LivePerson Inc (LPSN) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LivePerson's second quarter 2025 earnings conference call. My name is Diego, and I will be your conference operator today. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference call over to Mr. Jon Perachio, Vice President, Investor Relations.

女士們、先生們，午安。感謝您的支持。歡迎參加 LivePerson 2025 年第二季財報電話會議。我叫 Diego，今天我將擔任您的會議主持人。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將電話會議交給投資人關係副總裁 Jon Perachio 先生。

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

謝謝你，迭戈。參加今天電話會議的還有執行長約翰·薩比諾 (John Sabino) 和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，我們將做出前瞻性陳述，即對未來結果的預測、預期和其他陳述。

These statements are based on our current expectations and assumptions as of today, August 11, 2025, 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. We assume no obligation to update any forward-looking statements.

這些聲明是基於我們截至 2025 年 8 月 11 日的當前預期和假設，並受風險和不確定性的影響。實際結果可能因各種因素而存在重大差異，包括今天的收益新聞稿和本次電話會議中的評論以及我們向美國證券交易委員會提交的 10-K、10-Q 和其他報告中所述的因素。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 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.

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 財務指標的對帳。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, John. Thank you all for joining us today. Before discussing our results and business updates, I'll be outlining the refinancing agreement with the 2026 noteholders announced today. Let's start here because strengthening our capital structure has been a top priority since I joined the company. Building on last year's successful transaction with Lynrock Lake, I am pleased to share that this refinancing agreement represents a decisive step in strengthening our capital structure.

非常感謝，約翰。感謝大家今天的參與。在討論我們的業績和業務更新之前，我將概述今天宣布的與 2026 年票據持有人達成的再融資協議。我們從這裡開始，因為自從我加入公司以來，加強資本結構一直是我們的首要任務。基於去年與 Lynrock Lake 成功交易的基礎，我很高興地告訴大家，這項再融資協議代表我們加強資本結構的決定性一步。

It meaningfully delevers our balance sheet and extends debt maturities to 2029, providing a runway to execute our strategy. Equally important, it reinforces confidence in our customers and partners that LivePerson remains a long-term strategic partner. The refinancing is also intended to shift a greater proportion of enterprise value to equity holders by significantly reducing total indebtedness.

它顯著地精簡了我們的資產負債表，並將債務期限延長至 2029 年，為實施我們的策略提供了平台。同樣重要的是，它增強了我們的客戶和合作夥伴的信心，讓他們相信 LivePerson 仍然是我們的長期策略夥伴。再融資也旨在透過大幅減少總債務，將更大比例的企業價值轉移給股東。

Now let me turn to our operational performance. We delivered revenue of $59.6 million which was above the midpoint of our guidance range. Our adjusted EBITDA also came in at $2.9 million, exceeding the high end of our guidance range. John Collins will provide more detail about our financials shortly. Now I want to provide some color on our product strategy.

現在讓我來談談我們的營運表現。我們實現了 5,960 萬美元的收入，高於我們預期範圍的中點。我們的調整後 EBITDA 也達到了 290 萬美元，超過了我們預期範圍的高端。約翰·柯林斯 (John Collins) 將很快提供有關我們財務狀況的更多詳細資訊。現在我想對我們的產品策略提供一些說明。

In the second quarter, we experienced a 45% sequential increase in conversations powered by our Generative AI Suite. In fact, over 17% of all conversations on LivePerson's platform leverage at least one form of Generative AI feature, up 5 percentage points from a quarter ago. This increased adoption reflects a clear and measurable value that we are delivering by helping customers improve efficiency and elevate their customer experience.

在第二季度，由我們的生成式人工智慧套件支援的對話量較上季成長了 45%。事實上，LivePerson 平台上超過 17% 的對話都利用了至少一個生成式人工智慧功能，比上一季增加了 5 個百分點。採用率的提高反映了我們透過幫助客戶提高效率和提升客戶體驗所提供的明確且可衡量的價值。

We're also seeing exciting new customer use cases emerge, which further validates our product strategy. As we continue to evolve our platform to be a true system of action and intelligence, we're empowering enterprises to transform customer interactions into real business outcomes.

我們也看到令人興奮的新客戶用例出現，這進一步驗證了我們的產品策略。隨著我們不斷將我們的平台發展成為真正的行動和智慧系統，我們正在幫助企業將客戶互動轉化為真正的業務成果。

Our vision is to embed AI into every interaction, and we achieved this with an open, flexible workspace powered by our leading tools and automation, real-time transcription and agent assistance. The true value of our platform is demonstrated by our customer success. So let me share a few examples of what they're achieving.

