Liveramp Holdings Inc (RAMP) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to LiveRamp's fiscal 2026 second quarter earnings conference call. All lines have been placed on you to prevent any backbone noise.

女士們、先生們，下午好，歡迎參加 LiveRamp 2026 財年第二季財報電話會議。所有線路均已鋪設到位，以防止任何骨幹網噪音。

After his speaker remarks, there will be a question-and-answer session.

演講結束後，將進行問答環節。

And if you'd like to ask a question at that time, please press star, then the number one on your telephone keypad. If you'd like to enjoy your question or your question has been answered, please press one again.

如果您當時想提問，請按星號鍵，然後按電話鍵盤上的數字 1。如果您希望保留您的問題或您的問題已得到解答，請再按 1。

Thank you.

謝謝。

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

現在我將把電話交給主持人，投資者關係副總裁德魯·博斯特。請繼續，先生。

Thank you, operator. Good afternoon, everyone, and thank you for joining our fiscal 2026 second quarter earnings call. With me today are Scott Howe, our CEO, and Lauren Dillard, our CFO.

謝謝接線生。各位下午好，感謝各位參加我們2026財年第二季財報電話會議。今天陪我一起的有我們的執行長史考特·豪和財務長勞倫·迪拉德。

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.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險的詳細描述，請閱讀我們公開文件中的風險因素部分和新聞稿。我們的新聞稿和財務報表副本（包括與非GAAP財務指標的任何調節表）可在 investors.liveramp.com 上取得。

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

此外，在今天的電話會議中，我們也會參考一份投影片，該投影片也可在我們的投資者關係網站上找到。

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

接下來，我將把電話交給史考特。

Thank you, Drew, and thanks to everyone joining us today. We delivered solid Q2 results with revenue and operating income surpassing our guidance. This quarter showcased strong execution, fulfilling our near-term financial commitments while strategically investing in growth drivers like AI product enhancements and our new usage-based pricing model.

謝謝你，德魯，也謝謝今天所有到場的朋友們。第二季業績表現穩健，營收和營業收入均超乎預期。本季展現了強勁的執行力，在履行近期財務承諾的同時，也對人工智慧產品改進和新的基於使用量的定價模式等成長驅動因素進行了策略性投資。

Q2 revenue increased by 8%, led by a notable acceleration and marketplace another to 18% growth.

第二季營收成長 8%，其中市場成長率顯著加快，另一項指標達到 18%。

Subscription revenue grew by 5% as expected based on bookings a year ago and what we foresee to be the low water mark. The good news, as we anticipated at the start of the year, a growth upturn appears to be on the horizon, as evidenced by ARR, which is the best leading indicator of our subscription revenue.

根據去年同期的預訂量以及我們預期的最低點，訂閱收入如預期增加了 5%。好消息是，正如我們在年初所預期的那樣，成長回暖似乎指日可待，ARR（年度經常性收入）就是最好的證明，ARR 是我們訂閱收入的最佳領先指標。

Net new ARR in Q2 was $14 million, the largest organic increase in the past seven quarters and equating to year-on-year growth of 7%. We are seeing good momentum across a range of use cases including commerce Media, CTV, and cross media measurement.

第二季新增淨 ARR 為 1,400 萬美元，是過去七個季度中最大的有機成長，相當於年增 7%。我們看到，在包括電商媒體、連網電視和跨媒體測量在內的各種應用場景中，都呈現出良好的發展動能。

Million dollar-plus subscription customers increased by five sequentially to a new high of 132. In Q2, we signed a multi-million dollar new logo contract with one of the largest global auto manufacturers and signed a multi-million dollar upsell with a leading social media platform.

訂閱用戶超過百萬美元的人數較上季增加 5 人，達到 132 人的新高。第二季度，我們與全球最大的汽車製造商之一簽署了一份價值數百萬美元的新標誌合同，並與一家領先的社交媒體平台簽署了一份價值數百萬美元的追加銷售合同。

Our non-GAAP operating income climbed 10%, a testament to improving cost efficiencies achieved through expanding offshore operations in India.

我們的非GAAP營業收入成長了10%，證明了透過擴大在印度的離岸業務，成本效益得到了提高。

GAAP operating income more than doubled, and the margin expanded by 7 points to a record quarterly high driven by sustainably lower stock based comp.

GAAP 營業收入翻了一番多，利潤率擴大了 7 個百分點，創下季度新高，這主要得益於持續下降的股票選擇權激勵。

Overall, it was a strong second quarter, particularly in our revenue leading indicators. Lauren will provide further details. We'll all focus on three key areas. First, our data collaboration platforms impact on commerce media integration benefits with CTV and other major publishers, and catalysing effect for AI.

整體而言，第二季表現強勁，尤其是我們的營收領先指標。勞倫將提供更多細節。我們將重點放在三個關鍵領域。首先，我們的資料協作平台對商業媒體整合的好處，包括與 CTV 和其他主要出版商的合作，以及對人工智慧的催化作用。

Second, an update on our new pricing model rollout. And third, our commitment to achieving our long-term rule of 40 financial targets Commerce, Media, CTV and AI.

其次，報告一下我們新的定價模式推出的最新進展。第三，我們致力於實現我們長期的 40 項財務目標，涵蓋商業、媒體、連網電視和人工智慧領域。

I spent much of September and October on the road meeting with customers and prospects around the world at a variety of industry conferences and live ramp hosted events. In addition to dozens of one-on-one customer meetings, I participated in ad week in New York and Canada, Synchrony's Partners Summit in Chicago, Ramp up on the Road conferences in London and Sydney, and our AI and marketing forum in New York City, and a handful of other industry events. Throughout my many conversations, a common theme emerged. Our customers recognized the immense value and expansive reach of our data collaboration network by seamlessly integrating first, second- and third-party signals across diverse platforms and partners. We empower brands to execute and measure exceptional experiences throughout the entire customer journey. The tangible excitement and impactful potential of our network are evident in several key areas.

9 月和 10 月的大部分時間我都在世界各地奔波，參加各種行業會議和現場活動，與世界各地的客戶和潛在客戶會面。除了數十次與客戶一對一會面外，我還參加了在紐約和加拿大舉行的廣告週、在芝加哥舉行的Synchrony合作夥伴峰會、在倫敦和悉尼舉行的Ramp up on the Road會議、在紐約市舉行的AI和營銷論壇以及其他一些行業活動。在我與許多人的交談中，一個共同的主題逐漸浮現。我們的客戶認識到，透過無縫整合來自不同平台和合作夥伴的第一方、第二方和第三方訊號，我們的資料協作網路具有巨大的價值和廣泛的覆蓋範圍。我們助力品牌在整個客戶旅程中打造並衡量卓越的客戶體驗。我們的網路所帶來的實際興奮和巨大潛力在幾個關鍵領域中顯而易見。

Commerce Media Liramp has long been the pioneering industry leader in retail media networks. Over the past year, our success has evolved into what we call commerce media. We are powering new networks for industry giants like Uber, PayPal, General Motors, United Airlines, and many others. Each of these companies boasts vital commerce partners from quackeries restaurants and small business to local auto dealerships and travel partners. Presenting unparalleled opportunities to revolutionize the customer experience through data-driven collaboration, robust measurement, innovative media channels, and expanded off platform audience reach.

Commerce Media Liramp 長期以來一直是零售媒體網路領域的開拓型產業領導者。過去一年，我們的成功演變成我們所謂的商業媒體。我們正在為 Uber、PayPal、通用汽車、聯合航空等眾多行業巨頭打造全新的網路。這些公司各自擁有重要的商業合作夥伴，從​​庸醫餐廳和小型企業到當地汽車經銷商和旅行社。透過數據驅動的協作、強大的衡量標準、創新的媒體管道以及擴大的平台外受眾覆蓋範圍，為徹底改變客戶體驗提供了前所未有的機會。

CTV and deeper publisher integrations.

CTV 和更深入的出版商整合。

Collaboration is thriving through deeper publisher integrations and CTV partnerships. For instance, we recently introduced new meta attribution insights for retail media networks, including Albertson's and Target Roundell.

透過更深入的出版商整合和連網電視合作，協作正在蓬勃發展。例如，我們最近為零售媒體網路（包括 Albertson's 和 Target Roundell）引入了新的元歸因見解。

By connecting meta campaign results with their first party sales data, RMNs and their partners can now clearly see how off property sites, including meta, drive sales orders and return on ad spend.

透過將元廣告系列結果與其第一方銷售數據關聯起來，RMN 及其合作夥伴現在可以清楚地看到，包括元廣告系列在內的非房地產網站如何推動銷售訂單和廣告支出回報率。

These insights help RMNs prove value to merchant partners, improving campaign performance visibility and enabling data-driven budget allocation.

這些洞察有助於 RMN 向商家合作夥伴證明其價值，提高廣告活動效果的可見性，並實現數據驅動的預算分配。

CTV remains a key focus for our customers given the growing consumer engagement across various ad-supported CTV and streaming services. Our network is fully integrated with all these services providing brands with seamless connectivity and comprehensive measurement, including duplicated comparative analysis across platforms.

鑑於消費者對各種廣告支援的連網電視和串流媒體服務的參與度不斷提高，連網電視仍然是我們客戶的重點關注領域。我們的網路與所有這些服務完全集成，為品牌提供無縫連接和全面的衡量，包括跨平台的重複比較分析。

Through a clean room, unique publisher audience insights can be combined with unique advertiser insights to discover new prospects and drive superior performance.

透過無塵室，可以將獨特的出版商受眾洞察與獨特的廣告商洞察相結合，從而發現新的潛在客戶並推動卓越的績效。

We are particularly excited about our expanding partnership with Netflix, which encompasses a range of integrations across our connectivity, data marketplace, and measurement solutions. This quarter we extended our Netflix connectivity integrations beyond the US to 10 new international markets, exemplifying the type of network expansion we are pursuing with all CTV and streaming platforms and serving as a steady source of growth for our business now. And in the future.

我們尤其對與 Netflix 不斷擴大的合作關係感到興奮，該合作關係涵蓋了我們在連接、數據市場和測量解決方案方面的一系列整合。本季度，我們將 Netflix 連接整合範圍從美國擴展到 10 個新的國際市場，這體現了我們正在與所有聯網電視和串流平台合作的網路擴展，並成為我們業務目前穩定的成長來源。未來亦是如此。

AI is integral to every discussion as customers navigate its transformative opportunities and challenges. We are uniquely positioned to guide them through this evolving landscape.

人工智慧是客戶在應對其帶來的變革性機會和挑戰時，所有討論中都不可或缺的一部分。我們擁有獨特的優勢，能夠引導他們應對這個不斷變化的環境。

Our scaled data network, with its comprehensive links to all of the critical data signals, empowers customers to unlock AI's full potential for superior marketing outcomes. We are excited about our strategic positioning to help the entire ecosystem harness AI's power. By extending our collaboration network. We're seamlessly integrating with a wide array of AI partners. Our efforts are categorized into 6 distinct areas, each featuring multiple AI application partners.

我們規模龐大的數據網絡，透過與所有關鍵數據訊號的全面連接，使客戶能夠充分發揮人工智慧的潛力，從而獲得卓越的行銷成果。我們對自身的策略定位感到興奮，這將有助於整個生態系統利用人工智慧的力量。透過拓展我們的合作網絡。我們正在與眾多人工智慧合作夥伴進行無縫整合。我們的工作分為 6 個不同的領域，每個領域都有多個 AI 應用合作夥伴。

Search, conversational and chat, Commerce, Creative, Measurement And agentic trading.

搜尋、對話和聊天、商務、創意、衡量和代理交易。

These partnerships span from industry leaders like Perplexity to niche innovators like GAAP Year. In every instance, we connect our network to these AI powered search experiences enabling personalized advertising.

這些合作夥伴涵蓋了從 Perplexity 等行業領導者到 GAAP Year 等小眾創新者。在所有情況下，我們都將我們的網路連接到這些由人工智慧驅動的搜尋體驗，從而實現個人化廣告。

While partner integration is a key scaling strategy, we also introduced our own AI tools for clients. For example, our new AI powered audience segment builder is an industry first solution allowing marketers to instantly create precise multi-source audience segments using natural language prompts, activating them in minutes.

雖然合作夥伴整合是一項關鍵的擴展策略，但我們也為客戶推出了自己的 AI 工具。例如，我們全新的 AI 驅動受眾細分建立器是業界首個解決方案，它允許行銷人員使用自然語言提示立即建立精確的多來源受眾細分，並在幾分鐘內啟動它們。

Furthermore, we've launched our AI agentic orchestration. LiveRamp is the first platform to empower autonomous AI agents with governed access to identity, segmentation, activation, and measurement solutions, enabling marketers to plan smarter campaigns, optimize investments, and improve impact across all touch points.

此外，我們也推出了人工智慧代理編排系統。LiveRamp 是第一個賦予自主 AI 代理程式對身分識別、細分、啟動和衡量解決方案進行受控存取的平台，使行銷人員能夠規劃更智慧的行銷活動、優化投資並提高所有接觸點的影響力。

New pricing model. Turning to our second major topic, let me now give you an update on our new pricing model. We are actively rolling out a usage-based pricing model designed to unlock incremental revenue growth by significantly boosting both our land and expand sales motions.

新的定價模式。接下來，我們來談談第二個主要主題，現在讓我向大家介紹我們的新定價模式。我們正在積極推行基於使用量的定價模式，旨在透過大幅提升土地銷售和擴大銷售力度來釋放增量收入成長潛力。

This new model enhances our land motion with a lower cost of entry and a more flexible usage-based structure, which is particularly beneficial for mid-size brands, media platforms, and data providers. It also accelerates our expand motion by utilizing fungible usage tokens that can be seamlessly applied across all platform capabilities and use cases. This allows customers to explore additional features at no extra cost, and these tokens are valid across the entire twelve-month annual contract period rather than being limited monthly.

這種新模式以更低的准入成本和更靈活的基於使用量的結構增強了我們的陸地運動，這對中型品牌、媒體平台和數據提供者尤其有利。它還利用可無縫應用於所有平台功能和用例的可互換使用令牌，加速了我們的擴張進程。這樣一來，客戶就可以免費探索更多功能，而且這些代幣在整個十二個月的年度合約期間有效，而不是按月限制。

Since launching our customer pilot in July, which runs through March, we've been steadily onboarding customers to the new pricing model. The feedback from both our sales teams and customers has been overwhelmingly positive, so much so that we are strategically expanding the pilot beyond our initial target list.

