Liveramp Holdings Inc (RAMP) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to Liveramp's fiscal 2025 2nd quarter earnings call. (Operator Instructions) 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 2025 財年第二季財報電話會議。（接線員指示）我現在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, everyone and thank you for joining our fiscal 2025 2nd quarter earnings call with me today are Scott Howe, our CEO and Lauren Dillard, our Chief Financial Officer 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.

謝謝你，接線生。大家下午好，感謝今天與我一起參加我們的2025 財年第二季度財報電話會議的是我們的首席執行官斯科特·豪(Scott Howe) 和我們的首席財務官勞倫·迪拉德( Lauren Dillard)。此電話會議可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果出現重大差異。

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 Investors.liveramp.com.

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時間表（包括與非公認會計準則財務措施的對帳）的副本可在Investors.liveramp. com 上取得。

Also during the call today, we'll be referring to the slide deck that is also available on our investor relations website. With that. I'll turn the call over to Scott.

另外，在今天的電話會議中，我們將參考我們的投資者關係網站上也提供的幻燈片。就這樣。我會把電話轉給史考特。

Thank you, Drew and thanks to everyone for joining our call. There was a lot to like about our most recent quarter, whether it be top line growth, client progress or margin improvement. I'll start my remarks today by discussing our performance on these dimensions, which will be a fun conversation. I'll then shift to the topic about which many of you have been asking the current selling environment, provide some color and talk about why I'm optimistic about the long term. Finally, I will discuss our ongoing progress toward becoming a rule of 40 company, a steady journey of continuous improvement to which we are fully committed.

謝謝你，德魯，也謝謝大家加入我們的電話會議。我們最近一個季度有很多值得稱讚的地方，無論是營收成長、客戶進度還是利潤率改善。我今天的演講將首先討論我們在這些方面的表現，這將是一次有趣的對話。然後我將轉向你們中許多人一直在詢問當前銷售環境的話題，提供一些顏色並談談為什麼我對長期持樂觀態度。最後，我將討論我們在成為 40 公司規則方面所取得的持續進展，這是我們全力致力於的持續改進的穩步旅程。

Let's start by spending some time on Q2 results. These were strong for the quarter, both revenue and operating income exceeded our expectations. Total revenue grew by 16%. Our third consecutive quarter of double digit growth, subscription revenue grew by 14% and marketplace and other revenue increased by 23%. This marks the sixth straight quarter of at least 20% marketplace growth reflecting both strong secular growth in digital advertising, as well as strong execution by our team on the bottom line operating income grew by 28% and operating margin expanded by 200 basis points. To a quarterly high of 22%.

讓我們先花一些時間來了解第二季的結果。本季的表現強勁，營收和營業收入都超出了我們的預期。總收入成長了 16%。我們連續第三個季度實現兩位數成長，訂閱收入成長 14%，市場和其他收入成長 23%。這標誌著市場連續第六個季度至少成長 20%，反映出數位廣告的強勁長期成長，以及我們團隊的強大執行力，營業收入成長了 28%，營業利潤率擴大了 200 個基點。創季度新高22%。

Beyond these key financial results, there are two operational measures worth highlighting.

除了這些關鍵的財務表現之外，還有兩項營運指標值得強調。

First, our subscription net retention was 107% which marks the sixth consecutive quarter of improvement.

首先，我們的訂閱淨保留率為 107%，這標誌著連續第六個季度的改善。

Second, our $1 million plus customer count increased by 10 to a record high of 125.

其次，我們的 100 萬美元以上客戶數量增加了 10 名，達到 125 名，創下歷史新高。

Both of these metrics reflect a continued improvement in our renewal rate with existing customers. Over the past 18 months, we have enhanced our customer support and service function and invested in our platform to make it more user friendly. This has led to higher customer satisfaction and contributes to our renewal rate improvement every quarter brings a fresh set of renewals, but we are focused on sustaining this positive momentum.

這兩個指標都反映出我們與現有客戶的續約率持續提高。在過去的 18 個月裡，我們增強了客戶支援和服務功能，並對我們的平台進行了投資，使其更加用戶友好。這帶來了更高的客戶滿意度，並有助於我們的續訂率提高，每個季度都會帶來一系列新的續訂，但我們致力於維持這種積極的勢頭。

These metrics also reflect some key upsells in the quarter including a multi year multi million dollar ACV deal with one of the largest global ad agency holding companies and a seven figure ACV Upsell with a major financial services company for a full suite of our solutions.

這些指標也反映了本季的一些關鍵追加銷售，包括與全球最大的廣告代理商控股公司之一達成的數百萬美元的多年ACV 交易，以及與一家主要金融服務公司就我們的全套解決方案達成的七位數ACV 追加銷售。

The financial services sector is now beginning to adopt commerce, media networks and we are helping multiple customers build their capabilities while it's early, we expect this trend to be a growth opportunity over the coming years in much the same way that we've seen retail media networks gain traction.

金融服務業現在開始採用商業、媒體網絡，我們正在幫助多個客戶建立他們的能力，但現在還為時過早，我們預計這一趨勢將在未來幾年成為一個成長機會，就像我們看到零售業一樣媒體網絡受到關注。

We also had several notable new logo wins during the quarter. We signed a mid six figure deal for identity and onboarding with a leading biopharmaceutical company, as well as with a leading public cloud provider.

本季度我們還獲得了幾項引人注目的新徽標勝利。我們與一家領先的生物製藥公司以及一家領先的公有雲供應商簽署了一份價值六位數的身份和入職協議。

New logo deals like these are critical to our future growth because most of today's million dollar plus customers were yesterday's much smaller new logos. Finally, on the customer front, we had two key wins international with TF one France's largest commercial broadcaster and streamer and re a Australia's leading residential real estate website. In both cases, these companies are using our clean room solutions to enable privacy first data collaboration with advertisers for enhanced measurement of advertising effectiveness with another strong quarter. Now in our rear view mirror, let me shift gears to the future.

像這樣的新標誌交易對我們未來的成長至關重要，因為今天的大多數價值百萬美元以上的客戶都是昨天小得多的新標誌。最後，在客戶方面，我們在國際上贏得了兩項關鍵勝利：法國最大的商業廣播公司和串流媒體公司 TF 以及澳洲領先的住宅房地產網站。在這兩種情況下，這些公司都使用我們的無塵室解決方案來實現與廣告商的隱私第一數據協作，以增強對廣告效果的衡量，從而實現另一個強勁的季度。現在，在我們的後視鏡中，讓我轉向未來。

Growth is never completely linear. And last quarter, I talked briefly about some of the near term headwinds we've seen in the selling environment in the tech sector. It budgets are tight given economic uncertainty and at least based on conversations I've had with clients, many of them were anxious about yesterday's election and the implications for the business environment.

成長從來都不是完全線性的。上個季度，我簡要討論了我們在科技業的銷售環境中看到的一些近期阻力。鑑於經濟不確定性，它的預算很緊張，至少根據我與客戶的對話，他們中的許多人對昨天的選舉及其對商業環境的影響感到焦慮。

In addition, when Google Chrome changed its timing and process for cookie deprecation, it certainly lessened the panicked technology migration urgency that many marketers may have felt what always fuels my confidence in the future. However, is Ly Rm's fundamental market position, we've also taken advantage of this temporary lull to do some smart things that should position us well, for a decade of long term growth live has a natural advantage. We are a network company with scale leadership in the evolving data collaboration market. We have steadily built our network over the past decade and we have significant scale with all all of the important participants. Over 500 brand advertisers and ad agency customers, 500 plus digital publishers from the open web to CTV, and streamers to commerce, media and also all of the meaningful ad tech intermediaries.

