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LIVERAMP ANNOUNCES RESULTS FOR THIRD QUARTER FY25

Revenue up 12% Year-Over-Year
Fourth Consecutive Quarter of Double-Digit Revenue Growth
Fiscal YTD Operating Cash Flow up 17% Year-Over-Year

SAN FRANCISCO, Calif., February 5, 2025—LiveRamp® (NYSE: RAMP), the leading data collaboration platform, today announced its financial results for the fiscal 2025 third quarter ended December 31, 2024.


Q3 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.

•Total revenue was $195 million, up 12%.

•Subscription revenue was $146 million, up 10%.

•Marketplace & Other revenue was $50 million, up 20%.

•GAAP gross profit was $140 million, up 9%. GAAP gross margin compressed by two percentage points to 72%. Non-GAAP gross profit was $146 million, up 11%. Non-GAAP gross margin compressed by one percentage point to 74%.

•GAAP operating income was $15 million, in-line with the prior year. GAAP operating margin compressed by one percentage point to 8%. Non-GAAP operating income was $45 million, up 24%. Non-GAAP operating margin expanded by two percentage points to 23%.

•GAAP and Non-GAAP diluted earnings per share were $0.17 and $0.55, respectively.

•Net cash provided by operating activities was $45 million, up from $17 million.

•Third quarter share repurchases totaled approximately 368,000 shares for $10 million. Fiscal year to date through December 31, 2024 share repurchases totaled approximately 2.8 million shares for $76 million.

A reconciliation between GAAP and non-GAAP results is provided in the schedules in this press release.

Commenting on the results, CEO Scott Howe said, “We posted a strong quarter, with revenue and operating income exceeding our expectations, and revenue growing at a double-digit rate for the fourth consecutive quarter. Our sales momentum improved appreciably in the third quarter as our Data Collaboration Platform and our clean room solution are resonating with customers. This confirms the substantial market demand for our platform that helps customers efficiently use their first-party data to deliver, measure and optimize their digital advertising.”


P 1

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the fiscal 2025 third quarter ended December 31, 2024 ($ in millions, except per share amounts):

GAAPNon-GAAP
Q3 FY25Q3 FY24Q3 FY25Q3 FY24
Subscription revenue$146 $132 $— $— 
YoY change %10 %5 %
Marketplace & Other revenue$50 $42 $— $— 
YoY change %20 %29 %
Total revenue$195 $174 $— $— 
YoY change %12 %10 %
Gross profit$140 $129 $146 $131 
% Gross margin72 %74 %74 %75 %
YoY change, pts-2 pts1 pt-1 pt-1 pt
Operating income$15 $15 $45 $36 
% Operating margin8 %9 %23 %21 %
YoY change, pts-1 pt24 pts2 pts5 pts
Net earnings$11 $14 $37 $32 
Diluted earnings per share$0.17 $0.21 $0.55 $0.47 
Shares to calculate diluted EPS66.7 67.9 66.7 67.9 
YoY change %(2)%5 %(2)%4 %
Operating cash flow$45 $17 $— $— 
Free cash flow$— $— $45 $14 
Totals and year-over-year changes may not reconcile 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.



P 2

Additional Business Highlights & Metrics

•On February 25, 2025 we will host an investor day presentation in San Francisco (additional information). The event coincides with RampUp 2025, our annual customer and partner conference on February 25-27, 2025 (additional information).

•In November 2024 we announced an expansion of the Quick Start Insights available on our data collaboration platform to now offer media intelligence across a network of premium publishers. These standardized insights enable our customers to more quickly access and deploy media performance metrics — such as audience overlaps, optimal frequency, and last-touch attribution — from premium publisher and CTV data. As a result, LiveRamp customers now have a simplified way to enhance media buying and planning strategies and increase the time-to-value from clean room partnerships.

•In January 2025 we announced in partnership with Mohegan, a leader in casino and entertainment destinations, the industry’s first casino media network. For the first time, brands can access Mohegan’s rich first-party insights to reach guests and players in addition to the ability to measure campaigns across the casino’s digital channels and on-premise experiences – such as in-app, loyalty programs, slot machines, and kiosks (additional information).

