Liveramp Holdings Inc (RAMP) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the LiveRamp Fiscal 2024 First Quarter Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，歡迎參加 LiveRamp 2024 財年第一季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to your host, Drew Borst, Vice President of Investor Relations.

現在我想將電話轉給東道主投資者關係副總裁德魯·博斯特 (Drew Borst)。

Thank you, operator. Good afternoon, and welcome. Thank you for joining our fiscal 2024 first quarter earnings call. With me today are Scott Howe, our CEO; and Lauren Dillard, Interim CFO.

謝謝你，接線員。下午好，歡迎光臨。感謝您參加我們的 2024 財年第一季度財報電話會議。今天和我在一起的有我們的首席執行官斯科特·豪 (Scott Howe)；臨時首席財務官勞倫·迪拉德 (Lauren Dillard)。

Today's press release and this call may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed description of these risks, please read the Risk Factors section of our public filings and the press release. A copy of our press release and financial schedules, including any reconciliations to non-GAAP financial measures, is available at liveramp.com. Also during the call today, we'll be referring to the slide deck posted on our website.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異。有關這些風險的詳細說明，請閱讀我們的公開文件和新聞稿的風險因素部分。您可以在liveramp.com 上獲取我們的新聞稿和財務計劃的副本，包括與非公認會計準則財務指標的對賬。在今天的電話會議中，我們還將參考我們網站上發布的幻燈片。

At this time, I'll turn the call over to Scott.

此時，我會將電話轉給斯科特。

Thank you, Drew, and thanks to all of you for joining our call today. My comments today will focus on 3 key topics.

謝謝你，德魯，也感謝大家今天加入我們的電話會議。我今天的評論將集中在 3 個關鍵主題上。

First, we're off to a strong start to fiscal '24. Q1 exceeded our expectations on both the top and bottom line. Our operating margin expanded by 11 percentage points, and this was our first ever quarter with positive GAAP operating profit.

首先，我們 24 財年有一個良好的開端。第一季度的營收和利潤都超出了我們的預期。我們的營業利潤率擴大了 11 個百分點，這是我們有史以來第一個按 GAAP 營業利潤實現正值的季度。

Second, there continue to be many levers for us to continually improve our financial performance, and we're focused on reestablishing strong recurring double-digit revenue growth. This will be driven short term by the tactical initiatives we have in motion and longer term by some mega trends that are propelling digital advertising, namely new messaging opportunities in retail, media and CTV, a shift to cloud computing, the transition from cookies to true authentication and generative AI.

其次，我們仍然有許多槓桿可以持續改善我們的財務業績，並且我們專注於重建強勁的經常性兩位數收入增長。短期內，這將受到我們正在進行的戰術舉措的推動，而長期則受到推動數字廣告的一些大趨勢的推動，即零售、媒體和CTV 領域的新消息傳遞機會、向雲計算的轉變、從cookie到true 的轉變身份驗證和生成人工智能。

Third, we continue to drive meaningful operating income growth and margin expansion and have clear line of sight to additional margin improvement. When combined with accelerated top line growth, this will bring us that much closer to our Rule of 40 goal.

第三，我們繼續推動有意義的營業收入增長和利潤率擴張，並對進一步提高利潤率有明確的目標。與收入的加速增長相結合，這將使我們更接近 40 條規則的目標。

Starting with Q1, revenue and operating income exceeded our expectations and consensus estimates. We produced $26 million in positive operating cash flow in a quarter that is seasonally low and typically negative. And we repurchased $20 million in stock. Q1 total revenue grew by 8%, with Subscription revenue up 5% and Marketplace & Other up 21%. Subscription growth was in line with our mid-single full year outlook, while Marketplace & Other was significantly ahead of our expectation due to a better-than-expected digital advertising market.

從第一季度開始，收入和營業收入超出了我們的預期和共識預測。我們在一個季度產生了 2600 萬美元的正運營現金流，該現金流處於季節性低位且通常為負值。我們還回購了 2000 萬美元的股票。第一季度總收入增長 8%，其中訂閱收入增長 5%，市場及其他收入增長 21%。訂閱增長與我們的全年中期展望一致，而由於數字廣告市場好於預期，Marketplace & Other 的增長大大超出了我們的預期。

Our Q1 customer count of 915 was down 5 from the prior quarter, driven by nonbrand customers with below-average ACVs. Meanwhile, our $1 million-plus customers increased by 1 sequentially. We signed a new 3-year 7-figure annual contract with a major retail and hotel operator in the Middle East. Our data collaboration platform will power their new retail media network. We also had a 6-figure win with a leading global quick-service restaurant for our data collaboration platform.

由於 ACV 低於平均水平的非品牌客戶，我們第一季度的客戶數量為 915 名，比上一季度減少了 5 名。與此同時，我們價值 100 萬美元以上的客戶環比增加了 1 個。我們與中東一家主要零售和酒店運營商簽署了一份為期 3 年、價值 7 位數的新年度合同。我們的數據協作平台將為他們的新零售媒體網絡提供支持。我們的數據協作平台還贏得了一家全球領先的快餐店的 6 位數的勝利。

These recent successes are also representative of our current pipeline. We're talking to recognized global leaders across all consumer industries. Notwithstanding these key wins, our net new logos continue to run below our historical trend, which is attributable to a combination of tighter client budgets in the face of macro uncertainty and our decision to focus on larger enterprise clients that typically have a longer sales cycle.

這些最近的成功也代表了我們當前的管道。我們正在與所有消費行業公認的全球領導者進行交談。儘管取得了這些關鍵勝利，我們的淨新徽標仍然低於歷史趨勢，這是由於面對宏觀不確定性而收緊客戶預算以及我們決定專注於通常具有較長銷售週期的大型企業客戶。

These larger accounts typically involve more decision-makers, including procurement, that elongate the sales process. These accounts may take longer to close, but they typically have above-average ACVs, often sign multiple-year contracts and renew at higher rates. In short, these customers have a higher lifetime value. As macro conditions improve, we expect our renewed focus on these larger enterprise customers to yield results.

這些較大的客戶通常涉及更多的決策者，包括採購，從而延長了銷售流程。這些賬戶可能需要更長的時間才能關閉，但它們的 ACV 通常高於平均水平，通常會簽署多年合同並以更高的利率續訂。簡而言之，這些客戶具有更高的終生價值。隨著宏觀環境的改善，我們預計我們對這些大型企業客戶的重新關注將會產生成果。

We are performing better with the upselling in existing customers. We had upsells with 2 major ad agency customers, each with 7-figure annual contracts and multiyear terms for data onboarding and identity resolution. We also had a multiyear 7-figure annual contract upsell of a large U.S. grocery chain for our data collaboration platform to power their retail media network. Finally, we expanded our relationship with a leading music streamer with a high 6-figure upsell and 2-year term for data activation.

通過對現有客戶的追加銷售，我們表現得更好。我們與 2 個主要廣告代理客戶進行了追加銷售，每個客戶都簽訂了 7 位數的年度合同以及數據接入和身份解析的多年期條款。我們還與一家美國大型雜貨連鎖店簽訂了多年期 7 位數的年度合同追加銷售，用於我們的數據協作平台，為他們的零售媒體網絡提供支持。最後，我們擴大了與一家領先的音樂流媒體的合作關係，該音樂流媒體的追加銷售量高達 6 位數，並且數據激活期限為 2 年。

Subscription net retention of 98% improved slightly sequentially, though this continues to be a metric where we feel we can improve. Platform net retention also improved sequentially to 102%, reflecting the strength in marketplace growth. We continue to expect our subscription net retention to be 100% or higher by Q4 based on the progress we are making with improving bookings and reducing customer downsell and churn.

98% 的訂閱淨保留率比上一季度略有提高，儘管我們認為這仍然是一個可以改進的指標。平台淨留存率也連續提高至 102%，反映了市場增長的強勁勢頭。根據我們在改善預訂和減少客戶降價和流失方面取得的進展，我們仍然預計到第四季度我們的訂閱淨保留率將達到 100% 或更高。

Moving beyond the quarter, let me now speak about the progress we are making on returning to sustainable double-digit revenue growth. On recent calls, I've discussed the tactical moves we've made to drive faster revenue growth, including expanding our sales capacity and productivity, deepening our channel partnerships with cloud hyperscalers and CDPs and enhancing the utility of our product through new integrations such as the Meta Conversions API and Google's Publisher Advertiser Identity Reconciliation or more simply PAIR. We continue to make steady progress with each of these initiatives, but today, I want to talk about the megatrends that are shaping the future of digital advertising and how LiveRamp is positioned to benefit from these trends.

超越本季度，現在讓我談談我們在恢復可持續兩位數收入增長方面所取得的進展。在最近的電話會議上，我討論了我們為推動收入更快增長而採取的戰術舉措，包括擴大我們的銷售能力和生產力，深化我們與雲超大規模提供商和CDP 的渠道合作夥伴關係，以及通過新的集成（例如， Meta Conversions API 和 Google 的發布商廣告客戶身份協調或更簡單的 PAIR。我們將繼續在這些舉措中取得穩步進展，但今天，我想談談塑造數字廣告未來的大趨勢，以及 LiveRamp 如何從這些趨勢中受益。

We see 4 megatrends: one, new marketing channels that possess scale and sophistication similar to walled gardens in both retail media networks and CTV; two, the shift from cookies to true consumer authentication; three, cloud computing; and four, generative AI. Our leadership and foundational identity and interoperability across the digital advertising ecosystem puts us in a position to benefit from the growth in retail media and CTV.

