Total Revenue Up 16% and Subscription Revenue Up 14%
Raising FY23 Operating Income Guidance
$100 Million of Stock Repurchased Fiscal Year to Date
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading global data enablement platform, today announced its financial results for the quarter ended 30 Settembre 2022.
Q2 Financial Highlights1
- Total revenue was $147 million, up 16%.
- Subscription revenue was $120 million, up 14%, and accounted for 81% of total revenue.
- Marketplace & Other revenue was $27 million, up 25%.
- GAAP gross profit was $105 million, up 14%. GAAP gross margin of 71% contracted by 1 percentage point. Non-GAAP gross profit was $111 million, up 13%. Non-GAAP gross margin of 75% contracted by 2 percentage points.
- GAAP operating loss was $29 million compared to $6 million in the prior year period. Non-GAAP operating income was $17 million compared to $18 million in the prior year period.
- GAAP loss per share was $0.45, and non-GAAP earnings per share were $0.22.
- Net cash provided by operating activities was $21 million compared to $11 million in the prior year period.
- During the quarter, the Company repurchased approximately 1.7 million shares for $40 million under its current share repurchase program. Fiscal year to date the Company has repurchased approximately 3.8 million shares for $100 million. Since inception of the program in August 2011, the Company has returned approximately $1.3 billion in capital to shareholders.
__________
1 Unless otherwise indicated, all comparisons are to the prior year period.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
“Despite challenging macroeconomic conditions, we delivered healthy second quarter results, with 16% revenue growth and strong free cash flow,” said LiveRamp CEO Scott Howe. “Our second quarter results demonstrate the vital role LiveRamp plays for our customers. We continue to lead the industry in identity resolution and data collaboration through our Safe Haven® platform.”
“In this period of uncertainty, we’ve tightened our belts,” added President and CFO Warren Jenson. “As a result, we’re increasing our FY23 non-GAAP operating income guidance to approximately $60 million, representing growth of more than 40% year-on-year.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its second fiscal quarter ($ in millions):
|
|
Q2 Fiscal 2023 |
|
Q2 Fiscal 2022 |
||
|
|
Results |
|
Results |
||
|
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
Subscription revenue |
$120 |
— |
|
$105 |
— |
|
YoY change % |
14% |
|
|
23% |
|
|
Marketplace & other revenue |
$27 |
— |
|
$22 |
— |
|
YoY change % |
25% |
|
|
16% |
|
|
Total revenue |
$147 |
— |
|
$127 |
— |
|
YoY change % |
16% |
|
|
22% |
|
|
|
|
|
|
|
|
|
Gross profit |
$105 |
$111 |
|
$92 |
$98 |
|
% Gross margin |
71% |
75% |
|
72% |
77% |
|
YoY change, pts |
(1) pt |
(2) pts |
|
6 pts |
5 pts |
|
|
|
|
|
|
|
|
Operating income (loss) |
($29) |
$17 |
|
($6) |
$18 |
|
% Operating margin |
(20%) |
12% |
|
(5%) |
14% |
|
YoY change, pts |
(15) pts |
(2) pts |
|
21 pts |
13 pts |
|
|
|
|
|
|
|
|
Net earnings (loss) |
($30) |
$15 |
|
($6) |
$18 |
|
Earnings (loss) per share |
($0.45) |
$0.22 |
|
($0.09) |
$0.26 |
|
|
|
|
|
|
|
|
Shares to Calculate EPS |
67.1 |
67.6 |
|
68.0 |
69.3 |
|
YoY change % |
(1%) |
(3%) |
|
3% |
1% |
|
Net operating cash flow |
$21 |
— |
|
$11 |
— |
|
Free cash flow to equity |
— |
$19 |
|
— |
$10 |
|
|
|
|
|
|
|
|
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 Authenticated Traffic Solution (ATS) has reached global scale. There are currently more than 125 supply-side platforms (SSPs) and demand-side platforms (DSPs) live or committed to bid on RampID™ and ATS, including The Trade Desk, Amobee, Criteo, dataxu, and MediaMath. Further, in March 2022, LiveRamp announced an expanded partnership with The Trade Desk to power European Unified ID (EUID) via its ATS infrastructure.