•LiveRamp ended the quarter with 125 customers whose annualized subscription revenue exceeds $1 million, compared to 105 in the prior year period.

•LiveRamp ended the quarter with 865 direct subscription customers, compared to 895 in the prior year period.

•Subscription net retention was 108% and platform net retention was 111% for the quarter.

•Annual recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $491 million, up 10% 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 $434 million, up 13% compared to the prior year period.
P 3

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 fourth quarter of fiscal 2025, LiveRamp expects to report:

•Revenue of between $184 million and $186 million, an increase of between 7% and 8%

•GAAP operating loss of $8 million

•Non-GAAP operating income of $22 million

For fiscal 2025, LiveRamp increases its guidance and expects to report:

•Revenue of between $741 million and $743 million, an increase of between 12% and 13%

•GAAP operating income of $10 million

•Non-GAAP operating income of $135 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 investor site. A slide presentation will be referenced during the call and is available here.

About LiveRamp

LiveRamp is a global technology company that helps companies build enduring brand and business value by collaborating responsibly with data. A groundbreaking leader in foundational identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.



P 4

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 2025 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 high interest rates, cost increases, the possibility of a recession, general inflationary pressure, geo-political circumstances that could result in increased economic uncertainties and the associated impacts of these potential events on our suppliers, customers and partners; the Company’s dependence upon customer renewals, new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; rapidly changing technology’s impact on our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses (including Habu); and attracting, motivating and retaining talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. 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 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.

P 5

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
Investor.Relations@LiveRamp.com


LiveRampⓇ and RampIDTM and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.
P 6

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,
$%
20242023VarianceVariance
Revenues195,412 173,869 21,543 12.4 %
Cost of revenue54,998 44,934 10,064 22.4 %
Gross profit140,414 128,935 11,479 8.9 %
% Gross margin71.9 %74.2 %
Operating expenses
Research and development42,735 37,788 4,947 13.1 %
Sales and marketing50,863 46,203 4,660 10.1 %
General and administrative31,994 27,241 4,753 17.4 %
Gains, losses and other items, net149 2,502 (2,353)(94.0)%
Total operating expenses125,741 113,734 12,007 10.6 %
Income from operations14,673 15,201 (528)(3.5)%
% Margin7.5 %8.7 %
Total other income, net4,033 6,607 (2,574)(39.0)%
Income from continuing operations before income taxes18,706 21,808 (3,102)(14.2)%
Income tax expense9,184 8,429 755 9.0 %
Net earnings from continuing operations9,522 13,379 (3,857)(28.8)%
Earnings from discontinued operations, net of tax1,688 598 1,090 182.3 %
Net earnings11,210 13,977 (2,767)(19.8)%
Basic earnings per share:
Continuing operations0.15 0.20 (0.06)(28.5)%
Discontinued operations0.03 0.01 0.02 183.6 %
Basic earnings per share0.17 0.21 (0.04)(19.4)%
Diluted earnings per share:
Continuing operations0.14 0.20 (0.05)(27.5)%
Discontinued operations0.03 0.01 0.02 187.4 %
Diluted earnings per share0.17 0.21 (0.04)(18.4)%
Basic weighted average shares65,631 65,961 
Diluted weighted average shares66,743 67,943 
Some totals may not sum due to rounding.
P 7

