Life360, Inc. (LIF) 2025 Q4 法說會逐字稿

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（音訊進行中）圖示位於您螢幕底部。

We will make forward-looking statements during this call, which is subjct to risks and uncertainties. A summary of these risks can be found in the risk factor section of our Form 10-K filed with the SEC today, March 2, 2026. These statements are based on assumptions we believe reasonable as of today, and we have no obligation to update them, except as required by law. We will also present both GAAP and non-GAAP financial measures. Reconciliations are included in our earnings press release on our Investor Relations website. This is an audio-only call with no slides. Our updated investor deck is available as a reference on our Investor Relations website.

我們將在本次電話會議中作出前瞻性陳述，該等陳述受風險與不確定性影響。這些風險的摘要可見於我們今日（2026 年 3 月 2 日）向美國證券交易委員會（SEC）提交之 Form 10-K 的風險因素章節。這些陳述係基於我們截至今日認為合理的假設，我們無義務更新之，法律另有規定者除外。我們亦將呈列 GAAP 與非 GAAP 財務衡量指標。對帳表已收錄於我們投資人關係網站上的財報新聞稿中。本次為純音訊電話會議，無投影片。我們更新後的投資人簡報可於投資人關係網站上作為參考。

We'll begin with a business update by CEO, Lauren Antonoff; then CFO, Russell Burke, will review financials, followed by Lauren's 2026 outlook, and then Q&A. Please limit questions to one per participant. I'll now turn the call over to Lauren.

我們將先由執行長 Lauren Antonoff 進行業務更新；接著由財務長 Russell Burke 回顧財務表現，之後由 Lauren 提供 2026 年展望，最後進入問答。請每位與會者將問題限制為一題。現在我把電話會議交給 Lauren。

Good afternoon to everyone from the US and good morning to those tuning in from Australia. Thank you for joining our fourth quarter and full year results call. We've got a lot of material today because there's a lot going on that deserves deeper discussion.

美國的各位下午好，也向從澳洲收聽的各位道早安。感謝各位參加我們第四季與全年業績電話會議。今天內容很多，因為目前有許多進展值得更深入的討論。

2025 was a landmark year for Life360. For the first time in company history, we achieved annual net income of over $32 million, even excluding a one-time non-cash tax benefit, reflecting both the fundamental strength of our freemium model and the operating discipline we've over the past several years. Full year revenue grew 32% to nearly $490 million, adjusted EBITDA more than doubled to over $93 million, and we exited the year with 95 million monthly active users and 2.8 million paying circles.

2025 年是 Life360 的里程碑之年。公司史上首次，即使排除一次性非現金稅務利益，我們仍達成超過 3,200 萬美元的年度淨利，反映出我們免費增值（freemium）模式的根本實力，以及過去數年來的營運紀律。全年營收成長 32% 至接近 4.90 億美元，調整後 EBITDA 較去年增加逾一倍至超過 9,300 萬美元；年底時月活躍用戶達 9,500 萬，付費圈（paying circles）達 280 萬。

Beyond the numbers, we made significant progress building our family super app platform. We introduced Pet GPS, our first fully in-house created device, which launched simultaneously across five global markets. We acquired Fantix, enabling Place Ads and Uplift. And we completed the Nativo acquisition in January, 2026, creating a full stack advertising platform with Fortune 500 relationships and thousands of publishers. These platform investments position us well for the next major shift reshaping our world, AI.

除了數字之外，我們在打造家庭超級 App 平台方面也取得重大進展。我們推出 Pet GPS，這是我們第一款完全由內部打造的裝置，並同步在五個全球市場上市。我們收購 Fantix，使我們得以提供 Place Ads 與 Uplift。我們並於 2026 年 1 月完成 Nativo 收購，打造具備《財富》500 大企業合作關係與數千家出版商的全棧式廣告平台。這些平台投資讓我們在下一個正在重塑世界的重大變革——AI——面前具備良好定位。

We see AI as an opportunity to accelerate our path and deepen our mode. We're well into the transition to an AI first world, and I want to share why we're so confident in our position. First, our core use case is durable because it's anchored in real people moving through the physical world. While AI will reshape our product experience, it does not replace your child, your spouse, or your pet. As for market concern that AI will eliminate the need for software products, code's only part of what we do. Family relationships and physical world services like crash detection, emergency response, and roadside assistance go well beyond what software alone can provide. And they're essential to the peace of mind that families rely on us to deliver.

我們將 AI 視為加速我們路徑並加深我們護城河的機會。我們正深入推進向 AI 優先世界的轉型，我想分享我們為何對自身定位如此有信心。首先，我們的核心使用情境具有持久性，因為它根植於真實的人在實體世界中的移動。AI 會重塑我們的產品體驗，但它無法取代你的孩子、你的配偶或你的寵物。至於市場擔憂 AI 會消除對軟體產品的需求，程式碼只是我們工作的一部分。家庭關係與實體世界服務（如車禍偵測、緊急救援與道路救援）遠超出僅靠軟體所能提供的範圍。而這些正是家庭仰賴我們提供安心感的關鍵。

Second, AI makes our data more valuable. For many products, data doesn't need to be fresh. A year old forum thread is nearly as useful as a new one. And once it's absorbed in a model, you may not need that source at all. But our data is fundamentally different because by its nature, it's real time, continuous, and perishable. Where your child is right now can't be learned from a training set. We keep this data set within our walled garden, and the market's already placing a premium on access to it, validating both its scarcity and its strategic value.

第二，AI 讓我們的資料更具價值。對許多產品而言，資料不必是最新的。一年前的論壇討論串幾乎和新的同樣有用。而一旦被模型吸收，你甚至可能不再需要該來源。但我們的資料本質上不同，因為它天生即時、連續且易逝。你的小孩此刻在哪裡，無法從訓練資料集中學到。我們將這套資料集保留在自有的封閉生態（walled garden）內，而市場已對取得該資料的權限給予溢價，驗證其稀缺性與策略價值。

Third, AI enhances our ability to delight customers. Today, members engage with Life360 by briefly checking the map or reading notifications. With AI, we can start to play a more active role in our members' lives, telling you that there's a soccer game at 3:00, or making sure you know you're the one getting the kids and that you have directions to the field and reminding you that you need to leave in 30 minutes so you won't be late. AI connects the dots so you can focus on real life. Where earlier apps have failed because they put the burden on parents to plan ahead, our location intelligence powered by AI can simplify organization for busy parents, deepening the value we offer families.

第三，AI 強化我們取悅客戶的能力。今天，會員與 Life360 的互動多半是短暫查看地圖或閱讀通知。有了 AI，我們可以在會員生活中扮演更主動的角色，例如告訴你下午 3:00 有一場足球賽，或確保你知道今天是你去接小孩，並提供前往球場的路線，提醒你需要在 30 分鐘內出門才不會遲到。AI 會把各種線索串起來，讓你能專注於真實生活。過去一些 App 之所以失敗，是因為把事前規劃的負擔放在父母身上；而我們由 AI 驅動的位置智慧能為忙碌的父母簡化安排與組織，進一步加深我們為家庭提供的價值。

Fourth, AI is improving our execution. The trajectory is promising as organization-wide AI adoption has grown from about 25% to almost 95% in the past year. This is already increasing the pace at which we're delivering product capabilities and experiences that drive growth, further bolstering our confidence in achieving our 20% MOU target for 2026. Over time, it'll accelerate our path to creating significant operating leverage.

第四，AI 正在提升我們的執行力。這一趨勢相當令人振奮，因為在過去一年中，全公司範圍的 AI 採用率已從約 25% 提升至接近 95%。這已在加快我們交付產品能力與體驗的速度，進而帶動成長，也進一步強化我們達成 2026 年 20% MAU 目標的信心。長期而言，這將加速我們建立顯著營運槓桿的進程。

Finally, we understand the power of platform shifts because we were born from one. Life360 was founded on the early recognition that mobile would reshape how families stay connected. And we look forward to leading the charge to help families navigate this transformational shift.

最後，我們理解平台轉移的力量，因為我們正是誕生於一次平台轉移之中。Life360 的創立源於早期即洞察到行動裝置將重塑家庭保持連結的方式。我們也期待領軍協助家庭因應這場變革性的轉型。

At the same time, as AI is transforming how we work and what we do, we enter 2026 on track to achieve our multi-year strategic goals, surpassing 150 million MAU and $1 billion in annual revenue, delivering continuous adjusted EBITDA margin expansion on our path to 35%-plus, and becoming the number one brand that makes everyday family life better. To achieve these goals, we continue to grow our user base, scale our paid offerings, expand our revenue streams, and enhance our profitability. We'll touch on each of these briefly.

同時，在 AI 正改變我們的工作方式與工作內容之際，我們進入 2026 年時仍按計畫推進，以達成我們的多年策略目標：MAU 超過 1.5 億、年度營收達 10 億美元、在邁向 35% 以上的道路上持續擴張調整後 EBITDA 利潤率，並成為讓日常家庭生活更美好的第一品牌。為了達成這些目標，我們將持續擴大用戶基礎、擴張付費產品規模、拓展營收來源並提升獲利能力。我們將簡要談及上述各項。

Let's start with user growth, which is the engine that fuels both subscription and advertising revenue. In 2026, we expect 20% MAU growth for the full year with significantly quarterly variation in net ads and growth weighted towards H2. Our MAU growth engine operates through two complementary mechanisms, product improvements and marketing, which supplements organic adoption. Both fluctuate due to the very timing of product improvements and marketing investments, along with unpredictable acquisition spikes, especially in emerging markets. While user growth remains a bit volatile quarter to quarter, we expect to continue steady annual MAU growth. Remember that after strong acquisition quarters, a meaningful share of new users shift from active to passive. Think about a parent who checks the app regularly while their spouse relies on notifications. Both are still getting value, but in this scenario, only one is counted in mal after the first month.

