Life360 Inc (LIF) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加我們的 2025 年第二季財報電話會議。本次通話以 Zoom 音訊網路研討會的形式進行。（活動須知）

As a reminder, we will make forward-looking statements 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.

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。

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, our Form 10-Q filed with the SEC dated May 12, 2025, and our most recent Form 10-Q filed today. These forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, August 11, 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於 2025 年 2 月 27 日向美國證券交易委員會提交的 10-K 表格、於 2025 年 5 月 12 日向美國證券交易委員會提交的 10-Q 表格以及我們今天提交的最新 10-Q 表格的「風險因素」部分中找到。這些前瞻性陳述是基於我們認為截至今天（2025 年 8 月 11 日）合理的假設，我們沒有義務根據新資訊或未來事件更新這些陳述，除非法律要求。

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

此外，我們將在今天的電話會議上介紹 GAAP 和非 GAAP 財務指標。這些非 GAAP 指標不應孤立地看待、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。

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

這些非 GAAP 財務指標的描述以及與最接近的 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 Executive Chairman, Chris Hulls; followed by a business update from our Chief Executive Officer, Lauren Antonoff, then our Chief Financial Officer, Russell Burke, will walk through the Q2 2025 financials.

首先，我們的聯合創始人兼執行主席克里斯·赫爾斯 (Chris Hulls) 將概述業績；隨後，我們的首席執行官勞倫·安東諾夫 (Lauren Antonoff) 將介紹業務最新情況，然後我們的首席財務官拉塞爾·伯克 (Russell Burke) 將介紹 2025 年第二季度的財務狀況。

Lauren will return with comments on our updated 2025 outlook before we open up the call for Q&A. We ask that participants please limit themselves to one question to ensure that we can hear from as many of you as possible.

在我們開始問答環節之前，勞倫將對我們更新後的 2025 年展望發表評論。我們要求參與者只提出一個問題，以確保我們能夠聽到盡可能多的人的意見。

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 us from the U.S. and good morning to those tuning in from Australia. Thank you for joining our second quarter results call. Before we dive in, I hope you've all seen the press release we sent on earlier, announcing that Lauren Antonoff is now our CEO and that I have stepped up into the Executive Chairman role. Going forward, Lauren will be kicking off these calls and will be the lead, and I'd like to thank everyone for their support for the last nearly 25 calls, I led as CEO.

來自美國的各位下午好，來自澳洲的各位早安。感謝您參加我們的第二季業績電話會議。在我們深入探討之前，我希望大家都已經看到了我們之前發出的新聞稿，宣布勞倫·安東諾夫 (Lauren Antonoff) 現在是我們的首席執行官，而我已經擔任執行主席一職。展望未來，勞倫將啟動這些電話會議並擔任領導者，我要感謝大家對我作為執行長領導的過去近 25 次電話會議的支持。

You'll hear more about this transition later in the call, but I'd like to point everyone to a personal statement I made explaining more about this decision, which you can find on our blog. I hope everyone will be as excited as I am and will recognize the amount of work we all did to make this a smooth succession which we hope will go down as a model of leadership for other CEO founders in my position.

您將在稍後的通話中聽到有關此轉變的更多信息，但我想向大家指出我所發表的一份個人聲明，其中對這一決定進行了更詳細的解釋，您可以在我們的博客上找到。我希望每個人都能像我一樣興奮，並認識到我們為實現順利繼任所做的大量工作，我們希望這將成為其他擔任我這個職位的 CEO 創始人的領導典範。

On to our results. Q2 2025 was another record quarter for Life360. We reached all-time highs in both monthly active users in paying circles while continuing to deliver on our vision of becoming the go-to platform for everyday family life.

看看我們的結果。2025 年第二季是 Life360 又一個創紀錄的季度。我們在付費領域的每月活躍用戶數量達到了歷史最高水平，同時繼續實現成為日常家庭生活首選平台的願景。

These results reflect the strength of our model, the depth of our product market fit and the trust we've earned with the millions of families who rely on us every day. We added 4.3 million new MAUs this quarter, bringing our total to 88 million, up 25% year over year. Paying circles also grew 25% with a Q2 record net add of 136,000. Engagement, retention and conversion remains strong, and we're seeing meaningful traction across both free and premium tiers. International expansion continues to be a major growth driver.

這些結果反映了我們模式的實力、我們產品市場的契合度以及我們贏得的數百萬每天依賴我們的家庭的信任。本季我們新增了 430 萬名 MAU，總 MAU 達到 8,800 萬，較去年同期成長 25%。付費圈也成長了 25%，第二季淨增加 13.6 萬個，創歷史新高。參與度、保留率和轉換率依然強勁，我們看到免費和付費層級都呈現出顯著的吸引力。國際擴張繼續成為主要的成長動力。

MAUs outside the US grew 34% and paying circles were up 28%. We're seeing early success with localized pricing in value-based tiering, especially in the UK and Australia, and we're scaling that playbook across other markets. But this quarter wasn't just about operational performance.

美國以外的每月活躍用戶成長了 34%，付費圈成長了 28%。我們看到基於價值的分層本地化定價取得了早期成功，尤其是在英國和澳大利亞，我們正在將這種策略擴展到其他市場。但本季不僅涉及營運績效。

It reflected cultural momentum. Today, peace of mind isn't a luxury, it's essential. Families are budgeting for it just like Wi-Fi or electricity, and that shift is fueling durable value-driven growth. As you scale, we're not just adding users, we're deepening engagement, expanding into new verticals and building a platform families can count on for years to come. Before I turn it over, as many of you have seen today marks an important milestone.

它體現了文化的勢頭。如今，內心的平靜不再是奢侈品，而是必需品。家庭為其做預算就像 Wi-Fi 或電力一樣，這種轉變正在推動持久的價值驅動型成長。隨著規模的擴大，我們不僅會增加用戶，還會加深參與度、擴展到新的垂直領域並建立一個家庭在未來幾年可以信賴的平台。在我翻頁之前，正如你們許多人所看到的，今天標誌著一個重要的里程碑。

Lauren is now the CEO of Life360, and I have stepped into the role of Executive Chairman, where I'll continue working closely with her full time to pursue our strategic goals, which are reaching 150 million MAUs, exceeding $1 billion in revenue, achieving a 35% adjusted EBITDA margin and becoming the number one brand for everyday family life.

勞倫現在是 Life360 的首席執行官，而我則擔任執行董事長，我將繼續全職與她密切合作，共同實現我們的戰略目標，即達到 1.5 億月活躍用戶、超過 10 億美元的收入、實現 35% 的調整後 EBITDA 利潤率，並成為日常家庭生活的頭號品牌。

I'll focus on helping shape Life360's long-term vision championing our free user experience and supporting key initiatives. This transition has been part of a long-term succession plan. And with the alignment, momentum and results we're seeing this quarter, the timing is right. Over the past 2 years, Lauren has led with clarity, heart and execution, launching new revenue streams, scaling operations and deepening the value we deliver to families around the world.

我將專注於幫助塑造 Life360 的長期願景，倡導我們的免費用戶體驗並支持關鍵舉措。此次過渡是長期繼任計畫的一部分。從本季我們看到的協調、動能和成果來看，時機已經成熟。在過去的兩年裡，勞倫以清晰的思維、熱心和執行力領導公司，開闢了新的收入來源，擴大了業務規模，並深化了我們為全球家庭提供的價值。

She is the right leader for this next chapter, and I couldn't be more confident in where she'll take the company. With that, I'm pleased to hand it over to Lauren.

她是引領公司走向下一個篇章的合適人選，我對她將帶領公司走向何方充滿信心。說完這些，我很高興把它交給勞倫。

Thanks, Chris, and thank you for your trust and partnership. It's an incredible honor to step into the CEO role at Life360, and I couldn't be more excited for what's ahead. We're in a great position because of the foundation you've built over nearly two decades. I'm especially energized by the opportunity to lead our next wave of growth as we expand our ecosystem and evolve into the family super-app. You can be confident that we'll stay true to our mission driving innovation in our product that creates value for members and shareholders.

謝謝，克里斯，感謝您的信任與合作。能夠擔任 Life360 的執行長是我的榮幸，我對未來充滿期待。由於你們近二十年來建立的基礎，我們現在處於非常有利的地位。隨著我們擴大生態系統並發展成為家庭超級應用程序，我對引領下一波成長的機會感到特別振奮。您可以相信，我們將忠於我們的使命，推動產品創新，為會員和股東創造價值。

I'm grateful for your continued partnership, and I look forward to working with you in your new role as Executive Chairman. Now let's talk about Q2. Our Q2 results further reinforce the strength and resilience of our growth engine powered by the enduring value we deliver by helping families stay connected to the people, pets and things they love. Our growth is largely fueled organically through word-of-mouth, referrals and increasingly, the brand power we're building around the world.

我非常感謝您一直以來的合作，並期待在您擔任執行主席的新職位上與您合作。現在我們來談談第二季。我們第二季的業績進一步增強了我們成長引擎的實力和彈性，這得益於我們透過幫助家庭與他們所愛的人、寵物和事物保持聯繫所提供的持久價值。我們的成長很大程度上是透過口碑、推薦以及我們在全球範圍內日益增強的品牌影響力而自然推動的。

Even our most mature US markets, we're seeing continued momentum with engagement, retention and conversion. Internationally, we're especially encouraged by the progress we're seeing in subscription performance. We're outpacing targets in many regions and seeing meaningful uplift in revenue per paying circles driven by local pricing strategies, premium tier adoption and expanding feature engagement.