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,
$%
20242023VarianceVariance
Revenues556,856 487,809 69,047 14.2 %
Cost of revenue157,981 131,767 26,214 19.9 %
Gross profit398,875 356,042 42,833 12.0 %
% Gross margin71.6 %73.0 %
Operating expenses
Research and development130,742 106,040 24,702 23.3 %
Sales and marketing156,145 135,217 20,928 15.5 %
General and administrative94,324 79,914 14,410 18.0 %
Gains, losses and other items, net752 9,192 (8,440)(91.8)%
Total operating expenses381,963 330,363 51,600 15.6 %
Income from operations16,912 25,679 (8,767)(34.1)%
% Margin3.0 %5.3 %
Total other income, net12,674 17,887 (5,213)(29.1)%
Income from continuing operations before income taxes29,586 43,566 (13,980)(32.1)%
Income tax expense25,821 27,297 (1,476)(5.4)%
Net earnings from continuing operations3,765 16,269 (12,504)(76.9)%
Earnings from discontinued operations, net of tax1,688 985 703 71.4 %
Net earnings5,453 17,254 (11,801)(68.4)%
Basic earnings per share:
Continuing operations0.06 0.25 (0.19)(76.8)%
Discontinued operations0.03 0.01 0.01 71.5 %
Basic earnings per share0.08 0.26 (0.18)(68.4)%
Diluted earnings per share:
Continuing operations0.06 0.24 (0.18)(76.8)%
Discontinued operations0.03 0.01 0.01 71.9 %
Diluted earnings per share0.08 0.25 (0.17)(68.3)%
Basic weighted average shares66,182 66,247 
Diluted weighted average shares67,505 67,733 
Some totals may not sum due to rounding.
P 8

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 December 31,For the nine months ended December 31,
2024202320242023
Income from continuing operations before income taxes18,706 21,808 29,586 43,566 
Income tax expense9,184 8,429 25,821 27,297 
Net earnings from continuing operations9,522 13,379 3,765 16,269 
Earnings from discontinued operations, net of tax1,688 598 1,688 985 
Net earnings11,210 13,977 5,453 17,254 
Basic earnings per share0.17 0.21 0.08 0.26 
Diluted earnings per share0.17 0.21 0.08 0.25 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,686 1,181 11,280 5,688 
Non-cash stock compensation (cost of revenue and operating expenses)26,760 17,497 83,813 46,524 
Restructuring and merger charges (gains, losses, and other)149 2,502 752 9,192 
Transformation costs (general and administrative)— — — 1,875 
 Total excluded items from continuing operations30,595 21,180 95,845 63,279 
Income from continuing operations before income taxes and excluding items49,301 42,988 125,431 106,845 
Income tax expense (2)12,421 10,732 30,537 25,935 
Non-GAAP net earnings from continuing operations36,880 32,256 94,894 80,910 
Non-GAAP earnings per share from continuing operations
Basic0.56 0.49 1.43 1.22 
Diluted0.55 0.47 1.41 1.19 
Basic weighted average shares65,631 65,961 66,182 66,247 
Diluted weighted average shares66,743 67,943 67,505 67,733 
(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) 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.
P 9

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,For the nine months ended December 31,
2024202320242023
Income from operations14,673 15,201 16,912 25,679 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,686 1,181 11,280 5,688 
Non-cash stock compensation (cost of revenue and operating expenses)26,760 17,497 83,813 46,524 
Restructuring and merger charges (gains, losses, and other)149 2,502 752 9,192 
Transformation costs (general and administrative)— — — 1,875 
Total excluded items30,595 21,180 95,845 63,279 
Income from operations before excluded items45,268 36,381 112,757 88,958 
(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.
P 10

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,For the nine months ended December 31,
2024202320242023
Net earnings from continuing operations9,522 13,379 3,765 16,269 
Income tax expense9,184 8,429 25,821 27,297 
Total other income, net(4,033)(6,607)(12,674)(17,887)
Income from operations14,673 15,201 16,912 25,679 
Depreciation and amortization4,400 1,782 13,404 7,685 
EBITDA19,073 16,983 30,316 33,364 
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)26,760 17,497 83,813 46,524 
Restructuring and merger charges (gains, losses, and other)149 2,502 752 9,192 
Transformation costs (general and administrative)— — — 1,875 
Other adjustments26,909 19,999 84,565 57,591 
Adjusted EBITDA45,982 36,982 114,881 90,955 
(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.
P 11

