ramp-20201109

0000733269-20-000039.txt : 20201109 0000733269-20-000039.hdr.sgml : 20201109 20201109160808 ACCESSION NUMBER: 0000733269-20-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20201109 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201109 DATE AS OF CHANGE: 20201109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LiveRamp Holdings, Inc. CENTRAL INDEX KEY: 0000733269 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 710581897 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38669 FILM NUMBER: 201297739 BUSINESS ADDRESS: STREET 1: 225 BUSH STREET STREET 2: 17TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 866-352-3267 MAIL ADDRESS: STREET 1: 225 BUSH STREET STREET 2: 17TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FORMER COMPANY: FORMER CONFORMED NAME: Acxiom Holdings, Inc. DATE OF NAME CHANGE: 20180920 FORMER COMPANY: FORMER CONFORMED NAME: ACXIOM CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CCX NETWORK INC DATE OF NAME CHANGE: 19880816 8-K 1 ramp-20201109.htm 8-K ramp-20201109

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2020



LiveRamp Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-38669	83-1269307
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
225 Bush Street, Seventeenth Floor San Francisco, CA (Address of Principal Executive Offices)		94104 (Zip Code)
(866) 352-3267 (Registrant's Telephone Number, Including Area Code)
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $.10 Par Value

RAMP

New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.			☐

Section 2—Financial Information

Item 2.02 Results of Operations and Financial Condition

On November 9, 2020, LiveRamp Holdings, Inc. (the “Company”) issued a press release announcing the results of its financial performance for its second quarter ended September 30, 2020. The Company will hold a conference call at 1:30 PM PST today to further discuss this information. Interested parties are invited to listen to the webcast, which will be broadcast via the Internet at www.liveramp.com. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

Section 9—Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit Number						Description
99.1						Press Release of the Company dated November 9, 2020
101.sch						XBRL Taxonomy Extension Schema Document
101.cal						XBRL Taxonomy Extension Calculation Linkbase Document
101.def						XBRL Taxonomy Extension Definition Linkbase Document
101.lab						XBRL Taxonomy Extension Label Linkbase Document
101.pre						XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 9, 2020


LiveRamp Holdings, Inc.

By:			/s/ Jerry C. Jones
Name:			Jerry C. Jones
Title:			Chief Ethics and Legal Officer & Executive Vice President

EX-99.1 2 a2021q2pressreleaseprf.htm EX-99.1 Document

LIVERAMP ANNOUNCES SECOND QUARTER RESULTS

Subscription Revenue Up 19%

Operating Cash Flow Positive - Free Cash Flow Positive

Global ATS Momentum Continues to Build

SAN FRANCISCO, Calif., November 9, 2020—LiveRamp® (NYSE: RAMP), the leading global data connectivity platform, today announced its financial results for the quarter ended September 30, 2020.

Second Quarter Financial Highlights

•Total revenue was $105 million, up 16% compared to the prior year period.

•Subscription revenue was $86 million, up 19% compared to the prior year period and contributed 82% of total revenue.

•Marketplace & Other revenue was $19 million, up 4% compared to the prior year period.

•GAAP gross profit was $70 million, up 43% compared to the prior year period. GAAP gross margin of 67% expanded 13 percentage points. Non-GAAP gross profit was $75 million, up 33% compared to the prior year period. Non-GAAP gross margin of 72% expanded 9 percentage points.

•GAAP operating loss was $27 million compared to a GAAP operating loss of $50 million in the prior year period. Non-GAAP operating income was $1 million compared to a non-GAAP operating loss of $20 million in the prior year period.

•GAAP loss per share was $0.36, and non-GAAP earnings per share was $0.03.

•Net cash generated from operating activities was $6 million compared to net cash used by operating activities of $29 million in the prior year period.

•Cash and cash equivalents totaled $651 million with no debt at quarter end.

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

“We are playing a critical role in enabling the digital transformations and data-driven strategies of our customers and partners,” said LiveRamp CEO Scott Howe. “The pandemic has put a spotlight on the importance of addressability and measurement, and global brands are increasingly turning to LiveRamp to drive greater media efficiency and higher ROI on their marketing spend. Our recent global success with the Authenticated Traffic Solution (or ATS) reflects this trend. More than 215 publishers worldwide are now committed to ATS, including 60% of the US comScore 50.”

