Life360, Inc. (LIF) 2026 Q1 法說會逐字稿

(audio in progress) -- today, May 11, 2026. We have no obligation to update them, except as required by law.

（音訊進行中）——今天是 2026 年 5 月 11 日。除非法律要求，否則我們沒有義務更新這些內容。

We will also present both GAAP and non-GAAP financial measures. Reconciliations are included in our earnings press release on our Investor Relations website.

我們也將同時呈現 GAAP 與非 GAAP 財務衡量指標。對帳表已包含在我們投資人關係網站上的財報新聞稿中。

This is an audio-only call, with no slides. Our updated investor deck is available as a reference on our IR website, along with our new quarterly Shareholder Letter from our CEO and CFO. The Letter goes into additional detail beyond our prepared remarks on this call, with the intent to open up more time for Q&A.

本次為純音訊電話會議，沒有投影片。我們更新後的投資人簡報可在我們的 IR 網站上作為參考，並附上由我們 CEO 與 CFO 發出的最新季度股東信。該信函在本次電話會議的事先準備講稿之外提供更多細節，目的是為問答環節騰出更多時間。

We will begin with a business update from CEO Lauren Antonoff; then, CFO Russell Burke will review financials and outlook; followed by Q&A.

我們將先由執行長 Lauren Antonoff 進行業務更新；接著由財務長 Russell Burke 回顧財務表現與展望；最後進入問答。

Please limit questions to one per participant, to start. I will now turn the call over to Lauren.

一開始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 in the US. Good morning to those joining from Australia. Thank you for joining the call.

美國的各位下午好。澳洲加入的各位早安。感謝各位參加本次電話會議。

We're doing something a little different this quarter with shorter remarks so we can get to more Q&A.

本季我們會做一點不同的安排，縮短講稿內容，以便有更多時間進行問答。

The Letter we shared provided a lot of detail so I want to take a couple of minutes to reinforce a few key points.

我們分享的股東信提供了許多細節，因此我想花幾分鐘強調幾個重點。

I want to talk about what's propelling our strong financial results and why I'm confident in our trajectory. I also want to spotlight our Advertising business, which has long been a glimmer in our eye and is finally at a scale where it's becoming a significant part of our business. I want to touch on our progress and learning on AI.

我想談談是什麼推動了我們強勁的財務成果，以及為什麼我對我們的發展軌跡充滿信心。我也想聚焦我們的廣告業務——這一直是我們長期關注的方向，如今終於達到規模，正成為我們業務的重要組成部分。我也會簡要提及我們在 AI 方面的進展與學習。

First, our strong revenue growth is a clear reflection of what makes Life360 so special. Life360 is in a rare position. We've become a meaningful part of everyday family life for more than 97 million people who use Life360 to keep their families safe and connected.

首先，我們強勁的營收成長清楚反映了 Life360 的獨特之處。Life360 處於一個罕見的位置。對於超過 9,700 萬名使用 Life360 來守護家人安全並保持聯繫的人而言，我們已成為日常家庭生活中有意義的一部分。

The trust families place in us is a genuinely differentiated asset, one that grows and compounds day after day because of the real value we deliver around safety, coordination, and connection. It's the foundation and fuel for every part of our business. The momentum we have in Subscription, Advertising, and partnerships all flows from it.

家庭對我們的信任是一項真正具差異化的資產；由於我們在安全、協調與連結方面提供的真實價值，這份信任日復一日地成長並持續累積。它是我們各項業務的基礎與動能。我們在訂閱、廣告與合作夥伴關係上的動能都源自於此。

Every quarter, we ask ourselves: Are we increasing the value we deliver to families? Are we seeing that value compound in our results? The answer to both of those questions in Q1 is yes.

每一季，我們都會問自己：我們是否提升了為家庭提供的價值？我們是否看到這份價值在成果中持續累積？在第一季，這兩個問題的答案都是肯定的。

This trust and value translated into outstanding Q1 revenue growth of 38% to $143 million. We delivered the most quarterly Subscription net adds ever, bringing us to 3 million paying circles. ARPPC is at an all-time high.

這份信任與價值帶來了亮眼的第一季營收成長：年增 38% 至 1.43 億美元。我們創下史上單季最高的訂閱淨新增，讓我們達到 300 萬個付費圈（paying circles）。ARPPC 創下歷史新高。

These aren't one-quarter anomalies. They're the result of a flywheel that's continually getting stronger.

這些並非單一季度的異常表現。它們是我們持續變強的飛輪效應所帶來的結果。

Better product drives higher conversion and retention. Those improved economics fund more investment. More investment makes the product better. The value we deliver to our members powers our monetization engine.

更好的產品帶來更高的轉換率與留存率。這些改善後的經濟效益支持更多投資。更多投資讓產品更好。我們為會員提供的價值驅動了我們的變現引擎。

Now, let me take a moment on monthly active users. Q1 MAU growth came in at 17%, year over year. That's solid growth but below where we plan to be due to a series of technical issues that temporarily suppress registration volume during the peak of Q1 marketing.

接下來，我想花點時間談談月活躍用戶。第一季 MAU 年增 17%。這是穩健的成長，但低於我們的規劃，原因是一連串技術問題在第一季行銷高峰期間暫時壓抑了註冊量。

After fixing a widespread issue that impacted new sign-ups, we uncovered additional Android-specific problems disproportionately affecting lower-end devices. The latter took longer to resolve but was largely concentrated in populations that don't materially impact revenue today.

在修復一個影響新註冊的廣泛性問題後，我們又發現其他 Android 特有的問題，對較低階裝置造成不成比例的影響。後者花了更久時間解決，但主要集中在目前對營收沒有實質影響的人群。

We've implemented the major fixes; put systems in place to quickly catch problems in that part of the funnel, should they ever arise again. We're still finding opportunities for improvement.

我們已實施主要修復；並建立系統，以便若該漏斗環節未來再次出現問題，能快速偵測。我們仍在持續尋找改善機會。

Recovery would not happen in a single quarter but, even with pressure on registration, our monetization through the funnel has remained strong.

復原不會在單一季度內完成；但即使註冊承壓，我們在漏斗中的變現表現仍維持強勁。

What I really want to convey is that demand never faded and engagement continues to deepen.

我真正想傳達的是：需求從未消退，且使用者參與度持續加深。

When we look at the underlying data, the story is clear: Google Trends searches for Life360 were up over 40% during the affected period. Our most penetrated US states continued to increase their penetration, consistent with previous years.

當我們檢視底層數據時，故事很清楚：在受影響期間，Google Trends 上對 Life360 的搜尋量上升超過 40%。我們在美國滲透率最高的州仍持續提高滲透率，與過去幾年的趨勢一致。

Our iOS segments, which drive the vast majority of our revenue, recovered and are growing well. The UK is growing at 25%; Canada at 32%; and Australia and New Zealand at 24%, all bolstered by strong and improving member retention.

我們的 iOS 分眾（貢獻了我們絕大多數營收）已恢復並維持良好成長。英國成長 25%；加拿大 32%；澳洲與紐西蘭 24%，皆受惠於強勁且持續改善的會員留存。

The signals we're seeing now give us confidence that the fixes are taking hold. We expect to be back on our planned glide slope by Q3.

我們目前看到的訊號讓我們有信心，修復措施正在發揮效果。我們預期在第三季回到原先規劃的成長軌道。

This impact delays but does not fundamentally change our MAU growth trajectory. This brings our expectation for MAU growth to between 17% and 20% for the year.

這項影響會延後，但不會從根本上改變我們的 MAU 成長軌跡。因此，我們將全年 MAU 成長預期調整為 17% 至 20%。

Our top-line growth remains strong. We've raised outlook for revenue.

我們的營收成長動能仍然強勁。我們已上調營收展望。

Next, I want to highlight our newly scaled Life360 Ads business. What makes our Advertising business different isn't just real-time location data. It's that the same trust that families place in Life360 is exactly what advertisers are attracted to.

接下來，我想強調我們新近達到規模的 Life360 Ads 業務。我們廣告業務的不同之處不僅在於即時位置數據。更在於家庭對 Life360 的同一份信任，正是廣告主所看重並被吸引的。

Our real-world first-party family data is unique, impossible to replace with a synthetic model. It's what turns relevant reach into measurable results.

我們的真實世界第一方家庭數據獨一無二，無法用合成模型取代。它能把相關觸及轉化為可衡量的成果。

With the completion of the Nativo acquisition, Advertising revenue has reached critical scale. The promise we've seen for some time has become real.

隨著 Nativo 併購完成，廣告營收已達到關鍵規模。我們一段時間以來看到的承諾，如今已成為現實。

We broke out Advertising revenue for the first time, with nearly $20 million in Q1. We expect a steep ramp over the next few quarters, as we enter peak advertising season.

我們首次單獨揭露廣告營收，第一季接近 2,000 萬美元。隨著我們進入廣告旺季，我們預期未來幾季將快速攀升。

Over the long term, we continue to expect Advertising to rival the scale of our Subscription business, powered by our unique audience; and real-time, real-world data.

從長期來看，我們仍預期廣告業務的規模可與訂閱業務匹敵，動能來自我們獨特的受眾，以及即時、真實世界的數據。

Now that we've integrated Nativo, our location data activates not just inside Life360 but across over 20,000 publisher sites and connected TV, extending our reach from under 20% of US ad-eligible adults to over 95%.

在整合 Nativo 之後，我們的位置數據不僅在 Life360 內部啟用，也能在超過 20,000 個出版商網站與連網電視（CTV）上啟用，將我們的觸及範圍從美國符合投放資格成人中不到 20% 擴大到超過 95%。

With world-class buy-side tools, sell-side infrastructure, and data intelligence, we can reach relevant audiences in the moments that matter and allow advertisers to clearly see when a campaign drives real-world behavior, from store visits to test drives, all while keeping the data private within our walled garden.

憑藉世界級的買方工具、賣方基礎設施與數據智慧，我們能在關鍵時刻觸及相關受眾，並讓廣告主清楚看到一個活動何時驅動了真實世界行為——從到店造訪到試駕——同時將數據保留在我們的封閉生態系（walled garden）內以維持隱私。

What that means in practice is that brands like Starbucks can reach families in a real moment, near a store on a Saturday morning; and then, close the loop to see whether that impression drove a visit.

