Life360 Inc (LIF) 2025 Q3 法說會逐字稿

And welcome to our third quarter 2025 earnings conference call. This call is being conducted as a zoom audio webinar. (EventInstructions)

歡迎參加我們2025年第三季財報電話會議。本次通話將以 Zoom 音訊網路研討會的形式進行。（活動說明）

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.

再次提醒各位，我們將在本次電話會議中就未來事件和潛在財務業績發表前瞻性聲明，這些聲明存在重大風險和不確定性，可能導致實際結果與此類聲明存在重大差異。

A summary of these risks may be found in the Risk Factors section in our Form 10-K filing with the SEC dated February 27, 2025, and our Form 10-Qs filed with the SEC dated May 12, 2025, August 11, 2025, and November 10, 2025. These forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, November 10, 2025, and we have no obligation to update these statements as a result of new information or future events, except when required by law.

這些風險的摘要資訊可在我們於 2025 年 2 月 27 日向美國證券交易委員會提交的 10-K 表格的「風險因素」部分以及我們於 2025 年 5 月 12 日、2025 年 8 月 11 日和 2025 年 11 月 10 日向美國證券交易委員會提交的表格中找到。這些前瞻性聲明是基於我們認為截至今日（2025 年 11 月 10 日）合理的假設，除法律要求外，我們沒有義務因新資訊或未來事件而更新這些聲明。

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公佈GAAP和非GAAP財務指標。這些非公認會計準則指標並非旨在脫離公認會計準則結果單獨考慮，也不是替代或優於公認會計準則結果，而應與公司按照公認會計準則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財務指標的說明以及與最接近的GAAP財務指標的調節表包含在公司今天早些時候發布的盈利新聞稿的末尾，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.

我們已在投資者關係頁面發布了更新的投資者演示文稿，其中包含更多補充圖表和數據。請注意，該資料僅作為補充參考資料提供，我們不會將其作為今天的會議演示材料。

We will begin with an overview of results and a business update from our Chief Executive Officer, Lauren Antonoff, with a comment from our Co-Founder and Executive Chairman, Chris Hulls; then our Chief Financial Officer, Russell Burke, will walk through the Q3 2025 financials. Lauren will return with comments on our updated 2025 outlook before we open up the call for Q&A. (Event Instructions)

我們將首先由執行長 Lauren Antonoff 概述業績並介紹業務最新進展，聯合創始人兼執行主席 Chris Hulls 將發表評論；然後首席財務官 Russell Burke 將詳細介紹 2025 年第三季度的財務狀況。在正式開始問答環節之前，Lauren 將對我們更新後的 2025 年展望發表評論。（活動須知）

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

接下來，我將把電話交給勞倫。

Good afternoon to everyone joining from the US, and good morning to those of you tuning in from Australia. Thank you for joining our third quarter results call. Q3 2025 was another record quarter for Life360. We reached all-time highs in Paying Circles and global net subscription adds while continuing to advance our vision of becoming the go-to platform for everyday family life.

各位來自美國的朋友們下午好，各位來自澳洲的朋友們早安。感謝您參加我們第三季業績電話會議。2025年第三季是Life360的另一個創紀錄季。我們在付費用戶數量和全球淨新增訂閱用戶數量方面均創歷史新高，同時繼續推進我們成為日常家庭生活首選平台的願景。

These results reflect our outstanding product market fit, the strength of our freemium model and most importantly, the trust we built with millions of families who depend on Life360 every day to keep their families safe and manage the day-to-day chaos of family life.

這些結果反映了我們出色的產品市場契合度、我們免費增值模式的優勢，以及最重要的是，我們與數百萬家庭建立的信任，這些家庭每天都依靠 Life360 來保障家人的安全並應對家庭生活的日常混亂。

Our growth engine is fueled by the peace of mind that Life360 provides families who use our platform to stay connected to the people, pets and things they love. Our freemium model continues to drive delight and encourage upgrades to premium features such as unlimited place alerts that give families a heads up where mom leaves work or dad stops by their favorite sandwich shop.

Life360 為使用我們平台與所愛之人、寵物和事物保持聯繫的家庭提供了安心保障，而這正是我們成長的動力。我們的免費增值模式持續帶來愉悅感，並鼓勵用戶升級到高級功能，例如無限地點提醒，讓家人提前知道媽媽下班的地點或爸爸去他們最喜歡的三明治店的地點。

Our free offering is now even more valuable to families with the introduction of our new Pet Finder Network, which I'll come back to in a moment. Because of our outstanding value, the majority of our growth remains organic, driven by word of mouth and increasing brand awareness.

我們新推出的寵物查找網絡，讓這項免費服務對家庭來說更有價值了，我稍後會詳細介紹。由於我們卓越的性價比，我們的大部分成長仍然是自然成長，由口碑傳播和品牌知名度的提高所驅動。

This quarter, we continued to deliver innovative experiences like no-show alerts. We spotted a pattern where nervous parents continually check to see if their kid arrived and we decided to create a feature to reduce anxiety by flipping this experience on its head. Now we can alert parents when a loved one doesn't arrive on time at a designated location. No need to keep checking.

本季度，我們持續推出創新體驗，例如未到場提醒。我們發現，焦慮的父母會不斷地查看孩子是否到了，於是我們決定創造一個功能，透過徹底改變這種體驗來減少焦慮。現在，當親人沒有準時到達指定地點時，我們可以通知家長。無需持續查看。

It's one more way we're giving families peace of mind and making everyday family life better. We delivered no-show alerts just as kids were heading back to school, and we've seen outstanding engagement with over 1 million alerts configured to make sure that people arrive safely as expected.

這是我們為家庭帶來安心、改善家庭日常生活的另一個途徑。我們在孩子們返校之際發布了缺勤警報，並獲得了極佳的參與度，配置了超過 100 萬條警報，以確保人們能夠按預期安全到達。

We also deepened our partnership with AccuWeather, the world's most accurate and widely used source of weather forecasts and warnings. Last quarter, this partnership delivered severe weather alerts to our members. In Q3, we took it a step further by extending these alerts to the entire circle, so every family member is notified when weather threatens someone they care about. This integration, as with our work with Uber, highlights how major brands are recognizing Life360 as a true platform, not just another location sharing app.

我們也深化了與 AccuWeather 的合作關係，AccuWeather 是全球最準確、使用最廣泛的天氣預報和預警來源。上個季度，這項合作向我們的會員提供了惡劣天氣預警。第三季度，我們更進一步，將這些警報擴展到整個家庭，這樣當天氣威脅到他們關心的人時，每個家庭成員都會收到通知。此次整合，正如我們與 Uber 的合作一樣，凸顯了各大品牌如何將 Life360 視為一個真正的平台，而不僅僅是另一個位置共享應用程式。

We're creating monetizable experiences that drive far higher engagement than traditional ads and genuinely add value to our members' daily lives. Unlike banner ads that users simply tolerate, our AccuWeather experience shows why people choose Life360. It makes the platform more useful, relevant and uniquely positioned at the center of family life.

我們正在創造可獲利的體驗，這些體驗能夠帶來比傳統廣告更高的使用者參與度，並真正為我們會員的日常生活增添價值。與用戶勉強容忍的橫幅廣告不同，我們的 AccuWeather 體驗展示了人們選擇 Life360 的原因。它使該平台更加實用、更具相關性，並獨特地定位在家庭生活的中心。

We're also engaging members in creative ways like our Life360 Pays For campaign, which was designed to reinforce our mission of making everyday family life better and build brand affinity by helping families manage real-life costs from rent to gas to data plans.

我們也以創意的方式與會員互動，例如我們的 Life360 Pays For 活動，旨在透過幫助家庭管理從房租到汽油再到數據套餐等實際生活成本，來強化我們改善家庭日常生活並建立品牌親和力的使命。

Our combination of product innovation and creative marketing with millions of views across the media spectrum continues to strengthen engagement across our platform. As a result, we added 3.7 million monthly active users in the third quarter, growing 19% year-over-year, bringing our total active users to nearly 92 million.

我們透過產品創新和創意行銷，以及在媒體領域數百萬次的瀏覽量，不斷增強我們平台上的用戶參與度。因此，我們在第三季新增了 370 萬月活躍用戶，年增 19%，使我們的活躍用戶總數接近 9,200 萬。

Our total Paying Circles grew 23% year-over-year to 2.7 million, achieving a record 170,000 net new additions, boosted by focus in our marketing efforts and optimization in our funnel, resulting in better conversion from free to paid in the US and international markets, especially within that first critical 30 days of use.

我們的付費用戶總數年增 23%，達到 270 萬，淨新增用戶達到創紀錄的 17 萬，這得益於我們行銷工作的重點和銷售漏斗的優化，從而提高了美國和國際市場（尤其是最初關鍵的 30 天使用期內）免費用戶向付費用戶的轉換率。

While MAU growth is lower than the same period last year, it was led by our highest value user segments, reflecting an intentional shift in our marketing to focus paid media on users who are more likely to retain and convert. The strategy is working. Our 35- to 50-year-olds, which drive the majority of our monetization, reached record highs this quarter. The results speak for themselves with record growth in Paying Circles and strong brand awareness.

