Life360 Inc (LIF) 2024 Q3 法說會逐字稿

This conference call. This call is being conducted as a Zoom audio webinar. (Operator Instructions)

本次電話會議。本次通話以 Zoom 音訊網路研討會的形式進行。（操作員指令）

As a reminder, we will make forward-looking statements regarding future events and potential financial performance during this call, which are subject to material risks and uncertainties that can cause actual results to differ materially from such statements. A summary of these risks may be found in the Risk Factors section of our Form 10-Q filing with the SEC dated November 12, 2024.

提醒一下，我們將在本次電話會議中對未來事件和潛在財務表現做出前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。這些風險的摘要可在我們於 2024 年 11 月 12 日向美國證券交易委員會提交的 10-Q 表的風險因素部分中找到。

These forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, November 12, 2024, and we have no obligation to update these statements, as a result of new information or future events, except when required by law.

這些前瞻性陳述是基於我們認為截至今天（2024 年 11 月 12 日）合理的假設，我們沒有義務根據新資訊或未來事件更新這些陳述，除非法律要求。

Additionally, we will present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results and should be read in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.

此外，我們將在今天的電話會議上介紹 GAAP 和非 GAAP 財務指標。這些非 GAAP 指標並非旨在與我們的 GAAP 結果分開考慮、替代或優於我們的 GAAP 結果，而應與公司根據 GAAP 編制的合併財務報表一起閱讀。

A description of these non-GAAP financial measures, as well as a reconciliation to the nearest GAAP financial measures are included at the end of the company's earnings media release issued earlier today, which has been posted on the Investor Relations page of the company's website.

這些非 GAAP 財務指標的描述以及與最近的 GAAP 財務指標的對帳均包含在公司今天早些時候發布的收益媒體新聞稿末尾，該新聞稿已發佈在公司網站的投資者關係頁面上。

We have posted an updated investor presentation on the Investor Relations page, which includes additional complementary graphics and data. Please note that it has been provided as an additional reference and that we will not be using the presentation, as an exhibit during today's call.

我們在投資者關係頁面上發布了更新的投資者介紹，其中包括額外的補充圖形和數據。請注意，它是作為額外的參考提供的，我們不會在今天的電話會議中使用該簡報作為展品。

We will begin with a business update by Co-Founder and CEO, Chris Hulls; and then CFO, Russell Burke, will provide detail on the Q3 financials. Chris will then provide some outlook comments, which will be followed by a Q&A session. We request that participants limit themselves to one question so that we can get through as many participants as possible.

我們首先由聯合創始人兼首席執行官 Chris Hulls 介紹業務最新情況；然後，財務長 Russell Burke 將詳細介紹第三季的財務狀況。克里斯隨後將提供一些展望評論，隨後是問答環節。我們要求參與者只問一個問題，以便我們能夠讓盡可能多的參與者回答。

I would now like to turn the call over to Chris.

現在我想將電話轉給克里斯。

Good afternoon to everyone joining from the US, and good morning to those tuning in from Australia. Thank you for being here for our third quarter results call. To start, a brief personal update. As many of you know, following our IPO, I took my first long break in 17 years with the company. I've returned fully recharged with renewed energy and excitement for the journey ahead. I am more committed than ever to leading Life360, as we move toward our $1 billion revenue target and ultimately scaling to multibillion-dollar growth in the years ahead.

來自美國的各位觀眾下午好，來自澳洲的各位觀眾早安。感謝您參加我們的第三季業績電話會議。首先，我來簡單介紹一下我的個人狀況。你們很多人都知道，在我們首次公開募股之後，我在公司工作 17 年來第一次度過了長時間的休假。我重新充滿活力地回來了，對未來的旅程充滿期待。我比以往任何時候都更致力於領導 Life360，因為我們正朝著 10 億美元的收入目標邁進，並最終在未來幾年實現數十億美元的成長。

With that, let's turn to our most recent results. In Q3 2024, Life360 made tremendous progress, delivering our best ever back-to-school period and setting new records in both monthly active users and subscriber growth, all while advancing our platform strategy. These strong results reflect our focus on key growth priorities across the board.

接下來，讓我們來看看我們最近的結果。2024 年第三季度，Life360 取得了巨大進步，實現了有史以來最好的開學季業績，並在每月活躍用戶和訂閱用戶增長方面創下了新紀錄，同時推進了我們的平台戰略。這些強勁的業績反映了我們對全面關鍵成長重點的關注。

To start, our member base grew significantly, expanding by 6.3 million new monthly active users this quarter to reach a total of 76.9 million, a 32% increase year-over-year and an acceleration over last quarter. This growth includes strong momentum in our paid offerings with a quarterly net increase of 159,000 paying circles, an impressive improvement over the 132,000 net additions in Q2. This was driven by a new record for quarterly net adds in the US at 111,000 net additions, a 64% increase year-over-year.

首先，我們的會員基礎大幅成長，本季新增月活躍用戶 630 萬，總會員數達到 7,690 萬，較去年同期成長 32%，較上一季加速。這一成長包括我們付費產品的強勁勢頭，本季淨增加了 159,000 個付費圈，與第二季的淨增加價值 132,000 個相比有了顯著改善。這是由於美國季度淨增人數創下新高，達到 111,000 人，年增 64%。

International expansion also played a major role in these results with international MAUs up 51% year-over-year and international paying circles increasing by 37%, even amid price adjustments for legacy subscribers outside our core triple tier markets. Average revenue per paying circle in international markets grew by 53%, supported by updating our legacy pricing strategy, which allows us to experiment faster with our new dual-tier approach. We are also excited about the next phase of our hardware strategy, which will continue to contribute to subscriber growth.

國際擴張也在這些業績中發揮了重要作用，即使在我們核心三級市場之外的傳統用戶價格調整的情況下，國際月活躍用戶數仍同比增長 51%，國際付費圈增長了 37%。透過更新我們傳統的定價策略，國際市場每個付費圈的平均收入成長了 53%，這使我們能夠更快地嘗試新的雙層方法。我們也對硬體策略的下一階段感到興奮，它將繼續促進用戶成長。

This quarter, we launched our updated tile device lineup, the first designed entirely in-house by Life360. This new lineup significantly differentiates us from competitors, featuring an SOS capability that turns every tile into a safety device, a function unique to our platform and unavailable from other third parties across the Google and Apple networks.

本季度，我們推出了更新的磁磚設備系列，這是第一款完全由 Life360 內部設計的產品。這項新產品使我們與競爭對手有了顯著的區別，其特點是具有 SOS 功能，可以將每一塊瓷磚變成一個安全設備，這是我們平台獨有的功能，谷歌和蘋果網路上的其他第三方均無法提供此功能。

The launch garnered widespread press coverage, most of which highlighted our SOS feature. Initial results have been extremely positive with direct-to-consumer sales more than doubling in the six weeks following the launch compared to the same period last year.

此次發布獲得了媒體的廣泛報道，其中大部分都專注於報道了我們的 SOS 功能。初步結果非常積極，與去年同期相比，推出後的六週內直接面向消費者的銷售額增長了一倍多。

Tile is also proving to be a valuable customer acquisition tool for our subscription business. We have been seeing a consistent rise in the percentage of US premium subscribers with an active linked tile in their account, and we expect this to continue with the new product. However, while these results are surpassing our expectations, we did face logistical delays with the tile launch, including certification, labeling and supply chain challenges.

事實證明，Tile 也是我們訂閱業務的一個有價值的客戶獲取工具。我們發現，帳戶中擁有活躍連結磁貼的美國高級訂閱者比例持續上升，我們預期新產品推出後，這一趨勢還會持續。然而，雖然這些結果超出了我們的預期，但我們在瓷磚推出時確實面臨物流延遲，包括認證、標籤和供應鏈挑戰。

These delays led to a lower-than-expected device sales and margins in Q3, as we had periods when the full lineup was unavailable, impacting our ability to fully shift inventory to new products, as planned. Fortunately, these issues have been resolved. Although the transition will take some time to flow through brick-and-mortar retail channels, we're optimistic about Black Friday, as an opportunity to establish a new baseline for this improved lineup.

這些延遲導致第三季的設備銷售和利潤率低於預期，因為我們有一段時間無法提供全系列產品，影響了我們按計劃將庫存完全轉移到新產品的能力。幸運的是，這些問題已經解決。儘管這種轉變需要一段時間才能透過實體零售管道完成，但我們對「黑色星期五」持樂觀態度，因為它是一個為改進的產品線建立新基準的機會。

Now that the tile rollout is complete, our team is focused on further developing our GPS lineup based on [Jiobit] technology. We plan to begin with a pet tracking device potentially in late 2025, followed by an elder care product anticipated in 2026. Since both products require subscription and target high-growth verticals, we are excited about the potential for this next generation of hardware to drive a new wave of subscription growth.

現在，tile 的推出已經完成，我們的團隊專注於進一步開發基於 [Jiobit] 技術的 GPS 陣容。我們計劃於 2025 年底開始推出寵物追蹤設備，隨後於 2026 年推出老人照護產品。由於這兩款產品都需要訂閱且針對高成長垂直產業，我們對下一代硬體推動新一波訂閱成長的潛力感到非常興奮。

In Q3, we made significant strides in advancing our advertising platform, which we are now testing globally. Our objective is to deliver contextually relevant ads that enhance the experience for our members, leveraging our proprietary first-party location data to offer advertisers unmatched precision audience targeting.

第三季度，我們在廣告平台發展方面取得了重大進展，目前我們正在全球進行測試。我們的目標是提供與上下文相關的廣告，以增強我們會員的體驗，利用我們專有的第一方位置數據為廣告商提供無與倫比的精準受眾定位。

A key milestone this quarter was our partnership with Uber, which highlights the unique power of our data. Through this collaboration, users arriving at an airport receive a targeted Uber ride offer, demonstrating the value of contextual relevance over traditional banner ads. Our Uber landing notifications outperform industry averages for banner ads, underscoring the potential of our approach.

本季的一個重要里程碑是我們與 Uber 的合作，這突顯了我們數據的獨特力量。透過此次合作，到達機場的用戶將收到有針對性的 Uber 乘車優惠，這體現了情境相關性相對於傳統橫幅廣告的價值。我們的 Uber 著陸通知表現優於橫幅廣告行業平均水平，凸顯了我們方法的潛力。

This early phase points to promising opportunities for future monetization by integrating signals from everyday activities such as relocating to a new home, shopping at retail locations or quick service restaurants or life events like starting college. Realizing the full potential of this advertising vision will take time, as we expand our back-end infrastructure and build out our sales platform, but the early results strengthen our confidence that advertising could eventually become a revenue stream on par with our subscription business. With a strong pipeline of partners seeking to tap into our unparalleled first-party location platform, we see immense potential to expand our market versus competitors.

這一早期階段透過整合日常活動（例如搬遷到新家、在零售店或快餐店購物或開始上大學等生活事件）的訊號，為未來的貨幣化提供了良好的機會。實現這個廣告願景的全部潛力需要時間，因為我們需要擴展後端基礎設施並建立銷售平台，但早期的結果增強了我們的信心，廣告最終可以成為與訂閱業務相當的收入來源。我們擁有眾多合作夥伴，他們希望利用我們無與倫比的第一方位置平台，我們看到了相對於競爭對手擴大市場的巨大潛力。

Our data business, which had leveled off as we transition to aggregated data, returned to growth in Q3, boosted by our exclusive partnership with Placer.ai. We are confident about accelerating growth in 2025 and beyond as this collaboration deepens.

我們的數據業務在我們向聚合數據過渡時已經趨於平穩，但在與 Placer.ai 的獨家合作的推動下，在第三季度恢復成長。隨著這種合作的深入，我們有信心在 2025 年及以後實現加速成長。

Additionally, our newly formalized partnership with Hubble paves the way for a new enterprise revenue stream and significantly enhances the location capabilities of our hardware devices. Together, these strategic partnerships underscore the potential to expand both our data business and our technology offerings, as we continue to drive growth for Life360.

此外，我們與 Hubble 新建立的正式合作關係為新的企業收入來源鋪平了道路，並顯著增強了我們硬體設備的定位功能。總而言之，這些策略夥伴關係凸顯了擴大我們的數據業務和技術產品的潛力，讓我們能夠繼續推動 Life360 的發展。

With that, I'll turn the call over to Russell to run through the financials.

