LiveRamp Holdings, Inc. (NYSE:RAMP) Q1 2023 Earnings Conference Call August 4, 2022 4:30 PM ET

Company Participants

Lauren Dillard - Senior Vice President of Finance and Investor Relations

Scott Howe - Chief Executive Officer

Warren Jenson - President and Chief Financial Officer

Conference Call Participants

Christopher Quintero - Morgan Stanley

Peter Burkly - Evercore

Shyam Patil - Susquehanna

Jason Kreyer - Craig Hallum

Tim Nollen - Macquarie

Nicholas Zangler - Stephens

Robert Coolbrith - Wells Fargo

Operator

Good afternoon, ladies and gentlemen, and welcome to LiveRamp's Fiscal 2023 First 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, Senior Vice President of Finance and Investor Relations. Please go ahead.

Lauren Dillard

Thank you, operator. Good afternoon and welcome. Thank you for joining us to discuss our fiscal 2023 first quarter results. With me today are Scott Howe, our CEO; and Warren Jenson, President and 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 reconciliation to non-GAAP financial measures, is available at liveramp.com. Also, during the call today, we will 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, Lauren, and thanks to all of you for joining us today. I'm going to dive right in to our quarterly performance. There was a lot to like about our Q1 performance and I'll share some of the highlights. But there were also some things we didn't like and I'll talk about those areas also, and importantly, what we're doing to improve our performance for the future.

Q1, again, exceeded guidance across all metrics. Total revenue grew 19% and Subscription revenue was up 20%. Marketplace & Other grew 18%, driven by our Data Marketplace business, which was up 29% in the quarter. We ended the quarter with $409 million in ARR, up 20% compared to the same period last year. On the new business front, we would have liked to report stronger net adds which came in at only 5 for the quarter. New business in the US is simply not where I would like it to be.