LegalZoom.com, Inc. (LZ) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to LegalZoom’s second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today’s conference is being recorded.

大家好，感謝各位撥冗等候。歡迎參加 LegalZoom 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將進行錄音。

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

現在我想把電話交給今天的第一位講者，投資人關係主管 Madeleine Crane。請開始。

Thank you, operator. Welcome to LegalZoom’s second quarter 2026 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，接線員。歡迎參加 LegalZoom 2026 年第二季財報電話會議。今天與我一同出席的有董事長兼執行長 Jeff Stibel，以及營運長兼財務長 Noel Watson。

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

提醒各位，我們在本次電話會議中將發表前瞻性陳述。這些前瞻性陳述可透過使用例如 believe（相信）、expect（預期）、plan（計畫）、anticipate（預估）、will（將）、intend（打算）及類似用語加以辨識，且並非、也不應被依賴為未來績效或結果的保證。

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.

此類前瞻性陳述係基於管理層的假設與預期，以及截至今日我們可取得的資訊。這些前瞻性陳述亦受風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。

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 10-Q filed with the Securities and Exchange Commission. Except as required by law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise.

這些風險與不確定性已載明於我們今日發布的新聞稿，以及我們向美國證券交易委員會提交之最新 Form 10-Q 季度報告中的「風險因素」章節。除法律要求外，我們不計畫因任何新資訊、未來事件或其他原因，公開更新或修訂任何前瞻性陳述。

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.

此外，我們也將討論若干非 GAAP 財務衡量指標。我們在做出與業務相關的決策時會使用非 GAAP 指標，並相信這些指標能為投資人提供有用資訊。這些非 GAAP 財務衡量指標不應被單獨考量，亦不應作為依 GAAP 編製之結果的替代。

Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are set forth in our investor presentation, which can be found on the investor relations section of our website at investors.legalzoom.com.

所有非 GAAP 指標與最直接可比之 GAAP 指標的調節表，已載於我們的投資人簡報中，可於我們網站的投資人關係專區 investors.legalzoom.com 查閱。

I will now turn the call over to Jeff.

現在我把電話交給 Jeff。

Thank you, Madeline, and thank you all for joining our call. LegalZoom continues to execute against our strategy of building the leading services and expertise platform for small businesses, combining AI with trusted human expertise.

謝謝你，Madeline，也謝謝各位參加本次電話會議。LegalZoom 持續執行我們的策略：打造面向小型企業的領先服務與專業平台，結合 AI 與值得信賴的人類專業。

We delivered second quarter revenue of $205 million, up 7% year over year, and in line with our guidance. Adjusted EBITDA of $46 million, increased 18% year over year, well ahead of the high end of our guidance. Q2 also marked our fifth consecutive quarter of double-digit subscription growth. Since late 2024, we’ve steadily increased the mix of recurring subscription revenue in our business by acquiring customers who find ongoing value in our platform.

我們第二季營收為 2.05 億美元，年增 7%，並符合我們的指引。調整後 EBITDA 為 4,600 萬美元，年增 18%，明顯高於我們指引區間的上緣。第二季也標誌著我們連續第五季訂閱業務維持雙位數成長。自 2024 年底以來，我們透過獲取能在平台上持續獲得價值的客戶，穩步提高業務中經常性訂閱收入的占比。

These results reflect the momentum of the growth levers we’ve been building for the last year, expanding our portfolio of expert and service offerings, accelerating the use of AI across the business, and intentionally diversifying how we acquire customers, making our go-to-market model more resilient and less dependent on any single channel. Those investments in diversification were built for exactly this moment.

這些成果反映了我們過去一年所打造之成長動能：擴大專家與服務產品組合、加速在全公司導入 AI，並有意識地多元化客戶獲取方式，使我們的市場進入（go-to-market）模式更具韌性、且降低對單一通路的依賴。我們在多元化方面的投資，正是為了此刻而建立。

During the quarter, Google accelerated their shift to AI-powered search, with AI-generated answers increasingly replacing traditional clicks. This is affecting top-of-funnel traffic across our industry. I want to be specific about what it means for us, because there are two very different currents underneath it. The first is the pressure in our updated outlook, and it is concentrated in one place. The majority of our traditional search traffic, both organic and paid, has historically run through Google.

本季期間，Google 加速轉向 AI 驅動的搜尋，AI 生成的答案日益取代傳統點擊。這正在影響整個產業的漏斗頂端流量。我想具體說明這對我們的意義，因為其背後其實有兩股截然不同的趨勢。第一股是我們更新後展望中的壓力，而且集中在單一處。歷來我們大部分的傳統搜尋流量（包含自然與付費）都主要來自 Google。

As AI-generated answers replace clicks on informational queries, fewer of those visits reach us, and paid inventory has become more expensive. That pressure is real, and we are feeling it now. To be clear, this is the repricing of a single legacy channel. It is significant but bounded.

當 AI 生成的答案取代資訊型查詢的點擊時，能到達我們網站的造訪量就會減少，而付費版位也變得更昂貴。這個壓力是真實存在的，我們現在就正在感受到。需要說清楚的是，這是單一傳統舊通路的重新定價。影響顯著，但範圍可控。

The second current runs the other way. Across the AI platforms where discovery is moving, we start from essentially zero, so every visit is incremental. That traffic grew more than 250% quarter over quarter. Today, we have the highest brand references across AI platforms of any competitor. Our exposure to the old channels is being repriced. Our position in the new channels represents upside. Our outlook reflects the full weight of the first and very little of the second. This is a change in how customers find us, not in what they need from us.

第二股趨勢則朝相反方向發展。在發現（discovery）正在轉移的各個 AI 平台上，我們幾乎是從零開始，因此每一次造訪都是增量。該流量季增超過 250%。目前，在所有競爭對手之中，我們在各 AI 平台上的品牌提及度最高。我們對舊通路的曝險正在被重新定價。我們在新通路的地位則代表上行空間。我們的展望反映了第一股趨勢的全部影響，而對第二股趨勢反映得很少。這是客戶找到我們方式的改變，而不是他們對我們需求的改變。

We’ve responded by doubling down on channel diversification, expanding partnerships, strengthening our brand, and increasing our presence across AI-driven channels. I’ll discuss those efforts in more detail shortly. Across each of our key growth levers, one principle remains constant.

我們的因應方式是加倍推進通路多元化、擴大合作夥伴關係、強化品牌，並提升在 AI 驅動通路上的能見度。稍後我會更詳細說明這些工作。在我們每一項關鍵成長槓桿上，有一項原則始終不變。

AI has made answers abundant, but it hasn’t made them accountable. When entrepreneurs move from asking questions to completing important legal, compliance, and business tasks, human expertise, accountability, and trusted execution still matter.

AI 讓答案變得唾手可得，但並未讓答案具備可追責性。當創業者從提問走向完成重要的法律、合規與商業任務時，人類專業、可追責性與值得信賴的執行仍然至關重要。

We’ve seen this directly in our engagement data. That is where LegalZoom has differentiated itself for more than 25 years. Our first growth lever is expanding our portfolio of human-in-the-loop offerings. We’ve discussed these offerings for several quarters, but we now have real scale and real growth to show for it. We want to give more color on both. This lever is working, increasingly displacing our older, lower-value products. We believe this remains one of our strongest competitive advantages and one of our most attractive long-term growth opportunities.

我們已在互動數據中直接看到這一點。這正是 LegalZoom 25 年多來的差異化所在。我們的第一項成長槓桿，是擴大「人類參與迴圈」（human-in-the-loop）產品組合。我們已連續數季討論這些產品，但現在我們已能展示其真正的規模與成長。我們希望就兩者提供更多細節。這項槓桿正在發揮作用，並日益取代我們較舊、價值較低的產品。我們相信這仍是我們最強的競爭優勢之一，也是最具吸引力的長期成長機會之一。

Our portfolio spans two complementary layers across our subscription and transaction offerings. First, our service layer, including Registered Agent and Virtual Mail subscriptions, which provides the operational infrastructure businesses rely on to stay organized and operate with confidence.

