Life360 Inc (LIF) 2024 Q4 法說會逐字稿

Greetings everyone, and welcome to our fourth-quarter and fiscal year 2024 earnings conference call. This call is being conducted as a Zoom audio webinar. All participants will be on a listen-only mode until the question-and-answer session. (Event Instructions)

大家好，歡迎參加我們的 2024 財年第四季和財報電話會議。本次通話以 Zoom 音訊網路研討會的形式進行。所有參與者將處於只聽模式，直到問答環節。（活動須知）

As a reminder, we will make forward-looking statements regarding future events, 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 in our Form 10-K filing with the SEC dated February 27, 2025. These forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, February 27, 2025, and we have no obligation to update these statements as a result of new information or future events, except when required by law.

提醒一下，我們將在本次電話會議中對未來事件、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。這些風險的摘要可以在我們於 2025 年 2 月 27 日向美國證券交易委員會提交的 10-K 表格中的「風險因素」部分中找到。這些前瞻性聲明是基於我們認為截至今天（2025 年 2 月 27 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. 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.

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 指標不應被孤立地看待、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。這些非 GAAP 財務指標的描述以及與最接近的 GAAP 財務指標的調整都包含在公司今天早些時候發布的收益媒體新聞稿的末尾，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 to the investor relations page which includes additional complimentary 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.

我們已將更新的投資者介紹發佈到投資者關係頁面，其中包括額外的免費圖形和數據。請注意，它是作為附加參考提供的，我們不會在今天的電話會議中將該簡報用作展品。

We will begin with a business update by Co-Founder and CEO, Chris Hulls. And then CFO, Russell Burke, will provide detail on the Q4 and 2024 financials. Chris will then provide some 2025 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.

我們將首先由聯合創始人兼首席執行官克里斯·赫爾斯 (Chris Hulls) 介紹業務最新情況。然後，財務長 Russell Burke 將提供有關第四季度和 2024 年財務狀況的詳細資訊。克里斯隨後將提供一些 2025 年展望評論，隨後是問答環節。我們要求參與者只回答一個問題，以便我們能夠盡可能地幫助參與者。

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

現在我想把電話轉給克里斯。

Good afternoon to everyone joining us from the U.S. and good morning to those tuning in from Australia. Thank you for being here for our fourth-quarter call results. Let's begin with our most recent results.

來自美國的各位下午好，來自澳洲的各位早安。感謝您來參加我們的第四季電話會議。讓我們從最近的結果開始。

Life360 made remarkable strides in Q4 2024, tapping off the air with our best-ever holiday period and achieving record-breaking annual results in both monthly active users and paying circles, all while advancing our overall strategy to be a super app for families. Though we did experience an expected seasonal slowdown in user growth coming out of a very strong Q3, our solid Q4 results underscore our focus on key growth priorities across the board. Our member base expanded again this year, growing by 2.8 million news to reach a total of 79.6 million, a 30% year-over-year increase. We also saw solid growth in our paid offerings as our paying circles grew 25% year-over-year to 2.3 million, with a quarterly net increase of 69,000 paying circles.

Life360 在 2024 年第四季度取得了令人矚目的進步，以有史以來最好的假期期間開播，並在每月活躍用戶和付費圈方面取得了破紀錄的年度業績，同時推進了我們成為家庭超級應用程序的整體戰略。儘管我們在第三季表現強勁後確實經歷了預期中的季節性用戶成長放緩，但我們第四季的穩健業績凸顯了我們對全面關鍵成長重點的關注。我們的會員數量今年再次擴大，增加了280萬，總數達到7960萬，年增30%。我們的付費產品也實現了穩健成長，付費圈年增 25%，達到 230 萬個，季度淨增 69,000 個付費圈。

International expansion was a key driver, with international MAUs up 46% year-over-year and paying circles increasing by 33% even amid price adjustments for legacy subscribers outside of our core triple tier markets. Average revenue per paying circle in international markets grew by 42% year-over-year, thanks to updates in our legacy premium pricing strategy, which have allowed us to accelerate experimentation with our new dual-tier approach.

國際擴張是主要驅動力，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，國際月活躍用戶同比增長 46%，付費圈也增長了 33%。由於我們對傳統的高級定價策略進行了更新，國際市場每個付費圈的平均收入同比增長了 42%，這使我們能夠加快對新的雙層方法的試驗。

2024 was a transformative year for Life360. Highlights included the successful launch of our advertising business, the introduction of a cutting edge lineup of pal devices, an award winning brand campaign, a key strategic partnership and investment in Hubble, and the milestone completion of our US IPO to become publicly traded on the Nasdaq. We also achieved record net additions to our MAUs and subscribers on an annual basis.

2024 年是 Life360 轉型的一年。亮點包括成功推出我們的廣告業務、推出尖端的 pal 設備陣容、屢獲殊榮的品牌活動、與哈伯建立關鍵戰略合作夥伴關係並進行投資，以及完成美國 IPO 並在納斯達克公開上市的里程碑式的成就。我們的每月活躍用戶和用戶淨增數量也創下了年度新高。

As we enter 2025, we are laser focused on achieving our longer term strategic goals, reaching 150 million MAU, surpassing $1 billion in annual revenue, and exceeding a 35% adjusted EBITDA margin. To achieve these goals, our priorities are to grow our user base, scale our paid offerings, create new revenue streams, and enhance profitability.

進入 2025 年，我們將專注於實現我們的長期戰略目標，達到 1.5 億 MAU、年收入超過 10 億美元以及調整後 EBITDA 利潤率超過 35%。為了實現這些目標，我們的首要任務是擴大用戶群、擴大付費產品範圍、創造新的收入來源並提高獲利能力。

In 2025, we remain committed to providing our members with enduring value, helping them stay connected to the people, pets, and things they love. The vast majority of our users come through word of mouth or referrals, and we remain under penetrated in the US and lightly penetrated in international markets. Even in our most mature U.S. regions, we continue to experience strong growth, highlighting the significant potential for further expansion.

2025 年，我們將繼續致力於為會員提供持久的價值，幫助他們與他們所愛的人、寵物和事物保持聯繫。我們的絕大多數用戶都是透過口耳相傳或推薦而來的，我們在美國市場的滲透率仍然較低，在國際市場的滲透率也較低。即使在我們最成熟的美國地區，我們仍然保持著強勁的成長勢頭，凸顯了進一步擴張的巨大潛力。

Our premium model remains central to our strategy, offering free members the opportunity to experience Life360 and ultimately recognize the unmatched peace of mind provided by premium features.

我們的高級模式仍然是我們策略的核心，為免費會員提供體驗 Life360 的機會，並最終感受到高級功能帶來的無與倫比的安心。

This year, we will continue to elevate the Life360 experience by improving location accuracy and speed while introducing new premium features tailored to specific needs, such as those as pet owners. These enhancements will drive increased user engagement and satisfaction, creating opportunities for organic virality and referrals. To amplify this, we will strategically invest in marketing to build stronger brand affinity and accelerate conversions from free to paid memberships.

今年，我們將持續提升 Life360 體驗，提升定位精準度與速度，同時推出針對特定需求（例如寵物主人的需求）的全新進階功能。這些增強功能將提高用戶參與度和滿意度，為有機病毒式傳播和推薦創造機會。為了擴大這一目標，我們將在行銷方面進行策略性投資，以建立更強的品牌親和力，並加速從免費會員到付費會員的轉變。

Internationally, we are significantly under penetrated and see vast opportunities for growth. In 2025, we will execute optimized full funnel marketing campaigns and triple tier markets to boost brand awareness and drive MEU growth. Additionally, we plan to expand the availability of emergency dispatch services, triggered by the SOS and car crash detection to more countries unlocking new regions for triple tier and increasing the value of our offerings on a global scale.

在國際上，我們的滲透率明顯不足，並且看到了巨大的成長機會。2025年，我們將執行優化的全通路行銷活動和三級市場，以提升品牌知名度並推動MEU成長。此外，我們計劃將由 SOS 和車禍檢測觸發的緊急調度服務擴展到更多國家，從而解鎖三層服務的新區域，並在全球範圍內提高我們產品的價值。

In Q3 2024, we launched a redesigned Tile device lineup, the first fully designed in-house by Life 360. This lineup differentiates us with innovative features like SOS capabilities, a function unmatched by other devices across Google and Apple networks.

2024 年第三季度，我們推出了重新設計的 Tile 設備系列，這是 Life 360​​ 首次完全內部設計的設備系列。此系列產品具有 SOS 功能等創新功能，是 Google 和 Apple 網路上其他裝置無法比擬的功​​能，因此脫穎而出。

During Q4 2024, Tile received widespread acclaim as a top holiday gift and an essential luggage tracker during busy travel periods which drove noticeable year-over-year growth in direct to consumer sales. Tile is becoming a valuable gateway to our Life360 subscription business. The percentage of US premium subscribers actively linking Tile to their accounts continue to rise in Q424. In 2025, we'll complete the integration of Tile into the Life360 app, making it the exclusive activation platform for all new Tile devices, an exciting step towards streamlining the user experience and further strengthening our ecosystem.

2024 年第四季度，Tile 獲得了廣泛好評，成為熱門節日禮物和繁忙旅行期間必備的行李追蹤器，推動了直接面向消費者的銷售額同比顯著增長。Tile 正在成為我們 Life360 訂閱業務的寶貴入口網站。2024 年第四季度，主動將 Tile 連結到其帳戶的美國高級訂閱用戶比例繼續上升。2025 年，我們將完成 Tile 與 Life360 應用程式的集成，使其成為所有新 Tile 設備的獨家激活平台，這是簡化用戶體驗和進一步加強我們的生態系統的重要一步。

Looking ahead with the Tile integration nearing completion, we are shifting our focus to expanding our GPS hardware lineup designed to make life easier and safer for families. We plan to finalize the development of a pet tracking device and go to market by late 2025, followed by an advanced eldercare product. These high growth verticals will drive subscription models during the next wave of subscription growth. By delivering purpose-driven hardware that spans multiple life stages, we aim to help families stay connected to what matters most.

展望未來，隨著 Tile 整合即將完成，我們將把重點轉向擴展我們的 GPS 硬體產品線，旨在讓家庭生活更輕鬆、更安全。我們計劃在 2025 年底完成寵物追蹤設備的開發並上市，隨後推出先進的老年護理產品。這些高成長垂直產業將在下一波訂閱成長中推動訂閱模式。透過提供涵蓋多個生活階段的專用硬件，我們旨在幫助家庭與最重要的事物保持聯繫。

In Q424, we advanced our advertising platform, setting the stage for significant growth in 2025. Our goal is to deliver contextually relevant ads that enhance the member experience while offering advertisers unmatched precision powered by our proprietary first party location data.

2024 年第四季度，我們改進了廣告平台，為 2025 年的顯著成長奠定了基礎。我們的目標是提供與上下文相關的廣告，以增強會員體驗，同時透過我們專有的第一方位置資料為廣告商提供無與倫比的精確度。

Key Q4 milestones include activating global programmatic capabilities, expanding audience segmentation tools, and advancing a measurement and attribution. The Life360 ad platform that offers brands unparalleled access to our engaged audience of families. Through custom partnerships such as our collaboration with Uber, we can create tailored campaigns including feature sponsorships, push notifications, and co-marketing campaigns.

