To everyone in the U.S., and good morning to those joining from Australia. Thank you for joining the call. We're doing something a little different this quarter with shorter remarks so we can get to more Q&A. The letter we shared provided a lot of detail, so I wanna take a couple of minutes to reinforce a few key points. I wanna talk about what's propelling our strong financial results and why I'm confident in our trajectory. I also wanna 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 wanna touch on our progress in learning on AI. 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. 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 subscriptions, advertising, and partnerships all flows from it. Every quarter we ask ourselves, are we increasing the value we deliver to families, and are we seeing that value compound in our results? The answer to both of those questions in Q1 is yes. 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 three million Paying Circles. ARPPC is at an all-time high. These aren't one quarter anomalies. They're the result of a flywheel that's continually getting stronger. Better product drives higher conversion and retention. Those improved economics fund more investment, and more investment makes the product better. The value we deliver to our members powers our monetization engine. 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 suppressed registration volume during the peak of Q1 marketing. After fixing a widespread issue that impacted new signups, 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. 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, and we're still finding opportunities for improvement. Recovery won't happen in a single quarter, but even with pressure on registration, our monetization through the funnel has remained strong. What I really wanna convey is that demand never faded and engagement continues to deepen. 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 U.S. states continued to increase their penetration consistent with previous years. Our iOS segments, which drive the vast majority of our revenue, recovered and are growing well. The U.K. is growing at 25%, Canada at 32%, and Australia and New Zealand at 24%, all bolstered by strong and improving member retention. The signals we're seeing now give us confidence that the fixes are taking hold, and we expect to be back on our planned glide slope by Q3. This impact delays but does not fundamentally change our MAU growth trajectory. This brings our expectation for MAU growth to between 17%-20% for the year. Our top line growth remains strong, and we've raised outlook for revenue. I wanna 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. Our real-world first-party family data is unique, impossible to replace with a synthetic model, and it's what turns relevant reach into measurable results. With the completion of the Nativo acquisition, advertising revenue has reached critical scale, and the promise we've seen for some time has become real. We broke out advertising revenue for the first time with nearly $20 million in Q1, and we expect a steep ramp over the next few quarters as we enter peak advertising season. 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. 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 U.S. ad eligible adults to over 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. What that means in practice is that brands like Starbucks can reach families in a real moment near a store on a Saturday morning, then close the loop to see whether that impression drove a visit. 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. Brands like these wanna work with us because of the trust we build with the families they serve and because we can close the loop between ad targeting and customer behavior. Experiences like these enrich the value that we deliver our members and propel the flywheel that drives member value and monetization. That's why we see so much potential in our ads business. Finally, I wanna touch on AI. I want to address this directly because it doesn't yet show up in the financials, it will shape how we operate and compete for years to come. 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. 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. 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. What we see clearly now is that AI doesn't just help work get done faster, it fundamentally changes how work gets done. 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. 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. As our AI implementation matures, Life360 becomes the easiest way to orchestrate everyday family life, compounding value for our members and our business. Those were the points that I wanted to highlight for Q1. Looking forward, the setup into the back half of the year is strong. Revenue acceleration, margin expansion, and MAU growth all point in the same direction. 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. We continue on the path to exceed 150 million MAU, a billion in revenue, and over 35% adjusted EBITDA margins. Q1 reinforced our confidence in that path. The MAU headwinds slowed us a bit, but the trajectory remains unchanged. With that, I'll ask Russell to share a bit more detail on our performance and outlook. Thanks, Lauren. Q1 delivered strong financial results across our core business, and there are some important cost structure dynamics that are worth walking through. All figures are unaudited and in U.S. dollars. 