LegalZoom.com Inc (LZ) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 LegalZoom 2025 年第三季財報電話會議。（操作人員指示）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, Madeleine Crane, Head of Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係主管瑪德琳·克萊恩女士。請繼續。

Thank you, operator. Welcome to LegalZoom's third-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.

謝謝接線生。歡迎參加 LegalZoom 2025 年第三季財報電話會議。今天與我一同出席的有我們的董事長兼執行長傑夫·史蒂貝爾，以及我們的營運長兼財務長諾埃爾·沃森。

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.

再次提醒各位，我們將在本次電話會議上發表一些前瞻性聲明。這些前瞻性陳述可以透過使用諸如「相信」、「預期」、「計劃」、「預計」、「將」、「打算」等詞語和類似表達方式來識別，它們並非也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.

此類前瞻性陳述是基於管理階層的假設和預期以及截至今日我們所掌握的資訊。這些前瞻性陳述也存在風險和不確定性，可能導致實際結果與此類陳述有重大差異。

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 10Q 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.

這些風險和不確定性已在我們今天發布的新聞稿以及我們向美國證券交易委員會提交的最新季度報告（10-Q 表格）的「風險因素」部分中提及。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.

此外，我們也將討論一些非GAAP財務指標。我們在製定業務決策時使用非GAAP指標，我們認為這些指標可以為投資者提供有用的信息。

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.

這些非公認會計準則財務指標不應被孤立地看待，也不應被視為替代依照公認會計準則編制的結果。所有非GAAP指標與最直接可比較的GAAP指標的調節表均列於我們網站投資者關係部分（investors.legalzoom.com）。

I will now turn the call over to Jeff.

現在我將把通話轉給傑夫。

Good afternoon, Madeleine, and welcome back. I want to thank you all for joining our third-quarter earnings conference call.

下午好，瑪德琳，歡迎回來。感謝各位參加我們第三季財報電話會議。

We are very pleased with our performance and the progress we've made against our key focus areas. Our third-quarter results both validate the strategic shift we made to our subscription business and exemplify the outstanding execution by the team. The proof points we're seeing across the business give us confidence that we have transitioned beyond stabilizing the business, having now built a strong foundation for accelerated growth.

我們對我們的業績以及在重點領域的進展感到非常滿意。我們第三季的業績既驗證了我們向訂閱業務策略轉型的正確性，也體現了團隊出色的執行力。我們從公司各方面看到的證據讓我們確信，我們已經超越了穩定業務的階段，現在已經為加速成長奠定了堅實的基礎。

Turning to highlights of our third-quarter financial results, we achieved record third-quarter revenue of $190 million, an increase of 13% year over year, well exceeding expectations. Subscription revenue also grew 13%, accelerating from the second quarter and marking our third consecutive quarter of sequential growth. Subscription revenue growth was again led by our compliance offerings, demonstrating the strong demand for our expanding Compliance Concierge product suite.

再來看我們第三季財務業績的亮點，我們實現了創紀錄的第三季營收 1.9 億美元，年增 13%，遠遠超出預期。訂閱收入也成長了 13%，較第二季加速成長，標誌著我們連續第三個季度實現環比成長。訂閱收入的成長再次由我們的合規產品帶動，這表明市場對我們不斷擴展的合規顧問產品套件有著強勁的需求。

Further, our Compliance offerings continue to show encouraging improvement in first-year retention rates, demonstrating that more established customers are recognizing the incremental value of our premium products.

此外，我們的合規產品在第一年的留存率方面持續取得令人鼓舞的進步，這表明更多成熟的客戶認識到我們優質產品的增量價值。

Profitability remains strong, with an adjusted EBITDA margin of 24%, resulting from disciplined execution and continued efficiency gains. This is despite incremental investment in products and AI. We generated solid free cash flow of $47 million in the quarter, further strengthening our balance sheet and financial flexibility.

獲利能力依然強勁，調整後 EBITDA 利潤率為 24%，這得益於嚴格的執行和持續的效率提升。儘管在產品和人工智慧方面加大了投入，但情況依然如此。本季我們產生了 4,700 萬美元的穩健自由現金流，進一步增強了我們的資產負債表和財務靈活性。

With our strong third-quarter performance and the momentum in our business, we are raising our full-year revenue growth outlook to 10%, effectively doubling our initial full-year guidance. We're maintaining our 23% adjusted EBITDA outlook as well. As we continue to identify cost savings, we plan to redeploy much of these gains into strategic investments that position the business for future growth.

憑藉強勁的第三季業績和業務發展勢頭，我們將全年營收成長預期上調至 10%，實際上是將我們最初的全年預期翻了一番。我們也維持先前23%的調整後EBITDA成長預期。隨著我們不斷尋找節約成本的途徑，我們計劃將大部分節​​省下來的資金重新投入到策略投資中，以使公司為未來的成長做好準備。

Turning now to our three strategic focus areas, when we initially laid out these key focus areas last summer, our objective was to attract quality share by strengthening our subscription business and offering greater value to customers. This strategy not only fueled our turnaround, it has allowed us to attract more established businesses, activating a larger portion of our [SAM] and helping us accelerate growth.

現在來談談我們的三個策略重點領域。去年夏天我們最初制定這些重點領域時，我們的目標是透過加強訂閱業務並為客戶提供更大的價值來吸引優質市場份額。這項策略不僅推動了我們的扭虧為盈，也讓我們吸引了更多成熟的企業，啟動了我們更大的[SAM]，並幫助我們加速成長。

Building on this progress, we are now expanding our focus area beyond business formation to serve existing businesses. We believe we are best positioned to capture this opportunity through our core competencies of technology and AI supported by our vast data set and large network of attorneys and other experts. We believe this positions us to capture a greater share of our serviceable addressable market by broadening our customer base and driving higher wallet share.

在此基礎上，我們現在正將業務範圍從企業設立擴展到為現有企業提供服務。我們相信，憑藉我們在技術和人工智慧方面的核心競爭力，以及我們龐大的數據集和律師及其他專家網絡，我們最有能力抓住這一機會。我們相信，這將使我們能夠透過擴大客戶群和提高客戶錢包份額，從而獲得更大的可服務目標市場份額。

Our goal is to activate the existing SMBs who today don't act on legal and compliance needs due to cost, access, or [fear]. We expect to achieve this goal through the continued introduction of higher value products and investments in AI, both in our people and in the tools that enhance productivity and decision making. This strategy is rooted in integrating human experts into the workflow at critical junctures that AI cannot fully address to ensure accuracy and customer confidence. Importantly, our AI tools will provide a level of customization to help businesses focus on their goals while LegalZoom supports the back end.

我們的目標是啟動那些由於成本、管道或其他原因而目前尚未採取行動滿足法律和合規需求的現有中小企業。[害怕]。我們希望透過不斷推出更高價值的產品和加大對人工智慧的投資（包括人才培養和提高生產力和決策能力的工具研發），來實現這一目標。該策略的核心在於，在人工智慧無法完全解決的關鍵環節，將人類專家融入工作流程，以確保準確性和客戶信心。重要的是，我們的 AI 工具將提供一定程度的客製化服務，幫助企業專注於自身目標，而 LegalZoom 則提供後端支援。

Turning now to the progress we've made across our three strategic focus areas. Our first focus area is delivering innovation across the subscription business. On our last call, we talked about the early success of our Compliance Concierge product offering and we continue to see greater opportunities here.

現在讓我們來看看我們在三個策略重點領域的進展。我們的首要重點領域是推動訂閱業務的創新。在上次通話中，我們討論了合規顧問產品推出的早期成功案例，我們繼續看到這方面有更大的發展機會。

We were also in the testing phase for several new Concierge products for SMBs, nonprofit, reinstatement, dissolution, and entity conversion concierge. Each of these high-end products afford customers the ability to offload their business' compliance needs, enabling them to focus on running their businesses. We saw encouraging signs of adoption across these offers. Notably, we expect these products to carry profit margins at or above those that we typically see with DIY solutions.

我們當時也在測試幾款中小企業、非營利組織、復職、解散和實體轉換的全新禮賓服務產品。這些高端產品都能讓客戶擺脫業務合規方面的煩惱，從而專注於業務運作。我們看到這些優惠活動都獲得了令人鼓舞的接受度。值得注意的是，我們預計這些產品的利潤率將達到或超過我們通常在 DIY 解決方案中看到的利潤率。

Additionally, via our sales center, we are testing the bundling of these do-it-for-me services into a subscription-only formation product bundle. We've been testing two offers. First, business concierge, which serves compliance and business expansion needs; and second, business concierge plus legal concierge, which adds access to our independent attorney network for additional legal guidance.

此外，我們正在透過銷售中心測試將這些代辦服務捆綁成僅限訂閱的培訓產品包。我們一直在測試兩種方案。首先是商務禮賓服務，滿足合規和業務拓展需求；其次是商務禮賓加法律禮賓服務，提供我們獨立律師網絡的訪問權限，以獲得額外的法律指導。

The strong early adoption of these products demonstrates our ability to address the needs of through $36 million existing small businesses with the [IFM] solutions that provide legal, accounting, and business guidance from professionals at a cost that is significantly lower than that of a traditional offline attorney, accountant, or business manager.