此外，當 Google Chrome 改變了 cookie 棄用的時間和流程時，它無疑減輕了許多行銷人員可能感受到的技術遷移的恐慌，這總是增強我對未來的信心。然而，這是 Ly Rm 的基本市場地位，我們也利用這個暫時的平靜做了一些明智的事情，這些事情應該使我們處於有利地位，對於十年的長期增長來說，live 具有天然的優勢。我們是一家在不斷發展的數據協作市場中具有規模領先地位的網路公司。在過去的十年裡，我們穩步建立了我們的網絡，並且我們與所有重要參與者都具有相當大的規模。超過 500 家品牌廣告商和廣告代理商客戶、500 多家數位出版商（從開放網路到 CTV）、串流媒體到商業、媒體以及所有有意義的廣告技術中介機構。

Collectively, the publishers in our network reach over 92% of us consumer time spent online not to be overlooked. The other key component of our network is our data marketplace with more than 200 active data providers offering high quality data to other participants in the ecosystem and a growing amount of first party data collaboration through cleanrooms.

總的來說，我們網路中的發布者涵蓋了超過 92% 的消費者上網時間，這一點不容忽視。我們網路的另一個關鍵組成部分是我們的數據市場，擁有200 多家活躍的數據供應商，為生態系統中的其他參與者提供高品質的數據，並透過無塵室進行越來越多的第一方數據協作。

The scale of our network is a true competitive advantage today and we are not done as the density of our network increases and network participants can activate more use cases, collaborate with more complementary companies and unlock greater value. We believe our growth will accelerate, capitalizing on our existing capabilities and network. We have embarked on the next phase of our network expansion, scaling our data clean room network.

如今，我們的網路規模是真正的競爭優勢，但隨著網路密度的增加，我們的工作還沒有結束，網路參與者可以啟動更多用例，與更多互補的公司合作並釋放更大的價值。我們相信，利用我們現有的能力和網絡，我們的成長將會加速。我們已開始下一階段的網路擴展，擴展我們的資料潔淨室網路。

Two overarching existential trends are driving our network growth. First, personalized customer experiences are the gold standard in marketing because it results in better advertising outcomes for brands as well as their customers.

兩個首要的生存趨勢正在推動我們的網路成長。首先，個人化的客戶體驗是行銷的黃金標準，因為它可以為品牌及其客戶帶來更好的廣告效果。

2nd, 1st party data on premium content where consumers spend their time is the best way to deliver personalized experiences. As third party signals degrade seamlessly connecting first party data is paramount.

有關消費者花費時間的優質內容的第二方、第一方數據是提供個人化體驗的最佳方式。隨著第三方訊號的退化，無縫連接第一方資料變得至關重要。

Our data collaboration platform is purpose built for this environment, helping brand marketers safely and securely use their first party data to deliver measure and optimize personalized advertising at scale across the premium advertising ecosystem.

我們的數據協作平台專為這種環境而構建，幫助品牌行銷人員安全可靠地使用他們的第一方數據，在整個優質廣告生態系統中大規模提供衡量和優化個人化廣告。

Let me explain what we have been doing recently to accelerate our growth and capitalize on this clean room network opportunity.

讓我解釋一下我們最近為加速成長並利用這個無塵室網路機會所做的事情。

We continue to fine tune and enhance our sales function as they navigate what remains a relatively tepid demand environment.

我們繼續微調和增強我們的銷售職能，以應對仍然相對不溫不火的需求環境。

In recent months, I've sat in on virtually all of our pipeline and forecasting calls our account planning conversations and been involved in dozens of client pitches. I've been speaking frequently and we've hosted numerous client education sessions.

最近幾個月，我幾乎參加了我們所有的管道和預測電話、我們的客戶規劃對話，並參與了數十個客戶推廣。我經常演講，我們也舉辦過許多客戶教育會議。

I've learned there is an incredible demand for collaboration but customers need help to optimize their efforts more succinctly. We're seeing clients have ambitious agendas unlock promising early results, but struggle with how to best prioritize the partner landscape sequence their collaborations and intelligently scale their efforts.

我了解到，對協作的需求令人難以置信，但客戶需要幫助來更簡潔地優化他們的工作。我們看到客戶有著雄心勃勃的議程，希望能取得有希望的早期成果，但他們卻在努力解決如何最好地確定合作夥伴格局的優先順序、排序他們的合作並明智地擴展他們的努力。

This is a luxury problem inasmuch as it's really an opportunity. A decade ago, we had to teach the ecosystem how to use their own data effectively, which unlocked consistently high top line growth.

這是一個奢侈的問題，因為它確實是一個機會。十年前，我們必須教導生態系統如何有效地使用自己的數據，以實現持續的高收入成長。

Now we're teaching many of the same participants how to collaborate with others on data, which we believe is an even bigger opportunity. So what are we doing? Let me highlight some of our initiatives.

現在，我們正在教導許多相同的參與者如何與其他人就數據進行協作，我們認為這是一個更大的機會。那我們在做什麼呢？讓我強調一下我們的一些舉措。

Number one, we're focusing on the network nodes that really matter just as we once found that some destinations matter more than others like Google and Meta. For example, we are now finding that some collaboration partners matter more than others. The biggest retailers, the largest card issuers, datari C TV companies and the major airlines.

第一，我們關注真正重要的網路節點，就像我們曾經發現某些目的地比 Google 和 Meta 等其他目的地更重要一樣。例如，我們現在發現有些合作夥伴比其他合作夥伴更重要。最大的零售商、最大的發卡機構、datari C 電視公司和主要航空公司。

Over the past quarter, we have focused our efforts in winning key data owner nodes knowing that adding these participants to the network will create a future flywheel effect.

在過去的季度中，我們集中精力贏得關鍵資料所有者節點，因為我們知道將這些參與者添加到網路中將產生未來的飛輪效應。

We are seeing early signs that these enhancements are working but this will take some time to scale two. We're adding more publisher partners to the cleanroom network. Another key to seizing the data collaboration market is scaling the key publisher and data owner nodes in our cleanroom network. As we think about network expansion, we are focused on four categories of publisher and data owner segments, retail and commerce, media C TV.

我們看到了這些增強功能正在發揮作用的早期跡象，但這需要一些時間才能擴大規模。我們正在為無塵室網路添加更多發布商合作夥伴。佔領資料協作市場的另一個關鍵是擴展我們無塵室網路中的關鍵發布者和資料所有者節點。當我們考慮網路擴展時，我們將重點放在四個類別：出版商和數據所有者細分市場、零售和商業、媒體 C TV。

The comscore 100 publishers including the largest walled gardens as well as premium open web publishers and finally unique data providers across each customer segment. We are initially prioritizing the largest players with significant addressable audiences and consumer data.

comscore 100 家出版商包括最大的圍牆花園以及優質開放網路出版商，最後是每個客戶群的獨特資料提供者。我們最初優先考慮擁有大量目標受眾和消費者數據的最大參與者。

Three, we're expanding our use cases in any network participants can extract greater value if there are more end points in the network use cases that allow marketers to create greater customer value. Last month, we announced the first artificial intelligence destinations in our network with perplexity and Chalice through these partnerships. Liveramp will enable marketers to personalize A I powered searches on perplexity and use chalice to activate A I derived custom audiences on meta youtube and soon other social platforms.

