Liveramp Holdings Inc (RAMP) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. And welcome to Lifetime's fiscal 2024 fourth 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，午安。歡迎參加 Lifetime 的 2024 財年第四季財報電話會議。（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主持人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 fourth quarter earnings call. With me today are Scott Howe, our CEO; and Lauren Dillard, our CFO. 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. And with that, I'll turn the call over to Scott.

謝謝你，接線生。下午好，歡迎光臨。感謝您參加我們的 2024 財年第四季財報電話會議。今天和我在一起的有我們的執行長 Scott Howe；以及我們的財務長勞倫·迪拉德 (Lauren Dillard)。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 上取得我們的新聞稿和財務計畫的副本，包括與非公認會計準則財務指標的對帳。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。然後，我會將電話轉給斯科特。

Thank you, Drew, and thanks to everyone joining our call today. As I've done in past year ending earnings calls, today I'll strike a balance between talking about the quarter and the year that just ended, and perhaps more importantly, provide a bit of color around what we intend to accomplish across the coming year. We ended fiscal 2024 on a high note with Q4 revenue and operating income, exceeding our expectations and a positive inflection in several key performance indicators. As we look ahead to FY ‘25, we like our strategic position.

謝謝你，德魯，也謝謝今天加入我們電話會議的所有人。正如我在去年的財報電話會議上所做的那樣，今天我將在談論剛結束的季度和年度之間取得平衡，也許更重要的是，為我們打算在未來實現的目標提供一些色彩年。我們以優異的成績結束了 2024 財年，第四季度的收入和營業收入超出了我們的預期，多個關鍵績效指標也出現了積極的變化。展望 25 財年，我們看好我們的戰略地位。

Our data collaboration platform seems well positioned to capitalize on the growing need for secure first party data collaboration and to sustain addressable digital advertising in a world of third party signal loss. Operationally, we also as if there are still a lot of ways we can run the business even more effectively and efficiently. Before turning to our FY’25 priorities, however, let me spend some time on Q4 and FY’24. Q4 revenue growth exceeded our expectations across the board with total revenue up 16%, subscription up 11% and marketplace up 38%.

我們的資料協作平台似乎處於有利位置，可以利用對安全第一方資料協作日益增長的需求，並在第三方訊號遺失的世界中維持可尋址的數位廣告。在營運方面，我們似乎還有很多方法可以更有效和有效率地經營業務。不過，在討論 25 財年的優先事項之前，讓我花一些時間討論一下第四季和 24 財年。第四季的營收成長全面超出了我們的預期，總營收成長 16%，訂閱成長 11%，市場成長 38%。

Revenue was ahead of our guidance by $12 million or 7% and non-GAAP operating income was ahead by $3 million or 20%. Revenue growth came a long way in FY’24. You might recall that, our initial guide 12 months ago was for revenue growth of 2% to 4%. Over the past year, we actually grew our top-line at 11% or 10% on a like-for-like basis excluding Habu. The majority of the upside was driven by our marketplace business, but subscription also over performed in the fiscal second half. Subscription revenue growth after positively inflecting in Q3 accelerated again in Q4 by 1.9% on a like-for-like basis.

收入比我們的指引高 1,200 萬美元，即 7%，非 GAAP 營業收入比我們的指引高 300 萬美元，即 20%。2024 財年的營收成長顯著。您可能還記得，我們​​ 12 個月前的最初指導是收入成長 2% 到 4%。去年，在不包括 Habu 的情況下，我們的營收實際上年增了 11% 或 10%。大部分的上漲是由我們的市場業務推動的，但訂閱在本財年下半年也表現出色。訂閱收入成長在第三季出現正面變化後，第四季再次加速，較去年同期成長 1.9%。

This growth acceleration demonstrates the progress we made throughout FY'24 improving our sales productivity and customer retention. The best leading indicator of subscription revenue is ARR or annual recurring revenue. And in Q4, growth accelerated for a second consecutive quarter. On a like-for-like basis, ARR grew by 7%, a one point acceleration sequentially and the fastest quarterly growth since Q3 FY '23. We continue to see positive momentum in new logo bookings in Q4. Last quarter, I highlighted that Q3 was our highest quarter for new logo dollar bookings in over two years. Q4 was the second highest and just 1% below Q3.

這種成長加速證明了我們在整個 24 財年所取得的進步，提高了我們的銷售效率和客戶保留率。訂閱收入的最佳領先指標是 ARR 或年度經常性收入。第四季度，成長連續第二季加速。以同比計算，ARR 成長了 7%，環比成長了一個百分點，是自 2023 財年第三季以來最快的季度成長。我們繼續看到第四季度新徽標預訂的積極勢頭。上個季度，我強調第三季度是我們兩年多來新商標美元預訂量最高的季度。第四季排名第二，僅比第三季低 1%。

We signed a new three-year contract with a seven-figure annual value with a major home improvement retailer, for a bundle of our solutions across identity, connectivity and data collaboration. We signed another seven-figure annual contract with a multi-year term with a major pharmacy retailer for identity and connectivity. We also continue to successfully upsell our existing customers. Our subscription net retention was better than we expected at 103%. This is still below the levels we aspire to achieve, but I'm pleased with the progress we made in FY'24, improving retention by six percentage points.

我們與一家大型家居裝修零售商簽署了一份為期三年的新合同，年價值達七位數，涉及身份、連接和數據協作方面的一系列解決方案。我們與一家大型藥房零售商簽署了另一份價值七位數的多年期年度合同，以提供身份和連接服務。我們也持續成功地向現有客戶進行追加銷售。我們的訂閱淨保留率為 103%，優於我們的預期。這仍然低於我們渴望達到的水平，但我對我們在 24 財年取得的進展感到滿意，將保留率提高了 6 個百分點。

We had a notable seven figure upsell with a multi-year term with a major pharmaceutical manufacturer for our identity onboarding solutions. We had a high six figure upsell with a two-year term with a major cosmetics and beauty retailer for our Clean Room and Data Collaboration solutions. These customer wins speak to the broader success we are having with the largest, most innovative brand customers. In Q4, our $1 million plus customer cohort count increased by 10 quarter-on-quarter to 115 equaling our highest net ad quarter on record, and FY‘24 was our best fiscal year on record, with $20 net million plus customer ads.

我們的身分登入解決方案與一家大型製藥製造商簽訂了多年期合同，獲得了令人矚目的七位數的追加銷售。我們的無塵室和數據協作解決方案與一家大型化妝品和美容零售商簽訂了兩年的合同，獲得了六位數的追加銷售。這些客戶的勝利表明我們與最大、最具創新性的品牌客戶取得了更廣泛的成功。第四季度，我們的100 萬美元以上的客戶群數量環比增加了10 個季度，達到115 個，相當於我們有史以來最高的淨廣告季度，而2024 財年是我們有記錄以來最好的財年，淨額為20 萬美元以上的客戶廣告。

While I am pleased with our progress in FY ‘24, there remains room for improvement. The entire LiveRamp team is focused not just on sustaining our current momentum, but hopefully improving upon it. I am energized about the opportunity in front of us with our data collaboration platform and the industry mega trends that should continue to be a wind at our back. From the transition from third party signals to authenticated addressability, to accelerating growth and major CTV and commerce media providers to cloud computing and artificial intelligence. All of these market trends are seemingly poised to drive incremental demand for our solutions, and that's our responsibility to seize this opportunity. We have four overarching corporate priorities for FY ‘25.

雖然我對 2024 財年的進展感到滿意，但仍有改進的空間。整個 LiveRamp 團隊不僅專注於維持我們目前的勢頭，而且希望能夠進一步改進。我對我們的數據協作平台所面臨的機會和行業大趨勢感到充滿活力，這些趨勢應該繼續成為我們的後盾。從第三方訊號到經過身份驗證的可尋址性的轉變，到加速成長以及主要 CTV 和商業媒體供應商向雲端運算和人工智慧的轉變。所有這些市場趨勢似乎都將推動對我們解決方案的需求增加，而我們有責任抓住這個機會。我們為 25 財年制定了四項首要的企業優先事項。

First, enhance both our products and customer experience to help improve customer retention while positioning us for greater upsell success. Second, extend our leadership position and data collaboration. Third, scale our partner and connectivity ecosystem. And fourth, simplify LiveRamp for our customers and employees. I will elaborate on each of these in a minute, but the common thread is that if we successfully execute on these priorities, then we will continue to make progress with our primary financial objective of becoming a rule of 40 company. Starting with upgrading our products and customer experience to improve customer retention.

首先，增強我們的產品和客戶體驗，以幫助提高客戶保留率，同時使我們獲得更大的追加銷售成功。其次，擴大我們的領導地位和數據協作。第三，擴大我們的合作夥伴和連結生態系統。第四，為我們的客戶和員工簡化 LiveRamp。我將在一分鐘內詳細闡述其中的每一個，但共同點是，如果我們成功地執行這些優先事項，那麼我們將繼續在成為 40 家公司這一主要財務目標方面取得進展。從升級我們的產品和客戶體驗開始，以提高客戶保留率。

This is and will always be an ongoing effort as great customers always expect constant progress. But let me share a few examples. First, we have better aligned our pre and post-sales teams to more efficiently and effectively onboard new customers and reduce the amount of time between contract signing and go live. Second, we continue to modernize our technology to facilitate greater scale and faster turnaround time. Third, we've upgraded all customers from cookie-based workflows to our ramp id, which readies them for payer and other non-cookie integrations, where the advertising performance typically is significantly better.

