Liveramp Holdings Inc (RAMP) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to LiveRamp's fiscal 2026 first-quarter earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，下午好，歡迎參加 LiveRamp 2026 財年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

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

現在我想將電話轉給主持人、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 2026 first quarter earnings call. With me today are Scott Howe, our CEO; and Lauren Dillard, our CFO.

謝謝您，接線生。大家下午好，感謝您參加我們的 2026 財年第一季財報電話會議。今天和我一起的有我們的執行長 Scott Howe 和我們的財務長 Lauren Dillard。

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

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果大不相同。有關這些風險的詳細描述，請閱讀我們的公開文件和新聞稿中的風險因素部分。我們的新聞稿和財務報表（包括所有與非公認會計準則 (Non-GAAP) 財務指標的對帳表）可在 investors.liveramp.com 取得。此外，在今天的電話會議中，我們將參考投資者關係網站上提供的幻燈片。

With that, I'll turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Thank you, Drew. And thank you to everyone joining us today. Q1 was a good way to start the year, balancing both strong performance and optimism for the future. We had a very strong start to fiscal 2026 with first quarter results exceeding our expectations on both the top and bottom lines. We can also see opportunities to improve our performance that could impact the back half of the year and the years to come.

謝謝你，德魯。感謝今天參加我們會議的各位。第一季是開啟新一年的良好方式，兼顧了強勁的業績和對未來的樂觀。我們的 2026 財年開局非常強勁，第一季的業績無論是營收或利潤都超出了我們的預期。我們還可以看到改善業績的機會，這可能會影響今年下半年甚至未來幾年的業績。

Total revenue increased at a double-digit rate for the sixth consecutive quarter with double-digit growth in both subscription revenue as well as marketplace and other. Looking ahead, we have a robust new business pipeline and good sales momentum across several solutions on which I will elaborate in a minute.

總營收連續第六個季度實現兩位數成長，其中訂閱收入、市場收入及其他收入均達到兩位數成長。展望未來，我們擁有強大的新業務管道和多個解決方案的良好銷售勢頭，我將在稍後詳細說明。

On the bottom line, non-GAAP operating income increased by 34%, driven by 3 points of margin expansion to a record first quarter high of 18%. Our organization continues to become more and more efficient, thanks to initiatives like our growing offshore presence in India and our forthcoming new pricing model.

整體而言，非公認會計準則營業收入成長了 34%，這得益於利潤率擴大 3 個百分點，達到第一季創紀錄的 18%。由於我們在印度不斷擴大的離岸業務以及即將推出的新定價模式等舉措，我們的組織變得越來越有效率。

Q1 GAAP operating margin also reached a record high, expanding by 7 points, driven in part by lower stock-based compensation, reflecting new grant policies to rationalize these costs and better align with performance. Finally, we increased our FY26 guidance for revenue and free cash flow. There's a lot to like in Q1, and Lauren will provide additional details later in the call.

第一季 GAAP 營業利潤率也創下歷史新高，成長了 7 個百分點，部分原因是股票薪酬降低，反映了新的授予政策，以合理化這些成本並更好地與業績保持一致。最後，我們提高了 26 財年的收入和自由現金流指導。第一季有很多值得稱道的地方，勞倫將在稍後的電話會議中提供更多細節。

My remarks today will cover three main topics. First, an update on the products driving our current sales momentum, including Cross-Media Intelligence, Commerce Media Networks, and CTV. Second, insights into our new pricing model and its potential to accelerate growth. And third, our perspective on how AI will transform digital advertising and its implications for LiveRamp's long-term significance and prospects.

我今天的發言主要講三個主題。首先，介紹一下推動我們目前銷售動能的產品，包括跨媒體智慧、商業媒體網路和 CTV。其次，深入了解我們的新定價模式及其加速成長的潛力。第三，我們對人工智慧如何改變數位廣告及其對 LiveRamp 的長期意義和前景的影響的看法。

Let's start with the drivers behind sales momentum. Our data collaboration network is experiencing strong sales momentum, evidenced by an above-average conversion of pipeline into signings, a reduction in the average sales cycle length and an increase in average deal size during the first quarter. This momentum is primarily driven by our Cross-Media Intelligence, Commerce Media Networks, and CTV solutions, which I will now discuss in detail.

讓我們先來了解一下銷售動能背後的驅動因素。我們的數據協作網路正經歷強勁的銷售勢頭，證據是第一季通路轉化為簽約的數量高於平均水平、平均銷售週期長度縮短以及平均交易規模增加。這一勢頭主要得益於我們的跨媒體智慧、商業媒體網路和 CTV 解決方案，我現在將詳細討論這些解決方案。

Our new Cross-Media Intelligence solution is surpassing initial expectations. Marketers often contend with outdated measurement tools that provide an incomplete and distorted view of effectiveness within today's fragmented digital ecosystem, leading to suboptimal decisions. Cross-Media Intelligence powered by state-of-the-art clean room technology addresses this by offering the most extensive collaboration network that seamlessly connects an array of ecosystem participants from advertisers and publishers to Commerce Media Networks, data providers, and measurement partners. An identity foundation that enables privacy preserving data connectivity across the network, governance tools to implement and enforce unique data sharing policies between various collaborators.

我們的新跨媒體智慧解決方案超出了最初的預期。行銷人員經常使用過時的測量工具，這些工具在當今分散的數位生態系統中提供不完整和扭曲的有效性視圖，從而導致決策不理想。由最先進的無塵室技術支援的跨媒體智慧解決了這個問題，它提供了最廣泛的協作網絡，無縫連接了從廣告商和出版商到商業媒體網絡、數據提供商和測量合作夥伴的一系列生態系統參與者。身分基礎可實現跨網路的隱私保護資料連接，治理工具可實現並執行各個合作者之間的獨特資料共享策略。

And finally, seamless interoperability across all major cloud environments. Launched in the first quarter Cross-Media Intelligence has already attracted several high-profile customers, including the largest social media platform, a leading CPG manufacturer, the largest consumer and enterprise software company, and a significant financial software provider. This strong start signals continued momentum in upcoming quarters.

最後，實現所有主要雲端環境之間的無縫互通性。跨媒體智慧於第一季推出，已經吸引了多家知名客戶，包括最大的社交媒體平台、領先的 CPG 製造商、最大的消費者和企業軟體公司以及重要的金融軟體供應商。這一強勁開局預示著未來幾季將繼續保持強勁勢頭。

While Cross-Media Intelligence is our newest solution, Commerce Media Networks remain a significant growth driver. This quarter, Walgreens leveraged our technology for their new clean room solution, enhancing ad personalization, scaling real-time audience insights, and increasing transparency and control for brand advertisers. We also secured a multiyear multimillion ACV upsell with a leading US department store.

雖然跨媒體智慧是我們最新的解決方案，但商業媒體網路仍然是重要的成長動力。本季度，沃爾格林利用我們的技術推出了新的無塵室解決方案，增強了廣告個人化，擴大了即時受眾洞察，並提高了品牌廣告商的透明度和控制力。我們也與美國一家領先的百貨公司達成了多年數百萬 ACV 追加銷售協議。

Our Commerce Media growth extends beyond retail with airlines, casinos, automotive, and real estate brokers actively launching networks. We expanded our partnership with Western Union, connecting their media network audiences to those of others for enhanced on and off-site advertising personalization.

我們的商業媒體成長不僅限於零售業，航空公司、賭場、汽車和房地產經紀人也積極推出網路。我們擴大了與西聯匯款的合作關係，將他們的媒體網絡受眾與其他受眾聯繫起來，以增強站內和站外廣告的個人化。

A new case study, one of several client success stories we highlight in our earnings presentation highlights our work with Lyft, connecting rider insights with advertiser first-party data. We anticipate continued growth in Commerce Media as we establish more partnerships in new industries, leveraging our work with food delivery companies for QSRs, payment plans for smaller merchants, and travel sector clients for broader partnerships.

