Life360 Inc (LIF) 2025 Q1 法說會逐字稿

Greetings, everyone, and welcome to our first quarter 2025 earnings conference call. This call is being conducted as a Zoom audio webinar. (Operator Instructions)

大家好，歡迎參加我們 2025 年第一季財報電話會議。本次通話以 Zoom 音訊網路研討會的形式進行。（操作員指示）

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.

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。

A summary of these risks may be found in the Risk Factors section of our Form 10-K filing with the SEC dated February 27, 2025, and in our most recent Form 10-Q. These forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, May 12, 2025, and we have no obligation to update these statements as a result of new information or future events, except when required by law.

這些風險的摘要可以在我們 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」部分以及我們最新的 10-Q 表格中找到。這些前瞻性陳述是基於我們認為截至今天（2025 年 5 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. 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 指標不應被視為與我們的 GAAP 結果相脫離、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 財務指標的調整包含在該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 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 an overview of results from our Co-Founder and CEO, Chris Hulls, followed by a business update from our Chief Operating Officer, Lauren Antonoff. Then, our Chief Financial Officer, Russell Burke, will walk through the Q1 2025 financials. Chris will return with comments on our updated 2025 outlook before we open up the call for Q&A.

我們將首先由我們的聯合創始人兼首席執行官 Chris Hulls 概述業績，然後由我們的首席營運長 Lauren Antonoff 介紹業務最新情況。然後，我們的財務長 Russell Burke 將介紹 2025 年第一季的財務狀況。在我們開始問答環節之前，克里斯將對我們更新後的 2025 年展望發表評論。

(Operator Instructions)

（操作員指示）

With that, I'll turn the call over to Chris.

說完這些，我會把電話轉給克里斯。

Good afternoon to everyone joining from the US, and good morning to those tuning in from Australia. Thank you for being here for our first quarter results call. Life360 started strong in Q1 2025, achieving record-breaking results across both monthly active users and paying circles while continuing to advance our broader vision of becoming a super app for everyday family life. These results underscore the strength of our product market fit, the value of our subscription model, and the resilience of our business in an uncertain environment.

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一季業績電話會議。Life360 在 2025 年第一季表現強勁，在每月活躍用戶和付費圈方面均取得了破紀錄的成績，同時繼續推進我們成為日常家庭生活的超級應用程式的更廣闊願景。這些結果凸顯了我們的產品市場契合度、訂閱模式的價值以及業務在不確定環境中的韌性。

Our member base grew 4.1 million new MAUs this quarter, reaching 83.7 million, up 26% year-over-year. We also saw strong momentum in our subscription business with paying circles growing 26% year-over-year to 2.4 million, including a record Q1 net increase of 137,000 paying circles.

本季我們的會員數增加了 410 萬，達到 8,370 萬，年增 26%。我們的訂閱業務也呈現強勁勢頭，付費圈年增 26%，達到 240 萬個，其中第一季付費圈淨增 13.7 萬個，創歷史新高。

International expansion continues to be a powerful growth driver. International MAUs rose 39% year-over-year and paying circles were up 33% even with price changes to legacy subscribers outside of our core triple tier markets. Importantly, average revenue per paying circle in international markets grew by 39% year-over-year, thanks to our updated premium pricing strategy. These improvements are enabling us to further scale our multi-tier approach in international markets.

國際擴張持續成為強勁的成長動力。儘管我們核心三級市場以外的傳統用戶價格有所變化，但國際 MAU 年比成長 39%，付費圈仍成長 33%。重要的是，由於我們更新了優質定價策略，國際市場每個付費圈的平均收入年增了 39%。這些改進使我們能夠進一步擴大我們在國際市場上的多層次方法。

In today's environment, where economic uncertainty, shipping markets, and everyday anxieties weigh heavily on families, people are seeking stability and trust more than ever. Life360 meets that need, whether it's knowing your child got home safely, being alerted to a car crash in realtime, or simply staying connected across generations, our platform offers peace of mind in a world that can feel unpredictable.

在當今的環境下，經濟不確定性、航運市場和日常焦慮給家庭帶來沉重的壓力，人們比以往任何時候都更尋求穩定和信任。Life360 滿足了這一需求，無論是知道您的孩子安全回家，即時收到車禍警報，還是簡單地保持跨代聯繫，我們的平台都能讓您在這個難以預測的世界中安心。

Our Q1 performance reflects not only the strength of our model, but the growing demand for services that bring peace of mind in a world that feels increasingly uncertain. As a daily essential for millions of families, we're not just helping people through uncertain times, we're building something they can rely on no matter what lies ahead. That's the kind of value that resonates with the consumers today. And it's the kind of reliable durability that investors can feel confident about.

我們第一季的業績不僅反映了我們模式的優勢，也反映了在這個日益不確定的世界中，人們對帶來安心的服務的需求日益增長。作為數百萬家庭的日常必需品，我們不僅在幫助人們度過不​​確定的時期，還在為他們打造無論未來如何都可以依賴的東西。這就是當今消費者能夠產生共鳴的價值觀。它的可靠性和耐用性值得投資者信賴。

We're also encouraged by recent Federal Court ruling related to Apple's App Store policies that allows apps to direct users to external payment platforms. In response, we are implementing web-based checkout options with our first update launching in June. We're taking a thoughtful, compliant approach, and we'll test different flows to optimize the user experience. While still early, we see this as a meaningful opportunity and are moving quickly to position ourselves for long-term benefit.

我們也對聯邦法院最近有關蘋果應用商店政策的裁決感到鼓舞，該裁決允許應用程式將用戶引導至外部支付平台。作為回應，我們將於 6 月推出基於網路的結帳選項的首次更新。我們採取周到、合規的方法，並將測試不同的流程以優化使用者體驗。雖然還處於早期階段，但我們認為這是一個有意義的機會，並且正在迅速採取行動，為長期利益做好準備。

Before I turn it to Lauren, I want to share milestone that brings Life360's journey full circle. As many of you know, the idea for Life360 was born in the wake of Hurricane Katrina when I saw how hard it was for families to reconnect after disaster. That moment inspired our mission to keep family safe and connected when it matters most.

在轉向勞倫之前，我想分享一下 Life360 旅程的里程碑。你們很多人都知道，Life360 的想法是在卡崔娜颶風過後誕生的，當時我看到災難發生後家人很難重新聯繫。那一刻激發了我們的使命：在最重要的時刻確保家人的安全和聯繫。

Today, nearly two decades later, we're proud to announce a partnership with AccuWeather, the global leader in weather forecasting. This collaboration will bring realtime location-specific severe weather alerts to our members. It's a powerful evolution of our platform, combining our core location technology with critical life-saving information. It's a reminder that Life360's mission is as relevant today as when we started.

今天，近二十年後，我們很自豪地宣布與全球領先的天氣預報公司 AccuWeather 建立合作夥伴關係。此次合作將為我們的會員帶來即時特定位置的惡劣天氣警報。這是我們平台的強大進化，將我們的核心定位技術與關鍵的救生資訊結合在一起。這提醒我們，Life360 的使命在今天仍然與我們剛開始時一樣重要。

With that, I'll turn it over to Lauren to share more on what she's seeing on the front lines.

接下來，我將把時間交給勞倫，讓她分享更多她在前線看到的情況。

Thanks, Chris. 2025 is off to a strong start. We're creating enduring value by helping families stay connected to the people, pets, and things they love. Most of our growth continues to come organically through word of mouth and referrals. Even in our most mature US regions, we're seeing strong momentum, underscoring the meaningful runway ahead.

謝謝，克里斯。 2025 年開局強勁。我們透過幫助家庭與他們所愛的人、寵物和事物保持聯繫來創造持久的價值。我們的大部分成長仍然透過口耳相傳和推薦自然而然地實現。即使在我們最成熟的美國地區，我們也看到了強勁的發展勢頭，突顯了未來有意義的發展道路。

While penetration is increasing, we continue to believe that we're still early in our journey, both in the US and especially in international markets. As we scale, our clear objective is to create long-term durable value in a disciplined way, not just short-term wins. We put an emphasis on experimentation so that we're continually learning from our customers and discovering what works. Our results reflect this, consistent subscriber growth, increased engagement, and expanding lifetime value.

儘管滲透率正在提高，但我們仍然相信，無論是在美國，還是在國際市場上，我們的發展歷程仍處於早期階段。隨著規模的擴大，我們的明確目標是以規範的方式創造長期持久的價值，而不僅僅是短期的勝利。我們重視實驗，以便我們不斷向客戶學習並發現有效的方法。我們的結果反映了這一點，即用戶數量持續成長、參與度不斷提高、終身價值不斷擴大。

Internationally, we remain significantly underpenetrated. Given the huge opportunity, we're executing full funnel marketing campaigns across our focus markets to boost brand awareness and drive MAU growth. We're also increasing the value we deliver to members beyond these regions, by expanding emergency dispatch features, including SOS and crash detection to drive global adoption of our premium tiers.