這些產品的早期強勁普及表明，我們有能力透過 [IFM] 解決方案滿足價值 3,600 萬美元的現有小型企業的需求，這些解決方案提供來自專業人士的法律、會計和商業指導，其成本遠低於傳統的線下律師、會計師或業務經理。

As an example, traditional lawyers can charge $500 per hour or more, whereas RDIFM products are typically under $1,000 for an entire year, even when they include access to an attorney. It is also worth noting that our 1-800Accountant partnership continues to surpass our expectations. Given the strength of this partnership, we are looking at ways to deepen the relationship. For example, we will begin to test bundling their tax advice with our legal advice to create a seamless, easy to navigate, and economical way to support businesses. We expect this offering to fully roll out next year.

例如，傳統律師每小時收費可能高達 500 美元或更多，而 RDIFM 產品通常全年收費不到 1000 美元，即使它們包含律師服務。值得一提的是，我們與 1-800Accountant 的合作關係也持續超越我們的預期。鑑於這種夥伴關係的牢固性，我們正在尋求深化這種關係的方法。例如，我們將開始測試將他們的稅務諮詢與我們的法律諮詢捆綁在一起，以創造一種無縫、易於操作且經濟的方式來支持企業。我們預計這項服務將於明年全面推出。

This provides a competitive advantage because we have learned that many of the questions asked of our legal advisors are actually tax related and vice versa. This speaks strongly to our ability to diversify our business model and capture more of our spam by entering near adjacencies such as tax and accounting.

這為我們提供了競爭優勢，因為我們發現，客戶向我們的法律顧問提出的許多問題實際上與稅務有關，反之亦然。這有力地證明了我們有能力透過進入稅務和會計等鄰近領域，實現業務模式多元化並獲得更多垃圾郵件。

This brings us to our second strategic focus area, reorienting our go-to-market strategy. Our go-to-market strategy is focused on positioning LegalZoom as the trusted legal brand for small businesses. We launched a highly successful marketing campaign in May. Technology when you want it, human support when you need it, reinforcing the principles behind AI augmented expertise. We believe this campaign helped to drive aided and unaided awareness, both of which improved sequentially from the second quarter.

這就引出了我們的第二個策略重點領域：重新調整我們的市場進入策略。我們的市場推廣策略專注於將 LegalZoom 定位為小型企業值得信賴的法律品牌。我們在五月發起了一項非常成功的行銷活動。需要時提供技術支持，需要時提供人工支持，強化了人工智慧增強專業知識背後的原則。我們相信，這項活動有助於提高輔助認知和非輔助認知，這兩項指標都比第二季有所提升。

We continued to shift our marketing spend away from SCM to brand marketing and other initiatives. By the end of Q3, we delivered a double-digit increase in return on ad spend or ROAs as compared to before the launch of the new brand campaign. It is clear that our message is resonating with SMBs and the strategy is working.

我們持續將行銷支出從供應鏈管理轉移到品牌行銷和其他措施。到第三季末，與推出新品牌推廣活動之前相比，我們的廣告支出回報率（ROA）實現了兩位數的成長。很明顯，我們的訊息引起了中小企業的共鳴，而且這項策略是有效的。

Building on this momentum, we plan to continue to reinvest cost savings we've realized elsewhere into brand marketing. And as we move toward activating a larger portion of our SAM opportunities through diversification, our new campaign scheduled for later this year will hone in on existing SMBs.

以此勢頭為動力，我們計劃繼續將在其他方面節省的成本再投資於品牌行銷。隨著我們透過多元化來激活更大比例的 SAM 機會，我們計劃於今年稍後推出的新活動將重點放在現有的中小企業。

We are also expanding visibility through strategic partnerships and driving new customers through growth in our channel partner program. As a reminder, last quarter we announced two collaborations of our legal support with Perplexity and OpenAI.

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吸引新客戶。提醒一下，上個季度我們宣布了與 Perplexity 和 OpenAI 的兩項法律支援合作。

This quarter we are deepening our relationship with OpenAI and have become the first online legal services provider for SMBs to sign an enterprise deal with the firm. Among other areas, we will be collaborating with OpenAI to further integrate our product experience into their platform, so expect to hear more on this in the near future.

本季度，我們加深了與 OpenAI 的合作關係，並成為首家與該公司簽署企業協議的中小企業的線上法律服務提供者。除此之外，我們還將與 OpenAI 合作，進一步將我們的產品體驗整合到他們的平台中，因此預計在不久的將來會聽到更多相關消息。

Our comprehensive efforts, including the modernization of our affiliate platform, the development of an embedded flow that allows partners to seamlessly integrate LegalZoom's business legal services, and the establishment of new strategic partnerships, have successfully fueled a roughly 25% year-over-year increase in our partner channel for the third quarter.

我們採取了全面的措施，包括對聯盟平台進行現代化改造，開發嵌入式流程，使合作夥伴能夠無縫整合 LegalZoom 的商業法律服務，以及建立新的戰略合作夥伴關係，這些措施成功地推動了我們第三季度合作夥伴管道同比增長約 25%。

Shifting to our progress in leveraging artificial and human intelligence to deliver expertise to our customers, our strategic priority is to use AI to augment human expertise and create a more personalized experience. Our OpenAI idea mentioned previously is a step in that direction, as were our earlier collaborations with perplexity and OpenAI. One of the key tenets of this strategy is to leverage AI to create higher value do-it-for-me offerings with improved compliance and efficiency. This area in particular is critical in our shift to addressing the needs of existing and established SMBs.

談到我們利用人工智慧和人類智慧為客戶提供專業知識的進展，我們的策略重點是利用人工智慧來增強人類的專業知識，並創造更個人化的體驗。我們之前提到的 OpenAI 理念是朝著這個方向邁出的一步，就像我們之前與 perplexity 和 OpenAI 的合作一樣。該策略的關鍵原則之一是利用人工智慧創造更高價值的「代辦」服務，從而提高合規性和效率。這一領域對於我們向滿足現有和成熟中小企業的需求轉型至關重要。

Last quarter, we talked about introducing the capability to auto file compliance requirements. Our first release was a state annual report product. We've been rolling this out on a state-by-state basis and we expect to have roughly 80% coverage by the end of the year.

上個季度，我們討論了引入自動提交合規要求的功能。我們推出的首款產品是州年度報告。我們一直在逐州推廣這項服務，預計到年底覆蓋率將達到約 80%。

We've also developed AI tools to augment our experts and to drive internal efficiencies. Our AI voice training call simulator increases agent efficiency and shortens on boarding time. We also deployed a LegalZoom Salesforce wizard to reduce customer response times, and our AI trademark classifier now automates processes that were previously manual.

我們也開發了人工智慧工具來增強專家的能力並提高內部效率。我們的AI語音訓練通話模擬器可以提高客服人員效率並縮短入職時間。我們也部署了 LegalZoom Salesforce 精靈來縮短客戶回應時間，我們的 AI 商標分類器現在可以自動執行先前需要人工操作的流程。

In addition, we've worked with 1800 accountants to launch an AI-driven appointment center which will deploy under our partnership for the upcoming tax year. Lastly, as part of our commitment to our AI strategy, we've made an organizational change that I believe will help us to advance product innovation through the integration of AI and human expertise.

此外，我們還與 1800 名會計師合作，推出了人工智慧驅動的預約中心，該中心將在我們合作的框架下，於即將到來的納稅年度投入使用。最後，作為我們對人工智慧策略承諾的一部分，我們進行了組織變革，我相信這將有助於我們透過整合人工智慧和人類專業知識來推進產品創新。

As part of this change, we're instituting AI mandatory standards including training, testing, and utilization across the entire organization. We've also reorganized our teams to ensure that AI sits alongside our human experts and becomes deeply integrated into how we deploy technology and products. To effectuate this, Aaron Stibel now serves as our Chief Business & Customer Officer, where he will oversee technology, product, sales, and service, creating division at LegalZoom that fully integrates the customer, the expert, and our artificial intelligence work.

作為這項變革的一部分，我們正在整個組織內推行人工智慧強制性標準，包括培訓、測試和應用。我們也重組了團隊，以確保人工智慧與我們的人類專家並肩工作，並深度融入我們部署技術和產品的方式中。為了實現這一目標，Aaron Stibel 現任我們的首席業務和客戶官，他將負責技術、產品、銷售和服務，在 LegalZoom 創建一個部門，將客戶、專家和我們的人工智慧工作完全整合起來。

We believe that under this unified vision from development to customer delivery, we can leverage Aaron's deep experience and comprehensive track record of building technology platforms that drive a rich customer experience throughout the product cycle. As a reminder, Aaron has held similar previous roles at Dun & Bradstreet, including divisional Chief Technology Officer and Head of the Small and Medium Sized Business Unit.

我們相信，在這種從開發到客戶交付的統一願景下，我們可以利用 Aaron 在建立技術平台方面的豐富經驗和全面業績，在整個產品週期中打造豐富的客戶體驗。需要說明的是，Aaron 先前曾在鄧白氏擔任類似職務，包括部門首席技術長和中小企業部門主管。

As part of this change, our former CTO, Pratik Savai, is no longer with the company. This is not an easy decision. However, we believe this is the right move to deliver on what we believe is an outstretched opportunity in human and artificial intelligence to transform our business long-term.