實務上，這代表像 Starbucks 這樣的品牌可以在真實情境中觸及家庭——例如週六早晨在門市附近——並進一步完成閉環衡量，確認該次曝光是否帶來到店。

Uber likes our results enough to deepen their product integration with us. Parents will soon be able to call an Uber for their teen and see the trip live, all inside Life360.

Uber 對我們的成果相當滿意，因此加深了與我們的產品整合。家長很快就能在 Life360 內為青少年叫 Uber，並即時查看行程。

Brands like these want to work with us because of the trust we've built with the families they serve and because we can close the loop between ad targeting and customer behavior.

像這些品牌之所以想與我們合作，是因為我們與其服務的家庭之間建立的信任，以及我們能在廣告定向與客戶行為之間完成閉環。

Experiences like these enrich the value that we deliver our members; and propel the flywheel that drives member value and monetization. That's where we see so much potential in our ads business.

這類體驗豐富了我們為會員提供的價值；並推動驅動會員價值與變現的飛輪效應。這正是我們在廣告業務上看到巨大潛力的原因。

Finally, I want to touch on AI. I want to address this directly because it doesn't yet show up in the financials. But it will shape how we operate and compete for years to come.

最後，我想談談 AI。我想直接說明，因為它目前尚未反映在財務報表中。但它將在未來多年塑造我們的營運方式與競爭方式。

We see AI as a critical opportunity to accelerate our path and deepen our moat. The vision for Life360 has always been bigger than location-sharing. We're working to become the go-to app for everyday family life across every life stage.

我們將 AI 視為加速我們進程並加深護城河的關鍵機會。Life360 的願景一直都不僅僅是位置分享。我們正努力成為涵蓋每個人生階段、日常家庭生活的首選 App。

AI empowers us to take insights based on real relationships, location history, and behavioral patterns across our enormous membership base; and make that vision a reality. Our real-time, continuous data becomes even more valuable in an AI-first world.

AI 讓我們能夠基於龐大會員基礎中的真實關係、位置歷史與行為模式取得洞察，並將該願景化為現實。在 AI 優先的世界裡，我們的即時、連續性資料將變得更有價值。

In April, we restructured our R&D organization as a first step toward becoming an AI-native company, where AI handles more of the execution work and our people direct, decide, and are accountable for outcomes.

4 月，我們重整了研發（R&D）組織，作為邁向 AI 原生公司的第一步；在這樣的公司中，AI 承擔更多執行工作，而我們的人員負責指導、決策，並對成果負責。

What we see clearly now is that AI doesn't just help work get done faster. It fundamentally changes how work gets done.

我們現在清楚看到，AI 不只是讓工作更快完成。它從根本上改變了工作的完成方式。

Becoming AI-native demands deeper changes in how roles and organizations are defined and aligned. We believe that companies that go AI-native will compound that advantage, over time.

成為 AI 原生需要在角色與組織如何被定義與對齊方面做出更深層的改變。我們相信，採用 AI 原生的公司將隨時間累積並放大這項優勢。

We're still early in our AI journey but strong adoption across our engineering organization has increased developer productivity by over 50% from last year. That velocity lets us do more and unlocks high-value features that would have previously required unrealistic levels of manual effort.

我們的 AI 旅程仍在早期，但工程團隊的高度採用已使開發者生產力較去年提升超過 50%。這樣的速度讓我們能做得更多，並解鎖過去需要不切實際的大量人工投入才能完成的高價值功能。

As our AI implementation matures, Life360 becomes the easiest way to orchestrate everyday family life, compounding value for our members and our business.

隨著我們的 AI 導入日趨成熟，Life360 將成為協調日常家庭生活最容易的方式，為會員與公司業務帶來複利式的價值提升。

Those were the points that I wanted to highlight for Q1. Looking forward, the set-up into the back half of the year is strong. Revenue acceleration, margin expansion, and MAU growth all point in the same direction.

以上是我想在第一季（Q1）重點說明的事項。展望未來，今年下半年（H2）的布局相當強勁。營收加速、利潤率擴張與 MAU 成長都指向同一方向。

We've got some exciting updates and product innovations in store for H2, including an action-packed back-to-school and the next phase of our push into families and aging parents.

我們在下半年準備了令人振奮的更新與產品創新，包括精彩的返校季活動，以及我們進一步拓展至家庭與高齡父母族群的下一階段。

We continue on the path to exceed $150 million MAU, $1 billion in revenue, and over 35% adjusted EBITDA margins. Q1 reinforced our confidence in that path. The MAU headwind slowed us a bit but the trajectory remains unchanged.

我們持續朝著超過 1.5 億 MAU、10 億美元營收，以及超過 35% 調整後 EBITDA 利潤率的目標前進。第一季強化了我們對這條路徑的信心。MAU 的逆風讓我們稍微放慢，但整體軌跡不變。

With that, I'll ask Russell to share a bit more detail on our performance and outlook.

接下來，我請 Russell 更詳細分享我們的表現與展望。

Thanks, Lauren.

謝謝，Lauren。

Q1 delivered strong financial results across our core business. There are some important cost-structure dynamics that are worth walking through.

第一季在核心業務上交出強勁的財務成果。有一些重要的成本結構動態值得逐一說明。

All figures are unaudited and in US dollars.

所有數據均未經審計，並以美元計價。

Total revenue grew 38% to a record $143.1 million. Subscription revenue grew 32% to $108.2 million, with core Subscription up 36%, driven by 27% paying circle growth and 7% higher ARPPC. US Subscription revenue grew 28%. International grew 58%.

總營收成長 38%，達到創紀錄的 1.431 億美元。訂閱營收成長 32% 至 1.082 億美元，其中核心訂閱成長 36%，主要由付費圈（paying circle）成長 27% 與 ARPPC 提升 7% 所帶動。美國訂閱營收成長 28%。國際市場成長 58%。

Advertising revenue was $19.7 million, up 329%, boosted by the Nativo acquisition. This revenue stream is now disclosed as a separate line.

廣告營收為 1,970 萬美元，年增 329%，受 Nativo 併購帶動。此營收來源現已作為單獨項目揭露。

Hardware revenue was $4.5 million, down, as expected, given our strategic exit from brick-and-mortar retail for tile. Other Revenue grew 30% to $10.7 million.

硬體營收為 450 萬美元，如預期下滑，因我們策略性退出 Tile 的實體零售通路。其他營收成長 30% 至 1,070 萬美元。

March AMR reached a record $517.9 million, up 32%, year over year.

3 月 AMR 達到創紀錄的 5.179 億美元，年增 32%。

Gross margin was 77% versus 81% in Q1 last year. The difference reflects three distinct dynamics across our revenue lines. Subscription gross margin held at 87%, in line with last quarter. Advertising gross margin was 60%.

毛利率為 77%，去年第一季為 81%。差異反映我們各營收線的三項不同動態。訂閱毛利率維持在 87%，與上季一致。廣告毛利率為 60%。

As the Life360 Advertising business broadens, following the Nativo acquisition, we're introducing a wider suite of products that carry higher costs than pure digital advertising.

隨著 Nativo 併購後 Life360 廣告業務擴大，我們正推出更廣泛的產品組合，其成本高於純數位廣告。

Advertising gross margin will improve, as the platform scales; and should normalize towards 70%, as revenue scales in the higher-margin back half.

隨著平台規模擴大，廣告毛利率將改善；且隨著下半年高毛利營收規模擴張，毛利率應可回歸至約 70% 的常態水準。

Lastly, Hardware margin was negative, as we priced pet GPS for adoption and absorbed brick-and-mortar retail exit costs.

最後，硬體毛利率為負，因我們以促進採用為目的對寵物 GPS 進行定價，並吸收退出實體零售的相關成本。

Operating expenses were $118.6 million, up 46%. R&D grew 29%, reflecting Nativo headcount and platform investments, as well as AI investments that are already accelerating our delivery pace.

營業費用為 1.186 億美元，成長 46%。研發費用成長 29%，反映 Nativo 人力編制與平台投資，以及已在加速我們交付節奏的 AI 投資。

Sales and marketing grew 62%, driven by the increase in growth media spend, higher app store commissions, and personnel costs associated with our newly enlarged sales organization.

銷售與行銷費用成長 62%，主要由成長媒體投放增加、更高的 App Store 佣金，以及我們新擴編的銷售組織所帶來的人事成本所驅動。

Our upper-funnel investment, such as streaming Super Bowl and Winter Olympics commercials, is oriented towards brand awareness, which offers longer-term payoffs.

我們在上層漏斗的投資，例如串流平台上的超級盃與冬季奧運廣告，主要著眼於品牌知名度，並帶來較長期的回報。

Even with these investments, we expect to resume our march to increasing operating leverage by Q4.

即便有這些投資，我們預期在第四季（Q4）恢復提升營運槓桿的步伐。

The April organizational reshaping affected a small group of employees. Rather than backfilling certain roles, we're allocating that investment towards AI-native capabilities and workflow redesign.

4 月的組織調整影響了一小部分員工。我們不再補足某些職缺，而是將該投資配置到 AI 原生能力與工作流程重新設計。

The net financial impact should be neutral to 2026 and is fully reflected in our guidance. We expect operating leverage from AI to then begin to impact and compound, thereafter.

淨財務影響預期對 2026 年為中性，且已完整反映在我們的指引中。我們預期 AI 帶來的營運槓桿將在此之後開始產生影響並持續累積。

GAAP net income was $2.8 million, with basic and diluted EPS at $0.03. Adjusted EBITDA was $17.1 million at a 12% margin, reflecting the front-loading of our investment cycle, as discussed last quarter.

GAAP 淨利為 280 萬美元，基本與稀釋後 EPS 均為 0.03 美元。調整後 EBITDA 為 1,710 萬美元，利潤率 12%，反映我們如上季所述將投資週期前置。

Operating cash flow was $17.2 million, positive for the 12th consecutive quarter. We ended the quarter with $459 million in cash equivalents, restricted cash, and short-term investments; and total assets exceeding $1 billion.

