This meeting is being recorded. This call is being conducted as a Zoom audio webinar. All participants will be in a listen-only mode until the Q&A. When it comes to Q&A, please raise your hand by pressing the Raise Hand icon at the bottom center of your screen, and your line will be unmuted in turn. Participants who have joined by telephone will be in a listen-only mode throughout. The agenda for this morning's call will include a business and strategy update by Co-founder and CEO, Chris Hulls, and an introduction of our newly appointed COO, Lauren Antonoff. CFO Russell Burke will provide an overview of the quarterly financials. After which, Chris will make some comments on the outlook. At the end of the prepared remarks, Chris and Russell will be happy to take your questions. I would now like to turn the call over to Chris. Good morning, everyone, and thanks for joining our call today. The Life360 business has continued to deliver impressive growth metrics during Q1 with a global MAU up 33% year-over-year and AMR up 44% to around 240 million. Paying Circles returned to growth with the global net subscriber additions of 73,000, ahead of the 69,000 achieved in Q1 2022. This is a very positive result given the magnitude of the price increases implemented in Q4 2022. International Paying Circles increased 50% year-over-year with net adds close to all-time record levels. U.K. Paying Circles increased 64% year-over-year, a very encouraging sign ahead of our membership launch later this year. Price increases for existing U.S. Android subscribers rolled out in April, and due to expected one-time churn, U.S. net adds will be more muted in Q2. Monthly iOS subscriber churn has already returned to normal following a short-term spike after the Q4 '22 price increases. This resilience makes us confident that the Android impact will be similarly short-lived. We expect U.S. net subscriber additions to accelerate in Q3, a testament to the enormous value provided by our membership offering. Q1 '23 U.S. ARPP of 140 increased 43% year-over-year, reflecting the benefit of price increases introduced for new and existing iOS subscribers and new Android subscribers. The further upside is either rolled out to existing Android subs with early in line with the iOS experience. The Tile membership bundling is fully rolled out in the U.S. market, and we are excited about opportunities over time to improve paid user conversion and retention. While it is still early days, we are excited about what appears to be a material improvement in retention, which is the signal we were hoping for at launch. While the initial launch did not focus on increasing top of funnel and conversion, in coming months, we will be rolling out user flows that more aggressively bring people into the Tile experience. We expect this to drive increases in conversion in the second half of the year, in particular during our critical back to school season. The international rollout of Tile on the Life360 map is also underway, with completion expected in coming days. This further closes the gap to the U.S. user experience as part of our international growth strategy. Tile hardware revenue increased 3% year-over-year. Our primary focus is on driving subscription revenue rather than standalone sales, and this year-over-year growth was achieved despite significant reductions in headcount, marketing, and R&D expenses in our devices business. We will continue to be disciplined in regard to our spending in this part of the business as part of our emphasis on cash flow. Despite this conservative level of investment, we are continuing to make meaningful improvements to our devices lineup, including our Anti-Theft Mode, use case bundles, and most recently, the newly announced potential partnership with Google to leverage Android phones to expand our network reach in the future. We earlier provided guidance for Life360 to achieve adjusted EBITDA profitability from Q2 '23 onwards and for full year CY '23. We have achieved this milestone a quarter early with Q1 '23 positive adjusted EBITDA of half a million. The impact of price increases combined with better than expected net subscriber additions delivered ongoing strong momentum in subscription revenue. This positive trend, coupled with the impact of additional cost efficiencies implemented in January, supported the achievement of our adjusted profitability target ahead of schedule. In a time of macro uncertainty, we are focused on balancing fiscal responsibility with prudent investment to position the business for long-term success. We have a strong balance sheet with cash, restricted cash, and cash equivalents of 76 million at the March 2023 quarter end. Turning now to greater detail on some of our key operating groups. We finished Q1 with global MAU of close to 51 million, up 33% year-over-year with encouraging momentum from our U.S. MAU. We are seeing increased international engagement as we achieve greater feature parity with the U.S. user experience with international MAU up 44% year-over-year. We are expanding the value provided to users with a big rollout of free SOS and Crash Detection to many international markets. The increase in international engagement is highly correlated with the engineering work we have undertaken over the past year, demonstrating the value of this investment in the free user experience. I