Position, future financial performance, strategic initiatives, and business outlook. These statements are based on our current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially. Key risks include the timing and successful completion of the Nativo acquisition, which remains subject to customary closing conditions, our ability to successfully integrate Nativo's operations, technology, and personnel, our ability to realize anticipated revenue and cost synergies, changes in the advertising market and competitive landscape, our ability to maintain user trust and privacy standards while scaling our advertising business, and general economic and market conditions. For a more complete discussion of risks that could impact our business and financial results, please refer to our most recent Form 10-K and subsequent filings with the SEC. All forward-looking statements are made as of today's date, and we undertake no obligation to update them except as required by law. With that, let me turn to today's agenda. James Selby, our Chief Revenue Officer, will be answering questions submitted in advance by sell-side analysts, which will be read in turn by Jolanta Masojada, our Head of Investor Relations in Australia, and myself, R.J. Jones, Vice President of Investor Relations. We've received tremendous interest and thoughtful questions about our advertising business and the Nativo acquisition. Today's goal is to give you a clear understanding of the industrial logic and strategic transformation this acquisition represents for Life360 as a platform company. Let me start by providing quick financial context by recapping what we shared on our recent Q3 earnings call, and please note that we will not be addressing questions of a financial nature during today's call. As stated previously, we've entered into an agreement to acquire Nativo for approximately $120 million in cash and stock. Nativo currently generates roughly twice the level of advertising revenue we expect to deliver this year, with a different margin profile that reflects its position across the full ad tech value chain, spanning demand side, supply side, measurement, and creative capabilities. While some of these activities typically carry lower gross margins than pure digital advertising, we don't anticipate a significant impact on overall Life360 margins. The acquisition will be accretive to Adjusted EBITDA from day one. We expect both revenue and cost synergies to begin ramping during 2026 with full realization by year-end. Because the transaction is expected to close in early 2026, we don't anticipate any financial impact in 2025. We'll provide relevant guidance as part of our 2026 outlook when we report 2025 year-end results. Today, we're focusing on the strategic rationale, platform capabilities, and competitive positioning. We've organized this into three sections: Ad Tech 101, the Life360 Advertising transformation, and our strategic positioning. While we will not be using a Slide presentation during the call, the advertising update section of our Q3 investor presentation, which is available on our website, has exhibits in Slides 26 to 30, which complement today's discussion. Jolanta and I will alternate reading questions and context. James will walk through the answers. Let me turn it over to Jolanta for our first topic. Thanks, R.J. So to start off with, the term full-stack is used frequently in ad tech and means different things to different people. So what we want to do is establish a clear, simple definition. So James, what do you mean by full- stack advertising platform, and what are the main components? And this question came from James Bales at Morgan Stanley, Rob Sanderson at Loop Capital, and Annabel Kuhn at Evans and Partners. So James, over to you. Thanks. Yeah, so I think at the highest level, if you take a brand or an agency trying to run a campaign, they will first work with demand-side platforms, otherwise known as DSPs, and the demand-side platforms, they enable advertisers to buy digital ad inventory in an automated and efficient way. They'll also use data platforms to find audiences that they want to target, so in this example, what James, sorry, Coca-Cola wants to target James with a campaign. They'll work with the data platform to find James and other people like James to target. They'll then work with measurement platforms to understand the effectiveness and efficiency of that campaign. Lastly, they'll work with supply-side platforms, otherwise known as SSPs. Supply-side platforms allow publishers to manage, optimize, and sell their own ad inventory, and so you can think of Life360 as a customer to a supply-side platform. Each one of these different steps and different capabilities, they will charge a fee, and they will take a percentage of the campaign that's starting at the brand or the agency. So full-stack means that Life360 controls that entire layer, has capabilities across demand-side platform, audiences, measurement, supply-side platform, and measurement, sorry, and publishers like itself, Life360, as well as others like Wall Street Journal, CNN, and others. Owning all of that and having capabilities across us enables us to capture the full economics of a campaign that, in this example, Coca-Cola is looking to push live. Great. So thanks for that, James. Looking to our earlier acquisition, where do you see Fantix fitting into that stack? Fantix is a really critical layer, very specifically focused on data. If you think about Life360 pre-acquisition, pre-Nativo, and pre-Fantix acquisition, we have incredible first-party data that we are capturing from audiences