- To date, over 1,500 publishers, representing more than 11,500 deployed domains, have integrated ATS worldwide, including Amazon Publisher Services, Microsoft, Hearst, CafeMedia, Leaf Group, Prisma Media and Burda.
- The Company recently announced an expanded partnership with Meta, enabling marketers to privately and securely use their first-party data to target, measure, and optimize campaigns to drive greater returns from their marketing investments — all powered by LiveRamp’s people-based, privacy-first identifier, RampID. LiveRamp’s ATS is also now available for marketers to connect to Facebook’s Conversions API (CAPI), a tool that creates, measures and optimizes advertising campaigns in flight.
- In September 2022, the Company announced that its identity solutions will be directly integrated with Genie, Salesforce’s new real-time customer data platform (CDP). Genie customers will have access to LiveRamp tools to build more accurate audiences powered by RampID™, the Company’s people-based identifier that provides access to 125+ DSPs/SSPs and our network of publishers.
- LiveRamp added 10 net new direct subscription customers in the second quarter. Customer count at quarter end was 920, up from 870 a year ago.
- LiveRamp has 92 customers whose subscription contracts exceed $1 million in annual revenue, up 15% compared to the prior year period.
- During the second quarter, subscription net retention was 106% and platform net retention was 108%.
- Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $293 million, up 10% compared to the prior year period.
- During the second quarter, the Company announced it will reduce its real estate footprint resulting in restructuring charges of $12 million. Subsequent to the end of the second quarter, the Company announced it will reduce its current workforce by approximately 10% and further reduce its real estate footprint. Collectively, these actions are expected to result in annualized operating expense savings of $30 million to $35 million.
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 third quarter of fiscal 2023, LiveRamp expects to report:
- Revenue of approximately $158 million, an increase of 12% year-over-year
- GAAP operating loss of approximately $27 million
- Non-GAAP operating income of approximately $22 million
For fiscal 2023, LiveRamp raises its guidance and now expects to report:
- Revenue of between $595 million and $600 million, an increase of 13% year-over-year
- GAAP operating loss of approximately $102 million
- Non-GAAP operating income of approximately $60 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 leading data connectivity platform for the safe and effective use of data. Powered by core identity capabilities and an unparalleled network, LiveRamp enables companies and their partners to better connect, control, and activate data to transform customer experiences and generate more valuable business outcomes. LiveRamp’s fully interoperable and neutral infrastructure delivers end-to-end addressability for the world’s top brands, agencies, and publishers. For more information, visit www.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 2023 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 the ongoing COVID-19 pandemic, rising interest rates, cost increases and general inflationary pressure and the associated impacts 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 and divestiture activities. Our international operations are also subject to risks, including 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’ 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 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 31 Marzo 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.
