Liveramp Holdings Inc (RAMP) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to LiveRamp's Fiscal 2024 Second Quarter Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Drew Borst, Vice President of Investor Relations.

女士們、先生們，下午好，歡迎參加 LiveRamp 的 2024 財年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。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 Second Quarter Earnings Call. With me today are Scott Howe, our CEO; and Lauren Dillard, Interim CFO.

謝謝你，接線生。下午好，歡迎光臨。感謝您參加我們的 2024 財年第二季財報電話會議。今天和我在一起的有我們的執行長 Scott Howe；臨時財務長勞倫‧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 reconciliation to non-GAAP financial measures, is available at liveramp.com. Also, during the call today, we will 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。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，請訪問liveramp.com。此外，在今天的電話會議中，我們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，我會將電話轉給史考特。

Thank you, Drew, and thanks to everyone joining our call today. As I reflect back upon our recent quarter, 3 key themes emerge. First, I'm really pleased with the progress we're making in our business. We posted strong second quarter results. Revenue and operating income exceeded our expectations, and we have good momentum with many of our leading indicators of growth. Operating margins reached a record high, and we generated positive operating cash flow for a fifth consecutive quarter. And we continue to make progress against our Rule of 40 ambitions.

謝謝你，德魯，也謝謝今天加入我們電話會議的所有人。當我回顧最近一個季度時，出現了 3 個關鍵主題。首先，我對我們業務的進展感到非常滿意。我們發布了強勁的第二季業績。收入和營業收入超出了我們的預期，我們的許多領先成長指標都呈現出良好的勢頭。營業利益率創歷史新高，我們連續第五個季度產生正營業現金流。我們繼續在實現 40 條規則的雄心壯志方面取得進展。

Second, while it was a really nice quarter for us, our entire team recognizes we now have an opportunity to build off our momentum. Throughout the business, there are areas that we can continue to improve, which keeps us humble, yet also fuels our optimism for the future. Third and finally, I continue to believe that our future is even brighter. Our business is aligned with some key mega trends: cloud computing, consented first-party data collaboration and growth in retail media networks and CTV.

其次，雖然這對我們來說是一個非常好的季度，但我們整個團隊都意識到我們現在有機會增強我們的勢頭。在整個業務中，我們有一些領域可以繼續改進，這讓我們保持謙虛，但也激發了我們對未來的樂觀態度。第三，也是最後一點，我仍然相信我們的未來更光明。我們的業務符合一些關鍵的大趨勢：雲端運算、同意的第一方資料協作以及零售媒體網路和 CTV 的成長。

Let me talk about each one of these key themes in turn. First, strong business resilience and momentum. I'm pleased with our progress and our business is demonstrating strong resilience and momentum. Q2 revenue and operating income exceeded our guidance and consensus estimates. Our operating margin expanded for the fourth consecutive quarter and by 800 basis points year-on-year to 20%. We produced $36 million in operating cash flow in the quarter, bringing the trailing 4-quarter total to $108 million.

讓我依序談談這些關鍵主題。一是業務韌性與動力強勁。我對我們的進步感到高興，我們的業務正在展現出強大的韌性和勢頭。第二季營收和營業收入超出了我們的指導和共識預期。我們的營業利潤率連續第四個季度成長，年增 800 個基點，達到 20%。本季我們產生了 3,600 萬美元的營運現金流，使過去 4 季的營運現金流總額達到 1.08 億美元。

Our trailing top line indicators showed improved momentum. Total revenue grew by 9%, with Subscription revenue up 5% and Marketplace and Other up 25%. Subscription growth was in line with our expectation, while Marketplace and Other outperformed significantly, driven by healthy digital advertising markets and growth in professional services. Q2 Subscription net retention was 101%, a 3-point improvement from last quarter and surpassing 100% 2 quarters earlier than we had initially expected. The sequential improvement was driven mostly by higher upsell, but also lower contraction. Returning to 100% was an important milestone, but by no means will we stop here.

我們的追蹤頂線指標顯示出動能有所改善。總收入成長 9%，其中訂閱收入成長 5%，市場及其他收入成長 25%。訂閱成長符合我們的預期，而在健康的數位廣告市場和專業服務成長的推動下，Marketplace 和其他領域的表現顯著優於我們。第二季訂閱淨保留率為 101%，較上季提高 3 個百分點，比我們最初預期提早 2 個季度超過 100%。環比改善主要是由於追加銷售增加以及收縮減少所致。恢復到 100% 是一個重要的里程碑，但我們絕不會就此止步。

Our leading top line indicators were even more encouraging. Q2 was our highest new logo bookings quarter in dollar terms in 2 years, and we added 6 new Fortune 500 customers. We signed a multimillion-dollar annual contract with a leading global financial services company for our Data Collaboration platform. We signed a high 6-figure annual contract with the world's leading farm machinery brand. We also signed a high 6-figure annual contract with an iconic athletic footwear and apparel company, a brand which we've been pursuing for many quarters. We also signed or upsold opportunities with 2 of the largest global airlines.

我們的領先營收指標更加令人鼓舞。第二季度是我們兩年來新商標預訂量（以美元計算）最高的季度，我們增加了 6 位新的《財富 500 強》客戶。我們與一家全球領先的金融服務公司就我們的數據協作平台簽署了價值數百萬美元的年度合約。我們與全球領先農機品牌簽訂了高達6位數的年度合約。我們還與一家標誌性的運動鞋和服裝公司簽署了一份高達 6 位數的年度合同，這是我們多個季度以來一直追求的品牌。我們也與全球最大的兩家航空公司簽署或追加銷售機會。

Additionally, we also successfully upsold our existing customers. We had an upsell with a major pharmaceutical company, representing a 7-figure annual contract and a multiyear term. We also signed a 7-figure upsell with a major social media platform to allow marketers to use their first-party data for targeted marketing using our RampID. Over the last several quarters, we've talked about several near-term tactical growth levers to reestablish double-digit revenue growth, with the sales force being 1 of the major ones. This was a big driver of our bookings momentum.

此外，我們也成功地向現有客戶進行了追加銷售。我們與一家大型製藥公司進行了追加銷售，簽訂了一份價值 7 位數的年度合約和多年合約。我們還與一家主要社群媒體平台簽署了 7 位數的追加銷售協議，讓行銷人員透過我們的 RampID 使用他們的第一方資料進行有針對性的行銷。在過去的幾個季度中，我們討論了幾個近期戰術成長槓桿，以重建兩位數的收入成長，其中銷售團隊是主要槓桿之一。這是我們預訂勢頭的一大推動力。

Our sales force attrition has fully normalized, and sales force capacity remains well above fiscal 2022 levels. Sales force productivity also continues to improve, and our newest sellers are also contributing, with first-year reps posting comparable bookings to their more seasoned counterparts. I view this as a strong indication we are hiring talented sellers and supporting them effectively with better training and collateral. While we are pleased with where we are with our sales force, we will continue to invest in quota-carrying headcount to ensure we are set up for next year as well as continue to expand our professional services function. This group is really doing a fantastic job, on pace to double revenue this year to $20 million and driving improvements in customer satisfaction and upsell rates.

我們的銷售人員流失已完全正常化，銷售人員能力仍遠高於 2022 財年的水準。銷售人員的生產力也不斷提高，我們最新的銷售人員也做出了貢獻，第一年的銷售代表發布的預訂量與經驗豐富的銷售代表相當。我認為這強烈表明我們正在招募有才華的賣家，並透過更好的培訓和宣傳材料有效地支持他們。雖然我們對銷售團隊的現狀感到滿意，但我們將繼續投資於配額人員，以確保我們為明年做好準備，並繼續擴大我們的專業服務職能。該團隊確實做得非常出色，今年的收入預計將翻一番，達到 2000 萬美元，並推動客戶滿意度和追加銷售率的提高。

Second, we aren't satisfied and see room for improvement. As I've often told our organization, when great companies look in the mirror, they never love what they see. Even in a quarter of accelerating momentum, we see opportunities for improvement. Let me talk about a few areas on which we're focusing. One, we're not yet where we want to be on the Rule of 40. We have always aspired to be a Rule of 40 company, and I am very encouraged by ongoing progress we are making on both the top and bottom lines. For us, we expect Rule of 40 to look like 10% to 15% revenue growth and 25% to 30% operating margins. But of course, today, on a trailing 4-quarter basis, we are essentially a Rule of 25 company. And so that obviously falls short of our long-term aspirations.

第二，我們不滿意，還有進步的空間。正如我經常告訴我們的組織的那樣，當偉大的公司照鏡子時，他們永遠不會喜歡他們所看到的東西。即使在一個季度的加速成長勢頭中，我們也看到了改進的機會。我來談談我們重點關注的幾個領域。第一，我們還沒有達到 40 條規則的目標。我們一直渴望成為 40 條規則公司，我對我們在營收和利潤方面不斷取得的進展感到非常鼓舞。對我們來說，我們預計 40 法則將實現 10% 至 15% 的收入成長和 25% 至 30% 的營業利潤率。但當然，今天，從過去 4 個季度的情況來看，我們基本上是一家 25 條規則的公司。因此，這顯然達不到我們的長期願望。

So how do we get there? On the revenue side, continued sales execution is essential, and I'm encouraged by the trends of recent quarters. I also believe that a handful of existential market trends, embedding our products within cloud computing partners, the continued growth of retail media networks and CTV and the market evolution from cookies to true consumer authentication can further fuel our top line success in coming years.

