MoneyLion Inc.

All right. Good morning, everyone. Thanks for joining us here in New York. Really appreciate it. I'm Jason Starr, Jen's Vice President of Investor Relations. We've got a great event for you today, and we hope you really enjoy it. Presenting today will be Vincent Pellet, Jen's CEO. Andre Vilcek, Jen's president, and Natalie Dursey, Jen's CFO. Before we get started, I'd like to review a couple quick logistical items. Earlier today, we issued our Q2 fiscal year 24 financial results, and we've posted the press release, the investor letter, and our presentation to the IR website. For today's presentation, we're going to take Q&A at the end of today's event. And for those on the webcast, please use the Q&A tool in the upper right portion of the webcast player. Following today's event, we'll make a replay available on the investor relations page, as well as all of the investor presentation materials as well. And finally, today we'll be making some forward-looking statements about our business, our financial performance, and our operations. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could vary materially. Please refer to our cautionary statements on our press release and the risk factors in our filings with the SEC, particularly our annual filings on Form 10-K and our quarterly filings on Form 10-Q. We will also reference non-GAAP financial measures during the presentation today. Please see our investor website, our press release, and presentations for reconciliations from GAAP to non-GAAP measures. With that, let's get started.

There's a new generation out there. Not Gen X, Y, or Z. It's Gen D. Generation Digital. Five billion people and counting who are all online now and from now on. Today, digital life is life. People bank, shop, learn, and connect from just about anywhere. Use voice assistants in their homes and cars to navigate their lives. And send money to friends and stores with digital wallets. Access is as easy as your face or fingerprint. That's just the freedom digital life allows now. Imagine what the future will bring. We have. Which is why Gen is going beyond digital safety. Rooted in our heritage of protecting the first digital generations. Our family of brands is focused on powering digital freedom and possibilities for generations to come. Our trust-based solutions will do more than just help over 500 million people who use our products and services around the world live fuller, safer digital lives today. We'll help define what it means to live free in the digital world of tomorrow. Excited for what's next? We are too.

