LivePerson Inc (LPSN) 2024 Q3 法說會逐字稿

Greetings and welcome to LivePerson third quarter, 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jon Perachio, Senior Director, Investor Relations. Thank you, Mr. Perachio. You may begin.

歡迎參加 LivePerson 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係高級總監 Jon Perachio 先生。謝謝你，佩拉奇奧先生。你可以開始了。

Thank you. Joining me on today's call is John Sabino, CEO; and John Collins, CFO and COO. Please note that during today's call, we'll make forward-looking statements which are predictions, projections and other statements about future results.

謝謝。與我一起參加今天電話會議的是執行長約翰·薩比諾 (John Sabino)；財務長兼營運長約翰‧柯林斯 (John Collins)。請注意，在今天的電話會議中，我們將做出前瞻性聲明，即對未來結果的預測、預測和其他聲明。

These statements are based on our current expectations and assumptions as of today, November 7, 2024 and are subject to risks and uncertainties. Actual results may differ materially due to various factors including those described in today's earnings press release and in the comments made during this conference call as well as in 10-Ks 10-Qs and other reports we file with the SEC.

這些陳述是基於我們截至 2024 年 11 月 7 日的當前預期和假設，並存在風險和不確定性。由於各種因素，包括今天的收益新聞稿中描述的因素、本次電話會議期間的評論以及我們向 SEC 提交的 10-Ks 10-Qs 和其他報告中的評論，實際結果可能會存在重大差異。

We assume no obligation to update any forward-looking statements. Also during this call. We'll discuss certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in today's earnings press release. Both the press release and the supplemental slides which include highlights for the quarter are available on the Investor Relations section of LivePerson's website ir.liveperson.com.

我們不承擔更新任何前瞻性陳述的義務。也在這次通話中。我們將討論某些非公認會計準則財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 財務指標的調整表。新聞稿和包含本季亮點的補充幻燈片均可在 LivePerson 網站 ir.liveperson.com 的投資者關係部分取得。

With that, I'll turn the call over to LivePerson CEO, John Sabino.

接下來，我會將電話轉給 LivePerson 執行長 John Sabino。

Thank you so much Jon and thank you all for joining us today. Before getting into our results and strategy. Let me share a high level update on our business. Customers view LivePerson as a trusted partner to seamlessly, orchestrate, automate, analyze and personalize their digital conversations.

非常感謝喬恩，也感謝大家今天加入我們。在討論我們的結果和策略之前。讓我分享一下我們業務的最新動態。客戶將 LivePerson 視為值得信賴的合作夥伴，可以無縫地編排、自動化、分析和個人化他們的數位對話。

This leads to significant return on investment through improvement in operational efficiency and stronger relationships with their end customers. Recently at our spark customer conference, we unveiled a unified omnichannel solution that seamlessly integrates digital and voice interaction.

透過提高營運效率和加強與最終客戶的關係，可以帶來顯著的投資回報。最近，在 Spark 客戶會議上，我們推出了無縫整合數位和語音互動的統一全通路解決方案。

These enhanced capabilities, elevate LivePerson from a trusted digital partner to a strategic partner for all channels. Customers can now apply our best in class digital experience to their voice conversations with a consistent AI powered automation capability.

這些增強的功能將 LivePerson 從值得信賴的數位合作夥伴提升為所有通路的策略合作夥伴。客戶現在可以透過一致的人工智慧驅動的自動化功能，將我們一流的數位體驗應用到他們的語音對話中。

This drives increasingly more value for our customers by bringing our capabilities and outcomes to a larger share of their conversational value. Furthermore, brands can innovate over the top of their existing infrastructure without reliance on a risky multiyear CCaaS migration with solutions now available. Our strategic partnership with a Avaya is beginning to translate into bookings and pipeline momentum.

透過將我們的能力和成果在客戶的對話價值中佔據更大份額，為我們的客戶帶來越來越多的價值。此外，品牌可以在現有基礎設施的基礎上進行創新，而無需依賴現有解決方案進行危險的多年 CCaaS 遷移。我們與 Avaya 的策略合作夥伴關係正開始轉化為預訂和通路動能。

This includes a joint new logo win with a large retail bank. A direct new logo win with a Fortune 200 insurer and a large joint renewal with a Fortune 50 logistics company. I will provide more detail on the momentum here later in my remarks.

這包括與一家大型零售銀行聯合贏得新標誌。直接贏得財富 200 強保險公司的新標誌，並與財富 50 強物流公司進行大型聯合更新。我將在稍後的發言中提供有關這一勢頭的更多細節。

In addition, the strategic changes we have made to better serve customers are resonating. Many customers have shared that LivePerson has become much easier to do business with. We now offer simpler and more competitive pricing and packaging as well as allowing customers to use LivePerson's leading digital capabilities within an integrated best of breed solution.

此外，我們為更好地服務客戶所做的策略變革也引起了共鳴。許多客戶都表示，與 LivePerson 開展業務變得更加容易。我們現在提供更簡單、更具競爭力的定價和包裝，並允許客戶在整合的最佳解決方案中使用 LivePerson 領先的數位功能。

I am confident that our customer centric approach and ongoing commitment to enhancing our capabilities will position LivePerson as the preferred partner for enterprise digital transformation. While still early days in our turnaround, we are beginning to see improvements in sequential bookings that John Collins and I will discuss in greater detail.

