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LIVERAMP ANNOUNCES RESULTS FOR THIRD QUARTER FY26
Revenue up 9% year-over-year
Record Quarterly Operating Margin and Operating Cash Flow
Share Repurchases totaled $119 million fiscal YTD

SAN FRANCISCO, Calif., February 5, 2026—LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter ended December 31, 2025.

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

•Total revenue was $212 million, up 9%.

•Subscription revenue was $158 million, up 9%.

•Marketplace & Other revenue was $54 million, up 8%.

•GAAP gross profit was $153 million, up 9%. GAAP gross margin of 72% was flat. Non-GAAP gross profit was $156 million, up 7%. Non-GAAP gross margin of 74% compressed by 1 percentage point.

•GAAP income from operations was $40 million compared to $15 million. GAAP operating margin of 19% expanded by 11 percentage points. Non-GAAP operating income was $62 million, up 36%. Non-GAAP operating margin of 29% expanded by 6 percentage points.

•GAAP and non-GAAP diluted earnings per share was $0.62 and $0.76, respectively.

•Net cash provided by operating activities was $67 million compared to $45 million.

•Third quarter share repurchases totaled 1.4 million shares for $39 million. Fiscal year-to-date share repurchases through December 31, 2025 totaled 4.3 million shares for $119 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: "Third quarter revenue and operating income was ahead of our expectations, and we posted record quarterly operating margin and operating cash flow. Beyond the numbers, we made notable progress with several growth initiatives: We debuted new AI tools in our Data Marketplace, added more AI partners to our network and expanded our partnership with Publicis. As we look ahead to fiscal 2027, we are well-positioned for strong growth."

P 1

GAAP and Non-GAAP Results

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

GAAPNon-GAAP
Q3 FY26Q3 FY25Q3 FY26Q3 FY25
Subscription revenue$158 $146 ----
YoY change %9 %10 %----
Marketplace & Other revenue$54 $50 ----
YoY change %8 %20 %----
Total revenue$212 $195 ----
YoY change %9 %12 %----
Gross profit$153 $140 $156 $146 
% Gross margin72 %72 %74 %74 %
YoY change, pts— pts(2) pts(1) pt(1) pt
Operating income$40 $15 $62 $45 
% Operating margin19 %8 %29 %23 %
YoY change, pts11 pts(1) pt6 pts2 pts
Net earnings$40 $11 $49 $37 
Diluted earnings per share$0.62 $0.17 $0.76 $0.55 
Shares to calculate diluted EPS64.3 66.7 64.3 66.7 
YoY change %(4)%(2)%(4)%(2)%
Operating cash flow$67 $45 
Free cash flow$67 $45 
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

•LiveRamp and Publicis announced a strategic partnership to advance data collaboration and access across our combined data and technology environments. By linking our data collaboration platform with Publicis’ data assets and AI capabilities, customers will have new enterprise-grade connections between AI tools, new insights without data movement, and stronger end-to-end measurement of advertising performance.

•We announced the expansion of our Data Marketplace to include data and models for AI. Customers can now license data to train AI as well as license third-party AI models, applications, and agents. This transforms our Data Marketplace into a centralized hub for AI, making it simple and easy for marketers, data scientists, and developers to access and deploy AI that is powered by real-world, permissioned data (additional information).

•Uber Advertising announced the launch Uber Intelligence, a data and insights platform, powered by LiveRamp. Uber Intelligence lets advertisers securely combine their own customer data with Uber’s consented signals to uncover patterns, understand audiences and see how marketing connects to real-world actions (additional information).

•LiveRamp ended the quarter with 140 customers whose annualized subscription revenue exceeds $1 million, compared to 125 in the prior year period.

•LiveRamp ended the quarter with 849 direct subscription customers, compared to 865 in the prior year period.

•Subscription net retention was 101% and platform net retention was 103%.

•Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $527 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 $471 million, up 9% 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 2026, LiveRamp expects to report:

•Revenue of between $203 million and $207 million, an increase of between 8% and 10%
•GAAP operating income of approximately $16 million
•Non-GAAP operating income of approximately $38 million

For fiscal 2026, LiveRamp now expects to report:

•Revenue of between $810 million and $814 million, an increase of 9%
•GAAP operating income of approximately $84 million
•Non-GAAP operating income of approximately $180 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 relations website. A slide presentation will be referenced during the call and is available on the same website.

