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     149  0 Kommentare LiveRamp Announces Fourth Quarter and Fiscal Year Results

    Q4 Revenue up 16% year-over-year

    Q4 Subscription Revenue up 11% year-over-year

    FY24 Operating Margin of 2% and Non-GAAP Operating Margin of 16%

    FY24 Operating Cash Flow of $106 million versus $34 million a year ago

    SAN FRANCISCO, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- LiveRamp (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2024.

    Q4 Financial Highlights1

    • Total revenue was $172 million, up 16%.
    • Subscription revenue was $134 million, up 11%.
    • Marketplace & Other revenue was $38 million, up 38%.
    • GAAP gross profit was $124 million, up 18%. GAAP gross margin of 72% expanded by 1 percentage point. Non-GAAP gross profit was $129 million, up 16%. Non-GAAP gross margin of 75% was unchanged.
    • GAAP operating loss was $14 million compared to $47 million. GAAP operating margin of negative 8% expanded by 23 points. Non-GAAP operating income was $16 million compared to $14 million. Non-GAAP operating margin of 9% was unchanged.
    • GAAP diluted loss per share was $0.08 and non-GAAP diluted earnings per share was $0.25.
    • Net cash provided by operating activities was $28 million compared to $31 million.
    • Share repurchases in the fourth quarter totaled approximately 405,000 shares for $15 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $660 million, up 11%.
    • Subscription revenue was $514 million, up 6%, and represented 78% of total revenue.
    • Marketplace & Other revenue was $146 million, up 28%.
    • GAAP gross profit was $480 million, up 13%, and GAAP gross margin of 73% expanded by 1 percentage point. Non-GAAP gross profit was $493 million, up 10%, and non-GAAP gross margin of 75% contracted by 1 point.
    • GAAP operating income was $11 million compared to a loss of $126 million. GAAP operating margin of 2% expanded by 23 points. Non-GAAP operating income was $105 million compared to $61 million. Non-GAAP operating margin of 16% expanded by 6 points.
    • GAAP diluted EPS was $0.17, and non-GAAP diluted EPS was $1.45.
    • Net cash provided by operating activities was $106 million compared to $34 million.
    • Share repurchases in fiscal 2024 totaled approximately 2.1 million shares for $61 million. As of March 31, 2024, there was $157 million in remaining capacity under the share repurchase authorization that expires on December 31, 2024.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: "We ended fiscal 2024 on a high note, with fourth quarter revenue and operating income exceeding our expectations, and a positive inflection in several key performance indicators, including annual recurring revenue and $1 million plus customer additions. As we look ahead to FY25, our Data Collaboration Platform is the solution to help advertisers and publishers continue delivering addressable advertising in a world of cookie deprecation and rapidly evolving technology.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2024 fourth quarter and full year ended March 31, 2024 ($ in millions, except per share amounts):

      GAAP   Non-GAAP
      Q4 FY24   FY24   Q4 FY24   FY24
    Subscription revenue $134   $514    
    YoY change 11%   6%    
    Marketplace & Other revenue $38   $146    
    YoY change 38%   28%    
    Total revenue $172   $660    
    YoY change 16%   11%    
                   
    Gross profit $124   $480   $129   $493
    % Gross margin 72%   73%   75%   75%
         YoY change 1 pt   1 pt   0 pts   (1 pt)
                   
    Operating income (loss) ($14)   $11   $16   $105
    % Operating margin (8%)   2%   9%   16%
         YoY change 23 pts   23 pts   0 pts   6 pts
                   
    Net earnings (loss) ($5   $12   $17   $98
    Diluted earnings (loss) per share ($0.08)   $0.17   $0.25   $1.45
                   
    Shares to calculate diluted EPS 66.3   67.9   68.5   67.9
         YoY change 2%   2%   3%   1%
                   
    Net operating cash flow $28   $106    
    Free cash flow to equity     $26   $101
                   
