but the speed and impact are amplified. We're already seeing agents click on fraudulent ads and the credentials into impersonation sites and authorized transaction based on manipulated information. Take Openflow as an example.

數以百萬計的人已經在使用人工智慧代理來瀏覽網頁、購物、管理帳戶並代表他們做出決定，而且這種趨勢正在加速發展。這些系統在線上的行為方式與人類類似，但速度和規模要大得多，產生了新的漏洞。人工智慧代理可能像人類一樣透過虛假廣告、冒充網站或誤導性資訊被人們感知，但其速度和影響會被放大。我們已經看到一些代理商點擊欺詐性廣告，並將憑證登入冒充網站，並基於篡改的資訊授權交易。以 Openflow 為例。

It runs locally and performs tasks on your behalf, like managing e-mails and automating daily activities. To work, these agents access your files, your messages and credentials. And if something goes wrong, the consequences can be severe. A single malicious e-mail could prompt an AI agent to scan a device, extract sensitive data and send them out without exploiting any traditional software bug. The AI is doing exactly what it was designed to do, just without enough safeguards.

它在本地運行，並代表您執行任務，例如管理電子郵件和自動化日常活動。為了工作，這些代理需要存取您的文件、訊息和憑證。如果出了什麼差錯，後果可能很嚴重。一封惡意電子郵件就可能誘使人工智慧代理掃描設備，提取敏感資料並將其發送出去，而無需利用任何傳統軟體漏洞。人工智慧正在按照設計意圖運行，只是缺乏足夠的安全保障。

Autonomous agents redefine what consumer cyber safety means. Protection is no longer just about protecting users. It's about protecting the autonomous systems people rely on. Security cannot be optional, but the providers of these innovations are not focused on making it foundational. That is a gap Gen is uniquely positioned to fill.

自主代理重新定義了消費者網路安全的含義。保護不再只是保護使用者。這關乎保護人們賴以生存的自主系統。安全不應是可有可無的，但這些創新技術的提供者並沒有致力於將其作為基礎技術。而Gen公司擁有獨特的優勢，可以填補這一空白。

Earlier this week, Gen Threat Labs introduced a beta version of the world's first agent, Trust Hub. It allows users both humans and AI bots to scan skills for risk before execution, control what agents access and verify safety before it's used. It also includes a curated marketplace of skills maintained by Gen security researchers, effectively the world's first trusted app store for agent skills. Also in December, we launched Norton Neo, the world's first safe AI browser. Adoption has been strong in our installed base, reinforcing demand for AI experiences that are secured by design.

本週早些時候，Gen Threat Labs 推出了全球首款代理程式 Trust Hub 的測試版。它允許用戶（包括人類和人工智慧機器人）在執行技能之前掃描其風險，控制代理的存取權限，並在使用前驗證其安全性。它還包括一個由 Gen 安全研究人員維護的精選技能市場，實際上是世界上第一個值得信賴的代理商技能應用商店。同樣在 12 月，我們推出了 Norton Neo，這是世界上第一款安全的 AI 瀏覽器。在我們的已安裝用戶群中，採用率一直很高，這進一步強化了對設計上就具有安全性的 AI 體驗的需求。

AI agents will go through hype cycles, of course, but the trend is permanent. As AI have becomes embedded in daily life, people need a trusted partner to protect them. The AI economy cannot scale without safety and confidence, and that's where Gen comes in. Our competitive advantage is based on AI combined with and powered by the unmatched breadth of signals that we bring together across security, identity and financial risks. At our skills, those signals allow us to retrain our defenses continuously, detect scams earlier, adapt faster and stop attacks in real time.

人工智慧代理商當然會經歷炒作週期，但這種趨勢是永久性的。隨著人工智慧逐漸融入日常生活，人們需要一個值得信賴的夥伴來保護他們。如果沒有安全性和信任度，人工智慧經濟就無法規模化發展，而這正是 Gen 的用武之地。我們的競爭優勢是基於人工智慧，並結合了我們在安全、身分和金融風險方面收集的無與倫比的廣泛訊號。以我們的技術，這些訊號使我們能夠不斷重新訓練我們的防禦系統，更早發現詐騙行為，更快地適應並即時阻止攻擊。

That allows us to deploy enhanced anti-scam protection across our portfolio, including on-device deepfake detection that can stop an attack during a video playback. These are practical defenses designed to protect consumers against real-world threats. We also recognize that identity threats and financial risks are no longer separate. They are deeply interconnected. That is where Gen delivers true peace of mind, and our customers recognize this shift, trusting us more every day.

這使我們能夠在整個產品組合中部署增強的反詐騙保護，包括設備端深度偽造檢測，可以在視訊播放期間阻止攻擊。這些是旨在保護消費者免受現實世界威脅的實用防禦措施。我們也意識到，身分威脅和財務風險不再是相互獨立的。它們之間有著深刻的連結。正是在這裡，Gen 帶來了真正的安心感，我們的客戶也意識到了這種轉變，每天都更加信任我們。

Across our portfolio, we're approaching 100 million active financial accounts monitored and over 500 million protected endpoints. Each month, customers take millions of financial actions, allowing us to strengthen protection, personalization and recommendations. Within LifeLock, we continue to expand beyond traditional identity protection. Financial accounts monitored grew double digits year over year to nearly 50 million. We are redesigning the LifeLock experience to deliver clear and expanded alerts, personalized insights and more actionable recommendations reinforcing its position as the most trusted financial protection partner.

在我們的產品組合中，我們監控的活躍金融帳戶已接近 1 億個，受保護的終端超過 5 億個。每個月，客戶都會進行數百萬次財務操作，這使我們能夠加強保護、個人化和推薦服務。在 LifeLock，我們不斷拓展業務範圍，超越傳統的身分保護。受監測的金融帳戶數量年增兩位數，接近 5,000 萬。我們正在重新設計 LifeLock 體驗，以提供更清晰、更全面的警報、個人化的見解和更具可操作性的建議，從而鞏固其作為最值得信賴的金融保障合作夥伴的地位。

MoneyLion also continues to perform strongly, with nearly 40% revenue growth in Q3. More importantly, it is evolving into an always-on financial hub. Beyond short-term liquidity solutions, we're helping consumers manage cash flow, build confidence and protect financial progress they're working hard to achieve. Later this year, we will launch Money One, a new subscription, combining the best of MoneyLion with scam and identity protection currently in close beta and moving towards early access. This quarter, we introduced a new feature like Found Money, our savings optimization assistant.

MoneyLion 也持續保持強勁的業績，第三季營收成長近 40%。更重要的是，它正在發展成為一個全天候的金融中心。除了提供短期流動性解決方案外，我們還幫助消費者管理現金流、建立信心並保護他們努力實現的財務成果。今年晚些時候，我們將推出 Money One，一項新的訂閱服務，它將 MoneyLion 的最佳功能與目前處於封閉測試階段並即將進入早期訪問階段的詐騙和身份保護功能相結合。本季度，我們推出了「發現資金」等新功能，這是我們的儲蓄優化助理。

Early engagement has been strong. 60% of user engaging with Found Money interacted with an offer and 30% linked at least one additional account, strengthening the data foundation that powers personalized guidance. Leveraging the strength of Gen, we also embedded scam security and risk detection directly into MoneyLion's transaction insights. And as adoption grows, this reinforces the flywheel between engagement, insight and value. And as a result, we delivered record highs in Instacash usage, RoarMoney deposits and card activity, prove that trust, safety and growth scale together.

早期用戶參與度很高。 60% 的 Found Money 用戶與優惠活動進行了互動，30% 的用戶關聯了至少一個其他帳戶，這增強了支援個人化指導的資料基礎。借助 Gen 的強大功能，我們也將詐騙安全和風險偵測直接嵌入 MoneyLion 的交易洞察。隨著採用率的提高，這將加強參與度、洞察力和價值之間的良性循環。因此，我們在 Instacash 使用量、RoarMoney 存款和銀行卡活動方面都創下了歷史新高，證明信任、安全和成長是相輔相成的。

Our marketplace, Engine, continues to scale under the Gen brand. This quarter, Engine processed a record number of inquiries as we expanded into new credit cards and mortgage categories and integrated Engine more deeply into our consumer brands, helping insights turn into action more often. Yesterday, we announced an expanded partnership with Equifax using Equifax' differentiated data to enable enhanced alerts and insights for our customers across our entire portfolio. It also enables Equifax to offer more personalized financial offer on myequifax.com powered by Engine. Stepping back.