我相信，我們以客戶為中心的方法和對增強我們能力的持續承諾將使 LivePerson 成為企業數位轉型的首選合作夥伴。雖然我們還處於扭虧為盈的早期階段，但我們已經開始看到順序預訂的改進，約翰·柯林斯 (John Collins) 和我將更詳細地討論這一點。

Now let me discuss our high level third quarter results revenue in the third quarter was $74.2 million. Above the high end of our guidance range, mainly driven by successful efforts and retention during the quarter and adjusted EBITDA was $7.3 million. Also above the high end of our guidance range driven by the actions we have taken thus far to right size our cost structure.

現在讓我討論一下我們第三季的高水準業績 第三季的營收為 7,420 萬美元。高於我們指導範圍的高端，主要是由於本季度的成功努力和保留，調整後的 EBITDA 為 730 萬美元。由於我們迄今為止為調整成本結構而採取的行動，也超出了我們的指導範圍的高端。

John Collins will provide more detail about our financial results in his section, but I want to point out that these results and the maintenance of our full year guidance midpoints represent the third consecutive quarter of execution.

約翰·柯林斯將在他的部分中提供有關我們財務業績的更多詳細信息，但我想指出的是，這些業績和我們全年指導中點的維持代表了連續第三個季度的執行。

Now I would like to provide additional detail on the progress of our transformation strategy. First, let's discuss our product at our recent spark customer event, we announced several innovative solutions. We launched a unified omnichannel workspace that integrates third party voice providers like Avaya into LivePerson's best in class agent workspace. By transcribing calls in real time brands benefit from our AI capabilities such as Copilot Assist, and automated summaries for their voice conversations.

現在我想提供有關我們轉型策略進展的更多細節。首先，讓我們在最近的 Spark 客戶活動中討論我們的產品，我們宣布了幾個創新的解決方案。我們推出了統一的全通路工作區，將 Avaya 等第三方語音供應商整合到 LivePerson 一流的座席工作區。透過即時轉錄通話，品牌可以受益於我們的 AI 功能，例如 Copilot Assist 以及語音對話的自動摘要。

The voice conversations integrate seamlessly with analytics studio, unifying both speech and text based conversations into rich actionable data. Our customers can now analyze customer journeys and coach agents across all channels.

語音對話與分析工作室無縫集成，將基於語音和文字的對話統一為豐富的可操作數據。我們的客戶現在可以分析客戶旅程並指導所有管道的代理。

Many contact centers do remain on premise due to the complexity and cost of migrating to cloud with legacy systems deeply embedded in their operations. By integrating with on-premise and cloud voice vendors LivePerson enables brands to bring digital AI and advanced analytics to their contact center without disrupting their existing operations.

由於遷移到雲端的複雜性和成本以及深深嵌入其營運中的遺留系統，許多聯絡中心仍然保留在本地。透過與本地和雲端語音供應商集成，LivePerson 使品牌能夠將數位人工智慧和高級分析引入其聯絡中心，而無需中斷現有營運。

This gives customers the flexibility and agility to move to the cloud on their own terms and timelines. We also enhanced the administrative experience for our Copilot products. We launched a self-service portal for brands to test and tune their experiences. Now, customers can quickly customize AI models to meet their unique business needs.

這為客戶提供了按照自己的條款和時間表遷移到雲端的靈活性和敏捷性。我們也增強了 Copilot 產品的管理體驗。我們推出了一個自助服務門戶，供品牌測試和調整他們的體驗。現在，客戶可以快速客製化人工智慧模型，以滿足其獨特的業務需求。

Additionally, we enhance our reporting capabilities to connect these Copilot experiences to outcomes. This enables customers to measure the real impact of specific generative AI use cases on their operations.

此外，我們還增強了報告能力，將副駕駛體驗與結果連結起來。這使客戶能夠衡量特定生成式人工智慧用例對其營運的實際影響。

These enhancements are critical as generative AI usage is growing rapidly across our customer base. In Q3, we saw a 14% sequential increase in the number of clients leveraging our generative AI capabilities and a 40% sequential increase in conversations using our generative AI suite.

隨著生成式人工智慧的使用在我們的客戶群中快速成長，這些增強功能至關重要。在第三季度，我們發現利用我們的生成式 AI 功能的客戶數量環比增加了 14%，使用我們的生成式 AI 套件的對話量環比增加了 40%。

Now let me share a few examples of this. Let's start and Frost Bank, which is known for premium human first customer care. Liveperson's Copilot solution enables their human agents to respond in less than a minute to hundreds of thousands of conversations annually resulting in a consistent 91% customer satisfaction score.

現在讓我分享一些這方面的例子。讓我們從 Frost Bank 開始，它以優質的人性化客戶服務而聞名。Liveperson 的 Copilot 解決方案使他們的人工代理商能夠在不到一分鐘的時間內對每年數十萬次對話做出回應，從而獲得一致的 91% 的客戶滿意度分數。

Then there's Signet Jewelers the world's largest retailer of diamond jewelry. Our AI is trusted by Signet to help their customers navigate one of their most stressful and expensive purchases in their lives. Using LivePerson's AI powered agent assist, smart rewrite and summarization capabilities. Signet sales agents orchestrate highly personalized buying experiences that increase the average order value while achieving a 90% customer satisfaction score along the way.