我們的產品組合橫跨訂閱與交易型產品，涵蓋兩個相輔相成的層次。首先是服務層，包括註冊代理人（Registered Agent）與虛擬郵件（Virtual Mail）訂閱，為企業提供其賴以保持有序並自信營運的作業基礎設施。

Second, our expert layer. This includes legal plans, IP-related services, and our Do It For Me Concierge offerings that have now been rebranded as Business Manager. This layer combines professional guidance with technology to help customers solve more complex business needs.

第二是專家層。這包括法律方案、智慧財產權（IP）相關服務，以及我們的 Do It For Me Concierge 服務（現已更名為 Business Manager）。此層結合專業指導與科技，協助客戶解決更複雜的商業需求。

In Q2, revenue from our human-in-the-loop subscription services grew approximately 20% year over year and now represents 65% of subscription revenue. On a total company basis, our human-in-the-loop subscriptions are now over 40% of total revenue. That growth reflects both increased adoption of our higher-value products and our ability to thoughtfully price services like Registered Agent and Business Manager as we continue expanding our service offerings.

第二季，我們的人類參與迴圈訂閱服務收入年增約 20%，目前占訂閱收入的 65%。以全公司口徑計算，我們的人類參與迴圈訂閱目前已占總營收逾 40%。此成長反映了客戶對我們高價值產品的採用提升，以及在我們持續擴大服務供給的同時，能夠審慎地為註冊代理人與 Business Manager 等服務進行定價的能力。

We also experienced significant growth in our legal plans, where bundling legal subscriptions into formation packages is introducing more customers to ongoing legal guidance and driving higher engagement with attorney consultations. We believe AI is educating customers more, but they are still turning to us for answers. This is evidenced by an over 35% year over year increase in customer utilization of our legal plans this past quarter.

我們的法律方案也出現顯著成長；將法律訂閱綁定於公司設立套裝方案，正讓更多客戶接觸到持續性的法律指導，並帶動與律師諮詢的更高互動度。我們相信 AI 正在讓客戶更有知識，但他們仍會轉向我們尋求答案。這可從本季客戶對我們法律方案的使用率年增超過 35% 得到印證。

We are seeing similar demand in our transactional expert services, including attorney-assisted trademark filings and Business Manager reinstatements. Early evidence that customers will pay for expertise at each stage of the business life cycle.

我們在交易型專家服務方面也看到類似需求，包括律師協助的商標申請，以及 Business Manager 的恢復（reinstatement）服務。初步證據顯示，客戶願意在企業生命週期的每個階段為專業能力付費。

Ultimately, our human-in-the-loop portfolio is allowing us to address a greater portion of our addressable market beyond business formations. By combining technology with trusted human expertise, we believe we’re well-positioned to serve both new entrepreneurs and the millions of established small businesses that need ongoing legal and compliance support as their business evolves and grows.

最終，我們的「人類在迴路中」（human-in-the-loop）產品組合，讓我們得以在公司設立之外，觸及更大比例的可服務市場。透過結合科技與值得信賴的人類專業，我們相信自己具備良好定位，能同時服務新創業者，以及數以百萬計、隨著企業演進與成長而需要持續法律與合規支援的既有小型企業。

Moving to our next growth lever. As a reminder, over the past year, we’ve been intentionally diversifying our customer acquisition channels by expanding partnerships, strengthening our brand, and investing in AI-driven distribution.

接著談我們的下一個成長槓桿。提醒一下，過去一年我們刻意透過擴大合作夥伴關係、強化品牌，以及投資 AI 驅動的分發，來分散客戶獲取渠道。

The evolving search landscape reinforces the importance of that strategy. To clarify the mechanics behind what I described earlier, in the second quarter, we saw fewer high-intent visits from Google’s informational search queries as AI-generated answers reduced click-through to websites, while competition for paid inventory increased, driving higher cost per click and making paid search less efficient. Those dynamics have translated into lower customer acquisition through our traditional search channels and ultimately lower business formation volume.

不斷演變的搜尋環境更凸顯該策略的重要性。為釐清我先前描述背後的運作機制，第二季我們看到來自 Google 資訊型搜尋查詢的高意圖造訪減少，因為 AI 生成的答案降低了對網站的點擊率；同時，付費版位的競爭加劇，推升每次點擊成本，使付費搜尋效率下降。這些動態導致我們透過傳統搜尋渠道取得的客戶減少，最終使公司設立量下滑。

Importantly, the pressure is most concentrated in informational search traffic and does not reflect a structural change in the underlying opportunity we see across partnerships, brand, and AI-driven channels.

重要的是，壓力主要集中在資訊型搜尋流量，並不代表我們在合作夥伴、品牌與 AI 驅動渠道所看到的底層機會出現結構性改變。

We’re accelerating execution on each of those fronts. At the same time, our objective is not simply to maximize formation volume. It is to acquire new and existing small businesses who are more likely to build long-term relationships with LegalZoom.

我們正在加速在上述各面向的執行。同時，我們的目標不只是把設立量最大化。而是獲取更可能與 LegalZoom 建立長期關係的新客戶與既有小型企業客戶。

One of the clearest examples is our partnerships business. 12 months ago, partnerships represented a relatively small portion of our acquisition strategy. Today, leveraging our category leadership, we’ve created meaningful momentum as we continue to expand both the breadth of our partner ecosystem and the depth of those relationships.

最明確的例子之一是我們的合作夥伴業務。12 個月前，合作夥伴在我們的獲客策略中仍占相對小的比重。如今，憑藉我們的品類領導地位，隨著我們持續擴大合作夥伴生態系的廣度並加深合作關係的深度，我們已建立起有意義的動能。

Customers who come through our partners typically arrive with higher intent and stronger engagement, creating better opportunities to introduce our subscription offerings and build deeper customer relationships.

透過合作夥伴導入的客戶通常具有更高意圖與更強互動，為我們介紹訂閱型產品並建立更深的客戶關係創造更佳機會。

In Q2, total order volumes from partnerships increased to 11% of total orders, up from 4% a year ago. We achieved this through the continued expansion of our partner portfolio, deeper embedded integrations, and investing in our partner go-to-market program.

第二季，來自合作夥伴的總訂單量占總訂單的 11%，高於一年前的 4%。我們透過持續擴充合作夥伴組合、更深度的嵌入式整合，以及投資合作夥伴的上市推廣（go-to-market）計畫達成此成果。

We continue to see a healthy pipeline of opportunities and remain confident this channel will play an increasingly important role in our growth over time. We’ve recently welcomed new partners, including USAA, AAA, PayPal, and Adobe, further expanding LegalZoom’s presence across trusted brands serving small businesses.

我們持續看到健康的機會管線，並仍有信心此渠道將隨時間在我們成長中扮演愈來愈重要的角色。我們近期也迎來新合作夥伴，包括 USAA、AAA、PayPal 與 Adobe，進一步擴大 LegalZoom 在服務小型企業的可信賴品牌中的觸及。

We’re systematically building this new acquisition engine, one focused on repeatability, attractive unit economics, and growing customer lifetime value. Our marketing investments remain focused on improving both awareness and customer quality.