作為此次變革的一部分，我們前任首席技術長 Pratik Savai 已不再擔任公司職位。這並非一個容易的決定。然而，我們相信這是正確的舉措，能夠抓住我們認為在人類和人工智慧領域的巨大機遇，從而實現業務的長期轉型。

With our more direct focus on driving AI specific technology into our products, we're also announcing that Matt Kumin has joined the company as Senior Vice President and Head of Product. Matt joins LegalZoom from Amazon, where he served as Head of Alexa Subscriptions Group. Most recently, leading the subscription launch of Alexa Plus, an AI-driven personal assistant. That brings more than 30 years of experience in the software and technology industry with deep knowledge of AI and customer centric digital innovation.

隨著我們更加專注於將人工智慧特定技術融入我們的產品，我們也宣布 Matt Kumin 已加入公司，擔任高級副總裁兼產品負責人。Matt 加入 LegalZoom 之前曾在亞馬遜擔任 Alexa 訂閱團隊負責人。最近，他主導了 Alexa Plus（一款由人工智慧驅動的個人助理）的訂閱服務推出。這帶來了超過 30 年的軟體和技術行業經驗，以及對人工智慧和以客戶為中心的數位創新的深刻理解。

We believe his expertise will be instrumental in accelerating LegalZoom's ability to leverage AI and human expertise to increase value for customers. In addition, to drive our momentum forward, we continue to bolster and expand our sales and service organization.

我們相信，他的專業知識將有助於LegalZoom更快地利用人工智慧和人類專業知識來提升客戶價值。此外，為了推動我們的發展勢頭，我們將繼續加強和擴大我們的銷售和服務組織。

To enhance cross sell and upsell opportunities while elevating customer engagement, we've appointed Julie Mann as Vice President of Sales and Service. Julie brings nearly 20 years of experience building and scaling high growth technology driven teams, having led organizations and companies such as Tapcheck, Expedia, and Optimizely.

為了增強交叉銷售和向上銷售機會，同時提升客戶參與度，我們任命 Julie Mann 為銷售和服務副總裁。Julie 擁有近 20 年的經驗，擅長組建和擴展高成長的技術驅動型團隊，曾領導 Tapcheck、Expedia 和 Optimizely 等組織和公司。

She excels at creating systems that drive velocity, operational discipline, and world-class team performance. Her data-driven leadership and expertise at the intersection of human and artificial intelligence will further accelerate our sales momentum. We are very confident that this organizational realignment will both accelerate and broaden our ability to deliver AI power technology when customers want it and high-touch human powered service when they need it.

她擅長創造能夠提升速度、規範營運並實現世界一流團隊績效的系統。她以數據為導向的領導能力以及在人類智慧和人工智慧交叉領域的專業知識將進一步加速我們的銷售勢頭。我們非常有信心，此次組織架構調整將加速並擴大我們為客戶提供人工智慧技術支援的能力，並在客戶需要時提供高度人性化的人工服務。

In closing, we've never been more energized about the future of LegalZoom. With a fully aligned organization, a strong balance sheet, and accelerating growth, we are poised for even greater success and to unlock the next chapter of value creation. I'd like to thank the entire team for their efforts. Your dedication continues to drive our success.

最後，我們對 LegalZoom 的未來從未如此充滿熱情。憑藉著完全協調一致的組織架構、強勁的資產負債表和加速成長的勢頭，我們已準備好迎接更大的成功，並開啟價值創造的下一個篇章。我要感謝整個團隊的努力。你們的奉獻精神一直是推動我們成功的動力。

I'll now turn the call over to Noel Watson to discuss our third-quarter results and outlook in more detail. Noel?

現在我將把電話交給諾埃爾·沃森，讓他更詳細地討論我們第三季的業績和展望。諾埃爾？

Thank you, Jeff, and good afternoon, everyone. As Jeff mentioned, we delivered another quarter of strong financial performance and operational execution. We continue to build a solid foundation for sustainable growth and profitability. We once again accelerated growth in our core subscription business while coming in above our expectations across key financial targets.

謝謝你，傑夫，大家下午好。正如傑夫所說，我們又一個季度實現了強勁的財務業績和營運執行。我們持續為永續成長和獲利奠定堅實基礎。我們的核心訂閱業務再次加速成長，同時在關鍵財務目標方面也超出了預期。

We believe that the work we are doing positions us well to address the needs of existing and established small businesses and will enable us to broaden our customer base and capture greater wallet share. Based on our better-than-expected performance in the third-quarter and increased confidence in the remainder of the year, we are raising our 2025 revenue outlook.

我們相信，我們正在進行的工作使我們能夠更好地滿足現有和已成立的小型企業的需求，並將使我們能夠擴大客戶群並獲得更大的市場份額。鑑於我們第三季業績優於預期，對今年剩餘時間的信心增強，我們上調了 2025 年的營收預期。

Before discussing our guidance in more detail, I will review our third-quarter financial results. Unless otherwise stated, all comparisons will be on a year over year basis. We achieved record third-quarter revenue of $190 million, reflecting 13% growth. Subscription revenue also increased 13%, reflecting both accelerating growth and representing the second consecutive quarter of double-digit growth.

在更詳細地討論我們的業績指引之前，我將回顧我們第三季的財務表現。除非另有說明，所有比較均以同比為基礎。我們第三季營收創歷史新高，達到 1.9 億美元，年增 13%。訂閱收入也成長了 13%，這不僅反映了成長加速，也是連續第二季實現兩位數成長。

Subscription revenue benefited from outperformance in our compliance and virtual mail offerings in addition to contribution from our important 1-800Accountant partnership and the addition of Formation Nation.

訂閱收入受益於我們在合規和虛擬郵件產品方面的出色表現，以及我們與 1-800Accountant 的重要合作關係和 Formation Nation 的加入所帶來的貢獻。

We ended the quarter with approximately 1.96 million subscription units, a 14% increase as compared to the third quarter of last year. This growth was driven by the bundling of our bookkeeping solution and legal advisory subscription into certain business formation offerings, an increase in virtual mail subscriptions, as well as the inclusion of subscription units from our Formation Nation acquisition.

本季末，我們的訂閱用戶數約為 196 萬，比去年第三季成長了 14%。這一增長得益於我們將簿記解決方案和法律諮詢訂閱服務捆綁到某些公司成立產品中，虛擬郵件訂閱量增加，以及收購 Formation Nation 後訂閱單元的納入。

We expect moderation and unit growth in Q4 from lower renewal rates of these initial bundled cohorts. ARPU was $256 for the quarter, down 3% year over year and flat with the second quarter. The year-over-year decrease was driven by a continued makeshift toward lower price subscription offerings related to the bundling of forms and e-signature, bookkeeping, and legal advisory subscription into our higher-end formation skews.

我們預計第四季度這些初始捆綁套餐的續訂率會降低，導致銷售量和單位數量成長放緩。本季每用戶平均收入為 256 美元，年減 3%，與第二季持平。年比下降的原因是，我們不斷調整策略，將表格和電子簽名、簿記和法律諮詢訂閱服務捆綁到我們高端的組建方案中，從而提供價格更低的訂閱產品。

Of note, we continue to see ARPU gains in our compliance offerings. Transaction revenue increased 12% to $65 million driven largely by the acquisition of Formation Nation, along with growth in annual report and trademark filing. This was partially upset by the expected decline in BOIR revenue. We expect transaction revenue to grow at a similar rate in the fourth quarter.

值得注意的是，我們的合規產品平均每用戶收入 (ARPU) 持續成長。交易收入成長 12% 至 6,500 萬美元，主要得益於對 Formation Nation 的收購，以及年度報告和商標申請的成長。BOIR收入的預期下降在一定程度上抵消了這一影響。我們預計第四季度交易收入將以類似的速度成長。

We recorded a 2% increase in transaction units to 259,000 due to the inclusion of Formation Nation transactions and higher annual report filings, partially offset by a decline in BOIR transactions. We processed 126,000 business formations in the third quarter. The 12% year-over-year increase in business formations was primarily due to our Formation Nation acquisition.

由於納入了 Formation Nation 的交易量和年度報告提交量增加，我們的交易單位數增長了 2%，達到 259,000 單位，但 BOIR 交易量的下降部分抵消了這一增長。第三季我們處理了 126,000 份企業成立申請。企業成立數量年增 12%，這主要是因為我們收購了 Formation Nation。

Average order value was $251 for the quarter, up 11% versus the same period last year, driven by the elimination of low value BOIR transactions coupled with a volume increase in our higher price concierge services. Finally, deferred revenue decreased by $0.1 million from Q2, reflective of the typical seasonality in our business.

本季平均訂單價值為 251 美元，比去年同期增加 11%，這主要得益於低價值 BOIR 交易的取消以及高價禮賓服務數量的增加。最後，遞延收入較第二季減少了 0.1 百萬美元，反映了我們業務中典型的季節性波動。

Turning to profitability, all of the following metrics are on a non-GAAP basis. Third-quarter gross margin was 71%, flat with the prior year. Sales and marketing costs for $61 million or 32% of revenue, an increase of 40% from prior year. Customer acquisition marketing costs increased $10 million or 30%. You may recall last year we tested lower performance marketing spend levels to evaluate efficiencies. Non-CAM sales and marketing expenses increased $7 million, or 75%, which is primarily a result of the addition of the Formation Nation sales team.