即使是我們最成熟的美國市場，我們也看到參與度、保留率和轉換率持續成長的勢頭。在國際上，訂閱表現的進步令我們特別受鼓舞。我們在許多地區都超額完成了目標，並且在本地定價策略、高級套餐採用和不斷擴展的功能參與度的推動下，每個付費圈的收入都有顯著提升。

This momentum was bolstered by our rollout of emergency dispatch to six additional European countries earlier this year. Combined with localization efforts and targeted experimentation, the enhancements we're making are strengthening our value proposition and accelerating monetization outside the US.

今年早些時候，我們向另外六個歐洲國家推出了緊急調度服務，進一步增強了這一勢頭。結合在地化努力和有針對性的實驗，我們所做的改進正在加強我們的價值主張並加速美國以外的貨幣化。

Of course, our premium model continues to be our key driver of growth, winning families by delivering everyday utility and guiding them toward premium features that deliver even more peace of mind. While MAU growth varies across markets, we're seeing consistent conversion gains.

當然，我們的高端模式仍然是我們成長的主要動力，透過提供日常實用性來贏得家庭青睞，並引導他們使用能帶來更多安心的高端功能。雖然 MAU 的成長在各個市場有所不同，但我們看到轉換率持續成長。

We feel privileged to have a model where investing in our members leads to durable recurring revenue and compounding subscriber growth. One thing we're increasingly seeing is a broader shift in what families consider essential. In what we've called the anxiety economy, our latest research shows that nearly 8 in 10 Americans are more likely to invest in safety during times of uncertainty.

我們很榮幸能夠擁有這樣一種模式：透過對會員的投資，我們可以獲得持久的經常性收入並實現複合用戶成長。我們越來越多地看到的是，家庭對必需品的認識正在發生更廣泛的轉變。在我們所謂的焦慮經濟中，我們的最新研究表明，近八成的美國人更有可能在不確定時期投資於安全。

And that 40% of parents consider safety and emergency alert apps nonnegotiable. Life360 is now up there as one of the top apps alongside brands like Netflix that consumers are reluctant to give up even when budgets are tight. This reflects how families are reassessing priorities and why Life360 sits at the center of this new landscape, providing both security and connection in an unpredictable world. Back-to-school is always a high-impact moment for us. And this year, that's not just true in the US, but also in the UK, Canada and across Europe.

40% 的父母認為安全和緊急警報應用程式是不可或缺的。Life360 現已成為與 Netflix 等品牌齊名的頂級應用程式之一，即使預算緊張，消費者也不願放棄。這反映了家庭如何重新評估優先事項，以及為什麼 Life360 處於這一新格局的中心，在不可預測的世界中提供安全性和聯繫。返校對我們來說總是一個影響重大的時刻。今年，這種情況不僅在美國出現，在英國、加拿大和整個歐洲也出現。

The season is just getting underway, and we've launched one of our largest ever multinational campaigns focused on features that make everyday life during the school year easier. Everything from place alerts to let your student -- to let you know that your student arrived safely and Tiles to keep track of lunch boxes, instruments or sports gear.

這個季節剛剛開始，我們推出了有史以來規模最大的跨國活動之一，重點是使學生在學年期間的日常生活更加輕鬆的功能。一切從地點警報開始，讓您的學生知道您的學生安全到達，並透過 Tiles 追蹤午餐盒、樂器或運動裝備。

And we've got some new things in the hopper to launch as the season unfolds. The campaign is running across YouTube, linear and streaming TV, paid social and influencer channels.

隨著賽季的展開，我們準備推出一些新的東西。該活動在 YouTube、線性和串流媒體電視、付費社交和影響者管道上進行。

This effort is supported by broader brand storytelling, including the hero spot we introduced last quarter, I Think of You (Dying). That creative went viral in Q2 with over 20 million organic impressions sparking cultural conversation and helping nearly double our unaided brand awareness quarter over quarter. That's an extraordinary shift for a metric that rarely moves. So we'll see if it holds. While we're measured in our optimism, the early signal is clear. The campaign has widened our funnel and increased our visibility in key markets.

這項努力得到了更廣泛的品牌故事的支持，包括我們上個季度推出的英雄廣告《我想到你》，（瀕死）。這項創意在第二季度迅速走紅，自然曝光量超過 2000 萬次，引發了文化討論，並幫助我們的品牌知名度環比增長了近一倍。對於一個很少變動的指標來說，這是一個非同尋常的轉變。因此我們將看看它是否成立。儘管我們對此持謹慎樂觀態度，但早期訊號已經很明顯。此次活動拓寬了我們的通路並提高了我們在主要市場的知名度。

Personally, I love how we show up in culture in unexpected ways. One of the most talked about trends this quarter was fambushing. Viral term that refers to teens using Life360 to drop it on their parents when they least expect it. While my kids haven't fambushed us, they have caught my husband and I sneaking out to eat without them. The fambushing buzz started on TikTok and was picked up by the New York Post and other major media elements.

就我個人而言，我喜歡我們以意想不到的方式出現在文化中。本季最受關注的趨勢之一是偽裝攻擊。病毒式傳播術語，指青少年在父母最意想不到的時候使用 Life360 向父母發送訊息。雖然我的孩子們沒有讓我們感到吃驚，但他們發現我和我的丈夫偷偷溜出去吃飯，沒有帶他們一起。這場轟動性言論始於 TikTok，並被《紐約郵報》和其他主流媒體報道。

While it's playful, it highlights just how embedded Life360 has become in modern family dynamics and how our relevance truly spans generations. Q2 also marked an important milestone on our journey to expand Life360's impact beyond the phone. I'm happy to say that Tile devices can now be activated directly within the Life360 app, eliminating the need for a separate Tile app. This streamlines onboarding, improves engagement and lays the foundation for a more unified member journey. Meanwhile, we remain on track to launch our GPS-enabled pet tracker later this year.

雖然它很有趣，但它強調了 Life360 在現代家庭動態中已經根深蒂固，以及我們的相關性如何真正跨越幾代人。第二季也是我們在擴大 Life360 在手機之外的影響力的道路上的一個重要里程碑。我很高興地說，Tile 設備現在可以直接在 Life360 應用程式內激活，無需單獨的 Tile 應用程式。這簡化了入職流程，提高了參與度，並為更統一的會員旅程奠定了基礎。同時，我們仍計劃在今年稍後推出支援 GPS 的寵物追蹤器。

Our go-to-market approach focuses on activating our highly engaged free members in select markets. From day 1, the device will be fully integrated into the Life360 app and require a paid membership, offering families a seamless way to track people, pets and things in one place. Our integrated experience plays a critical role in keeping people close to the ones they love and serving as an entry point to bring new members into our ecosystem.

我們的行銷方法專注於激活特定市場中高度參與的免費會員。從第一天起，該設備將完全整合到 Life360 應用程式中，並需要付費會員資格，為家庭提供一種無縫的方式，在一個地方追蹤人、寵物和事物。我們的綜合經驗在讓人們與他們所愛的人保持密切聯繫以及作為將新成員引入我們生態系統的切入點方面發揮著至關重要的作用。

More broadly, we're seeing continued growth in the number of members linking a device to their Life360 account, a key metric that tells us that hardware is driving real value across our base. Devices continue to be a strategic lever for subscriber acquisition retention and long-term engagement.

更廣泛地說，我們看到將設備連結到 Life360 帳戶的會員數量持續增長，這一關鍵指標告訴我們硬體正在推動整個用戶群的真正價值。設備繼續成為用戶獲取、保留和長期參與的策略槓桿。

And while pets are our next category, they won't be the last. We see clear opportunities to expand this model into additional use cases where connected hardware and software provide lasting peace of mind and expand our role in the lives of families everywhere. Q2 was also a pivotal quarter for our advertising platform. We launched Place Ads and Uplift by Life360. These products help brands reach families in real-world moments and measure offline impact of their campaigns in Life360 and beyond.

雖然寵物是我們下一個類別，但它們不會是最後一個。我們看到了將這種模式擴展到其他用例的明顯機會，其中互聯的硬體和軟體可以提供持久的安心，並擴大我們在世界各地家庭生活中的作用。第二季也是我們廣告平台的關鍵季度。我們推出了 Life360 的 Place Ads 和 Uplift。這些產品幫助品牌在現實世界中接觸家庭，並衡量其在 Life360 及其他地方的營銷活動的線下影響。

Place Ads deliver location-based push notifications triggered by behaviors like visiting a store, sports field, while Uplift provides privacy-saved, first-party foot traffic measurement. Early traffic is encouraging. We've lined up proof of concept campaigns with multiple quick-serve restaurants and mass retailers, and we're in late-stage conversations with new measurement partners. While we're still early in the revenue ramp, we're building a high-margin business with strong alignment to our member experience.

Place Ads 提供基於位置的推播通知，這些通知由訪問商店、運動場等行為觸發，而 Uplift 則提供保護隱私的第一方客流量測量。早期的交通狀況令人鼓舞。我們已經與多家快餐店和大眾零售商合作開展概念驗證活動，並且正在與新的測量合作夥伴進行後期對話。雖然我們的營收成長仍處於初期階段，但我們正在打造與會員體驗緊密結合的高利潤業務。

Our partner relationships are also helping us drive member value and engagement. We launched our integration with AccuWeather, so we now deliver severe weather alerts that keep our members safe and drive exceptionally high click-through rates.