我們的市場平台 Engine 在 Gen 品牌下持續發展壯大。本季度，隨著我們拓展到新的信用卡和抵押貸款類別，並將 Engine 更深入地整合到我們的消費者品牌中，Engine 處理了創紀錄的查詢數量，從而幫助洞察更頻繁地轉化為行動。昨天，我們宣布擴大與 Equifax 的合作關係，利用 Equifax 的差異化數據，為我們整個產品組合的客戶提供更強大的警報和洞察力。它還使 Equifax 能夠在由 Engine 提供支援的 myequifax.com 上提供更個人化的金融產品/服務。後退一步。

Our platform strategy is a real differentiator. Across Norton, Avast, LifeLock and MoneyLion, we operate leading consumer brands that generate high-value signals on behavior, risk and intent that are amplified by our marketplace. Engine alone now processed over 360 million inquiries annually with expanding financial product verticals and improving conversion.

我們的平台策略是真正的差異化優勢。我們旗下擁有 Norton、Avast、LifeLock 和 MoneyLion 等領先的消費品牌，這些品牌能夠產生有關行為、風險和意圖的高價值訊號，而這些訊號又會透過我們的市場得到放大。光是引擎本身每年就能處理超過 3.6 億次查詢，不斷拓展金融產品領域，並提高轉換率。

What sets Gen apart is how we connect these inputs to create value for our customers and the business. Unifying AI and our data-driven platform to bring together security telemetry, identity events, financial behavior and marketplace interactions is at the core of our strategy. This shared foundation allows us to move beyond static protection and deliver personalized contextual guidance when it matters the most. After building our modular cyber safety tech stack, we're now focused on expanding our unified data platform and automation trust layer, turning vast amounts of data into actionable intelligence that helps consumers make better digital and financial decisions. In an AI-driven world, where outputs can be biased or manipulated, Gen's ability to anchor guidance in verified identity and trusted data is a durable competitive advantage.

Gen 的獨特之處在於我們如何將這些投入連結起來，為我們的客戶和企業創造價值。將人工智慧與我們的數據驅動平台結合，把安全遙測、身分事件、金融行為和市場互動整合在一起，是我們策略的核心。這一共同基礎使我們能夠超越靜態保護，並在最關鍵的時刻提供個人化的情境指導。在建構了模組化網路安全技術堆疊之後，我們現在專注於擴展統一資料平台和自動化信任層，將海量資料轉化為可操作的情報，幫助消費者做出更好的數位和財務決策。在人工智慧驅動的世界中，輸出結果可能存在偏差或被操縱，而 Gen 能夠將指導建立在經過驗證的身份和可信任數據之上，這是一種持久的競爭優勢。

And our strategy is simple: turn proprietary signals into trusted recommendation and scale them across our products and partners. We are already seeing early benefits. Our AI life cycle agent is orchestrating customer life cycle communication, engagement and personalization across the portfolio. Our real-time data platform powers customer-facing features like protection score, giving consumers a clear actionable view of their protection. And shared LLM frameworks are accelerating innovation across products with new agent capabilities deployed in MoneyLion and Norton Money app.

我們的策略很簡單：將專有訊號轉化為值得信賴的推薦，並將其推廣到我們的產品和合作夥伴。我們已經開始看到初步成效。我們的人工智慧生命週期代理正在協調整個產品組合中的客戶生命週期溝通、互動和個人化。我們的即時數據平台為面向客戶的功能（例如保護評分）提供支持，使消費者能夠清晰、可操作地了解自己的保護情況。共享的 LLM 框架正在加速跨產品的創新，MoneyLion 和 Norton Money 應用中部署了新的代理功能。

So in closing, success for Gen is defined by trust, earning it, scaling it and delivering it in the moments that matter the most, helping people make safer, smarter digital financial decisions. Cyber safety remains foundational, and it's not just a category. It's a promise. And as awareness of Gen portfolio grows, we are increasingly recognized not only as a cybersecurity leader but is a trusted partner across consumers' digital and financial lives. We are executing well in a rapidly changing environment.

最後，Gen 的成功定義為贏得信任、擴大信任規模並在最重要的時刻提供信任，幫助人們做出更安全、更明智的數位財務決策。網路安全仍然是基礎性的，它不僅僅是一個類別。這是個承諾。隨著人們對 Gen 產品組合的了解不斷加深，我們不僅被公認為網路安全領域的領導者，也越來越被認可為消費者在數位和金融生活中值得信賴的合作夥伴。我們在快速變化的環境中表現出色。

Our platform is scaling. Our strategy is working, and we are focused on long-term value creation by earning our customers' trust every single day.

我們的平台正在擴展。我們的策略行之有效，我們專注於透過每天贏得客戶的信任來創造長期價值。

And with that, I'll turn it over to Natalie.

那麼，接下來就交給娜塔莉了。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our Q3 results and also provide some additional color on our performance metrics. I'll then conclude by providing an outlook for Q4 and fiscal year 2026. 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 includes MoneyLion's results from the prior year for comparative purposes.

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三季的業績，並對我們的業績指標進行一些補充說明。最後，我將對第四季和 2026 財年進行展望。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. Q3 was another strong quarter for Gen, with results coming in at the high end of our guidance, driven by record revenue and bookings, double-digit EPS growth and exceptional free cash flow generation. On a reported basis, Q3 bookings was $1.3 billion, up 27% year over year and up 10% on a pro forma basis, with revenue of $1.2 billion, up 26% year over year and up 8% on a pro forma basis. In our Cyber Safety segment, bookings grew 5% and revenue grew 3%. Our strong bookings reflects ongoing demand for our cyber safety subscriptions and is a leading indicator for future revenue.

現在公佈我們的結果。第三季度對 Gen 而言又是強勁的一個季度，業績達到了我們預期的高端水平，這主要得益於創紀錄的收入和訂單量、兩位數的每股收益增長以及出色的自由現金流。根據報告，第三季預訂額為 13 億美元，年增 27%，以備考基準計算成長 10%；營收為 12 億美元，較去年同期成長 26%，以備考基準計算成長 8%。在我們的網路安全領域，預訂量成長了 5%，收入成長了 3%。我們強勁的預訂量反映了市場對我們網路安全訂閱服務的持續需求，也是未來收入的領先指標。

Operating margins remained strong at 61%, as we drive increased leverage in this segment. Growth continues to be supported by secular tailwinds from rising scam activity, driving strong adoption of our Norton 360 memberships across both desktop and mobile. Our higher tier memberships continue to grow double digits, where customers choose the most comprehensive security, privacy and identity protection and our newest capability Genie Pro Scam Protection. Through our expanded features, we are strengthening our product relevancy and driving increased membership conversion now nearing 45%. We will continue to strengthen life cycle messaging and upsell pathways, improving the customer lifetime value across all cohorts.

由於我們在該業務板塊加大槓桿力度，營業利潤率保持在 61% 的強勁水平。成長持續受到日益猖獗的詐騙活動帶來的長期利好因素的支持，推動了 Norton 360 會員資格在桌面和行動裝置上的強勁普及。我們的高級會員數量持續以兩位數的速度增長，客戶選擇最全面的安全、隱私和身分保護以及我們最新的 Genie Pro 防詐騙功能。透過我們擴展的功能，我們正在增強產品的相關性，並推動會員轉換率不斷提高，目前已接近 45%。我們將持續加強生命週期訊息傳遞和追加銷售管道，提升所有客戶群的終身價值。

In our customer success organization, our product recommender continues to scale with select customer cohorts. This is an internally developed AI model that analyzes customer product ownership, feature usage and behavioral signals to deliver more relevant and timely offers. This approach allows us to better match customers with the services that they are most likely to need, improving conversion rates and increasing product penetration across our installed base.

在我們的客戶成功團隊中，我們的產品推薦系統隨著特定客戶群的不斷擴展而持續發展。這是一個內部開發的AI模型，它分析客戶的產品擁有情況、功能使用情況和行為訊號，以提供更相關、更及時的優惠資訊。這種方法使我們能夠更好地將客戶與他們最可能需要的服務進行匹配，從而提高轉換率並提高產品在我們已安裝客戶群中的滲透率。

Early results are encouraging, particularly across our privacy add-on products, with Norton cross-sell penetration now exceeding 26%, which reflects our continued progress towards the targets we set out at our last Analyst Day. Based on this performance, we plan to expand this capability to additional cohorts in Q4 and continue to drive more commercial benefits from our Gen platform.

