LiveRamp (RAMP) 7 Aug 242025 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to LiveRamp's Fiscal 2025 First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Drew Borst, Vice President of Investor Relations.

Thank you, operator. Good afternoon, everyone, and thank you for joining our fiscal 2025 first quarter earnings call. Scott CEO; are our Lauren today CFO. me Howe, and our Dillard, With and contain cause call are press this Today's release may differ risks uncertainties to subject and forward-looking that results could actual materially. to that statements

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

will Thank you, Drew, everyone, joining and today three cover for our comments topics. My call.

quarter. briefly talk the I'll about First,

Google's capture approach an in I'll significant finally, Cookies Second, to LiveRamp. means to announced give data it I'll new efforts third-party the for our address what and And collaboration. opportunity update on recently

discussed the we delivered strength of quarter. with progress ] as experience for on with the LiveRampers. and platform well priorities call. large the the our towards last [ simplification, Let's customer eye an on We business executed pursuing. We in we results opportunity made and expanded our market strong in reinforcing integrating nice conviction improved our start and customers soundly and recent as partners We our are QX, enhanced our all retention, our and ecosystem, both Habu for financial

I highlights the from on touch key what quarter. quickly see as me three the Let

both the First, top QX and on exceeded line. our expectations bottom

total revenue quarter of consecutive growth and the both was in this second Second, subscription revenue. double-digit

across grew CTV. tactics, revenue including advertising XX%, digital Additionally, reflecting strong demand Marketplace

of with to XX% We be XX% ambition a our to have XX long Company Rule revenue growth. sustainable discussed

an environment. uncertain I'm that in make we continue macro pleased progress So to

Finally, indicators our key were of performance strong. notably two

marking double-digit millions million consecutive net grew recurring the $XX quarter-on-quarter, annual First, ARR. new revenue third by quarter of

increased measures by to our existing performance X retention, with customers, quarter-on-quarter XXX%. our net subscription which Second, points

there in know about to a our the also are areas we was which to lot improve quarter, While like seek that there performance.

versus achieve, QX, cautious cycles Our can highlighting We're our work elongated faster even ROI adoption with any customers uncertainty. to making to given QX the obstacles responding it remained norms, customers deal removing and by like the remain and historical macro easier LiveRamp. in

of also has its the focus mark. Chrome weeks, The meta recent moment. headlines early think of But to typically the plan and missed We second own to the Google's of continue announcement abandoning discussion in our and the its is I'll these Sure, with about A Google plans. announced a some that, on been lieu efficiencies. I of in new Cookie a announcement don't in abandons Cookies touch Google topic efforts announced deprecation on to has lot specific justice recently often the plan is written My XXXX. original change miss some deprecating two third-party version Cookie in do Chrome point. initiatives.

protection, out only With similar XX%. to details opt-in make which We changes shows consumers Incognito U.S. And will how data third-party ultimately, and with any Chrome But Chrome prevents Chrome's industry third-party will tracking. these rate Chrome to Chrome be from First, IP about changes when the easier tracking of Cookies. expect more intends Transparency second, have await we starting deprecating rolled tracking consumers introduce the opt it websites Apple's at will effect out. if an the as will ATT, App Tracking covert by for and or of is indication, average Apple's for same that mode.

from has the is impact over turned realized control their content of technology. that that moved our of Internet Firefox off Cookies that center And the I have years, increasingly brands future. how are course, irrelevant of better a away recent Edge, total to means Cookies have particularly world, four, consumer already than a information CTV will very the positions browsers half solidly Traffic that the in rapidly of have tracking marketers Safari, and generates browser our has in as Two, done our Cookies addition, already used. In channels In is one such case in still the and key over results visibility user is which the a design, more ecosystem Authenticated four true Three; which That's providing Cookies with are and CTV of directly One, their see we've the consumers us and over elaborate moving trusted or authenticated it diminish toward moment. all that world, at this consumers are advertising. Solution, And work technology consent time. in-app for their Cookieless. and will we're We importance which consumer-friendly paramount, authentication third-party takeaways. mobile advertising other ATS, authentication like for for to fastest-growing on destinations. the

