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LIVERAMP ANNOUNCES RESULTS FOR SECOND QUARTER FY26
Revenue up 8% year-over-year
ARR increased by $14 million quarter-over-quarter to $516 million
Share Repurchases totaled $80 million fiscal YTD

SAN FRANCISCO, Calif., November 5, 2025—LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter ended September 30, 2025.

Q2 Financial Highlights
Unless otherwise indicated, all comparisons are to the prior year period.

•Total revenue was $200 million, up 8%.

•Subscription revenue was $150 million, up 5%.

•Marketplace & Other revenue was $50 million, up 18%.

•GAAP gross profit was $140 million, up 4%. GAAP gross margin of 70% compressed by 2 percentage points. Non-GAAP gross profit was $144 million, up 4%. Non-GAAP gross margin of 72% compressed by 3 percentage points.

•GAAP income from operations was $21 million compared to $7 million. GAAP operating margin of 11% expanded by 7 percentage points. Non-GAAP operating income was $45 million, up 10%. Non-GAAP operating margin of 22% was unchanged.

•GAAP and non-GAAP diluted earnings per share was $0.42 and $0.55, respectively.

•Net cash provided by operating activities was $57 million compared to $56 million.

•Second quarter share repurchases totaled 1.8 million shares for $50 million. Fiscal year to date share repurchases through September 30, 2025 totaled 2.9 million shares for $80 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: "Second quarter revenue and operating income exceeded our guidance. ARR, a leading indicator of our subscription revenue, posted the largest like-for-like increase sequentially in the last seven quarters. We are seeing strong demand for our Data Collaboration Network across a variety of use cases, including retail and commerce media networks, cross-media measurement, and now AI-powered advertising and agentic orchestration. This gives us confidence in our forward growth."

P 1

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the quarters ended September 30, 2025 and September 30, 2024 ($ in millions, except per share amounts):

GAAPNon-GAAP
Q2 FY26Q2 FY25Q2 FY26Q2 FY25
Subscription revenue$150 $143 ----
YoY change %5 %14 %----
Marketplace & Other revenue$50 $42 ----
YoY change %18 %23 %----
Total revenue$200 $185 ----
YoY change %8 %16 %----
Gross profit$140 $134 $144 $139 
% Gross margin70 %72 %72 %75 %
YoY change, pts(2) pts(2) pts(3) pts— pts
Operating income$21 $7 $45 $41 
% Operating margin11 %4 %22 %22 %
YoY change, pts7 pts(1) pt— pts2 pts
Net earnings$27 $2 $36 $34 
Diluted earnings per share$0.42 $0.03 $0.55 $0.51 
Shares to calculate diluted EPS65.8 67.3 65.8 67.3 
YoY change %(2)%(1)%(2)%(1)%
Operating cash flow$57 $56 
Free cash flow$57 $55 
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

•We announced three new AI tools for our data collaboration platform (additional information):

•First, we are one of the first platforms to give autonomous AI agents the ability to collaborate with governed access to identity, segmentation, activation, and measurement solutions, so marketers can plan smarter campaigns and optimize investments.

•Second, we introduced an AI-powered segmentation solution that enables marketers to instantly create precise, multi-source (first-party, second-party, or third-party) audience segments using natural language prompts. Marketers can now explore, build, and activate segments in a matter of minutes.

•Third, we introduced AI-powered search in our Data Marketplace, making the discovery of third-party audience segments seamless and dramatically accelerating marketers’ time-to-value.

•We announced an expansion of our first-party data activation capabilities on Netflix to ten new geographic markets, in addition to the United States: Canada, Mexico, Brazil, United Kingdom, Germany, France, Spain, Italy, Japan, and Australia (additional information).

•We announced that retail media networks (RMNs) can now unlock new attribution insights from their Meta advertising campaigns through the LiveRamp Clean Room. By connecting Meta ad exposures with first-party sales data, RMNs and their partners can see how off-property advertising on Meta drives sales, orders, and return on ad spend (ROAS). These insights help RMNs better demonstrate value to suppliers (additional information).

•We were recognized as a Leader in Data Collaboration in Snowflake’s 2026 Modern Marketing Stack Report, demonstrating our commitment to providing the most advanced and intuitive data collaboration solutions for marketers on Snowflake (additional information).

•LiveRamp ended the quarter with 132 customers whose annualized subscription revenue exceeds $1 million, compared to 125 in the prior year period.

•LiveRamp ended the quarter with 834 direct subscription customers, compared to 885 in the prior year period.

•Subscription net retention was 102% and platform net retention was 105%.

•Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $516 million, up 7% 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 $430 million, up 15% 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 third quarter of fiscal 2026, LiveRamp expects to report:

•Revenue of between $209 million and $213 million, an increase of between 7% and 9%
•GAAP operating income of between $33 million and $35 million
•Non-GAAP operating income of between $55 million and $57 million

For fiscal 2026, LiveRamp now expects to report:

•Revenue of between $804 million and $818 million, an increase of between 8% and 10%
•GAAP operating income of between $83 million and $87 million
•Non-GAAP operating income of between $178 million and $182 million


Conference Call

LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor website. A slide presentation will be referenced during the call and is available here.

About LiveRamp

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

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

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at 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”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding results of operations for the third quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

P 5

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:
LiveRamp Investor Relations
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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended September 30,
$%
20252024VarianceVariance
Revenues199,829 185,483 14,346 7.7 %
Cost of revenue59,594 51,234 8,360 16.3 %
Gross profit140,235 134,249 5,986 4.5 %
% Gross margin70.2 %72.4 %
Operating expenses
Research and development36,952 43,889 (6,937)(15.8)%
Sales and marketing48,685 51,107 (2,422)(4.7)%
General and administrative33,170 31,369 1,801 5.7 %
Gains, losses and other items, net— 397 (397)(100.0)%
Total operating expenses118,807 126,762 (7,955)(6.3)%
Income from operations21,428 7,487 13,941 186.2 %
% Margin10.7 %4.0 %
Total other income, net3,544 4,197 (653)(15.6)%
Income from continuing operations before income taxes24,972 11,684 13,288 113.7 %
Income tax expense (benefit)(2,448)9,952 (12,400)(124.6)%
Net earnings27,420 1,732 25,688 N/A
Basic earnings per share0.42 0.03 0.40 N/A
Diluted earnings per share0.42 0.03 0.39 N/A
Basic weighted average shares65,074 66,294 
Diluted weighted average shares65,781 67,309 
Some totals may not sum due to rounding.
P 7

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
For the six months ended September 30,
$%
20252024VarianceVariance
Revenues394,651 361,444 33,207 9.2 %
Cost of revenue117,913 102,983 14,930 14.5 %
Gross profit276,738 258,461 18,277 7.1 %
% Gross margin70.1 %71.5 %
Operating expenses
Research and development76,560 88,007 (11,447)(13.0)%
Sales and marketing100,591 105,282 (4,691)(4.5)%
General and administrative70,515 62,330 8,185 13.1 %
Gains, losses and other items, net423 603 (180)(29.9)%
Total operating expenses248,089 256,222 (8,133)(3.2)%
Income from operations28,649 2,239 26,410 1,179.5 %
% Margin7.3 %0.6 %
Total other income, net7,253 8,641 (1,388)(16.1)%
Income from continuing operations before income taxes35,902 10,880 25,022 230.0 %
Income tax expense735 16,637 (15,902)(95.6)%
Net earnings (loss)35,167 (5,757)40,924 N/A
Basic earnings (loss) per share0.54 (0.09)0.63 N/A
Diluted earnings (loss) per share0.53 (0.09)0.62 N/A
Basic weighted average shares65,261 66,458 
Diluted weighted average shares66,256 66,458 
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 September 30,For the six months ended September 30,
2025202420252024
Income from continuing operations before income taxes24,972 11,684 35,902 10,880 
Income tax expense (benefit)(2,448)9,952 735 16,637 
Net earnings (loss)27,420 1,732 35,167 (5,757)
Basic earnings (loss) per share0.42 0.03 0.54 (0.09)
Diluted earnings (loss) per share0.42 0.03 0.53 (0.09)
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,748 5,500 7,594 
Non-cash stock compensation (cost of revenue and operating expenses)20,517 29,068 45,927 57,053 
Restructuring and merger charges (gains, losses, and other)— 397 423 603 
 Total excluded items from continuing operations23,267 33,213 51,850 65,250 
Income from continuing operations before income taxes and excluding items48,239 44,897 87,752 76,130 
Income tax expense (2)12,060 10,745 21,938 18,116 
Non-GAAP net earnings from continuing operations36,179 34,152 65,814 58,014 
Non-GAAP earnings per share from continuing operations
Basic0.56 0.52 1.01 0.87 
Diluted0.55 0.51 0.99 0.85 
Basic weighted average shares65,074 66,294 65,261 66,458 
Diluted weighted average shares65,781 67,309 66,256 67,886 
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss. 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 September 30,For the six months ended September 30,
2025202420252024
Income from operations21,428 7,487 28,649 2,239 
Operating income margin10.7 %4.0 %7.3 %0.6 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,748 5,500 7,594 
Non-cash stock compensation (cost of revenue and operating expenses)20,517 29,068 45,927 57,053 
Restructuring and merger charges (gains, losses, and other)— 397 423 603 
Total excluded items23,267 33,213 51,850 65,250 
Income from operations before excluded items44,695 40,700 80,499 67,489 
Non-GAAP operating income margin22.4 %21.9 %20.4 %18.7 %
(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 10

