Nitin Bansal
BofA Securities, Research Division

For joining us today on the second day of the Bank of America Tech Conference. I am Nitin Bansal, part of the Internet team here covering Life360. And I'm delighted to have with me Russell Burke, CFO of the firm; and Raymond Jones from the IR team. Thank you, Russell. Thank you, Raymond, for joining us today.

Nitin Bansal
BofA Securities, Research Division

So maybe to kick off things, I want to touch on one of your recent announcement. So you recently announced a share buyback of $225 million. So -- and you're also investing in your core business where the growth is like fundamentally good.

And like you're investing in the advertising business, new subscription initiatives like pets. So like help us understand like why do you think buyback is like the right use of capital today? And how are you weighing like repurchases against like the investment opportunities in the business?

Russell Burke
Chief Financial Officer

And really good to be here with you. I appreciate the opportunity. So yes, look, when we think about capital management, the first thing is that we are still very much a growth company. We see -- we're very early, we think, in our stage of growth. We've got a huge number of opportunities ahead of us. And we will be investing to double down on that growth. There's no doubt about that.

When we look at our sort of immediate capital management strategy, we have plenty of cash on the balance sheet. We have almost $460 million at last quarter