我們的願景是將人工智慧嵌入到每一次互動中，我們透過領先的工具和自動化、即時轉錄和代理協助所支援的開放、靈活的工作空間實現了這一目標。我們平台的真正價值體現在客戶的成功上。那麼讓我分享一些他們所取得成就的例子。

First, a premier diagnostic provider deployed our routing AI agent bot and within three weeks, saw a significant decrease in call volumes while increasing messaging volumes by 7x, demonstrating rapid adoption and scalability, while achieving a 97% routing accuracy and an 86% CSAT score. We're also using AI-powered summarization to automate CRM updates, improving agent efficiency.

首先，一家頂級診斷供應商部署了我們的路由 AI 代理機器人，在三週內，呼叫量顯著下降，而訊息量增加了 7 倍，證明了快速採用和可擴展性，同時實現了 97% 的路由準確率和 86% 的 CSAT 分數。我們也使用人工智慧摘要來自動化 CRM 更新，從而提高代理效率。

Second, a major media technology company is using our agentic AI-powered routing to fully contain 20% of conversations without human intervention, while achieving an 86% first contact resolution rate and an 89% CSAT score.

其次，一家大型媒體技術公司正在使用我們的代理人工智慧路由，無需人工幹預即可完全包含 20% 的對話，同時實現 86% 的首次聯繫解決率和 89% 的 CSAT 分數。

And third, leading technology service organization dramatically cut escalations and decreased the resolution times by using our AI routing. This was possible because our AI is now far better at understanding what customers are asking for, reducing errors by 38% and resolving 62% more unique requests on the first drive. These are examples with industry-leading brands and are not isolated cases. They are clear proof that our AI is delivering mission-critical business outcomes.

第三，領先的技術服務組織透過使用我們的人工智慧路由大幅減少了升級並縮短了解決時間。這是可能的，因為我們的人工智慧現在能夠更好地理解客戶的要求，將錯誤減少了 38%，並在第一次駕駛時解決了 62% 的獨特請求。這些都是行業領導品牌的例子，並不是孤立的案例。它們清楚地證明我們的人工智慧正在實現關鍵任務業務成果。

Next, I want to highlight that our product strategy is being matched by a focused evolution in how we go to market with our strategic partnerships playing a central role. Just last week, we announced that we're deepening our relationship with Google Cloud.

接下來，我想強調的是，我們的產品策略與我們進入市場的方式的重點演變相匹配，其中我們的策略合作夥伴關係發揮著核心作用。就在上週，我們宣布將深化與 Google Cloud 的關係。

This collaboration unifies our market-leading conversational platform and operations with Google Cloud's AI innovations, including their advanced large language models. This isn't just about integrating features. We're shifting to encompass the joint global go-to-market initiatives and collaborative product innovation.

此次合作將我們市場領先的對話平台和營運與 Google Cloud 的 AI 創新（包括其先進的大型語言模型）統一起來。這不僅僅是整合功能。我們正在轉向涵蓋聯合全球上市計劃和協作產品創新。

This will allow us to jointly redefine enterprise customer experience and accelerate our mission to create a new era of highly efficient, personalized, and connected experiences worldwide. This strategic alliance is built on the foundation of our ongoing migration to Google Cloud.

這將使我們能夠共同重新定義企業客戶體驗，並加速我們的使命，在全球範圍內創造一個高效、個人化和互聯體驗的新時代。這個策略聯盟建立在我們持續向 Google Cloud 遷移的基礎上。

This long-term initiative is about optimizing our services on a state-of-the-art stable infrastructure. This not only improves resiliency, but frees our engineers from managing underlying complexity to focus on delivering value to our customers.

這項長期計畫旨在最先進、最穩定的基礎架構上優化我們的服務。這不僅提高了彈性，而且使我們的工程師從管理底層複雜性中解放出來，專注於為客戶提供價值。

In fact, the partnership with Google and the high-performance AI technologies made available for Gemini and Vertex are added benefits, which we are now well-positioned to take advantage of.