mentioned earlier the pleasing trends in Paying Circles, which returns a strong growth up 22% year-over-year. U.S. Paying Circles increased 15% year-over-year and 4% quarter-over-quarter, an impressive outcome given the 43% uplift in U.S. ARPP. International Paying Circles increased 50% year-over-year, which bodes well for the rollout of international membership. Net hardware unit ships reduced 17% year-over-year due to continued weak consumer electronics demand. The decline of 66% from the previous quarter reflected the usual seasonality of the business. Our strategy to improve retail economics supported a 14% uplift in ASP, resulting from the lower level of promotion. Before Russell runs through the financials, it gives me great pleasure to introduce our newly appointed COO, Lauren Antonoff. Lauren previously had roles as president and senior vice president at GoDaddy, where she led efforts to help small businesses succeed with website, commerce, and marketing tools. Prior to that, Lauren spent more than 18 years at Microsoft in product leadership roles, including most recently as Director of Program Management for SharePoint. I'll invite Lauren to say a few words. Thanks, Chris. It's great to have the opportunity to connect with investors so early in my tenure. Life360 is somewhat of a magical combination of proven product-market fit, lots of opportunities for growth, and a super compelling mission to help families protect people, pets, and things they value most. I have a 16-year-old son. He's just starting to drive, and he goes out of town to visit his girlfriend. The peace of mind that comes from knowing your loved ones are protected is super personal to me, and Life360 is a game changer on that front. Throughout my career, I focused on delivering value at scale by improving things that millions of customers use in their everyday lives. I'm excited to put that experience to work, joining the awesome team at Life360 to continue to deliver outstanding product experiences that drive the next wave of growth for the company. With that, I'll turn the call over to Russell. Thanks, Lauren. Thanks everyone for joining the call today. As a reminder, all of the financials I'll be referencing are unaudited and denominated in US dollars. Q1 consolidated revenue increased 34% year-on-year to 68.1 million. Total subscription revenue increased 56% year-on-year, including Tile and Jiobit, with core Life360 subscriptions up 66% year-on-year. This was supported by 22% higher Paying Circles and the 36% uplift in ARPC. In the seasonally lower quarter for the business, hardware revenue increased 3% to 10 million, with lower volumes offset by higher average sales price. As noted previously, with standalone hardware, our focus is on improving contribution rather than top line volume. Other revenue of 6.5 million reduced 21% year-on-year. We have made the strategic decision to shift to a single aggregated data partnership. The prior corresponding quarter included revenue from the previous arrangements. AMR for the month of March of almost 240 million increased 44% year-on-year due to higher Paying Circles and a full quarter benefit of the US price increases. Gross profit increased more than 40% to 49.8 million, with a GAAP gross margin of 73%, increasing from 69% in the same quarter a year ago. non-GAAP margins improved from 76% from 70%. This was underpinned by subscription margins increasing to 85% from 80%, benefiting from higher pricing. non-GAAP hardware margins were stable at 18%. Consolidated operating expenses of 64.7 million increased 4% year-on-year. The underlying expenses were lower due to the implementation of cost efficiencies, which included reduced professional and external services, lower headcount, reduced lease expenses, and reduced paid acquisition spend. These were offset by severance payments associated with the reduction in workforce, which was implemented during the quarter. Specifically, non-GAAP R&D reduced from 22.1 million- 19.6 million year-on-year, and sales and marketing, excluding volume-driven commissions, reduced from 13.1 million- 11.4 million year-on-year. These were offset by G&A, which increased largely due to the requirements of U.S. public company reporting. This modest year-on-year cost increase, together with the strong subscription revenue momentum, delivered a positive adjusted EBITDA for the quarter of $0.5 million, a quarter earlier than previously anticipated. This compares with an adjusted EBITDA loss of 13.7 million in the prior co-corresponding period. The overall trend here shows our progress with a balanced approach to top line growth plus restrained growth in operating expenses on the path to profitability. Turning now to the balance sheet and cash flow. Net cash used in operating activities was 9.6 million. The differential to positive adjusted EBITDA of 0.5 million was largely due to the cash costs of severance payments associated with the workforce reduction implemented during the quarter, plus seasonally higher payments related to inventory purchases in Q4 and other working capital changes. Net cash used in investing activities of 0.4 million, which related to the capitalization of internally used software expenses to the extent required under U.S. GAAP. Net cash used in financing activities of 4.7 million largely reflects taxes paid for the settlement