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 Circles growth and 7% higher ARPPC. U.S. subscription revenue grew 28% and international grew 58%. Advertising revenue was $19.7 million, up 329%, boosted by the Nativo acquisition. This revenue stream is now disclosed as a separate line. 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. March AMR reached a record $517.9 million, up 32% year-over-year. 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%. 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. Advertising gross margin will improve as the platform scales and should normalize towards 70% as revenue scales in the higher margin back half. Lastly, hardware margin was negative as we priced Pet GPS for adoption and absorbed brick-and-mortar retail exit costs. 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. 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. Our upper funnel investment, such as streaming Super Bowl and Winter Olympics commercials, is oriented towards brand awareness, which offers longer-term payoffs. Even with these investments, we expect to resume our march to increasing operating leverage by Q4. 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. 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. 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. 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. On guidance, we're updating our full-year financial outlook. We're raising total revenue guidance to $650 million-$685 million, up from $640 million-$680 million. This is driven by subscription revenue, which we now expect to be between $470 million and $475 million, up from $460 million-$470 million. Full-year guidance for the rest of the business is unchanged, with advertising revenue now disclosed separately and expected to be $98 million-$115 million. Hardware revenue of $40 million-$50 million, and other revenue of $42 million-$45 million. We're raising adjusted EBITDA guidance to $130 million-$140 million, up from $128 million-$138 million, representing approximately 20% margin. A few modeling points worth noting for our 2026 outlook. 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. 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. 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. 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. The financial setup 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. RJ, back to you for Q&A. Thanks, Russell. As a reminder for everyone, please start with just one question. We have a number of personnel in the queue today. We'd like to open up first to [Mark Mahaney]. Could you unmute your line and ask a question? Okay. Can you hear me? Great. RJ? Yes, we can hear you. Okay. Let's see. I just wanna ask I'll start off on advertising. 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. How much of that was from Nativo? 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, you know, approximately $100 million? Thanks a lot. Thanks. 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. We are pounding the pavement in the ad circuit, attending the key conferences, continuing to reach out to both the customer base that Nativo and Life360 had cultivated over time. We're seeing a lot of enthusiasm for the combined offering. We're off to a good start. Mark, I think I know you're looking for an organic number. It is difficult because we've combined the businesses from day one. I think if you look at it broadly for that $20 million revenue in Q1, roughly half of that was organic. Okay. Thank you very much. Thanks, Mark. Next, we'd like to open it up to [Eric Choi]. Eric, could you unmute your line and ask a question? Yes. Thanks very much, 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%-20% range for the full year, it still implies that 1.9 million needs to lift to, say, five million-ish on average per quarter for the remainder of the year. My question is, I'm just trying to get investors and myself more comfort 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? Alternatively, you're kind of halfway through second quarter now, maybe if you can give us a feel if that MAU number has actually already meaningfully accelerated? Thank you. Okay. Let me unpack this a little. In Q1, we saw the suppression of the funnel that really impacted certain segments more than others, and that is the Android-heavy markets and, in general, the lower-end devices. When we sort of pull apart and look at the performance of our premium devices, iOS devices and high-end Android devices, we're already seeing really strong momentum. 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. We have the improved growth of that premium segment, and I would say overall that balances out with a suppressed funnel to give us a similar quantum to previous quarters. We expect as that funnel is fixed and we go into Q3 in the later half of the year, that trajectory helps us build further momentum across the full user base. Super helpful, Lauren, and sorry, I know I'm being annoying. For avoidance of all doubt, if I look at second Q 2025, you did $4.3 million MAU. You're sort of saying second Q 2026 is already tracking kind of in line with that number and given there's potential for second half acceleration on second Q, that's what gives you the confidence in that full year number. Sorry, is that the right way to think about it? Yeah, I'll add a couple of things. You know, even as this has been ongoing, we're seeing increased demand, we're seeing increased user retention. We're seeing a lot of great signals in the fundamentals. The problem that we've been contending with is pretty narrow and we put fixes in place and new monitoring, and we feel good about getting back on that glide slope by Q3. 