第三，我們正在擴展我們的用例，如果網路用例中有更多端點允許行銷人員創造更大的客戶價值，那麼任何網路參與者都可以提取更大的價值。上個月，我們透過這些合作夥伴關係宣布了我們網路中的第一個人工智慧目的地：perplexity 和 Chalice。Liveramp 將使行銷人員能夠個性化由人工智慧驅動的困惑搜索，並使用 chalice 來啟動元 YouTube 和其他社交平台上的人工智慧衍生的自訂受眾。

And this is just the beginning over time, we will create a full suite of compelling A I partnerships and use cases for our ecosystem participants.

這只是開始，隨著時間的推移，我們將為我們的生態系統參與者創建一整套引人注目的人工智慧合作夥伴關係和用例。

Four, we're making it easier for our clients and partners to collaborate with one another. Our approach centers on overcoming the primary hurdles to seamless collaboration between data owners and data consumers. We've developed a frictionless framework for collaboration by standardizing terms of engagement in two key areas, legal contracting and turn key use cases.

第四，我們讓客戶和合作夥伴之間的協作變得更加容易。我們的方法的重點是克服資料所有者和資料消費者之間無縫協作的主要障礙。我們透過標準化兩個關鍵領域（法律合約和統包用例）的參與條款，開發了一個無摩擦的協作框架。

You can call this acceleration through standardization and here's how it works. Practically, our advertiser clients can simply add an addendum to their existing Liveramp contract. Unlocking immediate collaboration with publishers across our clean room network.

您可以透過標準化來稱呼這種加速，其工作原理如下。實際上，我們的廣告商客戶只需在其現有的 Liveramp 合約中新增一個附錄即可。透過我們的無塵室網路解鎖與出版商的即時合作。

This enables them to act quickly on foundational use cases like audience overlap, reach and frequency and custom attribution.

這使他們能夠對受眾重疊、覆蓋範圍和頻率以及自訂歸因等基礎用例快速採取行動。

Moreover, we've designed pre built query templates for these and other common applications allowing advertisers to generate insights faster and reduce their time to value significantly.

此外，我們還為這些應用程式和其他常見應用程式設計了預先建置的查詢模板，使廣告主能夠更快地產生見解並顯著縮短實現價值的時間。

Two weeks ago, we convened a group of over 30 current collaborators in Nashville, some of the world's largest retailers, packaged goods companies and publishers and walked them through all the enhancements. Without exception, those in attendance saw opportunities to accelerate their efforts.

兩週前，我們在納許維爾召集了 30 多名當前合作者（其中包括一些全球最大的零售商、包裝商品公司和出版商），並向他們介紹了所有增強功能。無一例外，與會者都看到了加快努力的機會。

We're improving our product functionality. In early October, we debuted a new version of the Liveramp data collaboration platform that will further accelerate customers' time to value and strengthen their ability to deliver personalized advertising to consumers.

我們正在改進我們的產品功能。10 月初，我們推出了新版本的 Liveramp 數據協作平台，該平台將進一步加快客戶實現價值的時間，並增強他們向消費者提供個人化廣告的能力。

The updates enable first party identity graphs with self service capability, standardized queries to help customers drive immediate insights with clean room measurement and faster, much faster activation and performance.

這些更新使第一方身分圖具有自助服務功能、標準化查詢，可協助客戶透過無塵室測量以及更快、更快的啟動和效能獲得即時洞察。

If interested, I encourage you to view the product demo videos available on our website to learn more about these new features.

如果有興趣，我鼓勵您觀看我們網站上提供的產品演示視頻，以了解有關這些新功能的更多資訊。

Importantly, we're seeing early momentum that should snowball over time. For example, on our last earnings call, I mentioned that we have been working on this acceleration through standardization process with an initial target list of 35 large publishers including C TV, streaming platforms and retail media networks.

重要的是，我們看到了早期的勢頭，隨著時間的推移，這種勢頭應該會像滾雪球一樣不斷增加。例如，在我們上次的財報電話會議上，我提到我們一直在透過標準化流程來加速這一進程，初步目標名單包括 35 家大型出版商，包括 C TV、串流平台和零售媒體網路。

In less than a quarter. I am pleased to report that we have achieved strong traction with over half over half of these 35 targeted publishers joining the data collaboration network.

不到四分之一的時間。我很高興地向大家報告，我們已經取得了強大的吸引力，這 35 個目標發布商中有一半以上加入了資料協作網路。

We expect the remainder to be signed by the end of this quarter and we have added an additional 45 targets.

我們預計其餘目標將在本季末簽署，我們還額外增加了 45 個目標。

This progress highlights a pivotal aspect of our strategy. Technology alone is insufficient to drive real value for our partners and customers for our customers. Seamless access to premium internet publishers is proving transformative, enabling deep customer insights accelerating sales and most importantly, better consumer experiences.

這項進展凸顯了我們策略的一個關鍵面向。僅靠技術不足以為我們的合作夥伴和客戶帶來真正的價值。事實證明，無縫存取優質網路出版商具有變革性，能夠提供深入的客戶洞察，加速銷售，最重要的是，提供更好的消費者體驗。

This expanding network effect is fueling our strategic vision and will only deepen the impact and efficiency of our clean room solutions.

這種不斷擴大的網路效應正在推動我們的策略願景，並且只會加深我們潔淨室解決方案的影響和效率。

We know what data collaborations success looks like with these large publishers that have scaled authenticated audiences and highly demanded advertising inventory.

我們知道這些大型出版商的數據合作是否成功，這些出版商已經擴大了經過身份驗證的受眾群體和高需求的廣告庫存。

So let me share some recent examples.

讓我分享一些最近的例子。

One of the largest C TV nodes in our network is Disney's video streaming platform.

我們網路中最大的 C TV 節點之一是迪士尼的視訊串流平台。

We have been working with them for more than a year and they have scaled their collaboration connections to over 30 brands and counting the primary CTV use case is measurement and optimization of personalized advertising. Using first party data brands want to safely and securely use their first party data to connect to publishers logged in authenticated audiences.

我們與他們合作一年多了，他們已將合作關係擴展到 30 多個品牌，CTV 的主要用例是個人化廣告的衡量和優化。使用第一方資料 品牌希望安全可靠地使用其第一方資料來連接到已登入經過驗證的受眾的發布者。

We enable this in a privacy compliant way through the combination of our clean room identity and connectivity solutions.

我們透過結合我們的無塵室身分和連結解決方案，以符合隱私的方式實現這一點。

We intend to replicate this kind of success, not only with other C TV and streaming platforms, but across the entire publisher ecosystem including commerce, media, walled gardens and open web publishers.

我們打算複製這種成功，不僅在其他 C TV 和串流媒體平台上，而且在整個出版商生態系統中，包括商業、媒體、圍牆花園和開放網路出版商。

We are seeing similar success in retail media. Walmart is using our clean room solutions to collaborate with advertisers on a couple of different platforms including collaborating with media platforms to measure sales attribution and sales uplift from advertising campaigns and creating custom audience segments for on site and off site advertising. It's still early days but Walmart is actively collaborating with 10 advertisers and is continuing to scale.

我們在零售媒體領域也看到了類似的成功。沃爾瑪正在使用我們的無塵室解決方案與幾個不同平台上的廣告商合作，包括與媒體平台合作來衡量廣告活動的銷售歸因和銷售提升，以及為現場和場外廣告創建自訂受眾群體。雖然現在還處於早期階段，但沃爾瑪正在與 10 家廣告商積極合作，並繼續擴大規模。

Finally, we think the prize is significant, not only for our clients and partners but for liveramp itself, our revenue model is now intentionally two sided with both publishers and brand advertisers investing in the platform to unlock distinct advantages.