我們的合作關係也幫助我們提升會員價值和參與度。我們啟動了與 AccuWeather 的整合，因此我們現在可以發出惡劣天氣警報，確保我們會員的安全，並帶來極高的點擊率。

Our partnership with Aura is helping families stay safer online. We're already live with in-app ads and new campaigns powered by our audiences are running across Meta and Google. And finally, we launched a milestone gifting campaign with [Nift], where we provide members curated offers at key membership touch points.

我們與 Aura 的合作正在幫助家庭在網路上保持更安全。我們已經在 Meta 和 Google 上推出了應用程式內廣告，並且由我們的受眾推動的新廣告活動正在運行。最後，我們與 [Nift] 合作推出了一項里程碑式的贈送活動，在關鍵會員接觸點為會員提供精選優惠。

This is a great example of ads delivering member value with over 70% of participants rating the experience positively. We also made meaningful improvements behind the scenes. Upgrades to audience targeting and data signals led to a significant increase in reach through three major programmatic demand partners. These capabilities are designed to drive stronger performance and incremental revenue while extending the value of our platform beyond the Life360 app. While ads remain a long-term build, the foundation is in place, and we're proud of the early traction we're seeing.

這是廣告傳遞會員價值的一個很好的例子，超過 70% 的參與者對體驗給予了正面的評價。我們還在幕後做出了有意義的改進。受眾定位和數據訊號的升級使得透過三大程序化需求合作夥伴的覆蓋範圍顯著增加。這些功能旨在提高效能和增加收入，同時將我們平台的價值擴展到 Life360 應用程式之外。雖然廣告仍是一個長期建設，但基礎已經到位，我們對所看到的早期發展感到自豪。

Beyond advertising, our broader data ecosystem is thriving. Our long-standing partnership with Placer.ai, continues to yield more value. Hubbell Network, which activated the world's first Bluetooth Low Energy satellite network, launched its first enterprise application. Smartpin is a commercial-grade asset tracker powered by the combined Hubbell and Life360 infrastructure. It enables global location visibility on top of cellular coverage, opening up a wide variety of enterprise use cases.

除了廣告之外，我們更廣泛的數據生態系統正在蓬勃發展。我們與 Placer.ai 的長期合作關係將繼續產生更多價值。啟動全球首個低功耗藍牙衛星網路的Hubbell Network推出了首個企業應用程式。Smartpin 是一款商業級資產追蹤器，由 Hubbell 和 Life360 聯合基礎設施提供支援。它可以在蜂窩覆蓋範圍內實現全球位置可見性，從而開闢各種各樣的企業用例。

While still early, it's the first stage of realizing the long-term opportunity that comes from working with Hubbell to deliver enterprise-grade tracking and location intelligence. Overall, Q2 was a strong quarter. And now we're hard at work driving growth and finding new ways to help millions of families around the world, keep the people, pets and things they love safe and connected. I'm more excited than ever about what's ahead and the opportunity to lead the family super app that makes everyday family life better.

雖然還處於早期階段，但這是實現與 Hubbell 合作提供企業級追蹤和位置智慧所帶來的長期機會的第一階段。整體而言，第二季表現強勁。現在，我們正在努力推動成長並尋找新的方法來幫助世界各地數百萬個家庭，確保他們所愛的人、寵物和事物的安全並保持聯繫。我對未來以及領導讓日常家庭生活變得更好的家庭超級應用程式的機會感到比以往任何時候都更加興奮。

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

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獲利能力的持續關注。拉塞爾？

Thanks, Lauren, and thank you all for joining us today. As a reminder, the Q2 financials I'll be referencing are unaudited and denominated in US dollars. We are very pleased to report record-breaking Q2 results driven by continued strength in our subscription business and growing contributions from our other revenue streams, along with continued margin expansion. Q2 revenue increased 36% year-over-year to $115.4 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，我將參考的第二季財務數據未經審計，以美元計價。我們非常高興地報告創紀錄的第二季業績，這得益於我們的訂閱業務持續強勁、其他收入來源的貢獻不斷增長以及利潤率持續擴大。第二季營收年增 36% 至 1.154 億美元，反映出訂閱收入和其他經常性收入的強勁勢頭。

Subscription revenue grew 35% year-over-year, while Core Life360 subscription which excludes stand-alone hardware subscriptions, increased 38%, accelerating from Q1, driven by 25% global paying circles growth and 8% higher ARPPC. This performance reflects improved conversion in the US., supported by targeted marketing and deeper product engagement.

訂閱營收年增 35%，核心 Life360 訂閱（不含獨立硬體訂閱）成長 38%，較第一季有所加速，這得益於全球付費圈成長 25% 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，美國的轉換率有所提高。

Hardware revenue increased 3% year over year to $12.3 million, with higher unit volumes offset by promotional pricing. Online and physical retail unit sales increased year-over-year. Gross margin for hardware remained stable year over year despite the impact of tariffs.

硬體收入年增 3% 至 1,230 萬美元，但銷量增加被促銷價格所抵銷。網路和實體零售單位銷售額較去年同期成長。儘管受到關稅的影響，硬體的毛利率仍較去年同期保持穩定。

While we are receiving partial tariff exemptions at the moment, we are seeing effects on both revenue and costs in the near term. We remain prepared to adjust further as conditions evolve. Most importantly, though, hardware continues to serve as a strategic funnel into our subscription ecosystem, supporting long-term value creation, even as short-term demand fluctuates and lower margin stand-alone revenue continues to become a smaller part of our revenue mix.

雖然我們目前正在享受部分關稅減免，但短期內收入和成本都會受到影響。我們隨時準備好根據情況的變化做出進一步調整。然而，最重要的是，即使短期需求波動且利潤率較低的獨立收入繼續成為我們收入結構中較小的一部分，硬體仍然繼續作為我們訂閱生態系統的策略管道，支持長期價值創造。

High-margin other revenue doubled year over year to $14.5 million driven by strong contributions from advertising and data partnerships, both performed in line with expectations and continue to scale as planned. June annualized monthly revenue reached $416.1 million, up 36% year over year, underscoring the strength and durability of our high-quality recurring revenue streams.

高利潤的其他收入同比增長一倍至 1,450 萬美元，這得益於廣告和數據合作夥伴關係的強勁貢獻，兩項收入均符合預期，並繼續按計劃擴大規模。6 月年化月營收達到 4.161 億美元，年增 36%，凸顯了我們高品質經常性收入流的強勁和持久性。

Gross profit grew 42% year over year to $90.5 million with gross margin expanding to 78% and up from 75% in the prior year, driven by the favorable revenue mix. Operating expenses increased 34% year-over-year. That said, this was largely driven by timing, not a change in our cost structure or operating discipline. As we've previously flagged, we made the decision to pull marketing and personnel costs into Q2 from Q1 and Q3 to support global growth and to capitalize on key seasonal campaigns. These were planned front-loaded investments, especially around our largest ever demand creation campaign and back-to-school positioning.

受良好收入組合的推動，毛利年增 42% 至 9,050 萬美元，毛利率從上年的 75% 擴大至 78%。營業費用較去年同期成長34%。也就是說，這主要是由時間因素驅動的，而不是成本結構或營運紀律的變化。正如我們之前所指出的，我們決定將行銷和人事成本從第一季和第三季轉移到第二季度，以支持全球成長並利用關鍵的季節性活動。這些都是有計劃的前期投資，特別是圍繞我們有史以來規模最大的需求創造活動和返校定位。

As a result, the trend in our operating leverage improvements has temporarily flattened, and we expect it to return to trend by the end of the year as expenses normalize and revenues continue to grow. Breaking it down by P&L line, R&D increased 19%, reflecting continued investment in people, product development and third-party tools. Sales and marketing rose 60%, including commissions, driven by global brand campaigns and customer acquisition efforts. Commissions grew in line with subscription revenue. The overall increase came off a low baseline last year when we strategically reduced spend.

因此，我們的營運槓桿改善趨勢暫時趨於平緩，隨著費用正常化和收入持續成長，我們預計到年底它將恢復趨勢。以損益表細分，研發費用增加了 19%，反映出對人員、產品開發和第三方工具的持續投資。受全球品牌活動和客戶獲取努力的推動，銷售額和行銷收入（包括佣金）成長了 60%。佣金與訂閱收入同步成長。去年，當我們策略性地削減支出時，整體成長是在較低基數的基礎上實現的。

G&A rose 19% aligned with overall company growth and organizational scale. On a related note, we also launched our first iOS approved test of web-based billing in June following recent court rulings around App Store payments. It's still early and permissions in this area continue to develop, but it is encouraging. We see strong potential over time to improve unit economics and build more direct relationships with our members as this capability expands. We continue to deliver significant progress on profitability.

隨著公司整體成長和組織規模的擴大，一般及行政費用上漲了 19%。與此相關，根據法院最近對 App Store 支付做出的裁決，我們也在 6 月啟動了首個經 iOS 批准的基於網路的計費測試。現在還為時過早，該領域的許可仍在繼續發展，但這令人鼓舞。隨著這種能力的擴展，我們看到了改善單位經濟效益和與會員建立更直接關係的巨大潛力。我們在盈利能力方面繼續取得重大進展。

Net income was $7.0 million, a sharp improvement from the $11 million loss in Q2 of last year. Adjusted EBITDA rose to $20.3 million, up from $11 million in Q2 '24 and representing our 11th consecutive quarter of positive adjusted EBITDA, driven by the growth in high-margin subscription and other revenue and disciplined cost management.

淨收入為 700 萬美元，較去年第二季 1,100 萬美元的虧損大幅改善。調整後的 EBITDA 從 2024 年第二季的 1,100 萬美元增至 2,030 萬美元，這是我們連續第 11 個季度實現正調整後 EBITDA，這得益於高利潤訂閱和其他收入的增長以及嚴格的成本管理。

Turning to the balance sheet and cash flow. We ended Q2 with $434.2 million in cash, cash equivalents and restricted cash, up $272 million from a year ago. To support our long-term road map, we successfully raised over $275 million in Q2 through a 0 coupon convertible note.

