LegalZoom.com Inc (LZ) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the LegalZoom's second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 LegalZoom 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Tyler Drew, Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係部的泰勒·德魯 (Tyler Drew)。請繼續。

Thank you, operator. Welcome to LegalZoom's second-quarter 2025 earnings conference call. Joining me today is Jeff Stibel, our Chairman and Chief Executive Officer; and Noel Watson, our Chief Operating Officer and Chief Financial Officer.

謝謝您，接線生。歡迎參加 LegalZoom 2025 年第二季財報電話會議。今天與我一起的還有我們的董事長兼執行長 Jeff Stibel；以及我們的營運長兼財務長 Noel Watson。

As a reminder, we will be making forward-looking statements on this call. These forward-looking statements can be identified by the use of words such as believe, expect, plan, anticipate, will, intend, and similar expressions and are not and should not be relied upon as a guarantee of future performance or results.

提醒一下，我們將在本次電話會議上做出前瞻性陳述。這些前瞻性陳述可以透過相信、期望、計劃、預期、將、打算等詞語和類似表達來識別，並且不是且不應被視為對未來業績或結果的保證。

Such forward-looking statements are based on management's assumptions and expectations and information available to us as of today's date. These forward-looking statements are also subject to risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties are referred to in the press release we issued today and in the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Except as required by law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise.

此類前瞻性陳述是基於管理階層的假設和預期以及我們截至今天所掌握的資訊。這些前瞻性陳述也受到風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。這些風險和不確定性在我們今天發布的新聞稿中以及我們向美國證券交易委員會提交的最新 10-Q 表季度報告的風險因素部分中有所提及。除法律要求外，我們不打算公開更新或修改任何前瞻性聲明，無論是由於任何新資訊、未來事件或其他原因。

In addition, we will also discuss certain non-GAAP financial measures. We use non-GAAP measures in making decisions regarding our business and we believe these measures provide helpful information to investors. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are set forth in the Investor Relations section of our website at investors.legalzoom.com.

此外，我們也將討論某些非公認會計準則財務指標。我們在製定有關我們業務的決策時使用非公認會計準則指標，我們相信這些指標為投資者提供了有用的信息。這些非 GAAP 財務指標不應被單獨考慮或取代根據 GAAP 編制的結果。所有非 GAAP 指標與最直接可比較的 GAAP 指標的對帳均列於我們網站 investors.legalzoom.com 的投資者關係部分。

I will now turn the call over to Jeff.

現在我將電話轉給傑夫。

Good afternoon, and thank you for joining our second-quarter earnings conference call. We are very pleased with the accelerated progress that was made this quarter and believe it will benefit us going forward.

下午好，感謝您參加我們的第二季財報電話會議。我們對本季的加速進展感到非常高興，並相信這將使我們受益匪淺。

As I complete my first full year as CEO, I want to take a brief moment to reflect on the accomplishments we have achieved at LegalZoom. When I stepped into this role, my objective day one was clear: to build a more consistent, predictable, and profitable business. One that could support sustainable long-term growth resilient to changing economic cycles.

在我擔任執行長的第一年即將結束之際，我想花一點時間來回顧我們在 LegalZoom 上所取得的成就。當我擔任這個職位時，我的目標第一天就很明確：建立一個更穩定、可預測和有利可圖的業務。一個能夠支持可持續的長期成長並能抵禦不斷變化的經濟週期的國家。

Our second-quarter results demonstrate the work we have done to achieve these objectives, notably ahead of plan.

我們第二季的業績證明了我們為實現這些目標所做的工作，尤其是提前完成了計劃。

First, we've stabilized the business and reignited subscription revenue growth. Second, we're building a premium brand and new suite of products that cater to the diverse needs of high-quality small business owners and individuals. Third, we're delivering operating efficiencies and expanding margins, strengthening our financial profile. All of this rolls into our second quarter strong results.

首先，我們穩定了業務並重新激發了訂閱收入的成長。第二，我們正在打造高端品牌和新產品，滿足優質小企業主和個人的多元需求。第三，我們正在提高營運效率、擴大利潤率，增強我們的財務狀況。所有這些都促成了我們第二季的強勁業績。

Total revenue reached $193 million, up 9% year over year, ahead of expectations. Subscription revenue grew 10%, marking our second straight quarter of sequential growth and early achievement of our double-digit growth target, two quarters ahead of schedule. It is worth noting that our subscription revenue growth was led by our compliance offerings, including our new Compliance Concierge product suite, which we will talk about later.

總營收達1.93億美元，年增9%，超乎預期。訂閱收入成長了 10%，這標誌著我們連續第二個季度實現環比成長，並提前兩個季度實現了兩位數的成長目標。值得注意的是，我們的訂閱收入成長是由我們的合規產品推動的，包括我們的新合規禮賓產品套件，我們稍後會討論。

Further, our compliance offering showed encouraging improvement in first year retention, indicating that customers are appreciating the incremental value that we are delivering. With respect to our new concierge solutions, we launched and saw strong adoption of products that have shifted upmarket by adding additional value, leveraging artificial and human intelligence to allow us to offer the highest service levels to customers.

此外，我們的合規服務在第一年的保留率方面顯示出令人鼓舞的改善，這表明客戶對我們提供的增量價值表示讚賞。關於我們的新禮賓解決方案，我們推出了並看到了產品的廣泛採用，這些產品透過增加附加價值、利用人工智慧和人類智慧轉向高端市場，使我們能夠為客戶提供最高水準的服務。

On profitability, similar to Q1, we continue to deliver strong margin performance. Our adjusted EBITDA margin reached 20%, a 400-basis-point improvement year-over-year, reflecting strong operating discipline and strategic efficiency gains. We also continued to generate healthy free cash flow, reaching $32 million in the quarter, further strengthening our balance sheet.

在獲利能力方面，與第一季類似，我們繼續實現強勁的利潤率表現。我們的調整後 EBITDA 利潤率達到 20%，比去年同期提高了 400 個基點，反映了強大的營運紀律和策略效率的提升。我們也繼續產生健康的自由現金流，本季達到 3,200 萬美元，進一步增強了我們的資產負債表。

Given our strong performance and momentum, we are raising our full-year revenue guidance from 5% growth to 8%, while maintaining our 23% adjusted EBITDA margin outlook. We attribute the achievement of these milestones to the work we have done to realign our organization to focus on subscription-based growth and improve operational efficiencies to create a more profitable business model.

鑑於我們強勁的業績和發展勢頭，我們將全年營收預期從 5% 的成長上調至 8%，同時維持 23% 的調整後 EBITDA 利潤率預期。我們將這些里程碑的實現歸功於我們所做的工作，即重新調整我們的組織，專注於基於訂閱的成長並提高營運效率，以創建更有利可圖的商業模式。

As part of this strategic realignment, we executed across the three key focus areas we outlined when I first joined as CEO: one, optimize our subscription business; two, reorient our go-to-market approach; three, leverage artificial and human intelligence to deliver expertise to our customers. We made solid progress across these three areas over the last year.

作為此次策略調整的一部分，我們執行了我剛擔任執行長時概述的三個關鍵重點領域：一、優化我們的訂閱業務；二、重新調整我們的市場進入方式；三、利用人工智慧為我們的客戶提供專業知識。過去的一年，我們在這三個領域取得了紮實的進展。

In addition, we made a strategic acquisition, Formation Nation that was not only accretive and enabled us to bring in a world-class team of sales and service experts, but also sets us up to further advance our market position and realign our premium brand messaging.

此外，我們還進行了一項策略性收購，Formation Nation，這不僅使我們獲得了增值，並使我們能夠引進一支世界一流的銷售和服務專家團隊，而且還使我們能夠進一步提升我們的市場地位並重新調整我們的優質品牌訊息。

Let me now walk through updates across our three key focus areas. First, subscription model optimization. To put it bluntly, our subscription strategy is working. We drove a 22% increase in total subscriptions in Q2, powered by enhancements in packaging, pricing, and personalization. We continue to bundle services that deliver incremental value like forms, eSignatures, and bookkeeping into premium tiers, driving stronger early engagement and longer-term cross-sell opportunities.