Importantly, by Display as initiative addressable change XXX to DSP, the a move to Video originally PAIR data planned. & Publisher securely not from and Google's on Display to & led Google's Reconciliation separate Identity XXX publishers PAIR. PAIR Video announcement Chrome is advertising forward consumers. deliver brands or and does connects meaningfully continues first-party Advertiser and

validated this has our only So think with mean again, does for all ATS. LiveRamp? time exactly what strategy We

positioned vast to its with XX% rate and identity audience connect and advertising has traditional this its in before Resorts mentioned better They Display results. Indeed, study the with first-party where ATS which because improvement significantly whatever example using been the longer. Today, CRM this world that reach improvement Video conversion and of site our remain impressive generates recently XX% our a it showed One Cookies that use generate similarly uniquely brand in PAIR case Cookies We I've online use ATS. retargeting RampID performance. customers job Omni in another RampID, are improvement audience is to use and do role a published technology, ATS customers' majority Our while case combines data in in to over whatever to the over leading the using Cookies. do response study XXX. our with for Hotels Cookie-based and we targeting of always Indeed & & rates in a channel Xx

long brands viewed move the addressability, activate data. aggressively attenuates on transition We to authenticated the data collaboration. data supporting brands addressability deprecation authenticated include mega technologies. the stay shift to a a becoming to creates implement complex it growth first-party have But for one accumulate regulations. industry's opportunity. After only consumers purchase but accessible in effectiveness. And change data cloud customer A measurement does drivers that granular for and some trends as leverage silos all, for data fragmented, the not minimal platform longer-term the of our data including urgency certainly personalized last, data their Cookie for new helps not more the more companies Chrome's marketing Other was becoming first-party amidst more increasingly that requirement and computing of for least, catalyst and that movement; allowing Cookies from collaboration to standard to the data privacy walled marketers is alike, gardens journey advertising consumer increasing manage,

recently with wide are range cases using number varying enable organizations use of partners. Beyond We report are use how collaboration revenue a publish a advertising. business across leaders between to cases data to collaboration Forrester sectors a of there growing evaluating these partnered for ecosystem driving beyond their data megatrends, from and

compliance XX% the more. data in that loyalty, of of data critical yes, customer XX% to and is One improvements collaboration regulatory quality, finding headline response, think is improved driving

to transition seize me for Let providing to on final data is the collaboration opportunity. update my an LiveRamp topic doing today, what

approaching are a this We few from angles.

making are simple go-to-market collaboration easy we product from a both First, and standpoint. and a

network. ubiquitous most scaled Second, building we are the and collaboration

we're use Third, get some cases sense urgency to message of just to our financial fine-tuning most I and additional importantly, create highlight of a perhaps and mentioned started. heightened the

details some each in on fill me of these. Let

product We in a number use easier are of our ways. making to

We have our our capabilities. activation cross-screen integrated measurement powered Habu, Clean LiveRamp reporting of and Room identity all by platform into

query templates measurement the media. We for data advertising retail cases use most have common and such built as collaboration

supply the realize quickly side demand insights collaborating and and to from their So easier generate it's data. for value

go-to-market, benefits the market continue the studies educate On and have to publish we the collaboration. and packaging our data pricing to refined of on case new

into to train cases, leaning customers that measurement, such cases accessing top AI audience are in mind validate data and, use for unique of are some for activation and as the customer We models. journey mapping,

cultivating relationships We are system also deeper with hyperscalers integrators. cloud and

room we cloud, across the continue the cloud and With pursue to all providers. embedded identity activation major our clean capabilities

low or are we with customers limited with range leveraging new system specialized well as albeit their ahead. feedback far SIs, working so of traction by to for SIs influenced base when value similar With seeing SIs challenge our the XXX%, IT consultants. The in bookings firms good bandwidth and technology The outlook customers is our a integrators key by embracing positive. wide with nearly full-service reduces quarters the increasing a We're teams customers. face been a has existing the QX time as with from off

