Gen Digital Inc. (GEN) 2026 Q4 法說會逐字稿

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

各位下午好。感謝各位稍候。我叫 Ellen，今天將擔任本次電話會議的接線員。今天的電話會議將被錄音。(接線員指示)

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

此刻，為了開場致詞，我想把電話交給投資人關係主管 Ben Lu。

Thank you, and good afternoon, everyone. Welcome to Gen's fourth-quarter fiscal year 2026 earnings call. Joining me here today are Vincent Pilette, CEO; Natalie Derse, CFO. As a reminder, there will be a replay of this call posted on the IR website, along with our slides and press release.

謝謝，各位下午好。歡迎參加 Gen 2026 會計年度第四季財報電話會議。今天與我一同出席的有執行長 Vincent Pilette，以及財務長 Natalie Derse。提醒各位，本次電話會議的重播將發布於投資人關係網站，並附上我們的簡報與新聞稿。

During this call, all references to the financial metrics are non-GAAP and all growth rates are year over year unless otherwise noted. A reconciliation of non-GAAP to GAAP measure is included in our press release and earnings presentation, both of which are available on our IR website at investor.gendigital.com.

在本次電話會議中，所有提及的財務指標皆為非 GAAP，除非另有說明，所有成長率皆為年對年。非 GAAP 與 GAAP 的調節表已收錄於我們的新聞稿與財報簡報中，兩者皆可於我們的投資人關係網站 investor.gendigital.com 取得。

Today's call contains statements regarding our business and financial performance, including the impact on our business and industry that may be considered forward-looking statements, and such statements involve risks and uncertainties that may cause actual results to differ materially from our current expectations. Those statements are based on current beliefs, assumptions and expectations as of today's date, May 7, 2026.

今天的電話會議包含關於我們業務與財務表現的陳述，包括可能被視為前瞻性陳述的、對我們業務與產業影響的內容；此類陳述涉及風險與不確定性，可能導致實際結果與我們目前預期有重大差異。這些陳述係基於截至今日（2026 年 5 月 7 日）的現行信念、假設與預期。

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 statement in our press release and the risk sections and 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陳述的任何義務。更多資訊請參閱我們新聞稿中的警示性聲明、風險章節，以及我們向美國證券交易委員會（SEC）提交的文件，特別是最近的 Form 10-K 與 Form 10-Q 報告。

And now I will turn the call over to Vincent.

接下來我將把電話交給 Vincent。

Thank you, Ben, and welcome to the Gen team. Today, I will cover fiscal year '26 results, how we are building for the Agentic AI era and our fiscal year '27 outlook. Natalie, will then talk you through the financials.

謝謝你，Ben，也歡迎加入 Gen 團隊。今天我將說明 2026 會計年度的成果、我們如何為 Agentic AI 時代打造能力，以及 2027 會計年度展望。接著 Natalie 會帶各位回顧財務表現。

Fiscal year '26 was a defining year for Gen, our strongest result in a decade. Cyber safety and financial wellness are reinforcing each other, and that conversion is driving growth. We accelerated pro forma growth, plus 10% bookings plus 9% revenue and plus 15% EPS. Revenue crossed $5 billion for the first time and non-GAAP EPS reached $2.56, marking 10 consecutive quarters within our 12% to 15% growth commitment. We exited a 3 times net leverage a year ahead of plan.

2026 會計年度是 Gen 的關鍵一年，也是我們十年來最強勁的成果。網路安全與財務健康彼此相互強化，而這種轉換正在推動成長。我們加速了備考（pro forma）成長：訂單（bookings）成長 10%、營收成長 9%、每股盈餘（EPS）成長 15%。營收首次突破 50 億美元，非 GAAP EPS 達到 2.56 美元，代表在我們 12% 至 15% 成長承諾區間內已連續 10 個季度達成。我們也比原計畫提前一年將淨槓桿降至 3 倍。

Six years ago, Gen was born as a $2 billion pure play consumer cybersecurity company. Today, we spend security, privacy, identity, reputation, financial protection and empowerment unified by a shared data platform and intelligence layer. We have more than doubled revenue, nearly tripled EPS and returned $6 billion to shareholders.

六年前，Gen 以一家 20 億美元規模、專注消費者資安的純玩家公司誕生。如今，我們涵蓋安全、隱私、身分、聲譽、財務保護與賦能，並由共享資料平台與智慧層加以整合。我們的營收已超過翻倍、EPS 近乎三倍成長，並向股東回饋 60 億美元。

Fiscal year '26 marks a structural acceleration from mid-single digits to double-digit revenue growth with mid-teens EPS growth. This is a step change in trajectory despite market concerns about AI disintermediation.

2026 會計年度標誌著結構性加速：營收成長由中個位數提升至雙位數，EPS 成長達到中段十位數。即使市場擔憂 AI 去中介化（disintermediation），我們的成長軌跡仍出現這一階段性的躍升。

Our North Star remains helping people live fearlessly in a digital world. We secure devices and data, protect identities, safeguard financial health and champion privacy, while enabling people to unlock access, build reputation, make smarter decisions and use AI with confidence. That is our portfolio going beyond protection and into empowerment.

我們的北極星目標始終是幫助人們在數位世界中無懼生活。我們保護裝置與資料、守護身分、維護財務健康並捍衛隱私，同時也讓人們能解鎖存取、建立聲譽、做出更明智的決策，並有信心地使用 AI。這就是我們的產品組合：從保護延伸到賦能。

We operate in two complementary segments, a $3.3 billion cyber safety franchise, steadily growing mid-single digits with hundreds of millions of users and a high-growth trust-based solutions segment nearing $1.7 billion, growing 20% plus in key categories.

我們在兩個互補的事業部門營運：一是 33 億美元的網路安全核心業務，擁有數億用戶並以中個位數穩健成長；二是接近 17 億美元、以信任為基礎的解決方案部門，在關鍵類別中成長超過 20%。

Connecting it all is one platform built on data, insight and Agentic AI. It enables safe and confident use of AI across both segments and gives us a unified view of each customer so we can personalize offerings, match the right features from across the portfolio to individual needs and deepen relationships over time. Let me now walk through each segment.

串聯一切的是一個建立在資料、洞察與 Agentic AI 之上的平台。它讓兩個部門都能安全且有信心地使用 AI，並讓我們對每位客戶有一致的全貌，以便個人化提供方案、從整體產品組合中為個別需求匹配正確功能，並隨時間深化關係。接下來我將逐一說明各部門。

Cyber Safety is our foundation, stronger than at any point in our recent history. AI expands both the threat landscape and our opportunity. Every malicious agent, deep fake or scam ultimately targets one thing, money. That makes cybersecurity and financial protection inseparatable.

網路安全是我們的根基，且在近期歷史中的任何時點都更為強健。AI 同時擴大了威脅版圖，也擴大了我們的機會。每一個惡意代理、深偽或詐騙，最終都鎖定同一件事：金錢。因此，資安與財務保護密不可分。

Attack cycles have compressed from months to minutes. Threats are more personalized, convincing and financially driven, drain accounts, stolen credentials, fraudulent transactions. Our platform integrates cyber safety and financial protection as one defense.

攻擊週期已從數月壓縮到數分鐘。威脅更個人化、更具說服力且以財務為驅動，包含盜領帳戶、竊取憑證、詐欺交易。我們的平台將網路安全與財務保護整合為單一防線。

At scale, we block hundreds of millions of threats detect deep fakes and stop scams before impact. Our telemetry across devices, identities and financial signals powers a flywheel, more data improves detection, better detection builds trust, and trust drives growth.

在規模化運作下，我們能阻擋數億次威脅、偵測深偽，並在造成影響前阻止詐騙。我們跨裝置、身分與財務訊號的遙測資料驅動一個飛輪：更多資料提升偵測能力，更好的偵測建立信任，而信任帶動成長。

Genie, our AI scan detection engine is now embedded across Norton 360, Avast and partners like ChatGPT. We continue leading in emerging areas like video-based deep fake detection, expanding coverage across major chip platforms while delivering top-tier performance in independent tests and global recognition from leading reviewers. Independent labs put security technology through the most rigorous test in the industry and earning 28 awards across our brands is a clear signal that Gen is setting the standard for consumer cyber safety.

Genie（我們的 AI 詐騙偵測引擎）現已嵌入 Norton 360、Avast 以及像 ChatGPT 這樣的合作夥伴。我們持續在影片式深偽偵測等新興領域保持領先，並在主要晶片平台上擴大覆蓋，同時在獨立測試中維持頂尖表現，並獲得領先評測機構的全球肯定。獨立實驗室以業界最嚴苛的測試檢驗資安技術，而我們旗下品牌共獲得 28 項獎項，清楚顯示 Gen 正在為消費者網路安全樹立標準。

As the platform scales, so does customer value. With our Gen stock integration, AI-driven recommendation and personalized messaging are improving engagement and outcomes. We exited fiscal '26 with record cross-sell performance in Norton and nearly doubled our Norton 360 NPS year-over-year at the same time. We are also seeing distribution advantages. Norton appears in 34% of tracked nonbranch ChatGPT prompt ahead of our nearest competitors with LLM driven traffic up 62% year-over-year as we constantly optimize value proposition and content.

隨著平台規模擴大，客戶價值也同步提升。透過我們的 Gen 庫存整合（stock integration）、AI 驅動的推薦與個人化訊息，我們正在提升互動與成果。我們在 2026 會計年度結束時，Norton 的交叉銷售表現創下新高，同時 Norton 360 的 NPS 年對年幾乎翻倍。我們也看到通路上的優勢。在追蹤的非品牌（nonbrand）ChatGPT 提示詞中，Norton 的出現率達 34%，領先最接近的競爭對手；隨著我們持續優化價值主張與內容，由 LLM 驅動的流量年對年成長 62%。

This drives consistent financial performance. Cyber safety revenue grew mid-single digits in Q4 and for the year. Overall customer count reached 79 million for Gen with cyber safety subscribers growing sequentially for 10 consecutive quarters across channel and cohorts, ARPU and retention both improved, increasing lifetime value.

這帶來一致的財務表現。網路安全營收在第四季及全年皆以中個位數成長。Gen 的整體客戶數達到 7,900 萬；網路安全訂閱用戶在各通路與各客群中已連續 10 個季度呈現季對季成長，ARPU 與留存率亦同步改善，進而提升終身價值。

This momentum reflects the strength of our comprehensive cybersafety memberships integrating security, privacy, identity reputation and increasingly financial monitoring and wellness into a single trusted relationship. Membership adoption approaches 60% across Norton, Avast and Avira confirming that the future of cyber safety lies in all-in-one solutions and ultimately in a seamless secure trust layer.

