Revenue up 8% year over year
GAAP Operating Margin of 1% and Non-GAAP Operating Margin of 14%
Operating Cash Flow of $26 million
$20 million in Share Repurchases
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the fiscal 2024 first quarter ended June 30, 2023.
Q1 Financial Highlights1
- Total revenue was $154 million, up 8%
- Subscription revenue was $122 million, up 5%, and accounted for 79% of total revenue.
- Marketplace & Other revenue was $32 million, up 21%.
- GAAP gross profit was $108 million, up 7%. GAAP gross margin of 70% contracted by 1 percentage point. Non-GAAP gross profit was $112 million, up 5%. Non-GAAP gross margin of 73% contracted by 2 percentage points.
- GAAP operating income was $2 million compared to a loss of $26 million. GAAP operating margin was 1% compared to negative 18%. Non-GAAP operating income was $21 million compared to $4 million. Non-GAAP operating margin of 14% expanded by 11 percentage points.
- GAAP diluted loss per share was $0.02 and non-GAAP diluted earnings per share was $0.29.
- Net cash provided by operating activities was $26 million compared to a use of $33 million. Operating cash flow benefited from a $29 million tax refund for fiscal 2021.
- Repurchased approximately 835,000 shares for $20 million in the first quarter.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
“We’re off to a strong start to the fiscal year, with first quarter revenue and operating income exceeding our expectations, operating margin expanding by double-digits and our first quarter ever with positive GAAP operating income,” said LiveRamp CEO Scott Howe. “Our data collaboration platform remains in high demand with the world’s most sophisticated marketers, helping them deliver relevant messages and measure results across all addressable channels, including social networks, the open web, programmatic, retail media networks and connected TV.”
______________
1Unless otherwise indicated, all comparisons are to the prior year period.
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fiscal first quarter ended June 30, 2023 ($ in millions):
|
|
Q1 Fiscal 2024 |
|
Q1 Fiscal 2023 |
||
|
|
Results |
|
Results |
||
|
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$122 |
— |
|
$116 |
— |
|
YoY change % |
5% |
|
|
20% |
|
|
Marketplace & Other revenue |
$32 |
— |
|
$27 |
— |
|
YoY change % |
21% |
|
|
18% |
|
|
Total revenue |
$154 |
— |
|
$142 |
— |
|
YoY change % |
8% |
|
|
19% |
|
|
|
|
|
|
|
|
|
Gross profit |
$108 |
$112 |
|
$101 |
$107 |
|
% Gross margin |
70% |
73% |
|
71% |
75% |
|
YoY change, pts |
(1) pt |
(2) pts |
|
— |
— |
|
|
|
|
|
|
|
|
Operating income (loss) |
$2 |
$21 |
|
($26) |
$4 |
|
% Operating margin |
1% |
14% |
|
(18%) |
3% |
|
YoY change, pts |
19 pts |
11 pts |
|
(3) pts |
(3) pts |
|
|
|
|
|
|
|
|
Net earnings (loss) |
($2) |
$20 |
|
($27) |
$3 |
|
Diluted earnings (loss) per share |
($0.02) |
$0.29 |
|
($0.40) |
$0.05 |
|
|
|
|
|
|
|
|
Shares to calculate diluted EPS |
66.5 |
67.4 |
|
68.4 |
69.2 |
|
YoY change % |
(3%) |
(3%) |
|
0% |
(1%) |
|
|
|
|
|
|
|
|
Net operating cash flow |
$26 |
— |
|
($33) |
— |
|
Free cash flow to equity |
— |
$26 |
|
— |
($35) |
|
|
|
|
|
|
|
|
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
- The Company’s globally scaled Authenticated Traffic Solution (ATS) has more than 165 supply-side platforms (SSPs) and demand-side platforms (DSPs) live or committed to bid on RampID™ and ATS, including The Trade Desk, Xander, Amobee, Criteo, Adobe Ad Cloud, and Roku Oneview.