最後，我們認為這個獎項意義重大，不僅對我們的客戶和合作夥伴而且對Liveramp本身來說，我們的收入模式現在有意是雙向的，出版商和品牌廣告商都投資該平台以釋放獨特的優勢。

Publishers pay an annual platform fee for each clean room. They use to collaborate with individual brand advertisers for publishers. This investment enhances the value and effectiveness of their advertising inventory through improved targeting and measurement capabilities.

出版商為每個潔淨室支付年度平台費。他們過去常常與出版商的各個品牌廣告商合作。這項投資透過改進定位和衡量能力提高了廣告庫存的價值和有效性。

On the other side brand, advertisers also pay an annual fee which scales based on the data volume shared over the year for large enterprise customers. The annual fee will typically be larger than the publisher's fee.

另一方面，廣告商還需要支付年費，年費根據大型企業客戶全年共享的資料量而定。年費通常會高於出版商的費用。

Brands see this as a high value investment because it grants them access to a broad network of premium publishers, enabling them to connect seamlessly with multiple clean rooms to achieve greater reach richer consumer and advertising insights and more sophisticated campaign strategies.

品牌認為這是一項高價值投資，因為它使他們能夠接觸到廣泛的優質出版商網絡，使他們能夠與多個潔淨室無縫連接，以實現更大的覆蓋範圍、更豐富的消費者和廣告洞察以及更複雜的行銷策略。

This two sided approach not only drives revenue but creates a collaborative network where both parties see meaningful returns to summarize. We think this clean room network is a significant growth opportunity as we successfully execute this business has the potential to scale quickly. We think the combination of our identity, connectivity, data access and clean room capabilities. All all of them on a single platform, all of them available to the entire ecosystem is a unique competitive advantage that will allow us to capitalize on this emerging growth opportunity.

這種雙向方法不僅可以增加收入，還可以創造一個協作網絡，讓雙方都能看到有意義的回報來總結。我們認為這個無塵室網路是一個重要的成長機會，因為我們成功地執行了這項業務，有潛力快速擴展。我們認為我們的身分、連結、資料存取和無塵室功能的結合。所有這些都在一個平台上，所有這些都可供整個生態系統使用，這是一種獨特的競爭優勢，使我們能夠利用這個新興的成長機會。

Finally, let me close by briefly talking about our ongoing efforts to earn our way into the rule of 40 club, a steady march which we believe will unlock greater returns for shareholders.

最後，讓我簡要談談我們為進入 40 俱樂部規則所做的持續努力，我們相信這一穩步前進將為股東帶來更大的回報。

Good news. We continue to make steady progress on our goal of being a rule of 40 company. In fact, at the midpoint of our updated guidance, we expect to reach rule of 30 this fiscal year with 12% revenue and 18% operating margin.

好消息。我們繼續朝著成為 40 家公司的目標穩步前進。事實上，在我們更新指引的中點，我們預期本財年將達到 30 法則，營收為 12%，營業利益率為 18%。

This is a 350 basis point improvement year over year.

這比去年同期提高了 350 個基點。

On the revenue side, we have been meeting our objective of 10 to 15% growth in each of the past three fiscal years including this fiscal year with 12% growth. Assuming the midpoint of our guide growth will never be perfectly linear. But we like our long term prospects on the margin side. We continue to make steady progress on improving our efficiencies throughout the business.

在營收方面，我們在過去三個財年中每年都實現了 10% 至 15% 成長的目標，包括本財年成長 12%。假設我們的指南成長的中點永遠不會是完全線性的。但我們看好利潤方面的長期前景。我們繼續在提高整個業務效率方面取得穩步進展。

This is a journey three years ago, our margin was just 8%. This year, we expect our margin to expand by 200 basis points to 18% and we are not nearly done like many well managed companies. We use periods of economic uncertainty to even more closely examine every aspect of our operations.

這是三年前的歷程，我們的利潤率只有 8%。今年，我們預計我們的利潤率將擴大 200 個基點，達到 18%，但我們還沒有像許多管理良好的公司那樣完成目標。我們利用經濟不確定時期來更仔細地檢查我們營運的各個方面。

As we look out to FY26 we see the potential for our operating margin to expand to between 20 25% driven by a combination of cost efficiencies, savings associated with our offshoring initiative and the high drop down rate on incremental revenue inherent in our SASS model.

展望2026 財年，我們看到，在成本效率、與我們的離岸外包計劃相關的節省以及我們的SASS 模型中固有的增量收入的高下降率的綜合推動下，我們的營業利潤率有可能擴大到20% 至25% 之間。

As always, we believe we are striking the right balance of investing for future revenue growth but also delivering improving profitability in closing. Let me reiterate what I believe to be the key themes from the quarter.

一如既往，我們相信我們在投資未來收入成長和最終提高獲利能力之間取得了適當的平衡。讓我重申我認為的本季的關鍵主題。

First, we delivered strong financial results in Q2 with revenue and operating income exceeding our expectations, double digit growth in revenue and a record high $1 million plus customers and record high operating margin. Good stuff we're using. What I believe is a short term lull in sales caused by economic uncertainty to educate the ecosystem and position ourselves for sustained longer term growth.

首先，我們在第二季度取得了強勁的財務業績，收入和營業收入超出了我們的預期，收入增長兩位數，客戶數量創歷史新高，超過 100 萬美元，營業利潤率也創歷史新高。我們正在使用的好東西。我認為，經濟不確定性導致的短期銷售停滯是為了教育生態系統，並為持續的長期成長做好準備。

We're making our data collaboration platform, simple and easy and scaling our clean room network by adding the critical publisher and data owner nodes, we are doing the foundational work to standardize the use cases and the contract terms that will allow publishers and advertisers to immediately immediately start collaborating on foundational use cases and we're seeing signs of progress.

我們正在使我們的資料協作平台變得簡單易用，並透過添加關鍵的發布商和資料所有者節點來擴展我們的無塵室網絡，我們正在做基礎工作來標準化用例和合約條款，這將使發布商和廣告商能夠立即開始在基礎用例上合作，我們看到了進展的跡象。

I'm optimistic here.

我在這裡很樂觀。

Finally, we want to deliver even greater returns to our shareholders. We are committed to making steady progress on our goal of being a rule of 40 company.

最後，我們希望為股東帶來更大的回報。我們致力於朝著成為 40 家公司的目標穩步前進。

This fiscal year, we expect a 350 basis point improvement which will earn us membership in the rule of 30 club.

本財年，我們預計將實現 350 個基點的改善，這將使我們成為 30 俱樂部規則的成員。

That's progress. But we want to be in the more prestigious rule of 40 club.

這就是進步。但我們希望加入更有聲望的 40 俱樂部規則。

As we look out to FY26 we see a path to 20 to 25% operating margin up from 18% driven by a combination of cost efficiencies, offshoring savings and a high drop down rate on incremental revenue.

展望 2026 財年，我們認為，在成本效率、離岸外包節省和增量收入大幅下降等綜合因素的推動下，營業利潤率將從 18% 升至 20% 至 25%。

Thank you again. For joining us today. And a special thanks to our exceptional customers, 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。今天就加入我們。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 Q2 financial results and second provide our outlook for FY25 and Q3 unless otherwise indicated. My remarks pertain to non-GAAP results and the growth is relative to the year ago period.

