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CORRECTION -- LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

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LiveRamp (NYSE: RAMP) reported its Q4 and fiscal year 2025 results, showing solid growth. Q4 revenue reached $189 million, up 10% year-over-year, with subscription revenue at $145 million (+9%) and Marketplace revenue at $44 million (+14%). For FY2025, total revenue was $746 million, up 13%, with subscription revenue of $569 million (+11%) and Marketplace revenue of $177 million (+21%). The company demonstrated strong cash flow performance with operating cash flow increasing 46% to $154 million. LiveRamp completed significant share repurchases totaling $101 million in FY25, with $256 million remaining in the authorization. The company announced a workforce restructuring affecting 5% of employees and introduced Cross-Media Intelligence, a new measurement solution. For FY2026, LiveRamp projects revenue between $787-817 million, representing 6-10% growth.
LiveRamp (NYSE: RAMP) ha comunicato i risultati del quarto trimestre e dell'anno fiscale 2025, mostrando una crescita solida. Il fatturato del Q4 ha raggiunto 189 milioni di dollari, con un aumento del 10% rispetto all'anno precedente, con ricavi da abbonamenti pari a 145 milioni di dollari (+9%) e ricavi dal Marketplace a 44 milioni di dollari (+14%). Per il FY2025, il fatturato totale è stato di 746 milioni di dollari, in crescita del 13%, con ricavi da abbonamenti di 569 milioni di dollari (+11%) e ricavi dal Marketplace di 177 milioni di dollari (+21%). L'azienda ha mostrato una forte performance di flusso di cassa operativo, aumentato del 46% a 154 milioni di dollari. LiveRamp ha completato significativi riacquisti di azioni per un totale di 101 milioni di dollari nel FY25, con 256 milioni di dollari ancora disponibili nell'autorizzazione. La società ha annunciato una ristrutturazione del personale che coinvolge il 5% dei dipendenti e ha introdotto Cross-Media Intelligence, una nuova soluzione di misurazione. Per il FY2026, LiveRamp prevede un fatturato compreso tra 787 e 817 milioni di dollari, con una crescita del 6-10%.
LiveRamp (NYSE: RAMP) reportó sus resultados del cuarto trimestre y del año fiscal 2025, mostrando un crecimiento sólido. Los ingresos del Q4 alcanzaron los 189 millones de dólares, un aumento del 10% interanual, con ingresos por suscripciones de 145 millones de dólares (+9%) y ingresos del Marketplace de 44 millones de dólares (+14%). Para el FY2025, los ingresos totales fueron de 746 millones de dólares, un incremento del 13%, con ingresos por suscripciones de 569 millones de dólares (+11%) y del Marketplace de 177 millones de dólares (+21%). La compañía mostró un sólido desempeño en flujo de caja operativo, que aumentó un 46% hasta 154 millones de dólares. LiveRamp completó recompras significativas de acciones por un total de 101 millones de dólares en FY25, con 256 millones restantes en la autorización. La empresa anunció una reestructuración laboral que afecta al 5% de los empleados e introdujo Cross-Media Intelligence, una nueva solución de medición. Para el FY2026, LiveRamp proyecta ingresos entre 787 y 817 millones de dólares, representando un crecimiento del 6-10%.
LiveRamp(NYSE: RAMP)은 2025 회계연도 4분기 � 연간 실적� 발표하며 견고� 성장� 보였습니�. 4분기 매출은 1� 8,900� 달러� 전년 대� 10% 증가했으�, 구독 매출은 1� 4,500� 달러(+9%), 마켓플레이스 매출은 4,400� 달러(+14%)� 기록했습니다. 2025 회계연도 전체 매출은 7� 4,600� 달러� 13% 증가했으�, 구독 매출은 5� 6,900� 달러(+11%), 마켓플레이스 매출은 1� 7,700� 달러(+21%)였습니�. 회사� 영업 현금 흐름� 46% 증가� 1� 5,400� 달러� 강한 현금 흐름 실적� 보였습니�. LiveRamp� 2025 회계연도� � 1� 100� 달러 상당� 주식 재매입을 완료했으�, 2� 5,600� 달러� 권한� 남아 있습니다. 회사� 직원� 5%� 영향� 미치� 인력 구조조정� 발표했으�, 새로� 측정 솔루션인 Cross-Media Intelligence� 도입했습니다. 2026 회계연도에는 매출� 7� 8,700� 달러에서 8� 1,700� 달러 사이� 6~10% 성장� 것으� 예상하고 있습니다.
LiveRamp (NYSE : RAMP) a publié ses résultats du quatrième trimestre et de l'exercice fiscal 2025, montrant une croissance solide. Le chiffre d'affaires du T4 a atteint 189 millions de dollars, en hausse de 10 % sur un an, avec des revenus d'abonnement de 145 millions de dollars (+9 %) et des revenus du Marketplace de 44 millions de dollars (+14 %). Pour l'exercice 2025, le chiffre d'affaires total s'est élevé à 746 millions de dollars, en hausse de 13 %, avec des revenus d'abonnement de 569 millions de dollars (+11 %) et des revenus du Marketplace de 177 millions de dollars (+21 %). L'entreprise a démontré une forte performance de trésorerie opérationnelle, avec un flux de trésorerie d'exploitation en hausse de 46 % à 154 millions de dollars. LiveRamp a réalisé des rachats d'actions importants totalisant 101 millions de dollars au cours de l'exercice 25, avec 256 millions de dollars restant dans l'autorisation. La société a annoncé une restructuration des effectifs affectant 5 % des employés et a introduit Cross-Media Intelligence, une nouvelle solution de mesure. Pour l'exercice 2026, LiveRamp prévoit un chiffre d'affaires compris entre 787 et 817 millions de dollars, soit une croissance de 6 à 10 %.
LiveRamp (NYSE: RAMP) veröffentlichte die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2025 und zeigte ein solides Wachstum. Der Umsatz im Q4 erreichte 189 Millionen US-Dollar, was einem Anstieg von 10 % im Jahresvergleich entspricht, mit Abonnementumsätzen von 145 Millionen US-Dollar (+9 %) und Marketplace-Umsätzen von 44 Millionen US-Dollar (+14 %). Für das Geschäftsjahr 2025 betrug der Gesamtumsatz 746 Millionen US-Dollar, ein Plus von 13 %, mit Abonnementumsätzen von 569 Millionen US-Dollar (+11 %) und Marketplace-Umsätzen von 177 Millionen US-Dollar (+21 %). Das Unternehmen zeigte eine starke Cashflow-Performance mit einem operativen Cashflow, der um 46 % auf 154 Millionen US-Dollar anstieg. LiveRamp schloss im Geschäftsjahr 25 bedeutende Aktienrückkäufe in Höhe von 101 Millionen US-Dollar ab, wobei noch 256 Millionen US-Dollar im Rahmen der Genehmigung verbleiben. Das Unternehmen kündigte eine Umstrukturierung der Belegschaft an, die 5 % der Mitarbeiter betrifft, und führte Cross-Media Intelligence, eine neue Messlösung, ein. Für das Geschäftsjahr 2026 prognostiziert LiveRamp einen Umsatz zwischen 787 und 817 Millionen US-Dollar, was einem Wachstum von 6-10 % entspricht.
Positive
  • Q4 revenue grew 10% YoY to $189 million, exceeding expectations
  • FY25 operating cash flow increased 46% YoY to $154 million
  • Significant share repurchases of $101 million in FY25, with $256 million remaining authorization
  • Non-GAAP operating income improved to $136 million from $105 million in FY25
  • Current remaining performance obligations (CRPO) up 14% YoY to $471 million
  • Customer base strengthened with 128 customers having annualized subscription revenue over $1 million
Negative
  • Gross margins compressed across both GAAP and non-GAAP metrics
  • GAAP operating income declined to $5 million from $11 million in FY25
  • 5% workforce reduction announced in March 2025
  • Direct subscription customers decreased to 840 from 900 in the prior year
  • Slower ARR growth at 8% compared to overall revenue growth