自 7 月啟動客戶試點計畫（持續到 3 月）以來，我們一直在穩步引導客戶採用新的定價模式。來自銷售團隊和客戶的回饋都非常積極，以至於我們正在策略性地將試點範圍擴大到最初的目標名單之外。

We have a robust pipeline of customers perfectly positioned to benefit from this innovative model.

我們擁有大量潛在客戶，他們完全有能力從這種創新模式中受益。

The key selling feature for customers is a lower upfront fixed commitment combined with the fungibility of usage across platform use cases and months.

對客戶而言，其主要賣點是較低的前期固定投入，以及跨平台使用場景和月份的靈活使用性。

Let me share two compelling customer examples.

讓我分享兩個令人印象深刻的客戶案例。

One new customer, a rapidly growing beverage company, perfectly illustrates how our new pricing model attracts new logos. They start with a relatively low annual contract value, or ACV, but have significant upside as their business growth drives increased customer data and advertising budgets, leading to greater use of our capabilities. These factors can quickly transform a five-figure ACD customer into a six-figure success.

一家快速發展的飲料公司作為新客戶，完美地詮釋了我們的新定價模式如何吸引新客戶。他們的年度合約價值（ACV）起步相對較低，但隨著業務成長帶動客戶數據和廣告預算的增加，從而更多地利用我們的能力，因此具有很大的成長潛力。這些因素可以迅速將一位五位數的 ACD 客戶轉變為一位六位數的成功客戶。

In another example, we recently signed a leading domestic airline to our new pricing model.

例如，我們最近與一家國內領先的航空公司簽署了採用我們新定價模式的協議。

This is an existing seven-figure customer who secured an early renewal with a 20% upsell. They leveraged various platform capabilities, including cleanroom Insights for social media measurement.

這是一位現有的七位數客戶，透過 20% 的追加銷售成功提前續約。他們利用了各種平台功能，包括用於社交媒體衡量的 Cleanroom Insights。

For them, the fungibility of usage tokens across different platform capabilities was the decisive selling point.

對他們來說，不同平台功能之間使用代幣的可互換性是決定性的賣點。

In short, the early feedback on our new usage-based pricing model is incredibly encouraging. Consequently, we are opportunistically expanding the pilot beyond our original target list. We anticipate this new model will drive incremental revenue growth by improving our land and expand sales motions and better aligning our variable data costs with subscription revenue.

總而言之，我們新的按使用量計費模式的早期回饋令人非常鼓舞。因此，我們將抓住機會，把試點範圍擴大到我們最初的目標名單之外。我們預計這一新模式將透過改進我們的土地和擴張銷售策略，以及更好地將我們的可變數據成本與訂閱收入相匹配，從而推動收入的逐步成長。

Rule of 40.

40法則。

Moving to my final topic, let me briefly comment on our long-term financial targets. While once again hitting our short-term financial targets this quarter, we remain focused on our long-term objective of being a rule of 40 company by FY28. Based on the midpoint of our updated guidance, we will achieve rule of 31 this fiscal year with 9% revenue growth and 22% operating margin. With sales productivity and ARR trending up and AI creating incremental growth opportunities for our business, we are confident that we can get back to 10% plus revenue growth, and with that level of revenue growth, our operating margins should naturally expand because our costs are highly fixed and we have ongoing cost efficiencies from our offshoring initiative.

最後，我想簡要地談談我們的長期財務目標。儘管本季我們再次實現了短期財務目標，但我們仍然專注於我們的長期目標，即在 2028 財年成為一家符合 40 法則的公司。根據我們更新後的指導意見的中點，本財年我們將實現 31 法則，營收成長 9%，營業利潤率達到 22%。隨著銷售效率和 ARR 呈上升趨勢，人工智慧為我們的業務創造了增量成長機會，我們有信心恢復到 10% 以上的收入成長，並且隨著收入成長達到這一水平，我們的營業利潤率自然會擴大，因為我們的成本高度固定，而且我們的離岸外包計畫帶來了持續的成本效益。

All of this to say that we remain confident in our ability to reach this rule of 40 target by FY28.

總之，我們仍有信心在 2028 財政年度實現 40 人目標。

In closing, let me reiterate our strong financial performance and future outlook. Q2 success. Q2 delivered solid results exceeding both top and bottom-line expectations with double-digit operating income growth and the highest organic net new ARR in seven quarters. Strategic leadership. Customers are actively seeking our guidance in navigating AI, commerce, media, and CTB. We've launched innovative capabilities including cross media intelligence, expanded CTV integrations, and new AI capabilities.

最後，我想重申我們強勁的財務表現和未來前景。第二季業績成功。第二季業績穩健，營收和利潤均超出預期，營業收入實現兩位數成長，並創下七季以來的最高有機淨新增年度經常性收入 (ARR) 紀錄。戰略領導力。客戶正在積極尋求我們在人工智慧、商業、媒體和 CTB 領域的指導。我們推出了包括跨媒體智慧、擴展的連網電視整合和新的人工智慧功能在內的創新功能。

Positive pricing model.

正向定價模式。

Early feedback on our new usage-based pricing model is consistently positive, leading to an expanded pilot. We anticipate this model will drive incremental revenue growth and better align data costs with subscription revenue.

我們新的按使用量定價模式的早期回饋一直都很積極，因此我們擴大了試點範圍。我們預計該模式將推動收入逐步成長，並更好地使數據成本與訂閱收入相符。

Confidence in rule of 40. We remain confident in achieving our rule of 40 goal by FY 28, an increase from rule of 31 this year, fuelled by incremental AI revenue growth and ongoing cost efficiencies.

對40法則的信心。我們仍有信心在 2028 財年實現 40 人次的目標，比今年的 31 人次有所提高，這得益於人工智慧收入的逐步成長和持續的成本效益。

Thank you again for joining us today. We extend our gratitude to our exceptional customers, partners, and all live rampers for their unwavering dedication and support. We look forward to updating you on our continued progress in the coming quarters, and with that, I'll turn the call over to Lauren.

再次感謝您今天蒞臨。我們衷心感謝我們傑出的客戶、合作夥伴以及所有現場滑行者，感謝他們堅定不移的奉獻和支持。我們期待在接下來的幾個季度向您報告我們取得的持續進展，接下來，我將把電話交給勞倫。

Thanks, Scott, and thank you all for joining us.

謝謝斯科特，也謝謝各位的參與。

Today I'll review our Q2 financial results and then discuss our updated outlook for FY26 in Q3.

今天我將回顧我們第二季的財務業績，然後在第三季討論我們對 2026 財年的最新展望。

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 posted to our IR website.

除非另有說明，我的評論均與非GAAP業績有關，成長是相對於去年同期而言的。我將參考發佈在我們投資者關係網站上的獲利情況簡報。

Starting with Q2.

從第二季開始。

In summary, we delivered solid results, exceeding our expectations, reflecting strong execution by the team and ongoing sales momentum against a relatively stable macro backdrop.

總而言之，我們取得了穩健的業績，超越了預期，這反映了團隊的出色執行力以及在相對穩定的宏觀經濟背景下持續的銷售勢頭。

Revenue increased by 8% and was $3 million above our guide.

營收成長了 8%，比我們預期的高出 300 萬美元。

Non-GAAP operating income increased by 10% and with $6 million above our guide.

非GAAP營業收入成長10%，比我們預期高出600萬美元。

GAAP operating income more than doubled. Net new ARR was a seven-quarter high, and we posted a strong upturn in million dollars plus subscription customers.

GAAP營業收入翻了一番以上。淨新增 ARR 達到七季以來的最高水平，百萬美元以上的訂閱用戶數量也實現了強勁成長。

Let me provide some additional details. Please turn the slide 5.

我再補充一些細節。請翻到第5張投影片。

Total revenue was $200 million, up 8% ahead of our guide and consensus.

總收入為 2 億美元，比我們的預期和市場普遍預期高出 8%。

Subscription revenue was $150 million, up 5%.

訂閱收入為 1.5 億美元，成長 5%。

Fixed subscription revenue was up 6% in line with our expectation and usage was down slightly.

固定訂閱收入成長了 6%，符合我們的預期，但使用量略有下降。

ARR increased by $14 million quarter on quarter, which was the best organic result in the past seven quarters. On a year on year basis, ARR was up 7%, pointing to an acceleration in the second half.

ARR 環比成長 1400 萬美元，這是過去七個季度以來最好的自然成長表現。與去年同期相比，年度經常性收入成長了7%，顯示下半年增速加快。

Our million dollars dollar plus subscription customers increased by 5 quarter on quarter to a new high of 132.

我們的百萬美元以上訂閱客戶數量較上季成長 5 倍，達到 132 家，創歷史新高。

Subscription net retention was 102% in line with our 100% to 105% near term expectation.

訂閱用戶淨留存率為 102%，符合我們近期 10​​0% 至 105% 的預期。

Total RPO or contracted backlog was up 29% to $652 million and current RPO was up 15% to $430 million.

RPO 總額或合約積壓訂單增加 29% 至 6.52 億美元，目前 RPO 成長 15% 至 4.3 億美元。

RPO and CRPO declined sequentially, consistent with the historical pattern driven by seasonality in our contract renewals, which skew to our fiscal second half.

RPO 和 CRPO與以往受合約續約季節性因素影響的歷史模式一致，合約續約往往集中在下半年。

Turning to the selling environment, it was a solid quarter overall with signing strongly year on year.

從銷售環境來看，本季整體表現穩健，簽約量較去年同期成長強勁。

We had an especially strong new local quarter, and churn was better than expected.

我們新推出的本地季度業績特別強勁，客戶流失率也比預期好。

Our average deal cycle was stable sequentially at roughly nine months, and for the second consecutive quarter, our conversion rate of pipeline into contract signings was several points above the recent trend line.

我們的平均交易週期穩定在九個月左右，連續第二個季度，我們的潛在客戶轉化為合約簽署的轉換率比最近的趨勢線高出幾個百分點。

We're seeing good momentum with our Clean Room Insight solutions, including use cases for commerce Media, CTV, and crafted measurements. And this gives us increased confidence heading into our seasonally high renewal period in Q3 and Q4.

我們的無塵室洞察解決方案發展動能良好，包括商業媒體、連網電視和客製化測量等方面的應用案例。這讓我們對即將到來的第三季和第四季續約高峰期更有信心。

Marketplace and other revenue increased 18% to $50 million. Data Marketplace, which accounted for roughly 75% of marketplace and other revenue, grew by 14%.

市場及其他收入成長 18%，達到 5,000 萬美元。數據市場約佔市場和其他收入的 75%，成長了 14%。

As expected, data marketplace growth accelerated by approximately 5 points sequentially, driven by a stable ad spending environment and new CTV integrations.

正如預期的那樣，在穩定的廣告支出環境和新的 CTV 整合的推動下，數據市場成長環比加快了約 5 個百分點。

Moving beyond revenue, gross margin was 72%, in line with our guide and down 3 points year on year due to higher cloud hosting expenses related to our platform modernization.

除了營收之外，毛利率為 72%，與我們的預期一致，但年減 3 個百分點，原因是與平台現代化相關的雲端託管費用較高。

Operating expenses were $100 million, roughly flat year on year, and lower than expected due mostly to the timing of project-related spending in G&A.

營運支出為 1 億美元，與上年基本持平，低於預期，這主要是由於與專案相關的 G&A 支出的時間表。

Operating income was $45 million, up 10% versus a year ago, and our operating margin edged up to over 22%.

營業收入為 4,500 萬美元，比去年同期成長 10%，營業利潤率小幅上升至 22% 以上。

Staff operating income was $21 million, up from $7 million a year ago, and the margin expanded by 7 points, driven in part by a more disciplined approach to stock compensation.

員工營業收入為 2,100 萬美元，高於一年前的 700 萬美元，利潤率提高了 7 個百分點，部分原因是股票薪酬採取了更嚴格的方法。

Free cash flow is $57 million, of which $50 million was put towards opportunistic share repurchases in the quarter.

自由現金流為 5,700 萬美元，其中 5,000 萬美元用於本季的機會性股票回購。

Fiscal year-to-date, we've repurchased $80 million in stock. We have $177 million remaining under the authorization that expires on December 31st, 2026.

本財年至今，我們已回購了價值 8,000 萬美元的股票。我們在授權範圍內還剩下 1.77 億美元，授權將於 2026 年 12 月 31 日到期。

Our balance sheet remains very strong, with $377 million in cash and short-term investments and zero debt.

我們的資產負債表仍然非常穩健，擁有 3.77 億美元的現金和短期投資，且零負債。

In summary, Q2 was solid, coming in ahead of our guidance on the top-line and especially on the bottom line.

總而言之，第二季表現穩健，營收和利潤都超乎預期。

Record GAAP operating margin, the best net new ARR quarter in seven quarters, strong growth in million dollar plus subscription customers, and a sizable return of cash to shareholders for our buyback.

創紀錄的 GAAP 營業利潤率，七個季度以來最佳的淨新增 ARR 季度，百萬美元以上訂閱客戶強勁增長，以及為回購股票向股東返還的大量現金。

Let me now turn to our financial outlook gray 26 in Q3. Please turn to slide 12.

現在讓我來談談我們第三季的財務展望，灰色26。請翻到第12頁投影片。

Please keep in mind our non-GAAP guidance excludes intangible amortization, dotcom, and restructuring and related charges.

請注意，我們的非GAAP財務指引不包括無形資產攤提、網路泡沫、重組及相關費用。

Starting with the full year.

從全年開始。

We are increasing our FY26 revenue guidance by $3 million at the midpoint, passing through the Q2B.

我們將 2026 財年營收預期中位數上調 300 萬美元，預期將持續到第二季​​。

We have narrowed the range by lifting the low end to reflect less macroeconomic risk now that we're halfway through the fiscal year.

鑑於本財年已過半，我們提高了下限，縮小了範圍，以反映宏觀經濟風險的降低。

We now expect FY26 revenue to be between $804 million and $818 million, which is growth of 8% to 10%.

我們現在預計 2026 財年營收將在 8.04 億美元至 8.18 億美元之間，成長 8% 至 10%。

Let me now provide some colour on the revenue components.

現在讓我來詳細介紹一下收入組成。

Subscription revenue is still expected to be up mid to high single-digits.