那我們要如何到達那裡呢？在收入方面，持續的銷售執行至關重要，最近幾季的趨勢令我感到鼓舞。我還相信，一些存在的市場趨勢、將我們的產品嵌入雲端運算合作夥伴、零售媒體網路和CTV 的持續成長以及從cookie 到真正的消費者身份驗證的市場演變，可以進一步推動我們在未來幾年的營收成功。

On the margin side, we just posted the highest quarterly operating margin in our company's history, and we're raising our operating income guidance for the year. The bridge from here to 25% to 30% will be driven by several factors. First, our SaaS business model has a high incremental margin, and we expect our revenue growth to accelerate. Second, we expect improving cost efficiency as we expand our incremental hiring and backfill efforts to our new office in Hyderabad, India. As we've said before, this initiative will result in several hundred basis points of margin expansion as it gets phased in over the next 2 fiscal years. And finally, there is no area of our business where we're not constantly evaluating opportunities to improve our process efficiency and our system architecture.

在利潤方面，我們剛剛公佈了公司歷史上最高的季度營業利潤率，並且我們正在提高今年的營業收入指引。從現在到 25% 到 30% 的過渡將由多個因素驅動。首先，我們的SaaS業務模式具有較高的增量利潤，我們預期我們的營收成長將會加速。其次，隨著我們擴大在印度海得拉巴的新辦事處的增量招聘和回填工作，我們預計會提高成本效率。正如我們之前所說，隨著該措施在未來 2 個財年分階段實施，將帶來數百個基點的利潤率擴張。最後，在我們的業務領域，我們沒有不斷評估提高流程效率和系統架構的機會。

Two, customer counts. Our $1 million-plus customer count increased by 3, and our $0.5 million to $1 million dollar customers also increased by 3. That's really indicative of the success we're having with the more sophisticated direct customers that comprise our ideal customer profile. As I've discussed previously, we made a conscious decision last year to focus on high long-term value brand customers. These customers have large digital ad budgets that are being deployed over dozens of digital destinations. And helping these customers measure and optimize their spending using their first-party data is among our most compelling use cases. These customers typically have an annual contract value greater than $1 million, with a multiyear term at above-average renewal and upsell rates.

二、客戶數量。我們價值100 萬美元以上的客戶數量增加了3 個，價值50 萬美元至100 萬美元的客戶數量也增加了3 個。這確實表明我們在構成我們理想客戶檔案的更成熟的直接客戶方面取得了成功。正如我之前討論的，我們去年做出了有意識的決定，將重點放在高長期價值的品牌客戶上。這些客戶擁有大量數位廣告預算，並部署在數十個數位目的地上。幫助這些客戶使用第一方數據來衡量和優化他們的支出是我們最引人注目的用例之一。這些客戶的年度合約價值通常超過 100 萬美元，並且具有高於平均水平的續約率和追加銷售率的多年期合約。

With that said, overall, our Q2 customer count of 895 was down 20 from the prior quarter, driven by declines with low ACV nonbrand customers, such as ad tech platforms. I don't think this is cause for concern. But I do think it's an area in which we can and must improve, as winning even more high-quality new logos will accelerate our upsell efforts in the coming years. The go-to-market partnerships that we have with the major cloud providers should help us on this front, and we continue to see growth in our pipelines as a result of this initiative.

話雖如此，總體而言，我們第二季度的客戶數量為 895 家，比上一季減少了 20 家，這是由於廣告技術平台等 ACV 較低的非品牌客戶數量下降所致。我不認為這值得擔心。但我確實認為這是一個我們可以而且必須改進的領域，因為贏得更多高品質的新商標將加速我們未來幾年的追加銷售工作。我們與主要雲端供應商建立的市場合作夥伴關係應該會在這方面為我們提供幫助，並且由於這項舉措，我們將繼續看到我們的管道成長。

In addition, we see that data collaboration is a flywheel that seems to be introducing us to new quality opportunities. Our success serving retail media networks across the globe, for example, ensures that both retailers and their myriad of packaged goods partners must work with LiveRamp to unlock the benefits of data collaboration.

此外，我們看到數據協作是一個飛輪，似乎為我們帶來了新的優質機會。例如，我們為全球零售媒體網路提供的成功服務確保零售商及其眾多包裝商品合作夥伴必須與 LiveRamp 合作，以釋放資料協作的優勢。

Three, international. We are well positioned in major international markets given the fact that we work with so many marquee global brands who want us to support them across the markets in which they operate. That said, international revenue growth in the quarter of 3% on a constant currency basis was lighter than we would have liked, and China was a main driver of this disappointing performance.

三、國際化。鑑於我們與許多知名全球品牌合作，這些品牌希望我們在其經營所在的市場上提供支持，因此我們在主要國際市場中處於有利地位。儘管如此，以固定匯率計算，本季國際營收成長 3%，低於我們的預期，而中國是這一令人失望的業績的主要推動因素。

Earlier this summer, I spent a couple of weeks meeting clients and prospects in Europe. I think we're uniquely positioned with companies that really matter, and we also have a strong, strong team in place. Likewise, I was in Australia just last week, and met with many of the top retailers and brands in that market, where we have a number of interesting data collaboration activities that we power. Like many companies, however, we are rethinking our expectations for China. The combination of COVID impacts, changing political philosophies and an uncertain economy in China are negatively impacting top line international growth. In response, we are restructuring our China business, reducing our operations to a minimally viable footprint in case things change in that market. Overall, we don't expect this international restructuring to have a material impact on total revenue or operating income. But I wanted to mention this so that investors understand that we remain committed to working with our major clients across the markets that they prioritize.

今年夏天早些時候，我花了幾週時間與歐洲的客戶和潛在客戶會面。我認為我們在真正重要的公司中擁有獨特的地位，而且我們還擁有一支強大的團隊。同樣，我上週在澳大利亞，會見了該市場的許多頂級零售商和品牌，我們在那裡開展了許多有趣的數據協作活動。然而，像許多公司一樣，我們正在重新考慮對中國的期望。新冠疫情的影響、不斷變化的政治理念以及中國經濟的不確定性，正在對國際成長產生負面影響。作為回應，我們正在重組我們的中國業務，將我們的業務減少到最低限度可行的規模，以防該市場發生變化。整體而言，我們預期此次國際重組不會對總收入或營業收入產生重大影響。但我想提一下這一點，以便投資者了解我們仍然致力於在他們優先考慮的市場上與我們的主要客戶合作。

Third, longer term, our business is aligned with some key megatrends. Let me spend a few minutes on our longer-term prospects. Our product innovation and go-to-market partnership seemingly have us well positioned to capitalize on some existential industry trends. The continued growth of cloud computing in marketing and advertising. In September, LiveRamp convened a group of marquee clients, each a leader in their respective industry, to walk through our product road map and gather feedback on our direction. Every client in attendance was operating in the cloud, and many attendees talked about their challenges navigating multiple cloud providers, both internally and as they seek to collaborate with other partners externally.

第三，從長遠來看，我們的業務符合一些關鍵的大趨勢。讓我花幾分鐘談談我們的長期前景。我們的產品創新和進入市場的合作夥伴關係似乎使我們能夠很好地利用一些現有的行業趨勢。雲端運算在行銷和廣告領域的持續成長。 9 月，LiveRamp 召集了一群知名客戶（每位客戶都是各自行業的領導者）來詳細了解我們的產品路線圖並收集有關我們方向的回饋。每位出席的客戶都在雲端運行，許多與會者談到了他們在內部和尋求與外部其他合作夥伴協作時駕馭多個雲端供應商所面臨的挑戰。

We see the seismic shift to cloud computing as a big opportunity for LiveRamp. Our cloud strategy is to operate where our clients' data lives and securely connect their data from the cloud across the entire digital marketing ecosystem. Bringing our products to the customers' cloud environment provides tangible benefits to our customers in the form of greater operating and cost efficiency, increased data security and a quicker time-to-value on their LiveRamp subscription. The cloud providers also get the benefit of more storage and compute volume, which drives their revenue models. As more application workloads move to the cloud in the coming years, this will be a wind at our back and will drive the return on the cloud investments we are making today.

我們認為向雲端運算的巨大轉變對 LiveRamp 來說是一個巨大的機會。我們的雲端策略是在客戶資料所在的地方進行運營，並在整個數位行銷生態系統中安全地連接來自雲端的資料。將我們的產品引入客戶的雲端環境可為我們的客戶帶來實際的好處，包括提高營運效率和成本效率、提高資料安全性以及加快 LiveRamp 訂閱的價值實現時間。雲端供應商還可以獲得更多儲存和運算量的好處，這推動了他們的收入模式。隨著未來幾年越來越多的應用程式工作負載遷移到雲端，這將成為我們的後盾，並將推動我們今天所做的雲端投資的回報。

Our cloud strategy is already succeeding in the market, and there is no better external validation of this than receiving the Partner of the Year award from Google Cloud. We were recognized as a Global Industry Technology Partner of the Year for delivering embedded solutions that help customers enrich their Google Cloud environment. Our cloud partnership is not limited to GCP. We are executing the same strategy with all the clouds, and we are making significant progress with AWS and Snowflake, as well as Azure and Databricks.

我們的雲端策略已經在市場上取得了成功，沒有比獲得 Google Cloud 頒發的年度合作夥伴獎更好的外部驗證了。我們因提供嵌入式解決方案幫助客戶豐富其 Google Cloud 環境而被評為年度全球產業技術合作夥伴。我們的雲端合作夥伴關係不僅限於 GCP。我們對所有雲端執行相同的策略，並且在 AWS 和 Snowflake、Azure 和 Databricks 方面取得了重大進展。

During the quarter, we announced that our identity capabilities are now natively available within AWS Entity Resolution. With this integration, marketers, publishers tech platforms and agencies can extend the interoperability of data in the cloud to marketing and advertising destinations using RampID. With Snowflake, our complete identity capabilities are now embedded, and the very early customer feedback has been very positive. While these efforts are still nascent, we're starting to reap the rewards of our efforts. Overall, we remain on track to double our total cloud bookings in FY '24 to approximately $20 million.