我們正系統性打造這個新的獲客引擎，聚焦於可複製性、具吸引力的單位經濟效益，以及提升客戶終身價值。我們的行銷投資仍聚焦於同時提升品牌認知與客戶品質。

In response to the recent traffic changes, we are deepening our investments beyond traditional search into new channels, including strategic partnerships, emerging AI referral channels, and upper funnel media. Additionally, we are closely monitoring and aggressively adapting to new AI-enabled features within the traditional search space, such as AI Max. We’re focused on widening our competitive differentiation through attorney-backed experiences, bundled offerings, and industry-leading guarantees, giving customers more reason to choose LegalZoom.

為回應近期流量變化，我們正加深在傳統搜尋以外的新渠道投資，包括策略性合作夥伴關係、新興 AI 導流渠道，以及上層漏斗媒體。此外，我們也密切監控並積極因應傳統搜尋領域中新的 AI 強化功能，例如 AI Max。我們專注於透過律師背書的體驗、組合式方案，以及業界領先的保障來擴大競爭差異化，讓客戶更有理由選擇 LegalZoom。

Returns from our brand investments remain strong. In Q2, unaided brand awareness increased approximately 10% year over year, while aided awareness increased 18%. Today, more than 70% of US households are familiar with LegalZoom. As awareness grows, we’re experiencing improvements in the efficiency of our performance marketing, helping us attract more qualified customers across our paid channels.

我們的品牌投資回報仍然強勁。第二季，未提示品牌知名度（unaided brand awareness）年增約 10%，而提示品牌知名度（aided awareness）增加 18%。目前，超過 70% 的美國家庭熟悉 LegalZoom。隨著知名度提升，我們的成效型行銷效率也在改善，協助我們在各付費渠道吸引更高品質的客戶。

Finally, our approach to emerging AI channels. Over the past year, we’ve announced integrations across ChatGPT, Claude, Copilot, and Perplexity. We’ve also been testing, selling, and onboarding AI products directly to small business customers through our Business Managers.

最後，談我們對新興 AI 渠道的做法。過去一年，我們已宣布與 ChatGPT、Claude、Copilot 與 Perplexity 的整合。我們也透過 Business Managers，直接向小型企業客戶測試、銷售並導入 AI 產品。

We view these as components of a broader AI distribution strategy rather than standalone partnerships. As entrepreneurs incorporate AI tools into how they form, operate, and grow their businesses, our objective is simple: ensure they look to LegalZoom as the legal layer of AI throughout the small business life cycle.

我們將這些視為更廣泛 AI 分發策略的組成部分，而非單一的合作夥伴關係。隨著創業者把 AI 工具納入其設立、營運與成長企業的方式，我們的目標很簡單：確保他們在小型企業生命週期中，將 LegalZoom 視為 AI 的法律層（legal layer）。

This approach has three components. First, we’re investing in visibility, helping ensure LegalZoom’s position as one of the most trusted and frequently referenced brands for business formations and compliance across leading AI platforms.

此做法包含三個組成部分。第一，我們投資於能見度，確保 LegalZoom 在主要 AI 平台上，作為公司設立與合規領域最受信賴且最常被引用的品牌之一。

Much like we previously established our position in traditional search, we’ve been deliberately focused on generative engine optimization, or GEO, over the past year to ensure we surface favorably inside AI-generated answers. We are doubling down on that investment. What differentiates our approach is authority, a factor we know carries significant weight in how AI platforms rank and surface brands.

就像我們先前在傳統搜尋中建立地位一樣，過去一年我們刻意聚焦於生成式引擎優化（generative engine optimization，GEO），以確保我們能在 AI 生成的答案中以更有利的方式被呈現。我們正加碼這項投資。我們做法的差異化在於「權威性」，我們知道這是 AI 平台在排名與呈現品牌時權重很高的因素。

As the only online formations provider with an owned law firm, we have a structural advantage our peers cannot replicate. Attorney-written content. That positions us to earn citations and AI-generated responses in a way that is genuinely unique to LegalZoom.

作為唯一擁有自有律師事務所的線上公司設立服務提供者，我們具備同業無法複製的結構性優勢。由律師撰寫的內容。這使我們能以真正屬於 LegalZoom 的獨特方式，獲得引用與 AI 生成回覆中的呈現。

Second, we’re testing and scaling customer acquisition within emerging AI experiences, including paid AI environments as new distribution models develop. As I noted earlier, traffic from AI platforms grew more than 250% quarter over quarter and accounted for approximately 3% of our LLC formations traffic in June. These visitors also arrive with high intent and convert at higher rates than traditional organic search traffic.

第二，我們正在新興 AI 體驗中測試並擴大客戶獲取，包括隨著新分發模式發展而出現的付費 AI 環境。如我先前所述，來自 AI 平台的流量季增超過 250%，並在 6 月約占我們 LLC 設立流量的 3%。這些訪客同樣具有高意圖，且轉換率高於傳統自然搜尋流量。

Third, we’re embedding LegalZoom directly into AI workflows through integrations like ChatGPT, Claude, and most recently, Microsoft Copilot, making it easier for customers to move seamlessly from asking questions to taking action.

第三，我們透過如 ChatGPT、Claude，以及最近的 Microsoft Copilot 等整合，將 LegalZoom 直接嵌入 AI 工作流程，讓客戶更容易從提問無縫轉為採取行動。

We recently announced a new agent integration directly into Microsoft 365 Copilot, allowing users to evaluate business formation options, manage business compliance, and connect with attorneys without leaving their daily Microsoft workflow.

我們近期宣布在 Microsoft 365 Copilot 中推出新的代理（agent）整合，讓使用者不必離開日常的 Microsoft 工作流程，即可評估公司設立選項、管理企業合規，並與律師連結。

We’re pleased with our early progress. Today, LegalZoom is partnered with the leading AI companies and is at the forefront of AI integrations, giving us confidence that we’re well-positioned as AI becomes an increasingly important source of customer discovery.

我們對早期進展感到滿意。目前，LegalZoom 已與領先的 AI 公司建立合作，並站在 AI 整合的最前沿，這讓我們有信心，隨著 AI 成為愈來愈重要的客戶發現來源，我們已具備良好定位。

Lastly, we continue to focus on leveraging AI to improve both the customer experience and how we operate our business. Today, we announce the next step in our organizational evolution, a transformation we began more than a year ago.

最後，我們仍專注於運用 AI 同時改善客戶體驗與我們的營運方式。今天，我們宣布組織演進的下一步——這項轉型我們在一年多前便已開始。

We are simplifying how LegalZoom is organized, sharpening our strategic focus, and aligning resources behind our highest priority growth opportunities. That work is enabled in part by AI, which is now embedded across our operations, allowing us to serve customers with greater speed and consistency.

我們正在簡化 LegalZoom 的組織架構，聚焦並強化我們的策略重點，並將資源對準我們最優先的成長機會。這項工作部分得以由 AI 促成；AI 現已嵌入我們的各項營運之中，使我們能以更快的速度與更一致的品質服務客戶。

As part of these changes, we’ve reduced our workforce by approximately 13%. These decisions are never easy, and I want to thank our departing colleagues for their many contributions to LegalZoom. We believe these changes position us to execute with greater focus, quality, and speed while continuing to invest behind our key growth initiatives.

作為這些變革的一部分，我們已將人力規模縮減約 13%。這些決定從來都不容易，我想感謝離開的同仁為 LegalZoom 所做的諸多貢獻。我們相信，這些變革將使我們能以更高的專注度、品質與速度執行，同時持續投資於我們的關鍵成長計畫。

Stepping back, while the current search environment has created near-term pressure, it reinforces, not changes, the strategy we’ve been building. We’re growing higher value, human-in-the-loop subscription relationships.

