I will read some very boring disclosures, and then we will get into more exciting conversation. Sounds good. For more important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. I'm Meta Marshall. I cover cybersecurity here at Morgan Stanley. We're delighted to have Gen Digital here with us today. Vincent Pilette, CEO, Natalie Derse, CFO. Great to have you guys back at the conference after a year. You know, before we get started, it's been almost a year since you announced the MoneyLion acquisition. It brings kind of meaningful transformation to the business. You know, what was it about this kind of trust-based business that was attractive and complementary towards kind of that consumer security business you traditionally had? Maybe I'll take that one. It has been a long journey for the last few years, where we really have broadened our Cyber Safety platform from about 20 million users to now over 200 million active users, 500 million endpoints. We continue to evolve the value we provided to consumers. For a membership fee, you come to the Cyber Safety platform. You come from many different entry doors. Some come from security perspective, and they want to protect their device, their data, their network. Some comes from an identity perspective, and they want to protect their credit score, understand what about their personal data that's sitting out there in the web, making sure there is no identity theft. Other came from a desire of privacy, control of data, understanding how do I use my data more. As the needs evolved, our consumers were asking more and more about, "Hey, what is it in the financial world that I need to protect it from?" One of the top four needs was about that financial health, if you want, protecting their financial health or improving their financial health. We started to connect in our LifeLock app, in our overall app, the ability to connect your bank accounts, your credit cards, other things which we were monitoring, tracking, and then restoring if there was any issues around anomalies, scams, and others. We introduced Norton Genie, which is an AI assistant initially doing AI anti-scam, but that moved quickly into the assistant as our user were using with the agent saying, "Hey, is this a scam?" It evolved into, "What else should I be protected from? What do you see the anomalies?" When we were isolated subscription transactions or other transactions, on other things, they were asking, "What do I do with that? How can I unsubscribe here? What can I do in consolidating my credit card?" We felt we were not really equipped to do that, and so kind of limited in our view. That's where we started to really double down on financial health as the next need when you have your basic digital environment protected, helping you both manage and grow your financials. We started organically, got many of our customers connecting their bank accounts, and then quickly we're out of capabilities. That's when we acquire MoneyLion, which was a fully developed platform around this financial journey, if you want, from the initial needs of, "Hey, I need to understand my cash flow. I need to bridge for a cash need," all the way to an investment opportunity. We felt the technology were really built around an embedded view that can be white label and say that's the best way for us to go and acquire. Since we've acquired a year ago. We've been growing MoneyLion at a 40%-50% rate. We've been very focused on protecting the momentum they have in the financial wellness market while we were driving the connection points with the rest of our users. 200 million of active users, 0 CAC, that can then be adopting the financial wellness view, and that's what we've been focusing on. In the last quarter reported, we've mentioned that our install base have increased the connections of their bank account, which is the first step towards financial wellness from Cyber Safety, at about a 15% rate, and we continue to go and drive that metrics as we embedded the full view. We got it. I mean, we regularly get questions just kind of on that core security market. Just how are you seeing that kind of core security market evolve with AI adoption or just maybe more concerns about kind of your own kind of consumer security? Yeah. The AI topic is a fascinating one, having every investor asking, "Is AI going to eat software companies?" We're not really defining ourselves as a software company, even though we are a software company. We see really ourself addressing a pain point from a consumer standpoint. You want to have that at a high level peace of mind when you use your digital world. Maybe you guys are techies and have easy peace of mind controlling it, but many of our customers, they just don't want to be techies. They want someone that's going to be their digital companion, their digital concierge, that's going to take that complexity, that fear away from them. That's our mission. We see AI as a fantastic tailwind for us. On one side, as the agentic world becomes more and more prevalent and consumers started touching it, the angst of what it does for you or what you don't know it does for you is actually increasing, and the need for simplicity and peace of mind is actually increasing. Over the last two months, we've seen in our install base, the number of consumers or machines on which AI tools or OpenClaw platform was downloaded increasing, which surprised us 'cause we didn't think our customers are the early adopters of these new things. Immediately triggered in us that they actually don't know what it does. They're playing with it. Some are stopping because actually if you try OpenClaw