我們看到了四大趨勢：一是新的營銷渠道，其規模和復雜程度類似於零售媒體網絡和 CTV 中的圍牆花園；二、從cookies到真正的消費者身份驗證的轉變；三、雲計算；第四，生成式人工智能。我們在整個數字廣告生態系統中的領導地位、基礎身份和互操作性使我們能夠從零售媒體和 CTV 的增長中受益。

Let's start with retail media networks or commerce media networks more broadly defined beyond the retail CPG complex. This is hardly a new trend, but it is poised for significant growth over the next 5 years. According to the media buying agency GroupM, retail media networks already represent the third largest advertising platform at $110 billion globally, and it is forecast to be the fastest-growing platform over the next 5 years, with a compound annual growth rate of 9%.

讓我們從零售 CPG 綜合體之外更廣泛定義的零售媒體網絡或商業媒體網絡開始。這並不是一個新趨勢，但預計在未來 5 年內將出現顯著增長。據媒體購買機構 GroupM 稱，零售媒體網絡已成為全球第三大廣告平台，價值 1100 億美元，預計將成為未來 5 年內增長最快的平台，複合年增長率為 9%。

These media networks benefit LiveRamp in 2 ways. First, our data collaboration platform powers retail media networks by enabling the secure first-party data sharing between retailers and brands. Many of the world's largest retailers are using our data collaboration for this purpose, and we continue to add new customers every quarter, as we mentioned earlier. The sales bookings for our data collaboration platform have great momentum. For a second consecutive quarter, we had strong sales bookings for our data collaboration platform with Q1 bookings accelerating.

這些媒體網絡通過兩種方式使 LiveRamp 受益。首先，我們的數據協作平台通過在零售商和品牌之間實現安全的第一方數據共享來為零售媒體網絡提供支持。許多世界上最大的零售商正在利用我們的數據協作來實現這一目的，正如我們之前提到的，我們每個季度都會繼續增加新客戶。我們的數據協作平台的銷售預訂勢頭強勁。我們的數據協作平台連續第二個季度實現強勁的銷售預訂，第一季度預訂量加速增長。

The second way we benefit from the proliferation of retail media networks is we help brands link customer identity across each of these retail media networks so they can holistically track and measure their addressable advertising. We have a similar opportunity in CTV and ad-supported streaming. From cord cutting and the rise of ad-supported streaming, the video market is going through a massive transformation.

我們從零售媒體網絡的激增中受益的第二種方式是，我們幫助品牌在每個零售媒體網絡中鏈接客戶身份，以便他們能夠全面跟踪和衡量他們的可尋址廣告。我們在 CTV 和廣告支持的流媒體領域也有類似的機會。從掐線到廣告支持的流媒體的興起，視頻市場正在經歷一場巨大的轉變。

This transformation is fragmenting audiences across more video platforms while we all appreciate where the puck is going, and that is clearly the streaming. In the meantime, linear broadcast and cable television networks still have a 52% share of viewing on U.S. televisions compared to 38% for streaming services. And within streaming outside of YouTube and Netflix, each of the streaming platforms has a low single-digit share of audience viewing. The challenge for marketers is holistically measuring audiences and advertising across these streaming walled gardens. LiveRamp solves this problem with our common privacy identifier and interoperability with all platforms.

這種轉變正在將觀眾分散到更多的視頻平台上，而我們都知道冰球的去向，而這顯然就是流媒體。與此同時，線性廣播和有線電視網絡在美國電視上的收視份額仍為 52%，而流媒體服務的收視份額為 38%。在 YouTube 和 Netflix 之外的流媒體中，每個流媒體平台的觀眾觀看份額都較低。營銷人員面臨的挑戰是全面衡量這些流媒體圍牆花園中的受眾和廣告。 LiveRamp 通過我們通用的隱私標識符和與所有平台的互操作性解決了這個問題。

To summarize, more choices and more complexity in the marketing ecosystem make it even more important for marketers to use LiveRamp to simplify workflow and ensure true uniformity across all destinations. So we think the growth in these additional channels will be a long-term tailwind for our business.

總而言之，營銷生態系統中更多的選擇和更多的複雜性使得營銷人員使用 LiveRamp 來簡化工作流程並確保所有目的地的真正統一性變得更加重要。因此，我們認為這些額外渠道的增長將成為我們業務的長期推動力。

A second major trend is third-party cookie deprecation, an impending rise of authentication that will usher in a new era in consumer privacy and digital marketing. Google's announcement in May confirming it will deprecate third-party cookies on Chrome in the second half of 2024, combined with its rollout of Publisher Advertiser Identity Reconciliation or PAIR for its DSP, Display & Video 360, is a clear signal that the post-cookie era is rapidly approaching.

第二個主要趨勢是第三方 cookie 的棄用，身份驗證即將興起，這將開創消費者隱私和數字營銷的新時代。谷歌於5 月份宣布，確認將於2024 年下半年在Chrome 上棄用第三方Cookie，並為其DSP、Display & Video 360 推出發布商廣告商身份協調(PAIR)，這是一個明確的信號，即後Cookie時代正在迅速來臨。

Our PAIR rollout is going very well. We have 75-plus publishers signed up across North America, Europe and APAC, and we are on track to have 100-plus publishers live by September. We continue to scale campaigns with our brands and have seen lots of brand interest in the alpha. Anecdotally, the campaigns are meeting customer expectations, and by our next earnings call, we should be in a position to share more detailed results. We see this as a clear call to action for the entire digital advertising industry, and our recent customer conversations, including dozens of customer meetings at the recent Cannes Advertising Festival, prove this out.

我們的 PAIR 推出進展順利。我們在北美、歐洲和亞太地區有 75 多家出版商註冊，預計到 9 月份將有 100 多家出版商上線。我們繼續擴大我們品牌的營銷活動，並看到很多品牌對 Alpha 版感興趣。有趣的是，這些活動滿足了客戶的期望，到下一次財報電話會議時，我們應該能夠分享更詳細的結果。我們認為這是對整個數字廣告行業採取行動的明確號召，我們最近的客戶對話（包括最近戛納廣告節上的數十次客戶會議）證明了這一點。

We started preparing for the retirement of third-party cookies more than 5 years ago when we created the authenticated traffic solution or ATS. ATS connects publisher and brand identity without the use of third-party cookies and enables addressable reach and measurement on our encrypted people-based identifier, RampID. Today, ATS is a globally scaled solution with unrivaled reach and interoperability. ATS is interoperable with the open web, walled gardens, including CTV platforms and ad tech intermediaries, including over 165 DSPs and SSPs. On the open web, ATS is interoperable with over 14,000 domains, including 80% of the comScore 50 and 90% of consumer time spent online in the U.S.

5 年多前，當我們創建身份驗證流量解決方案或 ATS 時，我們就開始為第三方 cookie 的退役做準備。 ATS 在不使用第三方 cookie 的情況下連接發布商和品牌身份，並支持基於我們的加密的基於人的標識符 RampID 的可尋址範圍和測量。如今，ATS 已成為全球規模的解決方案，具有無與倫比的覆蓋範圍和互操作性。 ATS 可與開放網絡、圍牆花園（包括 CTV 平台和廣告技術中介機構）互操作，其中包括超過 165 個 DSP 和 SSP。在開放網絡上，ATS 可與 14,000 多個域進行互操作，其中包括 comScore 50 的 80% 以及美國消費者上網時間的 90%。

Taken together, we believe the scale of our solution uniquely positions us to benefit from the final phase of cookie deprecation when it occurs next calendar year. Continued education and evangelization will be an emphasis for us over the next 4 quarters.

總而言之，我們相信我們解決方案的規模使我們能夠在明年 Cookie 棄用的最後階段中受益。持續教育和福傳將是我們未來四個季度的重點。

The shift of computing to the cloud is a third megatrend that will benefit our business. According to a recent survey of CIOs, the proportion of workloads running on public clouds, whether AWS, GCP, Azure or others, will increase from 30% today to 50% in 3 years. LiveRamp has a long history of successfully navigating technology platform transitions, starting with the transition from marketing databases to customer data platforms and now to cloud and cloud data warehouses. We have always enabled our capabilities where our customers' data lives, and we are well positioned to benefit from the shift to cloud computing. Over the past year, we have deepened our partnership with each of these cloud providers, and we've been deploying native applications that embed our products in these cloud environments.

計算向雲的轉變是第三個大趨勢，將使我們的業務受益。根據最近對 CIO 的一項調查，在公共雲（無論是 AWS、GCP、Azure 還是其他雲）上運行的工作負載比例將在 3 年內從現在的 30% 增加到 50%。 LiveRamp 在成功引導技術平台轉型方面擁有悠久的歷史，從從營銷數據庫過渡到客戶數據平台，現在再到雲和雲數據倉庫。我們始終在客戶數據所在的地方啟用我們的功能，並且我們處於有利地位，可以從向雲計算的轉變中受益。在過去的一年裡，我們加深了與每個雲提供商的合作夥伴關係，並且我們一直在部署將我們的產品嵌入到這些雲環境中的本機應用程序。

It may sound cliche, but this is truly a win-win-win proposition. It's a win for the cloud providers because embedding our solutions in their environment drives a material increase in storage and compute because there is a high volume of data and analytics associated with consumer marketing. And the cloud revenue model is entirely based on storage and compute. It is also a win for our customers who desire a reduced movement of data. Less data movement is more efficient, more secure and reduces the risk of a data breach. Finally, it is a win for us because our products are more easily accessible for existing and prospective customers.