現在讓我介紹我們三個重點關注領域的最新進展。一是訂閱模式優化。說穿了，我們的訂閱策略正在發揮作用。由於包裝、定價和個人化方面的改進，我們第二季的總訂閱量增加了 22%。我們繼續將提供表格、電子簽名和簿記等增量價值的服務捆綁到高級層級中，以推動更強的早期參與度和更長期的交叉銷售機會。

Last quarter, we launched our most comprehensive subscription suite of products to date, the Concierge Plan, a full-service white glove suite of solutions driven by artificial and human intelligence designed for the sophisticated small business owner that prefers a hands-on solution.

上個季度，我們推出了迄今為止最全面的訂閱產品套件——禮賓計劃，這是一套由人工智慧和人類智慧驅動的全方位服務白手套解決方案套件，專為喜歡親自動手解決方案的成熟小型企業主而設計。

The first product, Compliance Concierge, has been a strong success and includes a do-it-for-me solution to filings, permits, and alerts alongside a dedicated adviser at a price that's still significantly lower than traditional legal services. We also soft launched four other concierge products that are currently being tested. Each affords customers the ability to offload their business' legal and compliance work to our team.

第一款產品 Compliance Concierge 取得了巨大成功，它包括一份針對文件、授權和警報的「代辦」解決方案，同時也配備了專門的顧問，但價格仍然遠低於傳統的法律服務。我們也試推出了另外四款目前正在測試的禮賓產品。每項服務都使客戶能夠將其業務的法律和合規工作轉移給我們的團隊。

Strong initial traction from our do-it-for-me products, including early adoption and customer response, validates demand and reinforces product direction as we scale through expanded offerings and long-term capabilities. Importantly, DIFM products garner significantly higher prices or ARPU, attract higher-quality customers, and we believe create greater customer stickiness. This is central to our strategy of delivering intelligent, expert-led, proactive legal support at scale, which we believe will support renewal and retention trends over time.

我們的「為我做」產品最初表現出的強大吸引力（包括早期採用和客戶回應）驗證了需求，並強化了產品方向，因為我們透過擴展產品範圍和長期能力來擴大規模。重要的是，DIFM 產品可以獲得明顯更高的價格或 ARPU，吸引更高品質的客戶，並且我們相信可以創造更大的客戶黏著度。這是我們的策略的核心，即大規模提供智慧、專家主導、積極主動的法律支持，我們相信這將支持長期的續約和保留趨勢。

Second, evolving our go-to-market strategy. Our go-to-market strategy is focused on positioning LegalZoom as the trusted legal brand for small businesses to drive awareness and consideration. This spring, we launched a new brand campaign that frames LegalZoom as a legal companion for every step of customers' journey. Our message, technology when you want it, human support when you need it, reinforces the principle behind AI-augmented expertise.

第二，改善我們的市場進入策略。我們的行銷策略專注於將 LegalZoom 定位為小型企業值得信賴的法律品牌，以提高知名度和考慮度。今年春天，我們啟動了一項新的品牌活動，將 LegalZoom 定位為客戶旅程每一步的法律伴侶。我們的訊息是，當您需要時，我們提供技術；當您需要時，我們提供人工支援；這強化了人工智慧增強專業知識背後的原則。

Without increasing our overall ad budget, we delivered a multichannel, full funnel brand media campaign driving awareness, consideration, and conversion under a single brand narrative. The campaign deployed across connected TV, digital, and mobile with strong early results that we expect will build steadily over time.

在不增加整體廣告預算的情況下，我們開展了多通路、全通路的品牌媒體活動，在單一品牌敘事下提高了知名度、考慮度和轉換率。該活動在連網電視、數位電視和行動裝置上開展，初期取得了顯著成效，我們預計這一成果將隨著時間的推移穩步提升。

Of particular note, we saw sequential improvement in site traffic and engagement trends in June and July following the launch. We maintained a healthy return on ad spend, or ROAS, despite a longer brand payback curve, and we maintained marketing discipline with low commitments to brand spend and return hurdles for performance channels. We plan to launch additional phases of the campaign across social and offline channels to build on that momentum.

特別值得注意的是，我們看到網站流量和參與度趨勢在發布後的 6 月和 7 月連續改善。儘管品牌回報曲線較長，我們仍保持了健康的廣告支出回報率（ROAS），並且我們保持了行銷紀律，對品牌支出的承諾較低，並且對績效管道的回報障礙較低。我們計劃透過社交和線下管道啟動更多活動的階段，以增強這一勢頭。

In addition, we will continue to deepen channel tests and diversification to optimize full funnel performance. Given the early success, we may consider incrementally adding to our marketing budget, but would do so within the confines of our overall expense schedule and margin profile.

此外，我們將繼續深化通路測試和多樣化，以優化全通路績效。鑑於早期的成功，我們可能會考慮逐步增加我們的行銷預算，但會在我們的整體費用計劃和利潤率範圍內進行。

We are also expanding visibility through strategic partnerships and driving new customers through growth in our channel partner program. Most notably, we teamed up with two AI pioneers. First, with Perplexity. We launched a tailored legal support program for Perplexity Pro users, an innovative move that places LegalZoom at the intersection of legal expertise and emerging AI-led search behavior.

我們也透過策略合作夥伴關係擴大知名度，並透過通路合作夥伴計畫的成長來吸引新客戶。最值得注意的是，我們與兩位人工智慧先驅合作。首先，感到困惑。我們為 Perplexity Pro 用戶推出了量身定制的法律支援計劃，這項創新舉措使 LegalZoom 處於法律專業知識和新興人工智慧搜尋行為的交匯處。

More recently, we've announced a new relationship with OpenAI. OpenAI is launching agentic capabilities inside ChatGPT, which they will be rolling out to 30 million users. Our collaboration enables ChatGPT agents to access LegalZoom's robust legal resources through advanced AI capabilities to ensure users are given high-quality legal information and insight. The system can intelligently navigate legal resources, run analysis, and even deliver editable documents and spreadsheets. We believe collaborations such as these will be instrumental in boosting LegalZoom's brand presence and driving new customer acquisition.

最近，我們宣布與 OpenAI 建立新的合作關係。OpenAI 正在 ChatGPT 中推出代理功能，並將向 3000 萬用戶推廣。我們的合作使 ChatGPT 代理商能夠透過先進的 AI 功能存取 LegalZoom 強大的法律資源，以確保為用戶提供高品質的法律資訊和見解。該系統可以智慧地瀏覽法律資源、運行分析，甚至提供可編輯的文件和電子表格。我們相信，這樣的合作將有助於提升 LegalZoom 的品牌知名度並推動新客戶的獲取。

Finally, AI augmented innovation and service delivery. AI is becoming a fundamental differentiator for us, particularly as we build out our DIFM product suite that I spoke to earlier. We see a strategic opportunity to lead by combining proactive legal insights with automated execution, leveraging 20 years of robust data. Our AI tools will enable customers to address their needs faster, more efficiently, and with greater personalization.

最後，人工智慧增強了創新和服務交付。人工智慧正在成為我們的一個根本差異化因素，特別是當我們建立我之前提到的 DIFM 產品套件時。我們看到了透過將主動的法律洞察力與自動化執行相結合並利用 20 年的豐富數據來引領的策略機會。我們的人工智慧工具將使客戶能夠更快、更有效率、更個人化地滿足他們的需求。

With AI being utilized throughout many parts of the organization, we have enabled higher speed, satisfaction, and scalability with shorter fulfillment times and improved resolution rates. With this foundation in place, we're turning our focus toward customer innovation, applying AI to create higher value, do-it-for-me offerings that improve compliance and efficiency.