“Our strong, durable and recurring business model was once again on display in the second quarter,” added LiveRamp President and CFO Warren Jenson. “Subscription revenue was up 19%, our gross margin was a record 72%, and we delivered another quarter of non-GAAP operating profit. Looking ahead, we now expect to be slightly profitable on a non-GAAP basis for the full year.”

P 1

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for its second fiscal quarter ($ in millions):


	Q2 Fiscal 2021						Q2 Fiscal 2020
	Results						Results
	GAAP			Non-GAAP			GAAP			Non-GAAP
Subscription revenue	$	86		—			$	72		—
YoY change %	19		%				31		%
Marketplace & other revenue	$	19		—			$	18		—
YoY change %	4		%				83		%
Total revenue	$	105		—			$	90		—
YoY change %	16		%				39		%

Gross profit	$	70		$	75		$	49		$	56
% Gross margin	67		%	72		%	54		%	63		%
YoY change, pts	13pts			9pts			(8)pts			(6)pts

Operating income (loss)	$	(27)		$	1		$	(50)		$	(20)
% Operating margin	(26)		%	1		%	(56)		%	(22)		%
YoY change, pts	30pts			23pts			3pts			0pts

Net income (loss)	$	(24)		$	2		$	(40)		$	(15)
YoY change %	nm			nm			nm			nm
Earnings (loss) per share	$	(0.36)		$	0.03		$	(0.59)		$	(0.23)
YoY change %	nm			nm			nm			nm

Shares to Calculate EPS	66.0			68.8			67.7			67.7
YoY change %	(2)		%	2		%	(13)		%	(13)		%
Net operating cash flow	$	6		—			$	(29)		—
YoY change %	nm			—			nm			—
Free cash flow to equity	—			$	6		—			$	(31)
YoY change %	—			nm			—			nm

Totals may not sum due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

P 2

Additional Business Metrics & Highlights

•The Authenticated Traffic Solution (ATS), continues to experience strong global adoption. There are currently more than 25 supply-side platforms (SSPs) live or committed to implementing ATS. In addition, there are over 45 demand-side platforms (DSPs) live or committed to bid on the LiveRamp identifier, including The Trade Desk, Amobee, Criteo, dataxu, and MediaMath. Lastly, to date, 215 publishers globally have adopted ATS, including 60% of the US comScore 50.

•LiveRamp recently announced that the Unified ID 2.0, created by The Trade Desk, will be made available to publishers via LiveRamp’s Authenticated Identity Infrastructure. As part of the expanded partnership, marketers who work with both LiveRamp and The Trade Desk can now also bid on LiveRamp's identifier within The Trade Desk's platform to optimize media buying across channels.

•During the second quarter, subscription net retention was approximately 111% and platform net retention was 109%.

•Current remaining performance obligations (RPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $216 million, up 13% compared to the second quarter of last year.

•LiveRamp has 62 clients whose subscription contracts exceed $1 million in annual revenue, up from 44 in the prior year period.

•LiveRamp’s direct subscription customer count at quarter end was 795, an increase of 10% year over year.

Share Repurchase Program Extension

LiveRamp also announced today that its board of directors authorized the extension of its share repurchase program through December 31, 2022. The Company had approximately $326 million of remaining capacity available under the program as of September 30, 2020.

Since the inception of the share repurchase program in August 2011, the Company has returned approximately $1.17 billion to shareholders.

Under the program, LiveRamp is authorized to repurchase outstanding shares in open market or privately negotiated transactions depending on prevailing market conditions and other factors. The repurchase program may be suspended or discontinued at any time.

P 3

Financial Outlook

Given macro economic uncertainties, LiveRamp is providing third quarter guidance only.

LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, business transformation costs and restructuring charges.

For the third quarter of fiscal 2021, LiveRamp expects to report:

•Revenue of approximately $113 million, an increase of approximately 11% year-over-year

•GAAP operating loss of up to $25 million

•Non-GAAP operating income of up to $4 million

P 4

Conference Call

LiveRamp will hold a conference call at 1:30 p.m. PT today to further discuss this information. Interested parties are invited to listen to the call which will be broadcast via the Internet and can be found on LiveRamp’s investor site. A slide presentation will be referenced during the call and can be accessed here.