of equity awards, which in effect is a share buyback. Offset by the proceeds of option exercise. Life360 finished the quarter with cash equivalents, and restricted cash of 76 million. For calendar year 2023, we expect the low point in cash to be in the mid 50 million range. Before I conclude, I would like to give some background on the items in Appendix A and Appendix B, which we provided in today's media release. Appendix A includes some minor adjustments to historical KPIs that result from changes to our definition of subscriptions and Paying Circles. Previously, we included subscribers whose billing status was both pending or completed at the end of the period. We will revise our definition to exclude subscribers whose billing status was pending as at the end of the period. The difference between the two methodologies does not result in any material changes, and in all cases are between 1% and 2%. We've changed the definition as we believe it provides a better reflection of our results during a given period by more closely matching this metric to reported revenue and being mindful of the future as we move towards non-app billing. Appendix A includes Paying Circles, ARPPC, subscriptions, and ARPPS as previously reported and as recast since Q1 of 2021. To be clear, this has no impact on revenue previously reported. Appendix B includes select historical financial metrics with key non-GAAP financial metrics and GAAP to non-GAAP reconciliation of customer revenue and operating expenses. This level of detail was incorporated in the 2022 full year results presentation because we believe it helps the market to understand the underlying dynamics of expenses, and is also included for Q1 2023 in the media re-release for that reason. In order to assist the market, we've provided historical quarterly detail of these items for the four quarters of 2022. Thanks for your attention, I'll hand back to Chris to provide an update to earnings guidance. For CY '23, Life360 expects to deliver core Life360 subscription revenue growth, excluding Tile and Jiobit, in excess of 50% year-over-year. Hardware revenue growth of 0%-5%. Other revenue of approximately 26 million. Consolidated revenue of 300 million-310 million. Positive adjusted EBITDA and operating cash flow of 5 million-10 million, with positive adjusted EBITDA for each quarter of CY '23 and positive operating cash flow anticipated on a quarterly basis beginning with the Q2 '23 and for full year CY '23. That concludes our prepared remarks, I'll now turn the call over to Melissa who will meet the Q&A portion of our call today. Thanks, Chris. As a reminder, to participate in a Q&A, please raise your hand by pressing the Raise Hand icon at the bottom of your screen within the Zoom app. You'll need to unmute yourself to ask your question. Once unmuted, please tell us your full name and what company you're calling from. First up, we have Chris Hulls. Chris, please repeat your full name and which company you're calling from. Yep. Chris Hulls from Goldman Sachs. Thanks for taking my questions. Chris Russell, can you hear me okay? We can. Brilliant. Firstly, I wanted to talk about EBITDA. Good result getting to breakeven earlier than expected. Just noticed that you left the full year guidance unchanged. I'm interested in your thoughts around reinvestment through the year and the cost run rate throughout the rest of the year. We haven't changed our strategy there very much. To be clear, as we've long said, we have many, many areas we could continue to forward invest, but given the climate, we wanna stick to this guidance range. We do feel we have the appropriate level of reinvestment, and we have a pretty significant roadmap of new items, coming out over coming months. In particular, international launch and flows that will get Tile more aggressively integrated into the experience, which will be hitting around the back to school time period. Just to be clear, Chris, you know, it's still fairly early in the year. As you know, a bulk of our results are sort of backended this year in the second half. We just didn't feel it was appropriate to adjust guidance at this point. Yep, sure. That makes sense. On MAU growth in the U.S., it appeared to slow a little bit in the first quarter versus the trends that we saw last year. Is there anything that you'd call out there, or is that impacted by, you know, the reduction in paid user acquisition spending? Any comments you'd make on MAU growth? Sure. It's largely in line with what we expected. Last year was a little abnormal in the sense that we were just coming out of COVID and the normal seasonality patterns didn't hold. This is our normal, slightly lower point. We have reduced paid spend, so it's largely as anticipated. A lot of the shift now is being put more towards international because that is the next big vector of growth. Although we do, of course, feel like we have a lot of headroom left in the U.S. Yeah. and Chris- Chris, if I can just- Sorry, go on. None of the... just to add on to Chris's point on international, we're definitely seeing some good growth in the... particularly in the territories that we really care about, the sort of the major territories, You know, as we gear up this sort of international effort, sort of tweak some of the user experience generally internationally, we're seeing some very positive