在本季度，我們宣布我們的身分功能現已在 AWS 實體解析中原生可用。透過這種集成，行銷人員、出版商技術平台和代理商可以使用 RampID 將雲端中資料的互通性擴展到行銷和廣告目的地。借助 Snowflake，我們現在嵌入了完整的識別功能，並且早期的客戶回饋非常積極。雖然這些努力仍處於起步階段，但我們已開始收穫努力的回報。總體而言，我們仍有望在 24 財年將雲端預訂總額增加一倍，達到約 2,000 萬美元。

Signal loss and a march toward customer authentication. Last month, I participated in the New York Advertising Week conference, a week-long event that brings together leaders from across the world of advertising and marketing. It was a productive week of meetings with customers, both existing and prospective, and I left the conference energized about LiveRamp's market position and the opportunity we have to help advertisers and publishers with some of their most pressing identity and data challenges. My many conversations highlighted an important truth: consented first-party customer data and the ability to securely share it across the ecosystem is only becoming more important as we get closer to mid-2024, when Google begins phasing out third-party cookies on the Chrome browser. Large brand marketers need to securely use their authenticated first-party customer data for addressable advertising across the vast and fragmented digital marketing ecosystem. And increasingly, they need to collaborate with trusted business partners for enhanced insights about the customer journey. They need to do all this in order to drive sales, customer satisfaction and return on ad spend.

訊號遺失並向客戶身份驗證邁進。上個月，我參加了紐約廣告週會議，這是一個為期一周的活動，匯集了來自世界各地廣告和行銷領域的領導者。這是與現有客戶和潛在客戶會面的富有成果的一周，會議結束時，我對 LiveRamp 的市場地位以及我們幫助廣告商和發布商應對一些最緊迫的身份和數據挑戰的機會充滿了活力。我的多次對話強調了一個重要的事實：隨著2024 年中期的臨近，當Google 開始逐步淘汰Chrome 上的第三方cookie 時，獲得同意的第一方客戶資料以及在整個生態系統中安全共享這些數據的能力只會變得更加重要。瀏覽器。大型品牌行銷人員需要安全地使用經過驗證的第一方客戶數據，在龐大且分散的數位行銷生態系統中進行可尋址廣告。他們越來越需要與值得信賴的業務合作夥伴合作，以增強對客戶旅程的洞察。他們需要做這一切，以推動銷售、客戶滿意度和廣告支出回報。

Our Identity Infrastructure and Data Collaboration platform provides a solution to signal loss and cookie deprecation by connecting our customers' first-party identity to all manner of digital publishers, ranging from the largest walled gardens to the smallest DSPs, and everything in between. Using identity infrastructure across all of these different publishers and platforms enables more accurate cross-screen and cross-platform measurement that is critical to optimizing return on ad spend. We continue to expand our identity infrastructure to give brands greater access to data-driven premium advertising inventory.

我們的身分基礎設施和資料協作平台透過將客戶的第一方身分連接到各種類型的數位發布商（從最大的圍牆花園到最小的DSP 以及介於兩者之間的一切），提供訊號遺失和cookie 棄用的解決方案。在所有這些不同的發布商和平台上使用身分基礎架構可以實現更準確的跨螢幕和跨平台測量，這對於優化廣告支出回報至關重要。我們持續擴展我們的身分基礎設施，讓品牌能夠更好地存取數據驅動的優質廣告資源。

Over the past few months, we announced a handful of major platform integrations with RampID. We integrated RampID on FreeWheel, a leading supply side platform for CTV publishers. As a result, brands can now leverage their first-party data in conjunction with LiveRamp's RampID and activate on FreeWheel's premium video supply. We also made RampID interoperable with Yahoo's DSP and its ConnectID, as well as Epsilon's CORE ID. In addition to giving brands access to more data-driven premium inventory, these platforms can transact with brands on a durable, consistent identifier, giving them increased scale even through signal loss.

在過去的幾個月裡，我們宣布了與 RampID 的一些主要平台整合。我們將 RampID 整合到 FreeWheel 上，FreeWheel 是 CTV 發行商的領先供應方平台。因此，品牌現在可以將其第一方數據與 LiveRamp 的 RampID 結合使用，並在 FreeWheel 的優質視訊供應上啟用。我們也讓 RampID 能夠與 Yahoo 的 DSP 及其 ConnectID 以及 Epsilon 的 CORE ID 互通。除了讓品牌獲得更多數據驅動的優質庫存之外，這些平台還可以透過持久、一致的識別碼與品牌進行交易，即使在訊號遺失的情況下也能擴大規模。

Finally, but importantly, we continue to support Google's migration away from cookies to true consumer authentication. During the quarter, we continued our beta testing of Google PAIR. PAIR, which stands for Publisher and Advertiser Identity Reconciliation, allows brands to safely and securely use their first-party customer data to connect to open web publishers on DV360. To make this happen, marketers use the clean room tech in LiveRamp's data collaboration platform to securely reconcile identity with publishers and purchase inventory via DV360. Once third-party cookies are eliminated, PAIR will be the only way for brands to target on DV360. We're the largest and most scaled partner with Google on the PAIR launch. We now have over 6,500 publisher domains live on Google PAIR across North America, Europe and APAC, and we continue to scale advertising campaigns and are seeing marketer match rates continue to increase.

最後但重要的是，我們繼續支援 Google 從 cookie 遷移到真正的消費者身份驗證。本季度，我們繼續對 Google PAIR 進行 Beta 測試。 PAIR 代表發布商和廣告商身分協調，讓品牌安全可靠地使用其第一方客戶資料連接到 DV360 上的開放網路發布者。為了實現這一目標，行銷人員使用 LiveRamp 資料協作平台中的無塵室技術與發布商安全地協調身份，並透過 DV360 購買庫存。一旦第三方 cookie 被淘汰，PAIR 將成為品牌瞄準 DV360 的唯一途徑。我們是 PAIR 發布過程中與 Google 合作規模最大、規模最大的合作夥伴。目前，我們在北美、歐洲和亞太地區的 Google PAIR 上擁有超過 6,500 個發布商域名，並且我們繼續擴大廣告活動規模，並且看到行銷人員匹配率持續上升。

Our key objective here is to continue to evangelize how this works to major advertisers through webinars, workshops and published case studies, knowing that the education we do on this front will benefit clean room collaborations between any advertiser and any publisher who want to partner with one another.

我們的主要目標是繼續透過網路研討會、工作坊和已發布的案例研究向主要廣告商宣傳這是如何運作的，因為我們知道我們在這方面所做的教育將有利於任何廣告商和任何想要與之合作的出版商之間的無塵室合作。其他。

The rise of retail media networks. Retail media networks, increasingly just commerce media networks, were another key topic at Adweek. These advertising channels continue to grow, taking an increasing share of advertising budgets, and they are becoming ubiquitous. Brand marketers are trying to manage customer data and identity across a growing number of different retail media networks. According to a recent Association of National Advertisers survey, over half of marketers are using 5 or more different retail media networks, including 16% that are using 10 or more different networks.

零售媒體網絡的興起。零售媒體網絡，越來越只是商業媒體網絡，是《廣告週刊》的另一個關鍵議題。這些廣告管道持續成長，在廣告預算中所佔的份額越來越大，並且變得無所不在。品牌行銷人員正試圖在越來越多的不同零售媒體網路中管理客戶資料和身分。根據美國廣告商協會最近的一項調查，超過一半的行銷人員正在使用 5 個或更多不同的零售媒體網絡，其中 16% 的行銷人員使用 10 個或更多不同的網路。

This continues to be LiveRamp's opportunity. First, by helping brand marketers safely and securely use first-party data on these platforms. And second, by enabling omnichannel measurement among various retail media networks as well as to other advertising platforms, a shift to CTV and data collaboration. As the pandemic shifted consumer viewing habits, CTV has witnessed explosive growth. While this growth offers LiveRamp customers yet another set of platforms on which to activate their data, we believe the opportunity is far greater. While granular audience targeting and frequency capping unlock a first wave of advertiser benefits, there is an increasing opportunity for additional services. For example, given the fragmentation in CTV, measurement becomes an increasing need. Advertisers need it to demonstrate their ROI, and publishers require measurement to justify their pricing and validate their inventory efficacy.

這仍然是 LiveRamp 的機會。首先，幫助品牌行銷人員在這些平台上安全可靠地使用第一方資料。其次，透過在各種零售媒體網路以及其他廣告平台之間實現全通路衡量，轉向 CTV 和數據協作。隨著疫情改變消費者的觀看習慣，CTV 出現了爆炸性成長。雖然這種成長為 LiveRamp 客戶提供了另一套激活數據的平台，但我們相信機會要大得多。雖然精細的受眾定位和頻率上限為廣告主帶來了第一波好處，但附加服務的機會也越來越多。例如，考慮到 CTV 的碎片化，測量的需求變得越來越大。廣告商需要它來證明他們的投資回報率，出版商需要測量來證明他們的定價合理並驗證他們的庫存效率。

In addition, many CTV providers have rich collection of authenticated user data related to demographics and viewing behavior, and these increasingly offer data collaboration opportunity, not unlike what is driving the explosive growth in retail media networks.

此外，許多 CTV 供應商擁有豐富的與人口統計和觀看行為相關的經過驗證的用戶資料集合，這些資料越來越多地提供資料協作機會，這與推動零售媒體網路爆炸性增長的因素不同。

In closing, let me reiterate what I believe to be the key themes from the quarter. First, I really like the resilience and momentum our business is showing, particularly with respect to the top line progress we are making. As a result, we're raising our guidance for the year. But we're not satisfied. Not even close. We think continuing to win new clients, accelerating our progress in international markets and continued focus on all aspects of Rule of 40 are going to unlock even greater value for our shareholders as we progress in our efforts. Above all, however, I'm excited about LiveRamp's positioning against a number of key existential trends: cloud computing, retail media networks, first-party data collaboration, CTV and the slow march toward authenticated addressability can all be tailwinds for our business in the coming years.