說完這些，我將把電話轉給羅素 (Russell) 來介紹一下財務狀況。

Thanks, Chris and thanks, everyone, for joining the call today. As a reminder, all of the financials I'll be referencing are unaudited and denominated in US dollars. Q3 revenue increased 18% year-on-year to $92.9 million. The strong operating metrics that Chris outlined earlier, in particular, the record net Paying Circle additions in the quarter drove an acceleration in our subscription revenue.

謝謝克里斯，也謝謝大家今天參加電話會議。提醒一下，我將引用的所有財務數據均未經審計並以美元計價。第三季營收年增18%至9,290萬美元。克里斯先前概述的強勁營運指標，特別是本季創紀錄的淨付費圈增量，推動了我們的訂閱收入加速成長。

Overall, subscription increased 27% year-on-year and accelerated from the prior quarter. Core Life360 subscription, which excludes hardware subscriptions, increased 34% year-on-year, driven by the 25% increase in Global Paying Circles and 6% higher ARPPC.

整體而言，訂閱量年增 27%，且成長速度較上一季有所加快。核心 Life360 訂閱（不包括硬體訂閱）年增 34%，這得益於全球付費圈成長 25% 以及 ARPPC 成長 6%。

Hardware revenue declined 24% year-on-year to $11.7 million, largely due to the six-week delay in the launch of our new tile products, which resulted in lower unit sales volumes. The launch also involved increased discounting in retail channels to clear out existing inventory, along with mix shifts and additional certification, labeling and shipping costs, all of which impacted hardware margins for the quarter.

硬體收入年減 24% 至 1,170 萬美元，這主要是由於我們的新瓷磚產品的推出延遲了六週，導致單位銷售量下降。此次發布還涉及增加零售通路的折扣以清理現有庫存，以及組合轉變和額外的認證、標籤和運輸成本，所有這些都影響了本季的硬體利潤率。

As a result, stand-alone units shipped declined nearly 24% year-over-year and the average selling price decreased by 4%, resulting in lower margins in the quarter. As Chris mentioned earlier, the new tile devices have been extremely well received and early indicators suggest strong sales momentum. However, as is typical, the full impact will become clearer after the key US Cyber five retail period.

結果，獨立設備出貨量年減近 24%，平均售價下降 4%，導致本季利潤率下降。正如克里斯之前提到的，新的 Tile 設備受到了極大的歡迎，早期指標顯示銷售勢頭強勁。然而，正如通常情況一樣，在美國關鍵的網路五大零售期之後，其全部影響將變得更加清晰。

Other revenue in Q3 increased by 43% to $9.3 million due to the combination of increases in data and partnership revenue, which includes advertising revenue. September annualized monthly revenue reached $336.2 million and increased 30% year-on-year, accelerating from 23% year-on-year growth in June, reflecting the strong performance of subscription and other recurring revenue.

第三季的其他收入成長 43%，達到 930 萬美元，原因是數據和合作夥伴收入（包括廣告收入）的共同增加。9月年化月營收達3.362億美元，年增30%，高於6月23%的年增率，反映出訂閱和其他經常性收入的強勁表現。

Q3 gross profit of $70 million increased 21% year-on-year, with gross margin slightly higher at 75% compared with 74% in the prior year due to the increase in subscription and other revenue. And while other revenue grew 18% and gross profit increased 21% year-on-year, Q3 operating expenses increased by 14%, excluding commissions, demonstrating our continued operating leverage.

第三季毛利7000萬美元，年增21%，毛利率由去年同期的74%略升至75%，主要由於訂閱費和其他收入的增加。儘管其他收入年增 18%，毛利年增 21%，但第三季營運費用（不包括佣金）成長了 14%，顯示我們繼續維持營運槓桿。

R&D costs increased 18% year-on-year, primarily driven by higher personnel-related costs, technology and outside services spend. Sales and marketing costs increased 19% year-on-year, primarily due to higher commissions, which increased in line with the 20% increase in subscriptions.

研發成本年增18％，主要由於人員相關成本、技術和外部服務支出的增加。銷售和行銷成本年增 19％，主要由於佣金增加，與訂閱量 20％ 的增長一致。

Paid acquisition costs were lower year-on-year due to an intentional shift of allocation of spend to other marketing activity in creative and production, supporting the back-to-school campaigns in the US and UK and the launch of the new tile hardware product line.

付費採購成本年減是由於有意將支出分配轉移到創意和生產方面的其他行銷活動，支持美國和英國的返校活動以及新瓷磚硬體產品線的推出。

Total sales and marketing spend in Q3 was $6.4 million higher than in Q2, in line with our guidance. General and administrative expenses in Q3 increased by 8% year-on-year, primarily driven by higher company growth.

第三季的總銷售和行銷支出比第二季高出 640 萬美元，符合我們的預期。第三季的一般及行政開支年增 8%，主要由於公司成長加快。

We also recorded our first positive net income in Q3 of $7.7 million, which includes other income of $7.9 million and a benefit from income tax that was $4.6 million higher than in Q3 '23. Finally, we continue to make progress in expanding profitability.

我們也在第三季首次實現正淨收入 770 萬美元，其中包括 790 萬美元的其他收入和比 23 年第三季高出 460 萬美元的所得稅收益。最後，我們在擴大獲利能力方面繼續取得進展。

Adjusted EBITDA was positive for the eighth consecutive quarter, increasing to $9 million from $5.5 million in the prior year, and EBITDA loss of $2.6 million decreased from $4.2 million in the prior year, as a result of continued strong subscription revenue growth and improved operating leverage. The difference between adjusted EBITDA and EBITDA in the quarter consisted almost entirely of stock-based compensation expense.

調整後 EBITDA 連續第八個季度為正值，從上年的 550 萬美元增至 900 萬美元，EBITDA 虧損從上年的 420 萬美元降至 260 萬美元，這得益於訂閱收入持續強勁增長和經營槓桿的提高。本季調整後 EBITDA 與 EBITDA 之間的差額幾乎完全由股票薪酬費用構成。

We are raising our outlook for both adjusted EBITDA and EBITDA for 2024. Our updated guidance for full year EBITDA loss is negative $7 million to negative $10 million and includes the IPO transaction costs and incorporates an expectation of positive EBITDA contribution in Q4, reflecting our usual seasonal peak earnings. Further, we expect to be consistently EBITDA positive on a quarterly basis in 2025.

我們上調了 2024 年調整後 EBITDA 和 EBITDA 的預期。我們最新的全年 EBITDA 虧損預期為負 700 萬美元至負 1000 萬美元，其中包括 IPO 交易成本，並預期第四季度 EBITDA 貢獻為正，這反映了我們通常的季節性高峰收益。此外，我們預計 2025 年季度 EBITDA 將持續為正值。

Turning now to balance sheet and cash flow. Life360 ended Q3 with cash, cash equivalents and restricted cash of $160.2 million, a slight decrease of $1.8 million from Q2 '24. Operating cash flow was positive for the sixth consecutive quarter. Q3 net cash provided by operating activities of $6.3 million was lower than adjusted EBITDA of $9 million, primarily due to the seasonal buildup of inventory ahead of the Q4 holiday season and the timing of receipts and payables.

現在轉向資產負債表和現金流。Life360 第三季結束時的現金、現金等價物和受限現金為 1.602 億美元，較 24 年第二季略有減少 180 萬美元。經營現金流連續六個季度為正。第三季經營活動提供的淨現金為 630 萬美元，低於調整後的 EBITDA 900 萬美元，主要原因是第四季假期前季節性庫存累積以及收款和應付款項的時間表。

Net cash used in investing activities of $1 million related to payments for internally developed software and net cash used in financing activities of $7.2 million related primarily to taxes paid for the net settlement of RSUs.

投資活動所用淨現金 100 萬美元與支付內部開發軟體有關，融資活動所用淨現金 720 萬美元主要與支付 RSU 淨結算的稅款有關。

Cash paid on RSU settlements was higher due to our higher stock price and therefore, higher fair market value at the time of the settlement of the RSUs, and we expect this higher cash outflow to continue to year-end.

由於我們的股價較高，因此 RSU 結算時的公平市場價值較高，因此 RSU 結算支付的現金較高，我們預計這種較高的現金流出將持續到年底。

Thanks for your attention. And I'll hand back to Chris to discuss further details on our earnings guidance.

感謝您的關注。接下來我會把話題轉回給克里斯，讓他進一步討論我們的獲利預測細節。

We are updating our 2024 outlook, which includes raised guidance for adjusted EBITDA and EBITDA that Russell mentioned. For 2024, we are now anticipating the following: consolidated revenue of $368 million to $374 million, revised from $370 million to $378 million to reflect lower hardware revenue. Core subscription revenue growth of 25% year-over-year, positive adjusted EBITDA of $39 million to $42 million, upgraded from $36 million to $41 million.

我們正在更新 2024 年的展望，其中包括 Russell 提到的上調調整後 EBITDA 和 EBITDA 指引。對於 2024 年，我們目前預計如下：綜合收入為 3.68 億美元至 3.74 億美元，從 3.7 億美元修訂為 3.78 億美元，以反映硬體收入的下降。核心訂閱營收年增25%，調整後EBITDA為正3,900萬美元至4,200萬美元，從3,600萬美元升至4,100萬美元。

EBITDA loss of $7 million to $10 million, which includes $5.8 million in IPO-related transaction costs, upgraded from $8 million to $13 million and to have positive operating cash flow in Q4 and for year-end cash activities, year-end cash, cash equivalents and restricted cash of $150 million to $160 million.

EBITDA 虧損為 700 萬美元至 1000 萬美元，其中包括 580 萬美元的 IPO 相關交易成本，從 800 萬美元升至 1300 萬美元，第四季度和年末現金活動實現正經營現金流，年末現金、現金等價物和受限現金為 1.5 億美元至 1.65 億美元。

The forecast includes expected higher outflows from RSU settlements, as a result of the higher stock price, the investment in Hubble, IPO proceeds and related transaction costs and timing differences in Q4 working capital related to hardware inventory. The company continues to expect to be adjusted EBITDA and EBITDA positive consistently on a quarterly basis in 2025.

該預測包括預期 RSU 結算資金流出增加，這是由於股價上漲、對 Hubble 的投資、IPO 收益和相關交易成本以及與硬體庫存相關的第四季度營運資本的時間差異造成的。該公司繼續預計 2025 年調整後的 EBITDA 和季度 EBITDA 將持續為正值。

That concludes our prepared remarks, and I'll now turn the call over to RJ, who will manage the Q&A portion of our call today. Thank you.

我們的準備好的演講到此結束，現在我將電話會議轉給 RJ，他將負責今天電話會議的問答部分。謝謝。

Thanks Chris. (Operator Instructions)

謝謝克里斯。（操作員指令）

Chris Gawler, Goldman Sachs.

高盛的克里斯高勒 (Chris Gawler)。

Good morning, Chris Russell and RJ. Can you hear me? Okay.

早上好，克里斯·拉塞爾和 RJ。你聽得到我嗎？好的。

Loud and clear.

聲音響亮、清晰。

Great. First question from me, just in terms of the fourth quarter subscription outlook. Typically, the third quarter is quite strong with back-to-school, and then there's a little bit of a fourth quarter roll-off given that seasonality. Just interested if you could provide any commentary on how things are tracking so far this quarter and any impacts internationally of the rollout of Double Tier? Thanks

偉大的。我的第一個問題是關於第四季的訂閱前景。通常，第三季由於開學季的緣故銷售會比較旺盛，而考慮到季節性因素，第四季的銷售會稍微下滑。我只是想知道您是否可以對本季度迄今為止的情況以及雙層推出對國際的影響提供任何評論？謝謝

Sure. I'll take that qualitatively and let Russell get a little firmer in numbers we're allowed to do so. Thematically, to your point, and first off, record net adds, it's arguably our best back-to-school ever in our company's history and international is driving that growth, and we're seeing continued acceleration in our in penetrated regions. So we're extremely excited that the macro trends are holding.

