LegalZoom.com Inc (LZ) 2025 Q4 法說會逐字稿

Good day, and thank you become to the LegalZoom's fourth-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's call is being recorded.

大家好，感謝參加 LegalZoom 2025 年第四季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。

I would now like to hand it over to your speaker, Madeleine Crane, Head of Investor Relations. Please go ahead.

現在我謹將發言權交給你們的發言人，投資者關係主管瑪德琳‧克萊恩。請繼續。

Thank you, operator. Welcome to LegalZoom's fourth-quarter and full year 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 年第四季及全年財報電話會議。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. 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.

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。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。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。

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.

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 our investor presentation, which can be found on the Investor Relations section of our website at investors.legalzoom.com. I will now turn the call over to Jeff.

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。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指標的調節表均已在我們的投資者簡報中列出，該簡報可在我們網站投資者關係欄位（investors.legalzoom.com）上找到。現在我將把電話交給傑夫。

Thank you, Madeleine, and thank you all for joining our call. 2026 marks LegalZoom's 25th anniversary, reflecting our longevity and evolution as a company. Our founders set out to democratize law by transforming how people navigate the legal system. Today, AI is making legal work easier to start. LegalZoom makes it safe and seamless to finish.

謝謝瑪德琳，也謝謝各位參加我們的電話會議。 2026年是LegalZoom成立25週年，體現了我們公司悠久的歷史和不斷發展。我們的創辦人致力於透過改變人們使用法律體系的方式來實現法律民主化。如今，人工智慧讓法律工作的發展變得更加容易。LegalZoom 讓整個流程安全且方便地完成。

Since I became CEO, we have been steadily refocusing our business to capture the AI opportunity while recognizing that certain tasks and complex legal matters will always require human judgment and supervision. We are winning by combining intuitive technology with trusted experts, strong execution and ongoing compliance. In short, we solved the last mile with humans in the loop.

自從我擔任執行長以來，我們一直在穩步調整業務方向，以抓住人工智慧帶來的機遇，同時我們也認識到，某些任務和複雜的法律事務始終需要人類的判斷和監督。我們透過將直覺的技術與值得信賴的專家、強大的執行力和持續的合規性相結合而取得成功。簡而言之，我們透過人為因素解決了最後一公里難題。

Our performance in 2025 is an early validation of our strategy. I'm proud of our results, but I am even more excited for what's to come. We entered 2026 from a position of strength. Let me remind you of our strategy, how we're winning and why it's durable. Our goal is to be the trusted guardians of small businesses and individuals lives and aspirations, enabled by the best technology available.

我們在 2025 年的表現是對我們策略的早期驗證。我為我們所取得的成績感到自豪，但我更期待未來。我們以強大的實力進入了2026年。讓我來提醒你們我們的策略，我們是如何取得勝利的，以及為什麼它能夠持久有效。我們的目標是成為小型企業和個人生活與夢想值得信賴的守護者，並為此提供最先進的技術。

We do this through our ecosystem of AI and expert powered legal, compliance and business management solutions that support small businesses as they form and grow.

我們透過人工智慧和專家驅動的法律、合規和業務管理解決方案生態系統來實現這一目標，這些解決方案能夠支援小型企業的成立和發展。

Our strategy is simple, automate what can be automated and then win through deep expertise and high-touch service where it matters most. AI can help you start. LegalZoom helps you get it done.

我們的策略很簡單，將能夠自動化的事項自動化，然後在最關鍵的地方憑藉深厚的專業知識和貼心的服務贏得勝利。人工智慧可以幫助你起步。LegalZoom 幫助您輕鬆完成任務。

Today, more customers are starting with AI platforms like ChatGPT, Gemini, Claude and perplexity, getting information, document reviews and insights while increasingly trying to complete complex tasks.

如今，越來越多的客戶開始使用 ChatGPT、Gemini、Claude 和 perplexity 等 AI 平台，獲取資訊、文件審查和見解，並嘗試完成日益複雜的任務。

We believe AI tools are accelerating entrepreneurship by lowering barriers to starting and running a business, as evidenced by the data, U.S. business formations have accelerated over the last few quarters. We suspect some of this is anomalous, but we believe AI is a meaningful tailwind. Crucially, this is expanding our addressable market, and we plan to capture more of that market but not with the old software-only playbook. As our market expands, we will leverage AI to continue to lead in what can be automated, but we recognized early that long-term growth cannot come from automation alone.

我們相信人工智慧工具正在透過降低創業和經營企業的門檻來加速創業，數據也證明了這一點，美國企業成立數量在過去幾季加速成長。我們懷疑其中一些現象可能不正常，但我們相信人工智慧是一個重要的推動因素。至關重要的是，這擴大了我們的潛在市場，我們計劃佔領更多市場份額，但不會再沿用以往僅靠軟體的策略。隨著市場擴張，我們將利用人工智慧繼續引領自動化領域的發展，但我們很早就意識到，長期成長不能只依賴自動化。

That's why in 2023, we moved our flagship automated formation product to free, choosing to cannibalize our own business before the market did.

這就是為什麼我們在 2023 年將我們的旗艦自動化組建產品改為免費，並選擇在市場蠶食我們自己的業務之前先蠶食我們自己的業務。

Here is the key insight. Defense alone is not a strategy. We believe durable growth will come from what AI cannot automate, nuance, judgment, execution and accountability. Over the past 2 years, we've laid the foundation for the shift by strengthening our subscription business, reorienting our go-to-market strategy to focus on higher-value customers and scaling AI while strategically integrating human experts into the workflow at critical junctures. Better still, a human in the loop also increases conversion and attachment across our automated products because customers move forward with confidence knowing we stand behind that.

以下是關鍵見解。單靠防禦不是策略。我們認為，持久成長將來自於人工智慧無法自動化的方面：細微差別、判斷力、執行力和責任感。在過去的兩年裡，我們透過加強訂閱業務、調整市場策略以專注於更高價值的客戶以及擴大人工智慧規模，同時在關鍵節點將人類專家策略性地整合到工作流程中，為這一轉變奠定了基礎。更重要的是，人為因素的參與還能提高我們自動化產品的轉換率和用戶黏性，因為客戶知道我們會提供支持，從而更有信心繼續使用。

This brings us to the opportunity ahead. We are expanding beyond formations to serve existing businesses. We are confident this will enable us to capture a greater share of our serviceable addressable market by broadening our customer base and driving higher wallet share. Human expertise applied where it matters most will drive our growth. We are capturing this opportunity through our human-in-the-loop strategy, which is 2 layers, expert and service.

這為我們帶來了未來的機會。我們正在拓展業務範圍，從組建公司擴展到服務現有企業。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，獲得更大的可服務目標市場份額。將人類的專業知識運用到最關鍵的領域，將推動我們的發展。我們正在透過以人為本的策略來抓住這一機遇，該策略分為兩層：專家層和服務層。

Our expert layer includes our legal advice subscriptions delivered through our nationwide attorney network, trademark and IP services delivered by our owned law firm and most recently, our white glove concierge offerings. We expect these products to be our fastest growing. This is where we solve the last mile for AI by inserting the right level of human review by building trust, ensuring quality, maintaining confidentiality and meeting ongoing regulatory requirements.

我們的專家服務包括透過我們遍佈全國的律師網路提供的法律諮詢訂閱服務、我們自有律師事務所提供的商標和智慧財產權服務，以及最近推出的尊貴賓服務。我們預計這些產品將成為我們成長最快的產品。我們透過建立信任、確保品質、維護機密性並滿足持續的監管要求，插入適當程度的人工審核，來解決人工智慧的最後一公里問題。

Our service layer, products like registered agent and virtual mail, benefits from structural advantages tied to regulation, physical presence and human execution, making it inherently durable. Over the past 2 years, we've enhanced service levels and have grown through premium pricing and retention improvements. These products anchor long-term relationships and function as a platform from which we can expand into higher-value services across our entire existing base.

我們的服務層，如註冊代理和虛擬郵件等產品，受益於與監管、實體存在和人工執行相關的結構優勢，使其具有內在的持久性。過去兩年，我們透過提高服務水準和改善客戶留存率，實現了成長。這些產品鞏固了長期合作關係，並作為一個平台，使我們能夠向現有客戶群擴展更高價值的服務。

Our near-term goal is to accelerate growth in our human-in-the-loop strategy by prioritizing high-value subscription products. Longer term, as we expand our go-to-market efforts to reach established businesses, we expect to capture accelerated share of our serviceable addressable market. As Noel will detail, we will leverage our partnerships both with key AI platforms and our broader partner channel as we unlock to activate and scale.