第四季度的關鍵里程碑包括激活全球程序化能力、擴展受眾細分工具以及推進測量和歸因。Life360 廣告平台為品牌提供了無與倫比的接觸家庭受眾的機會。透過與 Uber 等公司建立客製化合作夥伴關係，我們可以創建客製化活動，包括功能贊助、推播通知和聯合行銷活動。

For those seeking scale, self-managed solutions provide programmatic access to in-app native inventory and curated private marketplace deals, leveraging thousands of targetable audience segments. These capabilities empower advertisers to connect with the right audiences through major DSPs and media platforms.

對於那些尋求規模的人來說，自我管理解決方案提供了對應用程式內原生庫存和精選私人市場交易的編程訪問，利用了數千個可定位的受眾群體。這些功能使廣告主能夠透過主要的 DSP 和媒體平台與合適的受眾建立聯繫。

This quarter, we quadrupled our engagement pipeline of prospective partners eager to leverage our unique first party location data. These partners see value in integrating high visibility signals such as shopping behaviors at retail locations with promotions that drive on-site purchases and loyalty participation.

本季度，我們渴望利用我們獨特的第一方位置資料的潛在合作夥伴的參與管道增加了四倍。這些合作夥伴認為，將零售店的購物行為等高可見度訊號與推動現場購買和忠誠度參與的促銷活動相結合很有價值。

While realizing our full advertising vision will take time, early results reinforce our confidence that advertising could eventually rival subscriptions as a major revenue stream, and we are thrilled to announce the purchase of Fantix advertising Unit, an AI platform that empowers smarter advertising through cutting edge machine learning and privacy first technology.

雖然實現我們完整的廣告願景需要時間，但早期的結果增強了我們的信心，即廣告最終可以與訂閱服務競爭，成為主要的收入來源，我們很高興宣布收購 Fantix 廣告單元，這是一個人工智慧平台，透過尖端機器學習和隱私優先技術支援更聰明的廣告。

We are excited to welcome their talented small team to Life360 and look forward to leveraging their expertise to accelerate our advertising capabilities, driving the execution of our 2025 roadmap.

我們很高興歡迎他們才華橫溢的小團隊加入 Life360，並期待利用他們的專業知識來加速我們的廣告能力，推動我們 2025 年路線圖的執行。

Our data business also grew in Q4, supported by our exclusive partnership with Plaer AI, which positions us for accelerated growth in 2025 and beyond. Additionally, our strategic investment in Hubble secures exclusive access to a promising future enterprise revenue stream. Once Hubble's satellite network scales, it will enhance the location capabilities of our hardware devices. Together, these partnerships highlight our ability to expand both our data business and technology offerings as we drive growth and innovation at I 360.

在與 Plaer AI 的獨家合作的支持下，我們的數據業務在第四季度也實現了成長，這為我們在 2025 年及以後的加速成長奠定了基礎。此外，我們對哈伯的策略投資確保了對未來有前景的企業收入來源的獨家訪問權。一旦哈伯衛星網路擴大規模，它將增強我們硬體設備的定位能力。總之，這些合作關係凸顯了我們在推動 I 360 成長和創新的同時擴展數據業務和技術產品的能力。

With that, I'll hand it over to Russell to review the financials and discuss our strategic priority of increasing profitability.

有了這些，我將把工作交給 Russell 來審查財務狀況並討論我們提高盈利能力的戰略重點。

Thanks, Chris. And thanks everyone for joining the call today. As a reminder, the Q4 financials I will be referencing are unauuddied and denominated in U.S. dollars.

謝謝，克里斯。感謝大家今天參加電話會議。提醒一下，我將要參考的第四季財務資料是未經審計的，以美元計價。

We are very excited to be presenting record breaking Q4 and full-year results today. Q4 revenue increased 33% year-on-year to $115.5 million, a sharp acceleration from the prior quarter, driven by positive momentum in subscription and other revenue. Overall subscription revenue increased 32% year-on-year, and accelerated from the prior quarter. Core Life360 subscription, which excludes hardware subscriptions, increased 36% year-on-year, driven by the 25% increase in global paying circles and 6% higher ARPPC. Total paying circles growth was supported by improved conversion and retention in the U.S.

我們非常高興今天能夠公佈創紀錄的第四季和全年業績。第四季營收年增 33% 至 1.155 億美元，較上一季大幅加速，這得益於訂閱和其他收入的積極勢頭。整體訂閱收入年增 32%，且較上一季有所加快。核心 Life360 訂閱（不包括硬體訂閱）年增 36%，這得益於全球付費圈成長 25% 和 ARPPC 成長 6%。總付費圈的成長得益於美國轉換率和保留率的提高。

Hardware revenue for the quarter increased 13% year-on-year to $23.8 million. Standalone units shipped, increased 8% year-on-year, and the average selling price increased by 9%, resulting in improved margins in the quarter. While the new tidal devices have been well received, the key U.S. (inaudible) retail period results were mixed.

本季硬體營收年增13%至2,380萬美元。獨立單位出貨量年增 8%，平均售價上漲 9%，導致本季利潤率提高。雖然新的潮汐設備受到了好評，但美國主要（聽不清楚）零售業的業績好壞參半。

Consumer direct and online sales were strong during the holiday period, while performance in physical retail stores was softer and consistent with performance observed for consumer electronics in online and brick and mortar retailers in the fourth quarter.

假期期間，消費者直銷和線上銷售表現強勁，而實體零售店的表現則較為疲軟，與第四季線上和實體零售商的消費性電子產品表現一致。

Other revenue in Q4 increased 113% to $13.0 million. Due to the combination of increases in data and partnership revenue, which includes advertising revenue. December annualized monthly revenue reached $367.6 million and increased 34% year-on-year, accelerating from the 30% growth in September, reflecting the strong performance of subscription and other recurring revenue. Q4 gross profit of $85.5 million increased 42% year-on-year, with gross margins higher at 74% compared with 69% in the prior year due to the increase in the mix of higher margin other revenue. As total revenue grew 33%, and gross profit increased 42% year-on-year, Q4 operating expenses increased only 22%, excluding commissions demonstrating continued operating leverage.

第四季其他營收成長 113%，達到 1,300 萬美元。由於數據和合作夥伴收入（包括廣告收入）的增加。12 月年化月營收達到 3.676 億美元，年增 34%，高於 9 月 30% 的增幅，反映出訂閱和其他經常性收入的強勁表現。第四季毛利為 8,550 萬美元，年成長 42%，毛利率由上年的 69% 上升至 74%，這得益於利潤率較高的其他收入組合的增加。由於總營收年增 33%，毛利年增 42%，第四季營運費用僅成長 22%，不包括顯示持續營運槓桿的佣金。

R&D costs increased 14% year-on-year, primarily driven by higher personnel related costs, technology, and outside services spend. Sales and marketing costs increased 31% year-on-year, primarily due to higher commissions which increased in line with the 32% increase in subscription revenue. Paid acquisition costs were flat year on year due to an intentional shift of allocation of spend to other marketing activity in creative and production, supporting our brand campaigns and holiday sales of the Tile hardware product line.

研發成本年增 14%，主要原因是人員相關成本、技術和外部服務支出增加。銷售和行銷成本年增 31%，主要原因是佣金增加，與訂閱收入 32% 的成長同步。付費收購成本同比持平，因為我們有意將支出分配轉移到創意和生產中的其他行銷活動，支持我們的品牌活動和 Tile 硬體產品線的假期銷售。

General and administrative expenses in Q4 increased 29% year-on-year, primarily driven by company growth. We continue to make considerable progress in expanding profitability. First, we recorded positive net income in Q4 of $8.5 million versus a $3.1 million net loss for the prior year.

第四季的一般及行政開支年增 29%，主要受公司成長推動。我們在擴大獲利能力方面繼續取得長足的進步。首先，我們第四季的淨收入為 850 萬美元，而去年同期的淨虧損為 310 萬美元。

Next, adjusted EBITDA was positive for the ninth consecutive quarter, increasing to $21.2 million in Q4 '24 from $8.9 million in the prior year. And positive EBITDA of $8.4 million improved from negative $2.0 million in the prior year. As a result of continued strong subscription revenue growth and improved operating leverage. The difference between adjuster EBITDA and EBITDA in the quarter consisted of stock-based compensation expense and final US IPO transaction costs. We expect to see this expansion of bottom line margins continue in 2025, as you'll see from the guidance that Chris will discuss shortly.

其次，調整後的 EBITDA 連續第九個季度為正，從去年同期的 890 萬美元增至 24 年第四季的 2,120 萬美元。EBITDA 為正 840 萬美元，較上年的負 200 萬美元有所改善。由於訂閱收入持續強勁成長和經營槓桿提高。本季調整後 EBITDA 與 EBITDA 之間的差額包括股票薪酬費用和最終美國 IPO 交易成本。我們預計，2025 年底線利潤率將繼續擴大，正如您將從 Chris 即將討論的指導中看到的那樣。

Looking briefly at the full year results for 2024. Total revenue increased 22% year-on-year to $371.5 million. Gross profit increased 25% year-on-year to $279 million and gross margins were 75%, 2% points higher than 2023. Total operating expenses grew 14% year-on-year, while decreasing 6% points as a percentage of revenue. Driving out performance against our guidance ranges.

簡單回顧一下 2024 年全年業績。總營收年增22%至3.715億美元。毛利年增25%至2.79億美元，毛利率為75%，較2023年高出2個百分點。總營運費用較去年同期成長14%，佔營收的比例下降了6個百分點。超越我們的指導範圍，實現卓越績效。

Net loss for the year was $4.6 million, a significant improvement of $23.6 million from the $28.2 million loss in 2023. Adjusted EBITDA increased $24.9 million year-on-year to reach $45.5 million and exceeded our outlook range. Adjusted EBITDA as a percentage of sales increased from 7% in 2023 to 12% in 2024.

全年淨虧損為 460 萬美元，較 2023 年的 2,820 萬美元虧損大幅改善 2,360 萬美元。調整後的 EBITDA 年增 2,490 萬美元，達到 4,550 萬美元，超出了我們的預期範圍。調整後 EBITDA 佔銷售額的百分比從 2023 年的 7% 上升至 2024 年的 12%。

Finally, EBITDA loss improved $17.1 million year-over-year, from negative $20.8 million in 2023 to a negative $3.8 million in 2024, and also exceeded our outlook range.

最後，EBITDA 虧損年增 1,710 萬美元，從 2023 年的負 2,080 萬美元降至 2024 年的負 380 萬美元，同時也超出了我們的預期範圍。

One note for everyone, in 2025, we will transition to sharing only adjusted EBITDA in our outlook and results and in our strategic goals in order to create consistency and alignment across our dual listing environments. The EBITDA metric that we've been providing can be manually calculated by excluding stock stock-based compensation from adjusted EBITDA using figures we will disclose in our reconciliations to net income.

需要大家注意的是，到 2025 年，我們將過渡到僅在展望和結果以及策略目標中分享調整後的 EBITDA，以便在我們的雙重上市環境中保持一致性和協調性。我們提供的 EBITDA 指標可以透過從調整後的 EBITDA 中排除股票薪酬來手動計算，使用我們將在淨收入對帳中揭露的數字。

Looking ahead, we are confident in our ability to grow positive adjusted EBITDA throughout 2025, as we continue balancing robust revenue growth with expanding profitability.