在國際上，我們的滲透率仍然很低。鑑於這一巨大機遇，我們正在專注於市場進行全方位行銷活動，以提高品牌知名度並推動 MAU 成長。我們還透過擴展緊急調度功能（包括 SOS 和碰撞檢測）來增加我們為這些地區以外的會員提供的價值，以推動我們高級套餐的全球採用。

Our freemium model remains the heart of our strategy. We introduced users to the platform and then guide them towards premium features that offer unmatched peace of mind. That's what drives our consistent compounding subscriber growth.

我們的免費增值模式仍然是我們策略的核心。我們向用戶介紹平台，然後引導他們使用可提供無與倫比的安心的高級功能。這就是推動我們用戶數量持續複合成長的動力。

Given the importance of our free member base, this year, we're focused on elevating the core Life360 app experience. In Q1, we launched a major update to our iOS map, delivering a faster, more intuitive interface and improved location accuracy. We're working on a similar update for Android for later this year.

鑑於免費會員基礎的重要性，今年我們專注於提升核心 Life360 應用體驗。在第一季度，我們對 iOS 地圖進行了重大更新，提供了更快、更直觀的介面和更高的定位精度。我們正在為今年稍後推出的 Android 版推出類似的更新。

We're also making progress on new premium experiences tailored towards specific use cases like pet safety, to deepen engagement and broaden our value proposition. These enhancements, paired with targeted marketing, are designed to accelerate conversion of free users into long-term subscribers.

我們也在針對寵物安全等特定用例客製化新的優質體驗方面取得進展，以加深參與度並拓寬我們的價值主張。這些增強功能與有針對性的行銷相結合，旨在加速免費用戶轉化為長期訂閱者。

Speaking of marketing, I want to make sure you all caught the latest iteration of our Family-Proof Your Family brand campaign, which launched a couple of weeks ago. It confronts a hard truth that most brands would shy away from. We want to destigmatize the anxieties and intrusive thoughts that occur whenever our kids step out the door. The hero creative [apply] named, I think of you, dying illustrates the mother's worst fears in a morbidly comedic way by imagining all the horrible ways she worries about how her daughter could die.

說到行銷，我想確保大家都了解我們幾週前推出的「家庭證明你的家庭」品牌活動的最新版本。它直面了大多數品牌都會迴避的一個殘酷事實。我們希望消除孩子每次出門時產生的焦慮和侵入性想法。名為「我想到你」的英雄正在死去，他透過想像母親擔心女兒會以各種可怕的方式死去，以一種病態的喜劇方式描繪了母親最深切的恐懼。

Most of us who are mothers aren't eager to admit that we worry about the people we love and imagine all these worst-case scenarios about how they might get hurt, but it's one of those shared experiences that hits home and is really resonating. We took an innovative approach and tapped into a real human truth, albeit one that's almost too taboo to say out loud, to highlight the power at the core of the Life360 experience, peace of mind and the love we have for our families.

我們大多數母親都不願意承認，我們擔心我們所愛的人，並且想像他們可能受到傷害的所有最壞的情況，但這是那些令人觸動並引起共鳴的共同經歷之一。我們採取了一種創新的方法，挖掘了真實的人類真理，儘管這個真理幾乎太過禁忌而不能大聲說出來，以強調 Life360 體驗的核心力量、內心的平靜以及我們對家人的愛。

Families trust us because we show up for them every day. That trust and our relationship with our members is how we've won the right to build a family super app as the foundation of a business that lasts and scales far into the future.

家人信任我們，因為我們每天都為他們服務。這種信任以及我們與會員的關係使我們贏得了建立家庭超級應用程式的權利，並以此作為持久且可擴展的業務的基礎。

Hardware is a key part of how we go beyond the phone to make everyday family life better. Over the past quarter, we've made huge strides in our hardware strategy, which is designed to drive Life360 subscription growth. I'm thrilled to share that you can now activate and use Tile within Life360 without a separate Tile app. This lets our BLA trackers serve as an entry point to the Life360 ecosystem. We're nearing full integration of Tile into the Life360 app, which will soon become the default activation platform for all new devices, a major step in streamlining the experience and driving engagement.

硬體是我們如何超越手機，讓日常家庭生活變得更美好的關鍵部分。在過去的一個季度，我們在硬體策略方面取得了巨大進步，旨在推動 Life360 訂閱量的成長。我很高興地告訴大家，您現在可以在 Life360 中啟動和使用 Tile，而無需單獨的 Tile 應用程式。這使得我們的 BLA 追蹤器可以作為 Life360 生態系統的入口點。我們即將把 Tile 完全整合到 Life360 應用程式中，它將很快成為所有新設備的預設啟動平台，這是簡化體驗和推動參與的重要一步。

In Q1, we saw continued growth in the number of US premium subscribers linking Tile devices to their account despite challenging environment for consumers, further reinforcing how hardware enhances our broader subscription model. We expect member growth to accelerate as Life360 becomes the primary on-ramp for Tile customers.

在第一季度，儘管消費者面臨嚴峻的市場環境，但我們看到將 Tile 設備連結到其帳戶的美國高級訂閱用戶數量持續增長，這進一步證明了硬體如何增強我們更廣泛的訂閱模式。隨著 Life360 成為 Tile 客戶的主要入口，我們預計會員成長將會加速。

As you know, we're also preparing to expand our hardware line up to better serve evolving family needs. Our first GPS-enabled tracking device for pets remains on track for a Q4 launch as some of you may have already seen early beta versions in the app. Well, initially, we plan to launch with -- in the US, but in light of recent tariffs impacts on devices made in China, we made a call to shift the focus of our initial rollout to key international markets.

如您所知，我們也準備擴大我們的硬體產品線，以更好地滿足不斷變化的家庭需求。我們的第一款支援 GPS 的寵物追蹤設備仍將於第四季度推出，部分用戶可能已經在應用程式中看到了早期測試版本。嗯，最初，我們計劃在美國推出，但鑑於最近關稅對中國製造的設備的影響，我們決定將最初推出的重點轉移到主要的國際市場。

This strategic pivot mitigates tariff exposure and accelerates our entry into new global markets ahead of broader distribution in 2026. I'm super proud of the team for leveraging a challenge to expedite our international plans while mitigating risks. This flexibility is another way that we're leveraging the value of our expanding global presence.

這項策略轉變減輕了關稅風險，並加速了我們在 2026 年實現更廣泛分銷之前進入新的全球市場。我為團隊利用挑戰來加快我們的國際計劃並降低風險感到非常自豪。這種靈活性是我們利用不斷擴大的全球影響力的價值的另一種方式。

Q1 was also an exciting time for our advertising platform. We launched a successful case study with Uber, showcasing how our airport landing notifications drove a 12% click-through rate and over 60,000 rides well above industry benchmarks. We started alpha testing our first native ad format, geo-contextual notifications, which we plan to test launch with new partners in Q2. You can think of this as a way to alert members when someone in their circle stops by a local grocery store or a coffee shop. It's a great opportunity to add something to the shopping list. These ads allow brands to reach families at relevant real-world moments while delivering value to our members.

對於我們的廣告平台來說，第一季也是一個令人興奮的時刻。我們與 Uber 合作進行了一項成功的案例研究，展示了我們的機場著陸通知如何推動 12% 的點擊率和超過 60,000 次遠高於行業基準的行程。我們開始對我們的第一種原生廣告格式——地理環境通知進行 alpha 測試，並計劃在第二季度與新合作夥伴一起進行測試發布。您可以將其視為一種當圈子中的某人經過當地雜貨店或咖啡店時提醒成員的方式。這是在購物清單中添加新東西的好機會。這些廣告使品牌能夠在相關的現實世界時刻接觸家庭，同時為我們的會員帶來價值。

We're designing ad experiences with the explicit goal of making everyday family life better. The experiences we've created with Uber and AccuWeather are great examples of this mindset in action. I'll add that we see AI as a critical component of delivering uniquely relevant connections between advertisers and consumers. The integration of the Fantix team expands our personalization tools and accelerates our delivery of smarter privacy-first audience insights.

我們設計廣告體驗的明確目標是讓日常家庭生活變得更美好。我們與 Uber 和 AccuWeather 共同創造的體驗就是這種思維方式付諸實踐的絕佳例證。我想補充一點，我們認為人工智慧是建立廣告商和消費者之間獨特相關聯繫的關鍵組成部分。Fantix 團隊的整合擴展了我們的個人化工具，並加速了我們提供更聰明的隱私優先受眾洞察。

We recognize that tariffs may weigh on our -- on ad budgets near term, particularly in retail and DTC. But the capabilities we gained by bringing ad expertise in-house strengthen our long-term position. With enhanced off-site targeting and measurement offerings, we're well positioned to drive better ROI for advertisers alongside experiences designed for our members. This is a huge opportunity, though we recognize that it will take time to scale.