我們的近期目標是透過優先發展高價值訂閱產品來加速推進以人為本的策略。從長遠來看，隨著我們擴大市場拓展力度，接觸到成熟企業，我們期望能夠更快地佔據可服務目標市場的份額。正如 Noel 將詳細介紹的那樣，我們將利用我們與關鍵人工智慧平台以及更廣泛的合作夥伴管道的合作關係，來解鎖激活和擴展。

To sum up, we are leveraging AI to grow efficiently scaling human-in-the-loop services and expanding our ecosystem to help small businesses stay compliant, protective and confident over time. AI may change how businesses begin but LegalZoom is how they thrive. We are uniquely positioned to deliver what others cannot. The last mile, real accountability, real expertise and real outcomes. Our 25-year foundation of data, trust and legal infrastructure gives us a moat that compounds as technology evolves.

總而言之，我們正在利用人工智慧有效地擴展人機協作服務，並擴展我們的生態系統，以幫助小型企業長期保持合規、安全可靠和充滿信心。人工智慧或許會改變企業的創立方式，但 LegalZoom 才是它們蓬勃發展的關鍵。我們擁有獨特的優勢，能夠提供他人無法提供的服務。最後一步，真正的問責制、真正的專業知識和真正的成果。我們25年來累積的數據、信任和法律基礎設施為我們建構了一道護城河，隨著科技的進步，這道護城河仍在不斷增強。

This positions us for durable growth not just in 2026 but for decades to come.

這將使我們不僅在 2026 年，而且在未來幾十年內都能保持永續成長。

With that, I'll say thank you for your continued support and turn it over to Noel. Noel?

最後，我要感謝大家一直以來的支持，並將發言權交給諾埃爾。諾埃爾？

Thanks, Jeff, and good afternoon, everyone. Before I walk through the results and our outlook, I want to briefly reanchor on our financial priorities. Over the past year, our focus has been clear: driving durable, high-quality subscription growth while scaling efficiencies across the business to expand margins. We made meaningful progress on both in 2025, and we expect that momentum to continue in 2026.

謝謝你，傑夫，大家下午好。在詳細介紹業績和展望之前，我想先簡單重申一下我們的財務重點。過去一年，我們的重點很明確：推動永續、高品質的訂閱成長，同時提高整個業務的效率，以擴大利潤率。我們在 2025 年在這兩方面都取得了實質進展，我們預計這種勢頭將在 2026 年繼續保持。

As you heard earlier, our strategy is focused on building a more resilient revenue base through higher value subscription offerings and AI-enabled human-in-the-loop services. These efforts are improving unit economics, driving predictable revenue and reinforcing our competitive position where execution and expertise matter most.

正如您之前所聽到的，我們的策略重點是透過更高價值的訂閱產品和人工智慧賦能的人機互動服務，建立更具韌性的收入基礎。這些努力正在改善單位經濟效益，推動可預測的收入，並鞏固我們在執行和專業知識中至關重要的競爭地位。

With that context, I'll start with our financial results and then discuss our outlook for the year. For the full year 2025, we grew revenue 11% to $756 million, more than double the growth rate from our initial outlook, inclusive of the Formation Nation acquisition. This performance reflects successful integration and incremental growth of Formation Nation, organic revenue growth of 3% and strength across our subscription portfolio. Full year subscription revenue increased 13%, the result of continued focus on higher-value customers and differentiated premium human-in-the-loop service offerings.

基於以上背景，我將首先介紹我們的財務業績，然後討論我們對今年的展望。2025 年全年，我們的營收成長了 11%，達到 7.56 億美元，比我們最初預期的成長率高出一倍多，其中包括對 Formation Nation 的收購。這項業績反映了 Formation Nation 的成功整合和穩定成長，3% 的有機收入成長以及我們訂閱產品組合的強勁表現。全年訂閱收入成長 13%，這得益於公司持續專注於高價值客戶以及提供差異化的優質人機協作服務。

We also delivered strong profitability. Full year adjusted EBITDA was $172 million representing a 23% margin, up approximately 100 basis points year-over-year. We expanded margins while continuing to invest in AI and product innovation, demonstrating our ability to grow efficiently and with discipline.

我們也實現了強勁的獲利能力。全年調整後 EBITDA 為 1.72 億美元，利潤率為 23%，較去年同期成長約 100 個基點。我們在持續投資人工智慧和產品創新的同時，擴大了利潤率，證​​明了我們能夠高效且有紀律地發展。

Turning to our fourth quarter results. Total revenue was $190 million in the quarter, reflecting growth of 18%. Subscription revenue increased 20% to $131 million marking the fourth consecutive quarter of accelerating growth. Subscription revenue was driven by strength in our registered agent and compliance offerings, along with contributions from Virtual Mail, our 1-800Accountant partnership and Formation Nation. This performance reflects the combined impact of several initiatives executed throughout the year, including pricing actions and improved retention in our registered agent and compliance offerings.

接下來來看看我們第四季的業績。本季總營收為 1.9 億美元，年增 18%。訂閱收入成長 20% 至 1.31 億美元，連續第四個季度實現加速成長。訂閱收入主要得益於我們註冊代理商和合規產品的強勁表現，以及 Virtual Mail、我們的 1-800Accountant 合作夥伴關係和 Formation Nation 的貢獻。這項業績反映了全年實施的多項措施的綜合影響，包括定價策略以及在註冊代理和合規服務方面提高客戶留存率。

We ended the quarter with approximately 1.94 million subscription units, up 10% year-over-year. Unit growth was driven by increased virtual mail adoption, the inclusion of Formation Nation subscriptions and bundled offerings that combine bookkeeping and legal advisory services with certain Formation products. We expect modest unit growth in 2026 as we fully lap the bundling of these offerings.

本季末，我們的訂閱用戶數約為 194 萬，較去年同期成長 10%。業務成長主要得益於虛擬郵件的普及、Formation Nation訂閱服務的加入以及將簿記和法律諮詢服務與某些Formation產品捆綁銷售。我們預計 2026 年銷售量將出現溫和成長，因為屆時我們將完全擺脫這些產品的捆綁銷售模式。

ARPU was $266 for the quarter, up 1% year-over-year. This reflects the early benefit of our focus on ARPU expansion, particularly in higher-touch human-led services, partially offset by bundled subscriptions that included lower-priced offerings. Looking ahead to 2026, we expect ARPU to be an important driver of subscription revenue growth as we see a customer mix shift toward higher-value subscriptions, including legal plans, compliance and concierge where human expertise, regulatory rigor and ongoing engagement matter most. This mix shift toward higher-value offerings reflects the early success of our human-in-the-loop strategy.

本季每用戶平均收入為 266 美元，年增 1%。這反映了我們專注於擴大 ARPU 的早期成效，尤其是在高互動性的人性化服務方面，但部分被包含價格較低產品的捆綁訂閱所抵消。展望 2026 年，我們預計 ARPU 將成為訂閱收入成長的重要驅動力，因為我們看到客戶結構正在向更高價值的訂閱轉變，包括法律計劃、合規和禮賓服務，在這些服務中，人類專業知識、監管嚴格性和持續互動最為重要。這種轉向更高價值產品組合的轉變反映了我們以人為本策略的早期成功。

We continue to see encouraging adoption of our concierge product suite. These white glove do-it-for-me offerings provide one-on-one guidance and related full-service filing and fulfillment services, allowing customers to offload complexity and focus on running their business. Today, we are selling our concierge subscription offerings online and directly through our sales force. At an average price of over $1,100 per year, they are driving stronger lifetime value and higher quality customer relationships.

我們的禮賓服務產品套件持續受到用戶的歡迎，這一趨勢令人鼓舞。這些貼心周到的服務提供一對一的指導以及相關的全方位文件歸檔和履行服務，讓客戶能夠卸下繁瑣的事務，專注於經營業務。如今，我們透過線上通路和銷售團隊直接銷售我們的禮賓服務訂閱產品。平均每年花費超過 1100 美元，它們能夠帶來更高的終身價值和更高品質的客戶關係。

Turning to transactions. Revenue increased 12% to $59 million. driven largely by Formation Nation and growth in annual report filings. This was partially offset by the expected decline in BOIR revenue. Transaction units declined 1% to 239,000, reflecting the elimination of BOIR activity, partially offset by Formation Nation transactions and higher annual report volumes.

