Gen Digital Inc. (GEN) 2027 Q1 法說會逐字稿

Good afternoon, everyone. Thank you for standing by. My name is Jen, 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 Jen，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, IING would like to pass the call over to Ben Lu, Head of Investor Relations.

此時，進行開場致詞，IING 想將電話轉交給投資人關係主管 Ben Lu。

Thank you, Jen, and good afternoon, everyone. Welcome to Gen's first-quarter fiscal year 2027 earnings call. Joining me today are Vincent Pilette, CEO; and Natalie Derse, CFO. As a reminder, there will be a replay of this call posted on the Investor Relations website, along with our slides and press release.

謝謝你，Jen，各位下午好。歡迎參加 Gen 2027 會計年度第一季財報電話會議。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。

I'd like to remind everyone that during the call, all references to the financial metrics are non-GAAP and all growth rates are year-over-year and adjusted to exclude the extra fiscal week in Q1 fiscal 2026 and to include MoneyLion stub financials in the prior year comparison. 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 for financial filings.

我想提醒各位，在本次電話會議中，所有提及的財務指標皆為非 GAAP，所有成長率皆為年對年，並已調整以排除 2026 會計年度第一季額外的一週，且在前一年比較中納入 MoneyLion stub 財務數據。非 GAAP 與 GAAP 指標的調節表已包含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。我們鼓勵投資人持續關注該網站，因為我們會例行發布投資人相關資訊，例如財務申報的新聞與活動。

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 expectations and statements are based on current beliefs, assumptions as of today's date, August 6, 2026. We undertake no obligation to update these statements as a result of new information or future events.

今天的電話會議包含關於我們業務、財務表現與營運的陳述，包括可能被視為前瞻性陳述之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。上述預期與陳述係基於截至今日（2026 年 8 月 6 日）的當前信念與假設。因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

For more information, please refer to the cautionary statement in our press release and the risk factors in our filings with the SEC, and in particular, our most recent reports on Form 10-K and Form 10-Q.

如需更多資訊，請參閱我們新聞稿中的警示性聲明，以及我們向 SEC 提交文件中的風險因素，特別是我們最新的 Form 10-K 與 Form 10-Q 報告。

And now I will turn the call over to Vincent.

現在我將電話交給 Vincent。

Thank you, Ben, and good afternoon, everyone. Three months ago, we guided fiscal 2027 with a structural step-up, 8% to 10% revenue growth and mid-teens EPS growth. Q1 shows why we had the conviction to do it. We delivered another better-than-expected quarter and entered the rest of fiscal '27 with strategy delivering double-digit growth. Let's start with the headline.

謝謝你，Ben，各位下午好。三個月前，我們對 2027 會計年度提出指引，包含結構性上調：營收成長 8% 至 10%，以及每股盈餘（EPS）中段十位數的成長。第一季的表現說明了我們為何有信心提出該指引。我們再度交出優於預期的一季，並以策略帶動的雙位數成長，進入 2027 會計年度其餘期間。讓我們先從重點開始。

Bookings and revenue grew 11% and non-GAAP EPS grew 19%, both above guidance. Paid customers crossed 80 million, an 11 straight quarter of sequential growth. Two segments, one platform, one mission, helping people live fearlessly in an increasingly complex and ever-expanding digital world. Our job is to be the trusted partner who reduces their risks and keep them safe, confident and empowered online and in an AI world.

預訂額（bookings）與營收分別成長 11%，非 GAAP EPS 成長 19%，兩者皆高於指引。付費客戶數突破 8,000 萬，連續第 11 季呈現季對季成長。兩大事業部、一個平台、一個使命：在日益複雜且不斷擴張的數位世界中，協助人們無懼生活。我們的工作是成為值得信賴的夥伴，降低他們的風險，讓他們在網路上以及 AI 世界中保持安全、自信並獲得賦能。

Cyber safety and Trust-Based Solutions are both growing revenue with growth plus margin profile above 50% and are powered by a single platform of shared proprietary data and models, modular technology and AI-driven personalization that scale across our brands. Our customer relationships are deepening. Membership is expanding, cross-sell is at an all-time high, and we are beginning to unlock the opportunities from embedded financial wellness and Engine partnerships.

網路安全（Cyber safety）與信任型解決方案（Trust-Based Solutions）兩者的營收皆在成長，且成長加上毛利率的綜合輪廓超過 50%；並由單一平台驅動，該平台具備共享的專有資料與模型、模組化技術，以及可跨品牌擴展的 AI 驅動個人化能力。我們與客戶的關係正在加深。會員制持續擴張，交叉銷售達到歷史新高，我們也開始釋放嵌入式財務健康（financial wellness）與 Engine 合作夥伴關係所帶來的機會。

Cyber safety, our foundation, remains competitively strong. Bookings and revenue grew mid-single digits, sustaining last year's momentum. Customers keep telling us about their AI anxiety and for Gen, that growing need for trust and safety represents a tailwind. AI is capable of taking actions on your behalf behind the scenes, which is amazing on one hand, but on the other hand, you relinquish control and transparency. On top of that, AI is turbocharging the threat cycles.

作為我們基礎的網路安全業務，競爭力依然強勁。預訂額與營收呈現中個位數成長，延續去年的動能。客戶持續向我們反映他們對 AI 的焦慮；對 Gen 而言，這種對信任與安全日益增加的需求是一股順風。AI 能在幕後代表你採取行動，一方面令人驚豔，但另一方面你也放棄了控制權與透明度。此外，AI 正在加速威脅週期。

Threats are faster, more complex and increasingly personalized. Threat cycles, once measured in months, are now compressed to minutes, and consumers feel it. We see it in external search, our own funnel and consumer research. AI adoption has passed 40% of US consumers, yet nearly two-third are highly concerned about AI misusing their data, and that number is still rising. This is exactly the environment our portfolio was built for.

威脅更快、更複雜，且愈來愈個人化。威脅週期過去以月計，如今已被壓縮到以分鐘計，消費者也感受得到。我們從外部搜尋趨勢、我們自身的漏斗，以及消費者研究中都看得到。美國消費者的 AI 採用率已超過 40%，然而近三分之二的人對 AI 濫用其資料高度擔憂，而且這個比例仍在上升。這正是我們產品組合所打造的環境。

And we meet this growing need by staying ahead, leveraging the intelligence of Gen Threat Labs, applying AI to detect and defeat emerging threats and putting AI-native products directly in our customers' hands. This quarter, our proprietary scam protection Engine blocked over 0.5 billion scam attacks, more than 100 every second, including deepfakes and voice clones. Demand is increasingly measurable, too.

我們透過保持領先來滿足這項日益增長的需求：運用 Gen Threat Labs 的情報，應用 AI 來偵測並擊敗新興威脅，並將 AI 原生產品直接交到客戶手中。本季，我們專有的詐騙防護 Engine 阻擋了超過 5 億次詐騙攻擊，每秒超過 100 次，其中包括深偽（deepfakes）與語音複製。而且需求也愈來愈可量化。

In our own consumer research, over 60% of consumers say AI-driven scams make them more likely to pay for protection, our strongest measured purchase driver and concerns about AI scams are climbing double digits year-over-year in the US, rising even faster internationally. With nearly 500 million users across 150 countries, we are positioned to capture that demand globally. We are not only seeing new demand, but also very clearly that our existing customers are choosing more protection, not less.

在我們自己的消費者研究中，超過 60% 的消費者表示 AI 驅動的詐騙讓他們更可能付費購買防護；這是我們量測到最強的購買驅動因素。而在美國，對 AI 詐騙的擔憂年對年以雙位數攀升，在國際市場上升得更快。我們在 150 個國家擁有近 5 億名使用者，具備在全球掌握這股需求的有利位置。我們不僅看到新的需求，也非常清楚地看到既有客戶選擇更多防護，而不是更少。

Norton 360's higher-tier memberships, combining scam detection, identity restoration, financial protection and insurance, has scaled to nearly $0.5 billion in annualized bookings. Those deepening customer relationships are a strong reflection of this growing consumer needs. Norton cross-sell penetration rose another point to 27% with sales up double digits year-over-year.

Norton 360 的高階會員方案結合詐騙偵測、身分復原、財務防護與保險，其年化預訂額已擴大至接近 5 億美元。這些加深的客戶關係，強烈反映出消費者需求正在成長。Norton 的交叉銷售滲透率再提升 1 個百分點至 27%，銷售額年對年以雙位數成長。

ARPU is 8% to 10% higher than two years ago and membership adoption across Norton, Avast, Avira passed 60% with retention near record highs. The conviction is clear. The future of cyber safety is all-in-one membership that matches the need of your digital and financial life, not point product. And we are doubling down by making the experience simpler and more personal so customers stay on top of a complex world with less effort.

ARPU 較兩年前高出 8% 至 10%，而 Norton、Avast、Avira 的會員制採用率已超過 60%，留存率接近歷史新高。我們的信心很明確。網路安全的未來是「一站式」會員方案，能對應你的數位與財務生活需求，而不是單點產品。因此我們正加倍投入，讓體驗更簡單、更個人化，使客戶以更少的努力掌握這個複雜世界。

Our strengths are also being validated externally, independent labs and leading reviewers continue to recognize Norton and Avast as category leaders, best comprehensive protection, flexibility, ease of use and performance. Recognitions such as Tom's Guide naming our Norton VPN the best for streaming or PCMag choosing Avast One as the editor's choice reinforce the competitiveness of our portfolio and the strength of our brands and offerings.

我們的優勢也在外部獲得驗證：獨立實驗室與領先評測者持續認可 Norton 與 Avast 為類別領導者，並在最佳整體防護、彈性、易用性與效能方面表現突出。例如 Tom's Guide 將我們的 Norton VPN 評為最佳串流 VPN，或 PCMag 選擇 Avast One 為編輯首選，這些肯定強化了我們產品組合的競爭力，以及我們品牌與產品服務的實力。

Let me highlight one product that makes our platform strategy tangible. Norton's Financial Scan, built on MoneyLion AI, is out of beta and now rolling out into Norton 360 across our largest markets. The concept is simple. It does for customers' financial accounts what antivirus does for their devices, watching continuously and flagging the moment something is wrong. Cyber safety is no longer only about blocking threats.