訂閱收入預計仍將維持中高個位數成長。

Fixed subscription is still expected to be up mid to high single-digits with improving growth in the second half.

預計固定訂閱用戶仍將維持中高個位數成長，下半年成長動能將進一步增強。

Subscription usage growth is now expected to be up high single-digits, driven mostly by the above trend growth in Q1.

預計訂閱用戶成長將達到較高的個位數，這主要得益於第一季上述的成長趨勢。

We assume second half usage is roughly flat year on year.

我們假設下半年的使用量與去年同期大致持平。

Marketplace and other revenue is now expected to grow mid-teen, outpacing digital ad market growth and benefiting from the new CTV platform integration Scott and I mentioned.

預計市場和其他收入將以十幾個百分點的速度成長，超過數位廣告市場的成長速度，並受益於我和 Scott 提到的新的 CTV 平台整合。

Beyond revenue, we now expect gross margin to be approximately 72% versus our prior expectation of mid-70s.

除了營收之外，我們現在預計毛利率約為 72%，而我們先前的預期為 70% 左右。

We originally expected second half growth margins to rebound to the mid-70s, driven by savings associated with migrating customers to an upgraded back end.

我們最初預計下半年的成長利潤率將反彈至 70% 左右，這主要得益於將客戶遷移到升級後的後端所帶來的成本節約。

While the migration remains on track for completion in Q4. The cost optimization is taking longer than expected as we continue running two platforms to ensure a stable customer experience.

遷移工作仍按計劃在第四季度完成。由於我們仍在運行兩個平台以確保穩定的客戶體驗，因此成本優化所需時間比預期要長。

That said, we reiterate our guidance for non-GAAP operating income to be between $178 million and $182 million.

儘管如此，我們重申對非GAAP營業收入的預期，即在1.78億美元至1.82億美元之間。

Our operating income guide is unchanged despite an increase in revenue reflecting the lower growth margin I just mentioned, offset by incremental OpEx efficiencies.

儘管收入有所增長，但正如我剛才提到的，成長利潤率有所下降，不過營運效率的提高抵消了這一增長，因此我們的營業收入預期保持不變。

At the midpoint of the guide, operating income is growing 33%.

該指南中期數據顯示，營業收入成長了 33%。

And the margin is expanding 4 points to 22%.

優勢擴大了 4 個百分點，達到 22%。

The combination of offshoring and general cost discipline continues to afford us the ability to invest in key growth areas while at the same time driving significant margin expansion.

離岸外包和整體成本控制相結合，使我們能夠繼續投資於關鍵成長領域，同時推動利潤率大幅成長。

Dotcom is expected to decline 23% year on year to $83 million, again reflecting a more disciplined approach to share-based compensation over the last couple of years.

預計網路收入將年減 23% 至 8,300 萬美元，再次反映出過去幾年公司在股權激勵方面採取了更加嚴格的措施。

We now expect to have operating income to be between $83 million and $87 million.

我們現在預計營業收入將在 8,300 萬美元至 8,700 萬美元之間。

Equating to a record high margin of 10% to 11% and a year-on-year increase of 9 points to 10 points.

相當於創紀錄的10%至11%的利潤率，較上年同期成長9至10個百分點。

Lastly, we continue to expect free cash flow to be up this year, with savings from the new federal tax legislation offsetting a normalization in working capital.

最後，我們仍然預計今年的自由現金流將有所增長，新的聯邦稅收立法帶來的節省將抵消營運資本的正常化。

Our EBITA conversion rate is expected to be above our 75% target rate.

我們的 EBITA 轉換率預計將高於我們 75% 的目標轉換率。

We expect to deploy a substantial amount of this year's free cash flow to share repurchases consistent with our recent practice.

我們預計將把今年相當一部分自由現金流用於股票回購，這與我們近期的做法一致。

As always, we will be opportunistic depending on market conditions.

我們將一如既往地根據市場狀況靈活應對。

Given the decline in stock-based comp combined with our repurchase activity, like last year, we are again expecting to more than offset dilution.

鑑於股票選擇權激勵措施的下降以及我們的回購活動，與去年一樣，我們預計再次能夠彌補股權稀釋的影響。

Now moving to Q3.

現在進入第三季。

We expect total revenue to be between $209 million and $213 million. Non-GAAP operating income between $55 million and $57 million and an operating margin of roughly 27%.

我們預計總收入將在 2.09 億美元至 2.13 億美元之間。非GAAP營業收入在5,500萬美元至5,700萬美元之間，營業利潤率約27%。

A few other callouts for Q3. We expect subscription revenue to be at mid-single-digits.

第三季還有一些其他事項需要說明。我們預計訂閱收入將達到個位數中段水準。

Marketplace and other revenue is expected to be up low 10s.

預計市場和其他收入將成長10%左右。

And finally, we expect growth margin to be similar to Q2 as we work through the final phases of our back end upgrade and migration effort, which will be completed in Q4.

最後，我們預計成長利潤率將與第二季度類似，因為我們正在進行後端升級和遷移工作的最後階段，這項工作將在第四季度完成。

Let me wrap up before Q&A.

在問答環節之前，我先總結一下。

Our second quarter featured strong execution and healthy demand with results ahead of expectation across the board and double-digit growth in operating income.

第二季度，我們憑藉著強勁的執行力和健康的市場需求，各項業績都超出預期，營業收入實現了兩位數的成長。

We're seeing sustained sales momentum and a robust pipeline heading into our seasonally high renewal quarters in the second half.

我們看到銷售動能持續強勁，在下半年續約旺季到來之際，銷售管道也十分充足。

Our focus remains on converting that pipeline into signing and keeping churn low to set the stage for accelerating revenue growth in FY27.

我們仍專注於將潛在客戶轉化為實際簽約客戶，並維持較低的客戶流失率，為 2027 財年加速營收成長奠定基礎。

And finally, we remain on track for another strong year of free cash flow, reflecting more than 30% growth in operating income, benefits from the recently enacted tax legislation, and continued discipline in balancing growth investments with efficiency.

最後，我們仍有望迎來另一個自由現金流強勁的年份，這反映了營業收入成長超過 30%，受益於最近頒布的稅收立法，以及在成長投資和效率之間保持平衡的持續努力。

We plan to deploy a substantial portion of that free cash flow towards share repurchases, underscoring both our confidence in the business and our commitment to long-term shareholder value.

我們計劃將相當一部分自由現金流用於股票回購，這不僅體現了我們對業務的信心，也反映了我們對股東長期價值的承諾。

Thanks again for joining us. We're excited for what's ahead and grateful to the customers and teammates who make it possible. Operator, we will now open the call to questions.

再次感謝您的參與。我們對未來充滿期待，並感謝讓這一切成為可能的客戶和團隊成員。接線員，現在開始接受提問。

Thank you. And we will take our first question from Jason Cryer, Craig Hallam.

謝謝。接下來，我們將回答來自傑森·克萊爾和克雷格·哈勒姆的第一個問題。

Please go ahead.

請繼續。

Great, thank you. This is Cal for Jason tonight. Maybe just to start, can you elaborate on some of the drivers of the improvement in ARR in the quarter?

太好了，謝謝。今晚卡爾將為傑森帶來精彩表演。首先，您能否詳細說明本季 ARR 成長的一些驅動因素？

Sure, I'd be happy to, Cal. This is Lauren. A few things I'd highlight first, with respect to the strength of gross new ARR.

當然，我很樂意，卡爾。這是勞倫。首先，關於新增年度經常性收入 (ARR) 的強勁成長，我想強調幾點。

Crosse and upsell of our clean room solution continues to be a big driver here, and these are for the use cases that Scott mentioned. So, measurement and in particular CTV measurement, cross media intelligence, and to support just a growing number of retail and commerce media use cases. We also saw a really nice uptick in new logo activity in the quarter, which was encouraging specifically for our connectivity or data onboarding use cases, and we think this is a reflection of an increase in focus as we've rolled out now a dedicated new logo sales team as well as a new pricing model which allows us to address a larger ICP.

交叉銷售和追加銷售我們的無塵室解決方案仍然是這裡的主要驅動力，這些都是 Scott 提到的用例。因此，測量，特別是 CTV 測量、跨媒體情報，以及支援越來越多的零售和商業媒體用例。本季新客戶活動也出現了非常可觀的成長，這對於我們的連線或資料匯入用例來說尤其令人鼓舞。我們認為這反映了我們更加重視新客戶，因為我們現在推出了專門的新客戶銷售團隊以及新的定價模式，使我們能夠滿足更廣泛的理想客戶畫像 (ICP)。

In addition, we also had much lower customer churn in the quarter, both on an absolute basis and particularly compared to Q1, which was impacted by the couple of unusual events we discussed last call.

此外，本季我們的客戶流失率也大幅降低，無論是絕對值還是與第一季度相比都是如此，第一季度受到了我們上次電話會議討論的幾個不尋常事件的影響。

Importantly though, we believe these trends are durable. And while 7% AR growth is solid and certainly trending in the right direction, it's not our final destination. We believe we have the product and market demand for faster growth over time, and that's exactly what the team is focused on here in the back half.

但重要的是，我們相信這些趨勢是持久的。雖然 7% 的 AR 成長率很穩健，而且肯定朝著正確的方向發展，但這並不是我們的最終目標。我們相信，隨著時間的推移，我們的產品和市場需求能夠實現更快的成長，而這正是團隊在下半年專注的方向。

Great. And then as a follow-up, you alluded to some of this on the call, but your renewal cycles, they're a little skewed towards the second half of your fiscal year. So with these new solutions and integrations coming to market, how do you feel about the upsell opportunity here over the next two quarters?

偉大的。然後，作為後續，您在電話會議中也提到了一些這方面的內容，但是您的續約週期有點偏向於財政年度的下半年。隨著這些新的解決方案和整合方案陸續上市，您認為未來兩季的追加銷售機會如何？

I think we feel really good about it, and I'll reference again, the road trip I just took.

我覺得我們對此感覺非常好，我再提一下我剛結束的公路旅行。

There are so many different levers of growth, and depending on which client we're talking to, they're excited about something a little bit different.

成長的驅動力有很多種，根據我們交談的客戶不同，他們興奮的事情也會略有不同。

So, we have XMI across media intelligence. We have our commerce media networks that are taking us in completely new directions with new types of clients. We have CTV expansion. And we have some really exciting opportunities in AI.

所以，我們在媒體情報領域擁有XMI。我們的商業媒體網絡正引領我們走向全新的方向，接觸到全新的客戶群。我們有CTV擴充計劃。我們在人工智慧領域擁有一些非常令人興奮的機會。

So you know I was talking to a sales rep just last night and he told me, Hey, I can't remember being at Live ramp and having this many things that our clients are as excited to talk about.

你知道嗎，我昨晚和一位銷售代表聊天，他告訴我：“嘿，我不記得在 Live Ramp 展會上見過這麼多讓客戶如此興奮地談論的東西。”

So, we've got to deliver, but I feel really optimistic about our ability to do that.

所以，我們必須完成任務，但我對我們完成任務的能力感到非常樂觀。

Great.

偉大的。

Thank you very much for taking the question.

非常感謝您回答這個問題。

Thanks Cal.

謝謝你，卡爾。

Thank you.

謝謝。

Our next question comes from the line of Shyam Patil from Susquehanna.

我們的下一個問題來自薩斯奎哈納的沙姆·帕蒂爾。

Please go ahead.

請繼續。

Hey, this is Mick Till on Shyam. Thanks so much for taking my question.

嘿，這裡是Mick Till，在Shyam的節目中。非常感謝您回答我的問題。

There's been a lot of debate about how AI search and AI overviews are hurting click through rates to the open web. How are you thinking about the implications that this dynamic might have on your business?

關於人工智慧搜尋和人工智慧概覽如何損害開放網路的點擊率，一直存在著許多爭論。您認為這種變化可能會對您的業務產生哪些影響？

Thank you.

謝謝。

Yeah, but until this is Scott. I'll take that and thanks for being on the call today. I recognize to everybody who's on the call that this is one of the busiest earnings weeks and you're juggling a lot of balls.

是啊，但直到現在，他還是史考特。我接受這個結果，謝謝你今天參加電話會議。我知道，在座的各位，這週是財報季最繁忙的一周之一，你們要同時處理很多事情。

Two thoughts come to mind with your question. First off, I would tell you our exposure to the open web is low. I mean, throughout live. History. We've always seen changes in our activation profile. We see the winners and losers sometimes far before the market as a whole does.

關於你的問題，我想到了兩點。首先，我想說的是，我們接觸開放網路的機會很少。我的意思是，貫穿整個人生。歷史。我們一直觀察到活化模式的變化。我們有時能比整個市場更早看到贏家和輸家。

And if some things don't work as effectively, the money just flows to the things that do work. And we've seen that in recent years. We've been the beneficiary of that with the growth in CTV and social media and commerce media as well. I looked at our top destinations actually just earlier today, and the vast majority of our TOP20 destinations, I mean, in no particular order, companies like Meta, Roku, LinkedIn, Spotify, Disney Plus, Pandora, Twitter X, I guess, and TikTok, they're simply not impacted by these open web shifts that people are talking about. And then the second point that I'd make is our upside from AI is high.

如果有些事情效果不佳，資金就會流向那些有效的事情。近年來我們已經看到了這一點。隨著連網電視、社群媒體和電商媒體的發展，我們也從中受益匪淺。我今天早些時候查看了我們的熱門目的地，我們排名前 20 的目的地中的絕大多數，我的意思是，排名不分先後，像 Meta、Roku、LinkedIn、Spotify、Disney Plus、Pandora、Twitter X（我猜）和 TikTok 這樣的公司，根本沒有受到人們正在談論的這些開放網路變革的影響。其次，我想指出的是，人工智慧為我們帶來的好處是巨大的。

AI models are only as effective as the signals that power the underlying intelligence of those models. And first and second party data, the kind that empowers everything we currently do, is the great differentiator that makes any model even better.

人工智慧模型的有效性取決於驅動這些模型底層智慧的訊號的有效性。第一方資料和第二方資料（正是這類資料支撐著我們目前所做的一切）是讓任何模型都變得更好的巨大差異化因素。

Our clients want to standardize and control how their data is used, which puts us right at the centre of a long-term future growth driver.

