$34.2 million, 15%-18% growth over the second quarter of 2021. We expect contract revenue to be between $26.3 million-$26.8 million, 18%-20% growth over the second quarter of last year. We expect excess usage revenue to be between $6.9 million-$7.4 million, 5%-13% higher than the second quarter of last year. We expect our adjusted gross margin in the second quarter to be around 61.5% for the quarter, about 110 basis points higher than the first quarter, and we continue to expect that this will trend towards the mid-60s by the fourth quarter of this year as we continue to optimize our AWS costs and scale in the public cloud infrastructure. We expect our Adjusted EBITDA to be between -$6.7 million and -$5.7 million in the second quarter, a $2.1 million sequential improvement over last quarter based upon the midpoint of this range. We continue to expect a trend towards Adjusted EBITDA breakeven by the beginning of 2024, as we laid out on the call last quarter. In terms of full year guidance for 2022, we are now reaffirming all aspects of our previous guidance except Adjusted EBITDA, which we are improving by $2 million. To recap, we continue to expect our total revenue for the year to be between $140 million and $142 million, or 17%-19% growth over 2021. We continue to expect contract revenue for the year to be between $109 million and $111 million, and our excess usage revenue to be between $29 million and $34 million. We continue to expect our adjusted gross margin to be in the mid-60s% by the fourth quarter of this year. With the $2 million increase in our adjusted EBITDA guidance, we now expect to be between -$22 million and -$24 million for the full year, and to trend towards adjusted EBITDA breakeven by the beginning of 2024. With that, operator, can you please open the line for Q&A? Yes. We will now begin the question-and-answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question is from James Fish from Piper Sandler. Please go ahead. Hey, guys, great quarter. Thanks for the questions here. I did want to go back to something you said, Louis, on those three significant upsells into BPOs. Just wanna get a sense of, you know, what share you have of the plus 50,000 agents of those versus what you had before, just to try to understand kind of what upsell you're getting with some of these large contact centers, essentially, as you move towards getting a greater penetration over the next couple years. Yeah. Thanks, James. I would say that our, you know, our market share with these larger BPOs is still relatively small, and our expansion with them is incremental, but consistent. These are large organizations, so it's a nice additional source of growth for us. Understood. We've seen some other contact center vendors report, including Avaya this morning, and you're seeing larger contact center opportunities refreshing to the cloud over the next few years, especially in the financial services vertical. It's something, Louis, you were alluding to in your remarks. I guess, how is LiveVox looking to go after these larger opportunities when historically it was more of a departmental sale and kind of expand from there? Or are we now kind of decoupled from that and moving into a full let's go get the entire piece of the pie at this point? Specifically, what are you also seeing with large contact center pipelines for LiveVox specifically, in regards to that up 40% pipeline you're discussing? Thanks, guys. Yeah. Yeah. I think that we're happy to get a departmental sale. We obviously would rather have a full enterprise sale, but we, you know, we often start the conversation on a departmental level, and then in the course of the demo, you know, more people get involved, more people see what's there, and it starts to spread across the organization. As the market starts to look more and more as a cloud-first market and as LiveVox's suite of products become broader and more robust, then the situations where people pivot from a departmental sale to a more of a full enterprise sale increases. When you look at our pipeline, which I mentioned was up 40% over last year, there are a number of large companies inside of that, a substantially more number than there were last year at this time. I think that the maturity of the market and the maturity of the product are driving that. The next question is from Parker Lane from Stifel. Go ahead. Yeah, hi. Thanks for taking the questions here. Wanted to look at the excess usage revenue guidance for the year. Obviously, there's a little bit larger range there than on the contract revenue side. It's a two-part question here. One, when you look at the full enterprise deals, is there any larger or smaller share of usage revenue that's associated with those customers? And then two, when you look at that guidance for the year, how have some of the dynamics that drive excess usage for these customers been playing out here, and how much confidence do you have at that ending up at the higher or lower end of that range? Thanks. Yeah. There's not really a meaningful distinction between the departmental level sale and the full enterprise sale in terms of the split between contracted and usage. That could emerge in the future, but that's not something that we've really seen as a distinct trend, you know, as of yet. As far as what our projection is or what our forward view is around usage revenue, I mean, I think you can see in our numbers that we haven't really received a strong usage recovery. I think that people that have followed us know that our usage is connected tightly to the credit cycle. As we look at information and data points from the Federal Reserve and from Moody's, just to name a couple, on how credit originations are going up and how service activities are flowing into the credit cycle, we definitely see that there's a lot of activity picking up in the early stages of the credit cycle, but we have not yet seen that flow into the middle or back part of the servicing activity yet. We think that's still in the future and possibly something that we would experience in the back half of 2022. Yeah. Just to add to that, you can see that, you know, the multiplier in the first quarter, 1.27x, and that's what we've guided to basically at the midpoint of the range for the second quarter. We're not assuming that we're gonna have a recovery here in the near term. Like Louis said, you know, all the things that we monitor will tell us that we do expect a recovery more in the back half of the year. We're hearing it from, you know, from customers that we talk to as well, on how they're preparing for their business. That's, you know, it's reflected in the full year number as well in terms of our guidance. Yeah. Okay. Yeah. Okay. Makes sense. In looking at the enterprise business, you know, pipeline seems to be very strong right now. Obviously, the macro is very uncertain. Is there anything from your conversations with your sales teams and customers to suggest that sales cycles could potentially elongate, or are you seeing a lot of consistency from where we were, let's call it 90 days ago? Thanks. You know, I would say that a year ago or a couple of quarters ago, there was more talk about the pandemic and more talk about how the pandemic had interrupted and changed operations. Obviously, that's less of a conversation