我想特別強調一項產品，讓我們的平台策略更具體可見。Norton 的 Financial Scan 建構於 MoneyLion AI 之上，已結束 beta 測試，並正於我們最大的市場中，開始在 Norton 360 內推廣上線。概念很簡單。它對客戶的金融帳戶所做的事，就像防毒軟體對裝置所做的一樣：持續監控，並在出現異常的第一時間發出警示。網路安全不再只是阻擋威脅。

It has evolved to become the front door to a deeper, more trusted customer relationship and every financial account a customer connects is one more opportunity to add value. In Trust-Based Solutions, the same strategy is driving growth. Bookings grew 25% with identity, personal financial management and our Engine Marketplace all contributing. LifeLock is in motion. We rebuild the experience for a mobile-first scam-aware consumer, and the simpler tiered experience is moving customers to higher value plans and deeper engagement.

它已演進為通往更深層、更值得信賴的客戶關係的入口，而客戶連結的每一個金融帳戶，都是一次新增價值的機會。在信任型解決方案方面，同樣的策略也在推動成長。預訂額成長 25%，身分防護、個人財務管理以及我們的 Engine Marketplace 均有貢獻。LifeLock 正在加速推進。我們為以行動優先、具詐騙意識的消費者重建體驗，而更簡化的分級體驗正推動客戶轉向更高價值方案並加深互動。

Retention remains at record levels, touching 90% with NPS above 70%, thanks to the same playbook we have run before, deepen the customer relationship with expanding their protection from basic credit monitoring to financial accounts to all the assets that matter in your life.

留存率仍維持在歷史新高，達到90%，且NPS超過70%，這得益於我們一貫沿用的同一套打法：透過將客戶的保障範圍從基本的信用監控，擴展到金融帳戶，再到你生活中所有重要資產，來深化客戶關係。

MoneyLion in its second year within Gen is now driving the same playbook as well. Personal Financial Management grew faster than we expected, led by Instacash and Credit Builder Plus, with record origination and continued margin expansion. Its growth with discipline. Two-third of our PFM revenue comes from repeat customers, underscoring customer satisfaction, loyalty and durability and how we help manage and smooth consumers' ever-changing cash flow needs. Our recently launched MoneyLion One premium membership now put Gen Scam and Identity Protection directly in members' hands because true financial wellness is not only about improving your access to money, it is also about protecting it.

MoneyLion在加入Gen的第二年，也正在推動同樣的打法。個人財務管理（PFM）成長快於我們預期，主要由Instacash與Credit Builder Plus帶動，放款創新高且利潤率持續擴張。這種成長是有紀律的。我們PFM營收的三分之二來自回流客戶，凸顯客戶滿意度、忠誠度與業務韌性，以及我們如何協助管理並平滑消費者不斷變化的現金流需求。我們近期推出的MoneyLion One高級會員，現在將Gen防詐與身分保護直接交到會員手中，因為真正的財務健康不僅在於提升你取得資金的能力，也在於保護資金。

More fundamentally, MoneyLion is evolving from managing today's financial moment to helping customers stay ahead of the next one, anticipating income and bills, identifying potential shortfalls early and guiding them towards the right action.

更根本地說，MoneyLion正從管理「當下」的財務時刻，演進為協助客戶領先「下一個」時刻：預測收入與帳單、及早識別可能的資金缺口，並引導他們採取正確行動。

Engine, the embedded marketplace, connects consumers to the right financial offer and powers the next step in their journey. Engine had its strongest quarter yet, passing $0.5 billion in annual revenue run rate, led by a new insurance vertical built on Trellis infrastructure that we quickly integrated in just under one quarter, a core Gen capability. We added more than 30 new partnerships across multiple categories, drove total network inquiries to over $425 million annually and delivered record revenue.

Engine這個嵌入式市集，將消費者連結到合適的金融方案，並驅動其旅程的下一步。Engine創下迄今最強季度，年化營收運行率（run rate）突破5億美元，主要由一個建立在Trellis基礎設施上的全新保險垂直領域帶動；我們在不到一個季度內就快速完成整合，這是Gen的核心能力。我們在多個類別新增超過30個合作夥伴，推動整體網路查詢量年化超過4.25億次，並交出創紀錄的營收。

And we will continue to leverage that strength and add new verticals that address consumers' diverse financial needs. Stepping back, two proof points tie the portfolio together. connected financial accounts passed 110 million, up from 75 million when we acquired MoneyLion, and 35% of our paid base now engages with financial wellness. Every connection is a chance to deepen the relationship over time. And as we enrich our data and broaden the catalog, the engagement turns into monetization. We are already seeing it with Engine-enabled cross-sell into our installed base on track to double by the end of fiscal '27, giving us the confidence that the model is working and including it in our guidance raise.

我們將持續運用這項優勢，並新增能滿足消費者多元財務需求的垂直領域。退一步看，有兩個證據點把整個產品組合串在一起：已連結的金融帳戶數已超過1.1億，較我們收購MoneyLion時的7,500萬大幅提升；而我們付費用戶中已有35%會使用財務健康相關功能。每一次連結都是隨時間深化關係的機會。隨著我們豐富資料並擴大產品目錄，互動將轉化為變現。我們已看到Engine驅動的交叉銷售導入至既有用戶基礎，預計在2027財年末前翻倍，這讓我們有信心模型正在奏效，並將其納入我們上調的財測指引。

Our AI trust layer is moving from concept to product. A year ago, we said trust would be the bottleneck for agentic AI as agents begin to act for consumers from making purchases to scheduling events. That thesis is now being validated in production. Norton Neo, the world's first secure and private AI-native browser, doubled its daily active users driven by its contextual agentic VPN. Our open-source agent security engine, Sage, is now in Norton 360 and Avast One, providing multilayer agent security to 25 million customers. And we recently launched the beta of Norton Family Assistant, co-architected with AI and supported by multiple models, handling family and financial actions inside a Gen-controlled trusted envelope built on ATH, our Agent Trust Hub.

我們的AI信任層正從概念走向產品。一年前，我們表示當代理式AI開始為消費者採取行動（從購物到排程活動）時，「信任」將成為瓶頸。這一論點如今正在生產環境中獲得驗證。全球首款安全且私密、AI原生的瀏覽器Norton Neo，在其情境式代理VPN帶動下，日活躍用戶數翻倍。我們的開源代理安全引擎Sage，現已導入Norton 360與Avast One，為2,500萬名客戶提供多層次代理安全防護。我們近期也推出Norton Family Assistant的beta版，與AI共同架構並由多模型支援，在以ATH（我們的Agent Trust Hub）為基礎、由Gen掌控的可信封套內，處理家庭與財務相關行動。

This is a long game. Agentic revenue will be modest in fiscal year 2027, but Gen holds what is hard to replicate, trusted brands, consumer reach, a unified data and identity platform and customer-focused technical capability to be the consumers' trust layer for AI. The moat widens with every new model partner, agent and connected account we deploy in our environment, and our goal is simple: make the AI economy safe and simple for our customers. AI is also making us better operators.

這是一場長期戰。代理式營收在2027財年將仍屬溫和，但Gen擁有難以複製的要素：值得信賴的品牌、消費者觸達、統一的資料與身分平台，以及以客戶為中心的技術能力，能成為消費者面向AI的信任層。隨著我們在自身環境中部署的每一位新模型合作夥伴、代理與連結帳戶，護城河都在擴大；我們的目標很簡單：讓AI經濟對客戶而言既安全又簡單。AI也正在讓我們成為更好的營運者。

Following our restructuring, we move faster in smaller, more accountable teams and profit per employee, already amongst the highest at our scale, is up double digits. That leverage keeps our segment's margins durable while we invest in growth. Cyber Safety operating margin remains above 60%, while Trust-Based Solutions remains at 30%, even as our fastest-growing businesses scale.

在完成重組後，我們以更小、責任更明確的團隊加速前進；每位員工的獲利（profit per employee）已是同規模企業中名列前茅，並已呈現兩位數成長。這種槓桿效應讓我們在投資成長的同時，仍能維持各事業部門的利潤率韌性。Cyber Safety營業利益率仍高於60%，而Trust-Based Solutions仍維持在30%，即使我們成長最快的業務正在擴張規模。

Our blended margin reflects this mix, not pressure. We are reinvesting AI productivity into growth while delivering on our mid-teens EPS growth commitments, which brings me to our outlook that reaffirms a structurally higher growth trajectory. Q1 outperformance and continued momentum gives us the confidence to raise fiscal 2027 guidance to 9% to 11% revenue growth and 14% to 18% non-GAAP EPS growth.

我們的綜合利潤率反映的是這種組合結構，而非壓力。我們正把AI帶來的生產力再投資於成長，同時兌現我們對每股盈餘（EPS）中十位數成長的承諾；這也帶到我們的展望，重申結構性更高的成長軌跡。Q1表現優於預期且動能延續，使我們有信心將2027財年指引上調至：營收成長9%至11%，以及非GAAP EPS成長14%至18%。

Beyond fiscal 2027, embedded financial wellness, partner expansion and Engine monetization will sustain the synergy ramp and long-term growth. This is a multi-year compounding model, not a one year acceleration. Let's step back and consider the transformation. A few years ago, many wrote off Symantec consumer cybersecurity as structurally challenged.

展望2027財年之後，嵌入式財務健康、合作夥伴擴張與Engine變現將支撐協同效應加速釋放與長期成長。這是一個多年期的複利模型，而不是一年的加速。讓我們退一步看這場轉型。幾年前，許多人認為賽門鐵克（Symantec）消費者資安業務在結構上面臨挑戰。

Today, Gen is a $5.4 billion revenue platform spanning security, privacy, identity and financial wellness, growing revenue and EPS double digits, returning capital while building the consumer trust layer for the AI era. Along the way, we have more than quadrupled paid customers, doubled revenue, nearly tripled EPS and returned $6 billion to shareholders while funding acquisitions along the way. One truth drives the strategy. Digital threats ultimately target people and their money.