who are opting in. And what we needed to do then is enable that data to be used for advertising purposes, whether that's for a unique measurement product or to create unique audiences that can be targeted. That was Fantix's DNA, was really being able to understand how to organize data and coordinate that data in a way that can be leveraged for advertising campaigns. Nativo is, if you think about it as on the platform side, it's the DSP, it's the parts of the supply-side platform, it owns lots of measurement. Fantix is what's enabling all that Life360 first-party data to be activated across that full-stack. Great. So if we look at Life360 plus Nativo plus Fantix, do you see missing pieces still in the stack? We've got all the core capabilities that are in place post this acquisition. Obviously, you're never finished with any of this work. We're going to be continuously looking to add on to those core capabilities, but the core foundational capabilities are definitely in place. So if you think of those as first-party data, full-stack distribution, a sales and go-to-market team that's ready to hit the ground selling, and a measurement platform, those are all now in place. Great. Thanks, James. Moving to our second topic. Many investors assume Life360's advertising opportunity is driven by the number of ad placements we can show in our app. This possibly misunderstands where the scale opportunity actually is and what constraint we're removing. The real growth happens off-site across the open web, and Nativo unlocks this entirely. So the key question for you, James, is what's the difference between on-app inventory and off-site inventory, and why does off-site eliminate budget constraints? This question came from Andrew Boone at Citizens, James Bales at Morgan Stanley, Annabel Kuhn at Evans and Partners, Mark Kelley at Stifel, and Jennifer Xu at Jefferies. James? So fundamentally, on-app inventory is really, what is another way to say it is owned and operated? What is the inventory that Life360 owns and operates? So in this case, it's within our app. And off-site inventory is everyone else's inventory that they run. When you're focused on just on-app inventory, you've got a natural headwind to just how you can scale some of the campaigns that are being serviced within the platform. So if you take Coke as an example, if they wanted to spend, say, $10 million a month on a campaign within Life360, we would struggle to service that in the old world pre-acquisition. Why? Because if you keep on seeing the same message to buy Coke, that's going to become less and less and less effective. What you really want to be able to do is target somebody multiple times with multiple different formats and multiple different ways. That's where off-site becomes really, really valuable and really enabling to scale those campaigns. What Nativo does is it gives us scaled off-site inventory that is all connected and all attached to our first-party data and our first-party capabilities. This really means that we have the best of both worlds. We have our premium inventory, which is in-app or on-site, and then we are able to scale our campaigns with inventory off-site. Post-acquisition, we're really not constrained by what's just within the app, but we can capture the full brand budget without adding extra banners or cluttering our experience within the app. One thing that's come up is, will we increase in-app density, ad density over time? So we currently have a very high editorial standard as to the types of ads that show up in the app, and we're going to continue that very high editorial standard. We're never going to want ads to get in the way of the core experience. We're never going to want ads to be a reason for people not to use the app. And so it's always going to be with a focus on having ads that are contextually relevant, that are beneficial to the experience, and are effective for campaigns. So we are going to look at new formats. I think Place Ads is a good example of one of those formats, which is really contextually relevant, doesn't get in the way of the core experience, but is a really effective format for advertisers to use. That's the first of many, and we're going to continuously build those up, but we're going to be very, very constrained with how those new inventory pieces get in the way of the app experience. And so we're always going to maintain that high editorial standard. What percentage of advertising activity then will be off-site versus on-site over time? It's really hard to predict, and ultimately, we're going to move with market demand. But where possible, we're going to try and bundle as much together as possible, so taking the Coca-Cola example, what we'll really try and push for is have those ads or that campaign show up within on-site, driving really high margin, really incredible inventory types that are exciting for Coca-Cola, and then let us scale that campaign from an off-site reach, and so whilst that's going to be our kind of focus and how do we bundle as much of this inventory together, we are obviously going to meet the market where it is and move with its demands, but to put it in context, the off-site piece that Nativo delivers is about 30 times the amount of inventory that we have within the app. So for every one impression we drive within the app, we could drive 30 of them off-app. And that is where it kind of talks to the opportunity to bundle, where you have really high premium stuff in-app, but also the opportunity to scale with that reach that Nativo brings. Great. Thanks, James. So our third Ad Tech 101 topic addresses data