初步結果令人鼓舞，尤其是在我們的隱私附加產品方面，諾頓交叉銷售滲透率現已超過 26%，這反映出我們在上次分析師日上設定的目標方面持續取得進展。基於這一表現，我們計劃在第四季度將此功能擴展到更多群體，並繼續從我們的 Gen 平台推動更多商業利益。

In our Trust-Based Solutions segment, on a pro forma basis, bookings and revenue grew 23% and 22%, respectively, and more than doubled on a reported basis. Operating margins remained stable at 30%, in line with expectations, as we make targeted investments in MoneyLion and other AI-related initiatives. Performance this quarter was led by nearly 40% revenue growth in MoneyLion, well balanced across strong customer demand for personal financial products like Instacash and further scaling of our Engine marketplace, which enriches the Gen platform through tens of millions of inquiries taking place every quarter.

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 23% 和 22%，按報告基準計算則增長了一倍多。營業利潤率保持穩定在 30%，符合預期，這得益於我們對 MoneyLion 和其他人工智慧相關計劃的定向投資。本季業績主要得益於 MoneyLion 近 40% 的營收成長，這得益於客戶對 Instacash 等個人金融產品的強勁需求，以及 Engine 市場的進一步擴張，該市場每季都會產生數千萬次查詢，從而豐富 Gen 平台。

Double clicking a bit more, Instacash delivered record originations during the quarter, supported by targeted marketing investments to capture elevated demand during the holiday season. At the same time, Engine continued to gain traction as we added new partners across leading financial brands and top online publishers. The strength of the Gen brand and our scaled audience is increasingly elevating Engine as a premium marketplace partner. Growing adoption of third-party financial products on Engine reinforces our mission to help consumers make better financial decisions through embedded experiences across both financial and nonfinancial platforms. And we continue to deliver a steady growth in our Identity offerings.

Instacash 再多做幾次雙擊，就在本季度實現了創紀錄的貸款發放量，這得益於有針對性的營銷投資，以抓住假期期間不斷增長的需求。同時，隨著我們與領先的金融品牌和頂級線上出版商建立新的合作夥伴關係，Engine 的發展勢頭持續增強。Gen品牌的強大實力和我們龐大的用戶群正日益提升Engine作為優質市場合作夥伴的地位。Engine 上第三方金融產品的日益普及，鞏固了我們透過嵌入金融和非金融平台的體驗來幫助消費者做出更好的財務決策的使命。我們的身分識別產品和服務也持續穩定成長。

We remain our -- which remain our highest value customer cohort with the highest retention. We are also advancing our secure financial wellness strategy with the initial rollout of a LifeLock-branded marketplace that now includes offers from leading credit card issuers and high-yield savings accounts. While still early, initial test results are encouraging, particularly in driving offer engagement with our LifeLock cohorts.

我們仍然是我們的——他們仍然是我們最有價值、客戶留存率最高的客戶群。我們也在推動我們安全的財務健康策略，首先推出了 LifeLock 品牌市場，該市場現在包括來自領先信用卡發行商和高收益儲蓄帳戶的優惠。雖然還處於早期階段，但初步測試結果令人鼓舞，尤其是在提高 LifeLock 用戶群的參與度方面。

And across the segments, our direct channels continue to reflect the strength of our first-party portfolio and innovation efforts with revenue growing 18% as reported and 6% pro forma. Our partner business continues to scale impressively, growing revenue 88% as reported and 23% pro forma, supported by diversified growth across the portfolio, led by Engine marketplace, retail channels, particularly in Japan, and employee benefits, which delivered another strong double-digit quarter of growth driven by continued new logo acquisition during open enrollment season.

在各個細分市場中，我們的直接管道繼續反映出我們第一方產品組合和創新努力的實力，報告顯示收入增長了 18%，按備考計算增長了 6%。我們的合作夥伴業務繼續保持令人矚目的成長勢頭，報告顯示收入增長了 88%，按備考數據計算增長了 23%，這得益於業務組合的多元化增長，其中以 Engine 市場、零售渠道（尤其是在日本）和員工福利為主導，這些業務在開放註冊季期間持續獲得新客戶，再次實現了強勁的兩位數季度增長。

We continue to drive broad-based growth in our paid customer base, now totaling over 78 million customers and up 1 million sequentially. Cyber Safety direct customers were up 0.5 million as we continue to expand across the regions and channels, consistent with prior quarters. And we are acquiring new customers through MoneyLion and Engine marketplace as we add new verticals, all with sustainable, healthy returns. Now turning to profitability. Q3 operating income was $629 million, translating to a 51% operating margin, in line with our expectation.

我們的付費客戶群持續實現全面成長，目前客戶總數已超過 7,800 萬，季增 100 萬。與前幾季相比，網路安全直接客戶增加了 50 萬，我們繼續在各個地區和通路擴張，保持了這一成長勢頭。我們透過 MoneyLion 和 Engine 市場不斷拓展新的垂直領域，從而獲得新客戶，所有這些都帶來了可持續的健康回報。現在來談談獲利能力。第三季營業收入為 6.29 億美元，營業利益率為 51%，符合我們的預期。

Our margins remain robust across our segments as we scale and diversify. We remain committed to operating in a disciplined fashion as our results demonstrate, scrutinizing our cost envelope proactively. We have and will continue to invest in our strategic AI opportunities. We will invest in our long-term strategic growth initiatives while remaining steadfast in driving efficiencies. Q3 net income was $394 million, and diluted EPS was $0.64, up 14% year over year as reported and at the high end of our guidance.

隨著我們規模擴大和業務多元化，我們各個業務板塊的利潤率仍然保持穩健。正如我們的業績所證明的那樣，我們將繼續秉持嚴謹的經營方式，並積極主動地審查成本控制。我們過去一直並將繼續投資於我們的策略性人工智慧機會。我們將投資長期策略成長計劃，同時堅定不移地提高效率。第三季淨利為 3.94 億美元，稀釋後每股收益為 0.64 美元，年增 14%，達到我們預期的上限。

This represents our ninth consecutive quarter of achieving or exceeding our 12% to 15% EPS growth target, reflecting consistent execution and capital allocation. During the quarter, we reduced our weighted average ending share count to 618 million, down 5 million shares year over year. Interest expense was $131 million in Q3, and our non-GAAP tax rate remained steady at 22%. Turning to our balance sheet and cash flow. Q3 ending cash balance was $619 million, representing over $2.1 billion of liquidity, including our $1.5 billion revolver.

這標誌著我們連續第九個季度實現或超過 12% 至 15% 的每股盈餘成長目標，反映了我們持續的執行力和資本配置。本季度，我們的加權平均期末股份數量減少至 6.18 億股，較上年同期減少 500 萬股。第三季利息支出為 1.31 億美元，非 GAAP 稅率維持在 22% 不變。接下來來看看我們的資產負債表和現金流量表。第三季末現金餘額為 6.19 億美元，流動資金超過 21 億美元，其中包括我們的 15 億美元循環信貸額度。

During the quarter, we generated $541 million in operating cash flow and $535 million in free cash flow. This robust free cash flow enabled us to deploy nearly $700 million of capital for shareholders, including $300 million towards share repurchases, which is 11 million shares as well as $300 million of debt repayment and $77 million of regular quarterly dividend. We exited the quarter with net leverage at 3.1 times EBITDA, which puts us ahead of schedule for our goal to drive net leverage below 3 times in fiscal year 2027 while maintaining flexibility to continue investing in growth and additional capital returns. Please note, we are currently exploring refinancing options for our TLA, our Term Loan A, which matures in September of fiscal 2028. Early market discussions have been encouraging, and we expect to complete this before it becomes current.

本季度，我們產生了 5.41 億美元的營運現金流和 5.35 億美元的自由現金流。強勁的自由現金流使我們能夠為股東投入近 7 億美元的資金，其中包括 3 億美元用於股票回購（即 1,100 萬股），3 億美元用於償還債務，以及 7,700 萬美元用於支付季度股息。本季末，我們的淨槓桿率為 EBITDA 的 3.1 倍，這使我們提前實現了在 2027 財年將淨槓桿率降至 3 倍以下的目標，同時保持靈活性，繼續投資於成長和額外的資本回報。請注意，我們目前正在探索為我們的 TLA（定期貸款 A）進行再融資的方案，該貸款將於 2028 財年 9 月到期。早期的市場討論令人鼓舞，我們預計將在相關政策生效前完成這項工作。

For Q4 fiscal 2026, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on March 11, 2026, for all shareholders of record as of the close of business on February 16, 2026. These strong quarterly results underscore our commitment to driving profitable growth with disciplined execution, generating strong free cash flow and returning capital to shareholders that have become hallmarks for Gen.