營運現金流為 1,720 萬美元，連續第 12 季為正。本季末我們持有 4.59 億美元的現金等價物、受限制現金與短期投資；總資產超過 10 億美元。

On guidance, we're updating our full-year financial outlook. We're raising total revenue guidance to $650 million to $685 million, up from $640 million to $680 million. This is driven by Subscription revenue, which we now expect to be between $470 million and $475 million, up from $460 million to $470 million.

在財測方面，我們更新全年財務展望。我們將總營收指引上調至 6.50 億至 6.85 億美元，先前為 6.40 億至 6.80 億美元。上調主要由訂閱營收帶動；我們目前預期訂閱營收為 4.70 億至 4.75 億美元，先前為 4.60 億至 4.70 億美元。

Full-year guidance for the rest of the business is unchanged, with Advertising revenue now disclosed separately and expected to be $98 million to $115 million; Hardware revenue of $40 million to $50 million; and Other Revenue of $42 million to $45 million.

其餘業務的全年指引維持不變；其中廣告營收現已單獨揭露，預期為 9,800 萬至 1.15 億美元；硬體營收為 4,000 萬至 5,000 萬美元；其他營收為 4,200 萬至 4,500 萬美元。

Finally, we're raising adjusted EBITDA guidance to $130 million to $140 million, up from $128 million to $138 million, representing approximately 20% margin.

最後，我們將調整後 EBITDA 指引上調至 1.30 億至 1.40 億美元，先前為 1.28 億至 1.38 億美元，約代表 20% 的利潤率。

A few modeling points worth noting for our 2026 outlook:

關於我們 2026 年展望，有幾點建模重點值得注意：

Revenue and margin are back-half-weighted, driven by advertising seasonality concentrating in the second-half; integration costs and brand investment front-loaded in the first half; and lower Hardware revenue, as we complete the retail exit.

營收與利潤率偏向下半年，主要由廣告季節性使需求集中在下半年所驅動；整合成本與品牌投資則在上半年前置；同時，隨著我們完成退出零售通路，硬體營收將較低。

Q1 Advertising revenue accounts for approximately 18% of our expected full-year total, with Q4 representing approximately double that of Q1. Operating costs for the Advertising platform are largely fixed.

第一季廣告營收約占我們預期全年總額的 18%，而第四季約為第一季的兩倍。廣告平台的營運成本大多為固定成本。

Beginning in Q1, we took on incremental quarterly operating costs from adding nearly 125 personnel and new ad tech operations related to the acquisition, while revenue and profit contribution are back-half-weighted.

自第一季起，因併購新增近 125 名人員與新的廣告技術（ad tech）營運，我們承擔了額外的季度營運成本；而營收與獲利貢獻則偏向下半年。

This is the primary driver of first-half to second-half margin progression. It's why Q4 2026 adjusted EBITDA margin is expected to exceed the 22% that we delivered in Q4 2025.

這是上半年到下半年利潤率提升的主要驅動因素。這也是為什麼預期 2026 年第四季調整後 EBITDA 利潤率將高於我們在 2025 年第四季交出的 22%。

The financial set-up into the back half is strong. Revenue acceleration, margin expansion, and MAU trends are all pointed in the same direction. We look forward to demonstrating that in the quarters ahead.

下半年財務布局強勁。營收加速、利潤率擴張以及 MAU 趨勢都指向同一個方向。我們期待在接下來的幾個季度展現這一點。

RJ, back to you for Q&A.

RJ，Q&A 交回給你。

Thanks, Russell.

謝謝你，Russell。

(Event Instructions)

（活動說明）

Mark Mahaney.

Mark Mahaney。

Okay. Can you hear me? Great. RJ?

好的。聽得到我嗎？很好。RJ？

Yes, we can hear you.

是的，我們聽得到你。

Let's see. I just want to ask then -- I'll start off on Advertising.

我想一下。我想先從廣告談起。

You laid out some numbers for the full year. Talk a little bit more about the go-to-market strategy and, also, give us a little bit of color on that Q1 Ad revenue number.

你們提供了全年的一些數字。能否再多談一點 go-to-market（上市推廣）策略，另外也請就第一季廣告營收那個數字提供一些補充說明。

How much of that was from Nativo so trying to figure out what the organic growth rate was but a little bit more on how you build up to those numbers that you talked about by the end of the year of approximately $100 million.

其中有多少來自 Nativo？我想釐清有機成長率是多少；也請多談談你們如何一步步建立到你們所說的、到年底約 1 億美元的規模。

Thanks a lot.

非常感謝。

Thanks.

謝謝。

The first thing that's important to understand is that we've fully integrated our Nativo team into the Life360 Ads team. They function as one team and one business.

首先重要的是要理解：我們已經把 Nativo 團隊完整整合進 Life360 Ads 團隊。他們以同一個團隊、同一個業務在運作。

We are pounding the pavement in the ad circuit, attending the key conferences and continuing to reach out to both the customer base that Nativo and Life360 had cultivated, over time.

我們正積極在廣告圈跑市場，參加關鍵會議，並持續接觸 Nativo 與 Life360 長期培養的客戶群。

We're seeing a lot of enthusiasm for the combined offering. We're off to a good start.

我們看到市場對整合後的產品組合非常有熱情。我們開局不錯。

Mark, I think -- I know you're looking for an organic number. It is difficult because we've combined the businesses from day 1.

Mark，我想——我知道你在找有機的數字。但這很難，因為我們從第一天起就把兩個業務合併了。

But I think, if you look at it broadly for that $20 million of revenue in Q1, roughly half of that was organic.

不過我想，如果你從更宏觀的角度看第一季 2,000 萬美元的營收，其中大約一半是有機成長。

Okay. Thank you very much.

好的。非常感謝。

Eric Choi.

Eric Choi。

Yes. Thanks very much, RJ.

是的。非常感謝你，RJ。

My one question would be just on the MAUs. Given you did 1.9 million MAU additions in the first quarter, to get to your 17% to 20% range for the full year, it still implies that 1.9 million needs to lift to, say. 5 million-ish, on average, per quarter for the remainder of the year.

我只有一個問題，關於 MAU。鑑於你們第一季新增 190 萬 MAU，要達到全年 17% 到 20% 的區間，仍意味著今年剩餘季度平均每季需要從 190 萬提升到大約 500 萬左右。

My question is -- I'm just trying to get investors and myself more confident that you can do that. Maybe could you give us an estimate of what that 1.9 million would have been in the first quarter, if you didn't have the technical issues; or, alternatively, you're halfway through second quarter now.

我的問題是——我只是想讓投資人以及我自己更有信心你們能做到。你們能否估算一下，如果沒有技術問題，第一季的 190 萬原本會是多少；或者，現在第二季已經過了一半。

Maybe if you can give us a feel if that MAU number has actually already meaningfully accelerated.

也許你們可以讓我們感受一下，MAU 數字是否已經出現明顯加速。

Thank you.

謝謝。

Okay. Let me unpack this a little.

好的。我來稍微拆解一下。

In Q1, we saw the suppression of the funnel that really impacted certain segments more than others. That is the Android-heavy market and, in general, the lower-end devices.

第一季我們看到漏斗被壓抑，對某些區隔的影響確實比其他區隔更大。也就是以 Android 為主的市場，以及整體而言較低階的裝置。

And so, when we pull apart and look at the performance of the premium devices -- so iOS devices and high-end Android devices -- we're already seeing really strong momentum.

因此，當我們拆開來看高階裝置的表現——也就是 iOS 裝置與高階 Android 裝置——我們已經看到非常強的動能。

As we look into Q2 and we see a lot of the problems that we saw in Q1 start to recover -- although that's still ongoing through some of Q2 -- we see a return to similar levels of ads that we've had in previous Q2s.

展望第二季，隨著第一季看到的許多問題開始恢復——雖然第二季仍有一部分還在持續——我們看到廣告回到與過往第二季相近的水準。

We have the improved growth of that premium segment. I would say, overall, that balances out with a suppressed funnel to give us a similar quantum to previous quarters.

我們也看到高階區隔的成長改善。我會說，整體而言，這與被壓抑的漏斗相互抵銷，使得量級與前幾季相近。

And then, we expect, as that funnel is fixed and we go into Q3 in the later half of the year, that that trajectory helps us build further momentum across the full user base.

接著我們預期，當漏斗修復、進入第三季以及下半年後，這樣的軌跡將幫助我們在整體用戶基礎上建立更強的動能。

Super helpful, Lauren. Sorry, I know I'm being annoying: For avoidance of all doubt, if I look at second-Q '25, you did 4.3 million MAUs. You're saying second-Q '26 is already tracking in line with that number

非常有幫助，Lauren。抱歉，我知道我有點煩：為了完全釐清，如果我看 2025 年第二季，你們做了 430 萬 MAU。你是說 2026 年第二季目前的走勢已經與那個數字一致

Given there's potential for second-half acceleration on second Q, that's what gives you the confidence in that full-year number.

再加上下半年可能在第二季基礎上加速，這就是你們對全年數字有信心的原因。

Sorry. Is that the right way to think about it?

抱歉。這樣理解對嗎？

Yeah. I'll add a couple of things.

對。我再補充幾點。

Even as this has been outgoing, we're seeing increased demand. We're seeing increased user retention. We're seeing a lot of great signals in the fundamentals.

即便在這段期間，我們仍看到需求增加。我們看到用戶留存提升。我們在基本面上看到很多很好的訊號。

And so the problem that we've been contending with is pretty narrow. We put fixes in place and new monitoring. We feel good about getting back on that glide slope by Q3.

因此，我們一直在應對的問題其實相當聚焦。我們已經導入修復措施與新的監控機制。我們對在第三季回到原本的成長軌道感到有信心。

Just to emphasize, again, Eric, you -- this doesn't have an impact on revenues or financial results in the short term. Certainly, this year, you can see how well the business is performing.

再強調一次，Eric，這——短期內不會影響營收或財務結果。當然，就今年而言，你可以看到業務表現得多好。

It is very separate from the MAU trend.

這與 MAU 趨勢是非常分開的。

No. Your core business is flying. I get it. Thanks very much. Thank you.