這聽起來可能是陳詞濫調，但這確實是一個三贏的主張。這對雲提供商來說是一場胜利，因為將我們的解決方案嵌入到他們的環境中會推動存儲和計算的實質性增加，因為存在大量與消費者營銷相關的數據和分析。而云收入模式完全基於存儲和計算。對於希望減少數據移動的客戶來說，這也是一個勝利。更少的數據移動會更高效、更安全，並降低數據洩露的風險。最後，這對我們來說是一場胜利，因為現有和潛在客戶更容易獲得我們的產品。

We recently debuted in Snowflake, our native applications for identity resolution. This means LiveRamp customers can seamlessly access our identity resolution and activation capabilities directly in their Snowflake data environment, eliminating the need to move or copy data and thereby reducing security and privacy risks. Initial customer feedback has been positive. But we are committed to making everything even easier to use. We are working with the other cloud providers in a similar manner and look for this to be a meaningful contributor to our growth going forward if it continues to scale in the coming years.

我們最近首次推出了 Snowflake，這是我們用於身份解析的本機應用程序。這意味著 LiveRamp 客戶可以直接在其 Snowflake 數據環境中無縫訪問我們的身份解析和激活功能，無需移動或複制數據，從而降低安全和隱私風險。最初的客戶反饋是積極的。但我們致力於讓一切變得更加易於使用。我們正在以類似的方式與其他雲提供商合作，如果它在未來幾年繼續擴大規模，我們希望這對我們未來的增長做出有意義的貢獻。

Investors, understandably, have been asking us what gen AI and machine learning means for our business. First and foremost, we expect gen AI will leave us more firmly into the data fabric of the ecosystem. At the heart of all data regulatory policy around the world is the concept of consumer transparency and choice, and that requires the deterministic identity that LiveRamp provides.

可以理解的是，投資者一直在問我們新一代人工智能和機器學習對我們的業務意味著什麼。首先，我們預計新一代人工智能將使我們更加堅定地融入生態系統的數據結構。全球所有數據監管政策的核心是消費者透明度和選擇的概念，這需要 LiveRamp 提供的確定性身份。

Second, we expect gen AI to help stimulate our long-term top line growth. We are already using AI and machine learning in our identity products to improve the effectiveness of addressable advertising for our customers. We develop deep learning models to improve match rates and match choice, especially when match PII is limited and touch points like e-mail, phone or address are shared. We are also using machine learning models to determine who is the dominant user on shared devices like a laptop, tablet, CTV or even in some cases a mobile phone.

其次，我們預計新一代人工智能將有助於刺激我們的長期收入增長。我們已經在我們的身份產品中使用人工智能和機器學習來提高客戶可尋址廣告的有效性。我們開發深度學習模型來提高匹配率和匹配選擇，特別是當匹配 PII 有限且電子郵件、電話或地址等接觸點共享時。我們還使用機器學習模型來確定誰是共享設備（例如筆記本電腦、平板電腦、CTV，甚至在某些情況下是手機）的主要用戶。

Additionally, we think generative AI will open up additional data collaboration opportunities and a potential wave of new applications such as dynamic creative, optimal media buying and precision AI targeting. We are well positioned to seize this opportunity because in addition to having a leading data collaboration platform, we are also the leader in deterministic foundational identity. We are interoperable across the entire ecosystem, and our network of turnkey integrations connects identity across any and every digital destination.

此外，我們認為生成式人工智能將帶來更多的數據協作機會和潛在的新應用浪潮，例如動態創意、最佳媒體購買和精准人工智能定位。我們完全有能力抓住這個機會，因為除了擁有領先的數據協作平台之外，我們還是確定性基礎身份領域的領導者。我們在整個生態系統中具有互操作性，並且我們的交鑰匙集成網絡可以連接所有數字目的地的身份。

We also expect gen AI to drive growth in cloud and cloud data warehouses, where we have deepened our partnerships, to my earlier point. LiveRamp can harness the power of cloud data warehouses, assisting businesses in managing and analyzing their consumer data more efficiently. This in turn facilitates better use of AI, LLMs and deep learning technologies.

我們還期望 gen AI 能夠推動雲和雲數據倉庫的增長，正如我之前所說，我們在這方面加深了我們的合作夥伴關係。 LiveRamp 可以利用雲數據倉庫的力量，幫助企業更有效地管理和分析消費者數據。這反過來又促進了人工智能、法學碩士和深度學習技術的更好使用。

Finally, we expect AI capabilities to improve our efficiency, development velocity and service capabilities. Like nearly every company, we are in the process of identifying ways we can integrate AI into our processes to improve our efficiency and productivity. An example, the most brilliant data analysts all know that one of the most time-consuming tasks in using large data sets is writing SQL queries. AI can remove much of the repetitive manual elements to this effort, thus facilitating even more query efficiency and less technical specialization needs.

最後，我們期望AI能力能夠提升我們的效率、開發速度和服務能力。與幾乎所有公司一樣，我們正在尋找將人工智能集成到我們流程中的方法，以提高我們的效率和生產力。舉個例子，最聰明的數據分析師都知道，使用大型數據集最耗時的任務之一就是編寫 SQL 查詢。人工智能可以消除這項工作中的許多重複的手動元素，從而提高查詢效率並減少技術專業化需求。

Over time, we see opportunities to leverage AI to enhance our product development and engineering, customer service and employee training. While we don't expect a meaningful financial impact from AI in the current fiscal year, we do believe that AI is a long-term tailwind for our business.

隨著時間的推移，我們看到了利用人工智能來增強我們的產品開發和工程、客戶服務和員工培訓的機會。雖然我們預計人工智能不會在本財年產生有意義的財務影響，但我們確實相信人工智能是我們業務的長期推動力。

In summary, when we consider the cumulative impact of all 4 of these megatrends as well as our ongoing tactical initiatives, we are optimistic about our ability to return to sustainable double-digit revenue growth. Top line growth is an important lever in the Rule of 40, a goal to which we remain steadfastly committed. But the bottom line is also important.

總之，當我們考慮所有這 4 個大趨勢的累積影響以及我們正在進行的戰術舉措時，我們對我們恢復可持續兩位數收入增長的能力感到樂觀。收入增長是“40 法則”中的一個重要槓桿，也是我們堅定不移致力於實現的目標。但底線也很重要。

We have made consistent methodical progress over many quarters improving our non-GAAP operating margin. This year, we expect our margin to be 14% to 15%, an improvement of 400 to 500 basis points. Looking ahead to FY '25, we see an opportunity for another year of significant margin expansion driven by our new offshoring initiative, which Lauren will discuss in a moment.

我們在多個季度取得了持續、有條理的進展，提高了我們的非公認會計原則運營利潤率。今年，我們預計利潤率為 14% 至 15%，提高 400 至 500 個基點。展望 25 財年，我們看到了在我們新的離岸外包計劃的推動下，又一年利潤率大幅擴張的機會，勞倫稍後將對此進行討論。

Our profitability improvement is also showing up at our GAAP results. Q1 was our first quarter ever with positive GAAP operating profit. And on a full year basis, we expect to post positive GAAP operating profit in FY '24.

我們的盈利能力改善也體現在我們的 GAAP 業績中。第一季度是我們有史以來第一個實現 GAAP 營業利潤的季度。在全年基礎上，我們預計 24 財年將實現正 GAAP 營業利潤。

Finally, we continue to return excess free cash flow to shareholders through our share purchases. In Q1, we produced $26 million in free cash flow, and we repurchased $20 million in shares. On a full year basis, we expect to use a significant portion of our free cash flow this year for share repurchases. At our current valuation and given the building momentum in our business, we think repurchasing our shares is an attractive investment.

最後，我們繼續通過股票購買將多餘的自由現金流返還給股東。第一季度，我們產生了 2600 萬美元的自由現金流，並回購了 2000 萬美元的股票。就全年而言，我們預計今年將使用很大一部分自由現金流用於股票回購。根據我們目前的估值以及我們業務的發展勢頭，我們認為回購我們的股票是一項有吸引力的投資。

In summary, Q1 represents a good start to our fiscal year, with the top line and bottom line coming in ahead of our expectations. The tactical moves we've made over the past year with our Salesforce channel partnership and product integrations are starting to pay off, and our business has good momentum. Additionally, we are well positioned to benefit from the megatrends that are shaping the future of digital advertising, including retail media, CTV, cookie deprecation and AI.

總而言之，第一季度代表了我們財年的良好開端，營收和利潤都超出了我們的預期。過去一年，我們在 Salesforce 渠道合作夥伴關係和產品集成方面採取的戰術舉措已開始取得成效，我們的業務勢頭良好。此外，我們處於有利地位，可以從塑造數字廣告未來的大趨勢中受益，包括零售媒體、CTV、cookie 棄用和人工智能。

All of this puts us on a path to return to sustainable double-digit top line growth. When combined with our margin trajectory, we expect to make meaningful headway toward our Rule of 40 objective over the next few years. Finally, we expect to continue returning excess free cash flow to shareholders through our share repurchase program.

所有這些使我們走上了恢復可持續兩位數收入增長的道路。結合我們的利潤率軌跡，我們預計在未來幾年內將在實現 40 條規則目標方面取得有意義的進展。最後，我們預計將通過股票回購計劃繼續將多餘的自由現金流返還給股東。

Thank you again for joining us today. And a special thanks to our exceptional, exceptional customers, partners and to all LiveRampers for their ongoing hard work and support. We look forward to updating you on our progress in the coming quarters.