董事會批准向截至 2026 年 2 月 16 日營業結束時登記在冊的所有股東派發 2026 財年第四季普通股 0.125 美元的季度現金股息，將於 2026 年 3 月 11 日支付。這些強勁的季度業績凸顯了我們致力於透過嚴謹的執行力推動獲利成長、產生強勁的自由現金流並向股東返還資本，這已成為 Gen 的標誌。

Now let me share our Q4 and fiscal year 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四季和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 are raising our annual guidance and now expect full year revenue in the range of $4.955 billion to $4.975 billion, up from our prior expectation of $4.92 billion to $4.97 billion. We expect non-GAAP EPS to be in the range of $2.54 to $2.56, representing our continued commitment to achieving a 12% to 15% annual EPS growth. This implies an expected Q4 non-GAAP revenue in the range of $1.24 billion to $1.26 billion and EPS in the range of $0.64 to $0.66. Our Q4 and full year guidance assumes high single-digit pro forma growth and disciplined cost management while funding targeted longer-term growth initiatives and investments in the Gen platform and additional AI capabilities. This guidance range also assumes current FX rates for Q3.

對於 2026 財年，我們提高了年度預期，現在預計全年營收將在 49.55 億美元至 49.75 億美元之間，高於我們先前預期的 49.2 億美元至 49.7 億美元。我們預計非GAAP每股收益將在2.54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。這意味著預計第四季非GAAP營收將在12.4億美元至12.6億美元之間，每股收益將在0.64美元至0.66美元之間。我們對第四季和全年業績的預期是基於高個位數的備考成長和嚴格的成本控制，同時為有針對性的長期成長計畫以及對Gen平台和額外人工智慧能力的投資提供資金。此指引範圍也假設第三季採用目前的匯率。

We're now well into our final quarter of a very strong fiscal year. We've successfully integrated MoneyLion and continue to accelerate our growth profile while maintaining the same operating discipline that has long defined our strategy. With many opportunities ahead, we are driving healthy growth across both our operating segments and focused on unlocking top line synergies through our secure financial wellness strategy. Operating margins remain strong, and we're continuing to invest in scalable innovation without compromising returns. Our free cash flow generation is robust, creating capacity for growth investments, ongoing opportunistic share repurchases and further delivering -- delevering to drive strong returns for our shareholders.

我們現在已經進入了本財年最後一個季度，而本財年也表現非常強勁。我們已成功整合 MoneyLion，並將繼續加快成長步伐，同時保持長期以來定義我們策略的營運紀律。未來機會眾多，我們正努力推動兩大營運部門的健康成長，並透過穩健的財務健康策略，專注於釋放營收綜效。營業利潤率依然強勁，我們將繼續投資於可擴展的創新，而不會影響回報。我們擁有強勁的自由現金流，為成長投資、持續的機會性股票回購以及進一步降低槓桿率以推動股東獲得強勁回報創造了條件。

We continue to hit the mile markers we've laid out as we navigate towards our long-term growth objectives. I want to thank the entire team for staying focused and delivering great value to our customers and to our shareholders.

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。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。

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）

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

I wanted to come back to consumer AI and what we saw with OpenClaw, Moltbot. I know you touched upon this a little bit, but I think we're becoming more aware of how much trust individuals are going to need to place in the hands of AI that's going to touch all accesses of their digital lives. And I'm just curious how you're thinking about the role Gen can play there in helping consumers. I know you mentioned the agent Trust Hub, AI web cycle, the Neo browser. But do you feel like this could be a material kind of tailwind to demand for cyber safety moving forward? And are you seeing any sort of uptick in pipeline around that so far?

我想回到消費人工智慧領域，談談我們從 OpenClaw 和 Moltbot 身上看到的東西。我知道您之前也稍微提到過這一點，但我認為我們越來越意識到，人們需要對人工智慧抱有多大的信任，因為人工智慧將觸及他們數位生活的方方面面。我很好奇您認為 Gen 在幫助消費者方面可以發揮怎樣的作用。我知道你提到了 Trust Hub 代理、AI 網路週期和 Neo 瀏覽器。但你認為這會成為推動網路安全需求成長的實質助力嗎？目前來看，這方面的業務拓展有任何成長跡象嗎？

Very good question, and I confirm, Roger, that the trend is happening. The revolution of AI is happening, and everybody saw it with the virality of OpenClaw in the last two weeks or even last weekend. I would say I see it in a sequential way suddenly exponential growth. We initially -- as you know, we're protecting in the initial days of the Internet the device and protecting against weakness in the operating systems and then later on protecting against the flurry of website that existed in the early days of uncategorized search tools. All of that create opportunity, as you know, and that's the root of Avast and Norton brands.

問得好，羅傑，我確認這個趨勢正在發生。人工智慧革命正在發生，過去兩週甚至上週末 OpenClaw 的病毒式傳播讓每個人都看到了這一點。我認為它的發展是一個循序漸進的過程，然後突然呈現指數級成長。如您所知，我們最初是在互聯網發展的初期保護設備，防止作業系統中的漏洞，後來又防止在早期未分類搜尋工具出現時湧現的大量網站。如你所知，這一切都創造了機會，而這正是 Avast 和 Norton 品牌的根基。

If you take today this revolution of AI, it is happening in front of us. We're agents in the case of OpenClaw and do your task. As you know, you can send a WhatsApp text to your machine at home and ask them to go and book a restaurant or do other activities, and they will do it. And the agency, if they don't know how to do it or cannot do it via e-mail, may go and download other agents or skills if you want and do it that way. And so then you have an explosion of players around you that are going to try to complete the task you've asked them.

如果你看看今天這場人工智慧革命，它就發生在我們眼前。我們是 OpenClaw 的代理人，負責完成您的任務。如你所知，你可以向家裡的機器發送 WhatsApp 訊息，讓它去預訂餐廳或進行其他活動，它就會照做。如果代理商不知道如何操作或無法透過電子郵件操作，他們可能會根據您的要求下載其他代理商或技能，然後透過這種方式完成操作。於是，你周圍就會湧現一大批玩家，他們會試著完成你交給他們的任務。

Today, like any new innovations, a super fund is an early adopter. Security is not the mindset. It's really about how cool it is to be more efficient to be delegating your tasks to those agents. And similarly that, at the beginning, the operating system were not fully secured and Norton created the antivirus, we feel there's a huge gap here to singly focus on bringing that trust and security and verification inside this environment. As you mentioned, we launched the agent Trust Hub at Gen from our lab.

如今，像任何新技術一樣，退休基金也是早期採用者。安全感不是一種心態。實際上，將任務委託給這些代理人可以顯著提高效率，這非常棒。同樣地，在作業系統初期，安全性並不高，而諾頓開發了防毒軟體，我們認為這裡存在著一個巨大的差距，需要集中精力在這個環境中建立信任、安全性和驗證機制。正如您所提到的，我們從實驗室在 Gen 推出了代理 Trust Hub。

It actually comes from the fact that, over the last two weeks, we saw many of our Norton users starting to use some agents, cascading those activities to other agents and so exposed to risk. There's over 18,000 skills that have exposure to the Internet that can be pulled by your agents. Some of them could be malicious. Some of them could leak some of your information like password or other things if you give them access to your machine. And people don't always know what they will do.

實際上，這是因為在過去兩周里，我們看到許多諾頓用戶開始使用一些代理，並將這些活動傳遞給其他代理，從而面臨風險。您的經紀人可以從網路上獲取超過 18,000 種技能。其中一些可能是惡意的。如果你讓他們訪問你的電腦，他們中的一些人可能會洩露你的一些信息，例如密碼或其他東西。人們並不總是知道自己會做什麼。

This Trust Hub will enable to really validate whether an agent or skills will have a set of risks and decide whether it's an acceptable risk or not. And actually, very uniquely, we built it for bots and agents. So website normally designed for humans and you can if you want to program it yourself. But it's also for the agent to go and look at it. You see what's verified or risky, and then where the marketplace is to see which other skills can be used.

這個信任中心將能夠真正驗證代理人或技能是否存在一系列風險，並決定這些風險是否可以接受。事實上，我們非常獨特地將其建構成機器人和代理程式。所以，網站通常是為人類設計的，當然，如果你想自己編程，也可以。但經紀人也應該去查看一下。你可以看到哪些技能是經過驗證的，哪些是有風險的，然後看看市場在哪裡，可以運用哪些其他技能。

Similarly that when the Internet and the different websites were not fully categorized and search organized, we can play that role of helping what is safe and secure to give confidence for you or your agents to go and delegate those tasks. So now it's not only anymore about protecting a machine, then we were moving to protecting a user with multiple surface exposure. Now it's about protecting a user plus an infinite amount of agents that can represent that users. And so we definitely see this as a renewed need for our mission to play right in that center and that revolution.