我們的客戶希望規範和控制其數據的使用方式，這使我們處於長期未來成長驅動力的核心位置。

And the investments that we've made that Lauren and I both referenced, modernizing our stack, creating AI readiness and usage-based pricing, they build the foundation for our success as AI starts to take off.

我和 Lauren 都提到過，我們已經進行了一些投資，包括技術棧現代化、人工智慧就緒化和基於使用量的定價，這些都為我們在人工智慧開始起飛之際取得成功奠定了基礎。

Operator, we'll take the next question, please.

接線員，請問下一個問題？

Thank you.

謝謝。

Our next question comes from the line of Mark Zvi from the benchmark company.

我們的下一個問題來自標竿公司 Mark Zvi 的一條生產線。

Please go ahead.

請繼續。

Hey guys, this is Alex from Mark. Thanks for taking the question.

大家好，我是Mark公司的Alex。感謝您回答這個問題。

if you don't mind, first one just on the degree of macro conservatism baked into the guide, the revenue guide for the year. Curious if you can provide an update there and how you're thinking about potential incrementality from these pilots, in addition to working with AI labs. And then the second question. Curious if you can elaborate on the mix of retail and CPG versus non, in terms of incremental in the second half as you point towards an acceleration.

如果您不介意的話，首先我想談談該指南中體現的宏觀保守主義程度，即年度收入指南。我很想知道您能否提供這方面的最新進展，以及您除了與人工智慧實驗室合作之外，還如何考慮這些試點計畫可能帶來的增量影響。然後是第二個問題。我很想知道您能否詳細說明一下零售和消費品行業與非零售行業在下半年的成長情況，因為您指出成長速度有所加快。

Thank you.

謝謝。

Sure, I'm certainly happy to take the first.

當然，我很樂意接受第一個。

So with respect to our guidance, kind of at this point in the year, the swing factors are mostly in our variable revenue sources, so specifically subscription usage and data marketplace, and as we typically do, we have built in some conservatism here which is, accounts for the relatively wide range. In the back half at the midpoint we're assuming you know the macro remains fairly consistent with what we've seen recently. The low end of the range assumes a pretty major deterioration in the macro in the back half, but in short, we believe we've built in an appropriate level of conservatism into our guide.

因此，就我們的業績指引而言，在今年的這個階段，波動因素主要來自我們的可變收入來源，特別是訂閱使用和數據市場，而且正如我們通常所做的那樣，我們在這裡加入了一些保守因素，這也解釋了相對較大的波動範圍。在後半段的中點，我們假設您知道宏觀經濟與我們最近看到的情況基本一致。這個範圍的下限假設宏觀經濟在下半年出現相當大的惡化，但總而言之，我們相信我們已經在我們的指南中融入了適當的保守主義。

Yeah, in terms of the retail versus non-retail commerce media stuff, I don't know if I have those specific numbers because I don't know if we broke it out, did the math. We can get that, but I would tell you that. If I just think about what I believe is happening, we're seeing growth in both places in our kind of traditional retail media.

是的，關於零售與非零售商業媒體的問題，我不知道我是否有具體的數字，因為我不知道我們是否把它分開統計過，做過計算。我們可以得到那個，但我不會告訴你。如果我只考慮我認為正在發生的事情，我們看到在我們所處的傳統零售媒體領域，兩方面都在成長。

What we're trying to do is build density, so it's usage increases, we're trying to scale the number of merchant partners that are working with each major retailer and then, from a new Logo, new starts perspective, that's where we're really excited about, expanding from retail to commerce media.

我們正在努力提高密度，從而增加使用率；我們正在努力擴大與各大零售商合作的商家合作夥伴的數量；然後，從新Logo、新起點的角度來看，我們真正感到興奮的是，從零售擴展到商業媒體。

Some of the things I talked about like PayPal or Uber, the airlines that just exposes us to really different businesses and instead of just thinking about merchant partners, it's causing us to think about, well, how do we connect with quick serve restaurants or restaurants as a whole. How do we connect with SMB merchant partners that are driving payments usage? How do we connect with travel partners? And so all of that opens up new TAM for us.

我談到的一些事情，例如 PayPal 或 Uber，還有航空公司，這些都讓我們接觸到真正不同的企業，讓我們不再只考慮商家合作夥伴，而是思考，我們如何與快餐店或整個餐飲業建立聯繫。我們如何與推動支付方式使用的中小企業商家夥伴建立連結？我們如何與旅遊夥伴建立連結？因此，所有這些都為我們開闢了新的潛在市場。

And so I think that will be an even greater accelerator for our growth next year than even maybe the traditional retail media side where we've long been strong.

因此，我認為這將比我們長期以來一直很強大的傳統零售媒體領域，更能加速我們明年的成長。

And he very helpful.

他非常樂於助人。

Thanks Scott and Lauren.

謝謝Scott和Lauren。

Hey Alex, really quickly, there was a second part of your first question, which is on the pricing pilot, and I didn't answer it, so I want to now. We have not baked in any upside in this year's guide to account for pricing upside.

嘿 Alex，簡單問一下，你的第一個問題還有第二部分，是關於定價試點項目的，我還沒有回答，所以我現在想回答一下。今年的指導方針中，我們沒有將價格上漲的預期納入考量。

I might just take the opportunity to reiterate what Scott mentioned, which is at a high level our hypothesis is over time. The new model will unlock incremental revenue growth by benefiting both our land and expand sales motions.

我或許可以藉此機會重申 Scott 所提到的內容，那就是，從宏觀層面來說，我們的假設是隨著時間的推移。新模式將透過惠及我們的土地和擴大銷售活動，釋放增量收入成長潛力。

As Scott mentioned, on the land front, it offers a lower entry point which should allow us to address a larger ICP. And on the expand front, due to the fungibility of the tokens, it enables customers to more seamlessly grow into our product suite.

正如 Scott 所提到的，在土地方面，它提供了一個較低的切入點，這應該使我們能夠應對更大的 ICP。在擴展方面，由於代幣的可互換性，客戶可以更無縫地擴展到我們的產品套件。

Right now we're in the middle of the pilot which we expect to run through the balance of this fiscal year. We're learning a lot. We expect to continue to learn a lot which will help us fine tune the model and approach ahead of rolling it out in the early part of next year. Year and we expect to roll it out very thoughtfully and for the benefit to accrue over several quarters. So this is something you, we would expect to see some benefit from as we move through next fiscal year, but so far nothing baked into to this year's guide.

目前我們正處於試點階段，預計試點將持續到本財年結束。我們學到了很多。我們預計會繼續學習很多東西，這將有助於我們在明年年初推出該模型和方法之前對其進行微調。今年，我們將非常謹慎地推出這項計劃，並希望在幾個季度內逐步看到成效。因此，我們預計隨著下一個財政年度的到來，您將從中受益，但到目前為止，今年的指導方針中還沒有體現這一點。

Super helpful.

非常有用。

Thank you both.

謝謝你們兩位。

Thank you.

謝謝。

Again, if you'd like to ask a question, please press start and the number one on your telephone keypad.

再次提醒，如果您有任何疑問，請按下電話鍵盤上的開始鍵和數字 1。

Our next question comes from the line of Clarkr from DA Davidson.

我們的下一個問題來自 DA Davidson 的 Clarkr 的演講。

Please go ahead.

請繼續。

Thank you. Maybe to start, can you elaborate on the step up in platform investments this year? Is this something that stretch stretches into fiscal 2027?

謝謝。首先，能否詳細說明一下今年平台投資增加的情況？這項計劃會持續到 2027 財年嗎？

Yeah, Clark, I'll start, and Lauren will certainly probably jump in here, but yes, we have actually stepped up our investments recently.

是的，克拉克，我先來，勞倫肯定也會插話，但沒錯，我們最近確實加大了投資力度。

We are confident about this driving incremental revenue in The coming quarters and years, the investments are in three critical areas. First, we're upgrading our platform, both the front and back end to provide our customers just with a better experience, more intuitive UI, faster processing, more stability.

我們有信心在未來幾季和幾年內推動營收成長，這些投資集中在三個關鍵領域。首先，我們正在升級我們的平台，包括前端和後端，以便為我們的客戶提供更好的體驗、更直覺的使用者介面、更快的處理速度和更高的穩定性。

Second, we're investing in AI product capabilities. I mentioned that AI powered segment builder, agentic orchestration. I talked about those in my prepared remarks. AI is really reshaping the digital advertising ecosystem and so these investments ensure we're ready to capture the opportunities that are emerging from these changes. And then third, the kind of companion piece with This is the investments we're making in our new usage-based pricing model and that ensures that we'll have the optimal revenue model as the volumes kind of expand from what we're seeing in terms of increased collaboration and the AI opportunity. We're going to monetize that through this new variable usage-based pricing model.

其次，我們正在投資人工智慧產品能力。我提到了人工智慧驅動的細分建構器和智能體編排。我在事先準備好的演講稿中談到了這些內容。人工智慧正在重塑數位廣告生態系統，因此這些投資確保我們能夠抓住這些變化帶來的機會。第三，與此相關的部分是我們正在對新的基於使用量的定價模式進行的投資，這將確保隨著業務量的增加，以及我們從合作和人工智慧機會中看到的成長，我們將擁有最佳的收入模式。我們將透過這種新的基於使用量的可變定價模式來實現盈利。

And hey Clark, I would just simply add that while we're making these investments to fuel future revenue growth, we're not sacrificing bottom line growth in the short-term. Again, we're guiding to FY26 operating income growth of over 30% and points of margin expansion and finally we just mention to the earlier part of your question, we believe this investment period will abate by the end of this fiscal year, which puts us in a really strong position for both revenue growth and continued margin expansion in FY27.

嘿，克拉克，我只想補充一點，雖然我們進行這些投資是為了推動未來的收入成長，但我們不會在短期內犧牲利潤成長。再次重申，我們預計 2026 財年營業收入成長將超過 30%，利潤率也將有所提升。最後，針對您先前提出的問題，我們認為此次投資期將在本財年末結束，這將使我們在 2027 財年實現收入增長和利潤率持續提升方面處於非常有利的地位。

That's helpful. I appreciate that colour. And then in turning to the growth picture, direct subscription customer count has effectively stabilized after declining for 5 straight quarters. Do you have the visibility to call this the trough or a potential inflection in growth going forward, or is that still yet to be determined given some of the other moving factors?

那很有幫助。我喜歡這個顏色。再來看成長情況，直接訂閱用戶數量在連續 5 個季度下降後已基本穩定下來。您認為目前的情況是否已觸底或預示著未來成長的轉折點？還是考慮到其他一些不確定因素，這一點仍有待確定？

Yeah, I would characterize it as stabilizing, especially now that we've worked through the international headwind that we've discussed on past calls, and you saw that in the results this quarter. In addition, I mentioned this a bit earlier, we saw a nice uptick in new logo activity in the quarter, which we think is durable. This is a combination of building out a dedicated new logo sales force and also having a new pricing model that allows us to serve a larger TAM over time.

是的，我會將其描述為趨於穩定，尤其是在我們已經克服了先前電話會議中討論過的國際不利因素之後，這一點在本季度的業績中也得到了體現。此外，我之前也提到過，本季新徽標活動出現了不錯的成長，我們認為這種成長勢頭會持續下去。這是透過建立一支專門的新客戶銷售團隊以及採用新的定價模式來實現的，這將使我們能夠隨著時間的推移服務於更大的潛在客戶群。

As we look out over the medium to long-term, we do think there are a couple meaningful levers for customer count growth. The pricing model which I just mentioned. And then also our clean room strategy.

展望中長期，我們認為有幾個重要的槓桿可以促進客戶數量成長。我剛才提到的定價模式。還有我們的無塵室策略。

Now Scott discussed as kind of these big clean room networks to support use cases in retail or commerce media take hold, we have the ability to, pull customers through these large anchor nodes that we're supporting, and we think that can be a source of sustained new logo growth over time. The final point I would just make here is that the quality of our new customer ads continues to be very impressive. It certainly was again in Q2. GM, Uber, Constellation Brands. I think this is a real testament to the criticality of what we do and to the value we deliver to our customers.

Scott 指出，隨著這些大型無塵室網路在零售或商業媒體領域的應用場景逐漸普及，我們有能力透過我們支援的這些大型錨節點吸引客戶，我們認為這可以成為持續的新客戶成長的來源。最後我想補充一點，我們新客戶的廣告品質依然非常出色。第二季的情況確實如此。通用汽車、優步、星座品牌。我認為這充分證明了我們工作的關鍵性以及我們為客戶創造的價值。

Thank you.

謝謝。

Thank you.

謝謝。

We have no further questions. I will now turn the call back over to Lauren Dillard for closing remarks.

我們沒有其他問題了。現在我將把電話轉回給勞倫·迪拉德，請她作總結發言。

All right, thank you.

好的，謝謝。

I'd love to close with just a few remarks. So first, our second quarter featured again strong execution and healthy demand with results ahead of expectations across the board and double-digit growth in operating income. We're seeing sustained. Momentum and a robust pipeline heading into our seasonally high renewal quarters in the second half. Our focus, of course, remains on converting that pipeline into sales and keeping churn low to set the stage for accelerating top-line growth next year. And finally, we remain on track for another strong year of free cash flow, reflecting more than 30% growth in operating income. And continued discipline in balancing growth investments with efficiency. We plan to deploy a substantial portion of that free cash to share repurchases, underscoring both our confidence in the business and our commitment to long-term shareholder value. Thanks again for joining us. We look forward to speaking with many of you in the days ahead.

最後我想補充幾點。首先，我們第二季再次展現了強勁的執行力和健康的需求，各項業績均超出預期，營業收入實現了兩位數成長。我們看到這種情況持續存在。下半年是續約旺季，我們擁有強勁的發展動能和充足的業務儲備。當然，我們的重點仍然是將潛在客戶轉化為實際銷售額，並保持較低的客戶流失率，為明年加速營收成長奠定基礎。最後，我們預計今年的自由現金流將持續強勁成長，營業收入將成長超過 30%。並持續保持平衡成長投資與效率的紀律。我們計劃將相當一部分自由現金用於股票回購，這不僅體現了我們對業務的信心，也反映了我們對股東長期價值的承諾。再次感謝您的參與。我們期待在接下來的日子裡與你們中的許多人進行交流。

The meeting has now concluded.

會議已經結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。

Good afternoon, ladies and gentlemen, and welcome to Lyramp's fiscal 2026 second quarter earnings conference call.