接下來是交易環節。營收成長12%至5,900萬美元，主要得益於Formation Nation的成立及年度報告提交量的成長。BOIR收入的預期下降部分抵消了這一影響。交易單位下降 1% 至 239,000 筆，反映出 BOIR 活動的取消，但部分被 Formation Nation 交易和更高的年度報告量所抵消。

Excluding BOIR and Formation Nation, transaction units increased 5%.

除BOIR和Formation Nation外，交易單位成長5%。

We processed 112,000 business formations in the quarter, representing 17% year-over-year growth. This increase was driven by Formation Nation and continued growth in formations acquired through our partner channel. This year, we aim to further leverage our partner channel to acquire high-quality small businesses.

本季我們處理了 112,000 份企業成立申請，年增 17%。這一成長主要得益於 Formation Nation 的發展以及透過我們的合作夥伴管道收購的公司的持續成長。今年，我們計劃進一步利用合作夥伴管道，收購優質小型企業。

In 2025, we laid the foundation to scale by modernizing our partner platform building new embedded partner experiences and adding more than 100 partners and collaborators, including Perplexity, OpenAI's ChatGPT, Vistaprint, SoFi and American Express.

2025 年，我們透過現代化合作夥伴平台，建構新的嵌入式合作夥伴體驗，並新增 100 多個合作夥伴和協作方（包括 Perplexity、OpenAI 的 ChatGPT、Vistaprint、SoFi 和美國運通），為規模化發展奠定了基礎。

In 2026, we plan to build on this momentum as we deepen these relationships, expand embedded integrations and onboard a strong pipeline of SMB-focused brands.

2026 年，我們計劃在此基礎上繼續發展，深化這些關係，擴大嵌入式集成，並引入大量專注於中小企業的品牌。

Average order value was $248 for the quarter, up 13% year-over-year, driven by increased adoption of higher-priced concierge services and the elimination of lower-value BOIR transactions. Looking ahead, we expect transaction revenue growth in 2026 that benefit from higher value customer acquisition and growth in our concierge suite. Finally, deferred revenue declined by $10 million sequentially, reflecting normal seasonality in the business.

本季平均訂單價值為 248 美元，年增 13%，這主要得益於價格更高的禮賓服務日益普及以及低價值的 BOIR 交易的取消。展望未來，我們預計 2026 年交易收入將有所成長，這得益於高價值客戶的取得以及禮賓服務的成長。最後，遞延收入環比下降 1000 萬美元，反映了業務的正常季節性波動。

Turning to profitability, where all of the following metrics are on a non-GAAP basis. Fourth quarter gross margin was 71%, flat with the prior year period. Sales and marketing costs were $56 million or 30% of revenue, an increase of 29% from prior year. Customer acquisition marketing costs increased $5 million or 13%. You may recall last year, we tested lower performance marketing spend levels to evaluate efficiencies.

接下來談談獲利能力，以下所有指標均以非GAAP準則為基礎。第四季毛利率為71%，與去年同期持平。銷售和行銷費用為 5,600 萬美元，佔收入的 30%，比上年增長 29%。客戶獲取行銷成本增加了 500 萬美元，增幅達 13%。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。

In 2026, we expect to continue investing in brand and partner channel initiatives concentrated in Q1, resulting in CAM spend increasing slightly faster than revenue. Non-CAM sales and marketing expenses increased $8 million or 103% from the addition of Formation Nation and investments in our concierge sales team.

預計到 2026 年，我們將繼續投資於品牌和合作夥伴通路計劃，重點放在第一季度，這將導致 CAM 支出成長速度略高於收入成長速度。由於收購了 Formation Nation 以及對禮賓銷售團隊的投資，非客戶經理銷售和行銷費用增加了 800 萬美元，增幅達 103%。

Technology and development costs were $14 million, up 5%. General and administrative expenses were $15 million, an increase of $1 million or 10%. Our strong execution drove adjusted EBITDA of $50 million, representing a margin of 26%.

技術和開發成本為 1400 萬美元，成長 5%。一般及行政費用為 1,500 萬美元，較上年增加 100 萬美元，增幅達 10%。我們強而有力的執行力推動調整後 EBITDA 達到 5,000 萬美元，利潤率為 26%。

Free cash flow was $28 million in the quarter, down 22% compared to $36 million for the same period in 2024. Our free cash flow decrease was largely due to the timing of changes in working capital. For the full year, free cash flow was a record $148 million, up 48% year-over-year.

本季自由現金流為 2,800 萬美元，比 2024 年同期的 3,600 萬美元下降了 22%。我們的自由現金流減少主要是因為營運資本變動的時機不當造成的。全年自由現金流達到創紀錄的 1.48 億美元，年增 48%。

We ended the quarter with cash and cash equivalents of $203 million. Our cash position decreased by $34 million versus Q3 2025, driven by share repurchases, partially offset by strong free cash flow generation.

本季末，我們持有現金及現金等價物2.03億美元。與 2025 年第三季相比，我們的現金狀況減少了 3,400 萬美元，主要原因是股票回購，但強勁的自由現金流產生部分抵消了這一影響。

During the quarter, we repurchased approximately 4.3 million shares of our common stock for approximately $42 million. For the full year, we returned approximately $80 million to shareholders through share repurchases, repurchasing 8.3 million shares of our common stock at an average price of $9.71 per share.

本季度，我們以約 4,200 萬美元的價格回購了約 430 萬股普通股。全年來看，我們透過股票回購向股東返還了約 8,000 萬美元，以每股 9.71 美元的平均價格回購了 830 萬股普通股。

Through consistent share repurchases since our IPO, we've reduced our share count by approximately 10%. As of December 31, 2025, we had approximately $70 million authorized and available under our share repurchase authorization.

自公司上市以來，我們透過持續回購股票，已將股票數量減少了約 10%。截至 2025 年 12 月 31 日，我們根據股票回購授權，已獲授權並可使用約 7,000 萬美元。

So far in Q1, we have remained active in the market. As a reflection of our confidence in the business, our Board of Directors approved a $100 million increase to our existing share repurchase authorization. Our $100 million revolving credit facility remains undrawn. Supported by a strong cash position and robust free cash flow generation, we intend to continue to balance returning capital to our shareholders, investing in high-growth areas of our business and selectively assessing strategic M&A opportunities.

第一季至今，我們一直保持著市場活躍度。為了體現我們對公司業務的信心，董事會批准將現有股票回購授權增加 1 億美元。我們1億美元的循環信貸額度尚未動用。憑藉強勁的現金儲備和穩健的自由現金流，我們將繼續平衡向股東返還資本、投資於業務的高成長領域以及有選擇地評估策略併購機會。

Now turning to our outlook. We feel confident in the trajectory of the business as we exit 2025 and the stronger, more scalable foundation we are operating on. This positions us well to continue to drive high-quality growth even as we lap several initiatives from last year.

現在談談我們的展望。我們對公司在 2025 年後的發展軌跡以及我們所擁有的更強大、更具可擴展性的基礎充滿信心。這使我們能夠繼續保持高品質的成長，即使我們去年的一些舉措已經完成。

For the full year, we expect revenue in the range of $805 million to $825 million, representing approximately 8% year-over-year growth at the midpoint. This compares to 3% organic growth last year, representing meaningful acceleration. Critically, the acceleration is being driven by contributions from higher value offerings as we prioritize quality customer acquisition and our human-in-the-loop strategy.

我們預計全年營收將在 8.05 億美元至 8.25 億美元之間，以中間值計算，年增約 8%。相比之下，去年有機成長率為 3%，這意味著成長速度顯著加快。至關重要的是，這種加速成長得益於更高價值產品的貢獻，因為我們優先考慮高品質的客戶獲取和我們的人本主義策略。

For the full year, we expect to achieve adjusted EBITDA in the range of $190 million to $200 million or growth of 13% at the midpoint. Our outlook reflects improved gross margins and disciplined cost management, partially offset by higher product and marketing investments focused on higher value and established business customer acquisition.