事實上，與Google的合作以及為 Gemini 和 Vertex 提供的高性能人工智慧技術是額外的好處，我們現在已準備好充分利用這些好處。

Building on our work with Google, we will be expanding our relationship with Databricks, which is foundational for our critical innovations. By underlying our conversational data -- by unifying our conversational data into a single extensible high-performance system deployed within Google Cloud.

在與 Google 合作的基礎上，我們將擴大與 Databricks 的關係，這是我們關鍵創新的基礎。透過底層對話資料－透過將我們的對話資料統一到部署在 Google Cloud 內的單一可擴展高效能係統中。

We will unlock three key advantages. First, we can deliver smarter, faster outcomes for our clients in analytics and automation. Second, we can speed up how we build and iterate on agentic AI use cases.

我們將釋放三大關鍵優勢。首先，我們可以在分析和自動化方面為客戶提供更聰明、更快速的成果。其次，我們可以加快建置和迭代代理 AI 用例的速度。

And third, enterprises and partners can securely build their own agentic AI solutions on top of our platform. Together, these partnerships make LivePerson's platform more intelligent, extensible, attractive to enterprise buyers looking for proven AI capabilities.

第三，企業和合作夥伴可以在我們的平台上安全地建立自己的代理 AI 解決方案。這些合作關係共同使 LivePerson 的平台更加智慧、更具擴展性，對尋求成熟 AI 功能的企業買家更具吸引力。

We believe these strategic partnerships will amplify our market presence and enable us to deliver integrated solutions to a wider range of enterprises, reinforcing our position as a strategic partner for all channels.

我們相信這些策略夥伴關係將擴大我們的市場影響力，使我們能夠為更廣泛的企業提供綜合解決方案，鞏固我們作為全通路策略合作夥伴的地位。

Turning to our commercial results and our outlook for the rest of the year. Second quarter bookings improved sequentially over Q1, but the overall pace of new business in the first half was slower than anticipated. We have also experienced renewal hesitation from a few larger customers. Two primary factors have contributed to this. First, the broader macroeconomic uncertainty continues to extend enterprise buying cycles, especially for high-value AI solutions.

談談我們的商業業績和今年剩餘時間的展望。第二季的預訂量較第一季有所改善，但上半年新業務的整體成長速度低於預期。我們也遇到了一些較大客戶的續約猶豫。造成這現象的主要因素有兩個。首先，更廣泛的宏觀經濟不確定性持續延長企業購買週期，尤其是高價值的人工智慧解決方案。

These transformative deployments naturally require extensive customer due diligence, and this is what we see as extending these buying cycles.

這些變革性部署自然需要廣泛的客戶盡職調查，而這正是我們所認為的延長這些購買週期。

Second, uncertainty around our capital structure has been a clear headwind in our commercial process. Addressing that headwind was a top priority, and the refinancing agreement directly addresses consistent customer and partner feedback on this issue by providing reassurance on the company's financial stability. As a direct result of the commercial factors I've outlined, we're adjusting our financial outlook.

其次，資本結構的不確定性一直是我們商業過程中明顯的阻力。解決這一不利因素是當務之急，而再融資協議透過確保公司的財務穩定性，直接解決了客戶和合作夥伴對此問題的一致回饋。由於我所概述的商業因素的直接影響，我們正在調整我們的財務前景。

Based on the slower bookings and renewal hesitation from select large customers, we are revising our full year revenue guidance to $235 million at the midpoint a decrease of approximately 5%. At the same time, we're managing the business with financial discipline.

基於部分大客戶的預訂放緩和續約猶豫，我們將全年收入預期中位數修改為 2.35 億美元，下降約 5%。同時，我們也嚴格遵守財務紀律來管理業務。

Through significant adjustments to our cost structure and a focused approach to cash preservation, we are offsetting top line declines. We are, therefore, increasing our full year adjusted EBITDA guidance midpoint to a positive $2 million, an increase of $9 million. John Collins will provide more detail on this shortly.

透過對成本結構進行重大調整並採取有針對性的現金保全措施，我們正在抵消營業收入的下降。因此，我們將全年調整後的 EBITDA 指導中點提高至正 ​​200 萬美元，增加 900 萬美元。約翰·柯林斯 (John Collins) 將很快提供更多詳細資訊。

With a stronger capital structure in place, we will continue to focus on product innovation that business outcomes for our customers and our commercial progress. This quarter, that focus should open 45% sequential growth in generative AI conversations and expanded strategic partnerships with Google and Databricks creating new momentum and opportunities.