如今，Gen已成為一個54億美元營收的平台，橫跨安全、隱私、身分與財務健康，營收與EPS皆呈兩位數成長，在建構AI時代的消費者信任層之際也持續回饋資本。一路走來，我們付費客戶數增加逾四倍、營收翻倍、EPS接近三倍，並在為收購案提供資金的同時，向股東回饋60億美元。有一個真理驅動著策略。數位威脅最終鎖定的是人，以及他們的金錢。

Cybersecurity and financial wellness are two sides of the same mission. Our job is to earn the customers' trust, unify the platform and help people move from protection to empowerment. That is the strategy, and it is working. So to our teams, I want to thank you for a strong Q1. And to our shareholders, three months ago, we said fiscal 2027 would confirm a clear trajectory shift and Q1 confirms it.

資安與財務健康是一項使命的一體兩面。我們的工作是贏得客戶信任、整合平台，並幫助人們從「被保護」走向「被賦能」。這就是策略，而且正在奏效。因此，我想對我們的團隊說，感謝你們交出強勁的Q1。也對我們的股東說，三個月前我們表示2027財年將確認明確的軌跡轉變，而Q1已證實這一點。

And with that, let me turn it over to Natalie.

接下來，我把時間交給Natalie。

Thank you, Vincent, and hello, everyone. For today's call, I will walk through our Q1 fiscal 2027 results and our raised outlook for full year fiscal 2027. I will focus on non-GAAP financials and adjusted year-over-year growth rates unless otherwise stated. I want to remind everyone that Q1 last year benefited from an extra week of revenue and earnings.

謝謝你，Vincent，大家好。在今天的電話會議中，我將說明我們2027財年第一季（Q1）的業績，以及我們上調後的2027財年全年展望。除非另有說明，我將聚焦於非GAAP財務數據與經調整的年對年成長率。我也想提醒大家，去年Q1因多了一週而受惠於額外的營收與獲利。

Therefore, I will provide commentary on growth adjusted for the extra week as well as MoneyLion stub financials in the prior year so that the comparisons are on a like-for-like basis. Keep in mind that our original guidance, both for the top line measure and EPS already reflected these two adjustments. Now on to our results.

因此，我也會提供已就額外一週進行調整的成長評論，以及前一年度MoneyLion的stub（併入期間）財務數據，使比較建立在可比基礎上。請記住，我們原先的指引，無論是營收等上行指標或EPS，都已反映這兩項調整。接著來看我們的業績。

We delivered another exceptional quarter, exceeding the high end of our guidance, driven by record bookings and revenue, high teens EPS growth and robust free cash flow. Q1 is our fifth consecutive quarter of double-digit bookings growth, up 11% year-over-year to $1.28 billion, while our revenues also increased 11% year-over-year to $1.34 billion, our fastest growth rate since Gen was created with broad-based growth across our two segments.

我們再度交出一個表現卓越的季度，超越指引區間上緣，主要由創紀錄的訂單與營收、中十位數的EPS成長，以及強勁的自由現金流所帶動。Q1是我們連續第五個季度訂單呈兩位數成長，年增11%至12.8億美元；同時營收亦年增11%至13.4億美元，為Gen成立以來最快的成長率，且兩大事業部門皆呈現廣泛成長。

Not only was top line better than expected, investors count on us to be diligent in driving profitability while accelerating growth. Our operating profit grew 9% with blended operating margin stable sequentially at 50% and consistent margins across both segments, even as we meaningfully grew MoneyLion and Engine. We have and will continue to invest in multiple business lines while managing a healthy balance of top line growth and margins.

不僅營收表現優於預期，投資人也期待我們在加速成長的同時，仍能嚴謹推動獲利能力。我們的營業利益成長9%，綜合營業利益率較前季持平於50%，且兩大事業部門的利潤率表現一致，即使我們大幅擴張MoneyLion與Engine。我們已經並將持續投資多條業務線，同時在營收成長與利潤率之間維持健康平衡。

For the Cyber Safety segment, both bookings and revenue increased 4%, delivering another quarter of mid-single-digit growth. We saw growth across brands and memberships. However, our higher-tier suites performance stood out in Q1. Norton 360 is the market-leading all-in-one membership with our highest tier offerings, seeing double-digit growth. This reinforces the value of premium offerings that bundle security, identity protection, VPN and many other safety features.

就網路安全（Cyber Safety）業務而言，預訂額與營收皆成長 4%，再度交出一季中個位數成長。我們在各品牌與會員方案上皆見到成長。然而，我們較高階套裝方案在第一季的表現尤為突出。Norton 360 是市場領先的一站式會員方案，亦為我們最高階的產品組合，呈現雙位數成長。這進一步凸顯將資安、身分防護、VPN 與多項安全功能打包的高端產品之價值。

And as we expand our new Avast One membership, we are applying the same customer-centric playbook to drive membership adoption, deepen engagement and increase customer lifetime value. Cross-sells and upsells continue to exceed our expectations, up double digits in the Norton base with the strongest growth we've delivered in the past two years as we improve targeting across new cohorts.

隨著我們擴大推廣全新的 Avast One 會員方案，我們正套用同樣以客戶為中心的策略手冊，以推動會員採用、深化互動並提升客戶終身價值。交叉銷售與升級銷售持續超出我們預期，在 Norton 用戶基礎中維持雙位數成長，並且隨著我們改善對新客群（cohorts）的鎖定，創下過去兩年來最強勁的成長表現。

And while we continue to refine our AI product recommender with an expanded product portfolio, enriched data and hyper-personalization powered by the Gen platform, we believe we're just getting started and meaningful opportunities are ahead. Cyber Safety margins remained stable at 61%, reflecting another quarter of disciplined execution as we continue to deliver on our mid-single-digit top line growth targets while sustaining best-in-class profitability.

此外，隨著我們透過擴充產品組合、豐富資料，以及由 Gen 平台驅動的超個人化，持續精進 AI 產品推薦器，我們相信這才剛開始，未來仍有可觀機會。網路安全業務毛利率維持穩定於 61%，反映我們再度展現紀律執行；在維持同級最佳獲利能力的同時，持續達成中個位數營收成長目標。

In Trust-Based Solutions, Q1 bookings increased 25% year-over-year, while revenues grew 24% year-over-year. Identity continues to demonstrate strong momentum and the early indicators of the impact of our reimagined LifeLock product are positive with higher sales conversion as customers engage with the improved experience.

在信任型解決方案（Trust-Based Solutions）方面，第一季預訂額年增 25%，營收年增 24%。身分（Identity）業務持續展現強勁動能；我們重新打造的 LifeLock 產品之影響，早期指標正向，隨著客戶使用改善後的體驗，銷售轉換率更高。

Retention also remains healthy at nearly 90%, particularly among more mature cohorts that have experienced the full breadth of the value proposition from monitoring their financial assets to full-service restoration, enforcing our ability to build highly trusted customer relationships. LifeLock also delivers the strongest unit economics across our portfolio, supported by highly recurring revenue, durable retention and proven ability to drive ARPU gains through customer support and upsell.

留存率亦維持健康、接近 90%，尤其是在較成熟的客群中更為明顯；這些客群已完整體驗從金融資產監控到全方位復原服務的整體價值主張，進一步印證我們建立高度信任客戶關係的能力。LifeLock 亦在我們的產品組合中帶來最強的單位經濟效益（unit economics），其背後由高度經常性收入、穩健留存，以及透過客戶支援與升級銷售推動 ARPU 提升的已驗證能力所支撐。

Personal Financial Management growth was driven by record Instacash originations across both new and repeat customers. Our proprietary underwriting algorithm remains a critical component of the customer acquisition engine, while continued optimization of loss ratios is driving performance ahead of target. The durability of this business continues to be underwritten by the fact that more than two-third of first-party revenue is generated by repeat customers.

個人財務管理（Personal Financial Management）的成長，主要由 Instacash 在新客與回流客兩端皆創下紀錄的放款（originations）所帶動。我們自有的核保演算法仍是客戶獲取引擎的關鍵組成，同時持續優化損失率亦使表現優於目標。此業務的韌性亦持續獲得支撐，因為超過三分之二的第一方收入來自回流客戶。

And while the performance continues to improve, as a reminder, our Instacash receivables are sold to Sound Point, further limiting our balance sheet exposure as the business scales. Looking forward, the recent launch of MoneyLion One membership also brings many of our core identity features to members and is designed to deepen customer relationships beyond individual financial transactions through a more integrated value proposition.

此外，儘管表現持續改善，提醒一下，我們的 Instacash 應收款已出售給 Sound Point，隨著業務規模擴大，進一步限制我們的資產負債表曝險。展望未來，近期推出的 MoneyLion One 會員方案也將我們多項核心身分功能帶給會員，並透過更整合的價值主張，旨在超越單筆金融交易、深化客戶關係。

While it's still early innings, MoneyLion One is the first synergistic product that brings together identity and financial wellness as users build and scale their financial lives. Engine Marketplace is quickly becoming one of our fastest-growing categories at roughly $0.5 billion revenue run rate as we drive growth across all vectors, partners, products, verticals and distribution.

雖然仍在早期階段，MoneyLion One 是第一個具協同效益的產品，將身分與財務健康整合在一起，協助使用者建立並擴展其財務生活。Engine Marketplace 正迅速成為我們成長最快的類別之一，營收年化運行率約 5 億美元；我們正從各個面向推動成長，包括合作夥伴、產品、垂直領域與通路。

In the quarter, we added more than 30 new partners, expanded our offering with additional premium products and scaled into additional verticals like the fast-growing insurance market. We are also extending our reach through strategic relationships with leading platforms such as Equifax, providing access to new audiences and additional high-intent customer demand.