再次感謝您今天加入我們。特別感謝我們傑出的客戶、合作夥伴以及所有 LiveRampers 的持續辛勤工作和支持。我們期待向您通報我們未來幾個季度的最新進展。

And with that, I will now turn the call over to Lauren.

現在，我將把電話轉給勞倫。

Thanks, Scott, and thank you all for joining us today. Today, I will cover 3 topics: first, a review of our Q1 financial results; second, an update on our offshoring initiative; and finally, our outlook for FY '24 and Q2.

謝謝斯科特，也感謝大家今天加入我們。今天我主要講三個話題：第一，我們第一季度財務業績的回顧；其次，我們離岸外包計劃的最新情況；最後，我們對 24 財年和第二季度的展望。

Starting with our Q1 results. In summary, results were above our expectations. Revenue came in at $154 million, which was $7 million above our guidance. And operating income was $21 million, $6 million above our guide. Operating margin expanded by 11 percentage points to 14%, and we generated $26 million in operating cash flow.

從我們第一季度的結果開始。總而言之，結果超出了我們的預期。收入為 1.54 億美元，比我們的指導高出 700 萬美元。營業收入為 2100 萬美元，比我們的預期高出 600 萬美元。營業利潤率增長了 11 個百分點，達到 14%，我們產生了 2600 萬美元的營業現金流。

Let me now fill in some additional details. Please turn to Slide 5. Unless otherwise indicated, my remarks pertain to non-GAAP results, and growth is relative to the year ago period.

現在讓我補充一些額外的細節。請參閱幻燈片 5。除非另有說明，否則我的言論涉及非 GAAP 業績，增長是相對於去年同期的。

Total revenue was $154 million, up 8%. Subscription revenue was in line with our expectations, while Marketplace & Other was significantly ahead, driven by a stronger-than-expected digital advertising environment. Subscription revenue was $122 million, up 5%. ARR was $426 million, up 4%. Subscription net retention was 98%, and platform net retention was 102%. The sequential improvement was driven by subscription usage.

總收入為 1.54 億美元，增長 8%。訂閱收入符合我們的預期，而市場及其他收入則在強於預期的數字廣告環境的推動下大幅領先。訂閱收入為 1.22 億美元，增長 5%。 ARR 為 4.26 億美元，增長 4%。訂閱淨留存率為98%，平台淨留存率為102%。連續改善是由訂閱使用推動的。

Current RPO or our next 12-month contracted backlog was $351 million, up 19%. Total RPO, including contracted backlog beyond the next 12 months, was up 25% to $497 million. There is an unusually large difference between CRPO and ARR growth this quarter. As we've discussed before, the RPO is very sensitive to the timing of renewals and the contract duration. And both of these factors flattered CRPO growth this quarter. ARR normalizes for timing. And for this reason, we continue to believe it is a better leading indicator of subscription growth than trends in RPO.

目前的 RPO 或我們未來 12 個月的合同積壓訂單為 3.51 億美元，增長 19%。 RPO 總額（包括未來 12 個月後的合同積壓訂單）增長了 25%，達到 4.97 億美元。本季度 CRPO 和 ARR 增長之間存在異常巨大的差異。正如我們之前討論的，RPO 對續約時間和合同期限非常敏感。這兩個因素都有利於 CRPO 本季度的增長。 ARR 標準化時序。出於這個原因，我們仍然認為它是比 RPO 趨勢更好的訂閱增長領先指標。

Digging into subscription further, our fixed subscription revenue grew by 5%, again, in line with our expectations. Overall, the selling environment does remain challenging, although not materially different from the recent trend. Our average deal cycle in Q1 was about 1 quarter longer than in FY '22, and our conversion of pipeline into sales bookings also remains below fiscal '22 averages. Subscription usage revenue grew 5% in the quarter and represented 13% of total subscription revenue, near the midpoint of the historic 10% to 15% range. In the quarter, subscription usage benefited from improving trends in digital advertising and also some onetime items.

進一步深入研究訂閱，我們的固定訂閱收入增長了 5%，再次符合我們的預期。總體而言，銷售環境確實仍然充滿挑戰，儘管與近期趨勢沒有太大不同。我們第一季度的平均交易週期比 22 財年長了約 1 個季度，而且我們的渠道轉化為銷售預訂也仍然低於 22 財年的平均水平。本季度訂閱使用收入增長了 5%，佔訂閱總收入的 13%，接近歷史 10% 至 15% 範圍的中點。本季度，訂閱使用量受益於數字廣告和一些一次性商品趨勢的改善。

Marketplace & Other revenue of $32 million increased 21%, driven by Data Marketplace, which represents 80% of Marketplace & Other. Data Marketplace grew by 19%, fueled by a healthy digital advertising environment and above-average campaign spending from a select number of customers.

在數據市場的推動下，市場及其他收入達到 3200 萬美元，增長了 21%，數據市場佔市場及其他收入的 80%。在健康的數字廣告環境和部分客戶高於平均水平的營銷活動支出的推動下，數據市場增長了 19%。

We also continue to see growth in professional services, albeit off a smaller base. To provide a bit of additional perspective on services, services generated revenue of approximately $10 million in FY '23. And we expect it to roughly double in FY '24. While slightly loss-making this year, we see a path to positive margins next fiscal. Just as importantly, services is providing an ancillary benefit to our subscription revenue in the form of higher customer satisfaction that is driving above-average renewal rates and higher upsell.

我們還看到專業服務繼續增長，儘管基數較小。為了提供一些關於服務的額外視角，服務在 23 財年創造了大約 1000 萬美元的收入。我們預計 24 財年該數字將大約翻一番。雖然今年略有虧損，但我們預計下一財年將實現正利潤率。同樣重要的是，服務以更高的客戶滿意度的形式為我們的訂閱收入提供了附帶好處，從而推動了高於平均水平的續訂率和更高的追加銷售。

Moving beyond revenue, gross margin was approximately 73%, down 2 points year-on-year and consistent with our guidance. The decline was due primarily to higher data hosting from customer use and parallel costs related to customer migration projects as well as continued investment in our services business.

除收入外，毛利率約為 73%，同比下降 2 個百分點，與我們的指引一致。下降的主要原因是客戶使用帶來的數據託管量增加、與客戶遷移項目相關的並行成本以及對服務業務的持續投資。

Operating expenses were down 11% to $92 million, driven by last year's cost restructuring and were also flattered by the timing of certain expense items which shifted into later quarters. Operating income was $21 million, up from $4 million a year ago, and our operating margin expanded by 11 points to 14%. Stock-based compensation was $13 million, down from $24 million a year ago due to the accelerated vesting of certain non-NEO RSUs in Q4 of last fiscal, which we did discuss on our last call.

受去年成本重組的推動，運營費用下降了 11% 至 9,200 萬美元，而且某些費用項目的時間轉移到了後幾個季度，這也讓運營費用感到受寵若驚。營業收入從一年前的 400 萬美元增加到 2100 萬美元，營業利潤率增長了 11 個百分點，達到 14%。基於股票的薪酬為 1,300 萬美元，低於一年前的 2,400 萬美元，原因是上一財年第四季度某些非 NEO RSU 的加速兌現，我們在上次電話會議中對此進行了討論。

Operating cash flow was $26 million, up from negative $33 million a year ago, due primarily to the receipt of a $29 million federal tax refund for fiscal 2021. Even without this refund, as Scott mentioned, our operating cash flow was near breakeven in a quarter that is seasonally negative. We repurchased 835,000 shares in the quarter for $20 million. There remains approximately $198 million under the current authorization that runs through December 31, 2024. Our diluted weighted average share count in the quarter was down 3%, reflecting our repurchase activity over the past year.

運營現金流為2600 萬美元，高於一年前的負3300 萬美元，這主要是由於收到了2021 財年2900 萬美元的聯邦退稅。正如斯科特提到的，即使沒有這筆退款，我們的運營現金流也接近盈虧平衡。季節性負值的季度。本季度我們以 2,000 萬美元回購了 835,000 股股票。截至 2024 年 12 月 31 日的當前授權仍有約 1.98 億美元。本季度我們的稀釋加權平均股數下降了 3%，反映了我們過去一年的回購活動。

In summary, Q1 represented a strong start to fiscal 2024. We beat on both the top and bottom line. Subscription revenue growth was in line with our expectations, and marketplace outperformed, driven by the ongoing strength in the digital advertising market. Our operating margin expanded by 11 percentage points. We generated $26 million in operating cash flow and repurchased $20 million in stock.

總而言之，第一季度代表了 2024 財年的強勁開局。我們在營收和利潤方面均取得了優異成績。訂閱收入的增長符合我們的預期，並且在數字廣告市場持續強勁的推動下，市場表現優於我們。我們的營業利潤率擴大了 11 個百分點。我們產生了 2600 萬美元的運營現金流並回購了 2000 萬美元的股票。

Let me now provide an update on our offshoring initiative. We recently moved into the execution phase of our offshoring efforts. We are working with a leading global outsourcer, a firm we've worked with on a smaller scale for several years, to assist us in this process. Over the next 2 years, we will transfer roles in our engineering, customer service and business support functions to Hyderabad, India.