after 20 minutes, you get like a headache. If you are able to move further, some of our customers calling me say, "How do I install? How do I know it doesn't do that? How do I do my machine?" That's when we came up quickly and say, "Well, there's a play here that we didn't even think about." Mm-hmm. We had moved from device to user. We need to move from user to agent, which as a term is exponential. How do we use then our capability, consumer- facing software capabilities to make this agentic world safe, reliant, and easy to use for consumers, is actually a fantastic opportunity for us. It's one that's moving fast. We are readjusting the company to be all in on that opportunity, and we're going there. The second tailwind for us on AI is it actually will change the way software is developed. That investor are not wrong. Today, I can come with a prototype in 72 hours, when in the past it was taking three months, six months, nine months, a lot of testing. I can change on the fly based on real-time feedback from consumers. What an opportunity for us. Now, you worried that my engineers will be without a job, and inside the company we said, "Wow," as we equip our engineers with all of those AI tools. Rather than having 1,000 engineers developing software, I have 1,000 engineers thinking about the upstream problem statement and can churn at super fast pace, quality, software that will be then used by consumers and adjusted real time. Now suddenly you see, oh, my moat is changing. What is my moat? It's the understanding of the customer problem, the agility to be able to define that requirement upstream, be first, be agile, adjust it, in real time go and address that need. I think that, for me, is a super opportunity. We rewiring Gen as an AI-first company, which is not easy. I'm not starting with one person building it AI first. I'm starting with 5,000 people and two years of legacy to change it on its head. We are real time now thinking about how do we collapse functions, how do we enable a product manager that in the past had to go to the engineering to develop, to the QA to go and test it, to the legal to check legal, to marketing to build the marketing. As a standalone man, all equipped with AI tools to go and put that prototype in the hand of the users in 72 hours. Those two things, creating a super need and it's enabling us, we see AI as a fantastic opportunity. Okay. All right. Well, we're definitely gonna dive more into that because that sounded good. You know, maybe circling back to kind of MoneyLion for a second. You know, you've talked about kind of the first -party and third -party solutions. Just how do we think of kind of that marketplace developing on the MoneyLion side? The MoneyLion business is incredibly healthy and very, very diverse. There's, I would say, two main segments of that business. The PFM business, which would be the early wage access. Yeah. That's growing, you know, 40% in the past quarter, even faster earlier in the year. Then we've got the Engine and the marketplace side of the business, which really brings to life the strength of the Gen brands and really brings together the supply and demand for the increasing expansion of the financial tooling, whether it's credit cards, whether it's mortgages, whether it's tax services, et cetera. Yeah. They're both growing approximately 40% as of our last reported quarter. Just how do we think of kind of what, you know, clearly has been a really great success so far? What drives that kind of continued growth going forward as you kind of expand out the portfolio set there? Yeah. On the PFM side, definitely it's the economy in terms of the demand is there. We see great healthy acquisition through PFM. We also see retention and the recurring customers that come from the PFM side of the business, which is, you know, 60% of the MoneyLion business today is really, really robust, and we just see that continuous business momentum there. Then on the marketplace side, I think it's endless in terms of the diversification. That Engine that the MoneyLion team has built is just based on really sharp technology and very, very robust. It powers not only our on asset or our in-house app, it's also white labeled with many of the brands that you would think about when you think about financial tooling and instruments. Now with the strength of the brand, bringing the supply and demand together in a very easy, marketplace is just really, really powerful. Okay. You know, one of the things you guys kind of talked about early on was, you know, introducing the subscription-based model that you guys have had on the consumer security side into the MoneyLion business, which has traditionally been more transaction-based. Can you just walk through kind of what approach you're taking to this and just what that feedback has been so far? Yeah. I can take that one. Before I answer the membership question, I want to add on the marketplace, 'cause I don't know if everybody fully understand the power of that business model. Many time when I talk about marketplace to investors, "Marketplace, I don't really fully understand why you have a marketplace." For us, it's a fantastic expansion of the possibility to addressing needs from the consumers. We're already protecting from a customer perspective your devices, your data, your financial lives. I know, for example, in an agentic world, I could know automatically, but I know that you have an insurance coming for renewal. You may have forgotten because insurance is you buy it and you forget about it. The agent can not only alert you of this coming for a renewal, but it can go to the