本季我們新增超過 30 家新合作夥伴，並以更多高端產品擴充供給，同時擴展至更多垂直領域，例如快速成長的保險市場。我們也透過與 Equifax 等領先平台的策略合作擴大觸及，接觸新受眾並取得更多高意圖（high-intent）的客戶需求。

As the marketplace scales, the combination of broader supply, deeper partner integration and greater product relevance strengthens engagement and conversion while reinforcing the network effects that make Engine increasingly valuable to both consumers and partners. Trust-based solutions segment margin remained stable at 30%, even as we invested behind rapid growth across identity, personal financial management and Engine.

隨著市集規模擴大，更廣的供給、更深的夥伴整合與更高的產品相關性之組合，強化了互動與轉換，同時也鞏固使 Engine 對消費者與合作夥伴愈發有價值的網路效應。信任型解決方案部門利潤率維持穩定於 30%，即便我們持續投入以支援身分、個人財務管理與 Engine 的快速成長。

We are increasingly excited about the many opportunities in this segment to come and will drive strong top line growth with a disciplined investment lens. Direct revenue grew 6%, consistent with prior quarterly trends. Our partner business increased 31% and has surpassed $1 billion on an annualized run rate basis, with particular strength coming from employee benefits, which were up double digits, and our Engine Marketplace, which benefited from expanded partners and verticals.

我們對此部門未來的多項機會愈發感到振奮，並將以紀律性的投資視角推動強勁的營收成長。直營收入成長 6%，與先前各季趨勢一致。我們的合作夥伴業務成長 31%，年化運行率已超過 10 億美元；其中員工福利表現尤為強勁、成長達雙位數，而 Engine Marketplace 亦受惠於合作夥伴與垂直領域的擴張。

As we deploy our capabilities to drive enhancements and personalization into our product offerings, we will leverage our omnichannel approach to quickly drive expansion and adoption. Paid customers continue to increase, reaching 81 million this quarter, up from 79 million last quarter and up from 76 million a year ago.

隨著我們運用自身能力推動產品強化與個人化，我們將利用全通路（omnichannel）策略快速推動擴張與採用。付費客戶數持續增加，本季達到 8,100 萬，較上季的 7,900 萬增加，亦高於一年前的 7,600 萬。

The growth in paid customers has driven -- was driven by both growth in our subscriber base, supported by continued product portfolio expansion across various consumer pain points, as well as accelerated marketplace performance from onboarding new partners and verticals. Gross margin in the quarter was 82%, slightly down, entirely due to product mix. Keep in mind that some of our fastest-growing marketplace categories have a unique business model where it has slightly lower gross margin due to revenue share but also carries a lower OpEx burden.

付費客戶的成長——是由兩方面所帶動：一是訂閱用戶基礎的成長，受惠於我們持續擴充產品組合以涵蓋各種消費者痛點；二是透過導入新合作夥伴與新垂直領域，市集表現加速提升。本季毛利率為 82%，略為下降，完全是由產品組合（product mix）所致。請注意，我們部分成長最快的市集類別採用獨特的商業模式，因收入分成而使毛利率略低，但同時也伴隨較低的營業費用（OpEx）負擔。

And as we ramp up new partners and verticals in our Engine Marketplace, you should expect to see this mix dynamic continue to play out. Our Q1 non-GAAP operating income was $668 million, up 9% year-over-year, with margins stable sequentially at 50%. You should continue to expect us to be disciplined and rigorous with balancing our investments and spending that supports scalable revenue growth.

隨著我們在 Engine Marketplace 加速導入新合作夥伴與新垂直領域，您應可預期這種組合動態將持續發生。我們第一季非 GAAP 營業利益為 6.68 億美元，年增 9%，利潤率季比持平於 50%。您也應可持續預期我們將以紀律且嚴謹的方式，在投資與支出之間取得平衡，以支援可規模化的營收成長。

Total OpEx was $425 million, or 32% of sales, down 60 basis points year-over-year and down 150 basis points sequentially. Sales and marketing was $284 million, or 21% of revenue, which is roughly flat year-over-year, but down seasonally 250 basis points versus the prior year -- excuse me, versus the prior quarter, as the second half of each fiscal year typically has higher marketing spend around events, the holidays and tax season.

總營業費用（OpEx）為 4.25 億美元，占銷售額 32%，年減 60 個基點，季減 150 個基點。銷售與行銷費用為 2.84 億美元，占營收 21%，年比大致持平，但因季節性因素較前一季下降 250 個基點——抱歉，是相較前一季；因為每個會計年度下半年通常在活動、假期與報稅季期間有較高的行銷支出。

In marketing, one of the standout developments in Q1 was how quickly AI is becoming a real advantage in how we build and scale demand. For instance, AI is allowing us to produce AI-enabled creative and content workflows to improve efficiency and sharpen execution while continuing to invest behind the biggest growth opportunities across the portfolio. Creative piloting in key media channels is showing 25% efficiency improvement with our ability to create twice the number of assets with AI.

在行銷方面，第一季最突出的發展之一，是 AI 正快速成為我們建立並擴大需求的實質優勢。例如，AI 讓我們能打造 AI 賦能的創意與內容工作流程，以提升效率並強化執行力，同時持續把資源投入在產品組合中最大的成長機會。在關鍵媒體渠道進行的創意試點顯示效率提升 25%，我們也能藉由 AI 產出兩倍數量的素材資產。

R&D spending increased to $105 million, or 8% of sales, as we continue to strengthen our platform and enhance our cyber safety and identity solutions in an environment where there is increasing consumer AI angst and where digital threat surfaces are ever evolving. We continue to manage our G&A in a very disciplined manner at less than 3% of revenue.

研發支出增加至 1.05 億美元，占銷售額 8%；在消費者對 AI 的焦慮升高、且數位威脅面持續演進的環境下，我們持續強化平台並提升網路安全與身分解決方案。我們也以非常嚴謹的方式管理一般與行政費用（G&A），維持在營收的 3% 以下。

Q1 net income was $431 million and diluted EPS was $0.71, beating the high end of our guided range of $0.68 to $0.70 and increasing 19% year-over-year versus our target of 13% to 17% growth. Interest expense was $119 million in Q1, and our non-GAAP tax rate remained steady at 22%. We reduced our weighted average ending share count to 603 million, down 21 million year-over-year, reflecting the impact of share repurchases.

第一季淨利為 4.31 億美元，稀釋後每股盈餘（EPS）為 0.71 美元，優於我們指引區間 0.68 至 0.70 美元的上緣，且年增 19%，高於我們原先 13% 至 17% 的成長目標。第一季利息費用為 1.19 億美元，非 GAAP 稅率維持穩定於 22%。我們將加權平均期末流通股數降至 6.03 億股，較去年同期減少 2,100 萬股，反映庫藏股回購的影響。

Our philosophy of driving earnings growth faster than revenue growth continues to be our North Star. We believe this is the best way to deliver value to our shareholders by pulling multiple levers to achieve both revenue growth combined with earnings leverage and disciplined capital allocation.

我們「讓獲利成長快於營收成長」的理念，仍是我們的北極星指標。我們相信，這是透過多項槓桿同時實現營收成長、獲利槓桿與紀律性資本配置，進而為股東創造價值的最佳方式。

Turning to our balance sheet and cash flow. Q1 ending cash balance was $564 million, up from $411 million in Q4 and representing over $2 billion of liquidity when including our $1.5 billion revolver. We generated $434 million in operating cash flow and $430 million in free cash flow. We continue to delever below our 3 times net leverage target, paying down our debt by $45 million with ending net leverage of 2.95 times. We also returned $181 million of capital to shareholders in the form of $100 million of share repurchases and $81 million of dividends.

接著談我們的資產負債表與現金流。第一季期末現金餘額為5.64億美元，高於第四季的4.11億美元；若將我們15億美元的循環信貸額度（revolver）納入，流動性合計超過20億美元。我們產生4.34億美元的營運現金流，以及4.30億美元的自由現金流。我們持續去槓桿，低於3倍淨槓桿目標，償還4,500萬美元債務，期末淨槓桿為2.95倍。我們亦以1億美元庫藏股回購與8,100萬美元股利的形式，向股東返還1.81億美元資本。

For Q1 fiscal 2027, the Board of Directors approved a regular quarterly cash dividend of $0.125 per common share to be paid on September 9, 2026, for all shareholders of record as of the close of business on August 17, 2026. Going forward, there is no change in how we view our capital allocation strategy. We will continue to operate with balance and the flexibility to simultaneously invest in growth, both organic and inorganic, strengthen our balance sheet and return meaningful capital to shareholders.

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9月9日支付給截至2026年8月17日營業結束時登記在冊的所有股東。展望未來，我們對資本配置策略的看法沒有改變。我們將持續在維持平衡與彈性下營運，以便同時投資於成長（包含有機與無機）、強化資產負債表，並向股東返還具意義的資本。

Now let me discuss our Q2 and raised fiscal 2027 guidance and some of the assumptions that underpin it. We expect our strong Q1 momentum to carry into Q2 with revenue of $1.325 billion to $1.35 billion, up 9% to 11%. We are raising our fiscal 2027 revenue to $5.375 billion to $5.475 billion, reflecting growth of 9% to 11% versus prior guidance of 8% to 10% growth.

接下來我將說明我們第二季以及上調後的2027會計年度財測指引，並談談其背後的一些假設。我們預期第一季的強勁動能將延續至第二季，營收預估為13.25億至13.50億美元，成長9%至11%。我們將2027會計年度營收上調至53.75億至54.75億美元，反映相較先前指引8%至10%的成長，上調為9%至11%的成長。

We expect Q2 non-GAAP EPS to be in the range of $0.71 to $0.73, representing growth of 15% to 18%, and we are raising fiscal 2027 non-GAAP EPS to $2.87 to $2.97, up 14% to 18%. We entered this fiscal year excited about the strong momentum we are seeing across our portfolio and are even more optimistic about what lies ahead.