    Totals may not sum due to rounding.
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • In February 2024 we unveiled the next generation of the LiveRamp Data Collaboration Platform, which brings together solutions for the end-to-end marketing lifecycle onto a single platform. The unified offering introduces new capabilities such as a simplified user interface, composable technology for cross-cloud interoperability, and a partner marketplace where innovative third-party developers can build applications showcasing their trusted expertise (additional information).
    • In February 2024 we launched enhanced capabilities that help customers optimize addressability, connectivity and measurement across Amazon Marketing Cloud (AMC) and Amazon Demand-Side Platform (DSP). Brand marketers, advertisers, and agencies can now leverage LiveRamp’s integrations with these services to unlock insights and analytics with an industry-leading, privacy-enhancing approach (additional information).
    • In April 2024 we were selected as a Google Cloud Partner of the Year for “Industry Solution - Technology: Retail.” LiveRamp was recognized for delivering solutions that help retailers and brands unlock the value of marketing data and analytics in Google Cloud (additional information). This accolade follows LiveRamp’s recognition as Google Cloud’s “Global Industry Technology Partner of the Year” in 2023 and Habu’s recognition in 2023 as Databricks’ Partner of the Year for “Communications, Media and Entertainment.”
    • In April 2024 Google announced that it will delay the full deprecation of third-party cookies in Chrome from the second half of 2024 until early 2025. This delay does not change our strategy or market approach. We have been preparing for the deprecation of third-party cookies for some time with the build out of our Authenticated Traffic Solution (ATS) and our investment in clean room technology to enable secure first-party data collaboration.
    • ATS is a fully scaled solution that connects publisher and marketer data to better personalize and measure advertising on authenticated inventory. ATS has been adopted by over 21,000 publisher domains and 75% of the comScore 100 publishers. In addition, it is integrated with all major demand-side platforms (DSPs) and supply-side platforms (SSPs). Through these integrations, LiveRamp connects to over 92% of US consumer time spent online.
    • LiveRamp ended the quarter with 115 customers whose annualized subscription revenue exceeds $1 million, compared to 95 in the prior year period.
    • LiveRamp ended the quarter with 900 direct subscription customers, compared to 920 in the prior year period.
    • Fourth quarter subscription net retention was 103% and platform net retention was 108%.
    • Fourth quarter annual recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $467 million, up 10% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $414 million, up 23% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2025, LiveRamp expects to report:

    • Revenue of $172 million, an increase of 12%
    • GAAP operating loss of $8 million
    • Non-GAAP operating income of $25 million

    For fiscal 2025, LiveRamp expects to report:

    • Revenue of between $710 million and $730 million, an increase of between 8% and 11%
    • GAAP operating loss of between $8 million and $4 million
    • Non-GAAP operating income of between $125 million and $129 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is the data collaboration platform of choice for the world’s most innovative companies. A groundbreaking leader in consumer privacy, data ethics, and foundational identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations for fiscal 2025 and beyond, the integration and expected benefits from the acquisition of Habu, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are uncertainties related to rising interest rates, cost increases, the possibility of a recession, general inflationary pressure, geo-political circumstances that could result in increased economic uncertainties and the associated impacts of these potential events on our suppliers, customers and partners; the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; rapidly changing technology’s impact on our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating Habu; and attracting, motivating and retaining talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations and legislation relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp and RampID and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
        For the Three Months Ended
      March 31,
              $ %
      2024   2023   Variance Variance
                 
    Revenues 171,852     148,626     23,226   15.6 %
                 
    Cost of revenue 47,722     43,472     4,250   9.8 %
         Gross profit 124,130     105,154     18,976   18.0 %
         % Gross margin 72.2 %   70.8 %      
                 
    Operating expenses:            
        Research and development 45,161     52,220     (7,059 ) (13.5 %)
        Sales and marketing 60,476     57,506     2,970   5.2 %
        General and administrative 30,252     32,832     (2,580 ) (7.9 %)
        Gains, losses and other items, net 2,516     9,723     (7,207 ) (74.1 %)
    Total operating expenses 138,405     152,281     (13,876 ) (9.1 %)
                 
        Loss from operations (14,275 )   (47,127 )   32,852   69.7 %
    % Margin -8.3 %   -31.7 %      
                 
       Total other income, net 5,070     4,735     335   7.1 %
                 
       Loss from continuing operations before income taxes (9,205 )   (42,392 )   33,187   78.3 %
                 
       Income tax benefit (3,027 )   (6,460 )   3,433   53.1 %
                 
       Net loss from continuing operations (6,178 )   (35,932 )   29,754   82.8 %
                 
       Earnings from discontinued operations, net of tax 805     4,568     (3,763 ) (82.4 %)
                 
       Net loss (5,373 )   (31,364 )   25,991   82.9 %
                 
    Basic earnings (loss) per share:            
       Continuing operations (0.09 )   (0.55 )   0.46   83.1 %
       Discontinued operations 0.01     0.07     (0.06 ) (82.7 %)
    Basic earnings (loss) per share (0.08 )   (0.48 )   0.40   83.2 %
                 
    Diluted earnings (loss) per share:            
       Continuing operations (0.09 )   (0.55 )   0.46   83.1 %
       Discontinued operations 0.01     0.07     (0.06 ) (82.7 %)
    Diluted earnings (loss) per share: (0.08 )   (0.48 )   0.40   83.2 %
                 
    Basic weighted average shares 66,323     65,126        
    Diluted weighted average shares 66,323     65,126        
                 
    Some totals may not sum due to rounding.            
                 