RampUp 2026 Conference

RampUp is the Company's annual customer and partner conference that brings together leaders from marketing, media and technology to discuss data collaboration. This year's conference is being held on March 3-5 in San Francisco. For additional information, please visit the RampUp 2026 website. Members of the financial community who are interested in attending please contact investor relations at Investor.Relations@LiveRamp.com.


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 fourth 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; our ability to keep up with rapidly changing technology practices in our products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; 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 December 31,
$%
20252024VarianceVariance
Revenues212,197 195,412 16,785 8.6 %
Cost of revenue59,656 54,998 4,658 8.5 %
Gross profit152,541 140,414 12,127 8.6 %
% Gross margin71.9 %71.9 %
Operating expenses
Research and development33,823 42,735 (8,912)(20.9)%
Sales and marketing48,864 50,863 (1,999)(3.9)%
General and administrative29,078 31,994 (2,916)(9.1)%
Gains, losses and other items, net1,252 149 1,103 740.3 %
Total operating expenses113,017 125,741 (12,724)(10.1)%
Income from operations39,524 14,673 24,851 169.4 %
% Margin18.6 %7.5 %
Total other income, net3,378 4,033 (655)(16.2)%
Income from continuing operations before income taxes42,902 18,706 24,196 129.3 %
Income tax expense3,029 9,184 (6,155)(67.0)%
Net earnings from continuing operations39,873 9,522 30,351 318.7 %
Earnings from discontinued operations, net of tax— 1,688 (1,688)(100.0)%
Net earnings39,873 11,210 28,663 255.7 %
Basic earnings per share:
Continuing operations0.63 0.15 0.48 332.7 %
Discontinued operations0.00 0.03 (0.03)(100.0)%
Basic earnings per share0.63 0.17 0.46 267.5 %
Diluted earnings per share:
Continuing operations0.62 0.14 0.48 334.7 %
Discontinued operations0.00 0.03 (0.03)(100.0)%
Diluted earnings per share0.62 0.17 0.45 269.3 %
Basic weighted average shares63,517 65,631 
Diluted weighted average shares64,285 66,743 
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 nine months ended December 31,
$%
20252024VarianceVariance
Revenues606,848 556,856 49,992 9.0 %
Cost of revenue177,569 157,981 19,588 12.4 %
Gross profit429,279 398,875 30,404 7.6 %
% Gross margin70.7 %71.6 %
Operating expenses
Research and development110,383 130,742 (20,359)(15.6)%
Sales and marketing149,455 156,145 (6,690)(4.3)%
General and administrative99,593 94,324 5,269 5.6 %
Gains, losses and other items, net1,675 752 923 122.7 %
Total operating expenses361,106 381,963 (20,857)(5.5)%
Income from operations68,173 16,912 51,261 303.1 %
% Margin11.2 %3.0 %
Total other income, net10,631 12,674 (2,043)(16.1)%
Income from continuing operations before income taxes78,804 29,586 49,218 166.4 %
Income tax expense3,764 25,821 (22,057)(85.4)%
Net earnings from continuing operations75,040 3,765 71,275 1,893.1 %
Earnings from discontinued operations, net of tax— 1,688 (1,688)(100.0)%
Net earnings75,040 5,453 69,587 1,276.1 %
Basic earnings per share:
Continuing operations1.16 0.06 1.10 1,939.4 %
Discontinued operations0.00 0.03 (0.03)(100.0)%
Basic earnings per share1.16 0.08 1.08 1,308.1 %
Diluted earnings per share:
Continuing operations1.14 0.06 1.09 1,951.0 %
Discontinued operations0.00 0.03 (0.03)(100.0)%
Diluted earnings per share1.14 0.08 1.06 1,316.1 %
Basic weighted average shares64,680 66,182 
Diluted weighted average shares65,599 67,505 
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,
2025202420252024
Income from continuing operations before income taxes42,902 18,706 78,804 29,586 
Income tax expense3,029 9,184 3,764 25,821 
Net earnings from continuing operations39,873 9,522 75,040 3,765 
Earnings from discontinued operations, net of tax— 1,688 — 1,688 