differentiation. And there's been external commentary that's compared Life360 to legacy location data vendors and questioned our differentiation. So what we would want to do is to clearly explain why our data set is categorically different, more valuable, and deterministic rather than probabilistic. So a key question for you, James, how is Life360's location Family Graph data unique versus what's available in the market today? And what does deterministic versus probabilistic actually mean? And we've had this question from Lindsay Bettiol at Goldman Sachs, Bob Chen at J.P. Morgan, and Annabel Kuhn at E&P. So over to you, James. Yeah, so this is one of the pieces that we're most excited about as part of the Life360 Ad platform, wherein our unique selling point is the scale of our audiences mixed with the precision and the uniqueness of the data. So when I talk precision, if you think about Life360's DNA and expertise, it's all around precise location. We have an incredible product that's all based on the promise of being accurate with our location data. We also have unique insights into Family Graph just as a result of the product experience. So that precision combined with that uniqueness and the scale that we have at that is really unique within the market. Legacy vendors really rely on multiple third-party data providers that kind of give them sparse, and I'll use the word probabilistic. I'll explain that more further, but probabilistic location signals that require a lot of data science work, modeling, inference, and so on to make that effective as an ad product. We don't. We own our data. We own it at scale, and we have the family insights that are not available anywhere else. Probabilistic versus deterministic really is, if you have a small sample set of 10 people and you're trying to reach 100, you're using probabilistic models to work that out. Life360, if you're trying to target 100 people, we'll have 100 people. And so it's less about the inference of, did this person likely go here? Did they likely see this ad? And did they likely purchase something as a result? That's all probabilistic. Life360 is going to be more on the deterministic side, which is one of our really key and exciting unique selling points that we have available. Great. So turning now to real-time location targeting, is it actually possible at scale? Yes, and this goes to the DNA of the company being focused on accurate and precise location data, so if you look at us today, we have scaled campaigns that leverage real-time location targeting. One of the ones that we talk about a lot is Uber. Another example is AccuWeather. We have other examples in the market wherein when somebody walks into a store, they're sent a push notification offering them information about a special that that store has on them, so we're doing this already today, and it's really based off and enabled by the backbone of the company, which is being able to have credibly precise location data available in real time, and so we're excited to scale that capability not just to campaigns going out there, but also into measurement products that we can talk about in a bit as well. So talking about measurement, what about attribution and measurement? Doesn't that have a troubled history when it comes to location data? Yeah, a lot of kind of the legacy way of doing this, as I said, was really around piecing together lots of third-party data sets, throwing those into a kind of black box model with a lot of data science put into it, and coming out with a probabilistic result. Life360, we have this product called Uplift. And Uplift is based on, did James see, for example, a Starbucks campaign on a billboard on the side of the road? If yes, did he walk into a Starbucks after that? And that's a scaled attribution product that we have today. It's all based on opt-in data sets. So in this case, James has opted in to have his data be leveraged for this. And we're able to leverage real dwell time, as in how much time did James spend in the store. We're able to leverage our data on, did James drive past the billboard in the right direction, and we're able to then kind of piece that to the advert that he saw, so this is really exciting. It's an example of Life360 being differentiated in the market with attribution and measurement product that, first and foremost, is based on opt-in from customers and is working today as part of Uplift. Thanks, James. We'd like to transition into the Life360 Ad platform transformation, starting with where we were. Many investors might have assumed that Life360 already had a fully built advertising platform, when in reality, we were primarily an in-app publisher with a unique audience, limited commercial infrastructure. We always intended to be full-stack. Nativo dramatically accelerates this vision. Key question for you, James, is what was Life360's role on the advertising value chain before the Nativo acquisition, and what was your original plan? This came from Andrew Boone at Citizens, James Bales at Morgan Stanley, and Maria Rips at Canaccord. Yeah, so before Nativo, as you said, Life360 was essentially a publisher monetizing small at scale in-app inventory with limited direct sales capability and a heavy reliance on external partners. It's easy to forget that we're still relatively early in our journey with a launch only about 18 months ago. Prior to launching Life360 Ads, we always had the same vision, which was to build this full-stack capability, leveraging our data and our brand and our capabilities, but scaling that both off-site as well as on-site. Fantix was our first acquisition that