這股動能反映出我們全面性的網路安全會員方案之強勁實力：將安全、隱私、身分、聲譽，以及日益增加的財務監測與財務健康，整合為單一可信賴的關係。在 Norton、Avast 與 Avira 之間，會員方案採用率接近 60%，證實網路安全的未來在於一體化解決方案，最終將走向無縫且安全的信任層。

To extend financial monitoring into our customer base, financial scan built on MoneyLion's fund money is now embedded in Norton 360 and Norton Money, providing visibility into financial health. Over time, connected accounts convert a protection relationship into a financial decisioning relationship, compounding lifetime value across the platform. And so cyber safety is really evolving into a proactive personalized safety company across devices, browsers and increasingly AI agents.

為了將財務監測延伸至我們的客戶基礎，建立在 MoneyLion 的「fund money」之上的 Financial Scan 現已嵌入 Norton 360 與 Norton Money，提供財務健康的可視性。隨著時間推進，已連結的帳戶會把「保護關係」轉化為「財務決策關係」，並在整個平台上複利式提升終身價值。因此，網路安全正真正演進為一家主動式、個人化的安全公司，涵蓋裝置、瀏覽器，以及日益增加的 AI 代理。

Turning to trust-based solutions. LifeLock protects identity and assets, MoneyLion helps customers manage and grow them delivering on our conversion strategy. We are deepening the customer relationship from protection to financial decision-making. One-third of our paid base now engages with financial wellness with connected financial accounts hitting all-time highs each quarter, 170 million in Q4, up 36% year over year. Each account unlocks monetization through engine personalized offers, credit cross-sell and richer data that improves our AI matching layer. Customers with connected accounts show higher ARPUs, try engagement and better retention.

接著談以信任為基礎的解決方案。LifeLock 保護身分與資產，MoneyLion 協助客戶管理並增長資產，落實我們的轉換策略。我們正將客戶關係從保護深化到財務決策。目前我們的付費用戶中，已有三分之一會使用財務健康相關功能；連結的金融帳戶數每季皆創歷史新高，第四季達 1.7 億，年對年成長 36%。每個帳戶都能透過引擎個人化優惠、信用產品交叉銷售，以及更豐富的資料（用以改善我們的 AI 匹配層）來解鎖變現。連結帳戶的客戶展現更高的 ARPU、更高的試用/互動程度，以及更佳的留存率。

LifeLock's mobile first AI-powered app is now rated 4.9 stars with strong engagement gains. We refreshed the lineup with differentiated features, including scam assistant and insurance centered on a simple idea, protection for the life you are building while creating a bridge to secure financial wellness.

LifeLock 以行動優先、AI 驅動的 App 目前評分達 4.9 顆星，且互動參與度顯著提升。我們以具差異化的功能更新產品陣容，包括詐騙助理與保險，核心圍繞一個簡單理念：在你打造人生的同時提供保護，並搭起通往安全財務健康的橋樑。

LifeLock's reimagined experience is live with approximately 3 million customers. NPS reached 73, up 4 points year over year with retention touching 90%. LifeLock Mobile revenue grew almost 50% and linked financial monitoring accounts rose nearly 25%. These operational results show that the redesigned experience is driving a deeper engagement and a higher lifetime value.

LifeLock 重新打造的體驗已上線，服務約 300 萬名客戶。NPS 達到 73，年增 4 點，留存率接近 90%。LifeLock Mobile 營收成長近 50%，連結的金融監控帳戶數增加近 25%。這些營運成果顯示，重新設計的體驗正帶動更深度的互動參與與更高的終身價值。

MoneyLion completed its first full fiscal year under Gen exceeding expectations with over 40% revenue growth. Its personal financial management portfolio delivered a record Q4 led by InstaCash and credit builder. We've also enhanced the membership with scam protection and identity services and early synergy between cyber safety and financial wellness that makes the trust core to the value proposition. Membership represents about 5% of our PFM utilization today with significant room to grow as we scale towards secure financial wellness and higher lifetime value.

MoneyLion 在併入 Gen 後完成第一個完整會計年度，表現超出預期，營收成長超過 40%。其個人財務管理（PFM）產品組合在 InstaCash 與信用建立（credit builder）的帶動下，第四季創下紀錄。我們也透過詐騙防護與身分服務強化會員方案，並在網路安全與財務健康之間形成早期綜效，使「信任」成為價值主張的核心。目前會員約占我們 PFM 使用量的 5%，隨著我們朝向安全財務健康與更高終身價值擴張，仍有顯著成長空間。

Engine by Gen, our marketplace is the third category under trust-based solutions. Engine delivered record revenue, signing over 30 new partnerships in Q4 alone. It now processes nearly 400 million annual inquiries and has more than tripled revenue in three years.

Engine by Gen（我們的市集）是以信任為基礎解決方案下的第三個類別。Engine 創下營收新高，僅第四季就簽下超過 30 個新合作夥伴。目前每年處理近 4 億次查詢，且在三年內營收成長超過三倍。

Three developments this quarter illustrates Engines momentum. First, as announced in February, Equifax is embedding engine into myequifax.com, delivering personalized financial recommendations to consumers actively checking their credit.

本季有三項進展展現 Engine 的動能。第一，如 2 月所宣布，Equifax 正將 Engine 嵌入 myequifax.com，向主動查詢信用狀況的消費者提供個人化的財務建議。

Second, Engine is now the multi-category financial offer provider within Microsoft CoPilot Discovery feeds and MSN AI, live with credit cards and deposit and expanding to mortgages, loans and insurances. This positions us early in building the financial distribution layer inside large language models.

第二，Engine 現已成為 Microsoft CoPilot Discovery feeds 與 MSN AI 中的多品類金融優惠提供者，已上線信用卡與存款產品，並正擴展至房貸、貸款與保險。這使我們能在大型語言模型內部建立金融分發層方面，及早取得有利位置。

And third, we added a fully embedded insurance marketplace technology and expanded engine into a high-value vertical through the Trellis acquisition.

第三，我們新增了可完全嵌入的保險市集技術，並透過收購 Trellis，將 Engine 擴展至高價值垂直領域。

As integration deepens, engine technology becomes the AI layer powering personalized recommendations across Gen touch points. We have extended to cyber safety, giving all distribution partners access to solutions across all categories using Engine. And every Engine interaction feeds back into our data platform, sharpening the matching layer. AI is a strategic lever for Gen. It is already transforming how we live as agents can now book flights, execute trades and move money. But the trust infrastructure is essentially nonexistent.

隨著整合加深，Engine 技術成為 AI 層，為 Gen 各接觸點提供個人化推薦。我們已延伸至網路安全，讓所有分發合作夥伴都能透過 Engine 取得跨所有類別的解決方案。而每一次 Engine 的互動都會回饋至我們的資料平台，強化配對層。AI 是 Gen 的策略槓桿。它已在改變我們的生活方式，因為代理（agents）如今能訂機票、執行交易與移轉資金。但信任基礎設施基本上仍不存在。

Summarizing content is one thing, wiring money on your behalf is quite another. Closing that gap between what AI can do and what consumers trust it to do for is exactly what we are building here at Gen. And while we built the trust layer for the AI economy, we are also launching AI native products and safe agents, leveraging Agent Trust hub technology. That is the mission of our newly created AI foundry team.

摘要內容是一回事，代表你匯款則完全是另一回事。縮小 AI 能做什麼與消費者願意信任它去做什麼之間的落差，正是我們在 Gen 所打造的。在為 AI 經濟建立信任層的同時，我們也正推出 AI 原生產品與安全代理，運用 Agent Trust Hub 技術。這就是我們新成立的 AI Foundry 團隊的使命。

Norton Neo, our AI native secure browser is a good example. It is gaining traction and enables users to interact with AI agents in a trusted environment. Norton Neo is purpose built for a world where AI agents, browse, transact and act on your behalf. We have enhanced our security and privacy features and added an agentic VPN to the browser trust layer. We also announced a partnership with xAI whose models will power new AI native products we are co-architecting including a digital concierge for Norton subscribers launching this summer.

Norton Neo——我們的 AI 原生安全瀏覽器——就是一個很好的例子。它正逐步獲得市場動能，讓使用者能在可信任的環境中與 AI 代理互動。Norton Neo 專為 AI 代理能夠瀏覽、交易並代表你採取行動的世界而打造。我們強化了安全與隱私功能，並在瀏覽器信任層加入具代理能力的 VPN（agentic VPN）。我們也宣布與 xAI 合作，其模型將驅動我們共同架構的新 AI 原生產品，包括將於今年夏天推出、面向 Norton 訂閱戶的數位禮賓服務。

And today, we joined OpenAI's trusted access for cyber and will start leveraging the advanced defense capabilities of the latest GPT 5.5. In fact, we are working with all Frontier model providers, including OpenAI, Antropic AI, Microsoft and Google to advance our mission of protecting and delivering the trust layer to hundreds of millions of consumers.

此外今天，我們加入 OpenAI 的資安可信任存取（trusted access）計畫，並將開始運用最新 GPT 5.5 的進階防禦能力。事實上，我們正與所有前沿模型供應商合作，包括 OpenAI、Antropic AI、Microsoft 與 Google，以推進我們的使命：為數以億計的消費者提供保護並交付信任層。

Since launching the agent Trust Hub, we've expanded through partners like Versal, strengthened privacy by masking agents IP addresses similar to a VPN and integrated agent protection directly into millions of Norton 360 users. Powered by Sage, our open source agent security engine, this integration into Norton 360 adds three layers of protection, detecting prompt injection, monitoring agent connections and scanning third-party agent skills before they load.

自推出 Agent Trust Hub 以來，我們透過 Versal 等合作夥伴擴展版圖，並以類似 VPN 的方式遮蔽代理的 IP 位址以強化隱私，同時將代理防護直接整合到數百萬名 Norton 360 使用者中。此整合由 Sage（我們的開源代理安全引擎）驅動，為 Norton 360 增加三層防護：偵測提示注入（prompt injection）、監控代理連線，以及在載入前掃描第三方代理技能。

These are early capabilities in a fast-moving space. We are the first to market with multilayer agent security for consumers, and this is part of a unified road map built on one conviction. Trust is a critical barrier to AI adoption, especially around personal data and identity and Gen is uniquely positioned to provide that trust layer at scale.

這些是在快速演進領域中的早期能力。我們是首家為消費者推出多層代理安全的業者，而這也是建立在單一信念之上的統一路線圖的一部分。信任是 AI 採用的關鍵障礙，尤其涉及個人資料與身分；而 Gen 具備獨特優勢，能以規模化方式提供該信任層。

The consumer AI agent market is early. Agentic revenue in fiscal year '27 will be modest, but growing. Gen already has the critical assets required to win trusted brands, innovation and technical expertise, rich data, broad distribution and our unique consumer and financial insights. These assets combined are very difficult to replicate, thus creating a durable advantage as the category scales.

消費者 AI 代理市場仍處於早期階段。2027 會計年度的代理相關營收將較為有限，但會成長。Gen 已具備取勝所需的關鍵資產：可信任品牌、創新與技術專業、豐富資料、廣泛分發，以及我們獨特的消費者與金融洞察。這些資產的組合極難複製，因此在類別擴張時形成持久優勢。

Finally, AI is also transforming how we operate. We have embedded it across engineering, marketing and support, streamlining workflows, reducing coordination layers and reinvesting capacity into products and sales.