了解。你們的核心業務表現非常強勁。我明白了。非常感謝。謝謝。

Maria Ripps.

Maria Ripps。

Great. Thanks so much for taking my question.

太好了。非常感謝讓我提問。

I just wanted to follow-up on the MAU technical issue this quarter. Can you maybe help us understand the timeline of the recovery there? I think you said we'll take a couple of quarters by Q3.

我想追問一下本季 MAU 的技術問題。你們能否協助我們理解恢復的時間表？我想你說的是到第三季需要幾個季度。

Are there any certain fixes that still need to be implemented? How are you recalibrating your marketing spend over the next couple of quarters, as this is happening?

是否還有任何特定修復仍需要實施？在這個過程中，你們接下來幾個季度如何重新校準行銷支出？

The issues that we've seen are a cluster of issues.

我們看到的問題是一組聚集的問題。

That first issue that we detected was a broader impact that affected traffic coming into Life360, as a whole. When we repaired that issue, it's when we uncovered that there was remaining issues, particularly in Android and particularly with lower-end devices.

我們偵測到的第一個問題影響範圍較廣，影響了整體導入 Life360 的流量。當我們修復那個問題後，才發現仍有殘留問題，特別是在 Android，且特別是在較低階的裝置上。

There were a few very specific issues that we have fixes in place for. Those fixes went in between late Q1 and Q2. Those are already seeing good progress.

其中有幾個非常具體的問題，我們已經有相對應的修復措施。這些修復是在第一季末到第二季之間上線。目前已經看到不錯的進展。

The thing that this work has really helped us understand is that very much not all MAU is created equally. There's an opportunity to look at those lower-end devices and continually improve performance among those cohorts.

這項工作真正幫助我們理解的是：MAU 並不是完全等值的。我們有機會檢視那些低階裝置，並持續改善這些族群的表現。

That will help, really, the business over the long term, as we get into markets that are Android-heavy and that have a higher propensity of lower-end devices.

當我們進入以 Android 為主、且低階裝置占比較高的市場時，這將在長期上真正幫助業務表現。

Russell called out that what we're seeing in MAU is a little bit disconnected or very disconnected with what we're seeing in subscriptions. That's because the premium devices are the things that really drive the lion's share of our momentum today.

Russell 指出，我們在 MAU 看到的情況，與我們在訂閱方面看到的情況有點脫節，甚至是非常脫節。這是因為高階裝置才是當前真正推動我們大部分成長動能的因素。

But we believe that the Android cohorts and these broader cohorts are important to our long-term health. And so we're making sure to make those investments. Those will continue for a longer period of time.

但我們相信，Android 族群以及這些更廣泛的族群，對我們的長期健康狀況很重要。因此我們會確保進行這些投資。這些投資將會持續更長一段時間。

Great. Thank you so much.

很好。非常感謝。

Laf Sotiriou.

Laf Sotiriou。

Thank you for the opportunity to ask a question.

感謝給我提問的機會。

Can I just quickly follow-up on a previous answer that Russell provided and then, ask my question?

我可以先就 Russell 先前的回答快速追問一下，然後再問我的問題嗎？

Russell, did you say that [10] -- was it $10 million of the new $20 million Advertising revenue disclosure -- was organic growth, given -- yeah, roughly [$4.6 million] PCP?

Russell，你是說新增揭露的 2,000 萬美元廣告營收中，有 [10]——也就是 1,000 萬美元——屬於有機成長嗎？考量到——對，約略是 [$4.6 million] PCP？

Does that imply Nativo was around [$6 million] PCP on a like for like so that [$10 million] is organic? Or if you can just clarify your answer around the $10 million?

這是否表示 Nativo 在可比基礎下約為 [$6 million] PCP，因此那 [$10 million] 是有機成長？或者你能否再釐清一下你對這 1,000 萬美元的說法？

My question is: In relation to Starbucks and the (inaudible) -- partnership -- and the partnerships, more broadly, in advertising, is Starbucks new? Have you signed them up as a new advertising partner? Or -- it just seemed odd to discuss them and not clarify.

我的問題是：關於 Starbucks 與（聽不清）——合作夥伴關係——以及更廣泛的廣告合作夥伴關係，Starbucks 是新的嗎？你們是否把他們簽為新的廣告合作夥伴？或者——只是提到他們卻沒有說清楚，感覺有點奇怪。

With Uber's expanding partnership, is that leading to higher revenue? Is it double the revenue? What's involved with that expanding partnership?

Uber 擴大的合作夥伴關係，是否帶來更高的營收？營收是翻倍嗎？這個擴大合作具體包含哪些內容？

Okay. Let me take the partnership one first. And then, Russell, we'll get back to you on his earlier comment.

好的。我先回答合作夥伴關係的問題。然後 Russell，我們再回到你先前的那個說法。

One of the interesting things about the Ads business is -- and this is something we learned, as we started getting in -- that customers want to start small and then, grow.

廣告業務有一個很有意思的地方是——這也是我們開始投入後學到的——客戶通常希望先從小規模開始，然後再逐步擴大。

That was a real challenge for us before Nativo because we just didn't have the capacity or, frankly, the platform to be able to do these initial tests, get to know partners, and prove what our platform can do with them.

在 Nativo 之前，這對我們是個很大的挑戰，因為我們確實沒有能力，坦白說也沒有平台，去做這些初期測試、認識合作夥伴，並向他們證明我們的平台能做到什麼。

Now, with Nativo, we're able to engage in partnerships. We are starting on that journey with Starbucks and many other partners. That is helping us get going. Those accounts will build, over time.

現在有了 Nativo，我們能夠推動合作夥伴關係。我們正與 Starbucks 以及許多其他合作夥伴踏上這段旅程。這有助於我們啟動成長。這些客戶帳戶會隨時間逐步擴大。

Uber is really a great example of how partnerships grow and blossom, over time. That is a bigger deal. We're not disclosing specific numbers. But that relationship is growing both in terms of the value that it provides our members and the economics that it returns to the business.

Uber 真的是合作夥伴關係如何隨時間成長並開花結果的絕佳例子。那是一個更大的案子。我們不會揭露具體數字。但這段關係正在成長，無論是在為我們會員提供的價值，或是回饋給公司業務的經濟效益方面。

Laf, what I'd say about the organic growth question is: As I said in my previous answer, because we've combined the businesses, really, from day 1, it's not technically possible to extract a pure organic number.

Laf，關於你問的有機成長，我想說的是：如同我先前的回答，因為我們從第一天起就把兩個業務合併在一起運作，技術上其實無法抽離出一個純粹的有機數字。

All I'm doing is looking at past history for both businesses and saying, roughly half of that first-quarter result was organic.

我所做的只是回看兩個業務的過去歷史，並判斷第一季的結果大約有一半是有機成長。

Now, in terms of progression, we've also said that what we expect to happen this year is that the revenue will double between Q1 and Q4. The Q4 level of revenue is likely to be roughly double what we saw in Q1. That reflects history of both businesses.

另外，就進展而言，我們也說過今年我們預期營收會在 Q1 到 Q4 之間翻倍。Q4 的營收水準很可能約為我們在 Q1 看到的兩倍。這反映了兩個業務的歷史表現。

Thanks, Russell. But just to be clear: That means Nativo was roughly $6 million PCP. The $10 million is an organic growth on both the existing Life360 advertising and Nativo?

謝謝你，Russell。但我想確認一下：這表示 Nativo 約為 600 萬美元 PCP。而 1,000 萬美元是既有 Life360 廣告與 Nativo 兩者的有機成長？

That's a broad enough assumption. Yeah.

這樣的假設夠接近了。對。

All right. Excellent. Thank you.

好。非常好。謝謝。

Mark Kelley.

Mark Kelley。

Hi. Great. Thanks very much for taking my question.

嗨。很好。非常感謝讓我提問。

I was hoping -- I'd love to get just, maybe, a better understanding of the technical issues that you identified that impacted MAU.

我想——我很希望能更了解一下，你們所指出、影響 MAU 的那些技術問題。

I know a lot of non-technical people on this call, including myself. But maybe just a little bit more color about what caused the issue and how to make sure that those issues don't pop up again in the future would be really helpful.

我知道這通電話上有很多非技術背景的人，包括我自己。但如果能再多提供一些細節，說明問題是怎麼造成的，以及如何確保未來不會再發生，會非常有幫助。

Thank you.

謝謝。

Yeah. I can give you some examples.

好的。我可以舉幾個例子。

The first that I mentioned is technology that we use to make sure that there isn't fraud and traffic coming into Life60. It's very helpful to prevent fraud.

我提到的第一個是我們用來確保 Life60 不會有詐欺與異常流量導入的技術。它對防止詐欺非常有幫助。

But there was a technical change made by the partner that we provide. It started to catch more legitimate traffic, as well as fraudulent traffic. That was, like, the first problem that we resolved and fixed.

但我們所使用的合作夥伴做了一項技術變更。結果它開始把更多的合法流量也一起攔截，除了詐欺流量之外。那是我們解決並修復的第一個問題。

When we did that fix, we saw strong improvement in iOS. We didn't see the same recovery in Android. That was really the signal that there was a unique set of problems impacting Android.

當我們完成修復後，我們看到 iOS 有明顯改善。但 Android 沒有看到同樣的回升。那就是一個訊號，顯示有一組獨特的問題正在影響 Android。

These particular problems are things that cause problems with people just getting started and onboarding into the app. It's before they're really using the app, which is why we didn't have as much visibility into the problem early on because they're not fully in the app. They're not daily-use customers already.

這些特定問題會讓使用者在剛開始使用、以及導入（onboarding）進入 App 時出現障礙。也就是在他們真正開始使用 App 之前；這也是為什麼我們在早期對問題的能見度沒那麼高，因為他們還沒有完全進到 App 裡。他們也還不是已經每天使用的客戶。

What we've done is put much, much more robust monitoring on that part of the funnel to make sure we catch those problems.

我們所做的是在漏斗的那一段加上更強健、更完善的監控，以確保能及早捕捉到這些問題。

I'll just add one other side effect: When those problems were happening, it's something that Google is able to detect. When they saw those problems, they actually decreased our ranking in search results in the App Store.