這是並將永遠是一項持續的努力，因為偉大的客戶總是期望不斷的進步。但讓我分享幾個例子。首先，我們更好地協調我們的售前和售後團隊，以便更有效率、更有效地吸引新客戶，並減少合約簽署和上線之間的時間。其次，我們繼續實現技術現代化，以實現更大的規模和更快的周轉時間。第三，我們已將所有客戶從基於 cookie 的工作流程升級到我們的 Ramp id，這使他們為付款人和其他非 cookie 整合做好了準備，其中廣告效果通常明顯更好。

Finally, we deployed dedicated resources to help our activation customers expand the number of destinations where their first party data is being used. Our internal data tells us that both customer retention and profitability are positively correlated to the number of publisher destinations to which our customers activate their first party data. We made significant progress with customer retention in FY ‘24, but we think these initiatives and others will help us continue improving in FY ‘25. Our second priority is extending our leadership and data collaboration. Data collaboration helps companies manage and optimize data that is siloed across a growing number of cloud computing environments.

最後，我們部署了專用資源來幫助我們的啟動客戶擴大使用其第一方資料的目的地數量。我們的內部數據告訴我們，客戶保留率和獲利能力與我們的客戶啟動其第一方資料的發布商目的地的數量呈正相關。我們在 2024 財年在客戶保留方面取得了重大進展，但我們認為這些舉措和其他舉措將幫助我們在 2025 財年繼續改進。我們的第二要務是擴大我們的領導力和數據協作。資料協作可協助公司管理和最佳化在越來越多的雲端運算環境中孤立的資料。

Data collaboration is also an antidote to third-party cookie deprecation and other signal loss. In a recent eMarketer survey, advertisers and publishers were asked which solutions held the greatest promise of replacing cookie dependent solutions. The number one response from approximately half of the advertiser and publisher respondents was first-party data activation. We believe this is particularly true for the largest, most-sophisticated companies. After all, first-party data is not equally distributed across the ecosystem.

資料協作也是第三方 cookie 棄用和其他訊號遺失的解藥。在 eMarketer 最近的一項調查中，廣告商和出版商被問到哪些解決方案最有希望取代依賴 cookie 的解決方案。大約一半的廣告商和發布商受訪者的第一個反應是第一方資料啟動。我們相信對於規模最大、技術最先進的公司來說尤其如此。畢竟，第一方資料在整個生態系中的分佈並不均勻。

Some companies are rich in first-party data like retailers and major publishers and others are first-party data poor. Our data collaboration platform provides a solution for this data inequality by enabling the secure sharing of first-party data with trusted business partners for mutual benefit. In a manner similar to the mutual benefits retailers and CPG companies get through data sharing in retail media networks. Habu is an important component of our data collaboration strategy. We're now four months into the Habu acquisition and I'm convinced the influx of both talented people and elegantly simple yet sophisticated technology make us a better company and position us for greater long-term success.

有些公司擁有豐富的第一方數據，例如零售商和主要出版商，而其他公司則缺乏第一方數據。我們的資料協作平台透過與值得信賴的業務合作夥伴安全共享第一方資料以實現互惠互利，為這種資料不平等提供了解決方案。類似於零售商和消費品公司透過零售媒體網路中的資料共享來實現互惠互利的方式。Habu 是我們資料協作策略的重要組成部分。現在我們收購 Habu 已經過了四個月，我相信人才的湧入和優雅簡單而複雜的技術使我們成為一家更好的公司，並使我們能夠取得更大的長期成功。

We have already integrated Habu's Clean Room technology into our data collaboration platform. The onboarding of our new colleagues was fairly easy, given our shared excitement about the future and the talented Habu leadership team has been given expanded responsibilities and access to even more resources. Customers are responding positively to Habu's product, particularly its key differentiators of seamless, cross cloud, interoperability, customizable analytics and walled gardens and a simple user-friendly UX.

我們已經將 Habu 的 Clean Room 技術整合到我們的資料協作平台中。考慮到我們對未來的共同興奮，以及才華橫溢的 Habu 領導團隊被賦予了更大的職責和獲得更多資源的機會，新同事的入職相當容易。客戶對 Habu 的產品做出了積極的反應，特別是其無縫、跨雲、互通性、可自訂分析和圍牆花園以及簡單的用戶友好型用戶體驗等關鍵優勢。

As a result, our sales pipeline continues to scale. One month after the deal closed, our incremental data collaboration pipeline was $30 million and now four months in, it's over $40 million. While Habu's capabilities are a key component of our data collaboration strategy, together they are only one part of a much broader holistic offering. At ramp up in February, we officially launched the next generation of the LiveRamp data collaboration platform, modernizing and unifying our identity, connectivity, data access and data collaboration capabilities onto a single composable platform.

因此，我們的銷售管道不斷擴大。交易完成一個月後，我們的增量資料協作管道價值達 3,000 萬美元，而現在四個月後，價值已超過 4,000 萬美元。雖然 Habu 的功能是我們資料協作策略的關鍵組成部分，但它們只是更廣泛的整體產品的一部分。在二月的升級中，我們正式推出了下一代 LiveRamp 資料協作平台，將我們的身分、連接、資料存取和資料協作功能現​​代化並統一到一個可組合的平台上。

The modernized platform introduces new capabilities such as a simplified user interface, new ingestion pipes that reduce processing time and accelerate speed to value, composable technology for cross cloud interoperability to unlock data collaboration partnerships and an expanded partner marketplace where third-party developers can build custom applications. By bringing all of our capabilities into a single seamless user interface with simplified orchestration, customers are able to more easily connect audiences across partners and unlock greater value across all of their data collaboration needs.

現代化平台引入了新功能，例如簡化的用戶介面、可減少處理時間並加快價值實現速度的新攝取管道、用於跨雲互通性的可組合技術以解鎖數據協作夥伴關係以及擴展的合作夥伴市場，第三方開發人員可以在其中建立自訂應用程式應用程式。透過將我們的所有功能透過簡化的編排整合到一個無縫用戶介面中，客戶能夠更輕鬆地連接合作夥伴之間的受眾，並在所有數據協作需求中釋放更大的價值。

In addition, we will continue to invest this year in unifying our back-end systems to modernize our platform architecture to drive improved speed, stability, and scalability. This matters to our clients, many of whom have scaled their usage of our platform in ways we never imagined even a few short years ago. The combination of technology, scalability and network density help extend our leadership position in data collaboration as well as help with our first corporate priority of improving customer retention.

此外，今年我們將持續投資統一後端系統，實現平台架構現代化，進而提高速度、穩定性和可擴展性。這對我們的客戶來說很重要，他們中的許多人已經以我們幾年前從未想像過的方式擴大了對我們平台的使用。技術、可擴展性和網路密度的結合有助於擴大我們在資料協作方面的領導地位，並幫助我們實現提高客戶保留率的企業首要任務。

Our third priority is to continue scaling our partner and connectivity ecosystem. This has long been a key competitive advantage as the efficacy of our product is in part a function of where and how our technology can be used. Network scale matters and we have the world's leading ecosystem across publishers, technology platforms and data providers all either powered by or being upgraded to post signal solutions. Our authenticated traffic solution or ATS has been in the making for five plus years, and in anticipation of third-party signal loss.

我們的第三個優先事項是繼續擴大我們的合作夥伴和連接生態系統。長期以來，這一直是關鍵的競爭優勢，因為我們產品的功效在一定程度上取決於我們的技術的使用地點和方式。網路規模很重要，我們擁有世界領先的生態系統，涵蓋出版商、技術平台和數據供應商，所有這些都由訊號後解決方案提供支援或升級。我們的經過身份驗證的流量解決方案或 ATS 已經開發了五年多，並且預計會出現第三方訊號遺失的情況。

Today, ATS is a fully scaled solution that connects publisher and marketer data to better personalize and measure advertising across channels and across geographies. ATS has been adopted by over 21,000 publisher domains, including 75% of the comp score 100 publishers and it connects to over 92% of US consumer time spent online. Irrespective of Chrome's deprecation timeline, the digital advertising market has largely moved beyond third party cookies. Marketers look to reach their consumers not just on Chrome browsers, but across the compelling channels of Safari, Mobile in-app, retail media and CTV.

如今，ATS 是一個全面擴展的解決方案，可連接發布商和行銷人員的數據，以更好地個性化和衡量跨渠道和跨地域的廣告。ATS 已被超過 21,000 個發布商域採用，其中包括 75% 的綜合得分 100 名發布商，它連接了超過 92% 的美國消費者在線時間。無論 Chrome 的棄用時間表如何，數位廣告市場在很大程度上已經超越了第三方 cookie。行銷人員不僅希望透過 Chrome 瀏覽器接觸消費者，還希望透過 Safari、行動應用程式內、零售媒體和 CTV 等引人注目的管道接觸消費者。

ATS is omni-channel. We've partnered with Disney Plus, Tubi, NBCU, Paramount Plus and many more pubs, and these partnerships are not limited by the cookie. ATS is available wherever a consumer is today and will be in the future, and we envision a future where today's connections with major platforms publishers and CTV providers increasingly are complimented by AI applications and new consumer touch points. Additionally, we have partnered with Google's DSP, Display and Video 360 on its PAIR initiative. PAIR which stands for publisher advertiser Identity reconciliation. Is DV360's answered a third party cookie deprecation and allows advertisers and publishers to securely and privately reconcile their first party data to enable personalized advertising.

ATS 是全通路的。我們已經與 Disney Plus、Tubi、NBCU、Paramount Plus 和更多酒吧合作，這些合作夥伴關係不受 cookie 的限制。無論消費者現在和將來在哪裡，ATS 都可以使用，我們設想，在未來，人工智慧應用程式和新的消費者接觸點將日益完善當今與主要平台發行商和 CTV 提供者的聯繫。此外，我們也與 Google 的 DSP、Display and Video 360 就其 PAIR 計畫進行了合作。PAIR 代表發布商廣告商身分協調。DV360 是否回應了第三方 cookie 棄用，並允許廣告商和發布商安全、私密地協調其第一方資料以實現個人化廣告。

Our role is providing the clean room infrastructure that allows advertisers and publishers to securely activate their first party data on DV360. PAIR continues to scale adoption with large publishers including CTV publishers like NBC Universal. The early results from PAIR are highly encouraging. Our case study with Omni Hotels and Resorts showed pear campaigns delivered a four x increase in conversion rate over traditional cookie-based targeting in DV360, and we've seen similar results in as of yet unpublished case studies case studies.