我們預期第二季非GAAP每股盈餘（EPS）介於0.71至0.73美元，代表成長15%至18%；同時我們將2027會計年度非GAAP EPS上調至2.87至2.97美元，成長14%至18%。我們在本會計年度開始時，對於整體產品組合所展現的強勁動能感到振奮，對未來更為樂觀。

As you can tell from our raised growth forecast for both top line and earnings growth, this powerful combination of growth and earnings leverage gives us the confidence and capacity to invest across our integrated capabilities to further scale the business. I want to thank our entire Gen employees around the world for their contribution to the success, and we look forward to delivering great value for our employees, customers and shareholders.

從我們上調的營收與獲利成長預測可看出，成長與獲利槓桿的強力組合，讓我們更有信心與能力在整合式能力上持續投資，進一步擴大業務規模。我要感謝全球所有Gen員工對成功的貢獻，我們也期待為員工、客戶與股東創造卓越價值。

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

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，開始問答。

Saket Kalia, Barclays.

Barclays的Saket Kalia。

This is Ryan Powderly on for Saket tonight. Vincent, maybe to start with you. I think in the past, we've talked about Avast and the overall international business being a bit more device security weighted and earlier on in their identity journey. What have you seen from the international markets contributing to the growth and these improvements in retention rates that you're seeing at the overall company level, which is really nice to see.

今晚由Ryan Powderly代Saket發言。Vincent，或許先從你開始。我想過去我們談過，Avast以及整體國際業務在產品組合上更偏向裝置安全，且在身分（identity）旅程上相對較早期。你在國際市場看到哪些因素在推動成長，以及在公司整體層面所看到的留存率改善（這點很高興看到）？

Good question, Ryan, and thanks for the question. We actually, as you know, are very global, 150 countries from a cyber safety protection and in cyber safety, more security anchored. We've been driving growth across all countries by expanding from that core security into the privacy and the identity space. We continue to see good momentum adding privacy monitoring, adding other features, dark web monitoring into the overall.

好問題，Ryan，也謝謝你的提問。如你所知，我們非常全球化，網路安全防護覆蓋150個國家；在網路安全領域，我們更以安全為核心。我們透過從核心安全擴展到隱私與身分領域，帶動各國成長。我們持續看到良好動能，包括加入隱私監控、加入其他功能，以及將暗網監控納入整體方案。

And we see a balanced growth, I would say, mid-single digit when you neutralize for currency, obviously, with currency momentum for now, Europe is growing higher and Asia is slower. But when you pro forma that out, it's about that mid-single digit. So a good expansion. Financial wellness is really concentrated in the US As you know, there's a lot of opportunity to transform that category and then make that category better embedded and combined with that security need.

我會說我們看到相對均衡的成長；若以匯率中性（neutralize for currency）來看，約為中個位數成長。當然，受目前匯率動能影響，歐洲成長較高、亞洲較慢。但若以備考（pro forma）方式調整後，大約就是中個位數。因此是很不錯的擴張。如你所知，金融健康（financial wellness）目前主要集中在美國；這個類別有很大機會被重新改造，並讓其更好地嵌入並與安全需求結合。

And as we get more proof point in the US, we will then extend internationally, but that's a long-term game. And -- that's why also in my remarks, I say this is not just a one year acceleration. We see a lot of opportunities to replicate the full portfolio success and momentum we currently see in the US across all of our countries.

隨著我們在美國取得更多驗證（proof point），之後會再向國際延伸，但那是長期布局。也因此我在談話中提到，這不只是單一年度的加速。我們看到許多機會，將目前在美國看到的完整產品組合成功與動能，複製到我們所有國家。

Awesome. That's super helpful. Natalie, maybe for a follow-up for you. I want to just go back to the gross margin point, which I think was a helpful piece of information. Given we expect the Engine business to be one of the primary growth engines for the company as a whole, how should we think about where gross margins might trend from here, understanding that operating margin should be relatively stable at about 50%. Just how should the gross margin mix kind of evolve as we get more growth from that Engine business?

太棒了。這非常有幫助。Natalie，或許我再追問你一題。我想回到毛利率這點，我覺得這是很有用的資訊。鑑於我們預期Engine業務將成為公司整體的主要成長引擎之一，在理解營業利益率應相對穩定、約在50%的前提下，我們應如何看待毛利率接下來可能的走勢？隨著Engine業務帶來更多成長，毛利率的組合（mix）大概會如何演變？

Yes, there's a lot of dynamics going on in the Engine business. I would say MoneyLion overall, I would -- there's a lot of different relationships, whether you're talking about the supply or the demand side of that marketplace and every relationship is different. What you can count on us to do is really optimize in terms of the quality of the inventory and making sure that we're providing the best customer experience with the best supply and the financials will come in terms of -- from a balanced perspective, yes, your gross margin dynamics in the overall company are going to mix.

是的，Engine業務有很多動態在發生。我會說就MoneyLion整體而言——我會——其中牽涉許多不同的合作關係，不論你談的是該市場的供給端或需求端，而且每一段關係都不一樣。你可以期待我們做的是，真正去最佳化庫存（inventory）品質，並確保我們以最佳供給提供最佳客戶體驗；財務表現也會以平衡的角度隨之而來——是的，公司整體的毛利率動態會因組合而改變。

But within each of the segments, we are very, very disciplined to drive margin, not only at the gross margin side, but also balancing OpEx so that we are able to really, really deliver strong operating margin in each of those segments. Gross margin for us, whether you're talking about the CS side or the TBS side, very, very strong. The team is committed to driving as much profitability as we possibly can. And even when you mix together with Gen, we're in a very, very strong position.

但在各個事業部內，我們在推動利潤率方面非常、非常自律，不僅在毛利率端，也會平衡營業費用（OpEx），以便我們能在各事業部真正、真正交出強勁的營業利益率。對我們而言，不論你談的是CS端或TBS端，毛利率都非常、非常強勁。團隊致力於盡可能提升獲利能力。即便與Gen合併後的整體來看，我們也處於非常、非常有利的位置。

If I can add one dynamic within the marketplace, Ryan, it is that we have different margin profiles. And I would refer to our investor event last September when Rick presented the 30/60 model. When a customer comes to Engine and when a customer is on an installed base, we have the opportunity to retarget it with a first or a third-party product, and there's different margin profiles.

Ryan，如果我可以補充市場中的一個動態，那就是我們有不同的利潤率結構（margin profiles）。我會請你參考我們去年9月的投資人活動，當時Rick介紹了30/60模型。當客戶來到Engine，或當客戶已在既有裝機基礎（installed base）中時，我們有機會用第一方或第三方產品進行再行銷（retarget），而不同產品的利潤率結構也不同。

So the longevity of the relationship and the ability to present offers at various moments of the digital and financial lives is critical. That's why our thesis is really about building that trust relationship and over time move that to a long-term value, which delivers better margin.

因此，關係的長期性，以及在數位與金融生活的不同時點呈現優惠（offers）的能力，至關重要。這也是為什麼我們的核心論點在於建立信任關係，並隨時間推進把它轉化為長期價值，進而帶來更好的利潤率。

Richard Poland, Wells Fargo.

Wells Fargo的Richard Poland。

I think first one, the fiscal '27 revenue midpoint, good to see that move higher. I think it was by $50 million, with half of it coming in Q1 and half coming with the remainder of the year. But EPS, it seems like it was mostly just flowing through the Q1 upside. So I guess the question is, can you kind of bridge first where the incremental revenue is coming from for the rest of the year?

我想先問第一個問題：2027會計年度營收指引的中位數上調，很高興看到往上調。我想大約上調了5,000萬美元，其中一半來自第一季，另一半來自今年剩餘期間。但EPS看起來幾乎只是反映第一季的超預期（upside）直接流入。所以我的問題是：你們能否先說明一下，今年剩餘期間新增的營收主要來自哪裡？

Should we think about as cyber safety or more on the trust-based side of things? And then the follow-up is just why for the remainder of the year, are we not seeing that convert to EPS? Are there any incremental investments or conservatism to just keep in mind?

我們應該把它視為來自網路安全（cyber safety），還是更多來自信任為本（trust-based）那一側？接著追問：為什麼在今年剩餘期間，我們沒有看到它轉化為EPS？是否有任何額外投資，或是需要留意的保守假設（conservatism）？

Yes. So let me first take the momentum. You're right. We raised the top line guidance to a double-digit growth rate, 10% adjusted and by $50 million, as you mentioned, it's 40% coming from the flow-through in Q1. And then we carried that momentum through the next quarter to a degree and then also embedded our increased confidence in the financial synergies coming from the embedded financial wellness.

是的。那我先延續這股動能來談。你說得對。如你所提，我們把營收指引上調至雙位數成長率，調整後為10%，並上調5,000萬美元，其中有40%來自第一季的流入貢獻（flow-through）。接著我們在下一季也在一定程度上延續了這股動能，同時也把我們對於嵌入式財務健康所帶來之財務綜效的信心提升，納入指引之中。

The $100 million I had quoted in my last earnings script, if you recall, we're getting more and more confident that the levers we have in our control to make the platform concept a reality, if you want, is getting higher and higher. And so we folded that into the guidance.

我在上次財報講稿中提到的1億美元，如果你還記得，我們對於手上可控的槓桿、也就是把平台概念落地（如果你願意這麼說）的能力，正變得越來越有信心。因此我們把這些也納入了指引。

Obviously, when it comes to investing for growth and transforming the company, we're very pleased to be able to transform Gen, as I mentioned in my earnings remarks, strong, strong transformation while delivering on our commitment, and that commitment is to grow EPS mid-teens on the now very -- many, many, many quarters, about 11 quarters in a row.

顯然，在為成長投資並推動公司轉型方面，我們非常高興能夠推動Gen的轉型；正如我在財報談話中提到的，是非常、非常強勁的轉型，同時也兌現我們的承諾，而這個承諾就是在目前已經連續很多、很多、很多個季度——大約連續11個季度——將EPS維持在中十位數成長。

And so we invest into transforming into a platform, bringing our capabilities, building AI capabilities, unifying our data, launching new products, launching new verticals. We integrated Trellis insurance capability into more than 10 partners here in the quarter, and we continue to go and expand those capabilities, and investment goes towards that growth while we fund our commitment on EPS.

