So when I look at the numbers everything is kind of tipping in the right direction. Now the one thing I’d say to our entire organization many of whom are listening on the call today is success has to be stacked. We can’t let up. We have a lot of momentum but a couple of good quarters doesn’t make the trend line we’re looking for. So we need to keep it going through the back half of the year.
Chris Quintero: Got it. That’s very helpful. I also wanted to ask around the impressive six Fortune 500 customer additions in the quarter that I think you mentioned. Just curious how this kind of came about. Did they come through the improved sales force or maybe through some of your industry partnerships? And what do you think worked well in the process to ultimately win those large customers?
Scott Howe: Yes. Hold on. I’m just going to pull a stat which is kind of mind-blowing actually. What I would tell you is what I’m really pleased with is our channel partnerships. And I think we’re seeing a lot of traction there. One of the things that I realized when I worked at Microsoft, I thought that years ago all of Microsoft sales were direct. And when my company got acquired, I realized no that’s not the case. They have a really big partner sales force. And in fact most — most SaaS companies use partner channels to their benefit with the exception of LiveRamp. Now a couple of years ago we really started to push on channel partnerships. And our focus for this past year has really been with the cloud and cloud data warehouses.
We’ve done direct partnerships with all the major cloud providers. We’ve also forged strategic partnerships with system integrators for cloud opportunities. And we are partnering closely with the ecosystem, educating them about how our products work in the cloud and use cases go-to-market education. As an example, if I think about just last quarter alone, we did over 215 joint planning calls just with Snowflake. But ultimately we’re going to be judged by our results. And on this, 60%, and this is the stat I was looking for — 60% of our commercial leads closed cloud business year-to-date which is an amazing stat relative to a year or two ago. And if you look at cloud attached business as part of our revenue, we’ll double it this year to $20 million for the year.
So, really, really encouraged. And I think we’re still in the early stages of getting those partnerships up and running.
Chris Quintero: Excellent. Thank you, so much.
Operator: Your next question comes from the line of Mark Zgutowicz of The Benchmark Company. Your line is open.
Mark Zgutowicz: Thank you and good evening Scott and Lauren. Just two questions. I was curious, what dynamics drove the usage as a percent of subscription revenue above expectations to 15%? I think the 15% is sort of at the higher end of your historical range. And what might that suggest in terms of ’24? And then separately, curious what kind of demand you may be seeing outside of your core CPG and retail verticals? And I know you’ve talked in the past about health care and fintech being sort of limited with data privacy laws. Just maybe some color there would be helpful.
Lauren Dillard: Sure. I’m happy to take the first, Mark, and I’ll let Scott jump in on the second. With respect to usage as a percentage of subscription revenue, you’re right, it landed right around 15% in the quarter which is at the high end of our historic 10% to 15% range. The only notable thing I would call out is just it benefited certainly from a better macro environment and better overall trends in digital advertising than we assumed in our outlook going into the quarter. Again, in the back half — and this is consistent with how we’ve been guiding those subscription usage in marketplace — we are attempting to be both balanced and conservative. And so I would guide you to the midpoint of that 10% to 15% range in Q3 and Q4 versus what we saw in Q2.
Scott Howe: And then Mark your second question is really about, which verticals. In my prepared remarks today I talked about my time at Adweek a few weeks ago in New York. And one of the things that was all over Adweek literally every conversation was the growth of retail media networks. It’s the fastest-growing part of most media plans. And as a result other advertiser’s marketers and data providers have really taken notice. And the whole driver of retail media networks is collaboration that’s happening between retailers and their merchant partners. I think we’re starting to see that evolve in a really healthy way to other verticals. I think it was in Q4 last year, I talked about the automotive space as an example. And I shared a new client win that we had and a fascinating case study where they’re using us and doing data collaboration not get with the rest of the world, but between the OEM, the regional advertising groups and the actual dealers where cars are sold.
And when all of them are collaborating, all of a sudden you can make the connection between a car that’s manufactured where an ad is served regionally and whether it actually drove a purchase at the dealer. That is a great case study that I look forward to sharing with you some day at an Analyst Day, because it’s also indicative of a company we brought on. When they came on they were just an on-boarding client $0.5 million a year. And within three years they’re doing some of the most sophisticated things that any of our clients are doing. Their spend is over 10x as much as it was when they started. And they just keep layering more sophistication on what they’re doing. Another more recent example is I talked about some airline wins that we had.
And I’m really excited about where one of them is going to take their partnership with LiveRamp because certainly they’ll start and they’ll use LiveRamp to better direct their own spend from a marketing perspective. But the partner collaboration that they’re going to turn on over time they have a network of both code share partners and hundreds of different travel partners, where they can be sharing data for the collective good and to drive a better customer experience as well. In addition, most airlines including this one probably more than most have a lot of untapped assets. In particular, the screens that are in your seat back and the apps that you might be watching to watch movies when you’re on the plane. So, some just amazing things that you’re going to see out of the travel space.