展望未來，我們有信心在 2025 年實現正調整後 EBITDA 成長，因為我們將繼續在強勁的營收成長和不斷擴大的獲利能力之間取得平衡。

Turning now to the balance sheet and cash flow. Life360 ended 2024 with cash equivalents, and restricted cash of $160.5 million, a slight increase from Q3. Operating cash flow was positive for the seventh consecutive quarter. Q4 net cash provided by operating activities of $12.3 million was lower than adjusted EBITDA of $21.2 million, primarily due to an increase in working capital balances driven by increased activity. Net cash used in investing activities of $6.8 million related to the $5 million investment in Hubble and payments for internally developed software. Net cash used in financing activities of $5.2 million, related primarily to taxes paid for the net settlement of RSUs and final IPO transaction costs.

現在轉向資產負債表和現金流。截至 2024 年，Life360 的現金等價物和限制性現金為 1.605 億美元，較第三季略有增加。經營現金流連續第七個季度為正。第四季經營活動提供的淨現金為 1,230 萬美元，低於調整後的 EBITDA 2,120 萬美元，主要原因是活動增加導致營運資金餘額增加。投資活動所用淨現金為 680 萬美元，與對哈伯的 500 萬美元投資以及內部開發軟體的支付有關。融資活動所用淨現金為 520 萬美元，主要用於支付 RSU 淨結算稅款和最終 IPO 交易成本。

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。我將把話題交還給克里斯，讓他進一步討論我們的獲利預測細節。

As we enter 2025, the opportunities before us remain vast and full of potential as we drive to become the number one brand that makes everyday family life better. Our team is focused on creating value for our members and increasing our impact in their lives. Much of our focus for 2025 will be on fully integrating our hardware experiences and extending the peace of mind we offer to the pets and our families. We'll continue to drive growth into international markets, both doubling down in existing markets and expanding into new markets, particularly in Europe.

當我們進入 2025 年時，我們面前的機會依然廣闊，充滿潛力，我們致力於成為讓家庭生活更美好的第一品牌。我們的團隊致力於為我們的會員創造價值並增加我們對他們生活的影響。2025 年，我們的重點將放在全面整合我們的硬體體驗以及為寵物和家人提供更多安心。我們將繼續推動國際市場的成長，加倍投入現有市場並拓展新市場，特別是歐洲。

Meanwhile, we continue to gain momentum and increase our investment in advertising aided by the purchase of Fantix ads business unit. The small team joining us from Fanex brings a wealth of AI expertise that will help us accelerate our vision for targeting, measuring, and delivering unique and high performing ad formats at scale, all leveraging Life360's unique first party data.

同時，透過收購 Fantix 廣告業務部門，我們繼續獲得發展動力並增加對廣告的投資。來自 Fanex 的小型團隊加入我們，帶來了豐富的人工智慧專業知識，將幫助我們加速實現大規模定位、衡量和提供獨特且高效能廣告格式的願景，所有這些都利用 Life360 獨特的第一方數據。

As we nurture multiple new product lines, including pets and ads, we expect an increase in seasonality, and we plan to make significant upfront investments that will strengthen our growth in subsequent years. This effect is particularly pronounced in pet tracking, where hardware sales will function as an acquisition vehicle for our subscription product. As Tile becomes a more core part of the Life360 experience, we are continuing to lean into hardware as a key part of our subscription ecosystem, and we'll trade off hardware revenue for increased adoption.

隨著我們培育包括寵物和廣告在內的多條新產品線，我們預計季節性會增加，並且我們計劃進行大量的前期投資，以加強我們隨後幾年的成長。這種效果在寵物追蹤方面尤其明顯，硬體銷售將成為我們訂閱產品的收購工具。隨著 Tile 成為 Life360 體驗中更核心的部分，我們將繼續依靠硬體作為我們訂閱生態系統的關鍵部分，並且我們將用硬體收入來換取更高的採用率。

With that, let's turn to our 2025 outlook, which includes the following: Consolidated revenue of $450 million to $480 million. Subscription revenue of $350 million to $360 million. Hardware revenue of $45 million to $55 million. Other revenue which includes partnerships and advertising of $55 million to $65 million and positive adjusted EBITDA of $65 million to $75 million inclusive of an initial $8 million investment in the 2025 launch of our pet tracking initiative.

有了這些，讓我們來看看 2025 年的展望，其中包括以下內容：合併收入為 4.5 億美元至 4.8 億美元。訂閱收入為3.5億美元至3.6億美元。硬體收入為4500萬至5500萬美元。其他收入包括 5,500 萬至 6,500 萬美元的合作夥伴關係和廣告收入，以及 6,500 萬至 7,500 萬美元的正調整後 EBITDA，其中包括 2025 年推出寵物追蹤計畫的 800 萬美元初始投資。

We anticipate we anticipate adjusted EBITDA will be weighted towards the back half of 2025 as we shift forward some sales and marketing expenses to earlier in the year in order to leverage the efficiency we achieved in 2024 and to support global growth initiatives. That concludes our prepared remarks.

我們預計，調整後的 EBITDA 將集中在 2025 年下半年，因為我們將部分銷售和行銷費用提前到今年早些時候，以利用我們在 2024 年實現的效率並支持全球成長計畫。我們的準備好的演講到此結束。

And I'll now turn the call over to RJ manage the question-and-answer portion of our call today.

現在我將把電話交給 RJ 來管理我們今天電話會議的問答部分。

Thanks, Chris. (Event Instructions)

謝謝，克里斯。（活動須知）

Apoorv Sehgal, UBS.

瑞銀的 Apoorv Sehgal。

Good evening, guys. Thanks for taking the time. So my, I guess, one question, just on the 2025 EIA guidance at the midpoint. It implies about a 15% EBITDA margin. Now, even if we add back the $8 million of pet device investment, you're looking at about 17% EBITDA margin at the midpoint. And I guess if I just compare that to the fourth quarter of '24, you've done about 18% very strong margin there. Now, I appreciate there's probably some seasonality benefit in your fourth quarter margins, but just maybe step me through why calendar year '25 margins wouldn't expand slightly from that Q4 run rate of 18%. Is it a function of marketing investment in new people hires or perhaps you're just being a bit conservative? Just keen to hear your thoughts there.

大家晚上好。感謝您抽出時間。所以，我想，我有一個問題，就是關於 2025 年 EIA 中期指導。這意味著 EBITDA 利潤率約為 15%。現在，即使我們加上 800 萬美元的寵物設備投資，中點的 EBITDA 利潤率也只有 17% 左右。我想，如果我將其與 24 年第四季進行比較，你會發現利潤率非常高，約為 18%。現在，我知道你們第四季的利潤率可能有一些季節性的好處，但請告訴我為什麼 25 日曆年的利潤率不會比第四季 18% 的運行率略有增長。這是對新進員工招募的行銷投資的功能嗎，或者也許你只是有點保守？只是想聽聽您的想法。

Russ, do you want to take that one?

拉斯，你想拿那個嗎？

Sure, no problem. It's a combination of factors. We are definitely investing more in marketing in '25 and that's partly related to the sort of expansion of international, partly related to pet track. And partly related to just the efficiencies that we've seen in '24 and a real sort of bring forward in our payback period. So we can confidently invest more and that will be sort of in the first half of the period. So between that and looking at investment in pet tracking really ahead of substantial sales in '26 is probably the main reason for that. But we don't expect that this will change our overall path that we've talked about in terms of our EBITDA goals.

當然，沒問題。這是多種因素共同作用的結果。我們肯定會在 25 年加大對行銷的投入，這部分與國際擴張有關，部分與寵物賽道有關。部分原因在於我們在 24 年看到的效率以及投資回收期的真正提前。因此，我們可以自信地投入更多資金，這將在上半段進行。因此，介於此之間，並且在 26 年大量銷售之前考慮對寵物追蹤的投資可能是造成這種情況的主要原因。但我們並不認為這會改變我們在 EBITDA 目標方面所討論的總體路徑。

Okay. Thanks, guys. Appreciate it.

好的。謝謝大家。非常感謝。

Wei Sim, Jefferies.

魏思，傑富瑞。

Thanks, Chris, Russ, and RJ. Wei from Jefferies. Congratulations on a great result and a strong outlook. So my one question is, you may know we did a proprietary survey of over 1,000 U.S. consumers in January which generated many interesting insights into Life360. One of them which was really on the material upside from pet tracking into the service addressable market expansion and the upside opportunities for monetization. So this is an area which I'm very excited about. I'd like to get a bit more color as to, outside of the investment, when we think this might be launching and the kind of monetization which we could expect into calendar year '26. Thanks.

謝謝，克里斯、拉斯和 RJ。來自 Jefferies 的魏。恭喜您取得優異的成績並擁有強勁的前景。所以我的一個問題是，您可能知道我們在一月份對超過 1,000 名美國消費者進行了專有調查，該調查為 Life360 提供了許多有趣的見解。其中之一實際上是從寵物追蹤到服務可尋址市場擴張的物質優勢以及貨幣化的上升機會。所以這是一個令我非常興奮的領域。除了投資之外，我還想了解更多關於我們認為什麼時候推出該產品以及我們預期在 2026 年實現何種貨幣化的信息。謝謝。

Sure. Let me recap just the big vision and then we can talk about launch and roll out. So as we have long shared, our entire strategy is predicated on building a huge free user base, bringing in your family, people you care about, building that trust. And once we have that, then we can layer on different services, pet track, being an obvious one. And we're so excited about it because essentially, half of our customers have a dog. And if you think about dogs, you don't love them quite as much as your kids, but it's sometimes pretty darn close. And if you look at the life cycle of a dog, they're around 12 years. And even after your kids leave home, you're often getting a new one. So we're so excited that by having this additional feature, we can get people into the premium tiers. It's going to be best in the market. There are going to be a bunch of things that leverage Life360 that others can't do like a pet finding network.

當然。讓我先回顧這個宏偉的願景，然後我們再討論啟動和推廣。因此，正如我們長期以來所分享的，我們的整個策略是建立龐大的免費用戶群，吸引您的家人、您關心的人，建立信任。一旦我們有了它，我們就可以分層提供不同的服務，寵物追蹤就是其中之一。我們對此感到非常興奮，因為基本上我們一半的顧客都養狗。如果您想到狗，您會發現您對它們的愛不如對孩子的愛多，但有時也非常接近。如果你觀察狗的生命週期，你會發現它們的壽命大約是 12 年。即使你的孩子離開家後，你經常會得到一個新的。因此，我們很高興透過這項附加功能讓人們進入高階層級。它將成為市場上最好的。Life360 可以實現許多其他平台無法實現的功能，例如寵物尋找網路。

And unlike people on the market now, our cap for existing customers will be zero, so we will be able to have what I think will be the best device in the market at the lowest cost. And it will directly drive subscription revenue. And going back to some of the numbers, we are leaning into hardware more and more. It's not to sell devices, it's to drive subscriptions and drive membership. If you look at timing, we have a bit of a longer staggered rollout because there are some software features. But the main launch will start very much towards the end of the year. Our stretch is the holiday season. But you will definitely see pet features this year. And just right around the end of that year time frame, the device will be on the market. And in coming quarters, we're going to share a little bit more about what exactly it will do and how it will differentiate from everything else in the market today.

與現在市場上的產品不同，我們對現有客戶的上限將為零，因此我們將能夠以最低的成本獲得我認為市場上最好的設備。並且它將直接推動訂閱收入。回顧一些數字，我們越來越依賴硬體。這不是為了銷售設備，而是為了推動訂閱和會員成長。如果你看一下時間，你會發現我們的推出時間會稍微長一些，因為有一些軟體功能。但主要的發表會將於今年底開始。我們的延長期是假日。但今年你一定會看到寵物的特色。大約在今年底左右，該設備就會上市。在接下來的幾個季度中，我們將分享更多關於它的具體功能以及它與當今市場上其他產品的區別的資訊。

Great. That's perfect. Thank you so much for that, Chris.

