LiveRamp (RAMP) 9 Aug 232024 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to the LiveRamp Fiscal 2024 First Quarter Earnings Call. After the speakers remarks there will be a question and answer session. [Operator Instructions].

As a reminder, this conference call is being recorded.

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

operator. you, Thank welcome. and Good afternoon, Thank you call. first earnings fiscal joining our XXXX quarter for With CEO; Howe, Interim Scott me are today our CFO. and Dillard, Lauren

that results to Today's contain materially. and this and differ that are statements uncertainties actual press risks subject cause call could to release forward-looking may

measures section release. financial detailed a financial A posted call Also to our release and Factors copy including liveramp.com. these public any filings non-GAAP read the our risks, on referring of available For our please and schedules, during reconciliations we'll of website. today, deck Risk to description at of is the press press slide the the be

time, turn I'll over call this to Scott. At the

will and of topics. to all key Drew, our you you, call thanks on comments focus X joining Thank today for today. My

to to bottom and QX we're fiscal the on a line. expectations First, start 'XX. both strong our exceeded top off

expanded margin with operating was quarter and points, ever Our first operating XX our by GAAP this positive percentage profit.

be are longer shift us the opportunities some by and trends digital be cookies to CTV, mega have from messaging driven generative transition reestablishing motion Namely, by advertising. many revenue will strong This Second, to on and new there tactical initiatives growth. in the that levers recurring AI. and focused term media computing, retail, propelling a cloud improve continue authentication, true to our short performance, we're for in to double-digit and financial we continually term

goal. will drive that line accelerated improvement. closer to with bring income continue When expansion clear margin this of our of line Rule much we Third, additional have and us growth, XX to top meaningful to operating growth margin sight and combined

produced Marketplace Other and total X%, consensus in income expectations negative, X% and QX and $XX revenue operating low and with flow seasonally repurchased up quarter that revenue and & exceeded Starting cash in typically grew with million stock. subscription estimates. revenue a up operating in million we $XX QX, XX%. is positive our We by

was line full our outlook. with in growth mid-single year Subscription

to While was digital Marketplace Other advertising market. & significantly due of our a better-than-expected expectation ahead

of the Our $X below-average from X count increased X sequentially. ACVs. quarter, QX by customer customers XXX driven down with Meanwhile, by our million-plus nonbrand was customers prior

contract and in new East. major a X-year hotel a with operator retail the X-figure signed annual Middle We

platform their Our power data retail collaboration network. will media new

We a global platform. also service collaboration all are for data These recognized also leaders across a had representative recent to X-figure successes win current our leading with consumer quick of We're industries. our talking global pipeline. restaurant

take typically These These sales may ACVs at below historical these longer larger and attributable on our they decision-makers, higher lifetime sales face renew that that our Notwithstanding rates. wins, accounts above-average cycle. key logos decision our elongate is the accounts tighter typically including to larger have budgets clients client but enterprise sign trend, to uncertainty. a short, which process. often have have net combination a close, value. of focus to run of these involve to customers the continue procurement, higher new And typically more longer macro a contracts In in multiple-year

our expect results. larger renewed we improve, focus conditions customers these yield to macro As on enterprise

onboarding with We multiyear the with upsell customers, X-figure annual with agency are existing customers. better for major contracts X performing We ad had terms upsell each data identity to and resolution. and

media data a their collaboration retail U.S. platform network. We large multiyear to annual power grocery for upsell also a chain of had contract X-figure our

upsell music our for leading term we with relationship X-year activation. X-figure a a streamer Finally, high expanded data with and

in XXX%, reflecting though the be sequentially, sequentially continues this retention growth. XX% to we improved retention metric also we improved slightly where marketplace a improve. Platform of feel strength can Subscription net net to

churn. bookings to our we improving are and based QX downsell by the on expect to We continue making net in XXX% higher with be retention progress subscription reducing or customer

let about quarter, on the the returning revenue speak double-digit me beyond growth. are progress to Moving we sustainable making now

including revenue CDPs integrations, I've faster and discussed utility sales tactical of to our and enhancing through identity expanding the made productivity, publisher channel as and calls, PAIR. more recent product we've conversions drive moves simply the On capacity such the our new with hyperscalers advertiser our Meta and reconciliation partnerships or Google's growth, cloud deepening API,

benefit We advertising I are trends. that of from make but talk and steady positioned of these today, how future to the continue to LiveRamp progress the digital megatrends initiatives, each with shaping is want about to these

megatrends: walled CTV; cookies computing; see and two, authentication; similar from generative marketing and to new to cloud channels sophistication X shift true that consumer four, possess AI. the Retail in one, Networks three, We gardens Media scale both and

a leadership in and ecosystem growth advertising position foundational to media the puts across identity and in us from benefit retail digital and interoperability Our CTV. the