隨著人工智慧在組織的許多部分中得到應用，我們實現了更高的速度、滿意度和可擴展性，同時縮短了履行時間並提高了解決率。有了這個基礎，我們將把重點轉向客戶創新，應用人工智慧來創造更高價值、為我服務的產品，以提高合規性和效率。

A recent example of that is automatic annual reporting within our compliance offerings. With this new launch, all compliance customers as well as concierge customers can have their annual reports filed automatically using intelligent software with little to no need to intervene. The net result of our push toward deeper engagement thus far has been significantly more annual reports filed and more businesses remaining compliant, which we believe has contributed to the improved retention previously discussed.

最近的一個例子就是我們合規產品中的自動年度報告。透過此新產品的推出，所有合規客戶以及禮賓客戶都可以使用智慧軟體自動提交年度報告，幾乎無需幹預。到目前為止，我們推動更深入參與的最終結果是提交的年度報告顯著增多，並且更多的企業保持合規，我們相信這有助於提高之前討論過的保留率。

We have a pipeline of DIFM and do-it-with-me products being launched as we accelerate our offerings with improved AI, automation, and service levels. This is in keeping with our focus on quality share, finding the best customers and providing the best subscription offerings available. AI, to be clear, is not optional at LegalZoom, and we're just scratching the surface here, and I'm personally excited about the AI product road map.

隨著我們透過改善人工智慧、自動化和服務水準來加速我們的產品供應，我們推出了一系列 DIFM 和與我一起做的產品。這符合我們對優質份額的關注，尋找最佳客戶並提供最佳訂閱服務。需要明確的是，AI 在 LegalZoom 中不是可選的，我們只是觸及了表面，我個人對 AI 產品路線圖感到非常興奮。

Lastly, I'd like to touch on our recent acquisition of Formation Nation. This strategic acquisition brings complementary brands and core capabilities that align seamlessly with LegalZoom's vision. We are extremely pleased with the transaction for several key reasons.

最後，我想談談我們最近對 Formation Nation 的收購。此次策略收購帶來了互補的品牌和核心能力，與 LegalZoom 的願景完美契合。我們對此交易非常滿意，主要原因如下。

First, integration efforts have been swift and successful. We've onboarded a sales team of more than 130 experienced professionals as of Q2, significantly strengthening our customer service capabilities and leveraging a brand strategy to differentiate between value and premium product offerings.

首先，整合工作迅速且成功。截至第二季度，我們已擁有一支由 130 多名經驗豐富的專業人員組成的銷售團隊，大大增強了我們的客戶服務能力，並利用品牌策略來區分價值產品和高端產品。

We've also initiated cross-sell and upsell opportunities within our respective customer bases. Notably, we've repositioned one of the Formation Nation's sales centers, representing approximately 17% of the sales team and who are now focused on selling LegalZoom products, enhancing our ability to deliver higher-touch formation and compliance services, an important part of our strategy to attract and retain higher LTV customers and sell more DIFM products.

我們也在各自的客戶群中發起了交叉銷售和追加銷售的機會。值得注意的是，我們重新定位了 Formation Nation 的一個銷售中心，該中心約佔銷售團隊的 17%，現在專注於銷售 LegalZoom 產品，增強了我們提供更高接觸式形成和合規服務的能力，這是我們吸引和留住更高 LTV 客戶和銷售更多 DIFM 產品的策略的重要組成部分。

Second, our strategic marketing investments are already yielding results, driving increased traffic and engagement to the Formation Nation platform while reaffirming LegalZoom's brand ethos.

其次，我們的策略行銷投資已經產生成效，推動了 Formation Nation 平台的流量和參與度的增加，同時重申了 LegalZoom 的品牌精神。

Finally, we acquired an amazing team. The leadership is bar none in sales and service and the broader team continues to teach us best practices. In short, this acquisition is already delivering meaningful value and we are comfortable stating that we are now one team with a singular mission and focus.

最後，我們獲得了一支出色的團隊。銷售和服務的領導力無與倫比，更廣泛的團隊不斷向我們傳授最佳實踐。簡而言之，此次收購已經帶來了有意義的價值，我們可以放心地說，我們現在是一個擁有單一使命和重點的團隊。

In summary, we are ahead of schedule on our strategy, and the business is on a stronger foundation than it was a year ago. Looking ahead, we remain confident in our growth trajectory.

總而言之，我們的策略提前完成，業務基礎也比一年前更堅實。展望未來，我們對我們的成長軌跡仍然充滿信心。

I would like to also take a moment here to thank our tremendous team, whom I personally owe a large debt of gratitude. This has been a difficult year with a lot of transition and change. It has also been a hugely successful year, and I'm proud of that.

我也想藉此機會感謝我們優秀的團隊，我個人對他們深懷感激。這是艱難的一年，發生了許多轉變和改變。這也是非常成功的一年，我對此感到自豪。

The speed at which we've executed is a testament to the strength of the team here at LegalZoom. And this team, I firmly believe, is still being underutilized. They are that good. I deeply believe in all of this and that with this team, I'm convinced we can do even more together.

我們執行的速度證明了 LegalZoom 團隊的實力。我堅信，這支球隊的潛力尚未被充分利用。他們就是那麼好。我深信這一切，我相信，有了這個團隊，我們一定能一起取得更大的成就。

With that, I'll now turn the call over to Noel, who will take you through the Q2 financials and updated guidance in more detail. Noel?

說完這些，我現在將電話轉給諾埃爾，他將向您更詳細地介紹第二季的財務狀況和最新指南。諾埃爾？

Thanks, Jeff, and good afternoon, everyone. We are very pleased with our second-quarter results, which reflected continued progress in our key focus areas. As Jeff mentioned, our business has stabilized. We're seeing solid growth in our core, and we've reached key financial targets ahead of schedule.

謝謝，傑夫，大家下午好。我們對第二季的業績感到非常滿意，這反映了我們在重點關注領域繼續取得進展。正如傑夫所提到的，我們的業務已經穩定下來。我們的核心業務正在穩步成長，並且我們提前實現了關鍵的財務目標。

I'll now turn to a review of our second-quarter financial performance. Unless otherwise stated, all comparisons will be on a year-over-year basis.

現在我將回顧我們第二季的財務表現。除非另有說明，所有比較均以同比為基礎。

Total revenue was $193 million for the quarter, up 9% and ahead of our expectations. Looking at our revenue performance in more detail, we generated 10% subscription revenue growth, which resulted in roughly $120 million from subscription revenue in the quarter. Achieving double-digit growth in subscription revenue two quarters ahead of schedule is a strong indicator that our strategic shift is gaining traction and delivering results.

本季總營收為 1.93 億美元，成長 9%，超出我們的預期。更詳細地看一下我們的營收表現，我們的訂閱收入成長了 10%，本季的訂閱收入約為 1.2 億美元。提前兩個季度實現訂閱收入兩位數成長有力地表明我們的策略轉變正在獲得動力並取得成果。

Subscription revenue benefited from higher compliance-related subscriptions as well as the Formation Nation acquisition and our 1-800Accountant partnership. We will maintain our focus on our core strengths in legal and compliance services while also leveraging partnerships with top-tier providers to address the additional needs of our customers.

訂閱收入受惠於合規相關訂閱量的增加以及對 Formation Nation 的收購和與 1-800Accountant 的合作。我們將繼續專注於法律和合規服務的核心優勢，同時利用與頂級供應商的合作夥伴關係來滿足客戶的額外需求。

We ended the quarter with approximately 2 million subscription units, a 22% increase. In addition to the inclusion of Formation Nation, the strong unit growth was driven primarily by higher forms, eSignature, and bookkeeping subscriptions as we bundle these products into certain business formation packages. We continue to expect this growth to moderate as we have seen lower renewal rates with these initial cohorts.