marketplace and search the better rate and can say, "Hey, I propose a better rate." If you don't trust fully your platform, you want to be alerted and have the opportunity to twice switch insurance, or it can be fully automated, and every year when your car insurance come for renewal, you can have your agent search, it has access to marketplace, and it can go and renew that for you. It's an enabler if you want to offer. I'll never be an insurer, so I don't know what insurance exists. The marketplace suddenly becomes the opportunity for me to provide to my customers this full end-to-end experience without having to develop the product myself. Now suddenly you can think about maybe other products that are related to that financial health that I'm not going to provide. For us, the growth of Engine will also about building different pillars of partners coming in and say, "You fit at the right time in my customer journey's financial journey. I'm going to be able to offer this." We've seen Equifax change from a discussion on I buy data on credit from you that I then use into my alert and overall modeling to let's partner together. With the marketplace and you provide the data, we can really develop and expand the set of opportunities we can offer to our consumers. As I mentioned, in this new world, the moat is what? It's about the ability to really understand new consumers and be at the right time in a personalized way in their journey. That is critical. A bank, a mortgage company will not spend the time to try to get to understand every customer. It's difficult if it's just related to a one-time transactional view. I brought that up because I think it's very important to understand that. I mean, it's super powerful. It moved from a product or a membership sold to a customer to a full ecosystem providing an end-to-end value to the customer. Back to the membership now I'm going to relate it. Of course, we don't want to be just purely transactional fee, but we know some customers will always like that, will want that. We will move towards membership at the pace the customer will adopt. It is our mission. Why is it? Because we want to move into that full agentic world where you pay a membership, you forget about it, you set your agents, you forget about them, and you have the trust that that will deliver that value for you in this world. MoneyLion was all about transaction. We're trying to say, okay, they had developed a system to be with the ability to move to membership. We have the technology and the capability. Cyber Safety is 95% membership, now we want to extend that membership into financial wellness. It's really about testing and creating the right value for the consumers, finding those payments, say, "You know what? At this point in time, it is more benefit for me to pay a membership $20 a month and be able to use the agent we just developed to be able to use the unsubscribe in an automatic way. I'll benefit from those criteria that if I wasn't in transactional model, I would have to each time select." Now I would pay as you go, which is also a model you could have, but the ease, the peace of mind if you want to bring, that is why the membership is so critical. We won't force a backend force or go suddenly say by next quarter will be 50%. We'll continue to develop our membership to more and more provide that value to consumer. They will adopt at their own pace. Natalie, one of the interesting conversations that we had on the last earnings call was just about kind of your guys' positioning in a K-shaped economy. I thought it was a particularly interesting conversation about how you kind of see yourselves benefiting from both trajectories of that. Just wanted to kind of get a sense of, you know, maybe rehashing that conversation a little bit. Yeah. I mean, from a K-shaped economy, we have solutions, and we have protection. We have services for all ends of that. Really when you think about the people that are really struggling as, you know, inflation continues to scale, as things just cost more on a daily basis, people are really struggling. There's stats out there that would tell you 70% of Americans are living paycheck to paycheck. Mm-hmm. We're right then and there, helping them put food on their table, so to speak, with the PFM solutions that we've got. They're incredibly easy to use. It is honestly just, you set up an account with us, we validate your the sources of wages coming from your employer. You're on direct deposit, and then we're able to allow you to scale with us, and as you continuously repay or reimburse those funds, you're able to get more and more funds or more frequent. That's a really, really helpful set and healthy alternative for folks that don't necessarily either qualify for those credit cards or qualify for the actual short-term or long-term loans that they need to be able to, you know, live their life and feed their family. On the other side, I would say swing the pendulum really, really far. Mm-hmm. You think about people that are on, you know, our broadest LifeLock identity protection and 360 suite, probably have a lot of assets to protect, probably have a lot of money that. You know, people that typically, have assets to protect want those assets to grow and that money to grow. That's where the marketplace and Engine comes really into play in terms of, there's some interesting stats, how many people pull credit card, new credit cards every single year, even, you know, over $100,000 of annual income. They're pretty, in a good way, alarming stats for us in terms of the demand is out there. Now we take it upon ourselves to really make sure