一個新的案例研究是我們在收益報告中重點介紹的幾個客戶成功案例之一，突出了我們與 Lyft 的合作，將乘客洞察與廣告商第一方數據聯繫起來。隨著我們在新行業建立更多的合作夥伴關係，我們預計 Commerce Media 將繼續成長，利用我們與食品配送公司為 QSR 提供​​的服務、為小型商家提供的支付計劃以及為旅遊業客戶提供的更廣泛的合作夥伴關係。

CTV is another key driver of recent sales strength. After a year of integrating major CTV and streaming platforms into our network, we're seeing strong momentum with brands leveraging these growing ad destinations by connecting their first-party data to media exposures. For example, our Netflix integration has scaled a dozens of brands in just four months, offering the high-quality inventory every TV advertiser desires. This flywheel effect from adding large CTV nodes is expected to fuel continued growth.

CTV 是近期銷售強勁的另一個關鍵推動力。在將主要的 CTV 和串流平台整合到我們的網路一年後，我們看到了強勁的發展勢頭，品牌透過將其第一方數據與媒體曝光相結合，利用這些不斷增長的廣告目的地。例如，我們與 Netflix 的整合在短短四個月內就擴展到了數十個品牌，提供了每個電視廣告商都渴望的高品質庫存。增加大型 CTV 節點產生的飛輪效應預計將推動持續成長。

To reinforce our product discussion, it's worth noting that two leading tech research firms Forrester and IDC recently published reports independently validating our data collaboration platforms effectiveness. Forrester's Total Economic Impact Study, which we commissioned found that a representative LiveRamp customer achieved a 313% ROI and approximately $10 million in business benefits over three years with a payback period under six months. Additionally, for the second consecutive year, IDC recognized LiveRamp as a leader in its market scape vendor assessment for data clean room technology. More information on both reports is available at liveramp.com.

為了加強我們的產品討論，值得注意的是，兩家領先的技術研究公司 Forrester 和 IDC 最近獨立發布了報告，以驗證了我們的資料協作平台的有效性。我們委託 Forrester 進行的總體經濟影響研究發現，LiveRamp 的一位代表性客戶在三年內實現了 313% 的投資回報率和約 1000 萬美元的商業收益，投資回收期不到六個月。此外，IDC 連續第二年將 LiveRamp 評為數據無塵室技術市場格局供應商評估的領導者。有關這兩份報告的更多信息，請訪問 liveramp.com。

My second main topic is pricing. We're modernizing our pricing model to offer customers greater flexibility and align costs with usage. Last month, we launched a pilot program with up to 40 customers. In just the first few weeks, we find several new customers to the new pricing model, including the world's largest quick-serve restaurant. This six-month pilot will gather feedback before a broader rollout in FY27.

我的第二個主要話題是定價。我們正在更新我們的定價模式，為客戶提供更大的靈活性，並使成本與使用情況保持一致。上個月，我們啟動了一項試點計劃，最多有 40 位客戶參與。光是最初幾週，我們就發現了幾家新客戶接受新的定價模式，其中包括世界上最大的快餐店。這項為期六個月的試點將在 2027 財政年度更廣泛地推廣之前收集回饋。

We have outgrown our existing pricing model, which has become overly complicated, both for customers and for us internally. The existing model also did not facilitate customer usage flexibility across our different capabilities. And certain customer types, namely media platforms and data providers, have been asking for a more flexible usage-based model.

我們已經超越了現有的定價模式，無論對客戶還是對我們內部來說，這個模式都變得過於複雜。現有模型也無法促進客戶在我們不同功能之間的靈活使用。某些客戶類型，即媒體平台和資料供應商，一直在要求更靈活的基於使用情況的模型。

The new model addresses these issues by standardizing pricing with fungible tokens across all products, enhancing upsell opportunities. offering lower upfront costs to attract small and midsized new customers, particularly media platforms and data providers. Scaling pricing directly with customer usage and variable costs like cloud hosting, reducing billing SKUs and metrics with automated reporting to improve operational efficiency and lower our own operating costs. We anticipate sharing more details as the pilot progresses and the full launch nears.

新模式透過對所有產品使用可替代代幣進行標準化定價來解決這些問題，從而增強追加銷售機會，提供較低的前期成本來吸引中小型新客戶，特別是媒體平台和數據提供者。直接根據客戶使用情況和雲端託管等可變成本調整定價，透過自動報告減少計費 SKU 和指標，以提高營運效率並降低我們自己的營運成本。隨著試點的進展和全面發布的臨近，我們期待分享更多細節。

Finally, let me spend a few minutes on where we think advertising is headed with AI because this is going to fundamentally change how businesses connect with customers. We are not just seeing another advertising platform shift. We have been through these before, desktop to mobile, linear TV to streaming, print to digital. This is different. AI agents will change how consumers discover products and make purchase decisions.

最後，請容許我花幾分鐘時間談談我們認為人工智慧廣告的發展方向，因為這將從根本上改變企業與客戶的聯繫方式。我們看到的不僅僅是另一個廣告平台的轉變。我們之前已經經歷過這些，從桌面到行動設備，從線性電視到串流媒體，從印刷到數位。這是不同的。人工智慧代理將改變消費者發現產品和做出購買決策的方式。

Think about it this way. Instead of people browsing websites or searching across different platforms to find products, they're going to ask an AI agent to find what they need. The agent does the research, makes the recommendation, and maybe even completes the purchase. This is a very different customer journey, and businesses will need to adapt.

這樣想想吧。人們不再需要瀏覽網站或跨平台搜尋來尋找產品，而是需要人工智慧代理來找到他們需要的東西。代理人進行研究、提出建議，甚至可能完成購買。這是一個非常不同的客戶旅程，企業需要適應。

First, brands must reach consumers with personalized messages across new destinations and new devices. New platforms are emerging, while existing platforms are evolving rapidly. Every major media company is embracing agents to enhance their consumer experiences and influence them across a growing array of devices, the myriads of screens we all use today plus a future, which may include watches, glasses, or voice assistance. Businesses need to influence consumers wherever they are spending time.

首先，品牌必須透過新的目的地和新的設備向消費者傳達個人化的訊息。新的平台不斷湧現，而現有的平台也正在快速發展。每家大型媒體公司都在擁抱代理商，以增強消費者體驗，並在越來越多的設備上影響他們，這些設備包括我們今天使用的無數螢幕，以及未來可能包括手錶、眼鏡或語音助理。企業需要影響消費者，無論身在何處。

Second, there's a whole new set of tools emerging. An array of specialized agents, some for media optimization, others for measurement, marketing analytics, creative optimization, even personalized product recommendations. Businesses need tools that can integrate and help them leverage all these different agents.

其次，出現了一整套全新的工具。一系列專業代理，有些負責媒體優化，有些負責測量、行銷分析、創意優化，甚至個人化產品推薦。企業需要能夠整合並幫助他們利用所有這些不同代理商的工具。

Third, and this is where it gets truly interesting for LiveRamp and our clients. The future will be fueled by data. The companies that win are going to be the ones that can feed these AI systems the richest signals, not just public information, but rather their own proprietary customer data as well as permission signals from across their partner ecosystem.

第三，這也是 LiveRamp 和我們的客戶真正感興趣的地方。未來將由數據驅動。獲勝的公司將是那些能夠向這些人工智慧系統提供最豐富信號的公司，這些信號不僅僅是公共訊息，還有他們自己的專有客戶數據以及來自整個合作夥伴生態系統的許可信號。

Others see this also. For example, Salesforce recently announced an $8 billion acquisition of Informatica to bolster its data integration and management capabilities. And that's big, but I'm not sure there is a company that works across more fragmented, diverse, and valuable customer data than LiveRamp. The future will be modeled from a mixture of first-party CRM data, transaction data from retail partners, behavioral signals for media platforms, contextual signals like prompts and environmental data, a myriad of second and third-party data. It's fragmented, complex, and somewhat overwhelming for many companies, compounding the challenge.