當然。我會從品質上看待這個問題，並讓拉塞爾在我們可以這樣做的數字上更加堅定一些。從主題上看，正如您所說，首先，創紀錄的淨增量，可以說是我們公司歷史上最好的開學季，國際業務推動了這一增長，我們看到我們滲透地區的增長持續加速。因此，我們非常高興宏觀趨勢能夠持續下去。

And as I think many who have followed the story for a while have long heard me say, a key indicator that I look for is not quarter-to-quarter noise per se because it always shifts around a bit, but are we seeing these big trends continuing? Are we seeing the back-to-school bump? Are we seeing the ongoing acceleration in more highly penetrated regions. And now in recent years, are we seeing that growth internationally? So all those things are looking good and continue to look good.

我想，許多關注該事件一段時間的人早就聽我說過，我所尋找的一個關鍵指標不是季度間噪音本身，因為它總是會發生一些變化，而是我們是否看到這些大趨勢在持續？我們是否看到了開學季的激增？我們是否看到了滲透率較高的地區的持續加速？那麼近年來我們在國際上是否也看到了這種成長？所以所有這些事情看起來都很好，並且會繼續保持良好勢頭。

Could there be a pull-forward effect? There could be some because that's often what has happened after big quarters. Part of why we're so excited about these numbers is that we didn't actually have that last time because as you know, Q2 was also extremely good. So we're feeling like we're on track, still very early in the quarter. And then, of course, we're very interested to see, as we integrate more hardware into the lineup with the new results, how much does that move things as well.

是否會產生前拉效應？可能會有，因為這通常是在大季度之後發生的情況。我們對這些數字感到如此興奮的原因之一是，上次我們實際上並沒有得到這樣的結果，因為如你所知，第二季的表現也非常好。因此，我們感覺一切進展順利，儘管仍處於本季的初期。當然，我們非常感興趣的是，隨著我們將更多的硬體整合到產品線中並帶來新的成果，這也會帶來多大程度的改變。

Russell. Do you, can you add anything more on the.

拉塞爾。還可以添加更多內容嗎？

I guess, I would just add two things, Chris. One, we do continue to see the overall sort of strength in subscription. So I think this year, we've clearly accelerated subscription growth. So we are continuing to see that, albeit, as you pointed out, Chris, Q4 is typically a seasonal low for the year. So we fully expect that impact to happen. We also are seeing some impact from the fairly substantial price increases that we've put through internationally. Again, we're looking at pretty significant revenue uplifts from that, but it will have a slight impact on subscription growth internationally.

我想，我只想補充兩點，克里斯。首先，我們確實繼續看到訂閱業務的整體強勁表現。所以我認為今年我們的訂閱量成長明顯加快了。因此，我們繼續看到這一點，儘管正如你所指出的，克里斯，第四季度通常是一年中的季節性低谷。因此我們完全預料到這種影響會發生。我們也看到了國際上價格大幅上漲的影響。再次，我們看到這會帶來相當顯著的收入成長，但這對國際訂閱成長的影響會很小。

Cool. Thanks Chris. Thanks Russell.

涼爽的。謝謝克里斯。謝謝拉塞爾。

And we can probably look to some of the earlier international rollouts or even the price increases in the US just as a examples. I, when we did the US price increase, I think we actually had a backwards quarter at one point or close to it. And Russell, keep me honest here. Of course, revenue went up. We go through that and then it, then it renormalize that growth trend.

我們可以將一些早期的國際推廣或美國的價格上漲作為例子。當我們提高美國的價格時，我認為我們實際上在某個時候或接近某個時候出現了一個向後季度的現象。拉塞爾，請讓我誠實一點。當然，收入增加了。我們經歷了這一切，然後它重新使成長趨勢正常化。

Great. thanks, Chris.

偉大的。謝謝，克里斯。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Hey guys, can you hear me?

嘿夥計們，你聽得到我說話嗎？

Yes.

是的。

Hi. This is David on for Mark. I just wanted to ask if you're seeing any differences in the subscription attach rates to the new tile hardware compared to the old one. And then just in terms of your advertising business, you signed Uber recently, you talk about which inning you're in so far in terms of building out advertising.

你好。這是大衛 (David) 代替馬克 (Mark)。我只是想問一下，您是否發現新的 Tile 硬體與舊的 Tile 硬體的訂閱附加率有任何差異。然後就您的廣告業務而言，您最近與 Uber 簽約，請談談您在廣告業務拓展方面目前處於哪個階段。

So in terms of the new tile lineup, everyone is eligible now to get a tile, link it. We test different promos. So there's no exact measurement of how tiles per se are driving subscriptions, just part and parcel. And I'm extremely optimistic, as we roll out new marketing, as we come to Black Friday, people are going to see the differentiation in tile versus air tags.

因此，就新的瓷磚陣容而言，現在每個人都有資格獲得一塊瓷磚，並連結它。我們測試不同的促銷活動。所以，沒有確切的衡量標準來衡量磁貼本身如何推動訂閱，它只是其中的一部分。我非常樂觀，隨著我們推出新的行銷方式，隨著黑色星期五的到來，人們將會看到平鋪標籤和空中標籤之間的差異。

And I'd encourage everybody to just google some of the press results that we've had. There's stuff like Tile giving air tags a run for their money with the SOS feature. So we only need a relatively small portion of people to have that awareness that we are differentiated, and your daughter is going to school, college, and you want to have something that keeps her safe or even a gift of like safety. It's very different.

我鼓勵大家去谷歌搜尋一下我們得到的一些新聞結果。像 Tile 這樣的產品就利用了 SOS 功能，讓空氣標籤大放異彩。因此，我們只需要讓相對較少的一部分人意識到我們是不同的，你的女兒要去上學、上大學，你希望有一些東西能保護她的安全，甚至是一件能給她帶來安全的禮物。這是非常不同的。

So the real litmus test is coming up. So I don't want to get ahead of ourselves, but I am genuinely excited and some of the new ad content we have is amazing. We have some Monday night football slots, probably not relevant for Australian investors, but I'd say through a football fan, tune into some of what we've been doing. We have -- I also think the best creative ads that we've had in the company's history coming out.

真正的試金石即將來臨。所以我不想妄自菲薄，但我真的很興奮，我們的一些新廣告內容確實令人驚嘆。我們有一些週一晚上的足球節目，可能與澳洲投資者無關，但我想說，透過一名足球迷，可以了解我們所做的事情。我也認為，我們推出了公司史上最有創意的廣告。

One thing I can say, I don't have a firm number to share, but the attach rate of premium accounts actually linking Tile is going up significantly. And a lot of that is because the -- we are shifting people to the core Life360 app over time.

有件事我可以說，我沒有確切的數字可以分享，但實際上連結 Tile 的高級帳戶的附加率正在顯著上升。這在很大程度上是因為——我們正在隨著時間的推移將人們轉移到核心 Life360 應用程式。

And the SOS feature requires Life360. So as some might recall, we had low attach rates of linking Tile to Life360 in the beginning because there really wasn't a reason to do so. But we have now, I'd say, transitioned at least half the functionality from the Tile app to the Life360 app, including our main new differentiated feature.

而 SOS 功能需要 Life360。因此有些人可能還記得，我們​​一開始將 Tile 連結到 Life360 的附加率很低，因為確實沒有理由這樣做。但我想說，現在我們已經將至少一半的功能從 Tile 應用程式轉移到 Life360 應用程序，包括我們的主要新差異化功能。

And in terms of those linkage rates, that is up dramatically. I want to make sure these trends hold before I give definitive answers. But I hope in the next quarter, they continue, and I can give a very firm update and say we have a whole quarter under our belt because it's very hard to determine what's just that sugar high from a new release, and thank goodness, we have the sugar high. It bodes very well. But give me -- give us a quarter to let these things solidify.

就這些聯繫率而言，這一數字大幅上升。在給出明確的答案之前，我想確保這些趨勢能夠持續下去。但我希望在下個季度他們能夠繼續這樣做，我可以給出一個非常堅定的更新，並且說我們已經取得了整個季度的成功，因為很難確定新版本的糖分高是什麼，謝天謝地，我們有糖分高。這是個好兆頭。但請給我們四分之一的時間讓這些事情得以鞏固。

Great. Thank you, Chris.

偉大的。謝謝你，克里斯。

Laf Sotiriou, MST.

拉夫·索蒂裡烏，MST。

Thank you for the opportunity to ask a question. May I unpack the commentary around the pet and elderly packages? I think you discussed next year, you're targeting launch of subscriptions around pets and FY26 for elderly senior packages. This is new information with some clearer time lines rather than it being in the future. It sounds like it's more certain. So can you just talk us through the thinking? Is this going to be an additional, say, a module or like an extra $5, $10? Will it be included things like pet insurance? How should we be thinking about it and then the timing of those launches?

感謝您給我提問的機會。我可以解開有關寵物和老人套餐的評論嗎？我想您討論過明年，您的目標是推出圍繞寵物的訂閱服務，並在 26 財年推出老年人套餐。這是新的訊息，具有更清晰的時間線，而不是未來訊息。聽起來好像更確定了。那您能和我們講講您的想法嗎？這是要增加一個模組還是要額外增加 5 美元或 10 美元？其中包括寵物保險之類的內容嗎？我們應該如何考慮這個問題以及確定發射的時間？

Yeah, Let me back up a bit and give a bit of recap on the vision and just our move to hardware and the rationale behind it, especially for people, who have not been following the story as long. So the vision of Life360 is not just people. It's pets, it's things. We have what we call a religious belief that anything you care about, you're going to know where it is. The idea that you could lose a pet or a car or a laptop, it's going to be down, right archaic in the next few years, and those trends are accelerating.

是的，讓我稍微回顧一下，並對我們的願景以及我們向硬體邁進的舉措和背後的理由進行一些回顧，特別是對於那些沒有長期關注這個故事的人來說。所以Life360的願景不僅僅是人。它是寵物，它是物品。我們有一種所謂的宗教信仰：任何你關心的事物，你都會知道它在哪裡。擔心失去寵物、汽車或筆記型電腦的想法在未來幾年內就會消失，而且這種趨勢正在加速。

We bought Jiobit and Tile in 2021 -- late '21. 2022 happened, and we obviously had to pull back quite a bit on some of those plans, very frustrating with that downturn. So we put Jiobit on ice to focus on Tile, get that integration done.

我們於 2021 年（21 年底）收購了 Jiobit 和 Tile。 2022 年已經到來，我們顯然不得不大幅縮減一些計劃，經濟衰退讓我們非常沮喪。因此，我們暫時擱置了 Jiobit，轉而專注於 Tile，完成整合。

Over the last couple of years, the trends we wanted to see have been dramatically accelerating. Item tracking has been one of the biggest, fastest-growing categories, if not the fastest in the entire consumer electronics category. And we're also seeing pet tracking, as a category grow, companies like Tractive or in the $100 million-plus revenue run rate growing very, very quickly. So we're getting good third-party validation that, that overall bet was right.

過去幾年裡，我們希望看到的趨勢一直在急劇加速。物品追蹤是整個消費性電子產品類別中最大、成長最快的類別之一，甚至是成長最快的類別。我們也看到，隨著寵物追蹤這個類別的不斷發展，像 Tractive 這樣的公司或收入運行率超過 1 億美元的公司成長非常非常快。因此，我們得到了良好的第三方驗證，證明整體賭注是正確的。

And now that we've done this new tile lineup and these trends are very much holding, we are extremely excited to dust off the Jiobit technology that we own, it still remains arguably the best in the market and come out with these new products.

現在我們已經完成了這個新的瓷磚陣容，這些趨勢仍然保持著，我們非常高興能夠重新使用我們擁有的 Jiobit 技術，它仍然可以說是市場上最好的，並推出了這些新產品。

So our plan for pet tracking now, and this is a bit of a teaser. We're going to share full results. I've seen the prototype and all that. We're very excited. We think we have the opportunity to have the lowest cost with the best battery life, and it's going to be bundled into Life360 subscription tiers. and that goes right to the very name Life360.