really accelerated that part of the roadmap, the data piece. Now, Nativo accelerates the full roadmap dramatically and brings established relationships we really can replicate quickly. So if I maybe take a minute to really go in depth here. Pre-Nativo, we had a limited number of banner ads, banner placements that we could show to users per session inside the Life360 app. Our direct sales team was small and scaling, and we relied largely on programmatic demand from platforms like Google, Meta, and others. Going back to that, and then our strategic intent was we always planned to build this full-stack capabilities. We wanted a scaled sales team that were not limited to the inventory available in the app. Fantix is a great example. They brought expertise on how to leverage the data, how to build intelligence from that data, and how to build a measurement product that was really unique, leveraging our data. Nativo accelerates the technology by, I'd say, conservatively 12-18 months, maybe even more. They bring a lot of established advertiser relationships. They bring a lot of established publisher relationships, a fantastic sales organization that's taken years to build, and a technology stack that's very, very hard to replicate and would take a great deal of time to replicate. So it's very in line with our original vision, which was leverage our data and our brand and scale advertising both on-site and off-site. And both Fantix and Nativo have been excellent accelerants to that roadmap. Just looking back at the roadmap real quick, were we already building something similar to Nativo internally across the ad tech value chain? We're building individual pieces. We had a small but growing team internally that was focused on building those. And we were prioritizing the biggest bang for the buck part of that roadmap. A lot of our focus was on data and measurement as a foundation, and that's why Fantix was such a fantastic addition to the team. But we had a long way to go, a long roadmap ahead of us. We weren't yet started on the full marketplace, a DSP, an ad server, an SSP. We had a very small sales team comparative to the Nativo go-to-market team. And we were just establishing some of the relationships we had with major brands and agencies. So our roadmap looked relatively similar, but where we were in terms of that building process was very early on. Thanks, James. So let's now talk about the transformation itself, and some investors don't fully understand how different Life360 becomes after this acquisition and how we are completing our vision to become a full-stack advertising platform, so key question for you, what does Nativo actually give Life360, and how does it complete our platform vision, and this question came from James Bales at Morgan Stanley, Rob Sanderson at Loop Capital, Chris Savage at Bell Potter, and Wei-Weng Chen at RBC. So Nativo transforms Life360. It takes it from being a limited publisher with its own in-app inventory into a complete full-stack advertising platform, meaning post-Nativo, we can now deliver, we can measure, and we can monetize the entire advertising campaign end-to-end across the digital ecosystem. Specifically, if you break down what I was saying earlier about the full-stack, so demand-side platform, Nativo has a demand-side platform, a native ad platform that's scalable, that's focused on native ads is what Nativo brings. A publisher marketplace, so direct relationships with hundreds of premium publishers, including Wall Street Journal, Yahoo, CNN, and hundreds more. Proprietary measurement tools. We have Uplift. That is Life360's own measurement platform that is based off its own data. And this sales organization, which is fully scaled with deep relationships across Fortune 500 advertisers and the largest agencies in the industry. And then combining all of this is a unified workflow. And what does that mean? It means really the ability for brands and agencies and salespeople to execute planning, buying, and optimizing across the full platform. All of this is night and day from where Life360 was before. Great. So how quickly can you integrate Nativo and start seeing incremental contributions? It's going to be, we're going to get started straight away, but it's going to be a long journey. So there's some very quick and easy wins to capture both in revenue and cost synergies. A great example would be the Nativo sales team now have a consumer brand and a brand that's been advertised on TV that buyers are watching and seeing that. So they're going to get a lot of tailwinds into being able to open more doors and be able to close more deals. That's a relatively simplistic revenue synergy, which we can get on very, very quickly. But the full integration, which is going to be detailed and complex, we're going to approach it very thoughtfully, making sure that we don't drop the ball, that we have to deliver campaigns for our existing partners, but also doesn't miss the medium-term opportunity of making this one unified platform as quickly as possible. There's many of these opportunities that we'll process first and foremost. I'm very excited for the Nativo team to be able to start upselling their existing partners into Life360 formats. Similarly, the Life360 sales team being able to introduce their partners with the full wider Nativo publisher platform. But there's a lot of work that will need to be done. So we're going to be running very quickly at it, and we expect to have really full realization by year-end. Great. Thanks, James. I want to go back to a topic you discussed before that addresses how our two acquisitions work