Total Revenue Up 17% and Subscription Revenue Up 19%
GAAP Gross Margin of 73% and Non-GAAP Gross Margin of 77%
$25 Million of Operating Cash Flow
86 $1 Million+ Customers
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading global data connectivity platform, today announced its financial results for the quarter ended 31 Dicembre 2021.
Third Quarter Financial Highlights
- Total revenue was $141 million, up 17% compared to the prior year period.
- Subscription revenue was $111 million, up 19% compared to the prior year period and contributed 79% of total revenue.
- Marketplace & Other revenue was $29 million, up 12% compared to the prior year period.
- GAAP gross profit was $102 million, up 23% compared to the prior year period. GAAP gross margin of 73% expanded 4 percentage points. Non-GAAP gross profit was $108 million, up 23% compared to the prior year period. Non-GAAP gross margin of 77% expanded 3 percentage points.
- GAAP operating loss was $14 million compared to a GAAP operating loss of $16 million in the prior year period. Non-GAAP operating income was $15 million compared to non-GAAP operating income of $12 million in the prior year period.
- GAAP loss per share was $0.23, and non-GAAP earnings per share were $0.14.
- Net cash provided by operating activities was $25 million compared to $15 million in the prior year period.
- During the quarter, LiveRamp repurchased approximately 115,000 shares for $5 million under the Company’s current share repurchase program. Since inception of the program in August 2011, the Company has returned approximately $1.2 billion in capital to shareholders.
A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.
“LiveRamp is fast becoming critical data infrastructure for global brands,” said LiveRamp CEO Scott Howe. “Adoption of Safe Haven®, our enterprise platform, is accelerating. We ended the quarter with 86 million dollar plus customers and approximately 20% of our ARR is now driven by Safe Haven®.”
“Our operating trends remain strong,” added LiveRamp President and CFO Warren Jenson. “Our revenue growth was robust, gross margin was 77%, ahead of our stated long-term target, and we were profitable on a non-GAAP operating income basis for the seventh quarter in a row. In addition, we expect to be operating cash flow positive for fiscal 2022.”
GAAP and Non-GAAP Results
The following table summarizes the Company’s financial results for its third fiscal quarter ($ in millions):
|
|
Q3 Fiscal 2022 |
|
Q3 Fiscal 2021 |
|||||
|
|
Results |
|
Results |
|||||
|
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
|
Subscription revenue |
$111 |
— |
$93 |
— |
||||
|
YoY change % |
19% |
|
15% |
|
||||
|
Marketplace & other revenue |
$29 |
— |
$26 |
— |
||||
|
YoY change % |
12% |
|
27% |
|
||||
|
Total revenue |
$141 |
— |
$120 |
— |
||||
|
YoY change % |
17% |
|
17% |
|
||||
|
|
|
|
|
|
||||
|
Gross profit |
$102 |
$108 |
$83 |
$88 |
||||
|
% Gross margin |
73% |
77% |
69% |
73% |
||||
|
YoY change, pts |
4 pts |
3 pts |
6 pts |
4 pts |
||||
|
|
|
|
|
|
||||
|
Operating income (loss) |
($14) |
$15 |
($16) |
$12 |
||||
|
% Operating margin |
(10%) |
10% |
(13%) |
10% |
||||
|
YoY change, pts |
3 pts |
— |
27 pts |
15 pts |
||||
|
|
|
|
|
|
||||
|
Net earnings (loss) |
($15) |
$10 |
($12) |
$10 |
||||
|
Earnings (loss) per share |
($0.23) |
$0.14 |
($0.18) |
$0.14 |
||||
|
|
|
|
|
|
||||
|
Shares to Calculate EPS |
68.2 |
69.9 |
66.5 |
69.8 |
||||
|
YoY change % |
3% |
0% |
(1%) |
0% |
||||
|
Net operating cash flow |
$25 |
— |
$15 |
— |
||||
|
Free cash flow to equity |
— |
$24 |
— |
$14 |
||||
|
|
|
|
|
|
||||
|
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 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.
- During the third quarter, LiveRamp extended its global reach and announced the integration of ATS into Amazon Publisher Services (APS). Thousands of publishers using APS now have a better way to connect authenticated inventory to advertiser demand globally.