從更宏觀的角度來看，儘管目前的搜尋環境帶來短期壓力，但它強化了——而非改變——我們一直在打造的策略。我們正在擴大高價值、有人類參與（human-in-the-loop）的訂閱式關係。

And we’re expanding beyond traditional customer acquisition through partnerships, brands, and AI. We’re using AI not only to help customers succeed, but to make LegalZoom a faster, more efficient, and more agile company. We believe the companies that win in this next chapter won’t simply be the ones that answer questions. They’ll be the ones that help customers take action with confidence.

同時，我們也透過合作夥伴、品牌與 AI，拓展超越傳統客戶獲取的方式。我們運用 AI 不僅是為了協助客戶成功，也為了讓 LegalZoom 成為更快速、更有效率且更敏捷的公司。我們相信，在下一個篇章中勝出的公司，不會只是回答問題的公司。而是能幫助客戶有信心地採取行動的公司。

For more than 25 years, that’s been LegalZoom’s role. We believe our combination of technology, trusted expertise, and long-term customer relationships positions us well for the future. I am personally proud of our team for their unwavering dedication to our company and to one another.

25 年多來，這一直是 LegalZoom 的角色。我們相信，我們結合科技、值得信賴的專業能力與長期客戶關係的優勢，使我們在未來具備良好定位。我個人為我們團隊對公司以及彼此始終如一的投入與奉獻感到自豪。

To each of you continue showing up for our customers, and that says everything about who you are. I’m grateful to be part of LegalZoom.

你們每一位持續為客戶挺身而出，這充分展現了你們是怎樣的人。我很感謝能成為 LegalZoom 的一員。

Thank you, and I’ll now turn it over to Noel to discuss our second quarter financial results and updated outlook in more detail. Noel?

謝謝大家，接下來我把時間交給 Noel，請他更詳細地說明我們第二季的財務結果與更新後的展望。Noel？

Thanks, Jeff, and good afternoon, everyone. We continue to make disciplined investments to drive higher quality subscription revenue growth, diversify customer acquisition, and improve operating efficiency while delivering strong profitability.

謝謝你，Jeff，各位下午好。我們持續以審慎的方式進行投資，以推動更高品質的訂閱營收成長、分散客戶獲取來源，並提升營運效率，同時維持強勁的獲利能力。

Our second quarter results demonstrate meaningful progress across each of these priorities. In Q2, subscription revenue represented 65% of total revenue, an increase of 300 basis points year over year, supported by stable retention and ARPU growth.

我們第二季的成果顯示，在上述各項優先事項上都取得了具體進展。第二季，訂閱營收占總營收的 65%，年增 300 個基點，並受惠於穩定的留存率與 ARPU 成長。

Adjusted EBITDA of $46 million came in above the high end of our guidance range, driven by a significant improvement in gross margin as we leverage AI and automation to improve both the quality and efficiency with which we deliver our services to our customers.

調整後 EBITDA 為 4,600 萬美元，高於我們指引區間的上緣，主要受惠於毛利率的顯著改善；我們透過運用 AI 與自動化，提升向客戶提供服務的品質與效率。

Adjusted EBITDA margin was 22%, which translated into strong free cash flow generation of $34 million. Turning now to our second quarter results in more detail. Unless otherwise stated, all comparisons will be on a year-over-year basis.

調整後 EBITDA 利潤率為 22%，帶動自由現金流強勁產生，達 3,400 萬美元。接下來更詳細說明我們第二季的結果。除非另有說明，所有比較皆為年對年。

Revenue for the quarter was $205 million, representing 7% growth and in line with the midpoint of our guidance range. Subscription revenue increased 11% to $133 million. We’re continuing to shift the composition of our business toward recurring revenue streams as we aim to drive stronger customer lifetime value and more durable long-term growth.

本季營收為 2.05 億美元，成長 7%，並符合我們指引區間的中點。訂閱營收成長 11% 至 1.33 億美元。我們持續將業務組合轉向經常性收入來源，以提升客戶終身價值並推動更具韌性的長期成長。

Subscription revenue showed continued momentum across our human-in-the-loop subscription portfolio, including our legal advisory subscriptions, reflecting increased bundling within select formation offerings. Registered Agent, building on last year’s pricing and value initiatives, and continued growth in Virtual Mail and Business Manager.

訂閱營收在我們有人類參與的訂閱產品組合中持續展現動能，包括我們的法律諮詢訂閱，反映出在部分公司設立（formation）方案中綑綁銷售的增加。註冊代理人（Registered Agent）業務在去年定價與價值提升措施的基礎上持續成長，Virtual Mail 與 Business Manager 亦延續成長。

As a result, ARPU increased 5%, benefiting primarily from higher pricing in our human-in-the-loop offerings. We continue to expect ARPU to be the primary driver of subscription growth throughout the year. As we focus on shifting our mix towards higher value offerings, we are seeing an expected decline in lower value subscriptions bundled within the formation package, which we expect to continue through the remainder of the year. As a result, we ended the quarter with approximately 1.9 million subscription units, down 3%.

因此，ARPU 成長 5%，主要受惠於我們有人類參與產品的較高定價。我們仍預期 ARPU 將是全年訂閱成長的主要驅動因素。隨著我們聚焦將組合轉向更高價值的產品，我們看到在設立方案中綑綁的低價值訂閱出現符合預期的下滑，並預期此趨勢將延續至今年剩餘期間。因此，本季末我們約有 190 萬個訂閱單位，年減 3%。

Importantly, retention remains stable, supported by strength across our compliance offerings and human-in-the-loop services and ongoing improvements to our customer experience. Transaction revenue was $72 million, down 1%, reflecting lower business formations, partially offset by continued growth in our consumer and IP-related offerings.

重要的是，留存率仍維持穩定，受惠於我們在合規產品與有人類參與服務方面的強勁表現，以及我們持續改善客戶體驗。交易型營收為 7,200 萬美元，下降 1%，反映公司設立量下滑，但部分被我們消費者與智慧財產權（IP）相關產品的持續成長所抵銷。

Once again, the growth in IP reflects increasing demand for our expert-led services. Transaction units increased 1% to approximately 281,000, driven primarily by higher annual report filing volumes for our compliance customers. We processed approximately 125,000 business formations during the quarter, a decline of 5%, reflecting the shift to AI-powered search that Jeff described earlier.

智慧財產權（IP）業務的成長再次反映市場對我們專家主導服務的需求提升。交易單位數成長 1% 至約 281,000，主要由合規客戶的年度報告申報量增加所帶動。本季我們處理約 125,000 件公司設立，下降 5%，反映 Jeff 先前所描述的搜尋轉向 AI 驅動所帶來的影響。

Importantly, formations from strategic partnerships continued to offset a portion of that pressure and represented a growing share of overall formation volume. Transaction AOV was $256, down 2%, primarily due to changes in composition of our bundled small business offerings, resulting in an increased allocation of order value shifting to subscription products. This decrease was partially offset by an increase in higher value consumer and IP-related offerings.

重要的是，來自策略合作夥伴的設立量持續抵銷部分壓力，且占整體設立量的比重持續提高。交易平均訂單金額（AOV）為 256 美元，下降 2%，主要由於我們綑綁式小型企業產品組合的結構變化，導致訂單價值分配更多轉向訂閱產品。此降幅部分被更高價值的消費者與 IP 相關產品增加所抵銷。

Finally, deferred revenue declined $2 million sequentially. Turning to profitability, where all metrics are on a non-GAAP basis. We continue to expand profitability while investing behind the long-term growth priorities Jeff outlined.

最後，遞延營收較前一季下降 200 萬美元。接著談獲利能力，以下所有指標皆為非 GAAP 口徑。在投資於 Jeff 所概述的長期成長優先事項的同時，我們持續擴大獲利能力。

Gross profit increased to $146 million, while gross margin expanded approximately 250 basis points to 71%. This improvement reflects a favorable subscription mix and continued customer care and fulfillment efficiencies due to increasing automation across our operations.