Net earnings39,873 11,210 75,040 5,453 
Basic earnings per share0.63 0.17 1.16 0.08 
Diluted earnings per share0.62 0.17 1.14 0.08 
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,686 8,250 11,280 
Non-cash stock compensation (cost of revenue and operating expenses)18,131 26,760 64,058 83,813 
Restructuring and merger charges (gains, losses, and other)1,252 149 1,675 752 
 Total excluded items from continuing operations22,133 30,595 73,983 95,845 
Income from continuing operations before income taxes and excluding items65,035 49,301 152,787 125,431 
Income tax expense (2)16,259 12,421 38,197 30,537 
Non-GAAP net earnings from continuing operations48,776 36,880 114,590 94,894 
Non-GAAP earnings per share from continuing operations
Basic0.77 0.56 1.77 1.43 
Diluted0.76 0.55 1.75 1.41 
Basic weighted average shares63,517 65,631 64,680 66,182 
Diluted weighted average shares64,285 66,743 65,599 67,505 
(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 December 31,For the nine months ended December 31,
2025202420252024
Income from operations39,524 14,673 68,173 16,912 
Operating income margin18.6 %7.5 %11.2 %3.0 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)2,750 3,686 8,250 11,280 
Non-cash stock compensation (cost of revenue and operating expenses)18,131 26,760 64,058 83,813 
Restructuring and merger charges (gains, losses, and other)1,252 149 1,675 752 
Total excluded items22,133 30,595 73,983 95,845 
Income from operations before excluded items61,657 45,268 142,156 112,757 
Non-GAAP operating income margin29.1 %23.2 %23.4 %20.2 %
(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 December 31,For the nine months ended December 31,
2025202420242023
Net earnings from continuing operations39,873 9,522 75,040 3,765 
Income tax expense3,029 9,184 3,764 25,821 
Total other income, net(3,378)(4,033)(10,631)(12,674)
Income from operations39,524 14,673 68,173 16,912 
Depreciation and amortization3,328 4,400 10,079 13,404 
EBITDA42,852 19,073 78,252 30,316 
Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)18,131 26,760 64,058 83,813 
Restructuring and merger charges (gains, losses, and other)1,252 149 1,675 752 
Other adjustments19,383 26,909 65,733 84,565 
Adjusted EBITDA62,235 45,982 143,985 114,881 
(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)
December 31,March 31,$%
20252025VarianceVariance
Assets
Current assets:
Cash and cash equivalents395,888 413,331 (17,443)(4.2)%
Restricted cash— 595 (595)(100.0)%
Short-term investments7,500 7,500 — — %
Trade accounts receivable, net218,780 186,169 32,611 17.5 %
Refundable income taxes, net10,371 9,708 663 6.8 %
Other current assets46,770 38,886 7,884 20.3 %
Total current assets679,309 656,189 23,120 3.5 %
Property and equipment23,564 23,813 (249)(1.0)%
Less - accumulated depreciation and amortization18,058 17,629 429 2.4 %
Property and equipment, net5,506 6,184 (678)(11.0)%
Intangible assets, net11,917 20,167 (8,250)(40.9)%
Goodwill502,174 501,756 418 0.1 %
Deferred commissions, net40,235 44,452 (4,217)(9.5)%
Other assets, net30,032 30,623 (591)(1.9)%
1,269,173 1,259,371 9,802 0.8 %
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable123,718 112,271 11,447 10.2 %
Accrued payroll and related expenses36,268 50,776 (14,508)(28.6)%
Other accrued expenses44,035 38,586 5,449 14.1 %
Deferred revenue45,979 45,885 94 0.2 %
Total current liabilities250,000 247,518 2,482 1.0 %
Other liabilities56,903 62,994 (6,091)(9.7)%
Stockholders' equity:
Preferred stock— — — n/a
Common stock16,155 15,918 237 1.5 %
Additional paid-in capital2,113,501 2,045,316 68,185 3.3 %
Retained earnings1,388,398 1,313,358 75,040 5.7 %
Accumulated other comprehensive income6,060 4,295 1,765 41.1 %
Treasury stock, at cost(2,561,844)(2,430,028)(131,816)5.4 %
Total stockholders' equity962,270 948,859 13,411 1.4 %
1,269,173 1,259,371 9,802 0.8 %
P 12