About LiveRamp

LiveRamp is the leading data connectivity platform for the safe and effective use of data. Powered by core identity capabilities and an unparalleled network, LiveRamp enables companies and their partners to better connect, control, and activate data to transform customer experiences and generate more valuable business outcomes. LiveRamp’s fully interoperable and neutral infrastructure delivers end-to-end addressability for the world’s top brands, agencies, and publishers. For more information, visit www.LiveRamp.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, share repurchase program, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof.

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

Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are uncertainties related to COVID-19 and the associated impact on our suppliers, customers and partners; the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; and attracting and retaining talent. Additional risks relate to maintaining our culture and our ability to innovate and evolve while working remotely and within a rapidly changing industry, while also avoiding disruption from acquisition and divestiture activities. Our international operations are also subject to risks that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2020 ended March 31, 2020, and LiveRamp's Quarterly Reports on Form 10-Q issued in fiscal year 2021.

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

ERAMP

LiveRampⓇ, IdentityLinkTM, AbilitecⓇ, Safe HavenⓇ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

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,
					$	%
	2020		2019		Variance	Variance

Revenues	104,661		90,143		14,518	16.1	%
Cost of revenue	34,897		41,460		(6,563)	(15.8)	%
Gross profit	69,764		48,683		21,081	43.3	%
% Gross margin	66.7	%	54.0	%

Operating expenses:
Research and development	31,035		26,445		4,590	17.4	%
Sales and marketing	41,705		45,204		(3,499)	(7.7)	%
General and administrative	24,495		27,262		(2,767)	(10.1)	%
Gains, losses and other items, net	(619)		45		(664)	(1,475.6)	%
Total operating expenses	96,616		98,956		(2,340)	(2.4)	%

Loss from operations	(26,852)		(50,273)		23,421	46.6	%
% Margin	(25.7)	%	(55.8)	%

Total other income (expense)	(225)		4,780		(5,005)	(104.7)	%

Loss from operations before income taxes	(27,077)		(45,493)		18,416	40.5	%
Income tax benefit	(3,109)		(5,291)		2,182	41.2	%



Net loss	(23,968)		(40,202)		16,234	40.4	%




Basic loss per share	(0.36)		(0.59)		0.23	38.9	%




Diluted loss per share	(0.36)		(0.59)		0.23	38.9	%

Basic weighted average shares	66,010		67,684
Diluted weighted average shares	66,010		67,684

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,
					$	%
	2020		2019		Variance	Variance

Revenues	204,098		172,654		31,444	18.2	%
Cost of revenue	69,362		77,886		(8,524)	(10.9)	%
Gross profit	134,736		94,768		39,968	42.2	%
% Gross margin	66.0	%	54.9	%

Operating expenses:
Research and development	58,024		50,167		7,857	15.7	%
Sales and marketing	80,332		88,348		(8,016)	(9.1)	%
General and administrative	47,863		52,580		(4,717)	(9.0)	%
Gains, losses and other items, net	1,376		2,321		(945)	(40.7)	%
Total operating expenses	187,595		193,416		(5,821)	(3.0)	%

Loss from operations	(52,859)		(98,648)		45,789	46.4	%
% Margin	(25.9)	%	(57.1)	%

Total other income	238		10,662		(10,424)	(97.8)	%

Loss from continuing operations before income taxes	(52,621)		(87,986)		35,365	40.2	%
Income tax benefit	(6,925)		(5,644)		(1,281)	(22.7)	%



Net loss	(45,696)		(82,342)		36,646	44.5	%




Basic loss per share	(0.69)		(1.21)		0.51	42.4	%




Diluted loss per share	(0.69)		(1.21)		0.51	42.4	%

Basic weighted average shares	65,790		68,295
Diluted weighted average shares	65,790		68,295

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,
	2020	2019	2020	2019

Loss from operations before income taxes	(27,077)	(45,493)	(52,621)	(87,986)
Income taxes (benefit)	(3,109)	(5,291)	(6,925)	(5,644)