最後，讓我重申我認為的本季的關鍵主題。首先，我真的很喜歡我們業務所展現的韌性和勢頭，特別是在我們正在取得的營收進度方面。因此，我們提高了今年的指導。但我們並不滿足。差遠了。我們認為，隨著我們努力的進展，繼續贏得新客戶、加速我們在國際市場的進步以及繼續關注 40 規則的各個方面，將為我們的股東帶來更大的價值。然而，最重要的是，我對LiveRamp 針對許多關鍵生存趨勢的定位感到興奮：雲端運算、零售媒體網路、第一方資料協作、CTV 以及向經過身份驗證的可尋址性的緩慢進展都可以成為我們在該領域業務的順風車。未來幾年。

Thank you, again, for joining us today, and a special thanks to our exceptional customers, partners and to all of my LiveRamp colleagues for their ongoing hard work and support. We look forward to updating you on our progress in the coming quarters. I will now turn the call over to Lauren.

再次感謝您今天加入我們，並特別感謝我們傑出的客戶、合作夥伴以及所有 LiveRamp 同事的持續辛勤工作和支持。我們期待向您通報我們未來幾季的最新進展。我現在將把電話轉給勞倫。

Thanks, Scott, and thank you all for joining us. Today, I will cover 2 topics. First, a review of our Q2 financial results; and second, our updated outlook for FY '24 and for Q3. Unless otherwise indicated, my remarks pertain to non-GAAP results, and growth is relative to the year ago period.

謝謝斯科特，也謝謝大家加入我們。今天，我將討論 2 個主題。首先，回顧我們第二季的財務表現；其次，我們對 24 財年和第三季的最新展望。除非另有說明，我的言論涉及非公認會計原則的結果，成長是相對於去年同期的。

Starting with Q2 results. In summary, results were above our expectations. Revenue came in at $160 million, which was $8 million above our guidance. And operating income was $32 million, or $13 million above our guidance. Operating margin expanded by 8 percentage points to a record high of 20%, and we generated $36 million in operating cash flow, our fifth consecutive quarter of positive OCF.

從第二季的結果開始。總而言之，結果超出了我們的預期。收入為 1.6 億美元，比我們的指導高出 800 萬美元。營業收入為 3,200 萬美元，比我們的指導水準高出 1,300 萬美元。營業利潤率擴大了 8 個百分點，達到 20% 的歷史新高，我們產生了 3,600 萬美元的營業現金流，這是我們連續第五個季度實現正 OCF。

Let me provide some additional details. Please turn to Slide 5. Total revenue was $160 million, up 9%. The Subscription revenue is slightly ahead of our expectations, while Marketplace and Other was significantly ahead, driven primarily by a stronger-than-expected digital advertising market. Subscription revenue was $126 million, up 5%, and growth was driven by broad product and sector strength. Fixed subscription revenue grew mid-single digits, and usage as a percentage of total subscription revenue was 15%, within the historical 10% to 15% range.

讓我提供一些額外的細節。請參閱投影片 5。總營收為 1.6 億美元，成長 9%。訂閱收入略高於我們的預期，而市場和其他收入則大幅領先，這主要是由強於預期的數位廣告市場推動的。訂閱收入為 1.26 億美元，成長 5%，成長是由廣泛的產品和產業實力推動的。固定訂閱收入成長了中個位數，使用量佔總訂閱收入的百分比為 15%，處於歷史 10% 至 15% 的範圍內。

ARR was $428 million, up 2%. We believe this growth represents a low watermark as the recent improvement in bookings and contraction will start to more fully impact this metric moving forward. In addition, Q2 growth was hurt by the timing of bookings being recognized in ARR, reflecting our move up market to larger, more complex deals. Subscription net retention was 101%. The sequential improvement was mostly due to improved upsell and to a lesser extent, reductions in contraction. While our longer-term aspiration is obviously much higher, we are pleased to get our SNR back above 100%, 2 quarters earlier than we initially expected.

ARR 為 4.28 億美元，成長 2%。我們認為，這一增長代表了一個低水位線，因為最近預訂量的改善和收縮將開始更全面地影響這一指標的發展。此外，第二季的成長受到 ARR 中確認預訂的時間的影響，這反映出我們朝著更大、更複雜的交易邁進了市場。訂閱淨保留率為 101%。連續的改善主要是由於追加銷售的改善，以及較小程度的收縮的減少。雖然我們的長期願望顯然要高得多，但我們很高興將 SNR 恢復到 100% 以上，比我們最初預期提前了 2 個季度。

Current RPO, or our next 12-month contracted backlog, was $339 million, up 16%. Total RPO, including contracted backlog beyond the next 12 months, was up 26% to $490 million. Like last quarter, there is an unusually large difference between CRPO and ARR growth. As we've discussed previously, the RPO is very sensitive to the timing of renewals and to contract durations, and both of these factors again benefited CRPO growth in the quarter.

目前的 RPO（即我們下一個 12 個月的合約積壓訂單）為 3.39 億美元，成長了 16%。 RPO 總額（包括未來 12 個月後的合約積壓訂單）增加了 26%，達到 4.9 億美元。與上季一樣，CRPO 和 ARR 成長之間存在異常大的差異。正如我們之前討論的，RPO 對續約時間和合約期限非常敏感，這兩個因素再次有利於 CRPO 在本季度的成長。

Overall, the Q2 selling environment remains stable. On the positive side, we saw an improvement in our pipeline conversion back to FY '22 levels. And on a dollar basis, had the strongest new logo quarter in the past 2 years. Also, our contraction or the combination of down-sell and customer churn, improved both quarter-on-quarter and year-on-year. And budget constraints were cited less frequently.

整體而言，第二季銷售環境保持穩定。從積極的一面來看，我們看到管道轉換有所改善，回到了 22 財年的水平。以美元計算，新標誌季度表現是過去兩年最強勁的。此外，我們的收縮或降價銷售和客戶流失的結合，季度環比和同比都有所改善。預算限制被提及的頻率也較低。

On the other hand, our average deal cycle continues to run about 1 quarter longer than FY '22. This has been the case now for consecutive quarters, and is at least partially due to our shift upmarket to larger high LTV enterprise customers with more complex data collaboration use cases. You can see this shift show up in some of our key growth metrics, like our $1 million customer count.

另一方面，我們的平均交易週期持續比 22 財年長約 1 個季度。現在已經連續幾個季度出現這種情況，至少部分是由於我們將高端市場轉向具有更複雜資料協作用例的大型高 LTV 企業客戶。您可以在我們的一些關鍵成長指標中看到這種轉變，例如我們的 100 萬美元客戶數量。

Marketplace and Other revenue of $34 million increased 25%, driven by data marketplace, which grew 19% and accounted for 78% of Marketplace and Other revenue. Data marketplace growth was fueled by a healthy digital advertising market, including strength in CTV. We also continue to see strong growth in professional services, which accounted for nearly 1/3 of the revenue growth in Marketplace and Other.

在數據市場的推動下，市場和其他收入成長了 25%，達到 3,400 萬美元，數據市場成長了 19%，佔市場和其他收入的 78%。健康的數位廣告市場（包括 CTV 的實力）推動了數據市場的成長。我們也繼續看到專業服務的強勁成長，佔 Marketplace 和其他收入成長的近 1/3。

Moving beyond revenue. Gross margin was 75%, flat year-on-year and 200 basis points higher than our guidance, driven primarily by the timing of planned investments. Operating expenses decreased 5% to $89 million, driven by last year's cost restructuring and benefited from the shift of certain expenses to the fiscal second half. Operating income was $32 million, up from $17 million a year ago, and our operating margin expanded by 800 basis points to a record high of 20%.

超越收入。毛利率為 75%，與去年同期持平，比我們的指導方針高出 200 個基點，這主要是受計畫投資時機的推動。受去年成本重組的推動，並受益於某些費用轉移至財年下半年，營運費用下降了 5%，至 8,900 萬美元。營業收入從一年前的 1,700 萬美元增至 3,200 萬美元，營業利潤率擴大了 800 個基點，達到 20% 的歷史新高。

GAAP operating income was positive for a second consecutive quarter at $8 million, representing a GAAP operating margin of 5%. We incurred $7 million in restructuring charges, primarily related to a goodwill impairment associated with the restructuring of our China operations and a lease impairment. Stock-based compensation was $16 million, down from $27 million a year ago due to the accelerated vesting of certain non-NEO RSUs in Q4 of FY '23. Operating cash flow was $36 million, up from $21 million a year ago, due primarily to higher earnings. We repurchased 490,000 shares for $15 million in Q2, bringing the fiscal first half total to $35 million. We have approximately $183 million remaining under the current authorization that expires on December 31, 2024.

GAAP 營業收入連續第二季為正，達 800 萬美元，相當於 GAAP 營業利益率為 5%。我們產生了 700 萬美元的重組費用，主要與中國業務重組相關的商譽減損和租賃減損有關。由於某些非 NEO RSU 在 23 財年第四季加速兌現，基於股票的薪酬為 1,600 萬美元，低於一年前的 2,700 萬美元。營運現金流為 3,600 萬美元，高於一年前的 2,100 萬美元，這主要是由於獲利增加。我們在第二季以 1,500 萬美元回購了 49 萬股股票，使上半財年總額達到 3,500 萬美元。目前的授權仍有約 1.83 億美元，該授權將於 2024 年 12 月 31 日到期。

In summary, Q2 was a strong quarter. Revenue growth improved to 9%, with both Subscription and Marketplace exceeding our expectations. Our non-GAAP operating margin expanded by 800 basis points. GAAP operating income was positive for a second straight quarter. We generated $36 million in operating cash flow in the quarter and $108 million in the trailing 4 quarters. And finally, we repurchased $35 million of stock through Q2.