還有全球最大的鑽石珠寶零售商 Signet Jewelers。Signet 信任我們的人工智慧，可以幫助他們的客戶應對他們一生中壓力最大、最昂貴的購物之一。使用 LivePerson 的 AI 支援的代理協助、智慧重寫和摘要功能。Signet 銷售代理精心策劃高度個人化的購買體驗，提高平均訂單價值，同時實現 90% 的客戶滿意度。

Next is Najm, a Saudi Arabian vehicle insurer. After years of using voice as their only support channel, Najm turned to LivePerson to launch AI agents in whatsapp. LivePerson AI agents have reduced response times by 92% and enhanced personalization across millions of annual interactions, lowering the Najm's cost by over 60% while improving retention rates.

其次是沙烏地阿拉伯汽車保險公司 Najm。在多年來使用語音作為唯一的支援管道後，Najm 轉向 LivePerson 在 Whatsapp 中推出人工智慧代理。LivePerson AI 代理將回應時間縮短了 92%，並在每年數百萬次互動中增強了個人化，將 Najm 的成本降低了 60% 以上，同時提高了保留率。

Finally, one of the world's largest health insurance providers is accelerating digital sales with LivePerson. They use AI for external customer facing and internal agent facing use cases. With a variety of AI agents assisting consumers and agents. At various stages of the customer life cycle, LivePerson solutions have helped them achieve 222% year-over-year growth in digital sales and an 86% customer satisfaction rate.

最後，世界上最大的健康保險提供者之一正在透過 LivePerson 加速數位銷售。他們將人工智慧用於面向外部客戶和麵向內部代理的用例。擁有各種人工智慧代理來協助消費者和代理商。在客戶生命週期的各個階段，LivePerson 解決方案幫助他們實現了 222% 的數位銷售額年成長和 86% 的客戶滿意度。

Over the next several quarters, LivePerson's innovations will remain focused on these core areas. We plan to expand our voice partnerships, increase generative AI use cases and enhance our digital channel capabilities and double down on unified analytics. These investments will further enable brands to analyze, orchestrate, automate and personalized conversations at scale across any channel.

在接下來的幾季中，LivePerson 的創新將繼續集中在這些核心領域。我們計劃擴大我們的語音合作夥伴關係，增加生成式人工智慧用例，增強我們的數位管道能力，並加倍加強統一分析。這些投資將進一步使品牌能夠在任何管道上大規模分析、編排、自動化和個人化對話。

Now, I'd like to update you on our progress and go to market. We're beginning to see momentum in our bronze, silver, and gold pricing and packaging strategy. In Q3, we saw a significant increase in deals closed with our new pricing and expect that to increase into Q4.

現在，我想向您介紹我們的最新進展並進入市場。我們開始看到青銅、白銀和黃金定價和包裝策略的動力。在第三季度，我們發現採用新定價完成的交易大幅增加，預計第四季這一數字將會增加。

In fact, the majority of our new global pipeline has already moved to new pricing and packaging. We are starting to see the intended results with larger deals and shorter sales cycles. For example, a leading sports -- sporting goods retailer adopted our gold package based on a successful pilot of our generative AI suite. This resulted in a significant renewal and upsell, as mentioned earlier, our expanding partnership with the Avaya has already resulted in our first new logo win together.

事實上，我們大部分新的全球管道已經轉向新的定價和包裝。我們開始看到更大的交易和更短的銷售週期的預期結果。例如，一家領先的體育用品零售商基於我們的生成式人工智慧套件的成功試點而採用了我們的黃金套餐。這導致了顯著的更新和追加銷售，如前所述，我們與 Avaya 不斷擴大的合作夥伴關係已經導致我們共同贏得了第一個新徽標。

One of the largest privately held banks in the US chose our integrated solution. It helps them accurate. It helps them accelerate value and innovation while avoiding the risks and costs and delays associated with a full migration of mission critical systems. This is our key to our value proposition. Additionally, we secured a new logo win with a Fortune 200 insurer looking to leverage the same integrated solution and renewal through our Avaya relationship with a Fortune 50 logistics company for an ACV of nearly a million dollars.

美國最大的私人銀行之一選擇了我們的整合解決方案。它可以幫助他們準確。它幫助他們加速價值和創新，同時避免與關鍵任務系統完全遷移相關的風險、成本和延遲。這是我們價值主張的關鍵。此外，我們還贏得了財富 200 強保險公司的新徽標，該保險公司希望透過 Avaya 與一家財富 50 強物流公司的合作關係，利用相同的整合解決方案和更新，獲得近 100 萬美元的 ACV。

We're also seeing strong pipeline in the early access program for a unified workspace from a number of additional Fortune 500 companies. Looking ahead, we plan to integrate with more on-premise and cloud voice platforms like Cisco and Amazon connect. We're seeing the start of real momentum. But I want to be clear, this is just the beginning of our omnichannel journey that it will take time for this to become a material source of revenue.