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
December 31March 31$%
20242024VarianceVariance
Assets
Current assets:
Cash and cash equivalents376,772 336,867 39,905 11.8 %
Restricted cash593 2,604 (2,011)(77.2)%
Short-term investments7,500 32,045 (24,545)(76.6)%
Trade accounts receivable, net210,565 190,313 20,252 10.6 %
Refundable income taxes, net6,630 8,521 (1,891)(22.2)%
Other current assets41,747 31,682 10,065 31.8 %
Total current assets643,807 602,032 41,775 6.9 %
Property and equipment24,099 25,394 (1,295)(5.1)%
Less - accumulated depreciation and amortization17,440 17,213 227 1.3 %
Property and equipment, net6,659 8,181 (1,522)(18.6)%
Intangible assets, net23,302 34,583 (11,281)(32.6)%
Goodwill501,559 501,756 (197)— %
Deferred commissions, net44,497 48,143 (3,646)(7.6)%
Other assets, net33,389 36,748 (3,359)(9.1)%
1,253,213 1,231,443 21,770 1.8 %
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable105,334 81,202 24,132 29.7 %
Accrued payroll and related expenses35,639 61,575 (25,936)(42.1)%
Other accrued expenses45,856 42,857 2,999 7.0 %
Acquisition escrow payable— — — — %
Deferred revenue44,795 30,942 13,853 44.8 %
Income taxes payable— — — — %
Total current liabilities231,624 216,576 15,048 6.9 %
Other liabilities63,882 65,732 (1,850)(2.8)%
Stockholders' equity:
Preferred stock— — — n/a
Common stock15,853 15,594 259 1.7 %
Additional paid-in capital2,022,227 1,933,776 88,451 4.6 %
Retained earnings1,319,625 1,314,172 5,453 0.4 %
Accumulated other comprehensive income3,493 3,964 (471)(11.9)%
Treasury stock, at cost(2,403,491)(2,318,371)(85,120)3.7 %
Total stockholders' equity957,707 949,135 8,572 0.9 %
1,253,213 1,231,443 21,770 1.8 %
P 12

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,
20242023
Cash flows from operating activities:
Net earnings11,210 13,977 
Earnings from discontinued operations, net of tax(1,688)(598)
Non-cash operating activities:
Depreciation and amortization4,400 1,782 
Loss on disposal or impairment of assets99 911 
Provision for doubtful accounts(97)544 
Deferred income taxes11 (47)
Non-cash stock compensation expense26,760 17,497 
Changes in operating assets and liabilities:
Accounts receivable, net(19,013)(24,778)
Deferred commissions(1,042)(4,235)
Other assets(6,596)(4,831)
Accounts payable and other liabilities23,829 21,639 
Income taxes(1,617)(14,139)
Deferred revenue8,861 8,834 
Net cash provided by operating activities45,117 16,556 
Cash flows from investing activities:
Capital expenditures(282)(2,211)
Cash paid in acquisitions, net of cash received(1,951)— 
Proceeds from sales of investments1,994 — 
Purchases of strategic investments(1,000)— 
Net cash used in investing activities(1,239)(2,211)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans2,304 1,646 
Shares repurchased for tax withholdings upon vesting of stock-based awards(1,565)(547)
Acquisition of treasury stock(10,098)(10,000)
Net cash used in financing activities(9,359)(8,901)
Net cash provided by continuing operations34,519 5,444 
Cash flows from discontinued operations:
From operating activities2,486 598 
Net cash provided by discontinued operations2,486 598 
Net cash provided by continuing and discontinued operations37,005 6,042 
Effect of exchange rate changes on cash(1,217)735 
P 13

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,
20242023
Net change in cash, cash equivalents and restricted cash35,788 6,777 
Cash, cash equivalents and restricted cash at beginning of period341,577 492,169 
Cash, cash equivalents and restricted cash at end of period377,365 498,946 
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations10,990 22,699 
Cash received for income taxes, net from discontinued operations(2,486)(912)
Cash paid for operating lease liabilities2,495 2,551 
Non-cash investing and financing activities:
Operating lease assets obtained in exchange for operating lease liabilities 1,284 — 
Purchases of property, plant and equipment remaining unpaid at period end85 1,218 
Excise tax payable on net stock repurchases64 — 
P 14