總而言之，第二季度是一個強勁的季度。營收成長提高至 9%，訂閱和市場都超出了我們的預期。我們的非 GAAP 營業利潤率擴大了 800 個基點。公認會計準則營業收入連續第二季為正。本季我們產生了 3,600 萬美元的營運現金流，在過去的 4 個季度中我們產生了 1.08 億美元的營運現金流。最後，我們在第二季回購了 3,500 萬美元的股票。

Next, let me now turn to our financial outlook for FY '24 and for Q3. Please turn to Slides 12 and 13. Please keep in mind, our non-GAAP guidance excludes intangible amortization, stock-based compensation and restructuring and related charges. Starting with the full year. We are increasing our total revenue guidance by approximately $10 million at the midpoint and now expect revenue to be between $632 million and $637 million, up 6% to 7% year-on-year. Our outlook for Subscription revenue is unchanged. We continue to expect Subscription revenue to grow in the mid-single digits, with usage as a percentage of total subscription near the midpoint of the historic 10% to 15% range. We expect Subscription net retention to hover around 100% for the next 2 quarters.

接下來，讓我談談 24 財年和第三季的財務展望。請參閱投影片 12 和 13。請記住，我們的非 GAAP 指引不包括無形攤銷、股票薪資和重組及相關費用。從全年開始。我們將總收入指引中位數上調約 1,000 萬美元，目前預計營收將在 6.32 億美元至 6.37 億美元之間，年增 6% 至 7%。我們對訂閱收入的展望保持不變。我們繼續預期訂閱收入將以中個位數成長，使用量佔訂閱總量的百分比接近歷史 10% 至 15% 範圍的中點。我們預計未來 2 季的訂閱淨保留率將徘徊在 100% 左右。

We now expect Marketplace and Other revenue growth to be in the low double digits for the full year, up from our prior expectation of mid- to high-single digits. We continue to expect gross margin to be approximately 74% despite the outperformance in Q2, which was mostly a timing issue. In the second half, we are making incremental investments in our platform architecture and in professional services to support future revenue growth.

我們現在預計全年市場和其他收入成長將處於低兩位數，高於我們先前中高個位數的預期。儘管第二季表現出色，但我們仍然預計毛利率約為 74%，這主要是時間問題。下半年，我們將對平台架構和專業服務進行增量投資，以支持未來的收入成長。

We expect our operating expenses to decline this year by approximately 4%, but are still making additional investments in our sales force and cloud strategy, as well as some upfront investment to ensure our offshoring initiative is successful. Despite these added investments, we are increasing our operating income guidance to be between $97 million and $100 million, $7 million higher than our prior guide at the midpoint. At the midpoint of our guidance range, the operating margin is approximately 15%, up 500 basis points year-on-year.

我們預計今年的營運費用將下降約 4%，但仍在對銷售團隊和雲端策略進行額外投資，並進行一些前期投資，以確保我們的離岸外包計畫成功。儘管增加了這些投資，我們仍將營業收入指引提高到 9,700 萬美元至 1 億美元之間，比我們先前的指導中位數高出 700 萬美元。在我們指引範圍的中點，營業利潤率約為 15%，較去年同期上升 500 個基點。

We expect stock-based compensation to be approximately $69 million, which benefits from the $23 million in accelerated vesting in FY '23 and is slightly lower than our prior guide. We now expect $11 million in restructuring charges, given the lease and goodwill impairments recognized in Q2. We expect GAAP operating income to be between $8 million and $11 million. Lastly, we continue to expect share repurchases of between $15 million and $20 million per quarter in the fiscal second half.

我們預計股票薪酬約為 6,900 萬美元，受益於 23 財年 2,300 萬美元的加速兌現，略低於我們先前的指導。考慮到第二季確認的租賃和商譽減值，我們現在預計重組費用為 1,100 萬美元。我們預計 GAAP 營業收入將在 800 萬美元至 1,100 萬美元之間。最後，我們仍預期本財年下半年每季的股票回購金額將在 1,500 萬至 2,000 萬美元之間。

Now moving on to Q3. We expect total revenue of approximately $165 million, operating income of roughly $29 million and an operating margin of approximately 18%. A few other callouts for Q3. Recall that in the year ago quarter, our Subscription revenue included a nonrecurring contract settlement of $4 million, resulting in a 3 percentage point growth headwind for Subscription revenue this Q3. Excluding this headwind, we expect underlying Subscription growth to be mid-single digits. We expect Subscription net retention in Q3 to be approximately 100%. We expect Marketplace and Other revenue to grow by low double digits. This growth rate is slower sequentially because we are taking a measured view on digital ad market growth in light of the current macro and geopolitical environment. And we expect gross margin to be approximately 74%.

現在進入第三季。我們預計總收入約 1.65 億美元，營業收入約 2,900 萬美元，營業利潤率約 18%。第三季的其他一些標註。回想一下，去年同期，我們的訂閱收入包括 400 萬美元的非經常性合約結算，導致本季訂閱營收成長逆風 3 個百分點。排除這一不利因素，我們預計基本訂閱成長將達到中個位數。我們預計第三季的認購淨保留率約為 100%。我們預計市場和其他收入將以低兩位數成長。這一成長率較上一季有所放緩，因為我們根據當前的宏觀和地緣政治環境對數位廣告市場的成長採取了審慎的看法。我們預計毛利率約為 74%。

Before opening the call to questions, I'll conclude with a few final thoughts. First, Q2 was strong on the top line and especially the bottom line. Importantly, we think our revenue growth metrics are turning a corner. Next, given the uncertain macro environment, we remain appropriately cautious with our revenue guidance for the balance of the fiscal year. We have good visibility on our Subscription business. And with Marketplace, we are striking a balance between our strong execution and the risk of a slowdown driven by forces outside of our control. To be clear, we would expect to see upside in marketplace, particularly in Q4, if the advertising markets hold at the current level.

在開始提問之前，我將提出一些最後的想法。首先，第二季的營收尤其是淨利表現強勁。重要的是，我們認為我們的營收成長指標正在好轉。接下來，鑑於宏觀環境的不確定性，我們對本財年剩餘收入指引保持適當謹慎。我們的訂閱業務擁有良好的知名度。透過 Marketplace，我們在強大的執行力和因我們無法控制的力量導致經濟放緩的風險之間取得了平衡。需要明確的是，如果廣告市場保持在當前水平，我們預計市場將會上漲，特別是在第四季。

And finally, as Scott mentioned, our financial North Star is Rule of 40, with mid-teens top line growth and a 25%-plus operating margin. On the top line, we are encouraged by the positive trends in forward bookings and contraction. On the margin front, the high incremental margin inherent in our model, combined with the expansion of our new India office, gives us a path for sustained margin expansion in the coming years while we continue to appropriately invest to support top line growth. With that, on behalf of all LiveRampers, thank you for joining us today. Operator, we will now open the call to questions.

最後，正如史考特所提到的，我們的財務北極星是 40 法則，營收成長在 10% 左右，營業利潤率超過 25%。總體而言，我們對遠期預訂和收縮的正面趨勢感到鼓舞。在利潤率方面，我們的模式固有的高增量利潤率，加上我們新的印度辦事處的擴張，為我們在未來幾年持續提高利潤率提供了一條道路，同時我們繼續進行適當的投資以支持營收增長。在此，我代表所有 LiveRampers，感謝您今天加入我們。接線員，我們現在開始提問。

Your first question comes from the line of Shyam Patil of SIG.

你的第一個問題來自 SIG 的 Shyam Patil。

This is Jared on for Shyam. Congratulations on the impressive quarter. Of course, I've got a couple, if you don't mind. I guess for starters, focusing in on the higher LTV customer strategy. Can you elaborate a bit further upon that and how you're thinking that this plays out through the rest of the year? As well as maybe unpacking a bit more of the decline that we saw in the current quarter.

這是賈里德替補席亞姆。恭喜這個令人印象深刻的季度。當然，如果你不介意的話，我還有一些。我想對於初學者來說，重點關注更高的 LTV 客戶策略。您能否進一步詳細說明這一點，以及您認為這種情況在今年剩餘時間裡會如何發展？或許還可以進一步解釋我們在本季看到的下降。

And then for the second question, you continue to highlight CTV as a driver of the strength in the business. Anywhere in particular that we should be looking in your results as we're looking both in this quarter and then for further CTV strength down the road? And just how are you thinking that CTV strength continues to materialize?

對於第二個問題，您繼續強調 CTV 是業務實力的驅動力。當我們在本季以及未來 CTV 的進一步實力時，我們應該特別關注您的業績中的哪些地方？您認為 CTV 的實力如何持續顯現？

Thanks, Jared. I'm happy to take the first, and I'll pass it to Scott for the second. With respect to customer count, I'll start maybe by just highlighting something Scott mentioned in his prepared remarks, which is that this is a direct reflection of a decision that we made as a business several quarters ago to really focus our selling efforts on large high ACV enterprise customers, where we believe our value proposition today is the greatest. So in the quarter, we did see continued pressure on customer count. This was almost entirely driven by small customers in the ad tech sector that are being impacted by the macro as well as other market dynamics.

謝謝，賈里德。我很高興獲得第一個，我會把第二個交給斯科特。關於客戶數量，我首先可能會強調斯科特在他準備好的演講中提到的一些內容，這直接反映了我們幾個季度前作為一家企業做出的決定，即真正將我們的銷售工作集中在大型企業上。高 ACV 企業客戶，我們相信我們今天的價值主張是最大的。因此，在本季度，我們確實看到客戶數量持續面臨壓力。這幾乎完全是由廣告科技領域的小客戶所推動的，這些客戶受到宏觀經濟和其他市場動態的影響。

That said, I think it's important to note that our dollar-based metrics are improving and reflect this quality versus quantity dynamic that Scott had mentioned. As an example, in the quarter, we closed one of our strongest new logo bookings quarters in recent history. And we saw a pretty nice uptick in both million-dollar customers as well as customers who fall in the $500,000 to $1 million range. So in terms of our outlook for the balance of the year, we do expect this dynamic to continue for at least the next couple of quarters, which means total customer count could continue to decline, but we would expect other metrics like million dollar-plus customer count to continue to increase.