X the with Networks new already the Commerce largest CPG X%. platform over is more at and start but of Networks Media Retail with retail This Let's hardly a billion trend the defined over broadly Media be years. Media the Retail to is GroupM, represent years, is According next X fastest-growing the Networks compound agency or media a complex. poised for buying rate growth beyond the third next significant growth to platform $XXX it globally, advertising forecast annual it

two in These media networks benefit ways. LiveRamp

collaboration every largest retailers secure Networks our brands. retailers customers data of the the we earlier. data Media new using this and to and platform first-party quarter, First, world's our collaboration as sharing between by we mentioned add for continue data are purpose, powers enabling Retail Many

have sales platform The great data collaboration for momentum. bookings our

consecutive strong sales we bookings For had a second our platform collaboration for bookings data accelerating. QX quarter, with

as identity of each Networks, so Retail Retail and these Media from benefit advertising. we of across they track brands we holistically measure their can help addressable way customer link second proliferation Networks Media The the

CTV transformation in ad and audiences a ad-supported and massive is platforms. cutting transformation. market opportunity going streaming. and more rise similar video fragmenting video This a have cord the streaming, We From support is of across the through

single-digit XX% on streaming. U.S. television In clearly meantime, share broadcast the of While we is to cable and XX% the a puck viewing all a compared of And advertising all within identifier The holistically services. still problem these solves the low interoperability is and appreciate that LiveRamp going, Netflix, of have this privacy for television platforms with outside for where with and across streaming and viewing. the streaming gardens. is share YouTube audiences linear common streaming our streaming marketers measuring platforms. walled each has and networks audience of challenge

simplify and for uniformity ensure choices more important in make summarize, across and LiveRamp ecosystem, true all workflow it more destinations. To more to the marketing complexity marketers to use even

these our So we in for additional think channels the be business. long-term tailwind growth a will

publisher will deprecation. Google's deprecate rise in usher announcement is digital privacy on chrome era approaching. combined Display advertiser reconciliation new in marketing. major for the trend is the its impending its DSP, cookie a An rollout clear identity May, with and XXXX confirming cookies Video second of or PAIR third-party rapidly A that XXX post-cookie era it second third-party in is consumer and in authentication half of that will of signal a

Our payer is going rollout very well.

publishers XX-plus and up are publishers have we have America, North and on XXX-plus to signed APAC, Europe live track across September. We by

and be alpha. our conversations to interest customer We this campaigns this recent continue brands see recent next campaigns are and in scale to Cannes at in clear have lots detailed we including earnings for of the of by We Festival, seen the should meeting digital proved Anecdotally, entire out. call, and position expectations industry the brand a with to results. meetings the call dozens advertising Advertising action a as more customer customer share our our

our walled enables connects platforms for reach ATS authenticated the people-based X including ad interoperability. and publisher started traffic ATS. and gardens, without is use including the reach CTV a more on addressable and Today, years tech preparing identity cookies we created We measurement with ATS solution intermediaries, web, third-party solution, retirement identifier, and of interoperable the XXX scaled or cookies the and is encrypted of open with and ATS over than RampID. ago third-party DSPs when globally SSPs. unrivaled brand

On the time the web, XX% is XX online open comScore spent in consumer including U.S. domains, interoperable of with over XX,XXX XX% ATS and of the

cookie benefit next when scale year. final solution positions together, deprecation we the occurs to it Taken believe us the calendar our phase of from of uniquely

Continued education emphasis over be quarters. for next an and us X evangelization will the

history from cloud customer to to a on business. clouds, navigating XX% long the today platform the Azure a Starting our running X shift public transitions. data or of databases cloud to a to is the with warehouses. LiveRamp benefit years. successfully megatrend has to workloads will computing and others XX% survey in of now GCP, and cloud proportion marketing AWS, CIOs, that technology The whether of According recent of will third from data increase transition platforms

enabled always lives, benefit our our cloud we computing. from and the to shift data well to customers' are have where We positioned capabilities

native these cloud embed applications our deepened in partnership past and the Over products we we've deploying with cloud environments. of providers, year, been our these each have that