results from that flowing through even before we get to the launch of the triple tier product. Yep, that makes sense. Do you think you'll ramp up the paid user acquisition spend in the U.S. as the year goes on? Like, will that drive part of the acceleration in MAU growth, or do you think that's just normal seasonality? We're gonna be relatively consistent. We do want to keep a very balanced stance given the climate that we're in. We are very excited about the fact that we're not struggling to find ways to deploy the paid spend. If anything, we'd like to be spending more. Our game plan is relatively fixed for the year, especially given that our customer life cycles are very long. Increases in paid spend now don't translate to revenue for quite a bit longer. We do have to have a bit of a longer outlook there, but we also have to manage the guidance numbers we put out. Yep, that makes sense. I wanted to ask you about the comment that you made on Q2 U.S. subs growth being relatively more muted given the Android price increases that are going through at the moment. Do you expect, say, a, you know, deceleration in paid subs growth in Q2 versus Q1? Do you mind just fleshing that out a little bit more for us? Yeah, definitely. It's gonna be very much a repeat of what happened with iOS, albeit at a smaller scale. As a reminder for the group, when we did the price increases on iOS, we essentially had a quarter of flattened growth because there is a very natural one-time expected, set of users churning who don't accept the higher price. Once we got through that with iOS, it did return to a baseline. Overall conversion and retention is down a little bit, as expected as you increase the price by 50%. All the early signals we're seeing on Android, which is about a quarter of the U.S. base, it's looking very similar. We will have growth for the period, but it is definitely gonna be a much lower growth quarter, than Q1. Yep. Perfect. Thanks, guys. I'll jump back in the queue. Thank you, Chris. Next up we have Lafitani Sotiriou. Please repeat your full name and which company you're calling from. Hi, it's Lafitani Sotiriou from MST Financial. Congratulations on a good result. Can I just kick off with some more detail on bundling? I think some of the comments you mentioned that there's a material improvement in retention and that you have yet to really focus on conversion. Should we think about it as so far bundling has gone to existing subscribers and when you focus on conversion, that will be trying to focus on the free user base? How should we think about the delineation that you've put out today? Also, can you talk to any metrics about the materiality of the improvement in retention? Sure. We look at the overall plan in two ways. Number one, can we make Tile increase conversions so more people get into that top of funnel? Number two, once we give someone a Tile device, will they get more value from the membership? The fact of seeing something physical showing up in their post office box, having something on their keys, will that make them feel like there's more value in the subscription? The numbers that we've seen, which is what was expected that we would see it in retention first, because we're not aggressively pushing the Tile experience yet, because most people who sign up for premium do it through what we call our upsell hooks, where you hit a paywall, we say sign up for premium. You don't really spend a lot of time thinking what you're gonna get. The Tile comes more as something you weren't necessarily expecting. The next phase, which we're starting to do over the next quarter, is being much louder, if you will, on saying, "Hey, look at adding your pet, add your things, have it show up on the map." Make it feel like a setup step so people can see that I need to get a Tile to fully set up the Life360 experience. That is what's coming next. Very few people go and navigate and look through the entire feature list, as we've long known, that's why the membership journey is a very long one. The numbers, I'll let Russell talk about the quantitative impact if he feels comfortable doing so, but that's how we break up the world, whereas build the infrastructure, see if it drives retention, then push more people into that experience once we see it working. Very much on track. I think, Laf, it's very early stage at this point. What we would say is that it's trending exactly as we expected, but we'll be able to provide, you know, much richer data at our next update, once we really get some, you know, a number of months of, particularly on the retention side, which is the key piece for us. It's definitely trending very early positive very early, and considerable opportunity as we tweak the flows, as Chris mentioned. Yeah. Okay. Can I move on to Lauren Antonoff, who's joined? Maybe it's a bit early. I'm not sure if Lauren is ready to comment yet. Chris, can you talk to, based on the experience and previous background, what you consider some of the priorities that you'd be able to tap into, or what's some of the key low-hanging fruit that you think that Lauren would be able to help with the existing business? When we looked at wanting to bring in a COO, we've obviously had a lot of change with the Tile team. There was a very long transition plan for some of the execs there. We're very much executing on a long-term