Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome, welcome to LivePerson's fourth quarter 2024 earnings conference call. My name is Matt, and I'll be your conference operator today. At this time, all participants are in a listen-only mode. After the prepared remarks, the management team from LivePerson will conduct a question-and-answer session, and conference participants will be given instructions at that time. To give everyone the opportunity to participate, please limit yourself to one question and one follow-up question. As a reminder, this conference is being recorded. I'd like to turn the conference over to our host, Mr. Jon Perachio, Vice President of Investor Relations. Thank you, Jon. You may begin.
Thank you, Matt. Joining me on today's call is John Sabino, CEO, and John Collins, CFO and COO. Please note that during today's call, we will make forward-looking statements, which are predictions, projections, and other statements about future results. These statements are based on our current expectations and assumptions as of today, March 5th, 2025, and are subject to risks and uncertainties. Actual results may differ materially due to various factors, including those described in today's earnings press release and the comments made during this conference call, as well as in 10-Ks, 10-Qs, and other reports we file with the SEC. We assume no obligation to update any forward-looking statements. Also, during this call, we'll discuss certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in today's earnings press release.
Both the press release and the supplemental slides, which include highlights for the quarter, are available on the Investor Relations section of LivePerson's website, ir.liveperson.com. With that, I'll turn the call over to LivePerson CEO, John Sabino.
Thank you so much, Jon. Thank you all for joining us today. Before diving into our results and strategy, I would like to take a moment to reflect on 2024, provide an update on where we are today, and share our vision for the company's future. Nearly 14 months ago, I joined LivePerson as its CEO. From the outset, I recognize that this company was built on three fundamental strengths. One, we offer a product that delivers real value to our customers and positions us to lead in an AI-driven future. Two, we have a robust list of Fortune 500 customers who value our strategic partnership. Three, we're backed by a passionate team of employees committed to unlocking the potential of enterprise digital conversations at scale.
To leverage and build upon LivePerson's existing strengths, we implemented a transformation strategy that focused on three core pillars: reinvigorating our go-to-market capabilities with customer-centric focus, two, innovating our product to focus on voice integrations and orchestration while providing flexibility to support a brand's AI vendor of choice, and three, strengthening our capital structure. Throughout 2024, we made significant progress across all three of these pillars. Beginning last January and throughout the year, we enhanced our go-to-market capabilities by assembling a new leadership team and implementing best-in-class processes and capabilities. As a result, we've seen notable improvements in retention metrics and win rates, which have driven sequential increases in bookings over the past three quarters. We continue to innovate our product by introducing several new AI-driven features to our industry-leading enterprise suite.
Notable additions include Bring Your Own LLM and Copilot Rewrite, which has significantly accelerated adoption of generative AI on our platform, which I will detail later. We also launched our Agent Workspace for Voice, seamlessly integrating voice and digital channels with Avaya, with plans to add more voice integrations in the near future. This marks a significant advancement in our overarching voice and digital strategy. Finally, in May, we executed a transformative agreement with Lynrock Lake, significantly enhancing our capital structure and reinforcing our position as a trusted long-term strategic partner. While our transformation is still ongoing, I want to commend the entire LivePerson team for their dedication in advancing these efforts. The groundwork laid in 2024 positions us well for sustainable and profitable growth in the future.
Looking ahead, the customer engagement landscape is being redefined, not just by advancements in AI, but by the need for intelligent orchestration that transforms data into real business outcomes. Traditional contact center platforms built as static systems of record simply log interactions, leaving businesses stuck in a reactive loop. These systems were never designed to execute on engagement, proactively anticipate customer needs, or drive revenue outcomes. Notably, Forrester has recognized this widening gap, highlighting how legacy platforms are falling short in delivering meaningful customer experiences. LivePerson brings something fundamentally different to the table and a purpose-built platform that orchestrates engagement execution and delivers measurable business outcomes at scale. Unlike legacy systems that store and process data in static workflows, our platform operates on top of real-time interactions, using AI to turn every engagement into an opportunity for efficiency, satisfaction, and revenue growth.
To succeed in today's dynamic environment, brands must embrace AI-driven solutions that seamlessly integrate digital and voice interactions, drive automation, and deliver measurable business outcomes. For decades, LivePerson has been pioneering enterprise digital customer experiences for the world's largest brands, powering over 10 billion AI-driven conversations annually. Our platform integrates with more than 200 applications while ensuring enterprise-grade compliance, including HIPAA, which has helped us gain share in the healthcare sector, serving some of the world's largest healthcare companies. Furthermore, our rapid integration of large language models has allowed us to develop competitive products that improve upon existing foundations in customer care, sales, and commerce. We continue to innovate a comprehensive suite of new bot automations, live agents, and analytics capabilities that position LivePerson as a leader in this space.
Our AI has already proven its impact with enterprise customers driving up to 60% in cost savings, boosting CSAT scores by more than 20%, and enabling agents to handle three times more concurrent conversations with our AI-powered Copilot and automation. Our vision for 2025 and beyond is to create a future where brands can engage and inspire their customers with every interaction. We will achieve this by providing enterprises with open, flexible AI-powered workspaces that seamlessly integrate our digital capabilities, eliminating the need for costly, disruptive system overhauls, embedding AI into every interaction to leverage our leadership in automation, real-time transcription, and agent assist tools, and by shifting customer engagement from reactive to proactive by integrating AI automation at every stage of the customer journey by leveraging generative AI-powered insights, predictive analytics, and AI-driven knowledge recommendations.