Q4 Revenue Up 5% and Full Year Revenue Up 13%
Q4 GAAP Gross Margin of 71% and Non-GAAP Gross Margin of 75%
Full Year Operating Cash Flow of $34 Million
$150 Million in Shares Repurchased in Full Year
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2023.
Fourth Quarter Financial Highlights
All metrics compared to the prior year fourth quarter.
- Total revenue was $149 million, up 5%.
- Subscription revenue was $121 million, up 5%, and contributed 81% of total revenue.
- Marketplace & Other revenue was $28 million, up 6%.
- GAAP gross profit was $105 million, up 3%, and GAAP gross margin of 71% declined by 1 percentage point. Non-GAAP gross profit was $111 million, up 3%, and non-GAAP gross margin of 75% declined by 2 percentage points.
- GAAP operating loss was $47 million compared to $28 million in the prior year period. Non-GAAP operating income was $14 million compared to $3 million in the prior year period.
- The Company accelerated the vesting of certain time-vesting restricted stock units that would have otherwise vested over the next six months to take advantage of cash tax savings opportunities. In the fourth quarter, the Company recognized $23 million of stock-based compensation expense and $2 million of payroll tax expense related to the accelerated vesting. The accelerated vesting was not contemplated in the Company’s financial outlook for the fourth quarter and fiscal 2023. The payroll tax expense impacted both GAAP and non-GAAP operating income, while the stock-based compensation expense only impacted GAAP operating income.
- GAAP diluted loss per share was $0.48, and non-GAAP diluted earnings per share was $0.32.
- Net cash provided by operating activities was $31 million compared to $59 million in the prior year period.
Fiscal Year Financial Highlights
All metrics compared to the prior fiscal year.
- Total revenue was $597 million, up 13%.
- Subscription revenue was $483 million, up 13%, and contributed 81% of total revenue.
- Marketplace & Other revenue was $114 million, up 14%.
- GAAP gross profit was $426 million, up 12%, and GAAP gross margin of 71% declined by 1 percentage point. Non-GAAP gross profit was $450 million, up 11%, and non-GAAP gross margin of 75% declined by 1 percentage point.
- GAAP operating loss was $126 million compared to $66 million in the prior year. Non-GAAP operating income was $61 million compared to $42 million in the prior year.
- GAAP diluted loss per share was $1.79, and non-GAAP diluted earnings per share was $0.86.
- Net cash provided by operating activities was $34 million compared to $78 million in the prior year.
- In FY23, LiveRamp repurchased 6.1 million shares for $150 million. Since inception of the share repurchase program in August 2011, the Company has returned approximately $1.4 billion in capital to shareholders. To date in FY24, the Company has repurchased 0.5 million shares for $12 million. There is $206 million currently available under the share repurchase authorization that expires on December 31, 2024.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
LiveRamp CEO Scott Howe said, “We delivered an in-line quarter, hitting our key financial targets. We enter fiscal 2024 as a more efficient company, with a leaner cost structure and encouraging sales momentum, particularly upselling customers to our data collaboration platform. We expect this momentum to build in FY24 as our recently announced integrations and partnerships – such as with Google PAIR, Snowflake and Twilio – gain traction in the market.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its fourth quarter and fiscal year ($ in millions):
|
|
Q4 Fiscal 2023 |
|
Full Year Fiscal 2023 |
||
|
|
Results |
|
Results |
||
|
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$121 |
— |
|
$483 |
— |
|
YoY change % |
5% |
|
|
13% |
|
|
Marketplace & other revenue |
$28 |
— |
|
$114 |
— |
|
YoY change % |
6% |
|
|
14% |
|
|
Total revenue |
$149 |
— |
|
$597 |
— |
|
YoY change % |
5% |
|
|
13% |
|
|
|
|
|
|
|
|
|
Gross profit |
$105 |
$111 |
|
$426 |
$450 |
|
% Gross margin |
71% |
75% |
|
71% |
75% |
|
YoY change, pts |
(1 pt) |
(2 pt) |
|
(1 pt) |
(1 pt) |
|
|
|
|
|
|
|
|
Operating income (loss) |
($47) |
$14 |
|
($126) |
$61 |
|
% Operating margin |
(32%) |
10% |
|
(21%) |
10% |
|
YoY change, pts |
(12 pts) |
8 pts |
|
(9 pts) |
2 pts |
|
|
|
|
|
|
|
|
Net earnings (loss) |
($31) |
$21 |
|
($119) |
$58 |
|
Diluted earnings (loss) per share |
($0.48) |
$0.32 |
|
($1.79) |
$0.86 |
|
|
|
|
|
|
|
|
Shares to calculate diluted EPS |
65.1 |
66.3 |
|
66.4 |
67.1 |
|
YoY change % |
(5%) |
(3%) |
|
(3%) |
(4%) |
|
|
|
|
|
|
|
|
Net operating cash flow |
$31 |
— |
|
$34 |
— |
|
Free cash flow to equity |
— |
$31 |
|
— |
$30 |
|
|
|
|
|
|
|
|
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 to this press release
Additional Business Highlights & Metrics
- The Company’s Authenticated Traffic Solution (ATS) has reached global scale. There are currently 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, Roku Oneview, and MediaMath.