其他人也看到了這一點。例如，Salesforce 最近宣布以 80 億美元收購 Informatica，以增強其資料整合和管理能力。這是一件大事，但我不確定是否有一家公司能夠比 LiveRamp 處理更分散、更多樣化、更有價值的客戶資料。未來將由第一方 CRM 資料、零售合作夥伴的交易資料、媒體平台的行為訊號、提示和環境資料等上下文訊號以及大量第二方和第三方資料混合建模。對於許多公司來說，它是分散的、複雜的，而且有點難以承受，這加劇了挑戰。

The most valuable signals won't be freely shared between competitors. Brands need trusted infrastructure that gives data owners control over how their proprietary information gets used and also facilitates turnkey scalabilities for all the various AI use cases each of our clients' desires to utilize. As we've modernized LiveRamp's data collaboration platform, we've designed it for an AI future with the requisite capabilities and network to help marketers easily and effectively navigate this period of change. Data is fuel for AI models, agents, and recommendations, and our data collaboration platform connects fragmented data across partners, creating a network effect where data scale compounds AI intelligence.

最有價值的訊號不會在競爭對手之間自由共享。品牌需要值得信賴的基礎設施，讓資料擁有者能夠控制其專有資訊的使用方式，並為每個客戶希望利用的各種 AI 用例提供交鑰匙可擴展性。隨著我們對 LiveRamp 資料協作平台進行現代化改造，我們針對人工智慧的未來對其進行了設計，使其具備必要的功能和網絡，以幫助行銷人員輕鬆有效地度過這段變革時期。數據是人工智慧模型、代理和建議的燃料，我們的數據協作平台連接合作夥伴之間的碎片數據，創造數據規模複合人工智慧智慧的網路效應。

Our platform also provides the governance and standardization necessary for the complex agentic era, offering shared identity frameworks, clean room interoperability, and trusted measurement for secure and compliant connections. We will continue to enhance our network to be more programmable and real-time, supporting the secure flow of data that powers AI advertising. This represents a significant long-term growth opportunity for LiveRamp and clients view us as a critical partner for their AI ambitions.

我們的平台還提供複雜代理時代所需的治理和標準化，提供共享身分框架、無塵室互通性和安全合規連接的可信測量。我們將繼續增強我們的網絡，使其更加可編程和即時，支援人工智慧廣告所需的資料安全流。這對 LiveRamp 來說是一個重要的長期成長機會，客戶將我們視為其 AI 抱負的重要合作夥伴。

In closing, let me reiterate my key points. First, we delivered strong financial results in Q1, beating on the top and bottom line, delivering double-digit revenue growth for the sixth consecutive quarter and even more robust 34% operating income growth. We also increased our revenue and free cash flow outlook for the year.

最後，讓我重申我的要點。首先，我們在第一季取得了強勁的財務業績，營收和利潤均超過預期，連續六個季度實現兩位數的營收成長，營業收入成長更是強勁，達到 34%。我們也提高了今年的收入和自由現金流預期。

Second, we're advancing key growth initiatives. We're seeing strong sales momentum across our collaboration network, driven by Cross-Media Intelligence, Commerce Media, and CTV. We also launched a pilot program for our new pricing model, which we believe will attract new clients and boost efficiency with benefits expected in the latter half of the fiscal year and beyond.

第二，我們正在推動關鍵成長舉措。在跨媒體智慧、商業媒體和 CTV 的推動下，我們的合作網絡呈現出強勁的銷售動能。我們也啟動了新定價模式的試點項目，我們相信這將吸引新客戶並提高效率，預計在本財年下半年及以後將帶來效益。

Third, LiveRamp is well positioned for the AI-driven future of advertising. In this new AI era, we believe data connectivity, interoperability and strong partner networks will differentiate winners. We are well equipped to capitalize on this disruption, and we'll continue investing in our platform to be more programmable in real time, supporting a secure connection of data that will fuel AI advertising agents.

第三，LiveRamp 在人工智慧驅動的廣告未來中佔據了有利地位。在這個新的人工智慧時代，我們相信數據連接、互通性和強大的合作夥伴網路將成為贏家。我們已做好充分準備利用這項顛覆性變革，並將繼續投資於我們的平台，使其更加即時可編程，支援安全的數據連接，為人工智慧廣告代理提供動力。

Thank you again for joining us today. I also want to thank our exceptional customers, partners, and all LiveRampers for their ongoing hard work and support. We look forward to updating you on our continued progress in the coming quarters.

再次感謝您今天加入我們。我還要感謝我們傑出的客戶、合作夥伴以及所有 LiveRampers 的持續努力和支持。我們期待在未來幾季向您通報我們持續取得的進展。

And with that, I'll turn the call over to Lauren.

說完這些，我將把電話轉給勞倫。

Thanks, Scott. And thank you all for joining us. Today, I'll review our Q1 financial results and then discuss our updated outlook for FY26 and Q2. Unless otherwise indicated, my remarks pertain to non-GAAP results and growth is relative to the year ago period. I will be referring to the earnings slide deck that is available on our IR website.

謝謝，斯科特。感謝大家的參與。今天，我將回顧我們的第一季財務業績，然後討論我們對 26 財年和第二季的最新展望。除非另有說明，我的評論涉及非公認會計準則結果，而成長是相對於去年同期而言的。我將參考我們 IR 網站上提供的收益幻燈片。

Starting with Q1. In summary, we delivered solid results, exceeding our expectations due to strong execution amidst a more favorable macro and selling environment. Revenue increased by 11% and was $4 million above our guide. Non-GAAP operating income increased by 34% and was $3 million above our guide. Operating margin on both a GAAP and non-GAAP basis were record first quarter highs, expanding by 3 points and 7 points, respectively. And finally, our free cash flow outlook for the year is materially better, driven by the recent tax legislation.

從 Q1 開始。總而言之，由於宏觀和銷售環境更加有利，執行力更強，我們取得了穩健的業績，超出了我們的預期。營收成長了 11%，比我們的預期高出 400 萬美元。非公認會計準則營業收入成長 34%，比我們的預期高出 300 萬美元。根據 GAAP 和非 GAAP 計算的營業利潤率均創第一季新高，分別成長了 3 個百分點和 7 個百分點。最後，受近期稅收立法的推動，我們今年的自由現金流前景大幅改善。

Let me provide some additional details. Please turn to slide 5. Total revenue was $195 million, up 11%, exceeding our expectation and consensus. Subscription revenue was $148 million, up 10%. Fixed subscription revenue was up 6%, in line with our expectation. Subscription usage revenue was up approximately 40%, mostly driven by an easy year ago comp and a couple of onetime positive items that benefited the quarter.

讓我提供一些額外的細節。請翻到投影片 5。總收入為 1.95 億美元，成長 11%，超出我們的預期和共識。訂閱收入為1.48億美元，成長10%。固定訂閱收入成長 6%，符合我們的預期。訂閱使用收入成長了約 40%，主要原因是去年同期業績表現良好，以及一些一次性利好本季的項目。

ARR was up 5% year-on-year. This was in line with our first half expectations due to the softer selling environment in the first half of last year and some unusual but known churn events, such as Oracle exiting their ad tech business. We expect net new ARR to pick back up starting in Q2. Subscription net retention was 104%, stable with the prior quarter and in line with our 100% to 105% near-term expectation.

ARR 年成長 5%。這符合我們上半年的預期，因為去年上半年銷售環境較弱，而且出現了一些不尋常但已知的客戶流失事件，例如甲骨文退出其廣告技術業務。我們預計淨新 ARR 將從第二季開始回升。訂閱淨保留率為 104%，與上一季保持穩定，符合我們 100% 至 105% 的近期預期。

Total RPO or contracted backlog was up 29% to $690 million, and current RPO was up 14% to $451 million. RPO and cRPO declined sequentially, consistent with the historical pattern, driven by seasonality in our contract renewals, which skewed to our fiscal second half.

RPO 或合約積壓訂單總額成長 29%，達到 6.9 億美元，目前 RPO 成長 14%，達到 4.51 億美元。 RPO並且 cRPO 連續下降，與歷史模式一致，這是由於我們的合約續約具有季節性，偏向於我們的財政下半年。

Turning to the selling environment. I'd characterize the quarter as generally positive. We had a good quarter with new logo and upsell signings. Although as I mentioned earlier, our dollar churn was higher than we like due to some unique customer events and not related to anything in the broader economy. Our average deal cycle ticked back down to nine months. Our conversion rate of pipeline into bookings was several points above the recent trend. And finally, our average deal size was also above trend.