Converting for are work tighter a into bookings significant. Our sales environment. Still, even the uncertain is as making spending rooms software with this elongated is progress through and that time conditions. pipeline collaboration cycle we we pipeline takes clean sales slightly macro amidst

retail critical large most and collaboration The Data second to media nodes quickly are suppliers to ubiquitous we're want a nodes They advertisers. media is properties social business, area collaboration and scaled our in large of networks. These moving and classic are data-rich the and most network collaboration well engage that as as the building data focus network. is collaboration network. with to add brand companies CTV

are collaboration, for Our clouds, CPG that in and collaboration. platform allows or for with terms because CPG is data between hundreds, the whom with of it seamless scale a efficiently companies and service, of their engage many already time queries to largest that given data have Today, the only interoperability data possibly thousands suppliers lack collaboration. part data use The collaboration makes even has they retail in costly largest in world's and finding data we're networks essential. But lack struggle XX how the owners cases. scale to data requisite collaboration standardization retailers that data to want many consuming the data with cloud the XXX of too of media storing largest using different suppliers standardization

realized greater creator value by be category immediate to we are this that eliminate all. leader, the friction can As more working so and and

For owners media In and now of templates. LiveRamp large working customers example, data retail most start. XX of gives terms with networks the digital partners, a publishers XX cases, standardized which largest already to running these we us establish are are query service and or

helping together that we succeed are customers us improve even product can all faster. Our our so

a promote to collaboration vertical, more industry story, one-to-many drivers sticky be on the easy. greater involves still closing, less network get early, of technology also collaboration. emphasis walking is reps me deprecation to more large economic mentioned, early adoption effect, different collaboration placing our data modeling standardization, network calculators the The we're ever messages by other We've Finally, economic as scalability key will let emphasis This fine-tuning themes but and in many and reiterate data with flywheel value market and what faster. this category the of I the but make our Cookie has return development. Ease for use, and spinning near-term our on In of importantly, believe the from developed of sales stages quarter. key clients. through ubiquitous data we're developing I

record in operating revenue FY growth a First, expectations, operating start and was QX and our with 'XX revenue QX income strong and double-digit to ARR exceeding margin.

on to certainly being not of Company continue of satisfied. progress we're ambition XX but steady Rule a We make our

Second, is Cookies effective less to end addressability with be likely same. authenticated has changed, state the while to path being Chrome's clearly the

customers and advertising studies continue Cookies as will brands. long our using support for and ATS case to alongside delivers and that performance materially use have RampID want Cookies as them, We to demonstrate better

the also data bullish making nodes easy there a the and as scaling use opportunity, are megatrends collaboration our and ongoing you us in turn quarters. the and standpoint joining a To our and as for allow go-to-market hard network we from focused updating forward intuitive market the over even to to thanks on capitalize on in work multiple to opportunity are you are all greater look and customers, exceptional value. Thank partners to progress their now special to We the underpinning Finally, product on strategic ever product and call our the and to again for I will Lauren. market. this increasingly support. to all participants realize we about potential, coming today LiveRampers

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

my for slide is FY the Unless results; will otherwise relative our we summary, available period. deck be that our outlook review is remarks and to First, a our and referring growth results Starting $XX delivered by million, of indicated, improved ARR 'XX our of pertain Subscription in the with to came website. second, Revenue by X at above earnings to guide. Operating on quarter another and QX was I quarter results year-ago XXX%, $X to to operating QX. expectations, above IR retention QX; second provide financial non-GAAP consecutive expanded execution. million the in income and X our sequentially points growth. solid guide net margin our grew above $XXX $X double-digit points highlighting million, of XX%, XX%. strong and million

was This of or better thanks the ARR XX% $XXX $XXX X roughly quarter, the with in in market. expectation Total revenue range. environment Last by RPO to revenue contributed a line X%, XX%, provide grew selling a by Habu, $XXX was year-on-year and while was of backlog flat XX%. and Let mostly quarter acceleration to at was up in was was again mixed, slide line additional the to up me revenue. Subscription was was with XXX% our up up lower line and subscription was an X% total subscription full Marketplace XX%, Fixed end Other and with downsell. and million, The we high by historic in expansion quarter-on-quarter $XX digital RPO a in some $X range. net customer and downsell. Total from ahead, million revenue Usage stronger-than-expected improvement percentage up X. contracted was XX% subscription up driven Current with details. was was advertising the as Subscription million, expectation XXX% revenue with quarter revenue to now driven case turn our and churn X-point $XXX was mentioned customer our revenue and expectations. subscription use $XXX XX% it QX. first Please churn million. last broadly in to million. retention XX% improvement million, the case points XX% XXX%, and that sequentially million, to usage

the renewal was highest remains sales and Our robust, on our pipeline rate QX record.