感謝斯科特，也感謝大家今天加入我們。我將討論兩個主題。首先，我們回顧第二季的財務業績，其次提供我們對 2025 財年和第三季的展望，除非另有說明。我的評論涉及非公認會計準則業績，成長是相對於去年同期而言的。

I will be referring to the earnings slide deck that is available on our IR website starting with Q2. In summary, we delivered strong results above our expectations. Highlighting another quarter of solid performance revenue came in at $185 million .$9 million above our guide and operating income was $41million .$10 million above our guide operating margin expanded by two points to a record quarterly high of 22% subscription net retention improved by two points sequentially to 107%.

我將指的是我們的 IR 網站上從第二季開始提供的收益幻燈片。總而言之，我們取得了超乎我們預期的強勁業績。突顯另一個季度業績穩健，收入為1.85 億美元。達到創紀錄的季度新高，達到22%，訂閱淨保留率提高了兩倍連續上升至 107%。

AR R grew by 13% and million dollar plus customer count grew by 10 quarter on quarter to a record high of 125.

AR R 成長了 13%，百萬美元以上客戶數量較上季成長了 10 個，達到 125 個的歷史新高。

Let me provide some additional details. Please turn to slide. Five total revenue was $185 million up 16% with both subscription and marketplace and other above our expectations.

讓我提供一些額外的細節。請轉到幻燈片。五個總收入為 1.85 億美元，成長 16%，訂閱和市場及其他收入都超出我們的預期。

Subscription revenue was $143 million. Up 14% fixed subscription revenue was also up 14% a two point acceleration from last quarter and slightly ahead of our low double digit expectation on lower than expected contraction usage revenue was up 16% and largely benefited from some one time activity. Usage is a percentage of total subscription revenue with 16% slightly above the 10 to 15% historic range.

訂閱收入為 1.43 億美元。固定訂閱收入成長 14%，較上季成長 2 個百分點，略高於我們的低兩位數預期，因為低於預期的收縮使用收入成長 16%，主要受益於一些一次性活動。使用量佔總訂閱收入的百分比為 16%，略高於 10% 至 15% 的歷史範圍。

AR R was $483 million. Up 13% year on year and quarter on quarter grew by $ 5 million driven by product attach expansion and improved customer churn and downsell subscription net retention was 107% 2 points better sequentially and above our 100 to 105% expectation.

AR R 為 4.83 億美元。受產品附加擴張和客戶流失改善以及降價銷售訂閱淨保留率的推動，年增13%，環比增長500 萬美元，環比增長107%，比上一季提高2 個百分點，高於我們100% 至105 % 的預期。

The improvement was mostly driven by lower customer churn and down sell and to a lesser extent stronger subscription usage total RPO or contracted backlog was up 3% to $504 million.

這一改善主要是由於客戶流失率和降價銷售的減少，以及訂閱使用總 RPO 或合約積壓訂單的增長，在較小程度上增長了 3%，達到 5.04 億美元。

Current RPO was up 10% to$ 374 million.

目前的 RPO 成長了 10%，達到 3.74 億美元。

The selling environment in Q2 was similar to the prior two quarters. On the positive side, our sales head count is stable and we have sufficient sales capacity to meet our goals. This year, we are confident in our second half pipeline and we saw a modest improvement in the average sales cycle in the quarter and we had a near record renewal rate. With existing customers in Q2.

第二季的銷售環境與前兩季相似。從積極的一面來看，我們的銷售人員數量穩定，並且有足夠的銷售能力來實現我們的目標。今年，我們對下半年的產品線充滿信心，我們看到本季的平均銷售週期略有改善，續訂率接近創紀錄。第二季現有客戶。

On the other hand, our conversion of pipeline into sales remains below trend.

另一方面，我們的通路轉化為銷售額的情況仍然低於趨勢。

Customers remain cautious and software spending decisions are being carefully scrutinized as we turn the page to calendar 2025 with a lower interest rate environment. We are cautiously optimistic that spending loosens up in the meantime, as Scott mentioned, we remain focused on what we can control, refining our go to market, improving our product functionality and expanding our network marketplace. And other revenue increased 23% to $42 million data marketplace which accounted for 78% of marketplace and other revenue grew by 24% reflecting continued strength in digital advertising and in particular C TV, which now accounts for roughly 20% of data marketplace. Revenue.

當我們將這一頁翻到利率環境較低的 2025 年時，客戶仍然保持謹慎態度，並且正在仔細審查軟體支出決策。我們對支出放鬆持謹慎樂觀的態度，正如斯科特所提到的，我們仍然專注於我們可以控制的事情，完善我們的市場准入，改進我們的產品功能並擴大我們的網路市場。其他收入成長了 23%，達到 4,200 萬美元的數據市場，佔市場份額的 78%，其他收入成長了 24%，反映了數位廣告，特別是 CTV 的持續強勁，目前約佔數據市場的 20%。收入。

Moving beyond revenue, gross margin was 75% flat year on year. Operating expenses were $ 99 million up 11% driven primarily by investments in product and sales headcount to support revenue growth.

除收入外，毛利率較去年同期持平 75%。營運費用為 9,900 萬美元，成長 11%，這主要是由於為支持收入成長而對產品和銷售人員進行的投資所致。

Operating income was$ 41 million up from$ 32 million a year ago and our operating margin was up two points to a record quarterly high of 22%.

營業收入從一年前的 3,200 萬美元增加到 4,100 萬美元，營業利潤率上升兩個百分點，達到創紀錄的季度新高 22%。

GAAP operating income was 7 million reflecting stock based compensation and purchased intangible asset amortization dotcom was $ 29 million up from $16 million a year ago. As a reminder, the prior year benefited from accelerated vesting for tax planning purposes. And the current year includes the impact of the HBU acquisition operating cash flow was $56 million. Up from $36 million a year ago, reflecting growth and adjusted EBITA and improved working capital.

GAAP 營業收入為 700 萬美元，反映了基於​​股票的薪酬，購買的無形資產攤銷網路費用為 2,900 萬美元，高於一年前的 1,600 萬美元。提醒一下，上一年受益於稅務規劃目的的加速兌現。包括 HBU 收購影響在內的本年度營運現金流為 5,600 萬美元。高於一年前的 3,600 萬美元，反映了成長、調整後的 EBITA 和營運資本的改善。

In August, the board expanded and extended our share repurchase program. And in Q2, we increased our repurchase to$ 50 million, bringing our fiscal year-to-date total to roughly $71 million through today.

八月份，董事會擴大並延長了我們的股票回購計畫。在第二季度，我們將回購金額增加到 5,000 萬美元，使我們的財年迄今總額達到約 7,100 萬美元。

There is approximately $287 million remaining under the current authorization that expires at the end of calendar 2026.

目前的授權還剩約 2.87 億美元，授權將於 2026 年底到期。

So in summary, we posted strong financial results in Q2. We beat on both the top and bottom line subscription revenue and AR R grew by double digits for the third consecutive quarter. Subscription net retention improved sequentially to 107%. The highest level in over two years. Million dollar plus customer count increased by 10 to reach a new record high of 125 operating margin expanded by two points to a record high of 22%.

總而言之，我們在第二季發布了強勁的財務表現。我們的頂線和底線訂閱收入均表現出色，AR R 連續第三個季度實現兩位數成長。訂閱淨保留率季增至 107%。創兩年多來最高。百萬美元以上顧客數量增加 10 個，達到 125 個新高，營業利益率擴大兩個百分點，達到 22% 的歷史新高。

Let me now turn to our financial outlook for FY25 and Q3. Please turn to slide 12.