同樣，當網路和各種網站還沒有完全分類和組織搜尋時，我們可以發揮這樣的作用，幫助確定哪些內容安全可靠，從而讓您或您的代理人有信心去委託這些任務。所以現在不只是保護機器了，我們還要保護使用者免受多種表面接觸的影響。現在的問題在於保護用戶以及可以代表該用戶的無數個代理程式。因此，我們絕對認為，我們的使命需要重新聚焦於這場變革的中心。

Awesome. I appreciate all the color there. And just a quick follow-up on the MoneyLion business. Again, very solid growth there, 40%. I just want to confirm, where are you kind of in that shift over to kind of more subscriptions in that business? I think you noted that some of those are trending towards early access. But it seems like still very early days. But how at all is that impacting the growth in that business and then your outlook for trust-based services for the rest of the year?

驚人的。我喜歡那裡的色彩。最後再簡單跟進一下 MoneyLion 的業務。再次強調，該領域成長非常穩健，達到 40%。我只是想確認一下，你們公司在向訂閱模式轉型方面進展如何？我想你已經注意到，其中一些產品正朝著提前體驗的方向發展。但現在看來，一切似乎還處於非常早期的階段。但這會對該業務的成長產生怎樣的影響？您對今年剩餘時間基於信任的服務有何展望？

Yeah. 100%, and we said the mark for a very, how could I say, cautious pace, it doesn't mean a slow pace, but a cautious pace to make sure that we follow the consumer needs where they are, and we do not compromise the customer experience. MoneyLion itself in the financial wellness sector is growing ahead of market, continue to be very strong on both leg, the personal consumer offering led within Instacash but also membership savings account. And then with Engine, that's really outgrowing the rest. And today, the ratio is roughly 60% on the consumer side or the personal financial side and then 40% on the Engine side.

是的，百分之百。我們說過，要採取非常謹慎的步伐，這並非指速度慢，而是指謹慎的步伐，以確保我們能夠滿足消費者的需求，並且不會損害客戶體驗。MoneyLion 在金融健康領域本身就實現了領先市場的成長，在個人消費產品（以 Instacash 為主導）和會員儲蓄帳戶兩方面都保持著強勁的成長勢頭。而 Engine 的發展速度真的遠遠超過了其他產品。而如今，消費者或個人金融領域的比例約為 60%，引擎領域的比例約為 40%。

We continue to see steady growth. You mentioned 40%. We do have a good business responsible management where we set the long-term business growth at around 30% as we scale for a margin that is above 20%. And then when we see pocket of acceleration, we'll, of course, capture them as we saw this quarter. As we continue to scale this business, the biggest opportunity for us is really to drive the revenue synergies across the portfolio.

我們持續看到穩定成長。你提到了40%。我們擁有良好的企業責任管理，將長期業務成長設定在 30% 左右，同時擴大規模以實現 20% 以上的利潤率。然後，當我們看到加速成長的跡象時，我們當然會像本季一樣抓住它們。隨著我們不斷擴大業務規模，我們面臨的最大機會在於真正推動整個產品組合的收入綜效。

As we see our customers, already when they come to cyber safety, their number one concern is to protect against a financial damage, to protect their financial health. And now with MoneyLion, as we embedded white label and created into our Norton and Avast, LifeLock applications, we enable the consumers to not only be protected but improve that position. We have a few activities put in. We started -- created Engine version into LifeLock, where we're redesigning the experience here. We've seen an increase -- a double-digit growth in LifeLock customer connecting their bank account into the LifeLock app to be able to detect anomalies and give advice on that.

我們發現，我們的客戶在網路安全方面，最關心的是防止經濟損失，保護他們的財務健康。現在，透過 MoneyLion，我們將白標產品嵌入到 Norton、Avast 和 LifeLock 應用程式中，不僅能夠保護消費者，還能提升他們的保護水準。我們安排了一些活動。我們從 LifeLock 開始——創建了 Engine 版本，我們正在重新設計這裡的使用者體驗。我們發現，將銀行帳戶連接到 LifeLock 應用程式以檢測異常情況並獲得相關建議的 LifeLock 客戶數量實現了兩位數的成長。

And that will continue as we said. We launched last quarter Norton Money both in the employee benefit channel, which will only, as you know, show up materially at time of benefit inscription at the end of the calendar year. And then we also launched it into our own installed base to really refine and connect between cyber safety and financial wellness. And we see early adoption of -- and convergence of the need between the cybersecurity and the financial health position. Those are really good fact patterns. We said that we'll start sizing revenue synergies and then overall long-term growth after this fiscal year, so probably in the May time frame for the next fiscal year.

正如我們所說，這種情況還會持續下去。我們上個季度在員工福利管道推出了 Norton Money，但如您所知，它只有在年底福利登記時才會真正體現出來。然後，我們還將其推廣到我們自己的用戶群中，以真正完善網路安全和財務健康之間的連結。我們看到網路安全和財務健康領域的需求正在迅速融合。這些都是非常好的事實模式。我們說過，我們將在本財年結束後開始評估收入綜效，然後評估整體長期成長，所以可能在下一個財年的五月左右。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Maybe I just wanted to spend a second on -- if you could kind of go more into the Equifax partnership and just how that can help drive incremental MoneyLion product adoption, if there's any kind of economics of the partnership that we should be mindful of.

偉大的。我可能只想花一點時間談談——您能否更詳細地介紹一下與 Equifax 的合作關係，以及這種合作關係如何能夠幫助推動 MoneyLion 產品逐步普及，以及這種合作關係在經濟方面是否存在任何我們應該注意的問題。

Yeah, very good. So you referred to our partnership we just announced two days ago with Equifax. Up to now and before we penetrated financial wellness, our relationship with the credit bureaus was essentially a vendor to customer relationship. We were consuming some of their data, some of their information to embed that into our proprietary algorithm and modules to give alerts to our customers, help them restore and serve them that peace of mind that their financial profile in the digital world was fully protected. With MoneyLion, especially the Engine now, we're able to match financial institution offers with consumer traffic.

是的，非常好。所以您指的是我們兩天前剛宣布的與 Equifax 的合作關係。直到現在，在我們涉足財務健康領域之前，我們與信用機構的關係本質上是一種供應商與客戶的關係。我們使用他們的一些數據和信息，將其嵌入到我們專有的演算法和模組中，以便向我們的客戶發出警報，幫助他們恢復並讓他們安心，確保他們在數位世界中的財務狀況得到全面保護。借助 MoneyLion，尤其是現在的引擎，我們能夠將金融機構的優惠與消費者流量進行配對。

And then, as you know, we already embedded in that some of the LifeLock benefits, some of the identity protection, and we have very strong momentum. That enabled us to have a very strong strategic discussion with Equifax, a two way discussion, and their strategy is essentially positioned on the financial institution, the SMB, the enterprise side if you want.

而且，正如您所知，我們已經將 LifeLock 的一些優勢和一些身分保護功能融入其中，我們目前發展勢頭非常強勁。這使我們能夠與 Equifax 進行非常深入的策略討論，進行雙向討論，他們的策略基本上定位在金融機構、中小企業和大型企業方面。

And as we are very strongly and uniquely focused on the consumer side, coming together, if you want, we can bring more value to the customer. So on one way, we now have deep access to their differentiated data set, not just credit monitoring but the credit block and some utilities and really expand the alerts and visibility for the consumers on their risk profile out there. And then they're going to use Engine on myequifax.com to bring all of their traffic a more personalized, both safety and financial solutions offering, which will increase, over time, obviously, monetization.

而且，由於我們非常注重消費者方面，如果我們能夠攜手合作，就能為客戶帶來更多價值。因此，一方面，我們現在可以深入了解他們的差異化數據集，不僅是信用監控，還有信用塊和一些公用事業數據，真正擴大了消費者對其風險狀況的警報和可見性。然後，他們將在 myequifax.com 上使用 Engine，為所有流量提供更個人化的安全和財務解決方案，隨著時間的推移，這顯然會增加盈利。

And then that strategic partnership will also enable to enrich the offers on the Engine as the financial partners that Equifax has relationship with will also then use that Engine platform. So feel pretty excited about that. We obviously look with -- to partner with many others in the industry to really provide this unique value proposition, this matchmaker, if you want, between financial solutions, safety at the core and then consumer with their needs.

此外，這種策略合作夥伴關係也將有助於豐富 Engine 平台上的產品，因為與 Equifax 建立合作關係的金融合作夥伴也將使用該 Engine 平台。所以對此感到非常興奮。我們顯然希望與業內許多其他公司合作，真正提供這種獨特的價值主張，或者說，提供金融解決方案（以安全為核心）與消費者需求之間的匹配服務。

Got it. And maybe just as a follow-up. I know you touched on it but kind of expanding on that last answer. Just any trends between first-party products and third-party products on the MoneyLion marketplace? Any material shifts in any direction?