也就是說，我認為值得注意的是，我們以美元為基礎的指標正在改善，並反映了史考特提到的品質與數量的動態。例如，在本季度，我們完成了近來歷史上最強勁的新徽標預訂季度之一。我們看到百萬美元客戶以及 50 萬至 100 萬美元範圍內的客戶都有相當大的成長。因此，就我們對今年剩餘時間的展望而言，我們確實預計這種動態至少會在接下來的幾個季度持續下去，這意味著客戶總數可能會繼續下降，但我們預計其他指標如百萬美元以上客戶數量持續增加。

And Jared, on your second question, I would tell you, I'm really bullish about CTV, and you probably heard that in my prepared remarks. In terms of where you're going to see it, I would say it's hard to tease out, but you can broadly look at 3 major areas. The first is subscriptions. If you look at the CTV providers, for the most part, they're 100% authenticated. So they could be a big winner as third-party cookies go away because that spend is addressable and it works. And so where you see that in our business is in our subscriptions.

Jared，關於你的第二個問題，我想告訴你，我真的很看好 CTV，你可能在我準備好的發言中聽到了這一點。至於你將在哪裡看到它，我想說這很難弄清楚，但你可以大致看一下 3 個主要領域。第一個是訂閱。如果您查看 CTV 供應商，大多數情況下，它們都是 100% 經過驗證的。因此，隨著第三方 cookie 的消失，他們可能會成為大贏家，因為這些支出是可尋址的並且有效。因此，您可以在我們的業務中看到這一點，那就是我們的訂閱。

And so as the market tips to CTV, I think you'll see our subscriptions become even stickier. And you might see that in terms of a usage increase as well. What's kind of startling -- I was looking at the stats earlier today. If you look at our distributions, the destinations that advertisers send data to, if you look at the top 50 by volume, nearly half of them, 22 of them are pure CTV providers or CTV platforms. So it suggests that very quietly over the last couple of years, advertisers are already making a shift.

因此，隨著市場向 CTV 傾斜，我認為您會看到我們的訂閱變得更加黏性。您可能也會看到使用量的增加。有點令人吃驚——我今天早些時候查看了統計數據。如果你看看我們的分佈，廣告商發送資料的目的地，如果你看看前50名的流量，其中近一半，其中22個是純粹的CTV提供者或CTV平台。因此，這表明廣告商在過去幾年中已經悄悄做出了轉變。

The second place that you're going to see this is in our Marketplace business. And again, it's kind of beneath the surface line. TV data sales as a part of Marketplace were actually up a staggering 50% year-over-year. And that data comprises, I think, roughly 10% of the total demand within data marketplace. So nice story there as well.

您將看到的第二個地方是我們的市場業務。再說一次，它有點低於表面線。作為 Marketplace 一部分的電視數據銷售額實際上比去年同期增長了 50%，令人震驚。我認為這些數據約佔數據市場總需求的 10%。那裡的故事也很好。

And then the third place that you'll see it, not surprisingly because they're getting more demand and because they also have really deep pockets of authenticated data, is we think there's an opportunity for data collaboration. Very similar to what we've seen in the retail media network space. The various CTV providers have something really interesting to share. And so there's an opportunity that all of them are interested in, in partnering more deeply with the major advertisers of the world, collaborate in on data such that advertisers can find their target audiences, and also understand kind of end-to-end measurement across everything that happens once an ad is seen.

然後你會看到的第三個地方是我們認為存在數據協作的機會，這並不奇怪，因為他們的需求越來越大，而且他們也擁有雄厚的經過驗證的數據。與我們在零售媒體網路空間中看到的非常相似。各個 CTV 提供者都有一些非常有趣的東西可以分享。因此，他們都有興趣與世界主要廣告商進行更深入的合作，在數據方面進行合作，以便廣告商可以找到他們的目標受眾，並了解跨領域的端到端衡量方式。看到廣告後發生的一切。

So three really interesting places and -- just come full circle. We've hit the tipping point for CTV. It's here. We're seeing it in our numbers. And we think that's going to be a really nice tailwind for us really for the next few years.

三個非常有趣的地方——又回到了原點。我們已經達到了 CTV 的臨界點。它在這裡。我們在數據中看到了這一點。我們認為這對我們未來幾年來說將是一個非常好的推動力。

Your next question comes from the line of Elizabeth Porter of Morgan Stanley.

你的下一個問題來自摩根士丹利的伊麗莎白波特。

This is Chris Quintero on for Elizabeth. Congrats again on another solid quarter here. Maybe to start, out of all of the kind of like top line initiatives that you all have been focused on over the past year or so, whether that's the sales force improvement or the growing industry partnerships, I'm curious to hear what areas have maybe surprised you the most of the upside than maybe you initially expected so far?

我是伊麗莎白的克里斯·金特羅。再次恭喜我們又一個穩定的季度。也許首先，在過去一年左右大家都關注的所有類似的頂線計劃中，無論是銷售隊伍的改進還是不斷增長的行業合作夥伴關係，我很想知道哪些領域有到目前為止，可能比您最初預期的最令您驚訝的好處是什麼？

Yes, Chris, I would tell you that to me, sales success is a function of 2 ingredients. First, you have to have demand. And there, I think we've probably been pleasantly surprised based on our initial forecast in terms of market softness. And I think the market's just developed better than we thought. But from a demand side, there are so many levers that we're pulling. Cloud partnerships, CTV, collaboration networks. Likewise, really, really pleased with some of the traction we're getting with major European clients and Australian clients. And what's interesting is the opportunities that we're seeing, if you looked at our pipeline and you looked both at the named clients and the conversation that's underway, it is really encouraging. Because they're all companies that you would have heard of, and they're doing really fascinating things with data.

是的，克里斯，我會告訴你，對我來說，銷售成功是兩個要素的函數。首先，你要有需求。在那裡，我認為根據我們對市場疲軟的初步預測，我們可能感到驚訝。我認為市場的發展比我們想像的還要好。但從需求方面來看，我們正在使用很多槓桿。雲端合作夥伴關係、CTV、協作網路。同樣，我們對歐洲主要客戶和澳洲客戶的關注感到非常非常高興。有趣的是我們看到的機會，如果你看看我們的管道，看看指定的客戶和正在進行的對話，這真的很令人鼓舞。因為他們都是你聽過的公司，而且他們正在利用數據做一些非常有趣的事情。

So I like the demand side, and that's firmed up, I think, even better than I would have thought. But to meet the demand, you also have to execute. You have to be able to respond. And there, I'm equally pleased. We've really done a revamp of our marketing collateral. Our team has done a nice job of onboarding and training and arming sellers with the tools that they need to succeed.

所以我喜歡需求面，而且我認為這種情況比我想像的還要堅定。但要滿足需求，還必須執行。你必須能夠做出回應。在那裡，我同樣感到高興。我們確實對行銷材料進行了改進。我們的團隊在入職和培訓方面做得很好，並為賣家提供了成功所需的工具。

And we're seeing that in our numbers. More specifically, best new logo quarter in a couple of years. Strength kind of across the board, auto, financial services, health care, retail. And our pipeline conversion was the highest we've had in 7 quarters and even stronger with $1 million deals. So when I look at the numbers, everything is kind of tipping in the right direction.

我們從我們的數據中看到了這一點。更具體地說，這是幾年來最好的新標誌季度。實力類型全面，汽車、金融服務、醫療保健、零售。我們的管道轉換率是 7 個季度以來最高的，甚至更高，交易金額達 100 萬美元。因此，當我查看這些數字時，一切都在朝著正確的方向傾斜。

Now the one thing I'd say to our entire organization, many of whom are listening on the call today, is success has to be stacked. We can't let up. We have a lot of momentum, but a couple of good quarters doesn't make the trend line we're looking for. So we need to keep it going through the back half of the year.

現在，我要對我們整個組織（其中許多人今天正在收聽電話會議）說的一件事是，成功必須是堆積起來的。我們不能放鬆。我們有很大的動力，但幾季的良好表現並沒有達到我們所尋找的趨勢線。所以我們需要讓它持續到今年下半年。

Got it. That's very helpful. I also wanted to ask around the impressive 6 Fortune 500 customer additions in the quarter that I think you mentioned. Just curious how this kind of came about. Did they come through the improved sales force or maybe through some of your industry partnerships? And what do you think worked well in the process to ultimately win those large customers?

知道了。這非常有幫助。我還想詢問您提到的本季新增的 6 個財富 500 強客戶，令人印象深刻。只是好奇這種事是怎麼發生的。他們是透過改進的銷售團隊還是透過您的一些行業合作夥伴獲得的？您認為在最終贏得這些大客戶的過程中，哪些因素發揮了作用？

Yes. Hold on. I'm just going to pull a stat, which is kind of mind-blowing, actually. What I would tell you is what I'm really pleased with is our channel partnerships. And I think we're seeing a lot of traction there. One of the things that I realized when I worked at Microsoft, I thought that years ago, all of Microsoft sales were direct. And when my company got acquired, I realized, no, that's not the case. They have a really big partner sales force.

是的。堅持，稍等。我只想做一個統計數據，實際上這有點令人興奮。我要告訴你的是，我真正滿意的是我們的通路夥伴關係。我認為我們在那裡看到了很大的吸引力。我在微軟工作時意識到的一件事是，我認為幾年前，微軟的所有銷售都是直接的。當我的公司被收購時，我意識到，不，事實並非如此。他們擁有一支非常龐大的合作夥伴銷售團隊。

And in fact, most -- most SaaS companies use partner channels to their benefit with the exception of LiveRamp. Now a couple of years ago, we really started to push on channel partnerships. And our focus for this past year has really been with the cloud and cloud data warehouses. We've done direct partnerships with all the major cloud providers. We've also forged strategic partnerships with system integrators for cloud opportunities. And we are partnering closely with the ecosystem, educating them about how our products work in the cloud and use cases, go-to-market education.