我們預計全年調整後 EBITDA 將達到 1.9 億美元至 2 億美元，即以中間值計算成長 13%。我們的展望反映了毛利率的提高和嚴格的成本管理，但部分被專注於獲取更高價值和成熟企業客戶的更高產品和行銷投資所抵消。

Of note, we continue to be disciplined with head count as our organization onboards more AI and technology into our processes. Relatedly, we recently completed a gross reduction in headcount of 5% earlier this month, allowing for improved operating leverage while preserving investment in high-growth initiatives.

值得注意的是，隨著公司將更多人工智慧和技術融入我們的流程中，我們將繼續嚴格控制員工人數。此外，本月初我們完成了 5% 的員工人數削減，從而提高了營運槓桿，同時保留了對高成長項目的投資。

For the first quarter, we expect revenue in the range of $200 million to $203 million or 10% growth at the midpoint. This includes continued execution of our initiatives and balanced growth across transaction and subscription revenue. And we expect to achieve adjusted EBITDA in the range of $34 million to $36 million, representing a 5% year-over-year decline at the midpoint. This reflects a shift in the timing of our CAM investments with brand spend and partner channel investments weighted more heavily toward the beginning of the year to align with peak business formation seasonality. As reflected in our full year guidance, we expect a stronger year-over-year adjusted EBITDA performance over the remainder of 2026.

我們預計第一季營收將在 2 億美元至 2.03 億美元之間，即以中間值計算成長 10%。這包括繼續執行我們的各項舉措，以及在交易收入和訂閱收入方面實現均衡成長。我們預計調整後的 EBITDA 將在 3,400 萬美元至 3,600 萬美元之間，以中間值計算，年減 5%。這反映出我們在CAM投資時間上的轉變，品牌支出和合作夥伴通路投資更集中在年初，以與企業成立高峰期保持一致。正如我們在全年業績指引中所反映的那樣，我們預計 2026 年剩餘時間內調整後的 EBITDA 將實現更強勁的同比表現。

In closing, we've never been more optimistic about the future of LegalZoom and the opportunities that lie ahead. The transformational progress we have made uniquely positions us to lead in the online legal services space as the only company that combines AI-assisted legal services with human expertise at scale to deliver trustworthy, high-value products to small businesses. Through a series of high-impact initiatives, we are confident in our ability to drive strong financial performance as we further differentiate LegalZoom's competitive positioning. I'd like to thank the entire team for their efforts and dedication to our success.

最後，我們對 LegalZoom 的未來以及未來的機會從未像現在這樣充滿信心。我們所取得的變革性進展使我們獨樹一幟，在線上法律服務領域佔據領先地位，成為唯一一家將人工智慧輔助法律服務與人類專業知識大規模結合的公司，為小型企業提供值得信賴的高價值產品。透過一系列具有重大影響力的舉措，我們有信心推動強勁的財務業績，並進一步提升 LegalZoom 的競爭地位。我要感謝整個團隊為我們的成功所付出的努力和奉獻。

And with that, I will now turn the call back to the operator for Q&A. Operator?

接下來，我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions)

（操作說明）

Ella Smith, JPMorgan.

埃拉史密斯，摩根大通。

So first, Jeff, maybe for you. Are there any early metrics on how the concierge product is doing? And to what extent is that factored into your 2026 expectations?

首先，傑夫，也許這是為了你。是否有任何早期指標可以衡量禮賓服務產品的表現？那麼，您在多大程度上將此因素納入了 2026 年的預期？

Thank you, Ella. There are some early proof points and the green shoots, and we have factored those in. That said, we factored them in, in a conservative way. We're still in the early innings. We're still launching products regularly.

謝謝你，艾拉。已經有一些初步的跡象和積極的跡象，我們已經將這些因素考慮在內。儘管如此，我們還是以保守的方式將它們考慮在內。我們現在還處於比賽初期。我們仍在定期推出新產品。

We continue to launch products, but the success that we've seen is quite encouraging. And it's one of the reasons why we said this will become one of our biggest growth drivers.

我們不斷推出新產品，但目前的成功令人鼓舞。這也是我們說這將成為我們最大成長動力之一的原因。

Great. And given the strength of the business Formation Nation environment, do you see any likeliness of sizing up customer acquisition marketing throughout the year?

偉大的。鑑於 Formation Nation 的商業環境如此強勁，您認為全年是否有可能進行客戶獲取行銷？

We do. And you see this to some extent, with our Q1 marketing and we accelerated a bit of that spend earlier in the year as a result. What we're looking for are the right types of customers, not just all customers who are forming, but the ones who will go through their life cycle alongside us. And we have gotten really, really good at identifying those, targeting those and marking to them, both through traditional marketing means through our brand advertising and ultimately through the partner channel.

是的。從我們第一季的行銷中，我們在一定程度上看到了這一點，因此我們在今年稍早加快了這方面的支出。我們尋找的是正確的客戶類型，不僅僅是所有正在形成的客戶，而是那些將與我們一起經歷生命週期的客戶。我們已經非常擅長識別這些目標群體，並針對這些群體進行行銷，既可以透過傳統的品牌廣告行銷方式，最終也可以透過合作夥伴管道進行行銷。

And just to add, Ella, the Q1 incremental marketing spend is driven primarily by brand. And so that's a message that we want to get out there early. That's their peak seasonality in terms of customer demand. And you'll see for the full year, we're still expecting CAM spend to be relatively in line from a percent of revenue standpoint for the full year, maybe a slight -- growing slightly faster than revenue, but the timing throughout the year will be a little bit more optimized to our peak seasonality.

另外補充一點，Ella，第一季新增行銷支出主要由品牌驅動。所以，這是我們想儘早傳達的訊息。那是他們客戶需求的旺季。您將會看到，從全年來看，我們仍然預計 CAM 支出佔收入的百分比將與全年基本持平，可能會略微增長，增速略高於收入，但全年的時間安排將更加優化，以適應我們的旺季。

And the other thing to mention is our marketing is performance-based, right? So if we see strength in demand, we will spend up into that. And if we see some softer demand, then it adjusts appropriately as well.

還有一點要說明的是，我們的行銷是以效果為導向的，對吧？所以，如果我們看到需求強勁，我們就會增加支出以滿足需求。如果需求疲軟，我們也會做出相對應的調整。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Two for me. First, just on the revenue growth guide and the cadence throughout the year. It does imply a bit of a step down for the full year, kind of starting the year in 1Q at 11% at the high end full year 9%. Is that just a function of the tougher compares as the year goes on, lapping Formation Nation here in 1Q?

偉大的。我兩個。首先，我們來看看全年的營收成長預期和節奏。這確實意味著全年增速會略有下降，第一季增速約為 11%，全年增速上限約為 9%。隨著賽季的進行，對手實力越來越強，這是否就是第一季被 Formation Nation 甩開的原因？

Or is there something else going on?

還是有其他原因？

And then my second question for Jeff kind of relatedly, what needs to go right from here to be a durable double-digit grower? You've said in the past that you intend to accelerate growth without having to dip into margins. And my rough math is you grew kind of high single digits organic in '25. In '26 is somewhere around kind of stable or slight acceleration in that upper half of the guide. So what needs to go right to get back to double-digit growth durably?

然後，我的第二個問題也與此相關，那就是，要成為一款能夠持續實現兩位數成長的股票，接下來需要做哪些事情？你之前曾說過，你打算在不削減利潤的情況下加速成長。我粗略計算了一下，你們在 2025 年的有機產品成長率達到了個位數。'26 大約在指南的上半部比較穩定或略有加速。那麼，要實現兩位數的持續成長，需要做對哪些事情呢？

Yes. Thanks for the question, Trevor. I think importantly and excitingly, the outperformance we saw in Q4 was driven by several different initiatives where we're seeing strength in the business. We mentioned in our prepared remarks, our compliance-related retention rates are improving, which we're really excited about. I think that speaks generally to the health of our customer base in the broader environment, but we're also seeing strength in the younger cohorts, which we think is a reflection or a signal of some of the value improvements we've made in terms of the delivery of our service.

是的。謝謝你的提問，特雷弗。我認為，第四季業績的優異表現，尤其令人振奮的是，是由幾個不同的舉措推動的，這些舉措都展現了業務的強勁勢頭。我們在事先準備好的演講稿中提到，我們的合規相關客戶留存率正在提高，對此我們感到非常興奮。我認為這總體上反映了我們客戶群在整體環境下的健康狀況，但我們也看到年輕群體表現強勁，我們認為這反映或表明了我們在服務交付方面所做的一些價值改進。

We also saw a strength in Virtual Mail, Formation Nation, our partner channel. So lots of initiatives that we expect to carry forward and drive growth in 2026.