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the nine months ended December 31,
20242023
Cash flows from operating activities:
Net earnings5,453 17,254 
Earnings from discontinued operations, net of tax(1,688)(985)
Non-cash operating activities:
Depreciation and amortization13,404 7,685 
Loss on disposal or impairment of assets119 1,213 
Lease-related impairment and restructuring charges(36)2,315 
Provision for doubtful accounts1,148 307 
Impairment of goodwill— 2,875 
Deferred income taxes49 40 
Non-cash stock compensation expense83,813 46,524 
Changes in operating assets and liabilities:
Accounts receivable, net(21,640)(41,036)
Deferred commissions3,645 (7,142)
Other assets(2,598)912 
Accounts payable and other liabilities(8,165)8,754 
Income taxes3,953 29,560 
Deferred revenue13,928 9,737 
Net cash provided by operating activities91,385 78,013 
Cash flows from investing activities:
Capital expenditures(749)(2,464)
Cash paid in acquisitions, net of cash received(1,951)— 
Purchases of investments(1,967)(24,385)
Proceeds from sales of investments26,989 25,750 
Purchases of strategic investments(1,400)(1,000)
Net cash provided by (used in) investing activities20,922 (2,099)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans8,631 7,221 
Shares repurchased for tax withholdings upon vesting of stock-based awards(9,305)(5,116)
Acquisition of treasury stock(75,751)(45,325)
Net cash used in financing activities(76,425)(43,220)
Net cash provided by continuing operations35,882 32,694 
Cash flows from discontinued operations:
From operating activities2,486 985 
Net cash provided by discontinued operations2,486 985 
Net cash provided by continuing and discontinued operations38,368 33,679 
Effect of exchange rate changes on cash(474)819 
P 15

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the nine months ended December 31,
20242023
Net change in cash, cash equivalents and restricted cash37,894 34,498 
Cash, cash equivalents and restricted cash at beginning of period339,471 464,448 
Cash, cash equivalents and restricted cash at end of period377,365 498,946 
Supplemental cash flow information:
Cash paid (received) for income taxes, net from continuing operations21,990 (2,440)
Cash received for income taxes, net from discontinued operations(2,486)(1,507)
Cash received for tenant improvement allowances(1,758)— 
Cash paid for operating lease liabilities7,372 7,699 
Non-cash investing and financing activities:
Operating lease assets obtained in exchange for operating lease liabilities 2,327 11,677 
Operating lease assets, and related lease liabilities, relinquished in lease terminations(555)(4,486)
Purchases of property, plant and equipment remaining unpaid at period end85 1,218 
Excise tax payable on net stock repurchases64 — 
P 16

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025
Net cash provided by (used in) operating activities$25,693 $35,764 $16,556 $27,643 $105,656 $(9,328)$55,596 $45,117 $91,385 
Less:
Capital expenditures(53)(200)(2,211)(1,791)(4,255)(226)(241)(282)(749)
Free Cash Flow$25,640 $35,564 $14,345 $25,852 $101,401 $(9,554)$55,355 $44,835 $90,636 
(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.
P 17

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2024FY2025FY2025 to FY2024
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025%$
Revenues$154,069 $159,871 $173,869 $171,852 $659,661 $175,961 185,483 195,412 556,856 12.4 %21,543 
Cost of revenue45,621 41,212 44,934 47,722 179,489 51,749 51,234 54,998 157,981 22.4 %10,064 
Gross profit108,448 118,659 128,935 124,130 480,172 124,212 134,249 140,414 398,875 8.9 %11,479 
% Gross margin70.4 %74.2 %74.2 %72.2 %72.8 %70.6 %72.4 %71.9 %71.6 %
Operating expenses
Research and development34,519 33,733 37,788 45,161 151,201 44,118 43,889 42,735 130,742 13.1 %4,947 
Sales and marketing44,879 44,135 46,203 60,476 195,693 54,175 51,107 50,863 156,145 10.1 %4,660 
General and administrative26,664 26,009 27,241 30,252 110,166 30,961 31,369 31,994 94,324 17.4 %4,753 
Gains, losses and other items, net116 6,574 2,502 2,516 11,708 206 397 149 752 (94.0)%(2,353)
Total operating expenses106,178 110,451 113,734 138,405 468,768 129,460 126,762 125,741 381,963 10.6 %12,007 
Income (loss) from operations2,270 8,208 15,201 (14,275)11,404 (5,248)7,487 14,673 16,912 (3.5)%(528)
% Margin5.0 %24.3 %40.2 %(31.6)%1.7 %(3.0)%4.0 %7.5 %3.0 %
Total other income, net4,849 6,431 6,607 5,070 22,957 4,444 4,197 4,033 12,674 (39.0)%(2,574)
Income (loss) from continuing operations before income taxes7,119 14,639 21,808 (9,205)34,361 (804)11,684 18,706 29,586 (14.2)%(3,102)
Income tax expense (benefit)8,705 10,163 8,429 (3,027)24,270 6,685 9,952 9,184 25,821 9.0 %755 
Net earnings (loss) from continuing operations(1,586)4,476 13,379 (6,178)10,091 (7,489)1,732 9,522 3,765 (28.8)%(3,857)
Earnings from discontinued operations, net of tax— 387 598 805 1,790 — — 1,688 1,688 182.3 %1,090 
Net earnings (loss)$(1,586)$4,863 $13,977 $(5,373)$11,881 $(7,489)$1,732 $11,210 $5,453 (19.8)%(2,767)
P 18