偉大的。那很完美。非常感謝你，克里斯。

Welcome.

歡迎。

So for next, we'd like to open up the call to either David or Mark from Evercore.

接下來，我們想與 Evercore 的 David 或 Mark 通話。

This is David, on for Mark. I wanted to ask a little bit about your tariff exposure on the hardware side. Can you maybe talk a little bit about how much of your COGS are from China? And any exposure to other countries at risk of tariffs? And then on the pet seasonality, can you just talk a little bit more about pet tracking seasonality? Is that greater seasonality during the summer months? Thank you.

我是大衛，代替馬克。我想問一下您在硬體方面的關稅風險。您能否稍微談談您的銷貨成本中有多少來自中國？其他國家是否面臨關稅風險？然後關於寵物的季節性，您能否再多談談寵物追蹤的季節性？夏季的季節性特徵是否更為明顯？謝謝。

Why don't I take the first half of that and then Russell can answer tariffs. So seasonality, we're not entirely sure yet. It's a new product lineup. I have a hunch there will be some level of this being a gifting type product, particularly within families, so I would imagine that does mean we're a little more holiday oriented, probably not nearly pronounced as the Bluetooth devices because they're more stocking stuff or presents, but we'll have to roll it out to find out.

我先回答前半部分，然後拉塞爾再回答關稅問題。因此對於季節性，我們還不完全確定。這是一個新的產品系列。我預感這款產品在某種程度上會成為一種送禮產品，尤其是在家庭內部，所以我想這確實意味著我們會更加註重節日，可能不像藍牙設備那樣引人注目，因為它們更像是聖誕禮物或聖誕禮物，但我們必須推出它才能找到答案。

And then in tariffs, Russell can answer that. But just as a reminder, we're all about driving people to the subscription. So it's going to be less material for us than companies really relying on the hardware to drive the underlying margin because it is all about getting people into those membership tiers. Russell?

然後就關稅問題，拉塞爾可以回答這個問題。但需要提醒的是，我們致力於推動人們訂閱。因此，與真正依賴硬體來推動潛在利潤的公司相比，這對我們來說不那麼重要，因為我們的關鍵在於讓人們加入會員層級。拉塞爾？

And what I'd say, David, just to sort of very specifically, is that we have built in an assumed increase in tariffs into the plan. We, like most other hardware manufacturers, are looking at the logistics at the moment. We do have a limited amount of exposure to China, but it's relatively easily moved. So we're we're continuing to look at that. We feel that the cost that we've got built in to the plan at this point should be okay.

大衛，我想非常具體地說，我們已經將假設的關稅上調納入了計劃中。我們和大多數其他硬體製造商一樣，目前正在關注物流。我們對中國的接觸確實有限，但相對來說比較容易轉移。因此，我們會繼續關注這個問題。我們認為目前計劃中已包含的成本應該是可以接受的。

Thank you.

謝謝。

James Bales, Morgan Stanley.

摩根士丹利的詹姆斯·貝爾斯。

So I just have to ask a follow-up on the pet tracking side. So you've had the experience with Tile and Jiobit, not optimizing for sales, but for customer acquisition. Can you sort of help us understand how the difference that that's made with engagement for people who've taken that offer up in terms of conversion to pay, retention, or other ways that it's creating value?

所以我只需要詢問有關寵物追蹤方面的後續問題。因此，您擁有使用 Tile 和 Jiobit 的經驗，其優化不是為了銷售，而是為了獲取客戶。您能否幫助我們理解，對於接受該優惠的用戶來說，在轉化為付費、保留或其他創造價值的方式方面，這對他們的參與度有何影響？

And then secondly, I had a question on other revenue outlook. There was an incremental $3.7 million other in the fourth quarter. How much of that is ads? And is the guidance -- the uplift in guidance versus that fourth quarter run rate, how much of that is due to advertising versus some of the other data-led products that you're scaling into '25?

其次，我對其他收入前景有疑問。第四季還增加了 370 萬美元。其中有多少是廣告？與第四季度的運行率相比，指導價的提升有多少是由於廣告，有多少是由於你們在 25 年擴大規模的其他一些數據驅動產品？

I'll take the first half of the question and Russell can take the second. So on the first half, so how has Tile and Jiobit impacted things? In particular on engagement and conversion retention. First one, clarifying things. So Jiobit, after we did that acquisition, we had the market downturn and we did make the extremely frustrating move to largely put that on ice until the market came back. So in many respects, the pet tracking device we're launching now is the true launch of Jiobit, what we wanted to do significantly earlier and there was a more frustrating period of time where we had just done those acquisitions and then, early 2022 happened.

我來回答問題的前半部分，拉塞爾可以回答後半部分。那麼在上半年，Tile 和 Jiobit 有何影響？特別是在參與度和轉化保留方面。首先，澄清一些事情。因此，在完成收購 Jiobit 之後，我們遇到了市場低迷，我們確實做出了極其令人沮喪的舉動，基本上將收購擱置，直到市場復甦。因此，從很多方面來看，我們現在推出的寵物追蹤設備是 Jiobit 的真正發布，這是我們很早就想做的事情，在剛剛完成這些收購的那段時間裡，我們經歷了一段比較令人沮喪的時期，然後，2022 年初就發生了這樣的事情。

When we look at Tile though, it's very hard as of now to say X behavior is related to Tile, Y is related to other improvements because we've been out of the testing phase for a while. But I will remind everyone that we did the testing phase when we did a generic promo paired with a generic promo that said upgrade and get a free Tile. We had something like a 30% uplift and significantly improved retention over time.

然而，當我們看 Tile 時，現在很難說 X 行為與 Tile 相關，Y 與其他改進相關，因為我們已經退出測試階段一段時間了。但我要提醒大家，我們在測試階段進行了通用促銷，並搭配了通用促銷，即升級並獲得免費 Tile。我們實現了大約 30% 的提升，並且隨著時間的推移，保留率顯著提高。

But now, Tile is part and parcel with everything else. It's very hard to have a holdout group when everything else has been changing. But clearly, we've been hitting record net ads and Tile's a big part of that. So I'm very confident that if it weren't for Tile, we would not be nearly as far along as we are on the core subscription business. So it has felt very vindicating. And even from a qualitative standpoint, if you look at where we are now versus even three years ago or two years ago in terms of attitudes to location devices, they are becoming ubiquitous.

但現在，Tile 已成為一切事物不可或缺的一部分。當其他一切都改變時，很難有一個堅持的群體。但顯然，我們的網路廣告業務一直創下紀錄，而 Tile 在其中發揮了重要作用。因此我非常有信心，如果沒有 Tile，我們在核心訂閱業務上就不會取得如此大的進步。因此我感覺這很有道理。即使從定性角度來看，如果你看看我們現在與三年前或兩年前對定位設備的態度，你會發現它們已經變得無處不在。

So the fact that we are the only company other than Apple and we're actually literally the only cross-platform company that has the software, has the hardware, makes it really, really, really hard for others to compete with us. So I'm feeling extremely good about it.

因此，事實上我們是蘋果以外唯一擁有軟體和硬體的跨平台公司，這使得其他人很難與我們競爭。所以我對此感覺非常好。

In terms of looking at behavior, one thing that is, again, hard to quantify the impact on this, but we are getting a pretty significant number of our premium subs linking Tiles. We don't disclose the number because we've been told it needs to be an audible and that stuff and soon, all Tiles are going to get activated through Life360 so there would not be an apples-to-apples benchmark very soon anyway. But we just see it in the reviews. We see how people use it. We just see the reaction from customers. Just the magic of seeing your family with their keys and people put them on dogs because that's a lightweight version that validates the GPS tracker do well.

從行為角度來看，有一件事很難量化其影響，但我們正在獲得相當多的優質訂閱用戶連結 Tiles。我們沒有透露這個數字，因為我們被告知它需要是可聽的，而且很快所有的 Tiles 都將通過 Life360 激活，所以無論如何都不會很快有一個同類基準。但我們只是在評論中看到它。我們觀察人們如何使用它。我們只是看到顧客的反應。看到你的家人拿著鑰匙，人們把鑰匙放在狗身上，真是太神奇了，因為這是一個輕量級版本，可以驗證 GPS 追蹤器的性能。

And you can just tell that it does really round out Life360 and makes us look so much more of a platform than an app. And a lot of what we're trying to do as we become the super app for families is helping our customers understand that, yes, we're not just this app, we are something more akin to a platform, and we are a very natural conduit for other goods and services. So that's part of what's driving that optimism is that we can see it. And we do have those early results that showed that the bundling is extremely powerful. And as you can see, we've been performing extremely well, even better than internal expectations in that sub ads.

你可以說它確實完善了 Life360，讓我們看起來更像一個平台而不是一個應用程式。當我們成為家庭超級應用程式時，我們正在嘗試做的很多事情是幫助我們的客戶理解，是的，我們不僅僅是一個應用程序，我們更像一個平台，我們是其他商品和服務的自然管道。所以，推動這種樂觀情緒的部分原因是我們能夠看到它。我們的早期結果確實表明捆綁銷售非常有效。如您所見，我們的表現非常出色，甚至比該子廣告的內部預期還要好。

And James, in terms of the second part of your question, the incremental revenue in sort of other revenue in Q4 was really largely advertising driven. And I'd have to say that we were very happy with the way that progressed in the quarter. It was very much along the lines of what we expected. And then looking at the '25 guidance, it's essentially a similar story. While we do expect good growth in sort of data revenue, the majority of the growth in other revenue will be driven by advertising as we see that really sort of ramp up over the course of the year. And generally, it's very much following the sort of the roadmap that we expected. And that includes the sort of addition of data science and AI capabilities through the Fantix acquisition that we made today.

詹姆斯，關於你問題的第二部分，第四季度其他收入的增量主要由廣告推動。我必須說，我們對本季的進展感到非常滿意。這與我們的預期非常一致。然後看看 25 年的指導，這基本上是一個類似的故事。雖然我們確實預計數據收入將出現良好成長，但其他收入的大部分成長將由廣告推動，因為我們看到廣告收入在今年確實會有所成長。總體而言，它完全符合我們預期的路線圖。這包括我們今天透過收購 Fantix 而增加的數據科學和人工智慧能力。

Perfect. I appreciate that color.

完美的。我很欣賞那個顏色。

Andrew Boone, JMP.

安德魯·布恩，JMP。

Hi guys. It's Matt, on for Andrew. Thanks for taking my questions. My first one is just on the U.S. MAU growth. It's been very consistent in 2024. How should we just think about the persistence of growth in 2025 and what are the key levers there? And then can you just give us an update on international triple tier launches in 2025? What's the timing there? And any color just on the dual tier and what you're seeing there as well? Thank you so much.

嗨，大家好。馬特代替安德魯上場。感謝您回答我的問題。我的第一個問題是關於美國 MAU 的成長。2024 年的情況一直非常穩定。我們該如何看待2025年經濟成長的持續性以及其中的關鍵槓桿是什麼？那麼，您能否向我們介紹一下 2025 年國際三級鐵路的推出？那裡的時間是怎麼樣的？雙層上是否有任何顏色以及您在那裡看到的是什麼？太感謝了。

So if you take the U.S. numbers first, it's very hard to know when we slow down. I always tell people I'm a very optimistic, aggressive founder. And also, I think I've built a reputation to help with you all of being very reasonable, not drinking your own Kool-Aid. So to start with the crazy-founder vision, why can't we have 90% penetration in the U.S.? Everyone has a family, doesn't always have to be having teenage kids. I have an aging parent right now who I really need the elder care product for. Lots of people use Life360 when they have boyfriends and girlfriends. I've been a little bit stunned how even college women in particular are making circles for their friends to stay safe on dates. So our TAM is arguably everybody.