雖然每月活躍用戶數成長低於去年同期，但主要得益於我們最有價值的用戶群，這反映出我們在行銷方面有意調整策略，將付費媒體重點放在更有可能留存和轉換的用戶身上。這個策略奏效了。我們35歲至50歲的客戶群是我們獲利的主要來源，本季該族群人數創下歷史新高。支付圈數量創歷史新高，品牌知名度也很高，這些成績足以說明一切。

At the same time, we continue to benefit from Life360's cultural relevance, which extends well beyond our core target audience. In recent weeks, we've been trending on TikTok because we created a product experience that hopped on the 67 meme. If you don't have teens, you might not know what that means, but millions of our younger members do.

同時，我們繼續受益於 Life360 的文化影響力，這種影響力遠遠超出了我們的核心目標受眾。最近幾週，我們在 TikTok 上很火，因為我們創造了一種產品體驗，巧妙地利用了 67 這個梗。如果你沒有青少年，你可能不知道這代表什麼，但我們數百萬的年輕會員都知道。

While we don't rely on Gen Z as primary converters, their enthusiasm fuels a powerful halo effect that keeps Life360 part of the broader cultural conversation. Just this week, one of our TikTok posts went viral with an astounding 2.2 million views. This visibility strengthens our brands with parents and families alike, proving that our position at the center of the digital zeitgeist is a real competitive advantage.

雖然我們不依賴 Z 世代作為主要轉化者，但他們的熱情卻能產生強大的光環效應，使 Life360 成為更廣泛的文化對話的一部分。就在本週，我們的一則 TikTok 貼文爆紅，獲得了驚人的 220 萬次觀看。這種知名度增強了我們在家長和家庭中的品牌影響力，證明我們處於數位時代精神的中心地位是一個真正的競爭優勢。

Internationally, momentum remains strong. Paying Circles outside the US grew 29% year-over-year with an 8% year-over-year ARPPC uplift driven by local pricing strategies and the continued success of premium tiers across the UK, Canada, Australia and New Zealand. If these markets continue on the same trajectory as the US, and current trends suggest they will, there remains significant headroom for accelerated growth ahead.

國際市場勢頭依然強勁。美國以外的付費圈年增 29%，ARPPC 年比成長 8%，這得益於當地的定價策略以及英國、加拿大、澳洲和紐西蘭高級會員等級的持續成功。如果這些市場繼續沿著與美國相同的軌跡發展（目前的趨勢表明它們會如此），那麼未來仍有很大的加速成長空間。

While we continue to experiment with our marketing levers, the results we've seen give us confidence that edgy creative, disciplined marketing investment and most importantly, a product that delights customers will continue to drive durable growth for many years to come.

雖然我們仍在不斷嘗試各種行銷手段，但我們所看到的成果讓我們相信，前衛的創意、嚴謹的行銷投入，以及最重要的——一款能讓顧客滿意的產品，將繼續在未來多年推動永續成長。

On top of growing our membership base, we're deeply committed to increasing the value we deliver to our members, including extending Life360's impact beyond the phone. Our connected devices play a critical role in expanding our reach and deepening engagement, giving families more ways to stay connected.

除了擴大會員規模外，我們還致力於提高為會員提供的價值，包括將 Life360 的影響力擴展到電話之外。我們的連網設備在擴大覆蓋範圍和加深互動方面發揮著至關重要的作用，為家庭提供了更多保持聯繫的方式。

We took a big step forward on this front as we launched Life360 Pet GPS, which brings to life our vision to connect families with the people, pets and things they love on one map and extends the peace of mind we're known for to furry family members. This is our first product designed specifically for pets, and it's now available in the United States, Canada, the UK, Australia and New Zealand.

我們在這一方面邁出了重要一步，推出了 Life360 Pet GPS，實現了我們的願景，即在一張地圖上將家庭與他們所愛的人、寵物和事物聯繫起來，並將我們聞名遐邇的安心擴展到毛茸茸的家庭成員。這是我們首款專為寵物設計的產品，目前已在美國、加拿大、英國、澳洲和紐西蘭上市。

We took a measured approach to our initial launch, and while it's too soon to provide forecast, early demand exceeded our initial expectations, selling it out in most regions within days. One in three pets becomes lost at some point during their lifetime, and family with pets represent a significant opportunity, covering nearly 70% of US households.

我們在最初的發布過程中採取了謹慎的態度，雖然現在做出預測還為時過早，但早期需求超出了我們最初的預期，在大多數地區幾天內就售罄了。三分之一的寵物在一生中的某個時候會走失，而擁有寵物的家庭代表著一個巨大的商機，覆蓋了近 70% 的美國家庭。

Young families tend to get their first pet before they have kids and certainly before the age that kids get their own phone. And pets don't head off to college, meaning that our Pet GPS makes subscriptions more valuable to families through all life stages.

年輕家庭往往會在生孩子之前，甚至在孩子擁有自己的手機之前，就養第一隻寵物。寵物不會上大學，這意味著我們的寵物 GPS 服務能讓家庭在各個生命階段的訂閱更有價值。

Our goal with pets goes far beyond selling devices. We have an opportunity to raise the bar for what it means to be a responsible pet parent. We're committed to driving awareness and education about how to keep pets safe. Pet owners have been led to believe that a microchip or Bluetooth tracker will help if their pet escapes. And I know from personal experiences that these solutions are outdated and woefully unsuited to the job.

我們對待寵物的目的遠不止於銷售設備。我們有機會提高負責任的寵物主人的標準。我們致力於提高人們對如何保障寵物安全的認識和教育。寵物主人一直被誤導，認為植入晶片或佩戴藍牙追蹤器可以幫助他們找回走失的寵物。根據我的個人經驗，我知道這些解決方案已經過時，而且完全不適合這項工作。

To make use of a microchip, someone needs to capture your pet and take it to a vet or a shelter. Not only does that count on extraordinary effort, but trying to catch a lost dog and put both the dog and the person in danger.

要使用微晶片，需要有人抓住你的寵物並將其送到獸醫診所或收容所。這不僅需要付出非凡的努力，而且試圖抓住一隻走失的狗還會使狗和人都處於危險之中。

Bluetooth trackers work great when your dog is at home on the couch, but they're ill suited for a dog on the run. The best way to get a dog home safely is to equip them with a GPS tracker that tracks your pet in real time, so you can close the distance quickly and bring them home safely.

藍牙追蹤器在狗狗待在家裡的沙發上時非常好用，但對於四處奔跑的狗狗來說就不太合適了。讓狗狗安全回家的最佳方法是為它配備一個 GPS 追蹤器，即時追蹤寵物的位置，這樣你就可以快速縮短距離，安全地把它帶回家。

While Pet GPS is the best way to keep a pet safe, at Life360, we want to keep every pet safe, even those without a tracker. Our community-powered Pet Finder Network draws on our nearly 92 million members to help reunite lost pets with their families by sending a lost pet alert to members nearby.

雖然寵物 GPS 是確保寵物安全的最佳方式，但在 Life360，我們希望確保每一隻寵物的安全，即使是那些沒有追蹤器的寵物。我們以社區為驅動的寵物尋回網路利用我們近 9,200 萬會員的力量，透過向附近的會員發送走失寵物警報，幫助走失的寵物與家人團聚。

Pet GPS and our Pet Finder Network expand our relevance to even more households and reinforce our position as the go-to platform for everyday family safety. Families already trust Life360 to keep their loved ones connected and safe, and that trust gives us a strong foundation to lead in this growing category.

寵物 GPS 和我們的寵物查找網路擴大了我們與更多家庭的關聯性，並鞏固了我們作為日常家庭安全首選平台的地位。許多家庭已經信賴 Life360，相信它能讓他們所愛的人保持聯繫並保障他們的安全，這種信任為我們在這個不斷增長的領域中保持領先地位奠定了堅實的基礎。

Beyond subscriptions and hardware, we continue to advance our strategy to build high-margin complementary revenue streams. Q3 other revenue grew 82% year-over-year to $16.9 million with strong performance in advertising.

除了訂閱和硬體之外，我們將繼續推進策略，建立高利潤的互補性收入來源。第三季其他營收年增 82% 至 1,690 萬美元，其中廣告業務表現強勁。

We're still early in our advertising road map, but we're making progress building the full operating stack that will power long-term growth. Our place ads and uplift products are live and gaining traction, enabling brands to reach families in relevant real-world moments and measure the impact of their ad campaigns.

我們的廣告發展路線圖仍處於早期階段，但我們在建立能夠推動長期成長的完整營運體系方面取得了進展。我們的廣告投放和提升產品已經上線並獲得市場認可，使品牌能夠在相關的真實世界時刻觸達家庭，並衡量其廣告活動的影響。

At the same time, we're enhancing our programmatic partnerships and data integrations to improve targeting, delivery and performance. This phase is about building the right foundation, bringing together the people, technology and relationships that will allow us to efficiently and effectively scale.

同時，我們正在加強程序化合作夥伴關係和資料整合，以改善目標定位、投放和效果。這一階段的重點在於打好基礎，將人員、技術和關係整合起來，使我們能夠有效率、有效地擴大規模。

The momentum we're seeing fuels our confidence that advertising is on track to become a durable high-margin growth engine for Life360. To accelerate our vision, we've entered into an agreement to acquire Nativo, a best-in-class advertising technology company.

我們目前看到的勢頭增強了我們的信心，相信廣告業務將成為 Life360 持久的高利潤成長引擎。為了加速實現我們的願景，我們已達成協議收購 Nativo，一流的廣告科技公司。

Nativo brings full stack ad technology, a seasoned team and hundreds of advertiser and publisher relationships that will allow us to scale our ads business faster and more efficiently while maintaining the high editorial and privacy standards that define the Life360 promise.