    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
        For the Twelve Months Ended
      March 31,
              $ %
      2024   2023   Variance Variance
                 
    Revenues 659,661     596,583     63,078   10.6 %
                 
    Cost of revenue 179,489     170,084     9,405   5.5 %
         Gross profit 480,172     426,499     53,673   12.6 %
         % Gross margin 72.8 %   71.5 %      
                 
    Operating expenses:            
        Research and development 151,201     189,195     (37,994 ) (20.1 %)
        Sales and marketing 195,693     202,437     (6,744 ) (3.3 %)
        General and administrative 110,166     125,351     (15,185 ) (12.1 %)
        Gains, losses and other items, net 11,708     35,316     (23,608 ) (66.8 %)
    Total operating expenses 468,768     552,299     (83,531 ) (15.1 %)
                 
        Income (loss) from operations 11,404     (125,800 )   137,204   109.1 %
    % Margin 1.7 %   -21.1 %      
                 
       Total other income, net 22,957     6,946     16,011   230.5 %
                 
       Income (loss) from continuing operations before income taxes 34,361     (118,854 )   153,215   128.9 %
                 
       Income tax expense 24,270     5,252     19,018   362.1 %
                 
       Net earnings (loss) from continuing operations 10,091     (124,106 )   134,197   108.1 %
                 
       Earnings from discontinued operations, net of tax 1,790     5,404     (3,614 ) (66.9 %)
                 
       Net earnings (loss) 11,881     (118,702 )   130,583   110.0 %
                 
    Basic earnings (loss) per share:            
       Continuing operations 0.15     (1.87 )   2.02   108.1 %
       Discontinued operations 0.03     0.08     (0.05 ) (66.8 %)
    Basic earnings (loss) per share 0.18     (1.79 )   1.97   110.0 %
                 
    Diluted earnings (loss) per share:            
       Continuing operations 0.15     (1.87 )   2.02   107.9 %
       Discontinued operations 0.03     0.08     (0.06 ) (67.6 %)
    Diluted earnings (loss) per share: 0.17     (1.79 )   1.96   109.8 %
                 
    Basic weighted average shares 66,266     66,352        
    Diluted weighted average shares 67,918     66,352        
                 
    Some totals may not sum due to rounding.            
                 


    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the Three Months Ended   For the Twelve Months Ended
      March 31,   March 31,
      2024   2023   2024   2023
                   
       Income (loss) from continuing operations before income taxes (9,205 )   (42,392 )   34,361   (118,854 )
                   
       Income tax expense (benefit) (3,027 )   (6,460 )   24,270   5,252  
                   
       Net earnings (loss) from continuing operations (6,178 )   (35,932 )   10,091   (124,106 )
                   
       Earnings from discontinued operations, net of tax 805     4,568     1,790   5,404  
                   
       Net earnings (loss) (5,373 )   (31,364 )   11,881   (118,702 )
                   
    Earnings (loss) per share:              
        Basic (0.08 )   (0.48 )   0.18   (1.79 )
        Diluted (0.08 )   (0.48 )   0.17   (1.79 )
                   
    Excluded items:              
      Purchased intangible asset amortization (cost of revenue) 3,097     3,336     8,785   16,825  
      Non-cash stock compensation (cost of revenue and operating expenses) 24,780     44,658     71,304   125,800  
      Transformation costs (general and administrative) -     3,663     1,875   9,025  
      Restructuring charges (gains, losses, and other) 2,516     9,723     11,708   35,316  
                   
     Total excluded items, continuing operations 30,393     61,380     93,672   186,966  
                   
      Income from continuing operations before income taxes and excluding items 21,188     18,988     128,033   68,112  
                   
       Income tax expense (benefit) (2) 3,947     (2,141 )   29,882   10,121  
                   
       Non-GAAP net earnings from continuing operations 17,241     21,129     98,151   57,991  
                   
    Non-GAAP earnings per share from continuing operations:              
        Basic 0.26     0.32     1.48   0.87  
        Diluted 0.25     0.32     1.45   0.86  
                   
    Basic weighted average shares 66,323     65,126     66,266   66,352  
    Diluted weighted average shares 68,471     66,268     67,918   67,097  
                   

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

    (2) Income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with larger pre-tax losses for GAAP purposes versus smaller pre-tax losses or income for non-GAAP purposes.