轉向資產負債表和現金流。截至第二季末，我們持有的現金、現金等價物和受限現金為 4.342 億美元，比去年同期增加了 2.72 億美元。為了支持我們的長期路線圖，我們在第二季度透過 0 息可轉換票據成功籌集了超過 2.75 億美元。

The offering was well received and structured to provide significant capital flexibility without near-term dilution. It puts us in a strong position to move quickly on the right strategic opportunities as they emerge. Operating cash flow was positive for the ninth consecutive quarter, coming in at $13.3 million, below adjusted EBITDA due to the timing of receipts and payables.

此次發行受到了熱烈歡迎，其結構旨在提供顯著的資本靈活性，且不會在短期內稀釋股權。它使我們處於有利地位，能夠在正確的戰略機會出現時迅速採取行動。經營現金流量連續第九個季度為正，達到 1,330 萬美元，由於收款和應付款項的時間安排，低於調整後的 EBITDA。

Investing outflows totaled $27.8 million, including a $25 million investment into convertible notes issued by Aura. Financing inflows of $278.3 million primarily reflect proceeds from the June convertible note offering.

投資流出總額為 2,780 萬美元，其中包括對 Aura 發行的可轉換票據的 2,500 萬美元投資。2.783 億美元的融資流入主要反映了 6 月可轉換票據發行的收益。

Thanks for your attention, and I'll now hand it back to Lauren to walk through our updated earnings guidance.

感謝您的關注，現在我將把話題交還給勞倫，讓她來介紹一下我們更新後的獲利預測。

Thanks, Russell. As we look ahead, we remain confident in our ability to deliver consistent results through disciplined execution and most importantly, our continued commitment to making everyday family life better and bringing peace of mind to tens of millions of families around the world. Our subscription growth is strong, and our offering is exceptionally well positioned to navigate the anxiety economy.

謝謝，拉塞爾。展望未來，我們堅信我們有能力透過嚴謹的執行取得持續的成果，最重要的是，我們將繼續致力於改善家庭的日常生活，為全球數千萬家庭帶來安心。我們的訂閱量成長強勁，而且我們提供的產品非常適合應對焦慮經濟。

We continue to invest for the long term with a focus on expanding internationally scaling ads and deepening engagement across our platform. With that foundation and the strength of our subscription model, we are raising our full year 2025 guidance as follows: we are increasing our consolidated revenue guidance from the previous range of $450 million to $480 million to a new range of $462 million to $482 million.

我們將繼續進行長期投資，重點擴大國際廣告規模並深化我們平台的參與度。在此基礎和我們訂閱模式的優勢的基礎上，我們將 2025 年全年指引上調如下：我們將合併收入指引從先前的 4.5 億美元至 4.8 億美元提高至新的 4.62 億美元至 4.82 億美元。

We are raising subscription revenue guidance from the previous range of $355 million to $365 million to the new range of $363 million to $367 million. We are also raising the range of hardware revenue guidance from $40 million to $50 million to $42 million to $50 million.

我們將訂閱收入預期從先前的 3.55 億美元至 3.65 億美元上調至 3.63 億美元至 3.67 億美元。我們也將硬體收入預期從 4,000 萬美元至 5,000 萬美元提高至 4,200 萬美元至 5,000 萬美元。

We are raising the range of other revenue guidance, which includes advertising and partnerships from the previous range of $55 million to $65 million to a new range of $57 million to $65 million, and we are raising guidance for adjusted EBITDA from the previous range of $65 million to $75 million to a new range of $72 million to $82 million.

我們正在提高其他收入預期範圍，其中包括廣告和合作夥伴關係，從之前的 5500 萬美元到 6500 萬美元提高到新的 5700 萬美元到 6500 萬美元，並且我們正在提高調整後 EBITDA 預期範圍，從之前的 6500 萬美元到 7500 萬美元提高到新的 7200 萬美元。

For modeling purposes, we expect our Q3 adjusted EBITDA margin to follow our typical quarterly pattern and be slightly lower than in Q2, driven by the timing of our growth investments in marketing and R&D.

出於建模目的，我們預計第三季調整後的 EBITDA 利潤率將遵循我們典型的季度模式，並略低於第二季度，這受到我們在行銷和研發方面的成長投資時機的影響。

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

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

(Event Instructions) So with the first question, I'd like to go to James Bales with Morgan Stanley.

（活動說明）第一個問題，我想請摩根士丹利的詹姆斯·貝爾斯 (James Bales) 回答。

I'd like to understand a bit more about how you're going with pet tracking. Can you maybe give us an update on when you expect to launch, which countries, is this going to be online-only, retailers? Can you give us a sense of pricing, is there out-of-pocket, upfront pricing for the hardware? And confirm that, I guess, there's been no issues in terms of rearranging production around tariffs as well.

我想進一步了解您如何進行寵物追蹤。您能否向我們透露預計何時推出該產品、在哪些國家推出、該產品是否僅在網路上銷售、零售商是否銷售？您能否向我們介紹一下價格，硬體是否有現款預付定價？並確認，我猜，在圍繞關稅重新安排生產方面也沒有出現任何問題。

We're very excited about the upcoming launch. We continue to be on track for the holiday season. We're going to hold the details about exactly where and when, so that we have a great launch, but it should be fun and you'll be seeing more as we approach the holidays.

我們對即將推出的產品感到非常興奮。我們將繼續按計劃迎接假期。我們將保留有關確切地點和時間的細節，以便我們能夠順利發布，但它應該很有趣，而且隨著假期的臨近，您會看到更多。

We're going to move to Mark Mahaney, but I think David might be stepping in. David, if you could unmute? David, are you there for Mark. If not, we can move to the next. All right. Let's move to Lafitani Sotiriou.

我們將轉向馬克·馬哈尼 (Mark Mahaney)，但我認為大衛 (David) 可能會介入。大衛，你能取消靜音嗎？大衛，你在那兒等馬克嗎？如果沒有，我們可以轉到下一步。好的。讓我們轉向拉菲塔尼·索蒂裡奧。

Congratulations, Lauren, on your well-deserved promotion. And Chris, you must be proud to see where the business is today, and it is also great to hear that you'll still be involved as an Executive Chair. I wanted to unpack a little bit on the advertising side, the term Place Ads and Uplift. And so just to educate us better what this means from a revenue perspective, margin perspective, a user experience, how is it different from say banner ads, how is this a step-up? And if you could just sort of explain it better to us what it is? And also, when did it start?

勞倫，恭喜你獲得當之無愧的晉升。克里斯，看到公司今天的狀況，你一定感到很自豪，而且聽到你仍然會以執行主席的身份參與公司事務，我們也很高興。我想從廣告方面稍微解釋一下「Place Ads」和「Uplift」這兩個術語。因此，為了讓我們更了解從收入角度、利潤角度和用戶體驗的角度來看這意味著什麼，它與橫幅廣告有何不同，這是怎樣的提升？您能否向我們更好地解釋一下它是什麼？而且，它是什麼時候開始的？

So we've launched both these products this -- in Q2, so they're new products, where we don't have specific revenue guidance, but in terms of what they do as a product. Place Ads are really very much an in-app experience. They allow us to send an in-app message when somebody is in a particular location. So that's very experiential.

因此，我們在第二季推出了這兩款產品，因此它們是新產品，我們沒有具體的收入指導，但就它們作為產品的作用而言。地點廣告其實是一種應用程式內體驗。當某人位於特定位置時，它們允許我們發送應用程式內訊息。這是非常有經驗的。

Measurement is very much behind the scenes and that gives advertisers, gives brands a way to understand whether the people who are seeing ads, whether it's on our platform or off platform are actually coming to the places that are advertising. So it's a closed-loop measurement system.

測量在很大程度上是在幕後進行的，它為廣告商和品牌提供了一種方法來了解看到廣告的人是否真的來到了投放廣告的地方，無論是在我們的平台上還是平台外。所以它是一個閉環測量系統。

Can you clarify? So in terms of like cost per click or an ad, does it differentiate by much? So if you could just go into a little bit more from a -- are they paying more for those sort of Place Ads? And on the other side, how should we think about the other component like the data tracking piece, the Uplift part?

你能解釋一下嗎？那麼，就每次點擊費用或廣告而言，差異很大嗎？因此，如果您能更詳細地講一下——他們是否為這些地點廣告支付了更多費用？另一方面，我們應該如何考慮其他元件，例如資料追蹤部分、Uplift 部分？

Yes. So let me jump in there, Laf. These are obviously sort of designed to be sort of high-value advertising units. But that was -- and that's always been part of our plan. As you know, we've -- we're very focused on delivering value to the member as well as the advertiser here.

是的。那麼就讓我加入進來吧，Laf。這些顯然是設計成高價值的廣告單元。但那是——而且那一直是我們計劃的一部分。如您所知，我們非常注重為會員和廣告商提供價值。

So these are part of the sort of evolution of our advertising product. They're very much a part of our road map. And we're part of the configuration as we ramp up the advertising revenue stream. They're relatively small at the beginning, but we really see the huge opportunity for this in the longer term.

這些都是我們廣告產品演進的一部分。它們是我們路線圖的重要組成部分。隨著我們不斷增加廣告收入流，我們是配置的一部分。它們一開始的規模相對較小，但從長遠來看，我們確實看到了巨大的機會。

Let's go back to Mark Mahaney's line and unmute and see if David is here.

