David (and others):
How do you get comfortable that
1) regulation won’t disrupt the inputs of the identity graph (federal opt-in legislation vs. opt-out status quo)
2) I get that their identity graph is pretty resilient (vs. a pure cross-device identity graph that Tapad has, etc) because the graph has a lot of “inputs” (VZ data, email data, smartreach, 3P data from Experian/Acxiom etc.). However, how do you get comfortable that an acceleration in the shutoff of these inputs won’t eventually impair the identity graph to the point that it’s not as monetizable? Yes I understand the argument that most open internet identity graph competitors have worse graphs than LiveRamp does so will get hurt disproportionately when that happens. However, I still question the overall resilience of the business (and thus, the 7-10 SaaS multiple that bulls, including myself, are arguing for)
In the end, these questions probably won’t matter since they’ll probably get taken out.