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME (LOSS) FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                     
        For the Three Months Ended   For the Twelve Months Ended
        March 31,   March 31,
        2024   2023   2024   2023
                     
       Income (loss) from continuing operations (14,275 )   (47,127 )   11,404   (125,800 )
                     
    Excluded items:              
      Purchased intangible asset amortization (cost of revenue) 3,097     3,336     8,785   16,825  
      Non-cash stock compensation (cost of revenue and operating expenses) 24,780     44,658     71,304   125,800  
      Transformation costs (general and administrative) -     3,663     1,875   9,025  
      Restructuring charges (gains, losses, and other) 2,516     9,723     11,708   35,316  
                     
     Total excluded items 30,393     61,380     93,672   186,966  
                     
       Income from continuing operations before excluded items 16,118     14,253     105,076   61,166  
                     

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                     
          For the Three Months Ended     For the Twelve Months Ended
        March 31,   March 31,
        2024   2023   2023   2022
                     
       Net earnings (loss) from continuing operations (6,178 )   (35,932 )   10,091     (124,106 )
                     
       Income tax expense (benefit) (3,027 )   (6,460 )   24,270     5,252  
                     
       Other income, net (5,070 )   (4,735 )   (22,957 )   (6,946 )
                     
       Income (loss) from operations (14,275 )   (47,127 )   11,404     (125,800 )
                     
    Depreciation and amortization 3,823     4,226     11,508     20,787  
                     
    EBITDA (10,452 )   (42,901 )   22,912     (105,013 )
                     
    Other adjustments:              
      Non-cash stock compensation (cost of revenue and operating expenses) 24,780     44,658     71,304     125,800  
      Transformation costs (general and administrative) -     3,663     1,875     9,025  
      Restructuring charges (gains, losses, and other) 2,516     9,723     11,708     35,316  
                     
     Other adjustments 27,296     58,044     84,887     170,141  
                     
    Adjusted EBITDA 16,844     15,143     107,799     65,128  
                     

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31,   March 31,   $ %
      2024   2023   Variance Variance
                 
    Assets            
    Current assets:            
      Cash and cash equivalents 336,867     464,448     (127,581 ) (27.5 %)
      Restricted cash 2,604     -     2,604   n/a
      Short-term investments 32,045     32,807     (762 ) (2.3 %)
      Trade accounts receivable, net 190,313     157,379     32,934   20.9 %
      Refundable income taxes, net 8,521     28,897     (20,376 ) (70.5 %)
      Other current assets 31,682     31,028     654   2.1 %
                 
         Total current assets 602,032     714,559     (112,527 ) (15.7 %)
                 
    Property and equipment 25,394     39,393     (13,999 ) (35.5 %)
      Less - accumulated depreciation and amortization 17,213     32,308     (15,095 ) (46.7 %)
                 
    Property and equipment, net 8,181     7,085     1,096   15.5 %
                 
    Intangible assets, net 34,583     9,868     24,715   250.5 %
    Goodwill 501,756     363,116     138,640   38.2 %
    Deferred commissions, net 48,143     37,030     11,113   30.0 %
    Other assets, net 36,748     41,045     (4,297 ) (10.5 %)
                 
      1,231,443     1,172,703     58,740   5.0 %
                 
    Liabilities and Stockholders' Equity            
    Current liabilities:            
      Trade accounts payable 81,202     86,568     (5,366 ) (6.2 %)
      Accrued payroll and related expenses 61,575     33,434     28,141   84.2 %
      Other accrued expenses 42,857     35,736     7,121   19.9 %
      Deferred revenue 30,942     19,091     11,851   62.1 %
                 
       Total current liabilities 216,576     174,829     41,747   23.9 %
                 
    Other liabilities 65,732     71,798     (6,066 ) (8.4 %)
                 
      Stockholders' equity:            
    Preferred stock -     -     -   n/a
      Common stock 15,594     15,399     195   1.3 %
      Additional paid-in capital 1,933,776     1,855,916     77,860   4.2 %
      Retained earnings 1,314,172     1,302,291     11,881   0.9 %
      Accumulated other comprehensive income 3,964     4,504     (540 ) (12.0 %)
      Treasury stock, at cost (2,318,371 )   (2,252,034 )   (66,337 ) 2.9 %
    Total stockholders' equity 949,135     926,076     23,059   2.5 %
                 