- To date, over 14,000 publisher domains and over 70% of the comScore 100 publishers, have adopted ATS, including Amazon Publisher Services, Microsoft, Hearst, CafeMedia, Leaf Group, Prisma Media and Burda. Through these integrations, LiveRamp is now connected to over 90% of consumer time spent online in the US.
- In May 2023 we integrated Google Display & Video 360’s PAIR (Publisher Advertiser Identity Reconciliation) into the LiveRamp platform and started running brand campaigns. With PAIR, publishers and marketers can securely and privately reconcile their first-party data for marketing use cases on Display & Video 360, Google’s DSP. This step forward unlocks additional scale across inventory already impacted by third-party cookie changes, while also providing a sustainable solution for the future across all channels, including Connected TV.
- In June 2023 our native applications for identity resolution debuted in the Snowflake Native App Framework. This means LiveRamp customers can seamlessly access our identity resolution and activation capabilities directly in their Snowflake data environment, eliminating the need to move or copy data and, thereby, reducing security and privacy risks.
- LiveRamp has 915 direct subscription customers, up from 910 in the prior year period.
- LiveRamp has 96 customers whose subscription contracts exceed $1 million in annual revenue, up from 90 in the prior year period.
- During the first quarter, subscription net retention was 98% and platform net retention was 102%.
- Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $351 million, up 19% 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 second quarter of fiscal 2024, LiveRamp expects to report:
- Revenue of $152 million, an increase of 3%
- GAAP operating income of $1 million
- Non-GAAP operating income of $19 million
For fiscal 2024, LiveRamp updates its guidance and expects to report:
- Revenue of between $620 million and $630 million, an increase of between 4% and 6%
- GAAP operating income of between $2 million and $5 million
- Non-GAAP operating income of between $90 million and $93 million
Conference Call
LiveRamp will hold a conference call today at 1:30 p.m. PT to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed 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 is setting the new standard for building a connected customer view with unmatched clarity and context while protecting precious brand and consumer trust. LiveRamp offers complete flexibility to collaborate wherever data lives to support the widest range of data collaboration use cases—within organizations, between brands, and across its premier global network of top-quality partners. Hundreds of global innovators, from iconic consumer brands and tech giants to banks, retailers, and healthcare leaders, turn to LiveRamp to build enduring brand and business value by deepening customer engagement and loyalty, activating new partnerships, and maximizing 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 2024 and beyond, 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, 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; and attracting 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 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, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2023 ended March 31, 2023, and LiveRamp’s Quarterly Reports on Form 10-Q issued in fiscal year 2024.