轉向銷售環境。我認為本季總體上是積極的。我們本季表現良好，推出了新標誌並簽署了追加銷售協議。儘管正如我之前提到的，我們的美元流失率高於我們的預期，這是由於一些獨特的客戶事件造成的，並且與更廣泛的經濟中的任何事物無關。我們的平均交易週期縮短至九個月。我們的通路到預訂的轉換率比近期趨勢高出幾個百分點。最後，我們的平均交易規模也高於趨勢。

Looking ahead, quarter-to-date sales activity has been strong, including several million dollar-plus deals. As Scott shared, our Cross-Media Intelligence solution got off to a strong start, and our clean room strategy is clearly resonating with customers, which gives us increased confidence in improving growth as we progress through this year.

展望未來，本季迄今的銷售活動一直很強勁，其中包括數百萬美元以上的交易。正如史考特所分享的，我們的跨媒體智慧解決方案開局良好，我們的無塵室策略顯然引起了客戶的共鳴，這讓我們對今年的成長更加有信心。

Marketplace and other revenue increased 13% to $46 million. Data Marketplace, which accounted for 76% of Marketplace and other revenue grew by 9%. Data Marketplace growth was a few points below our expectation as we work through an isolated issue with a new integration feature. This issue has been resolved. And as a result, data marketplace growth has rebounded strongly quarter-to-date in Q2.

市場和其他收入成長 13%，達到 4,600 萬美元。數據市場佔市場及其他收入的 76%，成長了 9%。由於我們正在透過新的整合功能解決一個孤立問題，數據市場的成長比我們的預期低了幾個百分點。該問題已解決。因此，數據市場成長在第二季迄今已出現強勁反彈。

Moving beyond revenue. Gross margin was 72%, in line with our guide and down 1 point year-on-year due to temporarily higher cloud hosting expenses related to our platform modernization. Operating expenses were $105 million, up 2% year-on-year and in line with our expectations. Operating income was $36 million, up from $27 million a year ago, and our operating margin expanded by 3 points to 18%.

超越收入。毛利率為 72%，符合我們的預期，由於與平台現代化相關的雲端託管費用暫時增加，毛利率年減 1 個百分點。營運費用為 1.05 億美元，年增 2%，符合我們的預期。營業收入為 3,600 萬美元，高於去年的 2,700 萬美元，營業利潤率成長 3 個百分點，達到 18%。

GAAP operating income was $7 million, up from a loss of $5 million a year ago. Our GAAP operating margin expanded by 7 points year-on-year, driven in part by our more disciplined approach to stock-based compensation. Free cash flow was negative $16 million, reflecting typical seasonality and changes in working capital. We repurchased $30 million in stock in the first quarter and have $226 million remaining under the current authorization that expires at the end of calendar 2026.

以 GAAP 計算，營業利潤為 700 萬美元，而去年同期的虧損為 500 萬美元。我們的 GAAP 營業利潤率年增 7 個百分點，部分原因是我們對股票薪酬採取了更為嚴格的方法。自由現金流為負 1600 萬美元，反映了典型的季節性和營運資本的變化。我們在第一季回購了價值 3,000 萬美元的股票，根據目前授權，剩餘 2.26 億美元的授權將於 2026 年底到期。

Our balance sheet remains very strong with approximately $370 million in cash and short-term investments and zero debt. In summary, Q1 was a strong start to the year, marked by double-digit revenue growth, record first quarter margins and continued discipline in both execution and capital allocation.

我們的資產負債表依然強勁，擁有約 3.7 億美元的現金和短期投資，且零債務。總而言之，第一季是今年的一個強勁開局，其特點是兩位數的收入成長、創紀錄的第一季度利潤率以及在執行和資本配置方面的持續紀律。

Now, let me turn to our financial outlook for FY26 and Q2. Please turn to slide 12. Please keep in mind, our non-GAAP guidance excludes intangible amortization, stock comp and restructuring and related charges. Starting with the full year. We are increasing our FY26 revenue guidance by $6 million at the midpoint by increasing the low end of the range.

現在，讓我來談談我們對 26 財年和第二季的財務展望。請翻到第 12 張投影片。請記住，我們的非公認會計準則指引不包括無形資產攤提、股票補償及重組及相關費用。從全年開始。我們將透過提高範圍的低端，將 2026 財年的收入預期中位數提高 600 萬美元。

This increase reflects the $4 million beat in Q1, plus a $2 million increase over the remaining three quarters in subscription usage.

這一成長反映了第一季 400 萬美元的超額收入，加上其餘三個季度訂閱使用量增加 200 萬美元。

Even with this increase, the guide continues to capture some conservatism in our variable revenue in the fiscal second half to account for the possibility of slower US macro growth. We now expect FY26 revenue to be between $798 million and $818 million, which is growth of 7% to 10%.

即使出現這樣的成長，該指南仍然反映出我們下半年財政年度可變收入中的一些保守性，以考慮到美國宏觀成長放緩的可能性。我們現在預計 26 財年的營收將在 7.98 億美元至 8.18 億美元之間，成長率為 7% 至 10%。

Let me now provide some color on the revenue components, focusing on the midpoint of our guidance range. Subscription revenue is still expected to be up mid- to high single digits. Fixed subscription is still expected to be up mid- to high single digits with improving growth in the second half. Subscription usage growth is now expected to be up mid- to high single digits in light of the strong Q1. We assume usage growth is flat year-on-year over the remaining three quarters.

現在，讓我對收入組成部分進行一些說明，重點關注我們的指導範圍的中點。訂閱收入預計仍將實現中高個位數成長。預計固定用戶數量仍將維持中高個位數成長，下半年成長將有所改善。鑑於第一季的強勁表現，預計訂閱使用量成長率將達到中高個位數。我們假設剩餘三個季度的使用量成長與去年同期持平。

Marketplace and other revenue is expected to grow in the low to mid-teens, outpacing digital ad market growth and benefiting from new marketplace integrations. We expect gross margin to be roughly consistent with FY25. We continue to expect first half gross margins to be in the low 70s and in the second half, normalize to the mid-70s as we finish migrating customers to our new back end.

預計市場和其他收入將成長 15% 至 20% 左右，超過數位廣告市場的成長速度，並受益於新的市場整合。我們預計毛利率將與 25 財年大致持平。我們繼續預計上半年毛利率將在 70% 出頭，下半年隨著我們完成將客戶遷移到新後端，毛利率將恢復到 70% 左右。

We reiterate our guidance for non-GAAP operating income to be between $178 million and $182 million. Our operating income guide is unchanged despite an increase in revenue, reflecting slightly higher costs to support the back-end migration as well as some incremental investments in our services function to support higher demand for our Cross-Media Intelligence solution.

我們重申非公認會計準則營業收入預期，即 1.78 億美元至 1.82 億美元之間。儘管收入增加，但我們的營業收入指南保持不變，這反映了支援後端遷移的成本略有增加，以及對服務功能的一些增量投資，以支持對我們的跨媒體智慧解決方案的更高需求。

At the midpoint of the guide, operating income is growing 33% and margin is expanding 4 points to 22%. The combination of offshoring and general cost discipline, including leveraging the acquired Habu expense base, is affording us the ability to invest in key growth areas while at the same time, driving significant margin expansion. Stock comp is expected to decline 21% year-on-year to $85 million, again, reflecting a more disciplined approach to share-based compensation over the last couple of years.

在該指南的中間點，營業收入成長 33%，利潤率擴大 4 個百分點至 22%。離岸外包和一般成本控制相結合，包括利用收購的Habu費用基礎，使我們能夠投資於關鍵成長領域，同時推動利潤率的大幅擴張。股票薪酬預計將年減 21% 至 8,500 萬美元，這再次反映了過去幾年對股票薪酬採取了更為嚴格的方法。

We expect GAAP operating income to be between $81 million and $85 million, equating to a margin of 10% to 11%, a significant increase over the roughly breakeven results of the last couple of years. Lastly, we now expect free cash flow to increase this year. As you may recall, we had very strong free cash flow in FY25, up over 50%, driven in part by favorable working capital movements in Q4. We expect working capital to normalize this year, but the benefits from the new tax legislation should more than offset that normalization, resulting in an EBITDA conversion rate well above our 75% target and driving cash flow higher year-on-year.