      1,231,443     1,172,703     58,740   5.0 %
                 


    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
           
          For the Three Months Ended
      March 31,
      2024   2023
           
    Cash flows from operating activities:      
      Net loss (5,373 )   (31,364 )
      Earnings from discontinued operations, net of tax (805 )   (4,568 )
      Non-cash operating activities:      
        Depreciation and amortization 3,823     4,226  
        Loss on disposal or impairment of assets 6     16  
        Lease impairments (546 )   9,380  
        Provision for doubtful accounts 1,947     48  
        Deferred income taxes (498 )   (89 )
        Non-cash stock compensation expense 24,780     44,658  
        Changes in operating assets and liabilities:      
          Accounts receivable 8,700     15,048  
          Deferred commissions (3,971 )   (4,313 )
          Other assets 8,514     6,117  
          Accounts payable and other liabilities (246 )   (6,060 )
          Income taxes (7,285 )   (6,371 )
          Deferred revenue (1,403 )   3,937  
          Net cash provided by operating activities 27,643     30,665  
    Cash flows from investing activities:      
        Capital expenditures (1,791 )   (103 )
        Purchases of investments (24,509 )   (25,197 )
        Proceeds from sale of investments 25,000     -  
        Proceeds from sale of strategic investments -     994  
        Net cash paid in acquisition (170,281 )   -  
          Net cash used in investing activities (171,581 )   (24,306 )
    Cash flows from financing activities:      
        Proceeds related to the issuance of common stock under stock and employee benefit plans 1     4  
        Shares repurchased for tax withholdings upon vesting of stock-based awards (719 )   (218 )
        Acquisition of treasury stock (15,177 )   -  
          Net cash used in financing activities (15,895 )   (214 )
    Cash flows from discontinued operations:      
        From operating activities 805     4,568  
          Net cash provided by discontinued operations 805     4,568  
          Effect of exchange rate changes on cash (447 )   219  
           
      Net change in cash and cash equivalents (159,475 )   10,932  
      Cash, cash equivalents, and restricted cash at beginning of period 498,946     453,516  
      Cash, cash equivalents, and restricted cash at end of period 339,471     464,448  
           
       Supplemental cash flow information:      
    Cash paid for income taxes, net - continuing operations 4,905     1,076  
    Cash (received) for income taxes, net - discontinued operations (1,258 )   (7,025 )
    Cash paid for operating lease liabilities 2,594     2,510  
    Operating lease assets obtained in exchange for operating lease liabilities 148     -  
    Purchases of property, plant, & equipment, net remaining unpaid at end of period 104     47  
           


    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
           
          For the Twelve Months Ended
      March 31,
      2024   2023
           
    Cash flows from operating activities:      
      Net earnings (loss) 11,881     (118,702 )
      Earnings from discontinued operations, net of tax (1,790 )   (5,404 )
      Non-cash operating activities:      
        Depreciation and amortization 11,508     20,787  
        Loss on disposal or impairment of assets 1,219     4,137  
        Gain on sale of strategic investment -     (194 )
        Lease impairments 1,769     27,545  
        Provision for doubtful accounts 2,254     1,776  
        Impairment of goodwill 2,875     -  
        Deferred income taxes (458 )   115  
        Non-cash stock compensation expense 71,304     125,800  
        Changes in operating assets and liabilities:      
          Accounts receivable (32,336 )   (12,123 )
          Deferred commissions (11,113 )   (6,436 )
          Other assets 9,426     7,705  
          Accounts payable and other liabilities 8,508     (15,369 )
          Income taxes 22,275     596  
          Deferred revenue 8,334     4,208  
          Net cash provided by operating activities 105,656     34,441  
    Cash flows from investing activities:      
        Capital expenditures (4,255 )   (4,696 )
        Purchases of investments (48,894 )   (28,197 )
        Proceeds from sales of investments 50,750     3,000  
        Purchases of strategic investments (1,000 )   (500 )
        Proceeds from sales of strategic investments -     1,394  
        Net cash paid in acquisition (170,281 )   -  
          Net cash used in investing activities (173,680 )   (28,999 )
    Cash flows from financing activities:      
        Proceeds related to the issuance of common stock under stock and employee benefit plans 7,222     6,259  
        Shares repurchased for tax withholdings upon vesting of stock-based awards (5,835 )   (2,272 )
        Acquisition of treasury stock (60,502 )   (149,997 )
          Net cash used in financing activities (59,115 )   (146,010 )
    Cash flows from discontinued operations:      
        From operating activities 1,790     5,404  
          Net cash provided by discontinued operations 1,790     5,404  
          Effect of exchange rate changes on cash 372     (550 )
           