因此我們投資於轉型為平台：導入我們的能力、建置AI能力、整合我們的資料、推出新產品、開拓新垂直領域。本季我們已將Trellis保險能力整合到超過10個合作夥伴之中，並持續擴展這些能力；相關投資將用於推動成長，同時我們也會在EPS方面履行承諾。

And I guess the EPS flow-through is just a result of that. The growth drivers for the upside, as you imagine, with what I mentioned at the beginning of my answer, is coming more from that financial wellness and marketplace-oriented view, while we see very solid, sustainable momentum in cyber safety.

我想EPS的流入貢獻（flow-through）只是上述結果的反映。至於上行的成長驅動因素，如你所想，更多來自我在回答一開始提到的財務健康與以市集為導向的觀點；同時我們也看到網路安全（cyber safety）有非常穩健且可持續的動能。

That's very helpful. And just a follow-up on the cyber safety side. It's good to see that growth rate holding relatively stable over kind of recent quarters. When we think about deconstructing, what's holding that stable, it sounds like a lot of just continued upsell into the Norton 360. Is there anything -- any context you could provide from just how maybe the new user side of things is going and just kind of how we can think conceptually about that?

這很有幫助。另外想追問一下網路安全這一塊。很高興看到近幾季成長率維持相對穩定。當我們拆解是什麼讓它保持穩定時，聽起來很大一部分是持續向上銷售到Norton 360。你能否就新用戶端的進展提供一些背景，並談談我們在概念上該如何看待這件事？

Absolutely. So first of all, we have an entire set of strategic initiatives in cyber safety. You mentioned -- or I've mentioned and you repeated it here, the move of moving to that full all-in-one membership. Cross-sell is improving, as you've heard. And then moving from a cross-sell to a full membership is also that. the higher-tier plans growing double digit is showing that effect. But we're not stopping there because we know we need to meet the consumers where they are at the moment of need. So perfecting our entry doors is very, very important. We obviously already have the best antivirus, which is the old stable entry door.

當然可以。首先，我們在網路安全方面有一整套策略性計畫。你提到——或者我提到而你在這裡重申——我們正推動轉向完整的一體化會員制。如你所聽到的，交叉銷售正在改善。接著，從交叉銷售進一步轉為完整會員制也是同樣的方向；高階方案以雙位數成長就顯示了這個效果。但我們不會止步於此，因為我們知道必須在消費者「有需求的當下」與他們相遇。因此，完善我們的入口（entry doors）非常、非常重要。我們顯然已經擁有最好的防毒產品，這是傳統且穩定的入口。

Moving into that privacy, both with best VPN, I think you've read online all of the improvement we brought to that product, integrating AntiTrack, PMA, other version of protecting your privacy, understanding your personal data being exposed, giving you the opportunity to eliminate, delete your profile online to be more anonymous.

接著延伸到隱私領域，包括最佳VPN；我想你也在網路上看到我們對該產品所做的各項改進，並整合了AntiTrack、PMA，以及其他保護隱私的版本：協助你了解個人資料是否外洩，並提供你機會移除、刪除你在網路上的個人檔案，讓你更匿名。

I think it's all part of those new entry doors that bring consumers in. And then from a channel perspective, continuously expanding the channel set, moving into the AI chat, we now have more than two-third of our brands showing up into AI type of search. We extend into and continue to reinforce new accounts with our employee benefit program. So the full channel diversification is also at play. And so when you sum all of those seven, you cannot favor one versus the other. We're able to really see that long-term continued adoption of that full security posture.

我認為這些都是新的入口之一，用來把消費者帶進來。此外從通路角度來看，我們持續擴大通路組合，並進入AI聊天；目前我們有超過三分之二的品牌會出現在AI類型的搜尋中。我們也透過員工福利方案，拓展並持續強化新客戶。因此，通路的全面多元化也在發揮作用。總結這七項因素，你很難偏重其中某一項而忽略其他。我們確實看到長期且持續的「完整安全防護姿態」採用。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. A couple of questions. Just in terms of -- you noted upside from the higher tier suites. And just -- I know you guys have done some testing, but how does that inform how you think about the targeting for the MoneyLion One memberships? And then maybe as a second question, you noted kind of investments picking up on Trust-Based Solutions, obviously, given kind of the traction that you're seeing, should we envision that most of those are kind of the Engine Marketplace and more on the gross margin line item? Or just kind of if you could lay out some of the investments there.

很好。我有兩個問題。首先，就你提到高階套裝帶來的上行空間而言。另外——我知道你們做過一些測試——這如何影響你們對MoneyLion One會員制的目標客群定位思考？第二個問題，你提到以信任為基礎的解決方案（Trust-Based Solutions）的投資正在增加；考量你們看到的動能，我們是否應該預期其中大多數會偏向Engine Marketplace，並更多反映在毛利率（gross margin）項目？或是你能否說明一下那邊的投資配置？

Yes, very good. So definitely in cyber safety, and you know we were the first one to come with Norton 360 full membership all-in-one for cybersecurity and they got very strong adoption from Norton in the first 18 months. And then as we brought more new lines of businesses into that full cyber safety portfolio, we also embedded into the suite and the movement from a first level plan to a higher tier, if you want, is long in the journey.

是的，很好的問題。在網路安全方面，我們是第一個推出Norton 360完整會員制、一體化的資安方案的公司，而且在前18個月就從Norton端獲得非常強勁的採用。接著，隨著我們把更多新的業務線納入完整的網路安全產品組合，我們也把它們嵌入到套裝中；而從入門方案升級到更高階方案（如果你願意這麼說）的過程，是一段較長的旅程。

So building the trust, building the right messaging, the right experience, proving the value of the products at all important moments is helping the consumer move towards that higher tier. And so building that trust relationship is what we've applied to almost every asset we've brought in. MoneyLion PFM, the financial management solution is no different. And initially, it was essentially a transactional business at the time of the need. And then we also know that 80% of the victims of scam actually are people who don't have a lot of means and have financial needs.

因此，建立信任、建立正確的訊息傳遞與體驗，並在所有關鍵時刻證明產品價值，正在幫助消費者走向更高階方案。而建立這種信任關係，是我們幾乎套用在每一項導入資產上的方法。MoneyLion PFM（個人財務管理），也就是財務管理解決方案，並無不同。一開始，它本質上是在需求當下的交易型業務。同時我們也知道，詐騙受害者中有80%其實是資源不多、且有財務需求的人。

And so bringing all of that together, protection and financial needs, rewarding the ongoing usage with better usage or better plan or better pricing or better discount is all part of that view and then really building on that relationship over time. We launched MoneyLion One. We got good feedback initially. It's still a little too early to project upside from that specifically, but the move towards a membership across all of our assets is part of the playbook, and you'll see the same in PFM.

因此，把保護與財務需求整合在一起，並以更好的使用體驗、更好的方案、更好的定價或更好的折扣來回饋持續使用，都是這個觀點的一部分，並在時間推移中真正建立這段關係。我們推出了MoneyLion One，初期獲得不錯的回饋。目前要從這項產品本身推估上行空間仍稍嫌過早，但在我們所有資產中推動會員制轉型是既定的作戰手冊之一，你也會在PFM上看到同樣的做法。

And then to your investment question, you've heard from Vincent a couple of times today even around investing in transformation, launching new products, scaling the synergistic wins across both segments driven by the marketplace and just operating the company completely integrated.

至於你的投資問題，今天你也聽Vincent提到幾次：包括投資轉型、推出新產品、把由市集驅動的兩大部門綜效成果擴大規模，以及以完全整合的方式來營運公司。

And so those investments are going to come through mostly gross margin as well as we invest in the innovation, as we invest in AI, it's going to come through R&D as well. And then, of course, as we launch these great new products and services, we're going to go to market. So you'll most likely see us increase our sales and marketing line as well. And so it will be across.

因此，這些投資多數會反映在毛利率（gross margin）端；同時，當我們投資創新、投資AI時，也會反映在研發（R&D）上。當然，當我們推出這些很棒的新產品與服務時，我們也會進行市場推廣（go to market）。所以你很可能也會看到我們的銷售與行銷費用項目增加。因此會是全面性的。

I would say what I would leave you with is that we will always -- we always have and we always will have a disciplined approach as we evaluate those areas of investment. We are on a transformation. And so quarter in, quarter out, it will be at different capacities and rates, but we'll always be disciplined, and we will always be in pursuit of accelerating sustainable revenue growth.

我想最後想留給你的一點是：我們一直——過去一直如此、未來也會如此——在評估這些投資領域時保持嚴謹自律的做法。我們正處於轉型之中。因此每一季的投入強度與速度可能不同，但我們會始終保持紀律，並始終以加速可持續的營收成長為目標。

Dan Bergstrom, RBC.

Dan Bergstrom，RBC。

It's Dan Bergstrom for Matt Hedberg. So you talked to adding new verticals in Engine. Any sense of potential adjacent areas that could be of interest to customers? And then with insurance, it seems like you had really rapid success around integration. Is that something that could be repeatable with Engine infrastructure?

我是Dan Bergstrom，代替Matt Hedberg提問。你提到在Engine新增新的垂直領域。是否能分享一些可能讓客戶感興趣的相鄰領域方向？另外在保險方面，看起來你們在整合上取得非常快速的成功。這種成功是否也能在Engine基礎設施上重複複製？

Very good, Dan. Thanks for your question. Definitely, so you referred to adding a new vertical last quarter or now four months ago, which is insurance. Currently, our Engine Marketplace was more specific around loans and credit cards and now adding insurance. The technology is important, AI-driven matching process, understanding the workflow of each vertical between the partner and the consumers to eliminate every friction.