最後，AI 也正在改變我們的營運方式。我們已將其嵌入工程、行銷與支援等領域，精簡工作流程、降低協調層級，並將釋放的產能再投入產品與銷售。

Products can now move from ideation to launch with a very small squad and that's our Norton revamp launch in March. This efficiency is reflected in our economics. Profit per employee among the highest at or scale is up double digits. This leaner operating model lets us develop and test quickly, enter new categories faster and compound returns over time.

產品如今可由非常精簡的小隊從構想到上線——這正體現在我們 3 月的 Norton 改版上線。這種效率也反映在我們的經濟效益上。以我們的規模而言，每位員工的獲利能力名列前茅，且呈現雙位數成長。更精實的營運模式讓我們能快速開發與測試、更快進入新類別，並隨時間累積複利報酬。

Cyber Safety, trust-based solutions and AI are converging into one platform. Each interaction increases the value and insight we deliver. One year after closing MoneyLion, we can link financial data to about ome-third of our paying base, creating the foundation for synergies. We are now focused on turning those connections into insights driving engagement and improving recommendations meeting customers' needs.

網路安全（Cyber Safety）、以信任為基礎的解決方案與 AI 正匯聚成一個平台。每一次互動都會提升我們所提供的價值與洞察。在完成 MoneyLion 併購滿一年後，我們已能將金融資料連結至約三分之一的付費用戶，為綜效奠定基礎。我們目前聚焦於將這些連結轉化為洞察，以帶動互動參與並改善推薦，更貼近客戶需求。

With this momentum growing, we see over $100 million in incremental annual revenue from embedded financial wellness partner expansion and engine growth beginning in the second half of fiscal year '27 and scaling into '28 and '29.

隨著動能持續增強，我們預期自 2027 會計年度下半年起，透過嵌入式財務健康合作夥伴擴張與 Engine 成長，將帶來超過 1 億美元的年度增量營收，並在 2028 與 2029 會計年度持續放大。

What's emerging here is one connected trust relationship across protection, privacy, identity and financial decision-making, all powered by one unified platform. Safety, empowerment, leaving fearless in a digital world, that is our promise to our customers. For 10 consecutive quarters now, we have delivered on our Investor Day commitments.

正在成形的是一段跨越防護、隱私、身分與財務決策的互聯信任關係，全部由單一統一平台驅動。安全、賦能、在數位世界中無懼前行——這就是我們對客戶的承諾。我們已連續 10 個季度達成 Investor Day 的承諾。

So for fiscal year '27, we are raising our outlook to 8% to 10% revenue growth and mid-teens EPS growth, driven by the progress I've just outlined, including revenue synergies and AI-led efficiencies. This is a clear trajectory shift as our prior midterm targets were for mid-single-digit revenue growth and 12% to 15% earnings growth. Gen sits at the intersection of trust, security AI and financial wellness. We are positioned to define how consumers live safely and confidently in the AI era, while delivering durable growth and strong returns.

因此，針對 2027 會計年度，我們將展望上調至營收成長 8% 至 10%，以及 EPS 成長中十位數（mid-teens），動能來自我剛才概述的進展，包括營收綜效與 AI 帶動的效率提升。這代表明確的軌跡轉變，因為我們先前的中期目標為營收成長中個位數（mid-single-digit）與獲利成長 12% 至 15%。Gen 位於信任、安全 AI 與財務健康的交會點。我們已就位，將在 AI 時代定義消費者如何安全且自信地生活，同時帶來可持續的成長與強勁回報。

And so with that, let me turn it over to Natalie, who will walk you through very exciting results.

那麼，接下來我把時間交給 Natalie，她將帶大家回顧一些非常令人振奮的成果。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our full year fiscal 2026 results followed by our Q4 results, then share our outlook for Q1 and fiscal year 2027. I will focus on non-GAAP financials and year over year growth rates, unless otherwise stated. I will also reference pro forma growth, which includes MoneyLion's results from the prior year for comparative purposes and excludes the extra week that occurred in the first quarter of fiscal year 2026.

謝謝你，Vincent，也向各位問好。在今天的電話會議中，我將先說明我們 2026 財政年度的全年業績，接著回顧第四季（Q4）表現，然後分享我們對第一季（Q1）以及 2027 財政年度的展望。除非另有說明，我將聚焦於非 GAAP 財務指標與年對年成長率。我也會引用備考（pro forma）成長率，該指標為了比較目的納入 MoneyLion 前一年的業績，並排除 2026 財政年度第一季出現的額外一週影響。

Now on to our results. Fiscal year 2026 was an outstanding year for Gen. Total bookings reached a record $5.1 billion, up 28% as reported and up 10% pro forma. Total revenue exceeded our guidance, reaching a record $5 billion, up 27% as reported and up 9% pro forma. Full year operating income was $2.5 billion, representing an operating margin of 51%.

接下來看我們的業績。2026 財政年度對 Gen 而言是表現卓越的一年。總預訂額（total bookings）創下 51 億美元新高，按報告口徑成長 28%，按備考口徑成長 10%。總營收超越我們的指引，達到 50 億美元新高，按報告口徑成長 27%，按備考口徑成長 9%。全年營業利益為 25 億美元，營業利益率為 51%。

Full year EPS was $2.56, up 15% year over year and at the high end of our guidance. We generated $1.5 billion in free cash flow, representing over 30% of revenue and up 26% year over year. We lowered our share count by 15 million shares, and we have achieved 3 times net leverage a year ahead of schedule. We have exceeded expectations on all vectors, and we are in a position of strength with great momentum heading into fiscal year 2027.

全年每股盈餘（EPS）為 2.56 美元，年增 15%，並達到我們指引區間的高端。我們產生 15 億美元自由現金流，約占營收 30% 以上，且年增 26%。我們將流通股數減少了 1,500 萬股，並且提前一年達成 3 倍淨槓桿的目標。我們在各個面向都超出預期，並以強勁動能與優勢姿態邁入 2027 財政年度。

Fiscal year 2026 was our seventh consecutive year of growth and reflects consistent execution in our core cyber safety business, where we delivered on our mid-single-digit growth commitments laid out at our 2023 Investor Day, while also establishing trust-based solutions as a scaled double-digit growth engine with an expanded portfolio, including secure financial wellness.

2026 財政年度是我們連續第七年成長，反映我們在核心的網路安全（cyber safety）業務上持續穩健執行：我們兌現了在 2023 年投資人日所提出的中個位數成長承諾；同時也將以信任為基礎的解決方案（trust-based solutions）打造為已具規模的雙位數成長引擎，並透過擴充產品組合（包含安全的財務健康方案）來強化布局。

In our Cyber Safety segment, bookings grew 5% and revenues grew 3% pro forma, while trust-based solutions delivered bookings growth of 24% and revenue growth of 23% pro forma. Segment margins were 61% for cyber safety and 30% for trust-based solutions, both in line with our targets.

在網路安全事業部，預訂額按備考口徑成長 5%，營收按備考口徑成長 3%；而以信任為基礎的解決方案按備考口徑實現預訂額成長 24%、營收成長 23%。事業部利潤率方面，網路安全為 61%，以信任為基礎的解決方案為 30%，兩者皆符合我們的目標。

We delivered additional profit dollars while expanding our product portfolio, with additional investment in innovation, notable increase in marketing funds and disciplined investments in AI-related initiatives to support long-term growth, all while operating with a disciplined approach we are consistently recognized for as by running G&A at less than 3% of revenue.

我們在擴充產品組合的同時，也帶來更多的獲利金額：加碼創新投資、顯著提高行銷資金，並以審慎方式投入與 AI 相關的計畫以支持長期成長；同時我們仍維持一貫的紀律經營，外界也持續肯定我們將一般及行政費用（G&A）控制在營收的 3% 以下。

Our robust revenue growth combined with continued operating discipline and strong capital allocation drove full year EPS of $2.56, up 15% year over year, which is the third consecutive year of double-digit growth. This underscores the strength and durability of our model and our cash generation, providing increased flexibility to return capital, delever the balance sheet and invest for strategic execution.

強勁的營收成長，結合持續的營運紀律與良好的資本配置，推動全年 EPS 達 2.56 美元、年增 15%，這也是連續第三年達成雙位數成長。這凸顯我們商業模式的強度與韌性，以及現金創造能力，讓我們在回饋資本、降低資產負債表槓桿與投入策略執行方面擁有更高的彈性。

Now turning to our Q4 results. We delivered another exceptional quarter, exceeding the high end of our guidance, driven by record bookings and revenue, mid-teens EPS growth and robust free cash flow. On a reported basis, Q4 bookings was $1.36 billion, up 27% year over year and up 10% on a pro forma basis. Revenue was $1.28 billion, up 27% year over year and up 9% pro forma.

接著看第四季（Q4）業績。我們再度交出亮眼的一季，表現超越指引高端，主要由創新高的預訂額與營收、EPS 中十位數成長，以及強勁的自由現金流所帶動。按報告口徑，Q4 預訂額為 13.6 億美元，年增 27%，按備考口徑成長 10%。營收為 12.8 億美元，年增 27%，按備考口徑成長 9%。

In our Cyber Safety segment, bookings grew 5% and revenue growth accelerated to 4%, driven by continued demand for our all-in-one subscriptions and the industry-leading retention rates of our highly loyal customer base.

在網路安全事業部，預訂額成長 5%，營收成長加速至 4%，主要受惠於市場對我們一站式訂閱方案的持續需求，以及我們高度忠誠客群所帶來的業界領先留存率。

As AI-driven threats intensify, our portfolio is becoming increasingly relevant to our targeted audiences. Demand for our Norton 360 memberships is supported by rising scam and fraud activity and the risks consumers are facing in their digital lives.

隨著 AI 驅動的威脅加劇，我們的產品組合對目標受眾而言正變得愈發重要。Norton 360 會員方案的需求，受到詐騙與欺詐活動上升，以及消費者在數位生活中面臨風險增加的支撐。

As customers choose to upgrade to more comprehensive protection or higher-tier memberships that include scam detection, identity protection, restoration and insurance serve their needs and now have surpassed $0.5 billion in annualized bookings.

隨著客戶選擇升級至更全面的防護，或升級至包含詐騙偵測、身分防護、復原服務與保險的更高階會員方案以滿足需求，相關年化預訂額現已超過 5 億美元。

We continue to expand customer lifetime value through AI-driven cross-sell campaigns delivering increasingly personalized messaging at key moments of truth with enhanced customer segmentation powered by the Gen platform.

我們持續透過 AI 驅動的交叉銷售活動來提升客戶終身價值（LTV），在關鍵決策時刻提供更個人化的訊息，並藉由 Gen 平台強化的客戶分群來提升成效。

As a result, we drove Norton cross-sell bookings this quarter with penetration now exceeding 26% of the base. Our cohort level ARPU exiting fiscal year '26 is now 7% to 10% higher than it was two years ago. Our go-to-market playbook is clearly working and is now further enhanced with the richness of the data and AI capabilities from our Gen platform.