together. Several analysts have asked how Fantix and Nativo interact and why both were necessary. This is about showing the elegant architecture of the complete platform. So the key question for you is, how do Fantix and Nativo work together to create Life360's full-stack advertising platform? What synergies exist between them? This question came from James Bales at Morgan Stanley, Rob Sanderson at Loop Capital, and Mark Kelley at Stifel. Fantix and Nativo are highly complementary, and they really create this elegant architecture wherein Life360 provides the first-party data. Fantix powers the intelligence and the ability to leverage that data for things like its measurement layer. Nativo provides the distribution and the commercial infrastructure that's able to leverage that data. It all closes the loop with this deterministic attribution. Maybe I'll go through in a bit more detail how these pieces fit together. Layer one, data foundation. We have 90 million plus monthly active users providing continuous first-party consented location Family Graph data. This is the unique asset no one else has. This is what's really the engine of the Life360 Ads platform. On top of that, the second layer is you have intelligence and measurement. This is what Fantix really is bringing into it. They've taken that raw data and they're creating actionable advertising products. Place Ads that let advertisers target specific venues and contexts. Uplift attribution that provides deterministic measurement of campaign effectiveness. Like I was saying, did somebody actually see the ad? Did they walk into the store? How long were they in the store, and so on, and then sophisticated audience segmentation that creates this really high-value cohorts in a privacy-safe way. The layer on top of that is distribution and sale. This is really where Nativo comes in. Nativo is able to take those Fantix-powered segments and distribute them at massive scale across its publisher network. Their DSP allows agencies to buy campaigns, and the native platform delivers ads in a brand-safe and a contextually relevant way that both complements the publisher experience as well as the ad effectiveness. That sales force has established relationships to bring all of the prior layers to the Fortune 500 budgets. On top of that, closed-loop measurement. So this is where Life360, Fantix, and Nativo are really kind of humming together to provide this. So now we can show a family ad in-app. We can follow that campaign off-site using the Nativo network. And then we can use Uplift to prove the ads worked with deterministic foot traffic data. The advertiser sees the campaign, the reach, the engagement, and the real-world outcome. So it's really complete closed-loop attribution that we believe no one else can provide at our scale. So there's many synergies here. Fantix makes Nativo's platform more powerful by adding unique data and measurement. Nativo makes Fantix products more valuable by giving them distribution at scale. Together, they create something neither could achieve alone: a differentiated full-stack platform with proprietary data from Life360, deterministic measurement, and massive reach. Can Fantix capabilities be applied to Nativo's existing publisher partners? Yeah, absolutely. And this is one of those really exciting near-term opportunities. So Nativo's publishers gain access to Life360's unique audiences, exclusive access to unique audiences, and their Life360 inventory types like Place Ads. Advertisers running campaigns across Nativo's network can leverage the Uplift measurement product and to combine these all immediate value adds that differentiate Nativo's supply from generic programmatic inventory. So it really should be this fantastic tailwind for Nativo's success. James, how does this architecture compare to what competitors have? We believe that no one else has this combination. Google and Meta obviously have scale, but they have very different household-level and location data. Legacy location vendors have data. They have pieces of data, but they have to work hard to connect all those data points together, and they need a distribution platform, so they need to generally give up some of the economics as part of that. Other location-based companies like Uber, they have fantastic data sets and fantastic ad platforms, but they have single use case data: you during a ride, you ordering this food, and so on, but they don't have that persistent family pattern across daily life, so the architecture we're building, which is this first-party family data plus the intelligence layer plus the full-stack distribution plus deterministic measurement and scale, I believe is genuinely unique in the market. Right. Thanks, James. Let's turn now to address the strategic rationale for ownership. Multiple investors have asked why we are acquiring rather than partnering with existing large ad tech platforms. This is obviously critical. Ownership isn't just about economics. It's about data control and privacy. Key question for you, why is it better for Life360 to own the full-stack versus partnering with existing platforms? This question came from Maria Rips at Canaccord, Chris Savage at Bell Potter, Eric Choi at Barrenjoey, and Wei-Weng Chen at RBC. Owning the full-stack gives us the ability to capture economics across the entire value chain. And critically, it ensures that we maintain complete privacy control over our first-party data. So partners would require data access as table stakes. Ownership means we keep all high-value data in-house. So let's kind of walk through ownership, why ownership is more