Insights

LiveRamp delivered strong Q4 results with accelerating revenue growth and margin expansion, demonstrating operational momentum despite challenging macroeconomic conditions.

LiveRamp's Q4 results show impressive financial momentum with total revenue reaching $189 million, growing 10% year-over-year - a slight acceleration from their annual growth rate. The company demonstrated particular strength in their Marketplace & Other revenue, which grew at 14%, outpacing their core Subscription revenue growth of 9%.

From a profitability perspective, the numbers reveal significant operational leverage. Non-GAAP operating income increased 44% year-over-year to $23 million, with operating margin expanding by 3 percentage points to 12%. This margin expansion occurred despite a 3-point compression in gross margins, indicating strong control over operating expenses.

Cash flow metrics show remarkable improvement, with Q4 operating cash flow more than doubling to $63 million from $28 million in the prior year. For the full fiscal year, operating cash flow reached $154 million, a 46% increase year-over-year. This cash generation strength enabled $101 million in share repurchases during FY25, with $256 million remaining in the authorization.

Looking at key business metrics, LiveRamp increased high-value customers (those with >$1M annualized subscription revenue) from 115 to 128, while subscription net retention was 104% and platform net retention was 106%. These metrics suggest healthy expansion within existing accounts, though the decline in total direct subscription customers from 900 to 840 indicates possible churn among smaller clients.

The outlook for fiscal 2026 shows continued growth momentum with Q1 revenue guidance of $191 million (9% growth) and full-year guidance of $787-817 million (6-10% growth). More impressively, the company is projecting substantial profitability improvements, with FY26 GAAP operating income forecast at $85-89 million compared to just $5 million in FY25.

The recent workforce restructuring affecting 5% of employees appears to be contributing to margin expansion goals, positioning LiveRamp for more profitable growth. The strategic focus on Cross-Media Intelligence capabilities represents a significant product expansion aimed at measurement across diverse media platforms, potentially opening new revenue streams in the increasingly fragmented digital advertising landscape.

SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline by LiveRamp(NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

Q4 Revenue up 10% year-over-year

FY25 Operating Cash Flow increases 46% year-over-year

FY25 Share Repurchases totaled $101 million

(NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

Q4 Financial Highlights1

  • Total revenue was $189 million, up 10%.
  • Subscription revenue was $145Dz, up 9%.
  • Marketplace & Other revenue was $44 million, up 14%.
  • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
  • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
  • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
  • Net cash provided by operating activities was $63 million compared to $28 million.
  • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

Fiscal Year Financial Highlights1

  • Total revenue was $746Dz, up 13%.
  • Subscription revenue was $569Dz, up 11%, and represented 76% of total revenue.
  • Marketplace & Other revenue was $177 million, up 21%.
  • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
  • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
  • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
  • Net cash provided by operating activities was $154 million compared to $106 million.
  • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

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 had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.�

GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

GAAPNon-GAAP
Q4 FY25FY25Q4 FY25FY25
Subscription revenue$145$569
YoY change9%11%
Marketplace & Other revenue$44$177
YoY change14%21%
Total revenue$189$746
YoY change10%13%
Gross profit$131$530$136$550
% Gross margin69%71%72%74%
YoY change(3 pts)(2 pts)(3 pts)(1 pt)
Operating income (loss)($12)$5$23$136
% Operating margin(6%)1%12%18%
YoY change2 pts(1 pt)3 pts2 pts
Net earnings (loss)($6)($1)$20$115
Diluted earnings (loss) per share($0.10)($0.01)$0.30$1.70
Shares to calculate diluted EPS66.066.167.567.5
YoY change(1%)(3%)(1%)(1%)
Net operating cash flow$63$154
Free cash flow$62$153
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

  • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our . Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available .
  • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber � to name a few. Video replays of these sessions are available and an event recap for investors is available .
  • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms ().
  • On April 22 Google that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our for additional information.
  • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
  • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
  • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
  • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
  • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% 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 $471 million, up 14% 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 2026, LiveRamp expects to report:

  • Revenue of $191 million, an increase of 9%
  • GAAP operating income of $6 million
  • Non-GAAP operating income of $33 million

For fiscal 2026, LiveRamp expects to report:

  • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
  • GAAP operating income of between $85 million and $89 million
  • Non-GAAP operating income of between $178 million and $182 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 . A slide presentation will be referenced during the call and is available .

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at .

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�). 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, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

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 economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain 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. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels 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

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.