我們預計 GAAP 營業收入將在 8,100 萬美元至 8,500 萬美元之間，相當於利潤率在 10% 至 11% 之間，與過去幾年大致收支平衡的結果相比有顯著增長。最後，我們預計今年的自由現金流將會增加。您可能還記得，我們​​在 25 財年的自由現金流非常強勁，成長了 50% 以上，部分原因是第四季營運資金流動良好。我們預計今年營運資本將恢復正常，但新稅法帶來的好處應足以抵消這一正常化，從而使 EBITDA 轉換率遠高於我們 75% 的目標，並推動現金流同比增長。

We expect to deploy a substantial amount of this higher free cash flow towards share repurchases, consistent with our recent policy. As always, we will be opportunistic depending on market conditions. Given the decline in stock-based comp, combined with our repurchase activity, like last year, we're expecting to more than offset dilution.

我們預計將大量增加的自由現金流用於股票回購，這與我們最近的政策一致。像往常一樣，我們將根據市場情況把握機會。鑑於股票薪酬的下降，加上我們的回購活動（如去年一樣），我們預計將抵消稀釋的影響。

Now, moving on to Q2. We expect total revenue of $197 million, non-GAAP operating income of approximately $39 million and an operating margin of approximately 20%. A few other callouts for Q2. We expect subscription revenue to be up mid-single digits. Marketplace and other revenue is expected to be up low to mid-teens.

現在，進入第二季。我們預計總收入為 1.97 億美元，非 GAAP 營業收入約為 3,900 萬美元，營業利潤率約為 20%。Q2 的一些其他標註。我們預計訂閱收入將成長中等個位數。市場和其他收入預計將成長 15% 至 20%。

And finally, we expect gross margin to be similar to Q1 as we work through the final phases of our back-end upgrade and migration effort.

最後，隨著後端升級和遷移工作的最後階段完成，我們預計毛利率將與第一季相似。

Before opening the call to questions, I'll conclude with a few final thoughts. First, we delivered a strong start to the year, exceeding our expectations on both the top and bottom line with double-digit revenue growth and record Q1 operating margins. Recent sales activity has been encouraging, and we expect growth to accelerate beyond Q2. This momentum, particularly in Cross-Media Intelligence, is a strong validation of our clean room strategy and the value we're delivering to customers.

在開始提問之前，我想最後說幾點想法。首先，我們今年開局強勁，營收和淨利潤均超出預期，實現了兩位數的營收成長，第一季營業利潤率創歷史新高。最近的銷售活動令人鼓舞，我們預計第二季之後成長將會加速。這種勢頭，特別是在跨媒體智慧領域的勢頭，有力地驗證了我們的無塵室策略以及我們為客戶提供的價值。

Our teams are focused, our sales execution is sharp, and our ambition is clear, to deliver progressively stronger performance as the year unfolds. And finally, we also expect another strong year of cash flow, driven by over 30% growth in operating income and benefits from the recently enacted tax legislation.

我們的團隊專注，我們的銷售執行力很強，我們的目標很明確，那就是隨著時間的推移，實現越來越強勁的業績。最後，我們也預期今年的現金流將再創強勁，這得益於營業收入成長 30% 以上以及最近頒布的稅收法案帶來的好處。

We plan to deploy a substantial portion of this higher cash flow toward opportunistic share repurchases, reflecting both our confidence in the business and our commitment to driving long-term shareholder value. Thanks again for joining us. We're excited for what's ahead and grateful to the customers and teammates who make it possible.

我們計劃將這筆較高現金流的很大一部分用於機會性股票回購，這不僅反映了我們對業務的信心，也反映了我們對推動長期股東價值的承諾。再次感謝您的加入。我們對未來充滿期待，並感謝讓這一切成為可能的客戶和隊友。

Operator, we will now open the call to questions.

接線員，我們現在開始問答環節。

(Operator Instructions) Shyam Patil, Susquehanna.

（操作員指示）Shyam Patil，薩斯奎漢納。

Congrats on the strong first quarter and increase to the full year guide. I just had a quick question. Just when you look at the second quarter, can you elaborate on the assumptions behind the revenue growth?

恭喜第一季業績強勁成長並提升全年業績預期。我只是想問一個簡單的問題。當您回顧第二季時，您能詳細說明一下收入成長背後的假設嗎？

Sure. Shyam, Lauren here. I'm happy to take that. So as you may remember, we always expected growth in the first half of this fiscal year to be lighter than the second half. And as it turns out, we outperformed considerably in Q1 on subscription usage.

當然。Shyam，我是 Lauren。我很高興接受這個。所以您可能還記得，我們​​一直預期本財年上半年的成長將低於下半年。事實證明，我們在第一季的訂閱使用率表現相當出色。

It was up 40% year-on-year in the quarter. And again, some of this was simply timing related. We're not forecasting the same level of performance for usage in Q2. In fact, we're conservatively guiding it flat year-on-year.

本季年增40%。再次強調，其中一些只是與時間有關。我們預測第二季的使用效能不會達到相同的水準。事實上，我們保守地預測其同比持平。

And this is really the delta or bridge or kind of key assumption you're probably looking for. All that said, we're happy to be able to raise our outlook for the full year. And given our recent sales momentum, we have even more confidence sitting here today than we did in May in our back half and in our ability to drive higher revenue growth as we move beyond the second quarter.

這實際上可能是您正在尋找的增量或橋樑或關鍵假設。儘管如此，我們很高興能夠提高全年的展望。鑑於我們最近的銷售勢頭，與 5 月份相比，我們對下半年的業績以及在第二季度之後推動更高收入增長的能力更加有信心。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

This is Cal on for Jason. So maybe first, great to hear about the ongoing momentum in Commerce Media Networks. Just wondering if you can expand on the outlook and what gives you confidence that the strength can continue?

這是 Cal on 為 Jason 準備的。首先，很高興聽到 Commerce Media Networks 的持續發展勢頭。只是想知道您是否可以擴展前景，以及是什麼讓您有信心這種優勢可以持續下去？

Yes, Cal. Thanks for the question. This is Scott. I hope everyone on the call has a chance to visit our website because on it, you'll find a bunch of press releases I referenced some of them today and case studies on Commerce Media. I think we're really seen as the leader in the space. And that started with kind of classic retail.

是的，卡爾。謝謝你的提問。這是斯科特。我希望電話會議上的每個人都有機會訪問我們的網站，因為在上面，你會發現一堆新聞稿，我今天引用了其中一些，以及有關 Commerce Media 的案例研究。我認為我們確實被視為該領域的領導者。這一切都始於傳統的零售業。

This quarter -- that continues, this quarter, we talked about WAG, Walgreens Advertising Group. WAG has 101 million loyalty members. And that generates literally billions of useful signals about which -- all of which can fuel partner efforts.

本季度，我們繼續討論了 WAG，即沃爾格林廣告集團。WAG 擁有 1.01 億忠誠會員。這實際上會產生數十億個有用的訊號，所有這些訊號都可以促進合作夥伴的努力。

And it's not just retail, and I think this is the big aha. What started in retail is really spreading to commerce. So many of our companies, so many prospects have incredible audiences, customer interactions and even captive screen time. And so this quarter, I talked about RE/MAX, for instance. They have nearly 8 million users per month going to the website.

這不僅僅是零售業，我認為這是一個巨大的驚喜。零售業的興起其實正在蔓延至商業領域。我們的許多公司、許多潛在客戶都擁有令人難以置信的受眾、客戶互動，甚至是被吸引的螢幕時間。例如，本季我討論了 RE/MAX。每月有近 800 萬用戶造訪該網站。

And so you can just imagine the melange of other activities someone looking to buy a home might also pursue. But then there's just so much more.

