LivePerson Inc (LPSN) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LivePerson's first-quarter 2025 earnings conference call.

女士們、先生們，午安。感謝您的支持。歡迎參加 LivePerson 2025 年第一季財報電話會議。

My name is [Jamie]. I will be your conference operator today.

我的名字是[傑米]。今天我將擔任您的會議主持人。

(Operator Instructions) As a reminder, today's conference call is being recorded.

（操作員指示）提醒一下，今天的電話會議正在被錄音。

At this time, I'd like to turn the floor over to Mr. Jon Perachio, Vice President, Investor Relations.

現在，我想把發言權交給投資人關係副總裁 Jon Perachio 先生。

Thank you, [Jamie]. Joining me on today's call is John Sabino, CEO; and John Collins, CFO and COO.

謝謝你，[傑米]。參加今天電話會議的還有執行長 John Sabino 和財務長兼營運長 John Collins。

Please note that during today's call, we'll make forward-looking statements, which are predictions, projections, and other statements about future results. These statements are based on our current expectations and assumptions as of today, May 7, 2025, and are subject to risks and uncertainties.

請注意，在今天的電話會議中，我們將做出前瞻性陳述，即對未來結果的預測、預期和其他陳述。這些聲明是基於我們截至 2025 年 5 月 7 日的當前預期和假設，並受風險和不確定性的影響。

Actual results may differ, materially, due to various factors, including those described in today's earnings press release and in the comments made during the conference call, as well as in any 10-Ks, 10-Qs, and other reports we file with the SEC.

由於各種因素，實際結果可能存在重大差異，包括今天的收益新聞稿和電話會議期間的評論中所述的因素，以及我們向美國證券交易委員會提交的任何 10-K、10-Q 和其他報告中所述的因素。

We assume no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述的義務。

Also, during this call, we'll discuss certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP 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.

此外，在本次電話會議中，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 的對帳。新聞稿和補充幻燈片（包括本季的亮點）均可在 LivePerson 網站 ir.liveperson.com 的投資者關係部分找到。

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

說完這些，我將把電話轉給 LivePerson 的執行長約翰·薩比諾 (John Sabino)。

Thank you so much, Jon. Thank you all for joining us today.

非常感謝，喬恩。感謝大家今天的參與。

Let me begin by highlighting what sets LivePerson apart in today's rapidly evolving market.

首先，我想強調一下 LivePerson 在當今快速發展的市場中脫穎而出的原因。

LivePerson has a proven track record of partnering with enterprise brands across both regulated industries such as financial services, healthcare, telecommunications; and non-regulated industries, including retail, travel, and hospitality.

LivePerson 在與金融服務、醫療保健、電信等受監管行業以及零售、旅遊和酒店等非監管行業的企業品牌合作方面擁有良好的記錄。

As organizations accelerate their digital and AI transformations, they rely on LivePerson as a trusted partner to help guide them through their journey forward. Our strength lies in combining deep first-party expertise with a broad ecosystem of trusted partners to deliver a unified AI-powered platform for voice and digital engagement.

隨著組織加速其數位化和人工智慧轉型，他們依靠 LivePerson 作為值得信賴的合作夥伴來幫助他們前進。我們的優勢在於將深厚的第一方專業知識與廣泛的值得信賴的合作夥伴生態系統相結合，提供統一的人工智慧語音和數位參與平台。

The LivePerson platform brings together live agents, intelligent automation, and advanced analytics seamlessly orchestrated across all channels and third-party systems. The result is consistent contextual customer experiences that drive real business outcomes.

LivePerson 平台將所有通路和第三方系統中的現場代理、智慧自動化和進階分析無縫整合在一起。結果是一致的情境客戶體驗，從而推動真正的業務成果。

Our value is clear to enterprises weighed down by legacy CX infrastructure like outdated chat systems, on-prem technology, and early-generation CCaaS platforms. LivePerson provides the flexibility to adopt AI and digital capabilities within a single platform, without the need for a costly rip-and-replace.

對於那些受到傳統 CX 基礎架構（如過時的聊天系統、內部部署技術和早期 CCaaS 平台）拖累的企業來說，我們的價值顯而易見。LivePerson 提供了在單一平台內採用人工智慧和數位功能的靈活性，而無需昂貴的拆除和更換。

We call this innovation without disruption. This strategy positions LivePerson as the partner of choice for enterprises addressing today's customer and workforce experience challenges. Whether they're out front with AI looking to scale their advantage or stuck behind legacy tech and internal blockers, we meet them where they are and help them move forward.

我們稱之為無中斷創新。這項策略使 LivePerson 成為企業解決當今客戶和員工體驗挑戰的首選合作夥伴。無論他們是利用人工智慧技術領先並尋求擴大優勢，還是受困於傳統技術和內部障礙，我們都會與他們會面並幫助他們前進。

By addressing the full spectrum of enterprise needs with speed, flexibility, and focus on outcomes, we are well positioned to lead in the rapidly evolving market.