我們也看到我們的合作夥伴管道 Virtual Mail 和 Formation Nation 也表現出色。因此，我們有許多舉措預計將在 2026 年繼續推進並推動成長。

But to your point, there are some meaningful initiatives that were really successful in 2025 and drove growth that are creating some comping challenges and grow overs including Formation Nation, our 1-800Accountant and tax partnership, some pricing that we did last year and those do accelerate throughout the year. So you hit the nail on the head. That is what is creating some of the decel that you see from Q1 relative to the full year guide.

但正如您所說，2025 年有一些意義重大的舉措取得了真正的成功，推動了增長，但也帶來了一些競爭挑戰和增長過快，包括 Formation Nation、我們的 1-800Accountant 和稅務合作項目，以及我們去年進行的一些定價，這些舉措在一年中都會加速發展。你一語中的。這就是為什麼第一季相對於全年預期出現成長放緩的原因之一。

And to address your second question, which is very much related to the first and similar to what we were talking about earlier with Ella's question and as well, what we talked about at your conference when we dug into the things that need to happen, we've laid most of the groundwork there. And I think we're being appropriately smart and thoughtful about what our guide is in '26. But the reality is our guide does show organic acceleration, and it's already pretty significant. To shift over into the double-digit side where we want to be, where we are looking to be as we come out of '26 and into '27, what needs to go right is this human-in-the-loop strategy. First and foremost, it needs to expand our serviceable addressable market.

至於你的第二個問題，這個問題與第一個問題密切相關，也與我們之前討論 Ella 的問題以及我們在你們的會議上深入探討需要做的事情時所討論的內容類似，我們已經為此奠定了大部分基礎。我認為我們在製定 2026 年的指南時，已經做到了恰當的明智和深思熟慮。但現實情況是，我們的指南確實顯示了自然加速，而且這種加速已經相當顯著了。為了實現我們想要達到的兩位數成長率，也就是我們希望在 2026 年後、2027 年達到的成長率，關鍵在於人本主義策略的正確實施。首先，我們需要擴大我們的服務目標市場。

We talked about this a number of times. This allows us to penetrate into a broader set of small businesses, those who are established, those who will give us greater share of wallet and those who are going to grow with us and such that we can grow alongside them.

我們討論過這個問題好幾次了。這使我們能夠打入更廣泛的小型企業市場，包括那些已經成立的企業、那些能夠為我們帶來更大市場份額的企業、那些能夠與我們共同成長的企業，這樣我們就可以與他們共同成長。

And then second, as we look at this AI opportunity, it also incrementally drives the SAM in a different way. in that what you're doing is you're opening up a market of individuals, mainly small business owners who didn't know they previously had a legal problem. And we are already seeing that now. So we're seeing green shoots on the market expansion and then we're able to capture those, clip those with the new products that we're developing. So as we deploy more and more products, as we start to lap the 1-year indicator on subscription so that we can see what churn looks like and retention, that's where we're going to have increasing confidence and be able to increase that guide.

其次，當我們審視人工智慧帶來的機會時，它也以不同的方式逐步推動了軟體資產管理（SAM）的發展。因為你正在開拓一個由個人（主要是小企業主）組成的市場，他們之前並不知道自己有法律問題。我們現在已經看到了這種情況。所以我們看到市場擴張出現了復甦的跡象，然後我們能夠抓住這些機會，透過我們正在開發的新產品來把握這些機會。因此，隨著我們推出越來越多的產品，隨著我們開始衡量訂閱用戶一年以上的指標，以便了解流失情況和留存情況，我們將越來越有信心，並能夠提高該指導方針的準確性。

Michael McGovern, Bank of America.

麥可·麥戈文，美國銀行。

I guess could you speak to the conversations that are ongoing with some of your partners, I think you mentioned Perplexity, OpenAI. How do you -- can you update us on like the mechanics of how you get to being that last-mile delivery type of provider for legal services for LLMs and what does that kind of handoff look like from the middle mile to the last mile in that scenario?

我想您能否談談您與一些合作夥伴正在進行的對話，我想您提到了 Perplexity 和 OpenAI。您能否向我們介紹一下，您是如何成為LLM法律服務「最後一公里」交付型提供者的？在這種情況下，從中間環節到最後一公里的交接過程是怎麼樣的？

Great question, something we're deeply focused on something I am personally incredibly excited about and have taken the initiative and lead alongside our business development team and the operations and technology folks. The bottom line is the right answer is we don't know and they don't know yet. However, both parties have identified a problem, whether AI is able to complete the first 80%, 85% or 90% can be in dispute. Whether they will be able to finish the job for most small businesses is not dispute. There is no question that more and more people are self-identifying as having a legal issue.

問得好，這正是我們重點關注的領域，也是我個人非常興奮並主動與我們的業務發展團隊、營運和技術人員一起領導的領域。歸根究底，正確答案是我們不知道，他們也不知道。然而，雙方都意識到一個問題，即人工智慧能否完成前 80%、85% 或 90% 的工作尚存爭議。他們能否為大多數小型企業完成這項工作並無爭議。毫無疑問，越來越多的人認為自己遇到了法律問題。

And what we want to do is make sure that we are front and center and perhaps the only solution in many cases to solve that last mile. And when you think about the infrastructure that we have, thousands of network lawyers and owned and operated law firm, the ability to tackle national matters, local matters, state matters, IP matters, personal matters, there really isn't anyone on the technology side positioned at all, forget well positioned to tackle the problem of I've reviewed something, I've identified some issues. I either feel reasonably comfortable with like a second opinion or I don't even understand what I'm supposed to be signing outside of LegalZoom. And that's where we come in, and we've been rapidly working both on the partnership side and on the technology and product integration side to make sure that we are there when these technologies actually get a customer to an awareness stage and 80% stage and then now what? And we want to be that solution to the now what.

我們希望確保自己處於中心位置，並且在許多情況下，成為解決最後一公里問題的唯一解決方案。想想我們擁有的基礎設施，成千上萬的網路律師和自營律師事務所，以及處理國家事務、地方事務、州事務、知識產權事務、個人事務的能力，在技術方面，真的沒有人能夠，更不用說很好地解決「我審查了一些東西，我發現了一些問題」這個問題了。要嘛我覺得聽第二意見比較放心，要嘛我根本不明白除了 LegalZoom 之外，我到底該簽些什麼。這就是我們介入的地方，我們一直在合作夥伴關係以及技術和產品整合方面迅速努力，以確保當這些技術真正將客戶帶到認知階段和 80% 階段時，我們能夠及時提供幫助，然後呢？我們希望成為解決「接下來該怎麼辦」這個問題的方案。

Got it. And a quick follow-up. I think in the past, you've talked about how you're relatively platform-agnostic, if you will, when it comes to LLM. Is it safe to say you're attempting to have more and more conversations throughout the industry longer term, expand partners longer term?

知道了。還有一個後續問題。我認為你過去曾說過，在LLM方面，你相對來說是平台無關的。是否可以說，你們正試圖與業內人士進行更多長期的對話，並拓展長期的合作夥伴？

Absolutely. That is that statement is spot on.

絕對地。這句話說得完全正確。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

This is Lucas (inaudible) on for Elizabeth Porter tonight. Could you talk to the contribution from Formation Nation to both subscription and transaction revenue in Q4? And how might that progress throughout the year if new business formations remain strong?

今晚為伊莉莎白波特主持節目的是盧卡斯（聽不清楚）。能否談談 Formation Nation 在第四季對訂閱收入和交易收入的貢獻？如果新企業成立數量保持強勁，那麼這一趨勢在一年中會如何發展？

Yes. This is Noel. I'll take that question. So in Q4, Formation Nation contributed about $9.8 million on the transaction side and $5.7 million in subscription revenue. Formation Nation, since we acquired them, the business has performed really nicely.

是的。這是諾埃爾。我來回答這個問題。因此，在第四季度，Formation Nation 在交易方面貢獻了約 980 萬美元，訂閱收入為 570 萬美元。自從我們收購 Formation Nation 以來，該公司的業務表現非常出色。

A lot of that stems from the integration and the sharing of resources and knowledge between the 2 groups. And we have an expectation that, that business will continue to grow in 2026. So we're seeing growth throughout 2025, and the expectation is that momentum carries forward.