再來看獲利能力，以下所有指標均以非GAAP準則為基礎。第三季毛利率為71%，與去年同期持平。銷售和行銷費用為 6,100 萬美元，佔收入的 32%，比前一年增長了 40%。客戶獲取行銷成本增加了 1,000 萬美元，增幅達 30%。您可能還記得，去年我們測試了較低的績效行銷支出水平，以評估其效率。非CAM銷售和行銷費用增加了700萬美元，增幅達75%，主要是因為增加了Formation Nation銷售團隊。

Technology and development costs were $15 million, down 2%. In general, administrative expenses were $13 million, a decrease of $2 million or 11%. Our strong execution drove adjusted EBITDA of $46 million, representing a margin of 24%. Free cash flow was $47 million in the quarter, up 114% compared to $22 million for the same period in 2024.

技術和開發成本為 1500 萬美元，下降 2%。總體而言，行政費用為 1,300 萬美元，減少了 200 萬美元，減少了 11%。我們強大的執行力推動調整後 EBITDA 達到 4,600 萬美元，利潤率為 24%。本季自由現金流為 4,700 萬美元，比 2024 年同期的 2,200 萬美元成長了 114%。

Our free cash flow improvement was in part due to an improvement in change in deferred revenue, lower capital expenditures, lower severance costs versus the third quarter of 2024, where we executed the restructuring, and lower cash taxes from the impact of the One Big Beautiful Bill Act. We ended the quarter with cash and cash equivalents of $237 million.

我們的自由現金流改善部分歸功於遞延收入變化的改善、資本支出減少、與 2024 年第三季度（我們執行重組的時期）相比遣散費降低，以及《一項偉大的法案》帶來的現金稅款減少。本季末，我們持有現金及現金等價物2.37億美元。

Our cash position increased by $20 million versus Q2 '25, benefiting from strong free cash flow generation, partially offset by sharing purchases. During Q3, we repurchased approximately 1.8 million shares at an average price of $9.91 per share for a total of $17.6 million.

與 2025 年第二季相比，我們的現金狀況增加了 2,000 萬美元，這得益於強勁的自由現金流，但部分被股票購買所抵消。第三季度，我們以每股 9.91 美元的平均價格回購了約 180 萬股股票，總計 1,760 萬美元。

As a quarter end, we had approximately $112 million remaining under our authorization. Our $100 million revolving credit facility remains undrawn. With our strong cash position and healthy free cash flow generation, we plan to continue investing into our business in areas with strong growth potential, while also evaluating strategic M&A opportunities.

截至季末，我們的授權資金還剩約 1.12 億美元。我們1億美元的循環信貸額度尚未動用。憑藉我們雄厚的現金實力和健康的自由現金流，我們計劃繼續投資於具有強勁成長潛力的業務領域，同時也在評估策略併購機會。

Now turning to our outlook. We are pleased to have outperformed our third-quarter expectations. As a result of our performance over the year and momentum in the business, we are increasing our full-year revenue outlook for the second consecutive quarter. For the full-year 2025, we now expect revenue between $748 million and $752 million, representing growth of 10% at the midpoint of the range.

現在談談我們的展望。我們很高興第三季業績超出預期。由於我們過去一年的業績和業務發展勢頭良好，我們將連續第二個季度上調全年營收預期。我們現在預計 2025 年全年營收將在 7.48 億美元至 7.52 億美元之間，以區間中位數計算，成長幅度為 10%。

At the same period, we expect to achieve adjusted EBITDA in the range of $168 million to $170 million, which reflects approximately a 23% margin at the midpoint. For the fourth quarter, we expect revenue between $182 million and $186 million, representing growth of 14% at the midpoint of the range.

同期，我們預計調整後 EBITDA 將達到 1.68 億美元至 1.7 億美元，其中價值約為 23% 的利潤率。我們預計第四季度營收將在 1.82 億美元至 1.86 億美元之間，以區間中位數計算，成長 14%。

For the same period, we expect to achieve adjusted EBITDA in the range of $46 million to 48 million, which reflects approximately a 26% margin at the midpoint. In closing, we continue to demonstrate progress against our three focus areas as we set the foundation for future growth. We have effectively repositioned our business to drive predictability, sustainability, and profitable growth. We continue to be excited by the long-term potential of our business as we now focus our efforts towards serving both new and established small businesses.

同期，我們預計調整後 EBITDA 將達到 4,600 萬美元至 4,800 萬美元，其中價值約為 26% 的利潤率。最後，我們繼續在三大重點領域取得進展，為未來的發展奠定基礎。我們已有效地重新定位了業務，以推動可預測性、可持續性和獲利成長。我們對公司業務的長期潛力感到興奮，目前正致力於服務新興和成熟的小型企業。

Thank you for your time today. I will now turn the call over to the operator for Q&A. Operator?

感謝您今天抽出時間。現在我將把電話轉交給接線生進行問答環節。操作員？

(Operator Instructions) Ella Smith, JPMorgan Chase.

（操作員說明）Ella Smith，摩根大通銀行。

So first, I was hoping to ask about pricing and bundling. To what extent is pricing and bundling contributing to your subscription growth and how important of a lever is that as you think about your forward growth?

首先，我想諮詢一下定價和捆綁銷售方面的問題。定價和捆綁銷售在多大程度上促進了您的訂閱用戶成長？當您考慮未來成長時，定價和捆綁銷售的重要性如何？

Well, I'll take that, Ella. It is an important lever. It is by no means the only lever, but it's a contributor, and it's something that we're pleased with because it is in our control, and candidly we have started to act like market leaders again. And as we look at even what's happening in the competitive landscape, we're seeing pricing going up with our competitors now as well. So they're following in our footsteps. So we feel like we are doing our job as leaders in this space and continue to drive both price and value in in the right place.

好的，我接受，艾拉。這是一個重要的槓桿。這絕不是唯一的槓桿，但它是一個促成因素，我們對此感到滿意，因為它在我們掌控之中，坦白地說，我們已經開始再次像市場領導者一樣行事。當我們審視競爭格局時，我們發現競爭對手的價格也在上漲。所以他們是在效法我們的做法。因此，我們感覺到我們作為該領域的領導者，正在盡職盡責地做好本職工作，並繼續在正確的方向上提升價格和價值。

Got it. That's very helpful. Thank you. And maybe we're throwing in a question about the -- oh sorry, did I cut you off?

知道了。那很有幫助。謝謝。也許我們還要問一個關於——哦，抱歉，我打斷你了嗎？

No, I said thank you.

不，我說的是謝謝。

Okay, great, thank you. For my second question, I was hoping to ask about the white-glove concierge offering since it's newer. You employ and have a network a combination of attorneys, accountants, and lawyers. Can you tell us how all these different players factor into the offering?

好的，太好了，謝謝。我的第二個問題是，我想諮詢貴酒店的白手套禮賓服務，因為它是比較新的服務。你僱用並擁有一個由律師、會計師和法律顧問組成的團隊。您能告訴我們這些不同的參與者是如何融入產品組合中的嗎？

Yeah, it's a great question and a broad one that starts with us really coming into our SAM and TAM.

是的，這是一個很好的問題，也是一個很廣泛的問題，它要從我們真正了解我們的 SAM 和 TAM 開始說起。

The idea here is we've got this massive addressable market. And we have been so myopically focused on a small piece of it. Those customers who are new formers who want to do everything themselves. So what we've done with these concierge-like products and our do-it-for-me offerings is we started to reorient the conversation around how do we solve the last mile for technology in a cost-effective way.

我們的想法是，我們擁有一個龐大的潛在市場。我們一直以來都目光短淺地只專注在其中的一小部分。那些剛畢業、想自己完成所有事情的客戶。因此，我們利用這些類似管家式的產品和代辦服務，開始重新引導討論，探討如何以經濟有效的方式解決技術應用的「最後一公里」問題。

So whether coming in through traditional means, through search, through our brand advertising, organically or now through artificial intelligence, as you gain increasing sophistication in terms of what you need done, at the end you're going to want some type of expertise, and it's that combination of human and artificial intelligence that is going to be driving our products forward faster. Artificial intelligence giving us leverage and scale and human intelligence giving us the difference maker that allows us to satisfy our customers over and over and over again in our current revenue model.

因此，無論是透過傳統方式、搜尋、品牌廣告、自然流量，還是現在的人工智慧，隨著您對所需服務的要求越來越高，最終您都需要某種專業知識，而正是人類和人工智慧的結合，將推動我們的產品更快地向前發展。人工智慧賦予我們槓桿作用和規模，而人類智慧則賦予我們差異化優勢，使我們能夠在當前的收入模式下一次又一次地滿足客戶的需求。

So what we're seeing strength back to the specifics of your question, isn't just with concierge, but a concierge suite of products, finding those areas where things either are too expensive for a small business to use a lawyer or too difficult to do with technology alone.

所以，回到您問題的具體內容，我們看到的強勁勢頭不僅體現在禮賓服務上，還體現在禮賓服務套件產品上，這些產品能夠解決小型企業聘請律師費用過高或僅靠技術難以解決的問題。

So we launched our first product, which was Concierge, revolving around compliance. Compliance Concierge had great success over the last couple of quarters and have now launched a series of others in that same category. Nonprofit concierge, reinstatement, dissolution, entity conversion, and we're in the process of doing one with tax in partnership with 1-800Accountant as well, which will launch likely next year so that we can embed their experts into our product line. The idea here is to give customers excess value at a reasonable but higher price than our typical output.

