LiveRamp Holdings Inc. (NYSE:RAMP) Q1 2024 Results Conference Call August 9, 2023 4:30 PM ET

Company Participants

Drew Borst - Vice President of Investor Relations

Scott Howe - CEO and Director

Lauren Dillard - Interim CFO and Senior VP of Finance and Investor Relations

Conference Call Participants

Chris Quintero - Morgan Stanley

Brian Fitzgerald - Wells Fargo

Kirk Materne - Evercore ISI

Dean Sublet - Stephens Inc

Operator

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.

Drew Borst

Thank you, operator. Good afternoon, and welcome. Thank you for joining our fiscal 2024 first quarter earnings call. With me today are Scott Howe, our CEO; and Lauren Dillard, Interim CFO.

Today's press release and this call may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed description of these risks, please read the Risk Factors section of our public filings and the press release. A copy of our press release and financial schedules, including any reconciliations to non-GAAP financial measures is available at liveramp.com. Also during the call today, we'll be referring to the slide deck posted on our website.

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

Scott Howe

Thank you, Drew, and thanks to all of you for joining our call today. My comments today will focus on 3 key topics. First, we're off to a strong start to fiscal '24. Q1 exceeded our expectations on both the top and bottom line. Our operating margin expanded by 11 percentage points, and this was our first ever quarter with positive GAAP operating profit. Second, there continue to be many levers for us to continually improve our financial performance, and we're focused on reestablishing strong recurring double-digit revenue growth. This will be driven short term by the tactical initiatives we have in motion and longer term by some mega trends that are propelling digital advertising. Namely, new messaging opportunities in retail, media and CTV, a shift to cloud computing, the transition from cookies to true authentication, and generative AI. Third, we continue to drive meaningful operating income growth and margin expansion and have clear line of sight to additional margin improvement. When combined with accelerated top line growth, this will bring us that much closer to our Rule of 40 goal.