is also and desire breach. is customers our win-win-win but drives It this It's efficient, because of and storage for cloud proposition. revenue movement who for And reduces a because in more high model secure a may win win sound the data. analytics embedding entirely increase cloud volume a their the data there on a more data of It compute. solutions compute material marketing. based storage risk and cliche, a a consumer and and data is associated of environment with the truly Less is movement a our is providers reduced

and recently easily resolution can feedback existing our their But easier identity has activation need data Finally, Snowflake, for committed to and in or the data are Initial security copy customers LiveRamp products and identity access it been reducing capabilities seamlessly our use. risks. applications directly means resolution. accessible debuted more even in everything customers. is privacy a win our making to for prospective and environment, We positive. us customer to because are for eliminating snowflake native This we move thereby

and coming other working this growth meaningful a our a with in the to manner forward, similar it cloud to scale to going years. are contributor continues for look in the providers be We if

learning understandably Gen for means have been business. us asking what AI our machine and Investors

First policy choice, Gen that all data concept firmly and of expect will and the LiveRamp the provides. foremost, identity the that deterministic of requires the around world, regulatory the of ecosystem. more transparency At heart us leave is the AI fabric and consumer into we data

help line growth. Second, we expect our Gen long-term AI to stimulate top

improve We or especially match AI to improve addressable or limited and to identity address effectiveness products We like is advertising deep touch machine and phone learning PII our are match in using learning points customers. when the rates already choice, shared. for and match e-mail, models our developed of

some is using devices a We learning who in determine dominant are models shared on machine laptop, even tablet, user mobile cases, also a to or CTV the phone. like

of buying media and Additionally, optimal will additional precision potential AI we opportunities wave targeting. data new dynamic a applications think and creative, AI as up open collaboration generative such

we platform, in We Because in also opportunity. to identity. seize are the foundational this well collaboration leader having positioned a data are to addition leading deterministic

We connects are and the network and across ecosystem, turnkey our every digital of destination. entire interoperable integrations any across identity

We partnerships more and of turn, cloud their assisting This we also where harness warehouses, consumer expect deepened learning managing data LLMs facilitates technologies. my the data data earlier businesses in and better point. analyzing use Gen to drive I and deep to have power LiveRamp cloud of our can warehouses and growth in cloud efficiently. AI,

AI and example, Finally, velocity capabilities. in know process development An data can analysts we large the technical and to even most integrate identifying ways AI and using expect development we this queries. efficiency the are customer much company, product improve thus less nearly our facilitating one we our productivity. capabilities AI Over can effort, that into our of tasks enhance time-consuming most of sets engineering, data to leverage specialization time, AI the processes training. more manual is Like to every all to brilliant repetitive and our remove see we service efficiency, writing improve the SQL opportunities employee to elements and efficiency service query in of needs.

meaningful a is for current year, AI financial do our the believe in expect from long-term we don't a AI business. that impact we tailwind While fiscal

bottom sustainable double-digit as the these In line we tactical summary, which as our when in we megatrends return initiatives, to about all Rule ongoing also goal revenue committed, steadfastly our lever to of the of important optimistic growth. ability X important. are Top a impact well is remain is an we to growth consider but line of XX, the cumulative

operating expect margin We basis XX%, year, an methodical and have This be made points to non-GAAP to quarters, XXX over basis to consistent of our improvement improving we many our XX% XXX points. progress margin.

we 'XX, another driven new a of FY see year ahead margin Lauren Looking will opportunity initiative for expansion, offshoring our to by discuss an which moment. significant in

And quarter to first GAAP was Our FY GAAP post profit 'XX. operating showing profitability on at we positive improvement expect profit. is GAAP our also a full our ever basis, in results. operating positive up with QX year

purchases. use to On free through continue expect return repurchased in free we valuation current we cash $XX this momentum our full shares our cash investment. significant repurchasing In At a year shareholders we the portion a flow flow, to to our million we Finally, basis, attractive in share building repurchases. flow QX, in our excess and produced free year cash million $XX we business, of and share for an think is given our shares.

good summary, of channel represents to pay starting our year our with momentum. to and line over top QX and start made moves off, integrations year, The the ahead bottom In tactical line good fiscal our our has a and past are expectations. Salesforce coming product with in we've partnership business the

the from retail digital to positioned well deprecation future shaping CTV, are we media, of and cookie are the AI. megatrends including that advertising, Additionally, benefit

a sustainable margin make double-digit puts line When to of our this trajectory, of to Rule next return growth. All our to toward the us with XX we meaningful expect headway path few objective years. top over combined on

to forward thanks to to and repurchase ongoing the Thank program. continue you to free again work excess exceptional, exceptional look for And and you expect in our quarters. special shareholders to on we We us our updating their joining our through cash today. customers, returning a progress hard share support. coming flow for partners all LiveRampers Finally,