毛利提升至 1.46 億美元，毛利率擴張約 250 個基點至 71%。此改善反映更有利的訂閱組合，以及因營運中自動化程度提高而帶來的客戶服務與履約效率持續提升。

Sales and marketing expenses increased 14%, including a 13% increase in customer acquisition marketing, reflecting the dynamic search environment and investment in our diversified customer acquisition initiatives. Consistent with our focus on customer quality over volume, we are prioritizing acquisition spend in channels we believe will have the strongest defensibility in unit economics over the long term.

銷售與行銷費用增加 14%，其中客戶獲取行銷（CAM）增加 13%，反映動態的搜尋環境以及我們在多元化客戶獲取計畫上的投資。秉持我們重視客戶品質勝於規模的方針，我們優先將獲客支出投入在我們認為長期單位經濟具備最強防禦性的渠道。

Non-CAM sales and marketing expenses increased $3 million or 20%, largely from targeted investments in our sales organization, which is supporting the expert-led revenue growth you’re seeing in these results. Technology and development expenses declined 4%, while G&A declined 10%, improving overall operating leverage. Those efforts resulted in adjusted EBITDA of $46 million, an increase of 18%, with adjusted EBITDA margin expanding approximately 220 basis points.

非 CAM 的銷售與行銷費用增加 300 萬美元（或 20%），主要來自對我們銷售組織的精準投資，這也支撐了你們在本次結果中看到的專家主導營收成長。技術與開發費用下降 4%，一般及行政（G&A）費用下降 10%，提升整體營運槓桿。上述努力帶來調整後 EBITDA 4,600 萬美元，成長 18%，調整後 EBITDA 利潤率擴張約 220 個基點。

Our balance sheet remains a source of strength and continues to provide us with significant financial flexibility. During the quarter, we generated $34 million of free cash flow, an increase of 7%, reflecting the continued profitability and cash-generating nature of our business.

我們的資產負債表依然是我們的優勢來源，並持續為我們提供顯著的財務彈性。本季我們產生 3,400 萬美元自由現金流，成長 7%，反映我們業務持續具備獲利性與現金創造能力。

We maintain a debt-free balance sheet, and our $100 million revolving credit facility remains fully undrawn. We ended the quarter with $167 million in cash and cash equivalents. The sequential decline from the first quarter includes approximately $46 million or 7.3 million shares repurchased, partially offset by the free cash flow generation. As of June 30, 2026, we had approximately $80 million remaining under our authorization.

我們維持零負債的資產負債表，且 1 億美元的循環信用額度仍完全未動用。本季末我們持有 1.67 億美元的現金及約當現金。較第一季的連續性下降包含約 4,600 萬美元（或 730 萬股）的庫藏股回購，部分被自由現金流的產生所抵銷。截至 2026 年 6 月 30 日，我們在回購授權下仍剩餘約 8,000 萬美元。

Looking ahead, we continue to expect strong free cash flow generation for the full year, providing the flexibility to execute a balanced capital allocation strategy. That includes investing behind our key growth opportunities, evaluating strategic M&A opportunities, and the ability to return excess capital to shareholders.

展望未來，我們仍預期全年將產生強勁的自由現金流，為執行均衡的資本配置策略提供彈性。這包括加大對我們關鍵成長機會的投資、評估策略性併購（M&A）機會，以及將多餘資本回饋給股東的能力。

Turning now to our outlook. For the full year, we expect revenue in the range of $795 million to $805 million, representing year-over-year growth of approximately 6% at the midpoint. Our guidance assumes the continued scaling of our subscription growth initiatives and ongoing momentum from our partner channel, partially offset by a more cautious view of customer acquisition for the remainder of the year. This is based on the impact of the experience changes Google implemented during the quarter, that have persisted through today. Our outlook assumes the current search environment remains broadly consistent through year-end.

接下來談談我們的展望。就全年而言，我們預期營收介於7.95億至8.05億美元之間，以中位數計算，年增約6%。我們的指引假設訂閱成長計畫持續擴大規模，且合作夥伴通路動能延續，但部分將被我們對今年剩餘期間客戶獲取更為審慎的看法所抵銷。此係基於Google於本季實施的體驗變更所帶來的影響，且該影響延續至今。我們的展望假設目前的搜尋環境在年底前大致維持一致。

As customer discovery continues to evolve, we expect to be navigating increased uncertainty with regard to the performance of traditional search channels. While we’re encouraged by the progress we’re making through partnerships, increased investment in our brand and emerging AI distribution channels, those initiatives will take time to fully compensate for the near-term impact of these recent changes.

隨著客戶發現（customer discovery）持續演進，我們預期在傳統搜尋通路的表現方面將面臨更高的不確定性。儘管我們對透過合作夥伴關係、加大品牌投資以及新興AI分發通路所取得的進展感到鼓舞，但這些計畫需要時間，才能完全彌補近期這些變更所帶來的短期影響。

For the third quarter, we expect revenue of $192 million to $196 million, representing year-over-year growth of approximately 2% at the midpoint. Our guidance assumes a high single to low double-digit decline in transaction revenue based on the aforementioned acquisition trends.

就第三季而言，我們預期營收為1.92億至1.96億美元，以中位數計算，年增約2%。我們的指引假設交易營收將出現高個位數至低雙位數的下滑，係基於前述的獲客趨勢。

Turning to profitability, we continue to execute against the AI-enabled operating model we’ve been building for more than one year. As we’ve discussed in prior earnings calls, our profitability outlook has assumed continued productivity improvements from AI, disciplined cost management, and the evolution of our operating model. The organizational actions we announced today represent the next phase of that evolution.

談到獲利能力，我們持續推進我們已建構超過一年的AI賦能營運模式。如同我們在先前的財報電話會議中所討論，我們的獲利展望假設AI帶來的生產力持續提升、嚴謹的成本管理，以及營運模式的演進。我們今天宣布的組織行動，代表該演進的下一階段。

Over the past year, we’ve invested in AI capabilities, redesigned workflows, and simplified how work gets done across the company. Earlier this year, we announced a 5% workforce reduction as part of that effort. Today’s actions continue that work by further simplifying our organizational structure and aligning resources behind our highest priority growth initiatives, resulting in a 13% headcount reduction.

過去一年，我們投資於AI能力、重新設計工作流程，並簡化全公司完成工作的方式。今年稍早，作為該努力的一部分，我們宣布裁減5%的員工。今天的行動延續這項工作，透過進一步簡化組織架構，並將資源對準我們最高優先的成長計畫，使員工人數減少13%。

Over time, we expect this to further strengthen operating leverage and support sustained profitable growth. We expect these workforce actions to result in approximately $7 million of net in-year savings, or approximately $14 million on an annualized basis. We also expect approximately $6 million of restructuring and related charges, primarily in the third quarter.

隨著時間推進，我們預期這將進一步強化營運槓桿，並支持可持續的獲利成長。我們預期這些人力措施將帶來約700萬美元的當年度淨節省，或以年化計算約1,400萬美元。我們也預期將產生約600萬美元的重整及相關費用，主要發生在第三季。

We now expect full-year adjusted EBITDA of $190 million to $195 million, representing an adjusted EBITDA margin of approximately 24% at the midpoint. Our profitability outlook expects continued gross margin improvement, focused expense management, and the benefits of our evolving AI-enabled operating model.