We rang the bell this morning and told me a little secret. It's when you clap very loud, your stock goes up. So I believe them. So, yes. Thank you, Saket. I like it. All right. Good morning. I'm Vincent Pilet, CEO of GenDigital. For those who don't know me, I've participated to a few turnarounds, EFI, Logitech, and then I joined Symantec in 2019. And their turnaround as CEO started, and today I'll be able to report where we are and where we're going. I have to apologize to some of you. We ran out of coffee. You know, I have to tell you another secret is it's very difficult to run a business at 60% margin and you use every trick you have to make sure you cap your spend to what you can afford. So today's our first Analyze Day as a gen. It's actually our anniversary. A year ago, we closed the deals. Two years ago, Andre and I were dreaming about putting our two companies together and really embarking on a very broad mission really powering digital freedom for everyone, which really translates into building the tools, the technological tools, to ensure that everyone can enjoy the digital world in a safe, private, and confident way. And today, you'll hear from Andre, from Natalie, we feel really well positioned to drive the next generation of cyber safety, embarking on that great journey. I will quickly summarize how we put Jen's capabilities and assets to win in this consumer cyber safety market. Andre will have the most fun part, which is really talking about the innovation and the portfolio and where it's going next. And then Natalie will, on behalf of the go-to-market team, unpack the value of our large and growing customer base. and how that translates into the financials. And then I will summarize what's next. After the presentations, we'll have Q&A. And then we'll have lunch with management. I know that it's important for some of you to understand that it's not just me or Natalie. Sometimes you see Andre. But we have very strong teams. Travis leading the go-to-market was the CEO of Avira. We have Judy that has a lot of experience managing customer success. So you'll meet the entire leadership team. But let's dive in. We definitely are a mission-driven team. We're very honored to be able to drive a very important topic for millions of our customers, I should say hundreds of millions of our users, and making sure that they can live that digital life in a safe way. We also feel that we are at the cusp of delivering another step in our performance as we roll out our new portfolio, fully integrated stack, delivering that personalized, always on cyber safety. But before we talk about what's coming next, let's go back to the beginning. A few years ago, I explained to you that we saw how three underlying forces, underlying the consumer cyber safety market, were really growing and pushing forward. Obviously, the digital life today is just live, and the applications in the digital world continue to increase. Even post-COVID, a few weeks ago, I had a doctor appointment, and I thought it was over. But still, before I can go to the clinic, I have to go to do a Zoom call and pass some information. Those applications are here to stay in the post-COVID world. The technology that powers the digital world continues to evolve. And you'll hear from Andre, the new wave of artificial intelligence is creating a new wave of risks on the threat landscape and then opportunities on the protection side. And then the threat landscape also continues to evolve. We've seen now they're using AI tools to be able to get to the bad acting or activities. They're using the dark web to resell or... lobby others, and so that also is a growing, and Andre will walk through the different waves we've seen in that threat environment. At the center of it all, we have millions, actually I should say billions of internet users that all they want is to really live that digital life in a confident way without facing the risk of hackers. Five billion internet users all having a digital life and evolving digital life is actually an opportunity. Many people ask me, hey, what's your addressable market? I always say the five billion plus that's connected to the internet should be protected at all times because you never know how your data or what you value online will be compromised. Obviously, it has evolved. A few years ago, it was 5% that the penetration rate was consumer buying a full cyber safety protection. And that has evolved now. We have about 10% of full penetration. But it still stays massively under-penetrated. There's definitely tailwinds and the increase of threats. The financial breaches are all tailwinds. But we have also some headwinds. whether it's a consumer that was not aware of the risk or simply is willing to take the risks or is freezing in front of the technology that can create that risk or feels that the tools are not easy to use. We still have a lot of work to do to make consumer cyber safety very easy to use, always on, that you don't see, but you only interact at moment of truth. And that's why we created GEN. GEN is that broad mission of basically increasing that adoption of cyber safety. And so our mission was and has always been to build those tools to make sure that everyone can take advantage of that digital world. We've innovated first by bringing device security to network security, bringing credit monitoring or identity protections together, and we called it Cyber Safety First. We launched the first... all-in or all-in-one membership. And for a membership fee, you could have access to an entire portfolio of innovations to protect you in the digital world. We started to re-vote all of our applications, some coming from organic activities, some from acquisitions, into a common stack with a modular architecture, enabling us to really deliver based on the customer needs. And we put the customer needs at the center of the development of our portfolio. And with that, expanded the TAM. 13 billion a few years ago, growing to 18 billion is what we call the core cyber safety. Made of the core elements in security, identity protection, and privacy. And then we built up new applications, what we call expanded applications. as the needs of the consumer was evolving. And with that, we increase our time with new applications and we'll come back on what we've done in expanding the portfolio to get to new use case. So as I mentioned, consumer needs being at the core of the development of our portfolio. And it's really about really understanding for the hundreds of millions of users we have how they behave online, what ways they create to be able to develop the best of their portfolio. We survey, we discuss, we do a lot with our customers to get that loop-in feedback and understanding what their core needs is. We put that core, the base market, with the traditional core market we let in antivirus, with data protection, with credit monitoring, alerts and restoration systems, a virtual private network tool, together and call it the cyber safety base and going to expand that. Then we look at the four core needs. How do you protect against all hidden security threats? How do I keep my financial safe online? How do I control my private data? How do I verify that the person or the information I deal with online is credible? And with that, we've extended to new use case building up from our position. One thing is sure, as we double our time, we do not see this market as a mature, stable, or some of you have called it declining market. It's an expanded opportunities to go and provide full cyber safety. And Andre will talk more about the innovation that we drive to address those opportunities. So we talked about how the underlying trends continue to accelerate in the post-COVID momentum. How do we have still a very large adoption penetration opportunity, less than 10% purchase today, a full combined consumer cyber safety protection. how there is some tailwinds and some headwinds, and that our innovation can drive and remove some of those headwinds to accelerate then our penetration and our overall TAM. And so it's with that in mind that we've built up our company and embarked on a very broad mission. It all started in 2019, I mentioned, I had joined Symantec. Actually, I had the mandate from some on the board, some of the shareholders saying, hey, this consumer division is run for cash. Maybe you sell that and you really concentrate on the enterprise. When we talk about cyber safety, 99% of our discussion were about enterprise. We actually ended up doing the reverse, recognizing the underlying growing trends I've mentioned under the consumer business. We sold the enterprise business to Broadcom and returned $12 in special dividend to all of the shareholders of the time. And we recognized that opportunity of investing more into the Norton and LifeLog division inside Symantec as being an under-invested opportunity at the time. We established a company as the first consumer cyber safety company or cyber safety dedicated to consumers. Since then, many of our competitors have followed. We launched the first Nolan 360 in 2019 for a membership fee. Again, you can access to all of the innovations, and as the threat evolves, our portfolio evolves too, and you can access to all of the innovation. And as a result, we returned to organic growth. We invested more in marketing and created the flywheel of growth, investing into penetrating consumer cyber safety. In about three years, we moved from our install base being 0% of Northern 360 to 60% of the installed base being on that platform, Northern LifeLock. So strong from that success, we decided to push forward and expand it internationally and in different business model. We bought Avira that provided us a freemium model. mainly for the German market and some of the countries in Europe, and give us an access to a freemium model and trying to combine a premium and a freemium and define what that value would be for our customers. We branded our overall portfolio and developed a framework to manage a multi-brand environment that gave us access to more consumer segments than we had before. And then we launched on our platform the first cross-sell, up-sell platform activity in-app messaging that enables to identify the moment of truth, and at that moment, if you're not covered, giving you the opportunity to get access to protection of that risk. Success continued, and then we decided to merge with Avast, really scaling up what we had proven with the prior steps to really get to be the global leader in that consumer cyber safety environment. We scaled our large user base. We got freemium at scale, and we massively expanded geographically in a complementary way. And today, I feel Gen is the best position to go and continue to lead that transformation. Of course, as we transform from Symantec to Norton LifeLock to Gen, it's had some proof point and success in the marketplace. The competitive landscape became more and more dynamic. Obviously, consumer cyber safety anchored around the four needs, not just the old definition of device protection, was rapidly evolving and continues to be evolving. As I mentioned, it's not a mature market. We've seen our traditional competitors following some of those steps. We've seen a few startups coming in and trying to reposition their offering to tackle that user-centric view of the world. We've also seen other players coming from the market, whether it's big tech that started to focus on security, privacy, or even identity in different shape or form as part of their offering or in addition to their offering. We've seen other companies, insurance providers, financial institutions, also tackling the overall view of the digital users needed to be protected. Some of those competitors are also opportunities to partner with and reach out to more customers. Because at the end, our main competitor is really the hacker or the hacking community for which we compete to make sure we provide the best protection for our consumers. So this dynamic landscape actually confirmed our original assumption that there was something here to build around that consumer cyber safety market, and that our industry knowledge, which I called industry native, coming from that core protection was an advantage. And then the breadth of the portfolio, all the way to offering it as all in one, was an advantage over companies that had different missions but were tackling that problem in addition to the core business. So we were well positioned from that perspective. We're also well positioned because we've built up a diversified business. And the diversification really drives the value that we've been delivering. We're basically not dependent on a single factor or on a single platform. We run an omnichannel, very broad portfolio, and that enables us to balance the risks and the opportunities that we see in the market, and also evolve it as the consumer needs evolve. We have now a multi-brand formula, constantly refining it, but it helps us, along with the variety of business models we have from freemium to premium, to target new customer segments, customer segments that were actually out of reach everywhere single brand. So that diversification is absolutely essential for us to really understand where the market is going and position our portfolio at the right value for when the digital life is compromised. Of course, you can tell me diversification also bring complexity, and you have to be really crystal clear on how you manage your business operations. You're careful in your planning, careful in your prioritization. But I think as our results have shown, our team is really made up of discipline operator. I would say discipline operations is part of our DNA and enables us to manage the diversification we've built in our business. As we were expanding and building up GEN, we obviously expanded massively our user base. And it gave us, as we knew initially, a very strong competitive advantage. We know there are multiple benefits to have a large scale of users. And for us, initially, it gives us very strong visibility on all of the threats and the threat landscape that exists out there in which is in constant evolution. And it enables us to better address the customer needs to provide the mission. It informs the products strategy that Andre and the team are driving, and basically driving more innovation and more value back to the customers and the loop back to us. Five years ago, we had about 50 million customers on our platform, less than a million free users, cold trial. And we've massively expanded from there, 10 times that number. A lot of free users that give us all the benefit I've mentioned, and 65 million paid users. 40 million almost, certainly growing as you've seen our earnings report. Almost 40 million direct paid, and 40 million having adopted, and it's growing the membership benefit. And membership is very important because it gives a higher engagement and a higher utilization of all of the features in the platform, which then feeds back into the data that informs the quality and the evolution of the product. That customer base is also managed with a very strong focus on the health of the customer base. You've heard multiple times from Natalie that we are not going to be a lost leader trying to acquire a customer at a loss in a country and funded with a profit or another, just to be able to scale. Every cohort, every channel is managed in a positive economic view. And that helps between new and retained, also carries on value. It also provides cross-sell and up-sell opportunities as we move more to adoption of full cyber safety. It gives us a brand recognition. It gives us trust with the customer base awareness, which is all essential to drive more and more acquisition and bring more and more people to consumer cyber safety. And finally, that scale has enabled us to build what I think is the best service team in cyber safety for consumers. And that's an advantage for us too. It's an advantage in pre-sales. It's an advantage in post-sales as user experience always changes with the threat landscape. So we talked about the gen capabilities and assets that we put together. We talked about the diversification of the business structure that drives our value. And we've assembled that large customer footprint to enhance the opportunity. Now when you combine that with the customer lifetime value that's growing, we delivered a very strong, resilient, and predictable business. Like everything we do, we constantly learn, we refine, we adjust our framework. And as we stand today, sitting on a large, growing customer base, we've refined our customer journey to really drive the adoption of full cyber safety. Whether you enter it as a point product, and have different risks in your environment that you identified, you have the opportunity to be cross-sold, another value that would protect against that risk. Or if you enter at a membership level and have some protection but need to have a higher plan, a higher full, we know how to upsell to give you complete peace of mind. Or if you have multiple products, we also know when a membership is more favorable to you and able to move from cross-sold products up into the membership. And all of that leads to higher customer engagement, higher satisfaction, which ultimately gets us to very strong retention rates. You know, we have leading industry standards retention rate in the LifeLock brand, close to 90%, and Nathalie will walk you through the different retention rates we have by the different brands and the progress we are making there. The resilience and the predictability of the business is also important because it enables us, despite a high margin we have, to fund the innovation and the innovation plan that a product team is driving and be stubborn and persistent in going after those new spaces of digital cyber safety. So that's, in all, what drives the really strong, sustainable, growing, and highly profitable business model that today Gen is about. So our strong performance, obviously, is the result of that clear strategy, that vision, and how we assemble the assets together, but also combined with a very strong focus on execution. We've delivered, over the last four years, a mid-single-digit organic growth rate, 10% with acquisition. We always want more, but I can tell you in 2019, nobody was betting we would be what Gen is today. We've expanded the market. We've built our capabilities. We've increased our user 10x. And, of course, we have unmatched operating profit and profit margin. And with that, EPS grew double-digit at twice the rate of revenue. Now, we're constantly learning. We're refining our model. We're adjusting our approach. And that's what we're doing to then deliver what will be the next generation of cyber safety and another step towards our long-term vision. We feel we're really well positioned as GEN to lead that transformation of the market and capture the opportunity that's in front of us. The threat landscape is changing. There's no doubt about that. Multiple vector of threats. The market is dynamic and in expansion. We leverage our broad portfolio, our business models, very attractive units of economics. The value I've mentioned, we drive growth at the value. We have refined our competitive position. We have a large amount of data, a very broad portfolio. We have cross-sell and up-sell capabilities and proven execution. So we've built that resilience into the business, which gets us to the profitability, the cash structure, and ultimately the ability to maximize the shareholder value. Andre will walk you through the technology and the innovation and how that will drive the next step in our portfolio transformation. Now, our market position, our strategy, and our execution will support our financial commitment. We've built a strong track record of delivering on our commitment, of driving performance with the business. And I think you'll hear more from Natalie, but I think we've gained the credibility to say we'll do it again. After a year of integrating the two business together, we have some trends, and we believe we can sustain a mid-single-digit growth rate, and Nathalie will walk you through the different opportunities we have. We'll commit to grow EPS double-digit in 12% to 15%. And I think the only headwinds we've had as we delivered on all of our merger commitments was the cost of the debt. The interest rate at the time we signed the deal, as you know, it was 0%, and today it's a painful 5%. Natalie will unpack that for you, but we've built that into the new model of our EPS commitment moving forward. Of course, as a result of the cost of the debt, we'll commit also to deliver very quickly to get below three, which, again, for a business model that's that resilient, that predictable, delivering 60% margin feels absolutely reasonable. So we have a clear vision. We have a strong strategy. We have an effective execution. And combined, I think that's really the asset of Gen. Andre, I'll pass it to him. We'll walk you through the exciting piece to see how innovation is taking the portfolio moving forward. And then Natalie will walk around the value of that large customer base and how that translates into financials. And then I will wrap it up to see what's next as we go back to work this afternoon. Thank you.