女士們、先生們，下午好，歡迎參加 Lyramp 2026 財年第二季財報電話會議。

All lines have been placed on need to prevent any backbone noises. After the speaker's remarks, there will be a question-and-answer session.

所有線路均已按要求佈置，以防止任何骨幹噪音。演講結束後，將進行問答環節。

And if you'd like to ask a question at that time, please press star, then the number one on your telephone keypad. If you'd like to enjoy your question or your question has been answered, please press one again.

如果您當時想提問，請按星號鍵，然後按電話鍵盤上的數字 1。如果您希望保留您的問題或您的問題已得到解答，請再按 1。

Thank you.

謝謝。

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

現在我將把電話交給主持人，投資者關係副總裁德魯·博斯特。請繼續，先生。

Thank you, operator. Good afternoon, everyone, and thank you for joining our fiscal 2026 second quarter earnings call. With me today are Scott Howe, our CEO, and Lauren Dillard, our CFO.

謝謝接線生。各位下午好，感謝各位參加我們2026財年第二季財報電話會議。今天陪我一起的有我們的執行長史考特·豪和財務長勞倫·迪拉德。

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.

今天的新聞稿和本次電話會議可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。

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 reconciliations to non-GAAP financial measures, is available at investors. Liramp.com.

有關這些風險的詳細描述，請閱讀我們公開文件中的風險因素部分和新聞稿。投資者可造訪[此處插入連結]以取得我們的新聞稿和財務報表副本，包括與非GAAP財務指標的任何調節表。Liramp.com。

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

此外，在今天的電話會議中，我們也會參考一份投影片，該投影片也可在我們的投資者關係網站上找到。

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

接下來，我將把電話交給史考特。

Thank you, Drew.

謝謝你，德魯。

And thanks to everyone joining us today. We delivered solid Q2 results with revenue and operating income surpassing our guidance. This quarter showcased strong execution, fulfilling our near-term financial commitments while strategically investing in growth drivers like AI product enhancements and our new usage-based pricing model.

感謝今天所有到場的各位。第二季業績表現穩健，營收和營業收入均超乎預期。本季展現了強勁的執行力，在履行近期財務承諾的同時，也對人工智慧產品改進和新的基於使用量的定價模式等成長驅動因素進行了策略性投資。

Q2 revenue increased by 8%, led by a notable acceleration and marketplace another to 18% growth.

第二季營收成長 8%，其中市場成長率顯著加快，另一項指標達到 18%。

Subscription revenue grew by 5% as expected based on bookings a year ago and what we foresee to be the low water mark. The good news, as we anticipated at the start of the year, a growth upturn appears to be on the horizon, as evidenced by ARR, which is the best leading indicator of our subscription revenue.

根據去年同期的預訂量以及我們預期的最低點，訂閱收入如預期增加了 5%。好消息是，正如我們在年初所預期的那樣，成長回暖似乎指日可待，ARR（年度經常性收入）就是最好的證明，ARR 是我們訂閱收入的最佳領先指標。

Net new ARR in Q2 was 14 million, the largest organic increase in the past seven quarters and equating to year on year growth of 7%. We are seeing good momentum across a range of use cases including commerce Media, CTV, and cross media measurement.

第二季新增淨 ARR 為 1,400 萬美元，是過去七個季度中最大的有機成長，相當於年增 7%。我們看到，在包括電商媒體、連網電視和跨媒體測量在內的各種應用場景中，都呈現出良好的發展動能。

$5 million dollar plus subscription customers increased by 5 sequentially to a new high of 132. In Q2, we signed a multi-million dollar new logo contract with one of the largest global auto manufacturers and signed a multi-million dollar upsell with a leading social media platform.

訂閱用戶超過 500 萬美元的用戶數量較上季增加 5 人，達到 132 人的新高。第二季度，我們與全球最大的汽車製造商之一簽署了一份價值數百萬美元的新標誌合同，並與一家領先的社交媒體平台簽署了一份價值數百萬美元的追加銷售合同。

Our non-GAAP operating income climbed 10%, a testament to improving cost efficiencies achieved through expanding offshore operations in India.

我們的非GAAP營業收入成長了10%，證明了透過擴大在印度的離岸業務，成本效益得到了提高。

GA operating income more than doubled, and the margin expanded by 7 points to a record quarterly high driven by sustainably lower stock base comp.

GA 營業收入翻了一番多，利潤率擴大了 7 個百分點，創下季度新高，這主要得益於持續下降的股票基數補償。

Overall, it was a strong second quarter, particularly in our revenue leading indicators. Lauren will provide further details. We'll all focus on three key areas. First, our data collaboration platforms impact on commerce media integration benefits with CTV and other major publishers, and catalysing effect for AI.

整體而言，第二季表現強勁，尤其是我們的營收領先指標。勞倫將提供更多細節。我們將重點放在三個關鍵領域。首先，我們的資料協作平台對商業媒體整合的好處，包括與 CTV 和其他主要出版商的合作，以及對人工智慧的催化作用。

Second, an update on our new pricing model rollout. And third, our commitment to achieving our long-term rule of 40 financial targets.

其次，報告一下我們新的定價模式推出的最新進展。第三，我們致力於實現我們長期40天財務目標。

Commerce, Media, CTV and AI.

商業、媒體、連網電視和人工智慧。

I spent much of September and October on the road meeting with customers and prospects around the world at a variety of industry conferences and live ramp hosted events. In addition to dozens of one-on-one customer meetings, I participated in ad week in New York and Canada, Synchrony's Partner Summit in Chicago, Ramp up on the Road conferences in London and Sydney, and our AI and marketing forum in New York City, and a handful of other industry events. Throughout my many conversations, a common theme emerged. Our customers recognized the immense value and expansive reach of our data collaboration network by seamlessly integrating 1st, second, and 3rd party signals across diverse platforms and partners. We empower brands to execute and measure exceptional experiences throughout the entire customer journey. The tangible excitement and impactful potential of our network are evident in several key areas.

9 月和 10 月的大部分時間我都在世界各地奔波，參加各種行業會議和現場活動，與世界各地的客戶和潛在客戶會面。除了數十次一對一的客戶會議外，我還參加了在紐約和加拿大舉行的廣告週、Synchrony 在芝加哥舉行的合作夥伴高峰會、在倫敦和雪梨舉行的 Ramp up on the Road 會議、我們在紐約市舉行的 AI 和行銷論壇以及其他一些行業活動。在我與許多人的交談中，一個共同的主題逐漸浮現。我們的客戶認識到，我們的資料協作網路能夠無縫整合來自不同平台和合作夥伴的第一方、第二方和第三方訊號，從而具有巨大的價值和廣泛的覆蓋範圍。我們助力品牌在整個客戶旅程中打造並衡量卓越的客戶體驗。我們的網路所帶來的實際興奮和巨大潛力在幾個關鍵領域中顯而易見。

Commerce Media Liramp has long been the pioneering industry leader in retail media networks. Over the past year, our success has evolved into what we call commerce media. We are powering new networks for industry giants like Uber, PayPal, General Motors, United Airlines, and many others. Each of these companies boasts vital commerce partners from quick serve restaurants and small business to local auto dealerships and travel partners. Presenting unparalleled opportunities to revolutionize the customer experience through data-driven collaboration, robust measurement, innovative media channels, and expanded off platform audience reach.

Commerce Media Liramp 長期以來一直是零售媒體網路領域的開拓型產業領導者。過去一年，我們的成功演變成我們所謂的商業媒體。我們正在為 Uber、PayPal、通用汽車、聯合航空等眾多行業巨頭打造全新的網路。這些公司都擁有重要的商業合作夥伴，從​​快餐店和小型企業到當地汽車經銷商和旅行社。透過數據驅動的協作、強大的衡量標準、創新的媒體管道以及擴大的平台外受眾覆蓋範圍，為徹底改變客戶體驗提供了前所未有的機會。

CTV and deeper publisher integrations.

CTV 和更深入的出版商整合。

Collaboration is thriving through deeper publisher integrations and CTV partnerships. For instance, we recently introduced new meta attribution insights for retail media networks, including Albertson's and Target Roundel.

透過更深入的出版商整合和連網電視合作，協作正在蓬勃發展。例如，我們最近為零售媒體網路（包括 Albertson's 和 Target Roundel）引入了新的元歸因見解。

By connecting meta campaign results with their first party sales data, RMNs and their partners can now clearly see how off property sites, including meta, drive sales orders and return on ad spend.

透過將元廣告系列結果與其第一方銷售數據關聯起來，RMN 及其合作夥伴現在可以清楚地看到，包括元廣告系列在內的非房地產網站如何推動銷售訂單和廣告支出回報率。

These insights help RMNs prove value to merchant partners, improving campaign performance visibility and enabling data-driven budget allocation.

這些洞察有助於 RMN 向商家合作夥伴證明其價值，提高廣告活動效果的可見性，並實現數據驅動的預算分配。

CTV remains a key focus for our customers given the growing consumer engagement across various apps supported CTV and streaming services. Our network is fully integrated with all these services, providing brands with seamless connectivity and comprehensive measurement, including deduplicated comparative analysis across platforms.

鑑於消費者對各種支援連網電視和串流媒體服務的應用程式的參與度不斷提高，連網電視仍然是我們客戶的重點領域。我們的網路與所有這些服務完全集成，為品牌提供無縫連接和全面的衡量，包括跨平台的去重比較分析。

Through a clean room, unique publisher audience insights can be combined with unique advertiser insights to discover new prospects and drive superior performance.

透過無塵室，可以將獨特的出版商受眾洞察與獨特的廣告商洞察相結合，從而發現新的潛在客戶並推動卓越的績效。

We are particularly excited about our expanding partnership with Netflix, which encompasses a range of integrations across our connectivity, data marketplace, and measurement solutions. This quarter we extended our Netflix connectivity integrations beyond the US to 10 new international markets, exemplifying the type of network expansion we are pursuing with all CTV and streaming platforms and serving as a steady source of growth for our business now. And in the future.

我們尤其對與 Netflix 不斷擴大的合作關係感到興奮，該合作關係涵蓋了我們在連接、數據市場和測量解決方案方面的一系列整合。本季度，我們將 Netflix 連接整合範圍從美國擴展到 10 個新的國際市場，這體現了我們正在與所有聯網電視和串流平台合作的網路擴展，並成為我們業務目前穩定的成長來源。未來亦是如此。

AI is integral to every discussion as customers navigate its transformative opportunities and challenges. We are uniquely positioned to guide them through this evolving landscape.

人工智慧是客戶在應對其帶來的變革性機會和挑戰時，所有討論中都不可或缺的一部分。我們擁有獨特的優勢，能夠引導他們應對這個不斷變化的環境。

Our scaled data network with its comprehensive links to all the critical data signals, empowers customers to unlock AI's full potential for superior marketing outcomes. We are excited about our strategic positioning to help the entire ecosystem harness AI's power. By extending our collaboration network, we're seamlessly integrating with a wide array of AI partners. Our efforts are categorized into 6 distinct areas, each featuring multiple AI application partners.

我們規模龐大的數據網路與所有關鍵數據訊號建立了全面的連接，使客戶能夠充分發揮人工智慧的潛力，從而獲得卓越的行銷成果。我們對自身的策略定位感到興奮，這將有助於整個生態系統利用人工智慧的力量。透過擴展我們的合作網絡，我們正在與眾多人工智慧合作夥伴無縫整合。我們的工作分為 6 個不同的領域，每個領域都有多個 AI 應用合作夥伴。

Search, conversational and chat.

搜尋、對話和聊天。

Commerce.

商業。

Creative Measurement And agentic trading.

創意測量與代理商交易。

These partnerships span from industry leaders like Perplexity to niche innovators like Dappier. In every instance, we connect our network to these AI powered search experiences enabling personalized advertising.

這些合作夥伴涵蓋了從 Perplexity 等行業領導者到 Dappier 等小眾創新者。在所有情況下，我們都將我們的網路連接到這些由人工智慧驅動的搜尋體驗，從而實現個人化廣告。

While partner integration is a key scaling strategy, we also introduced our own AI tools for clients. For example, our new AI powered audience segment builder is an industry first solution allowing marketers to instantly create precise multi-source audience segments using natural language prompts, activating them in minutes.

雖然合作夥伴整合是一項關鍵的擴展策略，但我們也為客戶推出了自己的 AI 工具。例如，我們全新的 AI 驅動受眾細分建立器是業界首個解決方案，它允許行銷人員使用自然語言提示立即建立精確的多來源受眾細分，並在幾分鐘內啟動它們。

Furthermore, we've launched our AI agentic orchestration.

此外，我們也推出了人工智慧代理編排系統。

LiveAM is the first platform to empower autonomous AI agents with governed access to identity, segmentation, activation, and measurement solutions, enabling marketers to plan smarter campaigns, optimize investments, and improve impact across all touch points.

LiveAM 是第一個賦予自主 AI 代理程式對身分識別、細分、啟動和衡量解決方案進行受控存取的平台，使行銷人員能夠規劃更智慧的行銷活動、優化投資並提高所有接觸點的影響力。

New pricing model.

新的定價模式。

Turning to our second major topic, let me now give you an update on our new pricing model.

接下來，我們來談談第二個主要主題，現在讓我向大家介紹我們的新定價模式。

We are actively rolling out a usage-based pricing model designed to unlock incremental revenue growth by significantly boosting both our land and expand sales motions.

我們正在積極推行基於使用量的定價模式，旨在透過大幅提升土地銷售和擴大銷售力度來釋放增量收入成長潛力。

This new model enhances our land motion with a lower cost of entry and a more flexible usage-based structure, which is particularly beneficial for mid-size brands, media platforms, and data providers. It also accelerates our expand motion by utilizing fungible usage tokens that can be seamlessly applied across all platform capabilities and use cases. This allows customers to explore additional features at no extra cost, and these tokens are valid across the entire 12-month annual contract period rather than being limited monthly.

這種新模式以更低的准入成本和更靈活的基於使用量的結構增強了我們的陸地運動，這對中型品牌、媒體平台和數據提供者尤其有利。它還利用可無縫應用於所有平台功能和用例的可互換使用令牌，加速了我們的擴張進程。這樣一來，客戶就可以免費探索更多功能，而且這些代幣在整個 12 個月的年度合約期間內有效，而不是按月限制。

Since launching our customer pilot in July, which runs through March, we've been steadily onboarding customers to the new pricing model. The feedback from both our sales teams and customers has been overwhelmingly positive, so much so that we are strategically expanding the pilot beyond our initial target list. We have a robust pipeline of customers perfectly positioned to benefit from this innovative model.