讓我們回到 Mark Mahaney 的線路並取消靜音，看看 David 是否在這裡。

Lauren, congratulations. We look forward to working with you. Looking forward in your new role as CEO, what do you believe are your top two or three priorities over the next 12 months? And then just a quick follow-up on penetration. Can you just comment on any quarter-over-quarter penetration trends that you're seeing in the US and international?

勞倫，恭喜你。我們期待與您合作。展望您作為執行長的新角色，您認為未來 12 個月您的首要任務是什麼？然後只是對滲透的快速跟進。您能否評論一下您在美國和國際上看到的季度環比滲透趨勢？

Maybe I'll start with penetration first, and I'll just say that we see consistent progress as we -- both in the US and other markets. So there's no big changes there. And I think in terms of my priority and focus, it's much the same story, the priorities we've set out for the company continue to be true, focusing on engaging users, growing our ads business, driving international growth and really earning our place as the super app that's delivering value to everyday family life.

也許我會先從滲透率開始，我想說的是，我們看到了持續的進步——無論是在美國還是其他市場。所以那裡沒有什麼大的改變。我認為，就我的優先事項和重點而言，情況大致相同，我們為公司設定的優先事項仍然是真實的，專注於吸引用戶，發展我們的廣告業務，推動國際增長，並真正贏得我們作為為日常家庭生活帶來價值的超級應用程序的地位。

We're going to move to Maria from Canaccord.

我們將從 Canaccord 轉移到 Maria。

Lauren and Chris, congrats to both of you. Chris, appreciate the blog post and sort of you sharing that with us. So with you shifting more of your focus to product innovation and strategy, how should investors think about sort of the pace of new launches? And are there any sort of changes to your longer-term view of adjacent opportunities for the company versus what you've outlined previously?

勞倫和克里斯，恭喜你們。克里斯，感謝您發表這篇文章並與我們分享。那麼，當您將更多的注意力轉移到產品創新和策略上時，投資者應該如何看待新產品的推出速度？與您之前概述的相比，您對公司相關機會的長期看法有什麼變化嗎？

So we have essentially already been running the playbook that we're going to be running in the future for the last year because this was well planned. I mean I could go way back when Lauren joined the company, there was no promise of her becoming CEO, but we were hiring specifically to say, hey, this is a real possibility.

因此，我們基本上已經在去年運行未來要運行的劇本，因為這是精心策劃的。我的意思是，我可以回想一下當勞倫加入公司的時候，沒有人承諾她會成為首席執行官，但我們當時招聘她就是為了告訴大家，嘿，這是一個真正的可能性。

So this has been a discussion that I've had with Lauren since literally before she joined. I don't know if we've ever publicly shared this, but we were able to get Lauren to take a COO offer instead of a CEO offer because of the huge opportunity. And I think Lauren has accurately predicted that this was a great move for her. So I just shared that back story.

這是我和蘿倫在她加入之前就一直在討論的話題。我不知道我們是否曾公開分享過這一點，但由於巨大的機會，我們能夠讓勞倫接受首席營運長的職位而不是執行長的職位。我認為勞倫準確地預測到這對她來說是一個偉大的舉動。所以我剛剛分享了這個背景故事。

There's honestly not a lot is going to change. I've worked with a lot of execs, and where Lauren and I are really one-to-one aligned is that we win by serving our customers. And my role really will not be all that different than it's been the last year. The vision is not changing. So in terms of pace, I mean, Lauren already has really, I think, done a better job on just picking up the ability to move more quickly at scale.

說實話，不會有太大的改變。我曾與許多高階主管合作過，而我和勞倫真正一致的地方在於，我們透過服務客戶來獲得成功。我的角色與去年相比並沒有太大不同。願景沒有改變。因此，就速度而言，我認為勞倫在掌握更大規模快速行動的能力方面已經做得更好了。

My heart is in the earlier stages. So I really see Lauren as a great partner, and not too many changes. Lauren, anything to add?

我的心臟處於早期階段。所以我真的認為勞倫是一個很好的合作夥伴，而且不會有太多的改變。勞倫，還有什麼要補充的嗎？

No, that sounds exactly right.

不，聽起來完全正確。

Next, we're going to open it up to Siraj from Citi.

接下來，我們將向花旗銀行的 Siraj 開放。

Lauren, just on looking at some of the user metrics, interesting that global paying circles is -- now has picked up a bit. It also looks like the DAU to MAU ratio has also picked up. So it seems like engagement and conversion to is improving. Can you just touch on those trends and whether that's just US and what you're seeing internationally as well? And whether there's any changes in your thought process with the pet tracker launch as well, right, in terms of where these sort of mix, et cetera, trends?

勞倫，僅從一些用戶指標來看，有趣的是，全球付費圈現在已經回升。看起來 DAU 與 MAU 的比率也有所上升。因此看起來參與度和轉換率正在提高。您能否簡單談談這些趨勢以及這是否僅限於美國，還是在國際上也同樣存在？隨著寵物追蹤器的推出，您的思考過程是否也發生了變化，就這些混合趨勢等方面而言？

Yes. We continue to put a lot of focus on member engagement. And I'd say, coupled with experimentation and really trying to make sure that people are discovering the value that we have and able to access it and really loving it, we are seeing gains both in the US and in international markets. Pets is sort of an opportunity to have a step change.

是的。我們持續高度重視會員參與度。我想說，透過實驗並真正努力確保人們發現我們的價值、能夠利用它並真正喜歡它，我們在美國和國際市場上都看到了收益。寵物是一種實現轉變的機會。

There'll be a smaller number of users who have pets. But for those members, we expect to see those kind of core metrics go up. So it's been a continued focus, and I continue to push, and we're really proud of the progress we're seeing there.

擁有寵物的使用者數量將會減少。但對於那些成員，我們預期這些核心指標會上升。因此，我一直關注這個問題，並不斷努力，我們對所看到的進展感到非常自豪。

Lauren, can I just follow up on that second point around pets. So because one of the concerns some investors asking us is whether there's a cost headwind because you give these pet trackers free to existing members, right? So maybe I know you don't want to go into details, but if you could just give us your thought process of how you think you're bundling this, right? My understanding is going to be free potentially at the start. But is there a big drag in terms of giving pet trackers for free to the existing user base?

勞倫，我可以繼續討論關於寵物的第二點嗎？因此，一些投資者向我們提出的一個擔憂是，向現有會員免費提供這些寵物追蹤器是否會帶來成本方面的不利影響，對嗎？所以也許我知道你不想談論細節，但是如果你可以告訴我們你認為你是如何捆綁這一點的思考過程，對嗎？我的理解一開始可能是自由的。但是，向現有用戶群免費提供寵物追蹤器是否有很大的阻礙？

So it's not a free product. We haven't released pricing yet, but it will be a paid product. We sort of talk about it as a subsidized paid product. We think of it a little bit like we would invest in marketing and customer acquisition. So we're offsetting some of those costs. But overall, it's a good value proposition, and we make our return on it relatively quickly.

所以它不是免費產品。我們尚未公佈定價，但它將是一款付費產品。我們把它看作是一種補貼付費產品。我們認為這有點像是投資行銷和客戶獲取。因此我們正在抵銷部分成本。但總體而言，這是一個很好的價值主張，而且我們相對較快地獲得了回報。

Next, we'd like to open it up to Mark Kelley at Stifel.

接下來，我們想向 Stifel 的 Mark Kelley 開放。

Congrats to both, Lauren and Chris. I wanted to ask about -- just another question about penetration. I feel like every time we see a new map of the US penetration continues to tick higher even in places like Texas, which I think is kind of the poster child for your subscription business. Where do you think that ultimately tops out over time? That's my first question. And then have you seen any churn as a result of the ads business? Or is it kind of in line with what you're expecting?

恭喜勞倫和克里斯。我想問一下——關於滲透的另一個問題。我覺得每次我們看到美國的新地圖時，即使在德克薩斯州這樣的地方，滲透率也會持續走高，我認為這是訂閱業務的典型代表。您認為隨著時間的推移，最終會達到什麼程度？這是我的第一個問題。那麼，您是否看過廣告業務導致的客戶流失？還是它符合您的預期？

So this is -- Chris and I have very much a shared view that we don't know exactly where things pop up, but we think the end is nowhere in sight. The reality is that most people have a family that they hear about. And it's not just teenagers, and we have a potential to really have much, much deeper penetration over time.

所以這是——克里斯和我有一個共同的觀點，那就是我們不知道事情究竟會在哪裡發生，但我們認為還看不到盡頭。事實是，大多數人都聽說過自己的家庭。而且這不僅是針對青少年，而且隨著時間的推移，我們有可能實現更深層的滲透。

The second part was on whether we've seen any sort of trade-off for MAU as we've introduced ads. And this was something we were very, very cautious about as we rolled out advertising, and we're very committed to making sure that we're serving members first and optimizing for revenue second.

第二部分是關於我們在介紹廣告時是否看到任何形式的 MAU 權衡。在廣告推出時，我們對此非常謹慎，我們致力於確保首先為會員提供服務，其次才是優化收入。

And so far, so good, we have seen no significant drop off.

到目前為止，一切順利，我們沒有看到明顯的下降。

Next, we'd like to open it up to Wei-Weng Chen at RBC.

接下來，我們想邀請 RBC 的 Wei-Weng Chen。

Congratulations on the results and the new roles. So I guess for me, given ads are still very new to you guys and you're still continuing to roll out features and the product itself. I guess how has your thinking changed in the past quarter about the advertising opportunity?