Net loss	(23,968)	(40,202)	(45,696)	(82,342)

Loss per share:
Basic	(0.36)	(0.59)	(0.69)	(1.21)
Diluted	(0.36)	(0.59)	(0.69)	(1.21)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	4,350	5,369	9,656	8,492
Non-cash stock compensation (cost of revenue and operating expenses)	24,204	23,354	40,689	41,984
Accelerated depreciation (cost of revenue and operating expenses	—	1,663	—	3,569
Restructuring and merger charges (gains, losses, and other)	(619)	45	1,376	2,321
Transformation costs (general and administrative)	258	—	3,863	—
Total excluded items	28,193	30,431	55,584	56,366

Income (loss) from operations before income taxes and excluding items	1,116	(15,062)	2,963	(31,620)
Income taxes (benefit) (2)	(1,291)	190	(357)	(26)
Non-GAAP net earnings (loss)	2,407	(15,252)	3,320	(31,594)

Non-GAAP loss per share:
Basic	0.04	(0.23)	0.05	(0.46)
Diluted	0.03	(0.23)	0.05	(0.46)

Basic weighted average shares	66,010	67,684	65,790	68,295
Diluted weighted average shares	68,804	67,684	68,071	68,295

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with larger pre-tax losses for GAAP purposes versus smaller pre-tax losses or income for non-GAAP purposes.

P 9



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP LOSS FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended September 30,		For the six months ended September 30,
	2020	2019	2020	2019

Loss from operations	(26,852)	(50,273)	(52,859)	(98,648)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	4,350	5,369	9,656	8,492
Non-cash stock compensation (cost of revenue and operating expenses)	24,204	23,354	40,689	41,984
Accelerated depreciation (cost of revenue and operating expenses	—	1,663	—	3,569
Restructuring and merger charges (gains, losses, and other)	(619)	45	1,376	2,321
Transformation costs (general and administrative)	258	—	3,863	—
Total excluded items	28,193	30,431	55,584	56,366

Income (loss) from operations before excluded items	1,341	(19,842)	2,725	(42,282)

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,
	2020	2019	2020	2019

Net loss from operations	(23,968)	(40,202)	(45,696)	(82,342)

Income taxes (benefit)	(3,109)	(5,291)	(6,925)	(5,644)

Other income (expense)	225	(4,780)	(238)	(10,662)

Loss from operations	(26,852)	(50,273)	(52,859)	(98,648)

Depreciation and amortization	6,901	10,977	14,955	19,854

EBITDA	(19,951)	(39,296)	(37,904)	(78,794)


Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	24,204	23,354	40,689	41,984
Restructuring and merger charges (gains, losses, and other)	(619)	45	1,376	2,321
Transformation costs (general and administrative)	258	—	3,863	—

Other adjustments	23,843	23,399	45,928	44,305

Adjusted EBITDA	3,892	(15,897)	8,024	(34,489)

P 11



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	September 30,	March 31,	$	%
	2020	2020	Variance	Variance
Assets
Current assets:
Cash and cash equivalents	650,691	717,811	(67,120)	(9.4)	%
Restricted cash	14,815	14,815	—	—	%
Trade accounts receivable, net	99,362	92,761	6,601	7.1	%
Refundable income taxes	42,578	38,340	4,238	11.1	%
Other current assets	24,560	32,666	(8,106)	(24.8)	%
Total current assets	832,006	896,393	(64,387)	(7.2)	%

Property and equipment	43,604	44,786	(1,182)	(2.6)	%
Less - accumulated depreciation and amortization	28,382	25,465	2,917	11.5	%
Property and equipment, net	15,222	19,321	(4,099)	(21.2)	%

Intangible assets, net	36,709	45,200	(8,491)	(18.8)	%
Goodwill	300,741	297,796	2,945	1.0	%
Deferred commissions, net	19,459	16,014	3,445	21.5	%
Other assets, net	34,500	27,165	7,335	27.0	%
	1,238,637	1,301,889	(63,252)	(4.9)	%

Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable	38,102	42,204	(4,102)	(9.7)	%
Accrued payroll and related expenses	23,172	28,791	(5,619)	(19.5)	%
Other accrued expenses	58,532	68,991	(10,459)	(15.2)	%
Acquisition escrow payable	14,815	14,815	—	—	%
Deferred revenue	6,546	6,581	(35)	(0.5)	%
Total current liabilities	141,167	161,382	(20,215)	(12.5)	%

Other liabilities	46,608	52,995	(6,387)	(12.1)	%

Stockholders' equity:
Preferred stock	—	—	—	—	%
Common stock	14,570	14,394	176	1.2	%
Additional paid-in capital	1,552,303	1,496,565	55,738	3.7	%
Retained earnings	1,499,398	1,545,094	(45,696)	(3.0)	%
Accumulated other comprehensive income	6,944	5,745	1,199	20.9	%
Treasury stock, at cost	(2,022,353)	(1,974,286)	(48,067)	2.4	%
Total stockholders' equity	1,050,862	1,087,512	(36,650)	(3.4)	%
	1,238,637	1,301,889	(63,252)	(4.9)	%

P 12



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended September 30,
	2020	2019
Cash flows from operating activities:
Net loss	(23,968)	(40,202)
Non-cash operating activities:
Depreciation and amortization	6,901	10,977
Loss (gain) on disposal or impairment of assets	331	(225)
Provision for doubtful accounts	1,192	1,468
Deferred income taxes	187	(5,090)
Non-cash stock compensation expense	24,204	23,354
Changes in operating assets and liabilities:
Accounts receivable, net	(3,724)	(7,807)
Deferred commissions	(1,764)	(780)
Other assets	2,799	(7,497)
Accounts payable and other liabilities	2,013	3,009
Income taxes, net	(2,478)	(6,926)
Deferred revenue	556	968
Net cash used in operating activities	6,249	(28,751)
Cash flows from investing activities:
Capital expenditures	(296)	(2,641)
Proceeds from sales of assets	—	517
Cash paid in acquisitions, net of cash received	(2,933)	(100,886)
Payments for investments	(1,206)	—
Net cash used in investing activities	(4,435)	(103,010)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	2,424	1,032
Shares repurchased for tax withholdings upon vesting of stock-based awards	(3,928)	(1,814)
Acquisition of treasury stock	—	(80,374)
Net cash used in financing activities	(1,504)	(81,156)
Effect of exchange rate changes on cash	486	(302)

Net change in cash, cash equivalents and restricted cash	796	(213,219)
Cash, cash equivalents and restricted cash at beginning of period	664,710	1,005,477
Cash, cash equivalents and restricted cash at end of period	665,506	792,258

Supplemental cash flow information:
Cash paid (received) for income taxes, net	(822)	6,042

P 13



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the six months ended September 30,
	2020	2019
Cash flows from operating activities:
Net loss	(45,696)	(82,342)

Non-cash operating activities:
Depreciation and amortization	14,955	19,854
Loss (gain) on disposal or impairment of assets	333	(140)
Provision for doubtful accounts	2,522	2,430
Deferred income taxes	(485)	(5,083)
Non-cash stock compensation expense	40,689	41,984
Changes in operating assets and liabilities:
Accounts receivable, net	(9,584)	(11,258)
Deferred commissions	(3,445)	(606)
Other assets	7,703	(3,897)
Accounts payable and other liabilities	(20,671)	2,821
Income taxes, net	(3,583)	(7,789)
Deferred revenue	(101)	(133)
Net cash used in operating activities	(17,363)	(44,159)
Cash flows from investing activities:
Capitalized software	—	—
Capital expenditures	(1,128)	(7,529)
Proceeds from sales of assets	—	517
Cash paid in acquisitions, net of cash received	(2,933)	(105,365)
Payments for investments	(1,873)	—
Net cash used in investing activities	(5,934)	(112,377)
Cash flows from financing activities:
Payments of debt	—	—
Fees from debt refinancing	—	—
Proceeds related to the issuance of common stock under stock and employee benefit plans	3,561	2,092
Shares repurchased for tax withholdings upon vesting of stock-based awards	(5,755)	(13,907)
Acquisition of treasury stock from tender offer	—	—
Acquisition of treasury stock	(42,312)	(100,473)
Net cash used in financing activities	(44,506)	(112,288)