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

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended March 31,
$%
20252024VarianceVariance
Revenues188,724171,85216,8729.8%
Cost of revenue57,92947,72210,20721.4%
Gross profit130,795124,1306,6655.4%
% Gross margin69.3 %72.2 %
Operating expenses
Research and development45,92645,1617651.7%
Sales and marketing56,96160,476(3,515)(5.8)%
General and administrative32,17530,2521,9236.4%
Gains, losses and other items, net7,2412,5164,725187.8%
Total operating expenses142,303138,4053,8982.8%
Loss from operations(11,508)(14,275)2,76719.4%
% Margin(6.1)%(8.3)%
Total other income, net4,7625,070(308)(6.1)%
Loss from continuing operations before income taxes(6,746)(9,205)2,45926.7%
Income tax benefit(479)(3,027)2,54884.2%
Net earnings from continuing operations(6,267)(6,178)(89)(1.4)%
Earnings from discontinued operations, net of tax-805(805)(100.0)%
Net loss(6,267)(5,373)(894)(16.6)%
Basic loss per share:
Continuing operations(0.10)(0.09)(0.00)(2.0)%
Discontinued operations0.000.01(0.01)(100.0)%
Basic loss per share(0.10)(0.08)(0.01)(17.3)%
Diluted loss per share:
Continuing operations(0.10)(0.09)(0.00)(2.0)%
Discontinued operations0.000.01(0.01)(100.0)%
Diluted loss per share(0.10)(0.08)(0.01)(17.3)%
Basic weighted average shares65,95766,323
Diluted weighted average shares65,95766,323
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,
$%
20252024VarianceVariance
Revenues745,580659,66185,91913.0%
Cost of revenue215,910179,48936,42120.3%
Gross profit529,670480,17249,49810.3%
% Gross margin71.0 %72.8 %
Operating expenses
Research and development176,668151,20125,46716.8%
Sales and marketing213,106195,69317,4138.9%
General and administrative126,499110,16616,33314.8%
Gains, losses and other items, net7,99311,708(3,715)(31.7)%
Total operating expenses524,266468,76855,49811.8%
Income from operations5,40411,404(6,000)(52.6)%
% Margin0.7 %1.7 %
Total other income, net17,43622,957(5,521)(24.0)%
Income from continuing operations before income taxes22,84034,361(11,521)(33.5)%
Income tax expense25,34224,2701,0724.4%
Net earnings (loss) from continuing operations(2,502)10,091(12,593)(124.8)%
Earnings from discontinued operations, net of tax1,6881,790(102)(5.7)%
Net earnings (loss)(814)11,881(12,695)(106.9)%
Basic earnings (loss) per share:
Continuing operations(0.04)0.15(0.19)(124.8)%
Discontinued operations0.030.03(0.00)(5.5)%
Basic earnings (loss) per share(0.01)0.18(0.19)(106.9)%
Diluted earnings (loss) per share:
Continuing operations(0.04)0.15(0.19)(125.5)%
Discontinued operations0.030.03(0.00)(3.1)%
Diluted earnings (loss) per share(0.01)0.17(0.19)(107.0)%
Basic weighted average shares66,12666,266
Diluted weighted average shares66,12667,918
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 March 31,
For the twelve months
ended March 31,
2025202420252024
Income (loss) from continuing operations before income taxes(6,746)(9,205)22,84034,361
Income tax expense (benefit)(479)(3,027)25,34224,270
Net earnings from continuing operations(6,267)(6,178)(2,502)10,091
Earnings from discontinued operations, net of tax-8051,6881,790
Net earnings (loss)(6,267)(5,373)(814)11,881
Basic earnings (loss) per share(0.10)(0.08)(0.01)0.18
Diluted earnings (loss) per share(0.10)(0.08)(0.01)0.17
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,1353,09714,4158,785
Non-cash stock compensation (cost of revenue and operating expenses)24,16624,780107,97971,304
Restructuring and merger charges (gains, losses, and other)7,2412,5167,99311,708
Transformation costs (general and administrative)1,875
Total excluded items from continuing operations34,54230,393130,38793,672
Income from continuing operations before income taxes and excluding items27,79621,188153,227128,033
Income tax expense (2)7,7593,94738,29629,882
Non-GAAP net earnings (loss) from continuing operations20,03717,241114,93198,151
Non-GAAP earnings per share from continuing operations
Basic0.300.261.741.48
Diluted0.300.251.701.45
Basic weighted average shares65,95766,32366,12666,266
Diluted weighted average shares67,47968,47167,49967,918
(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) Non-GAAP 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 the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
For the three months
ended March 31,
For the twelve months
ended March 31,
2025202420252024
Income (loss) from operations(11,508)(14,275)5,40411,404
Operating income (loss) margin(6.1)%(8.3)%0.7%1.7%
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,1353,09714,4158,785
Non-cash stock compensation (cost of revenue and operating expenses)24,16624,780107,97971,304
Restructuring and merger charges (gains, losses, and other)7,2412,5167,99311,708
Transformation costs (general and administrative)---1,875
Total excluded items34,54230,393130,38793,672
Income from operations before excluded items23,03416,118135,791105,076
Non-GAAP operating income margin12.2%9.4%18.2%15.9%
(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 March 31,
For the twelve months
ended March 31,
2024202320242023
Net earnings (loss) from continuing operations(6,267)(6,178)(2,502)10,091
Income tax expense (benefit)(479)(3,027)25,34224,270
Total other expense, net(4,762)(5,070)(17,436)(22,957)
Income (loss) from operations(11,508)(14,275)5,40411,404
Depreciation and amortization3,8033,82317,20711,508
EBITDA(7,705)(10,452)22,61122,912
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)24,16624,780107,97971,304
Restructuring and merger charges (gains, losses, and other)7,2412,5167,99311,708
Transformation costs (general and administrative)---1,875
Other adjustments31,40727,296115,97284,887
Adjusted EBITDA23,70216,844138,583107,799
(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 31March 31$%
20252024VarianceVariance
Assets
Current assets:
Cash and cash equivalents413,331336,86776,46422.7%
Restricted cash5952,604(2,009)(77.2)%
Short-term investments7,50032,045(24,545)(76.6)%
Trade accounts receivable, net186,169190,313(4,144)(2.2)%
Refundable income taxes, net9,7088,5211,18713.9%
Other current assets38,88631,6827,20422.7%
Total current assets656,189602,03254,1579.0%
Property and equipment23,81325,394(1,581)(6.2)%
Less - accumulated depreciation and amortization17,62917,2134162.4%
Property and equipment, net6,1848,181(1,997)(24.4)%
Intangible assets, net20,16734,583(14,416)(41.7)%
Goodwill501,756501,756--%
Deferred commissions, net44,45248,143(3,691)(7.7)%
Other assets, net30,62336,748(6,125)(16.7)%
1,259,3711,231,44327,9282.3%
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable112,27181,20231,06938.3%
Accrued payroll and related expenses50,77661,575(10,799)(17.5)%
Other accrued expenses38,58642,857(4,271)(10.0)%
Deferred revenue45,88530,94214,94348.3%
Total current liabilities247,518216,57630,94214.3%
Other liabilities62,99465,732(2,738)(4.2)%
Stockholders' equity:
Preferred stock---n/a
Common stock15,91815,5943242.1%
Additional paid-in capital2,045,3161,933,776111,5405.8%
Retained earnings1,313,3581,314,172(814)(0.1)%
Accumulated other comprehensive income4,2953,9643318.4%
Treasury stock, at cost(2,430,028)(2,318,371)(111,657)4.8%
Total stockholders' equity948,859949,135(276)(0.0)%
1,259,3711,231,44327,9282.3%