I that, the to over Lauren. turn will with now And call

I Thanks, us Scott, Today, topics. you X thank joining cover all and for today. will

update QX results; our 'XX for on second, finally, FY of offshoring our and initiative; an financial QX. outlook review our a and First,

to results. was margin and XX $XX expectations. Revenue million, guidance, above Operating flow. our $XXX results by $X $XX cash In operating with in came our was operating in generated expanded we $X million, QX above points and summary, Starting above were our guide. at million percentage which our income million XX%, million

X. now fill Let details. Please additional me some in to turn Slide

million, was results indicated, was driven digital relative Marketplace significantly Total and Other improvement $XXX was platform X%. subscription ARR advertising million, period. pertain remarks revenue was year million, revenue non-GAAP line by environment. up revenue up was our X%. to with usage. retention The in to Subscription my and up sequential was $XXX stronger-than-expected net & while otherwise ago Unless ahead, growth a XX%, X%. by was XXX%. expectations, Subscription $XXX retention the was net Subscription driven is

$XXX an Current the XX% next million, XX contracted quarter. ARR XX-month There to RPO $XXX this including or large backlog and our a XX%. up was RPO contracted backlog, Total is difference between next beyond unusually CRPO up months was growth million.

we've and reason, of very subscription both sensitive of normalizes And CRPO trends is of growth RPO. indicator And this contract is the for for in the a it timing. RPO to before, growth to flattered renewals quarter. duration. this factors As the we believe leading than timing continue better discussed ARR these

in Overall, from the with environment challenging, remain by recent our different although line does Digging not revenue the our fixed further, selling again, X%, trend. materially grew into subscription subscription expectations.

in bookings 'XX cycle conversion XX% pipeline in revenue subscription and near historic represented QX midpoint to longer than of X averages. into remains of the 'XX total XX% and revenue below of range. our the FY also deal grew quarter XX% was usage fiscal average Subscription quarter Our sales X% the about in

trends Other some Data of and XX%, advertising improving by campaign select a a from environment increased revenue represents and from subscription Marketplace healthy number benefited grew fueled also quarter, in which spending driven Other. Marketplace the by million items. data onetime XX%, customers. & of Marketplace by In XX% above-average marketplace, & usage digital $XX advertising of digital

it professional provide in base. see services, in approximately in revenue To growth double 'XX. to services, a smaller perspective of We a million bit off albeit expect additional services also 'XX. roughly And FY generated on continue of $XX to FY we

While loss-making this margins see we path year, a next slightly positive to fiscal.

revenue benefit upsell. satisfaction renewal our higher rates and in is to above-average an as services Just is driving ancillary subscription form of providing the that importantly, higher customer

due XX%, beyond our timing parallel were cost decline well projects revenue, to customer $XX migration hosting year-on-year down business. consistent by use certain to was Moving from customer our higher by costs expenses services later The was margin gross expense with as items approximately related driven as and primarily and flattered guidance. and down points X last year's restructuring continued of investment were into shifted also XX% Operating million, in to data the which quarters.

margin a million $X call. our the from fiscal, which discuss accelerated XX certain to in of up down million, we $XX and points last was $XX did due operating on from ago, by year XX%. to $XX our vesting year non-NEO compensation income Operating a of RSUs Stock-based was ago. expanded million, QX million last

up due of for the as cash million. Even near receipt XXX,XXX $XX flow $XX Operating XX, runs federal breakeven refund flow primarily million a Scott tax ago, negative. the year cash refund, from our is approximately XXXX. was $XX There million, the million operating seasonally shares a to negative that under this quarter million a fiscal was XXXX. $XX mentioned, remains authorization December in repurchased for We quarter through in that $XXX current without

down activity in weighted quarter count reflecting a Our repurchase over diluted year. the average was share the past X%,

to line and advertising on digital in Subscription by In beat outperformed, both top the with represented and XXXX. fiscal marketplace was strong bottom summary, the a strength the QX in We our revenue market. line. ongoing driven start expectations growth

in flow points million and we cash generated Our $XX margin in repurchased $XX operating million stock. XX expanded by operating percentage

execution recently efforts. our into offshoring of Let me our the now phase offshoring We initiative. moved provide an on update

in for scale several are with global process. years a firm outsourcer, to leading with a a worked smaller us assist working this on We we've

two this customer We Hyderabad, effort well and future. the LiveRamp for support service transfer engineering, success will Over will the India. we our years, believe business position roles functions in to into next

to compete the And meaningful in addition in another world-class and improvement our this efficient, better it FY talent cost accelerate serve velocity. we more around improving expansion better help for our unlock will be margin customers will lastly, In structure, initiative development us operating clock, global product our believe 'XX.