祝賀所取得的成果和獲得的新角色。所以我想對我來說，鑑於廣告對你們來說仍然是很新的，你們仍在繼續推出功能和產品本身。我猜想在過去的一個季度裡您對廣告機會的看法發生了怎樣的變化？

So ads is a fun space because we're always learning more. I don't think it's changed so much as I feel like we get more and more educated as we go. It's been really exciting to build a relationship with partners. We are starting more proof of concepts, and so we're learning from each of them. So no big change in perspective, I think just more learning.

因此廣告是一個有趣的領域，因為我們總是學習更多東西。我不認為情況有太大變化，因為我覺得我們隨著前進而變得越來越有教養。與合作夥伴建立關係確實令人興奮。我們正在進行更多的概念驗證，並且從每一個概念中學習。所以觀點上沒有太大的變化，我認為只是更多的學習。

And I guess what I'd add to that Wei is that those learnings are sort of filling in the details of how we build out the road map. But the overall road map and the details may be different within itself, but it's laying out pretty much as we expected. And as we've said before, it's going to be a slowish build, but we absolutely see the opportunity in the longer term.

我想補充的是，魏先生，這些經驗教訓在某種程度上填補了我們制定路線圖的細節。但整體路線圖和細節本身可能有所不同，但總體而言與我們預期的差不多。正如我們之前所說，這將是一個緩慢的建設過程，但我們絕對看到了長期的機會。

I'd like to go to Chris Kuntarich at UBS.

我想去找瑞銀的 Chris Kuntarich。

Congrats, Chris, Lauren, to everyone, really. Just I wanted to touch on the branding campaign or the back-to-school campaign and just can you help us understand kind of what sort of benefit you're factoring into the second half subscription revenue growth at this point?

真心祝賀克里斯、勞倫以及所有人。我只是想談談品牌推廣活動或返校活動，您能否幫助我們了解一下您目前將哪些好處納入下半年訂閱收入成長中？

That sounds like a Russell question.

這聽起來像是羅素的問題。

Chris, I'd have to say in revenue dollars, it's relatively limited just because the way our model works is that those marketing investments have a return over every period of time. But what I would say is that we've -- as we monitor the marketing campaigns that we've put in place, we are really seeing good returns. It gives us the confidence to continue to further invest in marketing while it's giving us those strong returns.

克里斯，我必須說，就收入而言，它相對有限，因為我們的模型運作方式是這些行銷投資在每個時期都會有回報。但我想說的是，當我們監控我們所實施的行銷活動時，我們確實看到了良好的回報。它給了我們信心繼續進一步投資於行銷，同時它也為我們帶來了豐厚的回報。

Got it. That's helpful. Maybe just one follow-up. It sounds just from Russell, your response here and just kind of talking about linear, then CTV and then moving into some of the other digital channels. This is still going to be very brand-heavy spend.

知道了。這很有幫助。也許只需一次後續行動。聽起來就像拉塞爾說的，你在這裡的回應只是談論線性，然後是 CTV，然後是一些其他數位頻道。這仍將是一筆非常注重品牌的支出。

So could you just give us an update on your use of performance marketing at this point? And how you kind of think that evolves as we potentially see changes to where your customers are paying and potentially if they're using the web-based payments more often?

那麼，您能否向我們介紹一下您目前使用績效行銷的最新情況？當我們看到客戶支付方式發生變化，以及他們可能更頻繁地使用基於網路的支付時，您認為這種情況將如何發展？

Yes. No, it's an interesting question, Chris. And performance marketing will definitely be part of our suite of tools going forward. We're definitely -- you're right that we've definitely introduced more brand marketing, and we're seeing the sort of immediate sort of measurement impact of that, and we expect that to flow through to subscription growth in the longer term.

是的。不，這是一個有趣的問題，克里斯。績效行銷肯定會成為我們未來工具套件的一部分。您說得對，我們確實引入了更多的品牌行銷，並且我們看到了這種行銷帶來的直接衡量影響，我們預計從長遠來看，這種影響將轉化為訂閱量的成長。

But performance marketing is still part of the tool set, and to your point, as we look at sort of web onboarding, that will be a key piece of that. But it's, again, now a smaller piece of that overall tool set.

但績效行銷仍然是工具集的一部分，正如您所說，當我們研究網路入職時，這將是其中的關鍵部分。但現在，它只是整個工具集中較小的一部分。

Maybe I'll add that our CMO is really focused on the blend of different advertising strategies. And this kind of demand creation, it may not be as directly tied to performance as traditional paid marketing, but it very much does drive demand over the long run.

也許我應該補充一點，我們的行銷長確實專注於不同廣告策略的融合。這種需求創造可能不像傳統的付費行銷那樣直接與績效掛鉤，但從長遠來看，它確實能推動需求。

Next, we'd like to open up to Wei Sim at Jefferies.

接下來，我們想請 Jefferies 的 Wei Sim 來演講。

So I put out a deep dive report on the marketing a couple of weeks ago and been having a lot of conversations. It's really surprised me how many people are using Life360 now even within the financial community. And Lauren your example of fambushing, I think, was a great one.

因此，幾週前我發布了一份關於行銷的深入報告，並進行了大量對話。令我驚訝的是，現在甚至在金融界也有這麼多的人在使用 Life360。勞倫，我認為你舉的這個伏擊例子非常好。

As we've seen the proliferation and more people use Life360, I found that more people are using it as a social networking app increasingly rather than just using it as a safety utility. So my question is how do you think about positioning Life360 over the medium term to pivot more specifically as a social networking app rather than a family safety tool?

隨著我們看到 Life360 的普及和使用人數的增加，我發現越來越多的人將其用作社交網絡應用程序，而不僅僅是將其用作安全實用程序。所以我的問題是，您如何看待 Life360 的中期定位，更具體地將其定位為社交網路應用程式而不是家庭安全工具？

Our differentiation and what makes us great is that we are very much focused on family. It helps us really pay attention to giving peace of mind rather than entertainment. It turns out your family is fairly entertaining.

我們的與眾不同之處和偉大之處在於我們非常注重家庭。它幫助我們真正專注於給予內心的平靜而不是娛樂。看來你們一家人還挺有趣的。

But I don't know if you've ever used some of the social apps that you're paying attention to your friends, it's not quite as interesting as where your family is. And so we're going to stay focused on family and creating that safety and connection and really offering peace of mind.

但我不知道你是否曾經使用過一些社交應用程序，你關注的朋友，它並不像你的家人在哪裡那麼有趣。因此，我們將繼續關注家庭，創造安全和聯繫，並真正提供安心。

We know that many of our younger members do use it a little bit on the edge of -- to connect with their friends, and we think that's great. But our focus is going to stay on family.

我們知道，許多年輕會員確實會利用它來與朋友聯繫，我們認為這很好。但我們的重點仍將放在家庭上。

Next, we'd like to open up to Andrew Boone at Citizens JMP.

接下來，我們想邀請 Citizens JMP 的 Andrew Boone。

Congratulations, Lauren. I'd love to talk about international and the localization that you guys mentioned in the prepared comments. Lauren, can you speak to the broader trends of where you guys are in the process of creating really strong product market fit? Or where may the holes be in international markets that you guys are now filling out? Anything to help us better understand that trend would be helpful.

恭喜你，勞倫。我很樂意談論你們在準備好的評論中提到的國際化和在地化。勞倫，您能否談談你們在創造真正強大的產品市場契合度的過程中所處的更廣泛的趨勢？或者你們現在正在填補的國際市場的空白在哪裡？任何能夠幫助我們更好地理解這一趨勢的事情都是有幫助的。

Great. It's something that we're looking at a lot as we get deeper into markets. We'd love to see our general adoption and penetration get as great as it is in markets around the world as it is in the US.

偉大的。隨著我們深入市場，我們正在密切關注這個問題。我們希望看到我們的產品在世界各地市場的普遍採用和滲透率能和在美國一樣高。

To that end, one of the things that we're investing in is making sure that our location works in places that don't necessarily rely on cars as much as we do in the US. So first of all, it's making sure that our core services really work the way that families need them to work wherever they are.

為此，我們投資的其中一件事就是確保我們的門市能夠在那些不像美國那樣依賴汽車的地方正常運作。因此，首先，要確保我們的核心服務能真正滿足家庭的需求，無論他們身在何處。

Another facet is just understanding what's different about different environments and what kind of safety features we need to offer to speak to people in different countries. And that's newer research and newer investigations for us, but something that we'll continue to look at over time.

另一個面向是了解不同環境有何不同，以及我們需要提供什麼樣的安全功能才能與不同國家的人溝通。這對我們來說是更新的研究和更新的調查，但我們會隨著時間的推移繼續關注。

Next, we'd like to open it up to Chris Savage at Bell Potter.

接下來，我們想向 Bell Potter 的 Chris Savage 開放。

Perhaps a question more for Russell. Russell, at the Q1 result, you flagged, you thought Q2 EBITDA would be lower than Q1, yet it didn't turn out that way. And you did flag that would be driven by a hike in sales and marketing investment, which did come through. So was the hike just not as much as you thought or the operating leverage was greater in the business than perhaps thought?

這或許更值得問拉塞爾。拉塞爾，在第一季的業績中，您曾指出，您認為第二季的 EBITDA 將低於第一季度，但事實並非如此。您確實指出，這將受到銷售和行銷投資增加的推動，而事實也確實如此。那麼，漲幅是不是沒有您想像的那麼多，還是企業的經營槓桿比您想像的要大？

Yes. I think it's more of the latter, Chris. We did, as you say, specifically flagged that we would be -- we would have some higher operating expenses for marketing and personnel costs in Q2, which did happen. But as we work through the quarter, what we also saw was that the subscription strength growth was very strong. So the mix of revenues gave us a very good sort of gross margin, very strong gross margin for the quarter.