organizational plan. David Rice, who is our outgoing COO, is staying with the company, but he's now Chief Strategy Officer and running international. He felt that was a better use of his resources. He's moved to the U.K. When we think of what we are excited about with Lauren, she is very, very good at, A, being customer-centric, which I'm also skilled at, where she brings talent to the table, which I'm not as good at, is at this next scale of growth, and we're an ambitious company. How do we have this operational excellence at scale, managing what will hopefully one day be thousands of employees, and having all the different moving parts of that. Lauren is responsible for products, engineering and marketing. Very much of what we're trying to do next, in particular with marketing, is making the overall experience very holistic. A lot of what I talked about was driving upsells around Tile. That's gonna be very much in Lauren's purview. She's done this in larger orgs, and the way to get things done at scale is obviously much different than the startup phase, which is where I'm more rooted. In terms of low-hanging fruit, she's with me now, and we're working on some of these upsell flows as we speak. I think that we're not looking at Lauren as a short-term, low-hanging fruit hire. We really are looking at Lauren as someone who can set the team infrastructure up for our longer term success as we grow in scale and complexity. Yeah. Okay. No, thanks for that detail. Can we just go to the U.K. full membership launch? Is it still on track for the second half of this year? Is there anything that you're doing differently to see the bigger increase in growth that you've seen there in the last sort of quarter? It is on track. I feel very confident about that. There's gonna be a big bang launch, so to speak, where the triple tier comes out and we have full parity. We have already been doing infrastructure type work where we are slowly putting more resources international already. We're expanding the paid teams presence there, although that's like a negligible spend this last quarter. We now have lifecycle marketing pushes, which we didn't have. We've done some incremental product improvements, such as our SOS feature and the free version of Crash Detection. Some of the improvement international this last quarter, it was not pure chance. It was very much through the initiatives that David Rice was driving already. I think that is a good omen for the fact that these small little things were already driving results, and they have the big thing that it could be even bigger. We're not planning a huge marketing release, though. We are somewhat following the Canada playbook of get it out there, then see what we learn, then pushing harder. In Canada, although we haven't talked about it hugely, was a very big success, which as I've shared on prior calls, we almost doubled, or I think it did double revenue year-over-year, whereas in... Russell, keep me honest, I might be a little bit off on the numbers. It might not have been double. I think we had double the increase in revenue versus regions where we didn't launch the triple tier. We did see, just by bringing parity, some very, very impressive results. Yeah. Okay. Okay. Just to add that. Just to add to that last one, sort of numerically, yeah, Chris is right. We did more than double the ARPC in Canada. That's kind of what we expect with the U.K. It's interesting, just in the last year before the U.K. launch, we've had more than 60% growth in paying circles in the U.K. That's providing a great base for us. We wouldn't necessarily, as we introduce the triple tier, we're not necessarily looking to sort of huge subscriber growth, but the revenue impact will be much more significant. Oh, yeah. thanks for that. Understood. Chris, you made the comment during the call about Google Android phones and there's a further integration with Tile. This is something I'm unaware of. Can you just talk to that a little bit more? Sure. This is early, Google has opened up what they call the Find My Device, which is not all that different than Apple's Find My network. We are looking at integrating with that network as one of Google's marquee partners. It was announced at Google I/O last week. There are some specifics we're figuring out. We can't, due to confidentiality reasons, we're not yet ready to be able to share the full level of detail there. It is validation that of our thesis that over time, the big platforms will have to open up these networks. It's gonna be a long journey, but it does make us very excited that the category is shaping up in a way that we hoped when we originally did the Tile acquisition. As everyone knows, some of those partnerships were put on pause when there was the bad press around stalking, but it seems like this is now coming back to the forefront in a very positive way. Okay. No, thanks for that. I imagine we'll see some more color on that in future results or when the detail is finalized, but so we can understand the how your product will integrate. Just one last question for me, just, is there any update on the non-app payments or another way to put it is better from the commission side, and where that roadmap's at? I don't have any material to share now. We are working on that. As we've said many times with Apple, it's usually nothing, nothing, then a