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,
20252024
Cash flows from operating activities:
Net earnings39,873 11,210 
Earnings from discontinued operations, net of tax— (1,688)
Non-cash operating activities:
Depreciation and amortization3,328 4,400 
Loss on disposal or impairment of assets10 21 
Lease-related impairment and restructuring charges343 78 
Gain on sale of strategic investments(33)— 
Loss on marketable equity securities90 — 
Provision for doubtful accounts(597)(97)
Deferred income taxes— 11 
Non-cash stock compensation expense18,131 26,760 
Changes in operating assets and liabilities:
Accounts receivable, net(1,340)(19,013)
Deferred commissions1,568 (1,042)
Other assets(3,655)(6,596)
Accounts payable and other liabilities11,198 23,829 
Income taxes2,108 (1,617)
Deferred revenue(3,758)8,861 
Net cash provided by operating activities67,266 45,117 
Cash flows from investing activities:
Capital expenditures(162)(282)
Cash paid in acquisitions, net of cash received11 (1,951)
Proceeds from sales of investments— 1,994 
Proceeds from sale of strategic investment233 — 
Purchases of strategic investments(2,820)(1,000)
Net cash used in investing activities(2,738)(1,239)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans1,836 2,304 
Shares repurchased for tax withholdings upon vesting of stock-based awards(795)(1,565)
Acquisition of treasury stock(39,168)(10,098)
Net cash used in financing activities(38,127)(9,359)
Net cash provided by continuing operations26,401 34,519 
Cash flows from discontinued operations:
From operating activities— 2,486 
Net cash provided by discontinued operations— 2,486 
Net cash provided by continuing and discontinued operations26,401 37,005 
P 13

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the three months ended December 31,
20252024
Effect of exchange rate changes on cash41 (1,217)
Net change in cash, cash equivalents and restricted cash26,442 35,788 
Cash, cash equivalents and restricted cash at beginning of period369,446 341,577 
Cash, cash equivalents and restricted cash at end of period395,888 377,365 
Supplemental cash flow information:
Cash paid for income taxes, net895 10,990 
Cash received for income taxes, net from discontinued operations— (2,486)
Cash paid for operating lease liabilities2,469 2,495 
Operating lease assets obtained in exchange for operating lease liabilities— 1,284 
Purchases of property, plant and equipment remaining unpaid at period end104 85 
Excise tax payable on net stock repurchases290 64 
P 14

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the nine months ended December 31,
20252024
Cash flows from operating activities:
Net earnings75,040 5,453 
Earnings (loss) from discontinued operations, net of tax— (1,688)
Non-cash operating activities:
Depreciation and amortization10,079 13,404 
Loss on disposal or impairment of assets140 41 
Lease-related impairment and restructuring charges617 42 
Gain on sale of strategic investments(47)— 
Loss on marketable equity securities136 — 
Provision for doubtful accounts1,295 1,148 
Deferred income taxes113 49 
Non-cash stock compensation expense64,058 83,813 
Changes in operating assets and liabilities:
Accounts receivable, net(33,254)(21,640)
Deferred commissions4,217 3,645 
Other assets(1,837)(2,598)
Accounts payable and other liabilities(12,892)(8,165)
Income taxes1,295 3,953 
Deferred revenue(107)13,928 
Net cash provided by operating activities108,853 91,385 
Cash flows from investing activities:
Capital expenditures(1,087)(749)
Cash paid in acquisitions, net of cash received(595)(1,951)
Purchases of investments— (1,967)
Proceeds from sales of investments— 26,989 
Proceeds from sale of strategic investment247 — 
Purchases of strategic investments(3,320)(1,400)
Net cash provided by (used in) investing activities(4,755)20,922 
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans8,104 8,631 
Shares repurchased for tax withholdings upon vesting of stock-based awards(12,447)(9,305)
Acquisition of treasury stock(118,930)(75,751)
Net cash used in financing activities(123,273)(76,425)
Net cash provided by (used in) continuing operations(19,175)35,882 
Cash flows from discontinued operations:
From operating activities— 2,486 
Net cash provided by discontinued operations— 2,486 
Net cash provided by (used in) continuing and discontinued operations(19,175)38,368 
P 15