因此，我們推出了第一款產品 Concierge，其核心是合規性。Compliance Concierge 在過去幾季取得了巨大成功，現在又推出了一系列同類產品。我們提供非營利組織諮詢服務，包括復原、解散、實體轉換等。先前，我們正在與 1-800Accountant 合作開發一項稅務服務，該服務可能將於明年推出，以便將他們的專家融入我們的產品線中。我們的想法是，以合理但高於我們通常產品的價格，為客戶提供超值的產品。

Patrick McIlwee, William Blair.

麥克伊爾維，威廉布萊爾。

Hi team. Great results this quarter and thanks for taking my questions. Jeff, I believe your prior connection with OpenAI was deemed a collaboration, but this quarter you mentioned that you signed an enterprise deal with the company. I know you said more detail to come on that, but would you be willing to elaborate at all on how that partnership is developed or any indications of what that deal entails?

大家好。本季業績非常出色，感謝您回答我的問題。Jeff，我相信你之前與 OpenAI 的關係被認為是合作，但本季你提到你與該公司簽署了一份企業協議。我知道您說過稍後會公佈更多細節，但您能否詳細說明一下這種合作關係是如何建立的，或者透露一下這項交易的具體內容？

Sure, and good question and thank you for the kudos on the quarter. We're pleased as well. I appreciate it.

當然，問得好，也謝謝你對本季的讚揚。我們也感到很高興。謝謝。

I'll break it up into two areas in terms of where we think this can head and why we're so excited. I will [caveat] by saying we signed up this week, so it's new, and we're going to build off of it, and it is an archetype for how we're thinking about these partnerships go forward. So the general idea is really twofold. First and foremost, we want artificial intelligence to be ingrained in everything we do with this company, and we are making a statement and mandating that all of our employees are using AI deeply. But at the same time, we want to be tracking tangible returns and results.

我會從兩個面向來闡述我們認為這件事未來的發展方向以及我們為何如此興奮。我要補充一點，我們本週才簽約，所以這是一個新項目，我們將以此為基礎繼續發展，它也代表了我們未來思考這類合作關係的模式。所以，整體思路其實包含兩方面。首先，我們希望人工智慧融入我們公司所做的每一件事中，我們正在表明立場並強制要求我們所有的員工深入使用人工智慧。但同時，我們也希望追蹤切實的回報和成果。

So importantly, some of the things that we plan on doing with OpenAI and with others is doing integrated product launches and that was what I was referring to with respect to more to come. We need to deliver results both on cost efficiency internally as we hand over some of that AI throughput to our experts, to Ella's point, as well as be able to drive products that actually allow us to expand our go to market and expand TAM by embedding into some of these engines of growth and in generalized TAM expanders as more and more small businesses grow more sophisticated about what it means to run and build a business.

所以，非常重要的一點是，我們計劃與 OpenAI 和其他公司合作開展的一些事情是進行整合產品發布，而我之前提到的更多內容也正是這一點。正如艾拉所說，我們需要在內部成本效益方面取得成果，因為我們將部分人工智慧吞吐量移交給了我們的專家；同時，我們還需要能夠推動產品發展，從而真正擴大我們的市場覆蓋範圍，並通過嵌入到一些增長引擎和通用的TAM擴展器中來擴大TAM，因為越來越多的小企業對經營和發展業務的意義越來越了解。

So it is those two areas that we're really excited about. Again, we're in the early innings, but we're now partnering with some of the best and brightest and becoming more integrated. I've spent time over at OpenAI. We've had people come and sit down and work with us, and we've got our teams working together more and more closely, and I expect to see more things to come.

所以，我們對這兩個領域感到非常興奮。再次強調，我們還處於起步階段，但我們現在正與一些最優秀、最聰明的人合作，並變得更加融合。我曾在 OpenAI 工作過一段時間。我們已經邀請了一些人來和我們坐下來一起工作，我們的團隊也越來越緊密地合作，我期待看到更多的事情發生。

Okay great. That's very helpful. Thanks, Jeff. And while we're on the topic, can you share how the early indicators of traffic and/or volume coming through those partnerships, with Perplexity and GPT? And I think for Perplexity, their pro users are actually being offered discounted access to LegalZoom products. Can you talk a bit more about how exactly that works, what products they have access to discounts for, and if you've seen any interesting disparity between the two, given that I think one's discounted and the other is not.

好的，太好了。那很有幫助。謝謝你，傑夫。既然我們談到了這個主題，您能否分享一下透過與 Perplexity 和 GPT 的合作，流量和/或訪問量的早期指標如何？我覺得 Perplexity 的專業用戶實際上可以享受 LegalZoom 產品的折扣。您能否更詳細地談談具體運作方式，他們可以享受哪些產品的折扣，以及您是否發現兩者之間有任何有趣的差異，因為我認為一個產品有折扣，而另一個沒有。

Sure, and what I'll do is rather than speaking to any one partnership, I'm going to speak to the strategy and impetus and then I'll provide some breadcrumbs in terms of the success that we're having. Effectively, what we're doing is we're looking at the trends and seeing a massive shift, A, in traffic; and then B in terms of quality of traffic coming from traditional means, such as search to these more generative and an agentic technologies.

當然，我不會具體談論任何合作關係，而是會談談策略和動力，然後我會提供一些我們所取得的成功實例。實際上，我們正​​在觀察趨勢，發現流量發生了巨大變化，A 流量方面；B 流量品質方面，流量從傳統方式（如搜尋）轉向了更產生性和代理性的技術。

And what it is doing, and this is very much in line with what we are trying to do with our service and sales folks, is it's moving from a search and answer to an education model. So what we're doing with these partnerships is we're trying to get deeper and deeper embedded and build relationships with the variety of groups that we know we can drive real traffic that is qualified and that can turn into both sales and then ultimately higher quality customers that are staying with us longer. And what I will say is we have seen a significant shift in terms of our growth of traffic from these AI engines as well as conversion rate, and the customers that are coming to us are, in our parlance, better customers than we see that are coming from traditional sources.

它正在做的，與我們正在努力為服務和銷售人員所做的事情非常一致，就是從搜尋和解答模式轉向教育模式。因此，我們透過這些合作關係，努力與各種我們知道可以帶來真正合格流量的群體建立更深入的聯繫，這些流量可以轉化為銷售額，並最終轉化為更高品質的客戶，這些客戶會與我們保持更長時間的合作關係。我想說的是，我們已經看到來自這些人工智慧引擎的流量成長以及轉換率發生了顯著變化，而且用我們的話來說，來到我們這裡的客戶比來自傳統管道的客戶品質更高。

They have a higher propensity to pay. We believe that they have a higher propensity to stay longer. They are better educated, so that when they get to us, they need us to complete the last mile, not the first mile, and we are starting to see customers come, who have already formed, who have existing businesses but are looking for us to solve problems. So across the board, in effect what we do as we sprinkle our opportunities across that broad mandate, we're actually able to push to a broad number of sources which allows us to diversify our go to market.

他們更傾向於支付。我們認為他們更有可能停留更長時間。他們受過更好的教育，所以當他們找到我們時，他們需要我們完成最後一公里，而不是第一公里。我們開始看到一些客戶，他們已經成立了公司，但希望我們來解決問題。因此，總的來說，當我們把機會分散到這個廣泛的授權範圍內時，我們實際上能夠接觸到許多管道，這使我們能夠實現市場多元化。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

First one for Noel, can you share the Formation Nation contribution to revenues in both subscription and transaction revenues respectively?

先問Noel，可以分別分享Formation Nation在訂閱收入和交易收入的貢獻嗎？

Yes, absolutely. So Formation Nation, first I should say, we're really happy with the results that Formation Nation is helping to drive in our overall equation, and we've made a lot of effort to integrate them quickly and really think about it as part of the LegalZoom brand and ecosystem and we're sharing knowledge and we're making decisions between the two operations that helped drive the overall growth. And so one of the things we've been spending up in marketing there, making some operational investments as well. And so during the quarter they were able to drive $9 million -- approximately $9 million of revenue on the transaction side and a little over $5.5 million on the subscription side.

是的，絕對的。首先，我要說的是，我們對 Formation Nation 在我們整體發展中取得的成果感到非常滿意，我們投入了大量精力來快速整合他們，並真正將其視為 LegalZoom 品牌和生態系統的一部分，我們正在分享知識，並在兩個營運部門之間做出決策，這有助於推動整體成長。因此，我們一直在加大對那裡的行銷投入，同時也進行了一些營運方面的投資。因此，該季度他們實現了 900 萬美元的收入——交易收入約 900 萬美元，訂閱收入略高於 550 萬美元。

So nice sequential improvement there. They're meeting the expectations that we had for them as part of our acquisition thesis and even exceeding that. So it's a nice contribution, but it's certainly driven by the collaboration.

所以這是一個不錯的循序漸進的改進。他們不僅達到了我們收購時對他們的預期，甚至超出了預期。所以這是一個不錯的貢獻，但肯定是由合作推動的。

And the nice thing just to add one important piece as we get back to diversification, which helps to insulate us from risks, you see that strategy working well, which is our value-oriented program now. But outside of that, we're also seeing strong organic growth. So we're seeing wins come from both channels now.