先從用戶成長談起，這是同時驅動訂閱與廣告營收的引擎。2026 年，我們預期全年 MAU 成長 20%，但各季淨新增與成長將有顯著差異，且成長將偏重於下半年（H2）。我們的 MAU 成長引擎透過兩個互補機制運作：產品改進與行銷，後者用以補充自然擴散的採用。兩者都會因產品改進與行銷投資的時點，以及不可預測的拉新高峰（尤其在新興市場）而波動。雖然用戶成長在季度間仍略有波動，但我們預期全年 MAU 仍將持續穩健成長。請記得，在拉新表現強勁的季度之後，相當比例的新用戶會從活躍轉為被動。例如一位家長會定期查看 App，而其配偶則依賴通知。兩者仍在獲得價值，但在此情境下，第一個月之後只有一人會被計入 MAU。

Product-led growth benefits from specific improvements and new features like driver reports, no-show alerts, and device integration, as well as network effects from happy members. And both of these compound over time. Across communities, word of mouth drives penetration as trust builds through social proof. At the platform level, our growing base of nearly 100 million users attracts partners like Uber and AccuWeather. And those partnerships in turn create new reasons for families to use and stay on Life360. Features like our Pet Finder Network and Pet GPS extend that flywheel further, broadening our relevance and fueling our progress towards super app status.

產品驅動成長受益於特定改進與新功能，例如駕駛報告、未出現提醒（no-show alerts）與裝置整合，以及滿意會員帶來的網路效應。而這兩者都會隨時間推移而複利累積。在各個社群中，隨著社會認同建立起信任，口碑會推動滲透率提升。在平台層面，我們接近 1 億的用戶基礎吸引了 Uber 與 AccuWeather 等合作夥伴。而這些合作關係反過來也為家庭創造更多使用並留在 Life360 的理由。像是我們的 Pet Finder Network 與 Pet GPS 等功能，進一步延伸這個飛輪效應，擴大我們的相關性，並推動我們朝超級 App 地位邁進。

Turning from product-led growth to marketing-led growth, our marketing now spans the full customer journey. At the top of the funnel, we focus on awareness with evocative video ads you may find on YouTube or premium placements like the Olympics. Mid-funnel, we work with influencers and podcasters to enhance consideration and reinforce our family positioning. At the bottom of the funnel, we deploy sophisticated performance marketing to drive installs and registrations. We've validated our hypothesis that by investing more in the upper funnel, we improve efficiency of our lower funnel marketing. So we're putting more dollars behind our brand.

從產品主導成長轉向行銷主導成長後，我們的行銷如今涵蓋完整的客戶旅程。在漏斗頂端，我們以提升知名度為重點，投放你可能在 YouTube 上看到的具感染力影片廣告，或如奧運等高端版位。在漏斗中段，我們與網紅及播客合作，以提升考量度並強化我們的家庭定位。在漏斗底端，我們部署精密的成效行銷，以帶動安裝與註冊。我們已驗證假設：加大對上層漏斗的投資，能提升下層漏斗行銷的效率。因此，我們正加碼投入品牌。

To that end, during the Super Bowl, we launched the third chapter of our Family-Proof Your Family brand campaign, which had prominent placements across NBC's streaming and broadcast networks during the Olympics. These campaigns represent a significant step forward in building Life360's reputation as the trusted family brand at scale. And we followed up with targeted campaigns leveraging the Life360 advertising platform further down funnel.

為此，我們在超級盃期間推出「Family-Proof Your Family」家庭品牌活動的第三章，並在奧運期間於 NBC 的串流與廣播網路獲得顯著版位。這些活動代表我們在大規模建立 Life360 作為值得信賴的家庭品牌聲譽方面邁出重要一步。隨後，我們也在漏斗更下游運用 Life360 廣告平台，推出更具針對性的行銷活動。

Our biggest growth opportunities are in international markets, where penetration averages low single digits compared to 16% in the US. In more developed markets like the UK and Australia, we're focused on deepening penetration and monetization. In emerging markets like Mexico and Brazil, we're in the earliest stages of penetration and we're focused on growing awareness and adoption. And we expect to see continued variability in growth rates.

我們最大的成長機會在國際市場，當地滲透率平均僅為個位數低段，相較之下美國為 16%。在英國與澳洲等較成熟市場，我們聚焦於加深滲透率與變現。在墨西哥與巴西等新興市場，我們仍處於滲透的最早期階段，重點在提升知名度與採用率。我們預期成長率仍將持續呈現波動。

Our second key focus is on scaling our paid offerings. Paying circles grew 26% in 2025, reflecting the increasing value we deliver for families and the impact of continuous funnel optimization, which is driving record conversion rates. As we expand the platform with capabilities like Pet GPS and eventually aging parents, families see more values and discover more reason to move into premium tiers. At the same time, international ARPPC remains 40% to 50% below US levels, representing a multi-year runway of natural monetization upside as those markets mature.

我們第二個關鍵重點是擴大付費方案規模。2025 年付費圈（paying circles）成長 26%，反映我們為家庭提供的價值持續提升，以及持續漏斗優化的成效，正推動轉換率創新高。隨著我們以 Pet GPS 等能力擴展平台，並最終延伸至高齡父母照護，家庭將看到更多價值，並找到更多升級至高階方案的理由。同時，國際市場 ARPPC 仍較美國低 40% 至 50%，隨著這些市場成熟，代表未來多年自然變現上行的長期跑道。

Our near-term priorities are growth of our membership and subscriber base. But our wide remit addressing the needs of everyday family life opens limitless opportunities to create member value, presenting a pricing opportunity with significant headroom. Tile and Pet GPS extend Life360 into the physical world, giving families new reasons to join and deepening engagement with existing members. Devices serve as a subscription growth mechanism, not a standalone hardware business.

我們的短期優先事項是擴大會員與訂閱者基礎。但我們廣泛的使命在於滿足日常家庭生活需求，這開啟了無限的會員價值創造機會，也帶來仍有顯著上行空間的定價機會。Tile 與 Pet GPS 讓 Life360 延伸至實體世界，為家庭提供新的加入理由，並加深既有會員的互動。裝置是訂閱成長的機制，而非獨立的硬體事業。

For Tile specifically, we've decided to exit brick and mortar retail and focus distribution on direct and online channels where we can better control the full customer journey from purchase to subscription activation. Pet GPS launched exclusively through direct and online channels from day one. To give you a perspective on the Pet GPS opportunity, in the few short months since we introduced our Pet Finder network, we now have almost 5 million pets registered, and nearly 90% of those are in free circles. That's a large, growing, identifiable audience we can convert to paid over time.

就 Tile 而言，我們已決定退出實體零售通路，並將配銷重心放在直營與線上通路，以便我們能更好地掌控從購買到訂閱啟用的完整客戶旅程。Pet GPS 自推出第一天起即僅透過直營與線上通路獨家上市。為了讓各位了解 Pet GPS 的機會，在我們推出 Pet Finder 網路後短短幾個月內，目前已有近 500 萬隻寵物完成註冊，其中近 90% 位於免費圈。這是一個龐大、持續成長且可識別的受眾，我們可在時間推移中將其轉為付費用戶。

Multi-year subscription revenue from converted users far exceeds the device investment. So we're prioritizing adoption over device margins, and getting the model right over near-term device volumes. Initial response has validated our PET GPS thesis, and now we're optimizing unit economics, pricing, and supply chain to maximize subscription growth. This disciplined approach reflects our long-term focus.

由轉換用戶帶來的多年期訂閱收入，遠高於裝置投入成本。因此，我們優先考量採用率而非裝置毛利，並優先把模式做對，而非追求短期裝置出貨量。初期反應已驗證我們對 Pet GPS 的論點，現在我們正優化單位經濟、定價與供應鏈，以最大化訂閱成長。這種嚴謹的方法反映我們對長期的專注。

Our third area is expanding our revenue streams, with advertising as a transformational opportunity to build a high margin business that complements subscriptions. With Fantix, which we acquired in early 2025, we built the intelligent and measurement layer that let us launch Place Ads and Uplift. With the acquisition of Nativo that closed in January, 2026, we now have the pieces in place. to operate a full stack advertising technology platform.

我們第三個領域是擴展營收來源，其中廣告是一個具變革性的機會，可建立與訂閱互補的高毛利業務。透過我們於 2025 年初收購的 Fantix，我們建立了智慧化與衡量層，使我們得以推出 Place Ads 與 Uplift。隨著 2026 年 1 月完成對 Nativo 的收購，我們如今已具備運作全棧式廣告科技平台的所有拼圖。

The logic of this combination is straightforward. We have nearly 100 million users and the richest first-party family location data set in the market. But we were early in building the ad tech platform and offsite reach needed to scale. Nativo had hundreds of advertisers and thousands of publisher relationships, along with a mature ad tech stack and a sales force built over more than a decade. but no first-party data or audience of its own.

這項組合的邏輯很直接。我們擁有近 1 億名用戶，以及市場上最豐富的第一方家庭位置資料集。但在打造可擴張的廣告科技平台與站外觸及能力方面，我們仍處於早期階段。Nativo 擁有數百家廣告主與數千家出版商合作關係，並具備成熟的廣告科技堆疊與歷經十多年建立的銷售團隊，但本身沒有第一方資料或自有受眾。

Let me explain what this combination means in practice. Before Nativo, we were effectively limited to showing ads inside the Life360 app, reaching approximately 40 million ad eligible US users. Now, we benefit from direct integrations with thousands of publishers, including new sites, lifestyle content, and connected TV. We can take our first-party data, the fact that we know that this is a household with two kids and a dog and a parent who drives to soccer practice every Saturday, and use it to serve ads not just inside Life360, but across that entire publisher network. When that parent is reading an article or streaming content, our data is powering the ad they see. And because we have real world location data, we can close the loop and tell the advertiser whether the ad actually generated store visits.

我來說明這項組合在實務上代表什麼。在 Nativo 之前，我們實際上僅能在 Life360 App 內展示廣告，觸及約 4,000 萬名符合投放資格的美國用戶。現在，我們受益於與數千家出版商的直接整合，涵蓋新聞網站、生活風格內容與連網電視（CTV）。我們可以運用第一方資料，例如我們知道這是一個有兩個孩子與一隻狗的家庭，且有位家長每週六開車送孩子去踢足球訓練，並用這些資訊在不僅是 Life360 內、而是整個出版商網路上投放廣告。當那位家長在閱讀文章或串流內容時，我們的資料正在驅動他所看到的廣告。而且因為我們擁有真實世界的位置資料，我們能形成閉環，告訴廣告主該廣告是否確實帶來到店訪問。

Importantly, this includes our passive users, members who rely on notifications rather than actively opening the app. Place Ads reach these users at the moment they're moving through the physical world, meaning that even members who are not counted in now represent monetizable audience inventory. And throughout all of this, the data never leaves our ecosystem. What our offsite platform enables is that every new publisher relationship becomes another canvas for our ads. That's what takes us from 16% reach to over 95% of the ad eligible adults in the US and even more as we expand internationally.