P 14


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the six months ended September 30,
	2020	2019





Effect of exchange rate changes on cash	683	(391)

Net change in cash, cash equivalents and restricted cash	(67,120)	(269,215)
Cash, cash equivalents and restricted cash at beginning of period	732,626	1,061,473
Cash, cash equivalents and restricted cash at end of period	665,506	792,258

Supplemental cash flow information:
Cash paid (received) for income taxes, net	(2,863)	6,152

P 15



LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW TO EQUITY (1)
(Unaudited)
(Dollars in thousands)


		6/30/2019		9/30/2019		12/31/2019		3/31/2020		FY2020		6/30/2020		9/30/2020		FY2021

Net Cash Provided by (Used in) Operating Activities		$	(15,408)	$	(28,751)	$	15,804	$	(220)	$	(28,575)	$	(23,612)	$	6,249	$	(17,363)

Less:

	Capital expenditures	(4,888)		(2,641)		(2,773)		(1,409)		(11,711)		(832)		(296)		(1,128)



Free Cash Flow to Equity		$	(20,296)	$	(31,392)	$	13,031	$	(1,629)	$	(40,286)	$	(24,444)	$	5,953	$	(18,491)

P 16



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																	Q2 FY21 to Q2 FY20
	6/30/2019		9/30/2019		12/31/2019		3/31/2020		FY2020		6/30/2020		9/30/2020		FY2021		%		$

Revenues	82,511		90,143		102,217		105,701		380,572		99,437		104,661		204,098		17.6	%	14,518
Cost of revenue	36,426		41,460		37,966		36,852		152,704		34,465		34,897		69,362		(18.0)	%	(6,563)
Gross profit	46,085		48,683		64,251		68,849		227,868		64,972		69,764		134,736		45.7	%	21,081
% Gross margin	55.9	%	54.0	%	62.9	%	65.1	%	59.9	%	65.3	%	66.7	%	66.0	%

Operating expenses
Research and development	23,722		26,445		27,403		28,411		105,981		26,989		31,035		58,024		19.3	%	4,590
Sales and marketing	43,144		45,204		51,993		48,564		188,905		38,627		41,705		80,332		(8.1)	%	(3,499)
General and administrative	25,318		27,262		26,107		30,216		108,903		23,368		24,495		47,863		(10.9)	%	(2,767)
Gains, losses and other items, net	2,276		45		233		2,447		5,001		1,995		(619)		1,376		(29.2)	%	(664)
Total operating expenses	94,460		98,956		105,736		109,638		408,790		90,979		96,616		187,595		(2.5)	%	(2,340)

Loss from operations	(48,375)		(50,273)		(41,485)		(40,789)		(180,922)		(26,007)		(26,852)		(52,859)		48.4	%	23,421

Total other income/(expense)	5,882		4,780		3,158		1,565		15,385		463		(225)		238		(85.1)	%	(5,005)

Loss from continuing operations before income taxes	(42,493)		(45,493)		(38,327)		(39,224)		(165,537)		(25,544)		(27,077)		(52,621)		43.3	%	18,416
Income taxes (benefit)	(353)		(5,291)		(287)		(34,345)		(40,276)		(3,816)		(3,109)		(6,925)		618.1	%	2,182
Net loss from continuing operations	(42,140)		(40,202)		(38,040)		(4,879)		(125,261)		(21,728)		(23,968)		(45,696)		38.5	%	16,234

P 17


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Unaudited)
(Dollars in thousands, except per share amounts)
																	Q2 FY21 to Q2 FY20
	6/30/2019		9/30/2019		12/31/2019		3/31/2020		FY2020		6/30/2020		9/30/2020		FY2021		%		$

Earnings from discontinued operations, net of tax	—		—		—		750		750		—		—		—		—	%	—

Net loss	$	(42,140)	$	(40,202)	$	(38,040)	$	(4,129)	$	(124,511)	$	(21,728)	$	(23,968)	$	(45,696)	38.5	%	16,234

Diluted loss per share	(0.61)		(0.59)		(0.56)		(0.06)		(1.84)		(0.33)		(0.36)		(0.69)		37.8	%	0.23

Diluted loss per share from continuing operations	(0.61)		(0.59)		(0.56)		(0.07)		(1.85)		(0.33)		(0.36)		(0.69)		37.8	%	0.23

Some earnings (loss) per share amounts may not add due to rounding.