因此，你可以想像，想要買房的人可能還會從事其他各種各樣的活動。但接下來還有更多。

So like we work with the major food delivery companies, and that should give us access to partner networks of all the local restaurants. We're working with the major payments platforms, and that's going to give us access to SMBs and QSRs and other merchant partners that we haven't historically had relationships with. We're starting to work with the connected car companies, which gives us access to the regional and local dealers and all of their partners. And we're working with a variety of the big travel companies, including some of the biggest airlines in the world, and they all have just enormous partner networks.

因此，我們與主要的食品配送公司合作，這使我們能夠訪問所有當地餐廳的合作夥伴網路。我們正在與主要的支付平台合作，這將使我們能夠接觸到我們以前沒有建立過關係的中小企業、快餐店和其他商家合作夥伴。我們開始與連網汽車公司合作，這使我們能夠接觸到區域和本地經銷商及其所有合作夥伴。我們與多家大型旅遊公司合作，其中包括一些全球最大的航空公司，他們都擁有龐大的合作夥伴網絡。

And so this network flywheel is just getting started. And this gives me confidence, along with the other thing I talked about, the new pricing model that we can really accelerate our business flywheel. And as we do, we help all of the participants in the network make their signals easily and securely available, but with the appropriate security and controls. And that's the fuel, if you will, that will power all of the most useful AI models that are going to be developed.

因此，這個網路飛輪才剛啟動。這給了我信心，加上我談到的另一件事，新的定價模式可以真正加速我們的業務飛輪。我們這樣做是為了幫助網路中的所有參與者輕鬆、安全地傳輸訊號，同時提供適當的安全性和控制。如果你願意的話，這就是燃料，它將為所有即將開發的最有用的人工智慧模型提供動力。

So it gives me confidence for the near term, back half of the year, but also far beyond it. And so I'll leave everyone with one last call, which is check out our website on the case studies. But while you're there, also take a look at the other study I referenced, the Forrester Economic Impact study, I really like what they did. We commissioned it, but they went and talked objectively to a handful of our clients to arrive at their findings. And those included a bunch of the Commerce Media Networks.

因此，它讓我對近期、上半年以及之後的前景充滿信心。因此，我給大家最後一個建議，那就是查看我們網站上的案例研究。但是，當你在那裡時，也請看一下我引用的另一項研究，即 Forrester 經濟影響研究，我真的很喜歡他們所做的研究。我們委託了這項調查，但他們與我們的少數客戶進行了客觀交談，並得出了調查結果。其中包括一批商業媒體網路。

Clients use us because above all, we deliver great ROI. And that is the takeaway from that report. And in an uncertain environment, and we're still in it. I mean, like this summer, every day when I read the newspapers, there are more tariffs, less tariffs, no one knows what's going on. And our clients see that. And the one thing that they can depend on is if it works, keep doing it. And so our ability to go in with a nice ROI story really matters to our clients and prospects right now.

客戶選擇我們是因為最重要的是，我們提供極高的投資報酬率。這就是該報告的要點。而且我們仍然處於不確定的環境。我的意思是，就像今年夏天，每天當我讀報紙時，關稅就會增加，關稅就會減少，沒有人知道發生了什麼事。我們的客戶也看到了這一點。他們唯一可以信賴的是，如果這個方法有效，就繼續做下去。因此，我們能否提供良好的投資報酬率故事對我們的客戶和潛在客戶來說確實至關重要。

Great. Appreciate that. And then maybe secondly, you touched on this a little bit earlier, but particularly now that upfronts have largely ramped up. Just curious if there's any perspective on how more budgets moving into CTV and programmatic execution may be resulting in things like deeper integration of publishers or more advertiser adoption of clean rooms.

偉大的。非常感謝。其次，您剛才提到了這一點，特別是現在預付款已經大幅增加。我只是好奇是否有任何觀點認為，更多的預算投入 CTV 和程序化執行中可能會導致出版商更深入的整合或更多的廣告商採用潔淨室。

Yes, sure. And going to the guidance, I mean, I think where you really can start to see it will be the back half of the year. We've had a lot of success doing the CTV integrations. But this is the slow quarter for television spending overall. That said, what we're going to continue to see is a lot of what we have seen, which is a flow from linear into accountable television, the kind that you get through CTV.

是的，當然。而從指導來看，我的意思是，我認為你真正可以開始看到它的時候將是今年下半年。我們在 CTV 整合方面取得了很大成功。但總體而言，這是電視支出低迷的一個季度。話雖如此，我們將繼續看到我們已經看到的許多內容，即從線性電視到負責任電視的轉變，就像你透過 CTV 看到的那種。

And that also plays to our clean room capabilities in as much as you can combine audiences and develop new segments in concert, an advertiser and their publisher partner.

這也充分發揮了我們的無塵室功能，因為您可以將受眾、廣告商及其出版商合作夥伴結合起來，共同開發新的細分市場。

A major CTV provider has rich viewing information, all of it permissioned and authenticated. And then when that can be combined with the rich CRM files of some of our clients, really interesting things could happen. And then on the flip side, it's not just the segment, the precision targeting, but it's actually the measurement capabilities. And so the ability to actually understand who actually saw an app? What did they do?

一家主要的 CTV 提供者擁有豐富的觀看訊息，所有資訊均經過許可和驗證。然後，當它與我們一些客戶的豐富的 CRM 文件相結合時，就會發生真正有趣的事情。另一方面，它不僅僅是細分、精確定位，而且實際上是測量能力。那麼我們能否真正了解誰真正看過這個應用程式呢？他們做了什麼？

Maybe even link that to downstream activities that occurred at the advertiser's own dealership or cash register, that becomes fascinating.

甚至可能將其與廣告商自己的經銷店或收銀台發生的下游活動聯繫起來，這變得非常有趣。

And so again, it all plays to what our advertisers are looking for right now in a period of economic uncertainty. They want greater targeting. They want to reach their consumers wherever they are, and they want to know what they're doing actually works. And so CTV relative to linear delivers against all those things.

所以，這一切都符合我們的廣告商在當前經濟不確定時期所尋找的東西。他們想要更強的針對性。他們希望無論消費者身在何處都能與他們取得聯繫，並且希望知道他們所做的事情是否真正有效。因此，相對於線性電視而言，CTV 可以克服所有這些問題。

(Operator Instructions) Mark Zgutowicz, Benchmark.

（操作員指示）Mark Zgutowicz，基準。

Just a qualification I was hoping for in terms of relative momentum that you're seeing across clean room, CMI and Commerce Media. It sounds like you're adding some nice scaled customers. However, I also saw that you had a slight sequential downtick on $1 million-plus revenue customers in the quarter. So perhaps you can provide a little balance on those dynamics.

我只是希望就您在無塵室、CMI 和 Commerce Media 中看到的相對勢頭而言獲得一個資格。聽起來您正在增加一些不錯的規模客戶。然而，我還發現本季你們的 100 萬美元以上收入客戶數量較上季略有下降。因此也許您可以對這些動態提供一些平衡。

Yes. I'm happy to address the $1 million-plus customer question, and then maybe Scott can kind of tackle the relative contribution from the different initiatives he spoke about in his prepared remarks. With respect to $1 million-plus customers, I called out in my prepared remarks, a couple of large known churn events with what we would characterize as atypical circumstances that impacted the quarter. For example, one of the churn events is Oracle as a result of them exiting their ad tech business.

是的。我很高興回答這個價值 100 多萬美元的客戶問題，然後斯科特也許可以談談他在準備好的發言中提到的不同舉措的相對貢獻。對於價值 100 萬美元以上的客戶，我在準備好的發言中提到，發生了幾起已知的重大客戶流失事件，我們將其描述為影響本季的非典型情況。例如，甲骨文 (Oracle) 退出了廣告技術業務，這是客戶流失事件之一。

We knew this was coming. It hit in Q1. It impacted our $1 million-plus metric in the quarter. That said, I also spoke about our sales momentum quarter-to-date and the success we've had signing large multiyear deals so far -- multiyear, multimillion dollar deals so far in Q2, which should benefit our $1 million-plus customer count in Q2 and beyond. So in terms of the quarter, I wouldn't read too much into it.