重要的是，這也包含我們的被動用戶，也就是依賴通知而非主動開啟 App 的會員。Place Ads 在用戶穿梭於實體世界的當下觸及他們，這意味著即使是目前未被計入的會員，如今也代表可變現的受眾庫存。在這一切過程中，資料從未離開我們的生態系。我們的站外平台所帶來的能力是：每新增一個出版商合作關係，就等於多了一塊可投放廣告的畫布。這使我們的觸及率從 16% 提升到美國超過 95% 的符合投放資格成人，並在我們國際擴張時進一步提高。

The US digital advertising market is massive, over 400 billion and growing. The majority flows through three platforms, but more than $100 billion is spent across open web, connected TV, and premium publishers, where advertisers are actively seeking better data, better targeting and real world measurements. That's exactly what our platform delivers and we're uniquely positioned to win in this market.

美國數位廣告市場規模龐大，超過 4,000 億美元且仍在成長。其中多數流向三大平台，但仍有超過 1,000 億美元投放於開放網路、連網電視與高端出版商，廣告主正積極尋求更好的資料、更精準的定向，以及真實世界的衡量。這正是我們平台所提供的能力，而我們在此市場具備獨特的勝出優勢。

Over the long term, we believe that advertising revenue can rival the scale of subscriptions and ensure that every family can access Life360 in the way that works best to them, whether that's a free ad-supported experience or a premium subscription. The result is a truly multi-inch platform with diverse high-margin revenue streams.

長期而言，我們相信廣告營收可與訂閱規模相匹敵，並確保每個家庭都能以最適合自己的方式使用 Life360，無論是免費的廣告支持體驗或高階訂閱。其結果是一個真正的多元平台，擁有多樣化的高毛利營收來源。

Now, I'll hand it over to Russell to review the financials and discuss how we're enhancing profitability through operating leverage.

接下來我把時間交給 Russell，請他回顧財務表現並說明我們如何透過營運槓桿提升獲利能力。

Thanks, Lauren, and thanks everyone for joining the call today. As a reminder, the financials I'll be referencing are unaudited for Q4, audited for the full year 2025, and denominated in US dollars.

謝謝你，Lauren，也謝謝各位今天加入電話會議。提醒一下，我接下來引用的財務數據：第四季為未經審計、2025 全年為經審計，並以美元計價。

Let's start with the fourth quarter. Q4 revenue increased 26% year on year to $146 million, reflecting strong performance across our business. Overall, subscription revenues increased 30% year over year to $102.5 million.

先從第四季開始。第四季營收年增 26% 至 1.46 億美元，反映我們各項業務的強勁表現。整體而言，訂閱營收年增 30% 至 1.025 億美元。

Core Life360 subscription, which excludes hardware subscriptions, increased 33% year over year to $97.3 million, driven by the 26% increase in global paying circles and 6% higher ARPPC.

核心 Life360 訂閱（不含硬體訂閱）年增 33% 至 9,730 萬美元，主要受全球付費圈（Paying Circles）增加 26% 以及 ARPPC 提高 6% 所帶動。

Total Paying Circles growth was supported by improved conversion globally, with Q4 quarterly subscriber net additions achieving a new record.

付費圈總數的成長受惠於全球轉換率改善，第四季季度訂閱者淨新增數創下新高紀錄。

Other revenue in Q4 increased to 86% to $24.2 million, driven by continued scaling of our advertising platform and growth in data partnerships. The significant year-over-year increase reflects the ramping of our advertising capabilities and increasing advertiser demand. December annualized monthly revenue reached $478 million and increased 30% year over year, reflecting the strong performance of subscription and other recurring revenue. Hardware revenue for the quarter was $19.3 million.

第四季其他營收年增 86% 至 2,420 萬美元，主要由我們廣告平台持續擴張以及資料合作夥伴關係成長所帶動。顯著的年增幅反映我們廣告能力的加速提升，以及廣告主需求增加。12 月年化月營收達 4.78 億美元，年增 30%，反映訂閱與其他經常性收入的強勁表現。本季硬體營收為 1,930 萬美元。

While hardware revenue declined 19% year over year due to promotional pricing and product binks, device unit shipments increased 3% as we integrate hardware more deeply into the Life360 subscription experience. As we've stated previously, our strategic focus with hardware remains on expanding the member experience and ultimately our subscriber base rather than near term hardware margins.

儘管因促銷定價與產品組合因素使硬體營收年減 19%，但隨著我們將硬體更深度整合至 Life360 訂閱體驗中，裝置出貨量增加 3%。如先前所述，我們在硬體上的策略重點仍是擴大會員體驗並最終擴大訂閱者基礎，而非追求短期硬體毛利。

In 2026, we've made the strategic decision to exit physical retail and focus exclusively on direct-to-consumer and online channels like Amazon. Unit volumes are expected to decline year over year, as we eliminate retail margin pressure and optimized pricing in our digital channels where we control the full customer experience.

在 2026 年，我們做出策略性決定退出實體零售，並專注於直面消費者（DTC）與 Amazon 等線上通路。隨著我們消除零售通路毛利壓力，並在可掌控完整客戶體驗的數位通路中最佳化定價，預期單位銷量將年減。

Q4 gross profit of $109.7 million increased 28% year over year, with gross margins of 75% higher than the prior year. The stability in gross margin reflects the balance of high margin subscription and other revenue with strategic investments in hardware. At the device level, Pet GPS margins were negative as we priced for market penetration rather than near-term profitability. We expect this approach to continue in 2026, with device margins fluctuating quarterly between breakeven and negative.

第四季毛利為 1.097 億美元，年增 28%，毛利率為 75%，高於去年。毛利率的穩定反映高毛利的訂閱與其他收入，與對硬體的策略性投資之間的平衡。在裝置層級，Pet GPS 毛利為負，因我們採取以市場滲透為目標的定價，而非短期獲利。我們預期此作法將延續至 2026 年，裝置毛利率將在各季於損益兩平與負值之間波動。

In Q1, we expect negative device margins as we conduct extensive price testing with Pet GPS and absorb the impact of our exit from brick and mortar retail. However, our consolidated gross margins remain strong in the 75% to 78% range, driven by high margin subscription and other revenue, which continue to become a larger part of the mix.

第一季我們預期裝置毛利率為負，因我們將對 Pet GPS 進行廣泛的價格測試，並吸收退出實體零售通路的影響。然而，在高毛利的訂閱與其他收入帶動下（且其占比持續提高），我們的合併毛利率仍將維持在 75% 至 78% 的強勁區間。

Q4 total operating expenses remain flat as a percentage of revenue year over year at 69%. Q4 operating expenses excluding commissions increased 26% year over year versus subscription revenue growth of 30%. This demonstrates our continued operating discipline even as we made strategic investments in Pet GPS launch and international expansion.

第四季總營業費用占營收比重年比持平，為 69%。第四季扣除佣金後的營業費用年增 26%，相較之下訂閱營收成長 30%。這顯示即使我們在 Pet GPS 上市與國際擴張上進行策略性投資，仍維持持續的營運紀律。

R&D costs increased 12% year over year to support our expanding product suite. And importantly, our AI investments are embedded within this existing cost structure and will help us build faster and work more efficiently.

研發成本年增 12%，以支援我們持續擴大的產品組合。重要的是，我們的 AI 投資已內嵌於既有成本結構中，將協助我們更快打造產品並提升工作效率。

Sales and marketing costs increased 25% year over year, driven by higher commissions and planned pet GPS and seasonal marketing.

銷售與行銷成本年增 25%，主要由較高的佣金，以及規劃中的 Pet GPS 與季節性行銷活動所帶動。

Q4 G&A increased 55% year over year, supporting company growth in our expanding advertising platform, and importantly, including transaction costs related to the Nativo acquisition. We expect G&A costs to normalise in 2026, inclusive of our AI investments.

第四季一般及行政（G&A）費用年增 55%，以支援我們擴張中的廣告平台所帶動的公司成長；並且重要的是，其中包含與 Nativo 收購相關的交易成本。我們預期 2026 年 G&A 成本將回歸常態，並已包含我們的 AI 投資。

We continue to make substantial progress in expanding profitability. First, we recorded positive net income of $129.7 million in Q4, up from $8.5 million in the prior year. And I note that it includes a one-time non-cash tax benefit of $118.4 million.

我們在提升獲利能力方面持續取得重大進展。首先，我們在第四季錄得 1.297 億美元的正淨利，較去年同期的 850 萬美元大幅增加。我也要指出，其中包含一次性、非現金的稅務利益 1.184 億美元。

Next, adjusted EBITDA increased 53% to $32.4 million in Q4, from $21.2 million in the prior year, with adjusted EBITDA margin expanding to 22%, our highest quarterly margin to date. This performance demonstrates the significant operating leverage inherent in our business model as we scale. That operating leverage carries on into 2026, as we expand high margin subscription and other revenues, even as we make growth-orientated investments and integrate Nativo in the first half.

其次，第四季調整後 EBITDA 年增 53% 至 3,240 萬美元，去年同期為 2,120 萬美元；調整後 EBITDA 利潤率擴大至 22%，為迄今最高的單季利潤率。此表現顯示隨著規模擴大，我們商業模式中蘊含顯著的營運槓桿。該營運槓桿將延續至 2026 年：即使我們進行以成長為導向的投資，並在上半年整合 Nativo，我們仍將擴大高毛利的訂閱與其他收入。

Advertising, in particular, creates high incremental margins as it scales in the second half, partly related to seasonality, but also importantly leveraging our existing infrastructure and user base. Looking briefly at the full year results for 2025, which exceeded guidance across the board, total revenue increased 32% year over year to $489.5 million.