scrutiny were mentioned, to On the budgets XX% count improvement $XX Other cycle Other quarter. customer advertising, and adds. Marketplace doubled our the and These are be the slightly CTV, our under other remained digital with strength XX%, Scott more an offset average in customers by relative in churn, in continued Marketplace, in in sales elongated equally hand, customer trend. gross by as lower to accounted revenue Data in million. cautious. being appear and like software recent QX Overall revenue Marketplace apparent and increased greater stable trends which for particular, roughly to grew which of reflecting divergent XX%

growth. up was operating sales support X income and from up up points revenue increase. accounted our Habu $XXX X Moving due was million, product was points. GAAP of up million beyond to by million, XX%, year-ago, X $XX were driven a a intangible roughly asset Operating the gross comp revenue; was and to million margin purchased Operating $XX amortization. margin primarily from in investments expenses million stock-based was $X headcount year-on-year. up $XX $XX year-ago. XX%, loss point for million, XX%, operating Stock compensation and

bottom vesting million quarter flow million, and have tax was positive of Operating the accelerated over repurchased QX tax million of million from flow revenue the X $XXX the $XX a expect by in record. was both year-on-year to top solid expanded second current authorization which for end and refund. quarter. by our flowed year line calendar sequentially. improved and margin to ARR includes movements to the Subscription under the the at QX this current the and beat year. points Subscription margin seasonal cash points the $X year impact and X we stock course normalize remaining from double reminder, represented a XXXX. guidance. $XX a the year. We highest approximately digits QX net grew nonrecurring negative a on the acquisition. prior down As through and benefited planning capital In million for on that the year-ago, was summary, to of Operating that $XX purposes, updated of due fiscal start a the in expires working negative beat Cash Habu retention consecutive included We

keep and full Finally, QX. and we now Please XX% in and Please year, turn let compensation now me 'XX slide be and million the to related amortization, between expect our restructuring FY the the to guidance mind, charges. at million, outlook beat non-GAAP excludes XX. financial are revenue stock-based and our intangible QX for turn flowing up through midpoint. Starting with $XXX to $XXX

deprecate positives we were our in would Chrome QX, there last and and our fiscal assumed guidance prior As quarter, said near-term Cookies both negative.

to new announcement a As to Chrome's of roughly such, Cookies our 'XX revenue approach guide. FY neutral

Our view subscription revenue unchanged. on is

Usage revenue year-on-year. to We the fiscal of to environment This continue over the respect selling tight revenue is some with subscription remains flat usage. to the fixed to grow high-single low-double conservatism assumes expect balance and expected year digits. be to reflect outlook

to to assumes Our our outlook revenue retention growth prior Other, an the that growth mid-teens. from to data digital of advertising of in in a line marketplace and growth within U.S. expectation be in for range we mid-teens, subscription overall XXX%. With estimate market. up is the XXX% the expect now Marketplace remains Underpinning expectation low-double will net above this digits

or XX%, a expect point. to gross continue We margin approximately be take to give

up XX%, points. income million. midpoint, X $XXX XX% of this approximately represents and of the margin At and We $XXX operating non-GAAP a million expect growth between percentage

compensation million, to million from $XXX We $XXX down expect be stock-based previously.

lastly, repurchases, be and conditions. we income between this expect to on And to on spend $XX share market $X million continue expect million $X year positive between negative operating and $XX to We million. fiscal depending million GAAP

revenue moving $XX QX; be operating digits $XXX revenue to of low-double subscription expect income with XX%. to million of on we of non-GAAP single and total million, expect A Now subscription high QX; approximately operating few other margin up for call-outs we up digits. an fixed

usage slightly and high We a year-on-year to expected due Other be to comp. is down difficult teens. expect revenue up to be Marketplace

expect QX approximately expect be million. and margin comp to We $XX be we to XX%, gross stock-based

our digital reflecting strong the opening conclude few final Before top had to with existing strength and a We line, the of call bottom I'll a questions, on QX retention with markets. ARR our consecutive ahead and both a quarter. Net QX expanded thoughts. and expectations both ad operating double healthy and revenue customers margin by grew for digits points second points. X X improved by

we recognize look conviction position the not in always that linear, is never the also about are greater. economic like short-term, ahead, our our waters. and we But we As and path we long-term has strategic the been choppy in sailing

the thanks represent investing respect the profitability us will and to you On questions. future. long will and and investments, such, trends amazing now operating of 'XX a the Rule flowing our committed we As the through LiveRampers, again of believe for North while the financial largely and beat rest XX the we behalf call highlighted today, of for long-term to of smartly we We with delivering disciplined continued for income to revenue Star growth, we leaving open customers. Operator, Scott being QX our and remain secular are year runway Company. for thank joining FY the all finally, a guidance to unchanged. And remain today efficiency