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)
For the three months ended September 30,For the six months ended September 30,
2025202420242023
Net earnings (loss) from continuing operations27,420 1,732 35,167 (5,757)
Income tax expense (benefit)(2,448)9,952 735 16,637 
Total other income, net(3,544)(4,197)(7,253)(8,641)
Income from operations21,428 7,487 28,649 2,239 
Depreciation and amortization3,362 4,450 6,751 9,004 
EBITDA24,790 11,937 35,400 11,243 
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)20,517 29,068 45,927 57,053 
Restructuring and merger charges (gains, losses, and other)— 397 423 603 
Other adjustments20,517 29,465 46,350 57,656 
Adjusted EBITDA45,307 41,402 81,750 68,899 
(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 11

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
September 30,March 31,$%
20252025VarianceVariance
Assets
Current assets:
Cash and cash equivalents369,446 413,331 (43,885)(10.6)%
Restricted cash— 595 (595)(100.0)%
Short-term investments7,500 7,500 — — %
Trade accounts receivable, net216,791 186,169 30,622 16.4 %
Refundable income taxes, net11,806 9,708 2,098 21.6 %
Other current assets41,147 38,886 2,261 5.8 %
Total current assets646,690 656,189 (9,499)(1.4)%
Property and equipment23,646 23,813 (167)(0.7)%
Less - accumulated depreciation and amortization17,804 17,629 175 1.0 %
Property and equipment, net5,842 6,184 (342)(5.5)%
Intangible assets, net14,667 20,167 (5,500)(27.3)%
Goodwill502,184 501,756 428 0.1 %
Deferred commissions, net41,803 44,452 (2,649)(6.0)%
Other assets, net29,232 30,623 (1,391)(4.5)%
1,240,418 1,259,371 (18,953)(1.5)%
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable115,885 112,271 3,614 3.2 %
Accrued payroll and related expenses29,426 50,776 (21,350)(42.0)%
Other accrued expenses41,962 38,586 3,376 8.7 %
Deferred revenue49,756 45,885 3,871 8.4 %
Total current liabilities237,029 247,518 (10,489)(4.2)%
Other liabilities59,582 62,994 (3,412)(5.4)%
Stockholders' equity:
Preferred stock— — — n/a
Common stock16,117 15,918 199 1.3 %
Additional paid-in capital2,094,828 2,045,316 49,512 2.4 %
Retained earnings1,348,525 1,313,358 35,167 2.7 %
Accumulated other comprehensive income5,928 4,295 1,633 38.0 %
Treasury stock, at cost(2,521,591)(2,430,028)(91,563)3.8 %
Total stockholders' equity943,807 948,859 (5,052)(0.5)%
1,240,418 1,259,371 (18,953)(1.5)%
P 12


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended September 30,
20252024
Cash flows from operating activities:
Net earnings27,420 1,732 
Non-cash operating activities:
Depreciation and amortization3,362 4,450 
Loss on disposal or impairment of assets11 15 
Loss on marketable equity securities187 — 
Provision for doubtful accounts636 695 
Deferred income taxes1 10 
Non-cash stock compensation expense20,517 29,068 
Changes in operating assets and liabilities:
Accounts receivable, net2,351 13,955 
Deferred commissions1,979 1,946 
Other assets(3,466)331 
Accounts payable and other liabilities11,771 7,052 
Income taxes(5,295)(1,222)
Deferred revenue(2,066)(2,436)
Net cash provided by operating activities57,408 55,596 
Cash flows from investing activities:
Capital expenditures(589)(241)
Cash paid in acquisitions, net of cash received(11)— 
Proceeds from sales of investments— 22,995 
Purchases of strategic investments(500)— 
Net cash provided by (used in) investing activities(1,100)22,754 
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans348 160 
Shares repurchased for tax withholdings upon vesting of stock-based awards(807)(893)
Acquisition of treasury stock(49,890)(49,868)
Net cash used in financing activities(50,349)(50,601)
Net cash provided by continuing operations5,959 27,749 
P 13