透過以速度、靈活性和注重成果的方式滿足企業的各種需求，我們在快速發展的市場中佔據領先地位。

Before we dive deeper into our product and go-to-market updates, let me briefly discuss our high-level results for the first quarter.

在深入探討我們的產品和上市更新之前，讓我先簡單討論一下我們第一季的高層業績。

Revenue in the first quarter of $64.7 million was above the midpoint of our guidance range. And adjusted EBITDA of $0.2 million was above the high-end of our guidance range.

第一季的營收為 6,470 萬美元，高於我們預期範圍的中點。調整後的 EBITDA 為 20 萬美元，高於我們預期範圍的高端。

John Collins will provide more detail about our financials. But I want to underscore that we are continuing to deliver on our financial commitments and executing on our turnaround.

約翰·柯林斯將提供有關我們財務狀況的更多詳細資訊。但我想強調的是，我們將繼續履行我們的財務承諾並實現扭虧為盈。

Now, let me move to our product update. We structure our product strategy around three core dimensions, each essential to delivering greater value for our customers and reinforcing LivePerson's position as a market leader in enterprise digital engagement and conversational AI.

現在，讓我來介紹一下我們的產品更新。我們的產品策略圍繞著三個核心維度構建，每個維度對於為客戶提供更大的價值以及鞏固 LivePerson 在企業數位參與和對話式 AI 領域的市場領先地位都至關重要。

These dimensions are differentiation, high-value innovation, and foundational capabilities. Our differentiation comes from a focus on agentic orchestration with leadership in advanced AI tooling and unified analytics and generative insights.

這些維度是差異化、高價值創新和基礎能力。我們的差異化在於專注於代理編排，並在先進的人工智慧工具和統一的分析和生成洞察方面處於領先地位。

A great example of this is a health insurance provider that wanted to improve the accuracy of their inquiry routing, while reducing maintenance labor. By implementing our AI agent capabilities, they boosted intent match rates from 70% to 90% in just two weeks and cut human agent conversation times by 30%. The results were more efficient operations, enhanced customer experiences, and substantial cost savings.

一個很好的例子是一家健康保險提供者希望提高其查詢路由的準確性，同時減少維護工作量。透過實施我們的 AI 代理功能，他們在短短兩週內將意向匹配率從 70% 提高到 90%，並將人工代理對話時間縮短了 30%。結果是營運效率更高、客戶體驗更好、成本節省更多。

Our platform integrates generative AI with customer data, business logic, and third-party agentic bots and tools to power personalized context-aware interactions, at scale. This keeps LivePerson at the center of the customer experience, orchestrating engagements even as the ecosystem around us continues to shift.

我們的平台將生成性人工智慧與客戶數據、業務邏輯以及第三方代理機器人和工具相結合，以大規模地支援個人化的情境感知互動。這使得 LivePerson 始終處於客戶體驗的中心位置，即使我們周圍的生態系統不斷變化，它也能協調客戶互動。

It's our core driver of differentiation and competitive advantage, establishing LivePerson as a system of action and intelligence for enterprises. This is not just about automation. It's about delivering real-time goal-driven experiences that span digital channels; voice and back-end systems.

它是我們差異化和競爭優勢的核心驅動力，將 LivePerson 打造為企業行動和智慧系統。這不僅涉及自動化。它旨在提供跨越數位管道、語音和後端系統的即時目標驅動體驗。

Much of this is what we're doing now. And our road map is designed to accelerate it, keeping pace with new technologies and evolution of foundational models.

其中大部分就是我們現在正在做的事情。我們的路線圖旨在加速這一進程，並跟上新技術和基礎模型的發展。

Second, we're delivering on our high value-add capabilities that extend our leadership in generative AI. This includes our AI builder and AI blueprints -- next-gen tools for building and managing and analyzing AI-driven conversations, along with core generative AI agents for key use cases like FAQs, data collection, and routing.

其次，我們正在提供高附加價值能力，擴大我們在生成人工智慧領域的領導地位。這包括我們的 AI 建構器和 AI 藍圖——用於建立、管理和分析 AI 驅動對話的下一代工具，以及用於常見問題解答、資料收集和路由等關鍵用例的核心生成 AI 代理程式。

We're also continuing to expand our industry-leading offerings, with unified analytics for real-time AI-powered insights and AI assistance and agent copilots that significantly improve agent productivity. These are capabilities that are already driving measurable impact.

我們也將繼續擴展我們領先業界的產品，透過統一分析提供即時人工智慧洞察、人工智慧協助和代理副駕駛，從而顯著提高代理的工作效率。這些能力已經產生了可衡量的影響。

In Q1, we saw a 14% increase in the number of customers using our generative AI tools and a 25% sequential increase in conversations powered by generative AI. These are not abstract metrics. They represent real value delivered to real customers.