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months
ended March 31,
20252024
Cash flows from operating activities:
Net loss(6,267)(5,373)
Earnings from discontinued operations, net of tax(805)
Non-cash operating activities:
Depreciation and amortization3,8033,823
Loss on disposal or impairment of assets446
Lease-related impairment and restructuring charges(28)(546)
Gain on sale of strategic investments(515)
Loss on marketable equity securities206
Provision for doubtful accounts(453)1,947
Deferred income taxes(496)(498)
Non-cash stock compensation expense24,16624,780
Changes in operating assets and liabilities:
Accounts receivable, net25,1878,700
Deferred commissions46(3,971)
Other assets4,7038,514
Accounts payable and other liabilities11,738(246)
Income taxes(523)(7,285)
Deferred revenue969(1,403)
Net cash provided by operating activities62,58027,643
Cash flows from investing activities:
Capital expenditures(293)(1,791)
Cash paid in acquisitions, net of cash received(170,281)
Purchases of investments(24,509)
Proceeds from sales of investments25,000
Proceeds from sale of strategic investment763
Net cash provided by (used in) investing activities470(171,581)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans2021
Shares repurchased for tax withholdings upon vesting of stock-based awards(1,026)(719)
Acquisition of treasury stock(25,447)(15,177)
Net cash used in financing activities(26,271)(15,895)
Net cash provided by (used in) continuing operations36,779(159,833)
Cash flows from discontinued operations:
From operating activities(798)805
Net cash provided by (used in) discontinued operations(798)805
Net cash provided by (used in) continuing and discontinued operations35,981(159,028)
Effect of exchange rate changes on cash580(447)
Net change in cash, cash equivalents and restricted cash36,561(159,475)
Cash, cash equivalents and restricted cash at beginning of period377,365498,946
Cash, cash equivalents and restricted cash at end of period413,926339,471
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations5584,905
Cash received for income taxes, net from discontinued operations(1,258)
Cash paid for operating lease liabilities2,4262,594
Operating lease assets obtained in exchange for operating lease liabilities148
Operating lease assets, and related lease liabilities, relinquished in lease terminations(40)
Purchases of property, plant and equipment remaining unpaid at period end20104
Marketable equity securities obtained in disposition of strategic investment652
Excise tax payable on net stock repurchases64