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended September 30,
20252024
Effect of exchange rate changes on cash(125)814 
Net change in cash, cash equivalents and restricted cash5,834 28,563 
Cash, cash equivalents and restricted cash at beginning of period363,612 313,014 
Cash, cash equivalents and restricted cash at end of period369,446 341,577 
Supplemental cash flow information:
Cash paid for income taxes, net2,840 11,131 
Cash received for tenant improvement allowances— (1,758)
Cash paid for operating lease liabilities2,528 2,539 
Operating lease assets obtained in exchange for operating lease liabilities171 193 
Purchases of property, plant and equipment remaining unpaid at period end25 238 
Excise tax payable on net stock repurchases277 — 
P 14

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the six months ended September 30,
20252024
Cash flows from operating activities:
Net earnings (loss)35,167 (5,757)
Non-cash operating activities:
Depreciation and amortization6,751 9,004 
Loss on disposal or impairment of assets130 20 
Lease-related impairment and restructuring charges274 (36)
Gain on sale of strategic investments(14)— 
Loss on marketable equity securities46 — 
Provision for doubtful accounts1,892 1,245 
Deferred income taxes113 38 
Non-cash stock compensation expense45,927 57,053 
Changes in operating assets and liabilities:
Accounts receivable, net(31,914)(2,627)
Deferred commissions2,649 4,687 
Other assets1,818 3,998 
Accounts payable and other liabilities(24,090)(31,994)
Income taxes(813)5,570 
Deferred revenue3,651 5,067 
Net cash provided by operating activities41,587 46,268 
Cash flows from investing activities:
Capital expenditures(925)(467)
Cash paid in acquisitions, net of cash received(606)— 
Purchases of investments— (1,967)
Proceeds from sales of investments— 24,995 
Proceeds from sale of strategic investment14 — 
Purchases of strategic investments(500)(400)
Net cash provided by (used in) investing activities(2,017)22,161 
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans6,268 6,327 
Shares repurchased for tax withholdings upon vesting of stock-based awards(11,652)(7,740)
Acquisition of treasury stock(79,762)(65,653)
Net cash used in financing activities(85,146)(67,066)
Net cash provided by (used in) continuing operations(45,576)1,363 
P 15

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the six months ended September 30,
20252024
Effect of exchange rate changes on cash1,096 743 
Net change in cash, cash equivalents and restricted cash(44,480)2,106 
Cash, cash equivalents and restricted cash at beginning of period413,926 339,471 
Cash, cash equivalents and restricted cash at end of period369,446 341,577 
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations1,426 11,000 
Cash received for tenant improvement allowances— (1,758)
Cash paid for operating lease liabilities5,002 4,877 
Operating lease assets obtained in exchange for operating lease liabilities747 1,043 
Operating lease assets, and related lease liabilities, relinquished in lease terminations— (555)
Purchases of property, plant and equipment remaining unpaid at period end25 238 
Excise tax payable on net stock repurchases277 — 
P 16

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025
Net cash provided by (used in) operating activities$(9,328)$55,596 $45,117 $62,580 $153,965 $(15,821)$57,408 
Less:
Capital expenditures(226)(241)(282)(293)(1,042)(336)(589)
Free Cash Flow$(9,554)$55,355 $44,835 $62,287 $152,923 $(16,157)$56,819 
(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 17




LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2025FY2026FY2026 to FY2025
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025%$
Revenues175,961 185,483 195,412 188,724 745,580 194,822 199,829 7.7 %14,346 
Cost of revenue51,749 51,234 54,998 57,929 215,910 58,319 59,594 16.3 %8,360 
Gross profit124,212 134,249 140,414 130,795 529,670 136,503 140,235 4.5 %5,986 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %70.2 %
Operating expenses
Research and development44,118 43,889 42,735 45,926 176,668 39,608 36,952 (15.8)%(6,937)
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 48,685 (4.7)%(2,422)
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 33,170 5.7 %1,801 
Gains, losses and other items, net206 397 149 7,241 7,993 423 — (100.0)%(397)
Total operating expenses129,460 126,762 125,741 142,303 524,266 129,282 118,807 (6.3)%(7,955)
Income (loss) from operations(5,248)7,487 14,673 (11,508)5,404 7,221 21,428 186.2 %13,941 
% Margin(3.0)%4.0 %7.5 %(6.1)%0.7 %3.7 %10.7 %
Total other income, net4,444 4,197 4,033 4,762 17,436 3,709 3,544 (15.6)%(653)
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 24,972 113.7 %13,288 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 (2,448)(124.6)%(12,400)
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 27,420 1,483.1 %25,688 
Earnings from discontinued operations, net of tax— — 1,688 — 1,688 — — — %— 
Net earnings (loss)$(7,489)$1,732 $11,210 $(6,267)$(814)$7,747 $27,420 1,483.1 %25,688 
P 18