在第一季度，我們發現使用生成式 AI 工具的客戶數量增加了 14%，由生成式 AI 驅動的對話數量較上季增加了 25%。這些都不是抽象的指標。它們代表著向真實客戶傳遞的真正價值。

For example, a UK-based telecom company and a leading solar company are now using generative AI in 80% and 90%, respectively, of their customer conversations. In addition, a global luxury fashion company and one of the world's largest banks renewed and expanded their partnership with us, citing our leadership in generative AI and enterprise-grade guardrails.

例如，一家英國電信公司和一家領先的太陽能公司現在分別在 80% 和 90% 的客戶對話中使用生成式人工智慧。此外，一家全球奢侈時尚公司和全球最大的銀行之一與我們續簽並擴大了合作夥伴關係，並稱讚我們在產生人工智慧和企業級護欄方面的領導地位。

The final dimension of our product strategy is about maintaining our foundations with evolving consumer expectations. We continue to deliver the essential contact center and communication capabilities our customers depend on.

我們的產品策略的最後一個面向是透過不斷變化的消費者期望來維持我們的基礎。我們將繼續提供客戶所依賴的重要聯絡中心和通訊功能。

This foundation is critical to running day-to-day operations and delivering a consistent, reliable customer experience. It includes a broad range of connectivity across digital, social, voice, and e-mail channels.

這個基礎對於日常營運和提供一致、可靠的客戶體驗至關重要。它包括跨數位、社交、語音和電子郵件管道的廣泛連接。

We also offer standardized APIs and SDKs that make integration easier for enterprises, partners, and developers. For example, our previously discussed integration with Avaya allows brands to unify digital and voice experiences, without disrupting existing IT environments.

我們還提供標準化的 API 和 SDK，使企業、合作夥伴和開發人員更容易整合。例如，我們之前討論過的與 Avaya 的整合允許品牌統一數位和語音體驗，而不會破壞現有的 IT 環境。

This quarter, we're launching the same integration with Amazon Connect and building new connectors that make it easy to bring, virtually, any voice system into our AI environment. We're also preparing to launch and innovate an e-mail solution, recognizing the continued importance of this channel and positioning ourselves ahead of the AI revolution within it.

本季度，我們將推出與 Amazon Connect 的相同集成，並建立新的連接器，以便將幾乎任何語音系統輕鬆引入我們的 AI 環境。我們也準備推出和創新電子郵件解決方案，認識到這一管道的持續重要性，並將自己定位於其中的人工智慧革命的前沿。

In addition, we've partnered with a leading global bank to reimagine in-app mobile experiences using our SDK. And it's already powering millions of customer interactions, every day.

此外，我們還與一家全球領先的銀行合作，使用我們的 SDK 重新構想應用內移動體驗。它每天已經為數百萬次客戶互動提供支援。

These are just a few examples of how our foundational innovations continue to drive strategic value for our enterprise customers.

這些只是我們的基礎創新如何持續為企業客戶帶來策略價值的幾個例子。

Executing on our product strategy and evolving it over time will ensure that we continue to support enterprises, at scale, with AI-powered orchestration across all touch points. It will help accelerate adoption of our product and strengthen our partnerships with our enterprise customers.

執行我們的產品策略並隨著時間的推移不斷發展，將確保我們繼續透過所有接觸點的人工智慧編排大規模地支援企業。這將有助於加速我們產品的採用並加強我們與企業客戶的合作關係。

I am confident that this strategy closely aligned with our customers' priorities will position LivePerson as a partner of choice for brands seeking to innovate and lead in an AI-driven customer engagement, driving meaningful growth in both new business and retention for LivePerson.

我相信，這項與我們客戶的優先事項緊密結合的策略將使 LivePerson 成為尋求創新和引領人工智慧驅動的客戶參與的品牌的首選合作夥伴，從而推動 LivePerson 的新業務和保留率實現有意義的成長。

Next, let's discuss our go-to-market. Partnerships continue to be part of our go-to-market strategy. And we're seeing growing momentum, driven by our flexible architecture, LLM-agnostic approach, and strong track record of successful implementations.

接下來，讓我們討論一下我們的行銷。合作夥伴關係繼續成為我們行銷策略的一部分。我們看到了不斷增長的勢頭，這得益於我們靈活的架構、與 LLM 無關的方法以及成功實施的良好記錄。

As previously discussed, we are excited to launch our Amazon Connect integration in the second quarter. And we're already seeing early customer interest.

如前所述，我們很高興在第二季推出我們的 Amazon Connect 整合。我們已經看到了早期客戶的興趣。

We're also on track to hit our goal of 35% partner attach for the year, which reflects the growing strength of our partner ecosystem. Ultimately, these partnerships will allow us to reach more customers, accelerate innovation, and deliver greater value, at scale.

我們也有望實現今年合作夥伴參與度達到 35% 的目標，這反映了我們合作夥伴生態系統的持續增強。最終，這些合作關係將使我們能夠接觸到更多的客戶，加速創新，並大規模地提供更大的價值。

Regarding pricing, we continue to see momentum in our simplified customer-centric bronze, silver, and gold packaging and pricing strategy. IBM recognized the value in our gold package, which gives them access to our full generative AI suite and the flexibility to bring IBM watsonx technology into our platform. The combination led to a successful renewal and an expanded partnership.