現在讓我介紹一下我們離岸外包計劃的最新情況。我們最近進入了離岸外包工作的執行階段。我們正在與一家領先的全球外包商合作，以協助我們完成這一過程，該公司已經與我們進行了多年的小規模合作。在接下來的兩年裡，我們將把工程、客戶服務和業務支持職能的角色轉移到印度海得拉巴。

We believe this effort will position LiveRamp for success well into the future. In addition to improving our cost structure, it will help us be more efficient, better serve our global customers around the clock, better compete for world-class talent and accelerate our product development velocity. And lastly, we believe this initiative will unlock another meaningful improvement in operating margin expansion in FY '25.

我們相信，這一努力將使 LiveRamp 在未來取得成功。除了改善我們的成本結構之外，這還將幫助我們提高效率，更好地全天候服務全球客戶，更好地競爭世界一流的人才並加快我們的產品開發速度。最後，我們相信這一舉措將在 25 財年的營業利潤率擴張方面帶來另一項有意義的改善。

Finally, let me now turn to our financial outlook for FY '24 and Q2. Please turn to Slides 12 and 13. Please keep in mind our non-GAAP guidance excludes intangible amortization, stock-based compensation and restructuring-related charges.

最後，讓我談談 24 財年和第二季度的財務展望。請參閱幻燈片 12 和 13。請記住，我們的非 GAAP 指導不包括無形攤銷、股票薪酬和重組相關費用。

Starting with the full year. We are increasing our total revenue guidance by $10 million and now expect revenue to be between $620 million and $630 million, up 4% to 6% year-on-year. Our outlook for subscription revenue is unchanged. We continue to expect subscription revenue to grow in the mid-single digits. We expect usage as a percentage of total subscription revenue to be near the midpoint of the historic 10% to 15% range.

從全年開始。我們將總收入指引提高了 1000 萬美元，目前預計收入將在 6.2 億至 6.3 億美元之間，同比增長 4% 至 6%。我們對訂閱收入的展望保持不變。我們繼續預計訂閱收入將以中個位數增長。我們預計使用量佔總訂閱收入的百分比將接近歷史 10% 至 15% 範圍的中點。

We also reiterate that subscription net retention is expected to return to at least 100% by Q4, driven by improving sales productivity, benefits from our new channel partnerships and better retention. The potential offset to this benefit, in addition to our own execution, would be the macro conditions and the associated impact they have on client budgets.

我們還重申，在銷售生產力提高、新渠道合作夥伴關係帶來的好處以及更好的保留率的推動下，訂閱淨保留率預計到第四季度將恢復到至少 100%。除了我們自己的執行之外，這種好處的潛在抵消將是宏觀條件及其對客戶預算的相關影響。

We now expect Marketplace & Other revenue growth to be in the mid- to high single digits for the full year, up from our prior expectation of approximately flat. For Q2, based on what we are seeing quarter-to-date, we expect marketplace revenue to grow in the mid- to high single digits. This growth rate is slower sequentially because Q1 benefited from a select number of unusually large ad campaigns that are unlikely to recur.

我們現在預計全年市場及其他收入增長將達到中高個位數，高於我們之前大約持平的預期。對於第二季度，根據我們本季度迄今所看到的情況，我們預計市場收入將以中高個位數增長。這一增長率較上一季度放緩，因為第一季度受益於一些不太可能重複發生的異常大型廣告活動。

For the fiscal second half, we assume marketplace revenue is flat given our limited visibility into digital advertising that far into the future. While the risk of a U.S. recession has receded in recent months, there remains uncertainty around economic growth. We think it is prudent, therefore, to remain cautious about the fiscal second half. Should the advertising markets remain stable or improve, then we would expect our marketplace growth to be better. The same is naturally true on the downside.

鑑於我們對未來數字廣告的了解有限，我們假設下半財年市場收入持平。儘管近幾個月美國經濟衰退的風險有所消退，但經濟增長仍存在不確定性。因此，我們認為對下半年財政保持謹慎是謹慎的做法。如果廣告市場保持穩定或改善，那麼我們預計我們的市場增長會更好。不利的一面自然也是如此。

We continue to expect gross margin to be approximately 75%, with the second half slightly higher than the first half, reflecting ongoing hosting optimization initiatives as well as the timing of investment in our services business.

我們仍然預計毛利率約為 75%，下半年略高於上半年，反映了持續的託管優化舉措以及服務業務的投資時機。

We continue to expect non-GAAP operating income of between $90 million and $93 million, representing a margin of 14% to 15% or up 4 to 5 percentage points. Operating income guidance remains unchanged despite the Q1 beat and the increase to our revenue guide. We do, however, remain committed to the 50% operating income growth, as we outlined on the last call.

我們仍然預計非 GAAP 營業收入在 9000 萬美元至 9300 萬美元之間，利潤率為 14% 至 15%，即上升 4 至 5 個百分點。儘管第一季度業績好於預期並且我們的收入指南有所增加，但營業收入指南保持不變。然而，正如我們在上次電話會議中概述的那樣，我們仍然致力於實現 50% 的營業收入增長。

We still expect our operating expenses to decline this year in the low single digits, but we think it is prudent to make some additional investments in areas that we believe will fuel future top line growth. This includes investments in our sales force and cloud strategy as well as some upfront investment to ensure our offshoring initiative is successful.

我們仍然預計今年的運營費用將以較低的個位數下降，但我們認為在我們認為將推動未來收入增長的領域進行一些額外投資是謹慎的做法。這包括對我們的銷售隊伍和雲戰略的投資，以及一些前期投資，以確保我們的離岸外包計劃取得成功。

We expect stock-based compensation for the year to be $72 million, which benefits from the $23 million in accelerated vesting in FY '23 and is lower than our prior guide. We now expect $7 million in restructuring charges, primarily associated with our offshoring initiative. We continue to expect GAAP operating income to be positive and to be between $2 million and $5 million for the year. And lastly, we continue to expect to return a significant amount of our FY '24 free cash flow to shareowners through our repurchase program.

我們預計今年的股票薪酬為 7,200 萬美元，受益於 23 財年 2,300 萬美元的加速歸屬，低於我們之前的指導。我們現在預計重組費用為 700 萬美元，主要與我們的離岸外包計劃相關。我們繼續預計今年 GAAP 營業收入將為正，在 200 萬美元至 500 萬美元之間。最後，我們繼續期望通過我們的回購計劃將 24 財年的大量自由現金流返還給股東。

Now moving to Q2. In Q2, we expect total revenue of $152 million, non-GAAP operating income of $19 million and an operating margin of approximately 13%.

現在轉向第二季度。我們預計第二季度總收入為 1.52 億美元，非 GAAP 營業收入為 1900 萬美元，營業利潤率約為 13%。

A few other callouts for Q2. We expect subscription net retention to be flat to Q1, give or take a point. We expect Marketplace & Other revenue to grow by mid- to high single digits, as discussed earlier, and we expect gross margin to be roughly 73%.

第二季度的其他一些標註。我們預計訂閱淨留存率將與第一季度持平，無論多少。正如前面所討論的，我們預計市場及其他收入將以中高個位數增長，並且我們預計毛利率約為 73%。

Before opening the call to questions, I'll conclude with a few final thoughts. First, Q1 represented a strong start to the year, and we're pleased with the team's execution. Next, while we like our momentum exiting the quarter, a single quarter does not make a trend. It is still early, and given this, we've attempted to be balanced and conservative with respect to our outlook for the remainder of the year and see the potential for further upside if market conditions hold. And finally, we've long talked about our aspiration to be a Rule of 40 company, with mid-teens top line growth and a 25% plus operating margin. We're encouraged by the ongoing momentum in our sales bookings and improvements in churn and downsell that put us on a path to return to double-digit revenue growth.

在開始提問之前，我將提出一些最後的想法。首先，第一季度代表了今年的強勁開局，我們對團隊的執行力感到滿意。接下來，雖然我們喜歡本季度退出的勢頭，但單個季度並不能形成趨勢。現在還為時過早，鑑於此，我們試圖對今年剩餘時間的前景保持平衡和保守，並看到如果市場狀況保持不變，進一步上漲的潛力。最後，我們長期以來一直在談論我們的願望，即成為一家 40 法則公司，實現中十幾歲的營收增長和 25% 以上的營業利潤率。我們對銷售預訂的持續勢頭以及客戶流失和降價銷售的改善感到鼓舞，這使我們走上了恢復兩位數收入增長的道路。

And we will continue to pull on the following 3 levers to drive this improvement: first, improving our sales force productivity; second, leveraging recently announced channel partnerships and adding new ones; and finally, improving customer retention led by our enhanced services offering. Faster top line growth is the biggest margin lever we have over time but certainly not the only one. Our cost reduction efforts, including our offshoring initiative, will unlock meaningful margin improvement in FY '25 and beyond. And we will continue to be thoughtful about our expenses and will prudently invest in opportunities that we believe will drive future top line growth.

我們將繼續利用以下三個槓桿來推動這一改進：首先，提高我們的銷售人員生產力；其次，利用最近宣布的渠道合作夥伴關係並增加新的渠道合作夥伴關係；最後，通過我們增強的服務提供來提高客戶保留率。隨著時間的推移，更快的收入增長是我們擁有的最大的利潤槓桿，但肯定不是唯一的槓桿。我們降低成本的努力，包括我們的離岸外包計劃，將在 25 財年及以後顯著提高利潤率。我們將繼續考慮我們的開支，並將謹慎投資於我們認為將推動未來收入增長的機會。

With that, on behalf of all LiveRampers, thank you again for joining us today. Operator, we will now open the call to questions.

在此，我代表所有 LiveRampers 再次感謝您今天加入我們。接線員，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Shyam Patil with Susquehanna.