let me with turn mind Please stock-based Finally, Starting charges. Please excludes compensation XX. to keep amortization, guidance and intangible in to turn for now Slides non-GAAP and 'XX and outlook year. FY related XX full our our restructuring the financial QX.

now between and be total $XX We our to up million revenue are X% revenue X% million, and increasing to year-on-year. million by guidance expect $XXX $XXX

subscription is for outlook unchanged. revenue Our

expect to revenue the continue mid-single subscription to in grow We digits.

usage We of to total revenue be XX% historic to midpoint expect as percentage XX% range. the subscription a of near the

also would by Other We in potential the Driven budgets. impact and our they macro high-single net to We The growth new reiterate channel from be now XXX% flat. mid- & benefit, this that digits the for in from least is offset expect subscription improving revenue expected conditions on benefits the our to approximately to of addition have to expectation execution, year, own full at prior and retention return Marketplace client associated sales be the up better productivity, to QX. like retention. to our partnerships

a unusually QX, grow digits. on we This what from marketplace high-single slower are because is that rate based to For QX we campaigns benefited mid- ad are revenue select unlikely to number seeing sequentially recur. to of quarter-to-date, large the in growth expect

the For into digital is fiscal flat, second half, into marketplace our far visibility future. we given that the advertising limited assume revenue

around a downside. to then same growth. is recession or economic cautious true expect naturally think While growth the prudent, the advertising marketplace Should U.S. improve, therefore, The remains there better. fiscal markets We we on our receded has half. it the months, to in would of remain the be is uncertainty stable about remain risk second recent

be We initiatives the the second business. half, higher continue with of margin than reflecting optimization timing XX% services hosting our half ongoing the approximately as as well in expect to first to gross slightly investment

and X points. continue a expect XX% or to $XX We non-GAAP percentage between million to margin operating representing up X to income $XX of of XX% million,

we revenue despite offshoring to think expect on line we is outlined This investment as we to operating remains growth, some in as Operating well future the decline make to includes our call. but do, top the our operating in and as cloud unchanged believe digits, sales is low-single fuel the We to investments this the guide. initiative and guidance income to committed it remain successful. expenses prudent QX still some income last our the We growth. beat however, increase strategy upfront will year areas additional force ensure that in investments our XX%

be $XX expect to charges, now expect $X We 'XX benefits which stock-based our guide. million accelerated FY primarily our and in lower year restructuring million from in is prior in compensation vesting $XX initiative. than We for the million, associated with offshoring the

to GAAP FY and to amount positive expect operating to to And program. $X expect of million for between flow our to and continue return be we be the shareowners our income cash free million to We year. 'XX through $X lastly, a significant continue repurchase

QX, of QX. moving and Now A margin total we to operating QX. expect non-GAAP operating $XXX In for other an million, million $XX call-outs of few approximately income revenue of XX%.

to retention or We be net give flat take a point. to subscription QX, expect

marketplace and roughly as we to grow to revenue digits, margin gross XX%. be expect mid- earlier, We to by discussed high-single expect and other

I'll thoughts. the conclude questions, opening call Before with a few to final

to the First, pleased a start strong we're team's execution. and year, QX with represented the

exiting for quarter, not and for further and a attempted hold. see remainder conservative the make trend. given like does the Next, be the while balanced to momentum upside and potential outlook this, early, our respect the a conditions to quarter single is our year with if we we've market still It of

We're And XX drive finally, a us levers X in put of improvement. growth about the sales And to margin. to on this improvements mid-teens a plus operating pull to company, we and to our return be path and XX% double-digit with on churn growth. that continue bookings aspiration talked we've long will top our encouraged revenue and the line a ongoing by momentum to in downsell following Rule

but our finally, led biggest leveraging Faster line is by top second, partnerships improving services we margin growth recently adding new customer announced have over improving force the lever enhanced ones, the our sales time, and productivity; channel certainly offering. First, one. not only retention and

offshoring Our cost we margin beyond. initiative, reduction will line believe And will about will unlock including to thoughtful we future 'XX be top invest in drive continue improvement meaningful And will and our expenses. that efforts, opportunities our growth. in FY prudently

again Operator, will With the joining today. now we call that, us you behalf thank open to on for of all questions. LiveRampers,