LiveRampⓇ, RampID™, AbilitecⓇ, Safe HavenⓇ 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 | ||||||||||||
| September 30, | ||||||||||||
| $ | % | |||||||||||
|
2022 |
|
2021 |
|
Variance | Variance | |||||||
| Revenues |
147,099 |
|
127,290 |
|
19,809 |
|
15.6 |
% |
||||
| Cost of revenue |
42,304 |
|
35,079 |
|
7,225 |
|
20.6 |
% |
||||
| Gross profit |
104,795 |
|
92,211 |
|
12,584 |
|
13.6 |
% |
||||
|
% Gross margin |
71.2 |
% |
72.4 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
46,139 |
|
35,788 |
|
10,351 |
|
28.9 |
% |
||||
| Sales and marketing |
45,949 |
|
39,509 |
|
6,440 |
|
16.3 |
% |
||||
| General and administrative |
28,718 |
|
23,078 |
|
5,640 |
|
24.4 |
% |
||||
| Gains, losses and other items, net |
13,111 |
|
18 |
|
13,093 |
|
n/a |
|
||||
| Total operating expenses |
133,917 |
|
98,393 |
|
35,524 |
|
36.1 |
% |
||||
| Loss from operations |
(29,122 |
) |
(6,182 |
) |
(22,940 |
) |
(371.1 |
%) |
||||
| % Margin |
-19.8 |
% |
-4.9 |
% |
||||||||
| Total other income, net |
2,248 |
|
150 |
|
2,098 |
|
1398.7 |
% |
||||
| Loss before income taxes |
(26,874 |
) |
(6,032 |
) |
(20,842 |
) |
(345.5 |
%) |
||||
| Income tax expense |
3,562 |
|
399 |
|
3,163 |
|
792.7 |
% |
||||
| Net loss |
(30,436 |
) |
(6,431 |
) |
(24,005 |
) |
(373.3 |
%) |
||||
| Basic loss per share |
(0.45 |
) |
(0.09 |
) |
(0.36 |
) |
(379.9 |
%) |
||||
| Diluted loss per share: |
(0.45 |
) |
(0.09 |
) |
(0.36 |
) |
(379.9 |
%) |
||||
| Basic weighted average shares |
67,096 |
|
68,042 |
|
||||||||
| Diluted weighted average shares |
67,096 |
|
68,042 |
|
||||||||
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| For the Six Months Ended | ||||||||||||
| September 30, | ||||||||||||
|
|
|
|
|
$ |
|
% |
||||||
|
2022 |
|
|
2021 |
|
|
Variance |
|
Variance |
||||
| Revenues |
289,342 |
|
246,328 |
|
43,014 |
|
17.5 |
% |
||||
| Cost of revenue |
83,325 |
|
69,394 |
|
13,931 |
|
20.1 |
% |
||||
| Gross profit |
206,017 |
|
176,934 |
|
29,083 |
|
16.4 |
% |
||||
| % Gross margin |
71.2 |
% |
71.8 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
93,800 |
|
70,564 |
|
23,236 |
|
32.9 |
% |
||||
| Sales and marketing |
97,229 |
|
81,488 |
|
15,741 |
|
19.3 |
% |
||||
| General and administrative |
55,862 |
|
47,369 |
|
8,493 |
|
17.9 |
% |
||||
| Gains, losses and other items, net |
13,850 |
|
1,296 |
|
12,554 |
|
968.7 |
% |
||||
| Total operating expenses |
260,741 |
|
200,717 |
|
60,024 |
|
29.9 |
% |
||||
| Loss from operations |
(54,724 |
) |
(23,783 |
) |
(30,941 |
) |
(130.1 |
%) |
||||
| % Margin |
-18.9 |
% |
-9.7 |
% |
||||||||
| Total other income, net |
2,947 |
|
30,751 |
|
(27,804 |
) |
(90.4 |
%) |
||||
| Income (loss) before income taxes |
(51,777 |
) |
6,968 |
|
(58,745 |
) |
(843.1 |
%) |
||||
| Income tax expense (benefit) |
5,877 |
|
(3,966 |
) |
9,843 |
|
248.2 |
% |
||||
| Net earnings (loss) |
(57,654 |
) |
10,934 |
|
(68,588 |
) |
(627.3 |
%) |
||||
| Basic earnings (loss) per share |
(0.85 |
) |
0.16 |
|
(1.01 |
) |
(630.7 |
%) |
||||
| Diluted earnings (loss) per share: |
(0.85 |
) |
0.16 |
|
(1.01 |
) |
(640.7 |
%) |
||||
| Basic weighted average shares |
67,750 |
|
68,185 |
|
||||||||
| Diluted weighted average shares |
67,750 |
|
69,473 |
|
||||||||
| 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 Six Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
| Income (loss) before income taxes |