非常好，Dan。謝謝你的提問。確實，如你所提到的，我們在上一季或約四個月前新增了一個新的垂直領域，也就是保險。目前，我們的 Engine Marketplace 先前更聚焦在貸款與信用卡，現在則加入保險。技術非常重要——以 AI 驅動的配對流程，理解每個垂直領域在合作夥伴與消費者之間的工作流程，以消除所有摩擦。

So our marketplace, which is not just a simple marketplace, it's an embedded marketplace with an AI matching Engine under is very important, eliminate those friction points and making almost like a one-click process for a financial product, which, as you know, in this world is complicated to achieve is the long-term strategy. We built that vertical based on the capability we had acquired from Trellis, quickly integrated them.

因此，我們的市集不只是單純的 marketplace，而是一個嵌入式市集，底層有 AI 配對引擎，這非常重要：能消除那些摩擦點，讓金融產品的流程幾乎像一鍵完成；如你所知，在這個世界要做到其實很複雜，這就是我們的長期策略。我們基於從 Trellis 取得的能力建立了該垂直領域，並快速完成整合。

The team did a fantastic job integrating into our current partner set, already 10 more partners active and selling and then continuously driving and expanding. It has a strong growth, and you'll see us continue organically and inorganically to build those verticals. I don't want to give you any one in particular, but I'm sure they're pretty easy to think about and almost to everything that's around that protecting your digital life and financial life would be a valid candidate to look at.

團隊在整合到我們現有的合作夥伴組合方面做得非常出色，已經有另外 10 家合作夥伴啟用並開始銷售，並持續推動與擴張。它有強勁的成長，你會看到我們持續以有機與無機的方式來打造這些垂直領域。我不想特別點名任何一個，但我相信這些其實很容易想到——幾乎所有與保護你的數位生活與金融生活相關的事物，都是值得評估的候選方向。

That's helpful. And then, I guess, realizing it's still early, can you talk to the response around Avast One and maybe more generally, the concept of a more comprehensive free tier. Is that something you've done historically or could look to do more broadly and then maybe touch on the time line of running the 360 playbook at Avast One.

這很有幫助。接著，我想既然現在仍在早期階段，你能談談市場對 Avast One 的反應，以及更廣泛地談談「更全面的免費層級」這個概念嗎？這是你們過去就有做的事嗎？或是未來可能更廣泛推行？另外也請談談在 Avast One 上執行 360 playbook 的時間表。

Excellent. Excellent, Dan. So you touched on many things that I want to repeat, if you don't mind. So first of all, yes, we have a playbook that we've approached and developed at the thesis of the creation of Gen at the time called Norton LifeLock, which was merging two point product, security and identity protection into Norton 360, a full membership.

很好。非常好，Dan。你提到了很多我想重申的點，如果你不介意的話。首先，是的，我們有一套 playbook；這套方法是在當時成立 Gen（當時名為 Norton LifeLock）時，以一個核心論點來推進並發展的：把兩個點狀產品——資安與身分防護——合併成 Norton 360，一個完整的會員制。

And for a membership fee, our customers have access not only on the product from a protection perspective, but all the way to the service at the higher tiers of restoration services and insurance, a full peace of mind, if you want. That has been a very successful playbook. It's still at play. It's a long run. Even though the vast majority of Norton customers are in membership, they're still at various levels of the tiers.

透過會員費，我們的客戶不僅能取得產品層面的防護，還能一路延伸到更高階的復原服務與保險等服務層級，提供你所說的「全面安心」。這是一套非常成功的 playbook。它仍在持續運作。這是一場長跑。即使 Norton 的絕大多數客戶都已是會員，他們仍分布在不同的層級。

And as we evolve as a trusted partner along their journey, we keep moving them to that higher value. That playbook was the one to apply on Avast. And with Avast, we acquired a few capabilities. The first one is a freemium. We know that in the consumer world, starting with a freemium, giving you a taste for the product, understanding the basic value you can have and from there, getting to higher value that you would be ready to pay for is the business model we've acquired. We digested it.

隨著我們在他們旅程中作為可信賴夥伴而持續演進，我們會不斷把他們往更高價值的層級推進。這套 playbook 也正是要套用在 Avast 上的。而在 Avast，我們取得了幾項能力。第一項是 freemium（免費增值）。我們知道在消費者市場，從 freemium 開始，讓你先體驗產品、理解你能獲得的基本價值，接著再走向你願意付費的更高價值——這就是我們所取得的商業模式。我們已經把它消化吸收了。

We moved a few products already into freemium since we acquired Avast. There are some we have not yet. A full identity protection, we have not, and we definitely intend over time to move basic functionalities as they commoditize into an identity freemium. Avast One is the third dimension, which is we know the future of cyber safety is all-in-one. And so how do you move a freemium all-in-one?

自從收購 Avast 以來，我們已經把幾個產品轉為 freemium。也有一些我們尚未轉換。例如完整的身分防護，我們還沒有，但我們確實打算隨時間推進，將一些隨著商品化而成為基本功能的部分，納入身分防護的 freemium。Avast One 是第三個面向：我們知道網路安全的未來是 all-in-one（全方位整合）。那麼要如何把 all-in-one 做成 freemium？

We decided to be a lot more a la carte. So you start with an all-in-one freemium. You have a basic taste of the various different functionality. And then with the same architecture in the same product, you can decide to pay for the features that you use versus all of them. And that's the strategy behind our Avast One approach. We launched it in the fall last year, have good traction in France and Germany. We're not pushing it across all countries, and we very methodically ramp and move it up. And you'll see us continue to talk about the success of Avast One as it evolves and expands across all countries.

我們決定採取更 a la carte（可選配）的方式。也就是你先從一個 all-in-one 的 freemium 開始。你可以先基本體驗各種不同功能。接著在相同架構、同一個產品內，你可以選擇為你會使用的功能付費，而不是為全部功能付費。這就是我們 Avast One 策略背後的思路。我們在去年秋季推出，在法國與德國有不錯的進展。我們並沒有在所有國家全面推進，而是非常有方法地逐步放量並提升。隨著 Avast One 在各國持續演進與擴張，你也會看到我們持續分享其成功。

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Just want to ask on MoneyLion One. Any sort of puts or takes from a monetization perspective versus the existing PFM offerings? Or do you think about that as mainly just expanding your service area with those customers and potentially expanding the monetization opportunity?

我想問一下 MoneyLion One。從變現角度來看，相較於既有的 PFM（個人財務管理）產品，有沒有什麼利多或利空？或者你們主要是把它視為擴大對這些客戶的服務範圍，並可能擴大變現機會？

Any opportunity do you think to bring more of the cybersecurity end of things, put those products in front of the MoneyLion customer base? And then finally, on cyber safety, I just wanted to ask on your view of the backdrop right now. It seems like every -- a couple of times a week now, we're hearing more about frontier models accidentally hacking other services.

你認為是否有機會把更多網路資安端的內容帶進來，將那些產品推到 MoneyLion 的客群面前？最後，關於 cyber safety（網路安全），我想問你對目前大環境的看法。感覺現在幾乎每週好幾次，我們都會聽到更多關於前沿模型（frontier models）意外入侵其他服務的消息。

I think it was just Muse Spark in the news today. So just how are you preparing the products for what seems like it's going to be a significantly worse threat environment? And then also what type of opportunity as those threats emerge, do you think that presents for category sort of consumer interest in the category?

我想今天新聞裡就是 Muse Spark。所以你們如何為產品做準備，以因應看起來將顯著惡化的威脅環境？另外，隨著這些威脅出現，你認為這會為整個品類帶來什麼樣的機會，例如消費者對該品類的興趣提升？

Excellent questions, Robert, but let me take one by one. So MoneyLion One expansion and strategy. Again, I'll repeat what I said in my remarks, which is we're basically running the same playbook, but tailored for that specific business model. And it's about building the trust relationship with the customers, dealing with their security or dealing with the financials require the same level of trust, security and privacy.

問題很棒，Robert，我一個一個回答。先談 MoneyLion One 的擴張與策略。我再重申一次我在開場談到的：我們基本上是在跑同一套 playbook，但會針對那個特定的商業模式做調整。核心在於與客戶建立信任關係；不論是處理他們的安全，或是處理他們的財務，都需要同等程度的信任、安全與隱私。

And that's how we're expanding. Moving a membership structure is the long-term goal. And behind the membership, you should view that as building the value into that long-term relationship and not focusing only on onetime transaction monetization but maximizing the value for the consumers and for us, maximizing the CLV over time. And that's what MoneyLion is intending to do.

我們就是以此來擴張。長期目標是推動會員制結構。而在會員制背後，你應該把它視為在長期關係中持續堆疊價值，而不是只聚焦一次性交易的變現；我們要為消費者把價值最大化，同時也為我們自己在時間推移中把 CLV（客戶終身價值）最大化。這正是 MoneyLion 想要做的。

For that, you need to show them that you offer more and more value at what they need. So MoneyLion One, integrating, obviously, the basic cash flow needs. And inside the membership, you'll see us addressing various and different needs over time and then wrapping that up with an identity and anti-scam protection, basic features at the lower level that gives you a sense of comfort at a minimum and alerts and a better level of basic protection and then moving that up to a higher level as you grow into your financial journey.

為此，你需要讓他們看到：你能在他們需要的時候提供越來越多的價值。因此 MoneyLion One 的整合，顯然會先涵蓋基本的現金流需求。而在會員制之內，你會看到我們隨時間推進去滿足各種不同需求，並把身分與反詐騙防護包進來——在較低層級提供基本功能，至少帶來安心感，以及警示與更好的基礎防護；接著隨著你在財務旅程中成長，再提升到更高層級。

It is definitely, as all of our business, a long-term view we take on growing that relationship. And I think if some investors love the enterprise because it's bounded by contracts, multiyear contract and don't like consumers because it can change every day. Our view is that by building that trust relationship, it's equivalent to the value of a long-term contract in the enterprise world. In terms of cybersecurity, definitely continue to expand.