no, then a random yes. Without going into detail, we are beginning the process to push more heavily on Apple to see if we get that exemption. I definitely do not want to give a firm date given the history of Apple, because there's always a bit of randomness to any interaction with them. With Google, we get a little bit more clarity. Apple is a black box, where interesting things happen. Just to add to that, Laf, again, as we've said before, we're setting up the back end. It's going to be able to do that billing out of the in-app. But it will be a slow rolling. It'll impact new subscribers and we'll be quite cautious as to implementing it to make sure that we really maintain a good level of conversion at the top of the funnel. All right. Excellent. Thank you. Thanks, Laf. Up next, we have James. James, please repeat your full name and which company you're calling from. Hi, it's James Bales from Morgan Stanley here. I'd like to maybe start, guys, with your thoughts on subscriber adds for the second quarter and for the rest of FY 23. I think the message before this call was that you'd expected to see a return to about 100,000 new subs per quarter by the end of the year. Is that trajectory still right? As of now, it's very much on track as we expected. The real litmus test will be around back to school. As I've shared on prior calls, that's both due to seasonality and then coincidentally for the last few years, many of our big releases have also coincided with that time period. For back to school this time around, a lot of those more aggressive growth flows that bring Tile more to the forefront of experience will be coming out in that Q3 timeframe. Yeah, I probably mentioned Q2 is gonna be very much more muted given to that one time Android price increase, and also because we don't have a whole lot coming out over the next few months. Okay. Perfect. In terms of the impact from the Android price increase, where do you think you would expect the U.S. ARPPC to land once that's fully, rolled out? Russell? It will obviously increase slightly, James. Just to just to center that, you know, the impact of the Android price increase is you'll be much more limited than the Q4 impact for iOS for a couple of reasons. One is that, you know, we've been the new Android subscribers since, you know, August last year have been subject to the price increase in any case, which is probably the biggest impact. Then, you know, as with all of our price increases, we're increasing it to on monthly subs and not annual subs at this point. There will definitely be an impact on ARPPC, but it won't be quite as dramatic as the Q4 impact. Okay. That's helpful. FY 2023 hardware, the guidance is still for positive growth. The units were down 17%. Can you maybe help us understand what to expect on, you know, both sides of that price versus unit expectations for the rest of the year? Yeah. A couple of things on that. As is always the case, you know, Q4 is the big seasonal quarter for hardware. Again, we're relatively early in the year. I'd also point to our strategy here to, you know, optimize contribution from standalone hardware sales. What we've done is sort of rolled back promotional contribution, and you'll see that in the uplift in the sort of average price for hardware units. We've also rolled back user acquisition spend in the hardware area. I know we'll continue to monitor that, but even with that, you know, hardware sales came through pretty much where we expected this quarter. Got it. Then maybe one last one. The second quarter OPEX run rate, obviously there are a lot of moving parts in the first quarter with some of the redundancies and severance payments in the numbers. Where should we expect that number if the marketing budget sort of holds to your expectations? Yeah. In our materials for the release, we've included, you know, the full analysis of the non-GAAP operating expenses. From my perspective, taking that and sort of running that forward, is probably the best way to judge that. As you know, we've adopted a very cautious approach in terms of growth and operating expenses, I wouldn't expect those to grow significantly in the quarter. Is that to say that headcount in the second quarter is gonna be roughly flat on the first? It'll be a small increase. It'll be very, very close to flat, effectively. Okay. Got it. No, thanks for your help, Russell. I appreciate it. Thanks, James. Up next, we have Julian. Julian, please repeat your full name and which company you're calling from. Julian, we're having a hard time hearing you. Right. Now I'm unmuted. Can you hear me now? Loud and clear. Cool. Just a few from me. Have you seen much of a change in the preference for monthly versus yearly subscriptions? Because the increase in the average price is a little bit less than the price increase would indicate. The response is. Oh, Oh, go ahead, Russell. Yeah, go. I was just gonna say, Chris, you know, we have seen a small increase in the annual uptake. To be clear, we haven't really been pushing that in the flows at this point. You know, that will have had a small impact on what you'd probably project as ARPC growth. Right. Okay. What's happened to the subscription businesses for Tile and Jiobit? They're still there. It's obviously not our area of focus. Jiobit has largely been performing as expected, given the relatively light level