我們還看到許多其他財富 500 強公司正在為統一工作空間提供早期訪問計劃。展望未來，我們計劃與更多本地和雲端語音平台（例如 Cisco 和 Amazon connect）整合。我們正在看到真正勢頭的開始。但我想澄清的是，這只是我們全通路之旅的開始，它需要時間才能成為物質收入來源。

To conclude, I want to reiterate that we delivered on our expectations we set in the last earning this call. We have continued to innovate on our product by adding unified experiences for voice and messaging, enhancing our current analytics suite and growing our enterprise generative AI adoption. We have also continued to make strides in our go to market by setting the foundations to reignite growth and increase adoption of our new pricing and packaging options.

最後，我想重申，我們實現了上次電話會議中設定的期望。我們透過添加統一的語音和訊息體驗、增強我們目前的分析套件並提高企業生成式人工智慧的採用率，不斷對我們的產品進行創新。我們還透過奠定基礎來重振成長並增加新定價和包裝選項的採用，在進入市場方面繼續取得長足進步。

And finally driven by our product innovation and key partnerships. We have continued to advance our omnichannel strategy with our solution now deployed in sales momentum building these positive developments in both product and go to market. Show our continued progress on our strategy that being said there is still progress to be made to get us back to profitable growth.

最終由我們的產品創新和關鍵合作夥伴關係推動。我們繼續推動我們的全通路策略，我們的解決方案現已部署在銷售勢頭中，在產品和市場推廣方面取得了積極的發展。展示我們在策略上的持續進展，儘管如此，我們仍需取得進展才能恢復獲利成長。

Before I turn the call over to our CFO and COO John Collins to discuss our financials in detail and guidance for the remainder of the year. I would like to provide an early view of our expectations for bookings and churn in 2025. As we discussed in the past two quarters, aligning our operations and industry best practices has translated to sequential improvement in bookings and greater visibility into addressable term risks.

在我將電話轉給我們的財務長和營運長約翰·柯林斯之前，請詳細討論我們的財務狀況和今年剩餘時間的指導。我想提供我們對 2025 年預訂和流失的預期的初步看法。正如我們在過去兩個季度所討論的，調整我們的營運和行業最佳實踐已轉化為預訂量的連續改進以及對可解決的期限風險的更大可見性。

Our expectations for retention rates continue to steadily improve as we look forward to future renewal cycles. We do see heightened risk for the remainder of the current renewal cycle with customers who are likely making their renewal decisions before we install our new customer success motion.

隨著我們對未來更新周期的期待，我們對保留率的期望繼續穩步提高。我們確實看到，當前續訂週期剩餘時間的風險會增加，因為客戶可能會在我們安裝新客戶成功動議之前做出續約決定。

The last of these customers are slated to renew in the fourth quarter of this year and the first quarter of next year. As a result, we currently expect attrition to continue into the first half of 2025 offsetting expected revenue gains from sequential bookings improvement. With the transition towards positive net new ARR expected in the second half of 2025. That said, I believe this near term churn is largely the result of the legacy issues in the business that I've been focused on since the day I joined LivePerson.

最後一批客戶預計將在今年第四季和明年第一季續約。因此，我們目前預計，人員流失將持續到 2025 年上半年，抵銷連續預訂量改善帶來的預期收入成長。預計 2025 年下半年將實現淨新 ARR 向正值過渡。也就是說，我相信近期的客戶流失很大程度上是由於我加入 LivePerson 之日起就一直關注的業務遺留問題所造成的。

Regarding the new booking trends, we expect to see eight figure bookings in the fourth quarter. An early indication suggests that we should be able to maintain that bookings level through the first quarter of 2025.

關於新的預訂趨勢，我們預計第四季的預訂量將達到八位數。早期跡象表明，我們應該能夠在 2025 年第一季之前保持這一預訂水平。

We'll provide a more detailed update on our 2025 expectations on the next earnings call but we felt it was important to provide you with this improved visibility today. So now let me hand over the call to John Collins. John?

我們將在下一次財報電話會議上提供有關 2025 年預期的更詳細更新，但我們認為今天向您提供這種改進的可見性非常重要。現在讓我將電話轉交給約翰·柯林斯。約翰？

Thanks John. I'll begin with a brief update on customer wins, followed by a discussion of our financial performance and guidance. In terms of deals and significant customer wins in the third quarter. We delivered another quarter of sequential improvement. We signed 44 deals including nine new logos and 35 extensions and renewals.

謝謝約翰。我將首先簡要介紹客戶獲勝的最新情況，然後討論我們的財務表現和指導。就第三季的交易和重要客戶贏得而言。我們又實現了一個季度的環比改善。我們簽署了 44 項協議，其中包括 9 項新徽標以及 35 項延期和續約。

The total number of deals was up 19% from the second quarter and total deal value was at 22%. Significant renewals and expansions included a seven figure deal with a large Australian financial services company, a seven figure deal with one of the world's largest health insurance providers. And a high six figure deal with another large health insurance provider. New logo wins included a leading fast casual restaurant company, a US based private retail bank, a Fortune 200 insurer, a Fortune 50 logistics company. And I'll highlight as John did that. The last three of these were tied to our voice integration with Avaya.