      Net change in cash and cash equivalents (124,977 )   (135,714 )
      Cash, cash equivalents, and restricted cash at beginning of period 464,448     600,162  
      Cash, cash equivalents, and restricted cash at end of period 339,471     464,448  
           
       Supplemental cash flow information:      
    Cash (received) paid for income taxes, net - continuing operations 2,465     5,801  
    Cash (received) for income taxes, net - discontinued operations (2,765 )   (8,332 )
    Cash paid for operating lease liabilities 10,293     8,243  
    Operating lease assets obtained in exchange for operating lease liabilities 11,825     69  
    Operating lease assets relinquished in exchange for operating lease liabilities (4,486 )   (6,781 )
    Purchases of property, plant, & equipment, net remaining unpaid at end of period 104     47  
           



    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES        
    CALCULATION OF FREE CASH FLOW TO EQUITY (1)        
    (Unaudited)        
    (Dollars in thousands)        
                             
        06/30/22 09/30/22 12/31/22 03/31/23 FY2023   06/30/23 09/30/23 12/31/23 03/31/24 FY2024
                             
    Net Cash Provided by (Used in) Operating Activities-Continuing Operations (33,369 ) 21,375   15,770   30,665   34,441     25,693   35,764   16,556   27,643   105,656  
                             
    Less:                      
          Capital expenditures (1,741 ) (2,673 ) (179 ) (103 ) (4,696 )   (53 ) (200 ) (2,211 ) (1,791 ) (4,255 )
                             
    Free Cash Flow to Equity (35,110 ) 18,702   15,591   30,562   29,745     25,640   35,564   14,345   25,852   101,401  
                             

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                   
                                FY24 to FY23
        06/30/22 09/30/22 12/31/22 03/31/23 FY2023   06/30/23 09/30/23 12/31/23 03/31/24 FY2024   % $
      Revenues 142,243   147,099   158,615   148,626   596,583     154,069   159,871   173,869   171,852   659,661     10.6 % 63,078  
                                   
      Cost of revenue 41,021   42,304   43,287   43,472   170,084     45,621   41,212   44,934   47,722   179,489     5.5 % 9,405  
           Gross profit 101,222   104,795   115,328   105,154   426,499     108,448   118,659   128,935   124,130   480,172     12.6 % 53,673  
           % Gross margin 71.2 % 71.2 % 72.7 % 70.8 % 71.5 %   70.4 % 74.2 % 74.2 % 72.2 % 72.8 %      
                                   
      Operating expenses                            
          Research and development 47,661   46,139   43,175   52,220   189,195     34,519   33,733   37,788   45,161   151,201     (20.1 %) (37,994 )
          Sales and marketing 51,280   45,949   47,702   57,506   202,437     44,879   44,135   46,203   60,476   195,693     (3.3 %) (6,744 )
          General and administrative 27,144   28,718   36,657   32,832   125,351     26,664   26,009   27,241   30,252   110,166     (12.1 %) (15,185 )
          Gains, losses and other items, net 739   13,111   11,743   9,723   35,316     116   6,574   2,502   2,516   11,708     (66.8 %) (23,608 )
      Total operating expenses 126,824   133,917   139,277   152,281   552,299     106,178   110,451   113,734   138,405   468,768     (15.1 %) (83,531 )
                                   
      Income (loss) from operations (25,602 ) (29,122 ) (23,949 ) (47,127 ) (125,800 )   2,270   8,208   15,201   (14,275 ) 11,404     109.1 % 137,204  
        % Margin -18.0 % -19.8 % -15.1 % -31.7 % -21.1 %   1.5 % 5.1 % 8.7 % -8.3 % 1.7 %      
                                   
      Total other income (expense), net 699   2,248   (736 ) 4,735   6,946     4,849   6,431   6,607   5,070   22,957     230.5 % 16,011  
                                   
      Income (loss) from continuing operations before income taxes (24,903 ) (26,874 ) (24,685 ) (42,392 ) (118,854 )   7,119   14,639   21,808   (9,205 ) 34,361     128.9 % 153,215  
                                   