令人欣慰的是，當我們回歸多元化投資時，還需要加入一個重要的環節，這有助於我們抵禦風險。您可以看到，這種策略效果顯著，那就是我們現在的價值導向投資計畫。但除此之外，我們也看到了強勁的內生成長。所以現在我們看到兩個管道都成功了。

I appreciate all that color. And then Jeff, one for you. On the deeper integration with 1-800, that partnership and the bundling that you alluded to next year, how do you envision the economics to work there and how do you think about kind of the shared burden of cost to serve as well as customer acquisition costs, for example?

我喜歡這些色彩。傑夫，給你來一個。關於與 1-800 的更深層整合，您提到的明年的合作關係和捆綁銷售，您認為其中的經濟效益如何？您如何看待服務成本和客戶獲取成本等方面的分擔負擔？

It's a good question that is more complicated to answer than just give you a direct one because I think it depends on the product offering and the launch and the way that we're going about it. But the core business, we've thought about it as a minimum so that we know that we have a certain threshold of revenues and profitability coming in and then a rev share on top.

這是一個很好的問題，但要直接回答這個問題要複雜得多，因為我認為這取決於產品供應、發布方式以及我們採取的方式。但對於核心業務，我們已經考慮過最低限度，這樣我們就能確保有一定的收入和盈利門檻，然後再額外獲得收入分成。

And then some of these ancillary products we're looking at on a case-by-case basis. Most of these tend to be highly agreed to the bottom line, so it's really a function of making sure that we participate on the accelerated growth where we have these deeper integrations. Not lost on you, I'm sure.

至於其中一些輔助產品，我們正在根據具體情況逐案研究。這些大多與最終結果密切相關，因此，關鍵在於確保我們能夠參與加速成長的過程中，實現更深層的整合。我相信你肯定明白這一點。

This is part and parcel to the knowledge we gained when we launched our own tax products, both the success and the challenges that we had, and I think we're taking the best of both worlds as we integrate these new products. So I suspect we will see us getting closer and closer to 1-800 and any other partner, frankly, where we have the kind of success that tells us this is what our customers are looking for.

這與我們推出自己的稅務產品時所獲得的知識密不可分，包括我們所取得的成功和我們所遇到的挑戰。我認為，在整合這些新產品時，我們正在取長補短，取長補短。因此，我懷疑我們會看到我們與 1-800 以及任何其他合作夥伴越來越接近，坦白說，只要我們取得的成功表明這就是我們的客戶所尋求的，我們就會與他們建立更緊密的聯繫。

Michael McGovern, Bank of America.

麥可·麥戈文，美國銀行。

Hi, thanks, and congrats on the great quarter. There have been some headlines this week even about to the extent that LLMs will provide legal advice or services based on their current terms of service. Do you have any insight into the future of that and how your products can help balance meeting customers where they're at versus potentially needing some level of additional certification or credential when customers receive legal advice produced generatively?

您好，謝謝，並祝賀您本季業績出色。本週甚至出現了一些關於法學碩士（LLM）是否會根據其現行服務條款提供法律諮詢或服務的報告。您對此有何見解？您的產品如何幫助平衡滿足客戶當前需求與客戶在獲得生成式法律建議時可能需要的額外認證或資格之間的關係？

Thank you for that because it's probably the most strategically important question for us and one we've thought about deeply, one that has driven some of our organizational changes and one that's been informed by talking to and working with some of the partners that we have as well as some really bright minds in the space.

謝謝您提出這個問題，因為這可能是我們面臨的最具戰略意義的問題，也是我們深入思考過的問題，它推動了我們的一些組織變革，並且是通過與我們的一些合作夥伴以及該領域的一些真正傑出的人才進行交流和合作而得出的。

The short answer is we also believe that will happen. We expect it to happen and we're embracing that happening and it is part and parcel to our go to market and go-forward strategy. The idea here is just like why we thought in the beginning we needed to have our salespeople owned and operated and why we need a broader base of experts, the most important thing we can do as a community is to educate these customers.

簡而言之，我們也相信這種情況會發生。我們預計這種情況會發生，我們欣然接受這種情況的發生，這已成為我們市場進入和未來發展策略不可或缺的一部分。這裡的想法就像我們當初為什麼認為我們需要讓銷售人員擁有並運營，以及為什麼我們需要更廣泛的專家基礎一樣，我們作為一個群體所能做的最重要的事情就是教育這些客戶。

These small and medium sized businesses need to be educated about their legal needs. So as LLMs make these potential customers more sophisticated, it effectively massively expands the market because what ends up happening when you look at the questions that are coming into LLMs is people are coming in thinking that they are asking a non-legal question and leaving in, going, I have a legal problem. I have a legal matter.

需要對這些中小企業進行法律知識普及。因此，隨著法律諮詢師 (LLM) 讓這些潛在客戶變得更加成熟，它實際上極大地擴大了市場，因為當你查看進入法律諮詢室的問題時，你會發現人們進來時以為自己問的是一個非法律問題，但離開時卻說：“我遇到了法律問題。”我遇到法律問題。

Some of that can be solved through Q&A with technology if people are patient and willing to do it and know whether they have something that is an aberration or phantom or whether it is actual real strong advice. But most of it needs some type of validation, and that's where we come in.

如果人們有耐心，願意嘗試，並且知道自己遇到的問題究竟是異常情況、虛假訊息，還是真正可靠的建議，那麼其中一些問題可以透過技術問答來解決。但其中大部分都需要某種形式的驗證，而這正是我們發揮作用的地方。

So when we talk about solving the last mile problem, what we mean is the connective tissue between the Q&A and the intelligence that is needed to solve a legal problem is narrowing with technology, but that GAAP will not close. You will still have some need for service, whether that's an expert, a paralegal, a lawyer, or some type of integrated LLM product that can be backstopped by those experts so that there is oversight.

所以，當我們談到解決最後一公里問題時，我們的意思是，隨著技術的進步，問答和解決法律問題所需的情報之間的聯繫正在縮小，但GAAP不會就此消失。您仍然需要一些服務，無論是專家、律師助理、律師，還是某種由這些專家提供支援的綜合法學碩士產品，以便進行監督。

That's where we come in. And that's why most of the AI and LLM community is embracing us because, whether it's a genetic or generative, there still needs to be some sort of feedback loop that has human intervention.

這就是我們發揮作用的地方。這就是為什麼大多數人工智慧和LLM社群都接納我們的原因，因為無論是基因工程還是生成式工程，仍然需要某種形式的回饋迴路，而這種回饋迴路需要人類的介入。

And that's where LegalZoom can play and where I think we are differentiated to a point where no one can compete with us because we have always been technology native and technology forward and we are sitting on an expert war chest of thousands of partner lawyers and owned and operated law firm, experts in our sales and service team. And we are expanding into other categories where the legal to whether it's accounting or business manager or business expert bridge starts to blur so that we can provide broad-based advice because half of the time someone comes in with an accounting question and it ends up being a legal question and vice versa.

這就是 LegalZoom 的優勢所在，我認為我們在這方面與眾不同，無人能與我們競爭，因為我們始終是技術原生企業，並且走在技術前沿，我們擁有數千名合作律師和自營律師事務所的專家團隊，我們的銷售和服務團隊也都是專家。我們正在拓展到其他領域，在這些領域，法律、會計、業務經理或業務專家之間的界限開始模糊，以便我們能夠提供廣泛的建議，因為很多時候，有人帶著會計問題來諮詢，結果卻變成了法律問題，反之亦然。

Got it. Thank you.

知道了。謝謝。

You bet. It's the most exciting opportunity we have.

當然。這是我們面臨的最令人興奮的機會。

Matt Condon, Citizens.

馬特康登，市民。

The first one, just obviously over the past several months, the business formation environment in general, it has been a very healthy environment. Just Jeff, you've obviously been driving on subscriptions and trying to decouple from the macro environment, but just can you help us understand how much of the outperformance over the past couple quarters has been just macro driven versus the things that you guys are doing internally to really drive performance?

首先，很顯然，在過去的幾個月裡，整體而言，企業成立環境一直非常健康。Jeff，你顯然一直在大力發展訂閱業務，並試圖與宏觀環境脫鉤，但你能否幫我們了解一下，過去幾個季度業績的超額完成有多少是宏觀環境驅動的，又有多少是你們內部為真正推動業績增長而採取的措施所致？

So on small business starts, you've heard this repeatedly from us. We are weaning our way off of that as the dominant form of how we take in, in particular, new businesses and this is all focused on our ability to not just grow our business but to grow in a diversified and insulated way.

所以，關於小企業創業，我們已經一再強調這一點。我們正在逐步擺脫這種作為我們吸收新業務的主要方式，而這一切都是為了讓我們不僅能夠發展業務，而且能夠以多元化和獨立的方式發展業務。

That doesn't mean we're not still highly dependent on small business formations, we will be for some time, if not for a very long time. It will be a key component of our strategy. And to the extent that the macro is up significantly or down significantly -- right now, of course we don't know, but where we have tailwind, we're going to use it to our advantage; where we have headwind, we're going to start diversifying, but the key thing here is we're working on more of the TAM than we ever have before, and this is how we drive into our serviceable market.