P 18



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)

	6/30/2019		9/30/2019		12/31/2019		3/31/2020		FY2020		6/30/2020		9/30/2020		FY2021

Loss from continuing operations before income taxes	$	(42,493)	$	(45,493)	$	(38,327)	$	(39,224)	$	(165,537)	$	(25,544)	$	(27,077)	$	(52,621)
Income taxes (benefit)	(353)		(5,291)		(287)		(34,345)		(40,276)		(3,816)		(3,109)		(6,925)
Net loss from continuing operations	(42,140)		(40,202)		(38,040)		(4,879)		(125,261)		(21,728)		(23,968)		(45,696)

Earnings from discontinued operations, net of tax	—		—		—		750		750		—		—		—
															—
Net loss	$	(42,140)	$	(40,202)	$	(38,040)	$	(4,129)	$	(124,511)	$	(21,728)	$	(23,968)	$	(45,696)

Loss per share:
Basic	$	(0.61)	$	(0.59)	$	(0.56)	$	(0.06)	$	(1.84)	$	(0.33)	$	(0.36)	$	(0.69)
Diluted	$	(0.61)	$	(0.59)	$	(0.56)	$	(0.06)	$	(1.84)	$	(0.33)	$	(0.36)	$	(0.69)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	$	3,123	$	5,369	$	5,369	$	5,181	$	19,042	$	5,306	$	4,350	$	9,656
Non-cash stock compensation (cost of revenue and operating expenses)	18,630		23,354		30,295		17,168		89,447		16,485		24,204		40,689
Accelerated amortization (cost of revenue and operating expenses)	1,906		1,663		—		—		3,569		—		—		—
Restructuring and merger charges (gains, losses, and other)	2,276		45		233		2,447		5,001		1,995		(619)		1,376
Transformation costs (general and administrative)	—		—		—		—		—		3,605		258		3,863
Total excluded items, continuing operations	25,935		30,431		35,897		24,796		117,059		27,391		28,193		55,584

P 19


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1) (Continued)
(Unaudited)
(Dollars in thousands, except per share amounts)

	6/30/2019		9/30/2019		12/31/2019		3/31/2020		FY2020		6/30/2020		9/30/2020		FY2021

Income (loss) from continuing operations before income taxes and excluding items	$	(16,558)	$	(15,062)	$	(2,430)	$	(14,428)	$	(48,478)	$	1,847	$	1,116	$	2,963
Income taxes (benefit)	(216)		190		(227)		(11,199)		(11,452)		934		(1,291)		(357)
Non-GAAP net earnings (loss)	$	(16,342)	$	(15,252)	$	(2,203)	$	(3,229)	$	(37,026)	$	913	$	2,407	$	3,320

Non-GAAP earnings (loss) per share:
Basic	$	(0.24)	$	(0.23)	$	(0.03)	$	(0.05)	$	(0.55)	$	0.01	$	0.04	$	0.05
Diluted	$	(0.24)	$	(0.23)	$	(0.03)	$	(0.05)	$	(0.55)	$	0.01	$	0.03	$	0.05

Basic weighted average shares	68,906		67,684		67,473		66,977		67,760		65,570		66,010		65,790
Diluted weighted average shares	68,906		67,684		67,473		66,977		67,760		67,337		68,804		68,071


Some totals may not add due to rounding

###

P 20



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)

	6/30/2019			9/30/2019			12/31/2019			3/31/2020			FY2020			6/30/2020			9/30/2020			FY2021
Expenses, continuing operations:
Cost of revenue	$	36,426		$	41,460		$	37,966		$	36,852		$	152,704		$	34,465		$	34,897		$	69,362
Research and development	23,722			26,445			27,403			28,411			105,981			26,989			31,035			58,024
Sales and marketing	43,144			45,204			51,993			48,564			188,905			38,627			41,705			80,332
General and administrative	25,318			27,262			26,107			30,216			108,903			23,368			24,495			47,863
Gains, losses and other items, net	2,276			45			233			2,447			5,001			1,995			(619)			1,376