[Operator Instructions].

first Your of the Susquehanna. question from comes line with Sean Paul

This on for is Aaron Sean.

two. have We

last call First, can in And you some us the use the automotive think I the on an use number a -- give any net SMBs half case customer think quarter, about Or tailwinds in the related Snowflake rolling the you us cases quarters? new on to last color second was using you call, partnership. as how over off? of the give collaboration your Anything platform. sales maybe about industries coming about data is talked platform? I terms could talked if other new new to out wondering, some to there collaboration for data update then if there you are secondly, or any

investors underneath themselves, the the "Hey, I'll a each one lot And see Scott. still That first cycle have that? of that in room no. of from partner is I'm the it's networks an retailers. of asked you space, a major my they the within reaching emphatic is you increased by Media response we filling Networks. in been point one. that ask Aaron, long for And frequency. it's And Are the a Yes, Retail we've retail saturation." we've how getting take success because They really the with had question glad

recognize retailers is now with their working. if we that industries. a group their partners globally other importantly, what to And copy Media to industry. by so Retail is me-too more have had and collaborating nothing But starting of not Networks that see the spread they many marketing success major People

the in connected Recently, I using companies automotive And of You mentioned got cars, across to back largest of Europe. clients. with met have the world. all capabilities from I the media RampID and they're packaged their network one couple And power a we globe. major goods

spinning largest global just travel one And weeks and really with could already travel. that, the and in world, the be companies of travel of ago of turnkey lot have couple the network. a seeing we XXX they're interest I interesting If met that in do they partners U.S. they here logo. a But with. would in great a win activate new we're that collaborations up a

And for companies. information. tell who's got I CTV too opportunity effectively. more to in then they remarks advertisers with haven't long, share advertisers. They the CTV. prepared used for is a you importantly, viewership sets, great that to great What effective in And start bit have demographic that deep the little about collaborate talked data data and for a a I'll permission way them

generate So we're data I of they'll exchange. value, benefit think collaboration but a better they'll years will more next leading value because the and going X to a because over wave the see consumers across companies benefit they'll get

of middle positioned Importantly, be that. right to the we ourselves think in we've

here. your customers. on happy to address question Aaron, be I'd Hey, Lauren net

continue a enterprise that mentioned gross composition direct which to And thing quarter, the the the feel tightened stable. adds with to sensitive. models is business first of a skewing The lower our accounts, those is were I we last and ads we customers was larger in where customers sales really talked on ACV bit pressure better, of just specifically of focus result the nonbrand call are that whose importantly, more about economically our is

events the a as M&A consolidations in by the in some well of bankruptcies. and addition, impacted quarter, form of couple were In unusual as account we

for and look QX ahead expect QX. like modeling we purposes, could would Looking

that a to new rebound of ads many customers our go These higher multi-year deals the we're in we do deals, have a in second see in adding. started again, of I expect quality household the deals, pipeline names. are we on based would about are good with, larger feel believe back really and half. we And the However, to I will These LTV. cases what customers

line of Quintero Stanley. from comes with the Chris next Your question Morgan

Elizabeth on Porter. Chris for is Quintero This

throughout strong tracking the of of here. are year? the to wanted bookings exiting last you how kind improvement what versus you a around the Some saw the of year, ask targets results you I steady fiscal trend QX saw versus in

as you, would where to Yes. capacity I characterize Chris, like, I lot amongst it we to like And there's I to our bookings thanks for want would back like. a QX things we be. have question. to tell the solid. feel

who I look versus to if of last the people were that reps ramped on months, you longer But Well, than higher we with it's would that numbers describe been X year. measure of at in So that number as at even capacity sellers are have out. said, and our down. flat just the than better we sales the we ago, prove look half a us overall probably would first if that for year XX%

ramped that productive. those some to folks hired deals. we've they notable are Importantly, now gotten are speed, up winning The they've that they new reps really

Second pipeline. this months is if believe strongest thing it's never because enough. caveat saying you let our And of can't you X.X here qualified into look better in the But on empirically, can history. in always sales who Because pipeline. with pipeline it We would do going we're you, QX ever at tell LiveRamp's first, state reps be really might I internally, any listening that." of call saying, me to our the I like "I are another