strategically superior across multiple dimensions. So first, on the economics piece. When you own the full-stack, you capture economics across every layer, every jump that I was talking about before between the brand to the publisher. So the DSP layer, the SSP, and the native layer, the measurement layer, and the creative layer. As we mentioned earlier, different parts of the value chain have different margin profiles. But by owning all of those pieces, we maximize our ability and opportunity to capture as much of that advertising spend as possible. In the partner model, which was very much the model we're in prior to the acquisition, you're capturing just pieces of that economics, which is a fraction of the total value. Next is privacy and data. This is very critical for us. Any partner would require data access as a fundamental condition of partnership. That's just kind of how the ad tech ecosystem works. But full-stack ownership means we keep all that high-value data and that safe data within the Life360 environment. So we control what gets shared, when, and with whom. We're also able to maintain that we have full security on that data and never reliant on lots of other parties to capture it. Control of brand safety. So we control the entire advertising experience end-to-end, ensuring everything on the Life360 Ad platform is family-safe, is brand-safe. So if you think about our brand promise, this really becomes extremely, extremely important. Scale and relevance. Given kind of my example previously with Coca-Cola, if we can now participate, we can service really scaled large full-funnel campaigns because we have distribution and we have unique targeting and ways to measure it. So the distribution is across our app, on-site, and is across thousands of premium publishers off-site. It also enables us to build in a lot of platform differentiation. So we're less reliant on other partners to build interesting products or interesting ways to service these campaigns. We can instead build them our own and really have control over our own roadmap. So with all of that, does that mean that you won't partner with anyone in the ad tech ecosystem? We'll continue partnering across the value chain where it's strategically advantageous. A good example is I keep using Coca-Cola, which is completely fictitious. But if you think of them, they've got their own measurement tools that they've gotten used to using. They'll continue wanting to use those, and we'll absolutely be open to that and partner with those measurement tools as the client wishes. So having the full-stack doesn't mean you're isolated and kind of the door is shut. It just more so means that you have control and you have optionality. So we can decide when a partnership makes sense versus being forced into it because we lack the capabilities to service a campaign. That's really the power of ownership. Great. Thanks, James. Let's look at the combination from the other direction. Several investors have asked not just what Nativo brings to Life360, but what Life360 contributes to Nativo's business and competitive positioning in a post-cookie world. Key question for you is, what does Life360 bring to Nativo, and why does this combination create something unique in the market? This came from Lindsay Bettiol at Goldman Sachs, Rob Sanderson at Loop Capital, and Mark Kelley at Stifel. Yeah. So Life360 brings Nativo a scaled Family Graph and deterministic location data set that makes it essentially the only full-stack platform with a combination of our audience quality, our data precision, and our privacy controls. So it's going to be extremely differentiated going forward. Breaking it down a little bit, so first of all is the audiences. So Nativo will gain exclusive access to the unique audiences that Life360 can create. That means that sales force have something really differentiated with the market that they can go and talk to brands and agencies about. They will have first-party data in this privacy-first world. So, as really new rules and ways of working with data are constantly changing, constantly moving, 99% of that, almost all of it, is based on third-party data, meaning that Nativo's competitors are really having to work with other people's data that is out of their control. What Nativo will have is first-party data. And so their ability to take that data to market is going to be one, future-proof, but also differentiated against their competitors. The closed-loop measurement, so this deterministic closed-loop measurement that we've been talking about, again, is a unique thing that the Nativo sales team, go-to-market team, can take to the market, wherein they're helping brands and agencies realize if the campaign was successful, if it was efficient, if it was effective, driving real-world actions like store visits or any other specific behaviors. And then I think the other piece of it is the strategic market positioning. Together, Life360 and Nativo have this really unique offering in the market. They have premium native ad formats, which is within the Life360 Ad experience. They have this brand-safe environment within Life360. They have this high-quality household insight and data set, and they have the full-stack control to be able to scale those campaigns. So they have this incredibly unique offering that they can take to the market, as well as the Life360 brand, which is going to be this great tailwind for their sales team. James, I'm wondering how this combination compares to other existing location-based advertising platforms? I think the real difference here is household and family context and the