交易總數較第二季成長 19%，交易總額成長 22%。重大續約和擴張包括與澳洲一家大型金融服務公司達成的七位數協議、與全球最大的健康保險公司之一達成的七位數協議。與另一家大型健康保險公司的交易金額高達六位數。新標誌贏得的獎項包括一家領先的快餐休閒餐廳公司、一家美國私人零售銀行、一家財富 200 強保險公司、一家財富 50 強物流公司。我將強調約翰所做的事情。其中最後三個與我們與 Avaya 的語音整合相關。

Consistent with our expectations. We have improved geometrics every quarter this year and we expect that momentum to carry forward this quarter. We are currently tracking to double digit bookings which would be a first since the fourth quarter of 2023.

與我們的預期一致。今年每季我們都在改進幾何形狀，我們預計這股勢頭將在本季繼續下去。目前，我們的預訂量已達到兩位數，這將是自 2023 年第四季以來的首次。

As for -- third quarter, financial results total revenue was $74.2 million. Above the high end of our guidance range. The improvement over expectations was due to the timing of deals and lower than expected customer turn in the quarter. Adjusted EBITDA for the third quarter was above the high end of our governance range at $7.3 million driven primarily by the same factors contributing to higher revenue.

至於第三季度，財務業績總收入為 7,420 萬美元。高於我們指導範圍的高端。超出預期的改善是由於交易時機以及本季客戶週轉率低於預期。第三季調整後 EBITDA 高於我們治理範圍的上限 730 萬美元，這主要是由於導致收入增加的相同因素。

Revenue from B2B hosted services was $62.7 million, down 27% year-over-year B2B core recurring revenue was $68.8 million or 93% of total revenue down 21% year-over-year. As previously discussed, the year-over-year declines were driven primarily by customer cancellations and downsells this year.

B2B 託管服務收入為 6,270 萬美元，年減 27%；B2B 核心經常性收入為 6,880 萬美元，佔總收入的 93%，年減 21%。如前所述，年減主要是由於今年客戶取消預訂和降價銷售造成的。

Further segmenting revenue, professional services revenue was $11.6 million down 26% year-over-year. From a geographic perspective US revenue was $49.4 million and international revenue was $24.9 million or 67% and 33% of total revenue respectively. Average revenue per customer was $630,000 up 6% year-over-year driven in part by expansions with our largest customers and in part by customer churn.

進一步細分收入，專業服務收入為 1,160 萬美元，較去年同期下降 26%。從地理角度來看，美國收入為 4,940 萬美元，國際收入為 2,490 萬美元，分別佔總收入的 67% 和 33%。每位客戶的平均收入為 63 萬美元，年增 6%，部分原因是我們最大客戶的擴張，部分原因是客戶流失。

RPO declined to $256 million consistent with the same factors, driving the declines in revenue. Net revenue retention was 79% in the third quarter compared to 83% in the second quarter. Again, given the size and timing of customer cancellations in 2024, we expect revenue to decline sequentially through the fourth quarter and into 2025. A trend that I will elaborate on shortly. Finally, in terms of cash, we ended the third quarter with [$143 million] cash on the balance sheet inclusive of the proceeds -- from the previously closed transaction with Lynrock Lake.

出於同樣的因素，RPO 下降至 2.56 億美元，導致收入下降。第三季淨收入保留率為 79%，而第二季為 83%。同樣，考慮到 2024 年客戶取消預訂的規模和時間，我們預計第四季和 2025 年營收將連續下降。我將很快詳細闡述這一趨勢。最後，就現金而言，第三季結束時，我們的資產負債表上有 [1.43 億美元]現金，其中包括先前與 Lynrock Lake 完成的交易的收益。

In terms of revenue guidance for the full year 2024 we are maintaining the midpoint but tightening our range to$ 305 million to $310 million. As for B2B core recurring revenue, we continue to expect it to be approximately 92% of total revenue for the full year.

就 2024 年全年營收指引而言，我們維持中點不變，但將範圍收窄至 3.05 億至 3.1 億美元。至於B2B核心經常性收入，我們繼續預期其將佔全年總收入的92%左右。

We are also maintaining our midpoint for adjusted EBITDA guidance but narrowing the range to $18 million to $23 million. Consistent with prior commentary, we also continue to expect the B2B business to be free cash flow positive for the full year. The implication for revenue in the fourth quarter is a range of $65.7 million to $70.7 million. We expect B2B core recurring revenue to equal approximately 93% of total revenue.

我們也維持調整後 EBITDA 指引的中點，但將範圍縮小至 1,800 萬美元至 2,300 萬美元。與先前的評論一致，我們也繼續預計 B2B 業務全年自由現金流為正。對第四季營收的影響為 6,570 萬美元至 7,070 萬美元。我們預計 B2B 核心經常性收入將約佔總收入的 93%。

As for adjusted EBITDA in the fourth quarter, we expect a range of $2.1 million to $7.1 million. Before leaving the topic of guidance. I'd like to build on John's earlier remarks on 2025. While we do not typically provide commentary on the next fiscal year without the benefit of the fourth quarter close and the first quarter trends given the importance of growth to our turnaround strategy. We want to provide a few comments on key trends we're currently seeing in the business.