現在讓我談談我們對 2025 財年和第三季的財務展望。請翻到投影片 12。

Please keep in mind our non-GAAP guidance excludes intangible amortization stock based compensation and restructuring and related charges.

請記住，我們的非公認會計原則指引不包括無形攤銷股票補償及重組及相關費用。

Starting with the full year. We are increasing our revenue guidance to between$ 737 million and $739 million up 12% year on year.

從全年開始。我們將營收指引提高至 7.37 億美元至 7.39 億美元之間，年增 12%。

Relative to our prior guide, this is a $13 million increase at the midpoint and above the $9 million beat in Q2.

與我們之前的指南相比，中間增加了 1,300 萬美元，高於第二季的 900 萬美元。

We are increasing our subscription growth expectations. We expect fixed subscription revenue to grow approximately low double digits versus our prior expectation of high single to low double digits. We expect subscription usage to be at mid single digits up from flat. Previously, our outlook for subscription revenue assumes net retention remains within a range of 100 to 105%. This is a few ticks below Q2 which benefited from some one time items and subscription usage. As I mentioned with marketplace another, we now expect growth in the high 10s up from our prior expectation of mid 10s underpinning. This estimate is an expectation that data marketplace growth will be in line to above the growth in overall us digital advertising.

我們正在提高訂閱成長預期。我們預期固定訂閱收入將成長約低兩位數，而我們先前的預期為高個位數到低兩位數。我們預計訂閱使用量將從持平上升到中個位數。先前，我們對訂閱收入的展望假設淨留存率維持在 100% 至 105% 的範圍內。這比第二季低了幾個刻度，這得益於一些一次性項目和訂閱使用。正如我在另一個市場中提到的，我們現在預計成長將達到 10 左右，高於先前 10 左右的預期。這項估計是數據市場成長將高於美國整體數位廣告成長的預期。

In addition, we expect services growth to moderate as we move through the back half of the year.

此外，我們預計，隨著今年下半年的到來，服務業成長將放緩。

We now expect gross margin to be approximately 74 to 75% due to short term investments to modernize our platform and improve data processing speed and reliability.

由於對我們的平台進行現代化改造並提高資料處理速度和可靠性的短期投資，我們現在預計毛利率約為 74% 至 75%。

We expect non-GAAP operating income of between $133million and$ 135 million at the midpoint. This represents 28% growth and a margin of 18% up two points year on year.

我們預計非 GAAP 營業收入中位數將在 1.33 億至 1.35 億美元之間。這意味著成長率為 28%，利潤率為 18%，年比上升兩個百分點。

On the rule of 40 framework at the midpoint of our guide, the 18% operating margin plus 12% revenue growth would put us at rule of 30 for the first time.

根據我們指南中點的 40 規則框架，18% 的營業利潤率加上 12% 的收入成長將使我們首次達到 30 法則。

We expect GAAP operating income to be between six and $ 8 million and lastly on share repurchases, we intend to use a substantial portion of this year's free cash flow for share repurchases and we'll be opportunistic over the balance of the fiscal year depending on market conditions.

我們預計GAAP 營業收入將在600 至800 萬美元之間，最後在股票回購方面，我們打算將今年自由現金流的很大一部分用於股票回購，我們將在本財年的餘額中採取機會主義態度，取決於市場狀況。

Now, moving on to Q3, we expect total revenue of $191 million non-GAAP operating income of $39 million and an operating margin of 20%.

現在，進入第三季度，我們預計總收入為 1.91 億美元，非 GAAP 營業收入為 3,900 萬美元，營業利潤率為 20%。

A few other call outs for Q3, we expect subscription revenue to be up high, single digits with fixed subscription, up low double digits and usage roughly flat marketplace and other revenue is expected to be up mid 10s. Note that the comps get increasingly difficult in the fiscal second half, but our guide assumes a fairly stable two year stack gross margin is expected to be between 74 and 75% and we expect stock based compensation to be approximately $ 27 million before opening the call to questions. I'll conclude with a few final thoughts. First, we had a strong Q2 ahead of our expectations on the top and bottom line reflecting strength with existing customers and healthy digital ad markets.

第三季的其他一些要點是，我們預計訂閱收入將高點成長，固定訂閱的個位數成長，低點成長，市場使用量大致持平，其他收入預計將成長 10 歲以上。請注意，下半年的比較變得越來越困難，但我們的指南假設相當穩定的兩年堆疊毛利率預計在74% 至75% 之間，我們預計在開始電話會議之前基於股票的薪酬約為2700 萬美元來提問。最後我將提出一些最後的想法。首先，我們第二季的營收和淨利潤表現強勁，超出了我們的預期，反映出現有客戶和健康的數位廣告市場的實力。

Operating margin expanded by two points to a record quarterly high of 22%.

營業利益率擴大兩個百分點，達到創紀錄的季度新高 22%。

We've increased our FY25 guidance for revenue and operating income and while not yet in a position to provide guidance for FY26. We remain committed to continued rule of 40 progress.

我們提高了 2025 財年的收入和營業收入指引，但尚無法為 2026 財年提供指引。我們仍致力於繼續遵守 40 條進展規則。

As Scott mentioned, our top focus is on building out our network and re accelerating our sales momentum on the bottom line. We will continue to carefully and smartly manage expenses. We are executing well against our offshoring initiative and are continuously evaluating opportunities for further cost efficiencies. Net We expect to deliver several points of operating margin improvement in FY26 and show further progress against rule of 40.

正如斯科特所提到的，我們的首要重點是建立我們的網絡並重新加速我們的銷售勢頭。我們將繼續謹慎、明智地管理開支。我們的離岸外包計畫執行得很好，並不斷評估進一步提高成本效率的機會。淨值 我們預計 2026 財年營業利潤率將實現幾個百分點的改善，並在 40 規則的基礎上取得進一步進展。

Before turning to your questions, a quick public service announcement ramp up. Our annual customer and partner conference will be held on February 25th through February 28th in San Francisco. In addition, we will host an investor and Analyst day on February 25th, more details to come, but please mark your calendars and we hope you can join us on behalf of all Liverampers. Thanks again for joining us today and thank you to our amazing customers and partners operator. We will now open the call to questions.

在回答您的問題之前，先播放一個快速的公共服務公告。我們的年度客戶和合作夥伴會議將於 2 月 25 日至 28 日在舊金山舉行。此外，我們將於 2 月 25 日舉辦投資者和分析師日活動，更多詳細資訊稍後公佈，但請標記您的日曆，我們希望您能夠代表所有 Liverampers 參加我們。再次感謝您今天加入我們，並感謝我們出色的客戶和合作夥伴營運商。我們現在開始提問。

Thank you at this time. (Operator Instructions)

這次謝謝你了。（操作員說明）

Your first question comes from the line of Jason Kreyer with Craig Hallam. Please go ahead.

你的第一個問題來自 Jason Kreyer 和 Craig Hallam 的對話。請繼續。

Great. Thank you guys. I just wanted to ask about the strong performance and subscri subscription revenue. You know, we talked the past couple quarters about these longer sales cycles. So we had expected maybe a little bit of a decel there. So just curious if you can unpack what, what elements of the selling process drove the acceleration use on subscription.