自 7 月啟動客戶試點計畫（持續到 3 月）以來，我們一直在穩步引導客戶採用新的定價模式。來自銷售團隊和客戶的回饋都非常積極，以至於我們正在策略性地將試點範圍擴大到最初的目標名單之外。我們擁有大量潛在客戶，他們完全有能力從這種創新模式中受益。

The key selling feature for customers is a lower upfront fixed commitment combined with the fungibility of usage across platform use cases and months.

對客戶而言，其主要賣點是較低的前期固定投入，以及跨平台使用場景和月份的靈活使用性。

Let me share two compelling customer examples.

讓我分享兩個令人印象深刻的客戶案例。

One new customer, a rapidly growing beverage company, perfectly illustrates how our new pricing model attracts new logos. They start with a relatively low annual contract value, or AC, but have significant upside as their business growth drives increased customer data and advertising budgets, leading to greater use of our capabilities. These factors can quickly transform a 5-figure ACV customer into a six-figure success.

一家快速發展的飲料公司作為新客戶，完美地詮釋了我們的新定價模式如何吸引新客戶。他們的年度合約價值（AC）起步相對較低，但隨著業務成長帶動客戶數據和廣告預算的增加，從而更多地利用我們的能力，因此具有很大的成長潛力。這些因素可以迅速將年合約價值五位數的客戶轉變為年合約價值六位數的成功客戶。

In another example, we recently signed a leading domestic airline to our new pricing model.

例如，我們最近與一家國內領先的航空公司簽署了採用我們新定價模式的協議。

This is an existing seven-figure customer who secured an early renewal with a 20% upsell. They leveraged various platform capabilities, including cleanroom Insights for social media measurement. For them, the fungibility of usage tokens across different platform capabilities was the decisive selling point.

這是一位現有的七位數客戶，透過 20% 的追加銷售成功提前續約。他們利用了各種平台功能，包括用於社交媒體衡量的 Cleanroom Insights。對他們來說，不同平台功能之間使用代幣的可互換性是決定性的賣點。

In short, the early feedback on our new usage-based pricing model is incredibly encouraging. Consequently, we are opportunistically expanding the pilot beyond our original target list. We anticipate this new model will drive incremental revenue growth by improving our land and expand sales motions and better aligning our variable data costs with subscription revenue.

總而言之，我們新的按使用量計費模式的早期回饋令人非常鼓舞。因此，我們將抓住機會，把試點範圍擴大到我們最初的目標名單之外。我們預計這一新模式將透過改進我們的土地和擴張銷售策略，以及更好地將我們的可變數據成本與訂閱收入相匹配，從而推動收入的逐步成長。

Rule of 40.

40法則。

Moving to my final topic, let me briefly comment on our long-term financial targets. While once again hitting our short-term financial targets this quarter, we remain focused on our long-term objective of being a rule of 40 company by FY28.

最後，我想簡要地談談我們的長期財務目標。儘管本季我們再次實現了短期財務目標，但我們仍然專注於我們的長期目標，即在 2028 財年成為一家符合 40 法則的公司。

Based on the midpoint of our updated guidance, we will achieve rule of 31 this fiscal year with 9% revenue growth and 22% operating margin. With sales productivity and ARR trending up and AI creating incremental growth opportunities for our business, we are confident that we can get back to 10% plus revenue growth, and with that level of revenue growth, our operating margins should naturally expand because our costs are highly fixed and we have ongoing cost efficiencies from our offshoring initiative.

根據我們更新後的指導意見的中點，本財年我們將實現 31 法則，營收成長 9%，營業利潤率達到 22%。隨著銷售效率和 ARR 呈上升趨勢，人工智慧為我們的業務創造了增量成長機會，我們有信心恢復到 10% 以上的收入成長，並且隨著收入成長達到這一水平，我們的營業利潤率自然會擴大，因為我們的成本高度固定，而且我們的離岸外包計畫帶來了持續的成本效益。

All of this to say that we remain confident in our ability to reach this rule of 40 target by FY28.

總之，我們仍有信心在 2028 財政年度實現 40 人目標。

In closing, let me reiterate our strong financial performance and future outlook. Q2 success. Q2 delivered solid results exceeding both top and bottom-line expectations with double-digit operating income growth and the highest organic net new ARR in seven quarters. Strategic leadership. Customers are actively seeking our guidance in navigating AI, commerce, media, and CTV. We've launched innovative capabilities including cross media intelligence, expanded CTV integrations, and new AI capabilities.

最後，我想重申我們強勁的財務表現和未來前景。第二季業績成功。第二季業績穩健，營收和利潤均超出預期，營業收入實現兩位數成長，並創下七季以來的最高有機淨新增年度經常性收入 (ARR) 紀錄。戰略領導力。客戶正在積極尋求我們在人工智慧、商業、媒體和連網電視領域的指導。我們推出了包括跨媒體智慧、擴展的連網電視整合和新的人工智慧功能在內的創新功能。

Positive pricing model.

正向定價模式。

Early feedback on our new usage-based pricing model is consistently positive, leading to an expanded pilot. We anticipate this model will drive incremental revenue growth and better align data costs with subscription revenue.

我們新的按使用量定價模式的早期回饋一直都很積極，因此我們擴大了試點範圍。我們預計該模式將推動收入逐步成長，並更好地使數據成本與訂閱收入相符。

Confidence in rule of 40. We remain confident in achieving our rule of 40 goal by FY 28, an increase from Rule of 31 this year, fuelled by incremental AI revenue growth and ongoing cost efficiencies.

對40法則的信心。我們仍有信心在 2028 財年實現 40 人次的目標，比今年的 31 人次有所提高，這得益於人工智慧收入的逐步成長和持續的成本效益。

Thank you again for joining us today. We extend our gratitude to our exceptional customers, partners, and all live rampers for their unwavering dedication and support. We look forward to updating you on our continued progress in the coming quarters, and with that, I'll turn the call over to Lauren.

再次感謝您今天蒞臨。我們衷心感謝我們傑出的客戶、合作夥伴以及所有現場滑行者，感謝他們堅定不移的奉獻和支持。我們期待在接下來的幾個季度向您報告我們取得的持續進展，接下來，我將把電話交給勞倫。

Thanks, Scott, and thank you all for joining us.

謝謝斯科特，也謝謝各位的參與。

Today I'll review our Q2 financial results and then discuss our updated outlook for FY26 in Q3.

今天我將回顧我們第二季的財務業績，然後在第三季討論我們對 2026 財年的最新展望。

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 posted to our IR website.

除非另有說明，我的評論均與非GAAP業績有關，成長是相對於去年同期而言的。我將參考發佈在我們投資者關係網站上的獲利情況簡報。

Starting with Q2.

從第二季開始。

In summary, we delivered solid results exceeding our expectations, reflecting strong execution by the team and ongoing sales momentum against a relatively stable macro backdrop.

總而言之，我們取得了超越預期的穩健業績，這反映了團隊的出色執行力以及在相對穩定的宏觀經濟背景下持續的銷售勢頭。

Revenue increased by 8% and was 3 million above our guide.

營收成長了 8%，比我們預期高出 300 萬美元。

Non-GAAP operating income increased by 10% and with $6 million above our guide.

非GAAP營業收入成長10%，比我們預期高出600萬美元。

GAAP operating income more than doubled.

GAAP營業收入翻了一番以上。

Net new ARR was a seven quarter high, and we posted a strong upturn in million dollar plus subscription customers.

淨新增 ARR 達到七季以來的最高水平，百萬美元以上訂閱客戶數量也實現了強勁成長。

Let me provide some additional details. Please turn to slide 5.

我再補充一些細節。請翻到第5張投影片。

Total revenue was 200 million, up 8% ahead of our guide and consensus.

總營收為 2 億美元，比我們的預期和市場普遍預期高出 8%。

Subscription revenue was 150 million, up 5%.

訂閱收入為 1.5 億美元，成長 5%。

Fixed subscription revenue was up 6% in line with our expectation and usage was down slightly.

固定訂閱收入成長了 6%，符合我們的預期，但使用量略有下降。

ARR increased by 14 million quarter on quarter, which was the best organic result in the past seven quarters. On a year on year basis, ARR was up 7%, pointing to an acceleration in the second half.

ARR季增1400萬，這是過去七季以來最好的自然成長表現。與去年同期相比，年度經常性收入成長了7%，顯示下半年增速加快。

Our million dollar plus subscription customers increased by 5 quarter on quarter to a new high of 132.

我們的百萬美元以上訂閱客戶數量較上季成長 5 倍，達到 132 家，創歷史新高。

Subscription net retention was 102% in line with our 100 to 105% near term expectation.

訂閱用戶淨留存率為 102%，符合我們近期 10​​0% 至 105% 的預期。

Total RPO or contracted backlog was up 29% to 652 million and current RPO was up 15% to 430 million.

RPO 總量或合約積壓訂單成長 29% 至 6.52 億，目前 RPO 成長 15% 至 4.3 億。

RPO and CRPO declined sequentially, consistent with the historical pattern driven by seasonality in our contract renewals, which skew to our fiscal second half.

RPO 和 CRPO 環比下降，這與受合約續約季節性因素影響的歷史模式一致，而合約續約往往集中在下半年。

Turning to the selling environment, it was a solid quarter overall with findings strongly year on year.

從銷售環境來看，本季整體表現穩健，各項指標較去年同期大幅成長。

We had an especially strong new logo quarter, and churn was better than expected.

我們新logo的推出季度表現特別強勁，客戶流失率也比預期好。

Our average deal cycle was stable sequentially at roughly 9 months, and for the second consecutive quarter, our conversion rate of pipeline into contract signings was several points above the recent trend line.

我們的平均交易週期連續穩定在 9 個月左右，並且連續第二個季度，我們的潛在客戶轉化為合約簽署的轉換率比最近的趨勢線高出幾個百分點。

We're seeing good momentum with our clean Room Insight solutions, including use cases for commerce Media, CTV, and craft media measurement. And this gives us increased confidence heading into our seasonally high renewal period in Q3 and Q4.

我們看到，我們的清潔空間洞察解決方案發展勢頭良好，包括商業媒體、連網電視和手動媒體測量等用例。這讓我們對即將到來的第三季和第四季續約高峰期更有信心。

Marketplace and other revenue increased 18% to 150 million. Data Marketplace, which accounted for roughly 75% of marketplace and other revenue, grew by 14%.

市場及其他收入成長18%，達到1.5億美元。數據市場約佔市場和其他收入的 75%，成長了 14%。

As expected, data marketplace growth accelerated by approximately 5 points sequentially, driven by a stable ad spending environment and new CTV integrations.

正如預期的那樣，在穩定的廣告支出環境和新的 CTV 整合的推動下，數據市場成長環比加快了約 5 個百分點。

Moving beyond revenue, gross margin was 72%, in line with our guide and down 3 points year on year due to higher cloud hosting expenses related to our platform modernization.

除了營收之外，毛利率為 72%，與我們的預期一致，但年減 3 個百分點，原因是與平台現代化相關的雲端託管費用較高。

Operating expenses were $100 million roughly flat year on year, and lower than expected due mostly to the timing of project-related spending in G&A.

營運支出與上年同期基本持平，約 1 億美元，低於預期，這主要是由於與專案相關的 G&A 支出的時間安排所致。

Operating income was 45 million, up 10% versus a year ago, and our operating margin edged up to over 22%.

營業收入為 4,500 萬，較上年同期成長 10%，營業利潤率小幅上升至 22% 以上。

GAAP operating income was 21 million, up from 7 million a year ago, and the margin expanded by 7 points, driven in part by a more disciplined approach to stock compensation.

GAAP 營業收入為 2,100 萬美元，高於去年同期的 700 萬美元，利潤率提高了 7 個百分點，部分原因是股票薪酬方面採取了更加嚴格的措施。

Free cash flow is 57 million, of which $50 million was put towards opportunistic share repurchases in the quarter.

自由現金流為 5,700 萬美元，其中 5,000 萬美元用於本季的機會性股票回購。

Fiscal year-to-date, we've repurchased 80 million in stock. We have 177 million remaining under the authorization that expires on December 31, 2026.

本財年至今，我們已回購了 8,000 萬美元的股票。我們還有 1.77 億的授權額度，該授權將於 2026 年 12 月 31 日到期。

Our balance sheet remains very strong, with $377 million in cash and short-term investments and zero debt.

我們的資產負債表仍然非常穩健，擁有 3.77 億美元的現金和短期投資，且零負債。

In summary, Q2 was solid, coming in ahead of our guidance on the top-line and especially on the bottom line. Record GAAP operating margin, the best net new ARR quarter in seven quarters, strong growth in million dollars plus subscription customers, and a sizable return of cash to shareholders for our bypass.

總而言之，第二季表現穩健，營收和利潤都超乎預期。創紀錄的 GAAP 營業利潤率，七個季度以來最佳的淨新增 ARR 季度業績，百萬美元以上的訂閱客戶數量強勁增長，以及為我們的繞道業務向股東返還了大量現金。

Let me now turn to our financial outlook gray 26 in Q3. Please turn to slide 12.

現在讓我來談談我們第三季的財務展望，灰色26。請翻到第12頁投影片。

Please keep in mind our non-GAAP guidance excludes intangible amortization, dotcom, and restructuring and related charges.

請注意，我們的非GAAP財務指引不包括無形資產攤提、網路泡沫、重組及相關費用。

Starting with the full year.

從全年開始。

We are increasing our FY26 revenue guidance by 3 million at the midpoint, passing through the Q2B.

我們將 2026 財年營收預期中位數上調 300 萬美元，預期將持續到第二季​​。

We have narrowed the range by lifting the low end to reflect less macroeconomic risk now that we're halfway through the fiscal year.

鑑於本財年已過半，我們提高了下限，縮小了範圍，以反映宏觀經濟風險的降低。

We now expect FY26 revenue to be between 804 and 818 million, which is growth of 8 to 10%.

我們現在預計 2026 財年營收將在 8.04 億至 8.18 億之間，成長 8% 至 10%。

Let me now provide some color on the revenue components.

現在讓我來詳細介紹一下收入組成。

Subscription revenue is still expected to be up mid to high single-digits.