憑藉更強大的資本結構，我們將繼續專注於為客戶和商業進步帶來業務成果的產品創新。本季度，這一重點將推動生成式人工智慧對話實現 45% 的連續成長，並擴大與Google和 Databricks 的策略合作夥伴關係，創造新的動力和機會。

We have taken decisive action to address our challenges and strengthen the company. I am confident that these steps have laid the groundwork for us to enhance our commercial performance continue executing on our strategy. Now let me hand the call over to John Collins, who will provide further details on our financials. John?

我們已採取果斷行動來應對挑戰並增強公司實力。我相信這些措施為我們提升商業績效、持續執行我們的策略奠定了基礎。現在，我將把電話交給約翰柯林斯，他將提供有關我們財務狀況的更多詳細資訊。約翰？

Thanks, John. I will cover a few key points on the refinancing agreement, followed by a discussion of customer wins, second quarter financial performance, and then guidance. To begin, I'd like to take a moment to recap our multiyear strategy to deleverage the balance sheet. As many of you will recall, in June 2024, we closed a transaction with our largest noteholder, Lynrock Lake that strengthened the balance sheet through a recombination of deleveraging and maturity extension.

謝謝，約翰。我將介紹再融資協議的幾個關鍵點，然後討論客戶勝利、第二季財務表現以及指導。首先，我想花點時間回顧我們多年來去槓桿的策略。你們很多人會記得，2024 年 6 月，我們與最大的票據持有人 Lynrock Lake 完成了一項交易，透過去槓桿和延長期限的重組加強了資產負債表。

We consider this transaction to be the first of two phases in our debt reduction strategy. Critically, Phase 1 also provided us with $100 million of cash and the ability to issue segment notes. Both of which we expected to be necessary to execute Phase 2 of our strategy. That is the refinancing of the remaining $361 million of notes due to mature in December 2026.

我們認為此次交易是我們債務削減策略兩個階段中的第一階段。至關重要的是，第一階段也為我們提供了 1 億美元現金和發行分部票據的能力。我們預期這兩者對於執行我們策略的第二階段都是必要的。這是 2026 年 12 月到期的剩餘 3.61 億美元票據的再融資。

Importantly, Phase 1 was also designed to address a growing friction in our commercial motion large enterprise customers who are making multiyear technology investments with LivePerson, in some cases, three to five year commitments.

重要的是，第一階段還旨在解決我們的商業動作大型企業客戶中日益增長的摩擦，這些客戶正在與 LivePerson 進行多年的技術投資，在某些情況下，承諾三到五年。

We're increasingly hesitant to transact with the company because of its perceived financial instability. Phase 1 enabled us to demonstrate for customers tangible progress on the execution of our strategy to strengthen the balance sheet and overall financial profile.

由於我們認為該公司的財務狀況不穩定，我們越來越不願意與該公司進行交易。第一階段使我們能夠向客戶展示我們在執行加強資產負債表和整體財務狀況的策略方面取得的實際進展。

Jumping ahead to the first half of 2025 with next year's $361 million debt maturity in living large in the minds of all LivePerson constituencies. Our commercial progress slowed relative to our previous expectations. With the successful execution of Phase 2, we have addressed a primary concern expressed by customers, employees, and shareholders alike.

預計到 2025 年上半年，明年將有 3.61 億美元的債務到期，這將在所有 LivePerson 選民的心中成為一種奢侈的生活。我們的商業進展相對於我們先前的預期有所放緩。隨著第二階段的成功實施，我們解決了客戶、員工和股東表達的主要擔憂。

More specifically, as announced today, we have reached an agreement with our 2026 noteholders to exchange $341 million of notes maturing in December 2026 for $45 million in cash, $115 million in second lien notes maturing in 2029, and 39% of equity with part of the equity delivered at closing and the balance delivered through convertible preferred stock that is mandatorily convertible upon a shareholder vote.

更具體地說，正如今天宣布的那樣，我們已與 2026 年票據持有人達成協議，將 2026 年 12 月到期的 3.41 億美元票據兌換為 4500 萬美元現金、2029 年到期的 1.15 億美元第二留置權票據和 39%的股權，其中部分股權在交易結束時交付，餘額透過可轉換優先股交付，可轉換優先股經股東投票後強制轉換。

In total, this exchange captures $181 million of debt discount that accretes to shareholders and deleverage the balance sheet by $226 million. shifting a greater proportion of enterprise value to shareholders and providing the company with time to execute strategy, which we believe will reinforce LivePerson's position as a long-term strategic partner to customers and further enhance value creation for shareholders.