我們的作用是提供無塵室基礎設施，使廣告商和發布商能夠安全地啟動 DV360 上的第一方資料。PAIR 繼續擴大在大型出版商中的採用，包括 NBC Universal 等 CTV 出版商。PAIR 的早期結果非常令人鼓舞。我們與 Omni Hotels and Resorts 進行的案例研究表明，與 DV360 中基於 cookie 的傳統定位相比，pear 行銷活動的轉換率提高了四倍，而且我們在尚未發布的案例研究中也看到了類似的結果。

A recent analysis of our brands, who use PAIR showed that they were able to increase their match rates by 27%. This is meaningful incremental reach that is available today because PAIR is not limited to Chrome, but is available across Safari, Firefox, Edge and CTV inventory. Results like this convince us that the industry should just embrace cookie less alternatives like PAIR and ATS and stop fretting about deprecation timelines. But we'll make use of the extra time afforded to all by Google's recent announcement to delay full implementation until after the holiday shopping season. In the coming months, in partnership with Google and others, we will continue to publish case studies and educate the ecosystem, so they are ready for full cookie deprecation when it occurs in early calendar year 2025.

最近對我們使用 PAIR 的品牌進行的一項分析表明，他們能夠將匹配率提高 27%。這是目前可用的有意義的增量覆蓋範圍，因為 PAIR 不僅限於 Chrome，還適用於 Safari、Firefox、Edge 和 CTV 庫存。這樣的結果讓我們相信，業界應該擁抱 PAIR 和 ATS 等無 cookie 的替代方案，而不再擔心棄用時間表。但我們將利用谷歌最近宣布將全面實施推遲到假期購物季之後為所有人提供的額外時間。在接下來的幾個月中，我們將與 Google 和其他公司合作，繼續發布案例研究並對生態系統進行教育，以便他們為 2025 年初全面棄用 cookie 做好準備。

As PAIR scales, the benefit to LiveRamp should show up in the form of first incremental activation from our existing subscription customers and second, new logo opportunities that are doing first-party data targeting exclusively off third-party cookies today. Of course, third-party cookie deprecation is certainly a catalyst for the adoption of PAIR. Google's decision to delay Chrome third-party cookie deprecation until early 2025 will have an impact on our payer opportunities. We think we've appropriately reflected this in the FY 2025 guidance Lauren will provide today.

隨著PAIR 的擴展，LiveRamp 的好處應該以我們現有訂閱客戶的第一次增量激活和第二次新徽標機會的形式顯現出來，這些新徽標機會目前專門針對第三方cookie 進行第一方數據定位。當然，第三方 cookie 的棄用無疑是採用 PAIR 的催化劑。Google 決定將 Chrome 第三方 cookie 棄用推遲到 2025 年初，這將對我們的付款機會產生影響。我們認為我們已經在 Lauren 今天提供的 2025 財年指導中適當地反映了這一點。

However, in the medium to long-term, we remain well-positioned and we think improved advertising performance, customers can achieve with PAIR will ultimately win out. Finally, our fourth priority for FY'25 is simplifying LiveRamp for our customers and employees. There's a plethora of coordinated activities that will ultimately simplify our technology and ease of use. We're always working to improve our UIs, simplify and streamline our contract processes, re-examine our pricing policies and modernize our technology. One of the emerging initiatives is leveraging artificial intelligence both internally to improve our own productivity and make our products better and externally to help our customers organize and accumulate the data that is the fuel for their own AI models and initiatives.

然而，從中長期來看，我們仍然處於有利地位，我們認為客戶透過 PAIR 能夠實現的廣告成效的改善最終將會勝出。最後，我們 25 財年的第四個優先事項是為我們的客戶和員工簡化 LiveRamp。有大量的協調活動最終將簡化我們的技術並提高易用性。我們始終致力於改進我們的使用者介面、簡化和簡化我們的合約流程、重新審查我們的定價政策並使我們的技術現代化。其中一項新興舉措是在內部利用人工智慧來提高我們自己的生產力並改進我們的產品，並在外部幫助我們的客戶組織和累積數據，這些數據是他們自己的人工智慧模型和計劃的燃料。

Internally, we are using AI in a number of ways from helping our software developers write code more quickly to helping all LiveRampers find useful information more quickly through an AI-powered assistant tool with enterprise search. More specifically, approximately 15% of our developers are now regularly using AI tools to assist with coding. On average, these tools have generated an estimated double-digit percentage improvement in productivity. We are also incorporating AI into our data collaboration platform and data marketplace that will provide ease of use and accelerated time to value benefits.

在內部，我們以多種方式使用人工智慧，從幫助我們的軟體開發人員更快地編寫程式碼，到幫助所有 LiveRampers 透過具有企業搜尋功能的人工智慧輔助工具更快找到有用的信息。更具體地說，我們大約 15% 的開發人員現在定期使用人工智慧工具來協助編碼。平均而言，這些工具在生產力方面帶來了估計兩位數的百分比提高。我們還將人工智慧納入我們的數據協作平台和數據市場，這將提供易用性並加速價值效益的實現。

For example, our Habu technology offers gen AI-powered data queries that can produce reports without requiring SQL coding skills, which makes the platform more usable for less technical business users. In our data marketplace, we are training a proprietary AI model to accelerate our review of the data labels and descriptions provided by data sellers, which is critical to ensuring favorable buyer experience. Finally, we are using AI with our ID Graph to drive increased accuracy and stability through a more sophisticated understanding of data fragment relationships.

例如，我們的 Habu 技術提供了基於人工智慧的資料查詢，無需 SQL 編碼技能即可產生報告，這使得該平台對於技術含量較低的業務用戶來說更可用。在我們的數據市場中，我們正在訓練專有的人工智慧模型，以加速我們對數據賣家提供的數據標籤和描述的審查，這對於確保良好的買家體驗至關重要。最後，我們將 AI 與 ID Graph 結合使用，透過更深入地理解資料片段關係來提高準確性和穩定性。

Beyond our internal use of AI, the LiveRamp data collaboration platform has a much larger and critical role to play in helping customers use data to propel their own AI initiatives. Our data collaboration and enrichment products and connected partner ecosystem help brand marketers improve the quality, quantity, and diversity of customer data used. This customer data is the foundation for training generalized AI models and transforming them into the kind of proprietary models that produce brand specific predictive customer insights, such as optimized segmentation, interests, propensities and affinities.

除了我們內部使用人工智慧之外，LiveRamp 數據協作平台在幫助客戶使用數據推動自己的人工智慧計畫方面發揮更大、更關鍵的作用。我們的數據協作和豐富產品以及互聯的合作夥伴生態系統可協助品牌行銷人員提高所使用的客戶資料的品質、數量和多樣性。這些客戶資料是訓練通用人工智慧模型並將其轉換為專有模型的基礎，這些模型可以產生特定於品牌的預測性客戶洞察，例如優化的細分、興趣、傾向和親和力。

Ultimately, these AI powered insights help brand marketers deliver personalized marketing experiences more effectively and efficiently. In closing, let me reiterate what I believe to be the key themes from the quarter. First, Q4 was a strong finished FY ‘24 with revenue and operating income exceeding our expectations and a positive inflection in several key performance indicators. Notably, the growth in ARR, which is the best leading indicator of our fixed subscription accelerated for a second consecutive quarter to double-digits on a reported basis.

最終，這些人工智慧驅動的洞察可以幫助品牌行銷人員更有效、更有效率地提供個人化行銷體驗。最後，讓我重申我認為的本季的關鍵主題。首先，第四季是 2024 財年的強勁表現，營收和營業收入超出了我們的預期，並且幾個關鍵績效指標出現了積極的變化。值得注意的是，作為我們固定訂閱的最佳領先指標，ARR 的成長連續第二季加速至兩位數。

Second, we're not satisfied. As we look ahead to FY ‘25, we have an ambitious set of corporate goals and priorities that will, if we successfully execute, help us advance toward our goal of being a rule of 40 company. Finally, we believe we're well positioned against the trends that matter. Our data collaboration platform is well positioned to capitalize on the growing need for secure first party data collaboration to sustain addressable digital advertising. Our platform provides the right capabilities and there are multiple industry mega trends working in our favor, including the shift to cloud computing, the proliferation of AI tools and marketing, growth in new walled gardens and CTV and commerce media, and of course, the rise of authenticated addressability over third-party signals.

第二，我們不滿意。展望 25 財年，我們制定了一套雄心勃勃的企業目標和優先事項，如果我們成功執行，這些目標和優先事項將幫助我們朝著成為 40 家公司的目標前進。最後，我們相信我們已經做好了應對重要趨勢的準備。我們的資料協作平台處於有利位置，可以利用對安全第一方資料協作不斷增長的需求來維持可尋址的數位廣告。我們的平台提供了正確的功能，並且有多個行業大趨勢對我們有利，包括向雲端運算的轉變、人工智慧工具和行銷的激增、新圍牆花園、CTV 和商業媒體的增長，當然還有崛起透過第三方訊號進行身份驗證的可尋址性。

Thank you again for joining us today and a special thanks to our exceptional customer partners and all LiveRampers 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和所有 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 two topics. First, a review of our Q4 financial results and second, provides our outlook for FY’25 in Q1. Unless otherwise indicated, my remarks pertain to non-GAAP results and growth is relative to the year ago period. Starting with Q4, we had a strong finish to FY’24, with revenue and operating income exceeding our original expectations. Revenue came in at $172 million, $12 million above our guide and operating income was $16 million, $3 million above our guide.