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the twelve months
ended March 31,
20252024
Cash flows from operating activities:
Net earnings (loss)(814)11,881
Earnings from discontinued operations, net of tax(1,688)(1,790)
Non-cash operating activities:
Depreciation and amortization17,20711,508
Loss on disposal or impairment of assets851,219
Lease-related impairment and restructuring charges141,769
Gain on sale of strategic investments(515)
Loss on marketable equity securities206
Provision for doubtful accounts6952,254
Impairment of goodwill2,875
Deferred income taxes(447)(458)
Non-cash stock compensation expense107,97971,304
Changes in operating assets and liabilities:
Accounts receivable, net3,547(32,336)
Deferred commissions3,691(11,113)
Other assets2,1059,426
Accounts payable and other liabilities3,5738,508
Income taxes3,43022,275
Deferred revenue14,8978,334
Net cash provided by operating activities153,965105,656
Cash flows from investing activities:
Capital expenditures(1,042)(4,255)
Cash paid in acquisitions, net of cash received(1,951)(170,281)
Purchases of investments(1,967)(48,894)
Proceeds from sales of investments26,98950,750
Proceeds from sale of strategic investment763
Purchases of strategic investments(1,400)(1,000)
Net cash provided by (used in) investing activities21,392(173,680)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans8,8337,222
Shares repurchased for tax withholdings upon vesting of stock-based awards(10,331)(5,835)
Acquisition of treasury stock(101,198)(60,502)
Net cash used in financing activities(102,696)(59,115)
Net cash provided by (used in) continuing operations72,661(127,139)
Cash flows from discontinued operations:
From operating activities1,6881,790
Net cash provided by discontinued operations1,6881,790
Net cash provided by (used in) continuing and discontinued operations74,349(125,349)
Effect of exchange rate changes on cash106372
Net change in cash, cash equivalents and restricted cash74,455(124,977)
Cash, cash equivalents and restricted cash at beginning of period339,471464,448
Cash, cash equivalents and restricted cash at end of period413,926339,471
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations22,5482,465
Cash received for income taxes, net from discontinued operations(2,486)(2,765)
Cash received for tenant improvement allowances(2,628)
Cash paid for operating lease liabilities9,79810,293
Operating lease assets obtained in exchange for operating lease liabilities2,32711,825
Operating lease assets, and related lease liabilities, relinquished in lease terminations(595)(4,486)
Purchases of property, plant and equipment remaining unpaid at period end20104
Marketable equity securities obtained in disposition of strategic investment652
Excise tax payable on net stock repurchases128