that we've got the most dynamic supply out there to really, to feed that demand and to fill that demand. Now Engine is just incredibly powerful, the marketplace is incredibly powerful. Economically for our business, it's powerful. you know, of course, as we do any kind of marketplace model on the supply side, demand side, there's affiliate or referral fees on both sides of that that we can benefit from. Imagine when we take a LifeLock customer and we put them into that Engine. First of all, the supply goes through the roof because who doesn't want that type of, you know, 800+, you know, credit score with a lot of assets to protect, just a lot of financial health there. On the supply side, we get increase there. We love to bring a buyer that way, but then from our company economics, it's zero CAC. Because we've already got that user or that customer in our, in our ecosystem. I think you were kind of pointing out, like, you thought that it was kind of giving you a share advantage in the marketplace with you kind of outgrowing your peers. Yes, absolutely. I would say just from a overall financial wellness, and I would zoom maybe even further out and say Trust-Based Solutions, we love how competitive advantage we are. There's not a lot of customers that or competitors out there that you can point to that have our entire solution set. We're really trying to take that and use that to our advantage and really cut through from a customer demand perspective. Okay. You know, the cross-sell opportunity between Cyber Safety and the Trust-Based Solutions is kind of a key area of focus you guys have talked about. Can you guys just talk a little bit more about the strategies that you're taking and, you know, what are the like, what innings are we in from the monetization standpoint? Yeah. And monetization is a big word. I would start with adoption. The most important for us is for Cyber Safety customers to understand that a full protection of their risk include the financials. Now, they know it because one of the top four needs is protect me against financials. The adoption, the number one metric is about Cyber Safety customers that get monitoring alerts on deviations and other incremental services on that protection of financials. We've seen growing that double digit. We had over $100 million now bank account connected from Cyber Safety side. That doesn't move yet to, of course monetization. The second step is about making the engagement on the financial wellness side. Call it not just the protection, but the manage and grow. I manage your financials, important. We are working on three initiatives. The first one is to put the marketplace in a creative way into the LifeLock applications. LifeLock becoming more and more of your protector, if you want, of every asset you have, and trying to move that application to a more engaging company, engaging application, sorry. That then really help having that discussion on the journey. We have that embedded now into LifeLock. We're coming up with a new redesign app that also provides content, educational content on that full aspect. The second initiative is about launching Norton Money into our employee benefit solutions, the EB channels. That is the channel that at this point, is the most hungry to always consume the entire set of the portfolio. In which, of course, one element they're really interested into the early wage access that can be connected to payroll. Wouldn't call it risk-free. Mm-hmm. But very low risk. Having the employer promoted that into the environment. We have the product. We started to launch it into the broker environment that then move to our customers for subscription in the fall during the onboarding period. The third one is the Norton Money really providing the first incremental step in Norton, which is different than LifeLock around your credit score and your capability to track and have visibility on your financial features, which we have only launched into our install base as a free tool or free feature adoption with time install base, so there'd be a subscription. There's a free one to kind of familiarize with the financial wellness. Monetization will follow as people start to really understand that between Cyber Safety, having peace of mind digital world, and using your money digitally, if you want, will become more seamless. Okay, perfect. You know, the cyber margins obviously remain very robust at over 60%. Trust-Based Solutions remains kind of solid at 30%. Can you just give some additional details around kind of the margin trajectory of the business and reinvesting for kind of all of these initiatives that you guys have laid out? Yeah. We've had a real strong thread in our DNA to just run our company very efficiently and really focused on how can we do more with less. J ust as an always on. That really, really helps. It just sets the expectation, and we've got the alignment at ELT so that it doesn't really make it a, you know, a specific phase of our company or a specific exercise. The team knows that we're gonna ask them to do, you know, give us, you know, double-digit efficiencies in our over a billion-dollar marketing spend, and we're gonna, you know, really leverage the tools and technology, whether it's AI, whether it's just a modernization of how we allocate marketing and look at those ROIs. We're gonna continuously focus on that. It allows in both segments, both this, you know, Cyber Safety growing, you know, 61% margin rate of 61% in the last quarter. We're really proud of that, we believe the team can run even more efficiently and create the capacity for investment. That's what we want. We want