關於定價，我們繼續看到以客戶為中心的簡化青銅、白銀和黃金包裝和定價策略的發展勢頭。IBM 認識到我們的黃金套餐的價值，這使他們能夠使用我們的完整生成 AI 套件，並能夠靈活地將 IBM Watson X 技術引入我們的平台。此次合併促成了成功的續約和合作關係的擴大。

We're continuing to actively explore refinements to our pricing and packaging to deliver greater value to our enterprise customers. A key area of focus is creating incentives for brands and partners to bring their third-party bots to our platform.

我們將繼續積極探索改進我們的定價和包裝，以便為我們的企業客戶提供更大的價值。重點關注的領域是激勵品牌和合作夥伴將他們的第三方機器人引入我們的平台。

Today, this represents approximately 20% of total bot usage. And by aligning pricing closer to the investments customers are already making in their own tech stacks, we can help them unlock the full potential of our analytics and agentic orchestration capabilities, while also driving meaningful cost savings.

如今，這約佔機器人總使用量的 20%。透過讓定價更貼近客戶在其自身技術堆疊中已進行的投資，我們可以幫助他們充分發揮我們的分析和代理編排功能的潛力，同時也能實現顯著的成本節約。

Finally, let me touch on bookings for the quarter. While retention continues to improve and exceed our expectations in the quarter, several large deals initially expected to close in Q1 are now expected to close in Q2. The shift was primarily driven by extended enterprise buying cycles.

最後，讓我談談本季的預訂情況。雖然本季留存率繼續提高並超出了我們的預期，但最初預計在第一季完成的幾筆大交易現在預計將在第二季完成。這種轉變主要是由於企業購買週期延長所致。

However, we're already seeing positive momentum on these deals in the second quarter, along with a strong growing pipeline. We remain confident in our expectation for positive net new ARR in the second half of this year.

然而，我們已經看到第二季這些交易呈現正面勢頭，同時管道也在強勁成長。我們仍對今年下半年淨新 ARR 實現正成長充滿信心。

In closing, we delivered on our Q1 financial guidance and remain on track to achieve our full-year targets.

最後，我們實現了第一季的財務預期，並有望實現全年目標。

As expected, we faced headwinds in Q1 related to the prior renewal cycle. But we are now seeing more favorable renewal trends and expect that to continue. In addition, we're seeing new pipeline momentum building through our partner ecosystem and our direct sales efforts.

正如預期的那樣，我們在第一季遇到了與先前的更新周期相關的阻力。但我們現在看到了更有利的更新趨勢，並預計這種趨勢將會持續下去。此外，我們看到透過我們的合作夥伴生態系統和直接銷售努力，新的通路發展動能正在增強。

Our priorities remain unchanged and consistent with what we outlined in our Q4 call. First, driving commercial performance through growth in bookings and improved retention; second, maintaining disciplined cost control, while strengthening our capital structure; and third, accelerating innovation across our product.

我們的優先事項保持不變，與我們在第四季度電話會議上概述的內容一致。首先，透過增加預訂量和提高保留率來推動商業績效；其次，保持嚴格的成本控制，同時加強我們的資本結構；第三，加速我們產品的創新。

I remain confident in our trajectory. And I firmly believe in the future performance of the company.

我對我們的發展軌跡仍然充滿信心。而我對公司未來的業績充滿信心。

Now, let me hand the call over to John Collins, our COO and CFO. John?

現在，讓我將電話交給我們的營運長兼財務長約翰·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.

謝謝，約翰。我將首先簡要介紹客戶贏得的情況，然後討論我們的財務表現和指導。

In terms of deals and significant customer wins, we signed a total of 50 deals in the first quarter, including 5 new logos and 45 expansions and renewals, translating to a quarter-over-quarter increase of 25%.

在交易和重要客戶方面，我們在第一季共簽署了 50 筆交易，其中包括 5 個新標誌和 45 筆擴充和續約，季增 25%。

As John alluded to, we observed extended enterprise buying cycles in the first quarter that caused several large deals to shift into the second quarter. While macroeconomic factors likely played a role -- the extent of which is unclear to us at this time -- we also observed that increasing demand for AI added new approval gates for risk and compliance.

正如約翰所提到的，我們觀察到第一季企業購買週期延長，導致幾筆大交易轉移到第二季。雖然宏觀經濟因素可能發揮了作用（目前我們尚不清楚其程度），但我們也觀察到，對人工智慧的需求不斷增長為風險和合規增加了新的審批門檻。

We view the latter as a positive development for LivePerson, considering our focus on AI guardrails and track record in highly-regulated industries. More importantly, we believe this increasing demand reflects the demonstrable return on investment from our platform, which is driving expansion in deal sizes, as we progress through the sales cycle.