這很大程度源自於兩個團體之間的整合以及資源和知識的分享。我們預計，這項業務在 2026 年將繼續成長。因此，我們預計 2025 年將持續成長，並且這種成長勢頭有望延續下去。

Got it. Super helpful. And then how do you think about the additional investments needed to ramp up the human-in-the-loop and last-mile services within the business? And then as you expand into new products next year, how that progresses?

知道了。非常有用。那麼，您如何看待為提升企業內部的人機協作和最後一公里服務所需的額外投資呢？那麼，明年隨著你們拓展新產品，進展如何呢？

Yes. I'll take it at a high level and maybe speak to any specifics, but there will and have been and will continue to be significant investment going into that. That's at the high level. Underneath, we're seeing material savings in other areas. Both of these are driven by AI.

是的。我會從宏觀層面談談這個問題，也許會涉及一些具體細節，但過去、現在和將來都會有大量資金投入這方面。這是高層次的情況。在底層，我們看到其他方面也實現了材料節約。這兩項都由人工智慧驅動。

One is strategic, shifting to that human in the loop. The other is tactical, driving AI throughout our organizations to create savings that we can use to deliver what we need to do on the product side for human-in-the-loop and continue to drive margin expansion. And you can see this in the dichotomy between a really strong print in Q4 accelerated growth into 2026 and beyond. Yet we did an approximately 5% reduction of force that we just announced because we were able to do it with some of the technology efficiency that we've driven throughout the organization.

一種方法是策略性的，即把重心轉移到人身上。另一種策略是，在整個組織中推動人工智慧，以創造我們可以利用的節省資金，在產品方面實現人機協同，並繼續推動利潤成長。這一點可以從第四季度強勁的業績與 2026 年及以後的加速成長之間的矛盾中看出。然而，我們剛剛宣布，我們實現了大約 5% 的裁員，因為我們能夠做到這一點，是因為我們在整個組織中推動了一些技術效率的提升。

Yes. And I would just say that you can see that reflected in our guide. We've been very conscious of balancing both the focus on revenue growth as well as profitability. And so we've realized margin improvements for several consecutive years now in our guide. suggest a margin improvement, both from a gross margin standpoint and an EBITDA margin standpoint in 2026.

是的。我想說的是，這一點在我們的指南中也有所體現。我們一直非常注重平衡營收成長和獲利能力。因此，我們的業績指南顯示，利潤率已連續數年實現提升。預計到2026年，無論從毛利率或EBITDA利潤率來看，利潤率都將有所提高。

So those efficiencies -- and we still feel like we're middle innings. We're getting more efficient every day. We're leveraging a lot of the tools that folks are talking about in market to generate efficiencies. And as Jeff said, we're balancing, reinvesting some of those in growth and taking some to the bottom line.

所以，儘管效率有所提高，但我們仍然感覺比賽還處於中局階段。我們每天都在提高效率。我們正在利用市場上人們都在談論的許多工具來提高效率。正如傑夫所說，我們正在努力平衡，將部分資金再投資於成長，並將部分資金用於提高利潤。

Matt Condon, Citizens.

馬特康登，市民。

My first one is just as you continue to focus more on acquiring existing businesses and last on business formation. Have you seen any material change in the top of funnel metrics to date? Or is that more of an opportunity as we move into 2026? And then my second question is just on competitive dynamics. Just have you seen or observed any meaningful changes in the competitive landscape over the past few quarters?

我的第一個建議是，你們繼續更重視收購現有企業，而最後才是企業組成。到目前為止，您是否觀察到銷售漏斗頂端指標有任何實質變化？或者，隨著我們邁入 2026 年，這反而是更大的機會？我的第二個問題是關於競爭動態的。在過去的幾個季度裡，您是否觀察到競爭格局發生了任何實質的變化？

Any new entrances, anything different from existing players? And just how do we think about competitive intensity in 2026?

是否有新的入口，與現有玩家有何不同？那麼，我們該如何看待2026年的競爭強度呢？

Those questions are actually interrelated. So I'll again try to take those at a high level. When you look at the opportunity for existing businesses, as we mentioned in the last couple of quarters, we've started with our own base of businesses, and we have seen proof points and growth therein. We have gone from there to leverage partners. It is probably one of the biggest unlocks in the strategy because we can now go to an SMB ecosystem of partners to start to drive customers that way and leverage other people's channels.

這些問題其實是相互關聯的。所以我會再次努力把這些都做到高水準。當我們審視現有企業的機會時，正如我們在過去幾個季度中所提到的，我們從自己的企業基礎開始，並且已經看到了其中的成功和成長。我們由此開始利用合作夥伴。這可能是該策略中最大的突破之一，因為我們現在可以進入中小企業合作夥伴生態系統，開始以這種方式吸引客戶，並利用其他人的管道。

And we've had some success, some early success with the partner channel and driving partnerships. And ultimately, we think that the real opportunity is going to come in '26 and beyond. as we start to grow those partnerships and then do direct marketing. But again, that's really a '27 and beyond point more than anything.

我們在合作夥伴管道和推動合作關係方面取得了一些成功，並取得了一些初步成功。最終，我們認為真正的機會將在2026年及以後到來，屆時我們將開始發展這些合作關係，並開展直接行銷。但話說回來，這其實更多是2027年及以後的事了。

And then on the competitive intensity side, sorry, I didn't mean to ignore that. Although we haven't seen much. Frankly, we look at much of what people have considered as competitors, potential partners for us because what we are doing with this human-in-the-loop strategy isn't something that those competitors can do. They are largely pure-play software providers. So from my standpoint, our standpoint, the real focus is how can we work with them and dominate this larger expanded SAM in such a way that what you might historically think of as a competitor should actually want to partner with us or might need to actually send customers our way just so that they can solve those customers' problems.

至於競爭強度方面，抱歉，我並非有意忽略這一點。雖然我們還沒看到太多。坦白說，我們把很多人視為競爭對手的那些公司，都看作是我們的潛在合作夥伴，因為我們採用的這種人機協同戰略，是那些競爭對手無法做到的。它們基本上都是純粹的軟體供應商。所以從我的角度來看，從我們的角度來看，真正的重點是我們如何與他們合作，並在這個更大的擴展的SAM中佔據主導地位，以至於你過去可能認為的競爭對手實際上應該想要與我們合作，或者實際上需要將客戶介紹給我們，以便他們能夠解決這些客戶的問題。

Patrick McIlwee, William Blair.

麥克伊爾維，威廉布萊爾。

Great results here. And so my first question, I believe in September of 2025, you lapped some of the changes you made to your compliance pricing and your bundling strategy. Noel, with that said, is there any way you can frame or quantify the impact that had over the last year, just as we think about how impressive your fourth consecutive quarter of accelerating growth was?

結果非常棒。所以我的第一個問題是，我相信在 2025 年 9 月，你們對合規定價和捆綁銷售策略所做的一些改變已經過時了。諾埃爾，話雖如此，你能否描述或量化過去一年來的影響？畢竟，我們都在思考你連續第四個季度加速成長是多麼令人印象深刻。

Yes. I think first of all, the growth acceleration came from multiple fronts. Part of it was the bundling. Part of it was pricing action. Part of it was just some of our other products attaching well and then finally starting to see some improvement in retention as well.

是的。我認為，首先，成長加速來自多個方面。部分原因是捆綁銷售。部分原因是價格策略。一部分原因是我們的其他一些產品附著力良好，然後最終也開始看到保持力提高。

So it was really multifaceted.

所以這件事牽涉到方方面面。

I will say the bundling that we did -- we did multiple different trials of different bundles throughout the year. That's something that we're going to continue to do. We're going to continue to test in that regard and include different products. What we saw was that really helped progress us along our focus on quality share and driving quality customers to us. And it really impacted SKU mix.

我想說的是，我們所做的捆綁銷售——我們全年進行了多次不同捆綁銷售方案的試驗。這是我們將會繼續做的事情。我們將繼續在這方面進行測試，並納入不同的產品。我們發現，這確實有助於我們專注於提高市場份額並吸引優質客戶。這確實對 SKU 組合產生了影響。

So we started to see people move up SKU into more of our premium SKUs as some of the foundation that supported what we saw on the concierge side.