- To date, over 500 publishers, representing more than 11,000 deployed domains, have integrated ATS worldwide, including Amazon, Microsoft, CafeMedia, Leaf Group, Prisma Media and Burda. Through these integrations, LiveRamp is now connected to over 70% of time spent online in the U.S.
- Safe Haven® now serves more than 60% of big box retail in the U.S. and is the clear enterprise choice for enabling the global growth of retail media networks and data collaboration. In the quarter, LiveRamp entered into a new Safe Haven® agreement with JD.com, the second largest ecommerce platform in the world.
- LiveRamp added 20 net new direct subscription customers in the third quarter. Customer count at quarter end was 890, up from 810 a year ago.
- LiveRamp has 86 customers whose subscription contracts exceed $1 million in annual revenue, up 32% compared to the prior year period.
- During the third quarter, subscription net retention was 110% and platform net retention was 109%.
- Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $289 million, up 25% 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 fourth quarter of fiscal 2022, LiveRamp expects to report:
- Revenue of approximately $139 million, an increase of 17% year-over-year
- GAAP operating loss of approximately $31 million
- Non-GAAP operating income of approximately $2 million
For fiscal 2022, LiveRamp has increased its outlook and now expects to report:
- Revenue of approximately $526 million, an increase of 19% year-over-year
- GAAP operating loss of approximately $69 million
- Non-GAAP operating income of approximately $41 million
- In addition, the Company expects to be operating cash flow positive for the year
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, 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 COVID-19 and the associated impact 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 working remotely and within a rapidly changing industry, while also avoiding disruption from acquisition and divestiture activities. Our international operations are also subject to risks 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 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 2021 ended 31 Marzo 2021, and LiveRamp’s Quarterly Reports on Form 10-Q issued in fiscal year 2022.
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 |
||||||||||
|
|
|
December 31, |
||||||||||
|
|
|
|
|
|
|
$ |
|
% |
||||
|
|
|
2021 |
|
2020 |
|
Variance |
|
Variance |
||||
| Revenues |
140,604 |
|
119,753 |
|
20,851 |
|
17.4 |
% |
||||
| Cost of revenue |
38,557 |
|
37,085 |
|
1,472 |
|
4.0 |
% |
||||
| Gross profit |
102,047 |
|
82,668 |
|
19,379 |
|
23.4 |
% |
||||
| % Gross margin |
72.6 |
% |
69.0 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
41,870 |
|
30,608 |
|
11,262 |
|
36.8 |
% |
||||
| Sales and marketing |
46,324 |
|
43,904 |
|
2,420 |
|
5.5 |
% |
||||
| General and administrative |
27,639 |
|
23,943 |
|
3,696 |
|
15.4 |
% |
||||
| Gains, losses and other items, net |
– |
|
(6 |
) |
6 |
|
100.0 |
% |
||||
| Total operating expenses |
115,833 |
|
98,449 |
|
17,384 |
|
17.7 |
% |
||||
| Loss from operations |
(13,786 |
) |
(15,781 |
) |
1,995 |
|
12.6 |
% |
||||
| % Margin |
-9.8 |
% |
-13.2 |
% |
||||||||
| Total other expense, net |
(241 |
) |
(86 |
) |
(155 |
) |
(180.2 |
%) |
||||
| Loss before income taxes |
(14,027 |
) |
(15,867 |
) |
1,840 |
|
11.6 |
% |
||||