因此，如果先看美國的數據，就很難知道我們何時會放緩。我總是告訴人們我是一個非常樂觀、積極的創辦人。而且，我認為我已經建立了一個聲譽，可以幫助你們所有人，非常通情達理，而不是自以為是。那麼，從瘋狂創始人的願景開始，為什麼我們不能在美國實現 90% 的滲透率？每個人都有家庭，不一定有十幾歲的孩子。我現在有一位年邁的父母，我非常需要老年護理產品。很多人有男友或女朋友的時候都會使用Life360。我有點驚訝，就連大學女生也為她們的朋友畫圈以確保約會時的安全。因此我們的 TAM 可以說是每個人。

Is it likely that we get to 90% penetration? Probably not. But if you told me 10 years ago we'd have states with over 25% penetration, I would have had to pinch myself about possibly dreaming as well. So what we instead try to say is, let's just look at the numbers. And because so much of our growth is organic which is obviously an extremely high-class problem, we really have to go back based on trends. And if you look at trends, we can take our most penetrated states and they're still growing just as quickly, if not, faster than our least penetrated states. If our least penetrated states, if it were to catch up to our most penetrated states and we didn't have continued growth and the most penetrated ones which we don't have, we would be doubling MAU already. And those trends are continuing.

我們有可能達到 90% 的滲透率嗎？可能不是。但如果 10 年前你告訴我，我們將會擁有滲透率超過 25% 的州，我一定會掐自己一下，擔心自己可能也在做夢。所以我們想說的是，我們只需看看數字。而且由於我們的成長很大程度上是有機的，這顯然是一個非常高級的問題，我們確實必須根據趨勢進行回溯。如果你觀察趨勢，我們可以看到，滲透率最高的州的成長速度與滲透率最低的州一樣快，甚至更快。如果我們滲透率最低的州要趕上我們滲透率最高的州，而我們沒有持續的增長，而滲透率最高的州也沒有，那麼我們的 MAU 就已經翻倍了。而且這些趨勢仍在持續。

The things I am looking forward to say, that we have hit a saturation point because we will at some point, I don't know when, and that would be a change in strategy and will be a fine one because we've really been growing the base versus trying to harvest the base. But we have our big back-to-school bump. At some point, that probably fades and that probably says something about penetration. We usually have a big spike after Christmas. That's more of a one-off. But it does show when people get new phones, Life360 is one of those things they immediately turn to and install.

我希望說的是，我們已經達到了飽和點，因為我們會在某個時候達到飽和點，我不知道什麼時候，這將是戰略上的改變，而且將是一個很好的改變，因為我們一直在擴大基礎，而不是試圖收穫基礎。但我們迎來了開學季的巨大衝擊。到了某種程度，這種感覺可能會消失，這可能說明了某種滲透力。聖誕節後我們通常會迎來一個大高峰。這更像是一次性事件。但它確實表明，當人們購買新手機時，Life360 是他們立即選擇並安裝的產品之一。

And then I would just look at what's happening in general on trends on a region by region level and try to see where we asymptoed out. But the great news for us is that we haven't seen that really in any region yet. And we are now seeing international regions follow a similar curve.

然後，我會觀察各地區的整體趨勢，並試著找出我們的終點。但對我們來說好消息是，我們還沒有在任何地區看到這種情況。我們現在看到國際地區也呈現類似的曲線。

And there's possible reason to believe that in areas like Europe, we might even do better than the U.S. because cross-platform is such as a bigger differentiator there. And counterintuitively, historically, we've done better in iOS every regions and I think that's because Apple has helped make location sharing not creepy which it once was. So while it might take a little bit longer to get going in Europe, given the majority of people are on Android phones and Google has really pulled away from most of the initiatives in space, maybe we do get everyone because there has not been a region where people have said, wow, this just doesn't work for Germans or Swedish or whoever. It seems like we are hitting this very, very universal value prop that resonates with everyone. And so I think we have a long, long way to go and we'll be very open about what these trends look like.

並且有理由相信，在歐洲等地區，我們甚至可能比美國做得更好，因為跨平台在那裡是一個更大的差異化因素。與直覺相反的是，從歷史上看，我們在 iOS 的各個地區都做得更好，我認為這是因為 Apple 幫助讓位置共享不再像以前那樣令人毛骨悚然。因此，儘管在歐洲推廣可能需要更長的時間，但考慮到大多數人都在使用 Android 手機，而谷歌已經退出了該領域的大多數舉措，我們可能確實會得到所有人的支持，因為還沒有哪個地區的人們說，哇，這對德國人、瑞典人或其他人不起作用。看起來我們正在觸及這個非常普遍、能夠引起每個人共鳴的價值主張。所以我認為我們還有很長的路要走，我們會非常開放地看待這些趨勢。

To your question of dual tier and triple tier, and when we're doing different rollouts in different regions, we're taking a more iterative approach this year. When things are vision-oriented or product-oriented, that's when I work very closely with the team and it's less about the immediate data. It's more about where we believe the world's going to go. But when we're looking at something that really is more around optimizing scarce resources, the team does a very good job of deciding what that right next lever to pool is. So under internal management meetings, we of course challenge and we push on different assumptions. But we are taking more quarter-by-quarter approach around do we launch a new triple tier region which is obviously a lot more work. Do we optimize more in dual tier?

對於您關於雙層和三層的問題，當我們在不同地區進行不同的推廣時，我們今年採取了更迭代的方法。當事情以願景或產品為導向時，我會與團隊密切合作，而不太關注即時數據。這更多的是關於我們相信世界將會走向何方。但是，當我們真正關注的是優化稀缺資源時，團隊就能很好地決定下一個合適的資源池槓桿是什麼。因此，在內部管理會議下，我們當然會挑戰並推動不同的假設。但我們採取的是逐季度的方式，是否會推出新的三級區域，這顯然需要做更多的工作。我們是否在雙層方面進行更多優化？

Well, we've seen with dual tier, to your question, and just for everyone's benefit, dual tier is just a very lightweight version, it doesn't have things like the tow truck dispatch which just takes a lot more integration work and just infrastructure, it's just letting us move more quickly to start monetizing under-monetized countries and then we can get paid acquisition going which is a very new muscle for us outside of the U.S.

嗯，我們已經看到了雙層架構，對於您的問題，為了大家的利益，雙層架構只是一個非常輕量級的版本，它沒有像拖車調度這樣需要更多集成工作和基礎設施的功能，它只是讓我們更快地開始將貨幣化程度不足的國家貨幣化，然後我們可以進行付費收購，這對我們在美國以外的地區來說是一筆非常新的開支。

So we're working on the plans for the back half of the year now. Over the next few months, it's a very dual tier optimization focused set of quarters, but we'll know more probably in Q1 earnings. Definitely, Q2 earnings, we'll be able to share a little bit more specifics in terms of what the next few steps of the roadmap looks like. We'll have had some data from some of these dual-tier regions.

所以我們現在正在製定下半年的計畫。在接下來的幾個月裡，這是一個非常注重雙級優化的季度，但我們可能會在第一季的收益中了解更多。毫無疑問，第二季的收益，我們將能夠分享有關路線圖接下來幾個步驟的更多細節。我們將從一些雙層區域獲得一些數據。

And just to add to that, Chris, I think the successful launch of dual tier last year has sort of given us a lot of information where we can take this sort of more nuanced, more sophisticated approach that Chris referred to. And that means that ultimately, there'll probably be a greater level of customization on a territory-by-territory basis. But in a way, that gives us higher scalability. So as we move forward, the lines between triple tier and dual tier might be a little grayer. But we've seen great success in international. We expect a lot of expansion in international in '25, and that's what will drive this.

克里斯，我還要補充一點，我認為去年成功推出的雙層服務為我們提供了大量信息，我們可以採取克里斯提到的這種更細緻、更複雜的方法。這意味著，最終，各個地區的客製化程度可能會更高。但在某種程度上，這給了我們更高的可擴展性。因此，隨著我們不斷前進，三層和雙層之間的界限可能會變得更加模糊。但我們在國際上取得了巨大的成功。我們預計 25 年國際業務將大幅擴張，而這正是推動這項進程的動力。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

Lafitani Sotiriou, MST.

Lafitani Sotiriou，MST。

Hey guys. I appreciate the opportunity to ask a question. May I sort of follow up on the advertising revenue and partnerships specifically, so late last year, we heard about Uber and (inaudible), can you just talk us through what kind of conversations you're having now with other partners? And can you give us detail around categories that there are live conversations? And Just following up in the international market, we noticed there's now ads in Australia, is it broadly now available ads on in all the international markets? And are you already having any conversations in the international markets about our partnerships or is it just in the U.S. at the moment?

嘿，大家好。我很感謝有這個機會提出問題。我可以具體跟進廣告收入和合作夥伴關係嗎？去年年底，我們聽說了 Uber，（聽不清楚），您能不能跟我們講講您現在與其他合作夥伴進行了哪些對話？您能否向我們詳細介紹一下存在即時對話的類別？在追蹤國際市場時，我們注意到現在在澳洲有廣告，現在所有國際市場上都有廣泛的廣告嗎？您是否已經在國際市場上就我們的合作關係進行過任何對話，還是目前僅在美國進行？

Well, I'll start with the last part of the question. Yes, we're turned on Australia. We're not in all regions yet. We want to make sure there's enough volume and we're starting that process. But again, this is where the international team has limited resources and we asked them to prioritize the highest ROI activities.

好吧，我將從問題的最後一部分開始。是的，我們開始關注澳洲。我們尚未覆蓋所有地區。我們希望確保有足夠的數量，並且我們正在開始這項進程。但同樣，這是國際團隊資源有限的地方，我們要求他們優先考慮投資報酬率最高的活動。

We have many discussions ongoing. We're starting to go to lots of conferences talking to advertisers. We hired Brian McDevitt who came from Google. He had over a decade of doing a similar role there. So our pipeline is long. I could name drop lots and lots of companies. I don't know the specifics outside of the U.S. But over time, we'll of course give a much deeper look at that.

我們正在進行許多討論。我們開始參加很多會議與廣告商交談。我們聘請了來自谷歌的 Brian McDevitt。他在那裡擔任類似職務已有十多年。所以我們的管道很長。我可以列舉很多很多公司的名字。我不知道美國以外的具體情況。但隨著時間的推移，我們當然會對此進行更深入的研究。

When you look at the pipeline and why we're excited about it and I think why we are getting this demand, aside from having Brian come over with a very deep Rolodex, the Uber partnership has been an extremely powerful one to be able to just show someone what a contextual ad really looks like, because we can talk about, hey, we're going to meet people where they are, we're not just going to do the banner, now we can actually show something that's really outperformed and we're looking for other similar ad units.