[Operator first Instructions] of Susquehanna. line from Patil question Your with the comes Shyam

the on couple questions. I had Congratulations of results. a

and or maybe about strong question, should color studies very we to act to or curious, -- second RampID to maybe marketplace think just gave stats out you versus here kind up going needs how advertisers And do again, positive from the the performance I'm drive broader call-outs think one, understand think is the then kind ATS really about you I case and of XX%. what using quicker first that and data better forward? Any adoption? about this it The was growth segment and happen of on about from for some uplift guys Cookies. additional

I'll Hey first take first so the Shyam, and question. thank off, you,

with And announcement is makes this. to to we've respects, biggest We results the that are evangelize In the from as advertisers even environment respects, the some some in PAIR really Google's results the us of pleased lessens is Chrome felt seen I just other may the think uncertain both more challenge urgency switch. have noteworthy. economic Google. But for

a in converting. my the story. Well, can prepared could remarks, a of bottom suppression And and alternatives traditional PAIR but than talked true And to recall of used that's so lot we true results thing you PAIR you to economic of data. also best CTV see lot was because by that CTV, that Cookie ad usage growth of as the in they'll authentication about we collaboration do it's programmatic is a environment, and of how that the space, the in tightening using is that extends extent terms tell well you kind are line of our for and nice hard really where in targeting the I you'll do data can that panel kind saw clients our more our

bit of ad it's the the spend tighten story I for lining up terms be in So return sharing it's a to little with but certainly story on aggressive market. that our marketing causing more us us, think and we're well

was were remarks, on of to again callouts. quarter. Marketplace. And Shyam, in as the Marketplace jump few mentioned in our very north Data we pleased And Marketplace performance with XX%. I'm growth happy A prepared the We in

First, healthy QX, the in our marketplace. was broadly benefits digital ad market certainly very which

in and is off. make selling initiatives what growth begin and about more And rates think to those and Scott CTV, year-on-year. pay addition, I doubled our last continued roughly but reflects we talked mentioned of of the And this alluded our to earlier, of as our finally, ago, particular, then growing marketplace on data a some seeing segments year, fastest our seamless. I think, we the and outperformance, In several the just really exposure to which, moment to you're easier market initiatives buying in

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

I if is get how you're of Elizabeth on for on up to about integrations just curious of like can ask Quintero expectations kind seems far? update that's how Chris Habu your making It's shaping here. there. some It versus kind we an going? wanted and already so that But integration

Habu, it I to Yeah, smooth. pleased was deal The we with together what mean we're pleased and integration. and by And pretty remain we the to technology fairly even interest. With has then closed. robust. Chris. quickly even the do probably the grew Thank is exactly lightweight more you. wanted before knew The pipeline very continued

of deal the of this for both where planning quarters. But our looked financials expected other bigger a in right to we're I'll I be the terms to In tell to longer, day, that model, something you, two like prize. And that and we're kind network much at I speaks We far out we early-stage is in terms where close our of building matters. deals. is do second a but then to we pipeline business pipeline, And density. from our pushing network scale know interest work this that got lot really of coming a into

we when So of partners sign the XX know the carry key network, to XXX in them off that talked bat. with node call probably up right -- I we about they the any

network And really gets kind in, better get There's better. so you once all going, sticky. network proverbial of lock a effect you just the that and it's and flywheel nice

the all early here. market the have work of sizable and a we also although creator lot a of the in we're stages because market, do of on it's So early, to we're work that

we show our And of lines bench I prepared the I express return. And so so products what I similar X lot. I that the in onboarding know And along studies feels this, a remarks really about them of how to don't but ago the to value year. I I the for really would know our back teach how started. articulating with need clients. to thing really prospects to something to simple, I case calculators have to the but use help reps is very And different I the then don't or X, leave ensuring we we my what of, about making that space. get and up heard sales use things really market from is for our you know what that evangelize our do. also technology. the can that's and will hear deep the talked the and a in with this, half And learned know That cases often focus years I clients their data need the