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2024FY2025FY2025 to FY2024
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025%$
Basic earnings (loss) per share:
Continuing operations$(0.02)$0.07 $0.20 $(0.09)$0.15 $(0.11)0.03 0.15 0.06 (28.5)%(0.06)
Discontinued operations0.00 0.01 0.01 0.01 0.03 0.00 0.00 0.03 0.03 183.7 %0.02 
Basic earnings (loss) per share$(0.02)$0.07 $0.21 $(0.08)$0.18 $(0.11)0.03 0.17 0.08 (19.4)%(0.04)
Diluted earnings (loss) per share:
Continuing operations$(0.02)$0.07 $0.20 $(0.09)$0.15 $(0.11)0.03 0.14 0.06 (27.5)%(0.05)
Discontinued operations0.00 0.01 0.01 0.01 0.03 0.00 0.00 0.03 0.03 187.3 %0.02 
Diluted earnings (loss) per share$(0.02)$0.07 $0.21 $(0.08)$0.17 $(0.11)0.03 0.17 0.08 (18.4)%(0.04)
Some earnings (loss) per share amounts may not add due to rounding.
Basic weighted average shares66,497 66,284 65,961 66,323 66,266 66,621 66,294 65,631 66,182 
Diluted weighted average shares66,497 67,868 67,943 66,323 67,918 66,621 67,309 66,743 67,505 

P 19

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025
Expenses:
Cost of revenue$45,621 $41,212 $44,934 $47,722 $179,489 $51,749 $51,234 $54,998 $157,981 
Research and development34,519 33,733 37,788 45,161 151,201 44,118 43,889 42,735 130,742 
Sales and marketing44,879 44,135 46,203 60,476 195,693 54,175 51,107 50,863 156,145 
General and administrative26,664 26,009 27,241 30,252 110,166 30,961 31,369 31,994 94,324 
Gains, losses and other items, net116 6,574 2,502 2,516 11,708 206 397 149 752 
Gross profit, continuing operations:108,448 118,659 128,935 124,130 480,172 124,212 134,249 140,414 398,875 
% Gross margin70.4 %74.2 %74.2 %72.2 %72.8 %70.6 %72.4 %71.9 %71.6 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,290 1,217 1,181 3,097 8,785 3,846 3,748 3,686 11,280 
Non-cash stock compensation (cost of revenue)629 629 817 1,478 3,553 1,596 1,499 1,455 4,550 
Non-cash stock compensation (research and development)5,077 5,293 6,960 9,859 27,189 10,205 10,920 10,085 31,210 
Non-cash stock compensation (sales and marketing)3,736 4,786 4,089 6,337 18,948 7,093 7,383 7,278 21,754 
Non-cash stock compensation (general and administrative)3,850 5,027 5,631 7,106 21,614 9,091 9,266 7,942 26,299 
Restructuring charges (gains, losses, and other)116 6,574 2,502 2,516 11,708 206 397 149 752 
Transformation costs (general and administrative)1,875 — — — 1,875 — — — — 
Total excluded items18,573 23,526 21,180 30,393 93,672 32,037 33,213 30,595 95,845 
P 20