因此，我們開始看到人們從低端 SKU 升級到我們更多的高端 SKU，因為這是我們在禮賓服務方面所看到的一些基礎。

So it has different tentacles and there are multiple fronts driving it. I wouldn't call out any one in particular, as being the clear driver of growth.

所以它有不同的觸角，並且有多個戰線在驅動它。我不會特別指出哪一個人是成長的直接推動者。

Okay. And I know formations grew substantially year-over-year, understanding that's not a big focus anymore, but Obviously, they grew largely year-over-year. You've got a larger denominator there, but it does look like your share slipped a bit more than normal even with the contribution of Formation Nation. Is that largely a result of your focus on higher intent customers? Or how should we think about your pursuit of share versus customer LTV going forward?

好的。我知道陣型逐年大幅成長，雖然這不再是關注的重點，但顯然，它們確實逐年大幅成長。你們的分母比較大，但即使算上 Formation Nation 的貢獻，你們的份額看起來也比正常情況下滑得更多一些。這主要是因為你們更重視高意向客戶嗎？或者，我們應該如何看待您未來在追求市場佔有率和客戶終身價值之間的平衡？

Yes. This is something we've been talking about for a while, where we are keenly focused on quality share. We want customers that are serious about starting a business or willing to make an investment in that business. And we think those customers we can help and they'll sustain longer, which creates more of an LTV opportunity for us.

是的。這是我們討論已久的話題，我們非常注重高品質的市場佔有率。我們希望客戶是那些認真想要創業或願意為創業進行投資的人。我們認為，如果我們能夠幫助這些客戶，他們就會持續使用我們的服務，這將為我們創造更大的客戶終身價值機會。

And so from a macro standpoint, I'd say the macro has been supportive. We feel like it's a very healthy environment, but we think some of the census reporting is anomalous. And we've seen it where it's been weak, and we don't feel that in our business has been stronger. We don't feel that same impact that we had previously. And I think that's partly because of this focus on quality share.

因此，從宏觀角度來看，我認為宏觀環境是有利的。我們覺得這裡的環境非常健康，但我們認為有些人口普查報告有異常情況。我們已經看到它在某些方面表現疲軟，而且我們感覺在我們自己的業務中，它的表現並沒有那麼出色。我們感覺不到以前那種影響力了。我認為這部分原因在於對高品質市場佔有率的重視。

It's partly because we've increased the percentage of our business that's subscription-oriented. So we generally take a neutral position when we think about our plan and expectations moving forward from a macro standpoint. And our expectation is that we will meet the guidance that we set out for the year regardless of the macro backdrop.

部分原因是我們的訂閱業務比例增加。因此，從宏觀角度考慮未來的計劃和預期時，我們通常會採取中立立場。我們預計，無論宏觀經濟情勢如何，我們都能實現今年設定的業績目標。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is John Byun on behalf of Brent Thill. Just two questions. One, you mentioned 3% organic growth in '25. And how we should think about the 8% guide that you gave. I mean is that comparable to that 3%?

我是約翰·比恩，代表布倫特·希爾。就兩個問題。第一，你提到 2025 年有機成長率為 3%。我們應該如何看待您給予的 8% 指導原則？我的意思是，這和那3%相比如何？

And obviously, it depends on how you treat Formation, I guess.

顯然，這取決於你如何看待陣型。

And then on the concierge products, I mean you've rolled out several, I suppose, in -- which one is doing better? Are you seeing more traction, more success?

至於禮賓服務產品，我的意思是，你們已經推出了好幾款產品，我想──哪一款賣得更好？您是否看到了更大的發展動力和更多的成功？

Yes. On the guidance, yes, you could think about -- we think about those as apples-to-apples. There's a little rounding errors around that in terms of we're not taking any credit in that 3% for growth that we drove post the acquisition within Formation Nation. And then this year, there's a little bit of inorganic from the timing of the acquisition last year. But that's the reason why we called that out is to really shed a light on the fact that organically the business we expect to accelerate this year from a full year basis.

是的。關於指導意見，是的，你可以考慮一下——我們認為這些是同類比較。就此而言，存在一些四捨五入的誤差，我們不會將收購後 Formation Nation 內部實現的 3% 的成長歸功於自己。然後，今年由於去年收購的時間安排，出現了一些非內生性成長。但我們之所以特別指出這一點，是為了真正闡明這樣一個事實：我們預計今年的業務將比去年同期加速成長。

Yes. We're actually pretty excited about the organic trajectory. I'd say we're pleased but not satisfied. We can do better, but it's in the right direction.

是的。我們對這種自然發展軌跡感到非常興奮。我覺得我們挺高興，但不完全滿意。我們還可以做得更好，但方向是對的。

And on concierge, I would say our compliance-oriented products around concierge feels like the strongest uptake in adoption right now and the biggest opportunity for us long term. So that's the predominant one that we're focused on because it is so opaque between regional, state and national levels. How to remain compliant, particularly how that changes over time, and that's where our concierge experts and specialists really add a lot of value.

至於禮賓服務，我認為我們以合規為導向的禮賓服務產品目前在市場接受度方面表現最為強勁，也是我們長期發展的最大機會。所以這是我們重點關注的主要問題，因為區域、州和國家層級之間的資訊非常不透明。如何保持合規，尤其是隨著時間的推移合規性會發生怎樣的變化，而這正是我們的禮賓專家和專業人士真正能發揮很大價值的地方。

And one of the ways we really activate customers within our base is through communication around their compliance status, right? Many businesses, they start -- in compliance when they start their business, but over time, their businesses evolve and change in their compliance either regulatory requirements change or the business becomes more complex in their individual set of requirements change and they fall out of compliance. And so starting with reinstatement by letting folks know that they're out of compliance and those folks responding saying, "Hey, I need your help," getting reinstated. And then clearly, I also need help managing my compliance moving forward. So that's been a real successful approach for us as well.

我們真正啟動現有客戶群的方式之一，就是透過與客戶溝通他們的合規狀態，對吧？許多企業在創業之初都遵守規定，但隨著時間的推移，它們的業務不斷發展變化，合規情況也隨之改變，要么是監管要求發生變化，要么是業務變得更加複雜，其自身的需求也發生變化，最終導致它們不再合規。因此，首先要讓那些不合規的人知道他們違反了規定，然後那些回應說「嘿，我需要你的幫助」的人就會被恢復資格。顯然，我還需要幫助來管理我今後的合規事宜。所以，這對我們來說也是一個非常成功的方法。

And that really extends that learning, we think, will extend into the opportunity for existing businesses.

我們認為，這確實能拓展學習的範圍，並為現有企業帶來機會。

Kishan Patel, Raymond James.

Kishan Patel，Raymond James。

This is Kish Patel on for Josh Beck. How are you thinking about the potential impact to key workflows or billing terms across the core business and human expert network as agentic legal tools and software start to proliferate?

這裡是基什·帕特爾，代喬什·貝克為您報道。隨著代理法律工具和軟體的普及，您認為這對核心業務和人類專家網路的關鍵工作流程或計費條款可能產生哪些潛在影響？

I mean for us, it's actually an accelerant in two respects. First, internally because we use so many of those workflows to actually power our human-in-the-loop strategy. It actually allows us to scale more cost effectively. And externally, it drives increased SAM, serviceable addressable market. So as we said earlier, this is a big unlock for us to increase our market and market share of those established and existing businesses.

我的意思是，對我們來說，它實際上在兩個方面起到了促進作用。首先，在內部，因為我們使用了許多這樣的工作流程來實際支援我們的人機協作策略。實際上，這使我們能夠以更經濟高效的方式擴大規模。從外部來看，它推動了可服務目標市場 (SAM) 的成長。正如我們之前所說，這對我們來說是一個很大的突破，可以擴大我們在現有企業中的市場份額。

Got it. And can you share any trends through the year into 1Q '26 on how AI search is impacting traffic and conversions?

知道了。您能否分享今年到 2026 年第一季度，人工智慧搜尋對流量和轉換率的影響趨勢？

Sure. I mean, look, it's still pretty early in terms of what is happening, but the trend should look no different and look no different than what you're seeing overall in the general market. You're seeing less and less traffic and quality traffic come through traditional search engines and more and more coming from AI queries. And we're seeing that as well, and we're actually taking advantage of that as what we see as a key opportunity into '26 and '27.