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
Qtr-to-Qtr
FY2025FY2026FY2026 to FY2025
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025%$
Basic earnings (loss) per share:
Continuing Operations(0.11)0.03 0.15 (0.10)(0.04)0.12 0.42 1,512.8 %0.40 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 0.00 — %— 
Basic earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 1,512.8 %0.40 
Diluted earnings (loss) per share:
Continuing Operations(0.11)0.03 0.14 (0.10)(0.04)0.12 0.42 1,519.9 %0.39 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 0.00 — %— 
Diluted earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 1,519.9 %0.39 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 65,074 
Diluted weighted average shares66,621 67,309 66,743 65,957 66,126 66,731 65,781 
Some earnings (loss) per share amounts may not add due to rounding.
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LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025
Expenses:
Cost of revenue$51,749 $51,234 $54,998 $57,929 $215,910 58,319 59,594 
Research and development44,118 43,889 42,735 45,926 176,668 39,608 36,952 
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 48,685 
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 33,170 
Gains, losses and other items, net206 397 149 7,241 7,993 423 — 
Gross profit, continuing operations:124,212 134,249 140,414 130,795 529,670 136,503 140,235 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %70.2 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 2,750 
Non-cash stock compensation (cost of revenue)1,596 1,499 1,455 1,615 6,165 1,541 1,452 
Non-cash stock compensation (research and development)10,205 10,920 10,085 10,494 41,704 8,332 6,503 
Non-cash stock compensation (sales and marketing)7,093 7,383 7,278 5,716 27,470 6,014 5,469 
Non-cash stock compensation (general and administrative)9,091 9,266 7,942 6,341 32,640 9,523 7,093 
Restructuring charges (gains, losses, and other)206 397 149 7,241 7,993 423 — 
Total excluded items32,037 33,213 30,595 34,542 130,387 28,583 23,267 
P 20

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025
Expenses, excluding items:
Cost of revenue46,307 45,987 49,857 53,179 195,330 54,028 55,392 
Research and development33,913 32,969 32,650 35,432 134,964 31,276 30,449 
Sales and marketing47,082 43,724 43,585 51,245 185,636 45,892 43,216 
General and administrative21,870 22,103 24,052 25,834 93,859 27,822 26,077 
Gross profit, excluding items:$129,654 $139,496 $145,555 $135,545 $550,250 140,794 144,437 
% Gross margin73.7 %75.2 %74.5 %71.8 %73.8 %72.3 %72.3 %
(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.




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LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 24,972 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 (2,448)
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 27,420 
Earnings from discontinued operations, net of tax— — 1,688 — 1,688 — — 
Net earnings (loss)(7,489)1,732 11,210 (6,267)(814)7,747 27,420 
Earnings (loss) per share:
Basic(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 
Diluted(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 2,750 
Non-cash stock compensation (cost of revenue and operating expenses)27,985 29,068 26,760 24,166 107,979 25,410 20,517 
Restructuring and merger charges (gains, losses, and other)206 397 149 7,241 7,993 423 — 
Total excluded items from continuing operations32,037 33,213 30,595 34,542 130,387 28,583 23,267 
Income from continuing operations before income taxes and excluding items31,233 44,897 49,301 27,796 153,227 39,513 48,239 
Income tax expense7,371 10,745 12,421 7,759 38,296 9,878 12,060 
Non-GAAP net earnings from continuing operations23,862 34,152 36,880 20,037 114,931 29,635 36,179 
P 22

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/2025
Non-GAAP earnings per share from continuing operations
Basic0.36 0.52 0.56 0.30 1.74 0.45 0.56 
Diluted0.35 0.51 0.55 0.30 1.70 0.44 0.55 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 65,074 
Diluted weighted average shares68,463 67,309 66,743 67,479 67,499 66,731 65,781 
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
December 31, 2025March 31, 2026
LowHighLowHigh
GAAP income from operations$33,000 $35,000 $83,000 $87,000 
Excluded items:
Purchased intangible asset amortization3,000 3,000 11,000 11,000 
Non-cash stock compensation19,000 19,000 83,000 83,000 
Restructuring costs— — 1,000 1,000 
Total excluded items22,000 22,000 95,000 95,000 
Non-GAAP income from operations$55,000 $57,000 $178,000 $182,000 
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.





P 24

APPENDIX A
LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q2 FISCAL 2026 FINANCIAL RESULTS
EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company's announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to 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
Q2 FISCAL 2026 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, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company's performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company's discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
P 26