我再補充一個其他的連帶影響：當這些問題發生時，Google 其實能偵測到。當他們看到這些問題時，他們確實降低了我們在 App Store 搜尋結果中的排名。

I think that was one of the most significant impacts that we saw because it meant that people who were looking for us didn't necessarily find us.

我認為那是我們看到最顯著的影響之一，因為這代表原本在找我們的人，不一定能找到我們。

All right. Really helpful. It sounds like a big part of this was not your code. It was third-party code that made it hard for you to identify.

了解。非常有幫助。聽起來這其中很大一部分不是你們的程式碼。而是第三方程式碼，讓你們更難以辨識。

The ranking stuff for Google, that all makes sense. I really appreciate the color.

至於 Google 的排名那部分，也都說得通。非常感謝你補充這些細節。

Thanks, Lauren.

謝謝你，Lauren。

Chris Savage.

Chris Savage。

Thanks, RJ.

謝謝，RJ。

Lauren, this is probably more for you. But, to use your term, the monetization through the funnel was obviously very good in Q1.

Lauren，這可能比較是問你。不過用你的說法，第一季在漏斗中的變現表現顯然非常好。

Can you talk us through what particularly drove that and was it, in any way, shape, or form, Pet GPS?

你能否帶我們了解一下，究竟是哪些因素特別驅動了這點？以及這在任何程度上是否與 Pet GPS 有關？

It's a lot of things. I would say it's a combination of new value, including Pet GPS; although Pet GPS is still small and we had limited inventory so it's not a huge part of it. But that's an example of the new value that we've been adding.

這是很多因素共同作用。我會說這是新價值的組合，其中包含 Pet GPS；不過 Pet GPS 目前規模仍小，而且我們的庫存有限，所以它不是主要貢獻。但它確實是我們持續新增價值的一個例子。

I think, more importantly, there's a lot of value in our subscriptions that people don't understand. I can't tell you how many paying subscribers today don't even know that they're entitled to roadside assistance.

我認為更重要的是，我們的訂閱方案裡有很多價值，使用者其實不了解。我無法告訴你有多少目前的付費訂閱者，甚至不知道他們其實享有道路救援服務的權益。

And so we've been using AI to help get the right messages to the right customers at the right time. That is just helping to uncover the value that's there and drive a lot of our Subscription growth.

因此，我們一直在使用 AI，協助在正確的時間把正確的訊息傳遞給正確的客戶。這只是幫助我們挖掘既有的價值，並推動我們訂閱業務的強勁成長。

Okay. Thank you.

好的。謝謝。

Nitin, Bank of America.

Nitin，美國銀行。

Hi. Thank you for taking questions.

嗨。謝謝讓我提問。

On the US user growth side, can you help us understand, like, which regions or demographic cohorts contributed most meaningfully to the user additions in 1Q?

就美國用戶成長而言，能否協助我們理解一下，例如在第一季新增用戶中，哪些地區或人口族群（cohort）貢獻最為顯著？

As we look ahead for the remainder of the year, where do you still see, like, the largest white-space opportunities for growth within US? What do you believe are the key levers that could drive deeper penetration in those under-penetrated markets?

展望今年剩餘時間，在美國境內您仍看到哪些最大的成長空白（white-space）機會？您認為有哪些關鍵槓桿可以推動在那些滲透率較低市場的更深度滲透？

Thank you.

謝謝。

Growth in Q1 is pretty broad within the US. It's not necessarily one segment.

第一季在美國的成長相當廣泛。不一定是某一個單一族群。

The key thing that we're seeing is that the premium devices are growing much more strongly than the Android devices that were impacted by the technical problems that we had.

我們看到的關鍵是，高階裝置的成長遠強於 Android 裝置；而 Android 裝置先前受到我們技術問題的影響。

In terms of opportunities, we see two things:

就機會而言，我們看到兩點：

Historically, we've had stronger growth in regions where cars are really important. Our car value props resonate really well.

歷史上，在汽車非常重要的地區，我們的成長更強。我們的車用價值主張（value props）非常能引起共鳴。

One of the things we've been doing -- one of the enhancements that's come out and been increasing in the app over the last couple of quarters -- is our awareness of other modalities so riding bikes; walking; and, soon, trains. That is helping us appeal to demographics where we haven't been as popular.

我們一直在做的一件事——也是過去幾季在 App 中推出並持續強化的改進之一——是提升我們對其他移動方式的辨識，例如騎自行車、步行，以及很快也會加入火車。這有助於我們吸引過去沒那麼受歡迎的人口族群。

I'm hopeful that we'll see New York come up, at some point.

我希望我們在某個時點能看到紐約的表現提升。

When we look at growth within our most penetrated states -- the states that are doing well -- we do see a real continuation of the momentum that we have there. This is layering on to strong growth in our best regions the ability to go after regions where the driving value props aren't as strong.

當我們觀察在滲透率最高的州——也就是表現最好的州——的成長時，我們確實看到那裡的動能持續延續。這是在我們最佳地區的強勁成長之上，再疊加上我們能夠進攻那些「駕駛」價值主張沒那麼強的地區的能力。

The other opportunity, of course, are the less-premium devices; states where Android is more popular, where there's a higher propensity of lower-end devices. We expect, as we improve those things, not only international markets will benefit but it will also benefit the US.

另一個機會當然是較不高階的裝置；也就是 Android 更普及、較低階裝置占比較高的州。我們預期，隨著我們把這些面向改善，不僅國際市場會受益，美國也會受益。

Thank you.

謝謝。

James Bales.

James Bales。

Yeah. Thanks, guys.

是的。謝謝，各位。

I just wanted to come back to the guidance revisions that you've given for the year. It seems to be focused on the Subscription part of the business.

我想回到你們對今年指引所做的修正。看起來主要聚焦在訂閱（Subscription）這一塊業務。

You talked about the conversion from MAU to paying circle as having better conversion performance.

你們提到從 MAU 轉換到付費圈（paying circle）的轉換表現更好。

Could you help us understand how that's changed and how much that's changed? Also, has there been any improvement in terms of. the take-up of paid subs from older cohorts?

能否協助我們理解這是如何改變的、以及改變幅度有多大？另外，在較早期的用戶族群（older cohorts）方面，付費訂閱的採用率是否也有任何改善？

James, I think, what we've said is conversion has improved fairly dramatically. We've been talking for a while about the impact of our marketing efforts and how they've been very successful in, really, getting to people with a greater propensity to convert to Subscription. That's part of it.

James，我想我們所說的是，轉換率確實相當顯著地改善了。我們談了一段時間，關於我們行銷工作的影響，以及它們如何非常成功地觸及那些更有可能轉換為訂閱用戶的人。這是其中一部分。

The member experience that Lauren referred to earlier is definitely part of it. And so that is all building in terms of conversion.

Lauren 先前提到的會員體驗也絕對是其中一部分。因此，這些都在轉換率上持續累積。

When we look at the MAU growth to connect the two, our growth has not slowed down, at all, in those higher-premium devices that are the ones that are more likely to convert.

當我們把 MAU 成長與兩者連結起來看時，在那些更高階、也更可能轉換的裝置上，我們的成長完全沒有放緩。

All of that is driving a higher conversion, all the way through to the paying circle growth that we're seeing.

所有這些因素共同推動了更高的轉換率，一路帶動到我們目前看到的付費圈成長。

Yeah. That's actually worth double-clicking on.

是的。這點其實值得再深入看一下。

Not only has growth in those premium cohorts not slowed down, we're actually seeing the improvement that we expected to see in those cohorts that are not impacted by the technical problems.

不僅那些高階族群的成長沒有放緩，我們實際上也看到那些未受技術問題影響的族群，出現了我們原本預期會看到的改善。

Okay. And so the question I had was, basically, are you seeing improvement on the new customers added and that's the big driver?

好的。所以我想問的基本上是，你們看到的是新增客戶的改善，這是主要驅動因素嗎？

That, when they're signing up for the first time, you're getting an uplift in the percentage that convert to paid? Or are you also seeing it in the existing base?

也就是說，他們第一次註冊時，轉換為付費的比例有所提升？還是你們在既有用戶基礎上也看到了改善？

We're seeing a little bit of both. We're definitely seeing new customers with a higher propensity to come in.

兩者都有一些。我們確實看到新客戶進來時，本身就有更高的轉換傾向。

Yeah. I'd say it's the new customer stream that's driving it primarily. But we're certainly not seeing any fall-off in previous cohorts.

是的。我會說主要是新客戶流入在驅動。但我們當然也沒有看到先前族群有任何下滑。

Great. Thanks, guys.

很好。謝謝，各位。

Stephen Ju, UBS.

Stephen Ju，瑞銀（UBS）。

Yes, sir. All right. Thank you.

是的，先生。好的。謝謝。

Wondering if you can update us on the state of the elderly-segment product development.

想請問你們能否更新一下針對高齡族群（elderly-segment）的產品開發進度。

Secondarily, whether there's anything you can share about the type of advertisers who are showing up to your platform; whether they are performance advertisers or more the upper-funnel brand advertisers.

其次，你們是否能分享一下目前出現在你們平台上的廣告主類型；他們是偏效果型廣告主（performance advertisers），還是更偏上層漏斗的品牌廣告主（upper-funnel brand advertisers）。

Thank you.

謝謝。

Stephen, can you pick one? Which one would you prefer?

Stephen，你能選一個嗎？你比較想先談哪一個？

I want to talk about aging parents.

我想談談高齡父母（aging parents）。

Aging parents. There we go. We're going to move that one to later in the queue.

高齡父母。好，就這個。我們會把這題移到後面再回答。

Okay. On aging parents, I'm incredibly excited about the opportunity that we have to expand to serve more families at more life stages.

好的。關於高齡父母，我對我們能擴展服務、在更多人生階段服務更多家庭的機會感到非常興奮。

We're laying those foundations with aging parents today. We're starting to make changes in the core product that make it a better fit for those parents.

我們目前正以「高齡父母」作為切入點來奠定這些基礎。我們開始在核心產品上做一些調整，讓它更適合這些父母族群。

We have more work lined up, both in the back half of the year and years to come.