（操作員說明）您的第一個問題來自 Shyam Patil 與 Susquehanna 的線路。

This is [Aaron] on for Shyam. We have 2. First, last quarter, you talked about automotive as a new use case for your data collaboration platform. I was wondering if you could give us an update if there are any other new industries or new use cases using the data collaboration platform. And then secondly, is there any color you can give us on how to think about the net customer number over the coming quarters? Anything to call out in terms of SMBs rolling off? Or maybe some -- I think on the last call, you talked about some tailwinds in the second half related to the Snowflake sales partnership.

這是夏姆的[亞倫]。 2.首先，上個季度，您談到汽車作為數據協作平台的新用例。我想知道您是否可以向我們通報是否有任何其他新行業或使用數據協作平台的新用例。其次，您能否給我們一些關於如何看待未來幾個季度的淨客戶數量的信息？就中小企業的發展而言，有什麼值得指出的嗎？或者也許是一些——我想在上次電話會議上，您談到了下半年與雪花銷售合作夥伴關係相關的一些順風車。

Yes, [Aaron], it's Scott. I'll take the first one. And I'm really glad you asked that because it's a question we've been getting from investors with increased frequency. They see the success that we've had in retail media networks. And they ask themselves, hey, how long is the cycle for that? Are you reaching a point of saturation? And my response is an emphatic no, that within the retail space, we still have a lot of room by filling in the partner networks underneath each one of the major retailers. But more importantly, we recognize that marketing is nothing if not a me-too industry. People copy what they see working. And the success that so many major retailers have had globally by collaborating with their retail media networks and their group of partners is now starting to spread to other industries.

是的，[亞倫]，我是斯科特。我就拿第一個。我真的很高興你問這個問題，因為我們越來越頻繁地從投資者那裡得到這個問題。他們看到了我們在零售媒體網絡方面取得的成功。他們問自己，嘿，週期有多長？你達到飽和點了嗎？我的回答是堅決不，在零售領域，我們仍然有很大的空間，可以通過填補每個主要零售商下面的合作夥伴網絡來實現。但更重要的是，我們認識到營銷如果不是一個模仿的行業就什麼都不是。人們複製他們認為有效的東西。許多大型零售商通過與其零售媒體網絡及其合作夥伴群體合作在全球取得的成功現在開始蔓延到其他行業。

You mentioned connected cars, and we have a couple of major automotive clients. Recently, I got back from Europe. And I met with one of the largest packaged goods companies in the world. And they're using RampID to power their media network capabilities all across the globe. I met with one of the largest travel companies in the world just a couple of weeks ago here in the U.S. And they're spinning up a global travel network. And they have turnkey already, 150 partners that they could activate and do really interesting collaborations with. If we win that, that would be a great new logo. But we're seeing a lot of interest in travel.

您提到了聯網汽車，我們有幾個主要的汽車客戶。最近，我從歐洲回來。我會見了世界上最大的包裝商品公司之一。他們正在使用 RampID 來增強其全球媒體網絡功能。幾週前，我在美國會見了世界上最大的旅遊公司之一，他們正在建立一個全球旅遊網絡。他們已經擁有 150 個交鑰匙合作夥伴，他們可以激活這些合作夥伴並與之進行真正有趣的合作。如果我們贏了，那將是一個很棒的新標誌。但我們看到人們對旅行很感興趣。

And then importantly, I talked a little bit in the prepared remarks about CTV. I'll tell you who's got great data sets. The CTV companies. They have deep viewership and demographic information. And for too long, they haven't used that effectively. What a great opportunity for them to collaborate with advertisers, start to share permission data in a way that is more effective for advertisers. So I think we're going to see a wave over the next 5 years of data collaboration across the leading companies, and they'll benefit because they'll generate more value, but consumers will benefit because they'll get a better value exchange. Importantly, we think we've positioned ourselves to be right in the middle of that.

然後重要的是，我在準備好的關於 CTV 的評論中談了一點。我會告訴你誰擁有出色的數據集。中視公司。他們擁有深厚的收視率和人口統計信息。很長一段時間以來，他們都沒有有效地利用這一點。對於他們來說，這是一個與廣告商合作的絕佳機會，開始以對廣告商更有效的方式共享權限數據。因此，我認為未來 5 年我們將看到領先公司之間的數據協作浪潮，他們將受益，因為他們將產生更多價值，但消費者也會受益，因為他們將獲得更好的價值交換。重要的是，我們認為我們已經將自己定位在其中。

Aaron, Lauren here. I'd be happy to address your question on net customers. The first thing I'd mention is that in the quarter, gross adds were stable. And importantly, the composition of those adds was better, skewing to larger enterprise accounts, which is really a direct result of the tightened sales focus that we talked about on the last call. Where we continue to feel a bit of pressure is with our lower ACV customers and specifically our nonbrand customers whose business models are just more economically sensitive. In addition, in the quarter, we were impacted by some unusual events in the form of M&A and account consolidations as well as a couple of bankruptcies.

亞倫，勞倫在這裡。我很樂意回答您有關網絡客戶的問題。我首先要提到的是，本季度總增加額保持穩定。重要的是，這些新增客戶的構成更好，偏向於較大的企業客戶，這實際上是我們在上次電話會議中談到的銷售重點收緊的直接結果。我們繼續感受到一點壓力的是我們較低的 ACV 客戶，特別是我們的非品牌客戶，他們的商業模式只是對經濟更加敏感。此外，在本季度，我們還受到一些不尋常事件的影響，例如併購和賬戶合併以及幾起破產事件。

Looking ahead and for modeling purposes, we would expect Q2 could look like Q1. However, based on our pipeline of new deals, we do expect to see a rebound in adds in the second half. And again, I would go back to what I started with. We feel really good about the quality of the customers we're adding. These are household names. These are larger deals, multiyear deals in many cases and customers that we believe will have a higher LTV.

展望未來，出於建模目的，我們預計第二季度可能與第一季度類似。然而，根據我們的新交易渠道，我們確實預計下半年新增交易量將會反彈。再次，我會回到我開始的地方。我們對我們新增客戶的質量感到非常滿意。這些都是家喻戶曉的名字。這些都是規模較大的交易，在許多情況下是多年期交易，我們相信這些客戶將擁有更高的生命週期價值。

Your next question comes from the line of Chris Quintero with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Chris Quintero。

This is Chris Quintero on for Elizabeth Porter. Congrats on the strong results here. I wanted to ask around the bookings trend you saw in Q1 versus what you saw exiting last fiscal year. How are you tracking versus the targets of a steady improvement throughout the year?

我是伊麗莎白·波特的克里斯·金特羅。在這裡恭喜您取得了優異的成績。我想詢問您在第一季度看到的預訂趨勢與上一財年的預訂趨勢。您如何跟踪全年穩步改進的目標？

Yes. Chris, thanks for the question. I would characterize our Q1 bookings as solid. And there's a lot to like. I would tell you, amongst things to like, I feel like we have capacity back to where we want it to be. So if I look at our sales capacity overall versus a year ago, it's probably flat to even down. But that said, if you look at the number of ramped reps, people that have been with us for longer than 6 months, who we would describe as just better sellers, and the numbers would prove that out, well, we are 50% higher on that measure than we were in the first half of last year. Importantly, those ramped reps they are productive. The new folks that we've hired now that they've gotten up to speed, they are winning some really notable deals.

是的。克里斯，謝謝你的提問。我認為我們第一季度的預訂量是穩定的。還有很多值得喜歡的地方。我想告訴你，除了喜歡的事情之外，我覺得我們有能力回到我們想要的地方。因此，如果我看看我們的整體銷售能力與一年前相比，可能持平甚至下降。但話雖如此，如果你看看增加的銷售代表的數量，即那些與我們合作超過6 個月的人，我們將他們描述為更好的賣家，這些數字將證明，我們的銷售業績提高了50 %以此衡量，我們的表現比去年上半年要好。重要的是，那些提高了的代表的生產力。我們現在僱用的新員工已經跟上步伐，他們正在贏得一些真正值得注意的交易。

Second thing I really like is the state of our pipeline. And first, let me caveat because any of our sales reps who might be listening to this call are saying, I can't believe you saying that, because internally, it's never enough. We can always do better on pipeline. But if you look at it empirically, I would tell you, we're going into Q3 in another 1.5 months here with the strongest ever qualified pipeline in LiveRamp's history. So I like that.

我真正喜歡的第二件事是我們的管道狀態。首先，讓我警告一下，因為我們任何可能正在聽這個電話的銷售代表都會說，我不敢相信你這麼說，因為在內部，這永遠不夠。我們總是可以在管道方面做得更好。但如果你從經驗上看，我會告訴你，我們將在 1.5 個月後進入第三季度，擁有 LiveRamp 歷史上最強大的合格管道。所以我喜歡這樣。

Now that said, now let me temper everything, which is, hey, 1 or 2 quarters does not yet a trend line make. The nature of SaaS is it's a gradual slow when your bookings are soft. We saw that last year, and we're paying for it now. It's also a gradual reacceleration when you start to rediscover that success. And so really happy with last quarter, happy with this quarter. We got to do it again next quarter. We've got to do it again throughout the back half of the year. We do that, we're going to be in a really good position to be well above 10% growth for next year. But we have to execute.