訂閱收入預計仍將維持中高個位數成長。

Fixed subscription is still expected to be up mid to high single-digits, with improving growth in the second half.

預計固定訂閱用戶仍將維持中高個位數成長，下半年成長動能將進一步增強。

Subscription usage growth is now expected to be up high single-digits, driven mostly by the above trend growth in Q1.

預計訂閱用戶成長將達到較高的個位數，這主要得益於第一季上述的成長趨勢。

We assume second half usage is roughly flat year on year.

我們假設下半年的使用量與去年同期大致持平。

Marketplace and other revenue is now expected to grow mid-teen, outpacing digital ad market growth and benefiting from the new CTV platform integration Scott and I mentioned.

預計市場和其他收入將以十幾個百分點的速度成長，超過數位廣告市場的成長速度，並受益於我和 Scott 提到的新的 CTV 平台整合。

Beyond revenue, we now expect gross margin to be approximately 72% versus our prior expectation of mid-70s.

除了營收之外，我們現在預計毛利率約為 72%，而我們先前的預期為 70% 左右。

We originally expected second half growth margins to rebound to the mid-70s, driven by savings associated with migrating customers to an upgraded back end.

我們最初預計下半年的成長利潤率將反彈至 70% 左右，這主要得益於將客戶遷移到升級後的後端所帶來的成本節約。

While the migration remains on track for completion in Q4. The cost optimization is taking longer than expected as we continue running two platforms to ensure a stable customer experience.

遷移工作仍按計劃在第四季度完成。由於我們仍在運行兩個平台以確保穩定的客戶體驗，因此成本優化所需時間比預期要長。

That said, we reiterate our guidance for non-GAAP operating income to be between 178 and 182 million.

儘管如此，我們重申對非GAAP營業收入的預期，即在1.78億至1.82億之間。

Our operating income guide is unchanged despite an increase in revenue reflecting the lower gross margin I just mentioned, offset by incremental OpEx efficiency.

儘管收入有所增長，但毛利率有所下降（正如我剛才提到的），不過營運效率的提高抵消了這一影響，因此我們的營業收入預期保持不變。

At the midpoint of the guide, operating income is growing to 3%.

在該指引的中期，營業收入成長至 3%。

And the margin is expanding 4 points to 22%.

優勢擴大了 4 個百分點，達到 22%。

The combination of offshoring and general cost discipline continues to afford us the ability to invest in key growth areas while at the same time driving significant margin expansion.

離岸外包和整體成本控制相結合，使我們能夠繼續投資於關鍵成長領域，同時推動利潤率大幅成長。

Dotcom is expected to decline 23% year on year to 83 million, again reflecting a more disciplined approach to share-based compensation over the last couple of years.

預計網路泡沫破裂 (Dotcom) 的股權激勵計畫將年減 23% 至 8,300 萬，這再次反映出過去幾年公司在股權激勵方面採取了更加嚴格的措施。

We now expect GAAP operating income to be between 83 and 87 million.

我們現在預計 GAAP 營業收入將在 8,300 萬至 8,700 萬美元之間。

Equating to a record high margin of 10 to 11% and a year on year increase of 9 to 10 points.

相當於創紀錄的10%至11%的利潤率，比上年同期成長9%至10%。

Lastly, we continue to expect free cash flow to be up this year, with savings from the new federal tax legislation offsetting a normalization in working capital.

最後，我們仍然預計今年的自由現金流將有所增長，新的聯邦稅收立法帶來的節省將抵消營運資本的正常化。

Our EBITA conversion rate is expected to be above our 75% target rate.

我們的 EBITA 轉換率預計將高於我們 75% 的目標轉換率。

We expect to deploy a substantial amount of this year's free cash flow to share repurchases consistent with our recent practice.

我們預計將把今年相當一部分自由現金流用於股票回購，這與我們近期的做法一致。

As always, we will be opportunistic depending on market conditions.

我們將一如既往地根據市場狀況靈活應對。

Given the decline in stock-based comp combined with our repurchase activity, like last year, we are again expecting to more than offset dilution.

鑑於股票選擇權激勵措施的下降以及我們的回購活動，與去年一樣，我們預計再次能夠彌補股權稀釋的影響。

Now moving to Que 3.

現在轉到隊列 3。

We expect total revenue to be between 209 and 213 million. Non-GAAP operating income between 55 and $57 million and an operating margin of roughly 27%.

我們預計總收入將在 2.09 億至 2.13 億之間。非GAAP營業收入在5,500萬美元至5,700萬美元之間，營業利潤率約27%。

A few other callouts for Q3. We expect subscription revenue to be at mid single-digits.

第三季還有一些其他事項需要說明。我們預計訂閱收入將達到個位數中段。

Marketplace and other revenue is expected to be up low 10s.

預計市場和其他收入將成長10%左右。

And finally, we expect growth margin to be similar to QQ as we work through the final phases of our back end upgrade and migration effort, which will be completed in Q4.

最後，我們預計隨著後端升級和遷移工作的最後階段的推進，成長幅度將與 QQ 類似，這項工作將在第四季度完成。

Let me wrap up before Q&A.

在問答環節之前，我先總結一下。

Our second quarter featured strong execution and healthy demand with results ahead of expectation across the board and double-digit growth in operating income.

第二季度，我們憑藉著強勁的執行力和健康的市場需求，各項業績都超出預期，營業收入實現了兩位數的成長。

We're seeing sustained sales momentum and a robust pipeline heading into our seasonally high renewal quarters in the second half.

我們看到銷售動能持續強勁，在下半年續約旺季到來之際，銷售管道也十分充足。

Our focus remains on converting that pipeline into signing and keeping churn low to set the stage for accelerating revenue growth in FY27.

我們仍專注於將潛在客戶轉化為實際簽約客戶，並維持較低的客戶流失率，為 2027 財年加速營收成長奠定基礎。

And finally, we remain on track for another strong year of free cash flow, reflecting more than 30% growth in operating income, benefits from the recently enacted tax legislation, and continued discipline in balancing growth investments with efficiency.

最後，我們仍有望迎來另一個自由現金流強勁的年份，這反映了營業收入成長超過 30%，受益於最近頒布的稅收立法，以及在成長投資和效率之間保持平衡的持續努力。

We plan to deploy a substantial portion of that free cash flow to share repurchases, underscoring both our confidence in the business and our commitment to long-term shareholder value.

我們計劃將相當一部分自由現金流用於股票回購，這不僅體現了我們對業務的信心，也反映了我們對股東長期價值的承諾。

Thanks again for joining us. We're excited for what's ahead and grateful to the customers and teammates who make it possible.

再次感謝您的參與。我們對未來充滿期待，並感謝讓這一切成為可能的客戶和團隊成員。

Operator, we will now open the call to questions.

接線員，現在開始接受提問。

Thank you.

謝謝。

And then if you have a question, please press star and the number one on your telephone keypad. We will pause for just a moment to assemble the roster.

如果您有任何疑問，請按下電話鍵盤上的星號鍵和數字 1。我們將稍作停頓，整理一下名單。

And we will take our first question from Jason Crier from Craig Hallam.

接下來，我們將回答來自 Craig Hallam 的 Jason Crier 的第一個問題。

Please go ahead.

請繼續。

Great, thank you. This is Cal for Jason tonight. Maybe just to start, can you elaborate on some of the drivers of the improvement in ARR in the quarter?

太好了，謝謝。今晚卡爾將為傑森帶來精彩表演。首先，您能否詳細說明本季 ARR 成長的一些驅動因素？

Sure, I'd be happy to, Cal, this is Lauren. A few things I'd highlight first, with respect to the strength of gross new ARR.

當然可以，我很樂意，卡爾，這位是勞倫。首先，關於新增年度經常性收入 (ARR) 的強勁成長，我想強調幾點。

Crosse and upsell of our clean room solution continues to be a big driver here, and these are for the use cases that Scott mentioned. So measurement and in particular CTV measurement, cross media intelligence, and to support just a growing number of retail and commerce media use cases. We also saw a really nice uptick in new logo activity in the quarter, which was encouraging specifically for our connectivity or data onboarding use cases, and we think this is a reflection of an increase in focus as we've rolled out now a dedicated new logo sales team as well as a new pricing model which allows us to address a larger ICP.

交叉銷售和追加銷售我們的無塵室解決方案仍然是這裡的主要驅動力，這些都是 Scott 提到的用例。因此，測量，特別是 CTV 測量、跨媒體情報，以及支援越來越多的零售和商業媒體用例。本季新客戶活動也出現了非常可觀的成長，這對於我們的連線或資料匯入用例來說尤其令人鼓舞。我們認為這反映了我們更加重視新客戶，因為我們現在推出了專門的新客戶銷售團隊以及新的定價模式，使我們能夠滿足更廣泛的理想客戶畫像 (ICP)。

In addition, we also had much lower customer churn in the quarter, both on an absolute basis and particularly compared to Q1, which was impacted by the couple of unusual events we discussed last call.

此外，本季我們的客戶流失率也大幅降低，無論是絕對值還是與第一季度相比都是如此，第一季度受到了我們上次電話會議討論的幾個不尋常事件的影響。

Importantly though, we believe these trends are durable. And while 7% Aar growth is solid and certainly trending in the right direction, it's not our final destination. We believe we have the product and market demand for faster growth over time, and that's exactly what the team is focused on here in the back half.

但重要的是，我們相信這些趨勢是持久的。雖然 7% 的年均成長率穩健，並且肯定朝著正確的方向發展，但這並不是我們的最終目標。我們相信，隨著時間的推移，我們的產品和市場需求能夠實現更快的成長，而這正是團隊在下半年專注的方向。

Great. And then as a follow-up, you alluded to some of this on the call, but your renewal cycles, they're a little skewed towards the second half of your fiscal year. So with these new solutions and integrations coming to market, how do you feel about the upsell opportunity here over the next two quarters?

偉大的。然後，作為後續，您在電話會議中也提到了一些這方面的內容，但是您的續約週期有點偏向於財政年度的下半年。隨著這些新的解決方案和整合方案陸續上市，您認為未來兩季的追加銷售機會如何？

I think we feel really good about it, and I'll reference again, the road trip I just took.

我覺得我們對此感覺非常好，我再提一下我剛結束的公路旅行。

There are so many different levers of growth, and depending on which client we're talking to, they're excited about something a little bit different.

成長的驅動力有很多種，根據我們交談的客戶不同，他們興奮的事情也會略有不同。

So we have XMI across media intelligence. We have our commerce media networks that are taking us in completely new directions with new types of clients. We have CTV expansion. And we have some really exciting opportunities in AI.

因此，我們在媒體情報領域擁有XMI。我們的商業媒體網絡正引領我們走向全新的方向，接觸到全新的客戶群。我們有CTV擴充計劃。我們在人工智慧領域擁有一些非常令人興奮的機會。

So I was talking to a sales rep just last night and he told me, Hey, I can't remember being at Live ramp and having this many things that our clients are as excited to talk about.

昨晚我和一位銷售代表聊天，他告訴我：“嘿，我都不記得在 Live Ramp 展會上見過這麼多讓客戶如此興奮地談論的東西了。”

So, we've got to deliver, but I feel really optimistic about our ability to do that.

所以，我們必須完成任務，但我對我們完成任務的能力感到非常樂觀。

Great.

偉大的。

Thank you very much for taking the question.

非常感謝您回答這個問題。

Thanks Kyle.

謝謝你，凱爾。

Thank you.

謝謝。

Our next question comes from the line of Sha Patil from Susquehanna.

我們的下一個問題來自薩斯奎哈納的莎·帕蒂爾。

Please go ahead.

請繼續。

Hey, this is Nicki on for Shaan. Thanks so much for taking my question.

嘿，我是妮琪，替沙恩為您報道。非常感謝您回答我的問題。

There's been a lot of debate about how AI search and AI overviews are hurting click through rates to the open web. How are you thinking about the implications that this dynamic might have on your business?

關於人工智慧搜尋和人工智慧概覽如何損害開放網路的點擊率，一直存在著許多爭論。您認為這種變化可能會對您的業務產生哪些影響？

Thank you.

謝謝。

Yeah, but this is Scott. I'll take that and thanks for being on the call today. I recognize to everybody who's on the call that this is one of the busiest earnings weeks and you're juggling a lot of balls.

沒錯，但這是斯科特。我接受這個結果，謝謝你今天參加電話會議。我知道，在座的各位，這週是財報季最繁忙的一周之一，你們要同時處理很多事情。

Two thoughts come to mind with your question. First off, I would tell you our exposure to the open web is low. I mean, throughout live. AM's history. We've always seen changes in our activation profile. We see the winners and losers sometimes far before the market as a whole does.

關於你的問題，我想到了兩點。首先，我想說的是，我們接觸開放網路的機會很少。我的意思是，貫穿整個人生。AM的歷史。我們一直觀察到活化模式的變化。我們有時能比整個市場更早看到贏家和輸家。

And if some things don't work as effectively, the money just flows to the things that do work. And we've seen that in recent years. We've been the beneficiary of that with the growth in CTV and social media and commerce media as well. I looked at our top destinations actually just earlier today, and the vast majority of our TOP20 destinations, I mean, in no particular order, companies like Meta, Roku, LinkedIn, Spotify, Disney Plus, Pandora, Twitter X, I guess, and TikTok, they're simply not impacted by these open web shifts that people are talking about. And then the second point that I'd make is our upside from AI is high.

如果有些事情效果不佳，資金就會流向那些有效的事情。近年來我們已經看到了這一點。隨著連網電視、社群媒體和電商媒體的發展，我們也從中受益匪淺。我今天早些時候查看了我們的熱門目的地，我們排名前 20 的目的地中的絕大多數，我的意思是，排名不分先後，像 Meta、Roku、LinkedIn、Spotify、Disney Plus、Pandora、Twitter X（我猜）和 TikTok 這樣的公司，根本沒有受到人們正在談論的這些開放網路變革的影響。其次，我想指出的是，人工智慧為我們帶來的好處是巨大的。

AI models are only as effective as the signals that power the underlying intelligence of those models. And 1st and second party data, the kind that empowers everything we currently do, is the great differentiator that makes any model even better.

人工智慧模型的有效性取決於驅動這些模型底層智慧的訊號的有效性。第一方資料和第二方資料（正是這類資料支撐著我們目前所做的一切）是讓任何模型都變得更好的巨大差異化因素。

Our clients want to standardize and control how their data is used, which puts us right at the center of a long-term future growth driver.