So I that. like

line reacceleration start slow We does a it X to trend nature year, SaaS and me now. everything, gradual let soft. success. last quarters bookings It's a paying now gradual is not when temper of that which make. a your also rediscover Now we're is, you The or said, it's hey, X that for are when that saw yet

be going above to a really do do happy XX% this position but it quarter. with next quarter. back with do the next last execute. got be that half again again to it We good We we're to year, so of have year. quarter, the to growth to well for in throughout we really And We've got happy

around making, And in you incremental the ask Lauren, where into. wanted to anything really opportunity you, the this guys, to I a wanted changed lean being nice you're investments quarter like as saw

would to. areas happy point couple a of of investment. to Yes, And I

in the position as first last our capacity. don't We found find than of the First, ourselves we to We maintain fiscal, year. half quarter Scott the through want to nothing move mentioned, capacity. force, in ourselves new in, selling capacity sales as other want rebuilt the adequate we without adequate in we've

continue So invest we're to behind to headcount. revenue-generating going

with area this to mentioned some there, year. seeing of continued I investment the ensure FY momentum that momentum incremental and initiative that through we've as my year is like where collaboration there our 'XX and of we and our area prepared through investment, final in required growing we we're behind upfront quarter. see to And offshoring is remarks, which The offerings. move nice That in going next cloud second the The is was successful. to year rollout the invest we're

from comes with Brian of question next line Fitzgerald Fargo. the Wells Your

their you are questions. quick of dislocations MediaMath to quarter quarter? anticipate DSPs. some situation clients from X is the impact or the in the do advertiser any next Two just to Any newer Or relating over transitioning

out to versus any is international just question Second call domestic. dynamics

and You highlighted seeing multiyear large deals deals? acceleration you enterprise generally multiyear you're Do think focus. in an

we short, regard reserve. running is work This both to MediaMath, in Brian. take as has the accounted partners result through I'm Scott other in We AR any And for first the impact if that of previously bankruptcy. Thanks, impact of MediaMath the expect and the any, on DSPs to all was jump DSP second. a in happy their Lauren. guidance with our major anticipate volume been minimal, the and absorb platform. our would in With to and can

is Brian, that beneath it question performance. say But international, the would one of I revenue on actually I pretty line on of when there, think you reassuring. our top was disappointments look the your And

of So out. was transitioned International Head remember, our when he our CFO also

But weeks, there's So and if of slightly we up, were of want be, not apart the to there. largest course little but they our television bit over I of always Europe. just France, the peel numbers, And from European retailers. disruption the where got with I you some the back I in U.K. two believe companies a largest met

LiveRamp packaged organization. CEOs as I mentioned was their look at important part companies. goods and wasn't deep the with one CMOs of like of And future. it the an and I large in they meeting

I emerged wins couple manager Europe. retailer about in and a for we Middle pretty think from I East. essentially excited I the including of mentioned the property the So in us And that had that, opportunity biggest internationally

exciting. that's So

happening is exciting what's Now what's in APAC. not

and international was about probably at are down And like China. look how down materially. business, slightly you that's it up, Well, thinking APAC you in Europe, has don't years, precipitously, participate to going hard cover company if anybody So last going that we our the market the XX to Chinese forward. at the think I in change material surprised we're over I'm say been environment. a business every

of a think lot just companies I have out pulled entirely. And

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if think And believe This on positive that, I absolutely accelerating. case, can and just see you a this multiyear RPO business. deals is I And this mentioned real in the our we add to trends. can you for Brian, our is

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

Your line open.

Alex Mark. is on for This

could I Just exposure. into what that of start the fiscal 'XX. you you was upside, that, half quantify the course, back non-brand on And a subscription me. perhaps to curious gives year, confidence of the if drag couple recover from towards revenue the can from

advertising is the like sounds than market perspective, faster from it separately, improved then And expected. your

what conservatism back remains your in to level year? conversion especially So just curious the trends, of in fiscal of the baked half

both. happy Yes. Thanks I'm questions. those take for to

namely of our say seeing And drag that also ACV respect our key growth net the revenue. I a a as lower point would subscription on with well as adds customers question, metrics, probably drag you're of represented to subscription your net couple couple So retention. first from this in

our last and down As down already early initiatives, and of customers. to on and the the And reduce this talked several both seeing we and our implemented call, services outlook And through product contraction success a signs half. back we've there. move our smaller churn for year, in support pulled have result, as oriented we about with we're sell

like to to address feel work there's we SMB that steps more contraction I while So do, we're taking mentioned. the right

bookings outlook, move trend the in we to conservatism we continue we through specifically, as regard bookings in expect With an see to expect year. to to our continue improving for

stick on we rates. a As we forecasted hockey our conversion nor last have in not a material forecasting we're mentioned improvement call,

outlook I the So for feel potential about would in business marketplace subscription we second think our we for pretty half be see where upside the business. our good in data the

less mentioned, do fixed than we've subscription visibility our forward in have here we business. As we