這是我們現在的寵物追蹤計劃，這只是一個預告。我們將分享全部結果。我已經看過原型和所有這些東西了。我們非常興奮。我們認為我們有機會以最低的成本獲得最佳的電池壽命，並且它將捆綁到 Life360 訂閱層中。這與 Life360 這個名字完全吻合。

The idea that we had silver, gold, platinum versus like very specific upgrade options was because if you can build a bundled offering, that's a huge differentiation over competitors, and we already own the customer. We have $0 CAC on an incremental user, whereas all our competitors are starting from scratch, and we can just redeploy that into our bundle.

我們之所以提供銀級、金級、白金級產品而非非常具體的升級選項，是因為如果你可以打造捆綁產品，那麼與競爭對手相比就會有巨大的差異，而我們已經擁有了客戶。我們對增量用戶的 CAC 為 0 美元，而我們所有的競爭對手都是從零開始，我們可以將其重新部署到我們的捆綁包中。

And our bundle costs more than a stand-alone subscription, but it just has such high value. So how that's going to manifest is more people signing up. They will probably be pets in gold and elder in platinum, but don't hold us to that.

我們的套餐價格比獨立訂閱高，但價值卻非常高。所以這將體現為更多的人註冊。它們可能是黃金版中的寵物，或是鉑金版中的長老，但不要因此而責怪我們。

I think we're going to increase conversion and more importantly, increase retention because anyone, who has a dog, once you have one of these things on your dog, your churn really goes down and Jiobit was indirectly is a pet tracker, and we see that data in ourselves. So I'm excited about that.

我認為我們將提高轉換率，更重要的是，提高保留率，因為任何養狗的人，一旦你在你的狗身上安裝了這些東西，你的客戶流失就會真正下降，而 Jiobit 間接地是一個寵物追蹤器，我們在自己身上看到了這些數據。我對此感到很興奮。

In the elder care space, it's something we've long, long talked about, but we were also aware that the market hadn't quite gotten there yet because we need the sandwich generation to get a little bit older and have aging parents themselves, so millennials in particular. To make that a little bit on personal and a bit of a sad not for me, my mom is in the mid-stages of Alzheimer's.

在老年護理領域，這是我們長期討論的問題，但我們也意​​識到市場還沒有完全到達那裡，因為我們需要夾心一代長大一點，也有年邁的父母，所以尤其是千禧一代。說得更個人化一些，也更讓人難過一些，因為我的媽媽正處於阿茲海默症的中期。

So it's a little bit of arguably faith that I really need this product myself. I think I'm a very, very good product guy. That was my job in Life360, first and foremost, even ahead of CEO. So the fact that I can work on this product, this is going to be very relevant for me, as the market matures.

所以可以說，我有點相信我自己確實需要這個產品。我認為我是一個非常非常優秀的產品專家。這是我在 Life360 的首要職責，甚至比擔任 CEO 還要重要。因此，隨著市場逐漸成熟，我可以從事該產品的開發，這對我來說意義重大。

Maybe you're talking these are like billions of revenue in these elder care products, and they're horrible. And I can say that both as a businessman running Life360 and someone, who is shopping around for my own mother. So I am going to be the ultimate user of this product when it comes out. So we're just sharing that, that we do have this rollout. People have asked us about what we're doing with the Jiobit asset, the hardware plan.

也許你說這些老年護理產品的收入高達數十億美元，但它們卻非常糟糕。我既可以作為一個經營 Life360 的商人，也可以作為一個為我母親貨比三家的人，說出這樣的話。因此，當該產品推出時，我將成為它的最終用戶。因此我們只是想分享這一點，我們確實有這個推出。人們問我們如何處理 Jiobit 資產和硬體計劃。

And the exciting thing about these are subscription businesses period. We've been transitioning tile, as a giveaway to drive subscription, but this is actually driving subscription directly because these need services behind them, and the market has a very high anchor price in them already for inferior products. So we more share that because we knew people were asking about it, but also with a lot of excitement that we successfully did -- do this tile lineup refresh and the team has already moved their attention to the pets product for next year.

而這些令人興奮的事情就是訂閱業務時期。我們一直在轉型，作為推動訂閱的贈品，但這實際上是在直接推動訂閱，因為這些產品背後需要服務，而市場上劣質產品的錨定價格已經很高了。所以我們更多地分享這一點，因為我們知道人們在詢問它，但同時也非常興奮，我們成功地做到了這一點——進行了這個瓷磚陣容刷新，團隊已經將他們的注意力轉移到明年的寵物產品上。

Got it. Thank you.

知道了。謝謝。

Welcome.

歡迎。

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Great. Thanks so much for taking my question just following up on advertising. Do you have any insight into maybe any commitments or positive indications from advertisers for 2025? And then any thoughts more broadly that you maybe can share on sort of expected ad revenue growth next year compared to the $5 million to $10 million range this year? And then is that still a good, sort of a good range for us to keep in mind for 2024?

偉大的。非常感謝您回答我關於廣告的問題。您是否對廣告商對 2025 年的承諾或正面跡像有所了解？然後，您能否更廣泛地分享您對明年預期廣告收入成長的看法，與今年的 500 萬至 1000 萬美元相比，情況如何？那麼，這對我們 2024 年來說是否仍然是一個不錯的範圍呢？

Let me take that from the qualitative standpoint and as I usually do, hand it to Russell for the numbers. That also made me realize I did not answer the second half of last question. So I'm going to tie both of those together. So everything is largely on track and expanding. We're exactly in the zone for this year.

讓我從定性的角度來看這個問題，就像我通常會做的那樣，把數字交給羅素。這也讓我意識到我沒有回答最後一個問題的後半部。所以我要將這兩者結合在一起。因此，一切基本上都在按計劃進行，並且不斷發展。我們今年正處於最佳狀態。

And advertising is going to start blurring more and more with our data line because advertising and data, in many ways, it's part and parcel the same thing because it's not all just things for customers to click on. It's how we do better matching and audiences, which is really a broader data product.

廣告與我們的數據界線將越來越模糊，因為廣告和數據在許多方面都是同一個事物，它們並不都是供客戶點擊的東西。這就是我們如何更好地匹配受眾，這實際上是一種更廣泛的數據產品。

And we also have a very large pipeline of interested parties. It has not been a difficult sell whatsoever. It's really now we have to build some of the infrastructure, and we have to find ways of surfacing it to customers. We hired Brian McDevitt a few months ago. He has huge experience doing this at Google. So stuff has to get built. But I would say exactly on track and maybe even more demand than expected in terms of third parties being very excited.

我們還有非常龐大的利害關係人管道。根本就不是什麼困難的推銷。現在我們確實必須建立一些基礎設施，並且必須找到將其呈現給客戶的方法。幾個月前我們聘請了 Brian McDevitt。他在谷歌有豐富的這方面經驗。因此必須建造一些東西。但我想說，這完全是按計劃進行，而且從第三方的興奮程度來看，需求甚至可能比預期的還要多。

And then to last question on just where are we in terms of what ending on the Uber side, we're -- we're well past banners with that. It's our first contextual push. So you land at an airport, and you get this push that welcomed SFO be like an Uber. I don't have hard numbers I can share, but it's an order of magnitude better than banners, even more than that significantly. And it's done in a way that doesn't feel like an ad, and the results are beating expectations.

最後一個問題是，就 Uber 而言，我們的結局如何？這是我們第一次情境推動。因此，當您降落在機場時，您會感受到像 Uber 一樣歡迎 SFO 的推動。我沒有可以分享的確切數字，但它比橫幅廣告好一個數量級，甚至好得多。而且它做得不像是廣告，結果也超出了預期。

It's a relatively low impression lineup because people open the app 20 times a day, but they're only flying a few times a year. But what it really, really, really validated was, we can identify these triggers in real time, pass them to an advertiser, bring something back to our customers that they're excited about and actually use and have results that dramatically outperform the generic banners, and that is the benefit we have of our first-party location data that can be accessed in real time.

這是一個相對較低的印象陣容，因為人們每天打開該應用程式 20 次，但每年只飛行幾次。但真正驗證的是，我們可以即時識別這些觸發器，將它們傳遞給廣告商，為我們的客戶帶來一些他們興奮的東西，並實際使用，並且獲得的結果遠遠超過通用橫幅，這就是我們可以即時存取的第一方位置資料的好處。

So call that inning three. You're putting me on the spot with exactly what inning, but it's still very early in the sense that we need to build a platform. We can't be bespoke on everything. We need to have it international. We need to have full end-to-end pipes, and that's going to be a while, but feeling very good. And we are looking and talking to other partners right now, and we're doing a lot. We have to get very technical to explain it, but feeling solid and overall on track.

所以稱之為第三局。您正讓我為難，但從我們需要建立平台的意義上來說，現在還為時過早。我們無法對所有事情進行量身定制。我們需要讓它國際化。我們需要擁有完整的端到端管道，這還需要一段時間，但感覺非常好。我們現在正在尋找並與其他合作夥伴進行洽談，並且正在做很多工作。我們必須非常專業地解釋它，但感覺很紮實並且總體上是在正確的軌道上。

Russell, do you want to answer the second half of the question?

拉塞爾，你想回答問題的後半部嗎？

Yeah, Maria, what I would say and just sort of layering on what Chris said is that we're really largely moving along as we expected. We're still very early days in building advertising, where we are doing well at sort of putting in the tech stacks, where we've started to recruit sales staff. As you know, we appointed a VP in that area last quarter.

是的，瑪麗亞，我想說的是，並且與克里斯所說的類似，我們的進展基本上符合我們的預期。我們在廣告領域的發展還處於早期階段，我們在技術堆疊的部署上做得很好，並且已經開始招募銷售人員。如您所知，我們上個季度任命了該領域的副總裁。

And what we're seeing is a lot of confirmation that the quality of the audience is very high and will be very appealing for advertisers. That said, we always knew that this was going to be a process to build, and it's ramping up in largely the way we expect. And we've included some additional case studies in the investor presentation that RJ referenced earlier be available on our IR website. And we are aiming towards the top end of that. But what it clearly shows is that this is an area that takes some time to build up.

我們看到很多證據證明觀眾的品質非常高，對廣告商來說非常有吸引力。儘管如此，我們始終知道這將是一個建設過程，並且它正按照我們預期的方式逐步推進。我們在投資者介紹中加入了 RJ 之前提到的一些額外案例研究，可在我們的 IR 網站上查閱。我們正努力實現這一目標。但它清楚地表明這是一個需要一段時間才能建立的領域。

Thanks, that's helpful. Thank you, both.

謝謝，這很有幫助。謝謝你們兩位。

James Bales, Morgan Stanley.

摩根士丹利的詹姆斯·貝爾斯。

Hi guys. Thanks for taking my question. I guess, my question is about the core, which was, in my view, the real strength of this result. So maybe can you just help us understand what's changed to accelerate the MAU adds between, say, retention and gross adds? And how should we think about the sustainability of those trends?

嗨，大家好。感謝您回答我的問題。我想，我的問題是關於核心的，在我看來，這就是這個結果的真正實力。那麼，您能否幫助我們了解，在留存率和總增加價值之間，有哪些變化可以加速 MAU 的增加？我們該如何看待這些趨勢的可持續性？

And then, Chris, a couple of years ago, you were talking about the ability to drive penetration of paid up towards the rates of peers like Spotify. Has advertising changed that equation? And what's your latest thinking there?

然後，克里斯，幾年前，你談到了推動付費音樂普及率達到 Spotify 等同行水平的能力。廣告改變了這個等式嗎？您最近有什麼想法嗎？

Sure. So I'll start with what's driving things. And I'd say, in general, it's just across the board, the market is getting better, while we're executing and making the product better and that might sound like a non-answer, but it really is the truth. Organic is doing extremely well as evidenced by back-to-school.

當然。因此，我先從推動事情發展的因素說起。我想說，總的來說，市場正在變得越來越好，同時我們正在執行並改進產品，這聽起來可能像是一個非答案，但這確實是事實。從開學季的表現就可以看出有機食品的銷售量非常好。

International is doing really well, which is another driver of growth. We now are showing those penetration stats, and it's very relieving for me to see that we've said, hey, it seems like something magic happens around 2% penetration in the region. That is replicating internationally. It's great to see that even in the US, we have huge penetration, that is continuing.