話雖如此，現在讓我來調整一下一切，嘿，一兩個季度還沒有形成趨勢線。 SaaS 的本質是，當您的預訂量較少時，它會逐漸變慢。我們去年就看到了這一點，現在我們正在為此付出代價。當你開始重新發現成功時，這也是一個逐漸的重新加速。對上個季度非常滿意，對本季度也很滿意。下個季度我們必須再次這樣做。我們必須在今年下半年再次這樣做。如果我們做到這一點，我們將處於非常有利的位置，明年的增長率將遠高於 10%。但我們必須執行。

And Lauren, I wanted to ask around the incremental investments you're making, like anything changed in the quarter where you saw this as being a really nice opportunity you guys wanted to lean into.

勞倫，我想詢問一下你們正在進行的增量投資，就像本季度發生的任何變化一樣，你們認為這是一個你們想要利用的非常好的機會。

Yes, happy to. And I would point to a couple of areas of investment. First, our sales force, nothing new in the quarter other than, as Scott mentioned, we've rebuilt capacity. We want to maintain adequate capacity as we move through the year. We don't want to find ourselves in the position we found ourselves in, in the first half of last fiscal, without adequate selling capacity. So we're going to continue to invest behind revenue-generating headcount.

是的，很高興。我想指出幾個投資領域。首先，我們的銷售隊伍，本季度沒有什麼新變化，正如斯科特提到的，我們重建了產能。我們希望在這一年中保持足夠的產能。我們不希望自己陷入上個財年上半年的困境，沒有足夠的銷售能力。因此，我們將繼續投資於創收人員。

The second area where we've continued to see nice momentum is with our cloud and collaboration offerings. And there, we're seeing growing momentum that we like and that we're going to invest behind as we move through the year.

我們繼續看到良好勢頭的第二個領域是我們的雲和協作產品。在那裡，我們看到了我們喜歡的增長勢頭，並且我們將在這一年中進行投資。

The final area of investment, which I mentioned in my prepared remarks, is there some upfront investment required this year to ensure the rollout of our offshoring initiative next year and through FY '26 is successful. That was incremental in the quarter.

我在準備好的發言中提到的最後一個投資領域是，今年需要一些前期投資，以確保明年以及整個 26 財年成功推出離岸外包計劃。這是本季度增量。

Your next question comes from the line of Brian Fitzgerald with Wells Fargo.

您的下一個問題來自富國銀行的布萊恩·菲茨杰拉德 (Brian Fitzgerald)。

Two quick questions. Any impact from MediaMath in the quarter? Or do you anticipate any dislocations relating to the situation over the next quarter or 2 as just some of their advertiser clients are transitioning to newer DSPs? Second question is just any dynamics to call out, international versus domestic. You highlighted multiyear deals and large enterprise focus. Do you generally think you're seeing an acceleration in multiyear deals?

兩個簡單的問題。本季度 MediaMath 有何影響？或者您預計下一兩個季度的情況會出現任何混亂，因為只有部分廣告商客戶正在轉向更新的 DSP？第二個問題是國際與國內的動態變化。您強調了多年交易和對大型企業的關注。您是否普遍認為多年期交易正在加速？

Thanks, Brian. This is Lauren. I'm happy to take the first, and Scott can jump in on the second. With regard to MediaMath, in short, we anticipate minimal, if any, impact as a result of their bankruptcy. And any impact has been accounted for in both our guidance and in our AR reserve. We work with all of the major DSPs and would expect other DSP partners to absorb the volume that was previously running through the MediaMath platform.

謝謝，布萊恩。這是勞倫。我很高興接受第一個，斯科特可以加入第二個。簡而言之，對於 MediaMath，我們預計其破產造成的影響（如果有的話）也很小。我們的指導和 AR 儲備中均已考慮到任何影響。我們與所有主要 DSP 合作，並希望其他 DSP 合作夥伴吸收之前通過 MediaMath 平台運行的流量。

And Brian, on your question on international, I would say that was one of the disappointments of our revenue performance. But when you look beneath the top line there, I actually think it is pretty reassuring. So remember, our Head of International was also our CFO when he transitioned out. So there's always a little bit of disruption there.

布萊恩，關於你關於國際的問題，我想說這是我們收入表現令人失望的地方之一。但當你看看頂線下面的情況時，我實際上認為這是相當令人放心的。所以請記住，我們的國際主管在離職時也是我們的首席財務官。所以總會有一些干擾。

But I just got back from Europe. And if you peel apart our European numbers, I believe they were slightly up. Not where we want to be, but over the course of 2 weeks, I met with the largest television companies in the U.K. and France, some of the largest retailers. I mentioned one of the large packaged goods companies. And it wasn't like deep in the organization. I was meeting with CMOs and CEOs, and they look at LiveRamp as an important part of their future.

但我剛從歐洲回來。如果你仔細分析我們的歐洲數據，我相信它們略有上升。這不是我們想要的，但在兩週的時間裡，我會見了英國和法國最大的電視公司，以及一些最大的零售商。我提到了一家大型包裝商品公司。而且這並不像組織的深處。我與首席營銷官和首席執行官會面，他們將 LiveRamp 視為未來的重要組成部分。

So I emerged from that pretty excited about the opportunity for us in Europe. And I think I mentioned a couple of wins that we had internationally, including essentially the biggest retailer and property manager in the Middle East. So that's exciting.

因此，我對我們在歐洲的機會感到非常興奮。我想我提到了我們在國際上取得的幾項勝利，其中包括中東最大的零售商和物業管理公司。所以這很令人興奮。

Now what's not exciting is what's happening in APAC. So if you look at our international business, it was down materially. Well, Europe, slightly up. APAC, down precipitously, and that's China. And we, like probably every company you cover, are thinking hard about how we're going to participate in the Chinese market going forward. I don't think I'm surprised at anybody to say over the last 10 years, that has been a material change in the business environment. And I think a lot of companies have just pulled out entirely. You're not going to see us do that.

現在亞太地區發生的事情並不令人興奮。因此，如果你看看我們的國際業務，就會發現它大幅下降。嗯，歐洲略有上升。亞太地區急劇下滑，那就是中國。我們可能像您報導的每家公司一樣，正在認真思考未來如何參與中國市場。我認為，對於有人說過去十年商業環境發生了重大變化，我並不感到驚訝。我認為很多公司剛剛完全退出。你不會看到我們這樣做。

We're hopeful that what became tighter will open back up again because, obviously, it's a large market and a huge population base. But in the meantime, until that happens, we're taking a hard look at China, thinking about our overall investment there. And I just don't expect significant growth in that market.

我們希望，變得更加緊張的局勢能夠再次開放，因為顯然，這是一個巨大的市場和巨大的人口基數。但與此同時，在此之前，我們正在認真審視中國，思考我們在那裡的整體投資。我只是預計該市場不會出現顯著增長。

And Brian, I think if I can just add on to that, you mentioned multiyear deals accelerating. This is absolutely the case, and you can see this in our RPO trends. And we believe this is a real positive for our business.

布萊恩，我想如果我可以補充一下，你提到了多年期交易正在加速。情況確實如此，您可以在我們的 RPO 趨勢中看到這一點。我們相信這對我們的業務來說是真正的積極因素。

Your next question comes from the line of Mark Zgutowicz of Benchmark Company.

您的下一個問題來自 Benchmark 公司的 Mark Zgutowicz。

This is [Alex] on for Mark. Just a couple from me. Just curious if you could quantify the drag on subscription revenue from non-brand exposure. And what gives you the confidence that, that can start to recover towards the back half of the fiscal year, perhaps [upside], of course, into '25? And then separately, it sounds like the advertising market from your perspective improved faster than expected. So just curious, what level of conservatism remains baked in to your conversion trends, especially in the back half of the fiscal year?

這是[亞歷克斯]為馬克代言的。只是我的一對。只是好奇您是否可以量化非品牌曝光對訂閱收入的拖累。是什麼讓您有信心，這可以在本財年後半段開始復蘇，當然也許是[上行]，進入 25 年？然後單獨來看，從您的角度來看，廣告市場的改善速度比預期的要快。所以只是好奇，您的轉換趨勢中仍然存在何種程度的保守主義，尤其是在本財年的後半段？

Yes. Thanks for those questions. I'm happy to take both. So with respect to your first question, I would say that the drag from lower ACV customers probably represented a couple of points drag on subscription revenue. You're seeing this also in a couple of our key growth metrics, namely net adds as well as our subscription net retention. As we move through the year, and we talked about this on our last call, we've implemented several initiatives, both product and support and services oriented, to reduce churn and downsell with our smaller customers. And we're seeing early signs of success there, and as a result, have already pulled down our outlook for contraction in the back half. So we feel like while there's more work to do, we're taking the right steps to address that SMB contraction I mentioned.

是的。謝謝你提出這些問題。我很高興兩者都接受。因此，關於你的第一個問題，我想說的是，較低的 ACV 客戶的拖累可能對訂閱收入造成了幾個百分點的拖累。您在我們的幾個關鍵增長指標中也看到了這一點，即淨增加量和訂閱淨保留量。隨著這一年的過去，我們在上次電話會議上談到了這一點，我們實施了多項以產品、支持和服務為導向的舉措，以減少小客戶的流失和降價銷售。我們看到了那裡成功的早期跡象，因此已經降低了我們對下半年收縮的預期。因此，我們覺得雖然還有更多工作要做，但我們正在採取正確的步驟來解決我提到的中小企業收縮問題。

With regard to conservatism in our outlook, we continue to expect for bookings specifically. We continue to expect to see an improving trend in bookings as we move through the year. As we mentioned on our last call, we're not forecasting a hockey stick nor have we forecasted a material improvement in conversion rates. So I think we feel pretty good about our outlook for our subscription business.