Nativo 帶來了全端廣告技術、經驗豐富的團隊以及數百個廣告商和出版商關係，這將使我們能夠更快、更有效率地擴展廣告業務，同時保持 Life360 承諾的高編輯和隱私標準。

We expect this combination to accelerate our advertising road map, expand our offsite reach and position Life360 to deliver a unified ad platform that seamlessly connects our audience with broader publisher networks. It's a major step forward in creating a differentiated full-funnel solution for brands and agencies. And importantly, it advances our mission to grow advertising in a way that's consistent with our commitment to families. We look forward to welcoming the Nativo team to Life360 once the transaction closes. Before I conclude, I've asked Chris to share a few thoughts from his new role. So Chris, over to you.

我們期望這一組合能夠加快我們的廣告路線圖，擴大我們的站外覆蓋範圍，並使 Life360 能夠提供一個統一的廣告平台，將我們的受眾與更廣泛的發布商網絡無縫連接起來。這是為品牌和代理商打造差異化全通路解決方案的重要一步。更重要的是，它推動了我們以符合我們對家庭承諾的方式發展廣告業務的使命。我們期待交易完成後，歡迎 Nativo 車隊加入 Life360。在結束之前，我請克里斯分享他擔任新職務的一些想法。克里斯，現在輪到你了。

Thanks, Lauren. I'll keep it brief. The transition has gone incredibly smoothly, and it's great to see how well the company has executed while continuing to advance our long-term vision. If I had to sum up this quarter on one theme, it's that we're proving Life360 is not just an app, it's a platform that's always been at the heart of the 360 in our name. With the launch of our new device, people, pets and things are now fully integrated into the Life360 map.

謝謝你，勞倫。我會盡量簡短。過渡過程非常順利，很高興看到公司在推動長期願景的同時，也出色地完成了各項工作。如果要用一個主題來總結本季度，那就是我們正在證明 Life360 不僅僅是一個應用程序，它是一個平台，而這個平台始終是我們名稱中「360」的核心所在。隨著我們新設備的推出，人、寵物和物品現在都已完全整合到 Life360 地圖中。

And we're the only player in the space with a complete family-focused hardware and software ecosystem, and it shows how far ahead we are of any direct competitor. The Nativo acquisition is another major milestone. We've long said that indirect revenue could one day rival subscriptions, and this deal accelerates that vision.

我們是該領域唯一擁有完整的以家庭為中心的硬體和軟體生態系統的公司，這表明我們比任何直接競爭對手都領先很多。收購Nativo是另一個重要的里程碑。我們一直認為，間接收入有朝一日可以與訂閱收入相媲美，而這項交易加速了這個願景的實現。

Nativo isn't just about adding more ads. It's about enabling third parties to use our location intelligence in privacy-safe ways that improve their performance while preserving the experience of our free users who remain the foundation of our platform.

Nativo 不僅僅是增加廣告數量。這旨在讓第三方能夠以保護隱私的方式使用我們的位置智能，從而提高他們的性能，同時維護我們免費用戶的體驗，而免費用戶仍然是我們平台的基礎。

And finally, it's great to see Life360 jumping on the 67 trend and going viral on TikTok again, this time organically from the team, which means in a very genuine way, I'm very happy I do not have to reprise my role as an influencer. I'm excited to continue supporting the team as Executive Chairman, and back to you, Lauren.

最後，很高興看到 Life360 再次搭上 67 的順風車，在 TikTok 上再次爆紅，這次是團隊自發的，這意味著，說真的，我很高興我不用再扮演網紅的角色了。我很高興能繼續以執行主席的身份支持團隊，勞倫，現在把麥克風交還給你。

Thanks, Chris. I'm incredibly proud of the team for delivering another outstanding quarter of balanced growth and disciplined execution. We continue to scale our core subscription business, expand our high-margin revenue streams and invest in new innovations that make everyday family life better.

謝謝你，克里斯。我為團隊感到無比自豪，他們又一個季度取得了均衡成長和嚴謹執行的優異成績。我們將持續擴大核心訂閱業務規模，拓展高利潤收入來源，並投資於能夠改善家庭日常生活的創新技術。

With momentum in our core business, the successful launch of Pet GPS and continued expansion in advertising with the addition of Nativo, we're confident in our trajectory as we enter the holiday season and head into 2026. So with that, I'll hand it over to Russell to walk through the financials and our continued progress on profitability.

憑藉核心業務的強勁勢頭、寵物 GPS 的成功推出以及透過收購 Nativo 不斷擴大廣告業務，我們對進入假期季節並邁向 2026 年的發展軌跡充滿信心。那麼，接下來我將把發言權交給羅素，讓他來介紹財務狀況以及我們在獲利能力方面取得的持續進展。

Thanks, Lauren, and thank you all for joining the call today. As a reminder, the Q3 financials I'll be referencing are unaudited and denominated in US dollars. We are very pleased to report another record quarter, reflecting continued strength in our core subscription business, accelerating momentum in advertising and data revenue and disciplined expense management.

謝謝勞倫，也謝謝今天所有參加電話會議的朋友。提醒一下，我將要引用的第三季財務資料未經審計，以美元計價。我們非常高興地宣布又一個創紀錄的季度，這反映了我們核心訂閱業務的持續強勁增長、廣告和數據收入的加速增長以及嚴格的費用管理。

Q3 total revenue grew 34% year-on-year to $124.5 million with continued strong momentum. Subscription revenue increased 34% to $96.3 million, while core Life360 subscription revenue, which excludes stand-alone hardware subscriptions, rose 37%. The increase was driven by sustained global Paying Circle growth and ongoing improvements in conversion across both US and international markets.

第三季總營收年增 34% 至 1.245 億美元，維持強勁成長動能。訂閱收入成長 34% 至 9,630 萬美元，而不包括獨立硬體訂閱在內的 Life360 核心訂閱收入成長 37%。這一增長得益於 Paying Circle 全球業務的持續增長以及美國和國際市場轉化率的不斷提高。

Other revenue grew 82% year-on-year to $16.9 million, fueled by strong performance from our expanding advertising platform and partnerships. We continue to see advertiser demand scaling as expected, supported by new formats and higher engagement.

受不斷擴大的廣告平台和合作夥伴關係帶來的強勁表現推動，其他收入較去年同期成長 82% 至 1,690 萬美元。我們看到，在新的廣告形式和更高的用戶參與度的支持下，廣告主的需求繼續按預期增長。

Stand-alone hardware decreased 4% year-on-year to $11.3 million. Unit sales increased 15% year-on-year, driven by strength in online channels. Stand-alone hardware gross profit and margin were impacted by tariff-related costs. Absent those tariffs, both would have been positive.

獨立硬體銷售額年減 4%，至 1,130 萬美元。受線上通路強勁成長的推動，銷量較去年同期成長 15%。獨立硬體的毛利和利潤率受到關稅相關成本的影響。如果沒有這些關稅，兩者都會是正面的。

We view the tariff impact as manageable long term, and we took steps earlier in the year to largely mitigate it. Our focus remains on driving adoption, not short-term stand-alone hardware margin as devices continue to be an important funnel into our subscription ecosystem.

我們認為關稅的影響從長遠來看是可控的，我們在今年稍早採取了措施來最大程度地減輕其影響。我們仍然專注於推動產品普及，而不是追求短期的獨立硬體利潤，因為設備仍然是我們訂閱生態系統的重要管道。

Looking ahead, our Q4 outlook includes the impact of promotional launch pricing for Life360 Pets GPS across all markets. This pricing was strategic and time limited, focused on driving adoption and engagement within Paying Circles.

展望未來，我們的第四季展望包括 Life360 Pets GPS 在所有市場的促銷上市價格的影響。這種定價策略是具有策略意義且有時限的，旨在推動付費圈內的採用率和參與度。

Pet GPS operates exclusively with a paid Gold or Platinum membership, which delivers the near real-time GPS visibility and integrated safety experience families expect from Life360. We've structured device pricing to minimize friction and expand the pool of paying members, which aligns with our long-term strategy. This approach is fully reflected in our Q4 guidance and supports our goal of growing high-value subscribers rather than focusing on near-term device margins. We are still in the early stage of the Pet GPS launch, and we'll share more detail at year-end.

Pet GPS 僅限付費的黃金或白金會員使用，可提供 Life360 為家庭提供的近乎即時的 GPS 視覺性和整合安全體驗。我們對設備定價進行了結構化設計，以最大限度地減少摩擦並擴大付費會員群體，這與我們的長期策略一致。這項策略已充分體現在我們的第四季業績指引中，並支持我們實現增加高價值用戶的目標，而不是專注於短期設備利潤率。寵物 GPS 的發布仍處於早期階段，我們將在年底分享更多細節。

Turning back to Q3 results. Annualized monthly revenue reached $446.7 million, up 33% year-on-year, underscoring the durability of our high-quality recurring revenue model. Gross profit increased 39% year-on-year to $97.1 million. Gross margin was 78% compared with 75% a year ago, reflecting mix shifts in the quarter.

回到第三季業績。年化月收入達到 4.467 億美元，年成長 33%，凸顯了我們高品質經常性收入模式的持久性。毛利年增 39%，達到 9,710 萬美元。毛利率為 78%，去年同期為 75%，反映出本季產品組合的變化。

Operating expenses, excluding commissions, grew 20%, well below our revenue growth rate, demonstrating continued operating leverage. Year-over-year, you'll see a visible shift in marketing spend as we ramp campaigns ahead of our Pet GPS launch and key holiday promotions. These were planned investments that support long-term subscriber growth and product adoption.