我們還有更多工作排程在後半年以及未來幾年持續推進。

The key thing here is that, as we expand into things like pets and aging parents, it's really important that we're disciplined; and that we're doing it well and that we're seeing it through.

這裡的關鍵是，當我們擴展到像是寵物與高齡父母等領域時，我們必須保持紀律；把事情做好，並且確實把它做到底。

And so you'll see us double down on pets later this year, not just improving Pet GPS but really looking at the whole pet ecosystem from our free customer to our subscriber customers and partnerships.

因此，你會看到我們在今年稍晚加碼投入寵物領域，不只是改善 Pet GPS，而是從免費用戶、訂閱用戶到合作夥伴關係，全面檢視整個寵物生態系。

And so we're making sure that we're following through with that so we can scale a really healthy part of our business and not just move on too quickly.

所以我們會確保把這件事落實到位，讓它能擴大成為我們業務中非常健康的一部分，而不是太快就轉向下一個題目。

We are laying the foundation with aging parents. You will see more this year. But that will build over the next few years.

我們正在以高齡父母奠定基礎。今年你會看到更多進展。但這會在未來幾年逐步累積。

Thanks, Stephen.

謝謝你，Stephen。

Thank you.

謝謝。

Annabel Khun.

Annabel Khun。

Hey, guys. Thanks for taking the question.

嗨，各位。謝謝讓我提問。

Maybe just love to get a little bit more detail on how pets are going; maybe just how you guys are trying to get some more stock to have to sell the amount you guys are selling out. Great to see the demand.

也許想再多了解一些寵物業務目前的進展；例如你們如何努力取得更多庫存，以便能賣出你們目前這樣的銷售量。很高興看到需求這麼強。

Maybe if you could also comment on the types of customers who are buying the Pet GPS at the moment in terms of new users coming to Life360 platform for a user conversion and, like, current gold members buying.

另外也想請你們評論一下，目前購買 Pet GPS 的客戶類型：就新用戶導入 Life360 平台、進而轉換為用戶而言，以及例如現有 Gold 會員購買的情況。

Thanks.

謝謝。

Yeah. Great. We're really excited about the momentum that we're seeing in pets.

是的。太好了。我們對於在寵物業務上看到的動能感到非常興奮。

First, on the free side, we're seeing something, like, 120,000 new customers or new pet profiles created every week so really great momentum there.

首先，在免費端，我們每週大約看到新增 120,000 名新客戶或新建立的寵物檔案，所以那邊的動能非常強。

Of course, you know that we've sold out -- at least in the US -- of our pet trackers pretty quickly.

當然，你也知道，我們的寵物追蹤器——至少在美國——很快就賣光了。

We're now -- we've moved that manufacturing to a new location. We are retooling and getting ready to build up -- or getting the inventory ready to relaunch in the summer. We're excited about that progress there.

我們現在——已經把製造移到新的地點。我們正在重新調整產線並準備擴產——或是把庫存準備好，預計在夏季重新上市。我們對那邊的進展感到很振奮。

In terms of what we're seeing, one thing that's interesting is that a lot of the customers that are pet customers are pre-teenage families. A lot of them are earlier in their lifecycle than the typical Life360 family.

就我們看到的情況而言，有一點很有趣：很多寵物客戶其實是家中孩子還沒到青少年階段的家庭。他們的生命週期比典型的 Life360 家庭更早期。

That's helping us think about how we want to shape those offers. One of the things that we've been doing in Q1 is a lot of price -testing. I know a lot of you have observed a lot of different prices and different mechanisms by which we're selling this.

這也幫助我們思考要如何塑造這些方案。我們在第一季做了很多價格測試。我知道你們很多人都觀察到我們有很多不同的價格，以及不同的銷售機制。

But that insight that a lot of these customers are early in the journey, it means some of the things in the current line-up are more or less appealing to them at different layers of the tiering. That's informing how we're going to go to market in Q3.

但這個洞察——也就是很多客戶仍在旅程早期——意味著目前產品組合中的一些內容，對他們而言在不同分層的吸引力會有所不同。這正在影響我們第三季的上市策略。

Andrew Boone

Andrew Boone

Thanks so much for taking the question.

非常感謝讓我提問。

I wanted to ask about marketing campaigns. You guys were lapping a very successful campaign in 2025. Yet, it sounds like you're seeing pretty good success in terms of what you're doing in '26.

我想問一下行銷活動。你們在 2025 年有一個非常成功的活動，今年是在對比那個基期。但聽起來你們在 2026 年的作法也取得相當不錯的成效。

Can you just unpack that? Help us understand what the changes are? How do we think about the lapping of last year's strong campaign? What's changed this year?

你能不能拆解說明一下？幫我們理解有哪些改變？我們該如何看待去年強勢活動的基期效應？今年有什麼不同？

Thank you.

謝謝。

It's hard for me to compare, exactly, one campaign to another. I would say, we continue to see really good performance of our Advertising.

我很難精確地把一個活動和另一個活動做比較。但我會說，我們持續看到廣告投放表現非常好。

We're very much focused on demand creation; on building what we talk about as building an iconic brand and making it so that more people understand our brand so when they encounter us, they're more likely to join and, eventually, convert.

我們非常聚焦在需求創造；也就是打造我們所說的「標誌性品牌」，讓更多人理解我們的品牌，這樣當他們接觸到我們時，就更可能加入，並最終轉換成付費。

We're really happy with the overall progress in that. We are teeing up new campaigns.

我們對整體進展非常滿意。我們也正在籌備新的行銷活動。

I will say, we are more likely to lean into that after we've gotten through this little wave of the technical suppression on our registration. I feel like it was frustrating to me that, during the height of our Q1 marketing, we were facing these technical issues.

我會說，在我們度過這一波註冊流程的技術性抑制之後，我們更可能加大行銷力道。坦白說，第一季行銷高峰期間遇到這些技術問題，讓我覺得很挫折。

And so, as we come out of that, we'll lean back into our marketing.

所以，等我們走出那段狀況後，我們會再把行銷力道拉回來。

Andrew, we've also talked about, this year, our plan is to spend more in international territories. Again, we've talked about our focus territories, particularly Brazil, Mexico, and Germany.

Andrew，我們也提過，今年的計畫是在國際市場投入更多。同樣地，我們談過聚焦的市場，特別是巴西、墨西哥和德國。

We're really laying out the campaigns and going to support the go-to-market in those territories.

我們正在把各項活動規劃出來，並將支持這些市場的上市策略。

Andrew Gillies, Macquarie.

Andrew Gillies，Macquarie。

(technical difficulty)

(技術問題)

We'll come back to it.

我們等一下再回來。

Yeah. We'll come back to you, Andrew.

好的。我們等一下再回到你這邊，Andrew。

Rob Sanderson.

Rob Sanderson。

Yes. Thanks for taking the question.

是的。謝謝讓我提問。

I wanted to talk a little bit about go-to-market on your Ads business. As we talk to agencies and brands, there's obviously -- there's a high degree of interest in real-time location but a very low availability of supply and difficult to scale and not really worth putting a lot of energy into it but, clearly, high interest.

我想談一下你們廣告業務的上市策略（go-to-market）。我們和代理商及品牌端交流時，顯然——大家對即時位置資料的興趣很高，但可用的供給非常少、很難規模化，也不太值得投入大量精力，但確實需求很高。

Obviously, Nativo's publisher network brings a lot on the supply side. That's a really good unlock there.

很明顯，Nativo 的出版商網路在供給端帶來很多資源。這是一個很好的解鎖。

But the question is really on scaling the demand side. We're watching OpenAI come to market. They're partnering to get its advertising business off the ground.

但問題其實在於需求端如何擴大規模。我們看到 OpenAI 正在推向市場。他們透過合作夥伴來推動其廣告業務起步。

Just, why would a similar strategy that includes demand-side partners maybe not make sense for Life360 today? Is that something you might consider more in the future?

那麼，為什麼類似的策略——包含需求端合作夥伴——對 Life360 現在可能不適用？這是否是你們未來可能更會考慮的方向？

Thank you.

謝謝。

We're definitely looking both at supply and demand. Nativo gives us the capacity to be able to work both sides. It's one of the reasons that Nativo is such a great fit for us.

我們確實同時在看供給端與需求端。Nativo 讓我們有能力同時運作兩端。這也是 Nativo 非常適合我們的原因之一。

But on the demand side in terms of partnerships?

但你問的是需求端的合作夥伴？

I'm not sure I understood exactly what the question was.

我不確定我是否完全理解你的問題。

We certainly are building our demand side and pursuing new partners on that.

我們當然正在建立需求端，並在那方面尋求新的合作夥伴。

Right. The question, Lauren -- sorry to not be specific -- was engaging with third-party partnerships on the demand side, instead of just going on a first-party basis.

對。問題是，Lauren——抱歉我剛剛沒有講得更具體——是指在需求端與第三方建立合作關係，而不是只以第一方的方式去做。

Yeah. We do look at that. And so we will continue to invest in that.

是的。我們確實有在評估。所以我們會持續在這方面投資。

We should probably follow-up and get some of our specialists to talk with you about that.

我們可能需要後續再跟進，安排一些專家和你聊聊這個。

Okay. Thanks very much.

好的。非常感謝。

Siraj Ahmed.

Siraj Ahmed。

(technical difficulty)

(技術問題)

Siraj, unfortunately, looks like you're not there.

Siraj，很不幸，看起來你不在線上。

Roger Samuel.

Roger Samuel。

Oh. Yes. Thanks for taking my question.

喔，是的。謝謝讓我提問。

I've got a question on your stock-based compensation, which has grown substantially, up 64% versus PCP. I get it. It's because of Nativo.

我有一個關於你們以股份為基礎的薪酬（stock-based compensation）的問題，這項費用大幅成長，較 PCP 增加 64%。我理解。這是因為 Nativo。

But I think, for your result, you're guiding to stock-based compensation to increase by 40%. I'm just wondering if, yeah, things will normalize in the next quarters.