(26,874 |
) |
(6,032 |
) |
(51,777 |
) |
6,968 |
|
|||
| Income tax expense (benefit) |
3,562 |
|
399 |
|
5,877 |
|
(3,966 |
) |
|||
| Net earnings (loss) |
(30,436 |
) |
(6,431 |
) |
(57,654 |
) |
10,934 |
|
|||
| Earnings (loss per share): | |||||||||||
| Basic |
(0.45 |
) |
(0.09 |
) |
(0.85 |
) |
0.16 |
|
|||
| Diluted |
(0.45 |
) |
(0.09 |
) |
(0.85 |
) |
0.16 |
|
|||
| Excluded items: | |||||||||||
| Purchased intangible asset amortization (cost of revenue) |
,637 |
|
4,612 |
|
9,280 |
|
9,257 |
|
|||
| Non-cash stock compensation (cost of revenue and operating expenses) |
27,293 |
|
19,221 |
|
51,518 |
|
37,717 |
|
|||
| Transformation costs (general and administrative) |
1,250 |
|
– |
|
1,250 |
|
– |
|
|||
| Restructuring and merger charges (gains, losses, and other) |
13,111 |
|
18 |
|
13,850 |
|
1,296 |
|
|||
| Gain on retained profits interest (other income) |
– |
|
– |
|
– |
|
(30,052 |
) |
|||
| Total excluded items |
46,291 |
|
23,851 |
|
75,898 |
|
18,218 |
|
|||
| Income before income taxes and excluding items |
19,417 |
|
17,819 |
|
24,121 |
|
25,186 |
|
|||
| Income tax expense (benefit) (2) |
4,557 |
|
(12 |
) |
5,794 |
|
853 |
|
|||
| Non-GAAP net earnings |
14,860 |
|
17,831 |
|
18,327 |
|
24,333 |
|
|||
| Non-GAAP earnings per share: | |||||||||||
| Basic |
0.22 |
|
0.26 |
|
0.27 |
|
0.36 |
|
|||
| Diluted |
0.22 |
|
0.26 |
|
0.27 |
|
0.35 |
|
|||
| Basic weighted average shares |
67,096 |
|
68,042 |
|
67,750 |
|
68,185 |
|
|||
| Diluted weighted average shares |
67,568 |
|
69,333 |
|
68,384 |
|
69,473 |
|
|||
|
(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 | For the Six Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|||||
| Loss from operations |
(29,122 |
) |
(6,182 |
) |
(54,724 |
) |
(23,783 |
) |
||||
| Excluded items: | ||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
4,637 |
|
4,612 |
|
9,280 |
|
9,257 |
|
||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
27,293 |
|
19,221 |
|
51,518 |
|
37,717 |
|
||||
| Transformation costs (general and administrative) |
1,250 |
|
– |
|
1,250 |
|
– |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
13,111 |
|
18 |
|
13,850 |
|
1,296 |
|
||||
| Total excluded items |
46,291 |
|
23,851 |
|
75,898 |
|
48,270 |
|
||||
| Income from operations before excluded items |
17,169 |
|
17,669 |
|
21,174 |
|
24,487 |
|
||||
|
(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 | For the Six Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|||||
| Net earnings (loss) |
(30,436 |
) |
(6,431 |
) |
(57,654 |
) |
10,934 |
|
||||
| Income tax expense (benefit) |
3,562 |
|
399 |
|
5,877 |
|
(3,966 |
) |
||||
| Other income |
(2,248 |
) |
(150 |
) |
(2,947 |
) |
(30,751 |
) |
||||
| Income (loss) from operations |
(29,122 |
) |
(6,182 |
) |
(54,724 |
) |
(23,783 |
) |
||||
| Depreciation and amortization |
5,689 |
|
5,819 |
|
11,430 |
|
12,404 |
|
||||
| EBITDA |
(23,433 |
) |
(363 |
) |
(43,294 |
) |
(11,379 |
) |
||||
| Other adjustments: | ||||||||||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
27,293 |
|
19,221 |
|
51,518 |
|
37,717 |
|
||||
| Transformation costs (general and administrative) |
1,250 |
|
– |
|
1,250 |
|
– |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
13,111 |
|
18 |
|
13,850 |
|
1,296 |
|
||||
| Other adjustments |
41,654 |
|
19,239 |
|
66,618 |
|
39,013 |
|
||||
| Adjusted EBITDA |
18,221 |
|
18,876 |
|
23,324 |
|
27,634 |
|
||||
|
(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) | ||||||||||||
| September 30, | March 31, | $ | % | |||||||||
|
2022 |
|
2022 |
|