| Income tax expense (benefit) |
1,348 |
|
(4,142 |
) |
5,490 |
|
132.5 |
% |
||||
| Net loss |
(15,375 |
) |
(11,725 |
) |
(3,650 |
) |
(31.1 |
%) |
||||
| Basic loss per share |
(0.23 |
) |
(0.18 |
) |
(0.05 |
) |
(27.9 |
%) |
||||
| Diluted loss per share: |
(0.23 |
) |
(0.18 |
) |
(0.05 |
) |
(27.9 |
%) |
||||
| Basic weighted average shares |
68,190 |
|
66,523 |
|
||||||||
| Diluted weighted average shares |
68,190 |
|
66,523 |
|
||||||||
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
|
(Unaudited) |
||||||||||||
|
(Dollars in thousands, except per share amounts) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
For the Nine Months Ended |
||||||||||
|
|
|
December 31, |
||||||||||
|
|
|
|
|
|
|
$ |
|
% |
||||
|
|
|
2021 |
|
2020 |
|
Variance |
|
Variance |
||||
| Revenues |
386,932 |
|
323,851 |
|
63,081 |
|
19.5 |
% |
||||
| Cost of revenue |
107,951 |
|
106,447 |
|
1,504 |
|
1.4 |
% |
||||
| Gross profit |
278,981 |
|
217,404 |
|
61,577 |
|
28.3 |
% |
||||
| % Gross margin |
72.1 |
% |
67.1 |
% |
||||||||
| Operating expenses: | ||||||||||||
| Research and development |
112,434 |
|
88,632 |
|
23,802 |
|
26.9 |
% |
||||
| Sales and marketing |
127,812 |
|
124,236 |
|
3,576 |
|
2.9 |
% |
||||
| General and administrative |
75,008 |
|
71,806 |
|
3,202 |
|
4.5 |
% |
||||
| Gains, losses and other items, net |
1,296 |
|
1,370 |
|
(74 |
) |
(5.4 |
%) |
||||
| Total operating expenses |
316,550 |
|
286,044 |
|
30,506 |
|
10.7 |
% |
||||
| Loss from operations |
(37,569 |
) |
(68,640 |
) |
31,071 |
|
45.3 |
% |
||||
| % Margin |
-9.7 |
% |
-21.2 |
% |
||||||||
| Total other income, net |
30,510 |
|
152 |
|
30,358 |
|
n/a |
|
||||
| Loss before income taxes |
(7,059 |
) |
(68,488 |
) |
61,429 |
|
89.7 |
% |
||||
| Income tax benefit |
(2,618 |
) |
(11,067 |
) |
8,449 |
|
76.3 |
% |
||||
| Net loss |
(4,441 |
) |
(57,421 |
) |
52,980 |
|
92.3 |
% |
||||
| Basic loss per share |
(0.07 |
) |
(0.87 |
) |
0.80 |
|
92.5 |
% |
||||
| Diluted loss per share: |
(0.07 |
) |
(0.87 |
) |
0.80 |
|
92.5 |
% |
||||
| Basic weighted average shares |
68,187 |
|
66,034 |
|
||||||||
| Diluted weighted average shares |
68,187 |
|
66,034 |
|
||||||||
|
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 Nine Months Ended |
||||||||
|
|
|
December 31, |
|
December 31, |
||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
| Loss before income taxes |
(14,027 |
) |
(15,867 |
) |
(7,059 |
) |
(68,488 |
) |
||||
| Income tax expense (benefit) |
1,348 |
|
(4,142 |
) |
(2,618 |
) |
(11,067 |
) |
||||
| Net loss |
(15,375 |
) |
(11,725 |
) |
(4,441 |
) |
(57,421 |
) |
||||
| Loss per share: | ||||||||||||
| Basic |
(0.23 |
) |
(0.18 |
) |
(0.07 |
) |
(0.87 |
) |
||||
| Diluted |
(0.23 |
) |
(0.18 |
) |
(0.07 |
) |
(0.87 |
) |
||||
| Excluded items: | ||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
4,647 |
|
4,213 |
|
13,904 |
|
13,869 |
|
||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
23,758 |
|
23,894 |
|
61,475 |
|
64,583 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
– |
|
3,863 |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
– |
|
(6 |
) |
1,296 |
|
1,370 |
|
||||
| Gain on retained profits interest (other income) |
(183 |
) |
– |
|
(30,235 |
) |
– |
|
||||
| Total excluded items |
28,222 |
|
28,101 |
|
46,440 |
|
83,685 |
|
||||
| Income before income taxes and excluding items |
14,195 |
|
12,234 |
|
39,381 |
|
15,197 |
|