- To date, over 14,000 publisher domains, including 70% of the comScore 100 largest publishers, have integrated ATS worldwide, 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 February 2023, LiveRamp announced enhanced product capabilities natively built on Snowflake, a leading data cloud warehouse. Last year, LiveRamp’s identity solutions were natively integrated into Snowflake. Now LiveRamp’s data activation solutions will be natively built into Snowflake, along with an easy-to-use, marketer-friendly user interface, allowing customers to easily activate hundreds of marketing and media destinations directly from Snowflake.
- In March 2023, LiveRamp announced that its activation network now extends to mar-tech capabilities through a new partnership with Twilio. This integration will enable marketers to seamlessly activate their LiveRamp audiences in SMS and Email on Twilio, enabling new audience activation channels, as well as the centralization of measurement across advertising and marketing channels.
- In March 2023, LiveRamp announced a new partnership with Adobe Real-Time Customer Data Platform to natively offer LiveRamp’s people-based identifier, RampID. Through a new LiveRamp app available in Adobe Exchange, marketers will be able to activate their customer data on RampID via downstream activation partners including DSPs, SSPs, CTV destinations, and other premium publishers.
- LiveRamp added 10 net new direct subscription customers in the fourth quarter. Customer count at quarter end was 920, up from 905 a year ago.
- At the end of the fourth quarter, LiveRamp had 95 customers whose subscription contracts exceed $1 million in annual revenue, up from 87 in the prior year period.
- During the fourth quarter, subscription net retention was 97%, and platform net retention was 99%.
- Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, at the end of the fourth quarter was $338 million, up 9% compared to the prior year period.
Financial Outlook
LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring charges.
For the first quarter of fiscal 2024, LiveRamp expects to report:
- Revenue of approximately $147 million, an increase of 3% year-over-year
- GAAP operating loss of approximately $8 million
- Non-GAAP operating income of approximately $15 million
For fiscal 2024, LiveRamp expects to report:
- Revenue of between $610 million and $620 million, an increase of between 2% and 4% year-over-year
- GAAP operating income of between $3 million and $6 million
- Non-GAAP operating income of between $90 million and $93 million.
Conference Call
LiveRamp will hold a conference call at 1:30 p.m. PT today 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 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 2022 ended March 31, 2022, and LiveRamp’s Quarterly Reports on Form 10-Q issued in fiscal year 2023.
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.
ERAMP
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 | |||||||||||||
| March 31, | |||||||||||||
| $ | % | ||||||||||||
|
2023 |
|
2022 |
|
Variance | Variance | ||||||||
| Revenues |
148,626 |
|
141,725 |
|
6,901 |
|
4.9 |
% |
|||||
| Cost of revenue |
43,472 |
|
39,476 |
|
3,996 |
|
10.1 |
% |
|||||
| Gross profit |
105,154 |
|
102,249 |
|
2,905 |
|
2.8 |
% |
|||||
| % Gross margin |
70.8 |
% |
72.1 |
% |
|||||||||
| Operating expenses: | |||||||||||||
| Research and development |
52,220 |
|
45,501 |
|
6,719 |
|
14.8 |
% |
|||||
| Sales and marketing |
57,506 |
|
54,951 |
|
2,555 |
|
4.6 |
% |
|||||
| General and administrative |