不包括佣金在內的營運費用增加了 20%，遠低於我們的收入成長率，這表明持續的營運槓桿效應。與去年相比，隨著我們為寵物 GPS 的推出和重要的假期促銷活動加強宣傳力度，您將會看到行銷支出出現明顯的變化。這些都是旨在支持長期用戶成長和產品普及的計劃性投資。

Breaking it down by expense line, R&D rose 12%, reflecting ongoing product innovation and scaling of our data and ad tech capabilities. Sales and marketing increased 27%, primarily driven by seasonal campaigns and commissions in line with subscription growth. G&A grew 31%, consistent with the overall pace of company expansion. We also continue to test purchase path variations to enhance conversion efficiency across platforms.

按支出項目細分，研發支出成長了 12%，反映了我們持續的產品創新以及數據和廣告技術能力的擴展。銷售和行銷成長了 27%，主要得益於季節性促銷活動和與訂閱量成長相符的佣金。一般及行政費用增加了 31%，與公司整體擴張速度一致。我們也會持續測試不同的購買路徑，以提高跨平台的轉換效率。

Profitability continues to strengthen. Net income for the quarter was $9.8 million compared to $7 million in Q2 and $7.7 million in Q3 last year. Adjusted EBITDA rose 174% year-on-year to $24.5 million, representing a 20% margin, our 12th consecutive quarter of positive adjusted EBITDA and further progress towards our target of 35% plus.

獲利能力持續增強。本季淨收入為 980 萬美元，而第二季為 700 萬美元，去年第三季為 770 萬美元。經調整的 EBITDA 年成長 174% 至 2,450 萬美元，利潤率為 20%，這是我們連續第 12 個季度實現經調整的 EBITDA 為正，並朝著 35% 以上的目標取得了進一步進展。

Turning to the balance sheet. We ended the quarter with $457.2 million in cash, cash equivalents and restricted cash. We remain in a strong position with strategic flexibility to pursue investment opportunities. Operating cash flow was positive for the 10th consecutive quarter at $26.4 million, up 319% year-over-year.

接下來看一下資產負債表。本季末，我們持有現金、現金等價物和受限現金 4.572 億美元。我們仍處於有利地位，擁有策略彈性，可以尋求投資機會。經營現金流連續第十個季度為正，達到 2,640 萬美元，年增 319%。

In summary, Q3 demonstrated that Life360's growth engine remains strong and efficient with record revenue, expanding high-margin businesses, disciplined cost control and clear line of sight to increasing profitability.

總而言之，第三季顯示 Life360 的成長引擎依然強勁高效，營收創歷史新高，高利潤業務不斷擴張，成本控制嚴格，並且獲利能力提升前景清晰。

Before we move to guidance, I'd like to share some additional context on the exciting step forward for our advertising business. As Lauren mentioned, we entered into an agreement to acquire Nativo, a leading native advertising technology company for approximately $120 million in the combination of cash and stock and subject to customary closing conditions.

在給出具體指導意見之前，我想先分享一下我們廣告業務向前邁出的激動人心的一步的一些背景資訊。正如勞倫所提到的，我們已達成協議，將以現金加股票的方式，以約 1.2 億美元收購領先的原生廣告技術公司 Nativo，但需滿足慣例成交條件。

This acquisition positions Life360 to compete at scale with a unified end-to-end advertising platform that expands our reach and will unlock meaningful revenue potential. The acquisition will be accretive to adjusted EBITDA from day one and reinforces our commitment to growing adjusted EBITDA margins through high-quality complementary revenue streams that deliver long-term shareholder value.

此次收購使 Life360 能夠憑藉統一的端到端廣告平台進行大規模競爭，擴大我們的覆蓋範圍，並釋放巨大的收入潛力。此次收購將從第一天起增加調整後 EBITDA，並鞏固我們透過高品質的互補收入來源提高調整後 EBITDA 利潤率的承諾，從而為股東創造長期價值。

Because the transaction is expected to close in early 2026, we do not anticipate any financial impact in 2025. Nativo currently generates roughly twice the level of advertising revenue that we expect to deliver this year with a different margin profile that reflects its position across the full ad tech value chain, spanning the demand side, customer data, measurement and supply side platforms, all of which carry -- typically carry lower gross margins than pure digital advertising.

由於該交易預計將於 2026 年初完成，我們預計 2025 年不會產生任何財務影響。Nativo 目前產生的廣告收入約為我們今年預期收入的兩倍，其利潤率結構也不同，這反映了它在整個廣告技術價值鏈中的地位，涵蓋需求方、客戶數據、衡量和供應方平台，所有這些平台的毛利率通常都低於純數字廣告。

The company has approximately 125 employees or about one-quarter of Life360's current headcount and brings full stack technology, sales and operations capabilities that will accelerate our advertising road map significantly. We expect both revenue and cost synergies to begin ramping in 2026 with full realization by year-end. Importantly, the acquisition further supports our longer-term goal of achieving 35% adjusted EBITDA margins.

該公司擁有約 125 名員工，約佔 Life360 目前員工總數的四分之一，並帶來了全端技術、銷售和營運能力，這將大大加快我們的廣告路線圖。我們預計收入和成本綜效將於 2026 年開始逐步顯現，並在年底前完全實現。重要的是，此次收購進一步支持了我們實現 35% 調整後 EBITDA 利潤率的長期目標。

With that, I'll hand it back to Lauren to review our updated outlook for the remainder of 2025.

接下來，我將把任務交還給勞倫，讓她審查我們對 2025 年剩餘時間的最新展望。

Thanks, Russell. As we look ahead, we remain confident in our ability to deliver consistent results through disciplined execution and our continued commitment to making everyday family life better for millions of families worldwide. With the launch of our new Pet GPS across key markets and continued momentum in our advertising business, we're extending our reach and deepening our engagement across the platform.

謝謝你，羅素。展望未來，我們依然有信心透過嚴謹的執行力取得持續的成果，並持續致力於改善全球數百萬家庭的日常生活。隨著我們在主要市場推出新的寵物 GPS，以及廣告業務的持續成長勢頭，我們正在擴大覆蓋範圍，並加深我們在整個平台上的參與。

With that foundation and the strength of our subscription model, we're focusing on finishing the year strong, and we're raising full year 2025 guidance as follows. We're increasing our consolidated revenue guidance from the previous range of $462 million to $482 million to a new range of $474 million to $485 million.

憑藉這一基礎和我們訂閱模式的優勢，我們正專注於強勁地完成今年的工作，並將 2025 年全年業績預期上調如下。我們將合併收入預期從先前的 4.62 億美元至 4.82 億美元上調至 4.74 億美元至 4.85 億美元。

We're raising subscription revenue guidance from the previous range of $363 million to $367 million to the new range of $366 million to $368 million. We're also raising the range of hardware revenue guidance from $42 million to $50 million to the new range of $46 million to $50 million.

我們將訂閱收入預期從先前的 3.63 億美元至 3.67 億美元上調至新的 3.66 億美元至 3.68 億美元。我們也將硬體收入預期範圍從 4,200 萬美元至 5,000 萬美元上調至 4,600 萬美元至 5,000 萬美元。

We expect full year gross margin on hardware to be negative single digits due to the impact of tariffs and the launch of Pet GPS. We're also raising the range of our other revenue guidance, which includes advertising and partnerships from the previous range of $57 million to $65 million to a new range of $62 million to $67 million. And finally, we're raising our guidance for adjusted EBITDA from the previous range of $72 million to $82 million to a new range of $82 million to $88 million.

受關稅和寵物 GPS 上市的影響，我們預計全年硬體毛利率將為負個位數。我們也將其他收入預期範圍（包括廣告和合作關係）從先前的 5,700 萬美元至 6,500 萬美元提高到新的 6,200 萬美元至 6,700 萬美元。最後，我們將調整後 EBITDA 的預期範圍從先前的 7,200 萬美元至 8,200 萬美元上調至新的 8,200 萬美元至 8,800 萬美元。

This concludes our prepared remarks, and now I'll turn the call over to RJ, who will manage the question-and-answer portion of our call.

我們的演講到此結束，現在我將把電話交給 RJ，他將負責問答環節。

(Event Instructions)

（活動須知）

Maria Ripps, Canaccord.

Maria Ripps，Canaccord。

I appreciate all the color on the Nativo acquisition. I guess do you expect the platform to maintain its existing advertiser base? And sort of how do you see the operating model evolving here sort of over time once you integrate the acquisition?

我很欣賞你對Nativo收購案的詳細描述。你覺得這個平台能維持現有的廣告客戶群嗎？那麼，您認為在完成收購之後，這裡的營運模式會如何隨著時間而演變？

So we definitely see the Nativo acquisition as additive. We continue to work on the base of both features and momentum that we have in Life360, and we expect that to accelerate with this technology that Nativo is bringing in, in addition to bringing the momentum in their business.

因此，我們絕對認為收購Nativo是一項利好舉措。我們將繼續在 Life360 現有的功能和發展勢頭的基礎上繼續努力，我們期望隨著 Nativo 引入的這項技術以及他們業務的發展勢頭，這一目標能夠加速實現。

Lafitani Sotiriou, MST.