||||
| Income taxes (2) |
4,271 |
|
2,347 |
|
5,124 |
|
1,990 |
|
||||
| Non-GAAP net earnings |
9,924 |
|
9,887 |
|
34,257 |
|
13,207 |
|
||||
| Non-GAAP earnings per share: | ||||||||||||
| Basic |
0.15 |
|
0.15 |
|
0.50 |
|
0.20 |
|
||||
| Diluted |
0.14 |
|
0.14 |
|
0.49 |
|
0.19 |
|
||||
| Basic weighted average shares |
68,190 |
|
66,523 |
|
68,187 |
|
66,034 |
|
||||
| Diluted weighted average shares |
69,938 |
|
69,775 |
|
69,626 |
|
68,639 |
|
||||
|
(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 Nine Months Ended |
||||||||
|
|
|
December 31, |
|
December 31, |
||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
| Loss from operations |
(13,786 |
) |
(15,781 |
) |
(37,569 |
) |
(68,640 |
) |
||||
| Excluded items: | ||||||||||||
| Purchased intangible asset amortization (cost of revenue) |
4,647 |
|
4,213 |
|
13,904 |
|
13,869 |
|
||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
23,758 |
|
23,894 |
|
61,475 |
|
64,583 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
– |
|
3,863 |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
– |
|
(6 |
) |
1,296 |
|
1,370 |
|
||||
| Total excluded items |
28,405 |
|
28,101 |
|
76,675 |
|
83,685 |
|
||||
| Income from operations before excluded items |
14,619 |
|
12,320 |
|
39,106 |
|
15,045 |
|
||||
|
(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 Nine Months Ended |
||||||||||
|
December 31, |
|
December 31, |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net loss |
(15,375 |
) |
(11,725 |
) |
(4,441 |
) |
(57,421 |
) |
||||
| Income tax expense (benefit) |
1,348 |
|
(4,142 |
) |
(2,618 |
) |
(11,067 |
) |
||||
| Total other income (expense), net |
(241 |
) |
(86 |
) |
30,510 |
|
152 |
|
||||
| Loss from operations |
(13,786 |
) |
(15,781 |
) |
(37,569 |
) |
(68,640 |
) |
||||
| Depreciation and amortization |
5,827 |
|
6,509 |
|
18,231 |
|
21,464 |
|
||||
| EBITDA |
(7,959 |
) |
(9,272 |
) |
(19,338 |
) |
(47,176 |
) |
||||
| Other adjustments: | ||||||||||||
| Non-cash stock compensation (cost of revenue and operating expenses) |
23,758 |
|
23,894 |
|
61,475 |
|
64,583 |
|
||||
| Transformation costs (general and administrative) |
– |
|
– |
|
– |
|
3,863 |
|
||||
| Restructuring and merger charges (gains, losses, and other) |
– |
|
(6 |
) |
1,296 |
|
1,370 |
|
||||
| Other adjustments |
23,758 |
|
23,888 |
|
62,771 |
|
69,816 |
|
||||
| Adjusted EBITDA |
15,799 |
|
14,616 |
|
43,433 |
|
22,640 |
|
||||
|
(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) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
December 31, |
|
March 31, |
|
$ |
|
% |
||||
|
|
|
2021 |
|
2021 |
|
Variance |
|
Variance |
||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents |
552,959 |
|
572,787 |
|
(19,828 |
) |
(3.5 |
%) |
||||
| Restricted cash |
8,731 |
|
8,900 |
|
(169 |
) |
(1.9 |
%) |
||||
| Trade accounts receivable, net |
156,827 |
|
114,284 |
|
42,543 |
|
37.2 |
% |
||||
| Refundable income taxes |
62,679 |
|
65,692 |
|
(3,013 |
) |
(4.6 |
%) |
||||
| Other current assets |
40,584 |
|
64,052 |
|
(23,468 |
) |
(36.6 |
%) |
||||
| Total current assets |
821,780 |
|
825,715 |
|
(3,935 |
) |
(0.5 |
%) |
||||
| Property and equipment |
46,666 |
|
44,284 |
|
2,382 |
|
5.4 |
% |
||||
| Less – accumulated depreciation and amortization |
36,080 |
|
32,327 |
|
3,753 |
|
11.6 |
% |
||||
| Property and equipment, net |
10,586 |
|
11,957 |
|
(1,371 |
) |
(11.5 |
%) |