總體而言，此次交換獲得了 1.81 億美元的債務折扣，這些折扣將歸於股東，並使資產負債表去槓桿 2.26 億美元。將更大比例的企業價值轉移給股東，並為公司提供執行策略的時間，我們相信這將鞏固 LivePerson 作為客戶長期策略夥伴的地位，並進一步提高為股東創造的價值。

Turning to the quarter. In terms of deals and significant customer wins, we signed a total of 38 deals in the second quarter including three new logos and 35 expansions in renewals, translating to a quarter-over-quarter increase in deal values of 15%, but a year-over-year decline of 9%.

轉向本季。在交易和重要客戶方面，我們在第二季度共簽署了 38 項交易，其中包括 3 個新標誌和 35 項續約擴展，這意味著交易價值環比增長 15%，但同比下降 9%。

Consistent with recent themes, we observed continued demand for AI agents and AI orchestration within highly regulated industries such as healthcare, financial services, and telecommunications which leverage our platform as a trusted AI agnostic orchestration engine.

與最近的主題一致，我們觀察到醫療保健、金融服務和電信等嚴格監管的行業對人工智慧代理和人工智慧編排的需求持續存在，這些行業利用我們的平台作為值得信賴的人工智慧不可知編排引擎。

Significant renewals and expansions included a seven-figure deal with a global financial services company, a major European retailer one of Australia's largest retail groups, and a leading US health plan provider. We also added a European digital marketing agency as a new logo.

重大的續約和擴張包括與一家全球金融服務公司、一家歐洲大型零售商、澳洲最大的零售集團之一以及領先的美國健康計畫提供者達成的七位數交易。我們還新增了一家歐洲數位行銷機構作為新標誌。

Despite the central increase in bookings in the second quarter, overall commercial progress in the first half of the year was slower than anticipated, which will impact our outlook for the second half. We attribute slower bookings and renewal challenges to two primary factors.

儘管第二季預訂量較上季增加，但上半年整體商業進展慢於預期，這將影響我們對下半年的展望。我們認為預訂速度放緩和續約困難有兩個主要因素。

As discussed, first, increasing concerns from enterprise customers regarding the financial stability of the company, especially considering the $361 million debt maturity next year, which became a key agenda item for nearly every enterprise buyer in the first half.

如上所述，首先，企業客戶對公司財務穩定性的擔憂日益增加，尤其是考慮到明年 3.61 億美元的債務到期，這成為上半年幾乎所有企業買家關注的關鍵議題。

And second, macroeconomic uncertainty that continues to constrain budgets and extend buying cycles, especially for high-value AI solutions. Decision-making has slowed with the influx of new AI offerings and the establishment of AI committees and related compliance processes, which have introduced new decision-makers.

其次，宏觀經濟的不確定性繼續限制預算並延長購買週期，尤其是對於高價值的人工智慧解決方案。隨著新的人工智慧產品的湧入以及人工智慧委員會和相關合規流程的建立，引入了新的決策者，決策速度有所放緩。

Turning to our second quarter results. Total revenue was $59.6 million or just above the midpoint of our guidance range. Adjusted EBITDA was $2.9 million, which was above the high end of our guidance range, driven by ongoing cost discipline and operational efficiencies. Revenue from hosted services was $50.3 million, down 25% year over year. Recurring revenue was $55 million or 92% of total revenue.

談談我們的第二季業績。總收入為 5,960 萬美元，略高於我們指引範圍的中點。調整後的 EBITDA 為 290 萬美元，高於我們預期範圍的高端，這得益於持續的成本控制和營運效率。託管服務收入為 5,030 萬美元，年減 25%。經常性收入為 5,500 萬美元，佔總收入的 92%。

Further segmenting revenue. Professional services revenue was $9.3 million, down 26% year over year. From a geographic perspective, US revenue was $36.7 million, and international revenue was $22.9 million or 62% and 38% of total revenue, respectively.

進一步細分收入。專業服務收入為 930 萬美元，年減 26%。從地域角度來看，美國收入為 3,670 萬美元，國際收入為 2,290 萬美元，分別佔總收入的 62% 和 38%。

Average revenue per customer was $655,000, up 4% year over year, driven in part by expansions with our largest customers and in part by customer retention. RPO declined to $197 million, consistent with the same factors driving declines in revenue.