謝謝斯科特，也謝謝大家加入我們。今天，我將討論兩個主題。首先，回顧我們第四季的財務業績，其次，提供我們對 25 財年第一季的展望。除非另有說明，我的言論涉及非公認會計準則業績，成長是相對於去年同期的。從第四季開始，我們在 2024 財年取得了強勁的業績，營收和營業收入超出了我們最初的預期。收入為 1.72 億美元，比我們的指南高出 1,200 萬美元，營業收入為 1,600 萬美元，比我們的指南高出 300 萬美元。

Operating margin was 9% and we generated $28 million in operating cash flow in the quarter and $106 million in the fiscal year. Let me provide some additional details. Please turn to slide 5. First, as a reminder, we closed the acquisition of Habu on January 31. Consistent with what we shared previously, the transaction contributed $2 million of revenue in the quarter or approximately 2 points of subscription growth and roughly $3 million of expense. As you would expect, it also positively impacted our other revenue metrics.

營業利益率為 9%，本季營業現金流為 2,800 萬美元，本財年營業現金流為 1.06 億美元。讓我提供一些額外的細節。請翻到投影片 5。首先，提醒一下，我們在 1 月 31 日完成了對 Habu 的收購。與我們先前分享的一致，該交易為本季度貢獻了 200 萬美元的收入，即訂閱增長約 2 個百分點，以及約 300 萬美元的費用。正如您所料，它也對我們的其他收入指標產生了積極影響。

Total revenue was $172 million, up 16% with subscription revenue and marketplace and other significantly ahead of expectations, driven primarily by continued sales execution and a stronger-than-expected digital advertising market. Subscription revenue was $134 million, up 11%. Fixed subscription revenue was 9% and usage as a percentage of total subscription revenue was 14%, in line with the historical 10% to 15% range. ARR was $467 million, up 10%, reflecting a $12 million impact from Habu and continued growth in customer upsell and new logo.

總收入為 1.72 億美元，成長 16%，訂閱收入和市場收入及其他收入均大幅超出預期，這主要是由持續的銷售執行和強於預期的數位廣告市場推動的。訂閱收入為 1.34 億美元，成長 11%。固定訂閱收入為 9%，使用量佔總訂閱收入的百分比為 14%，與歷史 10% 至 15% 的範圍一致。ARR 為 4.67 億美元，成長 10%，反映出 Habu 帶來的 1,200 萬美元的影響以及客戶追加銷售和新商標的持續成長。

Subscription net retention was 103%, 2 points better sequentially and ahead of our expectation. The outperformance was driven in part by Habu and by strong upsell of our Clean Room and connectivity products. Current RPO or our next 12 month contracted backlog was $414 million, up 23%. Total RPO including contracted backlog beyond the next 12 months was up 20% to $566 million. As a reminder, RPO and CRPO are very sensitive to the timing of renewals and to contract duration. And given our focus on large enterprise customers and shift to more multi-year deals, both of these factors again benefited growth in the quarter.

訂閱淨保留率為 103%，比上一季提高 2 個百分點，超出我們的預期。業績優異的部分原因是 Habu 以及我們的無塵室和連接產品的強勁追加銷售。目前 RPO 或我們未來 12 個月的合約積壓訂單為 4.14 億美元，成長 23%。包括未來 12 個月後的合約積壓訂單在內的 RPO 總額增加了 20%，達到 5.66 億美元。提醒一下，RPO 和 CRPO 對續約時間和合約期限非常敏感。鑑於我們對大型企業客戶的關注並轉向更多的多年期交易，這兩個因素再次有利於本季的成長。

Overall, we see some positives and challenges with the current selling environment. Our pipeline continues to build nicely and new logo activity remains strong in Q4, as Scott pointed out. Importantly, our focus on large customers continues to yield results. In Q4, we added 10 new $1 million plus subscription customers, matching our all-time best quarter. That said, our average sales cycle picked up slightly in the quarter from recent trends of eight to nine months. In addition, we continue to experience softness with smaller low ACV customers, both brands as well as technology platforms, including ad tech that is experiencing some structural change.

總體而言，我們看到當前銷售環境的一些積極因素和挑戰。正如斯科特指出的那樣，我們的管道繼續良好建設，新徽標活動在第四季度仍然強勁。重要的是，我們對大客戶的關注繼續取得成果。第四季度，我們新增了 10 位 100 萬美元以上的訂閱客戶，與我們歷史上最好的季度持平。也就是說，我們的平均銷售週期在本季比最近八到九個月的趨勢略有回升。此外，我們繼續經歷較小的低ACV客戶的疲軟，包括品牌和技術平台，包括正在經歷一些結構性變化的廣告技術。

Marketplace and other revenue of $38 million increased 38%, driven by data marketplace, which grew 32% and accounted for 78% of marketplace and other revenue. Data marketplace growth was aided by an easy year ago comp, as well as a healthy digital ad market with particular strength in CTV. We also continue to see strong growth in professional services, which accounted for approximately 30% of marketplace and other growth. Moving beyond revenue, gross margin was 75%, flat year-on-year. Operating expenses were $113 million, up 16% reflecting the acquisition of Habu and higher performance-based compensation.

在數據市場的推動下，市場和其他收入成長了 38%，達到 3,800 萬美元，數據市場成長了 32%，佔市場和其他收入的 78%。數據市場的成長得益於一年前的輕鬆比較，以及健康的數位廣告市場（尤其是 CTV 領域的優勢）。我們也繼續看到專業服務的強勁成長，約佔市場和其他成長的 30%。除收入外，毛利率為 75%，與去年同期持平。營運費用為 1.13 億美元，成長 16%，反映出收購 Habu 和更高的績效薪酬。

Operating income was $16 million, up from $14 million a year ago, and our operating margin was 9%. GAAP operating loss was $14 million. Stock-based compensation was $25 million, down from $45 million a year ago, which included the accelerated vesting of certain non-NEOR issues for tax planning purposes. Operating cash flow was $28 million, down from $31 million a year ago due to higher cash taxes and working capital. For the full year, operating cash flow was $106 million, up from $34 million last year. We were purchased 15 million of stock in Q4, bringing the full year buyback to 61 million.

營業收入為 1,600 萬美元，高於一年前的 1,400 萬美元，營業利潤率為 9%。GAAP 營運虧損為 1,400 萬美元。股票薪酬為 2,500 萬美元，低於一年前的 4,500 萬美元，其中包括出於稅務規劃目的而加速授予某些非 NEOR 股票。由於現金稅和營運資金增加，營運現金流為 2,800 萬美元，低於一年前的 3,100 萬美元。全年營運現金流為 1.06 億美元，高於去年的 3,400 萬美元。我們在第四季購買了 1500 萬股股票，使全年回購達到 6,100 萬股。

We have approximately 157 million remaining under the current authorization that expires in December of this year. In summary, Q4 was a strong finish to the fiscal year with revenue and operating income exceeding our expectations. Growth and subscription revenue and ARR positively inflected. Returning to double-digits and subscription net retention was comfortably above a 100%. Operating margin was stable on a reported basis and on a like for like basis expanded by 1 point. In FY ‘24, we generated over a hundred million in free cash flow for the first time in our history and return the majority to shareholders through our share repurchase program.

目前的授權仍有約 1.57 億美元，該授權將於今年 12 月到期。總而言之，第四季度是本財年的強勁收尾，營收和營業收入超出了我們的預期。成長、訂閱收入和 ARR 出現正面變化。回到兩位數，訂閱淨保留率輕鬆超過 100%。營業利潤率在報告基礎上保持穩定，而在同類基礎上則擴大了 1 個百分點。2024 財年，我們歷史上首次創造了超過 1 億的自由現金流，並透過股票回購計畫將大部分返還給股東。

Please now 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 expect revenue of between $710 million and $730 million, up 8% to 11% year-on-year. Our revenue guidance reflects the continuation of the Q4 momentum in the fiscal first half and slightly slower revenue growth in the second half given limited visibility into the macro, as well as the potential for cookie deprecation to cause some short-term disruption among customers.

現在請翻到投影片 12 和 13。請記住，我們的非公認會計原則指引不包括無形攤銷、股票薪資及重組及相關費用。從全年開始，我們預計營收在 7.1 億美元至 7.3 億美元之間，年增 8% 至 11%。我們的營收指引反映了上半財年第四季動能的延續，以及下半年營收成長略有放緩的情況，因為宏觀視野有限，而且 cookie 棄用可能會對客戶造成一些短期幹擾。

Cookie deprecation is obviously a big change to the digital advertising market and will require the industry and our customers to adapt. We don't have perfect visibility into how and when our customers adapt, particularly in the near-term. We see both opportunities and risks associated with cookie deprecation and the wider than normal range on our revenue guide reflects this. We expect subscription revenue growth to accelerate to the high single-digits and fixed subscription revenue is expected to grow high single to low double-digits. Subscription usage revenue is forecasted to be roughly flat year-on-year.

Cookie 的棄用顯然是數位廣告市場的重大變化，需要產業和我們的客戶適應。我們無法完全了解客戶如何以及何時適應，特別是在短期內。我們看到與 cookie 棄用相關的機會和風險，我們的收入指南中比正常範圍更寬的範圍反映了這一點。我們預期訂閱收入成長將加速至高個位數，固定訂閱收入預計將成長高個位數至低兩位數。訂閱使用收入預計年比大致持平。

We also expect international subscription revenue to be down mid-teens year-on-year, given our recent APAC restructuring. Our outlook for subscription revenue assumes net retention remains within a range of a 100% to 105%, broadly consistent with the recent trend. As Scott discussed, we have several initiatives underway to improve customer retention and we would hope that retention will improve as the year unfolds. For now, however, this is not embedded in our guide. We expect marketplace and other revenue growth to be between low double-digits and mid-teens. Underpinning this estimate is this estimate is an expectation that data marketplace growth will be in line to above the growth in the overall digital ad market.