||||
| Intangible assets, net |
31,536 |
|
39,730 |
|
(8,194 |
) |
(20.6 |
%) |
||||
| Goodwill |
363,789 |
|
357,446 |
|
6,343 |
|
1.8 |
% |
||||
| Deferred commissions, net |
29,483 |
|
22,619 |
|
6,864 |
|
30.3 |
% |
||||
| Other assets, net |
85,361 |
|
30,854 |
|
54,507 |
|
176.7 |
% |
||||
|
1,342,535 |
|
1,288,321 |
|
54,214 |
|
4.2 |
% |
|||||
| Liabilities and Stockholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Trade accounts payable |
71,655 |
|
39,955 |
|
31,700 |
|
79.3 |
% |
||||
| Accrued payroll and related expenses |
32,496 |
|
46,438 |
|
(13,942 |
) |
(30.0 |
%) |
||||
| Other accrued expenses |
56,221 |
|
58,353 |
|
(2,132 |
) |
(3.7 |
%) |
||||
| Acquisition escrow payable |
8,731 |
|
8,900 |
|
(169.00 |
) |
(1.9 |
%) |
||||
| Deferred revenue |
14,933 |
|
11,603 |
|
3,330 |
|
28.7 |
% |
||||
| Total current liabilities |
184,036 |
|
165,249 |
|
18,787 |
|
11.4 |
% |
||||
| Other liabilities |
88,085 |
|
42,389 |
|
45,696 |
|
107.8 |
% |
||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock |
– |
|
– |
|
– |
|
n/a |
|
||||
| Common stock |
14,925 |
|
14,781 |
|
144 |
|
1.0 |
% |
||||
| Additional paid-in capital |
1,689,172 |
|
1,630,072 |
|
59,100 |
|
3.6 |
% |
||||
| Retained earnings |
1,450,385 |
|
1,454,826 |
|
(4,441 |
) |
(0.3 |
%) |
||||
| Accumulated other comprehensive income |
5,890 |
|
7,522 |
|
(1,632 |
) |
(21.7 |
%) |
||||
| Treasury stock, at cost |
(2,089,958 |
) |
(2,026,518 |
) |
(63,440 |
) |
(3.1 |
%) |
||||
| Total stockholders’ equity |
1,070,414 |
|
1,080,683 |
|
(10,269 |
) |
(1.0 |
%) |
||||
|
1,342,535 |
|
1,288,321 |
|
54,214 |
|
4.2 |
% |
|||||
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES |
||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
|
(Unaudited) |
||||||
|
(Dollars in thousands) |
||||||
|
|
|
|
|
|
||
|
|
|
For the Three Months Ended |
||||
|
|
|
December 31, |
||||
|
|
|
2021 |
|
2020 |
||
| Cash flows from operating activities: | ||||||
| Net loss |
(15,375 |
) |
(11,725 |
) |
||
| Non-cash operating activities: | ||||||
| Depreciation and amortization |
5,827 |
|
6,509 |
|
||
| Loss on disposal or impairment of assets |
– |
|
1 |
|
||
| Gain on distribution from retained profits interest |
(183 |
) |
– |
|
||
| Provision for doubtful accounts |
1,845 |
|
824 |
|
||
| Deferred income taxes |
315 |
|
485 |
|
||
| Non-cash stock compensation expense |
23,758 |
|
23,894 |
|
||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
(27,803 |
) |
(17,062 |
) |
||
| Deferred commissions |
(1,495 |
) |
(1,637 |
) |
||
| Other assets |
(1,331 |
) |
(192 |
) |
||
| Accounts payable and other liabilities |
34,358 |
|
13,824 |
|
||
| Income taxes |
1,630 |
|
(5,399 |
) |
||
| Deferred revenue |
3,927 |
|
5,168 |
|
||
| Net cash provided by operating activities |
25,473 |
|
14,690 |
|
||
| Cash flows from investing activities: | ||||||
| Capital expenditures |
(1,316 |
) |
(678 |
) |
||
| Purchases of investments |
– |
|
(3,000 |
) |
||
| Purchases of strategic investments |
– |
|
(327 |
) |
||
| Distribution from retained profits interest |
184 |
|
– |
|
||
| Cash paid in acquisition, net of cash received |
(2,008 |
) |
(14,815 |
) |
||
| Net cash used in investing activities |
(3,140 |
) |
(18,820 |
) |
||
| Cash flows from financing activities: | ||||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
1,905 |
|
5,115 |
|
||
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(1,674 |