當你查看管道以及我們為何對此感到興奮時，我認為我們為什麼會有這種需求，除了 Brian 帶著非常深厚的 Rolodex 過來之外，與 Uber 的合作夥伴關係非常強大，能夠向人們展示上下文廣告的真正樣子，因為我們可以談論，嘿，我們將在人們所在的地方與他們會面，我們實際上正在做橫幅，現在我們實際上可以展示一些表現非常出色的東西，我們正在尋找類似的東西。

When I think of specific categories, retail is an obvious one. Some of that will be tied in with things like offsite advertising where we use our first party location data to do targeting attribution. And that does tie in with the Fantix acquisition because they can help with that, understanding who these customers are, pairing different data sources together, doing that in a way where raw data doesn't leave our system. So everything targeting-wise just gets better that way. There are conversations in cybersecurity. There are conversations and device protection. So it's a pretty wide range of companies that we're talking to.

當我想到具體的類別時，零售是顯而易見的一個類別。其中一些將與場外廣告等相關，我們將使用第一方位置資料進行定位歸因。這確實與 Fantix 收購有關，因為他們可以幫助我們了解這些客戶是誰，將不同的資料來源配對在一起，並且以原始資料不會離開我們系統的方式做到這一點。這樣，一切針對性的事情都會變得更好。有關於網路安全的對話。有對話和設備保護。因此，我們正在與範圍相當廣泛的公司進行洽談。

We'll have deals, with our more generic banners kind of rolling out in real time. We won't be announcing all of those because that's just more business as usual, but we are working on how to find the next Uber style custom placements that will drive that real out performance versus banners which are more brand-oriented versus performance-oriented and don't leverage our secret sauce quite as much.

我們將達成交易，並即時推出更通用的橫幅廣告。我們不會宣布所有這些，因為這只是更多的正常業務，但我們正在研究如何找到下一個 Uber 風格的自訂展示位置，以推動真正的性能，而不是更注重品牌而非性能的橫幅廣告，並且不會充分利用我們的秘密武器。

Rob, Loop Capital.

Rob，Loop Capital。

Okay. Thank you. I've also got a few questions on the advertising sort of go-to market, lots of optionality around here. First on the first party opportunities and specifically, the acquisition of ad tech with Fantix which seems to make sense. It sounds like this is mostly to help on targeting. I assume this is intended to just help performance of the ads that you can serve. But maybe can you expand on what the acquisition might enable from a product perspective that was not possible before? And then I've got a couple of follow-ups on some of the third-party opportunities.

好的。謝謝。我對廣告進入市場還有一些疑問，這裡有很多可選性。首先是第一方機會，特別是收購 Fantix 的廣告技術，這似乎是有意義的。聽起來這主要是為了幫助確定目標。我認為這只是為了幫助您投放的廣告的效果。但也許您能從產品角度詳細說明一下此次收購可能帶來哪些先前不可能的成果嗎？然後我跟進了一些第三方機會。

Sure. So a lot of what Fantix is it's building out the team with people who are deeply experienced in the ad tech space. It was a relatively small acquisition, so the biggest thing we're getting are people with deep experience in advertising and AI and yes, you are correct that a lot of it is the targeting and attribution, but there's a lot more there in terms of building out customer profiles. I'll get a little bit technical for the moment, but when you think about targeting attribution, you have deterministic insights where you actually can track a device and see what happened after it was served in an ad, and that ad could be even outside of the Life360 ecosystem with the people who gave us permission and our opt-in rates to IDFA sharing are extremely high, way over industry averages. And that deterministic data, that's something that doesn't need the kind of the deep machine learning as much.

當然。因此，Fantix 的很大一部分工作就是與在廣告科技領域經驗豐富的人員一起組建團隊。這是一次相對較小的收購，所以我們獲得的最大收穫是擁有深厚廣告和人工智慧經驗的人才，是的，您說得對，其中很多是定位和歸因，但在建立客戶檔案方面還有很多工作要做。我現在會講一些技術方面的內容，但是當你考慮定位歸因時，你就有了確定性的洞察力，你實際上可以跟踪一個設備，並查看它在廣告中投放後發生了什麼，而且那個廣告甚至可能在 Life360 生態系統之外，那些給予我們許可的人和我們選擇加入 IDFA 共享的比例非常高，遠遠超過行業平均水平。而那些確定性資料並不需要深度機器學習。

But a lot of what the industry does is synthetic data which is probabilistic where you don't exactly know where someone went or what they did, but you take different insights and create these profiles and target these synthetic profiles. We're very unique because we have bigger deterministic datasets than almost anyone outside of the internet giants who obviously don't let -- they're very walled, closed off ecosystem. But we can also build our own synthetic profiles so we can make inferences about other user attributes based on their location, familial connections, and other things we know. And that is a very specific skill set which is not one that we've had in the company. So we're really excited about this because we now have a team that's deeply experienced and usually, companies have very specific DNA. And I'd say our DNA is consumer products and we're excited that we've now brought on a team that expands this pretty quickly.

但該行業所做的許多工作都是合成數據，這些數據是機率性的，你並不確切知道某人去了哪裡或做了什麼，但你可以根據不同的見解創建這些資料並定位這些合成資料。我們非常獨特，因為我們擁有比互聯網巨頭之外的幾乎任何人都更大的確定性數據集，而互聯網巨頭顯然不允許——他們的生態系統非常封閉。但我們也可以建立自己的綜合檔案，以便我們可以根據使用者的位置、家庭關係和我們所知道的其他資訊推斷其他使用者屬性。這是一套非常特殊的技能，我們公司還沒有這種技能。因此，我們對此感到非常興奮，因為我們現在擁有一支經驗豐富的團隊，通常情況下，公司都有非常獨特的 DNA。我想說我們的 DNA 是消費品，我們很高興現在已經擁有一支能夠快速擴展這項業務的團隊。

Thank you for that. So yeah, the deterministic measurement. But even beyond that, I mean, you can just, at high level, the data seems very valuable too and I can imagine a lot of applicability across the ad ecosystem at large. So when you talk about quadrupling the engagement pipeline, is that sort of mostly like brands like Uber that you could go to market with? Or are we talking about potentially other sort of partnerships? And with that, could that pipeline include what we might consider mega-scale ad platforms or even the next tier of large-scale app platforms because I'm sure there's a lot of ways to leverage this type of data if done in a privacy safe way and et cetera. So maybe you can expand on that a little bit.

謝謝你。是的，這是確定性測量。但除此之外，我的意思是，從高層次來看，數據似乎也很有價值，而且我可以想像它在整個廣告生態系統中具有很大的適用性。那麼，當您談到將參與管道增加四倍時，這是否有點像您可以與 Uber 這樣的品牌一起進入市場？或者我們正在談論潛在的其他類型的合作關係？那麼，這個管道是否能包括我們可能考慮的超大規模廣告平台，甚至是下一層級的大型應用平台，因為我相信，如果以隱私安全的方式進行，有很多方法可以利用這種類型的資料等等。所以也許你可以稍微擴展一下這一點。

It's been all of the above. I am not involved in most of each of the conversations. But when I've got the briefing, we're talking to the retail media networks, interesting retailers who are interested in having ads on the map that pop-up. And if we know you went to a certain store and we can call it out and give you a coupon, that's kind of fun and actually feels great for a customer. So it really is all of the above. And as we progress, I think we'll probably at some point do a breakout, it's a little more ad-focused. In particular, we can give a little bit more color. I'm not trying to be cagey on it, but it is sort of lots and lots of opportunities in front of us. And then we're picking the next one and you'll see a slow steady drumbeat of new things here.

以上就是全部內容。我並沒有參與到大多數的對話中。但當我得到簡報時，我們正在與零售媒體網路交談，這些零售商有興趣在地圖上彈出廣告。如果我們知道您去了某家商店，我們就可以報出該商店的名稱並給您一張優惠券，這很有趣，而且實際上會讓顧客感覺很棒。所以確實就是以上所有情況。隨著我們的進步，我認為我們可能會在某個時候取得突破，更加重視廣告。特別是，我們可以添加多一點顏色。我並不是想對此保持沉默，但我們面前確實有很多機會。然後我們選擇下一個，你會看到這裡緩慢而穩定地湧現出新事物。

Yeah. Obviously, you're very early in the business development journey here, but if we think about first-party versus third-party, what do you think is the larger opportunity, sort of where are you putting the bigger focus maybe over the next like two or three years?

是的。顯然，你們的業務發展才剛起步，但如果我們考慮第一方與第三方，你認為更大的機會是什麼，未來兩三年內你會把重點放在哪裡？

When we think of first- versus third-party, it's hard to know exactly -- it's going to be both. I'd love to be able to get you a little more specific answer to your question in coming months. Because again, we are figuring this out. So I'll talk a little bit about both. And I've heard people use first-party and third-party in different contexts here, but I'll just give a few examples. So when I think about ad placements within our app or first-party data but bringing these partners, that's where we're going to see a lot of these really high performance, really relevant ads that don't feel like ads and those make me very excited.

當我們考慮第一方與第三方時，很難確切地知道——兩者都是。我希望能夠在接下來的幾個月內為您的問題提供更具體的答案。因為我們正在再次解決這個問題。因此我將對這兩者進行一些討論。我聽說人們在不同的語境中使用第一方和第三方，但我只舉幾個例子。因此，當我考慮在我們的應用程式或第一方資料中放置廣告，但引入這些合作夥伴時，我們就會看到很多這些真正高效能、真正相關的廣告，這些廣告不像廣告，這讓我非常興奮。

When I think about off-site which is more third-party in the sense that we're going to be working with third-party networks who can do targeting and attribution in other properties, intuitively, that feels like it could be big and/or you can just dominate because the big guys completely walled themselves off from other people. And we'll be, I think, the largest company with a first-party location dataset of this size doing anything like this. One thing to be clear on though is we're not getting out into raw data sales or allowing non-service provider, entities to access customer data directly. So a lot of what we're trying to do with the system is more around user opted-in IDFA matching to just get us outside of the kind of the regulatory issues that were a bit challenging a few years ago and we're kind of causing a little bit of ongoing anxiety.

當我想到站外行銷時，它更像是第三方，因為我們將與第三方網路合作，這些網路可以在其他資產中進行定位和歸因，直覺上，這感覺它可能會很大並且/或者你可以佔據主導地位，因為大公司完全將自己與其他人隔離開來。我認為，我們將成為擁有如此規模的第一方位置資料集並從事此類業務的最大公司。但需要明確的一點是，我們不會涉足原始資料銷售，也不會允許非服務提供者實體直接存取客戶資料。因此，我們在系統中嘗試做的很多事情更多是圍繞用戶選擇的 IDFA 匹配，只是為了讓我們擺脫幾年前有點具有挑戰性的監管問題，而這些問題在某種程度上引起了一些持續的焦慮。

We don't think we need to go back that direction to monetize and some of the developments such as like the ATT pop-up actually are helping us because it really gives us a good framework in which to operate and know what's going to keep us safe, both from a regulatory and ideally press standpoint as well.

我們認為我們不需要回到那個方向來實現貨幣化，而且像 ATT 彈出窗口這樣的一些發展實際上正在幫助我們，因為它確實為我們提供了一個良好的運營框架，讓我們知道什麼能夠保證我們的安全，無論是從監管角度還是從理想的媒體角度來看。

Okay. Thanks, Chris. I'm excited to see how this comes together for you.

好的。謝謝，克里斯。我很高興看到這一切對你來說如何實現。

Thank you.

謝謝。

Julian Mulcahy, E&P.

朱利安·穆爾卡希（Julian Mulcahy），E&P。

Chris, just to ask about your subscription growth forecast, it's pretty strong for this year. Given that like the conversion rate in the U.S. seemed to sort of stall in that final quarter and the rest of the world's been sort of declining because of the price increase, are you banking on a sort of a big kick-up in the conversion rate or is it purely about just MAU growth being pretty strong still?