考慮到我們專注於人工智慧護欄以及在高度監管行業的業績記錄，我們認為後者對 LivePerson 來說是一個積極的發展。更重要的是，我們相信這種不斷增長的需求反映了我們平台可觀的投資回報，隨著銷售週期的推進，這將推動交易規模的擴大。

Broadly, in the first quarter, we observed a continuation of commercial themes from recent quarters: again, increasing demand for AI agents and AI orchestration; continuing traction within highly-regulated industries, including health care, financial services, and telecommunications, which collectively represented 70% of bookings in the first quarter; and building momentum with partners, who leverage us as a trusted AI-agnostic orchestration platform for the enterprise.

總體而言，在第一季度，我們觀察到最近幾個季度的商業主題延續：再次，對人工智慧代理商和人工智慧編排的需求不斷增加；在高度監管的行業中繼續受到關注，包括醫療保健、金融服務和電信，這些行業合計佔第一季度預訂量的 70%；並與合作夥伴共同建立發展勢頭，他們利用我們作為企業值得信賴的與人工智慧的合作夥伴合作關係。

Consistent with these themes, significant renewals and expansions included one of the world's largest banks; a global financial technology platform; two of the largest telecommunications companies in Asia-Pacific; one of the world's largest health insurance providers; and as John said, IBM. I'll emphasize that all of these deals leverage our suite of generative AI capabilities.

與這些主題一致，重大的更新和擴展包括世界上最大的銀行之一；全球金融科技平台；亞太地區最大的兩家電信公司；世界上最大的健康保險提供者之一；以及正如約翰所說的，IBM。我要強調的是，所有這些交易都利用了我們的生成人工智慧功能套件。

Significant new logo wins included one of Canada's largest retailers and a digital entertainment company focused on commerce use cases.

重要的新標誌獲獎者包括加拿大最大的零售商之一和專注於商業用例的數位娛樂公司。

As for our first-quarter financial results, total revenue was $64.7 million or just above the midpoint of our guidance range. The improvement above the midpoint was primarily driven by slightly better-than-expected retention in the quarter.

至於我們的第一季財務業績，總收入為 6,470 萬美元，略高於我們的指導範圍的中點。中點以上的改善主要是由於本季的保留率略優於預期。

Despite the sequential revenue step-down, adjusted EBITDA for the first quarter was just positive at $0.2 million and above the high end of our guidance range, driven primarily by continued optimization of our cost structure.

儘管營收連續下降，但第一季調整後的 EBITDA 仍為正值 20 萬美元，高於我們預期範圍的高端，這主要得益於我們成本結構的持續優化。

Revenue from hosted services was $55.1 million, down 23% year- over year. Recurring revenue was $60.4 million or 93% of total revenue and down 22% year over year. Further segmenting revenue: professional services revenue was $9.6 million, down 30% year over year.

託管服務收入為 5,510 萬美元，年減 23%。經常性收入為 6,040 萬美元，佔總收入的 93%，年減 22%。進一步細分收入：專業服務收入為 960 萬美元，年減 30%。

From a geographic perspective, US. revenue was $40 million and international revenue was $24.7 million or 62% and 38% of total revenue, respectively. Average revenue per customer was $640,000, up 2% year over year; driven, in part, by expansions with our largest customers and, in part, by customer retention.

從地理角度來看，美國收入為 4,000 萬美元，國際收入為 2,470 萬美元，分別佔總收入的 62% 和 38%。每位客戶的平均收入為 64 萬美元，比去年同期成長 2%；部分原因是我們最大客戶的擴張，部分原因是客戶保留。

RPO declined to $221 million, consistent with the same factors driving declines in revenue. Net revenue retention was 80% in the first quarter, down from 82% in the fourth quarter.

RPO 下降至 2.21 億美元，與導致收入下降的因素相同。第一季淨收入保留率為80%，低於第四季的82%。

As a reminder, net revenue retention is a function of in-period revenue. So this metric will generally continue to decline until revenue begins to grow again, which we expect by the end of the year.

提醒一下，淨收入保留是期間收入的函數。因此，這項指標將整體持續下降，直到收入開始再次成長，我們預計這將在今年年底實現。

By contrast, we expect renewal rates -- measured in terms of ARR -- to improve in the second quarter and beyond.

相較之下，我們預計續約率（以 ARR 衡量）將在第二季及以後有所改善。

Finally, in terms of cash, we ended the first quarter with $176 million of cash on the balance sheet, inclusive of the proceeds from the transaction with Lynrock Lake, last year.

最後，就現金而言，第一季末我們的資產負債表上有 1.76 億美元現金，其中包括去年與 Lynrock Lake 交易的收益。

Turning to full-year revenue guidance. We are reaffirming our guidance range of $240 million to $255 million, approximately 93% of which we expect to be recurring. As previously discussed, we continue to expect sequential declines in revenue through most of the year before reaching an inflection point by the end of the year.