這絕對是我們所有業務一貫採取的長期視角：去培養並成長這段關係。我認為有些投資人喜歡企業端，因為有合約約束、多年期合約；不喜歡消費者端，因為每天都可能改變。但我們的看法是：透過建立信任關係，它的價值等同於企業世界中的長期合約價值。至於網路資安方面，我們肯定會持續擴張。

Now our goal long term, Robert, is to continue to move up our customers to the financial journey and move from subprime to mid-prime to prime customers, introducing that financial wellness into our cyber safety customers, which we're in the process of doing. And then basically, the full protection for both your digital life and financial life, basically is two faces of the same coin, not even saying it separately in the overall.

Robert，從長期來看，我們的目標是持續推動客戶在其金融旅程中向上提升，讓客戶從次級（subprime）走向中等信用（mid-prime），再到優質信用（prime）客群，並把金融健康（financial wellness）導入我們的網路安全客戶之中，我們目前正在進行這件事。然後基本上，對你的數位生活與金融生活的全面防護，本質上是一體兩面，甚至不需要在整體上把它分開來說。

So we right now are putting safety in front of the MoneyLion customers in the membership, which is an indirect way of monetization, but not in a direct sales process. Although we do put LifeLock into our Engine Marketplace because as you know, the marketplace is embedded into also third-party distributors that use the marketplace for their own customers. And there, we sell security.

所以我們目前在會員體系中，先把安全服務放在 MoneyLion 客戶面前，這是一種間接的變現方式，但不是透過直接銷售流程。不過我們確實把 LifeLock 放進我們的 Engine Marketplace，因為如你所知，這個市集也嵌入到使用該市集、服務其自有客戶的第三方通路商之中。而在那裡，我們銷售的是安全服務。

And then the last point on AI, you're totally right, continues to be a very volatile evolving environment. First, everybody embracing the curiousness and the power of AI. Now I would say, at least in our consumer base, in our consumer research, the anxiety is at an all-time high, some of which is fed by what you read in the newspaper, including your AI model breaching into other enterprises.

至於 AI 的最後一點，你完全說得對，它仍然是一個非常波動、持續演進的環境。一開始，大家都在擁抱對 AI 的好奇心與其力量。但現在我會說，至少在我們的消費者基礎與消費者研究中，焦慮已達到歷史高點，其中一部分是受到你在報紙上讀到的內容影響，包括你的 AI 模型入侵其他企業的事件。

And even if it doesn't exactly concern the consumer directly, they read about it and increase the fear. That fear is supported by what we see the most relevant today, which is the veracity, the precision of the scams and the way to fool consumers driven by AI has increased significantly.

即使這些事情不一定直接關係到消費者，他們讀到後也會增加恐懼。而這種恐懼也被我們今天看到最相關的現象所支撐：由 AI 驅動的詐騙在真實性與精準度，以及欺騙消費者的手法上，都顯著提升。

And I think I mentioned it in my prepared remarks; it has moved as our number one sales driver when we question our customers why they buy consumer cyber safety. What it means for long, long term, I cannot tell you, but I think we are right there. We use AI to protect against AI, and we'll always try to stay ahead of that environment.

我想我在事先準備的發言中提過；當我們詢問客戶為何購買消費者網路安全服務時，這已成為我們第一大銷售驅動因素。至於非常、非常長期會意味著什麼，我無法告訴你，但我認為我們正處在關鍵位置。我們用 AI 來對抗 AI，我們也會一直努力在這個環境中保持領先。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

This is Grant Darling on for Joe Gallo. Congrats on the results, guys. Just stepping back when you evaluate the quarter, how much of the upside that you saw would you attribute to MoneyLion versus the rest of the business? And then just any more color on MoneyLion growth and what we should be benchmarking to for the rest of the year? Has this changed from prior commentary?

我是代替 Joe Gallo 發言的 Grant Darling。各位，恭喜本季成果。退一步看，當你們評估本季表現時，你們會把看到的上行幅度中有多少歸因於 MoneyLion，相較於其餘業務？另外，能否再多分享一些 MoneyLion 的成長情況，以及我們在今年剩餘時間應該用什麼作為基準來衡量？這和先前的說法有改變嗎？

Grant, thanks for the question. So the growth was pretty broad-based. I would say you can see in each of the segments just in CS, very consistent mid-single-digit rate of growth with that industry-leading margin rate, combine that with the strength that we saw in overall TBS, those segments both outperformed and delivering really, really strong margins, blending to a stable 50% operating margin.

Grant，謝謝你的問題。成長其實相當廣泛。我會說，你可以在各個分部看到：就 CS 而言，以業界領先的利潤率，維持非常一致的中個位數成長率；再結合我們在整體 TBS 看到的強勁表現，這兩個分部都超出表現並交出非常、非常強的利潤率，綜合後形成穩定的 50% 營業利潤率。

On a go forward basis, you can see what we assumed in the raised full year guidance, whether you're thinking of revenue or EPS. It's consistent and consistent acceleration on the Trust-Based Solutions side, mostly driven by the marketplace and Engine. You heard from Vincent earlier that we are going to be continuously investing in the transformation and launching new products.

展望未來，你可以從我們上調的全年指引中看到我們的假設，不論你看的是營收或 EPS。在 Trust-Based Solutions 端，這反映出一致且持續加速的表現，主要由 marketplace 與 Engine 所帶動。你先前也聽 Vincent 提到，我們會持續投資於轉型並推出新產品。

That's -- a lot of that transformation and new product launches are coming through the MoneyLion and the TBS vertical, but I don't want to leave CS behind. We've reimagined LifeLock. We're reimagining Norton. We're focusing on customer service in terms of as we navigate those customers through an upwards motion in the membership tiers.

這——其中很大一部分的轉型與新產品推出，會透過 MoneyLion 與 TBS 垂直領域來實現，但我也不想忽略 CS。我們已重新構想 LifeLock。我們也正在重新構想 Norton。我們正聚焦於客戶服務，因為我們在引導這些客戶於會員等級中向上提升。

The cross-sell has been the quarter for -- in Norton has been the best ever since we've done -- even since our last Analyst Day almost three years ago. And so things are really, really clicking in both of those segments. And therefore, the strength and the confidence that we have as we raised the full year outlook, I expect both of those segments to deliver.

本季在 Norton 的交叉銷售表現，是自從我們開始做——甚至自從將近三年前上一次分析師日以來——最好的。因此，這兩個分部的運作都非常、非常順暢。也因此，當我們上調全年展望時所展現的強勁與信心，我預期這兩個分部都會交出成果。

Got it. That's very helpful. And then maybe just a follow-up. It was great to see some of that partner strength. I just wanted to ask on the channel expansion. You think about the Copilot and Equifax integration, certainly exposing your marketplace to large external audiences. How much of this is attributing to the increased confidence in the $100 million incremental annual revenue opportunity you called out? And maybe just like any guardrail for how much of that number could potentially materialize just this year?

了解。這非常有幫助。那再追問一下。很高興看到部分合作夥伴的強勁表現。我想問關於通路擴張。你們提到 Copilot 與 Equifax 的整合，確實讓你們的 marketplace 曝光給大型外部受眾。這在多大程度上提升了你們對所提到的每年新增 1 億美元增量營收機會的信心？另外，能否提供一些界線（guardrail），說明其中有多少可能在今年就實現？

Yes, very good question. So definitely, the marketplace is kind of a wrapper, if you want, around our strategy and the various offering, a great way to reach the consumers at the right time in the digital journey for a financial need. We'll continue to expand on the verticals. We'll continue to expand on distribution. Equifax just went live this summer. We're working on all the integrations.

是的，非常好的問題。所以，marketplace 某種程度上可以說是我們策略與各項產品/服務的「包裝層」（wrapper），是一個在數位旅程中、於消費者出現金融需求的正確時間點觸達他們的絕佳方式。我們會持續擴展垂直領域。我們也會持續擴展通路分發。Equifax 在今年夏天剛上線。我們正在進行所有整合工作。

That distribution expansion is more like a B2B before the B2B2C, if you want, right? So it takes a little bit of time to employ. But then it's a long-term relationship and a great upper funnel as we keep the capability of retargeting those Engine customers. So very strategic, very long-term growth.

如果你願意這樣理解，這種通路擴張更像是先做 B2B，再到 B2B2C，對吧？所以需要一點時間來落地推行。但一旦建立，就是長期關係，也是一個很好的上層漏斗（upper funnel），因為我們仍保有重新觸達（retargeting）這些 Engine 客戶的能力。因此非常具策略性，也屬於非常長期的成長。

In terms of the $100 million revenue synergies, it definitely contributes to a-third to about half of that revenue synergies. You'll see us at the next event, give a little bit more breakdown as we penetrate. I said second half of FY27 we'll be deploying, if you want more, the visibility on that, but a very strategic one and a long-term opportunity.

就 1 億美元營收協同效益而言，這確實貢獻了其中約三分之一到接近一半。在下一次活動中，隨著我們持續滲透，你會看到我們提供更細的拆解。我先前說過在 FY27 下半年我們會開始部署；如果你想要更高的能見度，屆時會有更多資訊，但這是一個非常具策略性、且屬於長期的機會。

There are no further questions at this time. I will now turn the call back to Vincent Pilette for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Vincent Pilette 進行結語。

Thank you, operator, and thank you, everybody, for listening. We have built a durable capital-light, high cash flow business at the intersection of AI, safety, financial wellness and trust. We have delivered 11 straight quarters of mid-teens EPS growth with a faster revenue growth model and a robust balance sheet. Gen is transforming while performing or I should say, Gen is performing while transforming, and we are just getting started. So thank you for your interest and support.

謝謝接線員，也謝謝各位收聽。我們已在 AI、安全、金融健康與信任的交會點，建立了一個具韌性、輕資本（capital-light）、高現金流的業務。在更快的營收成長模式與穩健的資產負債表支撐下，我們已連續 11 個季度交出中十位數的 EPS 成長。Gen 正在一邊轉型一邊表現——或者我應該說，Gen 是一邊表現一邊轉型，而我們才剛剛開始。因此，感謝各位的關注與支持。

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。