now, and people are getting back to more of a new normal. However, with that said, the new normal definitely is a cloud-first market. People that are looking at their contact center infrastructure, they're not thinking about if they're gonna move to the cloud. They're thinking about, you know, when they make their change, they, you know, they will move to the cloud. Because that's kind of the dynamic, the pipeline has remained strong, and is up again for over 40% year-over-year. Great. Thanks again. The next question is from Jacob Staffel from Goldman Sachs. Please go ahead. Hey, guys. This is Jacob Staffel. I'm part of Kash's team over at Goldman. Thanks for taking my question. I wanted to ask a couple questions here. First one being, I believe one of the goals mentioned was to double direct sales headcount by the end of this year from 35- 70. One, kind of where are we at with that hiring? And two, you know, any color on how the, you know, doubling that headcount is going to relate to operating margins and how it might affect operating margins, you know, come end of the year? Yeah. We still expect to be, as we have said, you know, doubling our go-to-market, you know, quota-carrying heads, by the end of the year. That's still in the plan. That is factored into the guidance that we've given. You know, it all remains consistent with what we have guided to, previously in terms of how we're gonna ramp the go-to-market. Awesome. Then, one more. You know, excuse me. Sorry. Any color on, you know, I think that y'all mentioned that you expect customer engagement to account for 73% of revenues by 2022. Any color on where we're at there? You know, is that consistent, or has that been adjusted or, you know, whatnot? We have not adjusted that. What we talked about in the last call was collections, which had been, you know, 36%, 37% of our revenue in 2020, being 33% last year. That's, you know, a trend that is continuing. It's a trend that's been going for a very long time. The proportion of our new bookings that is driving that evolution is continuing. Collections is just a much smaller proportion of our new bookings. We expect that that trend is gonna continue the way that it has been. Awesome. Thank you so much. That's all for me. The next question is from Brett Knoblauch from Cantor Fitzgerald. Please go ahead. Hi, guys. Thanks for taking my question. First, any update as to what you guys referred to as headwinds last quarter with regard to the new regulations that went in place for your debt collection customers on how frequently they can contact, you know, I guess their users? Has that been a headwind in Q1 as well? Have you had to renegotiate additional customer contracts? Any update on that? I wouldn't say it's been a headwind, no. It's been a consistent kind of recovery since it happened and I don't recall us having any contract negotiations that took place, you know, since our last call. We are seeing volumes picking up for most of those customers and also a diversification away from voice and a greater utilization of digital as a channel to reach out and contact a creditor. You know, it is evolving in basically the way that we alluded to, you know, a couple of months ago on our last call. It was kind of a fast and furious impact and is largely back to normal now. Perfect. Just on the headcount, I see a decline in kind of go-to-market headcount and total headcount. Was that just kind of employee attrition, or was that a more focused kind of streamlining of costs or rationalization of costs in the quarter? It's a little bit of both, I would say. I mean, attrition has picked up like it has for, you know, everyone across the board. We still are well below what, you know, industry averages are, especially for tech, but it is running higher. We are being, you know, very diligent about how we backfill and how we add new positions. We're very actively involved, Louis and I, across the whole executive team and their teams around ensuring that when we do backfill or when we do add positions that it's justified across the entire business. I would just say we're just being a lot more hands-on about headcount than you know, perhaps we were in the you know, the high growth phase that we've been at in the past year or so. Understood. Thank you. Really appreciate it, guys. Yep. The next question is from Mike Latimore from Northland Capital Markets. Please go ahead. Thanks, Louis. Yeah, nice to see the strong bookings and gross margin outlook there. In terms of the, I think you said there were four deals in the quarter with IVAs. Was that an anomaly, or is there a general trend here? You know, how does the pipeline look for IVAs? Yeah, the pipeline looks strong. I would say that that's the progression or that's the trajectory. I mean, it's kind of become a standard part of pretty much every conversation. Now, by the way, just because people are using it to some degree doesn't mean they've used it in a you know, broad way across their operations. So I think the conversation with the AI virtual agents in terms of getting started with them and testing them is mature. You know, a lot of people wanna do that. As far as really tapping it in terms of its full potential and spreading it across the operations, I think we're still in the early stages there. Okay. Got it. Makes sense. The revenue expansion rate was up nicely. You know, should that continue to sort of inch up throughout the year, the expansion rate? The- Net revenue. Yeah. I would think so. You know, we've been saying for a while that you know, the pandemic and what's happened particularly on the collections is what really took us from where we had been in the high teens before the pandemic. Now we're at the point where those early data points are kind of rolling off you know, the pre-pandemic quarters. We're comparing against as every quarter goes by a pandemic impacted set of numbers. Yeah, we do expect that that's gonna continue to trend up. All right. I guess just last on the sales hires, it sounds like you're confident of, you know, hitting your goals. You know, I mean, how is the, I don't know, pipeline of talent? You know, where are you getting it from? You know, are you having to pay them a little more to get them on board? Just kinda some color there would be great. I mean, actually, we're doing pretty well there. We continue to recruit people that are experienced selling into the space. We're refining our profile a little bit, I would say. I mean, I think that as we've made a lot of go-to-market investments, we're able to focus the AEs kind of more on the specific account development models and the competencies. I think that, yes, it's absolutely competitive, but our go-to-market investments are frankly giving us an opportunity to refine our profile where we can be more successful. I think we feel pretty good about that. All right. Thank you. Thank you. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Louis Summe for any closing remarks. Great. Well, thanks everybody for joining. I really appreciate it. Again, thanks to our employees and thanks to our board and thanks, of course, to our customers for all of their support in pulling together our quarter, and I look forward to future communications with all of you. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.