轉向全年收入指引。我們重申 2.4 億美元至 2.55 億美元的指導範圍，其中約 93% 預計為經常性資金。正如之前所討論的，我們預計今年大部分時間的收入將持續下降，直到年底達到轉折點。

In terms of net new ARR, we continue to expect this leading indicator of future growth to turn positive in the second half of the year.

就淨新 ARR 而言，我們繼續預計這一未來成長的領先指標將在下半年轉為正值。

For the second quarter, we expect revenue to range from $57 million to $60 million, representing a sequential decline of approximately $6 million at the midpoint. Consistent with expectations we previously set on our fourth-quarter call, the quarter-over-quarter decline is primarily driven by first-quarter attrition events that were anticipated and tied to the prior renewal cycle.

對於第二季度，我們預計營收將在 5,700 萬美元至 6,000 萬美元之間，中間值環比下降約 600 萬美元。與我們先前在第四季電話會議上設定的預期一致，季度環比下降主要是由於第一季預計發生的、與先前的續約週期相關的人員流失事件所致。

Finally, and consistent with the full-year revenue mix, we expect recurring revenue to make up approximately 93% of total revenue in the second quarter.

最後，與全年收入結構一致，我們預計第二季經常性收入將佔總收入的約 93%。

In terms of adjusted EBITDA, we are reaffirming our full-year guidance range of a loss of $14 million to breakeven. As previously discussed on our fourth-quarter call, we do not expect positive free cash flow in 2025, though we continue to improve the cost structure while preserving the investments necessary for a return to growth.

就調整後的 EBITDA 而言，我們重申全年虧損 1,400 萬美元至損益兩平的指引範圍。正如我們之前在第四季度電話會議上所討論的那樣，我們預計 2025 年不會出現正自由現金流，儘管我們會繼續改善成本結構，同時保留恢復成長所需的投資。

Finally, we expect adjusted EBITDA in the second quarter to range from a loss of $4 million to a loss of $2 million.

最後，我們預計第二季調整後的 EBITDA 將在虧損 400 萬美元至虧損 200 萬美元之間。

Before moving to questions, I'll briefly summarize a few key points.

在回答問題之前，我先簡單總結幾個要點。

We continue to see increasing demand for AI agents and orchestration, including expanding deal sizes as we progress through the sales cycle, which we believe reflects the demonstrable return on investment from our platform.

我們繼續看到對人工智慧代理商和編排的需求不斷增長，包括隨著銷售週期的進展而擴大的交易規模，我們相信這反映了我們平台可觀的投資回報。

While this AI demand has added new approval gates for risk and compliance -- which shifted some deals into the second quarter -- we believe this development is positive for LivePerson, considering our track record as a trusted partner in regulated industries and our focus on AI guardrails for the enterprise.

雖然這種人工智慧需求增加了風險和合規的新審批門檻——從而將一些交易轉移到第二季度——但考慮到我們作為受監管行業值得信賴的合作夥伴的業績記錄以及我們對企業人工智慧護欄的關注，我們認為這種發展對 LivePerson 來說是積極的。

Despite the shift in timing, we continue to expect positive net new ARR in the second half of the year, driven by sequentially increasing renewal rates, expansions, and new logos.

儘管時間有所變化，但我們仍然預計下半年淨新 ARR 將為正，這得益於續約率、業務擴張和新標誌的連續增長。

With that, operator, we can move to Q&A.

接線員，有了這個，我們就可以進入問答環節了。

(Operator Instructions)

（操作員指示）

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Maybe, first, on the sales cycle elongation from some of the deals slipping from Q1 to Q2. Obviously, it sounds like just adding AI is adding more complexity, more approvals -- completely understandable there.

首先，可能是由於部分交易從第一季滑落至第二季度，導致銷售週期延長。顯然，聽起來僅僅添加人工智慧就會增加更多的複雜性、更多的審批——這完全可以理解。

But can you talk about the progress you're seeing, maybe, on 1hose slipped Q1 deals in Q2, thus far? And any signs of, let's call it, the uncertain macro environment starting to play a role that could lead to potentially additional deal slippage into the back half of the year?

但是，您能否談談到目前為止，您看到的 1hose 在第二季度下滑的交易的進展？是否有任何跡象表明，不確定的宏觀環境開始發揮作用，可能導致下半年交易進一步下滑？

I'll start here, John.

我就從這裡開始，約翰。

Sure.

當然。

Broadly, we think that the macro environment certainly, is playing a role, generally, in the elongation of sales cycles. However, the extent to which that's impacting us in the first quarter is not clear, at this time.

整體而言，我們認為宏觀環境肯定會在延長銷售週期方面發揮一定作用。然而，目前尚不清楚這對我們第一季的影響程度有多大。

As for progress on these deals in the second quarter, we are on track, broadly, to close them within the quarter. They did not shift out ambiguously into the future. But we have specific close plans tied to the second quarter for these deals.

至於這些交易在第二季的進展，我們大體上預計在本季內完成這些交易。他們並沒有模糊地轉向未來。但我們針對這些交易制定了與第二季相關的具體收尾計畫。

And as we shared in the prepared remarks, these deals have actually also expanded in size in the second quarter, relative to the first.