尤其是廣告業務，隨著下半年規模擴大將帶來很高的增量毛利率，部分與季節性相關，但更重要的是可槓桿運用我們既有的基礎設施與用戶基礎。簡要回顧 2025 全年結果（各項均超越指引），總營收年增 32% 至 4.895 億美元。

Gross margin expanded to 78%, 3 percentage points higher than 2024. Total operating expenses grew 26% year over year, but declined as a percentage of revenue, driving strong operating leverage.

毛利率擴大至 78%，較 2024 年高 3 個百分點。總營業費用年增 26%，但占營收比重下降，帶動強勁的營運槓桿。

Net income for the year was $150.8 million compared to a $4.6 million loss in 2024. This marks our first fully profitable year in company history, even excluding the one-time non-cash tax benefit.

全年淨利為 1.508 億美元，相較 2024 年為虧損 460 萬美元。即使排除一次性、非現金的稅務利益，這也標誌著公司史上首個全年完全獲利的年度。

Adjusted EBITDA increased $47.7 million year over year to reach $93.2 million, exceeding our outlook range with margin expanding from 12% in 2024 to 19% in 2025.

調整後 EBITDA 年增 4,770 萬美元至 9,320 萬美元，超出我們的展望區間；利潤率由 2024 年的 12% 擴大至 2025 年的 19%。

Turning now to the balance sheet and cash flow. Life360 ended 2025 with cash, cash equivalents and restricted cash of $495.8 million, a significant increase from $160.5 million at year-end 2024. This increase was primarily driven by operating cash flow and the net proceeds from our June 2025 convertible notes offering, which provided $275.4 million in net proceeds, partially offset by the $25 million investment in Aura convertible notes.

接著看資產負債表與現金流。Life360 於 2025 年底的現金、約當現金及受限制現金為 4.958 億美元，較 2024 年底的 1.605 億美元大幅增加。此增加主要由營運現金流，以及我們於 2025 年 6 月發行可轉換公司債所取得的淨收益所帶動；該次發行提供 2.754 億美元淨收益，部分被對 Aura 可轉換公司債的 2,500 萬美元投資所抵銷。

The result is a substantially stronger balance sheet with significant financial flexibility to invest in our highest return growth opportunities while maintaining disciplined capital allocation. Operating cash flow was positive again in Q4. Net cash provided by operating activities of $36.8 million during the quarter increased nearly 200% from $12.3 million in the prior year, reflecting our strong and accelerating cash generation. For the full year, operating cash flow reached $88.6 million, up $56 million from 2024.

其結果是資產負債表顯著更為強健，並具備可觀的財務彈性，使我們能在維持嚴謹資本配置的同時，投資於回報最高的成長機會。第四季營運現金流再次為正。本季營運活動提供的淨現金為 3,680 萬美元，較去年同期的 1,230 萬美元增加近 200%，反映我們強勁且加速的現金創造能力。全年營運現金流達 8,860 萬美元，較 2024 年增加 5,600 萬美元。

Thanks for your attention and I'll hand back to Lauren to discuss our 2026 guidance.

感謝各位的聆聽，接下來我把時間交還給 Lauren，請她說明我們 2026 年的財測指引。

In 2026, we're doing three things simultaneously. Investing in our highest return opportunities, accelerating revenue growth and expanding margin. That combination is reflected in our full year outlook as follows. Annual MAU growth of 20%, consolidated revenue of $640 million to $680 million. Subscription revenue of $460 million to $470 million. Other revenue of $140 million to $160 million, driven by the rapid scaling of our Life360 advertising platform following the Nativo acquisition. Hardware revenue of $40 million to $50 million, as we narrow distribution to focus on channels that derive stronger subscription attachment. And adjusted EBITDA of $128 million to $138 million.

在 2026 年，我們將同時做三件事。投資於回報最高的機會、加速營收成長並擴大利潤率。這樣的組合反映在我們的全年展望如下。年度 MAU 成長 20%，合併營收 6.40 億至 6.80 億美元。訂閱營收 4.60 億至 4.70 億美元。其他營收 1.40 億至 1.60 億美元，主要由收購 Nativo 後 Life360 廣告平台快速擴張所帶動。硬體營收 4,000 萬至 5,000 萬美元，因我們將收斂通路分銷，聚焦於能帶來更強訂閱綁定的通路。以及調整後 EBITDA 1.28 億至 1.38 億美元。

Stock-based compensation is anticipated to be 40% higher than last year, largely due to increased headcount from Netivo. This range represents approximately a 20% adjusted EBITDA margin, another step in our multi-year path of continuous annual expansion toward our strategic target of over 35%. Given a few factors unique to 2026, we want to provide some additional color on quarterly modeling.

預期以股票為基礎的薪酬將較去年高出 40%，主要由於 Netivo 增加的人力編制。此區間約代表 20% 的調整後 EBITDA 利潤率，亦是我們多年期、逐年持續擴張路徑上的又一步，朝向超過 35% 的策略目標邁進。鑑於 2026 年有幾項獨特因素，我們希望就季度模型提供一些額外說明。

Russell's going to walk through those points before we conclude.

Russell 會在我們結束前帶大家逐點說明。

Thanks, Lauren. We have strong conviction in our full-year guidance and we take pride in delivering what we say. With that, there are a few quarterly dynamics worth walking through so that models reflect what we expect through 2026.

謝謝你，Lauren。我們對全年指引有很強的信心，也以說到做到為榮。基於此，我想帶大家走過幾個值得說明的季度動態，讓模型能反映我們對 2026 年之前的預期。

Our strategic investments are concentrated in the first half of the year. At the same time, our revenue profile has shifted. Advertising in particular follows a seasonal pattern where growth concentrates in the second half. Our investments are front-loaded, our revenue acceleration back-loaded. That combination creates quarterly variability in MAU, revenue, and margins that normalizes as the year progresses. And that dynamic is fully reflected in our full year guidance.

我們的策略性投資主要集中在上半年。同時，我們的營收結構也已轉變。尤其是廣告具有季節性特徵，成長通常集中在下半年。我們的投資前置、營收加速後置。這樣的組合會造成 MAU、營收與利潤率在季度間的波動，但會隨著年度推進而趨於正常化。而這些動態已完整反映在我們的全年指引中。

Let me walk through three Q1 factors specifically. First, adjusted EBITDA margin percentage in Q1 is expected to be in the low double digits, driven by Life360 advertising platform margin contribution timing; the Pet GPS promotional pricing, which is designed to maximize subscriber adoption; and front-loaded advertising and marketing. These are all intentional investments concentrated early in the year to fuel growth as we scale.

我特別說明三個第一季因素。第一，第一季調整後 EBITDA 利潤率預期落在低雙位數，主要受 Life360 廣告平台利潤率貢獻時點影響；Pet GPS 的促銷定價（旨在最大化訂戶採用）；以及前置的廣告與行銷投入所驅動。這些都是我們刻意在年初集中投入、以在擴張規模時推動成長的投資。

Second, device revenue in Q1 is expected to be approximately 50% lower than Q1 last year due to our brick and mortar retail exit. Hardware gross margin will also be negative in Q1. This impact is reflected in our full year guidance range.

第二，第一季裝置營收預期將較去年第一季低約 50%，原因是我們退出實體零售通路。第一季硬體毛利率也將為負值。這項影響已反映在我們的全年指引區間中。

And third, on MAU, Q1 year-over-year growth will come in below our full year rate of approximately 20%. As Lauren discussed, quarterly MAU growth after a strong quarter tends to retrace. We expect MAU growth to be more pack-half weighted due to product-led growth investments and scaled marketing in new geographies building through the year. As our growth investments normalize during the year, we expect Q4 '26 margin to exceed the 22% margin that we just delivered in Q4 '25, reflecting continued build of operating leverage with subscription momentum and the Life360 advertising platform delivering meaningful contributions in the second half.

第三，關於 MAU，第一季年增率將低於我們全年約 20% 的成長率。如 Lauren 所提，季度 MAU 成長在強勁季度之後往往會回落。我們預期 MAU 成長會更偏向下半年，因為產品驅動成長（PLG）投資以及在新地區擴大行銷會在全年逐步累積。隨著我們的成長投資在年度內趨於正常化，我們預期 2026 年第四季利潤率將高於我們在 2025 年第四季剛交出的 22% 利潤率，反映訂閱動能帶來的持續營運槓桿提升，以及 Life360 廣告平台在下半年帶來具實質意義的貢獻。

Additionally, for context, Nativo's contribution to our 2026 outlook. Nativo's unordered 2025 revenue was approximately $63 million, at effectively break even adjusted EBITDA. We expect a majority of that revenue base to carry forward into 2026 in the Life360 advertising platform, with incremental growth at significantly higher adjust at EBITDA margins in the second half as integration completes and cross-platform campaigns ramp through the year. That concludes our prepared remarks. I'll now turn over the call to RJ to manage Q&A.

另外，補充一些背景：Nativo 對我們 2026 年展望的貢獻。Nativo 於 2025 年的未經審核營收約為 6,300 萬美元，調整後 EBITDA 基本上損益兩平。我們預期其中大部分營收基礎將在 2026 年延續並納入 Life360 廣告平台；隨著整合完成以及跨平台活動在全年逐步放量，下半年將以顯著更高的調整後 EBITDA 利潤率帶來增量成長。以上是我們的準備稿。接下來我把電話交給 RJ 來主持問答。

(Event Instructions) Mark Mahaney the question.

（活動指引）Mark Mahaney 提問。

Okay, thanks very much. Two questions. The international growth, Lauren, that you talked about and wanting to lean into that, do you view that as needing to be run more by, is that more driven by product or by marketing? Which of those two kind of gets that international penetration up, you know, even ballpark close to the US level?

好的，非常感謝。兩個問題。Lauren，你提到的國際成長，以及希望加大投入，你認為這需要更多由產品端推動，還是由行銷端推動？這兩者之中，哪一個能把國際滲透率提升到（即使只是大概）接近美國的水準？

And then you talked about these record net new ads in the December quarter. Just what's the source of those new ads? Anything interesting there in terms of different markets, I don't know, different demographics, different verticals, any new color on where those net ads came from? Thank you.