每位客戶的平均收入為 655,000 美元，年增 4%，部分原因是我們最大客戶的擴張以及客戶保留。RPO 下降至 1.97 億美元，與導致收入下降的因素一致。

Net revenue retention was 78% in the second quarter, down 80% from the first quarter. As a reminder, net revenue retention is a function of in-period revenue. So this metric will continue to decline until revenue begins to grow again.

第二季淨收入留任率為78%，較第一季下降80%。提醒一下，淨收入保留是期間收入的函數。因此，這項指標將持續下降，直到收入再次開始成長。

Finally, in terms of cash, we ended the second quarter with $162 million of cash on the balance sheet, inclusive of the proceeds from the transaction with Lynrock Lake last year. In terms of guidance, while the refinancing agreement announced today addresses a primary concern, customers have consistently cited during commercial discussions, renewal friction and slower-than-expected bookings in the first half caused us to revise down our outlook for the second half.

最後，就現金而言，我們第二季末的資產負債表上有 1.62 億美元的現金，其中包括去年與 Lynrock Lake 交易的收益。在指導方面，雖然今天宣布的再融資協議解決了一個主要問題，但客戶在商業討論中一直提到，續約摩擦和上半年預訂速度低於預期導致我們下調了下半年的展望。

In terms of revenue for the full year, we are lowering our range to $230 million to $240 million, which translates to a decrease of approximately 5% at the midpoint. As for the third quarter, we expect revenue to range from $56 million to $59 million, representing a sequential decline of approximately $2 million at the midpoint relative to the second quarter.

就全年收入而言，我們將範圍下調至 2.3 億美元至 2.4 億美元，這意味著中間值下降了約 5%。至於第三季度，我們預計營收將在 5,600 萬美元至 5,900 萬美元之間，與第二季度相比，中點環比下降約 200 萬美元。

In terms of revenue mix, we expect recurring revenue to be approximately 93% of total revenue for both the third quarter and the full year. As for the bottom line, we continue to balance our cost structure and expected business performance with a focus on preserving cash and reallocating resources to both deliver on innovation for customers and modernize our architecture through GCP migration, which is also essential for our customers.

在收入結構方面，我們預計第三季和全年經常性收入將佔總收入的約 93%。至於底線，我們將繼續平衡我們的成本結構和預期的業務績效，重點是保留現金和重新分配資源，以便為客戶提供創新並透過 GCP 遷移實現我們的架構現代化，這對我們的客戶也至關重要。

As a result, we now expect to deliver positive adjusted EBITDA for the full year. Accordingly, we are raising our full year guidance to a range of a loss of $3 million to a profit of $7 million. This represents a significant improvement from our prior range of a loss of 14 to zero.

因此，我們目前預計全年調整後的 EBITDA 將為正值。因此，我們將全年預期上調至虧損 300 萬美元至獲利 700 萬美元之間。這比我們之前預測的 14 比 0 的損失有了顯著改善。

Finally, we expect adjusted EBITDA in the third quarter to range from a loss of $4 million to a loss of $2 million. Before moving to questions, I'll briefly emphasize that we are taking decisive action to address concerns expressed by customers, shareholders and employees regarding our financial stability.

最後，我們預計第三季調整後的 EBITDA 將在虧損 400 萬美元至虧損 200 萬美元之間。在回答問題之前，我想先簡單強調一下，我們正在採取果斷行動來解決客戶、股東和員工對我們的財務穩定性所表達的擔憂。

While commercial progress in the first half of 2025 was impacted by customer concerns and macroeconomic uncertainty. The company remains focused on execution, innovation and cost discipline, and we now have the runway for these strategic efforts to enhance value creation for shareholders and reinforce customer confidence in LivePerson as a long-term strategic partner. And with that, we can move to Q&A.

而2025年上半年的商業進展則受到顧客擔憂和宏觀經濟不確定性的影響。公司仍然專注於執行、創新和成本控制，現在我們為這些策略努力做好了準備，以增強股東的價值創造，並增強客戶對 LivePerson 作為長期策略合作夥伴的信心。接下來，我們可以進入問答環節。

(Operator Instructions)

（操作員指示）

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

So a couple for me. Just maybe on the new logo capture, John -- John S, new logo capture for the quarter, understood on the macro. But in the deals that you're getting into, talk to the win rates and how it is going if you're able to get into those deals and deals that are closing, how are your win rates trending?