本季結束時，我們的訂閱單位數量約為 200 萬，增加了 22%。除了加入 Formation Nation 之外，強勁的單位成長主要得益於更高的表格、電子簽名和簿記訂閱，因為我們將這些產品捆綁到某些業務組建包中。由於我們看到這些初始群體的續約率較低，我們仍然預計這種成長將會放緩。

ARPU was $256 for the quarter, down 6% year over year and up 2% from the first quarter. The year-over-year decrease was primarily the result of the aforementioned mix shift of lower-priced subscription offerings related to the bundling of forms and eSignature and bookkeeping subscriptions into our higher-end formation SKUs. We expect to maintain similar ARPU dollar levels in the second half of the year.

本季 ARPU 為 256 美元，年減 6%，季增 2%。年比下降主要是由於上述將表格、電子簽名和簿記訂閱捆綁到我們的高端資訊 SKU 中的低價訂閱服務組合轉變所致。我們預計下半年 ARPU 將維持類似的水平。

Turning to transaction revenue. We saw an increase of 6% to $73 million. The increase was due to an $8 million improvement in transaction revenue from our acquisition of Formation Nation, largely offset by a decline in BOIR revenue. We also saw a decrease in business formations in line with our shift in focus towards higher-quality customers. We expect similar transaction revenue growth rates in the back half of this year.

轉向交易收入。我們看到成長了 6%，達到 7,300 萬美元。成長的原因是，我們收購 Formation Nation 後交易收入增加了 800 萬美元，但這在很大程度上被 BOIR 收入的下降所抵消。隨著我們將重點轉向更高品質的客戶，我們也發現企業成立數量減少。我們預計今年下半年交易收入成長率將與今年類似。

We recorded a 5% decrease in transaction units to 278,000, primarily due to a decrease in BOIR filings, partially offset by Formation Nation transactions. We processed 131,000 business formations in the second quarter. The 2% year-over-year decrease in business formations, again, reflects our ongoing focus on targeting quality share, partially offset by the addition of Formation Nation. Average order value was $262 for the quarter, up 12% versus the same period last year.

我們記錄的交易單位減少了 5%，至 278,000 個，這主要是由於 BOIR 備案減少，但被 Formation Nation 交易部分抵消。我們在第二季處理了 131,000 份商業登記。企業成立數量年減 2% 再次反映了我們持續專注於爭取優質份額，但 Formation Nation 的加入部分抵消了這一下降。本季平均訂單價值為 262 美元，比去年同期成長 12%。

Finally, deferred revenue increased by $2.8 million from Q1, reflective of the typical seasonality in our business and the success of our subscription initiatives.

最後，遞延收入較第一季增加了 280 萬美元，反映了我們業務的典型季節性以及訂閱計劃的成功。

Turning to expenses and margins, where all of the following metrics are on a non-GAAP basis. Second-quarter gross margin was 69%, up from 68% in prior year. Sales and marketing costs were $63 million or 33% of revenue, an increase of 9% from prior year. Customer acquisition marketing costs decreased $0.4 million or 1%.

談到費用和利潤率，以下所有指標均基於非 GAAP。第二季毛利率為69%，高於去年同期的68%。銷售和行銷成本為 6,300 萬美元，佔收入的 33%，比上年增長 9%。客戶獲取行銷成本減少了 40 萬美元，即 1%。

Non-CAM sales and marketing expenses increased $5.7 million or 56%, which is primarily a result of the addition of the Formation Nation sales team. Technology and development costs were $15 million, down $3 million or 15%. General and administrative expenses were $15 million, a decrease of $1 million or 6%. Both technology and development and G&A costs were primarily driven by efficiencies built into the business that started in the third quarter of last year.

非 CAM 銷售和行銷費用增加了 570 萬美元，即 56%，這主要是由於 Formation Nation 銷售團隊的加入。技術和開發成本為 1500 萬美元，下降 300 萬美元，即 15%。一般及行政開支為 1,500 萬美元，減少 100 萬美元，即 6%。技術與開發以及一般行政費用主要受到去年第三季開始的業務效率提升的推動。

Our execution drove adjusted EBITDA of $39 million. This represents a 35% year-over-year increase as compared to adjusted EBITDA of $29 million for the same period last year. Adjusted EBITDA margin of 20% increased 400 basis points year over year. As a reminder, our adjusted EBITDA margins are generally lower in the first half of the year due to higher CAM spend levels that align with our business' seasonality.

我們的執行推動調整後的 EBITDA 達到 3900 萬美元。與去年同期的調整後 EBITDA 2,900 萬美元相比，這一數字年增 35%。調整後的 EBITDA 利潤率為 20%，較去年同期成長 400 個基點。提醒一下，由於與我們業務的季節性相符的 CAM 支出水平較高，因此我們上半年的調整後 EBITDA 利潤率通常較低。

Free cash flow was $32 million in the quarter, up 82% compared to $17 million for the same period in 2024. Our free cash flow improvement was primarily due to the increase in adjusted EBITDA and increased subscriptions as well as lower cash taxes.

本季自由現金流為 3,200 萬美元，較 2024 年同期的 1,700 萬美元成長 82%。我們的自由現金流改善主要歸因於調整後的 EBITDA 增加、訂閱量增加以及現金稅降低。

While we are in the process of fully evaluating the implications to our business from the recently passed One Big Beautiful Bill Act, our initial expectation is that we will see a positive impact on our cash flow for the year. This is primarily a result of the provision enabling accelerated tax deductions for research and development expenditures.

雖然我們正在全面評估最近通過的「一項偉大的美麗法案」對我們業務的影響，但我們最初的預期是，它將對我們今年的現金流產生積極的影響。這主要是由於該規定允許對研發支出進行加速稅收減免。

We ended the quarter with cash and cash equivalents of $217 million. Our cash position increased by $7 million versus Q1 2025, benefiting from strong free cash flow generation, partially offset by share repurchases.

本季末，我們的現金和現金等價物為 2.17 億美元。與 2025 年第一季相比，我們的現金狀況增加了 700 萬美元，這得益於強勁的自由現金流產生，但部分被股票回購所抵消。

Subsequent to quarter-end, we renewed and amended our credit agreement, which, among other things, extends the maturity date to July 2030 and lowers this revolving credit facility to $100 million. The facility remains undrawn.

季度末之後，我們續簽並修改了信貸協議，其中包括將到期日延長至 2030 年 7 月，並將循環信貸額度降低至 1 億美元。該貸款仍未提取。

As a reminder, last quarter, our Board of Directors approved a $100 million increase to our existing share repurchase program. During Q2, we repurchased approximately 2.2 million shares at an average price of $9.33 per share for a total of $20.4 million. We now have approximately $130 million remaining under our existing authorization.

提醒一下，上個季度，我們的董事會批准將現有的股票回購計畫增加 1 億美元。在第二季度，我們以平均每股 9.33 美元的價格回購了約 220 萬股，總計 2,040 萬美元。目前，我們現有的授權金額還剩下約 1.3 億美元。

As we look ahead, we continue to believe our strong cash position and healthy free cash flow generation will enable us to continue to invest in our business as well as evaluate strategic M&A opportunities.

展望未來，我們仍然相信，我們強大的現金狀況和健康的自由現金流將使我們能夠繼續投資於我們的業務並評估策略併購機會。

Before turning to our outlook, I want to take a moment to discuss how we think about the macroenvironment. Over the past year, we've made a deliberate effort to decouple our business performance from the unpredictability of the broader industry trends. While business formation trends continue to be volatile and difficult to forecast, we've taken proactive steps to build greater resilience into our model.