我們目前預期全年調整後EBITDA為1.90億至1.95億美元，以中位數計算，調整後EBITDA利潤率約24%。我們的獲利展望預期毛利率持續改善、費用管理聚焦，以及我們持續演進的AI賦能營運模式所帶來的效益。

For the third quarter, we expect adjusted EBITDA of $49 million-$51 million, or a margin of approximately 26% at the midpoint, inclusive of the impact from the workforce actions announced today. As we look ahead, our focus is on what’s within our control, driving high value, human-in-the-loop subscriptions growth, accelerating our partnerships momentum, deepening our brand presence, and converting our early AI channel traction into durable opportunity. We’re executing against each of those fronts while staying focused on customer quality, margin expansion, and free cash flow generation.

就第三季而言，我們預期調整後EBITDA為4,900萬至5,100萬美元，以中位數計算利潤率約26%，並已包含今日宣布的人力措施所帶來的影響。展望未來，我們將聚焦於我們可控的事項：推動高價值、有人在迴路（human-in-the-loop）的訂閱成長，加速合作夥伴動能，深化品牌能見度，並將我們在AI通路的早期牽引力轉化為可持續的機會。我們在上述各面向持續執行，同時專注於客戶品質、利潤率擴張與自由現金流的產生。

Finally, I’d like to thank all of our employees for their continued resilience and commitment to our customers and our organization. Your hard work and focus have been instrumental in executing our strategy and positioning LegalZoom for long-term success.

最後，我想感謝所有員工持續展現韌性，並對我們的客戶與組織保持承諾。各位的努力與專注，對於我們執行策略並讓LegalZoom具備長期成功的定位至關重要。

With that, I’ll turn the call back to the operator for questions.

接下來，我把電話交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Ella Smith, JPMorgan Chase.

Ella Smith，摩根大通（JPMorgan Chase）。

Good evening. Thank you for taking my questions. First, I was hoping to ask about the higher value initiatives. It seems like they’re taking longer to benefit the top line. What have you learned about the go-to-market motion on those new higher value products like Concierge in the last few months? I’m just wondering, are they coming with any higher churn or a tougher go-to-market motion than your existing subscription products?

晚安。感謝讓我提問。首先，我想請教關於較高價值的計畫。看起來它們對營收端的帶動需要更長時間才會顯現。過去幾個月，對於像Concierge這類新的高價值產品，你們在上市推進（go-to-market）方式上學到了什麼？我想了解的是：它們是否帶來更高的流失率，或相較於你們既有的訂閱產品，有更艱難的上市推進方式？

Sure. Thanks, Ella. We’re actually pretty encouraged with the higher value products. If you look at our human-in-the-loop offerings, generally, both service and expertise, those are growing at orders of magnitude faster than the rest of the business.

當然。謝謝你，Ella。我們其實對高價值產品相當受到鼓舞。如果你看我們有人在迴路（human-in-the-loop）的產品，一般而言，不論是服務或專業能力，這些成長速度都比公司其他業務快上好幾個數量級。

We’re actually seeing real strength there. They’re now approaching 20% in terms of growth and 40% of total revenues. We’re actually seeing what we believe is good strength there. We’re just coming up on renewal cycles. We’re just starting to reevaluate how we package, how we promote, and how we engage. We’re pretty encouraged.

我們確實看到那裡有很強的動能。就成長而言，它們目前接近20%，並占總營收的40%。我們認為那裡的表現相當強勁。我們正好即將進入續約週期。我們也才剛開始重新評估我們如何打包、如何推廣，以及如何互動與觸達。我們相當受到鼓舞。

Perfect. Thank you, Jeff. For a follow-up, you were early to partner with some of the AI majors, so I’m just curious what you envision that you could still do to drive improvement in business formation traffic from those AI majors.

很好。謝謝你，Jeff。追問一下，你們很早就與一些AI巨頭建立合作，所以我想了解，你們仍能做哪些事情，來推動來自這些AI巨頭的企業設立（business formation）流量改善？

Yeah. Great question. We continue to be excited. I think we were very early to adopt generally and likely first in our category. I think there’s three key areas, and we’re starting to see proof points in each of them. The first

是的。這是個好問題。我們仍然非常興奮。我認為我們整體上採用得非常早，而且很可能是我們這個類別中的第一家。我認為有三個關鍵領域，而我們也開始在每一個領域看到驗證點（proof points）。第一個

From our standpoint is just visibility and brand recognition. We know we have the authority advantage and are driving positive results there. The second is with respect to going in through GEO and AEO, where we’re having significant strength. Then paid opportunities as those start to emerge, particularly right now with ChatGPT. I think you’re seeing that growth already. It’s starting from a small base, but we’re talking about 250% growth, and now approaching 3% of traffic. It’s material, and it has the opportunity for us to lap that structural step down from Google much more quickly.

從我們的角度來看，就是能見度與品牌辨識度。我們知道我們具備權威性優勢（authority advantage），並在那方面帶來正向成果。第二個是透過GEO與AEO切入，我們在那方面展現顯著的強勢。第三個是付費機會，隨著這些機會開始浮現，特別是目前在ChatGPT上。我認為你已經看到那樣的成長。雖然是從較小的基礎開始，但我們談的是250%的成長，目前流量占比也接近3%。這是具實質意義的，並且有機會讓我們更快地跨越（lap）來自Google的那個結構性下滑。

John Byrne, Jefferies.

John Byrne，Jefferies。

Great. Thanks very much. This is John Byrne from Brent Thill at Jefferies. Just two question, I guess on the shift in traffic that you mentioned. It looked like some of it had been happening for some time. Wondering, did it accelerate during the quarter? Is there a point in time during Q2 when this became much more noticeable? Is it possible it could get worse at this time? I have a quick follow-up.

很好。非常感謝。我是Jefferies的John Byrne，代表Brent Thill提問。我想問兩個問題，主要是關於你提到的流量轉移。看起來其中一部分已經發生一段時間了。想請教：它在本季是否有加速？在第二季是否有某個時間點，這件事變得更明顯？在目前這個時間點，它是否有可能變得更糟？我還有一個簡短的追問。

Yeah, you bet. That’s a fair question. Let me answer directly. We’ve obviously seen that slow, steady shift away from Google Search into AI native environments. What happened most recently was a structural shift. Google alone literally called it the biggest change to their search box since they introduced the search box. This was a material change and a step down.

是的，當然。這是個合理的問題。我直接回答。我們顯然看到從 Google 搜尋緩慢、穩定地轉向 AI 原生環境。最近發生的是一個結構性轉變。Google 自己甚至稱這是自他們引入搜尋框以來，對其搜尋框最大的改變。這是一項重大的變更，也是一次下台階式的變化。

We believe we understand it. We believe we’ve fully taken into account that change into our guidance. We’re trying to be proactive here. We think it’s the right thing to do because we’re seeing this industry wide. This is a structural shift in terms of what Google is doing.

我們相信我們理解這件事。我們相信我們已將這項變化完整納入我們的指引之中。我們在這裡試圖更主動一些。我們認為這樣做是正確的，因為我們看到這是全產業的現象。就 Google 正在做的事情而言，這是一個結構性轉變。

Yeah. John, just to build on that, the impact that we saw was really in the back half of the quarter. The performance that we’ve seen after that structural step down has been relatively consistent since then and quarter to date. So that extrapolation is what we’ve included as a baseline expectation in our guidance. The expectation is that it’s consistent through the end of the year, not building in any expectation around recovery or further degradation.

是的。John，補充一下，我們看到的影響其實主要出現在本季後半段。在那次結構性下台階之後，我們觀察到的表現自那時起以及截至本季目前為止都相對一致。因此，我們把那樣的外推結果作為基準預期納入我們的指引。我們的預期是它會一路維持一致到年底，不把任何復甦或進一步惡化的假設納入其中。

That’s what gives us confidence in our guidance.

這就是讓我們對指引有信心的原因。

Great. Thank you very much for that. The 13% RIF, just wanted to see if you could talk a little bit about the timeline. Is that pretty much complete? Is it broad-based? Any particular departments that are more impacted? Thank you.