至於第四季調整後的 EBITDA，我們預計範圍為 210 萬美元至 710 萬美元。在離開指導主題之前。我想以約翰之前關於 2025 年的言論為基礎。鑑於成長對我們扭虧為盈策略的重要性，如果沒有第四季收盤價和第一季趨勢的幫助，我們通常不會對下一財年發表評論。我們想就我們目前在行業中看到的主要趨勢提供一些評論。

We now expect annualized bookings to exceed annualized term beginning in the second half of 2025. It follows that revenue is also expected to continue defining sequentially but at a slower and slower rate before reaching a growth inflection point by the end of 2025.

我們現在預計從 2025 年下半年開始，年化預訂量將超過年化期限。因此，預計收入也將繼續按順序增長，但速度會越來越慢，然後在 2025 年底達到成長轉折點。

This expected timing for positive net new ARR is driven by two primary factors. First, based on today's information, we expect newly our newly installed customer success motion to have a greater impact on future renewal cycles, reflecting customer renewal decisions that we are actively influencing today.

淨新 ARR 為正值的預期時機由兩個主要因素驅動。首先，根據今天的訊息，我們預計新安裝的客戶成功動議將對未來的續約週期產生更大的影響，反映我們今天正在積極影響的客戶續約決策。

Comparatively, we believe we have a limited ability to influence the remainder of our current renewal cycle which reflects decisions customers likely made well in advance of the renewal events that are occurring this quarter and in the first quarter of next year.

相較之下，我們認為我們影響當前續訂週期剩餘時間的能力有限，這反映了客戶可能在本季和明年第一季發生的續訂事件之前很久就做出的決定。

As a result, we continue to expect a significant risk of customer attrition in the fourth quarter and the first quarter as we complete the current renewal cycle. On the upside, the second factor driving this updated view is the building momentum in our sales motion. Consistent with our expectations, we have sequentially improved bookings every quarter of this year. And the first, fourth quarter is currently tracking to double digits which again would be a first in 2024. Importantly, leading indicators such as pipeline generation and rep productivity suggest we are also currently tracking to double digits in the first quarter of 2025.

因此，當我們完成目前的續約週期時，我們仍然預期第四季和第一季將面臨重大的客戶流失風險。從好的方面來看，推動這個更新觀點的第二個因素是我們銷售活動的增強動能。與我們的預期一致，我們今年每季的預訂量都在逐年增加。第一季、第四季目前已達到兩位數，這將在 2024 年再次創先例。重要的是，管道生成和代表生產力等領先指標表明，我們目前在 2025 年第一季也將達到兩位數。

Before taking questions. I'd like to briefly summarize a few key points. We have restructured the business to focus on its core products and customers and we continue to right size the cost structure to generate positive free cash flow. Despite the anticipated near term decline in revenue. We continue to work through a challenging renewal cycle driven by customer decisions made during a period of significant corporate instability and prior to the leadership and operational changes implemented this year.

在接受提問之前。我想簡單總結一下幾個要點。我們對業務進行了重組，重點關注其核心產品和客戶，並繼續調整成本結構，以產生正的自由現金流。儘管預計近期收入會下降。我們繼續努力應對充滿挑戰的更新周期，該週期是由客戶在公司嚴重不穩定時期以及今年實施領導層和營運變革之前做出的決策所推動的。

Thanks to which we now have line of sight to renewal rates that should approach industry norms in the second half of 2025. At the same time, sequential growth in bookings each quarter including tracking to double digits this quarter and next implies both continued demand for our products and that we now have a sales motion to consistently address that demand.

得益於此，我們現在可以預期續訂率將在 2025 年下半年接近業界標準。同時，每季的預訂量連續成長，包括本季和下季達到兩位數，這意味著對我們產品的持續需求，而我們現在有一項銷售動議來持續滿足這一需求。

And with that operator, we can now move to Q&A.

有了這個操作員，我們現在就可以進行問答了。

(Operator Instructions)

（操作員說明）

Jeff Van Rhee, Craig-Hallum

傑夫·範·瑞、克雷格·哈勒姆

Great. Thanks. Thanks for taking my questions. Hey guys. So several maybe to John -- S John. Obviously pretty substantial push here in terms of the expectations around here are bottoming and it sounds like in the renewals engagement with customers. Ultimately, there's just less ability to offset churn than you suspected maybe 90 days or 180 days ago. Just talk a little bit more about that like, you obviously at that point had visited [125, 150] I forget the number of your, of the -- the top customers. But it sounds like since then something got a little more challenging, just expand a bit there if you would?

偉大的。謝謝。感謝您回答我的問題。嘿夥計們。可能有幾個是給約翰的——約翰·S·約翰。顯然，就這裡的期望而言，這裡相當大的推動力正在觸底，這聽起來像是與客戶的續約接觸。最終，抵消客戶流失​​的能力可能比您在 90 天或 180 天前想像的要低。只是多談一點，就像，您顯然當時訪問了 [125, 150] 我忘記了您的頂級客戶的數量。但聽起來從那時起事情變得更具挑戰性了，如果你願意的話，就在那裡擴展一點吧？

Yeah. So a lot of this, when we first stepped in, Jeff, a lot of this came with -- some uncertainty to how far we could see out into future quarters. And I think we've really dialed in our health scoring, and adoption scoring and that's giving greater insight into the risk that's out there.