但這並不意味著我們現在就不高度依賴小型企業，事實上，即使不是很長一段時間，我們也將一直依賴小型企業。這將是我們策略的關鍵組成部分。至於宏觀經濟是大幅上漲還是大幅下跌——當然，現在我們還不知道，但如果遇到順風，我們會利用它；如果遇到逆風，我們會開始分散投資，但關鍵是，我們正在開拓比以往任何時候都更大的潛在市場，這就是我們進入服務市場的方式。

So when you think about what we're doing on diversification, we're now starting to do brand marketing, not just performance marketing. We're now leveraging partnerships to drive subscribers, not just revenues. We're now leaning in on existing businesses, not just new businesses. We're leveraging AI in a way that we weren't a year ago, not just search to deliver new business, and we're building out product suites on the DIFM side, not just DIY. So I think that this is really critical to understand. We're not ignoring the macro. What we're saying is it will no longer be an excuse for us.

所以，當我們思考我們在多元化方面所做的工作時，我們現在開始做品牌行銷，而不僅僅是效果行銷。我們現在利用合作關係來增加用戶，而不僅僅是增加收入。我們現在更注重扶持現有企業，而不僅僅是新企業。我們正在以一年前從未有過的方式利用人工智慧，不僅僅是搜尋來拓展新業務，而且我們正在建立 DIFM（交付給製造商）方面的產品套件，而不僅僅是 DIY（自己動手做）。所以我認為理解這一點至關重要。我們並沒有忽略宏觀層面。我們想說的是，這已經不再是我們找藉口的理由了。

We will have enough levers and leverage in the business so that we can manage through macro uncertainty as we're in right now or negative macro situations whether it's the small business formations, one that [plagued] us previously, or the next one that comes up as we diversify and become more dependent on AI or something else for growth. We're managing our business as a diversified, insulated, growth-oriented business now that we have stabilized it.

我們將擁有足夠的槓桿和資源，以便在當前宏觀經濟的不確定性或負面宏觀形勢下進行管理，無論是小型企業的成立（這曾困擾我們），還是隨著我們多元化發展並更加依賴人工智能或其他增長方式而出現的下一個問題。現在公司已經穩定下來，我們正在以多元化、獨立運作、以成長為導向的方式管理我們的業務。

Maybe just double clicking on one thing. You said they're just going after the existing businesses. Are there any things you could call out today that you see that are working? And just maybe just talk about the strategy more broadly and how do you bring those businesses on the LegalZoom platform?

也許只是雙擊了某個東西。你說他們只是在針對現有企業。您覺得今天有哪些做法行之有效？或許我們可以更廣泛地談談策略，以及如何將這些企業引入 LegalZoom 平台？

Sure, I actually think using our concierge products, in particular, Compliance Concierge, is probably the perfect case study. We launched this as an MVP. We started going after existing businesses that were in our ecosystem. We started to listen to our service folks and they told us which products were of need for our customers. We effectively built a broad matrix that we looked at for determining what next products that we would launch. We went from compliance to nonprofit, reinstatement, dissolution, entity conversion. We're now launching something in tax, all because the demand was there on the high end; and for the most part, because these were subscription.

當然，我認為使用我們的管家產品，特別是合規管家服務，可能就是一個完美的案例研究。我們將其作為最小可行產品（MVP）推出。我們開始瞄準我們生態系統中現有的企業。我們開始聽取服務人員的意見，他們告訴我們客戶需要哪些產品。我們有效地建立了一個廣泛的矩陣，透過參考該矩陣來確定我們接下來要推出的產品。我們從合規到非營利組織，再到復原、解散、實體轉換。我們現在正在稅務領域推出一些產品，這完全是因為高端市場有需求；而且在很大程度上，是因為這些產品都是訂閱制的。

We're now pushing this over to Kathy and her team on the Biz Dev side to say go to existing partners and figure out where we can solve and satisfy their needs. Let's listen. Let's learn from their customers and start going into those channels. And then Daniel and our marketing team and saying, where can we go to market directly and start marketing to existing businesses, whether that's through AI, through some of our brand campaign which we're going to be shifting towards the latter part of this year to speak to existing businesses.

我們現在把這項工作交給凱西和她的業務拓展團隊，讓他們去聯繫現有合作夥伴，找出我們可以在哪些方面解決和滿足他們的需求。我們來聽聽。讓我們向他們的客戶學習，並開始進入這些管道。然後丹尼爾和我們的行銷團隊就問，我們可以在哪裡直接進入市場，開始向現有企業進行行銷，無論是透過人工智慧，還是透過我們的一些品牌宣傳活動（我們將在今年下半年轉向與現有企業對話）。

And ultimately, you can imagine we're going to go further and further down that path because these are businesses that are more stable, that are more insulated from risks of recession, and ultimately have and are willing to give us a higher share of wallet.

最終，你可以想像我們會在這條路上走得越來越遠，因為這些企業更加穩定，更能抵禦經濟衰退的風險，最終也願意為我們帶來更高的消費份額。

Ron Josey, Citi.

Ron Josey，花旗銀行。

This is Jake on for Ron. (technical difficulty) So first was really just on the [partner] channel. The 25% growth, seemed like a strong acceleration. How much of that was driven by the new embedded flow versus a traditional [building] platform? And maybe just spend a moment on that flow. I mean, it was pretty recent launch. Can you elaborate on what the economic model looks like? Is that kind of part of your strategy to target existing established businesses? Thanks.

這裡是傑克替榮恩報道。（技術難題）所以一開始真的只是在[合作夥伴]頻道上。25%的成長率，看起來是一個強勁的加速成長。有多少成長是由新的嵌入式流程所驅動的，又有多少是由傳統的[建構]平台驅動的？或許可以花點時間感受一下這種流暢感。我的意思是，它推出時間還不長。可以詳細介紹一下這個經濟模型嗎？這是你們瞄準現有成熟企業的策略之一嗎？謝謝。

Sure, happy to take that, Jake, and thanks for the kudos on the quarter. I'm going to start to sound like a broken record. This strategy is about diversification across the board. We want to make sure that we're insulated. So first off, that 25% year-over-year growth, we put that number out there because we think that that is a new baseline and that we can continue to grow it.

當然，我很樂意接受這份榮譽，傑克，也謝謝你對這一季的讚揚。我感覺自己像個複讀機了。這項策略的核心是全面多元化。我們要確保做好隔熱措施。首先，我們公佈了25%的年成長率，因為我們認為這是一個新的基準，我們可以繼續保持成長。

We're very pleased about what our partnership team and business development team have done to date, but it is underwhelming, in my opinion, compared to what they're going to deliver in the future. And the reason is because we are now launching products for partners, and we're listening to what their needs are. Embedded is a key need. And yes, that drove a portion of that growth.

我們對合作夥伴團隊和業務發展團隊迄今所取得的成就感到非常滿意，但在我看來，與他們未來將要取得的成就相比，這還遠遠不夠。原因是我們現在正在為合作夥伴推出產品，我們正在傾聽他們的需求。嵌入式系統是一項關鍵需求。是的，這推動了部分成長。

Leaning in on our affiliate channels and treating these partners not just as low level affiliates but as true partners and building out solutions for them was another key thing. The deeper integrations that we've done with companies like Design.com is another good example of a success point that we will continue to lean in on as well as working with some of our existing longer-term partners who we continue to think highly of and they've been moving mountains to help us such as Wix as an example.

重視我們的聯盟管道，並將這些合作夥伴視為真正的合作夥伴，而不僅僅是低階聯盟夥伴，並為他們建立解決方案，這是另一件關鍵的事情。我們與 Design.com 等公司進行的更深入的整合是另一個成功的典範，我們將繼續在這方面努力，同時我們也將繼續與一些我們非常看重的現有長期合作夥伴合作，他們一直在竭盡全力幫助我們，例如 Wix。

And then of course what we've done in our AI ecosystem. So when you look at this, the percentage increase is coming from a myriad of sources and each one of these is working to a varying degree. Not everyone will ultimately be successful, but the idea here is we're trying to put out multiple singles and doubles and triples. We're not looking for grand slam home runs. If we get one, we'll take it. I'm not adverse to getting a little bit lucky, but we will acknowledge when we're lucky and get back to work.

當然還有我們在人工智慧生態系統中所做的工作。所以，當你觀察這個數據時，你會發現成長百分比來自許多方面，而每方面的影響程度都不盡相同。並非每個人最終都會成功，但我們的想法是，我們要嘗試推出多個單打、雙打和三打項目。我們不追求全壘打。如果能得到一個，我們就接受。我並不反對自己幸運，但我們會承認自己的幸運，然後繼續努力。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Hey, guys. This is Lucas Cerisola from Morgan Stanley on for Elizabeth Porter. Thanks for the time. You spoke to the success of the new brand campaign earlier this year and in the double-digit ROAS. What other impacts have you seen so far, both in terms of awareness and conversion metrics? And what learnings are you carrying into early next year when new business formation activity typically picks up seasonally?

嘿，夥計們。我是摩根士丹利的盧卡斯·塞里索拉，代伊麗莎白·波特為您報道。感謝您抽出時間。您曾談到今年稍早推出的新品牌推廣活動取得了成功，廣告支出回報率達到了兩位數。到目前為止，您在知名度和轉換率指標方面還觀察到了哪些其他影響？您將把哪些經驗教訓運用到明年年初，屆時新創企業成立活動通常會隨著季節而增加？

So really across the board, we've seen success in this brand campaign. So it both aided and unaided awareness and ROAS. I mean, you can run the metrics down from there because that means it's going to be helping with conversion, it's going to be helping with traffic, it is going to help our performance campaigns to perform better.