很好。非常感謝你的說明。關於 13% 的 RIF（裁員），想請你談一下時間表。這基本上已經完成了嗎？是全面性的嗎？有沒有特別受影響較大的部門？謝謝。

Yeah. The workforce reduction was effective today. That was the announcement. We included specifics on the size of impact, both in year and annualized. It was a company-wide reorganization. We really looked cross-functionally at everywhere in terms of how we can reimagine work streams and speed up decision-making and improve execution. You will see it impact all the functions across the organization.

是的。人力縮減今天生效。這就是公告內容。我們已提供影響規模的具體資訊，包括當年度以及年化的影響。這是一項全公司範圍的重組。我們確實以跨職能的方式全面檢視各處，思考如何重新構想工作流程、加快決策並提升執行力。你會看到它影響到組織內所有職能。

Matt Condon, Citizens Bank.

Matt Condon，Citizens Bank。

Thank you so much. Thank you for taking my questions. First one, just on the Google Search trends that you are seeing, are there any quantitative stats you can give us, either as a percentage of business formations or anything that we can get comfortable with just the size of Google as far as your traffic today? If anything gets worse in the future, we can start to think about what the impact could be.

非常感謝。謝謝讓我提問。第一個問題，關於你們看到的 Google 搜尋趨勢，有沒有任何量化數據可以提供，例如占企業成立（business formations）的百分比，或任何能讓我們更有把握了解目前 Google 在你們流量中占比的規模？這樣如果未來情況更糟，我們就能開始思考可能的影響。

Yeah. Google obviously historically has been one of our primary channels. It speaks to the effort and the strategic focus that we’ve had around channel diversification here for a number of quarters. We’ve been heavily focused on investing in brand, heavily focused on our partner channel and driving new partnerships and investing in existing partnerships. Jeff talked earlier about the progress we’re making with GEO, AEO, and even spending into LLMs to drive progress.

是的。Google 顯然在歷史上一直是我們的主要渠道之一。這也反映出我們在過去好幾個季度對渠道多元化所投入的努力與策略重點。我們一直非常專注於品牌投資，也非常專注於合作夥伴渠道，推動新的合作並投資既有合作關係。Jeff 先前也談到我們在 GEO、AEO 的進展，甚至也投入到 LLMs 以推動進展。

If you think about the guidance that we provided, that’s really a reflection of the impact that we’re seeing from a new acquisition standpoint. We guided to high single digit to low double digit declines in transaction revenue in the back half of the year. I think you can size it off of that characterization.

如果你看我們提供的指引，那其實反映的是我們在新客獲取（new acquisition）方面所看到的影響。我們指引下半年交易收入將出現高個位數到低雙位數的下滑。我想你可以用這樣的描述來估算其規模。

And you can [rate] more broadly on the stats with what’s happening with Google traffic generally. Our confidence in part comes from the fact that this was rolled out, we believe, fully in the US first, and it’s now being rolled out internationally with a de minimis amount of international traffic. We think we’ve got a good handle on that.

另外，你也可以更廣泛地參考 Google 整體流量變化的相關統計。我們的部分信心來自於：我們相信這項變更先在美國完整推出，而現在正向國際推行，但國際流量占比很小（de minimis）。我們認為我們已經掌握得相當清楚。

That’s very helpful. And then just as we think about some of the brand investments that you guys are making, why do you feel like that now is the time to do that? There’s some impacts to the Google Search traffic, and that could ultimately affect the effectiveness of your brand spend, the return on your brand spend?

這非常有幫助。接著，談到你們正在做的一些品牌投資，為什麼你們覺得現在是做這件事的時機？Google 搜尋流量受到一些影響，而這可能最終會影響你們品牌投放的有效性、品牌投放的回報？

Yeah. I would argue that brand recognition and the power and authority of our brand is one of our biggest strengths. We’re able to see the improvement in that recognition and that authority very quickly with brand recognition. That immediately translates to authority with AI. It helps significantly with AIO and GEO.

是的。我會主張，品牌知名度以及我們品牌的力量與權威性，是我們最大的優勢之一。我們能很快看到品牌知名度提升、權威性提升所帶來的改善。那會立刻轉化為在 AI 端的權威性。這對 AIO 和 GEO 有顯著幫助。

From our standpoint, it is critically important as we migrate away from Google and into the partnership and AI channels to have strength in brand and have our brand be recognized as the trusted brand in the space.

從我們的角度來看，當我們從 Google 轉移到合作夥伴與 AI 渠道時，擁有強勢品牌、並讓我們的品牌被認知為該領域值得信賴的品牌，是至關重要的。

It also helps on the partnership front and in direct-to-site traffic, as well as when you think about search engines, there’s a brand component of spend there that is a very high returning spend. Anything that can enhance our brand in today’s environment, I think is hugely positive for us.

這也有助於合作夥伴面向與直接到站（direct-to-site）流量；同時，當你想到搜尋引擎時，那裡也有一部分是品牌相關的投放，而那是一種回報非常高的投放。在當前環境下，任何能強化我們品牌的事情，我認為對我們都是非常正面的。

I’ll close with the fact that when you look at our higher value services, particularly human in the loop, and them now at and above that 40% mark, our goal is to push that further, both in terms of the value that we offer and ultimately the price that we’re able to receive. A lot of that comes from being a trusted brand.

最後我想補充的是，當你看我們較高價值的服務，特別是 human in the loop，而它們現在已達到並高於 40% 的水準，我們的目標是進一步推升，無論是在我們提供的價值上，或最終我們能夠收取的價格上。其中很大一部分來自於成為值得信賴的品牌。

Pat McIlwee, William Blair.

Pat McIlwee，William Blair。

Hi, team. Thanks for taking the questions. Given the fluidity around Google Search, can you just talk about how you evaluate the CAM spend and the overall marketing spend looking into the back half of the year? I think we had already expected less CAM in the back half given some of the front-loading you did, but just any thoughts on how your spending plans have evolved would be helpful.

嗨，各位。謝謝讓我提問。考量到 Google 搜尋的變動性，你們能否談談在展望下半年時，你們如何評估 CAM 支出以及整體行銷支出？我想我們原本就預期下半年 CAM 會較少，因為你們在前期做了一些前置投入（front-loading），但若能分享一下你們的支出計畫如何演變，會很有幫助。

Yeah. I think a couple of questions there. First, in terms of our spend level, it’s definitely an area where we’re making some investment, especially as we make this transition around channel diversification. Again, brand is a slower returning spend, as we ramp up spend there, we expect it to take more time for that to generate the same ROAS.

是的。我想這裡有幾個問題。首先，就我們的支出水準而言，這確實是我們正在投資的領域，尤其是在我們進行渠道多元化轉型之際。再說一次，品牌屬於回收較慢的投放；當我們提高那部分支出時，我們預期需要更長時間才能產生同樣的 ROAS（廣告投資報酬率）。

In our partner channels, as we onboard new partners, those start sub-optimized, and we iterate and optimize those relationships over time. We’ve built in some space for us to make some investment in CAM. We expect overall CAM on the full year to step up a couple points relative to the prior year.

在我們的合作夥伴渠道中，當我們導入新的合作夥伴時，一開始通常是未達最佳化（sub-optimized）的，之後我們會隨時間迭代並優化這些合作關係。我們已預留一些空間讓我們在 CAM 上進行投資。我們預期全年整體 CAM 相較前一年將上升幾個百分點。

Strategically, as we think about spend on the whole, we first are performance-oriented, but we are looking clearly at opportunities to be shifting spend away from Google wherever possible.