鑑於我們最近的亞太地區重組，我們也預期國際訂閱收入將年減十幾歲左右。我們對訂閱收入的展望假設淨留存率保持在 100% 至 105% 的範圍內，與近期趨勢大致一致。正如史考特所討論的，我們正在採取多項措施來提高客戶保留率，我們希望隨著時間的推移，保留率能夠得到改善。然而，目前這還沒有嵌入到我們的指南中。我們預計市場和其他收入的成長將在兩位數到十幾位數之間。這項估計的基礎是，數據市場的成長將高於整個數位廣告市場的成長。

We expect a gross margin of approximately 75%. We expect non-GAAP operating income of between $125 million and $129 million. At the midpoint, this represents 21% growth and a margin of 18%, up approximately 2 percentage points. Operating expenses are expected to increase mid to high single-digits, of which the Habu acquisition accounts for approximately 3 points. The remaining growth reflects investments in our sales force, cloud strategy and scaling our partner network, partially offset by incremental savings from our offshoring initiatives. We expect stock-based compensation to be $116 million, up from $71 million last year.

我們預計毛利率約為75%。我們預計非 GAAP 營業收入在 1.25 億美元至 1.29 億美元之間。以中點計算，成長率為 21%，利潤率為 18%，上升約 2 個百分點。營運費用預計將成長中高個位數，其中 Habu 收購約佔 3 個百分點。剩餘的成長反映了對我們的銷售團隊、雲端策略和擴展我們的合作夥伴網路的投資，部分被我們的離岸外包計畫帶來的增量節省所抵消。我們預計股票薪酬將為 1.16 億美元，高於去年的 7,100 萬美元。

The year-on-year increase is primarily driven by two items. First, $23 million from the normalization of accelerated vesting in FY'23 and second $12 million associated with the Habu acquisition. We expect GAAP operating loss to be between $8 million and $4 million. Lastly, we expect to return a significant portion of our FY'25 free cash flow to share owners through our share repurchase program. We expect to spend approximately $15 million per quarter, depending on market conditions. We believe this is a great investment and will largely offset the impact of forecasted dilution.

年比成長主要由兩個因素推動。首先，2,300 萬美元來自 23 財年加速歸屬正常化，其次 1,200 萬美元與 Habu 收購相關。我們預計 GAAP 營運虧損將在 800 萬美元至 400 萬美元之間。最後，我們預計將透過我們的股票回購計畫將 25 財年自由現金流的很大一部分返還給股東。我們預計每季支出約 1500 萬美元，具體取決於市場狀況。我們相信這是一項巨大的投資，將在很大程度上抵消預期稀釋的影響。

Now moving to Q1. We expect total revenue of $172 million, non-GAAP operating income of $25 million and an operating margin of 15%, up 100 basis points year-on-year. A few other callouts for Q1, we expect subscription revenue to be up roughly 10% and marketplace and other revenue to be up high-teens year-over-year. We expect Q1 gross margin to be approximately 74% and we expect stock-based compensation to be approximately $29 million. Before opening the call to questions, I'll conclude with a few final thoughts.

現在轉向 Q1。我們預計總收入為 1.72 億美元，非 GAAP 營業收入為 2,500 萬美元，營業利潤率為 15%，年增 100 個基點。關於第一季的其他一些數據，我們預計訂閱收入將成長約 10%，市場和其他收入將年增十幾個百分點。我們預計第一季毛利率約為 74%，股票薪資約為 2,900 萬美元。在開始提問之前，我將提出一些最後的想法。

First, we had a very strong Q4, ahead of our expectations on both the top and bottom-line, demonstrating improved sales execution against the backdrop of healthy ad market and our continued commitment to efficient growth. Q4 revenue growth returned to double-digits including low double-digit subscription growth. For the year, we produced over $100 million in free cash flow and returned the majority to shareholders through our buyback. And finally, FY '25 will be a year of improved subscription growth compared to last year and continued margin expansion.

首先，我們第四季度的業績非常強勁，超越了我們對營收和利潤的預期，在健康的廣告市場和我們對高效成長的持續承諾的背景下，展示了銷售執行力的改善。第四季營收成長恢復兩位數，其中訂閱量成長較低。今年，我們產生了超過 1 億美元的自由現金流，並透過回購將大部分返還給股東。最後，與去年相比，25 財年訂閱成長將有所改善，利潤率將持續擴張。

Our revenue guidance reflects a continuation of the Q4 momentum in the fiscal first half and slightly slower revenue in the second half, mostly in the name of conservatism. The swing factors within the revenue range will be: First, the health of digital ad markets, as it relates to our variable revenue stream. Second, sales execution particularly, with the assumed improvement in bookings driven by Habu in the second half. And third, customer churn and down sell, relative to the modest improvement assumed in our guide. With that, on behalf of all LiveRampers, thank you for joining us today and thank you to our amazing customers.

我們的營收指引反映了上半財年第四季動能的延續，以及下半年營收的略微放緩，這主要是出於保守主義的名義。收入範圍內的波動因素包括：首先，數位廣告市場的健康狀況，因為它與我們可變的收入流有關。其次，尤其是銷售執行，預計下半年 Habu 推動的預訂量將有所改善。第三，相對於我們指南中假設的適度改善，客戶流失和降價銷售。在此，我代表所有 LiveRampers，感謝您今天加入我們，並感謝我們出色的客戶。

Operator, we will now open the call to questions.

接線員，我們現在開始提問。

(Operator Instructions) Shyam Patil, Susquehanna.

（操作員說明）Shyam Patil，薩斯奎哈納。

Hey, guys. Congrats on the nice results. I had a couple of questions on Habu. First one, can you elaborate on the integration and the customer response relative to your initial expectations? And then second one, can you remind us of your financial targets for Habu in ‘25?

大家好。恭喜取得好成績。我有幾個關於哈布的問題。首先，您能否詳細說明相對於您最初期望的整合和客戶回應？第二個問題，您能否提醒我們 25 年 Habu 的財務目標？

Thank you, Sean. In terms of Habu integration progress, we've done this a few times now, but we think we're pretty good at it. And it's complex. So, I'll talk about a few different pieces. First off and most importantly is always the people integration. And there we've had a 100% migration of Habu employees over to LiveRamp. And I'm really pleased, I mean, this is an injection of world class talent and fresh ideas, which is great for our company because it brings new thinking but it also energizes our legacy team. It's also given us some bench strength. And if you look at the Habu leadership team, many of them have already taken on expanded roles within LiveRamp and others of them have taken on brand new challenges.

謝謝你，肖恩。就 Habu 整合進度而言，我們已經這樣做過幾次了，但我們認為我們非常擅長。而且它很複雜。因此，我將討論幾個不同的部分。首先也是最重要的始終是人員整合。我們已經將 Habu 員工 100% 遷移到 LiveRamp。我真的很高興，我的意思是，這是世界一流人才和新鮮想法的注入，這對我們公司來說非常好，因為它帶來了新思維，但也為我們的傳統團隊注入了活力。這也給了我們一些板凳力量。如果你看看 Habu 的領導團隊，他們中的許多人已經在 LiveRamp 中承擔了擴大的角色，而其他人則接受了全新的挑戰。

And an example I would give is Matt Kilmartin. He's just a brilliant CEO, talented entrepreneur. And the acquisition is kind of freedom from the day-to-day management grind. So we're using his entrepreneurial skills to tap in. He is going to lead the charge on new use cases and verticals. And as you know, Shyam, this is something we've talked about for a couple years now, but we haven't ever made as much progress as we would like outside of advertising and marketing. And so we feel like we have a good product. We got with some small configuration or maybe some slight design mods. It is extendable to all kinds of other use cases.

我舉的一個例子是馬特·基爾馬丁。他是一位出色的執行長、才華橫溢的企業家。這項收購讓我們擺脫了日常管理的困擾。因此，我們正在利用他的創業技能來開拓市場。他將領導新用例和垂直領域的發展。正如你所知，Shyam，這是我們已經討論了幾年的事情，但在廣告和行銷之外，我們還沒有取得我們希望的那麼多進展。所以我們覺得我們有一個很好的產品。我們得到了一些小的配置或一些輕微的設計模式。它可以擴展到各種其他用例。

We just need someone smart and entrepreneurial thinking about it all the time and driving the charge. And so Matt's going to do that. So very excited about the people integration. The second big piece that is very visible to our clients is the product integration. And there I'm really pleased. I mean, Habu has done a great job of building simple, yet elegant technology. And because we were starting to think about the technology integration well before we announced the deal, this was a pretty easy lift. As importantly, we brought in an influx of talented engineers who can look at our architecture and product design for the first time with fresh eyes.

我們只需要一個聰明、有創業精神的人一直思考這個問題並推動這個進程。所以馬特會這麼做。對於人員融合非常興奮。對我們的客戶來說非常明顯的第二個重要部分是產品整合。我真的很高興。我的意思是，Habu 在構建簡單而優雅的技術方面做得非常出色。而且因為我們在宣布交易之前就開始考慮技術集成，所以這是一個相當容易的提升。同樣重要的是，我們引進了一群才華洋溢的工程師，他們可以第一次以全新的眼光審視我們的架構和產品設計。

The CTO over at Habu, a guy named Rupa Gupta, I mean, he is just brilliant. And the conversations that we've had together is, I've said Rupa challenge everything because that fresh thinking is going to make us better. And the intersection of Habu’s technology with LiveRamp's thinking is going to lead to a better outcome for our clients. The third piece, which comes after the first two is pipeline. And here, it came pretty quickly because literally within a month of the deal we had created 30 million a pipeline. We're now up to 40 million. I would tell you, clients are intrigued and I've spoken to a handful of our very largest clients.

Habu 的技術長名叫 Rupa Gupta，我的意思是，他非常聰明。我們一起進行的對話是，我說過魯帕挑戰一切，因為新鮮的想法會讓我們變得更好。Habu 的技術與 LiveRamp 的思維相結合將為我們的客戶帶來更好的結果。第三部分是管道，位於前兩個部分之後。在這裡，它來得很快，因為實際上在交易後的一個月內，我們就創建了 3000 萬個管道。我們現在已經達到了4000萬。我想告訴你，客戶很感興趣，我已經與我們的一些最大的客戶進行了交談。

I've heard nothing but good things. And then, because we've done the first three right, I think performance comes next. I would tell you that, we're on track with the deal model. Lauren can talk about that, unpack that a little bit more detail. But as importantly, we have really strong line of sight to what we need to do and we are ensuring through pretty aggressive project management, that our teams are moving fast and we are removing the obstacles in front of them. I don't know, what I missed, Lauren?