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. The it is very separate from the MAU trend. No, your core business is flying. I get it. Thanks very much. Thank you. Thanks, Eric. Next, we'd like to open up to [Maria Ripps]. Maria, can you unmute your line and ask a question? Great. Thanks so much for taking my question. I just wanted to follow up on the MAU sort of technical issue this quarter. Can you maybe help us understand sort of the timeline of the recovery there? I think you said it will take a couple of quarters by Q3. Are there any sort of certain fixes that still need to be implemented? I guess, how are you recalibrating your marketing spend over the next couple of quarters as this is happening? The issues that we've seen are sort of a cluster of issues. 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 sort of uncovered that there was remaining issues, particularly in Android and particularly with lower-end devices. There were a few very specific issues that we have fixes in place for, and those fixes went in, you know, in between late Q1 and Q2. Those are already seeing good progress. The thing that this work has really helped us understand is that, you know, very much not all MAU is created equally, and there's an opportunity to look at those lower-end devices and continually improve performance among those cohorts. That'll 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. You know, 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, and that's because the premium devices are the things that really drive the lion's share of our momentum today. We believe that the Android cohorts and these broader cohorts are important to our long-term health, so we're making sure to make those investments, and those will continue for a longer period of time. Great. Thank you so much. Thanks, Maria. Next, we'd like to open up to [Laf Sotiriou]. Laf, could you unmute your line and ask a question? Thank you for the opportunity to ask a question. Can I just quickly follow up on a previous answer that Russell provided and then ask my question? Russell, did you say was it $10 million of the new $20 million advertising revenue disclosure was organic growth? Given, you know, roughly $4.6 million PCP, does that imply Nativo was around $6 million PCP on a like for like, so that $10 million is organic? If you can just clarify your answer around the $10 million. And my question is in relation to Starbucks and the Uber 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. With Uber's expanding partnership, is that leading to higher revenue? Is it double the revenue? What's involved with that expanding partnership? Thank you. Let me take the partnership one first, and then Russell will get back to you on his earlier comment. One of the interesting things about the ads business is, and this is something we learned as we started getting in, is that customers want to start small and then grow. 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 and get to know partners and sort of prove what our platform can do with them. Now with Nativo, we're able to engage in partnerships, and we are starting on that journey with Starbucks and many other partners. That is helping us get going, and those accounts will build over time. Uber is really in 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. 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 one, it's not technically possible to extract a pure organic number. All I'm doing is sort of looking at past history for both businesses, and saying, you know, roughly half of that first quarter result was organic. Now in terms of progression, we've also said that what we expect to happen this year is that, you know, the revenue will double between Q1 and Q4. The Q4 level of revenue is likely to be roughly double what we saw in Q1, and that reflects sort of history of both businesses. Thanks, Russell. Just to be clear, so that means Nativo was roughly $6 million PCP. The $10 million on is an organic growth on both the existing Life360 advertising and Nativo? That's a broad enough assumption, yeah. All right. Excellent. Thank you. Thanks, Laf. Next, we'd like to open it up to [Mark Kelley]. Mark, could you unmute your line and ask the question? Hi. Great. Thanks very much for taking my question. I was hoping I'd love to get just a maybe a better understanding of the technical issues that you identified, you know, that impacted MAU. You know, I know a lot of non-technical people on this call, including myself, but maybe just a little bit more color about, you know, what caused the issue and, you know, how to make sure that those issues don't pop up again in the future would be really helpful? Thank you. Yeah. I can give you some examples. The first that I mentioned is technology that we use to make sure that there isn't fraud in traffic coming into Life360. It's very helpful to prevent fraud, 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 sort of like the first problem that we resolved and fixed. 