Variance | Variance | |||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents |
485,602 |
|
600,162 |
|
(114,560 |
) |
(19.1 |
%) |
||||
| Trade accounts receivable, net |
157,711 |
|
148,343 |
|
9,368 |
|
6.3 |
% |
||||
| Refundable income taxes |
29,971 |
|
30,354 |
|
(383 |
) |
(1.3 |
%) |
||||
| Other current assets |
31,512 |
|
36,975 |
|
(5,463 |
) |
(14.8 |
%) |
||||
| Total current assets |
704,796 |
|
815,834 |
|
(111,038 |
) |
(13.6 |
%) |
||||
| Property and equipment |
45,614 |
|
45,001 |
|
613 |
|
1.4 |
% |
||||
| Less – accumulated depreciation and amortization |
34,573 |
|
33,470 |
|
1,103 |
|
3.3 |
% |
||||
| Property and equipment, net |
11,041 |
|
11,531 |
|
(490 |
) |
(4.2 |
%) |
||||
| Intangible assets, net |
17,394 |
|
26,718 |
|
(9,324 |
) |
(34.9 |
%) |
||||
| Goodwill |
362,517 |
|
363,845 |
|
(1,328 |
) |
(0.4 |
%) |
||||
| Deferred commissions, net |
31,514 |
|
30,594 |
|
920 |
|
3.0 |
% |
||||
| Other assets, net |
61,237 |
|
85,214 |
|
(23,977 |
) |
(28.1 |
%) |
||||
|
1,188,499 |
|
1,333,736 |
|
(145,237 |
) |
(10.9 |
%) |
|||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Trade accounts payable |
70,312 |
|
83,197 |
|
(12,885 |
) |
(15.5 |
%) |
||||
| Accrued payroll and related expenses |
22,822 |
|
39,188 |
|
(16,366 |
) |
(41.8 |
%) |
||||
| Other accrued expenses |
40,667 |
|
46,067 |
|
(5,400 |
) |
(11.7 |
%) |
||||
| Deferred revenue |
16,397 |
|
16,114 |
|
283 |
|
1.8 |
% |
||||
| Total current liabilities |
150,198 |
|
184,566 |
|
(34,368 |
) |
(18.6 |
%) |
||||
| Other liabilities |
78,232 |
|
86,110 |
|
(7,878 |
) |
(9.1 |
%) |
||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock |
– |
|
– |
|
– |
|
n/a |
|
||||
| Common stock |
15,148 |
|
14,984 |
|
164 |
|
1.1 |
% |
||||
| Additional paid-in capital |
1,780,803 |
|
1,721,118 |
|
59,685 |
|
3.5 |
% |
||||
| Retained earnings |
1,363,339 |
|
1,420,993 |
|
(57,654 |
) |
(4.1 |
%) |
||||
| Accumulated other comprehensive income |
1,925 |
|
5,730 |
|
(3,805 |
) |
(66.4 |
%) |
||||
| Treasury stock, at cost |
(2,201,146 |
) |
(2,099,765 |
) |
(101,381 |
) |
(4.8 |
%) |
||||
| Total stockholders’ equity |
960,069 |
|
1,063,060 |
|
(102,991 |
) |
(9.7 |
%) |
||||
|
1,188,499 |
|
1,333,736 |
|
(145,237 |
) |
(10.9 |
%) |
|||||
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| (Unaudited) | |||||
| (Dollars in thousands) | |||||
| For the Three Months Ended | |||||
|
|
September 30, | ||||
|
2022 |
|
2021 |
|
||
| Cash flows from operating activities: | |||||
| Net loss |
(30,436 |
) |
(6,431 |
) |
|
| Non-cash operating activities: | |||||
| Depreciation and amortization |
5,689 |
|
5,819 |
|
|
| Loss (gain) on disposal or impairment of assets |
(192 |
) |
29 |
|
|
| Lease impairments |
12,225 |
|
– |
|
|
| Provision for doubtful accounts |
118 |
|
327 |
|
|
| Deferred income taxes |
31 |
|
141 |
|
|
| Non-cash stock compensation expense |
27,293 |
|
19,221 |
|
|
| Changes in operating assets and liabilities: | |||||
| Accounts receivable |
(3,716 |
) |
(11,024 |
) |
|
| Deferred commissions |
(551 |
) |
(1,986 |
) |
|
| Other assets |
4,608 |
|
4,072 |
|
|
| Accounts payable and other liabilities |
5,080 |
|
447 |
|
|
| Income taxes |
(618 |
) |
368 |
|
|
| Deferred revenue |
1,844 |
|
(82 |
) |
|
| Net cash provided by operating activities |
21,375 |
|
10,901 |
|
|
| Cash flows from investing activities: | |||||
| Capital expenditures |
(2,673 |
) |
(876 |
) |
|
| Proceeds from sale of strategic investment |
400 |
|
– |
|
|
| Net cash used in investing activities |
(2,273 |
) |
(876 |
) |
|