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.
LiveRampⓇ and RampIDTM 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 | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| (Unaudited) | |||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||
| For the Three Months Ended | |||||||||||||
| June 30, | |||||||||||||
| $ | % | ||||||||||||
|
2023 |
|
2022 |
|
Variance |
Variance |
||||||||
| Revenues |
154,069 |
|
142,243 |
|
11,826 |
|
8.3 |
% |
|||||
| Cost of revenue |
45,621 |
|
41,021 |
|
4,600 |
|
11.2 |
% |
|||||
| Gross profit |
108,448 |
|
101,222 |
|
7,226 |
|
7.1 |
% |
|||||
| % Gross margin |
70.4 |
% |
71.2 |
% |
|||||||||
| Operating expenses: | |||||||||||||
| Research and development |
34,519 |
|
47,661 |
|
(13,142 |
) |
(27.6 |
%) |
|||||
| Sales and marketing |
44,879 |
|
51,280 |
|
(6,401 |
) |
(12.5 |
%) |
|||||
| General and administrative |
26,664 |
|
27,144 |
|
(480 |
) |
(1.8 |
%) |
|||||
| Gains, losses and other items, net |
116 |
|
739 |
|
(623 |
) |
(84.3 |
%) |
|||||
| Total operating expenses |
106,178 |
|
126,824 |
|
(20,646 |
) |
(16.3 |
%) |
|||||
| Income (loss) from operations |
2,270 |
|
(25,602 |
) |
27,872 |
|
108.9 |
% |
|||||
| % Margin |
1.5 |
% |
-18.0 |
% |
|||||||||
| Total other income, net |
4,849 |
|
699 |
|
4,150 |
|
593.7 |
% |
|||||
| Income (loss) from operations before income taxes |
7,119 |
|
(24,903 |
) |
32,022 |
|
128.6 |
% |
|||||
| Income tax expense |
8,705 |
|
2,315 |
|
6,390 |
|
276.0 |
% |
|||||
| Net loss |
(1,586 |
) |
(27,218 |
) |
25,632 |
|
94.2 |
% |
|||||
| Basic loss per share |
(0.02 |
) |
(0.40 |
) |
0.37 |
|
94.0 |
% |
|||||
| Diluted loss per share: |
(0.02 |
) |
(0.40 |
) |
0.37 |
|
94.0 |
% |
|||||
| Basic weighted average shares |
66,497 |
|
68,403 |
|
|||||||||
| Diluted weighted average shares |
66,497 |
|
68,403 |
|
|||||||||
| 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 | |||||||
| June 30, | |||||||
|
2023 |
2022 |
||||||
| Income (loss) from operations before income taxes |
7,119 |
|
(24,903 |
) |
|||
| Income tax expense |
8,705 |
|
2,315 |
|
|||
| Net loss |
(1,586 |
) |
(27,218 |
) |
|||
| Loss per share: | |||||||
| Basic |
(0.02 |
) |
(0.40 |
) |
|||
| Diluted |
(0.02 |
) |
(0.40 |
) |
|||
| Excluded items: | |||||||
| Purchased intangible asset amortization (cost of revenue) |
3,290 |
|
4,643 |
|
|||
| Non-cash stock compensation (cost of revenue and operating expenses) |
13,292 |
|
24,225 |
|
|||
| Transformation costs (general and administrative) |
1,875 |
|
– |
|
|||
| Restructuring and merger charges (gains, losses, and other) |
116 |
|
739 |
|
|||
| Total excluded items |
18,573 |
|
29,607 |
|
|||
| Income from operations before income taxes and excluding items |
25,692 |
|
4,704 |
|
|||
| Income tax expense (2) |
6,167 |
|
1,237 |
|
|||
| Non-GAAP net earnings |
19,525 |
|
3,467 |
|
|||
| Non-GAAP earnings per share: | |||||||
| Basic |
0.29 |
|
0.05 |
|
|||
| Diluted |
0.29 |
|
0.05 |
|
|||
| Basic weighted average shares |
66,497 |
|
68,403 |