對我來說這是一對。也許只是關於新標誌的捕捉，約翰——約翰·S，本季的新標誌捕捉，在宏觀上有所了解。但是在您所達成的交易中，請談談成功率以及進展情況，如果您能夠達成這些交易以及即將完成的交易，您的成功率趨勢如何？

Hey Jeff, good to hear from you. We're still staying relatively consistent from quarter-to-quarter. Again, we see many of the -- we've seen RFPs pushed out on decision-making in some cases. We've also -- we still have not seen composition from platform providers still beating us out. But we're seeing the expected closing for some of these deals really just pushing out into the future where they're rewriting the RFP or changing scope.

嘿，傑夫，很高興收到你的來信。我們每季仍然保持相對穩定。再次，我們看到很多——在某些情況下，我們看到 RFP 被推遲決策。我們還沒有看到平台提供者的組成仍然擊敗我們。但我們看到其中一些交易的預期結束實際上只是推遲到未來，他們正在重寫 RFP 或改變範圍。

And so that's -- so some of these opportunities that we thought that we land here in 2Q have now continued to push out into Q3 and beyond. And so that's what we're seeing right now. It's not being defeated by competitors per se. That is staying relatively consistent to what we've seen in the past. This just seems to be continued delayed decision-making or rescoping on what we've seen specifically for Q2.

所以，我們認為我們在第二季獲得的某些機會現在已經延續到了第三季及以後。這就是我們現在所看到的。從本質上來說，這並不是被競爭對手打敗。這與我們過去所見的情況相對一致。這似乎只是對我們在第二季所見情況的持續延遲決策或重新調整。

Yeah. It's I think John Collins called out some new AI-based competitors showing up and lengthening cycles. Just talk to me about that, what are you seeing there?

是的。我認為約翰·柯林斯指出了一些新的基於人工智慧的競爭對手的出現並延長了周期。跟我談談吧，你在那裡看到了什麼？

Yeah. Again, we're seeing newer competitors, smaller competitors offering AI bot capabilities and this is part of our expansion motion with customers and/or new opportunity, and we're seeing increased headwinds there.

是的。再次，我們看到更新的競爭對手、較小的競爭對手提供人工智慧機器人功能，這是我們向客戶和/或新機會擴張的舉措的一部分，我們看到那裡的阻力越來越大。

Okay. And then on the renewal side, I just seemed like a little more -- I think you mentioned a couple large customers, I think there's a little bit of emphasis on large customers being the issue there on the renewals front, just -- it was -- is that, in fact, what you're seeing most of the pressures there coming in the big customers? And if so, why do you think that's the case?

好的。然後在續約方面，我似乎更傾向於——我想您提到了幾個大客戶，我認為在續約方面，大客戶是問題所在，這一點有點強調——事實上，您是否看到大部分壓力都來自大客戶？如果是這樣，您認為原因何在？

Yeah. That's -- so we have seen some of the customers, our largest ones who are making enterprise buying decisions, 24, 36, or further months out. And so the financial concerns prompted us to make sure that we're looking forward at the debt deal and trying to remove that as a challenge in renewing these customers. So we're hoping that this has a positive effect on those conversations going forward.

是的。那是——所以我們看到一些客戶，我們最大的客戶，正在 24、36 或更長時間後做出企業購買決策。因此，財務問題促使我們確保期待債務交易，並試圖消除它作為續簽這些客戶的挑戰。因此我們希望這對今後的對話產生正面的影響。

Ryan MacDonald, Needham & Company.

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

Congrats on the deleveraging transaction. Maybe just to double click on the renewal side or the pressures you're seeing. Can you talk about sort of what the greater impact is, whether it's macro uncertainty relative to the sort of balance sheet issues.

恭喜去槓桿交易成功。也許只需雙擊更新方面或您所看到的壓力。您能否談談更大的影響是什麼，是否是與資產負債表問題相關的宏觀不確定性。

And I guess on these concerns that you're now sort of alleviating and finding a resolution for. Do you still have opportunities with those customers that shared those concerns on that sort of the capital structure that you can kind of get back into the conversation or those sort of lost opportunities in sort of improving moving forward.