另外你提到 12 月季度創紀錄的淨新增廣告。這些新增廣告的來源是什麼？在不同市場、不同族群、不同垂直領域等方面，有沒有什麼有趣的觀察？對於這些淨新增廣告從哪裡來，有沒有更多補充？謝謝。

Thanks, Mark. I'm going to focus on the international question because I think it's really important. You know, there's often this question about is it product or is it marketing? And it really is the interplay between both. We're investing to make sure that the product works great for users outside of the US. And that means improvement in things like the Android platform, our localization, and features really tailored towards those markets. But that only works if users in those markets know about our product. And so product improvements and marketing really go together and complement each other as we grow.

謝謝你，Mark。我會先聚焦在國際這個問題，因為我認為它非常重要。你知道，大家常會問到底是產品還是行銷？其實關鍵在於兩者之間的相互作用。我們正在投資，確保產品在美國以外的使用者也能有很好的體驗。這包括 Android 平台的改善、本地化，以及真正針對那些市場量身打造的功能。但前提是那些市場的使用者得先知道我們的產品。因此，產品改善與行銷是相輔相成、共同推動我們成長的。

Great. Thanks Mark. Next we're going to open it up to you.

很好。謝謝你，Mark。接下來我們把時間開放給你。

Hey, my second question.

嗨，我的第二個問題。

I'm sorry, Mark?

不好意思，Mark？

My second question about the Q4 MAU growth.

我第二個問題是關於第四季 MAU 成長。

Mark, I would say that there's not any one thing that stands out there. We got good contribution both from the US across the board and from international, particularly the lead countries that we're really active in.

Mark，我會說那裡沒有任何單一因素特別突出。我們在美國各面向都有不錯的貢獻，國際市場也有貢獻，尤其是我們投入最積極的那些主要國家。

Thank you very much.

非常感謝。

Thanks, Mark.

謝謝你，Mark。

Next, I'd to open it up to James Bales, Morgan Stanley.

接下來我們開放 Morgan Stanley 的 James Bales 提問。

Yeah, thanks for taking my question. I guess, I'd like to understand a bit about what has driven the conversion improvement to paid? And whether you have any thoughts on the relative growth that we should be expecting between subs and malgrowth in 2026?

是的，謝謝讓我提問。我想更了解一下，付費轉換率改善是由哪些因素驅動？以及你們對 2026 年訂閱（subs）成長與 MAU 成長之間的相對增速，有沒有什麼看法？

So the two things that drive improvement and conversion is the value that we create in the product and then optimizations we make in the funnel along the way. And these two things really go together. We've added new value, things like improvements we've made in our drive reports, or things like Pet GPS. But we also do a lot of testing and experimentation in our funnel to find ways to help customers understand the value that we have in the product and suggesting to them at those right moments.

推動轉換率改善的兩個因素，一是我們在產品中創造的價值，二是我們在漏斗流程中所做的各項優化。這兩者其實是相互配合的。我們增加了新的價值，例如我們在駕駛報告（drive reports）上的改進，或像 Pet GPS 這類功能。同時，我們也在漏斗中做大量測試與實驗，找出方法幫助客戶理解我們產品的價值，並在適當的時點向他們提出建議。

Perfect. And your thoughts about the sustainability of that improvement?

很好。那你對這種改善的可持續性有什麼看法？

There's a lot of room. There's certainly a lot of room in creating value. And we're actually seeing a lot of, we're going a lot faster using AI to speed up that kind of optimization. So it seems like we have a lot of headroom left.

空間還很大。在創造價值方面確實還有很大的空間。而且我們也看到，透過 AI 來加速這類優化，我們的速度正在明顯變快。所以看起來我們還有很大的上行空間。

Perfect. Maybe just one other question. You talked about the margin profile for Nativo. Could you maybe help us understand the gross margins that you expect to achieve in the first half on a run rate basis for the advertising business, and post-integration, what those gross margins can get to?

很好。也許再問一個問題。你提到 Nativo 的利潤率輪廓。你能否協助我們理解：在上半年，以 run-rate（常態化）基礎來看，你們預期廣告業務可達到的毛利率是多少？以及在整合完成後，毛利率可能提升到什麼水準？

Yeah. James, I think what I would say is that you really are off the bat. We are going to get really good gross margins from the Life360 advertising platform. The thing to understand about Nativo is that it's really given us all of these extra tools. It's given us the infrastructure, the sales team, the relationships that will really help drive that growth, particularly in the second half. And there is an element of fixed cost that comes along with that. But the gross margins themselves are very strong.

可以。James，我想我會說，你一開始就抓到重點了。Life360 廣告平台的毛利率會非常不錯。需要理解的是，Nativo 實際上為我們帶來了許多額外工具。它提供了基礎設施、銷售團隊與客戶關係，將有助於推動成長，尤其是在下半年。當然，這也會伴隨一定的固定成本。但毛利率本身是非常強勁的。

Thanks, James. And reminder to everyone, we have a lot to get through. Please limit yourself to one question.

謝謝，James。也提醒大家，我們還有很多內容要進行。請各位把問題限制在一題。

Next, we'd to open it up to Lafitani Sotiriou from MST to ask a question.

接下來，我們想開放讓來自 MST 的 Lafitani Sotiriou 提問。

Congratulations on the strong result and thank you for the opportunity to ask a question and appreciate the extra color on AI. Can I dive a little more into this? So both said -- you both said you want to build faster and work more efficiently. Can you just talk us through in terms of the build faster? I know that the Nativo's new, but we previously had, on the roadmap, the seniors operating I can see now that you've also got partner ecosystems listed. Can you talk us through what does that mean by running faster? So what's scheduled for this year?

恭喜你們繳出強勁的成績，也謝謝你們給我提問的機會，並且也很感謝你們補充了更多關於 AI 的細節。我可以再更深入一點嗎？你們兩位都提到想要更快地建置並更有效率地運作。能否就「建置更快」這部分帶我們走一遍？我知道 Nativo 是新的，但先前在路線圖上，我們有（看到）資深層級的營運；我現在也看到你們列出了合作夥伴生態系。能否說明一下所謂「跑得更快」是什麼意思？那今年排程有哪些？

And then on the same time, if you are going to be able to work more efficiently, what does that mean from a cost perspective? Does that mean that you're pretty happy with the number of staff you've got now that you'd be able to sort of keep it pretty steady into the future? Thank you.

另外，同時如果你們能更有效率地運作，從成本角度來看代表什麼？這是否表示你們對目前的人員編制相當滿意，未來可以大致維持穩定？謝謝。

So I'll start by saying that we think of our company is very early in our growth trajectory, which means there's a lot of value for us to create. We have a lot of work to do and we're excited to put more resources against those things. AI helps us do that more efficiently.

我先說，我們認為公司仍處於成長軌跡的非常早期階段，這代表我們還有很多價值可以創造。我們還有很多工作要做，也很期待投入更多資源在這些事情上。AI 能幫助我們更有效率地做到這點。

I'll just give you one example. You know, there's a certain period of time that when you have an idea for a new feature, it takes you to bring that that feature to market. And there's all sorts of steps you go through from early ideation to writing the code to testing the code. And we're applying AI in every stage of that. It is helping us ideate and prototype faster. It's helping us get that code written very, very quickly. And it's helping us test and iterate on those features.

我舉一個例子。你知道，當你對一個新功能有想法時，從想法到把功能推向市場，需要一段時間。過程中有各種步驟，從早期構想到撰寫程式碼再到測試程式碼。我們在每個階段都在導入 AI。它幫助我們更快地構思與做出原型。它幫助我們非常、非常快速地把程式碼寫出來。也幫助我們測試並迭代這些功能。

So that helps us take these ideas, these ways that we can create value and deliver them faster. I am not going to preview and tell you all the features that we haven't yet released, but it's helping us accelerate our roadmap. One of those areas that we're invested in is partner ecosystem. And that's sort of the example of working with the AccuWeathers and the Ubers to bring third-party capabilities forward to our members through our experience.

因此，它能幫助我們把這些想法、這些創造價值的方法更快地落地交付。我不會在這裡預告並告訴你所有我們尚未發布的功能，但它確實在幫助我們加速路線圖。我們投入的一個領域是合作夥伴生態系。這有點像是與 AccuWeather、Uber 等合作，把第三方能力透過我們的體驗帶給會員。

Thanks, Laf. Next, we'd like to open it up -- (multiple speakers)

謝謝，Laf。接下來，我們想開放--（多位講者）

On the cost side, we didn't -- sorry, just the part on the cost side efficiencies wasn't answered. What I would say, Laf, is that we are continuing to see uh efficiency gains there. We want to plough those gains into growth in 26, and there's a lot on our roadmap, as Lauren referred to do that. So we don't necessarily expect gross cost clawbacks in '26.

在成本面，我們沒有——抱歉，關於成本端效率的那部分還沒回答。我想說的是，Laf，我們持續看到那方面的效率提升。我們希望把這些提升在 26 年投入到成長上，正如 Lauren 提到的，我們的路線圖上有很多事情要做。所以我們不一定預期在 26 年會出現大幅的成本回收／削減。

(technical difficulty)

（技術問題）

Thanks, Laf. Next, we'd to open it up to Maria Rips from Cannacord to ask a question.

謝謝，Laf。接下來，我們想開放讓來自 Cannacord 的 Maria Rips 提問。

Great, thanks so much for taking the question. I think you mentioned neatly 5 million registered pads with nearly 90% of them in free circles. It sounds like your near term goal is to grow penetration here. But can you maybe help us think about sort of deepening monetization among these circles with these free circles with pads and would that approach be different from sort of how you thinking about sort of monetizing free circles more broadly?

好的，非常感謝讓我提問。我想你們提到大約 500 萬個已註冊的 pads，其中將近 90% 在免費 circles 裡。聽起來你們短期目標是提升這裡的滲透率。但你們能否幫我們思考一下，對於這些擁有 pads 的免費 circles，要如何加深變現？而這個做法會不會不同於你們更廣泛地對免費 circles 變現的思路？

So it's really heartening for us to understand more about our members. And when we understand them better, we can serve them both through our subscriptions and through our advertising business. It sort of opens up both capabilities. So this is why experiences like our Pet Finder Network are useful. They create substantial value to families and another way to make sure that every pet is safe and protected, not just those for subscribers.