克里斯，我只是想問您對訂閱成長的預測，今年的訂閱成長相當強勁。鑑於美國的轉換率在最後一個季度似乎停滯不前，而世界其他地區的轉換率也因價格上漲而有所下降，您是否指望轉換率出現大幅上升，還是僅僅因為 MAU 成長仍然相當強勁？

We're not forecasting any sort of step function. If you look at the numbers and just how it stacks and with MAU growth and international, it does add up to the numbers you get. And looking even at the first couple of months of the year, I feel confident about how all that's trending. International obviously is a very big lever, and I do believe over time the majority of the revenue is going to come from these international regions. And we are seeing that in regions of similar kind of demographic and socioeconomic status. We're seeing similar results to the U.S. So I think we just have a lot of headroom there. And the team does do a bottoms-up model, taking these existing trends and run rates. And then we look at what has to happen and -- So no, you do not need a step function in any of the metrics for us to hit our numbers. But MAU does have to continue to grow healthily.

我們沒有預測任何類型的階躍函數。如果你看一下這些數字以及它是如何疊加的，再加上 MAU 的成長和國際化，你會發現它確實等於你得到的數字。即使回顧今年頭幾個月的情況，我對所有趨勢都充滿信心。國際顯然是一個非常大的槓桿，我相信隨著時間的推移，大部分收入將來自這些國際地區。我們在人口和社會經濟地位相似的地區也看到了這種情況。我們看到了與美國類似的結果。所以我認為我們在那裡有很大的發展空間。該團隊確實建立了一個自下而上的模型，採用了這些現有的趨勢和運行率。然後我們看看會發生什麼事——所以不，你不需要任何指標的階躍函數來達到我們的數字。但 MAU 確實必須繼續健康成長。

And just very quickly, Julian, we are seeing really strong continued growth in the U.S. with international sort of coming back to good growth, having digested the price increases that you referenced.

朱利安，我們很快就看到美國經濟持續強勁成長，國際經濟也恢復了良好的成長勢頭，消化了您提到的價格上漲。

Probably, one, I think -- and Russell, keep me honest, I'm getting this wrong, ve actually saw the price increases being absorbed better than in the U.S. I think we actually had a backwards net ads quarter. We did that price increase in the U.S. when we did not have that overseas which is a pretty good omen in my mind.

可能，我認為——拉塞爾，請讓我說實話，我理解錯了，實際上我們看到價格上漲比美國吸收得更好。我認為我們實際上有一個向後的淨廣告季度。我們在美國提高了價格，而海外則沒有，在我看來，這是一個好兆頭。

Cool. Thanks, guys.

涼爽的。謝謝大家。

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Yeah. Thanks so much for taking my question. Actually, following up on the prior question on your core subscription business, how should we think about sort of your approach to price increases in 2025 given that you've been so successfull in sort of taking prices up in key markets over the past couple of years? And I guess how much of sort of like-for-like price increases sort of in more developed markets is factored into your full-year guidance?

是的。非常感謝您回答我的問題。實際上，繼續回答有關您的核心訂閱業務的先前問題，鑑於您在過去幾年中在主要市場成功提高了價格，我們應該如何看待您在 2025 年提高價格的方法？我想問一下，在你們的全年預測中，發達市場的同類價格上漲有多少被考慮進去了？

Russell, can you start with the the back half? And then I'll talk more strategic piece.

拉塞爾，你能從後半部開始嗎？然後我將談論更具策略性的部分。

Yeah, absolutely. Maria, what I would say is that we, apart from some optimization in terms of the dual tier strategy that we talked about before, we haven't necessarily built price increases into our plan. We will be opportunistic. And if we see that that makes sense, we will do that. But we're not necessarily counting on that in '25.

是的，絕對是如此。瑪麗亞，我想說的是，除了我們之前談到的雙層戰略方面的一些優化之外，我們並不一定會將價格上漲納入我們的計劃中。我們將抓住機會。如果我們認為這有意義，我們就會這麼做。但我們不一定指望 25 年就能實現這一點。

And going to the more strategic piece, a very important thing for us while we continue to see the user base growing as quickly as it is is not to prematurely move into harvest mode. I am highly confident that we could double revenue extremely quickly, honestly, within weeks or months, if we got more aggressive. But I want us to play the long game and so we really want to have a very big value surplus. So people really love the brand and feel like they're getting a very good deal. And at some point again that will change, but we're not at that point in the strategy.

從更具策略性的角度來看，當我們繼續看到用戶群快速成長時，對我們來說非常重要的一點是不要過早進入收穫模式。我非常有信心，如果我們更加積極主動，我們可以在幾週或幾個月內非常快地使收入翻倍。但我希望我們能夠打一場長線遊戲，因此我們確實希望獲得非常大的價值盈餘。所以人們真的很喜歡這個品牌，並且覺得他們得到了非常好的優惠。在某個時候，這種情況會再次改變，但我們的策略還沒有到那個階段。

When we look at the U.S. numbers, it has been a couple of years since we've done a price increase. But I don't anticipate we're going to do one in the near future. It is a pretty big process or I shouldn't say big process, but a noisy process because users get a notification via iTunes. And even if we've increased prices (inaudible), you would probably get a significant turn of event. So when you aren't doing direct credit card billing where you can just do it on the back and it'll be more incremental, it's better to do bigger bites more infrequently. And I am very customer focused, so I want to make sure that it's matched with real big step function improvements in the value we give.

當我們查看美國的數據時，我們會發現已經有幾年沒有漲價了。但我預計我們不會在不久的將來這樣做。這是一個相當大的過程，或者我不應該說是一個大過程，而是一個嘈雜的過程，因為用戶透過 iTunes 收到通知。即使我們提高了價格（聽不清楚），你也可能會遇到重大的轉變。因此，當您不進行直接信用卡計費時，您只需在後台進行操作，並且會更加增量，最好是減少大額消費的頻率。我非常注重客戶，所以我想確保它與我們提供的價值的真正大步功能改進相匹配。

When you look internationally, we have had very low pricing and that does tend to the whole dual-tier, triple-tier trade-off where if we can do moderate price increases very quickly to get people in dual-tier that might be a better option than going right to the triple-tier set-up which obviously is the highest ARPPCs. That being said, we are looking at where we might be underpriced internationally and trying to more match the U.S. and figure out how we can kind of from almost a purchasing parity standpoint, have similar value and similar pricing. So we probably will have some even triple-tier price increases in international regions this year.

從國際上看，我們的定價一直很低，而且確實傾向於整個雙層、三層權衡，如果我們能夠迅速適度提價，讓人們採用雙層，這可能是比直接採用三層設定更好的選擇，因為三層設定顯然是最高的 ARPPC。話雖如此，我們正在研究我們在國際上可能被低估的地方，並試圖更好地與美國接軌，並弄清楚我們如何從幾乎購買平價的角度獲得相似的價值和相似的定價。因此，今年我們在國際地區的價格可能會上漲三倍。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Wei-Weng Chen, RBC.

陳偉文，RBC。

Hi guys. Thanks for taking the question. Can we maybe speak to the acquisition that you guys announced today? What have you bought there? Is it more of a product or are you buying people and capabilities? Can you maybe give a practical example of what this acquisition kind of unlocks for you guys? And then can you also speak to whether this was a cash or equity-based transaction?

嗨，大家好。感謝您回答這個問題。我們可以談談你們今天宣布的收購嗎？你在那裡買了什麼？它更多的是一種產品還是你購買的是人才和能力？您能否舉一個實際例子來說明這項收購能為你們帶來什麼好處？然後能否說一下這是現金交易還是股權交易？

So I can take the first half of that. Although we did buy assets, this is primarily getting the team. And this is a team that has worked together for a very long time. The founder of the company is someone we had worked with in the past when he was running another company in the data space, so we know the people well. And this has really been able to get us top-tier talent very quickly and I'd say that's the majority of what makes us excited. That being said, there are some assets, there's some ML/AI models that help us segment our customers very quickly. Some of the infrastructure to plug in with third parties and do segmentation is pre-built. So it's moving our roadmap along a little faster than if we were to do it ourselves, but with a much better talent bench and more starting on third base versus hiring up unknown entities that may or may not be as successful. So it really de-risks in our mind the infrastructure we need to build.

所以我可以取前半部。雖然我們確實購買了資產，但這主要是為了獲得團隊。這是一個已經合作了很長時間的團隊。該公司的創辦人是我們過去合作過的人，當時他正在經營另一家數據領域的公司，所以我們很了解他。這確實能夠讓我們快速獲得頂尖人才，我想這就是讓我們興奮的主要原因。話雖如此，還是有一些資產，有一些 ML/AI 模型可以幫助我們快速細分客戶。一些用於與第三方連接並進行細分的基礎設施是預先建立的。因此，與我們自己做相比，這可以讓我們的發展路線圖進展得更快一些，但我們擁有更優秀的人才儲備，並且更多地從三壘開始，而不是僱用那些可能成功也可能不成功的未知實體。因此，它確實在我們心中降低了我們需要建造的基礎設施的風險。

And Wei, just on the specifics of your question, we've said it's a small acquisition. As Chris said, it's mainly about the sort of people and the models. Very specifically, it's $4.5 million asset acquisition with a mix between cash and equity.

魏先生，就您問題的具體內容而言，我們已經說過這​​是一項小型收購。正如克里斯所說，這主要與人和模型的類型有關。具體來說，這是一項價值 450 萬美元的資產收購，採用現金和股權混合的方式。

Thanks so much.

非常感謝。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great. Thanks very much, guys. Chris, can you clarify the comment you made earlier about an increase in seasonality? Was that just focused on the hardware side or is that a broader statement? That's my first question. And then the second one, I appreciate the commentary on pets, I guess, can you give us maybe an update on the product roadmap or just general thoughts about elder care? That would be great. Thank you.

偉大的。非常感謝，大家。克里斯，您能否澄清一下您先前關於季節性增加的評論？這僅僅關注硬體方面還是一個更廣泛的說法？這是我的第一個問題。然後第二個問題，我很欣賞您對寵物的評論，我想，您能否向我們提供有關產品路線圖的最新信息，或者只是關於老年人護理的一般想法？那太好了。謝謝。

Sure. On the seasonality piece, do you remember the context of which comment that was?

當然。關於季節性的部分，您還記得那則評論的背景嗎？

It was part of the wrap-up to the guidance, I believe, in your prepared remarks.

我相信，這是您準備好的發言中對指導意見總結的一部分。

Got it. The seasonality is -- Russell, do you remember the exact specifics on that one?

知道了。季節性是——拉塞爾，你還記得那個的具體細節嗎？

Yeah. Mark, the only point we're making there is that as we move forward, we are becoming a little more seasonal with, obviously, we've had that seasonality with hardware. Advertising, as it ramps up, is seasonal both in terms of the ramp-up but also in terms of, obviously, there's more activity in sort of holiday seasons, et cetera. So that was the gist of the comment. But the other aspect which I specifically talked about is that we are increasing marketing spend a little more this year, and that's a little bit first half-weighted in order to really help drive subscription over the course of the year.