當然。我的意思是，你看，現在就目前的情況來看還為時過早，但趨勢應該不會有什麼不同，也不會與你在整個市場中看到的整體趨勢有任何不同。你會發現，透過傳統搜尋引擎獲得的流量和高品質流量越來越少，而來自人工智慧查詢的流量越來越多。我們也看到了這一點，我們正在利用這一點，將其視為 2026 年和 2027 年的關鍵機會。

Yes. I think one other trend to call out there is when you think about the traffic coming through, it's higher qualified traffic. There's more folks that are getting questioned and answered without while still in AI experience. So the ones that actually come through tend to be more highly qualified and convert better.

是的。我認為另一個值得一提的趨勢是，當你考慮流量時，你會發現流量的品質越來越高。越來越多的人在缺乏人工智慧經驗的情況下，被問到問題並獲得解答。因此，真正通過篩選的人往往素質更高，轉化率也更高。

Ron Josey, Citi.

Ron Josey，花旗銀行。

Jeff, you talked about reorienting to higher-value clients and broadening the customer base. Just talk to us about the tools the team is using to do just that and the progress you're making. And then, Noel, on the shift in timing of marketing it makes a lot of sense given the seasonality here in the year, but talk to us about the brand focus and where you plan to be ramping the spend on marketing? And when do you think you'll see the returns, is this a 1Q thing? Or is this a quarter lag?

傑夫，你曾談到要重新調整方向，轉向更高價值的客戶，並擴大客戶群。請您詳細介紹團隊正在使用哪些工具來實現這一目標，以及您目前的進展。諾埃爾，關於行銷時間的調整，考慮到一年中的季節性，這很有道理。但請談談品牌重點以及你們計劃在哪些方面加大行銷投入？那你覺得什麼時候能看到回報？是第一季就能實現嗎？還是這是季度滯後？

Great. Thank you. On that first question with respect to the tools that we're using, I'll break it up into 2 categories and then probably break it down even further. On the tools question directly, what you're asking, we're leveraging a variety of different AI systems. What we're not doing is leveraging specialized systems.

偉大的。謝謝。關於我們使用的工具，第一個問題，我會將其分為兩類，然後可能會進一步細分。關於您提出的工具問題，我們正在利用各種不同的人工智慧系統。我們沒有做的是利用專門的系統。

So most of them are on the generalized side. We discussed what we're doing with Perplexity and with OpenAI and ChatGPT. We're seeing huge efficiency gains and advantages that help us drive new product deployment at faster rate, which is absolutely critical as we focus on the other side of the toolkit which are these experts that we're bringing in. We -- right out of the gate, when I joined, started to bring in that service layer back that we didn't have prior, and we've now been filling that out with layers on top of that. So we went from service and sales to concierge, think of those as business consultants and business advisers to our legal network, which we're getting more and more in twined indoor products and becoming more customer facing.

所以它們大多屬於概括性描述。我們討論了我們正在與 Perplexity、OpenAI 和 ChatGPT 合作的工作。我們看到了巨大的效率提升和優勢，這有助於我們更快地推進新產品的部署，這至關重要，因為我們將重點放在工具包的另一邊，也就是我們正在引進的這些專家身上。我加入公司後，我們立即著手恢復先前沒有的服務層，現在我們又在此基礎上添加了其他層。因此，我們從服務和銷售轉向禮賓服務，可以把他們看作是我們法律網絡的商業顧問和商業諮詢師，我們在室內產品領域越來越注重與客戶的聯繫，並且越來越注重與客戶的直接溝通。

What is effectively allowing us to do is take a model that wouldn't have scaled prior because if you had a lawyer, they might be able to manage 10 clients a day and get the lawyer to leverage technology or the concierge rep to leverage technology or the service rep to leverage technology to go from 10 customers to 100 to 1,000 and then on so that it scales proportionately or super linearly even in some cases such that we can expand margins and drive more throughput while satisfying our customers' problems.

實際上，這使我們能夠採用一種以前無法擴展的模式，因為如果你有一個律師，他一天可能只能管理 10 個客戶，而現在，律師、禮賓代表或服務代表可以利用技術，將客戶數量從 10 個增加到 100 個，再到 1000 個，然後繼續增加，從而實現成比例或超線性增加到 100 個，再到 1000 個，然後繼續增加，從而實現成比例或超線性，甚至在某些超線性情況下增加能力。

So we are rapidly deploying technology. Some of it is owned and operated, and we're doing it in-house. This is particularly around our data on the proprietary side. But most of it, we're leveraging generalized systems and specializing it to our various use cases.

因此，我們正在快速部署技術。其中一些是我們擁有和經營的，我們正在內部進行這項工作。這尤其涉及到我們專有數據方面的問題。但大多數情況下，我們都是利用通用系統，並根據我們的各種用例進行專門化改造。

Yes. And on the brand side, we've been very happy with some of the changes we made throughout 2025, the new assets that we created, the messaging has worked really well. And what we saw is as we increase brand as a percentage of our total CAM spend, we really still saw a strong ROAS without some of that deferred realization of value that you would otherwise would expect. And so we're leaning further into that, in particular, in Q1, which we think is well timed, and that's through connected TV, YouTube, social channels. We're trying to stay very diversified with the places that we post our brand messaging.

是的。在品牌方面，我們對 2025 年所做的一些改變非常滿意，我們創造的新資產，以及訊息傳遞，都取得了非常好的效果。我們發現，隨著品牌廣告支出佔總廣告活動支出的比例增加，我們仍然看到了強勁的廣告支出回報率，而且沒有出現通常情況下預期會出現的價值延遲實現。因此，我們將進一步加大力度，尤其是在第一季度，我們認為時機正好，我們將透過連網電視、YouTube 和社群管道來推廣。我們努力讓品牌訊息的發布管道保持多元化。

And we expect that to pay dividends in a relatively short period of time.

我們預計這將在相對較短的時間內帶來回報。

As a reminder, with the heavy subscription orientation of the business from a revenue standpoint, if you generate bookings in Q1, you'll realize some of that revenue throughout the year. But that's why we're making a --

提醒一下，由於該業務的收入主要依賴訂閱模式，如果您在第一季產生訂單，您將在全年獲得部分收入。但這就是我們製作的原因--

And the final piece and this speaks to the spend that we're doing in brand right now is this also drives forward into our partner strategy. As we show the brand strength and the quality of our human-in-the-loop strategy intertwined with that trust that comes with an answer and a service that comes from LegalZoom, that helps drive that partner strategy forward as well.

最後一點，也體現了我們目前在品牌上的投入，也推動了我們的合作夥伴策略。當我們展現出品牌實力和以人為本的策略質量，以及LegalZoom提供的解答和服務所帶來的信任時，這也有助於推動合作夥伴策略向前發展。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

If I heard you guys correctly on the prepared remarks section, it seems like Formation Nation is driving growth in subscription units as well. So can you talk about the success that you might be having in moving that customer base from what was probably historically, the one-and-done transaction to upselling them other products from the broader sort of LegalZoom portfolio?

如果我沒聽錯你們在準備好的發言稿部分的內容，Formation Nation 似乎也在推動訂閱用戶數量的成長。那麼，您能否談談您在引導客戶群從以往的一次性交易轉變為向他們追加銷售 LegalZoom 更廣泛的產品組合中的其他產品方面所取得的成功？

Sure. And look, the success is similar to what we have done in LegalZoom proper. I would argue that if anything, it is slower than what we would like. And I think that there is even more to be done. But remember, this is our value price service offering.

當然。你看，這種成功與我們在 LegalZoom 本身的成功類似。我認為，如果說有什麼不足的話，那就是速度比我們預期的要慢。我認為還有更多工作要做。但請記住，這是我們提供的超值服務。

So we have been driving more and more of the lower cost or lower propensity to purchase customers towards those brands, particularly Inc Authority, but they continue to have strong success both converting in general and then shifting to subscription where appropriate. So I actually suspect there'll be more to come.

因此，我們一直在引導越來越多的低成本或購買意願較低的客戶轉向這些品牌，特別是 Inc Authority，但他們仍然取得了巨大的成功，無論是在整體轉換率方面，還是在適當的時候轉向訂閱模式。所以我懷疑還會有更多後續報道。

All right. Thank you. I'm not showing any further questions at this time. With that, this concludes the question-and-answer session. Thank you for your participation in today's conference.

好的。謝謝。我目前不再提出其他問題。問答環節到此結束。感謝您參加今天的會議。

This does conclude the program. You may now disconnect. Everyone, have a great day.

節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。