正如我們在準備好的評論中所分享的，相對於第一季度，這些交易的規模在第二季度實際上也有所擴大。

Right. Just to build on that and highlight that -- that's the key point here, that the macro situation is uncertain for many companies. And I'm sure it's playing, to some degree, in the decision cycle with customers. But what we're not seeing, right now, is deals shrinking or customers backing away.

正確的。只是為了在此基礎上強調這一點——這是這裡的關鍵點，即許多公司的宏觀情況都是不確定的。我確信，在某種程度上，它對顧客的決策週期起著作用。但目前我們並沒有看到交易量減少或客戶流失。

As John has explained, they are looking for more enhanced capabilities around AI; bringing additional approval gates, which we do not necessarily see as a challenge. We're very used to operating in that environment.

正如約翰所解釋的那樣，他們正在尋求增強人工智慧的能力；帶來額外的審批門檻，我們並不一定將其視為挑戰。我們非常習慣在那種環境下運作。

And most of these deals have actually gotten larger in size.

而且大多數此類交易的規模實際上都有所擴大。

Maybe as a follow-up: I wanted to ask about the impending launch, here, of the integration with Amazon Connect in the second quarter. Obviously, Amazon has had some really impressive market share gains. I think there might be number 2, worldwide, now in CCaaS.

也許作為後續：我想詢問即將在第二季推出的與 Amazon Connect 的整合。顯然，亞馬遜的市場份額確實取得了令人矚目的成長。我認為目前 CCaaS 領域可能在全球範圍內排名第二。

Can you just talk about the level of enthusiasm you have for the launch of that? Maybe, dive a little deeper on some of the early interest you're seeing? And how instrumental do you think this new partnership can be for your go-to-market motion and the return to growth strategy, here?

能談談您對推出產品的熱情程度嗎？也許，您可以更深入地了解您所看到的一些早期興趣？您認為這種新的合作關係對於您的市場進入行動和恢復成長策略有多大幫助？

John, I'll start with this one.

約翰，我就從這個開始。

We do see early interest in this integration. And I think it lines up, primarily, with what we outlined as a point of differentiation for us.

我們確實看到了人們對這種整合的早期興趣。我認為這主要與我們概述的差異點一致。

It allows customers to engage in their tech stack and not have to do significant rip-and-replace and still get all the capabilities that we bring. So we see this as a net-net positive.

它允許客戶參與他們的技術堆棧，而不必進行大規模的拆除和替換，同時仍然可以獲得我們帶來的所有功能。因此，我們認為這是一件淨利好的事。

And we do believe it can have a larger positive impact with both our partner network and customer base, as we start to show the advantages of working with us, in conjunction with Amazon Connect.

我們確實相信它可以對我們的合作夥伴網絡和客戶群產生更大的積極影響，因為我們開始展示與 Amazon Connect 合作的優勢。

The gains that they've had in the market, it has not been a point of contention or competition, per se, with us; it's actually increasing the number of customers and SIs that we can work with in the future as potential customers. It's very similar to the Avaya strategy that we have.

他們在市場上所取得的利益，本質上並不是我們爭論或競爭的焦點；它實際上增加了我們將來可以作為潛在客戶合作的客戶和 SI 的數量。這與我們的 Avaya 策略非常相似。

And lastly, the strategy of the company when it comes to voice and other capabilities, again, is to work with as many platforms as possible so that customers can move forward, without lengthy large technical projects that have a lot of risk. And that's what we're finding customers see value in.

最後，公司在語音和其他功能方面的策略是與盡可能多的平台合作，以便客戶能夠向前發展，而無需進行具有巨大風險的冗長大型技術專案。我們發現客戶認為這很有價值。

So we have some pretty decent-sized customers that are interested. We have partners that are excited about it because I think it's going to give them an opportunity to talk with customers about new projects and digital transformation.

因此，我們有一些相當規模的客戶感興趣。我們的合作夥伴對此感到非常興奮，因為我認為這將為他們提供與客戶討論新專案和數位轉型的機會。

We see this as a net positive that aligns very tightly with our current strategy.

我們認為這是一個淨利好，與我們當前的策略緊密契合。

(Operator Instructions)

（操作員指示）

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

I think you said you expect the renewal rate to improve in the second quarter. Can you just talk, a little bit about, the trend in the renewal rate over the last few quarters? And will this be a material change, relative to the trend that you've had previously?

我想您說過您預計第二季續約率會提高。您能否稍微談談過去幾季的續約率趨勢？與您之前的趨勢相比，這會是一個實質的變化嗎？

I'll start here, John, just from a numbers perspective.

約翰，我就從這裡開始，僅從數字的角度來說。

In terms of trends, Mike, the second quarter reflects a significant improvement, relative to the past several quarters. We're approaching, once again, in our forecast industry norms for renewal rates in Q2 and beyond.