Lafitani Sotiriou，MST。

Two quick questions or clarifications for me. I know it's only one question, but can I just clarify with the Nativo acquisition, Russell, you're sort of talking code a little bit around the revenue run rate. Can you just tell us roughly what the revenue run rate is of Nativo and roughly the cost base broadly for FY '25, so we've got a base to sort of include it going forward?

我有兩個問題或需要澄清的地方。我知道這只是一個問題，但關於 Nativo 的收購，Russell，我可以澄清一下嗎？你剛才似乎在談論一些關於收入運行率的程式碼。能否大致告知我們 Nativo 在 2025 財政年度的營收運作率和大致成本基礎，以便我們今後將其納入考量？

And with the Pet GPS, can you talk to -- I know it's only early days, but can you talk to the conversion of the -- or the engagement of free users adopting the Pet GPS versus existing subscribers?

關於寵物 GPS，您能否談談——我知道現在還處於早期階段，但您能否談談免費用戶採用寵物 GPS 的轉換率，或者說免費用戶與現有訂閱用戶的參與度？

So taking those one at a time, Laf. We're not going to give a huge amount more detail. But I think we clearly said you've got a good sense of our advertising revenue for '25. Nativo is on a roughly twice that run rate. At the same time, they would have expected a -- without this acquisition to be in a small adjusted EBITDA positive situation next year, which once we add in the combination with Life360, we absolutely expect that to be, as I said, positive adjusted EBITDA accretive from day one. So that would give you enough to come back to both the revenue run rate and the cost base.

拉夫，那就一個一個來吧。我們不會透露更多細節。但我認為我們已經明確表示，你們應該對我們 2025 年的廣告收入有一個很好的了解。納蒂沃的勝率大約是這個數字的兩倍。同時，他們原本預計，如果沒有這次收購，公司明年的調整後 EBITDA 將略微為正；但一旦我們加上與 Life360 的合併，正如我所說，我們絕對預計從第一天起，調整後 EBITDA 就會增加。這樣就足以讓你計算出收入運作率和成本基礎。

In terms of Pet GPS, the early phase was really focused on our existing members. So from the initial launch, it largely went to existing members and then has moved really targeted towards free members. So it's very early stages in terms of adoption at this point. And I think we'll be able to give you a lot more color at year-end.

就寵物GPS而言，早期階段確實主要集中在我們現有的會員身上。因此，從最初的推出來看，它主要面向現有會員，然後逐漸轉向真正面向免費會員。所以目前來看，這項技術的應用還處於非常早期的階段。我認為到年底我們就能為大家帶來更多精彩內容了。

Can I clarify, are you talking about advertising, including all buckets in other revenue? Or are you calling out advertising as a component, excluding data income?

請問您指的是廣告收入，包含其他收入中的所有類別嗎？還是您指的是廣告收入，卻不包含數據收入？

For the comparison piece, it's the advertising, excluding data. And I think as you know, that's approaching sort of 50% of other revenue at this point.

對比部分指的是廣告，不包括數據。如您所知，目前這部分收入已經接近其他收入的 50%。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

Okay. Now, I am. Russell, you talked about margins long term getting -- moving from that 20% level to the 35% plus. What would be the biggest factors that would cause that margin to grow more quickly or more slowly? Is it -- should the rate -- or let me ask it this way, the rate of margin expansion that we've seen over the last year or two, is that the way loosely to think about margin expansion going forwards?

好的。現在，我就是了。Russell，你談到了長期利潤率的提升——從 20% 的水平提升到 35% 以上。哪些最大因素會導致利潤率成長更快或更慢？過去一兩年我們看到的利潤率擴張速度，是否應該被視為未來利潤率擴張的大致方向？

And then, Lauren, could I ask you, when you think about the product development road map from here, like what are your top priorities just in terms of new products that you want to offer to existing customers?

那麼，勞倫，我可以問你一下，當你考慮從現在開始的產品開發路線圖時，就你想向現有客戶提供的新產品而言，你的首要任務是什麼？

So Mark, on the first part, I think there's two major factors in terms of margin expansion. One is purely scale as we've demonstrated over the last couple of years, in particular. As we increase scale, we're really able to leverage operating costs quite effectively. So even just with that, we see a sort of a clear path to those adjusted EBITDA margins. On top of that, we are increasing the mix of higher-margin revenue within our total revenue base. So that contributes to that as well.

所以馬克，關於第一部分，我認為利潤率擴張有兩個主要因素。其中一個純粹是規模問題，正如我們在過去幾年所證明的那樣。隨著規模的擴大，我們能夠非常有效地降低營運成本。所以即使僅憑這一點，我們也能看到一條通往調整後 EBITDA 利潤率的清晰路徑。除此之外，我們也正在增加高利潤率收入在總收入中的佔比。所以這也促成了這種情況的發生。

That advertising is the higher-margin businesses?

廣告業是利潤率較高的行業嗎？

That's the biggest factor, yes.

是的，這是最大的因素。

So speaking a little bit about our road map. The thing that we want to make sure that we do is not to dilute our focus too much. So we've introduced a lot of new experiences with things like our advertising business and now Pet GPS, and we want to make sure that we're taking the time to really nurture those ad capabilities, incorporate customer feedback. And we think there's a lot of opportunity on a lot of the new things we've started already. In addition, the thing that powers this business is our core app experience.

接下來簡單談談我們的發展路線圖。我們要確保的是不要過度分散注意力。因此，我們透過廣告業務和現在的寵物 GPS 等方式引入了許多新體驗，我們希望確保我們花時間真正培養這些廣告能力，並融入客戶的回饋。我們認為，我們已經啟動的許多新計畫都蘊藏著巨大的機會。此外，支撐這項業務發展的是我們的核心應用體驗。

And as we pointed out with our new map experience, we're continually investing in enriching and uplifting that core experience. And so while we have a lot of extensions to the business that we plan to do over time, our focus isn't primarily adding new products right now. It's making the things we have better. I'll say the one thing that we are starting to work on is specifically making our app a much better place to attract aging parents. And so we are starting to work on that. That's something we planned for a long time, and in 2026, we'll get a lot of our focus.

正如我們在新的地圖體驗中所指出的那樣，我們將不斷投入資源來豐富和提升這個核心體驗。因此，雖然我們計劃在未來對業務進行許多擴展，但我們目前的重點並不是增加新產品。它讓我們的現有事物變得更好。我想說的是，我們正在著手改進的一件事，就是讓我們的應用程式成為吸引老年父母的更好平台。所以我們現在開始著手這項工作。這是我們籌劃已久的事情，2026年，我們將把很多精力投入這項工作。

Lauren, would you expect the pet customers to be -- what percentage of those do you think would be your existing customers over the next couple of years and -- versus those that are just completely new to the platform that just have different needs, like people who have pets and don't have kids?

勞倫，你認為寵物客戶中，未來幾年現有客戶的比例會是多少？而那些完全是新用戶，需求不同的客戶（例如有寵物但沒有孩子的人）的比例又會是多少？

Yes. Our focus certainly is on our members. I think that's where we have the most differentiated offering. And so that's where our focus is initially. My hope is that as we convince the world that every pet needs this kind of protection that, that starts to balance out.

是的。我們當然會把重點放在會員身上。我認為這是我們產品差異化程度最高的地方。所以，這就是我們最初的關注點。我希望，當我們讓全世界都相信每隻寵物都需要這種保護時，這種情況就能開始得到平衡。

And over, I think, a much longer time horizon, we'll start to get more people from the outside, but it's not our focus right now.

我認為，從更長遠的角度來看，我們會開始從外部引進更多的人，但這並不是我們目前的重點。

Eric Choi, Barrenjoey.

Eric Choi，Barrenjoey。

Just one quick follow-up on pets. You guys mentioned it's outperforming, and I just wanted to drill into that a little bit. Noticed you've taken off the discounts for some trackers. So I was just wondering, does that mean the average profitability per sub could be better than what you're expecting? We've also been kind of signing up various members of the team to pet trackers at different times and just comparing order numbers.

關於寵物，我還有一個簡短的後續問題。你們提到它的表現優於預期，我想就此深入探討。我注意到你們取消了一些追蹤器的折扣。所以我想知道，這是否意味著每個訂閱用戶的平均獲利能力可能會比您預期的要好？我們也陸續讓團隊中的不同成員註冊寵物追蹤器，然後比較訂單數量。

And we've noticed that the rate of sales hasn't really slowed as well. So I just wonder, has the continued momentum being better than what you expected and it's not just a short-term issue here?

而且我們也注意到，銷售速度並沒有真正放緩。所以我想知道，目前的勢頭是否比您預期的要好，而不僅僅是短期問題？

And then just as part of the outperformance question, you've answered to everyone else. It seems like the majority of new pet tracker sales has been existing customers. Is that right? Or has that new -- I appreciate that new component might be small, but how has that performed versus your expectations as well?

然後，作為「表現優異」問題的一部分，你已經向其他人給出了答案。似乎大部分新寵物追蹤器的銷售對像都是現有客戶。是這樣嗎？或者說，這個新部件——我知道這個新部件可能很小——但它的表現是否符合您的預期？

Okay2. There's a few questions in there, Eric. So we'll try and cover all of those. I think generally, as we've said, the Pet GPS launch performed much better than we expected at launch point. And the embrace by our existing members was very, very strong.

好的2.裡面有幾個問題，艾瑞克。所以我們會盡量涵蓋所有這些內容。我認為總的來說，正如我們所說，寵物 GPS 的發布表現比我們預期的要好得多。現有成員的回應非常非常強烈。

And as we move forward, we -- that's sort of balancing between paid and existing members. And then we -- as Lauren said, we look to bring completely new people into the ecosystem as well.