Chris, a little might bit just I color And to financial that. add of

we QX were discussed on first, is what this on revenue a million we've difficult environment. past that $XX So track for with more of the we synergized year feel calls. bookings remain expectation, consistent our even despite selling

for then remains also Habu Scott breakeven Habu also roughly be year, on robust finally, Room this products discussed remain and As something is Clean And conversion. we the for which we now and about deal. track mentioned, for to when pipeline our very so it's really execution we pipeline announced and

I'm full risks get see to change? I year That's of wider coming and Got curious you, Really of decision helpful. the range that wanted then keeping on it. sticking of revenue. kind great set But around the to raised. the with ask Cookie Lauren, the opportunities super deprecation maybe that And that about are guidance out given from

kind Yeah, challenging selling Chris. in we it's year. question, just see are as we an and macro of it environment was uncertain what the just increasingly given range, prudent felt And maintain given we wide a a where environment, great to the

that visibility total and variable be the of revenue in XX% forward our roughly also fairly is conditions. to the most tends limited, reminder, a sensitive is here especially the to is As out revenue This macro quarters.

we our of outcomes. to areas variable built in wider respect range just the of with therefore, So business, we -- a

Your next question Jason Craig-Hallum. from of the Kreyer with comes line

you wanted Great. to Scott, follow on that about. of talked additional some I use just up the cases,

bookings? and additional you elaborate can catalyze if kind of mean, decision? these can curious are Cookie about following into urgency use just bringing on cases Just the kind any companies of that really that for kind that thinking I fence the of this potentially on

Yeah.

me I about how what the second looking I actually to I to because technology. one in -- was clients give they But use loudly we've for actually this standardization where this about I'm you some on when speaking heard, tell what and talking Just are want this. standardization just notes the would spoke -- is I our is pretty one really

goods they're say, time so want sat terms with, some is with And to retail looks over they'd would packaged we they example, be big one partners, the of a launch we those what the same and standard query them XX over queries [indiscernible] our do that an from partners as if what with working when with. Because themes in of heard and XX it don't that they different. want of each clients

we industry. launched standards analysis, release was around number virtually pipeline so card basically heard work And journey, partners From the to about. our of those there try eventually is what bringing were things to and everyone's different a the partners talked thought standardize that couple it. And an we dozen that, those to then shopping we'd together a those with feedback effort

cases so for going And first. most use it do the to we're important

commerce point been of respects retail of I talking transitioning business getting is much kind how this what our about that's how this media say, versus at is quickly networks, and you're to is what to, think I've Now in some network.

largest media so network, quarter, world's instance, and commerce for it. last And the we're powering of their one launched airlines

we've take and we but similar network share, grow to Retail already very strong density. seeing our we're flight travel a services, financial have seen in in where want to such Media both what And so phenomenon

stats, probably And standard quarter develop the talk have partners. But look will the And in to a so to with those take or the the? industry those cases, queries, bit a want about those use little -- you you two concert will different. us

the yeah. sure. Oh, expansion, vertical Yeah,

believe As have within CPG, of still retail we and we see outside this as I Scott well. alluded, lot opportunity we're but of mean, build a opportunity to continuing

similar so looked And those deals of space. deals room the and we the today QX, about composition retail of in if the well. were clean outside as in And fairly of pipeline there's at CPG two-thirds signed a

and the CPG case. think large, we even the of kind yes, is initial So outside use opportunity of retail

last just then And me. Great. for one

on the commentary the of sales some on cycle. up follow to wanted Just

what from you've maybe just of some around there's elongated of earlier sales commentary hangups some of of in kind macro, anything hearing the new cycles. kind these of Just had kind curious you're some of the and if biggest the

visibility Jason. good But I we term, and really our we're next I year near about a you, playing lot Sure, and year. for feel have candidly, would tell of beyond.