對我們來說，更深入了解會員真的很令人振奮。當我們更了解他們時，就能同時透過訂閱與廣告業務來服務他們。這等於打開了兩種能力。因此，像我們的 Pet Finder Network 這樣的體驗就很有用。它為家庭創造了可觀的價值，也提供另一種方式，確保每一隻寵物都安全且受到保護，而不只是訂閱用戶的寵物。

Doing that also gives us insights that's certainly attractive to people advertising in the pet market. Was there another point in your question that you were interested in? It's a little hard to hear you, so if you could speak up, I can answer more.

這樣做也能帶給我們洞察，對於在寵物市場投放廣告的人來說當然很有吸引力。你問題裡還有其他你特別想了解的點嗎？我有點聽不清楚，如果你能大聲一點，我可以回答更多。

I was just trying to understand how that would be different from monetizing free circles in general, but I think you answered that.

我只是想了解，這會如何不同於一般對免費 circles 的變現方式，不過我想你已經回答到了。

Okay, great.

好的，很好。

Great, thanks, Maria. Next, we'd like to open it up to Bob Chen from JP Morgan.

很好，謝謝你，Maria。接下來，我們想開放讓來自 JP Morgan 的 Bob Chen 提問。

Hey, morning, team. Just a quick one for me around the partner ecosystem piece. I mean, we saw that announcement with the partnership with Uber. How does that flow through into your financials? Does it come through as additional advertising type revenues? And is that what we're looking for in the partner ecosystem? It'll come through in a few different ways. Definitely advertising. But there's also, as we get deeper into that relationship, both a subscription benefit on our side and also for Uber.

嗨，早安，各位。我這邊很快一題，關於合作夥伴生態系這塊。我們看到你們宣布與 Uber 的合作。這會如何反映在你們的財務報表上？會以額外的廣告類收入呈現嗎？而這就是我們在合作夥伴生態系中所期待的嗎？它會以幾種不同方式呈現。肯定包括廣告。但隨著我們與對方的關係更深入，對我們這邊以及 Uber 也都會有訂閱面的效益。

So it'll come through in a couple of different ways, definitely advertising, but there's also -- as we get deeper into that relationship, oth as subricption benefit on our side and also for [Rubert] so it'll come through on a couple different ways.

所以它會以幾種不同方式呈現，肯定包括廣告，但也還有——隨著我們與對方的關係更深入，我們這邊會有訂閱面的效益，另外對 [Rubert] 也是；所以它會以幾種不同方式呈現。

And I'll add that you'll also see it come through in our product experiences and the value that we deliver for our members.

我再補充一下，你也會在我們的產品體驗，以及我們為會員交付的價值中看到它的呈現。

Thanks, Bob. We'd like to open it up to Mark Kelly or Brennan Robinson if they're on the line. It looks like they might be on a dial. Not sure if they're there. Okay, we'll go back to them.

謝謝，Bob。我們想開放讓 Mark Kelly 或 Brennan Robinson（如果在線上）提問。看起來他們可能是用撥入的方式。不確定他們是否在。好，那我們稍後再回到他們。

Next, we'd to open it up to Siraj from Citigroup.

接下來，我們想開放讓來自 Citigroup 的 Siraj 提問。

Thank you. Can you hear me okay?

謝謝。你們聽得到我嗎？

Yes,

聽得到。

All right, great. Lauren, just a key to double click on your comment or just in terms of the guidance for MAU, that first quarter being lower than the 20% and then stronger in the second half.

好，很好。Lauren，我想針對你剛才的評論再追問一下，或就 MAU 指引而言，你提到第一季會低於 20%，而下半年會更強。

Maybe, because you had the big advertising campaign with the Super Bowl, et cetera, in the first quarter, how has that tracked? It does seem like guidance does -- as you said, this product improvement, just key to understand how you the confidence levels in the 20% growth given it could move around, right? So just key to understand the confidence and you know what -- how much comfort you have in that sort of 20% range? Thanks.

也許因為你們在第一季有大型廣告活動，例如超級盃等等，這部分的追蹤成效如何？看起來指引確實——如你所說——取決於產品改善；我主要想了解的是，在成長可能上下波動的情況下，你們對 20% 成長的信心程度如何？所以想請你說明一下信心與你們對大約 20% 這個區間有多大把握？謝謝。

Our confidence is good. And we're coming off a lot of momentum in 2025. And, you know, setting a big goal for 2026. But we see that trajectory very clearly. The advertising campaigns that we do, especially brand building campaigns like that, are really designed to drive demand over a longer term horizon. And so they're letting more people know about us and then we follow through and convert those people to registrations over time. And so it's not necessarily -- we don't necessarily see the impact in quarter and the signals that we're seeing in terms of that awareness look really good to us.

我們的信心很足。而且我們在 2025 年累積了很強的動能。並且，你知道的，為 2026 年設定了一個很大的目標。但我們非常清楚地看到了那條成長軌跡。我們所做的廣告活動，特別是那種品牌建立型的活動，確實是為了在更長期的時間範圍內帶動需求。因此，它們讓更多人認識我們，然後我們會在時間推移中持續跟進，將這些人轉化為註冊用戶。所以不一定——我們不一定會在單一季度內看到影響；而我們在認知度方面看到的訊號，對我們來說看起來非常好。

Thanks, Siraj. Next, we'd to open it up to Wei-Weng Chen from RBC.

謝謝你，Siraj。接下來，我們想把時間交給來自 RBC 的 Wei-Weng Chen。

Hey, guys. Hey, guys. Just a question from me on AI efficiency gains. I guess there have been a few corporates such as Block and WiseTech here locally that have cited AI efficiencies as the rationale for large scale reductions in workforces. Is this something that could be a potential reality for 360? And maybe more philosophically, can you give us your thoughts on these sorts of dramatic actions?

嗨，各位。嗨，各位。我有一個關於 AI 效率提升的問題。我想這邊本地有幾家企業，例如 Block 和 WiseTech，提到 AI 帶來的效率是他們大規模裁減人力的理由。這會不會也可能成為 360 的現實情況？以及更哲學一點，你們對這類劇烈行動有什麼看法？

Maybe I'll start this one, Russell, and then you take over. But we have been really intentional about how we grow and making sure that we are being efficient with our resources. The other thing that's really, really different is that we are much earlier in our growth prospects. We have a lot of room to go. And so for us, this helps us sort of punch above our weight and grow faster to achieve that sort of next wave of growth for us. It's different than more mature companies who have over hired and need to slash back. And so I think you will expect to see something very different from us.

Russell，這題我先開頭，然後你再接著補充。但我們在如何成長這件事上一直非常有意識，並確保我們能有效率地運用資源。另外一個非常、非常不同的點是，我們在成長前景上還處於更早期的階段。我們還有很大的成長空間。所以對我們而言，這能幫助我們以相對較小的規模做出更大的成果，並更快成長，以達成我們下一波的成長。這和那些更成熟、曾經過度招募、現在需要大幅縮編的公司不同。因此我認為，你們會看到我們採取非常不同的做法。

But Russell, you take it from there.

不過 Russell，你接著說。

I'd probably just reiterate several of the same things. We are so early, our employee headcount is relatively low. We look at things like your revenue per headcount, and we're very well positioned there. It's just not something that we're in that at that stage as some of these companies that did over hire in COVID, for example, it's just not necessary and it would disrupt our growth.

我大概只是重申幾個相同的重點。我們還非常早期，我們的員工人數相對不多。我們會看像是每位員工創造的營收這類指標，而我們在這方面的定位非常好。我們並不像某些公司那樣已經到了那個階段——例如在 COVID 期間過度招募——所以這並非必要，而且會干擾我們的成長。

Yeah, thanks so much.

好的，非常感謝。

Thanks, Wei-Weng. Next, we'd like to open it up to Stephen Ju from UBS.

謝謝你，Wei-Weng。接下來，我們想把時間交給來自 UBS 的 Stephen Ju。

Great, thank you. So it might be a little bit early to ask this question, but I wanted to see if you guys can shed any light on the type of advertisers that are on Nativo. Just kind of eyeballing the list of folks there. It seems like they're more awareness and brand-oriented, but I guess given the location data that you have, it seems like there's probably all kinds of opportunities to run performance advertising. So I'm just wondering, what who are on there now and what the outreach effort is going to be to onboard some of the performance budgets? Thank you.

很好，謝謝。這個問題可能問得有點早，但我想看看你們能否說明一下 Nativo 上的廣告主類型。我大致看了一下那邊的名單。看起來他們比較偏向認知度與品牌導向，但我想，考量你們擁有的位置數據，似乎也有各種機會去投放成效型廣告。所以我想問的是，目前有哪些人在上面，以及你們接下來會如何拓展外聯，把一些成效型預算導入（onboard）？謝謝。

I'll say that the advertising base is quite diverse, and one of the things that being able to run offsite ads and different publishers lets us do is deliver different types of platforms, different types of advertising experiences for different advertisers with different needs. I don't have a long list of specific names, but a funny anecdote as we were preparing for this, there's at least some companies who said like, we don't want you to use our name because we don't want you to tell everybody that we can see such positive outcomes that we're seeing.

我會說廣告主基礎相當多元，而能夠在站外投放、並透過不同出版商投放，讓我們可以為不同需求的廣告主提供不同類型的平台與不同的廣告體驗。我沒有一長串具體的名字，但有個有趣的插曲：我們在準備這件事時，至少有一些公司說，像是「我們不希望你們使用我們的名字，因為我們不想讓大家知道我們看到的成效有多正面」。

So I don't know, Russell, if you want to add anything more to that.

所以我不知道，Russell，你是否想再補充一些？

But I guess the only -- the other aspect is because we are now able to utilize both on app and off app, as Lauren said earlier, the range of people that we can access is very much more attractive to big corporate advertisers. And because of that, we're able to access sort of campaigns that we just weren't able to do before. Thank you.

不過我想唯一——另一個面向是，因為我們現在能同時運用 App 內與 App 外（如 Lauren 先前所說），我們能觸及的人群範圍對大型企業廣告主而言更具吸引力。也因此，我們能接觸到一些過去根本無法執行的活動類型。謝謝。

Thanks, Stephen. Next, we'd to open it up to [John Maron]. John, you can unmute.