我們認識到關稅可能會在短期內對我們的廣告預算造成壓力，特別是在零售和DTC領域。但我們透過將廣告專業知識引入內部而獲得的能力增強了我們的長期地位。透過增強的站外定位和測量服務，我們可以為廣告主帶來更好的投資報酬率，同時為我們的會員提供設計體驗。這是一個巨大的機會，儘管我們認識到它需要時間來擴大規模。

In parallel, our data business continues to grow. We're seeing consistent progress with Placer.ai, and early progress at Hubble, which we believe has long-term potential to enhance device discovery and unlock future enterprise revenue opportunities. We recently formed a strategic partnership with Aura, expanding our reach through their employee benefits channel and creating new opportunities.

同時，我們的數據業務也在持續成長。我們看到 Placer.ai 取得了持續進展，Hubble 也取得了早期進展，我們相信這具有長期潛力，可以增強設備發現並釋放未來的企業收入機會。我們最近與 Aura 建立了策略合作夥伴關係，透過他們的員工福利管道擴大我們的影響力並創造新的機會。

At Life360, we're not just delivering growth, we're executing on a strategic plan to deliver consistent long-term growth. We're innovating with purpose to make everyday family life better, and we're executing with consistency. That's how we plan to win not just in 2025 but over the long term.

在 Life360，我們不僅實現成長，還執行策略計劃以實現長期持續成長。我們不斷創新，旨在讓日常家庭生活更加美好，並且我們始終如一地執行。這就是我們不僅要在 2025 年取得勝利，而且在長期取得勝利的計劃。

With that, I'll hand it over to Russell to walk through the financials and our continued focus on increasing profitability.

接下來，我將把主題交給 Russell，讓他介紹一下財務狀況以及我們對提高盈利能力的持續關注。

Thanks, Lauren, and thank you all for joining us today. As a reminder, the Q1 financials I'll be referencing are unaudited and denominated in US dollars. We are really pleased to report record-breaking Q1 results, driven by continued strength in our subscription business and growing contributions from our other revenue streams. Q1 revenue increased 32% year-on-year to $103.6 million, reflecting strong momentum in both subscription and other recurring revenue.

謝謝，勞倫，也謝謝大家今天加入我們。提醒一下，我將參考的第一季財務數據未經審計，以美元計價。我們非常高興地報告第一季創紀錄的業績，這得益於我們的訂閱業務持續強勁增長以及其他收入來源的貢獻不斷增長。第一季營收年增 32% 至 1.036 億美元，反映出訂閱收入和其他經常性收入均呈現強勁勢頭。

Subscription revenue grew 33% year-on-year, accelerating from Q4. Core Life360 subscription, which excludes hardware subscriptions, increased 37%, driven by 26% global paying circle growth and 8% higher ARPPC. This performance reflects improved retention across US markets, supported by targeted marketing and deeper product engagement.

訂閱收入年增 33%，成長速度較第四季有所加快。核心 Life360 訂閱（不包括硬體訂閱）成長了 37%，這得益於全球付費圈成長 26% 和 ARPPC 成長 8%。這項業績反映出，在有針對性的行銷和更深入的產品參與的支持下，美國市場的保留率有所提高。

Hardware revenue declined 13% year-over-year to $8.9 million, primarily due to softness at physical retail and increased discounts. Gross margin in hardware was impacted by fixed cost deleverage. While direct-to-consumer and online sales remain solid, retail store performance continues to be soft, in line with broader consumer electronic trends. Looking ahead, we anticipate these demand patterns to persist.

硬體營收年減 13% 至 890 萬美元，主要原因是實體零售疲軟和折扣增加。硬體的毛利率受到固定成本去槓桿的影響。儘管直接面向消費者的銷售和線上銷售依然穩健，但零售店的業績仍然疲軟，這與更廣泛的消費性電子產品趨勢一致。展望未來，我們預期這些需求模式將會持續下去。

While we anticipate partial tariff exemptions for our devices, we do expect tariffs to impact both revenue and costs in the near term. We've already adjusted our strategy based on current conditions and remain prepared to adapt further as the landscape evolves. Importantly, hardware continues to serve as a strategic on-ramp into our subscription ecosystem, supporting long-term value creation even as short term demand fluctuates.

雖然我們預計我們的設備將獲得部分關稅豁免，但我們確實預計關稅將在短期內影響收入和成本。我們已經根據當前情況調整了策略，並準備好隨著情況的變化進一步適應。重要的是，硬體繼續作為我們訂閱生態系統的戰略入口，即使短期需求波動也能支持長期價值創造。

Other revenue grew 99% year-over-year to $12.8 million, driven by strong contributions from advertising and data partnerships, which are both performing in line with expectations. March annualized monthly revenue reached $393 million, up 38% year-over-year, underscoring the strength and durability of our high-quality recurring revenue streams.

其他營收年增 99% 至 1,280 萬美元，這得益於廣告和數據合作夥伴關係的強勁貢獻，兩者的表現均符合預期。3 月年化月營收達到 3.93 億美元，年增 38%，凸顯了我們高品質經常性收入流的強勁和持久性。

Gross profit grew 39% year-over-year to $83.5 million with gross margin expanding to 81%, up from 77% in the prior year. This improvement was driven by a favorable revenue mix, including higher-margin other revenue. Operating expenses, excluding commissions, increased 21% year-over-year, demonstrating continued operating leverage as revenue and gross profit outpaced spend.

毛利年增 39% 至 8,350 萬美元，毛利率從上年的 77% 擴大至 81%。這一改善是由有利的收入組合推動的，其中包括利潤率更高的其他收入。不包括佣金的營運費用年增 21%，顯示由於收入和毛利超過支出，營運槓桿持續存在。

R&D increased 12%, primarily reflecting investments in people, technology and third-party services. Sales and marketing rose 43% due to investments in brand and acquisition campaigns ahead of key product launches. Commissions were in line with subscription revenue, and G&A grew 9%, consistent with overall company growth and continued organizational scaling.

研發費用增加了 12%，主要反映了對人員、技術和第三方服務的投資。由於在主要產品發布前對品牌和收購活動的投資，銷售額和行銷成長了 43%。佣金與訂閱收入一致，G&A 成長 9%，與公司整體成長和持續的組織擴張保持一致。

We continue to deliver meaningful progress on profitability. Net income was $4.4 million, a sharp improvement from a $9.8 million loss in Q1 of last year. Adjusted EBITDA rose to $15.9 million, up from $4.3 million in Q1 '24, our tenth consecutive quarter of positive adjusted EBITDA, driven by strong subscription growth and disciplined cost management.

我們在獲利能力方面繼續取得有意義的進展。淨收入為 440 萬美元，較去年第一季 980 萬美元的虧損大幅改善。調整後的 EBITDA 從 24 年第一季的 430 萬美元增至 1590 萬美元，這是我們連續第十個季度實現正調整後 EBITDA，這得益於強勁的訂閱量增長和嚴格的成本管理。

For modeling purposes, investors should expect that Q2 this year will include higher sales and marketing investment along with the impact of some personnel costs shifting from Q1 and Q3. As a result, Q2 will represent our trough for adjusted EBITDA in 2025 with profitability expected to [rebit down] in the second half as earlier investments support global growth initiatives.

出於建模目的，投資者應該預期今年第二季的銷售和行銷投資將增加，同時也受到第一季和第三季部分人員成本的影響。因此，第二季將代表我們 2025 年調整後 EBITDA 的低谷，由於早期投資支持全球成長計劃，預計下半年獲利能力將下降。

Looking briefly at the balance sheet and cash flow in Q1, we ended the quarter with $170.4 million in cash, cash equivalents and restricted cash, up $9.9 million from Q4. Operating cash flow was positive for the eighth consecutive quarter at $12.1 million, slightly below adjusted EBITDA due to the timing of receipts and payables.

簡要回顧第一季的資產負債表和現金流，我們在本季末擁有 1.704 億美元的現金、現金等價物和受限現金，比第四季增加了 990 萬美元。經營現金流量連續第八個季度為正，為 1,210 萬美元，由於收款和應付款項的時間，略低於調整後的 EBITDA。

Investing outflows of $4.3 million were primarily related to cash paid for the Fantix asset acquisition and internal software development. Financing inflows were $2.2 million and related mainly to net proceeds of option exercises and RSU settlements.