Thank you, Vincent. Thank you so much. And good morning, everyone. I'm thrilled to be here in New York City and have the chance to talk to you about all the great things that we are doing at GEM in terms of technology, product, and innovation. But before I do that, let me just spend a few words and say a bit about myself and also why I am personally so excited about this. I started in cybersecurity already in 1995. and have spent the following 20 years coding, finding vulnerabilities in other people's code, and later also leading various technical teams. And during that time, I've had the opportunity to work with some of the best people on some real fun projects using some very cool technologies. But today, I feel extremely honored and humbled to be able to lead the product, technology, and functions here at Gen. Because it's really fascinating for me to see the level of expertise, the scale, and the infrastructure that we have at our disposal to really take the whole cyber safety industry to the next level. Just looking at our technical teams, we now have over 1500 people in R&D. Engineers, designers, and other specialists who are, for the most part, working on what we call consumer-focused innovation. On top of that, there is about 250 people in gen labs, researchers, AI scientists, and AI practitioners. These are the really smart people, the PhDs and other experts who work on what we call tech-focused innovation. And I'm not even mentioning over 3,000 people who are highly trained service agents who deliver our services to customers and who are always preferred to help. Now, our rich IP portfolio includes over 1,000 patents. And just the infrastructure that we built to support our operations is world class. So one example for all in the cybersecurity area, we train our models on data sets that are 6 petabytes, 6,000 terabytes large. And we are able to update those models roughly 500 times a day, which equals to about three minutes, 24-7, 365 days a year. And that's very much needed because every month we process almost half a trillion different URLs and block about a billion attacks, just to give you some sense of the scale that we are operating at. Vincent has already spoken to you high level about our product portfolio, which we consider to be the most complete, the most comprehensive product portfolio in the industry. We break it into five layers defined by the function that they provide, but also whether they are more device-based or cloud-based. And they generally focus on security, privacy, identity, and reputation management, and include a whole array of features and functionalities. And you can see some of that in the actual layers here on the tiles. The way this portfolio has been developed is a combination of organic and inorganic, of course. But what's really exciting now is that we have spent the last year putting it all together and consolidating it into one single platform, or single tech stack, which we call the GenStack. And that, as you can imagine, brings a lot of practical benefits. Now, off of that stack, we then instantiate the actual products that we ship to our customers, including our flagship products, Norton 360 and Tavast One, as well as all the other products. And by the way, even though all these products are based on a common tech stack, they come with substantial differentiation aligned with our broader brand strategy. Now let's not talk about the consumer world, because there is something really interesting going on there. On one hand, people are more dependent on technology than ever. Almost two-thirds of Americans are now preferring online experiences with their brands to in-person ones. And 85% of them are saying they can't really go a day without internet. Not just getting news, emailing, shopping, or banking, but also getting their education, working, having fun, or even dealing with the government. As Vincent already said, digital life is life and that absolutely holds true. On the other hand, people are increasingly worried about the risks that are associated with all of that. Three in four Americans are worried about the hacker attack and 73% fear of becoming a victim of an identity theft. Much more than, for example, getting mugged or someone breaking into their homes or their cars. And those worries, those cyber security or cyber safety worries have only become larger post COVID. And indeed there's a very good reason for that. The threat landscape has been evolving very quickly and the intensity of threats and the sophistication of those threats has really increased rapidly. Now, we can break those threads into three waves, compounding on each other. The first wave is the malware wave, which was enabled by mass adoption of internet-connected devices on one hand and holes and weaknesses in the software running those devices on the other. So this, of course, included traditional viruses as well as zero-day exploits and rootkits and later also mobile malware and ransomware. Now, the second wave I call the dark web wave, which started around 2012. And this is when attackers really started getting better organized and also much more focused on their financial gains. So we started seeing things like identity theft, IoT botnets, online spying and tracking, as well as large-scale data breaches of personal information that could be further monetized. And by the way, when I say personal information, I don't mean just names, email addresses, or social security numbers. Like, anyone here has heard about the latest breach of the DNA sequencing company last month? This second wave was technically enabled by the emergence of the dark web as a safe place for cyber criminals to do their trading, as well as cryptocurrencies, Bitcoin and others, as a safe and untraceable way to get paid. And finally, the third wave, the scam wave, which grew especially during the pandemic. with phishing and spear phishing and all sorts of scams, including crypto and romance scams, as well as smashing and wishing, to give you some acronyms here. And very much related to that, quite logically, over that same period of time, the total consumer losses to cybercrime have also risen significantly, from less than 100 million by 2004 to more than 10 billion in 2022. And look, the independent solutions from Norton, Avast, ABG, Avira, and LifeLock, which now make up that integrated GenStack, have been protecting those customers from all sorts of attacks like this all over those years. So the individual components that you see here, again, in the various layers, were specifically designed to address those threats as they emerged. And in some cases, created even proactively. I like to say that we have two sets of competitors. And despite what you may think, our most dangerous competitors are actually not the usual suspects, the other companies that are operating in our space. But actually, it is the bad guys. Because they are constantly trying to circumvent us, bypass us, find holes in our systems, and break them. And so they really, really force us to keep innovating and pushing ourselves hard every single day. And our track record in doing so has been very, very strong. But now we are entering a whole new era. A new wave is starting with the emergence of generative AI. And it's bigger, it's fiercer, and it's more damaging than anything that we have seen before. Now, don't get me wrong. I love AI, and I love what it's bringing. I really think it's some sort of tipping point or pivotal moment in tech. And the arrival of generative AI considered to be on par, perhaps even more important than the invention of the World Wide Web. But from the security perspective, it's a disaster. The reason why the advent of generative AI is such a cataclysmic moment for cybersecurity is that it really brings unprecedented scale, precision, and speed benefits right to the hands of the bad guys, really tilting the cost-benefit ratio in their favor. What I mean by that is that with AI, it's now much, much easier for anyone to conduct advanced attacks that have been traditionally reserved to nation-state sponsored actors and highly, highly skilled professional trained hacking groups. So just to give you a few examples of how AI is already being weaponized today. AI-powered password cracking and credential theft. We have recently seen an experimental piece of code called PASGAN that uses generative AI to crack passwords and do it faster, cheaper, and better than anything before. Combine that with the advances in quantum computing, and we have a recipe for a major, major problem here. Then AI-based scam attacks by tools like FrogGPT, EvilGPT, and DarkBard. There's now at least six such tools that we are aware of and counting. And they mean that the attackers now have complete tool chain that they can use to scrape personal data off of social media platforms and use the data as a feed to LLMs to be prompted to create perfect personalized scam messages. And not only scam messages, but also voice calls or even videos with easily obtainable technologies like voice cloning and deep fake generation. And you know what? I'm afraid we are just getting started here. It's quite clear that even the leading personalities on the AI scene don't really fully understand what this new technology can do and how it can be misused. But it's not going to be pretty. So what does it mean and what can we do about this? We at GENT believe that the only way to tackle this, to really overcome those new scale, speed, and accuracy challenges that generative AI is bringing to the bad guys, is to fight AI with even more, even better AI, meaning deploy AI across all the defensive systems, across all the touch points, and do that very quickly. And now we are getting to the crux of why I am so incredibly excited about Jen and the opportunity ahead of us. Because Jen already is the leader in AI for consumer cyber safety. Why is that? Well, fundamentally, it comes down to three main reasons. First, we have a market-leading visibility across the entire ecosystem. AI is essentially a big data game, and with the 500 million endpoints running our software on them, we see more than others. Second, we have been investing for years to custom build scalable AI systems and infrastructure. As of today, we already have 37 AI systems in production, and these are processing billions of signals daily. We were building those systems way before AI became cool. And lastly, we have a dedicated team of AI specialists, researchers, and practitioners with strong academic and industry credentials led by our CTO, who is an AI professor himself. By the way, he is here, so make sure to corner him over lunch. That foresight that we had when we started building this organization some years ago is really starting to pay off now. And in fact, this work has already resulted in some very good outcomes. Let me now talk to you about some of those in a bit more detail. The first is HMIL, our foundational in-house developed patented AI technology. HMIL stands for hierarchical multi-instance learning, and it's a versatile piece of technology that allows us to build AI classifiers without a prior knowledge of the subject matter it's being applied to. Normally, when you are building AI classifiers, you need to have a deep understanding of the data sets you are dealing with, but not necessarily with HTML. And the good thing about it is also that it works with structured data of any length, from files and network streams to various time series, behavior logs, etc. Today, we are already successfully using it across three pretty distinct use cases, ranging from malware and scam protection to transaction monitoring in the LifeLock product. And we are working on applying it even broader. The second is TSC-LLM, or Text Scam Classifier Large Language Model. This is a bespoke, fine-tuned LLM that has been specifically trained on scam messages, emails, text messages, and social media posts, which is really important because, as we saw, the scam problem continues to grow very rapidly. We are currently in the process of productizing this technology, and the first application which is taking advantage of it is Norton Genie, which actually has an AI-based chat interface as well. Genie is all about AI, and I'll talk about Genie a bit later. And then there's another great example of how we are bringing AI to the front end, closer to the user, and exposing it right there. Sentiment AI is a new system that we have developed for our upcoming reputation defender