因此，本季我們推動 Norton 交叉銷售預訂額，滲透率目前已超過基礎客群的 26%。在 2026 財政年度結束時，我們的同群（cohort）層級每用戶平均收入（ARPU）較兩年前提高了 7% 至 10%。我們的上市策略（go-to-market）打法顯然奏效，並且在 Gen 平台帶來更豐富的數據與 AI 能力後進一步強化。

Looking ahead, we plan to further scale our AI cross-sell and upsell playbook across additional customer cohorts in fiscal year '27 as our platform capabilities continue to advance. As we drive growth across cyber safety, we're operating this segment at a 61% margin rate, focusing on driving efficiencies through AI initiatives while continuing to invest in growth and marketing opportunities.

展望未來，隨著平台能力持續進步，我們計畫在 2027 財政年度把 AI 交叉銷售與加購（upsell）打法進一步擴大到更多客群同群。在推動網路安全成長的同時，我們以 61% 的利潤率運營該事業部，聚焦透過 AI 計畫提升效率，同時持續投資於成長與行銷機會。

In our Trust-based Solutions segment, bookings and revenue more than doubled as reported with the additional, with the addition of financial wellness to our portfolio. and grew 21% and 20%, respectively, on a pro forma basis. LifeLock remains a core pillar of our identity business, and we have meaningfully strengthened the proposition this year.

在以信任為基礎的解決方案事業部，隨著我們將財務健康（financial wellness）納入產品組合，按報告口徑預訂額與營收皆成長逾一倍；按備考口徑則分別成長 21% 與 20%。LifeLock 仍是我們身分識別業務的核心支柱，而今年我們也大幅強化了其價值主張。

Our reimagined lineup is simpler, more competitive and more clearly aligned to customer needs with a 3-tier portfolio that adds stronger credit and financial monitoring, differentiated scan protection, and clear price-to-value trade-offs. We have also rolled out a more modernized product experience across customers, while LifeLock NPS has reached a record high.

我們重新打造的產品線更簡單、更具競爭力，且透過三層級（3-tier）產品組合更清楚對齊客戶需求：加入更強的信用與財務監控、具差異化的掃描防護，以及更清晰的價格與價值取捨。我們也為客戶推出更現代化的產品體驗，同時 LifeLock 的淨推薦值（NPS）創下歷史新高。

Early performance gives us confidence that the strategy is working, with monetization up, upgrades are stronger and retention rates are improving across cohorts. With further upside in conversion and retention as the lineup reaches all channels, which we expect will drive sustainable, accelerated growth.

早期表現讓我們對策略奏效更有信心：變現能力提升、升級表現更強，且各同群的留存率正在改善。隨著產品線覆蓋所有通路，轉換率與留存率仍有進一步上行空間，我們預期這將帶來可持續且加速的成長。

In MoneyLion, consumer demand for our personal financial management products remain strong, and we saw record origination volumes in Q4. PFM transactions per customer increased in the quarter and demonstrates the durability and stickiness of our financial wellness portfolio with over two-third of first-party MoneyLion revenue coming from repeat customers.

在 MoneyLion 方面，消費者對我們個人財務管理（PFM）產品的需求仍然強勁，我們在 Q4 看到創紀錄的放款／核貸發起量（origination volumes）。本季每位客戶的 PFM 交易次數增加，顯示我們財務健康產品組合的韌性與黏著度；MoneyLion 的第一方（first-party）營收中，超過三分之二來自回購／重複客戶。

The Engine marketplace had another standout quarter, adding new partners across financial services and digital publishing while continuing to demonstrate the value of our scaled audience to premium distribution partners.

Engine 市集本季再度表現突出，於金融服務與數位出版領域新增合作夥伴，同時持續展現我們具規模的受眾對高品質分發合作夥伴的價值。

Additionally, we're expanding the depth of Engine with Gen's insurance category, adding more leading providers bringing a data richness that will enable better programmatic matching between consumers and leading insurance carriers. This simplifies decision-making and build greater trust and choice across the Engine marketplace while further expanding the value we bring to our customer base. Combined, overall MoneyLion achieved nearly 40% growth in Q4 and is rapidly approaching $1 billion in annual revenue across these two categories.

此外，我們正透過 Gen 的保險類別來加深 Engine 的深度，新增更多領先供應商，帶來更豐富的數據，從而在消費者與主要保險承保公司之間實現更好的程式化配對。這能簡化決策流程，並在 Engine 市集中建立更高的信任與更多選擇，同時進一步擴大我們為客戶群帶來的價值。綜合而言，MoneyLion 在 Q4 整體成長接近 40%，並正快速逼近在這兩大類別合計年營收 10 億美元的規模。

Moving to direct revenue, which grew 19% as reported and 7% pro forma, reflecting the continued strength of our highly recurring subscription business, our scaling first-party portfolio and ongoing innovation efforts. As mentioned above, our unit economics remain sound with more customers, expanded ARPU, and strong retention when normalizing for mix.

再看直接營收（direct revenue），按報告口徑成長 19%，按備考口徑成長 7%，反映我們高度經常性的訂閱業務持續強勁、第一方產品組合規模擴大，以及持續的創新投入。如前所述，在客戶數增加、ARPU 擴張，以及在對產品組合（mix）進行常態化調整後仍維持強勁留存的帶動下，我們的單位經濟效益依然穩健。

Our partner business grew 78% as reported and 20% pro forma surpassing our Investor Day target and also approaching $1 billion run rate through a combined acquisition growth in new partners and scaling with our existing partners. This remains our fastest-growing channel and a durable growth driver as we execute on our strategy. We continue to drive broad-based growth in our paid customer base now totaling 79 million customers, up from 78 million last quarter and 68 million a year ago.

我們的合作夥伴業務按報告口徑成長78%，按備考（pro forma）口徑成長20%，超越我們在投資者日所設定的目標，並且透過新增合作夥伴的併購式成長以及與既有合作夥伴的規模化推進，使年化營收運行率（run rate）也接近10億美元。這仍是我們成長最快的通路，且在我們執行策略的過程中，是一個具韌性的成長驅動力。我們持續推動付費客戶基礎的廣泛成長，目前總計達7,900萬名客戶，高於上一季的7,800萬名，也高於一年前的6,800萬名。

Growth remains broad-based across segments and channels with consistent growth in subscribers and product users generating revenue, supported by diversified acquisition channels, and sustainable healthy returns as we deploy our customer-centric growth flywheel.

各細分市場與通路的成長仍然廣泛且均衡，訂閱者與帶來營收的產品使用者持續成長；在多元化的獲客通路支持下，並在我們部署以客戶為中心的成長飛輪時，帶來可持續且健康的回報。

Turning to profitability. Q4 operating income was $641 million, up 9% year over year and representing a 50% operating margin in line with our expectations. Our focus is growing profit dollars while maintaining stable margins in each segment. We will continue to invest in our strategic AI initiatives and our long-term strategic growth initiatives while remaining steadfast in driving further efficiencies in our business.

接著談獲利能力。第四季營業利益為6.41億美元，年增9%，營業利益率為50%，符合我們的預期。我們的重點是在維持各事業部穩定利潤率的同時，提升利潤金額。我們將持續投資於策略性AI計畫與長期策略性成長計畫，同時堅定推動業務進一步提升效率。

Q4 net income was $408 million and diluted EPS was $0.67, above our guidance and up 14% year over year. This represents our tenth consecutive quarter of achieving or exceeding our 12% to 15% EPS growth target, reflecting our consistent execution and capital allocation.

第四季淨利為4.08億美元，稀釋後每股盈餘（EPS）為0.67美元，高於我們的指引，且年增14%。這是我們連續第十個季度達成或超越12%至15%的EPS成長目標，反映我們一貫的執行力與資本配置。

During the quarter, we reduced our weighted average ending share count to 609 million, down 15 million year over year. Interest expense was $122 million in Q4, and our non-GAAP tax rate remained steady at 22%.

本季度我們將加權平均期末流通股數降至6.09億股，較去年同期減少1,500萬股。第四季利息費用為1.22億美元，非GAAP有效稅率維持在22%不變。

Turning to our balance sheet and cash flow. Q4 ending cash balance was $411 million, representing nearly $2 billion of liquidity when including our $1.5 billion revolver. We successfully refinanced our Term Loan A at lower rates of SOFR plus 1.375% and extended maturities of our TLA and revolver to 2031. Please refer to slide 21 for our latest capital structure.

接著談資產負債表與現金流。第四季期末現金餘額為4.11億美元，若包含15億美元的循環信貸額度（revolver），流動性接近20億美元。我們成功以較低利率（SOFR加1.375%）為A期定期貸款（Term Loan A）完成再融資，並將TLA與revolver的到期日延長至2031年。請參閱投影片21以了解我們最新的資本結構。

We generated $452 million in operating cash flow and $449 million in free cash flow, and we deployed nearly $500 million of capital for shareholders in a very disciplined, balanced manner, including $200 million towards share repurchases of 9 million shares and $200 million of debt repayment. As I mentioned earlier, we exited the quarter with net leverage of 3 times EBITDA, achieving our target a year ahead of schedule.

我們產生4.52億美元的營運現金流與4.49億美元的自由現金流，並以非常嚴謹且均衡的方式向股東投入近5億美元資本，包括2億美元用於回購900萬股，以及2億美元用於償還債務。如我先前提到的，我們在季度末的淨槓桿為EBITDA的3倍，較原定時程提前一年達成目標。

For Q1 fiscal 2027, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on June 10, 2026, for all shareholders of record as of the close of business on May 11, excuse me, May 18, 2026.

就2027會計年度第一季而言，董事會核准每股普通股0.125美元的例行季度現金股利，將於2026年6月10日支付給截至2026年5月11日營業結束時，抱歉，是2026年5月18日營業結束時在冊的所有股東。

As we've consistently emphasized, our business generates substantial and durable free cash flow, providing us significant flexibility to simultaneously invest in growth, strengthen our balance sheet and return meaningful capital to shareholders. Over the past three years, we have deployed nearly $6 billion in capital to these priorities, representing 122% of our cumulative free cash flow in a highly disciplined and balanced manner.

正如我們一再強調的，我們的業務能產生可觀且具持久性的自由現金流，使我們具備顯著彈性，得以同時投資成長、強化資產負債表，並向股東回饋具意義的資本。過去三年，我們以高度嚴謹且均衡的方式，向上述優先事項投入近60億美元資本，相當於我們累計自由現金流的122%。

Approximately 40% was deployed towards debt paydown and delevering, 40% towards shareholder returns through opportunistic share repurchases and our quarterly dividend, and the remaining 20% towards targeted tuck-in acquisitions that expand our capabilities and further accelerate growth.