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for back our to marketplace, based on relative seeing yet it half. pull but we're quarter-to-date, aren't take outlook So to for the to what we're QX up going ready up

in So we advertising digital further in the potential if macro hold, trends upside expect for our business. and trends overall would marketplace

the Evercore Your with next question of comes Materne line Kirk ISI. from

Your line is open.

just of based today of continuing. Lauren, comment impacts on was bit I X year-over-year I you you expand the your lift. That's months good the was visibility that you're perspective. sort if how you're if growth wondering trends that subscription about into assume RPO. on in the could current than a ago also trends positive can on of assume some to little remainder bookings wondering pretty I those a from better just But the I seeing. feeling speaks a year visibility

add Just more side. a you that wondering if bit little on could

quarter. couple to CRPO of both benefited CRPO and With the sensitive as length months respect factors do contracts. Sure. very the recent we or those bookings the as of than a to calls. result Happy you CRPO today did on talked specifically, even well and to, both are last know, X I Kirk. timing In that to ago, renewals X about as the have Scott this momentum of and is of short, And yes, of feel better we both this growth

example, a So whereas ago, year had this year, as we in on couple they early closed of closed a July. large deals an X/XX

benefited our So that CRPO comp.

this In deals. really in thing our been for shifting addition, of to customers a some is the positive successful and largest We've multiyear business.

given for an the in positive flatter business RPO So comparison can and unequal that but growth CRPO can quarter. create any rates

indicator I would just better net-net, to guess, we because forward it like I what some for variables probably as seeing a the point So growth we're ARR to mentioned. of you normalizes continue of

next go of Stephens Your from Dean the question comes Sublet ahead. Inc. line Please with

like? think anything is Dean if the We we how just strategy? were more so you call analytics. expanded could there's and general I what that then you Nick. on started think you This on there? curious, with the progression capture were opportunity Pinterest long-term And any into wondering about relationship, on the clean for the out measurement Does thoughts maybe progression looks on room the monetization piece and

thanks Dean, Yes. question. for asking that

where valuable first-party just not across information. opportunity information. what data a you particular It retail that think the on just each engagement data and or an a they audience could be some partner, It could pretty trend set. purchase publishers building their is unique all I are authenticating partner major a indeed but described it publishers. own we see Depending at In demographic be sets, in case, have could viewership. world be

to opportunity in ways. us them it's a an so of for work with number incredible And

macroeconomic deploy they two, Number continue consumer-friendly. powerful in is and more of that market precise that ensure to where that have their still ample some case than authenticated can says, to cookies, they in are is to had things advertising there's targeting more even is around and to uncertainty, one, more what uncertainty and almost a turns going a prove every especially Number the definitively It perspective. CMO a world where prove our certainly that working. from users to me perhaps CEO

to than definitive or advertisements more case are more respond ROI that make dollars partners that can't. effectively attract better to publishers going those can audiences, that their prove monetize those and the can So

unique and and partners advertisers I it goes where finally, to that between all these partners decade the then has to potentially expose consumer-friendly. does go? that a that and now really it's is Everybody data ultimately, you data and to And and possible well doesn't collaborations expose a doesn't as partners. interesting of think other movement way publisher of risk, their collaborate in

think I possible. really interesting some are things

we're I work this what like And neutral, earlier, we're everyone. with best is mentioned agnostic. all, of We I

all of the the in we middle And can be often, fun. right so

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

conclude Thanks just thoughts. everyone, few us today. final to with for I'd so much, and thanks, joining love a

we've a recent about represented talked and start progress consistent calls. on the against initiatives we're key strong to the QX making First, year,

early. like Next, while momentum single be for we've of our make balanced we a trend, to respect and is quarter, it conservative the does remainder still not given the attempted exiting this, our to a year. outlook And the quarter with

improvements double-digit bookings reflected yet put believe the to in sell and fully our not on return our sales churn that to in encouraged results, path ongoing growth. are finally, revenue a us momentum down in And we we while by and

Thanks to speaking days With in weeks ahead. joining. look with you forward many the of again I for and that,

Thank you for This joining. concludes conference today's call.

may You now disconnect your lines.