product called Trust Radius. And the way it works is that it's leveraging first-party insights from more than 15 years of reputation defender cases and categorizing them in a way that's actually actionable. The key word here is personalization. It can give you a personalized view of what is really important for you and what you can ignore, allowing you to better prioritize negative content like search results and social media posts that should be removed or suppressed to improve your personal reputation, privacy, and safety, which is particularly important for high-profile individuals who are the primary target for total radius. Okay, so with strong pieces of technology like these, how do we bring it all together and turn it into actual products? Well, in doing so, we take a very, very consumer-centric approach. Our decisions are generally informed by two types of inputs. Key consumer trends, such as the desire to simplify people's digital lives and growth of online commerce and payments and increased awareness of privacy risks, as well as, of course, the emergence of generative AI consumer use cases. And we combined that with the insights, the deep insights that we have about the threat landscape. The result of that is our deep understanding of consumer needs. Vincent already showed you the four consumer needs that we have identified for 2023 around protection from security threats, safe online finances, control of personal data, and verification of information and people. And what I would like to do now is talk to you about each of those and show you how these contribute to our overall product portfolio and positioning. Okay, first one is protect my digital life from security threat. This is obviously how we got started with our anti-virus software. But now it's much, much more than that. As it has expanded to include email scam and phishing protection, social media account takeover protection, device optimization, as well as many other important aspects of protecting people's digital lives. And more is coming. We continue to innovate in this category and focus on new types of solutions that help people protect themselves, especially against those AI-powered, AI-generated attacks that we were talking about across all connected devices and the cloud. And a big, big area of focus for us is also protection against scam, including voice scam. Number two, keep my finances safe online. Yeah, this is the juicy subject of financial crime and fraud. And more than three quarters of it is now happening online in the cyberspace, so no wonder it's made it to the list. Our journey there started with LifeLock. And LifeLock, as you probably know, is a leader in protecting people against identity theft, which is now the most common way how cybercriminals actually steal money. But our solution has been much extended since then and now includes modern features like comprehensive dark web monitoring, home title protection, transaction monitoring, as well as cyber insurance. And this has been a very, very successful business for us. By the way, the identity theft problem is really pervasive, which is one of the key reasons why LifeFlow customers are so loyal to us, resulting in market leading retention rates. Because when you become a victim of identity theft, it will typically haunt you for many months, if not years. Because the fallout is not like someone tries to take one loan under your name, full stop. What you'll see is like four different loans And, you know, three mortgages, three cars bought with your identity, five credit cards, et cetera, et cetera. We typically see at least five to seven attempts to misuse that information, sometimes even much more. And once you have to go through such a martyrdom, you become a customer for life. So we continue to be very focused on this category. And then in the upcoming product releases, you can expect to see us expanding our solutions even further with even more innovative features like safe and secure digital payments, digital vaults, and financial wellness-related functionalities. The third area is give me control of my personal data. This is actually one of the fastest growing category, which I think says a lot about how the perception of privacy and the risks associated with PII leaks have changed or evolved over time. And here on top of VPN, which we now consider pretty much table stakes, we have been addressing emerging consumer needs by adding differentiated privacy related features like device anti-tracking, Hunting and removal of PII across various services and the dark web and data brokers and private browsing. And we still see a lot of opportunities to go beyond that. I already spoke to you about AI-based sentiment analysis in our reputation defender product. It is expected that by 2026, up to 90% of all content on the internet will be AI generated, which will obviously have massive consequences in terms of how content is consumed and data, including personal data, is trusted. and we are getting credit for that in our portfolio. And then personalized management of people's entire digital footprint or digital exhaust, as we like to call it, is another area that we are actively working on. Finally, number four, verify the people and information I interact with online, which is a newly identified need this year. We have two projects currently in beta. The first is Norton Genie, which I already mentioned when I was speaking about the TSC LLM AI model. Genie is an easy-to-use app that people can use to determine whether a given text message, email, or social media post is scam or not. It features a conversational UI, meaning that you can actually chat with it, and it can give you some additional insights. It's currently in the early access phase, and we already have about 70,000 people using it, which is a great start. And while today it's been built to cover text-based scams only, our vision for it is actually much broader. Ultimately, we see it as some sort of CISO in your pocket, a trusted partner that you can inquire at any time and to consult to any security or privacy or identity-related question or concern that you might have. And then Mighty, our brand new system that allows people to prove who they are online and exchange so-called verifiable credentials. This is a continuation of prior work that we did around the bank ID scheme in Canada. And the vision here, again, is much broader, leading to a universal system that will allow exchange of verified data, including PII, in a very secure and private manner. Moving into the future, we're also planning to be heavily involved in a category that I'm personally super passionate about, and that's deep fake and misinformation management. And that's not necessarily by creating a tool that will be able to tell whether a given piece of content is AI generated or not, but rather by building a new trust layer that will allow easy verification of the authenticity and provenance of that content. Now, going back to Norton Genie, to give you a better sense of what it can actually do, I encourage all of you to join me for a private demo over lunch today. And of course, you can download the early access version from the App Store already, for example, using the QR code here or just looking it up in the App Store. And so as all of this comes together, it results in a rich AI-infused roadmap, which again is fully aligned with what we have been seeing among customers by spending a lot of time with them and really understanding their needs and jobs to be done, and combining that with our deep insights into the threat landscape and the AI technology scene more broadly. We normally don't publicly share product roadmaps, even high-level roadmaps like this, but I'm making an exception here because I'm so bullish about this. What you see are functionalities that address both the security need, the financial safety need, the control of personal data needs, as well as the people and data verification need. And of course, they are also very much focused on the tough challenges that we spoke about when I described to you the fourth wave of attacks, such as AI-assisted hacking and system exploitation, AI-powered password cracking and credential theft, AI-based social engineering, and AI impersonation, voice cloning, and deepfakes. Now, the way we deliver those functionalities to customers is obviously by packaging them into actual products. And when doing so, we basically take two different approaches. We either package them as point solutions or as membership plans. The difference between the two is that with point solutions, people are buying individual products that serve a specific limited need. While with membership plans, they are basically buying a richer bundled solution that ensures their total peace of mind. Even though we generally prioritize and recommend membership plans, we find that some people actually prefer point solutions. And so we are running both of these tracks in parallel and adding new features and functionalities on both sides. And that's perfectly fine because we have strong business drivers in terms of growth for each of them. And Natalie will be talking to you more about those. Now, everything that I spoke about so far has been focused on the consumer segment, but we see a big opportunity even beyond that. Many entrepreneurs have actually been asking us whether we could extend our solutions to them and their companies as well. And that makes a lot of sense, because if you think about it, we have such a strong reputation on the consumer side, and the needs, the jobs to be done, and even the actual threats are all quite similar. Unlike on the enterprise side, where dedicated IT and security teams are present, and where very different solutions and sales motions are typically required. And so in order to capture this incremental opportunity, we started already this September by releasing a new Norton small business product. And the results so far have been very encouraging, almost doubling our unit sales, also of a very small base. So we are committed to invest even more in this area, go from there, focused again mainly on freelancers, gig workers, and very small businesses. Okay, so where are we now? We have spoken about the threat landscape. We talked about AI-powered threats and GEN's strong AI capabilities. Then we covered the core consumer needs and explained how we are effectively addressing them with our strong AI-enriched roadmap. And lastly, how we are packaging those pieces together to deliver them to customers. Now the last piece missing that we haven't really covered yet, but it's actually super, super important for us, is customer experience. As a consumer-facing business, we understand that CX is absolutely paramount for our success. And for that reason, we have been working very closely with our customers around the world to understand how we could make our products even more comfortable, more accessible, and simpler to use for them. What we often heard was integrated, cross-platform, and personalized to my needs. So that's been a large part of our efforts lately. Important to people is also how we do our cross-sell, up-sell operations. Those need to be fully contextual, natural, and unobtrusive. And AI is actually really helping us here. And finally, consumers generally like the idea of engaging more with our product, but those engagements need to be valuable and insightful for them. We are taking all these inputs extremely seriously, and we'll continue to prioritize this work to keep improving with every release. All of this brings me to our long-term aspiration, our BHAG, or North Star, as we like to call it. And that's really to enable all generations of people to make the most of the digital world, irrespective of all the pitfalls, dangers, and obstacles caused by the ever-changing technological landscape. That's what we mean when we talk about digital freedom. Now, despite everything that's been going on, we absolutely continue to be optimistic about where the world is headed, all the technological innovation, and the impact it will have on us humans. And we are all about building solutions that will help people navigate this new world safely, privately, and confidently. If I were to choose four words that would characterize the aspiration that we have for our future products, it would be trusted, always on, personalized, and empowering. And now to give you a bit better sense of how it all fits together, let me play a short video.