偉大的。謝謝你們。我只是想問一下強勁的業績和訂閱收入。您知道，我們在過去幾個季度討論了這些更長的銷售週期。所以我們預計那裡可能會有一點減速。所以只是好奇你是否能解開銷售過程中的哪些因素推動了訂閱的加速使用。

Yeah, I'm happy to and we were, we were pleased to report that the out performance and subscription is driven by both an improvement in fixed subscription as well as subscription usage. With respect to fixed subscription, as Scott mentioned, we had a near record high renewal rate in the quarter and record low contraction and that benefited fixed subscription growth in Q2.

是的，我很高興，我們很高興地報告說，輸出效能和訂閱是由固定訂閱和訂閱使用的改進所推動的。至於固定訂閱，正如斯科特所提到的，我們在本季的續訂率接近歷史最高紀錄，收縮率創歷史新低，這有利於第二季的固定訂閱成長。

And then, as I mentioned in my prepared remarks, subscription usage did benefit from some one time items and activity in the quarter which we're not expecting to repeat in the second half, but certainly benefited usage growth in Q2. So taken together, we saw a nice beat against our expectation for subscription. And then while you didn't, while you didn't ask it, data marketplace also outperformed relative to our expectations in the quarter. And that was largely driven by a strong data marketplace performance and and particularly C TV.

然後，正如我在準備好的發言中提到的那樣，訂閱使用確實受益於本季度的一些一次性項目和活動，我們預計不會在下半年重複，但肯定有利於第二季度的使用增長。綜合來看，我們的訂閱量遠遠超出了我們的預期。然後，儘管您沒有，儘管您沒有詢問，但數據市場在本季度的表現也優於我們的預期。這在很大程度上是由強勁的數據市場表現，尤其是 C TV 所推動的。

Always happy to have you slide in the out performance on data marketplace. I appreciate that you also had some interesting commentary just on the margin outlook as we get into 2026. Can, can you maybe unpack what the drivers are going to be or a little bit more detail on where you expect that, that better performance and margin to come from as we get into next year.

總是很高興讓您了解數據市場上的表現。我很高興您對 2026 年的利潤率前景也發表了一些有趣的評論。可以，您能否透露一下驅動程式將是什麼，或者更詳細地說明您期望的情況，即明年我們將獲得更好的性能和利潤。

Yeah, I'm happy to take this one as well and thank you for the question. First, offshoring as we've discussed, remains a big lever for the business over the medium term and, and we continue to execute really nicely here. Today, we have about 250 roles offshore up from 60 at the same time last year. The savings benefit this year is being somewhat masked by the addition of HBU related expenses, but would expect us to be a more meaningful driver of, of margin expansion in FY26.

是的，我也很高興接受這個問題，謝謝你的提問。首先，正如我們所討論的，離岸外包在中期內仍然是業務的一個重要槓桿，而且我們繼續在這裡執行得非常好。如今，我們的海外職位數量從去年同期的 60 個增加到約 250 個。今年的節省效益在一定程度上被 HBU 相關費用的增加所掩蓋，但預計我們將成為 2026 財年利潤擴張的更有意義的推動者。

In addition, as we mentioned, we're looking carefully at our cost structure to ensure every dollar of investment is aligned to the key key growth initiatives that Scott discussed and we're driving efficiencies where we can. So for example, as we continue to modernize our platform, which which we discussed and pay down technical debt, we expect to slow the rate of hiring and investment in our product and engineering function. And similarly, we would expect to see continued leverage on our G&A investment.

此外，正如我們所提到的，我們正在仔細研究我們的成本結構，以確保每一美元的投資都與斯科特討論的關鍵增長計劃保持一致，並且我們正在盡我們所能提高效率。例如，隨著我們繼續對我們的平台進行現代化改造（我們對此進行了討論）並償還了技術債務，我們預計會放慢產品和工程職能的招聘和投資速度。同樣，我們預計我們的一般及行政投資將繼續發揮作用。

Perfect. Thank you very much.

完美的。非常感謝。

Your next question comes from the line of Shyam Patil with Susquehanna Financial Group LLLP. Please go ahead.

您的下一個問題來自 Susquehanna Financial Group LLLP 的 Shyam Patil。請繼續。

Good afternoon. This is Erin on for Sha. Thanks for taking our questions.

午安.這是莎的艾琳。感謝您回答我們的問題。

Can you talk about C TV and how that's contributing to the growth that we're seeing and then relatedly, are there any more details that you can share to help us better understand the cleanroom partnership that you recently announced with Netflix? Thank you.

您能否談談 C TV 以及它如何促進我們所看到的成長？謝謝。

Yeah. Hey Aaron, it's Scott. First off on C TV, you know, it's not something we break out anymore specifically, because we're not a media take rate business. That said, I would tell you that I think we are absolutely instrumental in the future of C TV, where it's going and how those C TV players are going to in the future partner with major advertisers. And let me unpack that a little bit. You know, it used to be that if you were buying television, you would go to panel based, add it with some panel based data to, to plan your buy. Well, it is now the case that every major C TV provider has an authenticated audience and they have deep valuable data.

是的。嘿亞倫，我是史考特。首先，在 C TV 上，您知道，這不再是我們專門發布的內容，因為我們不是媒體收視率業務。也就是說，我想告訴你，我認為我們對 C TV 的未來、它的發展方向以及這些 C TV 玩家未來將如何與主要廣告商合作絕對發揮著重要作用。讓我稍微解開一下。您知道，過去如果您購買電視，您會基於面板，添加一些基於面板的數據，以計劃您的購買。嗯，現在的情況是，每個主要的 C TV 提供者都擁有經過驗證的觀眾，並且他們擁有深入的有價值的數據。

And so the combination of that valuable C TV data along with the valuable first party advertiser data, which is authenticated as well when you start to collaborate across those two deep data sets, that's when the magic happens and, and that requires clean rooms. So when I talked earlier in my prepared remarks about the 35 publishers that we had targeted a big chunk of those are the major C TV companies. And we are working with virtually all of them. And the ways that we're working with them is to set up this clean room.

因此，將寶貴的C TV 數據與寶貴的第一方廣告商數據相結合，當您開始跨這兩個深層數據集進行協作時，這些數據也會經過身份驗證，這就是奇蹟發生的時候，並且這需要潔淨室。因此，當我早些時候在準備好的評論中談到我們瞄準的 35 家出版商時，其中很大一部分是主要的 C 電視公司。我們幾乎正在與他們所有人合作。我們與他們合作的方式是建立這個潔淨室。

So there can be audience collaboration that also facilitates measurement. So advertisers are getting just a fundamentally better experience when they're placing their ad buys on those C TV providers. And that's so important now because we, we passed this tipping point for C TV. So I think that's going to be a really interesting part of our business. We've talked so much over the last couple of years about retail media networks, but, you know, add in here kind of these entertainment networks that we're going to start to see virtually every major advertiser is going to be collaborating with, call it the top dozen C TV providers and doing really, really interesting things.

因此，觀眾之間的協作也有利於衡量。因此，當廣告商在這些 C TV 提供者上購買廣告時，他們會獲得更好的體驗。這現在非常重要，因為我們已經過了 C TV 的這個轉折點。所以我認為這將是我們業務中非常有趣的部分。在過去的幾年裡，我們已經談論了很多關於零售媒體網絡的話題，但是，你知道，在這裡添加一些娛樂網絡，我們將開始看到幾乎每個主要廣告商都將與之合作，稱其為排名前十的C 電視供應商，並且做著非常非常有趣的事情。

And, and remind me again, your second question. It was Netflix, right? So on the Netflix side, you know, I talked about prepared remarks about what we're doing with Disney.