430 萬美元的投資流出主要與 Fantix 資產收購和內部軟體開發支付的現金有關。融資流入為 220 萬美元，主要與選擇權行使和 RSU 結算的淨收益有關。

Thanks for your attention. I'll now hand back to Chris to walk through our updated earnings guidance.

感謝您的關注。現在我將把交還給克里斯，讓他介紹我們更新後的獲利預測。

As we look ahead, we remain confident in the durability of our business, which delivers peace of mind to families and is built to perform through cycles. Despite ongoing economic pressures and cautious consumer spending, our subscription growth remains strong and consistent.

展望未來，我們仍然對我們業務的持久性充滿信心，它為家庭帶來了安心，並且能夠經受住週期的考驗。儘管經濟壓力持續存在且消費者支出謹慎，我們的訂閱量成長依然強勁且穩定。

We're actively managing the impact of new tariffs on our hardware products and have already adapted our strategy, shifting the launch of our pets device to focus initially on international markets, where we continue to see strong performance. This pivot reflects both the strength and flexibility of our model and our commitment to optimizing return on investment. We remain on track for a Q4 2025 pet tracker launch and continue to view hardware as a strategic differentiator, one that drives long-term subscription growth and deepens engagement across our ecosystem.

我們正在積極應對新關稅對我們硬體產品的影響，並已調整了我們的策略，將寵物設備的推出首先轉向國際市場，我們在國際市場上繼續看到強勁的表現。這一轉變反映了我們模型的優勢和靈活性，以及​​我們對優化投資回報的承諾。我們仍有望在 2025 年第四季推出寵物追蹤器，並繼續將硬體視為策略差異化因素，推動長期訂閱成長並深化我們整個生態系統的參與度。

We're executing with focus, expanding internationally, scaling our connected device portfolio and growing our advertising business with discipline while closely monitoring evolving market dynamics. Across all areas, we remain disciplined on cost and committed to long-term value creation. We are a durable high-impact business, serving families today and creating meaningful value for the future.

我們正集中精力執行，進行國際擴張，擴大我們的連網設備組合，並有紀律地發展我們的廣告業務，同時密切關注不斷變化的市場動態。在所有領域，我們都嚴格控製成本並致力於創造長期價值。我們是一家持久且具有高影響力的企業，服務當今的家庭並為未來創造有意義的價值。

With the resilience of our subscription model and proactive mitigation of tariff-related cost pressures, we are updating our full year 2025 guidance. Reaffirming consolidated revenue of $450 million to $480 million; subscription revenue of $355 million to $365 million, raising the range by $5 million from our previous outlook based on our strong start to the year. Hardware revenue of $40 million to $50 million, adjusting the range $5 million from our previous outlook to account for consumer demand sensitivity. Other revenue, which includes partnership and advertising of $55 million to $65 million. And positive adjusted EBITDA of $65 million to $75 million.

憑藉我們訂閱模式的彈性和主動緩解與關稅相關的成本壓力，我們正在更新 2025 年全年指引。重申綜合收入為 4.5 億美元至 4.8 億美元；訂閱收入為 3.55 億美元至 3.65 億美元，基於我們今年的強勁開局，該範圍比我們之前的預測提高了 500 萬美元。硬體收入為 4000 萬美元至 5000 萬美元，根據消費者需求敏感性，從我們先前的預測中調整了 500 萬美元的範圍。其他收入包括 5500 萬至 6500 萬美元的合作和廣告收入。調整後的 EBITDA 為正 6,500 萬至 7,500 萬美元。

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

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

(Operator Instructions)

（操作員指示）

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay. Two questions, please. The US price increases, you refer to them your learnings from those price increases in terms of maybe your long-term, I don't know, value proposition, the gap you have between the prices you're currently charging and what you're offering to customers. So learnings from the price increase?

好的。請問兩個問題。美國的價格上漲，你可以從這些價格上漲中學到教訓，也許可以作為你的長期價值主張，即你目前收取的價格和你向客戶提供的價格之間的差距。那麼從價格上漲我們學到了什麼？

And then secondly, can you talk about, as you've gotten a little bit more into this ad revenue generation and looks like growth is pretty good there. Your thoughts about the long term, like how do you think about how big that could be three to five years down the road? And any new learnings that give you greater insight into how much advertising revenue potential there is for the business long term? Thank you very much.

其次，您能否談談，由於您對廣告收入的投入有所增加，而且看起來成長勢頭良好。您對長期的看法是，例如，您認為三到五年後它會有多大？有哪些新的認知可以讓您更深入了解該業務長期的廣告收入潛力？非常感謝。

Sure. I will take the first question, and then I will let Lauren take the second, and they're somewhat tied together. So if you look at pricing, I think what you can see very clearly is we're leaving a lot on the table. Every time we've raised price, it's been taken very, very well by our consumers. And it's not surprising because we are a very low-cost product in relation to what we offer, in particular in relation to legacy competitors if you were to buy similar premium products.

當然。我將回答第一個問題，然後讓勞倫回答第二個問題，這兩個問題在某種程度上是連結在一起的。因此，如果你看一下定價，我想你可以很清楚地看到我們還有很多未實現的優惠。每次我們提高價格，消費者都會非常高興。這並不奇怪，因為相對於我們所提供的產品而言，我們的產品成本非常低，特別是與傳統競爭對手購買類似的高端產品相比。

And the vision, which we've been consistent about is build an amazing product, have a strong value surplus, so people feel really good about what they're getting. And while we're growing, it's not the right move to harvest to the maximum. At some point when growth slows down, and we are more mature, yes, sure, we might take out price, and we can see there's a -- we have not yet even once really kind of cheap away at retention.

我們的願景始終如一，就是打造一款令人驚嘆的產品，擁有龐大的價值盈餘，讓人們對所得到的產品感到非常滿意。而當我們在成長的時候，最大化的收穫並不是正確的做法。在某個時候，當成長放緩，我們變得更加成熟時，是的，當然，我們可能會降低價格，我們可以看到 - 我們甚至還沒有真正廉價地保留過。

But that's down the road, but I do think it should give investors and, quite frankly, the entire team, we take a lot of confidence that we do have a long way to go. And I think we've also seen just even more broadly, many have been surprised by just how much resilience consumer subscriptions have once they become part of people's daily routines, which we clearly are.

但那是未來的事，但我確實認為它應該給投資者，坦白說，整個團隊很大的信心，我們還有很長的路要走。我認為，我們也看到了更廣泛的現象，許多人對消費者訂閱一旦成為人們日常生活的一部分就具有如此大的彈性感到驚訝，而我們顯然已經這樣做了。

So we don't see any short-term huge price increases, in particular, in the US. We're more focused on adding value as we launch some of these new hardware products, we have like pets, we'll eventually have seniors. That's ways that we can push people to higher price points, but we really want to make sure that no matter what, our customers are getting that really good feeling of what they're paying for us because it is a differentiator for many of our legacy competitors who really have priced to perfection.

因此，我們不會看到任何短期大幅價格上漲，尤其是在美國。在推出一些新硬體產品時，我們更專注於增加價值，就像寵物一樣，我們最終也會有老年人。這是我們可以將人們推向更高價格點的方法，但我們真正想確保的是，無論怎樣，我們的客戶都能對他們為我們支付的費用感到滿意，因為這與我們許多真正定價完美的傳統競爭對手的不同之處在於不同。

Part of how we want to enable ourselves to keep the price low is through ads because if you have tasteful ads, that's a whole another revenue stream. And so I'll let Lauren quickly hit on that because, and she really has been the mastermind behind the ad business. So it's something that she's fully set up since she's been here. So over to you, Lauren.

我們希望能夠保持低價，其中一個方法是透過廣告，因為如果你有有品味的廣告，那將是另一個收入來源。因此，我會讓勞倫快速回答這個問題，因為她確實是廣告業務背後的策劃者。所以這是她來到這裡後就做好的安排。那麼交給你了，勞倫。

Thanks, Chris. We have said before that we think that the ads business has the potential to scale sort of on the same level as our subscription business, and we continue to be really bullish about the potential. We also recognize that we're super early. We're seeing really good progress, both good signals and then actually realizing the kind of results that we are hoping to see as we ramp the business. So feeling really bullish.

謝謝，克里斯。我們之前曾說過，我們認為廣告業務具有與訂閱業務同等規模的潛力，我們仍然對其潛力非常樂觀。我們也體認到我們起步還很早。我們看到了非常好的進展，既有好的訊號，而且隨著業務的成長，我們實際上也實現了我們希望看到的那種結果。所以感覺真的很樂觀。

I think what makes us special with ads is that we see this relationship between the value we're delivering advertisers and the value that we're delivering to customers. And that mindset that really connects customer value and advertiser value is a big unlock and makes us feel good about the investments we're making and the potential to create magical experiences that are ad powered.