謝謝你，Stephen。接下來，我們想把時間交給[John Maron]。John，你可以解除靜音。

Unmuted. Thanks, RJ. Appreciate that. I'll try and ask one question. Maybe there'll be a few answers to the one question. I think just wanted to tease out a little more about the Nativo acquisition. And I know it's a bit early, but maybe if you could just speak to their readiness to execute on the data opportunity that you've basically handed them? Just maybe you could talk about traction you've seen there to date and what your deterministic data might provide in terms of pricing uplift relative to the business they were doing previously, maybe just a little more color around that? And maybe the type of investments you have to make on that team in the first half of this year to help them win bigger engagements?

已解除靜音。謝謝，RJ。感謝。我盡量只問一個問題。也許一個問題會有幾個答案。我想更深入了解一下 Nativo 的收購案。我知道現在還有點早，但你們能否談談，他們在執行你們基本上交給他們的數據機會方面，準備度如何？也許可以談談目前看到的進展，以及你們的確定性（deterministic）數據相較於他們先前的業務，可能在定價提升（pricing uplift）上帶來什麼；能否再多給一些細節？另外，今年上半年你們需要在那個團隊上做哪些投資，來幫助他們拿下更大型的合作案（engagements）？

Yeah, I've actually been really impressed with the alignment we have between the teams. I've been through a lot of M&A and this one, the puzzle pieces fit together better than typically. So we're seeing good traction. It is early on but we feel great about where we're going.

是的，我其實對兩個團隊之間的協同一致性印象非常深刻。我經歷過很多併購案，而這一次，各個拼圖的契合度比一般情況更好。所以我們看到不錯的進展。雖然還在早期，但我們對前進方向感到非常樂觀。

In terms of things like pricing, actually, we think we have a lot of efficiencies that come from things like having our own built-in audience, having the data set that we have. It really sort of optimizes their, optimizes the cost, the margin profile quite a bit. We haven't focused as much on pricing yet. I think that's something we'll look at later on.

就像定價這類事情而言，實際上，我們認為透過一些因素能帶來很多效率，例如我們自有、內建的受眾，以及我們擁有的數據集。這確實能在很大程度上優化他們的成本與毛利結構。我們目前還沒有把重心放在定價上。我想那會是我們之後再看的事情。

And the other thing I'd say is that it's not -- you know, we're excited about you bring that team on board. That team is excited about having the extra capabilities that Live360's first party deterministic data provides to what they're out there selling. So, you know, so far it is just looking like a great combination.

另外我想說的是，這不只是——你知道的，我們很興奮能把那個團隊納入。那個團隊也很興奮，因為 Live360 的第一方確定性數據所提供的額外能力，能強化他們在外部銷售的內容。所以，你知道的，到目前為止看起來就是一個很棒的組合。

And just one thing that I'll add is that in bringing them together, it really helps us create a walled garden where we can reach those 95% of US adults, while keeping the data in the walled garden and providing the sort of privacy and family safe experience that both our customers and advertisers want.

我再補充一點：把他們整合在一起，確實有助於我們打造一個圍牆花園（walled garden），在把數據留在圍牆花園內的同時，仍能觸及美國 95% 的成年人，並提供我們客戶與廣告主都想要的那種隱私保護與家庭安全體驗。

All right, thanks guys. Goodbye. [It's not a good quarter].

好，謝謝各位。再見。[這不是一個好的季度]。

Thanks, John. Next, we'd like to open it up to Chris Smith. Chris, can you unmute?

謝謝你，John。接下來，我們想把時間交給 Chris Smith。Chris，你可以解除靜音嗎？

Thank you, guys. Look, just really interesting, Lauren, in the point you made around Pet and the opportunity there. Now, clearly you're cycling a very difficult comp in terms of MAU growth in first quarter '25 apologies. But if you look at the 5 million Pets, 90% that you set are in free MAUs, that's the potential for you to take the paying circles up 50% if you convert them all. Can you maybe just help us think through, I guess, how we should think about that conversion opportunity through this year as you are investing in the Pets through the first half? Thank you.

謝謝各位。Lauren，你剛才提到 Pet 以及那裡的機會，我覺得很有意思。很明顯，你們在 2025 年第一季（抱歉）在 MAU 成長方面正遇到一個非常困難的比較基期。但如果看 500 萬個 Pets，其中你們說有 90% 在免費 MAU 裡，若全部轉換，付費圈層就有機會提升 50%。你能否幫我們梳理一下，我想我們應該如何看待今年這個轉換機會，尤其是你們在上半年持續投資 Pets 的情況下？謝謝。

Yeah, I'm super excited about that opportunity. And everything we've seen so far tells us that long term, this should make a significant step in our subscription penetration. The key thing is that we're early in introducing Pets and Pet GPS to our audience. And we want to make sure that people understand it, that we know who they are, that we educate them, that we're in the pet business, and that we help them understand the value of the types of devices that we have. Right now, the notion of putting a GPS on your pet is still new to most people. It's going to take us some time to build that. We're more focused on a multi-year horizon than trying to rush to get the maximum sales in the short term.

是的，我對這個機會非常興奮。到目前為止我們看到的一切都告訴我們，長期來看，這應該會讓我們的訂閱滲透率出現顯著的躍升。關鍵在於，我們才剛開始把 Pets 和 Pet GPS 介紹給我們的受眾。我們希望確保大家理解它、我們知道他們是誰、我們能教育他們、讓他們知道我們是在做寵物相關業務，並幫助他們理解我們這類裝置的價值。目前，替寵物裝上 GPS 這個概念對大多數人來說仍然很新。我們需要一些時間來建立這件事。相較於短期內急著衝到最大銷售，我們更聚焦在多年的時間軸。

Great. Thank you.

很好。謝謝。

Thanks, Chris. Next, I'd to open it up to Rob Sanderson with Loop.

謝謝你，Chris。接下來我們請 Loop 的 Rob Sanderson 提問。

Okay, thank you. Thanks for opportunity to ask a question. Can we talk about investment priorities a little bit? You know, you're obviously your EBITDA margin guide shows some nice operating leverage again in '26. But you know, what areas do you expect to be spending relatively more? You're probably going to get some savings not supporting tile at brick and mortar, but any other areas you expect to maybe spend relatively less in '26?

好的，謝謝。謝謝給我提問的機會。我們能稍微談談投資優先順序嗎？你們的 EBITDA 利潤率指引顯示在 2026 年又會有不錯的營運槓桿。但你們預期哪些領域的支出會相對增加？你們可能會因為不再在實體通路支援 Tile 而有一些節省，但 2026 年還有哪些領域你們預期會相對少花一些？

And Russell, I heard you comment on the neteeba margin being quite strong, but just compared to the nearly 90% gross profit margin you've been seeing in other revenue, can you give us kind of some sense of range we should be thinking about as you layer in revenue share to your publishing partners with the acquisition?

另外 Russell，我聽到你提到 neteeba 利潤率相當強勁，但相較於你們在其他收入中看到接近 90% 的毛利率，能否給我們一些區間概念：在併購後、把與出版合作夥伴的分潤（revenue share）納入後，我們應該如何思考？

Russell, do you want to take this one?

Russell，你要回答這題嗎？

So I'll answer the first part of you -- the later part of your question first, Rob. In terms of margins, yes. We had very strong margins in the early part of the Life360 advertising business, because we were only delving in one part of that advertising ad tech stack. And it was a digital piece that really had very little sort of flow through costs. But even when we bring in a broad range of addressing all of that or all of that stack, the margins will still be very strong.

Rob，我先回答你問題的後半段。就利潤率而言，是的。Life360 廣告業務在早期的利潤率非常強，因為我們只切入了廣告技術堆疊（ad tech stack）中的一個部分。那是一個數位環節，基本上幾乎沒有什麼隨收入增加而增加的成本。但即使我們擴展到更廣的範圍、涵蓋那個堆疊的更多部分，利潤率仍會非常強勁。

You call it in the sort of mid-70s range in terms of gross margins. So that definitely continues to be a high margin business for us.

我們會把毛利率大概描述在 70% 中段的區間。所以這對我們來說仍然會是一個高毛利的業務。

Great, and more of a sales investment this year, tech investment, both, or anything you'd call out in areas you'd like to spend more and invest more?

很好，那今年會更偏向銷售端投資、技術投資，還是兩者都有？或者有沒有你特別想點出的、你們希望多花錢、多投資的領域？

Yeah, look, I mean, I think in terms of investments, it is the range of things. We have a lot of initiatives on the product roadmap that we'll be investing in. We've talked about Pet GPS. We're very much in testing mode for that. We wanna roll that out aggressively. That is an acquisition vehicle for subscription. So that has a cost upfront that we really return over a period of time with subscription. And investing in international is going to be important for us in 2026.

是的，你看，我的意思是，就投資而言，會涵蓋一系列事項。我們在產品路線圖上有很多計畫會投入資源。我們談過 Pet GPS。我們目前非常處於測試模式。我們希望積極地推出。那是一個用來獲取訂閱用戶的工具。因此前期會有成本，但我們會透過訂閱在一段時間內回收。而在 2026 年，投資國際市場對我們也會很重要。

Thank you, Russell.

謝謝你，Russell。

Thanks, Rob. Next we'd like to open it up to Eric Choi from Barrenjoey, please.

謝謝你，Rob。接下來我們請 Barrenjoey 的 Eric Choi 提問。

Hey, thanks, Rob. And I just had a quick question on FY26 revenue guidance, probably for Russell. Just a couple of components I was just struggling with and I've probably done it wrong, but just on the subscription revenues, nominally you're guiding to $96 million of growth in FY26 and you did $91 million already in FY25. And you've also called out your entry in 2026 with accelerating PC growth.

嗨，謝謝，Rob。我有一個關於 2026 財年營收指引的簡短問題，可能是問 Russell。有幾個組成我有點卡住，可能是我算錯了：在訂閱收入方面，你們指引 2026 財年名目上成長 9,600 萬美元，而你們在 2025 財年已經做了 9,100 萬美元。你們也提到 2026 年進入時 PC 成長會加速。

So just wondering on that piece, what I'm missing. And then on the other revenue, very helpful, Russell, you told us Nativo's worth $63 million. So if you back that out of your implicit FY26 guidance, like that other revenue bucket did $32 million of growth in '25, and you're guiding for that to do $20 million or less in '26. So I'm just wondering on those two pieces, is it just conservatism or am I missing something?