是的。所以，當我們第一次介入時，傑夫，很多這樣的事情都伴隨著——我們對未來幾季能看到多遠的不確定性。我認為我們確實已經調整了健康評分和採用評分，這可以更深入地了解存在的風險。

In the case of what we're seeing ahead of us, there's one or two renewals that we were seeing that, we were hoping that we could turn around and ultimately, we don't think that we're going to be able to and a lot of that had to do with some of the instability issues we've had in the past.

就我們所看到的情況而言，我們看到了一兩次續訂，我們希望我們能夠扭轉局面，最終，我們認為我們無法做到這一點這很大程度上與我們過去遇到的一些不穩定問題有關。

So, it's -- I think it's us being able to refine what we're seeing and after interacting with the customers substantially realizing that, we're probably not going to be able to influence their decision as they're coming up. So I don't think it's anything that's a material change. I think this is us based on best available data. Now, we're finding what we're seeing.

所以，我認為我們能夠完善我們所看到的內容，並在與客戶互動後充分認識到這一點，我們可能無法影響他們即將做出的決定。所以我不認為這是什麼實質的改變。我認為這是我們基於最佳可用數據的結果。現在，我們正在尋找我們所看到的。

And lastly, you know, as I said before, it was going to take, you know, quarters to turn this around. We're still in that renewal cycle. I think maybe you and I have actually spoken about this in the past. We have to get through a full renewal cycle before I think we, gotten most of the risk out of the system, but that's what we're seeing. And we should be through that by the end of Q1 going into the end of Q2 next year.

最後，正如我之前所說，要扭轉局面需要幾個季度的時間。我們仍處於更新周期。我想也許你和我過去確實談過這個問題。我認為，在我們消除系統中的大部分風險之前，我們必須經歷一個完整的更新週期，但這就是我們所看到的。我們應該在明年第一季末和第二季末之前完成這項任務。

Okay. And then on the new sales motion just talk about the progress there, I guess relative to expectations. I mean it does sound like to John the other John's commentary, you're going to get to double digit book bookings growth, I think is what he commented the next few quarters. But how does that compare to your expectations again? Not a quarter or two ago is that ramping as fast as you expected?

好的。然後，關於新的銷售動議，只需談論那裡的進展，我想相對於預期而言。我的意思是，這聽起來確實像約翰的評論，你將獲得兩位數的圖書預訂增長，我認為這就是他在接下來的幾個季度的評論。但這與您的期望相比如何？不到一兩個季度之前，成長速度是否如您預期的那麼快？

It's ramping as fast as I expected if not a little bit faster. So again, this is that offset between, the what you call some of the churn up there in your bookings that you're trying to speed up. And I will say [Sandy] has hit the ground running. The pricing and packaging is actually shrinking deal cycle times and expanding the size of the deal that we're seeing. So things are moving in the right direction. And I think that the leadership that we've brought in the changes that we've made are starting to bear fruit that in addition to the Avaya partnership is moving forward in a steady fashion. This is at least where we expected it.

它的成長速度與我預期的一樣快，甚至快一點點。再說一次，這就是您所說的您試圖加速的預訂中的一些混亂之間的抵消。我會說[桑迪]已經開始行動了。定價和包裝實際上縮短了交易週期時間並擴大了我們所看到的交易規模。所以事情正在朝著正確的方向發展。我認為，我們所帶來的變革所帶來的領導力已經開始結出碩果，除了與 Avaya 的合作關係之外，這些變革也正在穩步向前發展。這至少是我們所期望的。

(Operator Instructions)

（操作員說明）

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Yeah, hi. This is Vijay Devar for Mike Latimore. Couple of questions from my side. First one on the new logo wins. Could you talk about all of the main use cases you're seeing?

是的，嗨。我是邁克·拉蒂摩爾 (Mike Latimore) 的維傑·德瓦 (Vijay Devar)。我這邊有幾個問題。第一個使用新徽標的獲勝。您能談談您看到的所有主要用例嗎？

There are a number -- JC, I'll jump in on this.

有很多人——JC，我會參與其中。

I'm happy to get started.

我很高興開始。

Yeah.

是的。

Sorry John. Would you like me to get started here?

對不起約翰。你想讓我從這裡開始嗎？

Yeah, go ahead, JC. I'm sorry to jump it for you.

是的，繼續吧，JC。很抱歉為你跳了。

Yeah, sure. So we have you know, in terms of some of the new logos that we mentioned that clearly one of the themes is the integration with voice and so providing unified analytics across both of those channels in the case of logistics company that we highlighted, there's, you know, ticketing involved case management, proactive outreach and the light.

是的，當然。所以我們知道，就我們提到的一些新徽標而言，顯然主題之一是與語音的集成，因此在我們強調的物流公司的情況下，跨這兩個渠道提供統一的分析，有，您知道，票務涉及個案管理、主動外展和燈光。

And as John highlighted in his prepared remarks with respect to some of the expansions and wins within existing accounts, particularly with health care. We're both increasing the rate of service as well. As adding a sales use case that allows agents at the customer to win more business increased revenue through the utilization of our platform. And of course, [Signet] as was highlighted is a key thread across all customer wins. And the usage of Generative AI on the platform has been increasing significantly on a sequential basis.