我除了聽到好消息之外什麼也沒聽到。然後，因為我們已經做好了前三項，所以我認為接下來是性能。我想告訴你的是，我們的交易模式正步入正軌。勞倫可以談論這一點，並詳細說明一下。但同樣重要的是，我們對需要做的事情有很強的洞察力，並且透過相當積極的專案管理確保我們的團隊快速行動，並消除他們面前的障礙。我不知道我錯過了什麼，勞倫？

Yes. Hi, Shyam. With respect to the second part of your question on our financial targets, as we shared in the call, we added about $12 million of ARR in Q4, which you can think about as inorganic contribution to growth in '25 We continue to target $18 million in revenue in '25 again this is a synergized number, so inclusive of a few millions of synergies from cross sell in the back half of the year. A point I would make and Scott just made it as well, Habu is being fully integrated into our platform and given the strong opportunity for cross sell of LiveRamp products alongside Habu, drawing the line between LiveRamp and Habu will become increasingly challenging as we move through the year. And then just a final point on the bottom-line, we continue to target breakeven on an op income basis, which equates to about a point of dilution on op margin in '25.

是的。嗨，夏姆。關於您關於我們財務目標的問題的第二部分，正如我們在電話會議中分享的那樣，我們在第四季度增加了約1200 萬美元的ARR，您可以將其視為對25​​ 年增長的無機貢獻，我們繼續將目標定為1800 萬美元就25年的收入而言，這又是一個協同增效的數字，因此包括下半年交叉銷售帶來的數百萬協同增效。我想說的一點，斯科特也說過，Habu 正在完全整合到我們的平台中，考慮到LiveRamp 產品與Habu 一起交叉銷售的巨大機會，隨著我們的發展，在LiveRamp 和Habu 之間劃清界線將變得越來越具有挑戰性那一年。最後一點是，我們繼續以營運收入為基礎實現損益平衡目標，這相當於 25 年營運利潤率稀釋了一個點。

Great. Thank you, guys.

偉大的。感謝你們。

Jason Kreyer, Craig-Hallum Capital Group.

Jason Kreyer，克雷格-哈勒姆資本集團。

And then just sticking with Habu, we've talked about that the last couple of months as kind of being a plug-and-play solution for smaller marketers. Just curious any updates on that, any progress with smaller customers in the quarter or what we should anticipate for the evolution of that being a better solution for that lower end of the market?

然後就繼續使用 Habu，我們在過去幾個月中一直在討論它是小型行銷人員的即插即用解決方案。只是好奇這方面的任何更新，本季度小客戶的任何進展，或者我們應該對低端市場更好的解決方案的發展有何預期？

Yes. I mean, that's certainly part of our pipeline and no particular updates in terms of new clients to share that I didn't talk about in my prepared remarks. I feel pretty good about that. I ultimately think one of the bigger catalysts is still out in front of us. I believe that, when we get across the finish line on cookie deprecation, that's going to be the biggest catalyst that we've seen for adoption of a data collaboration platform, because you need one in order to activate in DV360. DV360 is the market share leader along with Amazon's DSP. It drives the most tonnage on most media plans. Most advertisers are going to have to embrace what we do, if they want to avoid disruption in their advertising efforts. We're a little bit bummed about the slowdown in deprecation, probably most so because having planned for this for five years, I just want it behind us and to start talking about the glorious future as opposed to what's to come. But I think all good things in store for the future of Clean Rooms.

是的。我的意思是，這當然是我們管道的一部分，在新客戶方面沒有特別的更新可以分享，而我在準備好的發言中沒有談到這一點。我對此感覺很好。我最終認為更大的催化劑之一仍然擺在我們面前。我相信，當我們跨越 cookie 棄用的終點線時，這將成為我們所看到的採用資料協作平台的最大催化劑，因為您需要一個才能在 DV360 中啟動。DV360 與亞馬遜的 DSP 一起佔據市場份額領先地位。它在大多數媒體計劃中驅動最大噸位。如果大多數廣告商想避免廣告工作受到干擾，他們就必須接受我們所做的事情。我們對棄用速度的放緩感到有點沮喪，可能最重要的是因為我已經為此計劃了五年，我只是希望它拋在腦後，開始談論輝煌的未來，而不是即將發生的事情。但我認為潔淨室的未來一切都是美好的。

Thanks, Scott. And then, like a month ago, Google announced that they're moving PAIR to an open-source platform in conjunction with the IAB. Just curious, if there are any implications there? I'm wondering if this kind of broadens the reach of PAIR by expanding the developer network and making it available to more developers, but curious your thoughts on the opportunity?

謝謝，斯科特。然後，就像一個月前一樣，Google 宣布他們將與 IAB 一起將 PAIR 遷移到開源平台。只是好奇，這是否有任何影響？我想知道這種方式是否可以透過擴大開發者網路並使其可供更多開發者使用來擴大 PAIR 的影響範圍，但很好奇您對這個機會的看法？

Well, we'd sure like to think so. I love the fact that Google open source that and put it into the hands of the IAB. The more standardization that there is around adoption of authenticated ways to buy bifurcated consents at both the buyer and seller side, that's the future is to get consented users. And so the more that that can take wing, not just with Google but with major CTV players, with all the social media platforms, it's just better for the entire industry. It fuels more standardization and we've seen the great returns that you get through pear. It's pretty significant lift not just for advertisers, but also for publishers in terms of their yield.

嗯，我們當然願意這麼認為。我喜歡 Google 開源並將其交給 IAB 的事實。在買方和賣方雙方採用經過驗證的方式購買分歧同意的標準化程度越高，未來就會獲得使用者的同意。因此，這種影響力越大，不僅是谷歌，還有主要的 CTV 播放器和所有社交媒體平台，對整個行業來說都是更好的。它促進了更多的標準化，我們已經看到您透過梨子獲得的巨大回報。這不僅對廣告商來說是相當顯著的提升，對出版商來說也是如此。

So everything that Google can do to spread adoption is something we're cheering for. And I should also just say, I mean, a big chunk of our summer here at LiveRamp is going to be spent out in the road evangelizing, we'll take use of the extra time Google afforded with their PAIR deprecation timeline to educate and evangelize the offering in the market in many cases with Google. We'll be doing some stuff with them at (indiscernible) in next month, and just a lot of road shows seminars things like that to ensure that the market's ready.

因此，Google為擴大採用所做的一切都是我們所歡呼的。我還應該說，我的意思是，我們在 LiveRamp 的夏天的大部分時間都將花在傳播福音上，我們將利用 Google 提供的 PAIR 棄用時間表提供的額外時間來進行教育和傳播在許多情況下，谷歌在市場上提供產品。我們將在下個月（聽不清楚）與他們一起做一些事情，以及許多巡迴研討會之類的事情，以確保市場做好準備。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much. I just wanted to follow-up on your comment about kind of the bigger catalyst being data collaboration and really needing it for DV360. I understand that the timeline to recognize some of this opportunity has been pushed out a bit, but any sort of framework you're providing in terms of how to think about sizing the opportunity tied with PAIR and how that could impact LiveRamp?

偉大的。太感謝了。我只是想跟進您的評論，即數據協作是更大的催化劑，而 DV360 確實需要它。據我所知，認識到其中一些機會的時間表已經被推遲了一些，但是您提供的任何類型的框架都涉及如何考慮與 PAIR 相關的機會的大小以及這會如何影響 LiveRamp？

Yes. Well, first off, Elizabeth, and I'm sure that, Lauren can dive into this a little bit more, I would tell you if you look at our guidance, I mean, we're being -- what we think is appropriately conservative with respect to PAIR. And with the timeline now really sifting into the last quarter of our fiscal year. So that January to March timeline, we won't see a huge impact of it in our year this year, but we've been very -- what we think appropriately conservative. Because there's just going to be [gaz ins and gaz outs] remember that you have an entire industry that was built on cookies and has operated on them for the last 30 years. And we got nine months to get them fully ready for the cutover.

是的。好吧，首先，伊麗莎白，我相信勞倫可以更深入地探討這一點，如果你看看我們的指導，我會告訴你，我的意思是，我們正在 - 我們認為適當保守關於 PAIR。現在的時間表確實進入了我們財政年度的最後一個季度。因此，從一月到三月的時間表，我們今年不會看到它產生巨大的影響，但我們一直都非常——我們認為適當的保守。因為總是會有[gaz in and gaz out]，請記住，您擁有一個建立在 cookie 之上的整個行業，並且在過去 30 年裡一直在使用 cookie 進行運營。我們有九個月的時間讓他們為切換做好充分準備。

And my guess is we'll be pretty successful with the sophisticated advertisers, but there's probably going to be a lot in the industry who won't be ready. And so it'll be interesting come next calendar Q1 to see how that plays out. It wouldn't surprise me if there's a stall as folks figure out what they're doing operationally before there's an acceleration. That said, as you know, Elizabeth, we're out in the market telling folks not to wait. Because the same techniques that can be utilized in PAIR, it's just an extension of what folks are doing in cookies today. But it gets you pretty significant incremental reach because it allows you to reach the consented users on Firefox and Edge and Safari and that drives a pretty significant increase in performance.

我的猜測是，我們將在成熟的廣告商身上取得相當成功，但業內可能會有很多人還沒有做好準備。因此，下一個日曆第一季的結果將會很有趣，看看結果如何。當人們在加速之前弄清楚他們在做什麼時，如果出現停滯，我不會感到驚訝。也就是說，正如你所知，伊麗莎白，我們在市場上告訴人們不要等待。因為可以在 PAIR 中使用相同的技術，所以它只是人們今天在 cookie 中所做的事情的擴展。但它可以讓您獲得相當顯著的增量覆蓋，因為它允許您覆蓋 Firefox、Edge 和 Safari 上同意的用戶，從而顯著提高效能。

We are going to try really hard to prepare the industry and get them converted well before next Q1. But I think it's a little bit unpredictable. Now the last thing I would say is, initially, we think that we'll see the first impact on just usage, because people will switch from cookies to true authentication and everything that they do. It will make our existing clients even stickier. It might drive some incremental usage. That's particularly true as authenticated methods extend to the major CTV providers. But then, the next catalyst will really be not seen in our subscription usage as much as just Clean Room adoption.