of investment or kind of almost maintenance mode investment. Obviously we're not setting out to not invest more heavily, but as the market pulled back, we had to make some tough decisions about where to forward invest. That is actually doing maintaining quite well. Tile similarly is sort of in maintenance mode. Russell can probably give a bit more color on exactly how it's performing, but it is there and driving contribution margin. Right. Have they gone backwards, and has churn changed given the economic situation? Russell, you want to provide the quantitative answer? Yeah. No. Churn has stayed pretty constant. Because we're not necessarily pushing the Tile and Jiobit subscriptions, we're really directing people to Life360, wherever that makes sense, they will naturally be flat or come back slightly. Right. Okay. In that quarter was that when the free Tiles were given out to the existing subscribers of Life360? No. No, we have not done that at this point. What quarter is that gonna go out? It's more gonna be kind of flows at different times. It's not gonna be something where all of a sudden everyone gets the freebies. We're gonna find ways to introduce the experience and give different people an opportunity to get Tiles in different ways. They can buy one. They can link one if they have it. They can upgrade to membership. The big focus for us is figuring out what the flows are that will trigger that conversion to membership. Although we will have some way for existing paid subs probably to claim a free one, just so they feel good about being members. as we have shared previously, our hope over time is that Tile is gonna be a surprise and delight type product where we can improve retention benefit by just giving them away unexpectedly to our customers prior to renewal periods. more and more of that's gonna happen over time, but There likely will not be one single big bang. Right. Okay. Just finally, so given that, you know, gold members are getting one and platinum getting two, do you think that sort of come Christmastime you'll see purchases, you know, to the rest of the members of the family, and that would actually make your Tile guidance number pretty conservative? I don't think that's gonna happen necessarily at huge scale for this holiday period. Yes, over time, we think we can get the Tile word out there. I think we'll see that more probably next year, because normally families don't have a huge number of Tiles. It's once people get used to them or the batteries need to be replaced or something that is. Different devices get used on them. That is more hopefully when we'll see the changes. Okay. Cool. Thanks, guys. Thanks, Julian. Up next, we have Chris. Chris, please repeat your full name and which company you're calling from. Hey, it's Chris Savage from Bell Potter. Most of my questions have been asked, but maybe just a couple of points of clarification. Chris, on the call, you said iOS growth had returned to normal. Was that correct? Can you put some color around that, please? Churn has normalized, so we're not seeing further decreases in churn. We look at the different user cohorts, how that's trended, and so that drop off has normalized. 'Cause you've commented before, Chris, that when you look at what's happened with other app providers post a price increase, you've got that flat quarter, and then you've got muted growth in Q1 and Q2. Is that still playing out as you're seeing it now? Yeah. I'd say it's been largely as expected, and we have seen the retention benefit, which was that first signal that we were expecting, but always nice to see our hypothesis be validated. Yeah. Just to clarify, the Android price rise is the same as for iOS? Correct. You made, or you or Russell said before, Android's about 25% of the subscriber base. Is the split between silver, gold, and platinum the same for Android as it is to iOS? Russell? It's largely the same. It may be slightly slightly more weighted towards gold. The other factor, Chris, as I mentioned earlier, is that we have instituted price increases for new Android subs since August last year. That the base that will be subject to the price increase at this point is smaller than that 25%. Yeah. Thanks. Just last question around the cash. You made the comment on the call, Russell, you think the low in cash will be in the mid-$50s range, which is consistent with what you said before. That's obviously assuming, what is it? That $13 million per Tile this quarter. Exactly. That 13.1 million was actually paid out in April. That's gone exactly as we expected and, you know, the cash balances are where we expected. Without getting too granular, would that low in cash, mid-fifties, be, like, at the end of Q2, or are we kind of there now? It'll be just the flows with Q2, Q3. It will be likely early Q3. And then sort of trending back. Q4 will be, you know, a much more significant driver in terms of positive OCF. Lastly, forgive me again on the cash. I think you said before, Russell, you think at year-end the cash will be between around 70 million-75 million. Is that still the case? Yeah. I'd say, yeah, around that level. Great. Thank you. Thanks, Chris. As there are no more questions, I will hand the call back to Chris for some closing remarks. I don't have much. Thanks again everyone for joining. Have a great day. Thanks. The recording has stopped.