國際表現非常好，這是另一個成長動力。我們現在正在展示這些滲透率統計數據，我很高興地看到，我們已經說，嘿，似乎該地區 2% 左右的滲透率發生了一些神奇的事情。這一現象正在國際上複製。很高興看到，即使在美國，我們的滲透率也非常高，而且這種趨勢還在持續。

On the non-organic side, Mike, our new CMO, man I really hope everyone watches some of the commercials that we've just launched. Russell, maybe we can get it out there, but we got huge recognition in adage. We had the best creative, I think, of the week of all new ads in the world, literally. We have some big product improvements coming up. We're optimizing growth flows. The new tile lineup, I think, is meaningfully modernizing that part of the business.

在非有機方面，我們的新任首席行銷長麥克，我真的希望每個人都觀看我們剛剛推出的一些廣告。拉塞爾，也許我們可以把它推廣出去，但我們在格言方面得到了廣泛的認可。我認為，我們擁有本周全球所有新廣告中最好的創意，確實如此。我們即將推出一些重大的產品改進。我們正在優化成長流程。我認為，新的瓷磚系列正在有意義地實現該部分業務的現代化。

Apple still seems to actually be helping us versus hurting us because in overseas regions, in particular, there is no cross-platform find my. So it really is a lot of it just good execution, good vision. We're hiring amazing people, and that is because we're doing well.

蘋果似乎實際上仍在幫助我們而不是傷害我們，因為特別是在海外地區，沒有跨平台的「查找我的」。所以這確實在很大程度上取決於良好的執行力和良好的願景。我們正在招募優秀的人才，這是因為我們做得很好。

The market is not what it was a couple of years ago. It's the companies with real results that have this better access to talent. Our Nasdaq listing has really helped because it was always a bit of a weird explanation to tell new hires they're an Australian company even they were based in San Francisco. So again, it really has just been good across the board.

現在的市場已經不再像幾年前那樣了。那些真正取得成果的公司才更容易獲得人才。我們在納斯達克上市確實對我們有很大幫助，因為即使公司總部位於舊金山，向新員工解釋他們是一家澳洲公司總是有點奇怪。所以再說一遍，從各方面來看，這確實都是好事。

In terms of sustainability, I like to be intellectually honest, and I more try to say what are the leading indicators that I am watching. As a founder, I truly believe that location is going to be in everything and there's a $100 billion opportunity here.

在永續性方面，我喜歡保持理智誠實，我更願意嘗試說出我正在關注的領先指標是什麼。身為創辦人，我堅信位置將影響一切，這裡有 1000 億美元的商機。

And it's ours to lose, and that's why we want to continue to make sure we're not just getting into harvest mode, which we could do. We want to lean in on growth. We still are committed to profitability, but it really is as this becomes one of these main mobile use cases, which I think at this point, it truly is, how do we capitalize on that?

這是我們的損失，這就是為什麼我們要繼續確保我們不只是進入收穫模式，而我們可以這樣做。我們希望實現成長。我們仍然致力於獲利，但事實上，隨著這成為主要的行動用例之一，我認為在這一點上，我們真正應該如何利用這一點？

So international could add more users in the US. It probably should over time. So that gives me a lot of confidence. I already said this on some previous questions, but I will repeat it again because it just goes to the question on sustainability. Back-to-school is our best one ever. If it weren't, that would probably like, okay, what happened there? And if we had a few back-to-schools in a row, I'd say we probably are hitting some saturation point, but that hasn't yet happened.

因此國際可以在美國增加更多用戶。隨著時間的推移，它可能應該如此。這給了我很大的信心。我在之前的一些問題上已經談到了這一點，但我將再次重複一遍，因為這涉及到可持續性問題。開學是我們有史以來最好的一次。如果不是，那可能就會問，好吧，那裡發生了什麼事？如果我們連續幾次開學，我想說我們可能已經達到了飽和點，但這種情況還沒有發生。

And then the international tipping effect, I think we have that slide in the support materials, we can see Canada, where we were always -- we got a lot of questions on earnings, like why isn't Canada growing at the US. We never really knew our thesis was that there was a tipping point, and something seems to have tipped. So all those things give me a lot of confidence.

然後是國際引爆效應，我想我們在支持材料中看到了這一點，我們可以看到加拿大，我們一直在那裡 - 我們收到了很多關於收益的問題，例如為什麼加拿大沒有在美國增長。我們從來不知道我們的論點是存在一個臨界點，而且有些事情似乎已經發生了臨界點。所有這些事情都給了我很大的信心。

And to me, it's really about outrunning the competition, staying nimble and not getting overly greedy around just dropping cash to the bottom line when there is still much growth potential. That's why we want to launch faster in international, keep pushing. And again, you now know the leading indicators that I will be looking at. My aggressive founder side says it's massively sustainable, but let's look at the hard data to inform us.

對我來說，這實際上就是要超越競爭對手，保持靈活，並且在仍有很大增長潛力的情況下不要過於貪婪地將現金投入底線。這就是為什麼我們希望在國際上更快推出產品，繼續努力。再說一次，您現在知道我將要關注的領先指標了。我積極的創辦人一面表示，它具有極強的可持續性，但讓我們看看硬數據來告訴我們答案。

Then in terms of paid conversion, as MAU grows, it temporarily brings down paid because people earlier in the life cycle hasn't converted yet. But we feel good about that. And I am very excited to see once the new tile lineup is fully out, how much that drives things. And to the earlier comment on pets and elder care, that is directly going to drive subscription conversion. And so, that will be our first new vertical plan.

然後就付費轉換而言，隨著 MAU 的成長，付費會暫時降低，因為生命週期早期的人還沒有轉換。但我們對此感覺很好。我很高興看到，一旦新的瓷磚系列全面推出，它將帶來多大的推動作用。對於先前關於寵物和老人護理的評論，這將直接推動訂閱轉換。所以，這將是我們的第一個新的垂直計劃。

So if we see a lot of people signing up for the pet product, that could be incremental conversions to gold because right now, the people are paying, it's often families with teens. This is going to open up a whole new set of customers, who might not have kids in the age, where they normally pay.

因此，如果我們看到很多人註冊寵物產品，這可能會逐漸轉化為黃金，因為現在付錢的人通常是有青少年的家庭。這將開拓出一群全新的客戶，這些客戶的孩子可能還沒有達到他們通常需要付費的年齡。

Now that's going to be very late '25, and we're trying to not commit to a firm date there. But I think that will be the next real test and okay, we launched a brand-new vertical, similar to how driving was our big vertical that drove so much success. Can we hit another one at that scale?

現在距離 25 年已經很晚了，而且我們不想在那裡確定一個日期。但我認為這將是下一個真正的考驗，好的，我們推出了一個全新的垂直領域，類似於駕駛是我們推動如此多成功的大​​型垂直領域。我們還能以同樣的規模再擊中一次嗎？

I don't think advertising really impacts that one way or another. And I don't know if this is what you were getting at the question. Sometimes people use advertising as a bit of a cudgel to get people to upgrade by degrading the experience.

我不認為廣告會對此產生任何影響。我不知道這是否就是您想要問的。有時，人們會利用廣告作為一種手段，透過降低體驗來迫使人們升級。

But to the point on where we are in that growth curve, we are not in harvest mode, we're in growth mode. So we think it would be penny-wise, pound foolish to try to degrade the experience to get people to upgrade, while we are growing so quickly. I'm not a purest in the strictest sense. At some point when we do level out, we probably will get more aggressive. But right now, is not the time for that.

但就我們所處的成長曲線而言，我們並不是處於收穫模式，而是處於成長模式。因此我們認為，在我們快速發展的同時，試圖降低體驗來讓人們升級是因小失大的做法。從嚴格意義上來說，我並不是一個最純粹的人。當我們達到平穩狀態時，我們可能會變得更加積極。但現在不是時候。

Great. Thank you.

偉大的。謝謝。

Welcome.

歡迎。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Great, thanks for taking my question. I wanted to touch on the advertising opportunity. If I'm looking at the right slide, Slide 29 in your advertising deck, you're now including Pinterest and Snap in the ad ARPU. And I think you're showing in your chart here, it's kind of the ad ARPU more in the $6 to $7 neighborhood. You were previously kind of talking about Uber as the high watermark or at least in -- as far as what you were comfortable thinking about as the opportunity set.

太好了，感謝您回答我的問題。我想談廣告機會。如果我看正確的投影片，也就是廣告平台中的第 29 張投影片，您現在將 Pinterest 和 Snap 納入了廣告 ARPU 中。我認為您在圖表中顯示的廣告 ARPU 大致在 6 到 7 美元之間。您之前曾談到 Uber 是最高水準，或至少就您認為的機會集而言。

Has the high end of that opportunity set moved higher? And you also have a chart here just looking at that ad ARPU ramp here. Should we also be thinking about the longer-term opportunity or the ramp tying more to those social companies of Pinterest and Snap versus what the other companies that you're showing here? Thanks.

這個機會的高端是否已經提升了？這裡還有一張圖表，只顯示廣告 ARPU 的成長情況。我們是否也應該考慮長期機會或與 Pinterest 和 Snap 等社交公司建立更多聯繫，而不是您在此處展示的其他公司？謝謝。

Russell, do you want to take that one?

拉塞爾，你想拿那個嗎？

Sure. Chris, I think the slide in the investor presentation is more illustrative of anything in terms of just what some of these companies have done. Each of these are slightly different. What I would say is that we are incredibly excited about the opportunity because of the quality of the audience and the sort of initial reaction that we're getting from advertisers, from agencies that are really excited about the ability to speak directly in a contextual way to the audience. So it will take some time to sort of realize, where we -- exactly where we're going. But yes, we definitely see the opportunity in the longer term is in the higher end of that range.

當然。克里斯，我認為投資人簡報中的投影片更能說明這些公司所做的事情。每個都略有不同。我想說的是，我們對這個機會感到無比興奮，因為觀眾的品質以及我們從廣告商和代理商那裡得到的初步反應，他們對能夠以情境化的方式直接與觀眾對話的能力感到非常興奮。所以我們需要花一些時間來認識我們到底要去哪裡。但是是的，我們確實看到長期機會處於該範圍的高端。

Got it. And maybe just one follow-up. You had mentioned the TV campaigns earlier in the creative there. Just any color you can share about the benefit that you're seeing from those TV campaigns in the US. And could you just remind us about timing there when that started and whether this continues into 4Q and into '25?

知道了。也許只需要一個後續行動。您之前在創意中提到過電視廣告活動。您可以隨意分享您從美國電視廣告活動中看到的好處。您能否提醒我們一下這種情況開始的時間以及這種情況是否會持續到第四季和25年？

Sure. So -- it's still too early to see the hard results, but just the reaction around how positive is and people understanding more about that bigger vision. And we have been transitioning to performance ads online, which actually undercut the vision because what performs through just standard like Google UAC placements is like track your family, which is very narrow.

當然。因此，現在要看到確切的結果還為時過早，但人們的反應非常積極，並且對這個更大願景的理解也更加深入。我們一直在向線上效果廣告轉型，但這實際上削弱了我們的願景，因為僅透過 Google UAC 展示位置等標準方式進行的效果就像是追蹤你的家人，這非常狹隘。

But now we're being able to do things on streaming, where we actually can measure, their performance is telling that bigger story. And we are showing once just a very funny and somewhat off-color ad about someone using an SOS about non-tile through Life360. So that platform and ecosystem play is really coming through.

但現在我們可以在串流媒體上做一些事情，我們實際上可以進行測量，他們的表現正在講述更大的故事。我們曾經播放過一則非常有趣且有點不雅的廣告，內容是某人透過 Life360 使用非 Tile 的 SOS。因此平台和生態系統的作用確實正在發揮出來。

And to me, it is very hard to quantify, but I'm just so excited and proud of the team how much we've really stepped up and leaned into danger a bit. It reminds me of when we had our extremely successful Gorilla work on TikTok, but now we're going mainstream on regular TV. A lot of that is ramping up now.