At Gen, together with our family of brands, we are imagining future products and services to power your digital freedom. Today, our digital life is life. Technology has helped us all explore, discover, and connect more freely than ever. However, as the digital age brings new innovations, we face new challenges. In the future, it'll be even harder to know who you can really trust online.

The market results leave me no choice but to resign.

Breaking news today, Nexus Motors stock plummets after the sudden resignation of the CEO. But imagine a world where we can help decipher fact from fiction, defending against the latest scams and frauds. Today's CEO resignation news has been revealed as misinformation. Imagine a world where you can buy, sell, and connect with complete confidence, handing you the power and control to make safer, more secure financial choices. A world with personalized cyber safety so you can transact safely and protect your money every moment of every day. Imagine a future where you can spot and shield your personal information, keeping it away from prying eyes, allowing you to feel safe to research what's best for you on your terms, respecting your right to decide when you're ready to share your private information with only the people you trust, giving you the confidence to make important decisions and making sure your most intimate moments stay just that intimate. In today's hyper-connected age, scams continue to evolve, even within your own home. Mom, I really need some money. Imagine a future where calls are verified and checked in real time, where your personal AI-powered guardian makes sure the caller on the line is who they say they are, protecting you and your loved ones from scams and fraud. A trusted digital partner always by your side, day and night. At Gen, we're not just imagining this future, we're building it. Trusted solutions that are always on, creating a more personal and empowered tomorrow. For future generations. For all generations.