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. These particular problems are things that caused 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, sort of daily use customers already. What we've done is put much, much more robust monitoring on that part of the funnel to make sure we catch those problems. I'll just add one other side effect. When those problems were happening, it's something that Google is able to detect, and when they saw those problems, they actually decreased our ranking in search results in the App Store. 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. All right. Really helpful. It sounds like a big part of this was not your code. It was, you know, a third-party code that, you know, kind of made it hard for you at to identify, and the ranking stuff for Google. That all makes sense. I really appreciate the color. Thanks, Lauren. Thanks, Mark. Next, we'd like to open it up to [Chris Savage]. Chris, could you unmute your line and ask the question? Thanks, RJ. Lauren, this is probably more for you, but to use your term, the monetization through the funnel was obviously very good in Q1. Can you talk us through what particularly drove that, and was it any, in any way, shape, or form Pet GPS? 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. That's an example of the kind of new value that we've been adding. 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. So we've been using AI to help get the right messages to the right customers at the right time, and that is just helping to uncover the value that's there and drive a lot of our subscription growth. Okay. Thank you. Thanks, Chris. Next, we'd like to open up to Nitin Bansal from Bank of America. Nitin, are you on the line, and could you unmute and ask the question? Hi. Thank you for taking questions. On the user, U.S. user growth side, can you help us understand, like, which regions or demographic cohorts contributed most meaningfully to the user additions in 1Q? As we look ahead for the remainder of the year, where do you still see, like, the largest white space opportunities for growth within U.S.? And what do you believe will are the key levers that could drive deeper penetration in those under-penetrated markets? Thank you. Okay. Growth in Q1 is pretty broad within the U.S. It's not necessarily one segment. 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. In terms of opportunities, we see two things. Historically, we've had stronger growth in regions where cars are really important. Our car value props resonate really well. 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. Riding bikes, walking, and soon trains. That is helping us appeal to demographics where we haven't been as popular. I'm hopeful that we'll see New York come up at some point. 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. You know, 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. 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'll also benefit the U.S. Thank you. Thank you. Next, I'd like to open up to [James Bales]. James, could you unmute your line and ask a question? Yeah. Thanks, guys. 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, and you talked about the conversion from MAU to Paying Circles as having better conversion performance. I guess, 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? James, I think what we said is conversion has improved fairly dramatically and we've been talking for a while about the impact of our marketing efforts and how they've been very successful in, you know, really getting to people with a greater propensity to convert to subscription. Now, that's part of it. The member experience that Lauren referred to earlier is definitely part of it. You know, so that is all building in terms of conversion. When we look at the, you know, the MAU growth sort of 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. All of that is sort of driving a, you know, higher conversion and all the way through to the Paying Circles growth that we're seeing. Yeah. That's actually worth double-clicking on. You know, 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. Okay. I guess the question I had was basically, are you seeing improvement on the new customers added, and that's the big driver? 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? We're seeing a little bit of both. We're definitely seeing new customers with a higher propensity to come in. Yeah. I'd say it's the new customer stream that's, sort of, driving it primarily, but we're certainly not seeing any fall off in previous cohorts. Great. Thanks, guys. Thanks, James. We'd like to open up to Stephen Ju from UBS. UBS, excuse me. Stephen, can you unmute your line and ask a question? Yes, Sir. Thank you. Wondering if you can update us on the state of the elderly segment product development. 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? Thank you. Lauren, can you pick one? Which one would you prefer? I wanna talk about Aging Parents. Yeah. Aging Parents, there we go. We're gonna move that one to later in the queue. Okay. Okay. On Aging Parents, I'm incredibly excited about the opportunity that we have to expand to serve more families at more life stages. 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. We have more work lined up both in the back half of the year and years to come. The key thing here is that as we expand into things like Pet GPS 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. You'll see us double down on Pet GPS 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. 