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/20243/31/2025FY2025
Net cash provided by (used in) operating activities$25,693$35,764$16,556$27,643$105,656$(9,328)$55,596$45,117$62,580$153,965
Less:
Capital expenditures(53)(200)(2,211)(1,791)(4,255)(226)(241)(282)(293)(1,042)
Free Cash Flow$25,640$35,564$14,345$25,852$101,401$(9,554)$55,355$44,835$62,287$152,923
(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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Yr-to-Yr
FY2024FY2025FY2025 to FY2024
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/20243/31/2025FY2025%$
Revenues154,069159,871173,869171,852659,661175,961185,483195,412188,724745,58013.0%85,919
Cost of revenue45,62141,21244,93447,722179,48951,74951,23454,99857,929215,91020.3%36,421
Gross profit108,448118,659128,935124,130480,172124,212134,249140,414130,795529,67010.3%49,498
% Gross margin70.4 %74.2 %74.2 %72.2 %72.8 %70.6 %72.4 %71.9 %69.3 %71.0 %
Operating expenses
Research and development34,51933,73337,78845,161151,20144,11843,88942,73545,926176,66816.8%25,467
Sales and marketing44,87944,13546,20360,476195,69354,17551,10750,86356,961213,1068.9%17,413
General and administrative26,66426,00927,24130,252110,16630,96131,36931,99432,175126,49914.8%16,333
Gains, losses and other items, net1166,5742,5022,51611,7082063971497,2417,993(31.7)%(3,715)
Total operating expenses106,178110,451113,734138,405468,768129,460126,762125,741142,303524,26611.8%55,498
Income (loss) from operations2,2708,20815,201(14,275)11,404(5,248)7,48714,673(11,508)5,404(52.6)%(6,000)
% Margin5.0 %24.3 %40.2 %(31.6)%1.7 %(3.0)%4.0 %7.5 %(6.1)%0.7 %
Total other income, net4,8496,4316,6075,07022,9574,4444,1974,0334,76217,436(24.0)%(5,521)
Income (loss) from continuing operations before income taxes7,11914,63921,808(9,205)34,361(804)11,68418,706(6,746)22,840(33.5)%(11,521)
Income tax expense (benefit)8,70510,1638,429(3,027)24,2706,6859,9529,184(479)25,3424.4%1,072
Net earnings (loss) from continuing operations(1,586)4,47613,379(6,178)10,091(7,489)1,7329,522(6,267)(2,502)(124.8)%(12,593)
Earnings from discontinued operations, net of tax-3875988051,790--1,688-1,688(5.7)%(102)
Net earnings (loss)$(1,586)$4,863$13,977$(5,373)$11,881$(7,489)$1,732$11,210$(6,267)$(814)(106.9)%(12,695)
Basic earnings (loss) per share:
Continuing Operations(0.02)0.070.20(0.09)0.15(0.11)0.030.15(0.10)(0.04)(124.8)%(0.19)
Discontinued Operations0.000.010.010.010.030.000.000.030.000.03(5.5)%(0.00)
Basic earnings (loss) per share(0.02)0.070.21(0.08)0.18(0.11)0.030.17(0.10)(0.01)(106.9)%(0.19)
Diluted earnings (loss) per share:
Continuing Operations(0.02)0.070.20(0.09)0.15(0.11)0.030.14(0.10)(0.04)(125.5)%(0.19)
Discontinued Operations0.000.010.010.010.030.000.000.030.000.03(3.1)%(0.00)
Diluted earnings (loss) per share(0.02)0.070.21(0.08)0.17(0.11)0.030.17(0.10)(0.01)(107.0)%(0.19)
Basic weighted average shares66,49766,28465,96166,32366,26666,62166,29465,63165,95766,126
Diluted weighted average shares66,49767,86867,94366,32367,91866,62167,30966,74365,95766,126
Some earnings (loss) per share amounts may not add due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/20243/31/2025FY2025
Expenses:
Cost of revenue45,62141,21244,93447,722179,48951,74951,23454,99857,929215,910
Research and development34,51933,73337,78845,161151,20144,11843,88942,73545,926176,668
Sales and marketing44,87944,13546,20360,476195,69354,17551,10750,86356,961213,106
General and administrative26,66426,00927,24130,252110,16630,96131,36931,99432,175126,499
Gains, losses and other items, net1166,5742,5022,51611,7082063971497,2417,993
Gross profit, continuing operations:108,448118,659128,935124,130480,172124,212134,249140,414130,795529,670
% Gross margin70.4%74.2%74.2%72.2%72.8%70.6%72.4%71.9%69.3%71.0%
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,2901,2171,1813,0978,7853,8463,7483,6863,13514,415
Non-cash stock compensation (cost of revenue)6296298171,4783,5531,5961,4991,4551,6156,165
Non-cash stock compensation (research and development)5,0775,2936,9609,85927,18910,20510,92010,08510,49441,704
Non-cash stock compensation (sales and marketing)3,7364,7864,0896,33718,9487,0937,3837,2785,71627,470