知道了。或許只是作為後續。我知道你剛才已經提到過了，但我想在上次回答的基礎上再補充一些內容。MoneyLion市場上的第一方產品和第三方產品之間有什麼趨勢嗎？任何物質是否向任何方向移動？

So the short answer is all of the trends you've seen for the last two, three quarters for money have continued and continued. And that's what we embedded in our guidance, and January was no different either. We have grown, as I mentioned, our first-party product, which essentially was not from the Engine only but some of -- from the engine at the somewhat same growth rate at the Engine. And we cite Engine is pretty balanced on the first party and third party. Obviously, where we're strong, like short-term lending and some of the credit builder, we lead in that subcategory. And in others where we don't have, of course, an offering, it could be a credit card or an insurance, we are obviously all third party.

簡而言之，過去兩三個季度你所看到的資金趨勢都在持續發展。這就是我們在指導方針中強調的內容，1 月也不例外。正如我之前提到的，我們的第一方產品已經發展壯大，這基本上不僅來自引擎，而且部分來自引擎——其增長速度與引擎的增長速度大致相同。我們認為 Engine 在第一方和第三方方面都相當平衡。顯然，在我們實力較強的領域，例如短期貸款和一些信用建設產品，我們在該細分領域處於領先地位。當然，在其他一些我們沒有提供的產品/服務的情況下，例如信用卡或保險，我們顯然都是第三方。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Congrats on the results, really, really impressive. Natalie, you didn't talk about fiscal '27 and obviously, you're not guiding to it yet. But when we think about anniversarying MoneyLion, you talked a lot on this call about cross-sell and AI, additives. Are there any sort of high-level kind of early guardrails or kind of building blocks that we should think in reference to profitability?

恭喜能取得這樣的成績，真的非常非常棒！娜塔莉，你沒有談到 2027 財年，顯然，你還沒有開始著手處理這個問題。但當我們談到 MoneyLion 的周年紀念時，你在這次電話會議上談了很多關於交叉銷售、人工智慧和增值服務的內容。就獲利能力而言，我們應該考慮哪些高層次的早期防護措施或基本要素？

Yeah. In the overall business, I would point you to, outside of MoneyLion, we had said we wanted to drive a sustainable mid-single-digit rate of growth over the long term, and we have now done that for several quarters in a row. And so as we go into fiscal year '27 in that same type of period of long-term Analyst Day targets, I would point you to that. Now parts of our business are growing faster than others, especially as you see the MoneyLion results and some of the areas of partner. But all of that's embedded in the guide. All of that is embedded in the mile markers that we put out there.

是的。就整體業務而言，除了 MoneyLion 之外，我們曾表示希望在長期內實現可持續的中等個位數成長率，而我們現在已經連續幾個季度實現了這一目標。因此，當我們進入 2027 財年，在同樣是長期分析師日目標時期，我想向大家指出這一點。現在，我們業務的某些部分成長速度比其他部分快，特別是從 MoneyLion 的業績和一些合作夥伴領域來看。但所有這些內容都包含在指南中。所有這些都體現在我們設立的里程碑中。

Specific guardrails as it pertains to fiscal year '27, I would point you back to that overarching growth and profitability architecture. Don't forget that we had the extra week in this fiscal year, so you definitely want to keep that in mind. Don't forget that the special tax is now behind us, and so that will give us a couple of hundred million dollars of additional capital allocation to go after and to deploy in a productive fashion. And then other than that, it's going to be balancing, making sure that we're investing for the long term while capturing the current demand and continuously driving a very efficient business.

至於 2027 財年的具體保障措施，我想提醒您回到整體成長和獲利架構。別忘了本財年我們多了一周時間，所以你一定要記住這一點。別忘了，特別稅已經結束了，這將為我們帶來數億美元的額外資金，我們可以去爭取並以富有成效的方式進行部署。除此之外，還要保持平衡，確保我們在進行長期投資的同時，抓住當前的需求，並不斷推動業務高效發展。

That's great. That's super helpful. And then, Vincent, I wanted to double click back on MoneyLion synergies. It sounds like you're doing a lot right now. You talked about Money One, and it sounds like synergies maybe later in the year -- fiscal year here. I guess, when we start to think a little bit more broadly about some of these synergies, how do you think about bridging the gap between kind of the historical MoneyLion cohort and kind of your premium base? It feels like there could be a lot of synergies there. But could you see not only cross-selling synergies but also sort of benefiting your premium base?

那太棒了。這太有幫助了。然後，Vincent，我想雙擊返回 MoneyLion 協同效應。聽起來你最近很忙啊。你提到了 Money One，聽起來協同效應可能會在今年稍後出現——這裡指的是本財年。我想，當我們開始更廣泛地思考這些協同效應時，您認為如何彌合歷史上的 MoneyLion 用戶群和您的高級用戶群之間的差距？感覺這兩者之間可能存在著許多協同效應。但您能否看到這不僅可以帶來交叉銷售綜效，還能讓您的優質客戶群受益呢？

Yeah. Actually, we see synergies across the entire cohort as we see the convergence between cyber safety and financial wellness needs from a customer perspective. I mentioned the customer come to our portfolio for about four key reasons, and the number one is always protect me against financial damage. That space, of course, has to run its course. And part of it is us educating, but of course, they have to realize our offering and experiences, et cetera.

是的。實際上，從客戶的角度來看，我們看到了整個群體之間的協同效應，因為網路安全和財務健康需求之間存在著整合。我曾提到，客戶選擇我們的產品組合主要有四個原因，而首要原因始終是保護我免受財務損失。當然，那段時期終究要過去。其中一部分是我們進行教育，但當然，他們也必須了解我們提供的產品和服務以及相關經驗等等。

That's why sometimes you may feel it's slow, but we want to make sure we follow that customer experience. Obviously, LifeLock customers, a little bit more -- or further away in that convergence because they already had organically in our portfolio moved from basic credit monitoring to monitoring your key assets like your home for home title, your bank account for anomalies, and we continue to expand that pool. And so that awareness, if you want, is strong.

所以有時候您可能會覺得速度比較慢，但我們希望確保我們始終提供優質的客戶體驗。顯然，LifeLock 的客戶在這方面走得更遠一些，或者說更深入一些，因為他們已經自然而然地從基本的信用監控擴展到監控他們的關鍵資產，例如監控他們的房屋產權、監控他們的銀行帳戶是否存在異常情況，而且我們仍在不斷擴大這個群體。因此，如果你願意的話，這種意識是很強的。

And now we can bring other additional value. I think I had mentioned to you that one of the first realization that financial wellness was coming closer and closer is as we were monitoring those anomalies and we introduced our AI assistant into the environment, most of the question was not too much please spot the anomaly, was what can I do with it.

現在我們還能帶來其他附加價值。我想我曾經跟你提到過，我們意識到財務健康越來越近的第一個跡像是，當我們監控這些異常情況並將我們的人工智慧助理引入環境時，大多數問題不再是“請找出異常情況”，而是“我能用它做什麼”。

Can I consolidate this? Can I save money here? And we didn't have at the time the value to deliver it. Today with MoneyLion, which, of course, we're creating for a LifeLock customer journey experience, we'll be able to address all of that. So it's expanding that view. We're not approaching it as a cross-sell the same way that maybe a traditional cross-sell has been, and so it's much more customer-driven from a customer adoption using our assistants into the platform.

我可以合併這個嗎？我可以在這裡省錢嗎？而當時我們沒有足夠的價值來交付它。今天，有了 MoneyLion（當然，它是我們為 LifeLock 客戶旅程體驗而創建的），我們將能夠解決所有這些問題。所以它是在拓展這種觀點。我們並沒有像傳統的交叉銷售那樣進行交叉銷售，而是更多地以客戶為中心，透過客戶使用我們的助手進入平台來實現這一目標。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay. Great. And great to see the consistency. Vincent, maybe we'll start with you. There's clearly a lot of success on driving the top of the funnel, right, with various offerings, right? And of course, MoneyLion is the newest one. I'm curious how the addition of all these businesses and the growing membership mix is contributing to retention. I know that's not maybe the perfect metric to look at right now, but I'm just curious how you think about that just as you kind of build this flywheel.