事實上，大多數 SaaS 公司都利用合作夥伴管道來謀取利益，但 LiveRamp 除外。幾年前，我們真正開始推動通路夥伴關係。過去一年我們的重點確實是雲端和雲端資料倉儲。我們與所有主要雲端供應商建立了直接合作夥伴關係。我們還與系統整合商建立了策略合作夥伴關係，以獲得雲端機會。我們正在與生態系統密切合作，向他們介紹我們的產品如何在雲端工作、使用案例以及上市教育。

As an example, if I think about just last quarter alone, we did over 215 joint planning calls just with Snowflake. But ultimately, we're going to be judged by our results. And on this, 60% -- and this is the stat I was looking for, 60% of our commercial leads closed cloud business year-to-date, which is an amazing stat relative to a year or 2 ago. And if you look at cloud attached business as part of our revenue, we'll double it this year to $20 million for the year. So really, really encouraged. And I think we're still in the early stages of getting those partnerships up and running.

舉個例子，僅考慮上個季度，我們僅與 Snowflake 就進行了超過 215 次聯合規劃通話。但最終，我們將根據我們的結果來評判。就這一點而言，60%——這是我一直在尋找的統計數據，今年迄今為止，我們的商業領導中有60% 關閉了雲端業務，相對於一兩年前來說，這是一個驚人的統計數據。如果你將雲端附加業務視為我們收入的一部分，我們今年將把它增加一倍，達到 2000 萬美元。真的非常非常受到鼓舞。我認為我們仍處於建立和運作這些合作關係的早期階段。

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

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

Just 2 questions. I was curious what dynamics drove the usage as a percent of subscription revenue above expectations to 15%? I think the 15% is sort of at the higher end of your historical range. And what might that suggest in terms of '24? And then separately, curious what kind of demand you may be seeing outside of your core CPG and retail verticals? And I know you've talked in the past about health care and fintech being sort of limited with data privacy laws. Just maybe some color there would be helpful.

只有 2 個問題。我很好奇是什麼動力促使使用量佔訂閱收入的百分比超出預期達到 15%？我認為 15% 是歷史範圍的高端。這對 24 世紀意味著什麼？然後，分別想知道您在核心消費品和零售垂直領域之外可能會看到什麼樣的需求？我知道您過去曾談到醫療保健和金融科技受到資料隱私法的限制。也許一些顏色會有幫助。

Sure. I'm happy to take the first, Mark, and I'll let Scott jump in on the second. With respect to usage as a percentage of subscription revenue, you're right, it landed right around 15% in the quarter, which is at the high end of our historic 10% to 15% range. The only notable thing I would call out is just it benefited certainly from a better macro environment and better overall trends in digital advertising than we assumed in our outlook going into the quarter. Again, in the back half -- and this is consistent with how we've been guiding those subscription usage in marketplace, we are attempting to be both balanced and conservative. And so I would guide you to the midpoint of that 10% to 15% range in Q3 and Q4 versus what we saw in Q2.

當然。我很高興接受第一個，馬克，我會讓斯科特參與第二個。至於使用量佔訂閱收入的百分比，你是對的，本季它下降到了 15% 左右，這是我們歷史上 10% 到 15% 範圍的上限。我要指出的唯一值得注意的事情是，它肯定受益於比我們在本季度展望中假設的更好的宏觀環境和更好的數位廣告整體趨勢。同樣，在後半部分——這與我們在市場上指導這些訂閱使用的方式是一致的，我們試圖保持平衡和保守。因此，與我們在第二季度看到的情況相比，我將引導您了解第三季和第四季 10% 至 15% 範圍的中點。

And then, Mark, your second question is really about which verticals. In my prepared remarks today, I talked about my time at Adweek a few weeks ago in New York. And one of the things that was all over Adweek, literally, every conversation was the growth of retail media networks. It's the fastest-growing part of most media plans. And as a result, other advertisers, marketers and data providers have really taken notice.

然後，馬克，你的第二個問題實際上是關於哪些垂直領域。在今天準備好的發言中，我談到了幾週前在紐約參加《廣告周刊》的經歷。從字面上看，《廣告周刊》上所有的話題之一就是零售媒體網絡的成長。這是大多數媒體計劃中成長最快的部分。因此，其他廣告商、行銷商和數據提供者也真正注意到了這一點。

And the whole driver of retail media networks is collaboration that's happening between retailers and their merchant partners. I think we're starting to see that evolve in a really healthy way to other verticals. I think it was in Q4 last year, I talked about the automotive space as an example. And I shared a new client win that we had and a fascinating case study where they're using us and doing data collaboration, not get with the rest of the world, but between the OEM, the regional advertising groups and the actual dealers where cars are sold. And when all of them are collaborating, all of a sudden, you can make the connection between a car that's manufactured, where an ad is served regionally and whether it actually drove a purchase at the dealer.

零售媒體網路的全部驅動力是零售商與其商業合作夥伴之間發生的協作。我認為我們開始看到它以一種真正健康的方式向其他垂直領域發展。我想是在去年第四季度，我談到了汽車領域的例子。我分享了我們贏得的一個新客戶以及一個有趣的案例研究，他們正在使用我們並進行數據協作，不是與世界其他地方進行數據協作，而是在OEM、區域廣告集團和汽車經銷商之間進行數據協作被出售。當他們全部協作時，突然間，您可以在製造的汽車、區域性廣告投放地點以及它是否確實在經銷商處推動購買之間建立聯繫。

That is a great case study that I look forward to sharing with you some day at an Analyst Day because it's also indicative of a company we brought on. When they came on, they were just an onboarding client, $0.5 million a year. And within 3 years, they're doing some of the most sophisticated things that any of our clients are doing. Their spend is over 10x as much as it was when they started. And they just keep layering more sophistication on what they're doing.

這是一個很棒的案例研究，我期待有一天在分析師日與您分享，因為它也顯示了我們引進的一家公司。當他們加入時，他們只是一個入職客戶，年薪 50 萬美元。在三年內，他們正在做一些我們的客戶正在做的最複雜的事情。他們的支出是剛開始時的 10 倍以上。他們只是不斷地讓他們正在做的事情變得更加複雜。

Another more recent example is I talked about some airline wins that we had. And I'm really excited about where one of them is going to take their partnership with LiveRamp because certainly, they'll start and they'll use LiveRamp to better direct their own spend from a marketing perspective. But the partner collaboration that they're going to turn on over time, they have a network of both code share partners and hundreds of different travel partners where they can be sharing data for the collective good and to drive a better customer experience as well.

另一個最近的例子是我談到了我們贏得的一些航空公司勝利。我對他們中的一個將與 LiveRamp 建立合作夥伴關係感到非常興奮，因為他們肯定會開始使用 LiveRamp 從行銷角度更好地指導自己的支出。但隨著時間的推移，他們將開啟合作夥伴協作，他們擁有一個由代碼共享合作夥伴和數百個不同旅行合作夥伴組成的網絡，他們可以在其中共享數據以實現集體利益，並推動更好的客戶體驗。

In addition, most airlines, including this one, probably more than most, have a lot of untapped assets. In particular, the screens that are in your seat back and the apps that you might be watching to watch movies when you're on the plane. So some just amazing things that you're going to see out of the travel space.

此外，大多數航空公司（包括這家航空公司）可能比大多數航空公司擁有大量未開發的資產。特別是您座椅靠背上的螢幕以及您在飛機上時可能正在觀看的電影應用程式。因此，您將在旅行空間中看到一些令人驚奇的事物。

And a third vertical -- and I'm just giving these 3 as examples would be the publisher space. Earlier, Jared asked me about CTV. And there, we're seeing such interesting innovation from those CTV providers. They can build unique segments from their data. They can create multiscreen packages and they can collaborate with advertisers to really deliver full purchase funnel measurement from the moment an ad is seen to how much engagement to an actual purchase in store at a dealership or online. So I think the whole concept of retail media networks, that term is yesterday, collaborative networks or collaborative data partnerships. I think the world is wide open, every sector. And the good news is we sit right in the middle of that.

第三個垂直領域──我只是舉這三個領域為例，那就是出版商空間。早些時候，賈里德向我詢問了 CTV 的情況。在那裡，我們看到了這些 CTV 提供者的有趣創新。他們可以根據數據建立獨特的細分。他們可以創建多螢幕套餐，並可以與廣告商合作，真正提供完整的購買管道衡量，從看到廣告的那一刻到經銷商店內或在線實際購買的參與度。所以我認為零售媒體網路的整個概念，這個術語已經是昨天的協作網路或協作資料夥伴關係。我認為世界各領域都是開放的。好消息是我們正處於其中。

Your next question comes from the line of Jason Kreyer of Craig Hallum Capital Group.

您的下一個問題來自 Craig Hallum Capital Group 的 Jason Kreyer。

Great. This is Cal Bartyzal on for Jason. So I guess, first, just to start, you've seen some good improvements in the results in the last couple of quarters. So just wanted to get some color on the bookings trajectory. If you go back to some of the issues that started back in 2022, I mean, do you think that all of those have kind of been put behind you now and the start of a migration higher? And I guess, how has that kind of manifested in the strength for first year salaries?