the And getting really what about of funnel also, flywheels. real anecdotally, you that's some end I'll last mood up this three quarter, the some hearing which kind macroeconomic our that so network through already. slip really is by being is affected And these uncertainty. We signed but of at stuff here and examples sticky spinning the at give we've of had deals we're clients

within off contract each the the about losing we're in had one there they cases, those three extension. the the they person laid where client of not the in talking We got who layoffs. contract were business. client, addition before But signed three, next quarter. So of because end this And the signed We're week. slipped at the the to

now on of a great companies would relationship with we're working the put world's all before. And a so macroeconomic key one a see different and new where pause uncertainty packaged than we largest business. contact us goods been have to just have with land. have we the of were growing they we told initiatives point They And

everything So nervous stock environment, bit little political the I and they're little bit about about to in market a that's causing them on a hearing just rate week, is think are about past cuts, we're the be doing. what slower the people

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

opportunity just Oracle, know about maybe for give about you if a a an us think progressing that be revenue you there? is Lauren, how One, on perhaps could unrelated couple update talk client follow-up. subscription I And Marketplace-related have if as a yours might on basis, the net two just on then And Oracle as pipeline that Scott, topics. me can well? you a I of curious

committed, think but But long we will the net incremental in for we the positive. opportunity Positives Yeah. gains term. that negatives. and be dwarf The told, marketplace revenue all is a this data expect subscription to

feel I mention think just that own. works business pretty data pretty I good to would we than good also different the way it. it's our is So about Oracle's reinforce because always

that pipes. demand use not providers a Oracle our segments data compiling segments about are sell se, will that building is per for we marketplace. rather So directly, We're think but other who we data to their going

say just reasons us. we are business, the So We nice the -- Oracle reason relevant I data because the think opportunity. as a that this for exited don't see this

And Mark, pipeline. to the I'll just with sort of provide a respect little bit marketplace of color

real-time. mentioned, and early, As this out it's still in playing Scott is

here. just accordingly, so treading we're And lightly

much into our We haven't upside guidance. built

a in or faster might little relative materialize we're midpoint meaningful to anticipating this of more should of bit than be guide. our way So the a there upside

And Scott, on that if aside, Lauren. your clients a to that of helpful, How fence going but clients on about deprecation does in change potential and how conversion That's waiting the just and is, think them? is commitment yours I maybe of pass, those guess, you macro been or the putting discussion for that have that then consent with pipeline, discussion opt-in pressures it. the were fence? this any broader Got sort on of opt-out? new any Cookie of with Does this the sort question,

question. It's and a in perspective. my great remarks about Cookie a Yeah. PAIR talked LiveRamp more a from I deprecation of And prepared

about. add what [ review you're custom me let the which is So ], of talking kind

great think it's I a question.

for All customers of existing now. have some RampID time been ATS using our and

to the anyway. it settings, to a bit have through that made to and So lines going but the to it of And they're place there's delayed clients, rather users are and little going with said, was well, Google's the them. they announcement to really browser get for the they choice impact the same I a beneath the do than still think no brute kind same the and Google enough going get the place read force industry, time of by yawn. They our

a whole shot be the thing I still take customers to bit tend a to the puck the prospective not And hearing going probably little so think by they would Cookies. And We're lot who more rely to on will heavily that expressed same is of say our concern for clients. longer. same place. It just

with has happen It But is actually will the died yeah, maybe to Google's there's because timeline. here be them going so really what's little And forcing be of function kind this forcing the not a the urgency down won't economics. function. bit

back display go of Cookieless to XX% so And is already.

using Firefox Edge not Safari, so And lot have authentication, and users consuming you're you're who not less a then probably been if reaching targeted messaging.

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to I Please call for session. Dillard Q&A over Lauren our remarks. concludes now will turn closing go That ahead. the back

conclude just with final few Let remarks. a me

for a our second ARR ahead a and both and both points. by our quarter. revenue on QX points First, digits and Net top solid of reflecting operating retention expanded QX execution. we quarter of also the X double strong another margin consecutive by had line, expectations X grew bottom improved

an and our we As greater. But operating the the our in conviction we macro ahead, like term, strategic about has we recognize also look we're never in been that uncertain environment. position long-term short

financial for FY rest a the 'XX largely to beat of XX through our that, growth. to and days revenue we the Inc to profitable QX Company, we're we secular of Star chatting and thank such, and With the remain and unchanged. highlighted Op today and runway long guidance in again ahead. Scott Rule look you being year the finally, committed leaving North a of us, long-term we the forward believe And flowing joining As weeks the trends represent for

all Ladies joining. and for today's gentlemen, that you Thank call. concludes

now may You disconnect.