|
|||
| Diluted weighted average shares |
67,388 |
|
69,195 |
|
|||
|
(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. |
|
(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 | ||||||
| June 30, | ||||||
|
2023 |
2022 |
|||||
| Income (loss) from operations |
2,270 |
(25,602 |
) |
|||
| Excluded items: | ||||||
| Purchased intangible asset amortization (cost of revenue) |
3,290 |
4,643 |
|
|||
| Non-cash stock compensation (cost of revenue and operating expenses) |
13,292 |
24,225 |
|
|||
| Transformation costs (general and administrative) |
1,875 |
– |
|
|||
| Restructuring and merger charges (gains, losses, and other) |
116 |
739 |
|
|||
| Total excluded items |
18,573 |
29,607 |
|
|||
| Income from operations before excluded items |
20,843 |
4,005 |
||||
|
(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 | |||||||
| RECONCILIATION OF ADJUSTED EBITDA (1) | |||||||
| (Unaudited) | |||||||
| (Dollars in thousands) | |||||||
| For the Three Months Ended | |||||||
| June 30, | |||||||
|
2023 |
2022 |
||||||
| Net loss |
(1,586 |
) |
(27,218 |
) |
|||
| Income tax expense |
8,705 |
|
2,315 |
|
|||
| Other income |
(4,849 |
) |
(699 |
) |
|||
| Income (loss) from operations |
2,270 |
|
(25,602 |
) |
|||
| Depreciation and amortization |
4,039 |
|
5,741 |
|
|||
| EBITDA |
6,309 |
|
(19,861 |
) |
|||
| Other adjustments: | |||||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
13,292 |
|
24,225 |
|
|||
| Transformation costs (general and administrative) |
1,875 |
|
– |
|
|||
| Restructuring and merger charges (gains, losses, and other) |
116 |
|
739 |
|
|||
| Other adjustments |
15,283 |
|
24,964 |
|
|||
| Adjusted EBITDA |
21,592 |
|
5,103 |
|
|||
|
(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. |
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (Dollars in thousands) | ||||||||||
| June 30, | March 31, | $ | % | |||||||
|
2023 |
2023 |
Variance | Variance | |||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents |
470,773 |
|
464,448 |
|
6,325 |
|
1.4 |
% |
||
| Short-term investments |
33,099 |
|
32,807 |
|
292 |
|
0.9 |
% |
||
| Trade accounts receivable, net |
173,083 |
|
157,379 |
|
15,704 |
|
10.0 |
% |
||
| Refundable income taxes, net |
– |
|
28,897 |
|
(28,897 |
) |
(100.0 |
%) |
||
| Other current assets |
29,091 |
|
31,028 |
|
(1,937 |
) |
(6.2 |
%) |
||
| Total current assets |
706,046 |
|
714,559 |
|
(8,513 |
) |
(1.2 |
%) |
||
| Property and equipment |
37,927 |
|
39,393 |
|
(1,466 |
) |
(3.7 |
%) |
||
| Less – accumulated depreciation and amortization |
31,872 |
|
32,308 |
|
(436 |
) |
(1.3 |
%) |
||
| Property and equipment, net |
6,055 |
|
7,085 |
|
(1,030 |
) |
(14.5 |
%) |
||
| Intangible assets, net |
6,578 |
|
9,868 |
|
(3,290 |
) |
(33.3 |
%) |
||
| Goodwill |
363,178 |
|
363,116 |
|
62 |
|
0.0 |
% |
||
| Deferred commissions, net |
36,944 |
|
37,030 |
|
(86 |
) |
(0.2 |
%) |
||
| Other assets, net |
45,130 |
|
41,045 |
|
4,085 |
|
10.0 |
% |
||
|
1,163,931 |
|
1,172,703 |
|
(8,772 |
) |
(0.7 |
%) |
|||
| Liabilities and Stockholders’ Equity | ||||||||||
| Current liabilities: | ||||||||||
| Trade accounts payable |
74,077 |
|
86,568 |
|
(12,491 |
) |
(14.4 |
%) |
||
| Accrued payroll and related expenses |