我們的客戶希望規範和控制其數據的使用方式，這使我們處於長期未來成長驅動力的核心位置。

And the investments that we've made that Lauren and I both referenced, modernizing our stack, creating AI readiness and usage-based pricing, they build the foundation for our success as AI starts to take off.

我和 Lauren 都提到過，我們已經進行了一些投資，包括技術棧現代化、人工智慧就緒化和基於使用量的定價，這些都為我們在人工智慧開始起飛之際取得成功奠定了基礎。

I pray, we'll take the next question, please.

請容許我們進入下一個問題。

Thank you.

謝謝。

Our next question comes from the line of Mark Duvi from the benchmark company.

我們的下一個問題來自標竿公司 Mark Duvi 的一條生產線。

Please go ahead.

請繼續。

Hey guys, this is Alex from Mark. Thanks for taking the question.

大家好，我是Mark公司的Alex。感謝您回答這個問題。

2, if you don't mind, first one just on the degree of macro conservatism baked into the guide, the revenue guide for the year. Curious if you can provide an update there and how you're thinking about potential incrementality from these pilots, in addition to working with AI labs. And then the second question, curious if you can elaborate on the mix of retail and CPG versus non. In terms of incremental in the second half, as you point towards an acceleration.

2，如果您不介意的話，首先談談該指南中體現的宏觀保守主義程度，即該年度的收入指南。我很想知道您能否提供這方面的最新進展，以及您除了與人工智慧實驗室合作之外，還如何考慮這些試點計畫可能帶來的增量影響。第二個問題是，您能否詳細說明零售和消費品產業與非零售業的組合情況？就後半段的增量而言，正如你所指出的，出現了加速。

Thank you.

謝謝。

Sure, I'm certainly happy to take the first.

當然，我很樂意接受第一個。

So with respect to our guidance, kind of at this point in the year, the swing factors are mostly in our variable revenue sources, so specifically subscription usage and data marketplace, and as we typically do, we have built in some conservatism here which is, accounts for the relatively wide range. In the back half at the midpoint, we're assuming you know the macro remains fairly consistent with what we've seen recently. The low end of the range assumes a pretty major deterioration in the macro in the back half, but in short, we believe we've built in an appropriate level of conservatism into our guide.

因此，就我們的業績指引而言，在今年的這個階段，波動因素主要來自我們的可變收入來源，特別是訂閱使用和數據市場，而且正如我們通常所做的那樣，我們在這裡加入了一些保守因素，這也解釋了相對較大的波動範圍。在後半段的中點，我們假設您知道宏觀經濟與我們最近看到的情況基本一致。這個範圍的下限假設宏觀經濟在下半年出現相當大的惡化，但總而言之，我們相信我們已經在我們的指南中融入了適當的保守主義。

Yeah, in terms of the retail versus non-retail commerce media stuff, I don't know if I have those specific numbers because I don't know if we broke it out, did the math. We can get that, but I would tell you that. If I just think about what I believe is happening, we're seeing growth in both places in our kind of traditional retail media.

是的，關於零售與非零售商業媒體的問題，我不知道我是否有具體的數字，因為我不知道我們是否把它分開統計過，做過計算。我們可以得到那個，但我不會告訴你。如果我只考慮我認為正在發生的事情，我們看到在我們所處的傳統零售媒體領域，兩方面都在成長。

What we're trying to do is build density, so it's usage increases, we're trying to scale the number of merchant partners that are working with each major retailer and then, from a new Logo, new starts perspective, that's where we're really excited about, expanding from retail to commerce media.

我們正在努力提高密度，從而增加使用率；我們正在努力擴大與各大零售商合作的商家合作夥伴的數量；然後，從新Logo、新起點的角度來看，我們真正感到興奮的是，從零售擴展到商業媒體。

Some of the things that I talked about like PayPal or Uber, the airlines that just exposes us to really different businesses and instead of just thinking about merchant partners, it's causing us to think about, well, how do we connect with quick serve restaurants or restaurants as a whole. How do we connect with SMB merchant partners that are driving payments usage? How do we connect with travel partners? And so all of that opens up new TAM for us.

我談到的一些事情，例如 PayPal 或 Uber，還有航空公司，這些都讓我們接觸到真正不同的企業，讓我們不再只考慮商家合作夥伴，而是思考，我們如何與快餐店或整個餐飲業建立聯繫。我們如何與推動支付方式使用的中小企業商家夥伴建立連結？我們如何與旅遊夥伴建立連結？因此，所有這些都為我們開闢了新的潛在市場。

And so I think that will be an even greater accelerator for our growth next year than even maybe the traditional retail media side where we've long been strong.

因此，我認為這將比我們長期以來一直很強大的傳統零售媒體領域，更能加速我們明年的成長。

Very helpful.

很有幫助。

Thanks, Scott Lauren.

謝謝你，史考特·勞倫。

Hey Alex, really quickly, there was a second part of your first question, which is on the pricing pilot, and I didn't answer it, so I want to now. We have not baked in any upside in this year's guide to account for pricing upside.

嘿 Alex，簡單問一下，你的第一個問題還有第二部分，是關於定價試點項目的，我還沒有回答，所以我現在想回答一下。今年的指導方針中，我們沒有將價格上漲的預期納入考量。

I may just take the opportunity to reiterate what Scott mentioned, which is at a high level our hypothesis is over time. The new model will unlock incremental revenue growth by benefiting both our land and expand sales motions. As Scott mentioned, on the land front, it offers a lower entry point which should allow us to address a larger ICP. And on the expand front, due to the fungibility of the tokens, it enables customers to more seamlessly grow into our product suite.

我或許可以藉此機會重申 Scott 所提到的內容，那就是，從宏觀層面來說，我們的假設是隨著時間的推移。新模式將透過惠及我們的土地和擴大銷售活動，釋放增量收入成長潛力。正如 Scott 所提到的，在土地方面，它提供了一個較低的切入點，這應該使我們能夠應對更大的 ICP。在擴展方面，由於代幣的可互換性，客戶可以更無縫地擴展到我們的產品套件。

Right now we're in the middle of the pilot which we expect to run through the balance of this fiscal year. We're learning a lot. We expect to continue to learn a lot which will help us fine tune the model and approach ahead of rolling it out in the early part of next year. Year and we expect to roll it out very thoughtfully and for the benefit to accrue over several quarters. So this is something you, we would expect to see some benefit from as we move through next fiscal year, but so far nothing baked into to this year's guide.

目前我們正處於試點階段，預計試點將持續到本財年結束。我們學到了很多。我們預計會繼續學習很多東西，這將有助於我們在明年年初推出該模型和方法之前對其進行微調。今年，我們將非常謹慎地推出這項計劃，並希望在幾個季度內逐步看到成效。因此，我們預計隨著下一個財政年度的到來，您將從中受益，但到目前為止，今年的指導方針中還沒有體現這一點。

Super helpful.

非常有用。

Thank you.

謝謝。

Both.

兩個都。

Thank you.

謝謝。

Again, if you'd like to ask a question, please press start and the number one on your telephone keypad.

再次提醒，如果您有任何疑問，請按下電話鍵盤上的開始鍵和數字 1。

Our next question comes from the line of Clark Wright from DA Davidson.

我們的下一個問題來自地方檢察官戴維森的克拉克·賴特。

Please go ahead.

請繼續。

Thank you. Maybe to start, can you elaborate on the step up in platform investments this year? Is this something that stretch stretches into fiscal 2027?

謝謝。首先，能否詳細說明一下今年平台投資增加的情況？這項計劃會持續到 2027 財年嗎？

Yeah, Clark, I'll start, and Lauren will certainly probably jump in here, but yes, we have actually stepped up our investments recently.

是的，克拉克，我先來，勞倫肯定也會插話，但沒錯，我們最近確實加大了投資力度。

We are confident about this driving incremental revenue in The coming quarters and years, the investments are in three critical areas. First, we're upgrading our platform, both the front and back end to provide our customers just with a better experience, more intuitive UI, faster processing, more stability.

我們有信心在未來幾季和幾年內推動營收成長，這些投資集中在三個關鍵領域。首先，我們正在升級我們的平台，包括前端和後端，以便為我們的客戶提供更好的體驗、更直覺的使用者介面、更快的處理速度和更高的穩定性。

Second, we're investing in AI product capabilities. I mentioned that AI powered segment builder, agentic orchestration. I talked about those in my prepared remarks. AI is really reshaping the digital advertising ecosystem and so these investments ensure we're ready to capture the opportunities that are emerging from these changes. And then third, the kind of companion piece with this is the investments we're making in our new usage-based pricing model, and that ensures that we'll have the optimal revenue model as the volumes kind of expand from what we're seeing in terms of increased collaboration and the AI opportunity. We're going to monetize that through this new variable usage based pricing model.

其次，我們正在投資人工智慧產品能力。我提到了人工智慧驅動的細分建構器和智能體編排。我在事先準備好的演講稿中談到了這些內容。人工智慧正在重塑數位廣告生態系統，因此這些投資確保我們能夠抓住這些變化帶來的機會。第三，與此相關的還有我們對新的基於使用量的定價模式的投資，這確保了隨著業務量因協作增加和人工智慧機會而擴大，我們將擁有最佳的收入模式。我們將透過這種新的基於使用量的可變定價模式來實現盈利。

And hey Clark, I would just simply add that while we're making these investments to fuel future revenue growth, we're not sacrificing bottom line growth in the short-term. Again, we're guiding to FY26 operating income growth of over 30% and points of margin expansion and finally would just mention to the earlier part of your question, we believe this investment period will abate by the end of this fiscal year, which puts us in a really strong position for both revenue growth and continued margin expansion in FY27.

嘿，克拉克，我只想補充一點，雖然我們進行這些投資是為了推動未來的收入成長，但我們不會在短期內犧牲利潤成長。再次重申，我們預計 2026 財年營業收入成長將超過 30%，利潤率也將有所提升。最後，針對您先前提出的問題，我們認為此次投資期將在本財年末結束，這將使我們在 2027 財年實現收入增長和利潤率持續提升方面處於非常有利的地位。

That's helpful. I appreciate that color. And then in turning to the growth picture, direct subscription customer count is effectively stabilized after declining for five straight quarters. Do you have the visibility to call this the trough or a potential inflection in growth going forward, or is that still yet to be determined given some of the other moving factors?

那很有幫助。我喜歡這個顏色。然後，從成長情況來看，直接訂閱用戶數量在連續五個季度下降後，已基本穩定下來。您認為目前的情況是否已觸底或預示著未來成長的轉折點？還是考慮到其他一些不確定因素，這一點仍有待確定？

Yeah, I would characterize it as stabilizing, especially now that we've worked through the international headwind that we've discussed on past calls, and you saw that in the results this quarter. In addition, I mentioned this a bit earlier, we saw a nice uptick in new logo activity in the quarter, which we think is durable. This is a combination of building out a dedicated new logo sales force and also having a new pricing model that allows us to serve a larger TAM over time. As we look out over the medium to long-term, we do think there are a couple meaningful levers for customer count growth. The pricing model which I just mentioned. And then also our clean room strategy.

是的，我會將其描述為趨於穩定，尤其是在我們已經克服了先前電話會議中討論過的國際不利因素之後，這一點在本季度的業績中也得到了體現。此外，我之前也提到過，本季新徽標活動出現了不錯的成長，我們認為這種成長勢頭會持續下去。這是透過建立一支專門的新客戶銷售團隊以及採用新的定價模式來實現的，這將使我們能夠隨著時間的推移服務於更大的潛在客戶群。展望中長期，我們認為有幾個重要的槓桿可以促進客戶數量成長。我剛才提到的定價模式。還有我們的無塵室策略。

Now Scott discussed as kind of these big clean room networks to support use cases in retail or commerce media take hold, we have the ability to, pull customers through these large anchor nodes that we're supporting, and we think that can be a source of sustained new logo growth over time.

Scott 指出，隨著這些大型無塵室網路在零售或商業媒體領域的應用場景逐漸普及，我們有能力透過我們支援的這些大型錨節點吸引客戶，我們認為這可以成為持續的新客戶成長的來源。

The final point I would just make here is that the quality of our new customer ads continues to be very impressive. It certainly was again in Q2. GM, Uber, Constellation Brands. I think this is a real testament to the criticality of what we do and to the value we deliver to our customers.

最後我想補充一點，我們新客戶的廣告品質依然非常出色。第二季的情況確實如此。通用汽車、優步、星座品牌。我認為這充分證明了我們工作的關鍵性以及我們為客戶創造的價值。

Thank you.

謝謝。

We have no further questions. I will now turn the call back over to Lauren Dillard for closing remarks.

我們沒有其他問題了。現在我將把電話轉回給勞倫·迪拉德，請她作總結發言。

All right, thank you.

好的，謝謝。

I'd love to close with just a few remarks. So first, our second quarter featured again strong execution and healthy demand with results ahead of expectations across the board and double-digit growth in operating income. We're seeing sustained. Momentum and a robust pipeline heading into our seasonally high renewal quarters in the second half. Our focus, of course, remains on converting that pipeline into sales and keeping churn low to set the stage for accelerating top-line growth next year. And finally, we remain on track for another strong year of free cash flow, reflecting more than 30% growth in operating income. And continued discipline in balancing growth investments with efficiency. We plan to deploy a substantial portion of that free cash to share repurchases, underscoring both our confidence in the business and our commitment to long-term shareholder value. Thanks again for joining us. We look forward to speaking with many of you in the days ahead.

最後我想補充幾點。首先，我們第二季再次展現了強勁的執行力和健康的需求，各項業績均超出預期，營業收入實現了兩位數成長。我們看到這種情況持續存在。下半年續約旺季來臨，我們擁有強勁的發展動能和充足的業務儲備。當然，我們的重點仍然是將潛在客戶轉化為實際銷售額，並保持較低的客戶流失率，為明年加速營收成長奠定基礎。最後，我們預計今年的自由現金流將持續強勁成長，營業收入將成長超過 30%。並持續保持平衡成長投資與效率的紀律。我們計劃將相當一部分自由現金用於股票回購，這不僅體現了我們對業務的信心，也反映了我們對股東長期價值的承諾。再次感謝您的參與。我們期待在接下來的日子裡與你們中的許多人進行交流。

The meeting has now concluded.

會議已經結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。