從策略面來看，當我們整體思考支出時，我們首先以績效為導向，但我們也清楚在可行之處尋找機會，盡可能把支出從 Google 轉移出去。

Okay, thanks, Noel. I understand it’s a dynamic environment, but your Q3 guide points to a pretty sharp decel to growth, I think, in the low single-digit range. Can you just talk about what signals you’re looking for before you can talk a little bit more confidently about optimizing your top of funnel and inevitably getting back to a re-acceleration towards your prior growth targets?

好的，謝謝你，Noel。我理解這是個動態的環境，但你們對第三季的指引似乎顯示成長會相當明顯地放緩，我想大概落在低個位數的區間。你能否談談，在你們能更有信心地多談一些如何優化漏斗上端，並且最終回到朝向先前成長目標再加速之前，你們正在觀察哪些訊號？

Yeah. Look, I’ll say at a high level, this happened relatively abruptly. Google very recently made this announcement, so I think it behooves us and others to be conservative in the short run in terms of the opportunities and that shift.

是的。你看，我先從高層次來說，這件事發生得相對突然。Google 是最近才做出這項宣布，所以我認為我們以及其他公司在短期內，對於相關機會與這種轉移，採取保守態度是合理的。

That said, our focus has been for quite a long time, north of 18 months, to diversify our channels, and we knew that Google was a very large concentration risk for us, and we have been diversifying away from it over time.

話雖如此，我們的重點在相當長一段時間內——超過 18 個月——一直是分散我們的渠道；我們也知道 Google 對我們而言是非常大的集中風險，因此我們一直隨時間逐步降低對它的依賴。

Because this was abrupt, we weren’t able to overcome it as quickly as we would like right now. I think that we put ourselves in a position with this guide to give ourselves the flexibility and the time that we need to execute and continue the efforts that we’ve already done, both from shifting our partnerships from 4% to now 11%, which is up from 10% last quarter. AI going 250% increase, which is now representing 3% of traffic. That should continue to accelerate.

由於這次變化很突然，我們目前無法像我們希望的那樣迅速克服。我認為我們在這次指引中，讓自己處於一個能保有彈性並取得所需時間的位置，以便執行並延續我們已經在做的努力；包括把合作夥伴渠道占比從 4% 提升到現在的 11%（高於上季的 10%）。AI 方面成長 250%，目前已占流量的 3%。這應該會持續加速。

We are going to push on those diversification channels. But we wanted to make sure that we had the risk built in immediately. But left room for, without baking into, the opportunity that we believe we will achieve.

我們會加大推動這些分散化渠道。但我們也希望確保立即把風險納入考量。同時保留空間，而不是把我們相信將能達成的機會直接預先納入假設。

Yeah. In the meantime, as we focus on the acceleration on channel diversification, it’s worth reminding that the business is almost two-thirds subscription, so there’s a durability and a bit of an insulation there that helps while we’re making this shift. And we continue to make investments on the subscription side as well.

是的。同時，當我們聚焦於加速渠道分散化時，也值得提醒的是，我們的業務將近三分之二是訂閱收入，因此在我們進行這項轉移時，業務具有一定的耐久性與些許緩衝效果。我們也持續在訂閱端進行投資。

Jeff mentioned the higher value services and expert-led services that we’re focused on in driving subscription. Also, we continue to make improvements in engagement that we think will lead to retention. We’ve also shown that we’ve had pricing power across numerous subscriptions.

Jeff 提到我們正聚焦於更高價值的服務與專家主導的服務，以推動訂閱。此外，我們也持續改善互動參與度，我們認為這將帶來留存提升。我們也已經證明，在多項訂閱產品上我們具備定價能力。

While the impact from Google is structural, at least for now, and we’ll continue to try to optimize against that, it does have some impact on new customer acquisition, which creates some pressure in the back half of the year and into 2027, especially since there’s some lag effect on the subscription side. All of these efforts, we are excited about and feel confident that we can work to offset that impact.

雖然來自 Google 的影響至少在目前看來是結構性的，我們也會持續嘗試針對此進行最佳化，但它確實會對新客取得造成一些影響，進而在今年下半年並延伸到 2027 年帶來一些壓力，特別是因為訂閱端存在一定的滯後效應。對於所有這些努力，我們感到振奮，也有信心能夠努力抵消這項影響。

Kishan Patel, Raymond James.

Kishan Patel，Raymond James。

Hey, this is Kishan Patel on for Josh Beck. Can you elaborate on the differences in conversion and acquisition costs you see between AIO reviews and AI mode versus the traditional 10 blue link referral traffic within the Google Search channel? What are you seeing in terms of SMB adoption for AI tools on your platform, and what are key opportunities and risks to keep in mind? Thank you.

嗨，我是 Kishan Patel，代 Josh Beck 提問。你能否更詳細說明，在 Google 搜尋渠道中，AIO 評測與 AI mode 相較於傳統「10 個藍色連結」導流流量，你們看到的轉換率與獲客成本有哪些差異？另外，你們平台上 SMB 對 AI 工具的採用情況如何？有哪些需要留意的關鍵機會與風險？謝謝。

You bet. Kishan, for now, paid AI is still quite small and really coming largely from ChatGPT and to a lesser extent, Google with some of their native AI search. It’s largely similar in terms of conversion and in other metrics and dynamics but we find that we’ve got higher intent customers generally. That’s going to change as this scales, and we expect it to scale, but it is higher intent.

當然可以。Kishan，就目前而言，付費 AI 的規模仍然很小，主要來自 ChatGPT，其次才是 Google 的一些原生 AI 搜尋。在轉換率以及其他指標與動態上大致相近，但我們發現整體而言客戶意圖更高。隨著規模擴大，這點會改變，而我們也預期它會擴大，但目前確實是更高意圖。

The important thing there is what it means is people are going through an education process, which works very well for what we’re doing with human in the loop. What we hope and expect is we’re going to find increasing opportunities to be able to upsell and cross-sell those customers to service-oriented and expert-oriented services.

那裡的重要之處在於，這代表人們正在經歷一個教育過程，而這與我們採用「人類參與（human in the loop）」的做法非常契合。我們希望並預期，將會找到愈來愈多的機會，能把這些客戶向上銷售與交叉銷售到以服務為導向、以專家為導向的服務。

I think that’s part of the reason why that cohort has accelerated in terms of growth, which I think is pretty important. In terms of the adoption of AI and being able to sell that directly to our SMBs, we actually just started testing that. The tests have been pretty encouraging so far.

我認為這也是為什麼那個客群在成長方面加速的一部分原因，而我覺得這相當重要。至於 AI 的採用，以及能否直接把它賣給我們的 SMB 客戶，我們其實才剛開始測試。到目前為止，測試結果相當令人鼓舞。

So it is early. We’ve started that largely this quarter with a partner. I think that this is a product that people are looking for, and the subset of our customers are going to be encouraged to go through us to do it, in part because you need a service layer.

所以這仍在早期階段。我們主要是在本季與一個合作夥伴開始推動。我認為這是一項人們正在尋找的產品，而我們的一部分客戶會被鼓勵透過我們來完成，部分原因是你需要一個服務層。

You’ve got to remember, these are naive small businesses who are curious about how to use and adopt AI, but they need an onboarding process. If we do this right, we could in effect become the small business operating system. That’s something that is both encouraging and exciting for us, but quite early.

你必須記得，這些是對 AI 如何使用與採用仍較陌生的小型企業；他們很好奇，但需要一個導入（onboarding）流程。如果我們把這件事做好，我們實際上可能成為小型企業的作業系統。這對我們而言既令人鼓舞也令人興奮，但仍相當早期。

Thank you. This does conclude the question and answer session. We want to thank you for your participation in today’s conference. This concludes the program. You may disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的會議。本次議程到此結束。您可以斷線。