persistence of the data set. So you can take lots of fantastic companies out there who are scaling amazing businesses, but they generally see individuals for one moment in time. So maybe as an example, Uber sees people when they're taking a ride. Yelp sees people when they're searching for restaurants. These are really valuable and really great data sets to have. But Life360 is differentiated in that we see continuous patterns across daily life: home, work, school, runs, shopping, dining, travel, etc. And we can take all that richness, combined with our full-stack capabilities in this privacy-safe way, to really set ourselves apart. Can Life360 reach the scale of major subscriber-plus advertising platforms like Spotify, Snap, or Uber? We believe the answer is yes, but it will take time. We have the foundational elements, the audience, the scaled audience of 90-plus million active users, the data, which is first-party, deterministic. We now have the full-stack platform, hundreds of publisher relationships, and the commercial engine that goes with that, a proven sales force and go-to-market motion that's really successful, so these core foundational pieces are in place, but it's going to take disciplined execution over time, and we're going to have to continuously prove ourselves to be the next major advertising platform that's available to brands and agencies. Thanks, James. So let's turn now to privacy and safety standards and from an investor perspective, they clearly want confidence that Life360 is maintaining trust and privacy standards while we're scaling an advertising business, so there are also specific questions about targeting minors and data controls, which is clearly a critical differentiator for us as a family platform, so a key question for you, how do you protect user privacy, especially for families and minors while monetizing advertising and location data, and how does full-stack ownership strengthen rather than weaken privacy? And this question came from Bob Chen at J.P. Morgan, Rob Sanderson at Loop Capital, Jennifer Xu at Jefferies, Annabel Kuhn at E&P, and Eric Choi at Barrenjoey. Yeah. Owning this full-stack really strengthens privacy because it means we can keep all of our data inside our own ecosystem. Within that ecosystem, though, we work with aggregated anonymized cohorts, so we don't use raw identifiers, and we implement strict self-imposed controls around how we use the data and populations that are kind of not eligible for advertising. A lot of those are controlled around sensitive populations and absolutely for minors. Privacy, family safety, brand safety, those are all non-negotiable standards that we can really control within our own platform, so it probably makes sense to take a moment and dig a little deeper, so we don't sell raw user data to advertisers or third-party platforms. That's a principle. We work with aggregated anonymized cohorts, which are really based on behavior and context. As an example, advertisers can access segments like a frequent grocery shopper or people looking to buy a new Toyota car. Those are big segments. They're not individual user profiles or identifiable information. The full-stack ownership really means that we have much fewer external companies that we're having to work with, which ensures that the data is not exposed to other providers, which is obviously a security risk. Owning it all really helps us govern end-to-end what gets shared, when, and with whom, and can turn off the pipes as quickly as we wish. We've self-imposed many additional protections focused on minors. We've implemented very conservative policies that reflect our brand promise and our mission. We have strict controls on what data can be used, how it's anonymized, what types of advertising can be shown to whom. These are all non-negotiable. We obviously have brand safety and family safety as core requirements for the entire company. So every ad, every format, every campaign, it runs through filters, ensuring it's appropriate for our family audience. And this is built into our platform. And then for certain use cases, we use clean room-style technical approaches that allow matching and measurement without exposing any underlying individual data. So the fundamental principle is pretty simple that Life360's trust relationship with families is imperative. It's non-negotiable, and we're not going to compromise it for advertising revenue. So looking to moving advertising off-site, does this increase privacy risk? No. If anything, it lowers risk because we can run the campaigns with our controlled stack and our own stack rather than pushing data to multiple outside vendors. When we deliver an ad on the Wall Street Journal, as an example, using Nativo's infrastructure, using a Life360 cohort, that entire process stays within our platform. No raw Life360 data is leaving the environment. And that's one of the main advantages of ownership. Thanks, James. Moving now into our final topic, which covers business model and how investors could track progress. There are questions about whether Life360 will stay subscription-led or shifting more to advertising-led, and what metrics might best indicate whether the advertising strategy is working. I'd like to be clear about our platform strategy. So the key question is, Life360 still a subscription-led company? How should investors think about advertising as a long-term pillar? And what are key proof points to track? This came from Wei-Weng Chen at RBC, Andrew Boone at Citizens JMP, James Bales at Morgan Stanley, and Eric Choi at Barrenjoey. Life360 is a platform company. We're building a