在談到我們的展望之前，我想花點時間討論我們如何看待宏觀環境。在過去的一年裡，我們刻意努力將我們的業務表現與更廣泛的行業趨勢的不可預測性脫鉤。儘管企業組建趨勢持續不穩定且難以預測，但我們已採取積極措施，以增強我們的模型的彈性。

Our strategy centers on doubling down on our core strengths, legal and compliance subscription services tailored to high-quality customers with long-term value potential. Through this focus, we aim to reduce our exposure to short-term macro fluctuations and instead build a more stable recurring revenue base. We believe that the company is executing well against this strategy and it can be seen in our stable results during an otherwise volatile macroeconomic period.

我們的策略重點是加倍加強我們的核心優勢，為具有長期價值潛力的高品質客戶提供量身定制的法律和合規訂閱服務。透過這種關注，我們的目標是減少短期宏觀波動的影響，並建立更穩定的經常性收入基礎。我們相信，公司正在很好地執行這項策略，這一點可以從我們在動盪的宏觀經濟時期取得的穩定業績中看出。

Looking ahead, as we shift away from one-off free formation transactions toward durable premium solution-based subscription services, we also anticipate a stabilization in market share trends. Ultimately, our goal is to deliver durable results through the strength of our offerings, the loyalty of our customers and the operational flexibility we built into the business regardless of macro trends.

展望未來，隨著我們從一次性免費組建交易轉向持久的基於優質解決方案的訂閱服務，我們也預計市場份額趨勢將趨於穩定。最終，我們的目標是透過我們產品的優勢、客戶的忠誠度以及我們在業務中建立的營運靈活性來實現持久的成果，而不受宏觀趨勢的影響。

Now, turning to our outlook. We are pleased to have outperformed our second-quarter expectations and with the clear progress we are making across our key focus areas. As such, we are raising our full-year revenue guidance.

現在，談談我們的展望。我們很高興看到第二季的業績超出預期，並且在重點關注領域取得了明顯進展。因此，我們提高了全年收入預期。

For the full year 2025, we now expect revenue to grow by approximately 8%. We continue to expect an adjusted EBITDA margin of 23%. For the third quarter, we expect revenue between $182 million and $184 million, representing growth of approximately 9% at the midpoint of the range with similar growth rates to the second-quarter across both subscription and transaction revenues. For the same period, we expect to achieve adjusted EBITDA in the range of $44 million to $46 million, which reflects a 25% margin at the midpoint.

對於 2025 年全年，我們預計營收將成長約 8%。我們繼續預期調整後的 EBITDA 利潤率為 23%。對於第三季度，我們預計營收在 1.82 億美元至 1.84 億美元之間，中間值成長約 9%，訂閱收入和交易收入的成長率與第二季度相似。在同一時期，我們預計調整後的 EBITDA 將在 4,400 萬美元至 4,600 萬美元之間，中間值為 25%。

In closing, despite the uncertain economic environment, we're demonstrating clear progress against our key focus areas, including achieving double-digit subscription revenue growth ahead of expectations. With strong execution and a focused strategy, we're well-positioned to continue delivering results through the remainder of the year regardless of macro conditions.

最後，儘管經濟環境不確定，但我們在重點關注領域取得了明顯進展，包括實現了超出預期的兩位數訂閱收入成長。憑藉強大的執行力和專注的策略，無論宏觀條件如何，我們都有能力在今年剩餘時間內繼續取得成果。

Long term, we remain confident in our ability to deliver sustainable, profitable growth for several reasons. We are the market leader in online legal services with unmatched brand recognition. Over 60% of our revenue is subscription-based, providing predictability and resilience. We are just beginning to tap the potential of AI and data to deliver smarter, more personalized legal solutions. And we have a flexible operating model and a strong balance sheet, giving us the ability to invest while staying nimble.

從長遠來看，我們仍然對自己實現可持續獲利成長的能力充滿信心，原因有幾個。我們是網路法律服務的市場領導者，擁有無與倫比的品牌知名度。我們超過 60% 的收入來自訂閱，從而提供了可預測性和彈性。我們才剛開始挖掘人工智慧和數據的潛力，以提供更聰明、更個人化的法律解決方案。我們擁有靈活的營運模式和強大的資產負債表，使我們能夠在保持靈活的同時進行投資。

As always, we'd like to thank the entire LegalZoom team for their efforts this quarter. And with that, let's now open up the call for questions.

像往常一樣，我們要感謝整個 LegalZoom 團隊本季的努力。現在讓我們開始提問。

(Operator Instructions) Brent Thill, Jefferies.

（操作員指示）布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Hi, thank you. This is John (inaudible) on for Brent Thill. So a lot of positive comments there. I wanted to see if you could maybe dig in a little bit more on the confidence in raising the growth for the full year by 3 points. Obviously, the trends are good, but the macro is still somewhat volatile. And so I don't know if you could dig into a little bit in terms of the drivers behind your confidence.

你好，謝謝。我是布倫特·蒂爾 (Brent Thill) 的約翰 (John)（聽不清楚）。因此那裡有很多積極的評論。我想看看您是否可以更深入地探討一下將全年成長率提高 3 個百分點的信心。顯然，趨勢是好的，但宏觀仍然有些不穩定。所以我不知道您是否可以深入探討您信心背後的驅動因素。

Sure. And thank you for that, John. Why don't I start at the high level and then turn it over to Noel to dig in on the details. But we're now running a more predictable subscription-driven business that isn't fully beholden to small business starts. And you're seeing that with some of the trends that are developing within the business. And that gave us confidence at the beginning of the year. It gave us confidence that the Q1 trends would continue and persist. It allows us to maintain margins and accelerate growth.

當然。謝謝你，約翰。為什麼我不先從高層次開始，然後再交給諾埃爾來深入研究細節呢？但我們現在經營的是更可預測的訂閱驅動型業務，並非完全受制於小型企業的起步。並且您將看到該行業正在發展的一些趨勢。這在年初給了我們信心。這讓我們相信第一季的趨勢將會持續下去。它使我們能夠保持利潤率並加速成長。

I won't say irrespective of the formation macro, but with a much wider range so that we're not so limited. We are range bound now such that we can operate our business within our control in a way that we couldn't previously.

我不會說與陣型宏無關，但範圍要廣得多，這樣我們就不會那麼受限。我們現在處於一定範圍內，因此我們可以以以前無法做到的方式在自己的控制範圍內經營業務。

Yeah. And I would say, importantly, the increasing guide is driven by performance that's sort of multifaceted if you look underneath the covers. We saw strength -- as we mentioned in our remarks, we saw strength in our core compliance subscriptions, which is really important and that's partly due to pricing the value, but also we're starting to see some positive signs on retention here as we look at year-one renewals, and that's tied to a lot of the work that the team has been doing to improve engagement with our compliance hubs.

是的。我想說，重要的是，如果你深入觀察就會發現，不斷增長的指導是由多方面的績效所驅動的。我們看到了優勢——正如我們在評論中提到的那樣，我們看到了核心合規訂閱的優勢，這非常重要，部分原因是定價價值，但當我們看第一年的續約時，我們也開始看到一些關於保留的積極跡象，這與團隊為改善與我們的合規中心的互動所做的大量工作息息相關。

We've seen strength in our virtual mail offering, specifically with renewals outperforming our expectations. We continue to be very happy with our 1-800 partnership and that's driving growth. We have some added benefit for Formation Nation, and that still continues to represent a near-term opportunity as we look to shift a largely transactional business to subscription.

我們的虛擬郵件服務表現出色，尤其是續約量超出了我們的預期。我們對我們的 1-800 合作關係感到非常滿意，這推動了成長。我們為 Formation Nation 帶來了一些額外的好處，而且當我們希望將主要的交易業務轉向訂閱業務時，這仍然代表著一個短期機會。

So importantly, it's coming from a bunch of different areas. Some, to be frank, of the raise is built into performance that we've already delivered year to date, but we're seeing consistent, visible and predictable improvement in the initiatives that are underlying the guide increase.