All right, so that's all I've got, but before we break up here for a short break, let me just quickly summarize the key points I would like to leave you with. Number one, increasing intensity of cyber attacks, now exacerbated by AI, makes cyber safety a real vital industry whose size and importance will only continue to grow. Number two, Jen has a long track record in investing in technology and innovation, including AI, and is an undisputed leader in the consumer cyber safety market. And finally, number three, with our proven AI expertise, world-class UX capabilities, scalable infrastructure, and global customer reach, Jen is best positioned to win in this market. Thank you so much. And I think we have 10 minutes break, right?

OK, we're going to try and get the next part of our presentation going here. If we could get everybody to take their seats, please. Great. We're just about ready here. Folks could please take their seats.

Okay, great.

Thank you.

Hello. Welcome back from your break. For those of you in the room, thank you for being here. For everybody watching us on the webcast, welcome. We are so incredibly thrilled to be here. I'm Natalie Dursey, and I have the privilege of being the CFO of this incredible, incredible company we call Gen Digital. I have been here for about three and a half years, and this is my second analyst day, which is so fantastic. And we're just, we're really excited to be here to tell our story around how we're going to continue to unlock customer value. I'm joined here by the entire executive leadership team. They're spread out across the room. But I asked Travis Witteveen, Judy Bitterly and Patrick Schwind to stand up and wave hello to you all. They're in the back of the room here if you're in the room. They are the collective powerhouse go-to-market leaders. Travis drives acquisition and top of the funnel demand. Judy runs all of our customer relationship management and all of our retention efforts. And Patrick drives customer service, customer satisfaction, and leads the world-class customer service teams around the world. And it's through their leadership and the execution of their collective teams combined with our gen-wide commitment to taking a data-driven approach and the deep connection into the financial commitments that we make that we make our go-to-market priorities a reality. Customers. We're going to talk about our customers a lot today because they are at the center of everything that we do. And every stage of their cyber safety journey matters. We have built an engagement structure that offers us the opportunity to reach new customers, grow with our existing customers, and retain those customers while we provide great products and services. It starts with driving awareness for the need for cyber safety protection. It's important to reach as many new users as we can. And we do that with an omni-channel approach, taking forward our strong brand recognition and our proven track record of trusted services. And to help influence the customer choice in their path to solving their ever-growing cyber safety needs, we take that reach and we diversify into new channels with our ongoing marketing investment with a measured approach. We offer best-in-class protection in all facets of our customers' digital lives. And we are mission-driven. We're mission-driven in our expanding portfolio, our strong customer engagement, and we demonstrate the value of our products and services, no matter if you're in a moment of truth scenario or if you're on a path to building a relationship with us in a tiered membership offering. I told you customers were going to be talked about a lot today. We want them. No surprise. We want our customers. And driving customer count, net positive customer count, is a key priority for us. We've built a healthy direct customer base, as you can see on the screen. But it hasn't been easy. When we first stood up Norton LifeLock as a standalone company, we challenged ourselves to return the customer count to net positive growth after years and years of decline. We set explicit goals for ourselves to drive net positive customer ads, and we created additional investment so that we could invest in marketing over 50% more than prior periods. As we drove forward the direct-to-consumer business model, we also launched Norton 360, the first of its kind membership offering that offered full suite protection and provides peace of mind to our consumers, all in one offering. And we drove results. We started growing the customer base early on and continued adding net new customers for 10 straight quarters in a very healthy way, holding our already high retention rates stable, even through the elevated new acquisition levels through COVID, bringing the total count of customers from 20 million in 2020 to 24 million as we ended the year as Norton LifeLock in fiscal year 22. And we didn't stop there. After navigating the retention cycles post the COVID acceleration and the integration with Avast, the combined gen customer count is now approximately 39 million. And we, if you saw in our press release today, have returned to net positive customer count growth this quarter, averaging over the last four years of low single-digit rate of growth. Can I get some claps? Thank you.

At this time, the alarm activation on the 61st floor has been restored. I repeat, the alarm activation on the 61st floor has been restored.

All conditions have returned to normal.

I repeat, all conditions have returned to normal. Please do enjoy the rest of your day. Thank you.