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the nine months ended December 31,
20252024
Effect of exchange rate changes on cash1,137 (474)
Net change in cash, cash equivalents and restricted cash(18,038)37,894 
Cash, cash equivalents and restricted cash at beginning of period413,926 339,471 
Cash, cash equivalents and restricted cash at end of period395,888 377,365 
Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations2,321 21,990 
Cash received for income taxes, net from discontinued operations— (2,486)
Cash received for tenant improvement allowances— (1,758)
Cash paid for operating lease liabilities7,471 7,372 
Operating lease assets obtained in exchange for operating lease liabilities747 2,327 
Operating lease assets, and related lease liabilities, relinquished in lease terminations— (555)
Purchases of property, plant and equipment remaining unpaid at period end104 85 
Excise tax payable on net stock repurchases567 64 
P 16

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025
Net cash provided by (used in) operating activities$(9,328)$55,596 $45,117 $62,580 $153,965 $(15,821)$57,408 $67,266 
Less:
Capital expenditures(226)(241)(282)(293)(1,042)(336)(589)(162)
Free Cash Flow$(9,554)$55,355 $44,835 $62,287 $152,923 $(16,157)$56,819 $67,104 
(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
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025%$
Revenues175,961 185,483 195,412 188,724 745,580 194,822 199,829 212,197 8.6 %16,785 
Cost of revenue51,749 51,234 54,998 57,929 215,910 58,319 59,594 59,656 8.5 %4,658 
Gross profit124,212 134,249 140,414 130,795 529,670 136,503 140,235 152,541 8.6 %12,127 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %70.2 %71.9 %
Operating expenses
Research and development44,118 43,889 42,735 45,926 176,668 39,608 36,952 33,823 (20.9)%(8,912)
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 48,685 48,864 (3.9)%(1,999)
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 33,170 29,078 (9.1)%(2,916)
Gains, losses and other items, net206 397 149 7,241 7,993 423 — 1,252 740.3 %1,103 
Total operating expenses129,460 126,762 125,741 142,303 524,266 129,282 118,807 113,017 (10.1)%(12,724)
Income (loss) from operations(5,248)7,487 14,673 (11,508)5,404 7,221 21,428 39,524 169.4 %24,851 
% Margin(3.0)%4.0 %7.5 %(6.1)%0.7 %3.7 %10.7 %18.6 %
Total other income, net4,444 4,197 4,033 4,762 17,436 3,709 3,544 3,378 (16.2)%(655)
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 24,972 42,902 129.3 %24,196 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 (2,448)3,029 (67.0)%(6,155)
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 27,420 39,873 318.7 %30,351 
Earnings from discontinued operations, net of tax— — 1,688 — 1,688 — — — (100.0)%(1,688)
Net earnings (loss)$(7,489)$1,732 $11,210 $(6,267)$(814)$7,747 $27,420 $39,873 255.7 %28,663 
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
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025%$
Basic earnings (loss) per share:
Continuing Operations(0.11)0.03 0.15 (0.10)(0.04)0.12 0.42 0.63 332.7 %0.48 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 0.00 0.00 (100.0)%(0.03)
Basic earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 0.63 267.5 %0.46 
Diluted earnings (loss) per share:
Continuing Operations(0.11)0.03 0.14 (0.10)(0.04)0.12 0.42 0.62 334.8 %0.48 
Discontinued Operations0.00 0.00 0.03 0.00 0.03 0.00 0.00 0.00 (100.0)%(0.03)
Diluted earnings (loss) per share(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 0.62 269.3 %0.45 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 65,074 63,517 
Diluted weighted average shares66,621 67,309 66,743 65,957 66,126 66,731 65,781 64,285 
Some earnings (loss) per share amounts may not add due to rounding.
P 19