因此，重要的是，它來自許多不同的領域。坦白說，部分加薪已經融入我們今年迄今已實現的業績中，但我們看到指導性加薪背後的舉措正在持續、明顯且可預測地改善。

Great. That's very helpful. And maybe a quick follow-on. On your announcements with Perplexity and OpenAI, I don't know if you're able to discuss any of the financial aspects or benefits that could be given there without getting into the details that you can't disclose.

偉大的。這非常有幫助。或許可以快速跟進。關於您與 Perplexity 和 OpenAI 的合作公告，我不知道您是否能夠討論任何財務方面或可能帶來的利益，而無需涉及您無法透露的細節。

Yeah. Great question. Without getting into the details, I mean, what you're seeing here is a signal that AI is incredibly critical to what we're going to be doing going forward. And if you look from those companies' perspectives, they're choosing the market leader, which is us. And with 20 years-plus of data, robust history, strong brand and this ability to move upmarket, it's a natural fit for us to start working with the best in this field, OpenAI, Perplexity, there are others that we're going to try to continue to work with.

是的。好問題。我不想談細節，我的意思是，你在這裡看到的是一個訊號，顯示人工智慧對於我們未來的發展至關重要。如果你從這些公司的角度來看，他們正在選擇市場領導者，也就是我們。憑藉 20 多年的數據、悠久的歷史、強大的品牌和進入高端市場的能力，我們自然地開始與該領域的佼佼者合作，例如 OpenAI、Perplexity 等，我們也將嘗試繼續與其他公司合作。

Probably more importantly, as we look to the future, it's a strategy that lends itself to what we're doing with do-it-for-me, DIFM. And this concierge model of being able to leverage AI not to replace, but to augment our expertise is something that we believe is unique to LegalZoom and something that only we can deliver.

或許更重要的是，當我們展望未來時，這是一個適合我們為我做的 DIFM 策略。我們相信，這種禮賓模式能夠利用人工智慧來增強我們的專業知識，而不是取代我們的專業知識，這是 LegalZoom 獨有的，也只有我們能提供。

And then the last thing that I will say is that it speaks to a last mile problem, which most technology has. We believe AI does as well, which is something we've been talking about for a number of quarters. AI has the ability to do a lot of things in our space and in legal tech generally.

最後我要說的是，這涉及到最後一英里的問題，大多數技術都存在這一問題。我們相信人工智慧也是如此，這也是我們幾個季度以來一直在討論的事情。人工智慧有能力在我們的領域以及法律科技領域做很多事情。

But when it comes to that last mile, the just before a contract is signed, that's when you need to introduce some level of service and some level of product that is very tailored to the individual customer. We're uniquely positioned to drive that forward. And some of the pivot that we have made over the last year and most of what we're doing go forward is designed to actually align with that because we think that as the market evolves, that's where we're going to be able to sit and create real differentiation for LegalZoom.

但當談到最後一英里，也就是簽訂合約之前，您需要推出某種程度的服務和某種程度的產品，以滿足個人客戶的需求。我們擁有獨特的優勢來推動這項進程。我們在過去一年中做出的一些調整以及我們未來所做的大部分工作都是為了與此保持一致，因為我們認為隨著市場的發展，我們將能夠坐下來為 LegalZoom 創造真正的差異化。

Patrick McIlwee, William Blair.

麥克伊爾威、威廉布萊爾。

Hi, team. Nice results this quarter. So my first question, I may have missed this, but I didn't catch you mentioned your retention rates this quarter. So first, if you wouldn't mind sharing those, that would be great.

大家好。本季的業績不錯。所以我的第一個問題是，我可能錯過了這一點，但我沒有聽到你提到本季的保留率。所以首先，如果您不介意分享這些，那就太好了。

And then second, can you provide an update on how the retention or attrition rates you've seen in some of those initial bundled cohorts has progressed now that I believe you're kind of lapping some of the changes you made to those SKUs last year?

其次，您能否提供一下最新情況，說明您在一些初始捆綁群組中看到的保留率或流失率是如何變化的，因為我相信您正在重複去年對這些 SKU 所做的某些更改？

Yeah. Pat, this is Noel. Thanks for the question. So our aggregated retention rate for the quarter was 59%. That's down from prior quarter of 60%.

是的。帕特，這是諾埃爾。謝謝你的提問。因此，本季我們的整體保留率為 59%。這比上一季的 60% 有所下降。

So we've signaled this, I think, on prior calls, and we've mentioned a few times that it really relates to the fact that we started bundling these lower-priced, lower retention subscriptions in our pro and premium SKUs, specifically forms, eSignature, and bookkeeping.

因此，我認為，我們在先前的電話會議中已經暗示了這一點，並且我們已經提到過幾次，這實際上與我們開始在專業版和高級 SKU 中捆綁這些價格較低、保留率較低的訂閱有關，特別是表格、電子簽名和簿記。

So we've lapped forms and eSignature rollout, which is really in the first and second quarter of last year and we'll be lapping the bookkeeping rollout, which was more kind of end of third, early fourth quarter of prior year. And that we'll start to see absent further changes in commercialization, retention rates stabilize thereafter.

因此，我們已經完成了表格和電子簽名的推出，這實際上是在去年第一季和第二季度，我們將完成簿記的推出，這更像是在去年第三季末、第四季初。我們將開始看到商業化不再進一步的變化，此後保留率將趨於穩定。

I will say when you look at -- it's largely -- the change in retention is largely this mix in product. And when you look individually at our respective products, we're actually happy with the retention rates that we're seeing. And as we mentioned in our prepared remarks, we're seeing some positive signals within our core compliance subscriptions, which are the products that matter most to us.

我想說的是，當你觀察時——很大程度上——保留率的變化很大程度上是產品組合的變化。當您單獨查看我們各自的產品時，我們實際上對所看到的保留率感到滿意。正如我們在準備好的發言中提到的那樣，我們在核心合規訂閱中看到了一些積極的信號，這些產品對我們來說是最重要的。

Yeah. And specific to those compliance products, which are the majority of our revenues in subscription, we're seeing positive trends, both in retention and in engagement. So it gives us a proof point on retention, which speaks to what we've done in the past, but that engagement number speaks to our ability to drive retention higher, churn lower over time in those core products, which are the products that we want some of these bundles to graduate into anyways because what we're trying to do is actually cross-sell and upsell them ultimately into those compliance products.

是的。具體到那些合規產品，它們是我們訂閱收入的主要來源，我們看到了積極的趨勢，無論是在保留率還是參與度方面。因此，它為我們提供了關於保留的證明點，這說明了我們過去所做的事情，但參與度數字說明了我們有能力提高保留率，隨著時間的推移降低核心產品的流失率，這些產品是我們希望其中一些捆綁產品能夠逐漸發展的產品，因為我們試圖做的實際上是交叉銷售並最終將它們追加銷售到那些合規產品中。

Right. Okay. Thank you, both. And then my second question, Noel, I think you mentioned that Formation Nation contributed $8 million in revenue this quarter, if I caught that correctly. But I believe there's a decent amount of seasonality in that business. So I just wanted to ask if you could frame expectations for that in the second half, just so we can kind of back into a more organic growth rate.

正確的。好的。謝謝你們兩位。然後是我的第二個問題，諾埃爾，如果我沒記錯的話，我想你提到 Formation Nation 本季貢獻了 800 萬美元的收入。但我相信該行業有相當強的季節性。所以我只是想問您是否可以對下半年的情況做出預期，以便我們可以恢復更有機的成長率。

Yeah. So Formation Nation delivered $8 million in the transaction revenue side of the business for the quarter. In total, it was a little over $12 million that they contributed. And you're right, because it's more heavily transaction oriented, there's more seasonality in the business than LegalZoom. We're not breaking out the guide, but you would expect that seasonally, the first half of the year is stronger than the second half of the year generally in our category. So we would expect the contribution to be somewhat similar to slightly lower than what you saw in Q2.