我們將非常努力地讓產業做好準備，並在下一個第一季之前讓它們順利轉型。但我認為這有點難以預測。現在我要說的最後一件事是，最初，我們認為我們將看到對使用的第一個影響，因為人們將從 cookie 轉向真正的身份驗證以及他們所做的一切。這將使我們現有的客戶更具黏性。它可能會推動一些增量使用。隨著身份驗證方法擴展到主要的 CTV 提供者，這一點尤其正確。但是，下一個催化劑實際上不會在我們的訂閱使用中看到，而只是在 Clean Room 的採用中看到。

We think that, virtually everybody is going to need to have a Clean Room to do the kind of addressable advertising that they've grown used to. And that should be a catalyst for us both in the U. S. to win potential new clients, but then also internationally where in many cases Google's market share internationally, DV360's market share internationally is much higher than it is here in the US.

我們認為，幾乎每個人都需要有一個無塵室來製作他們已經習慣的那種可尋址廣告。這應該成為我們在美國贏得潛在新客戶的催化劑，在國際上也是如此，在許多情況下，Google 的國際市佔率、DV360 的國際市佔率遠高於美國。

Great. Thank you so much. And just as a quick follow-up. It was good to see the new logo start to increase quarter-over-quarter after being flat to down earlier in the year. Could you just talk about kind of where are the incremental kind of customers coming from? Is this momentum with cloud partners, kind of Habu? And how should we think about just the durability of net ads?

偉大的。太感謝了。就像快速跟進。很高興看到新標誌在今年早些時候持平甚至下降後開始逐季增長。您能否談談增量客戶來自哪裡？與雲端合作夥伴的這種勢頭是 Habu 嗎？我們該如何考慮網路廣告的持久性？

Yes. Hi, Elizabeth. Lauren here. As we've mentioned in the past, there are a lot of moving pieces with respect to customer ads and Habu did benefit this metric in the quarter. On an organic basis, customer count was roughly stable in Q4 and the trends that we have been seeing in recent quarters played out again in Q4, which is continued strength in high ACV brand customers, partially offset by continued pressure with lower ACV customers, particularly in the ad tech cohort. As we look ahead to FY’25, we would expect overall customer count to be somewhat muted, again given the dynamics that I just mentioned. That said, we've discussed this in recent quarters, we have shifted our sales focus to larger, higher LTV brand customers over the past year plus and you really see that play out in metrics like our $100 million customer count, which grew nicely in FY'24 and we would expect to continue to grow nicely into FY'25.

是的。嗨，伊麗莎白。勞倫在這裡。正如我們過去提到的，客戶廣告方面有很多變化，而 Habu 在本季度確實使這項指標受益。從有機角度來看，第四季度的客戶數量大致穩定，我們最近幾季看到的趨勢在第四季度再次顯現，高ACV 品牌客戶的持續強勁，部分被較低ACV 客戶的持續壓力所抵消，特別是在廣告技術群體中。展望 25 財年，考慮到我剛才提到的動態，我們預計整體客戶數量將會減少。也就是說，我們在最近幾季討論過這個問題，在過去一年多的時間裡，我們已將銷售重點轉向規模更大、生命週期價值更高的品牌客戶，您確實可以看到這一點在我們1 億美元的客戶數量等指標中得到體現，該客戶數量在2019 年增長良好。

Great. Thank you so much.

偉大的。太感謝了。

Mark Zgutowicz, Benchmark.

馬克·茲古托維奇，基準。

Thank you, Scott, Lauren. Congrats on an exceptional quarter. Just a couple of questions from me. On the pipeline $30 million, I guess $40 million now since the Habu acquisition. I'm curious if you think about what's driving that maybe just a split between demand for walled garden self-service cloud interoperability from your existing clients versus new verticals, accelerating subscription outside of retail and CPG, if you could maybe provide some color there would be helpful.

謝謝你，斯科特，勞倫。恭喜您度過了一個出色的季度。我只想問幾個問題。正在籌劃 3000 萬美元，自從收購 Habu 以來，我猜現在已經是 4000 萬美元了。我很好奇你是否想一想是什麼推動了這可能只是現有客戶對圍牆花園自助服務雲互通性的需求與新垂直領域的需求之間的分歧，加速了零售和CPG 之外的訂閱，如果你能提供一些顏色的話樂於助人。

Yes. It really is both. If I think back a year, two years ago, we obviously had a lot of success powering the retail media networks. But even in my prepared remarks, the examples that I gave went beyond retail. So I talked about a pharmaceutical for instance company. And we're also doing some really interesting things in travel. And not surprisingly, some of the most interesting things that we're starting to talk about and you're starting to see are actually in the entertainment space. It's the case that as you think about a world that increasingly first party data is going to be really important, well, who has great sources of first party data? The major publishers and they're not all named Google and Facebook. You think about all of the CTV providers that you authenticate every time you log-in, they have deep viewership information, and they know a lot of demographic information as well. And so, kind of the clean room capabilities that any advertiser can spin up with those destinations is pretty powerful. So I think retail and packaged goods gave every other industry a roadmap to follow here.

是的。確實兩者都是。如果我回想一年、兩年前，我們顯然在推動零售媒體網路方面取得了許多成功。但即使在我準備好的發言中，我給出的例子也超出了零售範圍。所以我談到了一家製藥公司。我們還在旅行中做了一些非常有趣的事情。毫不奇怪，我們開始談論並且您開始看到的一些最有趣的事情實際上是在娛樂領域。事實是，當你想到一個越來越重要的第一方資料將變得非常重要的世界時，誰擁有豐富的第一方資料來源？主要出版商並非全都是 Google 和 Facebook。您想想每次登入時都要驗證的所有 CTV 提供商，他們擁有深入的收視率信息，並且還了解大量人口統計信息。因此，任何廣告商都可以在這些目的地上啟動的無塵室功能非常強大。因此，我認為零售和包裝商品為其他所有行業提供了可以遵循的路線圖。

And Mark, maybe just to put some additional color against that. If we look at the collaboration or clean room deals, we won in Q4 about half were with retail and CPG, but half were with the companies that Scott just mentioned. So publishers, travel and entertainment companies, automotive companies, healthcare, and if we look at the composition of our pipeline and the pipeline created, it kind of mirrors that split.

馬克，也許只是為了對此添加一些額外的色彩。如果我們看看合作或無塵室交易，我們在第四季度贏得的大約一半是零售和消費品，但一半是斯科特剛才提到的公司。因此，出版商、旅遊和娛樂公司、汽車公司、醫療保健公司，如果我們看看我們的管道和創建的管道的組成，就會發現這種分裂。

Right. Got it. That's helpful. And maybe on the new verticals, is it too early to start talking about a potential sizable TAM expansion here outside of the CPG and retail, meaning, do you have adequate sales capacity to sort of address, these newer verticals? Is that expanding? Will that sort of TAM expand as you add more capacity there? Or what is that just a learning curve more with those industries and that just takes time?

正確的。知道了。這很有幫助。也許在新的垂直領域，現在開始談論 CPG 和零售之外潛在的大規模 TAM 擴張是否為時過早，這意味著，您是否有足夠的銷售能力來解決這些較新的垂直領域？那是在擴張嗎？當您增加更多容量時，這種 TAM 會擴展嗎？或者說，對於這些產業來說，這只是一個學習曲線，而且需要時間？

And that just takes time, but I feel really fortunate. I think we were a little bit ahead of this one because if you recall a couple years ago during the great resignation, we really saw a big exodus for a short period of time to our salesforce. And we used that opportunity, when we backfilled to remake our sales force. We actually created vertical industry groups. So now we have a retail group, we have a financial services group, we have experts in travel. And that's so important. When LiveRamp was formed, we used to be able to go in and wow people just talking about the technology. But now increasingly, particularly given the fact that we have higher level audiences within the clients we're calling on, oftentimes it's the CMO or the CEO, we have to go in and talk in their language. We have to understand how does the airline industry work, for example, how do airlines make money in future? How are they going to monetize their screens on their seat backs and personal entertainment devices that you use in flight? And so by hiring that way for the last couple years for the last couple of years. I think it's actually improved our sales productivity and actually driven some of the success we're seeing in these new verticals.

這只是需要時間，但我感到非常幸運。我認為我們在這方面有點領先，因為如果你還記得幾年前的大辭職期間，我們確實看到了銷售人員在短時間內大量外流。我們利用了這個機會，重新組建了我們的銷售團隊。我們實際上創建了垂直行業集團。所以現在我們有一個零售集團，我們有一個金融服務集團，我們有旅遊專家。這非常重要。當 LiveRamp 成立時，我們過去只要談論這項技術就能讓人驚嘆不已。但現在越來越多，特別是考慮到我們所拜訪的客戶中有更高級別的受眾，通常是首席行銷官或首席執行官，我們必須用他們的語言進行交談。我們要了解航空業是怎麼運作的，比如說航空公司未來怎麼賺錢？他們將如何透過座椅靠背上的螢幕和您在飛行中使用的個人娛樂設備獲利？因此，在過去幾年中，我們一直以這種方式進行招募。我認為這實際上提高了我們的銷售效率，並推動了我們在這些新垂直領域中取得的一些成功。

Sounds great. Thanks very much. Appreciate it.

聽起來很棒。非常感謝。欣賞它。

Thanks, Mark.