32,832 |
|
29,583 |
|
3,249 |
|
11.0 |
% |
|||||
| Gains, losses and other items, net |
9,723 |
|
183 |
|
9,540 |
|
5213.1 |
% |
|||||
| Total operating expenses |
152,281 |
|
130,218 |
|
22,063 |
|
16.9 |
% |
|||||
| Loss from operations |
(47,127 |
) |
(27,969 |
) |
(19,158 |
) |
(68.5 |
%) |
|||||
| % Margin |
-31.7 |
% |
-19.7 |
% |
|||||||||
| Total other income (expense), net |
4,735 |
|
(47 |
) |
4,782 |
|
10174.5 |
% |
|||||
| Loss from continuing operations before income taxes |
(42,392 |
) |
(28,016 |
) |
(14,376 |
) |
(51.3 |
%) |
|||||
| Income tax expense (benefit) |
(6,460 |
) |
1,376 |
|
(7,836 |
) |
(569.5 |
%) |
|||||
| Net loss from continuing operations |
(35,932 |
) |
(29,392 |
) |
(6,540 |
) |
(22.3 |
%) |
|||||
| Earnings from discontinued operations, net of tax |
4,568 |
|
– |
|
4,568 |
|
n/a |
|
|||||
| Net loss |
(31,364 |
) |
(29,392 |
) |
(1,972 |
) |
(6.7 |
%) |
|||||
| Basic earnings (loss) per share: | |||||||||||||
| Continuing operations |
(0.55 |
) |
(0.43 |
) |
(0.12 |
) |
(28.2 |
%) |
|||||
| Discontinued operations |
0.07 |
|
– |
|
0.07 |
|
n/a |
|
|||||
| Basic loss per share |
(0.48 |
) |
(0.43 |
) |
(0.05 |
) |
(11.9 |
%) |
|||||
| Diluted earnings (loss) per share: | |||||||||||||
| Continuing operations |
(0.55 |
) |
(0.43 |
) |
(0.12 |
) |
(28.2 |
%) |
|||||
| Discontinued operations |
0.07 |
|
– |
|
0.07 |
|
n/a |
|
|||||
| Diluted loss per share: |
(0.48 |
) |
(0.43 |
) |
(0.05 |
) |
(11.9 |
%) |
|||||
| Basic weighted average shares |
65,126 |
|
68,283 |
|
|||||||||
| Diluted weighted average shares |
65,126 |
|
68,283 |
|
|||||||||
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| (Unaudited) | |||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||
| For the Twelve Months Ended | |||||||||||||
| March 31, | |||||||||||||
| $ | % | ||||||||||||
|
2023 |
|
2022 |
|
Variance | Variance | ||||||||
| Revenues |
596,583 |
|
528,657 |
|
67,926 |
|
12.8 |
% |
|||||
| Cost of revenue |
170,084 |
|
147,427 |
|
22,657 |
|
15.4 |
% |
|||||
| Gross profit |
426,499 |
|
381,230 |
|
45,269 |
|
11.9 |
% |
|||||
| % Gross margin |
71.5 |
% |
72.1 |
% |
|||||||||
| Operating expenses: | |||||||||||||
| Research and development |
189,195 |
|
157,935 |
|
31,260 |
|
19.8 |
% |
|||||
| Sales and marketing |
202,437 |
|
182,763 |
|
19,674 |
|
10.8 |
% |
|||||
| General and administrative |
125,351 |
|
104,591 |
|
20,760 |
|
19.8 |
% |
|||||
| Gains, losses and other items, net |
35,316 |
|
1,479 |
|
33,837 |
|
2287.8 |
% |
|||||
| Total operating expenses |
552,299 |
|
446,768 |
|
105,531 |
|
23.6 |
% |
|||||
| Loss from operations |
(125,800 |
) |
(65,538 |
) |
(60,262 |
) |
(91.9 |
%) |
|||||
| % Margin |
-21.1 |
% |
-12.4 |
% |
|||||||||
| Total other income, net |
6,946 |
|
30,463 |
|
(23,517 |
) |
(77.2 |
%) |
|||||
| Loss from continuing operations before income taxes |
(118,854 |
) |
(35,075 |
) |
(83,779 |
) |
(238.9 |
%) |
|||||
| Income tax expense (benefit) |
5,252 |
|
(1,242 |
) |
6,494 |
|
522.9 |
% |
|||||
| Net loss from continuing operations |
(124,106 |
) |
(33,833 |
) |
(90,273 |
) |
(266.8 |
%) |
|||||
| Earnings from discontinued operations, net of tax |
5,404 |
|
– |
|
5,404 |
|
n/a |
|
|||||
| Net loss |
(118,702 |
) |
(33,833 |
) |
(84,869 |
) |
(250.8 |
%) |
|||||
| Basic earnings (loss) per share: | |||||||||||||
| Continuing operations |
(1.87 |
) |
(0.50 |
) |
(1.37 |
) |
(277.1 |
%) |
|||||
| Discontinued operations |
0.08 |
|
– |
|
0.08 |
|
n/a |
|
|||||
| Basic earnings (loss) per share |
(1.79 |
) |
(0.50 |
) |