隨著我們不斷前進，我們——這需要在付費會員和現有會員之間取得平衡。然後，正如勞倫所說，我們也希望將全新的人才引入這個生態系統。

So I think the -- as -- we are also experimenting a little bit with pricing in a couple of territories, but we've largely taken the promotional price point away. So that's -- the pricing now in most territories is largely as we had planned it to be. It is still, as we've said in the past, a subsidization effectively on the actual hardware cost because the strategy here is to drive people into subscription. So that we trust will work effectively. We'll have a lot more color on that at year-end.

所以我認為——因為——我們也在一些地區嘗試調整定價策略，但我們基本上已經取消了促銷價格。所以，目前大多數地區的定價基本上符合我們的計劃。正如我們過去所說，這實際上仍然是對實際硬體成本的補貼，因為這裡的策略是引導人們訂閱。這樣我們才能相信它會有效運作。年底我們會對此進行更詳細的說明。

Mark Kelley, Stifel.

馬克凱利，史蒂費爾。

I just want to go back to Nativo. I just want to understand, I guess, since it's a full stack offering, that business is already serving publishers on the SSP side, and then it looks like there's a self-serve platform kind of DSP business. So I guess, should we expect that advertising revenue for other publishers and also ads that the current buyer base is buying off of Life360, will that become part of your revenue?

我只想回到納蒂沃。我想了解的是，既然這是一個全端式產品，那麼這家公司已經在SSP方面為出版商提供服務，而且看起來還有一種自助式DSP平台業務。所以我想，其他出版商的廣告收入以及現有買家群體從 Life360 購買的廣告收入，是否都會成為你們的收入？

I'm just trying to understand -- I know you obviously probably bought for the technology, but just trying to understand better the mechanics of the revenue that it generates today. And then maybe kind of a quick follow-up. Is that revenue booked gross or net of the value of the ads?

我只是想了解一下——我知道你顯然是衝著它的技術去的，但我只是想更了解它目前產生的收入機制。然後或許可以做一個簡短的後續。該收入是毛收入還是扣除廣告價值後的淨收入？

Right. So Mark, the -- you're absolutely right. The exciting part of the acquisition for us is the fact that this is a full stack broad spectrum advertising platform that we'll be able to use to really accelerate our advertising road map. So that is the strategy behind the acquisition. You're absolutely correct.

正確的。所以馬克，你說得完全正確。對我們來說，此次收購最令人興奮的地方在於，這是一個全端式、覆蓋面廣的廣告平台，我們將能夠利用它真正加速我們的廣告發展路線圖。這就是此次收購背後的策略。你說得完全正確。

They have a solid existing business with a good range of publishers and a good range of advertising context and sales staff, all of which will help us really move our advertising business forward. So yes, we expect to continue that business. We expect to use that to enhance the Life360 business and enlarge it and accelerate it as we move forward.

他們擁有穩固的現有業務，包括廣泛的出版商、廣告資源和銷售人員，所有這些都將幫助我們真正推動廣告業務向前發展。是的，我們計劃繼續開展這項業務。我們希望利用這一點來增強 Life360 的業務，並隨著我們向前發展，擴大和加速其發展。

James Bales, Morgan Stanley.

詹姆斯貝爾斯，摩根士丹利。

I had a question on MAU growth. So in the past, I think Chris has described it as sort of North Star. Third quarter is typically the seasonally strongest part of the year. And this year, you had an ad campaign that you guys were really excited about. I guess I'd like to understand why it sort of slowed so significantly year-on-year and explain maybe those comments earlier about targeting consumers that are more likely to convert.

我有一個關於每月活躍用戶成長的問題。所以，我記得克里斯過去曾把它比作北極星。第三季通常是一年中銷售旺季。今年，你們發起了一項廣告宣傳活動，你們對此感到非常興奮。我想了解為什麼它的增速同比大幅放緩，並解釋一下之前關於瞄準更有可能轉化的消費者的評論。

So I'll start with that, James, and Lauren might want to add a bit more color. I think there's a few pieces to that. In the past, we've also said that MAU growth can vary significantly from period to period, and we see that often. And in that respect, the comps from last year to this year are unusually difficult, if you like, because we had an exceptionally high MAU growth across international, in particular, last year across multiple territories. This year, it's still very strong, but it's -- we wouldn't expect that sort of exceptional growth to occur again.

那我就先從這裡開始吧，詹姆斯，勞倫可能會想再添加一些色彩。我認為這其中包含幾個方面。過去我們也曾說過，MAU 成長可能會因時期而異，而且我們經常看到這種情況。就此而言，今年與去年的比較異常困難，因為去年我們在國際市場，尤其是在多個地區，實現了異常高的每月活躍用戶成長。今年依然非常強勁，但是——我們預計不會再出現那種非凡的成長。

As well as that, you referred to the advertising campaign. We are very -- we were and are very excited about the moves that we're making in marketing. And there's two aspects to that. One is the fact that the creative is exciting, but also directed towards demand generation so that, as you mentioned, we're really targeting users at the top of the funnel that are more likely to convert. So the quality of people coming through the funnel and our conversion rates are very strong, as you can see with the record net Paying Circle adds.

除此之外，你也提到了廣告宣傳活動。我們過去和現在都對我們在行銷方面採取的舉措感到非常興奮。這其中包含兩個面向。一方面，創意令人興奮，另一方面，它也旨在創造需求，正如您所提到的，我們真正瞄準的是漏斗頂端那些更有可能轉換的用戶。因此，透過銷售漏斗進入用戶的品質和轉換率都非常高，正如您從付費圈淨新增用戶數量創紀錄所看到的那樣。

The other minor aspect for advertising is that we did launch a major campaign in Q2, which sort of really accelerated things for Q2 and possibly had a little bit of pull-forward impact from Q3.

廣告方面的另一個小方面是，我們在第二季推出了一項大型廣告活動，這確實加速了第二季的發展，並可能對第三季產生了一些提前影響。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

You there, Chris?

克里斯，你在嗎？

Siraj Ahmed, Citi.

Siraj Ahmed，花旗銀行。

Can you hear me okay?

你聽得清楚我說話嗎？

We can.

我們可以。

Just following up on that question from James on the MAUs, right? Lauren, you sort of mentioned you're focusing on higher intent members. But if I look at the stats that you've given on slide 15, I think with -- Circles with families and teams has actually decreased a bit, and it looks like members per Paying Circles has also come down from 3.3 to 3.2. Just keen to understand what dynamics playing there if you're actually saying you're getting some of the higher intent MAUs in.

我只是想跟進 James 關於 MAU 的問題，對吧？勞倫，你之前提到你正在專注於高意向會員。但是，如果我看一下你在第15頁投影片上提供的數據，我認為——包含家庭和團隊的圈子實際上有所減少，而且每個付費圈的成員數量似乎也從3.3下降到了3.2。我很想了解，如果你真的說你獲得了一些高意向的月活躍用戶，那麼這其中究竟有哪些因素在起作用。

And maybe just a quick one for Russell. Just in terms of the other revenue strength this quarter, can you just confirm that's actually been driven by ads and not your Placer partnership? And within ads, I think you had a partnership with Aura. Has that kicked in as well in this quarter?

或許可以給拉塞爾快速提一下。關於本季其他方面的營收成長，您能否確認這實際上是由廣告收入推動的，而不是由您與 Placer 的合作關係推動的？在廣告方面，我認為你們與 Aura 有過合作。本季是否也出現了這種情況？

Well, I'll start with the end piece of your question, and then Lauren can come back to the earlier piece. We -- in terms of -- sorry, what was the last part of your question again, Siraj?

好，我先回答你問題的最後一部分，然後勞倫可以再回頭回答前面的部分。我們——就——抱歉，Siraj，你問題的最後一部分是什麼來著？

Was that -- so two things. On the ad -- on the other revenue, was that really driven by advertisements or the partnerships? And within ads, you had the Aura partnership that was meant to kick in from an ad perspective, right? Has that kicked in?

就是這樣——所以是兩件事。關於廣告收入──其他收入，這些收入真的是由廣告還是合作關係帶來的？在廣告方面，你們與 Aura 建立了合作關係，旨在從廣告角度發揮作用，對吧？生效了嗎？

Yes, it has, although the major part of the Aura advertising revenue will flow through in Q4. And to the other part of your question, yes, the major growth in Q3 relates to advertising. There's a small element related to data and other revenue and partnerships, but it's primarily driven by advertising.

是的，雖然 Aura 的大部分廣告收入將在第四季度到達。至於你問題的另一部分，是的，第三季的主要成長與廣告有關。其中一小部分與數據和其他收入及合作關係有關，但主要驅動力仍是廣告。

And stepping back to this question of how we're focusing our advertisement. A lot of the focus this quarter was on that optimization, targeting those people who convert. And that's where we've seen this really great uplift in those people who convert in the first 30 days. That's what's helping to drive our outstanding conversions. But we're always playing around with those optimizations.

讓我們回到我們如何定位廣告這一問題。本季的工作重點很大程度上放在了優化上，目標是那些能夠轉換成客戶的人。正是在這裡，我們看到了那些在最初 30 天內轉化的人群中出現了非常顯著的提升。正是這一點幫助我們實現了出色的轉換率。但我們一直在嘗試各種優化方案。

And Lauren, just clarifying, so that members going down to 3.2, just is that just a function of you're getting younger couples -- younger families or something like that?