謝謝，馬克。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

Yes, hello. This is actually Peter Burkly on for Kirk. I'll echo my congrats on our next quarter. I'll have to like here, couple of metrics that really stood out to us, the large customer growth, $1 million customers and then the NRR acceleration. Scott, maybe I'm hoping I can start with you just on large customer growth. Does this feel like a broader opening up of wallets dynamic or is this reflective of the strong momentum in the data collaboration platform, which are generally larger deal sizes? And then Lauren, maybe just as the second one, on the NRR metric, understanding the color on Habu's contribution and assuming the large customers are acting as a tailwind here. But I'm curious the sort of pressure on the NRR has been contraction at the lower segment of the market of your customer base. It sounds like that's sort of continuing on. But I'm just curious given the acceleration and kind of the go forward color. Does it feel like that's sort of stabilizing or perhaps even inflecting just in terms of that lower customer contraction and just a little bit more trouble at the low end?

是的你好。這實際上是彼得·伯克利 (Peter Burkly) 為柯克 (Kirk) 配音。我將對下個季度表示祝賀。我必須喜歡這裡的幾個對我們來說真正突出的指標，即大量客戶成長、100 萬美元的客戶以及 NRR 加速。史考特，也許我希望能和你一起討論大客戶的成長。這感覺像是錢包動態的更廣泛開放，還是反映了數據協作平台的強勁勢頭（通常交易規模較大）？然後勞倫，也許就像第二個一樣，在 NRR 指標上，理解 Habu 貢獻的顏色，並假設大客戶在這裡起到了推動作用。但我很好奇，NRR 所承受的壓力是你們客戶群中低端市場的收縮。聽起來這種情況還在繼續。但我只是好奇考慮到前進顏色的加速度和種類。是否感覺這有點穩定，甚至可能只是因為客戶收縮減少以及低端市場出現更多麻煩而有所變化？

So Peter, I'll start with the first. If you looked at our cohort of largest clients, these $1 million plus a year spenders, I think you would recognize almost every single one of them as being kind of major advertisers, brands that you trust, really strong consumer brands. We did a detailed analysis of -- we did a big customer segmentation about a year ago. What we found is that, those sophisticated large spenders share some characteristics in common. They are obviously more profitable to us. The churn rate for those is significantly less. But the most interesting insight was the number of activations that they had. For the largest clients, I can't remember exactly the number, but it was in excess of 18 activations that they had.

彼得，我將從第一個開始。如果你看看我們最大的客戶群，這些每年花費 100 萬美元以上的客戶，我想你會認為他們中的幾乎每一個都是主要的廣告商、你信任的品牌、真正強大的消費品牌。大約一年前，我們對大客戶進行了詳細分析。我們發現，那些精明的大手筆消費者有一些共同特徵。他們顯然對我們來說更有利可圖。這些的流失率明顯較低。但最有趣的見解是他們的啟動次數。對於最大的客戶，我記不清確切的數字，但他們的啟動次數超過 18 次。

When you have 18 activations, you are lighting up different destinations, maybe point-of-sale, certainly a lot of different properties. You're a lot more sophisticated about what to do with your data. You probably are much more likely to want to have a clean room and set up data collaboration with partners. You are certainly much more likely to want measurement back. And so, they just start becoming power users. And so, I don't think it's a function of the macro or budgets becoming easier to get or anything like that. I think it's just a function of those are more sophisticated companies.

當您進行 18 次啟動時，您將點亮不同的目的地，也許是銷售點，當然還有許多不同的屬性。您對於如何處理資料更加成熟。您可能更有可能想要擁有一個乾淨的房間並與合作夥伴建立資料協作。您當然更有可能想要恢復測量結果。因此，他們剛開始成為高級用戶。因此，我不認為這是宏觀經濟或預算變得更容易獲得或類似的因素的結果。我認為這只是那些更成熟的公司的一個功能。

They've learned how to use their data effectively and they're trying to do even more with their data. Our challenge internally is, how do we get some of our smaller companies to look more like those big companies. We are laser-focused on making sure that, everybody activates more destinations on their media more destinations on their media plan, which is going to lead them to adopt more usage with us.

他們已經學會如何有效地使用數據，並且正在嘗試利用數據做更多事情。我們內部面臨的挑戰是，如何讓一些小公司看起來更像那些大公司。我們專注於確保每個人在其媒體計劃上激活更多目的地，這將導致他們更多地使用我們。

And Peter, with respect to your question on NRR, I will just again point out that Habu contributed a couple points to NRR in the quarter. Outside of that, we are seeing some stabilization with our lower ACV customer cohort, but the bigger driver continues just to be stronger contribution from upsell with our largest customers as they adopt clean room and collaboration use cases.

Peter，關於您關於 NRR 的問題，我將再次指出 Habu 在本季度為 NRR 貢獻了幾分。除此之外，我們看到較低的 ACV 客戶群出現了一些穩定，但更大的推動因素仍然是我們最大客戶的追加銷售帶來的更大貢獻，因為他們採用了無塵室和協作用例。

Very helpful.

很有幫助。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Brian Fitzgerald, Wells Fargo.

布萊恩·菲茨傑拉德，富國銀行。

And then Scott, I want to follow-up on the your PAIRs commentary. Obviously there are thousands of DV customers out there, and it seems like DV360 customers need to use PAIR to target ads off of first party data and measure performance after deprecation. Has Google built free tools to access PAIR via data hubs or otherwise? It seems like you are far and away, the most important partner for Google's messaging about PAIRs the announcement with NBCU and so on, and customers more or less need to adopt. Is that a correct way to view the opportunity? They expansively or are there other considerations, free tools, more clean room partners likely be named over time and any other reason to look at it more conservatively?

然後，斯科特，我想跟進您對 PAIR 的評論。顯然，那裡有成千上萬的 DV 客戶，而且 DV360 客戶似乎需要使用 PAIR 根據第一方資料定位廣告，並在棄用後衡量效能。Google 是否建立了免費工具來透過資料中心或其他方式存取 PAIR？看起來你是遙遠的，是 Google 與 NBCU 等發布 PAIR 訊息的最重要的合作夥伴，客戶或多或少需要採用。這是看待機會的正確方式嗎？他們是廣泛的還是有其他考慮因素，免費工具，隨著時間的推移可能會命名更多的潔淨室合作夥伴以及任何其他更保守地看待它的原因？

Well, I am sure that there will be more partners over time. We were fortunate to be one of what are now two launch partners, Habu, LiveRamp, and then there was a third. So we actually comprised 2/3, I guess, of the original launch partners for this. And the deal is that they're not building the technology. Rather they're mandating that someone who does pairing has a clean room partner. Google wants to be agnostic in this and they want to ensure that someone can ensure that on both sides the consents have been obtained and handle the security of anonymization that occurs. Now all that said, I would tell you anecdotally that it felt like for a long time we were having a lot of conversations with the Google product team. And we were really involved going back and forth with suggestions around their design and doing a lot of process mapping.

嗯，我相信隨著時間的推移，將會有更多的合作夥伴。我們很幸運成為現在的兩個發布合作夥伴之一：Habu、LiveRamp，然後還有第三個。所以我猜，我們實際上佔了最初發布合作夥伴的 2/3。問題是他們並不是在開發這項技術。相反，他們要求進行配對的人必須有一個乾淨的房間夥伴。谷歌希望在這方面保持不可知論，他們希望確保有人能夠確保雙方都已獲得同意並處理所發生的匿名化的安全性。話雖如此，我想告訴你，很長一段時間以來，我們一直在與 Google 產品團隊進行許多對話。我們確實圍繞著他們的設計反覆提出建議並繪製了大量流程圖。

Since January, it is the switch has really flipped on with the Google commercial teams. As for example, they invited me to come speak to their sales leadership in New York about a month ago. And likewise, their ad plat sales leader came and spoke to LiveRamp's entire sales organization. When we had our sales kick off a few weeks ago, we're going to be out in market with them educating and evangelizing. I mentioned, we'll do some stuff with them at [Can], which is coming up here in a couple weeks. And then, we have a lot more things planned to educate and evangelize. I think the biggest barrier here isn't the technology at all. It is just kind of the inertia of 30 years of people using cookies, and just educating them that there's a better way. And although it requires a process requires a process switch and that may be painful. As soon as you do it, you unlock better results. That will be the key messages you'll hear both from Google and from us in the coming months.

自一月以來，Google商業團隊真正開啟了轉變。例如，大約一個月前，他們邀請我去紐約與他們的銷售領導層交談。同樣，他們的廣告平台銷售負責人也過來與 LiveRamp 的整個銷售組織進行了交談。當我們幾週前開始銷售時，我們將與他們一起進入市場進行教育和傳播。我提到過，我們將在 [Can] 與他們一起做一些事情，幾週後就會到這裡。然後，我們計劃了更多的事情來教育和傳播福音。我認為這裡最大的障礙根本不是技術。這只是 30 年來人們使用 cookie 的慣性，只是教育他們有更好的方法。儘管它需要一個流程，但需要流程切換，這可能會很痛苦。一旦你這樣做了，你就會獲得更好的結果。這將是您在未來幾個月從 Google 和我們那裡聽到的關鍵訊息。

Got it. I appreciate it.

知道了。我很感激。

I'll now turn the call back over to Lauren Dillard for closing remarks.

現在我將把電話轉回勞倫·迪拉德 (Lauren Dillard) 作結束語。

Thanks so much. In closing, we ended FY'24 on a high note with both revenue and operating profit outperforming our original expectations. As we look ahead, FY'25 will be a year of improving subscription growth and continued margin expansion. Our revenue guidance reflects a continuation of the Q4 momentum in the fiscal first half and slightly slower revenue growth in the second half, mostly in the name of conservatism. With that, thanks again for joining us today. We look forward to updating you on our continued progress in the quarters ahead.

非常感謝。最後，我們以高調結束了 24 財年，營收和營業利潤都超出了我們最初的預期。展望未來，25 財年將是訂閱成長改善和利潤率持續擴張的一年。我們的營收指引反映了上半財年第四季動能的延續，以及下半年營收成長的略微放緩，這主要是出於保守主義的名義。在此，再次感謝您今天加入我們。我們期待向您通報我們在未來幾季的持續進展。

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。