| Cash flows from financing activities: | |||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
2 |
|
997 |
|
|
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(708 |
) |
(1,181 |
) |
|
| Acquisition of treasury stock |
(40,038 |
) |
(15,000 |
) |
|
| Net cash used in financing activities |
(40,744 |
) |
(15,184 |
) |
|
| Effect of exchange rate changes on cash |
(1,010 |
) |
(275 |
) |
|
| Net change in cash and cash equivalents |
(22,652 |
) |
(5,434 |
) |
|
| Cash and cash equivalents at beginning of period |
508,254 |
|
549,755 |
|
|
| Cash and cash equivalents at end of period |
485,602 |
|
544,321 |
|
|
| Supplemental cash flow information: | |||||
| Cash paid (received) during the period for: | |||||
| Income taxes |
4,165 |
|
(118 |
) |
|
| Operating lease assets obtained in exchange for operating lease liabilities |
– |
|
35,691 |
|
|
| Purchases of property, plant, & equipment, net remaining unpaid at end of period |
187 |
|
195 |
|
|
| LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| (Unaudited) | |||||
| (Dollars in thousands) | |||||
| For the Six Months Ended | |||||
| September 30, | |||||
|
2022 |
|
2021 |
|
||
| Cash flows from operating activities: | |||||
| Net earnings (loss) |
(57,654 |
) |
10,934 |
|
|
| Non-cash operating activities: | |||||
| Depreciation and amortization |
11,430 |
|
12,404 |
|
|
| Loss on disposal or impairment of assets |
(197 |
) |
142 |
|
|
| Lease impairments |
12,225 |
|
– |
|
|
| Gain on distribution from retained profits interest |
– |
|
(30,052 |
) |
|
| Provision for doubtful accounts |
1,115 |
|
1,282 |
|
|
| Deferred income taxes |
218 |
|
(771 |
) |
|
| Non-cash stock compensation expense |
51,518 |
|
37,717 |
|
|
| Changes in operating assets and liabilities: | |||||
| Accounts receivable |
(11,449 |
) |
(18,073 |
) |
|
| Deferred commissions |
(920 |
) |
(5,369 |
) |
|
| Other assets |
8,960 |
|
23,408 |
|
|
| Accounts payable and other liabilities |
(29,477 |
) |
(36,829 |
) |
|
| Income taxes |
1,513 |
|
(632 |
) |
|
| Deferred revenue |
724 |
|
(501 |
) |
|
| Net cash used in operating activities |
(11,994 |
) |
(6,340 |
) |
|
| Cash flows from investing activities: | |||||
| Capital expenditures |
(4,414 |
) |
(1,303 |
) |
|
| Proceeds from sale of strategic investment |
400 |
|
– |
|
|
| Distribution from retained profits interest |
– |
|
31,000 |
|
|
| Cash paid in acquisition, net of cash received |
– |
|
(8,368 |
) |
|
| Net cash provided by (used in) investing activities |
(4,014 |
) |
21,329 |
|
|
| Cash flows from financing activities: | |||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
4,591 |
|
4,278 |
|
|
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(1,290 |
) |
(12,542 |
) |
|
| Acquisition of treasury stock |
(100,091 |
) |
(44,077 |
) |
|
| Net cash used in financing activities |
(96,790 |
) |
(52,341 |
) |
|
| Effect of exchange rate changes on cash |
(1,762 |
) |
(14 |
) |
|
| Net change in cash and cash equivalents |
(114,560 |
) |
(37,366 |
) |
|
| Cash and cash equivalents at beginning of period |
600,162 |
|
581,687 |
|
|
| Cash and cash equivalents at end of period |
485,602 |
|
544,321 |
|
|
| Supplemental cash flow information: | |||||
| Cash paid (received) during the period for: | |||||
| Income taxes |
4,169 |
|
(2,569 |
) |
|
| Operating lease assets obtained in exchange for operating lease liabilities |
– |
|
35,691 |
|
|
| Purchases of property, plant, & equipment, net remaining unpaid at end of period |
187 |
|
195 |
|
|
Contacts
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
ERAMP