Gross profit, continuing operations:	46,085			48,683			64,251			68,849			227,868			64,972			69,764			134,736
% Gross margin	55.9		%	54.0		%	62.9		%	65.1		%	59.9		%	65.3		%	66.7		%	66.0		%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,123			5,369			5,369			5,181			19,042			5,306			4,350			9,656
Non-cash stock compensation (cost of revenue)	755			1,060			1,028			926			3,769			775			913			1,688
Non-cash stock compensation (research and development)	4,451			6,346			6,462			6,001			23,260			5,886			7,713			13,599
Non-cash stock compensation (sales and marketing)	8,920			9,758			15,670			3,678			38,026			7,123			9,233			16,356
Non-cash stock compensation (general and administrative)	4,504			6,190			7,135			6,563			24,392			2,701			6,345			9,046
Accelerated depreciation (cost of revenue)	1,487			1,245			—			—			2,732			—			—			—
Accelerated depreciation (general and administrative)	419			418			—			—			837			—			—			—
Restructuring and merger charges (gains, losses, and other)	2,276			45			233			2,447			5,001			1,995			(619)			1,376
Transformation costs (general and administrative)	—			—			—			—			—			3,605			258			3,863
Total excluded items	$	25,935		$	30,431		$	35,897		$	24,796		$	117,059		$	27,391		$	28,193		$	55,584

P 21


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1) (Continued)
(Unaudited)
(Dollars in thousands)

	6/30/2019			9/30/2019			12/31/2019			3/31/2020			FY2020			6/30/2020			9/30/2020			FY2021
Expenses, continued operations excluding items:
Cost of revenue	$	31,061		$	33,786		$	31,569		$	30,745		$	127,161		$	28,384		$	29,634		$	58,018
Research and development	19,271			20,099			20,941			22,410			82,721			21,103			23,322			44,425
Sales and marketing	34,224			35,446			36,323			44,886			150,879			31,504			32,472			63,976
General and administrative	20,395			20,654			18,972			23,653			83,674			17,062			17,892			34,954
Gains, losses and other items, net	—			—			—			—			—			—			—			—

Gross profit, continuing operations excluding items:	51,450			56,357			70,648			74,956			253,411			71,053			75,027			146,080
% Gross margin	62.4		%	62.5		%	69.1		%	70.9		%	66.6		%	71.5		%	71.7		%	71.6		%

(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 22



LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME(LOSS) GUIDANCE (1)
(Unaudited)
(Dollars in thousands)

			For the quarter ending
			December 31, 2020



GAAP loss from operations			(25,000)

Excluded items:
Purchased intangible asset amortization			4,000
Non-cash stock compensation			25,000
Restructuring and transformation costs			—
Total excluded items			29,000

Non-GAAP income from operations			4,000

(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 23

APPENDIX A


LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
Q2 FISCAL 2021 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, 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 associates whose positions were eliminated, lease and other contract termination charges, and leasehold improvement write offs. These items, 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.

P 24


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. Beginning in the first quarter of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business, 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.

Accelerated depreciation: In the prior year we excluded depreciation costs associated with the reduced useful life of certain IT equipment in connection with the Company's migration to a cloud-based data center solution. This migration was part of our AMS separation strategy. These costs are excluded from our non-GAAP results because of the short-term nature of the incremental expenses and such amounts are not used by us to assess the core profitability of our business operations.

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 Equity: 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 to equity is defined as operating cash flow less cash used by investing activities (excluding the impact of cash paid in acquisitions), less required payments of debt, and excluding the impact of discontinued operations. 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 after funding all required obligations including scheduled debt payments. The presentation of non-GAAP free cash flow to equity is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

P 25

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Cover page	Nov. 09, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 09, 2020
Entity File Number	001-38669
Entity Registrant Name	LiveRamp Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1269307
Entity Address, Address Line One	225 Bush Street, Seventeenth Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	866
Local Phone Number	352-3267
Title of 12(b) Security	Common Stock, $.10 Par Value
Trading Symbol	RAMP
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000733269

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