family super app with multiple revenue pillars that work together. Subscriptions remain our core engine. It's durable, has recurring revenue, strong unit economics, high customer satisfaction, and a really clear value proposition that the customers like. None of that's changing. Subscriptions are continuing to be our primary focus and our largest revenue driver. Advertising, though, it really complements our subscriptions by monetizing the tens of millions of free users who love the product but don't want to convert to paid. We really want to respect that, that the paid product is for some people, but not for all. It really creates this meaningful incremental upside without changing our mission, without changing the user experience or the core value proposition. This combination helps us become more resilient as a platform. Multiple revenue streams, high margins across both pillars gives us strong operating leverage as we scale. Real quick, thinking about how do advertisers interact with the Life360 platform? Sorry about that. I got a bit cut out. Can you repeat the question, please? Following up on how advertisers can actually interact with the Life360 platform. There are two primary ways. Really, first is through the managed service, which is a Nativo product where a brand or an agency, they can come to us with an objective, and we can build a custom campaign using Life360 data and Nativo's distribution. We handle execution, we handle optimization, and we handle reporting. Second is through platform access. So sophisticated advertisers can use our DSP and tools to build and manage their own campaigns. The sales motion depends really on the sophistication of the buyer and the scale of the campaign, but both models work and both will continue to grow. Then what about international expansion for advertising? International is a significant opportunity. I think what sets us apart, again, is our first-party data. That first-party data is not specific to one country, but it's really global. Our initial focus is going to be North America, where both Life360 and Nativo have established presence and where really the advertising market is most mature, but the platform architecture we're building is built with a kind of global readiness from day zero, and obviously, our data is being captured globally as well. As we prove the model and achieve strong unit economics in the U.S., we'll thoughtfully expand it to other geographies where Life360 has meaningful user bases and where advertising markets really justify that investment. Great. Thanks, James. That concludes the bulk of the question topics that we collected. I was hoping that you could make a few parting remarks before we sign off. Yeah, I appreciate it. So let me wrap up with a few summary thoughts. Life360 is really a platform company building the family super app that makes everyday life better. We're evolving from a single app publisher into the first full-stack family advertising platform powered by our Family Graph, scaled through Nativo's technology and publisher network, and governed by privacy principles that align with our mission. We remain a subscription-led company. That's not changing. But advertising is becoming a powerful second pillar, one that improves our margins, monetizes the reach we've spent years building, and creates a more resilient, durable platform business model. I think the key points to take away from this are: one, full-stack ownership means we control the buying, delivering, and the measuring of ads end-to-end. And this enables us to capture the full economics and maintain complete data control. Off-site inventory eliminates our budget constraints. Before, we were really limited to only work with a fraction of an advertiser's family-focused budget. But now, post-Nativo, we can service the entire spend through our platform. Our data is deterministic, not probabilistic. We provide precision. We provide persistence. We provide household context that no one else has at this scale. Fantix and Nativo create an elegant architecture. Life360 data, Fantix, intelligence, Nativo distribution, closed-loop measurement. It's really this complete stack that we're all working together on. And I think privacy and control improve with this full-stack ownership. We keep high-value data in-house instead of sharing it with partners who would require access as table stakes to working with that data. We're already seeing proof points in the market. The reception to Uplift has been fantastic. The reception to Place Ads has been fantastic. We've got great partners like Uber, like Arity, like Dutch Bros, and Costco, and many others that we're working with. And we're really excited to expand those products to the Nativo relationships that have been built out. This acquisition positions us to compete at a completely different level. With our data, the technology, the distribution, and the go-to-market and commercial engine, it helps us, enables us to really participate in advertising budgets that were previously out of reach. So we're excited about what this means for Life360 as a platform company. And we're committed to executing the integration thoughtfully and successfully. Thanks, James, and thank you all for the time today and for the thoughtful questions you submitted. We'll continue to keep you updated as we move through the integration process in 2026. As we said at the start, we'll provide detailed 2026 guidance when we report our 2025 results. In the meantime, if you have any follow-up questions, please don't hesitate to reach out to Jolanta or myself. Thank you very much again for joining.