其中約40%用於償還債務與去槓桿，40%透過機會性股票回購與季度股利回饋股東，其餘20%用於具針對性的補強型（tuck-in）併購，以擴充我們的能力並進一步加速成長。

As our business continues to scale and free cash flow grows, so does our strategic flexibility and capacity for further capital deployment. We are entering fiscal 2027 with a stronger balance sheet, increased financial capacity and multiple levers to drive shareholder value creation. Importantly, we have $2.1 billion remaining under our share repurchase authorization and we will continue to drive a balanced approach.

隨著我們的業務持續擴大規模、自由現金流成長，我們的策略彈性與進一步資本部署的能力也同步提升。我們以更強健的資產負債表、更高的財務承載能力，以及多項可驅動股東價值創造的槓桿，進入2027會計年度。重要的是，我們在股票回購授權下仍有21億美元額度，我們將持續推動均衡的做法。

Now let me share our Q1 and fiscal 2027 outlook and some of the assumptions that underpin it. We expect full year revenue in the range of $5.325 billion to $5.425 billion, translating to 8% to 10% pro forma growth. We expect non-GAAP EPS to be in the range of $2.85 to $2.95, which reflects mid-teens pro forma growth of 13% to 17% with 15% at the midpoint. This guidance captures the momentum we have and represents our plan to accelerate growth through our transformed business.

接下來我將分享我們對第一季與2027會計年度的展望，以及支撐該展望的一些假設。我們預期全年營收介於53.25億至54.25億美元，換算為備考（pro forma）成長8%至10%。我們預期非GAAP EPS介於2.85至2.95美元，反映備考（pro forma）中段十位數（mid-teens）成長13%至17%，中位數為15%。此指引反映我們目前的動能，並代表我們透過轉型後的業務來加速成長的計畫。

Building on our commitment to drive mid-single digits in our Cyber Safety segment, combining a high-growth financial wellness business and continued diversification through an expanded portfolio, we have constructed a high confidence growth path. We will acquire more customers, continue to expand our product portfolio.

在我們承諾推動資安安全（Cyber Safety）事業部達到中個位數成長的基礎上，結合高成長的財務健康（financial wellness）業務，以及透過擴大產品組合持續多元化，我們已建立一條高信心的成長路徑。我們將獲取更多客戶，並持續擴充我們的產品組合。

We will scale cross-sell and upsell as customers' needs change. We will continue to optimize our subscription business model, bringing synergistic gains to market throughout fiscal year 2027. With the incremental net margin dollars from this accelerated growth and continued disciplined capital deployment to share buyback and debt paydown, we will accelerate EPS growth to mid-teens. This is our commitment to our shareholders.

我們將隨著客戶需求變化擴大交叉銷售與升級銷售（upsell）。我們將持續優化訂閱制商業模式，並在2027會計年度期間將協同效益逐步推向市場。藉由此加速成長所帶來的新增淨利潤金額，以及持續以嚴謹的資本部署進行股票回購與償債，我們將把EPS成長加速至中段十位數（mid-teens）。這是我們對股東的承諾。

For Q1, we expect revenue in the range of $1.3 billion to $1.325 billion, representing 8% to 10% pro forma growth. We expect Q1 non-GAAP EPS to be in the range of $0.68 to $0.70, representing mid-teens pro forma growth of 13% to 17%. This guidance assumes current FX rates through significant fluctuations remaining possible due to current volatility in financial markets. We will continue to monitor our operating environment and stay focused on what we can control.

就第一季而言，我們預期營收介於13.0億至13.25億美元，代表備考（pro forma）成長8%至10%。我們預期第一季非GAAP EPS介於0.68至0.70美元，代表備考（pro forma）中段十位數（mid-teens）成長13%至17%。此指引假設目前匯率水準，但鑑於金融市場當前波動，仍可能出現顯著波動。我們將持續監測營運環境，並專注於我們可控的事項。

In summary, fiscal year 2026 was an exceptional year for Gen. We have accelerated our business growth with the same operating discipline you've come to expect from us over the years. Our high operating margin and outstanding free cash flow generation enabled disciplined investments in our innovation to further scale our business.

總結來說，2026會計年度對Gen而言是非凡的一年。我們在維持多年來各位對我們所期待的同等營運紀律下，加速了業務成長。我們高水準的營業利益率與卓越的自由現金流創造能力，使我們得以以嚴謹方式投資創新，進一步擴大業務規模。

I want to thank the entire Gen team for staying focused and delivering great value to our customers and shareholders. We are proud of our performance, and we're excited to achieve even more in fiscal year 2027.

我要感謝整個Gen團隊保持專注，並為客戶與股東創造卓越價值。我們為自身表現感到自豪，也期待在2027會計年度達成更多成果。

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

一如既往，感謝各位今天撥冗參與。接下來我將把電話交回給接線員，開始提問。接線員？

(Operator Instructions)

（接線員指示）

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks so much. And congrats on the quarter. You noted the paid base had a one-third, or one-third of the paid base was engaging with the financial wellness portfolio. Just Kind of curious how you see that evolving? Or what you think that, that target could kind of get to?

很好。非常感謝。也恭喜本季表現。你提到付費用戶基礎中有三分之一，或約三分之一的付費用戶基礎正在使用財務健康產品組合。我有點好奇你怎麼看這個比例的演進？或者你認為這個目標大概可以提升到什麼程度？

And then just on the, as a second question on the trusted access program or just kind of work with some of the other frontier models, is there any kind of gross margin impact that we should be kind of embedding as a part of working with those? Thanks.

另外第二個問題，關於可信存取（trusted access）計畫，或是與其他前沿模型（frontier models）的合作，我們在與它們合作時，是否需要把任何毛利率影響納入考量？謝謝。

Okay. Excellent. Let me take those two an excellent question. So on the first one, it's really about the thesis that, if you are in cyber safety, one of your key needs is to protect against financial damage. And we see that as the overall threat landscape, if you want, is evolving from consumer becoming like 80% scams, it's all targeted at getting new money.

好的。非常好。讓我來回答這兩個——很棒的問題。第一點，核心其實在於這個論點：如果你身處網路安全領域，你的一個關鍵需求就是防範財務損失。而我們看到整體威脅態勢（如果你願意這麼說）正在演變：面向消費者的威脅有大約 80% 變成了詐騙，全部都是以取得新的資金為目標。

Even if it's targeting your identity, it's ultimately it's your money. And now that we include financial protection and empowerment into our overall portfolio, we're connecting all of that together. We're offering our customers the ability to source scan for the financial environment and able to plug those accounts that they have, savings account, credit accounts, other financial tools to be able to be first monitored. And we monitor unexpected deviations, anomalies, et cetera. And then the next way is to provide recommendations, which is really building the trust.

即使它鎖定的是你的身分，最終也還是你的錢。而現在我們把財務保護與賦能納入整體產品組合後，就把這一切串聯起來。我們讓客戶能夠掃描其財務環境，並可連結他們擁有的帳戶——儲蓄帳戶、信用帳戶及其他金融工具——以便先進行監控。我們會監測非預期的偏離、異常等等。接下來則是提供建議，這其實是在建立信任。

And only then, we intend to then monetize. We know that path. We've seen it. It started early on organically in our portfolio with LifeLock when we bought MoneyLion, they definitely understood that, that core cyber safety was providing the trust and the connection points. And we've seen that acceleration.

只有在那之後，我們才打算進一步變現。我們了解那條路徑。我們也看過。這在我們的產品組合中很早就以自然方式開始了：當我們收購 MoneyLion 時，LifeLock 的經驗也清楚表明，網路安全的核心在於提供信任與連結點。而我們也看到這種加速。

It started when we bought MoneyLion. We had about overall something like 75 million connected accounts and then it range and is now 107 million and continue to increase. We do see, to get a lot more cyber safety becoming the full foundations. We offered LifeLock into now a membership inside the MoneyLion. And so you're going to see this cross-pollination.

這是從我們收購 MoneyLion 時開始的。當時整體大約有 7,500 萬個已連結帳戶，之後一路成長，現在是 1.07 億個，且仍持續增加。我們確實看到，讓更多網路安全成為完整的基礎。我們把 LifeLock 以會員權益的形式整合進 MoneyLion。因此你會看到這種交叉滲透。

We'll continue to report on that metric, which we believe is the first leading indicator of the future synergies. So you'll see us continue to develop that. I do expect to be a very, very large proportion of the installed base to accept this first step of financial monitoring and protection.

我們會持續揭露這項指標，我們相信它是未來協同效益的第一個領先指標。所以你會看到我們持續推進這方面。我確實預期，在既有用戶基礎中，會有非常、非常高的比例接受這第一步：財務監控與保護。

On the second question of the AI model, it's a great time. As you know, we launched our agent Trust Hub Technologies last quarter. It was about consumers, our customers, starting to use agents and wanted to be protected. We open our technologies to developers and others and making sure that, that could be embedded into their overall work. We then moved agent protection, that technology into our Norton 360.

第二個關於 AI 模型的問題，現在正是好時機。如你所知，我們在上個季度推出了代理（agent）Trust Hub Technologies。那是因為消費者、我們的客戶開始使用代理，並希望獲得保護。我們把技術開放給開發者與其他人，確保它能嵌入到他們的整體工作中。接著我們把代理保護這項技術導入 Norton 360。

So if you are using your PC, have Norton 360, and agent are being used, you can also have protection and control. That need will only increase. We then moved into working with the and say, how can we also develop positive use case, the empowerment side, helping book your flight confidently, helping move your money confidently and securely and making sure that could be all automated in a good way. That's why we call it core architecting. They work on the model, obviously, optimize it for minimum usage, and we work on that trust security privacy layer.

所以如果你在 PC 上使用 Norton 360，且正在使用代理，你也能獲得保護與控制。這個需求只會增加。接著我們開始合作並思考：我們也能如何打造正向的使用情境，也就是賦能的一面——幫你更有信心地訂機票、幫你更有信心且安全地移動資金，並確保這些都能以良好的方式自動化。這就是我們稱之為核心架構設計（core architecting）的原因。他們負責模型，當然也會把它最佳化以降低使用成本；而我們則負責信任／安全／隱私這一層。

It does not have an impact on CapEx. We're not developing those models, if you want. They own the model. We own the product or a trust layer to the customer. And when we increase more value, our intention is to monetize that through membership.

這不會影響資本支出（CapEx）。我們並沒有在開發那些模型（如果你要這麼說）。模型由他們擁有。我們擁有的是面向客戶的產品或信任層。當我們提供更多價值時，我們的意圖是透過會員制來變現。

And so it's very similar business model than our normal cyber safety. Obviously, on a per usage basis, we're going to have a cost that will then be revenue for those LLMs. So we'll not have the same profit margin than cyber safety business, but does not have a CapEx investment for us.

因此這與我們一般的網路安全商業模式非常相似。顯然，以每次使用計費的基礎上，我們會有成本，而那會成為那些 LLM 的收入。所以我們不會有像網路安全業務那樣的同等利潤率，但對我們而言不需要 CapEx 投資。

Great. Thanks so much.