所以總的來說，我們在這次品牌推廣活動中取得了成功。所以它既促進了輔助意識，也促進了非輔助意識和ROAS。我的意思是，你可以從那裡開始逐項分析指標，因為這意味著它將有助於提高轉換率，有助於提升流量，有助於提升我們的效果行銷活動的效果。

And then ultimately it helps us garner more partners because it reminds the world that we live in and that we work in that LegalZoom is the dominant brand for new and, this speaks to your next question, existing and established businesses long-term.

最終，這有助於我們獲得更多合作夥伴，因為它提醒我們所生活和工作的世界，LegalZoom 是新興企業以及（這引出了你的下一個問題）現有和成熟企業的長期主導品牌。

So first and foremost, it reminds us that we need a diversified approach to marketing. We were highly dependent on performance, and in particular Google Marketing previously. We have significantly diversified away from performance and away from Google into brand, into AI, and into other areas, and that's paid dividends.

首先，它提醒我們，我們需要採取多元化的行銷方式。以前我們非常依賴績效，尤其是Google行銷。我們已經大幅減少了對性能和谷歌的依賴，轉向品牌、人工智慧和其他領域，而這已經帶來了豐厚的回報。

Second, in terms of those learnings, we've realized that as the brand leader, building out our brand, strengthening that, reinforces both our messaging, our brand prowess, but also our authority and authority matters in a big way when you see something like you're seeing with AI happening right now, which is a fundamental platform shift, and you don't see that very often. And to capitalize on that, you've got to get there very early, very aggressively, and you've got to maintain market leadership, and that has driven us, I think, to some early wins that we're going to be able to carry forward next year.

其次，就這些經驗而言，我們意識到，身為品牌領導者，打造和強化我們的品牌，不僅能強化我們的訊息傳遞、品牌實力，也能增強我們的權威性。而權威性在像人工智慧這樣正在發生的事情中至關重要，因為人工智慧是一種根本性的平台變革，這種情況並不常見。為了抓住這個機會，你必須很早就積極主動地進入市場，並且保持市場領先地位。我認為，正是這一點促使我們取得了一些早期勝利，這些勝利我們將能夠在明年繼續保持下去。

Got it. Thank you. And then just one more on subscription growth. It's been really solid last couple quarters --

知道了。謝謝。最後再補充一點訂閱成長方面的內容。過去幾季表現一直非常穩健。--

Thank you for that.

謝謝。

Yeah, of course. Comps get pretty tough in the next year. I was hoping if you could touch on what other key factors we should keep in mind for modeling subscription growth from here, in particular how you're balancing volume growth versus ARPU and whether there's going to be any near-term headwinds from lapping M&A, higher priced actions or product launches.

當然。明年的比賽會非常激烈。我希望您能談談在建立訂閱成長模式時，我們應該考慮哪些其他關鍵因素，特別是您如何平衡使用者數量成長與每位使用者平均收入 (ARPU)，以及近期內併購、高價策略或產品發布是否會帶來任何不利影響。

So you're wondering if we'll become the victims of our own success. I mean, look, I'm glad that the comps get harder next year. It means we performed this year and that means we performed worse last year. Our expectation is we're going to continue to perform and we're going to continue to accelerate. We are, at our heart, a growth-oriented business and we believe that we can deliver results

所以你在想，我們是否會成為自己成功的受害者。我的意思是，你看，我很高興明年的比賽難度會增加。這意味著我們今年的表現不錯，也意味著我們去年的表現更差。我們預計我們將繼續保持良好的業績，並繼續加速發展。我們本質上是一家以成長為導向的企業，我們相信我們能夠取得成果。

And on the subscription revenue side, we've continued to see progress both year over year and quarter over quarter, and that is a key focus area for us on a go-forward basis. On the unit side, it's a bit of a different story. We've communicated that on the unit side, we're using unit growth through bundling to drive tests, so that will jump around.

在訂閱收入方面，我們看到年比和季比均持續取得進展，這也是我們未來重點關注的領域。從單元的角度來看，情況就有點不同了。我們已經溝通過，在單元方面，我們正在利用捆綁式單元增長來驅動測試，所以結果會跳躍式變化。

But when you look at our core products, and I think Noel can speak to this more, we're seeing the right things and the right signs. With our core compliance products, we're seeing subscription growth, we're seeing churn reduction, and we're seeing ARPU head in the right direction. And those are all trends that speak to a really solid roll forward as we head into next year.

但當我們審視我們的核心產品時（我認為諾埃爾在這方面更有發言權），我們看到了正確的方向和跡象。憑藉我們的核心合規產品，我們看到訂閱量成長，客戶流失率下降，並且 ARPU 正朝著正確的方向發展。這些趨勢都預示著明年我們將迎來非常穩健的發展。

Yeah, that's right. Just to build on that, I mean, these are the trends that Jeff was just speaking to and the initiatives that are driving our current growth. We like what we're seeing. We have high confidence in them, and they represent durable growth opportunities for us. So that, to Jeff's point, is driving performance today, but will carry forward into the next year.

是的，沒錯。在此基礎上，我的意思是，這些正是傑夫剛才提到的趨勢，也是推動我們當前成長的舉措。我們很喜歡我們所看到的。我們對他們充滿信心，他們代表著我們可持續的成長機會。所以，正如傑夫所說，這正在推動當前的業績成長，而且這種成長勢頭將推遲到明年。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is John on behalf of Brent Thill. Questions around the sales side. So I think last quarter, you mentioned you had some reps from Formation Nation moving over and selling some of the core LZ products, wondering how that worked out, what was the productivity.

我是約翰，代表布倫特·希爾。關於銷售方面的問題。所以我想上個季度，你提到過一些來自 Formation Nation 的銷售代表轉而銷售 LZ 的一些核心產品，我想知道效果如何，銷售效率如何。

And then on some of the executive changes and strategy changes that you mentioned earlier in the prepared remarks, I mean, wondering how you're thinking about how that will translate into go-to-market changes for next year, anything in the [sales world] or incentive structure. Thank you.

關於您之前在準備好的發言稿中提到的一些高階主管變動和策略變動，我想知道您是如何考慮這些變動將如何轉化為明年的市場推廣策略變化，以及在銷售領域或激勵機制方面會有哪些變化。謝謝。

Sure, I'll take those in order and then Noel, I'll feel free to add anything when I miss it. On our sales throughput and velocity as a company, we've seen steady progress and we're actually pretty pleased. We have now taken an entire sales center from Formation Nation and shifted it over to LegalZoom in part because they have so much embedded knowledge and learnings in terms of how they educate their customers and on board them and we're actually very pleased with the progress and success.

當然，我會按順序來，然後諾埃爾，如果我錯過了什麼，我會隨時補充。在公司銷售吞吐量和速度方面，我們看到了穩定提升，我們對此相當滿意。我們現在已將整個銷售中心從 Formation Nation 轉移到 LegalZoom，部分原因是他們在如何教育客戶和引導客戶方面擁有豐富的知識和經驗，我們對目前的進展和成功非常滿意。

In the same vein, and this leads to what we've done operationally, we brought Julie in because of the ability to really integrate sales and service into everything that we are doing from -- to be a customer centered organization.

同樣，這也促成了我們在營運方面所做的工作，我們引進 Julie 是因為她能夠真正將銷售和服務融入我們所做的每一件事中——成為一個以客戶為中心的組織。

Speaking to what we can deliver and the organizational changes that we made, I'm not even going to speak to next year, I'll speak to this year. You heard in our prepared remarks, we launched three or four AI products this quarter. We wouldn't have been able to do that if we didn't do this reorganization. We were able to very quickly deliver on those AI products and integrate them into our back office whether it's to our experts or to our service folks.

談到我們能夠取得的成果以及我們所做的組織變革，我甚至不想談論明年，我只談今年。正如我們在事先準備好的演講稿中所提到的，本季我們推出了三到四款人工智慧產品。如果我們不進行這次重組，我們就無法做到這一點。我們能夠非常迅速地交付這些人工智慧產品，並將它們整合到我們的後台系統中，無論是對我們的專家還是對我們的服務人員都是如此。

In the same vein, we launched almost a half a dozen concierge products. Again, in the same vein, you wouldn't be able to do that if we didn't have our technology teams sitting hand in hand with our service folks.

同樣，我們也推出了近六款禮賓服務產品。同樣地，如果沒有技術團隊與服務人員的緊密合作，你們也無法做到這一點。

And then finally, I'll say we're able to lean in on savings that we're generating internally now from technology efficiencies and then port that over to building products, leaning in on AI and driving our marketing forward as the throughput increases without any margin deterioration. Same thing. Without that operational change, I don't think we would have been able to do that so quickly and so seamlessly.

最後，我想說，我們能夠充分利用目前透過技術效率提昇在內部產生的節省，並將這些節省轉移到產品開發、人工智慧以及推動行銷方面，隨著吞吐量的增加，利潤率不會下降。一樣。如果沒有那項營運上的改變，我認為我們不可能如此迅速、如此順利地完成這項工作。

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

謝謝。我不會再提出其他問題了。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。