LiveRamp Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the LiveRamp Fiscal 2020 Second Quarter Earnings Call. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Lauren Dillard, Head of Investor Relations.

Thank you, Operator. Good afternoon and welcome. Thank you for joining us to discuss our Fiscal 2020 Second Quarter results. With me today are Scott Howe, our CEO, Warren Jensen, President and CFO, and James Ara, President and Chief Commercial Officer. Today's press release in 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 in the press release. A copy of our press release and financial schedules, including any reconciliation to non-GAAP measures, is available at LiveRamp.com. Also, during the call today, you will be referring to the slide deck posted on our website. At this time, I'll turn the call over to Scott.

Thank you, Lauren. Good afternoon, and thanks for joining us today. We delivered another outstanding quarter, highlighted by record bookings, accelerating top-line growth, growing ecosystem momentum, and a relentless focus on improving operational execution. For the quarter, total revenue was up Our subscription business grew 31% driven by our enterprise and agency channel, and marketplace and other was up over 80%, fueled by the continued strength of our data marketplace and acceleration of our advanced television business. From an operational standpoint, we made significant strides to scale our infrastructure and build a strong pipeline of customer-focused product innovation. During the quarter, our engineering teams completed the migration to the Google Cloud, establishing a solid foundation for durable long-term growth. In addition, our integration of data plus math is pacing ahead of plan. Customers remain incredibly excited about the combination, and our field teams are seeing early indicators that validate the large cross-sell opportunity. And finally, Thank you for joining us. and organizations are increasingly realizing that true competitive advantage lies in providing meaningful customer experiences. Experiences that are personalized, relevant and cohesive across all channels and interactions. Data is at the center of this and data-driven experiences are the key to brand differentiation and retention. In concert, Consumer expectations are at an all-time high, and data privacy and security are more important today than ever before. Identity and data connectivity play a critical role in each of these megatrends, and enterprises are increasingly turning to LiveRamp because we are the safe and secure choice to enable their omnichannel customer data strategies. We are winning in the market because of our open, I would like to spend the remainder of my time addressing two important topics, the durability of our growth and CCPA readiness. Durability of growth. Warren and I often talk about the different levers of growth at LiveRamp, including our core initiatives that will drive continued growth in the coming years and the longer-term bets we are making to sustain our growth for the next decade and beyond. At LiveRamp, we are maniacally focused on delighting and growing our customers, a mindset which directly aligns with the land and expand component of our model. I am excited to share that this was our largest ever bookings quarter, surpassing our previous record by 50%. This quarter, bookings were roughly split between new logo and upsell, and we continue to see nice growth in average deal size. We made broad additions across our enterprise customer base, adding approximately 30 new customers and bringing our direct subscription customer count to 720. We remain optimistic about the expand driver of our growth equation. We'll never be satisfied. And over the past eight years, we've always tried to be transparent about the areas where we feel live ramp can improve. Last quarter, I talked in some detail about our focus on improving our core subscription net retention, churn, and sales effectiveness. were not yet where we aspire to be, but our efforts are having an impact. Our subscription net retention was 109% in the quarter, and while we are aiming higher, we outpaced the expectations we shared several months ago. During the quarter, our marketplace and other business grew by more than 100%, excluding Facebook, fueled by the growing trend towards BYOD, or Bring Your Own Data. As brands continue to build more sophisticated third-party data strategies, they are increasingly turning to our marketplace to streamline their buying needs. And we feel well positioned to benefit from this trend heading into the holiday season this quarter. In addition, we are pleased to share that our third-party API is now live at Amazon. TV also had a standout quarter. It was up roughly 75% in Q2, and we expect elevated levels of growth in the back half of the year. As I mentioned up front, the data plus math acquisition has generated a lot of excitement across our customer base, and we are very pleased with how its pipeline is building. One metric we track inside our TV business is what percent Thank you for joining us. among existing clients, and two, how many more prospects remain for us to pursue. Let me share a representative example. One of our existing LiveRamp retail customers has been a longstanding onboarding measurement and data store account, but is also a large TV advertiser. Leveraging data plus math, they are now able to measure what matters on TV, which for them, are store visits and in-store transactions. Better still, at the same time, a major network also signed with Data Plus Math to guarantee on outcomes for this brand as well, which is an important proof point supporting our thesis that Data Plus Math has tremendous opportunity for both the buy and sell side. Everybody benefits. Of course, Measurement is only one area of the advanced TV ecosystem we serve. LiveRamp is unique in that we play across all areas of advanced TV, including addressable, data-driven linear, and CTV. Our vision for LiveRamp TV is to lead the transformation to a more personalized and data-driven TV ecosystem. We are one platform for planning, activating, measuring, and optimizing every dollar spent on television. We have included more examples in the appendix of our slides for those interested in digging a little deeper on television. James will walk through our go-to-market strategy in more detail momentarily, but our recent success gives me a lot of confidence in the durability of our growth and in our path to one billion. Next, CCPA readiness. Another key initiative this year is to establish LiveRamp as the trusted, best, and essential industry standard for connected data. Core to this effort is the work we are doing around CCPA readiness. We recently held three different customer advisory days, and in each, CCPA was a huge topic of conversation. The good news is that customers and partners are looking to us to provide guidance and set the standards for how the industry should operate. While we are working toward broad compliance with CCPA, one specific area of focus for us is assisting the many sophisticated companies to collect any form of people-based data, a roster which includes brands, publishers, and data providers. in providing the right level of notice and choice to consumers under CCPA. One benefit of being a global company is that we've done this before with GDPR and have a solid playbook to follow. We are working closely with our ecosystem to identify which changes must be made to privacy policies, notices to consumers, and our contracts with partners and customers. Our consent management platform, Factor, is also demonstrating the important role it can play in ensuring consumer preferences are captured and maintained. We also remain heavily engaged with regulators at both the state and federal level to ensure the right balance between consumer protection, continued data innovation, business outcomes, and a level playing field. In summary, customers and partners are looking for us to lead and we are building products and services that embrace privacy, transparency and, importantly, great consumer experiences. While we recognize there is still much in flux as draft regulations get finalized, we are well positioned to work through regulatory guidance as it becomes clarified. Again, we have included additional slides on this topic in the appendix for those who want to learn more. To conclude, I'd like to personally thank our exceptional customers, partners, and live rampers for their ongoing support and hard work. I am very pleased with our execution in the quarter and with the foundation we are building for durable, long-term growth. The market trends fueling our business remain intact, and we look forward to extending our recent momentum into the back half of the year. Thanks again for joining us today. I'll now turn the call over to James, who will discuss our go-to-market efforts in more detail.