23,929 |
|
33,434 |
|
(9,505 |
) |
(28.4 |
%) |
||
| Other accrued expenses |
39,322 |
|
35,736 |
|
3,586 |
|
10.0 |
% |
||
| Deferred revenue |
27,267 |
|
19,091 |
|
8,176 |
|
42.8 |
% |
||
| Income taxes payable |
7,782 |
|
– |
|
7,782 |
|
n/a |
|
||
| Total current liabilities |
172,377 |
|
174,829 |
|
(2,452 |
) |
(1.4 |
%) |
||
| Other liabilities |
73,023 |
|
71,798 |
|
1,225 |
|
1.7 |
% |
||
| Stockholders’ equity: | ||||||||||
| Preferred stock |
– |
|
– |
|
– |
|
n/a |
|
||
| Common stock |
15,455 |
|
15,399 |
|
56 |
|
0.4 |
% |
||
| Additional paid-in capital |
1,873,935 |
|
1,855,916 |
|
18,019 |
|
1.0 |
% |
||
| Retained earnings |
1,300,705 |
|
1,302,291 |
|
(1,586 |
) |
(0.1 |
%) |
||
| Accumulated other comprehensive income |
4,565 |
|
4,504 |
|
61 |
|
1.4 |
% |
||
| Treasury stock, at cost |
(2,276,129 |
) |
(2,252,034 |
) |
(24,095 |
) |
1.1 |
% |
||
| Total stockholders’ equity |
918,531 |
|
926,076 |
|
(7,545 |
) |
(0.8 |
%) |
||
|
1,163,931 |
|
1,172,703 |
|
(8,772 |
) |
(0.7 |
%) |
|||
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| (Unaudited) | |||||
| (Dollars in thousands) | |||||
| For the Three Months Ended | |||||
| June 30, | |||||
|
2023 |
2022 |
||||
| Cash flows from operating activities: | |||||
| Net loss |
(1,586 |
) |
(27,218 |
) |
|
| Non-cash operating activities: | |||||
| Depreciation and amortization |
4,039 |
|
5,741 |
|
|
| Loss (gain) on disposal or impairment of assets |
308 |
|
(5 |
) |
|
| Provision for doubtful accounts |
(219 |
) |
997 |
|
|
| Deferred income taxes |
47 |
|
187 |
|
|
| Non-cash stock compensation expense |
13,292 |
|
24,225 |
|
|
| Changes in operating assets and liabilities: | |||||
| Accounts receivable |
(14,391 |
) |
(7,733 |
) |
|
| Deferred commissions |
86 |
|
(369 |
) |
|
| Other assets |
5,008 |
|
4,352 |
|
|
| Accounts payable and other liabilities |
(25,225 |
) |
(34,557 |
) |
|
| Income taxes |
37,236 |
|
2,131 |
|
|
| Deferred revenue |
7,098 |
|
(1,120 |
) |
|
| Net cash provided by (used in) operating activities |
25,693 |
|
(33,369 |
) |
|
| Cash flows from investing activities: | |||||
| Capital expenditures |
(53 |
) |
(1,741 |
) |
|
| Purchases of strategic investments |
(500 |
) |
– |
|
|
| Net cash used in investing activities |
(553 |
) |
(1,741 |
) |
|
| Cash flows from financing activities: | |||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
5,573 |
|
4,589 |
|
|
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(3,892 |
) |
(582 |
) |
|
| Acquisition of treasury stock |
(20,203 |
) |
(60,053 |
) |
|
| Net cash used in financing activities |
(18,522 |
) |
(56,046 |
) |
|
| Effect of exchange rate changes on cash |
(293 |
) |
(752 |
) |
|
| Net change in cash and cash equivalents |
6,325 |
|
(91,908 |
) |
|
| Cash and cash equivalents at beginning of period |
464,448 |
|
600,162 |
|
|
| Cash and cash equivalents at end of period |
470,773 |
|
508,254 |
|
|
| Supplemental cash flow information: | |||||
| Cash paid (received) during the period for: | |||||
| Income taxes related to continuing operations |
(28,653 |
) |
4 |
|
|
| Operating lease liabilities |
2,459 |
|
2,156 |
|
|
| Operating lease assets obtained in exchange for operating lease liabilities |