對我來說，這很難量化，但我對團隊感到非常興奮和自豪，我們真的邁出了這一步，並稍微克服了一點危險。這讓我想起我們在 TikTok 上非常成功的 Gorilla 作品，但現在我們正在普通電視上走向主流。目前，很多此類活動正在增加。

And that is why I'm looking to Black Friday and the holiday season because it is really a re-baselining. I am genuinely optimistic that is completely real. DTC has essentially doubled since we've launched that. But I want to see, is this more than a sugar high? Is this sustainable? Does this get that next wave of growth? So I can't say that definitively yet. I can say I'm very excited about it. And that's why I'm encouraging everyone to look themselves because I'm extremely just proud of the work the team had done.

這就是我期待黑色星期五和假日季節的原因，因為這實際上是一種重新設定基準。我真誠地樂觀地認為這是完全現實的。自從我們推出以來，DTC 數量基本上翻了一番。但我想看看，這是否比糖分高多了？這是可持續的嗎？這會引發下一波成長嗎？因此我還不能肯定地說這一點。我可以說我對此感到非常興奮。這就是為什麼我鼓勵每個人都審視自己，因為我對團隊所做的工作感到非常自豪。

Okay, Thank you.

好的，謝謝。

Thanks, Chris.

謝謝，克里斯。

Chris Savage, Bell Potter.

克里斯薩維奇、貝爾波特。

Chris, my one question is, can you provide any detail or color on when and where we may see the next tiered membership launch?

克里斯，我的一個問題是，你能否提供有關何時何地推出下一級會員資格的詳細資訊或資訊？

We are doing ongoing international launch work. It would be going too deep for this call to go into specifics, but we're now doing a lighter weight approach to new regions, we're calling it dual tier, where we're just able to prop up the services a little bit faster, and we're using that to inform the approach.

我們正在進行持續的國際發布工作。這次電話會議如果深入討論具體細節的話會顯得太過深入，但是我們現在正在對新地區採取一種更輕量的方法，我們稱之為雙層，這樣我們就能更快地支撐服務，並且我們正在利用它來指導這種方法。

And as we've shared with international, we've always been -- because this is more mechanical versus strategic vision, we go more on the fly with that. And David Rice, who's been with us a very long time, has done a great job of looking at the data, adjusting the signals, figuring out to have the highest leverage and move.

正如我們與國際社會分享的那樣，我們一直以來都是——因為這更多的是機械的而非戰略性的願景，所以我們會更多地隨機應變。大衛賴斯 (David Rice) 已經與我們共事很長時間，他在查看數據、調整訊號、尋找最高槓桿和舉措方面做得非常出色。

So we are not following a very big kind of lightning strike approach. That is what we did when we launched in the UK because that was the test platform for the full new triple tier launch and turnkey system to launch quickly. So it's really going on a quarter-by-quarter basis now. But you expect to see more in Europe over the next year for sure.

因此，我們不會採用非常大規模的雷擊方法。這就是我們在英國發佈時所做的，因為這是全新三層發布和交鑰匙系統快速發布的測試平台。因此現在實際上是按季度進行。但可以肯定的是，明年你會看到歐洲出現更多這類現象。

And Chris, just to add to that, the triple tier territories that are already in place are performing very well, including Canada, which has really started to accelerate once we got past that tipping point. With the dual tier strategy, it's, to some extent, sort of inserting a middle ground, where we've been able to deliver sort of two tiers of digital products on a sort of global basis outside of the triple tier territories. And as Chris mentioned, that will really help us inform the next stage for triple tier.

克里斯，補充一點，已經存在的三級地區表現非常好，包括加拿大，一旦我們越過那個臨界點，它就會真正開始加速發展。從某種程度上來說，雙層策略就像是插入了一個中間地帶，我們能夠在三層區域之外，在全球範圍內提供兩層數位產品。正如克里斯所提到的，這將真正幫助我們了解三層結構的下一階段。

Great, Thank you.

太好了，謝謝。

Rob Sanderson, Loop Capital Markets.

羅布桑德森（Rob Sanderson），Loop Capital Markets。

Okay. Thank you. Thanks for the opportunity. I guess, I wanted to dig deeper on advertising like everybody else. But you're obviously just getting started here, starting to take shape nicely with partners like Uber and some good sort of references and examples that we can, I guess, conceptualize the power of location. But is it -- would you say the next step for you, like call this through the end of '25, is this more about product development, ad format, ad tech?

好的。謝謝。謝謝你的機會。我想，我想像其他人一樣深入研究廣告。但顯然你們才剛起步，剛開始與 Uber 等合作夥伴一起順利成形，並且有了一些很好的參考和例子，我想，我們可以概念化位置的力量。但是，您認為下一步，例如到 25 年底，是否更多地涉及產品開發、廣告格式和廣告技術？

Or do you think you have enough of this work done now, where like the next step is more go-to-market motions, bringing on the next Ubers and get more third-party demand flowing through and things like that? So how should we think about kind of the next step of this crawl before you walk before you run on ads?

或者您認為現在已經完成足夠多的工作了，下一步是採取更多的市場行動，引入下一代 Uber，並獲得更多的第三方需求等等？那麼，在投放廣告之前，我們該如何思考「爬行、行走」的下一步呢？

So it's both. We are definitely getting real revenue now. There are multiple chest pieces to push down the board. A lot of what we're going to be doing next is around the profiling of our customers to make them readily accessible. I am new to advertising myself.

所以兩者都有。我們現在確實獲得了真正的收入。有多個胸部零件可以推下板子。我們下一步要做的許多工作都是圍繞著客戶分析，以便於我們輕鬆聯繫他們。我自己對於廣告還很陌生。

We might want to actually do a breakout with Brian, who really is an expert here. I'm a product leader, much more than an ad tech leader. But we will have some stuff to announce in terms of how do you target certain audiences on Life360, how do we build unique profiles using real and synthetic data.

我們可能實際上想與 Brian 一起進行突破，他確實是這方面的專家。我是一位產品領導者，而不僅僅是一位廣告技術領導者。但我們將會宣布一些內容，例如如何在 Life360 上定位特定受眾，如何使用真實和合成資料建立獨特的個人資料。

A lot of what we could be doing is actually making money without even serving an ad. We can open this up for other people because we do have industry-leading opt-in rates to IDFA tracking, which is the ability to track people using the ID for advertisers on iPhone and Google. So there's a lot there. And I think any answer I give you would not be giving it full of justice.

我們所做的很多事情實際上都可以賺錢，甚至無需投放廣告。我們可以向其他人開放這項功能，因為我們確實擁有業界領先的 IDFA 追蹤選擇加入率，即使用 iPhone 和 Google 上的廣告商 ID 來追蹤人們的能力。那裡有很多東西。我認為我給您的任何答案都不會完全公正。

But when I have looked at the road maps and talked to the team and just looking at comps, this is usually something that takes a while to build and some of the intent of adding some of those comps in our support materials was to show that the ramp-up can take a while. So we are trying to be conservative in terms of forecast.

但是，當我查看路線圖、與團隊交談並查看比較結果時，我發現這通常需要一段時間才能完成，而在我們的支援資料中添加一些這些比較結果的目的就是為了表明這一過程可能需要一段時間。因此，我們在預測方面盡量保持保守。

One thing we've shared with advertising is that unlike launching a new vertical or customer-facing features, we have committed to making advertising self-funding immediately. So it's not a situation, where we go dark for a year and burn the money and kind of second year launch it and make money in the third year. We've told the team contribution margin positive day one. So it does mean, we have to necessarily go a little bit slower because we're not putting huge dollars into forward investment.

我們與廣告部門分享的一件事是，與推出新的垂直產品或面向客戶的功能不同，我們致力於立即實現廣告自籌資金。因此，我們不會陷入這樣的境地：一年內不發展，燒光所有錢，第二年再啟動，第三年再賺錢。我們第一天就告訴團隊貢獻利潤率為正。所以這確實意味著我們必須放慢腳步，因為我們不會在前期投資上投入巨額資金。

So I think it's going to be a multiyear ramp before we see kind of rivaling our subscription revenue. As I mentioned, we are going to see the lines blurring between our data revenue and our ad revenue. And one of the things we long talked about, which took us a lot longer than we wanted, but I think you'll see resurface as part of this is insurance-based advertising using actual data and risk profiles of our customers.

所以我認為，我們還需要經過多年的努力才能達到與訂閱收入相當的水平。正如我所提到的，我們將看到數據收入和廣告收入之間的界線變得模糊。我們長期討論的一件事，雖然花費的時間比我們預期的要長得多，但我認為你會看到它重新浮出水面，那就是使用我們客戶的實際數據和風險狀況的保險廣告。

So I think next year, you will see that ramp happening. And I hope to be able to talk with, a, more precision on what the out years of the data -- the ad business looks like. And then hopefully, we'll have a time, where we can introduce you to Brian, who can answer questions in a lot more detail and just a lot more road map with some certainty around it because we'll have had a lot more experience under our belt.

因此我認為明年你就會看到這種成長趨勢的出現。我希望能夠更準確地談論未來幾年的廣告業務數據。然後希望我們能有時間，把 Brian 介紹給你，他可以更詳細地回答問題，並提供更明確的路線圖，因為我們將擁有更多的經驗。

Thank you, Chris.

謝謝你，克里斯。

Wei Sim, Jefferies.

韋思姆（Wei Sim），傑富瑞（Jefferies）。

Thanks, RJ. Thanks Chris and Ross for taking my question. Actually I wanted to say, I watched the track the code ad. I think it's really cool, had some good conversations with investors about it. So good work on putting some of these ads out there. They're very creative. I wanted to ask on just the ad rollout at this point in time. So you mentioned before that now we're doing some of the rollouts in the international areas, so I was just hoping you could flesh out on that.

謝謝，RJ。感謝克里斯和羅斯回答我的問題。實際上我想說，我看了追蹤代碼廣告。我認為這真的很酷，並與投資者進行了一些很好的對話。將這些廣告發佈出去非常好。他們非常有創造力。我目前只想問一下廣告推出的情況。您之前提到過，我們現在正在國際地區進行一些推廣活動，所以我只是希望您能詳細說明一下。

And then, also just in terms of the ad strategy, for example, the Uber partnership right now, is that being done on paid users as well as free users and how we think about ads. You mentioned before, Chris, that we're not looking at detracting from the experience. And I think in many cases, ads, as you've proven can be additive. So how do we think about the monetization of users with ads for paid versus non-paid? Thanks.

然後，就廣告策略而言，例如目前與 Uber 的合作關係，是針對付費用戶還是免費用戶進行的，以及我們如何看待廣告。克里斯，你之前提到過，我們並不想降低體驗。我認為在很多情況下，廣告就如你所證明的那樣，具有附加作用。那麼，我們該如何看待付費和非付費廣告對用戶獲利的影響呢？謝謝。

Sure. So first, in terms of international ads, we are testing in other regions now. It is still more with the dull and uninspiring banners, which is how we get our feet wet and learn and explore. Russell can comment if there's anything specific we can share there in terms of countries or numbers.

當然。首先，就國際廣告而言，我們現在正在其他地區進行測試。我們更看到的是那些枯燥乏味的橫幅，而這正是我們嘗試、學習和探索的方式。如果我們可以在國家或數位方面分享任何具體訊息，請 Russell 發表評論。

To the question of how we think about paid customers, in some respects, you answered your own question that, yes, ads can be additive and the Uber one in particular, I got the push, and it was actually easier for me to click on the Life360 push to get my Uber there because it notified me right when I landed and I clicked it and I got my Uber.

對於我們如何看待付費客戶的問題，在某些方面，你已經回答了你自己的問題，是的，廣告可以是附加的，特別是 Uber 廣告，我收到了推送，實際上我更容易點擊 Life360 推送來叫 Uber 到那裡，因為它在我到達時立即通知我，我點擊它，然後我就得到了我的 Uber。

Of course, I'm biased because I was very curious to test it out after a flight. But is that one tap, I got Uber, I was already linked and done. And if I didn't have the Uber app would have got me to download and either create account or relog in.

當然，我有偏見，因為我非常好奇，想在飛行後測試一下。但只需輕輕一按，我就可以得到 Uber，我已經連結並完成了。如果我沒有 Uber 應用程序，我會下載並建立帳戶或重新登入。

To answer, what about paid, how do we think about that? For premium customers, we'll just make it a choice. We know most people don't go into settings and some people are part of very vocal minority. So if you're a paid customer, we'll probably, at some point, just make some sort of setting for you to turn this thing off. I am guessing, though that the Uber thing would not even look like an ad to someone.