但我想，就你們的指引而言，你們預期以股份為基礎的薪酬將增加 40%。我只是想確認一下，未來幾季是否會回歸正常水準。

Yeah. I think it will normalize, to some extent. SBC isn't necessarily something that lays out evenly over the quarters.

是的。我認為在某種程度上會正常化。SBC 不一定會在各季平均分攤。

To your point, we took on 125 heads with Nativo from the first day of Q1. Plus, we've had some additional growth ourselves.

如你所說，我們在第一季第一天就隨 Nativo 一起增加了 125 名員工。另外，我們自身也有一些額外成長。

There's a few factors that go into that. It will tend to normalize over the course of the year.

這裡面有幾個因素。整體來看，會在一年當中逐步趨於正常。

Got it. Thank you.

了解。謝謝。

Chris Smith.

Chris Smith。

Good morning. Thank you. Look, just one for me.

早安。謝謝。我這邊只有一個問題。

Just interested in your thoughts around the capital-allocation framework and what's holding you back from initiating a buyback. Like, we've clearly seen the balance sheet strengthen.

我想了解你們對資本配置框架（capital-allocation framework）的看法，以及是什麼因素讓你們尚未啟動庫藏股回購。例如，我們已經清楚看到資產負債表在改善。

The business is now generating consistent free cash flow. The conversion rate of paying circles in that first quarter, nearly 3x on the previous quarter.

公司現在也在持續產生穩定的自由現金流。第一季付費圈（paying circles）的轉換率，幾乎是前一季的 3 倍。

You're talking to MAUs incrementally doubling in the second quarter.

你提到第二季的 MAU 會逐步倍增。

What's not giving you the confidence or why not initiate a buyback, just to give that confidence that you've clearly gotten the business to the market?

是什麼讓你缺乏信心，或為什麼不啟動庫藏股回購，來給市場信心，證明你們顯然已把業務做給市場看了？

Chris, I'd have to say I agree with all of the points that you made in terms of the strength of the business. That's absolutely true.

Chris，我得說，就業務的強勁程度而言，我同意你提出的所有觀點。這絕對是真的。

We are hearing that from investors and hearing the suggestion for a buyback. We absolutely will consider it.

我們也從投資人那裡聽到這點，並聽到關於回購的建議。我們絕對會加以考慮。

It's part of a -- you're looking at a balanced capital-management strategy.

這是——你們正在看的是一個均衡的資本管理策略的一部分。

We also, yeah, view ourselves, still, very much as a growth company. There are multiple opportunities for us to invest in growth in the future.

我們也，對，仍然把自己視為一家成長型公司。未來我們有多個投資成長的機會。

We want to balance those things out. But it is definitely something that we will look at closely.

我們想在這些事情之間取得平衡。但這確實是我們會密切檢視的事項。

Thank you. Because, I think, if you just look at that first -quarter conversion rate of paying circles from MAUs, it's nearly 10%. I know you can't look at that in terms of the number of members per paying circle or circle.

謝謝。因為，我想，如果你只看第一季從 MAU 轉換成付費圈（paying circles）的轉換率，接近 10%。我知道你不能用每個付費圈或圈子的成員數來看待這件事。

But that strength in that must give you extreme confidence about the outlook.

但那樣的強勁表現一定會讓你對前景非常有信心。

It really does. The Subscription side of the business -- the core business -- is growing incredibly well. The strength of that business is evident in all of those metrics.

確實如此。訂閱端的業務——核心業務——成長得非常好。那個業務的強勁，從所有這些指標都看得出來。

Yeah. I can only agree with you.

是的。我只能同意你的看法。

Thank you.

謝謝。

Siraj Ahmed.

Siraj Ahmed。

Okay. Seems to be working now. Can you hear me okay?

好的。看起來現在可以運作了。你們聽得到我嗎？

Yes.

聽得到。

All right. Great.

好。太好了。

Lauren, just, actually, maybe a quick clarification on the whole fraud thing that you mentioned: Have those customers actually come back because you said they're in the funnel but didn't really register?

Lauren，我想先快速釐清一下你提到的整個詐欺（fraud）問題：那些客戶實際上有回來嗎？因為你說他們在漏斗裡，但沒有真正完成註冊？

Secondly, just in terms of paying circles, pretty strong conversion but you're flagging with AI benefits. Was that through the course of the quarter? Just wondering whether we can see that continue to improve into the second quarter.

第二，關於付費圈，轉換相當強，但你提到 AI 帶來的效益。那是在整個季度的過程中發生的嗎？我只是想知道，我們是否能看到這個在第二季持續改善。

How does this whole family-AI initiative link up with paying circle conversion? Thank you.

這個「家庭 AI」計畫如何與付費圈轉換連結起來？謝謝。

Okay. The first question was -- remind me what the (multiple speakers) --?

好的。第一個問題是——提醒我一下那個(多位講者)——？

I think it's about fraud.

我想是關於詐欺。

Okay. I'll I'll take that one first.

好的。我先回答那個。

What happens here is, when traffic is coming in, we were not getting some of those customers. Those particular customers that may have come in and been turned away, we don't magically get them back.

這裡發生的情況是，當流量進來時，我們沒有拿到其中一些客戶。那些可能進來但被擋掉的特定客戶，我們不會神奇地把他們找回來。

What we do is we repair that. This part has already been fixed. We repaired that problem so that, as new traffic is coming in -- and, hopefully, some of those same people return again -- but, as new traffic is coming in, that that part of the funnel performs healthy, again.

我們做的是把那個問題修復。這部分已經修好了。我們修復了那個問題，讓新的流量進來時——而且，希望其中一些人會再回來——但當新的流量進來時，漏斗的那一段就能再次健康地運作。

The -- repeat the question for me?

那個——再把問題重複一次給我？

AI for families? AI initiative? That was the question, I believe.

家庭用 AI？AI 計畫？我相信問題是這個。

We're really excited.

我們真的很興奮。

It's just the paying circle conversion and how that's actually -- how we should think that plays through the whole family-AI initiative.

主要是付費圈轉換，以及那實際上——我們應該如何看待它在整個家庭 AI 計畫中的作用。

Thanks.

謝謝。

I'll separate those two things.

我會把這兩件事分開來談。

Just, in general, the paying circle conversions, we expect to continue to hold strong and improve, over time.

一般來說，付費圈的轉換率，我們預期會持續維持強勁，並隨時間推移而改善。

The way that AI is really impacting paying circle conversion today is more about feature discovery than about those new capabilities. That's the way it's driving paying circle conversion and growth today.

AI 目前對付費圈轉換的影響，更多是關於功能探索（feature discovery），而不是那些新的能力。這是它目前推動付費圈轉換與成長的方式。

What we're doing now with AI is starting to weave it into features so that we have -- we use more intelligence about what people are doing to make new features that help orchestrate family life.

我們現在用 AI 做的，是開始把它編織進功能之中，讓我們能——更有智慧地理解人們在做什麼，進而打造新功能，幫助協調家庭生活。

I would like to give the example of carpool, which is one of those crazy times in every parent's life; and what are the things we can do, if we know who's nearby and what people's schedules are to inform those things.

我想舉接送共乘（carpool）為例，這是每位家長生活中那些瘋狂時刻之一；如果我們知道誰在附近、以及大家的行程安排，我們能做哪些事情來提供資訊並協助安排。

Those AI capabilities will play out over a long time horizon. But the kinds of ways that we're using AI today to get the right message to the right people are already having a positive impact in the business.

那些 AI 能力會在很長的時間跨度中逐步展現。但我們今天使用 AI、把正確訊息傳遞給正確人群的這些方式，已經對業務帶來正面影響。

There are a lot of questions there so I hope I answered them.

那裡面有很多問題，所以希望我都有回答到。

Andrew Gillies.

Andrew Gillies。

Hi, guys. Can you hear me?

嗨，各位。你們聽得到我嗎？

Yes.

聽得到。

Perfect. Thank you.

太好了。謝謝。

Just a quick question on Nativo and the relationships you've got there. Obviously, that's very core to the business and the growth story.

我想快速問一下關於 Nativo 以及你們在那邊建立的合作關係。顯然，那對業務與成長故事非常核心。

How have the retention dynamics been? Are there any opportunities there?

留存（retention）的動態表現如何？那裡有任何機會嗎？

Effectively, just a bit of an update would be great.

基本上，如果能給一點更新就太好了。

Overall, the Nativo business is -- or what was the Nativo business is holding strong. A lot of people who have long been customers there are looking to do more with us now that we have a broader offering and more capabilities, especially on the measurement side.

整體而言，Nativo 業務——或原本的 Nativo 業務——表現依然穩健。許多長期以來的客戶，現在看到我們有更廣的產品組合與更多能力，特別是在衡量（measurement）端，因此希望與我們做更多合作。

We see a real opportunity to increase performance there.

我們看到一個很大的機會，可以提升那邊的績效表現。

There were maybe one or two customers who were with Nativo that aren't necessarily a great fit; one customer, in particular, that sees us as competitive. But, for the most part, customers have decided to double down and are looking for new ways they can expand their relationship now that we're one company.

可能有一兩個原本跟 Nativo 合作的客戶不一定很適合；其中有一個客戶，特別是，把我們視為競爭對手。但大多數客戶都決定加碼投入，並在我們成為同一家公司之後，尋找新的方式來擴大合作關係。

Thank you very much.

非常感謝。

Thanks, Andrew.

謝謝你，Andrew。

Wei-Weng Chen.

Wei-Weng Chen。

Hey, guys. Thanks.

嗨，各位。謝謝。

Just a question on the AI initiative or the start-up that Chris is leading within 360. The nature of start-ups is they generally burn a bunch of cash initially, while the product's being developed. And then, a viable product even then, isn't necessarily guaranteed.

我想問一下 AI 計畫，或 Chris 在 360 內部主導的那個新創團隊。新創的本質通常是在產品開發初期會燒很多現金。而且即便如此，也不一定能保證做出可行的產品。

Can you maybe speak to the level of resourcing that's going to be available to this start-up?

你們能否談談會提供給這個新創的資源配置規模？

And then, also maybe, given Chris is the Exec Chair of 360, what are the governance structures, as they relate to this start-up? Are these costs factored into guidance?