我們知道這會發生。它在第一季受到衝擊。它影響了我們本季 100 多萬美元的指標。話雖如此，我也談到了我們本季度迄今為止的銷售勢頭，以及我們迄今為止簽署的大型多年期交易的成功——第二季度迄今為止簽署了多年期、數百萬美元的交易，這將有利於我們在第二季度及以後的 100 多萬美元的客戶數量。因此就本季而言，我不會對此進行過多的解讀。

We feel confident that this metric will rebound next quarter and throughout the remaining quarters of this year.

我們相信，這項指標將在下個季度以及今年剩餘幾季出現反彈。

And then Mark, in terms of your other question around relative size or contribution to growth of Cross-Media, CTV and Commerce Media. We don't break it out that way because it's all just subscription growth largely for us. But what I really liked about the quarter is when I look ahead, all of these things are still in the early stages. So the cross-media insights initiative is one that we just launched this past quarter, and it's off to a strong start. And so I'm hopeful that the case studies that emerge from that start to go viral because I think virtually all of our current customers should be availing themselves of cross-media insights.

然後馬克，關於你的另一個問題，關於跨媒體、CTV 和商業媒體的相對規模或對成長的貢獻。我們不會這樣細分，因為對我們來說，這主要只是訂閱量的成長。但我真正喜歡這個季度的是，當我展望未來時，所有這些事情仍處於早期階段。跨媒體洞察計畫是我們上個季度剛推出的，並且開局良好。因此，我希望由此產生的案例研究能夠開始廣泛傳播，因為我認為我們幾乎所有現有客戶都應該利用跨媒體見解。

And I think it could be a really good way to attract new prospects as the year progresses because it just -- it makes everything accountable. On the Commerce Media front, the way I view that is we're planning the tent poles, the major nodes. And then you got to fill in the density around it and you get a flywheel effect going. And so the wins that we talked about even this quarter or more broadly, what I was sharing just a second ago with Cal, those are flywheels that over the back half of this year and in the coming years could really take off for us.

我認為隨著時間的推移，這可能是吸引新客戶的非常好的方式，因為它讓一切都變得可控。在 Commerce Media 方面，我的看法是，我們正在規劃支柱，即主要節點。然後你必須填滿周圍的密度，這樣你就會得到飛輪效應。因此，我們在本季度或更廣泛的範圍內談論的勝利，也就是我剛才與卡爾分享的，都是在今年下半年和未來幾年真正能為我們騰飛的飛輪。

And so even CTV, the flip is happening as linear increasingly flows to CTV. But you look at a company like Netflix, they are an amazing partner. I mean I just -- I can't say enough good things about Netflix, and we worked really closely with them as we've scaled, as we've stood things up over the last quarter. We got dozens of clients live. But I would imagine a year from now, that number should look more like hundreds because if you're doing any television advertising, a really good place to start is Netflix. And so I think there's a really nice opportunity there as well.

因此，即使是 CTV，隨著線性流量越來越多地流向 CTV，也正在轉變。但你看看像 Netflix 這樣的公司，他們是一個了不起的合作夥伴。我的意思是——我對 Netflix 的讚美之詞說不完，隨著我們規模的擴大，以及上個季度我們的發展，我們與他們進行了非常密切的合作。我們有幾十個客戶。但我想，一年後，這個數字應該會達到數百，因為如果你要做任何電視廣告，那麼 Netflix 就是一個非常好的起點。所以我認為這裡也有一個非常好的機會。

That's helpful. Separate question just around where we're at with offshoring, the initiatives there and perhaps even automation leverage. Perhaps, Lauren, you might share sort of the leverage that we've seen there last 12 months and what you maybe expect this fiscal year? And also, if you're ready to start qualifying sort of the pricing incrementality that you expect later this year or if there's a plan to provide more tangibles on that?

這很有幫助。另一個問題是，我們在離岸外包方面處於什麼位置，有哪些舉措，甚至自動化槓桿。勞倫，也許您可以分享我們在過去 12 個月中看到的槓桿情況以及您對本財年的預期？此外，您是否準備好開始確定您預計今年稍後的定價增量，或者是否有計劃提供更多有形資訊？

Yes, happy to. And with respect to offshoring and automation, our offshoring initiative continues to just go really well for us, Mark. And while it's hard to perfectly measure, we believe the combination of offshoring plus just general smart cost management, in part driven by automation is driving low double-digit millions of cost savings for us this year. This is really what's giving us the ability to decrease OpEx slightly year-on-year, drive 4 points of margin expansion while at the same time, continuing to invest in the areas that we believe will support our future growth.

是的，很高興。關於離岸外包和自動化，我們的離岸外包計畫繼續進展順利，馬克。雖然很難進行完美的衡量，但我們相信，離岸外包加上一般的智慧成本管理（部分由自動化推動）將為我們今年節省數千萬的成本。這確實使我們能夠同比略微降低營運支出，推動利潤率擴大 4 個百分點，同時繼續投資於我們認為將支持我們未來成長的領域。

And then with respect to pricing, first, we haven't included any upside to our revenue guidance this year associated with our new pricing model. As Scott mentioned, we're in the very early stages of our pilot, but the reaction from both sellers and customers has been very positive. In fact, it was a key selling point for the couple of customer wins Scott discussed in his prepared remarks. As we move through the pilot and round out this year, we expect to have more specifics to share. But at a very high level, we believe this model will unlock meaningful benefits for both our customers as well as for us internally. And just a few highlights I'd call out.

然後關於定價，首先，我們沒有將與新定價模式相關的任何上調納入今年的收入預期中。正如斯科特所提到的，我們的試點還處於早期階段，但賣家和客戶的反應都非常積極。事實上，這是史考特在準備好的發言中提到的贏得幾個客戶的關鍵賣點。隨著試點的推進和今年的結束，我們期望分享更多細節。但從很高的層面來說，我們相信這種模式將為我們的客戶和我們內部帶來有意義的利益。我只想指出幾個亮點。

With respect to our land and expand motion, this model should benefit deal velocity. It has a lower cost of entry and if customers so choose a more flexible usage-based option. We believe it will also help our expand motion because the new model has usage tokens that can be seamlessly and fungibly used across the entirety of our platform and for different use cases. And then finally, and we've talked about this before, it should unlock some internal efficiencies as well as it will enable us to streamline our deal desk and billing processes.

就我們的土地和擴張行動而言，這種模式應該有利於交易速度。它的進入成本較低，如果客戶願意，可以選擇更靈活的基於使用情況的選項。我們相信它也將有助於我們的擴展行動，因為新模型具有使用令牌，可以無縫且可互換地用於我們的整個平台和不同的用例。最後，我們之前討論過這個問題，它應該可以提高一些內部效率，並使我們能夠簡化交易台和計費流程。

So to summarize, the pricing initiative is off to a great start and expect to share more specifics as we move through the year.

總而言之，定價計畫開局良好，預計今年年底前我們將分享更多細節。

Clark Wright, D.A. Davidson.

克拉克·賴特、D.A.戴維森。

Sticking to the pricing changes, I would love to understand how conversations around the actual pricing and all changes are impacting new deals or potentially reducing friction in the new business process. And I have a follow-up.

堅持價格變化，我很想了解圍繞實際價格和所有變化的對話如何影響新交易或潛在地減少新業務流程中的摩擦。我還有一個後續問題。

Yes, Mark, I would tell you it's viewed as very favorable. Most SaaS companies have a usage-based entry-level product where clients can try and then you can scale together. We've been slow to offer that. This is a game changer for us. And a couple of clients, the new logos that we won and arguably the world's biggest QSR, we were doing a little bit of work with them.

是的，馬克，我會告訴你，這被視為非常有利。大多數 SaaS 公司都有基於使用情況的入門級產品，客戶可以嘗試，然後可以共同擴展。我們一直未能提供此項服務。這對我們來說是一個改變遊戲規則的事件。我們與一些客戶、我們贏得的新標誌以及可以說是世界上最大的 QSR 進行了少量合作。

But this is a much bigger opportunity for us. I mean they specifically called it out as one of the reasons they chose us because they didn't have to make that big upfront commitment. There was a way to grow into it together and so that, coupled with the opportunity that we see in terms of getting some of these network flywheels up and started, it solves the problem for us.