很好。非常感謝。

Robert Coolbrith, Evercore.

Robert Coolbrith，Evercore。

Great. Thanks so much. It sounds like the results in mobile remain very impressive. A couple of questions further to that. Just across the paid member base maybe across cybersecurity and trust-based solutions, to what extent are your members interacting via mobile touch point today. I don't know if you could maybe talk a little bit about the penetration with the mobile apps across the product base. I just wanted to ask if there remains a substantial opportunity to expand that footprint?

很好。非常感謝。聽起來你們在行動端的成果仍然非常亮眼。我有幾個延伸問題。就付費會員基礎而言——可能涵蓋網路安全與以信任為基礎的解決方案——目前你們的會員有多大程度是透過行動端觸點在互動？我不確定你是否能談談行動 App 在整體產品基礎中的滲透率。我想問的是，是否仍存在相當大的機會去擴大這個覆蓋面？

And following on that, is there opportunities to sort of expand the touch points, expand cross-sell, deepen those relationships just via the mobile touch point? (multiple speakers)

延續這點，是否有機會透過行動端觸點來擴大觸點、擴大交叉銷售、加深這些關係？（多位講者）

Go ahead. Sorry, go ahead.

你先請。抱歉，你先請。

I was just going to ask about the direct billing or the web shop opportunity. Yes, it looks like you're still transacting at least in my experience, via the App Store billing rails, but just wanted to ask about direct billing or web shops. Thank you.

我只是想問關於直接扣款（direct billing）或網路商店（web shop）的機會。是的，至少以我的經驗看起來，你們仍主要透過 App Store 的計費管道在交易，但我想請教直接扣款或網路商店的可能性。謝謝。

Excellent. I'll delegate the billing question to Natalie. Actually, I was going to give you a short and long answer on this very, very important strategic question. And the short answer is boy, we still have a lot of opportunities to move where the consumers are.

很好。我會把計費的問題交給 Natalie。其實，針對這個非常、非常重要的策略性問題，我本來想給你一個簡短版和一個較長版的回答。簡短版是：天啊，我們仍然有很多機會把重心移到消費者所在之處。

As you know, in our core cyber safety and now moving to the more long strategic answer, our core cybersecurity was essentially device-based and PC-based and laptop based and then moved slowly but surely into mobile, as you know.

如你所知，在我們的核心網路安全業務——現在進入較長的策略性回答——我們的核心資安原本基本上是以裝置為中心、以 PC 與筆電為中心，然後如你所知，逐步但確實地轉向行動端。

Initially, we move more with point products, VPN and a few others. And then we integrated with Norton 360 and it became the membership on mobile. That was the fastest-growing segment. We still see that from there, in mobile for core security improving the engagement, moving to the higher value tier plans is still remaining to be.

一開始，我們更多是以單點產品切入，例如 VPN 和其他幾項。接著我們把它整合進 Norton 360，並在行動端成為會員制產品。那是成長最快的區塊。我們仍然看到，從那之後，在行動端就核心安全而言，提升互動度、推動用戶升級到更高價值的方案，仍然是接下來要持續做的事。

And then I move to the second part of the portfolio when we bought MoneyLion, we knew the foundation was about protection and protection against fraud, but they were providing the empowerment side, hey, when I protect your financials, I can also help you make better decisions, manage it and then growing it.

接著我談到產品組合的第二部分：當我們收購 MoneyLion 時，我們知道基礎在於保護、在於防詐，但他們提供的是賦能的一面——也就是說，當我保護你的財務時，我也能幫你做出更好的決策、管理它，然後讓它成長。

And then you reverse back say the closest adjacency, was LifeLock. I'm protecting your identity, but you can unlock access. You can improve your reputation. You can get access to better financial products. That engagement, that is a core metric for the empowerment side of our portfolio continues to be developed.

然後你再回頭看最接近的相鄰領域，就是 LifeLock。我在保護你的身分，但你也能解鎖取得權限。你可以提升你的聲譽。你可以取得更好的金融產品。這種互動度——也就是我們產品組合中賦能面向的核心指標——仍在持續發展。

I mentioned that as we launched the new LifeLock app, which is a great design, it's all around centering, not only just being protected on new identity, but able to be able to manage to control and use it. We've seen the engagement growing, and that's what I mentioned, the new LifeLock mobile revenue is growing 50%, still needs to continue to penetrate into the full engagement. So if MoneyLion is fully mobile already, as you work back down to the core protection, we still very much PC devices and the need to continue to shift. So that the whole opportunity.

我提到過，我們推出了新的 LifeLock App，設計非常出色，核心是以「以你為中心」：不僅是保護你的新身分風險，也讓你能夠管理、控制並加以使用。我們看到互動度在提升；這也是我提到的，新 LifeLock 行動端營收成長 50%，但仍需要持續滲透到完整的互動使用中。所以如果 MoneyLion 已經完全是行動端，那麼當你往回看核心保護業務，我們仍然非常以 PC 裝置為主，仍需要持續轉移。這就是整體的機會。

From being on mobile where the consumer is, we're also going to create the engagement. It is no different than moving also where traffic was, maybe just on search, moving into LLMs, moving into where consumers are into searching and we're doing exactly the same effort to meet the consumer where they are at the moment of the needs.

從在消費者所在的行動端出發，我們也將創造互動參與。這與把重心移到流量所在之處並無不同——可能過去主要在搜尋，如今轉向 LLMs、轉向消費者進行搜尋的地方；我們正在做完全相同的努力，在需求發生的當下到消費者所在之處與其相遇。

And with that, Natalie, I don't know if you want to share a little bit more on the payment for?

另外，Natalie，我不確定你是否想再多分享一點關於付款方面的？

Yes. It's honestly a really special time with our global targeted audiences and existing customers because it's been so much change. There's definitely change that you're referring to in terms of enabling the ability to then go more direct bill and on our own payment rules, which we love. Our BSR, our billing success rate on our own payment rails is extraordinarily high. I would argue best in class. And so now having that additional opportunity and ability to do that, we are very much looking forward to and moving very fast on.

是的。坦白說，對我們的全球目標受眾與既有客戶而言，這真的是一個非常特別的時刻，因為變化非常多。你提到的其中一項變化，確實是在於讓我們能夠更直接地自行出帳，並依照我們自己的支付規則運作，而我們很喜歡這點。我們在自有支付軌道上的 BSR（帳單成功率）高得驚人。我會說是同業最佳。因此，現在有了額外的機會與能力去這麼做，我們非常期待，也正以非常快的速度推進。

But the other changes that I would call your attention to and are really driving some of our growth and our results are we've moved very quickly from, I would say, even a year ago, maybe 18 months ago with just a stand-alone Norton offering.

但我還想提醒你注意的其他變化——而且這些變化確實在推動我們部分成長與成果——是我們從我會說甚至是一年前、或 18 個月前，還只有單一的 Norton 產品方案，已經非常快速地轉變。

Now we're able to sell and offer mostly because of our own internal tech functionality, we're able to offer customers the more choice in the membership offerings, and we really see a pickup there. And now on top of that, we've now enabled the cross-sell functionality that you referred to. And so just every single time that we're able to engage with these customers, either new or existing, our product portfolio and offering just continues to expand. Their choice gets, their areas of choice expand.

現在我們能夠銷售並提供——主要得益於我們內部的技術功能——我們能為客戶在會員方案上提供更多選擇，而我們確實看到那裡的拉升。此外，我們也已經啟用你所提到的交叉銷售功能。因此，每一次我們能與這些客戶互動——不論新客或既有客——我們的產品組合與供給就持續擴大。他們的選擇、他們可選擇的範圍也在擴大。

And honestly, their choice of what they want to take advantage of, how they want to pay us and the frequency of their memberships is all real flexible. And so therefore, we're able to get very, very personalized and really meet the consumer where their demands are.

而且坦白說，他們想要使用哪些服務、想要如何付費給我們，以及會員的付費頻率，都非常有彈性。因此，我們能做到非常、非常個人化，真正地在消費者需求所在之處與其對接。

Great. Thank you so much. Congratulations on the great results.

很好。非常感謝。也恭喜你們取得很棒的成果。

Thank you.

謝謝。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Hey, thank you for the question. Congrats on the really strong results. Your bookings grew an incredibly impressive double digits year over year organically in fiscal '26. How should we think about the trajectory in '27, especially just given the bullishness and financial wellness and AI?

嗨，謝謝讓我提問。恭喜你們交出非常強勁的成績。你們在 26 財年（fiscal '26）的預訂（bookings）有機年增達到令人印象深刻的雙位數成長。我們該如何看待 27 年（'27）的走勢，特別是考量你們對金融健康（financial wellness）與 AI 的樂觀態度？

Yeah. From a guidance perspective, whether you look at Q1 or you look at the full year building on the momentum that we've seen and that we have honestly thought for all year in fiscal '26, we expect that momentum to continue.

是的。從指引（guidance）的角度來看，不論你看 Q1 或看全年，在我們看到的動能之上——而且坦白說，這也是我們在 26 財年整年一直預期的——我們預期這股動能會延續。

Let's break it down a little bit. So let's start with the core cyber safety business. We talked to you guys a couple of years ago about driving that business to a consistent mid-single-digit rate of growth. We're there, and we plan to continue to be there. So we expect mid-single-digit rate of growth in our core cyber safety segment to continue.

我們把它拆開來看。先從核心網路安全（cyber safety）業務開始。我們在幾年前就跟各位談過，要把這個業務推動到穩定的中個位數成長率。我們已經達成，而且我們計畫持續維持。因此，我們預期核心網路安全部門的中個位數成長率將會延續。

It's going to be driven from the things we've been consistently talking about acquiring new customers in a very healthy way, all shapes and sizes across the globe at the low, medium and high value levels and then taking those customers through a prideful customer journey and making sure that they are aware of the, all of the product offerings that we've got at moment, especially in the moments of truth that they find themselves in.

這將由我們一直在談的幾件事所驅動：以非常健康的方式獲取新客戶，在全球各地、各種規模、低/中/高價值層級皆然；接著帶領這些客戶走過一段我們引以為傲的客戶旅程，並確保他們了解我們當下所有的產品供給，尤其是在他們所處的關鍵時刻（moments of truth）。

And that cross-sell upsell lever comes alive relatively early in your customer journey, and we see that through growing ARPU and stable to increased retention rate depending on the cohort we're looking at. And so those calisthenics, so to speak, of the KPIs driving the core cyber safety business are increasing and we continue to drive those.

而交叉銷售/向上銷售（cross-sell/upsell）這個槓桿，在客戶旅程相對早期就會開始發揮作用；我們從 ARPU 成長以及留存率（retention rate）穩定到提升（視我們觀察的客群 cohort 而定）中看得到。因此，推動核心網路安全業務的 KPI「基本功」可以這麼說，正在改善，而我們也會持續推進。

And then blend that with all of the great things that we're doing in the Trust-based Solutions segment, we now have a reimagined LifeLock offering starting at the acquisition channels and then cascading through a stronger retention and customer journey playbook, making sure that those LifeLock customers have the best-in-class protection, have choice, not only from a product offering perspective, but again, the frequency at which they would like to be billed and really the flexibility of how they want to be billed is going to drive additional growth, higher rates of retention and higher NPS.