所以想請教在這一塊我漏了什麼。另外在其他收入方面，Russell，你告訴我們 Nativo 的規模是 6,300 萬美元，這很有幫助。所以如果把它從你們隱含的 2026 財年指引中扣掉，其他收入這個桶在 2025 年成長了 3,200 萬美元，而你們指引 2026 年成長 2,000 萬美元或更少。所以我想問這兩塊，是單純保守，還是我漏了什麼？

Let me try and address both of those quickly, Eric. We are definitely seeing your acceleration in PC growth in '26. That's a flow through of the momentum that we're getting from '25 as we continue to really optimize that channel. So we do expect to see volume increases. We're not assuming that there's much in the way of price increases specifically in 26 because we want to deliver that value first.

Eric，我試著快速回應這兩點。我們確實看到 2026 年 PC 成長會加速。這是 2025 年動能延續的結果，因為我們持續把那個通路最佳化。所以我們確實預期會看到量的增加。我們在 2026 年並沒有假設會有太多特別的漲價，因為我們希望先把價值交付出來。

And when you look at that sort of straight dollar comparison from year to year, what I would say is that '24 benefited from fairly significant price increases flowing through. So it's not quite apples to apples to compare the dollar. The dollar sort of increases year to year, but we are expecting 30% revenue growth in '26.

而當你用年度之間的純金額去做比較時，我會說 2024 年受惠於相當顯著的漲價效應的遞延反映。所以用金額去比並不是完全同質可比。金額年增看起來會上升，但我們預期 2026 年營收成長 30%。

And then, in terms of the other revenue piece, what I would note is I said the majority of that $63 million will carry over. There's definitely pieces that we will decide not to do as Life360. So I wouldn't strip out the whole of that.

至於其他收入那一塊，我要補充的是，我說過那 6,300 萬美元中的大部分會延續。但確實有一些部分我們會決定以 Life360 的角度不去做。所以我不會把那 6,300 萬美元全部都剔除。

When you look at our guidance for other revenue, you're -- including the Nativo, I guess it's something like 120% increase, but even using that sort of $63 million, we're in the range of 30% increase as a base case, but it will be more than that because as I say, not all of that $60 million will carry through.

如果看我們對其他收入的指引，你們——把 Nativo 也算進去的話，我想大概是 120% 的增幅；但即便用那個約 6,300 萬美元來看，我們的基準情境大概也在 30% 增幅的區間，而且實際會高於此，因為如我所說，不是那 6,000 萬美元的每一部分都會延續下去。

Very helpful. Thanks.

非常有幫助。謝謝。

Thanks, Eric. Next, I'd like to open it up for Lindsay Bettiol from Goldman Sachs.

謝謝你，Eric。接下來我們請 Goldman Sachs 的 Lindsay Bettiol 提問。

Hi guys, hopefully you can hear me?

嗨，各位，希望你們聽得到我？

Yes.

是。

Brilliant. Yeah, I'm just going to continue on from Eric's question actually just on this other revenue guidance. So like if I take the -- I mean it's $140 million to $160 million range. If I take the bottom end of that range takeaway Nativo, which is circa-$60 million-ish, let's say takeaway $30 million for data, you end up with like the implied kind of advertising contribution is somewhere between $45 million and $65 million is kind of my math. You've just exited doing $16 million and Q4. So I know you're to probably tell me Some of that is seasonality.

太棒了。是的，我其實想接著 Eric 的問題，繼續問一下另一個營收指引。所以如果我看——我是說，區間是 1.4 億到 1.6 億美元。如果我取區間下緣，扣掉 Nativo（大約 6,000 多萬美元左右），再假設扣掉 3,000 萬美元的數據收入，你最後得到的、隱含的廣告貢獻大概在 4,500 萬到 6,500 萬美元之間，這是我的算法。你們剛結束的 Q4 做了 1,600 萬美元。所以我知道你們可能會跟我說其中一部分是季節性。

So I guess my question is like how much of Q4's $16 million should we attribute to seasonality? And like I said, just continuing kind of Eric's question is like, it does feel a little bit conservative that you're exiting doing $16 million a quarter and guiding to something like $40 million for the full year. So just help us understand that, please?

所以我想問的是，Q4 的 1,600 萬美元裡，有多少應該歸因於季節性？另外就像我說的，延續 Eric 的問題：感覺上你們在退出時每季做到 1,600 萬美元，但全年卻指引大概 4,000 萬美元，這看起來有點保守。所以請幫我們理解一下，好嗎？

Russell, you take this one.

Russell，你來回答這題。

Russell, I think you're on mute.

Russell，我想你麥克風靜音了。

Thank you. Typical Zoom problem. Lindsay, I would end up sort of saying something of the same thing. I wouldn't back out the whole $63 million because there are pieces of that that won't carry over. And it's sort of very much a base case from our perspective. There's a lot of work to do in the integration in the first half. And we definitely sort of see that growing and ramping quite quickly in the second half.

謝謝。典型的 Zoom 問題。Lindsay，我大概會說一些類似的看法。我不會把整個 6,300 萬美元都扣掉，因為其中有些部分不會延續。而且從我們的角度來看，這很大程度上是一個基準情境。上半年在整合上還有很多工作要做。我們也確實看到下半年會成長並且很快加速放量。

But yes, it is, as we said, very much a seasonal business at this point. So even Q4 for last year had a good element of seasonality there.

但沒錯，正如我們所說，目前這確實是一個非常具季節性的業務。所以即便是去年 Q4，也有相當程度的季節性因素。

Sorry, just continuing the question, is there a way to put a finer point on that? Like of the $16 million in Q4, could you give us like what percentage or what proportion of that is seasonality? Is it that easy to break out?

抱歉，我再追問一下：有沒有辦法把這點說得更精確一些？例如 Q4 的 1,600 萬美元裡，你們能不能告訴我們大概有多少百分比或比例是季節性？這能夠那麼容易拆分出來嗎？

It's really not that easy, but it's going to be more than 30% of that number.

這真的不太容易拆分，但季節性會超過那個數字的 30%。

All right, brilliant. Thank you.

好，太棒了。謝謝。

Thanks, Lindsay. Next, I'd to open it up to Chris Savage.

謝謝你，Lindsay。接下來我想開放給 Chris Savage。

Thanks, RJ. Lauren, probably more one for you. Have you completed the relocation of manufacturing for Pet GPS? And is there any update on the launch of an elderly tracking device, please?

謝謝，RJ。Lauren，這題可能比較是問你。你們是否已完成 Pet GPS 的製造移轉？另外，關於推出長者追蹤裝置，有沒有最新進度？謝謝。

Great. It has taken us a little bit longer than we expected. We got stuck on some customs back and forth, but we are largely through that. And we're almost done with moving Pet GPS. We haven't yet moved Tile. Although we're a little bit in wait and see, as tariff policy is moving around. And then, sorry, what was the second part?

好的。這件事花的時間比我們預期稍微久一些。我們在一些海關往返流程上卡了一下，但大致上已經處理過去了。而且我們幾乎已經完成 Pet GPS 的移轉。Tile 還沒有移轉。不過我們也在觀望，因為關稅政策還在變動。然後，不好意思，第二個部分是什麼？

Okay, so I spoke about potentially a launch of an elderly tracking product?

好的，所以我剛剛提到可能會推出一個長者追蹤產品？

Got it. That's something that's going to take a little bit longer. So we're starting our way in elderly -- in aging parents, really focused on bringing them into our ecosystem. And we're working on devices for the future, but we don't expect to launch those this year.

了解。那會需要更長一點的時間。所以我們在長者——更準確地說是「年邁父母」這個方向上起步，重點是把他們帶進我們的生態系。我們也在為未來開發裝置，但我們預期今年不會推出。

Okay, thank you.

好的，謝謝。

Thanks, Chris. And this will be our last questions. We're running up on time from Annabel Kuhn.

謝謝你，Chris。接下來將是我們最後一題。因為時間關係，最後一題由 Annabel Kuhn 提問。

Hi guys, thanks for the opportunity to ask a question. One final one on advertising. Yeah, you saw that quite significant acceleration in Q4, as part of that is seasonality. Part of that is with your new advertising products that you have released just with the Life360 platform. Maybe can we actually sort of dive into like particular advertising products you have in market right now with the platform? And then maybe could you give some more granular examples of the advertising products you're going to have with the Nativo platform integrated in the second half? Thank you.

嗨，各位，謝謝讓我有機會提問。最後一題關於廣告。是的，你們在 Q4 看到相當顯著的加速，其中一部分是季節性。另一部分則是你們在 Life360 平台上剛推出的新廣告產品所帶動。我們是否可以更深入談談：目前你們在這個平台上已經在市場上的具體廣告產品有哪些？另外，能否再更細緻舉例說明一下，下半年整合 Nativo 平台後，你們將會有哪些廣告產品？謝謝。

I think that's a long question, it may need an Investor Day. So just at a high level, I think one of the things that you saw hit in Q4 is the relationship that we have with some of our direct deals. And so that isn't necessarily a branded product like Uplift or something like that. We did introduce a couple of new products last year and I expect with now that Nativo is with us, we'll sort of formulate how we describe that as a product, but it's probably a longer discussion than we have now.

我覺得這是一個很長的問題，可能需要在投資人日來談。所以先用高層次來說，我認為你們在 Q4 看到的一個因素，是我們與一些直客交易（direct deals）的合作關係所帶來的貢獻。因此那不一定是一個像 Uplift 之類的品牌化產品。我們去年確實推出了幾個新產品，而我預期現在 Nativo 加入我們之後，我們會整理並形成我們如何把它描述成一個產品，但這可能比我們現在能討論的更長。

All right, thanks, Annabel. And with that, we're gonna conclude our Q&A and I'm going to turn it over to Lauren for closing remarks.

好的，謝謝你，Annabel。那麼，我們將結束問答環節，接著把時間交給 Lauren 做結語。

Well, I am really proud of what the team has built and super excited for what we're gonna deliver in 2026. So thank you all for joining us and we'll see you next time.

我對團隊打造的成果感到非常自豪，也非常期待我們在 2026 年將交付的內容。所以謝謝各位今天加入，我們下次見。