to never operate status quo, always focus and earn those efficiencies, we can deploy that back into fueling sustainable growth. That's the Cyber Safety. You know, 2.5 years ago when we did our AID, that's what it was all about. In Trust-Based Solutions, even at 30%, look, there's a mix factor there when you think about where Gen is and overall versus Trust-Based Solutions. I'll tell you, when you get into that sector, we're industry-leading margins, and we're very proud of that. We've already moved the MoneyLion side up from 15% to over 20%, and we'll continuously earn even more efficiencies in that business as we continue to operate together. But we have every intention to deploy that right back into the innovation, the ideation, and really bringing some of these test use cases to full scale so that we can really win in Trust-Based Solutions. Got it. You know, you guys are obviously very cash generative. Just how should we think through your approach with M&A? You know, MoneyLion has obviously been a great success. Software valuations, as we kind of started with are, slightly more depressed. Just how are you thinking about M&A as kind of an overall part of the strategy? Maybe I'll take it first. You didn't want to quote the number, but the ROIC on MoneyLion acquisition is through the roof. Frankly, we could say it's because we are a great operator, or it was a great asset, but timing is everything as you guys know. We're not focusing on that. I'm not going to try to time things. It's great that software valuation is depressed. It's less great for me, to be honest with you. you. It's less great for my investors. Yeah. From an opportunity, maybe it's great, maybe it's not. We start M&A way upstream around innovation and customer needs. I'll come back on the same topic. Our moat is the trust from the customers, the understanding of our consumers. We're consumer and consumer only focus on that, and the agility to go and continue to develop and evolve our portfolio to address that need broadly defined around protection and empowerment of that digital world. Starts there always. It always starts with organic and consumer research and organic testing. Now AI has even shortened that or increased the ability or shortened the timeframe to go and do a lot of that testing. Financial wellness started with financial wellness features into LifeLock, and then we saw some adaptations and different behavior than we expected. It was like, "Oh, there's something bigger than we can play here." And that's where we did. Are we constantly looking at once we have that consumer and we have invested a bit organically, how long it would take for us to develop the best product? Or is there something in the market that exists, and that could maybe be easily brought in and accelerate the growth? Of course we are. When we do that, we look at many parameters. As you know, it may sound good on its face. Valuation may be great. Technology is not great. Culture is not great. Maybe it's not the time that they want to buy it. I'm wondering if today I get a proposal to have Gen bought at $21, I'm going to turn it down for sure. Right. The actually valuation may actually may not be a helper in M&A. We're going to look at balancing it. Hey, Gen, my M&A today could be used as cash to do buyback. What's that return? I want to make sure when we do investment on cash, we have the highest return proposed. That makes the M&A topic, if you want, something that's always ongoing and never really a focus if you want. In today's environment with the cash we generate, it's great. We have plenty of growth to deliver. We're very focused, as Natalie has told you many, many times, around delevering below 3x by FY 2027. We are here today. We will continue to do that. When we do that, we balance it with also the opportunity to buy back at $21, which is super accretive. The organic investment is built into our P&L. If we see from time to time some [tuck-in] opportunity to say, "Hey, this is a better return," we'll go and do that. I would just build on that. Yeah. It's definitely diverse and it's disciplined. You know, Vincent makes my job really easy. Of course, you know, when you think about capital allocation, when we generate over $2 billion of free cash, unlevered free cash flow, we've got a lot to deploy. As it pertains to M&A, it's massively disciplined. I mean, although, you know, he's oozing with, you know, innovation, diversification, and there, you know, it's not even game changing, it's creating the game in many capacities. He does it with a disciplined approach, and we're very, very clear and aligned on the criteria of when we're gonna do a deal. It, we're massively disciplined about it. I think if you look at history, every one of our acquisitions has made enormous economic and financial sense. We've talked a lot about the portfolio. We've talked a lot about kind of optimizing that. Just, and we've talked about cross-sell, but just in terms of kind of, you know, additional go-to-market strategies, can you just walk us through kind of the partnership channel and who you're primarily working with and, you know, that process of getting towards this $500 million target in annual pro- partner revenue? Yeah, we've already achieved it, so thankfully. If you don't mind, I'll just use a second to go back to our last Analyst Day. We said we wanted to build, our business, you know, non-MoneyLion, non-financial wellness to a sustainable mid-single digit, and we've done it ever since we said it. It's through the levers of growth. We said 5x levers for 5 points of growth. Cross-sell has been huge for us. It's been a