10,565 |
|
– |
|
|
| Operating lease assets relinquished in exchange for operating lease liabilities |
(4,486 |
) |
– |
|
|
| Purchases of property, plant, & equipment, net remaining unpaid at end of period |
– |
|
1,666 |
|
|
| 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 | % | $ | |||||||||||
| Revenues |
142,243 |
|
147,099 |
|
158,615 |
|
148,626 |
|
596,583 |
|
154,069 |
|
8.3 |
% |
11,826 |
|
||
| Cost of revenue |
41,021 |
|
42,304 |
|
43,287 |
|
43,472 |
|
170,084 |
|
45,621 |
|
11.2 |
% |
4,600 |
|
||
| Gross profit |
101,222 |
|
104,795 |
|
115,328 |
|
105,154 |
|
426,499 |
|
108,448 |
|
7.1 |
% |
7,226 |
|
||
| % Gross margin |
71.2 |
% |
71.2 |
% |
72.7 |
% |
70.8 |
% |
71.5 |
% |
70.4 |
% |
||||||
| Operating expenses | ||||||||||||||||||
| Research and development |
47,661 |
|
46,139 |
|
43,175 |
|
52,220 |
|
189,195 |
|
34,519 |
|
(27.6 |
%) |
(13,142 |
) |
||
| Sales and marketing |
51,280 |
|
45,949 |
|
47,702 |
|
57,506 |
|
202,437 |
|
44,879 |
|
(12.5 |
%) |
(6,401 |
) |
||
| General and administrative |
27,144 |
|
28,718 |
|
36,657 |
|
32,832 |
|
125,351 |
|
26,664 |
|
(1.8 |
%) |
(480 |
) |
||
| Gains, losses and other items, net |
739 |
|
13,111 |
|
11,743 |
|
9,723 |
|
35,316 |
|
116 |
|
(84.3 |
%) |
(623 |
) |
||
| Total operating expenses |
126,824 |
|
133,917 |
|
139,277 |
|
152,281 |
|
552,299 |
|
106,178 |
|
(16.3 |
%) |
(20,646 |
) |
||
| Income (loss) from operations |
(25,602 |
) |
(29,122 |
) |
(23,949 |
) |
(47,127 |
) |
(125,800 |
) |
2,270 |
|
108.9 |
% |
27,872 |
|
||
| % Margin |
-18.0 |
% |
-19.8 |
% |
-15.1 |
% |
-31.7 |
% |
-21.1 |
% |
1.5 |
% |
||||||
| Total other income (expense), net |
699 |
|
2,248 |
|
(736 |
) |
4,735 |
|
6,946 |
|
4,849 |
|
593.7 |
% |
4,150 |
|
||
| Income (loss) from continuing operations before income taxes |
(24,903 |
) |
(26,874 |
) |
(24,685 |
) |
(42,392 |
) |
(118,854 |
) |
7,119 |
|
128.6 |
% |
32,022 |
|
||
| Income taxes expense (benefit) |
2,315 |
|
3,562 |
|
5,835 |
|
(6,460 |
) |
5,252 |
|
8,705 |
|
276.0 |
% |
6,390 |
|
||
| Net loss from continuing operations |
(27,218 |
) |
(30,436 |
) |
(30,520 |
) |
(35,932 |
) |
(124,106 |
) |
(1,586 |
) |
94.2 |
% |
25,632 |
|
||
| Earnings from discontinued operations, net of tax |
– |
|
– |
|
836 |
|
4,568 |
|
5,404 |
|
– |
|
n/a |
|
– |
|
||
| Net loss |
(27,218 |
) |
(30,436 |
) |
(29,684 |
) |
(31,364 |
) |
(118,702 |
) |
(1,586 |
) |
94.2 |
% |
25,632 |
|
||
| Diluted loss per share |
(0.40 |
) |
(0.45 |
) |
(0.46 |
) |
(0.48 |
) |
(1.79 |
) |
(0.02 |
) |
94.0 |
% |
0.37 |
|
||
| 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 |
|
||||||
| Diluted shares |
69,195 |
|
67,568 |
|
65,356 |
|
66,268 |
|
67,097 |
|
67,388 |
|
||||||
| 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 | |||||||||
| Net Cash Provided by (Used in) Operating Activities-Continuing Operations |
(33,369 |
) |
21,375 |
|
15,770 |
|
30,665 |
|
34,441 |
|
25,693 |
|
||
| Less: | ||||||||||||||
| Capital expenditures |
(1,741 |
) |
(2,673 |
) |
(179 |
) |
(103 |
) |
(4,696 |
) |
(53 |
) |
||
| Free Cash Flow to Equity |
(35,110 |
) |
18,702 |
|
15,591 |
|
30,562 |
|
29,745 |
|
25,640 |
|
||
Contacts
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
ERAMP