好的。偉大的。很高興看到這種穩定性。文森特，或許我們可以先從你開始。顯然，透過各種產品和服務來推動銷售漏斗頂端客戶取得很大成功，對吧？當然，MoneyLion是最新推出的。我很好奇這些企業的加入以及會員組成日益多元化對會員留存率的提升有何影響。我知道這可能不是現在看待這個問題的最佳指標，但我只是好奇你在建造這個飛輪的過程中是如何考慮這個問題的。

Yeah, absolutely. So before I talk about retention, I would say the customer experience is the most important. That's why very early on in our strategy, we took a modular white label approach in our stack. The second view is it's good to have your modular white label, so you can curate the user interface and experience to your brands. So it's part of your own journey as a special LifeLock customer or a Norton customer or an Avast customer, which is different in adoption of innovations and other things.

是的，絕對的。所以在談論客戶留存率之前，我想說客戶體驗是最重要的。這就是為什麼我們在策略初期就採用了模組化白標方法的原因。第二種觀點認為，擁有模組化的白標是件好事，這樣你就可以根據自己的品牌客製化使用者介面和體驗。所以，作為 LifeLock、Norton 或 Avast 的特殊客戶，這是您個人發展歷程的一部分，在創新和其他方面的採用情況各不相同。

And then you really drive that. Now our second step is to drive that with intelligence. And so unifying our data set across all of our applications to drive intelligence and leverage those intelligence pools, of those LLMs across the different apps is adding more value, personalized, contextualized, finding that right moment of your needs, and that also is a big impact, a big driver in this multi-application or multi-brand portfolio. And then to answer your question, if you do really well in customer experience and you find the right moment and the right intelligence, if you want to do it, you're going to have improved retention. Today, we have our cohort by cohort that continue to improve in retention.

然後你就可以真正地去推動它了。現在，我們的第二步是用智慧來驅動它。因此，將我們所有應用程式中的資料集統一起來，以驅動智慧並利用這些智慧池，以及不同應用程式中的 LLM，可以增加更多價值，實現個人化、情境化，找到滿足您需求的恰當時機，這也會產生巨大的影響，成為多應用程式或多品牌產品組合的重要驅動力。至於你的問題，如果你在客戶體驗方面做得非常出色，並且找到了合適的時機和合適的訊息，如果你想這樣做，你就能提高客戶留存率。如今，我們的每一批學員的留存率都在持續提高。

Of course, MoneyLion doesn't have subscriptions, so we do know about MoneyLion yet in terms of material retention pool. As we'll grow subscription, we'll be able to tell you more at that time. And overall, Gen retention has been stable.

當然，MoneyLion 沒有訂閱服務，所以我們目前還不了解 MoneyLion 的內容保留池情況。隨著訂閱用戶的成長，屆時我們將能夠告訴您更多。整體而言，Gen 的用戶留存率一直保持穩定。

Got it. Got it. Very helpful. Natalie, for my follow-up, maybe for you. It was great to see the strong capital return, I think, in $300 million in the quarter in both delevering and in buybacks. I was just wondering if there are any guardrails that you would have us think about for kind of how you'll deploy kind of going forward beyond Q3.

知道了。知道了。很有幫助。娜塔莉，我的後續回复，或許也是為了你。很高興看到強勁的資本回報，本季透過去槓桿化和股票回購獲得了 3 億美元的回報。我只是想知道，在第三季之後，您在部署方面是否有任何需要我們考慮的指導原則。

Yeah, we were happy about this quarter. It's -- we generate such a substantial amount of free cash flow, and we really challenge ourselves to deploy that in a balanced fashion as fast and as efficiently as we can. And I think Q3 was reflective of that. And Q3 is going to continue in terms of as we look into Q4 and we look into the fiscal year. The tenants are the same. We'll continue the dividend. We'll have a balanced approach across accelerated debt paydown and opportunistic share buyback. We have lots of room left in our buyback program. And as we look to the future, it's going to be a balance across the two. Keep in mind what I mentioned earlier.

是的，我們對這個季度的業績很滿意。我們產生了大量的自由現金流，我們一直在努力以最快、最有效的方式平衡地運用這些現金流。我認為第三季的情況也反映了這一點。第三季的情況將會延續到第四季以及整個財年。租戶還是那些人。我們將繼續派發股息。我們將採取平衡的策略，既加速償還債務，又伺機回購股票。我們的回購計畫還有很大的空間。展望未來，這兩者之間將會保持平衡。記住我之前提到的內容。

We will have a couple of hundred million more than we even did in fiscal year 2026 because we're through the transition tax that kind of hits us and has hit us for the last six years in Q2. So even though we already, on an annualized basis, generate enormous amount of free cash flow to deploy, we'll have even more next year to deploy. We'll do it in a balanced fashion. We stay very committed to -- yes. And we stay very committed to -- like we put that under 3 times net target out there for ourselves. We're really, really close. I mean, even if I look at -- in the next quarter or two, we're going to organically be there through mandatory debt pay down and a little bit of accelerated debt. And so we'll continue the balanced approach. It's working for us.

我們將比 2026 財年多出幾億美元，因為我們已經度過了過渡稅，該稅在過去六年的第二季度一直對我們造成影響。因此，儘管我們每年已經產生大量的自由現金流用於投資，但明年我們將有更多的資金用於投資。我們會以平衡的方式來處理這件事。我們始終堅定地致力於——是的。我們始終堅定不移地致力於實現──就像我們為自己設定的淨利潤低於3倍的目標一樣。我們關係真的非常非常密切。我的意思是，即使我展望未來一兩個季度，我們也會透過強制性債務償還和一些加速償債的方式自然而然地實現目標。因此，我們將繼續採取平衡的策略。這對我們來說很有效。

Rob Coolbrith, Evercore.

Rob Coolbrith，Evercore。

Congratulations to the team on the strong results and outlook. Just wanted to ask on some of the investments you're making operationally in the business. Sales and marketing seem to be accelerated a bit in the quarter. I was just wondering if that's something that's reflective of inflation in the media cost environment or if that's in response to anything you're seeing in the business, maybe faster payback periods, stronger LTVs maybe on the Norton 360 mix shift, which sounds quite positive. And then on R&D, it looks like you're seeing even stronger efficiency and productivity growth there. Just wanted to ask, anything new you could add on the use of AI within the organization, if that makes a strong contribution, just maybe better synergy realization. Anything more you might be able to add on that?

祝賀團隊取得優異成績並展現出良好的前景。我想問貴公司在營運方面進行的一些投資。本季銷售和行銷似乎有所加速。我只是想知道這是否反映了媒體成本環境的通貨膨脹，或者這是否是對您在業務中看到的情況的一種回應，例如更快的投資回收期、更高的客戶終身價值，或者諾頓 360 產品組合的轉變，這聽起來相當積極。而在研發方面，似乎效率和生產力成長更為強勁。我想問一下，關於人工智慧在組織內部的應用，您還有什麼新的見解嗎？它是否能做出重大貢獻，或更好地實現協同效應？您還有什麼可以補充的嗎？

Yeah. Thanks for the questions. We appreciate it. On sales and marketing, let me take that one. We have increased our sales and marketing. We continue to deploy in the market where we see the highest and the most efficient return. There's a few. We're definitely investing in capturing more on an acquisition front the bigger higher ROAS on the membership adoption, so the 360 memberships, to your point. We see that really taking off in the mobile, the customers that are being acquired through the App Store. That's driven by a lot of the new functionality that our team has built and expanded into the mobile channels. But it doesn't stop there. We're seeing the demand for the 360 memberships across the board. That's fantastic.

是的。謝謝大家的提問。我們非常感謝。關於銷售和行銷，就讓我來談談。我們加強了銷售和市場推廣力度。我們將繼續在回報率最高、效率最高的市場進行投資。有幾個。我們肯定會加大投資，在用戶獲取方面獲得更多收益，提高會員採用率的 ROAS，也就是 360 度會員制，正如您所說。我們看到行動端正在蓬勃發展，客戶都是透過 App Store 取得的。這主要得益於我們團隊在行動通路中建立和擴展的許多新功能。但這還沒完。我們看到各方面對360度會員資格的需求都在增加。太棒了。

We continue to invest in MoneyLion, both on the first and the third party. We see well-balanced growth, even higher than we had indicated to you guys, higher than our expectations, higher than the average industry growth. So we saw both first party and third party growing at approximately 40% in the quarter and so continuously investing in healthy returns to shore that up. And then just generally across the board, we're very, very diversified across the channels. We really just operate in a disciplined fashion to create the capacity to invest more and more in sales and marketing because we want those healthy returns.