revenue driver. It's been a retention driver. Upsell has been a broadening out in terms of as we learn and grow through these standalone products, now how do we optimize and blend them with a membership to drive into what you heard earlier from Vincent, just an enormous engagement and expansion opportunities when you've got them in a membership. Partner's been a diversification channel for us as well as an acquisition channel for us. It's only circa 10% of our business pre-MoneyLion. Mm-hmm. Very, very, very diverse. It allows us to go global quickly. It allows us to go through partnership. It allows us to go through affiliation. Two of them that we love because of the customers that we're able to engage with, through these channels are employee benefits we already touched on. It's our highest, you know, ARPU solution that we're able to go into those channels and really expand and our reach and really get highly retaining, highly engaged customers through. We love it. It's been growing double digits, and will continue to do so. Telco. Telco's been a way for us to get into global expansion, especially lower penetrated countries that have high hurdles of entry. We've really been able to figure out first with the telco in Canada, and then now have really expanded into Latin American countries, some of the other Eastern countries. It's really been one that has low acquisition costs in terms of entering the market, but then we're able to expand through our membership offerings and really understand the local, the local solutions that really resonates with the customers. Okay. I mean, Vincent, I think you mentioned Equifax kind of in one of your answers earlier, but just kind of we talked about, just further on go-to-market, some of these expanded partnerships. You have one with Equifax. Just are there other opportunities we should be kind of thinking of? Yeah, we're constantly working on trying to expand the pie as you imagine. This is where Engine is another one, right? That really brings another benefit. It goes to partner and say, "Hey, I can not only bring all of those customers, but I have really a modular offering, and you can bring into it from the marketplace to those customers." That opens up a lot of doors. Mm-hmm. You should continue to look for more ways of distributions from partnering with AI companies to partnering with telcos and financials that go and touch directly the customers. We've taken an approach where we want to make sure it fits into the overall ecosystem. Does it enrich the product? Does it enrich our anti-scam, for example? Is the customer being able to either see the brand or not, or being retargeted for the value that we provide? So the game and the discussion with those partners has really changed from in the past, I buy your security solution, I embed it into mine, and I resell it to my customer, to how can we be part of that ecosystem? Just stay tuned as that continues to evolve. Maybe just last question? You know, you gave kind of a great way of all of the ways that you're transforming the business. Like, what do you think are the best ways that we should be kind of monitoring the progress on some of these initiatives? The multiple ways. A little bit like our customers, we still have our investors that came from many, many different doors. Some come from, "Hey, I know you from being the security subscribers and having a very stable cash flow through a membership." The deviations like it's like 2% and no more. I would say for those investors, that business is healthy and you can continue to look at the continued increase in customers we have, and we're publishing that number. We'll give you the that core business, how is it doing? I think it's doing well. We have some investors that come say, "Hey, that's pretty cool. You come from a fintech angle or you provide financial wellness." And they really see, okay, what's the advantage when you compare to other of those fintech companies where you bring trust, you bring scale, you bring multiple things. How are you doing? Well, we're growing at about 40%-50%, and we're delivering best-in-class margin of that market, above 20%. Those are two set of investors, and you can continue to monitor. We monitor those. We have those who are a bit more, in between and don't fit one of the category and say, "How does it fit together? And is there something special coming here?" The monitoring is really, as I mentioned, really understanding how the Trust-Based Solution is adopted by the Cyber Safety in that converge. That's critical because if that is successful and we continue to report on progress, you're going to see suddenly the opportunity to expand that TAM in an accelerated way that's pretty significant, which is very different than those security-oriented investors or the fintech-oriented investors. It would be kind of an internet platform where moat is this protection and empowerment, the brand, the data, the ecosystem, not specifically one specific features or product, which is more difficult to comprehend, as you know, and it is what it is. We're going to grow. Then I still have the investors that are really interested by AI. They come to me more to get some intelligence, not really to look at our business yet. I cannot say we are yet really approached from that perspective. I do feel though, we have a critical role to play in how the economy is becoming agentic, and that we're not the sexy player today is fine by me. That gives us plenty of time to really try to capture that opportunity. All right. Perfect. Well, Vincent and Natalie, thanks so much for being here today. Thank you. Thank you.