勞倫，我再確認一下，會員人數下降到 3.2，是不是因為會員群體更年輕了——更年輕的家庭之類的？

I mean it's a relatively small variance from 3.3 to 3.2. I think there's a number of factors that drive that, but it's more of the -- just the growth in the base that can drive those sort of minor variations.

我的意思是，從 3.3 到 3.2 的差異相對較小。我認為有很多因素導致了這種差異，但更多的是——僅僅是基數的成長就能導致這種微小的波動。

Yes. A lot of our circles start smaller and grow over time. And so when we have more new circles, those are smaller circles than bigger circles. So don't read too much into that, I would say.

是的。我們很多人的圈子都是從小規模開始，然後隨著時間的推移而擴大的。因此，當我們有更多的新圓圈時，這些圓圈會比大的圓圈小。所以我覺得，不要過度解讀這件事。

Rob Sanderson.

羅布桑德森。

Yes. A couple -- I guess a couple of questions. First, just subscription guidance. You had a very strong Q3, a notable upside to consensus, but your midpoint for Q4 a little bit below. So just anything unusual about seasonality, Pet GPS, other factors like maybe Street is just sort of mismodeling, I'm not sure, but anything you could say about the subscription guidance?

是的。我想問幾個問題。首先，請允許我提供訂閱指南。你們第三季業績非常強勁，明顯超出市場預期，但你們對第四季的預期中位數略低於預期。所以，關於季節性、寵物 GPS 定位、其他因素（例如街道模型可能有誤差）等方面，有什麼不尋常的地方嗎？我不確定，但您能就訂閱指導方面說點什麼嗎？

And I had a follow-up on Nativo as well. Just talk about the importance of the differentiation of just in-feed native content compared to other display networks. And I understand it's more of a technology buy, but also want to understand how you can leverage the existing business and the reach. You said the hundreds of publishing partners. Lauren also mentioned connecting to publisher networks. So are these direct deals or publisher networks? And is it relatively easy to scale up the supply side here, if you can generate --

我還有關於Nativo的後續報導。只要談談訊息流原生內容與其他展示廣告網路之間差異化的重要性。我知道這更多的是一項技術收購，但也想了解你們如何利用現有的業務和影響力。你提到了數百家出版夥伴。勞倫也提到了與出版商網絡建立聯繫。這些是直接交易還是出版商聯盟交易？如果能夠生產，那麼擴大這裡的供應規模是否相對容易呢？--

We're not going to remember all these questions.

我們不可能記住所有這些問題。

Rob, let me take the first part of your question and then Lauren can provide a bit more color on the Nativo platform. There's nothing unusual in subscription. I think Q3 is typically our -- sort of metric-wise, our strongest seasonal period. So coming into Q4, we're seeing the same levels of strength. There's nothing particularly unusual in terms of subscription in Q4. I suspect it's probably just a modeling aspect of the mix of revenue.

Rob，讓我先回答你問題的第一部分，然後 Lauren 可以再詳細介紹一下 Nativo 平台。訂閱模式沒什麼特別的。我認為第三季通常是我們——從某種指標上來說——最強勁的季節性時期。因此，進入第四季度，我們看到了同樣的強勁勢頭。第四季訂閱方面沒有什麼特別異常的情況。我懷疑這可能只是收入組合建模方面的一個問題。

Okay. And I'll repeat that, Lauren, on Nativo, differentiation of in-feed versus display, like why that's important to understand in terms of its positioning? And how can you leverage the existing business? You said hundreds of publisher partners, but also mentioned networks. So I'm curious whether it's direct deals or publishing networks.

好的。Lauren，我再重複一遍，關於 Nativo，資訊流廣告與展示廣告的區別，例如為什麼理解這一點對於其定位很重要？如何利用現有業務？您提到了數百家出版商合作夥伴，但也提到了網路。所以我很好奇，這是直接交易還是出版網絡合作。

And then finally, like is it relatively easy to scale the supply side of this if you can bring the demand?

最後，如果能夠帶來需求，那麼擴大供應規模是否相對容易？

So one of@ the things that was really exciting to us about Nativo is they focus on making ads that are relevant to consumers, and that helps brands and that also is good for the people who are seeing the ads and in particular, we're interested in families and what the impact is on Life360 families. So that was a real differentiator for us. Their business is pretty multifaceted. They have both direct and programmatic deals. We're interested in both sides of those and plan to continue to invest in those.

Nativo 最讓我們興奮的一點是，他們專注於製作與消費者相關的廣告，這不僅對品牌有益，對看到廣告的人也有好處，尤其是我們對家庭以及廣告對 Life360 家庭的影響很感興趣。所以這對我們來說是一個真正的差異化優勢。他們的業務涉及多個方面。他們既有直接購買交易，也有程序化購買交易。我們對這兩方面都感興趣，並計劃繼續投資。

And the scale of their publisher relationships is quite extensive and allows us to take a lot of the good information and information about our members and use that to deliver experiences across a wide range of publishers.

而且，他們與出版商的關係規模相當廣泛，這使我們能夠獲取很多關於我們成員的有用信息，並利用這些信息為眾多出版商提供體驗。

(Event Instructions) Bob Chen, JPMorgan.

（活動說明）Bob Chen，摩根大通。

A quick one for me. And I think you touched on it earlier, Lauren. You mentioned one of the key product areas of focus for next year is making the app more user-friendly for elderly. Any comments on sort of time line on when we might see an elderly product come to market as well?

我這題很快就能完成。勞倫，我想你之前也提到過這一點。您提到明年重點產品領域之一是讓應用程式對老年人更加友善。關於面向老年人的產品何時上市，您有什麼時間表的看法嗎？

Yes. So it depends what you mean by product. I think the first thing that we think about is today, many aging parents are using Life360, but not nearly as many as it could be if all the families in Life360 brought in their parents. And what we're looking at is what are those inhibitors, why do people not come as often as they might? How do people come to think of Life360 as a way to keep their parents safe just like it's a way to keep their kids safe.

是的。所以這取決於你對「產品」的定義。我認為我們首先要考慮的是，如今許多年邁的父母都在使用 Life360，但如果 Life360 的所有家庭都讓他們的父母加入，使用人數將會大大增加。我們正在研究的是，這些抑制因素是什麼，為什麼人們來的頻率不如他們應該來的頻率高？人們是如何將 Life360 視為保護父母安全的一種方式，就像它保護孩子安全的一種方式一樣？

And what do we need to do differently to make this a great solution for those people. And so the work in that will continue, I think, in an ongoing basis throughout the year, and I would expect that you would be seeing some of that stuff by midyear and continuing to see that potentially even sooner and continuing to see that throughout the year.

我們需要做出哪些改變，才能讓之成為這些人的理想解決方案？因此，我認為這項工作將在今年持續進行，我預計到年中你們將會看到一些成果，並且可能會更早看到，並在今年全年持續看到這些成果。

In terms of bringing sort of a stand-alone product offering with something like a hardware, we don't yet have a time line on that. But we are continuing to use all the resources that we have to solve family problems in a multifaceted way.

至於推出類似硬體之類的獨立產品，我們目前還沒有時間表。但我們會繼續利用我們所擁有的一切資源，從多方面解決家庭問題。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

I wanted to go back and just hit on the Nativo again, just like everyone else. We talked about the opportunity of the subscription business being as big as kind of other at large. Lauren, can you just paint the five-year picture for us of what does that kind of look like? What are you guys building on the advertising side? Like what's the opportunity in a multiyear context of what you guys can put together here and what that looks like?

我想回去再喝一次Nativo，就像其他人一樣。我們討論了訂閱業務的機遇，它與其它大型業務一樣具有巨大的潛力。勞倫，你能為我們描述一下五年後的情況嗎？你們在廣告上有什麼發展方向？長遠來看，你們在這裡能共同創造什麼機會，以及最終會呈現出什麼樣的面貌？

Yes. So what we envision for our advertising business is one where we can take all of the value and insights that we have about our members and use that to connect brands with a wide range of publishers on many platforms, so not just within the Life360 app, but in a multitude of apps in ways that are really relevant and with that, be able to deliver better performance on those ads that we also can measure through our measurement products like Uplift.

是的。因此，我們對廣告業務的設想是，我們可以利用我們擁有的所有關於會員的價值和見解，將品牌與眾多平台上的各種發布商聯繫起來，不僅在 Life360 應用內，而且在眾多應用中以真正相關的方式，從而能夠提高這些廣告的效果，我們還可以透過 Uplift 等測量產品來衡量這些效果。

And so that we have sort of this end-to-end solution where we have those insights, we help people target the right audiences. We deliver app experiences, both inside our app and outside our app that are more compelling and more relevant. And then we can measure the results of those for brands. So I hope that's helpful.

因此，我們擁有了這種端到端的解決方案，透過這些洞察，我們幫助人們鎖定正確的受眾群體。我們提供的應用體驗，無論是在應用程式內部還是應用外部，都更具吸引力和相關性。然後我們可以衡量這些措施對品牌帶來的效果。希望這能有所幫助。

Wei-Weng Chen, RBC.

陳偉翁，RBC。

Yes, more Nativo questions from me as well. I guess, can you help quantify how much faster this acquisition allows you to move? Like how many years of development and how much cost has 360 avoided by making this acquisition? And then I guess you mentioned Nativo is about 2 times your revenue. 360 has kind of built this revenue base over 12 months that Nativo has been around since 2010.