Non-cash stock compensation (general and administrative)3,8505,0275,6317,10621,6149,0919,2667,9426,34132,640
Restructuring charges (gains, losses, and other)1166,5742,5022,51611,7082063971497,2417,993
Transformation costs (general and administrative)1,8751,875
Total excluded items18,57323,52621,18030,39393,67232,03733,21330,59534,542130,387
Expenses, excluding items:
Cost of revenue41,70239,36642,93643,147167,15146,30745,98749,85753,179195,330
Research and development29,44228,44030,82835,302124,01233,91332,96932,65035,432134,964
Sales and marketing41,14339,34942,11454,139176,74547,08243,72443,58551,245185,636
General and administrative20,93920,98221,61023,14686,67721,87022,10324,05225,83493,859
Gross profit, excluding items:112,367120,505130,933128,705492,510129,654139,496145,555135,545550,250
% Gross margin72.9%75.4%75.3%74.9%74.7%73.7%75.2%74.5%71.8%73.8%
(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)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/20243/31/2025FY2025
Income (loss) from continuing operations before income taxes7,11914,63921,808(9,205)34,361(804)11,68418,706(6,746)22,840
Income tax expense (benefit)8,70510,1638,429(3,027)24,2706,6859,9529,184(479)25,342
Net earnings (loss) from continuing operations(1,586)4,47613,379(6,178)10,091(7,489)1,7329,522(6,267)(2,502)
Earnings from discontinued operations, net of tax-3875988051,790--1,688-1,688
Net earnings (loss)(1,586)4,86313,977(5,373)11,881(7,489)1,73211,210(6,267)(814)
Earnings (loss) per share:
Basic(0.02)0.070.21(0.08)0.18(0.11)0.030.17(0.10)(0.01)
Diluted(0.02)0.070.21(0.08)0.17(0.11)0.030.17(0.10)(0.01)
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,2901,2171,1813,0978,7853,8463,7483,6863,13514,415
Non-cash stock compensation (cost of revenue and operating expenses)13,29215,73517,49724,78071,30427,98529,06826,76024,166107,979
Restructuring and merger charges (gains, losses, and other)1166,5742,5022,51611,7082063971497,2417,993
Transformation costs (general and administrative)1,875---1,875-----
Total excluded items from continuing operations18,57323,52621,18030,39393,67232,03733,21330,59534,542130,387
Income from continuing operations before income taxes and excluding items25,69238,16542,98821,188128,03331,23344,89749,30127,796153,227
Income tax expense (2)6,1679,03610,7323,94729,8827,37110,74512,4217,75938,296
Non-GAAP net earnings from continuing operations19,52529,12932,25617,24198,15123,86234,15236,88020,037114,931
Non-GAAP earnings per share from continuing operations
Basic0.290.440.490.261.480.360.520.560.301.74
Diluted0.290.430.470.251.450.350.510.550.301.70
Basic weighted average shares66,49766,28465,96166,32366,26666,62166,29465,63165,95766,126
Diluted weighted average shares67,38867,86867,94368,47167,91868,46367,30966,74367,47967,499
Some totals may not add due to rounding
(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 GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
(Unaudited)
(Dollars in thousands)
For theFor the
quarter endingyear ending
June 30,
2025
March 31,
2026
LowHigh
GAAP income from operations$6,000$85,000$89,000
Excluded items:
Purchased intangible asset amortization3,00011,00011,000
Non-cash stock compensation24,00082,00082,000
Total excluded items27,00093,00093,000
Non-GAAP income from operations$33,000$178,000$182,000
(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 2025 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, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses 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 employee 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 prior years, 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 thepotentialCOVID-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, Non-GAAP operating income margin, 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 income and 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 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 is defined as operating cash flow less capital expenditures. 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. The presentation of non-GAAP free cash flow 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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FAQ