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. We are laying the foundation with aging parents, and you will see more this year, but that will build over the next few years. Thanks, Stephen. Thank you. Thank you. Next, we'd like to open it up to [Annabel Khun]. Annabel, could you unmute your line and ask a question? Hey, guys, thanks for taking the question. Maybe just love to get a little bit more detail on how Pet GPS 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. 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, free user conversion, and sort of like current Gold members buying? Thanks. Yeah, great. We're really excited about the momentum that we're seeing in Pet GPS. You know, first on the free side, we're seeing something like 120,000 new customers, or new pet profiles created every week, really great momentum there. Of course, you know that we've sold out, at least in the U.S., we've sold out of our Life360 Pet GPS pretty quickly. We've moved that manufacturing to a new location, and 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. In terms of what we're seeing, one thing that's interesting is that a lot of the customers that are pet customers are free teenage families. A lot of them are earlier in their life cycle than the typical Life360 family. That's helping us think about how we wanna 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. That insight that a lot of these customers are early in the journey, it means some of the things in the current lineup are more or less appealing to them at different layers of the tiering, and that's informing how we're going to go to market in Q3. Thanks, Annabel. Next, we'd like to open up to [Andrew Boone]. Andrew, could you unmute your line and ask a question? Thanks much for taking the question. I wanted to ask about marketing campaigns. You guys were lapping a very successful campaign in 2025, and yet it sounds like you're seeing pretty good success in terms of what you're doing in 2026. 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, and what's changed this year? Thank you. It's hard for me to compare exactly, you know, one campaign to another. I would say we continue to see really good performance of our advertising. You know, we're very much focused on demand creation, on building What we talk about is building an iconic brand and getting, making it so that more people understand our brand, when they encounter us, they're more likely to join and eventually convert. We're really happy with the overall progress in that, we are teeing up new campaigns. I will say we are more likely to lean into that after we've sort of gotten through this little wave of the technical suppression on our registration. I feel like it was frustrating to me that, you know, during the height of our Q1 marketing we were facing these technical issues. As we come out of that, we'll lean back into our marketing. Andrew, we've also talked about this year our plan is to spend more in international territories and again, where we've talked about our sort of focus territories, particularly Brazil and Mexico and Germany. And we're really sort of laying out, you know, the campaigns and going to support the go-to-market in those territories. Thanks, Andrew. We'd like to open up to Andrew Gillies. Andrew, can you unmute your line and ask a question? Andrew Gillies, Macquarie. Come back to it. Yeah, we'll come back to you, Andrew. [Rob Sanderson]. Rob, are you available? Please unmute your line and ask a question. Yes. Thanks for taking the question. I wanted to talk a little bit about go-to-market on your ads business. You know, 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 we hear, you know, difficult to scale and not really worth putting a lot of energy into it, but clearly high interest. Obviously Nativo Publisher Network, you know, brings a lot on the supply side so that's, I think, really good unlock there. The question's really on scaling the demand side. You know, we're watching OpenAI come to market and they're partnering, you know, to get its advertising business off the ground. Just why would a similar strategy that includes demand-side partners, you know, maybe not make sense for Life360 today, and is that something you might consider more in the future? Thank you. Yeah. 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. On the demand side, in terms of partnerships? I'm not sure I understood exactly what the question was. We certainly are building our demand side and pursuing new partners on that. Right. The question, Lauren, sorry to not be specific, was, you know, engaging with third-party partnerships on the demand side instead of just going on a first-party basis? Yeah, we do look at that, and so we will continue to invest in that. We should probably follow up and get some of our specialists to talk with you about that. Okay, thanks very much. Thanks, Rob. We'd like to open it up to Siraj Ahmed. Siraj, can you unmute your line and ask a question? Siraj, unfortunately, looks like you're not there. We'll try [Roger Samuel]. Roger, can you unmute your line and ask a question? Oh, yes. Thanks for taking my question. I've got a question on your stock-based compensation, which has grown substantially, up 64% versus PCP. I get it's because of Nativo. I think at the full year result you were guiding to stock-based compensation to increase by 40%. I'm just wondering if things would normalize in the next quarters? Yeah. I think it will normalize to some extent. SBC isn't necessarily something that lays out evenly over the quarters. To your point, we took on, you know, 125 heads with Nativo from the first day of Q1. Plus we've had some additional growth ourselves. There's a few factors that go into that and it will tend to normalize over the course of the year. Got it. Thank you. Thanks, Roger. Next we'd like to open up to [Chris Smith]. Chris, can you unmute your line and ask a question? Morning. Thank you. Just one from me. 