(1.29 |
) |
(260.7 |
%) |
|||||
| Diluted earnings (loss) per share: | |||||||||||||
| Continuing operations |
(1.87 |
) |
(0.50 |
) |
(1.37 |
) |
(277.1 |
%) |
|||||
| Discontinued operations |
0.08 |
|
– |
|
0.08 |
|
n/a |
|
|||||
| Diluted earnings (loss) per share: |
(1.79 |
) |
(0.50 |
) |
(1.29 |
) |
(260.7 |
%) |
|||||
| Basic weighted average shares |
66,352 |
|
68,211 |
|
|||||||||
| Diluted weighted average shares |
66,352 |
|
68,211 |
|
|||||||||
| 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, | ||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||||
| Loss from continuing operations before income taxes |
(42,392 |
) |
(28,016 |
) |
(118,854 |
) |
(35,075 |
) |
|||||
| Income tax expense (benefit) |
(6,460 |
) |
1,376 |
|
5,252 |
|
(1,242 |
) |
|||||
| Net loss from continuing operations |
(35,932 |
) |
(29,392 |
) |
(124,106 |
) |
(33,833 |
) |
|||||
| Earnings from discontinued operations, net of tax |
4,568 |
|
– |
|
5,404 |
|
– |
|
|||||
| Net loss |
(31,364 |
) |
(29,392 |
) |
(118,702 |
) |
(33,833 |
) |
|||||
| Loss per share: | |||||||||||||
| Basic |
(0.48 |
) |
(0.43 |
) |
(1.79 |
) |
(0.50 |
) |
|||||
| Diluted |
(0.48 |
) |
(0.43 |
) |
(1.79 |
) |
(0.50 |
) |
|||||
| Excluded items: | |||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
3,336 |
|
4,807 |
|
16,825 |
|
18,711 |
|
|||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
44,658 |
|
25,782 |
|
125,800 |
|
87,257 |
|
|||||
| Transformation costs (general and administrative) |
3,663 |
|
– |
|
9,025 |
|
– |
|
|||||
| Restructuring and merger charges (gains, losses, and other) |
9,723 |
|
183 |
|
35,316 |
|
1,479 |
|
|||||
| Gain on retained profits interest (other income) |
– |
|
– |
|
– |
|
(30,235 |
) |
|||||
| Total excluded items, continuing operations |
61,380 |
|
30,772 |
|
186,966 |
|
77,212 |
|
|||||
| Income from continuing operations before income taxes and excluding items |
18,988 |
|
2,756 |
|
68,112 |
|
42,137 |
|
|||||
| Income tax expense (benefit) (2) |
(2,141 |
) |
3,391 |
|
10,121 |
|
8,515 |
|
|||||
| Non-GAAP net earnings (loss) from continuing operations |
21,129 |
|
(635 |
) |
57,991 |
|
33,622 |
|
|||||
| Non-GAAP earnings (loss) per share from continuing operations: | |||||||||||||
| Basic |
0.32 |
|
(0.01 |
) |
0.87 |
|
0.49 |
|
|||||
| Diluted |
0.32 |
|
(0.01 |
) |
0.86 |
|
0.48 |
|
|||||
| Basic weighted average shares |
65,126 |
|
68,283 |
|
66,352 |
|
68,211 |
|
|||||
| Diluted weighted average shares |
66,268 |
|
68,283 |
|
67,097 |
|
69,560 |
|
|||||
|
(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, | ||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
||||||
| Loss from continuing operations |
(47,127 |
) |
(27,969 |
) |
(125,800 |
) |
(65,538 |
) |
|||||
| Excluded items: | |||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
3,336 |
|
4,807 |
|
16,825 |
|
18,711 |
|
|||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
44,658 |
|
25,782 |
|
125,800 |
|
87,257 |
|
|||||
| Transformation costs (general and administrative) |
3,663 |
|
– |
|
9,025 |
|
– |
|
|||||
| Restructuring and merger charges (gains, losses, and other) |
9,723 |
|
183 |
|
35,316 |
|
1,479 |
|
|||||
| Total excluded items |
61,380 |
|
30,772 |
|
186,966 |
|
107,447 |
|
|||||
| Income from continuing operations before excluded items |
14,253 |
|
2,803 |
|
61,166 |
|
41,909 |
|
|||||
|
(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, |
|||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||
| Net loss from continuing operations |
(35,932 |
) |
(29,392 |
) |