再把這些與我們在「信任型解決方案」（Trust-based Solutions）部門所做的所有好事情結合起來：我們已重新打造 LifeLock 方案，從獲客渠道開始，並一路延伸到更強的留存與客戶旅程作戰手冊，確保 LifeLock 客戶擁有同業最佳的保護與選擇；不僅在產品供給上有選擇，同樣地，他們希望以何種頻率被收費，以及他們希望如何被收費的彈性，也將帶動額外成長、更高的留存率與更高的 NPS。

And then, of course, we've got the financial wellness business, which is enormously healthy. MoneyLion on all dimensions is growing faster than the industry in a very, very, very healthy way. And then in addition to that, as we look to fiscal year '27 and we continue that momentum throughout the year, we've got the opportunities to really drive and deliver on the synergistic benefits that you've heard from Vincent along the way.

當然，我們還有金融健康業務，這部分非常、非常健康。MoneyLion 在各個面向都以非常、非常、非常健康的方式，成長速度快於產業。此外，當我們展望 27 財年並在全年延續這股動能時，我們也有機會真正推動並兌現你一路以來從 Vincent 那裡聽到的協同效益。

And so we're just enormously excited. We have a very high confidence growth path. We've got the 8% to 10% in Q1 to continue the momentum we see in Q4. And then as we scale throughout the year and see those new growth initiatives come to fruition, we're really, really excited about it.

所以我們非常振奮。我們對成長路徑有非常高的信心。我們在 Q1 給出 8% 到 10% 的成長，以延續我們在 Q4 看到的動能。而隨著我們在全年擴大規模、並看到那些新的成長計畫逐步開花結果，我們真的非常、非常期待。

That's tremendously helpful. And then just maybe to double click on that last point, so MoneyLion. You have fantastic growth, 44% for the year. Is there a framework or guardrails for how we should think about growth in that business? Or any seasonality considerations we should have? And then you mentioned growing much faster than the market. I'm just curious what the market growth is from your perspective?

這非常有幫助。再針對最後一點深入追問一下，關於 MoneyLion：你們成長非常亮眼，全年 44%。我們應該用什麼框架或界線（guardrails）來看待那個業務的成長？或是有任何季節性（seasonality）的考量嗎？另外你提到成長遠快於市場。我也好奇從你們的角度來看，市場成長率大概是多少？

Yeah. I think we had said expect approximately 30% growth. I think if you look across the different avenues or the different areas of competition, I would say that, that would be where we kind of peg it. And then in terms of the MoneyLion growth, we look, I look at it specifically on 2 sides. We've got the first party, so the personal financial management tooling that we've got.

是的。我想我們之前說過，預期大約 30% 的成長。我想如果你看不同的路徑或不同的競爭領域，我會說我們大致就是把它定錨在那個水準。至於 MoneyLion 的成長，我會特別從兩個面向來看。第一是第一方（first party），也就是我們的個人財務管理（PFM）工具。

It's an enormously strong business, very, very healthy. We saw a pickup in transactions per customer. As we navigate through closing the first fiscal year with MoneyLion, we've all been, had the opportunity to learn that business and get very, very close to those customers. Those customers are incredibly loyal and very, very sticky. We love repeat customers.

這是一個非常強的業務，非常、非常健康。我們看到每位客戶的交易次數有所提升。在我們完成併入 MoneyLion 的第一個財年之際，我們都有機會學習這個業務，並非常貼近這些客戶。這些客戶極度忠誠，而且黏著度非常、非常高。我們喜歡回流客（repeat customers）。

And therefore, we're highly confident in the health of the PFM business. And then on the Engine side, it's just massively exciting. We've got an enormously powerful Engine. We have a ton of data the functionality and the inventory that we bring together through that Engine functionality in a marketplace format on both the supply and the demand side just continues to expand, continues to become more competitive, and we see the growth in exchange for that.

因此，我們對 PFM 業務的健康度非常有信心。而在 Engine 端，則是極度令人興奮。我們擁有一個非常強大的 Engine。我們透過該 Engine 的市場（marketplace）形式，在供給端與需求端把大量資料、功能與庫存整合在一起；這些都在持續擴張、持續變得更具競爭力，而我們也看到相應的成長。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley Securities。

Thank you very much. This is a terrific result and outlook. Actually, the growth rate is, pro forma going forward is a little faster than I would have thought. And maybe you could give a couple of points on why the range is in that 8% to 10% range? Is it just a sort of a weighted average of the two segments when it's growing mid-single and the other one is growing, trust is growing [20]?

非常感謝。這是一個極佳的成果與展望。其實，往前看的備考（pro forma）成長率比我原先預期的還要快一些。也許你可以說明幾點，為什麼區間會落在 8% 到 10%？這是否只是兩個事業部的加權平均：一個是中個位數成長，另一個則是信任（trust）在成長[20]？

And then the second question would be our capital allocation goals. How you might break down your free cash flow uses this year? Thanks.

第二個問題是關於我們的資本配置目標。你們今年可能會如何拆解自由現金流的用途？謝謝。

Excellent. Good question. I'll take the first one. Yes, as we said, right, we're raising our model from a mid-single-digit growth rate to 8% to 10% next year, high single-digit growth. So it's structurally, we feel really good about, actually all of our businesses, you've observed that even in cyber safety, we've regained that momentum of mid-single-digit growth rate has been now for many, many, many quarters that we're adding customers quarter over quarter and deliver on that number.

很好。好問題。我先回答第一個。是的，如我們所說，我們把模型從中個位數成長率上調到明年的 8% 到 10%，也就是高個位數成長。從結構面來看，我們對其實所有業務都感覺非常好；你也觀察到，即使在網路安全（cyber safety）方面，我們已經重新取得中個位數成長的動能，且已經持續了很多、很多、很多個季度，我們每季都在增加客戶並達成那個數字。

Then you have MoneyLion, MoneyLion that continues to do well, better than its market, approaching also a platform and a membership view in the long-term strategy, and I think that will continue to drive the long-term growth aspect. And then inside that engine, which is really considering there's kind of a matching layers between what the customer needs and the offer they could consume.

接著是 MoneyLion。MoneyLion 持續表現良好，優於其所處市場，也正逐步朝向平台與會員制（membership）的長期策略視角，我認為這將持續驅動長期成長面向。而在那個引擎（Engine）之中，真正考量的是：在客戶需求與他們可採用的方案之間，存在某種匹配層。

It continues to improve, it's scaling up inside Gen, and that leads you to the synergies we see which is this cross-pollination between being protected and being able to do something with your protected data, and we only see that accelerating, we'll report ongoingly with you guys, how we're going to progress along that line. But we see tremendous opportunity. So knock on wood that we'll continue on that very good guidance and maybe next year delivered another double-digit growth rate.

它持續改善，並在 Gen 內部擴大規模，這也帶來我們看到的綜效，也就是在「受到保護」與「能夠運用你受保護的資料做些事情」之間的交叉滲透（cross-pollination）；我們只看到這會加速發生。我們會持續向各位回報我們將如何沿著這條路線推進。但我們看到非常巨大的機會。所以希望一切順利（knock on wood），我們能延續這份非常好的指引，或許明年再交出一次雙位數成長。

Yeah. And then on capital allocation, I think it's helpful for the reflection, I would think with the numbers I shared in the prepared remarks, really reflects a balanced approach, which we've said very, very consistently, and we have been deploying it that way.

是的。至於資本配置，我認為回頭看會很有幫助；以我在事先準備的講稿中分享的數字來看，確實反映了一種平衡的做法，我們也一直非常、非常一致地這麼說，而且我們也一直以這種方式在部署。

Now that we're at approximately 3 times net on the leverage perspective, it really allows us to a bit more flexibility as we navigate into fiscal year '27. Of course, we continue with that type of top line and mid-teens EPS growth that you should infer that we're going to continuously drive a ton of free cash flow. How that will be deployed is not going to be significantly different than what we've seen in the last year or two.

現在從槓桿角度來看，我們的淨槓桿大約在 3 倍左右，這確實讓我們在邁向 2027 財年時有更多彈性。當然，若你看到這樣的營收成長與 EPS 中十位數（mid-teens）的成長，你應該可以推論我們會持續創造大量自由現金流。這些現金流將如何部署，與過去一兩年看到的情況不會有顯著不同。

It's going to be a balanced approach across the opportunistic share repurchase. We will continue to delever the balance sheet and then, of course, opportunistic or tuck-in M&A opportunities to further diversify and grow our business. We also have the ability to use the dry powder to invest in our own innovation, which we will do in a very disciplined fashion.

我們會在機會性庫藏股回購上採取平衡做法。我們也會持續降低資產負債表槓桿，然後，當然也會把握機會性或補強型（tuck-in）的併購機會，以進一步多元化並成長我們的業務。我們也有能力運用這些「乾火藥」（dry powder）投資於自身創新，而且會以非常嚴謹自律的方式進行。

2027 is going to be very, very exciting with the range on the top line, both bookings and revenue and us raising the expectation on EPS growth to mid-teens. You can trust that we're going to have a disciplined approach to the allocation and make the right trade-offs in the right moments.

2027 年會非常、非常令人振奮，因為在營收端的區間（包含 bookings 與 revenue），以及我們把 EPS 成長預期上調到中十位數。你可以相信，我們會以自律的方式進行配置，並在適當的時點做出正確的取捨。

Thank you very much.

非常感謝。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Hey, guys. Thanks you for takimg my question here. Great to see the better growth. Congrats.

嗨，各位。謝謝讓我提問。很高興看到更好的成長。恭喜。

Thank you.

謝謝。

Vincent, maybe I could just build off that last line of question a little bit on MoneyLion, just clearly a great contributor to growth and growing much faster than overall banking services. How do you sort of think about that overall market growing? And clearly, it seems like MoneyLion is taking share. How do you feel about the ability for that to continue?

Vincent，也許我可以延伸上一個問題的最後一段，談一下 MoneyLion。它顯然是成長的重要貢獻者，而且成長速度遠快於整體銀行服務。你如何看待整體市場的成長？而且很明顯，MoneyLion 似乎正在搶市占。你對這種態勢能否持續的能力有何看法？

Yeah. Let me tell you about the growth driver in MoneyLion, but first and foremost, our principle. While I'll talk about growth driver, we have the best entry point for a specific consumer needs. If you want to be protected against the threat landscape, you are in Norton. If you want to use a premium, you're in Avast, but you have the best applications in the marketplace.