是的。因此，Formation Nation 本季在交易業務方面實現了 800 萬美元的收入。他們總共捐了 1200 多萬美元。您說得對，因為它更注重交易，所以其業務的季節性比 LegalZoom 更強。我們不會打破指南，但你會預期，從季節性來看，我們這個類別的上半年通常比下半年表現強勁。因此，我們預期貢獻將與第二季的貢獻有些相似或略低。

And I'll just caution you on a couple of things because we've been doing deep integrations with Formation Nation. So number one, we've been accelerating our marketing efforts towards Formation Nation. And that complicates that decoupling if you're trying to do that.

我只是想提醒你幾點，因為我們一直在與 Formation Nation 進行深度整合。因此，首先，我們一直在加快針對 Formation Nation 的行銷。如果你試圖這樣做，那麼就會使脫鉤變得更加複雜。

Number two, we have been rebranding LegalZoom and then Formation Nation's lead brand, Inc Authority, with LegalZoom being premium, Inc Authority being discount and free.

第二，我們一直在重塑 LegalZoom 和 Formation Nation 的主要品牌 Inc Authority，其中 LegalZoom 為高級品牌，而 Inc Authority 為折扣品牌和免費品牌。

And then number three, we've now taken a sales center and -- from Formation Nation and redeployed them on LegalZoom's higher-end products. So it is not a clean look when you're trying to do an apples-to-apples.

第三，我們現在從 Formation Nation 中取出一個銷售中心，並將其重新部署到 LegalZoom 的高階產品上。因此，當您嘗試進行蘋果與蘋果之間的比較時，看起來並不乾淨。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. Thank you so much. Jeff, I wanted to follow up on your comment about moving some of those sales heads over at Formation Nation. I wanted to touch on just the success you may be seeing thus far around attaching subscriptions to Formation Nation's higher-value customers. So I know it might be early, but what are the signs of success you're seeing so far? And what products do you think may have the highest attach rates to this type of customer base?

偉大的。太感謝了。傑夫，我想跟進一下你關於將一些銷售主管轉移到 Formation Nation 的評論。我想談談您迄今為止可能看到的有關為 Formation Nation 的高價值客戶附加訂閱的成功案例。所以我知道可能還為時過早，但到目前為止您看到的成功跡像是什麼？您認為哪些產品對此類客戶群的附著率最高？

Sure. Good question, something we are deeply focused on. Let me unpack it a little bit. What we've done is deployed a sales center focused on LegalZoom selling model, which is disproportionately more subscription than what Formation Nation's was historically and even is today. That, by default, by pulling those customers through our funnel will immediately move people into a subscription base more quickly than with Formation Nation.

當然。好問題，也是我們非常關注的問題。讓我稍微解釋一下。我們所做的是部署一個專注於 LegalZoom 銷售模式的銷售中心，其訂閱量比 Formation Nation 歷史上甚至現在的訂閱量要高得多。預設情況下，透過將這些客戶引入我們的管道，可以比使用 Formation Nation 更快地將人們轉化為訂閱者。

In terms of where we think we can take these Formation Nation customers over time, I think it is very similar to what we have done historically with LegalZoom. So first and foremost, it's our core product offerings, those compliance offerings. Some of which Formation Nation had but didn't lean on because they were more focused on being cash generative day one because they were run with being cash constrained.

就我們認為我們可以隨著時間的推移帶領這些 Formation Nation 客戶走向何方而言，我認為這與我們過去對 LegalZoom 所做的非常相似。因此，首先也是最重要的是，這是我們的核心產品，即合規產品。Formation Nation 擁有其中一些，但沒有依賴它們，因為它們在第一天就更加註重現金創造，因為它們受到現金限制。

Number two, some of the products that they didn't have. So some of the things that we're creating around DIFM, some of the compliance calendaring, some of the automatic filings that we're doing now, and then some of the product lines like virtual mail that they weren't able to offer prior. So I think that there are a lot of areas where we will be upselling and cross-selling both the existing base and porting over new customers.

第二，他們沒有一些產品。因此，我們圍繞 DIFM 創建了一些內容，一些合規日曆，一些我們現在正在進行的自動歸檔，以及一些他們以前無法提供的產品線，例如虛擬郵件。因此我認為，在許多領域，我們都將對現有客戶進行追加銷售和交叉銷售，並吸引新客戶。

But I'll reiterate, we're very, very early in that process. We're going after low-hanging fruit right now because it's there, it's available and that integration is already proving very successful. But over time, I think that there's a lot of opportunity and it points to our ability to do that with potentially other M&A opportunities and within our core base as we grow as well.

但我要重申，我們正處於這一進程的非常早期階段。我們現在正在追求那些唾手可得的成果，因為它就在那裡，它是可用的，而且這種整合已經被證明是非常成功的。但隨著時間的推移，我認為有很多機會，這表明我們有能力利用潛在的其他併購機會以及我們的核心基礎來實現這一點，因為我們也會不斷發展。

Great. And then maybe a follow-up for Noel. Great to see the revenue upside. I was wondering if there are incremental areas that you're pushing the lever of investment on that just may be mitigating some of the upside to margins that we have for the full-year outlook?

偉大的。然後也許是諾埃爾的後續行動。很高興看到收入的成長。我想知道，您是否在增加投資槓桿的增量領域中，這可能會削弱我們全年利潤率的一些上行潛力？

Yeah. I think Jeff hit on one of the areas that we're pretty excited about, which is in the, call it, concierge or do-it-for-me offering, which is much more of a hands-on white glove service that we're providing and this is part of our march towards focusing on higher-value subscriptions toward higher-quality customers. We're having really good early success there.

是的。我認為傑夫觸及了我們非常興奮的一個領域，那就是所謂的禮賓服務或代辦服務，這更像是我們提供的親自動手的白手套服務，這是我們朝著專注於更高價值訂閱、更高品質客戶邁進的一部分。我們在那裡取得了非常好的早期成功。

And as you start to scale new products like that, it generally takes a larger investment. And so that's the mode that we're in right now and you're seeing that in the results, but we're expecting it to continue to scale quickly. And so we'll invest behind it. And as we build the tools and automation to create efficiencies in supporting it, we'll see leverage from a margin standpoint as we move forward. So that's a particular area of focus for us right now in terms of investment.

當你開始擴大這樣的新產品規模時，通常需要更大的投資。這就是我們現在所處的模式，您可以從結果中看到這一點，但我們預計它將繼續快速擴大規模。因此我們將對其進行投資。隨著我們建立工具和自動化來提高支援效率，我們將從利潤的角度看到槓桿作用。因此，就投資而言，這是我們目前特別關注的領域。

Yeah. And I'll give another one as well, which is less clear from a financial perspective, but I can give something very tangible, engagement because we know engagement will reduce churn. And if you think about what we do on the compliance side, if you have everyone trying to do it yourself, it's like herding a bunch of meowing cats. I mean, it just doesn't happen.

是的。我也會給另一個，從財務角度來看不太清楚，但我可以提供一些非常切實的東西，那就是參與度，因為我們知道參與度會減少客戶流失。如果你想想我們在合規方面所做的事情，如果讓每個人都嘗試自己做，那就像放牧一群喵喵叫的貓一樣。我的意思是，這種事根本不會發生。

So what we have done is we've started to build a bunch of technology-oriented automation that allows us to do this deep engagement in our compliance products. And we're already seeing proof points that, that is reducing churn. And the example, I think that we mentioned in the prepared remarks, was what we're doing for annual reports. And we've seen a dramatic uptick in annual reports.

因此，我們所做的就是開始建立一系列以技術為導向的自動化系統，使我們能夠深入參與合規產品。我們已經看到了一些證據，顯示客戶流失正在減少。我認為我們在準備好的發言中提到的例子就是我們為年度報告所做的事情。我們看到年度報告數量急劇上升。

Ironically, that falls in our compliance line, the dollars because there are filing fees associated with it sits over on the transaction side. But what it does is we deliver those transactions in an automated way and they reoccur naturally, it ends up reducing churn in our subscription products.