我認為我們的廣告之所以特別，是因為我們看到了我們為廣告商提供的價值與我們為消費者提供的價值之間的關係。這種將客戶價值和廣告商價值真正聯繫起來的思維方式是一個巨大的突破，讓我們對正在進行的投資以及創造由廣告驅動的神奇體驗的潛力感到滿意。

Thank you, Lauren. Thank you, Chris.

謝謝你，勞倫。謝謝你，克里斯。

And Mark, just circling back to your comment referencing the US price increases, just so we're clear on that. We adjusted our annual plan prices in the early part of this year. As you will remember, the annual plan was at a significant discount from the monthly plan. So we've just made some adjustments to that, but that's the effective price increase for the US in this quarter.

馬克，回到你關於美國價格上漲的評論，這樣我們就能清楚了解這一點。我們在今年年初調整了年度計劃價格。您可能還記得，年度計劃比月度計劃有大幅折扣。因此，我們對此做了一些調整，但這是本季美國的實際價格上漲。

Thank you, Russell.

謝謝你，拉塞爾。

Laf, MST.

拉夫，MST。

I appreciate the opportunity to ask a question. I just wanted to follow up on a couple of these new partnerships/investment with Aura as well as AccuWeather, sorry. Can you -- is there revenue associated with either of these over time? Are you paying anything for AccuWeather? What's the ultimate strategy there? And if you could just talk us with the employment benefit channel for what does that mean? Where do you guys fit in? And how is the revenue going to work?

我很感謝有這個機會提出問題。我只是想跟進一下與 Aura 以及 AccuWeather 的一些新的合作夥伴關係/投資，抱歉。你能－隨著時間的推移，這兩者是否有相關的收入？您是否為 AccuWeather 付費？那裡的最終策略是什麼？您能否透過就業福利管道與我們談談這意味著什麼？你們適合去哪裡？那麼收入將如何產生呢？

Sure. I will take Aura and I'll let Lauren do AccuWeather because that is very much in her domain. It was a deal she led with the team. On Aura, it's a company I had a long-standing personal relationship with just getting to know them because they're also in the family safety space. They grow very differently than us. They have a number of channels that we haven't developed, the one that we're working with them on is B2B2C through employee benefits.

當然。我將負責 Aura，並讓 Lauren 負責 AccuWeather，因為這是她的專長。這是她與球隊達成的協議。關於 Aura，我與這家公司有著長期的私人關係，之所以認識他們，是因為他們也涉足家庭安全領域。它們的生長方式與我們截然不同。他們有許多我們尚未開發的管道，我們正在與他們合作的是透過員工福利進行的 B2B2C 管道。

So I'm not sure since we have some Australians on the call, I'm not sure how similarly it works for Australian employers, but if you are part of a US medium or large corporation, you usually get benefits offered to you as part of your annual election of benefits. And that is an opportunity for companies to sell products and services. Usually how it works is you get a little bit of a discount, but once people are on, you get very, very low churn because it comes directly out of your paycheck.

所以我不確定，因為我們有一些澳洲人參加電話會議，我不確定這對澳洲雇主來說有多相似，但如果你是美國中型或大型公司的一部分，你通常會在年度福利選擇中獲得福利。這對公司來說是一個銷售產品和服務的機會。通常的做法是，你會得到一點折扣，但一旦人們加入，你的客戶流失率就會非常非常低，因為折扣直接從你的薪水中扣除。

We have long wanted to look at that channel, but we're not a sales org, we're really a consumer product org, that is changing as Lauren builds out the ads team. But Aura has a great in already to that channel, and they're selling a similar-ish product. When I say similar-ish, the features aren't the same, but it's family safety. They're more taking the consumer online and digital safety side of things as everyone knows what we do. So very complementary.

我們一直想關注這個管道，但我們不是一個銷售組織，我們實際上是一個消費產品組織，隨著勞倫建立廣告團隊，這種情況正在改變。但 Aura 已經在該通路中佔據了很大份額，並且他們正在銷售類似的產品。當我說類似時，功能並不相同，但都是家庭安全。他們更專注於消費者在線上和數位安全方面，因為每個人都知道我們在做什麼。非常互補。

So they have a essentially a plug-and-play sales force that can market our product through that channel. And it's essentially a rev share. We haven't disclosed specifics, but there should be revenue associated with that. It's going to take some time to ramp up and they will also be an advertiser on the platform, but we're very excited about the long-term potential to sell that way.

因此，他們基本上擁有一支即插即用的銷售隊伍，可以透過該管道行銷我們的產品。這本質上是一種收入分成。我們還沒有透露具體細節，但應該要有相關的收入。這需要一些時間來提升，他們也將成為該平台上的廣告商，但我們對這種方式的長期銷售潛力感到非常興奮。

So I'll take the AccuWeather angle. the idea actually for working for AccuWeather started when we were re-envisioning the app and really thinking about what we wanted to do for members, and Chris mentioned the full circle nature of thinking about weather emergencies and those types of things. And so we approach them about how we could deliver that kind of value for our customers and then also what we could do for them in terms of letting them reach our audience. And we have made sort of a good relationship and a good foundation.

因此我將從 AccuWeather 的角度來談談。實際上，為 AccuWeather 工作的想法是在我們重新設想應用程式並真正思考我們想為會員做些什麼時開始的，Chris 提到了思考天氣緊急情況和諸如此類事情的全面性。因此，我們向他們詢問如何為客戶提供這種價值，以及我們可以為他們做些什麼來讓他們接觸到我們的受眾。我們已經建立了良好的關係和基礎。

We're starting with delivering customer value and really figuring out how to make the mechanics work. There are a lot of new capabilities we had to build in order to deliver those kind of alerts to members in certain areas and certain times. So we're focused on that first. And we think that there is a lot of value to be delivered on this from both sides, including commercial value over time, but we're starting simply by making the right experiences work building the foundation.

我們從提供客戶價值開始，並真正弄清楚如何讓機制發揮作用。為了在特定區域和特定時間向會員發送此類警報，我們必須建立許多新功能。因此我們首先關注的是這一點。我們認為雙方都可以從中實現許多價值，包括長期的商業價值，但我們的起點只是讓正確的體驗發揮作用，奠定基礎。

And Laf, just on, in terms of the revenue flow for Aura, we do expect to start seeing some advertising revenue in the current year and the employee benefits starting next year. But there's definitely a good level of expectation in terms of revenue flow there. And the advertising piece is part of our road map and part of what we look for '25.

Laf，就 Aura 的收入流而言，我們確實預計今年將開始看到一些廣告收入，明年將開始看到員工福利。但就收入流而言，人們肯定有著良好的期望。廣告部分是我們路線圖的一部分，也是我們 25 年展望的一部分。

Got it, thank you.

知道了，謝謝。

Maria, Canaccord.

瑪麗亞，卡納科德。

Yes, thanks so much. Thanks so much for taking my question. So I just wanted to ask about your subscription business, which continues to do really well. I guess, have you seen any sort of any changes in consumer behavior, whether it's sort of consumers opting for less expensive plans or maybe downgrading? I mean, obviously, the business continues to do well. I just want to emphasize that, and sort of what's the sort of the main reason behind full year increase in guidance for the subscription segment?

是的，非常感謝。非常感謝您回答我的問題。所以我只是想問一下你們的訂閱業務，它一直表現得很好。我想，您是否看到消費者行為發生了任何變化，無論是消費者選擇更便宜的計劃還是降級？我的意思是，顯然，業務繼續表現良好。我只是想強調這一點，訂閱部分全年指引增加的主要原因是什麼？

So we have not seen any slowdown. If anything, the opposite, which is great. Our view, which I hope doesn't get battle-tested when the tariffs were raging, we thought it might, is that when people get anxious, what are the categories that do well and home security, firearms as much as I don't like to be in those buckets. They do well, and I think we are a peace of mind product in a very low cost.

因此，我們並未看到任何放緩。如果有的話，情況恰恰相反，這很好。我們的觀點是，當人們感到焦慮時，哪些類別的產品表現良好？家庭安全和槍支，儘管我不喜歡它們被歸類為這些類別，但我希望在關稅肆虐時，這種觀點不會得到實踐檢驗，我們認為可能會。他們做得很好，我認為我們以非常低的成本提供了令人安心的產品。

We've been stress tested before during COVID, even though we lost 70% of our downloads for a few weeks when everyone was locked down. We do not get much subscription churn. So I think what we see is when people get anxious, Life360 is considered more of an essential item and it's not very expensive. So we're optimistic that even if there is a recession, we will do better than our peers. I'm sure if there's something extremely bad, we'll take some hit. But as of now, we're really not seeing anything.