Sorry for that. Good thing we're only on floor two, I think. Sorry for everybody on the webcast. I don't know if you heard that. We had a bit of a fire drill, but it's over. Okay, so with that said, net positive customer count this quarter. And as Jen, we have approximately half a million users, half a billion users, excuse me, and 65 million paid customers. We've created a playbook designed for growth, and we have many levers that Travis and Judy and Patrick and their teams use to bring our proven capabilities to market. And our model around this growth is very simple. Acquire more, retain more. We will expand in the markets we currently do business, and we're gonna enter new markets. We're gonna support that growth and that expansion by measured marketing investment and channel diversification. We will continue to invest in our product offering, driving an expanded portfolio with intention because we want to protect our customers from the ever-growing cyber threats. And we already do, and we will continue to provide best-in-class service at all stages of their journey with us. And we'll continue to grow as the largest consumer cyber safety provider with industry-leading retention rates. We reach our customers everywhere, where they are, with an intentional omnichannel structure. With most of our business being in the direct-to-consumer model, we can reach new users with a wide variety of offerings. For example, with our freemium offering for users that are just starting with us or are looking for a free protection in a basic format as they get educated or as they become more aware or as they want to get used to us as a brand, we offer a free product with a path to convert into more of a premium paid later. For the users that know what they want, the customers know what they want, and more importantly, what they need, we have a variety of options in a paid format across security, identity, privacy, either as standalone products or in a tiered membership format. And with the channels... Sorry. Something happened. Sorry about that. And then in addition to the 39 million and growing direct customers that we have, we also have what we call the partnership channels. This is a diverse set of channels that allow us more and more reach. And right now, we have over 25 million paid customers across that variety of partnership channels. With these channels and strategic partnerships, it's designed to capture consumer mindshare where the consumers choose to spend their time. at work, through our scaling employee benefits channel, bundled with their mobile providers as we partner with the telcos, or during their purchase decisions at retail. And our reach is expanding, and we have tremendous opportunities ahead. As we expand further, we're going to leverage our strong brand reputation, our vast products and services, and our diverse go-to-market infrastructure to drive more reach. With the constant evolution of cyber safety threats, we will acquire more. And we have room to grow across all the markets. We offer the best cyber safety protection across security, identity, and privacy. And we have a customer centric tiered offering that allow entry points of customer's choice backed with a strong call to action to cross sell when they need additional protection and upsell pathway to increase your level of one stop shop coverage. And we have a broad distribution model to deliver that to a growing base of our customers. I mentioned our partnership model. Our partnership model offers us not only expanded customer reach, it's an incredibly strong revenue stream for us. And we grow with our partners. We mobilize where our customers are. And again, we're going to expand through these channels into more identity and more privacy. There are a handful of examples on this slide. Let me walk you through a couple. We're growing cyber safety as a digital benefit. with employers who choose to offer identity protection through their annual enrollment process. We partner with telcos like TELUS and British Telecom to reach customers through their bundled solutions. And we offer private browser protection through search partnerships like Google, Bing, and Yahoo. And as I mentioned, across all of these different partnership channels, we've already expanded our reach to over 25 million customers and are driving approximately $400 million of revenue with our partners on an annual basis. And that's been growing double-digit rates of growth the last few years. We are growing with our customers today, leveraging our core capabilities. As Gen, we intend to accelerate our growth with increased value creation and deeper engagement with our customers. We plan to leverage a cross-sell, up-sell approach brought holistically together, leveraging best practices across our very diverse brand portfolio. And with the scaling data and technology solutions that you heard about from Andre, combined with our stated intention to drive more personalization with our customers using always improving predictive modeling and omni-channel engagement, we believe that we have multiple points of growth to drive through cross-selling point products in moments of truth and through the customer value we create with our differentiated higher tiered membership offerings. Let's double-click for a second. Cross-selling offers us a path to meaningfully accelerate the adoption of cyber safety. And we have a proven track record with our customers through cross-selling, starting with the $900 million Avast business model built around exactly that. Take the over half a billion users with a free offering and cross-sell them into a more paid offering. We've already seen further proof points as we take these best practices and apply them to the Norton security base. We've tripled the penetration of cross-sell from five to 15 in less than two years, just with a handful of products across utilities and privacy. We have a stated intention to continue to scale committing today from a 15% to over a 30% penetration of cross-sell because it's the right thing to do for our customers. Cross-selling point products protect customers when they are in the most important moments of truth. And we're just getting started. We have tremendous growth, opportunity, and expansion as we progress in our machine learning models and embrace the AI technologies. We'll leverage this combined with our continued product portfolio expansion and get the penetration of cross-sell to a larger percentage of our user base. Now on to upselling. We believe our membership offerings provide complete peace of mind to our customers regarding their cyber threats in their digital lives. Our membership offering is a full suite of protection as a one-stop shop tiered across identity, security, and privacy. And based on our current membership customer behavior, we know our memberships lead to higher engagement, higher customer satisfaction, and ultimately higher customer lifetime value. And it allows us to deliver the best service throughout the entire customer journey because we get to know each other. Customer awareness of our products and education of our feature set when we engage more through onboarding, product alerts, in-product messaging, and all the other customer touch points that we have. We get to know our customers' behavior through the broader telemetry data that we collect across the full suite. And through our customer relationship management, it enables us to even further advancement in our predictive modeling and our personalization and overall service. Economically, upselling customers to membership tiers creates value. It fuels our accelerating growth, evidenced in our current membership cohorts. As you can see, we have about 40% of total Gen paid customers that have chosen a membership offering. And we've made steady progress with that since we integrated with Avast. When our customers choose their cyber safety protection in a membership offering, the ASP is exponential. This is just security point solution to the first level of security membership. You can see the exponential growth in ASP. And when our customers choose to broaden their cyber safety protection, the retention rate that we see increases as they become more engaged. So if you marry this up with our very, very large base of users and paid customers that I showed you, We want and have intention to increase this penetration another 10 points over the next three years. And when we do, we deliver more peace of mind to more of our cyber safety customers, and we have the opportunity to drive long-lasting customer relationships. We are proud of our retention rates in the LifeLock brand and the Norton brand. Both are leading in our industry and have been hard-earned and very stable. Of course, continuous improvement in these strong brands is there, and we're committed to driving continuous improvement in those two brands. We're also committed to driving up overall gen retention rate over 80% as we work to increase the retention rate in our Avast brands. A year ago, we laid out our gen revenue synergies. We sized an opportunity to address a 10-point gap on Avast retention rates, of which we've already driven three points since just one year in. We've done that leveraging the best practices across the security brands and focusing on optimizing our billing performance. And as we expand into new channels, into new markets, and accelerate the growth in markets across the world, we are very, very clear-eyed that not all customers, not all users, look and behave the same. We are clear-eyed that they may come with a variety and a range on retention rate as well as ASP. Mobile is one area that we have focused on improving the retention rate. We're doing a lot of mobile acquisition today. And today, it has a lower than average gen retention rate. But evidenced in the pre to the today, we know and we have proof points that when we focus on driving retention rate improvements with our customers, it can be done. We have opportunities to drive retention improvements across our portfolio. And as we do, we are committed to keeping the customer at the center of everything we do, driving their customer satisfaction higher, and in turn, growing together. You ready for the money slide? Yeah, me too. Growing sustainably requires us to execute on our strategy and deliver meaningful value. And we plan to do that in what I call the five for five. It's a simple structural approach of five levers to drive five points of revenue growth over the next three years. What I love about it is it's grounded in proof points, current customer behavior, and trends we see today that support our reach, grow, retain priorities. And in each of these five levers, we see momentum today. And when you take the assumptions I've listed out here on the potential whiteboard and you translate the math, it's not hard to see that we have at least $650 million of incremental revenue to earn over the next few years. We collectively will execute our strategy. And when we do, it's not hard to believe in our gen-wide commitment to accelerate growth with our five for five. We have a strategy and a structured approach to our growth plan. But what the last few years has boldly reminded us all across the world is that you need to iterate and flex as new business dynamics come into play. We have opportunities in all markets scaling at various rates with different economics, but we take our responsibility to reach, grow, and retain across the world very seriously. Our opportunities are vast, they're diverse, and they will ebb and flow. And we'll embrace that. We want to grow in a diverse manner as we expand in our mission to offer the most comprehensive cyber protection in our customers' digital lives. This leadership team in the room is committed to leading with a growth mindset, driving sustainable and profitable growth, balancing our investments as we execute our strategy, powering digital freedom to all of our valued customers. We have a strong execution track record. We have a reputation of delivering at or above our financial commitments. And it's built on a disciplined and measured approach. We have a very diverse business model, rich in cash generation, that allows us to embrace the growth opportunities in a very balanced way. With that, let me walk you through our financials. In order to know where we're going, we need to know where we've been. As I look back when we stood up Norton LifeLock as a standalone direct-to-consumer business, we set challenging goals and delivered big, big results. Just look at the keggers on the screen behind me. Double-digit revenue growth over the last four years, best-in-class operating income, and EPS growing 2x the rate of revenue. We create shareholder value. And we do what we say. We breed a commitment-focused culture. And we execute on the big goals that we set. Our deal cost synergies were meaningful, and we had a beat and raise in a faster timeframe. And we used less cost to achieve it than we previously planned. Our revenue synergies are scaling. Our highly complicated gen portfolio integration is on track. And operationally, we're on track to deliver on our $3 EPS commitment, excluding the rising cost of debt. We're a team that executes. And these are big goals. $200 million of revenue synergies is a big number. And the collective team found a way, already delivering 35% of their target in just one year since we closed, and continues to scale. $280 million of cost synergies is a big number. And again, the collective team carved a path to over-deliver faster. We are driving operating margin expansion. We've done six points of expansion in just one year, and we continue to improve. One of the big goals we set for ourselves was to double EPS over the long term. We shared that goal during our last analyst day, and we reiterated that $3 EPS target a year ago at deal close. I already said operationally we were on track to deliver on that commitment. If you recall to the last analyst day, I shared a whiteboard path on a what you could potentially believe to get to that three dollar EPS. It was built on growth, scaling operating margin, balanced capital allocation, and leveraging M&A as an accelerator. Since then, Operationally, we have remained focused on our priorities and thus far have executed to our plan. And our earning power strengthened. During the same time, global business dynamics changed that created notable macro headwinds. We can all relate. Especially for us, the significant increase in interest rates that have remained elevated for longer than we expected. considering that every point of interest rate increase has an EPS for us of 10 pennies, excluding that, excluding those macro headwinds, we would have doubled EPS to $3 by fiscal year 25, in line with the timeline laid out at our last analyst day. So what do you do with that? What I want you to take away is that we are a growth-focused team that has a high rate of operational execution. And yes, the interest expense is a real cost to our business. We are super clear-eyed about that, and we're facing into it. But please keep in mind, as the interest rate market and environment improves, there is future EPS benefit that comes with that. Our business is incredibly healthy. We generate very strong free cash flow, and it's scaling significantly. And as we continue to scale, we create capacity that affords us the ability to reduce the level of debt outstanding through accelerated debt payments, like we've already done four times this year. Our current EBITDA to interest ratio is 3.4 times, and we expect that to increase as EBITDA grows in line with revenue, given that we've already achieved the majority of our cost synergies and expanded operating margin. And while we continue to deploy our capital in a balanced manner, today we are sharpening our commitment to pay down more debt and deliver to under three times net by fiscal year 2027. And yes, we will continue to repurchase shares. We will stay committed to the dividend, the current dividend. And more importantly, we stay committed to returning 100% of excess free cash flow to our shareholders. We will leverage our efficient business model as we scale top line. We're on track to run the core at 60% operating margin as we exit this fiscal year, and we'll continue to optimize in effort to fund growth in next gen cyber safety. As we scale our reach and grow with our customers and retain those customers, we gain operating leverage and we expect to capture high margin dollars from the new volume. That in turn will help fund new growth vectors and new product launches. But count on us. We have a test, measure, growth approach to new areas of investment. We will invest in the future, but we'll be disciplined as we do, and we will accelerate. And with that, let me share our three-year financial model. Our outlook, we expect to drive mid single digit rate of revenue growth in a sustainable and balanced manner. We expect to grow EPS 12 to 15% growing faster than revenue with increased operating leverage and leveraging our efficient capital structure. As I already mentioned, we are committed to delivering to under three times net by fiscal year 2027, while returning 100% of free cash flow, excess free cash flow to our shareholders. Of course, this model assumes today's currency exchange rates and assumes the latest forward curve. Gen is an incredibly healthy, growing business with high operating margins and strong cashflow generation. And it's led by a management team that has a proven track record of execution. We have endured a ton of change in the last four years, but we have returned customer count to growth while consistently growing our ARPU, and increasing industry high retention rates all at the same time. We believe our role is to create value for shareholders through delivering on our commitments. We have. We are. And we will remain steadfast, creating long-term shareholder value with resilient growth, healthy profit margins, and continued strong cash flow generation. I hope you're as excited about the future of Gen as we are. I appreciate you listening. Thank you for your time. Let me turn it back to Vincent for closing remarks. Thank you.