      Income taxes expense (benefit) 2,315   3,562   5,835   (6,460 ) 5,252     8,705   10,163   8,429   (3,027 ) 24,270     362.1 % 19,018  
                                   
      Net loss from continuing operations (27,218 ) (30,436 ) (30,520 ) (35,932 ) (124,106 )   (1,586 ) 4,476   13,379   (6,178 ) 10,091     108.1 % 134,197  
                                   
      Earnings from discontinued operations, net of tax -   -   836   4,568   5,404     -   387   598   805   1,790     (66.9 %) (3,614 )
                                   
      Net earnings (loss) (27,218 ) (30,436 ) (29,684 ) (31,364 ) (118,702 )   (1,586 ) 4,863   13,977   (5,373 ) 11,881     110.0 % 130,583  
                                   
      Diluted earnings (loss) per share (0.40 ) (0.45 ) (0.46 ) (0.48 ) (1.79 )   (0.02 ) 0.07   0.21   (0.08 ) 0.17     n/a 1.96  
                                   
      Some earnings (loss) per share amounts may not add due to rounding.             
                                   
      Basic shares 68,403   67,096   64,784   65,126   66,352     66,497   66,284   65,961   66,323   66,266        
      Diluted shares 69,195   67,568   65,356   66,268   67,097     67,388   67,868   67,943   68,471   67,918        
                                                       


    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
                               
          06/30/22 09/30/22 12/31/22 03/31/23 FY2023   06/30/23 09/30/23 12/31/23 03/31/24 FY2024
                               
    Expenses, continuing operations:                          
    Cost of revenue     41,021   42,304   43,287   43,472   170,084     45,621   41,212   44,934   47,722   179,489  
    Research and development     47,661   46,139   43,175   52,220   189,195     34,519   33,733   37,788   45,161   151,201  
    Sales and marketing     51,280   45,949   47,702   57,506   202,437     44,879   44,135   46,203   60,476   195,693  
    General and administrative     27,144   28,718   36,657   32,832   125,351     26,664   26,009   27,241   30,252   110,166  
    Gains, losses and other items, net     739   13,111   11,743.00   9,723   35,316     116   6,574   2,502   2,516   11,708  
                               
    Gross profit, continuing operations:     101,222   104,795   115,328   105,154   426,499     108,448   118,659   128,935   124,130   480,172  
    % Gross margin     71.2 % 71.2 % 72.7 % 70.8 % 71.5 %   70.4 % 74.2 % 74.2 % 72.2 % 72.8 %
                               
    Excluded items:                          
    Purchased intangible asset amortization (cost of revenue)   4,643   4,637   4,209   3,336   16,825     3,290   1,217   1,181   3,097   8,785  
    Non-cash stock compensation (cost of revenue)   1,163   1,293   1,208   2,653   6,317     629   629   817   1,478   3,553  
    Non-cash stock compensation (research and development)   11,656   12,360   10,654   20,737   55,407     5,077   5,293   6,960   9,859   27,189  
    Non-cash stock compensation (sales and marketing)   5,884   6,116   5,871   11,558   29,429     3,736   4,786   4,089   6,337   18,948  
    Non-cash stock compensation (general and administrative)   5,522   7,524   11,891   9,710   34,647     3,850   5,027   5,631   7,106   21,614  
    Restructuring charges (gains, losses, and other)   739   13,111   11,743   9,723   35,316     116   6,574   2,502   2,516   11,708  
    Transformation costs (general and administrative)   -   1,250   4,112   3,663   9,025     1,875   -   -   -   1,875  
    Total excluded items     29,607   46,291   49,688   61,380   186,966     18,573   23,526   21,180   30,393   93,672  
                               
    Expenses, continuing operations excluding items:                        
    Cost of revenue     35,215   36,374   37,870   37,483   146,942     41,702   39,366   42,936   43,147   167,151  
    Research and development     36,005   33,779   32,521   31,483   133,788     29,442   28,440   30,828   35,302   124,012  
    Sales and marketing     45,396   39,833   41,831   45,948   173,008     41,143   39,349   42,114   54,139   176,745  
    General and administrative     21,622   19,944   20,654   19,459   81,679     20,939   20,982   21,610   23,146   86,677  
    Gains, losses and other items, net     -   -   -   -   -     -   -   -   -   -  
                               
    Gross profit, continuing operations excluding items:   107,028   110,725   120,745   111,143   449,641     112,367   120,505   130,933   128,705   492,510  
    % Gross margin     75.2 % 75.3 % 76.1 % 74.8 % 75.4 %   72.9 % 75.4 % 75.3 % 74.9 % 74.7 %
                               