在新冠疫情期間，我們已經接受過壓力測試，儘管在所有人都被封鎖的幾週內，我們的下載量損失了 70%。我們的訂閱流失率並不高。所以我認為我們看到的是，當人們感到焦慮時，Life360 被視為必需品，而且它不是很昂貴。因此，我們樂觀地認為，即使出現經濟衰退，我們也會比同行做得更好。我確信，如果發生極其糟糕的事情，我們就會受到打擊。但截至目前，我們確實沒有看到任何東西。

So as it relates to guidance, we had a record quarter we were not necessarily expecting that early on. And oftentimes, we have a good quarter, it bounces down, but it was well ahead of what our expectations were, and we're updating guidance as a result. And Russ, I don't know if you have anything to add to that.

因此，就指導而言，我們有一個創紀錄的季度，但我們早期並不一定能預料到這一點。很多時候，我們的季度業績很好，然後就會回落，但還是遠遠超出了我們的預期，因此我們會更新業績指引。拉斯，我不知道您是否還有什麼要補充的。

No. I mean that's the rationale. And because it's -- because we're essentially adding to paying circles early in the year, just the nature of the subscription model is that, that flows -- tends to flow through the balance of the year. So we've got a good level of visibility on subscription revenue. And thus, the increase in, or the raise to our guidance for subscription.

不。我的意思是這就是理由。因為我們基本上是在年初就加入了付費圈，所以訂閱模式的本質就是，這種流動——往往會貫穿全年的平衡。因此，我們對訂閱收入有很好的了解。因此，我們的認購指導會增加或提高。

And then one very small addition. International and US is doing very well and we're an organic business. And so international is something very hard to forecast, but that is really on track, which is a huge driver of the long-term outlook.

然後還有一個非常小的補充。國際和美國業務表現良好，我們是一家有機企業。因此，國際情勢很難預測，但確實正在步入正軌，這是長期前景的巨大推動力。

Thank you so much for the color.

非常感謝你提供的顏色。

Wei Sim, Jefferies.

魏思，傑富瑞。

Okay. Great. I just wanted to ask a question just on the Aura partnership. So I noticed that they also have some, I guess, deal with MetLife going on. So is the idea that we will get access to the MetLife channel on a look-forward basis and it's essentially kind of like a hunting license for them, and we get a rev share for that.

好的。偉大的。我只是想問一個有關 Aura 合作關係的問題。所以我注意到他們也與大都會人壽有一些交易。我們的想法是，我們將以前瞻性的方式獲得大都會人壽管道的訪問權，這對他們來說本質上就像是一種狩獵許可證，而我們則因此獲得收益分成。

And then, sorry, just the other one is on the financial side of the Aura thing. The $25 million that we announced, is that -- does that give us equity in Aura, how much -- and is that cash? Or is that kind of like offset for advertising credits? How does that part work?

然後，抱歉，另一個是關於 Aura 財務方面的問題。我們宣布的 2500 萬美元，這筆錢能給我們 Aura 的股權嗎？多少？是現金嗎？或者這類似於廣告信用的抵消？該部分如何運作？

I'll take the first half, and I'll let Russell answer the investment-related questions. You basically said it as well as I can. MetLife is the biggest benefits provider. Aura has spent a lot of time establishing that channel, and we will have access to it exactly like you said. And then we'll have a portion of rev share. There's some complexity in terms of how we price and all that. We're very optimistic it's going to do it very well, but the first year will be a learning year, and it will scale from there.

我將負責前半部分，讓 Russell 回答與投資相關的問題。基本上，您說的和我講的一樣好。大都會人壽是最大的福利提供者。Aura 花費了大量時間來建立該頻道，我們將按照您所說的方式訪問它。然後我們將獲得一部分收入分成。我們的定價方式等等都存在一些複雜性。我們非常樂觀地認為它會做得很好，但第一年將是學習的一年，然後它會逐漸擴大規模。

And Wei, in terms of the revenue side. Yeah, we do have high expectations over a period of time for the revenue flow from this partnership. But again, it will be sort of starting to establish those pieces. The investment itself, you will see is in the form of a convertible note, but we would absolutely expect it to flow into equity at some point in the future.

魏先生，就收入方面而言。是的，我們確實對此次合作在一段時間內帶來的收入流抱有很高的期望。但再次，它將開始建立這些部分。您會看到，投資本身是以可轉換票據的形式出現的，但我們絕對希望它在未來的某個時候流入股權。

Okay, got it. Thank you.

好的，明白了。謝謝。

Andrew, Citizens JMP.

安德魯，公民 JMP。

We've been seeing pet and beta in our own usage. Can you talk about any early results from pet tracking? And then what are kind of the expectations of that as pet does go live in 4Q and 2026?

我們在自己的使用中已經看到了 pet 和 beta 版本。您能談談寵物追蹤的早期成果嗎？那麼，當寵物在第四季和 2026 年上線時，您對此有何期望？

Well, I will let Lauren answer that one. A, because she's been spearheading it, and B, she has this tiny little dog who got lost and it's part of the reason she joined to begin with, I call it a rat, but we still saved -- we saved the rat. But Lauren, since you're so passionate about it, why don't you chime in on that one?

好吧，我請勞倫來回答這個問題。A，因為她一直在帶頭，B，她有一隻走失的小狗，這也是她加入的原因之一，我稱它為老鼠，但我們仍然救了——我們救了老鼠。但是勞倫，既然你對此如此熱衷，為什麼不加入進來呢？

Okay, I will do that. So the things that you're seeing in beta are not really performance testing. They're small scale in order for us to basically put water through the pipes and make sure that we can deliver a great end-to-end experience for our customers. So they help us refine the experience. We use it ourselves. We do a lot of -- well, in tech, we call it dog footing. It makes a lot of sense here when we're talking about pets.

好的，我會這麼做。因此，您在測試版中看到的內容並不是真正的效能測試。它們規模較小，基本上是為了將水輸送到管道中，並確保我們能夠為客戶提供出色的端到端體驗。所以他們幫助我們改善體驗。我們自己使用它。我們做了很多事——嗯，在科技領域，我們稱之為狗足戰術。當我們談論寵物時，這很有意義。

But we use our own product, and we let other customers use it. We find issues we need to refine, we find problems before we ship. So we don't really have performance insights or those kinds of things. The product is on track. We're excited about what it's going to do.

但是我們使用我們自己的產品，並且我們讓其他客戶使用它。我們發現需要改進的問題，我們在發貨前就發現問題。所以我們實際上沒有性能洞察或諸如此類的東西。產品已步入正軌。我們對它將要做的事情感到很興奮。

We're being a little bit -- we're taking a little bit more conservative approach, I think, in the world of tariffs that we might have otherwise just in terms of volumes, pulling back from retail a bit and really focusing on direct-to-consumer in part because it gives us the most flexibility to be responsive as the external environment changes. But this year is really a great learning experience. We're planning to get some decent volume. I'll let Russell talk about specific numbers if he wants to add anything. But all things are looking good. We're excited.

我認為，在關稅問題上，我們採取了比以往更保守的做法，相比之下，我們可能只在數量方面有所保留，我們會稍微退出零售業務，真正專注於直接面向消費者，部分原因是這讓我們能夠最靈活地應對外部環境的變化。但今年確實是一次很棒的學習經驗。我們計劃獲得一些相當不錯的銷量。如果拉塞爾想補充什麼的話，我會讓他談論具體的數字。但一切看起來都很好。我們很興奮。

Yeah. I don't think we're talking about sort of specific numbers yet. There's -- as we've said, we've pivoted our plan somewhat. So -- but this year is going to be a good test, and we expect to see some good flows there.

是的。我認為我們還沒有討論具體的數字。正如我們所說，我們已經稍微調整了我們的計劃。所以——但今年將是一個很好的考驗，我們期待看到一些好的進展。

Thank you.

謝謝。

Wei-Weng, RBC.

魏翁，RBC。

Hi guys. Yeah, I'm here. Thanks. Yes, just my question is around the Apple App Store changes. How do you expect them to play out for 360? Do we see -- should we expect to see an immediate step-up in margins? Or is it going to be more gradual? Like how do we think about this?

嗨，大家好。是的，我在這裡。謝謝。是的，我的問題是關於 Apple App Store 的變更。您期望他們為 360 做出怎樣的貢獻？我們是否應該期待利潤率立即上升？還是會更循序漸進？例如我們如何看待這個問題？

I would say, take a long-term lens, not a short-term lens, for those who have known us a while, we've been pretty consistent, and I think we're being slowly proven right that over time, Apple will lose more and more leverage for a number of reasons, namely antitrust and government scrutiny, it was happening much more overseas. Now it's come to the US with arguably the biggest ruling that is beneficial for us.