諷刺的是，這屬於我們的合規範圍，因為與之相關的申請費用都落在了交易方面。但它的作用是我們以自動化的方式交付這些交易，並且它們自然地重複發生，最終減少了我們的訂閱產品的客戶流失。

Yeah. I think one other important piece --

是的。我認為另一個重要的事情--

And -- sorry, that is an investment that is lower margin because of the filing fees.

而且—抱歉，由於申請費的原因，這項投資的利潤率較低。

Yeah. One ongoing investment that we've been making and we continue to see bear fruit is just around our operations, the tools, the automation, some of it leveraging AI to help our team deliver our services to customers. It's just driven a lot of efficiency in how we deliver and improvements in customer experience. And so that is an offset to any investment that we're making as we're driving more efficiencies there.

是的。我們一直在進行一項持續投資，我們繼續看到取得成果，這項投資圍繞著我們的營運、工具、自動化，其中一些利用人工智慧來幫助我們的團隊為客戶提供服務。它極大地提高了我們的交付效率並改善了客戶體驗。因此，當我們提高效率時，這會抵消我們所做的任何投資。

Yeah. And that's also an important point just to put a pin on this because we're leveraging the economies of scale. So we're still working on margin improvement. We're not talking about deterioration here, which is why we reiterated our margin target.

是的。這也是一個重要的觀點，因為我們正在利用規模經濟。所以我們仍在努力提高利潤率。我們在這裡並不是在談論惡化，這就是我們重申利潤目標的原因。

Michael McGovern, BofA.

美國銀行的麥可‧麥戈文。

Hey, guys. Thanks for taking my question. When we think about your AI partnerships and even agents creating documents for users that aren't necessarily in your ecosystem yet, can you just discuss what the playbook looks like for creating a longer-term customer there or monetization of that use case?

嘿，大家好。感謝您回答我的問題。當我們考慮您的人工智慧合作夥伴關係，甚至代理為尚未加入您的生態系統的用戶創建文件時，您能否討論一下在那裡創建長期客戶或將該用例貨幣化的劇本是什麼樣的？

And then second question, with that last mile delivery piece from your prior answer, does that lend itself to adding more AI partners in the future if you're really focused on that last mile?

然後第二個問題，根據您之前回答的最後一英里交付部分，如果您真的專注於最後一英里，這是否有助於在未來增加更多的人工智慧合作夥伴？

Yeah. Great question. And I mean, this is a real opportunity to expand our addressable market. I mean, AI can be a very big TAM expander if you have something differentiated. And in this case, what we see is many people have legal questions and legal problems that they don't know are legal in nature.

是的。好問題。我的意思是，這是一個擴大我們目標市場的真正機會。我的意思是，如果你擁有一些差異化的東西，人工智慧可以成為一個巨大的 TAM 擴展器。在這種情況下，我們看到許多人有法律疑問和法律問題，但他們不知道這些問題的本質是法律的。

So by leveraging these partnerships, they will lend itself to prompts that the customer themselves might not think is legal. And that can pivot them to you need to get legal help for this. And that's where LegalZoom comes in and that really is our differentiator.

因此，透過利用這些合作關係，他們將提供客戶自己可能認為不合法的提示。這可以讓他們意識到你需要為此獲得法律協助。這就是 LegalZoom 的用武之地，也是我們真正的差異化因素。

So the short response to your question is, yes, we expect more of these. Part of the reason why we did press releases for these is we want to signal that we are open for business. We see the opportunity and the value of doing this. And what we give away to the extent that we give away anything is an opportunity to expand TAM because that's a marginalized part of what we do. It is not core to our business.

所以對你的問題的簡短回答是，是的，我們期待更多這樣的情況。我們發布這些新聞稿的原因之一是我們想表明我們已經開始營業。我們看到了這樣做的機會和價值。我們放棄的任何東西在某種程度上都是擴大 TAM 的機會，因為這是我們所做工作中的邊緣部分。這不是我們業務的核心。

What is core to our business is solving that last mile problem that we don't think anyone but LegalZoom can solve. And what that ends up meaning is we open our aperture for -- from the addressable market standpoint. And then we start going after the old line lawyers and law firm market that we weren't addressing prior because we were focused on top-of-funnel formations. So we think this is a really exciting new opportunity for us. We've even seen this in some of our marketing efforts to date.

我們業務的核心是解決最後一哩路的問題，我們認為除了 LegalZoom 沒有人能夠解決。而這最終意味著我們從可尋址市場的角度打開了我們的市場空間。然後，我們開始關注老牌律師和律師事務所市場，我們之前沒有涉及過這個市場，因為我們專注於漏斗頂端的形成。因此我們認為這對我們來說是一個非常令人興奮的新機會。我們甚至在迄今為止的一些行銷活動中看到了這一點。

Matt Condon, Citizens.

馬特·康登，公民。

Thank you so much for taking my questions. My first one is just on -- Jeff, you talked about engagement multiple times on this call. Can you just talk about maybe how the improvements in engagement with your products is informing your future product road maps and how you can cross-sell into that base of users?

非常感謝您回答我的問題。我的第一個問題是——傑夫，你在這次通話中多次談到了參與度。您能否談談產品參與度的提升如何影響您未來的產品路線圖，以及如何向該用戶群進行交叉銷售？

And then just a follow-up also on cross-sell. Can you just talk about how you're optimizing the purchase flow to just increase attach rate and what's really working there?

然後只是關於交叉銷售的後續跟進。您能否談談如何優化購買流程以提高附加率以及真正有效的方法？

You bet. And good insight here in terms of how our customers more than anyone are driving our product experience and where we're headed. I mean this concierge suite of products was an out drop of what we were hearing from customers and what they needed. What we realized was a surprisingly high percentage of small businesses are out of compliance. And unfortunately, that includes customers who have our compliance products.

當然。就我們的客戶如何比任何人都更能推動我們的產品體驗以及我們的發展方向而言，這裡有很好的見解。我的意思是，這套禮賓產品套件是我們聽取客戶意見並了解他們需求的體現。我們意識到，不合規的小企業比例高得驚人。不幸的是，其中包括擁有我們合規產品的客戶。

And the reason is because this isn't easy. This isn't fun. This isn't anyone's expertise as a small business owner. Instead, we're giving them the tools to do something that they don't have the time, wherewithal or inclination to do. So they just fall out of compliance until fees build up and say, now I have to do something.

原因在於這並不容易。這不太好玩。作為小企業主，這不是任何人的專業知識。相反，我們提供他們工具，讓他們去做一些他們沒有時間、財力或意願去做的事情。因此，他們只是不遵守規定，直到費用累積起來，然後說，現在我必須做些什麼。

So what we have realized is if we make it simple and seamless for real functioning businesses to remain compliant, they're willing to pay more for that because they see value in getting back their time. And as we begin to tease this out, we're going to learn more and more about what it is that customers need.

因此，我們意識到，如果我們讓實際運作的企業能夠簡單無縫地保持合規，他們就會願意為此支付更多費用，因為他們看到了節省時間的價值。當我們開始弄清楚這一點時，我們將越來越了解客戶的需求。

And we've got a very good model for testing very cost effectively, the next do-it-for-me product, determine whether it works, then build automation and AI to make sure that it's streamlined and margin accretive and then relaunch it as a fully-fledged product. So I think you will see much more here in that respect and DIFM will be a larger and larger percentage of total revenues over time.

我們有一個非常好的模型，可以非常經濟高效地測試下一個「為我做」的產品，確定它是否有效，然後建立自動化和人工智慧，以確保它的精簡和利潤成長，然後將其重新推出為一個成熟的產品。因此我認為您將會看到更多這方面的內容，隨著時間的推移，DIFM 在總收入中所佔的比例將越來越大。

I am showing no further questions at this time. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

我目前沒有其他問題。感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。