是的。我認為更多的是後者，克里斯。正如您所說，我們確實明確指出，第二季度我們的行銷和人事成本營運費用會增加，而這確實發生了。但隨著我們整個季度的工作進展，我們也看到訂閱量成長非常強勁。因此，營收組合為我們帶來了非常好的毛利率，本季非常強勁的毛利率。

And we did see some savings in other areas of operating expenses. So both of those contributed to the adjusted EBITDA result for the month -- for the quarter.

我們確實看到其他營運費用領域有一些節省。因此，這兩項都對當月和當季度的調整後 EBITDA 結果做出了貢獻。

Next, we'd like to open up to Rob Sanderson at Loop.

接下來，我們想向 Loop 的 Rob Sanderson 開放。

I've got 3 on the advertising business, just with the new products launching, I wanted to understand a little bit more about the value proposition here. Place Ads sounds very location-specific. And local location ads like that's been a pretty difficult area to scale. Like even Google Maps has taken a long time to get scale of revenue here. So can we talk a little bit about go-to-market.

我已經對廣告業務有了 3 個了解，隨著新產品的推出，我想進一步了解這裡的價值主張。地點廣告聽起來非常有地點針對性。像這樣的本地位置廣告一直是一個很難擴展的領域。就像谷歌地圖也花了很長時間才在這裡實現規模收入一樣。那我們可以稍微談談市場進入問題嗎？

Should investors expect to see more Uber-like partnerships? You mentioned QSR. So anything you can help us to understand on the go-to-market around Place Ads. Then on Uplift, this seems to be a product for attribution measurement. Is this something that can be integrated into MMPs or other attribution providers?

投資人是否應該期待看到更多類似 Uber 的合作關係？您提到了 QSR。因此，您可以幫助我們了解有關 Place Ads 的行銷的任何資訊。然後在 Uplift 上，這似乎是一個用於歸因測量的產品。這可以整合到 MMP 或其他歸因提供者中嗎？

Any comment on how the model works? Is it like impression-based or percent of ad spend? And anything -- just anything in terms of how to understand that product. And then the script, you mentioned campaigns integration with Meta and Google. From a high level, can you kind of tell us like how that type of integration would work? Is that the platforms themselves leveraging your data? Or is that something integrated by some intermediary?

對於該模型如何運作有何評論？它是基於印象還是基於廣告支出百分比？以及任何關於如何理解該產品的事情。然後是腳本，您提到了與 Meta 和 Google 的活動整合。從高層次來看，您能否告訴我們這種整合是如何運作的？平臺本身是否利用了您的數據？還是這是由某個中介人整合起來的東西？

So we have been pretty consistent about this being sort of a longer ramp as we get these products into market and drive adoption. We're seeing some pretty exciting proof of concept. So I'm looking forward to the point where we're ready to scale those and we get to share more. But right now, we're pretty happy with the momentum that's going on.

因此，當我們將這些產品推向市場並推動其採用時，我們一直堅持認為這是一個更長的上升過程。我們看到了一些非常令人興奮的概念證明。因此，我期待我們能夠擴大規模並分享更多內容。但目前，我們對當前的發展動能感到非常滿意。

In terms of the measurement product, that's part of our efforts to use our data to both on our platform and in other platforms to be able to deliver measurement -- sorry, to allow people to measure foot traffic to know whether consumers are showing up at the places that they're advertising for. The ways -- the different ways that we monetize that are still developing, and I think we'll share more as that product line matures.

就測量產品而言，這是我們努力的一部分，利用我們的數據在我們的平台和其他平台上進行測量——抱歉，是為了讓人們測量客流量，以了解消費者是否出現在他們所做廣告的地方。我們仍在開發各種不同的獲利方式，我認為隨著產品線的成熟，我們會分享更多。

One thing, Rob, can you clarify your question on the Google, Meta part?

有一件事，羅布，可以澄清一下你關於 Google、Meta 部分的問題嗎？

Yes. Just going back to the comment in the script, just that the -- I think there was some mention of just inclusion in some campaigns that are being run on Meta and Google. And just wondering from the high level, like how does that type of integration work or come to market?

是的。回到腳本中的評論，我認為其中提到了將其納入在 Meta 和 Google 上運行的一些活動中。我只是從高層次想知道，這種整合是如何運作或進入市場的？

Sure. I can take that. So that's part of our off-line advertising platform. And so we're working with partners like the Trade Desk and other platforms that allow us to deliver ads through other ad platforms.

當然。我可以接受。這是我們線下廣告平台的一部分。因此，我們正在與 Trade Desk 和其他平台等合作夥伴合作，以便我們透過其他廣告平台投放廣告。

Right. So your data would be sort of accessed by third party in that case, DSP with Trade Desk or whatnot? Just to bolster, I guess, the targetability of the ads delivered through that platform, is that generally the structure or the concept?

正確的。那麼在這種情況下，您的資料會被第三方訪問，例如帶有 Trade Desk 的 DSP 還是其他什麼？我猜，只是為了增強透過該平台投放的廣告的針對性，這通常是結構還是概念？

Yes, we build audiences in privacy-safe ways. So they're obfuscated so that we're not giving away specific user data, but it allows third parties to use those other platforms to target our customers on platforms like Meta and Google.

是的，我們以保護隱私的方式建立觀眾群。因此，它們被混淆了，以便我們不會洩露特定的用戶數據，但它允許第三方使用其他平台在 Meta 和 Google 等平台上定位我們的客戶。

That concludes initial queries. And so if there are other follow-ups, you can go ahead and raise your hand while we still have time. We have one follow-up from Siraj.

初步詢問到此結束。因此，如果還有其他後續問題，您可以趁我們還有時間時繼續舉手。我們有一個來自 Siraj 的後續問題。

I might have two, if that's okay. The first one, just on -- following up on that data on ads, right? Two part, Russell, can you just confirm, I mean, there's improvement quarter-on-quarter. Was that really -- I'm guessing that is driven -- that is ad driven. And whether that is Aura, AccuWeather.

如果可以的話，我可能會有兩個。第一個，只是－跟進廣告數據，對嗎？拉塞爾，您能否確認一下，我的意思是，季度環比有所改善。那真的是——我猜那是由廣告驅動的。無論是 Aura 還是 AccuWeather。

And Lauren, you've been consistent that it takes a couple of sort of quarters for the measurement and targeting to mature, right? You reckon you're ahead on plan on that? Or is it in line with what you're expecting?

勞倫，您一直認為測量和目標需要幾個季度才能成熟，對嗎？您認為您的計劃已經提前完成了嗎？或者說它符合你的預期嗎？

So I'll -- yes, I'll take the first part of it, and Lauren can take the second. But in terms of sort of quarter-over-quarter, yes, we're seeing good expected growth in advertising revenue, and that would represent the larger part of the growth in the other income line. That said, we're seeing continued good growth in the overall data revenue.

所以我會——是的，我會參加第一部分，勞倫可以參加第二部分。但就季度環比而言，是的，我們看到廣告收入預期良好成長，這將佔其他收入線成長的較大部分。也就是說，我們看到整體數據收入持續良好成長。

Yes. And in terms of our expectations, one of the things that we learned pretty early on is that advertising is not quite like subscriptions, it's a lot more variable. And so I'd say, overall, it's in line with our expectations. We're feeling good about things, but we know that this is a long build.

是的。就我們的預期而言，我們很早就了解到的一件事是，廣告並不完全像訂閱，它的可變性要大得多。所以我想說，總的來說，這符合我們的預期。我們對現狀感到滿意，但我們知道這是一個長期的過程。

Just got one more as well. Russell, is there a big step-up in OpEx in the second half that we should be thinking about? Or I mean, it's a bit confusing because you said there will be operating leverage at the end of 4Q or back to trends. But 3Q is down. Is there a big step up that we should be thinking about?

剛剛又得到一個。拉塞爾，下半年營運支出是否會大幅成長，我們應該考慮嗎？或者我的意思是，這有點令人困惑，因為你說過第四季末或恢復趨勢時將會出現經營槓桿。但第三季卻下滑了。我們是否應該考慮邁出一大步？

Outside of sales and marketing, there is not a big step up. We do tend to build quarter-on-quarter as we're growing the business. Typically, Q3, we do invest more in sales and marketing as that's where we really capitalize on the sort of back-to-school period and invest more in campaigns to really support that. And this quarter will be no different from our regular approach. As I said, generally, we're seeing really good returns on our marketing investment. So we're definitely not shying away from investing in Q3.

除了銷售和行銷之外，沒有什麼大的進步。隨著業務的成長，我們確實傾向於逐季進行成長。通常，在第三季度，我們確實會在銷售和行銷方面投入更多，因為這是我們真正利用返校期的機會，並在活動中投入更多資金來真正支持這一點。本季與我們的常規做法沒有什麼不同。正如我所說，總體而言，我們的行銷投資獲得了非常好的回報。所以我們絕對不會迴避第三季的投資。

I'd like to open it up for a follow-up from Wei Sim.

我想打開這個主題，以便 Wei Sim 進行後續跟進。

So this question is just in regards to, I guess, the transition. And I appreciate you've put it out in the blog, but I think it's just -- one of the comments that you have made in the past, Chris, is kind of like looking for other growth opportunities outside of Life360 over the medium term and saying that you might like kind of like leave the company as the growth slows. So just some concern from other investors, just with you stepping down as the CEO and transitioning to -- over to Lauren, whether this is a sign that you think that growth is slowing?