我們將繼續對 MoneyLion 進行投資，包括第一方投資和第三方投資。我們看到了均衡的成長，甚至比我們之前向你們指出的成長還要高，比我們的預期還要高，比產業平均成長還要高。因此，我們看到第一方和第三方在本季度都成長了約 40%，所以我們不斷投資以獲得健康的回報來鞏固這一成長。總的來說，我們在各個管道上都非常多元化。我們採取嚴謹的營運方式，是為了創造能力，以便能夠不斷增加對銷售和行銷的投入，因為我們想要獲得豐厚的回報。

We want to make sure that we're acquiring the right cohorts at the right high so that we continue to sustainably grow at that mid-single-digit rate of growth. And so yes, for Q3, I'm proud of the team. And then every quarter, we just get smarter and smarter through the analytic and the tools that we're using on those returns on that CLV over CAC, and that continues to be a horse that we'll ride to drive our revenue growth.

我們希望確保在適當的時機獲得合適的群體，以便我們能夠繼續以中等個位數的成長率實現永續成長。所以，是的，對於第三季度，我為團隊感到驕傲。然後每個季度，我們都會透過分析和使用工具，不斷提高客戶生命週期價值 (CLV) 與客戶獲取成本 (CAC) 之間的回報率，而這將繼續成為我們推動收入成長的動力。

Cool. And then maybe I'll take the R&D. And then, Rob, as you analyze it, also keep in mind that the MoneyLion business and you have the public data from prior acquisition versus a core security business have different profiles. Obviously, the MoneyLion is more -- a little bit more in cost of goods sold, a little bit more in S&M, a little bit less in R&D. And I would say our security business is exactly the reverse.

涼爽的。然後我或許會選擇研發方向。羅布，你在分析的時候也要記住，MoneyLion 的業務（你之前收購的公開數據）與核心安全業務的情況有所不同。顯然，MoneyLion 的支出更多——銷售成本略高，銷售和行銷成本略高，研發成本略低。而我認為，我們的安保業務恰恰相反。

So you do have a little bit of a mix impact. On R&D, though, we're doing pretty cool things. I mentioned, I think a few times, that we have two big buckets of AI initiatives. One, we call them AI-native portfolio, and it's really about rebuilding many of our new applications or features with, first, an AI lens as opposed to introducing AI feature into it, redesigning it from an AI native view. And then the second one is changing our functions to be AI first.

所以確實會產生一些混合影響。不過，在研發方面，我們正在做一些非常酷的事情。我曾多次提到，我們有兩大類人工智慧計畫。第一，我們稱之為 AI 原生產品組合，它實際上是用 AI 的視角重新建構我們的許多新應用程式或功能，而不是將 AI 功能引入其中，而是從 AI 原生的角度重新設計它。第二點是將我們的功能轉變為以人工智慧為先。

And there are three buckets that are making really progress. One is in our support area. The second one is in our marketing area, and the third is in R&D. And there is no order of priorities on those. We're making really good progress on redesigning how we approach software development and product from ideation to product launch.

其中有三個方面取得了顯著進展。一個在我們支持區。第二個在我們行銷部門，第三個在研發部門。而且這些事情沒有優先順序。我們在重新設計軟體開發和產品開發流程（從構思到產品發布）方面取得了非常好的進展。

We have a set of seeds, I would call that we say -- we call Gen acorn, and it's basically a squad of three, a PM, an R&D developer and a design person, and they have to drive everything from ideation to product using only AI tools. And we're running experiment. We're still in the learning phase, but super exciting by how the capacity, if you want, to test, learn and put to market new products at the speed of -- never equaled before. That will continue to lower your cost of overall R&D. We're trying to bring that approach into our more infrastructure, so into the licensing system, into the billing system, which takes a little bit more time versus the ideation. But I think the world is here to change, and we've got to be at the forefront of it and leverage the full benefit of it.

我們有一組種子，我稱之為——我們稱之為“Gen acorn”，它基本上是一個由三人組成的團隊，一名產品經理、一名研發開發人員和一名設計師，他們必須僅使用人工智慧工具來推動從構思到產品的所有環節。我們正在進行一項實驗。我們仍處於學習階段，但令人興奮的是，我們有能力以前所未有的速度測試、學習和推出新產品。這將繼續降低您的整體研發成本。我們正在努力將這種方法應用到我們的基礎設施中，例如授權系統、計費系統，這比構思階段需要更多的時間。但我認為世界正在發生變化，我們必須走在變革的前沿，充分利用變革帶來的好處。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

I really appreciate it. Earlier in the call, you talked about protecting the user and the incident amount of agents that represent that user. How should we think about the ASP uplift or monetization opportunity there? Just can you share a little bit more details on that opportunity?

我非常感謝。在先前的通話中，您談到了保護用戶以及代表該用戶的代理程式的事件數量。我們該如何看待平均售價提升或變現機會？能否詳細介紹一下這個機會？

Yeah. We are absolutely not yet the level of discussing an ARPU, an ASP. This is really a fast evolving -- I was going to say evolution. I should say, revolution happening. Even people who are not technically savvy, like some of my dear Board members, are calling and say, Oh my God, I use OpenClaw and now I've connected my e-mail and my calendars, and I don't know what's working.

是的。我們目前絕對還沒有達到討論 ARPU（每位用戶平均收入）和 ASP（平均銷售價格）的水平。這真是一個快速發展的——我本來想說進化。應該說，一場革命正在發生。即使是像我的一些親愛的董事會成員那樣不太懂技術的人，也會打電話來說：“我的天哪，我使用 OpenClaw，現在我已經連接了我的電子郵件和日曆，但我不知道哪些功能在運行。”

Can we please undo it? I'm worried. And so we see that real time, real life with people adopting it. Right now, there is a gap to fill, which is providing that safety the same way that antivirus suddenly provided safety into the operating system at the beginning of its life that was not focusing on security, more on all the features. We believe there's a similar need here into the AI economy, and we were going to move super-fast on that. There is no doubt in our mind that as we continue to expand that and able to protect not only the users but now the exponential amount of agents they may use, they would be willing to pay for that pain point because we see it real life that it is a pain point and a worry for those who are using it.

我們能撤銷這個操作嗎？我很擔心。因此，我們可以在現實生活中看到人們採用這種方法。目前，我們需要填補一個空白，那就是以類似於防毒軟體在作業系統早期階段突然提供安全保障的方式來提供這種安全保障。當時的作業系統並不注重安全性，而是更注重各種功能。我們認為人工智慧經濟領域也存在類似的需求，我們將在這方面迅速採取行動。我們毫不懷疑，隨著我們不斷擴展這項功能，不僅能夠保護用戶，還能保護他們可能使用的呈指數級增長的代理，他們會願意為解決這個痛點付費，因為我們在現實生活中看到，這確實是用戶的一個痛點和擔憂。

That's really helpful. Maybe just as a follow-up, I mean, you guys have done a tremendous job of beating the expectations you've laid out. As we think about 4Q guidance, is there anything we should consider in terms of macro or as we're getting used to MoneyLion, just anything to call out in terms of seasonality there?

這真的很有幫助。或許我想補充一點，你們的表現非常出色，遠遠超出了你們自己設定的預期。在考慮第四季度業績指引時，從宏觀角度來看，或者在我們逐漸熟悉 MoneyLion 的過程中，從季節性角度來看，有什麼需要特別注意的嗎？

I think just from a current consideration standpoint, everything is baked into either our actuals or we're just -- we're responding to what we know of right now. I don't really look at macro factors and try and fold in or weave in anything specific with the unknown. And I would include FX in that. So the currencies that we assume are what we already know and what's already in the Q3 actuals. Anything else that you --

我認為，就目前的情況來看，所有事情要么已經融入我們的實際情況中，要么我們只是——我們正在對我們目前所知道的事情做出反應。我不太關注宏觀因素，也不太會嘗試將任何具體因素與未知因素結合起來考慮。我還要把特效也算進去。因此，我們假設的貨幣是我們已經知道的，也是第三季實際數據中已經存在的。還有什麼需要你做的嗎？--

Well, if I can add, obviously, you've seen the consumer sentiment being at a multiyear low. But I would say the last months, maybe the last few months have been stable at that level. And obviously, the need we address, whether it's security or, frankly, financial health to be able to survive in that are all super relevant in that environment. So notwithstanding a onetime special, crazy environment that could happen in the world, we do feel that even though it's low, it's stable.

嗯，我還要補充一點，顯然，您也看到了，消費者信心正處於多年來的最低點。但我認為最近幾個月，或許是最近幾個月，這個水準一直保持穩定。顯然，我們所要解決的需求，無論是安全問題，還是坦白說，為了在那種環境下生存所需的財務健康問題，在那種環境下都非常重要。所以，儘管世界上可能會出現一次性的特殊、瘋狂的環境，但我們確實認為，即使它很低，但它是穩定的。

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。