麥克，就趨勢而言，第二季度與過去幾個季度相比有了顯著改善。我們預測第二季及以後的續約率將再次接近業界標準。

Not best-in-class yet but industry norms. So that's a significant improvement from, again, the last three to four quarters, on an average basis.

雖然還不是最好的，但是行業規範。因此，與過去三至四個季度的平均值相比，這是一個顯著的改善。

And then, J.C., I'll add to that.

然後，J.C.，我會補充一點。

You've heard me reference renewal cycles. In other words, contracts and average deal length. We are now just moving through that.

您已經聽我提到更新周期。換句話說，合約和平均交易期限。我們現在正處於這一階段。

Q1 is what we believe the last real remaining quarter of what we saw from over one-and-half year ago -- 18 months ago.

我們認為，第一季是一年半前（18 個月前）以來最後一個實際剩餘季度。

We're now starting to move through that. And we feel confident that the renewal rates that we're seeing, moving forward from now, are a result of the changes that we've made in our customer success motion; the effort by Kevin Meeks to really help focus the customer on adoption and, ultimately, driving more value use cases and consumption with our customers.

我們現在開始著手解決這個問題。我們相信，從現在開始，我們所看到的續訂率是我們在客戶成功動議中做出的改變的結果；Kevin Meeks 的努力真正幫助客戶專注於採用，並最終為我們的客戶帶來更多價值用例和消費。

So Q2 should start to reflect those efforts that we've been working on, over the past three or four quarters.

因此，第二季度應該開始反映出我們在過去三、四個季度中一直在努力的成果。

And then, as you just think about the pipeline and, even, bookings activity, is there a noticeable difference in US versus international patterns, here?

然後，當您考慮頻道甚至預訂活動時，美國和國際模式是否有明顯差異？

Do you want to take that?

你想拿走那個嗎？

Sure. Mike, at this time, I would say not a noticeable difference that we're observing. But that's also a function of the significant changes we've made to our commercial motion, including changes, overseas.

當然。麥克，目前，我想說我們還沒有觀察到明顯的差異。但這也是我們對商業動議做出的重大改變的結果，包括海外的改變。

And so, while our APAC region has continued strongly throughout 2024 and the forecast is similar for '25; in EMEA, we've been in a bit of a rebuild and the positive changes that we've made should take effect, going forward.

因此，雖然我們的亞太地區在 2024 年全年都保持強勁增長，並且對 2025 年的預測也類似，但在歐洲、中東和非洲地區，我們處於重建階段，我們所做的積極改變應該會在未來產生效果。

The observations we have -- to say that there are significant differences -- are not really in the system yet. So I would say, again, not significant differences, at this moment in time.

我們的觀察結果是存在顯著差異，但實際上尚未在系統中反映出來。因此我想再次強調，目前為止，並沒有顯著的差異。

Very specifically, it's not regionally-based improvement, it's improvement across the board.

具體來說，這不是基於地區的改進，而是全面的改進。

And again, I think this is some of the focus that we've put, in terms of how we've deployed our sales teams, our comp structure; how we've aligned our pricing and packaging to make it easier for customers to actually assess and look at our product and see value.

再次強調，我認為這是我們關注的一些重點，包括如何部署我們的銷售團隊、我們的薪酬結構；如何調整我們的定價和包裝，以便客戶更容易評估和查看我們的產品並看到價值。

So the improvement in the pipeline is decent -- significant over last year, I should say. And it does position us for success in meeting our commitments for this year.

因此，我認為管道方面的改善是不錯的——比去年有了顯著的改善。這確實使我們有能力成功履行今年的承諾。

And just to follow up on that comment you just made: Any quantification of the improvement in the pipeline?

只是想跟進您剛才的評論：對管道的改進有任何量化嗎？

I don't think -- we do not typically report on the pipeline. I'll just let you know that it's improved over last year. And we're happy with where it's at.

我不認為——我們通常不會報告管道情況。我只是想讓你知道它比去年有所改善。我們對目前的狀況很滿意。

Yeah. Mike, what I would say is just, quarterly, we've been improving the total pipe that we're entering the quarter with and that we're generally building throughout the quarter.

是的。麥克，我想說的是，每個季度，我們都在改進進入本季度時所擁有的總管道，並且我們通常會在整個季度內進行建設。

So if we look at this on a trended basis, it would be safe for you to assume that we're broadly building more pipe in each quarter of '25 than we did in '24.

因此，如果我們從趨勢來看這個問題，那麼可以安全地假設我們在 25 年每個季度建造的管道比 24 年要多。

Yeah. Healthy and improving. It's probably the best way to think about it.

是的。健康且不斷改善。這或許是思考這個問題的最佳方式。

Ladies and gentlemen, with that, we'll be concluding today's question-and-answer session, as well as today's conference call.

女士們，先生們，今天的問答環節和電話會議就到此結束。

We do thank you for joining us. You may now disconnect your lines.

我們非常感謝您加入我們。現在您可以斷開線路了。