LegalZoom.com, Inc.

Good day and thank you for standing by. Welcome to the LegalZoom's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's call is being recorded. I would now like to hand it over to your speaker, Madeline Crane, Head of Investor Relations. Please go ahead.

Thank you, Operator. Welcome to LegalZoom's fourth quarter and full year 2025 earnings conference call. Joining me today is Jeff Stiebel, our Chairman and Chief Executive Officer, and Noel Watson, our Chief Operating Officer and Chief Financial Officer. 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 factor section of our most recent quarterly report on Form 10Q filed with the Securities and Exchange Commission. Except as required by law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. 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.

Thank you, Madeline, 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. 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 a human in the loop. 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. 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. 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. Today, More customers are starting with AI platforms like ChatGPT, Gemini, Cloud, and Perplexity, getting information, document reviews, and insights, while increasingly trying to complete complex tasks. 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. That's why in 2023, We moved our flagship automated formation product to free, choosing to cannibalize our own business before the market did. Here's 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 two years, we've laid the foundation for this 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 them. 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 two layers, expert and service. 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 saw 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. 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 two 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. 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 the unlock to activate and scale. 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, protected, and confident over time. AI may change how businesses begin, but LegalZoom is how they thrive. We're 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. This positions us for durable growth, not just in 2026, but for decades to come. With that, I'll say thank you for your continued support and turn it over to Noel. Noel?