回答一下，關於付費，我們是怎麼看待的？對於高級客戶，我們只會提供一種選擇。我們知道大多數人不會進入場景，而有些人屬於非常直言不諱的少數群體。因此，如果您是付費客戶，我們可能會在某個時候為您進行某種設定以關閉此功能。不過，我猜，對某些人來說，Uber 甚至看起來不像是廣告。

So and we -- I don't -- I am not aware of any pushback at all. I don't read all our customer support. But when I get our weekly updates on trends, I have seen -- our customer support team has not brought a single kind of like, hey, people are complaining about this. We've actually only heard good things.

所以，我們 — — 我沒有 — — 我完全沒有註意到有任何阻力。我沒有閱讀我們所有的客戶支援資訊。但是，當我收到每週的趨勢更新時，我發現我們的客戶支援團隊並沒有帶來任何類似的回饋，例如，嘿，人們在抱怨這件事。事實上，我們只聽到好消息。

I also think in our long-term vision around membership, what I'm very excited about is deals and discounts and offers, where we might make money on them, we might not. But imagine that we go to like a huge company that's looking to access our audience, we can give an amazing deal to paid customers and an okay deal to free ones, and it could actually be an upgrade draw to say, you're going to get these amazing offers.

我還認為，在我們圍繞會員的長期願景中，讓我感到非常興奮的是交易、折扣和優惠，我們可能會從中賺錢，也可能不會。但想像一下，我們去一家想要吸引受眾的大公司，我們可以為付費客戶提供驚人的優惠，為免費客戶提供還可以的優惠，這實際上可能是一種升級吸引力，意味著您將獲得這些驚人的優惠。

So I think there is a world, where it's like, hey, Disney or Applebee's or whatever business, give something to our customers, give a great deal to our Platinum and Gold customers and something okay to everyone else. And you're not going to reach the single largest source of family users in the country outside of like Facebook at this point. So we have a very compelling platform that I think once we dial it in, there's so much we can do. But to be very clear, if you're paid, we'll just make a setting, you can turn it off, if you want.

所以我認為，在這樣一個世界裡，就像，嘿，迪士尼或 Applebee 或任何企業，給我們的顧客一些東西，給我們的白金和黃金客戶提供很多優惠，並給其他人一些還可以的東西。目前，你還無法接觸到除 Facebook 之外全國最大的家庭用戶來源。因此，我們擁有一個非常引人注目的平台，我認為，一旦我們利用這個平台，我們就能做很多事情。但要明確的是，如果您得到了報酬，我們就會進行設置，如果您願意，您可以將其關閉。

Okay. Perfect. Russ, I'm not sure if there's anything that you wanted to add on or any disclosure that you could put on countries and rollout of the international.

好的。完美的。拉斯，我不確定您是否還有什麼要補充的，或者您可以披露有關國家和國際推廣的資訊。

Yeah. No, Wei, in terms of international, it's still very early days. We're sort of experimenting, testing in a couple of markets, but very early days. What we want to do is gather data, gather information, so that when we're ready with the whole infrastructure and the ad tech side that we can move fairly quickly on that.

是的。不，魏先生，從國際角度來說，現在還為時過早。我們正在進行一些實驗，在幾個市場進行測試，但仍處於早期階段。我們想要做的是收集數據、收集信息，這樣當我們準備好整個基礎設施和廣告技術方面時，我們就可以相當快地採取行動。

Okay. Got it. And if I could just quickly another one. Just in terms of the hardware, you called out some of the weakness in Q3 from being a slower-than-expected rollout. So is that impacting -- how should we think about that going forward into Q4 and I guess, into 2025?

好的。知道了。如果我可以很快再來一個的話。僅就硬體而言，您指出了第三季的一些弱點，即推出速度比預期慢。那麼這會產生影響嗎——我們應該如何看待這個問題進入第四季度以及 2025 年？

What I would say is that it's largely a onetime event. It was a delay, essentially a supply delay that impacted Q3. We will sort of get some of that back in Q4, but not all of it. But in the longer term, given the strong indications on the performance of the new tiles, we expect that to perform strongly.

我想說的是，這基本上是一次性事件。這是一個延遲，本質上是影響第三季的供應延遲。我們將在第四季收回部分資金，但不會全部收回。但從長遠來看，考慮到新瓷磚性能的強勁跡象，我們預計將表現強勁。

Perfect, Thanks.

非常好，謝謝。

Andrew Boone, Citizens JMP.

安德魯·布恩 (Andrew Boone)，公民 JMP。

I wanted to go to international MAU growth. You guys have seen four straight quarters of accelerating growth. Can you talk about the sustainability of that? Chris, you mentioned earlier the kind of Canada as a focus in terms of hitting that 2%, 3% threshold. What are you guys seeing there? And how do we think about that growth, as we enter into '25 as comps get tougher? Thanks so much.

我希望實現國際 MAU 成長。你們已經看到連續四個季度的加速成長。您能談談它的可持續性嗎？克里斯，您之前提到，加拿大是實現 2%、3% 門檻的重點。你們在那裡看到了什麼？當我們進入25年並且競爭愈發激烈的時候，我們如何看待這種成長？非常感謝。

So my answer will be somewhat similar where I'm a very optimistic founder, and I truly believe in my heart of hearts that location sharing is going to be like 90% of people in the world are using it. Very, very, very few people start using location sharing and stop. And I'd say everyone on this call, have you started using this product or even a competitor product and stopped it. So I honestly don't even think I'm being irrationally exuberant when I say that.

所以我的答案有些類似，我是一個非常樂觀的創始人，我打心底里相信位置共享將像世界上 90％ 的人正在使用它一樣。極少有人開始使用位置共享然後又停止使用。我想問參加這次電話會議的每個人，您是否已經開始使用這款產品，甚至是競爭對手的產品，然後又停止使用它了。所以說實話，當我說那句話時，我並不認為自己是過度興奮。

So the real question to me is, are we going to capture and corner the market? And in the US, we have Apple and Find My, and that has actually helped us because we're a much better product. But international, Google does not have any meaningful location sharing product and Apple does not have its strong -- stranglehold like it does here.

因此對我來說真正的問題是我們是否要佔領並壟斷市場？在美國，我們有 Apple 和 Find My，這實際上對我們有幫助，因為我們的產品更好。但在國際上，谷歌沒有任何有意義的位置共享產品，而蘋果也沒有像在這裡一樣擁有強大的控制力。

And even in the US, more than half of our premium customers are mixed platform. So it feels to me like these trends are inevitable and we should be a beneficiary of them because there isn't the Apple behemoth, and we just need to get these countries to this tipping point. And of course, you need to stay ahead of the inevitable competition that will come up.

即使在美國，我們一半以上的優質客戶都是混合平台。所以我覺得這些趨勢是不可避免的，我們應該成為其中的受益者，因為沒有蘋果巨頭，我們只需要讓這些國家達到這個臨界點。當然，你需要在不可避免的競爭中保持領先。

It's -- I'm already shocked how little competition we have, how big we are. We kind of got to this silent giant before people are really realizing just how big this opportunity is. So that's my long-winded way of saying, I think it's absolutely sustainable, but I do try to look at the numbers, as a founder because I try to keep myself honest and not drink the cool aid.

這是——我已經很震驚我們面臨的競爭對手如此之少，而我們的實力卻如此強大了。在人們真正意識到這個機會有多大之前，我們已經發現了這個沉默的巨人。所以，這就是我冗長的說法，我認為這絕對是可持續的，但作為創始人，我確實會嘗試查看數字，因為我試圖保持誠實並且不喝冷飲。

And that is why internally, we really just try to see like, okay, how are these trends changing? Are we hitting these tipping points? Is there anything that would make us feel like either another competitor is taking our spot overseas or this is a US phenomenon. And as of now, we're seeing those tipping points. So I think it's sustainable.

這就是為什麼從內部來說，我們只是試著去觀察，好吧，這些趨勢是如何改變的？我們是否已經到達這些臨界點了？有什麼事情會讓我們感覺到另一個競爭對手正在海外搶先我們的市場地位，或者這只是美國的現象。截至目前，我們已經看到了這些轉折點。所以我認為它是可持續的。

I'm excited about where we're going with the product, and I'm the product purest. I think we can never be a lazy company and say the product is done. I am perpetually dissatisfied. I think it's a strength in this context. I always want it to be better, and I have 100 ideas on how we can be better. And if we continue doing that, I think it's ours to lose.

我對我們的產品的發展方向感到非常興奮，而且我是最純粹的產品。我認為我們絕不會成為一家懶惰的公司並說產品已經完成。我總是不滿意。我認為在這種情況下這是一種優勢。我一直希望它變得更好，而且我有 100 個關於我們如何變得更好的想法。如果我們繼續這樣做，我認為我們就會失敗。

And international should be even easier than the US because there's really just no cross-platform thing out there. So, I'd say each -- we have taken the approach of publicly showing that data around penetration. So it's out there for all to see. That's what I am looking at to give me confidence that these trends are accelerating. Are we hitting these tipping points? Are we slowing down? Do we know what the ceiling is? And as of now, we're not seeing one.

國際上應該比美國更容易，因為實際上還沒有跨平台的東西。所以我想說，我們已經採取了公開展示滲透率數據的方法。所以它是公開的，所有人都能看到。我所觀察的正是這些，它們讓我相信這些趨勢正在加速。我們是否已經到達這些臨界點了？我們正在放慢速度嗎？我們知道天花板是什麼嗎？但截至目前，我們還沒有看到。

And Andrew, just from a metrics point of view, I would add that we've clearly got continuing both demographic and platform tailwinds internationally. And if you look at the penetration in our triple tier territories, as Chris said, we're just -- in some of them, just getting to that tipping point. I think in the rest of the world, it's still very low penetration, and we think there's a huge opportunity ahead.

安德魯，僅從指標的角度來看，我想補充一點，我們在國際上顯然繼續享有人口統計和平台方面的順風。如果你看看我們在三級地區的滲透率，正如克里斯所說，我們只是 - 在其中一些地區，剛剛到達臨界點。我認為在世界其他地區，它的滲透率仍然很低，我們認為未來有巨大的機會。

Wei-Weng Chen, RBC.

陳偉文，RBC。

Yeah. My question was, I guess, in addition to your strong cash balance, you've got a strong share price now, and that offers you some optionality when it comes to M&A. Just wondering if there was any appetite to accelerate your plans via either growth plans or capabilities plans through acquisitions? And also, does your share price change how you view or your employees think about compensation mix?

是的。我的問題是，除了雄厚的現金餘額之外，現在您的股價也很高，這為您在併購方面提供了一些選擇。只是想知道是否有意願透過收購來加速您的計劃，無論是透過成長計劃還是能力計劃？此外，您的股價是否會改變您或您的員工對薪酬組合的看法？

Let me take the first part of the question. I'll leave most of the compensation piece to Russell from a number standpoint. We are definitely open to seeing how we can expand the share price. It's nice to be recognized for our performance, and there are definitely some verticals that before the market correction, they had these crazy high multiples, while we were trading weirdly lower. So that has inverted.

讓我來回答問題的第一部分。從數字角度來看，我會將大部分薪酬部分留給拉塞爾。我們絕對願意考慮如何提高股價。很高興我們的表現得到認可，而且肯定有一些垂直行業在市場調整之前擁有這些瘋狂的高倍數，而我們的交易價格卻低得離譜。所以情況就顛倒了。

One of my key lessons learned, which is a cliche one is the need for focus. So right now, the team is gelling very well. We're executing very well, and I'm very reticent to get in the way of that. I learned a lot with the Tile acquisition in particular because we've never done thing of that size.

我學到的最重要的教訓，也是老生常談的，就是需要集中註意力。所以現在，團隊配合得非常好。我們的執行情況非常好，我非常不願意妨礙我們。我從 Tile 收購中學到了很多東西，因為我們從未做過如此規模的事情。

And timing was obviously, in hindsight, quite unfortunate given that it happened right before the market correction, and we had to go immediately in the cutting mode, which made it even harder. But I want to be very, very, very intentional.