是的。我來談談 MoneyLion 的成長驅動因素，但首先是我們的原則。在我談成長驅動之前，我們針對特定消費者需求，擁有最佳的入口（entry point）。如果你想在威脅環境下獲得保護，你會在 Norton。如果你想使用高階（premium）產品，你會在 Avast，而且你會得到市場上最好的應用程式。

If you want your identity or your reputation being monitored, being managed, you're going to LifeLock. And without question mark, we are the player in that market. What was MoneyLion is going to be the same. We have the best entry point to be able to manage your cash flow and improve your credit score. Full stop. We'll continue to see improve that door, and you'll see continued gaining share across the entire consumer base.

如果你希望你的身分或聲譽被監控、被管理，你會選擇 LifeLock。毫無疑問，我們就是那個市場的領導者。MoneyLion 也會是同樣的情況。我們擁有最佳入口，讓你能管理現金流並提升信用分數。就這樣。我們會持續把這扇門做得更好，你也會看到我們在整體消費者族群中持續提升市占。

Underlying, though, to accelerate that growth, we have three growth levers. The first one is we offer financial protection. The trust element that is missing in so many of those smaller financial tech layers. The second one is we have a platform approach. Like we did in cyber safety, a great entry door, you and then you all in one, it will be the same in financials.

而在底層要加速這個成長，我們有三個成長槓桿。第一，我們提供金融保護。這是許多較小的金融科技層所欠缺的「信任」要素。第二，我們採取平台策略。就像我們在網路安全所做的：一個很好的入口，然後把你帶進一站式（all in one）；在金融領域也會是同樣的做法。

And you're going to continue to expand. And with that being able to grow that ARPU inside the consumer. And the third one is all about the Engine. We are first and foremost a secure trust vehicle for consumer to make the best financial decision.

而你會持續擴張。並藉此提升單一消費者內的 ARPU。第三則完全關乎引擎（Engine）。我們首先是一個安全、可信的載體，協助消費者做出最佳的金融決策。

And with that, Engine will offer you the best offer in the marketplace where the first party products or third-party products to address those needs. So I don't know if there is any comparable, we obviously buy entry dose have competitors, but we're very focused on our mission of both protection and empowerment in an all-in-one membership.

在此基礎上，引擎會在市場上提供最佳方案，無論是第一方產品或第三方產品，以滿足那些需求。所以我不確定是否有任何可比對象；我們顯然在入口端有競爭對手，但我們非常專注於我們的使命：在一站式會員制中同時提供保護與賦能（empowerment）。

Got it. Very helpful. Natalie, maybe for you, can you just give us a little bit of color on sort of how you're thinking about operating margins in the guide. I mean now that we're going to be lapping the MoneyLion acquisition, you've got some new member initiatives taking shape. Curious if you could just paint any broad brushes on how to think about margins for next year?

了解。非常有幫助。Natalie，或許請你補充一下，你們在指引中是如何思考營業利益率（operating margins）的。我的意思是，現在我們將會進入 MoneyLion 併購的比較基期（lapping），而且你們也有一些新的會員計畫正在成形。想請你用比較概括的方式說明一下，明年的利潤率該如何看？

Yeah. Thanks for the question, Saket. We're operating the entire Gen business at approximately 50%. you know these segments are CS at 61, TBS at 30. And from an overall construct perspective, we don't see or expect significant change.

好的。謝謝你的問題，Saket。我們整個 Gen 業務的營業利益率大約在 50%。你知道這些事業部：CS 為 61，TBS 為 30。從整體架構來看，我們看不到、也不預期會有顯著變化。

The way I look at it is at an 8% to 10%, whether you're talking about bookings or you're talking about revenue, this is the time to drive more, expand further, invest more, not constrict. And so that's what you're going to see us do. That's what our growth plan is constructed around its investments, it's innovation, it's driving healthier and healthier marketing, and it's going to drive accelerated top line across the different growth vectors.

我的看法是，在 8% 到 10% 的成長區間，不論你談的是預訂量（bookings）或是營收，現在正是要加大推動、進一步擴張、加碼投資的時候，而不是收縮。因此，這就是你們將會看到我們去做的事。我們的成長計畫就是圍繞投資、創新，以及推動更健康、愈來愈健康的行銷來建構，並將在不同的成長向量上帶動更快的營收成長。

Now we do have a mix component to the business, which we're very aware of, and we openly dialogue with you guys about, and that mix component has, of course, a growth component to it. But we believe that we can still operate those two segments in the margin architecture that I just shared. We will drive efficiencies where we can.

我們的業務確實存在組合（mix）因素，我們非常清楚，也一直與各位公開討論；而這個組合因素當然也包含成長面向。但我們相信，我們仍然可以在我剛才分享的利潤率架構下營運這兩個事業部門。我們會在可行之處推動效率提升。

And honestly, the TBS segment offering us enormous amounts and more and more touch points connected accounts is going to be what really, really fuels that synergistic flywheel that is going to, again, create opportunities across both segments, not just TBS. And so that's what we're going to be driving for.

坦白說，TBS 部門為我們帶來大量、且愈來愈多的觸點與連結帳戶，將真正、真正地驅動那個協同的飛輪效應，並且再次在兩個部門之間創造機會，而不只是 TBS。因此，這就是我們要推動的方向。

And then, of course, continuously count on us, we already run our back office functions G&A at less than 3% of revenue and will continue to drive more and more efficiencies and have a disciplined approach to how we run the company. All in all, point you back to 13% to 17% EPS growth, whether you're looking at Q1 or the full year, taking us at a 15% growth midpoint on EPS, which we're enormously excited about.

此外，當然也請持續相信我們：我們的後勤（back office）職能，也就是 G&A（一般及行政費用），目前已低於營收的 3%，並將持續推動更多、更多的效率提升，以紀律嚴明的方式經營公司。總而言之，再次指引各位回到 13% 到 17% 的 EPS 成長，不論你看的是第一季或全年；以 EPS 15% 的成長中點來看，我們對此感到非常振奮。

Well done. Thank you.

做得很好。謝謝。

Thank you, Saket.

謝謝你，Saket。

Richard Poland with Wells Fargo.

Wells Fargo 的 Richard Poland。

Hey, guys. Thanks for taking my question. I think just to follow up on the margin side. I know you pointed to just kind of the mix shift towards membership and revenue synergies as potential drivers on the trust-based solutions side of things. Does that structurally change? Or is that just more, hey, we're going to continue to invest in this business in the immediate term for growth, and we still think we can move that number higher over time?

嗨，各位。謝謝讓我提問。我想就利潤率方面追問一下。我知道你們提到，信任型解決方案（trust-based solutions）這一端，會員組合占比提升以及營收協同可能是潛在驅動因素。這在結構上會改變嗎？還是說更像是：你們短期內會持續為了成長而投資這項業務，但仍認為隨時間推移可以把那個數字拉得更高？

From an investment perspective, look, we've got a lot of areas to invest in innovation and developing new products as well as absolutely, we're focusing on the synergistic opportunities across all of the segments. Structurally, I don't believe in the immediate future that you'll see significant change in margin architecture in either segment and therefore, in the total Gen business. But.

從投資角度來看，我們有很多領域可以投資於創新與新產品開發；同時也確實聚焦於各個事業部門之間的協同機會。在結構上，我不認為在可預見的短期內，你會看到任一部門的利潤率架構出現顯著變化，因此整體 Gen 業務也不會。但是。

I can add a little bit, Richard. I don't see that as an or, it is an and. We will continue to invest to grow and continue to gain share and be the best in each one of our entry doors. And as you know, different entry does grow at a different level. We're super disciplined in managing our marketing investment expect us to always be that.

Richard，我可以補充一點。我不把它看成二選一，而是兩者並行。我們會持續投資以成長、持續提升市占，並在我們每一個入口（entry door）都做到最好。而如你所知，不同入口的成長速度不同。我們在管理行銷投資上非常有紀律，請期待我們一向如此。

At the same time, and it's not a trade-off. We need to continue to cross-pollinate those needs and offer financial protection to do so did not come from a financial protection entry door or offer new empowerment services to those who came from protection. And that is an ongoing effort you will see us ramping and driving not only for next year, but probably forever.

同時，這也不是取捨。我們需要持續讓這些需求彼此交叉導流：例如，為不是從「財務保護」入口進來的客戶提供財務保護；或為從「保護」入口進來的客戶提供新的賦能（empowerment）服務。這是一項持續性的工作，你會看到我們不僅在明年加速推進，可能會一直做下去。

Great. That's very helpful. And I guess just to hit on the revenue synergy side between MoneyLion, Cyber Safety, LifeLock, I know you gave some good disclosures this quarter in terms of just kind of helping us understand how that is progressing. Are there any, I guess, metrics that you plan to more regularly disclose to help investors continue to track those revenue synergy progress as yet?

很好。這非常有幫助。另外我想談談 MoneyLion、Cyber Safety、LifeLock 之間的營收協同。我知道你們本季提供了一些不錯的揭露，幫助我們理解進展情況。你們是否計畫更定期揭露任何指標，來協助投資人持續追蹤這些營收協同的進度？

Yeah. No, absolutely. We'll continue to develop how the different value propositions are coming together and offering that full financial protections and empowerment side of the equation. Today, we are doing the first one, which we call it almost like operational awareness customers that are coming in to be able to have that financial protection on the connected financial accounts.

是的。當然。我們會持續完善不同價值主張如何整合，並在等式的兩端提供完整的財務保護與賦能。目前我們正在做第一步，我們幾乎把它稱為「營運覺察」：讓進來的客戶能在已連結的金融帳戶上獲得財務保護。

As we drive progress and start monetizing and doing things, we will add more disclosures and then as they become useful more metric, I don't want to talk about specifically. But the short answer is absolutely, we'll report progress on driving the full value of the portfolio value of the portfolio.

隨著我們推動進展、開始變現並展開更多動作，我們會增加更多揭露；至於哪些指標會變得更有用、更適合作為衡量指標，我現在不想具體談。但簡短的答案是：絕對會。我們會回報推動整體投資組合完整價值的進展、投資組合的價值。

Great. Thanks.

很好。謝謝。

With that, I will turn the call back to Vincent Pilette, CEO, for closing remarks.

接下來，我將把電話會議交回給執行長 Vincent Pilette 作結語。

Thank you. I did want to add a few comments here at the end and maybe first, addressing investors and employees who work here six years ago when Rick Hill and I decided to sell the Symantec enterprise business to Broadcom supported obviously by the Board and returning $11 billion in special dividends. Today, we are just bigger than Symantec at the time, but growing 4 times faster at 3 times more profit. And so I did want to thank you for your loyalty and your support in believing in our vision of building that, protecting and empowering portfolio for consumers. Thank you.

謝謝。我想在最後補充幾點，或許先對投資人與員工說：六年前，當 Rick Hill 和我決定將 Symantec 的企業業務出售給 Broadcom（當然也獲得董事會支持），並回饋 110 億美元的特別股利。今天，我們的規模已略大於當時的 Symantec，但成長速度快 4 倍、獲利多 3 倍。因此，我想感謝各位的忠誠與支持，並相信我們打造、保護並賦能消費者的產品組合之願景。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。