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. The business is now generating consistent free cashflow. The conversion rate of Paying Circles in that first quarter nearly 3x on the previous quarter. You're talking to MAUs sort of incrementally doubling in the second quarter. What's not giving you the confidence, or why not initiate a buyback, just to sort of give that confidence that you've clearly got in the business to the market? 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. We are hearing that from investors and hearing the suggestion for a buyback. We absolutely will consider it. You're looking at a balanced capital management strategy. We also view ourselves still very much as a growth company. There are multiple opportunities for us to invest in growth in the future. We wanna balance those things out. It is definitely something that we will look at closely. Thank you. 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 it that in terms of the number of members per Paying Circles or Circle, but that strength and that must give you extreme confidence about the outlook? It really does. Your 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. Yeah, I can only agree with you. Thank you. Thanks, Chris. Right, we'd like to go back to Siraj Ahmed. Siraj, can you unmute your line and ask your question? Okay. Seems to be working now. Can you hear me okay? Yes. All right, great. 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. 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, and how does this whole family AI initiative link up with Paying Circles conversion? Thank you. Okay. The first question was Remind me what the? I think it's about fraud. Okay. I'll take that one first. 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. What we do is we repair that, and this part has already been fixed. We sort of repair that problem so that as new traffic is coming in, and hopefully some of those same people return again. As new traffic is coming in, that part of the funnel performs healthy again. Repeat the question for me. AI for families, AI initiative. That was the question, I believe. So we're really excited- Is this sort of Paying Circles conversion and how that's actually how we should think that plays through the whole family AI initiative? Thanks. I'll separate those two things. Just in general, the Paying Circles conversions, we expect to continue to hold strong and improve over time. The way that AI is really impacting Paying Circles conversion today is more about feature discovery than about those new capabilities. That's the way it's driving Paying Circles conversion and growth today. What we're doing now with AI is starting to weave it into features so that we use more intelligence about what people are doing to make new features that help orchestrate family life. I would like to give the example of carpool, which is one of those crazy times in every parent's life. What are the things we can do if we know who's nearby and what people's schedules are to inform those kind of things. Those kind of 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. Thanks, Siraj. There were a lot of questions there. I hope I answered them. Next, we'd like to go to Andrew Gillies. Andrew, if you could unmute your line and ask a question. Hi, guys. Can you hear me? Yes. Perfect. Thank you. Just a quick question on Nativo and the relationships you've got there. That's very core to the business and the growth story. How have the retention dynamics been? Are there any opportunities there, and effectively just a bit of an update would be great. Overall, the Nativo business or what was the Nativo business is holding strong, and 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. We see a real opportunity to increase performance there. There were, you know, 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. 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. Thank you very much. Thanks, Andrew. Next, we'd like to go to [Wei-Weng Chen]. Wei Weng, could you unmute your line and ask a question? Hey, guys. Thanks. Just a question on the AI initiative or kind of the startup that Chris Hulls is leading within Life360. I guess the nature of startups is they generally burn a bunch of cash initially while the product's being developed, and then a, I guess a viable product, even then isn't necessarily guaranteed. Can you maybe speak to the level of resourcing that's gonna be available to this startup? Then also maybe given, Chris is the Exec Chair of Life360, I guess what are the governance structures as they're, as they relate to this startup? Are these costs factored into guidance? 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. The nice thing about being a startup 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. 