What were LiveRamp's (RAMP) key financial results for Q4 2025?

LiveRamp's Q4 2025 revenue was $189 million (+10% YoY), with subscription revenue of $145 million (+9%) and Marketplace revenue of $44 million (+14%). Non-GAAP operating income was $23 million with a 12% margin.

How much did LiveRamp (RAMP) spend on share repurchases in fiscal 2025?

LiveRamp spent $101 million on share repurchases in fiscal 2025, buying back approximately 3.8 million shares. The company has $256 million remaining in its repurchase authorization through December 2026.

What is LiveRamp's revenue guidance for fiscal 2026?

LiveRamp expects fiscal 2026 revenue between $787 million and $817 million, representing growth of 6-10%, with Q1 FY26 revenue projected at $191 million (+9%).

How many $1 million+ customers does LiveRamp have?

LiveRamp ended FY25 with 128 customers whose annualized subscription revenue exceeds $1 million, up from 115 in the prior year.

What restructuring did LiveRamp announce in March 2025?

LiveRamp announced a workforce restructuring affecting approximately 5% of full-time employees, incurring $7.2 million in restructuring charges primarily for employee severance and benefits.
Liveramp

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2.16B
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Software - Infrastructure
Services-computer Processing & Data Preparation
United States
SAN FRANCISCO