Music for me, and... I saw Natalie dancing up on the stage here. And I was thinking, this event is not only for you to understand the beautiful business we've built, the very powerful financials we have, which was going to be the presentation, but also for you to get to know the management team. You invest into the company. Like us, we bet on people. We're people business for people. And I think this is an opportunity for you to know the management team. We did when we came together with Avast a quick personality trade. And I won't reveal all of our secrets. But at a high level, Andre is an introvert. I'm neutral like a Belgian. And Natalie is an extraordinary extrovert out there. So I can tell you the weekly forecast call are running like music. All right. With that, let's go to the closing comment. So you got a glimpse right on what we see in terms of the market, the dynamics of the dynamics we see in the threat landscape. It's an evolving market with plenty of expansion opportunities. I think Andre didn't listen to my advice. He went a little bit overboard sharing really our roadmap of the future, but I'm sure you'll keep that confidential amongst ourselves. Yes. We have the best portfolio that address the consumer security, identity, and privacy management for the consumers. We're very focused on attractive units of economics. We drive growth at value. Our competitive position is unmatched. Frankly, we leverage the broad amount of data we have, the portfolio we can get constructed almost in a personalized way, leveraging the multi-brand framework, the omni-channel strategy. And then when a customer has decided to touch consciously cyber safety, we have the pass to walk them through a journey that goes all the way to full peace of mind. We have the resilience and the predictability in our business model to fund our ambition and our innovation to continue to push the market forward. And with that, as Nathalie mentioned, deliver double-digit EPS growth and valuation will be up to you to decide where it sends. Our strategy is clearly working. We've deployed a pretty simple strategy initially when we started. We wanted to be the best cyber safety platform for consumers. And what I mean platform is with the ability to communicate, to be front and center, to empower the consumers. and having the cross-sell and up-sell opportunity. And then when we find our strategy as we continue to evolve, we've now broken down our portfolio into three main categories. The core business, that is maybe a more mature element in the core offering we have, but that's still very essential. As Andre mentioned, the threat landscape is not the new waves are not replacing the old one. They're compounding on each other. And we still feel we have opportunity to continue to accelerate the growth in that area. We invest into our competencies that you see here at the bottom from scale data all the way to the strategy and the execution of it to really drive that operational flywheel. More data means more value to understand better our portfolio innovations, which goes back to more data and more value to the customers. And it's really the understanding of how it fits together that gets a working strategy with a very impeccable execution. And, of course, we have momentum, as you've seen. This is a slightly different way of looking at our portfolio by the consumer needs between core and expanded, core being those products that were at the basics of that consumer cyber safety, and the expanded being how we, over time, have addressed new needs in expanding the views. You can see in the core about $2 billion of our overall portfolio growing at low single digit, but adding a point of growth every year by currently looking at hidden security threats and adding functionality for the customers there. The Keep My Financial Safe Online, as Andre mentioned, we have a pretty broad ambition there. Pretty big base, leader in the market with maybe a mid-single-digit course potential. That's over the last three years. And adding every year two points of growth by adding new functionalities, and you'll see more of it. And then in the privacy, the fastest-growing... granted the smaller of our segment today or of our needs, where VPN was the core and now totally expanded into giving the consumer the power to understand the data online, eliminate those data or manage those data, and work on their reputation, adding about five points a year of incremental growth. If you step back and cut that portfolio between core and expanded, we have a very strong core business with a resilient low-digit growth that we can accelerate with upside by expanding internationally or expanding to new cohorts with our multi-brand framework. And we have a fresh, dynamic, expanded set of opportunities, functionalities that today sum up to about 10% of our business to a zero two years ago and fast growing. The capability of adding new value to the customer is definitely what you will see more of over the next three years. And then, as I mentioned, we always invest for the long term. Obviously, the seeds investments that we have built in our business model will be the expanded of tomorrow in terms of applications and revenue growth. We're very focused on the consumer needs. Built into the model is what the future of digital identity, reusable verified data. How do we use AI into the anti-scam and bringing the product more front end for the customers? Andre mentioned it. We believe we have a very strong opportunity in what I would say the unmanaged, very small business, 20 people or less, that really rely on our consumer capabilities or consumer-like capabilities to push the boundaries from that core security to a full cyber safety, including your reputation, your credit score, et cetera, online to be able to sustain the business. And you'll see more of that. And then contrary to Andre, the next version we're going to launch, I've hidden it. So why Jen and why now? As Andre mentioned, we definitely see an AI fueling of the market both on the threats and on the opportunity. I believe we are at the cusp of another wave.