偉大的。我由卡爾巴蒂扎爾 (Cal Bartyzal) 替傑森 (Jason) 發言。所以我想，首先，首先，您已經看到過去幾季的結果有了一些良好的改進。所以只是想了解預訂軌跡。如果你回顧 2022 年開始的一些問題，我的意思是，你是否認為所有這些問題現在都被拋在腦後，並開始更高的遷移？我想，這種情況如何體現在第一年薪資的強度？

Yes, I'm happy to take the first part, and Scott can weigh in on the strength of our first year reps. So with respect to our bookings momentum, as we mentioned in our prepared remarks, I think we're very encouraged by our recent sales momentum. And I said this in my prepared remarks, I believe our growth metrics are turning a quarter. I used the word turning rather than turned because we do need to see continued strong execution in the second half, both with respect to bookings as well as contraction really to begin to see our key growth metrics accelerate in Q4 and exiting this year. So feel pretty good about the few strong quarters of bookings we've posted. But as we both mentioned, now we need to see that trend continue in the back half.

是的，我很高興參加第一部分，斯科特可以對我們第一年代表的實力進行評價。因此，就我們的預訂勢頭而言，正如我們在準備好的演講中提到的那樣，我認為我們對最近的銷售勢頭感到非常鼓舞。我在準備好的演講中說過，我相信我們的成長指標正在轉向四分之一。我使用“轉向”這個詞而不是“轉向”，因為我們確實需要看到下半年持續強勁的執行力，無論是在預訂方面還是在收縮方面，我們的關鍵增長指標都將在第四季度加速並在今年退出。因此，我們對我們發布的幾個季度的預訂量感到非常滿意。但正如我們都提到的，現在我們需要看到這種趨勢在後半段繼續下去。

Yes. And in terms of our selling efficacy, in the prepared remarks, I talked a little bit about the bookings efficacy of our new reps relative to our seasoned reps, and they're roughly the same. And it's interesting. If I think back to LiveRamp's early days, we invented a category. And so we had a lot of young sellers who knew more about technology and our products than anybody else in the planet. So they were the unquestioned experts in all areas of data onboarding. Now many of them are still with us, and they've grown and they've become spectacular sales representatives. But more recently, the clients that we're serving tend to be larger, bigger contracts, brands that are very recognizable.

是的。就我們的銷售效率而言，在準備好的發言中，我談到了我們新代表相對於經驗豐富的代表的預訂效率，他們大致相同。這很有趣。如果我回想一下 LiveRamp 的早期，我們發明了一個類別。因此，我們有很多年輕的賣家，他們比地球上的任何人都更了解科技和我們的產品。因此，他們是資料接取所有領域無可爭議的專家。現在他們中的許多人仍然在我們身邊，他們已經成長，並且已經成為出色的銷售代表。但最近，我們服務的客戶往往是規模越來越大的合約、非常知名的品牌。

And our profile of the new people that we're hiring has probably shifted a little bit more towards industry vertical experts. And I think one of the reasons that our new hires have been so effective is they can go in and they can talk the language of retail, the language of automotive, the language of travel. And they're very effective in a slightly different way than perhaps our original sellers, what they brought. The combination of all those people together and the sharing of best practices, I'm really happy with because I think we have great technical knowledge coupled with great industry knowledge. So when a situation arises, there's always multiple people across the organization that you can say -- you can tap into and say, "What would you do here?" So I feel like we're showing up with really smart ideas to clients, and those clients are receptive to it.

我們正在招募的新員工的形象可能更多地轉向行業垂直專家。我認為我們的新員工如此有效率的原因之一是他們可以進入並能夠談論零售語言、汽車語言和旅行語言。他們非常有效，但他們帶來的東西可能與我們原來的賣家略有不同。所有這些人的結合以及最佳實踐的分享，我真的很高興，因為我認為我們擁有豐富的技術知識和豐富的行業知識。因此，當出現情況時，組織中總是有很多人可以說——你可以利用並說，“你會在這裡做什麼？”所以我覺得我們向客戶展示了非常聰明的想法，而這些客戶也很樂意接受。

Perfect. And then just quickly, just circling back to the comments on Marketplace. The conservatism in the guide, I mean, did you guys see anything around that October time frame that you would call out? Or is this just more just general uncertainty?

完美的。然後快速地回到 Marketplace 上的評論。我的意思是，指南中的保守主義，你們在 10 月份的時間範圍內看到了任何你們會指出的事情嗎？或者這只是普遍的不確定性？

Great question, Cal. So we did see a bit of a pullback in early October, which we would at least partially attribute to the conflict in the Middle East. Since then, growth has been healthy. But we are taking a conservative view for the balance of the quarter just given the macro uncertainty as well as our lack of visibility into this area of the business. As a reminder, it was this quarter last year where we saw growth swing from positive to negative year-on-year in a matter of a month. So we just think it's prudent to be conservative with our guide. And to kind of put some numbers against that, we're assuming Marketplace growth in Q3 is low single digits and roughly flat in Q4.

好問題，卡爾。因此，我們在 10 月初確實看到了一些回落，我們至少將其部分歸因於中東衝突。從那時起，增長一直健康。但鑑於宏觀不確定性以及我們對該業務領域缺乏可見性，我們對本季的餘額持保守看法。提醒一下，去年這個季度，我們在一個月內就看到年比成長從正轉為負。因此，我們認為對我們的指南保持保守是謹慎的做法。為了用一些數據來證明這一點，我們假設第三季的市場成長為低個位數，第四季大致持平。

Operator, we have time for one more question, please.

接線員，我們還有時間再問一個問題。

Understood. Your last question comes from the line of Brian Fitzgerald of Wells Fargo.

明白了。你的最後一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Scott, I don't know if you have a role here, but we wanted to ask about an announcement at Amazon unBoxed of the Amazon Publisher Cloud. It sounds to us like even when publishers are doing premium direct deals going forward there, there's going to be significant utilization of clean rooms. And presumably, some underlying identity resolution technology. Just wondering if you could give us some thoughts on trends there and what you're seeing and how you think LiveRamp factors into that?

Scott，我不知道您是否在這裡擔任職務，但我們想詢問有關 Amazon unBoxed 的 Amazon Publisher Cloud 的公告。在我們看來，即使出版商未來在那裡進行優質的直接交易，無塵室的利用率也會很高。大概還有一些底層的身份解析技術。只是想知道您是否可以給我們一些關於那裡的趨勢的想法，您所看到的以及您認為 LiveRamp 如何影響其中？

Yes, so interesting. If I go back 5 years ago, one of the questions that I often got from shareholders or potential shareholders were things like, hey, will Amazon, Google and Facebook eventually put you out of business? And I say no, absolutely not, but they're competing with one another. We are complementing them. We are partnering with them.

是的，太有趣了。如果我回到 5 年前，我經常從股東或潛在股東那裡得到的問題之一是，嘿，亞馬遜、谷歌和 Facebook 最終會讓你破產嗎？我說不，絕對不，但他們正在相互競爭。我們正在補充它們。我們正在與他們合作。

Well, you see it today because it's not just Amazon, but it's the fact that we are the beta launch partner for Google PAIR. And you see it with the relationship that we have with Meta. You see it with the relationships that we have with virtually every CTV provider. It is just the case that in the world we live in, people are rightfully very protective of their data. And so the world needs someone like LiveRamp to ensure that collaboration can happen, but either side is protected. And if one side says, trust us, give us all your data, you should naturally be suspicious. And so I think it is a really good sign that on both the advertiser side and the publisher side, big companies are recommending that LiveRamp be utilized to facilitate the collaboration.

好吧，您今天看到的不僅僅是亞馬遜，而且我們還是 Google PAIR 的測試版發布合作夥伴。你可以從我們與 Meta 的關係中看到這一點。您可以從我們與幾乎所有 CTV 提供者的關係中看到這一點。事實上，在我們生活的世界中，人們理所當然地非常保護自己的資料。因此，世界需要像 LiveRamp 這樣的人來確保協作能夠發生，但任何一方都受到保護。如果一方說，相信我們，向我們提供您的所有數據，您自然應該持懷疑態度。因此，我認為這是一個非常好的跡象，無論是廣告商還是發行商，大公司都建議利用 LiveRamp 來促進合作。

The other thing that I would say that's a little bit part and parcel of this is I get a lot of questions about the ID space because it seems like every week, someone is unveiling a new identifier. Well, we work with hundreds of them now. And again, it goes back to our positioning as neutral and interoperable. We're the Rosetta Stone. So whether it's Acxiom's new identifier, Facebook's identifier, Fabric's identifier, Google's identifier, doesn't matter to us. UID, there needs to be that Rosetta Stone that can tie it all together. And that's the role that LiveRamp plays.

我要說的另一件事是，我收到了很多關於 ID 空間的問題，因為似乎每週都有人推出一個新的識別碼。嗯，我們現在與數百人合作。再次，這又回到了我們中立和可互通的定位。我們是羅塞塔石碑。所以無論是 Acxiom 的新識別符、Facebook 的識別碼、Fabric 的識別符、Google 的標識符，對我們來說都不重要。 UID，需要有一個 Rosetta Stone 可以將它們連結在一起。這就是 LiveRamp 所扮演的角色。

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

目前沒有其他問題。我現在將把電話轉給勞倫·迪拉德。

Thanks very much and let me just close with a few final thoughts. First, Q2 is strong. We're pleased with our execution in the quarter. And importantly, we think our revenue growth metrics are turning the corner. Next, given the uncertain macro environment, we remain appropriately cautious with our revenue guidance for the balance of this fiscal year. And finally, we continue to make nice progress against our Rule of 40 aspirations and believe we still have several levers to pull to improve both our growth rate and margin profile moving forward. So with that, thanks again, everyone, for joining us, and we look forward to speaking with many of you in the days and weeks ahead.

非常感謝，讓我以一些最後的想法作為結束。首先，第二季度表現強勁。我們對本季的執行情況感到滿意。重要的是，我們認為我們的營收成長指標正在好轉。接下來，鑑於宏觀環境的不確定性，我們對本財年剩餘的收入指引保持適當謹慎。最後，我們繼續在 40 條規則的目標上取得良好進展，並相信我們仍然有幾個槓桿可以提高我們的成長率和利潤率。因此，再次感謝大家加入我們，我們期待在未來的幾天和幾週內與你們中的許多人交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。