並且，再次提醒我，你的第二個問題。是 Netflix，對吧？因此，在 Netflix 方面，我談到了有關我們與迪士尼合作的準備好的評論。

And the Netflix partnership is just very similar. We announced it last quarter, you know, I think it goes live in early January. I mean, it's really hard to take things live in Q4, which is kind of the height of the, the silly season from a Publisher technology perspective. But, you know, I tell you, advertiser demand for this off the charts. It's going to be the measurement, the audience collaboration. I had I had lunch with or dinner with some of the Netflix folks. Last month they're super excited about it. So I expect good things but don't expect to see any growth from that this coming quarter. That will be in calendar Q1 or Q4.

與 Netflix 的合作也非常相似。我們上個季度宣布了這一消息，我認為它會在一月初上線。我的意思是，第四季的上線確實很難，從發行商技術的角度來看，這是愚蠢的季節的高峰。但是，你知道，我告訴你，廣告商對此的需求超乎尋常。這將是衡量、觀眾合作。我曾與 Netflix 的一些人員共進午餐或晚餐。上個月他們對此感到非常興奮。因此，我期待美好的事情，但預計下個季度不會出現任何成長。這將在日曆第一季或第四季進行。

Great. Thanks Scott.

偉大的。謝謝斯科特。

(Operator Instructions)

（操作員說明）

Your next question comes from the line of Elizabeth Porter with Morgan Stanley. Please go ahead.

你的下一個問題來自伊莉莎白波特與摩根士丹利的對話。請繼續。

Hi, this is Josh, be on for Elizabeth. I wanted to ask one on the FY26 operating margin guidance. I really appreciate the early color. I wondering what would land you at 20% versus 25%. You know, especially now looking for 18% or so for this year. It's the difference between sort of solid modest expansion and really significant expansion. I'm wondering if you're managing costs to manage to some rule of metric that that goes beyond the 30% this year or if it's a dynamic where top line upside is going to flow through. If you could talk to like, what would land you at the top and bottom of that range? That would be great. Thanks.

嗨，我是喬什，請替伊莉莎白發言。我想詢問有關 2026 財年營業利潤率指引的問題。我真的很欣賞早期的顏色。我想知道什麼會讓你達到 20% 和 25%。你知道，尤其是現在，今年的成長率預計在 18% 左右。這就是適度適度擴張和真正顯著擴張之間的差異。我想知道您是否正在管理成本以管理今年超過 30% 的某些指標規則，或者這是否是一個動態的，頂線上漲將會流動。如果你可以和喜歡的人交談，什麼會讓你處於這個範圍的頂部和底部？那太好了。謝謝。

Yeah, it's a great question. I'm happy to. And, and I'll start by just acknowledging it. It's probably too premature to talk about top line growth next year. We still have two quarters to go in this fiscal year. That said under all reasonable revenue scenarios, we believe we have the levers to drive the margin expansion that both Scott and I discussed revenue, of course, is going to be a lever on, you know, the 20 to 25% range just given that the high fall through of our model.

是的，這是一個很好的問題。我很高興。而且，我首先要承認這一點。現在談論明年的營收成長可能還為時過早。本財年還有兩個季度。也就是說，在所有合理的收入情境下，我們相信我們有能力推動利潤率擴張，史考特和我都討論過收入，當然，這將是一個槓桿，你知道，考慮到20% 到25%的範圍我們模型的高跌落。

In addition that the pace at which we continue to offshore is a big lever. And then finally, as we mentioned, we have kind of levers in other areas of our business to just run a better business and, and drive greater efficiencies and how quickly we harvest those opportunities. We will also dictate margin expansion next year.

此外，我們繼續離岸的步伐也是一個很大的槓桿。最後，正如我們所提到的，我們在業務的其他領域擁有某種槓桿來運作更好的業務，並提高效率以及我們如何快速地收穫這些機會。我們也將規定明年的利潤率擴張。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Your next question comes from the line of Alex Levine with the benchmark company. Please go ahead.

你的下一個問題來自 Alex Levine 與基準公司的對話。請繼續。

Hey guys. Thanks for taking the questions, Alex. I'm from Mark. I'm just curious if you could provide an update to the oracle related marketplace pipeline progression and whether or not the raised guidance in fact reflects that. And then secondly, curious if you could quantify, perhaps I missed this. The contribution on revenue and error are from a in the quarter. Thank you.

嘿夥計們。感謝您提出問題，亞歷克斯。我來自馬克。我只是好奇您是否可以提供與甲骨文相關的市場管道進展的更新，以及提出的指導是否實際上反映了這一點。其次，好奇你是否可以量化，也許我錯過了這一點。對收入和錯誤的貢獻來自本季度的 a。謝謝。

Yeah. Hi Alex. I am happy to take both of those. So first, with respect to the oracle impact, we continue to expect a modest positive impact in Q3 associated with the shutdown of Oracles ad business. As a reminder, this this shut down happened at the end of September. So still relatively new and we'll continue to tread lightly with respect to guidance until we have more of a trend line to forecast against. But, but do continue to expect it to be to represent a nice opportunity for us in the back half of this year.

是的。嗨亞歷克斯。我很高興接受這兩個。首先，就甲骨文的影響而言，我們繼續預期甲骨文廣告業務的關閉將在第三季產生適度的正面影響。提醒一下，這次關閉發生在九月底。因此，仍然相對較新，我們將繼續謹慎對待指導，直到我們有更多的趨勢線可以預測。但是，請繼續期待這對我們來說是今年下半年的一個很好的機會。

And with respect to guidance, what I can share is we remain on track for the $18 million of synergized revenue this year and you know, tracking toward that in in the first half. At this point, just given the integration of HBU into our, our broader suite of clean room solutions, it's hard to pull it out, you know, to pull out the contribution perfectly but would reiterate. We, are on track to deliver the $18 million we committed to at the beginning of this Year.

就指導而言，我可以分享的是，我們今年仍有望實現 1800 萬美元的協同收入，而且您知道，我們將在上半年實現這一目標。在這一點上，只要將 HBU 整合到我們更廣泛的無塵室解決方案套件中，就很難將其完美地發揮出來，但我會重申。我們預計將兌現今年年初承諾的 1800 萬美元資金。

Got it. Thank you very.

知道了。非常感謝。

Seeing as we do not have any more questions at this time, I will now turn the call back over to Lauren Dillard for closing remarks.

鑑於我們目前沒有更多問題，我現在將電話轉回勞倫·迪拉德 (Lauren Dillard) 進行結束語。

Thanks so much. And I'll conclude with a few final thoughts. First, we delivered another strong quarter with both revenue and operating income ahead of our expectations. Next, we're pleased to take up our full year outlook for both revenue and operating income and as we look ahead.

非常感謝。最後我將提出一些最後的想法。首先，我們再次實現了強勁的季度業績，營收和營業收入都超出了我們的預期。接下來，我們很高興對全年收入和營業收入進行展望並展望未來。

We like our strategic position and our conviction about the long term has never been greater. And finally, we hope you join us at ramp up in February in San Francisco. So with that, thank you again for joining us today. We look forward to speaking in the days and weeks ahead.

我們喜歡我們的戰略地位，我們對長期發展的信念從未如此強烈。最後，我們希望您能加入我們 2 月在舊金山舉行的活動。因此，再次感謝您今天加入我們。我們期待在未來幾天和幾週內發表講話。

Ladies and gentlemen, that includes today's call. Thank you all for joining you may now disconnect.

女士們先生們，這包括今天的電話。感謝大家的加入，現在可以斷開連線了。