另外，考量 Chris 是 360 的執行董事長（Exec Chair），在治理架構上，與這個新創相關的安排是什麼？這些成本是否已納入財測指引？

Yeah. Chris is building a small team within the company. It's not a huge number of headcount. Of course, they're fortified with AI so they'll punch above their weight.

是的。Chris 正在公司內部建立一個小團隊。人數不會很多。當然，他們會用 AI 強化，所以能以小搏大、發揮超出規模的產出。

The nice thing about being a start-up within a broader company is that we can start to harness some of the benefits of the work that they're doing sooner, even if some of the work that they're doing takes longer to play out.

作為一家更大型公司內部的新創，好處是：即使他們有些工作需要更長時間才能開花結果，我們也能更早開始汲取他們工作的部分效益。

They also benefit from learning and progress that we're making in the rest of the company. It's not the same as being a fully on-your-own isolated start-up.

他們也能受益於公司其他部門正在取得的學習與進展。這不同於完全獨立、與外界隔離的新創。

Chris and I have a pretty good relationship set up around this, where they're really free to push the limits and do whatever it is they think is really going to get us to that next level of meeting families' needs.

Chris 和我在這方面建立了相當不錯的合作關係，他們可以很自由地挑戰極限，做任何他們認為真正能讓我們更上一層樓、滿足家庭需求的事情。

And then, we have a way that we evaluate that to decide what goes into production from that, based on a couple of gates that we set up. It's pretty exciting.

然後，我們也有一套評估方式，根據我們設立的幾個關卡，來決定哪些會進入正式上線（production）。這真的很令人振奮。

Wei, that small resource that's being allocated there is absolutely considered as within our guidance for the year.

Wei，那邊配置的那一小部分資源，絕對被視為在我們今年的指引範圍之內。

Oh. Yeah.

喔。是的。

Well, thanks.

好的，謝謝。

Thanks, Wei-Wing. Thanks, all

謝謝你，Wei-Wing。謝謝大家。

We've gone through the first question so we're going to open it up to the last part of the queue.

我們已經回答完第一個問題，所以接下來我們會開放給隊列後段的提問。

Chris Savage.

Chris Savage。

Chris, do you have a follow-up question?

Chris，你有追問嗎？

No. I'm fine, RJ.

沒有。我沒問題，RJ。

That's good.

那很好。

Okay. Thanks, Chris.

好的。謝謝你，Chris。

Mark Kelley.

Mark Kelley。

Great. Thank you.

太好了。謝謝。

I just wanted to ask you about paying-circle size, over time. Like, have you seen the number of MAU within paying circles change, at all, over the last year or so? Do you have any expectations, going forward?

我想問一下付費圈（paying circle）規模隨時間的變化。例如，在過去一年左右，你們是否看到付費圈內的 MAU 數量有任何變化？對未來有什麼預期嗎？

Thank you.

謝謝。

In general, as circles age, they tend to get bigger. And so, as our population ages, the number creeps up a little bit. But that's more about mix shift, over time.

一般來說，圈子（circle）隨著時間變久，規模往往會變大。因此，隨著我們的用戶族群逐漸成熟，這個數字會小幅上升。但這更多是時間推移下的組合（mix）變化所致。

One of the interesting things about expanding the more life stages and pets, in particular, the families that were more likely to become paying circles are a little bit larger than our average circle size.

另外一個有趣的點是，隨著我們擴展到更多人生階段與寵物等情境，特別是那些更可能成為付費圈的家庭，其圈子規模會比我們的平均圈子規模略大一些。

But the families with pets are often these smaller one- and two-person circles. And so that's figuring into the go-to-market strategy that we're developing for the back half of the year.

但有寵物的家庭，往往是這些較小的一人或兩人圈子。因此，這也會納入我們正在為下半年制定的上市策略（go-to-market strategy）考量。

Okay. Maybe a quick follow-up would be: Like, if we're going to look at, like, average paying-circle size, just for modeling purposes; just to get to like a better penetration rate, has that been pretty consistent, over time?

了解。我可能快速追問一下：如果我們要看平均付費圈規模（average paying-circle size），就建模用途而言、為了推算更好的滲透率，這個數字長期以來是否相當一致？

It has. It's been fairly consistent around the [3.3] level.

是的。一直都相當一致，大約在 [3.3] 左右。

Okay. Perfect. Thank you so much.

好的。太好了。非常感謝。

Thanks, Mark.

謝謝你，Mark。

Annabelle Kuhn.

Annabelle Kuhn。

Hey, guys. Thanks for taking the follow-up.

嗨，各位。謝謝讓我追問。

Just a quick modeling question around hardware. There's a commentary in the note that (inaudible) to similar gross profit coming to the second quarter; maybe just to comment on what's driving that. Should we think about with the pricing initiatives maybe, like, a more of a loss-leading from pets?

關於硬體有個快速的建模問題。附註裡有段評論提到（聽不清）第二季的毛利可能會相近；想請你們談談背後的驅動因素是什麼。我們是否應該認為，配合定價措施，寵物產品可能更像是以虧損帶動（loss-leading）？

How is the tile exit going? How should we think about modeling that out for the rest of the year, as well?

另外，Tile 的退出進展如何？我們也該如何在今年剩餘時間做建模？

Thanks.

謝謝。

Yeah. No problem.

是的。沒問題。

I think we will look to have hardware margins normalized, to some extent. But it will remain negative during the course of this year because we're going to support the Pet GPS launch and getting that in the hands of people.

我認為我們會讓硬體毛利在某種程度上回到較正常的水準。但在今年期間仍會維持為負，因為我們會支持 Pet GPS 的上市，並讓更多人拿到產品使用。

I think Q1 was a very high level of negative margin, primarily because that, on top of the Pet GPS testing that we were doing, we also had the brick-and-mortar exit and the exit costs related to that.

我認為第一季的負毛利水準非常高，主要是因為除了我們在做 Pet GPS 測試之外，我們也進行了實體通路（brick-and-mortar）退出，以及與此相關的退出成本。

It will come back substantially in Q2 and over the balance of the year. But I would still expect, call it, high-teen negative margins in hardware.

第二季以及今年剩餘期間會大幅回升。但我仍預期硬體毛利率大概會是負的高十幾個百分點（high-teen negative margins）。

As we've always noted, Hardware revenue as a proportion of our total revenue continues to get smaller and smaller.

如同我們一直提到的，硬體營收占我們總營收的比重持續愈來愈小。

Awesome. Thanks.

太棒了。謝謝。

Thanks, Annabelle.

謝謝你，Annabelle。

Eric Choi.

Eric Choi。

Thanks, RJ.

謝謝，RJ。

I wonder if I could do two since -- if I'm the last one. I had a follow-up on the Subscription revenues and a follow-up on the buyback.

如果我是最後一位的話，我想問兩個問題可以嗎？一個是關於訂閱營收（Subscription revenues）的追問，另一個是關於庫藏股（buyback）的追問。

Just on the Subscription revenues -- sorry if I stuffed up the math, Russell. Just for the full year, like, nominally, you're guiding to about $104 million of Subscription revenue growth, which is -- like, in the first quarter, you did about $26 million of nominal Subscription revenue growth.

先談訂閱營收——如果我算錯了，Russell，先說聲抱歉。就全年來看，你們名目上指引大約是訂閱營收成長 1.04 億美元；而第一季你們的名目訂閱營收成長大約是 2,600 萬美元。

If you just annualize that first quarter, you get the full year. But then, you go -- you had Hardware disruption in the first quarter. [PC] growth, typically, that's lower in the first quarter.

如果把第一季年化，就會得到全年的數字。但第一季你們又有硬體的干擾。[PC] 成長通常在第一季也比較低。

Like, the obvious question is: Is that conservative?

所以很直接的問題是：這是不是偏保守？

And then, the second question, just following on Chris: I know you said you're considering a buyback but, just, what are the natural consideration points?

第二個問題，延續 Chris 的提問：我知道你說你們正在考慮回購，但自然會考量哪些點？

Like, I know you just finished Nativo and you've deployed the cash for that. But are you waiting on any other, like, key milestones before you make a decision on whether to do a buyback or something else?

例如你們剛完成 Nativo，並已為此動用現金。但在你們決定是否要做回購或採取其他作法之前，是否還在等待任何其他關鍵里程碑？

Thank you.

謝謝。

iN terms of the progression of Subscription revenue over the course of the year, we do expect similar levels of growth.

就今年訂閱營收的推進節奏而言，我們確實預期會有類似水準的成長。

When you look at it on a period-by-period comparison, as we maintain that percentage revenue growth, we're really getting more and more volume there.

當你以逐期比較來看，隨著我們維持相同的營收成長百分比，實際上對應的量體會愈來愈大。

I think it's a fair assumption that we maintain that growth over the year.

我認為假設我們全年維持這樣的成長是合理的。

In terms of the capital management side, there's a few things that we need to consider.

至於資本管理方面，有幾件事需要考量。

As you point out, we're effectively finalizing the integration of the Nativo acquisition. We're looking at our strategic planning over the next few years.

如你所說，我們正在實質完成 Nativo 併購的整合。我們也在檢視未來幾年的策略規劃。

You're factoring in our very significant growth aspirations there. All of those will be factored in, as well as the market conditions at the time.

同時也會把我們非常顯著的成長企圖納入考量。上述因素都會納入評估，另外也會考量當時的市場狀況。

Awesome. Thanks, Russell.

太好了。謝謝，Russell。

Thanks, Eric.

謝謝你，Eric。

All right. That concludes our questions.

好的。問答到此結束。

Lauren, I'll turn it over to you to sign off.

Lauren，接下來交給你做結語。

Okay. Well, we're pretty excited with the momentum that we're seeing in the core business and excited for what's to come.

好的。我們對核心業務目前看到的動能感到非常振奮，也對接下來的發展充滿期待。

We've got a lot of great end user value and good [GTM] stuff planned for the back half of the year. we're excited to talk about that next time we meet with you.

我們在今年下半年規劃了很多很棒的終端用戶價值，以及不錯的 [GTM] 計畫。我們也很期待下次與各位見面時再跟大家分享。