我想說，要用長遠的眼光來看，而不是短期的眼光，對於那些認識我們有一段時間的人來說，我們一直非常一致，我認為我們的觀點正在慢慢被證明是正確的，隨著時間的推移，蘋果將因為一些原因而失去越來越多的影響力，即反壟斷和政府審查，這種情況在海外發生得更多。現在，美國做出了對我們最有利的裁決。

The reason I'm saying don't make any short-term assumptions, this is going to get a little esoteric, but there are different types of credit card processing, including Apple Pay, which is very different than an app purchase. And it's unclear how much we can use Apple Pay, which is what we really need to have lower friction.

我之所以說不要做任何短期假設，是因為這會變得有點深奧，但信用卡處理有多種類型，包括 Apple Pay，這與應用程式購買有很大不同。目前還不清楚我們能在多大程度上使用 Apple Pay，而這正是我們真正需要的，以減少摩擦。

And I would be getting very esoteric if I went fully into it. But if I get a little more abstract, we're testing a number of flows. We're trying to see what we can get away with. We're watching very carefully the appeal process because there have been many starts and stops. If I'm a betting man, Apple is actually going to have to make the App Store more competitive with credit card because they know their monopoly is going away.

如果我完全深入其中，就會變得非常深奧。但如果我更抽像一點的話，我們正在測試許多流程。我們正在嘗試看看我們能逃脫什麼懲罰。我們正在密切關注上訴過程，因為上訴過程經歷了多次啟動和停止。如果我敢打賭，蘋果實際上將不得不讓 App Store 與信用卡更具競爭力，因為他們知道他們的壟斷地位正在消失。

So in the long term, I'd say this adds validation that 22.5% or whatever percentage is that we pay for payment processing will be going down. I definitely would not see an immediate benefit unless we get some pretty big news on Apple Pay. But as of now, we don't know. So we have not changed our forecast or guidance based on this decision yet. And of course, if things change, we will announce that and be very excited this year.

因此，從長遠來看，我認為這進一步證實了我們為支付處理支付的費用 22.5% 或其他百分比將會下降。除非我們獲得有關 Apple Pay 的重大新聞，否則我肯定不會看到直接的好處。但截至目前為止我們還不知道。因此，我們尚未根據這項決定改變我們的預測或指導。當然，如果情況發生變化，我們今年就會宣布，並且會感到非常興奮。

Okay, thanks so much. That's all from me.

好的，非常感謝。我要說的就這些。

Mark, Stifel.

馬克，史蒂費爾。

I wanted to ask you, just on the advertising side, I know obviously very uncertain times for all businesses. But given that you're a newer ad platform, are you still seeing the interest in testing out the platform? Or are you seeing people kind of saying, hey, let's wait until things kind of gets sorted out on the tariff front? I just -- how are those conversations going bigger picture? And I know the long-term view is intact to what Lauren said earlier, but just near term, I would love to know how those conversations are going.

我想問您，就廣告方面而言，我知道所有企業顯然都處於非常不確定的時期。但考慮到你們是一個較新的廣告平台，你們是否仍然對測試該平台感興趣？或者您是否看到有人說，嘿，讓我們等到關稅問題解決？我只是──這些對話如何產生更大的影響？我知道勞倫之前所說的長期觀點是完整的，但就短期而言，我很想知道這些對話的進展如何。

Lauren, do you want to take that one?

勞倫，你想拿那個嗎？

Sure. I think this is where we may benefit by our early and small scale. We have very few salespeople to start. We can only have so many conversations. And so we're always picking and choosing what conversations we want to have. So in that sense, we're able to sort of focus on those partnerships that are ready. There's a lot of brands that continue to do well and want to talk with us. So it hasn't hit us yet. There's some risk, but we haven't really experienced a big change yet.

當然。我認為這是我們早期和小規模可能帶來的好處。我們剛開始時的銷售人員非常少。我們只能進行這麼多的對話。因此，我們總是在挑選我們想要進行的對話。因此從這個意義上來說，我們能夠專注於那些已經準備好的合作關係。有很多品牌持續表現良好並希望與我們對話。所以它還沒有襲擊我們。雖然存在一些風險，但我們還沒有真正經歷重大變化。

Okay. Thank you. And then maybe one more just on the app refresh. Can you just remind us the main benefit of that is just making the sign-up flow to subscriptions a little bit easier? Is that kind of the gist of it? Or maybe I'm --

好的。謝謝。然後也許只需刷新應用程式即可。您能否提醒我們，這樣做的主要好處就是讓註冊訂閱流程變得更容易？這就是它的要點嗎？或者也許我--

I'll take this. If you think about why Life360 has been successful in the way it has, it's because we really, we earn this enthusiastic membership. People try us, they hear about us from someone. They try us out. Once they try us, we have a very high stick rate in our free member base and people enthusiastically tell other people. And that's based on the value they get in that free member experience. We think of it as the engine that powers everything else.

我要這個。如果您想一想 Life360 為何能取得如此大的成功，那是因為我們真正贏得了這些熱情的會員。人們嘗試過我們，他們從某人那裡聽說了我們。他們考驗我們。一旦他們嘗試了我們的產品，我們的免費會員群就會擁有非常高的忠誠度，人們會熱情地向其他人推薦我們。這是基於他們從免費會員體驗中獲得的價值。我們認為它是驅動一切的引擎。

The problem is if that experience stays the same, the rest of the world moves on, other apps add features and capabilities, the bar the expectations that customers have rise. And so if you're going to -- if we're going to keep that effect that's powered our business working well, we have to continually add value and create the light in that free experience. So that's one of the main focuses of investing in our free member experience just to make sure that we're nurturing this sort of -- this fuel source that powers the business.

問題是，如果這種體驗保持不變，世界其他地方繼續發展，其他應用程式增加功能和能力，客戶的期望就會上升。所以，如果我們要保持這種推動我們業務良好運作的效果，我們就必須不斷增加價值並在免費體驗中創造光芒。因此，這是我們投資免費會員體驗的主要重點之一，只是為了確保我們培養這種推動業務發展的燃料來源。

The other is that we're doing more and more sort of expanding the scenarios, adding things like pets or eventually aging parents, working with more and more partners. And that can put pressure against the user experience, where do you put the next feature? How does it fit in?

另一個是我們正在不斷擴展場景，添加寵物或年邁的父母等元素，與越來越多的伴侶合作。這會給使用者體驗帶來壓力，您會把下一個功能放在哪裡？它如何適應？

And so when we designed the app originally, we had a smaller set of use cases and now that we're adding so much more value, it's hard sometimes to figure out how do you show that in a way that customers can really find it in the way that you're unlocking that value.

因此，當我們最初設計應用程式時，我們只有一組較小的用例，而現在我們增加瞭如此多的價值，有時很難弄清楚如何以一種讓客戶能夠真正找到它的方式來展示它，以釋放這種價值。

So as we're thinking about this refresh, as we're thinking about this redesign, we really think about creating space, creating an interface that allows for customers to be more engaged in different parts of the app experience to hopefully have more dwell time, which will benefit advertising and create space for more and more features that we create as well as integrations with third parties.

因此，當我們考慮這次更新時，當我們考慮這次重新設計時，我們真正考慮的是創造空間，創建一個介面，讓客戶能夠更多地參與應用程式體驗的不同部分，希望有更多的停留時間，這將有利於廣告，並為我們創建的越來越多的功能以及與第三方的整合創造空間。

Perfect, Lauren. Thank you very much.

完美，勞倫。非常感謝。

James, Morgan Stanley

詹姆斯，摩根士丹利

So I guess I wanted to ask about pets. Could you maybe help us understand the difference between the product that's live on the Jiobit site and what you plan to launch in Q4. Maybe also some of the differentiating feature versus competition? And then help us understand how to think about the pricing strategy here, whether this is completely bundled, minimum terms, hardware purchases, et cetera.

所以我想問一下有關寵物的問題。您能否幫助我們了解 Jiobit 網站上的產品與您計劃在第四季度推出的產品之間的差異。也許還有一些與競爭對手不同的特色？然後幫助我們了解如何考慮這裡的定價策略，是否完全捆綁、最低條款、硬體購買等等。

Lauren, probably another good one for you.

勞倫，這對你來說可能又是另一個好消息。

Okay. I'm a big fan of the pups. So the guts of Jiobit, a lot of the same similar technology is used in the pet tracker. There's a lot of overlap in the tech and the platform that we're using. But we built basically from a ground up, a new device that is designed from a Life360 sort of family point of view, it's designed to work seamlessly as part of the Life360 ecosystem.