但這對我們來說是一個更大的機會。我的意思是，他們明確指出這是他們選擇我們的原因之一，因為他們不必做出那麼大的前期承諾。有一種方法可以讓我們一起成長，再加上我們看到的啟動網路飛輪的機會，它可以為我們解決問題。

There's kind of three things going on. One is the network flywheel. Two is the platform modernization that should make our products simpler and more accessible to anyone, lowering our cost to serve. And then three is the new pricing model. And so although it's early, we're pretty optimistic about this.

有三件事正在發生。一是網路飛輪。二是平台現代化，這將使我們的產品更簡單、更容易被任何人使用，從而降低我們的服務成本。第三是新的定價模式。儘管現在還為時過早，但我們對此非常樂觀。

That said, and I think this is an important thing, we are going to be very methodical about how we roll this out to our existing clients. And so we know when our renewals are scheduled. We'll start those conversations well in advance. And we're not going to do anything that impacts our financials or hurts our clients. So we're going to be really smart and very methodical step-by-step about this with existing clients and very opportunistic with new prospects.

話雖如此，我認為這是一件重要的事情，我們將非常有條不紊地向現有客戶推出這項服務。這樣我們就知道我們的續約時間是什麼時候。我們將提前開始這些對話。我們不會做任何影響我們財務狀況或損害我們客戶的事情。因此，對於現有客戶，我們將採取非常明智和有條不紊的逐步方式，對於新客戶，我們將抓住機會。

Got it. Appreciate that clarity. And then, Scott, maybe another one for you here. There's -- you talked about the fact that several technology providers are competing for a share of brand's AI budget to solve for data-driven marketing and advertising use cases. What do you think LiveRamp's right to win is in this rapidly changing environment?

知道了。感謝你的清晰度。然後，斯科特，也許這裡還有另一個給你。您談到這樣一個事實：幾家技術提供商正在競爭品牌人工智慧預算的份額，以解決數據驅動的營銷和廣告用例。您認為在這個快速變化的環境中 LiveRamp 的獲勝優勢是什麼？

I love this question because it allows me to say something definitively to the market and to all of our folks internally as well. We are not an AI company, all right? We're just not. We are utilizing AI in a lot of the things that we do and building in to make our products better. And so for example, at RampUp this year, we had a demo of something that will go live next quarter.

我喜歡這個問題，因為它讓我能夠向市場以及我們內部的所有員工明確地說出一些事情。我們不是人工智慧公司，好嗎？我們不是。我們在許多工作中都運用人工智慧，並將其融入我們的產品中，以改進我們的產品。例如，在今年的 RampUp 上，我們示範了將於下個季度上線的產品。

I'm really excited about it. Instead of creating segments using Boolean logic and SQL queries, you literally use AI.

我對此感到非常興奮。您實際上使用的是 AI，而不是使用布林邏輯和 SQL 查詢來建立片段。

And we're going to be the only company in the world that can allow a client to combine first-party, second-party and third-party data to make really amazing AI segments. That's an example of how we use AI to improve our current products. And we'll do that in our queries. We'll do that in our reporting. We'll do that in our QA. We'll do that to enable our engineers to code faster, a whole host of things.

我們將成為世界上唯一一家允許客戶結合第一方、第二方和第三方資料來創建真正令人驚嘆的人工智慧片段的公司。這是我們如何使用人工智慧來改進現有產品的一個例子。我們會在查詢中這樣做。我們將在報道中討論這一點。我們會在 QA 中做到這一點。我們這樣做是為了讓我們的工程師能夠更快地編寫程式碼，完成很多事情。

But in terms of how we interact with all of the AI companies that are out there doing amazing things, we're an enabler. We're not an AI company. We're an AI enabler because the big challenge that all of our clients have is that they're looking at all the things they can do. And the common denominator is if you build AI using the world's public information, you hit an asymptote, the models aren't good enough. If you start to fuel it with your own proprietary information, then you can unlock significantly better performance, greater personalization, everything just performs better.

但就我們如何與所有正在做驚人事情的人工智慧公司互動而言，我們是一個推動者。我們不是人工智慧公司。我們是人工智慧的推動者，因為我們所有客戶面臨的巨大挑戰是他們正在研究他們可以做的一切。其共同點是，如果你使用世界公共資訊來建立人工智慧，你就會遇到漸近線，模型就不夠好。如果您開始使用自己的專有資訊為其提供動力，那麼您就可以獲得更好的性能、更高的個人化，一切都會表現得更好。

But the threat there is the complexity of wiring your data to all those different touch points and also the security will enter us because our clean rooms can be configured to go right into AI. And so we can configure -- I have a vision of like if someone is doing something interesting in AI that matters to our clients, we're going to have an integration partnership with them with the right controls in place such that our clients can very easily activate their data into those models.

但存在的威脅是將資料連接到所有不同接觸點的複雜性，而且由於我們的無塵室可以配置為直接進入人工智慧，因此安全性也會進入我們。因此我們可以配置——我有一個願景，如果有人在人工智慧領域做一些對我們的客戶很重要的有趣的事情，我們將與他們建立整合合作夥伴關係，並實施正確的控制，以便我們的客戶可以非常輕鬆地將他們的數據激活到這些模型中。

Now, I have a view that there won't be a single company that wins on all these models. And we already see that, that it's hyperfragmentation. A couple of companies might buy all the companies that build these models over time, over the next 10 to 20 years. But there's hyperfragmentation, and so that really plays to our advantage. That complexity is exactly the problem that we've always solved with data activation.

現在，我認為不會有一家公司能夠在所有這些模式下都獲勝。我們已經看到，這是一種高度碎片化。未來 10 到 20 年內，一些公司可能會收購所有生產這些車型的公司。但由於存在高度碎片化，所以這確實對我們有利。這種複雜性正是我們一直透過數據啟動解決的問題。

And now we're just extending data activation to AI activation. So I think it's a really interesting opportunity for us. You can see that we already announced like our partnership with Perplexity. We announced with Chalice. And I think you'll see a host of other partnerships because literally, it's a big priority for our business development team.

現在我們只是將數據激活擴展到 AI 激活。所以我認為這對我們來說是一個非常有趣的機會。您可以看到我們已經宣布與 Perplexity 建立合作夥伴關係。我們與 Chalice 一起宣布了這一消息。我認為您會看到許多其他合作夥伴關係，因為這確實是我們業務開發團隊的首要任務。

And it seems that we have no further questions. I would now like to turn the conference back over to Lauren Dillard for closing remarks.

看來我們沒有其他問題了。現在，我想將會議交還給勞倫·迪拉德 (Lauren Dillard) 做閉幕發言。

Great. Well, thank you. First, to close, Q1 was a strong start to the year, marked by double-digit revenue growth, first quarter -- record first quarter margins and continued discipline in both execution and capital allocation. Second, recent sales momentum has been strong, and our clean room strategy is landing, and we're on track to deliver progressively stronger top line performance as the year unfolds.

偉大的。好的，謝謝你。首先，總而言之，第一季是今年的一個強勁開局，標誌著兩位數的營收成長、第一季創紀錄的利潤率以及在執行和資本配置方面的持續紀律。其次，最近的銷售勢頭強勁，我們的無塵室策略正在落地，隨著今年的到來，我們有望逐步實現更強勁的營收業績。

And finally, we expect another year of strong cash flow and plan to deploy a substantial portion of this higher cash flow toward opportunistic share repurchases, reflecting both our confidence in the business and our continued commitment to driving long-term shareholder value.

最後，我們預計今年的現金流量將再次強勁，並計劃將這部分較高現金流的很大一部分用於機會性股票回購，這既反映了我們對業務的信心，也反映了我們對推動長期股東價值的持續承諾。

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

再次感謝您今天加入我們。我們期待在未來的幾天和幾週內與你們中的許多人進行交談。

This concludes the conference call. You may now disconnect your lines. Have a pleasant day, everyone.

電話會議到此結束。現在您可以斷開線路了。祝大家有個愉快的一天。