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                           
      06/30/22 09/30/22 12/31/22 03/31/23 FY 2023   06/30/23 09/30/23 12/31/23 03/31/24 FY 2024
                           
       Income (loss) from continuing operations before income taxes (24,903 ) (26,874 ) (24,685 ) (42,392 ) (118,854 )   7,119   14,639 21,808 (9,205 ) 34,361
       Income taxes (benefit) 2,315   3,562   5,835   (6,460 ) 5,252     8,705   10,163 8,429 (3,027 ) 24,270
       Net earnings (loss) from continuing operations (27,218 ) (30,436 ) (30,520 ) (35,932 ) (124,106 )   (1,586 ) 4,476 13,379 (6,178 ) 10,091
                           
       Earnings from discontinued operations, net of tax -   -   836   4,568   5,404     -   387 598 805   1,790
                           
       Net earnings (loss) (27,218 ) (30,436 ) (29,684 ) (31,364 ) (118,702 )   (1,586 ) 4,863 13,977 (5,373 ) 11,881
                           
    Earnings (loss) per share:                      
        Basic (0.40 ) (0.45 ) (0.46 ) (0.48 ) (1.79 )   (0.02 ) 0.07 0.21 (0.08 ) 0.18
        Diluted (0.40 ) (0.45 ) (0.46 ) (0.48 ) (1.79 )   (0.02 ) 0.07 0.21 (0.08 ) 0.17
                           
    Excluded items:                      
      Purchased intangible asset amortization (cost of revenue) 4,643   4,637   4,209   3,336   16,825     3,290   1,217 1,181 3,097   8,785
      Non-cash stock compensation (cost of revenue and operating expenses) 24,225   27,293   29,624   44,658   125,800     13,292   15,735 17,497 24,780   71,304
      Restructuring charges (gains, losses, and other) 739   13,111   11,743   9,723   35,316     116   6,574 2,502 2,516   11,708
      Transformation costs (general and administrative) -   1,250   4,112   3,663   9,025     1,875   - - -   1,875
     Total excluded items from continuing operations 29,607   46,291   49,688   61,380   186,966     18,573   23,526 21,180 30,393   93,672
                           
       Income from continuing operations before income taxes and excluding items 4,704   19,417   25,003   18,988   68,112     25,692   38,165 42,988 21,188   128,033
       Income taxes expense (benefit) 1,237   4,557   6,468   (2,141 ) 10,121     6,167   9,036 10,732 3,947   29,882
       Non-GAAP net earnings from continuing operations 3,467   14,860   18,535   21,129   57,991     19,525   29,129 32,256 17,241   98,151
                           
    Non-GAAP earnings per share from continuing operations:                      
        Basic 0.05   0.22   0.29   0.32   0.87     0.29   0.44 0.49 0.26   1.48
        Diluted 0.05   0.22   0.28   0.32   0.86     0.29   0.43 0.47 0.25   1.45
                           
    Basic weighted average shares 68,403   67,096   64,784   65,126   66,352     66,497   66,284 65,961 66,323   66,266
    Diluted weighted average shares 69,195   67,568   65,356   66,268   67,097     67,388   67,868 67,943 68,471   67,918
                           
    Some totals may not add due to rounding                      
                           



    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
        For the quarter ending For the year ending
        June 30, 2024   March 31, 2025
               
            Low High
       GAAP loss from operations   (8,000 )     (8,000 )   (4,000 )
               
    Excluded items:        
      Purchased intangible asset amortization   4,000       14,000     14,000  
      Non-cash stock compensation   29,000       116,000     116,000  
      Restructuring charges   -       3,000     3,000  
     Total excluded items   33,000       133,000     133,000  
               
       Non-GAAP income from operations $ 25,000     $ 125,000   $ 129,000  
               

    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

    APPENDIX A  
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES  
    Q4 FISCAL 2024 FINANCIAL RESULTS  
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS  
                           

    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, income (loss) from operations and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

    Non-cash stock compensation: Non-cash stock compensation consists of charges for associate restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the current year, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

    Our non-GAAP financial schedules are:

    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.

    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.

    Free Cash Flow to Equity: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt, and excluding the impact of discontinued operations. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending after funding all required obligations including scheduled debt payments. The presentation of non-GAAP free cash flow to equity is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

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    1 Unless otherwise indicated, all comparisons are to the prior year period.





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