是的。馬克，我們唯一要說的是，隨著我們不斷前進，我們的產品會變得更加季節性，顯然，我們的硬體已經具有了這種季節性。隨著廣告業務的增加，廣告業務具有季節性，不僅表現在成長速度方面，而且很明顯，在假日等季節，廣告業務會更加活躍。這就是該評論的要點。但我特別談到的另一個方面是，我們今年將稍微增加行銷支出，這在一定程度上是上半年的加權，以便真正幫助推動全年的訂閱​​量。

Okay. Perfect. Thank you, Russell.

好的。完美的。謝謝你，拉塞爾。

And on the elder care front, I'll start with a bit of a personal anecdote. So I am working on this feature with our former COO, David Rice, who's running international and also doing special projects with me. We unfortunately both have moms who are going to be users of what we're building. My mom has dementia and David's mom is just getting to that age where her brain is sharp but really need a lot of help. So we are both experiencing the products in the market today and we are just -- this should be the easiest layup in the world because they all suck, they are low quality, nobody likes them, and they're exorbitantly priced.

在老年人護理方面，我將從一些個人軼事開始。因此，我正在與我們的前首席營運長 David Rice 合作開發此功能，他負責國際業務，也與我一起做一些特殊專案。不幸的是，我們兩個的媽媽將成為我們所建立產品的使用者。我的媽媽患有失智症，大衛的媽媽也正處於大腦敏銳但確實需要大量幫助的年齡。因此，我們都在體驗當今市場上的產品，我們只是——這應該是世界上最容易的上籃，因為它們都很爛，品質低劣，沒有人喜歡它們，而且價格過高。

And if you look at what we can do, in many regards, it's the same advantage we already have which is we already have the customers and we often already have the seniors who are using Life360 standalone, but now need a little bit of extra help and they don't feel threatened by Life360 in particular, just more frail seniors, non-memory care ones, because they're already in the ecosystem.

如果你看看我們能做什麼，你會發現在很多方面，我們的優勢都和我們已有的優勢相同，那就是我們已經擁有客戶，而且我們通常已經擁有獨立使用 Life360 的老年人，但現在他們需要一點額外的幫助，他們並不覺得 Life360 對他們構成威脅，只是對更虛弱的老年人、非記憶護理老年人構成威脅，因為他們已經融入了生態系統。

And so if you look at what we can do, we're going to start with software-only features which are very simple ones like his mom or dad or whoever, when's the last time they picked up the phone? Are they taking steps? I know from my mom, a lot of the time she's just in the house and she does pick up her phone, but I don't know she's been active. And I have done all these weird hacks like I check her video doorbell, I check different cameras in the house. I have this thing called the Jubilee TV which is actually quite good which senses presence in the room.

所以如果你看看我們能做什麼，我們將從純軟體功能開始，這些功能非常簡單，例如他的媽媽或爸爸或其他人，他們上次接電話是什麼時候？他們正在採取措施嗎？我從我媽媽那裡得知，很多時候她都待在家裡，她確實會拿起手機，但我不知道她是否活躍。我做過各種奇怪的駭客行為，例如檢查她的視訊門鈴，檢查房子裡的不同攝影機。我有一個叫做 Jubilee TV 的東西，它實際上非常好，可以感知房間裡的存在。

We can do that all from the phone. We can also do that when we have a device. Like mom was last active an hour ago. Can't really get that from Life360 today because all you know is where the phone is. So we can do that purely in software than with the hardware. We have a huge network of people. I live in a small town and it's very helpful where people actually, a couple of times a mom has wandered and they've helped bring her home and that's been very nice; but imagine if you didn't have that personal tie, you could notify the nearby Life360 members around you that, hey, this person's wandered and here's where they are, can you help them out, have a bit of that community feeling.

我們可以透過電話完成這一切。當我們有設備時我們也可以這樣做。就像媽媽最後一次活動是在一小時前。今天無法從 Life360 獲得這些信息，因為你只知道手機在哪裡。因此，我們可以純粹透過軟體而不是硬體來實現這一點。我們擁有龐大的人脈網絡。我住在一個小鎮上，這裡的人們確實很有幫助，有幾次一位媽媽走失了，他們幫助她回家，這非常好；但想像一下，如果你沒有這種個人聯繫，你可以通知你周圍的 Life360 會員，嘿，這個人走失了，他們在這裡，你能幫助他們嗎，有一點社區感覺。

And then from a hardware standpoint, a lot of what exists on the market, it's usually as I fall and I can't get up alarm services, they're really more marketing companies because they were not targeting the millennials and younger Gen X-ers who are now the buyers of these products, their aging parents. They were going through late night TV and doctors' offices and they were not winning on product quality. So bad battery life, bad industrial design, not very comfortable. None of the technology we have. And so if you look at what we can do, we'll be able to pair a hardware device to the phone, we'll be able to really have good battery life. It's going to be seamlessly integrated in Life360, so it's not a whole new product.

然後從硬體的角度來看，市場上存在的許多產品，通常是當我摔倒並且無法起身時發出的警報服務，它們實際上更多的是營銷公司，因為它們的目標客戶不是千禧一代和年輕的 X 世代，而這些人現在是這些產品的購買者，也就是他們年邁的父母。他們透過深夜電視和醫生辦公室尋找答案，但他們的產品品質並沒有取勝。電池壽命太差，工業設計太差，不太舒服。我們沒有任何技術。所以如果你看看我們能做什麼，我們就能夠將硬體設備與手機配對，我們就能真正擁有良好的電池壽命。它將與 Life360 無縫集成，因此它不是一個全新的產品。

And that same story of we will not have a customer acquisition cost when we market to our customers. And we can pick up signals. People now say their roles in the family. We know exactly who's a grandparent. We know how old they are. We can start surfacing these different features to you. If we see a senior moves to a new home that often might mean they're moving to a senior residential neighborhood. That's a great time for us to start helping our customers out.

同樣，當我們向客戶行銷時，我們不會產生客戶獲取成本。我們就能接收到訊號。人們現在說出他們在家庭中的角色。我們確切地知道誰是祖父母。我們知道他們的年齡。我們可以開始向您展示這些不同的功能。如果我們看到一位老人搬到新家，這通常意味著他們要搬到老年住宅區。這對我們來說是一個開始幫助客戶的好時機。

So that will be 2026. I wish we could do it sooner. It's just scarce resources. But the really cool thing about our hardware strategy is if you take the pet device and the senior device, it's kind of the same thing, just with a different shell around it. So the technology is very extensible and even some of the software features are going to be similar. We're going to have the pet finding network, which our competitors can't really have because they don't really have the customer base we do. Lost pet, lost senior, lost kid, it's really all the same features. So I'm excited to start this drumbeat of launching out into these different services that line up to the core and build out that people, pets, things ecosystem I think is really just starting to come to life right now.

那麼那將是 2026 年。我希望我們能早點做到這一點。這只是稀缺資源。但我們的硬體策略真正酷的地方在於，如果你拿寵物設備和老年設備來看，它們是同一件事，只是外殼不同。因此該技術具有很強的擴展性，甚至一些軟體功能也會相似。我們將擁有寵物尋找網絡，這是我們的競爭對手無法擁有的，因為他們沒有我們這樣的客戶群。失蹤的寵物、失蹤的老人、失蹤的孩子，其實都是相同的特徵。因此，我很高興開始推出這些不同的服務，這些服務與核心一致，並建立人、寵物、事物的生態系統，我認為現在才剛開始活躍起來。

Thanks a lot, Chris. I appreciate that.

非常感謝，克里斯。我很感激。

We've come to the end of our time. This last question is from Chris Savage at Bell Potter. And then we'll close out the call.

我們的時間已經到了盡頭。最後一個問題來自 Bell Potter 的 Chris Savage。然後我們就結束通話。

Thanks, RJ. Very quick. So a bit obscure, but you're suggesting hardware revenue will go backwards this year, and that's obviously despite the relaunch or the new product launch of Tile. So what's driving that? Are you basically going to give more away to drive subscription of the Jiobit or Tile, or what's the story there?

謝謝，RJ。非常快。有點模糊，但您是說今年硬體收入將會倒退，儘管 Tile 重新推出或推出了新產品，但情況顯然如此。那麼，是什麼原因導致這現象的發生呢？您是否會提供更多優惠來推動 Jiobit 或 Tile 的訂閱，或者那裡的故事是什麼？

So we're focused on, first, as you mentioned, giving them away and driving subscriptions. That's the reason we did the acquisition. We know hardware revenue isn't particularly exciting. It's not a great business to be in per se, but driving subscriptions is a great business. So that's continuing to be more of the theme. We actually will be deprecating the Tile app. We'll all be through Life360. And every time you buy a Tile device, you will be activating your account on Life360 which gives us that swing it upsell, so we would definitely prefer lower pricing, giving more away, all that if it's going to drive subs.

因此，正如您所說，我們首先關注的是免費贈送和推動訂閱。這就是我們進行收購的原因。我們知道硬體收入並不是特別令人興奮。從本質上來說，這並不是什麼了不起的生意，但推動訂閱卻是一門偉大的生意。因此這將繼續成為主題。我們實際上將棄用 Tile 應用程式。我們都會通過 Life360。每次您購買 Tile 設備時，您都將啟動 Life360 上的帳戶，這為我們提供了追加銷售的機會，因此，如果這能增加訂閱量，我們絕對希望降低價格、贈送更多產品。

We should also be open that retail has been challenging. I think at some point, especially with pets and all that when we're going to be very differentiated, it will help, but we need to be open that Apple really does dominate this space right now. And when retailers already have AirTags and there's been a kind of a declining brick-and-mortar foot traffic presence in consumer electronics anyway, that's been frustrating. But not really impacting that core. And as we differentiate and if this Hubble partnership works, and I'm very excited to give updates on that, we will leapfrog AirTags and maybe we can bully everybody out because if we have the satellite-compatible Tile devices, the only benefit that we see Apple having will go away and we're across platform and we don't have any of the onerous controls, but that will probably be more of a '26 thing. But for now, focused on driving subscriptions, lowering costs, giving them away with some admitted weakness in retail as we still are fighting those headwinds of just the broader trends and Apple still being this behemoth we're chipping away at.

我們也應該坦然承認零售業一直面臨挑戰。我認為在某種程度上，特別是在寵物和所有那些我們需要實現差異化的地方，它會有所幫助，但我們需要坦誠地承認，蘋果現在確實主導著這個領域。當零售商已經擁有 AirTags 並且實體店的消費性電子產品客流量不斷下降時，這令人沮喪。但實際上並沒有影響到核心。隨著我們實現差異化，如果與哈伯的合作關係成功，我很高興能就此發布最新消息，我們將超越 AirTags，也許我們可以超越所有人，因為如果我們擁有兼容衛星的 Tile 設備，我們看到蘋果擁有的唯一優勢將會消失，我們跨平台，沒有任何繁瑣的控制，但這可能更像是 26 年的事情。但就目前而言，我們專注於推動訂閱，降低成本，免費提供訂閱服務，但我們承認零售業存在一些弱點，因為我們仍在與更廣泛趨勢的逆風作鬥爭，而蘋果仍然是我們正在削弱的龐然大物。

Sure. Thank you.

當然。謝謝。

This concludes our call. Chris, I'll turn it back over to you real quick for parting remarks.

我們的通話到此結束。克里斯，我會很快把話題轉回給你，讓你發表臨別贈言。

I have no parting remarks. Very excited about the year to come and spending some time with some of you in coming weeks. Thank you, all.

我沒有什麼臨別贈言。我非常期待即將到來的一年，並計劃在接下來的幾週內與你們中的一些人共度時光。謝謝大家。

Thanks.

謝謝。