就我們的保守態度而言，我們繼續具體預期預訂量。我們繼續預計，隨著這一年的推移，預訂量將呈改善趨勢。正如我們在上次電話會議中提到的，我們並沒有預測曲棍球棒，也沒有預測轉化率會出現實質性改善。因此，我認為我們對訂閱業務的前景感到非常滿意。

Where we see the potential for upside in the second half would be in the Data Marketplace business. As we've mentioned, we have less forward visibility here than we do in our fixed subscription business. And the last year has demonstrated this area can be a bit volatile. We had a good Q1, but it's still early in the year, and Q1 did benefit from some onetime things we just don't expect to repeat. So relative to marketplace, based on what we're seeing quarter-to-date, we're going to take up our outlook for Q2 but aren't yet ready to pull it up for the back half. So if macro trends and trends in overall digital advertising hold, we would expect the potential for further upside in our marketplace business.

我們認為下半年有上升潛力的領域是數據市場業務。正如我們所提到的，與我們的固定訂閱業務相比，我們在這裡的前瞻性可見度較低。去年的情況表明，這個領域可能會有些波動。我們的第一季度表現不錯，但現在還處於今年年初，第一季度確實受益於一些我們只是不希望重複的一次性事情。因此，相對於市場，根據我們本季度至今所看到的情況，我們將討論第二季度的前景，但尚未準備好提高下半年的前景。因此，如果宏觀趨勢和整體數字廣告趨勢保持不變，我們預計我們的市場業務有進一步上漲的潛力。

Your next question comes from the line of Kirk Materne with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Kirk Materne。

Lauren, I was wondering if you can just expand a little bit on the year-over-year growth in current RPO. That's a pretty good lift. I assume that speaks to some of the positive bookings trends you're seeing. But I was also just wondering if you could comment on how that sort of impacts your visibility into the remainder of the year from a subscription perspective. I assume you're feeling better about visibility today than 6 months ago based on those trends continuing. Just wondering if you could add a little bit more on that side.

勞倫，我想知道您是否可以稍微擴大當前 RPO 的同比增長。這是一個相當不錯的提升。我認為這說明了您所看到的一些積極的預訂趨勢。但我也想知道您是否可以從訂閱的角度評論這如何影響您對今年剩餘時間的可見性。根據這些趨勢的持續發展，我認為您今天對可見度的感覺比 6 個月前更好。只是想知道您是否可以在那一側添加一些內容。

Sure. Happy to, Kirk. In short, yes, we do feel better today than we did 6 or even 3 months ago, and this is a result of the recent bookings momentum that both Scott and I have talked about on the last couple of calls. With respect to CRPO specifically, as you know, both RPO and CRPO are very sensitive to the timing of renewals as well as to the length of contracts. And both of those factors benefited CRPO growth this quarter. So as an example, we had a couple of large deals closed on 6/30 this year, whereas a year ago, they closed in early July. So that benefited our CRPO comp.

當然。很高興，柯克。簡而言之，是的，我們今天確實比 6 甚至 3 個月前感覺更好，這是斯科特和我在過去幾次電話中談到的近期預訂勢頭的結果。具體就 CRPO 而言，如您所知，RPO 和 CRPO 對續約時間和合同期限都非常敏感。這兩個因素都有利於 CRPO 本季度的增長。舉個例子，今年我們有幾筆大型交易在 6 月 30 日結束，而一年前，它們是在 7 月初結束的。這對我們的 CRPO 員工有利。

In addition, and this is a really positive thing for the business, we've been successful in shifting some of our largest customers to multiyear deals. So positive for the business but can create an unequal comparison that can flatter RPO and CRPO growth rates in any given quarter. So I guess net-net, we like what we're seeing, would probably continue to point you to ARR as a better forward indicator of growth because it normalizes for some of the variables I just mentioned.

此外，這對業務來說是一件非常積極的事情，我們已經成功地將一些最大的客戶轉移到多年期交易。對業務如此積極，但可能會產生不平等的比較，從而使 RPO 和 CRPO 在任何特定季度的增長率變得平坦。因此，我想 net-net，我們喜歡我們所看到的，可能會繼續向您指出 ARR 作為更好的前瞻性增長指標，因為它對我剛才提到的一些變量進行了標準化。

Your next question comes from the line of Dean Sublett with Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Dean Sublett。

This is Dean on for Nick. We were just curious. So on the Pinterest relationship, we were wondering if there's anything you'd call out on how you think about the progression there. I think you started with the clean room piece and then expanded into more measurement and analytics. Does that progression capture the general strategy? And maybe any thoughts on what the long-term monetization opportunity looks like?

這是迪恩替尼克發言。我們只是好奇。因此，關於 Pinterest 的關係，我們想知道您是否有什麼意見可以談談您對那裡的進展的看法。我認為您從潔淨室部分開始，然後擴展到更多的測量和分析。這種進展是否體現了總體戰略？也許對長期盈利機會有什麼想法？

Yes. Dean, thanks for asking that question. I think what you just described is a trend not just at that particular partner but indeed an opportunity we see across all major publishers. In a world where publishers are authenticating and building their own valuable first-party data sets, in some case, it could be retail purchase information. It could be audience engagement or viewership. It could be demographic information. Depending on the partner, they each have a pretty unique data set.

是的。迪恩，謝謝你提出這個問題。我認為您剛才描述的不僅是特定合作夥伴的趨勢，而且確實是我們在所有主要發行商中看到的機會。在出版商驗證和構建自己有價值的第一方數據集的世界中，在某些情況下，它可能是零售購買信息。它可能是觀眾參與度或收視率。它可能是人口統計信息。根據合作夥伴的不同，他們每個人都有一個非常獨特的數據集。

And so it's an incredible opportunity for us to work with them in a number of ways: number one, to ensure that they can continue to have authenticated users and deploy targeting that is even more powerful than perhaps what they had in a world of cookies, more precise and certainly more consumer friendly; number two, to prove definitively, especially in a market where there's still some uncertainty -- ample uncertainty around where things are going from a macroeconomic perspective. It is the case that almost every CEO turns to their CMO and says, prove to me that our advertising is working. So those publishers or partners that can prove that their audiences monetize better respond to advertisements more effectively and can make the definitive ROI case are going to attract more dollars than those that can't.

因此，這對我們來說是一個難以置信的機會，可以通過多種方式與他們合作：第一，確保他們能夠繼續擁有經過身份驗證的用戶並部署比他們在cookie 世界中擁有的功能更強大的定位，更精確，當然也更方便消費者；第二，要明確地證明，特別是在仍然存在一些不確定性的市場中——從宏觀經濟角度來看，事情的發展方向存在很大的不確定性。幾乎每個首席執行官都會向他們的首席營銷官說，向我證明我們的廣告是有效的。因此，那些能夠證明其受眾能夠更好地貨幣化、更有效地響應廣告並能夠做出明確的投資回報率案例的發行商或合作夥伴將比那些不能證明的發行商或合作夥伴吸引更多的資金。

And then finally, where does that go? I think ultimately, it goes to a decade of really interesting collaborations between all these partners and advertisers and potentially other partners as well -- other publisher partners. Everybody has unique data, and now that it's possible to collaborate in a way that doesn't expose you to risk, doesn't expose the movement of data and is consumer friendly, I think some really interesting things are possible. And what I like best of all, I mentioned this earlier, is we're neutral. We're agnostic. We work with everyone. And so often, we can be right in the middle of all the fun.

最後，它去哪裡了？我認為最終，所有這些合作夥伴和廣告商以及潛在的其他合作夥伴（其他發布商合作夥伴）之間的十年真正有趣的合作。每個人都有獨特的數據，現在可以以一種不會讓您面臨風險、不會暴露數據移動並且對消費者友好的方式進行協作，我認為一些真正有趣的事情是可能的。我之前提到過，我最喜歡的是我們保持中立。我們是不可知論者。我們與每個人一起工作。很多時候，我們都可以享受到所有的樂趣。

There are no further questions at this time. I will turn the call back to Lauren Dillard.

目前沒有其他問題。我會把電話轉回給勞倫·迪拉德。

Thanks so much, and thanks, everyone, for joining us today. I'd love to conclude with just a few final thoughts. First, Q1 represented a strong start to the year, and we're making consistent progress against the key initiatives we've talked about on recent calls. Next, while we like our momentum exiting the quarter, a single quarter does not make a trend. It is still early. And given this, we've attempted to be balanced and conservative with respect to our outlook for the remainder of the year. And finally, while not yet fully reflected in our results, we are encouraged by the ongoing momentum in our sales bookings and improvements in churn and downsell that we believe put us on a path to return to double-digit revenue growth.

非常感謝，也感謝大家今天加入我們。最後我想談幾點最後的想法。首先，第一季度代表了今年的強勁開局，我們在最近電話會議中討論的關鍵舉措方面正在取得持續進展。接下來，雖然我們喜歡本季度退出的勢頭，但單個季度並不能形成趨勢。現在還早。鑑於此，我們試圖對今年剩餘時間的前景保持平衡和保守。最後，雖然尚未完全反映在我們的業績中，但我們對銷售預訂的持續勢頭以及客戶流失和降價銷售的改善感到鼓舞，我們相信這使我們走上了恢復兩位數收入增長的道路。

With that, look forward to speaking with many of you in the days and weeks ahead. Thanks again for joining.

就這樣，期待在未來幾天和幾週內與你們中的許多人交談。再次感謝您的加入。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。