正如約翰在他準備好的演講中所強調的那樣，涉及現有帳戶中的一些擴張和勝利，特別是在醫療保健方面。我們也都在提高服務率。添加銷售用例後，客戶代理可以透過利用我們的平台贏得更多業務，從而增加收入。當然，正如所強調的那樣，[Signet] 是所有客戶獲勝的關鍵線索。平台上生成式人工智慧的使用量逐年顯著增加。

Yeah, and I'd like to add a little bit specifically highlighting what we're seeing, which is expanded, use cases supporting the customer journey just beyond customer care. We're all -- we're starting to see customers use our capabilities and Generative AI and Copilot and summarization capabilities to drive commercial opportunities.

是的，我想補充一點，特別強調我們所看到的，擴展的用例，支援客戶旅程，不僅僅是客戶服務。我們都開始看到客戶使用我們的能力、生成式人工智慧、副駕駛和總結能力來推動商業機會。

Additionally, The Avaya partnership is allowing us to expand conversations with BPOs and other partners that are looking to go beyond just the momentum of being a call center with customer care, but also looking at how you can turn some of these customer care capabilities into possible revenue generating opportunities.

此外，Avaya 的合作夥伴關係使我們能夠擴大與 BPO 和其他合作夥伴的對話，這些合作夥伴不僅希望成為具有客戶服務的呼叫中心，而且還研究如何將其中一些客戶服務功能變成可能創造收入機會。

So we're seeing not only the use case expansion in terms of the use of our product, we're also targeting other providers and partners to see if they can offer more value to their end customers through the services they provide.

因此，我們不僅看到產品使用方面的用例擴展，我們還瞄準其他提供者和合作夥伴，看看他們是否可以透過他們提供的服務為最終客戶提供更多價值。

Great on the seven figure deals that. Could you talk a little bit deeper into who are the main competitors and what are the key value adds that really ensured -- you want those deals?

七位數的交易很棒。您能否更深入地談論誰是主要競爭對手，以及真正確保您想要這些交易的關鍵附加價值是什麼？

I'm sorry, can you repeat the question? I'm just having trouble understanding it.

抱歉，您能重複這個問題嗎？我只是很難理解它。

With the -- two seven figure deals, I was just wondering if you can expand a little further in terms of who are the main competitors. And what are the key value adds that really enable the clients to kind of really choose a LivePerson over anybody else?

透過兩項七位數的交易，我只是想知道您是否可以進一步擴大主要競爭對手的範圍。真正讓客戶真正選擇 LivePerson 而不是其他人的關鍵附加價值是什麼？

So jump in really quick on this. Our competitor base has not shifted. We see in most RFPs, the same type of competitors. We see unified CCaaS providers, we see sales, automation and cloud platform players coming into the space. And we also see social platform vendors in the space. So it's been well, our competitive base is relatively consistent. And I will say quarter-over-quarter, we have not seen loss rates change against these competitors.

因此，請快速參與其中。我們的競爭對手基礎沒有轉移。我們在大多數 RFP 中看到相同類型的競爭對手。我們看到統一的 CCaaS 供應商，我們看到銷售、自動化和雲端平台參與者進入該領域。我們也看到該領域的社交平台供應商。所以這很好，我們的競爭基礎相對穩定。我想說的是，與上一季相比，我們沒有看到這些競爭對手的損失率發生變化。

If anything, we're seeing them stabilize and move in our favor. And now as far as the commentary around the larger $1 million customers and JC, please add additional data here if I got it right. The -- we're seeing our partnership allowing customer, the value prop that we're bringing forward is that they don't have to go through that full CCaaS migration and we're able to offer them more capability, essentially a disruption, innovation without disruption.

如果有什麼不同的話，那就是我們看到它們穩定下來並朝著對我們有利的方向發展。現在就有關 100 萬美元的較大客戶和 JC 的評論而言，如果我的理解正確，請在此處添加其他數據。我們看到我們的合作關係允許客戶，我們提出的價值主張是他們不必經歷完整的 CCaaS 遷移，我們能夠為他們提供更多功能，本質上是一種破壞，創新而不中斷。

So it's the value prop is that they can add our Coppilot and invest and breed agent workspace and digital capabilities to their current architectural footprint without having to go through -- the delays of the CCaaS migration.

因此，價值支柱是他們可以添加我們的 Coppilot，並在其當前的架構足跡中投資和培育代理工作區和數位功能，而無需經歷 CCaaS 遷移的延遲。

And it did -- and again, you see the similar players over and over again and I will say that we have been able to compete successfully against some of them, which is Genesys and Salesforce.

事實確實如此，您一遍又一遍地看到類似的參與者，我會說我們已經能夠與其中一些參與者成功競爭，即 Genesys 和 Salesforce。

Yeah. And I would say just to add that in the context of the two seven figure deals that we highlighted in the prepared remarks, Both Genesys and Salesforce were involved and potential options for the customer.

是的。我想補充一點，在我們在準備好的評論中強調的兩筆七位數交易的背景下，Genesys 和 Salesforce 都參與其中，並為客戶提供了潛在的選擇。

Yeah, thank you JC.

是的，謝謝你，JC。

Thank you, ladies. All right, we have reached the end of our call. Thank you for joining us today. Thank you.

謝謝你們，女士們。好吧，我們的通話已經結束了。感謝您今天加入我們。謝謝。

Thank you.

謝謝。