是的，我還有一些關於Nativo的問題。我想請問，您能否幫忙量化一下此次收購能讓您的發展速度提升多少？360 透過此次收購節省了多少年的研發時間和多少成本？然後，我想你提到Nativo的收入大約是你公司的兩倍。 360在過去12個月建立了這樣的收入基礎，而Nativo自2010年就已推出。

So can you maybe speak to the growth rate of Nativo and how we should think about a forward blended growth rate for the advertising business?

那麼，您能否談談Nativo的成長率，以及我們應該如何看待廣告業的預期綜合成長率？

So taking the last part of your question first, Wei. The 2 times revenue is just to give you a sort of a concept of scale so that as we look at the combined businesses going forward. You're right, Nativo has been around since 2010. They built this business from scratch basically. So they were very much a pure start-up.

魏，我們先來回答你問題的最後一部分。2 倍的收入只是為了讓您對規模有個概念，以便我們展望合併後的業務未來。你說得對，Nativo 自 2010 年就成立了。他們基本上是白手起家創立了這家公司。所以他們當時完全是一家新創公司。

So they've created the business that they're doing and created that quite successfully over a period of time. Again, the attraction for us here is the platform that they've built, the ad tech, the publisher relationships, the sales staff, the infrastructure that they've put together on creating this sort of full stack ad tech platform. So that's the piece that's exciting for us.

所以他們創建了現在這種商業模式，並且在一段時間內取得了相當大的成功。再次強調，吸引我們的是他們建立的平台、廣告技術、與出版商的關係、銷售人員以及他們為創建這種全端廣告技術平台而建造的基礎設施。所以，這部分內容讓我們感到興奮。

We could debate in terms of how long it would have taken us to build and what that would have cost. But clearly, from our point of view, this accelerates our road map probably in the range of sort of 12 to 18 months.

我們可以討論建造它需要多長時間以及需要花費多少錢。但顯然，從我們的角度來看，這將加快我們的路線圖，大概在 12 到 18 個月內完成。

Lindsay Bettiol, Goldman Sachs.

林賽貝蒂奧爾，高盛集團。

Yes. Okay. So I'm going to have a crack at the question that's been asked a couple of ways, just on the other revenue front. It looks like advertising accelerated like pretty meaningfully Q-on-Q. So I've got something like 60% growth.

是的。好的。所以，我想嘗試回答這個問題，這個問題已經被以幾種不同的方式問過了，就收入的另一個方面而言。廣告投放量似乎逐季顯著加速成長。所以我的成長率大概達到 60%了。

You've called out existing arrangements and an increased number of partners. Could you maybe like just delineate those two and talk to us a bit about whether it's an existing partner paying a lot more or it's like you've seen kind of meaningful growth in the new number of partners using advertising?

您指出了現有的安排以及合作夥伴數量的增加。您能否具體說明這兩種情況，並和我們談談是現有合作夥伴支付了更多費用，還是您看到使用廣告的新合作夥伴數量出現了顯著增長？

So I mean in terms of advertising, it's largely a ramp-up of the various things that we are doing. We've talked about the various products that we've launched in the last couple of quarters. There's probably no one significant piece that would accelerate that. And that's going to be sort of somewhat uneven. We also talked about the Aura partnership.

所以我的意思是，就廣告而言，這很大程度上是我們正在進行的各種活動的逐步推進。我們已經討論過過去幾季推出的各種產品。可能不會有任何單一的重要因素加速這一進程。而且這種情況可能會有些不平衡。我們也談到了與Aura的合作關係。

And as I said earlier, the larger part of that advertising piece at least will flow through in Q4. So there's those pieces. And again, just to give you a sense of where that's at, as I said before, as we look at the full year, we expect advertising revenue to be coming up towards half of other revenue in total.

正如我之前所說，至少大部分廣告宣傳活動將在第四季展開。以上就是這些內容。再次強調，為了讓大家對現狀有個大致了解，正如我之前所說，展望全年，我們預期廣告收入將佔其他總收入的一半左右。

Jennifer Xu, Jefferies.

Jennifer Xu，傑富瑞集團。

I just have one question related to pet. So for pet, when you comment that it is currently focusing on existing members, can I understand that pet product is now expected to bring more conversion from free users to paid users rather than increasing MAU? And how long the conversion usually take and will be that period change shorter due to the launch of the pet?

我只有一個關於寵物的問題。所以，對於寵物產品，當您提到它目前專注於現有會員時，我的理解是，寵物產品現在的預期目標是提高免費用戶向付費用戶的轉換率，而不是增加每月活躍用戶數（MAU）嗎？通常轉換過程需要多長時間？寵物上市後，轉換時間會縮短嗎？

Yes. So our focus is certainly giving our existing free member base a reason to convert. One of the blessings and challenges of Life360 is that customers love us a lot and don't always feel like they need to pay for it. And so this is a great reason for people who love the product to have a real concrete visible reason to pay.

是的。因此，我們的重點當然是給現有的免費會員一個轉換的理由。Life360 的優勢和挑戰之一是，客戶非常喜歡我們，但並不總是覺得他們需要為此付費。因此，對於喜歡該產品的人來說，這是一個非常好的理由，讓他們有一個真正具體、可見的理由來付費。

It's really too early for us to extrapolate the timing and when in someone's life cycle are they going to discover that. But we certainly think it will apply to more members more often and earlier in their journey than in the past.

現在就推斷一個人會在人生的哪個階段發現這一點還為時過早。但我們相信，它將比以往更早、更頻繁地適用於更多會員，並應用於他們的旅程。

Chris Smith, Ausbil.

克里斯史密斯，奧斯比爾。

Look, really pleasing to see the 20% growth in Paying Circles and even more so to see the pet trackers obviously sell out across your key regions. Obviously, not trying to get a timing question here. But can you please talk to how you're using -- you're going to use it as a conversion tool. Obviously, you've got 26 million nonpaying circles on the platform. So you could 10 times the business just from the current levels if you actually just turn them to Paying Circles.

令人欣喜的是，付費圈成長了 20%，更令人欣喜的是，寵物追蹤器在你們的主要地區都銷售一空。顯然，我不是想在這裡問時間方面的問題。但是，請您談談您是如何使用它的——您打算把它用作轉換工具。顯然，該平台上有 2,600 萬個非付費圈。所以，如果你把他們全部變成付費圈，你的業務量就可以在現有水準的基礎上成長 10 倍。

But within that, could you maybe help us just understand, obviously, from a discount perspective, if you give away the hardware, you're losing the App store commission, it's gross margin dilutive, but it's EBITDA accretive at the bottom line. And how you're thinking about from that conversion perspective, the gating of that product release to then target those 26 million circles that aren't currently Paying Circles, of which, what, 13 million must have pets?

但在此基礎上，您能否幫我們理解一下，顯然，從折扣的角度來看，如果您免費贈送硬件，您就會失去應用商店的佣金，這會稀釋毛利率，但從根本上來說，這會提高 EBITDA。從轉換率的角度來看，您是如何考慮產品發布的限制，以便吸引目前尚未付費的 2600 萬個圈子，其中，1300 萬個圈子必須有寵物？

Yes. So this is exactly the point is providing value to members that is inherently linked to subscriptions. The Pet GPS requires that LTE connection in order to be able to give your pets real-time location. People understand that reason and understand that as a reason to pay. As we learn more about the price sensitivity and as we have more volume of units in stock, we're certainly willing to lean in and deliver units at a lower cost if we find that, that helps us convert people faster.

是的。所以，關鍵就在於為會員提供與訂閱本身密切相關的價值。寵物GPS需要LTE連線才能提供寵物的即時位置資訊。人們理解這個原因，也明白這是付費的理由。隨著我們對價格敏感度的了解不斷加深，以及庫存量的增加，如果我們發現以更低的成本交付產品有助於我們更快地轉換客戶，我們當然願意加大投入，提供更低價的產品。

I think we're doing a lot of experiments to understand the price sensitivity and what allows us to scale the business and convince members to buy.

我認為我們正在進行大量的實驗，以了解價格敏感度，以及什麼能夠幫助我們擴大業務規模並說服會員購買。

And Chris, as I think we've said before, that's -- there's a timing aspect to that. While it might be dilutive to stand-alone hardware margins, obviously, the intent here is to get people into high-margin subscription. And our intent and our expectation is that we'll be able to do that. It's just a matter of the timing of when that occurs and what that payback period becomes.

克里斯，我想我們之前也說過，這其中涉及時機問題。雖然這可能會稀釋獨立硬體的利潤，但顯然，此舉的目的是讓人們採用高利潤的訂閱模式。我們的目標和期望是，我們能夠做到這一點。這只是時間問題，取決於何時發生以及投資回報期有多長。

Great. And look personal anecdote, the pet tracker life cycle is probably three to four weeks and I couldn't be more pleased with mine.

偉大的。就我個人而言，寵物追蹤器的使用壽命大概是三到四周，我對我的追蹤器非常滿意。

We're happy to hear that.

我們很高興聽到這個消息。

Thanks, Chris. We'll open up the line to one more time for our final question.

謝謝你，克里斯。我們將再次開放線路，回答最後一個問題。

It's been answered. All good.

問題已解答。一切都好。

Okay. Great.

好的。偉大的。

All right.

好的。

Thank you. That concludes our call.

謝謝。通話到此結束。

Okay. Thank you, everybody, for joining us today. We appreciate it.

好的。謝謝各位今天蒞臨。我們很感激。