好的。我非常喜歡這些小狗。因此，Jiobit 的核心是寵物追蹤器中使用了許多相同的類似技術。我們使用的技術和平台有很多重疊之處。但我們基本上是從頭開始建造的，這是一種從 Life360 家庭角度設計的新設備，旨在作為 Life360 生態系統的一部分無縫運行。

We've been using -- the reason that we're sort of pushing Jiobit right now is that we're sort of using it to, again, test some of those pipes to test the underlying connection to Life360 is the same. We started with Jiobit to build those connections between the pet tracking capabilities and Life360.

我們一直在使用——我們現在推動 Jiobit 的原因是我們再次使用它來測試其中一些管道，以測試與 Life360 的底層連接是否相同。我們從 Jiobit 開始建立寵物追蹤功能和 Life360 之間的連結。

But the new device is -- I think one of the biggest changes is it's really built to work for pet scenarios. It is more durable. It is longer lasting, has a longer battery life. But the most important thing, I think, is how it works to show up as part of your family.

但新設備——我認為最大的變化之一是它真正適合寵物場景。它更加耐用。它的使用壽命更長，電池壽命也更長。但我認為最重要的是如何讓它成為你家庭的一部分。

And because of that, it obviously, it will be a bundled product. We think there's a lot of opportunity, particularly with the free user base to help that sort of conversion. And therefore, it will be a bundled product. It will be also available sort of separately, but with the subscription. So all of this is really geared towards continuing to boost subscription revenue.

正因為如此，它顯然會成為一款捆綁產品。我們認為有很多機會，特別是免費用戶群可以幫助實現這種轉變。因此，它將是一個捆綁產品。它也可以單獨提供，但需要訂閱。所以，這一切其實都是為了繼續提高訂閱收入。

Perfect. Thanks guys.

完美的。謝謝大家。

Chris, UBS.

瑞銀的克里斯。

Rob, Loop.

羅布，盧普。

I wanted to go back to the changes on the App Store fees if we could. I mean it's such a significant cost driver. Commission is 53%, sorry -- $53 million in revenue last year. So is there anything you can give us to just help calibrate sort of the expectations on sort of the potential outcomes? Is this like something that could potentially save like a couple of hundred basis points from that 20%-plus? Could it be meaningfully more? Is it just too many moving pieces and too early to even have to say too much more than just that it's clearly directionally positive?

如果可以的話，我想回顧一下 App Store 費用的變化。我的意思是，這是一個非常重要的成本驅動因素。佣金是 53%，不好意思——去年的收入是 5,300 萬美元。那麼您能給我們什麼資訊來幫助我們校準對潛在結果的預期嗎？這是否能從 20% 以上的利率中節省幾百個基點呢？還能更有意義嗎？是因為有太多變動，而且現在談論太多還為時過早，只能說它顯然具有積極的方向？

And then I have a follow-up on advertising, if I could ask, maybe we can answer that first, and I'll come back on advertising.

然後我對廣告有一個後續問題，如果我可以問的話，也許我們可以先回答這個問題，然後我再回過頭來談談廣告。

Yeah, I'll take that one and I'll let Lauren answer your ads question. Let me first explain why it's a little bit more complicated than it sounds. It's not just the cost. There's the conversion impact and the retention impact. The thing that's really good about in-app purchase is click, click, click, you've converted. The downside of that is you pay the big fees, and it's also very easy to cancel because I know many consumers, including myself, I just go into the App Store, iTunes, and I cancel all my subscriptions even as a pretty well off person. It's just so easy to cancel everything. And so people do that on Apple, and we don't keep that relationship with the consumer.

是的，我會接受這個問題，然後請勞倫回答你的廣告問題。首先讓我解釋為什麼它比聽起來更複雜。這不僅僅是成本問題。存在轉換影響和保留影響。應用程式內購買的真正好處是點擊、點擊、點擊，你就轉換了。這樣做的缺點是你需要支付高額費用，而且取消也非常容易，因為我知道很多消費者，包括我自己，我只需要進入 App Store、iTunes，然後取消所有訂閱，即使我是一個相當富裕的人。取消一切實在是太容易了。所以人們在蘋果上這樣做，而我們卻沒有與消費者維持這種關係。

So if you move to credit card, the only thing you know is that the payment process is going down. The other thing we essentially know is conversion will also go down unless you can use Apple Pay, which has credit card pricing, but with the same click, click, click conversion. And that if we knew we could use Apple Pay, I would put my reputation on the line to say, saving more than a few hundred basis points is a lot. It would be a massive, massive savings. That still remains unknown, which is why I'm being a little bit more cautious around our optimism.

因此，如果您改用信用卡，您唯一知道的就是支付流程正在崩潰。我們基本上知道的另一件事是，除非您可以使用 Apple Pay，否則轉換率也會下降，Apple Pay 有信用卡定價，但點擊、點擊、點擊轉換率是一樣的。如果我們知道可以使用 Apple Pay，我願意冒著名譽風險說，節省幾百個基點已經是很多了。這將是一筆巨大的節省。這仍然是一個未知數，這就是為什麼我對我們的樂觀態度更加謹慎。

If you take what we know we can do, which is do our own credit card collections, there are ways to reduce the friction, what does that do to retention? We know we're going to take a conversion impact, but are we going to make that up because we can have our own dunning strategies, we can have our own process of -- and now that we're going to trick users to stay, but like Apple doesn't even let you talk to them. And that takes a long time for the data to come through.

如果採用我們知道可以做的事情，即自己進行信用卡收款，那麼就有辦法減少摩擦，這對保留有什麼影響呢？我們知道我們會對轉換產生影響，但我們是否會彌補這一點，因為我們可以有自己的催款策略，我們可以有自己的流程——現在我們要誘騙用戶留下來，但就像蘋果甚至不讓你和他們說話一樣。資料傳輸需要很長時間。

So the team already has experiments out, which are going to test all of these things with the only exception being the big one, we just don't know if we're allowed to use Apple Pay. And so there could be a very good benefit today from what's already happened, probably not -- it still could be a couple hundred basis points, but still a little bit unknown. We will report back. And if we get word about being able to use Apple Pay, then that's a huge game changer.

因此，團隊已經進行了實驗，將測試所有這些東西，唯一的例外是最大的例外，我們只是不知道是否允許使用 Apple Pay。因此，從目前的情況來看，今天可能會有非常好的收益，但也可能不是——仍然可能有幾百個基點，但仍然有點未知。我們將報告結果。如果我們得知可以使用 Apple Pay，那麼這將是一個巨大的改變。

So -- and just to add to that, Rob, as Chris said before, in the long term, we absolutely see a benefit from this. This will only flow in one direction, it will benefit our costs in the longer term. But because of these complexities and the fact that we've seen before that Apple will make different moves, we're certainly not jumping to include that in any forecast or guidance for the time being. But we will pursue it and let you know when that starts to become meaningful.

所以 — — 補充一點，羅布，正如克里斯之前所說，從長遠來看，我們絕對會看到這樣做的好處。這只會朝著一個方向發展，從長遠來看，它將有利於我們的成本。但由於這些複雜性以及我們先前看到蘋果將採取不同舉措的事實，我們暫時不會將其納入任何預測或指導中。但我們會繼續努力，並在它變得有意義時通知您。

Okay, thanks Russell. Thanks, Chris. So Lauren, advertising, just thinking about maybe a two- or three- or longer year time frame, do you see bigger opportunity from like retail and local commerce or do you think the more near term, the sort of two- to three-year time frame is a little more focused on insurance and acquisition channel for other services and other sort of maybe vertical type opportunities.

好的，謝謝拉塞爾。謝謝，克里斯。那麼勞倫，廣告，只是考慮一下可能在兩年、三年或更長的時間範圍內，您是否看到零售和本地商業等方面的更大機會，或者您是否認為更短期內，兩到三年的時間範圍內更側重於保險和其他服務的收購渠道以及其他類型的機會。

I think we're still exploring what the best opportunities are. I would say we're in exploration mode and really looking at all sorts of different partnerships as brands come to us. So anybody who wants to reach consumers, I think we're an attractive way to do that. And we'll use the learnings from early partners to decide where to double down.

我認為我們仍在探索最佳機會。我想說的是，我們正處於探索模式，隨著品牌的到來，我們正在認真考慮各種不同的合作關係。因此，對於任何想要接觸消費者的人來說，我認為我們是一個有吸引力的方式。我們將利用早期合作夥伴的經驗來決定在哪裡加倍投入。

Okay, thanks, Lauren.

好的，謝謝，勞倫。

Chris, UBS.

瑞銀的克里斯。

Okay. That is the end of our questions that are in the queue. I'll turn it back over to Chris to close this out.

好的。這就是我們所提出問題的結尾。我將把這個主題交還給克里斯來結束討論。

I don't have any closing remarks. Very excited to meet with you all over coming days and have a great day.

我沒有任何結束語。非常高興在接下來的幾天與大家見面並祝大家有愉快的一天。

Thanks all.

謝謝大家。