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025
Expenses:
Cost of revenue$51,749 $51,234 $54,998 $57,929 $215,910 58,319 59,594 59,656 
Research and development44,118 43,889 42,735 45,926 176,668 39,608 36,952 33,823 
Sales and marketing54,175 51,107 50,863 56,961 213,106 51,906 48,685 48,864 
General and administrative30,961 31,369 31,994 32,175 126,499 37,345 33,170 29,078 
Gains, losses and other items, net206 397 149 7,241 7,993 423 — 1,252 
Gross profit, continuing operations:124,212 134,249 140,414 130,795 529,670 136,503 140,235 152,541 
% Gross margin70.6 %72.4 %71.9 %69.3 %71.0 %70.1 %70.2 %71.9 %
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 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 1,033 
Non-cash stock compensation (research and development)10,205 10,920 10,085 10,494 41,704 8,332 6,503 5,634 
Non-cash stock compensation (sales and marketing)7,093 7,383 7,278 5,716 27,470 6,014 5,469 5,018 
Non-cash stock compensation (general and administrative)9,091 9,266 7,942 6,341 32,640 9,523 7,093 6,446 
Restructuring charges (gains, losses, and other)206 397 149 7,241 7,993 423 — 1,252 
Total excluded items32,037 33,213 30,595 34,542 130,387 28,583 23,267 22,133 
P 20

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025
Expenses, excluding items:
Cost of revenue46,307 45,987 49,857 53,179 195,330 54,028 55,392 55,873 
Research and development33,913 32,969 32,650 35,432 134,964 31,276 30,449 28,189 
Sales and marketing47,082 43,724 43,585 51,245 185,636 45,892 43,216 43,846 
General and administrative21,870 22,103 24,052 25,834 93,859 27,822 26,077 22,632 
Gross profit, excluding items:$129,654 $139,496 $145,555 $135,545 $550,250 140,794 144,437 156,324 
% Gross margin73.7 %75.2 %74.5 %71.8 %73.8 %72.3 %72.3 %73.7 %
(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, 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)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025
Income (loss) from continuing operations before income taxes(804)11,684 18,706 (6,746)22,840 10,930 24,972 42,902 
Income tax expense (benefit)6,685 9,952 9,184 (479)25,342 3,183 (2,448)3,029 
Net earnings (loss) from continuing operations(7,489)1,732 9,522 (6,267)(2,502)7,747 27,420 39,873 
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 39,873 
Earnings (loss) per share:
Basic(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 0.63 
Diluted(0.11)0.03 0.17 (0.10)(0.01)0.12 0.42 0.62 
Excluded items:
Purchased intangible asset amortization (cost of revenue)3,846 3,748 3,686 3,135 14,415 2,750 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 18,131 
Restructuring and merger charges (gains, losses, and other)206 397 149 7,241 7,993 423 — 1,252 
Total excluded items from continuing operations32,037 33,213 30,595 34,542 130,387 28,583 23,267 22,133 
Income from continuing operations before income taxes and excluding items31,233 44,897 49,301 27,796 153,227 39,513 48,239 65,035 
Income tax expense7,371 10,745 12,421 7,759 38,296 9,878 12,060 16,259 
Non-GAAP net earnings from continuing operations23,862 34,152 36,880 20,037 114,931 29,635 36,179 48,776 
P 22

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
FY2025FY2026
6/30/20249/30/202412/31/20243/31/2025FY20256/30/20259/30/202512/31/2025
Non-GAAP earnings per share from continuing operations
Basic0.36 0.52 0.56 0.30 1.74 0.45 0.56 0.77 
Diluted0.35 0.51 0.55 0.30 1.70 0.44 0.55 0.76 
Basic weighted average shares66,621 66,294 65,631 65,957 66,126 65,448 65,074 63,517 
Diluted weighted average shares68,463 67,309 66,743 67,479 67,499 66,731 65,781 64,285 
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, 2026March 31, 2026
GAAP income from operations$16,000 $84,000 
Excluded items:
Purchased intangible asset amortization3,000 11,000 
Non-cash stock compensation17,000 81,000 
Restructuring costs2,000 4,000 
Total excluded items22,000 96,000 
Non-GAAP income from operations$38,000 $180,000 
(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 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
Q3 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