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025
Expenses, excluding items:
Cost of revenue41,702 39,366 42,936 43,147 167,151 46,307 45,987 49,857 142,151 
Research and development29,442 28,440 30,828 35,302 124,012 33,913 32,969 32,650 99,532 
Sales and marketing41,143 39,349 42,114 54,139 176,745 47,082 43,724 43,585 134,391 
General and administrative20,939 20,982 21,610 23,146 86,677 21,870 22,103 24,052 68,025 
Gains, losses and other items, net— — — — — — — — — 
Gross profit, excluding items:$112,367 $120,505 $130,933 $128,705 $492,510 $129,654 $139,496 $145,555 $414,705 
% Gross margin72.9 %75.4 %75.3 %74.9 %74.7 %73.7 %75.2 %74.5 %74.5 %
(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.

P 21

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025
Income (loss) from continuing operations before income taxes7,119 14,639 21,808 (9,205)34,361 (804)11,684 18,706 29,586 
Income tax expense (benefit)8,705 10,163 8,429 (3,027)24,270 6,685 9,952 9,184 25,821 
Net earnings (loss) from continuing operations(1,586)4,476 13,379 (6,178)10,091 (7,489)1,732 9,522 3,765 
Earnings from discontinued operations, net of tax— 387 598 805 1,790 — — 1,688 1,688 
Net earnings (loss)(1,586)4,863 13,977 (5,373)11,881 (7,489)1,732 11,210 5,453 
Earnings (loss) per share:
Basic(0.02)0.07 0.21 (0.08)0.18 (0.11)0.03 0.17 0.08 
Diluted(0.02)0.07 0.21 (0.08)0.17 (0.11)0.03 0.17 0.08 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,290 1,217 1,181 3,097 8,785 3,846 3,748 3,686 11,280 
Non-cash stock compensation (cost of revenue and operating expenses)13,292 15,735 17,497 24,780 71,304 27,985 29,068 26,760 83,813 
Restructuring and merger charges (gains, losses, and other)116 6,574 2,502 2,516 11,708 206 397 149 752 
Transformation costs (general and administrative)1,875 — — — 1,875 — — — — 
Total excluded items from continuing operations18,573 23,526 21,180 30,393 93,672 32,037 33,213 30,595 95,845 
P 22

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2024FY2025
6/30/20239/30/202312/31/20233/31/2024FY20246/30/20249/30/202412/31/2024FY2025
Income from continuing operations before income taxes and excluding items25,692 38,165 42,988 21,188 128,033 31,233 44,897 49,301 125,431 
Income tax expense (2)6,167 9,036 10,732 3,947 29,882 7,371 10,745 12,421 30,537 
Non-GAAP net earnings from continuing operations19,525 29,129 32,256 17,241 98,151 23,862 34,152 36,880 94,894 
Non-GAAP earnings per share from continuing operations
Basic0.29 0.44 0.49 0.26 1.48 0.36 0.52 0.56 1.43 
Diluted0.29 0.43 0.47 0.25 1.45 0.35 0.51 0.55 1.41 
Basic weighted average shares66,497 66,284 65,961 66,323 66,266 66,621 66,294 65,631 66,182 
Diluted weighted average shares67,388 67,868 67,943 68,471 67,918 68,463 67,309 66,743 67,505 
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.
P 23

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
March 31, 2025March 31, 2025
GAAP income (loss) from operations$(8,000)$10,000 
Excluded items:
Purchased intangible asset amortization3,000 14,000 
Non-cash stock compensation26,000 110,000 
Restructuring costs1,000 1,000 
Total excluded items30,000 125,000 
Non-GAAP income from operations$22,000 $135,000 
(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.





P 24

APPENDIX A
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q3 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 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 associate 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 current year, 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 the potential COVID-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.
P 25

APPENDIX A
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q3 FISCAL 2025 FINANCIAL RESULTS
EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
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, 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 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.
P 26