我想您現在正在緩解這些問題並尋找解決方案。您是否還有機會與那些對資本結構有相同擔憂的客戶重新進行對話，或彌補那些失去的機會，以取得進展？

Yeah, Ryan, thanks for the question. I'll start, John if you want to add some context, please feel free. Those comments specifically refer to some of our customers that we're looking at for renewal and expansion with and the positive news there is that this allows us to improve and continue those conversations versus a churn at this point. So we're hoping that putting together the debt deal that we've announced today will help us improve those conversations. So those two are connected.

是的，瑞安，謝謝你的提問。我先開始了，約翰，如果你想添加一些背景信息，請隨意。這些評論特別提到了我們正在尋求續約和擴張的一些客戶，積極的消息是，這使我們能夠改善和繼續這些對話，而不是在此時流失。因此，我們希望今天宣布的債務協議將有助於我們改善這些對話。所以這兩者是有連結的。

And we think that, that is going to help us. So these have not been outright losses or churns at this point, but it has impacted decision-making it has allowed for other solutions to be looked at. And it has compromised our ability to close some of our longer-term contracts with some of our enterprise customers.

我們認為，這將對我們有所幫助。因此，目前這些還不是徹底的損失或流失，但它影響了決策，並允許人們研究其他解決方案。這損害了我們與一些企業客戶簽訂長期合約的能力。

And we're hoping that, again, going back to this debt deal and why we think it's important and we think it's good for our customers and shareholders. It removes that uncertainty and it gets it back to the technology where we're engaging with customers, which is where we excel.

我們希望再次回顧這項債務交易，以及為什麼我們認為它很重要，以及我們認為它對我們的客戶和股東有利。它消除了這種不確定性，並將其帶回我們與客戶互動的技術上，而這正是我們的優勢所在。

I'll just add, Ryan, that you asked about the concerns on a relative basis, balance sheet versus macro. And I would simply add that they're not necessarily mutually exclusive in our situation, the balance sheet and the overall perception of financial instability more greatly exposes us to competition, as you might imagine. So they are interrelated in that sense. And then I would also simply reinforce what John said, which is there are several specific deals with large customers to we believe this deal will keep us in the conversation on.

瑞安，我只想補充一點，你問的是相對而言的擔憂，即資產負債表與宏觀。我只想補充一點，在我們的處境下，它們並不一定是互相排斥的，正如你可能想像到的那樣，資產負債表和對金融不穩定的整體看法使我們更多地面臨競爭。從這個意義上來說，它們是相互關聯的。然後，我還要簡單地強調約翰所說的話，即我們與大客戶達成了幾項具體交易，我們相信這筆交易將使我們繼續對話。

Excellent. Okay. I appreciate the color on that. And then on the technology side, great to hear about the deepening relationship with Google Cloud and sort of expanding your relationship with Databricks. Can you just talk about when you expect sort of the migration to be fully completed with both it sounds like, obviously, that's going to open up new -- a lot more capabilities, functionality for LivePerson and for their customers.

出色的。好的。我很欣賞它的色彩。在技​​術方面，很高興聽到您與 Google Cloud 的關係不斷加深，與 Databricks 的關係也不斷擴大。您能否談談您預計何時能夠完全完成遷移？這聽起來顯然會為 LivePerson 及其客戶帶來更多新功能。

So when should we expect that sort of to be fully completed and starting to benefit LivePerson from a buying cycle perspective adoption cycle.

那麼，從購買週期角度採用週期來看，我們什麼時候應該期望這種模式能夠完全完成並開始使 LivePerson 受益。

For some of our customers in some regions, they'll see that this year around the October time frame, and we should be complete with early next year with most of the migration. That being said, we're already in working with Google, creating the capabilities with Vertex and Gemini and doing robust testing with that tooling on our capabilities already in those integrations. So customers will start seeing benefits from that, hopefully, even before the end of the year.

對於我們某些地區的一些客戶來說，他們會在今年 10 月左右看到這一點，而我們應該在明年年初完成大部分遷移工作。話雖如此，我們已經在與 Google 合作，使用 Vertex 和 Gemini 創建功能，並使用這些工具對這些整合中已有的功能進行嚴格的測試。因此，希望客戶甚至在今年年底前就能開始看到由此帶來的好處。

(Operator Instructions)

（操作員指示）

Ladies and gentlemen, there appears to be no additional questions at this time. We have reached the end of our call today. Thank you for joining us, and all parties may disconnect.

女士們、先生們，目前似乎沒有其他問題了。我們今天的通話已經結束。感謝您的加入，各方可能會斷開連接。