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, you know, on your own isolated startup. 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. We have a sort of 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. Wei, that small resource that's being allocated there is, you know, considered as within our guidance for the year. Oh, yeah. Well, thanks. Thanks, Wei Weng. Thanks, all. We've gone through the first questions. We're gonna open it up to the last part of the queue. I'd like to go to Chris Savage. Chris, can you unmute your line and ask your question? Chris, do you have a follow-up question? No, I'm fine. I do. He's good. Okay. Thanks, Chris. Next, we'd like to open it back up to [Mark Kelley]. Mark, can you unmute and ask a question? Great. Thank you. I just wanted to ask you about Paying Circles size over time. Like, have you seen the number of MAU within Paying Circles change at all, you know, over the last year or so? I guess, do you have any expectations going forward? Thank you. In general, as Paying Circles age, they tend to get bigger. As our population ages, the number creeps up a little bit, but that's more about sort of mix shift over time. One of the interesting things about expanding to more life stages and Pet GPS in particular are the families that were more likely to become Paying Circles are a little bit larger than our average circle size. But the families with pets are often these smaller one and two-person circles, that's figuring into our the go-to-market strategy that we're developing for the back half of the year. Okay. Maybe, like if we're gonna look at like average, you know, Paying Circles size just for modeling purposes, just to get to like a better penetration rate, has that been pretty consistent over time? It has. It's been fairly consistent, around the 3.3 level. Okay. Perfect. Thank you so much. Thanks, Mark. We have one final question. [Annabel Khun]. Annabel, can you unmute your line and ask your question? Hey, guys. Thanks for taking the follow-up. Just a quick modeling question around hardware. There was a commentary in the note that we expect a similar gross profit coming to the second quarter. Maybe just sort of a comment on what's sort of driving that. Should we think about with the pricing initiatives, maybe like a more of a loss leading from Pet GPS and sort of how is the Tile exit going, and how should we think about modeling that out for the rest of the year as well? Thanks. Yeah. No problem. I think we will look to have hardware margins sort of normalize to some extent, but it will remain negative during the course of this year because we're going to support the Pet GPS, you know, launch and sort of getting that in the hands of people. 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. It will come back substantially in Q2 and over the balance of the year. I would sort of still expect, call it, you know, high-teen negative margins in hardware. As we've always noted, you know, hardware revenue as a proportion of our total revenue continues to get smaller and smaller. Awesome. Thanks. Thanks, Annabel. We had [Eric Choi] re-queue. Eric, can you unmute your line and ask a question? Thanks, 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. Just on the subscription revenues, sorry if I stuff up the math, Russell. Just for the full year, nominally you're guiding to about $104 million of subscription revenue growth, which is, in the first quarter you did about $26 million of normal subscription revenue growth. If you just annualize that first quarter, you get the full year. You had hardware disruption in the first quarter and PCP growth, typically that's lower in the first quarter. The obvious question is that conservative? The second question, just following on Chris. I know you said you're considering a buyback, but just, like what are the natural consideration points? Like I know you just finished Nativo and you've deployed the cash for that, but are you waiting on any other sort of, like key milestones before you make a decision on whether to do a buyback or something else? Thank you. In terms of the progression of subscription revenue over the course of the year, you know, we do expect similar levels of growth. You know, when you look at it on a period by period comparison, as we maintain that sort of percentage revenue growth, we're really getting more and more volume there. You know, that I think it's sort of fair assumption that we maintain that growth over the year. You know, in terms of the capital management side, you know, there's a few things that we need to consider. We as you point out, we're, you know, effectively finalizing the integration of the Nativo acquisition. We're looking at our, you know, strategic planning over the next few years, and, you know, factoring in our very significant growth aspirations there. You know, all of those will be factored in as well as the, you know, the market conditions at the time. Awesome. Thanks, Russell. Thanks, Eric. All right, that concludes our questions. Lauren, I'll turn it over to you to sign off. Okay. Well, we're pretty excited with the momentum that we're seeing in the core business, and excited for what's to come. We've got a lot of great end user value, and good GTM stuff planned for the back half of the year, so we're excited to talk about that next time we meet with you.