現在回想起來，時機顯然是相當不幸的，因為它恰好發生在市場調整之前，我們不得不立即進入削減模式，這讓事情變得更加困難。但我希望做到非常、非常、非常有目的性。

I think what is much more realistic in short or midterm would be us looking at things that are more like Acqui-hires or small bolt-ons, where we're not rejiggering the management team. And I wouldn't even call that a new development necessarily. I think we've been very consistent that that's something we have done for years well before we were even public.

我認為，在短期或中期，更為現實的是，我們考慮更像收購招募或小型附加專案的事情，而我們不會重新調整管理團隊。我什至不認為這是一種新的發展。我想我們一直堅持做這件事，早在我們上市之前我們就已經在做這件事了。

That is why I'd say we have been skilled as a company. And we certainly see some interesting things that we're open to. We have no massive, big acquisitions planned. But as we look to these new verticals and as we continue to execute, yes, we're definitely, I'd say, new verticals are an interesting thing to look at.

這就是為什麼我會說我們是一家技術精湛的公司。我們確實看到了一些有趣的事情，並對此持開放態度。我們沒有大規模的收購計畫。但當我們審視這些新的垂直領域並繼續執行時，是的，我肯定會說，新的垂直領域是一個值得關注的有趣領域。

Moving to the compensation philosophy, Russell can talk a bit about it just in terms of how it flows through from earnings in dollars and numbers. If, I'll add something a little more indirect to your question, but we want to pay people very well, while we also really want to up our standards.

談到薪酬理念，拉塞爾可以從美元和數位收益的角度稍微談一談它是如何運作的。如果，我會對你的問題補充一些更間接的內容，但我們希望給員工很好的報酬，同時我們也確實希望提高我們的標準。

And we do not want to be known as an easy place to work. We want to be known, as a place for very ambitious people, who will be paid well, but with high expectations. It's also how we think we can make remote first sustainable. This is absolutely not a nine to five place to work.

我們不想讓人們知道我們是一個容易工作的地方。我們希望大家知道，我們是一個為雄心勃勃的人準備的地方，我們會給他們豐厚的報酬，但同時也對他們抱有很高的期望。這也是我們認為可以使遠端優先永續發展的方法。這絕對不是朝九晚五的工作場所。

And our outperformance in light of the broader market, and I think the broader market being a lot of companies that had good vanity metrics, but not as good fundamentals, we've never had better access to talent in our company's history.

我們的業績在更廣泛的市場中表現出色，我認為更廣泛的市場中有很多公司擁有良好的虛榮指標，但基本面卻不那麼好，我們公司歷史上從未有過比現在更好的人才獲取管道。

So one approach would be, well, we can actually pay people less and be more aggressive in terms of cutting. We're not taking that approach. It's much more we want to continue to be an employer of choice by paying very well, but while having extremely high standards. And so, that's a lot of the conversation internally and at the Board level.

因此，一種方法是，我們實際上可以減少工資，並更積極地削減開支。我們不採取這種方法。我們更想透過優厚的薪資和極高的標準繼續成為首選雇主。因此，這是內部和董事會層面進行的許多討論。

And Russell, I'll let you finish the rest of the question.

拉塞爾，我讓你繼續回答剩下的問題。

No, all I would say -- all I would say on that is that the stock price impact has been very, very useful in terms of compensation. To some extent, it sort of cuts both ways in terms of recruiting as well. But what it does do is give us the flexibility to really play with that mix of cash and equity and really optimize for that, which is what we'll be doing.

不，我只想說——關於這一點我想說的是，就薪酬而言，股價影響非常非常有用。從某種程度上來說，這對招募來說也是有利有弊的。但它確實能讓我們靈活地運用現金和股權的組合，並真正實現最佳化，這正是我們要做的。

Cool, Thanks.

太棒了，謝謝。

Julian Mulcahy, E&P.

朱利安·穆爾卡希（Julian Mulcahy），E&P。

Thanks, Raymond. My question is on advertising surprise. You're saying it's -- everything is kind of on track, but it also still sounds if it's very much work in progress and all the things you need to build and profiling and all that sort of thing. And then you look at like slide 29, you've added some more logos.

謝謝，雷蒙德。我的問題是關於廣告驚喜的。您說的是 — — 一切都在按計劃進行，但聽起來好像還有很多工作正在進行中，所有您需要構建和分析的東西以及所有諸如此類的事情。然後您看第 29 張投影片，您添加了一些徽標。

But most of those businesses are kind of their revenue model is going to be very different to yours in that yours is going to be very specific targeted, where a lot of those are just sort of display video ads. So is that kind of the way to present it? Or is that should we be looking at a scale much higher than those numbers because you're going to have much higher success rate on your ads if they click through?

但大多數這類企業的收入模式與你的收入非常不同，因為你的目標客戶非常明確，其中許多只是展示影片廣告。那麼這就是呈現的方式嗎？或者我們應該考慮比這些數字高得多的尺度，因為如果他們點擊廣告，您的廣告的成功率將會高得多？

Again, as I think we mentioned earlier, that's more illustrative and don't take it overly literally. If there's any theme, we'd like to take away of showing how these businesses can build over time and what is achievable and things are not overnight. So it is fair that we are -- I think I said inning three to last question, and I am open that I am not an advertising expert, but we are seeing these very good indicators.

再說一次，正如我們之前提到的，這更具說明性，不要過於拘泥於字面意思。如果有什麼主題的話，我們想展示這些企業如何隨著時間的推移而發展，以及什麼是可以實現的，以及事情不是一朝一夕就能完成的。所以這是公平的——我想我已經說到最後一個問題的第三局了，我承認我不是廣告專家，但我們看到了這些非常好的指標。

And when we look at the benchmarks the team set out for themselves and as discussed with the Board, where we do have members of the team, who really know what they're doing, we're all feeling it is very largely on track, but we are setting those expectations. It can take a while.

當我們看到團隊為自己設定的基準並與董事會討論時，我們團隊中確實有一些成員真正知道自己在做什麼，我們都覺得一切基本上都在按計劃進行，但這些期望是我們所設定的。這可能需要一段時間。

And it's very hard to say definitively what levers is bigger or smaller than the others because as much as we have this amazing well-targeted real-time data, we also don't have a lot of browse-based behavior, which is a lot of what drives things like Pinterest or Reddit because you're in that zone of, I am just bored.

很難明確地說出哪些槓桿比其他槓桿更大或更小，因為儘管我們擁有這些令人驚嘆的、針對性的實時數據，但我們也沒有太多基於瀏覽的行為，而這在很大程度上推動了 Pinterest 或 Reddit 等產品的發展，因為你處於那個區域，我只是感到無聊。

I'm looking at content. So it's not going to disrupt me to click an ad. That's completely different than I'm at the airport getting off a plane and in Uber, you have zero chance of getting someone to click through on Pinterest for that, it will be very high chance for us.

我正在查看內容。因此點擊廣告不會影響我。這與我在機場下飛機和搭乘 Uber 完全不同，你幾乎不可能讓某人點擊 Pinterest，但對我們來說，機會卻非常大。

So our hope, of course, is that we're much probably lower display count, but much higher actual customer action, and these are more bespoke hooks, but I get excited stuff. We've thought about like even in very early days of the company, when do people buy home security or homeowners, it's when you move.

因此，我們的希望當然是，展示數量可能會更低，但實際客戶行動可能會更高，這些都是更客製化的鉤子，但我對此感到興奮。我們甚至在公司成立初期就考慮過，人們或房主什麼時候會購買家庭安全系統，那是在你搬家的時候。

And we not only will know when you move in real time, we know before you move because you're visiting homes for sale in the MLS.

我們不僅能即時知道您何時搬家，而且在您搬家之前我們就能知道，因為您正在訪問 MLS 上待售的房屋。

So our almost like minority report style targeting system could have so much upside, but we really are pioneering new ground here because we -- there hasn't been a location sharing app at scale that's moved this direction.

因此，我們的類似少數派報告風格的定位系統可能有很多優勢，但我們確實在這裡開闢了新領域，因為我們——還沒有大規模的位置共享應用程式朝這個方向發展。

So in some ways, advertising is that kind of, I'd call it like a Series B, Series C pitch, like there's real dollars there, the team is there, the hooks are there, the pipes are there, but you still need to have faith that a few things shape up to really be as big as we want. So very much on track, could very much outperform, but it is going to take a couple of cycles before we definitively know.

所以從某種程度上來說，廣告就是那種，我稱之為 B 輪、C 輪推銷，就像有真金白銀，有團隊，有鉤子，有管道，但你仍然需要相信，一些事情能夠真正發展到我們想要的那麼大。因此，一切都非常順利，可能會表現得非常好，但是我們還需要幾個週期才能最終知道結果。

And again, given the number of questions I am getting like I will have a discussion with Russell and team about doing something, where we can go a little bit deeper on ad because Russell and I are not the experts on this particular business more broadly, whereas if you're talking about consumer subscriptions or freemium, I'll feel very comfortable going head-to-head with anybody, but not on ads.

再次，考慮到我收到的問題數量，我將與 Russell 和團隊討論做一些事情，我們可以在廣告方面進行更深入的探討，因為 Russell 和我並不是這個特定業務的專家，而如果你談論的是消費者訂閱或免費增值服務，我很樂意與任何人進行面對面的交流，但不會談論廣告。

So is it fair to say it's getting more like a commission rather than an ARPU per MAU type remodel?

那麼，是否可以說它更像是一種佣金而不是以 MAU 計算的 ARPU 類型的重塑？

No. I don't think so because a lot of people do want to just reach people and build brand exposure around different triggers. I think more than a display company for sure, but I wouldn't say that the entire model will be predicated on that. And again, we are -- I guess, there would be commission, but there is the whole retail media networks and building audiences helping match off-site ads, which is not exactly -- yeah, I guess, there would be a commission in that regard, but it's not even a customer clicking an ad.

不。我不這麼認為，因為很多人確實只是想接觸人們，並圍繞著不同的觸發因素建立品牌知名度。我認為肯定不僅僅是一家顯示器公司，但我不會說整個模型都以此為前提。再說一次，我想，我們會有佣金，但整個零售媒體網絡和受眾群體都在幫助匹配站外廣告，這並不完全是——是的，我想，在這方面會有佣金，但這甚至不是客戶點擊廣告。

It's helping other people gain insights and better target at a user level, which is why I say the line between advertising and data is really going to blur and why it's going to essentially be a single line at some point, not that we're trying to obfuscate different lines. We already have some things in the works, or you could argue that it is data, you could argue it's advertising and both things are true.

它可以幫助其他人在用戶層面獲得洞察力和更好的定位，這就是為什麼我說廣告和數據之間的界限實際上會變得模糊，以及為什麼它在某種程度上本質上會成為一條線，而不是我們試圖混淆不同的界限。我們已經在籌備一些事情，或者你可以說這是數據，你可以說這是廣告，而這兩件事都是正確的。

To make sure, we're clearly sort of building our own business here and the infrastructure for that does take time, which is kind of what we're saying. It's still very early days. All of these other companies are different, and that's the point. We have very different audience, different audience performance, but that audience is considered very valuable. Either way, it's going to take some time to build that business. We absolutely see the opportunity over a period of time, but it will take some time.

可以肯定的是，我們顯然正在這裡建立自己的業務，而這方面的基礎設施確實需要時間，這就是我們所說的。現在還為時過早。所有這些公司都是不同的，這就是重點。我們的觀眾非常不同，觀眾的表現也不同，但這些觀眾被認為非常有價值。無論如何，建立這項業務都需要一些時間。我們絕對會在一段時間內看到機會，但這需要一些時間。

Thanks, guys. That concludes our Q&A. Chris, would you like to part?

謝謝大家。我們的問答到此結束。克里斯，你想分開嗎？

I have very little other than thank you, all for joining. I'll be talking to many of you in coming days. And I'm looking forward to heading to Australia this Friday to see our overseas investors in person. Thank you very much.

我除了感謝大家的加入外，沒有別的字可以表達我的感謝。未來幾天我將會和你們中的許多人交談。我期待本週五前往澳洲親自會見我們的海外投資者。非常感謝。