所以我想這個問題只是關於過渡。我很感激您在部落格中發表了這一觀點，但我認為這只是——克里斯，您過去發表過的評論之一，有點像在中期內尋找 Life360 之外的其他增長機會，並表示隨著增長放緩，您可能會離開公司。所以其他投資者有些擔心，您卸任執行長一職並轉交給勞倫，這是否表明您認為成長正在放緩？

That is completely unrelated. I can say that very genuinely. I think I've made the comment in the past that just even from a broader company standpoint, if we are more in a harvest mode, that would be not the right place for me. My passion is truly the free user experience, and it's just what energizes me and motivates me. My role will be very, very focused on that.

那是完全不相關的。我可以非常真誠地說這一點。我想我過去曾發表過這樣的評論，即使從更廣泛的公司角度來看，如果我們更多地處於收穫模式，那對我來說就不是正確的位置。我真正熱衷的是免費的使用者體驗，它帶給我活力和動力。我的職責將非常集中於此。

And a lot of the things that I love doing the most, I'm going to continue and double down on doing. So completely unrelated. And I think the numbers in this quarter speak for themselves. We really did want to make sure that we had the right time to make this move, and we could look everybody in the eye and say everything is going gangbusters. And so no, we are a long way away from feeling capped out.

很多我最喜歡做的事情，我會繼續做，並且加倍努力。所以完全不相關。我認為本季的數據不言而喻。我們確實想確保我們有合適的時間來採取這一舉措，並且我們可以直視每個人的眼睛並說一切都會順利進行。所以，我們距離感覺到極限還很遠。

And if you look at some of the stats even in US MAU, it's not just international picking up for US slowing down. US is really outperforming. And if anything, we've taken another step up in the cultural zeitgeist, you have the whole fambushing thing, and I don't think we shared it on the call, but there's some public stats out there about our brand recognition with Gen Z.

如果你看美國月活躍用戶數據，你會發現不只是國際市場的成長導緻美國市場的成長放緩。美國的表現確實出色。如果有什麼不同的話，那就是我們在文化時代精神方面又邁進了一步，你有整個fambushing的事情，我不認為我們在電話會議上分享過它，但是有一些關於我們在 Z 世代的品牌認知度的公開統計數據。

Like we are one of the most popular brands with Gen Z, which is somewhat surprising. I thought they would always be neutral on us, but some of the old stuff with TikTok, we are loved by the up-and-coming generations. So early days in terms of growth. And in terms of my role as Exec Chair, I would make the same statement from my current plans.

就像我們是 Z 世代最受歡迎的品牌之一，這有點令人驚訝。我以為他們會一直對我們保持中立，但 TikTok 上的一些老東西卻受到了新一代的喜愛。從成長角度來看，目前還處於早期階段。就我作為執行主席的角色而言，我會根據我目前的計劃做出同樣的聲明。

I'm very excited to stay on full time. And if we do go to harvest mode, I would probably be less needed as an Executive Chairman. But now -- for now, indefinitely, I plan to be here.

我很高興能夠全職留下來。如果我們確實進入收穫模式，我擔任執行主席的職位可能就不再那麼重要了。但現在——就目前而言，無限期地，我計劃留在這裡。

We'd like to open up the call to a question from Tom Grounds from Barrenjoey.

我們想回答來自 Barrenjoey 的 Tom Grounds 提出的問題。

First of all, congrats on a great result. Just on the upgrade to guidance, I was just wondering if that was more on confidence you're seeing into the second half? Or is that just because second quarter might have come in better than you expected?

首先，恭喜你取得優異的成績。關於指導的升級，我只是想知道這是否更多地表明了您對下半年的信心？或者這只是因為第二季的表現可能比你預期的還要好？

I think it's a little bit of both. Obviously, Q2 was a really strong quarter. We're continuing to see that really strong growth in subscription. So that's -- that gives us a great deal of confidence. And that said, our second half is somewhat weighted towards the second half and particularly the fourth quarter, as we've talked about.

我認為兩者都有一點。顯然，第二季度是一個非常強勁的季度。我們繼續看到訂閱量強勁成長。所以這給了我們很大的信心。話雖如此，正如我們所討論的，我們的下半年將在一定程度上側重於下半年，特別是第四季度。

So -- but everything that we're seeing gives us that level of confidence that we are able to lift guidance.

所以——但是我們所看到的一切都給了我們一定程度的信心，我們能夠提高指導。

I'd like to open it back up to Wei-Weng Chen at RBC.

我想把這個問題再次開放給 RBC 的 Wei-Weng Chen。

This one is maybe for Chris. I'd love your view on the ways that you think Lauren will be a better CEO than you.

這一個也許是給克里斯的。我很想聽聽你的看法，你認為勞倫會成為比你更優秀的 CEO 嗎？

That is honestly pretty straightforward. I'll do a little bit of it. I love talking to you guys as individual, but press and IR and all that, it's not what brings joy to my heart, even though genuinely, I've built great relationships with many of you. I am someone who works in bursts of creativity. But as a public company, you need consistency.

說實話，這很簡單。我會做一點點。我喜歡與你們單獨交談，但新聞、IR 和所有這些並不能給我帶來快樂，儘管說實話，我已經與你們中的許多人建立了良好的關係。我是一個工作時充滿創意的人。但作為一家上市公司，你需要保持一致性。

And I have pretty severe ADHD that's a pretty common founder trait. And it takes a lot out of me to be an operationally consistent leader where you repeat the same message day in and day out and remove nuance to have scaled communications in ways that don't necessarily feel natural. Lauren loves the user and has -- we're very similar on product, but she also really enjoys the systems and scaling processes that I quite frankly don't like as much, I'm not naturally as gifted at.

我有相當嚴重的注意力不足過動症，這是一種相當常見的創辦人特徵。要成為一個始終如一的領導者，我需要付出很多努力，日復一日地重複同樣的訊息，消除細微差別，以不一定感覺自然的方式進行規模化的溝通。勞倫熱愛用戶——我們在產品上非常相似，但她也非常喜歡系統和擴展流程，坦白說，我不太喜歡，我在這方面沒有天賦。

To make it just even a little bit tangible, one of the things that we had struggled with in the past was the constant swing between I'd say the start-up scrappy way of doing things, where you just kind of jump off the cliff, build the plan in the way down. That works, but it's massively chaotic.

為了讓它更具體一些，我們過去一直在努力解決的一個問題是，我一直在搖擺於新創公司的做事方式和艱苦的方式之間，你只能跳下懸崖，然後在下落的過程中製定計劃。這種方法雖然有效，但卻非常混亂。

On the other extreme, you have kind of the archetype of someone who conflates output and outcomes and just follows the process and does things just because they're told to do so. And I think Lauren has done an extremely good job of threading those needles. And the way in which Lauren has done it has been not just her own skill setting these up herself, but also hiring. We genuinely have the best execs we've ever had. I joke, but it's actually true.

另一個極端是，有些人將產出和結果混為一談，只是遵循流程，按照指示去做事。我認為勞倫在穿針引線方面做得非常出色。勞倫的做法不僅是憑藉自己的技能親自設置這些設施，而且還僱用員工。我們確實擁有迄今為止最好的高階主管。我開玩笑，但事實確實如此。

My first hire on a new senior exec often gets wrong the first time because I haven't been there, done that. So we are at a stage where Lauren is a little bit more been there, done that. And I'm still here to kind of stir things up. I can turn it on and off the crazy. I'm extremely good at that.

我第一次聘請新的高階主管時經常會犯錯，因為我沒有經歷過這種情況。所以，我們現在處於這樣一個階段：勞倫已經經歷過很多次了。而我仍然在這裡，來攪動一些事情。我可以打開或關閉它的瘋狂。我非常擅長這個。

I think part of why I made the duration was I am one of those founders who was able to realize we needed to do the more scaling things, but it's not necessarily what my natural inclination is nor what gave me joy. And then the last thing I'll say about Lauren is I think Lauren genuinely just loves the work all the time in every way, shape or form.

我認為我之所以選擇這個期限，部分原因是我是那些能夠意識到我們需要做更多擴展性事情的創始人之一，但這不一定是我的天性，也不一定是給我帶來快樂的東西。關於勞倫，我要說的最後一件事是，我認為勞倫一直都真心熱愛工作，無論以何種方式、何種形式。

Whereas for me, I can do it, but it's more through discipline and powering through, the stuff that I can just do day in and day out, it's more on the creative side. So for all those reasons, that is where Lauren is genuinely better than me, and I think the company is going to get most of the gifts I had but with Lauren at the helm in a way that I think is good for all involved.

而對我來說，我可以做到，但這更多的是透過紀律和力量來實現的，而我日復一日所能做的事情，更多的是在創造性方面。因此，出於所有這些原因，勞倫確實比我強，而且我認為公司將獲得我的大部分禮物，但由勞倫掌舵，我認為這對所有相關人員都有好處。

And for me, as a very large shareholder with the majority of my net worth in the company, even more so with the share price going up, I am very self-interested in this transition.

對我來說，身為公司中的大股東，我的大部分資產都投入其中，尤其是隨著股價的上漲，我對這種轉變非常感興趣。

And with that, we've come up on time, and I'm going to turn it over to Lauren to sign off.

就這樣，我們準時完成了，我將把它交給勞倫簽字。

Thanks, everyone, for joining, and have a great day.

感謝大家的參與，祝福大家有愉快的一天。