(124,106 |
) |
(33,833 |
) |
|||||
| Income tax expense (benefit) |
(6,460 |
) |
1,376 |
|
5,252 |
|
(1,242 |
) |
|||||
| Other expense (income) |
(4,735 |
) |
47 |
|
(6,946 |
) |
(30,463 |
) |
|||||
| Loss from operations |
(47,127 |
) |
(27,969 |
) |
(125,800 |
) |
(65,538 |
) |
|||||
| Depreciation and amortization |
4,226 |
|
6,017 |
|
20,787 |
|
24,248 |
|
|||||
| EBITDA |
(42,901 |
) |
(21,952 |
) |
(105,013 |
) |
(41,290 |
) |
|||||
| Other adjustments: | |||||||||||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
44,658 |
|
25,782 |
|
125,800 |
|
87,257 |
|
|||||
| Transformation costs (general and administrative) |
3,663 |
|
– |
|
9,025 |
|
– |
|
|||||
| Restructuring and merger charges (gains, losses, and other) |
9,723 |
|
183 |
|
35,316 |
|
1,479 |
|
|||||
| Other adjustments |
58,044 |
|
25,965 |
|
170,141 |
|
88,736 |
|
|||||
| Adjusted EBITDA |
15,143 |
|
4,013 |
|
65,128 |
|
47,446 |
|
|||||
|
(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 | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (Dollars in thousands) | ||||||||||
| March 31, | March 31, | $ | % | |||||||
|
2023 |
|
2022 |
|
Variance | Variance | |||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents |
464,448 |
|
600,162 |
|
(135,714 |
) |
(22.6 |
%) |
||
| Short-term investments |
32,807 |
|
7,500 |
|
25,307 |
|
337.4 |
% |
||
| Trade accounts receivable, net |
157,379 |
|
148,343 |
|
9,036 |
|
6.1 |
% |
||
| Refundable income taxes, net |
28,897 |
|
30,354 |
|
(1,457 |
) |
(4.8 |
%) |
||
| Other current assets |
31,028 |
|
29,475 |
|
1,553 |
|
5.3 |
% |
||
| Total current assets |
714,559 |
|
815,834 |
|
(101,275 |
) |
(12.4 |
%) |
||
| Property and equipment |
39,393 |
|
45,001 |
|
(5,608 |
) |
(12.5 |
%) |
||
| Less – accumulated depreciation and amortization |
32,308 |
|
33,470 |
|
(1,162 |
) |
(3.5 |
%) |
||
| Property and equipment, net |
7,085 |
|
11,531 |
|
(4,446 |
) |
(38.6 |
%) |
||
| Intangible assets, net |
9,868 |
|
26,718 |
|
(16,850 |
) |
(63.1 |
%) |
||
| Goodwill |
363,116 |
|
363,845 |
|
(729 |
) |
(0.2 |
%) |
||
| Deferred commissions, net |
37,030 |
|
30,594 |
|
6,436 |
|
21.0 |
% |
||
| Other assets, net |
41,045 |
|
85,214 |
|
(44,169 |
) |
(51.8 |
%) |
||
|
1,172,703 |
|
1,333,736 |
|
(161,033 |
) |
(12.1 |
%) |
|||
| Liabilities and Stockholders’ Equity | ||||||||||
| Current liabilities: | ||||||||||
| Trade accounts payable |
86,568 |
|
83,197 |
|
3,371 |
|
4.1 |
% |
||
| Accrued payroll and related expenses |
33,434 |
|
39,188 |
|
(5,754 |
) |
(14.7 |
%) |
||
| Other accrued expenses |
35,736 |
|
46,067 |
|
(10,331 |
) |
(22.4 |
%) |
||
| Deferred revenue |
19,091 |
|
16,114 |
|
2,977 |
|
18.5 |
% |
||
| Total current liabilities |
174,829 |
|
184,566 |
|
(9,737 |
) |
(5.3 |
%) |
||
| Other liabilities |
71,798 |
|
86,110 |
|
(14,312 |
) |
(16.6 |
%) |
||
| Stockholders’ equity: | ||||||||||
| Preferred stock |
– |
|
– |
|
– |
|
n/a |
|
||
| Common stock |
15,399 |
|
14,984 |
|
415 |
|
2.8 |
% |
||
| Additional paid-in capital |
1,855,916 |
|
1,721,118 |
|
134,798 |
|
7.8 |
% |
||
| Retained earnings |
1,302,291 |
|
1,420,993 |
|
(118,702 |
) |
(8.4 |
%) |
||
| Accumulated other comprehensive income |
4,504 |
|
5,730 |
|
(1,226 |
) |
(21.4 |
%) |
||
| Treasury stock, at cost |
(2,252,034 |
) |
(2,099,765 |
) |
(152,269 |
) |
(7.3 |
%) |
||
| Total stockholders’ equity |
926,076 |
|
1,063,060 |
|
(136,984 |
) |
(12.9 |
%) |
||
|
1,172,703 |
|
1,333,736 |
|
(161,033 |
) |
(12.1 |
%) |
|||
Contacts
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
ERAMP