) |
(3,627 |
) |
||
| Acquisition of treasury stock |
(5,147 |
) |
– |
|
||
| Net cash provided by (used in) financing activities |
(4,916 |
) |
1,488 |
|
||
| Effect of exchange rate changes on cash |
(48 |
) |
537 |
|
||
| Net change in cash and cash equivalents |
17,369 |
|
(2,105 |
) |
||
| Cash and cash equivalents at beginning of period |
544,321 |
|
665,506 |
|
||
| Cash and cash equivalents at end of period |
561,690 |
|
663,401 |
|
||
| Supplemental cash flow information: | ||||||
| Cash (received) during the period for: | ||||||
| Income taxes |
(246 |
) |
(771 |
) |
||
| Operating lease assets obtained in exchange for operating lease liabilities |
17,211 |
|
– |
|
||
|
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES |
||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
|
(Unaudited) |
||||||
|
(Dollars in thousands) |
||||||
|
|
|
|
|
|
||
|
|
|
For the Nine Months Ended |
||||
|
|
|
December 31, |
||||
|
|
|
2021 |
|
2020 |
||
| Cash flows from operating activities: | ||||||
| Net loss |
(4,441 |
) |
(57,421 |
) |
||
| Non-cash operating activities: | ||||||
| Depreciation and amortization |
18,231 |
|
21,464 |
|
||
| Loss on disposal or impairment of assets |
142 |
|
334 |
|
||
| Gain on distribution from retained profits interest |
(30,235 |
) |
– |
|
||
| Provision for doubtful accounts |
3,127 |
|
3,346 |
|
||
| Deferred income taxes |
(456 |
) |
– |
|
||
| Non-cash stock compensation expense |
61,475 |
|
64,583 |
|
||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
(45,876 |
) |
(26,646 |
) |
||
| Deferred commissions |
(6,864 |
) |
(5,082 |
) |
||
| Other assets |
22,077 |
|
7,511 |
|
||
| Accounts payable and other liabilities |
(2,471 |
) |
(6,847 |
) |
||
| Income taxes |
998 |
|
(8,982 |
) |
||
| Deferred revenue |
3,426 |
|
5,067 |
|
||
| Net cash provided by (used in) operating activities |
19,133 |
|
(2,673 |
) |
||
| Cash flows from investing activities: | ||||||
| Capital expenditures |
(2,619 |
) |
(1,806 |
) |
||
| Purchases of investments |
– |
|
(3,000 |
) |
||
| Purchases of strategic investments |
– |
|
(2,200 |
) |
||
| Distribution from retained profits interest |
31,184 |
|
– |
|
||
| Cash paid in acquisition, net of cash received |
(10,376 |
) |
(17,748 |
) |
||
| Net cash provided by (used in) investing activities |
18,189 |
|
(24,754 |
) |
||
| Cash flows from financing activities: | ||||||
| Proceeds related to the issuance of common stock under stock and employee benefit plans |
6,183 |
|
8,676 |
|
||
| Shares repurchased for tax withholdings upon vesting of stock-based awards |
(14,216 |
) |
(9,382 |
) |
||
| Acquisition of treasury stock |
(49,224 |
) |
(42,312 |
) |
||
| Net cash used in financing activities |
(57,257 |
) |
(43,018 |
) |
||
| Effect of exchange rate changes on cash |
(62 |
) |
1,220 |
|
||
| Net change in cash and cash equivalents |
(19,997 |
) |
(69,225 |
) |
||
| Cash and cash equivalents at beginning of period |
581,687 |
|
732,626 |
|
||
| Cash and cash equivalents at end of period |
561,690 |
|
663,401 |
|
||
| Supplemental cash flow information: | ||||||
| Cash (received) during the period for: | ||||||
| Income taxes |
(2,815 |
) |
(2,092 |
) |
||
| Operating lease assets obtained in exchange for operating lease liabilities |
52,902 |
|
– |
|
||
Contacts
Lauren Dillard
LiveRamp Investor Relations
Investor.Relations@LiveRamp.com
ERAMP
